[ { "title": "U.K. MONEY MARKET SHORTAGE FORECAST AT 250 MLN STG", "body": "The Bank of England said it forecast a\nshortage of around 250 mln stg in the money market today.\n Among the factors affecting liquidity, it said bills\nmaturing in official hands and the treasury bill take-up would\ndrain around 1.02 billion stg while below target bankers'\nbalances would take out a further 140 mln.\n Against this, a fall in the note circulation would add 345\nmln stg and the net effect of exchequer transactions would be\nan inflow of some 545 mln stg, the Bank added.\n REUTER\n\u0003", "date": " 9-MAR-1987 04:58:41.12", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "3001" }, { "title": "BANK OF FRANCE SETS MONEY MARKET TENDER", "body": "The Bank of France said it invited offers\nof first category paper today for a money market intervention\ntender.\n Money market dealers said conditions seemed right for the\nBank to cut its intervention rate at the tender by a quarter\npercentage point to 7-3/4 pct from eight, reflecting an easing\nin call money rate last week, and the French franc's steadiness\non foreign exchange markets since the February 22 currency\nstabilisation accord here by the Group of Five and Canada.\n Intervention rate was last raised to eight pct from 7-1/4\non January 2. Call money today was quoted at 7-11/16 7-3/4 pct.\n REUTER\n\u0003", "date": " 9-MAR-1987 05:03:09.75", "topics": [ "money-fx", "interest" ], "places": [ "france" ], "id": "3002" }, { "title": "AMOCO REPORTS SOUTH CHINA SEA OIL FIND", "body": "The U.S. has\nreported an offshore oil find at its Pearl River basin\nconcession in the South China Sea, the New China News Agency\nsaid.\n It said the Liu Hua 11-1-1 A well produced at around 2,240\nbarrels per day at a depth of 305 metres.\n The news agency said Amoco plans to drill a second well in\nthe area this year, but gave no further details.\n REUTER\n\u0003", "date": " 9-MAR-1987 05:03:38.51", "topics": [ "crude" ], "places": [ "china" ], "id": "3003" }, { "title": "SOUTH KOREA DELAYS CONTRACT FOR NUCLEAR PLANTS", "body": "Technology transfer problems have delayed\nthe finalising of contracts between South Korea's state-owned\nKorea Electric Power Corp (Kepco) and U.S. Firms for supplies\nof equipment and services for Kepco's latest two 950-megawatt\nnuclear power plants, a Kepco spokesman said.\n He told Reuters the contracts for Kepco's tenth and\neleventh stations, costing between two and three billion dlrs,\nwere due for completion by the end of February.\n Kepco has been negotiating with Combustion Engineering Inc\n(CSP) for pressurised light-water reactors and General Electric\nCo (GE) for turbines.\n\n KEPCO has also been negotiating with (Sargent and Lundy\nEngineers) for engineering and design consultancy services.\n \"We have been waging a tug-of-war on the transfer of\nadvanced technology. But I am optimistic we will sign contracts\nwith them within this month,\" the spokesman said.\n He said the transfer of advanced technology is vital for\nSouth Korea, which wants to build future nuclear power plants\nwith its own technology.\n Work on the two plants is due to start about June 1988 for\ncompletion in 1995 and 1996, although the sites have yet to be\nchosen, he said.\n REUTER\n\u0003", "date": " 9-MAR-1987 05:12:17.12", "places": [ "south-korea" ], "id": "3004" }, { "title": "KEIAISHA ISSUING 12 MLN SWISS FRANC NOTES", "body": "Keiaisha Co Ltd of Tokyo is issuing 12\nmln Swiss francs of straight notes due March 26, 1992 with a\n4-5/8 pct coupon, lead manager Gotthard Bank said.\n The notes can be called from September 26, 1989 at 101-1/4,\ndeclining semi-annually.\n The issue is guaranteed by the Kyowa Bank Ltd.\n REUTER\n\u0003", "date": " 9-MAR-1987 05:19:27.56", "places": [ "switzerland" ], "id": "3005" }, { "title": "NATIONAL WESTMINSTER BANK SAYS IT CUTTING BASE LENDING RATE TO 10.5 PCT FROM 11 PCT.\n", "date": " 9-MAR-1987 07:59:05.79", "topics": [ "interest" ], "id": "3006" }, { "title": "NATIONAL WESTMINSTER BANK CUTS BASE RATE", "body": "National Westminster Bank Plc said it has\ncut its base lending rate 0.5 percentage points to 10.5 pct\ntoday.\n National Westminster said that it was responding to general\neasing in money market rates.\n Its move followed a signal from the Bank of England earlier\nthis afternoon that it would endorse a half point cut in the\nbase rate, a surprise move following its strong signals last\nweek that such a move would be premature.\n However, since then the pound has continued to gain\nstrongly.\n REUTER\n\u0003", "date": " 9-MAR-1987 08:08:57.16", "topics": [ "interest" ], "places": [ "uk" ], "id": "3007" }, { "title": "U.S. FACILITIES SEMI-ANNUAL DIVIDEND", "body": "Semi-annual dividend 4 cts\n Pay May 29\n Record April 14\nNote: full name is U.S. Facilities Corp. This is first dividend\ndeclared since company completed its initial public offering on\nNovember 7.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:11:20.25", "topics": [ "earn" ], "places": [ "usa" ], "id": "3008" }, { "title": "STANDARD PACIFIC ACQUIRES SOUTH BAY S/L", "body": "Standard Pacific LP said it\nhas acquired substantially all of the assets and liabilities of\nSouth Bay Savings and Loan Association of Newport Beach.\n The firm said over the weekend that it will conduct its\nsavings and loan activities through Standard Pacific Savings\nFA, a Federal stock association.\n On Friday, the Federal Home Loan Bank Board in Washington\nsaid it approved the acquisition of South Bay S and L, a 62.5\nmln dlr state-chartered stock association, by Standard Pacific,\nwhich has 312.8 mln dlrs in assets.\n The Bank Board said that the Federal Savings and Loan\nInsurance Corp will make a cash contribution, provide capital\nloss coverage and indemnify Standard Pacific against\nundisclosed liabilities.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:13:16.75", "topics": [ "acq" ], "places": [ "usa" ], "id": "3009" }, { "title": "U.S. TO ALLOW TEMPORARY IMPORTS OF S.A. URANIUM", "body": "The Treasury Department said it would\ntemporarily permit imports of South African uranium ore and\noxide pending clarification of anti-apartheid sanctions laws\npassed by Congress last fall.\n The decision was announced late Friday. It applies, until\nJuly 1, to uranium ore and oxide imported into the U.S. for\nprocessing and re-export to third countries.\n The Treasury said it took the action because it felt that\nwhen Congress passed the comprehensive South African sanctions\nbill last fall over President Reagan's veto it had not intended\nto hurt U.S. industry.\n In addition, the Treasury said it would permit U.S.-made\ngoods to be imported temporarily from South African\nstate-controlled organizations for repair or servicing.\n \n Reuter\n\u0003", "date": " 9-MAR-1987 08:13:36.29", "topics": [ "strategic-metal" ], "places": [ "usa", "south-africa" ], "id": "3010" }, { "title": "PAPER SAYS INDICTMENTS IN IRAN CASE EXPECTED", "body": "The special prosecutor in the Iran arms\nscandal is expected to bring indictments that could include\nfelony charges against senior Reagan administration officials,\nthe New York Times reported.\n It quoted law enforcement officials with knowledge of the\ninvestigation as saying special prosecutor Lawrence Walsh, who\nis investigating the scandal, was focusing on three areas.\n The paper identified these as conspiracy to defraud the\ngovernment, obstructing justice and making false statements to\nthe government. It said the prosecutor had not ruled out any\nsuspects, including current and former government officials.\n MORE\n\u0003", "date": " 9-MAR-1987 08:15:28.61", "places": [ "usa", "iran" ], "id": "3011" }, { "title": "NYSE RULE COULD AFFECT TRADING IN LONDON", "body": "An existing New York Stock Exchange,\nNYSE, rule might be used to limit the trading activities of its\nmembers in London in stocks listed on both exchanges, sources\nat the London Exchange said.\n This could arise if the London Stock Exchange goes ahead\nwith plans to close its trading floor.\n The London Exchange sources were commenting on press\nreports that the NYSE would bar its members firms from trading\non the London Exchange in interlisted stocks during periods\nwhen the NYSE was open.\n The London exchange is seeking clarification.\n London Exchange sources said the possibility of\nrestrictions on NYSE members appears to reflect a rule which\nrequires that exchanges recognised by the NYSE possess a\ntrading floor.\n Last month, the London Exchange said in a statement that it\nplanned to close its floor in due course, apart from a floor\nfor traded options, because almost all business is now being\ndone by screen and telephone between brokerage offices.\n This development stemmed from the Big Bang restructuring of\nthe market on October 27. The demise of the traditional Stock\nExchange floor has been widely expected, though no date has\nbeen set as yet.\n Market sources said a compromise over the NYSE rule could\nwell be reached, partly because the interests of U.S.\nSecurities dealers are not all identical.\n Some of them could well start lobbying the NYSE, pointing\nout, among other things, that the expansion of global trading\nneeds to be based on reciprocal arrangements.\n NYSE brokerage firms which also trade on the London\nExchange would presumably be put at a disadvantage over\nnon-NYSE U.S. Firms, which have affiliates on the London\nExchange, market sources said.\n REUTER\n\u0003", "date": " 9-MAR-1987 08:15:42.31", "places": [ "usa", "uk" ], "id": "3012" }, { "title": "PIEDMONT AGREES TO USAIR BUYOUT", "body": "USAir Group Inc said Piedmont Aviation\nInc has agreed to be acquired for 69 dlrs per share.\n The company, in a newspaper advertisement, said it has\nstarted a tender offer for all Piedmont shares at that price,\nand the Piedmont board, with two directors absent, has\nunanimously approved the bid. The offer and withdrawal rights\nare to expire April Three unless extended, and the bid is to be\nfollowed by a merger at the same price.\n USAir said Piedmont has granted it an irrevocable option to\nbuy up to 3,491,030 new shares under certain circumstances.\nPiedmont now has about 18.6 mln shares outstanding.\n USAir said the tender is conditioned on receipt of enough\nshares to give USAir at least a 50.1 pct interest in Piedmont\non a fully diluted basis and approval by the U.S. Department of\nTransportation of a voting trust agreement permitting USAir to\nbuy and hold shares pending review of its application to gain\ncontrol of Piedmont.\n The company said its merger agreement with Piedmont\nprovides that the offer is not to be amended without Piedmont's\nprior written consent in any way that would be adverse to\nPiedmont shareholders, but it said it could cut the number of\nshares to be bought without Piedmont's consent.\n USAir said it could reduce the number of Piedmont shares to\nbe purchased in the offer to no less than the minimum number\nneeded to cause the voting trust condition of the bid to be\nsatisfied.\n In that case, it said if more than that minimum number of\nshares were tendered, it would buy shares on a pro rata basis.\n In February USAir had offered to pay 71 dlrs per share in\ncash for 50 pct of Piedmont's stock and 1.55 to 1.90 USAir\nshares for each remaining Piedmont share.\n Last week, Carl C. Icahn-controlled Trans World Airlines\nInc made a conditional offer to acquire USAir for 52 dlrs\nper share, a bid that was rejected by the USAir board.\n The Transportation Department on Friday rejected TWA's\napplication to acquire USAir on the grounds that the\napplication failed to comply with department regulations by\nomitting necessary information. TWA said it would refile\ntoday, providing the information needed.\n On Friday TWA said it had already acquired four mln shares\nor 15 pct of USAir.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:16:35.37", "topics": [ "acq" ], "places": [ "usa" ], "id": "3013" }, { "title": "U.S. AIDES SEE MOSCOW AGREEING TO ARMS CHECK PACT", "body": "Senior U.S. Arms control officials\nsaid they were optimistic the United States and Soviet Union\ncould reach agreement on ways to verify a pact to eliminate\nmedium-range nuclear missiles in Europe.\n Chief U.S. Arms control negotiator Max Kampelman said on\nthe NBC television network a fair pact would be hard to\nnegotiate, but, \"We are determined to do it.\"\n Assistant Secretary of Defence for international security\npolicy Richard Perle said he thought the two sides could agree\non a method to ensure each side was honouring a missile pact.\n President Reagan said on Friday that Secretary of State\nGeorge Shultz would go to Moscow next month for talks on arms\ncontrol and a possible U.S.-Soviet summit meeting.\n The decision to send Shultz to Moscow followed an\nannouncement by Soviet leader Mikhael Gorbachev that he was\nwilling to separate elimination of medium-range missiles in\nEurope from his demand for curbs on U.S. Development of a\nStrategic Defence Initiative (SDI) anti-missile system.\n Kampelman said the United States and the Soviet Union both\nhad a general definition of so-called \"intrusive\" or on-site\ninspection of a pact, but details would be tough to work out.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:21:01.71", "places": [ "usa", "ussr" ], "id": "3014" }, { "title": "API REPORTS SHARP FALL IN DRILLINGS", "body": "Estimated oil and gas drilling\ncompletions in the United States dropped by almost 41 per cent\nin 1986 from 1985, the American Petroleum Institute said.\n API, an industry group, said that of the 42,387 wells\ncompleted last year, a total of 19,741 were oil wells, 8,645\nwere natural gas wells and 14,001 were dry holes.\n In 1985, a total of 71,539 wells were drilled - 36,834 oil\nwells, 13,036 gas wells and 21,669 dry holes.\n reuter\n\u0003", "date": " 9-MAR-1987 08:22:57.04", "topics": [ "crude", "nat-gas" ], "places": [ "usa" ], "id": "3015" }, { "title": "U.K. CREDIT BUSINESS FALLS IN JANUARY", "body": "New credit advanced by finance houses,\nretailers, bank credit cards and other specialist providers of\ncredit slipped to 2.66 billion stg in January from 2.78 billion\nin December - but remained close to the average level for\n1986's fourth quarter, the Department of Trade and Industry\nsaid.\n Of the January total, 1.15 billion stg was advanced on bank\ncredit cards.\n On a three-month basis, total advances in November to\nJanuary were 3.0 pct lower than in the previous three months.\nWithin this total, lending to consumers fell by 6.0 pct and\nlending to businesses declined by 5.0 pct.\n At end-January 1987, the total amount outstanding was 24.07\nbillion stg, up from December's 23.77 billion stg and 3.0 pct\nabove the total three months earlier, the department said.\n January saw a rise of 300 mln stg in amounts outstanding to\nfinance houses, other specialist credit grantors and retailers.\n The department said advances on credit cards rose by 1.0\npct between the latest two three-month periods. Retailers\nadvanced 3.0 pct less in the latest three months than in the\nprevious three months, it said.\n REUTER\n\u0003", "date": " 9-MAR-1987 08:23:31.25", "topics": [ "instal-debt" ], "places": [ "uk" ], "id": "3016" }, { "title": "BRAZILIAN SEAFARERS' STRIKE DAMAGES OIL EXPORTS", "body": "A strike by Brazil's 40,000 seafarers\nwho want pay rises of up to 180 pct may have cost the\nstate-owned oil company Petrobras 20 mln dlrs in lost export\norders, the company's commercial director Arthur de Carvalho\nwas quoted as saying in press reports.\n More than 170 ships in Brazil, and about nine more in\nforeign ports, have been halted by the strike, which began on\nFebruary 27.\n Marines began blockading the ships on Friday after the\nstrike was ruled illegal, and some strikers are running short\nof food, National Merchants Marine Union president Edson Areias\nsaid.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:27:14.06", "topics": [ "crude", "ship" ], "places": [ "brazil" ], "id": "3017" }, { "title": "NEC UNIT INTRODUCES NEW COMPUTERS", "body": "NEC Corp's NEC Informational\nSystems Inc said it introduced three advanced personal\ncomputers that are fully compatible with the International\nBusiness Machines Corp PC AT.\n The computers, the PowerMate 1, PowerMate 2 and\nBusinessMate, are based on a chip made by Intel Corp .\n The PowerMate 1 and 2 are available immediately and sell\nfor 1,995 dlrs and 2,595 dlrs, respectively, the company said.\n The BusinessMate, scheduled for April availability, will\nsell for less than 6,000 dlrs, it said.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:38:11.68", "places": [ "usa" ], "id": "3018" }, { "title": "OECD TRADE, GROWTH SEEN SLOWING IN 1987", "body": "The 24 nations of the Organisation for\nEconomic Cooperation and Development (OECD), hampered by\nsluggish industrial output and trade, face slower economic\ngrowth, and their joint balance of payments will swing into\ndeficit in 1987, the Economist Intelligence Unit (EIU ) said.\n The EIU said in its World Trade Forecast it revised OECD\neconomic growth downwards to 2.5 pct this year, compared with a\n2.8 pct growth forecast in December.\n It said the new areas of weakness are West Germany and the\nsmaller European countries it influences, and Japan, hardest\nhit by currency appreciation this year.\n The independent research organisation cut its 1987 growth\nrate forecasts for West Germany to 2.2 pct from 3.2 pct in\nDecember and to 2.3 pct from three pct for Japan.\n It said it expected the OECD to post a current account\ndeficit of some 13 billion dlrs in both 1987 and 1988, due in\nlarge part to a 1.50 dlrs a barrel rise in 1987 oil prices.\n It said the U.S. Current account deficit looked likely to\nfall even more slowly than forecast, to 125 billion dlrs in\n1987 and 115 billion in 1988 from 130 billion in 1986.\n It said it expected West Germany to post a 31 billion dlr\npayments surplus and Japan a 76 billion dlr surplus this year.\n The EIU said it saw oil prices dropping to around 16.50\ndlrs a barrel by end-1987 and 15.50 dlrs in 1988 from about 18\ndlrs last year, as adherence to OPEC output policy becomes\nincreasingly ragged.\n It said the dollar is poised to resume its decline in\nforeign exchange markets, and will lose a further 13 pct on its\ntrade-weighted index this year and five pct in 1988 after last\nyear's 18.4 pct drop. The average mark/dollar rate is put at\n1.80 marks this year and 1.70 in 1988 while the yen/dollar rate\nis expected to break through the 150 yen barrier with an\naverage value of 150 yen in 1987 and 146 yen in 1988, it said.\n \"This is not a crash scenario but the dollar's steeper\nangle of descent increases the risk of ending with a fireball\nrather than a three-point landing,\" the EIU said.\n \"Talking will not stop the dollar's slide for long and the\nFebruary meeting (of finance ministers of the Group of Five and\nCanada) produced scant promise of either a decisive shift to\nmore expansive policies in West Germany and Japan, or a tighter\nU.S. Fsical policy,\" it said.\n It said the key to the dollar's fortunes was the\nwillingness of Japanese institutions to buy U.S. Government\nassets despite prospects of sustaining a currency loss.\n \"Thus far they have been willing,\" the EIC said, adding\nthat if Japan was deterred from buying U.S. bonds the dollar\nwould collapse.\n To contain such a currency crisis, dollar interest rates\nwould have to soar, bringing recession and a Third World debt\ncrisis, it said.\n On trade, the EIU said prospects for 1987 look\n\"increasingly sick.\"\n Import growth, forecast in December at 4.5 pct, is now seen\nslowing down to around 3.8 pct in 1987 with a recovery only to\n4.2 pct in 1988, it said.\n The weakness of the West German economy is the biggest\nsingle factor, with import growth there expected to feature a\nsluggish 3.5 pct growth in 1987 against the 6.5 pct forecast in\nDecember, the EIU said.\n On the export side, it said it saw weak demand in West\nGermany affecting export prospects elsewhere in Europe, while\nJapan's exports in 1987 would remain flat and sales by U.S.\nExporters would respond only marginally to a lower, more\ncompetitively-priced dollar.\n It said in most of Europe and in Japan, raw materials and\noil will cost less in domestic currency in 1987 than in 1986.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:40:06.50", "topics": [ "trade", "gnp", "bop", "dlr" ], "organisations": [ "oecd" ], "places": [ "uk", "usa", "west-germany", "japan" ], "id": "3019" }, { "title": "POEHL SAYS FURTHER RATE CUT POSSIBLE - SOURCES", "body": "Bundesbank president Karl Otto Poehl\ntold a closed investment symposium that West Germany could cut\nleading interest rates again if the United States makes a\nsimilar move, banking sources said.\n The sources were reporting Poehl's remarks at a symposium\nin Duesseldorf last week organised by Deutsche Bank Ag. Press\nrepresentatives were not invited.\n The sources, speaking separately, said Poehl told about 200\nbankers in reply to questions that a cut in U.S. Interest rates\nwould give room for a matching measure in Germany.\n \"It was a definite hint at lower German interest rates,\" said\none banker who attended the symposium.\n A Bundesbank spokesman said the central bank would have no\ncomment on the reported remarks, made at the private meeting.\n But, according to a second source, who also declined to be\nidentified, Poehl's comments were seen by bankers present as a\ndirect pointer to further moves by the central bank to defend\nGerman industry from an additional revaluation of the mark.\n \"He said if the Americans drop their interest rates then the\nBundesbank would also drop them. He said that quite clearly,\"\nthe second source said.\n In reply to questions, Poehl also said the half-point cut\nin the discount and Lombard rates on January 22 came after the\nU.S. Had signalled it would be prepared to attend a meeting to\ndiscuss the level of the dollar on condition Germany made such\na move in advance, the sources said.\n Asked if American authorities could have been persuaded, by\ncuts in German rates, to come to the bargaining table as early\nas last September, one of the sources quoted Poehl as saying,\n\"No, they wouldn't have been. We checked that.\"\n The Paris meeting of the Group of Six industrial nations\ntook place exactly one month after the German cut in rates.\n Poehl emphasised in his comments the very close talks\nbetween central banks before and after the G-6 meeting, saying\nthat financial markets had not fully realised the significance\nof the Paris session and the U.S. Agreement to stem further\nfalls in the value of the dollar, the sources said.\n For the first time all participants at the summit agreed\nthat a further fall in the dollar would be harmful for all\nworld economies, including the U.S., Poehl had said.\n The sources said the tone of Poehl's comments boosted\ngrowing sentiment that the dollar would be stabilised around\ncurrent levels by international central bank cooperation.\n One source said Poehl's remarks also underlined the fact\nthat the Bundesbank was now more prepared to be accommodative\nin monetary policy in order to prevent a further slowdown in\nWest Germany's economic growth.\n Poehl and other Bundesbank officials have in the past\nstressed that the German central bank had no direct\nresponsibility for growth and was solely concerned with\ncombatting inflation.\n This led, for instance, to the introduction of a tighter\nmonetary stance from the beginning of December until the\nhalf-point cut in rates in late January.\n The sources quoted Poehl as saying that the current\novershooting of the German monetary target would not directly\nrespark inflation. The Bundesbank was not obliged to react\nimmediately whenever such overshooting occurs.\n Latest data for central bank money stock, the Bundesbank's\nmain measure of money supply, showed the measure was growing at\n7-1/2 pct in January, outside its three to six pct 1987 target.\n Share prices rose in very active trading today, with\ndealers reporting that Poehl's remarks, coupled with a bullish\noutlook on stock prices from Deutsche at the same symposium,\nbrought in strong bargain hunting at current low levels.\n REUTER\n\u0003", "date": " 9-MAR-1987 08:44:23.42", "topics": [ "interest", "money-fx", "dlr" ], "places": [ "usa", "west-germany" ], "id": "3020" }, { "title": "PLESSEY TO SELL TELEPHONE SYSTEM TO COLOMBIA", "body": "Plessey Co Plc said it had won a\nmulti-million stg contract to supply Colombia with the System X\ndigital telephone exchange, the first major export contract for\nthe system.\n Company sources said the deal was worth about 15 mln stg.\nv A Plessey statement said the contract, awarded by the\nNational Telecommunications Authority of Colombia, was won\nagainst competition from Telefon L M Ericsson AB, NEC Corp,\nFujitsu Ltd and Italtel of Italy.\n \"The award is regarded as a triumph for System X and a\nbreakthrough in the South American market,\" it said.\n Plessey said the contract was one of the largest awarded by\nTelecom Colombia for the past 10 years and involved supplying\n13 telephone exchanges including 68,000 lines.\n The award also includes transmission equipment for the\ninterconnection of the exchanges and the existing system.\n The firm was actively marketing System X worldwide and\ncontract negotiations in certain countries had reached an\nadvanced stage, it said.\n Plessey shares were down 5p at 235p, having gone\nex-dividend.\n REUTER\n\u0003", "date": " 9-MAR-1987 08:44:51.73", "places": [ "uk", "colombia" ], "id": "3021" }, { "title": "VENEZUELA REVEALS DEBT PAYMENT SCHEDULE DETAILS", "body": "The 20.3 billion dlr debt rescheduling\naccord Venezuela signed a week ago will reduce its payments\nover the next three years by 64 pct, according to Finance\nMinistry figures released this weekend.\n A ministry statistical analysis said while the original\naccord called for payments of 3.82 billion dlrs between 1987\nand 1989, the new agreement requires debt servicing of 1.35\nbillion over the same period. In 1987, Venezuela will be\nrequired to pay 250 mln dlrs instead of the 1.55 billion\noriginally agreed. Payments in 1988 were cut to 400 mln from\n1.20 billion, and in 1989 to 700 mln from 1.11 billion.\n The ministry's analysis said the reduction in debt\nservicing during 1987-1989 amounts to an effective grace\nperiod, something the Venezuelan negotiators sought from\ncreditor banks but were not granted.\n Most of the rescheduling falls during 1994-1998, when 53.3\npct, or some 11.25 billion dlrs, must be paid. Under the\nFebruary 27 accord, Venezuela will repay 20.3 billion dlrs of\npublic sector debt over 14 years at 7/8 of a percentage point\nover London interbank offered rates (Libor).\n This compares with the February 1986 accord which called\nfor a 12-year term and interest of 1-1/8 point over Libor.\n REUTER\n\u0003", "date": " 9-MAR-1987 08:46:08.05", "places": [ "venezuela" ], "id": "3022" }, { "title": "SOSNOFF STARTS BID FOR CAESARS WORLD ", "body": ", a company\nformed by Martin T. Sosnoff, said it has started a tender offer\nfor all shares of Caesars World Inc at 28 dlrs each.\n In a newspaper advertisement, MTS said the offer and\nwithdrawal rights expire April Three unless extended.\n Sosnoff, a New York investor, already owns about four mln\nof Caesars' 30.3 mln shares outstanding, or about 13.3 pct, and\nis Caesars' largest shareholder. Caesars owns casino hotels in\nNevada and honeymoon resorts in Pennsylvania's Pocono\nMountains. It also controls Caesars New Jersey Inc ,\nwhich owns an Atlantic City, N.J., casino hotel.\n For the second quarter ended January 31, Caesars World\nearned 12.6 mln dlrs on revenues of 190.4 mln dlrs, up from\nearnings of 7,500,000 dlrs and revenues of 163.8 mln dlrs a\nyear before. For all of fiscal 1986, the company earned 41.0\nmln dlrs on revenues of 694.4 mln dlrs.\n MTS said the offer is conditioned on receipt of at least\nenough shares to give Sosnoff a majority interest on a fully\ndiluted basis, the arrangement of sufficient financing to buy\nall Caesars shares not already owned and pay related costs and\napproval by the New Jersey Casino control Commission and the\nNEvada Gaming Commission and State Gaming Control Board.\n MTS said Marine Midland Banks Inc has committed to\nlend it 100 mln dlrs for the acquisition and use its best\nefforts to syndicate another 400 mln dlrs in senior financing\nfor the transaction.\n It said its financial adviser, PaineWebber Group Inc ,\nhas stated in writing that subject to market conditions, it is\nhighly confident that it can arrange commitments for up to 475\nmln dlrs in \"mezzanine\" financing.\n MTS said it does not expect problems in obtaining New\nJersey and Nevada regulatory approval for the acquisition,\nsince ownership in a Caesars stake has already been cleared.\n In June 1986, Sosnoff requested a seat on the Caesars World\nboard, a request that has not yet been granted. In September\n1986, Sosnoff, who is chairman of , filed for clearance under U.S. antitrust laws to raise\nhis interest in Caesars World to 25 pct.\n Sosnoff said, in a letter to Caesars World chairman and\nchief executive officer Henry Gluck, that \"The decision to go\ndirectly to the shareholders was made at the urging of may\nfinancial and legal advisors, who repeatedly stressed to me the\nlack of responsiveness of the management in the past.\"\n Sosnoff, who said he has made numerous efforts to express\nhis views to management on ways of maximizing shareholder\nvalues, said Caesars twicce refused his request for a board\nseat. \"My advisers felt that, had I given you advance notice,\nyou would have used the time to throw up obstacles to my offer\nrather than giving it serious consideration,\" he said.\n Sosnoff said he hopes that Caesars World management will be\nwilling to negotiate an acquisition agreement with him.\n \"As I have indicated publicly in the past, I believe\noperating management of the company has performed well and that\nappropriate consideration should be given to a significant\nequity interest for them in the company following the\nacquisition,\" Sosnoff said in the letter to Gluck.\n MTS said Sosnoff has asked the company to fix March 27 as\nthe record date for the determination of shareholders entitled\nto authorize action without a meeting -- including the election\nor removal of directors.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:48:26.10", "topics": [ "acq" ], "places": [ "usa" ], "id": "3023" }, { "title": "DUTCH PLANNING AGENCY FORECASTS LOWER GROWTH", "body": "Dutch economic growth is slowing as a\nfirming guilder cuts competitiveness abroad and industries\nreduce the pace of investment, the Dutch official planning\nagency CPB said.\n The Centraal Planbureau, publishing its 1987 economic\noutlook, said Dutch Net National Income (NNI) was expected to\ngrow by one pct this year, down from two pct growth recorded in\n1986 and 2.5 pct in 1985 and 1984.\n Dutch Gross National Product is expected to rise to 432.20\nbillion guilders in 1987 in constant prices, a two pct increase\nfrom last year's 423.95 billion.\n The CPB, forecasting an 8.5 pct increase in the value of\nthe guilder on a trade-weighted basis compared with 10.0 pct\nlast year, said the dollar was expected to trade at an average\nof 2.0 guilders in 1987 compared with 2.45 guilders in 1986.\n \"The higher guilder is causing a substantial fall in unit\nlabour costs abroad, when measured in guilder terms, while\nthese are rising slightly in the Netherlands,\" the CPB said.\n More of economic growth now depended on domestic\nconsumption, the CPB said, but noting that higher margins set\nby domestic producers and importers mitigated the effect on\npurchasing power of lower import costs and deflation.\n Consumer prices were set to fall by 1.5 pct this year, the\nCPB said. Inflation was zero last year.\n Gross investment in industry was expected to grow by five\npct this year, a slowdown compared with 11.5 pct growth last\nyear, the CPB said.\n Exchange rate and oil price fluctuations will continue to\ncondition the Dutch economy in the future as it has in recent\nyears, the CPB said, noting a continued depressing impact of\nthese factors on Dutch competitiveness.\n In addition, it noted a slight rise in taxation and social\nsecurity costs to employers.\n The CPB, forecasting a rise in the budget deficit to 7.2\npct of Net National Income in 1987 from 6.3 pct last year,\nurged the government to cut expenditure further to bring down\nthe deficit and reduce tax and social security payments in\nfuture.\n Dutch government revenue is being depressed further by\nfalling income from natural gas sales in 1987, the CPB said.\n It said unemployment was expected to fall to 675,000 this\nyear from 710,000 last year.\n While the two pct GDP growth forecast set by the CPB is\nwithin its latest forecast, issued last month, of 1.5 to two\npct growth, the figure is well above recent market estimates.\n Dutch merchant bank Pierson, Heldring en Pierson said in\nits February economic outlook that GDP growth at constant\nprices was expected to be 1.1 pct this year and market analysts\nhad expected the CPB's final forecast to be below its own\nlatest estimate.\n \"It is too early to comment because I haven't seen the whole\ndocument yet, but it would seem we are more pessimistic in some\nof our estimates,\" a Pierson economist said.\n The CPB forecast 2.5 pct export growth in volume terms in\n1987, after four pct growth last year. Excluding energy\nexports, the 1987 figure would be two pct, it said.\n Imports were set to rise by 4.5 pct this year compared with\nfour pct in 1986 in volume terms, the CPB said.\n The balance of payments would see a sharp decline in the\nsurplus, to six billion guilders in 1987 compared with 12.1\nbillion last year, the CPB forecast.\n REUTER\n\u0003", "date": " 9-MAR-1987 08:51:35.60", "topics": [ "gnp", "jobs", "cpi", "bop", "dfl" ], "places": [ "netherlands" ], "id": "3024" }, { "title": "TRUMP MAKES BID FOR CONTROL OF RESORTS ", "body": "Casino owner and real estate developer\nDonald Trump has offered to acquire all Class B common shares\nof Resorts International Inc, a spokesman for Trump said.\n The estate of late Resorts chairman James M. Crosby owns\n340,783 of the 752,297 Class B shares.\n Resorts also has about 6,432,000 Class A common shares\noutstanding. Each Class B share has 100 times the voting power\nof a Class A share, giving the Class B stock about 93 pct of\nResorts' voting power.\n More\n\u0003", "date": " 9-MAR-1987 08:51:49.54", "topics": [ "acq" ], "places": [ "usa" ], "id": "3025" }, { "title": "IOMEGA SETS MANAGEMENT, LABOR LAYOFFS", "body": "Iomega Corp said it has laid off over\na quarter of its professional and management staff and nearly\nhalf of its direct labor force as part of a restructuring and\ndownsizing of its business.\n The company also said it will receive a qualified opinion\nfrom the auditors of it 1986 financial statement subject to the\noutcome of two suits. The company is a defendant in a\nconsolidated class action law suit which seeks damages in an\nunspecified amount and is also a defendant in a related\nshareholder action.\n Iomega said the auditors state in their opinion letter that\nboth actions are in the early stages of discovery and the\nlikely outcome can not be determined at this time.\n The company said a corporate wide reduction of its\nprofessional, management and indirect labor will result in the\npermanent elimination of 183 positions in all functional areas\nof the company's business. This represents over 25 pct of\nprofessional, management and indirect employees, it added.\n In addition, Iomega announced layoff of about 182\nemployees, principally from its manufacturing direct labor\nforce. Those affected represent about 46 pct of direct labor.\n Commenting on the layoffs, Iomega said those from among the\ndirect labor force affects personnel building the Alpha Eight\nInch Disk Drive and Bernoulli Boxes.\n \"This action is required as we bring our finished goods\ninventory and inventory in our distribution channels down to\nacceptable levels,\" it explained.\n The company stated this layoff does not affect the\nproduction of its new 5-1/4 inch Beta 20 product which is\ncurrently being built to a backlog of orders.\n Reuter\n\u0003", "date": " 9-MAR-1987 08:54:12.02", "topics": [ "earn" ], "places": [ "usa" ], "id": "3026" }, { "title": "TECHNOLOGY/NEW ERA FOR INFORMATION HANDLING", "body": "Ground-breaking new systems for storing\nand retrieving information are ushering in a new era for\ncomputer companies and computer users.\n Within the past few weeks, International Business Machines\nCorp , Eastman Kodak Co and others have launched\nproducts that radically increase the amount of data that can be\ncatalogued and shelved in computerized libraries.\n \"This flurry of new technology could yield systems that\nhandle a multimedia blitz of data,\" said Ian Warhaftig, a\nsenior analyst with International Data Corp, Framingham, Mass.\n \"We're developing new systems because our customers are\nasking for them,\" Peter Giles, vice president and general\nmanager of Kodak's mass memory division, said in a recent\ninterview.\n This demand is expected to soar in coming years. While\nestimates vary, industry analysts project that providing\nproducts and services geared for information storage and\nretrieval could become a 20 billion dlr a year business by\n1995.\n A wide range of technologies will be needed to meet the\nvarying requirements of users.\n For example, a large credit verification service would want\na system from which it could quickly retrieve credit data and\nrelay it to its clients. A law firm, however, may need a\ncomputerized law library in which capacity, rather than speed,\nis the key feature. For architects and engineers, the ability\nto store photographs, sketches and other graphics would be\ncrucial.\n Regardless of the specific application, the trend is toward\nconverting information - documents, video or film or even sound\nrecordings - into to the digital language of zeros and ones\nunderstood by computers.\n Saving space is the key goal in digitizing data for\nstorage. An optical disk the size of a standard compact disk\ncan store 550 megabytes of data, or about 250,000 pages of\ntypewritten text.\n For this reason, the compact disk read-only memory, or\nCD-ROM, is already a popular data storage media. Last week,\nMicrosoft introduced Microsoft Bookshelf, a 300 dlr program\nthat contains, on a single CD-ROM disk, a dictionary,\nthesaurus, national ZIP code directory, Bartlett's Familiar\nQuotations, the World Almanac and other reference works.\n Scores of such products are already on the market, but most\nare specialty items, such as Lotus Development Corp's \nCD-ROM data base of stock information for financial analysts\nand investors. \"Microsoft Bookshelf is important because it\nmarks the arrival of CD-ROM packages for the general public,\"\nsaid Ian Warhaftig of International Data Corp.\n One drawback of the CD-ROM, which uses a laser to record\nand read data, is that that it requires a special player.\nCD-ROM players for the retail market will appear later this\nyear.\n Moreover, IDC's Warhaftig said CD-ROM's will be integrated\nwith personal computers.\n \"Eventually, CD-ROM's will fit right inside the PC box,\" he\nsaid. \"Imagine the advantage of having a spelling checker and\nthesaurus at your fingertips when you're writing with a word\nprocessing program.\"\n But CD-ROM's are just the beginning. Also last week, Kodak\nunveiled several systems that use 12-inch optical disks. The\nlargest Kodak system uses a jukebox-like cabinet to hold up to\n150 optical disks from which data can be retrieved in a matter\nof seconds.\n Kodak also announced a 14-inch optical disk with 6.8\ngigabytes of memory, five times the memory of a CD-ROM. The\nKodak disk, which will not be available until the middle of\n1988, is designed for users who need quick access to very large\namounts of data, said Kodak's Giles.\n Meanwhile, N.V. Philips , the Dutch electronics\ngiant, is preparing to take optical disk technology a step\nfurther with the first disk that can combine text, video and\nsound. Philips said the system, called Called CD-Interactive,\nwill be ready next year. It will include a new kind of CD-ROM\nplayer that can hook up with a television set and stereo.\n Additional breakthroughs are expected as the next\ngeneration of computer memory chips are introduced. Last month\nIBM said it has made a four-megabyte chip, capable of storing\nmore data than eight CD-ROM's. Meantime, of Japan said it has built a 16-megabyte chip.\n Analysts say commercial versions of these chips are several\nyears away, though some suspect that IBM may start volume\nproduction of its four-megabyte chip sometime this year.\n Such chips will enable computer makers to build computers\nwith immense memory capacities.\n\n Reuter\n\u0003", "date": " 9-MAR-1987 08:58:22.38", "places": [ "usa" ], "id": "3027" }, { "title": "BRAZIL SEAMEN CONTINUE STRIKE DESPITE COURT", "body": "Hundreds of marines were on alert\nat 11 key Brazilian ports after 40,000 seamen decided to remain\non indefinite strike, even after the Higher Labour Court\nSaturday ruled it illegal, union leaders said.\n The halt, the first national strike by seamen in 25 years,\nstarted on February 27, and union leaders said they would not\nreturn to work unless they got a 275 pct pay rise. Shipowners\nhave offered a 100 per cent raise, which the seamen rejected.\n \"We have nothing to lose. If they want to lay off the\nworkers, fine, but we are determined to carry on with our\nprotest until the end,\" a union leader said.\n more\n He said they had decided in a meeting that if the marines\ntake over the ships, the seamen would abandon the vessels and\nlet the marines handle the situation by themselves.\n A spokesman for the Rio de Janeiro Port said the order to\nsend marines to take over the ports was given by Navy Minister\nHenrique Saboya on grounds that ports are areas of national\nsecurity. But he said there were no incidents. The strike has\ncut exports and imports and made an estimated 160 ships idle.\n Petrol station owners in four states also continued their\nshutdown and there were fears that the combination of the two\nstoppages could lead to a serious fuel shortage.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:01:34.94", "topics": [ "ship" ], "places": [ "brazil" ], "id": "3028" }, { "title": "BANKING TRADE GROUP SAYS BANK PROFITS DOWN", "body": "The American Bankers Association said\nthe profitability of the nation's commercial banks declined by\n12 pct during the first three quarters of 1986.\n During the first nine months of last year, the industry's\nannualized rate of return on assets dropped to 0.68 pct from\n0.77 pct in the same period in 1985, the ABA said. Return on\nequity fell to 10.8 pct from 12.3 pct the previous year.\n Despite the decline in profits, the ABA said banks' capital\ngrew boosting the industry's capital ratio to 6.4 pct from 6.3\npct.\n The number and size of banks losing money during the period\nincreased significantly, the ABA said.\n During the first nine months of 1986, 17.5 pct of banks,\nholding 9.6 pct of banking assets, were unprofitable, the group\nsaid. That compares with 13 pct of banks, holding 8.8 pct of\nassets, during the same period in 1985, it said.\n The industry's provisions for loan losses increased to 0.73\npct of assets during the period, up from 0.59 pct of assets\nduring the same period in 1985, the group said.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:06:39.94", "places": [ "usa" ], "id": "3029" }, { "title": "PAPER INSTITUTE SEES STRONG PAPER MARKET IN '87", "body": "The American Paper Institute said the\nindustry is headed for another year of record volume in 1987,\nwith linerboard particularly strong.\n \"A pro-growth trade policy, continued attention to currency\nmanagement, a fairly low interest rate climate and no major tax\nincreases are the essential ingredients in this outlook,\" Red\nCavaney, American Paper Institute president said.\n Cavaney said that so far this year the industry's\nperformance mimics last year's strength.\n Last year, he said, paper and paperboard production hit a\nrecord 71 mln tons, 5.9 pct above 1985's 67 mln tons, while\nindustry after-tax profits in 1986 exceeded 1985 profits.\n Cavaney said that inventories will play a major role in\nthis year's performance.\n \"Inventories, which are generally low, are a positive\nfactor in the industry's outlook this year,\" he said, citing\nmarket pulp stocks, which are currently at 21 days supply, at\nthe low end of the industry's long term average.\n Cavaney added that as a result of slimmer inventories in\n1986 and in the early part of this year, shipments for 1987 as\na whole will be higher than last year, even if demand slackens.\n Cavaney said, however, he expects demand this year to be\nstrong, spurred by consumer spending.\n The benefits of tax reform on individual after-tax income\nand consumer goods companies' cash flow, he said, will increase\ndemand for both communications paper and packaging this year.\n In addition, Cavaney said low mortgage rates should support\nhigh levels of housing starts in 1987, increasing demand for\nmany kinds of packaged goods.\n Inventory building should help demand for cartons and\ncorrugated containers this year, he added.\n Cavaney said he expects exports to remain fairly high in\n1987, as well, as a result of the recent declines in the dollar\nagainst major world currencies.\n But more importantly, he said, an improved balance of trade\nin 1987 from the lower dollar would induce increased industrial\nactivity at home and thus higher packaging demand.\n Cavaney said increased competitiveness, caused by lower\ncosts, higher productivity and improved efficiency would also\ncontribute to a strong showing from the industry this year.\n Cavaney said, however, that the Tax Reform Act of 1986\ncould have a negative impact on the industry this year.\n \"For manufacturers, the removal of the investment tax\ncredit creates an impediment to future investment,\" he said.\n Also, he said API estimates the industry will lose three\nbillion dlrs in cash flow over a five year period as a result\nof reforms.\n \"Adjustments to this loss will require time and careful\nevaluation and will adversely affect the capital spending\ndecisions of individual companies,\" Cavaney said.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:08:09.30", "places": [ "usa" ], "id": "3030" }, { "title": "BONN SERIOUS ABOUT CURRENCY PACT, SAYS TIETMEYER", "body": "West Germany takes \"very seriously\" the\nrecent undertaking by major industrial countries to promote\nexchange rate stability around current levels, Finance Ministry\nState Secretary Hans Tietmeyer said.\n Talking to journalists before a meeting of European\nCommunity Economy and Finance Ministers here, Tietmeyer\ndeclined to say whether the February 22 Paris accord by the\nGroup of Five countries plus Canada included secret agreements\nfor stabilising currencies.\n But he noted the official communique said the participants\nagreed to cooperate closely to foster stability of exchange\nrates around current levels. \"We're taking this sentence very\nseriously,\" he said.\n Tietmeyer remarked that the dollar had hardly moved against\nthe mark since the meeting.\n He said a slowdown in West German economic growth had been\ncaused by sharp exchange rate swings and that the Paris\nagreement should help in this respect.\n Economics Ministry State Secretary Otto Schlecht said the\nBonn government saw no current need for measures to bolster the\neconomy but was paying close attention to the slower growth and\nhad not ruled out \"appropriate and timely\" action if necessary.\n Schlecht and Tietmeyer were speaking ahead of a discussion\nby the EC ministers of the latest EC Commission report on the\neconomic situation in the 12-nation bloc.\n The Commission has sharply revised down expected German\ngross national product growth this year to two pct from 3.2 pct\npredicted last autumn and says Bonn has the most room of any EC\ncountry to stimulate economic activity.\n Schlecht said the upturn in West Germany's economy slowed\nin the fourth quarter of last year and the first quarter of\n1987. But he said there was no cumulative downwards trend in\nview that would make quick remedial action necessary.\n He said a number of favourable indicators such as high\nlevel of investment and a good climate for consumption meant a\nrecovery could be expected, while exports would pick up\nslightly during the course of the year.\n REUTER\n\u0003", "date": " 9-MAR-1987 09:11:10.46", "topics": [ "money-fx", "gnp" ], "organisations": [ "ec" ], "places": [ "belgium", "west-germany" ], "id": "3031" }, { "title": "SAUDI-FRENCH BANK TO DOUBLE PAID-UP CAPITAL", "body": ", also known\nas Saudi-French, will double paid-up capital to 400 mln riyals\nfrom 200 mln by converting reserves into equity, bank officials\nsaid.\n Jeddah-based Saudi-French, 40 pct owned by Banque Indosuez\nand 60 pct by the Saudi public, will sign a technical services\nagreement with Indosuez in Riyadh on Tuesday for management of\nthe bank over the next five years, they said.\n The officials said the increase in paid-up capital,\ndoubling the number of shares held by shareholders, will add\ndepth to the market and extend trading to more investors.\n REUTER\n\u0003", "date": " 9-MAR-1987 09:11:41.38", "places": [ "saudi-arabia" ], "id": "3032" }, { "title": "COMPAQ COMPUTER HAS NEW DESKTOP COMPUTER", "body": "Compaq Computer Corp said it has\nintroduced a new 12 megahertz desktop personal computer called\nthe Compaq Deskpro 286R.\n More\n\u0003", "date": " 9-MAR-1987 09:12:08.15", "places": [ "usa" ], "id": "3033" }, { "title": "UGANDA DISAPPOINTED BY COFFEE TALKS FAILURE", "body": "Uganda, Africa's second largest coffee\nproducer, was disappointed by the stalemate in recent coffee\ntalks in London, the chairman of the state-run Coffee Marketing\nBoard, CMB, said.\n \"This has not been good for coffee producers, more so in a\nsituation where the prices dropped by 200 pounds per tonne of\nrobusta coffee,\" J. Makumbi said when he returned from London on\nFriday.\n Producers and consumers failed to agree on a quota formula\nto share the world's coffee production during International\nCoffee Organisation, ICO, talks that ended last week.\n Makumbi blamed the failure to set quotas, which were\nsuspended in Feburary last year, on Indonesian demands that its\nquota be increased dramatically.\n Uganda -- which earns about 400 mln dlrs annually from\ncoffee exports, over 95 pct of its foreign exchange earnings --\nhad sought to raise its ICO quota to 3.0 mln from 2.45 mln\n60-kilo bags, according to sources close to the CMB.\n The CMB has estimated that production will rise 20 to 25\npct in the current 1986/87 October-September season to over\nthree mln bags.\n For several years Uganda had been unable to meet its ICO\nexport quota as rebel activity disrupted the coffee industry.\n The Ugandan government depends on coffee export duties for\nabout 60 pct of its sales tax revenue and the industry employs\nover half of salaried manpower.\n In Dar es Salaam, Tanzania's Agriculture and Livestock\nDevelopment Minister Paul Bomani said today Third World\ncountries would suffer from the failure of the London coffee\ntalks.\n \"It is only the middlemen who will benefit, he said.\n Bomani called on the ICO to convene another meeting within\ntwo months, saying, \"Once tempers have cooled and delegations\nhave had time to report back to their headquarters, common\nsense will prevail.\"\n Reuter\n\u0003", "date": " 9-MAR-1987 09:12:30.97", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "uganda" ], "id": "3034" }, { "title": " Chrysler to take over Renault stake in American Motors, says Renault\n", "date": " 9-MAR-1987 09:17:04.78", "topics": [ "acq" ], "id": "3035" }, { "title": "ADDITIONAL CCC CREDIT GUARANTEES FOR HUNGARY", "body": "The Commodity Credit Corporation,\nCCC, has authorized an additional 8.0 mln dlrs in credit\nguarantees for sales of vegetable protein meals to Hungary for\nfiscal year 1987, the U.S. Agriculture Department said.\n The additional guarantees increase the vegetable protein\nmeal credit line to 16.0 mln dlrs and increases the cumulative\nfiscal year 1987 program for agricultural products to 23.0 mln\ndlrs from 15.0 mln, it said.\n The department also announced an extension of the export\nperiod from September 30, 1987, to December 31 for sales of\nvegetable protein meals.\n To be eligible for the credit guarantees all sales must be\nregistered before export but not later than September 30.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:17:44.88", "topics": [ "meal-feed" ], "places": [ "usa", "hungary" ], "id": "3036" }, { "title": "SOUTHERN CO TO TAKE 226 MLN DLR CHARGE ON PROJECTED VOGTLE COST RISE\n", "date": " 9-MAR-1987 09:20:38.92", "topics": [ "earn" ], "id": "3037" }, { "title": "APPLIED CIRCUIT SELLS ELECTRONICS BUSINESS", "body": "Applied Circuit Technology Inc\n(ACT) said it has agreed in principal to sell its primary\ncomputer electronics business to the of San\nFrancisco.\n ACT said it has not disclosed the deal's terms, but added\nthat 50 pct of the sale price is in cash, with the remainder to\nbe paid over a two year period.\n The deal is expected to close on March 31, ACT said.\n ACT said it made the move to concentrate resources on its\npharmaceuticals subsidiaries.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:21:19.67", "topics": [ "acq" ], "places": [ "usa" ], "id": "3038" }, { "title": "USAIR ACQUIRES 9.9 PCT OF PIEDMONT ", "body": "USAir Group Inc said it has\nacquired 2,292,599 Piedmont Aviation Inc shares, about 9.9 pct\non a fully diluted basis, from Norfolk Southern Corp .\n The acquisition of Piedmont by USAir has been approved by\nthe directors of both companies.\n USAir said it has been advised by Norfolk Southern that the\ncompany supports the proposed merger and intends to tender all\nof its remaining 1,477,829 Piedmont common shares in response\nto USAir's tender offer which began today. This total includes\nshares issuable upon conversion of Piedmont preferred, USAir\nnoted.\n USAir said Piedmont has about 23.1 mln common shares on a\nfully diluted basis, adding its offer is conditioned on the\ntender of at least 9,309,394 shares, representing 40.2 pct of\nthe oustanding shares on a diluted basis.\n USAir said the 3,491,030 new shares it has an option to buy\nrepresent 18.5 pct of Piedmont's currently outstanding shares.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:24:32.21", "topics": [ "acq" ], "places": [ "usa" ], "id": "3039" }, { "title": "BRAZILIAN COFFEE RAINFALL", "body": "THE FOLLOWING RAINFALL WAS RECORDED IN\nTHE AREAS OVER PAST 72 HOURS\n PARANA STATE: UMUARAMA NIL, PARANAVAI 1.5 MILLIMETRES,\nLONDRINA NIL, MARINGA NIL.\n SAO PAULO STATE: PRESIDENTE PRUDENTE O.6 MM, VOTUPORANGA\n12.0 MM, FRANCA 28.0 MM, CATANDUVA 10.0 MM, SAO CARLOS NIL, SAO\nSIMAO NIL. REUTER11:43/VB\n\u0003", "date": " 9-MAR-1987 09:25:10.00", "topics": [ "coffee" ], "places": [ "brazil" ], "id": "3040" }, { "title": "GENCORP TO SELL LOS ANGELES TELEVISION STATION TO WALT DISNEY CO\n", "date": " 9-MAR-1987 09:25:41.63", "topics": [ "acq" ], "id": "3041" }, { "title": "NATIONWIDE CELLULAR COMPLETES PURCHASE", "body": "Nationwide Cellular Service\nInc said it has completed the previously-announced acquisition\nof privately-held Nova Cellular Co, a Chicago reseller of\nmobile telephone service with 1,800 subscribers, for about\n65,000 common shares.\n Nova Cellular has an accumulated deficit of about 650,000\ndlrs and had revenues of about 2,600,000 dlrs for 1986, it\nsaid.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:26:28.51", "topics": [ "acq" ], "places": [ "usa" ], "id": "3042" }, { "title": "NATIONAL WESTMINSTER BANK CUTS BASE RATE", "body": "National Westminster Bank Plc said it has\ncut its base lending rate 0.5 percentage points to 10.5 pct\ntoday.\n National Westminster said it was responding to general\neasing in money market rates.\n Its move followed a signal from the Bank of England earlier\nthis afternoon that it would endorse a half point cut in the\nbase rate, a surprise move following its strong signals last\nweek that such a move would be premature.\n However, since then the pound has continued to gain\nstrongly.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:27:57.44", "topics": [ "interest" ], "places": [ "uk" ], "id": "3043" }, { "title": "U.K. MONEY MARKET GIVEN FURTHER HELP AT NEW RATES", "body": "The Bank of England said it provided the\nmarket with further assistance during the afternoon, buying\nbills worth 166 mln stg at the lower rates introduced this\nmorning.\n It bought 45 mln stg of local authority bills plus 27 mln\nstg of bank bills in band one at 10-3/8 pct together with 94\nmln stg of band two bank bills at 10-5/16 pct.\n The bank also revised its estimate of the market shortage\nup to 300 mln stg from 250 mln this morning. It has given total\nassistance of 213 mln stg today.\n REUTER\n\u0003", "date": " 9-MAR-1987 09:30:35.65", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "3044" }, { "title": "CBT, CME HEADS TO ADDRESS CFTC COMMITTEE", "body": "The heads of the Chicago Board of\nTrade, CBT, and the Chicago Mercantile Exchange, CME, are to\naddress a meeting of the Commodity Futures Trading Commission's\nfinancial products advisory committee March 11 in Chicago, CFTC\nsaid.\n CBT Chairman Karsten Mahlmann will present the objectives\nand views of the CBT's ad hoc committee on off exchange trading\nissues, CFTC said.\n CME President William Brodsky is set to discuss current\nissues involving equity index markets, including factors\naffecting price volatility, changes in settlement procedures,\nmargin changes and price limits.\n The CFTC committee, headed by Commissioner Robert Davis,\nexamines financial futures market issues.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:30:53.98", "places": [ "usa" ], "id": "3045" }, { "title": "HUTCHISON UNIT BUYS CONTAINER CRANES FROM JAPAN", "body": "Container port operator, , a 89 pct held unit of Hutchison\nWhampoa Ltd , said it has placed a 164 mln H.K. Dlr\norder for seven quayside container cranes of 800 tons each with\nJapan's Mitsui Engineering and Shipbuilding Co Ltd for\nMay 1988 to August 1989 delivery.\n Hong Kong International Terminals operates 32 cranes.\n REUTER\n\u0003", "date": " 9-MAR-1987 09:31:21.09", "topics": [ "ship" ], "places": [ "hong-kong", "japan" ], "id": "3046" }, { "title": "BOSPHORUS SHIPPING MOVES, ISTANBUL OFFICES CLOSE", "body": "Istanbul remained at a virtual\nstandstill today under snow up to a meter deep but shipping was\nmoving through the narrow Bosphorus waterway linking the Sea of\nMarmara and the Black Sea, officials said.\n The authorities ordered government offices closed until\nWednesday. Many banks, businesses and schools stayed shut as\nworkers struggled to keep main roads and supply lines open in\nthis city of 6.5 mln people.\n The second blizzard to hit Istanbul in a week stopped\nyesterday afternoon and the international airport reopened\ntoday after a two-day closure. It was also shut earlier last\nweek.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:32:01.67", "topics": [ "ship" ], "places": [ "turkey" ], "id": "3047" }, { "title": "ECUADOR TO EXPORT NO OIL FOR 4 MONTHS, OFFICIAL", "body": "The suspension of Ecuador's crude oil\nshipments after an earthquake cut an oil pipeline will last at\nleast four months, a senior Energy Ministry official said.\n The official said Ecuador could resume exports after\nrepairing a 40 km section of the 510 km pipeline, which links\njungle oil fields at Lago Agrio to Balao on the Pacific coast.\nIt would take about 100 mln U.S. Dlrs to repair the pipeline,\nthe official, who did not want to be named, told Reuters.\nEcuador had enough oil to meet domestic demand for about 35\ndays and would have to import crude to supplement stocks.\n The earthquake last Thursday night registered six on the\n12-point international Mercalli scale. The damage to the\npipeline was a severe economic blow to Ecuador, where oil\naccounts for up to two-thirds of total exports and as much as\n60 pct of government revenues.\n Financially pressed Ecuador, a member of the Organisation\nof Petroleum Exporting Countries (OPEC), was recently pumping\nabout 260,000 barrels per day (bpd) of crude, about 50,000 bpd\nabove the output quota assigned by the cartel, another Energy\nMinistry spokesman said. Last year, it exported an average of\n173,500 bpd, according to the central bank.\n However, Ecuador might build an emergency 25 km pipeline,\ncosting 15 to 20 mln dlrs, to hook up with a Colombian\npipeline, the first official said. He estimated it could take\nabout 60 days to build.\n Ecuador, squeezed by the slide in world oil prices in 1986,\nhad only 138 mln dlrs in net international reserves at the end\nof January, about equal to one month's imports.\n It suspended interest payments in January on 5.4 billion\ndlrs owed to about 400 private foreign banks. The country's\ntotal foreign debt is 8.16 billion dlrs, the eighth largest in\nLatin America.\n In Caracas, President Jaime Lusinchi said Venezuela would\nloan five mln barrels of crude to Ecuador over the next three\nmonths to make up for losses from damage to the pipeline.\n Ecuador asked for the loan to guarantee domestic supplies\nand would ship an equivalent volume back to Venezuela in\nrepayment in May, Lusinchi said.\n A commission headed by Venezuelan Investment Fund Minister\nHector Hurtado and including representatives from the interior\nand defence ministries and the state oil company Petroleos de\nVenezuela will travel to Ecuador Tuesday to evaluate and\nco-ordinate an emergency relief program, he said.\n REUTER\n\u0003", "date": " 9-MAR-1987 09:32:40.79", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "ecuador" ], "id": "3048" }, { "title": "FRENCH JAN M-3 MONEY SUPPLY ROSE PROV ADJUSTED ONE PCT (O.7 PCT FALL IN DEC) - OFFICIAL.\n", "date": " 9-MAR-1987 09:33:35.86", "topics": [ "money-supply" ], "places": [ "france" ], "id": "3049" }, { "title": "HEAVY SNOWS HIT GREECE, ITALY", "body": "Blizzards lashed Greece today, piling up\nto 10 feet of snow in places and paralyzing transport in what\nstate radio called unprecedented weather conditions for this\ntime of year.\n Except for a handful of flights of the national airline\nOlympic Airways that took off before the blizzards started, all\nair traffic in and out of the Athens international airport was\ncanceled, radio said.\n The weather service said heavy snowfalls would continue for\nseveral hours.\n Cold weather also hit southern and eastern Italy. Heavy\nsnowfalls caused long delays and difficulties for road, rail\nand air traffic.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:35:55.99", "places": [ "greece", "italy" ], "id": "3050" }, { "title": "MALAYSIA SAYS RUBBER PACT DEPENDS ON CONSUMERS", "body": "Malaysia said the success of talks\nopening today on a new International Natural Rubber Agreement\n(INRA) depends on how flexible consumer countries are.\n Rubber producer and consumer countries meet for 12 days in\nGeneva from tomorrow to try to hammer out a rubber pact after\nthey failed to reach agreement last November to replace the\ncurrent accord, which expires next October.\n Primary Industries Minister Lim Keng Yaik said in a\nstatement that Malaysia wants to continue with a second INRA\nand is prepared to accept modifications that would strengthen\nthe present agreement.\n He said the second INRA would allow for an orderly disposal\nof the accumulated buffer stock of 375,000 tonnes, since the\nmarket is now capable of absorbing such releases.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:39:30.30", "topics": [ "rubber" ], "places": [ "malaysia" ], "id": "3051" }, { "title": "PHARMACIA AB LAUNCHES EUROCOMMERCIAL PAPER PROGRAMME", "body": "Pharmacia AB said it was launching a\n200 mln dlr Eurocommercial paper programme as part of a move to\ninternationalise the company's financing.\n Market makers will be Credit Suisse First Boston, Morgan\nStanley International and Svenska Handelsbanken PLC.\n Pharmacia treasurer Bertil Tiusanen said gaining direct\naccess to the short term international capital market would\nimprove its ability to meet its dollar borrowing requirement.\n He said it was a natural step for an internationally known\ncompany whose shares are noted in Tokyo and Stockholm and are\ntraded over the counter in the United States.\n REUTER\n\u0003", "date": " 9-MAR-1987 09:39:45.70", "places": [ "sweden" ], "id": "3052" }, { "title": "MCDOWELL TO MERGER WITH ", "body": "McDowell Enterprises Inc said\nit has signed a definitive agreement to acquire an 80 pct\ninterest in privately held Interpharm Inc for a 19.9 pct\ninterest in McDowell.\n The company said subject to contigencies, including future\nsales and profit levels, McDowell could over a four-year period\nacquire 100 pct of Interpharm in exchange for up to 51 pct of\nMcDowell's voting stock.\n It said the transaction is expected to be completed within\n60 days, at which time the McDowell board would be restructured\nto include Interpharm management. \n Reuter\n\u0003", "date": " 9-MAR-1987 09:40:54.41", "topics": [ "acq" ], "places": [ "usa" ], "id": "3053" }, { "title": "FEDERAL HOME MORTAGE BUYS FUNDS FROM LENDER", "body": "The Federal Home Mortgage Corp\nannounced the sale of 400 mln dlrs for residential mortgages to\nFirst Union Corp's mortgage subsidiary.\n Freddie Mac said that First Union Mortgage Corp already\nswapped 70 mln dlrs of new residential mortgages to Freddie Mac\nin the first phase of the contract.\n Freddie Mac said buy selling 400 mln dlrs worth of\nmortages, it makes more mortgage money available. It said\nthrough its guarantor program, First Union will be allowed to\nconvert its investment-quality mortgages into mortgage-backed\nsecurities accepted in capital markets.\n Freddie Mac explained that the securities can be used as\ncollateral for borrowings, sold to other investors, or employed\nin a variety of cash management techniques.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:41:09.67", "places": [ "usa" ], "id": "3054" }, { "title": "BRITISH CALEDONIAN SEEKS SAN DIEGO SERVICE", "body": "British Caledonian Airways said it has\nfiled an application with the British Civil Aviation Authority\nfor a license to operate between San Diego's Lindbergh Field\nand London's Gatwick Airport.\n It said it would extend its existing Los Angeles/London\nnonstop service to San Diego and would initially offer three\nroundtrips weekly.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:43:17.71", "places": [ "usa", "uk" ], "id": "3055" }, { "title": "RENAULT, CHRYSLER IN ACCORD FOR CHRYSLER TO BUY AMC", "body": "Regie Nationale des Usines Renault\n said it and Chrysler Corp have signed a letter of\nintent in which Chrysler plans to buy American Motors Corp\n, 46 pct owned by Renault.\n Renault President Raymond Levy said in a statement issued\nby the French state car group the agreement was an important\nstage in Renault's redeployment. \"It will allow Renault to\ncontinue its export programme to the U.S. And also opens a\nperspective of cooperation with a major American constructor,\"\nthe statement said. Under the terms of the letter of intent,\nChrysler will purchase Renault's stake held in the form of\nbonds and shares.\n The Renault statement quoted Chrysler Chairman Lee Iacocca\nas saying, \"We welcome AMC shareholders into the Chrysler\nfamily.\"\n He added that the accord would allow Renault and Chrysler\nto study the development of future products destined to be\ndistributed by Renault and Chrysler in the North American and\nworld markets.\n \"Renault is a leader in our industry and I am happy to be\nworking with them,\" Iacocca was quoted as saying.\n Chrysler will pay for Renault's AMC interests held in bonds\nby a 200 mln dlr bond and will pay up to 350 mln dlrs for\nRenault share interests, depending on AMC sales and future\nprofits, the Renault statement said.\n The statement said the agreement in principle gave each\nside 30 days to put together a definitive accord. Approval\nwould also be necessary from the Renault, Chrysler and AMC\nboards, from AMC shareholders and the relevant government\nauthorities.\n If the deal goes ahead, the statement said, AMC\nshareholders other than Renault will receive Chrysler shares\nfor each of their shares valued at four dlrs.\n AMC shareholders with convertible preferential shares will\nhave the possibility to exchange them for Chrysler shares on\nthe same conditions as those they would have had in exchanging\nthem for AMC shares.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:44:16.03", "topics": [ "acq" ], "places": [ "france", "usa" ], "id": "3056" }, { "title": "HOG AND CATTLE SLAUGHTER GUESSTIMATES", "body": "Chicago Mercantile Exchange floor\ntraders and commission house representatives are guesstimating\ntoday's hog slaughter at about 285,000 to 300,000 head versus\n292,000 week ago and 309,000 a year ago.\n Cattle slaughter is guesstimated at about 125,000 to\n131,000 head versus 129,000 week ago and 119,000 a year ago.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:45:22.44", "topics": [ "hog", "livestock" ], "places": [ "usa" ], "id": "3057" }, { "title": " TO TRADE ADR'S IN U.S.", "body": "British retailer Burton Group PLC said\ntrading in its American Depositary Receipts will start today.\n Each ADR represents four Burton shares.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:48:14.59", "places": [ "usa" ], "id": "3058" }, { "title": "CLAIRE'S STORES FEBRUARY SALES RISE", "body": "Claire's Stores Inc said February sales\nwere up 46 pct to 6,360,000 dlrs from 4,350,000 dlrs a year\nbefore, with same-store sales up 16 pct.\n The company said March sales may not increase at the sdame\nrate, since Easter falls late in April this year, but earnings\nand sales for the first quarter should be up significantly from\na year ago.\n In last year's first quarter ended May Three, Claire's\nearned 934,000 dlrs on sales of 18.4 mln dlrs, compared with\nearnings of 2,289,000 dlrs on sales of 16.4 mln dlrs a year\nearlier.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:48:24.44", "places": [ "usa" ], "id": "3059" }, { "title": " Bank of France said it cut money market intervention rate to 7-3/4 pct from eight pct\n", "date": " 9-MAR-1987 09:48:28.61", "topics": [ "money-fx", "interest" ], "places": [ "france" ], "id": "3060" }, { "title": "FIRST BOSTON AFFILIATE TO ACQUIRE ALLEGHENY INT'L FOR 24.60 DLRS/SHR\n", "date": " 9-MAR-1987 09:48:40.47", "topics": [ "acq" ], "id": "3061" }, { "title": "SOUTHERN TO TAKE CHARGE ON VOGTLE COST", "body": "Southern Co said it will take an\nafter-tax charge of 226 mln dlrs against earnings no later than\nJanuary 1988 because the projected cost of the Vogtle nuclear\npower plant has risen abover the amount which retail customers\nin Georgia will be asked to pay.\n The company's largest subsidiary, Georgia Power Co, said\nthe budget for the plant has increased by 6.3 pct, or 522 mln\ndlrs, to 8.87 billion. However, because of a pledge the made\nlast year to Georgia's Public Service Commission, the increased\ncost will not be included in the utility's retail electric\nrates.\n Geogia Power also said its board has delayed the scheduled\ncompletion of Vogtle's Unit Two to June 1989 from September\n1988. Unit Two is about 60 pct complete, it added.\n The utility said fuel loading has been completed at Unit\nOne and the unit is being put through a series of low-power\ntests before the Nuclear Regulatory Commission is asked for a\nfull-power license.\n The nuclear power plant, located near Waynesboro, Ga., is\nco-owned by , the Municipal Electric\nAuthority of Georgia and the city of Dalton.\n Georgia Power said the revised Vogtle budget estimate was\ndue to several factors, including additional labor costs\nincurred to keep the plant's first unit on schedule for\ncommercial operation by June. The new figure represents the\nfirst change in the plant's budget since August 1985, when it\nwas estimated at 8.35 billion dlrs.\n In March 1986, the utility told Georgia regulators it would\n\"cap\" the price of Vogtle its customers would be asked to pay\nat 3.56 billion dlrs, the company's share of the then projected\n8.35 billion dlr total. Under the new budget, Georgia Power\nsaid, its share amounts to 3.87 billion dlrs.\n Noting that Georgia Power's share of the Vogtle increase is\n313 mln dlrs, Southern said this will result in a charge\nagainst earnings of 177 mln dlrs after taxes.\n In addition, the company said, Georgia Power's contracts\nwith the joint owners require the utility to buy back\nsignificant amounts of Vogtle capacity during the plant's\ninitial years of operation. Under terms of the cap on costs, it\nwill not attempt to recover the portion of the budget increase\nthat applies to the buybacks.\n This bings the total amount that must be charged against\nearnings to 2326 mln dlrs after taxes, Southern said.\n Southern said new rules of the Financial Accounting\nStandards Board, which are effective in January 1988, require\nany costs that are determined nonrecoverable to be charged\nagainst earnings once that determination is made.\n The company also said its board has approved a capital\nbudget of 2.1 billion dlrs in 1987, including work on the\nVogtle project.\n It said a 5.9 billion dlr capita budget for the three-year\nperiod 1987-1989 was also outlined at the board meeting, noting\nthis is 700 mln dlrs below the comparable figure for the years\n1986-1988.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:48:54.24", "topics": [ "earn" ], "places": [ "usa" ], "id": "3062" }, { "title": "STORA CLOSE TO COMPLETING PAPYRUS TAKEOVER", "body": "Sweden's Stora Kopparbergs Bergslags\nAB said it had now acquired 90 pct of shares in rival\npulp and paper makers Papyrus AB, thus passing the threshold\nabove which it can compulsorily buy the rest of the company.\n Remaining shareholders would have until later this month to\nsell their shares to Stora, the company said in a statement.\n Stora announced last September it would acquire Papyrus at\na price of 5.8 billion crowns, thus forming Europe's second\nlargest forest group after London-based Reed International Plc\n.\n REUTER\n\u0003", "date": " 9-MAR-1987 09:49:29.88", "topics": [ "acq" ], "places": [ "sweden" ], "id": "3063" }, { "title": "JAPAN EX-IM BANK SAYS NO NEW COMMITMENTS TO BRAZIL", "body": "Export-Import Bank of Japan president\nTakashi Tanaka told Brazil the bank will continue to cooperate\nwith it, but he refrained from making any commitment to a new\ncredit, Ex-Im officials said.\n In a 30-minute meeting, Tanaka told Brazilian Finance\nMinister Dilson Funaro the bank would consider his country's\nrequest for a 300 mln dlr credit in the context of\ninternational cooperation, the officials said.\n They said this meant the Ex-Im Bank would grant the credit\nas part of a package with money from the International Monetary\nFund and private banks.\n Brazil has resisted going to the IMF for help because it\nfears that the Fund will ask for changes in its economic\npolicies that will throw it into recession.\n Brazil first requested the 300 mln dlr credit last\nNovember, to help it develop the sale and generation of\nelectric power. Funaro renewed the request today.\n REUTER\n\u0003", "date": " 9-MAR-1987 09:50:57.39", "places": [ "brazil", "japan" ], "id": "3064" }, { "title": "OECD TRADE, GROWTH SEEN SLOWING IN 1987", "body": "The 24 nations of the Organisation for\nEconomic Cooperation and Development (OECD), hampered by\nsluggish industrial output and trade, face slower economic\ngrowth, and their joint balance of payments will swing into\ndeficit in 1987, the Economist Intelligence Unit (EIU ) said.\n The EIU said in its World Trade Forecast it revised OECD\neconomic growth downwards to 2.5 pct this year, compared with a\n2.8 pct growth forecast in December.\n It said the new areas of weakness are West Germany and the\nsmaller European countries it influences, and Japan, hardest\nhit by currency appreciation this year.\n The independent research organisation cut its 1987 growth\nrate forecasts for West Germany to 2.2 pct from 3.2 pct in\nDecember and to 2.3 pct from three pct for Japan.\n It said it expected the OECD to post a current account\ndeficit of some 13 billion dlrs in both 1987 and 1988, due in\nlarge part to a 1.50 dlrs a barrel rise in 1987 oil prices.\n It said the U.S. Current account deficit looked likely to\nfall even more slowly than forecast, to 125 billion dlrs in\n1987 and 115 billion in 1988 from 130 billion in 1986.\n It said it expected West Germany to post a 31 billion dlr\npayments surplus and Japan a 76 billion dlr surplus this year.\n The EIU said it saw oil prices dropping to around 16.50\ndlrs a barrel by end-1987 and 15.50 dlrs in 1988 from about 18\ndlrs last year, as adherence to OPEC output policy becomes\nincreasingly ragged.\n It said the dollar is poised to resume its decline in\nforeign exchange markets, and will lose a further 13 pct on its\ntrade-weighted index this year and five pct in 1988 after last\nyear's 18.4 pct drop.\n The average mark/dollar rate is put at 1.80 marks this year\nand 1.70 in 1988 while the yen/dollar rate is expected to break\nthrough the 150 yen barrier with an average value of 150 yen in\n1987 and 146 yen in 1988, it said.\n \"This is not a crash scenario but the dollar's steeper angle\nof descent increases the risk of ending with a fireball rather\nthan a three-point landing,\" the EIU said.\n \"Talking will not stop the dollar's slide for long and the\nFebruary meeting (of finance ministers of the Group of Five and\nCanada) produced scant promise of either a decisive shift to\nmore expansive policies in West Germany and Japan, or a tighter\nU.S. Fiscal policy,\" it said.\n It said the key to the dollar's fortunes was the\nwillingness of Japanese institutions to buy U.S. Government\nassets despite prospects of sustaining a currency loss.\n \"Thus far they have been willing,\" the EIC said, adding that\nif Japan was deterred from buying U.S. Bonds the dollar would\ncollapse.\n To contain such a currency crisis, dollar interest rates\nwould have to soar, bringing recession and a Third World debt\ncrisis, it said.\n On trade, the EIU said prospects for 1987 look \"increasingly\nsick.\"\n Import growth, forecast in December at 4.5 pct, is now seen\nslowing down to around 3.8 pct in 1987 with a recovery only to\n4.2 pct in 1988, it said.\n The weakness of the West German economy is the biggest\nsingle factor, with import growth there expected to feature a\nsluggish 3.5 pct growth in 1987 against the 6.5 pct forecast in\nDecember, the EIU said.\n On the export side, it said it saw weak demand in West\nGermany affecting export prospects elsewhere in Europe, while\nJapan's exports in 1987 would remain flat and sales by U.S.\nExporters would respond only marginally to a lower, more\ncompetitively-priced dollar.\n It said in most of Europe and in Japan, raw materials and\noil will cost less in domestic currency in 1987 than in 1986.\n However, rates of inflation will edge up in 1988 to over\nthe current OECD average of three pct. Non-oil commodity prices\nwill show a modest dollar price increase in 1988 for the first\ntime since 1984, the EIU said.\n After a rise of 18 pct in 1986, the dollar price of\ninternationally traded manufactures will go up by 8.5 pct in\n1987 and by five pct in 1988, it said.\n It said OECD industrial production would rise by only 1.6\npct in 1987 after a weak 1.5 pct increase in 1986.\n Reuter\n\u0003", "date": " 9-MAR-1987 09:55:58.63", "topics": [ "trade", "bop", "money-fx", "crude", "gnp", "dlr" ], "organisations": [ "oecd" ], "places": [ "uk", "west-germany", "japan" ], "id": "3065" }, { "title": "PHARMACIA AB LAUNCHES EUROCOMMERCIAL PAPER PROGRAMME", "body": "Pharmacia AB said it was launching a\n200 mln dlr Eurocommercial paper programme as part of a move to\ninternationalise the company's financing.\n Market makers will be Credit Suisse First Boston, Morgan\nStanley International and Svenska Handelsbanken PLC.\n Pharmacia treasurer Bertil Tiusanen said gaining direct\naccess to the short term international capital market would\nimprove its ability to meet its dollar borrowing requirement.\n He said it was a natural step for an internationally known\ncompany whose shares are noted in Tokyo and Stockholm and are\ntraded over the counter in the United States.\n REUTER\n\u0003", "date": " 9-MAR-1987 09:58:33.04", "places": [ "sweden" ], "id": "3066" }, { "title": "U.K. MONEY MARKET GIVEN LATE HELP WORTH 15 MLN STG", "body": "The Bank of England said it provided the\nmarket with unspecified late assistance worth 15 mln stg.\n It has given the market total assistance of 228 mln stg\ntoday compared with a liquidity shortage it estimated at a\nrevised 300 mln stg.\n REUTER\n\u0003", "date": " 9-MAR-1987 09:59:00.21", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "3067" }, { "title": "BANK OF FRANCE CUTS INTERVENTION RATE", "body": "The Bank of France said it cut its money\nmarket intervention rate to 7-3/4 pct from eight pct when it\ninjected money against first category paper.\n The bank also cut its seven-day repossession rate to 8-1/2\npct from 8-3/4 pct.\n The intervention rate has stood at eight pct since it was\nraised from 7-1/4 pct on January 2 as the French franc came\nunder pressure ahead of the EMS realignment on January 11.\n The bank said the purchase, effective tomorrow, is for five\npct of private paper and fixed rate Treasury bills maturing\nbetween March 25 and June 25 and of other Treasury bills\nmaturing between March 25, 1987 and March 25, 1989.\n The rate cut had been expected since the bank announced a\nmoney market intervention tender earlier today.\n Money market dealers said conditions seemed right for a\nquarter percentage point cut, reflecting an easing in the call\nmoney rate last week, and the French franc's steadiness on\nforeign exchange markets since the February 22 currency\nstabilisation accord here by the Group of Five and Canada.\n REUTER\n\u0003", "date": " 9-MAR-1987 09:59:27.21", "topics": [ "money-fx", "interest" ], "places": [ "france" ], "id": "3068" }, { "title": "WHITE ENGINE BOUGHT BY PRIVATE INVESTOR", "body": "White Engine, a manufacturer of\nindustrial and automotive diesel and gasoline engines with more\nthan 100 mln dlrs in sales, said it has been sold to a group of\ngroup investors.\n White Engine said the purchase is led by Donald Stewart, a\nprivate investment banker, along with White senior executives.\n A source close to the transaction said the purchase prices\nis being set at more than 55 mln dlrs.\n The company said it will change its name to Hercules\nEngines Inc, and Stewart will be the majority interest owner,\nas well as the president and chief executive officer.\n In addition, John Lennon, current chairman and chief\nexecutive officer, will remain as chairman, he company said.\nAnd Joseph G. Scheetz, currently president, will be vice\nchairman, according to the company.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:01:23.14", "topics": [ "acq" ], "places": [ "usa" ], "id": "3069" }, { "title": "GROUP-77 OFFICIALS SET AGENDA FOR DHAKA MEETING", "body": "Most commodity agreements are close to\ncollapse and the debt problem continues to weigh heavily on\ndeveloping countries, Bangladesh Commerce Minister M.A. Munim\ntold officials from 30 Asian countries in the Group of 77.\n The officials are meeting to finalise the agenda for the\ngroup's regional ministerial conference here Saturday.\nDelegates from all 43 Asian member countries of the G-77 are\nexpected to attend the later meeting.\n Commerce Ministry officials said the countries will try to\nadopt a common strategy to counter protectionist measures by\ndeveloped countries and forge developing country cooperation\n Commerce Secretary A.B.M. Ghulam Mostafa said the officials\nwould discuss issues relating to financial resources,\ncommodities, international trade and least developed countries,\nand formulate \"concrete measures towards concerted action.\"\n Recommendations of the Dhaka meeting will be placed before\nthe July United Nations Conference on Trade and Development\nmeeting at Geneva, officials said.\n The Dhaka meeting would also discuss the possibility of\nsetting up a \"South Bank,\" along the lines of the Asian\nDevelopment Bank, to boost financial exchanges and economic\ncoperation between developing countries. It has not been\nproposed formally and no details were given.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:02:11.73", "places": [ "bangladesh" ], "id": "3070" }, { "title": "STORA CLOSE TO COMPLETING PAPYRUS TAKEOVER", "body": "Sweden's Stora Kopparbergs Bergslags\nAB said it has now acquired 90 pct of shares in rival\npulp and paper makers Papyrus AB, thus passing the threshold\nabove which it can compulsorily buy the rest of the company.\n Remaining shareholders would have until later this month to\nsell their shares to Stora, the company said in a statement.\n Stora announced last September it would acquire Papyrus at\na price of 5.8 billion crowns, thus forming Europe's second\nlargest forest group after London-based Reed International Plc\n.\n REUTER\n\u0003", "date": " 9-MAR-1987 10:03:22.54", "topics": [ "acq" ], "places": [ "sweden" ], "id": "3071" }, { "title": "ALLEGHENY INT'L , FIRST BOSTON SET MERGER", "body": "Allegheny International Inc said it\nhas entered into an agreement to merge with an affiliate of\nFirst Boston Inc's First Boston Corp in a transaction\nvalued at about 500 mln dlrs.\n Allegheny said the agreement calls for holders of its\ncommon to receive 24.60 dlrs a share. Holders of the company's\n2.19 dlrs cumulative preference shares will receive 20 dlrs a\nshare and those owning its 11.25 dlrs convertible preferred\nwill receive 87.50 dlrs a share.\n Allegheny International said the agreement calls for the\nFirst Boston affiliate to start a cash tender offer for all\noutstanding shares of Allegheny's common, cumulative preferred\nand convertible preferred.\n The company said First Boston has committed to provide all\nfinancing necessary to acquire such securities in the tender\noffer which is estimated to be about 500 mln dlrs.\n It said the agreement is also subject to the waiver by\nMarch 13 of certain conditions under the company's existing\nbank credit agreement.\n Allegheny International's statement did not name or\ndescribe the First Boston affiliate involved in the agreement.\n It did say the offer for the company's stock will be\nconditioned also on the valid tender of securities representing\nat least a majority of the voting power for the election of\ndirectors of the company and the valid tender of at least two\nthird's of the outstanding cumulative preferred and convertible\npreferred shares.\n \n Reuter\n\u0003", "date": " 9-MAR-1987 10:04:38.85", "topics": [ "acq" ], "places": [ "usa" ], "id": "3072" }, { "title": "FRENCH JANUARY M-3 MONEY SUPPLY RISES ONE PCT", "body": "French money supply, measured in terms of\nM-3, rose a provisional one pct in January after falling 0.7\npct in December, the Bank of France said.\n M-3 is the main money supply aggregate used by the French\nmonetary authorities. It has been joined as a second main money\nsupply aggregate for 1987 by M-2, which rose a provisional 1.2\npct in January after falling a confirmed 0.9 pct in December.\n Calculated on a three-month moving average basis, M-3 rose\n4.4 pct year-on-year in the quarter based on December after\nrising 5.4 pct in the quarter centred on September.\n The M-2 aggregate, centred on a three-month moving average,\nrose year-on-year by four pct, within a 1987 target range of\nfour to six pct.\n M-1 rose 2.5 pct after a 1.1 pct fall in December. M-1\nmeasures notes and coins in circulation plus sight deposits.\n M-2 adds in short-term bank deposits and M-3 adds in other\nshort-term deposits.\n The central bank's widest measure of liquidity, L, rose 1.5\npct in January after one pct fall in December. The bank said\nthe money supply growth reflected a net increase of sight\ndeposits and renewed interest in money market instruments.\n REUTER\n\u0003", "date": " 9-MAR-1987 10:05:45.89", "topics": [ "money-supply" ], "places": [ "france" ], "id": "3073" }, { "title": "CHRYSLER SAYS AMC HOLDERS TO GET CHRYSLER STOCK WORTH FOUR DLRS A SHARE UNDER BUYOUT PLAN\n", "date": " 9-MAR-1987 10:06:01.76", "topics": [ "acq" ], "id": "3074" }, { "title": "GENEX CORP GETS FINANCING", "body": "Genex Corp said it has\ncompleted an agreement for Eberstadt Fleming Venture Capital's\nPlant Resources Venture Fund II and Morgenthaler Venture\nPartners II and accounts managed by Citicorp to provide\nit with a four mln dlr interim credit line.\n It said the Eberstadt venture capital funds and the\nCiticorp accounts will receive warrants to buy 1,666,667 common\nshares at 60 cts each and two representatives of the funds will\nbe named to the Genex board.\n Genex said as part of the transaction, it has signed an\nemplopyment agreement for a senior executive it did not name to\nbecome president and chief executive officer of Genex at the\nend of March, on completion of his obligations to his current\nemployer.\n The company said over the next six months, it will use its\nbest efforts to increase its authorized capital and make a six\nto eight mln dlr rights offering to holders of its convertible\npreferred stock at 60 cts per equivalent common share, with\nproceeds to be used to repay sums drawn from the interim line\nof credit and for working capital.\n Genex said the rights would not be transferable separately\nfrom the common stock.\n It said its three largest shareholders, Robert F. Johnston,\nKoppers Co and J. Leslie Glick, who together own about 34\npct of Genex stock, will provide irrevocable proxies to the\nventure firms on completion of the rights offering and have\nagreed not to exercise their rights to acquire stock in the\nrights offering.\n Genex said the venture firms will have the right to buy any\nunsubscribed shares of convertible preferred and may buy\nadditional shares at the time of the rights offer.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:07:38.79", "places": [ "usa" ], "id": "3075" }, { "title": "TURKISH CENTRAL BANK SETS LIRA/DOLLAR, DM RATES", "body": "The Turkish Central Bank set a\nLira/Dollar rate for March 10 of 773.05/776.92 to the Dollar,\ndown from the previous 769.60/773.45.\n The Bank also set a Lira/Mark rate of 417.20/419.29 to the\nMark, up from the previous 419.15/421.25.\n\u0003", "date": " 9-MAR-1987 10:08:24.88", "topics": [ "money-fx", "dlr", "dmk" ], "places": [ "turkey" ], "id": "3076" }, { "title": "CONTINENTAL BANK/CANADA SETS DISTRIBUTION", "body": "Continental Bank of Canada, a subsidiary\nof Lloyds Bank PLC , said it intends to redeem all\nexisting preferred shares and distribute a stock dividend to\ncommon shareholders.\n The initial distribution will be in cumulative redeemable\nretractable floating rate class A preferred shares series II,\nwhich will carry a retraction right enabling holders to receive\n12.75 dlrs for each share.\n Continental said the 58.6 mln dlrs of existing outstanding\npreferred shares will be paid off at par plus accrued dividends.\n Continental said the notes will carry a dividend rate of\n72 pct of prime and it expects that the shares will trade at\n12.75 dlrs or more, enabling shareholders who wish to receive\ncash to do so.\n The bank said it expects the distribution will be made in\nearly May, subject to various approvals.\n Continental also said that, as of March 2, it had cash of\nmore than 250 mln dlrs and equity of about 284.6 mln dlrs,\nallowing for a final total distribution of 16.60 dlrs per\ncommon share.\n Continental Bank said it continues to expect that the final\ndistribution to shareholders will be in the range of 16.50 dlrs\nto 17.25 dlrs per share and will take place in late 1988 or\nearly 1989.\n Until the initial stock distribution takes place, regular\ndividend payments will be maintained on the existing preferred\nshares, the bank said.\n The distribution is part of the terms of Continental Bank\nof Canada's sale of its banking assets to Lloyds Bank Canada, a\nsubsidiary of Lloyds Bank PLC.\n Continental Bank said Lloyds Bank Canada paid the balance\nof the purchase price but that it was lower than originally\nanticipated since Continental was unable to transfer certain\nincome tax deductions to Lloyds Bank. Continental did not give\nfurther details.\n More\n\u0003", "date": " 9-MAR-1987 10:08:46.25", "topics": [ "earn" ], "places": [ "canada" ], "id": "3077" }, { "title": "STUDY SAYS U.S., CANADA PACT WOULD SPUR ECONOMIES", "body": "A free trade pact between the United\nStates and Canada could spur the economies of both sides\nsubstantially, according to a study released by the Institute\nfor International Economics.\n The study, by Paul Wonnacott, said a successful conclusion\nto the free trade talks now under way could raise Canada's\ngross national product by more than five pct and expand U.S.\nexport's by about seven pct.\n He said the pact could resolve the knotty issue of\ngovernment subsidies, end curbs on trade in services and\ninvestments and pave the way for new global talks under the \nGeneral Agreement on Tariffs and Trade.\n The United States and Canada - the world's two biggest\ntrading partners with cross border shipments of about 150\nbillion dlrs a year - opened free trade talks last June. They\nare aiming for a pact by next October.\n Wonnacott, an economics professor at the Univerity of\nMaryland, said an agreement should include:\n - Elimination of tariffs between the two countries, phased\nin over a five to 10-year period;\n - Equal access to federal government procurement in the two\ncountries, replacing current \"Buy America\" and \"Buy Canada\"\nprovisions with a \"Buy North America\" provision;\n - Fewer restrictions in trade in services, chiefly finance\nand transportation;\n - A commitment not to screen foreign investments in favor\ndomestic producers;\n - A commission to resolve bilateral trade disputes.\n Wonnacott said that to resolve the subsidy problem, the\ntwo sides should permit export subsidies of exports of up to\n2.0 or 2.5 pct without imposing coutervailing duties.\n The limit on subsidies is now 0.5 pct.\n He proposed that any attempt to impose new duties to offset\nsubsidies should go first a special disputes commission for\nresolution at an early stage.\n Wonnacott said \"bilateral free trade would contribute to the\nefficiency of the North American economies and to their\ncompetitiveness in facing overseas producers.\n He said it would it would open U.S. markets to Canadian\ngoods and enable them to benefit from the economies of mass\nproduction.\n Benefits to the United States would be fewer than those to\nCanada proportionately, he said, because of the already large\nU.S. gross national product.\n Wonnacott said also that a U.S.-Canada pact in such areas\nas export subsidies and the creation of a dispute commission\ncould set an example for the current attempt by GATT to write\nnew and more liberal global trading regulations.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:10:36.56", "topics": [ "trade" ], "places": [ "usa", "canada" ], "id": "3078" }, { "title": "CBT, CME HEADS TO ADDRESS CFTC COMMITTEE", "body": "The heads of the Chicago Board of\nTrade, CBT, and the Chicago Mercantile Exchange, CME, are to\naddress a meeting of the Commodity Futures Trading Commission's\nfinancial products advisory committee March 11 in Chicago, CFTC\nsaid.\n CBT Chairman Karsten Mahlmann will present the objectives\nand views of the CBT's ad hoc committee on off exchange trading\nissues, CFTC said.\n CME President William Brodsky is set to discuss current\nissues involving equity index markets, including factors\naffecting price volatility, changes in settlement procedures,\nmargin changes and price limits.\n The CFTC committee, headed by Commissioner Robert Davis,\nexamines financial futures market issues.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:10:48.35", "places": [ "usa" ], "id": "3079" }, { "title": "GULF RESOURCES TO HAVE GAIN ON STOCK SALE", "body": "Gulf Resources and Chemical Corp said it\nhas sold 9,534,633 shares of for 720 pence a share, or 68.6 mln stg, in a\nprivate transaction for a pretax gain of about 19.6 mln dlrs.\n Gulf Resources said it still owns 6.7 mln shares of\nImperial Continental, or a 4.6 pct interest, and continues to\nstudy various alternatives.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:11:11.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "3080" }, { "title": "BAILIFF APPOINTED TO SEEK OUT FERMENTA FOUNDER", "body": "A Stockholm court today appointed a\nbailiff to find the founder of troubled Swedish biotech group\nFermenta AB , who is being sued for 30 million crowns\nby a disgruntled shareholder.\n The court heard that Refaat el-Sayed, sacked from the\nFermenta board after losing his principal shareholding to\ncreditors, had failed to reply to an official court notice\nabout the action which was sent to him two weeks ago.\n The bailiff was appointed to find el-Sayed and gain an\nofficial response to the court notice within the next\nfortnight.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:11:53.33", "places": [ "sweden" ], "id": "3081" }, { "title": "ROTTERDAM GRAIN HANDLER SAYS PORT BALANCE ROSE", "body": "Graan Elevator Mij said its balance in\nport of grains, oilseeds and derivatives rose to 136,000 tonnes\non March 7 from 31,000 a week earlier, after arrivals of\n523,000 tonnes and discharges of 418,000 tonnes last week.\n The balance comprised 38,000 tonnes of grains and oilseeds\nand 98,000 tonnes of derivatives.\n This week's estimated arrivals total 194,000 tonnes, of\nwhich 45,000 are grains/oilseeds and 149,000 derivatives.\n The figures cover around 95 pct of Rotterdam traffic in the\nproducts concerned.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:12:40.70", "topics": [ "grain", "oilseed" ], "places": [ "netherlands" ], "id": "3082" }, { "title": "DONALD TRUMP SAID HE HAS AGREED TO PURCHASE CROSBY ESTATE'S RESORTS SHARES\n", "date": " 9-MAR-1987 10:14:37.95", "topics": [ "acq" ], "id": "3083" }, { "title": "U.K. AGRICULTURAL FUTURES MARKETS TO MERGE", "body": "Three London markets which trade potato,\nsoymeal and meat futures said they will merge to form a new\nAgricultural Futures Exchange.\n Legal advisers have been instructed to implement the\namalgamation of the London Potato Futures Association, LPFA,\nthe London Meat Futures Exchange, LMFE, and the Grain and Feed\nTrade Association's, GAFTA, Soya Bean Meal Futures Association,\nSOMFA. No timetable was given.\n Members of the three exchanges have been consulted,\nAgricultural Futures Exchange secretary Bill Englebright told\nReuters, and no objections have been raised to the merger.\n Three markets are involved at present but the new exchange\ncould ultimately combine five markets.\n Discussions are taking place with the Baltic International\nFreight Futures Exchange, BIFFEX, and the GAFTA London Grain\nFutures Market is considering the possibility of joining the\nother markets, market officials said.\n The BIFFEX board is expected to reach a decision on the\nmerger at its meeting at the end of this month, after members\nare consulted at a meeting on March 16.\n The grain futures market also intends to consult its\nmembers soon, GAFTA director general James Mackie said.\n The aim of the amalgamation is to limit regulatory and\nadministrative costs and achieve the recognition required under\nthe 1986 Financial Services Act. This legislation requires a\nfutures market to become a Recognised Investment Exchange, RIE,\nfor trading to continue.\n Representatives of all the futures markets on the Baltic\nExchange have been discussing the possibility of a single RIE\nstructure since the beginning of the year.\n The new exchange now planned will apply to the Securities\nand Investments Board for recognition as an RIE \"at the\nappropriate time,\" the Agricultural Futures Exchange said.\n \"This commitment by the markets will enable progress to be\nmade to develop a stronger and more effective exchange to the\nbenefit of all those involved in the industry,\" the chairman of\nthe formation committee, Pat Elmer, said.\n The merged markets will remain at the Baltic Exchange.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:16:06.76", "topics": [ "grain", "meal-feed", "carcass", "soy-meal", "livestock" ], "places": [ "uk" ], "id": "3084" }, { "title": "BSN SHARE SALE ADVANCES", "body": "BSN Corp said its agreement to sell\n1,750,000 new common shares, or a 25 pct interest, to 31\nunaffiliated European institutional investors for 30.4 mln dlrs\nhas become definitive.\n The company said closing is expected shortly after the\nfiling of a registration statement with the Securities and\nExchange Commission, which is expected to be made this month.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:16:14.29", "topics": [ "acq" ], "places": [ "usa" ], "id": "3085" }, { "title": "GENCORP UNIT TO SELL LOS ANGELES TV STATION", "body": "Gencorp said its RKO General\nsubsidiary agreed to sell KHJ-TV in Los Angeles to Walt Disney\nCo for 217 mln dlrs cash plus working capital and other\nadjustments at closing.\n The company said under the agreement in principle, RKO's\napplication to renew the station's broadcast license would be\ndismissed and the competing application of Fidelity Television\nwould be granted. Disney would then acquire privately held\nFidelity for about 103 mln dlrs and other adjustments.\n Renewal of the KHJ-TV license has been challenged in\nregulatory proceedings for more than 20 years.\n The deal is subject to prior approval by the Federal\nCommunications Commission, the company said.\n Late in 1985, Gencorp cut a deal with Fidelity, a Los\nAngeles investor group, and Westinghouse Electric Corp to\nsettle the license proceedings and sell KHJ-TV for 313 mln\ndlrs, 70 pct of which would go to Westinghouse and the\nremainder to Fidelity. But on Jan 28, 1987, Westinghouse\nwithdrew from the deal because the FCC would not approve it.\n In early 1986, Gencorp and RKO agreed to sell WOR-TV in\nSecaucus, N.J., to MCA Inc for 387 mln dlrs. The FCC has\napproved the transaction, but several parties have appealed.\n The FCC has not said when it would rule on the appeals,\naccording to a spokemsan for Akron, Ohio-based Gencorp.\n Fidelity Television originally filed a competing\napplication for the RKO license for KHJ, an independent\nstation, in 1965.\n In 1980, the FCC disqualified RKO as licensee of WNAC-TV in\nBoston, citing anti-competitive trade practices and inaccurate\nfinancial reporting to the agency, causing renewals previously\ngranted to RKO in New York, for WOR, and Los Angeles, for KHJ,\nto be denied.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:16:28.96", "topics": [ "acq" ], "places": [ "usa" ], "id": "3086" }, { "title": "BARCLAYS BANK SAID IT CUTTING BASE LENDING RATE TO 10.5 PCT FROM 11 PCT.\n", "date": " 9-MAR-1987 10:16:31.09", "topics": [ "interest" ], "id": "3087" }, { "title": "MIDLAND BANK SAID IT CUTTING ITS BASE RATE TO 10.5 PCT FROM 11 PCT.\n", "date": " 9-MAR-1987 10:19:46.01", "topics": [ "interest" ], "id": "3088" }, { "title": "IMATRON SELLS STAKE TO MITSUI ", "body": "Imatron Inc said\nMitsui and Co Ltd of Japan has purchased a two mln dlr equity\ninterest in Imatron at market price and was granted a 120-day\noption to make another two mln dlr investment at the same price.\n Imatron said Mitsui, the exclusive importer of Imatron's\nUltrafast computed tomography scanners into Japan, is scheduled\nto take delivery of its first scanner next month for\ninstallation in a large cardiology center.\n It said it has entered into preliminary discussions with\nMitsui on the formation of a joint venture to finance the\naccelerated development of Imatron's technology and its\ncommercialization in Japan.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:20:20.48", "topics": [ "acq" ], "places": [ "usa", "japan" ], "id": "3089" }, { "title": "MOROCCO LIKELY TO GET OVER 100 MLN DLRS IN AID", "body": "Morocco, buoyed by an economic turnaround\nand last week's Paris Club debt rescheduling, is likely to\nobtain over 100 mln dlrs worth of development aid at a meeting\nwith donors beginning here tomorrow, John Shilling, director of\nthe World Bank's Moroccan division, said.\n \"A certain optimism has appeared in the economy to the\neffect that things are no longer impossible and Morocco can get\nout of its problems ... We are aiming for 100 mln Special\nDrawing Rights and if we can get more it will be put to good\nuse,\" he told a news conference.\n The agreement last week with the Paris Club of western\ncreditors rescheduling over 10 years 900 mln dlrs worth of\nofficial debt due by mid-1988, together with an accord late\nlast year to reschedule 1.8 billion dlrs of commercial bank\ndebt, had already encouraged donors to increase aid, he added.\n Debt sources said a World Bank concessional loan of around\n200 mln dlrs to help rationalise Morocco's public sector was\nlikely to be agreed in Washington soon.\n REUTER\n\u0003", "date": " 9-MAR-1987 10:22:21.59", "organisations": [ "worldbank" ], "places": [ "france", "morocco" ], "id": "3090" }, { "title": "A.H. ROBINS'S JANUARY EARNINGS UP", "body": "A. H. Robins Co, the drug company\nin bankruptcy proceedings due to litigation over its Dalkon\nShield contraceptive device, reported consolidated net earnings\nfor the month ended January 31 of 17.3 mln dlrs.\n In the corresponding year-ago period it reported net\nearnings of 13.8 mln dlrs.\n Robins said the filings were made with the U.S. trustee\noverseeing its chapter 11 bankruptcy case.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:27:25.11", "topics": [ "earn" ], "places": [ "usa" ], "id": "3091" }, { "title": "BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT", "body": "Barclays Bank Plc and Midland\nBank Plc said they are cutting their base lending\nrates to 10.5 pct from 11 pct. The cuts follow a similar move\nby National Westminster Bank Plc \n The rate changes take effect tomorrow.\n REUTER\n\u0003", "date": " 9-MAR-1987 10:28:24.38", "topics": [ "interest" ], "places": [ "uk" ], "id": "3092" }, { "title": "CONTROL DATA TO BUY PERIPHERALS STAKE", "body": "Control Data Corp said it\nagreed to acquire Unisys Inc's 13 pct stake in .\n The letter of intent provides that Unisys converts from an\nowner in Magnetic Peripherals to a customer of Control Data's\ndata storage products group over a two year period.\n Under the agreement, Control Data will continue to furnish\ndisk drives to Unisys, it said.\n No other details of the proposed agreement were available.\n Magnetic Controls, managed by the data storage products\ngroup of Control Data, was founded in 1975 as a joint venture\nto maintain a technological base in data storage, and supply\nperipheral equipment for the computer systems of its owners.\n The venture has become a developer and manufacturer of high\nperformance, high-capacity data storage products sold by\nControl Data to computer systems manafacturers worldwide, it\nsaid.\n After conversion of the Unisys interest, Control Data will\nown 80 pct, Honeywell Inc , 14 pct and Bull S.A. of\nFrance, six pct, it said.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:28:27.52", "topics": [ "acq" ], "places": [ "usa" ], "id": "3093" }, { "title": "DONALD TRUMP TO BUY CROSBY RESORTS STOCK", "body": "Casino hotel operator and real estate\ndeveloper Donald Trump said he has agreed to purchase the Class\nB common stock of Resorts International Inc held by the family\nand estate of late Resorts chairman James Crosby for 135 dlrs\nper share.\n Trump said he is also considering a tender offer for\nremaining Class B shares at the same price but has no interest\nin Resorts' Class A shares.\n Trump said the shares he has agreed already to buy\nrepresent a 78 pct interest in the Class B stock. The estate\nitself owns 340,783 of the 752,297 Class B shares. There are\nalso about 6,432,000 Class A shares outstanding, but Trump said\n\"I have no interest in the Class A shares.\"\n Each Class B share has 100 times the voting power of a\nClass A share.\n In Atlantic City, Resorts said in a statement that the\nClass B shares being sold to Trump represents 73 pct of the\ncombined voting power in Resorts.\n It said closing is dependent on receipt of necessary\nregulatory approvals and other matters, and after closing,\nTrump will tender for remaining Class B shares at the same\nprice.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:30:39.71", "topics": [ "acq" ], "places": [ "usa" ], "id": "3094" }, { "title": "USAIR WINS COURT ORDER AGAINST TWA ", "body": "USAir Group Inc said a U.S. District\nCourt in Pittsburgh issued a temporary restraining order to\nprevent Trans World Airlines Inc from buying additional USAir\nshares.\n USAir said the order was issued in response to its suit,\ncharging TWA chairman Carl Icahn and TWA violated federal laws\nand made misleading statements.\n TWA last week said it owned 15 pct of USAir's shares. It\nalso offered to buy the company for 52 dlrs a share cash or 1.4\nbillion dlrs.\n More\n\u0003", "date": " 9-MAR-1987 10:30:53.56", "topics": [ "acq" ], "places": [ "usa" ], "id": "3095" }, { "title": "GREASE MONKEY GETS, REJECTS MERGER OFFER", "body": "Grease Monkey Holding Corp said it has\nreceived and rejected an unsolicited merger offer from Jiffy\nLube International Inc .\n The company said the proposal involved an exchange of\nGrease Monkey common stock for a combination of Jiffy Lube\nsecurities with an estimated current value substantially below\nGrease Monkey's current market\n price.\n It said it will not disclosed details.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:31:32.17", "topics": [ "acq" ], "places": [ "usa" ], "id": "3096" }, { "title": "HIGH COURT DECLINES TO HEAR APPEAL ON ATT CASE", "body": "The Supreme Court declined to hear an\nappeal by U.S. West Inc challenging whether a consent\ndecree was legally binding on the seven regional telephone\nfirms created by the breakup of American Telephone and\nTelegraph Co .\n The justices, without comment, let stand a ruling by a U.S.\nCourt of Appeals last August that the restrictions of the 1982\ndecree were legally binding on the regional companies, even\nthough they were not parties to it.\n U.S. West, one of the seven regional companies, argued that\nthe restrictions violated the constitutional protections of due\nprocess under the law because AT and T did not adequately\nrepresent its subsidiaries during the consent decree\nproceedings.\n The Justice Department urged the Supreme Court to reject\nthe appeal, saying, \"As a parent corporation, AT and T had the\nlegal authority to bind (its operating subsidiaries) in a\nconsent decree.\"\n Also opposing the appeal was AT and T.\n The appeals court ruling also allowed the Bell operating\ncompanies to offer certain services outside their territory\nwithout express permission of the federal courts.\n That part of the ruling was not appealed to the Supreme\nCourt.\n Justice Antonin Scalia did not take part in today's ruling,\nand the court gave no explanation.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:32:27.75", "places": [ "usa" ], "id": "3097" }, { "title": "U.S. RULING ON BRAZIL FCOJ MAY COME TOMORROW", "body": "A decision on final dumping duties on\nfrozen orange juice from Brazil may not be issued until\ntomorrow, Commerce Department officials said.\n They said the department has until midnight tonight to set\nthe duty but may not make the finding public until tomorrow.\n A preliminary duty of 8.54 pct was set October 17, 1986.\n The final ruling will be based on more detailed\ninformation, the officials said.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:33:18.59", "topics": [ "orange" ], "places": [ "usa", "brazil" ], "id": "3098" }, { "title": " Bank of England says issuing further one billion stg 8-3/4 pct bonds due 1997\n", "date": " 9-MAR-1987 10:33:52.15", "places": [ "uk" ], "id": "3099" }, { "title": "CHRYSLER IN DEAL TO BUY AMC ", "body": "Chrysler Corp said it agreed in\nprinciple with French state-owned Renault to acquire American\nMotors Corp., in which Renault is controlling shareholder,\nunder a deal in which AMC stockholders other than Renault would\nreceive Chrysler common stock with a market value of four dlrs\nfor each AMC common share they hold.\n Chrysler said the letter of intent for the deal, which\nneeds government and AMC shareholder and board approval,\nprovides that AMC holders will receive not more than .0840 or\nless than .0687 of a share of Chrysler common for each share of\nAMC common they hold.\n more\n\u0003", "date": " 9-MAR-1987 10:35:23.44", "topics": [ "acq" ], "places": [ "usa", "france" ], "id": "3100" }, { "title": "FRANK B. HALL SUED BY NY INSURANCE DEPT", "body": "Frank B. Hall and Co Inc said the\nsuperintendent of insurance of New York, as liquidator of Union\nCapital Indemnity Insurance Co of New York, has filed a lawsuit\nagainst the company, Touche Ross and Co, a group of Hall units,\nand former officers and directors of Union Indemnity seeking\ndamages of 140 mln dlrs in connection with Union's insolvency.\n Union Indemnity was a unit of Hall prior to being placed\ninto liquidation by the New York Insurance Department in July\n1985.\n Hall said it intends to oppose this action vigorously.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:35:33.09", "places": [ "usa" ], "id": "3101" }, { "title": "ADVANCED TOBACCO TO MAKE ANNOUCEMENT", "body": "Advanced Tobacco Products Inc\nsaid it will make an announcement regarding its stock halt this\nmorning on NASDAQ.\n The company said lawyers are preparing the release with\ncompany officials and should be making the announcement within\nthe hour.\n The stock's last bid was 3/8 and last ask 1/2.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:36:08.22", "places": [ "usa" ], "id": "3102" }, { "title": "BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT", "body": "Barclays Bank Plc and Midland\nBank Plc said they are cutting their base lending\nrates to 10.5 pct from 11 pct. The cuts follow a similar move\nby National Westminster Bank Plc \n The rate changes take effect tomorrow.\n The base rate reductions came after the Bank of England cut\nits dealing rates this morning in a signal to the money markets\nthat it would not resist a half percentage point drop in bank\nbase lending rates, market sources said.\n Until the end of last week, the central was holding out\nstaunchly against market pressures for lower rates in an\napparent effort to preserve the expected rate cuts for around\nthe time of the government's annual Budget on March 17.