[ { "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 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 Replacing Inco and Owens-Illinois Inc will be Coca-Cola Co\nand 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 18:04:17.59", "places": [ "canada" ], "id": "4001" }, { "title": "FORMER EMPIRE OF CAROLINA EXEC SENTENCED", "body": "Mason Benson, former president and\nchief operating officer of Empire of Carolina Inc, a toy maker,\ntoday was sentenced in Manhattan federal court to a year and\none day in jail for his involvement in a kickback scheme.\n Benson pleaded guilty to charges of conspiracy, tax\nevasion, filing false corporate tax returns and defrauding the\ncompany's shareholders. He was also fined 5,000 dlrs.\n Benson was charged with demanding kickbacks from sales\nrepresentatives who were asked to turn over a portion of their\ncommisisons as a condition for doing business with Empire.\n Reuter\n\u0003", "date": "11-MAR-1987 18:06:47.22", "places": [ "usa" ], "id": "4002" }, { "title": "DOCTORS FIND LINK BETWEEN AIDS, SMALLPOX VIRUS", "body": "In a discovery that could complicate the\nsearch for an AIDS vaccine, a team of U.S. Army doctors said\nthey have uncovered a potentially-fatal interaction between the\nAIDS virus and a virus used to protect against smallpox.\n Physicians at the Walter Reed Army Institute of Research\nsaid a 19-year-old man, who apparently had been exposed to the\nAIDS virus, developed a pox-like disease and died after\nreceiving the smallpox vaccine. The military now tests recruits\nfor AIDS before vaccinating them.\n The findings, reported in The New England Journal of\nMedicine, are significant because scientists have begun working\non an AIDS vaccine that relies on the smallpox vaccine.\n \"Our case report raises provocative questions concerning\nthe ultimate safety of such vaccines,\" said the group led by\nDr. Robert Redfield.\n The report also throws into question the belief held by\nsome scientists that the smallpox vaccine, which exposes people\nto a milder, protective form of the disease known as cowpox,\ncould be further modified to protect people against a host of\nother diseases.\n Reuter\n\u0003", "date": "11-MAR-1987 18:09:39.66", "places": [ "usa" ], "id": "4003" }, { "title": "BIRTH CONTROL PILLS HELP PREVENT CANCER - STUDY", "body": "Doctors at the Centers for Disease\nControl in Atlanta said they have new evidence that birth\ncontrol pills can help provide long-term protection from cancer\nof the ovary, even if the pills are only taken for a few\nmonths.\n The study, reported in the New England Journal of\nMedicine, also found that all the various types of oral\ncontraceptives on the market were equally effective in lowering\nthe rate of ovarian cancer.\n The researchers estimated that the use of birth control\npills in this country probably prevented about 1,700 cases of\novarian cancer in 1982.\n As more and more women who have taken oral contraceptives\n\"move into the age groups that are at highest risk for\nepithelial ovarian cancer we may witness a declining incidence\nof this serious disease,\" they said.\n Specifically, the team led by Dr. Howard Ory found that\n\"oral contraceptive use, even for a few months, reduces the\nrisk of epithelial ovarian cancer by 40 percent for women 20 to\n54 years of age.\n \"The effect probably takes from five to ten years to\nbecome apparent, but it persists long after the use of oral\ncontraceptives ends. Moreover, protection exists regardless of\nthe formulation of oral contraceptive used,\" they said.\n Reuter\n\u0003", "date": "11-MAR-1987 18:13:59.93", "places": [ "usa" ], "id": "4004" }, { "title": "U.S. ECONOMIC DATA KEY TO DEBT FUTURES OUTLOOK", "body": "U.S. economic data this week could be\nthe key in determining whether U.S. interest rate futures break\nout of a 3-1/2 month trading range, financial analysts said.\n Although market expectations are for February U.S. retail\nsales Thursday and industrial production Friday to show healthy\ngains, figures within or slightly below expectations would be\npositive for the market, the analysts said.\n \"You have to be impressed with the resiliency of bonds\nright now,\" said Smith Barney Harris Upham analyst Craig\nSloane.\n Treasury bond futures came under pressure today which\ntraders linked to a persistently firm federal funds rate and a\nrise in oil prices. However, when sufficient selling interest\nto break below chart support in the June contract failed to\nmaterialize, participants who had sold bond futures early\nquickly covered short positions, they said.\n \"Everyone is expecting strong numbers, and if they come in\nas expected it won't be that bad for the market,\" Sloane said.\n Sloane said the consensus estimate for the non-auto sector\nof retail sales is for a rise of 0.6 to 0.7 pct.\n Dean Witter analyst Karen Gibbs said a retail sales figure\nbelow market forecasts would give a boost to debt futures, and\nshe put the range for the non-auto sector of retail sales at up\n0.8 to 1.2 pct.\n Industrial production and the producer price index Friday\nboth are expected to show increases of about 0.5 pct, she\nadded.\n Retail sales \"will tell us whether or not we will be able\nto fill the gap,\" Gibbs said, referring to a chart gap in June\nbonds between 100-26/32 and 101-3/32 created Friday. June bonds\nclosed at 100-4/32 today.\n Also key to debt futures direction, in addition to the\nfederal funds rate, is the direction of crude oil prices, said\nCarroll McEntee and McGinley Futures analyst Brian Singer.\n \"A higher fed funds rate and firm oil prices precluded the\nmarket from breaking out of the trading range the last time the\nmarket approached the top of the range,\" Singer said.\n In order for bonds to break above the top of the range,\nwhich is just below 102 in the June contract, \"the crude oil\nrally needs to run its course and pull back a little bit,\"\nSinger said. \"Fed funds are already easing back down toward the\nsix pct level.\"\n The recent surge in oil prices has also been a concern to\nManufacturers Hanover Futures analyst Jim Rozich, but the rally\nmay be nearing a top around 18.50 dlrs per barrel, he said.\n Rozich said he is looking for the June bond contract to\nease to 99-6/32 and find support.\n \"I'm not quite ready to jump on the bullish bandwagon yet.\nThe jury is still out this week,\" Rozich said.\n Reuter\n\u0003", "date": "11-MAR-1987 18:14:49.93", "topics": [ "interest", "retail", "ipi" ], "places": [ "usa" ], "id": "4005" }, { "title": "U.S. \"ACTION PROGRAM\" FOR SUB-SAHARAN AFRICA", "body": "The Reagan administration,\nresponding to last year's United Nations special session on\nAfrica, today outlined a U.S. \"action program\" for sub-Saharan\nAfrica focusing heavily on economic reform and self-help.\n A White House statement announced establishment of \"a\nlong-term U.S. goal for all U.S. economic programs and policies\nin sub-Saharan Africa: to end hunger in the region through\neconomic growth, policy reform and private sector development.\"\n The statement said the \"program of action\" was recommended by\na White House task force set up last September.\n In a series of recommendations, the task force called for\nnew efforts to address Africa's heavy debt burden and said U.S.\nfood aid should stress production incentives to reinforce\nAfrican nations' economic reform and productivity.\n It also said better African access to world markets should\nbe promoted to reward good performance and enable African\nnations to earn their way toward economic growth.\n The U.S. private sector should be mobilized to provide\n\"private, voluntary and corporate involvement of a humanitarian\n It said donor countries \"should negotiate, through the\nexisting International Monetary Fund/World Bank coordination\nprocess, framework agreements with each sub-Saharan African\ncountry to establish long-term structural adjustment and reform\nprograms.\"\n The task force called for a separate budget account for\nU.S. bilateral aid \"in order to focus better on rewarding\neconomic performance and increasing the flexibility of U.S.\nassistance programs for incentive economic reforms and private\nsector development.\"\n Reuter\n\u0003", "date": "11-MAR-1987 18:15:09.97", "places": [ "usa" ], "id": "4006" }, { "title": "UNUSUAL TEXAS INSTRUMENTS PREFERRED PRICED", "body": "In a novel type of financing, Texas\nInstruments Inc marketed a three-part, 225 mln dlr issue of\nconvertible money market preferred stock through Shearson\nLehman Brothers Inc as sole manager.\n Shearson, which originated the new convertible concept,\nsaid each of the three tranches totaled 75 mln dlrs. In the\nfirst, a 2.85 pct dividend was set on the stock with a strike\nprice of 190 dlrs that represented a 15 pct premium over the\ncommon stock price when terms were set.\n Also included were 4.36 pct dividend preferred with a 220\ndlr strike price and 33 pct premium and 4.49 pct dividend\npreferred with a 235 dlr strike price and 42 pct premium.\n Texas Instruments common closed at 167.25 dlrs, up 2-1/8.\n Ronald Gallatin, managing director at Shearson, said that\n\"demand for the offering was unbelievable, especially for the\nfirst tranche.\"\n He said that Shearson originated the concept of auction\nmoney market preferred stock three years ago. The conversion\nfeature of this issue is the new wrinkle.\n Commenting on the first tranche, Gallatin noted that the\noriginal pricing talk called for a dividend in the four to 4.20\npct area. This was gradually cut to 2.85 pct because of intense\ndemand, saving the issuer money in financing costs.\n The Shearson official said that virtually all buyers of the\nfirst tranche received less than they wanted. He said the\nlatter two tranches were less strongly oversubscribed.\n Like non-convertible money market preferred stock, the new\nversion allows investors to redeem their holdings every seven\nweeks. Investors then can maintain their holdings, sell them,\nor offer to hold on to the securities if the auction\ndividend is at least at a level they specify in advance.\n Gallatin said the securities were sold to a broad range of\ninvestors, including major insurance companies, banks, money\nmanagers and pension funds.\n Reuter\n\u0003", "date": "11-MAR-1987 18:16:09.87", "places": [ "usa" ], "id": "4007" }, { "title": "CLARK SAYS HE EXPECTS U.S. ACTION ON ACID RAIN", "body": "Canadian Foreign Secretary Joe\nClark, winding up a two-day visit to Washington, said he\nexpected the Reagan administration to take some action on\nreducing acid rain.\n \"My impression is there will be some movement by the United\nStates administration on acid rain (but) how much movement I\ncan't judge or predict,\" he told reporters.\n The meetings with American officials are part of a routine\nU.S.-Canada consultation but are also expected to lay the\ngroundwork for a summit in Ottawa next month between President\nReagan and Prime Minister Brian Mulroney.\n Clark today held discussions with Treasury Secretary James\nBaker and Democratic Sens. Patrick Moynihan of New York,\nChristopher Dodd of Connecticut, Lloyd Bentsen of Texas and\nGeorge Mitchell of Maine.\n Yesterday, he held talks with Vice President George Bush,\nSecretary of State George Shultz and Commerce Secretary Malcolm\nBaldrige.\n Among its priorities, Canada is seeking evidence that\nReagan is prepared to live up to a commitment made last year to\nimplement in the United States a five-year 5 billion U.S. dlr\nprogram to test cleaner ways of burning coal.\n This issue was discussed at length with Baker and several\nof the senators, including Mitchell who urged Canada to \"keep\nthe heat on\" the Reagan administration to force action, Canadian\nofficials said.\n Also taken up with most of the senators and Baker were\ntrade issues, including the need for the United States and\nCanada to establish a better mechanism for settling trade\ndisputes between the two countries, who are each other's major\ntrading partner, Canadian officials said.\n Reuter\n\u0003", "date": "11-MAR-1987 18:21:00.31", "places": [ "usa", "canada" ], "id": "4008" }, { "title": "FORD MOTOR DISTRIBUTES PROFIT SHARING", "body": "Ford Motor COr said that profit-sharing\nchecks were distributed to employees in its U.S. facilities.\n About 371 mln dlrs was distributed to 160,253 emplyees. The\naverage payment per employee was more than 2,100 dlrs compared\nwith 1,200 in 1985.\n \n Reuter\n\u0003", "date": "11-MAR-1987 18:22:58.57", "places": [ "usa" ], "id": "4009" }, { "title": "JAMAICA PUTS CAP ON BORROWING", "body": "jamaica has put a cap on its 3.5\nbillion dlr foreign debt and will reduce its obligations by 300\nmln dlrs this year, prime minister edward seaga said today.\n Speaking at a news conference, seaga said jamaica has\nreached its \"maximum stock of debt\" and will not undertake any\nmore borrowing until it is justified by economic growth.\n \"this year we'll be reducing the stock of debt by 300\nmillion dollars,\" he said.\n He told reporters his government aims to reduce jamaica's\nratio of debt payments to foreign exchange earnings from the\ncurrent 50 pct to 25 pct within three years.\n Debt payments this year are expected to total 287 mln\ndollars, seaga said.\n yesterday jamaica agreed with creditor banks to reschedule\nover the next 12 years some 181 miln dlrs due in 1987-89.\n The accord includes a grace period on principal payments\nfor eight and a half years and a reduction of interest rates\nfrom 2.5 to 1.125 pct above libor.\n Last week, jamaica obtained a 10-year rescheduling of 100\npct of principal and 85 pct of interest on 125 mln dollars of\ndebt to the paris club nations the debt would have fallen due\nover the next two years.\n Reuter\n\u0003", "date": "11-MAR-1987 18:24:57.40", "places": [ "jamaica" ], "id": "4010" }, { "title": "FASTER TEST FOR SICKLE CELL ANEMIA DEVELOPED", "body": "A team of California researchers said\nthat they have developed a better, faster test for detecting\nsickle cell anemia in unborn children than existing procedures.\n The test, developed by Cetus Corp researchers,\nrequires only a small amount of genetic material from a fetus\nand produces a diagnosis within a day, unlike other tests that\nrequire several days and can only be done in a few specialized\ncenters, they said.\n Sickle cell anemia is a painful, inherited blood disease\nthat causes the normally-flexible red blood cells to stiffen\ninto a sickle-like shape. It is primarily found in blacks.\n The researchers said in The New England Journal of Medicine\nthat their \"procedure promises to be a rapid, sensitive and\nreliable method for the prenatal diagnosis of sickle cell\ndisease.\"\n In addition, they said, the technique might also be\nadapted to detect other types of genetic disease.\n Reuter\n\u0003", "date": "11-MAR-1987 18:26:24.22", "places": [ "usa" ], "id": "4011" }, { "title": "BANK OF BRITISH COLUMBIA 1ST QTR JAN 31 NET", "body": "Oper shr loss two cts vs profit three cts\n Oper net profit 273,000 dlrs vs profit 1,710,000\n YEAR - period ended October 31, 1986\n Oper shr loss 23 cts vs profit 14 cts\n Oper net loss 4,397,000 vs profit 7,527,000\n Assets 2.67 billion vs 3.25 billion\n Note: 1987 1st qtr net excludes extraordinary loss of 2.2\nmln dlrs or six cts shr.\n 1986 yr net excludes extraordinary loss of 66 mln dlrs or\n1.94 dlrs shr involving 22.1 mln dlrs of costs from sale of\nbank assets to Hongkong Bank of Canada, eight mln dlrs for\ncontingent liabilities in respect of litigation and potential\ntax reassessment by U.S. govt and 35.9 mln dlrs of deferred tax\ndebits.\n Most bank assets sold to HongKong Bank of Canada, a unit of\n in Nov, 1986.\n Shr after preferred divs.\n Reuter\n\u0003", "date": "11-MAR-1987 18:36:05.15", "topics": [ "earn" ], "places": [ "canada" ], "id": "4012" }, { "title": "RAN SCANDAL PARTICIPANT TO GET IMMUNITY OFFER", "body": "Albert Hakim, an arms merchant, is\nthe first top-ranked player in the Iran arms scandal who may be\nenticed into testifying by the promise of immunity,\ninvestigators said.\n The House Select committee probing the Iran arms scandal\nhas voted to grant limited immunity from criminal prosecution\nto Hakim in return for his testimony.\n Hakim, 51, was said deeply involved from the start in the\nattempt to trade arms to Iran for help in freeing American\nhostages in Lebanon and the diversion of funds and arms to\nrebels in Nicaragua.\n \n Reuter\n\u0003", "date": "11-MAR-1987 18:37:48.60", "places": [ "usa", "iran" ], "id": "4013" }, { "title": "RESTAURANT ASSOCIATES INC 4TH QTR JAN 3", "body": "Shr 25 cts vs 36 cts\n Net 1.4 mln vs 1.4 mln\n Revs 56.9 mln vs 35.1 mln\n Year\n Shr 86 cts vs 75 cts\n Net 4.7 mln vs 3.0 mln\n REvs 201.4 mln vs 140.0 mln\n NOTE:1985 4th qtr includes 99,000 loss from carryforward.\nShares restated to give effect to 1.4 to one stock split in the\nform a 40 pct class A dividend in August 1985.\n Reuter\n\u0003", "date": "11-MAR-1987 18:38:02.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "4014" }, { "title": "MICHIGAN GENERAL CORP 4TH QTR", "body": "Shr loss 1.02 dlrs vs 1.01 dlr\n Net loss 18.1 mln vs 11.4 mln\n Revs 96.0 mln vs 90.3 mln\n Year\n Shr loss 2.65 dlrs vs loss 3.06 dlrs\n Net loss 39.3 mln vs 34.6 mln\n Revs 386.0 mln vs 373.0 mln\n NOTE:1986 4th qtr, year loss includes 14.4 mln dlrs, 4.6\nmln dlrs respectively from discontinued. 1985 4th qtr and year\ninclude loss of 13.1 mln, 1.9 mln dlr respectively.\n Reuter\n\u0003", "date": "11-MAR-1987 18:41:59.82", "topics": [ "earn" ], "places": [ "usa" ], "id": "4015" }, { "title": "USX PROVED OIL, GAS RESERVES FALL IN 1986", "body": "USX Corp said proved reserves of oil\nand natural gas liquids fell 28 pct to 802.8 mln barrels at the\nend of 1986 from 1.12 billion barrels at year-end 1985.\n The figures, in USX's just-released 1986 annual report,\nindicate much of the drop resulted from the exclusion of 293.7\nmln barrels of Libyan reserves, after the U.S. government last\nJune directed U.S. oil companies to end Libyan operations.\n USX, which owns Marathon Oil Co and Texas Oil and Gas Corp,\nhad 60 pct of its 1986 sales of 14.94 billion dlrs from its oil\nand gas operations.\n About 24 pct of total sales came from USX's USS steel unit\nand 16 pct from diversified businesses, which include oilfield\nservices, raw materials, minerals, chemicals and real estate.\n According to the report, domestic liquids reserves fell\nslightly to 628.5 mln barrels from 628.9 mln and foreign\nreserves fell to 174.3 mln from 486.4 mln barrels. The large\ndrop in foreign reserves was in the Middle East and Africa,\nwhere they fell to about 9.3 mln barrels from 316.7 mln,\nreflecting the exclusion of Libya.\n Total natural gas reserves fell to 4.82 trillion cubic feet\nat year-end 1986 from 5.18 trillion at the end of 1985.\n Again, most of the drop came from the Middle East and\nAfrica, where reserves fell to zero from 71.9 billion cubic\nfeet, excluding Libyan reserves.\n U.S. natural gas reserves fell to 3.44 trillion cubic feet\nfrom 3.65 trillion and foreign reserves fell to 1.38 trillion\nfrom 1.53 trillion.\n In other areas, USX said total capital spending fell to 962\nmln dlrs in 1986 from 1.78 billion dlrs in 1985. The 1986\naudited figure is eight mln dlrs higher than the unaudited\nfigure the company reported on Jan 27.\n USX also said it expects to record a gain of 150 mln dlrs\nin 1988, representing 50 pct of previously existing investment\ntax credits allowable under the new tax law. The loss of the\nother half of the credits was reflected in the fourth quarter.\n In a discussion of steel results, USX said plants that were\nshut down last month and some previously idled plants may be\npermanently closed. USX took a fourth quarter charge of 1.03\nbillion dlrs to restructure its steel operations. The charge\nincluded the \"indefinite idling\" last month of four plants in\nUtah, Pennsylvania and Texas.\n Other plants or parts of plants in Pennsylvania, Indiana,\nAlabama, Ohio and Chicago had been previously idled.\n \"These operations are not permanently shut down. Improved\nmarket conditions for the products from these plants may make\nit feasible to reopen some of them,\" USX said in the report.\n \"On the other hand, a lack of any future market improvement\nmay necessitate their permanent closing,\" it added.\n Reuter\n\u0003", "date": "11-MAR-1987 18:45:36.66", "topics": [ "crude", "nat-gas", "iron-steel" ], "places": [ "usa", "libya" ], "id": "4016" }, { "title": "PHILLIPS

SAYS STOCK UP ON STEPS TO PARE DEBT", "body": "Phillips Petroleum Co Chairman C. J.\n\"Pete\" Silas said his company's stock, ranked fourth on the\nmost active list of stocks traded today, rose partly because of\nsteps it took to pare its debt.\n Silas told Reuters in an interview today, \"part of this\nstrength results from the rise in oil prices and also because\nsome of the analysts have been happy with the steps we've taken\nin 1986 to pare our debt.\"\n Phillips stocks rose 1/4 to 14 dlrs a share following\nrecommendations by some oil analysts, a company source said.\n Phillips debt stood at 5.9 billion dlrs in December 1986\ndown from a 1985 high of 8.6 billion dlrs, analysts said.\n \"At 14 dlrs a share, Phillips is priced closer to the actual\nprice of oil,\" he added.\n Silas said, \"if the analysts are right that oil prices will\nrise to 20 dlrs or higher, then it seems to make sense to buy\nPhillips.\" He is, however, more cautious about the strength in\ncrude prices, expecting the price to fluctuate between 16-18\ndlrs a barrel for the year.\n Oil industry analysts said one reason for the stock's\npopularity of the stock is that it traded at a strong discount\nto its appraised value and was attractively priced for small\ninvestors.\n Charles Andrew, an analyst who follows Phillips for John S.\nHerold Inc of Greenwich, Conn said that the appraised value of\nthe company, based on available data is 34.25 dlrs.\n \"The stock is trading at about 1/3 its appraised value. The\ncompany has tremendous leverage and if it can get its act\ntogether and if oil prices are steady to higher there is good\nroom for improvement,\" he said.\n But, he added, \"if oil prices turn lower, there will be a\nlot of pressure on Phillips.\"\n Phillips' shares fell as low as eight dlrs a share over the\nlast 52 weeks with a 1987 low of 11-3/4 dlrs in 1987. \nAnalysts say that the appraised value of the company could be\nrevised due to asset sales of their oil and gas reserves.\n Silas told Reuters that the asset sales which amount to\nabout two billion dlrs for 1986 were completed and that none\nwere planned.\n Reuter\n\u0003", "date": "11-MAR-1987 18:50:05.96", "places": [ "usa" ], "id": "4017" }, { "title": "MICHIGAN GENERAL BEGINS EXCHANGE OFFER", "body": "Michigan General Corp said\nit began an exchange offer for its 110 mln dlrs outstanding\nprincipal amount of 10-3/4 pct senior subordinated debentures\ndue December 1, 1998.\n Pursuant to the exchange offer, each 1,000 dlr principal\namount will receive 500 dlr principal amount of senior\nsubordinated notes due March 1, 1992, 200 dlr principal amount\nof non-interest bearing convertible senior subordainted notes\ndue March 1, 1997 and 12 shares of delayed convertible\npreferred stock, liquidation preference 25 dlrs per share.\n The offer will expire April nine.\n Michigan General said the exchange offer is crucial to is\nattempt to restructure and reduce its risk from Chapter 11.\n The principal purpose of the offer is to reduce its debt\nservice on the 10-3/4 pct debetures, increase stockholders'\nequity and induce its lender to continue to fund.\n Assuming a 90 pct acceptance of the offer, Michigan's\nannual cash interest requirements will be reduced by about 10.6\nmln dlrs, it said.\n Completion is subject to the tender of at least 90 pct of\nthe debentures and its lender to waive it from default under\nits loan agreements.\n \n Reuter\n\u0003", "date": "11-MAR-1987 18:50:57.36", "places": [ "usa" ], "id": "4018" }, { "title": "BANK OF B.C. REVISES SHARE PAYOUT ESTIMATE", "body": "Bank of British\nColumbia said it revised its estimate of shareholder\ndistributions from last November's sale of most of the bank's\nassets to HongKong Bank of Canada to between 65 cts and 1.15\ndlrs a share from 55 cts to 1.20 dlrs a share.\n The bank said the estimate could rise to between 1.30 dlrs\nand 1.80 dlrs a share if the full pension surplus is obtained.\nIt said it did not know when distributions would be made.\n It earlier reported that operating profit for first quarter\nended January 31 fell to 273,000 dlrs from 1.7 mln dlrs the\nprevious year.\n For full-year 1986 ended October 31, the bank posted an\noperating loss of 4.4 mln dlrs against year-earlier profit of\n7.5 mln dlrs. The bank also posted a 66 mln dlr extraordinary\nloss in fiscal 1986.\n Bank of British Columbia sold most of its assets last\nNovember to HongKong Bank Canada, a unit of , of Hong Kong, for 63.5 mln dlrs.\n It said efforts to wind up the bank's affairs were\nproceeding as quickly as possible.\n The bank said it expected to report positive earnings in\nfuture periods, barring unforeseen circumstances.\n Loan losses, which the bank previously said figured in its\nmove to sell off most of its assets, rose to 105.7 mln dlrs in\nfiscal 1986 from year-earlier 36.1 mln dlrs. The bank said 31.1\nmln dlrs of the 1986 total represented downward adjustments to\nits portfolio of syndicated sovereign risk loans as required\nunder the sale to HongKong Bank.\n Since November 27, the bank has confined activities to the\nwinding up of affairs, Bank of British Columbia said.\n Reuter\n\u0003", "date": "11-MAR-1987 18:53:18.49", "topics": [ "earn" ], "places": [ "canada" ], "id": "4019" }, { "title": "HOUSE VOTES TO BLOCK CONTRA AID FOR SIX MONTHS", "body": "The House voted to block 40 mln dlrs\nin military aid to the Nicaraguan rebels until President Reagan\naccounts for past assistance, including money diverted from the\nU.S. sale of arms to Iran.\n The vote was seen as a temporary defeat for Reagan, who has\nmade aid to the \"contras\" a key initiative.\n Congressional Democratic leaders have conceded that despite\ntoday's vote, they can not muster a two-thirds majority to\noverride a certain Reagan veto. But they have said it is likely\nthey can win a battle expected this fall over 105 mln dlrs iin\nnew aid Reagan is requesting.\n \n Reuter\n\u0003", "date": "11-MAR-1987 18:54:46.18", "places": [ "usa" ], "id": "4020" }, { "title": " 4TH QTR NET", "body": "Shr 17 cts vs 16 cts\n Net 1,019,000 vs 985,000\n Revs 7,997,000 vs 7,492,000\n YEAR\n Shr 1.18 dlrs vs 64 cts\n Net 6,959,000 vs 3,778,000\n Revs 36.5 mln vs 29.8 mln\n Reuter\n\u0003", "date": "11-MAR-1987 18:56:34.21", "topics": [ "earn" ], "places": [ "canada" ], "id": "4021" }, { "title": "ARGENTINE MEAT EXPORTS HIGHER IN JAN/FEB 1987", "body": "Argentine meat exports during\nJan/Feb 1987 totalled 39,714 tonnes, against 36,594 tonnes\nshipped in the same 1986 period, National Meat board said.\n Shipments in tonnes with comparative figures for the 1986\nperiod, in brackets, included: beef 26,945 (20,096), horse meat\n3,257 (4,211) and beef offal 7,660 (10,502).\n Argentine's meat exports totalled 20,243 tonnes in February\n1987, against 19,217 tonnes shipped in the same 1986 month.\n Shipments in tonnes, with comparative figures for February\n1986, in brackets, included: beef 13,272 (11,464), horse meat\n1,543 (2,083) and beef offal 4,476 (4,672), the board added.\n Main destinations for refrigerated beef (bone in\nequivalent) were as follows, in tonnes, with comparative\nfigures for 1986 in brackets -\n EC 5,500 (7,900), Brazil 5,200 (unavailable), Israel 3,700\n(3,000), Peru 2,500 (800), Singapore 500 (300), Switzerland 500\n(400), Canary Islands 500 (300), Malta 500 (700), Aruba/Curazao\n200 (300), Chile 100 (600).\n Main destinations for canned meat and cooked beef (bone in\nequivalent), in tonnes with comparative figures for Jan/Feb\n1986, in brackets, were -\n United States 11,200 (13,400), EC 4,700 (5,100).\n Reuter\n\u0003", "date": "11-MAR-1987 18:56:43.55", "topics": [ "carcass", "livestock" ], "places": [ "argentina" ], "id": "4022" }, { "title": "KIENA PLANS TWO-FOR-ONE STOCK SPLIT", "body": " said it planned\na two-for-one common stock split, pending shareholder approval\non April 7.\n It said approval would require 66-2/3 pct of votes cast.\nKiena said 57 pct-owner Campbell Red Lake Mines Ltd was\nexpected to vote in favor of the split.\n Reuter\n\u0003", "date": "11-MAR-1987 19:02:33.14", "topics": [ "earn" ], "places": [ "canada" ], "id": "4023" }, { "title": "VANZETTI INCREASE OF SHARES APPROVED", "body": "vanzetti Systems INc said its\nshareholders approved increasing the number of authorized\nshares to five mln from three mln.\n Shareholders also approved increasing the number of shares\nreserved for options to employees to 300,000 from 150,000\n Reuter\n\u0003", "date": "11-MAR-1987 19:04:31.39", "places": [ "usa" ], "id": "4024" }, { "title": "ROWE FURNITURE CORP SETS QTLY DIVIDEND", "body": "Qtly div four cts vs four cts prior\n Pay April 15\n Record March 20\n Reuter\n\u0003", "date": "11-MAR-1987 19:04:38.26", "topics": [ "earn" ], "places": [ "usa" ], "id": "4025" }, { "title": "U.S. HOUSE PANEL TAKES FIRST TRADE BILL VOTES", "body": "House trade lawmakers took their\nfirst votes on measures designed to toughen U.S. trade laws but\nheld over until tomorrow the most difficult votes on\ncontroversial plans to protect American industries.\n Meeting in closed session, the House Ways and Means Trade\nSubcommittee failed to resolve one of the most sensitive issues\nin the bill--whether they will force major foreign trading\npartners to severely cut their trade surpluses with the United\nStates.\n The subcommittee is considering a toned-down version of\nDemocratic-sponsored trade legislation that aims to open\nforeign markets but which drops last year's effort to force\nPresident Reagan to retaliate with quotas or tariffs.\n Congressional aides who asked not to be identified said the\nlawmakers intend to wrap up their proposals tomorrow and will\nconsider a proposal to mandate retaliation without setting\nspecific trade penalties.\n The legislation faces another hurdle in the full Ways and\nMeans Committee next week before the full House votes on it.\n Rep. Richard Gephardt, a Missouri Democrat who is seeking\nhis party's 1988 presidential nomination, said he may offer an\namendment to call for reductions in the trade surpluses of\nthose countries with barriers to imports of U.S. goods.\n This would be a moderated version of his earlier plan to\nforce a mandatory ten per cent annual cut in the trade surplus\nwith the United States by Japan, South Korea, Taiwan, West\nGermany and other countries with the largest trade imbalances.\n \"My criteria for a good amendment sets a standard for\ngetting the trade deficit down,\" he told reporters.\n The trade law changes are to become part of a major\ncongressional and administration effort to turn around the\nrecord U.S. trade deficit of 169 billion dlrs last year by\nopening up foreign markets and making U.S. products more\ncompetitive.\n House Speaker James Wright, a Texas Democrat, said again\ntoday he expects the full House will approve the trade bill by\nMay and that Reagan will accept the final congressional bill.\n \"I expect whatever is reported (by the Ways and Means\nCommittee) will pass. We will have a good bill and an effective\nbill,\" he told reporters.\n The comprehensive trade bill will include work by other\ncommittees to ease export controls on high technology, to aid\nU.S. workers displaced by foreign competition, to stimulate\nresearch and development, to remove foreign trade barriers and\nto improve education and worker training.\n The lawmakers agreed that for the first time a U.S.\nindustry could charge foreign producers with unfair competition\nif they deny basic worker rights such as collective bargaining,\nsafety rules and payment of a minimum wage appropriate to the\ncountry's economic development.\n They transferred to U.S. Trade Representative Clayton\nYeutter the powers now held by Reagan to decide whether to\nretaliate against foreign violations of fair trade rules and\nwhether an injured industry deserves import relief.\n They agreed to make it easier for a company to get\ntemporary relief from import competition but agreed the\nindustry should provide a plan to become competitive.\n The administration has not announced its support but\nYeutter said yesterday, \"I am cautiously optimistic,\" that the\nDemocratic-led House will come up with an acceptable bill.\n Reuter\n\u0003", "date": "11-MAR-1987 19:05:21.41", "topics": [ "trade" ], "places": [ "usa" ], "id": "4026" }, { "title": "SOVIET MINISTER SAYS TRADE BOOST UP TO FRENCH", "body": "Soviet first deputy prime minister\nVsevolod Murakhovsky said at the end of a brief visit here his\ncountry wanted to boost joint business with France, but that a\nreduction of France's trade deficit with the Soviet Union\ndepended on the French.\n Murakhovsky, who is also chairman of the State\nAgro-Industrial Committee (GOSAGROPROM), told a news conference\nhe had discussed a variety of possible deals with French\ncompanies Rhone-Poulenc, Pechiney and Imec.\n Declining to put figures on possible contracts he said he\nhad discussed plant protection and the processing of highly\nsulphuric gas with Rhone-Poulenc, packaging technology for\nagricultural products with Pechiney, and fruit and vegetable\njuice processing with Imec.\n An official for Pechiney said an agreement of intent on\npackaging could be signed soon, but could not give any other\ndetails. The other two companies were not immediately available\nfor comment.\n Asked whether he foresaw a reduction this year of France's\ntrade shortfall, at 7.6 billion francs in the first 11 months\nof 1986 against 5.1 billion for the whole of 1985, Murakhovsky\ntold Reuters: \"It all depends on France.\"\n At a meeting in Paris last January French and Soviet\nforeign trade ministers said they were committed to increased\nefforts to reduce the deficit. Estimates at the time showed a\nFrench 190 mln franc surplus for December 1986.\n Murakhovsky said the Soviet Union was prepared to talk with\nanybody with \"interesting\" proposals offering latest technology\nand assuring \"a mutual advantage.\"\n He said the Soviet Union had many tasks ahead of it and\nwould deal rapidly with proposals it considered interesting.\n He encouraged companies to take advantage of new laws\nguaranteeing \"the interests of foreign partners\" in joint\nventures.\n But he said no agreements had yet been finalised under the\nnew joint venture laws.\n He said concrete deals had not yet been finalised as a\nresult of a one billion dollar accord signed in Moscow last\nmonth with French businessman Jean-Baptiste Doumeng.\n He said Doumeng's Interagra company was preparing proposals\nfor further examination by the Soviet Union. Doumeng last month\nsaid the agreement was to exchange one billion dollars worth of\ngoods.\n Murakhovsky said the agreement was one of intent, and\ndesigned primarily to renew and increase the Soviet Union's\nfood production capacity.\n Reuter\n\u0003", "date": "11-MAR-1987 19:06:36.56", "topics": [ "trade" ], "places": [ "france", "ussr" ], "id": "4027" }, { "title": "VENEZUELA TO LEND OIL TO ECUADOR FOR EXPORT", "body": "venezuela will supply ecuador with an\nas yet undetermined amount of crude oil to help it meet export\ncommitments, seriously affected by last week's earthquake,\nenergy and mines minister arturo hernandez grisanti said.\n He gave few details about the deal, but said a crude oil\nloan agreement will be made between state oil companies\npetroleos de venezuela (pdvsa) and ecuador's cepe.\n Ecuador was forced to suspend oil exports for an expected\nfour months after an earthquake damaged a pipeline. Oil\naccounts for 60 per cent of its export income.\n Hernandez was speaking to reporters at miraflores palace\non the results of talks with ecuador's deputy energy minister\nfernando santos alvite, who arrived here last night.\n \"the volume lent to ecuador would be discounted from its\nopec quota and would not affect venezuela's,\" he said. \"we would\nfrom august on produce our own quota and sell the additional\namounts that ecuador would be repaying us,\" he said.\n He did not elaborate on the quota arrangements but did say\necuador would notify opec by telex that venezuela would be\nlending it a certain amount over so many days.\n Venezuela's opec output quota is currently 1.495 million\nbarrels a day, and ecuador's has been set at 210,000 bpd.\n Reuter\n\u0003", "date": "11-MAR-1987 19:09:27.77", "topics": [ "crude" ], "places": [ "ecuador", "venezuela" ], "id": "4028" }, { "title": "EAGLE CLOTHES INC 2nD QTR JAN 31", "body": "Shr profit 17 cts vs profit 14 cts\n Net profit 1.3 mln vs profit 901,000\n Revs 36.9 mln vs 36.2 mln\n Six months\n Shr profit 18 cts vs loss 11 cts\n Net profit 1.4 mln vs loss 716,000\n Revs 63.6 mln vs 57.7 mln\n NOTE:1986 six months includes increase in provision for\ndoubtful accounts to 1.5 mln dlrs. 1986 shares give effect to\nissuance of 1.5 mln shares in exchange for outstanding Series 1\npreferred shares.\n Reuter\n\u0003", "date": "11-MAR-1987 19:10:26.95", "topics": [ "earn" ], "places": [ "usa" ], "id": "4029" }, { "title": "IRAQ SAYS IRAN ATTACK REPULSED ON SOUTHERN FRONT", "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 19:11:19.94", "places": [ "iran", "iraq" ], "id": "4030" }, { "title": "BRITAIN CALLS ON JAPAN TO INCREASE IMPORTS", "body": "Britain today called on Japan to\nincrease foreign imports or risk the rise of protectionism and\nthe harm it would bring to it and other trading nations.\n British Trade and Industry Secretary Paul Channon said\nJapan must heed a report issued by a Japanese government\nadvisory body in December calling for faster domestic demand to\nhelp cut its trade surplus and restructure its economy.\n \"I recognise that the strong yen has brought problems to\nJapan's domestic economy,\" he told a group of Japanese\nbusinessmen in London.\n \"But these short term difficulties should not be allowed to\ndeflect Japan from the fundamental reforms necessary,\" he said.\n \"It is not just a domestic issue for Japan. If import\npropensity does not expand very soon there is a real risk from\nprotectionist lobbies, particularly in the U.S. With whom Japan\nhas so massive a surplus,\" he said.\n \"They may well succeed in securing action by governments\nwhich would be highly injurious to trading nations like Japan\nand the U.K.\"\n Channon said there had been substantial growth in the\nvolume of trade between Japan and Britain, amounting to 6.2\nbillion sterling (9.8 billion dlrs) last year.\n But he added: \"Regrettably too much of it was in one\ndirection, with the Japanese selling us 3.7 billion sterling\n(5.8 billion dlrs) more than we sold them.\"\n Reuter\n\u0003", "date": "11-MAR-1987 19:15:32.68", "topics": [ "trade" ], "places": [ "uk", "japan" ], "id": "4031" }, { "title": "TAFT BROADCASTING REJECTS 145 DLR PER SHARE BUYOUT OFFER FROM THETA CORP\n", "date": "11-MAR-1987 19:15:55.25", "topics": [ "acq" ], "id": "4032" }, { "title": "TAFT REJECTS 145 DLR/SHR OFFER", "body": "Taft Braodacasting Co said its board\nof directors unanimously decided not to accept the pending\nproposal of Theta Corp, an investor group led by Dudley Taft.\n The decision was based on, among other things, the advise\nof its financial advisors, goldman sachs and co, that the offer\nof 145 dlrs per share was inadequate.\n Taft said the board concluded that the offer failed to\nrecognize fully the future propsects of the company and\ndirected management to explore alternatives including possible\nfinancial restructuring.\n\n Reuter\n\u0003", "date": "11-MAR-1987 19:18:49.58", "topics": [ "acq" ], "places": [ "usa" ], "id": "4033" }, { "title": "ECUADOR DEBT TO BE HONOURED AFTER QUAKE SURVIVAL", "body": "Ecuador, stricken by a severe earthquake,\nwill honour its 8.16 billion dlr foreign debt but only after\nensuring the survival of the country after the tremor which\nclaimed at least 300 lives and caused 4,000 persons to\ndisappear.\n \"The government's position ... is to permit us to honour the\n(debt) commitments but without sacrificing the country, because\nfirst we have to survive and later we can comply,\" information\nminister Marco Lara told reuters.\n He said the nation would later announce definitive\nmeasures on the foreign debt in the aftermath of the earthquake\nwhich the government said will cause nearly a billion dlrs in\neconomic losses.\n Reuter\n\u0003", "date": "11-MAR-1987 19:23:42.46", "places": [ "ecuador" ], "id": "4034" }, { "title": "BRITISH MINISTER CRITICISES PROPOSED EC OILS TAX", "body": "A British minister said that a proposed\nEuropean Community tax on vegetable oils and fats would raise\nthe price of fish and chips and he pledged the government would\nfight against it.\n Lord Belstead, a junior agriculture minister, told the\nHouse of Lords the tax would raise the price of raw materials\nused in many processed foods by about 100 pct.\n He said revenue should not be raised by taxing the consumer\nand called the proposal \"repugnant.\"\n Reuter\n\u0003", "date": "11-MAR-1987 19:26:43.72", "topics": [ "veg-oil" ], "organisations": [ "ec" ], "places": [ "uk" ], "id": "4035" }, { "title": "AUSTRALIAN UNEMPLOYMENT EASES IN FEBRUARY", "body": "Australia's seasonally-adjusted\nunemployment rate eased to 8.2 pct of the estimated workforce\nin February from 8.3 pct in January, compared with 7.9 pct a\nyear earlier, the Statistics Bureau said.\n The number of unemployed declined to 632,100 from 638,300\nin January, against 594,500 in February 1986, it said.\n But unadjusted, the number of jobless rose to 699,800 or\n9.1 pct of the workforce from 671,400 or 8.9 pct in January and\n658,500 or 8.7 pct a year earlier.\n REUTER\n\u0003", "date": "11-MAR-1987 20:04:55.06", "topics": [ "jobs" ], "places": [ "australia" ], "id": "4036" }, { "title": "ECUADOR SEEKS HALT TO PAYMENTS TO BANKS IN 1987", "body": "Ecuador, stricken by a severe earthquake,\nis seeking through negotiations with private foreign banks to\npostpone all payments due to them for the rest of the year,\nFinance Minister Domingo Cordovez said.\n He said in a statement, \"The idea with the foreign banks is\nto obtain from them the best terms to give the Ecuadorean\neconomy a complete relief in the period of deferral of payments\non the foreign debt during the present year.\"\n The statement referred only to payments due to private\nforeign banks, a senior government finance official told\nReuters.\n These creditors hold two-thirds of Ecuador's foreign debt\nwhich totals 8.16 billion dlrs.\n It did not refer to debts maturing to foreign governments\nand multilateral lending agencies, accounting for the remainder\nof Ecuador's foreign debt, the official said.\n He said Ecuador owed the private foreign banks between 450\nand 500 mln dlrs in interest payments for the rest of 1987 and\nabout 66 mln in principal payments maturing this year.\n Cordovez said Ecuador would seek new loans from\nmultilateral organisations. A World Bank mission was due here\nsoon to evaluate emergency loans, government officials said.\n Ecuador has also appealed for emergency\naid from about 40 foreign governments.\n Government officials have calculated losses to the 1987\nbudget from last Thursday's earthquake at 926 mln dlrs.\n In 1986, Ecuador's total service on the foreign debt was\nabout 996 mln dlrs to all creditors.\n The quake ruptured Ecuador's main oil pipeline, suspending\ncrude exports for five months until the line is repaired. Oil\naccounts for up to two-thirds of its total exports and up to 60\npct of total revenues. Before the tremor, Ecuador suspended\ninterest payments on January 31 to private foreign banks.\n Officials said they stopped interest payments due to a\ncash-flow squeeze stemming from a slide in world oil prices,\nwhich cut 1986 exports by about 25 pct to 2.18 billion dlrs.\n Ecuadorean finance officials have been in telephone contact\nevery day this week with some of the banks who sit on its\n14-bank advisory committee, the senior government finance\nofficial said. The committee represents the country's 400 or so\nprivate foreign bank creditors.\n Cordovez also said in the statement, \"The banks should\nperceive that it is impossible at this moment to comply with\nwhat was forseen.\"\n Cordovez added, Ecuador must make a new proposal in line\nwith the reality since the earthquake by seeking better options\nof deferment and of softening the negotiation conditions.\"\n Interest payments fall due at least monthly to private\nforeign banks.\n Ecuador's initial proposal earlier this year was to make\nonly one semi-annual or one annual interest payment this year.\n Under this proposal, it sought to defer interest payments\nuntil June at the earliest, foreign bankers and government\nofficials here said.\n Ecuadorean officials held their last formal meeting with\nthe advisory committee in New York in January, but the\nnegotiations were suspended on January 16 due to the 12-hour\nkidnapping of President Leon Febres Cordero by air force\nparatroopers.\n The Red Cross says that least 300 people died and at least\n4,000 are missing due to the earthquake.\n REUTER\n\u0003", "date": "11-MAR-1987 21:02:16.57", "places": [ "ecuador" ], "id": "4037" }, { "title": "TREASURY SECRETARY BAKER DECLINES COMMENT ON G-6", "body": "U.S. Treasury Secretary James Baker\ndeclined comment on the February 22 Paris accord between the\nsix major industrial nations under which they agreed to foster\nexchange rate stability.\n Asked by reporters after a speech before the National\nFitness Foundation banquet what, if any, currency intervention\nlevels had been set in Paris, Baker replied: \"We never talk\nabout intervention.\"\n Baker also declined to comment on his views about the\nforeign exchange markets' reaction to the accord.\n REUTER\n\u0003", "date": "11-MAR-1987 21:06:50.50", "topics": [ "money-fx" ], "places": [ "usa" ], "id": "4038" }, { "title": "ECUADOR TO ASK OPEC TO RAISE EXPORT QUOTA", "body": "Ecuador will ask OPEC to raise its oil\nexport quota by 100,000 barrels per day to 310,000 to\ncompensate for lost output due to last week's earthquake,\ndeputy Energy Minister Fernando Santos Alvite said.\n Santos Alvite, who arrived in Caracas last night to discuss\nan aid plan for Ecuador, did not say when the Organisation of\nPetroleum Exporting Countries (OPEC) would be approached.\n The additional output would be related to plans now under\ndiscussion for Venezuela and Mexico to lend Ecuador crude while\nit repairs a pipeline damaged by the quake.\n Earlier, Venezuelan Energy and Mines Minister Aturo\nHernandez Grisanti said his country would supply an unspecified\npart of Ecuador's export commitments.\n But Santos Alvite told reporters he hoped a first cargo of\n300,000 barrels could leave Maracaibo this weekend to supply\nrefineries near Guayaquil. He added Ecuador also wanted to make\nup for 50,000 bpd it shipped to Caribbean destinations. Mexico\nmight supply Ecuador's South Korean market.\n Ecuador may be unable to export oil for up to five months\ndue to extensive damage to a 25 mile stretch of pipeline\nlinking jungle oilfields to the Pacific port of Balao.\n REUTER\n\u0003", "date": "11-MAR-1987 21:32:41.13", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "venezuela", "ecuador" ], "id": "4039" }, { "title": "CHINA'S RAPESEED CROP DAMAGED BY STORMS", "body": "The yield on 46,000 hectares (ha) of\nrapeseed in central China will be cut by up to 70 pct by\nhailstorms and tornadoes that swept across nearly 100,000 ha of\ncrops on March 6, the New China News Agency said today.\n The storm, which lashed the Huai and Yangtze rivers and\neastern Anhui province, left two people dead and 800 others\ninjured. Some 800 houses were flattened and 19 boats sunk, it\nsaid.\n The Anhui provincial government has sent emergency relief\nto the 19 counties affected, the news agency said.\n REUTER\n\u0003", "date": "11-MAR-1987 21:37:18.46", "topics": [ "oilseed", "rapeseed" ], "places": [ "china" ], "id": "4040" }, { "title": "CHINA CLOSES SECOND ROUND OF OFFSHORE OIL BIDS", "body": "China has closed the second round of\nbidding by foreign firms for offshore oil exploration rights,\nthe China Daily has reported.\n It quoted a spokesman for the China National Offshore Oil\nCorp (CNOOC) as saying China signed eight contracts with 15\nforeign firms for blocks in the Pearl River mouth and south\nYellow Sea covering a total area of 44,913 sq km.\n Second round bidding began at the end of 1984 and only one\nwell has so far produced results -- Lufeng 13-1-1, 250 km\nsouth-east of Shenzhen, with an output of 6,770 barrels a day.\nThe well was drilled by a group of Japanese companies.\n The spokesman added CNOOC was ready to enter into contracts\nfor offshore blocks before third round bidding began. He did\nnot say when this would be, but added the contracts would not\nbe bound by restrictions imposed during the second round.\n China has signed 36 oil contracts and agreements with 37\ncompanies from 10 countries since 1979, when offshore\nexploration was open to foreigners. Eleven contracts were\nterminated after no oil was discovered.\n Foreign firms have invested 2.1 billion dlrs on offshore\nChina since 1979.\n REUTER\n\u0003", "date": "11-MAR-1987 22:25:49.20", "topics": [ "crude" ], "places": [ "china" ], "id": "4041" }, { "title": "JAPAN RELAXES RULES ON SECURITIES COMPANY OUTLETS", "body": "Japan has relaxed its limit on the\nestablishment of securities company outlets in order to service\na growing number of individual investors, the Finance Ministry\nsaid.\n Japanese securities companies can now set up as many as 21\nnew outlets in the two years before March 31, 1989, against the\nprevious maximum of 13.\n The rules apply to outlets in department stores,\nsupermarkets and other locations convenient for individuals.\n Foreign securities firms are not affected by the ruling, it\nsaid.\n REUTER\n\u0003", "date": "11-MAR-1987 22:42:47.98", "places": [ "japan" ], "id": "4042" }, { "title": "AMC IMPOSES HIRING FREEZE DUE TO TAKEOVER BID", "body": "American Motors Corp management\nhas ordered a hiring freeze in view of Chrysler Corp's 1.5\nbillion dlr takeover bid, a spokesman for AMC said.\n Analysts said the merger is virtually certain to go ahead.\n American Motors directors met for five hours Wednesday to\nreview the takeover proposal. \"The board ... Expects to be\nmeeting periodically over the next several weeks on the\nChrysler proposal,\" AMC said in its first formal statement since\nit acknowledged the Chrysler proposal on Monday.\n Chrysler, the number three U.S. Automaker, has said the\nmerger is motivated principally by its desire to acquire AMC's\nprofitable Jeep business and dealers, as well as a new modern\ncar assembly plant in Bramalea, Ontario.\n That means a guaranteed future for much of AMC, but it\nleaves in question the fate of many of its 19,000-plus\nemployees, according to industry analysts. AMC's Toledo, Ohio\nJeep plant has 1,850 hourly workers on indefinite layoff while\nits Kenosha, Wisconsin, car plant has another 2,250 on layoff.\n REUTER\n\u0003", "date": "11-MAR-1987 22:56:45.09", "topics": [ "acq" ], "places": [ "usa" ], "id": "4043" }, { "title": "ROTHMANS CLOSE TO JOINT VENTURE IN CHINA", "body": "Rothmans International plc aims\nto set up a joint venture with Jinan cigarette factory in\nShandong, China to produce high quality cigarettes, some for\nexport, Chinese newspapers said.\n The China Daily said the factory has produced high-quality\n\"General\" brand cigarettes using advanced machinery and technical\nassistance worth 2.5 mln dlrs donated by Rothmans under a\nco-operation agreement signed in 1985.\n The Economic Daily newspaper said the high quality \"General\"\nwill help China's cigarettes enter the international market.\nThe two papers gave no more details.\n REUTER\n\u0003", "date": "11-MAR-1987 22:57:31.32", "places": [ "china" ], "id": "4044" }, { "title": "FOREIGN INVESTMENT IN AUSTRALIA JUMPS IN LAST QTR", "body": "The net inflow of foreign investment\ninto Australia jumped to 7.3 billion dlrs in the fourth quarter\nof 1986 from 4.32 billion in the third quarter and 4.55 billion\na year earlier, the Statistics Bureau said.\n The Bureau attributed the increase to a turnaround of 2.08\nbillion dlrs in official sector transactions and a 1.09 billion\nturnaround in direct investment.\n The turnaround in official transactions to a 1.52 billion\ninflow from a 555 mln outflow in the third quarter, against a\n520 mln inflow a year earlier, was largely on account of\ngovernment foreign currency borrowings, it said.\n Direct investment recorded a turnaround to a 1.04 billion\ndlr inflow in the fourth quarter from a 57 mln withdrawal in\nthe third quarter, against a 546 mln inflow in the fourth\nquarter of 1985, the Bureau said.\n It said the major part of the turnaround reflected an\ninjection of funds, estimated at around 700 mln dlrs,\nassociated with the previously reported restructuring of the\nAustralian operations of General Motors Corp .\n GM used the funds to pay out or take over certain\nAustralian liabilities of its local unit , it said.\n However, net borrowings remained the major part of total\ninflow, accounting for 6.16 billion dlrs in the fourth quarter\nagainst 3.88 billion in the third quarter and 4.03 billion a\nyear earlier, the Bureau said.\n Net official borrowings comprised 1.52 billion dlrs against\na net outflow of 548 mln in the third quarter and a 516 mln\ninflow a year earlier.\n Total private and semi-public authority net borrowings rose\nto 4.64 billion dlrs from 4.42 billion in the third quarter and\n3.51 billion a year earlier.\n REUTER\n\u0003", "date": "11-MAR-1987 23:00:56.20", "topics": [ "bop" ], "places": [ "australia" ], "id": "4045" }, { "title": "MOSCOW CARRIES OUT NUCLEAR TEST", "body": "The Soviet Union carried out a nuclear\ntest early today, the official Tass news agency reported.\n According to the report, monitored by the British\nBroadcasting Corporation, the explosion was at 0200 gmt.\n A blast on February 26 ended a 19-month unilateral test\nmoratorium declared by the Soviet Union. Moscow blamed the end\nof the freeze on U.S. Refusal to join a total test ban.\n Tass said the latest explosion, with a power of up to 20\nkilotonnes, had \"the aim of improving military equipment.\"\n REUTER\n\u0003", "date": "11-MAR-1987 23:06:27.89", "places": [ "uk", "ussr" ], "id": "4046" }, { "title": "TAIWAN'S FIRST QUARTER MAIZE IMPORTS SEEN RISING", "body": "Taiwan's maize import commitments are\nexpected to rise to 970,000 tonnes in the first four months of\n1987 from 870,000 tonnes a year earlier, a spokesman for the\nJoint Committee of Maize Importers told Reuters.\n He said more than 75 pct of the imports come from the U.S.\nAnd the rest from South Africa.\n The maize import target for calendar 1987 is set at well\nover 3.4 mln tonnes compared with an actual 3.07 mln in 1985,\nhe added.\n REUTER\n\u0003", "date": "11-MAR-1987 23:06:44.14", "topics": [ "grain", "corn" ], "places": [ "taiwan" ], "id": "4047" }, { "title": "TAIWAN FURTHER RELAXES FOREIGN GOODS IMPORT CURBS", "body": "Taiwan said it would soon relax import\ncontrols on some 400 foreign items, including stationery and\nbooks, in a further effort to allow trading partners,\nespecially the U.S., Greater access to its markets.\n Taiwan announced the easing of import curbs on some 600\nfarm and industrial products last month, a Council for Economic\nPlanning and Development spokesman told Reuters.\n He said the new move was intended to balance trade between\nTaiwan and its trading partners. The island's trade surplus\nreached a record 15.6 billion U.S. Dlrs last year, up from\n10.62 billion in 1985.\n In January, Taiwan cut import tariffs on some 1,700 foreign\nproducts and allowed imports of U.S. Wine, beer and cigarettes.\n \"We hope the measures will help reduce our trade surplus\nthis year, especially with that of the U.S.,\" the spokesman\nsaid.\n Washington is pressing Taiwan to open its markets wider as\na way of cutting its trade deficit with the island, which rose\nto 2.35 billion U.S. Dlrs in the first two months of 1987 from\n1.87 billion in the year-earlier period.\n REUTER\n\u0003", "date": "11-MAR-1987 23:46:55.84", "topics": [ "trade" ], "places": [ "taiwan" ], "id": "4048" }, { "title": "ECONOMIC SPOTLIGHT - MITSUBISHI HEAVY FIGHTS BACK", "body": "International efforts to redirect Japan's\nexport-driven economy toward domestic consumption face heavy\ngoing if the country's largest defence contractor and world's\nbiggest shipbuilder is anything to go by.\n Mitsubishi Heavy Industries Ltd (MHI), which began\nmaking ships and iron goods for Japan's military rulers 130\nyears ago, is responding to the strong yen by redoubling its\nefforts to maintain its share of export markets.\n \"If we sell the best quality and the cheapest products,\neveryone will buy them,\" MHI president Yotaro Iida said.\n Although two of MHI's main businesses, shipbuilding and\npower plant construction, have been hit hard by the yen's 40\npct rise against the dollar, the company has no plans to\nabandon them, Iida told Reuters in an interview.\n Its other big activity, aircraft component manufacture, has\nperformed so well that MHI now accounts for half of the money\nTokyo spends on defence procurement each year.\n \"We have made the utmost efforts among the world's\nmanufacturers to improve productivity,\" he said. \"You may be\nsurprised if you come to see our plants. The outside is old but\nthe inside is ultra-modern, with robots and computers.\"\n Securities analysts at major securities houses agreed that\nMHI has pared costs more quickly than its competitors. The\ncompany has slashed its workforce to 47,000 from 86,000 in\n1976.\n Despite its cost-cutting, MHI expects profits to drop 40\npct to 30 billion yen in the current fiscal year ending March\n31, from 1985/86's record 50.14 billion.\n And that includes gains from the sale of MHI's stake in\nMitsubishi Motors Corp for 49 billion yen.\n Iida is optimistic about the future, however. He said a\nresurgence of demand from the Middle East following the recent\nrecovery in oil prices coupled with persistent demand for power\nplants in developing countries will help MHI restore its\nexports-to-sales ratio to the past decade's average of 30 pct.\n MHI's exports-to-sales ratio fell to 25.9 pct in the\nhalf-year ended last September, from 35 to 36 pct five years\nago.\n China is the most promising market, although MHI also\nconsiders other non-oil-producing developing countries as major\ncustomers.\n \"Our customers are all seen as being in trouble due to a\nlack of foreign currency,\" Iida said. But he added that he felt\nMHI could sell to those markets with Japanese government\nfinancial support.\n It can also finance the plants itself and recover its\ninvestment through product sales, a strategy Iida said could\nprove popular in the future.\n In shipping, MHI is fighting back against low-priced South\nKorean competition by building more technologically advanced\ncarriers to carry liquefied natural gas and other products\ndifficult to transport.\n Shipbuilders Association officials told Reuters MHI is the\nworld's largest shipbuilder in terms of orders and capacity.\n Domestically, MHI is involved in 12 national projects,\nincluding development of nuclear fusion reactors and launch\nvehicles for man-made satellites.\n It has been the biggest contractor for the Japan Defence\nAgency's F-15 and F-14 jet fighters and missiles, although all\nof these have been built under licence from U.S. Firms.\n MHI is now heading up five Japanese companies seeking to\ndevelop the country's own fighter plane to replace the\ncurrently used F-1 support fighters in the late 1990s.\n Military experts said Washington is putting strong pressure\non Tokyo to buy a U.S. Plane, either the McDonnell Douglas Corp\nF-18 or General Dynamics Corp F-16, to reduce Japan's huge\ntrade surplus with the U.S.\n \"It might be a good idea to jointly produce planes with U.S.\nMakers as Japan is supported by the U.S. Defence umbrella,\" Iida\nsaid.\n MHI also plans to cooperate with the U.S. In its Strategic\nDefence Initiative space defence program by participating in\nthe project when it moves from the research stage, he said.\n The U.S. Has been seeking Japan's technological support.\n In fiscal 1985/86, aircraft accounted for 17.1 pct of MHI's\nsales, shipbuilding 17 pct and power plants 27.9 pct. Iida said\nthe ideal ratio is power plants 30 pct, aircraft and special\nvehicles 25 pct and shipbuilding 15 pct.\n As for the remaining 30 pct, Iida said he wanted to shift\nthe domestic focus away from heavy machinery sold to\nmanufacturers and towards household goods, but he declined to\nspecify which products.\n \"By the end of this year, you may find our brand name on\nyour daily products, although this does not mean we will run\naway from our mainstream business,\" he said.\n REUTER\n\u0003", "date": "12-MAR-1987 00:06:25.87", "topics": [ "ship", "iron-steel" ], "places": [ "japan", "usa" ], "id": "4049" }, { "title": "JAPANESE BANKRUPTCIES DECLINE IN FEBRUARY", "body": "Japan's corporate bankruptcies in\nFebruary fell 10.8 pct from January to 1,071 cases and total\ndebts dropped 49.4 pct to 149.40 billion yen, the Tokyo\nCommerce and Industry Research Co said.\n February bankruptcies fell 14.9 pct from a year earlier,\nthe 26th straight monthly decline, and debts fell 54.3 pct.\n The lower number of bankruptcies in February reflected a\nrelaxation of money market conditions and reduced bill\nsettlements due to fewer operating days, it said.\n Bankruptcies caused by the strength of the yen against the\ndollar totalled 69, or 6.4 pct of those in February, with debts\nof 25.52 billion yen, the research firm said.\n This compared with 64 with debts of 125.59 billion yen in\nJanuary, it said.\n Currency-linked bankruptcies since November 1985, when the\ndollar's depreciation against the yen began to affect Japanese\nexport-linked firms, totalled 772, with cumulative debts of\n660.53 billion yen, it said.\n The value of the yen against the dollar rose to an average\n153.49 yen per dollar in February from 184.62 a year earlier.\n Bankruptcies usually decline in the first quarter of the\nyear due to fewer operating days and for seasonal reasons.\n Bankruptcies are expected to increase in the quarter\nstarting April 1 due to expectations of slow consumer spending,\nlow wage increases for the 1987/88 fiscal year which starts in\nApril, and slow capital spending by manufacturers, the company\nsaid.\n Bankrupcties among export-linked subcontractors will rise\ndue to a recent shift by major manufacturers to overseas\nproduction, it added.\n REUTER\n\u0003", "date": "12-MAR-1987 00:37:11.96", "places": [ "japan" ], "id": "4050" }, { "title": "BANGLADESH PORT WORKERS END STRIKE", "body": "Cargo handling resumed at\nBangladesh's Chittagong port today after 7,000 workers ended\ntheir three day walk-out triggered by a pay dispute, port\nofficials said.\n Loading and unloading of 14 ships stranded by the strike\nstarted this morning and will be completed as quickly as\npossible, they said.\n The strikers returned to work after an agreement was\nreached last night between port authorities and the Port\nWorkers Association, they said without giving details.\n REUTER\n\u0003", "date": "12-MAR-1987 00:55:57.87", "topics": [ "ship" ], "places": [ "bangladesh" ], "id": "4051" }, { "title": "LEIGH-PEMBERTON OPPOSES TAKEOVER PROTECTION RULES", "body": "The Bank of England does not favour the\nintroduction of rules to shield companies from hostile takeover\nattempts, its governor, Robin Leigh-Pemberton, said.\n Instead, merchant banks advising bidding companies must\nshow restraint and responsibility to avoid the excesses that\nhave marred recent takeovers, he told the Yorkshire and\nHumberside Regional Confederation of British Industries' annual\ndinner.\n Leigh-Pemberton also called on companies to improve ties\nwith institutional investors, suggesting representatives of\nthose institutions be granted seats on the boards of directors\nof companies they invest in.\n \"Boards cannot expect protection from unwelcome predators,\nfor that is but a short step from saying that they should be\nprotected from their own shareholders -- who are, after all,\nthe proprietors of the company,\" Leigh-Pemberton said.\n He added takeovers and mergers had an important role to\nplay in furthering economies of scale, integration and more\nefficient market penetration. \"The degree of success or failure\n(of a takeover) has not in my experience depended on whether or\nnot the takeover was contested,\" he said.\n Leigh-Pemberton noted there had been excesses in takeover\nactivity in the recent past. \"The aim is to pressurise a\ncompany's management into action dedicated solely to a\nfavourable impact on the share price in the short-term, partly\nor even primarily at the expense of the future,\" he said.\n Such bids \"often depend for their success on creating a\nhighly-charged and artificial situation in the share market,\nand give rise to temptations, on both sides of the battle, to\nengage in aggressive, even manipulative tactics that are\nimmensely damaging to the interest of the shareholders,\" he\nsaid.\n In a clear reference recent events, he said \"those in the\nCity who act for companies or individuals .. Must, I suggest,\nbe ready to accept a full measure of responsibility -- even if\nit entails opprobrium -- for the transactions that may result.\"\n They \"should exercise the most careful judgment at the\noutset with respect to the clients for whom they act and the\nactivities contenplated. Those who sow wind cannot expect the\nwhirlwind to visit elsewhere,\" he added.\n REUTER\n\u0003", "date": "12-MAR-1987 01:01:34.13", "topics": [ "acq" ], "places": [ "uk" ], "id": "4052" }, { "title": "Tokyo stock index rises 157.20 to third straight record close of 21,470.20\n", "date": "12-MAR-1987 01:26:07.06", "id": "4053" }, { "title": "TONEN SEKIYU AND EXXON UNIT STUDYING RESIN PROJECT", "body": " and , a petrochemical division of Exxon Corp ,\nsaid they agreed to accelerate a study to set up an\nequally-owned joint venture to make waterwhite resin in Japan.\n Details of the venture, to be based on Exxon Chemical\ntechnology, will be set later, the companies said.\n Waterwhite resins are widely used in adhesive applications\nfor baby nappies, medical tapes, and other bonding agents.\n Tonen is a wholly-owned subsidiary of Toa Nenryo Kogyo KK\n which is owned 25 pct by Exxon Corp.\n REUTER\n\u0003", "date": "12-MAR-1987 01:45:37.55", "topics": [ "pet-chem" ], "places": [ "japan" ], "id": "4054" }, { "title": "JAPANESE PURCHASE OF U.S. HIGH-TECH FIRM OPPOSED", "body": "Commerce Secretary Malcolm Baldrige\nhas asked the White House to consider blocking the planned\nJapanese acquisition of a major U.S. Computer and semiconductor\nmaker, U.S. Officials said yesterday.\n The officials told reporters Baldrige had serious concerns\non national security grounds about the sale of Schlumberger Ltd\n unit to Fujitsu Ltd\n. The officials said the sale could leave the United\nStates overly dependent on a foreign company for equipment used\nin advanced missiles, aircraft electronics and intelligence\ngathering.\n The U.S. Officials added the sale would also worsen the\nstrained relations between the two countries stemming from the\nhuge Japanese trade surplus.\n The White House Economic Policy Council would consider the\nsale in the coming weeks, they said.\n Defence Secretary Caspar Weinberger's position was not\nknown, but in the past, he has opposed the transfer of high\ntechnology to foreign governments or companies.\n Computers made by U.S. Manufacturers are widely used in the\nworld, but Tokyo told U.S. Negotiators recently it prefers\nlocal manufacturers and would not buy U.S. Supercomputers.\n REUTER\n\u0003", "date": "12-MAR-1987 02:20:30.27", "topics": [ "acq" ], "places": [ "usa", "japan" ], "id": "4055" }, { "title": "S.KOREA TO BUY MORE COTTON, ESPECIALLY U.S. COTTON", "body": "South Korea plans to import about 387,000\ntonnes of cotton this year compared to 225,000 tonnes in 1986,\ntrade ministry officials said.\n More than three quarters of the total, some 290,000 tonnes,\nwill come from the United States. That will be a 93.7 pct\nincrease on 1986 when U.S. Imports totalled 150,000 tonnes, an\nofficial said.\n He said the U.S. Increase is due partly to the\ncompetitiveness of American cotton and partly to efforts by\nSeoul to reduce its trade surplus with Washington. South Korea\nis the second largest importer of U.S. Cotton after Japan.\n REUTER\n\u0003", "date": "12-MAR-1987 02:53:25.14", "topics": [ "cotton" ], "places": [ "south-korea", "usa" ], "id": "4056" }, { "title": "AWB SAYS AUSTRALIAN WHEAT SALES OVER 10 MLN TONNES", "body": "The Australian Wheat Board's (AWB)\n1986/87 export program is well advanced with over 10 mln tonnes\nalready sold, AWB general manager Ron Paice said.\n \"We are certainly within reach of our 15 mln tonne export\ntarget for the year,\" he said in a statement.\n He did not detail the commitments already made, but an AWB\nspokesman said they include sales to Egypt, China, Iran, the\nSoviet Union and Iraq.\n In the 1985/86 wheat year ended September 30, the AWB\nexported a record 15.96 mln tonnes.\n Paice also said the 1986/87 Australian wheat harvest has\nended after a long, cool summer with 15.14 mln tonnes delivered\nto the AWB.\n The season produced another good crop, with only 0.2 pct of\nreceivals being downgraded to feed quality, he said.\n However, it is likely that some weather-damaged grain was\nstill being held on farms and further milling and feed wheat\nmay be delivered following the recent announcement of the final\nGuaranteed Minimum Price for 1986/87, he said.\n Paice did not give a crop estimate, but the AWB's February\nWheat Australia publication put the crop at 16.7 mln tonnes.\n But the AWB spokesman said it is likely this estimate could\nturn out to be too high, based on the receivals level, and the\nfinal crop figure would probably be nearer to 16.2 mln tonnes.\nThe official estimate is not yet available.\n In the 1985/86 season, the AWB received 15.08 mln tonnes of\nthe 16.13 mln tonne crop.\n Another 422,000 tonnes was retained on-farm and 620,000\nsold under the permit system introduced in 1984/85 to allow\nfarmers to sell feed wheat to the grain trade outside the AWB's\nreceival system, according to Bureau of Agricultural Economics\ndata.\n REUTER\n\u0003", "date": "12-MAR-1987 02:55:47.22", "topics": [ "grain", "wheat" ], "places": [ "australia" ], "id": "4057" }, { "title": "NORTH BH SETS ONE-FOR-FIVE OFFER FOR NORGOLD FLOAT", "body": "North Broken Hill Holdings Ltd\n (NBH) said it will offer one share for\nevery five NBH shares in the float of its newly created gold\noffshoot.\n The 20 cent par-value shares will be offered at 22 cents to\nshareholders registered April 3, NBH said in a statement.\n Norgold's issued capital will be 240.5 mln shares, of which\n63 pct will be held by NBH after 89 mln are issued to\nshareholders to raise 19.6 mln dlrs, it said.\n Norgold will take control of a portfolio of precious metal\nexploration and pre-development interests held by NBH.\n The major gold deposit to be acquired by Norgold is 100 pct\nof the Bottle Creek deposit, west of Leonora in Western\nAustralia, NBH said.\n Production of gold from the project, at an annual rate of\n35,000 ounces, is scheduled to begin early in 1988.\n Norgold will also have a 10 pct stake in the Coronation\nHill gold/platinum project in the Northern Territory and 43 pct\nof the Poona copper/gold project in South Australia.\n Other gold exploration interests to be acquired by Norgold\nare in Western Australia, Queensland, New South Wales and\nTasmania, NBH said.\n REUTER\n\u0003", "date": "12-MAR-1987 03:05:34.83", "topics": [ "acq", "gold" ], "places": [ "australia" ], "id": "4058" }, { "title": "CONVERTIBLE YEN BOND BROKERAGE FEE MAY BE CUT", "body": "The Tokyo Stock Exchange said in a\nstatement it is considering reducing brokerage fees on yen\nconvertible bonds.\n The cut would be in response to a planned increase in\nsecurities transaction tax to 26 yen per 10,000 yen from 4.5 as\npart of the government's proposed tax reform bills, securities\nhouse managers said.\n Under the current system, investors must also pay 0.6 pct\nof face value as brokerage fee to securities houses for\ntransactions involving principal over 30 mln yen.\n The exchange's draft revision sets brokerage fee percentage\nrates in inverse proportion to the size of amounts transacted,\nmarket sources said.\n Details of rates on transactions under 30 mln yen have yet\nto be worked out, an exchange spokesman said.\n The news had little immediate impact on the convertible\nbond market because participants are unsure when the new rates\nwill be introduced and because the timing of parliamentary\napproval of the tax reform bills is uncertain due to opposition\nto them, securities dealers said.\n REUTER\n\u0003", "date": "12-MAR-1987 03:13:36.35", "places": [ "japan" ], "id": "4059" }, { "title": "JAPAN'S OVERSEAS OUTPUT FORECAST TO RISE 26 PCT", "body": "The overseas production in yen terms of\nJapanese firms should rise 26 pct in 1987/88 ending March after\na four pct fall in 1986/87, a Ministry of International Trade\nand Industry survey said.\n It attributed the rise to companies moving production\noverseas to avoid losses due to the strong yen. The survey\ncovered 122 major firms in 17 sectors.\n The survey called for bold moves to stimulate domestic\ndemand to achieve the government's goal of 3.5 pct gross\nnational product growth in 1987/88. A package of economic\nmeasures to boost the economy is expected next month.\n The survey said Japanese car output in the United States\nand Canada would jump to two mln vehicles in fiscal 1990 from\n617,000 in 1986 and worldwide electronic appliance output would\nrise 31.7 pct. Domestic unemployment is likely to reach four\npct, or about 2.5 mln jobless, in fiscal 1990 from three pct\nnow if current trends continue.\n Recruitment in the car industry is expected to fall by 35\npct in 1987/88 and by 40 pct in the electronics sector.\n The steel industry plans to cut its 150,000 workforce by 27\npct by the end of 1990/91 and the shipbuilding, coal and\nnon-ferrous metal industries all plan big cuts in 1987/88.\n REUTER\n\u0003", "date": "12-MAR-1987 03:15:32.57", "places": [ "japan" ], "id": "4060" }, { "title": "STRIKING BRAZIL SEAMEN THREATEN MASS RESIGNATION", "body": "Striking seamen said they would\noffer their collective resignation rather than end their\n13-day-old national strike on management's terms.\n The seamen said they were spurred to their decision after\nmarines occupied the ship Docemarte in Santos harbour Tuesday\nnight. They said seamen on the vessel were being forced to work\nunder duress.\n President Jose Sarney's government despatched troops to\nBrazil's ports and oil installations on Tuesday.\n Seamen in Santos, Brazil's main port, are in defiant mood.\nOne of their leaders, Orlando dos Santos, told Reuters that\nmost of the 1,100 seamen in the port offered their resignations\non Wednesday. The national strike headquarters in Rio de\nJaneiro said seamen were offering to resign in all the\ncountry's main ports.\n The strike by 40,000 seamen comes as Brazil faces a serious\ndebt crisis brought on by a sharp deterioration in its trade\nbalance. The country needs all the foreign exchange it can get,\nand shipowners have been quick to denounce seamen for the harm\nthe strike is doing to exports.\n An advertisement placed in the newspapers by the Shipowners\nAssociation read, \"The seamen's strike is illegal, irrational\nand unpatriotic.\"\n The seamen respond that they cannot live on their present\nsalaries. According to officical pay lists available in the\nunion's office, the basic pay for ordinary seamen is 1,977\ncruzados a month, while various allowances can bring their\ntotal pay up to 4,000 cruzados a month.\n At the other end of the scale, captains earn 7,993 cruzados\na month basic pay, which is brought up to 15,229 cruzados with\nallowances. \n \"Brazil's seamen are the second worst paid in the world,\nafter Ghana's,\" dos Santos said. He said the seamen had not\nreceived a pay increase since February 1986, and prices have\ndoubled since then with the collapse of the government's\nCruzado Plan price freeze.\n Talks in Rio de Janeiro Wednesday involving Labour Minister\nAlmir Pazzionotto, seamen and employers failed to resolve the\ndispute. The seamen are demanding pay raises of about 200 pct\nbut have been offered less than half that.\n REUTER\n\u0003", "date": "12-MAR-1987 03:24:08.77", "topics": [ "ship" ], "places": [ "brazil" ], "id": "4061" }, { "title": " German net currency reserves rise 400 mln marks to 87.0 billion - Bundesbank\n", "date": "12-MAR-1987 03:29:02.58", "topics": [ "reserves" ], "places": [ "west-germany" ], "id": "4062" }, { "title": "INDONESIAN COFFEE PRODUCTION MAY FALL THIS YEAR", "body": "Indonesia's coffee production in\n1986/87 ending September 30 may fall slightly from last year's\nlevel of 360,000 tonnes, Dharyono Kertosastro, chairman of the\nAssociation of Indonesian Coffee Exporters told Reuters.\n He said shade trees had been damaged by pests and this may\nhave affected the crop, though it remains to be seen how\nseriously. Indonesia's main crop is harvested next month.\n He gave no figure for expected output, except to say it\nwould probably be down a little from 1985/86. He said stocks\nwere about normal at 90,000 tonnes.\n Kertosastro predicted that exports were unlikely to rise\nmuch from last year's level of 320,000 tonnes. \"I expect exports\nwill be a bit more, maybe 330,000 tonnes, but not above that,\"\nhe said. Exports in 1985/86 were valued at 944 mln U.S. Dlrs,\nbut the value could fall by 30 pct this year because of low\nprices, he added.\n Dharyono said production was behind a five year plan target\nof 420,000 tonnes for the current year, but Indonesia is trying\nto boost output through introduction of higher yielding seeds,\nbetter training for farmers and increased use of fertilizers.\n REUTER\n\u0003", "date": "12-MAR-1987 03:33:11.39", "topics": [ "coffee" ], "places": [ "indonesia" ], "id": "4063" }, { "title": "RENOUF SELLS 10.83 PCT NZI STAKE TO BRIERLEY", "body": " said it sold its\n10.83 pct stake in to , (BIL), for 207.7 mln N.Z. Dlrs.\n Renouf managing director Mike Cashin said in a statement it\nhad been Renouf's intention to build up a long-term strategic\nposition in NZI. \"But it became clear to us that it was in the\nbest interests of both NZI and ourselves for Brierley\nInvestments to acquire our holding,\" he said.\n He said Renouf built up its NZI holding over the past six\nmonths. The sale comprised 74.9 mln shares at 2.725 N.Z. Dlrs a\nshare and 2,095 warrants at 1,709 dlrs each.\n The warrants are attached to a 150 mln Swiss franc note\nissue. Each bond of 5,000 francs carries a detachable warrant\nentitling the bearer to 2,486 NZI shares.\n In its 1986 annual report BIL reported that it held a 19\npct stake in NZI.\n NZI has 673.4 mln ordinary shares on issue. Total capital\nincluding shares attached to warrants is 678.8 mln shares.\n Cashin said the sale will result in a significant profit\nand places Renouf in a good position to consolidate on recent\ntransactions and pursue other opportunities.\n NZI shares were at 2.18 N.Z. Dlrs, BIL at 4.08 and Renouf\nat 6.15 at the close of trading.\n BIL executives were unavailable for comment.\n REUTER\n\u0003", "date": "12-MAR-1987 03:35:55.06", "topics": [ "acq" ], "places": [ "new-zealand" ], "id": "4064" }, { "title": "BOLIDEN AB 1986 RESULTS", "body": "Group loss after financial income and expenses 1.08\n Billion vs loss 71 mln crowns\n Sales - 12.38 billion crowns vs 6.16 billion.\n No proposed dividend vs 10 crowns.\n Note - The company this year consolidated wholesale and\ninvestment conglomerate Ahlsell AB.\n REUTER\n\u0003", "date": "12-MAR-1987 03:41:22.87", "topics": [ "earn" ], "places": [ "sweden" ], "id": "4065" }, { "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": "12-MAR-1987 03:43:21.65", "topics": [ "gold" ], "places": [ "uk" ], "id": "4066" }, { "title": "SAUDI BANKS FACE FURTHER LEAN PERIOD", "body": "Saudi Arabia's 11 commercial banks are\nreporting a further decline in profits for 1986 as increasing\nprovisions have to be set aside to cover the burden of non-\nperforming loans.\n Bankers in the Saudi capital said the need to build\nreserves for bad and doubtful debts may start to decline a\nlittle this year.\n But the kingdom's still sluggish economy and legal problems\nhampering traditional lending operations mean earnings will\nremain vulnerable.\n One senior bank credit officer said \"The work is largely\ndone in terms of identifying bad loans and making provisions,\nbut banks are still going to face difficulties earning money.\"\n The sudden decline of Saudi Arabia's corporate sector in\n1983 - culminating in a number of debt reschedulings - has\ntaken a heavy toll of bank profits, with first results now\nappearing for 1986 showing a fourth successive year of broad\ndecline.\n The cumulative net 1985 earnings of the kingdom's banks had\nsunk to 827.9 mln riyals from 2.66 billion in 1982 before world\noil prices tumbled.\n Of the kingdom's nine joint-venture banks which operate on\nthe Gregorian calendar year, four have already reported and\nrevealed a further profits decline - or net loss - for 1986 at\nthe expense of increased provisions.\n The newest and smallest of the joint ventures, (USCB) reported a 1986 net loss of 15.9 mln\nriyals, marginally less than 1985's shortfall of 17.0 mln.\n Profits before provisions were sharply higher, in part\nreflecting an 18 pct staff cut last year. But the bank nearly\ntrebled the amount set aside against bad and doubtful loans to\n60 mln riyals from 22 mln in 1985.\n Other results released so far show \n(SAMBA) reporting a 53.8 pct fall in 1986 net profit to 80.7\nmln riyals, while , known as Saudi\nFrench, slid 14 pct to 94.9 mln riyals.\n Both Saudi American, owned 40 pct by Citicorp's \nCitibank NA and Saudi French, 40 pct owned by Banque Indosuez,\nincreased provisions sharply.\n 's net profit fell 17.8 pct to 152.1\nmln riyals and provisions were more than doubled to 86.6 mln\nriyals.\n Bankers said there are first signs that the number of non-\nperforming loans has stopped growing as the decline in the\nSaudi economy bottoms out.\n Few are willing to predict a sharp upturn in economic\nactivity, but one banker said \"The top 50 pct of the Saudi banks\nare now at or close to international levels on provisions.\"\n From 1982 to 1985, the kingdom's largest bank (NCB) stashed away 1.7 billion riyals in\nprovisions or 8.9 pct of its total loans and advances to the\nprivate sector, bankers calculated.\n Between 1982 and 1985, , NCB's rival as the\nsecond biggest of the two all-Saudi shareholding banks, had\ncovered 12.8 pct of its loans and advances. Both banks operate\non an Islamic year that does not coincide with the other nine.\n Although the Saudi Arabian Monetary Agency (SAMA) has been\ntightening supervision, there is still no standardised rule for\ndeclaring loans as non-performing.\n Bankers say this makes comparison of profit figures\ndifficult because some banks still book non-accruing interest\nas revenue while others follow more conservative practices in\nforce in major world financial centres.\n Bankers generally said NCB, Riyad Bank and the\njoint-ventures SAMBA, Saudi French and Arab National Bank rank\nas the strongest earners.\n Other banks such as , 40 pct owned by\nthe , are disadvantaged by a\nrelatively low deposit base.\n Saudi British slashed 1985 profit 91 pct to just 9.1 mln\nriyals and 1986 accounts due soon are expected to show another\nlow figure. But the bank has traditionally been one of the most\nconservative in making provisions.