\n Sterling remained firm around 1.59 dlrs compared with its\nclose here on Friday at 1.5865 dlrs.\n REUTER\n\u0003", "date": " 9-MAR-1987 10:37:01.19", "topics": [ "interest" ], "places": [ "uk" ], "id": "3103" }, { "title": "U.S. MINT SEEKING 4,784,000 LBS ZINC", "body": "The U.S. Mint said it is seeking\noffers on 4,784,000 lbs of special high-grade zinc that it\nintends to purchase.\n It said selling offers will be due at 1100 hrs EST, March\n24.\n The Mint said two increments of 1,300,000 lbs each are for\ndelivery the weeks of April 13 and april 20 to Ball Corp,\nGreeneville, Tenn., and two increments of 1,092,000 lbs each\nare to be delivered the weeks of April 20 and April 27 to\nLaSalle Rolling Mills, LaSalle, Ill.\n Firms, in submitting offers, may elect to receive payment\nfrom the Mint by standard check or by wire transfer. Awards\nwill be based on whichever method is most cost advantageous to\nthe goverment at the time the awards are determined.\n The offers will have a minimum acceptance period of 10\ncalendar days, the Mint said.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:38:01.83", "topics": [ "zinc" ], "places": [ "usa" ], "id": "3104" }, { "title": "CANADA BUILDING PERMITS RISE IN NOVEMBER", "body": "Led by the non-residential sector,\nCanadian building permits issued in November rose 0.7 pct to\n2.18 billion dlrs, seasonally adjusted, from 2.16 billion dlrs\nin October, Statistics Canada said.\n Residential permits fell 3.9 pct to 1.25 billion dlrs from\n1.30 billion dlrs in October while the number of units approved\nfell to 17,552 from 19,079 units.\n The value of non-residential projects rose 7.6 pct to 927.6\nmln dlrs in the month.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:38:52.75", "topics": [ "housing" ], "places": [ "canada" ], "id": "3105" }, { "title": "CAMBRIDGE MEDICAL ADDS INFO ON AIDS TEST", "body": "Cambridge Medical Technology\nCorp said pursuant to a letter of intent signed between it and\n, an AIDS test will be jointly\nmanufactured by the two companies.\n Cambridge said that before the test may be used for human\nclinical purposes, it must undergo extensive clinical and human\ntesting and receive approval for marketing from the U.S. Food\nand Drug Administration.\n The company said it is unable at this time to predict when\nthe test will become available.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:40:29.63", "places": [ "usa" ], "id": "3106" }, { "title": "DIXIE YARNS TO ACQUIRE TI-CARO INC", "body": "Dixie Yarns Inc and jointly said they signed a merger agreement calling for\nDixie to acquire all TI-CARO's stock in exchange for three mln\nof Dixie's common.\n The companies said the previously announced merger has been\napproved by TI-CARO's board and is expected to close by early\nApril.\n They said the revenues of the combined companies will be\nover 600 mln dlrs, and Dixie said the merger will not dilute\nits 1987 results. TI-CARO was taken private in 1984 in a\nmanagement led leveraged buy-out.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:41:01.12", "topics": [ "acq" ], "places": [ "usa" ], "id": "3107" }, { "title": "CIBA-GIEGY IN PACT TO MAKE GALLSTONE DISSOLVER", "body": "'s Ciba-Giegy \nPharmaceuticals division said it had an agreement with\n (Giuliani Group), of Milan, Italy, to\ndevelop and eventually market in the U.S. a new gallstone\ndissolving drug.\n The company said the drug, ursodeoxycholic acid, is a\nnaturally occurring bile acid and has been approved for\nmarketing in most European countries and in Japan.\n The division said it holds a patent on the use of the drug\nto dissolve gallstones.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:41:25.30", "places": [ "usa" ], "id": "3108" }, { "title": "U.S. HAS TO MIDNIGHT TO SET ORANGE JUICE DUTIES", "body": "A decision on final dumping duties on\nfrozen orange juice from Brazil may not be issued until\ntomorrow, Commerce Department officials said.\n They said the department has until midnight tonight to set\nthe duty, but may not make the finding public until tomorrow.\n A preliminary duty of 8.54 pct was set last Oct. 17.\n The final duty will be based on more detailed information,\nthe officials said.\n reuter\n\u0003", "date": " 9-MAR-1987 10:43:31.26", "topics": [ "orange" ], "places": [ "usa", "brazil" ], "id": "3109" }, { "title": "GALE FORCE WINDS BUFFET GREAT LAKES", "body": "The National Weather Service said\nwarnings of gale force winds remained in effect over lakes\nErie, Huron and Michigan.\n Also, warnings have been posted for large waves and beach\nerosion along the shores of the Lakes. Winds gusting to 45 mph\ncaused four to six foot waves along the western and southern\nshores of Lake Michigan during the morning.\n Advisories for low wind chill temperatures have also been\nposted across portions of upper Michigan and northern lower\nMichigan. Early morning gusty winds brought the wind chill to\n15 and 25 degrees below zero.\n Freezing rain was scattered over central Colorado by mid\nmorning, also over central Kansas and northeast Illinois.\n Snow reached from south central Montana across Wyoming,\nwestern Nebraska and western Kansas. Snow also extended across\nnorthern Wisconsin, upper Michigan and northern lower Michigan.\n Rain reached along the northern Pacific Coast, across\nnorthwest Utah, Maryland, Deleware, Virginia, the Carolinas,\nGeorgia and northern Alabama.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:44:47.03", "topics": [ "ship" ], "places": [ "usa" ], "id": "3110" }, { "title": "U.K. ISSUES ONE BILLION STG BOND TRANCHE", "body": "The Bank of England said it was taking\nonto its books a further one billion stg tranche of 8-3/4 pct\nTreasury Loan stock due 1997, payable 40 stg pct on\napplication. The stock was issued to the Bank at 96.50 stg pct\nand will be available for dealings from March 11, with the\nremainder of the amount payable on May 5. The Bank said the\nbonds would yield 9.28 pct at the issue price and would be free\nof tax to residents overseas. The issue would be designated\n8-3/4 pct Treasury Loan 1997 \"B.\" A further 100 mln stg was\nreserved for the National Debt Commissioners.\n The market dropped by up to 1/2 point following the Bank's\nannouncement, with the Treasury 13-1/2 pct stock due 2004/08\nquoted one full point lower at 134-12/32 stg pct around 20\nminutes after the news.\n Dealers said the announcement had to be viewed against the\nbackdrop of intense pressure for lower U.K. Interest rates\nwhich had built up over the past two weeks as a result of\nsterling's strength.\n The Bank this morning finally signalled it was prepared to\nsee lower rates and U.K. Clearing banks this afternoon\nannounced cuts in their base lending rates to 10.5 pct from 11\npct.\n The Bank had initially been reluctant to countenance a rate\ncut because, dealers said, the authorities had wished to delay\na reduction until around the time of the U.K. Budget on March\n17, thereby preserving the full impact of Chancellor of the\nExchequer Nigel Lawson's package of measures.\n However, in the face of sterling's apparently inexorable\nclimb, the authorities today decided to cede to pressure and\nallow a half-point cut.\n Today's one billion stg tap issue was viewed by the market\nas a move by the Bank to eradicate hopes for a further early\nrate cut which might arise as a result of strong sterling.\n Most market participants believe that Lawson will now\nfoster a further half point interest rate reduction at the time\nof the budget, although one or two said they would not be\nsurprised to see a full point decline at this stage.\n Dealers noted that as part of the authorities' attempts\nlast week to ease pressure for lower rates, the Bank had issued\na one billion stg tap stock with a view to subduing the\nGovernment bond market.\n To the surprise of most participants, the issue was sold\nout within hours of becoming available for trading and the\nmarket pushed on to register further sharp gains.\n Dealers said that at this stage it seemed unlikely that the\nissue announced today would be absorbed by the market as\nrapidly as last week's.\n However, they noted that although sterling had edged down\nfrom its highs following the base rate cut, it had still closed\non a trade-weighted basis at 72.4, well ahead of Friday's final\n71.8 and only just beneath the peak of 72.5 touched at 1300\nGMT.\n REUTER\n\u0003", "date": " 9-MAR-1987 10:47:32.75", "topics": [ "interest" ], "places": [ "uk" ], "id": "3111" }, { "title": "PAPER SAYS POINDEXTER MAY LINK REAGAN TO FUNDS", "body": "President Reagan's denial that he\nknew proceeds from Iran arms sales were diverted to Nicaraguan\ncontra rebels might be challenged by his former national\nsecurity adviser, according to the Washington Post.\n The paper said yesterday that John Poindexter, who resigned\nlast November when the illegal transfer of up to 20 mln dlrs\nwas disclosed, was ready to break the silence he has so far\nmaintained over the affair.\n The Post said he might tell a special Senate committee\ninvestigating the Iran scandal that he told Reagan twice in\n1986 that money from Iran sales was being used for aid to the\ncontras.\n It said the panel was considering granting Poindexter\nimmunity from prosecution over the fund diversion, which was\nillegal under a Congressional ban in force at the time against\naid for the contras.\n Poindexter has so far invoked the Fifth Amendment to the\nConstitution which protects people from giving evidence which\ncould be self-incriminating.\n Reagan has said he authorized the sale of arms to Iran in\nthe hope of establishing links with Iranian moderates, but has\ndenied knowing that proceeds were ending up in Nicaraguan rebel\nhands.\n A White House spokesman had no comment on the Post story,\nbut David Abshire, who is coordinating White House handling of\nthe affair, said Reagan would never approve any illegal action.\n Abshire, on the CBS television show \"Face the Nation,\" did\nnot comment directly on the Post story, but said: \"He (Reagan)\nis deeply honest, he is deeply dedicated, he tells the truth\nand when he says he has no knowledge, he has no knowledge.\"\n The Post quoted a source close to Reagan as saying the\nWhite House expected Poindexter \"will say he had direction and\nauthority, directly or indirectly,\" from the president for the\ndiversion of funds.\n The paper said the former security adviser's testimony\ncould damage the president's claim he was unaware of the funds\ndiversion.\n It quoted a legal source as saying Poindexter and his\nlawyers planned to contend that twice in 1986 he told Reagan\nthat the arms sales were generating money for the \"contras.\"\n The paper quoted the source as saying Poindexter did not\ntell Reagan there was an illegal diversion of funds, but that\nhelp for the contras was \"an ancillary benefit\" of the sales.\n The Post's sources also said the Senate committee could\ngrant immunity from prosecution this month to Oliver North, who\nwas fired from the National Security Council on the same day\nthat Poindexter resigned.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:47:44.80", "places": [ "usa", "iran", "nicaragua" ], "id": "3112" }, { "title": "ANDREOTTI ASKED TO FORM GOVERNMENT", "body": "Italian President Francesco Cossiga asked\nveteran Christian Democrat politician Giulio Andreotti to try\nto form a new government, officials said.\n They said Andreotti had reserved his reply on whether to\naccept the mandate, normal procedure until he has ascertained\nwhether he can form a government.\n Cossiga nominated Andreotti, sole candidate of the majority\nChristian Democrats, despite stiff opposition from the\nSocialists of outgoing Prime Minister Bettino Craxi.\n REUTER\n\u0003", "date": " 9-MAR-1987 10:48:16.51", "places": [ "italy" ], "id": "3113" }, { "title": "AMC SAYS IT IS \"STUDYING\" CHRYSLER BUYOUT PROPOSAL AND WILL COMMENT WHEN \"APPROPRIATE\"\n", "date": " 9-MAR-1987 10:49:07.62", "topics": [ "acq" ], "id": "3114" }, { "title": "PETRO-CANADA TO DRILL TWO TERRA NOVA TEST WELLS", "body": "Petro-Canada, Canada's\nstate-owned oil company, said it will drill two delineation\nwells this summer at the Terra Nova oil field offshore\nNewfoundland.\n Evaluation of test results and preliminary engineering work\nshould put Petro-Canada in a position to propose a development\nplan for the Terra Nova field in 1988, the company said.\n Depending on time required for regulatory approvals,\nconstruction could begin in 1989, with first oil production as\nearly as 1991, Petro-Canada said.\n \"We have a high degree of confidence that the western\nportion of the (Terra Nova) field contains at least 11 mln\ncubic meters of recoverable oil, or more than 70 mln barrels,\nand that we could produce it economicly using a floating\nproduction system,\" Petro-Canada said.\n The Terra-Nova field, lying 350 kilometers east of St.\nJohn's and 35 kilometers southeast of Hibernia field, was\ndiscovered by Petro-Canada in 1984.\n \"We've had encouraging results from the eastern portion of\nthe field, and we hope this summer's drilling will prove up\nadditional reserves there,\" the company said.\n Petro-Canada believes Terra Nova field is a good commercial\nprospect and the company wants to move some of those resources\ntowards development so it can start generating a return on\ninvestments, Petro-Canada said.\n Petro-Canada, which will act as operator of the two wells,\nhas a 75 pct interest in the western portion of Graven block of\nthe Terra Nova field and a 26 pct interest in the field's East\nFlank block, a company spokesman said later. Other field\nparticipants include Canterra Energy Ltd, Mobil Oil Canada Ltd,\nGulf Canada Resources Inc, ICG Resources Ltd, Trillium\nExploration Corp and general partnership PAREX.\n Petro-Canada estimates reserves in the Terra Nova field's\nGraven block of between 68 mln and 70 mln barrels of oil,\ncompany spokesman Bob Foulkes said from Petro-Canada's Calgary\noffice.\n Combined reserves for Graven Block and the field's East\nFlank block are estimated between 70 mln and 130 mln barrels,\nhe added.\n Petro-Canada expects to spend about 500 mln Canadian dlrs\nto bring the field to production by about 1991, and the\ndevelopment budget could double if the company builds a\nproduction system combining both blocks in the field, he said.\n Petro-Canada estimates the Terra Nova field Graven block\nwould produce between 25,000 and 26,000 barrels average daily\nproduction, with a production system that would have maximum\ncapacity of 40,000 bpd, company spokesman Foulkes said in\nanswer to a query.\n The company estimates a production system combining both\nGraven and East Flank blocks in the Terra Nova field could\nproduce about 45,000 bpd average daily production, he said.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:49:36.26", "topics": [ "crude" ], "places": [ "canada" ], "id": "3115" }, { "title": "KINGDOM OF SWEDEN ISSUES 100 MLN STG BOND", "body": "Kingdom of Sweden is issuing a 100 mln\nstg bond due April 15, 1997 carrying a coupon of 9-1/2 pct and\npriced at 101-1/4, said Baring Brothers and Co Ltd as lead\nmanager.\n The issue is payable on April 15, 1987.\n The bond is callable after seven years at 100-1/8 pct and\nit will be listed on the London Stock Exchange. Fees are a\n1-3/8 pct selling concession and 5/8 pct combined management\nand underwriting fee.\n REUTER\n\u0003", "date": " 9-MAR-1987 10:49:51.86", "places": [ "uk", "sweden" ], "id": "3116" }, { "title": "CHARAN SEES AT LEAST 50 PCT RISE IN 1987 PROFIT", "body": "(Charan Industries Inc), a distributor\nof toys and other consumer products, expects 1987 net profit to\nrise at least 50 pct over last year's 6.1 mln dlrs, president\nEarl Takefman told reporters before the annual meeting.\n \"We grew basically 100 pct last year, I'm not sure we're\ngoing to be able to grow 100 pct again this year but we\ncertainly will grow at least 50 pct over last year,\" Takefman\nsaid.\n Charan reported profit of 3.0 mln dlrs in 1985.\n Takefman said he expects sales to rise to about 100 mln\ndlrs this year from 57.3 mln dlrs in 1986.\n Fiscal 1985 ended September 30, while fiscal 1986 ended\nNovember 30.\n Takefman said the company is actively looking for\nacquisitions in the consumer products industry, likely in\nCanada.\n The company said it expects to resolve delivery problems\nthis year which last year hindered the growth of its toy\ndistribution business, which accounts for about one-third of\nrevenues.\n Charan is the exclusive distributor in Canada for toys, which include the Teddy Ruxpin voice-activated\ntalking plush bear.\n Takefman said new products this year, which will be on the\nshelves for Christmas, include a smaller version of Teddy\nRuxpin, a talking Mickey Mouse toy, dancing plush toys, a doll\nwith a voice activated by sound, touch, light and heat, and\ntalking books.\n The company is also marketing an extended line of \"laser\ntag\" kits, which shoot rays of light and tell you when you've\nhit someone.\n Other products include a recorder device which allows\nstudents to leave taped messages in each others' school\nlockers, retailing for about 60 dlrs.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:50:26.32", "topics": [ "earn" ], "places": [ "canada" ], "id": "3117" }, { "title": "MAYFAIR SUPER MARKETS SALES INCREASED", "body": "Mayfair Super Markets said its\nsales for the second qtr ended Feb 28 were 122.0 mln dlrs, an\nincrease of more than 15 pct compared to sales of 105.9 mln\ndlrs in the comparable quarter last year.\n The company said sales for the first six months of the year\nwere 242.0 mln dlrs, more than 15 pct above the 210.1 mln dlrs\nreported in the same period last year.\n This was the 12th consecutive quarterly gain, the company\nsaid. The company said it expects to release earnings in\nApril.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:51:15.98", "topics": [ "earn" ], "places": [ "usa" ], "id": "3118" }, { "title": "TIMEPLEX INC COMPLETES REDEMPTION", "body": "Timeplex Inc said it\ncompleted its previously-announced redemption of its 7-3/4 pct\nconvertible subordinated debentures due 2008.\n The company said there had been 35 mln dlrs total principal\namount of debentures outstanding.\n Debenture holders were entitled to convert their debentures\ninto shares of the company's common stock at a 22.50 dlrs per\nshare, or 44-4/9 shares of common stock per 1,000 dlrs\nprincipal amount of debentures.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:52:07.50", "places": [ "usa" ], "id": "3119" }, { "title": "PPG INDUSTRIES SELLS ETHYLENE INTERESTS", "body": "PPG Industries Inc said a group of\ninvestors led by of Houston said it has agreed\nto acquire PPG's ethylene products business, including its\ninteest in an ethylene glycols joint venture with du Pont Co\n
in Beaumont, Texas, for undisclosed terms.\n The company said completion is expected in the second\nquarter.\n It said the business had sales of over 50 mln dlrs in 1986.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:53:41.84", "topics": [ "pet-chem", "acq" ], "places": [ "usa" ], "id": "3120" }, { "title": "FED EXPECTED TO ADD TEMPORARY RESERVES", "body": "The Federal Reserve is expected to\nintervene in the government securities market to add temporary\nreserves via customer repurchase agreements, economists said.\n Most economists said the Fed will add 1.5 to two billion\ndlrs of temporary reserves via customer repurchase agreements,\nbut some said there is a slim chance the Fed will inject\npermanent reserves via three-day system repurchase agreements.\n Federal funds opened at 6-1/16 pct and firmed to 6-1/8 pct\nin early trading. Funds averaged six pct on Friday.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:54:10.70", "topics": [ "money-fx", "interest" ], "places": [ "usa" ], "id": "3121" }, { "title": "BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT", "body": "Barclays Bank Plc and Midland\nBank Plc said they are cutting their base lending\nrates to 10.5 pct from 11 pct. The cuts follow a similar move\nby National Westminster Bank Plc \n The rate changes take effect tomorrow.\n The base rate reductions came after the Bank of England cut\nits dealing rates this morning in a signal to the money markets\nthat it would not resist a half percentage point drop in bank\nbase lending rates, market sources said.\n Until the end of last week, the central was holding out\nstaunchly against market pressures for lower rates in an\napparent effort to preserve the expected rate cuts for around\nthe time of the government's annual Budget on March 17.\n Sterling remained firm around 1.59 dlrs compared with its\nclose here on Friday at 1.5865 dlrs.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:54:36.02", "topics": [ "interest" ], "places": [ "uk" ], "id": "3122" }, { "title": "ECOLOGY/ENVIRONMENT INITIAL OFFER STARTS", "body": "Ecology and Environment Inc said\nan initial public offering of one mln common shares is under\nway at 15 dlrs a share.\n The company is selling 919,948 shares and shareholders the\nrest. is sole underwriter.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:55:22.06", "places": [ "usa" ], "id": "3123" }, { "title": "WEST GERMAN FARMERS MARCH AGAINST EC POLICIES", "body": "About 8,000 West German farmers marched\nthrough the northern city of Kiel today in a protest against\nEuropean Community (EC) agricultural policies, organisers said.\n The demonstrators burned straw effigies of the two West\nGerman members of the EC's 17-man Commission, Karl-Heinz Narjes\nand Alois Pfeiffer, and demanded their removal from office.\n Speakers at a rally also called on the government to take a\ntougher stance in dealings with the Commission.\n The protest was the latest of several by West German\nfarmers against Commission proposals to cut EC farm\nspending.The farmers say the proposals will put many of them\nout of business.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:55:40.09", "organisations": [ "ec" ], "places": [ "west-germany" ], "id": "3124" }, { "title": "UNITED AUTO WORKERS UNION SAYS IT SUPPORTS CHRYSLER-AMC MERGER\n", "date": " 9-MAR-1987 10:55:42.15", "topics": [ "acq" ], "id": "3125" }, { "title": "RLR FINANCIAL SERVICES TO MAKE STATEMENT", "body": "RLR Financial Services said it\nwill be releasing a statement shortly concerning the company.\n RLR's stock was halted this morning for news pending by the\nNASDAQ.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:56:38.37", "places": [ "usa" ], "id": "3126" }, { "title": "ANGOLA, URUGUAY ESTABLISH DIPLOMATIC RELATIONS", "body": "Angola and Uruguay have\nestablished diplomatic relations at the ambassadorial level,\naccording to a joint communique signed by their U.N.\nrepresentatives and circulated here today.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:57:23.85", "organisations": [ "un" ], "places": [ "angola", "uruguay" ], "id": "3127" }, { "title": "LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT", "body": "Lloyds Bank Plc said it is\ncutting its base lending rate to 10.5 pct from 11 pct,\neffective tomorrow.\n The reduction follows similar moves from the three other\nBritish clearing banks.\n National Westminster Bank Plc led the way this\nmorning after the Bank of England lowered its dealing rates in\na signal that it would tolerate a half percentage point\nreduction.\n The central bank's surprise signal followed its strenuous\nefforts last week to prevent market forces from bringing down\nbase rates before the U.K. Budget on March 17.\n REUTER\n\u0003", "date": " 9-MAR-1987 10:57:54.02", "topics": [ "interest" ], "places": [ "uk" ], "id": "3128" }, { "title": "NORCROS BREAKS OFF MERGER TALKS WITH WILLIAMS", "body": "Norcros Plc said it has no\nintention of proceeding any further with talks on Williams\nHoldings Plc's suggestion that there would be benefits arising\nfrom a merger between the two groups.\n Norcros said any such benefits could be achieved through\nnormal trading and did not warrant a closer formal association.\n Norcros shares firmed 30p to 342p after the news on\ninvestor speculation of a possible hostile bid from Williams,\ndealers said. Williams rose 2p to 742.\n Williams earlier informed Norcros that it holds some\n2,890,000 of its ordinary shares or 2.2 pct of those issued.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:58:04.97", "topics": [ "acq" ], "places": [ "uk" ], "id": "3129" }, { "title": "BURTON GROUP ADRS START TRADING TODAY", "body": "The Burton Group Plc said\ntrading will commence in the U.S. In Burton Group American\nDepositary Receipts (ADRs).\n Burton said it expected the ADRs to increase significantly\nthe North American demand for Burton's shares. A programme to\npromote the ADRs with presentations in the U.S. Is due soon.\nBurton shares here were 6p firmer at 306p.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:58:19.11", "places": [ "uk" ], "id": "3130" }, { "title": "LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT", "body": "Lloyds Bank Plc said it is\ncutting its base lending rate to 10.5 pct from 11 pct,\neffective tomorrow.\n The reduction follows similar moves from the three other\nBritish clearing banks.\n National Westminster Bank Plc led the way this\nmorning after the Bank of England lowered its dealing rates in\na signal that it would tolerate a half percentage point\nreduction.\n The central bank's surprise signal followed its strenuous\nefforts last week to prevent market forces from bringing down\nbase rates before the U.K. Budget on March 17.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:58:30.51", "topics": [ "interest" ], "places": [ "uk" ], "id": "3131" }, { "title": "LESS GRAIN FLOWS INTO WEST GERMAN INTERVENTION", "body": "The West German Intervention Board said\nit accepted 962,192 tonnes of grain from the start of the\ncurrent agricultural year to the end of last month, compared\nwith 1.8 mln tonnes during the July/February period in 1985/86.\n It said it accepted 336,097 tonnes of bread wheat (nil in\nthe year-earlier period), 16,818 (nil) tonnes of high quality\nwheat, 33,623 (523,625) tonnes of feed wheat, 3,426 (168,682)\ntonnes of rye, 88,494 (32,766) tonnes of high quality rye,\n2,313 (105,005) tonnes of summer barley and 481,421 (972,794)\ntonnes of winter barley.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:58:41.80", "topics": [ "grain", "wheat", "barley" ], "places": [ "west-germany" ], "id": "3132" }, { "title": "LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT", "body": "Lloyds Bank Plc said it is cutting its\nbase lending rate to 10.5 pct from 11 pct, effective tomorrow.\n The reduction follows similar moves from the three other\nBritish clearing banks.\n National Westminster Bank Plc led the way this morning\nafter the Bank of England lowered its dealing rates in a signal\nthat it would tolerate a half percentage point reduction.\n The central bank's surprise signal followed its strenuous\nefforts last week to prevent market forces from bringing down\nbase rates before the U.K. Budget on March 17.\n Reuter\n\u0003", "date": " 9-MAR-1987 10:59:44.61", "topics": [ "interest" ], "places": [ "uk" ], "id": "3133" }, { "title": "FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.37 PCT FROM 7.69 PCT - OFFICIAL\n", "date": " 9-MAR-1987 11:00:02.26", "topics": [ "interest" ], "places": [ "france" ], "id": "3134" }, { "title": "LITTLE MOVEMENT ON HAMBURG FISHMEAL MARKET", "body": "The Hamburg fishmeal market saw little\nmovement in the past week with demand slack as in other protein\nfeed sectors, trade sources said.\n Prices edged up on firmer origin offering levels and the\nstronger dollar. Sellers quoted 64 pct fishmeal at between 640\nand 650 marks per tonne free on truck for spot and between 630\nand 640 marks for April/Dec.\n International demand was also slow but some inquiries from\nFar Eastern buyers were noted in South American producer\ncountries, the sources said.\n Chile is said to have good catches in northern and southern\nfishing grounds, with offers unchanged at 330 dlrs per tonne c\nand f North German ports.\n Peru's catches differ regionally and stocks are low.\nSellers quoted a nominal offering level of 320 dlrs per tonne c\nand f north German ports. Ecuador was not in the market and\ncatches are said to be poor.\n Denmark has seasonally low catches, with 72 pct meal\noffered at 315 crowns per 100 kilos cif North European ports\nfor April/Oct deliveries. Iceland has good catches and sellers\nquoted a price of 5.45 dlrs per percentage point protein cif\nNorth European ports. Norway was not in the market.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:01:00.82", "topics": [ "meal-feed", "fishmeal" ], "places": [ "west-germany" ], "id": "3135" }, { "title": "FRANCE'S BFCE ISSUES 150 MLN DLR EUROBOND", "body": "Banque Francaise du Commerce Exterieur\n(BFCE) is issuing a 150 mln dlr, seven pct bond due April 1,\n1992 at par, lead manager Societe Generale said.\n The issue of unsecured, unsubordinated debt, is guaranteed\nby France. Fees are 1-1/4 pct for selling, 1/4 pct for\nmanagement and 3/8 pct for underwriting.\n Payment date is April 1, listing is in Luxembourg and\ndenominations are of 1,000 and 10,000 dlrs. The launch spread\nis 53 basis points over equivalent five-year treasuries.\n REUTER\n\u0003", "date": " 9-MAR-1987 11:01:36.89", "places": [ "france" ], "id": "3136" }, { "title": "UK MONEY RATES FALL AS BANK APPROVES BASE RATE CUT", "body": "A half point cut in base lending rates\nwas announced by the big four clearing banks today after the\nBank of England finally endorsed such a move following weeks of\ndownward pressure, dealers said.\n During its routine intervention in the market, the bank\ntrimmed the rates at which it deals with the discount houses by\nhalf a point and National Westminster led the other clearing\nbanks in reducing its base rate to 10-1/2 pct from 11 pct.\n The timing of the Bank of England move took operators by\nsurprise after its recent action seemingly designed to dampen\nhopes of a base rate cut ahead of the U.K. Budget on March 17.\n For some time, fundamentals have\nled the market to push for a one point cut in base lending\nrates to 10 pct but the central bank has declined to follow\nwholesale money market rates down.\n Although political considerations -- the government's wish\nto see a fall in base rates coincide with the Budget -- had\nbeen suggested by operators last week as reasons for the Bank's\ndelaying action, worries about the real strength of sterling\nand perhaps about the market's reaction to the content of the\nBudget may have been behind the central bank's caution, dealers\nsaid.\n In the event, sterling continued firm after the rate cut,\nleaving the market still looking for another half point fall.\n Consequently, rates in the money market eased during the\nday, one-month interbank sterling shedding 5/16 point to\n10-9/16 7/16 and three-months trading 1/16 point down at\n10-5/16 3/16 pct. Sterling cd's were similarly down between\n5/16 point in one month and 1/8 point in one year.\n Overnight interbank money for tomorrow was indicated at\naround 11 pct, almost a point below the levels ruling at the\nend of last week. Today, overnight touched a high of some\n11-3/4 pct after the Bank took out 228 mln stg of an estimated\n300 mln stg shortage.\n REUTER\n\u0003", "date": " 9-MAR-1987 11:03:05.71", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "3137" }, { "title": "GRAIN CERTIFICATE REDEMPTIONS PUT AT 240 MLN BU", "body": "Over 240 mln bushels of government\ngrain have been allocated in redemptions for commodity\ncertificates since the program began April 30, according to the\nCommodity Credit Corporation.\n Redemptions included 11.4 mln bushels of corn valued at\n17.0 mln dlrs, or an average per-bushel price of 1.492 dlrs,\nsince the current grain catalogs were issued December 1 by CCC.\n Wheat redemptions totaled 9.6 mln bushels, valued at 23.7\nmln dlrs, since December 1.\n More\n\u0003", "date": " 9-MAR-1987 11:03:18.66", "topics": [ "grain", "wheat", "corn" ], "places": [ "usa" ], "id": "3138" }, { "title": "AMC STUDYING CHRYSLER PROPOSAL", "body": "American Motors Corp said it\nis studying a proposed merger with Chrysler Corp.\n American Motors said it received a letter from Chrysler\nCorp \"advising us of their proposal to enter into a merger\ntransaction with American Motors Corp.\"\n In a brief statement, the company said, \"We are studying\nthe proposal. We will have further comment when it is\nappropriate.\"\n Reuter\n\u0003", "date": " 9-MAR-1987 11:03:31.08", "topics": [ "acq" ], "places": [ "usa" ], "id": "3139" }, { "title": "DANSKE BANK IS FIRST DANISH BANK TO ISSUE CDS", "body": "Den Danske Bank af 1871 A/S said it\nwas issuing the first certificates of deposit from a Danish\nbank and that the CDs will be for six, nine and 12 months or a\nnegotiable period.\n They will come in denominations of 10 mln crowns without\ncommission to the bank. Interest will be linked to money and\ncapital market rates and paid on a discount basis, with\ncertificates sold below par and maturing at par, a bank\nstatement said.\n The certificates are not liable to stamp duty. \"They will be\na flexible supplement to negotiated deposits and will give\ncompanies and institutional investors better chances to\norganise liquidity,\" the statement said.\n Bank spokesman Arne Lund said \"We could not do it earlier\nbecause it was not possible for the tax authorities to say if\nthe certificates were liable to stamp duty or not.\"\n He said the issue should be assisted by high short-term\ninterest rates.\n REUTER\n\u0003", "date": " 9-MAR-1987 11:07:33.08", "places": [ "denmark" ], "id": "3140" }, { "title": "GOLDEN TECH RESOURCES UNIT NOTES SALES", "body": "International\nGeosystems Corp, a subsidiary of Golden Tech Resources, said\nrecent orders of its TianMa Chinese Language word processing\nsystem have brought year-to-date sales to more than 2,900,000\nCanadian dlrs.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:09:44.81", "places": [ "canada" ], "id": "3141" }, { "title": "WALL STREET STOCKS/AMERICAN EXPRESS ", "body": "American Express Co's stock fell\nsharply, reflecting, in part, investors' disappointment that\nthe company did not make an announcement about its plans for\nbrokerage unit Shearson Lehman Brothers, traders said.\n The company has said it is studying options for its\nShearson unit. Traders said many investors anticipated an\nannouncement this weekend that it would spin off Shearson\nLehman. Also, they said, a flurry of arbitrage related sell\nprograms that pounded the general market today accelerated the\nselloff of American Express, a component of the Dow Industrial\nAverage. American Express fell 3-1/8 to 77-3/8.\n \"It was part programs and part that there was anticipation\nof an announcement of a spinoff or something with Shearson this\nweekend, and that announcement never happened,\" one trader\nsaid.\n In the last few minutes of trading on Friday, another\ntrader said, the stock jumped to close up 3-3/8, largely on\nanticipation that the company would make a weekend\nannouncement.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:10:07.33", "topics": [ "acq" ], "places": [ "usa" ], "id": "3142" }, { "title": "INFOTRON NAMES NEW CHAIRMAN", "body": "Infotron Systems Corp said it\nelected Robert E. Purcell chairman of the board, a position\nheld vacant for several years.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:10:18.44", "places": [ "usa" ], "id": "3143" }, { "title": "UAL'S UNITED AIRLINES FEBRUARY LOAD FACTOR RISES TO 63.2 PCT FROM 58.9 PCT\n", "date": " 9-MAR-1987 11:13:43.19", "id": "3144" }, { "title": "RANGER COMPLETES U.S. PROPERTY SALE", "body": "Ranger Oil Ltd said it\ncompleted on March 2 the previously announced sale of its U.S.\noil and gas properties held by subsidiaries Ranger Oil Co and\nRanger Inc to Ampol Exploration Ltd, of Australia, for 18.5 mln\nU.S. dlrs.\n Ranger said that under the deal, it would retain a five pct\ngross overriding royalty on its stake from blocks east cameron\n65 and 82 in the Gulf of Mexico offshore Lousiana.\n It said the sale did not include U.S. properties acquired\nfrom last December.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:14:45.49", "topics": [ "crude", "nat-gas" ], "places": [ "canada", "usa" ], "id": "3145" }, { "title": "AMOCO'S FIRST SOUTH CHINA SEA EXPLORATORY WELL FLOWS 2,240 BARRELS OF OIL DAILY\n", "date": " 9-MAR-1987 11:14:56.14", "topics": [ "crude" ], "places": [ "china" ], "id": "3146" }, { "title": "KINGDOM OF SWEDEN ISSUES 100 MLN STG BOND", "body": "Kingdom of Sweden is issuing a 100 mln\nstg bond due April 15, 1997 carrying a coupon of 9-1/2 pct and\npriced at 101-1/4, Baring Brothers and Co Ltd said as lead\nmanager.\n The issue is payable on April 15, 1987.\n The bonds are callable after seven years at 100-1/8 pct and\nit will be listed on the London Stock Exchange. Fees are a\n1-3/8 pct selling concession and 5/8 pct combined management\nand underwriting.\n REUTER\n\u0003", "date": " 9-MAR-1987 11:16:22.53", "places": [ "uk", "sweden" ], "id": "3147" }, { "title": "U.S. CORPORATE FINANCE - S/P CUT HAS NO EFFECT", "body": "In an unusual move, Standard and Poor's\nCorp downgraded a U.S. corporate debt issue soon after it was\npriced for offering late last week.\n But, unlike a similar action in September 1986, which\ninvestment bankers said disrupted the financing, the agency's\nrate reduction had no effect this time, traders said.\n S and P announced Friday afternoon that it cut to B from\nB-plus a 900 mln dlr issue of senior notes due 1994 of Holiday\nInns Inc, a unit of Holiday Corp . The notes were priced\nlate Thursday by sole manager Drexel Burnham Lambert Inc.\n In a release, Standard and Poor's said the action reflected\na change in the note issue's terms to an unsecured form of debt\nfrom secured. That change was made after the agency rated the\nnotes on February 20, S and P stated.\n \"We took action as we became aware that the issue's\nstructure had changed,\" said Robert Nelson of S and P. \"We\ngenerally make a distinction between secured and unsecured\ndebt, and this was the key factor in our downgrade.\"\n A spokesman for Drexel said the action did not affect the\nHoliday Inns deal, which had already sold out to investors by\nlate Friday afternoon.\n \"The Holiday notes are trading at 100.50 on a when-issued\nbasis,\" the Drexel spokesman said soon after S and P's\nannouncement. The 10-1/2 pct notes had been priced at par.\n That is a far cry from late September, when S and P\ndowngraded a 215 mln dlr issue of subordinated sinking fund\ndebentures due 1998 of New World Pictures Ltd just hours\nafter the pricing. Because of the rating cut to CCC-plus from\nB-minus, the underwriter halted sales and repriced the issue.\n Sole manager L.F. Rothschild, Unterberg, Towbin initially\ngave the debentures a 12-1/4 pct coupon and par pricing. It\nthen repriced the issue at 97 to yield 12.74 pct.\n New World Pictures had increased the issue to 215 mln dlrs\nfrom an original offering of 150 mln dlrs, and that brought in\nS and P. The agency cited the larger financing in its action\nand said it believed the issuer's cash from existing operations\nwould not be enough to adequately service debt.\n An officer with S and P said at the time the rating agency\nwas not told beforehand that the issue had been increased in\nsize. Usually, issuers and underwriters alert the rating\nagencies to any changes in debt offerings, he said.\n In both cases, Moody's Investors Service Inc declined to\nfollow suit, bond traders noted.\n Indeed, Moody's announced Friday that its original rating\nof B-1 for the Holiday Inns notes remained appropriate.\n Moody's pointed out that while the seven-year notes would\nbe unsecured obligations of Holiday Inns, the issue would\nbenefit from a negative pledge provision and a call for\nspecified collateral under certain circumstances.\n The agency also said the B-1 rating continued to recognize\na highly leveraged debt structure that would result from\nHoliday's recapitalization program, as well as the company's\ndependence on property sales to produce adequate cash flow for\nnear-term debt service.\n \"Aside from Holiday Inns and New World Pictures, I cannot\nremember the last time an issue was downgraded so soon after\nthe pricing,\" remarked one corporate bond trader.\n Holiday Inns also sold Thursday via Drexel 500 mln dlrs of\nsubordinated debentures due 1999 with an 11 pct coupon and par\npricing. The debentures' ratings of B-2 by Moody's and B-minus\nby S and P were left unchanged on Friday.\n The combined offering of 1.4 billion dlrs was the\nsecond-largest junk bond deal ever brought to market,\nunderwriters and traders said. They said the biggest was BCI\nHoldings' 2.35 billion dlr offering on April 10, 1986.\n That the Holiday Inns deal sold out quickly underscored the\nappetite of many investors for high-yield securities.\n \"People are hungry for yield. They are not worried about\ndownside risk at all, especially for junk bonds issued by\nwell-known companies,\" said one portfolio manager.\n As a result, investors are expected to snap up this week's\nplanned offerings by Allied Stores Corp of 200 mln dlrs of\nsenior notes due 1992, rated B-2/B, and 600 mln dlrs of senior\nsubordinated debentures due 1997, rated B-3/CCC-plus.\n Lead underwriter First Boston Corp said Friday it has\ntentatively scheduled the securities for pricing today.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:20:24.33", "places": [ "usa" ], "id": "3148" }, { "title": "TRADERS SAY USDA MAY LOWER ORANGE CROP ESTIMATE", "body": "The U.S. Department of Agriculture will\nprobably decrease its estimate of the 1986/87 Florida orange\ncrop today to as low as 123 mln boxes from 129 mln boxes,\nanalysts and industry sources said.\n The Department is scheduled to release the new estimate at\n1500 hrs EST (2100 gmt) today.\n Analysts said the market is anticipating a downward\nrevision and much of the bullish impact has been discounted.\n The estimate, which the USDA has left unchanged since\nOctober, should be affected this time by recent evidence of a\nshortfall in the early and midseason crop now that those\nharvests are complete. Analysts said based on earlier USDA\nprojections, the harvests should have been five to seven mln\nboxes larger than they were.\n \"They are going to cut their estimate,\" said Bob Tate, an\nFCOJ broker with Dean Witter Reynolds in Miami. \"The only\nquestion is whether they will admit the whole thing in this\nestimate.\"\n Tate said it is possible the USDA will lower its estimate\nby a lesser amount, perhaps three mln boxes, and continue to\ndrop the estimate in subsequent reports as the crop picture\nclarifies. The late season harvest, consisting mostly of\nValencia oranges, has not yet started, he noted.\n \"They'll temper it,\" said Judy Weissman, FCOJ analyst with\nShearson Lehman Bros. \"The main drop will probably come in\nJuly.\"\n She expects today's estimate will be 126 mln boxes.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:24:16.21", "topics": [ "orange" ], "places": [ "usa" ], "id": "3149" }, { "title": "FLORIDA NATIONAL DOWNGRADED BY MOODY'S", "body": "Moody's Investors Service Inc said it\ndowngraded 50 mln dlrs of debt of Florida National Banks of\nFlorida Inc and its lead bank, Florida National Bank.\n Moody's cut the parent's subordinated debt to Baa-1 from\nA-3 and the lead bank's long-term deposit obligations to A-1\nfrom Aa-3. Affirmed were Florida National's commercial paper at\nPrime-2 and the unit's short-term deposits at Prime-1.\n The rating agency cited elevated levels of non-performing\nassets that are concentrated in real estate lending. Moody's\npointed out that losses escalated throughout 1986 and said it\nexpects only a partial improvement this year.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:25:42.45", "places": [ "usa" ], "id": "3150" }, { "title": "PERRY DRUG FEBRUARY SALES UP 19.5 PCT", "body": "Perry Drug Stores Inc said\nFebruary sales were up 19.5 pct to 52 mln dlrs from 43 mln dlrs\na year earlier, with same-store sales up five pct.\n It said sales for the first four months of its fiscal year\nwere up 17.0 pct to 241 mln dlrs from 206 mln dlrs a year\nbefore, with same-store sales up five pct.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:27:36.12", "places": [ "usa" ], "id": "3151" }, { "title": "UAW SAYS IT BACK CHRYSLER , AMC MERGER", "body": "The United Auto Workers union said\nit supports Chrysler Corp's proposal to buy American Motors\nCorp as creating \"a good match that potentially points the way\nto a more secure future for workers at both companies.\"\n \"We believe our members' interests can be well served\nwithin the Chrysler family, and we are committed to making that\nhappen,\" UAW president Owen Bieber and vice president Marc\nStepp said in a statement.\n \"We believe Chrysler's purchase is a logical and sound step\nfor all concerned,\" the union said.\n The UAW is negotiating with AMC over the carmaker's demand\nfor economic concessions covering workers at its Wisconsin\noperations, without which AMC has said it would cease vehicle\nproduction at its Kenosha, Wisconsin, assembly plant by 1989.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:32:12.74", "topics": [ "acq" ], "places": [ "usa" ], "id": "3152" }, { "title": "TWA DECLINES COMMENT ON USAIR ", "body": "A Transworld Airlines Inc official said\nthe airline has no comment on USAir Group Inc's planned buyout\nof Piedmont Aviation Inc.\n TWA, however, has pursued its application with the\nDepartment of Transportation for a takeover of USAir, according\nto Mark Buckstein, TWA general counsel and vice president. TWA\nfiled a revised application today, following the DOT's\nrejection Friday of an incomplete application filed last week.\n Earlier USAir said it agreed to buy Piedmont for 69 dlrs\ncash per share.\n\u0003", "date": " 9-MAR-1987 11:36:06.47", "topics": [ "acq" ], "places": [ "usa" ], "id": "3153" }, { "title": "MOODY'S MAY DOWNGRADE PIEDMONT AVIATION ", "body": "Moody's Investors Service Inc said it\nmay downgrade 120 mln dlrs of debt of Piedmont Aviation Inc\nbecause of the airline's agreement to be acquired by USAir\nGroup Inc .\n The rating agency said its review would focus on the effect\nof the acquisition on Piedmont's financial leverage and its\ndebt-service requirements. Moody's said it is also examining\nthe potential use of the airline's borrowing capacity to\nfinance the merger.\n Piedmont currently carries Baa-2 preferred stock and\nPrime-2 commercial paper.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:36:38.14", "topics": [ "acq" ], "places": [ "usa" ], "id": "3154" }, { "title": "RUBBER PRODUCERS, CONSUMERS START NEW PACT TALKS", "body": "The chairman of the conference on a new\nInternational Natural Rubber Agreement (INRA), Manaspas Xuto of\nThailand, said it was imperative to try to settle the main\noutstanding issues this week.\n The INRA renegotiation conference, which resumed today\nunder the auspices of the United Nations Conference on Trade\nand Development (UNCTAD), is scheduled to last until March 20.\n Xuto told delegates this session of the conference\npresented a promising opportunity to conclude a new pact but it\nhad to be the last before the current accord expires in\nOctober.\n Xuto said in his consultations with representatives of\nmajor exporting and importing countries over the last few\nmonths, \"I have found a constructive attitude and willingness to\nbe flexible on the part of all concerned.\"\n \"It is imperative that we try to settle the major\noutstanding issues in the course of this week, since a\nconsiderable amount of technical drafting work will remain to\nbe completed.\" He said he will immediately start consultations\nwith producers and consumers.\n The last October negotiations collapsed in disagreement\nover buffer stock operations.\n Consumer demands for tighter buffer stock controls, aimed\nat preventing INRA from following the collapse of the\nInternational Tin Agreement (ITA), were rejected by producers\nwho argued for unchanged INRA terms.\n The tin pact failed when its buffer stock manager ran out\nof funds to support prices.\n Three previous rounds of talks between rubber producers and\nconsumers for a new five-year pact ended without agreement. The\nINRA, originally due to expire in October 1985, was extended to\nOctober 1987 to facilitate renegotiation.\n Wong Kum Choon, head of the Malaysian delegation, said he\nwas cautiously optimistic \"that together we should be able to\nsave INRA and prevent it from being scuttled.\"\n Without INRA, he added, prices of natural rubber would\nbecome more volatile.\n Calling on delegates to show a sense of purpose and\nreality, he said, \"There is no reason why we could not put aside\ndifferences and come up with a successor agreement.\"\n Reuter\n\u0003", "date": " 9-MAR-1987 11:36:56.57", "topics": [ "rubber" ], "organisations": [ "unctad" ], "places": [ "switzerland" ], "id": "3155" }, { "title": "HIGHLAND SUPERSTORES FEBRUARY SALES RISE", "body": "Highland Superstores Inc said its\nFebruary sales rose 14 pct to 46.5 mln dlrs from 40.9 mln dlrs\na year ago.\n The company said on a comparable store basis, considering\nstores open for at least 24 months, sales declined 10 pct. It\nsaid it currently operates 53 stores.\n\n Reuter\n\u0003", "date": " 9-MAR-1987 11:37:39.93", "places": [ "usa" ], "id": "3156" }, { "title": "USAIR AND UNIT REMAIN UNDER MOODY'S REVIEW", "body": "Moody's Investors Service Inc said the\n212.75 mln dlrs of debt of USAir Group Inc and its USAir Inc\nunit remain under review for possible downgrade.\n The rating agency cited USAir Group's proposed acquisition\nof Piedmont Aviation Inc , as well as Trans World Airlines\nInc's proposed cash merger with USAir.\n However, the status of TWA's bid for USAir Group is\ncurrently uncertain. The U.S. Transportation Department has\nrejected TWA's application to acquire USAir on deficiency\ngrounds, but TWA has said it will file a revised application,\nMoody's noted.\n Under Moody's review for possible downgrade are USAir\nGroup's Baa-1 senior debt and Baa-2 subordinated debentures,\nalong with the USAir unit's A-3 senior debt and Baa-1\nsubordinated debentures.\n Moody's said it would examine the effects of the proposed\nmergers on USAir Group's financial measurements, as well as\npotential damage to the company's financial flexibility because\nof the probability of increased debt-service requirements.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:38:02.63", "topics": [ "acq" ], "places": [ "usa" ], "id": "3157" }, { "title": "ENTERRA CREDIT LINE CUT", "body": "Enterra Corp said its bank group\nhas reduced its revolving credit agreement to 40 mln dlrs from\n60 mln dlrs.\n Also, the company said it and its units granted the group a\nsecurity interest in their assets.\n Enterra said the change resulted from Enterra's previously\nannounced agreement to sell its Hale Fire Pump Co and Macomson\nMachine Co for about 27 mln dlrs as part of its restructuring.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:38:55.32", "places": [ "usa" ], "id": "3158" }, { "title": "FED SETS 2.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS\n", "date": " 9-MAR-1987 11:40:36.36", "topics": [ "money-fx" ], "id": "3159" }, { "title": "ROYAL BANK/CANADA EXTENDS BROKERAGE SERVICE", "body": "Royal Bank of Canada said it\nis extending its discount brokerage service which has been\navailable to Ontario residents since last year, to Quebec\ninvestors.\n The bank said the success of the Ontario service is also\nprompting it to consider making the service available in\nseveral other provinces.\n Royal Bank said the service offers cuts of up to 75 pct on\nstandard brokerage commissions, toll-free, up-to-the-minute\nstock quotes, and margin loans in U.S. or Canadian dollars at\ncompetitive rates.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:42:19.22", "places": [ "canada" ], "id": "3160" }, { "title": "BALLY TO TAKE 17.3 MLN DLR 1ST QTR CHARGE", "body": "Bally Manufacturing Corp said it\nexpects a charge to earnings in the first quarter of this year\nof 17.3 mln dlrs as a result of its deal to buy back 2.6 mln of\nits common shares from real estate developer Donald Trump.\n In a filing with the Securities and Exchange Commission,\nthe Chicago-based hotel, casino, gambling and amusement concern\nalso said the anticipated charge against first quarter earnings\nwill not be deductible for federal income tax purposes.\n Under a February 21 deal, Bally agreed to buy 2.6 mln of\nthe 3.06 mln shares held by Trump at 24 dlrs a share, or 62.4\nmln dlrs, while Trump agreed not to try to seek control of\nBally.\n The agreement also calls for Bally to pay Trump another 6.2\nmln dlrs for certain agreements, claims and expenses related to\nhis purchase of the Bally common stock, Bally said.\n Trump agreed not to buy any more Bally stock or to try to\nseek control of the company for 10 years, it said.\n Bear, Stearns and Co Inc signed a similar standstill\nagreement with Bally for three years, Bally said. But it can\nstill deal in Bally stock as a broker, it said.\n The deal also obligates Bally to buy Trump's remaining\nstake in the company for 33 dlrs a share if the stock price\ndoes not reach that level by February 21, 1988, it said.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:44:24.28", "topics": [ "earn" ], "places": [ "usa" ], "id": "3161" }, { "title": "SHELL CANADA SAID IT RAISED CRUDE PRICES BY 47 CANADIAN CTS A BARREL TODAY\n", "date": " 9-MAR-1987 11:45:50.77", "topics": [ "crude" ], "places": [ "canada" ], "id": "3162" }, { "title": "HUDSON BAY MINING CUTS U.S., CANADA ZINC PRICES", "body": "Hudson Bay Mining and Smelting Co Ltd\nsaid it cut prices for all grades of zinc sold in North America\nby one U.S. cent a pound and by one Canadian cent a pound,\neffective immediately.\n The new price for high grade zinc is 37 U.S. cents and\n49-1/2 Canadian cents a pound, the company said.\n Special high grade, prime western and continuous\ngalvanizing grade with controlled lead now costs 37-1/2 U.S.\ncents and 50 Canadian cents a pound. The new price for\ncontinuous galvanizing grade alloyed with controlled lead and\naluminum additions is 37-3/4 U.S. cents and 50-1/4 Canadian\ncents a pound.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:48:07.88", "topics": [ "zinc" ], "places": [ "canada" ], "id": "3163" }, { "title": "FED ADDS RESERVES VIA CUSTOMER REPURCHASES", "body": "The Federal Reserve entered the U.S.\nGovernment securities market to arrange 2.5 billion dlrs of\ncustomer repurchase agreements, a Fed spokesman said.\n Dealers said Federal funds were trading at 6-3/16 pct when\nthe Fed began its temporary and indirect supply of reserves to\nthe banking system.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:49:35.16", "topics": [ "interest", "money-fx" ], "places": [ "usa" ], "id": "3164" }, { "title": "WHITE HOUSE SPOKESMAN REITERATES PRESIDENT REAGAN'S OPPOSITION TO TAX HIKE\n", "date": " 9-MAR-1987 11:50:12.08", "id": "3165" }, { "title": "COURT REJECTS BUITONI APPEAL OVER IRI FOOD UNIT", "body": "An appeal by Buitoni SpA against a court\nruling that an accord under which it was to acquire Italian\nstate food firm SME - Societa Meridionale Finanziaria was not\ncontractually binding has been rejected, court officials said.\n An appeal court rejected Buitoni's claim that the 497\nbillion lire accord with the state industrial company IRI -\nIstituto per la Ricostruzione Industriale was a binding\ncontract. The decision upholds a court ruling of last July.\n Buitoni is controlled by CIR - Compagnie Industriali\nRiunite, an investment company itself controlled by Ing C\nOlivetti EC SpA (OLIV.MI> chairman Carlo De Benedetti.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:51:42.79", "topics": [ "acq" ], "places": [ "italy" ], "id": "3166" }, { "title": "AMERICAN ELECTRIC PLANT TO BE SHUT DOWN", "body": "American Electric Power Co\n(AEP) said its 1.3 mln kilowatt Mountaineer Plant at New Haven,\nW. Va., will be taken out of operation March 13 for routine\nmaintenance.\n AEP said Mountaineer is owned and operated by Appalachian\nPower Co, one of the AEP System's seven operating companies.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:52:09.71", "places": [ "usa" ], "id": "3167" }, { "title": "ALLEGHENY AIMS TO DIVEST MORE BUSINESSES", "body": "Allegheny International Inc,\nthe consumer products concern that today announced a merger\nagreement with a First Boston Corp affiliate in a deal\nworth about 500 mln dlrs, said it intends to divest more units\nas a way to increase profits.\n \"We're going to reduce AI to a size consistent with our\nfinancial resources,\" said Chairman Oliver S. Travers.\n \"We have made a conscious, strategic choice to become a\nsmaller, financially sound, consumer products company which\noperates predominantly in the stable political and economic\nenvironment of North America,\" he said.\n\n\u0003", "date": " 9-MAR-1987 11:53:32.89", "topics": [ "acq" ], "places": [ "usa" ], "id": "3168" }, { "title": "HAMILTON OIL SAYS RESERVES RISE", "body": "Hamilton Oil Corp said reserves at the\nend of 1986 were 59.8 mln barrels of oil and 905.5 billion\ncubic feet of natural gas, or 211 mln barrels equivalent, up 10\nmln equivalent barrels from a year before.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:53:58.61", "topics": [ "crude", "nat-gas" ], "places": [ "usa" ], "id": "3169" }, { "title": "COMPUTER SCIENCES JOINS ATT ON BID", "body": "Computer Sciences Corp said\nit has joined American Telephone and Telegraph on a bid for a\n4.50-billion-dlr, ten-year contract to provide the federal\ngovernment with a telecommunications network.\n AT and T will be the prime contractor. The General Services\nAdministration will award the contract by the end of the year.\n Computer Sciences Corp will be responsible for design,\ndevelopment and maintenance of a software system that would\nissue customer bills under the contract.\n AT and T said it is also using resources from Boeing Co\n and seven regional holding companies that were formerly\nBell Operating Co's for work on the contract bid.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:54:58.60", "places": [ "usa" ], "id": "3170" }, { "title": "ROHR SELLS DEBENTURES AT 9-1/4 PCT", "body": "Rohr Industries Inc is raising 150 mln\ndlrs through an offering of subordinated debentures due 2017\nwith a 9-1/4 pct coupon and par pricing, said lead manager\nDillon, Read and Co Inc.\n That is 160 basis points over the yield of the off-the-run\n9-1/4 pct Treasury bonds of 2016. Non-refundable for 10 years,\nthe issue is rated Baa-2 by Moody's and BBB by S and P.\n A sinking fund beginning in 1998 to retire five pct of the\ndebt annually can be increased by 200 pct at the company's\noption, giving the debentures an estimated minimum life of 13.9\nyears and estimated maximum life of 20.5 years.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:56:14.01", "places": [ "usa" ], "id": "3171" }, { "title": "LIFE TECHNOLOGIES IN LICENSING AGREEMENT", "body": "Life Technologies Inc said it\nsigned a two mln dlr technology transfer and licensing\nagreement with Toray Industries Inc, a Tokyo-based maker of \nsynthetic fibers and industrial, consumer and medical products.\n Under terms of the agreement, Life said Toray purchased\nexclusive rights to market Life's hepatitus B detection\ntechnology in Japan, Korea and Taiwan.\n Moreover, Life said the companies agreed to begin a joint\nresearch and development program to develop other human\ndiagnostic products.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:56:26.91", "places": [ "usa" ], "id": "3172" }, { "title": "UAL'S AIRLINE FEBRUARY LOAD FACTOR RISES", "body": "UAL Inc said its United Airlines unit's\nload factor for February rose to 63.2 pct from 58.9 pct the\nyear before.\n The airline said scheduled capacity for the month rose 27.7\npct to 7.60 billion available seat miles from 5.95 billion,\nwhile traffic rose 37 pct to 4.80 revenue passenger miles from\n3.50 billion.\n February 1987 figures include its new Pacific routes\nacquired from Pan American World Airways in early 1986.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:57:05.85", "places": [ "usa" ], "id": "3173" }, { "title": "GRAHAM-MCCORMICK SELLS OIL AND GAS STAKE", "body": "Graham-McCormick Oil and Gas\nPartnership said it completed the sale of interests in two\nmajor oil and gas fields to \nfor 21 mln dlrs.\n The company said it sold about one-half of its 50 pct\ninterest in the Oak Hill and North Rucias fields, its two\nlargest producing properties.\n It said it used about 20 mln dlrs of the proceeds to prepay\nprincipal on its senior secured notes. Semi-annual principal\npayments on the remaining 40 mln dlrs of notes have been\nsatisfied until December 1988 as a result, it said.\n The company said the note agreements were amended to\nreflect an easing of some financial covenants, and an increase\nof interest to 13.5 pct from 13.0 pct until December 1990.\n It said the noteholders exercise price for 1,125,000\nwarrants was also reduced to 50 cts from 1.50 dlrs.\n The company said Energy Assets agreed to share the costs of\nincreasing production at the Oak Hill field.\n\n Reuter\n\u0003", "date": " 9-MAR-1987 11:57:57.81", "topics": [ "acq", "crude", "nat-gas" ], "places": [ "usa" ], "id": "3174" }, { "title": "FUJITSU LIMITED UNIT SIGNS JOINT VENTURE PACT", "body": ", a\nsubsidiary of Fujitsu Ltd, said it will form a joint company\nwith to develop and market voice and\ndata business communication systems to the North American\nmarket place.\n The new company, Fujitsu GTE Business Systems Inc, will be\nheadquartered in Tempe, Ariz., and is scheduled to begin\noperations April 11. Fujitsu said the new company will be 80\npct owned by Fujustu of America and 20 pct by GTE\nCommunication.\n No other terms of the financial transaction were being\ndisclosed, the company said.\n\u0003", "date": " 9-MAR-1987 11:58:32.29", "places": [ "usa" ], "id": "3175" }, { "title": "ADVANCED TOBACCO MERGER TALKS END", "body": "Advanced Tobacco Products Inc\nsaid it has ended talks on being acquired by Sterling Drug Inc\n but has resumed acquisition talks with other parties.\n The company had previously announced that a \"major U.S.\nbased company\" that it did not identify was evaluating its\nnicotine technology.\n Advanced said Sterling's board has decided not to enter the\nnicotine product market.\n It said it received a 200,000 dlr payment to deal\nexclusively with Sterling through March Six.\n Advanced said it had suspended merger talks with other\nparties as a result of the exclusivity agreement.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:58:45.87", "topics": [ "acq" ], "places": [ "usa" ], "id": "3176" }, { "title": "BERTELSMANN TO MARKET APPLE SOFTWARE IN GERMANY", "body": "Mixed media group\nBertelsmann AG said its subsidiary Publicsoft GmbH has\nagreed to market Apple Computer Inc's software\nproducts to the specialized West German computer retail trade.\n The cooperation agreement between Publicsoft and Apple's\nWest German subsidiary Apple Computer GmbH did not involve\neither company taking any kind of financial stake in the other,\na Bertelsmann spokesman said.\n He declined to say how much the agreement was worth.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:58:53.14", "places": [ "west-germany" ], "id": "3177" }, { "title": "MTECH FILES CONVERTIBLE DEBT OFFERING", "body": "MTech Corp said it filed with the\nSecurities and Exchange Commission a registration statement\ncovering a 75 mln dlr issue of convertible subordinated\ndebentures due 2012.\n The company named Alex Brown and Sons Inc as lead manager,\nwith First Boston Corp and Shearson Lehman Brothers Inc as\nco-managers, of the offering.\n MTech said it granted the underwriters an option to buy an\nadditional 11.25 mln dlrs in principal amount of the debentures\nto cover over-allotments.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:59:01.48", "places": [ "usa" ], "id": "3178" }, { "title": "BRITISH AIRWAYS OFFERING HOLIDAY PACKAGE", "body": "British Airways said it is introducing\na short-stay fare, called \"On The Town,\" permitting passengers\nto book a theater holiday in London at the last minute and\nspend up to four days in England.\n British Airways said the packages are available beginning\ntoday and ending April 16 from New York, Boston, Chicago, and\nDetroit for 468 dlrs midweek and 518 dlrs on weekends.\n The airline also said packages from Pittsburgh, Baltimore\nand Washington, D.C. will be priced at 499 dlrs midweek and 549\ndlrs on weekends, and Philadelphia for 479 dlrs midweek and 529\non weekends.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:59:29.67", "places": [ "usa", "uk" ], "id": "3179" }, { "title": "T.H.E. FITNESS BUYS LIVINGWELL UNIT", "body": "T.H.E. Fitness INc said it\nagreed to buy Livingwell Inc's manufacturing unit, Powercise\nINternational Inc, for 11.0 mln T.H.E. Fitness shares valued at\nabout 30 mln dlrs.\n This acquisition includes all of Livingwell's rights to its\nrecently announced Powercise fitness equipment.\n IN a separate transaction, Livingwell INc, an operator of\n300 health clubs, placed a six mln dlrs order with Powercise\nINternational to install the Powercise equipment in all of its\nclubs.\n Reuter\n\u0003", "date": " 9-MAR-1987 11:59:42.50", "topics": [ "acq" ], "places": [ "usa" ], "id": "3180" }, { "title": "EXXON RAISES HEATING OIL PRICE, TRADERS", "body": "Oil traders in the New York area said\nExxon Corp's Exxon U.S.A. increased the price it charges\ncontract barge customers for heating oil in New York harbor by\n1.5 cts a gallon, effective Saturday, March 7.\n They said the increase brought Exxon's contract barge price\nto 50 cts a gallon.\n Traders said the price hike followed higher spot and\nfutures market prices for heating oil.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:01:04.22", "topics": [ "heat" ], "places": [ "usa" ], "id": "3181" }, { "title": "RLR FINANCIAL TO BE DELISTED FROM NASDAQ", "body": "RLR Financial Serivces Inc said\nthe National Association of Securities Dealers intends to\ndelist it because the NASD beleieves market sales of RLR's\nbroker/dealer subsidiary, RLR Securities Group Inc, are not\nbeing made under an effective registration statement, as\nrequired by the Securities Act of 1933.\n RLR said the NASD intends to delist it on March 12 unless\nRLR demonstrates compliance with the law.\n RLR said it believes the action is without merit because\nthere is an effective registration statement for the RLR\nFinancial securities involved, and it intends to defend itself\nin the matter.\n RLR said it has asked the NASD to stay any deletion of its\nsecurities from NASDAQ pending its continuous review of the\nmatter and a possibility of a hearing on the merits.\n RLR said it has stopped market making in its own securities\npending resolution of the matter. It said a delisting from\nNASDAQ could have an adverse effect on the market and prices\nfor its securities.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:01:47.68", "places": [ "usa" ], "id": "3182" }, { "title": "HUDSON BAY MINING CUTS U.S., CANADA ZINC PRICES", "body": "\nsaid it cut prices for all grades of zinc sold in North America\nby one U.S. ct a pound and by one Canadian ct a pound,\neffective immediately.\n The new price for high grade zinc is 37 U.S. cts and 49-1/2\nCanadian cts a pound, the company said.\n Special high grade, prime western and continuous\ngalvanizing grade with controlled lead now costs 37-1/2 U.S.\ncts and 50 Canadian cts a pound. The new price for continuous\ngalvanizing grade alloyed with controlled lead and aluminum\nadditions is 37-3/4 U.S. cts and 50-1/4 Canadian cts a pound.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:02:46.06", "topics": [ "zinc" ], "places": [ "usa", "canada" ], "id": "3183" }, { "title": "BANKAMERICA COMPLETES MORTGAGE UNIT SALE", "body": "BankAmerica Corp's Bank of America\nunit said it completed the previously announced sale of\nBankAmerica Finance Ltd to for an expected\npre-tax gain of 23 mln dlrs.\n BankAmerica Finance provides residential mortgages in south\neast England.\n Its total assets at the end of 1986 were about 1.2 mln\ndlrs.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:03:09.75", "topics": [ "acq" ], "places": [ "usa" ], "id": "3184" }, { "title": "ROLLS ROYCE SEEKS 250 MLN STG CREDIT FACILITY", "body": "Rolls Royce, the U.K.'s state-owned car\nand aircraft engine maker, is seeking a 250 mln stg multiple\noption facility to provide it with additional sources of\nfinancing, banking sources said.\n They said the facility, which will be syndicated among a\nsmall group of the borrower's relationship banks, is being put\nin place ahead of the privatisation of Rolls Royce in April or\nMay. At the borrower's request, terms will not be disclosed\nuntil later this week, when bankers expect the syndication to\nclose. But while the terms are in line with the market, they\nare somewhat tight, bankers said.\n The bankers noted that although Rolls Royce's debt will be\nnegligible after privatisation it wants to have a range of\nfinancing arrangements available to allow it to take advantage\nof market opportunities when they become available.\n The financing will involve a 150 mln stg five-year\ncommitted tranche and will be backed by an uncommitted tender\npanel through which Rolls Royce will be able to issue bills or\nmulti-currency advances.\n S.G. Warburg and Co Ltd is arranger for the financing, the\nbankers said.\n REUTER\n\u0003", "date": " 9-MAR-1987 12:03:21.69", "places": [ "uk" ], "id": "3185" }, { "title": "SUPERMARKETS GENERAL GETS UNSOLICITED BID FOR 41.75 DLRS/SHR CASH\n", "date": " 9-MAR-1987 12:03:36.28", "topics": [ "acq" ], "id": "3186" }, { "title": "BRAZIL TREASURY TO RELEASE COFFEE BUYING FUNDS", "body": "The Treasury Department is due to\nrelease funds for the Brazilian Coffee Institute, IBC, to pay\nfor the coffee purchased from local producers, the IBC said in\na statement.\n IBC production director Oripes Gomes said in the statement\nthat payment would be made within the official guarantee\nprices.\n The statement said the IBC is sending a document to the\nNational Monetary Council asking the government to set a budget\nfor the purchase by the Institute of up to five mln bags of\ncoffee until June 30.\n Gomes said in the statement there have been no problems in\nthe concession of funds by the Treasury for payment of the\ncoffee delivered to the IBC warehouses by the producers.\n He said producers have already delivered 2.2 mln bags, of\nwhich 1.5 mln bags have been paid for.\n In the future, according to an agreement to be signed with\nthe Treasury, the Institute will no longer need to seek\napproval by the Treasury to seek the release of additional\nfunds to buy coffee, the statement said.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:04:12.69", "topics": [ "coffee" ], "places": [ "brazil" ], "id": "3187" }, { "title": "GERMAN BANKS SAY COMPANY HOLDINGS FALLING", "body": "West German private banks, in the\nlatest twist in a long-running battle over the size of their\nholdings in industry, have said the holdings were falling and\nrejected calls for tighter limits on these participations.\n Under West Germany's banking system, banks can hold shares\nin non-banking companies giving them seats on company\nsupervisory boards, and administer the holdings of small\nshareholders in safe custody accounts.\n Holdings of over 25 pct, which give a veto right in the\nsupervisory board of a company, must be disclosed.\n \"The claim that the concentration of power has intensified,\nas made by the Monopolies Commission, therefore turns out not\nto be accurate ... There is no reason to impose further legal\nrestrictions on the acquisition of holdings by banks,\" it said.\n The Association's letter is the latest skirmish in a long\nrunning battle between banks on the one hand and a range of\ngovernment offices and political lobbies on the left and right.\n The number of holdings above 10 pct in public companies\nwith a nominal share capital of over one mln marks held by\nthese 10 banks fell to 86 in 1986 from 129 in 1976, it said.\n Of these 43 reductions, 41 represented holdings of over 25\npct in 1976. The banks' holdings of nominal share capital fell\nto 1.70 billion marks in 1986, or 1.34 billion adjusted for\ncapital changes in the past 10 years from 1.80 billion in 1976.\n Over this period total West German nominal share capital\nrose to 235 billion marks from 136 billion, so that the holding\nof banks in German companies fell to 0.7 pct from 1.3 pct.\n The nominal share capital of listed non-bank companies rose\nto an estimated 49 billion marks in 1986 from 35.58 billion in\n1976, with banks' holdings falling to 1.57 billion marks or 3.2\npct from 1.61 billion marks or 4.5 pct, the Association said.\n It argued that bank representatives were in a minority on\nthe supervisory boards of the 100 biggest German companies, and\nin most cases could be blocked by non-banking representatives.\n The survey covered Deutsche Bank AG , Dresdner Bank\nAG , Commerzbank AG , Bayerische Vereinsbank AG\n and Bayerische Hypotheken- und Wechsel-Bank AG\n.\n It also covered Berliner Handels- und Frankfurter Bank\n, , ,\nVereins- und Westbank AG and .\n Deutsche holds by far the largest number of such stakes,\nincluding 28.5 pct of Daimler-Benz AG .\n Criticism of the bank holdings has not only come from the\nMonopolies Commission and left-wing parties. An advisory\ncommission, in a report late last year to the Economics\nMinistry, urged implementation of the five pct proposed by the\nMonopolies Commission to promote competition and avoid interest\nconflicts.\n The Economics Ministry has been controlled by the liberal\nFree Democrat Party, junior partner in the centre-right\ncoalition government and increasingly in favour of\nderegulation.\n Furthermore the West German Supreme Court recently\nsupported an action by a private Deutsche shareholder demanding\nmore transparency in the bank's balance sheet.\n The shareholder argued that the bank's ability to declare\nindustrial stakes of more than 25 pct as only temporary\nholdings evaded the statutory requirement to report them in\nfull. If a bank declares stakes temporary it does not have to\ndisclose them but can include them under securities holdings.\n The case is due to be heard again by the Frankfurt higher\nregional court.\n REUTER\n\u0003", "date": " 9-MAR-1987 12:04:36.95", "places": [ "west-germany" ], "id": "3188" }, { "title": "SHELL CANADA RAISED CRUDE OIL POSTINGS", "body": "Shell Canada, a wholly owned subsidiary\nof the Royal Dutch/Shell Group said that it raised crude\noil prices by about 47 Canadian cts a barrel today.\n The increase riased its posted price for Light sweet crude\noil to 21.95 dlrs a barrel from its march one level.\n Light sour crudes were raised to 19.95 dlrs a barrel, the\ncompany said.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:07:44.70", "topics": [ "crude" ], "places": [ "usa", "canada" ], "id": "3189" }, { "title": "GHANA COCOA PURCHASES 1,323 TONNES IN LATEST WEEK, CUMULATIVE 216,095 TONNES - OFFICIAL\n", "date": " 9-MAR-1987 12:08:37.97", "topics": [ "cocoa" ], "places": [ "ghana" ], "id": "3190" }, { "title": "MGE CORN SYRUP FUTURES CONTRACT CLEARS HURDLE", "body": "The staff of the Commodity Futures\nTrading Commission, CFTC, recommended that the regulatory\nagency approve the Minneapolis Grain Exchange's application to\ntrade high fructose corn syrup-55, HFCS-55, futures contracts.\n The commission is expected to approve the application at a\nmeeting tomorrow.\n The proposed contract would provide for the delivery of\n48,000 lbs, plus or minus two pct, of bulk HFCS-55, a liquid\nfood and beverage sweetener produced through processed corn\nstarch by corn refiners.\n Under proposed rules, a shipping certificate has a limited\nlife, as it expires 30 days following the last day of trading\nof the expiring contract month. A premium charge of 14.40 dlrs\nper contract per day would be assessed under the proposal.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:09:33.43", "topics": [ "grain", "corn", "sugar" ], "places": [ "usa" ], "id": "3191" }, { "title": "WORLD BANK TO BRING BORROWING FORWARD THIS YEAR", "body": "The World Bank intends to bring\nborrowing forward into the first half of 1987 because it\nexpects global interest rates to rise by year end, World Bank\nvice president and treasurer Eugene Rotberg said.\n He told a news conference that rates in the U.S., Japan,\nWest Germany and Switzerland were near their lows. \"The weight\nof opinion is (that in a year from now) there is a higher\nprobability there will be one pct higher than one pct lower\ninterest rates,\" he said.\n The World Bank had not issued floating rate notes so far\nthis year because of the expectation of higher interest rates.\n The policy of the World Bank was to maintain liquidity at a\nlevel that gave the bank flexibility to decide when, where and\nhow much to borrow, Rotberg said.\n Cash in hand was now about 50 pct of the next three years'\nanticipated net requirement and comprised 25 pct of outstanding\ndebt and 66 pct of its debt maturing within five years.\n Although the World Bank had pioneered the swap market, it\ndid not intend to launch new financial instruments just for the\nsake of innovation, Rotberg said.\n Of a total of 74.5 billion dlrs debt outstanding, only some\neight billion had been swapped into another currency.\n Many recent innovations were either unfair to investors or\nunfair to borrowers. Until the World Bank was confident that\nthis was not the case, it would not adopt new instruments.\n The World Bank would raise 90 pct of the funds needed over\nthe next year with methods used before, Rotberg said. However,\nfor some 10 pct of new requirements the bank would try out new\ninstruments such as bonds with warrants.\n The World Bank had publicly offered 60 bonds in Germany\nsince the first issue was launched in 1959, he said.\n\n\u0003", "date": " 9-MAR-1987 12:11:12.63", "topics": [ "interest" ], "organisations": [ "worldbank" ], "places": [ "west-germany" ], "id": "3192" }, { "title": "COMAIR FEBRUARY LOAD FACTOR FALLS", "body": "Comair Inc said February load factor\nfell to 34.6 pct from 38.0 pct a year before.\n The company said revenue passenger miles rose 9.5 pct to\n10.9 mln from 9,962,399 a year before and available seat miles\nrose 20.3 pct to 31.5 mln from 26.2 mln.\n For the year to date, it said load factor fell to 36.2 pct\nfrom 40.3 pct a year before, as revenue passenger miles rose\n3.3 pct to 119.1 mln from 115.3 mln and available seat miles\nrose 15.0 pct to 328.5 mln from 285.7 mln.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:14:01.92", "places": [ "usa" ], "id": "3193" }, { "title": "SERVICEMASTER SETS QUARTER DISTRIBUTION", "body": "ServiceMaster L.P. approved\na second quarter cash distribution of 58 cts, payable April 10,\nrecord March 23.\n Previously, ServiceMaster said it would pay in 1987 an\nindicated cash distribution of 1.50 dlrs a share, including 95\ncts a share which would be paid before April 15, 1987.\n In other action, the company set May eight as the date of\nits annual shareholders' meeting.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:14:26.53", "topics": [ "earn" ], "places": [ "usa" ], "id": "3194" }, { "title": "EC FARMERS' INCOMES ROSE SLIGHTLY IN 1986", "body": "Disposable income available to people\nemployed in European Community agriculture rose 0.9 pct in 1986\nafter an 8.8 pct fall the previous year, the EC statistics\nagency Eurostat said in a report.\n It said income available to farm holders and members of\ntheir family working on the holding rose 2.5 pct after a 13.9\npct fall in 1985.\n Eurostat said the reason for the increases was higher\nproduction, with a 1.6 pct increase in crop output and a 0.7\npct rise in animal products compared with 1985.\n However, Eurostat added a 1.6 pct fall in prices for animal\nproducts was more than offset by a 3.1 pct increase in those\nfor crops.\n It said income changes varied widely across the EC in 1986.\nDisposable income of all those employed in agriculture rose\n12.9 pct in West Germany but fell 7.8 pct in Denmark, while\nincome available to holders and their families rose 17.0 pct in\nBritain but fell 9.7 pct in Ireland.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:14:39.49", "organisations": [ "ec" ], "places": [ "belgium" ], "id": "3195" }, { "title": "OEA GETS SPACE SHUTTLE SYSTEM CONTRACT", "body": "OEA Inc said it received from a\ndivision of Rockwell International Inc , a contract to\ndesign and develop a space shuttle egress slide system which\ncould be used under post-mission landing conditions.\n OEA said its Inflation Systems International Inc subsidiary\nwill produce ten of the post-landing emergency egress slides.\nThe system is expected to allow the crew to exit the space\nshuttle through a side hatch on the left side of the crew's\ncompartment, it said.\n \"There is no showing that (the owners') reasonable\ninvestment-backed expectations have been materially affected by\nthe additional duty to retain the small percentage that must be\nused to support the structures protected by (the law),\" Justice\nJohn Paul Stevens wrote for the court's majority.\n He was joined by Justices William Brennan, Byron White,\nThurgood Marshall and Harry Blackmun.\n However, Chief Justice William Rehnquist, joined by\nJustices Lewis Powell, Sandra O'Connor and Antonin Scalia,\nargued that the law deprived the owners of constitutionally\nguaranteed protections.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:14:53.94", "places": [ "usa" ], "id": "3196" }, { "title": " NAMES PRESIDENT", "body": "Wertheim Schroder and Co Inc said it\nappointed Steven Kotler, 40, president of the investment\nbanking and securities firm.\n Wertheim said Kotler has been a managing director and\nmember of the executive committee of the firm, which is 50 pct\nowned by of the United Kingdom and 50 pct owned\nby Wertheim partners.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:15:29.32", "places": [ "usa" ], "id": "3197" }, { "title": "WALL STREET STOCKS/CHRYSLER , AMC ", "body": "The proposed 757 mln dlr deal under\nwhich Chrysler Corp would acquire American Motors Corp was\ndescribed by analysts as a reasonable deal for both companies.\n Ronald Glantz of Montgomery Securities said AMC common\nstock could be fairly valued at \"just under five dlrs a share\"\ngiven changes brought by tax reform and that Chrysler's offer\nto pay four dlrs a share of Chrysler stock to AMC holders other\nthan Renault as a \"a good price for Chrysler.\n AMC common shares opened at four dlrs this morning after\nthe Renault-Chrysler announcement, up 3/8, while Chrysler\nshares lost 1/4 to 52-1/4.\n Though AMC issued a statement saying that it was studying\nthe proposed buyout and had no other comment, Glantz said he\nregarded the proposal as a \"done deal\" because \"I can't believe\nanybody else would make a bid.\"\n \"It's a reasonable deal for both sides,\" the analyst told\nReuters.\n \"Chrysler gets the jeep franchise and the (new AMC)\nBramalea, Ontario, plant and the (new Renault) Premier\n(mid-sized car) and AMC's sales will go up because buyers will\nhave more confidence that the manufacturer will still be around\nto service the products,\" Glantz said.\n Analyst Thomas O'Grady said Chrysler would be getting more\nmanufacturing capacity, including a brand-new plant in Canada,\nfor a bargain price and Renault would be getting some return\nafter its prolonged loss-making investment in AMC.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:15:42.59", "topics": [ "acq" ], "places": [ "usa" ], "id": "3198" }, { "title": "KOREANS TO BUY 1.8 BILLION DLRS IN U.S. GOODS", "body": "South Korean Foreign Trade Minister\nRah Woon Bae said his country's firms have agreed to buy 1.8\nbillion dlrs worth of U.S. goods during his two-week buying\ntrip to the United States.\n Rah said most of the purchases represented shifts from\nJapanese firms to U.S. firms as part of South Korea's effort to\nreduce its seven billion dlr trade surplus with the United\nStates.\n South Korea has a five billion dlr trade deficit with\nJapan.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:19:11.97", "topics": [ "trade" ], "places": [ "usa", "south-korea", "japan" ], "id": "3199" }, { "title": "TRUST AMERICA SETS CREDIT LINE", "body": "Trust America Service Corp\nsaid it signed an agreement with the First Union Bank of\nFlorida for a 35 mln dlr mortgage warehouse credit line.\n It said the new agreement more than doubles its previous 14\nmln dlrs line of credit.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:19:34.58", "places": [ "usa" ], "id": "3200" }, { "title": "VTX TO DISTRIBUTE ATT PRODUCTS", "body": "VTX Electronics Corp said it\nsigned a distribution agreement with American Telephone and\nTelegraph Co under which it will act as an agent for ATT's\nelectronic cable and wire, fiber-optic cable and related\nproducts to original equipment manufacturers in the Northeast.\n Terms of the contract, reached with ATT's Network Systems\nGroup, were not disclosed.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:19:41.79", "places": [ "usa" ], "id": "3201" }, { "title": "ROLLS ROYCE SEEKS 250 MLN STG CREDIT FACILITY", "body": "Rolls Royce, the U.K.'s state-owned car\nand aircraft engine maker, is seeking a 250 mln stg multiple\noption facility to provide it with additional sources of\nfinancing, banking sources said.\n They said the facility, which will be syndicated among a\nsmall group of the borrower's relationship banks, is being put\nin place ahead of the privatisation of Rolls Royce in April or\nMay. At the borrower's request, terms will not be disclosed\nuntil later this week, when bankers expect the syndication to\nclose. But while the terms are in line with the market, they\nare somewhat tight, bankers said.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:19:51.60", "places": [ "uk" ], "id": "3202" }, { "title": "SPECTRUM DIGITAL INSTALLS FIRST SYSTEM", "body": "Spectrum Digital Corp said it\ninstalled its first multi-node ISDX T-1 multiplexer.\n The company said the T-1 system was installed at the\nUniversity of North Carolina's Education Computing Service at\nResearch Triangle Park, N.C.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:19:59.58", "places": [ "usa" ], "id": "3203" }, { "title": "FITZWATER SAYS REAGAN STRONGLY AGAINST TAX HIKE", "body": "White House spokesman Marlin\nFitzwater said President Reagan's record in opposing tax hikes\nis \"long and strong\" and not about to change.\n \"We're opposed to tax increases.... We will fight tax\nincreases.... We will deal with it politically in every forum\npossible,\" said Fitzwater when questioned about whether there\nwas any change in the administration's position.\n Fitzwater said Reagan's strong feelings against a tax hike\nincluded opposition to an oil import fee.\n \"The President's position is that he is opposed to it,\" he\nsaid.\n REUTER\n\u0003", "date": " 9-MAR-1987 12:20:15.33", "topics": [ "crude" ], "places": [ "usa" ], "id": "3204" }, { "title": "SUPERMARKETS GENERAL GETS UNSOLICITED BID", "body": "Supermarkets General Corp said\nit received an unsolicited proposal from a third party to\nacquire the company at 41.75 dlrs per share in cash.\n Supermarkets also said it retained Shearson Lehman Brothers\nInc to advise its board of directors on the proposal.\n Supermarkets General currently has about 38.5 mln shares\noutstanding.\n Its stock is currently trading at 34-1/4 on the New York\nStock Exchange.\n The Woodbridge, N.J., supermarket operator of over 180\nsupermarkets and other specialty retail stores, convenience\nfood stores and drug stores.\n For the nine months ended November 30, Supermarkets\nreported net income of 41.7 mln dlrs.\n \n Reuter\n\u0003", "date": " 9-MAR-1987 12:22:36.48", "topics": [ "acq" ], "places": [ "usa" ], "id": "3205" }, { "title": "JAPANESE CRUSHERS BUY CANADIAN RAPESEED", "body": "Japanese crushers bought 5,000 to 7,000\ntonnes of Canadian rapeseed in export business over the weekend\nfor April shipment, trade sources said.\n Japanese crushers continue to concentrate on rapeseed\npurchases since it converts to a higher percentage of oil than\nother oilseeds, they said. A glut of feed meals makes other\noilseeds, such as soybeans, less desirable because they would\nadd to already large meal stocks.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:22:59.42", "topics": [ "oilseed", "rapeseed" ], "places": [ "usa", "japan", "canada" ], "id": "3206" }, { "title": "ABMS SAYS U.S. ZINC STOCKS HIGHER IN FEBRUARY", "body": "Total U.S. slab zinc stocks held by\nsmelters rose to 24,735 short tons at the end of February from\n22,120 short tons at the end of January, the American Bureau of\nMetal Statistics reported.\n Zinc production increased to 26,732 short tons in February\nfrom 25,786 short tons in January.\n Shipments from smelters' plants declined to 23,560 short\ntons in February from 24,564 short tons in January.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:23:36.79", "topics": [ "zinc" ], "places": [ "usa" ], "id": "3207" }, { "title": "JEFFERIES MARKETS DIAMOND SHAMROCK ", "body": "Jefferies and Co Inc said it intends\nto make a market in the stock of Diamond Shamrock Corp, when,\nas and if distributed.\n Diamond Shamrock has offered to repurchase twenty miillion\nshares of its common stock at 17 dlrs per share until midnight,\nEST, March 9.\n \n Reuter\n\u0003", "date": " 9-MAR-1987 12:27:29.87", "places": [ "usa" ], "id": "3208" }, { "title": "HOLIDAY CORP TO OPEN NEW CHAIN IN EUROPE", "body": "Holiday Corp said its Holiday Inn\nHotel Group will soon introduce a chain of limited-service\nhotels in international markets.\n The company said the chain, which will be launched\ninitially in Western Europe, will usually feature 60 to 150\nguest rooms and a small restuarant/lounge area, but will offer\nfewer services and amenities than typical Holiday Inn hotels.\n It said the new hotels will cater to commercial travelers\nin smaller cities and suburbs.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:27:37.16", "places": [ "usa" ], "id": "3209" }, { "title": "DIAMOND SHAMROCK OFFSHORE IN FIND", "body": "Diamond Shamrock Offshore Partners said\nit has started development drilling on West Cameron 178 block\noff Louisiana in the Gulf of Mexico after a significant natural\ngas find on the block.\n It said the discovery well there encountered 46 feet of net\nnatural gas pay. No flow tests have been conducted, it said.\n Diamond Shamrock Offshore said it has a 46.15 pct interest\nin the block, Phillips Petroleum Co 28.85 pct and Santa Fe\nEnergy Partners LP 25.00 pct. Diamond Shamrock Corp \nowns 80.3 pct of Diamond Shamrock Offshore.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:28:49.58", "topics": [ "nat-gas" ], "places": [ "usa" ], "id": "3210" }, { "title": "U.S. LEAD INVENTORIES RISE IN FEBRUARY - ABMS", "body": "Lead stocks held by U.S. refiners rose\nto 37,295 short tons at the end of February from 34,224 short\ntons (revised higher) at the end of January, the American\nBureau of Metal Statistics reported.\n Production of lead decreased to 33,619 short tons in\nFebruary from 38,759 short tons in January.\n Shipments from plants increased to 30,467 short tons in\nFebruary from 27,041 short tons (revised lower) in January, the\nABMS said.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:29:14.18", "topics": [ "lead" ], "places": [ "usa" ], "id": "3211" }, { "title": "TECHNOLOGY RESEARCH WINS CONTRACT", "body": "Technology Research Corp said\nan unidentified marketing company agreed to sell its products\nand placed an initial order for about six mln dlrs.\n It said the company will sells its product that protects\nagainst serious electrical shock. The product will be sold\nthrough mass merchandisers and retail hardware stores, it said.\n The company also said it won an additional contract worth\n500,000 dlrs, boosting its total current backlog to about 14\nmln dlrs.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:29:34.68", "places": [ "usa" ], "id": "3212" }, { "title": "BCI HOLDINGS UNIT PRESIDENT NAMED", "body": "BCI Holdings Corp said it named\nStephen Rowley president of Day-Timers Inc, a subsidiary of the\ncompany's Beatrice Consumer Durables, effective immediately.\n It said he replaces Robert Dorney, founder and former\npresident, who will remain as senior vice president, new\nproduct development of the company, which produces time\nmanagement systems.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:30:44.73", "places": [ "usa" ], "id": "3213" }, { "title": "THE FEDERATED GROUP 4-WEEK SALES DOWN", "body": "The Federated Group Inc\nsaid its four-week March 1 sales totaled 25.7 mln dlrs, down\neight pct from the same period a year ago.\n The company said sales in the 13 weeks ended March 1 rose\n11 pct to 136.6 mln dlrs.\n In the 52-weeks ended March 1 sales totaled 430.2 mln dlrs,\nup 18 pct from a year earlier, the company said.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:31:13.77", "places": [ "usa" ], "id": "3214" }, { "title": "WINGS WEST AIRLINES LOAD FACTOR UNCHANGED", "body": "Wings West Airlines said\nits load factor remained constant in February at 42.7 pct.\n The company said it boarded 39,812 passengers in February,\nup from 22,141 a year ago.\n Revenue passenger miles in February totaled 6,146,787, up\n51.8 pct from a year ago, while available seat miles rose 62.2\npct to 14,385,113, the company said.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:31:52.57", "places": [ "usa" ], "id": "3215" }, { "title": " EXTENDS EXCHANGE OFFER", "body": "Sharon Steel Corp said it extended\nfrom March six to March 31 the expiration date for its debt\nexchange offer to allow time to complete the sale of its\nMueller Brass Co unit and to meet other conditions of the\noffer.\n The exchange offer covers Sharon's outstanding 13.5 pct\nsubordinated sinking fund debentures due 2000 and its 14.25 pct\nsubordinated sinking fund debentures due 1990.\n Sharon said that as of March six, 31.6 pct of the 13.5 pct\nnotes and 20.9 pct of the 14.25 pct notes were tendered. The\nMueller sale is conditioned on receipt of 80 pct of the notes.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:32:14.04", "topics": [ "acq" ], "places": [ "usa" ], "id": "3216" }, { "title": "FERRY DISASTER CLAIMS COULD TOP 30 MLN STG", "body": "U.K. Insurers could face more than 30 mln\nstg of insurance claims following the Zeebrugge ferry disaster,\na spokesman for Lloyds of London said.\n It could take weeks before the extent of the compensation\nclaims for passengers, crew and cargo was known and also before\nit was known how much, if any, of the ship could be salvaged,\nsaid David Larner of Lloyds.\n The hull and machinery of the Herald of Free Enterprise\nwere valued at 25 mln stg and were insured by Townsend\nThoresen's parent company Peninsular and Oriental Steam\nNavigation Co Plc .\n The vessel was in turn reinsured in the London market with\nLloyds and various other companies, Larner said.\n Passengers, crew and cargo were insured by the Standard\nSteamship Protection and Indemnity Association, one of several\nshipowners' mutual insurance funds worldwide. These were also\nunderwritten by Lloyds and other companies.\n Larner said claims from passengers could be expected to\ntotal at least five mln stg, given the number of deaths and the\nnormal level of liability set by the Athens Convention of 1974\nof between 30,000 stg and 50,000 in case of death.\n Shipping sources said, however, that these claims could\nsoar if a court found there was negligence or design faults\ninvolved.\n Larner said estimates of compensation claims \"were pure\nguess work\" at this time. But if the ship could not be salvaged,\nthe claims would total at least 30 mln stg.\n Shares of insurances on the London stock exchange fell\nacross the board in a generally weak market.\n General Accident fell 21p to 936, Royal Insurance dropped\n18p to 966 and Prudential fell 9p to 888.\n P and O shares stood at a late 616, 27p lower on the day.\n REUTER\n\u0003", "date": " 9-MAR-1987 12:33:30.71", "topics": [ "ship" ], "places": [ "uk" ], "id": "3217" }, { "title": "GERMAN EMPLOYERS MAKE SURPRISE OFFER TO ENGINEERS", "body": "Engineering industry\nemployers in North Rhine-Westphalia state said they made an\nunprecedented offer on pay and working hours.\n The offer, which came amid warning strikes by some 33,000\nworkers, was the first time since World War Two that employers\nhave proposed cutting working hours and is seen as averting a\nrepeat of the nationwide strike of 1984 which brought the auto\nindustry to a standstill for seven weeks, union sources said.\n The employers propose a half-hour cut in the 38.5 hour\nworking week from July 1, 1988 and a pay rise of 2.7 pct from\nApril 1 and a further 1.5 pct from July 1, 1988.\n The engineering union IG Metall, Europe's largest union,\nwants a five pct wage rise and a 35-hour week at full pay.\n It called today's warning strikes, mostly involving work\nstoppages of up to one hour, after more than 50 rounds of talks\nsince December failed.\n The employers' offer was seen breaking the deadlock in\nnegotiations, even though the union said the half-hour cut is\nnot enough, union sources said.\n The offer applies to workers in North Rhine-Westphalia and\nit was unclear if further offers would be presented in talks\nbetween unions and employers of other West German states.\n REUTER\n\u0003", "date": " 9-MAR-1987 12:36:15.39", "places": [ "west-germany" ], "id": "3218" }, { "title": "CITIBANK FOLLOWS U.K. BASE RATE CUT TO 10.5 PCT", "body": " said it has cut its British\nbase lending rate to 10.5 pct from 11 pct, with effect from\ntomorrow.\n This move follows similar cuts by four major British\nclearing banks, led by National Westminster Bank Plc .\n Lower rates were signalled by the Bank of England this\nmorning in an attempt to curb recent upward pressure on the\npound, market sources said.\n REUTER\n\u0003", "date": " 9-MAR-1987 12:37:13.54", "topics": [ "interest" ], "places": [ "uk" ], "id": "3219" }, { "title": "CRANE TO REDEEM CONVERTIBLE DEBENTURES", "body": "Crane Co said it will redeem on March\n31 all 75 mln dlrs of its outstanding 8-3/4 pct convertible\nsenior debentures due October 1, 2005 at 107.875 pct.\n It said accrued interest to March 31 will be paid on that\ndate to holders of record as of March 15. The debentures may\nbe converted into common stock at 28.80 dlrs per share through\nMarch 24.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:37:32.88", "places": [ "usa" ], "id": "3220" }, { "title": " SEES NO RATE INCREASE", "body": "Oglethorpe Power Corp said it does not\nplan to raise its electric rates to cover higher construction\ncosts at the Alvin W. Vogtle Nuclear Plant, in which Oglethorpe\nholds a 30 pct interest.\n Earlier today, Southern Co's Georgia Power Co said it\nraised the estimated cost of building the plant by nearly six\npct, to roughly 8.87 billion dlrs.\n Oglethope said its share of the increased costs amounts to\nabout 147.5 mln dlrs. \"We do not plan to raise rates to the 39\nElectric Membership Corporations we serve in 1987 as a result\nof this budget increase,\" the company said.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:38:09.37", "places": [ "usa" ], "id": "3221" }, { "title": "BANK OF ZAMBIA PAYS OUT FOREIGN CURRENCY ARREARS", "body": "The Bank of Zambia has paid out foreign\nexchange arrears from three auctions conducted last year, a\nbank spokesman said.\n \"We have now cleared three auctions and are left with only\nfour, worth eight mln dlrs,\" the spokesman said without\nspecifying the amount paid out.\n The bank had not paid foreign exchange to private firms\nsince it suspended the weekly auctions on January 28.\n It has said the auctions were suspended because it planned\nto introduce a modified system after talks with the World Bank\nand the International Monetary Fund.\n President Kenneth Kaunda announced last month that the\nauction would be retained for allocating foreign exchange to\napproved private sector bidders, but would not be used to\ndetermine the kwacha's exchange rate.\n Last week, he said the auction had run into trouble because\nof a shortage of foreign exchange.\n The government has fixed the exchange rate at nine kwacha\nper dollar, effectively revaluing the kwacha by 67.7 pct.\n REUTER\n\u0003", "date": " 9-MAR-1987 12:38:20.58", "topics": [ "money-fx" ], "places": [ "zambia" ], "id": "3222" }, { "title": "INVESTORS HAVE 5.5 PCT OF DATAREX SYSTEMS ", "body": "A small investor group led by Melvyn\nGelch, a Providence, R.I., surgeon, told the Securities and\nExchange Commission it has acquired 60,840 shares of Datarex\nSystems Inc, or 5.5 pct of the total outstanding common stock.\n The Gelch group said it bought the stake for about 935,000\ndlrs for investment purposes only.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:38:33.83", "topics": [ "acq" ], "places": [ "usa" ], "id": "3223" }, { "title": "AMOSKEAG CO NAMES NEW CHAIRMAN", "body": " said Joseph B. Ely\nII, became chairman, in addition to his duties as chief\nexecutive officer, succeeding Albert B. Hunt, who served in\nthat position since 1972.\n It also said James M. Fitzgibbons, currently executive vice\npresident and chief operating officer, will beomce president, a\nposition Ely also held.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:39:48.08", "places": [ "usa" ], "id": "3224" }, { "title": "GHANA COCOA PURCHASES FALL, CUMULATIVE STILL UP", "body": "The Ghana Cocoa Board said it purchased\n1,323 tonnes of cocoa in the 21st week, ended February 26, of\nthe 1986/87 main crop season, compared with 1,961 tonnes the\nprevious week and 1,344 tonnes in the 21st week ended March six\nof the 1985/86 season, the board said.\n Cumulative purchases so far this season stand at 216,095\ntonnes, still up on the 201,966 tonnes purchased by the 21st\nweek of last season, the Board said.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:39:57.89", "topics": [ "cocoa" ], "places": [ "ghana" ], "id": "3225" }, { "title": "BARTON VALVE HOLDERS APPROVE NAME CHANGE", "body": "Barton Valve Co Inc said\nshareholders at the annual meeting approved a name change to\nBarton Industries Inc and a reduction in board size to three\nmembers from five.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:40:05.71", "places": [ "usa" ], "id": "3226" }, { "title": "WM WRIGLEY JR SEES HIGHER 1987 SPENDING", "body": "Wm. Wrigley Jr Co expects the cost of\ntechnological improvements and renovation projects to push\n1987's capital expenditures up considerably from last year's\n25.4 mln dlrs, President William Wrigley told the annual\nmeeting.\n In 1985, the company's spending totaled 26.8 mln dlrs.\n He also said the pace of the company's marketing activity\nset in 1986 will continue this year, with advertising and\nmerchandising expenditures to exceed the 1986 level which\nWrigley said was \"somewhat over 100 mln dlrs.\"\n Wrigley said product line extensions would continue in\n1987, although the company has no immediate plans to venture\ninto areas outside of chewing gum. He said Wrigley's overall\nshare of the gum market is \"a little less than 50 pct.\"\n In answer to a question, Wrigley said there have been no\nbuyout offers for the company. He also said the company will\ncontinue to strengthen its international presence.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:40:29.41", "places": [ "usa" ], "id": "3227" }, { "title": "EC SUGAR IMPORT LEVIES", "body": "The following import levies for white\nand raw sugar are effective tomorrow, in European currency\nunits (ecu) per 100 kilos.\n White sugar, denatured and non-denatured 49.70 versus 50.05\npreviously.\n Raw sugar, denatured and non-denatured 41.35 versus 41.35\npreviously.\n The rate for raws is based on 92 pct yield.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:40:58.36", "topics": [ "sugar" ], "organisations": [ "ec" ], "places": [ "belgium" ], "id": "3228" }, { "title": "INVESTOR HAS TECHNOLOGY DEVELOPMENT STAKE", "body": "Leon Greenblatt, a Chicago investor,\ntold the Securities and Exchange Commission he has acquired\n89,450 shares of Technology Development Corp, or 5.3 pct of the\ntotal outstanding common stock.\n Greenblatt said he bought the stock for 350,000 dlrs soley\nas an investment and has no intention of seeking control of the\ncompany.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:41:24.02", "topics": [ "acq" ], "places": [ "usa" ], "id": "3229" }, { "title": "PIEZO PREFERRED HOLDERS SEEK BOARD SEATS", "body": "A group of brokerage executives with\na 25.25 pct stake in the cumulative convertible preferred stock\nof Piezo Electric Products Inc said it will seek two seats on\nthe company's board of directors.\n In a filing with the Securities and Exchange Commission,\nProvidence Securities Inc, a Providence, R.I. brokerage firm,\nand two executives said they will seek the seats that opened\nbecause of a dividend payment default to preferred holders.\n The firm, its president, Thomas DePetrillo, and its vice\npresident, Vincent DiGuilio, also said they may seek additional\nrepresentation on the company's board.\n The Cambridge, Mass., research firm defaulted on dividends\nto preferred holders on January 31, which automatically gives\npreferred holders the right to elect two directors, the\nexecutives said.\n The firm and its two executives, who hold a combined\n104,500 preferred shares, said they originally bought their\nstake as an investment, but are also trying to motivate the\ncompany into reinstating dividends.\n DePetrillo said he has proposed that the preferred\nconversion rate change to 85-to-one from 10-to-one and that\ndividends be cut to 10 cts a share from 1.10 dlrs.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:41:50.21", "places": [ "usa" ], "id": "3230" }, { "title": "VNESHTORGBANK SEEKS INCREASE FOR FACILITY", "body": "Vneshtorgbank, the Soviet Foreign Trade\nbank, is seeking an increase to 250 mln stg from the original\n150 mln for a five year, sterling bankers' acceptance facility\narranged last autumn, Lloyds Merchant Bank Ltd said as\narranger.\n The facility has a 10 basis point facility fee and there is\na 15 basis point maximum cap on the margin.\n Banking sources said syndication for the increase was\nproceeding very well so far, although the syndication would not\nnecessarily be confined to banks participating in the original\ngroup.\n Banking sources said that one reason for the increase was\nthat Vneshtorgbank had been very impressed by the relatively\nlow cost of financing by means of eligible bills, rather than\nthrough more traditional instruments priced in relation to\nLondon Interbank Offered Rates (LIBOR).\n The facility is Vneshtorgbank's first ever\nsterling-denominated bankers' acceptance facility.\n Banking sources noted that Vneshtorgbank now has two\nfacilities in the market, since First Chicago Ltd was awarded a\nmandate last week to arrange a 200 mln dlr, eight year loan at\n1/8 point over LIBOR.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:42:33.24", "places": [ "uk" ], "id": "3231" }, { "title": "CHECKROBOT GETS FINANCING", "body": "CheckRobot Inc said it\nrecieved four mln dlrs in financing through the private\nplacement of convertible preferred stock.\n It said 2.8 mln dlrs of the financing has already been\nfunded from existing shareholders, and .\n Reuter\n\u0003", "date": " 9-MAR-1987 12:42:49.35", "places": [ "usa" ], "id": "3232" }, { "title": "TRACOR UNIT WINS U.S. FOLLOW-UP CONTRACTS", "body": "Tracor Inc said its Tracor\nAerospace Inc unit won three follow-up contracts worth 1.9 mln\ndlrs from the U.S. Air Force.\n It said the unit will conduct special studies and\nmodifications in systems components for flight tests on the\nPeacekeeper Missle.\n Tracor said it previously received 49.3 mln dlrs worth of\ncontracts from the defense program.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:42:58.74", "places": [ "usa" ], "id": "3233" }, { "title": "UNIVERSITY PATENTS LENS SALES RISE", "body": "University Patents Inc said\n4,344 of its Aleges soft bifocal contract lenses were sold in\nFebruary, after allowances for exchanges and returns, up from\n3,011 in January.\n It said 1,800 opthalmologists and optometrists were fitting\nthe product last month, up from 1,600 a month before. Sales of\nthe lens started in May 1986.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:43:49.87", "places": [ "usa" ], "id": "3234" }, { "title": "ANALYST SAYS DART GROUP LIKELY BIDDER FOR SUPERMARKETS GENERAL\n", "date": " 9-MAR-1987 12:44:15.53", "topics": [ "acq" ], "id": "3235" }, { "title": "WEAREVER TO RELOCATE HEADQUARTERS", "body": "WearEver-ProctorSilex Inc said\nit will relocate is corporate headquarters from Chillicothe to\nRichmond, Va., beginning this fall and ending by early 1988.\n The company said Richmond was chosen because it is\ncentrally located to its main operating facilities, which will\nreduce travel and other costs.\n About 150 headquarters employees will be offered the chance\nto relocate, the company said. WearEver's cookware plant in\nChillicothe will not be moved, and its sales and marketing\noffices will remain in Englewood, N.J.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:45:12.52", "places": [ "usa" ], "id": "3236" }, { "title": "ANGIO-MEDICAL IN INITIAL OFFERING", "body": " said it filed with\nthe Securities and Exchange Commission for an initial public\noffering of 1,666,667 units of one share of common and one\nredeemable warrant to buy one share of common at six dlrs per\nunit.\n It said Keane Securities Co Inc is the underwriter.\n The company said its securities are proposed for trading on\nNASDAQ under the symbol .\n Reuter\n\u0003", "date": " 9-MAR-1987 12:45:44.41", "places": [ "usa" ], "id": "3237" }, { "title": "BEAR STEARNS TO RELOCATE HEADQUARTERS", "body": "Bear Stearns Cos Inc said it was\nrelocating its Wall Street headquarters to a mid-town location\non Park Ave. and signed a lease with .\n The firm said it will occupy 537,000 square beginning\nJanuary 1988 under a 15 year lease. It will begin to move into\nthe new offices later this year.\n It said the space will accommodate the increase in\npersonnel, which has grown 30 pct since the firm went public in\nOctober 1985. It will centralize all of its executive offices\nat the new location.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:47:48.24", "places": [ "usa" ], "id": "3238" }, { "title": "HARRIS CUTS CYCLOPS STAKE TO 11.1 PCT", "body": "Harris Associates L.P., a Chicago\ninvestment advisory firm, said it cut its stake in Cyclops Corp\nto 437,425 shares, or 11.1 pct of the total outstanding common\nstock, from 524,775 shares, or 13.3 pct.\n In a filing with the Securities and Exchange Commission,\nHarris said it sold 87,350 Cyclops common shares between Jan 6\nand March 2 at prices ranging from 65.75 to 91.00 dlrs a share.\n Harris said its dealings in Cyclops common stock were made\non behalf of its advisory clients.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:48:37.52", "topics": [ "acq" ], "places": [ "usa" ], "id": "3239" }, { "title": "LOTUS GETS ORDER FROM MICRO D ", "body": "Lotus Development Corp said it\nhas received a 30 mln dlr order from Micro D Inc for a number\nof Lotus software products.\n It said the order is the largest it has ever received and\nis to be delivered over six months.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:49:57.69", "places": [ "usa" ], "id": "3240" }, { "title": "CHRYSLER VALUES AMC AT 757 MLN DLRS", "body": "Chrysler Corp said it valued its\nproposed buyout of American Motors Corp at 757 mln dlrs, not\ncounting the effect of a contingent payment that could reach\n350 mln dlrs based on AMC's future profits.\n A Chrysler spokesman told Reuters that the letter of intent\nsigned with Renault, AMC's controlling shareholder with a 46.2\npct direct stake, includes a provision for Renault to be paid\n35 mln dlrs in cash for AMC's finance subsidiary and 200 mln\ndlrs in the form of an eight pct note. He said he did not know\nthe maturity of the note.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:51:02.95", "topics": [ "acq" ], "places": [ "usa" ], "id": "3241" }, { "title": "DART SAID LIKELY SUPERMARKETS GENERAL SUITOR", "body": "Dart Group is likely seeking to\nbuy Supermarkets General , analysts said.\n \"There's been rumors that they've taken a position in the\ncompany, said Wood Gundie analyst Edward Comeau.\n Last year, Dart Group, owner of Auto Trak INc and Crown\nBooks, competed against Kohlberg, Kravis to acquire Safeway\nStores INc.\n The company later reached an accord under which it would\nbuy 20 pct of the company after Kohlberg Kravis completed its\nleveraged buyout of the company.\n The company later sold its 20 pct stock for about 180 mln\nto 200 mln dlrs, according to analysts.\n Dart Group Corp was not immediately available for comment.\n Jerry Ballan, analyst with Conner Ballan division of Edward\nViner and Co, said, \"They has been rumored to be buying\nsome other supermarkets as well, such as Stop and Shop.\"\n \"My guess is that Supermarkets General does not want to be\nbought out,\" said Ballan.\n Analysts, however, said Supermarkets General is facing\nproblems due to its Purity Supreme and Rickels operations,\nwhich might make it difficult to thwart a bid.\n Supermarkets General is expected to report about 1.70 dlrs\na share compared to a 1.73 dlrs a share reported for 1985 on a\npost stock split basis.\n For the first quarter, Comeau predicts the company will\nearn 39 cts a share from 35 cts a share a year ago, and should\nearn about 2.05 dlrs for 1987.\n \"But that estimation could go to a 1.80 dlrs easily, due to\nPurity Supreme in New England,\" Comeau said.\n He said competition among supermarkets is getting heated in\nthat area and that the company has had difficulty with\nintegrating Purity Supreme with its Pathmark store operations.\n Rickels, a home center business, has faced problems due to\nthe state of that industry, and has reported lower returns as\nan operating unit, according to analysts.\n Analysts said that if Dart buys Supermarkets General it\nwould probably divest the company's operations.\n Analyst Comeau said \"supermarkets general may seek a\ncombination with another supermarket company.\"\n\u0003", "date": " 9-MAR-1987 12:51:10.26", "topics": [ "acq", "earn" ], "places": [ "usa" ], "id": "3242" }, { "title": "ADVO-SYSTEM INC SEES BREAK-EVEN 2ND QTR", "body": "ADVO-System Inc said it could\nreport a break even second quarter ending March 28, 1987\ncompared with a loss of 1.8 mln dlrs, or 16 cts a share, in\nfiscal 1986's second quarter ended March 29, 1986.\n ADVO said it previously announced it would report a net\nloss for the quarter.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:51:38.75", "topics": [ "earn" ], "places": [ "usa" ], "id": "3243" }, { "title": " TO LAUNCH FRANCHISE", "body": "National Franchisors Inc, a\nfranchise development and consulting business, said it will\nlaunch its first project, the Shoesmith shoe-care and repair\nshop.\n The company said it is negotiating for several shopping\ncenter locations for initial franchise sites and that it will\nsoon open a pilot Shoesmith shop and training center.\n It also said it signed an agreement with , St. Louis, to supply the franchises with\nmachinery and support services.\n Reuter\n\u0003", "date": " 9-MAR-1987 12:51:50.49", "places": [ "usa" ], "id": "3244" }, { "title": "BRITISH AIRPORTS AUTHORITY SEEKS CREDIT FACILITY", "body": ", which\nwill be privatised later this year, is seeking a 200 mln stg\nmultiple option facility, banking sources said.\n The facility will incorporate a 100 mln stg revolving\nstandby credit and a 50 mln stg swingline credit, both of which\nwill be available for seven years. There also will be an\nuncommitted tender panel for the issue of sterling and\nmulti-currency advances and sterling acceptances.\n A minimum of 65 pct of the revolving credit will be\nimmediately available, with a facility fee of six basis points.\n Up to 35 pct of the revolving credit will be available\nsubject to two months notification. There will be a facility\nfee of three basis points while this is not utilised, after\nwhich the fee rises to six basis points.\n Drawings will be at 10 basis points over the London\nInterbank Offered Rate, plus mandatory liquid asset\nrequirements, or a 10 basis point sterling acceptance\ncommission. The swingline will be available for a maximum of\nseven days. There will also be a participation fee of five\nbasis points for 12.5 mln stg.\n The financing is being arranged by Samuel Montagu and Co\nLtd and is being syndicated on a restricted basis among a group\nof the borrower's relationship banks.\n REUTER\n\u0003", "date": " 9-MAR-1987 12:52:39.23", "places": [ "uk" ], "id": "3245" }, { "title": "FED WATCHERS SEE U.S. ECONOMIC, INFLATION UPTURN", "body": "This year will see a pickup in U.S.\neconomic growth and inflation, the Shadow Open Market Committee\nsaid in its semi-annual policy statement.\n The SOMC, a group of basically \"monetarist\" private\neconomists, said that \"economic growth will accelerate in 1987\nin response to powerful stimulative actions by the Federal\nReserve.\"\n The group said the Fed's actions have been excessive. As a\nresult, it said that \"inflation and ultimately another\nrecession now loom on the horizon.\"\n The SOMC said that central bank policies that rely on\nprogressively larger swings in monetary expansion will not lead\nto sustainable economic growth and stable prices.\n The group made no specific nominal forecasts of economic or\ninflation growth in its policy statement. However, the\nCommittee at its Sunday policy-making meeting said it was\nbasically in accord with projections by Jerry Jordan, who is a\nmember of the SOMC and economist at First Interestate Bancorp.\n Jordan expects real GNP growth to be about one percentage\npoint higher than in the past two years. He expects consumer\nprices to rise about 4-1/2 pct this year.\n The SOMC said in recent months rapid money growth has been\na principal cause of the devaluation. To avoid another costly\ninflation and disinflation, the SOMC urged the Fed to \"abandon\nits inflationary policy and set the growth rate of the monetary\nbase on the path toward sustained lower inflation.\"\n The Fed in February said it would no longer target the\nnarrow M-1 money supply because the link between M-1 and\neconomic growth has been largely severed.\n\n\u0003", "date": " 9-MAR-1987 12:55:04.84", "topics": [ "gnp", "money-supply" ], "places": [ "usa" ], "id": "3246" }, { "title": "CANADIAN PACIFIC LTD 4TH QTR OPER NET 30 CTS VS 20 CTS\n", "date": " 9-MAR-1987 12:57:17.24", "topics": [ "earn" ], "places": [ "canada" ], "id": "3247" }, { "title": "LONDON SEES NYSE RULE PROBLEM BEING SETTLED", "body": "London Stock Exchange officials feel\nconfident that problems arising from a New York Stock Exchange,\nNYSE, rule which might limit the trading activities in London\nof NYSE members can be solved, a London Exchange spokeswoman\nsaid.\n The situation will be sorted out during the regular\ncontacts between the two exchanges, she added.\n Recent press reports raised the possibility that an NYSE\nrule could bar its members from trading jointly listed stocks\non the London Exchange during hours when the NYSE was open.\nLondon plans to close its trading floor in due course, but the\nNYSE only recognises foreign exchanges which possess a trading\nfloor.\n\u0003", "date": " 9-MAR-1987 13:03:46.76", "places": [ "uk", "usa" ], "id": "3248" }, { "title": "DUTCH CURRENT ACCOUNT SURPLUS FALLS IN 1986", "body": "The Dutch current account surplus fell\n5.4 billion guilders last year to a provisional 12.1 billion\nguilders, the Finance Ministry said in a statement.\n The surplus is expected to fall further in 1987, the\nstatement said, but gave no details. Earlier today, the\nofficial planning agency CPB said it expected the surplus to\nfall to six billion guilders during 1987.\n The visible goods surplus excluding energy fell by 5.6\nbillion guilders in 1986 to 11.4 billion due to declining terms\nof exchange, while more goods were imported as consumer\nspending and investment increased.\n While the energy trade balance surplus rose by 5.4 billion\nguilders, 4.7 billion of this gain was caused by temporary\nimprovements of terms of exchange and was aided by the delay\nbetween the fall in oil and gas prices.\n The current account showed a 5.2 billion guilder deficit on\ninvisibles, compared with a balance in 1985, the Finance\nMinistry said, noting the surplus on transport services was\nreduced substantially due to the lower dollar and oil price\nfalls.\n The fourth quarter current account showed a deficit, for\nthe first time since 1980, of 700 mln guilders, it said.\n REUTER\n\u0003", "date": " 9-MAR-1987 13:07:51.38", "topics": [ "bop" ], "places": [ "netherlands" ], "id": "3249" }, { "title": "HONEYBEE SEES NO REASON FOR STOCK RISE", "body": "Honeybee Inc said it knows of no reason\nfor the recent rise in its stock price.\n \"There are no corporate or business developments, announced\nor unannounced,\" the company said in a statement. \"Business is\ncontinuing as usual,\" it said, adding that it is not engaged in\nany merger or acquisition discussions.\n The company's stock is trading up 2-1/8 points at 14-1/4.\n Honeybee said it plans to release later this month\npreliminary financial results for the year ended January 30.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:09:01.84", "places": [ "usa" ], "id": "3250" }, { "title": "GRANDVIEW ACQUIRES CONTROL OF U.K. TICKET GROUP", "body": "Consolidated Grandview Inc said it\nacquired a 60 pct stake in , of London,\nfor undisclosed terms. The seller was also undisclosed.\n All Ticket is a special events travel company with\nexclusive European rights to UAL Inc 's United Airlines\nApollo system, booking all United Airlines flights in Britain\nand Europe. All Ticket and its subsidiaries will also\nco-sponsor various events this year including the British Open\ngolf tournament and rowing's Henley Regatta.\n Its 1986 revenues totaled 12 mln Canadian dlrs.\n \n Reuter\n\u0003", "date": " 9-MAR-1987 13:10:35.35", "topics": [ "acq" ], "places": [ "usa" ], "id": "3251" }, { "title": "UNITED CITIES MAKES ACQUISITION", "body": "United Cities Gas Co said it\nhas acquired Lyle Propane Gas Co, a Cairo, Ga., propane gas\ndistributor, for undisclosed terms.\n It said Lyle has sales of about four mln gallons annually\nand serves about 4,000 customers in seven counties in southwest\nGeorgia and north Florida.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:10:41.32", "topics": [ "acq" ], "places": [ "usa" ], "id": "3252" }, { "title": "U.S. BILL AUCTIONS SEEN AT 5.63-65, 5.59-61 PCT", "body": "The U.S. Treasury's weekly auction is\nexpected to produce an average rate of 5.63-65 pct for\nthree-month bills and one of 5.59-61 pct for six-month bills,\ndealers said.\n Shortly before auction time on the new bills, the rate on\nthe outstanding three-month bills was unchanged at 5.64 pct\nbid, while the rate on the six-month bills was one basis point\nhigher at 5.68 pct bid.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:11:17.91", "topics": [ "interest" ], "places": [ "usa" ], "id": "3253" }, { "title": "MEDICAL PROPERTIES SETS MONTHLY DIVIDEND", "body": "The board of Medical Properties\nInc said it has declared an initial monthly cash dividend of\n11-1/2 cts a share and has adopted a monthly dividend policy.\n The initial dividend will be payable April 10 to\nshareholders of record March 31.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:11:40.54", "topics": [ "earn" ], "places": [ "usa" ], "id": "3254" }, { "title": " FORMS HOME SHOPPING UNIT", "body": "Barter Resources said it formed a\ntelevision home shopping unit, Television Catalogue Inc.\n The company said an investor group paid 500,000 dlrs in\nfunding for a 51 pct interest in the unit.\n Barter said 100,000 dlrs of the funding has been paid, with\nthe balance due within sixty days.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:12:47.82", "places": [ "usa" ], "id": "3255" }, { "title": "LONDON GRAIN FREIGHTS", "body": "wheat Ria Luna 20,000 mt\nNorrkoping and Djuron/EC Mexico 12.50 dlrs option loading\nUddevalla at 50 cents less 4,000/1,500 16-23/3 Continental.\n Reference New York Grain Freights 2 of March 6, brokers say\nthe charterer of the Saturn from US Gulf to Japan is reported\nto be Nordstrom and Thulin, while the Antigone is reported to\nhave been arranged from Tilbury to the Black Sea by Soviet\ncharterers.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:13:09.45", "topics": [ "ship" ], "places": [ "uk" ], "id": "3256" }, { "title": "AIR WIS FEBRUARY LOAD FACTOR FALLS", "body": "Air Wis Services Inc said\nFebruary load factor fell to 42.9 pct from 44.2 pct a year\nbefore.\n The company said revenue passenger miles rose 2.1 pct to\n22.2 mln from 21.7 mln a year before, with available seat miles\nup 5.3 pct to 51.8 mln from 49.2 mln.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:13:14.89", "places": [ "usa" ], "id": "3257" }, { "title": "IMMUCOR SPLITS STOCK", "body": "Immucor Inc said its board of\ndirectors has declared a five-for-four stock split in the form\nof a 25 pct stock dividend payable April 15 to shareholders of\nrecord March 27.\n \n Reuter\n\u0003", "date": " 9-MAR-1987 13:13:29.67", "topics": [ "earn" ], "places": [ "usa" ], "id": "3258" }, { "title": "BERMUDA STAR LINE TO MAKE ACQUISITION", "body": "Bermuda Star Line Inc said it has\nagreed in principle to acquire 815-passenger SS Liberte from\nBarnstead Shipping Ltd for use in its New York/Montreal\n\"Northeast Passages\" cruises, starting this summer.\n The company said it is working to conclude a lease\nfinancing or other financing for the purchase of the 23,500 ton\nvessel, which is to be delivered in early April and renamed\nCanada Star.\n Terms were not disclosed.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:15:59.09", "topics": [ "ship" ], "places": [ "usa" ], "id": "3259" }, { "title": "MUNICIPAL ASSISTANCE CORP OF NY TO SELL BONDS", "body": "Municipal Assistance Corp of New York\nsaid its planned offering later this week of 670 mln dlrs of\nSeries 62 bonds would probably be the last time it taps the\nmarket until the third quarter.\n The bonds will be sold by a syndicate led by Salomon\nBrothers Inc. Their maturity will be set at the pricing.\n Proceeds will be used to redeem all outstanding Series 50,\n53 and 54 bonds, each with final maturities of 2008 and bearing\ninterest at 10 pct, 9-7/8 pct and 9-3/8 pct. Municipal\nAssistance said it will buy back at 102 the Series 50 bonds in\nJuly 1994 and the Series 53 and 54 bonds in July 1995.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:18:00.90", "places": [ "usa" ], "id": "3260" }, { "title": "TALKING POINT/CAESARS WORLD ", "body": "\n28-dlr-per-share offering price for Caesars World Inc is\nthought to be much too low and is likely to attract other\nsuitors for the hotel/casino company, industry analysts said.\n \"I think someone else will probably come in, or they (MTS)\nwill have to raise their bid,\" said Marvin Roffman, an analyst\nat Janney Montgomery Scott Inc.\n MTS, a company formed by Martin Sosnoff, Caesars World's\nlargest shareholder, today began a tender offer, valued at\n725.2 mln dlrs, for all shares Sosnoff doesn't already own.\n \"I think the offer is too low by at least five points,\"\nsaid Roffman, who described Caesars World as the operator of\n\"one of the finest casinos in the world.\"\n Sosnoff, a New York investor, already owns 13.3 pct of\nCaesars World's 30.3 mln shares.\n Following news of the tender offer Caesars World's shares\nwere trading at 27-7/8, up 3-3/8.\n A Caesars World spokesman said the company was declining\ncomment on the Sosnoff move for the moment, but Caesars may\nissue a public statement after it has studied the offer.\n Roffman said Caesars World has considerable growth\npotential and he is forecasting fiscal 1988 earnings of two\ndlrs per share.\n Caesars World owns casino hotels in Nevada and honeymoon\nresorts in Pennsylvania's Pocono Mountains. It also controls\nCaesars New Jersey Inc , which owns an Atlantic City,\nN.J., casino hotel.\n For its fiscal year ended July 31 Caesars World reported\nnet income of 41 mln dlrs, or 1.36 dlrs per primary share.\n The company reported second quarter net income of 12.6 mln\ndlrs, or 41 cts per share, compared with income of 7.5 mln\ndlrs, or 25 cts per share a year earlier.\n Daniel Lee, an analyst at Drexel Burnham Lambert Inc, said\nthat although Sosnoff's relatively low bid may attract other\nsuitors willing to pay a higher price for Caesars, there is\nlittle likelihood that a competing bid would start a battle for\nthe company.\n\n\n\n\u0003", "date": " 9-MAR-1987 13:19:41.27", "topics": [ "acq" ], "places": [ "usa" ], "id": "3261" }, { "title": "MERCK UPS 1987 RESEARCH BUDGET 11 PCT", "body": "Merck and Co Inc said it will spend\nmore than 530 mln dlrs this year on research and development,\nup 11 pct from the 480 mln dlrs it spent in 1986 on research\nand development.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:22:03.45", "places": [ "usa" ], "id": "3262" }, { "title": "ALLEGHENY OFFICERS TO RUN COMPANY", "body": "Allegheny International Inc said its\nchairman and chief operating officer will remain in their\npositions following the merger of the company with an affiliate\nof First Boston Corp.\n \"It is expected that Oliver S. Travers will continue as\nchairman, president and Chief executive officer, and Thomas J.\nAlbani will continue as chief operating officer,\" said an\nAllegheny spokesman.\n Allegheny today said it agreed to a buyout from First\nBoston at 24.60 dlrs per share. The transaction was valued at\n500 mln dlrs. Its stock rose 8-5/8 to 24 in active trading.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:22:50.88", "topics": [ "acq" ], "places": [ "usa" ], "id": "3263" }, { "title": "IC GAS MAKES NO RECOMMENDATION ON TRACTEBEL OFFER", "body": "Imperial Continental Gas Association\n, IC Gas, said its board is not making a recommendation\non the partial tender offfer at 710p per share announced by\n and .\n At the same time, however, the board would not recommend a\ngeneral offer for all the shares at a price of 710p, the\nstatement added.\n Shareholders wondering whether to tender either to the\nTractebel consortium or to the rival 700p per share partial\noffer from should consult professional\nadvisers.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:24:01.33", "topics": [ "acq" ], "places": [ "uk" ], "id": "3264" }, { "title": "ALC'S ALLNET TO CONSOLIDATE DATA CENTERS", "body": "ALC Communication Services Inc\nsaid its Allnet Communications Corp will consolidate its two\ndata centers and relocate at a Southfield, Michigan office\ncenter.\n The new facility will employ more than 300 people and is\nexpected to absorb employees from the existing centers in\nBirmingham and Chicago, a company spokesman said.\n Start-up of the consolidated computer data center is\nexpected in late June, it said.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:27:30.75", "places": [ "usa" ], "id": "3265" }, { "title": "NAT'L HEALTHCARE TO SELL FIVE HOSPITALS", "body": "National Heathcare Inc said it\nsigned an agreement to sell five rural hospitals to a private\ncorporation for about 18 mln dlrs, including the assumption of\nsix mln dlrs of debt.\n The company said it plans to complete the sales, which are\nsubject to various regulatory approvals, by the end of July.\n National Healthcare said it expects no material gain on\nloss on the sales and that substantially all proceeds will be\nused to reduce debt.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:28:44.67", "topics": [ "acq" ], "places": [ "usa" ], "id": "3266" }, { "title": "USX CHAIRMAN CALLS FOR LOWER DOLLAR", "body": "USX Corp chairman David Roderick called\nfor a lower value for the U.S. dollar against other currencies\nto help speed a correction in the U.S. trade deficit, which\nlast year reached 170 billion dlrs.\n In remarks prepared for a speech before the Economic Club\nof Detroit, Roderick said, \"There should be total resolve that\nthe dollar versus other major currencies, as well as the\ncurrencies of other nations having a substantial trade surplus\nwith us, must continue to decline so that the correction in our\ntrade deficit starts on the road to recovery.\"\n Roderick said the U.S. should be understanding of the\n\"economic pain\" our trading partners experience as a result of\na falling dollar.\n But, he added, \"As painful as the correction may be to our\ntrading partners, it is less painful than leaving the problem\nuncorrected because that would lead us into an inevitable,\nlengthy and steep world recession.\"\n Roderick said between February 1985 and December 1986 the\ndollar fell by more than 40 pct in real terms against major\nindustrial currencies and by 30 to 35 pct against a broader\ngroup of currencies of nearly all developing nations.\n At the end of 1986, he said, the value of foreign assets in\nthe U.S. exceeded the value of U.S. assets abroad by 240\nbillion dlrs, compared to five years ago when the U.S. had a\nsurplus in assets of 141 billion. A company spokesman said the\ndata were provided by economic consultants to USX.\n The primary reason for the trade imbalance was the 70 pct\nrise of the dollar between 1980 and 1985, although other\nfactors were involved, Roderick said. But it is wrong, he said,\n\"to attribute the massive trade deficit to a fundmental\ndeterioration of U.S. productivity or of American product\nquality.\"\n These areas need to be improved but they are not the root\ncause of the trade gap problem, Roderick said. He urged\nAmerican manufacturers to become more competitive so they can\ncompete in global markets.\n In the speech, the USX chairman also called for changes in\nsecurities laws to curb what he called abuses by corporate\nraiders and speculators.\n Among his proposals, which he presented to the Senate\nBanking Committee in testimony last week, were a requirement\nthat raiders give 24-hour notice for every one pct of stock\nthey acquire in a company.\n Roderick proposed that tender offers must be made for all\ncash to all stockholders on equal terms and that raiders be\nrequired to have financing in place before a tender is made.\n Further, raiders should be required to make an all-cash\ntender offer once they acquire 10 pct of a target company's\nstock, he said. And payment of greenmail, or a preferential\nprice by a target company to buy back a raider's stake, should\nbe prohibited under the revised laws.\n Roderick said changes were necessary to curb abuses but\nthat he did not want laws that would hurt the financial markets\nor discourage \"fair price to all\" takeovers.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:32:01.77", "topics": [ "money-fx", "dlr", "trade", "acq" ], "places": [ "usa" ], "id": "3267" }, { "title": "GULF OF MEXICO RIG COUNT UNCHANGED THIS WEEK", "body": "Utilization of offshore mobile rigs in\nthe Gulf of Mexico was unchanged at 35.6 pct during the past\nweek, a level that has remained relatively steady since January\ndue largely to a reduction of nine rigs in the Gulf fleet,\nOffshore Data Services said.\n The total number of working rigs was 83 for the week,\ncompared to 83 last week and 129 rigs one year ago.\n Offshore Data Services said the worldwide utilization rate\nfell 0.3 pct to 53.9 pct with a total of 335 idled rigs. The\nnumber of rigs contracted worldwide was 392.\n In the European-Mediterranean area, rig utilization also\nremained unchanged at 41.3 pct during the past week with 64 of\n155 rigs contracted.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:32:58.39", "places": [ "usa" ], "id": "3268" }, { "title": "CANADIAN PACIFIC (CP) CONFIRMS EARNINGS", "body": "Canadian Pacific Ltd said fourth\nquarter 1986 operating profit rose to 91.6 mln dlrs, or 30 cts\na share, from 50.7 mln dlrs, or 20 cts a share, a year ago.\n The statement confirmed released preliminary earnings\nfigures the company released in February.\n A 102.6 mln dlr gain on the sale of CP's Cominco Ltd\ninterest helped raise final 1986 fourth quarter profit to 193.8\nmln dlrs or 65 cts a share.\n The company said a drop in 1986 full-year operating profit\nto 150.1 mln dlrs from a restated 252.7 mln dlrs in 1985 was\ndue mainly to lower world oil prices.\n The company said its CP Rail division reported 1986 net\nincome of 119.4 mln dlrs, compared with 133.4 mln dlrs in 1985.\nIt said grain traffic recovered from drought-affected levels of\na year ago but was offset by weakness in other traffic areas\nand increased expenses.\n It said the net loss from its Soo Line increased to 33.5\nmln dlrs loss from 8.7 mln dlrs loss in 1985, mainly due to\nrestructuring charges.\n Canadian Pacific said favorable developments during the\nyear included reduced bulk shipping losses as a result of a\nrecovery in tanker markets and a turnaround in the forest\nproducts sector.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:34:45.82", "topics": [ "earn" ], "places": [ "canada" ], "id": "3269" }, { "title": "HUGHES' U.S. RIG COUNT FALLS BY 35 TO 766", "body": "U.S. drilling activity slowed\nsignificantly in Texas and Oklahoma last week, resulting in the\nnumber of U.S. active rotary rigs to plunge by 35 to a total of\n766, against 1,212 working rigs one year ago, Hughes Tool Co.\nsaid.\n Most of the decrease came among rigs used for onshore\ndrilling, which dropped to a total of 671 from last week's 707.\nA total of 78 rigs were active offshore and 17 were working in\ninland waters during the week, Hughes Tool said.\n Among individual states, Texas lost 23 working rigs,\nOklahoma dropped by 13, Louisiana was down three and New Mexico\ndropped by one. Wyoming, Kansas and California reported gains\nof six, five and four rigs, respectively.\n In Canada, the rig count was up 16 to 180, against 398 one\nyear ago.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:36:30.03", "places": [ "usa" ], "id": "3270" }, { "title": "FORD SHARES RISE ON HIGHER EARNING ESTIMATE", "body": "Ford Motor Co's stock rose 1-1/4 to\n82-1/4 after analyst Maryann Keller of Furman Selz Mager Dietz\nand Birney raised earnings estimates on the company, traders\nsaid.\n Keller said that she expects the company's 1987 earnings to\nrise to between 13.50-to-14 dlrs a share as compared to 12.32\ndlrs a share earned last year.\n She said Ford's already good market share is expected to\nremain favorable and earnings from overseas are expected to\nimprove.\n In addition, Keller said, the company is selling more of\nits expensive model cars, which are more profitable.\n The non-automotive operations, including Ford Motor Credit,\nare also expected to post improved earnings this year.\n Keller said she expects the company to split its stock and\nraise its dividend to at least three dlrs a share this year.\n She noted that Chrysler Corp's announcement of a merger\nproposal for American Motors Corp should have no short\nterm effect on Ford but could cut into Ford's share of the\ntruck market in the long term.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:37:39.77", "topics": [ "earn" ], "places": [ "usa" ], "id": "3271" }, { "title": "ITALY SHOWS INTEREST IN U.K. NEW CROP WHEAT", "body": "Italy has shown interest in British new\ncrop wheat recently but the actual volume booked so far by\nItalian buyers has not been large, traders said.\n They put purchases at around 50,000 tonnes for Sept/Dec\nshipments but said some of the business was transacted at the\nstart of the year.\n Italian interior home markets have been active in recent\nweeks and traders said around 200,000 tonnes have traded\nbetween dealers and home consumers. Some of this has been\ncovered in the market here and more possibly will be, traders\nsaid.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:37:58.20", "topics": [ "grain", "wheat" ], "places": [ "uk", "italy" ], "id": "3272" }, { "title": "DUTCH RETAILER AHOLD SEES UNCHANGED 1987 PROFIT", "body": "Dutch food retailer Ahold\nNV expects unchanged profits in 1987 but said it will\ntake advantage of the lower dollar to expand further in the\nU.S.\n Turnover will grow but net profits are expected to remain\naround the 1986 level of 132.4 mln guilders due to higher Dutch\ntaxes and a three-year expansion plan, Ahold Chairman Albert\nHeijn told a news conference.\n The profit forecast allows for a dollar rate around current\nlevels of just over three guilders.\n Turnover and net profit in 1986 were hit by the dollar,\nwhich fell to an average 2.46 guilders from 3.35 in 1985.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:38:07.47", "topics": [ "earn" ], "places": [ "netherlands" ], "id": "3273" }, { "title": "FLYING TIGERS ADDS AIR CARGO ROUTES", "body": "Flying Tigers said it has expanded\nits air cargo routes to include Asia-to-Europe jetfreighter\nflights.\n The company also said it is launching a jetfreighter\nservice to Milan, Italy.\n Both routes will operate weekly.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:41:42.16", "places": [ "usa" ], "id": "3274" }, { "title": "PITT-DES MOINES GETS QUALIFIED AUDIT", "body": "Pitt-Des Moines Inc said it will\nreceive a qualified opinion from auditors on its 1986 and 1985\nfinancial statements.\n It said the qualification related to its inability to\ndetermine the effects, if any, of the final resolution of a\nsuit filed against it by . The 1985 suit was dismissed in a 1986 lower court\naction, but the ultimate outcome of the matter is still\nuncertain since Washington Public Power has appealed to the\nU.S. Court of Appeals.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:48:37.35", "topics": [ "earn" ], "places": [ "usa" ], "id": "3275" }, { "title": "READING TO SELL PHILADELPHIA PROPERTIES", "body": "Reading Co said it has agreed in\nprinciple to convey properties it owns in and around the\nPhiladelphia Convention Center site to the city of Philadelphia\nand the Philadelphia Convention Center Authority.\n It said in exchange it will receive about 23 mln dlrs in\ncash, rights to acquire 22 acres adjacent to the Philadelphia\nInternational Airport and an option to acquire the development\nrights over the Gallery II shopping mall on Market Street in\ndowntown Philadelphia.\n Reading said it will be responsible for the demolition and\ncleanup of certain of the properties, for which a portion of\nthe cash proceeds will be escrowed.\n The company said it will continue to own and operate the\nReading Terminal Market in Philadelphia.\n The land it is giving up amounts to about seven acrease and\nincludes part of the Reading Terminal Train Shed, it said.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:50:07.11", "topics": [ "acq" ], "places": [ "usa" ], "id": "3276" }, { "title": "MONTEDISON ACQUIRES ARCO RESEARCH UNIT", "body": "Montedison SpA has acquired a 70\npct stake in of\nCalifornia from Atlantic Richfield Co for \"several tens\nof millions of dollars,\" a senior Montedison executive said.\n Renato Ugo, a member of Montedison's management committee,\ntold reporters that \nof Menlo Park, California, had acted as a partner in the\npurchase, itself acquiring a stake in PCRI of under 10 pct.\n PCRI, based in Dublin, California has a biotechnology\nresearch laboratory.\n Ugo said the price paid included outlays for the laboratory\ntechnology and staff.\n He said other negotiations were under way with\nbiotechnology companies in the health care and diagnostics\nsectors through Montedison's health care subsidiary , but gave no details.\n \"We hope they will be concluded by the year end,\" he said.\n Montedison currently invests around 30 billion lire a year\nin biotechnology research and expects to increase this figure\nto around 50 billion lire in the next few years.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:51:13.91", "topics": [ "acq" ], "places": [ "usa" ], "id": "3277" }, { "title": "LMFE TO CONCENTRATE ON CASH SETTLED CONTRACTS", "body": "The London Meat Futures Exchange, LMFE,\nwill cease trading in its deliverable pigmeat contract from\nApril 3, the LMFE said.\n The move will enable the exchange to concentrate on the\ncash settled contracts introduced last year.\n \"This allows the exchange and its members to concentrate our\nmarketing on the pig and live cattle contracts,\" LMFE official\nPeter Freeman said. \"These two have already shown their\neffectiveness for hedging, and the trade in both contracts is\nincreasing,\" he added.\n \"Using the futures market allows better planning and forward\nprice fixing that our industry needs,\" chairman Pat Elmer said.\n Some 131 pig contracts were settled against the Meat and\nLivestock Commission's Average All Pigs Price in February,\nwhich represents hedging for over 13,000 pigs, more than twice\nthe number cash-settled in January, the LMFE said.\n Cash settlement on the new cattle and pig contracts was\nintroduced last June in the expectation that the appeal of the\nfutures market to farmers, abattoirs and users of meat would\nincrease because of the absence of a delivery requirement.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:51:26.44", "topics": [ "hog", "l-cattle", "livestock" ], "places": [ "uk" ], "id": "3278" }, { "title": "KOEHLER RESIGNS AFTER ONE-WEEK AS REAGAN AIDE", "body": "White House communications director\nJohn Koehler resigned after just one week in the job, saying\nPresident Reagans' new chief of staff Howard Baker had a right\nto appoint his own team.\n Koehler was hired to replace Patrick Buchanan as Reagan's\ncommunications chief a few days before Donald Regan quit as the\npresident's top aide.\n \"I don't feel I've been jerked around ... I recognize that\nSenator Baker must have people around him for the next 22\nmonths that he's known for a long time, that he understands,\nthat he's comfortable with and who are comfortable with him,\"\nsaid Koehler during an appearance in the White House press\nroom.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:54:27.78", "places": [ "usa" ], "id": "3279" }, { "title": "IRAQ SAYS IRAN EXAGGERATES FIGHTING IN NORTH", "body": "A senior Iraqi official said today Iran\nhad exaggerated reports of fighting on the Gulf war northern\nfront to make up for failure in the south and to encourage\nanti-Baghdad Kurdish rebels to support its troops.\n The head of the defence ministry political department,\nAbdul Jabbar Muhsen told Reuters in a telephone interview that\nfighting continues in the Kurdistan mountain region, where Iran\nlaunched its northern offensive last Tuesday night.\n Asked about the silence of Iraqi war communiques on the\nbattle he said, \"Small units are taking part, the biggest of\nwhich is brigade size.\n\n\n\u0003", "date": " 9-MAR-1987 13:56:24.13", "places": [ "iran", "iraq" ], "id": "3280" }, { "title": "TCN COMPLETES INSTALLATION OF SWITCHING SYSTEM", "body": ", a long distance\nphone service, said it has completed installing it\nstate-of-the-art switching system.\n TCN also said it began building a fiber optic transmission\nnetwork to initially link San Antonio, Austin, Dallas and\nHouston, Texas.\n TCN said the service will expand during the second quarter\n1987 to include service to California and Florida.\n Reuter\n\u0003", "date": " 9-MAR-1987 13:58:36.63", "places": [ "usa" ], "id": "3281" }, { "title": "CBT TRADERS SEE LOWER SOYBEAN EXPORT INSPECTIONS", "body": "The USDA's weekly export inspection\nreport is expected to show a decline in soybean exports and\nsteady to slightly lower corn and wheat exports, according to\nCBT floor traders' forecasts.\n Traders projected soybean exports at 15 mln to 16 mln\nbushels, down from 20.3 mln bushels a week ago and 25.5 mln\nbushels a year ago.\n Corn guesses ranged from 20 mln to 25 mln bushels, compared\nwith 21.9 mln bushels a week ago and 28.2 mln a year ago.\n Wheat guesses ranged from 13 mln to 18 mln bushels,\ncompared with 14.1 mln bushels a week ago and 17.9 mln a year\nago.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:03:17.32", "topics": [ "oilseed", "soybean", "grain", "corn", "wheat" ], "places": [ "usa" ], "id": "3282" }, { "title": "PRIMARY EUROSTERLING MARKET BOOMS DESPITE RATE CUT", "body": "Two new eurosterling bonds were launched\ntoday, making a total of 10 new deals in the sector so far this\nmonth, as borrowers rush to cash in on a bull sterling market\nfueled by the strength of the pound and pre-budget euphoria.\n The Bank of England finally gave way to a 1/2 point cut in\nbanks' base lending rates earlier today, but dealers said this\nhad been largely discounted and was not likely to detract from\nthe current popularity of sterling-denominated investments.\n \"Sterling, in any shape or form, is flavor of the month and\nwe're set to see many more eurosterling deals,\" one dealer said.\n Today's new eurosterling bonds were a 10-year, 100 mln stg\ndeal for Sweden at 9-1/2 pct and priced at 101-1/4 pct, lead by\nBaring Brothers and Co Ltd and a 14 year 60 mln stg convertible\ndeal for Storehouse Plc launched by SBCI International Ltd. \"We\nthought we saw a proverbial flood of new deals with the 14 we\nhad last month but it seems March will beat February hands down\nwith 10 already,\" one eurosterling specialist said.\n \"Optically, psychologically, these single figures are much\nmore attractive for the borrower. Eurosterling looks like a\ncheap and attractive way to raise your money,\" he added.\n This accounts for the wide variety of borrowers who have\ntapped the sector recently, ranging from sovereigns such as the\nKingdom of Sweden today, continental banks including\nCommerzbank and Deutsche Bank and British corporations.\n Another U.K. Merchant bank analyst noted that the current\nvogue for eurosterling enabled several corporate borrowers last\nmonth to offer paper priced below comparative gilt yields.\n A Storehouse official confirmed that the issue was aimed at\nSwiss and German investors who were showing good interest.\n This is the first entry into the long term international\ncapital markets by Storehouse, British designer Terence\nConran's retail conglomerate which incorporates U.K. Chain\nstores Mothercare, British Home Stores and Habitat.\n \"We have been considering the move for quite some time now\nand the current strength of the eurosterling sector provided\nthe perfect opportunity and spur for us to finally tap the\nmarket,\" Lance Moir, corporate treasurer at Storehouse Plc told\nReuters.\n\n\u0003", "date": " 9-MAR-1987 14:03:57.32", "topics": [ "interest", "stg" ], "places": [ "uk" ], "id": "3283" }, { "title": "MCDONNELL SAID TALKS AT INFORMAL STAGE", "body": "McDonnell Douglas Corp said recent talks\nwith Airbus Industries about joint development and production\nof a new jetliner with the European aircraft manufacturing\nconsortium have been very informal.\n \"If there have been talks, they were casual at best,\" said\na source at the company. \"There is nothing going on that would\nlead to immediate or near-term collaboration\" on a new plane.\n Senior officials at the aerospace firm's St. Louis\nheadquarters were unable to comment more specifically on\nweekend published reports from Europe that talks about a joint\nventure have resumed after they broke off last fall.\n McDonnell Douglas and Airbus last spring and summer had\ndiscussed jointly developing and building a long-range aircraft\nto compete with Boeing Co 747 wide-body jetliner, or its\nsuccessor. Talks ended when neither side wanted to forego plans\nto launch its own widebody jetliner projects - McDonnell\nDouglas with its MD-11 and Airbus with its A340.\n McDonnell Douglas has since launched the MD-11 jetliner, a\nsuccessor to its DC-10, and has more than 100 orders and\noptions.\n Airbus wants to launch its program this spring and is now\nseeking customers for the long-range A340 and a companion\nplane, the shorter-range A330.\n \"I don't want to say we're not interested, because we are\nin any collaboration that benefits McDonnell Douglas without it\ngiving up anything,\" the source told Reuters. \"There just\nhaven't been in-depth discussions.\"\n He said any joint venture would not affect the MD-11\nprogram already underway.\n McDonnell Douglas last month claimed Airbus tried to\noverturn pledges made by airlines to buy the MD-11 by offering\ncut-rate prices for the A340.\n The firm said Airbus, in an effort to line up enough\ncustomers to launch the program, is engaging in \"predatory\npractices\" with prices substantially below those needed to\nrecover the cost of developing and building the plane.\n U.S. government and aerospace industry officials believe\nAirbus can offer low prices because the consortium gets\ngovernment subsidies that cover many of its costs.\n The Reagan Administration decided last month to consult the\nGeneral Agreement on Tariff and Trade, GATT, to determine\nwhether Airbus is unfairly subsidized. Under GATT rules an\nenterprise can be subsidized but only if it will make a profit.\n U.S. officials say Airbus countries have poured 15 billion\ndlrs into Airbus since the early 1970's and the consortium has\nyet to make a profit.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:04:16.31", "places": [ "usa" ], "id": "3284" }, { "title": "EUROPE SHIPPING EXPORTS TO S AFRICA OFF 40 PCT", "body": "The volume of European exports to\nSouth Africa carried by container line vessels has declined 40\npct in the last two years, British shipping executive Antony\nButterwick said.\n Butterwick told reporters that despite the drop and low\nfreight rates, the shipping conference he heads will increase\nthe frequency of sailings to South Africa as a \"very strong act\nof faith and confidence\" in the country's future.\n He is chairman of the Europe South and South-East African\nConference Lines and joint managing director of P and O\nContainers Ltd.\n A statement issued by the conference here said frequency of\nSouthern Africa/Europe container service sailings is being\nincreased from nine to seven days.\n \"This is the most positive development on the shipping front\nbetween South Africa and its main trading partners in Europe\nfor more than four years, when the service last operated\nweekly,\" it said.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:06:39.90", "topics": [ "ship" ], "places": [ "south-africa", "uk" ], "id": "3285" }, { "title": "AIRBUS HAS NO COMMENT ON MCDONNELL TALKS", "body": "European consortium \nsaid it had no comment on press reports that it had resumed\ntalks with U.S. over a possible joint\ndevelopment and production of airliners.\n A spokesman at Airbus headquarters in Toulouse said in a\ntelephone interview: \"We have no knowledge of talks and have no\ncomment to make.\"\n Talks broke off last autumn after the two rivals failed to\nagree on cooperation over a new long-range jet. McDonnell\nDouglas wanted Airbus to help build its MD-11, while Airbus\ninsisted McDonnell drop the MD-11 and cooperate over its A340.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:07:18.47", "places": [ "usa", "france" ], "id": "3286" }, { "title": "MATHEMATICAL APPLICATIONS SETS OPERATIONS SALE", "body": "Mathematical Applications Group\nInc said it has signed a letter of intent to sell all of its\noperating business and will propose a plan of liquidation\nfollowing the sale.\n If the company is unsuccessful in obtaining the approvals\nneeded for the sale and liquidation, it said, the company may\nbe required to initiate reorganization proceedings under\nfederal bankruptcy law to facilitie the distribution of its\nassets.\n Mathematical Applications said it tentatively agreed to\nsell its direct marketing business to Pagex Inc for 400,000\ndlrs plus an amount equal to the working capital of the\nbusiness at closing as well as a 1.7 mln dlr note payable in\ninstallments over six years.\n Mathematical Applications said the business' working\ncapital is estimated to be about 600,000 dlrs.\n Pagex has been formed by Paul A. Goldner the owner of Pagex\nSystems Inc, which is also engaged in the direct marketing\ncomputer service business.\n Mathematical Applications said the tentative agreement\ncalls for Pagex to buy substantially all of the assets and\nliabilities related to the direct marketing business and\ncontinue to use the Mathematical Applications name.\n It said the sale is also subject to renegotiation of a real\nestate lease and approval of a definitive agreement by the\ncompany's board, stock holders and debenture holders.\n The company said it has obtained waivers from holders of\nits six mln dlrs principal amount of debentures due March 31,\n1993, to defer interest payments aggregating 270,000 dlrs\nthrough March 31, 1987. The company said it will seek waivers\nto defer these interest payments, and those due March 31, for\nenough time to enable the company to accomplish the proposed\nsale of its operations.\n Mathematical Applications said it is talking to debenture\nholders, its landlord, a lessor of equipment to the marketing\noperation and holders of other liabilities not being assumed by\nPagex to arrange distribution of assets after the proposed\nsale, adding that these assets will be significantly less than\nits liabilities.\n The company said it has obtained waivers from holders of\nits six mln dlrs principal amount of debentures due March 31,\n1993, to defer interest payments aggregating 270,000 dlrs\nthrough March 31, 1987. The company said it will seek waivers\nto defer these payments, and those due March 31, for enough\ntime to accomplish the proposed sale of its operations.\n Mathematical Applications said it is talking to debenture\nholders, its landlord, a lessor of equipment to the marketing\noperation and holders of liabilities Pages is not assuming to\narrange distribution of assets after the proposed sale, adding\nthese assets will be significantly less than its liabilities.\n As part of the distribution of assets, the company said, it\nexpects shareholders to receive an amount based on the bid\nprice of the company's stock, which was 1/16 on March five.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:08:16.84", "topics": [ "acq" ], "places": [ "usa" ], "id": "3287" }, { "title": "UNION CARBIDE FILES TO OFFER 500 MLN DLRS OF DEBT\n", "date": " 9-MAR-1987 14:08:53.63", "id": "3288" }, { "title": "SEN. ZORINSKY'S DEATH RAISES POLICY QUESTIONS", "body": "With the death of Sen. Edward\nZorinsky (D-Neb.), Midwestern grain farmers have lost an ally\nwho from his senior post on the Senate Agriculture Committee\nhad fought hard against cutbacks in farm benefits.\n Zorinsky's passing could trim the Democrats' majority in\nthe Senate and change the makeup of the Senate farm panel.\n Zorinsky, who died of a heart attack last Friday, was the\nsecond-ranking Democrat on the Senate Agriculture Committee and\nchairman of the crucial subcommittee on agricultural production\nand stabilization of prices.\n Once a Republican, Zorinsky was fiscal conservative. But he\nwas an outspoken critic of Reagan administration proposals to\ntrim target prices, and at the time of his death was girding\nhimself for another push for mandatory supply controls.\n If Melcher decides, however, to continue as chairman of the\nsubcommittee on agricultural research, conservation, forestry\nand general legislation, other Democrats would have a crack at\nthe vacated chairmanship.\n By order of seniority, those senators would be David Pryor\n(Ark.), David Boren (Okla.), Howell Heflin (Ala.) and Tom\nHarkin (D-Iowa), a forceful advocate of mandatory supply\ncontrols.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:10:49.86", "places": [ "usa" ], "id": "3289" }, { "title": "FINANCIAL CORP UNIT COMPLETES PURCHASE", "body": "Financial Corp of America's\nAmerican Savings and Loan Association said it completed the\npreviously announced purchase of 16 retail savings branches\nfrom Great Western Financial Corp's Great Western\nSavings.\n American Savings said the purchases boost its deposits by\nabout 550 mln dlrs, but do not affect its asset base.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:11:11.67", "topics": [ "acq" ], "places": [ "usa" ], "id": "3290" }, { "title": "U.S., SOVIETS TO RESUME TALKS ON MEDIUM-RANGE MISSILES", "body": "American and Soviet arms negotiators will\nresume talks on curbing medium-range nuclear missiles here\ntomorrow, a U.S. Spokesman said.\n The negotiations on nuclear and space arms formally\nrecessed their seventh round last Friday.\n But both sides agreed that the group dealing with\nIntermediate Nuclear Forces (INF) would continue its work,\nfollowing proposals introduced last week by both superpowers\nfor deep cuts in those weapons.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:17:09.99", "places": [ "usa", "ussr", "switzerland" ], "id": "3291" }, { "title": "CENTRAL BANKERS SATISFIED WITH PARIS ACCORD", "body": "Central bankers said they\nwere generally satisfied with the response to the Paris accord\ntwo weeks ago to stabilize currencies at around current levels.\n Speaking after a meeting at the Bank for International\nSettlements (BIS), which reviewed the agreement, they also\nwelcomed interest rates cuts in France and today's drop in\nBritish rates. One top official said the rate cuts would help\nto stimulate growth generally in Europe and welcomed that\ncountries other than West Germany were seen to be helping\nsustain the economy. \n The central bankers, who spoke on the condition they not be\nnamed, said the meeting of governors from the Group of 10\ncountries also heard a report from Michel Camdessus, the new\nmanaging director of the International Monetary Fund, on the\nIMF's latest assessment of the debt crisis. In particular, they\ndiscussed Brazil's debt moratorium.\n But there was no sense of urgency, they said, and Brazil\nhad made no appeal for bridging loans from the BIS or central\nbanks.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:18:30.70", "topics": [ "money-fx", "interest" ], "organisations": [ "bis" ], "places": [ "switzerland" ], "id": "3292" }, { "title": "UNION CARBIDE FILES 500 MLN DLR DEBT OFFER", "body": "Union Carbide Corp said it filed\na registration statement with the Securities and Exchange\nCommission covering 250 mln dlrs of senior subordinated notes\ndue 1994 and 250 mln dlrs of convertible subordinated\ndebentures due 2012.\n The notes, which will be callable after 1992, will be\nunderwritten by First Boston Corp.\n First Boston is co-lead underwriter with Morgan Stanley and\nCo of the debentures, which will be convertible into Union\nCarbide common at any time prior to maturity, unless previously\nredeemed.\n Union Carbide said it will use the proceeds of the issues\nto repay debt incurred in connection with a recapitalization\nplan unveiled in November 1986.\n The plan was aimed at reducing debt levels and interest\nexpense, strengthening the chemical company's finances and\nincreasing its operating flexibility.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:19:01.74", "places": [ "usa" ], "id": "3293" }, { "title": "SALLIE MAE PRICES SHORT-TERM FLOATING RATE NOTES", "body": "The Student Loan Marketing\nAssociation said it priced its 300 mln dlr short-term floating\nrate note offer at par to yield 25 basis points above the\nbond-equivalent yield of the 91-day Treasury bill.\n Sallie Mae said previously interest on the notes, which are\nfor settlement March 12 and are due Sept 10, 1987, will be\nreset the day following each weekly T-bill auction.\n When-issued trading is expected to begin at 0930 hrs EST\ntomorrow, it said.\n Sallie Mae said it generally offers short-term floating\nrate notes each month.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:20:01.71", "places": [ "usa" ], "id": "3294" }, { "title": "JOHNSON PRODUCTS SELLS TWO SUBSIDIARIES", "body": "Johnson Products Co Inc said it\ncompleted the sale of Debbie's School of Beauty Culture Inc and\nthe assets of Ultra Precise Beauty Boutique Inc to management.\n It said the sale price of 2,533,000 dlrs consisted of\n700,000 dlrs cash, a secured promissory note for 1,506,000 dlrs\nand the forgiveness of a debt of 327,000 dlrs owed by Johnson\nProducts to Debbie's School.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:22:55.42", "topics": [ "acq" ], "places": [ "usa" ], "id": "3295" }, { "title": "NEW AGENCY TO GIVE CREDIT RATINGS ON EUROBONDS", "body": "A newly formed credit rating agency based\nin London, EuroRatings Ltd, said it will begin providing\nevaluations of the quality of eurobond offerings including the\nfirst-ever ratings of some of the U.K. And Irish clearing\nbanks.\n The agency said that already, it has published ratings on\n90 issues of 45 euromarket issuers.\n Among the bank issues never rated publicly are long-term\ndebt securities of LLoyd's Bank PLC Allied Irish Banks, Bank of\nIreland and Bank of Scotland.\n Shareholders in the new firm are Fitch Investors Service\ninc, a U.S.-based rating agency and Compagnie Belge\nD'Assurance- Credit S.A., A credit insurance firm, which is a\nsubsidiary of Societe Generale de Belgique.\n \n Reuter\n\u0003", "date": " 9-MAR-1987 14:25:02.42", "places": [ "uk" ], "id": "3296" }, { "title": "ELI LILLY AND CO GETS DRUG APPROVAL", "body": "Eli Lilly and Co said it obtained\napproval from the U.S. Food and Drug Adminstration to market\nthe natural sequence human growth hormone, humatrope, made by\nrecombinant DNA technolgoy.\n The company said humatrope is identical in chemistry and\nstructure to the growth hormone produced by the human body. It\nis the only commercially available biosysnthetic human growth\nhormone that is identical to naturally-occurring growth\nhormone, according to the company.\n It said humatrope is indicated only for the long term\ntreatment of children who have growth failure due to an\ninadequate secretion of the body's own normal growth hormone.\n Humatrope joins humulin, human insulin in Eli Lilly and\nCo's line of human health care products of recombinant DNA\norigin.\n\n Reuter\n\u0003", "date": " 9-MAR-1987 14:26:05.56", "places": [ "usa" ], "id": "3297" }, { "title": "USAIR SEEKS TWO BILLION LOAN FOR TAKEOVERS", "body": "USAir Group Inc said it seeking two\nbillion dlrs in bank debt to complete its takeover of Piedmont\nAviation Inc and its pending acquisition of PS Group\nInc's Pacific Southwest Airlines.\n In a filing with the Securities and Exchange Commission\nthat details its proposed 69 dlr a share cash tender offer for\nPiedmont, USAir said Manufacturers Hanover Trust Co \n\"indicates its willingness\" in a March 6 letter to provide up\nto 500 mln dlrs of the financing.\n Manufacturers Hanover would also to act as agent for a bank\ngroup to raise the rest of the financing, USAir said.\n USAir said a Manufacturers Hanover affiliate is currently\nagent for its 400 mln dlrs revelving credit facility, which\nwould be replaced by the proposed two billion dlr financing.\n USAir put its total cost of completing the tender offer at\n1.7 billion dlrs. Its Pacific Southwest takeover, which has\nreceived federal approval and is due to come up for shareholder\napproval later this month, is for 17 dlrs a share, or 400 mln\ndlrs total.\n USAir said it has already bought 2.3 mln Piedmont common\nshares, or 9.9 pct of the total outstanding from Norfolk\nSouthern Corp for 161.9 mln dlrs.\n The tender offer, which is being made through a USAir\nsubsidiary, USAG Acquisition Corp, would not be valid unless\nUSAir is left with more than half of Piedmont's total\noutstanding common stock after the April 3 expiration.\n While negotiations on terms and interest rates of its bank\nloans are not yet complete, USAir said it expects them to be in\nthe form of a one billion dlr two-year term loan and a one\nbillion dlr seven-year revolving credit facility.\n The company said it expects to repay the two-year loan\nthrough equity, preferred and debt offerings and possibly\ninternal funds and the sale and/or leaseback of aircraft.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:27:33.35", "topics": [ "acq" ], "places": [ "usa" ], "id": "3298" }, { "title": "U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS SOYBEANS 18,616 WHEAT 16,760 CORN 25,193\n", "date": " 9-MAR-1987 14:32:16.60", "topics": [ "grain", "corn", "wheat", "oilseed" ], "id": "3299" }, { "title": "PITNEY BOWES UNIT TO MARKET SUDBURY SYSTEM", "body": "Pitney Bowes Inc's Dictaphone Corp\nsubsidiary said it has contracted the exclusive right to sell\n's RTAS digital dictation system in\nmedical markets in the United States.\n Inaddition, Dictaphone said, it will market RTAS in\nnon-medical marekts on a non-exclusive basis. RTAS is a\ncentralized system which provides users with 24-hour instant\naccess to dictated reports from any remote location. Dictaphone\nhas been selling the RTAS system since 1984.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:38:46.35", "places": [ "usa" ], "id": "3300" }, { "title": "XYVISION GETS 1.9 MLN DLRS IN ORDERS", "body": "Xyvision Inc said it has\nreceived 1,900,000 dlrs in orders for its computer-integrated\npublishing systems from nine commercial customers.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:39:02.65", "places": [ "usa" ], "id": "3301" }, { "title": "JANNOCK ACQUIRES 50 PCT OF INTERCON SECURITY", "body": " said it acquired a 50 pct\ninterest in Intercon Security Ltd for five mln dlrs and\nIntercon founders Brian Legge and Richard Grange will hold the\nremaining 50 pct and will continue to manage the company.\n Intercon Security, employing 850 people, provides a full\nrange of security equipment and services, Jannock said.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:40:52.17", "topics": [ "acq" ], "places": [ "canada" ], "id": "3302" }, { "title": " CANADIAN OIL COMPANIES RAISE CRUDE PRICES", "body": "Petro-Canada, the state-owned oil\ncompany, said it raised the contract price it will pay for\ncrude oil 64 Canadian cts a barrel, effective March six.\n Petro-Canada's posted price for the benchmark light sweet\ngrade, Edmonton/Swann Hills at 40 api gravity, now stands at\n21.95 Canadian dlrs/bbl. Their light sour grade is posted at\n19.88 Canadian dlrs/bbl.\n Earlier today, Shell Canada said it raised its crude\npostings about 47 Canadian cts/bbl, bringing Edmonton light\nsweet to 21.95 Canadian dlrs/bbl, and the light sour crude to\n19.95 Canadian dlrs/bbl.\n Imperial oil , a 70 pct owned subsidiary of Exxon\nCorp, said that effective March five it also raised its light\nsweet crude posting to 21.95 Canadian dlrs/bbl.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:43:49.67", "topics": [ "crude" ], "places": [ "usa", "canada" ], "id": "3303" }, { "title": "FORD MOTOR CO, FORD MOTOR CREDIT MAY BE RAISED BY MOODY'S, AFFECTS 23 BILLION DLRS OF DEBT\n", "date": " 9-MAR-1987 14:45:45.09", "id": "3304" }, { "title": "DART GROUP SAID IT OFFERS TO BUY SUPERMARKETS GENERAL AT 41.75 DLRS/SHR\n", "date": " 9-MAR-1987 14:46:29.06", "topics": [ "acq" ], "id": "3305" }, { "title": "FINAL 50/50 CORN CERTS SEEN AT 1.6 BILLION DLRS", "body": "The Agriculture Department will have\nto release an estimated 1.6 billion dlrs worth of in-kind\ncertificates, or certs, to corn farmers this fall if USDA\ndecides to maintain an equal split of total 1986 feedgrain\ndeficiency payments in cash and certs, USDA officials said.\n Final 1986 crop deficiency payments will be available to\nfeed grain producers in October. Wheat deficiency payments for\nthe 1986 crop, now complete, were made in a 50/50\ncash-certificate split, and USDA officials have indicated they\nwant to do the same for feedgrains.\n Over 3.2 billion dlrs of an estimated 6.0 billion in corn\ndeficiency payments have already been announced, with 1.42\nbillion dlrs (43 pct) set in certificates. The final payment\nmust be 1.6 billion dlrs in certs (57 pct) for a 50/50 split.\n However, the release this month of almost 600 mln dlrs of\ndeficiency payments was equally divided in cash and certs,\ndoing nothing to bring up the percentage of certs.\n Some USDA analysts said the payments reflected hesitation\nfrom the Office of Managament and Budget to allow another huge\nrelease of certs onto the market.\n Bills are pending in Congress to move up the final\nfeedgrain deficiency payment to \"as soon as five months after\nharvest as possible,\" rather than the current year lag time.\n Neither Rep. Edward Madigan (R-Ill.) nor Sen. Bob Dole\n(R-Kans.), sponsors of the bills, have brought the legislation\nforward. Aides said timing will depend on budget discussions.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:47:07.96", "topics": [ "grain", "corn" ], "places": [ "usa" ], "id": "3306" }, { "title": "FAA ENDORSES SINGER WIND SHEAR SIMULATOR", "body": "Singer Co said\nits flight simulator designed to train pilots in dealing with\nwind shear was endorsed by the Federal Aviation Administration,\nFAA.\n The wind sheer profile will be available on all of Singer's\nSimuFlite Training International Phase II jet simulators by\nmid-1987, the company said.\n While the company can use the device to train pilots\nwithout the FAA evaluation and qualification, it said the FAA\nact is an endorsement.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:50:50.48", "places": [ "usa" ], "id": "3307" }, { "title": "J.W. MAYS INC COMPLETES PAYMENTS", "body": "J.W. Mays Inc said it made the\nfinal payment of 84,519 dlrs due its unsecured creditors under\nits reorganization plan.\n The company said it has been out of bankrputcy since\nFebruary 14, 1984 and has now made its final payment to\ncreditors.\n Mays said it had until March 1, 1988 to pay certain\ninterest due to unsecured creditors but has elected to prepay\nthat interest now.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:53:33.04", "places": [ "usa" ], "id": "3308" }, { "title": "BCI HOLDINGS TO SELL BOTTLED WATER DIVISION", "body": " said its retained Shearson Lehman Brothers Inc to assist\nin the sale of its national bottled water business.\n It said products of the subsidiary, based in Monterey Park,\nCalif., are sold under the Arrowhead brand name in California\nand Arizona, the Ozarka name in Texas and the Great Bear name\nin 11 northeastern states.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:56:10.98", "topics": [ "acq" ], "places": [ "usa" ], "id": "3309" }, { "title": "LCE AND IPE ELECT FIRST TRADED OPTIONS MEMBERS", "body": "The first 23 members have been elected to\nthe joint traded options facility of the London Commodity\nExchange (LCE) and the International Petroleum exchange (IPE),\nthe exchanges said in a statement.\n More firms have applied and the final tranche will be\nadmitted on April one and trading is planned to start in early\nJune on the new trading floor on Commodity Quay.\n Traded options need a volatile and liquid futures base to\nsucceed and chairman of the joint formation committee Jack\nPatterson said the existing LCE cocoa, coffee, sugar and IPE\ngas oil contracts should have no difficulty in providing this.\n Reuter\n\u0003", "date": " 9-MAR-1987 14:56:21.01", "topics": [ "cocoa", "coffee", "sugar", "heat" ], "places": [ "uk" ], "id": "3310" }, { "title": "USDA ESTIMATES 1986/87 USSR GRAIN IMPORTS 26.0 MLN TONNES VS 23.0 IN FEB, 29.9 IN 1985/86\n", "date": " 9-MAR-1987 15:01:33.69", "topics": [ "grain" ], "places": [ "ussr" ], "id": "3311" }, { "title": "USDA ESTIMATES 1986 SOVIET GRAIN CROP AT 210 MLN TONNES VS 210 IN FEB, 192 YEAR-AGO\n", "date": " 9-MAR-1987 15:01:44.19", "topics": [ "grain" ], "places": [ "ussr" ], "id": "3312" }, { "title": "DART MAKES OFFER FOR SUPERMARKETS ", "body": "Dart Group Corp said it offered to\nbuy Supermarkets General Corp for 41.75 dlrs per share in cash.\n Earlier Supermarkets General said an \"unsolicited third\nparty\" had made the offer. Analysts estimated the value at\nabout 1.6 billion dlrs, based on 38.5 mln shares outstanding.\n Kidder, Peabody and Co Inc told Dart that Kidder's\naffiliate will be prepared to advance up to 750 mln dlrs on a\nsubordinated basis.\n\n\n\u0003", "date": " 9-MAR-1987 15:02:02.30", "topics": [ "acq" ], "places": [ "usa" ], "id": "3313" }, { "title": "USDA ESTIMATES SOVIET WHEAT, COARSE GRAINS", "body": "The U.S. Agriculture Department\nforecast the Soviet 1986/87 wheat crop at 92.30 mln tonnes, vs\n92.30 mln tonnes last month. It put the 1985/86 crop at 78.10\nmln tonnes, vs 78.10 mln tonnes last month.\n Soviet 1986/87 coarse grain production is estimated at\n103.30 mln tonnes, vs 103.30 mln tonnes last month. Production\nin 1985/86 is projected at 100.00 mln tonnes, vs 99.99 mln\ntonnes last month.\n USSR wheat imports are forecast at 15.00 mln tonnes in\n1986/87, vs 14.00 mln tonnes last month. Imports in 1985/86 are\nput at 15.70 mln tonnes, vs 15.70 mln tonnes last month. USDA\nestimated Soviet 1986/87 coarse grain imports at 10.00 mln\ntonnes, vs 8.00 mln tonnes last month, and 1985/86 imports at\n13.70 mln tonnes, vs 13.70 mln tonnes last month.\n\n\u0003", "date": " 9-MAR-1987 15:07:36.56", "topics": [ "grain", "wheat" ], "places": [ "usa", "ussr" ], "id": "3314" }, { "title": "USDA ORANGE JUICE YIELD ESTIMATE", "body": "The U.S. Agriculture Department\nprojected an average yield of 1.47 gallons of frozen\nconcentrated orange juice per box (42.0 degree brix equivalent)\nfrom Florida's 1986/87 crop.\n That compares with 1.46 gallons per box previously and 1.38\ngallons per box from the 1985/86 crop.\n The crop reporting board said the estimates for the 1986/87\nseason are based on maturity and yields tests as of March 1.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:08:43.14", "topics": [ "orange" ], "places": [ "usa" ], "id": "3315" }, { "title": "S/P MAY DOWNGRADE CAESARS WORLD DEBT", "body": "Standard and Poor's Corp said it is\nreviewing debt of Caesars World Inc with negative implications\nfollowing New York investor Martin Sosnoff's 725.2 mln dlr bid\nto buy the Caesars World common shares he does not yet own.\n The issues include Caesars World's BB-rated senior debt and\nsingle-B-plus subordinated debt, and Caesars World Finance\nCorp's B-plus subordinated debt, guaranteed by the parent.\nAbout 230.8 mln dlrs of debt is affected.\n S and P said that, if successful, the debt financed\nacquisition would greatly increase the firm's financial risk\nand cause a marked drop in earnings and cash flow.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:11:39.87", "places": [ "usa" ], "id": "3316" }, { "title": "USDA WINTER/SPRING POTATO ESTIMATES", "body": "The U.S. Agriculture Department\nestimated 1987 winter potato production, based on March 1\nconditions, at 2,788,000 cwts (100 lbs), vs 2,764,000 cwts\nindicated last month and 2,991,000 cwts last year.\n The department estimated winter potato area for harvest at\n11,900 acres, vs 11,900 acres last month and 12,300 acres in\n1986.\n The yield per harvested acre for winter potatoes is\nestimated at 234 cwts per acre, vs 243 cwts last year.\n The department also projected 1987 spring potato crop area\nplanted at 79,300 cwts, vs 77,400 cwts last year, and area for\nharvest at 76,700 acres, vs 75,900 acres harvested last year.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:13:31.49", "topics": [ "potato" ], "places": [ "usa" ], "id": "3317" }, { "title": "MEATPACKERS STRIKE MORRELL SIOUX CITY PLANT", "body": "About 800 members of the United Food and\nCommercial Workers Union, UFCWU, struck John Morrell's Sioux\nCity, Iowa, pork processing plant at midnight Sunday, a\nspokesman for the UFCWU national said.\n Meatpackers at the plant have been working without a\ncontract since the old pact expired January 31, UFCWU spokesman\nJohn Mancuso said. The plant can slaughter and process about\n13,000 to 14,000 hogs a day, he estimated.\n The UFCWU bargaining committee and full membership rejected\nin late January a contract proposal by John Morrell, a\nsubsidiary of United Brands Inc, he said.\n\n\u0003", "date": " 9-MAR-1987 15:14:11.17", "topics": [ "carcass", "livestock", "hog" ], "places": [ "usa" ], "id": "3318" }, { "title": "CHRYSLER TO CLOSE INDIANA ELECTRICAL PLANT", "body": "Chrysler Corp said over the next two\nyears it will phase out production at its Indianapolis\nElectrical Plant, which currently employs 975 hourly hourly and\nsalaried workers.\n The company said that its recently concluded study\nindicated the plant, now operating at less than 50 pct\ncapacity, could not be competitive in an increasingly\ncompetitive automotive market in the production of\nelectro-mechanical automotive components.\n\n\n\u0003", "date": " 9-MAR-1987 15:14:31.08", "places": [ "usa" ], "id": "3319" }, { "title": "CAESARS WORLD BID VALUED AT 907 MLN DLRS", "body": "MTS Acquisition Corp said it will need\nabout 907 mln dlrs to acquire the 31,781,461 Caesars World Inc\nshares not owned by its owner, Martin T. Sosnoff.\n The estimate came in MTS Acquisition's proxy statement to\nCaesars World shareholders describing its offer of 28 dlrs a\nshare for their stock which was announced this morning.\n In that announcement, MTS Acquisition said its bank and\ninvestor bankers felt they could provide financing totaling 975\nmln dlrs for the offer.\n Sosnoff is Caesars World's largest shareholders with\n4,217,675 of the company's shares. That is about 11.7 pct of\nthe outstanding stock on a fully diluted basis, the proxy said.\n Besides being the sole owner of MTS Acquisition, Sosnoff\nowns 61 pct of Atalanta/Sosnoff Capital Corp's stock and\nis chairman of that investment management and brokerage firm.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:16:25.23", "topics": [ "acq" ], "places": [ "usa" ], "id": "3320" }, { "title": "FORD DEBT RATINGS MAY BE RAISED BY MOODY'S", "body": "Moody's Investors Service Inc said it\nis reviewing the long-term debt ratings of Ford Motor Co and\nFord Motor Credit Co for possible upgrade. About 23 billion\ndlrs of debt is affected.\n Moody's said it recognizes Ford's recent superior operating\nresults and is assessing whether this performance can be\nexpected to continue. The rating agency will focus on Ford's\nlong-term competitive business and financial condition.\n Ratings under review include Ford Motor's A-1 rated senior\nlong-term debt, the Credit unit's A-1 rated senior debt and its\nA-2 rated subordinated debt.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:18:05.78", "places": [ "usa" ], "id": "3321" }, { "title": "CAROLIN MINES HAS NEW GOLD ASSAY RESULTS", "body": "Carolin Mines Ltd\nsaid recent assays of tailings at its Hope, British Columbia\nmine ranged from 0.50 to 0.64 ounces of gold per ton. \n There were only trace amounts of platinum and palladium,\nthe company said.\n Carolin said the results sharply disagreed with an earlier\nassay performed by Intergold U.S.A. Inc which showed 1.0 ounce\nof gold per ton and 0.50 ounce of platinum per ton.\n Carolin also said it expects to receive results of further\ntests and assays of the tailings within two to three weeks.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:19:57.79", "topics": [ "gold" ], "places": [ "canada" ], "id": "3322" }, { "title": "CCC WHEAT CREDIT GUARANTEES FOR NORTH YEMEN", "body": "The Commodity Credit Corporation,\nCCC, has authorized 25.0 mln dlrs in credit guarantees to North\nYemen to cover purchases of U.S. wheat under the Intermediate\nExport Credit Guarantee Program (GSM-103), the U.S. Agriculture\nDepartment said.\n Under the program credit terms extended must be in excess\nof three yeras, but not more than seven years.\n All sales under the line must be registered and exports\ncompleted by September 30, 1987, the department said.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:23:58.83", "topics": [ "grain", "wheat" ], "places": [ "yemen-arab-republic", "usa" ], "id": "3323" }, { "title": "CCC ACCEPTS EXPORT BONUS BARLEY MALT TO NIGERIA", "body": "The Commodity Credit Corporation,\nCCC, has accepted one bonus offer from an exporter on the sale\nof 4,400 tonnes of barley malt to Nigeria, the U.S. Agriculture\nDepartment said.\n The department said the bonus awarded was 100.00 dlrs per\ntonne and was made to Rahr Malting Co and will be paid in the\nform of commodities from the inventory stocks of the CCC.\n The barley malt is scheduled for shipment during April,\n1987.\n An additional 76,300 tonnes of barley malt are still\navailable to Nigeria under the Export Enhancement Program\ninitiative announced December 10, 1986, it said.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:27:24.27", "topics": [ "grain", "barley" ], "places": [ "usa", "nigeria" ], "id": "3324" }, { "title": "GUINNESS NAMES OFFICIALS FOR U.S. OPERATIONS", "body": " said William G.\nPietersen has been named president of Guinness America Inc in\naddition to his role as president of the company's North\nAmerican Wine and Spirits operations.\n Guinness also said John M. Huston has been named vice\npresident finance of the North American unit, which has also\ncreated the offices of vice president general counsel and vice\npresident human resources.\n It said the office of general counsel will be filled on an\ninterim basis by Donald J. Lunghino, the recently retired\ngeneral counsel of Unilever United States.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:27:33.24", "places": [ "usa" ], "id": "3325" }, { "title": "BANK OF IRELAND SEEKS 300 MLN STG CD FACILITY", "body": "Bank of Ireland said it has mandated\nBarclays de Zoete Wedd Ltd (BZW) to arrange a 300 mln stg\ncommitted certificate of deposit issuance facility.\n The facility will be used to fund Bank of Ireland's new\nU.K. Home mortgage subsidiary, BankAmerica Finance Ltd, which\nwill be renamed shortly.\n The certificates will be sold through an uncommitted tender\npanel but the facility will be fully underwritten for five\nyears by a syndicate of banks formed by BZW.\n Four banks-- Barclays Bank Plc, Canadian Imperial Bank of\nCommerce, Lloyds Bank Plc and Standard Chartered Bank-- have\nagreed to underwrite the credit in a pre-syndication agreement\nand will act as lead managers in syndication, due to begin\nsoon.\n Bank of Ireland also said it has appointed BZW as sole\ndealer on a separate 100 mln stg certificate of deposit\nprogram.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:27:44.52", "places": [ "uk", "ireland" ], "id": "3326" }, { "title": "CAROLIN MINES HAS NEW ASSAY RESULTS", "body": "Carolin Mines Ltd\nsaid recent assays of tailings at its Hope, British Columbia\nmine indicated that ounces of gold per ton ranged from 0.64 to\n0.50.\n There were only trace amounts of platinum and palladium,\nthe company said.\n Carolin said the results sharply disagreed with an earlier\nassay performed by Intergold U.S.A. Inc which showed one ounce\nof gold per ton and 1/2 ounce of platinum per ton.\n Carolin also said it expects to receive results of further\ntests and assays of the tailings within two to three weeks.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:28:36.30", "topics": [ "gold" ], "places": [ "canada" ], "id": "3327" }, { "title": "BAUSCH/LOMB MARKETS CORNEA PRODUCT", "body": "Bausch and Lomb Inc said it\nbegan marketing a new product designed to lubricate and protect\nthe cornea of the eye for post-surgical and other patients.\n The company said the product, the Bio-Cor Fyodorov Collagen\nCorneal Shield, will be manufactured and distributed through\nits newly formed surgical products unit located in Clearwater,\nFla.\n The corneal shield was approved by the U.S. Food and Drug\nAdministration in January, the company said.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:29:31.23", "places": [ "usa" ], "id": "3328" }, { "title": "SEAMAN'S STRIKE CONTINUES, MARINES UNLOAD SHIPS", "body": "Brazilian marines were today\nworking on the unloading of ships at the local port as a\nnational strike by 40,000 seamen entered its 10th day without\nsigns of an agreement.\n The halt, the first national strike by seamen in 25 years,\nstarted on February 27, and union leaders said they would not\nreturn to work unless they received a 275 pct pay rise.\n Shipowners have offered a 100 pct raise, which the seamen\nrejected.\n \"Television reported that the port was operating at full\nspeed, but that's not true,\" a striking seaman told Reuters.\n \"The marines are doing their best, but they don't have the\nmanpower nor the experience to control the situation in such a\nquick period,\" he said.\n Port officials said the national halt had already caused\nlosses estimated at 1.5 mln dlrs.\n Despite the presence of marines, there were no reports of\nincidents.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:30:43.41", "topics": [ "ship" ], "places": [ "brazil" ], "id": "3329" }, { "title": "USDA RAISES SOVIET GRAIN IMPORT ESTIMATE", "body": "The U.S. Agriculture Department\nincreased its estimate of Soviet 1986/87 grain imports to 26\nmln tonnes from last month's projection of 23 mln tonnes.\n In its monthly USSR Grain Situation and Outlook, USDA said\nthe increase reflected the return of the Soviet Union to the\nU.S. corn market and continued purchases of both wheat and\ncoarse grain from other major suppliers.\n USSR wheat imports were projected at 15 mln tonnes, up one\nmln from last month's estimate and 700,000 tonnes below the\npreliminary 1985/86 figure.\n Soviet grain for feed use was estimated at a record 129 mln\ntonnes. Record or near-record livestock inventories, along with\na dry fall which likely reduced late season pasturage, and a\ncold winter have increased feed demand, USDA said.\n USSR meat and egg production in January rose only slightly\nfrom the previous January's level, while milk production\nincreased by nearly six pct.\n Unusually cold weather in January and smaller increases in\nroughage supplies during 1986 than in 1985 kept livestock\nproduction from expanding as much as it did a year earlier,\nUSDA said.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:31:05.90", "topics": [ "grain", "wheat", "corn" ], "places": [ "usa", "ussr" ], "id": "3330" }, { "title": "HARTFORD NATIONAL UNIT SETS CHINA PACT", "body": "Hartford National Corp said the\nChina Industry Commerce and Development Corp agreed to work\nexclusively with its Connecticut National Bank unit in banking\nbusiness between China and all six New England states.\n The company said China Industry Commerce will provide\nimport and export assistance, economic and business\ninformation, contacts and introductions.\n \n Reuter\n\u0003", "date": " 9-MAR-1987 15:31:14.37", "places": [ "usa", "china" ], "id": "3331" }, { "title": "ECUADOR QUAKE TO CUT OIL REVENUES 800 MLN DLRS", "body": "up to 300 people were feared dead and more\nthan 15,000 people left homeless by thursday's earthquake,\nwhich will cost Ecuador close to 800 mln dlrs in lost petroleum\nrevenues, authorities said.\n They estimated the cost of repairing a damaged oil pipeline\nat 150 mln dlrs.\n \"the magnitude of the damages caused by the earthquake is\ngigantic,\" president leon febres cordero said after inspecting\nthe damages in napo, the hardest-hit jungle province, 100 miles\nfrom here.\n The quake damaged 40 km of an oil pipeline, forcing this\nopec nation to suspend crude exports for four months, president\nfebres cordero said in a statement issued today by the\npresidential press office.\n The country would lose an estimated 800 mln dlrs in crude\nexports until the pipeline was repaired, the president said. It\nwould cost 150 mln dlrs to repair the pipelline which carries\noil from jungle oil fields over the andes to Balao, a pacific\nocean port.\n Crude traditionally accounts for up to two-thirds of\necuador's exports.\n the quake triggered landslides, swelling the aguarico river\nwhich burst it banks carrying away homes and huts in napo\nprovince, health minister jorge brancho told reuters.\n \"we fear that up to 300 people died in napo though there is\nno way of now knowing the exact figure because many people have\ndisappeared,\" he said.\n Other estimates ranged as high as 500 dead.\n So far 20 corpses have been recovered, bracho said.\n Information Minister Marco Lara told reporters: \"the number\nof dead and injured is not known ... because we do not know how\nmany people lived in the homes hit by the landslides.\"\n Bracho said at least 15,000 were left homeless in the\ncayambe district.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:31:34.34", "topics": [ "crude" ], "places": [ "ecuador" ], "id": "3332" }, { "title": "BUSINESS EDITOR THEODORE CROSS OFFERS 34 DLRS SHARE FOR HARPER AND ROW\n", "date": " 9-MAR-1987 15:37:26.13", "topics": [ "acq" ], "id": "3333" }, { "title": "USDA ESTIMATES CANADIAN CROPS", "body": "The U.S. Agriculture Department\nestimated Canada's 1986/87 wheat crop at 31.85 mln tonnes, vs\n31.85 mln tonnes last month. It estimated 1985/86 output at\n24.25 mln tonnes, vs 24.25 mln last month.\n Canadian 1986/87 coarse grain production is projected at\n27.62 mln tonnes, vs 27.62 mln tonnes last month. Production in\n1985/86 is estimated at 24.95 mln tonnes, vs 24.95 mln last\nmonth.\n Canadian wheat exports in 1986/87 are forecast at 19.00 mln\ntonnes, vs 18.00 mln tonnes last month. Exports in 1985/86 are\nestimated at 17.71 mln tonnes, vs 17.72 mln last month.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:37:54.41", "topics": [ "grain", "wheat" ], "places": [ "usa", "canada" ], "id": "3334" }, { "title": "USDA ESTIMATES AUSTRALIA WHEAT CROP", "body": "The U.S. Agriculture Department\nforecast Australia's 1986/87 wheat crop at 17.30 mln tonnes, vs\n17.50 mln tonnes last month. It estimated 1985/86 output at\n16.13 mln tonnes, vs 16.13 mln last month.\n Australian wheat exports in 1986/87 are forecast at 14.50\nmln tonnes, vs 15.00 mln tonnes last month, while exports in\n1985/86 are estimated at 15.96 mln tonnes, vs 15.96 mln last\nmonth.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:38:17.87", "topics": [ "grain", "wheat" ], "places": [ "usa", "australia" ], "id": "3335" }, { "title": "BUSINESS EDITOR OFFERS 34 DLRS FOR HARPER ", "body": "Theodore Cross, editor of Business\nand Society Review, a business publication, said an investor\ngroup he heads has offered to buy Harper and Row Publishers Inc\nfor 34 dlrs a share cash.\n In a filing with the Securities and Exchange Commission,\nCross said he proposed the takeover to the board of the New\nYork publishing house today.\n Cross, whose investor group includes his wife, Mary, said\nthey already hold 261,650 Harper and Row common shares, or 6.0\npct of the total outstanding common stock. They said they have\nspent 3.5 mln dlrs on their stake so far.\n Cross said he proposed in a letter to Harper and Row that\nthe company be merged into a company Cross is forming.\n Suggesting that the total cost of completing the merger\nwould be 190 mln dlrs, Cross said he would use 20 mln dlrs of\nhis own money for the deal and up to 170 mln dlrs which would\nbe borrowed from the First National Bank of Boston under a\nrevolving credit facility the bank has agreed to provide.\n\n\u0003", "date": " 9-MAR-1987 15:45:37.87", "topics": [ "acq" ], "places": [ "usa" ], "id": "3336" }, { "title": "FRANCE TO REQUEST PERMANENT MAIZE REBATES", "body": "French maize producers will ask the EC\nCommission to grant permanent maize export rebates following\nthe recent EC/U.S. Accord guaranteeing the U.S. An annual\nexport quota of two mln tonnes of maize for Spain over four\nyears, the French maize producers association, AGPM, said.\n The Commission has already decided to accord rebates for\nthe export of 500,000 tonnes of French maize, of which rebates\nfor around 100,000 tonnes have been granted.\n The request will be made when export certificates have been\ngranted for all the 500,000 tonnes, the AGPM said.\n The association said that the request would cover exports\nto all destinations, adding that the Soviet Union, which has\nimportant maize needs, is currently excluded from the list of\ndestination countries for the 500,000 tonnes of French maize.\n The U.S. Agriculture Department has forecast Soviet maize\nimports for the 1986/87 campaign at 4.90 mln tonnes against\n10.40 mln in 1985/86.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:48:01.44", "topics": [ "grain", "corn" ], "organisations": [ "ec" ], "places": [ "france", "usa" ], "id": "3337" }, { "title": "U.S. PAYMENTS GAP TO PERSIST, EX-FED CHIEF SAYS", "body": "The dollar will decline over the next\ntwo to three years, but this is unlikely to result in a\ncomplete reduction of the U.S. current account deficit, said\nAnthony Solomon, chairman of S.G. Warburg (USA) Inc and former\npresident of the Federal Reserve Bank of New York.\n In a presentation to the Japan Society, Solomon said\nwithout elaboration that he expects a \"significant decline in\nthe dollar,\" within the next three years.\n \"The dollar will fall more, but the current account deficit\nwill stop being reduced when it reaches its structural core,\"\nhe said.\n Solomon described the structural core as about one-half of\nthe current 150 billion dlr annual deficit. He cited several\nfactors which will prevent an elimination of the deficit.\n For one thing, it is unlikely that there will be any new\ninvestment in those manufacturing industries that shrank when\nthe dollar was at uncompetitive levels, he said.\n In addition, he said that the U.S. has an increased\npropensity to import in order to satisify consumer tastes.\n Solomon forecast inflation at 4.5 pct by year-end, but said\nit could be kept below five pct in the medium-term if oil\nprices are stable and commodity values remain low.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:48:59.37", "topics": [ "trade", "bop", "money-fx", "dlr" ], "places": [ "usa" ], "id": "3338" }, { "title": "CCC ACCEPTS EXPORT BONUS DAIRY CATTLE TO MOROCCO", "body": "The Commodity Credit Corporation,\nCCC, has accepted a bonus offer from an exporter on the sale of\n13 head of dairy cattle to Morocco, the U.S. Agriculture\nDepartment said.\n The department said the bonus awarded was 1,505.00 dlrs per\nhead and was made to Brown Swiss Enterprises Inc. It will be\npaid in the form of commodities from CCC inventories.\n The cattle are for delivery during March 9-September 30,\n1987.\n The department said the purchase completes the Export\nEnhancement Program initiative for dairy cattle to Morocco\nannounced on April 16, 1986.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:49:08.87", "topics": [ "livestock" ], "places": [ "usa", "morocco" ], "id": "3339" }, { "title": "CCC EXPORT BONUS DAIRY CATTLE FOR CANARY ISLANDS", "body": "The Commodity Credit Corporation,\nCCC, has accepted a bonus offer from an exporter on the sale of\n75 head of dairy cattle to the Canary Islands, the U.S.\nAgriculture Department said.\n The department said the bonus awarded was 1,459.00 dlrs per\nhead and was made to T.K. International Inc. It will be paid in\nthe form of commodities from the inventory of CCC stocks.\n The cattle are for delivery during March-June, 1987, it\nsaid.\n An additional 3,925 head of dairy cattle are still\navailable to the Canary Islands under the Export Enahcnement\nProgram initiative announced July 28, 1986, it said.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:49:47.96", "topics": [ "livestock" ], "places": [ "usa", "spain" ], "id": "3340" }, { "title": "U.S. CONSUMER CREDIT ROSE 536 MILLION DLRS IN JAN VS 144 MILLION DEC GAIN\n", "date": " 9-MAR-1987 15:54:34.23", "topics": [ "instal-debt" ], "places": [ "usa" ], "id": "3341" }, { "title": "USX UNIT RAISES SOME CRUDE POSTINGS", "body": "Marathon Petroleum Company, a\nsubsidiary of USX Corp , said it raised the contract price\nit pays for three grades of crude oil, effective March 6.\n Illinois Sweet and Indiana Sweet are both being raised 50\ncts a barrel to 16.75 dlrs/bbl, and the Southern Michigan grade\nis being raised 25 cts/bbl, also to 16.75 dlrs a bbl.\n The West Texas Intermediate grade was unchanged.\n Reuter\n\u0003", "date": " 9-MAR-1987 15:55:11.32", "topics": [ "crude" ], "places": [ "usa" ], "id": "3342" }, { "title": "UNITED BRANDS INC 4TH QTR SHR PROFIT SIX CTS VS LOSS 11 CTS\n", "date": " 9-MAR-1987 15:56:32.90", "topics": [ "earn" ], "id": "3343" }, { "title": "NATIONAL FUEL GAS SETS SPLIT, HIGHER PAYOUT", "body": "National Fuel Gas Co said its board has\napproved a two-for-one stock split and will consider an\nincreased cash dividend at its June meeting.\n The company also said management will recommend, at the\nJune board meeting, an increase of 12 cts per share in the\ncurrent annual dividend rate of 2.28 dlrs a share, raising it\nto 2.40 dlrs per share, or 1.20 dlrs a share after the split.\n National Fuel Gas said the split will be paid to holders of\nrecord May 29. A spokeswoman said the distribution date for\nthe split has not been determined.\n The company said the split is subject to approval of the\nSecurities and Exchange Commission under the Public Utility\nHolding Act. The company now has 11,928,871 shares outstanding.\n \n Reuter\n\u0003", "date": " 9-MAR-1987 15:57:10.16", "topics": [ "earn" ], "places": [ "usa" ], "id": "3344" }, { "title": "SENSORMATIC UPS CHECKROBOT STAKE", "body": "Sensormatic Electronics\nCorp said it upped its investment in CheckRobot Inc in the form\nof 2.5 mln dlrs of convertible preferred stock, raising its\nstake in CheckRobot to 42 pct from 37 pct on a fully diluted\nbasis.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:00:05.45", "topics": [ "acq" ], "places": [ "usa" ], "id": "3345" }, { "title": "EMERY AIR FEBRUARY SHIPMENTS UP 12 PCT", "body": "Emergy Air Freight Corp said its\nshipments rose 12 pct to 1,190,000 last month from 1,067,000 in\nFebruary 1986.\n The company said the weight of these shipments was up 20\npct to 52.7 mln pounds from 44.0 mln a year earlier.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:00:21.76", "places": [ "usa" ], "id": "3346" }, { "title": "UNION, SHIPPERS AGREE TO CUT N.Y. PORT COSTS", "body": "The New York Shipping Association and\nInternational Longshoremen's Association said they agreed to\ncut cargo assessments at the Port of New York and New Jersey by\nmore than 50 pct on some labor intensive cargos.\n The charges on cargo handled by union workers will be\nreduced to 2.85 dlrs a ton from 5.85 dlrs a ton, effective\nApril one, according to the agreement between the union and\nshippers. The assessments are used to fund workers' benefits.\n \"What were doing is lowering the price to get more bulk\ncargo flowing through here,\" a spokesman for the New York\nShipping Association said.\n\n\n\u0003", "date": " 9-MAR-1987 16:02:28.38", "topics": [ "ship" ], "places": [ "usa" ], "id": "3347" }, { "title": "TREASURY BALANCES AT FED ROSE ON MARCH 6", "body": "Treasury balances at the Federal\nReserve rose on March 6 to 3.879 billion dlrs from 3.467\nbillion dlrs the previous business day, the Treasury said in\nits latest budget statement.\n Balances in tax and loan note accounts fell to 12.453\nbillion drls from 14.350 billion dlrs on the same respective\ndays.\n The Treasury's operating cash balance totaled 16.332\nbillion dlrs on March 6 compared with 17.817 billion dlrs on\nMarch 5.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:03:19.65", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "3348" }, { "title": "CSX UNIT SETS IMPROVED SHIPPING SERVICE", "body": "CSX Corp's Sea-Land Corp unit\nsaid it will offer improved containership services between\nPuerto Rico and the East Coast and Gulf Coast of the United\nStates, beginning March 16.\n The carrier said it will provide shorter door-to-door\ntransit times, more convenient cargo availability and better\nrail connections for traffic moving between Puerto Rico and\nNorth America.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:07:31.46", "topics": [ "ship" ], "places": [ "usa" ], "id": "3349" }, { "title": "OSHKOSH TRUCK GETS 64.0 MLN DLR ARMY DEAL", "body": "Oshkosh Truck Corp (OTRKB) has\nreceived a 64.0 mln dlr contract for work on 432 diesel engine\ndrive MK-48 series vehicles, the Army said.\n REUTER\n\u0003", "date": " 9-MAR-1987 16:09:50.73", "places": [ "usa" ], "id": "3350" }, { "title": "WORLD BANK REPORT CRITICISES PERU ECONOMIC PLAN", "body": "a confidential world bank report on the\nperuvian economy said the government's strategy does not offer\ngood prospects for medium and long-term growth and is likely to\nquickly lead to inflation.\n The report, published today by an economic monthly, the\nperu report, said the success of president alan garcia's\ngovernment in stimulating output last year to achieve eight pct\ngross domestic product growth \"represents gains in the short\nterm at the expense of the long.\"\n Government officials had no immediate comment on the\nreport, which advised a reduction in the overall size of the\npublic investment programme and greater emphasis on the\npreservation of peru's export potential.\n The report said that although the government had succeeded\nin cutting inflation 50 pct a year in the first half of 1985 to\nunder 70 pct, its stabilisation and reactivation programme was\nencountering increasing difficulties.\n \"an early renewal of inflationary pressures, linked to\nmonetary expansion, exchange rate devaluation and an easing of\nprice controls, appears not improbable,\" it added.\n\n\u0003", "date": " 9-MAR-1987 16:10:17.52", "topics": [ "gnp" ], "organisations": [ "worldbank" ], "places": [ "usa", "peru" ], "id": "3351" }, { "title": "MINISTERS FEEL EC FORECASTS TOO PESSIMISTIC", "body": "European Community finance ministers\ndiscussed the economic outlook for the 12-nation bloc and many\nsaid a recent gloomy forecast by the EC Commission was too\npessimistic.\n The Commission, the EC's executive authority, two weeks ago\ncut its forecast for economic growth in the Community to 2.3\nper cent for this year from 2.8 per cent predicted last autumn.\n It said economic prospects had been less promising over the\npast few months because of a sharp fall in the value of the\ndollar and a slowing of world trade -- factors which would\nrestrain Community exports.\n But diplomats said several member states, led by West\nGermany, Britain and France, felt the forecast was too gloomy,\nespecially since it was drafted before a recent agreement\nbetween the leading Western economic powers to stabilise\ncurrencies around current levels.\n \"Many delegations feel the (Commission's) report is rather\ntoo pessimistic,\" said Belgian Finance Minister Mark Eyskens,\nwho chaired the meeting.\n The Commission, which slashed its growth forecast for West\nGermany to two per cent from 3.2 per cent, has made clear it\nfeels Bonn has room to introduce additional measures to\nstimulate its economy that would benefit the rest of Europe.\n But two top German officials, State Secretaries Otto\nSchlecht and Hans Tietmeyer, told reporters Bonn saw no need at\nthe moment for action to bolster the EC's biggest economy.\n The diplomats said they were backed by Britain and France,\nwhile Italy, Greece and Denmark supported the Commission's view\nthat Bonn should bring in new measures to aid EC growth.\n\u0003", "date": " 9-MAR-1987 16:10:40.61", "topics": [ "gnp" ], "organisations": [ "ec" ], "places": [ "belgium" ], "id": "3352" }, { "title": "U.S. CONSUMER CREDIT ROSE 536 MLN DLRS IN JAN", "body": "U.S. consumer instalment credit rose\na seasonally adjusted 536 mln dlrs in January after a revised\nrise of 144 mln dlrs in December, the Federal Reserve Board\nsaid.\n The annual rate of growth in January was 1.1 pct, up from\n0.3 pct in December. Previously the Fed said consumer credit\nrose 105 mln dlrs in December.\n Among the credit categories, auto credit fell in January to\n1.02 billion dlrs from 2.06 billion dlrs in December, the Fed\nsaid.\n Revolving credit in January fell by 366 mln dlrs after\nrising by 552 mln dlrs in December.\n Mobile home credit was up by 130 mln dlrs after falling by\n21 mln dlrs in December.\n The category referred to as \"other,\" covering bank and credit\nunion loans, fell by 250 mln dlrs in January after declining by\n2.44 billion dlrs in December, the Fed said.\n Before seasonal adjustment, consumer credit outstanding\ntotaled 580.37 billion dlrs at the end of January, compared\nwith 531.29 billion dlrs at the end of January, 1986.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:13:18.90", "topics": [ "instal-debt" ], "places": [ "usa" ], "id": "3353" }, { "title": "CONOCO RAISES CRUDE OIL PRICES UP TO ONE DLR BARREL, WTI AT 17.50 DLRS\n", "date": " 9-MAR-1987 16:14:17.40", "topics": [ "crude" ], "id": "3354" }, { "title": "SYSTEMHOUSE WINS DATA CENTER CONTRACT", "body": "Systemhouse Inc said it won a\ncontract valued at 2.6 mln dlrs from Genstar Stone Products, a\nHunt Valley, Md., supplier of building materials, to design,\ninstall and operate Genstar's data center in Baltimore.\n The data center is scheduled to begin operating in May. The\npact is a three-year deal, the company said.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:18:00.87", "places": [ "usa" ], "id": "3355" }, { "title": "VIACOM , NAT'L AMUSEMENTS SEEK FAST MERGER", "body": "The chiefs of Viacom International Inc\nand said they met and agreed to work\ntogether to complete the previously announced merger of the two\ncompanies \"as expeditiously as possible.\"\n A spokeswoman for Viacom declined to say if the executives\nhad set a timetable for closing the deal.\n Viacom last week agreed to be acquired by National\nAmusements for a combination of cash and stock with an\nestimated value of 53 dlrs a share, or a total of about 3.4\nbillion dlrs.\n\u0003", "date": " 9-MAR-1987 16:20:20.42", "topics": [ "acq" ], "places": [ "usa" ], "id": "3356" }, { "title": "BROKERS SAY NYSE RULE SHIFT LIMITS FLEXIBILITY", "body": "Officials of major brokerage firms\nexpressed dismay at a New York Stock Exchange decision to force\nstrict compliance with a rule barring members from trading in\nNYSE-listed issues in London during New York trading hours.\n Most major brokerage houses said they had seen no formal\nnotice from the NYSE on the interpretation of rule 390.\nOfficials of the NYSE were unavailable to explain the timing or\nthe technical details of enforcement of rule 390.\n \"It's a step backward,\" said Samuel Hunter, senior vice\npresident for equity trading at Drexel Burnham Lambert Inc.,\n Hunter said any perceived problems caused by overlapping\ntrading ought to be addressed by a search for equitable\nsolutions instead of \"hiding behind legalistic and technical\ndefinitions.\"\n The NYSE evidently feels some traders use London to\ncircumvent rules preventing short sales on minus ticks, Hunter\nsaid. But he believes simultaneous printing of trades in London\nand New York would be a way to have dual trading with an\nelement of fairness. \"I'm a great advocate of the view that the\ngreater the volume, the better the market will be,\" he said.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:24:44.53", "places": [ "usa" ], "id": "3357" }, { "title": "ASCS BUYS PROCESSED PRODUCTS FOR DOMESTIC USE", "body": "The Agricultural Stabilization and\nConservation Service (ASCS) bought 25.7 mln pounds of wheat\nflour at a cost of 2.8 mln dlrs for domestic shipment April\n1-15 and April 16-30, an ASCS spokesman said.\n ASCS also bought 11.1 mln pounds of bakers flour for 1.1\nmln dlrs, 1.9 mln pounds of pasta for 408,258 dlrs, 1.4 mln\npounds of processed cereal products for 304,043 dlrs, 4.8 mln\npounds of corn products for 474,944 dlrs, and 16.3 mln pounds\nof milled rice for 2.0 mln dlrs.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:24:54.29", "topics": [ "grain", "corn", "wheat", "rice" ], "places": [ "usa" ], "id": "3358" }, { "title": "GENERAL CINEMA CORP 1ST QTR OPER SHR 43 CTS VS 47 CTS\n", "date": " 9-MAR-1987 16:26:04.00", "topics": [ "earn" ], "id": "3359" }, { "title": "BANK BOARD SAYS MORTGAGE RATES DOWN IN FEBRUARY", "body": "The Federal Home Loan Bank Board said\ninterest rates on both fixed rate and adjustable rate home\nmortgage loans were down substantially in early February.\n The bank board said the average effective commitment rate\nfor fixed mortgages with a maturity of at least 15 years for\nnew home purchases dropped to 9.54 pct in early February, a 30\nbasis point decline from early January.\n The commitment rate on adjustable rate mortgages declined\nby 16 basis points in the same period bringing the average rate\nto 8.5 pct, the bank board said.\n The average effective interest rate on all loans closed by\nmajor lenders declined 27 basis points from early January to\n9.26 pct in early February, the lowest rate since March 1978,\nthe bank board said.\n The average effective rate for fixed mortgages was was 9.51\npct, down 30 basis points from the early January level. The\naverage effective rate for adjustable rate mortgages declined\n22 basis points to 8.61 pct, the bank board said.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:29:33.77", "topics": [ "interest" ], "places": [ "usa" ], "id": "3360" }, { "title": "CULLINET SOFTWARE SETS MARKETING PACT", "body": "Cullinet Software Inc said it\nreached a marketing agreement with under which\nboth companies will sell data collection and software products\nfor inventory management.\n Epic makes data collection equipment, while Cullinet is a\nsoftware developer. The initial product developed under the\naccord is expected to be available later this year, they said.\n Separately, Cullinet said it bought a fixed assets system\nfrom for 440,000 dlrs. The\nsystem will be designed to run with its data base software, and\nwill be help its customers with asset control.\n\n Reuter\n\u0003", "date": " 9-MAR-1987 16:31:04.90", "places": [ "usa" ], "id": "3361" }, { "title": "S/P MAY DOWNGRADE 6.6 BILLION DLRS OF CHRYSLER DEBT DUE TO PLANNED AMC PURCHASE\n", "date": " 9-MAR-1987 16:31:07.78", "id": "3362" }, { "title": "NORANDA TO SPIN OFF FOREST INTERESTS INTO SEPARATE COMPANY\n", "date": " 9-MAR-1987 16:31:22.61", "topics": [ "acq" ], "id": "3363" }, { "title": "API PRESIDENT SEES OPTIONS TO AVERT OIL CRISIS", "body": "American Petroleum Institute President\nCharles DiBona said no options should be rejected to combat \ngrowing U.S. dependence on foreign oil.\n \"No action should be ruled out--import fees or quotas,\nfloor prices, tax incentives or other alternatives--while a\nnational dialogue on the issue continues,\" DiBona said at a \npaper institute conference in New York today.\n DiBona said there is no unanimity within the industry on\nhow to stimulate energy production but there is consensus on\nremoving several government policies that hinder investments in\nnew prospects.\n DiBona said the windfall profit tax should be abolished\nimmediately and current proposals for increased environmental\nregulations on acid rain and waste disposal should be not\nadopted. He also suggested that the Arctic National Wildlife\nRefuge in Alaska should be opened up for leasing to oil\ncompanies, DiBona said.\n \"This is a battle the industry cannot afford to lose if the\nnation is to continue to benefit from Alaskan oil,\" DiBona\nsaid. Since 1986 U.S. oil production has fallen while\nconsumption rose and that has raised dependence on imported\noil, particularly from OPEC, DiBona said.\n \n Reuter\n\u0003", "date": " 9-MAR-1987 16:31:54.01", "topics": [ "crude" ], "places": [ "usa" ], "id": "3364" }, { "title": "U.S. SELLS 3-MO BILLS AT 5.63 PCT, STOP 5.64 PCT, 6-MO 5.59 PCT, STOP 5.60 PCT\n", "date": " 9-MAR-1987 16:32:03.63", "topics": [ "interest" ], "places": [ "usa" ], "id": "3365" }, { "title": "TOP U.S. OFFICIAL SEES DELAY IN BANK REFORM", "body": "A top Treasury official said he does\nnot expect any comprehensive Congressional reform of the U.S.\nbanking industry until after the 1988 presidential election due\nto political pressures and, to a lesser extent, the insider\ntrading scandal on Wall Street.\n George Gould, Under Secretary of the Treasury, told a Wall\nStreet Planning Group luncheon, \"legislation is not going to\nhappen before the election ... (people) do not like to vote on\ncontroversial issues in election years.\"\n \"It may take a while in the next administration ... to get\nsomething done,\" he added.\n Calls for a major overhaul of the U.S. banking industry,\nwhich would probably feature wider investment banking powers\nfor commercial banks, has met strong opposition from private\ninterest groups, such as the Securities Industry Association.\n \"These discussions have nothing to do with merit ... these\ngroups are trying to cloak self-interest in public policy\nterms,\" Gould said. \"It is easier to stop something than it is\nto get it going.\"\n He also described current concern about insider trading as\n\"a major impediment to further progress ... it is not a helpful\nbackdrop to accomplish financial reform.\"\n Similarly, Gould said lobbying by such groups as the U.S.\nLeague of Savings Institutions would probably mean that the\nReagan Administration's proposal for the recapitalization of\nthe Federal Savings and Loan Insurance Corp would be watered\ndown.\n Gould foresaw a five billion dlr injection over two years,\ncompared with the original request for 15 billion dlrs over\nthree years.\n Gould ruled out any new government initiative on banking\nreform but said that some broad guidelines to address these\nissues would be made public over the next few months.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:37:24.12", "places": [ "usa" ], "id": "3366" }, { "title": "NATIONAL DISTILLERS CLOSES ALMADEN SALE", "body": "National Distillers and\nChemical Corp said it completed the sale of Almaden Vineyards\nInc to Heublein Inc for about 128 mln dlrs.\n Heublein, a former subsidiary of RJR Nabisco Inc , was\nrecently acquired by .\n Almaden, based in San Jose, Calif., makes and sells table\nwines, champagnes and brandies as well as some premium wines\nunder the Charles Lefranc Cellars label.\n \n Reuter\n\u0003", "date": " 9-MAR-1987 16:39:11.79", "topics": [ "acq" ], "places": [ "usa" ], "id": "3367" }, { "title": "SOFTECH INC GETS AIR FORCE CONTRACT", "body": "SoftTech Inc said it received a\n24.8 mln dlr five-year contract from the U.S. Air Force\nAeronautical Systems Division to assist in tracking and\ncontrolling the development and modification of Modular\nAutomatic Test Equipment Systems Products.\n The MATE program is a system for defining, acquiring and\nsupporting automatic testing capabilities within the Air Force,\nthe company said.\n SofTech said its role includes the development and\nmaintenance of a MATE master plan aimed at keeping it current\nwith evolving technology.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:40:11.89", "places": [ "usa" ], "id": "3368" }, { "title": "S/P MAY DOWNGRADE CHRYSLER ", "body": "Standard and Poor's said it placed 6.6\nbillion dlrs of Chrysler Corp securities on CreditWatch with\nnegative implications because of its plan to acquire the\noutstanding common shares of American Motors Corp from\nRenault Acceptance BV for about two billion dlrs.\n Among the ratings under review is Chrysler's BBB grading\nfor senior debt. The AMC purchase is larger and riskier than\ncurrent ratings anticipate, but any downgrade would be small\nand Chrysler would remain investment grade, S and P said.\n American Motors's CCC preferred stock rating was also added\nto CreditWatch, but with positive implications.\n Standard and Poor's said that, in return for its two\nbillion dlr investment, Chrysler would be receiving a business\nwith questionable prospects.\n \"The Jeep line is a worthwhile extension for Chrysler's\nproduct line, but the presumed price seems hard to justify. The\nadditional production facilities inlcude both modern and\nantiquated plant, all of which will add to Chrysler's fixed\noverhead and increase its breakeven point at a time that the\nindustry faces a glut of automaking capacity.\n \"Chrysler will be challenged to integrate these facilities\nand the distribution network it is acquiring,\" S and P said.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:41:22.79", "places": [ "usa" ], "id": "3369" }, { "title": "CEASARS WORLD SAYS IT IS STUDYING UNSOLICITED 28 DLR-PER-SHR OFFER BY MARTIN SOSNOFF\n", "date": " 9-MAR-1987 16:42:19.42", "topics": [ "acq" ], "id": "3370" }, { "title": "U.S. BILL AUCTION RATES AVERAGE 5.63, 5.59 PCT", "body": "The U.S. Treasury said its weekly\nauction of three-month bills produced an average rate of 5.63\npct, with a 5.59 pct rate on six-month bills.\n These rates compared with averages of 5.47 pct for the\nthree- and 5.51 pct for the six-month bills sold last week.\n The bond-equivalent yield on three-month bills was 5.81\npct. Accepted bids ranges from 5.61 pct to 5.64 pct and 29 pct\nof the bids at the high, or stopout rate, were taken. For six\nmonths, the yield was 5.85 pct and the bids ranges from 5.56\npct to 5.60 pct with 30 pct of the bids accepted.\n The Treasury said it received 30.9 billion dlrs of bids for\nthe three-month bills, including 1.0 billion dlrs in\nnon-competitive bids from the public. It accepted 6.6 billion\ndlrs of bids, including 2.2 billion dlrs from the Federal\nReserve and 9.1 mln dlrs from foreign and international\nmonetary authorities.\n Some 25.7 billion dlrs in bids for six-month bills were\nreceived, including 785 mln dlrs in non-competitives. The\nTreasury accepted 6.6 billion dlrs, including 1.9 billion dlrs\nfrom the Fed and 942 mln dlrs from foreign and international\nauthorities.\n The average price for the three-month bills was 98.577 and\nprices ranged from 98.574 to 98.582. The average price for the\nsix-months bills was 97.174, and prices ranged from 97.169 to\n97.189.\n The average yield on the three-month bills was the highest\nsince 5.66 pct on Feb 17. The average yield on the six-month\nbills was the highest since 5.70 pct on Feb 17.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:43:25.79", "topics": [ "interest" ], "places": [ "usa" ], "id": "3371" }, { "title": "CANADA MULLING SELLING PETRO-CANADA - MULRONEY", "body": "Prime Minister Brian Mulroney said the\ngovernment was considering selling Petro-Canada and the sale\nwould proceed if it were in the national interest to do so.\n Mulroney told the House of Commons assets of the huge oil\ncompany would be examined before a decision was made, just as\nother state-run companies were studied before being sold under\nOttawa's privatization program.\n \"The government is going to examine assets of this nature\nto ascertain if they continue to play an appropriate role in\npublic policy and we will make a determination as we have in\nother cases,\" Mulroney told the daily question period. \n Asked by opposition members to clairify Finance Minister\nMichael Wilson's statement on Friday that Petro-Canada no\nlonger has any pubilic policy role, Mulroney said his\ngovernment has long promised to sell off companies that could\nbe better run by the private sector.\n Outside the House, Energy Minister Marcel Masse said\nPetro-Canada would be worth between three and four billion dlrs\nand, because of the size, could be difficult to sell.\n He also said he would prefer to see Canadians participating\nin any privatization, but would not give any details on timing\nof a sale. \n Reuter\n\u0003", "date": " 9-MAR-1987 16:45:24.85", "topics": [ "acq" ], "places": [ "canada" ], "id": "3372" }, { "title": "MOODY'S MAY DOWNGRADE CHRYSLER AND UNITS", "body": "Moody's Investors Service Inc said it\nmay downgrade 12 billion dlrs of debt of Chrysler Corp and its\nunits, including Chrysler Financial Corp.\n It cited Chrysler's proposed acquisition of American Motors\nCorp . Moody's said it would also review American's B-1\npreferred stock for possible upgrade.\n Moody's will assess the effect of the proposed transaction\non Chrysler's capital structure. Under review are the parent's\nBaa-1 senior long-term debt, the finance unit's Baa-1 senior\ndebt, Baa-2 senior subordinated debt and Baa-3 junior\nsubordinated debt and Chrysler Canada's Baa-1 Eurobonds.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:50:04.93", "places": [ "usa" ], "id": "3373" }, { "title": "U.S. COURT LETS CHINESE BOND SUIT DISMISSAL STAND", "body": "The Supreme Court left intact a\nruling that vacated a judgment ordering China to pay 41.3 mln\ndlrs for allegedly defaulting on a 1911 loan to finance\nconstruction of a railroad from Peking to Canton.\n The Imperial Government of China issued bonds in 1911 to\nhelp construct a section of the so-called Hukuang railroad in\nan agreement with British, German, French and American banks.\n According to court documents, payments on the loan were\nmade until the mid-1930s, when China was torn by civil war. The\npresent government, which came to power in 1949, has never\nacknowledged the debt.\n Nine U.S. bondholders sued China for repayment of the loan\nin 1979, less than a year after the normalization of relations\nbetween Washington and Peking.\n A U.S. District Court in Alabama in 1982 issued a judgment\nthat the bondholders were entitled to all unpaid interest and\nprincipal on the bonds, totaling 41.3 mln dlrs.\n But a U.S. Court of Appeals last July vacated the award,\nruling that the Chinese government was entitled to sovereign\nimmunity, and dismissed the lawsuit.\n Supported by the Reagan administration, China argued that\nit could not be held liable for a debts involving bonds issued\nin 1911 and that it enjoyed absolute immunity.\n The Supreme Court, without comment, declined to hear an\nappeal by the bondholders seeking to reinstate their lawsuit.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:51:04.07", "places": [ "usa", "china" ], "id": "3374" }, { "title": "TEXAS AIR UNIT TO EXPAND SERVICE", "body": "Texas Air Corp's Continental Airlines\nsaid it will begin service in April to Bakersfield, Calif., and\nEugene and Medford, Ore., from its hub at Denver.\n From Denver, Continental will fly a daily nonstop and a\none-stop flight to each of the three cities, the company said.\nService to the Oregon cities will start April 5 and to\nBakersfield, April 22.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:52:12.25", "places": [ "usa" ], "id": "3375" }, { "title": "NORANDA TO SPIN OFF FOREST SUBSIDIARIES", "body": " said the company planned a\npublic share offer within three months of its Noranda Forest\nInc unit, which holds Noranda's forest products interests.\n Size of the offer is still undetermined, Noranda said.\n Noranda said Noranda Forest would operate as a freestanding\nsubsidiary of Noranda. Noranda Forest holds 100 pct of Fraser\nInc, James Maclaren Industries and Noranda Forest Sales and 50\npct stakes in MacMillan Bloedel Ltd and Northwood Pulp\nand Timber.\n Noranda Forest's consolidated 1986 revenues were more than\nthree billion dlrs, with earnings of 158 mln dlrs.\n\u0003", "date": " 9-MAR-1987 16:54:18.36", "places": [ "canada" ], "id": "3376" }, { "title": "NEWS CORP COMPLETES PURCHASE OF NEWSPAPER", "body": "The News Corp said the South China\nMorning Post Ltd of Hong Kong become a wholly-owned subsidiary\nMarch 7 as previously announced.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:56:44.10", "topics": [ "acq" ], "places": [ "usa" ], "id": "3377" }, { "title": "RICHMOND HILL, RIVERHEAD END MERGER TALKS", "body": "Richmond Hill Savings Bank and\n said they terminated their\npreviously announced merger negotiations.\n The banks gave no reason for ending the talks, which began\non January 14.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:56:53.03", "topics": [ "acq" ], "places": [ "usa" ], "id": "3378" }, { "title": "AIRBUS HAS NO COMMENT ON MCDONNELL TALKS", "body": "European consortium Airbus Industrie said\nit had no comment on press reports that it had resumed talks\nwith U.S. McDonnell Douglas Corp over a possible joint\ndevelopment and production of airliners.\n A spokesman at Airbus headquarters in Toulouse said in a\ntelephone interview: \"We have no knowledge of talks and have no\ncomment to make.\"\n Talks broke off last autumn after the two rivals failed to\nagree on cooperation over a new long-range jet. McDonnell\nDouglas wanted Airbus to help build its MD-11, while Airbus\ninsisted McDonnell drop the MD-11 and cooperate over its A340.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:57:28.77", "places": [ "france" ], "id": "3379" }, { "title": "GENERAL CINEMA POOR SEASON LOWERS NET", "body": "General Cinema Corp said\nlower attendence at its theatres against last year's record\nChristmas season lowered its first fiscal quarter operating\nearnings nine pct to 15.9 mln dlrs.\n \"While we are not off to as good a start in fiscal 1987 as\nwe would like, business has picked up in the last few weeks,\"\nchairman Richard Smith said.\n He said that the company expected net pricing to be higher\nand unit volume to improve in the remaining quarters of the\nfiscal year.\n The company added that operating earnings in its theatre\nunit will be higher in fiscal 1987 if the important summer\nseason film releases perform well.\n In addition, its other key business, General Cinema\nBeverages, is expected to achieve record operating results for\nthe full year, Smith said.\n The company's superstar video business which rents video\ncassettes in supermarkets continues to operate at an expected\nloss, the company added.\n General Cinema said the financing costs associated with its\npurchase of 3.5 mln Carter Hawley Hale Stores Inc shares\nfor 177.9 mln dlrs, and its 89.7 mln sterling investment in\n, lowered first quarter net.\n But it said the loss was offset by a 2.5 mln dlr gain on\nthe sale of common shares of Sea-Land Corp, a unit of CSX Corp\n.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:57:55.67", "topics": [ "earn" ], "places": [ "usa" ], "id": "3380" }, { "title": "CEASARS WORLD STUDYING SOSNOFF OFFER", "body": "Ceasars Wold Inc said its board is\nstudying the unsolicited and conditional tender offer for all\nits common shares at 28 dlrs per share from Martin T. Sosnoff.\n A company spokesman said the board expects to make a\nrecommendation \"shortly\", but could not specify a time period.\n Ceasars World Chairman Henry Gluck in a statement urged\nshareholders not to take any action with respect to the offer\nprior to the board's recommendation.\n Sosnoff made the offer directly to shareholders in a\nnewspaper advertisement through a company he formed, called MTS\nAcquisition Corp. It expires April 3.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:59:07.90", "topics": [ "acq" ], "places": [ "usa" ], "id": "3381" }, { "title": "AMERICUS TRUST INITIAL QTRLY DIV", "body": "Americus Trust For Bristol Myers shares\nannounced an initial dividend of 68.75 cts payable May 12 for\nshareholders of record April 3.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:59:45.58", "topics": [ "earn" ], "places": [ "usa" ], "id": "3382" }, { "title": "MOODY'S MAY DOWNGRADE RESORTS INTERNATIONAL ", "body": "Moody's Investors Service Inc said it\nis reviewing the B-2 debt ratings of Resorts International Inc\nand of Resorts International Financing Inc for possible\ndowngrade. Approximately 505 mln dlrs of debt is affected.\n Moody's said the review was prompted by the recent bid by\nDonald Trump to acquire control of the company.\n The rating agency said its review is focusing on the\neffects the acquisition is likely to have on Resorts\nInternational's leverage and ability to service its debt.\nMoody's said Resorts already has a highly leveraged\ncapitalization.\n Reuter\n\u0003", "date": " 9-MAR-1987 16:59:54.71", "places": [ "usa" ], "id": "3383" }, { "title": "UNITED SECURITY TO BUY ROBERT BROWN UNIT", "body": "United Security Financial Corp of\nIllinois said it has signed a letter of intent to buy Robert\nCo. Brown and Co Inc's MAGIC Insurance Group unit.\n Robert C. Brown and Co would receive newly issued United\nSecurity stock. United Security said it is anticipated that\nsuch stock would represent a substantial majority of the shares\noutstanding after the merger.\n United Security's principal subsidiary is United Security\nLife Insurance Co of Illinois. The MAGIC Group owns Pilgrim\nLife Insurance Co of America and Middle Atlantic Life Insurance\nCo.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:00:05.17", "topics": [ "acq" ], "places": [ "usa" ], "id": "3384" }, { "title": "MOODY'S MAY DOWNGRADE CAESARS AND UNIT", "body": "Moody's Investors Service Inc said it\nmay downgrade 215 mln dlrs of debt of Caesars World Inc and its\nunit Caesars World Finance Corp.\n Moody's said the review was prompted by the recent bid by\ninvestor Martin Sosnoff to acquire control of the company.\nWhile Sosnoff's bid depends on several factors, including\nlicensing by both the Nevada and New Jersey gaming commissions,\nthe deal could result in a significant increase in Caesars\nWorld's leverage, the rating agency said.\n Caesars currently carries B-1 convertible debt and the\nfinance has same-rated subordinated debentures.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:01:19.81", "places": [ "usa" ], "id": "3385" }, { "title": "GRAIN SHIPS LOADING AT PORTLAND", "body": "There were three grain ships loading\nand two ships were waiting to load at Portland, according to\nthe Portland Merchants Exchange.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:01:31.73", "topics": [ "grain", "ship" ], "places": [ "usa" ], "id": "3386" }, { "title": "WARRINGTON SELLS SHOE DIVISIONS", "body": "(Warrington Inc) said it sold its shoe\ndivisions to Montreal-based (Taurus Footwear Inc) for\nundisclosed terms.\n The divisions manufacture and distribute Greb, Hush\nPuppies, Kodiak, and Santana brand shoes and had revenues of\nabout 69 mln dlrs last year, Warrington said. It said the sale\nof the shoe divisions and the previous sale of its ski boot\nbusinesses will result in an unspecified net gain.\n Warrington said it plans to concentrate on its Canstar\nSports Group Inc skate and athletic footwear division, the\nlargest ice skate manufacturer and distributor in the Western\nworld.\n Warrington said it decided to rationalize the balance of\nits ski businesses, which is expected to result in a divestment\nloss which could outweigh the net gains on the sales of its\nshoe and ski boot divisions.\n Taurus said the acquisition is expected to increase its\nannual sales to about 100 mln dlrs and make it Canada's largest\nfootwear manufacturer.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:03:43.06", "topics": [ "acq" ], "places": [ "canada" ], "id": "3387" }, { "title": "ECUADOR QUAKE CAUSES 950 MLN DLRS IN LOSSES", "body": "Up to 300 people were feared dead and more\nthan 15,000 were left homeless by Ecuador's earthquake whose\neconomic cost is at least 950 mln dlrs in damages, authorities\nsaid.\n \"The magnitude of the damages caused by the earthquake is\ngigantic,\" President Leon Febres Cordero said after inspecting\nthe damages in Napo, the hardest-hit jungle province.\n Shaking loose earth from hills, the thursday night quake\ntriggered landslides, swelling the Aguarico river which burst\nit banks carrying away homes and huts in Napo province, health\nminister Jorge Brancho told reuters.\n \"We fear that up to 300 people died in napo though there is\nno way of now knowing the exact figure because there are many\ndisappeared.\"\n Reuter\n\u0003", "date": " 9-MAR-1987 17:07:26.22", "places": [ "ecuador" ], "id": "3388" }, { "title": "DUPONT