\n Bankers said SAMA has proved it is not prepared to see a\nSaudi bank go under and not only supported \nafter its troubled 1985 accounts came to light but also made\navailable cheap deposits to and USCB.\n The banks can on-lend these to generate profit, but\ngenerally banks are awash with liquidity since they are\nunwilling to risk incurring fresh non-performing loans.\n And while banks in more liberal financial markets can\nattempt to diversify away from traditional lending,\nconservatism in Saudi banking has made it difficult to generate\nfee income from new investment banking products.\n One banker said \"Operating earnings in the Kingdom are not\ngood.\"\n Reflecting the caution in new lending, the amount of\nadvances is showing a declining trend, while the days when\nbanks had ample funds in interest-free current accounts to\ninvest are disappearing as Saudi customers seek a better return\non their money.\n In 1979, the ratio of interest-bearing accounts to current\naccounts was 27 to 73 pct. Today, only about 40 pct of customer\nfunds are held on current account.\n REUTER\n\u0003", "date": "12-MAR-1987 03:46:15.91", "topics": [ "earn" ], "places": [ "saudi-arabia" ], "id": "4067" }, { "title": "JAPAN TO SELL 200 BILLION YEN IN BILLS, TRADERS", "body": "The Bank of Japan will sell tomorrow 200\nbillion yen of financing bills under a 50-day repurchase\nagreement maturing on May 2, to help absorb a projected money\nmarket surplus due largely to distribution of local allocation\ntax ahead of the March 31 fiscal year-end, money traders said.\n The yield on the bills for sales to banks and securities\nhouses from money houses will be 3.9496 pct against the 3.9375\npct discount rate for two-month commercial bills and the\n4.46/37 pct yield today on two-month certificates of deposit.\n The operation will put outstanding bill supply at about\n1,500 billion yen.\n REUTER\n\u0003", "date": "12-MAR-1987 03:46:26.27", "places": [ "japan" ], "id": "4068" }, { "title": "GUINNESS CHALLENGES 5.2 MLN STG PAYMENT TO LAWYER", "body": "Guinness Plc , the\nbrewing group, has challenged a 5.2 mln stg payment to a U.S.\nLawyer who says he organised its controversial takeover of\nScotch whisky maker .\n But attorneys for lawyer Thomas Ward, a member of the\nGuinness board, told a court yesterday in the Channel Island of\nJersey that Ward saw the payment as his reward for services in\nlast year's 2.7 billion stg takeover.\n Britain's Department of Trade and Industry is investigating\nthe takeover.\n Guinness says its former chairman Ernest Saunders and Ward\n\"breached their fiduciary duty\" in authorising the payment to\nWard, via a Jersey-based company, Marketing and Acquisitions\nConsultants and has gone to the Jersey court to recover it.\n MAC said in defence documents that Ward was the main\nnegotiator in the battle for Distillers against rival bidder\nArgyll Group Plc.\n \"The bid would not have been successful but for the ...\nServices of Mr Ward,\" MAC attorneys said in the documents\nsubmitted in court. \"The payment was, in all the circumstances,\nreasonable, proper and fully earned.\"\n REUTER\n\u0003", "date": "12-MAR-1987 03:50:55.44", "topics": [ "acq" ], "places": [ "usa", "uk" ], "id": "4069" }, { "title": "NEW U.K. POLL SAYS TORIES HAVE SIX-POINT LEAD", "body": "Britain's ruling Conservatives have\nmoved into a six-point lead over the main opposition Labour\nParty, a Marplan poll published in today's Guardian newspaper\nreports.\n The Conservatives are shown with a 38 pct share of the vote\nagainst 32 pct for Labour and 27 pct for the centrist\nSocial-Democratic/Liberal Alliance. Prime Minister Margaret\nThatcher has until June, 1988 to call a general election, but\nmost political analysts expect her to go to the country some\ntime this year.\n REUTER\n\u0003", "date": "12-MAR-1987 03:54:53.32", "places": [ "uk" ], "id": "4070" }, { "title": "INDONESIA PRESSING FOR COMPROMISE OVER COFFEE", "body": "Indonesian coffee exporters are\npreparing for a period of depressed prices while urging their\ngovernment to lobby for a resolution of the deadlocked issue of\nexport quotas, the chairman of the Association of Indonesian\nCoffee Exporters (AICE) told Reuters.\n Dharyono Kertosastro said in an interview that Indonesia,\nthe world's third largest producer, is trimming costs and\nimproving its marketing while seeking a compromise on quotas.\n \"But as long as Brazil sticks to its hardline position, we\ncan never bridge the gap,\" Dharyono said.\n Indonesia was one of a group of eight producing countries,\nalong with Costa Rica, the Dominican Republic, Ecuador,\nHonduras, India, Papua New Guinea and Peru, which proposed a\nnew quota system at last month's failed International Coffee\nOrganistion (ICO) talks in London.\n Brazil, which would have had its quota reduced under the\nGroup of Eight scheme, blocked the proposal.\n AICE officials are now hoping Colombia can use its contacts\nwith Brazil to suggest a compromise.\n Edward Muda, an AICE official who attended the ICO\nnegotiations, said Latin American members of the Group of Eight\nwere in contact with Colombia, the world's second largest\nproducer, but gave no details.\n \"Colombia has shown interest because they will gain from a\ncompromise. Without one, they will suffer if the present market\nstays like it is,\" Muda said.\n He said Indonesia was in contact with consumers such as the\nU.S., Japan, the Netherlands, West Germany and Canada ahead of\nan ICO executive board meeting scheduled for April 1.\n Dharyono said the AICE will send delegations to the U.S.\nAnd Japan to brief Indonesian embassy officials there and press\nthem to present Indonesia's case more firmly.\n He urged the Indonesian government to do more to help the\ncountry's coffee traders through the ICO negotiations.\n Muda said the Group of Eight had some common ground with\nthe big consumers because they agreed on the need for basing\nquotas on what he termed \"realistic criteria.\"\n The breakaway group believes the old quota system, which\ngives Brazil a 30 pct share of the quota exports, does not\nreflect up-to-date supply and demand trends.\n Brazil has stuck rigidly to its insistence that the old\nsystem be applied.\n Export quotas were suspended in February 1986 when market\nprices surged because of the failure of the Brazilian crop.\n Although prices have long since come down to a point where\nexport controls could be reintroduced, producers and consumers\nat the 75-member ICO have not been able to agree on new\nguidelines. Brazil and the U.S., The largest consumer, are both\nrefusing to alter their positions.\n Dharyono said if new quotas are not agreed he believed\nIndonesia was well placed to survive low prices.\n Indonesian farmers are trimming production costs and the\nAICE is improving its marketing system, Dharyono said.\n Indonesia's coffee output in 1986/87, ending September 30,\nis expected to stagnate or fall slightly from last year's level\nof 360,000 tonnes, he said.\n He said stocks, at 90,000 tonnes, were about average for\nthe time of year.\n REUTER\n\u0003", "date": "12-MAR-1987 03:57:03.02", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "indonesia", "costa-rica", "dominican-republic", "honduras", "ecuador", "papua-new-guinea", "peru", "colombia", "brazil", "usa", "japan" ], "id": "4071" }, { "title": "GENENTECH CONVERTIBLE BOND UPPED TO 150 MLN DLRS", "body": "The convertible eurobond issue announced\nyesterday for Genentech Inc has been increased to a\ntotal of 150 mln dlrs from 100 mln, Credit Suisse First Boston\nLtd (CSFB) said as lead manager.\n The coupon has been set at five pct and conversion price at\n74 dlrs per share which represents a 23.85 pct premium over\nGenentech's stock closing level of 59.75 on the New York Stock\nExchange last night.\n Payment date has been brought forward to March 27 from\nMarch 30 and the bonds will mature on March 27, 2002.\n REUTER\n\u0003", "date": "12-MAR-1987 03:58:55.15", "places": [ "uk" ], "id": "4072" }, { "title": "HYDRO QUEBEC ISSUES CANADIAN DLR BOND", "body": "Hydro Quebec is issuing a 125 mln\nCanadian dlr bond due April 21, 1997 paying nine pct and priced\nat 100-3/4 pct, lead manager Merrill Lynch International said.\n The bond is available in denominations of 1,000 and 5,000\ndlrs and will be listed in Luxembourg.\n Fees comprise 1-1/4 pct selling concession and 3/8 pct each\nfor management and underwriting. Pay date is April 21.\n REUTER\n\u0003", "date": "12-MAR-1987 04:15:19.30", "places": [ "uk" ], "id": "4073" }, { "title": "JAPANESE CORPORATE EARNINGS RECOVERY PREDICTED", "body": "Japanese corporate earnings will rise 8.9\npct in fiscal 1987/88 for the first year-on-year increase in\nthree years, partly because of the yen's stable exchange rate,\nthe Nomura research institute said.\n Sales of all industries are predicted to rise 1.9 pct in\nthe year, which starts April 1, the research arm of Nomura\nSecurities Co said in a statement.\n Recurrent profits were estimated to fall 20 pct in the\ncurrent fiscal year with sales forecast to drop 14 pct.\n The forecast assumes an average rate of 148.5 yen to the\ndollar in 1987/88, compared with 160 yen in the current year.\n Corporate efforts to cope with the yen's appreciation, such\nas cutting production costs, are expected to bear fruit next\nfiscal year, the institute said. The economy should also\nbenefit from pump-priming expected from the government and a\nhalt in rising prices of manufactured goods, it said.\n Recurrent profits of manufacturing industries are projected\nto rise 29.6 pct next fiscal year against an estimated 40.1 pct\nfall in the current year.\n Non-manufacturing sector profits will decline 4.5 pct in\n1987/88 against an estimated 2.2 pct rise in the current year,\nit said.\n REUTER\n\u0003", "date": "12-MAR-1987 04:21:57.20", "topics": [ "earn" ], "places": [ "japan" ], "id": "4074" }, { "title": "BOLIDEN SAYS RESULTS BURDENED BY LOSS WRITEOFF", "body": "Swedish mining and metals group\nBoliden AB forecast a return to profitability during\n1987 after recording a 1.08 billion crown 1986 loss burdened by\na massive write-off.\n The company, which consolidated the Swedish wholesale and\ninvestment conglomerate this year, said the result\nincluded restructuring costs and write-offs of 802 mln crowns.\n \"These costs have arisen as a results of a change of\ndirection for the group. They are mainly one-off but they have\nburdened the annual accounts,\" the company said in a statement.\n Boliden said the company's liquid assets were 1.36 billion\ncrowns at year-end which together with an investment portfolio\nof 1.60 billion made it one of the most liquid Swedish\ncompanies.\n As a result of the 1986 losses, the board proposed\ncancelling dividend for the year although it predicted a return\nto profitability during 1987, the statement added.\n Swedish tyres, process equipment and components firm\n has taken a majority stake in Boliden since the\nbeginning of this year. Trelleborg then said it had no plans\nfor consolidating Boliden.\n REUTER\n\u0003", "date": "12-MAR-1987 04:23:22.95", "topics": [ "earn" ], "places": [ "sweden" ], "id": "4075" }, { "title": "TAIWAN BUYS 27,000 TONNES OF U.S. SOYBEANS", "body": "The joint committee of Taiwan's soybean\nimporters awarded a contract to Richco Grain Ltd of New York to\nsupply a 27,000-tonne cargo of U.S. Soybeans, a committee\nspokesman told Reuters.\n The shipment, priced at 210.34 U.S. Dlrs per tonne c and f\nTaiwan, is set for delivery between March 20 and April 5, he\nsaid.\n Taiwan's soybeans imports in calendar 1987 are targetted at\n1.81 mln tonnes, against an actual 1.74 mln tonnes imported in\n1986, he said.\n All the imports come from the U.S., He added.\n REUTER\n\u0003", "date": "12-MAR-1987 04:27:16.27", "topics": [ "oilseed", "soybean" ], "places": [ "taiwan", "usa" ], "id": "4076" }, { "title": "CHINA JANUARY WHEAT/SUGAR IMPORTS BELOW YEAR AGO", "body": "China's wheat imports in January were\n218,000 tonnes, down from 393,000 in January 1986, the China\nDaily Business Weekly said, quoting customs figures.\n It said imports of sugar were 25,165 tonnes, down from\n54,000, but exports of rice rose to 71,144 tonnes from 20,000.\nIt gave no more details.\n REUTER\n\u0003", "date": "12-MAR-1987 04:30:21.97", "topics": [ "grain", "wheat", "sugar" ], "places": [ "china" ], "id": "4077" }, { "title": "FRENCH 1986 CURRENT ACCOUNT SURPLUS REVISED", "body": "The French 1986 current account balance\nof payments surplus has been revised slightly upwards to 25.8\nbillion francs from the 25.4 billion franc figure announced\nlast month, the Finance Ministry said.\n This compares with a 1.5 billion deficit in 1985, and while\nit is the first surplus since 1979, is substantially lower than\nthe 50 billion surplus forecast by the previous socialist\ngovernment before they lost office in March last year.\n Net long-term capital outflows rose sharply to 70.5 billion\nfrancs last year from 8.8 billion in 1985, largely due to a\nmajor program of foreign debt repayment, the ministry said.\n In the fourth quarter alone the unadjusted surplus rose to\n14.1 billion francs from 6.6 billion the previous quarter, but\nthe adjusted surplus fell to 7.4 billion from 9.1 billion.\n Fourth quarter medium and long-term foreign debt repayments\nexceeded new credits by 11 billion francs.\n REUTER\n\u0003", "date": "12-MAR-1987 04:31:00.79", "topics": [ "bop", "trade" ], "places": [ "france" ], "id": "4078" }, { "title": "SALOMON RAISES SIZE OF CMO TO 350 MLN DLRS", "body": "Salomon Brothers international inc said\nit has raised the size of its Collateralised Mortgage\nObligation TRUST 23 to 350 mln dlrs from the 228 mln dlrs\nannounced yesterday.\n All other terms of the issue remain the same, Salomon said.\n REUTER\n\u0003", "date": "12-MAR-1987 04:34:21.52", "places": [ "uk" ], "id": "4079" }, { "title": "MALAYSIA OPTIMISTIC OVER ECONOMIC OUTLOOK FOR 1987", "body": "Malaysia's Central Bank, Bank\nNegara, said the economic outlook for 1987 is good in view of a\nmarked improvement in commodity and oil prices in the later\nmonths of last year.\n It said in its latest quarterly review that real gross\ndomestic product averaged an annual growth of 1.1 pct over the\nfirst nine months of last year compared with a decline of 0.1\npct in the corresponding period in 1985.\n Growth was generated mainly by the manufacturing sector, it\nadded.\n REUTER\n\u0003", "date": "12-MAR-1987 04:39:07.73", "topics": [ "gnp" ], "places": [ "malaysia" ], "id": "4080" }, { "title": "ROWNTREE REPORTS PRETAX PROFIT AT 84 MLN STG", "body": "Rowntree Mackintosh Plc \nannounced it made a pretax profit of 84 mln stg in the 53 weeks\nending January 3, 1987, compared with 79.3 mln stg in the\nprevious year.\n Turnover was up to 1.29 billion stg from 1.2 billion. A\nfinal dividend of 9.2p was proposed, after a final 8.2p last\nyear. Earnings per share rose to 35p from 34.8p.\n The results were broadly in line with market expectations,\nleaving shares at 499p in early trading, up one pence from\nyesterday's close, but slightly off pre-announcement opening\nlevels.\n Profit on ordinary activities after tax was 66.2 mln stg,\nup from the previous year's 60.7 mln.\n The U.K. Remained Rowntree's largest centre for trading\nprofits, accounting for 47.9 mln stg, up from 45.3 mln in 1985.\nProfit from its second largest geographical area, North\nAmerica, slipped to 34.7 mln stg from 37.2 mln. North American\nprofits were affected by the fall of the value of the dollar.\n Operations in continental Europe made 7.8 mln stg in\ntrading profit, up from 3.4 mln, with 4.0 mln stg made in\nAustralasia, up from 2.3 mln, and 11.3 mln stg from the rest of\nthe world, against 13.1 mln in the previous year.\n Extraordinary items amounted to a 11.3 mln debit after a\n16.5 mln debit previously. A company spokesman said this\nrepresented additional provisions for the cost of\nrationalisation plans announced in earlier years.\n Rowntree expects North American operations will this year,\nahead of company expectations, be of the same order as those\nfrom the U.K. And the rest of Europe combined, the statement\nsaid. A spokesman said no specific figures had been forecast.\n Acquisitions will continue to be sought worldwide,\nincluding further moves in the speciality retailing business\nwhich Rowntree first entered in 1983, the statement said.\n Rising profit from Europe this year was forecast by\nchairman Kenneth Dixon in a statement. He added the performance\nof seven businesses bought last year was encouraging.\n The U.K. Confectionery side gained market share and\nincreased trading margins. The Sun-Pat British grocery concern\nincreased profit and Rowntree's small health food business,\nHolgates, raised earnings 10-fold, the statement said.\n Offsetting factors included currency movements, which cost\nthe company nearly 5.0 mln stg. Sales tax hurt Canadian profits\non confectionery operations, and the company faced strong\ncompetition in the U.K. Snack and Mid East export markets.\n REUTER\n\u0003", "date": "12-MAR-1987 04:57:54.22", "topics": [ "earn" ], "places": [ "uk" ], "id": "4081" }, { "title": "N.Z. BUDGET DEFICIT WIDENS IN 10 MONTHS TO JANUARY", "body": "New Zealand's budget deficit in the\n10 months to January widened to 4.37 billion N.Z. Dlrs from\n3.41 billion in the 10 months to January 1986, government\nfigures show.\n Revenue rose to 12.92 billion dlrs from 10.82 billion,\nwhile spending climbed to 17.28 billion from 14.24 billion.\n Taking into account expenditure on major energy project\ndebt totalling 2.28 billion, as against nothing in the earlier\nperiod, total net expenditure was 19.57 billion dlrs.\n Finance Minister Roger Douglas said in a statement the\ndeficit was on course for the year-end forecast.\n Douglas said, \"Net expenditure to this point in the year was\nabout as we would have expected it to be, while revenue was\nslightly ahead of forecast.\"\n He said, \"Revenue before provisional tax flows is looking\nencouraging at this stage in the year.\"\n But he said considerable uncertainty remains about the\nyear-end revenue result, because of difficulty predicting the\nsize of March tax collections.\n REUTER\n\u0003", "date": "12-MAR-1987 04:58:20.18", "places": [ "new-zealand" ], "id": "4082" }, { "title": "RISE SEEN IN FRENCH RAPESEED, SOYBEAN SOWINGS", "body": "France's Oilseed and Bean Cooperatives\nFederation, FFCOP, said it expected French rapeseed sowings for\nthe 1987 harvest to rise by between 54.6 pct and 67.5 pct to\nbetween 600,000 and 650,000 hectares from 388,000 planted last\nyear.\n Its latest estimates also suggested a 66.7 pct rise in\nsoybean sowings to 80,000 ha from 48,000 last year. Sunflower\nsowings were expected to increase by between 8.6 pct and 14.6\npct from 829,000 ha. Pea sowings are estimated likely to rise\n27.7 pct to 350,000 ha against 274,000, while field bean\nsowings are forecast unchanged at 40,000.\n REUTER\n\u0003", "date": "12-MAR-1987 05:00:05.17", "topics": [ "oilseed", "rapeseed", "soybean", "sunseed" ], "places": [ "france" ], "id": "4083" }, { "title": "CHINA TRADE DEFICIT FALLS IN JANUARY", "body": "China's trade deficit in January fell to\n310 mln dlrs from 460 mln in January 1986, the China Daily\nBusiness Weekly said.\n Quoting customs figures, the paper said exports fell to\n1.75 billion dlrs from 1.84 billion and imports fell to 2.06\nbillion from 2.3 billion.\n REUTER\n\u0003", "date": "12-MAR-1987 05:00:31.24", "topics": [ "trade" ], "places": [ "china" ], "id": "4084" }, { "title": "JACOBS SUCHARD AG 1986 YEAR", "body": "Net 190.9 mln Swiss francs vs 150.4 mln\n Turnover 5.24 billion vs 5.38 billion\n Dividend 160 per bearer vs 155 francs, 32 francs per\nregistered vs 31 francs, 16 francs per participation\ncertificate vs 15.50 francs\n Cash flow 294.3 mln vs 242.6 mln\n Note - Confirms forecast of results issued in January.\n Operating profit 337.6 mln vs 265 mln\n Depreciation 103.4 mln, up 12.2 pct\n Capital spending 84.6 mln, down 15.7 pct.\n REUTER\n\u0003", "date": "12-MAR-1987 05:01:23.96", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "4085" }, { "title": "ERICSSON WINS SECOND BUNDESPOST ORDER", "body": "Sweden's Telefon AB L.M. Ericsson\n said one of its units won a contract worth 7.5 mln\ndlrs from the West German PTT, taking the value of orders\nsigned with the Bundespost in the past few days to 47.5 mln\ndlrs.\n The latest order for Ericsson Information Systems is for\n2,000 Alfaskop computer terminals to be supplied over the\ncoming two years, the company said in a statement.\n On Tuesday the Ericsson subsidiary announced a 40 mln dlr\ncontract from the Bundespost to deliver personal computers and\nrelated equipment.\n REUTER\n\u0003", "date": "12-MAR-1987 05:02:18.64", "places": [ "sweden" ], "id": "4086" }, { "title": " British Telecom third quarter pre-tax profit 506 mln stg vs 452 mln\n", "date": "12-MAR-1987 05:03:42.43", "topics": [ "earn" ], "id": "4087" }, { "title": "BANK OF ENGLAND OFFERS EARLY HELP IN MONEY MARKET", "body": "The Bank of England said it had invited\nthe discount houses to make an early round of bill offers to\nhelp offset a large liquidity shortage in the money market.\n It estimated the shortage at around 1.55 billion stg, one\nadverse factor being the unwinding of a sale and repurchase\nagreement, with the market having to buy back bills worth 542\nmln stg from the Bank.\n Bills maturing in official hands and the treasury bill\ntake-up would drain 957 mln stg wile exchequer transactions and\na note circulation rise would take out 15 mln and 25 mln\nrespectively. Above target bankers' balances would add 10 mln.\n REUTER\n\u0003", "date": "12-MAR-1987 05:04:25.60", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "4088" }, { "title": "BRITISH TELECOM 3RD QTR ENDED DEC 31", "body": "Shr 5.1p vs 4.2p, making 15.3p vs 12.7p for nine months.\n Pre-tax profit 506 mln stg vs 452 mln, making 1.51 billion\nstg vs 1.35 billion.\n Net profit before minorities 320 mln vs 268 mln, making 960\nmln vs 807 mln.\n Note - Company's full name is British Telecommunications\nPlc .\n Third quarter turnover 2.40 billion stg vs 2.11 billion,\nmaking 7.01 billion vs 6.16 billion for nine months.\n Operating profit 578 mln vs 520 mln, making 1.72 billion vs\n1.56 billion.\n Net interest payable 72 mln vs 68 mln, making 208 mln vs\n203 mln.\n Tax 186 mln vs 184 mln, making 552 mln vs 547 mln.\n Minorities nil vs nil, making two mln vs nil.\n REUTER\n\u0003", "date": "12-MAR-1987 05:11:36.01", "topics": [ "earn" ], "places": [ "uk" ], "id": "4089" }, { "title": "U.K. MONEY MARKET GIVEN EARLY ASSISTANCE", "body": "The Bank of England said it had bought\nbills worth 1.059 billion stg from the market for resale on\nMarch 31 at rates of interest between 10-7/16 pct and 10-17/32\npct.\n Earlier, the Bank said it estimated the liquidity shortage\nin the market today at around 1.55 billion stg.\n REUTER\n\u0003", "date": "12-MAR-1987 05:21:27.38", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "4090" }, { "title": "DANISH UNEMPLOYMENT RISES TO 7.9 PCT IN JANUARY", "body": "Denmark's seasonally adjusted\nunemployment rate rose to 7.9 pct of the workforce in January\nfrom 7.8 pct in December, unchanged from January 1986, the\nNational Statistics Office said.\n The total of unemployed in January was 216,200 against\n212,200 in December and 216,600 in January 1986.\n REUTER\n\u0003", "date": "12-MAR-1987 05:22:14.00", "topics": [ "jobs" ], "places": [ "denmark" ], "id": "4091" }, { "title": "ROWNTREE MACKINTOSH PLC YEAR TO END JANUARY", "body": "Shr 35.0p vs 34.8p\n Div final div 9.2p vs 8.2p\n Pretax profit 84.0 mln stg vs 79.3 mln\n Net after tax 66.2 mln vs 60.7 mln\n Turnover 1,290.4 mln vs 1,205.2 mln\n Trading profit 105.7 mln stg vs 101.3 mln, consisting -\n U.K 47.9 mln vs 45.3\n Europe 7.8 mln vs 3.4 mln\n North America 34.7 mln vs 37.2 mln\n Australasia 4.0 mln vs 2.3 mln\n Rest of world 11.3 mln vs 13.1 mln\n REUTER\n\u0003", "date": "12-MAR-1987 05:33:02.82", "topics": [ "earn" ], "places": [ "uk" ], "id": "4092" }, { "title": "TAIWAN CLAMPS NEW CONTROLS ON CURRENCY INFLOWS", "body": "Taiwan's new controls on currency\ninflows, implemented today, are a desperate bid to stem a flood\nof speculative money prompted by the local currency surge\nagainst the U.S. Dollar, local and foreign bankers said.\n The central bank now has to clear remittances exceeding one\nmln U.S. Dlrs earned from exports, shipping and insurance and\nbank lending plus remittances of more than 10,000 dlrs from any\nother source.\n Petitioners have to show their remittances relate to\ngenuine commercial transactions.\n Meanwhile, traders are no longer required to report all\noutward payments concerning invisible trade, including freight,\ninsurance and royalties, to the central bank.\n But bankers said they believed the new controls would be\nineffective since businessmen could split up remittances into\nsmaller units or simply remit money through Taiwan's\nflourishing currency black market.\n The bankers said the controls, announced on March 6, are a\npanic reaction to U.S. Pressure, which has intensified over the\npast week, for a faster appreciation of the Taiwan dollar to\nslow the growth of Taiwan's exports to the U.S.\n The government has denied local press reports Washington is\npressing for an exchange rate of up to 28 dlrs.\n The Taiwan dollar opened four cents up today at 34.70.\n \"I don't think the central bank has a final target,\" said an\nexecutive with a U.S. Bank. Other bankers and economists said\nthey are wary of making any firm predictions about how far the\nTaiwan dollar will rise.\n Taiwan's trade surplus with the U.S. Hit 13.6 billion U.S.\nDlrs last year against 10.2 billion in 1985. The surplus\nwidened in the first two months of the year to 2.35 billion\ndlrs from 1.87 billion in the same period last year.\n Economists estimate up to five billion dlrs in speculative\nmoney flowed into Taiwan in 1986.\n This inflow helped boost foreign exchange reserves to more\nthan 51 billion dlrs from just under 25 billion this time last\nyear and provided further upward pressure on the currency.\n The Taiwan dollar has appreciated by almost 15 pct against\nthe U.S. Currency since September 1985, further encouraging\nspeculators.\n Central bank governor Chang Chi-cheng said last week\nWashington's pressure plus rising foreign exchange reserves\nmeant a further strengthening in the currency is inevitable.\n Many local bankers argue the only effective solution to the\ncurrency problem is to drop foreign exchange controls and allow\nthe local dollar to find its own level.\n \"Lifting exchange controls is the final answer, but the\ncentral bank is not prepared to do it. It simply does not want\nto take the risk,\" said one local banker.\n He said he believed the new restrictions are a temporary\nmeasure designed to buy time as the central bank grapples with\nthe exchange rate problem.\n The restrictions are a bureaucratic imposition and skirt\naround the real issue, he said.\n Taiwan needs a fundamental restructuring of foreign\nexchange controls, said an executive with a western bank.\n \"The controls will create more paperwork, but the extra bank\ncharges will not outweigh the profits of speculation,\" said the\nmanager of a European bank.\n Economists criticised the controls, saying they could\nantagonise Washington, which is pushing for further economic\nliberalisation in Taiwan.\n \"Instead of liberalising outflows, the government has\nrestricted inflows,\" said Kate Newman, an economist with Vickers\nda Costa.\n A local banker, who declined to be named, said, \"It's\nbasically ridiculous. It's a backward movement and goes against\nthe government's liberalisation programme.\"\n Taiwan last year eased some of its financial regulations to\nenable Taiwan nationals to invest in foreign government bonds,\ntreasury bills and certificates of deposit and to allow\nindividuals to take 5,000 U.S. Dlrs in cash out of the country\neach year.\n REUTER\n\u0003", "date": "12-MAR-1987 05:34:36.01", "topics": [ "money-fx", "reserves" ], "places": [ "taiwan", "usa" ], "id": "4093" }, { "title": "GLYNWED INTERNATIONAL PLC 1986 YEAR", "body": "Shr, net basis 27.47p vs 22.15p\n Div 6.5p vs 5.4p making 10.1p vs 8.4p\n Pretax profit 46.1 mln stg vs 35.6 mln\n Net after tax 30 mln vs 23.3 mln\n Extraordinary items debit 3.8 mln vs debit 2.3 mln\n Interest payable 2.7 mln vs 4.0 mln\n Net borrowings 7.6 mln vs 16.1 mln\n Turnover 478.9 mln vs 464.1 mln\n REUTER\n\u0003", "date": "12-MAR-1987 05:41:40.43", "topics": [ "earn" ], "places": [ "uk" ], "id": "4094" }, { "title": "TOYOTA MOTOR CREDIT ISSUES 23 BILLION YEN BOND", "body": "Toyota Motor Credit Corp is issuing a 23\nbillion yen eurobond due April 10, 1992 paying 4-1/2 pct and\npriced at 101-1/2 pct, lead manager Nomura International Ltd\nsaid.\n The bond is available in denominations of one mln yen and\nwill be listed in Luxembourg. Payment is April 10.\n Fees comprise 1-1/4 pct selling concession and 5/8 pct for\nmanagement and underwriting combined.\n REUTER\n\u0003", "date": "12-MAR-1987 05:42:18.61", "places": [ "uk" ], "id": "4095" }, { "title": "DUTCH SUGAR TRADE DENY INVOLVEMENT IN OFFER", "body": "Dutch sugar traders deny involvement\nin a plan to offer more than 850,000 tonnes of sugar to\nintervention in protest at EC export policy and prices, traders\ntold Reuters.\n Although some 2,500 tonnes of sugar have been offered to\nintervention in the Netherlands, Dutch producers and traders\nsaid this sugar was actually Belgian and was being offered by\nthe Belgian industry.\n \"We sympathise with the actions of the French, West German\nand Belgian traders and producers, but we are not party to it,\"\na spokesman said.\n EC Commission sources said yesterday French traders planned\nto sell 775,000 tonnes into intervention stocks, West German\ntraders 75,000 tonnes and Dutch traders 2,500. Dutch trade\nsources gave the same figure for France, but estimated up to\n110,000 tonnes offered by German traders and producers.\n The Dutch spokesman added, \"The weekly export tender policy\nand prices are squeezing the European sugar industry, and this\nis the only way in which they can really register their\nprotest.\n \"These are desperate actions, but we believe that most of\nthis offered sugar will be withdrawn within the three-week\nbreathing space allowed.\"\n REUTER\n\u0003", "date": "12-MAR-1987 05:51:07.40", "topics": [ "sugar" ], "organisations": [ "ec" ], "places": [ "netherlands", "france", "west-germany", "belgium" ], "id": "4096" }, { "title": "GLYNWED SEES FURTHER PROGRESS IN 1987", "body": "Glynwed International Plc in a\nstatement accompanying their results that present indications\nare that 1987 has started well and it is confident that the\nyear will be one of further progress.\n The company added that results in the U.S. Were poor and\nthe deterioration in the South African economy left its Falkirk\nIndustries unit with a loss of one mln stg. But it said there\nwas a continuing improvement in its core businesses.\n The extraordinary items debit of 3.8 mln stg arose on the\nclosure and disposal of various businesses.\n REUTER\n\u0003", "date": "12-MAR-1987 05:56:21.18", "topics": [ "earn" ], "places": [ "uk" ], "id": "4097" }, { "title": "BRITISH TELECOM SEES SATISFACTORY 1986/87 RESULTS", "body": "British Telecommunications Plc \nexpects to announce satisfactory results for its 1986/87\nfinancial year ending March, chairman Sir George Jefferson said\nin a third quarter statement.\n Full year results will be published in June. In the 1985/86\nfinancial year, pre-tax profit rose to 1.81 billion stg from\n1.48 billion in the previous period.\n Jefferson said good progress was made in the latest nine\nmonths, while most customers were able to maintain their normal\nlevel of calls during the recent strike by company engineers.\n The statement said a positive cash flow of 381 mln stg for\nthe first nine months will diminish in the final quarter due to\ncorporation tax and dividend payments.\n Earlier, the company reported third quarter pre-tax profit\nfor the period ended December 31 of 506 mln stg compared with\n452 mln a year earlier. Nine month pre-tax was 1.51 billion stg\nagainst 1.35 billion.\n British Telecom shares were last quoted at 246-1/2p, level\nwith late yesterday, in the wake of results which were in line\nwith market expectations, dealers said.\n REUTER\n\u0003", "date": "12-MAR-1987 06:04:30.01", "topics": [ "earn" ], "places": [ "uk" ], "id": "4098" }, { "title": "INDIA BUYS WHITE SUGAR FROM LONDON TRADERS", "body": "India yesterday bought two cargoes of\nwhite sugar from London traders for April/May shipment and\ngranted the trade houses the option to sell an additional two\ncargoes at the same price for May/June shipment, the firms\ninvolved said.\n E D and F Man and Woodhouse, Drake and Carey both said they\nsold single cargoes at 237.35 dlrs a tonne cif for April/May\nand were granted options to sell an extra cargo each at the\nsame price for May/June at the Indian buying tender for three\nto four cargoes of whites held yesterday. The tender had called\nfor a single cargo of prompt and two to three cargoes of\nApril/May.\n REUTER\n\u0003", "date": "12-MAR-1987 06:10:16.95", "topics": [ "sugar" ], "places": [ "uk", "india" ], "id": "4099" }, { "title": " FIVE MONTHS TO END JANUARY", "body": "Shr 7.67p vs 5.34p\n Div 1.5p vs 1.08p\n Pretax profit 30.12 mln stg vs 12.40 mln\n Net interest payable 2.55 mln vs 200 stg\n Net after tax 19.58 vs 7.44 mln\n Turnover excluding VAT 257.66 mln vs 74.09 mln\n Note - The company said it intends to issue a second\ninterim statement for the six months to July 1987 and to pay a\nrelated dividend in early 1988.\n REUTER\n\u0003", "date": "12-MAR-1987 06:10:57.45", "topics": [ "earn" ], "places": [ "uk" ], "id": "4100" }, { "title": "AUSTRALIA EXPECTS RISE IN MEAT EXPORTS TO MIDEAST", "body": "Australia expects meat and livestock\nexports to the Middle East to maintain an upward trend this\nyear, managing director of the Australian Meat and Livestock\nCorp, Peter Frawley, said.\n He told Reuters an improvement in the economic climate and\nless competition from the European Community should lead in the\nGulf area to higher beef sales, which dropped from 33,000\ntonnes in 1980 to just 2,300 tonnes last year.\n \"In the last three to four months there has been a\nresurgence of inquiries,\" he said.\n Frawley is on a Gulf tour which will also take him to Saudi\nArabia, the United Arab Emirates and Kuwait to assess market\npotential.\n On beef exports, he said a 50 pct drop in European\nCommunity intervention stock in the past 12 months would help\nAustralian sales.\n The fall meant the EC was not as aggressive in these\nmarkets, where the Australian trade was the natural source of\nsupply, and Australia was \"now back in,\" Frawley said.\n He said there was a debate in Australia as to whether the\nMiddle East market for livestock, which accounts for two-thirds\nof meat export value to the area, would be maintained.\n He believed the trade would remain with a continuing demand\nfor fresh meat.\n The number of live sheep shipped last year to Saudi Arabia,\nthe biggest single market, was 3,214,159 compared with\n2,939,226 in 1985. The numbers shipped to the United Arab\nEmirates and Bahrain fell, however.\n Frawley said the slackening in demand in the Gulf had been\noffset by other Arab countries around the Mediterranean.\n Other than livestock, Australia's overall meat sales to the\nMiddle East rose to 72,374 tonnes in 1986 from 52,403 tonnes\nthe previous year, largely due to the sale of 25,790 tonnes of\nmutton and lamb to Iran.\n Australia sold 9,824 tonnes to Iran in 1985 after being\nvirtually excluded by New Zealand competition for several\nyears. Frawley said the 1986 sale contract had included a\nbarter provision, but Iran had paid in full in cash.\n Negotiations with the Iranians for 1987 shipments were\ncurrently under way, with Iran again seeking credit and barter\nprovisions, he said.\n Frawley said there had been a tremendous growth in demand\nfor chilled lamb in the last four to five years and he\npredicted this would continue.\n \"The Middle East, and the Gulf in particular, is now\nAustralia's largest market for lamb, chilled and flown in.\nAustralia is in an ideal position to provide the supplies if\nthe market is willing to pay a premium for a fresh, young\nproduct,\" he said.\n REUTER\n\u0003", "date": "12-MAR-1987 06:16:36.48", "topics": [ "carcass", "livestock" ], "organisations": [ "ec" ], "places": [ "australia", "bahrain", "uae", "saudi-arabia", "kuwait", "iran" ], "id": "4101" }, { "title": "BELGIUM PLACING 100 MLN SWISS FRANC NOTES", "body": "The Kingdom of Belgium is issuing 100\nmln Swiss francs of 10-year bullet notes with a 4-3/4 pct\ncoupon and 100-3/4 issue price, lead manager Kredietbank\n(Suisse) SA said.\n Payment is due March 31.\n Denominations are 50,000 francs.\n REUTER\n\u0003", "date": "12-MAR-1987 06:29:53.03", "places": [ "switzerland", "belgium" ], "id": "4102" }, { "title": "INDIA 1986/87 COTTON EXPORT QUOTA UP 190,000 BALES", "body": "India's raw cotton export quota has\nbeen raised by 190,000 170-kg bales to 600,000 bales in 1986/87\nending August, still well below the 1985/86 quota of 1.35 mln\nbales, Minister of State for Textiles R.N. Mirdha said.\n State and private agencies contracted to export 1.34 mln\nbales in 1985/86, he told journalists. But only 433,000 bales\nwere shipped that year, with the rest to be delivered in\n1986/87. About 758,000 bales from 1985/86 contracts were\nshipped up to February 2 in 1986/87.\n The government will export 600,000 bales of long and\nextra- long staple cotton in the three years from 1986/87, he\nsaid.\n REUTER\n\u0003", "date": "12-MAR-1987 06:32:30.32", "topics": [ "cotton" ], "places": [ "india" ], "id": "4103" }, { "title": "SCANDINAVIA PROPOSES DEREGULATING U.S. AIR FARES", "body": "Denmark, Norway and Sweden have jointly\nproposed deregulating air fares between Scandinavia and the\nU.S. In exchange for greater access to the domestic U.S.\nAirline market, Norwegian officials said.\n The proposal, handed to federal aviation authorities in\nWashington by a delegation from the three countries' transport\nministries, was seen in the industry as a major concession to\ndemands by U.S. Airlines to deregulate air fares to\nScandinavia.\n The scheme in return requests the , owned by Sweden, Denmark and Norway's governments, be\nallowed to compete freely and fairly in the U.S. Market.\n SAS, the only Scandinavian airline flying transatlantic\nroutes to the U.S., Is currently allowed to land at only four\nU.S. Cities and has no commercial routes within the U.S.\n SAS has long held that regulations allowing U.S. Airlines'\nconnecting flights from international to regional airports\nwithin Scandinavia have given these companies an advantage\ndenied to SAS in the United States.\n Initial U.S. Reaction to the proposal has been positive,\nofficials said. Industry sources added that if approved, the\nscheme would likely lower air fares dramatically between\nScandinavia and the U.S.\n REUTER\n\u0003", "date": "12-MAR-1987 06:35:58.70", "places": [ "norway", "denmark", "sweden", "usa" ], "id": "4104" }, { "title": "STE LYONNAISE DES EAUX YEAR ENDED DEC 31", "body": "Consolidated attributable net 1986 profit 360 mln francs vs\n279.8 mln.\n Parent company net profit 191 mln vs 150.9 mln.\n REUTER\n\u0003", "date": "12-MAR-1987 06:36:30.98", "topics": [ "earn" ], "places": [ "france" ], "id": "4105" }, { "title": "LYONNAISE DES EAUX FORECASTS 1987 PROFIT RISE", "body": "Consolidated attributable net profit of\nSte Lyonnaise des Eaux is likely to rise by at least\n10 pct this year from the 360 mln francs reported for 1986,\nChairman Jerome Monod told a news conference.\n Group turnover should rise about seven pct from the 15.7\nmln reported for this year, while group investments should\ntotal around 1.8 billion francs, somewhat above the 1.3 billion\nannual average of the past three years, he added.\n Investments will be aimed mainly at developing the group's\nleisure industry, health and communications activities, Monod\nsaid.\n In the leisure sector the group planned a joint development\nwith Club Mediterranee , Club Med, of a 200 hectare\npleasure park at Puisaye in the Yonne department of Eastern\nCentral France, he said.\n Wholly-owned subsidiary Lyonnaise de Developpement\nTouristique would carry out the construction work and financial\nplanning of the development which would be leased to Club Med\nas operator of the complex, he said.\n He gave no financial details but said leisure sector\ninvestments would total about 100 mln francs over the next\nthree years.\n Investments in the communications industry would go mainly\nto develop the group's cable television activities and its 25\npct owned Metropole Television affiliate. Metropole recently\nwon the concession to operate a sixth television channel in\nFrance.\n Financing requirement of Metropole would be about 700 mln\nfrancs over the next four years, of which Lyonaise des Eaux\nwould provide about 175 mln, Monod said.\n Monod said Metropole aimed to win a 15 to 20 pct audience\nshare and to capture about 10 pct of the national television\nadvertising market.\n Total investment by the group in the communications sector,\nincluding cable activities, would be between 300 mln and 400\nmln francs over the next five years, mainly concentrated in the\ncoming year.\n Investment in cable operations would total between 150 mln\nand 200 mln over the five years, with the aim of widening the\naudience to 280,000 subscribers from 12,000, and boosting\nturnover to around 450 mln francs a year from 10 mln.\n REUTER\n\u0003", "date": "12-MAR-1987 06:38:16.50", "topics": [ "earn" ], "places": [ "france" ], "id": "4106" }, { "title": "GUS MAKES 8.2 MLN STG AGREED OFFER FOR PANTHERELLA", "body": "Great Universal Stores Plc said\nit has made an agreed offer for , valuing the\ncompany at 8.2 mln stg and each Pantherella ordinary share at\n205 pence.\n The offer is based on eight new \"A\" non voting ordinary\nshares in GUS plus 95.16 stg for every 100 ordinary\nPantherella.\n The new GUS shares will not receive the eight pence per\nshare interim dividend in respect of the year ending March\n1987, the statement said.\n GUS has received irrevocable undertakings to accept the\noffer in respect of 39.1 pct of Pantherella shares from the\ncompany's directors and their families.\n The Pantherella board estimates the company, which\nmanufactures socks, will show a 1986 pretax profit of about\n690,000 stg.\n REUTER\n\u0003", "date": "12-MAR-1987 06:38:22.46", "topics": [ "acq" ], "places": [ "uk" ], "id": "4107" }, { "title": "GERMAN IBM REPORTS NINE PCT DROP IN TURNOVER IN 1986", "body": "IBM Deutschland GmbH , the\nWest German subsidiary of International Business Machines Corp\n, said its turnover fell nine pct to 12.0 billion marks\nin 1986 as a result of currency factors, weaker demand in the\nsecond half and stiff price competition.\n IBM Deutschland planned to strengthen its software and\nservice activities in future to ensure growth remained at\ndesired levels in the medium term, managing board chairman\nHans-Olaf Henkel said. He gave no 1986 profit figures.\n Domestic turnover fell 12.7 pct to 7.2 billion marks while\nexports declined 3.2 pct to 4.8 billion.\n Most of IBM Deutschland's exports go to IBM companies in\nother countries.\n Henkel said volume sales had been positive overall,\nespecially in the large computer and personal computer sectors.\nHowever, at the same time, fierce international competition,\nworldwide overcapacity and currency movements had reduced large\ncomputer prices for IBM Deutschland by some 23 pct.\n In January Henkel said the annual growth rate of the German\ncomputer market may in the long term be less than 10 pct, well\nbelow the 20 pct expansion originally forecast.\n REUTER\n\u0003", "date": "12-MAR-1987 06:40:12.16", "places": [ "west-germany" ], "id": "4108" }, { "title": "JAPAN READY TO DISCUSS BANK REGULATION", "body": "Japan is ready to discuss bank\nregulation and capital adequacy with western monetary\nauthorities but cannot say when or how joint rules can be\nagreed, Japanese vice-minister of finance for international\naffairs Toyoo Gyohten said.\n He told a Nikkei conference on Tokyo financial markets that\nJapan viewed a January outline agreement between the Bank of\nEngland and U.S. Regulatory authorities as \"significant.\"\n The accord, setting joint rules on capital adequacy, was\ncriticised in financial markets for excluding Japan, thus\nputting U.S. And U.K. Banks at a disadvantage to Japanese banks\n \"I am pleased to say that we are prepared to work with\nBritish and American regulators,\" Gyohten said.\n He added that preliminary contacts had already been made in\nthe margin of the Bank for International Settlements (BIS) in\nBasle where central bank governors of western nations meet\nevery month.\n But proper negotiations were still some way off. \"We have to\nstart learning about the different situations in each country\nbefore we can start working towards joint rules,\" he said.\n \"I can't predict when or how we will reach conclusions,\" he\nadded.\n REUTER\n\u0003", "date": "12-MAR-1987 06:50:12.16", "places": [ "japan" ], "id": "4109" }, { "title": "GEORGIAN AVALANCHES AND FLOODS BRING DEATHS", "body": "Avalanches, landslides and floods have\nkilled almost 100 people since the start of the year in the\nSoviet Transcaucasian republic of Georgia, the official daily\nSotsialisticheskaya Industriya said.\n Some 16,000 people have been left homeless and 80,000\nhectares of arable land and plantations rendered useless, the\nnewspaper said. The figures are still preliminary, but it\nestimated total losses at over 300 mln roubles.\n It said a large number of livestock and birds were killed\nin the natural disaster and more than 1,800 km of roads needed\nrepairing.\n REUTER\n\u0003", "date": "12-MAR-1987 06:54:29.33", "places": [ "ussr" ], "id": "4110" }, { "title": " NINE MOS TO DEC 31", "body": "Shr loss 17.4 H.K. Cents (no comparison)\n Dividend nil (no comparison)\n Net loss 11.49 mln dlrs.\n Notes - Net excluded extraordinary losses 27.91 mln dlrs.\nProperty valuation reserve surplus 67 mln dlrs.\n Results reflected trading in subsidiary but excluded influence of a bulk of properties which the\nfirm bought late last year from Hongkong Land Co Ltd \nfor 1.4 billion dlrs.\n Company controlled by Bond Corp Holdings Ltd of Australia.\n REUTER\n\u0003", "date": "12-MAR-1987 07:00:12.59", "topics": [ "earn" ], "places": [ "hong-kong" ], "id": "4111" }, { "title": "ROWNTREE ISSUES CONVERTIBLE EUROSTERLING BOND", "body": "Rowntree Mackintosh Plc is\nissuing a 55 mln stg eurobond due March 31, 2002, paying an\nindicated coupon of 4-1/2 pct to five pct and priced at par,\nlead manager J Henry Schroder Wagg and Co Ltd said.\n Final terms on the issue will be fixed by March 16.\nDenominations are 1,000 stg and listing will be London.\n There is a put option on March 31, 1992, to yield 8-1/2 to\nnine pct and the bond is also callable by the borrower until\nMarch 31, 1988, at 106 pct, declining by one pct per annum\nthereafter to par. However the call will not be before 1992.\n REUTER\n\u0003", "date": "12-MAR-1987 07:00:47.67", "places": [ "uk" ], "id": "4112" }, { "title": "GERMAN PUBLIC AUTHORITY BUNDESBANK HOLDINGS FALL", "body": "The net position of federal states\nworsened in the first March week, cutting public authority net\nholdings at the Bundesbank by 500 mln marks, the central bank\nsaid.\n States' cash deposits at the central bank fell to 800 mln\nand they also drew down 1.2 billion marks in book credit, 900\nmln marks more than in the prior week.\n By contrast, however, the federal government was able to\nreduce its credit drawdown at the central bank by 900 mln marks\nto 900 mln.\n Despite the stronger states' net needs in the week, their\ncash position and other market dependent influences just about\nbalanced the outflow of liquidity from the money market through\nan increase in cash in circulation, the Bundesbank said.\n Cash in circulation rose by 1.4 billion marks in the week\nto 122.9 billion.\n Liquidity also came in through the maturing of short-term\ntreasury bills bought from the Bundesbank in the prior week.\n Gross currency reserves rose in the week by 400 mln marks\nto 109.9 billion. Foreign liabilities of the Bundesbank were\nlargely unchanged at 22.8 billion marks, giving a rise in net\ncurrency reserves of 400 mln to 87.0 billion, it said.\n The Bundesbank said its balance sheet total fell by 3.77\nbillion in the week to 218.45 billion.\n REUTER\n\u0003", "date": "12-MAR-1987 07:01:20.35", "topics": [ "reserves" ], "places": [ "west-germany" ], "id": "4113" }, { "title": "CANADA JANUARY TRADE SURPLUS 533 MLN DLRS AFTER DECEMBER 965 MLN DLRS SURPLUS\n", "date": "12-MAR-1987 07:07:47.87", "topics": [ "trade" ], "places": [ "canada" ], "id": "4114" }, { "title": "CANADA JANUARY TRADE SURPLUS 533 MLN DLRS", "body": "Canada had a trade surplus of 533 mln dlrs\nin January compared with an upward revised 965 mln dlrs surplus\nin December, Statistics Canada said.\n The December surplus originally was reported at 964 mln\ndlrs. The January surplus last year was 1.19 billion dlrs.\n January exports, seasonally adjusted, were 9.72 billion\ndlrs against 10.39 billion in December and 10.89 billion in\nJanuary, 1986.\n January imports were 9.19 billion dlrs against 9.43 billion\nin December and 9.71 billion in January 1986.\n Reuter\n\u0003", "date": "12-MAR-1987 07:09:26.65", "topics": [ "trade" ], "places": [ "canada" ], "id": "4115" }, { "title": "TOYOTA MOTOR CREDIT ISSUES 23 BILLION YEN BOND", "body": "Toyota Motor Credit Corp is issuing a 23\nbillion yen eurobond due April 10, 1992 paying 4-1/2 pct and\npriced at 101-1/2 pct, lead manager Nomura International Ltd\nsaid.\n The bond is available in denominations of one mln yen and\nwill be listed in Luxembourg. Payment is April 10.\n Fees comprise 1-1/4 pct selling concession and 5/8 pct for\nmanagement and underwriting combined.\n REUTER\n\u0003", "date": "12-MAR-1987 07:10:33.83", "places": [ "uk" ], "id": "4116" }, { "title": "HUNGARIAN 1987 SUGAR BEET AREA LITTLE CHANGED", "body": "Hungary is to grow sugar beet on\n105,000 hectares of land this year compared with some 95,000 in\n1986, the official MTI news agency said.\n Diplomats said this reflected Hungary's policy of keeping\nthe sugar beet area stable under the current five-year plan\n(1985-89) and producing enough to cover only domestic demand\ndespite the recent rise of world prices to 10 month highs.\n Drought cut the 1986 harvest to 3.58 mln tonnes from 4.07\nmln in 1985. But a record yield of 130 kilos per tonne of beet\nkept production at 454,000 tonnes, with 30,000 extra refined in\nYugoslavia from Hungarian beet. Output was 483,000 in 1985.\n REUTER\n\u0003", "date": "12-MAR-1987 07:12:48.83", "topics": [ "sugar" ], "places": [ "hungary" ], "id": "4117" }, { "title": "SALOMON RAISES SIZE OF CMO TO 350 MLN DLRS", "body": "Salomon Brothers international inc said\nit has raised the size of its Collateralised Mortgage\nObligation TRUST 23 to 350 mln dlrs from the 228 mln dlrs\nannounced yesterday.\n All other terms of the issue remain the same, Salomon said.\n REUTER\n\u0003", "date": "12-MAR-1987 07:13:25.86", "places": [ "uk" ], "id": "4118" }, { "title": "JAPAN TO SELL 200 BILLION YEN IN BILLS, TRADERS", "body": "The Bank of Japan will sell tomorrow 200\nbillion yen of financing bills under a 50-day repurchase\nagreement maturing on May 2, to help absorb a projected money\nmarket surplus due largely to distribution of local allocation\ntax ahead of the March 31 fiscal year-end, money traders said.\n The yield on the bills for sales to banks and securities\nhouses from money houses will be 3.9496 pct against the 3.9375\npct discount rate for two-month commercial bills and the\n4.46/37 pct yield today on two-month certificates of deposit.\n The operation will put outstanding bill supply at about\n1,500 billion yen.\n REUTER\n\u0003", "date": "12-MAR-1987 07:15:50.83", "places": [ "japan" ], "id": "4119" }, { "title": "KIDSTON SAYS HIGHER NET REFLECTS GOLD SALE RISE", "body": " attributed\nthe rise in 1986 net profit to higher prices and an increase in\ngold sales to 237,969 ounces from 206,467 ounces in 1985.\n The offshoot, which operates\nAustralia's largest gold mine, in North Queensland, earlier\nreported net profit rose to 60.50 mln dlrs from 50.76 mln in\nthe 1985 period of 10 months from the start of production.\n Sales of silver also rose to 165,968 ounces from 109,516.\n Kidston said in a statement it will spend about 5.5 mln\ndlrs to upgrade its mill grinding circuit to a mill-ball,\nmill-crushing circuit to boost output by 25 pct from end-1987.\n REUTER\n\u0003", "date": "12-MAR-1987 07:16:20.36", "topics": [ "earn" ], "places": [ "australia" ], "id": "4120" }, { "title": " SVENSKA HANDELSBANKEN TO START FUTURES TRADING", "body": "Sweden's second largest bank Svenska\nHandelsbanken said it will launch trading in share\nfutures with fixed maturity dates from March 19.\n Trading will start in four stocks -- Svenska Cellulosa AB\n (SCA), Forsakrings AB Skandia , AB Volvo\n and Pharmacia AB . Each futures contract is\nfor 1,000 shares and with fixed terms of three and six months.\n The bank did not say whether the futures instruments will\nbe open to foreign investors, who are only allowed to own\nso-called unrestricted shares in Swedish companies.\n The Swedish Central Bank last month gave the go-ahead for\nforeigners to trade in share options, but said such approval\nwill only be given on an individual basis.\n The Handelsbanken scheme, aimed at mainly institutional\ninvestors, is only the latest of several novelties introduced\non Sweden's fast-growing financial markets in recent years.\n The country's private options exchange is already the\nworld's fifth largest and tomorrow a rival market, the Sweden\nOptions and Futures Exchange (SOFE), will begin trading.\n SOFE will also launch a market for share index futures this\nspring.\n REUTER\n\u0003", "date": "12-MAR-1987 07:16:46.84", "places": [ "sweden" ], "id": "4121" }, { "title": "BULLETIN SAYS TIN PRICE MAY RISE TO 20 RINGGIT", "body": "The tin price is likely to rise to\n20 ringgit a kilo this year because of the producers' accord on\nexport quotas and the reluctance of brokers and banks to sell\nthe metal at lower prices, a Malaysian government bulletin\nsaid.\n The Malaysian Tin bulletin said it is in producers'\ninterest to keep to their quotas to limit total exports to\n90,000 tonnes and to gradually deplete the 80,000 tonnes\noverhang.\n It said consumption by industrialised countries should stay\nat 160,000 tonnes and that International Tin Council creditors\nand brokers are not likely to dump their stocks excessively\nunless there is a large and abrupt price jump.\n The continued depreciation of the dollar could also help\npush up the price of tin, the bulletin said.\n A depreciation of the dollar means the depreciation of the\nringgit which is closely pegged to it, making the price of tin\ncheaper in sterling terms, it added.\n \"Even in the absence of economic rationale in the tin\nmarket, psychological optimism alone is sufficient to secure a\nprice recovery of up to 20 ringgit per kilo,\" the bulletin said.\n REUTER\n\u0003", "date": "12-MAR-1987 07:17:55.57", "topics": [ "tin" ], "places": [ "malaysia" ], "id": "4122" }, { "title": " 1986 YEAR", "body": "Shr 48.4 cents vs 40.6\n Yr div 37 cents vs 15\n Net 60.50 mln dlrs vs 50.76 mln\n Turnover 134.54 mln vs 100.63 mln\n Other income 1.02 mln vs 920,000\n Shrs 125 mln vs same.\n NOTE - Company paid total 37 cents in previously declared\nquarterly divs vs 15. Net is after tax 173,000 dlrs vs 285,000,\ninterest 9.67 mln vs 8.05 mln and depreciation 11.76 mln vs\n9.59 mln.\n REUTER\n\u0003", "date": "12-MAR-1987 07:18:34.73", "topics": [ "earn" ], "places": [ "australia" ], "id": "4123" }, { "title": "MOSCOW CARRIES OUT NUCLEAR TEST", "body": "The Soviet Union carried out a nuclear\ntest early today, the official Tass news agency reported.\n According to the report, monitored by the British\nBroadcasting Corporation, the explosion was at 0200 gmt.\n A blast on February 26 ended a 19-month unilateral test\nmoratorium declared by the Soviet Union. Moscow blamed the end\nof the freeze on U.S. Refusal to join a total test ban.\n Tass said the latest explosion, with a power of up to 20\nkilotonnes, had \"the aim of improving military equipment.\"\n REUTER\n\u0003", "date": "12-MAR-1987 07:19:07.41", "places": [ "ussr" ], "id": "4124" }, { "title": "CHINA CLOSES SECOND ROUND OF OFFSHORE OIL BIDS", "body": "China has closed the second round of\nbidding by foreign firms for offshore oil exploration rights,\nthe China Daily has reported.\n It quoted a spokesman for the China National Offshore Oil\nCorp (CNOOC) as saying China signed eight contracts with 15\nforeign firms for blocks in the Pearl River mouth and south\nYellow Sea covering a total area of 44,913 sq km.\n Second round bidding began at the end of 1984 and only one\nwell has so far produced results -- Lufeng 13-1-1, 250 km\nsouth-east of Shenzhen, with an output of 6,770 barrels a day.\nThe well was drilled by a group of Japanese companies.\n The spokesman added CNOOC was ready to enter into contracts\nfor offshore blocks before third round bidding began. He did\nnot say when this would be, but added the contracts would not\nbe bound by restrictions imposed during the second round.\n China has signed 36 oil contracts and agreements with 37\ncompanies from 10 countries since 1979, when offshore\nexploration was open to foreigners. Eleven contracts were\nterminated after no oil was discovered.\n Foreign firms have invested 2.1 billion dlrs on offshore\nChina since 1979.\n REUTER\n\u0003", "date": "12-MAR-1987 07:20:31.83", "topics": [ "crude" ], "places": [ "china" ], "id": "4125" }, { "title": "ECUADOR SEEKS HALT TO PAYMENTS TO BANKS IN 1987", "body": "Ecuador, stricken by a severe earthquake,\nis seeking through negotiations with private foreign banks to\npostpone all payments due to them for the rest of the year,\nFinance Minister Domingo Cordovez said.\n He said in a statement, \"The idea with the foreign banks is\nto obtain from them the best terms to give the Ecuadorean\neconomy a complete relief in the period of deferral of payments\non the foreign debt during the present year.\"\n The statement referred only to payments due to private\nforeign banks, a senior government finance official told\nReuters.\n These creditors hold two-thirds of Ecuador's foreign debt\nwhich totals 8.16 billion dlrs.\n It did not refer to debts maturing to foreign governments\nand multilateral lending agencies, accounting for the remainder\nof Ecuador's foreign debt, the official said.\n He said Ecuador owed the private foreign banks between 450\nand 500 mln dlrs in interest payments for the rest of 1987 and\nabout 66 mln in principal payments maturing this year.\n Cordovez said Ecuador would seek new loans from\nmultilateral organisations. A World Bank mission was due here\nsoon to evaluate emergency loans, government officials said.\n Ecuador has also appealed for emergency aid from about 40\nforeign governments.\n Government officials have calculated losses to the 1987\nbudget from last Thursday's earthquake at 926 mln dlrs.\n In 1986, Ecuador's total service on the foreign debt was\nabout 996 mln dlrs to all creditors.\n The quake ruptured Ecuador's main oil pipeline, suspending\ncrude exports for five months until the line is repaired. Oil\naccounts for up to two-thirds of its total exports and up to 60\npct of total revenues. Before the tremor, Ecuador suspended\ninterest payments on January 31 to private foreign banks.\n Officials said they stopped interest payments due to a\ncash-flow squeeze stemming from a slide in world oil prices,\nwhich cut 1986 exports by about 25 pct to 2.18 billion dlrs.\n Ecuadorean finance officials have been in telephone contact\nevery day this week with some of the banks who sit on its\n14-bank advisory committee, the senior government finance\nofficial said. The committee represents the country's 400 or so\nprivate foreign bank creditors.\n Cordovez also said in the statement, \"The banks should\nperceive that it is impossible at this moment to comply with\nwhat was forseen.\"\n Cordovez added, Ecuador must make a new proposal in line\nwith the reality since the earthquake by seeking better options\nof deferment and of softening the negotiation conditions.\"\n Interest payments fall due at least monthly to private\nforeign banks.\n Ecuador's initial proposal earlier this year was to make\nonly one semi-annual or one annual interest payment this year.\n Under this proposal, it sought to defer interest payments\nuntil June at the earliest, foreign bankers and government\nofficials here said.\n Ecuadorean officials held their last formal meeting with\nthe advisory committee in New York in January, but the\nnegotiations were suspended on January 16 due to the 12-hour\nkidnapping of President Leon Febres Cordero by air force\nparatroopers.\n The Red Cross says that least 300 people died and at least\n4,000 are missing due to the earthquake.\n REUTER\n\u0003", "date": "12-MAR-1987 07:22:10.47", "places": [ "ecuador" ], "id": "4126" }, { "title": "LEIGH-PEMBERTON OPPOSES TAKEOVER PROTECTION RULES", "body": "The Bank of England does not favour the\nintroduction of rules to shield companies from hostile takeover\nattempts, its governor, Robin Leigh-Pemberton, said.\n Instead, merchant banks advising bidding companies must\nshow restraint and responsibility to avoid the excesses that\nhave marred recent takeovers, he told the Yorkshire and\nHumberside Regional Confederation of British Industries' annual\ndinner.\n Leigh-Pemberton also called on companies to improve ties\nwith institutional investors, suggesting representatives of\nthose institutions be granted seats on the boards of directors\nof companies they invest in.\n \"Boards cannot expect protection from unwelcome predators,\nfor that is but a short step from saying that they should be\nprotected from their own shareholders -- who are, after all,\nthe proprietors of the company,\" Leigh-Pemberton said.\n He added takeovers and mergers had an important role to\nplay in furthering economies of scale, integration and more\nefficient market penetration. \"The degree of success or failure\n(of a takeover) has not in my experience depended on whether or\nnot the takeover was contested,\" he said.\n Leigh-Pemberton noted there had been excesses in takeover\nactivity in the recent past. \"The aim is to pressurise a\ncompany's management into action dedicated solely to a\nfavourable impact on the share price in the short-term, partly\nor even primarily at the expense of the future,\" he said.\n Such bids \"often depend for their success on creating a\nhighly-charged and artificial situation in the share market,\nand give rise to temptations, on both sides of the battle, to\nengage in aggressive, even manipulative tactics that are\nimmensely damaging to the interest of the shareholders,\" he\nsaid.\n In a clear reference recent events, he said \"those in the\nCity who act for companies or individuals .. Must, I suggest,\nbe ready to accept a full measure of responsibility -- even if\nit entails opprobrium -- for the transactions that may result.\"\n They \"should exercise the most careful judgment at the\noutset with respect to the clients for whom they act and the\nactivities contenplated. Those who sow wind cannot expect the\nwhirlwind to visit elsewhere,\" he added.\n REUTER\n\u0003", "date": "12-MAR-1987 07:26:54.30", "topics": [ "acq" ], "places": [ "uk" ], "id": "4127" }, { "title": "JAPAN RELAXES RULES ON SECURITIES COMPANY OUTLETS", "body": "Japan has relaxed its limit on the\nestablishment of securities company outlets in order to service\na growing number of individual investors, the Finance Ministry\nsaid.\n Japanese securities companies can now set up as many as 21\nnew outlets in the two years before March 31, 1989, against the\nprevious maximum of 13.\n The rules apply to outlets in department stores,\nsupermarkets and other locations convenient for individuals.\n Foreign securities firms are not affected by the ruling, it\nsaid.\n REUTER\n\u0003", "date": "12-MAR-1987 07:29:34.82", "places": [ "japan" ], "id": "4128" }, { "title": "ECUADOR TO ASK OPEC TO RAISE EXPORT QUOTA", "body": "Ecuador will ask OPEC to raise its oil\nexport quota by 100,000 barrels per day to 310,000 to\ncompensate for lost output due to last week's earthquake,\ndeputy Energy Minister Fernando Santos Alvite said.\n Santos Alvite, who arrived in Caracas last night to discuss\nan aid plan for Ecuador, did not say when the Organisation of\nPetroleum Exporting Countries (OPEC) would be approached.\n The additional output would be related to plans now under\ndiscussion for Venezuela and Mexico to lend Ecuador crude while\nit repairs a pipeline damaged by the quake.\n Earlier, Venezuelan Energy and Mines Minister Aturo\nHernandez Grisanti said his country would supply an unspecified\npart of Ecuador's export commitments.\n But Santos Alvite told reporters he hoped a first cargo of\n300,000 barrels could leave Maracaibo this weekend to supply\nrefineries near Guayaquil. He added Ecuador also wanted to make\nup for 50,000 bpd it shipped to Caribbean destinations. Mexico\nmight supply Ecuador's South Korean market.\n Ecuador may be unable to export oil for up to five months\ndue to extensive damage to a 25 mile stretch of pipeline\nlinking jungle oilfields to the Pacific port of Balao.\n REUTER\n\u0003", "date": "12-MAR-1987 07:30:32.23", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "ecuador" ], "id": "4129" }, { "title": "ECONOMIC SPOTLIGHT - PARIS BOURSE REFORM", "body": "French stockbrokers will lose their\njealously guarded 180-year-old monopoly of share trading over\nthe next five years under reforms announced on Tuesday by\nFinance Minister Edouard Balladur.\n But with the prospect of fresh money flooding into their\nseriously under-capitalised share trading business, there were\nfew signs of regret over the gradual passing of an era.\n \"It is a question of survival after London's Big Bang,\" said\nprivate market analyst Edouard Cointreau.\n Balladur said the long-expected reform of the Bourse\nstructure will progressively allow domestic and foreign banks\nto buy stakes in stockbrokers' capital, while at the same time\nbrokers will be allowed access to the money markets.\n The project foresees free access to the Bourse by January\n1, 1992, the date set for the opening of a unified European\nfinancial market.\n The planned reform, expected to be put before Parliament\nbefore the end of the Spring session, will open up the capital\nof the 45 Paris and 15 regional stockbroker houses in three\nstages beginning on January 1 next year.\n The aim of the move, following the examples of Tokyo and\nLondon in opening up their tightly-controlled membership, was\n\"to take up the challenge of European financial integration and\nfierce international competition,\" Balladur announced.\n Cointreau, founder and chairman of the private market\nanalysis company Centre d'Observation et de Prospective\nSociales (COPS), said the reform was a natural development.\n \"The Paris market is rising but that cannot go on for ever.\nThe brokers know it's a good time to sell part of their\nbusiness,\" he told Reuters.\n The reform was inevitable given the European Community\ndirective, said Ben Williams of Paris brokerage house\nFauchier-Magnan. \"From a French point of view one cannot be very\ndisappointed,\" he said, \"but some brokers must be a bit worried\nas it is not entirely evident that all brokerage houses are\nworth a lot of money.\"\n He said that with the expansion of the market generally\nhere quality brokerage staff would do very well out of the\nreforms in salary terms. \"But on the whole expertise is not very\ndeep and the banks already have a lot of such expertise.\"\n Dealers agreed generally that by allowing brokers to\nreinforce their equity capital, the reform was expected to\nimprove their ability to take large positions in stocks and\nbolster the liquidity of the Paris market.\n The French Banking Association, grouping domestic and\nforeign banks operating here, welcomed the reforms. French\nbanks, which only won direct access to the bond markets last\nSeptember, have never been happy with the stockbrokers'\ncontinuing monopoly on share trading.\n Brokers said it was too soon to say what form links with\nother foreign brokerage houses and banks might take. \"Nobody is\nwilling to talk about this yet but one can be sure that\nalliances have been formed over the past years,\" Williams said.\n Some brokers said the opening up of their capital to banks\ncould pose questions such as whether the major banks might all\naim for stakes in the most prestigious and best-performing\nbrokerage houses, or whether the smaller houses might be\ntargetted for swallowing up to give banks an easy entry onto\nthe Bourse.\n Individual banks were reticent over likely strategy with\ntheir future partners. \"Discussions will get underway soon but\nno specific choice (of broker) has been made yet,\" a spokesman\nfor Credit Lyonnais who declined to be named said.\n Balladur's project does not touch on dealing commissions\nbut many dealers said the question had to be addressed since\ncurrent bank commission was higher than that of brokers because\nbanks, who cannot deal directly in shares, have to pay a fee to\nthe broker they use for customer trading.\n According to a study by the Bourse official watchdog body\nCOB in January, dealing fees on a transaction in shares for a\ngross total of 1,000 francs were 14.86 pct if the order was\nplaced directly by a broker, against 20.79 pct for the same\norder passed through a bank.\n Xavier Dupont, Chairman of the Stockbrokers' Association,\nsaid the reform would not mean an end to the fixed scale of\ncommissions. He said the overall reform would give the French\nfinancial markets a \"dynamic and efficient organisation.\" But as\nboth brokers and bankers commented, \"let's wait and see.\"\n REUTER\n\u0003", "date": "12-MAR-1987 07:34:26.59", "places": [ "france" ], "id": "4130" }, { "title": "U.K. MONEY MARKET GIVEN FURTHER 442 MLN STG HELP", "body": "The Bank of England said it provided the\nmarket with a further 442 mln stg assistance during the morning\nto offset a liquidity shortage it estimated at 1.60 billion\nstg, revised up from 1.55 billion\n The bank bought outright eight mln stg of band one treasury\nbills and five mln stg of band one bank bills at 10-3/8 pct.\n It bought a further 429 mln stg of bills for resale to the\ndiscount houses on April 2 at an interest rate of 10-7/16 pct.\n So far today, the bank has given the market assistance\nworth a total of 1.501 billion stg.\n REUTER\n\u0003", "date": "12-MAR-1987 07:40:17.27", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "4131" }, { "title": "JACOBS SUCHARD EXPECTS ANOTHER EXCELLENT YEAR", "body": "Jacobs Suchard AG hopes for\nanother excellent year in 1987 after a 27 pct increase in 1986\nnet profit. Results in the first few months show it heading in\nthe right direction, company president Klaus Jacobs said.\n The group reported 1986 net profit of 190.9 mln Swiss\nfrancs compared with 150.4 mln in 1985 and raised its dividend\nper bearer share to 160 francs from 155 francs.\n Jacobs said the increase in profit, which far exceeded the\ncompany's target of five pct real annual growth, had been made\npossible by restructuring measures introduced in January 1986\nwhich had also made some major acquisitions possible last year.\n Hermann Pohl, general director in charge of economic\naffairs, said the 2.7 pct decline in group turnover to 5.24\nbillion francs was due to currency factors.\n A 5.2 pct negative currency influence was partially offset\nby growth in operations and by structural changes within the\ngroup.\n Turnover in the coffee business fell to 3.10 billion francs\nfrom 3.56 billion in 1985 while turnover in the chocolate\nsector rose to 2.14 billion francs from 1.82 billion. The\ntonnage sold in both sectors declined due to higher prices and\nlower consumer demand, especially in France and West Germany.\n Jacobs Suchard increased its market share in West Germany\nto 44.9 pct from 39.9 pct in 1985, largely as a result of\nacquisitions. Market share in France was little changed at 25\npct against 25.3 pct.\n Pohl said the group's average tax rate rose to 32.5 pct\nfrom 28.8 pct because of the higher profits and despite\nwrite-offs on the losses of new acquisitions. A further\nincrease in tax levels was expected in future.\n Taxes jumped 51.3 pct to 92 mln francs in 1986 from 61 mln\nthe previous year.\n REUTER\n\u0003", "date": "12-MAR-1987 07:48:29.24", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "4132" }, { "title": "JAPAN FIRM PLANS TO SELL U.S. FARMLAND TO JAPANESE", "body": "A Japanese real estate company\nsaid it will launch a campaign to sell land in U.S. Farming\nareas to rich Japanese.\n Higashi Nippon House said it would offer around 2,200 acres\nof land in Illinois, California, Florida and Indiana from early\nApril to gauge response. It set up International Farm Corp of\nAmerica in Chicago last September to oversee the operation.\n American farmers would continue as working tenants and part\nof the profits from harvests of rice, corn, soybean and oranges\nwould go to the Japanese investors as rental.\n Japanese Agriculture Ministry officials told Reuters sales\nwere limited to farmers to keep land in agricultural use.\n \"Two years ago, I began to seek my own farmland in Japan,\"\nsaid Isao Nakamura, president of Higashi Nippon. \"However, sale\nof Japanese farmland is strictly controlled by the government,\nso I began to look for the land in the U.S to make my dream to\nown farm land come true.\"\n Nakamura said hundreds of companies exist in the U.S. To\nsell farmland to investors as more and more farmers face\ndifficulties due to the recession in U.S. Agriculture.\n REUTER\n\u0003", "date": "12-MAR-1987 07:50:16.21", "topics": [ "grain", "corn", "rice", "oilseed", "soybean", "orange" ], "places": [ "japan", "usa" ], "id": "4133" }, { "title": "FIAT HAS NO COMMENT ON REPORTED BOND ISSUE PLAN", "body": "Fiat SpA declined to confirm or\ndeny an Italian newspaper report that it was studying the\npossibility of issuing a convertible bond.\n The Milan daily, Il Giornale, said a convertible bond issue\nwas under study but gave no details.\n A Fiat spokesman contacted by Reuters said only that the\nreport was \"one of the typical rumours which circulate on the\nbourse.\"\n Senior sources at the Milan investment bank Sige, which Il\nGiornale said was involved in the planning along with\nMediobanca - Banca di Credito Finanziario SpA and IMI -\nIstituto Mobiliare Italiano, said they were unaware of any such\nproject.\n REUTER\n\u0003", "date": "12-MAR-1987 07:51:54.96", "places": [ "italy" ], "id": "4134" }, { "title": "TAFT REJECTS 145 DLR/SHR OFFER", "body": "Taft Broadacasting Co said its\nboard of directors unanimously decided not to accept the\npending buyout proposal of , an investor group led\nby Dudley Taft.\n The decision was based on, among other things, the advice\nof its financial advisors, Goldman Sachs and Co, that the offer\nof 145 dlrs per share was inadequate.\n Taft said the board concluded that the offer failed to\nrecognize fully the future propsects of the company and\ndirected management to explore alternatives including possible\nfinancial restructuring.\n Reuter\n\u0003", "date": "12-MAR-1987 08:06:42.75", "topics": [ "acq" ], "places": [ "usa" ], "id": "4135" }, { "title": "DRESDNER BANK UNIT SAYS NOT WORRIED ON BRAZIL DEBT", "body": "Deutsch-Suedamerikanische Bank AG, a\nwholly owned subsidiary of Dresdner Bank AG , said it\nwas not worried about Brazil stopping its interest payments.\n Board member Herbert Mittendorf told a news conference that\nBrazil's example was unlikely to be followed by other Latin\nAmerican countries.\n He pointed out that the region's debt rose by only 2.8 pct\nlast year to a total 396 billion dlrs. The countries' efforts\nto further economic growth and to consolidate budgets were \"not\nunsuccessful.\" But the slump in oil prices and the decline in\ncommodity prices hampered these efforts, he said.\n Latin American countries' exports fell last year by about\n16 pct to 80 billion dlrs, with imports declining slightly to\naround 65 billion dlrs, Mittendorf said.\n The region's 1986 trade surplus was halved to an estimated\n15 billion dlrs, he said. The cut in exchange earnings of oil\nexporting countries was only partly offset by the advantages\ngained by the region's oil importing states, he noted.\n The region's principal debtors are Brazil and Mexico, each\nowing about 100 billion dlrs at the end of last year, followed\nby Argentina with around 49 billion dlrs, Venezuela with 33\nbillion and Chile with 20 billion dlrs debt.\n Deutsch-Suedamerikanische Bank welcomed Mexico joining the\nGeneral Agreement on Tariffs and Trade (GATT) in mid 1986,\nwhich it saw as an effort to integrate the country to a larger\nextent into the world economy.\n However, realistic exchange rates were needed if the debtor\ncountries were to compete in the world market, Mittendorf said.\n In this respect an easing of protectionist barriers was\nimperative, he said.\n The conversion of debt into equity was regarded as an\nimportant additional step towards debt consolidation.\n West German exports to Latin America declined by 4.1 pct in\n1986 to 11 billion marks. Shipments to Mexico fell 19 pct to\n1.9 billion marks and to Colombia by 15 pct to 600 mln marks,\nMittendorf said.\n Exports to Bolivia, Chile, Ecuador and Central America were\nalso lower last year than in 1985, while shipments to Brazil\nrose 11.5 pct to around two billion marks. Exports to Argentina\nwent up by over three pct to 1.5 billion marks and those to\nParaguay surged by 42 pct to 106 mln marks, he said.\n Brazil was West Germany's main Latin American supplier, but\nshipments fell to 4.4 billion marks from 6.4 billion in 1985.\n REUTER\n\u0003", "date": "12-MAR-1987 08:09:13.33", "places": [ "west-germany", "brazil", "mexico" ], "id": "4136" }, { "title": "U.K. GILT MARKET TURNOVER EASES IN FEBRUARY", "body": "Turnover in the U.K. Government bond\n(gilt) market in February slipped to 81.25 billion stg from\nJanuary's 83.37 billion, although it was 165 pct higher than\nthe 30.63 billion in February 1986, the Stock Exchange said.\n The Stock Exchange noted, however, that turnover between\nbond market-makers through the inter-dealer broker (IDB) screen\nsystem, as distinct from business with outside clients, has\nonly been included from October 1986, meaning that prior data\nis not strictly comparable with recent figures.\n The contribution to overall February, 1987 volume from IDB\n business was 43.10 billion stg, against 43.19 in January.\n In the 20 trading days of February, the average daily\nvolume of business was 4.06 billion stg, against an average of\n3.97 billion in January, which had 21 trading days.\n Total Stock Exchange turnover for the month was 116.73\nbillion stg, marginally higher than the 116.65 billion recorded\nin January but 129 pct more than the 50.92 billion of February\n1986.\n REUTER\n\u0003", "date": "12-MAR-1987 08:15:55.79", "places": [ "uk" ], "id": "4137" }, { "title": "PAKISTAN COULD IMPORT 100,000 TONNES OF PALM OIL", "body": "Pakistan is likely to import 100,000\ntonnes of refined, bleached and deodorised palm oil between\nApril and June this year, vegetable oil dealers said.\n They said the import would be financed by the Islamic\nDevelopment Bank (IDB) which signed an agreement with Pakistan\nearlier this week in Jeddah, Saudi Arabia.\n Pakistan had imported 600,000 tonnes of edible oil since\nthe beginning of the current financial year last July, they\nadded. The palm oil would come from Malaysia or Indonesia.\n REUTER\n\u0003", "date": "12-MAR-1987 08:20:06.05", "topics": [ "veg-oil", "palm-oil" ], "places": [ "pakistan" ], "id": "4138" }, { "title": "TREASURY SECRETARY BAKER DECLINES COMMENT ON G-6", "body": "U.S. Treasury Secretary James Baker\ndeclined comment on the February 22 Paris accord between the\nsix major industrial nations under which they agreed to foster\nexchange rate stability.\n Asked by reporters after a speech before the National\nFitness Foundation banquet what, if any, currency intervention\nlevels had been set in Paris, Baker replied: \"We never talk\nabout intervention.\"\n Baker also declined to comment on his views about the\nforeign exchange markets' reaction to the accord.\n Reuter\n\u0003", "date": "12-MAR-1987 08:20:55.91", "topics": [ "money-fx" ], "places": [ "usa" ], "id": "4139" }, { "title": "JENNIFER CONVERTIBLES INITIAL OFFER STARTS", "body": "Jennifer Convertibles Inc said an\ninitial public offering of 500,000 units is underway at eight\ndlrs each through underwriters led by Evans and Co Inc.\n Each unit consists of two common shares and one redeemable\nClass A warrant enabling the holder to buy one common share at\nfive dlrs until March 11, 1992.\n The shares and warrants are immediately separately\ntransferable.\n Reuter\n\u0003", "date": "12-MAR-1987 08:21:05.89", "places": [ "usa" ], "id": "4140" }, { "title": "BEL FUSE INC 4TH QTR NET", "body": "Shr 22 cts vs 13 cts\n Net 1,063,000 vs 639,000\n Sales 7,489,000 vs 4,656,000\n Year\n Shr 55 cts vs 28 cts\n Net 2,633,000 vs 1,343,000\n Sales 23.3 mln vs 17.9 mln\n Reuter\n\u0003", "date": "12-MAR-1987 08:21:21.00", "topics": [ "earn" ], "places": [ "usa" ], "id": "4141" }, { "title": "SOUTHWEST REALTY YEAR LOSS", "body": "Shr loss 44 cts vs profit 1.13 dlrs\n Net loss 1,544,000 vs profit 3,912,000\n NOTE: Cash flow 1,010,000 dlrs or 29 cts shr vs 2,835,000\ndlrs or 82 cts shr.\n Reuter\n\u0003", "date": "12-MAR-1987 08:21:26.01", "topics": [ "earn" ], "places": [ "usa" ], "id": "4142" }, { "title": "SOUTHWEST REALTY HAS LIQUIDITY PROBLEMS", "body": "Southwest Realty Ltd said it believes it\ncould make all of its scheduled montly debt service payments\nfor 1987 despite the falloff in its rental operations, but\nmaking the payments would probably severely impair its\nliquidity and restrict its ability to maintain the quality of\nits properties.\n The company today reported a 1986 loss of 1,544,000 dlrs\ncompared with a 1985 profit of 3,912,000 dlrs.\n Southwest said in addition to its monthly scheduyled debt\nservice payments, a 1,743,000 dlr loan on one of its Houston\nproperties is due to mature on April One.\n Southwest said a commitment to reduce the interest rate and\nextend the Houston loan for one year has been accepted.\n It said talks are underway with lenders on other Houston\nproperties to obtain partial debt service moratoriums which, if\ngranted, would cut 1987 cash deficits from 1986 levels. The\nloan renegotiations could involve bankruptcy or other\nlitigation connected with the specific properties involved and\ncould involve the suspension of interest and principal payments\nto some of the lenders. Southwest said if the attempts to\nrestructure debt do not succeed, it could lose one or more of\nthe properties.\n Southwest said the Houston properties made up about 10 pct\nof its current value equity as of December 31 of 14.20 dlrs per\nshare, down from 16.68 dlrs a year before.\n The company said depending on the success of the talks and\noperating results for 1987, one or two more properties could\nbecome subject to similar negotiations. The two additional\nproperties comprised about 11 pct of its current value equity\nat year-end, Southwest said.\n Reuter\n\u0003", "date": "12-MAR-1987 08:21:38.02", "topics": [ "earn" ], "places": [ "usa" ], "id": "4143" }, { "title": "D.H. HOLMES CO LTD SETS PAYOUT", "body": "Qtly div 12-1/2 cts vs 12-1/2 cts prior\n Pay April One\n Record March 20\n Reuter\n\u0003", "date": "12-MAR-1987 08:22:13.79", "topics": [ "earn" ], "places": [ "usa" ], "id": "4144" }, { "title": "POPE EVANS REPURCHASES SHARES", "body": "Pope, Evans and Robbins Inc said it\nhas repurchased 780,000 common shares from Putnam Mills Corp\nprincipals Sidney and Peter Kaplan for 2.25 dlrs per share.