UNIT RAISES CRUDE OIL PRICES", "body": "Conoco Inc, a subsidiary of DuPont\nCorp, said it was increasing its contract prices for crude oil\nbetween 10 cts and one dlr a barrel, effective today.\n Conoco said the increase brings its price for the U.S.\nbenchmark crude West Texas Intermediate to 17.50 dlrs a barrel,\nup one dlr.\n South Louisiana Sweet, also up one dlr, is now 17.85 dlrs.\nWest Texas Sour was up 10 cts to 16.60 dlrs a barrel.\n Conoco was the last company to raise prices following a\nseries of increases initiated last week by Sun Co , which\nreversed the posted price cuts made at the end of February.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:07:34.26", "topics": [ "crude" ], "places": [ "usa" ], "id": "3389" }, { "title": "CBT DISCUSSES MAJOR CHANGES FOR RENOVATION", "body": "Chicago Board of Trade (CBT)\nagricultural and financial futures markets could be in for a\nperiod of major upheaval later this year if the exchange goes\nahead with planned renovation.\n A CBT spokesman told Reuters the exchange was looking at a\nnumber of options to identify the most cost effective and\nefficient way to proceed, including one which would involve\nmoving the entire grains floor out of the building and into the\nnearby MidAmerica Commodity Exchange.\n \"One of (CBT Chairman) Karsten Mahlmann's agenda items has\nbeen to proceed with renovation in the financial futures room,\"\nthe spokesman said.\n Another CBT official, executive vice president George\nSladoje, said the issue would be discussed this Friday at a\nspecial meeting on the exchange floor.\n A number of presentations have been made with regard to\nrenovating the financial futures room, Sladoje said. \"We've\nlooked at five or six different alternatives, involving such\nthings as flip-flopping the trading rooms,\" he added.\n It is conceivable that under a couple of these plans, we\nmight use the MidAmerica Exchange temporarily for some CBT\nmarkets, Sladoje said.\n \"If we move out of one floor entirely, then the\nconstruction period will be about a year,\" he said, adding that\nthe issue was likely to go to a membership vote first and then\nbe on the drawing board for eight months to a year.\n The CBT spokesman stressed that discussions were very\npreliminary at this stage and nothing was likely to begin until\nthis summer at the earliest.\n In order to renovate the crowded financial futures pits,\nexchange officials have discussed providing them a temporary\nhome next door in the present grains-dominated area.\n This could involve moving CBT markets in U.S. Treasury Bond\nfutures, Treasury Notes, Muni-bonds, and options on T-Bonds and\nT-Notes through an adjoining corridor, while utilizing the\nMidAmerica floor for such CBT futures contracts as corn, wheat,\nsoybeans, soybean products and agricultural options.\n Any such moves could meet with opposition among some CBT\nmembers.\n One senior floor trader said the financial futures room\nbadly needs renovating.\n \"There is talk the grains floor will shift to the MidAm and\nthe financials will move to the grains area,\" he said.\n The CBT spokesman said another option being discussed was\nto renovate the financial floor in quadrants, one quarter at a\ntime. \"The first step, after deciding the most effective way to\nproceed, would be to get architectural and engineering\ndrawings,\" he said.\n He added that it was difficult at present to determine an\nexact time frame for any possible moves. \"This is a major\nundertaking and a process that would spread out over next\nyear,\" he said.\n Floor traders at the MidAmerica Commodity Exchange, which\nmerged with the CBT about a year ago, said they were preparing\nto vacate their floor at the end of this month.\n Space has recently been cleared for them at the CBT by\nmoving its Major Market Index pit into the area once reserved\nfor lightly-traded CBT gold and silver futures, which now share\ntheir trading area.\n The MidAm specializes in mini-contracts in grains,\nlivestock, metals, financials and foreign currencies as well as\nsome options contracts.\n \"Rumor has it that the CBT grains are coming over here\nbecause the bonds are too crowded,\" one MidAm trader said.\n Another source at the MidAm said this change could take\nplace by July or August.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:07:59.38", "topics": [ "grain" ], "places": [ "usa" ], "id": "3390" }, { "title": "FLUOR CORP WINS 197.6 MLN DLR ARMY CONTRACT", "body": "Fluor Corp said it won a 197.6\nmln dlr contract from the U.S. Army Engineer District, with a\nfollow-on option for an additional 450 mln dlrs.\n Fluor's Fluor Constructors Inc unit will perform\nprocurement and construction for Ground Based Free Electron\nLaser-Technology Integrated Experiment Project at the White\nSands Missile Range in New Mexico.\n Phase I Construction will begin this month and is scheduled\nfor completion in September, 1990.\n Based on its results, a Phase II follow-on option may be\nimplemented for an additional two years, the company said.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:08:25.75", "places": [ "usa" ], "id": "3391" }, { "title": "PIEDMONT PREFERRED MAY BE CUT BY S/P", "body": "Standard and Poor's Corp said it may\ncut Piedmont Aviation Inc's BBB-minus preferred stock because\nof USAir Group Inc's proposed acquisition of the airline.\n While the combination would strengthen both airlines'\nmarket position and enhance revenue generating capability,\nUSAir Group would require substantial debt to finance the 1.6\nbillion dlr acquisition, S and P said.\n USAir's balance sheet and cash flow support of debt, among\nthe strongest in the industry, would be weakened by financing\nall-cash acquisitions of Piedmont and PSA Inc. USAir's A-rated\nsenior debt is already on S/P watch for possible downgrade.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:10:29.98", "places": [ "usa" ], "id": "3392" }, { "title": "BEKER REORGANIZATION PLAN DELAYED", "body": "Beker Industries Corp said it\nwas unable to confirm its plan for reorganization at a March 5\nhearing before the U.S. Bankruptcy Court because necessary\nagreements had not been reached with its institutional lenders.\n The company said it could set no specific date for\ncompleting its reorganization.\n At the March 5 hearing, the company said it filed a motion\nfor approval of an agreement that has been reached in principal\nwith a unit of Freeport-McMoRan Inc for the sale of\nBeker's facilities in Louisiana and Florida.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:17:20.35", "places": [ "usa" ], "id": "3393" }, { "title": "GROUP SEEKS PRIME MEDICAL HOLDER LIST", "body": "A group of investment firms led by\nFar Hills, N.J., investor Natalie Koether said it is seeking\ninformation about the shareholders of Prime Medical Services\nInc, over which it has said it is seeking control.\n In a filing with the Securities and Exchange Commission,\nthe group, which includes Shamrock Associates, included a March\n6 letter to Prime which asks for a complete list of all\nshareholders and their addresses.\n The group said it wants the information so it can contact\nshareholders on issues, including election of an opposition\nslate of directors to the board and other proxy contests.\n The Koether group's letter gives the company five days to\nrespond to its request. If there is no response from Prime\nMedical, the group said it would consider the demand refused\nand would take \"other proper steps\" to get the information.\n The group said it already holds 1,483,886 Prime Medical\nshares, or 17.5 pct of the total. It said it has taken legal\naction to try to force the company to set an annual meeting and\nrequire all directors to stand for election.\n In a previous SEC filing, the group has said it has decided\nto try to seek control of Prime Medical through a tender offer,\nexchange offer, proxy contest or other ways.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:17:34.41", "topics": [ "acq" ], "places": [ "usa" ], "id": "3394" }, { "title": " UNIT TO SELL BUSINESS", "body": "Grand Metropolitan PLC said its\nGrandmet USA Inc unit decided to sell its physical fitness and\nexercise equipment business.\n The company said Morgan Stanely and Co Inc is advising it\non the sale of the business.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:18:06.47", "topics": [ "acq" ], "places": [ "usa" ], "id": "3395" }, { "title": "CHRYSLER AMC BUYOUT VALUED AT 1.55 BILLION", "body": "Chrysler Corp's proposed acquisition of\nAmerican Motors Corp is valued at about 1.55 billion dlrs,\nincluding the cost of acquisition and the 767 mln dlrs in\nAmerican Motor' debt that Chrysler will assume, analysts said.\n They said Chrysler's cost of acquisition was valued at 782\nmln dlrs, paid in cash, notes and Chrysler shares.\n The analysts told Reuters that at a New York briefing\nChrysler treasurer Fred Zuckerman outlined his company's\nagreement with Renault to assume AMC's debt as well as 332 mln\ndlrs in unfunded pension liabilities, though the latter is not\nincluded valuing the transaction.\n Analysts were generally positive on Chrysler's proposed\npurchase of its much-smaller rival, but said they expected the\ntransaction would carry with it a short-term dilution in\nChrysler's earnings.\n A Chrysler financial source, speaking anonymously, told\nReuters that the proposed purchase price was smaller than it\nwould have been had a deal been struck last year because the\nimpact of the new U.S. tax law removes Chrysler's ability to\nassume AMC's large reserve of tax-loss carryforwards\naccumulated from its losses since 1980.\n \"There were very serious discussions last fall but we\ndidn't pull it off,\" the source said in a reference to the\nassassination in November of former Renault chairman Georges\nBesse.\n \"It's too bad because the tax benefits fell on the floor.\nAnd Renault could have gotten a much better price if we'd done\nit before the end of last year.\"\n In addition to AMC's debt and its pension liabilities, the\nsource said Chrysler would also assume any liability from\nlawsuits over the safety of Jeeps, which he called \"an overhang\nto the company.\"\n Analysts quoted Chrysler officials as having told them that\nthe deal includes payment to Renault of 200 mln dlrs principal\nin the form of a 10-year note at eight pct interest, 35 mln\ndlrs cash for Renault's equity in AMC's finance subsidiary, 25\nmln dlrs in cash for \"transaction fees\" in connection with the\nacquisition and 522 mln dlrs worth of Chrysler stock to be paid\nAMC shareholders.\n \"The big number is the 767 mln dlrs in debt assumption,\"\nanalyst Jack Kirnan of Kidder Peabody and Co told Reuters.\n Moody's Investors Service Inc said it may downgrade 12\nbillion dlrs of Chrysler Corp and unit debt due to the deal.\n But the Chrysler source said that in assuming AMC's\nliabilities, his company will refinance at a lower rate any AMC\ndebt that is being carried at \"non-market\" rates.\n He said there were difficulties in negotiating with the\nprevious Renault management on the acquisition because they\nwere committed to the group's business plan of which AMC was an\nintegral part.\n \"The new management didn't have that problem - AMC wasn't\ntheir baby,\" he said.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:22:25.14", "topics": [ "acq" ], "places": [ "usa" ], "id": "3396" }, { "title": "BANKS TO MULL PHILIPPINE DEBT PROPOSAL", "body": "The Philippines' bank advisory\ncommittee meets tomorrow to discuss its response to a novel\nproposal by finance minister Jaime Ongpin to pay part of the\ncountry's interest bill with investment notes instead of cash,\nbankers said.\n Ongpin outlined his plan today to the 12-bank advisory\ncommittee headed by Manufacturers Hanover Trust Co.\n Bankers declined to comment on today's meeting but said the\npanel's response could be crucial to the fate of the talks,\nwhich are now in their second week. \"The ball's in our court\nnow,\" one banker on the committee said.\n Under Ongpin's rescheduling plan, the Philippines would\noffer to make interest payments in cash at 5/8 pct over the\nLondon Interbank Offered Rate.\n Banks which found this rate unacceptably low would be\noffered an alternative of LIBOR payments in cash plus a margin\nof one pct in the form of Philippine Investment Notes, PINs,\nbankers explained.\n These tradable, dollar-denominated zero-coupon notes would\nhave a maturity of six years, but they would be redeemable at\nany time at par for pesos to fund investments approved as part\nof the government's debt-equity scheme.\n Because banks would be able to sell the PINs to\nmultinational investors at relatively small discounts to face\nvalue, their total yield would be boosted well above the 5/8\npct cash margin, according to the Philippine proposal.\n Although bankers are eager to foster foreign investment in\nthe Philippines, the PINs idea is likely to run into stiff\nresistance by at least some members of the bank advisory\ncommittee because it would establish the precedent of some\ninterest payments being made with paper rather than cash.\n Ongpin has said that U.S. regulators and accountants had\ngiven a green light to his idea, but bankers are not so sure.\n U.S. bankers fear that they would not be able to account\nfor the notes in the same way as accruing cash interest\npayments and that their profits would suffer accordingly.\n If the banks reject the proposal out of hand, however, they\nrun the risk of scuttling the talks, for Ongpin has insisted\nthat he would not accept a margin above 5/8 pct.\n The Phillipines is asking the banks to reschedule 3.6\nbillion dlrs of debt falling due between 1987 and 1992 and to\ngrant easier terms on 5.8 billion dlrs of previously\nrestructured debt.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:24:41.36", "places": [ "philippines" ], "id": "3397" }, { "title": "VARITY UNIT HAS NEW INDUSTRIAL DIESELS", "body": "Varity Corp said Perkins Engines,\nVarity's British-based diesel engine subsidiary, introduced\nthree families of new industrial diesels, ranging from 37 to\n400 horsepower.\n The new models include four and six cylinder units, two to\n12 liters in displacement, Varity said.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:29:34.49", "places": [ "usa" ], "id": "3398" }, { "title": "WASHINGTON NAT'L BUYS UNITED PRESIDENTIAL", "body": "Washington National Corp's\nWashington National Insurance Co said it bought the remaining\n15 pct of United Presidential Corp's outstanding shares\nat 19 dlrs a share cash.\n The acquisition of the shares is part of a plan of exchange\napproved by United Presidential shareholders at a special\nmeeting March 6.\n The purchase of the remaining United Presidential stake\nfollows Washington National's buying 85 pct of United\nPresidential in a 19 dlrs a share tender offer which terminated\nDecember 12.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:30:33.60", "topics": [ "acq" ], "places": [ "usa" ], "id": "3399" }, { "title": "CONAGRA COMPLETES MERGER WITH TRIDENT", "body": "Conagra Inc said it completed the\nmerger of its Sea-Alaska Products Co unit and \n Conagra said the new company, in which it holds a 45 pct\nstake, will be called Trident Seafoods Corp. Charles Bundrant,\npresident of Trident before the merger, was named president of\nthe new company, Conagra said.\n Conagra said it also completed the previously announced\nacquisition of and that Trident\ncompleted the purchase of the remaining 50 pct stake of \n Reuter\n\u0003", "date": " 9-MAR-1987 17:33:03.16", "topics": [ "acq" ], "places": [ "usa" ], "id": "3400" }, { "title": "MARKET DISCOUNTS HIGHER SOVIET GRAIN IMPORTS", "body": "Grain analysts said the increase of\nthree mln tonnes in 1986/87 Soviet grain imports is unlikely to\naffect the market Tuesday.\n They said the market already has discounted higher Soviet\nimports, partly on news last month that the Soviet Union bought\none mln tonnes of U.S. corn, and on rumors that the Reagan\nadministration is pushing for authority to sell the Soviets\nU.S. wheat under the Export Enhancement Program.\n In its supply-demand report, the USDA raised its estimate\nfor 1986/87 Soviet grain imports to 26 mln tonnes from 23 mln.\n \"That was business already done, for all practical\npurposes,\" said Drexel Burnham analyst Dale Gustafson,\nreflecting similar statements made by other analysts.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:35:20.01", "topics": [ "grain", "wheat", "corn" ], "places": [ "usa", "ussr" ], "id": "3401" }, { "title": "INVESTORS GROUP SHARE OFFERING APPROVED", "body": "Investors Group Inc, a unit\nof , said filing a final prospectus for\nthe previously announced new issue of one mln common shares of\nInvestors Group and secondary offering by Power Financial of\nthree mln Investors Group common received regulatory approval.\n The issue will be priced at 23.50 dlrs a share and\n1,650,000 shares of the total issue will be offered outside\nCanada. The Canadian offering will be purchased by investment\ndealers and Gordon Capital Corp, and\nthe international offering will be acquired by Dominion\nSecurities, Gordon and S.G. Warburg Securities, Investors said.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:39:45.02", "places": [ "canada" ], "id": "3402" }, { "title": "GULL AIR FILES TEXAS AIR ANTI-TRUST SUIT", "body": " said it filed an\nanti-trust suit against Texas Air Corp, charging the airline\nbroke a marketing agreement and undertook predatory business\npractices aimed at shutting down Gull Air.\n Gull Air, flying commerical routes in some 20 cities in the\nNortheast, Florida and the Bahamas, said it reached a feeder\nagreement with Texas Air Corp in March 1986.\n Under the five year marketing pact, Gull said it\ncoordinated its flights with Texas Air, Continental, Eastern\nand New York Air, to facilitate connections and increase its\nbusiness.\n But when Texas Air acquired People Express Inc and its\nunits, including Bar Harbor Air Line and Provincetown-Boston\nAirline, the privately-held Gull became a competitor to the\nTexas Air units, the company said.\n The company said Texas Air then broke the five year\nagreement previously reached with Gull, causing it to lose\nmillions of dollars.\n A company spokesman said Gull has not yet set a monetary\nvalue on the amount on the damages it is seeking in the suit.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:40:43.02", "places": [ "usa" ], "id": "3403" }, { "title": "REAGAN EXTENDS U.S. COOPERATION WITH EURATOM", "body": "President Reagan signed an order \nallowing sales of U.S. nuclear fuel to the European Atomic\nEnergy Community (EURATOM) to continue for a further year, even\nthough they do not comply with a 1978 U.S. law.\n Under the law, which is designed to combat the spread of\nnuclear weapons, foreign importers of U.S. nuclear fuel must\nget American consent to any reprocessing.\n The United States and EURATOM have had a series of 11\nrounds of talks from 1978 to 1986 to renegotiate its nuclear\ncooperation agreements, signed more than 20 years ago, to\nconform with the 1978 law.\n Since 1978 the U.S.-EURATOM nuclear coooperation accords\nhave been extended by a series of presidential waiver orders.\n State Department officials said negotiations had made more\nprogress in the last two years after the United States had\noffered a longterm reprocessing consent arrangement, rather\nthan requiring EURATOM to have U.S. consent for each fuel\ndelivery.\n In notifying Congress of today's order extending\nU.S.-EURATOM nuclear cooperation, Reagan said: \"A disruption of\nnuclear cooperation would not only eliminate any chance of\nprogress in our talks with EURATOM related to our agreements,\nit would also cause serious problems in our relationships.\"\n He said further progress in talks with EURATOM was \nexpected this year.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:40:54.75", "organisations": [ "euratom" ], "places": [ "usa" ], "id": "3404" }, { "title": " SEES GAIN FROM SALE", "body": "Atco Ltd said its Atco\nDevelopment unit agreed to sell the Canadian Utilities Center\nin Edmonton, Alberta and the Canadian Western Center in\nCalgary.\n The sales, together with the previously-announced sale of\nAtco's Australian operations, will gross 114 mln dlrs and\nresult in an after-tax gain of 31 mln dlrs, which will be\nreflected in Atco's fiscal year results.\n Its fiscal year ends March 31, the company said. In\naddition, the sales will produce 47 mln dlrs cash after debt\nreduction of 67 mln dlrs, Atco said.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:42:35.86", "topics": [ "earn" ], "places": [ "canada" ], "id": "3405" }, { "title": "LINDNER TELLS SEC HE HAS HAD TALKS WITH TAFT ON SEEKING CONTROL OF COMPANY\n", "date": " 9-MAR-1987 17:44:47.66", "topics": [ "acq" ], "id": "3406" }, { "title": "CBS INC CHIEF EXPLAINS NEWS STAFF CUTS", "body": "The need to eliminate \"inefficiencies\nand redundancies\" was behind the decision to dismiss more than\n200 employees at CBS News, according to a memo from Laurence\nTisch, chief executive officer of CBS Inc.\n CBS made public the memo to employes in which Tisch sought\nto re-assure news employes that news divison will have the\nresources to \"serve the needs of the public\" in the future.\n Tisch said he accepted recommendations of the management of\nCBS News that 10 pct of the work force be trimmmed. \"It was not\nan assignment that anyone relished or that I enjoyed giving\nthem,\" he said.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:45:59.80", "places": [ "usa" ], "id": "3407" }, { "title": "FUTURE OF EC BUTTER DISPOSAL SCHEME IN DOUBT", "body": "A 3.6 billion dlr plan to rid the\nEuropean Community (EC) of one mln tonnes of surplus butter is\nin doubt as Spain and Portugal refuse to drop their opposition\nto the scheme, diplomats said.\n The plan, proposed by the Community's executive Commission,\naims to level most of the EC's huge and costly butter mountain\nby disposing of a total of 1.04 mln tonnes this year and next.\n But the officials said Spain and Portugal, which joined the\n12-nation bloc at the beginning of last year, continued to\noppose the scheme at a meeting of EC finance ministers here.\n They argued they should not have to pay for the disposal of\nsurpluses created before they became EC members.\n The plan, already approved by farm ministers despite\nopposition from Madrid and Lisbon, had been sent to finance\nministers for final approval.\n But the diplomats said the finance ministers instead\nreferred it back to the Commission, asking it to study possible\nways to solve the row as soon as possible.\n They said Spain and Portugal indicated they may go to the\nEuropean Court of Justice over the issue if the Commission did\nnot come up with a satisfactory solution.\n The scheme has also run into criticism from the EC's\nfinancial watchdog, the Court of Auditors.\n The Court has said the plan is unsound because the\nCommission wants member states to foot the bill until it starts\nreimbursing them in four annual instalments from 1989.\n Diplomats said Spain and Portugal backed the court's view\nand also complained that, under complex financial agreements\nworked out when they joined the EC, they would get less back\nlater than if they were reimbursed now.\n Commission sources said it appeared the two countries were\nholding out in a bid to squeeze some form of compensation out\nof their partners but it was unclear how much longer they would\ncontinue to block the scheme.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:49:16.81", "organisations": [ "ec" ], "places": [ "belgium", "spain", "portugal" ], "id": "3408" }, { "title": "BANCROFT FILES SUIT AGAINST ZICO", "body": "Bancroft Convertible Fund Inc said it\nfiled a lawsuit in federal court in Newark, N.J., seeking to\nblock a hostile 30 dlr a share takeover offer by \n Bancroft said the suit also names Michael B. Javett,\nprincipal officer of Zico, and First Fidelity Bancorp's \nFirst Fidelity Bank unit, the depositary for Zico's offer.\n Bancroft said the suit also names ,\nZico's information agent, and , a\nPanamanian corporation.\n Bancroft said its complaint alleges that Zico's tender\noffer materials include false and misleading information and\nthat the offer violates the Investment Company Act of 1940.\n The company said its stockholders approved proposals that\nwill insure that it remains independent.\n\n Reuter\n\u0003", "date": " 9-MAR-1987 17:49:32.83", "topics": [ "acq" ], "places": [ "usa" ], "id": "3409" }, { "title": "BELL CANADA (BCE), LAVALIN TO BID ON MAP SERVICE", "body": ", a company owned\nby Bell Canada Enterprises Inc and engineering company , plans a bid to take over the federal government's map\nmaking service, Lavalin said.\n The service has an annual budget of about 130 mln Canadian\ndlrs and includes the surveys and mapping and remote sensing\nbranches of the Energy, Mines, and Resources department, and\nthe hydrographic services of the Fisheries and Oceans\ndepartment, Lavalin president Bernard Lamarre said.\n Lamarre said company officials have held preliminary talks\nwith the government to discuss the possibility of taking over\nthe service.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:50:32.51", "places": [ "canada" ], "id": "3410" }, { "title": "WORLD BANK REPORT CRITICISES PERU ECONOMIC PLAN", "body": "A confidential World Bank report on the\nPeruvian economy has said the government's strategy does not\noffer good prospects for medium and long-term growth and is\nlikely to lead to an early renewal of inflationary pressure.\n The report, published today by the economic monthly, The\nPeru Report, said the success of president Alan Garcia's\ngovernment in stimulating output last year to achieve a growth\nin gross domestic product of over eight pct \"represents gains in\nthe short term at the expense of the long.\"\n Government officials had no immediate comment on the\nreport, which advised a reduction in the overall size of the\npublic investment program and greater emphasis on the\npreservation of Peru's export potential.\n The report said that although the government had succeeded\nin cutting inflation from 250 pct a year in the first half of\n1985 to under 70 pct, its stabilisation and reactivation\nprogram was encountering rising difficulties.\n \"An early renewal of inflationary pressures, linked to\nmonetary expansion, exchange rate devaluation and an easing of\nprice controls, appears not improbable,\" it added.\n The world bank report said the government's policies had\nreduced inflation and short-term increases in consumption at\nthe apparent cost of price distortions, overvaluation of the\ncurrency, balance of payments disequilibrium, reserve losses,\nand sharply diminished creditworthiness.\n It said unless the government took action quickly to fix a\ncompetitive exchange rate and control the public sector\ndeficit, \"the higher the probability will be that the government\nwill eventually have to resort to drastic curtailment of\ndomestic demand and either sharp devaluation or still further\ncontrols on imports in order to stem inflation and support the\nbalance of payments.\"\n It said the bank would place more emphasis on the\npreservation of peru's export potential, external links and\noverall economic efficiency.\n The government's incentive policies towards the mining and\npetroleum sectors, among its main traditional exports,\nsuggested that it did not accord high priority to their\neconomic viability, it added.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:53:58.07", "topics": [ "gnp", "cpi", "money-fx" ], "organisations": [ "worldbank" ], "places": [ "peru" ], "id": "3411" }, { "title": "BDS MEDICAL RECEIVES PATENT", "body": "BSD Medical Corp said it received\na patent from the U.S. Patent Office for its invasive/external\nelectric field sensors.\n The company said the patent is its fourth in seven months.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:54:17.75", "places": [ "usa" ], "id": "3412" }, { "title": "LINDNER SAYS HE DISCUSSED CONTROL OF TAFT ", "body": "Financier Carl Lindner, who holds a\n16.2 pct stake in Taft Broadcasting Co, told the Securities and\nExchange Commission he has discussed with the company the\npossibility of seeking control of it.\n Lindner, the Cincinnati, Ohio, investor who controls\nAmerican Financial Corp, said his talks with some of Taft's\nmanagers and directors have been aimed at \"achieving an\nincreased ownership position\" in the company.\n Lindner said his increase in ownership would be made either\nby making an offer to acquire control of Taft or taking part in\na group to acquire the company.\n Lindner, who holds his Taft stake through American\nFinancial and its subsidiaries, said he is also considering\nbuying more Taft stock on the open market or in private deals.\n He did not say whether the talks with Taft officials led to\nany agreements or understandings.\n But Lindner said he intends to review his investment in\nTaft and may be involved in further talks or take other steps\nregarding the future control and direction of Taft.\n Lindner's investor group recently raised its Taft stake to\n1,489,298 shares, or 16.2 pct from 1,439,498 shares, or 15.6\npct, after buying 49,800 shares for a total of 5.8 mln dlrs.\n Although he recently received clearance from the Federal\nTrade Commission to raise his stake in the company to 24.9 pct,\nLindner in previous SEC filings has always stressed that his\ninterest in Taft was for investment only and not was not\nseeking to control the company.\n An investor group headed by members of the wealthy Bass\nfamily of Fort Worth, Texas, also holds about 24.9 pct of\nTaft's common stock.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:55:41.85", "topics": [ "acq" ], "places": [ "usa" ], "id": "3413" }, { "title": "N.Z. FOREIGN DEBT FALLS TO 32.94 BILLION DLRS", "body": "New Zealand's total foreign debt\nfell to 32.94 billion N.Z. Dlrs in the quarter end December 31\nagainst 33.42 billion in the quarter end September 30, revised\nfrom 33.12 billion dlrs, and 24.61 billion in the quarter end\nMarch 1985, the statistics department said.\n The department began releasing quarterly figures in June\n1986.\n It said in a statement Government Corporation foreign debt\nin the December quarter fell to 5.86 billion against a 6.78\nbillion in the September quarter, revised from 6.63 billion and\n5.25 billion in March quarter 1985.\n Private sector foreign debt fell to 5.75 billion dlrs from\n5.89 billion, revised from 5.74 billion, and 5.45 billion in\nMarch 1985.\n Government departments and Reserve Bank foreign debt rose\nto 21.32 billion against 20.75 billion and 13.92 billion.\n Contributing to the total fall of 0.48 billion dlrs were\n2.11 billion in net realised and unrealised exchange gains, a\nresult of an appreciation of the New Zealand dollar against\nother currencies, the department said.\n The U.S. Dollar remained the predominant borrowing currency\nfor all three sectors in the economy at December 31.\n Reuter\n\u0003", "date": " 9-MAR-1987 17:57:40.48", "places": [ "new-zealand" ], "id": "3414" }, { "title": "INVESTORS SET DEADLINE FOR JAPAN FUND ", "body": "An investor group that includes T.\nBoone Pickens III said it set a deadline of 1600 EST on March\n11 for its offer to acquire Japan Fund Inc.\n The group, which also includes and , said\nit was willing to deposit in escrow 100,000 Japan Fund shares,\nworth about two mln dlrs, to insure its ability to obtain\nfinancing if Japan Fund approves its offer.\n The group said Japan Fund has not responded to its offer,\nworth about 525 mln dlrs at current market prices.\n Reuter\n\u0003", "date": " 9-MAR-1987 18:12:09.10", "topics": [ "acq" ], "places": [ "usa" ], "id": "3415" }, { "title": "INVESTOR FIRMS HAVE 25.5 PCT OF SYMBION ", "body": "A group of affiliated firms led by\nWarburg, Pincus Capital Co L.P., a New York venture capital and\ninvestment partnership, said it has acquired 1,920,527 shares\nof Symbion Inc, or 25.5 pct of the total outstanding.\n In a filing with the Securities and Exchange Commission,\nthe Warburg Pincus group said it bought the stake for\ninvestment purposes.\n Although the group said it is considering buying more\nshares of Symbion, it said it has no plans to seek control of\nthe company.\n Reuter\n\u0003", "date": " 9-MAR-1987 18:17:08.76", "topics": [ "acq" ], "places": [ "usa" ], "id": "3416" }, { "title": "OFFSHORE INVESTOR HAS 5.9 PCT OF HAUSERMAN", "body": "Kindness N.V., a Bahamas-based firm\nowned by U.K. investor and Bahamas resident John Templeton,\nsaid it has acquired 137,900 shares of Hausereman Inc, or 5.9\npct of the total outstanding common stock.\n In a filing with the Securities and Exchange Commission,\nTempleton said he bought the shares for investment purposes\nonly and has no intention of seeking control of the company.\n Reuter\n\u0003", "date": " 9-MAR-1987 18:25:18.56", "topics": [ "acq" ], "places": [ "usa" ], "id": "3417" }, { "title": "INVESTMENT FIRMS UP STAKE IN MCGILL MFTG ", "body": "A group of affiliated investment\nfirms led by Bermuda-based Fidelity International Ltd and\nBoston-based FMR Corp, told the Securities and Exchange\nCommission it raised its stake in McGill Manufacturing Co Inc.\n The group said it raised its stake to 88,580 shares, or 6.2\npct of the total outstanding common stock, after buying 14,135\nMcGill common shares between Jan 19 and March 2 at prices\nranging from 33.57 to 34.57 dlrs a share.\n Reuter\n\u0003", "date": " 9-MAR-1987 18:29:48.19", "topics": [ "acq" ], "places": [ "usa" ], "id": "3418" }, { "title": "U.S. INTERVENED TO BUY 50 MLN DLRS AGAINST YEN ON JANUARY 28, FED SAYS\n", "date": " 9-MAR-1987 18:31:39.47", "topics": [ "money-fx", "dlr", "yen" ], "places": [ "usa" ], "id": "3419" }, { "title": "CTS INCREASES 1986 LOSS", "body": "CTS Corp said it increased its\n1986 loss from continuing operations to 26.6 mln dlrs from the\npreviously announced 23.8 mln dlrs loss.\n The 1986 figure was increased to include expenses involved\nwith its settlement of a dispute with Dynamics Corp of America\n.\n The settlement involved a takeover bid for CTS by Dynamics\nCorp, which had offered to buy the shares of CTS that it did\nnot already own.\n CTS made a profit of 7.9 mln dlrs from continuing\noperations in 1985.\n CTS said it charged an additional 2.8 mln dlrs in special\nexpenses to its 1986 operations as a result of the Dynamics\nCorp settlement.\n The additional expenses include the obligation to reimburse\nDynamics Corp, subject to approval of CTS shareholders, a total\nof 2.1 mln dlrs for Dynamics Corp's expenses and other costs\nrelating to CTS.\n Reuter\n\u0003", "date": " 9-MAR-1987 18:32:02.73", "topics": [ "earn" ], "places": [ "usa" ], "id": "3420" }, { "title": "U.S. INTERVENED TO AID DLR IN JANUARY, FED SAYS", "body": "U.S. authorities intervened in the\nforeign exchange market to support the dollar on one occasion\nduring the period between the start of November 1986 and the\nend of January, the Federal Reserve Bank of New York said in a\nreport.\n The Fed's quarterly review of foreign exchange operations\nsaid that the U.S. bought 50 mln dlrs through the sale of yen\non January 28. This operation was coordinated with the Japanese\nmonetary authorities and was funded equally by the Fed and the\nU.S. Treasury.\n The Fed's intervention was on the morning after president\nReagan's State of the Union message and was \"in a manner\nconsistent with the joint statement\" made by U.S. Treasury\nsecretary James Baker and Japanese finance minister Kiichi\nMiyazawa after their January 21 consultations.\n At that meeting, the two reaffirmed their willingness to\ncooperate on exchange rate issues.\n The Fed's report did not say at what level the intervention\noccurred. But on January 28, the dollar closed at 151.50/60 yen\nafter dipping as low as 150.40 yen earlier in the session. It\nhad closed at 151.05/15 yen the previous day.\n The dollar had plumbed a post-World War II low of 149.98\nyen on January 19 and reached a seven-year low of 1.7675 marks\non January 28. It ended that day at 1.7820/30 marks.\n The Fed noted that, after trading steadily throughout\nNovember and the first half of December, the dollar moved\nsharply lower until the end of January.\n It closed the three-month review period down more than 11\npct against the mark and most other Continental currencies and\nseven pct lower against the yen and sterling. It had fallen\nfour pct against the Canadian dollar.\n During the final days of January, pressure on the dollar\nsubsided. Reports of the U.S.-Japanese intervention operation\nand talk of an upcoming meeting of the major industrial\ncountries encouraged expectations for broader cooperation on\nexchange rate and economic policy matters, the Fed said.\n Moreover, doubts had developed about the course of U.S.\ninterest rates. The dollar's swift fall had raised questions\nabout whether the Fed would let short-term rates ease.\n Thus the dollar firmed to close the period at 1.8320 marks\nand 153.70 yen. According to the Fed's trade-weighted index, it\nhad declined nine pct since the beginning of the period.\n The dollar had risen as high as 2.08 marks and 165 yen in\nearly November.\n The Fed last intervened in the foreign exchange market on\nNovember 7, 1985 when it bought a total of 102.2 mln dlrs worth\nof marks and yen.\n The Fed's action followed the September 1985 Plaza\nagreement between the five major industrial nations under which\nthey agreed to promote an orderly decline of the dollar.\n Reuter\n\u0003", "date": " 9-MAR-1987 18:32:35.89", "topics": [ "money-fx", "dlr", "yen" ], "places": [ "usa", "japan" ], "id": "3421" }, { "title": "INVESTMENT FIRM RAISES CERTRON STAKE", "body": "Louart Corp, a Los Angeles investment\nfirm, said it raised its stake in Certron Corp to 237,000\nshares, or 7.8 pct of the total outstanding common stock, from\n164,000 shares, or 5.4 pct.\n In a filing with the Securities and Exchange Commission,\nLouart said it bought 73,000 Certron shares between Sept 9 and\nMarch 6 at a total of 109,315 dlrs a share.\n It said its dealings in Certron were for investment only,\nbut said it might increase its stake. It said it has no plans\nto seek control of the company.\n Reuter\n\u0003", "date": " 9-MAR-1987 18:33:22.47", "topics": [ "acq" ], "places": [ "usa" ], "id": "3422" }, { "title": "SONO-TEK OFFERING CUT TO 350,000 SHARES", "body": "Sono-Tek Corp said it reduced to\n350,000 from 400,000 the number of shares it will sell in its\ninitial public stock offering.\n The price of the offering remains unchanged at five dlrs\nper share, it said.\n Reuter\n\u0003", "date": " 9-MAR-1987 18:35:19.99", "places": [ "usa" ], "id": "3423" }, { "title": "BARNETT BANKS PROPOSES NAME CHANGE", "body": "Barnett Banks of Florida Inc\nproposed changing its name to Barnett Banks Inc, the company\nsaid.\n The company said shareholders will vote on the proposal,\nmade in its 1987 proxy statement, at the annual meeting on\nApril 22.\n Reuter\n\u0003", "date": " 9-MAR-1987 18:37:14.52", "places": [ "usa" ], "id": "3424" }, { "title": "HOGAN SYSTEMS IN ACQUISITION", "body": "Hogan Systems Inc said it acquired\n of Durango, Colo., for 1.7 mln dlrs.\n Hogan said Systems 4 provides integrated applications\nsoftware and processing services to about 30 community banks.\n Systems 4 has revenues of 1.5 mln dlrs a year, Hogan said.\n Reuter\n\u0003", "date": " 9-MAR-1987 18:44:43.19", "topics": [ "acq" ], "places": [ "usa" ], "id": "3425" }, { "title": "YEUTTER DECLINES COMMENT ON SENATE RUMOR", "body": "U.S. Trade Representative Clayton\nYeutter declined to comment publicly on a rumor that Nebraska\nGov. Kay Orr was considering appointing him to replace\nDemocratic Sen. Edward Zorinsky, who died last week.\n However, Yeutter told senior staff this morning that he was\nnot interested in replacing Zorinsky and wanted to continue\nserving as President Reagan's chief trade negotiator, an aide\ntold Reuters.\n Orr reportedly is considering naming a Republican to\nreplace Zorinsky. Nebraska Republican Reps. Doug Bereuter and\nHal Daub were said to be among those being considered by Orr.\n Reuter\n\u0003", "date": " 9-MAR-1987 18:45:32.91", "places": [ "usa" ], "id": "3426" }, { "title": "AIRCAL FEBRUARY LOAD FACTOR DOWN SLIGHTLY", "body": "AirCal said its February\nload factor averaged 53.4 pct, down slightly from 54.2 pct a\nyear earlier.\n The company said available seat miles, at 357.1 mln, were\nup 40.5 pct from a year ago, while revenue passenger miles, at\n190.8 mln, were up 38.5 pct.\n Year to date revenue passenger miles were 383.3 mln at the\nend of February, up 33.4 pct from a year earlier, while\navailable seat miles, at 750.5 mln, were up 39.5 pct.\n The load factor for the first two months of the year was\n51.1 pct, down from 53.4 pct a year earlier.\n Reuter\n\u0003", "date": " 9-MAR-1987 18:46:21.17", "places": [ "usa" ], "id": "3427" }, { "title": "TEXAS AIR UNIT TO ADD MEXICO FLIGHTS", "body": "Texas Air Corp's Continental Airlines\nunit said it will begin service to Mexico from Atlanta in May.\n Continental said it will add non-stop flights to Mexico\nCity, Puerto Vallarta, Cancun, Acapulco and Ixtapa.\n Reuter\n\u0003", "date": " 9-MAR-1987 18:46:38.85", "places": [ "usa", "mexico" ], "id": "3428" }, { "title": "USSR SEEN LIKELY TO HONOR CORN COMMITMENT", "body": "The Soviet Union will likely honor\nits commitment with the United States to buy a minimum of four\nmln tonnes of corn this year, an Agriculture Department\nofficial said.\n \"They have always honoured the agreement, and there's no\nreason now to think they won't this year,\" he told Reuters.\n \"They have an aggressive buying campaign from the European\nCommunity, from Canada, from the U.S. They're active buyers\nfrom all sources at this point,\" the official said in\nexplaining why the Department raised its Soviet grain imports\nestimate today by three mln tonnes to 26 mln tonnes.\n This is a dramatic shift from just a few months ago when\nanalysts were saying the USSR might not buy any U.S. corn for\nthe first time in 15 years.\n A drawdown of corn supplies in China and Argentina, concern\nover Soviet winter crops, and increasing competition for U.S.\ncorn were all cited as possible factors in creating Moscow's\nrecent interest.\n Lower corn production prospects in some major supplying\ncountries have stirred activity from big buyers such as Japan,\nand the Soviets are also closely watching the situation, the\nofficial said.\n \"The Soviets will try to out-capitalize the capitalists\"\nand buy corn before prices get too high, the official said. \"As\nsoon as they need corn, they'll buy it,\" he added.\n USDA has confirmed one mln tonnes of corn sold to the\nSoviet Union, but both U.S. and Soviet analysts have said the\npurchases stand at 1.5 mln tonnes.\n The USDA official would not speculate on when the Soviets\nwould enter the U.S. market again.\n \"There has definitely been an evolving mind set -- from the\nsituation of slow grain buying a couple months ago to one of\nfrenetic buying now,\" the official said.\n However, the situation in wheat is \"a different story,\" he\nsaid. Greater world supplies of wheat, heavier Soviet purchase\ncommitments and less competitive U.S. wheat prices make Soviet\npurchases of U.S. wheat less likely, he said.\n Speculation has continued for several days that the U.S.\nis considering making an export bonus wheat subsidy offer to\nthe Soviets, but U.S. officials have provided no confirmation.\n\n Reuter\n\u0003", "date": " 9-MAR-1987 18:48:17.11", "topics": [ "grain", "corn", "wheat" ], "places": [ "usa", "ussr" ], "id": "3429" }, { "title": "PICKENS SEES CONTINUED SLUMP IN WORKING RIGS", "body": "T. Boone Pickens, the Texas oilman and\nfinancier, said he believes the heady days the oil service\nindustry had in the early 1980s, when over 4,500 oil rigs were\nonce reported operating, will not return in his lifetime.\n Pickens told Reuters he expects the rig count to drop to\nbelow 600 before recovering. He added that oil prices will\neventually rise to 35 dlrs, then to 50 dlrs after 1990.\n Currently, some 700 oil rigs are operating in the U.S.,\ndown sharply after oil prices slipped from 30 dlrs in late 1985\nto around 10 dlrs in 1986. Prices are now around 18 dlrs. The\nhighest number of working rigs was 4,500 in December 1981.\n \"The rigs won't go back to work until the price of oil\ngets above 30 dlrs,\" he said, adding that while he expects to\nsee 50 dlr a barrel oil, he does not expect to see 2,000 rigs\noperating in his lifetime. Pickens is 58.\n Pickens, who is currently touring the country promoting\nhis autobiography \"Boone,\" said he does not believe the U.S.\nshould impose an oil import fee in order to stimulate the\ndomestic oil industry.\n Reuter\n\u0003", "date": " 9-MAR-1987 18:59:09.50", "topics": [ "crude" ], "places": [ "usa" ], "id": "3430" }, { "title": "PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC", "body": "The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n Angio-Medical Corp - Initial public offering of 1,666,667\nunits, each consisting of one share of common stock and one\nredeemable warrant to buy one share of common stock through\nKean Securities Co Inc.\n ABM Gold Corp - Initial public offering of six mln shares\nof Class A common stock at an estimated seven to nine dlrs each\nthrough PaineWebber Inc and Advest Inc.\n COMFED Mortgage Co Inc - Initial public offering of 2.7 mln\nshares of common stock at an estimated nine to 13 dlrs a share\nthrough PaineWebber Inc and Bear, Stearns and Co Inc.\n MTech Corp - Offering of 75 mln dlrs of convertible\nsubordinated debentures due March 15, 2012 through a group led\nby Alex. Brown and Sons Inc.\n Reuter\n\u0003", "date": " 9-MAR-1987 19:20:09.18", "places": [ "usa" ], "id": "3431" }, { "title": "AUSTRALIAN WAGE RISE SET AT 10 DLRS A WEEK", "body": "The Arbitration Commission awarded\nthe Australian workforce a flat 10 dlrs a week wage increase\nand allowed trade unions to begin bargaining for a second-tier\nincrease of up to four pct, Commission President Justice Barry\nMaddern said here.\n The decision is effective from the next pay period of\nindividual employers, he said in delivering the Commission's\nNational Wage Case decision.\n Full-time adult ordinary time weekly earnings are 453.00\ndlrs a week for males and 428.40 dlrs for all adults, according\nto latest official statistics.\n The wage decision is the first under the previously\nannounced two-tier system which replaced the concept of wage\nindexation. It is the first national wage rise since a\npartially-indexed increase of 2.3 pct was awarded by the\nCommission last July.\n The decision is a compromise between the Federal\ngovernment's call at the Wage Case hearing for a 10 dlr weekly\nrise plus a three pct second-tier ceiling and the Australian\nCouncil of Trade Unions' (ACTU) claim of 20 dlrs and up to four\npct.\n Employer groups had sought no rise at all.\n The Commission is willing to convene another Wage Case in\nOctober to establish if another wage increase of up to 1.5 pct\nshould be awarded, Maddern said.\n He said the success of the new system depended on the\ncommitment of all parties - employers, unions and governments.\n He said the Commission had rejected employers' calls for a\nfreeze on overall labour cost increases.\n \"We do not think that such an outcome is feasible, given the\nneeds and expectations of wage and salary earners,' he said,\nadding a freeze could have destroyed the possibility of a\ncooperative effort to lift Australia's economic performance.\n The decision would ensure the effects of the depreciation\nof the Australian dollar and the adverse terms of trade would\nnot be reflected in wage increases, Maddern said.\n If necessary, it would arbitrate second-tier claims at an\nimplementation rate of no more than two pct from September this\nyear and a further two pct from July 1988, he said.\n He said labour cost rises would be phased in over the life\nof the package, adding that second-tier rises will be mainly\nachieved by a restructuring and efficiency principle, covering\nelimination of restrictive work practices, improved efficiency\nand productivity and reduction of demarcation disputes.\n Maddern said the Commission again ruled out claims for a\ncut in weekly working hours below 38 and allowed employers to\nbe exempted from wage case decisions on the basis of severe or\nextreme economic adversity.\n The Commission said the poor economic outlook noted in its\nlast decision had persisted, and was perhaps now more serious.\n \"The prevailing uncertainty and lack of confidence in the\neconomy which underlines the economic circumstances must be\nallayed to halt further decline and to turn the economy around.\nIn this connection, what happens to labour costs is of critical\nimportance,\" he said.\n REUTER\n\u0003", "date": " 9-MAR-1987 19:49:34.45", "places": [ "australia" ], "id": "3432" }, { "title": "MIYAZAWA SAYS PARIS ACCORD HELPING STABILISE RATES", "body": "Finance Minister Kiichi Miyazawa said the\nParis currency accord has contributed to the stability of\nexchange rates.\n Miyazawa told a press conference the agreement reached last\nmonth in Paris by six major industrial nations to cooperate in\nbringing about currency stability has prevented speculative\nconcerns from being active in money centres.\n The decision in Paris is being understood by the market, he\nsaid. The yen-dollar exchange rate has been moving in a narrow\nrange since finance ministers of Britain, Canada, France,\nJapan, the U.S. And West Germany reached the accord.\n REUTER\n\u0003", "date": " 9-MAR-1987 20:31:06.96", "topics": [ "money-fx" ], "places": [ "japan" ], "id": "3433" }, { "title": "NEW ZEALAND FOREIGN DEBT EXPECTED TO KEEP FALLING", "body": "New Zealand's total foreign debt\nwill continue to decline as major energy projects are\nrefinanced, Finance Minister Roger Douglas said.\n Statistics Department figures show total debt fell to 32.94\nbillion N.Z. Dlrs in the December quarter from 33.42 billion in\nSeptember, although the government's share rose to 21.32\nbillion from 20.75 billion.\n Douglas said in a statement this was due to the boosting of\nreserves to refinance so-called \"Think Big\" projects.\n \"These reserves do not add to New Zealand's total\nindebtedness.... They are money in the bank,\" he said.\n \"As negotiations to refinance each Think Big project are\ncompleted, existing loans will be replaced with debt currently\nheld in reserves for this purpose,\" Douglas added.\n This in turn will result in a drop in quasi-government and\nprivate debt, he said.\n He said refinancing of projects allowed the government to\nborrow on more favourable terms and to manage Think Big debts\nmore effectively.\n \"Both of these will reduce the cost of Think Big to the\ntaxpayer over time,\" he said. \"The refinancing also paves the way\nto deregulation of the oil industry.\"\n REUTER\n\u0003", "date": " 9-MAR-1987 21:11:47.79", "places": [ "new-zealand" ], "id": "3434" }, { "title": "AUSTRALIAN RESERVE BANK IN BUYING INTERVENTION", "body": "The Reserve Bank said at 1230 local time\nit was offering to buy short-dated government securities in the\nshort-term money market.\n The bank's action followed its purchase of short-dated\ngovernment stock and six-day repurchase agreements earlier in\nthe session.\n Money market traders said the move was aimed at easing cash\nmarket interest rates which had risen on demand for funds to\nmeet PAYE tax and treasury note settlement commitments.\n REUTER\n\u0003", "date": " 9-MAR-1987 21:14:12.88", "topics": [ "money-fx" ], "places": [ "australia" ], "id": "3435" }, { "title": "AUSTRALIAN BUSINESS CRITICISES NATIONAL WAGE RISE", "body": "Business groups criticised the\nArbitration Commission's national wage case decision announced\nearlier but the Australian Council of Trade Unions (ACTU) gave\nit qualified approval.\n As earlier reported, the commission awarded a 10 dlr a week\nflat rise plus the opportunity for unions to bargain\nimmediately for extra payments of up to four pct based on the\nnew two-tier system which replaced wage indexation.\n \"The decision is economically irresponsible and industrially\nnaive,\" said Bryan Noakes, director-general of the Confederation\nof Australian Industry's industrial council.\n\u0003", "date": " 9-MAR-1987 21:50:28.16", "places": [ "australia" ], "id": "3436" }, { "title": "POLES SAID HELD IN JAPAN ON COMPUTER THEFT CHARGES", "body": "Police arrested two Polish citizens for\ntrying to steal Japanese computer technology, local media\nreports said today.\n The reports said the two had worked at a computer-related\ncompany in Tokyo and visited Japanese computer makers several\ntimes after coming to Japan on tourist visas last October.\n One report said they were computer specialists at a Polish\ntechnology institute, and that the company they worked for was\nmanaged by a naturalised Japanese from Poland who was a\ngraduate of the institute.\n Police officials declined to comment on the reports.\n REUTER\n\u0003", "date": " 9-MAR-1987 21:58:23.83", "places": [ "japan", "poland" ], "id": "3437" }, { "title": "RUBBER LEAF DISEASE SEEN AFFECTING SUPPLY/PRICES", "body": "The leaf disease corenes pora,\nwhich has affected some rubber trees in Sri Lanka and\nIndonesia, is likely to force a cut in supply and push up\ndepressed prices, a Malaysian rubber disease researcher said.\n Trees with leaves hit by the fungus disease cannot be saved\nand must be felled, Chee Kheng Hoy, Head of the Crop Protection\nand Microbiology Division in the Rubber Research Institute of\nMalaysia (RRIM), told Reuters.\n He was commenting on a Reuter report which said corenes\npora had hit seven pct of Sri Lanka's plantations and may cause\noutput to drop below its 1987 target of 143,000 tonnes.\n The report said the Sri Lankan Rubber Research Institute\nmay ask estates to remove trees seriously affected by the\ndisease and added that most estates affected belong to the\nState Plantations Corp and Janatha Estates Development Board.\n Chee said corenes pora is an old disease which only affects\ncertain rubber clones in Sri Lanka and Indonesia and that\nfurther use of such clones must be discontinued.\n Clones not resistant to the disease are the Rubber Research\nInstitute of Sri Lanka clone 103, Indonesia's PPN 2058, 2444,\n2447 and PR 265 and Malaysia's RRIM 725, he said.\n Chee said corenes pora affected trees from the RRIM 725\nclone planted in Malaysia several years ago but had been curbed\nafter use of such clones were discontinued.\n Fungicide may be used to curb the disease, which also\naffects leaves of 30 other species of plants, but experience\nhas proven that it is uneconomical and expensive, he added.\n \"The disease is extremely difficult to control. If it is not\ncurbed in the two affected countries their rubber output may\ndrop and prices can rise,\" he said.\n He added that the RRIM was aware of the disease outbreak in\nSri Lanka and was monitoring the situation.\n REUTER\n\u0003", "date": " 9-MAR-1987 23:07:35.01", "topics": [ "rubber" ], "places": [ "malaysia", "sri-lanka", "indonesia" ], "id": "3438" }, { "title": "JAPAN AUCTIONS 1,000 BILLION YEN SHORT-TERM PAPER", "body": "Japan's Finance Ministry auctioned 1,000\nbillion yen worth of tankoku, six month debt-financing paper,\nto roll over previously issued tankoku maturing on March 19, a\nspokesman said.\n The last tankoku auction, on February 12, produced a record\nlow yield of 3.383 pct, reflecting expectation of a half point\ncut in Japan's discount rate, he said.\n In the previous auction for 1,000 billion yen, four major\nJapanese securities houses took 92 pct of the issue amount in\nan attempt to meet strong demand from large institutional\ninvestors, securities managers said.\n Securities managers said they expect the auction to go well\nagain this time as securities houses will try to expand their\ninventories of tankoku on continuing good response from\ninstitutional investors.\n Contrary to a projected low yield on tankoku, short-term\ninterest rates have been resisting a fall on growing demand for\nfunds ahead of the March 31 financial year-end, they said.\n The Bank of Japan has been trying to dampen money market\nrates to make the latest discount rate cut effective, but so\nfar in vain, dealers said.\n The auction results will be announced tomorrow.\n REUTER\n\u0003", "date": " 9-MAR-1987 23:12:23.12", "places": [ "japan" ], "id": "3439" }, { "title": "SEARCH FOR BRITISH FERRY'S TOXIC CARGO CONTINUES", "body": "The search continued for a\ncargo of poisonous chemical substances loaded on the Herald of\nFree Enterprise Ferry which capsized in Zeebrugge harbour\nFriday.\n A total of 72 drums of various toxic materials which were\nloaded on trucks in the ship's hold have been recovered, but\nBelgian authorities warned it was essential to recover a\nfurther 61 containers of a cyanide-based solution.\n A net has been thrown over the gaping loading doors at the\nfront of the ship to prevent any more drums floating out.\n Salvage workers have moved cranes into place alongside the\nwreck of the 7,951 ton roll-on, roll-off ferry which now lies\npartly submerged on a sandbank outside the harbour.\n The ferry's owner is , majority owned\nby Peninsular and Oriental Steam Navigation Co Plc .\n The operation to right the vessel began yesterday after\ndivers abandoned their search for more bodies. Experts said it\ncould take months to refloat the ship and free the 80 bodies\nestimated to be trapped amid debris.\n \"The problem is that in these waters you can normally expect\none working day out of four,\" said Daan Kaakebeen of Dutch\nSalvage experts Smit Tak International of Rotterdam. He\nestimated the job itself would require 35 working days.\n Using reinforced cables, salvage experts intend to raise\nthe ship and set it down into a trench dug alongside.\n Salvage work could pinpoint the exact cause of the loss of\nthe ferry, one of three sister vessels plying cross-Channel\nroutes from England to continental Europe.\n Suspicion at present is focused on the ferry's main vehicle\nloading doors, set close to water level.\n In London, Transport Secretary John Moore told parliament\nyesterday that the ship keeled over after water gushed in\nthrough the bow doors. He said a major government inquiry into\nthe disaster will be held, all similar ferries sailing from\nBritain will be inspected and owners will be asked to fit\nlights to give warning if bow doors are not properly closed.\n Experts carrying out tank and computer tests to determine\nhow the accident occurred will focus attention on the ship's\ndoors, its ballast system and crew procedures, he added.\n Two other investigations into the disaster have also begun,\none Belgian and one by the ferry's owners.\n REUTER\n\u0003", "date": " 9-MAR-1987 23:38:49.90", "topics": [ "ship" ], "places": [ "belgium" ], "id": "3440" }, { "title": "SOVIET ECONOMIST SEES FEW 1987 GAINS IN U.S. TRADE", "body": "There is little chance Soviet exports\nto the United States will rise in 1987, but Moscow's current\ntrade reforms should result in more trade in manufactured goods\nin future, a Soviet economist said.\n Sergey Frolov, chief economist at Amtorg Trading Corp, an\nagent for Soviet trade organisations and industries, told a\nU.S.-USSR business meeting the Soviet Union produces few items\nthat western nations want.\n But reforms, including upgrading the quality of goods and\nallowing joint ventures with foreign firms, will encourage\nmodest export gains in future.\n Frolov said the Soviet Union exported 500 mln dlrs worth of\ngoods to the United States in 1986 and imported 1.5 billion\ndlrs worth. He gave no trade forecast for 1987.\n But he said that even if all obstacles were removed, total\ntrade between the two countries would remain between two and\nthree billion dlrs a year.\n \"The post-detente embargoes have taught the USSR to limit\nits trading with the U.S.,\" he said.\n REUTER\n\u0003", "date": "11-MAR-1987 00:08:58.81", "topics": [ "trade" ], "places": [ "ussr", "usa" ], "id": "3441" }, { "title": "CHINA ALLOWS NATIONWIDE FOREIGN EXCHANGE SAVING", "body": "People throughout China can now open\nforeign exchange accounts at the Bank of China, the official\nShenzhen Economic Zone Daily said.\n Previously only residents of Guangdong and Fujian provinces\ncould do this.\n The paper also said the minimum for opening a fixed deposit\naccount had been cut to 50 yuan equivalent, from 150 yuan. The\nminimum for a current account is 20 yuan equivalent.\n The paper said depositors could now withdraw all or part of\ntheir account, subject to a branch's reserves, instead of only\na fixed amount as previously.\n The paper said deposits may now be opened in French francs\nas well as the already available U.S. Dollar, Hong Kong dollar,\nsterling, yen and marks.\n Bank of China branches in Hainan island also accept\ndeposits in Singapore dollars, and those in Wenzhou, Zhejiang\nprovince, accept deposits in Dutch guilders, the paper said.\n It gave no further details.\n REUTER\n\u0003", "date": "11-MAR-1987 00:17:33.05", "topics": [ "money-fx" ], "places": [ "china" ], "id": "3442" }, { "title": "SINGAPORE COURT ADJOURNS BRUNEI BANK JUDGEMENT", "body": "The Singapore High Court has\nadjourned summary judgement for the second time on a case for loan repayments from Khoo Teck\nPuat and 15 associated companies, court sources said.\n The case will be heard again on May 4, when a summary\njudgement will decide if the civil case should proceed.\n Khoo owned most of the bank's equity before it was closed\nin November by the Brunei government after some of its\nofficials were charged with mismanagement.\n The bank, now controlled by Brunei, is seeking repayment of\nabout 900 mln Singapore dlrs in loans guaranteed by Khoo.\n REUTER\n\u0003", "date": "11-MAR-1987 00:20:55.02", "places": [ "singapore" ], "id": "3443" }, { "title": "FUJITSU MAY ASSEMBLE ITS OWN COMPUTERS IN U.S.", "body": "Fujitsu Ltd may assemble\ncomputers in Oregon for sale in the United States under the\nFujitsu brand name, a company spokesman said.\n He said the rising value of the yen against the dollar has\nvirtually erased the wage differential between the two\ncountries and Fujitsu would like to make the medium-size,\nmulti-functional business computers in the United States.\n The Oregon plant, owned by Fujitsu subsidiary, , now makes magnetic computer discs and will soon\nmake printers. Fujitsu Ltd also has a licensing agreement to\nmake Amdahl Corp computers for sale in the U.S.\n REUTER\n\u0003", "date": "11-MAR-1987 01:14:10.31", "places": [ "usa", "japan" ], "id": "3444" }, { "title": "SICHUAN BRACED TO FIGHT DROUGHT", "body": "The Sichuan government has ordered that\nany work or meeting which interferes with the fight against\ndrought must be cancelled or postponed to save time, energy and\nmanpower, the People's Daily domestic edition said.\n Sichuan is one of six provinces threatened by drought.\n Wen Wei Po, a Hong Kong daily, said the drought, the worst\nfor more than 20 years, is affecting nearly two mln hectares in\n100 counties in Sichuan, the country's biggest agricultural\nproducer.\n Sichuan has experienced temperatures three degrees\nCentigrade higher than normal and rainfall up to 70 pct less\nthan normal since early February, affecting wheat, oil-bearing\ncrops, rice planting and dryland cash crops, it said.\n The paper said 43,000 hectares in Meixian county in\nGuangdong are seriously short of water.\n The People's Daily said Henan, Shaanxi, Gansu and Hebei are\nalso suffering from drought.\n Henan's grain output fell by 2.5 mln tonnes last year from\nthe 1985 level because of drought which has been affecting the\nprovince since May.\n REUTER\n\u0003", "date": "11-MAR-1987 01:15:49.52", "topics": [ "grain", "wheat", "rice" ], "places": [ "china" ], "id": "3445" }, { "title": "ECONOMIC SPOTLIGHT - JAPAN PUSHES ITS CHIPMAKERS", "body": "Japanese microchip makers are being\nstrong-armed into compliance with a U.S.-Japan pact on\nsemiconductors halting predatory pricing and opening Japan's\nmarket to foreign chips, industry analysts said.\n But doubts remain over whether the Ministry of\nInternational Trade and Industry (MITI), which is pressuring\nthe firms, can successfully battle market forces and whether\nthe U.S. Industry is geared up to take advantage of any\nbreathing space, they said.\n U.S. Threats to scrap the agreement signed last September\nhave pushed MITI to try harder to get recalcitrant Japanese\nchipmakers to abide by the pact, the analysts said.\n \"MITI has been moving hot and heavy throughout the industry\nto get things done,\" said Bache Securities (Japan) associate\nvice president Peter Wolffe.\n Last month, MITI told chipmakers to cut production for the\nJanuary to March period by 10 pct to help dry up inexpensive\nchips that have escaped from Japan to grey markets not subject\nto the pact's price controls.\n The ministry also asked electronics firms to provide\ndistributors with certificates designating them as authorised\nexporters, in an effort to close loopholes through which grey\nmarketeers sneak chips out of Japan, market analysts said.\n U.S. Trade negotiators here last week said the pact was in\njeopardy because of continued dumping in non-American markets\nand little sign of increased foreign sales in Japan.\n But major Japanese firms appear to have agreed to the\nproduction cuts, several analysts said. Last week, NEC Corp\nsaid it would cut production in line with MITI's request.\n \"NEC has been the most aggressive in resisting MITI's\ndemands,\" said David Keller, analyst at James Capel and Co. \"Once\nNEC cuts production, it means they all have.\"\n Still, pressures remain to keep production high. Japanese\nfirms need high output to cut unit prices for U.S. Sales that\nthe Commerce Department assigns them under the pact.\n \"The best way to lower cost is to produce more,\" said Salomon\nBrothers Asia Ltd analyst Carole Ryavec.\n Preparations for a possible upturn in demand could also\nspur higher production next quarter, Merrill Lynch analyst Matt\nAizawa said.\n Grey marketeers may also be able to outfox any new\nrestrictions, some industry officials said.\n \"It's like tax avoidance schemes,\" said Steve Donovan, head\nof MMI Japan K.K. \"As soon as you close one route, another\nopens.\"\n MITI's pressure has annoyed some makers, who had earlier\nshrugged off MITI guidance.\n \"It's getting to be like communism,\" said one.\n But analysts said output cuts could help by making it\neasier to increase prices as planned on April 1 and forcing\nfirms to stop extending market share by selling at a loss.\n \"They're going to have to start running their businesses\nlike businesses,\" Bache's Wolffe said.\n MITI has also been conducting a highly public campaign\nurging chip users to buy foreign-made chips, but U.S. Industry\nofficials said response has been mixed at best.\n \"There has been some change, but it's not across the board,\"\nsaid one U.S. Spokesman. \"The companies have a varying degree of\nurgency.\"\n The ultimate impact of all these efforts by MITI on the\ntroubled U.S. Industry remains in doubt, analysts added.\n Pressure to cut production of 256 kilobit DRAM (dynamic\nrandom access memory) chips could merely speed the transition\nto one megabit chips, where Japan now leads, analysts said.\n Whether U.S. Firms are able to stage a comeback in memory\nchips, or interested in doing so, also remains unclear, they\nsaid.\n Analysts are watching with interest the fate of a new U.S.\nConsortium which hopes to challenge Japan by developing the\nmost advanced technology for microchip manufacturing.\n Even in the thorny area of access, much depends on U.S.\nCommitment as well as on Japanese openness, some said.\n \"The SIA (U.S. Semiconductor Industry Association) doesn't\neven have an office here,\" a source close to the industry said.\n\"You could question just how committed they are.\"\n In addition, some industry analysts question the\neffectiveness of a bilateral agreement that leaves out third\ncountry chipmakers such as those in South Korea.\n \"(South) Korea's gaining market share,\" said one analyst.\n\"They're the real winners from the agreement.\"\n REUTER\n\u0003", "date": "11-MAR-1987 01:19:10.66", "topics": [ "trade" ], "places": [ "usa", "japan", "south-korea" ], "id": "3446" }, { "title": "JAPAN TANKOKU YIELDS HIT RECORD LOW AT AUCTION", "body": "The Finance Ministry said its auction\nyesterday of 1,000 billion yen of tankoku, six-month debt\nfinancing paper, produced a record low average yield of 3.246\npct on aggressive bidding from securities houses.\n The tankoku mature on September 21, 1987.\n The previous record low was 3.383 pct at the last auction,\non February 12.\n One of four major Japanese securities house bought 39.5 pct\nof the total 1,021.1 billion yen in bids accepted, ministry\nsources said.\n Securities houses bid aggressively as big retail accounts,\nsuch as tokkin, special money trust and trust funds have been\nshowing strong interest in tankoku on increasing demand for\nshort-term fund management, securities house managers said.\n The yield for tankoku, issued on a discount basis, is one\npoint below the 4.26/12 pct interest rates for six-month\ncertificates of deposit today.\n In the previous auction for 1,000 billion yen, the four\nmajors took 92 pct of the issue to increase their tankoku\ninventory, the managers said.\n Bids totalled 1,975.8 billion yen.\n The average price was 98.36 to give a yield of 3.246 pct\nand lowest was 98.33, giving 3.314 pct, the Ministry said.\n REUTER\n\u0003", "date": "11-MAR-1987 01:28:20.85", "places": [ "japan" ], "id": "3447" }, { "title": "Sumita says little room for Bank of Japan to further ease credit policy\n", "date": "11-MAR-1987 01:41:01.96", "topics": [ "interest" ], "places": [ "japan" ], "id": "3448" }, { "title": "SUMITA SAYS LITTLE ROOM FOR BANK TO EASE POLICY", "body": "Bank of Japan governor Satoshi Sumita\nsaid there is little room left for the central bank to further\nease its credit policy as interest rates levels are now\napproaching their lower limit.\n \"The government should instead seek ways of making the best\nuse of its fiscal policy,\" he told a press conference.\n His remarks were concerned with a comprehensive economic\nstimulative package the government plans to adopt in the coming\ndays.\n At the recent talks among the six major industrialised\nnations in Paris, Japan promised to work out a comprehensive\neconomic package to boost domestic demand, which in turn would\nhelp increase its imports and reduce its trade surplus.\n Sumita also said the economy will show a gradual upturn in\nthe second half of the year if the yen remains stable.\n He said there is caution in the foreign exchange market\nagainst a further rise of the yen and mark and this explains\nthe recent stability in the currency markets. Conflicting\neconomic indicators from the U.S. Have also been dampening\nmarket activity, he added.\n REUTER\n\u0003", "date": "11-MAR-1987 01:53:01.91", "topics": [ "interest" ], "places": [ "japan" ], "id": "3449" }, { "title": "IRAN CLAIMS 3,000 IRAQI CASUALTIES IN FIGHTING", "body": "An Iranian military commander said Iraqi\ntroops suffered 3,000 casualties in a week-old offensive by\nIran's forces in the mountains of northeast Iraq.\n The Iranian news agency IRNA quoted the commander in the\nKurdish border village of Haj Omran as saying nine Iraqi\ncounter-attacks had been repulsed with heavy casualties.\n He said Iraq lost at least 3,000 men killed or wounded and\nanother 289 captured, IRNA, monitored by the British\nBroadcasting Corp, said.\n Iran's offensive into Iraqi Kurdistan is coupled with\nsupport for anti-Iraqi Kurdish rebel operations in the region.\n REUTER\n\u0003", "date": "11-MAR-1987 02:30:25.15", "places": [ "iran", "iraq", "uk" ], "id": "3450" }, { "title": "HAWKE POPULARITY RISES DESPITE ECONOMIC PROBLEMS", "body": "Prime Minister Bob Hawke is more popular\nthan ever despite Australia's economic problems, according to\nopinion poll results released today.\n His popularity rating went up to 64 pct compared to 19 pct\nfor opposition leader John Howard, according to Morgan Gallup\nPoll results published by The Bulletin magazine.\n The poll of more than 1,000 voters throughout Australia\nalso showed support for Hawke's Labour Party running at 47 pct\nagainst 44 pct for the Liberal-National opposition.\n Labour support was unchanged from last month but the\nopposition fell one pct.\n REUTER\n\u0003", "date": "11-MAR-1987 02:35:34.39", "places": [ "australia" ], "id": "3451" }, { "title": "IRANIAN OIL MINISTER IN UAE TALKS", "body": "Iranian Oil Minister Gholamreza\nAqazadeh is in the United Arab Emirates (UAE) to discuss oil\nprices and the general market situation, Iranian officials\naccompanying him said.\n He will meet UAE President Sheikh Zaid bin Sultan\nal-Nahayan and Oil Minister Mana Said al-Oteiba.\n Aqazadeh arrived last night after a brief stopover in\nRiyadh, where he met Saudi Arabia's Oil Minister Hisham Nazir.\n The official Saudi Press Agency quoted him as saying his\ntalks at Riyadh with Nazir had been constructive and good.\n Aqazadeh said Organisation of Petroleum Exporting Countries\n(OPEC) members were agreed on holding production stable and he\nreiterated the importance of maintaining oil prices.\n OPEC members agreed in December to limit production to 15.8\nmln barrels per day for the first half of this year and on a\nbenchmark price of 18 dlrs a barrel from February 1.\n Aqazadeh also visted OPEC members Gabon, Algeria and Libya.\nThe Iranian news agency, IRNA, quoted him as saying before\nleaving Tripoli that OPEC should do everything possible to make\noil prices permanently stable.\n REUTER\n\u0003", "date": "11-MAR-1987 02:57:38.82", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "uae", "iran" ], "id": "3452" }, { "title": "JAPAN MAY INCREASE ITS BRAZILIAN SOYBEAN PURCHASES", "body": "Japanese crushers are likely to buy at\nleast 200,000 tonnes of Brazilian soybeans this year and\nanother 100,000 to 200,000 if quality and shipping conditions\nare good against 128,089 tonnes in 1986, trade sources said.\n A Japanese trading house recently bought about 31,000\ntonnes of soybeans for April 10/May 10 shipment, they said.\n \"Because Brazilian soybean prices are now some 10 cents a\nbushel cheaper than U.S. Origin due to the bumper harvest, it\nis highly likely that Japanese crushers will increase their\nbuying volume,\" one source said. Brazilian beans are available\nto Japan for shipment from May to July.\n REUTER\n\u0003", "date": "11-MAR-1987 02:59:25.36", "topics": [ "oilseed", "soybean" ], "places": [ "japan", "brazil" ], "id": "3453" }, { "title": "AUSTRALIAN METAL TRADER LINKS TO ASTURIANA DE ZINC", "body": " said a\nnewly-formed subsidiary, the group, has\nnegotiated an exclusive long-term contract with Spain's\n to market its zinc metal exports.\n Metal Traders said in a statement the contract would\nunderpin the worldwide zinc, copper and lead trading activities\nof Austmet, a wholly-owned London-based company with a U.S.\nUnit in Stamford, Connecticut.\n Austmet has recruited a group of base metal traders,\ncurrently operating out of Britain and the U.S., Who have\nhandled Asturiana's business for the past five years, it said.\n Asturiana has a three-year option to purchase 25 pct of the\nAustmet group, to be priced on an independent valuation at the\ntime of exercise, Metal Traders said.\n Austmet will have an initial equity base of one mln stg, a\nturnover of 200 mln Australian dlrs rising to 300 mln in the\nfirst year, and credit lines of up to 30 mln U.S. Dlrs.\n Austmet should be generating profits from July 1 and a\n1.5-2.5 mln dlr net is envisaged within two years, it said.\n Metal Traders said Asturiana has the largest zinc smelting\ncapacity in Europe -- nearly 200,000 tonnes a year of 99.995\npct high-grade zinc, at Aviles in northern Spain.\n Metal Traders, a listed company, was formerly whose chief activity was the development and\nmarketing of high-technology smelting processes invented in\nAustralia, notably the Siromelt Zinc Fuming Process.\n But in late 1986, control of the company changed and it\nexpanded by acquisition into metal trading in Australia and\nAsia. It then changed its name.\n It also has the marketing contract for mineral sands\nproduced by , of which it holds 17.5 pct.\n In today's statement, Metal Traders also said it is\nreviewing possible acquisition of a mineral producer.\n REUTER\n\u0003", "date": "11-MAR-1987 03:03:44.24", "topics": [ "zinc", "lead", "copper" ], "places": [ "australia" ], "id": "3454" }, { "title": "SAUDI ARABIA'S KING FAHD WANTS STABLE OIL PRICES", "body": "King Fahd said today Saudi Arabia wants\noil price stability and he called on non-OPEC producers to\navoid harmful competition with the 13 nation group.\n His plea, in an interview with Reuters and the television\nnews agency Visnews, came ahead of a state visit he will make\nto Britain later this month.\n King Fahd was asked whether Saudi Arabia would be prepared\nto reduce its oil output below its OPEC quota of 4.133 mln\nbarrels per day (bpd) to defend the 18 dlr benchmark price\nagreed to by OPEC last December.\n The King replied: \"Saudi Arabia doesn't decide prices by\nitself but certainly desires price stability.\"\n Non-OPEC countries \"must help us in a framework of common\ninterest so that there is no type of competition which could\nprove harmful to everyone,\" he said.\n Asked if he saw the 18 dlr per barrel benchmark as a first\nstep towards higher world oil prices, King Fahd said it was not\nfor Saudi Arabia but for all OPEC countries to determine such\nissues. Iran and Algeria have already called for a higher\nbenchmark.\n In recent weeks the 18 dlr level has come under pressure,\ndue partly to quota violations by some OPEC members. King Fahd\nsaid Saudi Arabia, the world's largest oil exporter, was\nadhering to decisions made at OPEC's December conference which\nset a 15.8 mln bpd output ceiling for the first half of 1987.\n A major non-OPEC producer, Britain has so far resisted the\ngroup's pleas to curb its North Sea oil output.\n The King also urged the world community to help the\nPalestinians return to their homeland and called for a peaceful\nend to the Iran-Iraq war. The 6-1/2-year-old war could not be\nresolved on the battlefield, he said.\n REUTER\n\u0003", "date": "11-MAR-1987 03:10:16.08", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "saudi-arabia" ], "id": "3455" }, { "title": "HILLSDOWN HOLDINGS PLC 1986 YEAR", "body": "Shr 16.3p vs 12.2p\n Div 2.75p vs 2.25p making 3.8p vs 3.15p adjusted for\n Three-for-one capitalisation\n Pre-tax profit 54.9 mln stg vs 33.4 mln\n Turnover 1.70 billion vs 1.13 billion\n Tax 7.6 mln vs 2.6 mlnProfit attributable 51.9 mln vs 30.1 \n Mln\n Cost of Sales 1.49 billion vs 999.3 mln\n Gross profit 215.9 mln vs 136.2 mln\n Distribution costs 90.3 mln vs 57.2 mln\n Adminstrative expenses 65.9 mln vs 40.8 mln\n Other operating income 3.9 mln vs nil\n Interest payable 8.7 mln vs 4.8 mln\n Minority interests 1.0 mln vs 0.7 mln\n Extraordinary credit (sale of share in S and W Berisford\nPlc) 5.6 mln vs nil\n Operating profit includes -\n Poultry, eggs and animal feed 21.7 mln vs 17.2 mln\n Food processing and distribution 15.4 mln vs 6.9 mln\n Furniture and timber distribution 8.4 mln vs 3.4 mln\n Fresh meat and bacon 8.0 mln vs 4.5 mln\n REUTER\n\u0003", "date": "11-MAR-1987 03:24:49.47", "topics": [ "earn" ], "places": [ "uk" ], "id": "3456" }, { "title": "NISSAN TO BOOST LOCAL CONTENT IN U.K. CARS", "body": " has\nreached agreement with of the U.K.\nTo build plants and boost the local content in Nissan's U.K.\nProduced cars to 60 pct in 1988 from 40 to 50 pct, the Nissan\nMotor Co Ltd said.\n The agreement will allow the cars to be designated as\ndomestically manufactured rather than imported vehicles, Nissan\nsaid. The agreement was reached through negotiations with the\nBritish government and the European Community (EC) after they\nthreatened to impose duties on imports.\n According to the 230 mln stg contract, Lombard North\nCentral, an affiliate of National Westminster Bank Plc\n, will build and lease plants for engine assembly, body\npanel pressing and resin moulding by 1988. They will be near\nthe existing Nissan plant in Sunderland in north-east England,\nNissan said. The Sunderland plant currently produces 24,000\nBluebird cars annually for the British market.\n Nissan hopes to begin U.K. Exports to Europe in 1991 after\nbuilding an engine machining plant which would boost output to\n100,000 units a year and local content to above 80 pct, in\naccordance with EC requests, the spokesman said.\n REUTER\n\u0003", "date": "11-MAR-1987 03:27:46.97", "places": [ "uk", "japan" ], "id": "3457" }, { "title": "JAPAN CRUSHERS START APRIL U.S. SOYBEAN BUYING", "body": "Japanese crushers, starting to buy U.S.\nSoybeans for April shipment, have recently made purchases of\nsome 48,000 tonnes, trade sources said.\n The sources said they could not estimate the total volume\nto be purchased for April shipping because Japan's crushing\nprogram for April and June is unclear.\n They had predicted earlier that crushers' April shipment\nU.S. Bean purchases would drop to 260,000 to 270,000 from the\nmonthly average of 300,000 to 330,000 tonnes due to low soybean\nmeal prices.\n REUTER\n\u0003", "date": "11-MAR-1987 03:29:49.12", "topics": [ "oilseed", "soybean" ], "places": [ "japan", "usa" ], "id": "3458" }, { "title": "KAUFHOF CONSIDERING TAKING STAKE IN HAPAG-LLOYD", "body": "West German retail group Kaufhof AG\n is considering taking a stake in shipping and\ntransport group Hapag-Lloyd AG but has yet to reach a\nfinal decision, a spokesman said in response to queries.\n Press reports said Kaufhof wanted a stake of up to 12.5 pct\nin Hapag-Lloyd.\n The Kaufhof spokesman noted any decision on purchasing\nshares in the shipping group would have to be approved by the\nsupervisory board, which is due to hold a meeting tomorrow.\n Late last year the Gevaert group of Belgium and West\nGermany's VEBA AG said they had each acquired a 12.5\npct stake in Hapag-Lloyd from Deutsche Bank AG and\nDresdner Bank AG .\n Industry sources estimate Deutsche and Dresdner,\nHapag-Lloyd's majority shareholders, held about 75 pct of\nHapag-Lloyd's share capital before selling portions of it to\nGevaert and VEBA.\n The two banks have said they eventually wanted to reduce\ntheir stake in the shipping group to 15 pct each.\n REUTER\n\u0003", "date": "11-MAR-1987 03:31:15.20", "topics": [ "acq" ], "places": [ "west-germany" ], "id": "3459" }, { "title": "JAPAN AND THAILAND TO JOINTLY EXTRACT RARE METALS", "body": "Japan's Agency of Natural Resources and\nEnergy said it will begin experiments with Thailand at the end\nof March to start commercial production of rare metals in 1989\nunder a joint project.\n An agency official said it will set up a 500 mln yen pilot\nplant in Bangkok which will extract high quality rare metals\nsuch as titanium and niobium from sand left over from tin\nproduction processes in Thailand.\n The plant wilq use about a tonne of sand per day, although\nit is unclear how much rare metal will be extracted, the\nofficial said.\n REUTER\n\u0003", "date": "11-MAR-1987 03:32:51.51", "topics": [ "strategic-metal" ], "places": [ "japan", "thailand" ], "id": "3460" }, { "title": "HUNGARY TO DEVALUE FORINT AGAINST WESTERN UNITS", "body": "Hungary is to devalue the forint by an\naverage of eight pct against Western currencies, the official\nnews agency MTI said.\n MTI did not say when the devaluation would become\neffective, but it expected new rates to be announced later\ntoday.\n Hungary devalued the forint by a similar amount last\nSeptember 23. Western bankers say the forint is more\nrealistically valued than currencies of Hungary's COMECON\nallies.\n REUTER\n\u0003", "date": "11-MAR-1987 03:37:49.84", "topics": [ "money-fx" ], "places": [ "hungary" ], "id": "3461" }, { "title": "PREUSSAG AG YEAR 1986", "body": "Domestic group turnover 4.48 billion marks vs 4.29 billion.\n Turnover comprised -\n Coal a rounded 1.14 billion vs 1.22 billion\n Metal 851.0 mln vs 1.14 billion\n Transport 435.3 mln vs 534.4 mln\n Oil and chemicals 479.7 mln vs 831.7 mln\n Plant construction 625.7 mln vs 568.8 mln\n Miscellaneous 3.3 mln vs 2.2 mln\n Turnover from majority stake in C. Deilmann AG,\nconsolidated for first time, 951.8 mln marks vs nil\n Domestic group fixed asset investment 392.6 mln marks vs\n291.2 mln.\n Investment total includes 76.3 mln marks in investment at\nC. Deilmann AG.\n REUTER\n\u0003", "date": "11-MAR-1987 03:50:39.65", "places": [ "west-germany" ], "id": "3462" }, { "title": "HILLSDOWN SAYS EARLY 1987 RESULTS ENCOURAGING", "body": "Hillsdown Holdings Plc said\nearly results for 1987 were encouraging, and the combination of\nits investment and acquisition strategies enabled it to look\nforward confidently for an excellent result for the year.\n The company was commenting on 1986 results which showed\npre-tax profit rising to 54.9 mln stg from 33.4 mln previously\non turnover that lifted to 1.70 billion from 1.13 billion.\n The figures initially boosted the share price to 286p from\n281p last night, but they then eased back to 283p by 0830 GMT.\n Hillsdown said capital expenditure rose in 1986 to 60 mln\nstg from 31.5 mln and would continue at this high level in\n1987.\n The placing of 82.5 mln shares last year raised 160.7 mln\nstg and enabled shareholders' funds to more than double to 352\nmln at year-end.\n Net borrowings were 20 pct of shareholder's funds and the\ngroup had listed investments of 47.1 mln.\n The company said it had bought a total of 40 companies\nduring the year for a total price of some 180 mln stg. Although\nthese had made minor contribution to profits the real benefits\nwould come in 1988 and beyond.\n REUTER\n\u0003", "date": "11-MAR-1987 03:57:55.89", "topics": [ "earn" ], "places": [ "uk" ], "id": "3463" }, { "title": "IRAQ SAYS IT CRUSHED IRANIAN ATTACK IN NORTH", "body": "Iraq said today its forces had crushed\nan Iranian attack on a strategic mountain peak in a rugged and\nsnow-clad area of Iraqi Kurdistan.\n The official Iraqi news agency INA said the attack was\nrepelled yesterday by the Fifth Army Corps' 96th Brigade on\n\"Karda Ku\" peak, overlooking the northern post of Haj Omran and\n340 kms north of Baghdad.\n INA said hundreds of Iranians were killed and large\nquantities of armour and weapons were left behind. It did not\ngive Iraqi casualties.\n The Iranian news agency IRNA said yesterday that Iraqi\ntroops had suffered 3,000 casualties in Iran's week-old\noffensive in northeast Iraq.\n Iran attacked across snow-capped peaks of northeastern Iraq\nlast week in an area which saw heavy fighting in mid-1983.\n The thrust followed fierce battles near Basra, Iraq's\nsecond city on the southern front of the 6-1/2-year-old\nconflict, after an Iranian cross-border offensive launched on\nJanuary 9.\n The political department head at Iraq's Defence Ministry,\nAbdul Jabbar Muhsen, said on Monday fighting was continuing in\nthe north but that Iran had exaggerated battle reports.\n He said Tehran had done this \"to make up for failure in the\nsouth and to encourage anti-Baghdad Kurdish rebels to support\nits troops.\"\n Tehran has supported anti-Baghdad Kurdish guerrillas in\noperations against government positions and installations in\nnorthern Iraq.\n REUTER\n\u0003", "date": "11-MAR-1987 03:59:57.19", "places": [ "iran", "iraq" ], "id": "3464" }, { "title": " U.K. One billion stg tranche of 8-3/4 pct Treasury bonds due 1997 exhausted - dealers\n", "date": "11-MAR-1987 04:05:28.63", "places": [ "uk" ], "id": "3465" }, { "title": "NIPPON OIL SEES SHARPLY LOWER SALES AND PROFITS", "body": "Nippon Oil Co Ltd predicted\nparent company net profit of about nine billion yen in the year\nending March 31, down 10.4 pct from a year earlier, president\nYasuoki Takeuchi told a press conference.\n Current profit for the year was estimated at 17 to 18\nbillion yen, down 20 to 24 pct from a year earlier, he said.\n Takeuchi said sales are expected to fall 40 pct to 1,700\nbillion yen for the fifth consecutive year-on-year drop. This\nyear's fall was due to lower selling prices for end-users,\nwhich more than offset the yen's appreciation. The company will\nretain six yen dividend for 1986/87.\n REUTER\n\u0003", "date": "11-MAR-1987 04:08:42.39", "topics": [ "earn" ], "places": [ "japan" ], "id": "3466" }, { "title": "TAIWAN TO TENDER FOR 27,000 TONNES U.S. SOYBEANS", "body": "The joint committee of Taiwan's soybean\nimporters will tender March 12 for a 27,000 tonne cargo of U.S.\nSoybeans for March 20 to April 5 delivery, a committee\nspokesman told Reuters.\n Taiwan's soybean imports in calendar 1987 are provisionally\nset at 1.81 mln tonnes compared with a revised 1.74 mln tonnes\nimported last year.\n The 1.74 mln tonne figure was revised from 1.76 mln tonnes.\n Taiwan imports all its soybeans from the United States.\n REUTER\n\u0003", "date": "11-MAR-1987 04:10:06.86", "topics": [ "oilseed", "soybean" ], "places": [ "taiwan" ], "id": "3467" }, { "title": "BEJAM GROUP PLC 27 WEEKS TO JANUARY 3", "body": "Shr 5.95p vs 4.41p\n Div 2.25p vs 2.0p\n Pre-tax profit 11.6 mln vs 9.1 mln\n Tax 4.2 mln vs 3.6 mln\n Turnover 256.3 mln vs 185.3 mln\n Note - company said it was unlikely second-half profits\nwill show same rate of increase as first. But it had great\nconfidence in prospects for future growth.\n REUTER\n\u0003", "date": "11-MAR-1987 04:11:11.89", "topics": [ "earn" ], "places": [ "uk" ], "id": "3468" }, { "title": "NIPPON STEEL, INLAND DISCUSSING U.S. JOINT VENTURE", "body": "Nippon Steel Corp and of the U.S. Are negotiating to set up a joint steel\nventure in Indiana, a Nippon Steel spokesman said, declining to\ngive more details.\n Several local newspapers reported the joint venture would\nbe capitalised at 150 mln dlrs, owned 60 pct by Inland and 40\npct by Nippon Steel, and have annual production capacity of one\nmln tonnes of steel to supply car makers.\n REUTER\n\u0003", "date": "11-MAR-1987 04:15:45.39", "topics": [ "iron-steel" ], "places": [ "usa", "japan" ], "id": "3469" }, { "title": "U.K. ONE BILLION STG BOND TRANCHE EXHAUSTED", "body": "A one billion stg tranche of 8-3/4 pct\nTreasury Loan stock due 1997 was exhausted in very early\ntrading on the U.K. Government bond market only minutes after\nbecoming available for trading, dealers said.\n The Bank of England said the issue, announced on Monday and\navailable for official dealings from this morning, was no\nlonger operating as a tap. The striking price was a partly paid\n41 stg pct, at which price bids were allotted 53.8 pct.\n Dealers noted that strong demand had been detected for the\nbonds yesterday afternoon and interest was further stimulated\nby sterling's surge at the opening this morning.\n The issue was announced on Monday, when it was widely seen\nas a move by the authorities to brake market optimism for a\nfurther U.K. Interest rate reduction following the half-point\ncut in clearing bank base lending rates to 10.5 pct earlier in\nthe day.\n Dealers said that the Bank's strategy succeeded in stemming\npressure for a further rate reduction only briefly, as the\nmarket yesterday recovered all the ground it lost on Monday\nimmediately after the announcement.\n Demand for the issue was lively from U.K. And overseas\nsources, with particular interest seen from Japan.\n The bonds were issued at a price of 96-16/32 stg pct,\npartly paid as to 40 stg pct on application, although the\nGovernment broker this morning sold them at a premium of one\nstg pct over the partly paid issue price.\n The issue has been designated the \"B\" tranche of the bonds,\nsince 1.3 billion stg of 8-3/4 pct Treasury Loan stock due 1997\nis already in issue.\n Dealers noted that the Bank of England last week issued one\nbillion stg of nine pct Exchequer bonds due 2002 in an effort\nto dampen enthusiasm for an interest rate reduction caused by\nsterling's uptrend on foreign exchange markets.\n Last week's issue was sold out on its first day of dealings\nbut with nothing resembling the determined demand seen this\nmorning for the new tranche of bonds, dealers said.\n After stifling pressure for a rate cut last week, the\nauthorities finally sanctioned a base rate reduction on Monday,\nfollowing it up with the announcement of the one billion stg\nbond issue.\n Sterling was briefly depressed by the rate cut but this\nmorning opened very strongly again, starting on a\ntrade-weighted basis at 72.6 against yesterday's final 72.1 and\nlater edging up to 72.7.\n U.K. Money market rates declined again this morning by up\nto 1/8 point, strongly reinforcing yesterday's speculation that\nclearing bank base lending rates could drop into single figures\nafter the budget next Tuesday, money market dealers said.\n U.K. Government bond dealers noted that under the influence\nof stronger sterling and the further fall in money market\nrates, prices this morning had opened as much as 3/4 point\nhigher at the longer end of the market.\n REUTER\n\u0003", "date": "11-MAR-1987 04:15:55.60", "places": [ "uk" ], "id": "3470" }, { "title": "SUMITOMO LAUNCHES 200 MLN SWISS FRANC CONVERTIBLE", "body": "Sumitomo Corporation is launching 200\nmln Swiss francs of convertible notes due September 30, 1992\nwith a coupon indication of 5/8 pct, lead manager Swiss Bank\nCorp said.\n The issue carries a put option after three years at 103\npct.\n Terms will be fixed on March 19 and payment date is March\n30.\n REUTER\n\u0003", "date": "11-MAR-1987 04:16:59.65", "places": [ "switzerland" ], "id": "3471" }, { "title": "JAPAN'S JOBLESS SEEN RISING TO 3.3 PCT IN 1987/88", "body": "The yen's rise against the dollar is\nexpected to boost Japan's unemployment rate to an average 3.3\npct in the 1987/88 fiscal year beginning April 1 from January's\nrecord three pct, the private Nomura Research Institute said.\n The official 1987/88 estimate is 2.9 pct.\n The research arm of Nomura Securities Co forecast\nunemployment would exceed two mln by mid-fiscal 1987, against\nan estimated 1.75 mln for the current year.\n Nomura urged the government to take pump-priming measures\nto help redress trade imbalances and boost employment.\n Employment in manufacturing during fiscal 1987/88 was\npredicted to fall 550,000 from the current year due to higher\njob losses in the steel, shipbuilding and heavy electrical\nmachinery sectors, Nomura said.\n Employment in the non-manufacturing sector will continue to\nincrease, the institute said, without giving figures.\n REUTER\n\u0003", "date": "11-MAR-1987 04:34:34.37", "topics": [ "jobs" ], "places": [ "japan" ], "id": "3472" }, { "title": "WORK AT CHITTAGONG PORT HALTED BY STRIKE", "body": "Cargo handling remains\nhalted at Bangladesh's Chittagong port since nearly 7,000\nworkers walked out on Monday following a pay dispute, the Port\nWorkers Association said today.\n Fourteen ships are stranded at the port.\n Port officials said they would meet Association leaders\ntoday to try to resolve the dispute.\n REUTER\n\u0003", "date": "11-MAR-1987 04:37:29.93", "topics": [ "ship" ], "places": [ "bangladesh" ], "id": "3473" }, { "title": "CREDITANSTALT-BANKVEREIN YEAR 1986", "body": "Cons banking gp net profit 496.7 mln schillings vs 354.5\nmln\n Cons banking gp balance sheet total at year-end 453.4\n Billion schillings vs 425.4 billion\n Parent bank net profit 370.6 mln vs 253.0 mln\n Parent bank balance sheet total 372.5 billion vs 348.2\n Billion\n Parent bank dividend 12 pct vs 10 pct\n Parent bank div payout 363.0 mln schillings vs 247.5 mln\n REUTER\n\u0003", "date": "11-MAR-1987 04:38:05.39", "topics": [ "earn" ], "places": [ "austria" ], "id": "3474" }, { "title": "NORSK HYDRO ISSUES 50 MLN STG BONDS", "body": "Norsk Hydro A/S is issuing 50\nmln stg bonds due April 15, 1993 carrying a 9-7/8 pct coupon\nand priced at 101-5/8, said Hambros Bank Ltd as lead manager.\n Norsk Hydro is 51 pct owned by the Kingdom of Norway. The\nbonds, which are available in denominations of 1,000 and 10,000\nstg will be listed on the London Stock Exchange.\n Payment date is April 15. Fees consist of a 1-1/4 pct\nselling concession and 5/8 pct combined management and\nunderwriting.\n REUITER\n\u0003", "date": "11-MAR-1987 04:40:06.19", "places": [ "uk" ], "id": "3475" }, { "title": " Ultramar 1986 net loss 62.1 mln stg vs 71.6 mln profit\n", "date": "11-MAR-1987 04:42:17.50", "topics": [ "earn" ], "id": "3476" }, { "title": "TESCO ASSOCIATE BUYS 4.2 PCT OF HILLARDS", "body": "Tesco Plc said that had yesterday bought on its behalf 2.06 mln shares, or\naround 4.2 pct, in for between 302p and 310p a\nshare.\n Tesco yesterday launched a 151.4 mln stg bid for the north\nof England supermarket chain, which Hillards promptly rejected.\n Hillards shares were last quoted at 324p, compared with\nlast night's close of 313p.\n REUTER\n\u0003", "date": "11-MAR-1987 04:44:08.92", "topics": [ "acq" ], "places": [ "uk" ], "id": "3477" }, { "title": "TOKYO TO ISSUE 100 MLN DLR BOND IN NEW YORK", "body": "The Tokyo Metropolitan Government said it\nwould float a 100 mln dlr 10-year bond with a 7.5 pct coupon in\nNew York, its first Yankee bond issue in 21 years.\n The bond will be priced at 99.515 to yield 7.585 pct.\n The issue will be immediately swapped into Swiss francs,\nputting actual interest rates at around four pct, a Tokyo\ngovernment spokeswoman said.\n The lead manager is First Boston Corp and the co-leaders\nare Goldman Sachs and Co and Merrill Lynch Capital Markets, she\nsaid.\n The funds will be used for sewerage and reclamation work.\n REUTER\n\u0003", "date": "11-MAR-1987 04:46:41.82", "places": [ "japan" ], "id": "3478" }, { "title": "DAEWOO UNIT RAISES 45 MLN DLR LOAN", "body": " of South\nKorea will sign a 45 mln U.S. Dlr loan tomorrow through its\nHong Kong unit, lead manager Banque Nationale de Paris said.\n The three-year loan, which will carry interest at 1/2\npercentage point over London interbank offered rate, will be\nborrowed under the name of .\n The loan will be used mainly to finance repayment of the\nthe company's other borrowings.\n The other lead managers are Arab Banking Corp, Bank of\nTokyo Ltd and KEB (Asia) Finance Ltd.\n There are 24 managers and five participants.\n REUTER\n\u0003", "date": "11-MAR-1987 04:52:01.50", "places": [ "hong-kong", "south-korea" ], "id": "3479" }, { "title": "ULTRAMAR PLC 1986 YEAR", "body": "Shr 8.1p loss vs 26.3p earnings\n Div 3.25p making 5.25p vs 10.5p\n Net loss 62.1 mln stg vs 71.6 mln profit\n Operating profit before tax 73.6 mln vs 273.8 mln\n Turnover 1.47 billion vs 1.74 billion\n Cost of sales 1.22 billion vs 1.39 billion\n Gross profit 241.8 mln vs 357.6 mln\n Distribution costs and administrative expenses 152.2 mln vs\n 123.1 mln\n Share of profits in associates 17.1 mln vs 68.2 mln\n Other operating income 15.8 mln vs 16.9 mln\n Financing charges 48.9 mln vs 45.8 mln\n Tax 63.9 mln vs 169.7 mln\n Exceptional items 4.9 mln debit vs 5.5 mln debit\n Net results of discontinued operations 15.6 mln debit vs\n 20.9 mln debit\n Loss on ordinary activities before minority interest 10.8\n Mln vs 77.7 mln profit\n Minority interest 11.3 mln vs 6.1 mln\n Extraordinary debits 40.0 mln vs nil\n REUTER\n\u0003", "date": "11-MAR-1987 04:52:11.30", "topics": [ "earn" ], "places": [ "uk" ], "id": "3480" }, { "title": "GKN 1986 pretax profit 132.4 mln stg vs 132.7 mln\n", "date": "11-MAR-1987 04:57:46.37", "topics": [ "earn" ], "id": "3481" }, { "title": "U.K. MONEY MARKET SHORTAGE FORECAST AT 300 MLN STG", "body": "The Bank of England said it forecast a\nliquidity shortage of around 300 mln stg in the market today.\n Among the main factors, the Bank said bills maturing in\nofficial hands and the treasury bill take-up would drain 483\nmln stg from the system while below target bankers' balances\nand a rise in the note circulation would take out 50 mln and\n100 mln stg respectively.\n Partially offsetting these, exchequer transactions would\nadd around 355 mln stg, the Bank added.\n REUTER\n\u0003", "date": "11-MAR-1987 05:00:47.78", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "3482" }, { "title": "BELGIAN CENTRAL BANK BUYS CURRENCY TO REPAY DEBT", "body": "The Belgian National Bank bought\nforeign currencies against francs on the open market in the\nweek ended March 9, a Bank spokesman said.\n In line with central bank policy he declined to give any\ndetails of the amount bought.\n The foreign currency purchased was used by the Treasury to\nrepay foreign debt and did not affect the Bank's foreign\nexchange reserves. They slipped 394 mln francs to 37.33\nbillion, mostly due to sales of dollars for Special Drawing\nRights, the spokesman said.\n REUTER\n\u0003", "date": "11-MAR-1987 05:01:27.48", "topics": [ "money-fx" ], "places": [ "belgium" ], "id": "3483" }, { "title": "JAPAN }O CURB VEHICLE EXPORTS TO EC", "body": "Japanese car makers will curb their\nexports to the European Community (EC) following an unofficial\ndirective from the Ministry of International Trade and Industry\n(MITI), automobile industry sources said.\n Some sources said exports to the EC this year are likely to\nbe at most unchanged from last year's 1.10 mln units and may\neven fall due to an anticipated slackening of EC economic\ngrowth and increasing trade friction.\n Last week, MITI vice minister for international affairs\nMakoto Kuroda said the ministry had asked car makers to\nexercise prudence in exporting to Europe.\n Japanese car makers boosted exports to the EC in January to\nbuild up depleted vehicle inventories, industry sources said.\n Japan's vehicle exports to Europe in January rose 38 pct\nfrom a year earlier to 174,133 units.\n In December, exports fell 70.4 pct year-on-year as makers\ncurbed shipments to meet an earlier directive from MITI to\nlimit 1986 exports, they said.\n REUTER\n\u0003", "date": "11-MAR-1987 05:02:52.28", "organisations": [ "ec" ], "places": [ "japan" ], "id": "3484" }, { "title": "WORLD BANK LOANS TO CHINA SEEN DOUBLING", "body": "Lending by the World Bank and its soft\nloan arm, the International Development Agency (IDA), to China\nis expected to almost double to about two billion dlrs by\n1989/90 from the levels of 1984 to 1986, foreign bankers told\nReuters.\n They said approved lending in 1986/87 (July-June) is\nexpected to total 1.4 billion dlrs, of which 550 mln will come\nfrom the IDA and 850 mln from the World Bank.\n World Bank figures show approved lending to China by the\ntwo bodies amounted to 1.137 billion in 1985/86, 1.102 billion\nin 1984/85 and 1.04 billion in 1983/84.\n The bankers said that 1.2 billion dlrs had been disbursed\nby the end of 1986 and China's disbursement record compares\nvery favourably with that of other countries.\n They said Japan has so far been the main source of\nbilateral concessional assistance for China, followed by West\nGermany, Canada, Italy, Australia and Britain.\n But China will probably find that such funds will not\nincrease, except for those from Japan and the World Bank, given\nother claims, particularly from sub-Saharan African countries\nwhich cannot raise commercial credits, they added.\n REUTER\n\u0003", "date": "11-MAR-1987 05:09:57.80", "organisations": [ "worldbank" ], "places": [ "china" ], "id": "3485" }, { "title": "GKN PLC 1986 YEAR", "body": "Shr 28.5p vs 26.6p.\n Final div 8p, making 13p vs 12p.\n Pre-tax profit 132.4 mln stg vs 132.7 mln.\n Net profit befire minorities 81.0 mln vs 74.4 mln.\n Sales 2.06 billion stg vs 2.20 billion.\n Extraordinary debit 36.5 mln vs 20.4 mln.\n Trading surplus after depreciation 145.7 mln stg vs 158.1\n Mln\n Investment and interest income 5.4 mln vs 3.8 mln\n Interest payable 42.5 mln vs 43.9 mln\n Profits from related companies, less losses, 23.8 mln vs\n 14.7 mln\n Tax 51.4 mln vs 58.3 mln\n Profit attributable to outside shareholders' interests 12.6\n Mln vs 11.2 mln\n Note - Extraordinary debit included charge for\nrestructuring auto parts distribution in France and loss of 10\nmln stg on sale of steel stock business.\n Trading surplus comprised -\n Automotive components and products 101 mln stg vs 105 mln\n Industrial services and supplies 30 mln vs 21 mln\n Wholesale and industrial distribution 11 mln vs 22 mln\n Steels and forgings four mln vs 10 mln\n By region, Britain contributed 34 mln stg vs 47 mln\n Continental Europe 77 mln vs 56 mln\n U.S.A. 28 mln vs 51 mln\n Rest of world seven mln vs four mln\n REUTER\n\u0003", "date": "11-MAR-1987 05:12:44.28", "topics": [ "earn" ], "places": [ "uk" ], "id": "3486" }, { "title": "GENENTECH SETS 100 MLN DLRS OF CONVERTIBLE BONDS", "body": "Genetech Inc is issuing a 100\nmln dlr convertible bond due March 30, 2002 with an indicated\ncoupon of five to 5-1/2 pct and an issue price of par, Credit\nSuisse First Boston (CSFB) said as lead manager.\n Genentech's stock closed at 58-5/8 on the New York Stock\nExchange last night. CSFB said final terms, to be set around\nMarch 12, anticipate a conversion premium of 20 to 25 pct.\n The securities will be available in bearer or registered\nform in denominations of 5,000 dlrs each.\n The deal is callable immediately at 106 for the first three\nyears, declining by one pct per year each year thereafter.\n However, if the stock price rises to more than 130 pct of\nthe conversion level, the issue will be callable immediately,\nCSFB said. PaineWebber is co-lead manager.\n Fees consist of a 1-1/2 pct selling concession and a one\npct combined management and underwriting fee.\n REUTER\n\u0003", "date": "11-MAR-1987 05:16:06.98", "places": [ "uk" ], "id": "3487" }, { "title": "ECONOMIC SPOTLIGHT - CHINA'S FOREIGN DEBT UP", "body": "China's foreign debt reached 27 billion\ndlrs by the end of 1986, but despite an over-exposure to\nshort-term credits and yen borrowing, China remains very\ncreditworthy with an improved 1987 export outlook, foreign\nbankers and Chinese officials told Reuters.\n Foreign bankers said China's total debt rose sharply from\nan estimated 20 billion dlrs at end-1985 to cover increased\nimport commitments but the debt/equity ratio remains low,\nbetween eight and 10 pct.\n China remains a cautious and popular borrower, they said.\n Zhang Haoruo, vice minister of Foreign Economic Relations\nand Trade, said last Friday that China signed foreign loan\nagreements for 6.94 billion dlrs last year, 96.6 pct up on\n1985, with actual loans amounting to 4.83 billion, up 93 pct.\n Officials said China would borrow 25 to 30 billion dlrs in\nthe 1986-90 five year plan period, but foreign bankers said\nthey estimate foreign loans at 30 to 40 billion.\n A Western banker said China's portfolio contains too much\nshort-term debt and too much of it is denominated in yen as a\nresult of aggressive lending by Japanese banks and attractive\nlow interest rates in the Japanese market.\n The strong yen appreciation has cost China dearly and is\nlikely to make it reduce new yen borrowings, the banker said.\n A Chinese trade official estimated the yen component of the\ncountry's total debt at about 30 pct.\n The Peking representative of a Japanese securities house\nsaid the rapid yen rise had caught China and his firm unawares.\n \"Interest rates in Japan are at a historical low, but China,\nwhich will remain an active borrower this year, is likely to go\nelsewhere for capital, to get a better currency spread,\" he\nsaid.\n The Western banker said the excess of short-term loans is\nin part a result of China's inexperience in the foreign capital\nmarkets, which it entered only in the early 1980s.\n \"Officials do not think of China but of their own department\nor firm. Some loans that were entered into did not have the\nfull backing of the People's Republic of China,\" he said.\n \"The dilemma for China, in foreign borrowing as in other\nareas, is to balance central control with giving reasonable\nautonomy to firms. It is searching for the mechanisms to\nexercise indirect controls,\" he said.\n The banker said officials have stressed repeatedly over the\npast six weeks that China's foreign borrowing will not be\naffected by a drive against \"bourgeois liberalism,\" a phrase\nmeaning Western political ideas, following the dismissal of\nCommunist Party chief Hu Yaobang on January 16.\n A U.S. Banker said there is no evidence that China's\nforeign exchange reserves have fallen below the officially\nstated figure of 10 billion dlrs.\n \"The Bank of China is both a buyer and a seller in the\nmarket, which would know quickly if it was buying heavily in\nadvance of an announcement the reserves were down,\" he said.\n The banker said such buying has not been going on. \"Things\nare normal. Trade deficits such as China had last year and in\n1985 are normal for a country at its stage of development.\"\n Customs figures show China had a trade deficit of 11.9\nbillion dlrs in 1986, down from 14 billion in 1985.\n A Ministry of Foreign Economic Relations and Trade official\nsaid this year's outlook for exports, which account for more\nthan 75 pct of foreign exchange earnings, is much healthier\nthan a year ago.\n The renminbi has matched the U.S. Dollar fall, he said. It\nwas quoted at 3.72 today, little changed from 3.7 a year ago.\n The official said China has taken measures to improve its\nexport performance, including incentive offers to exporters and\nthe establishment of export production bases.\n \"We expect higher prices for our oil exports this year,\" he\nadded.\n Official estimates put China's 1986 export losses from the\ndrop in world oil prices at three billion dlrs.\n A Western diplomat said China's foreign debt needs careful\nmanagement but its debt service ratio remains very low at six\nto eight pct.\n \"We base our assessment not on China's foreign exchange\nreserves but on its export performance, just as you assess a\ncompany on its performance, not its bank account,\" he said.\n He said China performed very well in the export field last\nyear and remains a very creditworthy country which will have\nfew difficulties in increasing its borrowing.\n REUTER\n\u0003", "date": "11-MAR-1987 05:18:45.97", "topics": [ "bop" ], "places": [ "china" ], "id": "3488" }, { "title": "U.S. BANKS TO GET APPROVAL FOR SECURITIES BUSINESS", "body": "U.S. Commercial banks are expected to\nreceive Finance Ministry approval in late April to operate\nsecurities subsidiaries in Japan, U.S. Bank officials said.\n A senior official at one of four prospective banks said the\nministry told his bank it would give approval as long as the\nparent firm holds no more than 50 pct of the capital.\n \"We expect the ministry to give us permission by the end of\nApril,\" he said.\n , Bankers Trust New York Corp ,\nManufacturers Hanover Corp and Chemical New York Corp\n have asked for securities business licenses.\n Ministry officials declined to say when they would give\nformal approval, but said they were working on the issue.\n Approval would pave the way for U.S. Commercial banks to\nunderwrite and trade equities in Japan under their own names.\n Citicorp and Chase Manhattan Corp have\nalready entered the Japanese securities market by acquiring\nU.K. Securities houses already operating in Japan. Citicorp\ntook over and Chase bought .\n Bankers did not know if all the banks would get licenses,\nbut said J.P. Morgan probably would as it was first to ask.\n REUTER\n\u0003", "date": "11-MAR-1987 05:21:52.21", "places": [ "japan", "usa" ], "id": "3489" }, { "title": "ULTRAMAR SAYS FOURTH QUARTER SHOWED IMPROVEMENTS", "body": "Ultramar Plc said that while\nits fourth 1986 quarter had improved from the operational point\nof view, several special charges adversely affected results.\n Overall the year had not been a good one, with upstream\noperations dramatically hit by the fall in crude oil prices and\ndownstream operations also affected in the first half by large\nlosses on inventories.\n But margins improved in the second half and in particular\nrefining and marketing in Eastern Canada showed a good\nrecovery.\n The company was commenting on results that showed a net\nloss for the year of 62.1 mln stg after a 71.6 mln profit in\n1985.\n The fourth quarter charges included a 20.8 mln stg\nprovision on a retroactive price agreement recently initialled\nby Pertamina and Japanese buyers of the company's liquid\nnatural gas and 4.7 mln for the early months of its ownership\nof Gulf Canada's marketing assets.\n Ultramar said it had also included the estimated cost of a\nfurther reorganisation programme, which was partly offset by a\nwithdrawal of surplus funds from U.S. Pension schemes, and a\n13.5 mln stg provision for the estimated cost of selling its\nU.S. Flag shipping operation.\n The immediate outlook for crude oil prices was uncertain\nalthough it was unlikely there would be any sizeable increase\nin the near term. However, Ultramar said it was optimistic\nprices would strengthen over the longer term.\n Its substantial reserves of crude oil and natural gas put\nit in a good position to benefit from any price recovery.\n In the meantime, Ultramar's objectives were to improve\nprofitability by selling or restructuring weak operations while\nstrengthening core businesses and developing a sound\noperational and financial base.\n Proven, probable and possible reserves at end-1986 totalled\nabout 700 mln barrels net on an oil-equivalent basis.\n Ultramar shares firmed on the announcement to 187p from\n181p at last night's close.\n REUTER\n\u0003", "date": "11-MAR-1987 05:25:23.66", "topics": [ "earn" ], "places": [ "uk" ], "id": "3490" }, { "title": "QUEENSLAND PRESS BOARD RECOMMENDS MURDOCH OFFER", "body": "The (QPL) board\nsaid it unanimously recommended the one billion dlr takeover\nbid by , a family company of News\nCorp Ltd chief executive Rupert Murdoch.\n The 23 dlrs a share cash-only offer is nearly double the\nmarket price before News announced its now-completed bid for\nThe Herald and Weekly Times Ltd in early December and\nno other offer is likely, it said in a statement.\n Independent adviser, , had also\nconcluded the offer was fair and reasonable, it added.\n QPL is already owned 48.3 pct by HWT.\n REUTER\n\u0003", "date": "11-MAR-1987 05:27:43.31", "topics": [ "acq" ], "places": [ "australia" ], "id": "3491" }, { "title": "EC COMMISSION DECLINES COMMENT ON SUGAR OFFER", "body": "The European Community (EC) Commission\ndeclined to give an official reaction to reports that a group\nof european operators plan to offer one mln tonnes of sugar\ninto intervention in protest at Commission export policies.\n However, a spokesman for the Commission confirmed the\noffers had been made to intervention agencies in various member\nstates, and said it would now take up to three weeks for the\nagencies concerned to complete all necessary documentation.\n The spokesman said that under current regulations, the EC\nwould have to accept all the offers if there were no technical\nproblems.\n The spokesman said the Commission would only have to\nreimburse the member state for the cost of buying-in the sugar\nafter the product was sold out of intervention stores at a\nlater date.\n He said that at present there was virtually no sugar held\nin intervention stores.\n Last year, 45,000 tonnes were sold into intervention and\nduring the 1984-85 campaign 108,000 tonnes.\n REUTER\n\u0003", "date": "11-MAR-1987 05:30:20.95", "topics": [ "sugar" ], "organisations": [ "ec" ], "places": [ "belgium" ], "id": "3492" }, { "title": "INDONESIAN BANKS RAISE INTEREST RATES", "body": "A tight money market has pushed\ninterest rates on three to six month time deposits to between\n15 and 18 pct from 13 to 15 pct a month ago, bankers said.\n March is usually a tight month for the money market because\nof tax payments and banks' need to attract funds for their\nyear-end accounts on March 31.\n This year the situation has been made worse by December's\nrush to buy dollars by companies and businessmen who feared\nimposition of exchange controls. Much of that outflow has yet\nto be converted back into rupiah.\n \"A lot of small money has come back in, but the big money is\nholding out until after April,\" one U.S. Banker said.\n The tight money policy of Bank Indonesia, the central bank,\nis helping to keep rates high.\n Short-term lending rates now average 25 pct a year, with no\nprospect they will be lowered soon, the bankers said.\n Central Bank governor Arifin Siregar said earlier this week\nthat Indonesia could look forward to better economic prospects\nin 1987/88, but added the \"speculators\" who led a run on the\nrupiah late last year could again pose problems.\n Indonesia holds general elections on April 23, the first in\nfive years, and most businessmen expect no new government\neconomic packages or incentives before then.\n \"Some people are nervous about what the government will do\nafter the election,\" one banker said. \"They normally try to do\nthings before the IGGI (Inter-Governmental Group on Indonesia)\nmeeting (in June) to prove they are doing something about the\neconomy to show they deserve a couple of billion dollars.\"\n The IGGI, which groups 14 industrialised donor countries\nand four agencies, gave Indonesia 2.5 billion dlrs in soft\nloans and grants last year.\n REUTER\n\u0003", "date": "11-MAR-1987 05:34:34.99", "topics": [ "interest", "money-fx" ], "places": [ "indonesia" ], "id": "3493" }, { "title": "NEWS INTERNATIONAL ISSUES 100 MLN DLRS IN BONDS", "body": "News International Plc is\nissuing 100 mln dlrs of senior unsubordinated notes due April\n10, 1990 carrying a coupon of 7-1/2 pct and priced at par, said\nCredit Suisse First Boston as lead manager.\n The notes, which are non-callable, are available in\ndenomnations of 1,000 and 5,000 dlrs. Payment date is April 10.\n They are guaranteed by News Corp Ltd.\n Fees consist of a 7/8 pct selling concession and 1/2 pct\ncombined management and underwriting.\n REUTER\n\u0003", "date": "11-MAR-1987 05:37:29.72", "places": [ "uk" ], "id": "3494" }, { "title": "BANK OF NOVA SCOTIA ISSUES NEW ZEALAND DLR BOND", "body": "The Bank of Nova Scotia, Nassau branch,\nis issuing a 50 mln New Zealand dlr eurobond due April 14, 1989\ncarrying a 18-1/4 pct coupon and priced at 101 pct, lead\nmanager Morgan Stanley International said.\n The issue, which will take the form of deposit notes, will\nbe co-lead by Dominion Securities and Wood Gundy Inc.\n The bond is available in denominations of 1,000 and 10,000\ndlrs and payment date is April 14.\n Fees comprise 3/4 pct selling concession and 1/2 pct for\nmanagement and underwriting.\n REUTER\n\u0003", "date": "11-MAR-1987 05:41:01.21", "places": [ "uk" ], "id": "3495" }, { "title": "POLLY PECK RAISES 20.3 MLN STG", "body": " said it\nhas agreed to place 10 mln new ordinary shares at 203p each\nwith a group of institutional investors.\n Polly Peck said it proposes to use the 20.3 mln stg raised\nby the share placing to further the development and expansion\nof its European marketing base and to hasten the development of\nits agricultural sourcing network in the Southern Hemisphere.\n The company added that this investment will assist the\ngroup's agricultural division in realising its aim of catering\nfor an increasingly diverse range of worldwide markets on a\nround the year basis.\n REUTER\n\u0003", "date": "11-MAR-1987 05:42:04.93", "places": [ "uk" ], "id": "3496" }, { "title": "HIGHVELD (HGVJ.J) SEES LOWER 1987 EARNINGS", "body": "Highveld Steel and Vanadium Corp\nLtd said it expects 1987 earnings will be lower than last\nyear's previously reported 85 cts a share.\n But profits \"will be at a satisfactory level,\" the company\nsaid in the annual report without giving a specific estimate.\n Highveld said it expects appreciation of the rand will be\noffset to some extent by increasing U.S. Dollar prices for its\nexports as the year progresses.\n Highveld said measures taken last year by the European\nEconomic Community and the United States prohibiting all South\nAfrican steel products \"presents a challenge to management to\nplace the steel in other areas.\"\n The company said overall world vanadium consumption in 1987\nis expected to be similar to last year although China's role is\nstill an unknown factor in the total supply-demand situation.\n \"World vanadium production capacity is still believed to be\nadequate to cater for any foreseeable demand,\" it added.\n REUTER\n\u0003", "date": "11-MAR-1987 05:42:39.38", "topics": [ "earn", "strategic-metal" ], "places": [ "south-africa" ], "id": "3497" }, { "title": "SOUTH KOREA TO ISSUE EXCHANGE EQUALISATION BONDS", "body": "The South Korean government will float\n150 billion won in exchange equalisation bonds this month,\nMinistry of Finance officials said.\n The Bank of Korea will issue the bonds, to be launched with\nan annual interest rate of 11 pct, a bank official said.\n The float, the first of its kind, is a response to the\nnation's increasing current account surplus, and is designed to\nlimit the growth in M-2 money supply to 18 pct, he said.\n South Korea's M-2 supply in February totalled 33,992\nbillion won, 18.89 pct up on the year-earlier figure.\n REUTER\n\u0003", "date": "11-MAR-1987 05:43:24.04", "id": "3498" }, { "title": "SAUDI ARABIA BUYS 5,000 TONNES RBD PALM OLEIN", "body": "Saudi Arabia bought 5,000 tonnes of\nrefined bleached deodorised palm olein at its import tender\nyesterday for April 16/25 shipment at 353 dlrs per tonne cost\nand freight Jeddah, traders said.\n REUTER\n\u0003", "date": "11-MAR-1987 05:52:11.70", "topics": [ "veg-oil", "palm-oil" ], "places": [ "uk", "saudi-arabia" ], "id": "3499" }, { "title": "INVESTORS IN INDUSTRY ISSUES FRENCH FRANC BOND", "body": "Investors in Industry International BV is\nissuing a 500 mln franc bond with warrants guaranteed by\nInvestors in Industry Plc, lead manager Credit Commercial de\nFrance said. Listing will be in London. The issue has a coupon\nof 9-1/8 pct, matures on April 7, 1994 and is priced at 101\npct.\n Fees total 1-7/8 pct, with 1-1/4 for selling and 5/8 for\nmanagement and underwriting. There is a call at par from the\nend of the third year. Each 10,000-franc bond has one 275 franc\nwarrant giving the right in the first three years to exchange\nthe host bond for a similar non-callable 9-1/8 pct 1994 bond,\nor in years four-seven to buy a 9-1/8 pct 1994 non-callable\nbond.\n REUTER\n\u0003", "date": "11-MAR-1987 05:59:32.94", "places": [ "france" ], "id": "3500" }, { "title": "BANK OF THAILAND FLOATS NEW GOVERNMENT BOND", "body": "The Bank of Thailand said it has\nfloated 500 mln baht of new five-year loan bonds for public\nsale.\n The bonds will yield 7.25 pct net after tax with interest\ncompounded semi-annually.\n The aggregate five-year yield will amount to 42.77 pct of\nthe principal on maturity.\n REUTER\n\u0003", "date": "11-MAR-1987 05:59:42.84", "places": [ "thailand" ], "id": "3501" }, { "title": "NAKASONE SET TO STAY UNTIL TAX REFORM APPROVED", "body": "Prime Minister Yasuhiro Nakasone will\nstep down only after his plan to overhaul Japan's tax system\ngets parliamentary approval, one of his closest aides said\ntoday.\n The aide, who declined to be identified, said at a private\nmeeting, \"Nakasone's power in office does not necessarily\nterminate at the end of his term in October. It depends on when\n(the) seven tax reform bills get parliamentary approval.\"\n Nakasone vowed yesterday to press on with his plan despite\nSunday's unexpected Upper House by-election defeat of the\nruling Liberal Democratic Party (LDP) in a conservative\nstronghold.\n The socialist winner, backed by other opposition parties,\nhad campaigned against a controversial five pct value added\nsales tax, the main plank of the reform plans.\n The aide dismissed the possibility of any amendment of the\nsales tax on the grounds the opposition parties were demanding\nnothing but retraction of the tax.\n They have been refusing to discuss a draft budget for the\n1987 fiscal year starting on April 1, which includes the tax\nplans. They have been resorting to an on-off boycott of\nparliament since February 4.\n \"If I were Nakasone, I would close the current regular\nparliamentary session on May 27 as scheduled, attend the Venice\nsummit of industrial democracies in June and open an\nextraordinary session to discuss the tax plans,\" the aide said.\n Under law, a regular session can be extended only once\nwhile an extraordinary session can be extended twice.The other\noption would be to extend the current session, he said.\n \"The opposition parties will surely present a no-confidence\nmotion against the Nakasone Cabinet at one stage or another.\"\n One scenario then will be to reject the motion opening up\nthe way for tax reform.\n \"Another scenario is the resignation of the Nakasone Cabinet\nen masse. A third scenario is a dissolution of the Lower House\nfor a snap general election,\" the aide said.\n That is only possible if the 200 opposition members resign\nfrom the 512-seat Lower House, necessitating by-elections.\n The LDP now has 304 seats in the Lower House after its\nlandslide victory in general elections last July.\n There are five independents and three vacancies.\n \"The LDP which will put up candidates will certainly inflate\ntheir seats, but at the expense of fierce media criticism,\" the\naide said.\n He said he expected the proposed sales tax to have little\neffect on local elections to be held on April 12 and 26.\n About 2,600 elections will be held in all but three of the\nnation's 47 prefectures including 13 gubernatorial elections.\n \"Candidates running in prefectural assemblies will all\noppose the sales tax irrespective of their party tickets.\n \"Possible effects, if any, will be on gubernatorial\nelections in Japan's northernmost island of Hokkaido and\nFukuoka in southern Japan,\" he said.\n The two posts are now held by opposition socialists.\n REUTER\n\u0003", "date": "11-MAR-1987 06:01:48.37", "places": [ "japan" ], "id": "3502" }, { "title": "CREDIT FONCIER DE FRANCE ISSUES 150 MLN ECU BOND", "body": "Credit Foncier de France is issuing a\n150 mln ECU eurobond due April 14, 1994 at 7-5/8 pct and priced\nat 101-5/8 pct, lead manager Banque Paribas Capital Markets\nsaid.\n The issue is guaranteed by France and will have a 50 mln\necu tap exercisable for six months.\n The bond will be available in denominations of 1,000 and\n10,000 ECUs and will be listed in Luxembourg.\n Fees comprise 1-1/4 pct selling concession and 5/8 pct\nmanagement and underwtriting combined. Payment date is April\n14.\n REUTER\n\u0003", "date": "11-MAR-1987 06:05:50.77", "places": [ "uk", "france" ], "id": "3503" }, { "title": " Belgium cuts discount rate to 8.0 pct from 8.50 - official\n", "date": "11-MAR-1987 06:10:19.31", "topics": [ "interest" ], "places": [ "belgium" ], "id": "3504" }, { "title": "PREUSSAG SAYS PAYMENT OF A 1986 DIVIDEND NOT CERTAIN", "body": "A spokesman for Preussag\nAG said it was not yet certain whether the company\nwould pay a dividend on 1986 results\n He was commenting on a Preussag statement which said\nresults in 1986 were lower than in 1985. Preussag has\nfrequently said its results came under further pressure in 1986\nfollowing a difficult year in 1985.\n Managing board chairman Guenther Sassmannshausen said in\nDecember the board would prefer to stick to its policy of not\ndipping into reserves to pay dividends. The spokesman noted the\nfinal dividend decision rests with the supervisory board.\n The Preussag statement said results fell in 1986 compared\nwith 1985 because declines in earnings in metals, oil and\nshipping were not entirely compensated by positive trends in\nthe group's other divisions.\n The spokesman said it was not clear whether the domestic\ngroup would show a net profit in 1986, adding this would depend\npartly on the level of provisions.\n Preussag cut its 1985 dividend to eight marks from nine\nmarks on 1984 results after parent company net profit dropped\nto 65.0 mln marks from 103.0 mln the year before.\n The Preussag world group made a net loss of 13.1 mln marks\nin 1985 after a net profit of 154.5 mln the year before.\nDomestic group net profit fell to 77.9 mln from 122.2 mln.\n The statement said its results in 1986 were affected by\nunsatisfactory selling prices for metals and oil as well as by\npoor use of capacity in the supply ship sector.\n The reduction in natural gas prices in the fourth quarter\nof 1986 to reflect earlier falls in oil prices was an\nadditional factor behind the drop in results.\n Preussag said rationalization measures already introduced\nwould not begin to take full effect until this year.\n Preussag's domestic group turnover rose to 4.48 billion\nmarks in 1986 from 4.29 billion in 1985, helped by the first\ntime consolidation of 951.8 mln marks of turnover from its\nmajority-owned oil and gas subsidiary C. Deilmann AG.\n Domestic group turnover in the 1986 fourth quarter alone\nwas 1.1 billion marks, it said without giving comparison\nfigures.\n Preussag said its domestic crude oil production fell 4.0\npct to 94,400 tonnes in 1986, while foreign oil production rose\nto 182,900 tonnes from 174,500 tonnes.\n Preussag said its Amalgamated Metal Corporation Plc (AMC)\nsubsidiary, whose results are included in the world group\naccounts, made an unspecified profit in the fourth quarter of\nlast year.\n AMC's large losses in 1985, caused principally by the\ninternational tin crisis, were the reason behind the world\ngroup losses that year.\n REUTER\n\u0003", "date": "11-MAR-1987 06:16:57.34", "topics": [ "earn" ], "places": [ "west-germany" ], "id": "3505" }, { "title": "DUTCH CAR IMPORTS RISE 27.5 PCT IN 1986", "body": "Dutch car imports rose 27.5 pct in\n1986 to 610,500 units in 1986, reflecting a 41.8 pct growth in\nJapanese imports, the association for the Dutch vehicle\nindustry reported.\n Dutch imports of Japanese cars rose 41.8 pct last year to\n143,880 units, compared with a 37.4 pct rise in imports from\nother EC countries to 437,500 units, the association said,\nquoting unpublished Central Bureau of Statistics figures.\n The figure excludes Dutch imports of vehicles for final\ndestination outside the Netherlands.\n REUTER\n\u0003", "date": "11-MAR-1987 06:28:14.35", "places": [ "netherlands" ], "id": "3506" }, { "title": "OIL FIRMS CUT 1987 INDONESIAN EXPLORATION SPENDING", "body": "Foreign oil companies will spend less\non exploration in Indonesia this year than last, budgeting 2.7\nbillion dlrs for calendar 1987 against 1986 spending of 2.8\nbillion dlrs, the state oil company Pertamina said.\n Actual spending last year fell short of the budgeted figure\nof 3.2 billion dlrs, as oil companies slashed expenditure\nbecause of the crash in world oil prices.\n Jumardi Jukardi, head of Pertamina's coordinating board for\nforeign contractors, said foreign companies will drill 110\nexploration wells and 431 development wells this year, against\n108 and 330 last year.\n REUTER\n\u0003", "date": "11-MAR-1987 06:30:39.65", "topics": [ "crude" ], "places": [ "indonesia" ], "id": "3507" }, { "title": "ICI ISSUES 100 MLN STG 9-3/4 PCT EUROBOND", "body": "Imperial Chemical Industries Plc \nis issuing a 100 mln stg eurobond due April 15, 2005 paying\n9-3/4 pct and priced at 101-1/4 pct, lead manager Warburg\nSecurities said.\n Morgan Grenfell and Co Ltd is co-lead.\n The bond is in partly paid form with 30 pct due on April 15\nand the remainder due for payment on July 15.\n It will be available in denominations of 1,000 and 10,000\nstg and will be listed in London.\n Fees comprise 1-1/2 pct selling concession and 1/2 pct each\nfor management and underwriting.\n REUTER\n\u0003", "date": "11-MAR-1987 06:32:47.12", "places": [ "uk" ], "id": "3508" }, { "title": "INDONESIA OIL CONTRACT NEGOTIATIONS END THIS MONTH", "body": "Negotiations between Indonesia's state\noil company Pertamina and foreign oil contractors on extension\nof the standard 30-year production sharing contract will be\nconcluded by the end of this month, a Pertamina official said.\n Jumardi Jukardi, head of Pertamina's foreign contractors\ncoordinating board, gave no details about the outcome of the\ntalks.\n But Pertamina President Abdul Rachman Ramly has said\npriority will be given to extending contracts for companies\nwhose exploration and production contracts expire within the\nnext seven to 10 years.\n Jukardi, speaking to Indonesian reporters, said the\nnegotiations would determine whether the 85-15 production\nsharing split in favour of Pertamina would be adhered to or\naltered in some cases as oil companies are asking for.\n Hardjoko Seputro, spokesman for the Mines and Energy\nMinistry, has said that President Suharto has agreed in\nprinciple to extension of the standard 30-year production\nsharing contract to reflect better current depressed conditions\non the international oil market.\n REUTER\n\u0003", "date": "11-MAR-1987 06:38:37.04", "topics": [ "crude" ], "places": [ "indonesia" ], "id": "3509" }, { "title": "SALOMON ISSUES 228 MLN DLR FLOATING RATE CMO", "body": "Salomon Brothers International's CMO\nEurotrust subsidiary is issuing a 228 mln dlr collateralised\nmortgage obligation priced at par and yielding 40 basis points\nover the three-month London interbank offered rate (Libor),\nSalomon said as lead manager.\n However, interest, which is paid quarterly, cannot rise\nabove 11.50 pct.\n The stated maturity date of the issue is May 1, 2017, but\nthe deal has an expected life of 3.6 years which will vary with\nthe rate at which homebuyers prepay their mortgages\n The pool itself consists of Federal National Mortgage\nAssociation (Fannie Mae) securities paying 10.50 pct.\n The issue settles on April 27 with no accrued interest.\n Salomon noted that the issue carries the lowest spread over\nLibor of any CMO issued in the euromarkets to date.\n In explaining the pricing, a Salomon official noted that\nthere has been very heavy demand for high-coupon U.S.Agency\nmortgage issues such as Fannie Maes and that the rising price\nof the collateral must be passed along to investors.\n REUTER\n\u0003", "date": "11-MAR-1987 06:38:44.49", "places": [ "uk" ], "id": "3510" }, { "title": "TRADE SAYS EC SUGAR TENDER HARD TO FORECAST", "body": "Traders here and in Paris said the\nresults of today's EC white sugar tender are hard to forecast\nbecause of plans by a group of French, West German, Dutch and\nBelgian operators to sell one mln tonnes of sugar into\nintervention.\n London traders said bids for licences have been reported\nbetween 43.00 and 44.00 Ecus per 100 kilos and if any licences\nare granted they are likely to be towards the lower end of that\nrange, possibly 43.30/43.50 Ecus.\n Traders in Paris said they expect maximum rebates of\nbetween 43 and 43.50 Ecus.\n Other than the Commission releasing no sugar for export,\nthe likely tonnage is expected to be very small, the London\ntraders said, while the French sources declined to estimate\nvolume in view of the psychological impact of the planned sales\ninto intervention in protest against EC export policies.\n Last week licences for 60,500 tonnes were awarded at a\nmaximum rebate of 43.147 Ecus.\n REUTER\n\u0003", "date": "11-MAR-1987 06:48:48.95", "topics": [ "sugar" ], "organisations": [ "ec" ], "places": [ "uk", "france" ], "id": "3511" }, { "title": "KOREA PLANS TO OPEN MARKETS TO EASE WON PRESSURE", "body": "South Korea will further open its market\nto help cut its trade surplus with the U.S. And to fight off\npressure to revalue the won against the dollar, a government\nspokesman said.\n The spokesman said Korean trade minister Rha Woong-Bae's\nstand in Washington yesterday against pressure from industrial\nnations to revalue the won underlined the government's\ndetermination to stand firm.\n Rha told the U.S. Chamber of Commerce \"Demands that Korea\ncarry out a drastic and sudden currency revaluation of five or\n10 pct are, I believe, extremely ill-advised.\"\n Deputy prime minister Kim Mahn-Je told a meeting of local\nbusinessmen \"The government's policy on the question of\nrevaluing the won is to maintain a steadfast position.\"\n Kim said South Korea was ready to move slowly to raise the\nwon's value because of its heavy foreign debt which stood at\n44.5 billion dlrs at the end of 1986.\n Six industrialised nations agreed in Paris last month that\nnewly industrialising countries, such as South Korea and\nTaiwan, should allow their currencies to appreciate.\n But local businessmen have said won/dollar parity has\nalready reached \"a crisis level.\"\n An official of the Korea Traders' Association (KTA) said if\nthe won strengthened another five pct, this would mean the loss\nof profitability for nearly half of all South Korean exporters.\n \"We are determined not to go the way of Latin American\ndebtor nations which have suspended interest payments of their\ndebts,\" the spokesman said. \"The only way to keep our good record\nis to maintain our exports.+\n The trade minister said yesterday should Seoul revalue the\nwon suddenly Korea would run \"a tremendous trade deficit and\ncould degenerate into a country, like many other developing\ncountries, which is reneging on its international obligations.\"\n The spokesman said South Korea had been gradually\nappreciating its currency, ruling out a major revaluation. So\nfar this year, the won has gone up by 0.8 pct against the\ndollar after a 3.34 pct revaluation in 1986.\n He said South Korea was selecting \"many\" of 122 items on\nwhich Washington recently asked Seoul to lower tariffs to help\nnarrow its trade surplus with the U.S. No further details were\ngiven.\n Seoul announced in January the lifting of bans on 158\nitems, including sensitive agricultural products and large\ncars, effective from July.\n South Korea posted its first ever current account surplus\nlast year, due largely to a trade surplus with the U.S. Of 7.1\nbillion dlrs, against a 4.3 billion deficit in 1985. It earlier\nforecast that its current account surplus could reach eight\nbillion dlrs this year.\n But the government official said the surplus would be held\nat around five billion dlrs to avoid further pressure by\nindustrialised nations to push up the value of its currency.\n REUTER\n\u0003", "date": "11-MAR-1987 06:58:57.83", "topics": [ "trade", "bop" ], "places": [ "south-korea", "usa" ], "id": "3512" }, { "title": "SECURICOR UNIT SEEKS 50 MLN STG CREDIT FACILITY", "body": "Security Services Plc, a unit of\nSecuricor Group Plc, is seeking a 50 mln stg multi-option\nfacility, County NatWest Capital Markets said as arranger.\n The facility will be for seven years and will allow the\nborrower to issue multi-currency advances and sterling\nacceptances through a tender panel.\n There will be an underwriting margin of up to of 3/16 pct\nover the London interbank offered rate. Underwriters will\nreceive a fee of 15 basis points on the available portion of\nthe facility and a fee of 10 basis points on the unavailable\nportion, which could be for up to half the facility.\n There will be a utilization fee of 1/16 pct when more than\nhalf the facility is in use.\n Securicor Group and other subsidiaries will guarantee the\nfacility.\n REUTER\n\u0003", "date": "11-MAR-1987 07:11:51.55", "places": [ "uk" ], "id": "3513" }, { "title": "GERMAN CALL MONEY EASES AFTER LIQUIDITY INJECTION", "body": "Call money eased to 3.75/80 pct from\n3.80/85 yesterday following a net injection of 6.7 billion\nmarks at a rate of 3.80 pct in fresh funds from this week's\nsecurities repurchase agreement, dealers said.\n But rates were expected to rise toward the end of the week.\n A major tax payment period by banks on behalf of customers,\npayments for the federal railways loan stock and repayments of\nmark liabilities incurred by foreign central banks with the\nBundesbank in the framework of the European Monetary System\n(EMS) are likely to significantly burden the system. Banks\nbuilt up minimum reserves today, ahead of the expected outflow.\n The Bundesbank credited banks with a gross 15.2 billion\nmarks, but some 8.5 billion left the system at the same time as\nan earlier securities repurchase pact matured.\n Dealers estimated the EMS related outflow as high as six\nbillion marks.\n The Bundesbank declined to comment, but a spokesman said\nyesterday although the funds now due may be allowed to roll\nover, the possibility that other central banks may choose to\nredeem them meant a net infusion was needed.\n Dealers forecast tax payments of 25 and 30 billion marks,\nbut much of it is expected to burden the system only next week.\n Banks' minimum reserve holdings at the Bundesbank totalled\n53.6 billion marks on Monday, averaging 54.0 billion over the\nfirst nine days of March.\n Dealers said although the figure was well above an expected\nrequirement of around 51 billion marks, the expected outflow of\nfunds was so large that banks might find it difficult to meet\nthe requirement toward the end of March.\n No securities repurchase agreement is expiring next week,\nbut dealers said the Bundesbank could offer fresh liquidity if\nconditions significantly tighten. \"The Bundesbank wants to keep\nrates around 3.80 pct,\" one dealer said.\n REUTER\n\u0003", "date": "11-MAR-1987 07:12:52.11", "topics": [ "money-fx" ], "places": [ "west-germany" ], "id": "3514" }, { "title": "KRUPP SAYS 2,000 STEEL JOBS TO GO THIS YEAR", "body": "Krupp Stahl AG \nsaid it will cut about 2,000 of a total 18,000 jobs by the end\nof 1987 and is considering reducing the work force by a further\n3,000 in subsequent years.\n The company, which is 70.4 pct owned by Fried Krupp GmbH,\nsaid the job losses were part of immediate and longer-term\nrestructuring plans. The statement denied published reports\nthat total job losses would amount to 9,000 employees.\n Krupp has said previously that the work force cuts are\nnecessary because of weaker conditions on the steel market.\n REUTER\n\u0003", "date": "11-MAR-1987 07:13:39.13", "places": [ "west-germany" ], "id": "3515" }, { "title": "CAPITAL MARKET BORROWING ONLY MODERATE IN FEBRUARY", "body": "Borrowing on the international capital\nmarkets rose moderately in February with 25.9 billion dlrs of\nmedium and long term funds raised, up 1.5 billion from January\nand up 3.2 billion from February last year, the Organisation\nfor Economic Cooperation and Development, OECD, said.\n Borrowing on external bond markets totalled 20.8 billion\ndlrs, some 2.8 billion more than in January, the OECD said in\nits latest monthly report.\n But the market for floating rate notes (FRNs) saw further\nserious difficulties and the volume of new offerings was only\n1.4 billion dlrs against a 1986 monthly average of 4.2 billion.\n However, the OECD said, issues of straight bonds and\nespecially equity-related issues continued at a brisk pace.\n As in January, exchange rate uncertainties had a major\nimpact on the currency composition of new bond issues, with\nissues in dlrs totalling only 6.5 billion against a monthly\naverage of over 10 billion dlrs in 1986.\n \"The share of the U.S. Dollar in total external bond\nofferings has fallen below 32 pct this year - the lowest figure\nin the present decade,\" the report said, but added that the\nmarket has absorbed a record volume of yen offerings.\n In the syndicated credit market, the volume of new loans\ndeclined to 3.9 billion dlrs in February from 4.7 billion in\nJanuary. Activity on the market for note issuance and other\nback-up facilities continued to be particularly subdued with a\ntotal of only 1.2 billion dlrs completed in February, some 500\nmln dlrs less than the already depressed figure for January.\n In February, OECD borrowers accounted for some 85 pct of\ntotal borrowing with major borrowers including the U.S. With\n4.5 billion dlrs, Japan, 3.1 billion, and France with two\nbillion, in addition to a one billion dlr refinancing for\nelectricity board EDF.\n REUTER\n\u0003", "date": "11-MAR-1987 07:13:48.51", "organisations": [ "oecd" ], "places": [ "france" ], "id": "3516" }, { "title": "BTR PLC 1986 YEAR", "body": "Shr 21.2p vs 16.0p\n Div 4.75p making 8.25p vs 5.83p\n Pretax profit 505 mln stg vs 362 mln\n Turnover 4.02 billion vs 3.88 billion\n Tax 128 mln vs 85 mln\n Operating profit 527 mln vs 421 mln\n Operating profit includes -\n Other income 30 mln vs 41 mln\n Financial costs 52 mln vs 100 mln\n Minorities 25 mln vs 16 mln\n Earnings 352 mln vs 261 mln\n Extraordinary credit 78 mln vs 34 mln debit.\n REUTER\n\u0003", "date": "11-MAR-1987 07:13:52.82", "topics": [ "earn" ], "places": [ "uk" ], "id": "3517" }, { "title": "FIRST COMMERCIAL PAPER ISSUED IN TURKEY", "body": "A Turkish-West German joint venture,\nTurk Henkel A.S., Issued the first commercial paper in Turkey\nthrough private Yapi ve Kredi Bankasi A.S., Bank officials\nsaid.\n \"A total of 500 mln lira of commercial paper of Turk Henkel\nA.S. Is on sale today,\" Osman Erk, deputy general-manager of\nYapi ve Kredi Bankasi told Reuters.\n He said the 90-day paper of the chemicals company has an\nannualised yield of 46.64 pct. Turkey passed legislation last\nyear allowing commercial paper.\n Erk said the capital and other requirements for issuing\ncommercial paper is too high for some Turkish companies to\nmeet.\n \"The state Capital Markets Board has also limited the yield\nwith 46.64 pct, which is slightly higher than that of the\n90-day government paper,\" Erk said.\n REUTER\n\u0003", "date": "11-MAR-1987 07:18:52.57", "places": [ "turkey" ], "id": "3518" }, { "title": "TOKYO TO ISSUE 100 MLN DLR BOND IN NEW YORK", "body": "The Tokyo Metropolitan Government said it\nwould float a 100 mln dlr 10-year bond with a 7.5 pct coupon in\nNew York, its first Yankee bond issue in 21 years.\n The bond will be priced at 99.515 to yield 7.585 pct.\n The issue will be immediately swapped into Swiss francs,\nputting actual interest rates at around four pct, a Tokyo\ngovernment spokeswoman said.\n The lead manager is First Boston Corp and the co-leaders\nare Goldman Sachs and Co and Merrill Lynch Capital Markets, she\nsaid.\n The funds will be used for sewerage and reclamation work.\n REUTER\n\u0003", "date": "11-MAR-1987 07:20:08.55", "places": [ "japan", "usa" ], "id": "3519" }, { "title": "JAPAN'S JOBLESS SEEN RISING TO 3.3 PCT IN 1987/88", "body": "The yen's rise against the dollar is\nexpected to boost Japan's unemployment rate to an average 3.3\npct in the 1987/88 fiscal year beginning April 1 from January's\nrecord three pct, the private Nomura Research Institute said.\n The official 1987/88 estimate is 2.9 pct.\n The research arm of Nomura Securities Co forecast\nunemployment would exceed two mln by mid-fiscal 1987, against\nan estimated 1.75 mln for the current year.\n Nomura urged the government to take pump-priming measures\nto help redress trade imbalances and boost employment.\n Employment in manufacturing during fiscal 1987/88 was\npredicted to fall 550,000 from the current year due to higher\njob losses in the steel, shipbuilding and heavy electrical\nmachinery sectors, Nomura said.\n Employment in the non-manufacturing sector will continue to\nincrease, the institute said, without giving figures.\n REUTER\n\u0003", "date": "11-MAR-1987 07:20:52.78", "topics": [ "jobs" ], "places": [ "japan" ], "id": "3520" }, { "title": "BANK OF CHINA TO JOIN VISA INTERNATIONAL", "body": "The Bank of China will become a\ncard-issuing member of this year, Visa's\nchief general manager for Asia, Carl Pascarella, said in a\nstatement.\n Visa is designing a card for China, where international\ncredit cards are accepted but not yet issued.\n He said Visa was developing training programs for the bank\non card issuance and processing procedures. A Chinese group\nwill visit Visa's San Francisco headquarters next month to\ndiscuss future cooperation, he said.\n REUTER\n\u0003", "date": "11-MAR-1987 07:21:39.10", "places": [ "china" ], "id": "3521" }, { "title": "U.K. ONE BILLION STG BOND TRANCHE EXHAUSTED", "body": "A one billion stg tranche of 8-3/4 pct\nTreasury Loan stock due 1997 was exhausted in very early\ntrading on the U.K. Government bond market only minutes after\nbecoming available for trading, dealers said.\n The Bank of England said the issue, announced on Monday and\navailable for official dealings from this morning, was no\nlonger operating as a tap. The striking price was a partly paid\n41 stg pct, at which price bids were allotted 53.8 pct.\n Dealers noted that strong demand had been detected for the\nbonds yesterday afternoon and interest was further stimulated\nby sterling's surge at the opening this morning.\n Reuter\n\u0003", "date": "11-MAR-1987 07:22:15.14", "places": [ "uk" ], "id": "3522" }, { "title": "JAPANESE 150 BILLION YEN LOAN FOR INDONESIA", "body": "Indonesia signed an agreement to borrow\nup to 150 billion yen in an untied yen loan from Japan's\ngovernmental Export-Import Bank, a bank spokesman said.\n The accord on the loan for Indonesia's 21 development\nprojects was signed by the visiting Indonesian Finance Minister\nRadius Prawiro and Ex-Im President Takashi Tanaka, the\nspokesman said.\n The loan will be the bank's first untied loan to an Asian\ncountry in co-financing with the World Bank, but it will not be\ntied to purchase of Japanese goods or services, he said.\n REUTER\n\u0003", "date": "11-MAR-1987 07:23:09.09", "places": [ "japan", "indonesia" ], "id": "3523" }, { "title": "SPAIN EXTENDS RESERVE REQUIREMENT", "body": "The Bank of Spain has extended the\nreserve requirement for banks to their convertible peseta funds\nin an attempt to curb speculation in short-term capital which\nis currently fuelling money supply growth.\n In a statement issued late last night, the central bank\nsaid convertible peseta accounts, funds which are not subject\nto exchange controls, would also be subject to a 19 pct reserve\nrequirement with effect from Friday.\n Convertible peseta funds had been previously exempt from\nreserve requirements.\n The measure comes one week after the central bank raised\nreserve requirements on domestic deposits by one percentage\npoint to 19 pct, also with effect on Friday.\n Banking sources say the high real interest rates on offer\nnow -- around eight pct for overnight funds -- have attracted a\nlarge influx of speculative foreign capital which is\nthreatening the government's monetary targets.\n They say this influx is largely responsible for Spain's\nprincipal measure of money supply, the broad-based liquid\nassets in public hands (ALP), to have grown by an estimated 17\npct annualised rate in February, compared with January's 8.3\npct rise and an 11.4 pct rise during the whole of 1986. The\ntarget for 1987 is eight pct.\n The Bank of Spain today did not provide assistance funds to\nbanks in a move to drain excess liquidity from the money\nmarket. Liquidity will be further tightened by the fortnightly\nTreasury Bill auction tomorrow and Friday's hike in reserve\nrequirements, expected to absorb over 200 billion pesetas from\nthe system.\n The immediate reaction was a hike in interbank interest\nrates today to 13.75/14.00 pct from yesterday's 13.46 pct\naverage for deposits.\n Bank of Spain officials said this was an understandable\nresponse \"given that the market is short of funds.\"\n But banking sources noted that a continued rise in interest\nrates would neutralize the central bank's attempts to curtail\nshort-term speculation with foreign funds by making the Spanish\nmoney markets more attractive.\n REUTER\n\u0003", "date": "11-MAR-1987 07:24:02.04", "topics": [ "money-supply", "interest" ], "id": "3524" }, { "title": "IRAQ SAYS IT CRUSHED IRANIAN ATTACK IN NORTH", "body": "Iraq said today its forces had crushed\nan Iranian attack on a strategic mountain peak in a rugged and\nsnow-clad area of Iraqi Kurdistan.\n The official Iraqi news agency INA said the attack was\nrepelled yesterday by the Fifth Army Corps' 96th Brigade on\n\"Karda Ku\" peak, overlooking the northern post of Haj Omran and\n340 kms north of Baghdad.\n INA said hundreds of Iranians were killed and large\nquantities of armour and weapons were left behind. It did not\ngive Iraqi casualties.\n The Iranian news agency IRNA said yesterday that Iraqi\ntroops had suffered 3,000 casualties in Iran's week-old\noffensive in northeast Iraq.\n Iran attacked across snow-capped peaks of northeastern Iraq\nlast week in an area which saw heavy fighting in mid-1983.\n The thrust followed fierce battles near Basra, Iraq's\nsecond city on the southern front of the 6-1/2-year-old\nconflict, after an Iranian cross-border offensive launched on\nJanuary 9.\n The political department head at Iraq's Defence Ministry,\nAbdul Jabbar Muhsen, said on Monday fighting was continuing in\nthe north but that Iran had exaggerated battle reports.\n He said Tehran had done this \"to make up for failure in the\nsouth and to encourage anti-Baghdad Kurdish rebels to support\nits troops.\"\n Tehran has supported anti-Baghdad Kurdish guerrillas in\noperations against government positions and installations in\nnorthern Iraq.\n REUTER\n\u0003", "date": "11-MAR-1987 07:24:13.00", "places": [ "iran", "iraq" ], "id": "3525" }, { "title": "HUNGARY TO DEVALUE FORINT AGAINST WESTERN UNITS", "body": "Hungary is to devalue the forint by an\naverage of eight pct against Western currencies, the official\nnews agency MTI said.\n MTI did not say when the devaluation would become\neffective, but it expected new rates to be announced later\ntoday.\n Hungary devalued the forint by a similar amount last\nSeptember 23. Western bankers say the forint is more\nrealistically valued than currencies of Hungary's COMECON\nallies.\n REUTER\n\u0003", "date": "11-MAR-1987 07:24:58.66", "topics": [ "money-fx" ], "places": [ "hungary" ], "id": "3526" }, { "title": "DANISH BOND PRICES RISE AFTER AUSTERITY PLEDGE", "body": "Prices rose on the Danish bond\nmarket after Prime Minister Poul Schlueter said the government\nwas prepared to impose further austerity measures to limit\ndomestic consumption if the economy did not improve over the\nsummer.\n A typical 20-year mortgage bond had risen to 81 by noon\nfrom 79-1/4 at the close last night. \"It is because of possible\noptimism that the government will intervene if necessary,\" one\ndealer told Reuters.\n Schlueter said after a routine cabinet meeting yesterday \"If\neconomic tightening up is necessary, we will do it.\"\n The government has already imposed three austerity packages\nsince December 1985, in an attempt to bring down the external\ncurrent account deficit, which rose to a preliminary 34.5\nbillion crowns in 1986 from 29.1 billion the previous year.\n Schlueter made clear that an autumn general election would\nnot make the government postpone any austerity measures. The\ngovernment has to call an election by January 1988.\n He expressed surprise at concern in some financial quarters\nover the level of private and public wage settlements last\nmonth, worth a minimum three to four pct a year. These would\nlead to higher productivity, Schlueter said.\n REUTER\n\u0003", "date": "11-MAR-1987 07:26:10.60", "places": [ "denmark" ], "id": "3527" }, { "title": "SUMITA SAYS LITTLE ROOM FOR BANK TO EASE POLICY", "body": "Bank of Japan governor Satoshi Sumita\nsaid there is little room left for the central bank to further\nease its credit policy as interest rates levels are now\napproaching their lower limit.\n \"The government should instead seek ways of making the best\nuse of its fiscal policy,\" he told a press conference.\n His remarks were concerned with a comprehensive economic\nstimulative package the government plans to adopt in the coming\ndays.\n At the recent talks among the six major industrialised\nnations in Paris, Japan promised to work out a comprehensive\neconomic package to boost domestic demand, which in turn would\nhelp increase its imports and reduce its trade surplus.\n Sumita also said the economy will show a gradual upturn in\nthe second half of the year if the yen remains stable.\n He said there is caution in the foreign exchange market\nagainst a further rise of the yen and mark and this explains\nthe recent stability in the currency markets. Conflicting\neconomic indicators from the U.S. Have also been dampening\nmarket activity, he added.\n REUTER\n\u0003", "date": "11-MAR-1987 07:27:33.87", "topics": [ "interest" ], "places": [ "japan" ], "id": "3528" }, { "title": "GUNZE SANGYO ISSUING 25 MLN SWISS FRANC NOTES", "body": "Gunze Sangyo Inc of Tokyo is issuing 25\nmln Swiss francs of five year convertible notes with a 1-1/2\npct coupon, lead manager Swiss Volksbank said.\n The conversion price has been set at 463 yen per share,\ncompared with today's 450 yen close.\n Payment is due March 30.\n REUTER\n\u0003", "date": "11-MAR-1987 07:28:03.71", "places": [ "switzerland" ], "id": "3529" }, { "title": "JAPAN TANKOKU YIELDS HIT RECORD LOW AT AUCTION", "body": "The Finance Ministry said its auction\nyesterday of 1,000 billion yen of tankoku, six-month debt\nfinancing paper, produced a record low average yield of 3.246\npct on aggressive bidding from securities houses.\n The tankoku mature on September 21, 1987.\n The previous record low was 3.383 pct at the last auction,\non February 12.\n One of four major Japanese securities house bought 39.5 pct\nof the total 1,021.1 billion yen in bids accepted, ministry\nsources said.\n Securities houses bid aggressively as big retail accounts,\nsuch as tokkin, special money trust and trust funds have been\nshowing strong interest in tankoku on increasing demand for\nshort-term fund management, securities house managers said.\n The yield for tankoku, issued on a discount basis, is one\npoint below the 4.26/12 pct interest rates for six-month\ncertificates of deposit today.\n In the previous auction for 1,000 billion yen, the four\nmajors took 92 pct of the issue to increase their tankoku\ninventory, the managers said.\n Bids totalled 1,975.8 billion yen.\n The average price was 98.36 to give a yield of 3.246 pct\nand lowest was 98.33, giving 3.314 pct, the Ministry said.\n REUTER\n\u0003", "date": "11-MAR-1987 07:28:19.20", "places": [ "japan" ], "id": "3530" }, { "title": "AUSTRALIA LEADING INDEX CONTINUES RISE IN DECEMBER", "body": "Westpac Banking Corp and the\nMelbourne University Institute of Applied Economic and Social\nResearch said their leading index of Australian economic\nactivity rose for the ninth successive month in December.\n The index rose to 134.1 (base 1980) from 129.8 in November\nand 122.8 a year earlier, the Westpac-Institute report said.\n Annualised, it rose 13 pct in December against seven pct in\nNovember and one pct a year earlier, based on the ratio of the\nlatest index to the average over the previous 12 months.\n The report said the index is now 12 points or 9.8 pct above\nits trough in March 1986.\n Westpac's chief economist Bob Graham said the consistent\nupward trend in the leading index emphasised the need for a\ntough mini-budget in May. \"An untoward increase in consumption\nspending before the balance of payments improves would have\ndisastrous consequences,\" he said.\n The coincident index also rose an annualised three pct in\nDecember against zero movement in November and a seven pct rise\na year earlier, Westpac and the Institute said.\n They said this index continued to show the current\nrecession is shallow and is more likely to involve a slowing in\nreal growth than an absolute fall in economic activity.\n REUTER\n\u0003", "date": "11-MAR-1987 07:32:49.78", "topics": [ "lei" ], "places": [ "australia" ], "id": "3531" }, { "title": "JAPAN CANNOT BEAR FURTHER YEN RISE, MINISTER SAYS", "body": "Japan cannot bear a further rise of the\nyen, Foreign Minister Tadashi Kuranari said.\n \"A further stronger yen would be a misfortune for Japan and\nthe Japanese people would not be able to bear such a burden,\" he\ntold reporters.\n The minister said he wants to tell U.S. Political leaders\nof the sacrifices Japan is making to cut its trade surplus.\n Kuranari was widely expected to fly to Washington tomorrow\nfor talks focussing on trade. But departure remains uncertain\nbecause of the continuing parliamentary boycott by opposition\nparties protesting plans for a new sales tax.\n If the boycott is lifted tomorrow, Kuranari would probably\nhave to remain in Japan to attend parliamentary discussions on\nthe government's 1987/88 budget, Japanese officials said.\n Kuranari said both the U.S. And Japan should approach the\ntrade imbalance in a calm, unemotional manner.\n But, he added, \"If the issue of rice is to be raised...I\nwould mention the feelings of the Japanese people.\"\n Japanese politicians have said repeatedly the country\ncannot bow to U.S. Pressure to liberalize rice imports because\nthe issue is too sensitive.\n REUTER\n\u0003", "date": "11-MAR-1987 07:34:50.18", "topics": [ "money-fx", "yen", "trade" ], "places": [ "japan", "usa" ], "id": "3532" }, { "title": "BANK OF ENGLAND DOES NOT INTERVENE IN MONEY MARKET", "body": "The Bank of England said it did not\noperate in the money market during the morning.\n Initially, the bank forecast a liqudity shortage of some\n300 mln stg for the market today.\n Overnight interbank sterling traded at the 11-1/4 1/8 pct\nlevel for most of the morning while period rates have eased on\nthe strength of sterling, dealers said. At 1200 gmt, sterling's\ntrade-weighted index was up 0.6 at 72.7.\n REUTER\n\u0003", "date": "11-MAR-1987 07:36:03.25", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "3533" }, { "title": "U.S. URGES BANKS TO WEIGH PHILIPPINE DEBT PLAN", "body": "The U.S. is urging reluctant\ncommercial banks to seriously consider accepting a novel\nPhilippine proposal for paying its interest bill and believes\nthe innovation is fully consistent with its Third World debt\nstrategy, a Reagan administration official said.\n The official's comments also suggest that debtors' pleas\nfor interest rate concessions should be treated much more\nseriously by the commercial banks, in cases where developing\nnations are carrying out genuine economic reforms.\n In addition, he signaled that the banks might want to\nreconsider the idea of a \"megabank,\" where Third World debt would\nbe pooled, and suggested the administration would support such\na plan, even though it was not formally proposing it. At the\nsame time, however, the official expressed reservations that\nsuch a scheme would ever get off the ground.\n The Philippine proposal, together with Argentine\nsuggestions that \"exit bonds\" be issued to end the troublesome\nrole of small banks in the debt strategy, would help to\nunderpin the flagging role of private banks within the plan,\nthe official said in an interview with Reuters.\n \"All of these things would fit within the definition of our\ninitiative as we have asked it and we think any novel and\nunique approach such as those should be considered,\" said the\nofficial, who asked not to be named.\n In October 1985, Washington outlined a debt crisis strategy\nunder which commercial banks and multilateral institutions such\nas the World Bank and the International Monetary Fund (IMF)\nwere urged to step up lending to major debtors nations.\n In return, America called on the debtor countries to enact\neconomic reforms promoting inflation-free economic growth.\n \"The multilaterals have been performing well, the debtors\nhave been performing well,\" said the official. But he admitted\nthat the largest Third World debtor, Brazil, was clearly an\nexception.\n The official, who played a key role in developing the U.S.\nDebt strategy and is an administration economic policymaker,\nalso said these new ideas would help commercial banks improve\ntheir role in resolving the Third World debt crisis.\n \"We called at the very beginning for the bank syndications\nto find procedures or processes whereby they could operate more\neffectively,\" the official said.\n Among those ideas, the official said, were suggestions that\ncommercial banks create a \"megabank\" which could swap Third World\ndebt paper for so-called \"exit bonds\" for banks like regional\nAmerican or European institutions.\n Such bonds in theory would rid these banks of the need to\nlend money to their former debtors every time a new money\npackage was assembled, and has been suggested by Argentina in\nits current negotiations for a new loan of 2.15 billion dlrs.\n He emphasised that the \"megabank\" was not an administration\nplan but \"something some people have suggested.\"\n Other U.S. Officials said Japanese commercial banks are\nexamining the creation of a consortium bank to assume Third\nWorld debt. This plan, actively under consideration, would\ndiffer slightly from the one the official described.\n But the official expressed deep misgivings that such a plan\nwould work in the United States.\n \"If the banks thought that that was a suitable way to go,\nfine. I don't think they ever will.\"\n He pointed out that banks would swap their Third World\nloans for capital in the megabank and might then be reluctant\nto provide new money to debtors through the new institution.\n Meanwhile, the official praised the Philippine plan under\nwhich it would make interest payments on its debt in cash at no\nmore than 5/8 pct above Libor.\n \"The Philippine proposal is very interesting, it's quite\nunique and I don't think it's something that should be\ncategorically rejected out of hand,\" the official said.\n Banks which found this level unacceptably low would be\noffered an alternative of Libor payments in cash and a margin\nabove that of one pct in the form of Philippine Investment\nNotes.\n These tradeable, dollar-denominated notes would have a\nsix-year life and if banks swapped them for cash before\nmaturity, the country would guarantee a payment of 7/8 point\nover Libor.\n Until now, bankers have criticised these spreads as far too\nlow. The talks, now in their second week, are aimed at\nstretching out repayments of 3.6 billion dlrs of debt and\ngranting easier terms on 5.8 billion of already rescheduled\ndebt. The country, which has enjoyed strong political support\nin Washington since Corazon Aquino came to power early last\nyear, owes an overall 27.8 billion dlrs of debt.\n But the official denied the plan amounts to interest rate\ncapitalisation, a development until now unacceptable to the\nbanks. \"It's no more interest rate capitalisation than if you\nhave a write down in the spread over Libor from what existed\nbefore,\" the official said in comments suggesting some ought to\nbe granted the rate concessions they seek. \"Some people argue\nthat (cutting the spread) is debt forgiveness... What it really\nis is narrowing the spread on new money,\" he added.\n He said the U.S. Debt strategy is sufficiently broad as an\ninitiative to include plans like the Philippines'.\n Reuter\n\u0003", "date": "11-MAR-1987 08:10:28.26", "topics": [ "interest" ], "places": [ "usa", "philippines" ], "id": "3534" }, { "title": "POUND AND CANADIAN DOLLAR CAPTURING ATTENTION", "body": "Interest in the currency futures market\nhas shifted to the soaring British pound and the potentially\nexplosive Canadian dollar, and away from the dull Continental\nand Japanese currencies, analysts said.\n The June pound, which added 6.3 cents over the past\nweek-and-a-half to reach a new contract high of 1.5930 to the\ndollar on Monday, has spawned a new-found speculative boom.\n \"Brokers have to push their clients somewhere...and\ntechnically, the pound is in the best shape,\" PaineWebber\nanalyst Jason Gillard said.\n \"We've tried to take a bullish approach to the pound, and\nwe're going to stay with that, there's no reason to change,\"\nSmith Barney analyst Craig Sloane said.\n Many traders took on long pound/short West German mark\nfutures positions, although some of those cross-trades were\nliquidated yesterday, Sloane said.\n The fundamental keys to the pound's rise have been\nrelatively high U.K. interest rates and a vague optimism\nsurrounding the British economy, analysts said.\n \"Money seems to be chasing yields,\" William Byers, of Bear\nStearns, said of the 10-1/2 pct U.K. base lending rate.\n Many analysts are skeptical about further gains in the\npound, on the inference that the Bank of England will seek to\nrelieve upward pressure on the currency by pushing down\ninterest rates after the nation's budget is released March 17.\n The budget itself could have an impact, depending on how\nwell it is received, but analysts say relative interest rates\nand oil income remain the main influences on the currency.\n However, the market may be able to absorb lower U.K.\ninterest rates, as it has done when other countries have cut\ntheir discount rates, and extend the pound's rally, Sloane\nsaid.\n The Canadian dollar has not been rising like the pound, but\nSloane and other analysts cautiously predicted a big move soon.\n The sideways price pattern in the June contract, with\nsmaller and smaller price ranges, has formed a \"bull flag\" on\nprice charts, technically-oriented analysts said.\n \"It makes for an explosive type of situation that often\nleads to a breakout,\" in this case to the upside, Sloane said.\n Byers agreed there was potential for the June Canadian\ndollar to rally above the 77.00 cent level from the most recent\nclose at 74.80 cents to the U.S. dollar.\n \"At this stage of the game I'd call the market long-term\npositive, but for the technical burden of proof you need a\nclose above (the previous contract high of) 75.25,\" Byers said.\n As to the traditionally more active currencies, stability\nwas the catchword and reluctance the watchword among analysts.\n Sloane said it was important that June Swiss francs and\nJune German marks held above support at 0.6400 and 0.5400,\nrespectively, closing at 0.6438 and 0.5430.\n Yesterday's rebound showed the market was still very\nrespectful of the Paris accord, and the threat of central bank\nintervention by the G-5 nations plus Canada.\n \"We may still probe to see what the parameters are,\" Byers\nsaid, \"but people are very reluctant because they don't know\nwhere the central banks will be (to intervene).\"\n Gillard said the mark could drop to a previous price\nconsolidation area around 0.5250 based on the profoundly\nsluggish West German economy, but that he would be a buyer at\nthat level.\n Reuter\n\u0003", "date": "11-MAR-1987 08:11:51.20", "topics": [ "money-fx", "stg", "can" ], "places": [ "usa", "uk", "canada" ], "id": "3535" }, { "title": "STOREHOUSE CONVERTIBLE BOND RAISED TO 69 MLN STG", "body": "The stg convertible bond issue launched\nMonday for Storehouse PLC was raised to 69 mln stg\nfrom the original 60 mln, co-lead Swiss Bank Corp International\nsaid. County NatWest Capital Markets is the other co-lead\nmanager.\n The coupon has been fixed at 4-1/4 pct. The conversion\nprice into Storehouse ordinary shares has been fixed at 346\npence which represents a premium of 9.84 pct over last night's\n315 pence closing share price. The put price after five years\nis 126.8 to yield 8-3/4 pct.\n Selling period for the bond -- which dealers say has been\nseeing good demand -- has been accelerated to noon on Friday.\n The bond was trading today at 104-3/8 104-7/8 against its\npar issue price, traders said, adding the equity link ensured\npopularity on an oversupplied eurosterling primary market.\n The proceeds of the issue will be used to fund outstanding\nshort-term borrowings, Storehouse Plc corporate treasurer Lance\nMoir told Reuters.\n The issue was also designed to increase the international\nprofile of the British high street retail conglomerate and was\nconsequently aimed primarily at continental investors who have\nshown a high degree of interest in the issue, he added.\n Demand came mainly from West Germany and Switzerland.\n REUTER\n\u0003", "date": "11-MAR-1987 08:12:41.58", "places": [ "uk" ], "id": "3536" }, { "title": "DELORS REPORTS STRONG OBJECTIONS TO EC CASH PLAN", "body": "European Community\nCommission President Jacques Delors said he met with strong\nobjections from some EC government heads to his radical plan\nfor changes to Community financing.\n In a speech to the European Parliament, Delors said some EC\nleaders told him on a recent tour they could not easily allow\nadditional resources for the bloc when they were themselves\npruning their own spending.\n Others called for major spending cut in the EC's\ncontroversial farm policy in order to free money for regional\nand social development.\n The Parliament later registered its support for the Delors\nplan by voting to approve his continuation in office for a\nsecond two-year term.\n Delors has proposed that payments by member states to the\nEC should be based on their gross national product instead of\non the amount of value added tax they receive. He said this\nwould increase EC resources and provide a fairer system of\nsharing the financial burden.\n He told the Parliament that in reply to complaints about\nincreased payments, he had told some heads of government the\nCommunity needs more money.\n Delors said he agreed with leaders who argued the need to\nreform the EC farm policy, which currently accounts for over\ntwo thirds of the 41 billion dlr annual budget.\"We have to ask\nfor sacrifices but we have to create a future for those\nfarmers.\"\n He added, \"I was forced to say to some heads of government -\nDo you want to destroy this common market in agriculture when\nyou are asking for a common market in goods and services?\"\n EC leaders have set 1992 as a target for creating a genuine\ninternal market in industrial products and services.\n Delors said the people had to be convinced that increasing\ngroup resources did not necessarily mean raising their taxes.\n REUTER\n\u0003", "date": "11-MAR-1987 08:13:31.28", "organisations": [ "ec" ], "places": [ "france" ], "id": "3537" }, { "title": "NEW WORLD PICTURES TO HAVE GAIN FROM SALE OF FIVE PCT OF TAFT BROADCASTING\n", "date": "11-MAR-1987 08:14:20.94", "topics": [ "earn" ], "id": "3538" }, { "title": "JAMAICA AGREES DRAFT BANK DEBT RESCHEDULING", "body": "Jamaica agreed in principle with its\nbank advisory committee on a rescheduling of 181 mln dlrs of\nforeign commercial bank debt falling due between 1987 and 1989,\nthe Jamaican Information Service said.\n Repayments on the debt will be stretched out over 12 years\nwith 8-1/2 years' grace at 1-1/4 percentage points over the\nLondon Interbank Offered Rate, Libor. The margin on previously\nrestructured debt also will be cut to 1-1/4 point from 2-1/2.\n The package should save Jamaica about 3.3 mln dlrs a year.\n Prime Minister Edward Seaga, who led the Jamaican\ndelegation, called the terms very favourable to his country.\n The agreement in principle with the bank advisory committee\nled by the Bank of Nova Scotia comes five days after\nJamaica successfully concluded a 125.5 mln dlr rescheduling\naccord with the Paris Club of creditor nations.\n That pact in turn followed the International Monetary Fund\n(IMF)'s approval on March 5 of a 85 mln special drawing rights\nstandby arrangement and a 40.9 mln sdr drawing under the\ncompensatory financing facility.\n Of Jamaica's foreign debt of 3.3 billion dlrs only 12 pct\nis owed to commercial banks, and Seaga yesterday reaffirmed the\ngovernment's policy of not seeking new bank loans.\nREUTER...^M\n\u0003", "date": "11-MAR-1987 08:14:59.41", "topics": [ "interest" ], "places": [ "jamaica", "usa" ], "id": "3539" }, { "title": "VEGETABLE OILS MAY TIGHTEN DESPITE SEED SURPLUS", "body": "Lower production of coconut\nand palm oils could lead to a decline in vegetable oil stocks\nthis year despite growing supplies of oilseeds, senior oilseeds\nanalyst for Merrill Lynch Capital Markets Mario Balletto said.\n Balletto told a conference of Canadian farmers at Alberta\nAgriculture's annual farm outlook conference that the world\nvegetable oil situation is one of potentially tight supplies.\n \"Prices for edible oils appear to have more upside\npotential reflecting strong world demand and an unprecedented\ndecline in the production of tree oils,\" Balletto said.\n Balletto estimated production of palm, coconut and palm\nkernel oils this year at 8.5 mln tonnes, down from 9.1 mln\ntonnes last year, enough to offset higher oilseed output.\n He estimated total vegetable oil production this year at\n33.4 mln tonnes, up from 33.0 mln last year, and disappearance\nat 34.0 mln tonnes, up from 32.6 mln.\n Unless oilseed crushing increases sharply, he said,\ndisappearance of vegetable oils could exceed production by\n600,000 tonnes, the largest deficit since 1976.\n \"If world protein meal demand stagnates, thus limiting the\ncrush of soybeans ... the need for serious supply rationing in\nthe edible oils sector could develop,\" he said.\n \"This would be relatively favorable for the prices of high\noil yielding seeds,\" Balletto said.\n Oilseeds, on the other hand, remain at depressed prices\nbecause of burdensome supplies, he said.\n World ending stocks of oilseeds are estimated to increase\nfor the fourth straight year to a record 28.4 mln tonnes,\ncompared with 25.4 mln last year.\n The increase should result from lower disappearance, as\nproduction is expected to fall to 184.0 mln tonnes from 185.7\nmln last year, he said.\n World soybean production in 1987 totalled a record 98.9 mln\ntonnes, up from 90.6 mln the previous year, Balletto said,\nwhile production of other oilseeds was lower.\n Higher soybean production in South America and Europe made\nup for lower production in the United States, he said.\n Soybeans account for the bulk of the surplus, and U.S.\nstocks make up most of those, Balletto said.\n The Commodity Credit Corporation owned 12.7 mln tonnes,\nabout half of the world soybean surplus, he said.\n Since 1983-84, he said, world oilseed stocks have increased\n13.1 mln tonnes.\n \"During the same period, U.S. soybean stocks increased 12.1\nmln tonnes, becoming the dumping ground of the entire world\nsurplus, courtesy of the CCC and highlighting the artificially\nhigh prices caused by the U.S. loan program.\"\n \"Soybean prices and, to a great extent, world oilseeds\nprices are likely to be dominated by the loan program, as long\nas the U.S. soybean surplus continues.\n For the 1987 crop, he said, prices are likely to hover in a\nrange tied to the U.S. loan program.\n \"Upside potential for prices is limited by the huge supply\noverhang while strong underlying support is provided by the\nU.S. loan rate.\"\n The problem is likely to become worse as the artificially\nhigh prices encourage producers in South America, Canada and\nAustralia to shift from grains to oilseeds, Balletto said.\n Reuter\n\u0003", "date": "11-MAR-1987 08:15:29.88", "topics": [ "oilseed", "soybean", "veg-oil", "palm-oil", "coconut-oil" ], "places": [ "canada" ], "id": "3540" }, { "title": "PORTUGUESE TRADE DEFICIT NARROWS IN 1986", "body": "Portugal's trade deficit narrowed in\n1986 to 336.5 billion escudos from 354.8 billion in 1985,\naccording to provisional National Statistics Institute figures.\n Imports totalled 1,412.6 billion escudos and exports\n1,076.1 billion compared with 1,326.5 billion and 971.7 billion\nin 1985.\n Expressed in terms of dollars, imports rose 21.2 pct and\nexports 26.1 pct and the trade deficit increased by 7.8 pct.\n In its first year as a member of the European Community,\nPortugal recorded a deficit of 98.1 billion escudos in its\ntrade with the other Community states compared with a deficit\nof 2.4 billion escudos in 1985.\n Imports from the EC in 1986 totalled 830.2 billion escudos,\nwhile exports to the Community were 732.1 billion, compared\nwith 609.5 billion and 607.1 billion the previous year.\n Portugal's deficit with Spain was 83.2 billion escudos\nagainst 57.7 billion in 1985, with Italy it was 70.4 billion\nagainst 30.3 billion, and with West Germany 40.5 billion\nagainst 19.1 billion.\n REUTER\n\u0003", "date": "11-MAR-1987 08:16:54.73", "topics": [ "bop" ], "places": [ "portugal" ], "id": "3541" }, { "title": "BRAZIL'S GROS TO MEET BANKS ON TRADE LINE ISSUE", "body": "Brazil's central bank governor\nFrancisco Gros will meet senior commercial bankers here today\nin a new attempt to defuse the anger generated by the country's\nunilateral suspension of interest payments on 68 billion dlrs\nof foreign commercial bank debt, bankers said.\n Gros will meet representatives of Citibank, the head of\nBrazil's bank advisory committee, and of co-heads Morgan\nGuaranty Trust Co and Lloyds Bank Plc.\n High on the agenda will be banks' complaints about Brazil's\naccompanying freeze on some 15 billion dlrs of short-term trade\nand interbank lines, the bankers said.\n Brazil's several hundred creditor banks worldwide agreed\nlast March to extend the credit lines until March 31, 1987, as\npart of a 31 billion dlr financing package.\n Bankers said the looming expiry of this commitment, coupled\nwith Brazil's freeze, raised a spate of technical and legal\nquestions that the banks want to discuss with Gros.\n They said they face problems because of the freeze\nrequirement that any payment due to be made by a Brazilian bank\nunder the trade facility must be deposited instead with the\ncentral bank. This means foreign bankers cannot easily switch\ntheir credit lines from one borrower to another.\n The requirement to deposit with the central bank has also\nmeant Brazilian banks have been able to negotiate lower\ninterest-rate spreads, because foreign banks would rather\naccept a reduced margin than see their money deposited with the\ncentral bank.\n \"It's caused a lot of ill-will with the banking community,\"\none banker said.\n Gros is also expected to brief the banks on the results of\na 10-day tour of Europe and Japan that he and finance minister\nDilson Funaro have just completed to seek official support for\nBrazil's debt stance.\n REUTER\n\u0003", "date": "11-MAR-1987 08:17:18.05", "topics": [ "interest" ], "places": [ "usa", "brazil" ], "id": "3542" }, { "title": "SERVICE RESOURCES CORP 4TH QTR NET", "body": "Oper shr profit five cts vs loss 1.71 dlrs\n Oper net profit 196,000 vs loss 2,388,000\n Sales 40.5 mln vs 43.2 mln\n Avg shrs 2,212,000 vs 1,482,000\n Year\n Oper shr profit 71 cts vs loss 6.24 dlrs\n Oper net profit 1,799,000 vs loss 8,991,000\n Sales 154.5 mln vs 145.0 mln\n NOTE: Net excludes losses from discontinued operations of\n712,000 dlrs vs 2,843,000 dlrs in quarter and 1,972,000 dlrs vs\n10.6 mln dlrs in year.\n 1986 net excludes extraordinary loss 1,167,000 dlrs in\nquarter and gain 628,000 dlrs in year.\n 1986 year net includes gain one mln dlrs from sale of\nbuilding and gain 3,200,000 dlrs from termination of pension\nplan.\n Reuter\n\u0003", "date": "11-MAR-1987 08:18:09.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "3543" }, { "title": "AXLON NAMES CO-CHIEF EXECUTIVE OFFICER", "body": "Axlon Inc said Austin C.\nMarshall has been named president and co-chief executive\nofficer, sharing power in the latter post with founder and\nchairman Nolan K. Bushnell.\n The company said Marshall, who had been executive vice\npresident of New York toy company Playtime, will have\nresponsibility for the distribution of toys and Bushnell will\nconcentrate on research and development and licensing.\n Reuter\n\u0003", "date": "11-MAR-1987 08:18:18.32", "places": [ "usa" ], "id": "3544" }, { "title": "TELEPHONE AND DATA SYSTEMS INC 4TH QTR NET", "body": "Oper shr 22 cts vs 22 cts\n Oper net 2,058,000 vs 2,129,000\n Revs 44.5 mln vs 35.7 mln\n Avg shrs 9,589,000 vs 9,348,000\n Year\n Oper shr 94 cts vs 94 cts\n Oper net 8,889,000 vs 8,570,000\n Revs 155.0 mln vs 123.4 mln\n Avg shrs 9,450,000 vs 9,174,000\n NOTE: Net excludes discontinued operations gain 1,637,000\ndlrs vs loss 720,000 dlrs in quarter and gain 4,679,000 dlrs vs\nloss 720,000 dlrs in year.\n 1986 net both periods includes charge 865,000 dlrs from\nrepal of investment tax credits.\n Reuter\n\u0003", "date": "11-MAR-1987 08:18:37.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "3545" }, { "title": "CHINA WELCOMES U.S. COURT BOND DECISION", "body": "China welcomed a U.S. Supreme Court\ndecision dismissing claims by holders of 41 mln dlrs of\npre-1949 Chinese bonds, but U.S. Officials said Peking has a\nlong way to go before it can issue bonds in the U.S.\n A Foreign Ministry spokesman told a news briefing that\nChina welcomed a Monday court ruling, which rejected a petition\nby holders of railway bonds issued in 1911 by the ruling Qing\ndynasty, which the Communist government does not acknowledge.\n The spokesman said the ruling \"indicates the ... Railway\nbearer bonds case is finally closed.\"\n But a U.S. Embassy official said that two other bond cases\nwere still in litigation and it was not known if the other\ncourts involved would accept the Supreme Court ruling.\n China has issued much of its recent overseas debt in Japan,\nand has been badly hit by the yen's sharp rise. A Western\nbanker said the U.S. Market has become more attractive to\nChina, since it is likely to issue bonds denominated in\ncurrencies other than yen, and so protect itself against future\ncurrency fluctuations.\n But a Western diplomat warned that potential U.S. Buyers\nwould not give China the warm reception it received in Japan.\n \"U.S. Investors are not interested in China per se, as many\nJapanese are. China has no track record in the U.S. Bond\nmarket. Investors may demand disclosure of information Chinese\ninstitutions are unwilling to give,\" he said.\n He said potential buyers might scrutinise China's human\nrights record. Some institutions are reportedly concerned about\nrecent events in China, including a drive by the Chinese media\nagainst \"bourgeois liberalism.\"\n An official of state-owned China International Trust and\nInvestment Corp, which has raised funds in Hong Kong, Tokyo and\nFrankfurt, declined comment on the court decision.\n REUTER\n\u0003", "date": "11-MAR-1987 08:21:11.55", "places": [ "china", "usa" ], "id": "3546" }, { "title": "NEW WORLD PICTURES SELLS TAFT STAKE", "body": "New World Pictures Ltd said it sold\n456,900 shares or about five pct of Taft Broadcasting Co common\nstock for a gain of 17.8 mln dlrs.\n The company said in a brief statement that it acquired the\nstock in late 1986. It gave no further details and company\nofficials were not immediately available for comment.\n On Friday, Taft vice chairman Dudley S. Taft and\nNarragansett Capital Inc offered to acquire Taft for 145\ndlrs per share. Dudley Taft and his family have owned 12 pct\nof the company.\n An investment group leds by Robert M. Bass, one of the Bass\nbrothers of Fort Worth, Texas, has been reported as owning\nabout 25 pct of Taft stock, and \nchairman Carl Lindner has been reported to own about 16 pct. \nBoth Bass and Linder have acquired Taft shares in recent months.\n Reuter\n\u0003", "date": "11-MAR-1987 08:30:14.00", "topics": [ "acq" ], "places": [ "usa" ], "id": "3547" }, { "title": "NASD TO DELIST LOS ANGELES SECURITIES ", "body": "Los Angeles Securities Group said\nthe National Association of Securities Dealers intends to\ndelist its securities effective tomorrow because the NASD\nbelieves that market-making sales of the company's securities\nby its Los Angeles Securities brokerage subsidiary are not\nbeing made under an effective registration statement.\n The company said it must demonstrate compliance with the\nSecurities Act of 1933, which requiresd the registration\nstatement, to avoid delisting. It said it believes that the\nNASD action is without merit and that an effective registation\nstateement is in place.\n Los Angeles Securities said it is asking the NASD to stay\nthe delisting pending a review of the matter, consultation with\nthe Securities and Exchange Commission and a potential hearing\non the merits. It said pending resolution of the matter, it\nhas ceased making a market in its own securities.\n The NASD has instituted similar actions against other\nholding companies for broker/dealers that are quoted on its\nNASDAQ system.\n Reuter\n\u0003", "date": "11-MAR-1987 08:30:30.77", "places": [ "usa" ], "id": "3548" }, { "title": "CANADA'S MULRONEY MAKES SENIOR STAFF CHANGES", "body": "Canadian Prime Minister Brian Mulroney\nannounced a major shakeup in the ranks of his key advisers \nafter weeks of continuing criticism of his government.\n Mulroney announced the departure of his senior policy\nadvisor, the resignation of his press secretary and the\nreassignment of his communications director.\n Mulroney's Progressive Conservative government, shaken by\na series of cabinet resignations and allegations of corruption,\nhas been trailing the opposition parties for months in public\nopinion polls.\n The prime minister, who led the Conservatives to a\nlandslide victory in the 1984 general election, had been urged\nby party loyalists to make major changes within his office.\n A cabinet shuffle is expected later this month in advance\nof more personnel changes within Mulroney's office as the prime\nminister seeks to regain public confidence.\n The next election is expected sometime in 1988, although\nit could be delayed until mid-1989.\n Reuter\n\u0003", "date": "11-MAR-1987 08:32:03.03", "places": [ "canada" ], "id": "3549" }, { "title": "HONG KONG RAISES EXCHANGE FUND BORROWING LIMIT", "body": "The borrowing limit of the Hong Kong\nExchange Fund, set up to regulate the value of the Hong Kong\ndollar, has been raised to 50 billion H.K. Dlrs from 30 billion\nby the legislature, an official statement said.\n The limit governs total borrowing by the fund from the\ngovernment's general revenue account and various funds as well\nas borrowing by the fund arising from money market operations.\n The bulk of the government's fiscal surplus is invested by\nthe Treasury with the exchange fund against the issue by the\nfund of interest-bearing debt certificates, Financial Secretary\nPiers Jacobs said.\n \"At the close of the business today, the total amount of\ndebt certificates issued by the Exchange Fund in return for\nmoney transferred from the general revenue account and the\nvarious funds, in other words the total borrowing by the\nExchange Fund from these sources, will be 26.9 billion dlrs,\"\nJacobs said.\n He said borrowing arising from money market operations\nwould amount to an additional 2.9 billion dlrs, making a total\nof 29.8 billion dlrs, just short of the borrowing limit of 30\nbillion dlrs.\n Jacobs said the government's fiscal reserves are expected\nto total 32 billion dlrs by the end of the current fiscal year\nending March 31.\n \"The current borrowing limit of 30 billion dlrs will,\ntherefore, constrain the ability of the Exchange Fund to\ncontinue to take in these fiscal reserves by the issue of\ninterest-bearing debt certificates,\" he said.\n \"It will also constrain the ability of the exchange fund in\nits money market operations,\" he added.\n REUTER\n\u0003", "date": "11-MAR-1987 08:32:52.43", "places": [ "hong-kong" ], "id": "3550" }, { "title": "OFFICIAL SAYS REAGAN OPPOSES SECURITIES TAX", "body": "The Reagan administration is totally\nopposed to recent Democratic suggestions that securities\ntransactions should be taxed to help curb the budget deficit,\nan administration official said in an interview.\n \"We're totally opposed to a securities transfers tax. It\nwould impair the efficiency of some of the most efficient\nmarkets in the world,\" he said. He declined to be named.\n In recent days House Speaker Jim Wright, a Texas Democrat,\nhas called for such a tax to raise the 20 billion dlrs he\nestimates is needed to meet legal deficit reduction targets.\n \"It would fall primarily in my view not on wealthy\nindividuals but on middle income people who occasionally invest\nand trade. So I think it's a very bad idea,\" said the official,\nwho is an administration economic policy-maker.\n The official also rejected a suggestion by Wright that the\nadministration delay next year's cut in top tax rates, called\nfor in the recently-passed overhaul of the U.S. Tax system.\n \"It is breaking faith with the American people ... It would\nbe a real breach of faith,\" he said.\n The Gramm-Rudman Hollings law calls for a balanced budget\nby 1991, but its power has been reduced in the Supreme Court.\n Wright and other Democrats say even if they pass President\nReagan's budget proposals for the fiscal year starting this\nOctober, they would miss by some 20 billion dlrs the 108\nbillion dlr target for the budget deficit set under the\nGramm-Rudman law.\n The administration puts the deficit at 173.2 billion dlrs\nin the current fiscal year and claims that spending cuts and\nrevenue increases will achieve the Gramm-Rudman goal.\n The official, who is knowlegeable on budget strategy, also\nsaid President Reagan was still opposed to a so-called 'budget\nsummit' with Congress to resolve the deficit issue.\n The suggestion of a 'budget summit' emerged again recently\nafter Democrats and Republicans alike said Reagan needed a\ndeficit reduction package and an arms control accord with\nMoscow to rebuild his presidency after the Iran arms scandal.\n But the official dismissed the budget summit idea as an\nattempt by the Democrats to secure a tax increase. He accused\nthem of being overly critical before they had written their own\nbudget proposal, due out on April 1.\n \"It's easier to write a book review than it is to write a\nbook. We've written a book and the Democrats are writing a book\nreview every day. Let's see their book,\" he said.\n REUTER\n\u0003", "date": "11-MAR-1987 08:35:28.90", "places": [ "usa" ], "id": "3551" }, { "title": "LCE MOVE TO NEW PREMISES DELAYED TO END-MAY", "body": "The London Commodity Exchange (LCE) has\nput back the date at which it will move to its new premises in\nCommodity Quay to end-May from the intended early April launch,\nan LCE spokeswoman said.\n The move has been delayed as the installation of\ntelecommunication facilities is running behind schedule due to\nthe recent British Telecom strike, she said.\n Trading in the LCE's present markets is expected to end on\nMay 22 and start in the new premises after the Spring Bank\nHoliday on May 26. The introduction of local traders and traded\noptions is scheduled for early June, the spokeswoman added.\n REUTER\n\u0003", "date": "11-MAR-1987 08:36:17.82", "places": [ "uk" ], "id": "3552" }, { "title": "SOVIET ECONOMIST SEES FEW GAINS IN U.S. TRADE", "body": "There is little chance Soviet exports\nto the United States will rise in 1987, but Moscow's current\ntrade reforms should result in more trade in manufactured goods\nin future, a Soviet economist said.\n Sergey Frolov, chief economist at Amtorg Trading Corp, an\nagent for Soviet trade organisations and industries, told a\nU.S.-USSR business meeting the Soviet Union produces few items\nthat western nations want.\n But reforms, including upgrading the quality of goods and\nallowing joint ventures with foreign firms, will encourage\nmodest export gains in future.\n Frolov said the Soviet Union exported 500 mln dlrs worth of\ngoods to the United States in 1986 and imported 1.5 billion\ndlrs worth. He gave no trade forecast for 1987.\n But he said that even if all obstacles were removed, total\ntrade between the two countries would remain between two and\nthree billion dlrs a year.\n \"The post-detente embargoes have taught the USSR to limit\nits trading with the U.S.,\" he said.\n REUTER\n\u0003", "date": "11-MAR-1987 08:37:46.17", "topics": [ "trade" ], "places": [ "ussr", "usa" ], "id": "3553" }, { "title": "SWISS SIGHT DEPOSITS FALL 2.88 BILLION FRANCS", "body": "Sight deposits of commercial banks at\nthe Swiss National Bank fell 2.88 billion Swiss francs in the\nfirst 10 days of March to 7.65 billion, the National Bank said.\n Foreign exchange reserves rose 3.30 billion francs to 33.94\nbillion.\n Sight deposits are a major indicator of money market\nliquidity in Switzerland.\n The National Bank said banks paid back 5.5 billion francs\nof central bank credit taken out at the end of February for the\nend-month liquidity requirement.\n This drain was offset in part by new currency swaps, which\nhad the effect of increasing the National Bank's foreign\nexchange holdings.\n Bank notes in circulation fell 309.1 mln francs to 24.49\nbillion, and other deposits on call -- basically government\nfunds -- rose 1.06 billion to 2.10 billion.\n REUTER\n\u0003", "date": "11-MAR-1987 08:38:33.70", "topics": [ "money-fx" ], "places": [ "switzerland" ], "id": "3554" }, { "title": "U.S. BANKS TO GET APPROVAL FOR SECURITIES BUSINESS", "body": "U.S. Commercial banks are expected to\nreceive Finance Ministry approval in late April to operate\nsecurities subsidiaries in Japan, U.S. Bank officials said.\n A senior official at one of four prospective banks said the\nministry told his bank it would give approval as long as the\nparent firm holds no more than 50 pct of the capital.\n \"We expect the ministry to give us permission by the end of\nApril,\" he said.\n , Bankers Trust New York Corp ,\nManufacturers Hanover Corp and Chemical New York Corp\n have asked for securities business licenses.\n Ministry officials declined to say when they would give\nformal approval, but said they were working on the issue.\n Approval would pave the way for U.S. Commercial banks to\nunderwrite and trade equities in Japan under their own names.\n Citicorp and Chase Manhattan Corp have\nalready entered the Japanese securities market by acquiring\nU.K. Securities houses already operating in Japan. Citicorp\ntook over and Chase bought .\n Bankers did not know if all the banks would get licenses,\nbut said J.P. Morgan probably would as it was first to ask.\n REUTER\n\u0003", "date": "11-MAR-1987 08:38:44.72", "places": [ "japan", "usa" ], "id": "3555" }, { "title": "ECUADOR CRUDE OIL EXPORTS STOPPED FOR FIVE MONTHS", "body": "Ecuador needs 120 mln dlrs to repair the\ndamage to its oil export pipeline caused by last week\"s\nearthquake, which will stop crude exports for five months,\nenergy and mines minister Javier Espinosa Teran said.\n Espinosa said yesterday the pipeline, which carries crude\nfrom jungle fields to the Pacific Ocean coast of Balao, would\nbe repaired with the help of Texaco Inc and a Mexican\nand an Argentine firm.\n President Leon Febres Cordero said two days ago that\nEcuador, an OPEC member, would have to suspend crude exports\nfor four months due to the quake.\n Oil traditionally accounts for up to two-thirds of\nEcuador's total exports and as much as 60 pct of government\nrevenues.\n Deputy energy minister Fernando Santos Alvite said Ecuador\nwould have to import six to seven mln barrels of crude oil to\nmeet its needs until the line was repaired.\n The Ecuadorean minister at the Presidency, Patricio\nQuevedo, told reporters that Venezuela will lend Ecuador five\nmln barrels of crude, which would repaid in kind after a\n180-day period.\n He added the Caracas-based Andean Development Corp had\ngranted a loan of 11.7 mln dlrs towards repairing the pipeline,\n50 km of which had been damaged in the quake.\n In Quito, Foreign Minister Rafael Garcia Velasco yesterday\nsummoned ambassadors from about 40 countries to whom he issued\nappeal for emergency aid for the country. Only three countries,\nthe U.S., Colombia and Venezuela, had offered assistance.\n REUTER\n\u0003", "date": "11-MAR-1987 08:38:54.60", "topics": [ "crude" ], "places": [ "ecuador" ], "id": "3556" }, { "title": "SOUTHLIFE HOLDING CO 4TH QTR NET", "body": "Oper shr seven cts vs 20 cts\n Oper net 347,855 vs 787,117\n Revs 6,748,868 vs 6,849,499\n Avg shrs 5,391,666 vs 4,277,157\n Year\n Oper shr 56 cts vs 46 cts\n Oper net 2,617,528 vs 2,003,661\n Revs 27.1 mln vs 27.3 mln\n Avg shrs 4,763,793 vs 3,377,157\n NOTE: Net excludes realized gains on investments of 925,576\ndlrs vs 577,389 dlrs in quarter and 1,776,341 dlrs vs 797,932\ndlrs in year.\n Reuter\n\u0003", "date": "11-MAR-1987 08:40:22.03", "topics": [ "earn" ], "places": [ "usa" ], "id": "3557" }, { "title": "IMF WARNS ISRAEL PAY RISES MAY THREATEN STABILITY", "body": "The International Monetary Fund has\nwarned Israel in a report that a continued rapid rise in wages\ncould undo the achievements of its economic stabilization\nprogram in controlling hyperinflation.\n An IMF delegation, which visited Israel this week, issued\nan interim report praising Israel's success in slashing\ninflation from 440 pct in 1985 to 19.7 pct last year without\ntriggering mass unemployment.\n But it held up Argentina and Brazil as examples of the\nperils awaiting countries who did not follow up on\nstabilization programs.\n \"Continued rapid rise in wages would threaten the progress\nin reducing inflation and the present level of employment,\" the\nIMF said.\n The report echoed warnings last week by Bank of Israel\nGovernor Michael Bruno and the private Bank Hapoalim that\nhigher wages, government overspending and a consumer boom were\nrekindling inflation. \"Though wage developments and the\nreacceleration of inflation are worrisome, there is still time\nto put the stabilization program back on track,\" it said.\n The warning comes ahead of Israel's key public sector wage\nnegotiations next month.\n Bank Hapoalim chief economist Petahia Bar-Shavit said real\ngrowth of wages in 1986 was about 10 pct, following a fall of\nbetween 15 and 20 pct in the second half of 1985 when the\ngovernment's economic stabilisation programme was introduced.\n Hapoalim forecast last week that inflation would rise to\naround 30 pct this year and a second devaluation might be\nnecessary later in the year, following the 9.75 pct devaluation\nagainst the dollar in January.\n Bar-Shavit also said the government was implementing a\npolicy of cutting taxes without a clear strategy for balancing\nthe budget.\n The IMF report said monetary policy was relaxed too fast\nlast year and it supported the Bank of Israel's raising of\ninterest rates in the last month.\n REUTER\n\u0003", "date": "11-MAR-1987 08:41:06.22", "organisations": [ "imf" ], "places": [ "israel" ], "id": "3558" }, { "title": "ALGERIA REGULATES USE OF COFFEE ADDITIVES", "body": "The Algerian authorities have regulated\nthe addition of chickpeas and barley used to make imported\ncoffee go further, the official APS news agency reported.\n Taking advantage of scarcity, private roasters were selling\nground coffee mixtures which were 75 pct non-coffee, it said.\nSince the beginning of March, the coffee market has been\nstrictly regulated by the state food marketing monopoly Enapal.\n Now a third of imported coffee will be sold as pure beans\nand two thirds as a ground mixture with a choice of 30 pct\nchickpeas or 30 pct barley. In March private dealers will\nhandle 2,050 tonnes of pure coffee and Enapal 6,050 tonnes of\nmixtures.\n Reuter\n\u0003", "date": "11-MAR-1987 08:42:35.75", "topics": [ "coffee" ], "places": [ "algeria" ], "id": "3559" }, { "title": "CLARK HOLDS TALKS WITH SHULTZ IN WASHINGTON", "body": "Foreign Secretary Joe Clark urged\nthe United States to take firm action on reducing \"acid rain\" and\non sticking with the strict interpretation of the\nAnti-Ballistic Missile Treaty but said he won no promises.\n After a day of meetings with Vice President George Bush,\nSecretary of State George Shultz and Commerce Secretary Malcolm\nBaldrige, Clark told a press conference he was persuaded the\nReagan adminstration had begun to deal seriously with Canada\nand its concerns.\n But he admitted he had won no assurances Washington would\ngo along with his government's position on several key\ncontroversial issues.\n \"There's a lot more attention to Canadian files. What\nremains to be seen is how much progress will be achieved,\" he\ntold reporters.\n The meetings, which end today with talks on Capitol Hill,\nare part of a routine U.S.-Canadian consultation but are also\nexpected to lay groundwork for a summit in Ottawa next month\nbetween President Reagan and Prime Minister Brian Mulroney.\n Clark discouraged speculation that lack of a firm American\ncommittment on the thorny issue of acid rain could render the\nsummit a failure.\n Canada is seeking evidence that Reagan is prepared to live\nup to a commitment made last year to implement in the United\nStates a five-year five billion dlr U.S. program to test\ncleaner ways of burning coal.\n \"We expect the U.S. government to honor its commitment\" and\ndiscussed this with Shultz today, Clark said.\n \"There's no question the matter is under serious detailed\nconsideration at the highest levels of the U.S. government,\" he\nsaid, adding that Shultz \"left my meeting today to attend a\n(White House) cabinet meeting that was discussing this as well\nas other questions.\"\n \"We will wait and see the results of that examination,\" he\nsaid.\n Clark also said he reiterated Canada's position that the\nUnited States should adhere to a strict interpretation of the\n1972 ABM treaty, the only remaining operative arms control\nagreement.\n Reuter\n\u0003", "date": "11-MAR-1987 08:43:20.63", "places": [ "usa", "canada" ], "id": "3560" }, { "title": "FLOOD THREAT IN TEXAS", "body": "The National Weather Service said\nheavy afternoon and evening rainfall caused a threat of\nflooding over portions of Texas. There were reports of more\nthan two inches of rain falling across Terrall and Val Verde\ncounties during the afternoon, which caused street and highway\nflooding.\n A coastal flood watch was also posted along the outer banks\nof North Carolina and warnings of gale force winds have been\nposted along the central Atlantic Coast.\n Cold temperatures and rain mixed with snow caused the\nadvisories for livestock which were posted over northwest Texas\nthrough the morning.\n Rain continued over central Texas into the morning hours.\nRain also extended over the Oregon coast, near San Francisco\nBay, California and over northwest Montana.\n Snow was scattered over northwest Texas, as well as from\nnortheast Montana across North Dakota into western Minnesota.\n There were no reports of measurable snowfall during the six\nhours ending at one am est.\n Reuter\n\u0003", "date": "11-MAR-1987 08:44:41.84", "places": [ "usa" ], "id": "3561" }, { "title": "U.S. BANKS, THRIFTS FACE CHANGE FROM SENATE BILL", "body": "U.S. banks and savings and loan\ninstitutions could face important changes as a result of\nemergency legislation adopted overwhelmingly by the Senate\nBanking Committee.\n The bill approved 12-6 yesterday would rescue the\nunderfunded federal deposit insurance fund for thrifts and\ntemporarily halt new developments in the provision of financial\nservices.\n The bill, which goes to the full Senate, will infuse a\nbadly needed 7.5 billion dlrs into the Federal Savings and Loan\nInsurance Corp., which insures accounts of depositors.\n It also limits banks' ability to sell securities and\nrestricts a new breed of competitor, the so-called nonbank\nbanks.\n Committee Chairman William Proxmire, the bill's sponsor,\npromised the committee will work on a long-term plan for new\ndevelopments in the financial services industry, which is\nconfronted by growing competition from firms in other\ncommercial centers, such as London and Tokyo.\n \"This bill we are taking up today is the first step in this\neffort,\" the Wisconsin Democrat said.\n But Sen. Jake Garn, the committee's top Republican,\nchastised senators for imposing temporary restrictions on\nfinancial providers.\n \"It is time to forget the special interests,\" the Utah\nsenator said.\n Garn failed to win approval for an amendment that would\nhave eliminated virtually all of the bill's provisions except\nthe rescue for FSLIC.\n A major controversy focused on nonbank banks, which offer\nlimited financial services of a bank and avoid most banking\nregulations.\n Proxmire succeeded in closing a loophole which would permit\nnew nonbank banks and thrifts until Congress passes\ncomprehensive bank reform, a move welcomed by the bank\nindustry.\n But at the same time, the bill set a moratorium on a number\nof new activities that banks may undertake, including selling\ninsurance, securities and real estate for one year after the\nbill becomes law.\n The 7.5 billion dlr rescue for FSLIC represented a\ncompromise between a larger amount sought by the Reagan\nadministration and a smaller figure proposed by the thrift\nindustry.\n The U.S. League of Savings Institutions, an industry group,\nfeared approval of a larger amount for FSLIC would lead to a\nsurge of closings of thrifts by federal superviors.\n \"We hope the Congress will finally settle on a lower number,\"\nWilliam O'Connell, president of the league, said after the\ncommittee voted.\n Reuter\n\u0003", "date": "11-MAR-1987 08:48:24.70", "places": [ "usa" ], "id": "3562" }, { "title": "TALKING POINT/OIL SERVICES TURNAROUND SEEN", "body": "The oil services industry is on the\nverge of a recovery because of rising crude prices, oil\nindustry analysts said.\n The analysts, who issued buy recommendations on some\nstocks, said the recovery in oil services should begin in the\nsecond half of 1987, after drilling activity bottoms out in the\nfirst half, and continue into the next decade.\n \"People, however, cannot afford to wait for drilling to go\nup to start buying,\" said Sandi Haber Sweeney, senior research\nanalyst at Sanford C. Bernstein and Co Inc.\n Among the recommended buys are Schlumberger Ltd ,\nHalliburton Co , Dresser Industries , Baker\nInternational , and McDermott International Inc ,\nwhich may be the target of a takeover by Harold Simmons, a\nDallas-based investor.\n Analysts said although major oil companies are increasing\nexploration and development overseas, they expect the pickup in\noil services will begin in the U.S.\n \"Activity in the U.S. is so depressed it should move up\nfaster,\" said Vishnu Sharp of Goldman Sachs.\n The number of active oil drilling rigs in the U.S. was 766\nlast week compared with 1,212 rigs one year ago, Huges Tool Co\n figures show.\n The average number of working rigs in the U.S. for 1987 is\nprojected at 978 versus 964 in 1986, according to Ike Kerridge,\nvice president of stockholder relations at Hughes Tool. \"The\nfirst significant pickup in drilling activity will occur in the\nsecond half of 1988,\" Kerridge said.\n Overseas drilling activity is expected to follow a similar\npattern, Kerridge said.\n \"Halliburton is the best value,\" said Jeffrey Freedman,\nvice president at Smith Barney, Harris and Upham Inc, adding\nthe company controls the greatest amount of liquidity of common\nstock market value, is diversifed in non-oil field businesess,\nand has the lowest multiple of stock price to operating cash\nflow including debt.\n Schlumberger is Freedman's second favorite oil service\nstock.\n \"Schlumberger is expected to continue to be the dominant\ntechnical leader in the industry,\" Freedman said.\n \"Schlumberger's management shift, asset restructuring,\nincluding a pending merger of Fairchild Semiconductor, and its\nconsiderable cash horde sets the stage for the company to\nmaximize its significant industry advantage and capitalize on\nthe project upturn in exploration and development activity,\"\naccording to a report by George Gaspar, first vice president at\nRobert W. Baird and Co Inc.\n Gaspar estimates earnings per share for Schlumberger at 25\ncts for 1987 and one to 1.75 dlrs in 1988 compared with 20 cts\nin 1986 excluding a fourth quarter special charge of 1.87\nbillion dlrs.\n Bernstein's Sandi Sweeney is recommending a group of oil\nservice companies and said choosing among them is difficult.\nHer favorite is Baker International, which is involved in a\npossible merger with Hughes Tool Co.\n Dresser Industries will also benefit from the recovery but\npossibly not as much as other companies because it is not a\npure service company, Sweeney said.\n Dresser is expected to improve profitability owing to cost\nreductions and streamlined operations, including the sale and\nleaseback of its headquarters, said Swarup.\n Reuter\n\u0003", "date": "11-MAR-1987 08:51:50.66", "topics": [ "crude" ], "places": [ "usa" ], "id": "3563" }, { "title": "CREDITANSTALT SEES HIGHER 1987 DIVIDEND", "body": "Creditanstalt-Bankverein is\nlikely to raise its 1987 dividend from the 1986 payment of 12\npct of share capital, deputy general-director Guido\nSchmidt-Chiari said.\n The 1985 dividend was 10 pct, unchanged from the previous\nyear and Schmidt-Chiari noted that the parent bank's share\ncapital had risen to 3.1 billion schillings at the end of 1986\nfrom 2.7 billion a year earlier.\n Schmidt-Chiari made the forecast at a news conference when\nthe bank announced a 1986 consolidated banking group net profit\nof 496.7 mln schillings for 1986, against 354.5 mln in 1985.\n Schmidt-Chiari did not elaborate on his dividend forecast.\n The banking group's consolidated balance sheet total rose\nto 453.4 billion schillings at year-end from 425.4 billion.\n General director Hannes Androsch said higher investment\nwould lead to continuing growth in profits in future. Last\nyear's better profits had resulted from improvements in\nservices provided by the bank and also in profits on schilling\nlending.\n Schilling lending had grown last year and interest rate\nmargins had also improved but remained unsatisfactory when\ncompared with those in other countries, he said.\n Increased provisions for possible bad debts at home and\nabroad, particularly in Latin America, had lowered profits,\nAndrosch said, but declined to give an exact figure.\n Schmidt-Chiari said that foreign lending business had\nfallen significantly due to exchange rate fluctuations,\nremoving some 22 billion schillings from the balance sheet\ntotal.\n In an attempt to generate more foreign business,\nrepresentative offices would be opened this year in Tokyo, Hong\nKong, Moscow and Prague. Androsch welcomed government plans to\nabolish legal controls on foreigners buying voting shares and\ndrawing dividends.\n Preference shares of state-controlled Creditanstalt rose\neight schillings on the Vienna Bourse today to 2,008. Brokers\nsaid improved results had been widely expected by investors.\n Androsch said industrial holdings had performed better in\n1986 than in previous years, giving a return on investment of\n2.6 pct compared with 1.3 pct in 1985. Creditanstalt, Austria's\nlargest bank, holds majority interests in 10 medium-sized and\nlarge Austrian companies.\n But he forecast its biggest industrial subsidiary, Steyr\n-Daimler-Puch AG would return a 1987 result similar\nto the expected 1986 operating loss of 700 mln schillings.\n REUTER\n\u0003", "date": "11-MAR-1987 08:53:55.63", "topics": [ "earn" ], "places": [ "austria" ], "id": "3564" }, { "title": "CPC TO SELL UNIT TO HI-PORT ", "body": "CPC International Inc\nsaid it has agreed in principle to sell its Peterson/Puritain\nInc subsidiary to Hi-Port Industries Inc.\n CPC said the sale is not expected to have a significant\nimpact on its earnings and is subject to approval by boards of\nboth companies. Terms were not disclosed.\n Peterson/Purittan is a contract packager of personal care\nand household products.\n Reuter\n\u0003", "date": "11-MAR-1987 08:54:05.07", "topics": [ "acq" ], "places": [ "usa" ], "id": "3565" }, { "title": "GYNEX RECALLING ORAL CONTRACEPTIVES", "body": "Gynex Inc said distributor\nMonsanto Co has recalled at Gynex's request two generic\noral contraceptives developed by 50 pct-owned Gynex\nLaboratories Inc because some packages may contain out of order\nor missing tablets.\n The company said privately-held ,\nowner of the other 50 pct of Gynex Laboratories, has\ntemporarily suspended production of the products, and an\ninspection of the packaging operation is currently underway. It\nsaid corrective measures will be implemented to prevent a\nrecurrence.\n Gynex said because of the recent introduction of the\nproducts, it believes only a limited number of packages have\nbeen dispensed to consumers. The products are Gynex 1-35E and\nGynex 0.5-35E.\n Reuter\n\u0003", "date": "11-MAR-1987 08:54:43.69", "places": [ "usa" ], "id": "3566" }, { "title": " JAPAN FOREIGN MINISTER CALLS OFF TRIP TO THE U.S.", "body": "Foreign Minister Tadashi Kuranari has\ncancelled a trip tomorrow to the U.S. Because of continued\nconfusion in the Japanese Parliament, Foreign Ministry\nofficials said.\n The cancellation comes just as the U.S. Congress is to\nconsider legislation aimed at cutting America's mammoth trade\ndeficit, much of which is with Japan.\n Kuranari has to attend the budget debates the ruling\nLiberal Democratic Party (LDP) have been forced to resume,\nafter the opposition accused it of trying to railroad the bill\nthrough parliament.\n REUTER\n\u0003", "date": "11-MAR-1987 08:57:01.89", "places": [ "japan", "usa" ], "id": "3567" }, { "title": "SHANGHAI PLANS SOFT LOANS TO FINANCE MAIN PROJECTS", "body": "Shanghai plans to rely on soft loans\nto finance a number of large-scale projects in the city\nincluding an underground railway system, Mayor Jiang Zemin\nsaid.\n Jiang told Reuters general manager Michael Nelson that he\nhoped work on the railway system to ease Shanghai's transport\nproblems would start within two years.\n Other projects in this city of 12 mln people include a\nbridge and an extra tunnel under the Huangpu river, a new\nairport and passenger ship terminals and China's biggest\nrailway station, due to open at the end of this year.\n The mayor said foreign companies would be invited to\nparticipate in some projects through international tendering.\n But he added that firms hoping to take part would have to\ncome up with package deals involving soft loan financing.\n \"This is a complex issue. The conditions relating to\ntendering will have to be associated with conditions for\nreceiving soft loans,\" he said.\n He said the city was willing to use commercial loans to\nfinance technological improvements to factories which could\nshow a quick return in increased exports and foreign exchange\nearnings.\n \"But infrastructure projects take much longer and involve\nmuch bigger investments, and with them, the ideal way is to use\nsoft loans,\" he said.\n The mayor added that British, French and Japanese firms had\nalready contacted the Shanghai authorities with proposals on\nthe underground railway project.\n Western business sources in Shanghai said the project,\ninvolving the construction of 14 km of tunnelled track, had\nbeen discussed for over 20 years, adding it was expected to\ncost at least 750 mln dlrs.\n REUTER\n\u0003", "date": "11-MAR-1987 09:00:34.25", "places": [ "china" ], "id": "3568" }, { "title": "PULITZER PUBLISHING CO 4TH QTR NET", "body": "Shr 47 cts vs 40 cts\n Net 4,258,000 vs 5,942,000\n Revs 92.6 mln vs 77.1 mln\n Avg shrs 8,977,000 vs 15.0 mln\n Year\n Shr 1.22 dlrs vs 1.34 dlrs\n Net 16.4 mln vs 20.0 mln\n Revs 329.1 mln vs 272.1 mln\n Avg shrs 13.5 mln vs 15.0 mln\n NOTE: Interest expense 4,384,000 dlrs vs 545,000 dlrs in\nquarter and 6,979,000 dlrs vs 2,425,000 dlrs in year.\n 1986 year net reflects undisclosed amount of expenses for\ndefense of takeover effort.\n Reuter\n\u0003", "date": "11-MAR-1987 09:06:04.00", "topics": [ "earn" ], "places": [ "usa" ], "id": "3569" }, { "title": "HUGHES TOOL SAYS IT APPROVES REVISED TERMS FOR MERGER WITH BAKER INTERNATIONAL\n", "date": "11-MAR-1987 09:07:24.68", "topics": [ "acq" ], "id": "3570" }, { "title": "OPEC REAFFIRMS COMMITMENT TO FIXED PRICES, CEILING", "body": "OPEC has reaffirmed its commitment to\nfixed crude oil prices of around 18 dlrs a barrel and an\noverall output ceiling of 15.8 mln barrels per day (bpd) to\ndefend prices, its president Rilwanu Lukman said.\n He told a news conference here \"After due consultation with\nmy colleagues in OPEC, I hereby wish to emphasize that Nigeria\nand all member countries of OPEC remain determined to uphold\nthe December agreement by adhering strictly to their various\nquotas and official selling prices.\"\n Lukman added no extraordinary OPEC conference was planned.\n \"We are in a position to re-confirm that, despite misleading\nnews in foreign media to the contrary, ... OPEC member\ncountries as a whole produced below their agreed quota in the\nmonth of February,\" Lukman, who is Nigerian oil minister, said.\n Lukman put the overall OPEC output shortfall in February at\n900,000 bpd and said this was as a result of their firm\ndetermination to defend official selling prices of 18 dlrs\nagreed upon last December in Geneva.\n The December agreement set an overall output ceiling for\nOPEC of 15.8 mln bpd for first half 1987 and restored fixed\nprices as from February 1 around a reference point of 18 dlrs.\n Oil prices rallied immediately after the Geneva accord but\nfell again last month on reports that OPEC was producing more\nthan the agreed level.\n \"The idea was to suggest that OPEC's agreement would not\nhold and this caused some customers to hold back purchases of\nOPEC oil and resort to destocking to meet their needs,\" Lukman\nsaid.\n He said the 900,000 bpd shortfall last February was based\non the verified figure for 10 out of OPEC's 13 members, adding\nthat Nigeria alone had a shortfall in production of 100,000\nbpd.\n Iraq disassociated itself from the December agreement,\nwhile the production figures of Ecuador and the United Arab\nEmirates needed to be verified, Lukman said.\n \"If that is the price we have to pay to make the agreement\nsucceed, we are ready ... OPEC is not changing its price level\nof 18 dlrs,\" the group's president said.\n He said the OPEC price differentials committee meeting\nformerly postponed to April had been put off indefinitely.\n \"Furthermore, no extraordinary meeting of the conference is\nat the moment contemplated since most agreements reached in\nDecember are being adhered to,\" he said.\n Asked if the committee did not need to meet soon to narrow\nthe gaps in the prices of the various OPEC crudes -- fixed in\nrelation to the 18 dlr benchmark -- Lukman replied \"We consider\nthe defence of our prices much more crucial than differentials.\"\n Lukman said OPEC was aware that consumers had heavily drawn\non stocks of both crude oil and refined products to levels well\nbelow this time last year and soon they would return to the\nmarket in search of crude.\n \"We don't see that there is going to be any difficulty in\nmaintaining the 18 dlr price throughout the rest of the year,\"\nLukman said.\n The OPEC president praised non-OPEC oil producers, which he\nsaid had contributed to the group's efforts to stabilise\nprices, but he criticised Britain for maintaining its long-held\nview not to do anything to help the market.\n \"We are quite confident, however, that in the long-term with\ntwo-thirds of the world's reserves in OPEC hands, the future is\nours. We will use that advantage responsibly,\" he said.\n Lukman described the disruption in Ecuador's output\nfollowing an earthquake as tragic, but refused to say if the\nSouth American country would be allowed a higher output quota\nwhen it recovered from the disaster.\n REUTER\n\u0003", "date": "11-MAR-1987 09:11:07.62", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "nigeria" ], "id": "3571" }, { "title": "DUTCH PORT UNION TO MEET PARLIAMENTARIANS TODAY", "body": "Dutch port and transport union, FNV,\nis presenting its case against 800 planned redundancies in\nRotterdam's general cargo sector to parliament's standing\ncommittee on social affairs today, a union spokesman said.\n With 285 of the 4,000-strong workforce on strike, the union\nwill tell the committee the government has a duty to help solve\nthe dispute that has been disrupting the general cargo sector\nfor more than seven weeks, the spokesman added.\n The union will also take its case against the redundancies,\n350 of them planned for this year, to a court in Amsterdam\ntomorrow, he added.\n Reuter\n\u0003", "date": "11-MAR-1987 09:12:28.24", "topics": [ "ship" ], "places": [ "netherlands" ], "id": "3572" }, { "title": "QINTEX AGAIN EXTENDS PRINCEVILLE OFFER", "body": " said it is again\nextending its offer of 13 dlrs a share for 3.3 mln Princeville\nDevelopment Corp shares until today from yesterday.\n At midnight yesterday, 7,242,117 Princeville shares had\nbeen tendered, up from 5,887,165 shares 24 hours earlier.\n Qintex said it is extending the offer to allow Princeville\nto comply with federal law restricting the ownership of U.S.\nairlines by non-U.S. citizens and to finalize the terms and\nconditions of the letter of credit or bank guarantee required\nunder the previously announced acquisition agreement.\n \n Reuter\n\u0003", "date": "11-MAR-1987 09:13:12.13", "topics": [ "acq" ], "places": [ "usa" ], "id": "3573" }, { "title": "ST. JOE GOLD TO DEVELOP MINE", "body": "St. Joe Gold Corp said it plans to\nproceed with development of its Golden Patricia gold property\nin northwestern Ontario.