\n It said the purchase price will be applied against the\n1,700,000 dlrs Putnam Mills currently owes Pope Evans for\nmerchandise. Pope Evans has about 7.6 mln shares outstanding.\n The company also said it has agreed in principle to acquire\nprivately-held Pat Fashions Industries Inc for 18 mln dlrs in\ncash and notes, with financing to come partly from bank\nborrowings, subject to approval by the Pope Evans board and Pat\nshareholders.\n Pat Fashions imports apparel from the Far East and makes\napparel domestically as well. In the year ended November 30,\nPat earned 5,400,000 dlrs pretax on sales of 83.0 mln dlrs.\n Reuter\n\u0003", "date": "12-MAR-1987 08:24:35.74", "topics": [ "acq" ], "places": [ "usa" ], "id": "4145" }, { "title": "BAIRD GETS TEMPORARY RESTRAINING ORDER", "body": "Baird Corp said the Massachusetts state\ncourt for Suffolk county has granted it a temporary restraining\norder prohibiting Mark IV Industries Inc from further\npurchases of Baird stock until Mark IV complies with the\nMassachusetts Anti-Takeover Statute.\n The company said Mark IV currently owns at least 17.6 pct\nof Baird stock and has indicated that it may attempt to acquire\nBaird.\n Baird said the U.S. District Court in Boston has denied\nMark IV's application for a temporary restraining order to\nprevent enforcement of the Massachusetts takeover law.\n Reuter\n\u0003", "date": "12-MAR-1987 08:25:33.47", "topics": [ "acq" ], "places": [ "usa" ], "id": "4146" }, { "title": "JACOBS SUCHARD SEES 100,000 TONNE COCOA SURPLUS", "body": "Jacobs Suchard AG expects a world cocoa\nsurplus of around 100,000 tonnes in 1987 compared with a\n104,000 tonne surplus in 1986, Jens Sroka, head of commodity\nbuying, told a news conference.\n The company expects prices to remain at around current\nlevels despite the likelihood of agreement on buffer stock\nrules at the forthcoming London cocoa talks, and believes\nmarket intervention by the buffer stock manager would stabilise\nprices.\n Sroka said world coffee prices are expected to remain weak\nif any international coffee talks fail to produce agreement.\n Sroka said stagnating consumption and slight overproduction\nwill continue to weigh on coffee prices and he forecast a\ncontinued build-up in stocks.\n The recent failure of the London coffee talks had surprised\nmarket observers.\n Unless reason prevails and the major producers return to\nthe conference table, the world coffee market will remain free\nand the consequences for some producers dependant on coffee for\ntheir foreign exchange earnings would be catastrophic, Sroka\nadded.\n REUTER\n\u0003", "date": "12-MAR-1987 08:25:44.41", "topics": [ "cocoa", "coffee" ], "places": [ "switzerland" ], "id": "4147" }, { "title": "DUDLEY TAFT AND NARRAGANSETT CAPITAL TO PURSUE TAFT BROADCASTING BID\n", "date": "12-MAR-1987 08:26:04.18", "topics": [ "acq" ], "id": "4148" }, { "title": "GENERAL MINING UNION CORP LTD (GENM.J) YEAR NET", "body": "Shr 616 cts vs 481\n Final div 150 cts vs 140, making 230 vs 195\n Pre-tax 705.4 mln rand vs 485.2 mln\n Net 591.7 mln vs 458.0 mln\n Tax 79.2 mln vs 82.2 mln\n Attrib to outside shareholders 123.7 mln vs 52.3 mln\n Reuter\n\u0003", "date": "12-MAR-1987 08:26:44.35", "topics": [ "earn" ], "places": [ "south-africa" ], "id": "4149" }, { "title": "U.S. RETAIL SALES ROSE 4.1 PCT IN FEB, NON-AUTO SALES ROSE 1.5 PCT\n", "date": "12-MAR-1987 08:31:00.00", "topics": [ "retail" ], "places": [ "usa" ], "id": "4150" }, { "title": "CALIFORNIA WORKERS END LONG CANNERY STRIKE", "body": "An 18-month strike against\nWatsonville Canning and Frozen Foods, one of California's\nlargest food processors, ended with workers overwhelmingly\nratifying a new contract.\n More than 1,000 workers walked off their jobs in September\n1985 after Watsonville Canning cut their wages from 6.66 dlrs\nan hour to 4.85 dlrs.\n Watsonville declared bankruptcy last week and the cannery\nwas taken over by Norcal Frozen Foods Inc., a consortium of\ngrowers. A spokeswoman for Teamsters Local 912 said the workers\nvoted 543-21 in favor of a new contract.\n The Norcal offer provides a 5.85 dlrs-per-hour wage with no\nadditional benefits for most workers for up to three years.\n Reuter\n\u0003", "date": "12-MAR-1987 08:31:27.61", "places": [ "usa" ], "id": "4151" }, { "title": "U.S. RETAIL SALES RISE 4.1 PCT IN FEBRUARY", "body": "U.S. retail sales rose 4.77 billion\ndlrs, or 4.1 pct, in February to a seasonally adjusted 122.29\nbillion dlrs, the Commerce Department said.\n The increase came after a revised 7.4 pct drop in January\nsales to a level of 117.52 billion dlrs. The department\npreviously reported January retail sales fell 5.8 pct.\n Excluding autos, retail sales in February were up 1.5 pct\nafter falling by a revised 0.4 pct in January.\n Department spokesmen said the major cause for the revision\ndownward in January sales was a weaker January auto dealer\nsales figure than originally estimated.\n Auto dealer sales were 26.91 billion dlrs in February, a\n14.4 pct rise from January levels. But January sales dropped by\n27.7 pct from December levels to 23.52 billion dlrs, more than\nthe 22.4 pct fall originally reported.\n The expiration of the sales tax deduction under new tax\nlaws on January 1 was the main reason for the drop in January\nsales, department spokesmen said.\n Sales of durable goods rose in February by 8.8 pct to 46.72\nbillion dlrs after dropping by 17.7 pct in January.\n Building materials rose 1.8 pct in February after falling\nby 1.7 pct in January.\n Non-durable goods sales rose by 1.3 pct to 75.58 billion\ndlrs in February after falling by 0.2 pct in January, the\ndepartment said.\n General merchandise stores rose 1.4 pct after increasing\nsales by 1.6 pct in January, and department stores were up two\npct in February after rising 1.5 pct in January.\n Food store sales increased 0.4 pct after declining by 1.0\npct in January, while grocery store sales increased 0.3 pct in\nFebruary after falling 0.6 pct in January.\n Gasoline service station sales rose 2.0 pct in February\nafter a 1.9 pct January increase.\n Apparel store sales were up 0.8 pct last month after\nfalling 3.0 pct in January, while sales at eating and drinking\nplaces increased 1.5 pct after rising 0.5 pct in January.\n February's retail sales were 4.4 pct above the year-ago\nlevel of 117.09 billion dlrs, the department said.\n Reuter\n\u0003", "date": "12-MAR-1987 08:37:47.84", "topics": [ "retail" ], "places": [ "usa" ], "id": "4152" }, { "title": "DUDLEY TAFT TO PURSUE TAFT BROADCAST BID", "body": "Taft Broadcasting Co vice chairman\nDudley Taft and Narragansett Capital Inc said they\nintend to pursue their effort to acquire Taft Broadcasting\ndespite the rejection yesterday of their 145 dlr per share\noffer by the Taft Broadcasting board.\n Dudley Taft and Narragansett, in a joint statement, said\nthey intend to explore alternatives to achieve the acquisition,\nincluding further talks with Taft Broadcasting.\n They said they are confident that the Taft Broadcasting\nboard will conclude that the resolution of the company's\ncurrent \"unstable situation\" as quickly as possible is in the\nbest interests of all parties.\n They said the Taft board did not conclude that their offer\nwas not fair to Taft shareholders. Taft Broadcasting\nyesterday, however, said financial advisor Goldman, Sachs and\nCo found the offer to be inadequate.\n Reuter\n\u0003", "date": "12-MAR-1987 08:39:05.29", "topics": [ "acq" ], "places": [ "usa" ], "id": "4153" }, { "title": "CBT HEAD SAYS POSITION LIMITS HAVE NO PURPOSE", "body": "The Commodity Futures Trading\nCommission, CFTC, should increase speculative position limits\non agricultural futures and do away with them for financial\nfutures, Chicago Board of Trade, CBT, chairman Karsten Mahlmann\nsaid.\n Reporting to the CFTC Financial Products Advisory Committee\non the conclusions so far of an ad hoc CBT committee on\noff-exchange trading issues, Mahlmann said, \"We came to the\nconclusion that no meaningful purpose is served by speculative\nposition limits.\"\n Position limits were supposed to prevent market\nmanipulation, but \"I would submit that the Exchange and the\nCFTC currently have all the tools necessary to prevent market\nmanipulation, whether an account is speculative or a hedge,\"\nthe CBT chairman said.\n Malmann said the issue was of particular concern to the CBT\nbecause the exchange faced increasing competition from foreign\nmarkets, most of which did not have position limits.\n He said the ad hoc committee, which he also chairs, had\nagreed to propose that the definition of hedging be expanded to\ninclude risk management as well as risk reduction.\n Mahlmann said there was a danger that if a category of\ntrading was given a name such as \"non-speculative hedging,\"\ninsurance companies and pension funds might be held back from\nengaging in it by the regulatory bodies that govern such\nentities.\n The ad hoc committee proposed the establishment of\n\"prudence guidelines\" and a list of market activities that fell\nwithin those lines which might be lengthened in the future, he\nsaid.\n The committee might also propose that CBT itself be allowed\nto enforce position limits on agricultural futures, he added.\n Reuter\n\u0003", "date": "12-MAR-1987 08:40:31.14", "places": [ "usa" ], "id": "4154" }, { "title": "HARPER GROUP 4TH QTR NET", "body": "Shr 24 cts vs 31 cts\n Net 2,245,000 vs 2,885,000\n Revs 50.7 mln vs 46.5 mln\n Avg shrs 9,396,000 vs 9,270,000\n Year\n Oper shr 96 cts vs 99 cts\n Oper net 8,994,000 vs 9,220,000\n Revs 191.5 mln vs 174.7 mln\n Avg shrs 9,394,000 vs 9,282,000\n NOTE: 1985 year net excludes 1,360,000 dlr loss from\ndiscontinued operations.\n Share adjusted for three-for-two stock split. \n Reuter\n\u0003", "date": "12-MAR-1987 08:42:14.38", "topics": [ "earn" ], "places": [ "usa" ], "id": "4155" }, { "title": "CANADA LEADERS FAIL TO SET PACT ON FREE TRADE", "body": "Prime Minister Brian Mulroney said he\nheld \"frank\" discussions with the Canadian province premiers on\nthe pace of free trade talks with the United States, but the\nlongstanding issue of provincial ratification remains to be\nsettled.\n Speaking to reporters after nearly five hours of meetings\nwith the 10 premiers, Mulroney said further discussions would\nbe held in June and September to discuss the role of the\nprovinces in approving any new trade deal.\n But he maintained progress was being made in the sweeping\ntalks with the Unites States that got under nearly two years\nago.\n \"It appears reasonable progress is being made (in the\ntalks),\" Mulroney said.\n Alberta Premier Don Getty agreed, \"Things are running pretty\nquickly now.\"\n The talks, launched by Mulroney's Progressive Conservative\ngovernment after concerns about protectionist sentiment in the\nU.S., are aimed reducing the remaining barriers between the\nworld's largest trading partnership.\n But the provinces are expected to play a major role in any\nnew trading arrangement, and some of the provincial leaders\ncomplained of a lack of progress on reaching a ratification\nformula.\n \"It's my view that we should be thinking about these things\nright now, along with the questions of the substance of the\nagreement,\" commented Ontario Premier David Peterson, who has\nbeen highly critical of the talks in the past.\n But Newfoundland Premier Brian Peckford said an agreement\nwas more likely to emerge by consensus and there would be no\nneed for a \"hard and fast formula.\"\n Peckford said it appears Canada is prepared to make\nconcessions to the United States on financial services in order\nto make inroads on other bargaining areas, such as agriculture.\n Canadian published reports, quoting government sources, say\nthe two countries are close to reaching a trade deal and it\nwill involve eliminating border tariffs and many non-tariff\nbarriers over the next 10 to 12 years.\n A rough draft of the accord is expected to be presented to\nthe premiers at the June meeting while the finished document is\nhoped to be presented to Congress in October.\n \"It's a very tight time frame,\" Ontario's Peterson said last\nnight. \"But at this moment it is tough to say what will\ntranspire.\"\n Reuter\n\u0003", "date": "12-MAR-1987 08:50:08.10", "topics": [ "trade" ], "places": [ "canada", "usa" ], "id": "4156" }, { "title": "HEALTHSOUTH REHABILITATION CORP 4TH QTR", "body": "Shr profit eight cts vs loss 10 cts\n Net profit 622,000 vs loss 564,000\n Revs 7,508,000 vs 1,913,000\n Year\n Shr profit 15 cts vs loss 28 cts\n Net profit 933,000 vs loss 1,548,000\n Revs 19.8 mln vs 4,799,000\n Reuter\n\u0003", "date": "12-MAR-1987 08:51:25.73", "topics": [ "earn" ], "places": [ "usa" ], "id": "4157" }, { "title": "BALDRIGE OPPOSES JAPANESE PURCHASE OF FIRM", "body": "Commerce Secretary Malcolm Baldrige\nhas asked the White House to consider blocking the planned\nJapanese acquisition of a major U.S. supercomputer and\nsemiconductor manufacturer for national security reasons, U.S.\nofficials said.\n The officials, who asked not to be named, said yesterday\nthat Baldrige has \"serious concerns\" about the sale of Fairchild\nSemiconductor Corp. to Fujitsu Ltd., another major electronics\nfirm.\n The officials told Reuters that if the sale went through it\ncould leave the U.S. military overly dependent on a foreign\n/ompany for vital high technology equipment used in its\nadvanced missiles, aircraft electronics and intelligence\ngathering.\n In addition, they said, the sale would also worsen the\nalready strained trade relations between the U.S. and Japan\nstemming from the huge Japanese surplus.\n The White House Economic Policy Council would consider the\nsale in the coming weeks, they said.\n Defense Secretary Caspar Weinberger's position was not\nimmediately known but in the past he has opposed the transfer\nof high technology to foreign governments and companies.\n Supercomputers made by Fairchild and other U.S.\nmanufacturers are widely used throughout the world, but none\nhave been sold to the Japanese government or to Japanese\ngovernment-run agencies and universities.\n Reuter\n\u0003", "date": "12-MAR-1987 08:53:26.24", "topics": [ "acq", "trade" ], "places": [ "usa", "japan" ], "id": "4158" }, { "title": "FIRST UNION ACQUISITION ADVANCES", "body": "First Union Corp said\nshareholders of First North Port Bancorp of Northport, Fla.,\nhave approved a merger into First Union for 40 dlrs per share,\nor about 5,100,000 dlrs.\n The company said the acquisition is still subject to\nregulatory approvals and is expected to be completed during the\nsecond quarter.\n Reuter\n\u0003", "date": "12-MAR-1987 08:54:32.55", "topics": [ "acq" ], "places": [ "usa" ], "id": "4159" }, { "title": "SAND TECHNOLOGY MULLING REVERSE SPLIT", "body": "Sand Technology Systems Inc said it is\nconsidering a reverse stock split of at least one-for-10 and\nexpects to report a second-quarter profit, compared to a loss\nlast year.\n The stock consolidation \"is something we're discussing, but\nit's not definite,\" Sand Technology president Jerry Shattner\ntold Reuters in an interview.\n A private placement recently brought the number of\noutstanding shares to 106 mln, up from 97.1 mln shares on July\n31, 1986, the fiscal yearend.\n \"The company has always had the aura of a penny stock,\"\nShattner said, adding that Sand plans, at some time, to apply\nfor listing on the Montreal Stock Exchange.\n Shattner said the company expects to report a profit of\nfive pct, or about 350,000 dlrs, on sales of seven mln dlrs,\nfor the second quarter ended January 31. Results for the third\nquarter should be about the same as the second, he added.\n Last year, Sand lost 243,064 dlrs on revenues of 7,012,195\ndlrs in the second quarter.\n After \"a disastrous first quarter,\" Sand hopes to break even\nin the current fiscal year, Shattner said. The company has\nscaled back its sales forecast to about 25 mln dlrs, from the\n33.5 mln dlrs projected in December.\n The rapid appreciation of the Japanese yen against U.S. and\nCanadian dollars last year led to Sand's loss of 2.1 mln dlrs,\nor two cts per share, on sales of 24.9 mln dlrs.\n In the first fiscal quarter this year, the company lost\n1,350,387 dlrs, or one ct per share, on sales of 3,570,585\ndlrs.\n Shattner believes the company will post better results this\nyear due to several factors.\n \"Last year, one of our biggest problems was we were buying\nproducts in Japanese yen. We now buy some products from Hitachi\nin U.S. dollars and the results are starting to show up in the\nsecond quarter,\" he said.\n Sand Technology sells, under its trademark, computer\naccessories such as disk drives, solid-state memory enhancement\ndevices and printers manufactured by Hitachi Ltd of\nJapan.\n Shattner said Sand's affiliate in Detroit, ST Systems Inc,\nis developing software that lets large maniframe computers\nhandle large databases and share them between applications.\n It is also distributing a new product called Sapiens, which\nis artificial intelligence computer language for use by major\ncorporations.\n The company has also reduced costs through some staff\ncutting and a switch to profit sharing plans for sales staff\ninstead of straight commissions, Shattner said.\n And Sand plans to market a laser printer in the fourth\nfiscal quarter, Shattner said.\n Reuter\n\u0003", "date": "12-MAR-1987 08:55:44.03", "topics": [ "earn" ], "places": [ "canada" ], "id": "4160" }, { "title": " IN MERGER AGREEMENT", "body": "Concorde Ventures Inc said it has signed\na letter of intent to acquire Englewood, Colo., homebuilder\nWinley Inc for 12 mln common shares.\n The investment company said after the merger the combined\ncompany will have 15 mln shares outstanding.\n For the year ended January 31, Winley earned 116,000 dlrs\npretax on revenues of 11.7 mln dlrs.\n Reuter\n\u0003", "date": "12-MAR-1987 08:56:15.01", "topics": [ "acq" ], "places": [ "usa" ], "id": "4161" }, { "title": "DUNE RESOURCES RESERVES ROSE IN 1986", "body": "Dune Resources Ltd said its oil\nreserves increased 225 pct during 1986 while its natural gas\nreserves were up six pct.\n The company said its proven oil reserves were estimated at\n605,682 barrels on December 31, up from 186,655 barrels a year\nearlier boosted by discoveries during the year put at 423,659\nbarrels.\n It said gas reserves rose to 8.8 mln cubic feet from 8.3\nmln on Dec 31, 1985, as discoveries of nearly 1.3 mln cubic\nfeet were partialy offset by production of 287,391 cubic feet\nand downward revisions of previous estimates totaling 491,694\ncubic feet.\n Reuter\n\u0003", "date": "12-MAR-1987 08:56:38.50", "topics": [ "crude", "nat-gas" ], "places": [ "usa" ], "id": "4162" }, { "title": "DEUTSCHE BABCOCK, KWU SHARE BILLION MARK CONTRACT", "body": "Deutsche Babcock AG\n said it and Siemens AG subsidiary Kraftwerk\nUnion AG , KWU, have won an order from the city of\nMunich for an electricity and heating-generating plant which\ncompany sources said was worth slightly more than one billion\nmarks.\n A Babcock statement said its share of the order alone was\nworth 800 mln marks, the largest domestic contract it has ever\nreceived.\n It gave no figure for KWU's share but company sources said\nthe total order was worth slightly more than one billion marks.\n Reuter\n\u0003", "date": "12-MAR-1987 08:58:38.29", "places": [ "west-germany" ], "id": "4163" }, { "title": "BORG-WARNER TO SELL INDUSTRIAL PRODUCTS BUSINESS FOR ABOUT 240 MLN DLRS\n", "date": "12-MAR-1987 08:59:23.91", "topics": [ "acq" ], "id": "4164" }, { "title": "JAPAN ECONOMY MAY BE NEAR BOTTOM, ECONOMISTS SAY", "body": "The worst may be just about over for\nJapan's battered economy but economists said they do not expect\na vigorous recovery anytime soon. Japanese bank economists\npolled by Reuters said the economy's 18 month-old slowdown is\nlikely to end in the first half of this year, helped by rising\nexports, stepped-up government spending and falling prices. \"The\neconomy will bottom out in the middle of the year,\" said\nSumitomo Bank Ltd chief economist, Masahiko Koido.\n Industrial Bank of Japan Ltd senior economist Susumu\nTaketomi agreed. \"It (the bottom) is in the offing,\" he said.\n But he added that the recovery will be slow. Growth in the\nfiscal year beginning next month will only pick-up 2.2 pct,\nfrom two pct in the current year, he said.\n Signs that the economy has just about weathered the worst\nare increasing.\n The volume of exports in the first two months of the year\nrose slightly on a year-on-year basis, after declining toward\nthe end of last year.\n Although this may be due to extraordinary factors such as a\nsharp rise in car exports to rebuild depleted European stocks,\nseveral economists said it could mark the beginning of a\nrecovery.\n Industrial production fell 0.7 pct in January, much smaller\nthan expected, and is forecast by the government to rise 0.3\npct in February and 2.6 pct in March. A Bank of Japan survey\nreleased last week showed that the decline in Japanese\ncorporate earnings may be nearing its end.\n And the Paris currency accord last month has fostered hopes\nthe rapid yen rise has come to the end, they said.\n Six nations - the U.K., Canada, France, Japan, the U.S. And\nWest Germany - pledged in Paris last month to stabilise\ncurrencies around current levels.\n The yen's 40 pct climb against the dollar over the last two\nyears has hit the export-driven economy hard, by forcing its\ncompanies to raise prices and lose sales in the U.S. Market.\n \"The important thing is the exchange rate,\" Taketomi said.\n If it stabilises firms will grow more confident and raise\ninvestment in plant and equipment, although there are no signs\nof that yet, economists said.\n A stable yen would also help exporters regain some of their\ncompetitive edge just as the U.S economy may be starting to\nrecover, economists said.\n Domestically, the economy may get a boost from some\nloosening of the government's tight fiscal policy said Haruo\nMuto, manager of national economics at the Bank of Tokyo Ltd.\n The next reading of the economy's health should come early\nnext week with the release of gnp figures for the last quarter,\n1986.\n Most private economists expect a rise of about 0.5 pct from\nthe previous quarter. In the third quarter, GNP rose 0.6 pct.\n But a senior government official said the fourth quarter\nfigures could surprise by showing a rise of more than one point\nquarter-on-quarter. But he added that would be a statistical\naberration and not a significant shift in economic activity.\n To maintain year-on-year growth of around 2.5 pct, the\neconomy would have had to rise about 1.2 pct in the fourth\nquarter as the final quarter of 1985 was strong.\n The rise in the fourth quarter of 1985 was probably a\nstatistical anomaly that was repeated in the final months of\n1986, the official said.\n Economists said the fourth quarter figures were also\ndistorted by the government's sale of gold coins in the second\nhalf of 1986.\n Because the coins were classified as legal tender, their\npurchase did not show up in the statistics on consumer\nexpenditure. Consumer spending also tailed off in December\nbecause of bad weather and smaller-than-normal end-year\nbonuses, they said.\n As the government had to buy back some of the coins from\nretailers because they were unsold, the government's\ncontribution to the economy in the fourth quarter may have been\nboosted, economists said.\n Taketomi said it may have received a further boost from\ngovernment buying of farm products as the domestic crop last\nyear was good.\n The senior government official said the fourth quarter\nperformance of the domestic sector was probably worse than\ngenerally expected, while that of the external sector was\nbetter.\n REUTER\n\u0003", "date": "12-MAR-1987 09:01:08.51", "topics": [ "gnp" ], "places": [ "japan" ], "id": "4165" }, { "title": "NEW U.K. POLL SAYS TORIES HAVE SIX-POINT LEAD", "body": "Britain's ruling Conservatives have\nmoved into a six-point lead over the main opposition Labour\nParty, a Marplan poll published in today's Guardian newspaper\nreports.\n The Conservatives are shown with a 38 pct share of the vote\nagainst 32 pct for Labour and 27 pct for the centrist\nSocial-Democratic/Liberal Alliance.\n Prime Minister Margaret Thatcher has until June, 1988 to\ncall a general election, but most political analysts expect her\nto go to the country some time this year.\n Reuter\n\u0003", "date": "12-MAR-1987 09:05:29.00", "places": [ "uk" ], "id": "4166" }, { "title": "QINTEX 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 As reported yesterday, Qintex said, about seven mln\nPrinceville shares had been tendered in response to the offer.\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": "12-MAR-1987 09:05:55.13", "topics": [ "acq" ], "places": [ "usa" ], "id": "4167" }, { "title": "JM BYGGNADS SHARES SUSPENDED ON STOCKHOLM BOURSE", "body": "Shares in building firm were suspended on the Stockholm bourse at\nthe company's own request, the bourse said.\n The suspension will last until the end of trading on\nFriday, the bourse added in a statement, but gave no further\ndetails.\n JM is half-owned by Skanska AB , which has offered\nto buy out the remaining stock, but analysts said JM could have\nbeen approached with a rival bid.\n Reuter\n\u0003", "date": "12-MAR-1987 09:06:37.77", "places": [ "sweden" ], "id": "4168" }, { "title": "CORRECTED-NETWORK VIDEO INC 3RD QTR", "body": "Feb 28 end\n Shr five cts vs one ct\n Net 161,019 vs 50,745\n Revs 1,048,543 vs 478,700\n Avg shrs 3,217,500 vs 4,350,000\n Nine mths\n Shr 12 cts vs four cts\n Net 390,179 vs 169,275\n Revs 2,658,692 vs 1,478,066\n Avg shrs 3,217,500 vs 4,350,000\n NOTE: Corrects reversed figures in March 11 item.\n Reuter\n\u0003", "date": "12-MAR-1987 09:07:47.09", "topics": [ "earn" ], "places": [ "usa" ], "id": "4169" }, { "title": "BANKERS OPPOSE STRICT TAIWAN CURRENCY CONTROLS", "body": "Taiwan imposed currency controls today\nin what bankers called a desperate move to prevent speculation\nas the Taiwan dollar appreciated against the U.S. currency.\n The strict controls will require proof that large\nremittances to Taiwan are connected to commercial transactions\nrather than currency speculation.\n Bankers attacked the controls as ineffective, saying they\nwere a panic reaction to pressure from Washington for faster\nappreciation of the Taiwan currency against the U.S. dollar,\nwhich would slow exports to the United States.\n Remittances exceeding one mln dlrs earned through exports,\nshipping, insurance or bank lending will now need government\napproval, along with remittances of more than 10,000 dlrs from\nany other source.\n Reuter\n\u0003", "date": "12-MAR-1987 09:09:49.42", "topics": [ "money-fx" ], "places": [ "taiwan" ], "id": "4170" }, { "title": "SAUDI SUPERTANKER REPORTED HIT BY IRAN OFF UAE", "body": "Iran attacked the Saudi Arabian\nsupertanker Arabian Sea off the United Arab Emirates last night\nbut the vessel was able to proceed after the incident, Lloyds\nShipping Intelligence reported.\n The 315,695-dwt Arabian Sea had set sail on Tuesday after\nloading oil at the Saudi port of Ras Tannurah. Lloyds said the\nattack occurred at about 2200 hrs local time (1800 GMT).\n Reuter\n\u0003", "date": "12-MAR-1987 09:14:06.67", "topics": [ "ship", "crude" ], "places": [ "uk", "saudi-arabia", "iran", "uae" ], "id": "4171" }, { "title": "TAIWAN TO RELAX IMPORT CURBS ON MORE GOODS", "body": "Taiwan will relax import controls on\nmore foreign goods, a government spokesman said today.\n The move was to allow greater access to Taiwan markets by\noverseas trading partners, especially the United States, an\nofficial of the Council for Economic Planning and Development\ntold Reuters.\n Import curbs on about 400 foreign goods, including\nstationery and books, would soon be relaxed, he said.\n Taiwan announced it would ease curbs on some 600 farming\nand industrial products last month.\n The official said the moves were intended to balance trade\nbetween Taiwan and the United States and other trading\npartners. Taiwan's trade surplus reached a record 15.6 billion\ndlrs last year, up from 10.62 billion in 1985.\n Reuter\n\u0003", "date": "12-MAR-1987 09:14:16.78", "topics": [ "trade" ], "places": [ "taiwan", "usa" ], "id": "4172" }, { "title": "U.K. RETAILERS SEE GROWTH IN CONSUMER SPENDING", "body": "U.K. Retailers expect consumer spending\nto accelerate in March after a disappointing increase in\nFebruary, according to a monthly survey by the Confederation of\nBritish Industry (CBI).\n Fifty-nine pct of the 325 retailers questioned for the\nlatest Distributive Trades Survey expected sales to be higher\nin March than they were in March 1986, with only six pct\nexpecting lower sales.\n The chairman of the Distributive Trades Survey Panel, Nigel\nWhittaker, said a favourable Budget next week would further\nhelp sales during the summer.\n Figures released earlier this week showed retail sales in\nJanuary fell 2.2 pct, mainly due to exceptionally cold weather.\n \"Sales did not recover in February as much as retailers had\nexpected, and they are now looking for better business in\nMarch,\" today's survey said.\n It reported clothing stores were the most optimistic, with\n80 pct expecting sales in March to be higher than a year ago.\n Wholesalers also expected stronger sales in March, while\nboth retailers and wholesalers reported slower growth in import\npenetration, it said.\n REUTER\n\u0003", "date": "12-MAR-1987 09:16:01.55", "topics": [ "retail" ], "places": [ "uk" ], "id": "4173" }, { "title": "MOST JAPAN FIRMS NOT RENEWING IRAN TERM CONTRACTS", "body": "Most Japanese companies have decided not\nto renew term contracts to lift Iranian crude oil because spot\nprices remain considerably lower than OPEC's official levels,\nindustry sources said.\n They said a cargo of the Mideast benchmark crude Dubai\ntraded yesterday at 16.50 dlrs a barrel, compared to its\nofficial price of 17.42 dlrs.\n Only one Japanese company has renewed its term contract for\nIranian crude oil for the second quarter, the sources said.\n The sources said Japanese companies had been lifting a\ntotal of about 185,000 barrels per day (bpd) of Iranian crude\nunder term contracts, but only one firm has agreed to lift in\nthe second quarter. It is lifting just 10,000 to 15,000 bpd.\n They said this move could inspire Iran to offer discounts\non cargoes loading in April, but the likelihood of discounts\ndepended largely on the levels of spot prices.\n \"If the spot price of Dubai goes above 17.30 dlrs we would\nprobably buy Iranian crude at the official price,\" one Japanese\nrefiner said.\n \"We don't intend to put pressure on them,\" he added.\n Buyers have little incentive to renew contracts to lift oil\nat official OPEC prices while spot prices on all grades are\nconsiderably lower, oil traders said.\n They said if spot prices move higher there will be no\nproblem finding OPEC crude to purchase at the official prices.\nQatar has chartered floating storage for its crude oil after\nfinding no buyers at official prices in March. The problem is\nlikely to recur in April, adding to that country's surplus.\n The traders added that Iraq had dissociated itself from\nOPEC's December production agreement, while agreeing to the\nfixed prices.\n But oil analysts said if OPEC keeps group output close to\nits first-half 1987 ceiling of 15.8 mln bpd, supply and demand\nwould be balanced by the end of the second quarter.\n They also said if OPEC holds its official price structure\nbased on a reference price of 18 dlrs, spot price fluctuations\nshould be limited to a 16.50 to 17.20 dlrs range for Dubai and\na 17 to 18 dlrs range for the North Sea's Brent blend.\n One Japanese refiner said, \"At the moment there's a lot of\npressure on OPEC, particularly on Qatar. But if they hold out\nthere will be no problem, and I'm beginning to trust their\nability.\"\n Nigerian oil minister and OPEC president Rilwanu Lukman\ntold a news conference in Lagos yesterday, \"Nigeria and all\nmember countries of OPEC remain determined to uphold the\nDecember agreement by adhering strictly to their various quotas\nand official selling prices.\"\n He said OPEC believed consumers had drawn heavily on stocks\nof both crude oil and refined products, reducing them to levels\nwell below this time last year. He said consumers would soon\nreturn to the market in search of crude.\n A Japanese refiner said, \"The European and U.S. Markets are\nbeginning to look better so OPEC might be quite lucky.\"\n\u0003", "date": "12-MAR-1987 09:19:05.29", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "japan", "iran" ], "id": "4174" }, { "title": "POSSIS VOTES 100 PCT STOCK DIVIDEND", "body": "Possis Corp said its board approved\na 100 pct stock dividend payable May One, record March 27.\n At the company's annual meeting Wednesday, Possis said\nshareholders approved a proposal to increase the authorized\ncommon shares to 20 mln from eight mln. The company currently\nhas about 3.9 mln shares outstanding.\n Reuter\n\u0003", "date": "12-MAR-1987 09:19:23.40", "topics": [ "earn" ], "places": [ "usa" ], "id": "4175" }, { "title": "SEAL INC 1ST QTR JAN 31 NET", "body": "Shr 29 cts vs 16 cts\n Net 610,000 vs 329,000\n Sales 6,714,000 vs 4,582,000\n Reuter\n\u0003", "date": "12-MAR-1987 09:19:47.41", "topics": [ "earn" ], "places": [ "usa" ], "id": "4176" }, { "title": "DOW CHEMICAL CO REGULAR DIVIDEND", "body": "Qtly div 50 cts vs 50 cts prior\n Pay April 30\n Record March 31\n Reuter\n\u0003", "date": "12-MAR-1987 09:20:00.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "4177" }, { "title": "TELCO DELAYS DEFENSIVE RIGHTS OFFERING", "body": "Telco Systems Inc said its plan\nto distribute a dividend of common stock purchase rights to\nshareholders of record on March 16 has been delayed pending the\ncompletion of necessary regulatory approvals.\n Reuter\n\u0003", "date": "12-MAR-1987 09:20:41.39", "topics": [ "earn" ], "places": [ "usa" ], "id": "4178" }, { "title": "JAMAICA PUTS CAP ON BORROWING", "body": "Jamaica has put a cap on its\n3.5 billion dlr foreign debt and will reduce its obligations by\n300 mln dlrs this year, Prime Minister Edward Seaga said.\n Seaga yesterday said Jamaica has reached its \"maximum stock\nof debt\" and will not undertake any more borrowing until it was\njustified by economic growth. \"This year we'll be reducing the\nstock of debt by 300 mln dlrs,\" he said.\n He said his government aims to get Jamaica's ratio of debt\npayments to foreign exchange earnings down from the current\nlevel of 50 pct to 25 pct over the next two to three years.\nDebt payments this year are expected to total 287 mln dlrs,\nSeaga said. Seaga yesterday concluded an agreement with\nJamaica's creditor banks to reschedule some 181 mln dlrs due in\n1987-89 over the next 12 years.\n Reuter\n\u0003", "date": "12-MAR-1987 09:21:40.82", "places": [ "jamaica" ], "id": "4179" }, { "title": "SYNERGETICS GETS CHINESE ORDER", "body": "Synergetics International Inc\nsaid it has received its first order from China, a 250,000 dlr\norder for a flood management system to be used in the Daning\nand Yuzixi river basins of the Yangtse River.\n The company also said it has received Japanese government\ncertification for its satellite transmitter products, allowing\nusers of Synergetics' remote computer systems to transmit a\nvariety of hydrological and meteorological data via the Japan\nSpace Agency's GMS satellite.\n In addition, it said it has appointed Vaisala KK of\nHelsinki as exclkusive distributor of its products throughout\nJapan and has awarded Sierra/Misco Inc expanded distribution\nrights, in the Philippines, Malaysia, Sumatra, Nepal, India,\nBengal, Thailand, Singapore and Indonesia.\n Reuter\n\u0003", "date": "12-MAR-1987 09:25:15.14", "places": [ "usa", "china" ], "id": "4180" }, { "title": "BRITISH CALEDONIAN SEEKS LONGER AMERICAN FLIGHTS", "body": " said\nit filed an application with Britain's Civil Aviation Authority\nfor authority to operate the only direct flights between the\nUnited Kingdom and Mexico City.\n The airline said it will submit an application March 17 to\nprovide direct service between the United Kingdom and Phoenix.\nEarlier this week it applied for the license to serve San Diego.\n Reuter\n\u0003", "date": "12-MAR-1987 09:26:01.54", "places": [ "usa", "uk" ], "id": "4181" }, { "title": "CLAYTON AND DUBILIER NEW JOINT UNIT TO BUY FIRM", "body": "Clayton and Dubilier Inc and senior\nmanagement of a unit of Borg-Warner Corp said it will\nform a new company to buy Borg-Warner's industrial products\ngroup for about 240 mln dlrs.\n Borg-Warner industrial products has sales of about 300 mln\ndlrs from three divisions, which provide advanced technology\nfluid transfer and control equipment, systems and\nservices worldwide, Clayton said.\n The new company will have 3,000 employees and be\nheadquartered in Long Beach, Calif., the company said.\n Peter Valli, vice president of Borg-Warner Corp and\npresident of its industrial products division, will become\npresident and chief executive officer of the new company,\naccording to Clayton.\n Clayton, a private investment firm, said this was the third\nmangement buyout of a divestiture completed by them since\nDecember 1986.\n Reuter\n\u0003", "date": "12-MAR-1987 09:26:49.79", "topics": [ "acq" ], "places": [ "usa" ], "id": "4182" }, { "title": "COMBUSTION ENGINEERING GETS THAI ORDER", "body": "Combustion Engineering Inc said\nthe Electricity Generating Authority of Thailand has exercised\nan option to purchase a 300 megawatt coal-fired steam generator\nfrom CEMAR, a consortium of Combustion Engineering Canada Inc\nand Japan's Marubeni Corp.\n Combustion Engineering said the project is valued at about\n30 mln dlrs.\n The new steam generator, which will burn local lignite,\nwill be manufactured in Canada and installed as Unit Nine at\nthe Mae Moh power station in Lampang, Thailand. The unit is\nexpected to go into commercial operation in 1990.\n Reuter\n\u0003", "date": "12-MAR-1987 09:27:01.63", "places": [ "usa", "thailand" ], "id": "4183" }, { "title": "U.S. HEALTH INC 2ND QTR JAN 31 NET", "body": "Shr 10 cts vs seven cts\n Net 1,541,000 vs 1,056,000\n Revs 20.1 mln vs 17.0 mln\n 1st half\n Shr 19 cts vs 11 cts\n Net 2,945,000 vs 1,742,000\n Revs 38.2 mln vs 35.2 mln\n Reuter\n\u0003", "date": "12-MAR-1987 09:27:07.86", "topics": [ "earn" ], "places": [ "usa" ], "id": "4184" }, { "title": "K MART CORP 4TH QTR SHR 2.11 DLRS VS NINE CTS\n", "date": "12-MAR-1987 09:28:13.34", "topics": [ "earn" ], "id": "4185" }, { "title": "FIRST AMERI-CABLE FILES OFFERING", "body": "First Ameri-Cable Corp said that\nFirst Ameri-Cable Income Fund Ltd filed a registration\nstatement with the Securities and Exchange Commission to raise\nfrom one mln dlrs to 50 mln dlrs on a best efforts basis.\n First Ameri-Cable said it acts as general partner for First\nAmeri-Cable Income Fund.\n First Ameri-Cable said First Ameri-Cable Income Fund\nintends to use the funds to buy existing cable systems or\nownership interest in existing cable systems from third parties\nor from First Ameri-Cable Corp.\n First Ameri-Cable Income Fund intends to operate the\nsystems it purchases, First Ameri-Cable said.\n The company said the offering will be made in two series,\nwith the Series A units priced at 29.20 dlrs each, and the\nSeries B units priced at 20 dlrs each.\n First Ameri-Cable said the minimum purchase allowed is 25\nunits in any combination of series A and B.\n The selling agent for the offering is First Cable\nSecurities Corp, a wholly owned unit of First Amer-Cable Corp,\nthe company said.\n Reuter\n\u0003", "date": "12-MAR-1987 09:29:02.46", "places": [ "usa" ], "id": "4186" }, { "title": "CONSOLIDATED FIVE STAR RESOURCES ISSUES STOCK", "body": " said it agreed to issue 1.25 mln dlrs of common\nstock and 10.75 mln dlrs of convertible preferred stock in a\nprivate placement.\n The three-year 7-1/2 pct preferred shares are convertible\ninto common shares at 60 cts a share, and exchangeable into\n1,650,000 common shares of owned by\nConsolidated Five Star. Proceeds will be used to retire bank\ndebt, with the balance added to working capital.\n Consolidated Five Star previously said it borrowed 10.75\nmln dlrs from a bank to acquire .\n \n \n Reuter\n\u0003", "date": "12-MAR-1987 09:29:21.56", "places": [ "canada" ], "id": "4187" }, { "title": "UK MONEY MARKET GIVEN FURTHER TWO MLN STG HELP", "body": "The Bank of England said it gave the\nmarket further assistance of two mln stg during the afternoon,\nbuying that amount of band two bank bills at 10-5/16 pct.\n The bank has given the market assistance worth 1.503\nbillion stg today to offset a shortage it estimated at a\nrevised 1.60 billion.\n REUTER\n\u0003", "date": "12-MAR-1987 09:29:52.88", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "4188" }, { "title": "ENVIRONMENTAL SYSTEMS CO 1ST QTR JAN 31", "body": "Shr 13 cts vs 15 cts\n Net 2,193,000 vs 1,918,000\n Revs 18.2 mln vs 15.2 mln\n NOTE: Share after preferred dividends.\n Reuter\n\u0003", "date": "12-MAR-1987 09:30:22.78", "topics": [ "earn" ], "places": [ "usa" ], "id": "4189" }, { "title": "SWEDISH VIROLOGIST UNVEILS NEW AIDS BLOOD TEST", "body": "A Swedish virologist unveiled a new AIDS\nblood test using synthetic antigens, or substances which\ncombine with antibodies to make them detectable, which would be\nmuch cheaper and more reliable than existing tests.\n Anders Vahlne said the test, developed at Gothenburg\nUniversity, was accurate enough to eliminate the need for a\nsecond test usually carried out to double-check those found to\nbe \"AIDS positive,\" that is with AIDS antibodies in their blood.\n Vahlne said the test could be on the market in between four\nand eight months. A small Swiss firm, Virovahl S.A., Helped\nfinance it.\n REUTER\n\u0003", "date": "12-MAR-1987 09:30:48.30", "places": [ "sweden" ], "id": "4190" }, { "title": "CME CONTINUES DELIBERATION ON DUAL TRADING BAN", "body": "Directors of the Chicago Mercantile\nExchange (CME) adjourned a meeting late last night without\nreaching a decision on a petition to ban dual trading in\nStandard and Poor's 500 stock index futures, an exchange\nofficial said.\n CME president Bill Brodsky told Reuters that the CME board\nwould meet again today and probably reach a decision either\nlate today or tomorrow.\n Dual trading involves the right of members to trade for\ntheir own account as well filling orders for customers.\n The petition, signed by several hundred exchange members\nwhen it was circulated on the floor of the CME two weeks ago,\ncalls for the elimination of dual trading in the S and P pit.\nSome industry watchers believe that if the CME eliminates the\npractice other exchanges will have to consider such a move.\n The practice has drawn criticism from some sectors in that\nit provides an opportunity for abusive practices in which\ncustomer orders are not executed at the best possible price.\n One practice, know as \"front-running,\" involves a broker\ntrading ahead of a large customer order and then profiting by\nthe impact on the market of the customer order.\n Reuter\n\u0003", "date": "12-MAR-1987 09:31:00.75", "places": [ "usa" ], "id": "4191" }, { "title": "GENERAL MINING (GENM.J) CAUTIONS ON 1987 PROFITS", "body": "General Mining Union Corp Ltd\nchairman Derek Keys cautioned that profits may not rise this\nyear if the rand stays at its current level of 48 U.S. Cents.\n \"We would do well to repeat last year's results if the rand\nstays depressed,\" Keys said.\n The level of the dividend, however, \"ought not to be\naffected,\" he added, discussing the 1987 outlook.\n General Mining earlier reported that 1986 per share\nearnings rose 28 pct to 616 cts.\n Reuter\n\u0003", "date": "12-MAR-1987 09:31:38.92", "topics": [ "earn" ], "places": [ "south-africa" ], "id": "4192" }, { "title": "COLGATE-PALMOLIVE CO SETS PAYOUT", "body": "Qtrly div 34 cts vs 34 cts\n Pay May 15\n Record April 24\n Reuter\n\u0003", "date": "12-MAR-1987 09:31:57.70", "topics": [ "earn" ], "places": [ "usa" ], "id": "4193" }, { "title": "ISCO INC 2ND QTR ENDS JAN 30 NET", "body": "Shr 12 cts vs 13 cts\n Net 414,968 vs 449,533\n Revs 5,726,722 vs 5,276,627\n Six mths\n Shr 23 cts vs 33 cts\n Net 779,981 vs 1,116,857\n Revs 11.3 mln vs 11.3 mln\n Reuter\n\u0003", "date": "12-MAR-1987 09:33:40.01", "topics": [ "earn" ], "places": [ "usa" ], "id": "4194" }, { "title": "MARKITSTAR NAMES SALES REPRESENTATIVE", "body": "MarkitStar Inc said it has signed an\nagreement for Orimedia of Paris to become a sales\nrepresentative for MarkitStar products and services in the\nEuropean Community.\n Reuter\n\u0003", "date": "12-MAR-1987 09:33:46.07", "places": [ "usa" ], "id": "4195" }, { "title": "U.K. EQUITY TURNOVER SETS NEW RECORD IN FEBRUARY", "body": "Turnover in U.K. Equities soared to a\nrecord 31.05 billion stg in February, a 12 pct increase on the\nprevious month's 27.83 billion, the London Stock Exchange said.\n February turnover was also 96 pct higher than the 15.84\nbillion stg total posted in the same month a year ago.\n A monthly fact sheet from the Stock Exchange showed eight\nnew companies were admitted to listing in February, six of\nwhich were U.K. Firms.\n The largest of these was British Airways, which was\nprivatised in February and whose share offer raised over 900\nmln stg, it said.\n The Stock Exchange also said six rights issues during the\nmonth raised 223.6 mln stg compared with 129.5 mln from nine\nissues in Febuary 1986.\n Daily average equity turnover in the 20 business days in\nFebruary was 1.55 billion stg after 1.33 billion in the 21\ntrading days in January, an increase of 17 pct.\n Total Stock Exchange turnover of both gilts and equities\nwas 116.73 billion stg, marginally higher than the 116.65\nbillion recorded in January but 129 pct more than the 50.92\nbillion of February 1986.\n REUTER\n\u0003", "date": "12-MAR-1987 09:33:56.03", "places": [ "uk" ], "id": "4196" }, { "title": "SOUTHWEST AIR FEBRUARY LOAD FACTOR OFF", "body": "Southwest Airlines Co said its February\nload factor fell to 51.2 pct from 54.5 pct in February 1986.\n Revenue passenger miles increased 14.1 pct in February to\n538.9 mln from 472.3 mln and 22.3 pct year-to-date to 1.15\nbillion from 944.1 mln, the company said.\n Available seat miles grew 21.6 pct in February to 1.05\nbillion from 866.2 mln and 21.3 pct in the two months to 2.20\nbillion from 1.81 billion.\n Load factor, the percentage of seats filled, rose to 52.5\npct from 52.1 pct in the two months, Southwest said. Traffic\nresults include Southwest and its Transtar Airlines unit.\n The carrier also said it opened a new Phoenix reservation\ncenter on March one.\n\n Reuter\n\u0003", "date": "12-MAR-1987 09:34:06.61", "places": [ "usa" ], "id": "4197" }, { "title": " HAS CHOLESTEROL TEST PRODUCT", "body": "Technimed Corp said it has completed\ndevelopment of a home cholesterol testing product and will\nstart clinical testing of its whole blood cholesterol test\nstrip shortly.\n The company said the strip is inexpensive and is simpler\nthan lab tests now being used. A drop of blood is applied to\nthe strip and within about 30 seconds a simple color change\nallows the user to determine his own cholesterol level.\n It said it expects to be the first to market a home\ncholesterol test and the test should contribute substantially\nto future earnings.\n\n Reuter\n\u0003", "date": "12-MAR-1987 09:34:49.16", "places": [ "usa" ], "id": "4198" }, { "title": "CCC REALLOCATES CREDIT GUARANTEES TO EL SALVADOR", "body": "The Commodity Credit Corporation,\nCCC, has reallocated two mln dlrs in credit gurantees\npreviously earmarked for sales of U.S. protein meals to cover\nsales of vegetable oil and tallow to El Salvador, the U.S.\nAgriculture Department said.\n The action reduces coverage for sales of protein meals to\n14 mln dlrs from 16 mln dlrs and creates new lines of one mln\ndlrs for tallow and/or greases and one mln dlrs for vegetable\noils, the department said.\n All sales under the credit guarantee lines must be\nregistered and exported by Sepember 30, 1987, it said.\n The guarantee rates include a charge to provide for a\nyearly interest rate coverage of up to 4.5 pct on the\nguaranteed value, the department said.\n Reuter\n\u0003", "date": "12-MAR-1987 09:35:08.87", "topics": [ "veg-oil" ], "places": [ "usa", "el-salvador" ], "id": "4199" }, { "title": "ROTHMANS CLOSE TO JOINT VENTURE IN CHINA", "body": "Rothmans International plc aims\nto set up a joint venture with Jinan cigarette factory in\nShandong, China to produce high quality cigarettes, some for\nexport, Chinese newspapers said.\n The China Daily said the factory has produced high-quality\n\"General\" brand cigarettes using advanced machinery and technical\nassistance worth 2.5 mln dlrs donated by Rothmans under a\nco-operation agreement signed in 1985.\n The Economic Daily newspaper said the high quality \"General\"\nwill help China's cigarettes enter the international market.\nThe two papers gave no more details.\n REUTER\n\u0003", "date": "12-MAR-1987 09:37:10.30", "places": [ "china" ], "id": "4200" }, { "title": "BORG-WARNER TO SELL UNIT FOR 240 MLN DLRS", "body": "Borg-Warner Corp said it agreed to sell\nits industrial products group to \nand senior management of the group, for about 240 mln dlrs.\n Clayton and Dubilier is a New York-based private investment\nfirm, which has completed two other management-led buyout\ntransactions since December 1986.\n Borg-Warner's industrial products group, based in Long\nBeach, California, has sales of about 300 mln dlrs and employs\nabout 3,000 staff.\n Its businesses include standard and custom engineered\ncentrifugal pumps and mechanical seals for the petroleum\nindustry and advanced controls for the aerospace and defense\nindustries.\n The sale is part of Borg-Warner's planned restructuring.\n the proposed sale is subject to approval by Borg-Warner's\ndirectors, it said.\n Reuter\n\u0003", "date": "12-MAR-1987 09:38:09.84", "topics": [ "acq" ], "places": [ "usa" ], "id": "4201" }, { "title": "BENNETTON, MERRILL LYNCH UNIT PLAN JOINT VENTURE", "body": "Merrill Lynch Capital Markets said\nit and Bennetton Group SPA will form a joint venture\nto attract investment in unquoted Italian companies.\n Merrill Lynch Capital Markets will launch the venture with\nIn Capital SPA, a Milan investment bank in which Bennetton has\na 75 pct holding. The remaining 25 pct is owned by Gruppo\nFinanziario Tessile S.P.A., A private textile firm.\n The two companies, who have signed a letter of intent, said\nthey hoped the venture will generate investments of up to 50\nbillion lire in private Italian firms operating in fast-growing\nfields.\n Benetton is a large Italian clothing maker, with some 4,400\nretail outlets worldwide. The new venture, which represents the\nfirst partnership between an international investment bank and\na large company, is designed to help Benetton expand the\noperations of In Capital.\n Merrill Lynch Capital Markets is the London-based\ninternational merchant banking arm of Merrill Lynch Europe Ltd,\nwhich in turn is part of the U.S. Based investment banking firm\nof Merrill Lynch and Co Inc.\n Reuter\n\u0003", "date": "12-MAR-1987 09:39:43.19", "places": [ "uk", "italy" ], "id": "4202" }, { "title": "PANAMANIAN WHEAT SHIP STILL GROUNDED OFF SYRIA", "body": "The Panamanian bulk carrier Juvena is\nstill aground outside Tartous, Syria, despite discharging 6,400\ntons of its 39,000-ton cargo of wheat, and water has entered\nthe engine-room due to a crack in the vessel bottom, Lloyds\nShipping Intelligence Service said.\n The Juvena, 53,351 tonnes dw, ran aground outside Tartous\nport basin breakwater on February 25 in heavy weather and rough\nseas.\n Reuter\n\u0003", "date": "12-MAR-1987 09:40:55.17", "topics": [ "grain", "wheat", "ship" ], "places": [ "uk", "syria" ], "id": "4203" }, { "title": "GUARDIAN-MORTON SHULMAN AGREES TO TAKEOVER BID", "body": " said Morton Shulman and Guardman Investment\nManagement Services Inc agreed in principle for Andrew Sarlos\nto make a takeover bid for all special shares and series II\nwarrants of Guardian-Morton, subject to regulatory approval and\ncompletion of definitive documentation.\n Guardman Investment, current manager and owner of all\ncommon shares of Guardian-Morton, also agreed to sell the\ncommon and its management agreement to a company controlled by\nSarlos if the takeover bid is successful, Guardian-Morton said.\n Price to be offered for the Guardian-Morton special shares\nunder the takeover bid will be 90 pct of the net asset value of\nthe special shares at the time of the bid, and two dlrs for\neach series II warrant, the company said.\n Guardian-Morton said the takeover bid will be conditional\non Sarlos acquiring at least 90 pct of the special shares and\n90 pct of the series II warrants, when combined the number of\nspecial shares and warrants owned by the offeror at the time of\nthe bid.\n Investment companies managed by Sarlos currently own\nslightly less than 10 pct of Guardian-Morton's special shares.\n Reuter\n\u0003", "date": "12-MAR-1987 09:41:05.36", "topics": [ "acq" ], "places": [ "canada" ], "id": "4204" }, { "title": "K MART CORP 4TH QTR JAN 28 NET", "body": "Shr 2.11 dlrs vs nine cts\n Net 285,000,000 vs 10,500,000\n Revs 7.35 billion vs 6.76 billion\n Avg shrs 134,300,000 vs 131,600,000\n Year\n Shr 4.35 dlrs vs 1.73 dlrs\n Net 582,300,000 vs 221,200,000\n Revs 24.13 billion vs 22.33 billion\n Avg shrs 134,300,000 vs 131,600,000\n NOTE: Latest year earnings include a loss in each period of\n16.4 mln dlrs, or 12 cts a share, for a premium paid in the\nearly call of a 250 mln dlr 12.75 pct 30-year debenture\n Earnings include a gain from discontinued operations of\n30.8 mln dlrs, or 23 cts a share vs a loss of 238.9 mln dlrs,\nor 1.82 dlrs a share in the quarter and a gain of 28.4 mln\ndlrs, or 21 cts a share vs a gain of 472.0 mln dlrs, or 3.64\ndlrs a share for the year\n Reuter\n\u0003", "date": "12-MAR-1987 09:42:34.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "4205" }, { "title": "HOG AND CATTLE SLAUGHTER GUESSTIMATES", "body": "Chicago Mercantile Exchange floor\ntraders and commission house representatives are guesstimating\ntoday's hog slaughter at about 290,000 to 310,000 head versus\n309,000 week ago and 328,000 a year ago.\n Cattle slaughter is guesstimated at about 128,000 to\n131,000 head versus 129,000 week ago and 127,000 a year ago.\n Reuter\n\u0003", "date": "12-MAR-1987 09:43:35.10", "topics": [ "hog", "livestock" ], "places": [ "usa" ], "id": "4206" }, { "title": "STAN WEST SEEKS CONSTRUCTION FINANCING", "body": "Stan West Mining Corp said it\nengaged an investment banking firm to act as financial adviser\nin arranging a construction financing package for McCabe mine.\n The company said it intends proceeds of the financing\npackage would be utilized to construct a 500 ton per day mil,\ncomplete the underground construction necessary to start mining\nand provide working capital.\n Reuter\n\u0003", "date": "12-MAR-1987 09:49:17.31", "places": [ "usa" ], "id": "4207" }, { "title": "HEEKIN CAN TO BUILD OHIO PLANT", "body": "Heekin Can Inc said it plans to\nbuild a seven mln dlr Columbus, Ohio, plant financed by\nindustrial revenue bonds.\n It said construction on the 50,000 square foot plant is\nscheduled to start in April and manufacturing will start at the\nend of 1987. The plant will initially make two-piece 6.5 ounce\nsteel cans for pet food.\n Reuter\n\u0003", "date": "12-MAR-1987 09:49:54.09", "places": [ "usa" ], "id": "4208" }, { "title": "VAN OMMEREN ACQUIRES DUTCH GAS CONTAINER UNIT", "body": "Dutch shipping and transport group\nPHS Van Ommeren NV said it has taken over a small\nDutch gas container firm as a first step in establishing a\nworld-wide gas container organisation.\n The firm, Liquid and Gas Transport BV (LGT), employs 10\npeople and has a fleet of 200 gas containers.\n Van Ommeren will shortly open an office in Singapore and\nexpand its facilities in Houston to establish the gas container\nnetwork.\n REUTER\n\u0003", "date": "12-MAR-1987 09:50:10.98", "topics": [ "acq", "ship" ], "places": [ "netherlands" ], "id": "4209" }, { "title": "DORCHESTER HUGOTON LTD RAISES PAYOUT", "body": "Qtly div 10 cts vs eight cts prior\n Pay April 16\n Record March 31\n Reuter\n\u0003", "date": "12-MAR-1987 09:53:07.24", "topics": [ "earn" ], "places": [ "usa" ], "id": "4210" }, { "title": "NASD NAMES NEW BOARD MEMBER", "body": "The said it has named Jaguar Cars Inc president\nGraham W. Whitehead as one of its three governors-at-large\nrepresenting companies listed on the NASDAQ system.\n Jaguar Cars is the U.S. marketing arm of Jaguar PLC\n, which was NASDAQ's third-most-actively traded issue in\n1986.\n Reuter\n\u0003", "date": "12-MAR-1987 09:53:23.60", "places": [ "usa" ], "id": "4211" }, { "title": "INTERNATIONAL AMERICAN SETS ACQUISITION", "body": "International American Homes inc\nsaid it has contracted to acquire for about 11,850,000 dlrs to be paid 73 pct in cash and 27\npct in International American common stock to be valued on a 30\nday trading average prior to closing.\n It said the price is based on Diversified's estimated 3.2\nmln dlrs pro forma pre-tax earnings for 1986 after adjustment\nfor certain non-continuing expenses. Diversified, a developer\nof single family housing in the Atlanta market, had 1986\nrevenues of about 25.3 mln dlrs. The acquisition if subject to\nInternational American arranging financing.\n Reuter\n\u0003", "date": "12-MAR-1987 09:53:47.25", "topics": [ "acq" ], "places": [ "usa" ], "id": "4212" }, { "title": "MUNICIPAL DEVELOPMENT PURCHASES LAND", "body": "Municipal Development Corp said it\nsigned an agreement to purchase land and facilities in Florida\nfrom for 2.8 mln dlrs, and plans\nto invest an additional two mln dlrs to install infrastructure\non the property.\n The company said under the deal it will purchase Quail\nHollow Utilities Inc and, with its joint venture partner,\n, will acquire 190 acres of land\nfrom Quail Hollow Properties.\n Municipal Development said Quail Hollow Utilities owns and\noperates two wastewater treatment systems, which will become\npart of Central Pasco Utilities Inc, a business formed by the\ncompany to provide utility services to part of Pasco County.\n Municipal Development said it will develop the Quail Hollow\nBusiness Park on the 190 acres of property.\n Under the joint venture agreement with Groveland, Municipal\nDevelopment said it will develop the business park's roads and\nother infrastructure, while Groveland will improve and sell\nproperty in the area.\n Central Pasco will develop and deliver the water supply and\nwastewater treatment services for the business park.\n Reuter\n\u0003", "date": "12-MAR-1987 09:54:00.72", "places": [ "usa" ], "id": "4213" }, { "title": "ENVIRONMENTAL SYSTEMS BUILDS INCINERATOR", "body": "Environmental Systems Co said\nit signed a contract with the Illinois Environmental Protection\nAgency to build a modular incinerator at the Lenz\nOil Site in Lemont, Ill.\n The company said the project is slated for completion by\nthe end of fiscal 1987 at a total price of 4,500,000 mln dlrs.\n The incinerator can treat approximately 7,000 tons of\ncontaminated soil, 150,000 gallons of liquids and 200 drums of\nother wastes, according to the company.\n Environmental said it expects to build two more systesm in\nfiscal 1987.\n The company posted first quarter net income of 2,193,000\ndlrs, or 13 cts per share, compared to 1,918,000 dlrs, or 15\ncts per share the prior comparable quarter.\n Reuter\n\u0003", "date": "12-MAR-1987 09:54:20.06", "places": [ "usa" ], "id": "4214" }, { "title": "EC COMMISSION HAS OPEN ATTITUDE ON STEEL QUOTAS", "body": "The EC Commission said it was\nadopting an \"open attitude\" about whether a system of production\nquotas should remain for the indefinite future on heavy steel\nproducts which account for about 45 pct of all EC steel goods.\n In a statement, the Commission reiterated its view that the\nindustry needs to lose between 25 and 30 mln tonnes of capacity\nby 1990. It had previously said the quota system, started in\n1980, should be wound up completely by the end of next year.\n The industry has argued for the maintenance of existing\nquotas, which cover almost 70 pct of all output, saying almost\nall steelmakers are losing money due to the depressed market.\n Reuter\n\u0003", "date": "12-MAR-1987 09:55:21.79", "topics": [ "iron-steel" ], "organisations": [ "ec" ], "places": [ "france" ], "id": "4215" }, { "title": "PRECISION AEROTECH INC 3RD QTR JAN 31 NET", "body": "Oper shr 16 cts vs two cts\n Oper net 467,000 vs 52,000\n Sales 8,954,000 vs 6,338,000\n Avg shrs 2,939,459 vs 1,979,916\n Nine mths\n Oper shr 45 cts vs 18 cts\n Oper net 1,068,000 vs 387,000\n Sales 24.5 mln vs 19.6 mln\n Avg shrs 2,299,764 vs 1,979,916\n NOTE: Current year net both periods excludes 176,000 dlr\ngain from retirement of notes.\n Backlog 30.8 mln vs 26.7 mln at start of fiscal year.\n Reuter\n\u0003", "date": "12-MAR-1987 09:55:48.07", "topics": [ "earn" ], "places": [ "usa" ], "id": "4216" }, { "title": "HADSON REGISTERS 3.7 MLN COMMON SHARES", "body": "Hadson Corp said it filed a\nregistration with the Securities and Exchange Commission for an\nunderwritten offering of 3,750,000 new common shares to be\nmanaged by Shearson Lehman Brothers Inc and PaineWebber Inc.\n Reuter\n\u0003", "date": "12-MAR-1987 09:57:17.68", "places": [ "usa" ], "id": "4217" }, { "title": "GUARDIAN NATIONAL INSURANCE CO LTD YEAR", "body": "Shr 100.6 cts vs 76.9 cts\n Final div 40 cts vs 32 making 58 cts vs 50\n Pre-tax 14.17 mln rand vs 8.85 mln\n Net 10.06 mln vs 7.69 mln\n Tax 4.10 mln vs 1.16 mln\n Gross premiums 210.16 mln vs 178.69 mln\n Net premiums written 143.99 mln vs 123.88 mln\n Underwriting loss 1.78 mln vs loss 6.25 mln\n Div pay April 10, register March 27.\n Note - period year to December 31 1986.\n Reuter\n\u0003", "date": "12-MAR-1987 09:57:52.99", "topics": [ "earn" ], "places": [ "south-africa" ], "id": "4218" }, { "title": "DATAMETRICS CORP 1ST QTR JAN 31 NET", "body": "Shr diluted five cts vs 13 cts\n Net 278,780 vs 442,532\n Revs 5,101,747 vs 4,293,393\n Avg shrs diluted 6,050,968 vs 3,414,145\n NOTE: Net includes tax credits of 123,500 dlrs vs 179,000\ndlrs.\n Reuter\n\u0003", "date": "12-MAR-1987 09:57:57.84", "topics": [ "earn" ], "places": [ "usa" ], "id": "4219" }, { "title": "WIENER ENTERPRISES INC YEAR JAN 31 NET", "body": "Shr 60 cts vs 85 cts\n Qtly div 10 cts vs 10 cts prior\n Net 1,407,000 vs 1,996,000\n Sales 75.4 mln vs 58.2 mln\n NOTE: Dividend pay April 16, record April Nine\n Reuter\n\u0003", "date": "12-MAR-1987 10:01:39.53", "topics": [ "earn" ], "places": [ "usa" ], "id": "4220" }, { "title": "GENENTECH CONVERTIBLE BOND UPPED TO 150 MLN DLRS", "body": "The convertible eurobond issue announced\nyesterday for Genentech Inc has been increased to a\ntotal of 150 mln dlrs from 100 mln, Credit Suisse First Boston\nLtd (CSFB) said as lead manager.\n The coupon has been set at five pct and conversion price at\n74 dlrs per share which represents a 23.85 pct premium over\nGenentech's stock closing level of 59.75 on the New York Stock\nExchange last night.\n Payment date has been brought forward to March 27 from\nMarch 30 and the bonds will mature on March 27, 2002.\n REUTER\n\u0003", "date": "12-MAR-1987 10:02:18.11", "places": [ "uk" ], "id": "4221" }, { "title": "HYDRO QUEBEC ISSUES CANADIAN DLR BOND", "body": "Hydro Quebec is issuing a 125 mln\nCanadian dlr bond due April 21, 1997 paying nine pct and priced\nat 100-3/4 pct, lead manager Merrill Lynch International said.\n The bond is available in denominations of 1,000 and 5,000\ndlrs and will be listed in Luxembourg.\n Fees comprise 1-1/4 pct selling concession and 3/8 pct each\nfor management and underwriting. Pay date is April 21.\n REUTER\n\u0003", "date": "12-MAR-1987 10:02:36.06", "places": [ "uk" ], "id": "4222" }, { "title": "K MART SAYS RECORD 1986 NET \"TURNING POINT\"", "body": "K Mart Corp said its record fiscal\n1986 net earnings of 582.3 mln dlrs, a rise from 221.2 mln dlrs\na year ago, marked a \"major turning point\" for the world's\nsecond biggest retailer.\n K Mart said the earnings rise for the fourth quarter ended\nJanuary 28 to 285 mln dlrs from 10.5 mln dlrs resulted from \n\"merchandising, refurbishing and expense control.\"\n A year ago, K Mart took a charge of 239 mln dlrs for\ndiscontinued operations. Earnings from continuing retail\noperations in the quarter totalled 270 mln dlrs or 2.00 dlrs a\nshare compared with 249.4 mln dlrs or 1.91 dlrs a year ago.\n K Mart Chairman Bernard Fauber said \"the success of these\nprograms is better illustrated by the strong 35.9 pct increase\nin 1986 income from continuing operations before income taxes\nto 1.03 billion dlrs, the first time K Mart Corp has reached\nthis milestone.\"\n Sales for the 1986 fiscal year reached a record 23.8\nbillion dlrs, an 8.1 pct rise from 22.04 billion dlrs the prior\nyear. K Mart said 1985 was restated to account for discontinued\noperations. Comparable store sales rose 5.5 pct in 1986 over\n1985, it said.\n Fauber said the sales growth came from greater consumer\nacceptance of K Mart's apparel merchandise, \"a marked increase\nin hardline merchandise sales and a growing contribution from\nspecialty retailing operations.\"\n K Mart said its fourth quarter pre-tax income from\ncontinuing operations was 493 mln dlrs, a 32.3 pct gain from\n372.6 mln dlrs last year. It said sales in the period grew 8.8\npct to 7.23 billion dlrs from a restated 6.65 billion dlrs in\n1985 with comparable store sales up 4.7 pct.\n K Mart said its effective tax rate rose in 1986 to 44.6 pct\nfrom 37.6 pct in 1985. But it said selling, general and\nadministrative expense eased to 23.2 pct of sales from 23.7 pct\nin 1985.\n \"Our performance in 1986 marks a major turning point for K\nMart,\" Fauber said in a statement.\n \"In the years immediately prior to 1986, we focused on\nchanging the look of our stores and the structure of the\ncompany.\"\n K Mart, he said, committed billion of dollars for store\nremodeling and installing a centralized point of sale system,\nupgraded its merchandise mix, acquired three large specialty\nretailers, divested underperforming businesses and restructured\nits long-term debt.\n \"We were forced to pay a temporary price in the form of\nslower earnings growth and a lower rating by the investment\ncommunity. However, beginning with the fourth quarter of 1985,\nour improved performance is proof that our approach is correct\nfor the long term,\" the K Mart chairman said.\n Reuter\n\u0003", "date": "12-MAR-1987 10:04:29.48", "topics": [ "earn" ], "places": [ "usa" ], "id": "4223" }, { "title": "SONEX RESEARCH SELLS STOCK PRIVATELY", "body": "Sonex Research Inc said it has\ncompleted a private sale of common shares and warrants for two\nmln dlrs.\n It said if all warrants are exercised it will receive\nanother 4,600,000 dlrs.\n Proceeds will be used for working capital, it said.\n Reuter\n\u0003", "date": "12-MAR-1987 10:08:55.47", "places": [ "usa" ], "id": "4224" }, { "title": "BRITISH AIRWAYS FEBRUARY LOAD FACTOR UP", "body": "British Airways PLC said February 1987\nload factor rose to 64.7 pct, up 5.4 percentage points from\nFebruary 1986.\n Revenue passenger miles increased 14.8 pct in February to\n1.75 billion but fell 0.7 pct in the fiscal year-to-date to\n23.54 billion, the British carrier said.\n Available seat miles rose 5.2 pct in February to 2.73\nbillion and 1.3 pct in the 11 months to 35.27 billion.\n Load factor, the percentage of seats filled, fell 1.4\npercentage points to 66.7 pct in the April through February\nperiod.\n The British carrier made its first traffic report since the\nBritish Government sold it to the public last month.\n Reuter\n\u0003", "date": "12-MAR-1987 10:11:33.31", "places": [ "uk" ], "id": "4225" }, { "title": "ROCKEFELLER SAYS BRAZIL SOLUTION WILL BE FOUND", "body": "David Rockefeller, chairman of the\ninternational advisory committee of Chase Manhattan Bank NA,\nsaid an accommodation would be found between Brazil and its\ncommercial bank creditors to solve the problem of the nation's\nrecent interest payment halt.\n \"I think one will find that the banking community, the\nBrazilian government and the international banking authorities\nwill be talking for the next several weeks and I am very\nhopeful that we would find an accommodation.\" Rockefeller told\nbankers at a luncheon.\n Brazil announced on February 20 that it was suspending\ninterest repayments on about 68 billion dlrs of private sector\ndebt owed to commercial banks.\n Rockefeller said the recent tour by Brazilian Finance\nMinister Dilson Funaro of major industrial nations was a sign\nthat Brazil wanted to be cooperative. But it was notable that\nFunaro did not meet with the creditors immediately affected,\nthe commercial bankers, he added.\n Brazil's moratorium on commercial debt becomes critical by\nend-May, when payments would be 90 days overdue, obliging U.S.\nRegulators to downgrade Brazilian debt, financial sources said.\n This would require banks in turn to cease accruing interest\nand set aside expensive loan loss reserves.\n Rockefeller reminded bankers of the depth of concern over\nLatin American debt at the Toronto World Bank/International\nMonetary Fund meeting in 1982, and said an accord would be\nreached in the current circumstances just as it had been then.\n \"(Brazilian authorities) have no more interest in seeing\ntheir credit sources cut off then we have in seeing their\nobligations stop,\" he added.\n REUTER\n\u0003", "date": "12-MAR-1987 10:11:41.06", "places": [ "west-germany", "brazil" ], "id": "4226" }, { "title": "DAINIPPON INK TO INVEST IN QUIXOTE ", "body": "Quixote Corp said Dainippon Ink and\nChemicals Inc of Japan will buy 526,315 shares of Quixote\ncommon stock, a 6.7 pct stake, for 10 mln dlrs, or 19 dlrs a\nshare.\n It said the two companies also agreed to share the results\nof their research and development activities in optical disc\ntechnology.\n Dainippon Inc's optical disc technology focuses on the\ndevelopment of a new Direct-Read-After-Write optical disc and\nan advanced erasable optical disc.\n Quixote said its wholly owned subsidiary, LaserVideo Inc,\nis making advancements in the art of mastering and\nmanufacturing Compact Discs, CD-ROMs and laser-read videodiscs.\n Quixote said the agreement with Dainippon, which has annual\nsales of more than two billion dlrs, provides for a Dainippon\nrepresentative to sit on the LaserVideo board of directors.\n Reuter\n\u0003", "date": "12-MAR-1987 10:14:33.18", "topics": [ "acq" ], "places": [ "usa" ], "id": "4227" }, { "title": "CIRCUIT CITY STORES INC SETS QUARTERLY", "body": "Qtly div 1-1/2 cts vs 1-1/2 cts prior\n Pay April 15\n Record March 30\n Reuter\n\u0003", "date": "12-MAR-1987 10:15:43.68", "topics": [ "earn" ], "places": [ "usa" ], "id": "4228" }, { "title": "KNOLL TO BUY AMERICAN SAVINGS SHARES", "body": "American Savings and Loan Association of\nFlorida said has offered to\npurchase 500,000 new shares of American Savings for 10 mln\ndlrs, and the board has accepted Knoll's offer.\n Knoll already owns 796,413 shares or 9.9 pct of American\nSavings.\n American Savings said the purchase will resolve a\npreviously-announced disagreement between American Savings and\nthe Federal Home Loan Bank of Atlanta on the replacement of the\ncapital American Savings used to repurchase common shares in\nJanuary 1985 from former chairman Marvin L. Warner.\n It said completion of the transaction would give Knoll 15\npct ownership in American Savings.\n American Savings said Knoll also had talks with chairman of\nthe executive committee Shepard Broad and chairman Morris Broad\non the purchase of their American Savings shares as well at 20\ndlrs each but no agreement was reached.\n American Savings said The company said Knoll's offer to buy\nthe new shares is not conditioned on other purchase of common\nstock from any person or entity.\n It said its previously-announced engagement of Salomon Inc\n to evaluate alternatives to enhance shareholder values,\nincluding the possible sale of American Savings, is still being\nactively pursued.\n Reuter\n\u0003", "date": "12-MAR-1987 10:16:06.98", "topics": [ "acq" ], "places": [ "usa" ], "id": "4229" }, { "title": "FORD EXTENDS INCENTIVES ON SOME MODELS", "body": "Ford Motor Co said it extended\nits current buyer incentive program on selected cars and light\ntrucks to April Six.\n It also said it added the Ford Taurus and Mercury Sable to\nthe program which gives customers a choice of 3.9- to\n9.9-annual percentage rate financing.\n Ford said buyers of all 1986 and 1987 Taurus and Sable\nmodels can choose between the low financing rates or cash\nallowances of 400 dlrs.\n Buyers of all other eligible cars will get a cash allowance\nof up to 600 dlrs, plus the low financing rates. It said those\nbuying trucks can choose between the low financing or a cash\nrebate of up to 600 dlrs.\n Ford said the program takes effect now and applies to most\nvehicles delivered to retail customers from dealer stock. A\nprogram for Mustang ends March 31 as announced earlier.\n Reuter\n\u0003", "date": "12-MAR-1987 10:16:14.56", "places": [ "usa" ], "id": "4230" }, { "title": "IGENE BIOTECHNOLOGY FINDS CROP LOSS AID", "body": "IGENE Biotechnology Inc said its\nresearch teams at Auburn and Hebrew universities have found its\npatented pesticide is highly effective in combating a disease\nreponsible for approximately three billion dlrs in annual crop\nlosses.\n The company said it learned ClandoSan controls nematodes,\ndeadly plant pathogens formerly controlled by now-banned\nsynthetic chemicals.\n Varieties of the deadly disease attack major cash crops\nsuch as cotton, vegetables, orchard trees, citrus fruits, and\ngarden plants, the company said.\n Reuter\n\u0003", "date": "12-MAR-1987 10:16:26.60", "topics": [ "cotton" ], "places": [ "usa" ], "id": "4231" }, { "title": "PHILLIPS

TO EMPHASIZE CASH FLOW TO PARE DEBT", "body": "Phillips Petroleum Co will emphasize\nimproving its short-term cash flow this year to pare its debt,\nC.J. \"Pete\" Silas, chairman, told Reuters in an interview.\n \"Our priority is to get cash flow increased from the assets\nalready installed,\" he said, but he declined to estimate annual\ncash flow for 1987.\n Analysts estimate Phillips\" cash flow at over one billion\ndlrs for 1987, while long term debt, which resulted from\nrestructuring to find off corporate raiders in 1985, hovers\nabout 5.9 billion dlrs as of December 1986.\n Silas said Phillips hope to achieve its goal by raising\nthe capital expenditures budget to develop its oil and gas\nproperties.\n \"We plan to develop the properties with short-term high cash\nflow prospects,\" he said. He projected a capital expenditure\nbudget of 730 mln dlrs, up from the 1986 expenditure of 655 mln\ndlrs.\n Nearly half of that will be spent on exploration and\nproduction, and most of that will be spend overseas, Silas\nsaid.\n \"Phillips' top priority in 1987 will be to get the\nwaterflooding in Norway and jack up the (Ekofisk) oil fields to\nimprove our ability to extract oil and increase earnings,\" Silas\nsaid.\n Phillips estimates that the project, which is expected to\ncost 1.5 billion dlrs, will increase recovery by 170 mln gross\nbarrels of oil over a period of 24 years.\n Phillips is also pursue opportunities in China where Silas\nsaid he was seeking \"a modification of terms with the Chinese\ngovernment to make oil discoveries (in the offshore Xijang\nfields) commercially viable.\"\n In the U.S. Silas said Phillips hopes to get the Point\nArguello, Calif., field started up by the fourth quarter. \"We\nexpect to start up the first platform then,\" Silas said.\n But emphasis on short-term cash flow has also forced the\ncompany to part with several oil and gas assets.\n Phillips sold its interests in the T-Block in the U.K.\nNorth Sea and U.S. reserves totaling about 1.3 billion dlrs in\n1986 as part of a two billion dlrs asset sales program that is\nnow completed, Silas said.\n \"We sold high cost producing assets. They were not good\nvalue for us but possibly so for someone else,\" Silas said.\n Silas said the 1986 assets sales will not affect earnings\nfor the company.\n \"Everything we are doing is to manage our cash flow and we\nare using that to manage our debt. Even the asset sales, while\nregrettable, were necessary to reduce debt,\" Silas said.\n He said no asset sales are planned this year as long as oil\nprices don't fall sharply lower and stay at lower levels for\nseveral months. \"Then, everyone would be looking at sales (of\nassets), and we're no different from the others,\" Silas said.\n In other areas, Silas looks for improved earnings from\nPhillips chemical operations, which provided 299 mln dlrs in\nearnings for 1986, up from 219 mln dlrs in 1985.\n \"This was our second best year pushed by a good supply and\ndemand balance for products, low feedstocks and energy costs\nfor our operations,\" Silas said, \"In 1987 we think the market's\nsupply and demand balance will be just as good but feedstock\nand energy costs will rise due to price recovery.\"\n Reuter\n\u0003", "date": "12-MAR-1987 10:18:49.48", "topics": [ "earn", "crude", "nat-gas" ], "places": [ "usa" ], "id": "4232" }, { "title": "MERRILL LYNCH CANADA MULLS BUYING BROKER", "body": "Merrill Lynch Canada Inc, wholly owned\nby Merrill Lynch and Co, is considering acquiring another\nCanadian securities company as the result of federal and\nprovincial government moves to lift investment dealer ownership\nrestrictions on June 30, according to a published report.\n \"We're talking to a number of people,\" Merrill Lynch Canada\ndeputy chairman E. Duff Scott told The Toronto Star. \"Whether\nwe're going to do something, I don't know,\" he said.\n A Merrill Lynch Canada spokesman declined to comment on the\nnewspaper report when queried.\n Scott did not disclose which investment dealers Merrill\nLynch Canada was considering acquiring, but the Toronto Star\nquoted unidentified industry sources as saying serious\ndiscussions have already been held with Burns Fry Ltd.\n Burns Fry chairman Jack Lawrence told the newspaper the\ninvestment dealer has not made a final decision, but was\nexamining \"three or four alternatives.\"\n Discussions between brokers about possible mergers is to be\nexpected pending industry deregulation, one investment industry\nsource, who asked not to be named, told Reuters.\n \"It's silly not to take a look (at making a merger or\nacquisition). If you're a businessman, you have to take a look,\"\nthe industry source said.\n Under federal and provincial government regulations\nexpected to be in place by June 30, banks, trust companies and\nforeign companies will be allowed to acquire existing\ninvestment dealers or establish their own securities\nsubsidiaries.\n Reuter\n\u0003", "date": "12-MAR-1987 10:19:08.67", "topics": [ "acq" ], "places": [ "canada" ], "id": "4233" }, { "title": "PERFECTDATA IN JOINT LICENSING PACT", "body": "PerfectData Corp said it\nagreed to license certain disk cleaning related patents to the\n.\n Reuter\n\u0003", "date": "12-MAR-1987 10:19:13.32", "places": [ "usa" ], "id": "4234" }, { "title": "MOST AMERICAN AGGREGATES STOCK ACQUIRED", "body": "'s ARC America Corp subsidiary said it has acquired\n7,521,643 American Aggregates Corp shares, about 95 pct of\nthose outstanding, as a result of its tender offer which\nexpired February 27.\n As soon as is practicable, ARC America will acquire\nAmerican Aggregates, converting the company's remaining shares\ninto the right to receive 30.625 dlrs a share.\n Reuter\n\u0003", "date": "12-MAR-1987 10:19:20.07", "topics": [ "acq" ], "places": [ "usa" ], "id": "4235" }, { "title": "FRANCE PLANS TIGHTER SHAREHOLDING DISCLOSURE LEVELS", "body": "The French government plans new\nlegislation this year which will lower the thresholds at which\ninvestors in companies must declare their shareholdings, Bourse\nofficials said.\n The new rules, part of a scheme to provide more openness in\ncorporate ownership structure, will lower the initial\ndeclaration threshold to five pct of a company's capital.\n Under current rules, an investor has to notify the Bourse\nsupervisory commission when a holding exceeds 10 pct, and again\nat 33 pct and 50 pct. The officials said a 20 pct level has\nalso been added to the scale.\n Reuter\n\u0003", "date": "12-MAR-1987 10:19:32.05", "places": [ "france" ], "id": "4236" }, { "title": "BIOTECH CAPITAL TO BUY MAGAZINE", "body": "Biotech Capital Corp said it agreed to\nbuy High Technology magazine from the Goldhirsh Group of\nBoston.\n Terms were not disclosed.\n The magazine publishes information about emerging\ntechnologies and their impact on business. It has a circulation\nof 200,000 and is the largest of its kind in the world, the\ncompany said.\n Reuter\n\u0003", "date": "12-MAR-1987 10:19:40.20", "topics": [ "acq" ], "places": [ "usa" ], "id": "4237" }, { "title": "PAKISTAN'S TRADE DEFICIT NARROWS IN FEBRUARY", "body": "Pakistan's trade deficit narrowed to\n2.64 billion rupees (provisional) in February 1987 from 2.85\nbillion (final) in January and compared with 2.94 billion in\nFebruary 1986, the Federal Bureau of Statistics figures show.\n Exports fell to 5.04 billion rupees (provisional) in\nFebruary from 5.34 billion (final) in January and compared with\n3.90 billion in February 1986.\n Imports fell to 7.68 billion rupees (provisional) in\nFebruary from 8.19 billion (final) in January and compared with\n6.84 billion in February 1986.\n REUTER\n\u0003", "date": "12-MAR-1987 10:19:55.90", "topics": [ "trade" ], "places": [ "pakistan" ], "id": "4238" }, { "title": "CORRECTED-INSITUFORM OF NORTH AMERICA INC", "body": "4th qtr\n 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 excludes 13,000 dlr tax credit.\n Corrects March 11 item to exclude tax credit\n Reuter\n\u0003", "date": "12-MAR-1987 10:21:36.78", "topics": [ "earn" ], "places": [ "usa" ], "id": "4239" }, { "title": "COLGATE-PALMOLIVE CO SETS QUARTERLY", "body": "Qtly div 34 cts vs 34 cts prior\n Pay May 15\n Record April 24\n Reuter\n\u0003", "date": "12-MAR-1987 10:21:43.73", "topics": [ "earn" ], "places": [ "usa" ], "id": "4240" }, { "title": "CO-OPERATIVE BANCORP RAISES QUARTERLY", "body": "Qtly div 12-1/2 cts vs 10 cts prior\n Pay April 15\n Record March 31\n Reuter\n\u0003", "date": "12-MAR-1987 10:23:22.43", "topics": [ "earn" ], "places": [ "usa" ], "id": "4241" }, { "title": "HYDRO QUEBEC CANADIAN DLR BOND RAISED TO 150 MLN", "body": "The Canadian dollar bond launched\nearlier today for Hydro Quebec has been increased to 150 mln\ndlrs from 125 mln, lead manager Merrill Lynch International\nsaid.\n REUTER\n\u0003", "date": "12-MAR-1987 10:23:42.49", "places": [ "uk" ], "id": "4242" }, { "title": "VISHAY INTERTECHNOLOGY CLARIFIES OFFER", "body": "Vishay Intertechnology Inc said it\nwished to clarify its pending offer to exchange shares of its\nClass B stock for its outstanding common stock\n The company said shareholders who already have or plan to\ntake advantage of the offer, may withdraw their offer by the\nclose of business March 25, 1987.\n Reuter\n\u0003", "date": "12-MAR-1987 10:23:55.69", "places": [ "usa" ], "id": "4243" }, { "title": "CONSUMERS POWER TO REDEEM PREFERRED STOCK", "body": "Consumers Power Co said it will\nredeem 200,000 shares of its 3.85 dlr preference stock at 27.50\ndlrs a share plus accrued dividends of 0.320833 dlrs a share.\n It said the redemption will be made May One to holders of\nrecord March 23, with shares selected by random lot.\n It said some 100,000 of the shares are being redeemed under\nmandatory sinking fund provisions. The balance will be redeemed\nat the company's option as part of its efforts to reduce its\ncost of capital.\n Reuter\n\u0003", "date": "12-MAR-1987 10:24:06.78", "places": [ "usa" ], "id": "4244" }, { "title": "WILCOX AND GIBBS INC SETS PAYOUT", "body": "Semi div 7-1/2 cts vs 7-1/2 cts prior\n Pay April 30\n Record March 31\n Reuter\n\u0003", "date": "12-MAR-1987 10:24:29.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "4245" }, { "title": "SAUDI OUTPUT SAID AT YEAR LOW TO HELP OPEC", "body": "Saudi Arabian oil output has fallen to\nits lowest level in more than a year, giving fresh evidence of\nthe kingdom's determination to keep oil prices at 18 dlrs a\nbarrel, as agreed by Opec last December, oil industry sources\nsaid.\n They said Saudi output in the first eight days of March\naveraged 2.6 mln barrels per day (bpd) including oil from the\nneutral zone shared with Kuwait, compared to a February average\nof 3.5 mln bpd.\n They said Saudi Arabia was also selling oil from its crude\noil stocks in tankers around the world, which OPEC says must be\ncounted towards a member's production quota. Saudi Arabia's\nquota is 4.133 mln bpd.\n The lower production levels indicated Saudi Arabia, the\nworld\"s largest oil exporter, was insisting on getting Opec\nofficial prices, even at the cost of lower production, the\nsources said.\n King Fahd reiterated yesterday, in an interview with\nReuters and the television news agency Visnews, the Saudi\ncommitment to OPEC's December pact to boost oil prices to an\naverage 18 dlrs.\n \"Saudi Arabia is completely sticking to OPEC decisions,\" he\nsaid.\n The sources said the kingdom's exports from Gulf ports\naveraged one mln bpd during the eight days ending last Sunday,\ndown from a February average of 1.9 mln bpd.\n They said Saudi Arabia was allowing production to fluctuate\nwith lifting nominations and was not trying to maintain\nartificially high levels by putting oil into storage.\n The kingdom's main buyers, the four U.S. Oil firms with\npast stakes in the national oil company Aramco -- Mobil, Exxon,\nTexaco and Chevron -- enjoy considerable flexibility in the\ntiming and volume of their liftings but are bound to pay\nofficial prices, the sources said.\n Spot market prices have firmed in the past two weeks but\nstill remain below OPEC levels and major buyers have delayed\nliftings in the hope they would improve, the sources said.\n They expected low early March output to pick up towards the\nend of the month as buyers sought to fulfill their contractual\nobligations.\n REUTER\n\u0003", "date": "12-MAR-1987 10:24:54.38", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "saudi-arabia" ], "id": "4246" }, { "title": "LEWIS LEHRMAN TO JOIN MORGAN STANLEY ", "body": "Morgan Stanley Group Inc said Lewis E.\nLehrman will join the firm as senior advisor as a directory of\nMorgan Stanley Asset Management.\n It said Lehrman will concentrate on the growth and\ndevelopment of Morgan Stanley's asset management business in\nthe U.S., Europe and Asia.\n Lehrman, the former president and chairman of the executive\ncommittee at Rite Aid Corpo , ran against Mario Cuomo as\nthe Republican and Conservative Party Candidate for governor of\nNew York State in 1982.\n Reuter\n\u0003", "date": "12-MAR-1987 10:26:49.07", "places": [ "usa" ], "id": "4247" }, { "title": "PERLE SAID PREPARING TO ANNOUNCE RESIGNATION", "body": "Assistant Defense Secretary Richard\nPerle is preparing to announce his resignation from the\nPentagon, possibly as early as today, Pentagon officials said.\n The officials, who asked not to be identified, told Reuters\nthat Perle was expected to quit in order to become a private\ndefense consultant.\n Perle, a staunch critic of U.S.-Soviet arms control\nagreements and an influential spokesman for anti-Soviet\nhardliners in and out of the Reagan Administration, has served\nas assistant defense secretary for international security\npolicy since 1981.\n Reuter\n\u0003", "date": "12-MAR-1987 10:27:50.31", "places": [ "usa" ], "id": "4248" }, { "title": "LEADER BUYS PETROSURANCE STAKE", "body": "Leader Development Corp said it\nhas purchased 300,000 shares of convertible preferred stock in\n for 1,500,000 dlrs in cash and real estate.\n Petrosurance specializes in property and casualty insurance\nfor the oil industry.\n Leader said the stock is convertible into a Petrosurance\ncommon. Leader said it already owns 12.5 pct of Petrorusrance\nand conversion would give it about 45.0 pct.\n The company said Petrosurance will use the sale proceeds to\nsupport growth and improve the structure of its reinsurance\ntreaties to retain a larger part of premiums written.\n Reuter\n\u0003", "date": "12-MAR-1987 10:28:06.95", "topics": [ "acq" ], "places": [ "usa" ], "id": "4249" }, { "title": "JAMESWAY OPENS NEW STORE", "body": "Jamesway Corp said it has opened its\n101st store, a 43,000 square foot unit in Luray, Va.\n Reuter\n\u0003", "date": "12-MAR-1987 10:28:29.58", "places": [ "usa" ], "id": "4250" }, { "title": " PRESIDENT RESIGNS", "body": "Telcom General Corp, which\nstopped operating a month ago, said Robert F. Friedman has\nresigned as president, chief executive officer and a director.\n Reuter\n\u0003", "date": "12-MAR-1987 10:28:35.46", "places": [ "usa" ], "id": "4251" }, { "title": "MONSANTO RESPONDS TO CALL FOR LAWSUIT", "body": "Monsanto Corp said a call by the\nIllinois Environmental Protection Agency requesting the\nIllinois Attorney General file a lawsuit against the company is\n\"inappropriate and counterproductive.\"\n The company said the suit seeks to force Monsanto to\nreplace the chlorosulphonic acid cooling system at its William\nG. Krummrich plant in Sauget, Ill.\n Monsanto said the basis for the agency's action was an\naccident March Three in which the plant's acid unit experienced\nan emission due to a failed expansion joint in the cooling\nsystem.\n Monsanto said when the environmental agency recommended\nthat the company replace the present cooling system, it\ncontacted the manufacturer of the system to seek outside\ntechnical advice.\n Monsanto said its analysis indicated that the present\nsystem represents the safest technology for producing\nchlorosulfonic acid, and removal of the system with expansion\njoints would increase - not decrease - the chances of further\naccidents.\n Reuter\n\u0003", "date": "12-MAR-1987 10:29:03.21", "places": [ "usa" ], "id": "4252" }, { "title": "FEDERAL REALTY INVESTMENT TRUST IN PAYOUT", "body": "Qtly div 27 cts vs 27 cts prior\n Pay April 15\n Record March 25\n Reuter\n\u0003", "date": "12-MAR-1987 10:32:34.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "4253" }, { "title": "BDM INTERNATIONAL GETS AIR FORCE CONTRACT", "body": "BDM International Inc said it has\nreceived a 26.7 mln dlr contract to provide operations,\nmaintenance and test support to the U.S. Air Force Weapons\nLaboratory Nuclear Simulator Test Facilities at Kirtland Air\nForce Base in Albuquerque.\n The company said the contract covers a four-year peiod and\nincludes an option for another year.\n Reuter\n\u0003", "date": "12-MAR-1987 10:35:25.81", "places": [ "usa" ], "id": "4254" }, { "title": "WHITE HOUSE WELCOMES RETAIL SALES FIGURES", "body": "The White House welcomed the\nFebruary retail sales figures showing a 4.1 pct rise, following\na slow performance in January.\n Spokesman Marlin Fitzwater told reporters: \"The February\nsales growth was broad-based and good news for the economy.\"\n Commerce Department figures showed a larger than expected\nrise following depressed levels of sales and factory orders in\nJanuary.\n Reuter\n\u0003", "date": "12-MAR-1987 10:38:23.37", "topics": [ "retail" ], "places": [ "usa" ], "id": "4255" }, { "title": "TREASURY OFFICIAL SAYS PHILIPPINE PACT VERY NEAR", "body": "An agreement in the debt rescheduling\ntalks between the Philippines and its commercial bank advisory\ncommittee seems to be close at hand, said David Mulford,\nAssistant Secretary of the U.S. Treasury.\n \"The Philippines negotiations resumed in early March and\nagreement now appears to be very near,\" Mulford told a debt\nconference, organized by the Euromoney magazine.\n Mulford gave no further details. He told reporters after\nhis speech that he had no information on the banks' response to\nthe Philippines' revised proposal, based on partial payment of\ninterest with investment notes instead of cash.\n Progress in the Philippines talks, following recent\nagreements with Mexico, Chile and Venezuela, will help to\ndispel concerns of a new debt crisis, Mulford told the\nconference.\n However, he said there will continue to be difficulties and\nperiods of significant risk, requiring creative thinking on the\npart of the banks.\n In particular, he urged the banks to develop a \"menu of\noptions for supporting debtor reforms as a means of maintaining\nbroad bank participation in new financing packages.\"\n Mulford said the banks should be able to offer a range of\noptions to members of the lending syndicates, provided that the\nliquidity value of the total transactions to the debtor nations\nis equivalent to the banks' new money obligation.\n He said it is more important to find ways of encouraging\nbanks to remain in the syndicates than to find ways of enabling\nthem to quit the lending groups.\n Mulford said his menu of options could include more trade\ncredits, direct portfolio investments, debt/equity swaps,\nproject loans, co-financings and the invesmtent note concept,\nwhich has been proposed by the Philippines.\n Reuter\n\u0003", "date": "12-MAR-1987 10:41:54.43", "places": [ "usa", "philippines" ], "id": "4256" }, { "title": "BEAUTICONTROL COSMETICS INC 1ST QTR NET", "body": "Qtr ends Feb 28\n Shr 10 cts vs 17 cts\n Net 411,275 vs 584,118\n Revs 4,977,818 vs 4,714,581\n Reuter\n\u0003", "date": "12-MAR-1987 10:42:29.37", "topics": [ "earn" ], "places": [ "usa" ], "id": "4257" }, { "title": "OLD DOMINION SYSTEMS INC 1ST QTR JAN 31", "body": "Shr loss 11 cts vs profit five cts\n Net loss 279,726 vs profit 76,591\n Revs 1,300,000 vs 2,200,000\n Reuter\n\u0003", "date": "12-MAR-1987 10:42:57.51", "topics": [ "earn" ], "places": [ "usa" ], "id": "4258" }, { "title": "SWEDEN SETS OCTOBER DEADLINE FOR S.AFRICA BOYCOTT", "body": "Sweden announced its promised program\nof unilateral economic sanctions against South Africa and gave\nfirms an October deadline to cut trading links.\n Foreign Trade Minister Anita Gradin said a trade boycott of\nSouth Africa and neighbouring Namibia would take effect from\nJuly 1, followed by a three-month period of grace to give\ncompanies time to wind down their operations.\n From October 1, no direct trade would be allowed in either\ndirection, with certain exceptions covering medical supplies\nand printed matter, Gradin told a news conference.\n She said exceptions would also be granted in cases where a\nSwedish trade boycott would benefit South African firms and\ndisadvantage South Africa's black-ruled neighbours, the\nfront-line states.\n Gradin cautioned that legislation upon which the boycott\nwould be based was not impossible to get round. She said a\nparliamentary committee would investigate ways of closing some\nof the bigger loopholes, including indirect trade with South\nAfrica via Swedish subsidiaries in third countries.\n REUTER\n\u0003", "date": "12-MAR-1987 10:43:13.22", "topics": [ "trade" ], "places": [ "sweden", "south-africa" ], "id": "4259" }, { "title": "GENERAL BUILDING INITIAL SHARE OFFER UNDER WAY", "body": " is\noffering one mln shares of stock at 11 dlrs a share, said\nco-managing underwriters, PaineWebber Inc and Ladenburg\nThalmann and Co Inc.\n Proceeds from the offering will be used to repay short-term\ndebt, to finance the opening of new locations and as working\ncapital, they said.\n The company, headquarted in Medford, N.Y., sells lumber and\nbuilding supplies to building contractors and, through retail\noutlets, to consumers.\n \n Reuter\n\u0003", "date": "12-MAR-1987 10:43:27.43", "places": [ "usa" ], "id": "4260" }, { "title": "FIDELITY NATIONAL FINANCIAL INC 1ST QTR", "body": "Jan 31 end\n Shr profit 49 cts vs loss not given\n Net profit 1,360,000 vs loss 241,000\n Revs 20.8 mln vs 14.3 mln\n Avg shrs 2,760,000 vs 1,970,000\n Reuter\n\u0003", "date": "12-MAR-1987 10:49:56.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "4261" }, { "title": "FRANCE'S CENCEP ISSUES 1.9 BILLION FRANC BOND", "body": "Centre National des Caisses d'Epargne et\nde Prevoyance (CENCEP) said it is issuing a 1.9 billion franc\ntwo-tranche, 12-year domestic bond led by Caisse des Depots et\nConsignations.\n One 1.3 billion franc tranche of 5,000 franc bonds will\nhave a fixed rate of 8.70 pct and issue price of 96.30 pct. A\n600 mln franc tranche of 5,000 franc bonds will carry interest\nof nine pct in the first year and then will have interest based\non 90 pct of average bond market yields (TMO) with a guaranteed\nminimum of 5.5 pct. Issue price is 97.16 pct.\n Payment date for both non-callable tranches is April 6.\n REUTER\n\u0003", "date": "12-MAR-1987 10:51:09.06", "places": [ "france" ], "id": "4262" }, { "title": "HERLEY MICROWAVE WINS CONTRACTS", "body": "Herley Microwave Systems Inc\nsaid it won a series of contract additions and new awards worth\n7.7 mln dlrs.\n It said the contracts were from the U.S. Navy and Airforce,\nMartin Marietta Corp , and Northrop Corp . The orders\nare scheduled to be delivered in 1987 and early 1988.\n The company said its Jan 31 backlog was 20 mln dlrs against\n21 mln dlrs a year ago.\n Reuter\n\u0003", "date": "12-MAR-1987 10:56:27.16", "places": [ "usa" ], "id": "4263" }, { "title": "SHOWBOAT UNIT SELLS MORTGAGE-BACKED BONDS", "body": "Ocean Showboat Finance Corp, a unit of\nShowboat Inc, is raising 180 mln dlrs through an offering of\nmortgage-backed bonds due 2002 with an 11-3/8 pct coupon and\npar pricing, said sole manager Donaldson, Lufkin and Jenrette\nSecurities Corp.\n Moody's Investors Service Inc rates the bonds B-1 and\nStandard and Poor's Corp rates them B-plus.\n Reuter\n\u0003", "date": "12-MAR-1987 10:58:25.02", "places": [ "usa" ], "id": "4264" }, { "title": "VITRONICS PLANS BRITISH PLANT", "body": "Vitronics Corp said it plans to\nestablish a plant in Plymouth, England, to serve European\ncustomers.\n Reuter\n\u0003", "date": "12-MAR-1987 10:58:29.20", "places": [ "usa", "uk" ], "id": "4265" }, { "title": "BRITISH TELECOM CAUTIOUS ON EARNINGS PROSPECTS", "body": "British Telecommunications Plc's \nprofit growth prospects for the coming years will be reduced by\nincreasing competition and continued costs for replacing old\ntelephone systems, deputy chairman Graeme Odgers said.\n Speaking at a news conference on the third quarter results\nwhich were released earlier today, Odgers said the company\nfaced heavy costs for installing new digital telephone systems\nin Britain for three to five years.\n He said , a Cable and Wireless\nPlc subsidiary, was becoming a significant competitor.\n Odgers said Mercury was seeking to make inroads into some\nof British Telecom's most profitable areas.\n One company official privately estimated that British\nTelecom still had a 99 pct share of the U.K. Telecommunications\nmarket but feared that this could slip to 95 or 90 pct.\n The recent two-and-a-half-week engineering strike, which\nlead to some disruption in service, could well have encouraged\nclients to consider using the Mercury system, Odgers said.\n However, he forecast that the last quarter's results\noverall should not be adversely affected by the walkout.\n He calculated salary savings as a result of the strike at\n50 mln stg and while loss of income on telephone calls should\nbe limited revenue probably dropped on peripheral activities.\n But on balance Odgers said that group's financial strength,\neconomies of scale and the fact that it operates in a growth\nindustry will help produce annual profit increases for the\nforseeable future.\n British Telecom will also seek to expand into\nmanufacturing, he said, adding that research and development\nexpenditure will rise both in terms of value and compared with\nthe current proportion of two pct of overall turnover.\n Analysts said the company's downbeat forecasts helped\nshares dip to 242p in mid-afternoon, down 4p from yesterday's\nclose and off an early high of 248p.\n Philip Augar of stockbrokers Wood Mackenzie and Co Ltd said\nthe market expects slower profit growth, but forecast a seven\nto eight pct rise in both earnings per share and pretax profit\nover the next two years. In the 1985/86 financial year, pre-tax\nprofit rose to 1.81 billion stg from 1.48 billion.\n Augar noted that a government-imposed formula linking\ncharges to inflation meant that the company's scope for raising\nprices was limited as long as inflation remains low.\n Reuter\n\u0003", "date": "12-MAR-1987 10:59:05.96", "topics": [ "earn" ], "places": [ "uk" ], "id": "4266" }, { "title": "NO NEAR TERM BRAZIL COFFEE MOVES EXPECTED", "body": "The Brazilian Coffee Institute,\nIBC, is unlikely to disclose its future export policy until the\nend of next week at the earliest, trade sources said.\n IBC president Jorio Dauster is meeting government\nministers, producers, exporters and market analysts to assess\nBrazil's position in the light of the failure of talks in\nLondon earlier this month to set new International Coffee\nOrganization, ICO, export quotas.\n \"The failure of the talks means Brazil has got to rethink\nits position completely,\" one Santos exporter said.\n A meeting of the National Coffee Policy Council is set for\nThursday, March 19, and Dauster will almost certainly explain\nhis plan to members then before announcing any new measures.\n Dauster told reporters on his return from London last week\nthat no decisions would be made on exports before he had held\ntalks with all sectors of the industry.\n Exporters said Dauster is not under any great pressure to\nstart marketing coffee immediately. World prices have been\nrecovering from the lows which followed the collapse of the ICO\ntalks and Brazil has sold a reasonable 5.5 mln bags of 60 kilos\nfor export in the first four months of this year.\n The exporters said the key factor in the eventual opening\nof May and June export registrations will be the amount at\nwhich the contribution quota is set.\n With little expectation of other sales incentive mechanisms\nsuch as discounts, bonuses and price fall guarantees being\nintroduced, the level of the quota will be decisive in\ndetermining the competitiveness of Brazilian coffee on world\nmarkets, they said.\n They noted that on February 16, the eve of a planned\nincrease in the quota, April registrations were opened and\nclosed after 1.68 mln bags were registered for export, a record\namount for a single day.\n If May/June registrations are opened under similar\nconditions as before, Brazil would have no difficulty in\nselling at least 2.0 mln bags per month.\n \"The problem would be how to limit sales,\" one exporter said.\n Brazil's present foreign trade and payments problems mean\nthere are pressures from the government to boost exports to\nmaximise foreign exchange earnings.\n However, the sources said they expect the IBC to adopt a\nmarketing strategy aimed at regaining Brazil's dominant\nposition as an exporter, but without causing a price war.\n General opinion among exporters was that Brazil would plan\nto export between 17 and 18 mln bags this year of which between\n1.5 and 2.0 mln would be to non-members of the ICO.\n The 15.5 mln to 16 mln bags sold to members would be around\nthe figure Brazil had offered to ship if ICO quotas were\nreintroduced, although Dauster has said this offer expired with\nthe breakdown of talks.\n With the prospects of a crop of at least 28 mln bags this\nyear, Brazil has the capacity to export up to 20 mln bags after\nmeeting local consumption of around 7.0 mln, the sources added.\n However, the sources said Brazil is unlikely even to\nconsider exporting such quantities, as this would almost\ninevitably lead to a fall in world prices as Brazil tried to\nencroach on other producers' markets.\n Maximum export earnings would be achieved by orderly\nmarketing of traditional amounts, thus re-establishing Brazil's\nmarket share after last year's unusually low exports of 9.9 mln\nbags, enabling it to rebuild stocks and maintaining cordial\nrelations with the producer group which backed Brazil's stance\nat the ICO talks, they added.\n Reuter\n\u0003", "date": "12-MAR-1987 10:59:14.45", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "brazil" ], "id": "4267" }, { "title": "REAGAN SENDS CONGRESS FEDERAL CREDIT REFORM BILL", "body": "The White House said President\nReagan would send to Congress today proposed legislation\nproviding for sweeping reform of the budgetary treatment of the\nfederal credit program.\n Called the Federal Credit Reform Act of 1987, the proposal\nconsists of a package of legislation and accompanying budget\namendments, said White House spokesman Marlin Fitzwater.\n He noted that in fiscal 1986 the federal government\ndisbursed 42 billion dlrs in new direct loans and guaranteed\nloans totalling 159 billion dlrs.\n Under the reform bill, Fitzwater said the subsidy element\nin direct loan and guaranteed loan programs would be\nestablished and Congress would appropriate the amount of the\nsubsidy to the lending agency.\n \"This is kind of a truth in spending reform package,\"\nFitzwater said.\n Reuter\n\u0003", "date": "12-MAR-1987 11:01:28.46", "places": [ "usa" ], "id": "4268" }, { "title": "FOSTER WHEELER UNIT SIGNS 90 MLN DLR PACT", "body": "Foster Wheeler Corp said its\nenergy subsidiary signed a 90 mln dlr contract to design,\nengineer and construct two 550 mega-watt steam generators to be\ninstalled at the new Taichung Fossil Power project of Taiwan\nPower Co, Taiwan.\n The contract also includes an option for two additional 550\nmega-watt units for the same site, the company said.\n Taiwan Power Co's long range plans call for the\ninstallation of a total of eight units at the station.\n Commercial operation of the two units is scheduled for June\nand December 1991, respectively, the company added.\n Reuter\n\u0003", "date": "12-MAR-1987 11:09:17.07", "places": [ "usa", "taiwan" ], "id": "4269" }, { "title": "FIELDCREST SELLS CONVERTIBLE DEBENTURES", "body": "Fieldcrest Cannon Inc is raising 110\nmln dlrs through an offering of convertible subordinated\ndebentures due 2012 with a six pct coupon and par pricing, said\nsole underwriter Kidder, Peabody and Co Inc.\n The debentures are convertible into the company's common\nstock at 44.25 dlrs per share, representing a premium of 26.43\npct over the stock price when terms on the debt were set.\n Non-callable for two years, the debt is rated Ba-2 by\nMoody's Investors Service Inc and BB-minus by Standard and\nPoor's Corp. The issue was increased from an initial offering\nof 100 mln dlrs because of investor demand.\n Reuter\n\u0003", "date": "12-MAR-1987 11:10:37.71", "places": [ "usa" ], "id": "4270" }, { "title": "NORSK HYDRO ISSUES 100 MLN DLR BOND", "body": "Norsk Hydro is issuing a 100 mln dlr\nbond due April 9, 1997 carrying a coupon of 8-1/4 pct and\npriced at 101-5/8, said Swiss Bank Corp International as lead\nmanager.\n The issue is non-callable and will be listed on the London\nStock Exchange. Payment date is April 9.\n Fees for the issue include a 1-1/4 pct selling concession\nand a 3/4 pct combined management and underwriting fee.\n The securities are available in denominations of 5,000 dlrs\neach. They are priced to yield 97 basis points over 10-year\nU.S. Treasury notes.\n REUTER\n\u0003", "date": "12-MAR-1987 11:10:50.56", "places": [ "uk" ], "id": "4271" }, { "title": "PHILADELPHIA ELECTRIC TO SELL BONDS", "body": "Philadelphia Electric Co said it filed\nwith the Securities and Exchange Commission a shelf\nregistration statement covering up to 250 mln dlrs of first and\nrefunding mortgage bonds.\n Proceeds will be used for the company's construction\nprogram and to reduce short-term debt that may be incurred from\ntime to time for interim financing of such building,\nPhiladelphia Electric said.\n Reuter\n\u0003", "date": "12-MAR-1987 11:10:57.84", "places": [ "usa" ], "id": "4272" }, { "title": "TENNEY ENGINEERING INC 4TH QTR NET", "body": "Shr two cts vs nine cts\n Net 86,469 vs 325,937\n Revs 5,119,637 vs 6,390,995\n 12 mths\n Shr 10 cts vs 33 cts\n Net 354,820 vs 1,148,476\n Revs 21.2 mln vs 23.2 mln\n Reuter\n\u0003", "date": "12-MAR-1987 11:11:23.38", "topics": [ "earn" ], "places": [ "usa" ], "id": "4273" }, { "title": "MEDIZONE INTERNATIONAL INC AQUIRES PATENT", "body": " said it\nacquired a patent that covers procedures for the use of the\nMedizone Therapy in deactivating certain viruses commonly\nassociated with AIDS, hepatitis and herpes.\n The company said the patent covers procedures for the\ndeactivation of the viruses in human and animal blood, and the\ntreatment of stored blood prior to transfusion.\n Medizone said the acquisition is seen as a significant step\nto enhance the company's proprietory position.\n The company said the patent was acquired from an unnamed\ncompany involved in medical research and development for one\nmillion shares of its common stock.\n\n Reuter\n\u0003", "date": "12-MAR-1987 11:11:32.89", "places": [ "usa" ], "id": "4274" }, { "title": "FED NOT EXPECTED TO ADD RESERVES", "body": "The Federal Reserve is not expected to\nintervene in the government securities market today, several\neconomists said.\n They said the Fed does not have a much of an adding need\nthis week and may wait until tomorrow or Monday before\nsupplying reserves.\n But a few economists said there was an outside chance that\nthe Fed may inject reserves indirectly via a small round of\ncustomer repurchase agreements.\n Federal funds hovered at 6-1/8 pct this morning after\naveraging 6.32 pct yesterday.\n Reuter\n\u0003", "date": "12-MAR-1987 11:11:40.83", "topics": [ "money-fx", "interest" ], "places": [ "usa" ], "id": "4275" }, { "title": "MODERN CONTROLS INC 4TH QTR NET", "body": "Shr 10 cts vs 11 cts\n Net 226,000 vs 236,000\n Sales 1.3 mln vs 1.5 mln\n Year\n Shr 38 cts vs 45 cts\n Net 819,000 vs 1,001,000\n Sales 5.8 mln vs 6.4 mln\n Reuter\n\u0003", "date": "12-MAR-1987 11:11:45.55", "topics": [ "earn" ], "places": [ "usa" ], "id": "4276" }, { "title": "INSTINET SETS MEETING ON MERGER", "body": "Instinet Corp said its board has\nscheduled a special shareholders' meeting for May 21 to vote on\nits proposed merger into Reuters Holdings PLC .\n It said shareholders of record as of April 10 will be\neligible to vote at the meeting.\n Instinet said the meeting date is subject to adjustment,\nbased on the length of time needed for the U.S. Securities and\nExchange Commission to complete its review of the filing of\nmerger proxy materials, which Instinet expects to make before\nthe end of March.\n Instinet said the filing of the preliminary merger proxy\nmaterials is tied to the finalization of audited financial\nstatements of Instinet and Reuters for 1986.\n Under a merger agreement entered into in November, Reuters\ntendered for up to 5.10 mln Instinet common shares, or about 45\npct of those not already owned by Reuters. As a result of the\ntender, Reuters now owns about 49 pct of Instinet shares.\n In the merger, holders of remaining Instinet shares will\nreceive 8.50 dlrs of Reuters American Depositary Shares for\neach Instinet share.\n The ADS's will be valued at the average of their closing\nprices in the 10 trading days before the effective date of the\nmerger.\n Instinet said it expects the merger to become effective as\nsoon as possible after shareholder approval at the special\nmeeting.\n Reuter\n\u0003", "date": "12-MAR-1987 11:15:00.06", "topics": [ "acq" ], "places": [ "usa" ], "id": "4277" }, { "title": "EC GRANTS 5,000 TONNES SOFT WHEAT EXPORT LICENCES AT 134.75 ECU REBATE - BRUSSELS TRADE\n", "date": "12-MAR-1987 11:15:40.77", "topics": [ "grain", "wheat" ], "organisations": [ "ec" ], "id": "4278" }, { "title": "DAYTON HUDSON CORP 4TH QTR OPER SHR 1.24 DLRS VS 1.55 DLRS\n", "date": "12-MAR-1987 11:15:50.35", "topics": [ "earn" ], "id": "4279" }, { "title": "EC GRANTS LICENCES FOR 35,000 TONNES BARLEY AT 137.35 ECUS REBATE - BRUSSELS TRADE\n", "date": "12-MAR-1987 11:18:08.44", "topics": [ "grain", "barley" ], "organisations": [ "ec" ], "id": "4280" }, { "title": "UNION PACIFIC SAYS WILL SIGN PACT IN CARACAS ON MARCH 17 FOR SALE OF HALF ITS CORPUS CHRISTI REFINERY\n", "date": "12-MAR-1987 11:18:44.85", "topics": [ "acq" ], "id": "4281" }, { "title": "CYACQ OFFERS TO RAISE CYCLOPS BUYOUT TO 92.50 DLRS/SHR FROM 80 DLRS\n", "date": "12-MAR-1987 11:19:39.66", "topics": [ "acq" ], "id": "4282" }, { "title": "SWISS REGIONAL BANKS SET TWO BONDS", "body": "The Issuing Centre of the Swiss Regional\nBanks said it is launching two bond issues of 90 mln and 58 mln\nSwiss francs.\n The 90 mln franc 1987/95 issue has a coupon of 4-1/2 pct\nand issue price of 99.75 pct, while the 58 mln franc 1987/97\nissue has a coupon of 4-5/8 pct and issue price of 99.75 pct.\n Subscriptions close March 25. The funds will be partly used\nto repay a 45 mln franc bond maturing on April 15.\n REUTER\n\u0003", "date": "12-MAR-1987 11:20:03.00", "places": [ "switzerland" ], "id": "4283" }, { "title": "WASTE MANAGEMENT SAYS WAITING PERIOD ENDS ON ITS CHEMLAWN BID \n", "date": "12-MAR-1987 11:20:19.11", "topics": [ "acq" ], "id": "4284" }, { "title": "PETRIE STORES CORP REGULAR PAYOUT", "body": "Qtrly div 17.5 cts vs 17.5 cts prior\n Pay April 20\n Record April 2\n Reuter\n\u0003", "date": "12-MAR-1987 11:21:32.11", "topics": [ "earn" ], "places": [ "usa" ], "id": "4285" }, { "title": "UNILEVER FRAGRANCE UNIT HAS LOWER 1986 EARNINGS", "body": "The flavours and\nfragrances firm , acquired by\nAnglo-Dutch food and detergents group Unilever Plc N.V. \nlast year, said net profits for 1986 fell 11.4 pct to 19.5 mln\nguilders.\n Naarden said earnings were hit by the fall in the value of\nboth the dollar and sterling, noting the figure was in line\nwith prior expectations. Net profit was 22.0 mln guilders in\n1985.\n Earnings per share fell to 4.64 guilders from 5.48 in 1985\non turnover of 627.8 mln, down from 662.6 mln. Naarden set a\ncash dividend of 1.80 guilders, unchanged from last year but\nwithout last year's share option for payment.\n Reuter\n\u0003", "date": "12-MAR-1987 11:24:43.84", "topics": [ "earn" ], "places": [ "netherlands" ], "id": "4286" }, { "title": "HOUSE SUBCOMMITTEE POSTPONES FSLIC ACTION", "body": "The financial institutions\nsubcommittee of the House Banking Committee postponed\nindefinitely a session to draft legislation on the Federal\nSavings and Loan Insurance Corp, FSLIC.\n The mark-up session was postponed after Democrats on the\nsubcommittee failed in a caucus to agree on several issues,\nincluding the size of a financial rescue package for FSLIC, a\ncommittee staff member said.\n On Tuesday, the Senate Banking Committee passed a bill to\nrecapitalize FSLIC at 7.5 billion dlrs over two years.\n Reuter\n\u0003", "date": "12-MAR-1987 11:26:10.77", "places": [ "usa" ], "id": "4287" }, { "title": "EAGLE-PITCHER INDUSTRIES INC 1ST QTR NET", "body": "Shr 81 cts vs 81 cts\n Net 8,750,024 vs 7,772,932\n Revs 157.6 mln vs 162.4 mln\n Avg shrs 10.8 mln vs 9.6 mln\n Reuter\n\u0003", "date": "12-MAR-1987 11:28:34.14", "topics": [ "earn" ], "places": [ "usa" ], "id": "4288" }, { "title": "PORTUGAL GRAIN AGENCY BARRED FROM IMPORT TENDERS", "body": "A Portuguese court has made a\npreliminary ruling that the state grain buying agency EPAC\nshould not be allowed to take part in public import tenders\nopen to private importers, grain traders and officials said.\n Under the terms of Portugal's January 1986 accession to the\nEuropean Community, EC, a grain import monopoly held by EPAC\n(Empresa Publica de Abastecimento de Cereais) is being reduced\nby 20 pct annually until all imports are liberalised in 1990.\n Private traders protested last year that EPAC was being\npermitted to take part in tenders open to them for the first\nliberalised 20 pct share of the country's annual import needs.\nThe grain and oilseed importers association ACICO opened legal\nproceedings to stop EPAC participating in the public tenders.\n Miguel Ascensao of ACICO told Reuters that Lisbon's civil\ncourt, in a preliminary ruling, had decided EPAC should not be\nallowed to take part in tenders open to private traders.\n Trade sources said the ruling, though effective\nimmediately, was subject to appeal and would have to be\nconfirmed in further proceedings.\n A member of the government Cereals Market Commission said\nthat, as a result of the court's decision, the Commission would\nnot be able to accept offers from EPAC in a public tender being\nheld today for the import of 80,000 tonnes of corn.\n Ascensao said the court ruling stated that EPAC's\nparticipation in the public tenders violated the clauses of\nPortugal's EC accession treaty dealing with the gradual\ndismantling of the state agency's import monopoly.\n It also said the participation of EPAC, which still\ncontrols the national grain storage and distribution network,\nwas unfair competition to the private traders.\n Traders said they believed the EC's Executive Commission\nwas unlikely to get involved in the dispute, preferring to\nleave the case to be resolved as an internal Portuguese issue.\n \"They (the EC Commission) will be keeping a low profile,\" one\ntrader said.\n ACICO says it is ready to take its case to Brussels if\nnecessary.\n Reuter\n\u0003", "date": "12-MAR-1987 11:33:29.55", "topics": [ "grain", "corn" ], "places": [ "portugal" ], "id": "4289" }, { "title": "U.S. RETAIL SALES RISE MASKS WEAK TREND - ANALYSTS", "body": "U.S. retail sales rose sharply in\nFebruary but many economists said the underlying consumer\nspending trend remains weak.\n February retail sales jumped 4.1 pct, more than the 2.5-3.0\npct rise the financial markets had anticipated. But January's\nsales were revised down to a 7.4 pct drop, from a previously\nreported 5.8 pct decline.\n \"The trend is toward continued spending but certainly at a\nmuch more sluggish pace,\" said Don Maude of Midland Montagu\nCapital Markets Inc.\n Maude averaged out the wide swings in the retail sales data\nover past four months to show that the pace of consumer\nspending is slowing.\n Combining the latest data with a 0.6 pct drop in November\nand a 4.6 pct gain in December, the average retail sales gain\nover the four months was 0.2 pct, he said, compared to to a 0.4\npct rise for year-over-year sales through February.\n \"You can see a pattern developing,\" Maude said. \"I wouldn't\nbe surprised to see a fall-off in March, especially since sales\nprobably won't be boosted by auto sales as they were in\nFebruary.\"\n Despite the weak underlying trend, economists were\nimpressed by a robust 1.5 pct gain in total sales excluding\nautos in February. This compared to a revised 0.4 pct decline\nin January, previously reported as a 0.1 pct decline.\n \"The increase in non-auto sales was broadbased, with gains\nin durable goods as well as non-durables,\" noted Ward McCarthy\nof Merrill Lynch Capital Markets Inc. \"It was a pretty healthy\nreport.\"\n He noted that building materials rose 1.8 pct in February\nafter falling 1.7 pct in January. General merchandise store\nsales gained 1.4 pct after a 1.6 pct rise in January.\n \"There are signs of life in the economy,\" McCarthy said.\n\"But it's jumping to conclusions to extrapolate this report\ninto the future.\" \n A 0.7 pct increase in disposable personal income in January\nwhich may be linked to the new tax laws probably helped boost\nspending in February, he said.\n \"A lot of people may be inadvertently under-withholding\ntaxes from their paychecks,\" he said. \"When people in this\ncountry get an increase in disposable income, the inclination\nis to go out and spend it,\" he said.\n Economists said tomorrow's release of U.S. auto sales for\nthe first 10 days of March will be an important indicator of\nhow much this sector will add to first quarter spending.\n Auto sales accounted for the lion's share of total\nFebruary sales, rising 14.4 pct. This followed a 27.7 pct drop\nin January, previously reported as a 22.4 pct fall, due largely\nto the expiration of the sales tax deduction under new tax laws\nJanuary 1, the Commerce Department noted.\n Some economists argued that the because the gain in total\nsales excluding autos also followed a decline in January, the\nstrength in the February report is less than impressive.\n \"There is strength in the February data, but that's because\nthey were compared to low sales levels in January,\" said said\nBeth Reiners of Dean Witter Reynolds Inc. \"We don't see it as a\nprecursor of continued strength.\"\n Durable goods sales rose 8.8 pct in February, after falling\n17.7 pct in January. February non-durable goods sales gained\n1.3 pct, after declining 0.2 pct in January.\n Gasoline service station sales rose two pct in February,\nfollowing a 1.9 pct gain in January, but economists said higher\noil prices rather than an increased volume of gas sales\nprobably accounted for these gains.\n Reiners also emphasized that the trend in consumer spending\nis weakening. Total retail sales on average were 123 billion\ndlrs in the fourth quarter of 1986, she said. In January, they\nfell to a seasonally adjusted 117.52 bilion dlrs, and in\nFebruary rose to 122.29 billion dlrs.\n \"On average, it looks like they'll total 120 to 121 mln\ndlrs in the first quartrer,\" she said. \"We don't look at this\nas indication that the economy is barrelling along.\"\n \"The number is not really that problematic for those of us\nwho are constructive on the bond market,\" agreed Elliot Platt\nof Donaldsen Lufkin and Jenrette Securities Corp.\n Platt does not foresee potential for tighter monetary\npolicy on the basis of the latest retail sales report.\n \"The Fed is on hold now because the data have been so\nconfusing,\" he said.\n \"Before the 337,000 gain in February non-farm payroll\nemployment, I would have looked for a discount rate cut in\nMarch,\" he said. \"But now Fed officials will have to wait for\nthe first quarter real U.S. gross national product data in\nApril to sort things out.\"\n Reuter\n\u0003", "date": "12-MAR-1987 11:36:21.85", "topics": [ "retail" ], "places": [ "usa" ], "id": "4290" }, { "title": "MAGMA SEES PROFITABLE COPPER PRODUCTION", "body": "Newmont Mining Corp said Magma\nCopper Co anticipates being able to produce copper at a profit\nby 1991, assuming copper prices remain at their current levels.\n In an information statement distributed to Newmont\nshareholders explaining the dividend of Magma shares declared\nTuesday, Newmont said Magma had a net loss of 46.6 mln dlrs in\n1986, adding this was equal to 1.22 cts a share.\n Newmont holders will receive 80 pct of Magma's stock as a\ndividend of one share for each of the 30,458,000 Newmont shares\nnow held. Newmont will retain 15 pct of the stock.\n The 1986 net loss was on a pro forma basis, Newmont said.\nOn a historical basis, it added, Magma had a 1986 net loss of\n58.1 mln dlrs on a loss from operations of 42.3 mln dlrs.\n On Dec 31, 1986, Newmont said, Magma had about 85.0 mln\ndlrs of net operating loss carryforwards expiring in 1999-2000\nand about 4.0 mln dlrs of investment tax credit carryover\nexpiring in 2000-2001.\n Newmont said Magma has pre-tax losses of 290 mln dlrs\nduring the 1981 through 1985 period, noting the five major U.S.\nprimary copper producers reported aggregate pre-tax losses of\n1.9 billion dlrs during five year period.\n Newmont said Magma had total sales of 347.3 mln dlrs last\nyear, including copper sales of 293.4 mln dlrs.\n It said the copper sales value was up from 267.6 mln dlrs\nin 1985 reflecting a 10.1 pct increase in quantity sold to\n212,000 short tons and a 0.4 pct decrease in price.\n Reuter\n\u0003", "date": "12-MAR-1987 11:37:11.73", "topics": [ "earn", "copper" ], "places": [ "usa" ], "id": "4291" }, { "title": "RPT-INSITUFORM OF NORTH AMERICA INC NET", "body": "4th qtr\n 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 excludes 131,000 dlr tax credit.\n Reuter\n\u0003", "date": "12-MAR-1987 11:37:26.94", "topics": [ "earn" ], "places": [ "usa" ], "id": "4292" }, { "title": "FED SAYS IT SETS TWO BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS\n", "date": "12-MAR-1987 11:41:31.73", "topics": [ "money-fx" ], "id": "4293" }, { "title": "SEC REMOVES OBSTACLE TO FOREIGN FUTURES TRADING", "body": "The Securities and Exchange\nCommission removed a key regulatory obstacle to trading futures\non designated foreign debt securities on U.S. exchanges.\n The move would allow the Chicago Board of Trade, CBT, to\napply to the Commodity Futures Trading Commission, CFTC, for\napproval of a futures contract on yen bonds.\n The CBT has said it may apply for approval of the yen bond\nfutures contract, a CFTC spokesman said.\n The SEC's action, which was approved by a 4-0 vote,\nspecifically removes a regulation against trading futures on\ndesignated foreign government debt securities on contract\nmarkets that are not located in the country that issued those\nsecurities.\n Futures on the government debt securities of Japan, Canada\nand Great Britain can already be marketed in the United States\nunder a designated exemption issued by the SEC.\n But the new move would permit U.S. exchanges to apply to\nthe CFTC for approval of establishing futures contracts on\nthose securities, SEC officials said.\n The new SEC move would also allow those foreign government\ndebt securities to be marketed in the United States by\ncountries other than those that issued the securities, the\nofficials said.\n Since the foreign government securities underlying the\nfutures cannot be traded in the United States unless they are\nregistered with the SEC, settlement and delivery of the futures\nwould often take place in the foreign country, the SEC\nofficials said.\n The SEC is also considering expanding futures trading of\nadditional countries' government securities to be marketed and\ntraded in the United States, the officials said.\n Reuter\n\u0003", "date": "12-MAR-1987 11:41:49.99", "places": [ "usa" ], "id": "4294" }, { "title": "NL INDUSTRIES INC CHAIRMAN AND CEO QUITS", "body": "NL Industries Inc said its chairman\nand chief executive officer Theodore Rogers resigned this\nmorning.\n Rogers, who also resigned his posts as chairman and ceo of\nthe company's subsidiary, NL Chemicals, was immediately\nreplaced by Harold Simmons, the company said.\n Simmons is president and chief executive officer of , which owns approximately 51 pct of NL Industries,\naccording to the company.\n Fred Montanari will remain executive vice president of NL\nIndustries and president of NL Chemicals, the company said.\n Rogers was the company chief executive officer since 1983\nand its chairman since 1984, according to the company. He\nretained both posts after a takeover in 1986 led by Simmons, th\ncompany said.\n Rogers will remain as a consultant in certain company\nmatters, NL said.\n Reuter\n\u0003", "date": "12-MAR-1987 11:42:14.37", "places": [ "usa" ], "id": "4295" }, { "title": "EC COMMISSION GRANTS EXPORT LICENCES - TRADE", "body": "The European Community's, EC, cereal\nmanagement committee granted export licences for 5,000 tonnes\nof quality soft bread-making wheat at a maximum export rebate\nof 134.75 European currency units, Ecus, per tonne, traders\nsaid.\n The committee also granted export certificates of 35,000\ntonnes of barley at 137.35 Ecus per tonne, but rejected all\nbids for the export of soft feed wheat, they said.\n Certificates were also granted for the export of 15,000\ntonnes of maize at a maximum rebate of 132.90 Ecus per tonne,\nthe traders said.\n Reuter\n\u0003", "date": "12-MAR-1987 11:44:14.09", "topics": [ "grain", "wheat", "barley", "corn" ], "organisations": [ "ec" ], "places": [ "belgium" ], "id": "4296" }, { "title": "GERMAN BANKS SAY UNCERTAINTY ABOUT ECONOMY GROWING", "body": "Uncertainty is growing about the prospects\nfor the economy as orders for industry fall and companies scale\nback investment plans, the German Savings Banks and Giro\nAssociation said.\n Exporters expect foreign demand to remain weak, while\nindustry is less optimistic than it was, the association said\nin a report.\n However, last month's agreement among the six leading\nwestern industrialized countries to keep currencies around\npresent levels was expected to be a stabilizing influence for\nexporters, it added.\n The banking association said the possibility of using\nmonetary policy to stimulate the economy should not be\noverestimated.\n Another small drop in already low interest rates could not\nbe expected to cause any significant rise in purchases of\nconsumer or capital goods, it said.\n The Bundesbank's half-point cuts in the discount and\nLombard rates in January have largely exhausted the scope for\nany further monetary moves, the association added.\n On Tuesday the Federal Statistics Office said gross\nnational product stagnated in real, seasonally and calendar\nadjusted terms in the fourth quarter of 1986 compared with the\nthird quarter.\n The Economics Ministry, commenting on the figures, said GNP\nin the 1987 first quarter was also expected to be relatively\nweak.\n Bank economists have forecast the economy will either\nstagnate or contract slightly in the first quarter. Official\nfirst-quarter figures are due in early June.\n REUTER\n\u0003", "date": "12-MAR-1987 11:44:39.74", "topics": [ "gnp" ], "places": [ "west-germany" ], "id": "4297" }, { "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 spokeswoman said.\n Dealers said Federal funds were trading at 6-1/8 pct when\nthe Fed began its temporary and indirect supply of reserves to\nthe banking system.\n Reuter\n\u0003", "date": "12-MAR-1987 11:45:22.18", "topics": [ "money-fx", "interest" ], "places": [ "usa" ], "id": "4298" }, { "title": "KODAK REAFFIRMS COMMITMENT TO PHOTOGRAPHY", "body": "Eastman Kodak Co said it will\nbuild a major facility here for the production of color film,\nreaffirming its commitment to its core photographic business.\n Kodak said the plant will cost more than 200 mln dlrs to\nbuild and will be staffed by about 250 people who will be\ntransferred from existing manufacturing operations. It said the\nplant should be operational by the fall of 1990.\n Kodak said it does not intend to shut down any current\ncapacity as anticipated growth in demand for photography\nproducts will \"offset the additional capacity.\"\n The company also said the facility will position it \"well\ninto the 21st century,\" in the photography business. It said\nthe plant will initially produce color films for the\nprofessional and motion picture industry.\n Kodak also said it will maintain its Rochester site as the\ncenter of its photographic technology operations. \"We have been\nencourgaged that in recent years this community and New York\nstate have been working hard to improve the business climate\nfor manufucturing,\" said William F. Fowble, Kodak's sernior\nvice-presient and general manager of manufacturing. \"We assume\nthesse efforts will continue.\"\n Reuter\n\u0003", "date": "12-MAR-1987 11:49:53.86", "places": [ "usa" ], "id": "4299" }, { "title": "COLOROCS SIGNS PACT WITH SHARP", "body": "Colorocs Corp said it signed a\nmanufacturing agreement with Sharp Corp of Japan for\nSharp to build Colorocs' full-color copier.\n No other details of the agreement were disclosed, but the\ncompany said more details would follow shortly.\n Reuter\n\u0003", "date": "12-MAR-1987 11:50:04.59", "places": [ "usa" ], "id": "4300" }, { "title": "WAITING PERIOD ENDS ON WASTE MANAGEMENT BID", "body": "Waste Management Inc said it\nreceived notice of early termination of the Hart-Scott-Rodino\nwaiting period for its 270 mln dlr takeover bid for Chemlawn\nCorp .\n The waiting period was terminated March 11, Waste\nManagement said.\n Chemlawn has rejected Waste Management's 27 dlrs a share\nbid. It has said it was talking with other parties about\nselling its business.\n Reuter\n\u0003", "date": "12-MAR-1987 11:51:22.76", "topics": [ "acq" ], "places": [ "usa" ], "id": "4301" }, { "title": "ASA LTD 1ST QTR FEB 28 NET", "body": "Shr 1.42 dlrs vs 1.61 dlrs\n Net 13.6 mln vs 15.5 mln\n NOTE: Net asset value per share 77.72 dlrs vs 54.35 dlrs.\n Reuter\n\u0003", "date": "12-MAR-1987 11:53:23.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "4302" }, { "title": "INVESTORS TO RAISE CYCLOPS TENDER PRICE", "body": "Cyacq Corp, an investor group\nbidding for Cyclops Corp, said it would raise its outstanding\ntender offer price for Cyclops common to 92.50 dlrs a share\nfrom 80 dlrs, if certain conditions were met.\n The increased offer would exceed the 90.25 dlrs a share\nprice offered by Dixons Group PLC in a tender offer for Cyclops\nthat is part of a definitive agreement to acquire the\nPittsburgh-based maker of carbon tool and specialty steel\nproducts.\n Cyacq includes Audio/Video Affiliates Inc and Citicorp\nCapital Investors Ltd and other investors.\n Cyclops has about 4.1 mln shares outstanding.\n For the tender price to be raised, Cyclops must provide\nCyacq with all non-public information provided to Dixons Group\nand Cyacq must be satisfied with financial projections made in\noffering material by Dixons based on the information, Cyacq\nsaid.\n Additionally, Dixon Group's rights to buy Cyclops common\nand its rights to fees or expenses if the Dixon-Cyclop merger\nagreement is broken must be rescinded, Cyacq said.\n Cyacq said financial projections it developed for Cyclops\nwere materially lower than the financial projections provided\nby Cyclops to Dixons Group.\n A Cyclops spokeswoman said the company had no details of\nthe new Cyacq proposal and could not comment. \"We have nothing\nin hand,\" she said.\n In addition to making specialty metal products, Cyclops\nalso operates about 115 specialty stores that sell consumer\nelectronics products. The stores are located in 17 states\nconcentrated in the Northeast, Northwest and Southwest.\n Cyclops employs about 8,900 people in Pennsylvania, Ohio\nand other states. It also has interests in non-residential\nconstruction.\n In 1986, Cyclops earned 21.3 mln dlrs or 5.26 dlrs a share\non sales of 1.5 billion dlrs, compared to 1985 earnings of 26.2\nmln dlrs or 6.20 dlrs on sales of 1.4 billion, the spokeswoman\nsaid.\n The agreement with Dixons Group calls for Cyclops's steel\nand construction businesses to be sold to a unit of Alleghany\nCorp for about 110 mln dlrs once the merger is completed.\n A Cyacq spokesman said the new conditional tender price\nwould be all cash. He had no comment on whether Cyacq plans to\nwithdraw its current offer, which is scheduled to expire\nmidnight on March six.\n Dixon Group's offer extends to March 17.\n \n Reuter\n\u0003", "date": "12-MAR-1987 11:57:31.53", "topics": [ "acq" ], "places": [ "usa" ], "id": "4303" }, { "title": "DAYTON HUDSON CORP 4TH QTR JAN 31 OPER NET", "body": "Oper shr 1.24 dlrs vs 1.55 dlrs\n Oper net 120,800,000 vs 150,100,000\n Revs 3.12 billion vs 2.74 billion\n Year\n Oper shr 2.62 dlrs vs 2.89 dlrs\n Oper net 255,000,000 vs 280,500,000\n Revs 9.26 billion vs 8.26 billion\n NOTE: 1986 period ended February One\n NOTE: Results exclude earnings from discontinued operations\nof 9.0 mln dlrs, or nine cts a share vs 3.2 mln dlrs, or three\ncts a share in the quarter and 2.1 mln dlrs, or two cts a share\nvs 3.1 mln dlrs, or three cts a share for the year\n 1987 earnings exclude gain on sale of B. Dalton Bookseller\nof 85.2 mln dlrs, or 88 cts a share in each period\n 1987 earnings exclude extraordinary charge from purchase\nand redemption of debt of 12.6 mln dlrs, or 13 cts a share in\nthe quarter and 32.3 mln dlrs, or 33 cts a share for the year\n Reuter\n\u0003", "date": "12-MAR-1987 11:57:49.06", "topics": [ "earn" ], "places": [ "usa" ], "id": "4304" }, { "title": "INDIA BUYS RBD PALM OLEIN AT TENDER", "body": "The Indian State Trading Corp bought\none, or possibly two, 6,000 tonne cargoes of Malaysian refined\nbleached deodorised palm olein at its vegetable oil import\ntender today for Mar 15/Apr 15 shipment at 355 dlrs per tonne\ncif, traders said.\n Reuter\n\u0003", "date": "12-MAR-1987 11:58:27.66", "topics": [ "veg-oil", "palm-oil" ], "places": [ "uk", "india" ], "id": "4305" }, { "title": "SPANISH UNEMPLOYMENT RISES IN FEBRUARY", "body": "The number of Spanish registered\nunemployed rose by 15,608 to 2.98 mln or 21.5 pct of the\nworkforce in January in the sixth consecutive monthly increase,\nthe Labour Ministry said.\n Registered unemployed totalled 2.81 mln or 21.1 pct of the\nworkforce in February 1986.\n REUTER\n\u0003", "date": "12-MAR-1987 11:59:57.07", "topics": [ "jobs" ], "places": [ "spain" ], "id": "4306" }, { "title": "VSE CORP 4TH QTR NET", "body": "Shr 49 cts vs 39 cts\n Net 886,937 vs 892,323\n Revs 25.9 mln vs 23.7 mln\n Year\n Shr 1.78 dlr vs 1.34 dlr\n Net 3,254,301 vs 2,472,676\n Revs 100.6 mln vs 87.4 mln\n NOTE: 1986 4th qtr and year net includes income loss of\nMetCap subsidiary of 14,881 dlrs and 311,848 dlrs or 17 cts per\nshare, respectively.\n 1985 4th qtr and year net includes loss in MetCap unit of\n108,598 dlrs and 298,412 dlrs or 16 cts per share,\nrespectively.\n Reuter\n\u0003", "date": "12-MAR-1987 12:01:44.86", "topics": [ "earn" ], "places": [ "usa" ], "id": "4307" }, { "title": "AMERICAN CENTURY CORP GETS INJUNCTION", "body": "American Century Corp said it was\ngranted an injunction against Merrill Lynch and certain\naffiliates barring them from taking or selling any of the\ncollateral for a 12 mln dlr line of credit extended by Merrill.\n American said State District Judge Fred Biery granted the\ninjunction in connection with a suit filed by \nagainst Merrill Lynch in November 1986.\n Under the order, Merrill Lynch is barred from taking or\nselling the collateral, namely 32 pct of the outstanding\nAmerican Century shares plus real estate interests, for the\ncredit line extended to , American's chairman John\nKerr and Robert Feldman, a director with American.\n The company said the suit seeks punitive and actual\ndamanges from Merrill Lynch for fraud and refusing to honor\nwhat it contends was a binding commitment to a extend and\nincrease the loan to provide the financing to acquire 100 pct\nof the American Century shares.\n Reuter\n\u0003", "date": "12-MAR-1987 12:02:30.75", "places": [ "usa" ], "id": "4308" }, { "title": "ANHEUSER-BUSCH SELLS SINKING FUND DEBT", "body": "Anheuser-Busch Cos is raising 150 mln\ndlrs through an offering of sinking fund debentures due 2017\nyielding 8.593 pct, said sole manager Dillon, Read and Co Inc.\n The debentures have an 8-1/2 pct coupon and were priced at\n99 to yield 97 basis points over the off-the-run 9-1/4 pct\nTreasury bonds of 2016.\n Non-refundable for 10 years, the issue is rated Aa-3 by\nMoody's and AA-minus by S and P. A sinking fund starting in\n1998 to retire five pct of the debentures a year can be upped\nby 200 pct at the company's option, giving them an estimated\nminimum life of 13.9 years and maximum of 20.5 years.\n Reuter\n\u0003", "date": "12-MAR-1987 12:04:14.49", "places": [ "usa" ], "id": "4309" }, { "title": "SECURITY PACIFIC BUYS ORBANCO ", "body": "Security Pacific Corp said it\ncompleted its previously announced acquisition of Orbanco\nFinancial Services Corp after receiving federal approval of the\ndeal.\n Security Pacific said the Federal Reserve Board approved on\nWednesday its purchase of the Portland, Ore.-based bank holding\ncompany and financial services concern.\n The purchase of Orbanco, for about 47 mln dlrs in cash and\ncommon stock, will be effective in 30 days, a Security Pacific\nspokeswoman said.\n Terms call for each share of Orbanco common stock to be\nexchanged for about 14 dlrs of Security Pacific common stock,\nplus 1.50 dlrs cash.\n Each share of Orbanco's 100-dlr par value preferred stock\nwill be exchanged for 100 dlrs cash, plus accrued dividends.\n Orbanco, with one billion dlrs in assests, is the holding\ncompany for the Oregon Bank, Orbanco Real Estate Service Co,\nAmerican Data Service Inc and Orbanco Securities Corp.\n Security Pacific now has four major regional bank purchases\noutside California completed or pending.\n Security Pacific bought The Arizona Bank, with assets of\nfour billion dlrs, in the fourth quarter of 1986.\n Pending approval currently is the purchase of Rainier\nBancorporation , with assets of 9.2 billion dlrs. In\nanticipation of legislative changes that take effect in 1989,\nSecurity Pacific has also negotiated the future purchase of The\nNevada Bank, with assets of 615 mln dlrs.\n Security Pacific is the sixth largest U.S. bank holding\ncompany, with assets of about 61.60 billion dlrs.\n Reuter\n\u0003", "date": "12-MAR-1987 12:05:34.33", "topics": [ "acq" ], "places": [ "usa" ], "id": "4310" }, { "title": "S/P DOWNGRADES CANADA'S PROVINCE OF SASKATCHEWAN, AFFECTS 1.68 BILLION U.S. DLRS OF DEBT\n", "date": "12-MAR-1987 12:05:46.37", "id": "4311" }, { "title": "BUSINESSLAND SELLS CONVERTIBLE DEBENTURES", "body": "Businessland Inc is raising 50 mln\ndlrs via an offering of convertible subordinated debentures due\n2007 with a 5-1/2 pct coupon and par pricing, said lead manager\nShearson Lehman Brothers Inc.\n The debentures are convertible into the company's common\nstock at 20/50 dlrs a share, representing a 25.19 pct premium\nover the stock price when terms on the debt were set.\n Non-callable for two years, the debt is rated B-3 by\nMoody's Investors Service Inc. The issue was increased from an\ninitial offering of 40 mln dlrs.\n Reuter\n\u0003", "date": "12-MAR-1987 12:06:30.11", "places": [ "usa" ], "id": "4312" }, { "title": "DRANETZ TECHNOLOGIES INC YEAR DEC 31 NET", "body": "Shr 46 cts vs 77 cts\n Qtly div six cts vs six cts prior\n Net 2,198,469 vs 3,635,565\n Revs 23.1 mln vs 26.0 mln\n Note: 1986 net includes one-time charge of 249,000 dlrs or\nfive cts a share from discontinuation of Boat Sentry and\nLakontek products.\n Qtly div payable April 15 to shareholders of record March\n24.\n Reuter\n\u0003", "date": "12-MAR-1987 12:09:06.55", "topics": [ "earn" ], "places": [ "usa" ], "id": "4313" }, { "title": "U.S. TO ASK FOR SHARE OF JAPAN'S RICE MARKET", "body": "U.S. Agriculture Secretary Richard\nLyng said he will ask Japan to offer a share of its rice market\nto U.S. exporters when he visits that country next month.\n In an interview with Reuters, Lyng also said the Reagan\nadministration will ask Tokyo to remove its quotas on U.S. beef\nand citrus exports.\n Lyng, who plans to be in Japan April 14-27, said he will\nnot ask Tokyo to liberalize fully its rice market. \"We will urge\nthat they consider sharing their rice market,\" he said.\n The USDA secretary would not say how big a share of the\nJapanese rice market the U.S. would request. \"We've got none of\nit now. If we got one per cent of it, it would be a big\nimprovement,\" he said.\n Last year, the Reagan administration rejected a petition by\nthe U.S. rice industry seeking relief from Japanese import\nrestrictions.\n However, the U.S. said it would reexamine the issue if by\nmid-1987 Japan did not roll back import barriers to U.S. rice\nexports.\n Lyng said he would not be conducting formal negotiations\nnext month with Japan over their beef and citrus quotas, but\nthat his visit \"may be a forerunner in a general way\" to talks\nprior to expiration of the bilateral agreement in March 1988.\n He said, however, that the U.S. \"will ask for a definite\nliberalization of those items (beef and citrus).... When you\ntranslate 'liberalization' into Japanese, it means do away with\nthe quota.\"\n Reuter\n\u0003", "date": "12-MAR-1987 12:09:17.45", "topics": [ "grain", "rice" ], "places": [ "usa", "japan" ], "id": "4314" }, { "title": "UNION PACIFIC TO SELL PART OF REFINERY", "body": "Union Pacific Corp said it will sign a\npact in Caracas on March 17 with Petroleos De Venezuela, PDVSA,\nto sell the state owned company half of its Corpus Christi,\nTexas refinery owned by its Union Pacific's Champlin Petroleum\nCo subsidiary.\n The sale will also include the related marketing and\ndistribution system for the refinery's products.\n A spokesman for the company said that a statement may be\nissued later today giving details of the transaction.\n There was no immediate comment from PDVSA officials in New\nYork.\n The Corpus Christi refinery has a capacity of about 160,000\nbarrels per day, the Union Pacific spokesman said, and is a\nlargely upgraded facility but he would place no value on the\ntransaction.\n The additional acquisition of refinery and distribution\nassets by PDVSA has been expected as Venezuela has been moving\naggressively to enhance its role in the oil industry from\nproducer to excpanding its presence in the downstream sector.\n Purchase of part of Champlin's operations also fits a\nprofile which PDVSA officials have said previously they looked\nfor in any acquisition.\n One PDVSA official said the company was looking for\nindependent oil companies with good refinery and distribution\nnetwork and a strong regional presence.\n The potential purchase of the interest in Champlin followed\nits earlier acquisition of a part interest in Southland Corp's\n Citgo Petroleum Corp subsidiary.\n In that agreement signed September 15, 1986, PDVSA paid\nSouthland 290 mln dlrs for half of Citgo's stock.\n The potetnital acquisition of half Champlin's Corpus\nChristi plant will also give Venezuela an additional outlet for\nits crude oil production while giving the refiner an assured\nsource of supply, trade sources said.\n In the earlier deal with Southland, PDVSA agredd to to\nsupply Citgo with at least 130,000 bpd of crude oil and other\nfeedstocks.\n Reuter\n\u0003", "date": "12-MAR-1987 12:11:08.35", "topics": [ "acq", "crude" ], "places": [ "usa", "venezuela" ], "id": "4315" }, { "title": "S/P DOWNGRADES CANADA'S PROVINCE OF SASKATCHEWAN", "body": "Standard and Poor's Corp said it\ndowngraded Canada's Province of Saskatchewan. The action\naffects the equivalent of 1.68 billion U.S. dlrs of debt.\n S and P lowered the province's long-term debt to AA-minus\nfrom AA.\n The rating agency said the action reflected a substantial\nincrease in Saskatchewan's budget deficit for fiscal 1987 and\nprospects for greater tax-supported debt in the medium term.\n S and P pointed out that the outlook for future revenue\ngrowth is constrained by general weakness in the province's\ncommodity-based economy because of low prices.\n Reuter\n\u0003", "date": "12-MAR-1987 12:14:12.79", "places": [ "usa", "canada" ], "id": "4316" }, { "title": "NIAGARA MOHAWK TO REPLACE NINE MILE VALVES", "body": "Niagara Mohawk Power Co said the\nexisting ball-type main steam isolation valves installed at\nUnit Two of the Nine Mile Nuclear Station will be replaced with\nstandard Y-pattern globe valves.\n This decision will delay start-up of the power plant for\nabout three to four months, resulting in a delay in commercial\noperation of the plant to as late as the beginning of 1988, the\nutility said. It previously had projected commercial operation\nin September.\n The possibility of a delay to the first quarter 1988 was\nraised by Rochester Gas and Electric Corp last week.\n Niagara Mohawk said the delay will add to the plant's cost\nat the rate of about 60 mln dlrs per month.\n A spokesman said this includes a total of about 10 mln dlrs\nfor removing the old valves and buying and installing the new\nones.\n The utility said the total anticipated cost of the plant is\nnow about six billion dlrs, up from the 5.87 billion dlrs\nprojected previously.\n This has increased the minimum overall disallowances under\nthe settlement Nine Mile Two's owners reached with New York\nstate regulators to over 2.1 billion dlrs, it added.\n Niagara Mohawk has a 41 pct interest in Nine Mile Two,\nmaking its share of the disallowance about 1.1 billion dlrs\nbefore income tax effects.\n Long Island Lighting Co and New York State Electric\nand Gas Corp each have an 18 pct interest in the plant\nwhile Rochester Gas owns 14 pct and Central Hudson Gas and\nElectric Corp has nine pct.\n The ball valves were manufactured by a Gulf and Western Inc\n subsidiary which is now owned by Crosby Valve and Gauge\nCo, a subsidiary of Gearhart Industries Inc , the\nspokesman said.\n The Niagara Mohawk spokesman said the Nine Mile Two owners\nare looking into the possibility that the valve supplier might\nhave liability for the costs of the delays caused by the\nvalves.\n The utility said the replacement valves are manufactured by\nRockwell International Inc .\n The company said it spent considerable time testing and\nmodifying the ball valves which, until recently, \"demonstrated\npotential for both improvement in performance and in ease of\nmaintenance.\"\n \"Since activities to date have not yet proven to be\ncompletely successful and because of timing and resulting\nadditional cost of achieving the leak tightness standard is\nuncertain, we have no choice but to replace them,\" Niagara\nMohawk said of the ball valves.\n Reuter\n\u0003", "date": "12-MAR-1987 12:15:25.46", "places": [ "usa" ], "id": "4317" }, { "title": "LANDS END INC YEAR JAN 31 NET", "body": "Shr 1.46 dlrs vs 1.13 dlrs\n Net 14,650,000 vs 11,270,000\n Sales 265 mln vs 227.1 mln\n Avg shrs 10,020,000 vs 9,980,000\n Note: Earnings are pro forma, including the increase in\ncommon shares that took place last October when the company\nwent public through an initial offering of 1.4 mln shares. Avg\nshrs assume the shares sold to public and employees were\noutstanding during the entire period.\n Reuter\n\u0003", "date": "12-MAR-1987 12:16:23.23", "topics": [ "earn" ], "places": [ "usa" ], "id": "4318" }, { "title": "NEW BEDFORD SAVINGS GOES PUBLIC", "body": " said it completed its conversion to a stock form of\nownership from a mutual savings bank.\n In the conversion, it said it issued 9.4 mln shares at\n14.375 dlrs each.\n Reuter\n\u0003", "date": "12-MAR-1987 12:16:28.94", "places": [ "usa" ], "id": "4319" }, { "title": "BUDAPEST BANK ISSUES BONDS TO EXPAND RESOURCES", "body": "Budapest Bank Rt has become the first\nof the commercial banks operating since January to issue bonds\nto expand its resources, the official Hungarian news agency MTI\nsaid.\n The seven-year bonds totalling 500 mln forints may be taken\nup by companies, cooperatives and enterprises, MTI said.\n The interest rate will always be 0.5 points above that\ncharged to commercial banks by the National Bank of Hungary for\nloans exceeding one year. This year's rate will thus be 11 pct.\n The funds raised will be used to increase the bank's\ninvestment loan offer for small and medium-sized companies.\n REUTER\n\u0003", "date": "12-MAR-1987 12:16:40.10", "places": [ "hungary" ], "id": "4320" }, { "title": "FIRST PROVIDENT GETS CONTRACT", "body": "First Provident Group Inc said\nit received a contract for over nine mln dlrs for the\ndevelopment of a 252-unit apartment community complex here.\n Reuter\n\u0003", "date": "12-MAR-1987 12:16:52.73", "places": [ "usa" ], "id": "4321" }, { "title": "SAAB-SCANIA WINS 15 MLN DLR BUS CONTRACT", "body": " of Sweden said\nits Saab-Scania of America Inc unit was awarded a 15 mln dlr\ncontract to supply transit busses to the transport services\ndepartment of Honolulu, Hawaii.\n The company said it will supply 94 CN-112 busses under the\ncontract.\n Reuter\n\u0003", "date": "12-MAR-1987 12:17:14.63", "places": [ "usa" ], "id": "4322" }, { "title": "BANCROFT SUES ZICO", "body": "Zico INvestment Holdings INc said that\nBancroft Convertible Fund Inc filed suit seeking to enjoin\nZico's 30 dlr-a-share tender offer for 500,000 Bancroft shares.\n In its complaint, Bancroft said the tender offer materials\nand letters to shareholders are false and misleading and that\nthe tender offer violates the investment company act of 1940.\n Zico said the suit is totally without merit and vigorously\nintends to contest it.\n A motion is scheduled to be heard on March 16.\n Reuter\n\u0003", "date": "12-MAR-1987 12:21:28.30", "topics": [ "acq" ], "places": [ "usa" ], "id": "4323" }, { "title": "BULL TO GET 800 MLN FRANC CASH INFUSION", "body": "France's state-owned computer group Cie\ndes Machines Bull is to receive a government cash\ninfusion of about 800 mln francs in addition to an 800 mln bond\nissue with share warrants planned for April, a Finance Ministry\nspokeswoman said.\n The capital injection will be in two stages, the first this\nyear and the second at the start of 1988, she said.\n Earlier this month Bull reported a consolidated net 1986\nprofit of 271 mln francs compared with 110 mln in the previous\nyear. It also cited a fall in debt and increasing productivity.\n Reuter\n\u0003", "date": "12-MAR-1987 12:23:10.18", "places": [ "france" ], "id": "4324" }, { "title": "TRITON ENERGY PRESIDENT RESIGNS", "body": "Triton Energy Corp said president Thomas\nGoff resigned.\n The company gave no reason for the resignation.\n It said chairman and chief executive officer William Lee\nwill assume the role of president until a replacement has been\nfound.\n Reuter\n\u0003", "date": "12-MAR-1987 12:23:38.01", "places": [ "usa" ], "id": "4325" }, { "title": "SWEDISH GOVERNMENT EASES PRICES FREEZE CONDITIONS", "body": "The Finance Ministry said it will\nallow companies to claim exemption from a wage freeze imposed\nin January because of exchange rate fluctuations .\n The Price and Cartel Board, empowered by the government to\noversee the price freeze, will allow importers to charge\nconsumers the extra required if exchange rates changed, the\nministry said in a statement.\n The board had granted very few exceptions from the freeze\nand will continue to apply the rules rigidly, apart from the\nnewly-announced measures, the statement said.\n REUTER\n\u0003", "date": "12-MAR-1987 12:25:38.54", "places": [ "sweden" ], "id": "4326" }, { "title": "SEABOARD CORP 31 WEEK YEAR NET", "body": "Shr 14.63 dlrs\n Net 21.8 mln\n Revs 252.9 mln\n NOTE: Company changed its reporting period to Dec 31 from\nMay 31. It said prior year comparisons were thus not\napplicable.\n Reuter\n\u0003", "date": "12-MAR-1987 12:26:36.56", "topics": [ "earn" ], "places": [ "usa" ], "id": "4327" }, { "title": "TURKISH SHIP HEADED FOR FLORIDA AFTER EXPLOSION", "body": "The Turkish ore/bulk/oil vessel Obo\nEngin, 78,078 tonnes dwt, had an explosion in its boiler\nyesterday, Lloyds shipping Intelligence Service reported.\n The vessel has retained some power and yesterday evening\nwas in position Lat. 25 57 N., Long. 75 06 W. It is diverting\nto Jacksonville, Florida, with its cargo of 58,000 tons of\ncoal.\n The vessel was bound for Iskenderun, Turkey from Lake\nCharles.\n Reuter\n\u0003", "date": "12-MAR-1987 12:27:03.79", "topics": [ "ship" ], "places": [ "uk", "turkey", "usa" ], "id": "4328" }, { "title": "PORSCHE RECALLS 892 OF ITS 1987 MODEL CARS", "body": "Porsche Cars North America Inc said\nit will recall 892 Porsche 928S-4 model vehicles to replace\npossibly defective fuel return hoses.\n It said the recall involves only 1987 model year vehicles.\n Porsche said the cars involved may have been fitted with\nfuel return hoses which are not sufficiently resistant to\ndamage by exposure to atmospheric ozone.\n Reuter\n\u0003", "date": "12-MAR-1987 12:28:33.08", "places": [ "usa" ], "id": "4329" }, { "title": "REUTER INC 4TH QTR", "body": "Shr 67 cts vs six cts\n Net 1.6 mln vs 131,630\n Revs 6.5 mln vs 4.5 mln\n Year\n Shr 85 cts vs 19 cts\n Net 2.0 mln vs 427,749\n Revs 25.1 mln vs 17.4 mln\n NOTE: 1986 net includes 1.4 mln dlrs in tax loss carryback.\nReuter Inc is a spindle maker. It is not connected with Reuters\nHoldings PLC.\n \n Reuter\n\u0003", "date": "12-MAR-1987 12:28:49.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "4330" }, { "title": "CENTEL CORP REGULAR PAYOUT SET", "body": "Qtly div 62-1/2 cts vs 62-1/2 cts previously\n Pay April 30\n Record April Seven\n Reuter\n\u0003", "date": "12-MAR-1987 12:29:04.53", "topics": [ "earn" ], "places": [ "usa" ], "id": "4331" }, { "title": "AMERICAN STORES MAY BE DOWNGRADED BY S/P", "body": "Standard and Poor's Corp said it\nplaced on creditwatch with negative implications American\nStores Co because of its intention to repurchase up to 2.56 mln\nshares of common stock, currently valued at 170 mln dlrs.\n American has 78 mln dlrs of A-rated senior debt and 256 mln\ndlrs of BBB preferred stock, as well as A-1 paper.\n S and P said it projected debt to capital, pro forma for\nthe stock buy back, at more than 67 pct compared with an\naverage of 58.6 pct for the five years through 1985. Return on\npermanent capital is estimated at between 15 and 16 pct, versus\nan average of 18.4 pct.\n Reuter\n\u0003", "date": "12-MAR-1987 12:29:41.80", "places": [ "usa" ], "id": "4332" }, { "title": "MOBIL TO RESTRUCTURE EXPLORATION UNIT", "body": "Mobil Oil Corp said it will\nrestructure its Dallas-based Mobil Exploration and Producing\nServices Inc operations April one, to provide stronger\ntechnological support to its U.S. and overseas operations.\n Mobil said the operation will consist of two new units,\nTechnical Services and Application Technology, along with the\nexisting Drilling and New Exploration Ventures groups. It said\nR.C. Mills, president and general manager of its Exploration\nand Producing Southeast Inc, has been named vice president and\ngeneral manager of the new operation reporting to P.J.\nHoenmans, president of its Exploration and Producing division.\n Reuter\n\u0003", "date": "12-MAR-1987 12:30:35.96", "topics": [ "crude" ], "places": [ "usa" ], "id": "4333" }, { "title": "MERRILL LYNCH SAYS IT FIRED NAHUM VASKEVITCH\n", "date": "12-MAR-1987 12:30:39.54", "id": "4334" }, { "title": "BADGER SEES NO REASON FOR TRADING ACTIVITY", "body": "Badger Meter Inc said it was not\naware of any reason for the unusual trading activity in its\ncommon stock.\n Badger was trading at 21-5/8, up 1-5/8.\n The company made the statement in response to an inquiry\nfrom the American Stock Exchange regarding the unusual activity\nin its stock.\n Reuter\n\u0003", "date": "12-MAR-1987 12:33:31.13", "places": [ "usa" ], "id": "4335" }, { "title": "LANE CO CHAIRMAN SUBMITS RESIGNATION", "body": "Lane Co Inc said its chairman,\nB.B. Lane, has submitted his resignation as a director, officer\nand employee, effective immediately.\n A company spokesman said there were no details available\nbeyond Lane Co's one sentence statement.\n According to proxy material the company filed with the\nSecurities and Exchange Commission in February 1986, B.B. Lane\nthen held about 4.5 pct of the company's stock.\n Reuter\n\u0003", "date": "12-MAR-1987 12:34:26.79", "places": [ "usa" ], "id": "4336" }, { "title": "EQUITY OIL CO 4TH QTR LOSS", "body": "Shr loss nine cts vs profit 11 cts\n Net loss 1,102,592 vs profit 1,364,763\n Revs 2,836,508 vs 5,547,121\n Year\n Shr loss six cts vs profit 32 cts\n Net loss 789,300 vs profit 3,953,822\n Revs 11.7 mln vs 21.1 mln\n NOTE: Per share figures reflect five pct stock dividend\npaid December 1986.\n Reuter\n\u0003", "date": "12-MAR-1987 12:36:05.30", "topics": [ "earn" ], "places": [ "usa" ], "id": "4337" }, { "title": "FN RESULTS HIT BY STRIKES, DOLLAR IN 1986", "body": "Fabrique Nationale Herstal SA\n said it suffered a net loss of 2.99 billion francs\nlast year after being hit by strikes, the falling dollar and\ndeclining oil prices.\n An FN statement said the loss, which compared with a 6.8\nmln franc profit the previous year, included considerable\ncharges for restructuring in 1986 and 1987. Without these the\nnet loss would have been 1.45 billion francs, it said.\n It added that the restructuring plan would allow the firm\nto return to long term profitability once it had been approved\nby local authorities, banks and the workforce.\n Reuter\n\u0003", "date": "12-MAR-1987 12:36:15.36", "topics": [ "earn" ], "places": [ "belgium" ], "id": "4338" }, { "title": "MILLIPORE ACQUIRES EQUITY IN PROTEIN", "body": " said Millipore Corp through its venture capital\nsubsidiary, Millicorp, acquired an equity position in the\ncompany.\n Protein said it and Millipore intend to establish an\n\"interactive relationship.\"\n No other details were disclosed about the amount of\nMillipore's investment in Protein.\n Reuter\n\u0003", "date": "12-MAR-1987 12:36:23.48", "topics": [ "acq" ], "places": [ "usa" ], "id": "4339" }, { "title": "WILDLIFE UNIT PROPOSES ALASKA REFUGE OIL STUDY", "body": "The National Wildlife Federation \nrejected an Interior Department draft plan to open wilderness\nlands in Northern Alaska to oil and gas exploration.\n The federation, the nation's largest conservation group,\nsaid further study was needed to assess any possible damage\nthat development might have on the wildlife in the area, the\ncoastal plain of the Arctic National Wildlife Refuge.\n Jay Hair, the federation's executive vice president, called\nthe Interior's research into the effects of development \"so\nfundamentally flawed that it provides little or no basis on\nwhich to make a public policy decision.\"\n Hair called the department's proposal a \"reflection of a\nlargely political decision,\" adding \"we have no confidence in\nInterior to represent the broad public interest in this area.\"\n Interior wants to open the 1.5 million acre coastal plain\nto oil and gas exploration, but it said only with tough \nsafeguards to protect the area's caribou and musk-oxen.\n It said a preliminary survey showed the region could hold\nbillions of barrels of oil and gas, and that its potential as\nan energy resource would never be known without exploration.\n Interior said oil on the coastal plain could match the 10\nbillion barrels found at Prudhoe Bay, just west of the plain.\n Under existing law, Congress must agree to oil and gas\nexploration, and if it does not act, the land will remain a\nwildlife refuge protected from commercial development.\n Hair said Interior's report failed to stress the\nprobability that finding recoverable oil is only 19 pct.\n He said Interior's study also failed to weigh oil, gas,\nfish and wildlife information the State of Alaska had gathered\nnor had the department consulted the Environmental Protection\nAgency on the possible effects of exploration.\n The federation, in letters to Congressmen, proposed that a\nnine-member commission be set up to study all aspects of the\nissue and report back to Congress in about two years.\n Hair said the federation was not opposed to the possible\nexploration of oil, only that Interior's study was inadquate to\nmake a sound judgement.\n Congressional observers said that at present there was\nlittle sentiment in Congress to open the wildlife area for\ncommercial exploitation dispite increasing concern that the\nUnited States is becoming overly dependent on foreign oil.\n reuter\n\u0003", "date": "12-MAR-1987 12:37:35.48", "topics": [ "crude" ], "places": [ "usa" ], "id": "4340" }, { "title": " SIX MTHS JANUARY 31 NET", "body": "Shr profit one ct vs loss one ct\n Net profit 150,594 vs loss 55,352\n Revs 19.0 mln vs 12.4 mln\n Reuter\n\u0003", "date": "12-MAR-1987 12:42:37.65", "topics": [ "earn" ], "places": [ "canada" ], "id": "4341" }, { "title": "U.S. MINERALS AMENDS REGISTRATION", "body": "U.S. Minerals Exploration Co said it\nfiled an amendment to its registration statement for a proposed\npublic offering of a minimum of 500,000 shares and a maximum of\n1.3 mln shares of common stock.\n The amendment reflects an increase in the maximum number of\nshares to be offered from 800,000 to 1.3 mln.\n Reuter\n\u0003", "date": "12-MAR-1987 12:43:38.93", "places": [ "usa" ], "id": "4342" }, { "title": "MERRILL LYNCH FIRES VASKEVITCH", "body": "Merrill Lynch and Co Inc fired the\nhead of the mergers department in its London office today,\nsaying he had been unable to provide a \"satisfactory\nexplanation\" in response to insider trading charges filed\nyesterday by the Securities and Exchange Commission.\n Merrill had suspended the official, Nahum Vaskevitch,\nyesterday saying at the time it was \"disappointed and angry\" if\nthe SEC charges are true.\n Merrill Lynch's statement at midday today said the firm\nwill continue to cooperatie fully with authoriteis in the U.S.\nand London investigating Vaskevitch's activities.\n Reuter\n\u0003", "date": "12-MAR-1987 12:45:45.10", "topics": [ "acq" ], "places": [ "usa" ], "id": "4343" }, { "title": "LINCOLN NATIONAL CORP VOTES DIVIDEND", "body": "Qtly div 54 cts vs 54 cts prior qtr\n Pay 1 May\n Record 10 April\n Reuter\n\u0003", "date": "12-MAR-1987 12:49:01.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "4344" }, { "title": "ST LAWRENCE SEAWAY TO OPEN ON SCHEDULE", "body": "The St Lawrence Seaway and the Welland\nCanal linking Lakes Erie and Ontario were expected to open as\nscheduled on March 31 and April 1, respectively, a St Lawrence\nSeaway official said.\n The entire Seaway is already free of ice due to the mild\nWinter and could be open for navigation today, \"but there\ndoesn't seem to be enough demand from shipping companies to\nwarrant an early opening,\" the Canadian official said.\n Repairs are continuing at a stepped up pace on the Welland\nCanal and should be completed by the April 1 start-up date, she\nadded.\n Reuter\n\u0003", "date": "12-MAR-1987 12:51:03.86", "topics": [ "ship" ], "places": [ "usa", "canada" ], "id": "4345" }, { "title": "LVI GROUP INC 4TH QTR NET", "body": "Oper shr profit two cts vs loss 19 cts\n Oper net profit 523,000 vs loss 2.2 mln\n Revs 102.5 mln vs 39.9 mln\n 12 mths\n Oper shr profit 11 cts vs loss 29 cts\n Oper net profit 2.2 mln vs loss 2.9 mln\n Revs 304.4 mln vs 50.3 mln\n NOTE: All 1986 and last two months of 1985 include results\nof NICO Inc acquired Oct 1985.\n Prior year excludes discontinued operations loss of 14 cts\nper share in the quarter and loss 18 cts a share in the year.\n 1986 excludes extraordinary gain of two cts per share in\nthe quarter and four cts per share in the year.\n Reuter\n\u0003", "date": "12-MAR-1987 12:54:33.99", "topics": [ "earn" ], "places": [ "usa" ], "id": "4346" }, { "title": "PROTOCOMDEVICES SEES MORE PROFIT EROSION", "body": "ProtocomDevices Inc said it has seen\nmore erosion of its general financial condition since December\n31, and is actively engaged in negotiations to secure\nadditional financing. It also said it has undergone a\nrestructuring of its management and is instituting further\nstaff reductions.\n It said Ramon Morales has relinquished his role as\npresident and chief operating officer and assumed the position\nof executive vice president in charge of international sales.\n It also said Rafael Collado has assumed the positions of\npresident and chief operating officer in addition to his role\nas chief executive officer.\n For the year ended January 31, 1986, the company had a net\nloss of 51,000 dlrs or 24 cts a share on revenues of 2.8 mln\ndlrs.\n Reuter\n\u0003", "date": "12-MAR-1987 12:55:07.33", "topics": [ "earn" ], "places": [ "usa" ], "id": "4347" }, { "title": "CENTURY TO SELL CABLE PROPERTIES", "body": "Century Telephone Enterprises Inc\nsaid it agreed to sell its cable television properties located\nin Michigan, Tennesse, Tennesse, Florida, Arkansas and\nLouisiana.\n Terms and the name of the purchaser were not disclosed.\n The transaction, subject to a definitive agreement, is\nexpected to be completed in the near future, it said.\n Century said it expects to recognize a substantial gain on\nthe sale. For the year ended December 31, Century reported net\nincome of 17.2 mln dlrs on sales 146.0 mln dlrs.\n\n Reuter\n\u0003", "date": "12-MAR-1987 12:57:12.92", "places": [ "usa" ], "id": "4348" }, { "title": "ICO BOARD MEETING DELAYED ONE DAY", "body": "The International Coffee Organization\n(ICO) executive board meeting scheduled for the end of this\nmonth has been delayed by one day and will now run from March\n31 to April 2 and not March 30 to April 1, ICO officials said.\n On March 30, the ICO ad hoc working group will meet to\nconsider management consultants Ernst & Whinney's report on the\nICO secretariat. This report was commissioned late last year to\nreport on the administrative structure of the ICO.\n Reuter\n\u0003", "date": "12-MAR-1987 12:59:56.53", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "uk" ], "id": "4349" }, { "title": "EMERSON TO ISSUE NEW ZEALAND NOTES", "body": "Emerson Electric Co said it will\nissue about 56 mln dlrs (U.S.) 18.55 pct notes due 1989.\n It said interest and principal are payable in either New\nZealand or U.S. dollars.\n The notes will be offered through an underwriting syndicate\nmanaged by Prudential-Bache Capital Funding at an offering\nprice of 100 pct. Proceeds will be used to retire commercial\npaper and for general corporate purposes.\n Reuter\n\u0003", "date": "12-MAR-1987 13:01:12.17", "places": [ "usa" ], "id": "4350" }, { "title": "PARADISE FRUIT CO INC YEAR NET", "body": "Shr 86 cts vs 99 cts\n Net 435,610 vs 497,160\n Sales 16.6 mln vs 17.7 mln\n NOTE: 1986 year net penalized 13 cts shr from loss of\ninvestment tax credits.