\n It said about five mln dlrs will be spent to continue\nunderground development and obtain operating permits and\nanother 10.2 mln dlrs is expected to be required to complete\nunderground development, construct a mill and provide the\ninfrastructure needed to put the mine into commercial\nproduction.\n St. Joe Gold said if the necessary operating permits were\ngranted in time, it would start gold production in the second\nhalf of the year ending October 31, 1988 at an annual rate of\nabout 40,000 troy ounces.\n The company said the property is estimated to contain over\n500,000 troy ounces of gold, and the initial mining project\ncovers only seven of 192 claims, with drill-indicated reserves\nof 293,000 short tons grading 0.88 troy ounce of gold per ton.\n It said initial mine output is expected to be about 150\ntons of ore daily.\n St. Joe Gold said the Golden Patricia vein has not been\ntested at depth or along strike to the east and west and\nexploration is continuing on the Golden Patricia property and\nthe adjacent wholly-owned Muskeg Lake property.\n The company also said its Richmond Hill gold and silver\ndeposit in the Carbonate district of western South Dakota has\nbeen shown by drilling to contain about 3,900,000 tons grading\n0.055 troy ounce of gold and 0.23 troy ounce of silver per ton.\n It said preliminary results are encouraging and a feasibility\nstudy is nearing completion.\n Reuter\n\u0003", "date": "11-MAR-1987 09:14:48.60", "topics": [ "gold", "silver" ], "places": [ "usa" ], "id": "3574" }, { "title": "NOVELL SETS TWO FOR ONE STOCK SPLIT", "body": "Novell Inc said its board\ndeclared a two-for-one stock split, payable to holders of\nrecord at the close of business on MArch 31.\n It said shareholders at the annual meeting approved a\ndoubling of authorized common shares to 30 mln from 15 mln and\na limitation of directors' liability.\n Reuter\n\u0003", "date": "11-MAR-1987 09:15:03.30", "topics": [ "earn" ], "places": [ "usa" ], "id": "3575" }, { "title": "FLOOD THREAT EASES IN SOUTHERN NEW ZEALAND", "body": "Thousands of people evacuated from\ntwo towns in flood-hit southern New Zealand began returning to\ntheir homes late today as the waters began to recede.\n A state of emergency had been declared in Southland\nprovince apart from the city of Invercargill and its port,\nBluff, as rivers rose over four meters above normal after\ntorrential rain.\n Local officials in the farming province said stock losses\nwere \"miraculously low\" but they expect major crop destruction.\n Roads and rail links were cut and Invercargill airport was\nclosed. Part of neighbouring Otago province also had a state of\nemergency with some rivers well above normal.\n Reuter\n\u0003", "date": "11-MAR-1987 09:15:13.54", "places": [ "new-zealand" ], "id": "3576" }, { "title": "AGENCY TO REVIEW JOHNSON/JOHNSON SWEETNER", "body": "Johnson and Johnson said the U.S.\nFood and Drug Administration has notified the company its food\nadditive petition for a high-intensity sweetener has been\nformally accepted and now will be reviewed by the agency.\n The company said the product, with the generic name of\nsucralose, is made from sugar and tastes like sugar, but is\nabout 600 times sweeter.\n It yields no calories and does not promote tooth decay.\n Reuter\n\u0003", "date": "11-MAR-1987 09:15:35.46", "topics": [ "sugar" ], "places": [ "usa" ], "id": "3577" }, { "title": "HEART FEDERAL SETS TWO FOR ONE SPLIT", "body": "Heart Federal Savings and Loan\nAssociation said its board declared a two-for-one stock split,\npayable April 30 to holders of record April 15.\n The company said the split is subject to shareholder\napproval at the April 15 annual meeting of an increase in\nauthorized common shares to 10 mln from five mln.\n Reuter\n\u0003", "date": "11-MAR-1987 09:16:25.09", "topics": [ "earn" ], "places": [ "usa" ], "id": "3578" }, { "title": "NOVO INDUSTRI A/S (NVO.CO) YEAR 1986", "body": "Pre-tax income 788 mln Danish crowns vs 872 mln\n Sales 4.21 billion crowns vs 4.11 billion\n Income after tax 521 mln crowns vs 604 mln\n Earnings per 20-crown share 20.45 crowns vs 23.79\n Dividend 20 pct (unchanged).\n Reuter\n\u0003", "date": "11-MAR-1987 09:16:43.07", "topics": [ "earn" ], "places": [ "denmark" ], "id": "3579" }, { "title": "OVERMYER CORP REGULAR DIVIDEND", "body": "Qtly div 10 cts vs 10 cts in prior qtr\n Payable March 31\n Record March 23\n Reuter\n\u0003", "date": "11-MAR-1987 09:17:00.31", "topics": [ "earn" ], "places": [ "usa" ], "id": "3580" }, { "title": "EC COURT RULES IN FAVOUR OF CHEAP BUTTER PLAN", "body": "The European Court in Luxembourg has\nruled a so-called \"Christmas butter\" scheme, under which surplus\nstocks were sold off cheaply, did not infringe European\nCommunity (EC) rules, a Commission spokesman said.\n The spokesman said the Court rejected a case brought by\nthree European margarine manufacturers which argued the EC\nExecutive Commission did not have the power to launch the\nscheme in October 1984 without approval from EC ministers.\n The plan was aimed at offloading 200,000 tonnes of butter\nfrom a one mln tonne stockpile at a specially reduced price of\n1.6 European currency units per kilogram.\n Reuter\n\u0003", "date": "11-MAR-1987 09:19:14.79", "organisations": [ "ec" ], "places": [ "belgium" ], "id": "3581" }, { "title": "UNIFORCE TEMPORARY PERSONNEL INC 4TH QTR", "body": "Shr 18 cts vs 14 cts\n Net 556,036 vs 403,945\n Sales 15.6 mln vs 13.6 mln\n Avg shrs 3,132,555 vs 2,934,285\n Year\n Shr 60 cts vs 48 cts\n Net 1,805,229 vs 1,400,247\n Sales 60.1 mln vs 52.3 mln\n Avg shrs 3,012,917 vs 2,940,219\n NOTE: 1985 share data adjusted to reflect three for two\nstock split effective June 30, 1986\n Reuter\n\u0003", "date": "11-MAR-1987 09:24:28.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "3582" }, { "title": "JAPAN TO CURB VEHICLE EXPORTS TO EC", "body": "Japanese car makers will curb their\nexports to the European Community (EC) following an unofficial\ndirective from the Ministry of International Trade and Industry\n(MITI), automobile industry sources said.\n Some sources said exports to the EC this year are likely to\nbe at most unchanged from last year's 1.10 mln units and may\neven fall due to an anticipated slackening of EC economic\ngrowth and increasing trade friction.\n Last week, MITI vice minister for international affairs\nMakoto Kuroda said the ministry had asked car makers to\nexercise prudence in exporting to Europe.\n \n Reuter\n\u0003", "date": "11-MAR-1987 09:28:06.53", "organisations": [ "ec" ], "places": [ "japan" ], "id": "3583" }, { "title": "U.K. MONEY MARKET GIVEN 106 MLN STG ASSISTANCE", "body": "The Bank of England said it gave the\nmoney market assistance worth 106 mln stg this afternoon,\nbuying bank bills at the rates established on Monday.\n The Bank bought 11 mln stg of band one bills at 10-3/8 pct\nand 95 mln stg of band two paper at 10-5/16 pct. This is the\nfirst time that it has intervened today.\n The Bank has revised its estimate of the liquidity shortage\nin the market down to 250 mln stg from 300 mln initially.\n REUTER\n\u0003", "date": "11-MAR-1987 09:29:08.12", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "3584" }, { "title": "PIC'N'SAVE CORP 4TH QTR NET", "body": "Shr 45 cts vs 50 cts\n Net 18.0 mln vs 19.9 mln\n Sales 116.1 mln vs 108.8 mln\n Year\n Shr 1.01 dlrs vs 1.04 dlrs\n Net 39.8 mln vs 41.1 mln\n Sales 304.5 mln vs 278.1 mln\n NOTE: Share adjusted for three-for-two split in June 1986.\n Reuter\n\u0003", "date": "11-MAR-1987 09:29:47.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "3585" }, { "title": "GOODYEAR TIRE TO RECEIVE 588 MLN DLRS FOR GOODYEAR AEROSPACE FROM LORAL CORP\n", "date": "11-MAR-1987 09:30:17.58", "topics": [ "acq" ], "id": "3586" }, { "title": "HUGHES TOOL BOARD APPROVES MERGER", "body": "Hughes Tool Co said its board voted at\na special meeting last night to approve a new agreement with\nregulators that would allow the company to complete its\nproposed merger with Baker International Corp .\n The agreement, approved by the U.S. Department of Justice\nyesterday, will give the merged company, Baker Hughes, six\nmonths instead of three to sell certain assets.\n The pact also allows a three-month extension, if warranted,\nand limits the obligation of the new company to give financial\nsupport to the businesses to be divested, pending their sale.\n The company said its board recommended that shareholders\napprove the merger of the oilfield service companies. A\npreviously adjourned meeting of Hughes Tool stockholders will\nbe resumed this afternoon, it said.\n \"Hughes will work with Baker and the Justice Department\ntowards negotiating the final form of the consent decree and\nfiling it as soon as possible,\" the company said in a\nstatement. Closing of the merger would occur immediately after\nthe filing, it said.\n The assets to be sold under the consent decree consist of\nBaker's domestic oilfield drilling bit business and its\ndomestic submersible electric pump business. Baker has an\nagreement to sell the pump business to Trico Industries Inc\n.\n The financial terms of the merger are unchanged, a Hughes\nspokesman said. Under those terms, each Baker common share and\nHughes common share would be converted into one share and 8/10\nof a share, respectively, of Baker Hughes Inc, which would be\nformed as a new holding company.\n Reuter\n\u0003", "date": "11-MAR-1987 09:31:04.20", "topics": [ "acq" ], "places": [ "usa" ], "id": "3587" }, { "title": "LORIMAR TELEPICTURES EXECUTIVES RESIGN", "body": "Lorimar Telepictures Corp\nsaid it accepted resignations of three executives at\nKarl-Lorimar Home Video, its wholly owned subsidiary.\n The company said Stuart Karl, president and chief executive\nofficer; Court Shannon, executive vice president, and Gary\nHunt, vice president sales, resigned effective immediately.\n Lorimar said it had been reviewing possible conflicts of\ninterest involving the departing executives with an unnamed\noutside service organization. Lorimar declined to explain the\nnature of the conflict or the amount involved.\n \n The company said a settlement has been reached between the\nparties and and Karl Lorimar, which includes a settlement of\nthe employment contract between Lorimar and Stuart Karl. No\nemployment contracts exists with the other executives, the\ncompany said.\n The company said Jerry Gottlieb, senior vice president,\nLorimar-Telepictures, will serve as acting chief executive\nofficer of Karl Lorimar video. Gottlieb joined Lorimar as\nsenior vice president in 1985.\n\n Reuter\n\u0003", "date": "11-MAR-1987 09:32:58.90", "places": [ "usa" ], "id": "3588" }, { "title": "AGENCY TO REVIEW JOHNSON AND JOHNSON SWEETENER", "body": "Johnson and Johnson said the U.S.\nFood and Drug Administration has notified the company its food\nadditive petition for a high-intensity sweetener has been\nformally accepted and now will be reviewed by the agency.\n The company said the product, with the generic name of\nsucralose, is made from sugar and tastes like sugar, but is\nabout 600 times sweeter.\n It yields no calories and does not promote tooth decay.\n Johnson and Johnson said the sweetner is being jointly\ndeveloped with Tate and Lyle PLC .\n Tate and Lyle is seeking approval in Canada, the United\nKingdom and other European countries, Johnson and Johnson said.\nThe company noted its petition covering the product and its\nsafety evaluation were submitted to the FDA last month.\n While awaiting FDA approval, the company said, it is\nproceeding with plans for commercialization through its McNeil\nSpecialty Products Co subsidiary.\n Johnson and Johnson said it is operating under a licensing\nagreement with Tate and Lyle, whose collaborative research with\nscientists at Queen Elizabeth College in London led to the\ndiscovery of Sucralose in 1976.\n Patents and licensing agreements control the use of\nsucralose through the year 2001, Johnson and Johnson said.\n Sucralose is a chlorinated derivative of ordinary sugar.\nThe carbon-chloride bonds in sucralose are stable and are not\nbroken during digestion or metabolism.\n Sucralose is essentially not metabollized by the body. The\nchlorine content enhances sweetness without providing calories.\n Reuter\n\u0003", "date": "11-MAR-1987 09:34:17.32", "topics": [ "sugar" ], "places": [ "usa" ], "id": "3589" }, { "title": "SENATORS, PROSECUTOR DISAGREE ON IRAN TESTIMONY", "body": "Senators and a special prosecutor\nwere in dispute today over a legal maneuver to force quick\nanswers from key figures in the Iran arms scandal and the\ndiversion of profits to Nicaraguan rebels.\n Senators on a special Senate committee investigating the\nscandal want to grant limited immunity from prosecution to\nforce early testimony from Lt. Col. Oliver North and John\nPoindexter.\n North is the National Security Council (NSC) aide President\nReagan fired November 25 for possibly illegal diversion of Iran\narms payments to the so-called contra rebels. Poindexter, who\nwas NSC director and North's boss, resigned the same day. \n The Washington Post said over the weekend that Poindexter\nwas ready to testify that he told Reagan twice of the funds\ndiversion, contrary to Reagan's denial that he knew of it.\n Special prosecutor Lawrence Walsh said he asked a special\nHouse committee yesterday to delay limited immunity for North\nand Poindexter for at least 90 days, and would make the same\nrequest to the Senate committee today.\n Walsh said he was also urging the committees to delay\ngranting immunity for a third key figure, retired Air Force\nMaj. Gen. Richard Secord, a close North associate.\n Walsh, whose job is to determine whether anyone should be\nprosecuted for criminal misconduct, said premature immunity\ncould put the three beyond the law before a grand jury can\ndecide whether they should be prosecuted.\n Reuter\n\u0003", "date": "11-MAR-1987 09:34:34.53", "places": [ "usa", "iran", "nicaragua" ], "id": "3590" }, { "title": "HANSON TRUST PLC UNIT TO SELL KAISER CEMENT TERMINAL AND PLANT FOR 50 MLN DLRS\n", "date": "11-MAR-1987 09:35:25.31", "topics": [ "acq" ], "id": "3591" }, { "title": "TRITON ENERGY AFFILIATE IN CANADIAN FIND", "body": "Triton Energy Corp said its 70 pct owned\n affiliate's Lasmo et al\nTableland 4-36-2-10W2 well in Saskatchewan flowed 567 barrels\nof 37 degree gravity oil through a 17/64 inch choke from depths\nof 8,531 to 8,548 feet and 636 barrels of oil per day through a\n20/64 inch choke from depths of 8,500 to 8,507 feet.\n Triton said because of the well's status as a deep\nexploratory well, production qualifies for a five-year royalty\nholiday under the Saskatchewan drilling incentive products.\n It said the well's initial production is expected to be\nrestricted to an allowable level of about 300 barrels a day,\nalthough it is capable of sustaining much higher rates.\n The company said London and Scottish Marine Oil PLC owns a\n50 pct interest in the well and its spacing unit, Canadian\nWorldwide 25 pct, 10 pct,\n Home Oil Co Ltd 7.5 pct and\nScurry-Rainbow Oil Ltd 7.5 pct.\n Triton said Royal Dutch/Shell Group's Shell\nCanada Ltd affiliate retains a convertible overriding\ninterest in the well.\n Reuter\n\u0003", "date": "11-MAR-1987 09:36:00.75", "topics": [ "crude" ], "places": [ "usa", "canada" ], "id": "3592" }, { "title": "HUNGARY HOPES DEVALUATION WILL END TRADE DEFICIT", "body": "National Bank of Hungary first\nvice-president Janos Fekete said he hoped a planned eight pct\ndevaluation of the forint will spur exports and redress last\nyear's severe trade deficit with the West.\n Fekete told Reuters in an interview Hungary must achieve at\nleast equilibrium on its hard currency trade.\n \"It is useful to have a devaluation,\" he said. \"There is now a\nreal push to our exports and a bit of a curb to our imports.\"\n The official news agency MTI said today Hungary would\ndevalue by eight pct and it expected the new rates to be\nannounced later today. Fekete said the rates would come into\neffect tomorrow.\n He said one reason for the devaluation was that Hungary had\na higher rate of inflation over the past two years than its\nmain partners (around eight pct in 1985 and between five and\n5.5 pct in 1986).\n This was partly an after-effect of action Hungary took to\nprevent inflation from soaring during the oil price shocks of\nthe 1970s, he added.\n Hungary devalued by a similar amount last September and by\nbetween three and four pct early last year.\n But the country's hard currency trade balance nevertheless\nfell into a deficit of 539.4 mln dlrs from a surplus of 295.3\nmln in 1986 and 1.2 billion in 1985.\n Fekete said Hungary was hoping for a hard currency trade\nsurplus of between 200 and 300 mln dlrs this year, but that a\nmore likely outcome would be closer to equilibrium on total\nhard currency trade of around 10 billion dlrs.\n One Western commercial attache here said: \"Devaluation of\nitself will not change anything. It will only be useful if they\nalso make efforts to restructure industry and improve the\nquality of their export goods.\"\n Fekete said he hoped to raise credits on good terms this\nyear to invest in restructuring industry.\n It would be his role to persuade international banks to\ncooperate in this process. He noted Hungary had been given an\nAA rating enabling it to raise money on the Japanese Samurai\nbond market.\n Hungary's net hard currency debt soared to 7.79 billion\ndlrs last year from 5.01 billion in 1985, partly because of a\ncurrent account deficit of 1.42 billion dlrs and partly because\nthe fall in the dollar increased the dollar value of debt\ndenominated in marks or yen.\n He said he feared net debt would also rise slightly this\nyear, but he was in favour of borrowing for the purpose of\nmodernisation.\n \"I am for credits to invest for that purpose,\" he said. \"I am\nagainst credits for consumption.\" He forecast gross domestic\nproduct growth of two pct this year, from one pct in 1986.\n Fekete said Hungary would continue to restructure its debt\nprofile by prepaying high interest shorter and medium term\nloans with cheaper long term money for which it was looking\nmore and more to the fixed interest rate bond market, where he\nconsidered rates to be low.\n Hard currency foreign exchange reserves would stay at\naround 3.5 billion dlrs, he said. On the budget deficit, which\ntripled to a provisional 47 billion forints last year after\nquadrupling in 1985, Fekete said the finance ministry was\nworking out measures to reduce an approved target deficit for\nthis year of 43.8 billion forints to between 30 and 35 billion\nforints.\n REUTER\n\u0003", "date": "11-MAR-1987 09:37:34.39", "topics": [ "trade", "money-fx", "cpi", "reserves" ], "places": [ "hungary" ], "id": "3593" }, { "title": "ECUADOR DEPUTY MINISTER SEEKS OIL AID IN VENEZUELA", "body": "Ecuador's deputy energy minister\nFernando Santos Alvite arrived here last night for talks on\nfurther Venezuelan assistance to his country's oil industry\nfollowing last week's earthquake, officials said.\n Ecuador was obliged to suspend crude oil exports for an\nexpected five months as a result of damage to 25 miles of\npipeline linking its jungle oil fields with the Pacific port of\nBalao. Oil normally accounts for 60 pct of its exports.\n Fellow OPEC member Venezuela has already agreed to lend\nEcuador five mln barrels of crude, to be repaid in kind after\n180 days, to help meet its domestic consumption needs.\n The officials could neither confirm nor deny reports that\nVenezuela will temporarily produce Ecuador's entire OPEC quota,\nset at 210,000 barrels per day for first half 1987.\n \"All options are open at this moment in the context of\ncooperation on oil production,\" a Venezuelan energy and mines\nministry source said.\n Discussions are also under way to arrive at a formula to\ncompensate Ecuador for the loss in oil export revenue while the\npipeline is repaired, officials said.\n Santos Alvite last night met Venezuelan energy and mines\nminister Arturo Hernandez Grisanti and will today hold talks at\ntechnical level, officials said.\n Industry sources said that among the options are for\nVenezuela to produce Ecuador's entire quota, or for Venezuela\nand non-OPEC Mexico to share it and for the latter to supply\nEcuador's Far Eastern clients.\n But the ministry source said that no decision has yet been\nreached on the matter, and that an announcement would be made\nin due course.\n Santos Alvite said earlier in Quito that Ecuador would have\nto import six to seven mln barrels of crude oil to meet its\nneeds until the line was repaired.\n Ecuador energy and mines minister Javier Espinosa Teran\nsaid last night his country needs 120 mln dlrs to repair the\ndamage to the export pipeline caused by the earthquake.\n REUTER\n\u0003", "date": "11-MAR-1987 09:39:59.17", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "ecuador", "venezuela" ], "id": "3594" }, { "title": "HOG AND CATTLE SLAUGHTER GUESSTIMATES", "body": "Chicago Mercantile Exchange floor\ntraders and commission house representatives are guesstimating\ntoday's hog slaughter at about 295,000 to 308,000 head versus\n305,000 week ago and 308,000 a year ago.\n Cattle slaughter is guesstimated at about 128,000 to\n132,000 head versus 130,000 week ago and 126,000 a year ago.\n Reuter\n\u0003", "date": "11-MAR-1987 09:40:04.09", "topics": [ "hog", "livestock" ], "places": [ "usa" ], "id": "3595" }, { "title": "GOODYEAR TO RECEIVE 588 MLN DLRS FOR UNIT", "body": "Goodyear Tire and Rubber Co said it\nwill receive about 588 mln dlrs in cash from Loral Corp \nfor the business of Goodyear Aerospace Corp.\n Goodyear said the previously announced acquisition by Loral\nis expected to be completed March 13. When Loral announced the\ntransaction January 12, the company said it was paying 640 mln\ndlrs for Goodyear Aerospace.\n Goodyear said the price it will receive is after\nadjustments for such items as pension and benefits provision,\nallocation of liabilities and asset valuations. Last year\nGoodyear Aerospace had revenues of 695 mln dlrs. \n Reuter\n\u0003", "date": "11-MAR-1987 09:44:32.51", "topics": [ "acq" ], "places": [ "usa" ], "id": "3596" }, { "title": "VEBA'S RAAB KARCHER RAISES 1986 OPERATING PROFIT", "body": "Raab Karcher AG, a trading\nsubsidiary of VEBA AG , said it increased operating\nprofit in 1986 despite a sharp decline in turnover, and added\nthere were good chances this profit level could be held in\n1987.\n Operating profit rose to just under 120 mln marks in 1986,\nfrom around 100 mln in 1985.\n However, the group's third party sales fell sharply to 7.2\nbillion marks from 9.4 billion the year before, largely due to\nlower prices for energy products, particularly oil and coal,\nmanaging board chairman Klaus Giesel told a news conference.\n Reuter\n\u0003", "date": "11-MAR-1987 09:46:02.54", "topics": [ "earn" ], "places": [ "west-germany" ], "id": "3597" }, { "title": "HOVNANIAN ENTERPRISES SPLITS STOCK", "body": "Hovnanian Enterprises Inc said\nits board of directors has declared a two-for-one split of its\noutstanding common stock.\n The company said shareholders will receive one additional\nshare for each share held at the close of business on March 23,\n1987 and additional shares will be distributed on April 13,\n1987.\n Reuter\n\u0003", "date": "11-MAR-1987 09:47:22.00", "topics": [ "earn" ], "places": [ "usa" ], "id": "3598" }, { "title": "BRITISH AEROSPACE RAISES SYSTEM DESIGNERS STAKE", "body": "British Aerospace Plc said it\nhas increased its stake in to 22.1 pct\nor 25.46 mln ordinary shares following the purchase of 10.45\nmln ordinary shares.\n The British Aerospace Pension Fund holds 2.15 mln ordinary\nshares in Systems, representing a stake of 1.9 pct.\n A spokesman for British Aerospace said it has no present or\nfuture intention of making a full bid for Systems Designers.\nSystem Designers shares were nine pence higher at 100 prior to\nthe share stake announcement, and have showed little movement\nsince.\n Reuter\n\u0003", "date": "11-MAR-1987 09:47:50.92", "topics": [ "acq" ], "places": [ "uk" ], "id": "3599" }, { "title": "CIGNA CORP SETS DATE FOR DEBT REDEMPTION", "body": "CIGNA Corp said it has fixed April\n24 as the date for the previously-announced redemption of its\n99.8 mln dlrs of outstanding eight pct subordinated\nexchangeable debentures due December 1, 2007 at 105.867 pct of\npar plus accrued interest.\n The debentures are exchangeable through the redemption date\ninto 29.205 common shares of PaineWebber Group Inc for\neach 1,000 dlrs principal amount.\n Reuter\n\u0003", "date": "11-MAR-1987 09:48:16.20", "places": [ "usa" ], "id": "3600" }, { "title": "ESSELTE BUSINESS SYSTEMS INC UPS PAYOUT", "body": "Qtly div 18 cts vs 14 cts prior\n Pay March 31\n Record March 25\n Reuter\n\u0003", "date": "11-MAR-1987 09:48:57.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "3601" }, { "title": "KATY INDUSTRIES INC 4TH QTR NET", "body": "Oper shr profit 32 cts vs loss 66 cts\n Oper net profit 2,454,000 vs loss 3,558,000\n Sales 96.1 mln vs 91.4 mln\n Year\n Oper shr profit 72 cts vs loss 63 cts\n Oper net profit 6,495,000 vs loss 1,833,000\n Sales 368.1 mln vs 322.1 mln\n NOTE: Earnings exclude losses from discontinued\nconsolidated operations of 460,000 dlrs, or eight cts a share\nvs 5,364,000 dlrs, or 86 cts a share in the quarter and\n11,334,000 dlrs, or 1.82 dlrs a share vs 11,637,000 dlrs, or\n1.88 dlrs a share for the year\n Earnings exclude a loss on the sale of discontinued\nconsolidated operations of 200,000 dlrs, or three cts a share\nin the 1986 quarter and a loss of 4,960,000 dlrs, or 80 cts a\nshare vs a gain of 4,404,000 dlrs, or 71 cts a share for the\nyear\n NOTE: 1985 earnings exclude losses from discontinued\nunconsolidated operations of 5,488,000 dlrs, or 89 cts a share\nin each period\n 1985 earnings exclude gain from termination of defined\nbenefit pension plan of 490,000 dlrs, or eight cts a share in\nthe quarter and 1,438,000 dlrs, or 23 cts a share for the year\n Reuter\n\u0003", "date": "11-MAR-1987 09:49:04.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "3602" }, { "title": " SETS MONTHLY DIVIDENDS", "body": "PMI Fund Inc said its board declared\nmonthly dividends of six cts for April, four cts for May, five\ncts for June, seven cts for July and six cts for August.\n The fund, which customarily omits dividends in March and\nSeptember, last paid six cts in February. Dividends declared\ntoday are payable April Three, May Six, June Four, July Three\nand August Six to holders of record March 23, April 17, May 15,\nJune 12 and July 17.\n Reuter\n\u0003", "date": "11-MAR-1987 09:49:30.59", "topics": [ "earn" ], "places": [ "usa" ], "id": "3603" }, { "title": "MERRY-GO-ROUND ENTERPRISES INC 4TH QTR", "body": "Jan 31 end\n Shr 51 cts vs 38 cts\n Net 3,254,000 vs 2,423,000\n Sales 65.9 mln vs 51.1 mln\n Year\n Shr 1.18 dlrs vs 1.15 dlrs\n Net 7,485,000 vs 7,285,000\n Sales 207.5 mln vs 164.1 mln\n Reuter\n\u0003", "date": "11-MAR-1987 09:50:03.99", "topics": [ "earn" ], "places": [ "usa" ], "id": "3604" }, { "title": "TENERA LP SETS INITIAL QUARTERLY", "body": "TENERA LP said it will make an\ninitial quarterly distribution of 17 cts per unit on April 15\nto holders of record March 31.\n The partnership said the dividend is greater than it had\nexpectd to pay and was warranted by fourth quarter results and\nanticipated results for this year's first quarter.\n TENERA said it expects a comparable distribution for the\nsecond quarter. It said about 13 cts per share of the first\nquarter amount will be taxable income.\n Reuter\n\u0003", "date": "11-MAR-1987 09:50:13.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "3605" }, { "title": "BANCA NAZIONALE DEL LAVORO LAUNCHES BOND/WARRANTS", "body": "Banca Nazionale del Lavoro (London\nbranch) is issuing a 120 mln dlr, five-year straight bond with\nequity warrants, lead manager Credit Suisse First Boston Ltd\nsaid.\n The issue, which matures April 3, 1992, has an indicated\ncoupon of 5-1/2 to six pct and par pricing. Fees total 2-1/4\npct and listing will be in Luxembourg. Payment date is April 2.\n The bonds will be sold in denominations of 1,000 dlrs with\none warrant attached, which will be exercisable between April\n15, 1987 and April 3, 1992.\n Each warrant will entitle the holder to purchase 45 savings\nshares of EFI Banca at a premium of about 10 pct above the\nclosing price on the Milan Stock Exchange on or before March\n17.\n EFI is a medium-term credit institution, about 36-1/2 pct\nowned by Banca Nazionale del Lavoro.\n REUTER\n\u0003", "date": "11-MAR-1987 09:54:05.88", "places": [ "uk" ], "id": "3606" }, { "title": "HANSON UNIT TO SELL KAISER TERMINAL/PLANT", "body": "Hanson Industries, the U.S. arm of\nHanson Trust PLC , said it has proposed to sell, in\nseparate transactions, Kaiser Cement's Northwest Terminals and\nMontana City plant, to Lone Star Industries Inc and , respectively for a total of 50.2\nmln dlrs.\n Hanson said the deals are subject to normal conditions of\nclosing.\n Hanson Industries completed the purchase of Kaiser Cement\non March 3, for about 250 mln dlrs.\n Hanson said Kaiser Cement is now an indirect wholly owned\nunit of Hanson Trust and forms part of its building products\ngroup.\n \"These sales are a continuation of an asset redeployment\nprogram at Kaiser Cement and will allow Kaiser to concentrate\nits efforts in the California marketplace, where it is the\nlargest cement producer and holds a premiere market position,\"\nHanson Industries chairman Gordon White said.\n \n Reuter\n\u0003", "date": "11-MAR-1987 09:54:35.16", "topics": [ "acq" ], "places": [ "usa" ], "id": "3607" }, { "title": "CANADA SETS GRANT FOR EUREKA RESEARCH", "body": "The federal government said Calmos\nSystems Inc will be given 3,075,000 Canadian dlrs to join the\nEuropean consortium Eureka in a research project involving\nintegrated circuit boards.\n The Kanata, Ontario based microchip manufacturer was the\nfirst company to qualify under Ottawa's 20 mln dlr fund called\nthe Technology Opportunitie in Europe Program. Other grants\nwill be announced shortly, the government said.\n In a statement, Calmos said it and its European partner,\nEuropean Silicon Structures, expects to use the research to\nimprove the design of silicon chips.\n Reuter\n\u0003", "date": "11-MAR-1987 09:59:04.82", "places": [ "canada" ], "id": "3608" }, { "title": "ECUADOR OFFICIAL SEEKS OIL AID IN VENEZUELA", "body": "Ecuador's deputy energy minister\nFernando Santos Alvite arrived here last night for talks on\nfurther Venezuelan assistance to his country's oil industry\nfollowing last week's earthquake, officials said.\n Ecuador was obliged to suspend crude oil exports for an\nexpected five months as a result of damage to 25 miles of\npipeline linking its jungle oil fields with the Pacific port of\nBalao. Oil normally accounts for 60 pct of its exports.\n Fellow OPEC member Venezuela has already agreed to lend\nEcuador five mln barrels of crude, to be repaid in kind after\n180 days, to help meet its domestic consumption needs.\n Reuter\n\u0003", "date": "11-MAR-1987 10:00:03.84", "topics": [ "crude" ], "places": [ "ecuador", "venezuela" ], "id": "3609" }, { "title": "U.S. 4TH QTR BALANCE OF PAYMENTS TRADE DEFICIT WAS RECORD 38.37 BILLION DLRS\n", "date": "11-MAR-1987 10:00:54.35", "topics": [ "bop", "trade" ], "places": [ "usa" ], "id": "3610" }, { "title": "NY TRADERS SAY E.C. SOLD 71,000 TONNES OF WHITE SUGAR AT TENDER.\n", "date": "11-MAR-1987 10:03:41.79", "topics": [ "sugar" ], "organisations": [ "ec" ], "places": [ "usa" ], "id": "3611" }, { "title": "U.K. MONEY MARKET GIVEN LATE HELP OF 240 MLN STG", "body": "The Bank of England said it provided the\nmoney market with unspecified late assistance of around 240 mln\nstg.\n This brings its total assistance on the day to 346 mln stg\ncompared with a liquidity shortfall it estimated at a revised\n250 mln stg.\n Overnight interbank sterling was being offered at eight pct\nshortly after the Bank's announcement.\n REUTER\n\u0003", "date": "11-MAR-1987 10:06:15.67", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "3612" }, { "title": "OUTOKUMPU RESTRUCTURES COPPER DIVISION", "body": "Finland's mining and metals group\nOutokumpu Oy , which last week reported a 1986 loss of\n83 mln markka after three successive years of profits, said it\nrestructured its key copper processing division in an attempt\nto rationalize production and improve profitability.\n Outokumpu's Managing Director Pertti Voutilainen told a\nnews conference the reorganization involved a split of the\ndivision into a new independent division with six profit\ncentres.\n Outokumpu group had a 1986 loss before appropriations and\ntaxes of 83 mln markka after a profit of 355 mln in 1985. It\nhad profits in 1984 and 1983 but a loss, 171.2 mln, in 1982.\n Outokumpu acquired two Swedish copper manufacturers in\nJanuary 1986, and , that\nwere merged into its copper processing division.\n The division had a turnover of 3.2 billion markka last\nyear, 42 pct of Outokumpu's group turnover of 7.58 billion.\n The new Outokumpu division, called Copper Products\nIndustry, is to incorporate Outokumpu's copper production\nplants, including its two U.S. Subsidiaries and\n, as well as Metallverken and part of Wirsbo.\n Outokumpu is planning to make Wirsbo an independent\ndivision in the Outokumpu group and transfer only Wirsbo's\ncopper tube production into one of the new division's profit\ncentres. A definite decision on Wirsbo will be taken later this\nyear.\n The new division will have production plants in Finland,\nSweden, Norway, the Netherlands and the U.S.\n REUTER\n\u0003", "date": "11-MAR-1987 10:07:00.98", "topics": [ "copper", "earn" ], "places": [ "finland" ], "id": "3613" }, { "title": "CHILE SET FOR RENEGOTIATION ON OFFICIAL DEBT", "body": "Chile will open talks next month with\ninternational lending agencies on the renegotiation of 150 mln\ndlrs of official debts due for repayment in 1987 and 1988, the\ninfluential Mercurio newspaper reported.\n The newspaper, quoting official sources, said the terms\nsought will be similar to those agreed with the country's\ncommercial banks last month.\n Chile reached agreement with bank creditors on the\nrescheduling of some 10.6 billion dlrs of debt, maturing\nbetween 1988 and 1991, over 15-1/2 years, with six years'\ngrace. Interest was set at one pct over Libor.\n REUTER\n\u0003", "date": "11-MAR-1987 10:07:18.70", "places": [ "chile" ], "id": "3614" }, { "title": "U.S. TRADE DEFICIT 38.37 BILLION DLRS IN 4TH QTR", "body": "The U.S. merchandise trade deficit\non a balance of payments basis was a record 38.37 billion dlrs\nin the October to December fourth quarter, the Commerce\nDepartment said.\n The record trade shortfall came after a revised 37.15\nbillion dlr third quarter deficit. The department previously\nreported the third quarter deficit was 37.67 billion dlrs.\n For the full year 1986, the merchandise trade deficit was a\nrecord 147.7 billion dlrs, up from 124.4 billion dlrs in 1985,\nthe department said.\n During the final quarter last year imports rose 2.78\nbillion dlrs or three pct to 95.7 billion dlrs, while exports\nrose 1.56 billion dlrs or three pct to 57.33 billion dlrs.\n The trade report on a balance of payments basis excludes\nsuch factors as military sales and the costs of shipping and\ninsurance.\n The Commerce Department said non-petroleum imports in the\nquarter were up 2.7 billion dlrs or three pct to 87.7 billion\ndlrs, with the largest increases in consumer goods, which rose\n1.2 billion dlrs, and in non-monetary gold and passenger cars\nfrom Canada, up 900 mln dlrs each.\n Lumber imports from Canada fell 300 mln dlrs or 33 pct\nbecause of a 15 pct duty on imports from Canada, the department\nsaid. Passenger car imports fell 600 mln dlrs because of an 18\npct decrease in the number of South Korean-made imported cars\nand a nine pct decrease from Japan.\n On the exports side, agricultural exports rose 600 mln dlrs\nor nine pct to 7.1 billion dlrs, primarily because of a 104 pct\nor 600 mln dlr increase in soybean exports.\n Soybean shipments to Western Europe rose sharply because\nsupplies from Brazil, a traditional major exporter, were\nlimited by drought.\n Commerce said the U.S. trade deficit with Latin America\nrose 900 mln dlrs to 2.6 billion dlrs, with Japan increased 700\nmln dlrs to 14.8 billion dlrs and with Western Europe rose 200\nmln to 7.2 billion dlrs in the quarter.\n The deficit with newly industrialized Far East countries,\nincluding Hong Kong, South Korea, Singapore and Taiwan, fell\n500 mln dlrs to eight billion dlrs and with Canada the deficit\ndecreased 200 mln dlrs to 3.3 billion dlrs in the quarter.\n In the full year 1986, imports rose 30.6 billion dlrs or\nnine pct to 369.5 billion dlrs. Exports increased by only 7.3\nbillion dlrs or three pct to 221.8 billion dlrs.\n Commerce said petroleum imports during 1986 fell 16.6\nbillion dlrs or 33 pct to 33.9 billion dlrs because of lower\nprices. The average price per barrel decreased to 14.72 dlrs\nfrom 26.41 dlrs.\n Agricultural exports fell by 2.6 billion dlrs or nine pct\nto 26.9 billion during the year. The average price of rice fell\n27 pct, cotton was down 22 pct, corn 18 pct, wheat 16 pct and\nsoybeans nine pct.\n The trade deficit with Japan for all of 1986 rose 11.1\nbillion dlrs to 54.6 billion dlrs and with Western Europe\nincreased 7.2 billion dlrs to 28.6 billion dlrs.\n Reuter\n\u0003", "date": "11-MAR-1987 10:10:08.03", "topics": [ "bop", "trade" ], "places": [ "usa" ], "id": "3615" }, { "title": " UK INTERVENTION BD SAYS EC SETS WHITE SUGAR TENDER REBATE 43.248 ECUS.\n", "date": "11-MAR-1987 10:10:52.93", "topics": [ "sugar" ], "organisations": [ "ec" ], "places": [ "uk" ], "id": "3616" }, { "title": "SYMBOL TECHNOLOGIES INC CALLS WARRANTS", "body": "Symbol Technologies Inc said it\ncalled 610,000 outstanding five-year stock warrants issued in\n1985 and 1986 to Reliance Insurance Co, a subsidiary of\nReliance Group Holdings .\n The company said cash proceeds from the warrants will be\n6,065,000 dlrs.\n Symbol said it issued 550,000 of the warrants to Reliance\nin 1985, exercisable at 9.50 dlrs per share, and 60,000 in\nmid-1986 at 14 dlrs per share.\n Reuter\n\u0003", "date": "11-MAR-1987 10:12:36.08", "places": [ "usa" ], "id": "3617" }, { "title": "AMERICAN COMMUNICATIONS GETS EXCEPTION", "body": "American Communications and\nTelevision Inc said its common stock will continue to be\nincluded in the National Association of Securities Dealers'\nNASDAQ system due to an exception from filing requirements,\nwhich it failed to meet as of February 14.\n The company said it believes it can meet conditions imposed\nby the NASD for the exception, but there can be no assurance\nthat it will do so.\n Reuter\n\u0003", "date": "11-MAR-1987 10:12:46.78", "places": [ "usa" ], "id": "3618" }, { "title": "BAYER USA AFFILIATES INCREASED SALES", "body": "Bayer USA Inc said sales of its\naffiliated operating cmpanies based in the U.S. increased in\n1986 by 4.4 pct from the previous year.\n Combined sales were 4.2 billion dlrs, up from 4.0 billion\ndlrs in 1985, the company said.\n However, the company said net income was 106.9 mln dlrs,\nthree pct below 1985.\n Bayer said its operating companies include Mobay Corp,\nMiles Laboratories Inc, Agfa-Gevaert Inc, Compugraphic Corp,\nHaarmann and Reimer Corp, Deerfield Urethane Inc and Helena\nChemical Co.\n Bayer said Mobay, its primary chemicals company, reported\nnet income of 83.4 mln dlrs, up eight pct of 1985. It also said\nMiles, its pharmaceutical and healthcare company, recorded\nnet income of 29 mln dlrs, a 44 pct increase over 1985.\n \n Reuter\n\u0003", "date": "11-MAR-1987 10:13:33.37", "topics": [ "earn" ], "places": [ "usa" ], "id": "3619" }, { "title": "DEB SHOPS INC SETS STOCK SPLIT", "body": "Deb Shops Inc said its board\ndeclared a 100 pct stock dividend and will increase the\nquarterly dividend to four cts from 3-1/4 cts after adjustm,ent\nfor the split.\n The company said the split is payable April 17 to holders\nof record March 25. The dividend increase will be effective\nwith the April 30 payment, it said.\n Reuter\n\u0003", "date": "11-MAR-1987 10:13:55.42", "topics": [ "earn" ], "places": [ "usa" ], "id": "3620" }, { "title": "CANADA LEADING INDICATOR UP 0.4 PCT IN DECEMBER, AFTER 0.4 PCT NOVEMBER GAIN - OFFICIAL\n", "date": "11-MAR-1987 10:14:28.34", "topics": [ "lei" ], "places": [ "canada" ], "id": "3621" }, { "title": "CONTINENTAL HEALTH PURCHASES MARKETECH", "body": "Continental Health\nAffiliates Inc said that it has acquired , an 80\npct partner in .\n Continental said Diantronics Nutrition Services is a joint\nventure with physicians providing patient-ready home infusion\ntherapy products and services to outpatients of five northern\nNew Jersery hospitals representing over 1,900 inpatient beds.\n Continental said the terms of the deal were not disclosed.\n Reuter\n\u0003", "date": "11-MAR-1987 10:16:01.66", "topics": [ "acq" ], "places": [ "usa" ], "id": "3622" }, { "title": "VISUAL GRAPHICS SETS DIVIDENDS", "body": "Visual Graphics Corp \nsaid its board declared a quarterly dividend of 7-1/2 cts per\nshare on its class \"B\" common stock and 8-1/4 cts per share on\nclass \"A\" common stock payable April Three to shareholders of\nrecord as of March 23.\n The company set up the two classes of common stock in\nFebruary. Previously, the company had paid a 7-1/2 cent per\nshare quarterly dividend on one class of common stock.\n Reuter\n\u0003", "date": "11-MAR-1987 10:17:12.30", "topics": [ "earn" ], "places": [ "usa" ], "id": "3623" }, { "title": "DEB SHOPS INC 4TH QTR JAN 31 NET", "body": "Shr 71 cts vs 57 cts\n Net 5,457,000 vs 4,299,000\n Sales 62.9 mln vs 50.1 mln\n Year\n Shr 1.65 dlrs vs 1.37 dlrs\n Net 12.6 mln vs 10.4 mln\n Sales 181.4 mln vs 147.1 mln\n Reuter\n\u0003", "date": "11-MAR-1987 10:18:14.44", "topics": [ "earn" ], "places": [ "usa" ], "id": "3624" }, { "title": "SIGMA MINES DETAILS GOLD ORE RESERVES", "body": ", 65 pct\nowned by Dome Mines Ltd , said its Sigma Mine had proven\nand probable reserves at the end of 1986 of 4,902,940 tons,\nwith an average grade of 0.139 ounces of gold a ton.\n Sigma said the reserves are equivalent to 10 years future\nproduction at current milling rates.\n The reserves comprise 1,640,779 tons proven reserves\ngrading an average of 0.163 ounces of gold a ton and 3,262,161\ntons probable reserves grading an average of 0.127 ounces of\ngold a ton.\n Sigma said it changed its 1986 reserve reporting method\nfollowing Dome Mines previously reported move to adopt general\nindustry practice of reporting proven and probable ore\nreserves.\n Prior to 1986, Sigma conservatively reported only proven\nreserves that could be mined without future development costs.\n Proven reserves as of December 31, 1985 were 978,000 tons\ngrading an average of 0.194 ounces of gold a ton, equivalent to\nabout two years future production.\n Reuter\n\u0003", "date": "11-MAR-1987 10:18:23.38", "topics": [ "gold" ], "places": [ "canada" ], "id": "3625" }, { "title": "REGENCY CRUISES INC 4TH QTR NET", "body": "Shr profit nine cts vs loss two cts\n Net profit 1,419,000 vs loss 314,000\n Revs 8,097,000 vs 4,794,000\n Avg shrs 15.8 mln vs 15.5 mln\n Year\n Shr profit 37 cts vs loss 10 cts\n Net profit 5,695,000 vs loss 1,268,000\n Revs 40.9 mln vs 4,794,000\n Avg shrs 15.6 mln vs 12.5 mln\n NOTE: Company began operations Nov 17, 1985.\n Reuter\n\u0003", "date": "11-MAR-1987 10:18:41.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "3626" }, { "title": "CHILE SET FOR RENEGOTIATION ON OFFICIAL DEBT", "body": "Chile will open talks next month with\ninternational lending agencies on the renegotiation of 150 mln\ndlrs of official debts due for repayment in 1987 and 1988, the\ninfluential Mercurio newspaper reported.\n The newspaper, quoting official sources, said the terms\nsought will be similar to those agreed with the country's\ncommercial banks last month.\n Chile reached agreement with bank creditors on the\nrescheduling of some 10.6 billion dlrs of debt, maturing\nbetween 1988 and 1991, over 15-1/2 years, with six years'\ngrace. Interest was set at one pct over Libor.\n REUTER\n\u0003", "date": "11-MAR-1987 10:18:50.88", "places": [ "chile" ], "id": "3627" }, { "title": "METROPOLIS OF TOKYO SELLS 10-YEAR BONDS", "body": "The Metropolis of Tokyo is offering in\nthe Yankee bond market 100 mln dlrs of guaranteed bonds due\n1997 yielding 7.57 pct, said lead manager First Boston Corp.\n The bonds bear a 7-1/2 pct coupon and were priced at 99.515\nto yield 35 basis points more than comparable Treasury\nsecurities.\n Non-callable for life, the issue is rated a top-flight AAA\nby both Moody's and Standard and Poor's. Goldman Sachs and\nMerrill Lynch co-managed the deal, which was the metropolis's\nfirst foray into the Yankee bond market in 20 years,\nunderwriters said.\n Reuter\n\u0003", "date": "11-MAR-1987 10:19:12.40", "places": [ "usa", "japan" ], "id": "3628" }, { "title": "SEAMAN FURNITURE CO INC 3RD QTR JAN 31", "body": "Shr 64 cts vs 51 cts\n Net 4,373,000 vs 3,346,000\n Sales 59.8 mln vs 45.5 mln\n Avg shrs 6,808,000 vs 6,600,000\n Nine mths\n Shr 1.57 dlrs vs 1.18 dlrs\n Net 10.7 mln vs 7,745,000\n Sales 167.0 mln vs 123.1 mln\n Reuter\n\u0003", "date": "11-MAR-1987 10:19:18.48", "topics": [ "earn" ], "places": [ "usa" ], "id": "3629" }, { "title": "NOVO INDUSTRI EARNINGS FALL DESPITE INCREASED SALES", "body": "Danish-based insulin and enzymes\nproducer Novo Industri A/S (NVO.CO) said pre-tax earnings fell\nalmost 10 pct in 1986 though sales rose by two pct.\n The pre-tax figure fell to 788 mln crowns from 872 mln in\n1985, on sales increased from 4.1 billion to 4.2 billion,\ngiving net earnings of 521 mln crowns against 604 mln in 1985.\n Earnings per 20-crown share went from 23.79 crowns to 20.45\ncrowns but the company proposed an unchanged 20 pct dividend.\n \"Foreign exchange fluctuations in 1986 were a very\nsignificant factor behind developments in the result before and\nafter tax,\" Novo said in a statement.\n \"Not only the U.S. Dollar but also other currencies\nessential to Novo fell in 1986 in relation to the Danish crown,\"\nthe statement added.\n In November 1986, Novo purchased 75 pct of shares in A/S\nFerrosan, which heads a group specialising in research and\ndevelopment of CNS (central nervous treatment) treatments and\nthe sale of pharmaceuticals and vitamins in Scandinavia.\n The 357 mln crowns paid in goodwill \"had a very limited\neffect on the 1986 result,\" the Novo statement said.\n Reuter\n\u0003", "date": "11-MAR-1987 10:19:26.57", "topics": [ "earn" ], "places": [ "denmark" ], "id": "3630" }, { "title": "SCS/COMPUTE INC 3RD QTR JAN 31 LOSS", "body": "Shr loss 30 cts vs loss 43 cts\n Net loss 891,000 vs loss 969,000\n Revs 1,930,000 vs 1,815,000\n Avg shrs 2.9 mln vs 2.2 mln\n Nine Mths\n Shr loss one dlr vs loss 1.36 dlrs\n Net loss 2,622,000 vs loss 3,037,000\n Revs 4,638,000 vs 4,105,000\n Avg shrs 2.6 mln vs 2.2 mln\n Reuter\n\u0003", "date": "11-MAR-1987 10:19:31.81", "topics": [ "earn" ], "places": [ "usa" ], "id": "3631" }, { "title": "SECURITIES DEALER HAS LEASEWAY STAKE", "body": "Alpine Associates, a Cresskill, N.J.\nsecurities dealer, told the Securities and Exchange Commission\nit has acquired 565,100 shares of Leaseway Transport\nCorp, or 5.9 pct of the total outstanding common stock.\n Alpine, a limited partnership, said it bought the stock for\n28.1 mln dlrs as an investment in the ordinary course of its\nbusiness as a securities dealer.\n It left open the possibility that it might buy more\nLeaseway stock or sell some or all of its current stake, but\nsaid it has no plans to seek control of the company.\n\n Reuter\n\u0003", "date": "11-MAR-1987 10:19:51.18", "topics": [ "acq" ], "places": [ "usa" ], "id": "3632" }, { "title": "EMPIRE OF CAROLINA INC YEAR NET", "body": "Shr 1.26 dlrs vs 67 cts\n Net 7,299,000 vs 3,607,000\n Revs 52.4 mln vs 40.7 mln\n Avg shrs 6,028,755 vs 2,408,766\n NOTE: 1985 results restated to include Deltona Corp \ninvestment on equity method.\n Reuter\n\u0003", "date": "11-MAR-1987 10:20:05.31", "topics": [ "earn" ], "places": [ "usa" ], "id": "3633" }, { "title": "VHC LTD 4TH QTR OPER NET", "body": "Oper shr profit 18 cts vs loss one ct\n Oper net profit 387,832 vs loss 29,312\n Revs 6,872,630 vs NA\n Year\n Oper shr profit 39 cts vs loss 23 cts\n Oper net profit 835,010 vs loss 441,836\n Revs 20.8 mln vs NA\n Avg shrs 2,135,909 vs 1,885,909\n NOTE: Excludes gains of 378,000 dlrs or 18 cts and 715,000\ndlrs or 33 cts in current qtr and year, respectively, from\nbenefit of tax loss carryforwards. Year-ago excludes losses of\n75,809 dlrs or four cts in qtr and 146,061 dlrs or eight cts in\nyear from discontinued operations. 1985 restated.\n Reuter\n\u0003", "date": "11-MAR-1987 10:20:15.36", "topics": [ "earn" ], "places": [ "usa" ], "id": "3634" }, { "title": "TURKISH WEATHER IMPROVES, BUT BRINGS FLOODS", "body": "Turkish banks and government offices\nreopened here after snow blanketing the city began to melt,\ncausing floods and traffic jams.\n Turkish radio said 16 villages in the southern province of\nHatay were evacuated after the Karasu river burst its banks,\nflooding 5,000 hectares of crops.\n The radio said cold weather and snow still covered much of\ncentral and eastern Anatolia, the Asian part of the country,\nand two people were frozen to death near the town of Corum. The\nweather office in Istanbul said the cold front was moving east\nand conditions should be back to normal by the weekend.\n Reuter\n\u0003", "date": "11-MAR-1987 10:20:23.76", "places": [ "turkey" ], "id": "3635" }, { "title": "ALLIANT AND MACNEAL-SCHWENDLER SIGN PACT", "body": "Alliant Computer Systems Corp\n said that it has signed an agreement with\nMacNeal-Schwendler Corp where MacNeal will develop a new\nversion of its MSC/NASTRAN software for Alliant's FX/Series\nComputers.\n Alliant said MSC/NASTRAN is used for finite element\nanalysis, particularly in the automotive and aerospace\nindustries.\n Reuter\n\u0003", "date": "11-MAR-1987 10:20:29.66", "places": [ "usa" ], "id": "3636" }, { "title": "TRANSTECH INDUSTRIES INC YEAR NET", "body": "Oper shr 91 cts vs seven cts\n Oper net 4,356,774 vs 289,764\n Revs 69.2 mln vs 50.2 mln\n Avg shrs 4,736,692 vs 4,151,672\n NOTE: 1985 net excludes 3,027,714 dlr loss from\ndiscontinued operations.\n Reuter\n\u0003", "date": "11-MAR-1987 10:20:34.17", "topics": [ "earn" ], "places": [ "usa" ], "id": "3637" }, { "title": "MICROPOLIS SELLS CONVERTIBLE DEBENTURES", "body": "Micropolis Corp is raising 75 mln dlrs\nvia an offering of convertible subordinated debentures due 2012\nwith a six pct coupon and par pricing, said lead manager\nKidder, Peabody and Co Inc.\n The debentures are convertible into the company's common\nstock at 48.50 dlrs per share, representing a premium of 23.6\npct over the stock price when terms on the debt were set.\n Non-callable for two years, the issue is rated B-minus by\nStandard and Poor's. Robertson, Colman and Stephens co-managed\nthe deal.\n Reuter\n\u0003", "date": "11-MAR-1987 10:24:04.94", "places": [ "usa" ], "id": "3638" }, { "title": "THAI SUGAR PRODUCTION INCREASES", "body": "Thai sugar production totalled 960,788\ntonnes in January, an increase of 12.7 pct on January 1986,\naccording to figures received by the International Sugar\nOrganization.\n November and December production figures also exceeded last\nyear's totals with the result that output in the first three\nmonths of the season showed a 23.1 pct increase over 1985/86.\nProduction in the November 1986 to January 1987 period totalled\n1.29 mln tonnes.\n Thai exports in December and January were down, however.\nJanuary exports fell from 73,164 to 35,910 tonnes.\n Domestic consumption increased 7.3 pct to 192,069 tonnes\nfor the three month period, but this was not sufficient to\nprevent a significant rise in stocks, which climbed to 1.62 mln\ntonnes by the end of January, compared with 1.52 mln a year\nearlier.\n Thai Agricultural Ministry officials have previously\nforecast a decline in 1986/87 raws output to around 2.3 mln\ntonnes from 2.48 mln in 1985/86.\n Reuter\n\u0003", "date": "11-MAR-1987 10:24:27.20", "topics": [ "sugar" ], "places": [ "thailand", "uk" ], "id": "3639" }, { "title": "CANADA DECEMBER LEADING INDICATOR UP 0.4 PCT", "body": "Canada's leading composite indicator\nadvanced 0.4 pct in December after gaining 0.4 pct in the two\nprevious months, Statistics Canada said.\n The unfiltered index rose 0.8 pct in the month, a\nturnaround from the 0.3 pct decline in November, the federal\nagency said.\n The manufacturing groups continued to post advances while\ngoods production rose 1.6 pct, the third increase in the last\nfour months. The advances, however, were offset by a\ndeceleration in household demand.\n Reuter\n\u0003", "date": "11-MAR-1987 10:24:38.49", "topics": [ "lei" ], "places": [ "canada" ], "id": "3640" }, { "title": "NORDIC INVESTMENT BANK ISSUES DANISH CROWN BOND", "body": "Nordic Investment Bank is issuing a 300\nmln Danish crown bond, due April 15, 1994, priced at par with\nan 11-1/4 pct coupon, lead manager Enskilda Securities said.\n The bonds are callable on April 15, 1992 at par and at any\ntime for tax reasons. They will be sold in denominations of\n20,000 crowns and listed in Luxembourg. Fees involve 1-1/4 pct\nfor selling and 5/8 pct for management and underwriting\ncombined, minus 1/8 pct for the co-leads. Payment date is April\n15.\n The co-leads are Privatbanken A/S and Generale Bank\nBrussels.\n REUTER\n\u0003", "date": "11-MAR-1987 10:27:45.96", "places": [ "uk" ], "id": "3641" }, { "title": " INITIAL OFFERING UNDERWAY", "body": "Lead underwriters Josephthal and Co\nInc, Emmett A. Larkin Co Inc and Hays Securities Corp said an\ninitial public offering of 865,000 common shares of Mesa\nAirlines Inc is underway at 7.50 dlrs per share.\n Underwriters have been granted an overallotment option to\npurchase up to another 129,750 shares.\n Reuter\n\u0003", "date": "11-MAR-1987 10:28:07.09", "places": [ "usa" ], "id": "3642" }, { "title": "ANOVA VENTURES SETS DIVIDEND IN DUEVEL SHARES", "body": " said its board\ndeclared a dividend payable in the form of registered shares of\nstock in , a blind public pool.\n ANova describes itself as a publishing and financial\nservices firm specializing in arranging revers acquisitions and\nmergers between blind pools/shells and private companies.\n ANova said it created Duvel to act as a blind pool and will\nseek an operating private company to merger with Duvel. Duvel\nhas sold 300,000 common shares to a private investor group to\nfinance expenses of registration and 640,000 shares will be\npaid to ANova stockholders as a dividend, it added.\n Reuter\n\u0003", "date": "11-MAR-1987 10:29:01.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "3643" }, { "title": "DNC INTERNATIONAL ISSUES 10 BILLION YEN BOND", "body": "DNC International Finance A.S. Is\nissuing a 10 billion yen eurobond due April 7, 1994 with a five\npct coupon and priced at 102-3/8 pct, Yamaichi International\n(Europe) Ltd said as joint book-runner with Tokai International\nLtd.\n The non-callable bonds, guaranteed by Den norske\nCreditbank, will be issued in denominations of one mln yen and\nwill be listed in Luxembourg. Total fees of 1-7/8 pct comprise\n5/8 pct for management and underwriting and 1-1/4 pct for\nselling. Pay date is April 7.\n REUTER\n\u0003", "date": "11-MAR-1987 10:30:21.61", "places": [ "uk" ], "id": "3644" }, { "title": "CHRYSLER DEAL LEAVES UNCERTAINTY FOR AMC WORKERS", "body": "Chrysler Corp's 1.5 billion dlr bid to\ntakeover American Motors Corp should help bolster the\nsmall automaker's sales, but it leaves the future of its 19,000\nemployees in doubt, industry analysts say.\n It was \"business as usual\" yesterday at the American Motors\nheadquarters, one day after the proposed merger was unveiled by\nChrysler and AMC's French parent Renault, according to company\nspokesman Edd Snyder.\n But AMC's future, to be discussed at a board meeting today,\nwould be radically different as a Chrysler subsidiary than if\nit had continued with the state-run French car group as its\ncontrolling shareholder.\n Industry analysts said the future of AMC's car assembly\nplant in Kenosha, Wis., and its Toledo, Ohio, Jeep plant would\nbe in doubt if the overcapacity predicted in the North American\nauto industry by the early 1990s comes to pass.\n Both plants are far from \"state of the art\" for car\nmanufacturing sites, and AMC has a history of poor labor\nrelations at each.\n \"Chrysler doesn't need that many new plants,\" said Michael\nLuckey, automotive analyst for the Wall Street firm Shearson\nLehman Brothers. \"They probably will close the Toledo plant and\nmove Jeep production to Canada.\"\n Ronald Glantz of Montgomery Securities said that at the\nvery least, the new owner of the Toledo plant would be able to\nwring concessions from the United Automobile Workers union\nlocal representing Jeep workers.\n \"The UAW won't be able to hold them up for ransom as they\nhave AMC because during a down year, Chrysler will have\nunderutilized facilities to transfer production,\" he said.\n Analysts said they foresaw no major complications that\nwould abort a combination which historians said would be the\nauto industry's biggest merger since American Motors was formed\nin 1954.\n AMC was in need of a financial savior because of its losses\nof more than 800 mln dlrs since 1980 and pressures in France\nfor Renault to cut its backing. The company had said it could\nnot forecast consistent profitability until 1988 at the\nearliest.\n In announcing the takeover agreement, Chrysler chairman Lee\nIacocca cited AMC's Jeep division as well as its new 675 mln\ndlr assembly plant at Bramalea, Ontario, and its network of\n1,200 dealers as the major attractions.\n Analysts reasoned that Chrysler might feel moved eventually\nto sell off or close some of the older plants to cut overhead\ncosts in view of the new debts and liabilities it would incur\nin the AMC buyout.\n Reuter\n\u0003", "date": "11-MAR-1987 10:31:40.35", "topics": [ "acq" ], "places": [ "usa", "canada" ], "id": "3645" }, { "title": "ST. JOE GOLD TO DEVELOP ONTARIO MINE", "body": "St. Joe Gold Corp said it plans to\nproceed with development of its Golden Patricia gold property\nin northwestern Ontario.\n It said about five mln dlrs will be spent to continue\nunderground development and obtain operating permits and\nanother 10.2 mln dlrs is expected to be required to complete\nunderground development, construct a mill and provide the\ninfrastructure needed to put the mine into commercial\nproduction.\n St. Joe Gold said if the necessary operating permits were\ngranted in time, it would start gold production in the second\nhalf of the year ending October 31, 1988 at an annual rate of\nabout 40,000 troy ounces.\n The company said the property is estimated to contain over\n500,000 troy ounces of gold, and the initial mining project\ncovers only seven of 192 claims, with drill-indicated reserves\nof 293,000 short tons grading 0.88 troy ounce of gold per ton.\n It said initial mine output is expected to be about 150\ntons of ore daily.\n St. Joe Gold said the Golden Patricia vein has not been\ntested at depth or along strike to the east and west and\nexploration is continuing on the Golden Patricia property and\nthe adjacent wholly-owned Muskeg Lake property.\n The company also said its Richmond Hill gold and silver\ndeposit in the Carbonate district of western South Dakota has\nbeen shown by drilling to contain about 3,900,000 tons grading\n0.055 troy ounce of gold and 0.23 troy ounce of silver per ton.\n It said preliminary results are encouraging and a feasibility\nstudy is nearing completion.\n Reuter\n\u0003", "date": "11-MAR-1987 10:32:35.98", "topics": [ "gold", "silver" ], "places": [ "usa", "canada" ], "id": "3646" }, { "title": "NUCOR CORP RAISES QUARTERLY", "body": "Qtly div nine cts vs eight cts prior\n Pay May 12\n Record March 31\n Reuter\n\u0003", "date": "11-MAR-1987 10:38:06.39", "topics": [ "earn" ], "places": [ "usa" ], "id": "3647" }, { "title": "DNC INTERNATIONAL ISSUES 10 BILLION YEN BOND", "body": "DNC International Finance A.S. Is\nissuing a 10 billion yen eurobond due April 7, 1994 with a five\npct coupon and priced at 102-3/8 pct, Yamaichi International\n(Europe) Ltd said as joint book-runner with Tokai International\nLtd.\n The non-callable bonds, guaranteed by Den norske\nCreditbank, will be issued in denominations of one mln yen and\nwill be listed in Luxembourg. Total fees of 1-7/8 pct comprise\n5/8 pct for management and underwriting and 1-1/4 pct for\nselling. Pay date is April 7.\n REUTER\n\u0003", "date": "11-MAR-1987 10:38:35.18", "places": [ "uk" ], "id": "3648" }, { "title": " YEAR NET", "body": "Shr 1.60 dlrs vs 3.12 dlrs\n Net 10.6 mln vs 20.6 mln\n Revs 162.5 mln vs 214.6 mln\n Note: 1985 shr restated to reflect January 31, 1986 stock\nsplit.\n 73 pct-owned by Kelsey-Hayes Co.\n Reuter\n\u0003", "date": "11-MAR-1987 10:38:56.74", "topics": [ "earn" ], "places": [ "canada" ], "id": "3649" }, { "title": "CURFEW CLAMPED ON NIGERIAN STATE AFTER CLASHES", "body": "Nigeria's military government clamped a\ndusk-to-dawn curfew on northern Kaduna state and ordered all\nschools and colleges there closed after 11 people died in\nclashes between Moslems and Christians.\n A statement said the situation in Kaduna was now under\ncontrol, after two days of disturbances caused by \"undesirable\nelements hiding under the cover of religion.\"\n The statement, signed by Rear-Admiral Augustus Aikhomu, the\nregime's number two, urged the media to exercise restraint in\nreporting the clashes which began last weekend in Kafanchan, a\nChristian enclave in the mainly-Moslem north.\n Reuter\n\u0003", "date": "11-MAR-1987 10:40:17.71", "places": [ "nigeria" ], "id": "3650" }, { "title": "RIGGS NATIONAL CORP SETS QUARTERLY", "body": "Qtly div 27-1/2 cts vs 27-1/2 cts prior\n Pay April 15\n Record March 31\n Reuter\n\u0003", "date": "11-MAR-1987 10:40:41.35", "topics": [ "earn" ], "places": [ "usa" ], "id": "3651" }, { "title": " TO MAKE ACQUISITION", "body": "Pacer Systems said it has\nagreed in principle to acquire the assets of Sea Data Corp, a\nmaker of low-powered electronic systems including undersea\nintelligent recording sensors and high-density digital data\nrecorders, for one mln dlrs.\n Reuter\n\u0003", "date": "11-MAR-1987 10:41:54.22", "topics": [ "acq" ], "places": [ "usa" ], "id": "3652" }, { "title": " EDF LAUNCHING FIVE BILLION FRENCH FRANC BOND - CO-LEAD MANAGER PARIBAS\n", "date": "11-MAR-1987 10:41:56.30", "id": "3653" }, { "title": "CONCORD COMPUTING EXECUTIVES RESIGN", "body": "Concord Computing Corp said\nThomas E. Swithenbank has resiged as president and a director\nand John L. burns has resigned as vice president of\nmanufacturing.\n No reason was given.\n It said chairman and chief executive officer Victor M.\nTyler will assume the additional post of president.\n Reuter\n\u0003", "date": "11-MAR-1987 10:42:21.83", "places": [ "usa" ], "id": "3654" }, { "title": "GM DEALERS ORDER 125,000 NEW CHEVROLETS", "body": "General Motors Corp said almost\n125,000 of Chevrolet's two newest cars - the four-door Corsica\nsedan and two-door Beretta Sport Coupe - have been ordered by\ndealers in advance of their official introduction Thursday.\n It said on hand in dealer inventory and for immediate\ndelivery were 35,000 of the two models. Another 8,000 were in\ntransit from assembly plants.\n Reuter\n\u0003", "date": "11-MAR-1987 10:43:24.82", "places": [ "usa" ], "id": "3655" }, { "title": "SHL SYSTEMHOUSE FILES FOR PUBLIC OFFERING", "body": "SHL Systemhouse Inc said it\nfiled a registration statement with the Securities and Exchange\nCommission relating to common shares owned by .\n SHL said the filing was made to satisfy exchange rights\nunder a proposed offering of U.S 100 mln dlrs principal amount\nof exchangeable secured debentures due 2007 by Kinburn.\n Kinburn owns 31.6 pct of the issued and outstanding common\nshares of SHL, the company said.\n It said the debentures may be exchanged at any time prior\nto maturity unless previously redeemed, for SHL Systemhouse\ncommon shares at an exchange rate to be determined at the time\nof the sale of the debentures.\n SHL said it was advised that Kinburn intends to exercise\nthis option to maintain its ownership and effective control of\nSystemhouse.\n\n Reuter\n\u0003", "date": "11-MAR-1987 10:43:51.09", "places": [ "canada" ], "id": "3656" }, { "title": "BILFINGER UND BERGER SEES OUTPUT FALLING IN 1987", "body": "Bilfinger und Berger-Bau\nAG expects group construction output in 1987 to fall\nto around 2.5 billion marks in 1987 from 2.73 billion last year\nand sees foreign business stabilizing just under its 1986\nlevel.\n In a letter to shareholders, Bilfinger und Berger said\nforeign construction work fell to 1.37 billion marks in 1986\nfrom 2.10 billion the year before. It said the drop was due to\na fall in orders and the dollar's decline against the mark.\n The firm expects good 1986 results, with an appropriate\ndividend. In 1985 group net profit fell to 14.1 mln marks from\n22.6 mln in 1984 and the dividend lost one mark to nine marks.\n Bilfinger und Berger's U.S. Units took up 600 mln marks of\nits total foreign construction output.\n The company said domestic earnings in 1986 improved\nslightly despite strong competition, due to efforts to avoid\ntaking on orders which would not break even.\n Foreign earnings were hit by the lower dollar and temporary\npayment difficulties by clients.\n Incoming orders in 1986 rose to 3.05 billion marks from\n2.58 billion the year before, comprising domestic 1.30 billion\nmarks versus 1.41 billion and foreign 1.75 billion marks versus\n1.18 billion.\n Foreign incoming orders rose despite economic difficulties\nin developing countries and OPEC nations hit by lower oil\nprices, Bilfinger und Berger said.\n In 1986 it won new orders in the U.S., Pakistan, Nigeria\nand Egypt.\n Orders on hand at end-1986 totalled 3.64 billion marks\nagainst 3.32 billion at end-1985.\n REUTER\n\u0003", "date": "11-MAR-1987 10:44:32.91", "places": [ "usa" ], "id": "3657" }, { "title": "VERSAR INC TO MAKE ANNOUNCEMENT", "body": "Versar Inc, a technical\nenvironmental services company, said it will release an\nannouncement this afternoon concerning the company.\n A Versar spokesman said he was unable to divulge any\nfurther information.\n The American Stock Exchange halted trading of Versar's\nstock this morning.\n Reuter\n\u0003", "date": "11-MAR-1987 10:45:16.80", "places": [ "usa" ], "id": "3658" }, { "title": "MIZUNO ISSUING 30 MLN SWISS FRANC FIVE YEAR NOTE", "body": "Mizuno Corp of Osaka is issuing 30 mln\nSwiss francs of five year notes with a 4-5/8 pct coupon and\n100-1/8 issue price, lead manager Swiss Bank Corp said.\n The notes, which are guaranteed by Sumitomo Bank Ltd, can\nbe called at 101-1/2 from September 27, 1989.\n Payment is due March 27.\n REUTER\n\u0003", "date": "11-MAR-1987 10:45:29.25", "places": [ "usa" ], "id": "3659" }, { "title": "SPAIN QUALIFIES RESERVE REQUIREMENTS STATEMENT", "body": "A Bank of Spain spokesman qualified a\nbank statement announcing an extension of reserve requirements\nto convertible peseta funds held by banks, saying the move\napplied only to future rises above current balances.\n \"The 19 pct reserve requirement will only be applied to\nfurther increases in bank's convertible peseta funds,\" the\nspokesman said. Convertible peseta funds previously were exempt\nfrom reserve requirements. The spokesman said the measure was\nintended to curb an influx of short-term foreign speculative\ncapital which threatened the government's money supply growth\ntarget.\n REUTER\n\u0003", "date": "11-MAR-1987 10:45:58.16", "topics": [ "reserves" ], "places": [ "spain" ], "id": "3660" }, { "title": "SPAIN'S MONEY SUPPLY GROWTH DOUBLES IN FEBRUARY", "body": "Spain's broad based M-4 money supply\nrose at an annualised rate of 16.7 pct in February against 8.1\npct in January and 22.4 pct in February last year, Bank of\nSpain figures show.\n The broad-based money supply is measured as liquid assets\nin public hands plus quasi-monetary assets.\n Money supply growth was 11.4 pct last year. The government\nwants to reduce the rate to eight pct this year.\n REUTER\n\u0003", "date": "11-MAR-1987 10:46:24.45", "topics": [ "money-supply" ], "places": [ "spain" ], "id": "3661" }, { "title": "ROBERT HALMI GETS FIVE MLN DLR CREDIT LINE", "body": "Robert Halmi Inc said it has received\na commitment for a five mln dlr revolving credit line from\nWells Fargo and Co .\n It said it will use funds for the development and\nproduction of television programming.\n Reuter\n\u0003", "date": "11-MAR-1987 10:46:28.98", "places": [ "usa" ], "id": "3662" }, { "title": "DUFF/PHELPS UPGRADES BELLSOUTH CORP UNIT", "body": "Duff and Phelps raised its ratings to\nDP-1 (AAA) from DP-2 (high AA) on 2.6 billion dlrs in\ndebentures and 150 mln dlrs in notes of South Central Bell\nTelephone Co, a unit of BellSouth Corp.\n The rating agency cited the company's strong financial\nperformance, which was achieved by keeping expenses under\ncontrol and not by relying on raising local phone rates to its\ncustomers.\n Reuter\n\u0003", "date": "11-MAR-1987 10:47:05.09", "id": "3663" }, { "title": "PENNSYLVANIA POWER OFFERS PREFERRED STOCK", "body": "Pennsylvania Power and Light Co\nsaid it will offer 500,000 shares of 6-7/8 pct series preferred\nstock at 100 dlrs per share and 500,000 shares of 7-3/8 pct\nseries preferred stock at the same price, plus accumulated\ndividends from the date of original issuance.\n The First Boston Corp, Drexel Burnham Lambert Inc, Merrill\nLynch Capital Markets and Prudential-Bache Capital Funding are\nthe underwriters offering the stock, said Pennsylvania Power.\n The 6-7/8 pct series preferred stock is redeemable at any\ntime, at the option of the company at 106.88 pct per share on\nor before March 31, 1992, and declining to 100 pct on and after\nApril 1, 1994, the company said.\n The company added that no optional redemption may be made\nprior to April 1, 1994, with or in anticipation of borrowed\nfunds or senior or parity stock having an effective cost of\nless than 6.88 pct per annum.\n The 6-7/8 pct series preferred stock will have a mandatory\nsinking fund in the amount of 100,000 shares in each year\ncommencing on April 1, 1993, calculated to retire the issue no\nlater than April 1, 1997.\n The company has the non-cumulative option to retire an\nadditional 100,000 shares on any sinking fund payment date, it\nsaid.\n Pennsylvania Power said the 7-3/8 pct series preferred\nstock is redeemable at any time, also, at the option of the\ncompany at 107.38 dlrs per share on or before March 31, 1992,\nand declining to 100 pct on and after April 1, 2002.\n The company said that no optional redemption may be made\nprior to April 1, 1992, with or in anticipation of borrowed\nfunds or senior or parity stock having an effective cost of\nless than 7.38 pct per annum.\n Pennsylvania Power said the 7-3/8 pct series preferred\nstock will have a mandatory sinking fund of 25,000 shares in\neach year commencing April 1, 1993, calculated to retire the\nissue no later than April 1, 2012.\n It said it has the non-cumulative option to retire an\nadditional 25,000 shares on any sinking fund payment date.\n Reuter\n\u0003", "date": "11-MAR-1987 10:47:12.26", "places": [ "usa" ], "id": "3664" }, { "title": "LEUCADIA HAS 50 MLN DLR REVOLVING FACILITY", "body": "Leucadia National Corp, a U.S. Financial\nservices holding company, has received a 50 mln dlr, five-year\nrevolving underwriting facility (RUF), said Merrill Lynch\nCapital Markets as arranger.\n Under terms of the facility, Leucadia may issue euro-notes\nin maturities from one to six months, subject to a maximum of\n183 days. The method of issuance will be the issuer-set margin\nsystem under which Leucadia will determine the spread over the\nLondon Interbank Offered Rate (LIBOR).\n Leucadia has already established a euro-commercial paper\nprogram for which Merrill acts as dealer.\n The RUF may serve as medium term back-up to the commerical\npaper program although the two may be used simultaneously,\nMerrill said.\n In addition to issuing euro-notes, Leucdia may also draw\nunder the RUF by use of a so-called \"swing line,\" which provides\nsame day availability of funds of up to 25 mln dlrs. Also, the\nswing line provides for use of a \"spot issuance procedure which\nallows the company to borrow up to the full amount of the 50\nmln dlrs on two days notice.\n REUTER\n\u0003", "date": "11-MAR-1987 10:47:21.71", "places": [ "usa" ], "id": "3665" }, { "title": "DEALERS WARY OVER STERLING INTERVENTION RUMOUR", "body": "Foreign exchange market rumours that the\nthe Bank of England has been selling sterling to halt its rise\nprompted a wary response from dealers who said they saw no\nobvious confirmation, market sources said.\n Bank of England officials were not immediately available\nfor comment. Earlier this week, the Bank sanctioned a cut in\nbank interest rates in a surprise move, which aimed at limiting\nsterling's rise ahead of the March 17 budget.\n But today the pound has strengthened to 72.7 on its\ntrade-weighted index from 72.1 last night, though the U.K.\nCurrency is below its day's high against the dollar.\n REUTER\n\u0003", "date": "11-MAR-1987 10:47:34.39", "topics": [ "money-fx", "stg" ], "places": [ "uk" ], "id": "3666" }, { "title": "TELEPHONE SUPPORT SYSTEMS INC 3RD QTR", "body": "Nov 30 end\n Shr four cts vs 11 cts\n Net 62,986 vs 174,158\n Sales 720,906 vs 907,542\n Year\n Shr 18 cts vs six cts\n Net 277,852 vs 94,263\n Sales 2,247,374 vs 2,030,390\n Reuter\n\u0003", "date": "11-MAR-1987 10:49:24.84", "topics": [ "earn" ], "places": [ "usa" ], "id": "3667" }, { "title": "NETWORK VIDEO INC 3RD QTR FEB 28 NET", "body": "Shr one ct vs five cts\n Net 50,745 vs 161,019\n Revs 478,700 vs 1,048,543\n Avg shrs 4,350,000 vs 3,217,500\n Nine mths\n Shr four cts vs 12 cts\n Net 169,275 vs 390,179\n Revs 1,478,066 vs 2,658,692\n Avg shrs 4,350,000 vs 3,217,500\n Reuter\n\u0003", "date": "11-MAR-1987 10:49:46.78", "topics": [ "earn" ], "places": [ "usa" ], "id": "3668" }, { "title": "COMTECH INC 2ND QTR JAN 31 NET", "body": "Oper shr profit one ct vs profit two cts\n Oper net profit 63,000 vs profit 84,000\n Sales 5,009,000 vs 4,042,000\n 1st half\n Oper shr profit two cts vs loss 17 cts\n Oper net profit 87,000 vs loss 794,000\n Sales 9,838,000 vs 7,368,000\n Backlog 17.8 mln vs 11.4 mln\n NOTE: Current year net excludes tax credits of 32,000 dlrs\nin quarter and 45,000 dlrs in half.\n Reuter\n\u0003", "date": "11-MAR-1987 10:49:53.75", "topics": [ "earn" ], "places": [ "usa" ], "id": "3669" }, { "title": "NAKASONE SET TO STAY UNTIL TAX REFORM APPROVED", "body": "Prime Minister Yasuhiro Nakasone will\nstep down only after his plan to overhaul Japan's tax system\ngets parliamentary approval, one of his closest aides said\ntoday.\n The aide, who declined to be identified, said at a private\nmeeting, \"Nakasone's power in office does not necessarily\nterminate at the end of his term in October. It depends on when\n(the) seven tax reform bills get parliamentary approval.\"\n Nakasone vowed yesterday to press on with his plan despite\nSunday's unexpected Upper House by-election defeat of the\nruling Liberal Democratic Party (LDP) in a conservative\nstronghold.\n The socialist winner, backed by other opposition parties,\nhad campaigned against a controversial five pct value added\nsales tax, the main plank of the reform plans.\n The aide dismissed the possibility of any amendment of the\nsales tax on the grounds the opposition parties were demanding\nnothing but retraction of the tax.\n They have been refusing to discuss a draft budget for the\n1987 fiscal year starting on April 1, which includes the tax\nplans. They have been resorting to an on-off boycott of\nparliament since February 4.\n \"If I were Nakasone, I would close the current regular\nparliamentary session on May 27 as scheduled, attend the Venice\nsummit of industrial democracies in June and open an\nextraordinary session to discuss the tax plans,\" the aide said.\n Under law, a regular session can be extended only once\nwhile an extraordinary session can be extended twice.The other\noption would be to extend the current session, he said.\n \"The opposition parties will surely present a no-confidence\nmotion against the Nakasone Cabinet at one stage or another.\"\n One scenario then will be to reject the motion opening up\nthe way for tax reform.\n \"Another scenario is the resignation of the Nakasone Cabinet\nen masse. A third scenario is a dissolution of the Lower House\nfor a snap general election,\" the aide said.\n That is only possible if the 200 opposition members resign\nfrom the 512-seat Lower House, necessitating by-elections.\n The LDP now has 304 seats in the Lower House after its\nlandslide victory in general elections last July.\n There are five independents and three vacancies.\n \"The LDP which will put up candidates will certainly inflate\ntheir seats, but at the expense of fierce media criticism,\" the\naide said.\n He said he expected the proposed sales tax to have little\neffect on local elections to be held on April 12 and 26.\n About 2,600 elections will be held in all but three of the\nnation's 47 prefectures including 13 gubernatorial elections.\n \"Candidates running in prefectural assemblies will all\noppose the sales tax irrespective of their party tickets.\n \"Possible effects, if any, will be on gubernatorial\nelections in Japan's northernmost island of Hokkaido and\nFukuoka in southern Japan,\" he said.\n The two posts are now held by opposition socialists.\n REUTER\n\u0003", "date": "11-MAR-1987 10:50:03.34", "places": [ "japan" ], "id": "3670" }, { "title": "EDF ISSUING FIVE BILLION FRENCH FRANC BOND", "body": "The French electricity utility\nElectricite de France is issuing a five billion French franc\nbond in three tranches, co-lead manager Banque Paribas said\nhere.\n The issue is also being lead-managed by Credit Lyonnais.\n The first two billion franc tranche carries a fixed\ninterest rate of 8.30 pct, with a life of 11 years 316 days and\nredeemable en bloc at par at the end of its life. The issue\nprice will be 96.44 pct and the payment date is March 30.\n The second tranche of 1.5 billion francs will be\ndenominated in 5,000 franc units and carry an 8.50 pct coupon,\npayable December 14 each year.\n The issue price will be 98.18 pct and it will have a life\nof 12 years 259 days. Redemption will be en bloc at par at the\nend of its life, and the payment date will be March 30.\n Each bond will carry a warrant permitting subscription on\nDecember 14, 1987 to a fixed-rate bond, which will be\nintegrated with the previous issue at an issue price of 98.18\npct, and with a nominal coupon of 8.50 pct.\n The life of the issue will be 12 years.\n A third tranche of 1.5 billion francs will be issued at a\nvariable interest rate, and the whole issue will be quoted on\nthe Paris Bourse.\n Paribas and Credit Lyonnais will be market makers for the\nfirst two tranches, the communique added.\n REUTER\n\u0003", "date": "11-MAR-1987 10:50:16.02", "places": [ "france" ], "id": "3671" }, { "title": "BALTEK CORP 4TH QTR NET", "body": "Oper shr 21 cts vs 34 cts\n Oper net 480,000 vs 765,000\n Revs 6,386,000 vs 5,862,000\n Year\n Oper shr 1.20 dlrs vs 78 cts\n Oper net 2,692,000 vs 1,732,000\n Revs 25.2 mln vs 20.3 mln\n NOTEL Net excludes tax credit 35,000 dlrs vs reversal of\ncredit 40,000 dlrs in quarter and credits 79,000 dlrs vs 72,000\ndlrs in year.\n Reuter\n\u0003", "date": "11-MAR-1987 10:50:49.86", "topics": [ "earn" ], "places": [ "usa" ], "id": "3672" }, { "title": "SAHLEN AND ASSOCIATES COMPLETES PURCHASE", "body": "Sahlen and Associates Inc\nsaid it has completed the purchase of Gleason Securities\nService Inc of New York and Gleason Plant Security Inc of\nConnecticut.\n Sahlen said the deal's terms were not disclosed, but added\nthat the acquired companies had combined annual revenues of\nover 18 mln dlrs.\n Sahlen, a private invetigation company, said the Gleason\ncompanies provide security guard services to corporations in\nthe tri-state area.\n \n Reuter\n\u0003", "date": "11-MAR-1987 10:51:09.44", "topics": [ "acq" ], "places": [ "usa" ], "id": "3673" }, { "title": "MEM CO INC DECLARES QTLY DIV", "body": "Qtly div 15 cts vs 15 cts prior\n Pay May 11\n Record March 31.\n Reuter\n\u0003", "date": "11-MAR-1987 10:52:04.30", "topics": [ "earn" ], "places": [ "usa" ], "id": "3674" }, { "title": "NYNEX URGES JUSTICE DEPT. PLAN APPROVAL", "body": "NYNEX Corp will urge the U.S.\nDistrict Court to approve Justice Department recommendations\neasing restrictions on offering new services by regional\ntelephone firms, chairman Delbert Staley said.\n \"While NYNEX would have prefered the unqualified lifting of\nall of the Modified Final Judgement restrictions, we intend to\nurge Judge (Harold) Greene to act as quickly as possible to\napprove the recommendations,\" Staley told a news conference.\n NYNEX will file its comments with the U.S. District Court\non Friday, he said.\n Staley referred to Justice Department recommendations to\nGreene last month that restrictions on manufacturing,\ninformation services and out-of-region, long-distance service\nbe eliminated.\n Referring to information services, Staley said, \"That\ncertainly is one area we would quickly move into.\"\n Electronic mail, voice mail and videotext are some of the\nservices NYNEX could offer, he added.\n NYNEX disagreed with the department's recommendation to\nretain restrictions on long-distance service within a local\nservice region, Staley said.\n The company would like to have the option of providing\nlong-distance service within and outside its region, he said.\n \"Our entry in long-distance would further stimulate\ncompetition,\" Staley said.\n \"We believe it would put downward pressure on consumer\ncosts.\"\n \n Reuter\n\u0003", "date": "11-MAR-1987 10:53:26.57", "places": [ "usa" ], "id": "3675" }, { "title": "INSITUFORM OF NORTH AMERICA INC 4TH QTR", "body": "Shr nine cts vs four cts\n Net 658,159 vs 299,930\n Revs 3,770,341 vs 2,614,224\n Avg shrs 7,382,802 vs 6,747,442\n Year\n Oper shr 33 cts vs 18 cts\n Oper net 2,287,179 vs 1,045,799\n Revs 13.1 mln vs 8,577,853\n Avg shrs 6,874,505 vs 5,951,612\n NOTE: 1985 year net includes 13,000 dlr tax credit.\n Reuter\n\u0003", "date": "11-MAR-1987 10:53:45.61", "topics": [ "earn" ], "places": [ "usa" ], "id": "3676" }, { "title": "SOUTHWEST AIRLINES CO UNIT ADDS SERVICE", "body": "Southwest Airlines Co's TranStar\nAirlines said it will add new flights and increase service to\nseveral cities, including Los Angeles.\n TranStar said it will add a third daily nonstop April One\nfrom New Orleans to Los Angeles, bringing to 10 the total of\nnon stop and connecting flights to that city.\n It also will start nonstop service from San Antonio to Las\nVegas and increase service to Orlando, Fla., it said.\n The new schedule will feature three daily flights from San\nAntonio to Las Vegas, including one nonstop, one direct and one\nconnecting flight, via Los Angeles.\n TranStar said it will increase to three daily connecting\nflighs to Orlando, via Houston.\n TranStar said the new April One schedule will offer 21\ndaily departures from New Orleans to 11 cities in Florida,\nTexas, Nevada and California.\n Reuter\n\u0003", "date": "11-MAR-1987 10:56:17.09", "places": [ "usa" ], "id": "3677" }, { "title": "SEC CHARGES MERRILL LYNCH U.K. MANAGING DIRECTOR NAHUM VASKEVITCH WITH INSIDER TRADING\n", "date": "11-MAR-1987 10:56:21.50", "id": "3678" }, { "title": "COMPUTER TECHNOLOGY NETWORKING DEVICE", "body": "Computer Network Technology Corp\nsaid it introduced the CHANNELink Model 5100/R, a high speed\nnetworking product line.\n It said the product line is designed for remote IBM\nmainframe-to-mainframe data communications.\n Reuter\n\u0003", "date": "11-MAR-1987 10:56:40.53", "places": [ "usa" ], "id": "3679" }, { "title": "MAJOR REALTY CORP 4TH QTR LOSS", "body": "Shr loss 19 cts vs profit 11 cts\n Net loss 1,140,270 vs profit 590,463\n Revs 1,259,164 vs 3,225,512\n Year\n Shr loss 67 cts vs profit 10 cts\n Net loss 4,004,840 vs profit 580,488\n Revs 3,184,480 vs 9,123,041\n Reuter\n\u0003", "date": "11-MAR-1987 10:57:52.71", "topics": [ "earn" ], "places": [ "usa" ], "id": "3680" }, { "title": "NUTMEG INDUSTRIES INC YEAR JAN 31 NET", "body": "Shr 14 cts\n Net 510,917\n Sales 12.3 mln\n NOTE: Share adjusted for five for four stock split in\nJanuary 1987.\n Backlog 13.0 mln dlrs vs 3,733,000 dlrs.\n Company began operating January 27, 1986.\n Reuter\n\u0003", "date": "11-MAR-1987 10:59:02.35", "topics": [ "earn" ], "places": [ "usa" ], "id": "3681" }, { "title": "MERRILL LYNCH U.K. EXECUTIVE CHARGED BY SEC", "body": "The Securities and Exchange Commission\nsaid it charged a managing director of\n in London with\nmasterminding \"a massive insider trading scheme.\"\n Nahum Vaskevitch, the managing director of the Mergers and\nAquisitions Department of the broker's London office, was\ncharged in a civil complaint by the SEC filed in Manhattan\nFederal Court. The complaint said Vaskevitch leaked information\nabout 12 companies that were involved in a merger or aquisition\nwhich resulted in more than four mln dlrs in profit for himself\nand others involved in the scheme.\n Besides Vaskevitch, who is a British and Israeli citizen\nwho lives in London, others named as defendants in the suit\nwere David Sofer, an Israeli citizen living in Jerusalem, and\ntwo corporations, , a British company, and , a Lichtenstein corporation.\n The scheme, which covered a two year period, allegedly\ninvolved Vaskevitch leaking information to Sofar about looming\ntakeovers and mergers, some of which he worked on, according to\nthe complaint. The SEC secured a temporary restraining order\nfreezing all the assets of the defendants in the United States.\nA hearing is set for March 20.\n Merrill Lynch, Pierce, Fenner and Smith is a subsidiary of\nMerrill Lynch and Co Inc .\n According to the court documents, Sofer is a principal in\nboth Plenmeer and Meda Establishment and Vaskevitch has an\ninterest in Plenmeer.\n The suit was filed in New York because trading allegedly\ntook place here. \n One of the deals in which an insider profit was alleged was\nthe 1984 merger of K-Mart Corp with .\n Another deal was the sale by W.R. Grace and Co of its\nholdings in .\n An SEC official in Washington said the Vaskevitch case is\nunrelated to the agency's widening investigation into Wall\nStreet's insider trading scandal involving Ivan Boesky and\nDennis Levine.\n Neither Vaskevitch nor Sofar are currently living in the\nUnited States and cannot be extradited on the basis of the\nSEC's civil charges filed against them, the official said.\n Vaskevitch is living in England and Sofar's whereabouts are\nunknown, he said.\n \"We can't force them to come back,\" the official said.\n The agency is moving to seize all U.S. assets of both men,\nwhich they could forfeit if they do not contest the case, the\nSEC official said.\n Although the SEC recently signed an accord with Britain\naimed at improving cooperation between the two countries in\ninvestigating securities law violations, the SEC official said\nit did not need to rely on U.K. authorities in this case.\n \"We were able to make our case against them here,\" he said.\n Reuter\n\u0003", "date": "11-MAR-1987 11:02:21.44", "places": [ "usa", "uk", "israel" ], "id": "3682" }, { "title": "TENNECO DECLINES COMMENT ON STOCK", "body": "The New York Stock Exchange said\nTenneco Inc declined to comment on whether there were any\ncorporate developments that might explain the unusual activity\nin its stock.\n The exchange said it had requested a statement from the\ncompany in light of the activity. Tenneco was up 1-7/8 dlrs to\n48-5/8.\n Reuter\n\u0003", "date": "11-MAR-1987 11:02:30.60", "places": [ "usa" ], "id": "3683" }, { "title": "HENRY ANSBACHER HAS 51 PCT OF ADAMS AND PORTER INC", "body": " said it\nhas acquired a 51 pct interest in the U.S. Retail and general\ncorporate insurance broker .\n The move is the first step in building a new international\ninsurance broking group following the appointment of a new\nmanagement team for its Seascope Insurance Holdings unit.\n Ansbacher said A and P has exciting growth potential,\nparticularly on the east coast of the U.S. And has an annual\nrevenue of more than four mln dlrs. Ansbacher shares were up\n4-1/2p to 90-1/2, helped by the announcement earlier today of a\n1986 pretax profit rise to 5.56 mln stg from 2.74 mln in 1985.\n REUTER\n\u0003", "date": "11-MAR-1987 11:02:51.92", "topics": [ "acq" ], "places": [ "usa" ], "id": "3684" }, { "title": "SWISS CANTONAL BANK GROUP SETS 150 MLN SFR BOND", "body": "The Central Issuing Office of the Swiss\ncantonal banks said it is launching a 150 mln Swiss franc 4-1/2\npct 12-year bond issue at 99.75 pct.\n Subscriptions close March 23.\n The funds will be partly used for the conversion or\nrepayment of an 80 mln franc 4-3/4 pct 1972/87 bond maturing on\nApril 15.\n REUTER\n\u0003", "date": "11-MAR-1987 11:03:43.77", "places": [ "switzerland" ], "id": "3685" }, { "title": "DEUTSCHE BANK ISSUES 150 MLN AUSTRALIA DLR BOND", "body": "Deutsche Bank Finance NV is issuing a\n150 mln Australia dlr bond due April 15, 1992 with a coupon of\n14-1/2 pct and priced at 101-1/2, said Deutsche Bank Capital\nMarkets as lead manager.\n Payment date is April 15. The securities will be listed on\nthe Luxembourg Stock exchange and will available in\ndenominations of 1,000 and 10,000 dlrs.\n There is a 1-3/8 pct selling concession and a 5/8 pct\ncombined management and underwriting fee.\n REUTER\n\u0003", "date": "11-MAR-1987 11:04:11.13", "places": [ "uk" ], "id": "3686" }, { "title": "SOME GERMAN ENGINEERS AGAIN HOLD WARNING STRIKES", "body": "The engineers union IG Metall said\n35,700 workers at 152 West German engineering companies held\nbrief warning strikes today in support of the union's demands\nfor higher wages and shorter working hours without loss of pay.\n It said most of the stoppages were in northern Germany,\nwhere employers and union representatives met for talks on a\ncollective wage agreement for 300,000 engineering workers in\nthe Hamburg, Schleswig-Holstein and Lower Saxony areas.\n IG Metall members began a series of nationwide warning\nstrikes this week as part of the union's bid to raise wages by\nfive pct and cut the working week to 35 hours from 38.5 hours.\n Warning strikes held so far this week have generally lasted\nabout one hour each.\n Employers in northern German offered IG Metall a 2.7 pct\nrise in wages from April 1 and a further 1.5 pct from July next\nyear. It also offered to cut the working week by half an hour\nfrom July 1988.\n IG Metall rejected the offer, and further talks for\nnorthern Germany were later scheduled for March 23.\n On Monday employers in the state of North Rhine-Westphalia\noffered workers there a similar package of wage rises and\nshorter working hours.\n REUTER\n\u0003", "date": "11-MAR-1987 11:04:58.48", "places": [ "west-germany" ], "id": "3687" }, { "title": "NATWEST, RABO UNIT REPORTS 8.8 PCT PROFIT GROWTH", "body": "Dutch bank F. Van\nLanschot Bankiers N.V., Co-owned by National Westminster PLC\n and RABOBANK B.A. , said 1986 net profit rose\n8.8 pct to 24.1 mln guilders on a 4.8-pct higher balance sheet\ntotal of 6.2 billion.\n Van Lanschot Bankiers is a subsidiary of Van Lanschot\nBeleggingscompagnie B.V. In which Britain's National\nWestminster Bank PLC and Dutch cooperative bank RABOBANK\nNederland B.A. Each have a 40-pct stake. Commercial Union's\nDutch insurance unit has a\n5.4-pct stake in Van Lanschot, which lowered risk provisions to\n22.5 mln guilders.\n\u0003", "date": "11-MAR-1987 11:06:29.79", "topics": [ "earn" ], "places": [ "netherlands" ], "id": "3688" }, { "title": "INTERCO ESTABLISHES 50 MLN DLR REVOLVING FACILITY", "body": "Missouri-based Interco Inc is\nestablishing a 50 mln dlr, five year revolving credit facility,\nSwiss Bank Corp International Ltd said as arranger.\n The facility allows for eurodollar and swingline advances\nup to 50 mln dlrs and also has an uncommitted option for\nshort-term, multi-currency advances.\n The margin for eurodollar advances is 20 basis points over\nLondon Interbank Offered Rates (LIBOR) and there is a\nutilisation fee of five basis points per annum if utilisation\nexceeds 50 pct.\n Swiss Bank Corp said that the facility pays a commitment\nfee of 10 basis points per annum on undrawn amounts.\n It has been syndicated on a club basis and signing is\nplanned by the end of March.\n Interco is a manufacturer and retailer of consumer products\nand services.\n REUTER\n\u0003", "date": "11-MAR-1987 11:07:32.95", "places": [ "uk" ], "id": "3689" }, { "title": "LICHT SEES RISE IN EUROPEAN BEET AREA: TRADE", "body": "West German sugar statistician F.O.\nLicht estimates European beet plantings this year at 7.22 mln\nhectares compared with a revised 1986 figure of 7.21 mln,\ntraders said.\n In its first estimate for 1987, it puts EC plantings at\n1.85 mln hectares compared with 1.89 mln in 1986, while it\nestimates sowings in Western Europe (including EC) at 2.49 mln\nhectares compared with 2.50 mln in 1986.\n Traders said Licht forecasts Eastern Europe plantings at\n4.73 mln hectares against 4.72 mln in 1986.\n Reuter\n\u0003", "date": "11-MAR-1987 11:07:47.29", "topics": [ "trade", "sugar" ], "places": [ "uk" ], "id": "3690" }, { "title": "FRANK B. HALL OFFERS NEW SERVICE", "body": "Frank B. Hall and Co, an\ninsurance and brokerage firm, said it has joined with to offer banks a new service that\nassesses their environmental risk level.\n Hall said that under recently enacted legislation banks and\nother financial institutions can be held liable for\nenvironmental risks in projects that they finance.\n Therefore, Hall said, RSI will evaluate a property, assign\nit an environmental risk level and advise the bank about its\noptions to reduce environmental risks.\n Reuter\n\u0003", "date": "11-MAR-1987 11:07:58.61", "places": [ "usa" ], "id": "3691" }, { "title": "LTV WINS 18.5 MLN DLR PAKISTAN ORDER", "body": "LTV Corp said Pakistan ordered\n180 military trucks and spare parts worth 18.5 mln dlrs from AM\nGeneral, a unit of LTV's Missles and Electronics Group.\n The company said the order includes 140 M809 Series\nfive-ton trucks and 40 M44A2 Series 2-1/2 ton trucks. They are\nscheduled to be delivered later this year.\n Reuter\n\u0003", "date": "11-MAR-1987 11:08:51.09", "places": [ "usa", "pakistan" ], "id": "3692" }, { "title": "RODMAN/RENSHAW TO BUY 200,000 OF ITS SHARES", "body": "Rodman and Renshaw Capital Group Inc\nsaid its directors approved the repurchase of up to 200,000\nshares of the company's common stock on the open market, from\ntime to time.\n The shares may be used for acquisition and for stock option\nplans, it said.\n Rodman and Renshaw completed its initial public offering of\n1.5 mln common shares in June 1986. There are currently about\n4.2 mln shares issued and outstanding, it noted.\n Reuter\n\u0003", "date": "11-MAR-1987 11:08:58.90", "places": [ "usa" ], "id": "3693" }, { "title": "FED EXPECTED TO ADD RESERVES", "body": "The Federal Reserve is expected to\nintervene in the government securities market to add temporary\nreserves via customer or system repurchase agreements,\neconomists said.\n Most economists said the Fed will inject reserves\nindirectly via customer repurchases, but they added that the\nFed might opt for a direct injection of reserves via overnight\nsystem repurchases.\n Federal funds opened at 6-3/8 pct and eased to 6-5/16 pct\nin early trading. Funds averaged 6.29 pct yesterday.\n Reuter\n\u0003", "date": "11-MAR-1987 11:09:38.03", "topics": [ "money-fx" ], "places": [ "usa" ], "id": "3694" }, { "title": "BEN AND JERRY'S HOMEMADE INC 4TH QTR NET", "body": "Shr 10 cts vs two cts\n Net 163,832 vs 31,063\n Sales 5,434,430 vs 3,167,735\n Avg shrs 1,712,231 vs 1,533,277\n Year\n Shr 59 cts vs 41 cts\n Net 1,016,375 vs 550,625\n Sales 19.7 mln vs 9,755,018\n Avg shrs 1,710,256 vs 1,327,172\n Reuter\n\u0003", "date": "11-MAR-1987 11:11:36.33", "topics": [ "earn" ], "places": [ "usa" ], "id": "3695" }, { "title": "CITIZENS FIDELITY PAPER UPGRADED BY S/P", "body": "Standard and Poor's Corp said it\nraised to A-1-plus from A-1 the commercial paper of Citizens\nFidelity Corp and its unit Citizens Fidelity Bank and Trust.\n S and P cited the completion of the firm's merger with PNC\nFinancial Corp , saying PNC has shown solid earnings,\nexcellent liquidity and a conservative capital position.\n The rating agency also upgraded long-term debt supported by\nletters of credit of lead bank Citizens Fidelity Bank to\nAA-plus from A. The bank's certificates of deposit were upped\nto AA-plus and A-1-plus from A and A-1 respectively.\n Reuter\n\u0003", "date": "11-MAR-1987 11:12:12.28", "places": [ "usa" ], "id": "3696" }, { "title": "BONNEVILLE PACIFIC CORP 3RD QTR JAN 31", "body": "Shr 52 cts vs 41 cts\n Net 4,921,601 vs 3,157,070\n Revs 35.8 mln vs 31.7 mln\n Avg shrs 8,939,955 vs 7,600,000\n Nine mths\n Shr 52 cts vs 34 cts\n Net 4,604,406 vs 2,585,621\n Revs 36.0 mln vs 32.1 mln\n Avg shrs 8,939,955 vs 7,600,000\n Reuter\n\u0003", "date": "11-MAR-1987 11:12:46.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "3697" }, { "title": "FORD LAUNCHES MARK EUROBOND WITH CURRENCY WARRANTS", "body": "Ford Motor Credit Co is raising\n200 mln marks through a five-year eurobond with currency\nwarrants attached, carrying a coupon of 5-3/4 pct and priced at\n116-3/4, lead manager Deutsche Bank AG said.\n The issue will be sold in denominations of 1,000 and 10,000\nmarks and listed in Frankfurt. Each 1,000 mark bond carries two\nwarrants which can be converted into 500 dlrs each at an\nexchange rate of 1.86 marks. The exercise period runs from\nApril 8, 1987 until March 6, 1989.\n Fees total two pct, with 1-1/4 pct for selling and 3/8 pct\neach for management and underwriting.\n Each 10,000 mark bond carries two warrants which can be\nconverted into 5,000 dlrs each on the same terms as the\nwarrants for the 1,000 mark bonds, Deutsche said.\n The bond pays interest annually on March 25 and matures on\nthe same date in 1992. Payment date is also March 25.\n A management group is currently being formed.\n REUTER\n\u0003", "date": "11-MAR-1987 11:13:44.71", "places": [ "west-germany" ], "id": "3698" }, { "title": "JC PENNEY UP ON SMITH BARNEY OPINION", "body": "J.C. Penney Co's stock rose sharply \nafter analyst William Smith of Smith Barney recommended the\nstock, based on the company's strong earnings momentum and the\npossibility of a stock buyback, dividend hike or stock split,\ntraders said.\n \"I am very impressed with the strong basic earnings story,\"\nanalyst Smith said, noting that the company has \"fine tuned its\nbuying and inventories, and has admirably controlled costs in a\ntime that they needed to.\"\n The stock jumped 2-1/2 to 98-3/4.\n Smith said the company ended 1986 with a strong cash\nposition of about 639 mln dlrs as compared to 158 mln dlrs the\nyear before. \"This implies the possibility of a share buyback,\nor significant dividend increase or a stock split,\" he said.\n In addition, he said the company has been gradually\nadjusting its merchandise mix and its gross margins have been\nimproving.\n Smith expects the company to earn 8.25-to-8.50 dlrs a share\nin 1987 as compared to the 7.06 dlrs a share earned last year.\nLast year's results include a 69 cent charge for the buyback of\ndebt.\n Reuter\n\u0003", "date": "11-MAR-1987 11:16:27.07", "topics": [ "earn" ], "places": [ "usa" ], "id": "3699" }, { "title": "SCHERING-PLOUGH TRADEMARK DISPUTE SETTLED", "body": "Schering Corp, a unit of\nSchering-Plough Corp, said agreed\nto an injunction against its Fiber Slim product.\n Schering, the U.S. distributor of Fibre Trim made by of Denmark, said it and Farma had sued Nature's\nBlend, claiming Nature's product infringed their trademark on\nFibre Trim.\n Schering said Nature's Blend agreed to stop making and\nselling food supplement products under the Fiber Slim\ntrademark, but it did not admit liability.\n Reuter\n\u0003", "date": "11-MAR-1987 11:16:37.00", "places": [ "usa" ], "id": "3700" }, { "title": "GERMAN SUGAR OFFERS PUT AT ABOUT 100,000 TONNES", "body": "The West German intervention board said\nabout 100,000 tonnes of sugar have been offered into\nintervention so far.\n A spokesman, speaking from Frankfurt, told Reuters offers\nhave increased recently but contracts have not yet been\nconcluded. A European Commission spokesman in Brussels earlier\nconfirmed that one mln tonnes of sugar had been offered to\nintervention boards in various member states. The intervention\nboard spokesman in Frankfurt said, \"One million tonnes is an\nawful lot and the Community's coffers are almost empty. This\ncould turn into a serious political problem.\"\n West German trade sources said they believed the one mln\ntonne offer by the EC sugar industry into intervention would\nhave a neutral market impact overall.\n Reuter\n\u0003", "date": "11-MAR-1987 11:17:50.23", "topics": [ "sugar" ], "organisations": [ "ec" ], "places": [ "west-germany" ], "id": "3701" }, { "title": "BANKERS TRUST CO RAISES BROKER LOAN RATE", "body": "Bankers Trust Co said it raised its\nbroker loan rate to 7-1/4 pct from seven pct, effective\nimmediately.\n U.S. Trust Co, which also quotes its broker loan rate\npublicly, is posting a 7-1/2 pct rate.\n Reuter\n\u0003", "date": "11-MAR-1987 11:18:43.48", "topics": [ "interest" ], "id": "3702" }, { "title": "NATIONAL GYPSUM UNIT JOINS JAPANESE FIRM", "body": "National Gypsum Co's Austin Co\nsaid it signed a joint agreement with to join forces to win contracts in connection\nwith the construction of Kansai Airport.\n Austin said it and the Japanese firm will develop concepts,\ninvestigate systems and compete for the contracts for the\ninternational airport to be built off the coast near Osaka,\nJapan.\n The company said the airport is expected to be the largest\nconstruction project in the country for the rest of the\ncentury. It will be built on 2,964 acres and estimates put the\ncost as high as 10 billion dlrs.\n Cost estimated for the facilites that the Austin-Kawasaki\nteam will propose to design and implement have ranged between\n200 mln dlrs and 250 mln dlrs.\n\n Reuter\n\u0003", "date": "11-MAR-1987 11:19:25.35", "places": [ "usa" ], "id": "3703" }, { "title": "SIGMA MINES DETAILS GOLD ORE RESERVES", "body": ", 65 pct\nowned by Dome Mines Ltd, said its Sigma Mine had proven and\nprobable reserves at the end of 1986 of 4,902,940 tons, with an\naverage grade of 0.139 ounces of gold a ton.\n Sigma said the reserves are equivalent to 10 years future\nproduction at current milling rates.\n The reserves comprise 1,640,779 tons proven reserves\ngrading an average of 0.163 ounces of gold a ton and 3,262,161\ntons probable reserves grading an average of 0.127 ounces of\ngold a ton.\n Sigma said it changed its 1986 reserve reporting method\nfollowing Dome Mines' previously reported move to adopt general\nindustry practice of reporting proven and probable ore\nreserves.\n Prior to 1986, Sigma conservatively reported only proven\nreserves that could be mined without future development costs.\n Proven reserves as of December 31, 1985 were 978,000 tons\ngrading an average of 0.194 ounces of gold a ton, equivalent to\nabout two years future production.\n Reuter\n\u0003", "date": "11-MAR-1987 11:20:59.51", "topics": [ "gold" ], "places": [ "canada" ], "id": "3704" }, { "title": "WITCO SELLS CONVERTIBLE DEBT AT 5-1/2 PCT", "body": "Witco Corp is raising 140 mln dlrs via\nan offering of convertible subordinated debentures due 2012\nwith a 5-1/2 pct coupon and par pricing, said lead manager\nSmith Barney, Harris Upham and Co Inc.\n The debentures are convertible into the company's common\nstock at 54.55 dlrs per share, representing a premium of 25.76\npct over the stock price when terms on the debt were set.\n Non-callable for two years, the issue is rated A-3 by\nMoody's and A-minus by Standard and Poor's. Goldman Sachs\nco-managed the deal, which was increased from an initial\noffering of 100 mln dlrs because of investor demand.\n Reuter\n\u0003", "date": "11-MAR-1987 11:21:51.11", "places": [ "usa" ], "id": "3705" }, { "title": "GENZYME GETS TESTING PATENT", "body": "Genzyme Corp said the U.S. Patent Office\nhas approved a patent for the company's method of testing for\nserum alpha amylase, an indicator of pancreatic disease.\n \"The patent strengthens Genzyme's proprietary position as\nthe leading independent supplier of diagnostic enzymes and\nsubstrates,\" Henri Temeer, Genzyme president, said.\n The company said the technology combines a unique substrate\nwith two indicator enzymes in a diagnostic assay to measure\nserum amylase levels.\n Genzyme said that since 1985 it has entered into several\nlicensing agreements for the technology with amylase test kit\nmakers.\n Reuter\n\u0003", "date": "11-MAR-1987 11:24:47.63", "places": [ "usa" ], "id": "3706" }, { "title": "MOORE MCCORMACK TO SELL GLOBE UNIT", "body": "Moore McCormack Resources Inc said it\nagreed in principle to sell its Globe Metallurgical Inc unit to\nCyprus Minerals Co for undisclosed terms.\n The sale, expected to close by mid-April, is subject to\ncertain conditions, including board approval at both companies.\n Globe produces silicon metals and magnesium ferrosilicon.\nThe products are used in the chemical, aluminum, iron, rubber\nand semiconductor industries.\n Reuter\n\u0003", "date": "11-MAR-1987 11:25:10.65", "topics": [ "acq" ], "places": [ "usa" ], "id": "3707" }, { "title": "U.S. HOSUING COMPLETIONS FELL 0.2 PCT IN JANUARY", "body": "U.S. Completions of new homes fell\n0.2 pct in January to a seasonally adjusted rate of 1.884 mln\nunits from 1.888 mln in December, the Commerce Department said.\n The January fall came after a strong 6.4 pct rise from\nNovember's rate of 1.774 mln units and brought completions to\n6.7 pct above the January, 1986 level of 1.765 mln units.\n In January, completions of single-family units rose 0.4 pct\nto a seasonally adjusted 1.183 mln units from 1.178 mln units\nin December while multi-family units fell 1.3 pct to 701,000\nunits in January, the department said.\n Reuter\n\u0003", "date": "11-MAR-1987 11:25:22.19", "topics": [ "housing" ], "places": [ "usa" ], "id": "3708" }, { "title": "ACTON AUTO RENTAL INITIAL OFFERING STARTS", "body": "Lead underwriter McDonald and Co\nInvestments Inc said an offering of 900,000 shares of\nAction Auto Rental Inc is underway, priced at 12 dlrs per\nshare.\n Undewriters have been granted an option to purchase up to\nanother 135,000 shares to cover overallotments.\n The company is selling 697,500 shares and shareholders the\nrest.\n Reuter\n\u0003", "date": "11-MAR-1987 11:25:38.29", "places": [ "usa" ], "id": "3709" }, { "title": "CARGILL U.K. STRIKE TALKS TO CONTINUE MONDAY", "body": "Talks between management and unions at\nCargill U.K. Ltd's Seaforth oilseed processing plant will\nresume Monday, a company spokesman said.\n He said some progress had been made.\n Three consecutive days of negotiations ended this afternoon\nafter failing to break the deadlock.\n Reuter\n\u0003", "date": "11-MAR-1987 11:25:58.26", "places": [ "uk" ], "id": "3710" }, { "title": "U.S. JUSTICE DEPARTMENT REVIEWS ICAHN USAIR FILING", "body": "The U.S. Department of Justice (DOJ)\nis reviewing whether Trans World Airlines Inc and\nChairman Carl Icahn violated federal antitrust law by failing\nto seek advance clearance from the DOJ or the Federal Trade\nCommission for his extensive open-market purchases of USAir\nGroup Inc stock, a DOJ official told a Senate panel.\n \"This is a matter that is being looked into,\" Charles Rule,\nacting assistant attorney general-antitrust, told the Senate\nJudiciary Committee's Antitrust Subcommittee.\n Rule declined further comment while the review was\ncontinuing.\n Rule was responding to panel Chairman Howard Metzenbaum\n(D-Ohio), who had asked why the department was not acting\nagainst \"what appears to be a clear violation of the law.\"\n Metzenbaum said Icahn had failed to file a pre-merger\nnotification form with the FTC prior to purchasing more than 15\nmln dlrs' worth of USAir stock.\n But Rule said that, for airline companies, a purchaser\nwould be exempt from the requirement if it instead had filed a\nmerger application with the U.S. Department of Transportation.\n Icahn filed such an application with the DOT, but the\nfiling was thrown out by the DOT on Friday.\n The DOT threw out the application late Friday on grounds it\nlacked the necessary data for the government to review the\nproposed USAir takeover bid.\n Icahn refiled a more complete application form Monday.\n Rule pledged to act against Icahn and TWA if a violation\nwere found.\n Reuter\n\u0003", "date": "11-MAR-1987 11:26:11.40", "topics": [ "acq" ], "places": [ "usa" ], "id": "3711" }, { "title": "ANITEC IMAGE SELLS CONVERTIBLE DEBENTURES", "body": "Anitec Image Technology Corp is\nraising 75 mln dlrs via an issue of convertible subordinated\ndebentures due 2012 with a 5-7/8 pct coupon and par pricing,\nsaid lead manager Smith Barney, Harris Upham and Co Inc.\n The debentures are convertible into the company's common\nstock at 32 dlrs a share, representing a 26.73 pct premium over\nthe stock price when terms on the debt were set.\n Non-callable for two years, the debentures are rated B-2 by\nMoody's and B by Standard and Poor's. Donaldson Lufkin, Salomon\nBrothers and Mabon Nugent co-managed the issue, which was\nincreased from an initial offering of 60 mln dlrs.\n Reuter\n\u0003", "date": "11-MAR-1987 11:26:29.78", "places": [ "usa" ], "id": "3712" }, { "title": "T CELL SCIENCES INC 3RD QTR JAN 31 LOSS", "body": "Shr loss one ct vs loss 16 cts\n Net loss 117,989 vs loss 528,394\n Revs 820,484 vs 35,186\n Avg shrs 8,226,577 vs 3,150,000\n Nine mths\n Shr loss seven cts vs loss 37 cts\n Net loss 527,864 vs loss 1,177,434\n Revs 1,975,487 vs 90,875\n Avg shrs 7,277,418 vs 3,150,000\n Reuter\n\u0003", "date": "11-MAR-1987 11:26:35.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "3713" }, { "title": "WISCONSIN PUBLIC SERVICE RAISES BUDGET", "body": "Wisconsin Public Service Corp\nsaid in its annual report the company's five-year construction\nprogram, 1987 through 1991, is projected at 330 mln dlrs.\n It said the amount, which includes about 4.0 mln dlrs for\nsulfur dioxide controls at company power plants, is 42 mln dlrs\nmore than the previous five-year period.\n Wisconsin Public Service also said natural gas sales\ndropped 22 pct, mainly because of the growing trend of large\nindustrial customers to purchase gas directly from producers.\n Reuter\n\u0003", "date": "11-MAR-1987 11:26:43.75", "places": [ "usa" ], "id": "3714" }, { "title": "MERRILL LYNCH SAYS IT SUSPENDS NAHUM VASKEVITCH, HEAD OF LONDON MERGERS DEPARTMENT\n", "date": "11-MAR-1987 11:28:24.91", "places": [ "uk" ], "id": "3715" }, { "title": "MERRILL LYNCH SUSPENDS U.K. MERGER CHIEF", "body": "Merrill Lynch and Co said the\nhead of its mergers and acquisitions department in London,\naccused by U.S. authorities of insider trading violations, has\nbeen suspended from the firm.\n If the charges are true \"we are disappointed and angry,\"\nMerrill Lynch said in a statement. Merrill Lynch said it has\nbeen cooperating with a Securities and Exchange Commission\ninvestigation of the matter for several months. The SEC charged\nNahum Vaskevitch, a managing director of Merrill Lynch, Pierce,\nFenner and Smith Ltd, with profiting from inside information\nabout 12 companies involved in mergers.\n \"Merrill Lynch's position is and has always been that\nviolations of the law are not tolerated,\" the firm said in a\nprepared statement.\n \"The apparently illegal trading activity took place away\nfrom Merrill Lynch through another broker-dealer and involved\nthe employee's use of information which was properly available\nto him but improperly used,\" the statement said. \"Merrill Lynch\nin no way benefited from the trades.\"\n Merrill Lynch said Vaskevitch was suspended \"when we were\ninformed of the specific allegations and evidence.\" The company\ndid not say precisely when the suspension took place.\n Reuter\n\u0003", "date": "11-MAR-1987 11:30:35.72", "places": [ "usa", "uk" ], "id": "3716" }, { "title": "DUTCH ADJUSTED UNEMPLOYMENT UNCHANGED IN FEBRUARY", "body": "Dutch seasonally-adjusted\nunemployment totalled 690,600 people in February, unchanged\nfrom January but down from 732,700 in February 1986, a Social\nAffairs Ministry spokesman said.\n The unadjusted figure stood at 708,700 at the end of last\nmonth, a decline of 3,800 from the January total of 712,500 and\ncomparing with 750,000 at the end of February last year.\n REUTER\n\u0003", "date": "11-MAR-1987 11:30:43.58", "topics": [ "jobs" ], "places": [ "netherlands" ], "id": "3717" }, { "title": "BREMER LANDESBANK ISSUES AUSTRALIAN DOLLAR BOND", "body": "Bremer Landesbank Kreditanstalt Finance\nCuracao NV is issuing a 40 mln Australian dlr eurobond due\nApril 24, 1990 paying 15 pct and priced at 101-3/8 pct, lead\nmanager ANZ Merchant Bank Ltd said.\n The issue, which is guaranteed by Bremer Landesbank\nKreditanstalt, is available in denominations of 1,000 dlrs and\nwill be listed in Luxembourg.\n Fees comprise one pct selling concession and 1/2 pct for\nmanagement and underwriting. Pay date is April 24.\n REUTER\n\u0003", "date": "11-MAR-1987 11:32:35.44", "places": [ "uk" ], "id": "3718" }, { "date": "11-MAR-1987 11:33:26.38", "id": "3719" }, { "title": "U.S. HOUSING COMPLETIONS FELL 0.2 PCT IN JAN", "body": "Completions of new homes fell 0.2\npct in January to a seasonally adjusted rate of 1.884 mln units\nfrom 1.888 mln in December, the Commerce Department said.\n The January fall came after a strong 6.4 pct rise from\nNovember's rate of 1.774 mln units and brought completions to\n6.7 pct above the January, 1986, level of 1.765 mln units.\n In January, completions of single-family units rose 0.4 pct\nto a seasonally adjusted 1.183 mln units from 1.178 mln units\nin December while multi-family units fell 1.3 pct to 701,000\nunits in January, the department said.\n Reuter\n\u0003", "date": "11-MAR-1987 11:33:49.43", "topics": [ "housing" ], "places": [ "usa" ], "id": "3720" }, { "title": "MITCHELL ENERGY AND DEVELOPMENT CORP NET", "body": "4th qtr Jan 31\n Shr five cts vs 28 cts\n Net 2,448,000 vs 13.3 mln\n Revs 156.1 mln vs 225.5 mln\n Avg shrs 47.3 mln vs 47.8 mln\n Year\n Shr 18 cts vs 1.01 dlrs\n Net 8,430,000 vs 48.2 mln\n Revs 587.9 mln vs 843.9 mln\n Avg shrs 47.4 mln vs 47.9 mln\n Reuter\n\u0003", "date": "11-MAR-1987 11:38:52.47", "topics": [ "earn" ], "places": [ "usa" ], "id": "3721" }, { "title": "BUSINESSLAND COMPLETES OFFERING", "body": "Businessland Inc said it sold\n50 mln dlrs of 5-1/2 pct convertible subordinated debentures\ndue 2007 in a registered public offering.\n The company said each debenture is convertible into shares\nof Businessland common stock at a conversion price of 20.50\ndlrs.\n Net proceeds will be used to repay amounts outstanding\nunder the company's bank credit line and for working capital,\nthe company also said.\n Reuter\n\u0003", "date": "11-MAR-1987 11:39:12.25", "places": [ "usa" ], "id": "3722" }, { "title": "U.S. HOUSING COMPLETIONS FELL 0.2 PCT IN JANUARY", "body": "U.S. Completions of new homes fell\n0.2 pct in January to a seasonally adjusted rate of 1.884 mln\nunits from 1.888 mln in December, the Commerce Department said.\n The January fall came after a strong 6.4 pct rise from\nNovember's rate of 1.774 mln units and brought completions to\n6.7 pct above the January, 1986 level of 1.765 mln units.\n In January, completions of single-family units rose 0.4 pct\nto a seasonally adjusted 1.183 mln units from 1.178 mln units\nin December while multi-family units fell 1.3 pct to 701,000\nunits in January, the department said.\n Reuter\n\u0003", "date": "11-MAR-1987 11:39:22.50", "topics": [ "housing" ], "places": [ "usa" ], "id": "3723" }, { "title": "PENTAIR FILES TO OFFER PREFERRED", "body": "Pentair Inc said it has filed\nfor an offering of two mln shares of cumulative convertible\npreferred stock at an expected price of 25 dlrs per share\nthrough underwriters led by and\n.\n It said proceeds would be used to repay bank debt incurred\nin the acquisition of McNeil Corp last August.\n Reuter\n\u0003", "date": "11-MAR-1987 11:40:18.04", "places": [ "usa" ], "id": "3724" }, { "title": "GRAND MET'S HEUBLEIN TO CLOSE ALMADINE WINERY", "body": "'s\nHeublein Inc subsidiary said it will phase out operations at\nAlmaden's San Jose winery and transfer production of the wines\nto the company's Madera, Calif., winery.\n Heublein said the move will increase the Madera winery's\nefficiency by bringing it close to full capacity and result in\nthe addition of more than 150 employees there.\n Heublein said the phase-out of the recently acquired\nAlmaden operations in San Jose is expected to be completed by\nlate summer. The San Jose winery is expected to be sold, it\nadded.\n Heublein also said Almaden wines will continue to be\nmarketed and sold by a separate marketing and sales force.\n Almaden's administrative functions will move to Heublein's\nheadquarters in Farmington, Conn., the company said.\n Reuter\n\u0003", "date": "11-MAR-1987 11:40:45.97", "places": [ "usa" ], "id": "3725" }, { "title": "BOND SERVICE DOWNGRADES ROYAL, BANK OF MONTREAL", "body": "The Canadian Bond Rating Service said\nit downgraded ratings for long-term senior debt and\nsubordinated debentures at and due partly to loan loss problems.\n Royal's long-term senior debt was downgraded to A plus\n(high) from A plus plus and 1.60 billion dlrs of subordinated\ndebentures to A plus from A plus plus (low). Bank of Montreal's\nsenior long-term debt rating fell to A plus (high) from A plus\nplus (low) and 1.46 billion dlrs of subordinated debentures to\nA plus (low) from A plus.\n The rating service cited continued difficulties among Royal\nBank customers, particularly in the energy industry, a\ncontinued high level of loan losses expected this year and \nrelatively high sovereign debt exposure in relation to common\nequity.\n It cited Bank of Montreal's below average profitability and\ninternal capital generation and relatively high international\ndebt exposure in relation to common equity, although it noted\nthat loan losses were expected to moderate in 1987.\n Reuter\n\u0003", "date": "11-MAR-1987 11:40:57.63", "places": [ "canada" ], "id": "3726" }, { "title": "WITCO CORP OFFERS DEBENTURES", "body": "Witco Corp said it is offering 140 mln\ndlrs of 5-1/2 pct convertible subordinated debentures due 2012\nthrough co-managing underwriters Smith Barney Harris Upham and\nCo and Goldman Sachs and Co.\n Each debenture is convertible into the company's common\nstock at a rate of 54.55 dlrs per share, which represents a\nconversion premium of about 25.8 pct over the last sale price\nof 43-3/8 per share yesterday, it said.\n Proceeds will be used to finance acquisitions and for\ngeneral purposes. The company said it has no agreements for and\nis not in talks regarding any acquisitions.\n Reuter\n\u0003", "date": "11-MAR-1987 11:41:05.91", "places": [ "usa" ], "id": "3727" }, { "title": "AMEX TRADING CHEMICAL WASTE OPTIONS", "body": "The said it\nhas started put and call option trading in Chemical Waste\nManagement Inc stock as a replacement for options on\nChesebrough-Ponds's Inc, which was recently acquired.\n Initial expiration months are June and September and\ninitial exercise prices 30 and 35, it said. Position and\nexercise limits are 5,500 contracts on the same side of the\nmarket.\n Reuter\n\u0003", "date": "11-MAR-1987 11:41:11.77", "places": [ "usa" ], "id": "3728" }, { "title": "FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS\n", "date": "11-MAR-1987 11:42:36.42", "topics": [ "money-fx" ], "id": "3729" }, { "title": "GROUNDWATER TECHNOLOGY INC 3RD QTR JAN 31", "body": "Shr 19 cts vs 12 cts\n Net 850,000 vs 432,000\n Sales 9,850,000 vs 4,783,000\n Avg shrs 4,504,000 vs 3,527,000\n Nine mths\n Shr 57 cts vs 37 cts\n Net 2,400,000 vs 1,281,000\n Sales 25.2 mln vs 12.8 mln\n Avg shrs 4,233,000 vs 3,485,000\n Reuter\n\u0003", "date": "11-MAR-1987 11:43:08.45", "topics": [ "earn" ], "places": [ "usa" ], "id": "3730" }, { "title": "BELLSOUTH UNIT OFFERS NEW TELEPHONE SYSTEM", "body": "BellSouth Advanced Systems, a\nunit of BellSouth Corp, said it has introduced a private\ntelephone system, called BellSouth System 30, offering smaller\ncompanies a wide range of advanced telecommunications services.\n BellSouth said the services, aimed at companies requiring\nup to 20 telephones, include speed dialing for 500 frequently\ncalled numbers, last number redial, conference calling and\nspeakerphones, among others.\n The company said the System 30 has the capacity for 10\noutside lines.\n Reuter\n\u0003", "date": "11-MAR-1987 11:43:16.92", "places": [ "usa" ], "id": "3731" }, { "title": "FORD LAUNCHES MARK EUROBOND WITH WARRANTS", "body": "Ford Motor Credit Co is raising\n200 mln marks through a five-year eurobond with currency\nwarrants attached, carrying a coupon of 5-3/4 pct and priced at\n116-3/4, lead manager Deutsche Bank AG said.\n The issue will be sold in denominations of 1,000 and 10,000\nmarks and listed in Frankfurt. Each 1,000 mark bond carries two\nwarrants which can be converted into 500 dlrs each at an\nexchange rate of 1.86 marks. The exercise period runs from\nApril 8, 1987 until March 6, 1989.\n Fees total two pct, with 1-1/4 pct for selling and 3/8 pct\neach for management and underwriting.\n Each 10,000 mark bond carries two warrants which can be\nconverted into 5,000 dlrs each on the same terms as the\nwarrants for the 1,000 mark bonds, Deutsche said.\n The bond pays interest annually on March 25 and matures on\nthe same date in 1992. Payment date is also March 25.\n A management group is currently being formed.\n Reuter\n\u0003", "date": "11-MAR-1987 11:43:25.55", "places": [ "usa" ], "id": "3732" }, { "title": "PRAGMA BIO-TECH IN NITROGLYCERIN TESTING", "body": "Pragma Bio-Tech Inc, a\nclinical testing company, said it has started performing\ncomparative studies on differnet varieties of nitroglycerin for\nuse in the treatment of angina pectoris episodes.\n The company would not disclose details of the testing.\n Reuter\n\u0003", "date": "11-MAR-1987 11:43:34.51", "places": [ "usa" ], "id": "3733" }, { "title": "SEVEN OAKS INTERNATIONAL INC IN PAYOUT", "body": "Qtly div four cts vs four cts prior\n Pay April 15\n Record March 23\n Reuter\n\u0003", "date": "11-MAR-1987 11:43:37.55", "topics": [ "earn" ], "places": [ "usa" ], "id": "3734" }, { "title": "FED ADDS RESERVES VIA CUSTOMER REPURCHASES", "body": "The Federal Reserve entered the U.S.\nGovernment securities market to arrange two billion dlrs of\ncustomer repurchase agreements, a Fed spokesman said.\n Dealers said Federal funds were trading at 6-5/16 pct when\nthe Fed began its temporary and indirect supply of reserves to\nthe banking system.\n Reuter\n\u0003", "date": "11-MAR-1987 11:45:40.56", "topics": [ "money-fx" ], "places": [ "usa" ], "id": "3735" }, { "title": "ENGINEERING MEASUREMENTS (EMCO) SETS PARTNERSHIP", "body": "Engineering Measurements Co\nsaid it formed a general partnership with several external\ninvestment groups in which the company will have a 58.5 pct\ninterest and be managing partner.\n Called Measurement Auditors Co, the partnership provides\nflowmeter certification and testing services to the oil and gas\nindustry, Engineering Measurements said.\n The company also said marketing vice president Jerome J.\nRusnak has been apointed president, succeeding Charles Miller\nwho continues as chairman.\n Reuter\n\u0003", "date": "11-MAR-1987 11:46:01.36", "places": [ "usa" ], "id": "3736" }, { "title": "CHINA BUYS U.S. HARD AND SOFT WHEAT", "body": "Private exporters said China bought a\ntotal of 550,000 tonnes of U.S. wheat under the export\nenhancement program, with final confirmation by the U.S.\nDepartment of Agriculture of the subsidies still awaited.\n The purchase consisted of a total of 340,000 tonnes of hard\nred winter wheat for various May/Aug shipments, with 210,000\ntonnes of soft red winter for Aug/Sept, the exporters said.\n Reuter\n\u0003", "date": "11-MAR-1987 11:48:19.79", "topics": [ "grain", "wheat" ], "places": [ "china", "usa" ], "id": "3737" }, { "title": "PROPERTY TRUST OF AMERICA YEAR NET", "body": "Ope shr 63 cts vs 80 cts\n Oper net 3,169,000 vs 3,757,000\n Revs 9,585,000 vs 10.2 mln\n Avg shrs 5,070,000 vs 4,721,000\n NOTE: Net excludes gains from sale of investments of\n887,000 dlrs vs 304,000 dlrs.\n Reuter\n\u0003", "date": "11-MAR-1987 11:53:35.98", "topics": [ "earn" ], "places": [ "usa" ], "id": "3738" }, { "title": "SYNERGEN TO MAKE DRUG FOR CIBA-GEIGY", "body": "Synergen Inc said it agreed to\nprovide its human elastase inhibitor, designed to treat\nemphysema, to Ciba-Geigy AG for human clinical trials.\n Ciba-Geigy is currently testing the substance in animals,\nbut the company said the new supplies of the drug will be\nsuitable for human tests.\n The company said Ciba-Geigy initially licensed the product\nin 1985. The new agreement calls for Synergen to set up a\ncommercial manufacturing process to produce the drug and\ndeliver quantities to Ciba-Geigy in the second half 1987.\n Reuter\n\u0003", "date": "11-MAR-1987 11:55:51.87", "places": [ "usa" ], "id": "3739" }, { "title": "CHI-CHI'S INC 3RD QTR JAN 31 LOSS", "body": "Shr loss 38 cts vs profit eight cts\n Net loss 10.4 mln vs profit 2,144,317\n Revs 72.9 mln vs 67.4 mln\n Nine mths\n Shr loss 21 cts vs profit 38 cts\n Net loss 5,747,393 vs profit 10.1 mln\n Revs 224.6 mln vs 200.6 mln\n NOTE: Current year net both periods includes 20.0 mln dlr\npretax charge for disposition of 21 underperforming\ncompany-owned restaurants.\n Current year net includes tax credits of 3,205,000 dlrs in\nquarter and 7,305,000 dlrs in year.\n Reuter\n\u0003", "date": "11-MAR-1987 12:00:34.05", "topics": [ "earn" ], "places": [ "usa" ], "id": "3740" }, { "title": "CHEMLAWN CORP SAID IT IS TALKING WITH NEW SUITORS ABOUT BEING ACQUIRED\n", "date": "11-MAR-1987 12:01:31.37", "topics": [ "acq" ], "places": [ "usa" ], "id": "3741" }, { "title": "CHI-CHI'S TAKES 20 MLN DLR CHARGE", "body": "Chi-Chi's Inc said it has taken\na 20 mln dlr pretax charge against earnings for the third\nquarter ended January 31 to cover the cost of disposing of 21\n\"underperforming\" company-owned restaurants.\n The company also said it has agreed to repurchase up to\nthree mln common shares on the open market.\n The company now has about 27.1 mln shares outstanding.\n Chi-Chi's today reported a loss for the third quarter ended\nJanuary 31, after the pretax charge and a 7,305,000 dlr tax\ncredit, of 10.4 mln dlrs, compared with a year-earlier profit\nof 2,144,317 dlrs.\n Chi-Chi's said it believes the disposition of the\nrestaurants has the potential of increasing its pretax earnings\nby about two mln dlrs next fiscal year.\n The company said it will use existing cash resources for\nthe share repurchases.\n Reuter\n\u0003", "date": "11-MAR-1987 12:02:23.84", "topics": [ "earn" ], "places": [ "usa" ], "id": "3742" }, { "title": "DUPONT