\n \n Reuter\n\u0003", "date": "12-MAR-1987 13:03:16.57", "topics": [ "earn" ], "places": [ "usa" ], "id": "4351" }, { "title": "ZENITH SEEKS HIGH COURT REVIEW ON DUMPING", "body": "Zenith Electronics Corp asked\nthe U.S. Supreme Court to consider its anti-dumping case\nagainst Japanese television manufacturers.\n In a complex case that dates to 1974, Zenith has charged a\ngroup of Japanese companies with violations of U.S. antitrust\nand anti-dumping laws.\n The U.S. electronics company today said it asked the high\ncourt to review a 1986 lower court ruling that dismissed both\nthe antitrust and anti-dumping portions of the case.\n Reuter\n\u0003", "date": "12-MAR-1987 13:03:29.69", "places": [ "usa", "japan" ], "id": "4352" }, { "title": "SAMSON ENERGY CO LIMITED PARTNERSHIP YEAR", "body": "Net loss 14,144,000 vs loss 863,000\n Revs 10.3 mln vs 16.7 mln\n NOTES: 1986 loss includes write-down of 15.1 mln dlrs in\nthe carrying value of oil and gas properties taken in the first\nquarter \n Cash flow from operationswas 6,237,000 dlrs, or 3.01 dlrs\nper unit, vs 9,315,000 dlrs, or 4.56 dlrs per unit\n Reuter\n\u0003", "date": "12-MAR-1987 13:05:46.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "4353" }, { "title": "FRN MARKET SLUMPS, FIXED RATE EUROBOND TRADE QUIET", "body": "Eurobond prices in the floating rate\nnote sector slumped across the board by as much as a full point\non some issues.\n \"Today has been irrational, irresponsible -- possibly the\nworst day in what has been a dire six months for the floater\nmarket,\" commented a senior FRN trader at a U.K. Bank.\n Republic of Ireland FRNs were marked sharply down in\ninitial trading and market nerves soon infected other\nsupra-national and sovereign paper with dealers attributing the\nfalls to aggressive professional shorting by a few leading U.S.\nInvestment houses.\n The FRN market has been suffering from acute contraction of\nliquidity and consequent drain of investor confidence since the\neffective collapse in the market for perpetual floating rate\nissues late last year.\n Since then, FRN specialists noted that retail interest has\nbeen sparse or completely absent and the stagnant market for\nfloating rate paper has become increasingly vulnerable to\nmanipulation, with nerves affecting all variety of borrowers.\n Floating rate debt of U.S. And Canadian banks came under\npressure last month when fears resurfaced about their exposure\nto Latin American debt. Canadian banks were hard hit today.\n Fears about the Irish economy, exacerbated by recent\npost-electoral political wrangling in Dublin, prompted a\nsell-off of Ireland paper this morning with both dollar and\nmark-denominated Irish issues tumbling by a full point or more.\n However, FRN dealers polled by Reuters felt the Irish\nissues had been singled out -- as the U.S. And Canadian banks\nwere most recently -- as the market's most vulnerable sector.\n \"A handful of professional houses are targetting the weak\npaper, shorting it aggressively and this is just starting the\ndomino effect with basically sound paper also starting to roll\nwith it,\" a senior FRN market source explained.\n Although floating paper from better-regarded borrowers such\nas the U.K. Managed to finish the day only around 10 basis\npoints down, other sovereigns like Sweden and supranationals\nlike Eurofima suffered heavier losses, FRN dealers said.\n Debt exposure fears continued to undermine U.S. And\nCanadian bank paper with one U.K. House citing a fall of 1-5/8\npoint on the day on a Royal Bank of Canada issue.\n FRN traders noted Japanese investors, initially\nenthusiastic floating rate debt buyers, had lost confidence in\nthe market and speculated that a crisis meeting, such as the\none called upon the collapse of the perpetuals, could be\nimminent.\n \"Retail clients just don't want to know about the floaters\nany more so it has degenerated to a wily pass-the-parcel among\nthe professionals, all scheming to sweep the paper under the\ncarpet,\" another senior FRN trader said.\n \"I don't know what is going to happen to the market. It\ncan't go on like this,\" he added.\n In the fixed-rate sector, trading was dull with the market\nstill attempting to digest a heavy volume of new issues from\nearlier this week although primary market activity slowed\nsomewhat today, trading and syndicate sources reported.\n Dollar straight bonds ended the day barely changed from\nopening levels as investors failed to react on the unexpectedly\nlarge 4.1 pct rise in U.S. February retail sales, prefering to\nwait for tomorrow's producer price and business inventory data.\n A 100 mln dlr deal for Norsk Hydro was launched later in\nthe day and the issue was trading around its total two pct fees\nat close of grey market trade although dealers said the\nborrower's frequent appearance in the euromarkets could deter\ninvestors.\n The Canadian dollar sector however saw good two-way trade\nand a continuation of recent healthy volume as the Canadian\ndollar rides high on the foreign exchanges and futures markets.\n Dealers said the strength of the Canadian dollar, which has\nfirmed especially over the last two days, has renewed end\ninvestors confidence in the currency.\n A new Canadian dollar issue for Hydro Quebec was seeing\nexcellent demand, sector specialists said, and the issue was\nquickly increased to a total of 150 mln dlrs from 125 mln.\n \"This kind of paper can be hard to sell and it is gratifying\nto see such a high level of interest, both European and\ndomestic Canadian demand,\" commented one trader at a Canadian\nhouse.\n Eurosterling, which has been in the limelight lately, also\non foreign exchange and currency bullishness, slipped slightly.\n Senior eurosterling sources noted that bond prices fell\nback today, more or less in line with losses seen on the U.K.\nGovernment bond market -- around 5/8 point lower at the longer\nend of the eurosterling market.\n Dealers said overseas investors had not been buying today\nand predicted consolidation before next week's U.K. Budget. A\n55 mln stg convertible issue for confectioners Rowntree\nMackintosh was well bid at 104-5/8 105-1/8 pct and expected to\ngo well.\n Euroyen bonds showed a firmer tone led by some professional\nshort covering from Tokyo. Today's 23 billion deal for Toyota\nMotor Credit with a 4-1/2 pct coupon was deemed tight however.\n REUTER\n\u0003", "date": "12-MAR-1987 13:07:04.88", "places": [ "uk" ], "id": "4354" }, { "title": "BIOMET 3RD QTR REVENUES RISE", "body": "Biomet Inc said its revenues for the\nthird quarter ended February 28 were up 21 pct to 14.1 mln dlrs\nfrom 11.7 mln dlrs and nine month revenues were up 25 pct to\n39.7 mln dlrs from 31.8 mln dlrs a year before.\n Reuter\n\u0003", "date": "12-MAR-1987 13:07:12.79", "places": [ "usa" ], "id": "4355" }, { "title": "LYNG SAYS NO DECISION ON SOVIET EEP OFFER", "body": "U.S. Agriculture Secretary Richard\nLyng said the Reagan administration had not decided on offering\nthe Soviet Union subsidized wheat but that such an offer had\nnot been ruled out.\n In an interview with Reuters, Lyng also said that he had no\nknowledge of any upcoming discussion of the matter within the\ncabinet.\n Asked if the administration had ruled out offering to\nsubsidize wheat exports to the Soviet Union under the\ndepartment's export enhancement program, Lyng said, \"No. We\nhaven't made a decision on it, haven't even talked about it,\nhaven't even looked at it.\"\n Reminded that there have been reports that Moscow would buy\nU.S. wheat if competitively priced, Lyng responded, \"If they\n(the Soviets) would offer to buy some wheat, would we accept\nit? It would depend on what price they offered.\"\n Lyng added that he did not think the price of U.S. wheat\nwas far off the world price.\n Asked about persistent speculation that the administration\nwould offer Moscow a wheat subsidy, Lyng said, \"Some people\nthink they're doing it to see if they can get a little spurt in\nthe market.\"\n Agriculture Undersecretary Daniel Amstutz last week asked\nthe Commodity Futures Trading Commission to investigate reports\nthat wheat prices were being manipulated by reports that a U.S.\nwheat subsidy offer was imminent.\n Reuter\n\u0003", "date": "12-MAR-1987 13:10:17.58", "topics": [ "grain", "wheat" ], "places": [ "usa", "ussr" ], "id": "4356" }, { "title": "ACCELERATION CORP 4TH QTR", "body": "Shr 22 cts vs 19 cts\n Net 1.1 mln vs 994,000\n Year\n Shr 83 cts vs 60 cts\n Net 4.3 mln vs 3.1 mln\n NOTE:1985 net includes tax loss carryforward gain of 8,000\ndlrs.\n \n Reuter\n\u0003", "date": "12-MAR-1987 13:10:42.40", "topics": [ "earn" ], "places": [ "usa" ], "id": "4357" }, { "title": " 2ND QTR JAN 31 NET", "body": "Shr profit nil vs loss five cts\n Net profit 232 vs loss 124,380\n Revs 143,397 vs 61,901\n 1st half\n Shr profit one ct vs loss 10 cts\n Net profit 15,722 vs loss 264,539\n Revs 354,843 vs 120,403\n Reuter\n\u0003", "date": "12-MAR-1987 13:11:24.17", "topics": [ "earn" ], "places": [ "usa" ], "id": "4358" }, { "title": "SYNERCOM HOLDERS OK LIABILITY LIMITATION", "body": "Synercom Technology Inc said\nshareholders at the annual meeting approved the limnitation of\ndirectors' liability in certain circumstances in accordance\nwith Delaware law.\n Reuter\n\u0003", "date": "12-MAR-1987 13:12:43.02", "places": [ "usa" ], "id": "4359" }, { "title": "BLUE GASS BREEDERS COMPLETES ACQUISITION", "body": "Blue Grass Breeders Inc said it has\ncompleted the acquisition of Equine Enterprises Inc for four\nmln common shares.\n It said it is obligated to deliver another 2,741,660 shares\non the attainment of a certain level of shareholders' equity\nduring any fiscal quarter within 12 months of closing.\n If all the contingent shares are issued, Blue Grass said\nformer owners of Equine will have a 75 pct interest in Blue\nGrass.\n Equine is a New Mexico quarter horse breeding and racing\ncompany.\n Reuter\n\u0003", "date": "12-MAR-1987 13:13:07.85", "topics": [ "acq" ], "places": [ "usa" ], "id": "4360" }, { "title": "DIGIMED CORP 2ND QTR DEC 31 LOSS", "body": "Shr loss two cts vs loss five cts\n Net loss 17,334 vs loss 51,507\n Sales 245,560 vs 179,839\n Avg shrs 1,136,785 vs 1,046,785\n Six mths\n Shr profit four cts vs loss 17 cts\n Net profit 47,749 vs loss 174,373\n Sales 721,937 vs 284,809\n Avg shrs 1,136,785 vs 1,046,785\n Reuter\n\u0003", "date": "12-MAR-1987 13:13:13.33", "topics": [ "earn" ], "places": [ "usa" ], "id": "4361" }, { "title": "ENVIROPACT IN NASDAQ NATIONAL EXPANSION", "body": "Enviropact Inc said its stock has been\nincluded for listing in the National Association of Securities\nDealers' NASDAQ National Market System effective March 17.\n Reuter\n\u0003", "date": "12-MAR-1987 13:14:23.02", "places": [ "usa" ], "id": "4362" }, { "title": "FLIGHT INTERNATIONAL GROUP INC 3RD QTR", "body": "periods ended January 31\n Shr profit 22 cts vs loss 26 cts\n Net profit 439,000 vs loss 522,000\n Revs 5,600,000 vs 3,859,000\n Nine mths\n Shr profit 46 cts vs loss three cts\n Net profit 912,000 vs loss 59,000\n Revs 14.6 mln vs 18.3 mln\n NOTE: Year ago revenues include 400,000 dlrs in quarter and\n2,227,000 dlrs in nine months from operations of subsidiary\nsold in April 1986\n Reuter\n\u0003", "date": "12-MAR-1987 13:14:35.92", "topics": [ "earn" ], "places": [ "usa" ], "id": "4363" }, { "title": "NORD EST PLANS 400 MLN FRANC BOND ISSUE", "body": "Financial and industrial holding company\nNord Est plans to make a convertible bond issue for a total of\n400 mln francs, President Gustave Rambaud said.\n He told a news conference Nord-Est expected to receive\napproval from the Bourse supervisory body COB in the next two\nweek, when terms would set according to market conditions.\n He said the issue was meant to boost capital ahead of new\ninvestments.\n Rambaud said the company would pay a 1986 dividend of 5.25\nfrancs, unchanged on 1985. Parent company net profit last year\nrose to 99.5 mln francs against 71.1 mln in 1985.\n Provisional consolidated profits were lower at 185 mln\nfrancs compared with 200 mln in 1985, of which 120 mln, against\n147 mln, was attributable to the group. He said the lower\nprofit was mainly due to losses made by steel-tube maker\nVallourec, in which Nord Est has a 12.5 pct stake.\n Rambaud said he forecast a 1987 parent company net profit\nbefore provisions of around 135 mln francs.\n REUTER\n\u0003", "date": "12-MAR-1987 13:15:17.78", "topics": [ "earn" ], "places": [ "france" ], "id": "4364" }, { "title": "SOLV-EX SHELL CANADA PACT COMPLETE", "body": "Solv-Ex Corp said it\nsuccessfully completed its oil sands pilot testing program\nunder its agreement with Shell Canada Limited and\nreceived a 250,000 U.S. dlr bonus payment.\n It also said that Shell Canada exercised its option to take\nover Solv-Ex's 25 pct working interest in the construction of\nthe oil facility, relieving it of its obligation to raise about\n62.5 mln Canadian dlrs for plant construction.\n It said 30 pct of that loan was guaranteed by the\nGovernment of Alberta.\n In exchange for Shell's participation, Solv-Ex said Shell\nis obligated to pay it an up-front royalty and a running\nroyalty based on the operating profits of the oil sands\nfacility. It said the Shell Canada 7,500 barrel per day oil\nsands project will be built on Shell's oil sand lease about 40\nmiles north of Fort McMurray in the Athabasca region of\nnorthern Alberta.\n Solv-Ex said the project will cost about 260 mln Canadian\ndlrs. It said that following a final feasibility study the\nplant should open in the early 1990s when oil prices are\nexpected to exceed 20 U.S. dlrs per barrel.\n\n Reuter\n\u0003", "date": "12-MAR-1987 13:18:30.31", "topics": [ "crude" ], "places": [ "usa", "canada" ], "id": "4365" }, { "title": "SPAIN HAS 68 MLN DLR JANUARY PAYMENTS SURPLUS", "body": "Spain had a 68 mln dlr current account\nbalance of payments surplus in January compared with a 556 mln\ndeficit in December and 370 mln surplus in January last year,\nBank of Spain figures show.\n The trade deficit rose to 664 mln dlrs in January from 146\nmln in January 1986.\n REUTER\n\u0003", "date": "12-MAR-1987 13:18:57.93", "topics": [ "bop" ], "places": [ "spain" ], "id": "4366" }, { "title": "UNION PACIFIC IN PARTNERSHIP WITH PDVSA", "body": "Union Pacific Corp said it will enter\na 50-50 partnership with Petroles de Venezuela, PDVSA, to own\nand operate Union Pacific's 160,000 barrel-per-day Corpus\nChristi, Texas, oil refinery.\n The assests to be acquired by the partnership are valued at\n190 mln dlrs, Union Pacific said.\n Closing is expected to take place in early April and the\nventure is to be called Champlin Refining Co.\n The partnership will acquire the refining and distribution\nsystems currently owned and operated by Champlin Petroleum, a\nwholly owned subsidiary of Union Pacific.\n The venture will acquire the related inventories and the\nChamplin trade name, the company said.\n PDVSA and Union Pacific will each contribute half the\ncapital required by the venture and arrange a revolving credit\nfacility with U.S. and foreign banks to finance inventories and\nreceivables, Union Pacific said.\n Petroles de Venezuela also signed a 25-year agreement to\nsupply at least 140,000 bpd of Venezulean crude oil and naphtha\nto the refinery at market related prices.\n Under various options the in the agreement PDVSA could\nsupply another 50,000 bpd on similar terms, the company said.\n \"This will provide a stable, long-term supply to the\nrefinery at competitive costs, thereby assuring the economic\nviability of the plant,\" a statement issued by Union Pacific\nsaid.\n The statement said the agreement with PDVSA will enable the\ncompany to supply a steady flow of refined products to its\ncustomers.\n Union Pacific said employees of the refinery would be\ntransfered to the new company and would retain the same\nbenefits as in the past.\n Reuter\n\u0003", "date": "12-MAR-1987 13:19:17.13", "topics": [ "crude", "acq" ], "places": [ "usa", "venezuela" ], "id": "4367" }, { "title": "SCOTT INSTRUMENTS TO STRESS MARKETING", "body": "Scott Instruments Corp said it\nhas decided to concentrate on marketing new applications of its\nexisting research.\n It said it will realize cost savings from the reduction of\nmanufacturing and marketing staff and overhead expenses.\n The company said it will seek to license its Coretechs Vet\n3 speech recognition product to other companies and have them\nprovide manufacturing, market development, distribution and\nsupport activities in the industrial market.\n It said it is near completion of talks for a British\ncompany to distribute Vet 3 in Britain and Europe.\n Reuter\n\u0003", "date": "12-MAR-1987 13:19:50.18", "places": [ "usa" ], "id": "4368" }, { "title": "PUROLATOR DIRECTOR QUITS OVER BUYOUT", "body": "A Purolator Courier Corp director\nresigned from the company's board, saying he plans to take\nsteps to make or find an offer that tops the 265 mln dlr buyout\ndeal already accepted by Purolator's board, the company said.\n The director, Doresy Gardner, resigned in a March 10 letter\nto the Purolator board, which was included in a filing made by\nthe company to the Securities and Exchange Commission.\n Gardner noted that the terms of the merger agreement in\nwhich the company would bought out by a group of its managers\nand E.F. Hutton LBO Inc bar directors from taking action to\nsolicit, initiate or encourage acquisition proposals.\n \"I, as a shareholder, wish to solicit, initiate or\nencourage such an offer or indication of interest, and believe,\ntherefore, that I should resign as a director of the\ncorporation,\" Gardner said in the letter.\n \"Accordingly, I hereby resign as a director of Purolator\nCourier Corp, effective immediately,\" he said.\n Gardner said he believes shareholders could get a better\ndeal than the buyout offer if the company would agree to be\nsold to some other entity, or if it could sell off all or part\nof its U.S. courier division.\n On March 4, another Purolator shareholder, Rodney Shields,\nfiled a class action suit on behalf of the company's\nshareholders charging the company and its board with breaching\ntheir fiduciary duty by failing to take steps to ensure that\nshareholders got the highest possible price in the buyout.\n The deal would give shareholders 35 dlrs a share in cash if\njust 83 pct of Purolator's 7.6 mln shares are tendered. If more\nare tendered, they would receive 29 dlrs in cash and six dlrs\nin debentures and a warrant to buy stock in the new company in\nexchange for each share.\n Reuter\n\u0003", "date": "12-MAR-1987 13:21:47.76", "topics": [ "acq" ], "places": [ "usa" ], "id": "4369" }, { "title": "UNR INDUSTRIES INC 4TH QTR NET", "body": "Shr profit 75 cts vs profit 25 cts\n Net profit 2,742,962 vs profit 936,333\n Sales 74.9 mln vs 70.1 mln\n Year\n Shr profit 1.05 dlrs vs loss 1.07 dlrs\n Net profit 3,868,888 vs loss 3,931,580\n Sales 299.3 mln vs 281.1 mln\n Reuter\n\u0003", "date": "12-MAR-1987 13:23:26.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "4370" }, { "title": "CENTURY TELEPHONE TO SELL PROPERTIES", "body": "Century Telephone Enterprises Inc\nsaid it has accepted an offer to sell its cable television\nproperties in Michigan, Tennessee, Florida, Arkansas and\nLouisiana for a \"substantial\" gain.\n The company said details were not disclosed.\n Reuter\n\u0003", "date": "12-MAR-1987 13:24:46.45", "topics": [ "acq" ], "places": [ "usa" ], "id": "4371" }, { "title": "VOLT INFORMATION SCIENCES INC 1ST QTR", "body": "Shr 12 cts vs seven cts\n Net 817,000 vs 512,000\n Revs 107.5 mln vs 99.9 mln\n Avg 6.9 mln vs 7.2 mln\n NOTE: 1987 net includes 2.4 mln dlr pretax gain on\nsettlement, 743,000 dlrs gain on securities sale, interest\nexpense net of investment income of 2.2 mln dlrs and 920,000\ndlrs in fiscal 1986. Change of European operations method\nresulted in pre-tax translation losses of 1.1 mln dlrs in 1987.\nPeriod ended January 30.\n Reuter\n\u0003", "date": "12-MAR-1987 13:26:52.71", "topics": [ "earn" ], "places": [ "usa" ], "id": "4372" }, { "title": "MAGMA STOCK TRANSFERABILITY LIMITED", "body": "Newmont Mining Corp said Magma\nCopper Co's certificate of incorporation and by-laws have been\nrestated to limit the transferability of the company's stock.\n In an information statement on its decision to distribute\nMagma stock as a dividend, Newmont said the changes \"will\nimpede any change of control of Magma.\"\n It said this has been done by authorizing two closses of\ncommon stock -- 60 mln class A shares with one vote each and\n38.1 mln class B shares with four votes each. In the dividend\nof one Magma share for each Newmont share outstanding announced\nTuesday, Class B shares are being distributed.\n Newmont is distributing 30,458,100 Magma shares, or 80 pct\nof the Class B common, to its shareholders.\n It said this stock will be transferable as Class B stock\nuntil one entity acquires over 10 pct of the shares.\n Any shares over 10 pct of those outstanding will\nautomatically be changed by the transfer agent to Class A\nstock, Newmont said.\n The company said there are two exceptions under the bylaws\n-- the 15 pct of Magma's stock it is retaining and the 21 pct\nwhich will be held by as a\nresult of its ownership of that portion of Newmont.\n However, Newmont Secretary Roger Adams said, any additional\nMagma shares acquired by Newmont or Consolidated will\nautomatically become Class A shares.\n None of the authorized Class A shares is being distributed\nat this point, Newmont said.\n The company also said five pct of Magma's stock is being\nheld in trust for members of Magma's management.\n Newmont said Magma's restated certificate of incorporation\nalso limits change in control of the company by dividing the\nboard into three classes serving staggered terms.\n Newmont said the new Magma rules also provide that\nshareholder action can be taken only at shareholder meetings,\nprohibiting shareholder action by written consent, and include\n\"fair price\" provisions limiting combinations with any holder\nof more than 10 pct of Magma's voting power.\n Reuter\n\u0003", "date": "12-MAR-1987 13:27:33.66", "places": [ "usa" ], "id": "4373" }, { "title": "PARADISE FRUIT SETS LOWER DIVIDEND", "body": "Paradise Fruit Co Inc said its\nboard declared a dividend of 25 cts per share, payable March 31\nto holders of record March 19.\n The company last paid 50 cts per share in January 1986 and\nbefore that paid 60 cts in January 1985.\n Paradise said commercial bank lending agreements it entered\ninto in June 1986 include retained earnings requirements that\nlimit the amount of earnings available for distribution to\nshareholders.\n Reuter\n\u0003", "date": "12-MAR-1987 13:28:09.56", "topics": [ "earn" ], "places": [ "usa" ], "id": "4374" }, { "title": "DIGITEXT PLANS UNIT OFFERING", "body": "Digitext Inc said it\nsigned a letter of intent covering a planned 12 mln dlr unit\noffering consisting of preferred stock and warrants to purchase\ncommon stock.\n The company said it expects to file a registration\nstatement covering the offering with the Securities and\nExchange Commission within the next 60 days.\n Reuter\n\u0003", "date": "12-MAR-1987 13:28:25.60", "places": [ "usa" ], "id": "4375" }, { "title": " YEAR NET", "body": "Oper shr 1.30 dlrs vs 1.51 dlrs\n Oper net 4.06 mln vs 4.17 mln\n Sales 146.3 mln vs 155.9 mln\n Note: 1985 excludes extraordinary loss of 7.45 mln dlrs, or\n2.70 dlrs per share.\n Reuter\n\u0003", "date": "12-MAR-1987 13:28:29.84", "topics": [ "earn" ], "places": [ "canada" ], "id": "4376" }, { "title": "VARIAN GETS 19 MLN DLR SUBCONTRACT", "body": "Varian Associates Inc said it\nreceived a 19 mln dlr subcontract from General Electric Co \nfor 36 100 kilowatt transmitters to be used in the Air Force's\nadvanced AN/FPS-118 over-the-horizon backscatter radar systems.\n Nearly 15 mln dlrs was funded immediately, Varian said.\n Reuter\n\u0003", "date": "12-MAR-1987 13:28:43.47", "places": [ "usa" ], "id": "4377" }, { "title": "NORTH AMERICAN HOLDING CORP 3RD QTR NET", "body": "Dec 31 end\n Shr profit nil vs loss four cts\n Net profit 6,891 vs loss 590,460\n Revs 6,518,133 vs 2,521,884\n Avg shrs 13.1 mln vs 12.0 mln\n Nine mths\n Shr profit six cts vs loss seven cts\n Net profit 772,703 vs loss 758,620\n Revs 20.1 mln vs 7,599,017\n Avg shrs 13.2 mln vs 10.9 mln\n Reuter\n\u0003", "date": "12-MAR-1987 13:29:29.97", "topics": [ "earn" ], "places": [ "usa" ], "id": "4378" }, { "title": "MELVILLE NAMES CHIEF FINANCIAL OFFICER", "body": "Melville Corp said it elected\nRobert Huth as executive vice president and chief financial\nofficer, succeeding Kenneth Berland on April six.\n Berland will continue as vice chairman and chief\nadministrative officer.\n Huth is a partner in the accounting firm of Peat, Marwick,\nMitchell and Co.\n Reuter\n\u0003", "date": "12-MAR-1987 13:30:06.71", "places": [ "usa" ], "id": "4379" }, { "title": "GENERAL HOST CORP SETS QUARTERLY", "body": "Qtly div six cts vs six cts prior\n Pay April Three\n Record March 23\n Reuter\n\u0003", "date": "12-MAR-1987 13:30:29.53", "topics": [ "earn" ], "places": [ "usa" ], "id": "4380" }, { "title": "U.S. AUTO OUTPUT SAID DOWN THIS WEEK", "body": "Automobile production by U.S.\nmanufacturers this week will be 2.5 pct below output for the\nsame week last year, according to Automotive News.\n The trade paper said 167,942 cars will be made in the\nUnited States this week, down from 172,348 during last year's\nweek.\n Production will also be below last week's level, when\n173,596 cars were made, the paper estimated.\n Truck output this week will be 79,784 vehicles, ahead of\nthe 76,059 units made during the same week last year but behind\nthe 80,424 trucks made last week.\n Reuter\n\u0003", "date": "12-MAR-1987 13:31:17.49", "places": [ "usa" ], "id": "4381" }, { "title": "U.S.-SOVIET GRAIN ACCORD QUESTIONED BY LYNG", "body": "U.S. Agriculture Secretary Richard\nLyng said he was not sure a long-term U.S.-Soviet grain\nagreement would be worth extending when it expires next year.\n \"It hasn't been worth much in the last two years....They\nhaven't lived up to the agreement as I see it,\" Lyng said in an\ninterview with Reuters.\n \"It would be my thought that it's not worth any effort to\nwork out an agreement with someone who wants the agreement to\nbe a one-sided thing,\" he said.\n However, Lyng said he did not want to make a \"definitive\ncommitment one way or another at this point.\"\n Under the accord covering 1983-88, the Soviets agreed to\nbuy at least nine mln tonnes of U.S. grain, including four mln\ntonnes each of corn and wheat.\n Moscow bought 6.8 mln tonnes of corn and 153,000 tonnes of\nwheat during the third agreement year, which ended last\nSeptember, and this year has bought one mln tonnes of corn.\n Lyng said he had no knowledge of how much U.S. grain Moscow\nwould buy this year.\n \"I've seen people making comments on that and I don't know\nhow they know, unless they talk to the Soviets,\" he said. \"I have\nno knowledge, and I really don't think anyone other than the\nSoviets have any knowledge.\"\n Lyng said he thought the Soviets bought U.S. corn last\nmonth because \"they needed it and because the price was right.\"\n \"Our corn has been pretty reasonably priced. And I think\nthey've always found that our corn was good,\" he said.\n Reuter\n\u0003", "date": "12-MAR-1987 13:32:15.01", "topics": [ "grain", "corn", "wheat" ], "places": [ "usa", "ussr" ], "id": "4382" }, { "title": "MOROCCO SECURES BULK OF EXTRA AID SOUGHT", "body": "Morocco is likely to get an extra aid\npackage exceeding 100 mln Special Drawing Rights (126 mln dlrs)\nin 1987 following a three-day Consultative Group meeting of\ndonors chaired by the World Bank, Moroccan Finance Minister\nMohamed Berada said.\n Berrada said most of the extra aid sought to complete high\npriority investments in agriculture, education, and public\nhealth had already been secured, and additional sums were\nlikely to emerge from forthcoming bilateral meetings with\ndonors.\n A World Bank statement said the Consultative Group meeting\nattended by 15 donor countries and agencies noted with\nsatisfaction a marked improvement in Morocco's economic\nperformance and urged it to continue recent adjustment efforts.\n It added that the Group saw as realistic Morocco's\nmedium-term goal of restoring creditworthiness on financial\nmarkets, and agreed to reconvene in a year to discuss Morocco's\nfive year development strategy for 1988-92, introduced in its\nbroad outlines at this week's meeting.\n Morocco reached an agreement here last week with the Paris\nClub of western creditor governments to reschedule over 10\nyears the 900 mln dlrs of debt due by mid 1988. That followed\nan agreement late last year to reschedule 1.8 billion dlrs of\ncommercial bank debt.\n Morocco's foreign debt currently totals 14 billion dlrs,\nBerrada said, adding that Morocco intended to stop rescheduling\nits debts, and pay them off instead.\n He told Reuters the forthcoming five-year development plan,\ndesigned to avoid the negative effects of adjustment without\ngrowth, could require further aid of 700 or 800 mln dlrs.\n REUTER\n\u0003", "date": "12-MAR-1987 13:33:12.59", "organisations": [ "worldbank" ], "places": [ "morocco" ], "id": "4383" }, { "title": "GROW GROUP INC SETS QUARTERLY", "body": "Qtly div 7-1/2 cts vs 7-1/2 cts prior\n Pay April 30\n Record April 15\n Reuter\n\u0003", "date": "12-MAR-1987 13:34:41.73", "topics": [ "earn" ], "places": [ "usa" ], "id": "4384" }, { "title": "DIGIMED CORP 2ND QTR DEC 31 LOSS", "body": "Shr loss 1.5 cts vs loss five cts\n Net loss 17,334 vs loss 51,507\n Sales 245,560 vs 179,839\n Six mths\n Shr profit four cts vs loss 17 cts\n Net profit 47,749 vs loss 174,373\n Sales 721,937 vs 284,809\n Reuter\n\u0003", "date": "12-MAR-1987 13:35:01.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "4385" }, { "title": "POWERINE REFINERY TO RESUME OPERATIONS", "body": " said\nits refinery here will resume operation today, with initial\ncrude oil runs of 20,000 barrels per day.\n Powerine, a privately-held company, said it expects the\nrefinery to become fully operational by May, with crude oil\nthroughput at 35,000 bpd.\n Initial oil products deliveries are scheduled for Monday,\nPowerine said. The refinery had been closed due to a change of\nownership, the company said.\n Reuter\n\u0003", "date": "12-MAR-1987 13:35:48.41", "topics": [ "crude" ], "places": [ "usa" ], "id": "4386" }, { "title": "TRINITY INDUSTRIES INC SETS QUARTERLY", "body": "Qtly div 12-1/2 cts vs 12-1/2 cts prior\n Pay April 30\n Record April 15\n Reuter\n\u0003", "date": "12-MAR-1987 13:41:55.19", "topics": [ "earn" ], "places": [ "usa" ], "id": "4387" }, { "title": "COASTAL BANCORP SETS QUARTERLY", "body": "Qtly div five cts vs five cts prior\n Pay April 15\n Record March 30\n Reuter\n\u0003", "date": "12-MAR-1987 13:42:55.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "4388" }, { "title": "IDAHO POWER CO SETS QUARTERLY", "body": "Qtly div 45 cts vs 45 cts prior\n Pay May 20\n Record April 24\n Reuter\n\u0003", "date": "12-MAR-1987 13:43:00.41", "topics": [ "earn" ], "places": [ "usa" ], "id": "4389" }, { "date": "12-MAR-1987 13:43:39.50", "id": "4390" }, { "title": "DISTILLERS KNOWS NO REASON FOR STOCK MOVE", "body": "National Distillers and Chemical Corp\nsaid it was unable to explain a sharp rise in its stock.\n National Distillers rose 3-1/8 to 63-3/4 in moderate\ntrading of 84,000 shares. Texas investor Robert M. Bass\nrecently filed a 13D with the Securities and Exchange\nCommission, disclosing a stake of more than five pct.\n John Salisbury, vice president and general counsel of\nNational Distillers, said there were no new developments\nconcerning Bass. Salisbury also said the company continues\nefforts to sell its liquor business and several potential\nbuyers have inspected the properties.\n Robert Reitzes, analyst at Mabon, Nugent and Co, said\nNational Distillers's wine and liquor business combined might\nbe sold for between 600 and 700 mln dlrs. The company completed\nsale of its Almaden wine business to Heublein Inc earlier this\nweek but did not disclose any figures. Heublein is owned by\nGrand Metropolitan plc.\n Reitzes said he reiterated a buy recommendation on the\nstock yesterday, calling it the biggest commodity chemical play\nin the industry. He said recently increased polyetylene prices\nappear to be holding.\n Reuter\n\u0003", "date": "12-MAR-1987 13:44:20.11", "places": [ "usa" ], "id": "4391" }, { "title": "U.S. SOYBEAN MARKETING LOAN NOT NEEDED - LYNG", "body": "U.S. Agriculture Secretary Richard\nLyng said a marketing loan for soybeans would serve no present\npurpose because the U.S. price is not above the world price.\n Asked in an interview if it was time to consider a\nmarketing loan for soybeans, Lyng said, \"I don't think so. I\ndon't think the world price is lower than our price anyway.\"\n However, the USDA secretary said that if current conditions\nof surplus production persisted, it might be appropriate to\nconsider a marketing loan.\n \"I suppose that under that condition there is a danger our\nexports will continue to drop and that the government will\ncontinue to accumulate large stocks of soybeans,\" he said. \"It\nmight be (worth contemplating a marketing loan), if there were\na world market that was lower than our market.\"\n Reuter\n\u0003", "date": "12-MAR-1987 13:44:34.69", "topics": [ "oilseed", "soybean" ], "places": [ "usa" ], "id": "4392" }, { "title": "U.S. ISSUES VERIFICATION PROPOSALS AT ARMS TALKS", "body": "The United States made its proposals\nfor verifying adherence to a prospective treaty on medium range\nnuclear weapons and in a highly unusual move made public the\noutlines of its recommendations.\n State Department spokesman Charles Redman told reporters\nthe proposals were made to the Soviet Union at Geneva arms\ncontrol talks today.\n The proposals included on-site inspection that could result\nin inspectors from the two superpowers being stationed\npermanently on the territory of the other.\n Reuter\n\u0003", "date": "12-MAR-1987 13:45:44.77", "places": [ "usa", "ussr" ], "id": "4393" }, { "title": "NYFE SEAT SOLD FOR 200 DLRS", "body": "The New York Stock Exchange said a\nseat on the New York Futures Exchange sold for 200 dlrs, which\nis unchanged from the previous sale, made yesterday.\n The NYSE said the current bid is 200 dlrs and the current\noffer is 300 dlrs.\n Reuter\n\u0003", "date": "12-MAR-1987 13:45:59.19", "places": [ "usa" ], "id": "4394" }, { "title": "BRITISH TELECOM UNIT TO OFFER SOFTWARE", "body": "British Telecommunications PLC's\nDialcom unit said it will begin next month to sell a software\npackage that allows computers made by different manufacturers\nto send and receive electronic-mail messages.\n The software, which is based on the X.400 international\nstandard recommendation, will be marketed internationally,\nDialcom said.\n In addition, the company said Data General Corp \nagreed to conduct engineering tests of the software in the\nUnited States. Data General is a strong proponent of the X.400\nstandard.\n Reuter\n\u0003", "date": "12-MAR-1987 13:47:32.06", "places": [ "uk", "usa" ], "id": "4395" }, { "title": "U.S. HOUSE DEMOCRAT, GOP BUDGET WRITERS MEET", "body": "In a step that could lead to a\nbreakthrough in the drafting of next year's federal budget,\nDemocratic and Republican members of the House Budget Committee\nmet behind closed doors to explore the possibility of a\nbipartisan budget, lawmakers said.\n No conclusions were reached on whether the two sides would\nbe able to get together on a budget outline, the lawmakers\nsaid.\n After the meeting broke up, panel Democrats reconvened\nbehind closed doors for further talks.\n Reuter\n\u0003", "date": "12-MAR-1987 13:47:58.74", "places": [ "usa" ], "id": "4396" }, { "title": "UNITED STATIONERS INC SETS DIVIDEND", "body": "Qtly dividend six cts vs six cts\n Pay April 15\n Record March 31\n Reuter\n\u0003", "date": "12-MAR-1987 13:49:28.65", "topics": [ "earn" ], "places": [ "usa" ], "id": "4397" }, { "title": "LINCOLN NATIONAL CORP SETS QUARTERLY", "body": "Qtly div 54 cts vs 54 cts prior\n Pay May One\n Record April 10\n Reuter\n\u0003", "date": "12-MAR-1987 13:49:48.25", "topics": [ "earn" ], "places": [ "usa" ], "id": "4398" }, { "title": "PETRIE STORES CORP SETS QUARTERLY", "body": "Qtly div 17-1/2 cts vs 17-1/2 cts prior\n Pay April 20\n Record April 2.\no\n Reuter\n\u0003", "date": "12-MAR-1987 13:50:13.99", "topics": [ "earn" ], "places": [ "usa" ], "id": "4399" }, { "title": "MOROCCO SECURES BULK OF EXTRA AID SOUGHT", "body": "Morocco is likely to get an extra aid\npackage exceeding 100 mln Special Drawing Rights (126 mln dlrs)\nin 1987 following a three-day Consultative Group meeting of\ndonors chaired by the World Bank, Moroccan Finance Minister\nMohamed Berada said.\n Berrada said most of the extra aid sought to complete high\npriority investments in agriculture, education, and public\nhealth had already been secured, and additional sums were\nlikely to emerge from forthcoming bilateral meetings with\ndonors.\n A World Bank statement said the Consultative Group meeting\nattended by 15 donor countries and agencies noted with\nsatisfaction a marked improvement in Morocco's economic\nperformance and urged it to continue recent adjustment efforts.\n It added that the Group saw as realistic Morocco's\nmedium-term goal of restoring creditworthiness on financial\nmarkets, and agreed to reconvene in a year to discuss Morocco's\nfive year development strategy for 1988-92, introduced in its\nbroad outlines at this week's meeting.\n Morocco reached an agreement here last week with the Paris\nClub of western creditor governments to reschedule over 10\nyears the 900 mln dlrs of debt due by mid 1988. That followed\nan agreement late last year to reschedule 1.8 billion dlrs of\ncommercial bank debt.\n Morocco's foreign debt currently totals 14 billion dlrs,\nBerrada said, adding that Morocco intended to stop rescheduling\nits debts, and pay them off instead.\n He told Reuters the forthcoming five-year development plan,\ndesigned to avoid the negative effects of adjustment without\ngrowth, could require further aid of 700 or 800 mln dlrs.\n Reuter\n\u0003", "date": "12-MAR-1987 13:52:57.94", "organisations": [ "worldbank" ], "places": [ "morocco" ], "id": "4400" }, { "title": "DESOTO SELLS INDUSTRIAL CHEMICAL ASSETS", "body": "DeSoto Inc said it sold the\nplant, inventory and certain other assets of some of its\nindustrial chemical operations to Plastic Specialities and\nTechnologies Inc, a privately-held company headquartered in\nParsippany, New Jersey. Terms were not disclosed.\n Desoto's industrial chemical operations are based in Fort\nWorth, Texas, and has annual sales of about 17 mln dlrs.\n Reuter\n\u0003", "date": "12-MAR-1987 13:53:06.02", "topics": [ "acq" ], "places": [ "usa" ], "id": "4401" }, { "title": "DATA TAPES ERASED IN VW FRAUD, CHAIRMAN SAYS", "body": "Volkswagen AG supervisory\nboard chairman Karl Gustaf Ratjen said entire data tapes had\nbeen erased and complete programs altered in forged\ntransactions amounting to around 480 mln marks.\n \"In this case a degree of criminal energy has been brought\ninto play which until now was unimaginable in a German company,\"\nhe said in a radio interview.\n He could not completely rule out the possibility that\nlosses would exceed 500 mln marks, but said there were\ncurrently no signs that they would be higher than the 480 mln\nannounced on Tuesday.\n Some 70 to 80 mln marks had probably been lost through\ndisregard for internal instructions, he added, but did not\nelaborate. However, the remainder had definitely been lost\nthrough criminal action and forgery in 1984.\n Ratjen said the affair would lead to consequences up to the\nboard room. He would recommend that those under suspicion of\nbeing involved in criminal acts would have to go immediately.\n Those who had not exercised checking functions sufficiently\nwould also have to go.\n But Volkwagen management board chairman Carl Hahn was not\ninvolved in the affair, he said.\n A Volkswagen spokesman said the company had made sufficient\nprovision in previous years to cover the losses from the fraud.\nIts 1986 profit would, therefore, match 1985 world group net\nprofits of 595.6 mln marks.\n Volkwagen disclosed the existence of the fraud on Tuesday,\nsaying it was possible that documents about currency hedging\nhad been falsified and that those responsible may have come\nfrom outside Volkswagen and may have been assisted by company\nstaff.\n Criminal complaints on suspicion of fraud, breach of trust\nand forgery of documents had been filed, it added.\n The company spokesman said the supervisory board would meet\non April 9 to examine the precise extent of the losses and to\napprove the year-end results.\n Ratjen said it was important for Volkwagen to maintain a\ndegree of \"internal integrity\" on account of its 200,000\nemployees, particularly as shop floor elections were coming up.\n \"On the one hand one fights for every single mark of income.\nAnd here is a case where hundreds of millions are being just\nthrown away,\" he added.\n Reuter\n\u0003", "date": "12-MAR-1987 13:53:42.83", "places": [ "west-germany" ], "id": "4402" }, { "title": "IMF, DEVELOPMENT BANKS, TO ASSIST ECUADOR", "body": "It could be months before major\nassistance is provided for Earthquake-stricken Ecuador,\nalthough the International Monetary Fund and the development\nbanks have already taken the first steps, monetary sources and\nU.S. officials said.\n They said the IMF had informed the Ecuadorean government\nthat it was prepared, under its emergency system, to provide\nabout 50 mln dlrs, or about 25 per cent of the country's quota\nin the agency, but it is up to Ecuador to request the money.\n At the same time, the World Bank and the Inter-American\nDevelopment Bank have dispatched missions to the region hit by\nlast Thursday's quake to determine what the country's needs are\nand how they can speed up disbursement of funds from programs\nalready approved.\n The World Bank estimates that of the over one billion dlrs\nit has approved for Ecuador in recent years, some 277 mln dlrs\nhas yet to be disbursed and a portion of this could,\npotentially, be made available.\n The bank said that the programs it has approved are for\nrural development, agriculture, water and sewerage, electrical\npower and others.\n If the assistance that is needed can be fit into these\ngeneral categories, the funds could be then provided for from\nexpedited disbursements\n Reuter\n\u0003", "date": "12-MAR-1987 13:54:00.68", "organisations": [ "imf" ], "places": [ "usa", "ecuador" ], "id": "4403" }, { "title": "SAFEGUARD HEALTH 4TH QTR LOSS", "body": "Shr loss 30 cts vs profit 12 cts\n Net loss 2,374,000 vs profit 970,000\n Revs 15.7 mln vs 13.4 mln\n Year\n Shr loss 13 cts vs profit 46 cts\n Net loss 1,054,000 vs profit 3,425,000\n Revs 61.8 mln vs 49.9 mln\n Note: Full name Safeguard Health Enterprises Inc.\n Current qtr and year figures include 2.9 mln dlr reserve\nfor estimated loss from proposed divestment of one-third of\nexisting 40 offices.\n Reuter\n\u0003", "date": "12-MAR-1987 13:57:22.97", "topics": [ "earn" ], "places": [ "usa" ], "id": "4404" }, { "title": "RUBBER TALKS CHAIRMAN CITES SLIGHT PROGRESS", "body": "There has been slight progress towards\nreaching a rubber pact, the chairman of a United Nations\nconference on a new International Natural Rubber Agreeement,\nINRA, Manaspas Xuto of Thailand, said.\n \"There has been some slight progress but it is not the end\nof the road yet,\" he said.\n The conference, which began Monday, is seen as the last\neffort to adopt an accord to replace the current one which\nexpires in October. Some 40 producing and consuming countries\nare taking part in the two-week meeting.\n Xuto said if the key outstanding issues are not resolved by\ntomorrow he would hold weekend meetings.\n At the beginning of the conference, the fourth such meeting\nin nearly two years, Xuto said it was imperative to settle\nthose issues this week so that technical drafting work can be\ndone next week.\n Conference sources said it is highly unlikely that\nproducers will accept a pact that will provide for any possible\ndownward adjustment of the floor price, as proposed by\nconsumers under certain circumstances.\n The sources said this means that any possible adjustment\nwould centre on the reference price, and the \"may buy\" (or \"may\nsell\") and \"must buy\" (or \"must sell\") levels without changing the\n\"lower indicative price\" (or floor price) of 150\nMalaysian/Singapore cents a kilo in the present pact.\n The present five-day average of the indicator price is\naround 192 Malaysian/Singapore cents.\n Consumers are seeking an adjustment of the reference price,\nset in the current accord at 201.66 Malaysian/Singapore cents a\nkilo, and of the \"lower indicative price\" if the buffer stock,\ncurrently 360,000 tonnes, rises to 450,000 tonnes.\n Consumers want price reviews at 12-month intervals instead\nof the 18 at present, and the price revision mechanism to\nrespond automatically to market trends.\n At present, if the market price has been above or below the\nreference price for six months, the reference price is revised\nby five pct or by an amount decided by the International\nNatural Rubber Organisation council.\n Consumers say that, in these circumstances, the adjustment\nbe automatic at five pct or more.\n Producers have resisted reducing the role of the council in\nthe price adjustment procedure and have expressed concern that\nchanges proposed by consumers would weaken the present pact.\n Reuter\n\u0003", "date": "12-MAR-1987 13:57:52.72", "topics": [ "rubber" ], "organisations": [ "inro" ], "places": [ "switzerland" ], "id": "4405" }, { "title": "CUMMINS RECALLS WORKERS ON SIGNS OF UPTURN", "body": "Cummins Engine Co said it will\ntemporarily recall about 150 production workers at its\nColumbus-area plants because it sees a moderate upturn in North\nAmerican demand for heavy-duty truck engines.\n The company said the recalls will begin March 30.\n Production rates for Cummins' heavy-duty truck engines have\nincreased about 10 pct over fourth-quarter levels and should\nstay at these levels through the first half of 1987, Cummins\nsaid.\n The company also reported some upswing in demand for its\ncomponents and service parts.\n Reuter\n\u0003", "date": "12-MAR-1987 13:59:47.41", "places": [ "usa" ], "id": "4406" }, { "title": "\"BRITANNIA\" COIN TO SELL AT PREMIUM", "body": "The new British one ounce gold coin, the\n\"Britannia,\" will be priced on the basis of the gold price on the\nday of purchase plus a \"competitive premium,\" Treasury officials\nsaid.\n Value added tax will be levied on all purchases by members\nof the U.K. Public, as is currently the case with foreign\ncoins, although transactions between members of the London Gold\nMarket and all exports of the coins will be zero-rated. No\ndecision has yet been taken on the face value of the coins.\n Although a number of gold coins, especially the Canadian\nMaple, have been issued elsewhere in an attempt to take the\nplace of the South African krugerrand, the British government\nstill feels that there is a gap in the market for a British one\nounce gold coin. The only British gold coin available at\npresent is the sovereign, which contains 0.2354 ounces of gold.\n Gold from South Africa or the Soviet Union will not be used\nin the coin, officials said, adding that bullion would be\nbought on the world gold market. But analysts said it would be\ndifficult to ascertain the origins of such purchases.\n No details are yet available on how many coins will be\nissued or how much gold will be bought, but traders said that\nthe amounts involved would be unlikely to move the gold price.\n There were some enquiries on the \"Britannia\" from coin\ndealers today, but value added tax would prove a major factor\nin the success of the coin, with the 15 pct tax likely to put\noff many investors, traders said.\n Some said that the \"Britannia\" had come too late, with the\nCanadian Maple Leaf, the American Eagle and other gold coins\nalready well established.\n Reuter\n\u0003", "date": "12-MAR-1987 14:00:41.91", "topics": [ "gold" ], "places": [ "uk" ], "id": "4407" }, { "title": "CYTRX UNIT BUYS SWEDISH COMPANY", "body": "CytRx Corp said its 60 pct owned CytRx\nBiopool Ltd subsidiary has acquired Biopool AB of Umea, Sweden,\nfor undisclosed terms.\n It said former shareholders of Biopool AB own the remaining\n40 pct in CytRx Biopool Ltd. Biopool AB develops cardiovascular\nand fibrinolytic products for diagnostic applications.\n The company said CytRx Biopool is studying the possible\ncombination of CytRx Corp's RheothRx drug to reduce platelet\naggregation and viscosity in blood with Biopool AB's drug t-PA\nfor dissolving blood clots.\n Reuter\n\u0003", "date": "12-MAR-1987 14:01:28.80", "topics": [ "acq" ], "places": [ "usa", "sweden" ], "id": "4408" }, { "title": "CANADA 91-DAY T-BILLS AVERAGE 7.03 PCT, MAKING BANK RATE 7.28 PCT\n", "date": "12-MAR-1987 14:06:10.46", "topics": [ "interest" ], "places": [ "canada" ], "id": "4409" }, { "title": "NORTH AMERICAN SEES RECORD FOURTH QTR", "body": "North American Holding Corp\nsaid it expects to have record fourth quarter earnings and for\nsales to exceed 10 mln dlrs.\n For the fourth quarter ended March 30, 1986 the company\nreported net income of 631,720 dlrs on sales of 5.2 mln dlrs.\n It also said it expects revenues for the year to exceed 30\nmln dlrs. For fiscal 1986, North American reported a net loss\nof 126,900 dlrs on sales of 12.8 mln dlrs.\n Reuter\n\u0003", "date": "12-MAR-1987 14:08:05.94", "topics": [ "earn" ], "places": [ "usa" ], "id": "4410" }, { "title": "INVESTORS UP INTERMEDICS STAKE TO 16.8 PCT", "body": "A group of investment firms told the\nSecurities and Exchange Commission they raised their stake in\nIntermedics Inc to 1,721,900 shares, or 16.8 pct of the total\noutstanding, from 1,565,900 shares, or 15.2 pct.\n Bessemer Securities Corp, a New York investment firm,\nCilluffo Associates L.P., a New York investment partnership,\nand related entities said they bought 156,000 Intermedics\ncommon shares between February 24 and March 9 for 1.4 mln dlrs.\n\n Reuter\n\u0003", "date": "12-MAR-1987 14:09:40.25", "topics": [ "acq" ], "places": [ "usa" ], "id": "4411" }, { "title": "WAL-MART STORES INC RAISES QUARTERLY", "body": "Qtly div six cts vs 4-1/4 cts prior\n Pay April 10\n Record March 23\n Reuter\n\u0003", "date": "12-MAR-1987 14:10:00.07", "topics": [ "earn" ], "places": [ "usa" ], "id": "4412" }, { "title": "S/P DOWNGRADES FIRST INTERSTATE BANCORP'S 1.3 BILLION DLRS OF DEBT\n", "date": "12-MAR-1987 14:10:18.43", "id": "4413" }, { "title": "LME CONSIDERING CHANGES TO CLEARING SYSTEM", "body": "A proposal the London Metal Exchange,\nLME, change its new clearing system, due to start May 29, was\nmade today at a meeting of LME members and International\nCommodities Clearing House, ICCH, representatives.\n Amalgamated Metal Trading Ltd, AMT, proposed that a daily\ncash-cleared system common to all other markets should be\nadopted, rather than the system currently planned whereby\nprompt dates are settled when they mature.\n AMT claims the margin requirements for the latter will be\ncostly.\n Opposition to the proposal came mainly from trade and\nindustry representatives who, as traditional users of the\nExchange's hedging facilities, said a cash-cleared system would\nbe more costly for them.\n LME Board Chairman Jacques Lion said any major alterations\nto the planned new clearing system would have to be referred to\nthe Securities and Investment Board, SIB, and this could be\ntime consuming, bearing in mind the May 29 start-up.\n There was also a risk of the Exchange losing its greatest\nasset, its trade hedging business, he said.\n Lion accepted a proposal that, while clearing with the ICCH\ncontinue as planned, details of AMT's cash clearing system be\ncirculated for consideration and discussion by LME Board,\nCommittee and members for possible introduction at a later\ndate.\n The LME also said that Japanese yen contracts will now be\nexcluded from clearing as they are not used widely enough to\nwarrant inclusion.\n Reuter\n\u0003", "date": "12-MAR-1987 14:11:02.42", "places": [ "uk" ], "id": "4414" }, { "title": "S/P AFFIRMS W.R. GRACE AND CO'S 575 MLN DLRS OF DEBT AFTER ITS 4TH-QTR LOSS\n", "date": "12-MAR-1987 14:11:26.41", "id": "4415" }, { "title": "HOME SHOPPING MAKES OFFER FIT EURO DEMAND", "body": "Home Shopping Network Inc announced it\nagreed with underwriter Drexel Burnham Lambert Inc to amend its\nrecent filing for an offering of 400 mln dlrs of 15-year\nconvertible subordinated debentures in order to accommodate\ndemand from Europe.\n The firm said it now plans to offer 150 mln dlrs of\nconvertible subordinated debentures in the Eurodollar market.\n It will file an amended domestic registration statement for\nthe Eurodollar offering and reduce the size of the domestic\noffering to 300 mln dlrs. Drexel Burnham Lambert International\nLtd is sole underwriter for the European issue.\n Reuter\n\u0003", "date": "12-MAR-1987 14:12:54.37", "places": [ "usa" ], "id": "4416" }, { "title": "S/P AFFIRMS RESORTS INTERNATIONAL INC'S 600 MLN DLRS OF DEBT\n", "date": "12-MAR-1987 14:16:37.73", "id": "4417" }, { "title": "NEW YORK LIFE SETS REAL ESTATE INVESTMENTS", "body": " said it\nwill invest up to 30 mln dlrs in properties purchased by\n, a newly formed real\nestate limited partnership.\n The partnership is co-sponsored by New York Life's NYLIFE\nRealty Inc and a subsidiary of , a national real\nestate firm which has developed properties in 25 cities.\n A New York Life spokesman said the company's 30 mln dlr\ncommitment, along with projected investment by the partnership,\nis expected to result in a total investment of 80 mln dlrs.\n Reuter\n\u0003", "date": "12-MAR-1987 14:16:54.20", "places": [ "usa" ], "id": "4418" }, { "title": "OPTROTECH LTD YEAR NET", "body": "Shr 13 cts vs 50 cts\n Net 651,397 vs 2,602,120\n Revs 26.4 mln vs 21.6 mln\n NOTE: 1986 net includes gain 291,027 dlr gain from quantity\ndiscount rebates on purchases of materials in prior years.\n Reuter\n\u0003", "date": "12-MAR-1987 14:21:59.49", "topics": [ "earn" ], "places": [ "usa" ], "id": "4419" }, { "title": "NORTH ATLANTIC TECHNOLOGIES 4TH QTR", "body": "Shr loss 20 cts vs loss 14 cts\n Net loss 352,000 vs loss 248,000\n Revs 285,000 vs 681,000\n Year\n Shr loss 92 cts vs loss 49 cts\n Net loss 1,613,000 vs loss 842,000\n Revs 1,523,000 vs 2,557,000\n NOTE: Full name is North Atlantic Technologies Inc\n Reuter\n\u0003", "date": "12-MAR-1987 14:22:09.25", "topics": [ "earn" ], "places": [ "usa" ], "id": "4420" }, { "title": "E-SYSTEMS CHAIRMAN TO RETIRE", "body": "E-Systems Inc said John W. Dixon will\nretire April 21 as chairman and chief executive officer but\nremain on the board as chairman emeritus.\n The company said president and chief operating officer\nDavid R. Tacke will succeed Dixon as chairman and chief\nexecutive and senior vice president E. Gene Keigger will become\npresident and chief operating officer.\n Reuter\n\u0003", "date": "12-MAR-1987 14:22:16.52", "places": [ "usa" ], "id": "4421" }, { "title": "FARM CREDIT LOSS PUT AT 900 MLN FIRST HALF 1987", "body": "A member of the board which\nregulates the Farm Credit System predicted the troubled farm\nlender may lose about 900 mln dlrs in the first half of 1987,\nhastening the need for a federal rescue this year.\n Speaking to the House subcommittee responsible for farm\ncredit issues, Farm Credit Administration (FCA) board member\nJim Billington said \"My recommendation is that legislation\n(aiding the system) must be moved prior to June, 30, 1987, or\nit will be difficult to close the (farm credit system) books.\"\n Billington's loss prediction is gloomier than either the\nsystem or its regulator had previously admitted.\n The system itself has so far predicted losses for all of\n1987 will reach only 1.1 billion dlrs, down from 1.9 billion in\n1986 and 2.7 billion in 1985.\n However, Billington said the system is losing in excess of\n400 mln dlrs per quarter, implying total losses for 1987 of\nmore than 1.6 billion.\n Losses of that magnitude would exhaust the 1.4 billion dlrs\nin capital surplus the system held at the end of 1986.\n The system also has 4.2 billion dlrs in capital held by its\nmember borrowers, called borrower stock, which theoretically\ncould be used as capital.\n Billington said by the end of 1987, more than 1.6 billion\ndlrs of the 4.2 billion in borrower stock would be downgraded\nin value because of the mounting losses.\n Chairman of the FCA board, Frank Naylor, urged that\nCongress begin to consider legislation rescuing the system by\nEaster and that a bill be completed by the fall.\n Chairman of the House subcommittee, Rep. Ed Jones,\n(D-Tenn.) said today \"the time has arrived to consider\nassistance to save the system.\"\n The Senate Democratic leadership indicated last month that\nit would begin drafting a bailout bill by Easter.\n FCA board members differed on whether a direct government\ninfusion of cash will be needed to rescue the system. FCA\nchairman Naylor said a federal guarantee of both borrower stock\nand system bonds held by investors might avoid the need to\nprovide \"hard capital\" to the system.\n However, Billington said \"its not really that simple, in my\nopinion,\" adding that government funds may be needed to rescue\nthe system.\n Neither regulator estimated how much money might be needed.\n Reuter\n\u0003", "date": "12-MAR-1987 14:23:21.44", "places": [ "usa" ], "id": "4422" }, { "title": "TELETIMER INTERNATIONAL INC CLOSES ISSUE", "body": "Teletimer International Inc\nsaid it successfully closed its new issue at the maximum\n3,500,000 dlrs.\n Teletimer said it intends to offer a computerized\nsubscription energy management service that is delivered to\nhomes and businesses over cable television systems. Subscribers\nwill be charged an annual subscription fee, the company said.\n Reuter\n\u0003", "date": "12-MAR-1987 14:25:36.73", "places": [ "usa" ], "id": "4423" }, { "title": "THERMWOOD TRADES ON PACIFIC EXCHANGE", "body": "Thermwood Corp said its common stock\nhas begun trading on the Pacific Stock Exchange under the\nsymbol \"THM.\"\n In February, its stock began trading on the Boston Stock\nExchange.\n Reuter\n\u0003", "date": "12-MAR-1987 14:29:08.27", "places": [ "usa" ], "id": "4424" }, { "title": "MONTEDISON, OTHER REFINERIES TO SHUT FOR WORK", "body": "Selm-Societa Energia Montedison is to\nclose its Priolo crude refining units from March 15th to March\n28th for maintenance, a company spokesman said.\n Throughput at the refinery is currently estimated at\n140-150,000 bpd, although total capacity is nearer 200,000 bpd.\n Several other Mediterranean refineries are currently\nshutdown for maintenance, most of which were scheduled some\nmonths ago. But industry sources said that shutdowns may have\nbeen rearranged to avoid running negative-netback crude.\n Tighter availabilities of products as a result of the \nshutdowns in the Med is helping to keep products markets\nbullish, particularly for March deliveries, oil traders said.\n Garrone's refinery at San Quirico (capacity 130,000 bpd) is\ndue to shutdown on March 14th for three weeks, and the\njointly-owned ISAB/Garrone refinery at Mellili, capacity\n220,000 bpd, is due to start up around March 20-25th following\nits closure for maintenance a month ago, a company spokesman\nsaid.\n The Esso Italiana refineries at Augusta and Siracusa will\nnot be closing this spring, a spokesman for the company said.\n In France, the distillation unit at Societe Francaise de\nBP's Lavera refinery has been closed for maintenance since\nMarch 2, and is due to restart early April. Total capacity is\n181,900 bpd. It is currently operating at around 50 pct\ncapacity, a company spokesman said.\n Shell Francaise's Berre l'Etang refinery will shut down in\nearly April until mid-June, a company spokesman said. Capacity\nis around 150,000 bpd. Compagnie Francaise de Raffinage (CFR)\nwill close the visbreaker at its La Mede refinery in early\nApril, but would not affect crude throughput at the refinery, a\ncompany spokesman said. Current capacity is 136,000 bbl/day.\n Despite current bullish sentiment in the Med, however,\ntraders noted that crude netbacks are beginning to look more\nattractive, and most maintenance shutdowns should be finished\nin two to three weeks.\n As a result, oil industry sources suggest that the\nsituation may ease by mid-April.\n Reuter\n\u0003", "date": "12-MAR-1987 14:30:38.87", "topics": [ "crude" ], "places": [ "italy" ], "id": "4425" }, { "title": "FIRST INTERSTATE DEBT DOWNGRADED BY S/P", "body": "Standard and Poor's Corp said it\ndowngraded First Interstate Bancorp's 1.3 billion dlrs of debt\nbecause of higher levels of non-performing assets.\n S and P also cited net charge-offs, especially in real\nestate, energy and consumer loans. However, the agency said\nFirst Interstate has high liquidity and is less vulnerable to\nLatin American credits than its peers.\n Cut were the company's senior debt to AA-minus from AA and\nsubordinated debt to A-plus from AA-minus. Long-term deposits\nof several of the parent's banks were reduced to AA-minus from\nAA but short-term deposit ratings were left at A-1-plus.\n Reuter\n\u0003", "date": "12-MAR-1987 14:33:40.70", "places": [ "usa" ], "id": "4426" }, { "title": "W.R. GRACE DEBT AFFIRMED BY S/P", "body": "Standard and Poor's Corp said it\naffirmed the ratings on W.R. Grace and Co's 575 mln dlrs of\ndebt following its fourth-quarter 1986 loss of 560 mln dlrs.\n Affirmed were the company's BBB-minus senior debt, BB-plus\nsubordinated debt and A-3 commercial paper.\n S and P pointed out that the fourth-quarter loss resulted\nfrom the write-off of nearly 600 mln dlrs in assets, especially\nin agricultural chemicals and natural resources.\n Because that write-off had no effect on Grace's cash, S and\nP affirmed the current ratings, noting that Grace intends to\nsell its agricultural business.\n Proceeds from the sale of the agricultural segment could be\nused to reduce Grace's debt, Standard and Poor's said.\n However, S and P said it is less clear whether Grace can\nalso extricate itself from the project debt from its phosphate\nmining joint venture at Four Corners.\n Despite today's rating affirmation, S and P cautioned that\nGrace has greater-than-usual vulnerability to rating change in\nthe next year or two.\n \"Uncertainty abounds as to the firm's future ownership,\nmanagement and direction,\" the rating agency said.\n Reuter\n\u0003", "date": "12-MAR-1987 14:39:12.85", "places": [ "usa" ], "id": "4427" }, { "title": " TO MAKE SHARE OFFERING", "body": "Designs Inc said it intends to\nmake an initial public offering of common stock in late spring\nor early summer, depending on market conditions.\n The company opoerates 27 retil clothing stores under the\nname \"Designs, exclusively Levi Strauss and Co\" along the\nEastern Seaboard.\n Reuter\n\u0003", "date": "12-MAR-1987 14:39:18.88", "places": [ "usa" ], "id": "4428" }, { "title": "ATTACKS AFFECT COLOMBIA'S OIL OUTLOOK-ECOPETROL", "body": "Continuous rebel raids against oil\npipelines and foreign exploration camps endanger Colombia's\npresent oil bonanza, Franciso Chona, manager of the state-run\noil company Ecopetrol said.\n \"It seems the subversion wants to end with our oil bonanza,\"\nhe told reporters.\n He was speaking after a meeting with Defense Minister\nRafael Samudio, military chiefs and Mines and Energy Minister\nGuillermo Perry to review the security situation in the light\nof a recent upsurge of leftist guerrilla attacks in the\noil-rich Arauca region, bordering Venezuela.\n Ecopetrol chief of security, Retired General Carlos\nNarvaez, said security measures would be stricter and that the\narmed forces were closely collaborating but gave no details.\n Samudio said new plans had been designed and hoped they\nwould be effective. Samudio stressed that, despite the most\nrecent attacks, which cost more than four mln dlrs in damage,\nthe overall situation had improved compared with last December\nwhen initial measures were taken to combat a wave of attacks.\n Repeated bombings of a vital pipeline from the Cano Limon\noilfield to the Caribbean then led to a loss of 51,000 barrels\nof crude.\n Reuter\n\u0003", "date": "12-MAR-1987 14:39:48.33", "topics": [ "crude" ], "places": [ "colombia" ], "id": "4429" }, { "title": "RESORTS INTL DEBT RATINGS AFFIRMED BY S/P", "body": "Standard and Poor's Corp said it\naffirmed the ratings on 600 mln dlrs of debt of Resorts\nInternational Inc and Resorts International Financing Inc.\n Developer Donald Trump has agreed to pay 101 mln dlrs for\nall of Resorts International's class B shares, representing 93\npct voting control, S and P noted. Trump said he would not\ntender for the 5.7 mln shares of publicly held class A stock.\n The agreement is subject to approval by the New Jersey\nCasino Control Commission. S and P pointed out that Resorts'\naggressive debt leverage is offset by the firm's extensive real\nestate holdings in Atlantic City, N.J.\n Affirmed were the B-minus subordinated debt of Resorts\nInternational and its financing unit.\n Standard and Poor's noted that Resorts International\nremains highly leveraged, with significant near-term financing\nrequirements for the completion of its new casino/hotel in\nAtlantic City, the Taj Mahal.\n While operations are profitable, the interest burden of\ndebt, along with unusual charges, net of gains, led to a 30.6\nmln dlr net loss in 1986, S and P pointed out.\n Longer-term, Resorts is expected to benefit from a\nstrengthened competitive position, S and P added.\n Reuter\n\u0003", "date": "12-MAR-1987 14:42:43.14", "places": [ "usa" ], "id": "4430" }, { "title": "PERU'S CENTROMIN SAYS NO COPPER FORCE MAJEURE", "body": "Peru's biggest state mining firm,\nCentromin SA, said today there was no immediate force majeure\npossibility on its copper shipments after guerrillas blew up a\nrailway line, interrupting train traffic from the Cobriza\ncopper mine to the Pacific coast.\n A Centromin spokesman said the managers of the mine at\nCobriza could always ship the the mineral by road to the coast\nfor export if the train line continued interrupted. Cobriza\nproduced the equivalent of around 40,600 fine tonnes of copper\nlast year.\n Maoist guerrillas using dynamite interrupted train traffic\ntwo days ago when they blew up railway tracks and derailed a\ntrain laden with minerals 225 km (135 miles) east of Lima at\nChacapalca, between the coast and Cobriza.\n An official at Minero Peru Comercial, Minpeco, Peru's state\nminerals marketing firm, confirmed there had been no\ndeclaration of force majeure on the shipments from Cobriza.\n Officials at National Train Company, Enafer, headquarters\nin Lima, the Peruvian capital, declined to comment on when\ntrain traffic would be restored to Cobriza.\n But an Enafer official, reached by telephone in the central\nAndean city of Huancayo, near Chacapalca, said traffic could be\nrestored by Saturday.\n Reuter\n\u0003", "date": "12-MAR-1987 14:43:30.73", "topics": [ "copper" ], "places": [ "peru" ], "id": "4431" }, { "title": "BALDRIGE WILL NOT OBJECT TO COMPUTERS FOR IRAN", "body": "Commerce Secretary Malcolm Baldrige\nsaid he would not object to the sale of computers to Iran\nbecause the technology was that of U.S.-designed personal\ncomputers developed ten years ago.\n \"We have no reason not to ship it,\" Baldrige told reporters\nafter a Senate Banking Committee hearing on export controls.\n Baldrige said the Defense Department's objection that the\ncomputers would be used in newspaper production was not a\nreason to bar the granting of an export license. \"This is not a\nreason for denying it on foreign policy grounds,\" he said.\n Reuter\n\u0003", "date": "12-MAR-1987 14:43:40.62", "places": [ "usa", "iran" ], "id": "4432" }, { "title": "PARKER DRILLING SUSPENDS QUARTERLY DIVIDEND\n", "date": "12-MAR-1987 14:43:48.35", "topics": [ "earn" ], "id": "4433" }, { "title": "FIRST GRANITE BANCORP INC AGREES TO BE ACQUIRED BY MAGNA GROUP INC FOR STOCK\n", "date": "12-MAR-1987 14:47:05.33", "topics": [ "acq" ], "id": "4434" }, { "title": "DIASONIWS SAYS IMAGING SYSTEM APPROVED", "body": "Diasonics Inc said the U.S.\nFood and Drug Administration has given premarket approval to\n of Finland's ULF magnetic resonance\nimaging system.\n Diasonics already distributes the system in several\ncountries and will distribute it in the U.S. as well.\n Reuter\n\u0003", "date": "12-MAR-1987 14:48:53.01", "places": [ "usa" ], "id": "4435" }, { "title": "ARGENTINE VEGETABLE OILS SHIPMENTS IN JAN/NOV 1986", "body": "Argentine Vegetable oils shipments\nduring January/November 1986 totalled 1,693,951 tonnes, against\n1,469,208 tonnes in the same 1985 period, the Argentine grain\nboard said.\n The breakdown was: cotton 4,000 (27,900), sunflower 929,847\n(816,727), linseed 113,827 (132,954), groundnutseed 26,248\n(25,508), soybean 603,335 (448,344), tung 8,402 (10,633), olive\n2,234 (3,465), maize 6,058 (3,677), rapeseed nil (nil), grape\nnil (nil), the board added.\n Shipments during November 1986 amounted to 138,257 tonnes,\nagainst 109,250 tonnes in the same month of 1985.\n The breakdwon was, in tonnes, cotton nil (nil), sunflower\n27,715 (43,064), linseed 5,228 (4,473), groundnutseed 819\n(3,647), soybean 104,314 (56,901), tung 20 (nil), olive 161\n(858), maize nil (307), rapeseed nil (nil), grape nil (nil),\nthe board said.\n The ten principal destinations during January/November\n1986, with comparative figures for the same 1985 period in\nbrackets, were, in tonnes:\n Holland 201,660 (204,391), Iran 182,042 (181,228), Soviet\nUnion 163,150 (266,389),Egypt 158,119 (159,350), Algeria\n116,330 (11,492), Brazil 101,116 (59,430) , South Africa 94,700\n(101,062) , Cuba 89,957 (98,740) , United States 80,109 (nil),\nIndia 67,182 (17,403), the board added.\n REUTER\n\u0003", "date": "12-MAR-1987 14:50:04.04", "topics": [ "veg-oil" ], "places": [ "argentina" ], "id": "4436" }, { "title": "PARKER DRILLING SUSPENDS PAYOUT", "body": "Parker Drilling Co said its board\nof directors voted to suspend the payment of dividends to\nshareholders.\n Parker Drilling said it has been paying a quarterly\ndividend of one ct a share of common stock.\n The company said it expects to save 1.3 mln dlrs a year\nthrough the dividend suspension.\n Reuter\n\u0003", "date": "12-MAR-1987 14:50:17.56", "topics": [ "earn" ], "places": [ "usa" ], "id": "4437" }, { "title": "EQK REALTY INVESTORS 4TH QTR NET", "body": "Shr nine cts vs 22 cts\n Net 700,000 vs 2,200,000\n Revs 5,400,000 vs 5,700,000\n Avg shrs 7,589,344 vs 10.1 mln\n 12 mths\n Shr 43 cts\n Net 3,500,000\n Revs 21.6 mln\n NOTE: 12 mth figures not available for 1985 since company\nstarted operations March 31, 1985.\n Reuter\n\u0003", "date": "12-MAR-1987 14:50:31.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "4438" }, { "title": "MASCO CORP REGULAR DIVIDEND SET", "body": "Qtly div nine cts vs nine cts previously\n Pay May 11\n Record April 17\n Reuter\n\u0003", "date": "12-MAR-1987 14:50:34.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "4439" }, { "title": "EQK REALTY INVESTORS I SETS PAYOUT", "body": "Qtrly div 41.5 cts vs 41.5 cts prior\n Pay July 29\n Record June 15\n\u0003", "date": "12-MAR-1987 14:50:39.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "4440" }, { "title": "U.S. FARM CREDIT LOSS PUT AT 900 MLN IN 1ST HALF", "body": "A member of the board which\nregulates the Farm Credit System predicted the troubled farm\nlender may lose about 900 mln dlrs in the first half of 1987,\nhastening the need for a federal rescue this year.\n Speaking to the House subcommittee responsible for farm\ncredit issues, Farm Credit Administration (FCA) board member\nJim Billington said \"My recommendation is that legislation\n(aiding the system) must be moved prior to June, 30, 1987, or\nit will be difficult to close the (farm credit system) books.\"\n Billington's loss prediction is gloomier than either the\nsystem or its regulator had previously admitted.\n The system itself has so far predicted losses for all of\n1987 will reach only 1.1 billion dlrs, down from 1.9 billion in\n1986 and 2.7 billion in 1985.\n However, Billington said the system is losing in excess of\n400 mln dlrs per quarter, implying total losses for 1987 of\nmore than 1.6 billion.\n Losses of that magnitude would exhaust the 1.4 billion dlrs\nin capital surplus the system held at the end of 1986.\n The system also has 4.2 billion dlrs in capital held by its\nmember borrowers, called borrower stock, which theoretically\ncould be used as capital.\n Billington said by the end of 1987, more than 1.6 billion\ndlrs of the 4.2 billion in borrower stock would be downgraded\nin value because of the mounting losses.\n Chairman of the FCA board, Frank Naylor, urged that\nCongress begin to consider legislation rescuing the system by\nEaster and that a bill be completed by the fall.\n Chairman of the House subcommittee, Rep. Ed Jones,\n(D-Tenn.) said today \"the time has arrived to consider\nassistance to save the system.\"\n The Senate Democratic leadership indicated last month that\nit would begin drafting a bailout bill by Easter.\n FCA board members differed on whether a direct government\ninfusion of cash will be needed to rescue the system.\n FCA chairman Naylor said a federal guarantee of both\nborrower stock and system bonds held by investors might avoid\nthe need to provide \"hard capital\" to the system.\n However, Billington said \"its not really that simple, in my\nopinion,\" adding that government funds may be needed to rescue\nthe system.\n Neither regulator estimated how much money might be needed.\n Reuter\n\u0003", "date": "12-MAR-1987 14:53:04.64", "places": [ "usa" ], "id": "4441" }, { "title": "AMERICAN CYANAMID TO SET UP PLANT IN DUNKIRK", "body": " is to set up a\nherbicide production plant in the recently-created Dunkirk\nenterprise zone, an official for the Dunkirk port authority\nsaid.\n He told Reuters the announcement was made by Industry\nMinister Alain Madelin during a visit to the zone today. The\nplans involve investment of around 70 mln francs.\n The enterprise zones, created on the sites of naval\nshipyards closed down last year and which also include zones at\nLa Ciotat and La Seyne, provide for exemption from corporate\ntaxes for 10 years and other incentives.\n Reuter\n\u0003", "date": "12-MAR-1987 14:57:54.11", "places": [ "france", "usa" ], "id": "4442" }, { "title": "MACMILLAN BLOEDEL STOCK UP SHARPLY", "body": "MacMillan Bloedel\nLtd's share price rose 4-1/2 dlrs to 79-1/4 after climbing by\nas much as 5-1/4 dlrs in trading earlier on the Toronto Stock\nExchange.\n Company officials were not immediately available to comment\non the steep gain.\n Forestry analyst Rick Sales at Vancouver, British\nColumbia-based Odlum Brown Ltd said the strength partly\nreflected the buoyant forest products industry, the company's\nproposed three-for-one stock split and strong 1987 earnings\nprospects.\n He predicted MacMillan Bloedel would earn eight dlrs a\nshare this year. The company's 1986 net profit after a 1.45 dlr\nextraordinary gain rose to 4.66 dlrs a share from 54 cts a\nshare in 1985 due to lower costs and stronger markets.\n Sales added that investors might also be expecting \"a major\ndividend increase.\" The company paid 75 cts a share in regular\ncommon stock dividends last year.\n MacMillan Bloedel's 49 pct-owner \"needs cash\nand they do have people on (MacMillan's) board of directors,\"\nsaid Sales.\n Noranda said earlier this week it planned a public share\noffer in its Noranda Forest Inc unit, which holds Noranda's\nstake in MacMillan Bloedel.\n Sales discounted previous speculation that Noranda might\ntry to sell its stake in MacMillan.\n Noranda would rather probably like to raise its stake,\nSales said, although he added such a move could meet opposition\nfrom the British Columbia government, which limited\nToronto-based Noranda to a minority stake in its 1981 takeover\nbid for MacMillan Bloedel.\n Reuter\n\u0003", "date": "12-MAR-1987 14:58:35.94", "places": [ "canada" ], "id": "4443" }, { "title": "FRENCH FARMERS SAY U.S. SUBSIDISES MORE THAN EC", "body": "The United States subsidises its\nagricultural industry much more than the European Community,\naccording to an internal USDA report, Marcel Cazale, President\nof the French Maize Producers' Association (AGPM), said.\n He told reporters that according to what he described as a\n\"confidential\" report prepared by the USDA which he had seen, the\nUS took the leading place regarding agricultural subsidies,\nahead of the EC.\n Cazale said according to the report, Argentina and\nAustralia were the only countries not to subsidise their\nagriculture at all, or only by a small amount.\n Cazale said in Argentina subsidies were granted for\nexports, but for a very small amount, while in Australia\nsubsidies were also only for exports, amounting to 15 to 30\npct.\n But Cazale said Australian agriculture received disguised\naid to the extent that fuel and fertilisers benefited from tax\nreductions, and transport, electricity and telephones in the\nsector had special tariffs. He did not elaborate.\n Reuter\n\u0003", "date": "12-MAR-1987 14:59:06.35", "organisations": [ "ec" ], "places": [ "france", "usa", "argentina", "australia" ], "id": "4444" }, { "date": "12-MAR-1987 14:59:26.82", "topics": [ "crude" ], "id": "4445" }, { "title": "IPCO CORP SETS REGULAR PAYOUT", "body": "Qtrly div nine cts vs nine cts prior\n Pay May 1\n Record April 9\n Reuter\n\u0003", "date": "12-MAR-1987 14:59:56.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "4446" }, { "title": "FIRST GRANITE AGREES TO BE ACQUIRED", "body": "First Granite Bancorp Inc\nsaid it agreed in principle to become a wholly owned subsidiary\nof Magna Group Inc .\n Under terms of the agreement, First Granite shareholders\nwill receive 2.175 shares of Magna for each First Granite share\nheld. First Granite shareholders will be asked to approve the\ntranaction in late summer.\n First Granite, which has 675,000 shares outstanding, as of\nDec 31, 1986 had assets of 186.5 mln dlrs. It owns First\nGranite City National Bank and Colonial Bank of Granite City,\nIll.\n Magna Groups as of Dec 31, 1986 had assets of 1.47 billion\ndlrs. It owns 13 banks, a data services company, a mortgage\ncompany and a trust company, serving St. Louis as well as\nSpringfield, Centralia and Decatur, Ill.\n Reuter\n\u0003", "date": "12-MAR-1987 15:00:28.53", "topics": [ "acq" ], "places": [ "usa" ], "id": "4447" }, { "title": "SHAREDATA TO GET FINANCING", "body": "Sharedata Inc said it signed a\nletter of intent with an investment banking firm for financing\nup to 2,500,000 dlrs.\n In return, the investment banking firm will be entitled to\nname a member of Sharedata's board of directors, the company\nsaid. It added it must seek the authority of its shareholders\nfor a one-for-four reverse split of its common stock.\n Reuter\n\u0003", "date": "12-MAR-1987 15:01:22.54", "places": [ "usa" ], "id": "4448" }, { "title": "CANADIAN IMPERIAL BANK OF COMMERCE CUTS PRIME RATE TO 8.75 PCT FROM 9.25 - TOMORROW\n", "date": "12-MAR-1987 15:06:47.23", "topics": [ "interest" ], "places": [ "canada" ], "id": "4449" }, { "title": "PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC", "body": "The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n Caterpillar Financial Services Corp, subsidiary of\nCaterpillar Inc - Shelf offering of up to 300 mln dlrs of\ndebt securities, including debentures and notes, through\nunderwriters that may include Goldman, Sachs and Co.\n PacifiCorp - Shelf offering of up to six mln shares\nof no par serial preferred stock with a total liquidation\npreference of 150 mln dlrs.\n Hadson Corp - Offering of 3.75 mln shares of common\nstock through Shearson Lehman Brothers Inc and PaineWebber Inc.\n Hydrogen Power Inc - Initial public offering of three mln\nshares of Class B common stock, with a minimum of two mln\nshares at five dlrs each needed to be sold.\n \n Reuter\n\u0003", "date": "12-MAR-1987 15:08:50.83", "places": [ "usa" ], "id": "4450" }, { "title": "THERMWOOD CORP 2ND QTR JAN 31 NET", "body": "Shr three cts vs three cts\n Net 165,798 vs 143,872\n Sales 1,787,561 vs 1,072,686\n Six mths\n Shr four cts vs four cts\n Net 175,928 vs 191,310\n Sales 3,137,695 vs 2,723,557\n Avg shrs 4,862,046 vs 4,722,150\n Reuter\n\u0003", "date": "12-MAR-1987 15:10:01.79", "topics": [ "earn" ], "places": [ "usa" ], "id": "4451" }, { "title": "PERINI INVESTMENT PROPERTIES RAISES PAYOUT", "body": "Qtly div 15 cts vs 12 cts in prior qtr\n Payable June 25\n Record May 28\n Reuter\n\u0003", "date": "12-MAR-1987 15:10:16.09", "topics": [ "earn" ], "places": [ "usa" ], "id": "4452" }, { "title": "SUN RAISES CRUDE POSTINGS 50 CTS", "body": "Sun Co said it raised the contract\nprice it will pay for crude oil 50 cts a barrel, effective\ntoday.\n The increase brings Sun's posted price for the West Texas\nIntermediate and West Texas Sour grades to 17.50 dlrs/bbl. The\nLight Louisiana Sweet grade was also raised 50 cts to 17.85\ndlrs/bbl.\n Sun Co last changed its crude postings on March 4.\n Reuter\n\u0003", "date": "12-MAR-1987 15:11:44.63", "topics": [ "crude" ], "places": [ "usa" ], "id": "4453" }, { "title": "PETROLEUM AND RESOURCES CORP DIVIDEND", "body": "Interim income dividend 20 cts. Last paid 1.14 dlrs\nFebruary 27, including capital gains of 50 cts.\n Pyable April 20\n Record April eight\n Reuter\n\u0003", "date": "12-MAR-1987 15:16:52.08", "topics": [ "earn" ], "places": [ "usa" ], "id": "4454" }, { "title": "ROYAL BANK OF CANADA LOWERS PRIME RATE TO 8-3/4 PCT, DOWN 1/2\n", "date": "12-MAR-1987 15:17:34.85", "topics": [ "interest" ], "places": [ "canada" ], "id": "4455" }, { "title": "U.K. GOVERNMENT ISSUES INSIDER DEALING SUMMONS", "body": "The Department of Trade and Industry,\nDTI, has issued insider dealing charges against a former\nemployee of British and Commonwealth Shipping Co Plc ,\na DTI statement said.\n DTI is charging Ronald Richard Jenkins, until recently\nemployed by British and Commonwealth's subsidiary Cayzer Irvine\nand Co Ltd. He is to appear April 27 in a London court.\n The summons is the second insider dealing prosecution\nlaunched by the government under recent legislation.\n The charges allege two insider dealing offences in\nsecurities of B and C and .\n A DTI spokesman said plans to prosecute follow a probe into\nthe matter since mid-December by a lawyer and a London Stock\nExchange official who were officially appointed by the DTI as\ninspectors.\n In November, B and C said an unnamed employee had resigned\nafter he was discovered buying shares in Steel Brothers just\nbefore B and C announced an agreed bid for the 55 pct of Steel\nwhich it did not already own.\n The attempted trade, which was subsequently cancelled,\ncovered 2,500 Steel shares purchase at 595p compared with a bid\nprice at 630p.\n Reuter\n\u0003", "date": "12-MAR-1987 15:18:08.67", "places": [ "uk" ], "id": "4456" }, { "title": "NEW LINE CINEMA CORP 4TH QTR NET", "body": "Shr 11 cts vs nine cts\n Net 677,498 vs 461,485\n Revs 6,271,010 vs 5,135,729\n Year\n Shr 81 cts vs 20 cts\n Net 4,406,065 vs 973,967\n Revs 26.5 mln vs 14.1 mln\n Avg shrs 5,457,339 vs 4,978,965\n Reuter\n\u0003", "date": "12-MAR-1987 15:20:49.21", "topics": [ "earn" ], "places": [ "usa" ], "id": "4457" }, { "title": "OTTAWA SEEKS EXPLANATION OF CREDIT CARD RATES", "body": "Minister of State for Finance Tom Hockin\nsaid he has asked the Canadian Bankers Association, an industry\nlobby group, for an explanation of the level of credit card\ninterest rates.\n Hockin said he hopes to here the association's response on\nthe \"important\" issue soon. Hockin was responding to questions\nin the House of Commons about why credit card rates, which run\nas high as 28 pct per year, remain high when other rates are\nfalling.\n Today, the Canadian bank rate fell to 7.28 pct from 7.54\npct last week and the Canadian Imperial Bank of Commerce cut\nits prime rate, effective tomorrow, to 8.75 pct from 9.25 pct.\n Reuter\n\u0003", "date": "12-MAR-1987 15:21:29.90", "topics": [ "interest" ], "places": [ "canada" ], "id": "4458" }, { "title": "IPCO CORP REGULAR DIVIDEND", "body": "Qtly div nine cts vs nine cts in prior qtr\n Payable May one\n Record Apreil nine\n Reuter\n\u0003", "date": "12-MAR-1987 15:21:47.15", "topics": [ "earn" ], "places": [ "usa" ], "id": "4459" }, { "title": "ASAMERA INC YEAR OPER SHR LOSS 48 CTS VS PROFIT 50 CTS\n", "date": "12-MAR-1987 15:23:09.85", "topics": [ "earn" ], "id": "4460" }, { "title": "PAINEWEBBER BROKER INDICTED IN SCHEME", "body": "A former broker at PaineWebber Inc was\ncharged by a federal grand jury with involvement in a 700,000\ndlr money-laundering scheme, according to indictment papers.\n Gary Eder, 41, a former vice-president at PaineWebber, was\ncharged with conspiracy and falsifying brokerage records in the\ntwo-count indictment.\n According to the indictment, Eder produced more brokerage\ncommissions than any other broker at PaineWebber, and was its\nmost highly-paid broker between 1982-86.\n Eder is charged with conspiring with unnamed supervisors at\nPaineWebber to prevent the filing of Currency Transaction\nReports with the Internal Revenue Service. Federal law requires\nthat reports be filed with the IRS for any single cash\ntransaction in one day of more than 10,000 dlrs.\n Asked about the charges, a Painewebber spokeswoman said the\ncompany had not seen the indictment and had no comment. She\nsaid Eder was suspended January 22 and resigned from the firm\non february 17.\n David Spears, the federal prosecutor in charge of the case,\nsaid Eder received cash from individual customers in amounts\nranging up to 70,000 dlrs at a time but avoided filing reports\nby depositing the cash into the customers' accounts in amounts\njust under 10,000 dlrs on several different days.\n If convicted, Eder could receive a maximum jail term of ten\nyears and 260,000 dlrs in fines.\n \n Reuter\n\u0003", "date": "12-MAR-1987 15:23:48.75", "places": [ "usa" ], "id": "4461" }, { "title": "DIAMOND SHAMROCK RAISED CRUDE BY 50 CTS/BBL TODAY. WTI UP TO 17.50 DLRS.\n", "date": "12-MAR-1987 15:25:21.19", "topics": [ "crude" ], "id": "4462" }, { "title": "WHITE HOUSE ASKS CONGRESS TO REFLECT COST OF U.S. LOAN SUBSIDIES IN BUDGET\n", "date": "12-MAR-1987 15:27:50.85", "places": [ "usa" ], "id": "4463" }, { "title": "ESSEX CHEMICAL TO SELL CONVERTIBLE DEBT", "body": "Essex Chemical Corp said it filed with\nthe Securities and Exchange Commission a registration statement\ncovering a 60 mln dlr issue of convertivble subordinated\ndebentures due 2012.\n Proceeds will be used to redeem the company's outstanding\n11-3/8 pct subordinated debentures due 1998 and repay all long\nand short-term notes payable to banks, as well as for working\ncapital, Essex Chemical said.\n The company named Thomson McKinnon Securities Inc as lead\nmanager and PaineWebber Inc as co-manager of the offering.\n Reuter\n\u0003", "date": "12-MAR-1987 15:28:28.19", "places": [ "usa" ], "id": "4464" }, { "title": "ALLEGHNEY INTERNATIONAL FACES ADDED COUNT", "body": "Alleghney International Inc said the\nplaintiffs in the existing lawsuits opposing its sale requested\nan amendment to their complaint to include a class action\ncount.\n Alleghney said the suit, filed in the U.S. District Court\nfor the Western District of Pennsylvania, was aimed at blocking\nthe sale of Alleghney to an affiliate of First Boston Inc.\n Allegheney said the additional count sought by the\nplaintiffs alleges the price to be offered for AI's common\nstock, 24.60 dlrs, is grossly unfair and one the purposes of\nthe proposed sale is to absolve the individual defendants of\nliability in the lawsuit.\n The additional count among other forms of relief, requests\nan injunction against the defendants from taking any steps to\naccomplish the proposed sale, Alleghney said.\n Reuter\n\u0003", "date": "12-MAR-1987 15:28:45.15", "topics": [ "acq" ], "places": [ "usa" ], "id": "4465" }, { "title": "PHILLIPS RAISES CRUDE POSTINGS 50 CTS EFFECTIVE TODAY, WTI TO 17.50 dlrs/bbl\n", "date": "12-MAR-1987 15:29:51.14", "topics": [ "crude" ], "id": "4466" }, { "title": "U.S. SEISMIC CREW COUNT DROPS 6 PCT IN FEBRUARY", "body": "The number of seismic crews\nsearching for oil and gas in the United States dropped by nine\nto a total of 151 crews, a decrease of six pct from January,\nthe Society of Exploration Geophysicists said.\n The February total represented a 49 pct decrease from\nFebruary 1986.\n Worldwide, the association's monthly survey showed that\nseismic exploration for oil and gas increased to 395 in\nFebruary, up three from the month before. Africa added three\nseismic crews, the Middle East increased by two and the Far\nEast added one while reductions were reported in Central and\nSouth America, Europe and the United States.\n Reuter\n\u0003", "date": "12-MAR-1987 15:31:15.69", "topics": [ "crude", "nat-gas" ], "places": [ "usa" ], "id": "4467" }, { "date": "12-MAR-1987 15:31:43.49", "topics": [ "earn" ], "places": [ "usa" ], "id": "4468" }, { "title": "PERLE QUITS AS PENTAGON ARMS CONTROL EXPERT", "body": "Assistant Defense Secretary Richard\nPerle resigned to complete work on a novel and said he was\nconfident the United States and Soviet Union were headed for a\nverifiable arms control agreement.\n Perle, 45, one of the most outspoken and controversial\ncritics in the Reagan administration of past superpower weapons\ntreaties, told reporters he would continue to do consulting\nwork for the government on arms control.\n \"I'm leaving in order to do other things, including finish\nnegotiations (with publishers) on my novel. I also plan to do\nsome other writing,\" said Perle.\n Reuter\n\u0003", "date": "12-MAR-1987 15:34:23.86", "places": [ "usa" ], "id": "4469" }, { "title": "PESSIMISM MOUNTS OVER BAHIAN TEMPORAO COCOA CROP", "body": "Pessimism over the effects of a\nprolonged dry spell on the coming Bahian temporao cocoa crop is\nrising with trade forecasts generally in the 2.0 mln to 2.5 mln\nbag range against 2.5 mln to 3.0 mln a fortnight ago.\n Trade sources told Reuters from the state capital of\nSalvador that despite scattered rains since mid-February, which\nbroke a six week drought, plantations have not picked up as\nhoped and very little cocoa is expected to be gathered in the\nfirst three months of the May/September crop.\n The sources said arrivals from May through July might only\nreach around 600,000 bags whereas in normal years a figure of\n1.0 mln to 1.5 mln bags might be expected.\n Arrivals from then should start to pick up sharply as pods\nfrom current flowering are gathered. However, the sources noted\na late temporao is always more susceptible to pod rot, which\nflourishes if conditions turn cold and humid, and which is more\nlikely from late July on.\n This year's crop is doubly susceptible because poor prices\nmean farmers were not encouraged to invest in fertilisers and\ninsecticides and are also unlikely to treat against pod rot.\n A severe attack of pod rot can cause the loss of over\n500,000 bags in a very short period, one source said.\n Because of the increased exposure to pod rot damage,\nestimates of the final outcome of the temporao are extremely\nvulnerable and production could easily drop to below the 2.0\nmln bag mark if the disease hits.\n Although flowering was good following the start of the\nrains, pod setting was not up to expectations, possibly because\nthe drought had caused a drop in the insect population which\npollinates flowers, the sources said.\n However, reports from farms indicate moisture levels are\nnow generally back to near normal levels and that current\nflowering and pod setting is good, which should result in\nmature fruit from August through September.\n The sources said they expect no break in the harvesting of\nbeans between the end of the temporao and the beginning of the\nmain crop, which officially starts on October 1.\n \"The cut-off date is completely artificial. If things go\nwell from now on we should see heavy harvesting without a break\nfrom August through November or even December,\" one said.\n If predictions of a 2.0 to 2.5 mln bag temporao prove\naccurate this would be below the 2.7 mln bag average for the\npast 10 years. The last poor temporao was in 1984 when\nprolonged drought and later pod rot cut production to 1.79 mln\nbags, the lowest since 1974.\n Good growing conditions the following year produced a\ntemporao of 3.12 mln bags, just below the 1983 3.17 mln bag\nrecord, while last year's output, which also suffered some\ndrought damage, was 2.77 mln bags.\n Figures for the coming temporao might be distorted upwards\nby the inclusion of undeclared current main crop beans.\n The sources said large quantities of beans are believed to\nhave been undeclared from this year's record total harvest and\nthey were unsure how much of this would be unregistered by the\nend of the official crop year on April 30.\n Recent official arrivals figures have been swollen by the\ninclusion of beans which had been delivered previously to port\nwarehouses but not declared.\n Because of the high turnover of beans this year,\nsignificant amounts have deteriorated because they were stored\ntoo long at the back of warehouses. Some of these are expected\nto be held for mixing in with early temporao arrivals.\n With official arrivals figures for the 1986/87 temporao and\nmain crops totalling over 6.1 mln bags, and over seven weeks\nstill to go to the end of the year, the total outturn should be\nat least a record 6.5 mln bags if all production is declared,\nthe sources said.\n This would compare with the previous record set last year\nof 6.03 mln.\n However, there is no way of telling how many current crop\nbeans will be declared after the May 1 start of the temporao\nand thus the true size of the 1986/87 harvest may never be\nofficially registered.\n Reuter\n\u0003", "date": "12-MAR-1987 15:34:34.08", "topics": [ "cocoa" ], "places": [ "brazil" ], "id": "4470" }, { "title": "ANHEUSER-BUSCH DEBENTURES ISSUED", "body": "Anheuser-Busch Cos Inc said it will\nissue 150 mln dlrs in principal amount of 8-1/2 pct sinking\nfund debentures due March 1, 2017.\n It said the offering will be through an underwriting\nsyndicate managed by Dillon, Read and Co Inc. They debentures\nwill be offered at 99.0 pct of the face amount to yield 8.59\npct to maturity.\n It said the debentures are being issued under a previously\nannounced shelf registration.\n Reuter\n\u0003", "date": "12-MAR-1987 15:34:46.25", "places": [ "usa" ], "id": "4471" }, { "title": "ROSE'S STORES INC 4TH QTR JAN 28", "body": "Shr 37 cts vs 37 cts\n net 7.6 mln vs 7.5 mln\n Revs 383.9 mln vs 326.3 mln\n Year\n Shr 1.17 dlrs vs 99 cts\n Net 24.0 mln vs 20.3 mln\n Revs 1.2 billion vs 1.0 billion\n Reuter\n\u0003", "date": "12-MAR-1987 15:35:25.62", "topics": [ "earn" ], "places": [ "usa" ], "id": "4472" }, { "title": "U.S. EXPORTERS REPORT 120,000 TONNES WHEAT PURCHASED FROM FOREIGN SELLERS FOR 1987/88\n", "date": "12-MAR-1987 15:35:28.85", "topics": [ "grain", "wheat" ], "places": [ "usa" ], "id": "4473" }, { "title": "PHILLIPS

RAISES CRUDE POSTINGS 50 CTS", "body": "Phillips Petroleum said it raised the\ncontract price it will for all grades of crude oil 50 cts a\nbarrel, effective today.\n The increase brings Phillip's posted price for the West\nTexas Intermediate and West Texas Sour grades to 17.50 dlrs a\nbbl.\n Phillips last changed its crude oil postings on March 4.\n The price increase follows similar moves by USX's \nsubsidiary, Marathon oil, and Sun Co earlier today.\n Reuter\n\u0003", "date": "12-MAR-1987 15:35:53.02", "topics": [ "crude" ], "places": [ "usa" ], "id": "4474" }, { "title": "ASAMERA INC YEAR LOSS", "body": "Oper shr loss 48 cts vs profit 50 cts\n Oper net loss 11.3 mln vs profit 18.1 mln\n Revs 262.8 mln vs 399.7 mln\n Note: 1986 net excludes tax gain of 1.1 mln dlrs or three\ncts shr vs yr-ago gain of 5.6 mln dlrs or 17 cts shr.\n 1986 net includes 15 mln dlr charge for reduction in\ncarrying value of refinery and related assets. 1985 net\nincludes 10.8 mln dlr gain on sale of Canadian natural gas\nproperty.\n U.S. dlrs.\n Reuter\n\u0003", "date": "12-MAR-1987 15:36:09.38", "topics": [ "earn" ], "places": [ "canada" ], "id": "4475" }, { "title": "LVI GROUP INC 4TH QTR OPER NET", "body": "Oper shr profit two cts vs loss 19 cts\n Oper net profit 523,000 vs loss 2,191,000\n Revs 102.5 mln vs 39.9 mln\n Avg shrs 20.0 mln vs 11.1 mln\n Year\n Oper shr profit 11 cts vs loss 29 cts\n Oper net profit 2,240,000 vs loss 2,884,000\n Revs 304.4 mln vs 50.3 mln\n Avg shrs 19.4 mln vs 9,759,000\n NOTE: 1986 4th qtr and year oper net excludes a gain of\n492,000 dlrs and 1,241,000 dlrs, respectively, for\ncarryforwards and a loss of 135,000 dlrs and 533,000 dlrs,\nrespectively, for early extinguishment of debt.\n 1985 4th qtr and year oper net excludes a loss of 1,457,000\ndlrs or 14 cts per share and loss 1,735,000 dlrs or 18 cts per\nshare, respectively, for discontinued operations.\n Reuter\n\u0003", "date": "12-MAR-1987 15:36:31.30", "topics": [ "earn" ], "places": [ "usa" ], "id": "4476" }, { "title": "TALKING POINT/PUROLATOR COURIER CORP ", "body": "Purolator Courier corp's stock rose on\nspecualtion that a disgruntled former Purolator director would\nfind a new suitor for the company, traders said.\n Purolator agreed in late February to a 35 dlr-a-share, 265\nmln-dlr offer from E.F. Hutton LBO Inc and certain members of\nits Purolator courier division's management.\n The stock today hit 36-1/4, up one.\n Today, Purolator revealed in a filing with the Securities\nand Exchange Commission that director Doresy Gardner resigned\nfrom its board of directors in a letter dated March 10.\n The letter from Gardner said he resigned the board because\nthe merger agreement with Hutton barred directors from\nsoliciting new offers and he believes shareholders might get a\nbetter deal. Gardner said he believes a better offer might be\nfound if the company would agree to be sold to some other\nentity, or if it could sell off all or part of its U.S. courier\ndivision.\n \"Basically, (the courier division) is a company that has\n450 mln dlrs in revenues. It's a very large company and it's\nbeing sold for 50 or 60 mln dlrs,\" said Gardner in a telephone\ninterview with Reuters.\n Gardner is an official of Kelso Management, a firm\nassociated with Fidelity International Ltd. A group of Fidelity\ncompanies owns eight pct of Purolator, and Gardner said he\npersonally owns 20,000 shares.\n A Purolator official said the company has no comment on the\nletter from Gardner.\n Arbitragers speculated another overnight messenger service\nmay emerge as a likely bidder for Purolator. Before the\ntransaction with Hutton LBO was announced, analysts had also\nspeculated another courier company would be the most likely\nsuitor.\n While one arbitrager acknowledged there in fact may be no\nnew bidders, he said the possibility one could appear pushed\nthe stock into play again.\n \"There's no shortage of possibilities. It's just a question\nof management's willingness to let the process continue,\" said\none arbitrager.\n Arbitragers said a new buyer might be found because they\nbelieve Hutton LBO has taken on no risk in the transaction.\nHutton has begun a tender for 83 pct of Purolator at 35 dlrs\ncash per share. The balance of Purolator's stock will be bought\nfor securities and warrants in a new company holding the U.S.\ncourier operations.\n The arbitragers said tender offer documents show that\nHutton does not need to use its cash in the transaction and\nwill emerge with a giant, majority equity interest in\nPurolator.\n \"As far as I can tell from the public documents from the\ndeal that's on the table, Hutton is basically putting up zero.\nOne always likes a situation like that. You always like to\nthink if they can do this deal at no risk, there should be\nsomeone else in the world that could do it higher,\" said one\narbitrager.\n The firm, however, is supplying temporary financing, and\nsources close to the transaction disputed the claim that the\nfirm will not end up paying for its equity position.\n While one scenario mentioned in the tender offer document\ndid note that the E.F. Hutton Group subsidiary may not have to\nkeep cash in the transaction, the sources said there is some\nrisk to the firm.\n \"There are a variety of contingencies and restricted cash,\nand all sorts of things that make it very speculative,\" said\none of the sources, adding there are also severance payments to\nemployees.\n The E.F. Hutton Group subsidiary is supplying 279 mln dlrs\nin so-called \"bridge\" financing for the transaction. The bridge\nfinancing is a temporary loan from Hutton.\n The financing is to be replaced with permanent financing,\nexpected to come from banks. However, it may take some time to\nreplace the financing, the source said, resulting in what could\nbe a substantial expense to the firm.\n Gardner said Hutton stands to gain fees of 10 to 20 mln\ndlrs from the transaction, but sources close to the transaction\nsaid fees are at the low end of the scale.\n \"It's a very complex transaction, but basically what\nhappens is they ostensibly put up money but the fees recapture\nany investment they might have once the merger takes place,\"\nGardner said.\n Reuter\n\u0003", "date": "12-MAR-1987 15:38:45.67", "topics": [ "acq" ], "places": [ "usa" ], "id": "4477" }, { "title": "USDA SAYS WHEAT PURCHASED FROM FOREIGN SELLERS", "body": "The U.S. Agriculture Department said\nprivate U.S. exporters reported purchases from foreign sellers\nof 120,000 tonnes of wheat for delivery to unknown\ndestinations.\n The wheat, consisting of 60,000 tonnes of hard red winter\nand 60,000 tones of soft red winter, is for delivery during the\n1987/88 season, which begins June 1.\n A purchase from a foreign seller is a transaction in which\na U.S. exporter contracts to buy U.S.-produced commodities from\na foreign firm, the department said.\n Reuter\n\u0003", "date": "12-MAR-1987 15:40:59.28", "topics": [ "grain", "wheat" ], "places": [ "usa" ], "id": "4478" }, { "title": "FCC PANEL VOTES 1.50 DLR HIKE IN MONTHLY RESIDENTAL PHONE SUBSCRIBER LINE CHARGE\n", "date": "12-MAR-1987 15:42:19.00", "id": "4479" }, { "title": "VOLCKER SEES NO CLEARCUT EVIDENCE THAT U.S. TRADE DETERIORATION HAS YET BEEN REVERSED\n", "date": "12-MAR-1987 15:42:45.60", "topics": [ "trade" ], "id": "4480" }, { "title": " DIAMOND SHAMROCK RAISES CRUDE POSTINGS", "body": "Diamond Shamrock said it raised the\ncontract price it will pay for crude oil 50 cts a barrel,\neffective today.\n The increase brings the company's posted price for the\nbenchmark grade, West Texas Intermediate, to 17.50 dlrs/bbl.\n Diamond Shamrock last changed its postings on March 4.\n Reuter\n\u0003", "date": "12-MAR-1987 15:43:26.60", "topics": [ "crude" ], "places": [ "usa" ], "id": "4481" }, { "title": "VOLCKER SEES SEVERE PROBLEMS IN SOME SECTORS OF THE U.S. ECONOMY\n", "date": "12-MAR-1987 15:44:57.17", "places": [ "usa" ], "id": "4482" }, { "title": "TORONTO DOMINION BANK CUTS PRIME RATE TO 8-3/4 PCT FROM 9-1/4 PCT - TOMORROW\n", "date": "12-MAR-1987 15:45:33.89", "topics": [ "interest" ], "places": [ "canada" ], "id": "4483" }, { "title": "BANK OF MONTREAL CUTS PRIME RATE TO 8-3/4 PCT FROM 9-1/4 PCT, EFFECTIVE FRIDAY\n", "date": "12-MAR-1987 15:45:49.04", "topics": [ "interest" ], "places": [ "canada" ], "id": "4484" }, { "title": "R.P. SCHERER OFFERS PREFERRED STOCK", "body": "R.P. Scherer Corp said it is\noffering 1.6 mln shares of 5-3/4 pct convertible exchangeable\npreferred stock at 25 dlrs a share.\n Each stock is convertible into the company's common stock\nat 23.60 dlrs a share, which represents a conversion premium of\n24.2 pct over the last sale price of 19 dlrs a share on March\n11.\n Goldman, Sachs and Co is lead underwriter for the offering.\n Scherer said one of its directors, Richard Manoogian, said\nhe will buy 200,000 shares of the preferred stock at the same\n25 dlrs a share.\n The company said proceeds will be used for general\ncorporate purposes including funding an increasing commitment\nto research and development on new drug formulations and\ndelivery systems.\n Reuter\n\u0003", "date": "12-MAR-1987 15:47:12.88", "places": [ "usa" ], "id": "4485" }, { "title": "VOLCKER SAYS FED REMAINS CONCERNED ABOUT THE POSSIBILITY OF RENEWED INFLATION\n", "date": "12-MAR-1987 15:47:36.69", "topics": [ "cpi" ], "id": "4486" }, { "title": "ASSETS OF MONEY MARKET MUTUAL FUNDS FELL 35.3 MLN DLRS IN LATEST WEEK TO 237.43 BILLION\n", "date": "12-MAR-1987 15:47:45.55", "topics": [ "money-supply" ], "id": "4487" }, { "title": "WEINBERGER OPPOSES FUJITSU BUYING U.S. FIRM", "body": "Defense Secretary Caspar Weinberger\nwill join Commerce Secretary Malcolm Baldrige in fighting\nFujitsu Ltd's plan to buy 80 pct of , Pentagon officials said.\n \"He (Weinberger) opposes it. It is not in the best interests\nof the country to have more of the micro-electronics business\nleaving the United States,\" one of the Pentagon officials, who\nasked not to be identified, told Reuters.\n Commerce Department officials told Reuters yesterday that\nBaldrige opposed the planned sale and that the White House\nEconomic Policy Council will take up the matter within weeks.\n Commerce and defense officials said Baldrige and Weinberger\nfeared the U.S. military is already leaning too heavily on\nforeign electronic support.\n But the Defense Department also said today that Weinberger\nand Baldrige differed on the proposed sale of U.S. computer\nequipment to Iran.\n The Commerce Department advised the Pentagon recently that\ndefense objections to two proposed sales -- to an Iranian power\ncompany and the Islamic Republic of Iran News Agency -- were\nnot valid and the sales of small and medium computers would go\nthrough unless more evidence was presented.\n Reuter\n\u0003", "date": "12-MAR-1987 15:49:29.45", "topics": [ "acq" ], "places": [ "usa" ], "id": "4488" }, { "title": "FORMER MERRILL LYNCH EMPLOYEE CHARGED", "body": "A former account executive and\nregistered representative at Merrill Lynch Co Inc was charged\nby a federal grand jury with diverting 8,400 dlrs of the\ncompany's funds for his own use, according to court papers.\n Bentley Whitfield, 31, was accused by the Grand Jury of\nmail fraud stemming from a scheme in which he deposited a check\npayable to Merrill Lynch into a trading account that he opened\nunder a ficticious name.\n The grand jury found he withdrew 8,400 dlrs from the\naccount and used the money in a real estate deal. He faces a\nmaximum five years in jail and 1,000 dlr fine.\n Reuter\n\u0003", "date": "12-MAR-1987 15:50:00.68", "places": [ "usa" ], "id": "4489" }, { "title": "GLICKMAN PUSHES HARD FOR 0/92 FARM PLAN", "body": "Implementation of a one-year 0/92\npilot program for wheat and feedgrains was strongly promoted\ntoday by the chairman of a key house agriculture subcommittee\nas a way to cut farm costs and simultaneously give farmers\nanother option when making their planting decisions.\n \"We have a budget driven farm policy. It may be a shame,\nbut we are locked into this,\" said Dan Glickman, (D-Kans.),\nchairman of the subcommittee on wheat, soybeans and feed\ngrains. \"We need to look at ways to cut costs and not hurt the\nfarmer. A 0/92 plan, if properly done, could do both.\"\n Glickman announced this week plans to introduce a 0/92 bill\nfor 1987 and 1988 wheat and feedgrains. An aide to Glickman\nsaid that it will probably be introduced next week.\n Glickman said a 0/92 program, which allows a farmer to\nforego planting and still receive 92 pct of his deficiency\npayment, would not be a major revision of the 1985 farm bill --\nonly an extension of the 50/92 option already provided under\nthe current bill.\n It is premature to make any major changes in the farm bill,\nhe said, but if agriculture has to make further cuts to meet\nbudget goals, a voluntary 0/92 plan would be better than\nsharply cutting target prices, as USDA has proposed.\n A 0/92 plan, however, would not be decoupling, but simply a\ndifferent type of acreage diversion program, Glickman said.\n Decoupling -- delinking planting decisions from government\npayments -- is too much of a policy change to approve at this\npoint, he said.\n \"I don't think there is any interest in pursuing a\ndecoupling bill this year. Period. Unequivocal,\" Glickman said\nat the hearing.\n Sen. Rudy Boschwitz (R-Minn.), cosponsor of the\nBoren/Boschwitz decoupling plan, said he supports a short term\n0/92 program as a move to a more permament decoupling plan.\n Boschwitz plans to introduce a 0/92 plan in the senate. His\nplan would guarantee a certain deficiency payment to\nparticipating farmers, require that idled acreage be put to\nconservation use only, prohibit haying and grazing on extra\nidled acreage, limit participation to a certain number of acres\nin a county and provide tenant protection provisions.\n \"I know we cannot obtain complete decoupling in 1987, but\nwe can at least move in that direction,\" Boschwitz said.\n Robbin Johnson, vice president of Cargill, Inc., testified\nin favor of decoupling. Decoupling would end the current bias\nin U.S. farm policy towards overproduction and reduce farmers'\ndependency on the government, he said.\n A 0/92 plan does not go far enough in decoupling, Johnson\nsaid, and would still encourage farmers to plant.\n Officials from the National Corn Growers Association and\nthe National Cattlemen's Association said their groups oppose\nany 0/92 or decoupling plan due to concerns about reopening the\nfarm bill and creating more confusion among farmers.\n But when asked if his association were forced to choose\nbetween a ten pct cut in target prices or a 0/92 program, Larry\nJohnson of the Corn Growers said they would agree to 0/92\nrather than take sharp cuts in target levels.\n Reuter\n\u0003", "date": "12-MAR-1987 15:56:53.83", "topics": [ "grain", "wheat", "corn", "oilseed", "soybean" ], "places": [ "usa" ], "id": "4490" }, { "title": "MILLER SAYS NO U.S. TAX HIKES TO CUT DEFICIT", "body": "Director of the Office of Management\nand Budget James Miller said the Reagan administration had no\nintention of raising taxes in order to reduce the federal\nbudget deficit.\n \"There will be no tax increases,\" he said three times\nbefore a Management Briefing luncheon of Southern Methodist\nUniversity's Edwin L. Cox School of Business.\n The budget deficit, which is currently slated at 173\nbillion dlrs for fiscal 1988, is supposed to be reduced to 108\nbillion dlrs under the provisions of the Gramm-Rudman Act,\nwhich calls for a balanced budget by fiscal 1991.\n Miller said he believes the budget deficit can be reduced\nbut added, \"the surest way to put us in a pickle\" would be to\nraise or ease the Gramm-Rudman goal.\n \"If we were to raise taxes so soon after tax reform, it\nwould create enormous uncertainty on the financial markets,\" he\nsaid, adding that giving up on the will to reduce the deficit\nwould also create uncertainty.\n Miller reiterated the president's budget proposal that the\ndeficit could be reduced by a total of 42 billion dlrs through\nincreased revenues and spending cuts. An additional 23 billion\ndlrs from economic growth is expected to result in the budget\ndeficit being reduced to the 108 billion dlr target.\n Miller said it was possible the Administration might\nsupport an oil import fee, but added that the President was\nconcerned that such a move might have more adverse results than\nbenefits.\n He also said the Administration was seeking to spin off\nAmtrak, which costs the government about 500 mln dlrs a year,\nbut added that he did not expect it to be accomplished this\nyear. \n Reuter\n\u0003", "date": "12-MAR-1987 15:57:19.42", "places": [ "usa" ], "id": "4491" }, { "title": "HANOVER INSURANCE CO GETS NEW EXECUTIVE", "body": "Hanover Insurance Co said Joseph Henry\nhas been elected financial vice president of the company and\nits subsidiary, the Massachusetts Bay Insurance Co.\n Henry is a former partner of Peat Marwick Mitchell, Hanover\nsaid.\n Reuter\n\u0003", "date": "12-MAR-1987 15:57:53.37", "places": [ "usa" ], "id": "4492" }, { "title": "SAFEGUARD SCIENTIFIC IN EQUITY DEAL", "body": "Safeguard Scientifics Inc\nsaid it made a 2.5 mln dlr equity investment in , a private computer software firm\nbased in Malvern, Pa.\n Safeguard said the investment gives it a \"major ownership\nposition\" in Sanchez, which specializes in software products\nfor financial institutions.\n Reuter\n\u0003", "date": "12-MAR-1987 15:58:11.29", "topics": [ "acq" ], "places": [ "usa" ], "id": "4493" }, { "title": "CORE INDUSTRIES INC 2ND QTR FEB 28 NET", "body": "Shr 20 cts vs 22 cts\n Net 1,948,000 vs 2,124,000\n Sales 40.9 mln vs 41.0 mln\n Six mths\n Shr 40 cts vs 50 cts\n Net 3,864,000 vs 4,835,000\n Sales 81.7 mln vs 79.9 mln\n NOTE: 1986 results include gain on sale of land of 571,000\ndlrs, or six cts a share\n 1986 results include loss from discontinued operations of\n403,000 dlrs, or four cts a share in the quarter and 598,000\ndlrs, or six cts a share in the six months\n \n Reuter\n\u0003", "date": "12-MAR-1987 15:58:29.92", "topics": [ "earn" ], "places": [ "usa" ], "id": "4494" }, { "title": "FCC PANEL RECOMMENDS PHONE FEE HIKE", "body": "A Federal Communications Commission\n(FCC) board recommended raising the two-dollar monthly\nsubscriber line charge for residential telephone customers by\n1.50 dlrs over the next two years.\n The subscriber line charge was first levied by the FCC in\nJune, 1985, in an effort to more acurately reflect the cost of\nproviding phone service as a part of phone deregulation.\n The recommendation by the board, composed of federal and\nstate utility regulators, was expected to be approved by the\nFCC in a seperate decision in the next few weeks.\n The subscriber line charge for residences and businesses\nwith single phone lines will rise to 2.60 dlrs in June 1987,\n3.20 in September 1988, and 3.50 dlrs in April 1989.\n The staff of the FCC said at a public meeting that the\nincrease in the charge would make possible a reduction in\nlong-distance phone rates of 15 pct or 17 billion dlrs over six\nyears.\n Supporters of the subscriber line charge have argued that\nlong distance phone rates had been subsidizing local phone\nservice, which would lead to abandonment of the phone network\nby large commercial phone customers.\n Reuter\n\u0003", "date": "12-MAR-1987 15:59:58.82", "places": [ "usa" ], "id": "4495" }, { "title": "ALLEGHENY BEVERAGE DOWNGRADED BY MOODY'S", "body": "Moody's Investors Service Inc said it\ncut to Caa from B-2 Allegheny Beverage Corp's 112 mln dlrs of\nsubordinated debt.\n The rating agency cited Allegheny's high leverage and poor\noperating performance, as well as reduced cash flow.\n Moody's said the company's prospects for improvement are\nlimited by increasing competition in the food service industry\nand decreasing demand for the vending services that Allegheny\nprovides. Moody's also said a renegotiated bank agreement\nincludes accelerated amortization requirements that exacerbate\nAllegheny's already weakened ability to service its debt.\n Reuter\n\u0003", "date": "12-MAR-1987 16:01:20.10", "places": [ "usa" ], "id": "4496" }, { "title": "MUSIKAHN CORP FILES FOR REORGANIZATION", "body": " said it filed a\nreorganization plan with the U.S. Bankruptcy Court for itself\nand its subsidiary, Jack Kahn Music Co.\n The company said both entities have been operating as\ndebtors in Chapter 11 since Oct 22, 1985.\n The plan provides for payment in full of administration\nexpenses and priority claims, and secured claims, the companies\nsaid. In addition, priority claims of governmental units will\nbe paid in full over a period of six years.\n The companies said unsecured creditors will receive up to\n25 pct of their claims.\n Reuter\n\u0003", "date": "12-MAR-1987 16:03:01.84", "places": [ "usa" ], "id": "4497" }, { "title": "FIRST FINANCIAL IN STOCK SPLIT", "body": "First Financial Management Corp said\nits board declared a three-for-two stock split of its common\nstock.\n The split will be effected by a 50 pct stock dividend for\nshareholders of record March 23 to be distributed on April six.\n Reuter\n\u0003", "date": "12-MAR-1987 16:03:20.04", "topics": [ "earn" ], "places": [ "usa" ], "id": "4498" }, { "title": "BANK OF NOVA SCOTIA CUTS PRIME RATE TO 8-3/4 PCT FROM 9-1/4 PCT, EFFECTIVE TOMORROW\n", "date": "12-MAR-1987 16:04:03.17", "topics": [ "interest" ], "places": [ "canada" ], "id": "4499" }, { "title": "COMMAND AIRWAYS FEBRUARY TRAFFIC ROSE", "body": "Command Airways said its\nFebruary load factor rose to 40.4 pct from 39.0 pct, available\nseat miles rose to 9.6 mln from 7.1 mln last year and revenue\npassenger miles rose to 3.9 mln from 2.8 mln.\n For the year to date, Command's load factor rose to 40.6\npct from 38.1 pct, revenue passenger miles rose to 37.0 mln\nfrom 27.8 mln and available seat miles rose to 91.2 mln from\n72.7 mln.\n Reuter\n\u0003", "date": "12-MAR-1987 16:04:59.87", "places": [ "usa" ], "id": "4500" }, { "title": "TEXACO , HONEYWELL IN JOINT VENTURE", "body": "Texaco Inc and Honeywell Inc\nsaid they formed a joint venture to provide advanced industrial\nplant control systems and services.\n The companies did not say how much money they will invest\nin the Phoenix-based venture, which has been named Icotron Co.\n Louis Garbrecht Jr, general manager of Texaco's engineering\nand safety department, was named chairman of the venture, the\ncompanies said. John Hoag, a Honeywell executive, will oversee\nthe day-to-day operations of the venture as president, the\npartners said.\n \n Reuter\n\u0003", "date": "12-MAR-1987 16:05:27.65", "places": [ "usa" ], "id": "4501" }, { "title": "GM ADDS PLANT TO TEMPORARY LAYOFF LIST", "body": "General Motors Corp said it is adding a\nthird plant to its temporary layoff ranks.\n It said the Arlington Assembly plant in Arlington, Texas,\nwill be closed March 16 to 30 for inventory adjustment, a move\naffecting some 2,000 workers.\n Two plants previously put on temporary layoff are the\nLakewood (Georgia) assembly plant, which will be closed in\nearly May for model changeover and the Norwood (Ohio) plant,\ndown March 9-23 due to material shortage. The total number on\ntemporary layoff will be 7,600.\n Reuter\n\u0003", "date": "12-MAR-1987 16:06:13.03", "places": [ "usa" ], "id": "4502" }, { "title": "OCCIDENTAL UNIT LIFTS LOCKOUT", "body": "Iowa Beef Processors Inc is lifting a\nlockout at its Dakota City, Nebraska processing plant and plans\nto resume operations March 16, United Food and Commercial\nWorkers Union spokesman Allen Zack said by phone from his\nWashington, D.C. headquarters.\n Iowa Beef, a susbsidiary of Occidental Petroleum Corp,\nmailed a letter to members of UFCWU Local 222 informing them a\nlockout imposed by the company on December 14 would be lifted\nand meatpackers could return to work under Iowa Beef's\n\"revised, last and best final offer,\" according to Zack.\n The letter was signed by four managers at the Dakota City\nplant.\n Iowa Beef closed the proessing plant indefinitely in\nmid-December because, it said, it had no alternative to threats\nby meatpackers to disrupt operations.\n About 2,800 members of Local 222 are affected by the\nshutdown. A 3-1/2 year labor contract at the plant expired\nDecember 13.\n Reuter\n\u0003", "date": "12-MAR-1987 16:06:31.40", "topics": [ "carcass", "livestock" ], "places": [ "usa" ], "id": "4503" }, { "title": "CIRCON CORP 4TH QTR", "body": "Shr loss two cts vs profit 10 cts\n Net loss 79,000 vs profit 507,000\n Revs 10.6 mln vs 2,238,000\n 12 mths\n Shr profit two cts vs profit 23 cts\n Net 89,000 vs 1,130,000\n Revs 21.4 mln vs 7,766,000\n Reuter\n\u0003", "date": "12-MAR-1987 16:06:59.90", "topics": [ "earn" ], "places": [ "usa" ], "id": "4504" }, { "title": "BROWN TRANSPORT DECLARES FIRST PAYOUT", "body": "Brown Transport Co Inc said its board\ndeclared an initial quarterly dividend of four cts a share,\npayable April 10 to stockholders of record March 31.\n Reuter\n\u0003", "date": "12-MAR-1987 16:07:42.30", "topics": [ "earn" ], "places": [ "usa" ], "id": "4505" }, { "title": "PRESIDENT NAMED FOR DISNEY EUROPEAN PARK", "body": "Walt Disney Co said it\nnamed Robert J. Fitzpatrick, president of Euro Disneyland.\n Disney said the appointment becomes effective when it and\nthe French government sign the definitive agreement for the new\noutdoor entertainment complex near Paris. It said the park will\nbe built on nearly 5,000 acres in Marne-la-Vallee, 20 miles\neast of Paris. It said it will include the Magic Kingdom theme\npark, outdoor recreation, shops and hotels.\n It said it will seek qualified investors in France and\nelsewhere to form the Europ Disneyland owner company, in which\nit will also be an equity partner.\n Disney also said it will receive management fees for\noperating the park in addition to license and royalty income.\n It said Fitzpatrick is president of California Institute of\nthe Arts and director of the Los Angeles Festival.\n\n Reuter\n\u0003", "date": "12-MAR-1987 16:08:30.16", "places": [ "usa", "france" ], "id": "4506" }, { "title": "WRIGHT SAYS A GAS TAX AN OPTION TO CUT DEFICIT", "body": "House Speaker Jim Wright said a\ngasoline tax is one option to finding a way to reduce the\ndeficit, but told reporters in response to a question he will\nnot try to dictate a solution to the debt problem.\n Wright has made suggestions for raising taxes about 20\nbillion dlrs as part of a budget plan to reduce the deficit.\nTax proposals are being given consideration by members of the\nHouse Budget Committee, but the details of any tax increase\nwould be made by the tax writing House ways and Means\nCommittee.\n Reuter\n\u0003", "date": "12-MAR-1987 16:09:11.38", "topics": [ "gas" ], "places": [ "usa" ], "id": "4507" }, { "title": "WHITE HOUSE DETAILS CREDIT REFORM LEGISLATION", "body": "The Reagan Administration sent to\nCongress proposed legislation that would require Congress to\nreflect the cost of federal loan subsidies in the government's\nbudget.\n The legislation would require Congress to approve all\nsubsidies on loans, to sell off many loans to the private\nsector shortly after they are made and to buy private\nreinsurance for many guaranteed loans.\n White House officials estimated reinsurance premiums could\namount to six billion dlrs a year to private companies.\n The bill would make little impact on the federal deficit or\npayroll, officials said.\n The legislation would not in itself alter the terms of\nfederal credit programs.\n But officials said they would be pleased if Congress\ntightened some programs after seeing their true cost set out in\nthe budget.\n The program would call for the immediate sale of many newly\nmade direct federal loans, but would no effect existing federal\nloan portfolios. Some of these are already proposed to be sold\noff under previous administration programs.\n Exempt from the sale requirement would be loans made under\nthe Commodity Credit Corp commodity loan program, which the\ngovernment considers to be a commodity purchase program rather\nthan a credit program, and defaulted guaranteed loans, which\nthe government considers to be the same as direct loans.\n Also excluded from the sale requirement would be most\nforeign loans, though officials said they may at some point\nconsider selling off some Export-Import Bank loans.\n Officials said government loan programs currently amount to\nabout 252 billion dlrs in direct loans and 450 billion dlrs in\nguaranteed loans a year.\n Officials said U.S. agencies were asked to calculate the\napproximate cost of their loan subsidies by looking at\ncomparable loans in the marketplace.\n The administration is asking Congress to begin reflecting\nthe cost of these subsidies in the fiscal 1988 budget, which\nthe House Budget Committee plans to begin marking up late next\nweek.\n Officials said the reforms, if adopted across-the-board by\nall affected congressional committees, would lower the federal\ndeficit by only 100 mln dlrs in fiscal 1988.\n Officials said the administration hopes to sell a total of\n13.0 billion dlrs in loan assets during fiscal 1988, including\n1.8 billion dlrs in loan assets under the credit reform program\nand 11.2 billion dlrs in loan assets already in the\ngovernemnt's portfolion.\n In fiscal 1989, the administration hopes to sell 8.9\nbillion dlrs in loans, including 1.3 billion dlrs of loans\nunder the credit reform program and 7.6 billion dlrs from the\nexisting portfolio.\n Reuter\n\u0003", "date": "12-MAR-1987 16:10:34.19", "places": [ "usa" ], "id": "4508" }, { "title": "KEY U.S. HOUSE TRADE SUBCOMMITTEE APPROVES BILL TO TOUGHEN U.S. TRADE LAWS\n", "date": "12-MAR-1987 16:10:53.29", "topics": [ "trade" ], "places": [ "usa" ], "id": "4509" }, { "title": " SELLS SHARES", "body": "Summit Petroleum Corp said it\nsold 11.3 mln shares, or 29.4 pct, of its common stock to\n.\n The company said the shares were previously held by\n and Harken Oil and Gas Inc .\n In addition, David D. Halbert, president and chief\nexecutive officer of Halbert, an Abilene investment firm, was\nnamed chairman and chief executive of Summit, the company said.\n Halbert, Charles M. Bruce and James O. Burke were also named\ndirectors, expanding the board to five, Summit added.\n The company said Burke is president and chief executive of\n, Abilene, while Bruce is a\npartner in the Washington law firm of Butler and Binion.\n Summit said it intends to actively seek acquisitions to\nincrease its asset base.\n Reuter\n\u0003", "date": "12-MAR-1987 16:11:38.60", "topics": [ "acq" ], "places": [ "usa" ], "id": "4510" }, { "title": "GEN DYNAMICS GETS 44.7 MLN DLR CONTRACT", "body": "Genral Dynamics Corp has received a\n44.7 mln dlr contract for steam and electric plant development\nfor SSN-21 submarines, the Navy said .\n REUTER\n\u0003", "date": "12-MAR-1987 16:12:13.03", "places": [ "usa" ], "id": "4511" }, { "title": "JAPANESE CRUSHERS BUY CANADIAN RAPESEED", "body": "Japanese crushers bought 8,000 tonnes\nof Canadian rapeseed in export business overnight for April\nshipment, trade sources said.\n Reuter\n\u0003", "date": "12-MAR-1987 16:14:54.38", "topics": [ "oilseed", "rapeseed" ], "places": [ "canada", "japan" ], "id": "4512" }, { "title": "NO CLEAR EVIDENCE TRADE GAP REVERSED - VOLCKER", "body": "Federal Reserve Board Chairman Paul\nVolcker said current data does not give a clear sign that the\ndeterioration in the U.S. trade balance has yet been reversed.\n \"The data we have in hand do not provide clearcut evidence\nthat the deterioration in the trade balance has yet been\nreversed,\" Volcker said in remarks prepared for delivery to a\nluncheon for community leaders here.\n However, Volcker said there are encouraging signs,\nparticularly the rising volume of exports over the past year,\nachieved despite relatively slow growth abroad.\n Volcker warned it is not sustainable from an economic\nperspective to pile up foreign debt while failing to make the\ninvestment needed to generate growth and earn the money to\nservice the debt.\n He said the process of restoring external balance to the\nU.S. economy requires dealing with the budget deficit. He said\nneeded economic adjustment will require a relative shift of\nfinancial and real resources into internationally competitive\nindustry. \"More of our growth will need to be reflected in net\nexports and business investment and less in consumption,\"\nVolcker said.\n Reuter\n\u0003", "date": "12-MAR-1987 16:15:24.51", "topics": [ "trade" ], "places": [ "usa" ], "id": "4513" }, { "title": "IOWA BEEF LIFTS LOCKOUT AT DAKOTA CITY", "body": "Iowa Beef Processors Inc is lifting a\nlockout at its Dakota City, Nebraska, processing plant and\nplans to resume operations March 16, United Food and Commercial\nWorkers (UFCW) Union spokesman Allen Zack said.\n Iowa Beef mailed a letter to members of UFCW Local 222\ninforming them a lockout imposed by the company December 14\nwould be lifted and meatpackers could return to work under Iowa\nBeef's \"revised, last and best final offer,\" Zack said.\n Iowa Beef had closed the plant indefinitely in mid-December\nbecause it said it had no alternative to threats by meatpackers\nto disrupt operations.\n About 2,800 members of Local 222 are affected by the\nshutdown. A 3-1/2 year labor contract at the plant expired\nDecember 13.\n Reuter\n\u0003", "date": "12-MAR-1987 16:15:34.01", "topics": [ "carcass", "livestock" ], "places": [ "usa" ], "id": "4514" }, { "title": "N.Y. BUSINESS LOANS FALL 718 MLN DLRS IN MARCH 4 WEEK, FED SAYS\n", "date": "12-MAR-1987 16:16:25.32", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "4515" }, { "title": "NEW YORK BANK DISCOUNT WINDOW BORROWINGS NIL IN MARCH 11 WEEK\n", "date": "12-MAR-1987 16:16:31.27", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "4516" }, { "title": "TONY LOMA CO INC 4TH QTR", "body": "Shr profit nil vs loss 61 cts\n Net profit 3,000 vs loss 1,148,000\n Revs 18.4 mln vs 17.8 mln\n Year\n Shr loss 94 cts vs loss 28 cts\n Net loss 1,762,000 vs loss 524,000\n Revs 58.5 mln vs 67.3 mln\n NOTE: 1986 net includes extraordinary gain of 569,000 dlrs\nor 30 cts per share.\n Reuter\n\u0003", "date": "12-MAR-1987 16:16:41.54", "topics": [ "earn" ], "places": [ "usa" ], "id": "4517" }, { "title": "ALLIED-LYONS SEES NO CHANGE IN HIRAM WALKER STAKE", "body": "Allied-Lyons PLC and Canada's\nReichmann brothers are working well together as partners and\ncurrently do not plan any change in their joint ownership of\ndistiller Hiram Walker-Gooderham and Worts, Allied-Lyons\nchairman Derrick Holden-Brown said.\n Allied-Lyons got 51 pct control of Hiram Walker-Gooderham\nlast year for about 600 mln U.S. dlrs, while the Reichmanns'\n acquired 49 pct in an out-of-court pact\nafter a hostile battle for the wine and spirits division of\n.\n \"We are getting along very well as partners ... I hope\nthere won't be any change, but there could be,\" Holden-Brown\ntold reporters after a speech in Toronto.\n He said Allied-Lyons has a two-year call option that could\nforce Gulf Canada to sell its 49 pct stake to Allied-Lyons, and\nGulf Canada has a two-year put option that could obligate\nAllied-Lyons to buy its 49 pct.\n \"Both we and Gulf hope very much there will be no occasion\nfor either the put or call to be exercised,\" Holden-Brown said.\n In answer to a reporter's question, Holden-Brown said it\nwould be possible for Gulf Canada to sell off part of its 49\npct in a public offering with Allied-Lyons' consent. \"I don't\nthink we would have any objection to it,\" he added.\n Allied-Lyons maintains control of Hiram Walker-Gooderham's\nboard of directors and has total responsibility for its\nmanagement. \"We cannot contemplate giving up our control,\" he\nsaid.\n Holden-Brown would not disclose how big a profit\ncontribution the distiller will make in Allied-Lyons' financial\nresults, but he said \"it will be substantial.\"\n \"I am not able to give profit forecasts,\" he said.\n Holden-Brown said Allied-Lyons was able to finance the\nHiram Walker-Gooderham acquisition with cash and borrowings,\nand has no current plans for a stock issue.\n He said the company is not currently negotiating any more\nacquisitions in Canada but has a team of officials evaluating\npossible purchases of wines, spirits, soft drinks or food\nconcerns. \"I don't think we shall be looking at the brewery\nscene (which is) highly concentrated already,\" he added.\n Holden-Brown said Allied-Lyons plans to list its shares on\nCanadian stock exchanges, possibly later this year.\n \n Reuter\n\u0003", "date": "12-MAR-1987 16:16:57.98", "topics": [ "acq" ], "places": [ "canada" ], "id": "4518" }, { "title": "NEW YORK BUSINESS LOANS FALL 718 MLN DLRS", "body": "Commercial and industrial loans on the\nbooks of the 10 major New York banks, excluding acceptances,\nfell 718 mln dlrs to 64.87 billion in the week ended March 4,\nthe Federal Reserve Bank of New York said.\n Including acceptances, loans fell 581 mln dlrs to 65.63\nbillion.\n Commercial paper outstanding nationally dropped 13 mln dlrs\nto 336.02 billion.\n National business loan data are scheduled to be released on\nFriday.\n Reuter\n\u0003", "date": "12-MAR-1987 16:17:32.06", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "4519" }, { "title": "MOODY'S MAY LOWER ATLANTIC CITY ELECTRIC ", "body": "Moody's Investors Service said it is\nreviewing 648 mln dlrs of securities issued by Atlantic City\nElectric Co for a possible downgrade because of an unresponsive\nrate order from the New Jersey Board of Public Utilities.\n The net effect of the Board's recent ruling was to reduce\nthe company's rates by 15.9 mln dlrs, Moody's said.\n Ratings under review include the company's first mortgage\nbonds and secured pollution control revenue bonds, currently\nAA-3.\n Reuter\n\u0003", "date": "12-MAR-1987 16:18:26.36", "places": [ "usa" ], "id": "4520" }, { "title": "EATON VANCE CORP 1ST QTR JAN 31 NET", "body": "Shr 53 cts vs 34 cts\n Net 2,253,742 vs 1,332,652\n Avg shrs 4,251,553 vs 3,932,064\n Reuter\n\u0003", "date": "12-MAR-1987 16:18:38.36", "topics": [ "earn" ], "places": [ "usa" ], "id": "4521" }, { "title": "FARM CREDIT STABILIZES FURTHER IN PLAINS STATES", "body": "Farm credit conditions showed\nfurther signs of stabilizing in the plains and mountain states\nduring the fourth quarter of 1986, according to bankers\nsurveyed by the Kansas City Federal Reserve Bank.\n The rate of loan repayment improved as one of every four\nbankers reported higher loan repayment rates than a year ago.\nRespondents said interest rates continued to edge lower.\n However, the decline in farm real estate values quickened\nafter moderating through the year, dropping an average four\npct. Farmland values averaged 14 pct lower than a year earlier\nand 55 pct below 1981's peak values.\n The survey authors blamed the drop on depressed crop prices\nand uncertainty about the future of government crop programs.\n Farm loan demand was the lowest since 1986 with only 13 pct\nof the survey respondents reporting an increase in loan demand.\nThe also reported that 25 pct of the non-farm businesses in\ntheir areas were having severe financial problems, and said the\nrate of rural non-farm business closings was nearly three times\nhigher than normal.\n Over 150 bankers responded to the survey in the Tenth\nFederal Reserve District which includes all or parts of\nColorado, Kansas, Missouri, Nebraska, New Mexico, Oklahoma and\nWyoming.\n Reuter\n\u0003", "date": "12-MAR-1987 16:18:53.69", "places": [ "usa" ], "id": "4522" }, { "title": "ADAMS EXPRESS CO SETS REGULAR PAYOUT", "body": "Div 12 cts vs 12 cts\n Pay April 20\n Record April 8\n NOTE: company pays dividend of 12 cts three times annually\nwith a bulk payment at the end of the fiscal year to equal\nannual dividend of 50 cts.\n Reuter\n\u0003", "date": "12-MAR-1987 16:21:14.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "4523" }, { "title": "CARGILL OFFICIAL DEFENDS CERTIFICATE PROGRAMS", "body": "The use of generic in-kind commodity\ncertificates has helped ease storage problems and is a\nnecessary part of export promotion programs, a senior executive\nfor the world's largest grain company said.\n Testifying before the House Agriculture subcommittee on\nwheat, soybeans and feedgrains, Robbin Johnson, vice president\nof Cargill, Inc., disputed claims that U.S. grain companies\nhave made huge profits from certificate trading.\n \"The certs program is not in any way a windfall to the\ntrade,\" he said. Johnson said that Cargill has been dealing\nwith a two pct spread in certificate transactions, and that\nthis is within the normal grain marketing levels.\n Johnson recognized current concern over the cost of\ncertificates as compared to cash, but said that critics need to\nlook more closely at the savings caused by certs, noting for\nexample that widespread use of certs in the PIK and Roll\nmarketing technique last summer helped ease storage costs.\n Certificates are also an important part of any export\npromotion program, he said.\n \"The more you look at ways to expand export markets, the\nmore you have to look at ways to expand certs to put more grain\ninto the market to meet demand,\" he said.\n Subcommittee chairman Dan Glickman (D-Kans.) said his\ncommittee would be looking at the certificate program later\nthis year and studying the General Accounting Office report on\ncertificate costs.\n Reuter\n\u0003", "date": "12-MAR-1987 16:21:45.01", "topics": [ "grain" ], "places": [ "usa" ], "id": "4524" }, { "title": "HOUSE SPEAKER BACKS OIL IMPORT FORECAST PLAN", "body": "House Speaker Jim Wright endorsed a\nproposal to require the president to take action to reduce oil\nimports if they threaten to top 50 pct of U.S. consumption.\n Wright told reporters the plan by Sen. Lloyd Bentsen, a\nfellow Texas Democrat, was positive and useful. Oil imports\npeaked in 1977 at 47 pct, were short of 36 pct last year and\nthis year are up over 40 pct, Bentsen said. \n The Bentsen proposal, supported by 24 other Senators, would\nwould require the president to issue annual three-year oil\nimport forecasts. In any year they threatened to top 50 pct, he\nwould be ordered to propose quotas or other solution.\n \n Reuter\n\u0003", "date": "12-MAR-1987 16:22:08.52", "topics": [ "crude" ], "places": [ "usa" ], "id": "4525" }, { "title": "ORBIS, COCA-COLA, GULF/WESTERN IN DEAL", "body": "Orbis COmmunications said it entered\nan agreement in principle to join Coca-Cola Co's \nTelecommunications Inc unit and Gulf and Western Inc's\nEntertainment Group proposed venture to sell national barter\nadvertising.\n Under national barter advertising, a syndicator sells\nprograms to a station for proceeds from national advertising\ninstead of for cash.\n The joint venture will be called International Advertising\nSales and will handle the sale of advertising time for programs\nby all three companies.\n Reuter\n\u0003", "date": "12-MAR-1987 16:22:24.43", "places": [ "usa" ], "id": "4526" }, { "title": "VIACOM FACES \"COSBY SHOW\" SUIT", "body": ", producer of \"The\nCosby Show,\" said it filed suit against Viacom International\nInc, seeking assurances that it will receive its share of\nrevenues from the show's syndication.\n It said the debt burden placed on Viacom by the 3.4 billion\ndlr buyout proposal from and Viacom's\n9.9 mln dlr 1986 loss may prevent it from paying Casey-Werner\nits money due from the show.\n Casey-Werner sought assurances from Viacom that its share\nof the syndication will not go to Viacom's creditors. But it\nsaid Viacom declined to provide the assurance.\n Alvin Schulman, an attorney representing Casey-Werner, said\nViacom should receive about 450 mln dlrs total from the\nsyndication rights to the show. Casey-Werner is entitled to\nabout 66 pct of the funds, he said.\n Schulman added that Viacom is due to receive in March and\nApril an initial 40 mln dlrs from the syndication rights. To\nensure Casey-Werner receives its share, the company filed suit,\nhe said.\n The suit asked the court to place all funds due\nCasey-Werner in a trust, and for Viacom to account for all\nfunds received.\n Reuter\n\u0003", "date": "12-MAR-1987 16:23:29.10", "places": [ "usa" ], "id": "4527" }, { "title": "U.S. SELLS 1-YEAR BILLS AT AVERAGE 5.68 PCT, STOP 5.68 PCT, AWARDED AT HIGH YIELD 71 PCT\n", "date": "12-MAR-1987 16:24:16.95", "places": [ "usa" ], "id": "4528" }, { "title": "KENYAN LEADER APPEALS FOR U.S. INVESTMENT", "body": "President Reagan today had talks\nwith Kenyan President Daniel Arap Moi, who afterwards appealed\nfor more U.S. investment in Kenya and a deeper American\ncommitment to ending apartheid in South Africa.\n A senior administration official said that during the talks\nReagan stressed to Moi the importance of Kenya's maintaining\nits high standards on human rights.\n The official said South Africa had not been a contentious\nissue in the talks and that the two leaders had found a lot of\ncommon ground on the issue. \n The administration has practiced a policy of \"constructive\nengagement\" with South Africa and accepted trade sanctions only\nafter they had been imposed by Congress.\n Reuter\n\u0003", "date": "12-MAR-1987 16:25:29.77", "places": [ "usa", "kenya", "south-africa" ], "id": "4529" }, { "title": "DOME PETROLEUM SAYS MAJORITY OF LENDERS SUPPORT DEBT RESTRUCTURING PLAN\n", "date": "12-MAR-1987 16:25:57.37", "id": "4530" }, { "title": "DOME SAYS DEBT PLAN ONLY ALLOWS IT TO STRUGGLE ON AT CURRENT OIL PRICES\n", "date": "12-MAR-1987 16:28:54.32", "id": "4531" }, { "title": "U.S. BANK DISCOUNT BORROWINGS AVERAGE 148 MLN DLRS A DAY IN MARCH 11 WEEK, FED SAYS\n", "date": "12-MAR-1987 16:31:19.33", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "4532" }, { "title": "U.S. BANK NET FREE RESERVES 660 MLN DLRS IN TWO WEEKS TO MARCH 11, FED SAYS\n", "date": "12-MAR-1987 16:31:28.39", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "4533" }, { "title": "U.S. M1 FALLS 600 MLN DLRS IN MARCH 2 WEEK, FEB M2 DOWN 1.6 BILLION, M3 UP 3.0 BILLION\n", "date": "12-MAR-1987 16:31:57.89", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "4534" }, { "title": " IN NEW DEBT AGREEMENT", "body": "Phoenix Steel Corp said it\nreached a revised debt reorganization agreement under which its\nunsecured trade creditors would receive up to 50 cts on the dlr\nas well as a share in future profits or sale proceeds.\n Phoenix said it arranged the new agreement with its major\nshareholder, , and a committee representing\nits unsecured creditors. The pact, the company said, replaces a\nplan that was proposed last December.\n The plan must be approved by April 1 by 80 pct of Phoenix's\nunsecured and other creditors, the company said.\n Phoenix said the new plan increases the amount to be paid\nunsecured creditors to 50 cts from 40 cts on the dlr and adds\nterms for creditor participation in future profits or sale\nproceeds.\n In exchange, the company said the creditors must agree not\nto sue the company or force it into involuntary bankruptcy.\n The creditors must also withdraw claims against Phoenix,\nGuardian and others, Phoenix said.\n Reuter\n\u0003", "date": "12-MAR-1987 16:32:22.70", "places": [ "usa" ], "id": "4535" }, { "title": "PRINCEVILLE TO SELL ITS AIR OPERATION", "body": "Princeville Development Corp and\n, parent of Aloha Airlines Inc, jointly said they\nagreed to terms for the sale of Princeville Airways Inc to\nAloha. Terms of the agreement were not disclosed.\n Under the proposed sale, the companies said Aloha would\nacquire the entire Princeville Airways commuter operation and\naccess to the Princeville Airport on the island of Kauai.\n They said Princeville Airways is expected to operate as a\nsubsidiary of Aloha Inc and will continue to use the\nPrinceville Aiways name.\n Reuter\n\u0003", "date": "12-MAR-1987 16:32:51.31", "topics": [ "acq" ], "places": [ "usa" ], "id": "4536" }, { "title": "NEW HAMPSHIRE SAVINGS TO BUY BANK", "body": "New Hampshire Savings Bank Corp\nsaid it agreed to buy in an exchange\nof stock.\n According to the terms of the deal, it said Seashore's\n61,000 shares will be exchanged for 9.8 mln dlrs of New\nHampshire Savings stock.\n It said Seashore Bankshares has assets of about 46 mln\ndlrs.\n\n Reuter\n\u0003", "date": "12-MAR-1987 16:32:57.85", "topics": [ "acq" ], "places": [ "usa" ], "id": "4537" }, { "title": "INVACARE WINS PATENT INFRINGEMENT CASE", "body": "Invacare Corp said the Canadian\nFederal Court ruled in favor of it in a patent infringement\naction filed against Everest and Jennings Canadian Ltd.\n The court ordered that Everest respond in an undisclosed\namount of damages to Invacare for its actions.\n A corresponding case is currently pending in the U.S.\nDistrict Court for the Northern District of Illinois.\n Reuter\n\u0003", "date": "12-MAR-1987 16:33:04.56", "places": [ "usa" ], "id": "4538" }, { "title": "SYSTEMS ASSURANCE GETS MANAGEMENT CHANGES", "body": "Systems Assurance Corp said its\nboard elected Charles Scott as chairman and chief executive\nofficer.\n He replaces Ronald Grant, who will remain a director with\nthe company, Systems said.\n Scott is president of Insurance Data Processing Inc ,\nwhich is the majority stockholder of Systems Assurance, the\ncompany said.\n Two new board members, John Kreisler and James McInerney,\nwere named executive vice president and senior vice president\nat SAC, respectively, according to the company.\n Reuter\n\u0003", "date": "12-MAR-1987 16:33:17.00", "places": [ "usa" ], "id": "4539" }, { "title": "CHRYSLER TO PUT FOUR PLANTS ON OVERTIME", "body": "Chrysler Corp's Chrysler Motors unit\nsaid it will put four of its U.S. assembly plants on overtime\nduring the week of March 16.\n Three of the plants will also operate Saturday, March 14,\nbeyond the normal five-day work week.\n Chrysler facilities at Newark, Del., Sterling Heights,\nMich., Warren, Mich., and the Jefferson plant in Detroit will\nwork overtime hours during the week. Newark, Sterling Heights\nand Jefferson will work Saturday.\n Reuter\n\u0003", "date": "12-MAR-1987 16:33:47.36", "places": [ "usa" ], "id": "4540" }, { "title": "FCOJ MOVEMENT 3,915,370 GALLONS LAST WEEK", "body": "Florida Citrus Processors\nAssociation said frozen concentrate orange juice movement into\ntrade channels in the week ended March 7 totalled 3,915,370\ngallons versus 3,956,126 gallons in the week ended February 28\nand 4,284,693 gallons in the corresponding year-ago period.\n There were 3,814,891 gallons of foreign imports last week\nversus 133,505 gallons the week before. Domestic imports last\nweek were 306,031. Retail movement was 1,652,916 versus\n2,015,953 a year ago. Bulk movement was 1,934,494 against\n1,954,103 a year earlier.\n Current season cumulative movement was 60,480,375 gallons\nversus 59,654,702 last year. Cumulative net pack for the season\nwas 80,359,978 versus 74,071,755 a year ago. Inventory was\n83,422,435 versus 81,963,040 a year ago.\n Reuter\n\u0003", "date": "12-MAR-1987 16:34:43.79", "topics": [ "orange" ], "places": [ "usa" ], "id": "4541" }, { "title": "HARCOURT BRACE MAY BE LOWERED BY MOODY'S", "body": "Moody's Investors Service Inc said it\nmay downgrade 200 mln dlrs of debt of Harcourt Brace Jovanovich\nInc.\n The rating agency cited Harcourt Brace's recent aggressive\nacquisition activity and increasing leverage.\n Harcourt Brace has offered 220 mln dlrs for Harper and Row\nPublishers, Moody's noted. This follows Harcourt's completed\nacquisitions of the publishing group of CBS Inc and Marineland.\n Reuter\n\u0003", "date": "12-MAR-1987 16:35:31.87", "places": [ "usa" ], "id": "4542" }, { "title": "PACO PHARMACEUTICAL OPENS ON NYSE", "body": "Paco Pharmaceutical Services Inc said\nits common stock began trading today on the New York Stock\nExchange.\n The company's stock opened at 26-3/4 and closed at 26-1/8\non 21,900 shares traded.\n Paco said NASDAQ will continue to carry its common stock\nwarrants due to expire Decmber 31 under the symbol and\nits convertible debentures issued February six under the symbol\n.\n Reuter\n\u0003", "date": "12-MAR-1987 16:37:45.75", "places": [ "usa" ], "id": "4543" }, { "title": "U.S. M-1 MONEY SUPPLY FALLS 600 MLN DLRS", "body": "U.S. M-1 money supply fell 600 mln\ndlrs to a seasonally adjusted 738.0 billion dlrs in the March 2\nweek, the Federal Reserve said.\n The previous week's M-1 level was revised to 738.6 billion\ndlrs from 738.5 billion, while the four-week moving average of\nM-1 rose to 737.1 billion dlrs from 736.8 billion.\n Commenting on February growth of the broader monetary\naggregates, the Fed said that M-2 fell 1.6 billion dlrs, while\nM-3 rose three billion. Economists polled by Reuters had\nprojected a 900 mln dlr fall in M-1, a 1.8 billion dlr drop in\nM-2 and no change in M-3.\n Reuter\n\u0003", "date": "12-MAR-1987 16:38:24.37", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "4544" }, { "title": "JUDGE DISMISSES NORTH'S LAWSUIT CHALLENGING IRAN", "body": "A U.S. judge today dismissed\na lawsuit by fired White House aide Lt. Col. Oliver North\nseeking to halt a special prosecutor's investigation into the\nIran arms scandal.\n In a 21-page ruling, U.S. District Court Judge Barrington\nParker threw out North's suit challenging the constitutionality\nof the law empowering special prosecutor Walsh to investigate\nsecret arms sales to Iran and the diversion of profits to\n\"contra\" rebels in Nicaragua.\n \"The nation demands an expeditious and complete disclosure\nof our government's involvement in the Iran-contra affair,\"\nParker ruled.\n Reuter\n\u0003", "date": "12-MAR-1987 16:39:40.33", "places": [ "usa", "iran" ], "id": "4545" }, { "title": "DOME SAYS MOST LENDERS SUPPORT DEBT PLAN", "body": "Dome Petroleum Ltd said a\nmajority of a group of 56 major creditors support the company's\nrevised proposal to restructure debt of more than 6.1 billion\nCanadian dlrs.\n Outlining terms of the plan circulated to the lenders\nearlier this week, the company said it is seeking approval in\nprinciple for the proposal \"within the next several weeks\" in\norder to implement the debt rescheduling by June 30, 1987.\n \"Although at today's price levels it only allows the company\nto struggle on, benefits appear as oil prices rise,\" Dome\nchairman J. Howard Macdonald said in a statement.\n \"We believe the plan is a rational one, and will be valid\nunder a range of circumstances,\" chairman Macdonald said.\n The lenders previously agreed to an interim debt\nrescheduling until June 30 to allow Dome time to negotiate a\nlong-term recapitalization.\n The debt proposal is designed to ensure continued existence\nof the company, which would see lenders get maximum recovery of\ntheir loans, Dome said.\n The plan would maintain debt levels within Dome's ability\nto pay, subject to minimum debt service levels for each lender.\n Dome said the debt proposal offers measures such as equity\nconversion options and reclassification to lower interest\nbearing categories of debt to accomplish its objectives.\n Under certain circumstances, lenders will have the option\nto convert all or part of their debt to common shares at a\npre-determined conversion rate upon plan implementation.\n The various conversion rates remain to be set through\nnegotiations, and the company said it is impossible to predict\nthe extent to which the conversion option will be exercised and\nthe amount of dilution that may result.\n Converting debt to common shares after the plan is\nimplemented would be at a much higher conversion price, Dome\nsaid.\n Common shareholders will be asked to approve the plan\nbefore it is put in place.\n Debt that remains after share conversion will either\nreceive scheduled payments based on contract interest rates and\na 15 to 20 year pay-out, or interest rates indexed to oil\nprices. The company will use both an annual security-to-debt\nratio test and a monthly cash flow test to classify which\ninterest payments are paid on the different portions of debt.\n To achieve a stable operating base for the company, the\nplan provides for deducting operating costs, capital\nexpenditures and general and administrative expenses before the\nremaining available cash flow is distributed to lenders, Dome\nsaid.\n The proposal also assumes efforts will continue to operate\nthe business as efficiently as possible, it said.\n As the company previously said, debt payments from cash\nflow be divided into two broad categories, secured and\nunsecured creditors.\n Terms of the debt plan include paying institutional\nunsecured creditors, comprising mostly banks who hold private\ndebt, from cash flow generated by unpledged assets. This\nportion will get a fixed low interest rate under a 15-year\nrepayment schedule.\n Remaining institutional unsecured debt will get paid\nthrough convertible, oil indexed unsecured debt that matures in\n20 years, or any available excess cash flow, or conversion to\nequity. Any institutional lender also has the option of taking\nall or part of its debt in common shares.\n To offer public unsecured debtholders liquidity, Dome said\nthey can also convert all or part of their debt to common\nshares when the plan is implemented. Any debt leftover would be\nexchanged for a convertible debenture with an interest rate\nlinked to oil prices.\n Secured creditors would get paid from cashflow generated by\nthe assets pledged against their debt under a complex formula,\nthe company said.\n Any shortfalls under the formula could also be converted to\noil-linked debentures.\n Reuter\n\u0003", "date": "12-MAR-1987 16:40:30.73", "places": [ "canada" ], "id": "4546" }, { "title": "VOLCKER SEES PROBLEMS REMAINING IN SOME SECTORS", "body": "Federal Reserve Board Chairman Paul\nVolcker said severe problems remain in some sectors of the U.S.\neconomy despite progress in others.\n \"Severe problems in some sectors of the economy are all too\nobvious,\" he said in remarks prepared for delivery to a\nluncheon of business leaders here.\n He said oil exploration and development, as well as\nagricultural prices, have been heavily affected by worldwide\nsurpluses.\n Commercial construction, he said, is suffering from earlier\nover-building in many areas.\n More broadly, he said, there are distortions and imbalances\nin the U.S. economy that cut across many sectors.\n \"Unless dealt with effectively and forcibly, they will\nundermine all that has been achieved,\" Volcker warned.\n He said one problem is that economic activity over the past\ntwo years has been supported largely by consumption.\n He said that rising consumption was achieved at the expense\nof reduced personal savings. At the same time, he said, the\nhuge Federal budget deficit is absorbing a disproportionate\namount of the savings generated in the U.S.\n Volcker said the adverse consequences of the combination of\nlow savings rates and high Federal budget deficits have been\nescaped by drawing on capital from abroad.\n He noted that the net flow of foreign capital into the U.S.\nin 1986 exceeded all the savings by U.S. households.\n \"That is a graphic demonstration of the extent to which\nour financial markets are hostage to possible changes in\nexternal attitudes and circumstances,\" Volcker said.\n Reuter\n\u0003", "date": "12-MAR-1987 16:41:37.50", "places": [ "usa" ], "id": "4547" }, { "title": "BOLIVIA TO OFFER TO BUY BACK BANK DEBT", "body": "Bolivia is to make a formal offer during\nthe next few months to buy back its 900 mln dlrs debt from\ncommercial banks at a discount of up to 90 pct, central bank\npresident Jier Nogales said.\n Nogales told Reuters in an interview the steering\ncommittee of Bolivia's creditor banks had agreed to consider\nthe offer at a meeting in New York last month.\n He said the offer would be based on the value of Bolivian\npaper on the international secondary debt market, where it now\ntrades at between 10 and 15 pct of its face value.\n Nogales said Bolivia will make a single offer to buy back\nits commercial debt and banks who accepted would be paid the\ndiscounted rate in full.\n Banks which declined the offer would be repaid over 20 to\n30 years at interest rates below those fixed in the\ninternational markets, he added.\n Bolivia has frozen payments on medium and long term loans\nto commercial banks since March, 1984, and Nogales said there\nwould be no money available to restart traditional debt\nservicing to them for some time.\n Several Latin American countries have initiated schemes to\ncancel foreign debt by equity swaps or third party buy-backs,\nbut Bolivia would be the first country in the region to make a\nformal offer to buy back all its commercial bank debt at\ndiscounted rates.\n Nogales said practical and strategic considerations would\ndetermine the exact timing of the offer but it would be made in\nthe next few months.\n He said Bolivia would not bargain with creditor banks over\nthe price to paid for the debt paper they hold, and would make\na single non-negotiable offer.\n He said Bolivia could not even pay interest to friendly\ncreditor countries, let alone commercial banks. The only\ntraditional way forward was to capitalise interest, which would\nmean greater bank exposure in Bolivia and greater loss\nprovisions, he added.\n \"We are confident that the banks are going to be\nreasonable,\" Nogales said. \"Now they can resolve their problems\nfor once and for all.\"\n \"The most conservative ones who want a little more will\nwait a year, but I don't know if the window of opportunity will\nbe open all the time,\" he added.\n Discussing the status of other parts of Bolivia's four\nbillion dlr foreign debt, 2.5 billion of which is owed to\ngovernments and the rest to international agencies, Nogales\nsaid negotiators had achieved considerable success in recent\ndiscussions with the Paris Club.\n He said Paris Club creditors had agreed to reschedule\nBolivian debt over 10 years with five to six years grace, while\naccepting that interest would not be paid until 1989. Interest\nrates were being discussed on a bilateral basis under Paris\nClub rules, he added.\n He said some Paris Club members had agreed to disregard\npenalty interest payments and negotiations were continuing with\nArgentina and Brazil, who hold 700 mln dlrs of Bolivian debt.\n He said Bolivia was continuing to service loans from\ninternational agencies, and it expected to receive up to 400\nmln dlrs in disbursements this year.\n The capital flow for loans and their servicing had changed\nfrom a negative balance of 250 mln dlrs in 1985 to a net inflow\nof 130 mln dlrs last year, he added.\n Nogales said that Bolivia's net international reserves now\nstood at around 250 mln dlrs, compared to one mln dlrs in\ndisposable funds when the government of Victor Paz Estenssoro\ntook office in August, 1985.\n Nogales said inflation, which soared to over 20,000 pct a\nyear in the government's first month in office, was now down to\n10 pct on an annualised basis from the last six months, and the\nplan was that it should continue at this level.\n He said the government was also expecting at least three\npct growth in gdp this year after several years of negative\nrates.\n Reuter\n\u0003", "date": "12-MAR-1987 16:42:02.75", "topics": [ "gnp", "cpi", "reserves" ], "places": [ "bolivia" ], "id": "4548" }, { "title": "U.S. MARKET LOAN NOT THAT ATTRACTIVE-BOSCHWITZ", "body": "A marketing loan for U.S. wheat,\nfeedgrains and soybeans would do nothing to help the surplus\nproduction situation and would be extremely costly, Sen. Rudy\nBoschwitz (R-Minn.) said.\n \"I think I would not support a marketing loan now,\" he told\nthe House agriculture subcommittee on wheat, soybeans and\nfeedgrains. Boschwitz was one of the original supporters of a\nmarketing loan for cotton and rice, but has since focused\nsupport on decoupling legislation, the Boren/Boschwitiz bill.\n A market loan for grains and soybeans would encourage more\nproduction, especially in high-yielding areas, would be much\nmore expensive than the current cotton and rice marketing loans\nand not increase exports significantly, he said.\n Reuter\n\u0003", "date": "12-MAR-1987 16:42:41.29", "topics": [ "grain", "wheat", "oilseed", "soybean", "cotton", "rice" ], "places": [ "usa" ], "id": "4549" }, { "title": "FARM EQUIPMENT RETAIL SALES FALL IN FEBRUARY", "body": "Sale of farm wheel tractors in February\ndeclined 26.7 pct to 4,123 units from 5,627 units a year ago,\nreported the Farm and Industrial Equipment Institute.\n Year to date, total tractor sales fell 21.7 pct to 10,354\nunits from 13,231 units a year ago.\n The trade group said in the two-wheel drive sector, 2,477\nunder 40 horsepower tractors were sold compared to 2,479 a year\nago during the month, while in the 40 to 100 horsepower sector,\n1,323 units were sold compared to 1,810 units.\n Reuter\n\u0003", "date": "12-MAR-1987 16:42:50.90", "places": [ "usa" ], "id": "4550" }, { "title": "AMVESTORS FINANCIAL SETS STOCK DIVIDEND", "body": "AmVestors Financial Corp said it\ndeclared a 25 pct stock dividend payable June 19 to holders of\nrecord June one, subject to an increase in authorized shares.\n It said shareholders will vote at the April 23 annual\nmeeting to increase authorized shares to 25 mln from 10 mln.\n The company also said it plans to pay an initial quarterly\ndividend of five cts a share on the shares.\n\n Reuter\n\u0003", "date": "12-MAR-1987 16:44:19.39", "topics": [ "earn" ], "places": [ "usa" ], "id": "4551" }, { "title": "U.S. HOUSE PANEL APPROVES TRADE BILL", "body": "The House Ways and Means Trade \nSubcommittee unanimously approved a toned-down version of\nlegislation designed to toughen U.S. trade laws and wedge open\nforeign markets to more U.S. goods.\n The measure now goes to the full House Ways and Means\nCommittee next week, but major changes are not expected,\ncongressional sources said.\n \"This product could very well be toughening our trade policy\nand doing it in a manner that opens markets without this\nfrightening word 'protectionism',\" Ways and Means chairman Dan\nRostenkowski, an Illinois Democrat said.\n The trade subcommittee backed away from mandating specific\nretaliation against foreign countries for unfair foreign trade\npractices as the House had approved in a trade bill last year.\n But it held over for the full Ways and Means Committee\ndebate on a controversial plan by Rep. Richard Gephardt to\nmandate a reduction in trade surpluses with the U.S. by\ncountries such as Japan, South Korea and Taiwan.\n Gephardt, a Missouri Democrat, has not decided the exact\nform of his amendment, an aide said. Last year the House\napproved his idea to force an annual ten pct trade surplus cut\nby those countries. \n The trade bill will be wrapped in with legislation from\nother committees dealing with relaxation of export controls,\nincentives for research, expanded worker training and education\nand other efforts to increase U.S. competitiveness.\n The comprehensive trade bill is to be considered by the\nfull House in late April and then will be considered by Senate\ncommittees.\n It requires President Reagan to retaliate against foreign\nunfair trade practices but do not mandate quotas or tariffs and\nallow an exemption if U.S. economic security would be harmed by\nU.S. actions against other countries.\n The bill would make it easier for U.S. industries to win\nrelief from surges of imports of competitive products.\n It extends until January 1993, the administration's\nauthority to negotiate trade agreements as part of the new\nround of multilateral talks under the General Agreements on\nTariffs and Trade.\n And, it includes provisions to tighten trade rules on\ncopyrights, patents and telecommunications goods.\n Reuter\n\u0003", "date": "12-MAR-1987 16:44:51.68", "topics": [ "trade" ], "places": [ "usa" ], "id": "4552" }, { "title": "ROCHESTER GAS OFFERED PRD SHARES", "body": "Rochester Gas and Electric Corp\nsaid 300,000 shares of 8.25 pct preferred stock, series R, will\nbe offered at 100 dlrs per share plus accrued dividends, if\nany, from the date of the original issue.\n It said The First Boston Corp and are co-underwriters of the issue.\n It said net proceeds of the offering will be used to redeem\nits 10.84 pct preferred stock, series G, which is currently\ncallable at 107 dlrs per share and for other corporate\npurposes.\n Reuter\n\u0003", "date": "12-MAR-1987 16:46:24.74", "places": [ "usa" ], "id": "4553" }, { "title": "STANDARD LOGIC INC 1ST QTR LOSS", "body": "Qtr ends Jan 30\n Oper shr loss 45 cts vs profit 44 cts\n Oper Net loss 225,815 vs profit 219,593\n Revs 175,247 vs 827,748\n NOTE: oper net 1987 excludes loss from discontinued\noperations of 125,047 vs loss 34,055 for prior qtr.\n excludes tax carryforward 150,000 for prior qtr.\n Reuter\n\u0003", "date": "12-MAR-1987 16:47:15.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "4554" }, { "title": "INFLATION STILL A CONCERN, VOLCKER SAYS", "body": "Federal Reserve Board Chairman Paul\nVolcker said both the Fed and the financial markets remain\nconcerned about the possibility of renewed inflation.\n \"A possibility of renewed inflation remains of concern,\nboth in the markets and within the Federal Reserve,\" he said in\nremarks prepared for delivery to a group of business leaders\nhere.\n He said one potential channel for renewed inflationary\npressures would be an excessive fall of the dollar in the\nexchange markets, which would push import prices up sharply.\n He said participants in financial markets and business\nremain skeptical of prospects for lasting price stability.\n \"Should the skepticism about our ability to resist\ninflation be reinforced by bad policy, the consequences for\ninterest rates, for exchange rates, and for the economy\ngenerally would clearly be undesirable...recognition of that\ndanger neccesarily must weigh heavily in the formation of\nmonetary policy,\" the Fed chairman said.\n Volcker said attempts to drive the dollar much lower would\nundermine the hard won gains against inflation and would risk\ndissipating the flow of foreign capital.\n Reuter\n\u0003", "date": "12-MAR-1987 16:48:07.86", "topics": [ "cpi" ], "places": [ "usa" ], "id": "4555" }, { "title": "GEORGIA-PACIFIC TO REDEEM PREFERRED ISSUES", "body": "Georgia-Pacific Corp said it will\nredeem all 3,267,019 shares of its outstanding series A, B, B\nsecond issue and C adjustible rate convertible preferred stock\non April 15.\n The company said it will redeem all four series at 39 dlrs\na share, plus nine cts in dividends accrued from April one to\nApril 15.\n First quarter preferred dividends will be paid separately\non April one to holders of record March six, the company said.\n It said holders may convert each share of their preferred\nstock into one share of common through April 15.\n Reuter\n\u0003", "date": "12-MAR-1987 16:48:48.23", "places": [ "usa" ], "id": "4556" }, { "title": "NZI CORP UNIT SELLS GUARANTEED NOTES AT 8.36 PCT", "body": "NZI Capital Corp, a unit of , is offering 150 mln dlrs of guaranteed notes due 1997\nyielding 8.36 pct, said sole manager Kidder, Peabody and Co\nInc.\n The notes have an 8-1/4 pct coupon and were priced at\n99.261 to yield 115 basis points more than comparable Treasury\nsecurities. Non-callable for seven years, the issue is rated\nA-2 by Moody's Investors Service Inc and A-plus by Standard and\nPoor's Corp.\n The notes will be listed on the New York Stock Exchange.\nNZI is an insurance company in New Zealand.\n Reuter\n\u0003", "date": "12-MAR-1987 16:50:51.14", "places": [ "usa" ], "id": "4557" }, { "title": "UNOCAL RAISES MOST CRUDE PRICES 50 CTS, TODAY, WTI AT 17.50 DLRS\n", "date": "12-MAR-1987 16:51:20.76", "topics": [ "crude" ], "id": "4558" }, { "title": "COURT UPHOLDS SECURITIES PANEL DECISION TO BLOCK CTC DEALERS' CANADIAN TIRE OFFER\n", "date": "12-MAR-1987 16:52:21.64", "id": "4559" }, { "title": "SHAWMUT CORP SETS REGULARY DIVIDEND", "body": "Qtly div 51 cts vs 51 cts prior\n Pay April one\n Record March 23\n Reuter\n\u0003", "date": "12-MAR-1987 16:59:03.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "4560" }, { "title": "KENNETH DUBERSTEIN TO BE DEPUTY WHITE HOUSE CHIEF OF STAFF, OFFICIALS SAY\n", "date": "12-MAR-1987 17:01:20.43", "places": [ "usa" ], "id": "4561" }, { "title": "ANGLO AMERICAN YEAR TO DEC 31", "body": "Shr 516 cts vs 347\n Final div 135 vs 125 making 190 vs 180\n Pre-tax 133 mln rand vs 137 mln\n Net 260 mln vs 172 mln\n Tax 76 mln vs 42 mln\n Att to outside shareholders 96 mln vs 53 mln\n Pref div 1 mln vs same\n Turnover 3.14 billion vs 2.56 billion\n Div pay May 8, register March 27.\n Note - Full name is Anglo American Industrial Corp Ltd.\n REUTER\n\u0003", "date": "12-MAR-1987 17:01:26.73", "topics": [ "earn" ], "places": [ "south-africa" ], "id": "4562" }, { "title": "WISCONSIN ELECTRIC TO CALL PREFERRED", "body": "Wisconsin Energy Corp's Wisconsin\nElectric Power Co said it will redeem its 100 dlr par value\nserial preferred stock on April 14.\n Wisconsin Electric said it will redeem 333,325 shares of\nits 8.9 pct preferred at 101 dlrs a share, 225,810 shares of\nits 7.75 pct preferred at 101 dlrs a share, and 140,967 shares\nof its 8.8 pct preferred at 105.87 dlrs a share.\n The redemption will be financed from a new issue of the\ncompany's preferred stock.\n First Wisconsin Trust Co will be the redemption agent.\n Reuter\n\u0003", "date": "12-MAR-1987 17:02:16.19", "places": [ "usa" ], "id": "4563" }, { "title": "LIVE CATTLE RALLY AS LOCKOUT AT MEAT PLANT ENDS", "body": "Live cattle futures posted a robust\nrally today after a major beef packing company said it would\nend a lockout at its slaughtering plant in Dakota City, Neb.