UP ON RECOMMENDATIONS", "body": "Shares of Du Pont Co rose today after\naccumulating recommendations from Shearson Lehman Brothers and\nFirst Boston, traders said.\n Du Pont, which opened with a two point gain, stood at\n109-1/8, up 1-1/8.\n First Boston's analyst was not available for comment.\n Analyst Theodore Semegran of Shearson said he raised his\nearnings estimates for the company to 7.25 dlrs a share in 1987\nand eight dlrs a share in 1988. The company earned 6.35 dlrs a\nshare in 1986.\n \"Good domestic demand, higher operating earnings and a\nstrng export business, probably benefitting from a lower dollar\nand effects of reduced imports in chemicals will continue to\naid Du Pont.\" He also noted that energy earnings in the first\nquarter are better than expected because of the rise in crude\nprices. Semegran expects first quarter earnings\nof about 1.85 dlrs a share from 1.67 dlrs last year.\n He also expects the company to raise its annual dividend\nabout 20 to 30 cts a share, from its current dividend of 3.20\ndlrs a share, \"and a stock split is possible but it has a low\nprobablility.\"\n Reuter\n\u0003", "date": "11-MAR-1987 12:04:27.95", "topics": [ "earn" ], "places": [ "usa" ], "id": "3743" }, { "title": "CHEMLAWN IN TALKS ON BEING ACQUIRED", "body": "ChemLawn Corp said it has\nstarted talks on the possible sale of the company with \"various\nparties\" that it did not identify.\n The company said the talks began after it considred and\nrejected Waste Management Inc's 27 dlr per share tender\noffer for all its sharesd.\n ChemLawn gave no details on the talks.\n Reuter\n\u0003", "date": "11-MAR-1987 12:07:57.38", "topics": [ "acq" ], "places": [ "usa" ], "id": "3744" }, { "title": "TURKISH BANK SEEKS 20 MLN DLR LOAN", "body": "Uluslararasi Endustri ve Ticaret Bankasi\nAS (INTERBANK), a large privately-owned trade financing bank in\nTurkey, is seeking a 20 mln dlr committed export advance\nfacility, Morgan Guaranty Ltd said as lead manager.\n The financing will be for 14 months, but the borrower will\nhave the option after 10 months to request an extension for\nanother six months. Those banks wishing to extend would receive\nanother 25 basis point fee.\n The financing will be in dollars and marks, although mark\nborrowings cannot exceed 50 pct of the facility.\n The facility will be available for 70 days and interest\nwill be at 1-1/4 pct over the London Interbank Offered Rate\n(LIBOR). There will be a commitment fee of 50 basis points.\n Banks are being invited to join the facility at four mln\ndlrs for 55 basis points and at two mln dlrs for 40 basis\npoints.\n Responses are due by April 3 and the financing is being\nsyndicated among a broad-based group of international banks to\ndiversify the borrower's traditional lending base.\n REUTER\n\u0003", "date": "11-MAR-1987 12:08:10.37", "places": [ "uk", "turkey" ], "id": "3745" }, { "title": " FILES FOR INITIAL OFFERING", "body": "Cato Corp said it has filed for\nan initial public offering of about three mln common shares.\n Cato said the offering, to be made in late April or early\nMay, is expected to raise 35 to 45 mln dlrs.\n Cato, which had been publicly held several years ago before\ngoing private, operates a chain of women's specialty stores in\nsmall to medium-sized towns.\n Reuter\n\u0003", "date": "11-MAR-1987 12:08:38.63", "places": [ "usa" ], "id": "3746" }, { "title": "SHV WITHDRAWS IC GAS OFFER", "body": "SHV Holdings NV said it is\nwithdrawing its take-over bid for Imperial Continental Gas\nAssociation after failing to gain the minimum number\nof pledges sought from IC Gas shareholders.\n SHV said in a statement it had sought to gain 750,000 IC\nGas shares under a 700p offer for IC Gas ordinary stock but was\ninformed that level was not reached when the deadline expired.\n\"The tender offer is therefore void,\" it said.\n SHV also offered 252 pence for every one stg nominal of IC\nGas loan stock under the bid, made by .\n Reuter\n\u0003", "date": "11-MAR-1987 12:09:38.62", "topics": [ "acq" ], "places": [ "netherlands" ], "id": "3747" }, { "title": "PROGRESS AT RUBBER PACT TALKS REPORTED SLOW", "body": "Negotiators at a United Nations\nconference on natural rubber are making slow progress towards\nreaching an agreement, delegates said.\n The conference, which began Monday, is widely seen as the\nfinal effort to adopt a new International Natural Rubber\nAgreement (INRA) before the current one expires in October.\n Some 40 producing and consuming countries are taking part\nin the two-week meeting. This is the fourth such conference in\nnearly two years.\n Delegates said both sides still appeared divided on the key\nissue of the price adjustment mechanism.\n Consumers want frequent price reviews at 12 month intervals\ninstead of 18 months as at present, a proposal currently\nrejected by producers.\n And while consumers press for the price adjustment to be\nautomatic, producers have resisted reducing the role of the\nInternational Rubber Organization Council in the price\nadjustment procedure.\n Conference chairman Manaspas Xuto of Thailand has said it\nwas \"imperative\" to settle outstanding issues this week so that\ntechnical drafting work can be done next week.\n Reuter\n\u0003", "date": "11-MAR-1987 12:11:16.42", "topics": [ "rubber" ], "organisations": [ "inro" ], "places": [ "switzerland" ], "id": "3748" }, { "title": "SCHERING-PLOUGH OBTAINS INJUNCTION", "body": "Schering-Plough Corp said it\nobtained an injunction against Nature's Blend Products Inc of\ndue to trademark infringement on its Fibre Trim label.\n Under terms of the injunction, Nature's Blend agreed to\nrefrain from making and selling food supplement products under\nthe trademark Fiber Slim or using any any trademark that\nsimulates the trade dress of Fibre Trim.\n Reuter\n\u0003", "date": "11-MAR-1987 12:11:23.08", "places": [ "usa" ], "id": "3749" }, { "title": "LORD ABBETT AND CO DECLARES MUTUAL FUND DIVS", "body": "LORD ABBETT VALUE APPRECIATION FUND\n Annual div 33 cts vs 23 cts prior\n Long term capital gain 2.06 vs 75 cts prior\n Short term capital gain 18 cts vs 11 cts prior\n Pay April 6\n Record March 12\n \n LORD ABBETT U.S. GOVERNMENT SECURITIES FUND\n Daily div .029 cts vs .029 cts prior\n Pay April 15\n Record April 15\n LORD ABBETT TAX FREE INCOME NATIONAL SERIES\n Daily .068 cts vs .068 prior\n Pay April 15\n Record April 15\n \n LORD ABBETT TAX FREE INCOME FUND NY SERIES\n Daily .067 cts vs .067 cts prior\n Pay April 15\n Record April 15\n \n LORD ABBETT TAX FREE INCOME FUND TEXAS SERIES\n Daily .059 cts vs .059 cts prior\n Pay April 15\n Record April 15\n LORD ABBETT CALIFORNIA TAX FREE INCOME FUND\n Daily .062 vs .063 cts prior\n Pay April 15\n Record April 15\n Reuter\n\u0003", "date": "11-MAR-1987 12:11:30.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "3750" }, { "title": " 1ST QTR NET", "body": "Qtr ended Jan 31\n Net 55.3 mln dlrs vs 51.7 mln dlrs\n Revs 419.1 mln vs 391.7 mln\n Note: Revs include investment and other income of 18.4 mln\ndlrs vs 18.5 mln dlrs.\n Company is wholly owned by Gulf and Western Corp .\n\n Reuter\n\u0003", "date": "11-MAR-1987 12:12:41.55", "topics": [ "earn" ], "places": [ "usa" ], "id": "3751" }, { "title": "CONSUMERS POWER COGENERATION QUALIFIED", "body": "Consumers Power Co said the Federal\nEnergy Regulatory Commission approved the company's Midland\ncogeneration venture as a \"qualifying\" facility under the\nPublic Utility Regulatory Policies Act.\n It said the approval overcomes the last potential federal\nhurdle to converting Midland to a combined-cycle, natural\ngas-fired cogeneration plant.\n In October 1986, the venture received permission from the\nU.S. Department of Energy to fuel the plant permanently with\nnatural gas.\n Reuter\n\u0003", "date": "11-MAR-1987 12:14:00.63", "places": [ "usa" ], "id": "3752" }, { "title": "CANADA OKAYS VIPONT LABS TOOTHPASTE", "body": "Vipont Laboratories Inc\nsaid the Canadian Bureau of Non-Prescription Drugs approved its\nViadent toothpaste and oral rinse for marketing.\n The company also said it finalized an agreement with a\nCanadian marketing company to introduce the product in the\ncountry. It said Viadent helps prevent plaque build-up and\ninflamed gums.\n The products should be available in Canada in three to four\nmonths, the company added.\n Reuter\n\u0003", "date": "11-MAR-1987 12:14:51.84", "places": [ "usa", "canada" ], "id": "3753" }, { "title": "METROMEDIA UNVEILS NEW WATS SERVICE", "body": " said it has\nintroduced OnePlus Wats, a telecommunications service for high\nvolume callers.\n Metromedia said OnePlus uses a local switched network\nrather than dedicated connections to link customers to the\nnearest Metromedia Long Distance switching center and could\nsave customers up to 35 pct off of competitors' rates for long\ndistance service.\n Reuter\n\u0003", "date": "11-MAR-1987 12:14:58.38", "places": [ "usa" ], "id": "3754" }, { "title": "NEWPORT PHARMACEUTICALS 3RD QTR LOSS", "body": "Period ended January 31.\n Shr loss six cts vs profit one ct\n Net loss 536,000 vs profit 166,000\n Revs 2,099,000 vs 3,149,000\n Avg shrs 10,429,000 vs 9,943,000\n Nine Mths\n Shre loss nine cts vs loss five cts\n Net loss 790,000 vs loss 377,000\n Revs 7,089,000 vs 7,646,000\n Avg shrs 10,406,000 vs 9,351,000\n Note: Full name Newport Pharmaceuticals International Inc.\n Reuter\n\u0003", "date": "11-MAR-1987 12:15:05.27", "topics": [ "earn" ], "places": [ "usa" ], "id": "3755" }, { "title": "INTEGRATED FIELD TRIALS APPROVED", "body": "Integrated Genetics Inc said\nthe Food and Drug Administration approved field trials of a\nhormone which is essential to the regulation of cows'\nreproduction.\n Integrated said field trials will begin immediately under\nthe direction of Granada Corp's Granada R and D Ventures,\nIntegrated's partner in this area.\n\n Reuter\n\u0003", "date": "11-MAR-1987 12:15:14.15", "places": [ "usa" ], "id": "3756" }, { "title": "THE RAYMOND CORP DECLARES QTLY DIV", "body": "Qtly div 11-3/4 cts vs 11-3/4 cts prior\n Pay March 27\n Record March 13\n Reuter\n\u0003", "date": "11-MAR-1987 12:15:37.31", "topics": [ "earn" ], "places": [ "usa" ], "id": "3757" }, { "title": "MITCHELL ENERGY AGAIN CUTS CAPITAL OUTLAYS", "body": "Mitchell Energy and\nDevelopment Corp said it plans to hold its capital spending in\nfiscal 1988, ending January 31, to 96 mln dlrs, down from the\n123 mln dlrs spent in 1987 and 213 mln dlrs in 1986.\n The company also said its natural gas revenues so far this\nyear have been reduced by lower contract customer purchases due\nto mild weather and soft economic conditions.\n \"But the contracts call for the lower 'takes' to be made up\nduring the course of the year,\" Mitchell Energy said. Meanwhile\nit will sell additional quantities of gas on the spot market.\n Mitchell Energy said the additional spot sales will tend to\nlower the average price realized for gas in the early part of\nfiscal 1988.\n However, it said the average for the full year is not\nexpected to be significantly lower than the 2.99 dlrs per\nthousand cubic feet averaged in fiscal 1987. \n \n Reuter\n\u0003", "date": "11-MAR-1987 12:16:24.21", "topics": [ "nat-gas" ], "places": [ "usa" ], "id": "3758" }, { "title": "INVESTOR TO TAKE CONTROL OF RIVER OAKS ", "body": "River Oaks Industries Inc said\nit agreed in principle to give control of the company to Benson\nSeizer, a New York investor, in return for 2.6 mln dlrs in\ncapital.\n The company, a maker of mobile homes, said it terminated\nmerger discussions with .\n River Oaks said it will place a 2.6 mln dlr convertible\nnote with Seizer, who in turn will name six additional members\nto the company's five-member board. One of the new directors\nwill take over as chairman and chief executive officer, River\nOaks said.\n River Oaks said the note will be convertible into two mln\nshares of its common stock at one dlr a share. The company\ncurrently has 14 mln shares outstanding.\n The company said it will also grant Seizer an option to buy\nan additional 2.6 mln shares during the next four years at 1.25\ndlrs a share during the first year and 1.50 dlrs a share\nthereafter.\n The company said the money raised from Seizer will further\nstrengthen its balance sheet and enhance its ability to seek\nselective expansion opportunities.\n Seizer is experienced in turnaround situations and is\nexpected to take direct involvement in River Oaks management,\nsaid Charles F. DeGroot, who will remain a director of the\ncompany after giving up the post of chairman to one of Seizer's\nboard nominees.\n Don Manning will cede his post as chief executive but will\nremain president, the company said.\n Reuter\n\u0003", "date": "11-MAR-1987 12:16:39.59", "topics": [ "acq" ], "places": [ "usa" ], "id": "3759" }, { "title": "GEVAERT NV 1986 YEAR", "body": "Consolidated group net profit 1.88 billion francs vs 1.29\nbillion.\n Net financial and operating profit 1.11 billion vs 825.1\nmln.\n Extraordinary earnings 774.7 mln vs 462.8 mln.\n Net dividend 165 francs vs 150.\n Reuter\n\u0003", "date": "11-MAR-1987 12:17:05.64", "topics": [ "earn" ], "places": [ "belgium" ], "id": "3760" }, { "title": "CREDITHRIFT FINANCIAL TO REDEEM NOTES", "body": "(Credithrift Financial Corp)\nsaid its board authorized the redemption of the company's 8.20\npct Senior Notes due Dec 15, 1987.\n It said the notes are to be redeemed April 20 at a price\nequal to 100 pct of the principal amount of the notes plus\naccrued interest.\n Reuter\n\u0003", "date": "11-MAR-1987 12:17:29.71", "places": [ "usa" ], "id": "3761" }, { "title": "NATIONAL SAVINGS MOVE POINTS TO LOWER U.K. RATES", "body": "U.K. Interest rates look set to move\nlower even after Monday's half-point cut in bank base rates to\n10-1/2 pct, analysts said, citing as evidence the suspension of\na British National Savings issue yesterday.\n The Department of National Savings, effectively a Treasury\nDepartment unit, yesterday suspended its 32nd issue, launched\nin October and paying a high tax-free 8-3/4 pct on five-year\nprivate investments between 25 and 5,000 stg. A spokesman said\nthe suspension was just a reaction to yields on national\nsavings bonds being way out of line with the rest of the\nmarket.\n The move was followed by a surprise sell-out within minutes\ntoday of a Bank of England one-billion stg tap issue, the\nsecond such issue in as many weeks, analysts noted.\n They said the near-instant sale of the entire new gilts\nissue, for which the Bank of England had required a high 40 pct\ndownpayment, was clear evidence that the market thought rates\nhad to drop sooner rather than later.\n The sale of the tranche of 8-3/4 pct treasury bonds due\n1997 occurred in an active, bullish gilts market as downward\npressure on money market rates remained intact, with the\nbellwether three-month interbank rate down 1/8 point at\n10-9-7/8 pct.\n It coincided with another strong sterling rally which\npushed the pound to four-year highs against the dollar.\n \"That government stock disappeared very quickly indeed,\" said\nStephen Lewis, head of economic research at stockbrokers\nPhillips and Drew; \"It is an indication that the market believes\nrates are going to fall further ... At least by a half-point\nimmediately after the budget (on March 17), and some people\nhope for more.\"\n Stockbrokers James Capel said in a comment the move by the\nNational Savings Department was \"of considerable significance.\"\n It said, \"the real message ... Is that the decks are being\nquickly cleared so as to facilitate a speedy decision by the\nbuilding societies to cut their rates when the inevitable cut\nin bank base rates to 10 pct materialises.\"\n Building societies have said a drop in bank base rates\nwould normally have to exceed half a point to give rise to a\nreduction in mortgage lending rates.\n Lewis of Phillips and Drew said he too believed the\nNational Savings issue suspension may reflect new U.K. Treasury\npolicy to point building societies towards a mortgage rate cut.\n \"National Savings has been competing too effectively with\nthe building societies of late. Building society income has\nbeen depressed in recent months,\" he said.\n He and other analysts said Chancellor of the Exchequer\nNigel Lawson was keen to see mortgage rates fall to keep a lid\non U.K. Inflation.\n Underlying upward pressure on prices is stronger in Britain\nthan in most other Western economies with inflation seen rising\nwell above four pct this year and above five pct in 1988 after\nlast year's 3.7 pct.\n Emphasising the impact of mortgage rates on consumer\nprices, Lewis said a one-point cut in building society rates\nwould reduce inflation in Britain by about 0.4 pct.\n But Lewis and others noted that building societies had been\ncomplaining to the government about intense competition from\nNational Savings, which they argued reduced the scope for early\nmortgage rate cuts.\n \"The Chancellor need not be worried about losing some PSBR\nfunding from National Savings, but he must be taking the\nbuilding societies' criticism to heart. It looks like the\nNational Savings move reflects this,\" one senior dealer said.\n A Savings Department spokesman refused to comment on this\ninterpretation, saying the suspension of the issue was merely a\nreaction to the recent fall in U.K. Interest rates, which had\npushed yields on national savings bonds way out of line with\nthe rest of the market.\n \"We are not politically motivated ... Funding was just\nbecoming too expensive and we don't need all that money,\" he\ntold Reuters, adding the department had suspended issues at\nleast twice in the past, when offered interest rates were above\nor below market rates.\n He said demand for the issue had risen sharply of late as\nU.K. Money market rates continued their steady decline and\nincome was threatening to overshoot an unofficial three billion\nstg target set for fiscal 1986 ending March 31.\n In the first 10 months of fiscal 1986, National Saving's\ncontribution to government funding totalled 2.72 billion stg,\ncompared with 2.01 billion stg in the same period of the\nprevious year, official figures show.\n Figures for February, out on Monday, are expected to show a\nfurther increase of between 300 and 400 mln stg, pushing the\ntotal for 11 months above target, government officials said.\n REUTER\n\u0003", "date": "11-MAR-1987 12:21:35.59", "topics": [ "interest" ], "places": [ "uk" ], "id": "3762" }, { "title": "NICOR INC REGULAR DIVIDEND SET", "body": "Qtly div 45 cts vs 45 cts previously\n Pay May 1\n Record March 31\n Reuter\n\u0003", "date": "11-MAR-1987 12:22:59.47", "topics": [ "earn" ], "places": [ "usa" ], "id": "3763" }, { "title": "HANDLEMAN CO SETS QUARTERLY", "body": "Qtly div 14 cts vs 14 cts prior\n Pay April 10\n Record March 27\n Reuter\n\u0003", "date": "11-MAR-1987 12:28:01.76", "topics": [ "earn" ], "places": [ "usa" ], "id": "3764" }, { "title": "PERINI CORP SETS QUARTERLY", "body": "Qtly div 20 cts vs 20 cts prior\n Pay June 16\n Record May 22\n Reuter\n\u0003", "date": "11-MAR-1987 12:28:06.12", "topics": [ "earn" ], "places": [ "usa" ], "id": "3765" }, { "title": "JONES AND VINING SAID VULCAN CORP OFFERS FIVE DLRS A SHARE FOR JONES\n", "date": "11-MAR-1987 12:30:45.74", "topics": [ "acq" ], "places": [ "usa" ], "id": "3766" }, { "title": "FMHA COULD LOSE SEVEN BILLION DLRS IN LOANS", "body": "The Farmers Home Administration, the\nU.S. Agriculture Department's farm lending arm, could lose\nabout seven billion dlrs in outstanding principal on its\nseverely delinquent borrowers, or about one-fourth of its farm\nloan portfolio, the General Accounting Office, GAO, said.\n In remarks prepared for delivery to the Senate Agriculture\nCommittee, Brian Crowley, senior associate director of GAO,\nalso said that a preliminary analysis of proposed changes in\nFmHA's financial eligibility standards indicated as many as one\nhalf of FmHA borrowers who received new loans from the agency\nin 1986 would be ineligible under the proposed system.\n The agency has proposed evaluating applicants' credit using\na variety of financial ratios instead of relying solely on\ncashflow ability.\n Senate Agriculture Committee Chairman Patrick Leahy (D-Vt.)\nslammed the proposed eligibility changes, telling FmHA\nAdministrator Vance Clark at a hearing that they would mark a\n\"dramatic shift\" in the agency's purpose away from being farmers'\nlender of last resort toward becoming a \"big city bank.\"\n But Clark defended the new regulations, saying the agency\nhad a responsibility to administer its 70-billion dlr loan\nportfolio in a \"compassionate yet judicious manner.\"\n Crowley of GAO, Congress' investigative arm, said the\nproposed credit scoring system attempted to ensure that FmHA\nwould make loans only to borrowers who had a reasonable change\nof repaying their debt.\n Reuter\n\u0003", "date": "11-MAR-1987 12:32:31.97", "places": [ "usa" ], "id": "3767" }, { "title": "INTERNATIONAL BANKNOTE CO INC 4TH QTR LOSS", "body": "Oper shr loss 11 cts vs loss 14 cts\n Oper net loss 1,963,000 vs loss 2,199,000\n Revs 17.5 mln vs 40.9 mln\n Year\n Oper shr profit nine cts vs profit two cts\n Oper net profit 1,555,000 vs 456,000\n Revs 86.3 mln vs 143.7 mln\n NOTE: Net excludes extraordinary tax charges of 115,000\ndlrs vs 995,000 dlrs in quarter and credits 8,096,000 dlrs vs\n1,173,000 dlrs in year.\n 1985 year net includes pretax gain 7,400,000 dlrs from\ntermination of pension plan.\n 1985 net includes pretax charge 1,200,000 dlrs in quarter\nand gain 1,400,000 dlrs in year from restructuring and\nconsolidation.\n 1985 quarter net includes 1,480,000 dlr tax credit.\n 1986 year net includes pretax gain 17.2 mln dlrs from sale\nof foreign subsidiary.\n Reuter\n\u0003", "date": "11-MAR-1987 12:33:12.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "3768" }, { "title": "NYSE SAYS GENERAL REFRACTORIES NO COMMENT", "body": "The New York Stock Exchange said\nGeneral Refractories Co had no comment on the activity in its\nstock.\n The company's shares were trading off 1-1/2 at 15-1/4.\n The exchange said it contacted the company and asked if\nthere were any corporate developments to explain the unusual\nactivity. The company declined to issue a statement, the NYSE\nsaid.\n Reuter\n\u0003", "date": "11-MAR-1987 12:36:30.26", "places": [ "usa" ], "id": "3769" }, { "title": "EC CONCERNED OVER U.S. TEXTILE IMPORT MOVES", "body": "The European Community (EC) expressed\ndisquiet over protectionist moves in the United States to limit\nimports of textiles and said it would retaliate immediately if\nEC exports were hit.\n A spokeswoman for the EC Commission said EC External Trade\nCommissioner Willy De Clercq had written to his U.S.\nCounterpart, special U.S. Trade Representative Clayton Yeutter,\noutlining the concerns of the 12-nation Community.\n The draft legislation under consideration by Congress would\nimpose permanent quotas on products entering the U.S. and seek\nto limit any increase to a growth in the overall trade.\n Reuter\n\u0003", "date": "11-MAR-1987 12:36:52.67", "topics": [ "trade" ], "organisations": [ "ec" ], "places": [ "belgium", "usa" ], "id": "3770" }, { "title": "SPEED-O-PRINT BUSINESS 4TH QTR NET", "body": "Shr loss seven cts vs profit 17 cts\n Net loss 102,000 vs profit 258,000\n Revs 1,695,000 vs 1,371,000\n Year\n Shr loss 33 cts vs profit 26 cts\n Net loss 488,000 vs profit 384,000\n Revs 6,700,000 vs 4,774,000\n NOTE: 1986 results include operations of radio stations\nWJYE-FM for the full year and WNNR-AM for the last six months.\n Speed-O-Print Business Machines Corp is full name of\ncompany.\n Reuter\n\u0003", "date": "11-MAR-1987 12:37:05.09", "topics": [ "earn" ], "places": [ "usa" ], "id": "3771" }, { "title": "ASBESTEC INDUSTRIES SETS STOCK SPLIT", "body": "Asbestec Industries Inc said\nits board declared a three-for-two stock split, payable April\n17, record April Three.\n Reuter\n\u0003", "date": "11-MAR-1987 12:37:58.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "3772" }, { "title": "DATAPRODUCTS GETS SIEMENS CONTRACT", "body": "Dataproducts Corp said\nit received a multi-year contract, valued at more than 30 mln\ndlrs, to supply band printers to of West Germany.\n Siemens will use the printers for office applications and\nfor medium to large mainframes, Dataproducts said.\n Reuter\n\u0003", "date": "11-MAR-1987 12:38:12.43", "places": [ "usa" ], "id": "3773" }, { "title": "QUAKER OATS CO REGULAR DIVIDEND", "body": "Qtly div 20 cts vs 20 cts previously\n Pay April 15\n Record March 23\n Reuter\n\u0003", "date": "11-MAR-1987 12:38:56.81", "topics": [ "earn" ], "places": [ "usa" ], "id": "3774" }, { "title": "JONES AND VINING GETS VULCAN BID", "body": "Jones and Vining Inc said\nVulcan Corp, one of its main competitors in the production of\nshoe lasts, has offered to acquire Jones and Vining for five\ndlrs a share.\n Jones and Vining said a management effort to take the\ncompany private will go ahead at 4.50 dlrs per share. The form\nof the buyout has not yet been determined and the buyout is\nsubject to a nunber of conditions, it said.\n Jones and Vining said its board believes that a transaction\nwith Vulcan would be difficult to complete, but it has asked\nVulcan for further information to explore the bid.\n On January 23, Jones and Vining said its board had\nrecommended that shareholders aprove a management buyout at\n4.50 dlrs a share.\n On February Six, Vulcan initially offered to acquire Jones\nand Vining for five dlrs a share, but Jones and Vining\ndismissed the offer as \"frivolous\" and \"without substance\" and\nsaid the bid failed to comply with provisions of the Securities\nAct of 1934.\n Reuter\n\u0003", "date": "11-MAR-1987 12:40:54.40", "topics": [ "acq" ], "places": [ "usa" ], "id": "3775" }, { "title": "VIRAGEN STARTS HUMAN TRIALS", "body": "Viragen Inc said it is sponsoring\nclinical studies of Human Leukocyte Interferon, Alpha, in the\ntreatment of renal cell carcinoma and bladder cell carcinoma.\n The Food and Drug Administration approved human trials \nwill be conducted on at least 30 patients, male and female for\neach cancer type.\n Reuter\n\u0003", "date": "11-MAR-1987 12:42:15.39", "places": [ "usa" ], "id": "3776" }, { "title": "PPG INDUSTRIES SEES GROWTH IN 1987", "body": "PPG Industries Inc will continue to\nshow earnings growth in 1987 despite a difficult economic\nclimate, the company said in its annual report, mailed to\nshareholders today.\n For 1986, the company's earnings rose five pct, to 316 mln\ndlrs, on revenues that increased eight pct, to 4.7 billion\ndlrs. Earnings per share were 2.66 dlrs, compared with 2.27\ndlrs.\n The company added that in 1986 its return on equity reached\n17.3 pct, up from 15.5 pct in 1985 and close to its goal of 18\npct.\n Reuter\n\u0003", "date": "11-MAR-1987 12:42:52.80", "topics": [ "earn" ], "places": [ "usa" ], "id": "3777" }, { "title": "WASTE MANAGEMENT SEEKS SUIT'S DISMISSAL", "body": "Waste Management Inc said it\nfiled a motion in U.S. District Court for the southern district\nof Ohio to dismiss the counterclaim brought against it by\nChemlawn Corp .\n The litigation relates to Waste Management's cash tender of\n27 dlrs a share for all shares of Chemlawn.\n A hearing on the counterclaim is scheduled for March 19 and\n20.\n Waste Management also said that Chemlawn has offered to\nsupply Waste Management with materials being forwarded by\nChemlawn to other potential purchasers of Chemlawn, but only if\nWaste Management agrees to conditions which would result in\ntermination of its current offer and a 120-day standstill on\nany unnegotiated transaction.\n Waste Management said it refused to agree to the requested\npreconditions. The company stated its believe that Chemlawn is\nobligated to permit it to compete with others to acquire\nChemlawn on a fully-informed basis.\n Waste Management's offer is scheduled to expire March 25.\n Reuter\n\u0003", "date": "11-MAR-1987 12:43:30.30", "places": [ "usa" ], "id": "3778" }, { "title": "BELGIAN MINISTER UNVEILS PRIVATISATION PLAN", "body": "Belgian Budget Minister Guy\nVerhofstadt has proposed a plan to sell off shares in several\nstate-owned enterprises, including national airline Sabena and\nthe postal and telecommunications authority, government sources\nsaid.\n They said the plan could raise more than 25 billion francs\nin revenue over the next five years according to Verhofstadt's\nprojections, helping the government to reduce its huge budget\ndeficit, targetted this year at 418 billion francs.\n But the scheme had received a guarded reception from the\nSocial Christian parties in Belgium's centre-right coalition\nwhen Verhofstadt unveiled it at a cabinet meeting yesterday.\n Discussion of the plan was likely to be long and difficult,\nthe sources said.\n Verhofstadt proposes beginning the selloffs in the last\nquarter of 1987, with the sale of 30 to 40 pct of state\ninvestment company SNI. He expects the sale to raise three\nbillion francs, they added.\n A 25 pct share in Sabena would be sold in mid-1989 for 1.5\nbillion francs, while 50 pct of the postal and\ntelecommunications authority would be sold off in two stages in\nmid-1990 and early 1992, raising at least seven billion francs.\n Also on Verhofstadt's list are the Maritime Transport\nAuthority, leading gas distributor Distrigaz, CGER savings\nbank, CGER, and several other credit institutions.\n Le Soir daily quoted CGER vice-president Paul Henrion as\nexpressing strong opposition to the privatisation of his bank.\n \"Public company we are and public company we wish to stay,\"\nHenrion told the paper.\n REUTER\n\u0003", "date": "11-MAR-1987 12:46:36.41", "topics": [ "acq" ], "places": [ "belgium" ], "id": "3779" }, { "title": "REICHOLD CHEMICALS INCREASES PRICES", "body": "Reichhold Chemicals Inc said it is\nraising the prices of its Emulsion Polymers Division's\nstyrene-based latexes for nowovens, textiles, adhesives and\nother specialty end uses, effective April nine.\n The increases range between three and nine cts per dry\npound.\n Reuter\n\u0003", "date": "11-MAR-1987 12:48:48.88", "places": [ "usa" ], "id": "3780" }, { "title": "CHRYSLER TO USE TELECREDIT PRODUCT", "body": "Chrysler Corp said it will use a\nproduct designed by Telecredit Inc's Light Signatures Inc unit\nto prevent counterfeit automotive parts.\n Light Signatures will provide coded warranty labels for\nChrysler's replacement parts. The system will first be used for\nglass and then expanded to other products.\n Parts replaced by independent repair shops, and containing\nthe coded warranty label, will be tested by Chrysler dealers to\nensure authenticity.\n The company also said the system will tracks each piece of\nwarranty glass distributed by Chrysler.\n\n Reuter\n\u0003", "date": "11-MAR-1987 12:51:39.33", "places": [ "usa" ], "id": "3781" }, { "title": "SCIENCE DYNAMICS CORP YEAR NET", "body": "Shr 24 cts vs 13 cts\n Net 704,803 vs 385,081\n Revs 5,669,682 vs 4,142,095\n Reuter\n\u0003", "date": "11-MAR-1987 12:51:57.34", "topics": [ "earn" ], "places": [ "usa" ], "id": "3782" }, { "title": "AVERY IN OFFERING", "body": "Avery Inc said it began a public\noffering of two mln shars at 50.25 dlrs per shares.\n PUrchasers of the shares are entitled to get one additional\nshare for each share purchased to give effect to the\ntwo-for-one stock split approved by the board February 26.\n There are about 19.9 mln shares outstanding on a presplit\nbasis, it said.\n Proceeds will be used to reduce borrowings and other\ngeneral purposes.\n Reuter\n\u0003", "date": "11-MAR-1987 12:53:43.52", "places": [ "usa" ], "id": "3783" }, { "title": "FOODARAMA SUPERMARKETS INC 1ST QTR JAN 31", "body": "Shr 42 cts vs 35 cts\n Net 570,000 vs 476,000\n Sales 122.4 mln vs 123.1 mln\n NOTEL Prior year net includes pretax charge 453,000 dlrs\nfor reopening of eight stores.\n Reuter\n\u0003", "date": "11-MAR-1987 12:53:47.58", "topics": [ "earn" ], "places": [ "usa" ], "id": "3784" }, { "title": "ENGINEERING MEASUREMENTS CO 3RD QTR NET", "body": "Qtr ends Jan 31\n Shr four cts vs 12 cts\n Net 102,508 vs 264,910\n Revs 2,278,083 vs 2,536,312\n Nine mths\n Shr 18 cts vs 15 cts\n Net 489,253 vs 404,877\n Revs 6,679,745 vs 6,613,551\n NOTE: Excludes discontinued operations gain of 40,519 dlrs\nin the third quarter fiscal 1986, and loss of 9,666 dlrs in the\nnine months fiscal 1986.\n Reuter\n\u0003", "date": "11-MAR-1987 12:54:00.36", "topics": [ "earn" ], "places": [ "usa" ], "id": "3785" }, { "title": "BOOTHE FINANCIAL CORP 4TH QTR NET", "body": "Shr one ct vs 24 cts\n Net 43,000 vs 1,032,000\n Revs 10 mln vs 4.9 mln\n Avg shrs 3.7 mln vs 4.3 mln\n 12 mths\n Shr 1.02 dlrs vs 1.62 dlrs\n Net 3,950,000 vs 7,308,000\n Revs 30.8 mln vs 33.3 mln\n Avg shrs 3.9 mln vs 4.5 mln\n NOTE: 1985 restated to reflect tax loss carryforwards.\n Reuter\n\u0003", "date": "11-MAR-1987 12:54:07.06", "topics": [ "earn" ], "places": [ "usa" ], "id": "3786" }, { "title": "CONSOLIDATED NATURAL GAS CO IN PAYOUT", "body": "Qtly div 37-1/2 cts vs 37-1/2 cts prior\n Pay May 15\n Record April 15\n Reuter\n\u0003", "date": "11-MAR-1987 12:54:40.19", "topics": [ "earn" ], "places": [ "usa" ], "id": "3787" }, { "title": "SANDUSKY PLASTICS INC SETS QUARTERLY", "body": "Qtly div six cts vs six cts prior\n Pay March 31\n Record March 20\n Reuter\n\u0003", "date": "11-MAR-1987 12:54:44.37", "topics": [ "earn" ], "places": [ "usa" ], "id": "3788" }, { "title": "IC INDUSTRIES TO REDEEM SECURITIES", "body": "IC Industries Inc called for redemption\n113.6 mln dlrs worth of securities.\n IC said it will redeem 69 mln dlrs in 14 pct guaranteed\nnotes, seven pct Swiss Franc notes of Abex International worth\n40 mln Swiss francs (26.2 mln dlrs), and 18.4 mln dlrs of\n11-5/8 pct Pneumo subordinated sinking fund debentures.\n The guaranteed notes will be redeemed May 15 at a\nredemption price of 100.5 pct. The Swiss Franc notes will be\nredeemed July 12 at 100.5 pct. The debentures will be redeemed\nJune one, with 5.75 mln dlrs to be redeemed at 100 pct and the\nbalance to be redeemed at 102.33 pct.\n Reuter\n\u0003", "date": "11-MAR-1987 12:58:59.75", "places": [ "usa" ], "id": "3789" }, { "title": "REXNORD TO SELL RAILWAY EQUIPMENT UNIT", "body": "Rexnord nc said it signed a\ndefinitive agreement to sell its Railway Maintenance Equipment\nCo subsidiary to Banner Industries Inc. Terms were withheld.\n It said Railway Maintenance had 1986 sales of 16 mln dlrs\nand employs 100 people.\n Rexnord said the sale is part of a major program to divest\nseveral of its businesses representing about 200 mln dlrs in\nnet assets. Still to be divested are the Process Machinery\nDivision with sales of 137 mln dlrs and Mathews Conveyer Co,\nwith sales of 83 mln dlrs.\n Reuter\n\u0003", "date": "11-MAR-1987 12:59:33.35", "topics": [ "acq" ], "places": [ "usa" ], "id": "3790" }, { "title": "LONE STAR TO ADD FIVE CEMENT TERMINALS", "body": "Lone Star Industries Inc said\nit signed an agreement to buy or lease five import cement\nterminals from Hanson Industries' Kaiser Cement Corp.\n Terms of the agreement were not disclosed.\n Lone Star said three of the terminals are located in\nAlaska, one in Seattle and the other in Portland, Ore.\n Reuter\n\u0003", "date": "11-MAR-1987 13:02:10.90", "places": [ "usa" ], "id": "3791" }, { "title": "LICHT SEES STAGNANT EUROPEAN BEET AREA", "body": "The overall area devoted to sugar\nbeet in Europe is forecast to remain stagnant this year at 7.22\nmln hectares compared with 7.21 mln ha in 1986, West German\nstatistician F.O. Licht said.\n It was feared that the recent steep rise in sugar prices\nwould have a marked effect on planting intentions this year,\nLicht said, but judging by this first estimate the effect was\nprobably minimal.\n The total beet area in the European Community is forecast\nto fall two pct to 1.85 mln ha against 1.89 mln in 1986.\n The total Western Europe area is put at 2.49 mln ha,\nagainst 2.50 mln in 1986. Eastern Europe area is forecast at\n4.73 mln ha against 4.72 mln.\n Individual West Europe country estimates, in 1,000 hectares\n(with 1986 figures in brackets), are, Belgium/Luxembourg 114\n(118), Denmark 69 (69), France 419 (421), Greece 35 (44),\nIreland 36 (38), Italy 270 (275), Netherlands 129 (138),\nPortugal 1 (1), Spain 192 (190), U.K. 200 (201), West Germany\n385 (399), Austria 32 (28), Finland 30 (31), Sweden 51 (52),\nSwitzerland 15 (14), Turkey 355 (340), Yugoslavia 160 (136).\n Eastern Europe plantings are forecast as follows, USSR 3400\n(3440), Albania 10 (9), Bulgaria 52 (50), Czechoslovakia 195\n(196), East Germany 210 (205), Hungary 108 (96), Poland 460\n(440), Romania 295 (280).\n On the basis of average yields this year, Licht said these\narea forecasts pointed to a total European beet sugar crop in\n1987/88 of 29.8 mln tonnes, raw value, down from 31.4 mln\ntonnes in 1986/87. Licht said sugar yields were fairly high\nlast season, thanks to favourable weather, and this increases\nthe chances of a significant reduction in production in\n1987/88.\n Based on average yields, EC beet sugar production could\nfall nearly 10 pct this year to 13.5 mln tonnes from 14.9 mln\nin 1986/87, while total Western Europe production could be 16.9\nmln tonnes against 18.1 mln. Eastern Europe production could be\n12.9 mln tonnes against 13.3 mln in 1986/87.\n Reuter\n\u0003", "date": "11-MAR-1987 13:02:25.48", "topics": [ "sugar" ], "organisations": [ "ec" ], "id": "3792" }, { "title": "BRITAIN TO MINT NEW \"BRITANNIA\" GOLD COIN", "body": "Britain will from next autumn mint and\nmarket a new bullion coin called the \"Britannia\" containing one\nounce of 24 carat gold, together with bullion coins of smaller\ndenominations, a Treasury official said.\n The new investment coin, to be sold worldwide, will\nfluctuate in price according to the international price of\ngold.\n The smaller coins will be in denominations of a half ounce,\na quarter ounce and a tenth of an ounce. REUTER\n\u0003", "date": "11-MAR-1987 13:05:38.31", "topics": [ "gold" ], "places": [ "uk" ], "id": "3793" }, { "title": "BENIHANA TO BUILD RESTAURANT IN FLORIDA", "body": "Benihana National Corp said it signed a\nletter of intent with \nto build a teppanyaki-style restaurant at the Hilton Hotel at\nWalt Disney World Village in Lake Buena Vista, Fal.\n Benihana National said it currently owns and operates 16\nteppanyaki-style restaurants under license from its parent,\n.\n Reuter\n\u0003", "date": "11-MAR-1987 13:06:00.22", "places": [ "usa" ], "id": "3794" }, { "title": "MEESE SEES A PLUS IN CHRYSLER-AMC MERGER", "body": "Attorney General Edwin Meese said he\nsaw some benefit in the proposed purchase of American Motors Co\n By Chrysler Corp in that it would return the smallest\nof the U.S. auto manufacturers to American hands.\n Meese told the House Appropriations Subcommittee that\nconsideration would be part of the Justice Department's review\nof the proposed merger. He said the agency has not yet received\na formal notice of the merger which would start the review\nprocess.\n Chrysler has made a 1.3 billion dlr bid to buy AMC from its\nFrench parent Renault.\n \"I think one of the things that has to be recognized in that\nmerger is that it appears, at least, that a good portion of the\nownership of American Motors, which has been in overseas hands\nwill be put back in American hands,\" Meese told the\nsubcommittee.\n \"That may be one of the factors that would be weighed in the\njudgment,\" he added.\n Renault currently holds about 46 pct of AMC.\n Reuter\n\u0003", "date": "11-MAR-1987 13:06:27.68", "topics": [ "acq" ], "places": [ "usa" ], "id": "3795" }, { "title": "DUTCH PARLIAMENT OFFERS LITTLE HELP IN PORT ROW", "body": "Dutch members of parliament said they\ncould do little to help resolve the dispute over redundancies\nin Rotterdam port's general cargo sector and urged the union\nand employers to sort out their differences themselves.\n Both sides gave evidence to the all-party standing\ncommittee on Social Affairs today, but committee members said\nthey saw little chance of parliamentary intervention.\n The dispute began on January 19 in protest at employers'\nplans for 800 redundancies from the 4,000-strong workforce,\nstarting with 350 this year. The port and transport union, FNV,\nis to challenge the redundancies in an Amsterdam court\ntomorrow.\n Reuter\n\u0003", "date": "11-MAR-1987 13:08:50.92", "topics": [ "ship" ], "places": [ "netherlands" ], "id": "3796" }, { "title": "SOSNOFF SAYS CAESARS OFFERED STOCK BUYBACK", "body": "Martin Sosnoff, who has offered to\nbuy Caesars World Inc for 28 dlrs a share, said senior\nofficials of the company have offered to buy back the Caesars\nstake he already holds, now 13.6 pct of the total outstanding.\n In a filing with the Securities and Exchange Commission,\nSosnoff, a New York investor and money manager, said the offers\nto buy back his stock occurred \"on several occasions during the\npast year.\"\n The offers were made by several Caesars World\nrepresentatives, including its chairman, Henry Gluck, he said. \n Sosnoff said he rejected all of the proposals.\n The Caesars World official suggested various forms of\npayment for Sosnoff's stake, including other securities of the\ncompany and cash, he said. Sosnoff did not detail the value of\nthe proposed compensation.\n Also suggested was a deal involving \"put\" and \"call\" option\nregarding Sosnoff's Caesars World holdings, he said.\n The proposed deals would have also included a \"standstill\"\nagreement, which would have restricted Sosnoff's right to buy\nmore Caesars World stock or \"to take any action adverse to\nincumbent management,\" he said.\n Sosnoff's report on the offers he received for his Caesars\nWorld shares were amended to his official offer to purchase the\ncompany, as well as reported to the SEC.\n Sosnoff now holds about 4.1 mln Caesars World shares, or\n13.6 pct of the company's 30 mln shares outstanding.\n The Sosnoff offer to buy the shares of the company he does\nnot already hold has been valued at 725.2 mln dlrs.\n Reuter\n\u0003", "date": "11-MAR-1987 13:09:22.58", "topics": [ "acq" ], "places": [ "usa" ], "id": "3797" }, { "title": "ENERGY/FOREIGN INVESTORS", "body": "Lured by the weakening dollar and the\nconviction that oil prices are poised for a rebound, European\nenergy companies are buying up cheap U.S. oil and gas reserves\nto replenish their supplies, oil industry analysts said.\n They said owning oil reserves in a politically stable\nUnited States is good insurance against future shortages.\nHowever, the quick pace of foreign investment has heated up\ncompetition among European firms, well-heeled U.S.\ninstitutional investors and major oil companies to snare choice\ndomestic oil properties.\n Strevig and Associates, a Houston firm that tracks oil and\ngas reserve sales, said growing interest among foreign buyers\nhad helped push reserve prices in recent months higher. All\nbuyers of U.S. reserves paid a median price of 6.45 dlrs a\nbarrel of oil during the fourth quarter of 1986 for\nacquisitions, up from 5.33 dlrs in the third quarter and five\ndlrs in the second quarter, according to the firm's research.\n \"Foreign investors have been here nibbling a long time, but\nwe're seeing new names and smaller companies coming in,\" said\nArthur Smith, an oil property appraisal specialist and\npresident of John S. Herold Inc in Greenwich, Conn.\n \"Europeans, especially, do not have much indigenous oil and\ngas and realize the tide will eventually turn in favor of the\nOrganization of Petroleum Exporting Countries,\" he added.\n Smith and other oil industry analyst and economists believe\nthe trend in foreign investments will continue in 1987 because\nof the fall in value of the U.S. dollar, the perception that\noil prices have hit bottom and the fact that it is cheaper to\nbuy new reserves than to explore for them.\n Plenty of properties are available on the market, thanks to\nthe need of many companies to raise cash for debt payments and\ngeneral restructuring throughout the oilpatch.\n In two of the biggest transactions of recent months,\nFrench-owned Minatome Corp., a unit of , spent more than 230 mln dlrs to\nseparately acquire oil assets of Texas International \nand Lear Petroleum Partners . A spokesman for Minatome\nsaid the company is searching for additional acquisitions.\n A partnership of two Belgian-owned firms, \nand paid 150 mln dlrs late last year to buy\nvirtually all the exploration assets of the Williams Cos ,\nthe Oklahoma pipeline firm.\n But Japanese investors prefer entering into joint ventures\nwith experienced U.S. companies to explore for new oil. Japan's\n is a partner of Texaco Inc's Texaco USA in a\n100 mln dlrs U.S. drilling program, and has joined with\nDupont's
Conoco Inc in a similar 135 dlrs mln deal.\n Most buyers said the pay-back period of a property, its\ngeographic location and the lifting cost of the crude oil are\nmore important factors in evaluating potential acquisitions\nthan relying on a simple price-per-barrel formula.\n Rich Hodges, a Houston-based land manager representing\nInternational Oil and Gas Corp, a partnership of and of West Germany, said the firm had\nearmarked at least 50 mln dlrs to spend on oil reserves in\nTexas, Oklahoma or Louisiana in the coming months.\n But he called that a small amount compared to the amount\nother investors have for acquisitions. PaineWebber's Geodyne\nEnergy Income Fund, for example, has said it plans to spend up\nto 300 mln dlrs on oil and gas properties.\n \"The competition is stiff, not only from other foreign\ninvestors but from the brokerage houses and U.S. oil\ncompanies,\" he said. \"Our company is shopping around because we\nfeel it's substantially less risky than pure exploration. If\nyou're going to take the risk inherent in exploration, you need\nprices higher than the current market,\" he added.\n In addition to the foreign investors and U.S. brokerage\nhouses, analysts said many of the major oil companies were also\ncompeting for prime properties.\n Houston-based Shell Oil Co, a unit of Royal Dutch/Shell Group\n, has been one of the most active companies in buying and\nselling reserves, Smith said. Since 1982, Shell has acquired\ntwo billion dlrs in new reserves, including 470 mln barrels of\noil equivalent at a net cost of 2.80 dlrs a barrel, he said.\n \"Buying reserves is a good strategy for most of these\ncompanies,\" Smith said. \"Domestic production has dropped by one\nmln barrels a day because of cutbacks in drilling and it may\ndrop by another one mln barrels a day in 1988.\"\n Reuter\n\u0003", "date": "11-MAR-1987 13:11:35.31", "topics": [ "crude", "nat-gas" ], "places": [ "usa" ], "id": "3798" }, { "title": "CBT BOARD OF DIRECTORS POSTPONES LAUNCH OF NIGHT TRADING UNTIL APRIL 30, EXCHANGE SAYS\n", "date": "11-MAR-1987 13:12:56.56", "id": "3799" }, { "title": "AUSTRIAN 1987 GROWTH SEEN BETWEEN 0.5 AND 1.5 PCT", "body": "A meeting of leading politicians,\nbankers and economists has forecast Austrian real gross\ndomestic product growth for this year at between 0.5 and 1.5\npct, a government spokesman said.\n This compared with a two pct growth forecast made by the\nsemi-official Institute for Economic Research (WIFO) last\nDecember.\n Helmut Kramer, spokesman for Chancellor Franz Vranitzky,\ntold Reuters that the forecast had been made during the meeting\nattended by Vranitzky, Finance Minister Ferdinand Lacina,\nNational Bank President Stefan Koren and a WIFO representative.\n Economists have been cutting growth forecasts recently\nmainly due to expectations of a poor export performance this\nyear, notably to Eastern Europe and oil exporting states.\n Hannes Androsch, general director of\nCreditanstalt-Bankverein , today put 1987 GDP growth\nat between one and 1.5 pct.\n Kramer also said the meeting had heard that unemployment\nfor the year would be above the 5.5 pct forecast, but was\nunlikely to be more than six pct.\n REUTER\n\u0003", "date": "11-MAR-1987 13:13:45.38", "topics": [ "gnp" ], "places": [ "austria" ], "id": "3800" }, { "title": " 4TH QTR NET", "body": "Shr profit primary 91 cts vs loss 86 cts\n Shr profit diluted 90 cts vs loss 86 cts\n Net profit 787,000 vs loss 751,000\n Sales 20 mln vs 12.5 mln\n Year\n Shr profit profit 2.63 dlrs vs profit five cts\n Shr profit diluted 2.59 dlrs vs profit five cts\n Net profit 2,273,000 vs profit 43,000\n Sales 70.1 mln vs 47.1 mln\n Note: Prior qtr and year figures include gains on disposal\nof discontinued operations of 76,000 dlrs and 79,000 dlrs,\nrespectively.\n Reuter\n\u0003", "date": "11-MAR-1987 13:15:23.01", "topics": [ "earn" ], "places": [ "usa" ], "id": "3801" }, { "title": "DIMIS EXTENDS WARRANT EXPIRATION", "body": "Dimis Inc said it has extended\nthe expiration of its 1,424,500 common stock purchase warrants\nto September 30 from March 31.\n Each two warrants allow the purchase of one share at two\ndlrs.\n Reuter\n\u0003", "date": "11-MAR-1987 13:15:42.88", "places": [ "usa" ], "id": "3802" }, { "title": "PRUDENTIAL TO FORM REAL ESTATE BROKERAGE UNIT", "body": " said it will enter the real estate brokerage business\nin 1988 and plans to develop a national network of franchised\nbrokerage offices.\n Prudential said its new real estate unit, Prudential Real\nEstate Affiliates, will be headed by Jerome M. Cole, who has\nbeen chairman of Sears, Roebuck and Co Inc's Coldwell\nBanker Residential Affiliates Inc unit.\n The unit will be headquarted in Southern California, it\nsaid.\n Reuter\n\u0003", "date": "11-MAR-1987 13:16:12.63", "places": [ "usa" ], "id": "3803" }, { "title": "INTERLEAF INTRODUCES NEW SOFTWARE", "body": "Interleaf Inc said it will\nintroduce a series of new software packages that allow users to\nbuild electronic publishing systems comprised of personal\ncomputers, workstations and mainframe computers.\n In addition, the company said it will announce a software\nprogram that lets users create documents in different languages\nor mix languages within a single document.\n Reuter\n\u0003", "date": "11-MAR-1987 13:16:21.47", "places": [ "usa" ], "id": "3804" }, { "title": "SOUTHWEST AIR UNIT ADDS HOUSTON NONSTOPS", "body": "Southwest Airlines Co's TranStar\nAirlines Corp said it will add nonstop flights from Houston's\nHobby Airport to Orlando, Tampa/St. Petersburg, San Diego and\nAustin on April One.\n It said the changes will increase daily service to Austin\nto four roundtrips daily, to Tampa to three nonstops and a\none-stop, to Orlando to one nonstops, three onestops and two\nconnecting flights and to San Diego to one nonstop and three\ndirect flights.\n Reuter\n\u0003", "date": "11-MAR-1987 13:16:32.67", "places": [ "usa" ], "id": "3805" }, { "title": "NEWPORT ELECTRONICS INC 4TH QTR NET", "body": "Oper shr loss nine cts vs loss four cts\n Oper net loss 108,000 vs loss 55,000\n Sales 3,029,000 vs 2,694,000\n Year\n Oper shr profit 42 cts vs profit 15 cts\n Oper net profit 511,000 vs profit 177,000\n Sales 13.3 mln vs 11.2 mln\n Avg shrs 1,233,136 vs 1,217,981\n Note: Current qtr and year figures exclude operating loss\ncarryforward gain of 26,000 dlrs vs gain of 88,000 dlrs in\nprior year periods.\n Reuter\n\u0003", "date": "11-MAR-1987 13:16:51.76", "topics": [ "earn" ], "places": [ "usa" ], "id": "3806" }, { "title": "TRANSCO EXPLORATION PARTNERS LTD IN PAYOUT", "body": "Qtly div 44 cts vs 44 cts prior\n Pay June One\n Record May Eight\n Reuter\n\u0003", "date": "11-MAR-1987 13:16:59.26", "topics": [ "earn" ], "id": "3807" }, { "title": "TRANSCO ENERGY CO SETS QUARTERLY", "body": "Qtly div 68 cts vs 68 cts prior\n Pay June One\n Record May Eight\n Reuter\n\u0003", "date": "11-MAR-1987 13:17:12.96", "topics": [ "earn" ], "id": "3808" }, { "title": "FORD SELECTS FIRM TO AUTOMATE PLANT", "body": "Ford Motor Co selected \nSystems Control unit to install a manufacturing automation\nsystem at Ford's Hermosillo, Mexico, plant, Scicon said.\n The system, the value of which was not disclosed, will\nprovide Ford with automated vehicle tracking capabilities,\nScicon said.\n Reuter\n\u0003", "date": "11-MAR-1987 13:18:00.34", "places": [ "usa" ], "id": "3809" }, { "title": "RLR FINANCIAL WON'T BE DELISTED", "body": "RLR Financial Services Inc\nsaid the National Association of Securities Dealers has decided\nnot to delist its stock from NASDAQ on March 12 as it had\nthreatened.\n The company said the NASD has granted it an indeterminate\namount of time to resolve issues raised by the NASD on the\nmarket making of RLR's RLR Securities Group Inc subsidiary in\nshares of the parent company.\n The NASD had alleged that no registration statement for the\nshares was in effect. RLR contested the charge but stopped\nmarket making in its own stock.\n Reuter\n\u0003", "date": "11-MAR-1987 13:18:20.39", "places": [ "usa" ], "id": "3810" }, { "title": "MCDERMOTT UNIT GETS PLANT CONTRACT", "body": "McDermott International Inc said\nASEA Babcock PFBC received a 48 mln dlrs contract to supply a\ncombustion system for Tidd Power Plant in Brilliant, Ohio.\n ASEA Babcock PFBC is a joint venture between its Babcock\nand Wilcox unit and ASEA PFBC of Sweden.\n Reuter\n\u0003", "date": "11-MAR-1987 13:19:27.42", "places": [ "usa" ], "id": "3811" }, { "title": "ALASKA AIR GROUP TO OFFER STOCK", "body": "Alaska Air Group Inc said it will offer\n1.8 mln shares of common stock at 25.875 dlrs per share.\n The company said proceeds from the 45.1-mln-dlr offering\nwill be used to reduce debt, for working capital and for\ncapital expenditures.\n Reuter\n\u0003", "date": "11-MAR-1987 13:19:32.88", "places": [ "usa" ], "id": "3812" }, { "title": "EL PASO ELECTRIC REACHES NEW MEXICO PACT", "body": "El Paso Electric Co said it has\nagreed to limit rate increases in its New Mexico service\nterritory to a maximum of nine pct over the next three years.\n Last year, about 18 pct of the utility's revenues came from\nNew Mexico, 70 pct from retail electricity sales in Texas and\n12 pct from wholesale sales under federal regulation.\n In January the company filed a formal rate case with New\nMexico regulators seeking a 21.66 pct increase in its annual\nrates there which would have been equal to about 13.9 mln dlrs\nnet of fuel savings.\n El Paso Electric said it reached a stipulated settlement on\nits New Mexico rates with several parties, including the state\nof the New Mexico Public Service Commission, which provides for\nrate treatment of the utility's investment in the Palo Verde\nNuclear Generating Station located near Phoenix, Ariz.\n The company said commission hearings on the stipulated\nsettlement are expected to start next month. If it is approved,\nthe new rates could go into effect as early as this summer. El\nPaso Electric's January rate case will remain before the\ncommission pending approval of the settlement.\n El Paso Electric said the agreement provides got continued\nfull inclusion in its rate base of the costs of Palo Verda Unit\none, maximum rate increases of three pct on a cents per\nkilowatt hour basis in 1987, 1988 and 1989, and no further rate\nincreases until 1994.\n Once the agreement is approved, the utility would still\nhave to prove cost of service increases to support at least the\nmaximum increase each year, a spokesman explained.\n The company said it will attempt to settle the cost of\nservice issues in timed to allow the new rates to go into\neffect this summer.\n El Paso Electric said the agreement allows recovery in its\nNew Mexico rates of lease payments in connection with the\nutility's 1986 sale and leaseback of its investment in Palo\nVerde Unit Two to the extent of the book value sold.\n The company said it agreed that none of its costs for Palo\nVerde Unit Three will be included in its New Mexico rates.\n The utility said the agreement also resolves any issue\nrelating to the prudence of the planning, management and\nconstruction of Palo Verde and settles any possible issue of\nexcess generating capacity through 1993.\n El Paso Electric said it does not expect to have excess\ngenerating capacity.\n The agreement also provides that any portion of the cost of\nservice deferrals not recouped prior to December 31, 1994 will\nnot be recovered through New Mexico rates, the company said,\nadding it expects to recoup all deferrals in full by that date.\n Reuter\n\u0003", "date": "11-MAR-1987 13:19:42.46", "places": [ "usa" ], "id": "3813" }, { "title": "CHRONAR IN JOINT VENTURE IN YUGOSLAVIA", "body": "Chronar Corp said it signed a\njoint venture agreement with , a Yugoslav maker of\nelectric energy equipment, to build a 12 mln dlr, one megawatt\nphotovaltaic manufacturing plant in Split, Yugoslavia.\n Under the agreement, Rade Koncar will own 60 pct of the\nventure and Chronar will own 40 pct, Chronar said.\n Chronar said it will receive 7.5 mln dlrs for supplying\nequipment and technology and will invest 2.5 mln dlrs for its\n40 pct stake. It said it cancelled a previous pact with a\nYugoslav firm because the firm could not raise enough capital.\n Reuter\n\u0003", "date": "11-MAR-1987 13:19:50.13", "places": [ "usa", "yugoslavia" ], "id": "3814" }, { "title": "CBT POSTPONES NIGHT TRADING START TO APRIL 30", "body": "The Chicago Board of Trade's (CBT)\nboard of directors voted to postpone the start of what will be\nthe first U.S. evening futures trading session until April 30\nfrom April 2 to give participants a chance to get ready, the\nexchange announced.\n Several trading firms had asked for a delay in the start-up\nof the evening session so that the firms can work out\noperational difficulties created by the off-hours session.\n CBT chairman Karsten Mahlmann said in a statement the delay\nwill \"afford all firms the time necessary to be 100 pct ready\nfor this innovative program, we are postponing the opening\ndate.\"\n The board of directors accepted yesterday's recommendation\nby a committee of members overseeing the planned evening\nsession, which was originally scheduled to start April 2. The\nsession is designed to begin the global trading day from 1800\nto 2100 local Chicago time Monday through Thursday.\n CBT members overwhelmingly approved the evening session in\na vote conducted a month ago.\n But before night trading can begin, the CBT still has to\nobtain approval from the Commodity Futures Trading Commission.\n Pending regulatory approval, the CBT plans to offer evening\ntrading in the world's most active futures contract, Treasury\nbonds, along with Treasury note futures and options on those\ncontracts.\n The evening session will make available to traders in the\nFar East interest rate hedging vehicles when their day is just\nbeginning, and the CBT hopes to attract trading capital from\nthe Pacific Rim's burgeoning financial centers.\n When the idea for a night trading session was broached, it\nmet with resistance from many local traders who said the\nsession would add to the physical strain of their jobs.\n Many traders and member firms also questioned whether the\nnight session would have the liquidity necessary to survive,\nand complained that the cost of manning trading desks for two\nsessions per 24-hour cycle might not be worthwhile.\n Some credit market analysts, including Norman Quinn,\npresident of Golden Gate Futures, said the night session would\nlikely be dominated by institutions, because the larger local\ntraders would refuse to return at night.\n Nevertheless, Quinn and other traders said the night\nsession has a good chance of succeeding.\n Reuter\n\u0003", "date": "11-MAR-1987 13:20:21.02", "id": "3815" }, { "title": "FRANCE ANNOUNCES 10.5 BILLION FRANC T-BILL AUCTION", "body": "The Bank of France announced that it will\npublicly auction 10.5 billion francs of negotiable Treasury\nbills on March 16.\n The auction will comprise 3.5 billion francs of 13-week\nbills, 3.5 billion francs of 26 week bills and 3.5 billion\nfrancs of 52-week bills, all fixed rate.\n Reuter\n\u0003", "date": "11-MAR-1987 13:21:04.38", "places": [ "france" ], "id": "3816" }, { "title": "TOTAL ERICKSON RESOURCES LTD YEAR NET", "body": "Shr profit nine cts vs loss 45 cts\n Net profit 2,500,000 vs loss 9,900,000\n Revs 16,800,000 vs 3,300,000\n Note: 1986 net includes 2.6 mln dlr or nine ct a shr\nwritedown of nine pct stake in .\n 1985 results reflect only six mths of mining operations due\nto merger of Erickson Gold Mines Ltd and Total Eastcan\nExploration Ltd on June 30, 1985.\n Reuter\n\u0003", "date": "11-MAR-1987 13:23:32.74", "topics": [ "earn" ], "places": [ "canada" ], "id": "3817" }, { "title": "FRENCH AEROSPACE INDUSTRY HAS MIXED 1986", "body": "The French aerospace industry had a mixed\nyear in 1986, with military sales hit by the falling dollar and\nlower oil and raw material prices but the civilian sector\nperforming better, Jacques Benichou, president of the the\nFrench aeronautics and space industries group (GIFAS) said.\n He told journalists here that the sales success of the\nEuropean Airbus Industrie consortium, in which France has a 38\npct stake through Aerospatiale, and the SNECMA aero-engine\ngroup, which has a 50 pct stake in CFM International with the\nU.S. Group General Electric, had both performed well.\n Turnover for the French aerospace industry was 74 billion\nfrancs last year, comparable in constant terms with 1985, while\nthe trade surplus for the industry was around 30 billion\nfrancs.\n \"We should be neither too optimistic nor too pessimistic,\"\nBenichou said.\n Reuter\n\u0003", "date": "11-MAR-1987 13:24:04.29", "places": [ "france" ], "id": "3818" }, { "title": "NATIONWIDE CELLULAR HAS BUY OPTION", "body": "Nationwide Cellular Service\nInc said it has acquired an option to purchase rights to about\n4,000 subscribers from Americom L.A. Systems, a Los Angeles\nreseller of mobile telephone service, for 2,750,000 dlrs.\n It said the option can be exercised within 120 days and\nwould mark its entry into the Los Angeles market. During the\noption period, it said it will manage American L.A.'s\noperations.\n The option is subject to negotiation of a definitive\nagreement and the receipt of certified financial statements\nfrom Americom.\n Reuter\n\u0003", "date": "11-MAR-1987 13:24:15.23", "places": [ "usa" ], "id": "3819" }, { "title": "SECURITIES TRADE GROUP REPLIES TO SENATE VOTE", "body": "The Securities Industry Association\nsaid it strongly supports the decision yesterday by the Senate\nBanking Committee to freeze the entry by commerical banks into\nnon-banking businesses such as the underwriting of commerical\npaper.\n \"This committee vote is not only a prudent and thoughtful\napproach to review of the Glass-Steagall Act, but a strong and\nneeded message from the Senate that it is the responsibility of\nCongress to review, and if necessary, amend the nation's\nbanking laws,\" the association said in a statement.\n Reuter\n\u0003", "date": "11-MAR-1987 13:24:53.21", "places": [ "usa" ], "id": "3820" }, { "title": "VERSAR TO BUY MARIETTA UNIT", "body": "Versar Inc said it has agreed\nin principle to acquire Martin Marietta Corp's Martin Marietta\nEnvironmental Systems unit for about 5,300,000 dlrs.\n Versar said it would use its working capital and an\nestablished life of credit to find the purchase, which is\nsubject to approval by both boards and is expected to be\ncompleted in April.\n Marietta Environmental had 1986 revenues of about nine mln\ndlrs.\n Versar said the acquisition should have a \"moderately\"\nfavorable effect on its earnings this year.\n Reuter\n\u0003", "date": "11-MAR-1987 13:26:11.13", "topics": [ "acq" ], "places": [ "usa" ], "id": "3821" }, { "title": "TRANSCO ENERGY CALLS 3.875 DLR PREFERRED", "body": "Transco Energy Co said on April 10 it\nwill redeem all 707,905 outstanding shares of its 3,875 dlr\nseries cumulative convertible preferred stock at 51.17 dlrs per\nshare plus accrued dividends of 74 cts.\n Transco said each share of the preferred is convertible\ninto 1,263 common shares.\n Reuter\n\u0003", "date": "11-MAR-1987 13:26:59.10", "places": [ "usa" ], "id": "3822" }, { "title": "MERRILL BUYS FRAYN FINANCIAL PRINTING", "body": "Merrill Corp said it acquired Frayn\nFinancial printing, the financial printing division of Frayn\nPrinting Co, Seattle. Terms were not disclosed.\n It said the acquired division, now known as\nMerrill/Seattle, becomes the company's 10th financial printing\nservice center.\n Reuter\n\u0003", "date": "11-MAR-1987 13:27:14.13", "places": [ "usa" ], "id": "3823" }, { "title": "I.I.S. INTELLIGENT IN TEXTRON DEAL", "body": "I.I.S. Intelligent Information Systems\nLtd said it has received received and completed delivery on an\norder worth over 700,000 dlrs to supply Textron Inc's Bell\nHelicopter Textron Inc unit with leased International Business\nMachines Corp 3270 and 3191 plug-compatible work stations\nand printers.\n Reuter\n\u0003", "date": "11-MAR-1987 13:27:45.64", "places": [ "usa" ], "id": "3824" }, { "title": "U.K. BANKS OFFER FIXED-RATE MORTGAGES AT 10.2 PCT", "body": "Two major U.K. Clearing banks announced\nthey will offer a total of 800 mln stg in new mortgages at a\nfixed interest rate of 10.2 pct for the first three years,\nbelow current bank base lending rates of 10.5 pct.\n Midland Bank Plc said it has initially allocated\n500 mln stg for home loans at this rate, while Lloyds Bank Plc\n will offer 300 mln stg.\n Earlier this week, Midland said it would cut its standard\nrate of mortgage payment to 11.5 pct from April 1, following a\nhalf a percentage point reduction in leading banks' base\nlending rates from 11 pct.\n Building society and other bank mortgage rates are largely\nstill well above the new base rate level, although last year\nLloyds offered a fixed rate of 9.9 pct on certain home loans.\n A Midland spokesman said his bank calculated that at the\ncurrent level of 2.7 billion stg, its existing mortgage book\naccounts for about 5 pct of the total British home loan market.\n Lloyds said it has 3.6 billion stg in outstanding mortgage\nloans, but had not estimated its total market share.\n Among other major clearing banks, Barclays Plc and\nNational Westminister Bank Plc said they had no\nimmediate plans to announce similar fixed rate schemes.\n Reuter\n\u0003", "date": "11-MAR-1987 13:28:41.89", "topics": [ "interest" ], "places": [ "uk" ], "id": "3825" }, { "title": "PRIMAGE INTRODUCES NEW PRINTER", "body": "Primages Inc said it\nintroduced a new daisywheel printer that can print 90\ncharacters per second and features graphics capabilities.\n The printer, called Primage 90-GT, is priced at 1,500 dlrs\nand can be combined with the company's paper-handling systems,\nPrimage said.\n Reuter\n\u0003", "date": "11-MAR-1987 13:29:09.05", "places": [ "usa" ], "id": "3826" }, { "title": "DATAREX TO SELL 3M COMPUTER GEAR", "body": "Datarex Systems Inc said it was\nnamed a distributor for Minnesota Mining and Manufacturing Co's\ndata recording media and other computer suppliers and\naccessories in the United States.\n The company said sales of the 3M products will have a\nmaterial impact on its sales for the balance of 1987.\n Reuter\n\u0003", "date": "11-MAR-1987 13:29:36.87", "places": [ "usa" ], "id": "3827" }, { "title": "JIM WALTER BUSY OWENS-CORNING PLANT", "body": "Jim Walter Corp said it completed\nthe acquisition of Owens-Corning Fiberglas Corp's mineral\nceiling and fiberboard plant in Meridian, Miss.\n Terms were not disclosed\n The plant's operations will complement existing ceiling\nmaterials production within jim Walter's building material's\ngroup, which last year generated income of 54.9 mln dlrs on\nsales of 740 mln dlrs.\n Reuter\n\u0003", "date": "11-MAR-1987 13:29:48.44", "topics": [ "acq" ], "places": [ "usa" ], "id": "3828" }, { "title": "WRIGHT SAYS HOUSE WILL VOTE TO BLOCK CONTRA AID", "body": "House Speaker Jim Wright predicted\nthe House would vote by a substantial margin to block 40 mln\ndlrs in aid to the Nicaraguan \"contra\" rebels until President\nReagan has accounted for previous assistance.\n Wright, a Texas Democrat, conceded Congress ultimately will\nbe unable to stop the money but said the House vote expected\nlater today will tell the White House its contra program -- one\nof Reagan's pet projects -- is in trouble.\n \"The adminstration must face reality and focus on other ways\nto find peace,\" Wright said.\n The House is voting on legislation that would block for six\nmonths 40 mln dlrs appropriated last year. The administration\nhas said it intends to start using the money next month to\nprovide arms and equipment to the rebels.\n \"We expect to win by a substantial margin,\" Wright said.\n The legislation calls on Reagan to account for all previous\naid, including money diverted to the contras from the secret\nU.S. arms sales to Iran. The scandal over the arms sales and\nthe diversion of profits to the contras has plunged the Reagan\nadministration into its deepest crisis.\n The legislation also demands an accounting of 27 mln dlr in\nhumanitarian aid appropriated by Congress in 1985 and all funds\ngiven to the contras by foreign governments or private\nindividuals at the urging of the Reagan administration.\n Reuter\n\u0003", "date": "11-MAR-1987 13:29:57.07", "places": [ "usa" ], "id": "3829" }, { "title": "AMERICAN PRESIDENT TO LEASE MORE SHIPS", "body": "American President Cos Ltd said\nits American President Lines shipping subsidiary obtained\nfinal approval from U.S. and Japanese authorities to lease four\nnew ships from Lykes Bros Co.\n The move will will enable it to boost service in the\nPacific by 15 pct in 1987, American President said.\n The company said it will lease the ships for three years\nand hold two additional three-year options.\n It said American President Lines is currently operating at\ncapacity in the Pacific and the new ships will arrive in time\nfor the normal demand surge of the spring and summer seasons.\n Reuter\n\u0003", "date": "11-MAR-1987 13:30:47.29", "topics": [ "ship" ], "places": [ "usa" ], "id": "3830" }, { "title": "BOWNE AND CO INC SETS STOCK SPLIT", "body": "Bowne and Co Inc said its board\ndeclared a two-for-one stock split, payable May 10 to holders\nof record April 17.\n Reuter\n\u0003", "date": "11-MAR-1987 13:31:05.78", "topics": [ "earn" ], "places": [ "usa" ], "id": "3831" }, { "title": "LONDON EXCHANGE DECLINES COMMENT ON MERRILL CASE", "body": "The London Stock Exchange has no\nimmediate comment on the U.S. Insider trading charge against a\nsenior London executive of Merrill Lynch and Co , an\nExchange spokesman said.\n \"This is a civil action in New York and no-one here has any\nproper details yet,\" he added.\n The London Exchange, which keeps in touch through the U.K.\nGovernment's information channels to the U.S. Securities and\nExchange Commission, will await further developments, he said.\n Trade and Industry Department officials also declined\nimmediate comment.\n Merrill Lynch in London said any further amplification on\nthe SEC charge against its executive Nahum Vaskevitch would\nhave to come from the firms's New York office.\n Market queries here centred on whether the 12 companies\ninvolved in mergers, referred to in the SEC complaint, included\nBritish companies such as Guinness Plc which have\nfeatured in recent official inquiries.\n Merrill Lynch is a member of the London Stock Exchange, in\naddition to its U.S. And other international investment\nactivities.\n Reuter\n\u0003", "date": "11-MAR-1987 13:31:15.02", "places": [ "usa", "uk" ], "id": "3832" }, { "title": "INVESTMENT FIRM BOOSTS AMERFORD STAKE", "body": "Louart Corp, a Los Angeles\ninvestment firm, said it raised its stake in Amerford\nInternational Corp to 105,615 shares, or 7.8 pct of the total\noutstanding, from 69,715 shares, or 5.2 pct.\n In a filing with the Securities and Exchange Commission,\nLouart said it bought 35,900 Amerford common shares between\nMarch 19, 1986 and Jan 30, 1987 at prices ranging from 3.92 to\n4.29 dlrs a share.\n It said it bought the shares for investment purposes and\nmight increase its stake in the future.\n Reuter\n\u0003", "date": "11-MAR-1987 13:32:24.76", "topics": [ "acq" ], "places": [ "usa" ], "id": "3833" }, { "title": "EMERSON SELLS NEW ZEALAND DOLLAR NOTES", "body": "Emerson Electric Co is offering in the\nU.S. debt market 100 mln New Zealand dlrs of notes due 1989\nwith an 18.55 pct coupon and par pricing, said lead underwriter\nPrudential-Bache Securities Inc.\n That is 170 basis points below comparable New Zealand\nrates.\n Non-callable to maturity, the issue is rated a top-flight\nAAA by both Moody's Investors Service Inc and Standard and\nPoor's Corp.\n Reuter\n\u0003", "date": "11-MAR-1987 13:33:15.81", "places": [ "usa", "new-zealand" ], "id": "3834" }, { "title": " TO JOIN VISA NETWORK", "body": ", owned\nby a consortium of banks, said Bank of China has agreed to\nbecome a Visa member in May, and a Visa card will be issued for\nuse in China and around the world.\n No international credit cards are currently issued in\nChina.\n Visa said plans are underway to install electronic\nterminals at Visa-accepting merchants in China later this year\nto authorize the growing number of credit card transactions by\ntourists and minimize operating risks.\n Visa said it plans to extend its worldwide\ntelecommunications network to China this year through a\nsatellite link, allowing authorization requests to be forwarded\nto card issuers around the world.\n Over 1,000 merchants in China now honor the Visa card and\nthe number is expected to double by the end of next year, it\nsaid, and card transactions in China are expected to rise 50\npct from the current 130 mln dlrs a year during 1987.\n Visa International said it is already designing the Visa\ncard that Bank of China will issue.\n Reuter\n\u0003", "date": "11-MAR-1987 13:33:28.56", "places": [ "usa", "china" ], "id": "3835" }, { "title": "CHRYSLER SAYS IT SOLD 405 MLN DLRS OF CORPORATE BONDS TO INVESTMENT BANKERS\n", "date": "11-MAR-1987 13:33:38.32", "id": "3836" }, { "title": "FPL GROUP NUCLEAR REACTOR SHUT DOWN", "body": "A pressure leak in a containment building\nhatch at FPL Group Inc's Turkey Point nuclear plant has forced\na brief reactor shutdown, a Nuclear Regulatory Commission (NRC)\nspokesman said.\n Ken Clark, the NRC's representative in Atlanta, said no\nradioactivity escaped during the incident last night, which he\ndescribed as \"a relatively minor problem that poses no safety\nhazard.\"\n Clark said repairs were underway and Turkey Point Unit 4,\none of two nuclear reactors at the site south of Miami, was\nexpected to be reactivated later today.\n Reuter\n\u0003", "date": "11-MAR-1987 13:44:18.18", "places": [ "usa" ], "id": "3837" }, { "title": "CORRECTED - AUSTRIA 1987 GROWTH FORECAST REVISED", "body": "Austrian gross domestic product growth\nfor this year is likely to be between 0.5 and 1.5 pct, Helmut\nKramer, head of the semi-official Institute for Economic\nResearch (WIFO) said.\n This compared with a two pct growth forecast made by the\nWIFO last December.\n Kramer made the forecast at a meeting today on Austria's\neconomic outlook also attended by Chancellor Franz Vranitzky,\nFinance Minister Ferdinand Lacina and National Bank President\nStefan Koren.\n REUTER\n\u0003", "date": "11-MAR-1987 13:44:36.74", "topics": [ "gnp" ], "places": [ "austria" ], "id": "3838" }, { "title": "FIRST BOSTON SWISS AFFILIATE BOOSTS STAKE", "body": "First\nBoston, the Swiss affiliate of First Boston Inc, said it raised\nits stake in the company to 11,262,307 shares, or 35.5 pct of\nthe total, from 10,262,307 shares, or 32.8 pct.\n In a filing with the Securities and Exchange Commission,\nFinanciere Credit Suisse said it bought 870,100 First Boston\ncommon shares between Feb 10 and 27 at prices ranging from\n48.125 to 53.000 dlrs a share, or 22.5 mln dlrs total.\n It said it bought the shares as part of an agreement to\nraise its minority stake in First Boston to 40 pct, the same\nstake level First Boston holds in Financiere Credit Suisse.\n Reuter\n\u0003", "date": "11-MAR-1987 13:45:15.48", "topics": [ "acq" ], "places": [ "usa" ], "id": "3839" }, { "title": "NUMAC OIL AND GAS LTD YEAR NET", "body": "Oper shr 23 cts vs 77 cts\n Oper net 5,255,179 vs 17.6 mln\n Revs 37.8 mln vs 73.7 mln\n NOTE: Cash flow 19.5 mln dlrs or 86 cts shr vs 36.7 mln\ndlrs or 1.62 dlrs shr.\n 1985 net excludes 32 ct shr loss from discontinued\noperations.\n Gross proven and probable reserves of crude oil and natural\ngas liquiids 18.4 mln barrels, off 7.6 pct from a year before.\n Reuter\n\u0003", "date": "11-MAR-1987 13:46:29.07", "topics": [ "earn" ], "places": [ "canada" ], "id": "3840" }, { "title": "FARAH AGAIN OMITS QUARTERLY DIVIDEND", "body": "Farah Inc said it omitted its\nquarterly common stock dividend for the second consecutive\nquarter.\n The company, which last paid a quarterly common dividend of\n22 cts a share in December, said it will consider future\ndividend payments on the basis of improved profitability and\ncash flow.\n Farah said it expects to turn a profit for the balance of\n1987. For its first quarter ended January 31, Farah lost\n1,891,000 dlrs, or 32 cts a share, on sales of 71 mln dlrs.\n In addition, Farah said it received shareholder approval to\nchange its name to Farah Inc from Farah Manufacturing Co.\n Reuter\n\u0003", "date": "11-MAR-1987 13:47:07.40", "topics": [ "earn" ], "places": [ "usa" ], "id": "3841" }, { "title": "PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC", "body": "The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n Minnesota Power and Light Co - Offering of 50 mln\ndlrs in first mortgage bonds due April 1, 1994 and 75 mln dlrs\nin first mortgage bonds due April 1, 1997 through PaineWebber\nInc.\n International Lease Finance Corp - Shelf offering of\nup to 1,000 shares of Dutch Auction Rate Transferable\nSecurities (DARTS) preferred stock through Salomon Brothers Inc\nand Shearson Lehman Brothers Inc.\n Trinity Industries Leasing Co - Offering of 100 mln dlrs of\nconvertible debentures due April 1, 2012 through Merrill Lynch\nCapital Markets.\n Reuter\n\u0003", "date": "11-MAR-1987 13:50:53.07", "places": [ "usa" ], "id": "3842" }, { "title": "JORDAN-PETROCANADA AGREE OIL EXPLORATION PROJECT", "body": "A two-year project to search for oil and\ngas in Jordan was agreed in Amman by Jordan's Natural Resources\nAuthority (NRA) and the Canadian company, Petrocanada\nInternational Assistance Corporation (PCIAC).\n The 19.1 mln dlr assistance agreement was signed by\nJordan's Minister of Energy Hisham al-Khatib and PCIAC chairman\nPeter M. Towe.\n PCIAC is a Canadian government corporation providing\nassistance to countries like Jordan to reduce their dependence\non oil imports, Towe said.\n Reuter\n\u0003", "date": "11-MAR-1987 13:52:49.58", "topics": [ "crude" ], "places": [ "jordan" ], "id": "3843" }, { "title": "KEYSTONE CAMERA TO DISTRIBUTE WATCHES", "body": "Keystone Camera Products Corp\nsaid it has agreed to be the United States distribution manager\nfor Le Clip clip-on fashion watches.\n Keystone said its agreement with of\nSwitzerland is effective through March 31, 1990.\n Reuter\n\u0003", "date": "11-MAR-1987 13:53:23.59", "places": [ "usa" ], "id": "3844" }, { "title": "NECO POSTPONES ANNUAL MEETING", "body": "NECO Enterprises Inc said it\nhas postponed its annual meeting to May 21 from the previously\nscheduled April 28 and the record date for the meeting to March\n25 from March 11.\n A spokesman said the changes were made because of the\npending tender offer for the company's stock.\n Reuter\n\u0003", "date": "11-MAR-1987 13:53:57.72", "places": [ "usa" ], "id": "3845" }, { "title": "NUMAC OIL SEES RESULTS IMPROVING", "body": "Numac Oil and Gas Ltd said it expects\nsignificant improvement in operating performance during 1987.\n The company today reported 1986 earnings from continuing\noperations of 5,255,179 dlrs, down from 17.6 mln dlrs a yuear\nearlier, due to lower prices for crude oil and pipeline\ncapacity constraints.\n Numac said changes introduced by federal and provincial\ngovernments during 1986 should help results.\n Reuter\n\u0003", "date": "11-MAR-1987 13:54:41.79", "topics": [ "earn" ], "places": [ "canada" ], "id": "3846" }, { "title": "DOLE SAYS 0/92 OPTION SHOULD BE CONSIDERED", "body": "U.S. Senate Republican leader Robert\nDole said Congress should consider legislation to apply the\nso-called 0/92 option to producers of major commodities.\n Dole told the National Corn Growers Association that he\nthought the proposal, supported by the Reagan administration,\n\"should be seriously considered\" because a refusal to do so could\n\"play into the hands of those who want mandatory controls\" placed\non production.\n However, Dole did not say whether he would support the 0/92\noption, which would offer producers at least 92 pct of their\nincome support payments regardless of how much they planted.\n The Senate Republican leader said the 0/92 option posed two\nproblems. First, it is viewed, he said, by some as welfare. In\naddition, debate on the proposal could open up the whole farm\nbill, Dole said.\n Dole also repeated his call for an across-the-board export\nenhancement program, saying a subsidy offer to the Soviet Union\ncould help improve U.S. relations with that country.\n Dole said that the United States has made the decision to\ntrade with Moscow and that it's important to offer competitive\nprices.\n The senator predicted Congress would have to decide this\nyear whether to require an expansion of the export subsidy\nprogram, which currently targets benefits to recapture markets\nlost to other suppliers which subsidize.\n Dole, who last year pledged to offer legislation to require\na marketing loan for major crops but never did so, again called\nfor the marketing loan for wheat and feedgrains.\n The Reagan administration's proposed farm policy changes\n\"are not going anywhere\" this year, Dole said, singling out the\nproposal to cut target prices 10 pct per year.\n Asked by reporters after his speech whether he sensed a\nshift in the State Department towards supporting an export\nenhancement initiative for the Soviet Union, Dole said he\ndidn't see any change.\n Dole also said it would be a very close call in the Senate\nwhether to open up the farm bill to general debate this year.\n Dole said he was encouraged by the selection of Republican\nDavid Karnes to replace the late Sen. Edward Zorinsky (D-Neb.)\n Reuter\n\u0003", "date": "11-MAR-1987 13:56:11.05", "topics": [ "grain", "corn" ], "places": [ "usa", "ussr" ], "id": "3847" }, { "title": " IN DISTRIBUTION AGREEMENT", "body": "Tofruzen Inc said King Soopers and City\nMarkets, two supermarket chains, have tentatively agreed to\ncarry the company's Tofruzen frozen dessert in all their\nColorado stores after a 14-month test market.\n Reuter\n\u0003", "date": "11-MAR-1987 13:56:51.53", "id": "3848" }, { "title": "ERICSSON WINS ORDER FROM WEST GERMANY", "body": "L.M. Ericsson Telephone Co of Sweden\nsaid it was awarded a 7.5 mln dlr contract to supply its\nAlfaskop computer terminals to the West German Bundespost, West\nGermany's telecommunications and postal administration.\n Ericsson said the contract covers 2,000 terminals, which\nwill be used by West German post offices.\n Reuter\n\u0003", "date": "11-MAR-1987 13:57:11.80", "places": [ "usa", "west-germany" ], "id": "3849" }, { "title": "H.J. HEINZ CO 3RD QTR SHR 55 CTS VS 46 CTS\n", "date": "11-MAR-1987 13:57:57.76", "topics": [ "earn" ], "id": "3850" }, { "title": "H.J. HEINZ RAISES QUARTERLY TO 28 CTS FROM 25 CTS\n", "date": "11-MAR-1987 13:58:27.71", "topics": [ "earn" ], "id": "3851" }, { "title": "PRE-PAID LEGAL SEES HIGHER SALES GROWTH", "body": "Pre-Paid Legal Services Inc chairman\nHarland Stonecipher said the company's sales growth rate for\neach of the next five years would substantially exceed the\naverage 100 pct recorded over each of the last few years.\n Addressing analysts, Stonecipher declined to give specific\nfigures but attributed his optimism to a recent loan agreement\nwith I.C.H. Corp , under which Pre-Paid is slated to\nreceive 10 mln dlrs.\n In 1986, Pre-Paid earned 2.5 mln dlrs on sales of 42.4 mln\ndlrs compared to net of 1.5 mln dlrs on sales of 19.8 mln dlrs\nin 1985.\n Stonecipher said the company's product will be marketed\nthrough at least two I.C.H. subsidiaries. The agreement with\nI.C.H. will provide access to all 50 states from Pre-Paid's \npresent coverage in 22 states, he said.\n Pre-Paid provides insurance for legal services primarily in\nthe private sector.\n Reuter\n\u0003", "date": "11-MAR-1987 14:00:04.06", "places": [ "usa" ], "id": "3852" }, { "title": " YEAR LOSS", "body": "Shr loss seven cts vs loss 3.83 dlrs\n Net profit 1,700,000 vs loss 13,900,000\n Revs 18.7 mln vs 25.6 mln\n Note: Current shr after preferred dividends of 2.0 mln dlrs\n Prior shr and net includes 34.5 mln dlr writedown on oil\nproperties\n Reuter\n\u0003", "date": "11-MAR-1987 14:05:34.09", "topics": [ "earn" ], "places": [ "canada" ], "id": "3853" }, { "title": "IRAQ SAYS IRANIANS THROWN BACK IN SOUTH", "body": "Iraq said it had repelled an Iranian\nattack on positions held by its fourth army corps east of the\nsouthern Iraqi town of Amarah on the Baghdad-Basra highway.\n A Baghdad war communique said an Iranian infantry brigade,\nbacked by tanks, launched the overnight attack and fierce\nfighting raged for more than six hours before Iranian troops\nfled the battlefield, leaving 220 men killed and many wounded.\n No major battles have been reported fought by the fourth\narmy corps for more than a year in the area, mainly swamplands\nof the Hawizah marshes running eastward to the southern port\ncity of Basra.\n Reuter\n\u0003", "date": "11-MAR-1987 14:09:03.54", "places": [ "iran", "iraq" ], "id": "3854" }, { "title": "DOLE MULLS BILL TO EXTEND ETHANOL TAX EXEMPTION", "body": "U.S. Senate Republican leader Robert\nDole (R-Kan.) said he and a group of Republican lawmakers are\nconsidering introducing legislation to extend the ethanol tax\nexemption through the year 2000.\n Dole, addressing the National Corn Growers Association\nboard, said the proposal was under consideration by a rural\ntask force of Republican members of Congress and governors.\n Gasoline containing at least 10 pct ethanol now receives a\nsix cents per gallon exemption from a nine cent federal excise\ntax. The exemption is to expire the end of 1992.\n Ethanol is produced primarily by a few large agribusiness\nfirms including Archer Daniels Midland (ADM) and A.E. Staley.\nThe tax exemption has helped bolster ethanol production despite\na sharp drop in the prices of competing crude oil.\n Reuter\n\u0003", "date": "11-MAR-1987 14:09:16.50", "topics": [ "gas", "grain", "corn" ], "places": [ "usa" ], "id": "3855" }, { "title": "OAK INDUSTRIES TO BUY REXNORD UNIT", "body": "Oak Industries said it signed\na definitive agreement to buy the stock of Rexnord Inc's\nRailway Maintenance Equipment Co unit, for an undisclosed sum.\n The company said Railway Maintenance had 1986 revenues of\n16 mln dlrs.\n Oak said the acquisition is part of its two-tier strategy\nof buying releated and unrelated businesses.\n Oak had a tax loss carryforward of 125 mln dlrs at the end\nof 1986.\n Reuter\n\u0003", "date": "11-MAR-1987 14:09:50.98", "topics": [ "acq" ], "places": [ "usa" ], "id": "3856" }, { "title": "SUMITOMO BANK DECLARES STOCK DIVIDEND", "body": "Sumitomo Bank of California said\nit declared a 7-1/2 pct stock dividend in addition to its\nregular quarterly cash dividend of 29 cts per share.\n Both dividends are payable April 27 to shareholders of\nrecord March 31, the company said.\n Reuter\n\u0003", "date": "11-MAR-1987 14:09:55.71", "topics": [ "earn" ], "places": [ "usa" ], "id": "3857" }, { "title": "LSB BANCSHARES INC RAISES PAYOUT", "body": "Qtly div 18 cts vs 17 cts prior\n Pay April 15\n Record April One\n Reuter\n\u0003", "date": "11-MAR-1987 14:10:43.80", "topics": [ "earn" ], "places": [ "usa" ], "id": "3858" }, { "title": "H.J. HEINZ ELECTS NEW CHAIRMAN", "body": "H.J. Heinz Co said its board of\ndirectors has elected Anthony O'Reilly chairman of the board,\nsucceeding Henry Heinz II, who died on February 23.\n Heinz said O'Reilly will retain his present titles of\npresident and chief executive officer.\n Reuter\n\u0003", "date": "11-MAR-1987 14:12:02.20", "places": [ "usa" ], "id": "3859" }, { "title": "H.J. HEINZ CO 3RD QTR JAN 28 NET", "body": "Shr 53 cts vs 46 cts\n Qtly div 28 cts vs 25 cts prior\n Net 74.7 mln vs 63.2 mln\n Revs 1.08 billion vs 1.01 billion\n Nine mths\n Shr 1.78 dlrs vs 1.60 dlrs\n Net 244.4 mln vs 219.7 mln\n Revs 3.33 billion vs 3.15 billion\n Note: Dividend payable April 10 to shareholders of record\nMarch 23.\n Reuter\n\u0003", "date": "11-MAR-1987 14:12:09.77", "topics": [ "earn" ], "places": [ "usa" ], "id": "3860" }, { "title": "CHRYSLER SELLS BONDS FROM ITS PORTFOLIO", "body": "Chrysler Corp today sold 405 mln dlrs\nof corporate bonds from its nearly 3.5 billion dlr pension fund\nto Wall Street investment bankers, vice president and treasurer\nFred Zuckerman said.\n He said this was the first of two planned sales of\ncorporate issues from the fund's portfolio. Zuckerman said\nChrysler will sell slightly less than one billion dlrs of\ncorporates.\n \"Phase two (the second sale) will be in a month or so,\" the\nChrysler executive said, adding that proceeds will be invested\nexclusively in the equities market.\n Before today's sale of corporate bonds, those securities\nhad comprised roughly two thirds of the pension fund portfolio.\n \"After the two sales, equities will amount to 50 pct or\nmore of the portfolio,\" Zuckerman said.\n \"We believe that the equity market has much more upside\npotential than the bond market,\" the executive said. \"Interest\nrates are not coming down and I would not bet a lot that they\nwill drop sharply.\"\n He added, \"I personally think interest rates may decline by\n50 basis points at the most this year.\"\n Zuckerman said the 405 mln dlr bond sale was composed of\n139 separate issues.\n \"Sixty pct were utilities, 20 pct were issued by foreign\ngovernments or corporations, and 20 pct were financial\ninstitutions,\" he detailed.\n The Chrysler treasurer said that the corporate paper had\ntypically an 18-year maturity. \"The securities were long-term,\nhigh-quality bonds, mostly rated AA-minus or A-plus,\" he said.\n Zuckerman said Chrysler sold the corporate bonds at about\n1.6 pct above yesterday's closing prices for these issues.\n\"That showed our portfolio is desirable,\" he commented.\n Corporate bond traders noted that Chrysler's sale occurred\nagainst the backdrop of a slightly weak secondary market.\n They said they believed that Chrysler was sold the\ncorporates at a large profit because the issues were bought by\nthe automaker for its portfolio when interest rates were much\nhigher.\n Chrysler's Zuckerman said his company sold the corporate\nissues to four large Wall Street securities firms.\n He said that Morgan Stanley and Co Inc and Salomon Brothers\nInc bought most of the bonds. However, Zuckerman declined to\nname the other two houses.\n Yesterday, Chrysler presented four investment bankers with\na list of bonds and asked them to submit bids by this morning.\n Zuckerman said that Morgan Stanley bought more corporate\nbonds than any one of the other three houses.\n Wall Street sources said they believed First Boston Corp\nand Merrill Lynch Capital Markets were also in on the bidding\nfor the corporate bonds. They believed these two firms were\nawarded bonds by the carmaker as well.\n A spokesman for Morgan declined to comment and referred\ninquiries to Chrysler. Officials at Salomon, First Boston and\nMerrill Lynch were unavailable for immediate comment.\n Reuter\n\u0003", "date": "11-MAR-1987 14:14:17.24", "places": [ "usa" ], "id": "3861" }, { "title": "PERU GUERRILLAS INTERRUPT TRAIN ROUTE TO MINES", "body": "Maoist guerrillas using dynamite derailed\ntwo locomotives and four train wagons, interrupting traffic on\nPeru's sole railway line linking the capital to the central\nAndes, where most of the country's mining centres are located,\nauthorities said.\n Damages was estimated at 800,000 dlrs in the dynamite blast\nyesterday at Chacapalca, where the explosion wrecked the train\nladen with minerals and 45 metres of the railway line.\n Crews hoped to restore traffic to the line later today\nafter clearing the damaged train and repairing the tracks at\nChacapalca, 225 km east of the Capital, Lima.\n An official at Mineroperu comercial (Minpeco), Peru's state\nminerals marketing firm, said the agency was assessing the\nsituation. There had not been a declaration of force majeure on\ncontracts to ship minerals abroad.\n Foreign sales of silver, copper, zinc and other minerals\nearn Peru over half of its export income. Most of the minerals,\nextracted and refined in the central peruvian andes, are\nshipped down the central railway to the lima port of callao.\n Reuter\n\u0003", "date": "11-MAR-1987 14:15:15.75", "topics": [ "copper", "zinc", "silver" ], "places": [ "peru" ], "id": "3862" }, { "title": "HOUSE IN PRELIMINARY VOTE OPPOSES AID TO NICARAGUAN REBELS FOR SIX MONTHS\n", "date": "11-MAR-1987 14:15:40.39", "id": "3863" }, { "title": "WALL STREET STOCKS/TENNECO INC ", "body": "Tenneco Inc, a company that has long\nbeen rumored to be a takeover candidate, rose sharply today\nwhen speculation surfaced that investor T. Boone Pickens may be\ntargeting the company for an acquisition, traders and analysts\nsaid.\n Tenneco spokesman Joseph Macrum said \"we have no comment to\nmake whatsoever.\" Pickens was not available for comment.\n Traders noted that activity in the stock increased today\nafter a published report linked Pickens to Tenneco.\n Tenneco rose two points to 48-3/4.\n Paul Feretti, an analyst with New Orleans-based Howard,\nWeil, Labouisse, Friedrichs, Inc, said he was not surprised at\nmarket rumors that Tenneco might be the target of a takeover\nattempt.\n \"It's pure market speculation that Boone Pickens and his\ngroup may be interested,\" Feretti said.\n \"But Tenneco would be a challenge to run because of its\nsheer size and diversity. Mr. Pickens is a man who likes a\nchallenge.\"\n Pickens, who made an unsuccessful attempt to take over\nDallas-based Diamond Shamrock Corp last winter, has made\nno secret of his plans to acquire additional natural gas\nreserves in the belief that gas prices will stabilize sooner\nthan oil prices. Tenneco holds natural gas reserves estimated\nin excess of 3.5 trillion cubic feet, analysts said.\n Feretti conservatively estimated Tenneco's breakup value at\n58 dlrs a share and said the company generated a cash flow of\nabout 10 dlrs a share \"which is probably very attractive to\nPickens.\" Other analysts, however, estimate a breakup value\nwell into the 60 dlr a share range.\n \"I strongly doubt that there is going to be any hostile\ntakeover,\" Drexel Burnham Lambert Inc's Houston-based analyst\nJohn Olson said, putting little credence in the rumors.\n \"Tenneco is a gargantuan enterprise with seven billion dlrs\nin long-term debt and preferred stock outstanding.\" He said the\nbuyer would also have to deal with \"the intractable problems\"\nTenneco faces with its farm equipment unit and energy\nbusinesses.\n Analysts suggested that Tenneco could use a number of\ndefensive strategies to fend off an unwanted buyer, such as\nspin off some of its non-energy businesses directly to\nshareholders, buy back shares or create a limited partnership\nout of its natural gas pipeline interests.\n An analyst who asked to remain unidentified, discouraged\nthe Pickens rumor. \"Pickens has a plateful already with his\nholdings in Burlington Northern and Amerada Hess,\" he said. \"I\ndon't think he would be willing to take on Tenneco's problems\nwith Case (the farm equipment unit), which has been losing\nabout 180 mln dlrs annually and is worth less than a billion\ndlrs on the market today.\"\n Reuter\n\u0003", "date": "11-MAR-1987 14:19:38.21", "topics": [ "acq" ], "places": [ "usa" ], "id": "3864" }, { "title": "SOFTWARE AG SEES WEAK RESULTS", "body": "Software AG Systems Inc said it\nexpects to report earnings for its third quarter \"substantially\nweaker\" than earnings of prior periods due to an unexpected\nshortfall in U.S. domestic license revenues.\n For the second quarter ended November 30, Software AG\nearned 2,089,000 dlrs, down from 5,014,000 dlrs a year before.\nIn last year's third quarter, Software AG earned 1,598,000\ndlrs.\n Reuter\n\u0003", "date": "11-MAR-1987 14:19:45.21", "topics": [ "earn" ], "places": [ "usa" ], "id": "3865" }, { "title": "CHRYSLER TO STEP UP COUNTERFEIT BATTLE", "body": "Chrysler Corp said it is escalating its\nwar with automotive parts counterfeiters and will use the\nservice of Light Signatures Inc of Los Angeles.\n It said computer technology by Light Signatures initially\nwill be used to safeguard warranty glass.\n Reuter\n\u0003", "date": "11-MAR-1987 14:19:56.56", "places": [ "usa" ], "id": "3866" }, { "title": "MILES LABORATORIES INC 4TH QTR NET", "body": "Net 3,563,000 vs 2,821,000\n Sales 318.6 mln vs 305.4 mln\n Year\n Net 28,950,000 vs 20,167,000\n Sales 1.22 billion vs 1.17 billion\n Note: Company is a subsidiary of Bayer AG of West Germany.\n1986 figures exclude Miles' Bayvet animal health business, sold\nJan. 1, 1986, to Mobay Corp, another Bayer AG affiliate.\n Reuter\n\u0003", "date": "11-MAR-1987 14:22:13.73", "topics": [ "earn" ], "places": [ "usa" ], "id": "3867" }, { "title": "PLACER TO INCREASE STAKE IN EQUITY SILVER", "body": " said it agreed to sell 6.6 mln shares of a new class\nof par value voting stock to Placer Development Ltd for 37.1\nmln dlrs, increasing Placer's stake in Equity to 74.5 pct from\n68 pct.\n The transaction is subject to regulatory approval and a\nvote by Equity minority shareholders at the April 23 annual\nmeeting, the company said.\n Proceeds from sale of the shares, priced at 5.625 dlrs\neach, will be used to buy and deliver 4,985,000 ounces of\nsilver to Placer, Equity said.\n Equity Silver said the silver remains to be delivered under\nits sale agreement with Placer, after delivery of its 750,000\nounce minimum commitment for 1987.\n Equity said it arranged to acquire 4,985,000 ounces of\nsilver at 7.40 dlrs an ounces, subject to selling the shares to\nPlacer.\n Purchase and delivery of the silver to Placer will result\nin an after-tax gain of about 6.6 mln dlrs, Equity said.\n It also said the stock and silver transactions will create\na 37,059,000 dlr fund out of which dividends will be paid when\ncash is available.\n The cash fund will enable Equity Silver to continue to pay\ndividends on its preferred shares and increase the likelihood\nthat it may be able to pay dividends on its common shares, the\ncompany said.\n It did not elaborate on what common share dividends might\nbe paid.\n The company normally pays quarterly preferred dividends\ntotalling 619,000 dlrs from retained earnings, Equity Silver\nsaid.\n Equity Silver had retained earnings of 2,312,000 dlrs at\nDecember 31, 1986.\n Reuter\n\u0003", "date": "11-MAR-1987 14:23:50.68", "topics": [ "acq", "silver" ], "places": [ "canada" ], "id": "3868" }, { "title": "BRAZIL'S SARNEY MEETS STRIKES WITH SHOW OF FORCE", "body": "With troops in place in Brazil's\nports and oil installations, the government of Prersident Jose\nSarney today sought to end a wave of labour unrest by a show of\nforce.\n Yesterday the government sent thousands of troops supported\nin some instances by tanks to occupy nine oil refineries and\nsix areas of oil production.\n The state-oil company Petrobras requested the intervention\nbecause of a threatened strike by 55,000 oil industry\nemployees.\n The government had already dispatched more than 1,000\nmarines to occupy the country's main ports after a national\nseamen's strike was ruled illegal last Friday.\n The strike by 40,000 seamen, now in its 13th day,\nrepresents a stern challenge to the government.\n The stoppage has delayed exports at a time when Brazil\ndesperately needs foreign exchange.\n It was a deterioration in the country's trade balance which\nprecipitated Brazil's current debt crisis and the decision on\nFebruary 20 to suspend interest payments on 68 billion dlrs of\ncommercial debt.\n There was no sign today of an early end to the seamen's\nstrike, which has badly hit the port of Santos -- the most\nimportant in South America -- and the country's other main\nports.\n Small groups of marines armed with submachineguns stand on\nthe quays near the strike-bound ships, but the military\npresence here is generally discreet.\n A total of 800 marines are inside the docks but most are\nout of sight.\n Yesterday marines and police occupied one ship, the\nDocemarte, seamen's leaders said. After explaining to the\ncaptain that the strikers faced up to one year in jail because\nthe strike was illegal, the men returned to work.\n One of the strike leaders, Elmano Barbosa, said \"it is a\npsychological war. They are using force and we are using\npeaceful methods.\"\n Port sources said only two Brazilian ships in Santos, the\nDocemarte and the Henrique Leal, were working.\n At the seamen's national strike headquarters in Rio de\nJaneiro, spokesmen say a total of about 190 ships are\nstrike-bound in Brazil and in foreign ports.\n Contradicting earlier reports from strike headquarters in\nRio de Janeiro, seamen in Santos said the strikers on board\nships here were not running out of food.\n The current labour unrest is the worst faced by Sarney's\ncivilian government since it came to power two years ago.\n Yesterday, in a separate protest, hundreds of thousands of\nfarmers held rallies directed largely against high bank\ninterest rates.\n The current rash of labour unrest in industry and\nagriculture stems from the failure of the government's\nnow-collapsed Cruzado Plan price freeze.\n Reuter\n\u0003", "date": "11-MAR-1987 14:24:53.34", "topics": [ "crude", "ship" ], "places": [ "brazil" ], "id": "3869" }, { "title": "INTELLIGENT SYSTEMS MLP 3RD QTR DEC 31 NET", "body": "Shr profit 20 cts vs profit five cts\n Net profit 2,273,000 vs profit 563,000\n Rev 38.7 mln vs 30.3 mln\n Avg shares 11,138,503 vs 10,982,699\n Nine months\n Shr profit 40 cts vs loss 10 cts\n Net profit 4,448,000 vs loss 1,123,000\n Rev 108.4 mln vs 75.2 mln\n NOTE: Third qtr net includes gain from discontinued\noperations of 3.5 mln dlrs, or 31 cts a share, vs 271,000, or\ntwo cts a share, in fiscal 1985's third qtr. Nine months net\nincludes gain from discontinued operations of 3.8 mln dlrs, or\n34 cts a share, vs 731,000 dlrs, or seven cts a share, in the\nfirst nine months of fiscal 1985.\n\n\n\u0003", "date": "11-MAR-1987 14:32:36.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "3870" }, { "title": "U.S. HOUSE PROCEDURAL VOTE OPPOSES CONTRA AID", "body": "The U.S. House of Representatives,\nin a key procedural vote, today opposed a grant of 40 mln dlrs\nto the Nicaraguan rebels until President Reagan accounts for\nprevious aid, including proceeds from U.S. Arms sales to Iran.\n The major test of House sentiment came several hours before\nthe chamber was to take a final vote on the assistance.\n However, the 227 to 198 vote on a procedural matter was\nseen as a temporary defeat for Reagan, who has made aid to the\n\"contra\" rebels one of his major foreign policy initiatives.