\n April delivery cattle on the Chicago Mercantile Exchange\nclosed at 64.45 cents a pound, up 0.83 cent, as the market\nexpected demand for live animals to increase as the plant\nrestarts operations.\n Iowa Beef Processors, a division of Occidental Petroleum,\nsaid it planned to reopen the plant, one of the largest in the\nnation, on March 16. The plant has been closed since Dec. 14,\nthe day after a contract between IBP and Local 222 of the\nUnited Food and Commercial Workers Union expired.\n The plant employs 2,800 workers and can slaughter several\nthousand animals a day, a company spokesman said.\n The company said it locked out union workers because they\nthreatened to disrupt operations. It was unclear whether union\nmeatpackers would return to work. They rejected the company's\nlatest contract offer March 5.\n Traders said cattle prices advanced at midsession as rumors\ncirculated that the lockout was ending, and gains were further\nfueled by a noticeable increase in demand for live animals on\ncash markets in Nebraska and the Texas Panhandle.\n The rally in cattle also boosted values of live hogs and\nfrozen pork bellies, which also were supported by indications\nthat producers were expanding their hog herds at a slower rate\nthan previously expected.\n Petroleum futures posted a modest rally on the New York\nMercantile Exchange.\n But a report that the Soviet Union planned to reduce the\nprice of its crude oil exports may pressure the market Friday,\nsaid Nauman Barakat, petroleum analyst in New York with Smith\nBarney, Harris Upham and Co.\n Buying by companies that deal in petroleum helped prices\nrecover from early weakness, traders said.\n Gold futures rallied, partly in response to strength in the\nsilver market, on the Commodity Exchange in New York. Silver\nprices rallied after a U.S. brokerage house recommended its\ncustomers buy the metal, traders said.\n Coffee futures drifted lower in response to a report that\nColombia lowered the price of its exports, traders said.\n Sugar prices closed slightly higher on the Coffee, Sugar\nand Cocoa Exchange despite a large export sale by the European\nCommission on Wednesday.\n Soybeans were higher, wheat lower and corn mixed on the\nChicago Board of Trade.\n Soybeans were boosted by expectations that the Agriculture\nDepartment would report a healthy signup for the Conservation\nReserve Program, which pays farmers to leave highly erodible\nland idle instead of planting a crop, traders said.\n Concern that a strike by Brazilian seamen might interrupt\nexports of soybeans from Brazil, where the harvest is just\nbeginning, also underpinned prices, they said.\n Wheat prices were pressured by selling in response to\ntrends on price charts, they said.\n Reuter\n\u0003", "date": "12-MAR-1987 17:03:19.49", "topics": [ "l-cattle", "livestock" ], "places": [ "usa" ], "id": "4564" }, { "title": "NORTHERN TELECOM TO REDEEM CLASS A SERIES ONE PREFERREDS ON APRIL 27\n", "date": "12-MAR-1987 17:04:40.93", "id": "4565" }, { "title": "MOODY'S CONFIRMS PUBLIC SERVICE ELECTRIC ", "body": "Moody's Investors Service said it has\nconfirmed its ratings on about 4.4 billion dlrs of outstanding\nsecurities of Public Service Electric and Gas Co, a unit of\nPublic Service Enterprise Group Inc.\n The ratings include Aa3-rated first and refunding mortgage\nbonds, secured pollution control revenue bonds and Eurobonds.\n Although Public Service recently received a disappointing\nrate order from the New Jersey Board of Public Utilities, the\nagency believes the company's strong financial management\nshould help maintain debt-protection measurements within\ncurrent levels over the next few years.\n Reuter\n\u0003", "date": "12-MAR-1987 17:06:57.52", "places": [ "usa" ], "id": "4566" }, { "title": "JAPAN FUND TO PROPOSE CONVERSION", "body": "Japan Fund Inc said its board would\nrecommend at its April 23 stockholders meeting that the Fund be\nconverted to a no-load open-end fund.\n If approved, the Fund said a redemption fee of one pct of\nnet asset value will be imposed on redemptions for a period of\ntime not to exceed six months after open-ending.\n It said such a redemption fee is designed to cover\ntrasaction costs related to early redemptions and will remain\nin the assets of the Fund.\n It said Shearson Lehman Brothers is serving as its\nfinancial advisor.\n In a prepared statement, Jonathan Mason, Japan Fund's\nchairman, said \"open-ending, which is timely, given the\nexpansion of the Japanese stock markets, particularly in the\nlast few years, will eliminate the discount from net asset\nvalue and will afford investors the continuing opportunity for\ninvestment in Japan through the Japan Fund.\"\n Japan Fund said it proposed the conversion to an open-end\nfund after rejecting a takeover offer of about 525 mln dlrs\nfrom an investment group led by T. Boone Pickens III, son of\nthe Texas oilman.\n The investor group, whose other members include and ,\ncould not be reached tonight for comment.\n When it made its takeover offer on March 3, the group said\nit owned 1.4 mln shares, or about 4.9 pct, of the fund's\noutstanding stock.\n Asked to comment on the rejection of the investor group's\noffer, a Japan Fund spokeswoman said, \"The board decided that\nan open-end fund was preferable.\"\n The spokeswoman, Davia B. Temin, said no other comments\nwould be made on the offer.\n She also declined to provide details on other options Japan\nFund said previously that it would consider along with the\ntakeover bid.\n Reuter\n\u0003", "date": "12-MAR-1987 17:08:40.26", "places": [ "usa", "japan" ], "id": "4567" }, { "title": "GENERAL ELECTRIC NEW JET ENGINE TESTED", "body": "General Electric said its\nunducted fan jet engine lived up to expectations in recently\ncompleted tests on a Boeing Co 727 airplane.\n The engine, which contains two sets of counter-rotating fan\nblades, marks an advance over conventional engines built with\nultra high bypass ducted fans. The testing was a joint effort\nof GE and Boeing, using technical and financial support from\nthe National Aeronautics and Space Administration, NASA, the\ncompany said.\n The company said the engine has fuel savings of 40 to 70\npct over those used in aircraft used today.\n Reuter\n\u0003", "date": "12-MAR-1987 17:09:35.81", "places": [ "usa" ], "id": "4568" }, { "title": "PERMIAN BASIN PROVEN RESERVES FALL", "body": "Permian Basin Royalty Trust\nsaid that as of December 31, 1986, its estimated proved\nreserves totaled 18.5 mln barrels of oil and 52.9 mln MCF, or\nthousand cubic feet, of gas.\n This compares with yearend 1985 proved reserves estimates\nof 26.4 mln barrels of oil and 78.6 mln MCF of gas, Permian\nsaid.\n Permian said December 1986 future net revenues from proved\nreserves were 335.6 mln dlrs, down from 814.2 mln dlrs in 1985.\n Permian said the present value of estimated future net\nrevenues discounted at 10 pct is 165.3 mln dlrs, compared with\n374.3 mln dlrs.\n It said the downward revisions in both proved reserves and\nestimated future net revenues resulted from decreased prices for\noil and gas.\n\n Reuter\n\u0003", "date": "12-MAR-1987 17:10:53.68", "topics": [ "crude", "nat-gas" ], "places": [ "usa" ], "id": "4569" }, { "title": "SEC ASKS NYSE TO TIGHTEN TRIPLE WITCHING PROCESS", "body": "The Securities and Exchange\nCommission asked the New York Stock Exchange to tighten an\nexperimental procedure used in the past six months to dampen\nvolatility linked to the so-called \"triple-witching hour.\"\n The Big Board has been collecting and publicizing\ninformation on large imbalances of \"market-on-close\" (MOC)\norders placed on 50 major stocks one-half-hour before closing\non so-called expiration Fridays in September and December.\n Expiration Fridays, or triple witching hours, occur every\nthree months when stock options, stock index options and\nfutures on index options expire simultaneously.\n As aribrageurs liquidated their futures and options on\nprevious expiration Fridays, they sold huge amounts of stock\nwhich they had used to offset their positions.\n The huge sell orders, which usually entered the market in\nthe final frantic minutes on expiration Fridays triggered wild\nprice swings in the 50 stocks which serve as the basis for the\noptions and futures.\n The gyrations prompted the SEC last September to request\nthat the Big Board ask its members submit all MOCs by 1530 hrs\non expiration Fridays, which would then be made public, giving\nthe market a half-hour to settle order imbalances.\n But in a March 12 letter to NYSE President Robert Birnbaum,\nSEC Director of Market Regulation cited problems in the\nexperimental procedure during the Dec 19 expiration Friday.\n A large number of MOC buy orders were not placed until\nafter 1530 EST on Dec 19, which helped send the Dow Jones\nIndustrial Average up 21 points in the final minutes of the day\nto a 14.20-point gain on the day, Ketchum said.\n Citing the SEC's concern about such trading, Ketchum asked\nthe exchange to tighten its procedure by not accepting any\npre-existing MOC orders after 1530 if they could have been\nplaced earlier.\n The new restriction, which SEC officials said merely\nclarifies the terms of the existing experimental procedure,\nwould bar the liquidation of stocks through MOC orders for\narbitrage purposes after 1530 hrs, even if they offset other\nreported order imbalances in those stocks.\n The only MOC orders the SEC will allow to be placed after\n1530 EST on March 20, the next expiration Friday, are those\nthat are received by Big Board member firms after 1530 EST and\nwhich help reduce existing order imbalances, Ketchum said.\n If there are no published imbalances in a particular stock,\nno MOC orders will be accepted in that stock, he said.\n \"If dissemination of MOC orders is to provide an accurate\nindication of true order imbalances, then all existing MOC\norders must be submitted by 3:30 p.m. and only those new MOC\norders responding to reported imbalances can be permitted,\"\nKetchum said.\n The letter did not say how the SEC or the NYSE would\ndetermine the difference between pre-existing MOC orders that\nwould be barred, and new MOC orders that would be allowed to\nreduce imbalances. But an SEC official said the agency hopes\nthe NYSE and its members would adhere to the rules \"in a spirit\nof cooperation.\"\n REUTER...\n\u0003", "date": "12-MAR-1987 17:11:13.46", "places": [ "usa" ], "id": "4570" }, { "title": "DUBERSTEIN TO BE DEPUTY WHITE HOUSE CHIEF/STAFF", "body": "Former White House aide Kenneth\nDuberstein has been chosen to be President Reagan's deputy\nchief of staff, administration officials said.\n Duberstein, who is now a Washington lobbyist, previously\nserved in the Reagan White House as head of the president's\ncongressional liaison team.\n As top assistant to White House chief of staff Howard\nBaker, he will handle administrative chores and serve as a\ncontact point between the White House and Congress, officials\ntold Reuters.\n Reuter\n\u0003", "date": "12-MAR-1987 17:12:38.33", "places": [ "usa" ], "id": "4571" }, { "title": "NORTHERN TELECOM TO REDEEM SOME PREFERREDS", "body": "Northern Telecom Ltd said it would\nredeem its outstanding 2.1875 Canadian dlr cumulative\nredeemable retractable class A series one preferred shares on\nApril 27 at 26.50 Canadian dlrs a share plus accrued dividends\nof 0.012 dlrs a share.\n Northern Telecom issued the 4.4 mln shares in 1984 at 25\ndlrs a share for total consideration of 110 mln dlrs.\n Reuter\n\u0003", "date": "12-MAR-1987 17:15:15.34", "places": [ "canada" ], "id": "4572" }, { "title": "VENEZUELAN PRESIDENT DEFENDS REFINANCING ACCORD", "body": "president jaime lusinchi defended the\n20.3 billion dlr debt rescheduling accord his government\nrecently signed, saying it will open new credit flows and bring\nneeded foreign investment to venezuela.\n In his annual state of the nation speech, lusinchi also\nsaid venezuela supports other latin american debtors, despite\nhaving reached a rescheduling accord on its own.\n In the 90-minute speech to the congress, lusinchi summed up\nthe achievements of his administration, which took office in\nfebruary 1984. He pointed to the 3.3 pct growth in non-oil gdp\nin 1986 and to a \"moderate\" 12 pct inflation rate.\n Lusinchi said the 20.3 billion dlr debt rescheduling signed\nfeb. 27 put an end to a process which had been 'the calvary of\nour nation over the post four years.'\n In the refinancing accord, he said, venezuela managed to\nachieve 'the most inmportant thing, which is the reopening of\nfinancial flows from abroad, essential for the financing of\ndevelopment and the (financing) of trade and investment.'\n Once all the details of the agreement are finalized, he\nsaid, venezuela will seek new financing for the imported\ncomponents of new development projects.\n \"our intention is not to continue being net exporters of\ncapital, but to protect our balance of payments with a flow of\ncapital towards venezuela,\" he said.\n Under the agreement signed february 27, venezuela extended\npayments on the debt from 12 to 14 years, while the interest\nrate was lowered from 1 y 1/8 to 7/8 of a pct over libor.\n At the same time, payments over the next three years were\nlowered from 3.450 to 1.350 billion dlrs.\n Lusinchi defended the rescheduling accord against critics\nwho said it merely deferred the weight of payments to future\ngovernments.\n Reuter\n\u0003", "date": "12-MAR-1987 17:15:25.68", "topics": [ "gnp", "cpi" ], "places": [ "venezuela" ], "id": "4573" }, { "title": "ANGLO AMERICAN YEAR TO DEC 31", "body": "Shr 516 cts vs 347\n Final div 135 vs 125 making 190 vs 180\n Pre-tax 133 mln rand vs 137 mln\n Net 260 mln vs 172 mln\n Tax 76 mln vs 42 mln\n Att to outside shareholders 96 mln vs 53 mln\n Pref div 1 mln vs same\n Turnover 3.14 billion vs 2.56 billion\n Div pay May 8, register March 27.\n Note - Full name is Anglo American Industrial Corp Ltd.\n Reuter\n\u0003", "date": "12-MAR-1987 17:17:52.16", "topics": [ "earn" ], "places": [ "south-africa" ], "id": "4574" }, { "title": "BRAZIL NEEDS MORE EXTERNAL FINANCING - VOLCKER", "body": "Federal Reserve Board Chairman Paul\nVolcker said that Brazil will need more external financing to\nwork its way out of its current debt crisis than earlier\nanticipated.\n \"External financing will have to be found in larger amounts\nthan anticipated a few months ago,\" he said in remarks prepared\nfor a business leader luncheon.\n Volcker said that financing, however, must take place along\nwith policies that come to grips with Brazil's internal\ndifficulties.\n Volcker said Brazil has a lot more negotiating to do with\ninternational institutions and its bank creditors but added\nthat a solution to its financial problems can be found.\n \"The predicate for these negotiations has to be effective\npolicy at home (in Brazil),\" Volcker told reporters.\n \"Brazil, it seems to me, has a strong self interest in\nrestoring a more normal situation (on interest payments) so\nthat it can continue to participate freely in trade with the\nrest of the world - and it has so indicated,\" Volcker said in\nhis prepared remarks.\n Brazil suspended interest payments on its debt last month.\n Reuter\n\u0003", "date": "12-MAR-1987 17:19:44.75", "places": [ "usa", "brazil" ], "id": "4575" }, { "title": "UNOCAL RAISES CRUDE OIL POSTINGS", "body": "Unocal Corp said it raised the\ncontract price it will pay for most grades of crude oil 50 cts\na barrel, effective today.\n The increase brings Unocal's posted price for the U.S.\nbenchmark grade West Texas Intermediate to 17.50 dlrs a barrel.\nIt also brought the price for West Texas Sour to 17.50 dlrs a\nbbl. Light Louisiana Sweet was also raised 50 cts to 17.85\ndlrs/bbl.\n Unocal last changed its crude postings on March four, and\nbrings it price in line with other major companies, which have\nbeen raising prices steadily in recent weeks.\n The increase also represents the latest in a series of\nincreases that began with USX Corp's Marathon Petroleum\nCorp's notification yesterday evening that, effective today, it\nraised its crude postings 50 cts a barrel, bringing its\ncontract price for WTI to 17.50 dlrs a barrel.\n Earlier today, Sun Co , Phillips Petroleum

and\nDiamond Shamrock also said they raised their crude\npostings 50 cts a barrel, bringing their WTI contract price to\n17.50 dlrs a barrel.\n Contract prices have risen in response to higher spot\nmarket prices, oil traders said.\n Reuter\n\u0003", "date": "12-MAR-1987 17:21:43.55", "topics": [ "crude" ], "places": [ "usa" ], "id": "4576" }, { "title": "MEATPACKERS RESPOND TO OCCIDENTAL OFFER", "body": "Local 222 of the United Food and\nCommercial Workers Union said it is calling a membership\nmeeting, possibly Sunday, to discuss its response to a decision\nby Iowa Beef Processors Inc to lift a lockout at its Dakota\nCity, Nebraska plant and resume operations.\n The UFCWU will consider all options available to it\nincluding a strike or returning to work under IBP's last labor\ncontract proposal, a spokeswoman for Local 222 said by phone.\n About 2,800 UFCWU members have been locked out at the\nDakota City plant since December 14.\n IBP is a subsidiary of Occidental Petroleum Corp.\n Reuter\n\u0003", "date": "12-MAR-1987 17:24:48.72", "topics": [ "carcass", "livestock" ], "places": [ "usa" ], "id": "4577" }, { "title": "CITGO RAISES CRUDE POSTINGS 50 CTS, TODAY, WTI TO 17.50 DLRS/BBL\n", "date": "12-MAR-1987 17:29:29.94", "topics": [ "crude" ], "id": "4578" }, { "title": "COURT LIFTS RESTRAINING ORDER ON MARK IV ", "body": "Baird Corp said the\nMassachusetts State Court for Suffolk County has lifted a \ntemporary restraining order prohibiting Mark IV Industries Inc\nfrom further purchases of Baird stock.\n According to filings with the Securities and Exchange\nCommission, Mark IV owns at least 17.6 pct of Baird's stock and\nmay attempt to acquire Baird, Baird said.\n Baird said the court also issued an order enjoining Baird\nfrom enforcing the Massachusetts Anti-Takeover Statute against\nMark IV industries.\n Reuter\n\u0003", "date": "12-MAR-1987 17:33:17.44", "topics": [ "acq" ], "places": [ "usa" ], "id": "4579" }, { "title": "REXCOM EXTENDS WARRANT EXERCISE PERIOD", "body": "Rexcom Systems Corp said its board\nvoted to extend the exercise period for the company's publicly\ntraded warrants until March 31, 1988 from March 31, 1987.\n Reuter\n\u0003", "date": "12-MAR-1987 17:35:46.33", "places": [ "usa" ], "id": "4580" }, { "title": "CJI INDUSTIRES INC 4TH QTR NET", "body": "Oper shr profit 60 cts vs loss 55 cts\n Oper net profit 928,000 vs loss 88,000\n Revs 48.7 mln vs 39.7 mln\n Avg shrs 3.7 mln vs 1.5 mln\n Year\n Oper shr loss 1.17 dlrs vs loss 60 cts\n Oper net profit 2,537,000 vs profit 587,000\n Revs 178.8 mln vs 117.6 mln\n NOTE: Per share figures come after preferred dividends.\n Excludes fourth quarter and full year 1986 extraordinary\ngains of 29 cts and 71 cts per share, respectively.\n Reuter\n\u0003", "date": "12-MAR-1987 17:36:09.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "4581" }, { "title": "CHRYSLER TO KEEP AMERICAN MOTORS PLANS", "body": "American Motors Corp\npresident Joseph E. Cappy, in a telegram to dealers, said\nChrysler Corp will retain American Motors' plans to begin\nselling four new cars within the next year.\n Cappy reassured dealers that American Motors, if it is\nacquired by Chrysler, would go ahead with plans to introduce\nthe \"Medallion\", \"Premier\", Premier \"X59\" coupe, and the\n\"Alpine\" models.\n Cappy, in a statement, said American Motors' board met\nyesterday on the Chrysler buyout, and will meet \"periodically\nover the next several weeks on the Chrysler proposal.\" No other\ndetails of the Chrysler takeover were disclosed.\n American Motors did not release further details of\nChrysler's plans for maintaining or changing American Motors'\ncurrent strategy other than to quote Cappy as saying, \"we will\ntry to keep you informed as developments warrant.\"\n Reuter\n\u0003", "date": "12-MAR-1987 17:37:30.49", "places": [ "usa" ], "id": "4582" }, { "title": "COUNSEL CORP SETS THREE-FOR-TWO STOCK SPLIT", "body": " said it plans a\nthree-for-two stock split, pending shareholder approval at the\nApril 28 annual meeting.\n The company said it recently reported 1986 profit of 5.9\nmln dlrs, or 1.51 dlrs a share, before extraordinary items,\ncompared with 2.2 mln dlrs, or 81 cts, in 1985.\n Reuter\n\u0003", "date": "12-MAR-1987 17:37:42.94", "topics": [ "earn" ], "places": [ "canada" ], "id": "4583" }, { "title": "SOUTHLAND UNIT RAISES CRUDE POSTINGS", "body": "Southland Corp's Citgo Petroleum Corp\nsaid it raised the contract price it will pay for crude oil 50\ncts a barrel, effective today.\n The increase bring's Citgo's posted price for the West\nTexas Intermediate and West Texas Sour grades to 17.50 dlrs a\nbarrel. The Light Louisiana Sweet South Onshore grade was also\nraised 50 cts to 17.85 dlrs a barrel, and Light Louisiana Sweet\nNorth was increased to 17.75 dlrs a barrel.\n Citgo last changed its postings on March four.\n Reuter\n\u0003", "date": "12-MAR-1987 17:40:36.07", "topics": [ "crude" ], "places": [ "usa" ], "id": "4584" }, { "title": "CANNON AUDIT TO SHOW SIGNIFICANT 1986 LOSS", "body": "The Cannon Group Inc said its\nfinancial statements will show substantial losses for fiscal\n1986 and \"significant downward adjustments in previously\nreported stockholders' equity.\"\n The company also said its 1986 audit being conducted by\n will cover the year ended January 3,\n1987, instead of the nine-month period ended September 27, 1986\nas previously announced.\n It said it anticipates the results of the audit will be\navailable in mid to late April 1987.\n Reuter\n\u0003", "date": "12-MAR-1987 17:43:02.04", "topics": [ "earn" ], "places": [ "usa" ], "id": "4585" }, { "title": "EAGER TECHNOLOGY ACQUIRES NUCLAD", "body": " said it signed a\nletter of intent to acquire Nuclad Inc, a private Colorado\ncorporation, and its subsidiaries.\n Terms of the acquisition were not disclosed.\n Reuter\n\u0003", "date": "12-MAR-1987 17:43:06.00", "topics": [ "acq" ], "places": [ "usa" ], "id": "4586" }, { "title": "VOLCKER SEES BENEFIT IN FDIC/FSLIC MERGER", "body": "Federal Reserve Board chairman Paul\nVolcker said a combination of the Federal Deposit Insurance\nCorp, FDIC, and the Federal Savings and Loan Insurance Corp,\nFSLIC, could be contemplated in the longer term but is not an\nanswer to the thrift industry's immediate problems.\n \"I don't think it's an answer to 1977 or 1988,\" Volcker\nsaid at a press conference.\n But a merger of the two deposit-insurance agencies could be\nan option as part of a general structural reform of the U.S.\nbanking system.\n The aim of a merger would not be for commercial banks to\nsubsidize ailing savings and loan associations but to improve\nofficial oversight of depository institutions, Volcker said.\n \"The attractive element is that you get almost by\ndefinition a consistency of supervision and regulation that you\ndon't have now,\" he explained.\n Reuter\n\u0003", "date": "12-MAR-1987 17:43:28.71", "places": [ "usa" ], "id": "4587" }, { "title": "MOTOROLA (MOT) SEES CONTINUED GROWTH FOR CHIPS", "body": "Motorola Inc expects continued\nsteady improvement in semiconductor orders for the rest of the\nyear, Executive Vice President and Chief Corporate Staff\nOfficer Gary Tooker told security analysts.\n He said the company's semiconductor products sector showed\na nine pct increase in sales last year to 1.88 billion dlrs and\nexpects growth this year to range between 11 and 13 pct.\n Semiconductor products accounted for 31 pct of Motorola's\n1986 net sales of 5.89 billion dlrs.\n Tooker said Motorola has shipped about 300,000 of its\n32-bit 68020 microprocessor to 200 customers. Apple Computer\nInc recently announced it is using the 68020 in its new Mac II\npersonal computer.\n Reuter\n\u0003", "date": "12-MAR-1987 17:47:58.81", "places": [ "usa" ], "id": "4588" }, { "title": "FEDERAL REGULATORS CLOSE TWO TEXAS BANKS", "body": "The Federal Deposit Insurance Corp.\n(FDIC) said two Texas banks were closed by U.S. bank\nregulators, making a total of 40 failures of federally insured\nfinancial institutions so far this year.\n Fourteen of the 40 have been in Texas, which has been hard\nhit by plummeting oil prices.\n The FDIC said it approved paying off the insured depositors\nof the failed Plaza National Bank, Del Rio, Texas.\n The bank, with assets of 34.8 mln dlrs, was closed today by\nthe U.S. Comptroller of the Currency.\n The FDIC said it decided to pay off depositors because no\nother institution wanted to buy the failed bank.\n The FDIC said 15 accounts exceeded the federal insurance\nlimit of 100,000 dlrs by a total of 38,000 dlrs.\n Owners of the uninsured deposits will share with the FDIC\nas the failed bank's assets are liquidated.\n The FDIC also approved the assumption of deposits of The\nFirst National Bank of Olney, Texas, by Olney Bancshares Inc.,\nOlney, Texas.\n The bank had total assets of 15 mln dlrs when it was closed\nby federal regulators.\n Reuter\n\u0003", "date": "12-MAR-1987 17:49:52.75", "places": [ "usa" ], "id": "4589" }, { "title": "SAN JUAN BASIN PROVEN RESERVES FALL", "body": "The San Juan Basin Royalty\nTrust said proved reserves as of December 31 were estimated at\n283.1 thousand cubic feet of gas and 1,087,000 barrels of oil.\n In the year-ago period, it said proved reserves were\nestimated at 346.4 thousand cubic feet of gas and 1,974,000\nbarrels of oil.\n It said the present value of future net revenues discounted\n10 pct was 156.2 mln dlrs compared with 446.8 mln dlrs in the\nyear-ago period.\n It also said that about 60 net infill wells are not\neconomical to drill at December 31 prices.\n Reuter\n\u0003", "date": "12-MAR-1987 17:51:24.56", "topics": [ "crude", "nat-gas" ], "places": [ "usa" ], "id": "4590" }, { "title": "INTERCONNECT OFFERS TO BUY GATES LEARJET ", "body": "\nsaid it sent a letter to the board of Gates Learjet Corp,\noffering to buy the company for 7.07 dlrs a share.\n Gates Corp, which owns 64.8 pct of Gates Learjet, agreed\nearlier this week to sell its shares to a partnership formed by\nprivately-held and a unit of Bear Stearns Cos Inc\n for 6.50 dlrs a share or 51 mln dlrs. The proposal is\nsubject to approval by Gates Learjet's board.\n A spokesman for privately-held Interconnect said it made\nthe new proposal to Gates Learjet's board, but would not say if\nit had held talks with the parent company's board.\n \n Reuter\n\u0003", "date": "12-MAR-1987 17:52:43.85", "topics": [ "acq" ], "places": [ "usa" ], "id": "4591" }, { "title": "SEAL ACQUIRES ADEMCO LTD", "body": "Seal Inc said it acquired\nAdemco Ltd, a United Kingdom company which distributes mounting\nand laminating equipment and supplies, for a combination of\ncash and stock valued at 2.6 mln dlrs, based on current\nexchange rates.\n Seal said it will pay up to an additional 1.3 mln dlrs\ncontingent on the market price of Seal's common on December 31,\n1988, and on certain earnings targets by the acquired business.\n Reuter\n\u0003", "date": "12-MAR-1987 17:54:36.44", "topics": [ "acq" ], "places": [ "usa", "uk" ], "id": "4592" }, { "title": "BRAZIL CANCELS OIL PURCHASE FROM SAUDI ARABIA", "body": "Brazil's state-oil company,\nPetrobras, cancelled a 40 mln dlr crude oil purchase from Saudi\nArabia after the Saudis refused to accept credit guarantees\nfrom the Bank of Brazil, a Petrobras official said.\n Export director Carlos Santana told a press conference the\nSaudis were the first suppliers of oil to impose such\nconditions after Brazil's decision to halt interest payment of\nits commercial debts last month.\n The shipment of 2.2 mln barrels represents two days of oil\nconsumption in Brazil.\n But Santana said if the Saudis change their minds and\ndecide to respect the terms of the contract, then Petrobras\nwill lift the order to cancel the shipment.\n Santana said if the Saudis do not accept Brazil's terms by\nMonday then Petrobras will negotiate elsewhere.\n \"Petrobras has been Saudi Arabia's traditional client since\n1955. If they do not accept our conditions now, it will be much\nbetter for us, because with the market prices more or less the\nsame, buying from Iraq and China is an advantage,\" he said.\n Iraq and China have barter deals with Brazil, importing\nBrazilian goods in exchange for oil, but the Saudis buy nothing\nfrom Brazil, he said.\n Santana said despite a strike threat by oil industry\nworkers and a two-week stoppage by Brazilian seamen, Petrobras\noil stocks are \"reasonably balanced.\" \n Saudi Arabia is Brazil's second biggest oil supplier, with\nan average 115,000 bpd. Iraq is the main supplier with 235,000\nbpd. China comes third, with 58,000 bpd.\n \"If the Saudis wish to stop our trade relationship, fine, I\nam sure that if they do, we will be getting dozens of offers\nfrom elsewhere,\" Santana added.\n Reuter\n\u0003", "date": "12-MAR-1987 17:55:17.12", "topics": [ "crude" ], "places": [ "brazil", "saudi-arabia" ], "id": "4593" }, { "title": "CBOE CREATES NEW CLASS OF S AND P 500 OPTIONS", "body": "In order to accomodate the shift in the\nsettlement procedure for options on the Standard and Poor's 500\nstock index that the exchange announced last month, the Chicago\nBoard Options Exchange (CBOE) said it has created a new class\nof options for the S and P contract .\n The CBOE's new contract was needed to coincide with changes\nin the settlement procedure that the Chicago Mercantile\nExchange (CME) made on its S and P 500 futures and options\ncontract which will be implemented with the expiration of the\nJune contract.\n Settlement of the CBOE's new option contract will be based\non the opening price of the S and P 500 index on expiraton day,\nwhile settlement of the current contract is based on the\nclosing price of the index.\n \"CBOE doesn't think that opening settlement is the solution\nto the expiration effect, but we cannot exposure investors in\nour market to unanticipated risks arising from different\nsettlement times in options and futures,\" CBOE chairman Alger\nChapman said in a release.\n \"We're taking this step to give investors a choice of\nsettlement times that meet their hedging needs,\" Chapman said.\n The new contract was necessary because the Options Clearing\nCorp (OCC) did not allow its member exchanges to modify terms\nof any of its outstanding contracts, the CBOE said.\n The new contract will satisfy the needs of customers who\nrequire an options contract based on opening prices of the\nindex, the CBOE said.\n The opening settlement contract will trade parallel to the\nclosing settlement contract as long as the CME maintains its\nopening settlement procedure for the S and P 500 futures\ncontract, a CBOE spokesperson said.\n However, she noted that customer preference for one type of\nsettlement procedure will eventually determine which contract\nwill prevail.\n The opening settlement contract will trade on a March,\nJune, September, December quarterly expiration cycle and will\nbe listed as soon as the OCC revises its contract prospectus,\npossible in April, the exchange said.\n Reuter\n\u0003", "date": "12-MAR-1987 17:57:02.22", "places": [ "usa" ], "id": "4594" }, { "title": "U.S. HOUSE PANEL APPROVES TRADE BILL", "body": "The U.S. House Ways and Means Trade\nSubcommittee unanimously approved a toned-down version of\nlegislation designed to toughen U.S. trade laws and wedge open\nforeign markets to more U.S. goods.\n The measure now goes to the full House Ways and Means\nCommittee next week, but major changes are not expected,\ncongressional sources said.\n \"This product could very well be toughening our trade policy\nand doing it in a manner that opens markets without this\nfrightening word 'protectionism',\" Ways and Means chairman Dan\nRostenkowski, an Illinois Democrat said.\n The trade subcommittee backed away from mandating specific\nretaliation against foreign countries for unfair foreign trade\npractices as the House had approved in a trade bill last year.\n But it held over for the full Ways and Means Committee\ndebate on a controversial plan by Rep. Richard Gephardt to\nmandate a reduction in trade surpluses with the U.S. by\ncountries such as Japan, South Korea and Taiwan.\n Gephardt, a Missouri Democrat, has not decided the exact\nform of his amendment, an aide said. Last year the House\napproved his idea to force an annual 10 pct trade surplus cut\nby those countries.\n Reuter\n\u0003", "date": "12-MAR-1987 17:58:29.22", "topics": [ "trade" ], "places": [ "usa" ], "id": "4595" }, { "title": "TITAN EXTENDS ODD LOT TENDER OFFER", "body": "Titan Corp said it extended its\nodd-lot tender offer program to purchase shares of its\npreferred stock to June 10, 1987.\n The offer is made to holders of 99 or fewer preferred\nshares.\n The offer was originally scheduled to expire March 10.\n Reuter\n\u0003", "date": "12-MAR-1987 17:58:36.36", "places": [ "usa" ], "id": "4596" }, { "title": "VOLCKER SAYS SENATE BILL WOULD LIMIT FED", "body": "Federal Reserve Board Chairman Paul\nVolcker said a bill passed this week by the Senate banking\ncommittee is too restrictive regarding the Federal Reserve.\n \"I don't think our hands should be tied so much as in that\nbill,\" he said.\n The bill would set a one-year moratorium on approval of\ncertain powers that banks have already applied to the Federal\nReserve for -- selling insurance, securities and real estate.\n Volcker added, however, that comprehensive new legislation\ndealing with such issues is needed.\n Reuter\n\u0003", "date": "12-MAR-1987 18:04:38.27", "places": [ "usa" ], "id": "4597" }, { "title": "CONSERVATION REPORT DELAYED UNTIL FRIDAY", "body": "Enrollment figures in the\nAgriculture Department's fouth annual conservation signup will\nbe released tommorrow afternoon, a senior USDA official said.\n Bill Bailey, deputy administrator for USDA's Agricultural\nStabilization and Conservation Service, told Reuters that USDA\nwill announce enrollment into the Conservation Reserve Program\n(CRP) after the close of the futures markets.\n The report was originally scheduled to be released today.\nNo explanation was given for the postponement.\n Conservation specialists expect a heavy signup and said\nenrollment could amount to more than the total of the first\nthree signups, which was 8.9 mln acres.\n \n Reuter\n\u0003", "date": "12-MAR-1987 18:05:39.63", "places": [ "usa" ], "id": "4598" }, { "title": "NO GRAIN TO THE USSR IN LATEST WEEK -- USDA", "body": "There were no shipments of U.S.\ngrain or soybeans to the Soviet Union in the week ended March\n12, according to the U.S. Agriculture Department's latest\nExport Sales report.\n The USSR has purchased 1.0 mln tonnes of U.S. corn for\ndelivery in the fourth year of the U.S.-USSR grain agreement.\n Total shipments in the third year of the U.S.-USSR grains\nagreement, which ended September 30, amounted to 152,600 tonnes\nof wheat, 6,808,100 tonnes of corn and 1,518,700 tonnes of\nsoybeans.\n Shipments to the USSR in the second year of the agreeement\namounted to 2,887,200 tonnes of wheat and 15,750,100 tonnes of\ncorn.\n \n Reuter\n\u0003", "date": "12-MAR-1987 18:09:10.98", "topics": [ "grain", "wheat", "corn", "oilseed", "soybean" ], "places": [ "usa", "ussr" ], "id": "4599" }, { "title": "INDIA GETS 140 MLN DLR WORLD BANK LOAN", "body": "The World Bank said it has approved\na 140 mln dlr loan for India to help lessen that country's\ndependence on imported oil and spur development of its own\npetroleum resources.\n The bank said the loan will be used to boost production by\ninjecting gas in the partially depleted Assam oil fields and to\nassist exploration in other areas, including drilling 10\nexploratory wells.\n The bank said the recipient of the 20-year loan will be Oil\nIndia Ltd (OIL), which is the smaller of two public Indian\npetroleum exploration and production companies.\n Reuter\n\u0003", "date": "12-MAR-1987 18:26:28.36", "topics": [ "crude" ], "organisations": [ "worldbank" ], "places": [ "usa", "india" ], "id": "4600" }, { "title": "ROCHESTER GAS AND ELECTRIC BEGINS OFFER", "body": "Rochester Gas and Electric Corp\nsaid it began a public offering of 300,000 shares of 8.25 pct\npreferred stock, Series R at 100 dlrs per share.\n Proceeds will be used to redeem its 10.84 pct preferred\nshares.\n Reuter\n\u0003", "date": "12-MAR-1987 18:28:52.36", "places": [ "usa" ], "id": "4601" }, { "title": "FED DATA INDICATE NO POLICY CHANGE LIKELY", "body": "U.S. bank reserve, monetary and\ndiscount window borrowings data released by the Federal Reserve\ntoday clearly indicate that policy is \"on hold\" and may not be\nchanged for weeks or even months, economists said.\n \"The Fed is keeping policy at dead center and it is not\nabout to change policy unless something fairly dramatic occurs\non the economy,\" said John Williams of Bankers Trust Co.\n \"These numbers contain no hint that a policy shift is in\nprospect, nor do economic or financial developments argue for\npolicy change,\" said William Griggs of Griggs and Santow Inc.\n Fed data released today were all in line with economists'\nexpectations and similar to the numbers of recent weeks.\n The Fed said net discount window borrowings in the two\nweeks ended Wednesday averaged 191 mln dlrs, up from 381 mln\ndlrs in the February 25 statement period, but little changed\nfrom 160 mln dlrs in the period before that.\n It said that banks' net free reserves in the latest two\nweeks averaged 660 mln dlrs versus 675 mln dlrs previously.\n Finally, the Fed said that the M-1 money supply fell 800\nmln dlrs in February, with the broader M-2 measure down 1.6\nbillion dlrs and M-3 up an even three billion dlrs.\n Analysts said that M-1 last month grew at a negative 1.3\npct annual rate compared with minus 0.7 pct for M-2 and actual\npositive growth of 1.0 pct annualized for M-3.\n February levels of M-2 and M-3 left the aggregates 18.2 and\n20.8 billion dlrs under their respective upper growth limits\nset by the Fed for 1987. The annual growth target for both is\n5-1/2 to 8-1/2 pct. There is no M-1 target.\n \"In the near term, there is absolutely no reason for the\nFed to ease policy, even apart from the slowdown in money\ngrowth,\" said Stephen Slifer, economist at Lehman Government\nSecurities Inc.\n Economists generally expect a modest pickup in monetary\ngrowth in March after February's anemic growth rates. However,\nthey stress that money growth will not be strong enough to\nprevent the Fed from dropping interest rates further if the\neconomy shows evidence of weakness.\n Commenting on February's decline in the key M-2 aggregate,\nSlifer said the main cause was a 3.2 billion dlr drop in money\nmarket deposits at banks. This number has risen three to four\nbillion dlrs a month for a long while, he said, so February's\nweakness is not likely to persist. Slifer expects modest M-2\nand M-3 growth rates of 3-1/2 to four pct during March.\n Griggs said that M-2 and M-3 in coming months should return\nto the five to seven pct annualized growth region and so\ncontinue to present no problem for the Fed.\n Economists said the Fed appears to be very comfortable with\nits current policy stance and it is likely to wait for perhaps\nseveral more months of economic data before deciding whether or\nnot to ease its grip on reserves.\n Given the economy's fragility in many sectors, the analysts\nagreed that there is almost no chance that the Fed will choose\nto raise, rather than lower, interest rates when it next\nchanges policy.\n \"Discount window borrowings in the past week were about as\nlow as the Fed can get them, although Fed funds held above six\npct,\" said Williams of Bankers Trust. Funds averaged 6.12 pct\nin the week to Wednesday, up from 6.06 pct in the prior week.\n The Fed added reserves indirectly via one billion dlrs of\ncustomer repurchase agreements last Friday, 2.5 billion dlrs on\nMonday and two billion dlrs on Wednesday. On Tuesday, it added\nreserves directly through two-day System repurchases.\n Williams and Griggs agreed the Fed will let the funds rate\nbe largely market-driven. They said it is focusing instead on a\nborrowings target of around 300 mln dlrs.\n Reuter\n\u0003", "date": "12-MAR-1987 18:32:12.03", "topics": [ "money-supply", "interest" ], "places": [ "usa" ], "id": "4602" }, { "title": "COLOMBIA'S COFFEE MARKETING TO BE MORE FLEXIBLE", "body": "Colombia intends to improve the\nmarketing of its coffee with the accent on more flexibility on\nsetting export registration prices, finance minister Cesar\nGaviria said.\n Speaking to reporters after announcing a lower export\nregistration price, or reintegro, of 1.10 dlr per lb ex-dock\nNew York, Gaviria said export mechanisms would be more agile.\n \"In the first stage, we decided not only to lower the\nreintegro but also to adopt a flexible policy of reintegro that\nwill allow private exporters to participate more actively in\nColombia's coffee export policy,\" he said.\n Traders said this means the export registration price will\nchange more often in a truer reflection of market trends.\n Gaviria said the measures merely responded to new market\nfactors since a return to a system of International Coffee\nOrganisation (ICO) export quotas may not occur in the short\nterm.\n ICO talks last month in London failed to break a deadlock\nover re-introduction of export quotas, suspended in February\n1986.\n Gaviria stressed that Colombia will not necessarily suffer\nfrom depressed prices because it can compensate lower prices\nwith increased volume.\n \"Colombia will continue to export its traditional amount of\ncoffee, between 9.6 and 10 mln bags (of 60 kilos), and will do\nso without an agreement among producers,\" he said.\n He ruled out a much higher volume of exports, or up to 13.5\nmln bags as mentioned in market circles, \"because the idea is\nprecisely not to disrupt the market.\"\n Colombia exported a record 11.5 mln bags in the 1985/86\ncoffee year which ended last September 30.\n Echoing Gaviria's words, Jorge Cardenas, manager of the\nnational coffee growers' federation, said Colombia sought to\nadapt its coffee marketing policy to circumstances.\n \"There is great expectation in the world for the policies\nthat Brazil and Colombia will adopt. Ours is beginning to\nemerge and no agreement among producers is foreseeable in the\nimmediate future,\" he told journalists.\n Trade sources in Rio today said Brazil's future export\npolicy was unlikely to be revealed before the end of next week.\n Cardenas said a new ICO meeting could only take place when\nproblems that hindered an agreement at the recent London talks\nhave been resolved.\n Asked to comment on a Reuter report from Jakarta saying\nIndonesia hoped Colombia could use its contacts with Brazil to\nsuggest a compromise on the quota issue, Cardenas said the\nBrazilian stand was quite clear.\n He said Brazil's current quota \"reflects the reality of the\nmarket, allows for an orderly supply and satisfies demand,\" but\nadded more clarity was needed to assess the criteria that\ndetermined it.\n Cardenas said lows registered immediately after the failure\nof the London talks were triggered by a widespread fear among\ndealers of an imminent price war and the belief that producers\nwould go out and sell their coffee as quickly as possible,\nwhich did not happen.\n Reuter\n\u0003", "date": "12-MAR-1987 18:33:57.62", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "colombia", "brazil" ], "id": "4603" }, { "title": "INDIA GETS 140 MLN DLR WORLD BANK LOAN", "body": "The World Bank said it approved a\n140 mln dlr loan for India to help lessen that country's\ndependence on imported oil and spur development of its own\npetroleum resources.\n The bank said the loan will be used to boost production by\ninjecting gas in the partially depleted Assam oil fields and to\nassist exploration in other areas, including drilling 10\nexploratory wells.\n The bank said the recipient of the 20-year loan will be Oil\nIndia Ltd (OIL), which is the smaller of two public Indian\npetroleum exploration and production companies.\n Reuter\n\u0003", "date": "12-MAR-1987 18:44:48.38", "topics": [ "crude" ], "organisations": [ "worldbank" ], "places": [ "usa", "india" ], "id": "4604" }, { "title": "CANNON SELLS LIBRARY TO WEINTRAUB", "body": "WEintraub Entertainment Group Inc\nsaid it agreed to acquire Cannon Group's Screen Entertainment\nfilm library.\n The library was purchased in May 1986 as part of Cannon's\nacquisition of Screen Entertainment Ltd from Bond Corp Holdings\nLtd. The library has over 2,000 theatrical motion pictures.\n Terms call for the price to be established through an\nappraisal process beginning immediately and not to exceed 175\nmln dlrs or be below 125 mln dlrs.\n \n Reuter\n\u0003", "date": "12-MAR-1987 18:45:43.06", "topics": [ "acq" ], "places": [ "usa" ], "id": "4605" }, { "title": "GERBER BUYS GERBER SYSTEMS SHARES", "body": "Gerber Scientific Inc said\nits GST Acquisition Corp purchased 444,646 shares of its 84 pct\nowned Gerber Systems Technology pursuant to a January 15 tender\noffer.\n Following the purchase, Gerber made a capital contribution\nto GST of all the shares it owned resulting in 95.6 pct\nownership by GST.\n \n Reuter\n\u0003", "date": "12-MAR-1987 19:00:08.24", "topics": [ "acq" ], "places": [ "usa" ], "id": "4606" }, { "title": "UNITED MEDICAL TO AMEND COVENANTS", "body": "United Medical Corp said it\nit has requested a meeting of holders of its Swiss Francs 30\nmln 5-1/8 pct convertible subordinated notes due 1991.\n The meeting has been requested in order to amend the\nnegative pledge and financial covenants which have proved to be\ntoo restrictive in light of the company's activities, it said.\n United also said it plans to acquire some of these notes to\nreduce its exposure to foreign exchange fluctuations.\n Reuter\n\u0003", "date": "12-MAR-1987 19:00:25.08", "places": [ "usa" ], "id": "4607" }, { "title": "INVESTORS MORE ACTIVE IN GILT MARKET, SURVEY SAYS", "body": "Institutional investors are finding it\ndifficult to find \"the best price\" for transactions in U.K.\nGovernment bonds (gilts) and have become more active in the\nmarket since the deregulation of the London Stock Exchange in\nOctober, agency broker Capel-Cure Myers said in a survey.\n The survey, covering a broad section of institutional\ninvestors, also showed that investors were uneasy about the\nimpartiality of market makers' advice. Given their concerns,\nover half those surveyed said they spend more time managing\ntheir portfolios. At the same time, the investors believed the\nmarket was more liquid and efficient than before Big Bang.\n Capel-Cure, a unit of Australia and New Zealand Banking\nGroup Ltd, conducted the survey during January among 70\ninstitutions which are not clients of that firm.\n Banks and merchant banks accounted for 32 pct of the total,\nbuilding societies 30 pct, life assurance companies 20 pct,\ninsurance companies 11 pct and pension funds seven pct.\n The survey found that with the virtual elimination of\ncommissions, the improved market liquidity has encouraged\ninvestors to deal more frequently in the market. Of those\nresponding, 70 pct were encouraged to deal more actively, 25\npct which saw no change and five pct dealt less actively.\n A Capel-Cure official told reporters the elimination of\ncommissions has made the market more competitive.\n He said Capel-Cure has deliberately set low commisstions\nbecause of this.\n Nearly half the respondents said they now have their own\ndealing team to cope with the new market, although the\ndefinition of a \"dealing team\" was ambiguous, the survey said.\n Rather than being a self-contained, specialised group of\ndealers who spend all their time searching for prices, the\ndefinition now appears to be the less formal idea of a\nmulti-purpose fund manager, it said.\n The survey supported the general view in the gilt market\nthat a shake-out of the 27 market-makers is likely.\n It showed nearly 90 pct of the respondents believed that\nthe total number of market makers in three years time would be\nless than 20, while 46 pct thought the number would be less\nthan 15.\n Some 79 pct of respondents said they expect the number of\nagency brokers (for which there was no estimate) to fall over\nthe next three years. Unlike broker/dealers, agency brokers do\nnot take positions in the market, but the survey showed 68 pct\nof respondents did not consider this very important when\ndeciding whether to use one.\n REUTER\n\u0003", "date": "12-MAR-1987 19:02:18.21", "places": [ "uk" ], "id": "4608" }, { "title": "VENEZUELA TO LEND ECUADOR 50,000 BPD OF CRUDE", "body": "Venezuela will lend Ecuador 50,000\nbarrels per day of crude oil over the next few months to help\nit meet its export commitments, Energy and Mines Minister\nArturo Hernandez Grisanti said today.\n He said that under the terms of this loan, agreed during a\nvisit here this week by Ecuador's Deputy Energy Minister\nFernando Santos Alvite, Ecuador will begin repaying the loan in\nAugust.\n Hernandez Grisanti said the loan will go part way to\noffsetting the loss of Ecuador's 140,000 in exports caused by\nearthquake damage to 25 miles of pipeline last week.\n Ecuador was forced to suspend exports after the pipeline\nconnecting its jungle oil fields with the pacific port of Balao\nwas put out of action.\n Venezuela has an output quota of 1.495 bpd, while Ecuador's\nis 210,000 bpd. Santos Alvite said Ecuador will ask OPEC to\nallow it to produce 100,000 bpd above its quota when the\npipeline is repaired to offset present production losses.\n Hernandez Grisanti said also a first 300,000 barrels\nshipment of Venezuelan crude oil will leave for Ecuador this\nweekend to help meet domestic consumption needs.\n The oil, part of a five mln additional crude oil loan by\nVenezuela, will be processed at Guayaquil refineries.\n \"If we had not supplied oil to Ecuador the life of this\ncountry would have ground to a halt,\" he said.\n Reuter\n\u0003", "date": "12-MAR-1987 19:07:39.00", "topics": [ "crude" ], "places": [ "venezuela", "ecuador" ], "id": "4609" }, { "title": "THE ADELAIDE STEAMSHIP CO LTD FIRST HALF", "body": "First half ended December 31\n Shr 55.01 cents vs 97.76\n Int div 18 cents vs 16\n Net 75.05 mln dlrs vs 55.68 mln\n Turnover 156.94 mln vs 177.87 mln\n Other revenue 72.50 mln vs 31.18 mln.\n One-for-five rights issue at 11.50 dlrs a share\n One-for-four bonus issue on capital enlarged by rights\nissue\n Shrs 99.36 mln vs 70.94 mln.\n NOTE - Shr applies to total net 54.66 mln dlrs vs 69.48 mln\nafter extraordinaries loss.\n Pre-extraordinaries net shr 75.53 cents vs 78.32\n Div pay April 30. Div and rights issue reg March 30. Bonus\nreg May 6. Net equity-accounts share of associates' earnings.\n Pre-equity pre-tax earnings 59.52 mln dlrs vs 64.13 mln.\nPre-equity net 52.07 mln dlrs vs 43.35 mln after tax 3.45 mln\nvs 16.34 mln, minorities 4.00 mln vs 6.44 mln, interest 33.89\nmln vs 26.11 mln and depreciation 2.67 mln vs 2.72 mln but\nbefore net extraordinary loss 20.39 mln vs 13.79 mln.\n REUTER\n\u0003", "date": "12-MAR-1987 19:14:46.59", "topics": [ "earn" ], "places": [ "australia" ], "id": "4610" }, { "title": "PHILIPPINE DEBT TALKS FINELY POISED, BANKERS SAY", "body": "Debt talks between the Philippine\ngovernment and its bank advisory committee were delicately\npoised after a brief meeting between the two sides today,\nbankers and sources close to the Philippine delegation said.\n \"We had a businesslike meeting and made good progress,\" a\nbanker said. \"The banks are anxious to come to an agreement.\"\n But bankers were reluctant to predict whether the talks\nwould end successfully. Caution was also evident in the\nPhilippine camp. \"We feel the ball's in the banks' court,\" one\nsource said. The two sides will meet again on Friday.\n The talks, in which the Philippines is seeking to\nreschedule about 9.4 billion dlrs of debt, are now dominated\nby a discussion of the innovative proposal made by finance\nminister Jaime Ongpin to pay part of the country's interest\nbill in Philippine Investment Notes, PINs, instead of cash.\n Manila wants to pay the London Interbank Offered Rate in\ncash and to issue PINs in respect of the margin above LIBOR.\n The banks rejected the original PINs proposal last Friday,\nbut Ongpin presented a revised proposal on Monday which sought\nto satisfy the banks' objections by guaranteeing that the notes\nwould yield 7/8 pct over LIBOR in cash. \n The banks have apparently yet to pass final judgment on the\nnew proposal.\n Senior Reagan Administration officials expressed warm\nsupport for the PINs proposal this week, which gave Ongpin hope\nthat the banks would embrace the idea.\n But the banks are still being circumspect, weighing\npossible accounting consequences as well as considering the\nprecedents that they would set if they agreed to PINS.\n One of the main architects of the PINs proposal, U.S.\nlawyer Lee Buchheit, is adamant that the banks have nothing to\nworry about.\n \"To the extent that it's a precedent, it's a precedent to\nbe encouraged,\" Buchheit, a partner with Cleary, Gottlieb,\nSteen and Hamilton, told a debt-equity swaps conference\nsponsored by Euromoney magazine.\n Under the proposal, banks would sell the dollar-denominated\nPINs at a discount to multinational firms which would convert\nthem into pesos at face value to fund government-approved\nequity investments in the Philippines.\n In effect, international firms would be paying part of\nManila's interest bill, allowing the government to conserve\nmuch-needed hard currency.\n One of the beauties of the scheme, according to Buchheit,\nis that it widens the scope of third-world debt negotiations,\nwhich have been confined to debtors and creditors for the past\n4-1/2 years.\n \"There's another pool of cash at the table now,\" he said.\n David Mulford, Assistant Secretary of the U.S. Treasury,\ntold the Euromoney conference that ideas such as PINs should be\npart of a \"menu\" of options available to banks instead of pure\nnew-money packages.\n He said the difficulty of syndicating Mexico's 7.7 billion\ndlr loan package shows that new approaches must be encouraged.\n \"We must face the fact that greater flexibility in devising\nnew money packages may, in effect, be essential to future bank\nsyndications,\" Mulford said.\n In an unusually frank comment about the Mexican deal, he\nsaid that dissatisfaction with Mexico's economic program and\ncriticism of communication and coordination within the bank\nsyndicate had prompted a number of banks to refuse to\nparticipate in the loan.\n This refusal \"for a time appeared to jeopardize the\nprospects for successful agreement with the rest of the banks,\"\nMulford said.\n The Mexican package is now due to be signed on March 20,\nbut bankers said the U.S. clearly feels the need to breathe new\nlife into the financing process, especially with crucial\nnegotiations with Brazil, about to start.\n The banks for their part insist that they are more than\nwilling to discuss Mulford's \"menu\", and say it is the debtors\nthat need to be more flexible. For example, they say financing\ntalks with Argentina are proving tough because Buenos Aires\ndislikes the debt-equity schemes and onlending provisions that\nthe banks are promoting. But whether the banks are ready to\nendorse the PINs concept right away still hangs in the balance.\n Reuter\n\u0003", "date": "12-MAR-1987 19:17:09.22", "places": [ "philippines", "usa", "mexico" ], "id": "4611" }, { "title": "AIR MIDWEST FEBRUARY LOAD FACTOR ROSE", "body": "Air Midwest INc said its february\nload factor rose to 42.9 pct from 37.0 pct, its revenue\npassenger miles rose to 13.4 mln from 9.1 mln and its available\nseat miles rose to 31.2 mln from 24.5 mln.\n For the year to date, load factor tose to 39.9 pct from\n36.6 pct, revenue passenger miles rose to 25.5 mln from 20.6\nmln and available seat miles rose to 63.8 mln from 56.4 mln.\n Reuter\n\u0003", "date": "12-MAR-1987 19:19:46.05", "places": [ "usa" ], "id": "4612" }, { "title": "BRYN MAWR BANK CORP UPS DIVIDEND", "body": "Qtly div 30 cts vs 30 cts prior\n Payable May one\n Record April 10\n NOTE:Bryn Mawr was reorganized as a holding company on\nJanuary 2, 1987, resulting in each share of Bryn Mawr Trust Co\nbeing converted into three shares of the new holding company's\nstock. The 30 cts dividend represents a 15 pct increase over\nprior quarter.\n Reuter\n\u0003", "date": "12-MAR-1987 19:29:40.59", "topics": [ "earn" ], "places": [ "usa" ], "id": "4613" }, { "title": "GREENWOOD BOARD APPROVES RESTRUCTURING", "body": "Greenwood Resources Inc said its\nboard approved a restrucuting and recapitalization plan uner\nwhich more than four mln dlrs of debt and interest will be\nrestructured.\n As part of the plan, its preferred stock will be converted\ninto one class of common stock.\n Reuter\n\u0003", "date": "12-MAR-1987 19:29:57.91", "places": [ "usa" ], "id": "4614" }, { "title": "PRICE TO BUY 80 PCT OF TSS-SEEDMAN", "body": "Price Co said it agreed to buy at\nleast 81 pct of the stock of for about 50\nmln dlrs.\n The terms envision a purchase of the entire company, it\nsaid.\n The transaction is expected to close at the end of April.\n Reuter\n\u0003", "date": "12-MAR-1987 19:30:26.18", "topics": [ "acq" ], "places": [ "usa" ], "id": "4615" }, { "title": "MIYAZAWA SAYS EXCHANGE RATES WILL STAY STABLE", "body": "Finance Minister Kiichi Miyazawa told a\npress conference he thinks exchange rates will remain stable\ndue to the currency accord reached in Paris last month by six\nmajor industrialised nations but he did not say for how long.\n The dollar has hovered around 153 yen since the six agreed\nto cooperate to bring about currency stability.\n Asked to comment on remarks by some U.S. Officials calling\nfor a further decline of the dollar, Miyazawa said only the\nU.S. President and the U.S. Treasury Secretary can make\nofficial statements about exchange rates.\n REUTER\n\u0003", "date": "12-MAR-1987 20:20:24.76", "topics": [ "money-fx", "dlr" ], "places": [ "japan" ], "id": "4616" }, { "title": "TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS", "body": "Two small shipping companies have\nreached a pay deal with striking seamen, but union leaders said\nmost of Brazil's 40,000 seamen were still on strike.\n A union spokesman in Rio de Janeiro said the seamen had\naccepted a 120 pct pay offer from the companies, Globo and\nFlumar, which have less than 200 employees each.\n The two-week strike comes as Brazil faces a debt crisis and\nis delaying exports badly needed to earn foreign exchange.\n Labour Minister Almir Pazzionotto said the government will\nnot force a settlement of the strike, which was ruled illegal\nlast Friday.\n REUTER\n\u0003", "date": "12-MAR-1987 21:25:07.29", "topics": [ "ship" ], "places": [ "brazil" ], "id": "4617" }, { "title": "U.S. JUDGE DISMISSES SUIT CHALLENGING IRAN PROBE", "body": "A U.S. Judge dismissed a lawsuit by\nfired White House aide Oliver North seeking to halt a special\nprosecutor's investigation into the Iran arms scandal.\n In a 21-page ruling, Judge Barrington Parker threw out\nNorth's suit challenging the constitutionality of the law\nempowering special prosecutor Lawrence Walsh to investigate\nsecret White House arms sales to Iran and the diversion of\nprofits to contra rebels in Nicaragua.\n \"The nation demands an expeditious and complete disclosure\nof our government's involvement in the Iran-contra affair,\"\nParker said in his ruling.\n REUTER\n\u0003", "date": "12-MAR-1987 21:34:46.15", "places": [ "usa", "iran" ], "id": "4618" }, { "title": "JAPAN MULLING CHANGES TO CORPORATE DISCLOSURE RULES", "body": "The Finance Ministry will institute a\nstudy to consider changing the corporate disclosure rules to\nprovide more information for investors, a ministry official\nsaid.\n The study will look at whether companies should include\ndata on profits for separate divisions, products and overseas\nregions in corporate earnings statements the official said.\n At present, companies give such breakdowns for sales only.\n He said no time limit has been set for the study.\n REUTER\n\u0003", "date": "12-MAR-1987 21:38:25.33", "places": [ "japan" ], "id": "4619" }, { "date": "12-MAR-1987 21:52:37.81", "topics": [ "earn" ], "places": [ "usa" ], "id": "4620" }, { "title": "ADSTEAM RIGHTS ISSUE TO RAISE 228 MLN DLRS", "body": "The Adelaide Steamship Co Ltd \n(Adsteam) said its one-for-five rights issue at 11.50 dlrs a\nshare will raise 228.5 mln dlrs for general working capital and\ninvestment, both in Australia and overseas.\n The group announced the issue with its first half earnings\nand said in a statement that the rights issue will be followed\nby a one-for-four bonus issue.\n Adsteam's equity-accounted net earnings rose to 75.05 mln\ndlrs in the half ended December 31 from 55.68 mln a year\nearlier and interim dividend to 18 cents from 16.\n Adsteam shares eased to 14.20 dlrs from an opening 14.60\nand yesterday's close of 14.50 on the issue announcement.\n The issue will be underwritten by and apart from the shares\nto be taken up by Adsteam's associate and largest shareholder,\ndepartment store retailer .\n New shares will not rank for the interim dividend but will\nrank equally thereafter.\n Adsteam said it expects to maintain an annual dividend rate\nof 36 cents on capital enlarged to about 149 mln shares by both\nissues from 99.36 mln.\n Adsteam said its diverse industrial interests generally\nperformed well and its results, as the ultimate holding company\nand beneficiary, reflected this solid performance.\n David Jones, owned 49.2 pct by Adsteam, earned the largest\nassociates' net of 57.38 mln dlrs in the half against 40.29 mln\na year earlier, Adsteam's figures show.\n Wholly-owned and joint venture companies also did well\napart from timber, building supplies and real estate, which\nreturned below-budget profits due to the housing downturn.\n Adsteam said it sees 1987/88 as a year of reconstruction\nand consolidation with the capital base boosted by the issue.\n REUTER\n\u0003", "date": "12-MAR-1987 22:32:22.31", "topics": [ "earn" ], "places": [ "australia" ], "id": "4621" }, { "title": "HEARST BUYS HOUSTON CHRONICLE FOR 400 MLN DLRS", "body": "The is buying the Houston\nChronicle from Houston Endowment Inc for 400 mln dlrs.\n The announcement was made jointly by Frank Bennack Jr,\npresident and chief executive officer of Hearst, and Richard\nJohnson, president of the Chronicle.\n The Houston Endowment is selling the paper to comply with\nfederal tax laws requiring charitable institutions to divest\nthemselves of profit-making subsidiaries by 1989.\n The Chronicle has a daily circulation of over 425,000 and\nis in competition with the Houston Post, owned by the , with a circulation of about 316,000.\n The acquisition gives Hearst its biggest newspaper holding\nin Texas, where the California-based publisher already owns\npapers in San Antonio, Beaumont and Laredo.\n The chain also owns, among others, the flagship San\nFrancisco Examiner, the Los Angeles Herald Examiner and the\nSeattle Post-Intelligencer.\n REUTER\n\u0003", "date": "12-MAR-1987 22:48:14.55", "topics": [ "acq" ], "places": [ "usa" ], "id": "4622" }, { "title": "IEL'S ACMEX UNIT TO BID FOR CHEETHAM", "body": " (IEL) unit\n said it proposed to make a formal takeover\noffer for all the issued capital of , a producer\nof salt, animal feed and seeds.\n Acmex said in a statement it would offer one share for\nevery two Cheetham shares or 3.40 dlrs cash for each share.\n Acmex said it was presently entitled to 5.1 mln Cheetham\nshares or 16.85 pct of its 30.27 mln issued shares.\n The scrip offer values Cheetham at about 110 mln dlrs,\nbased on Acmex's current price of 7.20 dlrs, and the cash offer\nat about 104 mln. Cheetham last traded at 3.10 dlrs.\n REUTER\n\u0003", "date": "12-MAR-1987 22:56:46.50", "topics": [ "acq" ], "places": [ "australia" ], "id": "4623" }, { "title": "U.S. DETAILS ITS ACTION PROGRAM FOR AFRICA", "body": "The U.S. Has given further details\nof an action program announced yesterday aimed at helping\nsub-Saharan Africa overcome hunger and economic problems,\nsenior U.S. Offficials said.\n Under the new program, a 500-mln dlr Development Fund for\nAfrica will be set up to consolidate most of the aid money\ngoing to the continent to replace the large number of bilateral\naccounts currently in existence.\n Chester Crocker, assistant secretary of state for Africa,\nsaid he believed Congress will favour the program, which stems\nfrom a U.N. Conference on Africa's economic problems.\n The 500-mln dlr fund, coupled with an additional 100 mln\ndlrs in food aid, would surpass Congress' 1986 vote of 483 mln\ndlrs for equivalent programs, officials said.\n Washington is also increasing its funding to the\nInternational Development Agency (IDA), the World Bank's soft\nloan affiliate, and is seeking a greater share of a bigger fund\nfor Africa, they said.\n Officials said under the last IDA replenishment Africa got\n37 pct of 8.7 billion dlrs, but the Reagan administration wants\nthis increased to 45-50 pct of 12.8 billion dlrs in new funds.\n REUTER\n\u0003", "date": "12-MAR-1987 22:58:56.27", "organisations": [ "ida" ], "places": [ "usa" ], "id": "4624" }, { "title": "U.S. OFFICIALS DISAGREE ON REDUCING BUDGET DEFICIT", "body": "Senior U.S. Economic officials\ndisagree on the likelihood the government can meet its budget\ndeficit reduction targets.\n Beryl Sprinkel, chairman of the Council of Economic\nAdvisers, reiterated the Reagan Administration's opposition to\na tax increase and its pledge to reduce the deficit by cutting\nspending and fostering economic growth.\n By contrast, Rudolph Penner, Director of the Congressional\nBudget Office, said the budget process has broken down and the\ndeficit will remain close to 200 billion dlrs for fiscal 1987.\n Sprinkel told a symposium sponsored by New York University\nthat spending could be cut by avoiding decisions based on the\ndesire to influence votes and by shifting the responsibility\nfor local projects to state governments.\n He also suggested a line-item veto, which allows the\nPresident to veto parts of bill without rejecting all of it, to\nlimit wasteful spending. Spending and taxing decisions should\nbe linked more closely.\n Sprinkel said the Administration still looks for 2.7 pct\ngrowth in U.S. Real gross national product (GNP) in 1987 and\n3.5 pct in 1988.\n Asked if the latest economic reports signal this rate of\neconomic growth is attainable, Sprinkel said, \"It looks pretty\ngood to me. We've had two very strong employment reports.\"\n He also said federal reserve policy is appropriate, adding,\n\"It looks like they're on track.\"\n While further reductions are needed in the trade deficit,\nSprinkel said the lower dollar is having an impact.\n The new 1987 tax laws will not hurt the economy and the tax\nreform act of 1986 significantly lowers tax rates and will\ngreatly increase private production incentives, he said.\n \"Our estimates at the Council of Economic Advisers suggest\nnational net output of goods and services will permanently\nincrease by approximately two pct because of the long-run\nconsequences of tax reform,\" Sprinkel said. \"In 1986, this would\nhave amounted to an increase of approximately 600 dlrs in the\nincome of the average American family.\"\n Sprinkel also argued the 1981 tax cuts were not responsible\nfor the large increase in the budget deficit.\n In fiscal 1986 ending September, federal spending amounted\nto 23.8 pct of GNP, while federal receipts absorbed 18.5 pct of\nGNP, leaving a deficit of 5.3 pct, he said.\n Sprinkel said that, compared with fiscal 1978, the 1986\nfederal expenditure share of GNP is 2.7 percentage points\nhigher and the revenue share of GNP is virtually the same.\n \"Contrary to the conventional wisdom, therefore, the 1981\ntax cut is not the root cause of the extraordinary budget\ndeficits of the past few years,\" Sprinkel said.\n \"This tax cut merely rolled back the inflation-induced tax\nincreases that occurred between 1978 and 1981,\" he added.\n However, the Congressional Budget Office's Rudolph Penner\nargued that the tax cut in 1981 was misguided.\n \"Since making the big mistake in 1981 of cutting taxes\nenormously without any plan to decrease spending by the\nAdministration or Congress, indeed with increases in defence\nspending, now all the options (for reducing the budget deficit)\nare unpleasant,\" he said.\n Penner said the tax cut resulted from the ideological\nturmoil in the U.S. Caused by the \"biggest sustained inflation\nin our nation's history,\" which helped foster widespread\ndistrust of government.\n \"The American people turned on the government with tax\nrevolt at the state level and new demands on the government at\nthe national level,\" Penner said.\n \"But their dislike of taxes exceeded their general dislike\nof spending programs. Now the correction of that 1981 mistake\ndemands that the system change a lot.\"\n Penner sees little hope the Gramm-Rudman-Hollings budget\ndeficit reduction targets will be met and said the deficit will\nremain at roughly 200 billion dlrs this year.\n He said a budget process that sets targets arbitrarily is\nnot likely to succeed.\n \"I feel pretty safe in saying that any process that tries to\ndictate a numerical outcome from above is doomed to fail simply\nbecause there's no ... Way to enforce it,\" Penner said.\n Penner questioned the methods by which the 1987 budget\ndeficit was cut. He said 18 to 19 billion dlrs were eliminated\nby one-time measures, such as a temporary increase in taxes\nrelated to tax reform and sales of government assets.\n \"Another four billion dlrs was cut by what I call creative\ntiming changes, like moving the military payday from the last\nday of fiscal 1987 to the first day of fiscal 1988. That saved\nmore than two billion dlrs,\" Penner said.\n REUTER\n\u0003", "date": "12-MAR-1987 23:22:50.74", "topics": [ "gnp" ], "places": [ "usa" ], "id": "4625" }, { "title": "ADSTEAM LOOKING TO BRITISH MARKET FOR INVESTMENT", "body": "Diversified industrial and investment\ngroup The Adelaide Steamship Co Ltd said it was\nlooking to the British market for future investment in view of\nhigh share prices and interest rates in Australia.\n \"Because of lower interest rates and improved economic\nstatistics, we believe the U.K. At the present time offers\nbetter value and we hold strategic investments in that market,\"\nit said in a statement.\n Adsteam did not name any British investments but it has\ndisclosed a stake in Blue Circle Industries Plc , last\nstated by Adsteam in London at 6.85 pct in late February.\n Adsteam said it was continuing to look for investment\nopportunities both in Australia and overseas, but with the\nAustralian stock market at record levels, opportunities to\nacquire companies on reasonable investment criteria were\nlimited.\n As earlier reported, Adsteam will raise 228.5 mln dlrs for\nworking capital and investment both in Australia and overseas\nthrough a one-for-five rights issue at 11.50 dlrs a share.\n \"We expect to enter 1988 in a highly liquid position and\nwill be looking to take advantage of investment opportunities\nas they arise,\" it said.\n Nevertheless, Adsteam said it continues to be a large\ninvestor in the Australian market through its equity-accounted\nassociates and through other major investments.\n \"We have enjoyed a very substantial increase in the market\nvalue of our investments over the course of this financial\nyear, but we are concerned at the economic fundamentals which\npersist in Australia, particularly the high interest rates\nwhich currently apply,\" it said.\n Adsteam also said it had hedged part of its Australian\nstock market portfolio in the futures market and had hedged all\nforeign currency borrowings.\n Realised losses from futures hedging have been brought to\naccount as extraordinary items but unrealised gains from\ninvestments significantly exceed realised and unrealised losses\non hedging, Adsteam said.\n In its earlier reported first half ended December 31,\nAdsteam posted an extraordinary loss of 20.39 mln dlrs against\na 13.79 mln profit a year earlier.\n Equity-accounted net profit before extraordinaries rose to\n75.05 mln dlrs from 55.68 mln a year earlier.\n REUTER\n\u0003", "date": "12-MAR-1987 23:37:15.33", "places": [ "australia" ], "id": "4626" }, { "title": "KIDNAPPED JAPANESE BUSINESSMAN ALIVE - CARDINAL", "body": "Kidnapped Japanese businessman Noboyuki\nWakaoji is alive and well and may soon be released, Cardinal\nJaime Sin, the archbishop of Manila, said.\n Wakaoji, head of the Philippines branch of Mitsui and Co\nLtd, is being visited on a daily basis by a senior priest, Sin\ntold reporters at a briefing. He refused to reveal Wakaoji's\nwhereabouts.\n The businessman was kidnapped last November and his captors\nhave demanded a five mln dlr ransom from Mitsui.\n REUTER\n\u0003", "date": "12-MAR-1987 23:50:57.44", "places": [ "japan", "philippines" ], "id": "4627" }, { "title": "AUSTRALIAN BUSINESS URGED TO RESTRAIN PROFITS", "body": "Australian Prime Minister Bob Hawke\ncalled on businessmen to hold their salaries and profit margins\nas part of his campaign for economic restraint.\n In a speech to the National Press Club, Hawke said business\n\"must not puncture the spirit of community restraint\" evident in\nlow wage increases and suppressed consumer demand.\n Hawke said the Federal Government would coordinate with\nState administrations to monitor prices and profit margins.\n \"At a time when a concerted national effort to restrain\ncosts is required, profit margins should not be increased,\" he\nsaid.\n Direct price control did not appeal to the government, but\nit would act to ensure market forces operated fairly and\nbusinesses were reminded of their obligations to Australia,\nHawke said.\n The government would demonstrate its commitment with\nspending cuts in its May 14 economic statement, he said.\n It would also limit increases in government excises\nnormally indexed to inflation to about six pct, Hawke said.\n REUTER\n\u0003", "date": "13-MAR-1987 00:27:37.31", "places": [ "australia" ], "id": "4628" }, { "title": "AUSTRALIAN TERMS OF TRADE WORSEN IN LAST QUARTER", "body": "Australia's terms of trade fell by a\nfurther 3.5 pct in the fourth quarter of 1986 after declining\n0.8 pct in the third quarter and 2.7 pct a year earlier, the\nStatistics Bureau said.\n It said the seasonally adjusted current account deficit of\n3.22 billion dlrs in the quarter would have dropped to 912 mln\nif not for the terms of trade decline.\n The fourth quarter decline followed a 1.1 pct fall in\nexport prices and a 2.4 pct rise in import prices, it said.\n The Bureau noted Australia's terms of trade had fallen by\n19.9 pct since the fourth quarter of 1983.\n REUTER\n\u0003", "date": "13-MAR-1987 00:49:15.19", "topics": [ "trade", "bop" ], "places": [ "australia" ], "id": "4629" }, { "title": "CHINA FACES DILEMMA OVER SUGAR IMPORTS", "body": "China has to decide if it will increase\nsugar imports this year to cover falling domestic output and\nrising demand, in view of market predictions that international\nsugar prices will remain firm this year, traders and the\nofficial press said.\n He Kang, Minister of Agriculture, Animal Husbandry and\nFisheries, said this week that China has adjusted the\npurchasing price for sugar cane and beet to check a drop in\nproduction last year but he gave no price details.\n One Japanese trader said domestic demand is rising rapidly\nbecause of improving living standards and rising demand for\nsweet drinks, cakes and biscuits and other sugary foods.\n \"It will not be easy to cut domestic demand, even in a\nstate-controlled economy. China may have to import,\" he said.\n Customs figures show imports fell to 1.182 mln tonnes in\n1986 from 1.909 mln in 1985 and fell to 25,165 tonnes in\nJanuary 1987 from 54,000 in January 1986.\n The official Economic Information newspaper last month said\nproduction in the 1986/87 crushing season (September-April)\nwill be 1.18 mln tonnes short of demand.\n The paper put 1986/87 output at 4.82 mln, down from 5.24\nmln in 1985/86, and domestic demand at about six mln tonnes.\n \"In the last two years, acreage under sugar cane and beet\nhas fallen, sugar mills are underutilised, output has dropped\nand cannot meet demand that is rising every day,\" it said.\n \"The country will have to continue imports of sugar and draw\ndown stocks to meet market demand,\" it added.\n It quoted the Ministry of Light Industry as blaming the\ndrop in output on unreasonable state purchasing prices for cane\nand beet as against other crops, which has resulted in farmers\nrefusing to grow them.\n The paper said in 1985 a farmer could earn up to three\ntimes more per hectare from pineapple and watermelon and up to\nseven times more from bananas than from sugarcane. He could\nsell grain on the free market at 560 yuan a tonne, against only\n70 yuan a tonne for sugarcane.\n Sugar mills are suffering because refined sugar prices have\nnot changed for 20 years despite rising costs, it said.\n In Fujian, the cost of producing one tonne rose to 702 yuan\nin 1985 from 520.1 in 1980, cutting the mills' profit to 117\nyuan a tonne from 217.9, it added.\n The paper said unreasonable pricing resulted in 144 of the\n442 sugar mills working in the 1985/86 crushing season losing\nmoney. China has 521 sugar mills.\n A foreign agricultural expert forecast a drop in cane\nacreage in 1986/87 (September-August) of up to 10 pct in\nGuangdong, which produced 45 pct of China's sugar in calendar\n1985, and a smaller drop in Fujian, which produced 11 pct of\nChina's sugar in calendar 1985.\n He said both provinces are more developed than other\nsugar-producing areas and more sensitive to demand from cities.\n But cane acreage in Guangxi and Yunnan, which accounted for\n28 pct of the 1985 crop, has risen by 10 to 30 pct in 1986/87,\nbecause cane-growing is more economic there, he said.\n He put sugar stocks at 2.333 mln tonnes in September 1986.\n A Hong Kong trader estimated stocks at more than three mln\nat end-January. \"Now they are falling but (they) have not\nreached the critical level, compelling China to import quickly,\"\nhe said.\n \"China has options not easily available in western\ncountries. It controls stocks strictly and can release less\ninto the consumer market if stocks fall too quickly,\" he said.\n The Hong Kong trader said calendar 1987 imports will be\nslightly less than those of 1986, because of firm world prices\nand serious foreign exchange constraints which, he said, are\nlikely to continue until at least end-1988.\n He said nearly all cane and beet is sold to the state-owned\nmills, with a small amount sold raw to consumers.\n \"Most of the mills are old and inefficient, with many of\nthem using Soviet equipment imported in the 1950s,\" he said.\n He said demand in rural areas will in future rise an annual\nfour pct, with demand in the cities rising an annual two pct.\n REUTER\n\u0003", "date": "13-MAR-1987 00:50:19.21", "topics": [ "sugar" ], "places": [ "china" ], "id": "4630" }, { "title": "JAPAN SETS 1987/88 FIRST HALF BEEF IMPORT QUOTA", "body": "The Agriculture Ministry said it set\nJapan's beef import quota for the six months from April 1 at\n93,000 tonnes, up from 83,000 in the second half of 1986/87 and\n85,000 a year earlier.\n Under an agreement with the U.S. And Australia, Japan has\nbeen increasing imports by 9,000 tonnes a year from March 31,\n1985, to reach a projected 177,000 tonnes in the year to March\n31, 1988.\n REUTER\n\u0003", "date": "13-MAR-1987 01:05:12.15", "topics": [ "livestock", "carcass" ], "places": [ "japan" ], "id": "4631" }, { "title": "JAPAN DENIES BREAKING SEMICONDUCTOR TRADE PACT", "body": "Japan denied breaking a pact with the\nU.S. On semiconductor trade but said prices set out in the pact\nwere too high and acknowledged difficulties in implementing the\naccord.\n \"We are faithfully abiding by the ... Agreement but of\ncourse there are some problems,\" a spokesman for the\nInternational Trade and Industry Ministry told Reuters.\n He said the high semiconductor prices recommended by the\nagreement were leaving Japanese manufacturers piling up stocks\nof unsellable products. \"We are aiming to reduce production in\nJapan but of course this takes time,\" he said.\n The spokesman said some Japanese companies were selling\nchips in Europe and Asia below stipulated prices, but added: \"It\nis only a matter of time before we solve this problem.\"\n The eight month old pact aims to stop Japan selling large\nquantities of chips at knock-down prices to the United States\nand other countries and to increase U.S. Semiconductor sales in\nJapan.\n The U.S. Senate Finance Committee this week called on\nPresident Reagan in a non-binding resolution to retaliate\nagainst Japan for violating the agreement.\n REUTER\n\u0003", "date": "13-MAR-1987 01:23:35.18", "topics": [ "trade" ], "places": [ "japan", "usa" ], "id": "4632" }, { "title": "JAPAN MINISTER SAYS ABOUT 170 YEN APPROPRIATE", "body": "International Trade and Industry Minister\nHajime Tamura told a parliamentary session Japan's small- and\nmedium-sized enterprises are seriously suffering from the yen's\nrise and can only stand levels around 170 yen.\n He also said he still believes a dollar exchange rate level\nplus or minus 10 yen from 170 yen would be within levels agreed\nupon last month in Paris by six major industrial nations.\nFinance ministers of Britain, Canada, France, Japan, the U.S.\nAnd West Germany agreed on February 22 to cooperate in\nstabilizing exchange rates around the current levels. The\ndollar had closed here at 153.77 yen on February 20.\n REUTER\n\u0003", "date": "13-MAR-1987 02:12:51.84", "topics": [ "money-fx", "yen" ], "places": [ "japan" ], "id": "4633" }, { "title": "GERMAN WHOLESALE PRICES FALL 0.4 PCT IN FEBRUARY", "body": "West German wholesale prices fell 0.4\npct in February from January to stand 6.9 pct lower than in\nFebruary 1986, the Federal Statistics Office said.\n In January wholesale prices rose 0.8 pct from December to\nstand 8.6 pct below their level in January 1986.\n Wholesale price declines were led by starch products, down\n13 pct, light heating oil 11 pct lower, heavy heating oil 10\npct lower and green coffee down 6.9 pct.\n Among higher wholesale prices were those for fresh\nvegetables, up 17 pct, fresh fruit up 12 pct and eggs up 8.9\npct, the statistics office said in a statement.\n REUTER\n\u0003", "date": "13-MAR-1987 02:20:05.14", "topics": [ "wpi" ], "places": [ "west-germany" ], "id": "4634" }, { "title": "SWISS FEB TRADE DEFICIT 629.7 MLN FRANCS (JAN DEFICIT 209.4 MLN) - OFFICIAL\n", "date": "13-MAR-1987 02:20:10.29", "topics": [ "trade" ], "id": "4635" }, { "title": "AUSTRALIAN BEEF OUTPUT SEEN DECLINING IN 1987", "body": "Australian beef output is forecast to\ndecline to 1.34 mln tonnes carcass weight in 1987 and 1.36 mln\nin 1988 from 1.44 mln in 1986, the Australian Meat and\nLive-Stock Corp (AMLC) said.\n Exports of beef/veal are also predicted to decline to\n480,000 tonnes shipped weight in 1987 from 515,000 in 1986, and\nthen rally to 490,000 in 1988, the AMLC said in a summary of\nits bi-annual meat and livestock forecasts.\n It sees cattle numbers remaining at around the 1986 level\nof 23.2 mln beasts in both years because herd rebuilding is\nexpected to be slower than previously forecast.\n Beef producers are becoming more confident that higher\nreturns in the market, both domestically and overseas, will\ncontinue, the AMLC said.\n The slow herd build-up and the forecast lower production is\nexpected to bring about a slight drop in both export and\ndomestic consumption this year, it said.\n The forecast does not assume a turnaround in production\nlevels until late next year.\n It said the outlook for beef exports as a proportion of\noutput remains much the same as last year when it was around 55\npct of total production. In 1985 it was 52 pct.\n The increase in exports of beef as a percentage of\nproduction has mainly been attributed to the decline in the\nAustralian dollar, the AMLC said.