\n Congressional leaders, including foes of contra aid, have\nacknowledged that despite today's rebuff, which was expected,\nit will be virtually impossible to prevent the 40 mln dlrs,\nwhich was approved last year, from going through.\n Even if the Senate goes along with the House in postponing\nthe aid, Reagan will veto the legislation and Congress is not\nexpected to be able to override the veto.\n But House Speaker Jim Wright, a Texas Democrat, said\ntoday's vote was important because it would \"send a message\" to\nReagan that his contra program was in trouble.\n Reuter\n\u0003", "date": " 11-MAR-1987 14:36:20.29", "places": [ "usa" ], "id": "3871" }, { "title": "SHADOWFAX RESOURCES LTD YEAR LOSS", "body": "Shr loss three cts vs profit 14 cts\n Net loss 79,778 vs profit 458,176\n Revs 1,063,623 vs 1,165,186\n Note: 1986 year includes 400,000 dlr writedown on Utah oil\nand gas properties\n Reuter\n\u0003", "date": "11-MAR-1987 14:40:15.47", "topics": [ "earn" ], "places": [ "canada" ], "id": "3872" }, { "title": "PARALAX AGREES TO ACQUIRE AMERICAN VIDEO", "body": "Paralax Video Enterprises Inc said it\nhas agreeed to acquire in exchange\nfor 287,700 Paralax restricted common shares and three year\nwarrants to buy 318,600 restricted shares at six dlrs a share.\n Paralax said holders of some American Video convertible\ndebentures have elected to exchange them for Paralax restricted\ncommon with a market value of about 380,000 dlrs with that\nvalue to be determined in about 45 days.\n American Video is a closely held company operating video\nrental concessions in post and base exchanges at 54 Army, Air\nForce, Navy and Coast Guard installations. In its most recent\nyear, the company had revenues of about 1.5 mln dlrs.\n Paralax said the acquisition is scheduled to close March\n16. The company now has about 5.5 mln shares outstanding.\n Reuter\n\u0003", "date": "11-MAR-1987 14:40:31.78", "topics": [ "acq" ], "places": [ "usa" ], "id": "3873" }, { "title": "KURZWEIL MUSIC SYSTEMS INC 4TH QTR LOSS", "body": "Shr loss 21 cts vs loss 29 cts\n Net loss 1,246,000 vs loss 1,420,000\n Revs 2,120,000 vs 1,186,000\n Avg shrs 5,853,587 vs 4,880,427\n Year\n Shr loss 85 cts vs loss 1.21 dlrs\n Net loss 4,968,000 vs loss 5,274,000\n Revs 6,536,000 vs 5,056,000\n Avg shrs 5,854,543 vs 4,367,864\n Reuter\n\u0003", "date": "11-MAR-1987 14:40:46.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "3874" }, { "title": "J.P. MORGAN AND CO INC SETS QUARTERLY", "body": "Dividend 34 cts vs 34 cts previously\n Pay April 15\n Record March 23\n\n Reuter\n\u0003", "date": "11-MAR-1987 14:41:05.76", "topics": [ "earn" ], "places": [ "usa" ], "id": "3875" }, { "title": "BULGARIA SIGNS 40 BILLION EUROYEN LOAN", "body": "The Bulgarian Foreign Trade Bank has\nsigned with a group of Japanese banks a 40 billion Euroyen\nequivalent loan, which is the largest syndicated loan\ndenominated in euroyen for a European borrower, Bank of Tokyo\nLtd said as one of the lead managers.\n The financing is for seven years and provides the borrower\nwith the option to borrow in other currencies.\n Dai-Ichi Kangyo Bank Ltd was the other lead manager and\nnine Japanese banks joined the financing. The syndication of\nthe deal was designed to enhance the Foreign Trade Bank's\nrelationship with Japanese financial institutions, Bank of\nTokyo said.\n The financing marked the first trip to the international\ncapital markets for the borrower since 1985.\n The loan has a six year grace period and interest is at 1/8\npct over the London Interbank Offered Rate for the first two\nyears, with the margin rising to 1/4 pct thereafter.\n Reuter\n\u0003", "date": "11-MAR-1987 14:44:08.96", "places": [ "bulgaria", "uk", "japan" ], "id": "3876" }, { "title": "MERRILL LYNCH U.K. EXECUTIVE CHARGED BY SEC", "body": "The U.S. Securities and Exchange\nCommission said it charged a managing director of\nMerrill Lynch, Pierce, Fenner and Smith Ltd in London with\nmasterminding \"a massive insider trading scheme.\"\n Nahum Vaskevitch, managing director of the Mergers and\nAcquisitions Department of the broker's London office, was\ncharged in a civil complaint by the SEC filed in Manhattan\nFederal Court.\n The complaint said Vaskevitch leaked information about 12\ncompanies involved in a merger or acquisition which resulted in\nmore than four mln dlrs in profit for himself and others\ninvolved in the scheme.\n Merrill Lynch, Pierce, Fenner and Smith is a subsidiary of\nMerrill Lynch and Co Inc.\n Reuter\n\u0003", "date": "11-MAR-1987 14:46:16.30", "places": [ "usa", "uk" ], "id": "3877" }, { "title": "BANK OF ITALY SETS MERCHANT BANK CAPITAL MINIMUM", "body": "A Bank of Italy circular that gives the\ngreen light for Italian banks to establish merchant banking\nunits stipulates that such units must have a minimum capital of\n50 billion lire.\n The circular, which renders operative a previously detailed\nresolution agreed by a government interministerial committee\nlast month, will open the door for wider participation by\nItalian banks in merchant banking activities.\n Previously, such activities were essentially confined to\nstate banks operating special credit sections to provide\nmedium- and long-term loans to industry.\n The circular also stipulates that merchant banks set up by\nbanks can have debts totaling a maximum of double their\ncapital.\n It also stipulates that the total amount of risk capital\nthat a merchant bank can hold in its portfolio must not exceed\nthe value of the bank's own combined capital and reserves.\n No investment in any single company must exceed 20 pct of\nthe combined value of the merchant bank's capital and reserves.\n The merchant banks may not acquire, either directly or\nindirectly, controlling stakes in companies in which they\ninvest.\n Reuter\n\u0003", "date": "11-MAR-1987 14:46:23.71", "places": [ "italy" ], "id": "3878" }, { "title": "BAYLY BUYS MAJORITY OF CHUTES", "body": "Bayly Corp said it acquired 55 pct\nof Chutes Corp, a maker of denim-oriented sportswear\nheadquartered in Seattle, Wash.\n Terms were not disclosed.\n Reuter\n\u0003", "date": "11-MAR-1987 14:47:59.26", "topics": [ "acq" ], "places": [ "usa" ], "id": "3879" }, { "title": "SHADOWFAX SETS NORMAL COURSE ISSUER BID", "body": "Shadowfax Resources Ltd said it set a\nnormal course issuer bid to acquire for cancellation up to five\npct of its three mln outstanding common shares on the open\nmarket on the Alberta Stock Exchange, subject to regulatory\napprovals.\n Reuter\n\u0003", "date": "11-MAR-1987 14:48:28.81", "places": [ "canada" ], "id": "3880" }, { "title": "CFTC APPROVES MGE CORN SYRUP FUTURES CONTRACT", "body": "The Commodity Futures Trading\nCommission has approved the Minneapolis Grain Exchange's\napplication to trade high fructose corn syrup-55, HFCS-55,\nfutures contracts, the commission said.\n The contract provides for the delivery of 48,000 lbs, plus\nor minus two pct, of bulk HFCS-55 meeting specified standards\nregarding its physical and chemical properties.\n CFTC said the exchange plans to begin trading a July 1987\nHFCS-55 contract on April 6.\n CFTC said the soft drink industry currently buys at least\n95 pct of all U.S.-produced HFCS-55, a liquid food and beverage\nsweetener produced through the processing of corn starch by\ncorn refiners.\n Reuter\n\u0003", "date": "11-MAR-1987 14:49:05.16", "topics": [ "grain", "corn" ], "places": [ "usa" ], "id": "3881" }, { "title": "GENERAL INSTRUMENT UNIT GETS NAVY AWARD", "body": "General Instrument Corp's government\nsystems division said it received a 35.9 mln dlr contract from\nthe Naval Air Command Systems.\n The company said the contract calls for continued\nproduction of General Instrument's family of electronics\nwarfare systems for application in naval aircraft.\n The contract also contains options for more than 100\nsystems to be ordered within the next several years, the\ncompany added.\n Reuter\n\u0003", "date": "11-MAR-1987 14:49:31.22", "places": [ "usa" ], "id": "3882" }, { "title": "LONDON EXCHANGE DECLINES COMMENT ON MERRILL CASE", "body": "The London Stock Exchange has no\nimmediate comment on the U.S. Insider trading charge against a\nsenior London executive of Merrill Lynch and Co, an Exchange\nspokesman said.\n \"This is a civil action in New York and no-one here has any\nproper details yet,\" he added.\n The London Exchange, which keeps in touch through the U.K.\nGovernment's information channels to the U.S. Securities and\nExchange Commission, will await further developments, he said.\n Trade and Industry Department officials also declined\nimmediate comment.\n Merrill Lynch in London said any further amplification on\nthe SEC charge against its executive Nahum Vaskevitch would\nhave to come from the firms's New York office.\n Reuter\n\u0003", "date": "11-MAR-1987 14:50:05.24", "places": [ "usa", "uk" ], "id": "3883" }, { "title": "INTELLIGENT SYSTEMS MLP MAKES CASH PAYOUT", "body": "Intelligent Systems Master\nLimited Partnership said it will make a cash distribution of 25\ncts a unit in early April to unitholders of record as of March\n31.\n The company said continued strength in its results prompted\nthe move.\n Intelligent Systems added that if current plans to sell\nsome of its assets, as previously announced, are successful, it\nmay make further distributions estimated at 15 cts to 25 cts a\nunit.\n Earlier, the company reported fiscal third quarter ended\nDecember 31 net income of 2.3 mln dlrs, or 20 cts a share, up\nfrom fiscal 1985 third quarter results of 563,000 dlrs, or five\ncts a share.\n In addition, it reported fiscal 1986 nine months' net\nincome of 4.4 mln dlrs, or 40 cts a share, versus a loss of 1.1\nmln dlrs, or 10 cts a share, in fiscal 1985's first three\nquarters.\n Reuter\n\u0003", "date": "11-MAR-1987 14:53:30.23", "topics": [ "earn" ], "places": [ "usa" ], "id": "3884" }, { "title": "ADMINISTRATION SAID LAX ON ANTITRUST ENFORCEMENT", "body": "A group of state officials and a key\nU.S. senator said a corporate merger wave was harming the\neconomy and blamed the Reagan administration for laxness in\nenforcing the federal antitrust laws.\n Sen. Howard Metzenbaum, the Ohio Democrat who chairs the\nSenate Judiciary Committee's Antitrust Subcommittee, also\ncautioned the Department of Justice (DOJ) to comply with his\nrequest for a listing of each case since 1980 in which\ndepartment officials had rejected a staff recommendation to\nprosecute a suspected antitrust violation.\n Metzenbaum had asked for the data by Monday, but the DOJ\nfailed to meet the deadline and later hinted it might refuse to\ncomply.\n Acting Assistant Attorney General for Antitrust Charles\nRule defended the administration's record on antitrust\nenforcement and told the panel at today's hearing that the\ndepartment was in the process of preparing a response to\nMetzenbaum's request.\n \"We have nothing to hide, but we have to be concerned about\nour institutional interests,\" Rule said. He provided no\nexplanation of what those interests were.\n Metzenbaum said he had scheduled the hearings and requested\nthe data out of concern \"that this administration has abandoned\nthe nation's historical commitment to effective antitrust\nenforcement.\"\n \"The green light is on,\" he said. \"Merger mania is rampant\nin this country...and it is not serving us well.\"\n Rule countered that the low inflation and interest rates\nand the continuing economic expansion meant the\nadministration's policies were working well.\n He said simply looking at the number of challenges filed\nagainst pending mergers was misleading because there was no\nreason to believe that a fixed proportion of all mergers were\nanticompetitive.\n \"If you look at the individual cases rather than the\nstatistics, you will see that we are appropriately enforcing\nthe antitrust laws,\" Rule said.\n Metzenbaum's view, however, was bolstered by the National\nAssociation of Attorneys General, a group of top state law\nenforcement officials.\n \"The federal assault on antitrust has been comprehensive,\"\nRobert Abrams, attorney general of New York and chairman of the\ngroup's antitrust committee, told the panel.\n \"The reduction in enforcement has been exacerbated by\nfederal attempts to prevent both state attorneys general and\nprivate parties from enforcing the law in accordance with its\nclear meaning and Supreme Court interpretations,\" Abrams said.\n The group has drafted its own merger guidelines to bring\nuniformity to the attorney generals' efforts to enforce the\nlaws at the state level.\n Reuter\n\u0003", "date": "11-MAR-1987 14:56:20.87", "places": [ "usa" ], "id": "3885" }, { "title": "KURZWEIL HAS REDUCED WORK FORCE", "body": "Kurzweil Music Systems Inc said\nit has taken steps this year to reduce costs, including a 10 to\n15 pct reduction in its work force.\n A spokesman said the company now has about 70 employees.\n It said other reductions include the use of professional\nservices, administrative costs, manufacturing overhead and\nnon-essential development services, adding these cuts are\nexpected to have a significant impact beginning in the second\nquarter.\n Earlier today Kurzweil reported a 1986 loss of 85 cts a\nshare compared to a 1985 loss of 1.21 dlrs a share.\n Reuter\n\u0003", "date": "11-MAR-1987 14:57:17.70", "topics": [ "earn" ], "places": [ "usa" ], "id": "3886" }, { "title": "WHITE HOUSE OPPOSES STOCK TRANSFER TAX", "body": "The White House said that a proposal\nby House Speaker Jim Wright for a tax on stock transfers \"would\nclearly be a tax increase\" and that President Reagan opposed it.\n Spokesman Marlin Fitzwater noted that some 47 mln Americans\nowned securities, shares in mutual funds or had pensions\ninvested in the stock market.\n He said Wright's proposal differed from user fees, which\nthe Administration has proposed in its budget and \"clearly is a\ntax increase.\"\n Reuter\n\u0003", "date": "11-MAR-1987 14:58:32.55", "places": [ "usa" ], "id": "3887" }, { "title": "AIDE SAYS FRANCE SUPPORTS OIL AND FATS TAX", "body": "France supports the European Commission's\nplans for a European Community (EC) fats and oils tax but\nobjects to some of its oilseeds proposals, Yves Van Haecke, an\naide to French agriculture minister Francois Guillaume said.\n He told a general assembly of France's Oilseeds Federation\n(FFCOP) that a suppression of monthly increases of oilseed\nsupport prices, for example, was unacceptable.\n French oilseeds experts added the principle of a single tax\nregardless of varying quality was clumsy and capable of\nunneccessarily alienating exporters such as the U.S.\n Reuter\n\u0003", "date": "11-MAR-1987 14:59:01.17", "topics": [ "oilseed" ], "organisations": [ "ec" ], "places": [ "france" ], "id": "3888" }, { "title": "ENGELHARD BUILDS PLANT IN JAPAN", "body": "Engelhard Corp said its\nJapanese joint venture Nippon Engelhard Ltd is constructing a\nnew chemical catalyst manufacturing facility at its Numazu\ncomplex and expanding its research laboratories at Ichikawa.\n Start-up is targeted for third quarter 1987.\n Reuter\n\u0003", "date": "11-MAR-1987 14:59:13.26", "places": [ "usa" ], "id": "3889" }, { "title": "HEINZ HAS HIGHER NET DESPITE HIGHER COSTS", "body": "H.J. Heinz Co said net income for\nthe third quarter rose 18.2 pct despite an 17.2 pct increase in\nmarketing expenses.\n Meanwhile, the company said it raised its quarterly\ndividend to 28 cts a share from 25 cts a share in part on the\nexpectation that its tax rate under the new tax law will result\nin greater cash flow.\n For the third quarter ended January 31, Heinz earned 74.7\nmln dlrs, or 55 cts a share, up from earnings of 63.2 mln dlrs,\nor 46 cts a share, for the year-ago quarter.\n For the nine months, the company posted a profit of 244.4\nmln dlrs, or 1.78 dlrs a share, compared with a profit of 219.7\nmln dlrs, or 1.60 dlrs a share, for the year-ago period.\n \"Based on the company's performance for the first nine\nmonths, we expect to achieve our 23rd consecutive year of new\ngrowth records,\" Anthony J.F. O'Reilly, Heinz's newly elected\nchairman.\n Reuter\n\u0003", "date": "11-MAR-1987 15:00:33.71", "topics": [ "earn" ], "places": [ "usa" ], "id": "3890" }, { "title": "OKLAHOMA BANKING CHIEF WILL APPEAL CHARGE", "body": "State Banking\nCommissioner Robert Empie, ordered removed from office in an\nalleged insider trading scheme, plans to fight the charges, an\naide said today.\n \"There will be a hearing on the allegations,\" a spokeswoman\nsaid, when Empie returns from a meeting outside the state.\n Governor Henry Bellmon yesterday issued an executive order\nremoving Empie from office \"by reason of his incompetence,\nmalfeasance and neglect of duty.\"\n Bellmon said Empie held or controlled more than 50,000\nshares of stock in United Oklahoma Bank, a firm whose assets he\nregulated. He said the commisssioner used \"information available\nto him only by reason of his position as commissioner to\ndetermine when to sell or attempt to sell shares of stock.\"\n The order gave Empie 20 days to request a hearing,\nsomething his aide indicated he planned to do. In the meantime\nhe was suspended from office.\n \"Empie intentionally misled the state of Oklahoma into\nbelieving that he had removed hmself from any potential\nconflict of interest by placing the ... shares in a so-called\nblind trust beyond his control, when in fact Empie continued to\nbe infomred of the assets in the trust and the value of those\nassest and remained in control of their disposition, as shown\nby his transfer of the shares on or about December 23, 1985,\"\nBellmon said.\n Reuter\n\u0003", "date": "11-MAR-1987 15:02:41.27", "places": [ "usa" ], "id": "3891" }, { "title": "BRAZILIAN FCOJ OFFICIAL WELCOMES U.S. DUTY CUT", "body": "Mario Branco Peres, president of\nthe Brazilian Association of Citrus Juice Industries\n(Abrassuco), welcomed a decision by the U.S. Commerce\nDepartment sharply cutting its duties on imported frozen\nconcentrated orange juice (FCOJ) from Brazil.\n Speaking by telephone from Sao Paulo, Peres said, \"With its\ndecision, the U.S. government recognised the honesty of\nBrazilian exporters, who never have the intention of practising\ndumping.\"\n In a final ruling yesterday, the U.S. government eliminated\nthe duties shipped by Sucocitrico Cutrale and cut to 1.96 pct\nthe duty on Citrosuco. Duties of 8.54 pct had been set last\nOctober.\n Peres said Brazil had enough orange juice to meet the needs\nof its major clients.\n \"We do not have in stock what we would like to have, but we\ncertainly have enough orange juice available to supply our\nbuyers,\" Peres said, declining to estimate the amount of the\ncurrent stock. \"To keep it a secret is part of our strategy,\" he\nadded.\n Peres said the price policy of the orange juice was based\non market conditions.\n \"There is nothing better than a free trade policy,\" he said.\n Cutrale and Citrosuco officials were not immediately\navailable for comment.\n Reuter\n\u0003", "date": "11-MAR-1987 15:03:48.25", "topics": [ "orange" ], "places": [ "brazil", "usa" ], "id": "3892" }, { "title": "WALL STREET STOCKS/ICH CORP ", "body": "ICH Corp's stock\ncontinued under pressure because of lower earnings\nexpectations, Wall Street analysts said.\n The stock was down one today at 17-1/4, and down about four\nsince Thursday, when ICH announced it would be reporting\nlower-than-expected fourth quarter net income.\n The company said it would report full year 1986 net income\nof 2.00 dlrs per share compared to 2.32 dlrs per share in 1985.\nAnalysts said they had estimated 1987 net at 3.00-4.00 dlrs and\nwere now looking for at 2.50 dlr to 2.80 dlr range.\n ICH officials were unavailable for comment.\n Reuter\n\u0003", "date": "11-MAR-1987 15:05:27.14", "topics": [ "earn" ], "places": [ "usa" ], "id": "3893" }, { "title": "INVACARE CORP 4TH QTR NET", "body": "Shr profit 26 cts vs profit 19 cts\n Net profit 1,458,000 dlrs vs profit 1,070,000 dlrs\n Rev 30.9 mln dlrs vs 27.5 mln dlrs\n 12 mths\n Shr profit 60 cts vs loss 19 cts\n Net profit 3,367,000 dlrs vs loss 1,061,000 dlrs\n Revs 111.5 mln dlrs vs 94.3 mln dlrs\n Reuter\n\u0003", "date": "11-MAR-1987 15:05:39.67", "topics": [ "earn" ], "places": [ "usa" ], "id": "3894" }, { "title": " YEAR NET", "body": "Shr 47 cts vs 31 cts\n Net 4,757,000 vs 2,466,000\n Revs 32.8 mln vs 33.5 mln\n Avg shrs 12,638,000 vs 8,941,000\n Reuter\n\u0003", "date": "11-MAR-1987 15:05:49.96", "topics": [ "earn" ], "places": [ "canada" ], "id": "3895" }, { "title": "ATLANTIC SOUTHEAST TRAFFIC INCREASES", "body": "Atlantic Southeast Airlines\nInc reported an 11.1 pct increase of revenue passenger miles\nduring February 1987 from a year ago the same period.\n The regional carrier reported it flew 17.5 mln passenger\nrevenue miles during the month, up from 15.7 mln miles in\nFebruary 1986.\n ASA said its load factor, however, was down to 38.8 pct\nfrom 42.7 pct a year ago.\n\n Reuter\n\u0003", "date": "11-MAR-1987 15:07:14.22", "places": [ "usa" ], "id": "3896" }, { "title": "USDA ACCEPTS OFFERS FOR 550,000 TONNES OF BONUS WHEAT FOR CHINA\n", "date": "11-MAR-1987 15:11:37.93", "topics": [ "grain", "wheat" ], "places": [ "china" ], "id": "3897" }, { "title": "QUEBEC FEBRUARY HOUSING STARTS FALL", "body": "Quebec housing starts fell in February\nto 2,191, a four pct drop from last year when growth in Quebec\nhousing starts was among the highest in the Canada, the Canada\nMortgage and Housing Corp said.\n The February rate seasonally adjusted now stands at 40,000,\ndown from 79,000 in January, the government agency said.\n Reuter\n\u0003", "date": "11-MAR-1987 15:13:33.80", "topics": [ "housing" ], "places": [ "canada" ], "id": "3898" }, { "title": "INVACARE EXPECTS HIGHER 1987 SALES", "body": "Invacare Corp chairman, president\nand chief executive officer A. Malachi Mixon III said he\nexpects the home healthcare equipment company to post sales\nincreases in the 10 to 15 pct range in 1987.\n Mixon said the increases should come from internal growth\nas well as potential acquisitions.\n \"Invacare is aggressively seeking acquisitions to\ncomplement the company's existing product lines,\" Mixon said.\n Earlier, the company reported fourth quarter 1986 net of\n1.5 mln dlrs, or 26 cts a share, up from 1.1 mln dlrs, or 19\ncts a share, in 1985's fourth quarter.\n Invacare also reported 1986 net income of 3.4 mln dlrs, or\n60 cts a share, up from a loss of 1.1 mln dlrs, or 19 cts a\nshare, in 1985.\n Reuter\n\u0003", "date": "11-MAR-1987 15:14:31.50", "topics": [ "earn" ], "places": [ "usa" ], "id": "3899" }, { "title": "LAMSON AND SESSIONS CO 4TH QTR LOSS", "body": "Oper shr loss 26 cts vs profit five cts\n Oper net loss 1,506,000 vs profit 312,000\n Revs 42 mln vs 27.9 mln\n Year\n Oper shr loss 43 cts vs profit 16 cts\n Oper net loss 2,535,000 vs profit 1,236,000\n Revs 129.9 mln vs 120.3 mln\n NOTE: Excludes discontinued operations loss 1.42 dlrs a\nshare versus loss nine cts in the quarter, and loss 1.62 dlrs a\nshare versus loss 12 cts in the year.\n Also excludes extraordinary loss of six cts a share in the\nfourth quarter 1985, and gain of 1.81 dlrs a share in full year\n1985.\n Also excludes 1986 full year gain of 80 cts per share from\naccounting change.\n Reuter\n\u0003", "date": "11-MAR-1987 15:18:29.40", "topics": [ "earn" ], "places": [ "usa" ], "id": "3900" }, { "title": "ARGENTINE MEAT EXPORTS LOWER IN 1986", "body": "Argentine meat exports during\nJan/Dec 1986 totalled 220,911 tonnes, against 223,204 tonnes\nshipped in the same 1985 period, the National Meat board said.\n Shipments in tonnes with comparative figures for the 1985\nperiod, in brackets, included: beef 120,184 (137,686), horse\nmeat 25,651 (33,892) and beef offal 50,100 (47,745).\n Argentina's meat exports totalled 20,481 tonnes in December\n1986, against 15,801 tonnes in the same 1985 month.\n Shipments in tonnes, with comparative figures for December\n1985, in brackets, included: beef 14,384 (10,339), horse meat\n1,609 (1,539) and beef offal 3,388 (3,098), the board said.\n Main destinations for refrigerated beef (bone in\nequivalent) were as follows, in tonnes, with comparative\nfigures for 1985 in brackets:\n E.C. 46,300 (49,700), Israel 16,200 (17,600), Brazil 18,100\n(unavailable), Peru 8,100 (2,300), Angola 4,800 (12,100), Chile\n3,400 (8,200), Switzerland 3,000 (3,000), Canary Islands 2,400\n(3,700), Singapore 1,900 (1,700), Aruba/Curazao 1,600 (1,700).\n Main destinations for canned meat and cooked beef (bone in\nequivalent) in tonnes, with figures for 1985 in brackets, were:\nUnited States 88,300 (102,900), E.C. 30,700 (24,100).\n Reuter\n\u0003", "date": "11-MAR-1987 15:20:12.69", "topics": [ "carcass", "livestock" ], "places": [ "argentina" ], "id": "3901" }, { "title": "SOUTH KOREA TO KEEP TRADE SURPLUS 3-5 YEARS", "body": "South Korean Trade Minister Rha\nWoong Bae said his nation would maintain a trading surplus for\nthree to five years as a way to cut its foreign debt.\n He said in an interview with Reuter that after a few years\nit was likely South Korea would drop barriers to foreign goods\nand move toward a more balanced trade position.\n He said the present trade surplus was vital if his nation\nwas to reduce its 44.5 billion dlr foreign debt.\n Rha said that 1986 was the first year South Korea had a\ntrade surplus - 4.5 billion dlrs, against a 1985 deficit of \n900 mln dlrs.\n Rha made his remarks at the end of a two-week trade mission\nhere during which a team he led agreed to buy U.S. products\nvalued at 1.8 billion dlrs.\n About 800 mln dlrs of the purchases here were in goods of\nthe type South Korea normally bought from Japan.\n Rha leaves today for Ottawa for trade talks with Canadian\nofficials and businessmen.\n Asked if South Korea would retaliate against U.S. goods if\nCongress closed U.S. markets to its products, he said \"at this\nmoment, we have no thought of retaliation.\"\n South Korea is a major exporter to the U.S. of textiles and\napparel and electronic goods, such as television sets, video\ncassette records and personal computers.\n Its purchases from the United States include electronic\ntesting equipment, grains and cotton.\n Reuter\n\u0003", "date": "11-MAR-1987 15:20:45.47", "topics": [ "trade" ], "places": [ "usa", "south-korea" ], "id": "3902" }, { "title": "RESTURANT ASSOCIATES INDUSTRIES INC 4TH QTR", "body": "Shr 26 cts vs 36 cts\n Shr diluted 25 cts vs 36 cts\n Net 1,389,000 vs 1,412,000\n Revs 56.9 mln vs 35.1 mln\n Avg shrs 5,412,000 vs 3,962,000\n Year\n Shr 90 cts vs 75 cts\n Shr diluted 86 cts vs 75 cts\n Net 4,692,000 vs 2,961,000\n Revs 201.4 mln vs 140.0 mln\n Avg shrs 5,234,000 vs 3,954,000\n NOTE: Results for 14 and 53 week periods ended January 3,\n1987, vs 13 and 52 week periods ended December 28, 1985\n 1985 net in both periods includes gain of 99,000 dlrs from\ntax loss carryforward\n Spokeswoman said average shares outstanding on a diluted\nbasis were not available\n Reuter\n\u0003", "date": "11-MAR-1987 15:22:48.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "3903" }, { "title": "USDA ACCEPTS BONUS WHEAT OFFERS FOR CHINA", "body": "The Commodity Credit Corp (CCC) has\naccepted bids for export bonuses to cover sales of 340,000\ntonnes of hard red winter wheat and 210,000 tonnes of soft red\nwinter wheat to China, the U.S. Agriculture Department said.\n The bonuses awarded averaged 36.22 dlrs per tonne, and the\nwheat is scheduled for delivery during May-Oct 1987.\n The bonus awards were made to Cargill, Inc (305,000\ntonnes), Continental Grain Co (155,000 tonnes), Mitsubishi\nInternational Corp (60,000 tonnes) and Richco Grain Co (30,000\ntonnes).\n Bonuses will be paid to the exporters in the form of\ncommodities from CCC stocks.\n The purchases complete the Export Enhancement Program\ninitiative for China announced Jan 26.\n Reuter\n\u0003", "date": "11-MAR-1987 15:27:33.40", "topics": [ "grain", "wheat" ], "places": [ "usa", "china" ], "id": "3904" }, { "title": "SOUTHERN NEW ENGLAND TELECOM DECLARES DIV", "body": "Qtly div 72 cts vs 72 cts prior\n Pay April 15\n Record March 23\n NOTE: Company's full name is Southern New England\nTelecommunications Corp.\n Reuter\n\u0003", "date": "11-MAR-1987 15:29:11.51", "topics": [ "earn" ], "places": [ "usa" ], "id": "3905" }, { "title": "VENEZUELA MOVES CLOSER TO CHAMPLIN PURCHASE", "body": "the council of ministers approved\npetroleos de venezuela's planned purchase of a half interest in\nthe champlin petroleum refinery at corpus christi, texas,\ngovernment sources said.\n The cabinet authorized energy and mines minister arturo\nhernandez grisanti to approve the purchase in the shareholders\nassembly of the state oil company petroleos de venezuela\n(pdvsa).\n Pdvsa last april 14 signed a letter of intent to buy a half\ninterest in champlin's corpus christi refinery for an\nundisclosed sum.\n Under the terms of the provisional agreement, venezuela\nwould supply up to 160,000 barrels a day to the plant through a\nnew company which would be jointly owned by the pdvsa and\nchamplin, a subsidiary of the union pacific corp .\n The deal would also allow pdvsa a joint share in champlin's\nrefinery and distribution network.\n The purhcase is one of a series of overseas joint ventures\nby which venezuela has managed to assure markets for some\n400,000 barrels of its approximately 1.5 mln bpd exports.\n Hernandez grisanti told reporters after the cabinet meeting\nthat pdvsa will pay 93 mln dlrs for its half ownership in the\nchamplin refinery - 33 mln dlrs in cash and 60 mln dlrs crude\noil and products.\n Through the deal, he said, venezuela will be assured the\nsale of at least 140,000 bpd of crude and products.\n Hernandez said pdsva has entered similar joint ventures\nwith veba oel of west germany, nynas petroelum in sweden, and\ncitgo in the united states.\n Reuter\n\u0003", "date": "11-MAR-1987 15:29:28.84", "topics": [ "acq", "crude" ], "places": [ "venezuela", "usa" ], "id": "3906" }, { "title": "AMOSKEAG PROPOSES CLASS B SHARES", "body": "Amoskeag Co said its board voted to seek\nshareholder approval at its April 27 annual meeting of a\nrecapitalization plan calling for the distribution of one Class\nB common share for each common share now held.\n The company said the Class B common would have 10 votes per\nshare and the common one vote per share. Each common share\nwould be entitled to at least the same dividend as each Class B\nshare, which would not be freely transferrable for five years\nbut could be converted share-for-share into common at any time.\n Amoskeag said the proposed recapitalization would increase\ntotal authorized stock to 26.0 mln shares from 2.2 mln. The\nboard has proposed a total of 20.0 mln authorized common shares\nand 6.0 mln authorized Class B shares.\n Reuter\n\u0003", "date": "11-MAR-1987 15:31:16.38", "places": [ "usa" ], "id": "3907" }, { "title": "EMPIRE OF CAROLINA INC 4TH QTR NET", "body": "Shr 71 cts vs 15 cts\n Net 4,234,000 dlrs vs 803,000 dlrs\n Revs 15.4 mln dlrs vs 10.3 mln dlrs\n 12 mths\n Shr 1.26 dlrs vs 67 cts\n Net 7,299,000 dlrs vs 3,607,000 dlrs\n Revs 52.5 mln dlrs vs 40.7 mln dlrs\n NOTE: Empire's investment in the Deltona Corp is reported\non the equity method beginning the fourth qtr of 1986. Amounts\nfor 1985 and the first three qtrs of 1986 have been restated to\nreflect the retroactive application.\n During 1986, the 17-1/2 pct debentures and 9-7/8 dlrs\npreferred stock were redeemed or converted resulting in\n6,028,755 common shares outstanding at December 31, 1986 as\ncompared to 2,408,766 common shares outstanding at December 31,\n1985.\n Reuter\n\u0003", "date": "11-MAR-1987 15:31:31.36", "topics": [ "earn" ], "places": [ "usa" ], "id": "3908" }, { "title": "ENSECO INC 4TH QTR LOSS", "body": "Oper shr loss six cts vs profit seven cts\n Oper net loss 481,517 vs profit 487,432\n Revs 7,492,686 vs 5,575,043\n Avg shrs 8.5 mln vs 7.2 mln\n Year\n Oper shr loss six cts vs profit 34 cts\n Oper net loss 465,043 vs profit 2,283,811\n Revs 29.5 mln vs 19.8 mln\n Avg shrs 7.8 mln vs 6.7 mln\n NOTE: Excludes extraordinary credit of four cts a share in\nfourth quarter 1986, and 15 cts in year.\n Reuter\n\u0003", "date": "11-MAR-1987 15:33:44.76", "topics": [ "earn" ], "places": [ "usa" ], "id": "3909" }, { "title": "CORRECTED - REXNORD TO SELL RAILWAY UNIT", "body": "Rexnord Inc said it signed a\ndefinitive agreement to sell its Railway Maintenance Equipment\nCo subsidiary to Oak Industries Inc. Terms were withheld.\n Also participating in the agreement was Banner Industries\nInc, which previously agreed to acquire Rexnord.\n Railway Maintenance had 1986 sales of 16 mln dlrs.\n Rexnord said the sale is part of a major program to divest\nseveral of its businesses representing about 200 mln dlrs in\nnet assets. Still to be divested are the Process Machinery\nDivision with sales of 137 mln dlrs and Mathews Conveyer Co,\nwith sales of 83 mln dlrs. -- Corrects mame of purchaser\n Reuter\n\u0003", "date": "11-MAR-1987 15:34:04.41", "topics": [ "acq" ], "places": [ "usa" ], "id": "3910" }, { "title": "DOW JONES DROPS OWENS-ILLINOIS, INCO FROM INDUSTRIAL AVERAGE, ADDS COCA-COLA, BOEING\n", "date": "11-MAR-1987 15:35:14.44", "id": "3911" }, { "title": "WALL STREET STOCKS/SUPERMARKETS GENERAL ", "body": "Dart Group Corp , which wants\nto acquire Supermarkets General Corp for 1.62 billion dlrs, is\nnot likely to give up without a fight if its target seeks\nanother buyer, arbitrageurs said.\n Speculation that Dart's offer of 41.75 dlrs per share could\nbe just the beginning of a bidding contest helped Supermarkets\nshares gain one to 42-1/8 on 2.3 mln shares.\n One rumor had Federated Department Stores Inc taking\na look at Supermarkets General. \"Our policy is that we do not\ncomment on any rumors or speculation of this nature,\" a\nFederated spokeswoman said.\n An arbitrageur noted that Dart, controlled by chairman\nHerbert H. Haft and his son Robert, last year raised its\ninitial bid for Safeway Stores by approximately 10 pct when\nSafeway resisted.\n However, that company was later sold to a buyout group that\ntopped the Hafts.\n If history repeats itself, the Hafts could raise their bid\nto 46 dlrs if they are rebuffed by Supermarkets General, the\narbitrageur said. But another arbitrageur said the Hafts'\npresent bid seemed \"quite fair.\" He said the offer amounts to\n10 times after-tax-cash flow which is \"probably fully priced.\"\n Reuter\n\u0003", "date": "11-MAR-1987 15:36:43.95", "topics": [ "acq" ], "places": [ "usa" ], "id": "3912" }, { "title": "U.S. EXPORTERS REPORT 455,000 TONNES OF WHEAT SOLD TO CHINA FOR 1986/87 AND 1987/88\n", "date": "11-MAR-1987 15:36:47.33", "topics": [ "grain", "wheat" ], "places": [ "usa", "china" ], "id": "3913" }, { "title": "RUSSO SAYS IT ACTED AS BROKER FOR SOFER", "body": " said in a\nstatement it acted as a broker executing unsolicited orders for\nan individual named in a Securities and Exchange Commission\ncivil suit alleging insider trading violations.\n Russo filled orders for David Sofer, an Israeli citizen,\nwho allegedly traded on inside information from Nahum\nVaskevitch, head of Merrill Lynch and Co's London mergers\noffice. Vaskevitch was suspended by Merrill, which said it was\ncooperating with the probe. Russo said it \"had no knowledge or\nreason to believe that any of these transactions were based on\nthe improper use of inside information.\"\n Reuter\n\u0003", "date": "11-MAR-1987 15:37:01.29", "places": [ "usa" ], "id": "3914" }, { "title": "HOME SHOPPING FILES 400 MLN DEBT OFFERING", "body": "Home Shopping Network Inc filed with\nthe Securities and Exchange Commission for an offering of 400\nmln dlrs of convertible subordinated debentures due April 1,\n2002.\n Proceeds from the offering will be used to build and equip\nenlarged broadcast and order processing facilities, to redeem\nsome of the company's 11-3/4 pct senior notes due Oct 15, 1996\nand for general corporate purposes, the company said.\n Drexel Burnham Lambert Inc will underwrite the sale.\n Reuter\n\u0003", "date": "11-MAR-1987 15:37:16.85", "places": [ "usa" ], "id": "3915" }, { "title": "AMERICAN MOTORS WEIGHS TAKEOVER PROPOSAL", "body": "American Motors Corp said its\ndirectors met Wednesday to review the takeover proposal which\nthe corporation received Monday from Chrysler Corp .\n AMC said its board has retained independent investment and\nlegal advisers and expects to meet periodically over the next\nseveral weeks on the proposal.\n Reuter\n\u0003", "date": "11-MAR-1987 15:37:45.02", "topics": [ "acq" ], "places": [ "usa" ], "id": "3916" }, { "title": "BANGOR HYDRO-ELECTRIC CO SETS DIVIDEND", "body": "Qtly div 25 cts vs 25 cts\n Pay April 20\n Record March 31\n Reuter\n\u0003", "date": "11-MAR-1987 15:38:08.99", "topics": [ "earn" ], "places": [ "usa" ], "id": "3917" }, { "title": "KANSAS CITY SOUTHERN MERGER RESPONSE", "body": "Kansas City Southern\nIndustries Inc said an attempt by Santa Fe Southern Pacific Co\n to reopen the proposed merger of the Atchison, Topeka and\nSanta Fe Railway Co and the Southern Pacific Transportation Co\noffers \"nothing truly new.\"\n In a letter to shippers, Kansas City Chairman Landon\nRowland stated \"This proposed merger is plainly\nanti-competitive, as found by the ICC and urged by the\nDepartment of Justice. Nothing has changed.\"\n Landon said Kansas City Southern is continuing its efforts\nto acquire the transportation operation of Santa Fe Railway.\n Reuter\n\u0003", "date": "11-MAR-1987 15:41:29.74", "topics": [ "acq" ], "places": [ "usa" ], "id": "3918" }, { "title": "ROSE'S STORES INC REPORTS HIGHER SALES", "body": "Rose's Stores Inc reported\nFebruary sales of 92.7 mln dlrs, an increase of 18.1 mln dlrs,\nor 24.2 pct from sales of 74.6 mln dlrs in the comparable\nperiod the year prior.\n The company said identical stores sales increased 15 pct\nfor the month of February.\n Rose's operates 224 discount stores as of February 1987\ncompared to 208 stores a year ago in 13 southeastern states.\n Reuter\n\u0003", "date": "11-MAR-1987 15:44:13.00", "places": [ "usa" ], "id": "3919" }, { "title": "COKE AFFILIATE TO SELL DELAURENTIIS STAKE", "body": "De Laurentiis Entertainment Group\nInc said Embassy Communications, a Californai general\npartnership affiliated with Coca-Cola Co , plans to sell\nits 10.1 pct stake in the company.\n In a filing with the Securities and Exchange Commission for\na secondary offering, De Laurentiis said Embassy will offer its\nentire stake in the company of 964,936 shares of common stock\nin the public sale.\n De Laurentiis said it has 9.6 mln shares outstanding.\n PaineWebber Inc will underwrite the offering.\n Reuter\n\u0003", "date": "11-MAR-1987 15:44:49.23", "topics": [ "acq" ], "places": [ "usa" ], "id": "3920" }, { "title": "ROBERT HALMI INC OBTAINS REVOLVING CREDIT", "body": "Robert Halmi Inc said it obtained a\nfive mln dlr line of revolving credit from Wells Fargo Bank\navailable through February 29, 1988.\n Halmi said the funds will be used for the development and\nproduction of television programming and for regular company\nbusiness.\n Halmi said it reported earnings of 2,800,000 dlrs in fiscal\nyear 1986 ended May, 1986, on sales of 17.2 mln dlrs.\n Reuter\n\u0003", "date": "11-MAR-1987 15:44:55.52", "places": [ "usa" ], "id": "3921" }, { "title": "HERLEY MICROWAVE 2ND QTR JAN 31 NET", "body": "Shr nine cts vs 17 cts\n Net 275,000 vs 490,000\n Rev 2.4 mln vs four mln\n Six months\n Shr 29 cts vs 31 cts\n Net 885,000 vs 884,000\n Rev 6.1 mln vs 7.1 mln\n NOTE: Company's full name is Herley Microwave Systems Inc.\n Reuter\n\u0003", "date": "11-MAR-1987 15:46:04.80", "topics": [ "earn" ], "places": [ "usa" ], "id": "3922" }, { "title": "ROCKWELL INTERNATIONAL SELLS 10-YEAR NOTES", "body": "Rockwell International Corp is raising\n200 mln dlrs through an offering of notes due 1997 yielding\n7.682 pct, said lead underwriter Daiwa Securities America Inc.\n An officer on Daiwa's corporate syndicate desk said he\nbelieved this was Rockwell's first debt offering since 1984,\nwhen the company tapped the Euromarkets.\n Daiwa, the U.S. unit of Daiwa Securities Co Ltd of Japan,\nhas become the first foreign bookrunner in the U.S. corporate\ndebt market this year. The firm is sustaining a trend that\nfirst emerged in early 1986, investment bankers said.\n Daiwa headed a syndicate that won the Rockwell notes in\ncompetitive bidding. Rockwell has a net interest charge of\n7.722 pct for the issue, the Daiwa officer said.\n The Japanese firm bid the notes at 98.473 and set a coupon\nof 7-1/2 pct and reoffering price of 98.75 to yield 46 basis\npoints more than comparable Treasury securities.\n Underwriters away from the syndicate said they believed the\n46 basis point spread over Treasuries was aggressive. They said\na premium of 50 basis points or more would have been more\nappropriate. \"It looks like Daiwa submitted a kamikaze bid just\nto get the business,\" said one competitor.\n However, the Daiwa officer defended his firm's pricing of\nthe deal.\n \"Because Rockwell has not floated debt since 1984, the\ncompany's note issue is a museum piece,\" he said.\n The officer said he believed the Rockwell paper would sell\nquickly, mostly because the company is well known and has not\ntapped the debt market in three years.\n \"Investors are hungry for high-grade debt issued by\nhousehold names,\" agreed one corporate bond trader.\n Non-callable for seven years, the issue is rated Aa-2 by\nMoody's and AA by Standard and Poor's.\n Daiwa became the second foreign firm to manage an offering\nin the domestic debt market in September 1986 when it won in\ncompetitive bidding 125 mln dlrs of 10-year first mortgage\nbonds of General Telephone Co of California, a unit of GTE Corp\n.\n It followed the lead of UBS Securities Inc, the U.S. unit\nof Union Bank of Switzerland. UBS won its first deal in June\n1986 when it bid for, and won, 100 mln dlrs of Allied-Signal\nInc debentures due 2016.\n UBS brought two negotiated deals to the marketplace after\nthat.\n UBS led in late June an offering of 100 mln dlrs of\nfive-year notes issued by Transamerica Financial Corp, a\nsubsidiary of Transamerica Corp . That following September\nUBS priced as sole underwriter 100 mln dlrs of Borg-Warner Corp\n notes due 1991.\n In early December Nomura Securities International Inc\nbecame the third, and so far last, foreign securities firm to\nmanage a U.S. offering. The U.S. unit of Nomura Securities Co\nLtd of Japan, acting as sole underwriter, won in competitive\nbidding 250 mln dlrs of extendible notes of General Electric\nCredit Corp, a subsidiary of General Electric Co .\n The Rockwell deal is Daiwa's second as lead underwriter.\n Last December, Daiwa and Nomura were named primary dealers\nby the Federal Reserve, along with L.F. Rothschild, Unterberg,\nTowbin Inc and Security Pacific National Bank.\n UBS, Nikko Securities Co International Inc and Yamaichi\nInternational (America) Inc have also applied to the Fed for\nprimary dealership status.\n Primary dealers are considered an elite group of firms\nbecause they are approved to purchase U.S. Treasury securities\ndirectly from the Fed's agent, the Federal Reserve Bank of New\nYork, investment bankers explained.\n Reuter\n\u0003", "date": "11-MAR-1987 15:48:15.35", "places": [ "usa" ], "id": "3923" }, { "title": "CHANGES SET IN DOW JONES INDUSTRIAL AVERAGE", "body": "The Wall Street Journal said the\nstocks of Owens-Illinois Inc and Inco Ltd will be\ndropped as components of the 30 stock Dow Jones Industrial\naveage, effective with the start of trading on the New York\nStock Exchange tomorrow.\n They will be replaced with Coca-Cola Co and Boeing Co\n.\n The paper, which is published by Dow Jones and Co Inc ,\nsaid the change in components will require revision of the\ndivisors used to calculate the industrial average and the\nrelated 65 stock composite index to maintain the statistical\ncontinuity of the indices. The new divisors will be published\nin tommorw's editon, it added.\n It explained that Owens-Illinois, which has been one of the\nDow 30 since 1959, is the object of a leveraged buyout. The\ntender offer is set to expire March 16.\n The Journal said Inco is being dropped to substitute a\nstock that will make the index more representative of the\nmarket. Previously named International Nickel Co, Inco is one\nof the original components of the index established in 1928.\n While the Owens-Illinois deletion was forced, the Inco\nsubstitution is being made solely to improve the market-sector\nweighting of the index, not because of any change in the\ncompany, the paper stated. Such substitutions are made from\ntime to time, most recently with the addition of McDonald's\nCorp in October 1985, to reflect long-run changes in the\neconomy and the market, it added.\n \n Reuter\n\u0003", "date": "11-MAR-1987 15:48:32.33", "places": [ "usa" ], "id": "3924" }, { "title": "PANHANDLE TRIMS TAKE-OR-PAY EXPOSURE", "body": "Panhandle Eastern Corp said it had made\nsteady progress in reducing its natural gas take-or-pay\nexposure from 4.9 billion dlrs to 1.7 billion dlrs worth of\npotential claims.\n Panhandle Eastern chairman R.L. O'Shields said settlement\npayments of 247 mln dlrs plus releases and waivers of gas\npurchase obligations since 1982 had reduced the company's\ntake-or-pay exposure.\n \"While substantial, we believe the unresolved take-or-pay\nexposure will remain manageable,\" he said in a letter to\nshareholders that appeared in the company's new annual report.\n Panhandle Eastern also said it had budgeted 78 mln dlrs for\nits 1987 capital spending program, an increase from 65 mln dlrs\nspent last year. The company said its primary focus of 1987\nspending would be to modernize and automate its pipelines for\ngreater efficiency.\n Houston-based Panhandle Eastern earned 133.5 mln in 1986 on\nrevenues of 2.0 billion, compared to net income of 113.1 mln on\nsales of 2.5 billion in 1985.\n Reuter\n\u0003", "date": "11-MAR-1987 15:48:55.89", "places": [ "usa" ], "id": "3925" }, { "title": "WILLIAMS COS COMPLETES SALE OF UNIT", "body": "Williams Cos said it completed the\nsale of its Agrico Chemical Co unit to Freeport-McMoRan\nResource Partners L.P. for an initial 250 mln dlrs cash.\n The company said it will also receive an additional 100 to\n250 mln dlrs in five years based on the operating performance\nof the unit.\n It said the cash proceeds will be used to lower its debt\ncosts.\n Reuter\n\u0003", "date": "11-MAR-1987 15:49:04.44", "topics": [ "acq" ], "places": [ "usa" ], "id": "3926" }, { "title": "U.S., JAPANESE JOIN TO BID ON KANSAI AIRPORT", "body": "The U.S. Austin Co and Japan's\nKawasaki Heavy Industries Inc said they have joined to compete\nfor contacts for a new Japanese airport at Kansai, near Osaka.\n Austin, a design, engineering and construction firm, said\nin a statement that it and Kawasaki would bid for support\nfacility work worth 200-250 mln dlrs.\n The Kansai project is to cost about eight billion dls.\n U.S. officials have complained to Japan that American firms\nare being squeezed out of work on Kansai and threatened to\nrestrict Japanese construction firms in the United States if\nKansai is not opened to U.S. companies.\n reuter\n\u0003", "date": "11-MAR-1987 15:53:30.16", "places": [ "usa", "japan" ], "id": "3927" }, { "title": "EC COMMISSION REJECTS SUGAR THREATS - SOURCES", "body": "The European Community Commission has\ntold EC member states that it is not prepared to discuss EC\nsugar prices while sugar traders threaten to make a huge sale\ninto intervention stocks to protest against its policies,\nCommission sources said.\n \"Our position is that we are not willing to discuss the\nproblems of market prices at a time when traders are making\nthreats,\" one source said.\n The sources said the Commission's view was made clear at a\nmeeting of its sugar management committee today.\n They said French, West German and Dutch officials had\ninformed the committee that traders in their countries intended\nto sell just over 850,000 tonnes of sugar into EC intervention\nstocks.\n The Commission riposted by signalling that it would sell\nthe sugar sold into intervention back onto the EC market by\ntender, a move that would push down prices.\n The sources said French traders planned to sell 775,000\ntonnes into intervention stocks, West German traders 7,500\ntonnes and Dutch traders 2,500.\n Reuter\n\u0003", "date": "11-MAR-1987 16:00:53.07", "topics": [ "sugar" ], "organisations": [ "ec" ], "places": [ "belgium" ], "id": "3928" }, { "title": "BILL TO EXTEND ETHANOL EXEMPTION CONSIDERED", "body": "Senate Republican leader Robert Dole\n(R-Kan.) said he and a group of Republican lawmakers are\nconsidering introducing legislation to extend the ethanol tax\nexemption through the year 2000.\n Dole, addressing the National Corn Growers Association\nboard, said the proposal was under consideration by a rural\ntask force of Republican members of Congress and governors.\n Gasoline containing at least 10 pct ethanol now receives a\nsix cts per gallon exemption from a nine cts federal excise\ntax. The exemption is to expire at the end of 1992.\n Ethanol is produced primarily by a few large agribusiness\nfirms including Archer Daniels Midland (ADM), and A.E. Staley.\nThe tax exemption has helped helped bolster ethanol production\ndespite a sharp drop in the prices of competing crude oil.\n Reuter\n\u0003", "date": "11-MAR-1987 16:02:22.21", "places": [ "usa" ], "id": "3929" }, { "title": "TREASURY BALANCES AT FED FELL ON MARCH 10", "body": "Treasury balances at the Federal\nReserve fell on March 10 to 2.842 billion dlrs from 3.073\nbillion dlrs the previous business day, the Treasury said in\nits latest budget statement.\n Balances in tax and loan note accounts fell to 9.828\nbillion dlrs from 11.418 billion dlrs on the same respective\ndays.\n The Treasury's operating cash balance totaled 12.670\nbillion dlrs on March 10 compared with 14.490 billion dlrs on\nMarch 9.\n Reuter\n\u0003", "date": "11-MAR-1987 16:04:49.46", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "3930" }, { "title": "SOUTH KOREA TO MAINTAIN TRADE SURPLUS 3-5 YEARS", "body": "South Korean Trade Minister Rha\nWoong Bae said his nation would maintain a trading surplus for\nthree to five years as a way to cut its foreign debt.\n He said in an interview with Reuters that after a few years\nit was likely South Korea would drop barriers to foreign goods\nand move toward a more balanced trade position.\n He said the present trade surplus was vital if his nation\nwas to reduce its 44.5 billion dlr foreign debt.\n Rha said that 1986 was the first year South Korea had a\ntrade surplus - 4.5 billion dlrs, against a 1985 deficit of 900\nmln dlrs.\n Asked if South Korea would drop its trade barriers once its\nforeign debt was substantially reduced, he said \"yes, I think\nso.\"\n Rha made his remarks at the end of a two-week trade mission\nhere during which a team he led agreed to buy U.S. products\nvalued at 1.8 billion dlrs.\n About 800 mln dlrs of the purchases are in goods of the\ntype South Korea normally bought from Japan.\n Rha was to leave later today for Ottawa for trade talks\nwith Canadian officials and businessmen.\n He said in the interview the U.S. purchases were to reduce\nhis country's 7.1 billion dlr surplus with the United States\nand also to cut its 5.6 billion dlr shortfall with Japan.\n Rha said it was also due to a shift in exchange rates\nbetween the U.S. dollar and the yen that made it cheaper to buy\nU.S. goods than Japanese goods.\n He said South Korea heavily relied on foreign trade and he\nhoped the leaders of major trading nations could find a way to\nresolve the growing trend toward protectionist legislation.\n Rha said \"I hope the leaders can get together to find a\nsolution by making some mutually satisfactory concessions.\"\n But he added \"the leaders seem hesitant to make concessions\nbecause of domestic political reasons.\"\n Speaking of his own country, he said \"We have made a lot of\nconcessions already.\"\n He cited regulations permitting foreign investment in\nindustrial firms, allowing increased foreign banking activity\nand cracking down on piracy of intellectual property by\nstrengthening protection of copyrights and patents.\n Rha said South Korea had also lowered many of its tariffs.\n Asked if South Korea would retaliate against U.S. goods if\nCongress closed U.S. markets to its products, he said \"at this\nmoment, we have no thought of retaliation.\"\n South Korea is a major exporter to the United States of\ntextiles and apparel and electronic goods, such as television\nsets, video cassette records and personal computers.\n Its puchases from the United States include electronic\ntesting equipment and grains and cotton.\n The trade mission's purchases here included three Boeing\npassenger planes for 400 mln dlrs, four McDonnell Douglas\nplanes for 300 mln dlrs; and machinery worth 725 mln dlrs.\n Reuter\n\u0003", "date": "11-MAR-1987 16:05:20.71", "topics": [ "trade" ], "places": [ "south-korea", "usa", "japan" ], "id": "3931" }, { "title": "S/P MAY DOWNGRADE CLARK EQUIPMENT ", "body": "Standard and Poor's said it may lower\nits BBB-minus rating of Clark Equipment Co's 108 mln dlrs of\nlong-term debt because of weak industry fundamentals and the\ncompany's plan to repurchase 70 mln dlrs worth of common stock.\n Despite a dramatic rationalization of its fork-lift truck,\naxle and transmission, and construction equipment operations,\ncontinuing intense competitive pressures are limiting Clark's\ngrowth and profit potential, S and P said.\n The company may be forced to increase debt to achieve its\nstrategic acquisition goals, the rating agency added.\n Reuter\n\u0003", "date": "11-MAR-1987 16:06:16.30", "places": [ "usa" ], "id": "3932" }, { "title": "HONG KONG FIRM UPS CALMAT STAKE TO 9.8 PCT", "body": "Industrial Equity (Pacific) Ltd, a\nHong Kong investment firm, said it raised its stake in Calmat\nCo to 1,480,830 shares, or 9.8 pct of the total outstanding\ncommon stock, from 1,217,230 shares, or 8.0 pct.\n In a filing with the Securities and Exchange Commission,\nIndustrial Equity, which is principally owned by Brierley\nInvestments Ltd, a publicly held New Zealand firm, said it\nbought 263,600 Calmat common shares between Feb 17 and March 9\nfor 13.1 mln dlrs.\n It has said it bought the stock for investment purposes,\nbut may raise its stake to 15 pct.\n \n Reuter\n\u0003", "date": "11-MAR-1987 16:06:25.36", "topics": [ "acq" ], "places": [ "usa", "hong-kong" ], "id": "3933" }, { "title": "PARALAX VIDEO TO BUY AMERICAN VIDEO", "body": "Paralax Video Enterprises Inc said it\nsigned a definitive agreement to buy \nfor stock.\n According to the merger proposal, American Video\nshareholders will receive about 287,700 restricted Paralax\nshares, and warrants to buy another 318,600 restricted shares\nat six dlrs a share. The warrants run for three years.\n In addition, it said holders of American Video convertible\ndebentures agreed to exchange their holdings for about 380,000\ndlrs worth of Paralax stock.\n American Video operates stores in U.S. military bases.\n Reuter\n\u0003", "date": "11-MAR-1987 16:07:09.55", "topics": [ "acq" ], "places": [ "usa" ], "id": "3934" }, { "title": "IBM FORMS TELECOMMUNICATIONS GROUP", "body": "International Business Machines\nCorp said it formed a new business group to sell and support\ntelecommunications products.\n Called the Telecommunications Marketing and Service\norganization, IBM said the group combines the U.S. direct\nsales, service and support operations of its Rolm Corp unit\nwith the marketing support operations of its Information\nSystems Group.\n IBM said the new group is responsible for direct sales,\ninstallation and service of the Rolm product line as well as\nother IBM telecommunications products.\n IBM acquired Rolm, a Santa Clara, Calif.-based maker of\ntelephone swichboards and other telecommunications equipment,\nin 1984.\n Analysts in the past have criticized IBM for not moving\nfaster to integrate Rolm's telecommunications products with its\ncomputer systems.\n But Edward E. Lucente, an IBM vice president and group\nexecutive of the Information Systems Group, said in a\nstatement, \"This is an important step toward providing a single\nIBM marketing and service organization to increase our focus on\nour customers' telecommunications products needs.\"\n IBM said Jack W. Blumenstein, a Rolm vice president and\nhead of its Business Communications Group, will take charge of\nthe new telecommunications organization, which will operate as\na unit within the Information Systems Group.\n Blumenstein was named an assistant group executive of the\nInformation Systems Group and he will report to Lucente, IBM\nsaid.\n IBM said the new organization will oversee the technical\nand marketing support of Rolm and IBM telecommunications\nproducts but will not be responsible for sales and marketing of\nIBM gear.\n IBM said Rolm will retain responsibility for the worldwide\nmanufacture and development of Rolm products. Rolm will also\ncontinue to direct the sale of its products by Rolm\ndistributors in the United States and overseas.\n At the same time, IBM said its Communications Products\nDivision will continue to direct the worldwide development and\nU.S. manufacture of IBM's non-Rolm telecommunications products.\n Dennis D. Paboojian, Rolm's president, will continue to\nreport to IBM senior vice president Allen J. Krowe, IBM said.\n Reuter\n\u0003", "date": "11-MAR-1987 16:07:54.61", "places": [ "usa" ], "id": "3935" }, { "title": "DETROIT EDISON HALF COMPLETES POWER TEST", "body": "Detroit Edison Co said it has nearly\ncompleted the 50 pct power level testing of its Fermi 2 nuclear\npower plant near Monroe, Mich.\n The company said it is preparing to ask the Nuclear\nRegulatory Commission for the go-ahead to enter the next series\nof tests at up to the 75 pct power level.\n Detroit Edison also said because of a decision to modify\nFermi's reheating apparatus, the company has set back the\nschedule for the plant's commercial operation run to early June\nfrom May One.\n Detroit Edison said with interest and other charges running\nabout 1.0 mln dlrs a day, the delay caused by reheater\nmodifications will add approximately 30 mln dlrs to the plant's\ncost, raising the estimated total cost to 4.26 billion dlrs\nfrom 4.23 billion dlrs.\n Reuter\n\u0003", "date": "11-MAR-1987 16:08:40.79", "places": [ "usa" ], "id": "3936" }, { "title": "LAMSON/SESSIONS DROPS RAIL PARTS OPERATIONS", "body": "Lamson and Sessions Co said it has\ndecided to discontinue operations of Youngstown Steel Door, a\nmaker of components and equipment for railroad freight cars.\n The company said the unit is to be sold sometime this year,\nso was included as discontinued operations in its 1986 results\nannounced earlier today.\n The company reported a loss from continuing operations of\n2.5 mln dlrs for the year, against a 1985 profit of 1.2 mln\ndlrs. For discontinued operations, it reported a loss of 9.5\nmln dlrs compared to a year earlier loss of 922,000 dlrs.\n Reuter\n\u0003", "date": "11-MAR-1987 16:09:57.34", "topics": [ "earn" ], "places": [ "usa" ], "id": "3937" }, { "title": "U.S. AGENCIES DISAGREE OVER IRAN COMPUTER SALES", "body": "Two U.S. government agencies are in\ndispute over a proposal for U.S. firms to sell computers to\nIran, officials said.\n The Commerce Department said it intends to approve export\nlicenses for two firms to sell computers and related equipment\nto the Islamic Republic of Iran News Agency and the Iran Power\nGeneration Transmission, spokesman B. Jay Cooper said.\n The export companies were not identified, but the sales\nincluded computers made by Digital Equipment Co of\nMaynard, Mass.\n High-technology exports must be approved by the departments\nof Commerce, Defense and State.\n The Pentagon will appeal Commerce's approval of the sales\nbecause the technology could be turned against U.S. national\nsecurity, Commander Bob Prucha, a Pentagon spokesman, said.\n The Pentagon will ask the National Security Council in the\nWhite House to prohibit the sales.\n Cooper said the State Department did not object to the\nsales, but Secretary of State George Shultz indicated he may\nweigh in against the deal.\n Under questioning by Rep. Jack Kemp (R-NY) at a hearing,\nShultz said he was unaware that the Commerce Department was\npreparing to grant export licenses for the sale of computers.\n \"I'm not in favor of sales to Iran\" of advanced U.S.\ntechnology, Shultz said.\n The Commerce Department has argued that excessive\nrestrictions hurt U.S. companies that compete with foreign\nexporters.\n Cooper said the technology in the Iranian sales was\navailable elsewhere and that foreign companies would get the\nIran business if the U.S. export licenses were not approved.\n Reuter\n\u0003", "date": "11-MAR-1987 16:13:30.55", "places": [ "usa", "iran" ], "id": "3938" }, { "title": "ROCHESTER TELEPHONE TO BUY CANTON PHONE", "body": "Rochester Telephone Corp said\nit agreed to buy for undisclosed terms.\n Canton serves customers in northeastern Penn. In 1986, it\nhad operating revenues of about 1.3 mln dlrs, the company said.\n Reuter\n\u0003", "date": "11-MAR-1987 16:14:31.49", "topics": [ "acq" ], "places": [ "usa" ], "id": "3939" }, { "title": "ECUADOR MINISTER RAISES QUESTIONS ABOUT DEBT", "body": "ecuador is considering measures for\ndealing with its foreign debt following the earthquake that\nkilled 300 people, left 4,000 homeless and cost the country\nclose to a billion dollars, information minister marco lara\ntold reuters.\n \"the government's position ... is to honour the (debt)\ncommitments, but without sacrificing the country, because first\nwe have to survive and later we can comply,\" lara said.\n He said the nation would later announce plans to deal with\nthe country's 8.16-billion-dlr foreign debt.\n The government has estimated the economic cost of the\nearthquake last thursday night at nearly one billion dlrs,\nincluding oil revenues lost because an oil pipeline was\ndamaged.\n The president of the ecuadorean Red Cross, hugo merino,\ntold reuters the official toll of 300 dead and 4,000 missing\ncould rise as rescue workers inspect stricken sites from\nhelicopters and wade through mud to reach victims in the four\nnortheastern provinces hardest hit.\n Reuter\n\u0003", "date": "11-MAR-1987 16:15:00.96", "places": [ "ecuador" ], "id": "3940" }, { "title": "INT'L LEASE FILES 500 MLN DLRS OFFERING", "body": "International Lease Finance Corp\nfiled with the Securities and Exchange Commission for a shelf\noffering of up to 500 mln dlrs of debt securities in addition\nto 15.75 mln dlrs of debt securities already registered with\nthe SEC but unsold.\n Proceeds will be used for general corporate purposes,\nincluding the acquisition of aircraft, the company said.\n It said underwriters may include Merrill Lynch, Pierce,\nFenner and Smith Inc, Salomon Brothers Inc, Dean Witter\nReynolds Inc or Shearson Lehman Brothers Inc.\n Reuter\n\u0003", "date": "11-MAR-1987 16:15:42.02", "places": [ "usa" ], "id": "3941" }, { "title": "OREGON LUMBER COMPANY TO SELL WOOD TO IRAQ", "body": "A Portland-based wood\nproducts company has signed a 13 mln dlr contract with the\nIraqi government to supply finished softwood lumber to Iraq,\nEdward Niedermeyer, president of Niedermeyer-Martin Co said\nyesterday.\n Niedermeyer told the House Foreign Affairs sub-committee on\nInternational Economic Policy and Trade in Washington that the\nsales agreement contains an option that could make lumber\nexported worth more than 20 mln dlrs.\n The delivery of about 8.0 mln dlrs worth of plywood, in\naddition to lumber, hinges on whether the U.S. Department of\nAgriculture will interpret plywood as an agricultural commodity\nunder the credit guarantee program, he said.\n Niedermeyer said the government export credit guarantee\nprogram (GSM-102) administered by the USDA was the key to\nopening the Iraqi market which up to now had been captured by\nScandinavian lumber producers.\n \"This is the first time we have been able to sell wood\nproducts in Iraq, he said. Without the USDA program it would\nnot have been possible. We hope this will lead to a long term\nexport market for U.S. lumber products.\"\n He said the contract calls for supplying 21 mln board feet\nto 30 mln board feet of softwood lumber for housing,\nconstruction and furniture manufacturing. He estimated the\nprofit potential for his company on the sale at five to six\npct.\n Niedermeyer spent two weeks in Baghdad negotiating the sale\nlate last month and early March. He is a member of the United\nStates-Iraq Business Forum, a non-profit group designed to\npromote commerce with Iraq.\n The forum members include Westinghouse and General\nElectric, but Niedermeyer's company is the only wood products\nfirm on the membership roster.\n Reuter\n\u0003", "date": "11-MAR-1987 16:15:54.60", "topics": [ "lumber", "plywood" ], "places": [ "usa", "iraq" ], "id": "3942" }, { "title": "PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC", "body": "The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n On-Line Software International Inc - Offering of 30\nmln dlrs of convertible subordinated debentures due March 15,\n2002 through Drexel Burnham Lambert Inc and Donaldson, Lufkin\nand Jenrette Securities Corp.\n Covenant Corp - Initial public offering of two mln shares\nof common stock, including 1,543,916 being sold by current\nholders, at an estimated 11.00 to 12.50 dlrs each through First\nBoston Corp.\n Marine Midland Banks Inc - Offering of 125 mln dlrs of\nsubordinated capital notes due March 1, 1997 through\nunderwriters led by First Boston Corp.\n Pentair Inc - Offering of two mln shares cumulative\nconvertible preferred stock, series 1987, through Kidder,\nPeabody and Co Inc and Piper, Jaffray and Hopwood Inc.\n SunGard Data Systems Inc - Offering of 1.2 mln\nshares of common stock through Alex. Brown and Sons Inc and\nL.F. Rothschild, Unterberg, Towbin Inc.\n Weyerhaeuser Co - Shelf offering of up to 250 mln dlrs\nof debt securities in addition to another 100 mln dlrs of debt\nsecurities already registered with the SEC but unsold.\n Xicor Inc - Offering of 1.8 mln shares of common\nstock through Montgomery Securities and Smith Barney, Harris\nUpham and Co Inc.\n LyphoMed Inc - Offering of 70 mln dlrs of\nconvertible subordinated debentures due March 15, 2012 through\nAlex. Brown and Sons Inc and Montgomery Securities.\n Reuter\n\u0003", "date": "11-MAR-1987 16:16:09.41", "places": [ "usa" ], "id": "3943" }, { "title": "WALLACE COMPUTER SERVICES INC DIVIDEND", "body": "Qtly div 15 cts vs 15 cts previously\n Pay June 19\n Record June One\n Reuter\n\u0003", "date": "11-MAR-1987 16:17:11.49", "topics": [ "earn" ], "places": [ "usa" ], "id": "3944" }, { "title": " TO REDEEM PREFERRED SERIES", "body": "Canadian Utilities Ltd said\nit will redeem all its 14.5 pct cumulative redeemable second\npreferred shares series G on May 1, 1987.\n Redemption price is 26 dlrs per share, the company said.\n Reuter\n\u0003", "date": "11-MAR-1987 16:19:24.75", "places": [ "canada" ], "id": "3945" }, { "title": "IROQUOIS BRANDS LTD 4TH QTR LOSS", "body": "Oper shr loss 97 cts vs loss 73 cts\n Oper net loss 883,000 vs loss 659,000\n Revs 19.4 mln vs 16.7 mln\n 12 mths\n Oper shr loss 2.37 dlrs vs loss 1.97 dlrs\n Oper net loss 2,228,000 vs loss 2,145,000\n Revs 72.4 mln vs 63.8 mln\n NOTE: Excludes gain 3.41 dlrs a share versus gain 41 cts in\nthe quarter, and gain 5.68 dlrs a share versus gain 1.99 dlrs\nin the year from discontinued and disposed operations.\n Reuter\n\u0003", "date": "11-MAR-1987 16:22:16.01", "topics": [ "earn" ], "places": [ "usa" ], "id": "3946" }, { "title": "GIANT FOOD RECORDS 10.4 PCT SALES HIKE", "body": "Giant Food Inc reported sales\non a 52-week basis ended last month increased 10.4 pct to 2.48\nbillion dlrs, compared to 2.25 billion dlrs for the prior\n52-week period.\n \n Reuter\n\u0003", "date": "11-MAR-1987 16:22:42.54", "places": [ "usa" ], "id": "3947" }, { "title": "ALABAMA INVESTOR UPS PENOBSCOT SHOE STAKE", "body": "Donaldson Bramham Lee, an investor\nfrom Birmingham, Alabama, said he raised his stake in Penobscot\nShoe Co to 40,500 shares, or 6.6 pct of the total outstanding\ncommon stock, from 33,500 shares, or 5.5 pct.\n In a filing with the Securities and Exchange Commission,\nLee said he bought 7,000 Penobscot common shares between Feb 12\nand March 2 at prices ranging from 13.75 to 16.25 dlrs a share.\n Lee has said he bought the Penobscot stock for investment\npurposes only and has no plans to seek control of the company,\nalthough he may buy more stock.\n Reuter\n\u0003", "date": "11-MAR-1987 16:22:55.63", "topics": [ "acq" ], "places": [ "usa" ], "id": "3948" }, { "title": "U.S. CORN DEMAND GROWING IN JAPAN, SOUTH KOREA", "body": "The recent purchase of 1.5 mln\ntonnes of U.S. corn by Japan and 600,000 tonnes by South Korea\nsuggests that the two countries' demand for reliable supplies\nof corn is increasing, the U.S. Agriculture Department said.\n In its World Production and Trade Report, the department\nsaid that view is reinforced by the expectation of a decline in\nexportable supplies of Argentine corn and uncertainty over the\navailability of South African and Chinese corn.\n With these corn purchases, Japan is committed to buying 7.7\nmln tonnes of U.S. corn in 1986/87 (Sept-Aug), nearly 400,000\ntonnes greater than year-ago figures to date.\n South Korea's cumulative commitments amount to 2.5 mln\ntonnes, up 1.5 mln compared to last year, it said.\n Reuter\n\u0003", "date": "11-MAR-1987 16:23:23.95", "topics": [ "grain", "corn" ], "places": [ "usa", "japan", "south-korea" ], "id": "3949" }, { "title": "MEXICO VEG OIL TAX NOT AIMED AT SUNFLOWER--USDA", "body": "The Mexican Secretariat of Commerce\nhas told the U.S. that recent implementation of a 10 pct ad\nvalorem tariff for fixed vegetable oils, fluid or solid, crude,\nrefined or purified, was not targeted at sunflower oil, the\nU.S. Agriculture Department said.\n In its World Production and Trade Report, the department\nsaid the increase in tariffs on this category which includes\nsunflower, corn and rapeseed oils, was a reaction to importers\nusing basket categories to avoid paying tariffs on specific\nhigh-tariff products.\n Reuter\n\u0003", "date": "11-MAR-1987 16:30:02.69", "topics": [ "veg-oil", "sun-oil", "corn-oil", "rape-oil" ], "places": [ "usa", "mexico" ], "id": "3950" }, { "title": "AERO SERVICES SEES BETTER 1987", "body": "Aero Services International Inc\nsaid it expects to achieve improvements in overall operations\nin the year ending September 30, 1987.\n Earlier, Aero reported a 1986 year end net loss of 3.0 mln\ndlrs compared to a profit of 483,000 dlrs in 1985.\n The company said the loss was attributable to costs\nassociated with its acquisition costs and operating losses of\nnine Beckett Aviation fixed base operations purchased in August\n1985 and discontinued weather service and flight simulator\nsegments.\n \n Reuter\n\u0003", "date": "11-MAR-1987 16:35:39.27", "topics": [ "earn" ], "places": [ "usa" ], "id": "3951" }, { "title": "AERO SERVICES INTERNATIONAL INC YEAR", "body": "Shr loss 63 cts vs profit 10 cts\n Net loss 3.0 mln vs profit 483,000\n Revs 61.9 mln vs 43.7 mln\n NOTE:1986 net loss includes loss of 1.4 mln dlrs or 28 cts\na share from discontinued operations. 1986 revenues include\nrevenues for the last eight months of Beckett Aviation,\nacquired in September of 1985. Year ended September 30, 1986.\n\n Reuter\n\u0003", "date": "11-MAR-1987 16:36:19.44", "topics": [ "earn" ], "places": [ "usa" ], "id": "3952" }, { "title": "FRANCO NEVADA SAYS STOCK RISE DUE TO DRILLING", "body": " said\nthe gain in its stock price today is related to deep drilling\nbeing conducted by American Barrick Resources Corp at\nthe Goldstrike claims in the Carlin camp in northern Nevada.\n Franco Nevada stock is up two at seven dlrs per share on\nthe Toronto Stock Exchange.\n Franco Nevada said American Barrick announced on March nine\nthat the drilling indicated a number of significant\nintersections of sulfide gold mineralization below a depth of\nabout 1,000 feet.\n One vertical drill hole intersected gold continuously from\n1,100 feet to 1,730 feet averaging 0.30 ounces per ton, the\nannouncement said.\n Extensive drilling continues at Goldstrike, the company\nsaid, adding that the full economic value of the property\ncannot be assessed until further results are available.\n Franco Nevada said it has a four pct royalty plus a five\npct net profit interest on the acreage. Those holdings are part\nof more than 3,400 acres of mineral rights held by Franco\nNevada in the Carlin gold belt.\n Reuter\n\u0003", "date": "11-MAR-1987 16:42:32.38", "places": [ "canada" ], "id": "3953" }, { "title": "VISTA RESOURCES INC 4TH QTR NET", "body": "Shr 1.36 dlrs vs one dlr\n Net 1,010,249 vs 750,856\n Revs 15.2 mln vs 11.9 mln\n 12 mths\n Shr 3.24 dlrs vs 2.18 dlrs\n Net 2,407,186 vs 1,627,250\n Revs 57 mln vs 53.1 mln\n Reuter\n\u0003", "date": "11-MAR-1987 16:44:36.38", "topics": [ "earn" ], "id": "3954" }, { "title": "BRAZIL COFFEE EXPORTS DISRUPTED BY STRIKE", "body": "An 11-day-old strike by\nBrazilian seamen is affecting coffee shipments and could lead\nto a short term supply squeeze abroad, exporters said.\n They could not quantify how much coffee has been delayed\nbut said at least 40 pct of coffee exports are carried by\nBrazilian ships and movement of foreign vessels has also been\ndisrupted by port congestion caused by the strike.\n A series of labor disputes and bad weather has meant\nBrazil's coffee exports have been running at an average two\nweeks behind schedule since the start of the year, one source\nadded.\n By the end of February shipments had fallen 800,000 bags\nbehind registrations, leaving around 2.4 mln bags to be shipped\nduring March. By March 10 only 230,000 bags had been shipped,\nthe sources said.\n Given Brazil's port loading capacity of around 100,000 bags\na day, even if normal operations were resumed immediately and\nnot interrupted by bad weather, some March registered coffee\nwill inevitably be shipped during April, they added.\n\n Reuter\n\u0003", "date": "11-MAR-1987 16:46:14.14", "topics": [ "coffee", "ship" ], "places": [ "brazil" ], "id": "3955" }, { "title": "AQUA CHEM UNIT SET TO BUILD SITE NEAR TULSA", "body": "Cleaver Brooks, a subsidiary of\n, which is owned by the French firm Societe\nLyonnaise DesEaux Et de L'Eclairage, said it plans to build a\nmanufacturing plant near Tulsa.\n The company said it entered into a 90-day option effective\nMarch 9 to purchase a 20.7 acre lot with a vacant 143,000\nsquare foot building located in Sapula, Okla.\n No price was disclosed by the company.\n Reuter\n\u0003", "date": "11-MAR-1987 16:47:00.05", "places": [ "usa" ], "id": "3956" }, { "title": "ALCOA DECLINES SPECIFIC COMMENT ON OPTIONS TRADE", "body": "Alcoa officials acknowledged the\npossibility that they may have a position in the off-exchange\naluminum options market, but declined specific comment on trade\nspeculation that the company is holding a large outstanding\nposition.\n An Alcoa (Aluminum Company of America) source involved in\nterminal trading for the company said: \"We use all means\navailable to manage our business, so it's a possibility we're\ntrading options.\"\n \"We won't go into specifics about what we're doing. But\nwhen you're dealing in un-alloyed ingot, it's a commodity\nbusiness where there are a lot of tools available (for hedging)\nand Alcoa is using all of those tools,\" said Al Posti, Alcoa's\nmanager of corporate news.\n Trade sources have said Alcoa is long call options equal to\n30,000 to 50,000 tonnes of aluminum due to mature in April and\nMay. However, some New York-based aluminium traders said they\nbelieve the size of Alcoa's position has been exaggerated.\n The possibility that Alcoa may be long call options is one\nfactor indicating that supply tightness may worsen in the\nsecond quarter, traders said.\n \"If they decide to exercise their right to buy, it would\nmean really squeezing the market,\" one New York trader said,\nnoting that aluminum stocks on the London Metal Exchange were\n90,500 tonnes at the end of last week.\n Reuter\n\u0003", "date": "11-MAR-1987 16:47:15.84", "topics": [ "alum" ], "places": [ "usa" ], "id": "3957" }, { "title": "BRAE CORP 3RD QTR DEC 31 LOSS", "body": "Shr loss 1.32 dlrs vs profit two cts\n Net loss 5,666,000 vs profit 84,000\n Revs 12.0 mln vs 21.7 mln\n Nine mths\n Shr loss 1.87 dlrs vs loss 71 cts\n Net loss 8,030,000 vs loss 3,062,000\n Revs 40.9 mln vs 53.0 mln\n Note: includes losses from discontinued operations of\n190,000 dlrs vs loss 185,000 dlrs in 3rd qtr and 731,000 dlrs\nloss vs 815,000 dlrs loss in nine mths.\n Reuter\n\u0003", "date": "11-MAR-1987 16:47:29.71", "topics": [ "earn" ], "places": [ "usa" ], "id": "3958" }, { "title": "MARATHON TO RAISE CRUDE PRICES 50 CTS/BBL TOMORROW WTI TO 17.50 DLRS\n", "date": "11-MAR-1987 16:47:32.75", "topics": [ "crude" ], "id": "3959" }, { "title": "GENERAL ELECTRIC TO SELL DATEL UNIT", "body": "General Electric Co's GE\nSemiconductor Business said it agreed to sell its Datel unit to\na group led by the unit's president, Nicolas Tagaris.\n Terms were not disclosed.\n Tagaris founded the company, which produces precision data\nacquisition, conversion and control components and subsystems,\nin 1970. He sold it to GE in 1979.\n Reuter\n\u0003", "date": "11-MAR-1987 16:48:11.89", "topics": [ "acq" ], "places": [ "usa" ], "id": "3960" }, { "title": "TRICO SETS DATE FOR ACQUISITION VOTE", "body": "Trico Industries Inc said it\nset March 31 as the date for a special shareholders meeting for\na vote on the proposed acquisition of the company by Paccar Inc\n.\n In January the two companies announced an agreement\ncovering a proposed acquisition by Paccar of Trico's\napproximately 8.2 mln shares outstanding for eight dlrs per\nshare in cash.\n Reuter\n\u0003", "date": "11-MAR-1987 16:49:33.81", "topics": [ "acq" ], "places": [ "usa" ], "id": "3961" }, { "title": "CANADA TRANSFER PAYMENTS TO PROVINCES UP FIVE PCT", "body": "The federal government's transfer\npayments to seven provinces will rise by five pct over the next\ntwo years, the finance department announced.\n The payments, used by poorer provinces to fund various\npublic services, will rise to 5.6 billion dlrs next year from\n5.3 billion dlrs in the fiscal year ending March 31, 1987. In\nfiscal 1989 payments will rise to 5.9 billion dlrs.\n Payments are being made to Newfoundland, Prince Edward\nIsland, Nova Scotia, New Brunswick, Quebec, Manitoba and\nSaskatchewan.\n The department also said another 270 mln dlrs owed to\nOttawa by the four Atlantic provinces, Quebec and Saskatchewan\nwill be forgiven. The debt arose from overpayments in previous\nyears.\n Reuter\n\u0003", "date": "11-MAR-1987 16:50:48.69", "places": [ "canada" ], "id": "3962" }, { "title": "NELSON HOLDINGS UNIT IN FILM PACT", "body": " Nelson Entertainment Inc unit said it has entered an\nagreement to co-finance ten motion pictures with Hemdale\nReleasing Corp.\n Under the pact Nelson will have domestic home video rights\nand Hemdale will be responsible for distribution in all other\nmedia.\n Reuter\n\u0003", "date": "11-MAR-1987 16:55:56.90", "places": [ "usa" ], "id": "3963" }, { "title": "HUGHES TOOL SHAREHOLDERS APPROVE MERGER WITH BAKER INTERNATIONAL\n", "date": "11-MAR-1987 16:58:45.93", "topics": [ "acq" ], "id": "3964" }, { "title": "ANALYSTS SAY NEW DOW COMPONENTS AID AVERAGE", "body": "Wall Street market analysts said two\nchanges in the components of the Dow Jones Industrial Average\nwere part of a shift away from smokestack industries that have\nlong dominated the 30-stock index.\n \"It strengthens the Dow,\" said William LeFevre, analyst at\nAdvest Inc. He said Coca-Cola Co , one of the two\nadditions, \"is a genuine consumer stock as opposed to a\nsmokestack.\" He applauded the decision to drop Inco Ltd , \"a\nsuper stock at one time that hasn't done much lately.\"\n The editors of the Wall Street Journal also decided to add\nBoeing Co and dropping Owens-Illinois Inc .\n Charles Jensen of MKI Securities said Inco was a \"stodgy\nnumber.\" But he noted that putting two new stocks in an average\nof 30 is a relatively minor change.\n \"This will distinctly make the index more useful,\" said\nFrank Korth of Shearson Lehman Brothers Inc. \"The movement of\nthe market to the upside will be enhanced by the shift to\nCoke.\"\n But he said Shearson's aerospace analyst today removed\nBoeing from the firm's recommended list, taking it from a buy\nto a hold. Korth said Boeing's business appeared to be leaning\ntoo heavily to the military side as opposed to commercial.\n Prior to tomorrow's market opening the Wall Street Journal\nwill publish a new divisor to be used in calculating the index.\nLeFevre said the divisor will probably go up a bit but will\nprobably be lower than its current level of 0.889 later in the\nyear due to forthcoming splits in components such as\nInternational Paper Co .\n The divisor, which is adjusted whenver stocks are split,\ndropped below one for the first time in May of last year. The\n0.889 divisor means that a change of 1/8 (12.5 cts) in the\nprice of a component produces a change of about 14 cts in the\nindex.\n Reuter\n\u0003", "date": "11-MAR-1987 16:59:46.36", "places": [ "usa" ], "id": "3965" }, { "title": "TURNER BROADCASTING'S CNN TO AIR IN CHINA", "body": "Turner Broadcasting System Inc's CNN\nsaid it reached an agreement with China Central Television to\nair its news programming in China.\n It said China Central TV will use CNN reports during its\ndaily newscasts on two channels, reaching an audience of about\n300 mln viewers.\n The company said the agreement also gives CNN the right to\nsell advertising spots on China Central TV.\n CNN also said it reached an agreement with Televerket Kabel\nTV of Sweden to broadcast 24-hour news on its cable TV network.\nThe program will reach an initial 118,000 viewers.\n Reuter\n\u0003", "date": "11-MAR-1987 17:00:17.76", "places": [ "usa", "china" ], "id": "3966" }, { "title": "THOMAS AND BETTS CO WINS PATENT APPEAL", "body": "Thomas and Betts Corp said the\nU.S. Court of Appeals for the Federal Circuit affirmed an\nearlier judgment by the U.S. District Court for the District of\nDelaware directing a unit of Litton Industries to pay it\n5,781,711 dlrs in damages for patent violations.\n Thomas and Betts said the court upheld the May 26, 1986,\naward plus interest to be paid by Winchester Electronics, a\ndivision of Litton Systems Inc, which is a subsidiary of Litton\nIndustries.\n The company explained the judgment was in regard to a\nlawsuit first filed in 1978 for patent violations on the\nmanufacture and sale of transition \"d\" subminiature IDC\nconnectors.\n Reuter\n\u0003", "date": "11-MAR-1987 17:00:58.96", "places": [ "usa" ], "id": "3967" }, { "title": " YEAR NET", "body": "Shr 3.13 dlrs vs 2.02 dlrs\n Net 39.1 mln vs 26.9 mln\n Revs 203.2 mln vs 173.8 mln\n Reuter\n\u0003", "date": "11-MAR-1987 17:04:34.89", "topics": [ "earn" ], "places": [ "canada" ], "id": "3968" }, { "title": "POWER CORP DETAILS PREFERRED SHARE SUBSCRIPTION", "body": "(Power Corp of Canada) said it\nreceived subscriptions for 252,223 shares of its recent issue\nof participating preferred shares for total proceeds of 4.3 mln\ndlrs.\n Reuter\n\u0003", "date": "11-MAR-1987 17:05:44.62", "places": [ "canada" ], "id": "3969" }, { "title": "CREW UNION SETS PACT WITH PACIFIC SOUTHWEST ", "body": "Pacific Southwest Airlines said it\nreached an agreement with the Southwest Crew Controllers\nAssociation needed to satisfy conditions of USAir Group's \nproposed acquisition of PSA.\n PSA said this is the third of four unions agreement is\nneeded with for USAir's acquisition to be consummated.\n Under the agreement, PSA crew controllers received\nassurances they will be provided with labor protective\nprovisions and a seniority integration process.\n Reuter\n\u0003", "date": "11-MAR-1987 17:06:53.03", "topics": [ "acq" ], "places": [ "usa" ], "id": "3970" }, { "title": "SOUTHERNNET INC 4TH QTR NET", "body": "Shr 32 cts vs four cts\n Net 3,370,000 vs 353,000\n Revs 27.8 mln vs 20.2 mln\n Year\n Shr 35 cts vs 67 cts\n Net 3,543,000 vs 3,845,000\n Revs 103.6 mln vs 74.8 mln\n Reuter\n\u0003", "date": "11-MAR-1987 17:06:58.93", "topics": [ "earn" ], "places": [ "usa" ], "id": "3971" }, { "title": "SOUTHWEST BANCORP TO EXCHANGE PREFERRED", "body": "Southwest Bancorp said it will\ncommence an exchange offer for all of its 108,710 issued and\noutstanding shares of 2.50-dlr cumulative convertible preferred\nstock on March 12.\n Southwest said it will issue 11 shares of its no par value\ncommon stock in exchange for each preferred share.\n Reuter\n\u0003", "date": "11-MAR-1987 17:07:04.47", "places": [ "usa" ], "id": "3972" }, { "title": "SENATOR LUGAR CALLS FOR CARGO PREFERENCE REPEAL", "body": "The senior Republican on the U.S.\nSenate Agriculture Committee, Richard Lugar of Indiana, called\nfor repeal of the cargo preference law that aids the American\nshipping industry but which he said hurts farmers.\n \"Cargo preference is a costly special interest operated at\nthe expense of American farmers and dockworkers,\" Lugar said in\nsigning on as a co-sponsor or cargo preference repeal\nlegislation.\n The law requires shipment of U.S. goods on American ships\nrather than foreign vessels which are less costly.\n Reuter\n\u0003", "date": "11-MAR-1987 17:08:23.10", "topics": [ "ship" ], "places": [ "usa" ], "id": "3973" }, { "title": "RELIANCE ELECTRIC UNIT TO REDEEM DEBENTURES", "body": "Reliance Electric Co said its Reliance\nIndustrial Co unit will redeem on April 10 all outstanding\n7-1/4 pct debentures due 1996 and 9-5/8 pct debentures due\n1994.\n Reliance Industrial will buy back the 7-1/4s at 101 plus\naccrued interest and the 9-5/8s at 102.344 plus accrued\ninterest.\n Reliance Electric was a unit of Exxon Corp until\nDecember 30, 1986, when a group of investors took the company\nprivate in a leveraged buyout, a Reliance spokesman said.\n Reuter\n\u0003", "date": "11-MAR-1987 17:09:56.32", "places": [ "usa" ], "id": "3974" }, { "title": "S/P DOWNGRADES BAKER INTERNATIONAL CORP, UPGRADES HUGHES TOOL CO, AFFECTS 840 MLN DLRS OF DEBT\n", "date": "11-MAR-1987 17:10:41.62", "id": "3975" }, { "title": "EIA SAYS DISTILLATE STOCKS OFF 8.8 MLN, GASOLINE OFF 500,000, CRUDE OFF 1.2 MLN\n", "date": "11-MAR-1987 17:11:49.99", "topics": [ "crude" ], "id": "3976" }, { "title": "SYLVAN LEARNING CORP NINE MONTHS DEC 31", "body": "Shr loss 43 cts vs profit eight cts\n Net loss 3.1 mln vs profit 502,896\n Revs 5.6 mln vs 4.2 mln\n NOTE:1986 net includes negative effect of accounting change\nof 354,650 or five cts a share.\n Reuter\n\u0003", "date": "11-MAR-1987 17:11:54.89", "topics": [ "earn" ], "places": [ "usa" ], "id": "3977" }, { "title": "HOUSE DEMOCRATS DRAFTING BUDGET AT SNAIL'S PACE", "body": "Democrats on the House Budget\nCommittee, meeting behind closed doors to draft the outlines of\nnext year's federal budget, say their work is proceeding at a\nsnail's pace.\n In a series of interviews, panel members conceded that the\nbudget panel's drafting sessions, which began yesterday and\nwere initially expected to end late tomorrow, will now extend\ninto next week.\n \"We've a long ways to go,\" Rep. Martin Frost (D-Tex.). told\nReuters.\n \"We are not making the progress that we should,\" said Rep.\nVic Fazio (D-Calif.).\n Members also acknowledged that the panel's preliminary \ngoal for spending cuts and new revenues would not be enough to\nenable the government to meet the 108 billion dlr deficit\nceiling set for the coming year by federal law.\n Budget Commitee Chairman William Gray (D-Pa.), interviewed\nduring a break in the lawmakers' secret deliberations, said the\ncommittee was still debating the shape of the overall budget\nand had come to no agreement on the size or precise form of the\nnew revenues or spending cuts to be pursued.\n But the lawmakers said the House Democratic leadership has\nasked the panel to come up with a package of 36 billion dlrs in\ndeficit-reducing measures.\n The package would include 18 billion dlrs in new revenues,\nnine billion dlrs in military spending cuts and nine billion\ndlrs in domestic spending reductions, they said.\n The Democratic lawmakers said they were still trying to\nmeet those goals but had made no firm decisions.\n In particular, the legislators said they were having\ntrouble coming up with the nine billion dlrs in military\nspending cuts.\n \"We're talking in the range of 15-20 billion dlrs in new\nrevenues, but if we can't come up with the full amount of\ndefense cuts, we would have to raise more in new revenues,\"\nFazio said.\n The particular manner in which new revenues would be raised\nalso has not been decided, the lawmakers said.\n House Speaker Jim Wright (D-Texas) has urged passage of a\ntax on securities transactions to bring an estimated 20 billion\ndlrs in new revenues into the U.S. Treasury.\n But the administration is totally opposed to such a tax, a\ntop official told Reuters yesterday.\n The official, who spoke on condition he not be identified,\nsaid the administration also opposed another suggestion by\nWright that the administration delay next year's cut in the top\ntax rate, called for in the recent tax overhaul law.\n The Congressional Democrats first hinted about two weeks\nago that they would seek to reduce the deficit by about 36\nbillion dlrs and put aside the question of whether the effort\nwould meet the 108 billion dlr deficit target set for fiscal\nyear 1988 by the new federal balanced budget law.\n The administration has predicted that approval of 42\nbillion dlrs in deficit reductions would meet the target.\n Its budget plan, submitted in January, called for 1.024\ntrillion dlrs in spending on revenues of 916 billion dlrs.\n But the Congressional Budget Office has said the\nadministration forecast was based on overly optimistic\nassumptions about the economy.\n The nonpartisan office said the administration's budget\nplan, if adopted, would yield a deficit of 134 billion dlrs,\nmissing the deficit target by 26 billion dlrs and.\n Reuter\n\u0003", "date": "11-MAR-1987 17:15:49.75", "places": [ "usa" ], "id": "3978" }, { "title": "BIG U.S. CONSERVATION ENROLLMENT EXPECTED", "body": "Enrollment in the U.S. Agriculture\nDepartment's fourth conservation signup is expected to be\nannounced tomorrow, and USDA officials said the figure may be\nhigher than total enrollment for the first three signups.\n Enrollment will be in the range of seven to 12 mln acres,\nUSDA conservation specialists said. Total enrollment so far in\nthe 10-year conservation program is 8.9 mln acres.\n Producers submitted bids to enter 11 to 12 mln acres into\nthe program, Milton Hertz, administrator for USDA's\nAgricultural Stabilization and Conservation Service said at a\ncongressional hearing yesterday. Not all the bids will be\naccepted, Hertz said, but enrollment is expected to be high.\n As in the first three signups, the Great Plains area is\nexpected to attract the greatest enrollment.\n \"The Great Plains area will be the predominate area which\nwe'll get signup in,\" a USDA conservation specialist said.\n Marginal corn acreage will likely be the bulk of the\nacreage pulled from that area, he said.\n Fringe soybean acres in the southeast and some bean acreage\nin the midwest are also expected to be taken out of production,\nbut the USDA source said this would be a relatively small\npercent of the total.\n A special two dlr bonus to corn producers who enroll part\nof their corn base acreage into the program has sparked more\ninterest in this latest signup, USDA officials said.\n Under the program, USDA pays farmers annual rents to take\nland out of production for 10 years. The average rent payment\naccepted in the first three signups was 43.50 dlrs per acre.\n Reuter\n\u0003", "date": "11-MAR-1987 17:16:31.83", "topics": [ "grain", "corn", "soybean", "oilseed" ], "places": [ "usa" ], "id": "3979" }, { "title": "EIA SAYS DISTILLATE, GAS STOCKS OFF IN WEEK", "body": "Distillate fuel stocks held in\nprimary storage fell by 8.8 mln barrels in the week ended March\nsix to 119.6 mln barrels, the Energy Information Administration\n(EIA) said.\n In its weekly petroleum status report, the Department of\nEnergy agency said gasoline stocks were off 500,000 barrels in\nthe week to 251.0 mln barrels and refinery crude oil stocks\nfell 1.2 mln barrels to 331.8 mln.\n The EIA said residual fuel stocks fell 1.5 mln barrels to\n36.4 mln barrels and crude oil stocks in the Strategic\nPetroleum Reserve (SPR) rose 200,000 barrels to 516.7 mln.\n The total of all crude, refined product and SPR stocks fell\n10.3 mln barrels to 1,564.8, it said.\n Reuter\n\u0003", "date": "11-MAR-1987 17:19:02.74", "topics": [ "crude" ], "places": [ "usa" ], "id": "3980" }, { "title": "MORE HEAVY RAINS IN ARGENTINE GRAIN AREAS", "body": "Heavy rains fell again in\nArgentina's main grain growing areas in the week to yesterday,\ntrade sources said.\n Rains fell heaviest early in the week, and in particularly\nhigh volume in Buenos Aires province, Cordoba, La Pampa and\nSanta Fe provinces.\n Rainfall totalled between 20 and 290 mm in Buenos Aires,\nheaviest in western sectors of the province, 20 to 145 mm in La\nPampa, 25 to 120 mm in Cordoba, and 10 to 75 mm in Santa Fe.\nRainfall was lighter in other provinces.\n Rainfall totalled from five to 50 mm in Corrientes, five to\n31 mm in San Luis, five to 30 mm in Entre Rios, three to 20 mm\nin Misiones, 11 to 17 mm in Formosa and one to eight mm in\nChaco.\n Growers said it was still too early to tell whether the\nrains had damaged crops, though they said maize and sunflower\ncrops may have suffered.\n Harvesting of both those crops and sorghum was paralysed by\nthe bad weather. For harvesting to resume as normal, the rains\nwould have to stop long enough for the soil to dry and allow\nfarm machinery to operate.\n The rains caused flooding in western and northwestern\nBuenos Aires, as more than 750 mm have fallen in some areas\nthere since February 23 while the annual average is 1,200 mm.\n Flooded areas total between 1.2 and 1.5 mln hectares,\nBuenos Aires province governor Alejandro Armendariz said after\nflying over the flooded area.\n Agriculture Secretary Ernesto Figueras said only 500,000\nhectares of the area now flooded had been planted, and that\n200,000 to 300,000 hectares could be lost. Growers said large\nparts of the flooded areas were not planted because they are\nlow-lying and flood easily.\n Trade sources said it was certain crops were damaged by the\nheavy rains but it was too early to tell the exact extent of\nthe damage. They said it was likely rain combined with high\nwinds uprooted many sunflower and maize plants.\n The sunflower harvest moved forward in the centre and south\nof Cordoba and Santa Fe and got underway in a few isolated\nareas of northern Buenos Aires. Growers have harvested between\n15 and 18 pct of total planted area, up from seven to nine pct\na week ago.\n Estimates of the total volume of the sunflower crop were\nrevised downward in light of the bad weather.\n Estimates for total crop ranged from 2.3 to 2.6 mln tonnes,\ndown from 2.4 to 2.7 mln tonnes estimated last week and down\n34.1 to 41.5 pct from last year's record harvest of 4.1 mln\ntonnes.\n Maize harvesting also advanced, reaching between 13 and 15\npct of total planted area compared to seven to nine pct a week\nago. The maize harvest is expected to total between 10 and 10.2\nmln tonnes, down from the 10 to 10.4 mln tonnes estimated a\nweek ago.\n Last year's maize harvest totalled 12.8 mln tonnes,\naccording to official figures.\n Soybean production estimates were revised downward, to 7.8\nto 8.2 mln tonnes compared to estimates of eight to 8.4 mln\ntonnes a week ago. Last year's soybean harvest totalled 7.1 mln\ntonnes, according to official figures.\n Sorghum harvesting moved slowly forward, reaching between\nfour and six pct of total planted area, compared to two to four\npct a week ago.\n Sorghum production estimates remained steady at 3.2 to 3.5\nmln tonnes, down 16.7 to 22 pct from the 4.1 to 4.2 mln tonnes\nproduced in the last harvest.\n Reuter\n\u0003", "date": "11-MAR-1987 17:19:46.86", "topics": [ "grain", "corn", "sorghum", "sunseed", "oilseed" ], "places": [ "argentina" ], "id": "3981" }, { "title": "PHILIPPINE DEBT TALKS DELAYED FOR CONSULTATIONS", "body": "Today's debt rescheduling talks\nbetween the Philippines government and its bank advisory\ncommittee were postponed until Thursday to give the banks more\ntime to consider Manila's novel proposal for paying part of its\ninterest bill in notes instead of cash, bankers said.\n The committee banks met briefly earlier today and decided\nthat they needed more time in particular to consider a news\nreport which quoted a Reagan Administration official as urging\nthat the proposal be given serious consideration.\n \"The banks felt that this was new information and that\nfurther consultation was called for,\" one banker said. \n In a despatch yesterday from Washington, Reuters quoted the\nofficial as saying Manila's plan to pay some interest with\nnotes that could be converted into equity investments in the\nPhilippines was fully consistent with the Reagan Administration\nstrategy for handling developing country debt.\n \"The Philippine proposal is very interesting, it's quite\nunique and I don't think it's something that should be\ncategorically rejected out of hand,\" the official said.\n Because of the key role the U.S. plays in the debt crisis,\nforeign banks in particular wanted time to analyze the\nsignificance of the policymaker's comments, bankers said.\n Reuter\n\u0003", "date": "11-MAR-1987 17:21:50.04", "topics": [ "interest" ], "places": [ "usa", "philippines" ], "id": "3982" }, { "title": "HARPER AND ROW GETS BID FROM HARCOURT BRACE JOVANOVICH FOR 50 DLRS/SHR\n", "date": "11-MAR-1987 17:21:59.32", "topics": [ "acq" ], "places": [ "usa" ], "id": "3983" }, { "title": "HUGHES APPROVES MERGER WITH BAKER ", "body": "An overwhelming majority of Hughes Tool\nCo shareholders approved a merger agreement with Baker\nInternational Corp based on revised terms that allow the\ncompanies additional time to sell a drilling bit business as\nrequired by the U.S. Justice Department.\n Hughes chairman William Kistler said the revised terms of\nthe proposed consent decree also set a 10 mln dlr cap on how\nmuch funding the newly combined companies will have to spend on\nthe disputed drilling bit business until it is sold.\n An earlier proposed consent decree did not establish a\nfunding limit.\n The Baker-Hughes merger, which would would create a 1.2\nbillion dlr oilfield services company, almost fell through\nearlier this month when Hughes balked at terms of a proposed\nJustice Department consent decree that would have given the\ncompanies only three months to find a buyer for the Reed\nbusiness.\n Baker said today it would withdraw the one billion dlr\nlawsuit it had filed to force Hughes to follow through with the\nmerger.\n Hughes' Kistler, speaking to reporters after 85 pct of\nHughes' shareholders approved the merger, said the revised\nterms of the agreement give the companies six months to find a\nbuyer for the Reed drilling bit business. The previous\nagreement had proposed a three-month period.\n Kistler said the the government had also indicated it would\nconsider granting, if necessary, an additional three-month\nextension to complete the sale.\n He said there were \"several people looking\" at the domestic\ndrilling bit business.\n The companies, Kistler said, have also decided to\nvoluntarily sell a Reed plant in Singapore.\n Kistler estimated that the merger, which should be\ncompleted in about two weeks, will result in annual cost\nsavings of about 50 mln dlrs. He said he expects \"substantial\ncutbacks\" in the 20,000-member workforce at Baker-Hughes Inc,\nthe name the merged company will take.\n Kistler said the cost savings and greater efficiencies\nshould put the company on a profitable course. \"We think that\nin the third or fourth quarter after the merger we should see\nsomething close to breakeven,\" he said.\n In the fourth quarter of 1986, Hughes earned 31.7 mln dlrs\non sales of 215.7 mln dlrs.\n Baker, in its first fiscal quarter ended December 31, lost\n34.2 mln dlrs on revenues of 297.7 mln dlrs.\n Reuter\n\u0003", "date": "11-MAR-1987 17:23:08.89", "topics": [ "acq" ], "places": [ "usa" ], "id": "3984" }, { "title": "USX UNIT TO RAISE MOST CRUDE POSTINGS", "body": "USX's subsidiary, Marathon Petroleum\nCo, said it will raise its contract prices for eleven grades of\ncrude oil 50 cts a barrel, effective tomorrow.\n The increase brings Marathon's posted price for West Texas\nIntermediate and West Texas Sour grades to 17.50 dlrs a barrel.\n The Light Louisiana grade was also raised 50 cts to 17.85\ndlrs a barrel.\n Reuter\n\u0003", "date": "11-MAR-1987 17:25:25.00", "topics": [ "crude" ], "places": [ "usa" ], "id": "3985" }, { "title": "S/P DOWNGRADES BAKER , UPGRADES HUGHES ", "body": "Standard and Poor's Corp said it\ndowngraded Baker International Corp and upgraded Hughes Tool Co\nto reflect the companies' merger into Baker Hughes Inc.\n The action affected About 840 mln dlrs of debt securities.\n S and P said that depressed market conditions would\ncontinue to constrain the new company's operating earnings and\ncash flow for several years, despite dominant positions in the\noil services industry.\n Nonetheless, pro forma debt leverage of about 40 pct should\ndecline within a year to about 35 pct because of proceeds from\nasset sales, S and P said.\n Cut were Baker International's senior debt to A-minus from\nA and commercial paper to A-2 from A-1. The unit Baker\nInternational Finance NV's senior debt, guaranteed by Baker,\nwas reduced to A-minus from A.\n S and P raised Hughes Tool's senior debt to A-minus from\nB-plus, subordinated debt BBB-plus from B-minus and commercial\npaper to A-2 from C.\n Reuter\n\u0003", "date": "11-MAR-1987 17:27:40.59", "places": [ "usa" ], "id": "3986" }, { "title": "INCO SEES NO MAJOR IMPACT FROM DOW REMOVAL", "body": "Inco Ltd said it did not expect its\nearlier reported removal from the Dow Jones industrial index to\nmake a major impact on the company's stock.\n \"We don't think that individuals or institutions buy our\nshares because we were one of the Dow Jones industrials,\"\nspokesman Ken Cherney said in reply to a query.\n Inco closed 1-3/8 lower at 19-3/8 in second most active\ntrading on the Toronto Stock Exchange.\n Cherney, asked about the stock price slide, said: \"I don't\nthink we can speculate. It appears to be a reaction but we have\nno control over the content of the Dow Jones.\"\n The Wall Street Journal, which selects the index, said Inco\nwas dropped to make the index more representative of the\nmarket. Inco, the non-Communist world's largest nickel\nproducer, was a member of the index since 1928.\n Cherney said Inco did not view the move as a blow to its\nprestige.\n \"I don't see any change in that area. We haven't used that\nfactor (Dow membership) as part of our promotional material,\"\nhe said.\n Replacing Inco and Owens-Illinois Inc will be\nCoca-Cola Co and Boeing Co , effective tomorrow.\n Nickel analyst Ilmar Martens at Walwyn Stodgell Cochran\nMurray Ltd said Inco's removal from the index would likely\nspark short-term selling pressure on the stock.\n \"Some investors who have Inco may suddenly say, 'Well,\nbecause it's not now a Dow stock, we should eliminate that\ninvestment,' \" said Martens, although he added the move was\nunlikely to have a serious long-term impact on Inco stock.\n Inco has struggled in recent years against sharply lower\nnickel prices. Its net earnings fell to 200,000 U.S. dlrs in\n1986 from 52.2 mln dlrs the previous year.\n Reuter\n\u0003", "date": "11-MAR-1987 17:28:37.60", "places": [ "canada" ], "id": "3987" }, { "title": "NATIONAIR SETS 299 DLR FLIGHT TO BRUSSELS", "body": "(Nationair) said it plans to begin\nservice between Montreal's Mirabel airport and Brussels three\ntimes a week for an unrestricted one-way fare of 299 Canadian\ndollars.\n The fare will rise to 379 dlrs in high season, beginning \nJune to September, and compares with a regular unrestricted\none-way economy fare of 944 dlrs on Canada's major airlines,\nNationair said.\n The airlines said it sees the service as an option for\nbusiness travellers. \n Reuter\n\u0003", "date": "11-MAR-1987 17:31:32.17", "places": [ "canada" ], "id": "3988" }, { "title": "DOLLAR GENERAL CORP 4TH QTR NET", "body": "Shr 13 cts vs 40 cts\n Net 2,509,000 vs 7,582,000\n Revs 186.2 mln vs 182.1 mln\n Year\n Shr 23 cts vs 95 cts\n Net 4,318,000 vs 17.8 mln\n Revs 564.8 mln vs 584.4 mln\n Reuter\n\u0003", "date": "11-MAR-1987 17:32:02.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "3989" }, { "title": " ACQUIRES UNIT", "body": "Broad Corp said it acquired\nthe construction activities of Vogt and Conant Co of Cleveland.\n The combined companies, to be called Broad, Vogt and Conant\nINc, will be the largest structural steel erection company in\nthe U.S. Combined sales of the two operations were more than 40\nmln dlrs in 1986.\n Reuter\n\u0003", "date": "11-MAR-1987 17:34:42.64", "topics": [ "acq" ], "places": [ "usa" ], "id": "3990" }, { "title": "HARPER GETS BID FROM HARCOURT ", "body": "Harper and Row Publishers Inc said it\nreceived an acquisition offer from Harcourt Brace Jovanovich\nINc to acquire all of Harper and Row's shares at 50 dlrs a\nshare in cash.\n Harper said it will consider the proposal, including such\npossible concerns as anti-trust and other legal considerations.\n On Monday, Harper and Row received a surprise 34 dlr-a-\nshare bid from investor Theodore Cross, owner of six pct of the\nshares, for the stock he does not own.\n Harcourt made clear in its offer that it will step aside\nif Harper's directors and shareholders reject the bid, Harper\nsaid.\n Harper said the board has previously expressed a strong\ndetermination to remain an independent publishing enterprise.\n Harper also said that New World Pictures, a shareholder,\nhas requested a copy of Harper's shareholder list to be used in\nsoliciting proxies.\n New World has 30,800 shares of the total 4.4 mln shares.\n Harper and Row's stock closed off 3/4 to 33-1/2 after\nrising 9-1/4 points yesterday.\n Shareholders are due to vote April 2 on a shareholders\nrights plan designed to thwart hostile takeovers.\n Ivan Obolensky, an analyst with the investment banking for\nof Sterling Grace and Co said Harper and Row is one of the few\nremaining independent publishers with a \"back list\" of authors\nstretching back 200 years.\n He said as long as the company maintains copyrights with\nthe estates of deceased authors, it controls all motion picture\nand television rights to the stories. And he said new printing\ntechnologies make new editions a profitable business.\n \"Harcourt Brace needs a back list of that nature and is\nwilling to pay up for it,\" Obolensky said. But he said Harper\nand Row \"has plenty of beef to warrant a 50 dlr bid.\n Reuter\n\u0003", "date": "11-MAR-1987 17:37:08.09", "topics": [ "acq" ], "places": [ "usa" ], "id": "3991" }, { "title": "PLAN TO CUT DELAYS ADVANCES AT SEVEN AIRPORTS", "body": "The Department of Transportation\n(DOT) said it would go ahead at seven airports with a\ncontroversial plan to reduce airline delays by enabling\ncompeting companies to coordinate their schedules.\n Under the plan, the DOT will grant the airlines immunity\nfrom the antitrust laws so they can redistribute their flight\ntimes over the day and avoid the clustering of flights that\ntypically occurs at the most desirable travel times.\n Transportation Secretary Elizabeth Dole said she had\ndecided to grant unconditional immunity to the carriers serving\nAtlanta's Hartsfield and Chicago's O'Hare airports.\n At five other airports--Dallas-Fort Worth, Boston, Denver,\nNewark and Philadelphia--Dole said she would grant conditional\nimmunity to enable further government study.\n Under this part of the plan, the carriers serving these\nfive airports have been asked to give DOT their summer 1987\nschedules by the end of the week.\n The agency will then review the schedules and decide by\nMonday whether they threaten to cause delays.\n If so, those airports would be added to the list of those\ngranted wider immunity to enable scheduling talks.\n Dole said she was confident no anticompetitive effects\nwould result from the talks, which she said would be monitored\nby U.S. officials and would be open to the public.\n Flight delays at the nation's 22 busiest airports soared in\n1986 to 367,000 from 295,000 in 1985. The government believes\nmost delays are caused by weather.\n The DOT first proposed the immunity plan in late January\nand said it might be granted for a total of 13 airports.\n Dropped from the final plan were the Minneapolis-St. Paul,\nNew York-LaGuardia, New York-J.F. Kennedy, San Francisco, St.\nLouis and Washington-Dulles airports.\n Reuter\n\u0003", "date": "11-MAR-1987 17:37:26.18", "places": [ "usa" ], "id": "3992" }, { "title": "GOLDMAN SELLS MOST 1ST PENNSYLVANIA STOCK", "body": "Goldman, Sachs and Co told the\nSecurities and Exchange Commission it sold nearly its entire\nstake in First Pennsylvania Corp of 2,450,598 shares, or 5.2\npct of the total outstanding common stock.\n Goldman Sachs said it has about 17,800 First Pennsylvania\ncommon shares remaining. On February 26, the company redeemed\nconvertible debentures with common stock, which at once\nincreased Goldman's stock holding and the total outstanding.\n Goldman Sachs said it originally bought the stake as part\nof its arbitrage business. Marine Midland Banks has an\nagreement in principal to acquire First Pennsylvania.\n Reuter\n\u0003", "date": "11-MAR-1987 17:39:46.99", "topics": [ "acq" ], "places": [ "usa" ], "id": "3993" }, { "title": "LIONEL CORP 4TH QTR JAN 31 OPER NET", "body": "Oper shr 1.05 dlr vs 51 cts\n Oper net 14.1 mln vs 5,669,000\n Revs 163.2 mln vs 133.2 mln\n Avg shrs 13.5 mln vs 11.5 mln\n Year\n Oper shr 65 cts vs 26 cts\n Oper net 8,664,000 vs 1,906,000\n Revs 287.8 mln vs 251 mln\n Avg shrs 13.4 mln vs 8,403,562\n NOTE: Prior year 4th qtr and year oper net excludes 13.1\nmln dlrs and 17.4 mln dlrs, respectively, for income from\ndiscontinued operations.\n Prior year 4th qtr and year oper net also excludes 19.2 mln\ndlrs and 20.3 mln dlrs, respectively, for operating loss\ncarryforwards and other reogranization items.\n Prior year 4th qtr and year ended January 25, 1986.\n Reuter\n\u0003", "date": "11-MAR-1987 17:45:26.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "3994" }, { "title": "RECENT U.S. OIL DEMAND UP 1.9 PCT FROM YEAR AGO", "body": "U.S. oil demand as measured by\nproducts supplied rose 1.9 pct in the four weeks ended March\nsix to 16.39 mln barrels per day from 16.08 mln in the same\nperiod a year ago, the Energy Information Administration (EIA)\nsaid.\n In its weekly petroleum status report, the Energy\nDepartment agency said distillate demand was down 2.2 pct in\nthe period to 3.33 mln bpd from 3.40 mln a year earlier.\n Gasoline demand averaged 6.75 mln bpd, up 3.3 pct from 6.53\nmln last year, while residual fuel demand was 1.40 mln bpd, off\n2.7 pct from 1.43 mln, the EIA said.\n Domestic crude oil production was estimated at 8.38 mln\nbpd, down 8.5 pct from 9.15 mln a year ago, and gross daily\ncrude imports (excluding those for the SPR) averaged 3.67 mln\nbpd, up 23 pct from 2.97 mln, the EIA said.\n Refinery crude runs in the four weeks were 12.05 mln bpd,\nup 1.5 pct from 11.87 mln a year earlier, it said.\n Year-to-date figures will not become available until March\n26 when EIA's Petroleum Supply Monthly data for January 1987\nbecomes available, the agency said.\n Reuter\n\u0003", "date": "11-MAR-1987 17:46:31.78", "topics": [ "gas", "fuel", "crude" ], "places": [ "usa" ], "id": "3995" }, { "title": "(MONTREAL CITY, DISTRICT SAVINGS BANK) 1ST QTR", "body": "Shr 33 cts vs 24 cts\n Net 6.2 mln vs 4.9 mln\n Loans not given\n Deposits not given\n Assets 3.8 billion vs not given\n Note: full name Montreal City and District Savings Bank\n Period ended January 31\n Reuter\n\u0003", "date": "11-MAR-1987 17:48:17.73", "topics": [ "earn" ], "places": [ "canada" ], "id": "3996" }, { "title": "FRANCO NEVADA SAYS STOCK RISE DUE TO DRILLING", "body": "Franco Nevada Mining Corp Ltd said the\ngain in its stock price today is related to deep drilling being\nconducted by American Barrick Resources Corp at the Goldstrike\nclaims in the Carlin camp in northern Nevada.\n Franco Nevada stock is up two at seven dlrs per share on\nthe Toronto Stock Exchange.\n Franco Nevada said American Barrick announced on March nine\nthat the drilling indicated a number of significant\nintersections of sulfide gold mineralization below a depth of\nabout 1,000 feet.\n One vertical drill hole intersected gold continuously from\n1,100 feet to 1,730 feet averaging 0.30 ounces per short ton,\nthe announcement said.\n Reuter\n\u0003", "date": "11-MAR-1987 17:49:43.16", "topics": [ "gold" ], "places": [ "canada" ], "id": "3997" }, { "title": "U.S. SAYS NUCLEAR TEST BLEW DEBRIS OUTSIDE USSR", "body": "The United States charged that a\nSoviet nuclear test last month blew radioactive debris outside\nthe Soviet Union in violation of a test ban treaty.\n The State Department, which made the charge in a statement,\ngave no details of where the debris had landed or what level of\nradioactivity had been measured. It said Moscow had been told\nof U.S. concern over the incident.\n U.S. officials refused to give details of the fall-out, \nsaying it would reveal how the intelligence had been gathered.\n The Soviet test took place near the Siberia, Kazakhstan\nboarder, according to Swedish monitors.\n REUTER\n\u0003", "date": "11-MAR-1987 17:54:45.23", "places": [ "usa", "ussr" ], "id": "3998" }, { "title": "BUSINESSMAN HAS 8.9 PCT OF DEL E. WEBB ", "body": "John Cotton, an Arizona businessman,\ntold the Securities and Exchange Commission he has acquired the\nequivalent of 213,500 shares of Class A common shares in Del E.\nWebb Investment Properties, or 8.9 pct of the total.\n Cotton, president of Finalco Group Inc, a Paradise Valley,\nAriz., data processing equipment maker, said he bought the\nstake, which includes warrants to buy 186,300 shares, for\n266,958 dlrs.\n The warrants are exerciseable at 9.50 dlrs a share, he\nsaid. Cotton said it bought the stock for investment purposes\nonly.\n Reuter\n\u0003", "date": "11-MAR-1987 17:57:32.14", "topics": [ "acq" ], "places": [ "usa" ], "id": "3999" }, { "title": "ASTEC INDUSTRIES INC 4TH QTR DEC 31", "body": "Shr loss nine cts vs profit 22 cts\n Net loss 278,949 vs profit 346,368\n Revs 11.9 mln vs 10.4 mln\n Year\n Shr profit 49 cts vs profit 49 cts\n Net profit 1.2 mln vs profit 949,626\n Revs 61.7 mln vs 52.7 mln\n NOTE:1985 net includes loss of three cts or 49.1 mln dlrs\nin 4th qtr and loss of 13 cts or 258,720 dlrs in year from\ndiscontinued operations.\n Reuter\n\u0003", "date": "11-MAR-1987 18:02:50.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "4000" } ]