\n It also forecast that Australia's four major markets, the\nU.S., Japan, Canada and Taiwan, will continue to dominate the\nchilled and frozen beef export markets. They take collectively\naround 94 pct of total Australian exports.\n REUTER\n\u0003", "date": "13-MAR-1987 02:26:49.40", "topics": [ "livestock", "carcass" ], "places": [ "australia" ], "id": "4636" }, { "title": "CHINA'S JANUARY GRAIN EXPORTS FALL", "body": "China's grain exports in January totaled\n386,157 tonnes, down 22.1 pct from January 1986, customs\nfigures show.\n They gave no detailed breakdown.\n The official China Economic News quoted the figures as\nshowing tea exports rose 9.7 pct to 8,474 tonnes during the\nmonth.\n Imports of wool rose 117.6 pct to 10,248 tonnes over the\nsame period, the figures show.\n REUTER\n\u0003", "date": "13-MAR-1987 02:29:13.28", "topics": [ "grain" ], "places": [ "china" ], "id": "4637" }, { "title": "SWISS FEBRUARY TRADE DEFICIT 629.7 MLN FRANCS", "body": "Switzerland had a trade deficit of 629.7\nmln Swiss francs in February compared with a revised 209.4 mln\ndeficit in January and 723.2 mln shortfall in February 1986,\nthe Federal Customs Office said.\n February imports were 6.00 billion francs against exports\nof 5.37 billion.\n Imports rose in real terms by 5.1 pct against February 1986\nwhile exports rose by a real 4.6 pct, the office said.\n But a further improvement in the terms of trade left the\ndeficit smaller than last year.\n Last February's figure had also been hit by the import of\ntwo passenger aircraft.\n REUTER\n\u0003", "date": "13-MAR-1987 02:30:02.28", "topics": [ "trade" ], "places": [ "switzerland" ], "id": "4638" }, { "title": "AUSTRALIAN TREASURY NOTE TENDER 700 MLN DLRS", "body": "The Reserve Bank of Australia said it\nwould offer 500 mln dlrs of 13-week treasury notes and 200 mln\ndlrs of 26-week notes for tender next week\n The Bank said it would take up 300 mln dlrs of the 13-week\nnotes at the average yield. It is not taking up any 26-week\nnotes.\n REUTER\n\u0003", "date": "13-MAR-1987 02:36:46.16", "places": [ "australia" ], "id": "4639" }, { "title": "JAPAN SHIPBUILDERS SEEK CARTEL TO RESTRICT OUTPUT", "body": "Japanese shipbuilders have applied to the\nstate's Fair Trade Commission to form a cartel to restrict\ntonnage built to about half of total capacity for the year\nstarting April 1, officials of the Shipbuilders Association of\nJapan said.\n Under the plan, 33 yards capable of building ships of more\nthan 10,000 gross tons will curtail operations to three mln\ncompensated gross registered tonnes (CGRT) a year against\ncapacity of about six mln CGRT.\n The Transport Ministry estimates new orders at 3.3 mln CGRT\nin the year to March 1988 and 3.1 mln the following year.\n The industry has curtailed production due to oversupply\nnearly every year since 1977/78, under cartel or Transport\nMinistry guidelines. The latest guidelines call for a ceiling\nof four mln CGRT in the year to March 31.\n The cartels, self-imposed and self-regulated, are not\nlegally binding, but industry finds it in its own interest to\nstick to them.\n The slowdown in orders has been caused by the strong yen\nand a protracted worldwide shipbuilding slump.\n REUTER\n\u0003", "date": "13-MAR-1987 02:44:37.52", "topics": [ "ship" ], "places": [ "japan" ], "id": "4640" }, { "title": "SWISS WHOLESALE PRICES FALL 0.3 PCT IN FEBRUARY", "body": "Swiss wholesale prices fell by 0.3 pct in\nFebruary, giving a drop of 4.3 pct from February 1986, the\nFederal Office of Industry, Trade and Labour said.\n Prices had been unchanged in January, giving an annual drop\nof 4.6 pct. They fell by 2.6 pct in the year to February 1986.\n The wholesale price index, base 1963, stood at 168.5 in\nFebruary from 176.1 last year.\n The office said the fall was largely due to lower prices\nfor energy, raw materials and semi-finished goods. Consumer\ngoods prices rose slightly.\n REUTER\n\u0003", "date": "13-MAR-1987 03:11:46.72", "topics": [ "wpi" ], "places": [ "switzerland" ], "id": "4641" }, { "title": "BANGLADESH TO SEEK WORLD BANK HELP FOR INDUSTRY", "body": "Bangladesh will seek additional money\nfrom the World Bank to finance industrial development which is\nfacing a capital shortage and a lack of expertise, Finance\nMinistry officials said.\n They said the government had revised downward its Annual\nDevelopment Programme budget for this fiscal year by seven pct\nto 44.4 billion Taka.\n A team will visit Washington next month for talks with\nWorld Bank executives and to ask for 200 mln dlrs from the\nbank's Industrial Programme Credit scheme, they said.\n The new money would be in addition to nearly two billion\ndlrs aid which the World Bank, other leading agencies and donor\ncountries are expected to offer Bangladesh for the year from\nJuly at their Paris meeting next month. They offered 1.85\nbillion dlrs to the country in 1986/87.\n The Annual Development Programme budget has been cut mainly\nbecause of poor tax collection and a fall in public and private\nsector industrial investment, the Finance Ministry officials\nsaid. They said they expect a two pct growth in the industrial\nsector this year, against a target of five pct and a growth of\n1.5 pct in 1985. They gave no further details.\n REUTER\n\u0003", "date": "13-MAR-1987 03:13:28.29", "organisations": [ "worldbank" ], "places": [ "bangladesh" ], "id": "4642" }, { "title": "SINGAPORE MONETARY EXCHANGE FACES NON-ASIAN RIVALS", "body": "Expanding global links between\nfutures markets mean that the Singapore International Monetary\nExchange (SIMEX) must add Chicago and London to its list of\nrivals, banking sources said.\n When SIMEX and the Sydney Futures Exchange (SFE) introduced\nU.S. Treasury bond futures last autumn, the sources expected to\nsee fierce rivalry between the two exchanges, ending with only\none winner in Asia.\n But surprisingly, the challenges now appear to be coming\nfrom the other side of the world, they said.\n The Chicago Board of Trade (CBOT) will introduce night\ntrading in its U.S. Treasury bond contract on April 30, which\ncould clash with SIMEX morning activity, banking sources said.\n The CBOT had planned to introduce night trading on April 2,\nbut postponed the move to allow participants time to prepare.\n The London International Financial Futures Exchange (LIFFE)\ncould cut further into the SIMEX contract with a U.S. Treasury\nbond contract that can be offset on the CBOT, they said. Such a\nLIFFE contract is expected later this year.\n LIFFE liquidity could be higher than at the SIMEX, where\naverage daily volume in Treasury bonds dropped to 165 in\nFebruary from 1,286 last October when the bonds were first\nintroduced.\n The contracts were set up to attract hedging from the\nrapidly growing underlying cash market in U.S. Treasury bonds\nin Toyko, but interest has waned as that market has grown more\nstable, traders said.\n Restrictions on investments by Japanese residents have also\ninhibited the growth of the futures contracts in both Singapore\nand Sydney, the banking sources said.\n Nevertheless, all 450 seats on SIMEX are now taken, with\nthe last trading at 55,000 dlrs against the initial price of\n50,000 dlrs. The current bid is 55,500 dlrs, but offers at\n65,000 show that confidence in SIMEX remains, said Michael\nKillian, general manager of Chase Manhattan Futures Corp.\n Killian, a SIMEX board member, said the CBOT night session\nmight raise arbitrage opportunities and SIMEX would benefit\nfrom a local stock exchange index contract planned for the end\nof 1987. SIMEX also became more competitive after this month's\nbudget eliminated withholding tax on interest earned on futures\nmargin deposits.\n Banking sources said the tax change would boost SIMEX\ntrading by non-bank institutions and individuals and would\nbenefit foreign firms and institutions.\n While the Treasury bond contract has been somewhat\ndisappointing, other SIMEX contracts continue to expand, Fong\nYew Meng, SIMEX assistant general manager, told Reuters.\n Volume in the SIMEX's Nikkei stock index, based on the\nTokyo stock market, has risen to a daily average of more than\n1,000 contracts this month, from 320 contracts last October,\nhelped by uncertainty during the recent bull run in Tokyo\nstocks, Fong said.\n Open interest in the Nikkei contract, introduced last year,\nreached a record 2,697 on February 26.\n Killian said the Nikkei contract has considerable potential\nfor expansion, as overseas investors have been avoiding the\ncontract because they currently see no need to hedge the rising\ncash market in Tokyo.\n SIMEX is also enjoying record trading in other contracts.\nIn February, total volume on the exchange reached a record\n122,819 contracts, surpassing the previous monthly record of\n116,767 set in September. Eurodollar volume reached a record\n78,546 contracts last month against 70,306 in September.\n SIMEX is likely to try to maintain its growth by moving\ninto options soon, but competition continues regionally as well\nas globally, banking sources said.\n The Sydney exchange plans to introduce by June a share\nindex futures contract based on a composite of stocks on which\nequity options are traded, which could generate more liquidity\nthan the ordinary index, banking sources said.\n Local interest in the Sydney Treasury bond contract may\nalso flare if the Sydney exchange establishes a three-way link\nwith Chicago and London, traders in Sydney said.\n LIFFE is discussing such a link with the CBOT, they said.\n REUTER\n\u0003", "date": "13-MAR-1987 03:21:55.68", "places": [ "singapore", "usa", "uk", "japan", "australia" ], "id": "4643" }, { "title": "KUBOTA LTD THIRD QUARTER TO JANUARY 15", "body": "Group shr 53 yen vs 22\n Net profit 3.58 billion vs profit 1.47 billion\n Pretax profit 4.94 billion vs loss 248 mln\n Operating profit 5.36 billion vs profit 789 mln\n Sales 127.34 billion vs 130.22 billion\n Nine months ended January 15\n Group shr 134 yen vs 119\n Net 9.10 billion vs 8.03 billion\n Pretax 19.78 billion vs 14.77 billion\n Operating 17.35 billion vs 16.00 billion\n Sales 430.06 billion vs 446.26 billion\n REUTER\n\u0003", "date": "13-MAR-1987 03:29:28.77", "topics": [ "earn" ], "places": [ "japan" ], "id": "4644" }, { "title": "NATIONAL AUSTRALIA BANK PLANS 75 MLN DLR CD ISSUE", "body": "The National Australia Bank's Hong\nKong branch is planning a 75 mln Australian dlr floating rate\ncertificate of deposit (CD) issue, banking sources said.\n The three-year issue, which matures April 9, 1990, is in\ntwo tranches. Tranche A of 50 mln dlrs carries interest at 30\nbasis points below one-month bank bill rate, payable monthly,\nand tranche B of 25 mln dlrs carries interest at 25 basis\npoints below three-month bank bill rate, payable quarterly.\n Fee for co-managers is 1/8 pct.\n Lead manager is BT Asia Ltd, and syndication is expected to\nclose on March 16.\n REUTER\n\u0003", "date": "13-MAR-1987 03:42:48.34", "places": [ "hong-kong", "australia" ], "id": "4645" }, { "title": "BOND CORP DETAILS BOND MEDIA ISSUE", "body": "Bond Corp Holdings Ltd said its\npreviously announced float of will be on the\nbasis of three shares at 1.55 dlrs each for every four Bond\nCorp shares.\n For each five Bond Corp shares, Bond Media shareholders\nwill receive one free option exercisable up to March 1991, also\nat 1.55 dlrs, Bond said in a statement.\n Bond Media will be owned about 50 pct by Bond Corp.\n Bond Corp is injecting Kerry Packer's electronic media\ninterests, which it purchased for one billion dlrs, into Bond\nMedia. It is also injecting Bond's own media holdings.\n REUTER\n\u0003", "date": "13-MAR-1987 03:47:18.26", "places": [ "australia" ], "id": "4646" }, { "title": "EMPEROR MINES TO FLOAT GOLD INVESTMENT COMPANY", "body": "Fiji gold miner \nsaid it will float a gold investment company in the Isle of Man\nto be known as .\n Sixty pct of Odin's 51 mln issued shares will be offered to\nEmperor shareholders on a one-for-one non-renounceable basis at\n1.20 Australian dlrs each, it said in a statement.\n Each share will carry a free option exercisable at the same\nprice up to March 1992.\n Odin in turn will be allotted a 10 pct stake in Emperor at\n6.06 dlrs a share against the market level of about 7.70 dlrs.\n Odin shares will be listed in Australia and New Zealand.\n Emperor said Odin's chief activity would be strategic\ninvestment in emerging gold companies and projects.\n Emperor's 22 pct stake in Australia's and 10 pct stake in Canada's will be transferred to Odin at substantial\ndiscounts to their market prices, it said.\n The offer will not be available to shareholders registered\nin the U.S. And Britain in view of compliance costs, it said.\n But David Kingston, of advisers ,\ntold Reuters those few shareholders were being urged to switch\ntheir registrations to an Australian nominee.\n Kingston said about 65 to 70 pct of Emperor's shareholders\nare domiciled outside Australia, but the vast majority are\nregistered through Australian nominees and are thus entitled to\nparticipate.\n Stockbroker will underwrite the issue,\nEmperor said.\n Odin shares are expected to be listed in May, it added.\n Emperor changed its domicile to the Isle of Man from\nAustralia last October because of changes in Australian tax\nlaws that would affect its tax position, even though it has no\nactivities in Australia.\n REUTER\n\u0003", "date": "13-MAR-1987 03:53:02.42", "places": [ "australia" ], "id": "4647" }, { "title": "JAPAN CABINET APPROVES BILL ON GOLD COIN ISSUES", "body": "The cabinet has approved a bill making it\neasier for the government to issue commemorative coins, a\nFinance Ministry official said.\n The bill, which must still be approved by parliament, would\ntake effect in April 1988. It would allow the government to\nissue 1,000, 5,000 and 10,000 yen coins without special\nlegislation, although higher-valued coins would still need a\nspecial law, the official said. At present it can only issue\ncoins of 500 yen or less.\n REUTER\n\u0003", "date": "13-MAR-1987 03:54:34.68", "topics": [ "gold" ], "places": [ "japan" ], "id": "4648" }, { "title": "SANDOZ AG YEAR 1986", "body": "Group 1986 net profit 541 mln Swiss\nfrancs vs. 529 mln\n Dividend 105 francs per 250 francs nominal share vs. 100,\n21 francs per 50 franc nominal participation certificate vs 20\n Group Turnover 8.36 billion francs vs. 8.45 billion\n Cash Flow 956 mln francs vs. 941 mln\n Parent company net profit 153.8 mln francs vs. 135.3 mln\n REUTER\n\u0003", "date": "13-MAR-1987 04:07:32.11", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "4649" }, { "title": "INDIA IN COUNTERTRADE DEAL FOR MALAYSIAN PALM OIL", "body": "India is to partially cover the cost\nof its Malaysian palm oil imports through a countertrade deal\ninvolving the construction of two bridges valued at 20 mln\ndlrs, an Indian trade source told Reuters.\n He said Malaysia agreed to the oil-for-bridges deal in\nOctober after India said it could no longer buy some 700,000\ntonnes of palm oil a year because of its trade deficit.\n Malaysia has also agreed to barter palm oil for 30 mln dlrs\nof hydroelectric equipment and is interested in countertrading\nfor Indian iron ore, wheat and other goods and services, he\nsaid.\n REUTER\n\u0003", "date": "13-MAR-1987 04:12:19.03", "topics": [ "veg-oil", "palm-oil" ], "places": [ "india", "malaysia" ], "id": "4650" }, { "title": "JAPAN CLARIFIES FUND MANAGEMENT REGULATIONS", "body": "The Finance Ministry has clarified\nregulations governing fund management, satisfying overseas\ncritics who charged the rules were too tightly-drawn, ministry\nofficials and Western diplomats said.\n They said \"double licensing\" has been dropped so a foreign\nfund management firm need apply only for a licence for its\nJapanese subsidiary and not for the parent company as well.\n A foreign investment management company will be permitted\nto employ only one fund manager in Japan, with another on\nstandby in the home country. Domestic companies must have two.\n In deciding whether a Japanese subsidiary of a foreign firm\nis eligible to manage funds in Japan, the ministry will take\naccount of the amount of funds the parent company has under\nmanagement, a ministry official said.\n \"This should make it very easy for foreign firms to meet the\ncriteria for a licence,\" he said without elaborating.\n He said the ministry expects to grant the first investment\nmanagement licences by the end of June. Some 135 firms,\nincluding some 15 foreign companies, will probably be licensed\nunder the new law passed late last year.\n REUTER\n\u0003", "date": "13-MAR-1987 04:20:57.82", "places": [ "japan" ], "id": "4651" }, { "title": " ALUSUISSE GROUP 1986 NET LOSS 688 MLN SWISS FRANCS (LOSS 756 MLN)\n", "date": "13-MAR-1987 04:23:31.63", "topics": [ "earn" ], "id": "4652" }, { "title": " ALUSUISSE SAYS IT PLANS 50 PCT CAPITAL CUT\n", "date": "13-MAR-1987 04:24:48.24", "id": "4653" }, { "title": "BANK OF JAPAN CALLS FOR LONG-TERM EFFORTS ON TRADE", "body": "The short-term effect of foreign exchange\nrate movements in correcting international trade imbalances\nappears to be waning, and long-term efforts are required to cut\nJapan's chronic dependence on external demand, the Bank of\nJapan said in a monthly report.\n Japan's trade surplus in nominal terms is likely to remain\nhigh in the near future, the central bank said.\n Fundamental adjustments will be needed as long as Japan\nhopes to benefit from a better international allocation of\nresources and maintain the free trade system, it added.\n REUTER\n\u0003", "date": "13-MAR-1987 04:26:27.82", "topics": [ "trade" ], "places": [ "japan" ], "id": "4654" }, { "title": "TAIWAN ENIVIRONMENTAL PROTESTS BLOCK DU PONT PLANT", "body": "The U.S. Company Du Pont De Nemours

\nhas abandoned plans to build a chemical factory near the west\ncoast port of Lukang after environmental protests.\n A company spokesman told a news conference yesterday that\nDu Pont would conduct an environmental impact study and then\nlook for another site for the 160 mln U.S. Dlr titanium dioxide\nplant, the largest foreign investment project in Taiwan.\n The decision came after almost a year of protests by\nresidents who feared pollution from the plant might ruin the\ntourist industry and nearby fish farms.\n REUTER\n\u0003", "date": "13-MAR-1987 04:32:25.21", "places": [ "taiwan" ], "id": "4655" }, { "title": " London - Floating rate note prices open sharply lower, dealers say\n", "date": "13-MAR-1987 04:34:43.42", "topics": [ "interest" ], "id": "4656" }, { "title": "ALUSUISSE YEAR 1986", "body": "Net Loss 688 mln Swiss francs vs. Loss\n756 mln\n Gross sales 5.93 billion vs. 8.51 billion\n Operating income 198 mln francs vs 256 mln\n Net extraordinary charges 592 mln vs 472 mln\n Note - Company plans 50 pct capital reduction, banks to\nconvert 300 mln francs of credit facilities to subordinated\nloans. No immediate plans for capital increase. Company full\nname Schweizerische Aluminium AG.\n REUTER\n\u0003", "date": "13-MAR-1987 04:35:55.90", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "4657" }, { "title": "Opec deliberately under 15.8 mln barrel ceiling to defend price - Subroto\n", "date": "13-MAR-1987 04:42:21.53", "topics": [ "crude" ], "organisations": [ "opec" ], "id": "4658" }, { "title": "COUNTY INCREASES TESCO STAKE IN HILLARDS", "body": ", which is acting in concert\nwith Tesco Plc in its 151.4 mln stg for supermarket\nchain operator , has purchased 300,000 Hillards\nordinary shares at 316p per share, a statement said.\n These purchases, together with those made by County on 10\nMarch, represent about 4.8 pct of Hillards issued ordinary\nshare capital, it said.\n Tesco's offer, made on March 10, values each Hillards\nordinary share at 305.5p, a 37.6 pct premium over the previous\nday's closing price. A cash alternative of 290.55p will be\nmade available.\n REUTER\n\u0003", "date": "13-MAR-1987 04:44:36.15", "topics": [ "acq" ], "places": [ "uk" ], "id": "4659" }, { "title": "S. AFRICAN PRODUCER PRICE INFLATION FALLS SHARPLY", "body": "South African year-on-year producer\nprice inflation fell to 14.9 pct in January against 16.4 pct in\nDecember, Central Statistics Office figures show.\n The all items index (base 1980) rose a monthly 0.8 pct in\nJanuary to 233.9, after also rising 0.8 pct in December to\n232.1.\n A year ago the index stood at 203.6 and year-on-year\nproducer price inflation at 22.2 pct.\n REUTER\n\u0003", "date": "13-MAR-1987 04:45:08.91", "topics": [ "wpi" ], "places": [ "south-africa" ], "id": "4660" }, { "title": "SANDVIK, DIAMANT BOART IN ACCORD ON JOINT VENTURE", "body": "Sandvik AB and Belgian group\n have completed preliminary negotiations on\nforming a joint venture which will combine their oil and gas\ndrilling tools activities, Diamant Boart said in a statement.\n The two companies announced in January that they had signed\na letter of intent to form a venture in which each would have\nequal stakes and which would have annual turnover of about 75\nmln dlrs.\n In today's statement Diamant Board said \"The results of the\nnegotiations support strong synergy between the two units\ninvolved.\"\n Diamant Boart is a wholly owned subsidiary of Sibeka SA in\nwhich Societe Generale de Belgique has a 52 pct\nstake.\n REUTER\n\u0003", "date": "13-MAR-1987 04:45:38.29", "places": [ "belgium" ], "id": "4661" }, { "title": "SUBROTO SEES OIL MARKET CONTINUING BULLISH", "body": "Indonesian Energy Minister Subroto said\nhe sees the oil market continuing bullish, with underlying\ndemand expected to rise later in the year.\n He told a press conference in Jakarta at the end of a\ntwo-day meeting of South-East Asian Energy Ministers that he\nsaw prices stabilizing around 18 dlrs a barrel.\n \"The sentiment in the market is bullish and I think it will\ncontinue that way as demand will go up in the third or fourth\nquarters,\" Subroto said.\n Asked about the prospect for oil prices, he said: \"I think\nthey will stabilise around 18 dlrs, although there is a little\nturbulence ...\"\n \"Of course the spot price will fluctuate, but the official\nprice will remain at 18 dlrs,\" he added.\n REUTER\n\u0003", "date": "13-MAR-1987 04:49:41.18", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "indonesia" ], "id": "4662" }, { "title": "ALUSUISSE PLANS 50 PCT CAPITAL CUT", "body": "Schweizerische Aluminium AG ,\nAlusuisse, plans to reduce share and participation certificate\ncapital by 50 pct to cover losses in 1986 and those carried\nforward from the previous year, chief executive Hans Jucker\nsaid.\n Jucker told a news conference that the greatest drain on\nits financial resources had been stopped, but after\nextraordinary charges the net loss of 688 mln francs in 1986\nwas only slightly under the 756 mln loss of the previous year.\n The losses in 1986 and those carried over from 1985 made it\nnecessary to reduce capital by 50 pct, he said.\n However, Jucker said the company improved liquidity through\na recovery in cash flow and conversion of 300 mln Swiss francs\nof credit into a subordinated loan.\n REUTER\n\u0003", "date": "13-MAR-1987 04:51:30.39", "places": [ "switzerland" ], "id": "4663" }, { "title": "OPEC DEFENDING 18 DLR PRICE, SUBROTO SAYS", "body": "Indonesian Energy Minister Subroto said\nOPEC is deliberately under its production ceiling of 15.8 mln\nbarrels to defend its 18 dlr a barrel price target.\n He told reporters at an energy conference in Jakarta that\nOPEC had decided to maintain its price level of 18 dlrs.\n \"We are deliberately defending the price, so OPEC production\nis less than 15.8 (mln) at the moment,\" he stated.\n Asked if OPEC would increase production if prices went\nabove 18 dlrs a barrel, he said this would be decided at the\nnext OPEC meeting in June. \"We will discuss the market situation\nthen,\" he added.\n He said a meeting of the OPEC Differentials Committee had\nbeen postponed because \"there is no need for the meeting.\"\n He did not elaborate. The committee had originally been due\nto meet in Vienna this week.\n REUTER\n\u0003", "date": "13-MAR-1987 04:52:09.23", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "indonesia" ], "id": "4664" }, { "title": "JAPAN REJECTS U.S. OBJECTIONS TO FAIRCHILD SALE", "body": "A Foreign Ministry official dismissed\narguments made by senior U.S. Government officials seeking to\nblock the sale of a U.S. Microchip maker to a Japanese firm.\n \"They appear to be linking completely unrelated issues,\"\nShuichi Takemoto of the Foreign Ministry's North American\nDivision told Reuters.\n U.S. Commerce Secretary Malcolm Baldrige has asked the\nWhite House to consider blocking the sale of to Japan's Fujitsu Ltd , U.S.\nOfficials said yesterday.\n Baldrige expressed concern that the sale would leave the\nU.S. Military dependent on a foreign company for vital high\ntechnology equipment. Pentagon officials said Defence Secretary\nCaspar Weinberger also opposes to the sale.\n U.S. Officials have also said the sale would give Fujitsu a\npowerful role in the U.S. Market for supercomputers while\nJapan's supercomputer market remains closed to U.S. Sales.\n Takemoto said national security should not be an issue\nsince the planned purchase of Fairchild from its current owner,\nSchlumberger Ltd , does not include Fairchild's main\ndefence-related division.\n In addition, Takemoto said tension over the supercomputer\ntrade should not affect the sale as Fairchild does not make\nsupercomputers.\n Analysts noted that Fairchild does make sophisticated\nmicrochips used in supercomputers. Fujitsu makes similar chips\nand supplies them to U.S. Supercomputer makers, they said.\n Takemoto also dismissed U.S. Fears that the proposed\ntakeover would violate U.S. Antitrust law, saying \"the purchase\nwould not result in Fujitsu monopolising the U.S. Semiconductor\nmarket.\"\n Two separate issues appear to have come together to boost\npressure to block the purchase, industry analysts said.\n The move is in part an attempt to force Japan to open its\ndomestic market to more U.S. Supercomputer sales, they said.\n U.S. Officials have repeatedly charged that the Japanese\npublic sector is closed to U.S. Supercomputer sales despite\nU.S. Firms' technological lead in the field.\n \"The United States believes Japan will only react when\nbullied, and this is a bullying ploy,\" Salomon Brothers Asia\nanalyst Carole Ryavec said.\n However, the analysts said more is at stake than\nsupercomputer sales as the U.S. Fears it is losing its vital\nsemiconductor industry to Japanese competitors.\n \"The real issue is xenophobia in (the U.S.) Silicon Valley,\"\nsaid Tom Murtha of brokerage James Capel and Co.\n U.S.-Japanese tension over the semiconductor trade has\nfailed to subside despite recent efforts by Japan's Ministry of\nInternational Trade and Industry (MITI) to get Japanese firms\nto abide by a bilateral pact aimed at halting predatory pricing\nand opening Japan's market.\n A MITI official said that while Japan is faithfully abiding\nby the agreement, problems remain in halting the sale of\nmicrochips in Europe and Southeast Asia at prices below those\nset by the pact.\n \"It is only a matter of time before we solve this problem,\"\nhe told Reuters.\n Despite the furore, Fujitsu will proceed with talks on the\nacquisition in line with the basic agreement reached with\nSchlumberger last year, a Fujitsu spokeswoman told Reuters.\n REUTER\n\u0003", "date": "13-MAR-1987 04:58:21.76", "topics": [ "acq" ], "places": [ "usa", "japan" ], "id": "4665" }, { "title": "BANK OF ENGLAND OFFERS EARLY HELP TO MONEY MARKET", "body": "The Bank of England said it invited an\nearly round of bill offers to help ease tight conditions in the\nmoney market.\n The bank estimated today's liquidity shortage at about 1.10\nbillion stg.\n Bills maturing in official hands and the treasury bill\ntake-up would drain 1.21 billion stg from the system while a\nrise in the note circulation and below target bankers' balances\nwould take out 265 mln and 180 mln respectively, the bank said.\n Against this, exchequer transactions would add a net 535\nmln stg.\n REUTER\n\u0003", "date": "13-MAR-1987 05:02:16.14", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "4666" }, { "title": "OKB ISSUES 100 MLN CANADIAN DLR BOND", "body": "Oesterreichishce Kontrollbank AG is\nissuing a 100 mln Canadian dlr eurobond due March 20, 1997 at\nnine pct and priced at 101-7/8 pct, Morgan Guaranty Ltd said as\njoint book-runner with LTCB International.\n The bond is available in denominations of 1,000 and 10,000\ndlrs and will be listed in Luxembourg.\n Fees comprised 1-1/4 pct selling concession with 3/4 pct\nfor management and underwriting combined.\n REUTER\n\u0003", "date": "13-MAR-1987 05:02:39.58", "places": [ "uk" ], "id": "4667" }, { "title": "REAGAN DID NOT RECALL APPROVING ARMS DEAL, COUNSEL", "body": "President Reagan's legal adviser said\nthe President could not recall when he approved a 1985 arms\nsale to Iran, the New York Times reported.\n \"We were trying to stimulate his (Reagan's) recollection and\nhe had no recollection, although he remembered being surprised\nabout something,\" Peter Wallison, who is resigning, was quoted\nas saying in an interview.\n \"That led us to expect that he would not be able to recall\n(the date) when he appeared before the Tower board,\" Wallison\nsaid, referring to the question of whether Reagan gave prior\napproval to an Israeli shipment of U.S. Arms to Iran.\n Wallison said John Poindexter, then head of the National\nSecurity Council (NSC), kept him from probing the scandal for\nweeks after it was first made public last November, the Times\nreported.\n Wallison told the newspaper that Poindexter, who resigned\nfrom his NSC post last November 25, refused to give him\ninformation about the deal, despite pleas by former White House\nChief of Staff Donald Regan.\n \"Regan told me on several occasions that he had been unable\nto move Poindexter to include me in any of the discussions or\nto provide me with ... The facts,\" he said.\n REUTER\n\u0003", "date": "13-MAR-1987 05:04:26.10", "places": [ "usa", "iran" ], "id": "4668" }, { "title": "CBS ISSUES 400 MLN DLRS IN CONVERTIBLE DEBT", "body": "CBS Inc is issuing 400 mln dlrs\nof convertible debt due April 7, 2002 with a coupon of five pct\nand priced at par, said Morgan Stanley Ltd as lead manager.\n The securities are convertible into shares of CBS at a\nprice of 200 dlrs per share, which represents a premium of 26.2\npct over the company's closing stock price yesterday of 158.50\ndlrs on the New York Stock Exchange.\n The issue is callable in the first three years only if the\nstock prices rises abouve 130 pct of the conversion level.\nThere is a 1-1/2 pct selling concession and a one pct combined\nmanagement and underwriting fee.\n REUTER\n\u0003", "date": "13-MAR-1987 05:06:09.00", "places": [ "uk" ], "id": "4669" }, { "title": "NAKASONE REFUSES TO DROP SALES TAX", "body": "Japan's Prime Minister Yasuhiro Nakasone\nhas refused to drop a proposed sales tax as debate on a draft\nbudget for 1987 resumed after a nine-day opposition boycott.\n \"I have no plan to withdraw the sales tax as I think it is\nthe best policy (for Japan),\" Nakasone told the budget committee\nof the lower house of parliament.\n Kyodo News Agency said a small group of members of\nNakasone's ruling Liberal Democratic Party filed a complaint\nwith their local headquarters calling for his expulsion from\nthe party on the grounds he broke a campaign pledge by\nintroducing the sales tax.\n Nakasone admitted the tax was a major factor in an upper\nhouse by-election defeat for his party on Sunday.\n The election was the first national-level poll since\nNakasone presented his plan for overhauling Japan's tax system,\nwhich has remained unaltered for the past 36 years.\n The sales tax and the planned abolition of the tax-free\nsaving system are designed to offset proposed income and\ncorporate tax cuts.\n REUTER\n\u0003", "date": "13-MAR-1987 05:06:58.84", "places": [ "japan" ], "id": "4670" }, { "title": "BRITISH WHEAT AREA DOWN, MINISTRY CENSUS SHOWS", "body": "A total of 1.886 mln hectares was sown\nto wheat in Britain, excluding Northern Ireland, up to December\n1, 1986 for the 1987 crop, a Ministry of Agriculture census\nshows.\n It compares with 1.925 mln planted in the same period 1985.\n The barley area was unchanged at 952,000 ha, but oilseed\nrape increased to 393,000 from 333,000 ha.\n REUTER\n\u0003", "date": "13-MAR-1987 05:08:48.63", "topics": [ "grain", "wheat" ], "places": [ "uk" ], "id": "4671" }, { "title": "BELGIAN GOVERNMENT REACHES BUDGETARY ACCORD", "body": "Senior Belgian cabinet ministers\nreached an agreement on budgetary economies, which will allow\nthe net budgetary financing requirement to remain within\npreviously set limits, the government said in a statement.\n The statement, issued as ministers ended a marathon meeting\nin the early hours of this morning, did not give further\ndetails.\n However, Budget Minister Guy Verhofstadt said before the\nmeeting he was seeking economies of at least 21.2 billion\nfrancs in order to keep the financing requirement at 418\nbillion francs this year, or eight pct of Gross National\nProduct.\n The government set this figure as its target for the\nfinancing requirement last year when it announced a program of\ncuts designed to reduce spending by 195 billion francs in 1987.\n However, Verhofstadt had claimed that subsequent\ndevelopments had meant that unless further cuts were found, the\nfinancing requirement would be considerably higher.\n Last year, Belgium had a financing requirement of 561\nbillion francs, or 11.0 pct of GNP.\n A government spokeswoman said the accord would be\nconsidered by the full cabinet later today, and Prime Minister\nWilfried Martens would announce it to Parliament on Monday.\n She said no details would be made public before then.\n REUTER\n\u0003", "date": "13-MAR-1987 05:10:17.59", "places": [ "belgium" ], "id": "4672" }, { "title": "INDIA'S FIRST EVER RAIL BOND ISSUE OVERSUBSCRIBED", "body": "State-owned Indian Railway Finance\nCorporation's first ever bond issue has been oversubscribed by\n3.5 to 6.0 billion rupees, brokers said.\n The 2.5 billion rupee issue consisted of 10-year maturity\nbonds of 1,000 rupees each, earning 10 pct tax free interest.\nThey were listed for subscription on major stock exchanges from\nMarch 2 to March 7.\n The Corporation has sought Finance Ministry permission to\nretain the entire oversubscribed amount, brokers said. \"The\ncollection of such a large amount within just one working week\nis a record for the Indian capital market,\" one broker said.\n REUTER\n\u0003", "date": "13-MAR-1987 05:12:44.62", "places": [ "india" ], "id": "4673" }, { "title": "TAX REVENUES BOOST U.K. BUDGET OPTIONS", "body": "A mix of electoral boldness and fiscal\ncaution is expected from Chancellor of the Exchequer Nigel\nLawson next week when he unveils his budget for fiscal 1987/88.\n Exceptionally robust tax revenues have given Lawson very\nfavourable budget options with which to please voters, industry\nand financial markets alike.\n The budget will Lawson's fourth, and probably the last from\nthe Conservative government before the next general election,\npolitical analysts say.\n Analysts said the major budget question is how Lawson will\nbalance expected tax cuts with lower public borrowing, and\nallow for fresh falls in U.K. Interest rates.\n They said a boost given to the economy by consumer spending\nhas helped reduce the Public Sector Borrowing Requirement\n(PSBR) for financial 1986/87 from an originally targetted 7.1\nbillion stg, despite big rises in government spending.\n Economists say Lawson may have up to five billion stg to\nsplit between income tax cuts and other electoral \"sweeteners,\"\nhigher spending and a drop in borrowing, while still meeting\nhis earlier 1987/88 PSBR target of 7.0 billion stg.\n The decision facing Lawson is how best to use that\nso-called \"fiscal adjustement\" to maximise the government's\nall-round popularity ahead of the next general election.\n Economist Ian Harwood of Warburg Securities said Lawson's\nbudget must strike a balance between tax cuts aimed at home\nconsumption and lower public borrowing for attracting support\nfrom overseas investors.\n Peter Fellner of James Capel and Co said \"a budget which\nconcentrates on tax cuts for the consumer will be a budget for\nan early election.\"\n Prime Minister Margaret Thatcher must call a poll before\nJune, 1988. But anticipation of a summer or autumn 1987 ballot\nhas risen as the opposition Labour Party has slipped in voter\nsurveys. Forecasts that the economy may deteriorate later this\nyear add to arguments for an early poll, analysts say.\n The Conservatives have pledged to cut the basic rate of\ntaxation in the U.K. From the current 29 pct level to 25 pct.\n While confirming that aim, Prime Minister Margaret Thatcher\nlast month seemed to dash speculation that that would happen in\nthe near future. She said in a television interview that it\nwould happen \"Eventually. But I think it will be eventually.\"\n Most market analysts now expect a two-pence reduction in\nthe basic rate of taxation and a lowering in of the top rate of\nincome tax from 60 pct.\n A one billion stg cut in the 1987/88 PSBR - to six billion\nstg - is considered the minimum needed for reassuring financial\nmarkets, they add.\n The Treasury's inflow of tax receipts has far surpassed\nthat previously envisaged, economists say. Lawson as recently\nas December 17 said that \"I very much doubt whether there will\nbe much scope for reductions in taxation in next year's budget.\"\n The Conservative government is eager to get the basic rate\nof tax down to 25 pct as soon as possible, since every pound\noff the tax base would make the opposition Labour Party's\nspending plans look more painful to the electorate, analysts\nsay.\n The direct revenue effect of a one penny change in the\nbasic rate of income tax would be about 1.1 billion stg in\n1987/88 and 1.45 billion stg in 1988/89, Treasury figures show.\n Lawson's budget speech to Parliament on Tuesday starts at\n1530 GMT, and is sure to echo the government's distinct tone of\noptimism, analysts say.\n The tax measures which Lawson is expected to announce will\nbe based firmly on a positive assessment of past economic\nachievements and confidence for the future, they add.\n But even if he does cut his planned PSBR for 1987/88 by\nbetween one and 1.5 billion stg, as most economists predict,\nLawson is still likely to find himself announcing a higher PSBR\nthan the outturn for this financial year.^M\n That could leave him with a presentation problem,\neconomists say.\n A lower PSBR would raise financial confidence by reassuring\nmarkets that the borrowing burden imposed by the government\nwould stay low even if certain key aspects of the budget's\narithmetic seem over-optimistic, economists say\n Lawson is slated to reaffirm the government's goals, as set\nout in its Medium Term Financial Strategy (MTFS), of reducing\ninflation and raising economic growth.\n Regarding monetary targets, some analysts expect him to\ndrop the wayward broad money aggregate, sterling M-3, while\nretaining the tamer M0 narrow measure. Few foresee any other\nmonetary aggregate being chosen by Lawson for formal targeting.\n Analysts were surprised this week when the government\nsanctioned a half percentage point cut in interest rates, in an\nattempt to cool down sterling and the gilts market. Analysts\nhad expected the authorities to wait until after the budget.\n Further declines in bank base lending rates are anticipated\nafter the budget. Many analysts foresee them falling by as much\nas a full percentage point from the current 10.5 pct level.\n The main electoral attraction of reducing interest rates is\nto cut mortgage borrowing costs, and thus reduce inflation,\nanalysts say. Each one percentage point cut in the mortgage\nrate reduces retail prices by 0.4 pct, government figures show.\n REUTER\n\u0003", "date": "13-MAR-1987 05:13:44.43", "places": [ "uk" ], "id": "4674" }, { "title": "Miyazawa says current dollar/yen rate not necessarily satisfactory\n", "date": "13-MAR-1987 05:15:51.05", "topics": [ "money-fx", "dlr", "yen" ], "id": "4675" }, { "title": "JAPAN TO WIDEN PARTICIPATION IN TELECOM SERVICES", "body": "Japan agreed in talks with the U.S. To\namend its laws to allow more companies to engage in\ninternational value-added network telecommunications services,\na Post and Telecommunications Ministry official said.\n Such services make communications between otherwise\nincompatible computers possible over telecommunications lines.\n The official said firms registering as \"Special Type Two\nTelecommunications Firms,\" which are those leasing lines from\ncommon carriers, will be permitted to re-lease the lines to\nusers and provide international services.\n Steps will also be taken to assure fairness in negotiations\nbetween common carriers and firms seeking to lease lines, the\nofficial said.\n Since December, 10 companies have registered as Special\nType Two firms, including two which have American Telephone and\nTelegraph Co or McDonnell Douglas Corp as major\nshareholders, the official said.\n Currently only and are allowed to operate\ninternational telecommunications services.\n REUTER\n\u0003", "date": "13-MAR-1987 05:16:38.71", "places": [ "japan", "usa" ], "id": "4676" }, { "title": "NORDBANKEN POSTPONES PLANNED AUCTION OF FERMENTA SHARES", "body": "Sweden's Nordbanken banking group\n\nsaid it would postpone indefinitely its planned auction on\nMonday of 4.2 mln B free shares deposited as loan collateral by\nFermenta's founder and former chief executive Reefat\nel-Sayed.\n A statement cited Fermenta's financial position as the main\nreason for delay. The company's 1986 deficit had earlier been\nestimated at 136 mln crowns, but that was revised at an\nextraordinary shareholders meeting last Monday to half a\nbillion crowns. The company said at the meeting a planned new\nshare issue would not be launched but that another, estimated\nto raise 580 mln crowns, was scheduled for April.\n Nordbanken said the auction was the natural result of a\ndebtor's inability to repay an overdue loan. Although it\nexpected to buy the shares back itself, it did not exclude\naccepting a suitable bid for them.\n Nordbanken loaned 200 mln crowns to Reefat el-Sayed\nprivately and is Fermenta's largest creditor with loans of l55\nmln crowns.\n It was one of the four Swedish banks which last month\nagreed to advance Fermenta 110 mln crowns to solve its\nimmediate liquidity problems.\n REUTER\n\u0003", "date": "13-MAR-1987 05:18:46.79", "places": [ "sweden" ], "id": "4677" }, { "title": "KAMPUCHEA SAYS RICE CROP IN 1986 INCREASED", "body": "Kampuchea harvested more than two mln\ntonnes of rice paddy in 1986, up on the crops of the previous\ntwo years, the official SPK news agency said yesterday.\n Diplomats said estimates put the 1985 harvest at less than\none mln tonnes, slightly up on 800,000 in 1984.\n SPK said Kampuchea planned to expand planting from 1.5 mln\nto 1.93 mln hectares and boost rice paddy output to 2.5 mln\ntonnes this calendar year.\n Two mln tonnes of paddy would produce some 1.3 mln tonnes\nof milled rice, above the 1.25 mln tonnes Kampuchea says is the\nminimum its 7.5 mln people need.\n REUTER\n\u0003", "date": "13-MAR-1987 05:21:20.77", "topics": [ "grain", "rice" ], "places": [ "thailand", "kampuchea" ], "id": "4678" }, { "title": "CHINA TRYING TO INCREASE COTTON OUTPUT, PAPER SAYS", "body": "China's 1987 cotton output must rise\nabove the 1986 level of 3.54 mln tonnes or supply will fall\nshort of increasing demand, the China Daily said.\n Demand in 1986 rose 10.9 pct over 1985.\n Output in 1986 fell from 4.15 mln tonnes in 1985 and a\nrecord 6.2 mln in 1984, official figures show. The China Daily\nattributed the decline to several factors, including less\nfavorable weather conditions and new state measures to restrict\ncotton production after the 1984 build-up of stocks.\n According to Customs figures, cotton exports rose to\n558,089 tonnes in calendar 1986 from 347,026 in 1985.\n To increase output quickly, the state will raise by 10 pct\nthe price it pays for cotton produced above and beyond quota\nlevels, the newspaper said. Its official purchasing agencies\nwill buy cotton produced in excess of that originally\ncontracted for, it added.\n The China Daily said all cotton growing areas in south\nChina should be maintained, and growing in the north should be\nconcentrated in Hebei, Shandong, Henan and Xinjiang.\n It called for comprehensive planning to coordinate\nproduction of cotton with that of grain, edible oil and other\ncrops, but gave no more details.\n REUTER\n\u0003", "date": "13-MAR-1987 05:22:31.01", "topics": [ "cotton" ], "places": [ "china" ], "id": "4679" }, { "title": "MIYAZAWA SAYS PRESENT YEN NOT NECESSARILY IDEAL", "body": "Finance Minister Kiichi Miyazawa told a\nparliamentary session the current dollar/yen exchange rate is\nnot necessarily satisfactory for the Japanese economy.\n Miyazawa said the Paris currency accord among six major\nindustrial nations last month does not necessarily mean the yen\nshould stay stable around current levels in the future.\n The Paris agreement was aimed at stopping a further rapid\nfluctuation of exchange rates, he said.\n The accord stipulated that current rates reflect\nfundamentals of the six nations - Britain, Canada, France,\nJapan, the U.S. And West Germany.\n REUTER\n\u0003", "date": "13-MAR-1987 05:25:49.87", "topics": [ "money-fx", "yen" ], "places": [ "japan" ], "id": "4680" }, { "title": "INDIA TOOK THREE CARGOES OF RBD OLEIN AT TENDER", "body": "The Indian State Trading Corporation\n(STC) bought three cargoes of rbd palm olein at its vegetable\noil import tender yesterday, traders said. Late yesterday the\nmarket was reporting it had bought one to two cargoes.\n The business comprised two 6,000 tonne cargoes for March\n15/April 15 shipments at 355 dlrs per tonne cif, and 6,000\ntonnes for May at 358 dlrs. The first two cargoes were on a\ncash basis and the May position was transacted on a 30 pct\ncounter-trade basis, traders said.\n REUTER\n\u0003", "date": "13-MAR-1987 05:25:59.96", "topics": [ "veg-oil", "palm-oil" ], "places": [ "india", "uk" ], "id": "4681" }, { "title": "U.K. MONEY MARKET GIVEN 478 MLN STG EARLY HELP", "body": "The Bank of England said it provided the\nmarket with 478 mln stg of early assistance to help ease a\nliquidity shortage it estimated at 1.10 billion stg.\n It made outright purchases of seven mln stg of band one\nbank bills at 10-3/8 pct and 30 mln stg of band two bank bills\nat 10-5/16 pct.\n In addition, it bought 294 mln stg of paper for resale to\nthe market on March 30 and 147 mln stg for resale on April 8,\nin both cases at an interest rate of 10-7/16 pct.\n REUTER\n\u0003", "date": "13-MAR-1987 05:29:56.72", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "4682" }, { "title": "METAL BOX ISSUES 60 MLN STG CONVERTIBLE BONDS", "body": "Metal Box Plc is issuing 60 mln\nstg of convertible eurobonds due April 28, 2002 with an\nindicated coupon of 5-3/4 pct to six pct and priced at par,\nSwiss Bank Corp International Ltd said as lead manager. The\nconversion premium will be five to 10 pct and the price will be\nfixed on or before March 18.\n The bonds will be callable at 106 after five months and\nuntil April 28, 1988 and thereafter at prices declining by one\npct per annum until 1993 but only if the share price is 130 pct\nof the conversion price. The bonds will be listed in London and\nwill be issued in denominations of 1,000 stg.\n Fees for the issue total 2-1/2 pct, comprising 1-1/2 pct\nfor selling and 1/2 pct each for management and underwriting.\nThere is a 1/4 pct praecipuum. Pay date is April 28.\n REUTER\n\u0003", "date": "13-MAR-1987 05:36:29.35", "places": [ "uk" ], "id": "4683" }, { "title": "ELDERS HALVES NOTE FACILITY AMOUNT, AMENDS TERMS", "body": "The proposed note issuance facility\nfor Elders IXL Ltd has been reduced to 100 mln Australian dlrs\nfrom the original 200 mln dlrs, lead manager Westpac Finance\nAsia Ltd said.\n Terms of the facility have also been amended. It will still\nbe half underwritten and half uncommitted, but the underwriting\nmargin has been raised to 10 basis points over the Australian\ndollar bank bill rate.\n The margin was originally set at 6.25 basis points over\nbank bill rate for up to 50 mln dlrs and at 2.5 basis points\nfor the remaining 50 mln dlrs.\n There is a 10 basis point utilisation fee if the\nunderwriters are required to pick up more than 67 pct of the\npaper issued, and a five basis point fee if they are to pick up\n34-67 pct of the paper. No utilisation fee will be charged if\nthey are to pick up less than 33 pct.\n Underwriting fee is 1/8 pct.\n Under the facility, notes in denominations of 500,000 dlrs\nwill be issued with maturities ranging from one to six months.\n Syndication deadline has been extended to March 20 from\ntoday to allow banks more time to consider the facility.\n REUTER\n\u0003", "date": "13-MAR-1987 05:40:09.71", "places": [ "hong-kong" ], "id": "4684" }, { "title": "JAPAN BROKERS SEEK 10 YEAR GOVERNMENT BOND AUCTION", "body": "Japanese securities houses have asked the\nFinance Ministry again to consider introducing auctions of\n10-year government bonds, securities sources said.\n Finance Ministry officials declined comment but said the\nMinistry has been aware of growing calls from securities houses\nfor 10-year bond auctions.\n Japanese securities houses also may allow foreign brokers\nto underwrite more 10-year bonds from April. Four U.S. Banks\nare expected to receive Finance Ministry approval in late April\nto operate securities subsidiaries in Japan as long as they\nhold no more than 50 pct of the capital, bankers said.\n These firms are likely to join the syndicate, which will\nincrease the number of participants in the 10-year government\nbond primary market, securities managers said.\n Each of the 17 current foreign securities houses in the\nsyndicate underwrites 0.07 pct of each issue, they said.\n In order to expand participation by foreigners, the\nsyndicate must either expand the securities industry's 26 pct\nshare or introduce auctions to the primary market, they said.\n Local brokers have requested the head of the syndicate, now\nFuji Bank Ltd, to increase their share to 30.7 pct but banks\noppose any cut in their 74 pct share, bankers said.\n REUTER\n\u0003", "date": "13-MAR-1987 05:49:46.65", "places": [ "japan" ], "id": "4685" }, { "title": "JAPAN PERSONAL SAVINGS SOAR IN 1986", "body": "Japanese personal savings grew 10.3 pct\nin 1986 from 1985 helped by a sharp increase in stock\ninvestments by individuals, the Bank of Japan said.\n Outstanding savings on December 31, 1986 totalled 545,303\nbillion yen. Funds in investment trusts alone totalled 21,918\nbillion yen, up 37.4 pct from a year earlier.\n The outstanding balance also included deposits at banks and\npost offices, up 7.4 pct to 337,867 billion yen, savings in the\nform of insurance, up 18.6 pct to 111,431 billion, corporate\nbond investments, up 7.8 pct to 46,867 billion, and investments\nin trust banks, up 4.1 pct to 27,220 billion.\n REUTER\n\u0003", "date": "13-MAR-1987 05:54:52.56", "topics": [ "money-supply" ], "places": [ "japan" ], "id": "4686" }, { "title": "ALUSUISSE SHARES SUSPENDED ON CAPITAL CUT NEWS", "body": "Trading in shares of Schweizerische\nAluminium AG, Alusuisse, was suspended on the Zurich\nstock exchange after today's announcement by the company that\nit would cut its share capital by 50 pct, the bourse said.\n The bourse said trading would resume again on Monday.\n Alusuisse bearer shares closed at 490 francs yesterday,\nregistered shares at 170 francs and the participation\ncertificates at 45.50.\n REUTER\n\u0003", "date": "13-MAR-1987 05:59:01.53", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "4687" }, { "title": "NEW ZEALAND LAUNCHES 100 MLN STG EUROBOND", "body": "New Zealand is launching a 100 mln stg\neurobond due April 9, 1995, priced at 100-1/4 with a 9-5/8 pct\ncoupon, lead manager Warburg Securities said.\n Fees are 3/8 pct each for management and underwriting and\n1-1/4 pct for selling. Payment date is April 9 and listing will\nbe in London. The bonds will be sold in denominations of 1,000\nand 10,000 dlrs.\n REUTER\n\u0003", "date": "13-MAR-1987 06:03:43.62", "places": [ "uk", "new-zealand" ], "id": "4688" }, { "title": "PETROBRAS CANCELS OIL PURCHASE FROM SAUDI ARABIA", "body": "Brazil's state oil company\nPetrobras has cancelled a 40 mln dlr crude oil purchase from\nSaudi Arabia after the Saudis refused to accept credit\nguarantees from the Bank of Brazil and did not disclose\nreasons, a Petrobras official said.\n Export director Carlos Santana told reporters the Saudis\nwere the first suppliers of oil to impose such conditions after\nBrazil's decision to halt interest payment of its commercial\ndebts last month. The shipment of 2.2 mln barrels represents\ntwo days of consumption.\n He said the Saudis reported they would no longer accept\nletters of credit from the Bank of Brazil or even from Saudi\nbanks and that Brazil would have to obtain credit guarantees\nfrom leading international banks.\n In February, Brazil had contracted to buy 125,000 bpd from\nthe Saudis until June. Saudi Arabia is Brazil's second biggest\noil supplier, with an average 115,000 bpd. Iraq is the main\nsupplier with 235,000 bpd. China comes third, with 58,000 bpd.\n \"If the Saudis wish to stop our trade relationship...I am\nsure that if they do, we will be getting dozens of offers from\nelsewhere,\" Santana added.\n Santana said if the Saudis change their minds and decide to\nrespect the terms of the contract, then Petrobras will lift the\norder to cancel the shipment.\n The Saudis had put similar conditions on a previous\nshipment, he added. \"We telexed them saying that if they\ninsisted, we would rather cancel the contract and buy the\nproduct elsewhere,\" Santana said.\n After Petrobras threatened to cancel the contract, the\nSaudis changed their minds and decided to accept the Bank of\nBrazil's credit guarantees, he said.\n REUTER\n\u0003", "date": "13-MAR-1987 06:04:14.75", "topics": [ "crude" ], "places": [ "brazil", "saudi-arabia" ], "id": "4689" }, { "title": "MANNESMANN CONSIDERING MAJORITY STAKE IN FICHTEL", "body": "A Mannesmann AG spokesman\nsaid the company has lodged an application with the Federal\nCartel Office for approval of a possible majority stake in car\nparts company .\n He described the application as a precautionary move and\nsaid no agreement on buying a majority stake had yet been\nreached. Until now Mannesmann has said only that it wanted to\nbuy a 37.5 pct stake in Fichtel from the heirs of Ernst Wilhelm\nSachs, the grandson of the firm's founder.\n The spokesman declined to say from whom it may buy the\nother shares to create a majority stake in the firm.\n Fichtel's other principal shareholders are Commerzbank AG\n, with 35.01 pct, and Salzgitter AG , with\n24.98 pct. Spokesmen declined to comment directly on the\npossibility of selling Fichtel shares to Mannesmann.\n Mannesmann said in January it hoped to take a 37.5 pct\nstake in Fichtel's holding company Sachs AG in the first\nquarter.\n Last week a spokesman said Mannesmann had a letter of\nintent on the 37.5 pct stake but completion was being delayed\nby legal questions surrounding the inheritance.\n REUTER\n\u0003", "date": "13-MAR-1987 06:05:03.48", "topics": [ "acq" ], "places": [ "west-germany" ], "id": "4690" }, { "title": "SCHWEIZERHALLE FIRE HIT SANDOZ 1986 PROFITS", "body": "Sandoz AG would\nhave reported a percentage rise in net profits \"close to double\nfigures\" rather than the actual two pct had it not been for\nNovember's warehouse fire, a senior company official said.\n The official, who declined to be identified, told Reuters\nSandoz had made a substantial addition to reserves to cope with\nthe consequences of the accident at Schweizerhalle, which\ncaused severe pollution of the Rhine.\n Sandoz today reported without comment a rise in net profits\nto 541 mln francs from the previous 529 mln and a five pct\nincrease in dividend to 105 francs per 250 franc nominal share.\n This year began well, with the performance in January and\nFebruary at least equal to the same period last year, the\nofficial said.\n The company is expected to give fuller details of its\nresults at a news conference on April 22.\n Sandoz has insisted that it is adequately insured to cover\nany liability arising from the accident.\n The official said the addition to reserves was to cover the\n\"one pct\" of claims somehow not covered and any voluntary\ngestures it wanted to compensate for the effects of pollution\nfrom the fire.\n Sandoz has not given any figure for claims, which have been\nflowing in from Switzerland and other countries bordering the\nRhine since the accident.\n However, the official said the final figure would be \"much\nless than that cited in earlier comments.\" He gave no further\ndetails.\n In line with fellow chemical giant Ciba-Geigy ,\nwhich reported last month, Sandoz profit and turnover were also\nhit by the falling dollar, the official said.\n Sales in local currency terms were up by 14 pct, with\nmarket share increases in the United States and Japan. But this\nwas more than offset by a 15 pct negative foreign exchange\neffect, which produced the reported one pct drop in turnover to\n8.36 billion francs,the Sandoz official said.\n Net profit at Ciba-Geigy dropped by 21 pct to 1.16 billion\nfrancs, while sales fell by 12 pct to 15.95 billion francs.\n The third major Swiss chemical company, F. Hoffmann-La\nRoche and Co has not yet reported its results.\n REUTER\n\u0003", "date": "13-MAR-1987 06:14:34.10", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "4691" }, { "title": "ALUSUISSE SEES POSSIBLE BREAK-EVEN IN 1987", "body": "Schweizerische Aluminimum AG \n(Alusuisse) may be able to break even this year after cleansing\nits balance sheet for 1986, chief executive Hans Jucker said.\n \"The threshold of profitability has returned to the\nforeseeable future,\" he said. \"We expect already in 1987\napproximately to break even. That presupposes, however, that\nour industrial environment does not worsen.\"\n He said Alusuisse would no longer face the burden of past\nlosses.\n Alusuisse made a net loss of 688 mln Swiss francs in 1986\nafter a restated 756 mln loss in 1985.\n Gross sales were 5.93 billion francs after 8.51 billion and\nnet turnover 5.65 billion after 8.00 billion.\n Alusuisse had originally reported a 692 mln francs loss for\n1985.\n But Jucker and Finance Director Hermann Haerri told a news\nconference the new management installed a year ago had decided\nto restate the previous five years' accounts to eliminate\nrights on Australian bauxite previously in the books as an\nasset.\n Together with other one-off charges, Alusuisse took an\ngross extraordinary charge in 1986 of 698 mln francs, up from\n472 mln in 1985.\n It also had 106 mln extraordinary income in 1986 remaining,\nafter provisions, from the sale of its Maremont Corp subsidiary\nin the United States. There were no extraordinary gains in\n1985.\n Jucker said the losses, plus those carried forward from\n1985, had wiped out the company's remaining reserves and\nexceeded legally allowed levels, forcing Alusuisse to adopt a\n50 pct capital cut, to be approved by shareholders on April 22.\n Jucker said he knew shareholders would find this \"radical\nelimination of the mortgages of the past\" painful, but said the\nfoundation had been laid for a successful new company strategy.\n Haerri said despite the losses, the company's liquidity was\nstrong. Bank debt had been cut by about one-third to 2.56\nbillion francs against the end-1985 level of 3.85 billion.\n Cash flow improved substantially to 323 mln francs from 111\nmln and represented 5.7 pct of turnover against a mere 1.4 pct\nin 1985.\n In addition, to reassure other creditors, Alusuisse had\narranged with three major Swiss banks -- Union Bank of\nSwitzerland , Swiss Bank Corp and Credit\nSuisse , to convert 300 mln francs of credits into a\nsubordinated loan.\n The main sources of losses in 1986 were book losses and not\ncash losses, Haerri said. Existing credit lines were used only\nto a small extent, and the parent company had been granted a\nnew credit line of 200 mln francs from a consortium of Swiss\nbanks that would cover most of the loans falling due in 1987.\n Haerri said the company had been criticized for maintaining\nbauxite rights as an asset, and so had restated the accounts.\n That left the 1985 account with a 756 mln franc loss\ninstead of 692 mln, 1984 with a 68 mln profit instead of 169\nmln, 1983 with a 217 mln loss instead of 82 mln and 1982 with a\n479 mln loss instead of 179 mln.\n The new accounts show 1985 with shareholders' equity of\n1.15 billion francs instead of 1.75 billion, and similar\nalternations were made for previous years.\n After 1986 losses, shareholder's equity stood at only 895\nmln francs.\n REUTER\n\u0003", "date": "13-MAR-1987 06:24:01.06", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "4692" }, { "title": "DUTCH CHEMICAL GROUP LAUNCHES DUAL CURRENCY BOND", "body": "Dutch state-owned chemical group N.V.\nDSM is launching a 150 mln guilder dual currency bond with a\n7-1/4 pct coupon due 1992 and priced at par, lead manager\nAlgemene Bank Nederland N.V. Said.\n Interest will be paid in guilders and each 1,000-guilder\nbond will be redeemed in 313.00 sterling on April 15, 1992.\n Subscription closes Friday March 20, payment date is April\n15, listing will be on the Amsterdam stock exchange.\n Co-leads are Bank Mees en Hope, AMRO Bank and Citicorp\nInvestment Bank (Netherlands). The management group consists of\nRABO, NMB, CLN Oyens en van Eeghen and F van Lanschot Bankiers.\n REUTER\n\u0003", "date": "13-MAR-1987 06:24:41.86", "places": [ "netherlands" ], "id": "4693" }, { "title": " FRANCE EXPECTS TO SIGN DISNEYLAND CONTRACT BY NEXT MONTH", "body": "The French government and Walt Disney Co\n expect to sign a contract for Europe's first\nDisneyland amusement park before the end of next month, a\nsenior French official said today.\n The complex, to be built 20 miles east of Paris, will\ninclude a so-called \"Magic Kingdom\" theme park, outdoor\nrecreation, shops and hotels.\n Initial investment by Walt Disney and a group of French and\nother investors has been put at around eight billion francs for\nthe project's central theme park.\n A preliminary agreement was reached in December 1985.\n REUTER\n\u0003", "date": "13-MAR-1987 06:27:11.86", "places": [ "france" ], "id": "4694" }, { "title": "JAPAN CORPORATE PROFITS IN LAST 1986 QUARTER UP", "body": "Current profits of Japan's major firms in\nthe October-December quarter rose four pct from a year earlier\nto 5,654 billion yen against a 2.6 pct year-on-year rise in the\npreceding quarter, the Finance Ministry said.\n The improved earnings resulted mainly from a 22.5 pct\nprofit increase in non-manufacturing industries, supported by\nan 88.7 pct rise for construction firms and a 138 pct gain in\nreal estate, according to a ministry survey.\n Total sales of the 15,308 firms with capital of 10 mln yen\nor more which responded to the poll, fell one pct to 217,217\nbillion yen against a 1.2 pct fall the previous quarter.\n Current profits of manufacturing industries in the fourth\nquarter dropped 13.7 pct to 2,394 billion yen against a 22.1\npct fall in the preceding quarter, the ministry said.\n Plant and equipment investments of all firms polled fell\n3.9 pct to 8,004 billion yen, compared with a 1.4 percent fall\nthe previoius quarter.\n Ministry officials said the survey showed that the Japanese\neconomy is in a delicate stage in which it is hard to tell if\neconomic growth has stopped deteriorating or if the economy is\nheading for a recovery.\n REUTER\n\u0003", "date": "13-MAR-1987 06:29:58.03", "topics": [ "earn" ], "places": [ "japan" ], "id": "4695" }, { "title": "U.S. LENDS SUDAN 57 MLN DLRS FOR WHEAT PURCHASES", "body": "The U.S. Is to lend Sudan 57 mln dlrs\nto buy 309,000 tonnes of wheat and 73,000 tonnes of wheat\nflour, according to an agreement signed here.\n Under the agreement Sudan will receive 50 mln dlrs for the\ncommodities and the rest for sea transportation.\n The loan is repayable in 40 years, including a 10-year\ngrace period. Interest will be two pct for the grace period and\nthree pct over the repayment period of 30 years.\n REUTER\n\u0003", "date": "13-MAR-1987 06:51:10.66", "topics": [ "grain", "wheat" ], "places": [ "usa", "sudan" ], "id": "4696" }, { "title": "ALUSUISSE PLANS FURTHER ALUMINIUM CAPACITY CUTS", "body": "Schweizerische Aluminium AG \n(Alusuisse) plans further drastic cuts in its aluminium\nsmelting capacity and more concentration of higher value-added\nproducts, chief executive Hans Jucker said.\n Elaborating on plans disclosed in outline last September,\ncompany officials said current smelting capacity of 390,000\ntonnes a year would be cut to between 250,000 and 260,000\ntonnes by 1989 or 1990. They did not say where cuts might be\nmade.\n Two years ago, before selling its Ormet Corp subsidiary in\nthe United States to local management and staff, Alusuisse had\nan annual capacity of 800,000 tonnes.\n REUTER\n\u0003", "date": "13-MAR-1987 07:02:37.86", "topics": [ "alum" ], "places": [ "switzerland" ], "id": "4697" }, { "title": "CANADA FEBRUARY UNEMPLOYMENT FALLS TO 9.6 PCT FROM JANUARY 9.7 PCT, STATISTICS CANADA SAID\n", "date": "13-MAR-1987 07:08:14.10", "topics": [ "jobs" ], "places": [ "canada" ], "id": "4698" }, { "title": "MAJOR DIVESTMENT PLANS OUTLINED FOR SINGAPORE", "body": "The Singapore government should\nreduce its stake in major state-owned or run companies like\nSingapore Airlines Ltd to around 30 pct over the next\ndecade and privatise statutory boards, a government report\nsaid.\n The report of the Public Sector Divestment Committee also\nrecommended flotation of as many government-linked companies\n(glcs) as possible, and secondary distribution of state-owned\nshares to add breadth and depth to the Singapore stock market.\n The Singapore government owns or backs 608 companies under\nthree holding companies with total assets in access of 10\nbillion dlrs, the report said.\n The report said a study of 99 glcs showed that 41 of them\nshould be privatised, 52 should not be privatised, and six\nshould be studied further because they have foreign government\nparticipation, serve a \"social mission,\" or are defence-related.\n Of the 41, 15 should seek listing on The Stock Exchange of\nSingapore Dealing and Automated Quotation System (SESDAQ),\nincluding shipyards, printing firms and airport service firms.\n The government should privatise a further 17, including\nIntraco Ltd (a government trading firm), Chemical Industries\n(FE) Ltd, and Acma Electrical Industries Ltd, and reduce its\nstake in nine, it added.\n These included Singapore Airlines, SIA, now 63 pct-owned by\nthe government's Temasek Holdings, The Development Bank of\nSingapore , Keppel Corp Ltd , Sembawang\nShipyard Ltd and Neptune Orient Lines Ltd.\n The ceiling on foreign ownership of SIA should be allowed\nto rise to 49 pct from the current 20 pct, it said.\n \"The committee recommends that Temasek Holdings reduces its\nstake (in SIA) in tranches to around 30 pct. The size and\ntiming of each tranche would depend on the absorptive capacity\nof the Singapore stock market,\" it added.\n Trading in shares of SIA, which has a paid-up capital of\n619 mln dlrs, closed here today at 10.60 dlrs.\n The report said the government's 48 pct stake in DBS, one\nof Singapore's four major local banks, should be cut to 30 pct\nthrough public offerings or dilution by issuing new shares.\n Among firms which should not be privatised, nine are to be\nwound up, it said, including storage and food trading firms.\n The report said seven statutory boards should be considered\nfor privatisation so as to reduce competition with the private\nsector, with a 20 pct ceiling on foreign ownership.\n The seven include the Telecommunications Authority of\nSingapore, the Public Utilities Board, the Port of Singapore\nAuthority, the Civil Aviation Authority of Singapore and the\nSingapore Broadcasting Corp.\n The latter is least able to be privatised because of the\nsensitivity of its activities, it said.\n \"The others can be privatised only after various issues have\nbeen thoroughly debated and adequate safeguards formulated for\npost-privatisation control and regulation,\" it added.\n \"The committee recommends that as many government-linked\ncompanies as possible should be privatised,\" the report said.\n But it added that there should be \"a policy of robust\nprivatisation where initiative is decentralised and order is\nmaintained through adequate monitoring, control and direction.\"\n The committee's findings will be subject to final approval\nfrom the Ministry of Finance.\n REUTER\n\u0003", "date": "13-MAR-1987 07:08:35.33", "places": [ "singapore" ], "id": "4699" }, { "title": "CANADA FEBRUARY UNEMPLOYMENT 9.6 PCT", "body": "Canada's February unemployment rate,\nseasonally adjusted, fell to 9.6 pct from 9.7 pct in January,\nStatistics Canada said. The rate was 9.8 pct in February last\nyear.\n Seasonally adjusted employment in February was 11,777,000,\ncompared with 11,747,000 in January, while unemployment slipped\nto 1,252,000 from 1,255,000.\n Reuter\n\u0003", "date": "13-MAR-1987 07:09:33.12", "topics": [ "jobs" ], "places": [ "canada" ], "id": "4700" }, { "title": "FRENCH 1986 BUDGET DEFICIT CUT TO 141.1 BILLION FRANCS FROM 143.6 BILLION - OFFICIAL\n", "date": "13-MAR-1987 07:12:50.02", "places": [ "france" ], "id": "4701" }, { "title": "GENERALE OCCIDENTALE SEEKS 100 MLN DLR FACILITY", "body": "Generale Occidentale, Paris, has\nmandated Orion Royal Bank Ltd to arrange a 100 mln dlr\nrevolving credit facility, Orion said.\n Borrowings under the seven-year facility can be in dollars\nor other currencies where available. Drawings will be at 3/8\npct over the London interbank offered rate for one, three or\nsix months or at 1/8 pct over Royal Bank of Canada's U.S. Prime\nrate for periods of one to 30 days.\n There will be a commitment fee of 1/4 pct per annum on the\nunutilised available amount and 1/8 pct on the amount\ndesignated as unavailable.\n Proceeds from the facility will be used to refinance an\nexisting loan facility and provide a flexible source of finance\nfor general corporate purposes.\n Generale Occidentale, a rare borrower in the international\ncapital markets, is engaged in food distribution, forestry, oil\nproduction and media activities with interests in Europe and\nNorth America.\n REUTER\n\u0003", "date": "13-MAR-1987 07:13:34.17", "id": "4702" }, { "title": "MIYAZAWA SAYS PRESENT YEN NOT NECESSARILY IDEAL", "body": "Finance Minister Kiichi Miyazawa told a\nparliamentary session the current dollar/yen exchange rate is\nnot necessarily satisfactory for the Japanese economy.\n Miyazawa said the Paris currency accord among six major\nindustrial nations last month does not necessarily mean the yen\nshould stay stable around current levels in the future.\n The Paris agreement was aimed at stopping a further rapid\nfluctuation of exchange rates, he said.\n The accord stipulated that current rates reflect\nfundamentals of the six nations - Britain, Canada, France,\nJapan, the U.S. And West Germany.\n REUTER\n\u0003", "date": "13-MAR-1987 07:15:13.37", "topics": [ "money-fx", "yen" ], "places": [ "japan" ], "id": "4703" }, { "title": "CBS ISSUES 400 MLN DLRS IN CONVERTIBLE DEBT", "body": "CBS Inc is issuing 400 mln dlrs\nof convertible debt due April 7, 2002, with a coupon of five\npct and priced at par, said Morgan Stanley Ltd as lead manager.\n The securities are convertible into shares of CBS at a\nprice of 200 dlrs per share, which represents a premium of 26.2\npct over the company's closing stock price yesterday of 158.50\ndlrs on the New York Stock Exchange.\n The issue is callable in the first three years only if the\nstock prices rises abouve 130 pct of the conversion level.\nThere is a 1-1/2 pct selling concession and a one pct combined\nmanagement and underwriting fee.\n REUTER\n\u0003", "date": "13-MAR-1987 07:16:22.97", "places": [ "uk" ], "id": "4704" }, { "title": "NAKASONE REFUSES TO DROP SALES TAX", "body": "Japan's Prime Minister Yasuhiro Nakasone\nhas refused to drop a proposed sales tax as debate on a draft\nbudget for 1987 resumed after a nine-day opposition boycott.\n \"I have no plan to withdraw the sales tax as I think it is\nthe best policy (for Japan),\" Nakasone told the budget committee\nof the lower house of parliament.\n Kyodo News Agency said a small group of members of\nNakasone's ruling Liberal Democratic Party filed a complaint\nwith their local headquarters calling for his expulsion from\nthe party on the grounds he broke a campaign pledge by\nintroducing the sales tax.\n Nakasone admitted the tax was a major factor in an upper\nhouse by-election defeat for his party on Sunday.\n The election was the first national-level poll since\nNakasone presented his plan for overhauling Japan's tax system,\nwhich has remained unaltered for the past 36 years.\n The sales tax and the planned abolition of the tax-free\nsaving system are designed to offset proposed income and\ncorporate tax cuts.\n REUTER\n\u0003", "date": "13-MAR-1987 07:16:37.17", "places": [ "japan" ], "id": "4705" }, { "title": "OKB ISSUES 100 MLN CANADIAN DLR BOND", "body": "Oesterreichishce Kontrollbank AG is\nissuing a 100 mln Canadian dlr eurobond due March 20, 1997 at\nnine pct and priced at 101-7/8 pct, Morgan Guaranty Ltd said as\njoint book-runner with LTCB International.\n The bond is available in denominations of 1,000 and 10,000\ndlrs and will be listed in Luxembourg.\n Fees comprised 1-1/4 pct selling concession with 3/4 pct\nfor management and underwriting combined.\n REUTER\n\u0003", "date": "13-MAR-1987 07:17:16.28", "places": [ "uk" ], "id": "4706" }, { "title": "JAPAN TO COORDINATE STUDY OF SUPERCONDUCTORS", "body": "Japan will carry out a\ngovernment-coordinated study of uses for superconducting\nmaterials, the Ministry of International Trade and Industry\n(MITI) said.\n University and industry representatives will start\ndiscussions in April on basic research and possible\napplications, Masatoshi Urashima, MITI's director for\ndevelopment of future basic technology, said.\n Superconductors, which conduct electricity with very low\nresistance, could be used in computers, semiconductors and high\nspeed trains, he said.\n Urashima said recent discoveries of superconductive\nmaterials which do not need extremely low temperatures led to\nMITI's decision to coordinate research.\n MITI's electric technology laboratory is currently\nresearching energy efficiency and superconductive electrical\ngeneration, he added.\n REUTER\n\u0003", "date": "13-MAR-1987 07:18:48.95", "places": [ "japan" ], "id": "4707" }, { "title": "JAPAN CABINET APPROVES BILL ON GOLD COIN ISSUES", "body": "The cabinet has approved a bill making it\neasier for the government to issue commemorative coins, a\nFinance Ministry official said.\n The bill, which must still be approved by parliament, would\ntake effect in April 1988. It would allow the government to\nissue 1,000, 5,000 and 10,000 yen coins without special\nlegislation, although higher-valued coins would still need a\nspecial law, the official said. At present it can only issue\ncoins of 500 yen or less.\n REUTER\n\u0003", "date": "13-MAR-1987 07:19:29.26", "topics": [ "gold" ], "places": [ "japan" ], "id": "4708" }, { "title": "JAPAN MINISTER SAYS ABOUT 170 YEN APPROPRIATE", "body": "International Trade and Industry Minister\nHajime Tamura told a parliamentary session Japan's small- and\nmedium-sized enterprises are seriously suffering from the yen's\nrise and can only stand levels around 170 yen.\n He also said he still believes a dollar exchange rate level\nplus or minus 10 yen from 170 yen would be within levels agreed\nupon last month in Paris by six major industrial nations.\nFinance ministers of Britain, Canada, France, Japan, the U.S.\nAnd West Germany agreed on February 22 to cooperate in\nstabilizing exchange rates around the current levels. The\ndollar had closed here at 153.77 yen on February 20.\n REUTER\n\u0003", "date": "13-MAR-1987 07:20:37.53", "topics": [ "money-fx", "yen" ], "places": [ "japan" ], "id": "4709" }, { "title": "FRENCH 1986 BUDGET DEFICIT REVISED DOWN", "body": "France's 1986 budget deficit has been\nrevised down to 141.1 billion francs from the estimate at the\nend of last year of 143.6 billion, the Finance Ministry said.\n This compares with the 1985 budget deficit of 153.3 billion\nfrancs and the deficit target for this year of 129 billion.\n The ministry said it was the first time since 1980 that the\nfinal budget deficit had been below the initial target.\n The budget deficit corresponded to 2.87 pct of the gross\ndomestic product (GDP), down from 3.35 pct in 1985.\n This year the government is aiming to cut the budget\ndeficit to 2.5 pct, reducing it further to two pct in 1988.\n Expenditure totalled 1,228 billion francs last year, up 6.1\npct from 1985, while receipts rose 7.3 pct to 1,076 billion.\n The 1986 budget deficit excludes IMF credits and activities\nof the exchange stabilisation fund, but takes account of a four\nbillion franc payment to the public debt depreciation fund from\nincome from the privatisation programme.\n The ministry also said that the 1986 expenditure total\nincluded the integration into the general budget of Treasury\nloans to the steel industry, which had a neutral impact on the\ndeficit but boosted the spending figure.\n REUTER\n\u0003", "date": "13-MAR-1987 07:22:00.53", "places": [ "france" ], "id": "4710" }, { "title": "TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS", "body": "Two small shipping companies have\nreached a pay deal with striking seamen, but union leaders said\nmost of Brazil's 40,000 seamen were still on strike.\n A union spokesman in Rio de Janeiro said the seamen had\naccepted a 120 pct pay offer from the companies, Globo and\nFlumar, which have less than 200 employees each.\n The two-week strike comes as Brazil faces a debt crisis and\nis delaying exports badly needed to earn foreign exchange.\n Labour Minister Almir Pazzionotto said the government will\nnot force a settlement of the strike, which was ruled illegal\nlast Friday.\n REUTER\n\u0003", "date": "13-MAR-1987 07:22:10.34", "topics": [ "ship" ], "places": [ "brazil" ], "id": "4711" }, { "title": "MIYAZAWA SAYS EXCHANGE RATES WILL STAY STABLE", "body": "Finance Minister Kiichi Miyazawa told a\npress conference he thinks exchange rates will remain stable\ndue to the currency accord reached in Paris last month by six\nmajor industrialised nations but he did not say for how long.\n The dollar has hovered around 153 yen since the six agreed\nto cooperate to bring about currency stability.\n Asked to comment on remarks by some U.S. Officials calling\nfor a further decline of the dollar, Miyazawa said only the\nU.S. President and the U.S. Treasury Secretary can make\nofficial statements about exchange rates.\n REUTER\n\u0003", "date": "13-MAR-1987 07:23:42.60", "topics": [ "money-fx" ], "places": [ "japan" ], "id": "4712" }, { "title": "SUBROTO SEES OIL MARKET CONTINUING BULLISH", "body": "Indonesian Energy Minister Subroto said\nhe sees the oil market continuing bullish, with underlying\ndemand expected to rise later in the year.\n He told a press conference in Jakarta at the end of a\ntwo-day meeting of South-East Asian Energy Ministers that he\nsaw prices stabilizing around 18 dlrs a barrel.\n \"The sentiment in the market is bullish and I think it will\ncontinue that way as demand will go up in the third or fourth\nquarters,\" Subroto said.\n Asked about the prospect for oil prices, he said: \"I think\nthey will stabilise around 18 dlrs, although there is a little\nturbulence ...\"\n \"Of course the spot price will fluctuate, but the official\nprice will remain at 18 dlrs,\" he added.\n REUTER\n\u0003", "date": "13-MAR-1987 07:25:24.07", "topics": [ "crude" ], "places": [ "indonesia" ], "id": "4713" }, { "title": "OPEC DEFENDING 18 DLR PRICE, SUBROTO SAYS", "body": "Indonesian Energy Minister Subroto said\nOPEC is deliberately under its production ceiling of 15.8 mln\nbarrels to defend its 18 dlr a barrel price target.\n He told reporters at an energy conference in Jakarta that\nOPEC had decided to maintain its price level of 18 dlrs.\n \"We are deliberately defending the price, so OPEC production\nis less than 15.8 (mln) at the moment,\" he stated.\n Asked if OPEC would increase production if prices went\nabove 18 dlrs a barrel, he said this would be decided at the\nnext OPEC meeting in June. \"We will discuss the market situation\nthen,\" he added.\n He said a meeting of the OPEC Differentials Committee had\nbeen postponed because \"there is no need for the meeting.\"\n He did not elaborate. The committee had originally been due\nto meet in Vienna this week.\n REUTER\n\u0003", "date": "13-MAR-1987 07:26:29.64", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "indonesia" ], "id": "4714" }, { "title": "AKZO PHARMA UNIT IN VENTURE WITH BIOTECHNOLOGY", "body": ", a\nsubsidiary of the pharmaceutical division of Dutch chemical\ngroup Akzo NV , said it agreed to cooperate in drug\nresearch and development with .\n Organon will receive world clinical development and\nmarketing rights for any products pioneered under the agreement\nwith the U.S. Firm, an Organon spokesman said. He gave no\nfurther details.\n The two companies will be looking at drugs to treat\nailments of the nervous system like Alzheimer's disease which\noften affects the elderly, he said.\n REUTER\n\u0003", "date": "13-MAR-1987 07:30:03.68", "places": [ "netherlands" ], "id": "4715" }, { "title": "NEWS INTERNATIONAL BOND INCREASED TO 150 MLN DLRS", "body": "A three-year eurobond launched earlier\nthis week for News International Plc has been\nincreased to 150 mln dlrs from 100 mln due to good demand, lead\nmanager Credit Suisse First Boston Ltd said.\n The bonds pay 7-1/2 pct and were priced at par.\n REUTER\n\u0003", "date": "13-MAR-1987 07:30:17.67", "places": [ "uk" ], "id": "4716" }, { "title": "BANK OF JAPAN CALLS FOR LONG-TERM EFFORTS ON TRADE", "body": "The short-term effect of foreign exchange\nrate movements in correcting international trade imbalances\nappears to be waning, and long-term efforts are required to cut\nJapan's chronic dependence on external demand, the Bank of\nJapan said in a monthly report.\n Japan's trade surplus in nominal terms is likely to remain\nhigh in the near future, the central bank said.\n Fundamental adjustments will be needed as long as Japan\nhopes to benefit from a better international allocation of\nresources and maintain the free trade system, it added.\n REUTER\n\u0003", "date": "13-MAR-1987 07:30:29.08", "topics": [ "trade" ], "places": [ "japan" ], "id": "4717" }, { "title": "JAPAN CLARIFIES FUND MANAGEMENT REGULATIONS", "body": "The Finance Ministry has clarified\nregulations governing fund management, satisfying overseas\ncritics who charged the rules were too tightly-drawn, ministry\nofficials and Western diplomats said.\n They said \"double licensing\" has been dropped so a foreign\nfund management firm need apply only for a licence for its\nJapanese subsidiary and not for the parent company as well.\n A foreign investment management company will be permitted\nto employ only one fund manager in Japan, with another on\nstandby in the home country. Domestic companies must have two.\n In deciding whether a Japanese subsidiary of a foreign firm\nis eligible to manage funds in Japan, the ministry will take\naccount of the amount of funds the parent company has under\nmanagement, a ministry official said.\n \"This should make it very easy for foreign firms to meet the\ncriteria for a licence,\" he said without elaborating.\n He said the ministry expects to grant the first investment\nmanagement licences by the end of June. Some 135 firms,\nincluding some 15 foreign companies, will probably be licensed\nunder the new law passed late last year.\n REUTER\n\u0003", "date": "13-MAR-1987 07:31:44.97", "places": [ "japan" ], "id": "4718" }, { "title": "BURMESE PADDY PRODUCTION LOWER IN 1986/87", "body": "Burma's paddy production fell to 729.4\nmln baskets in fiscal year 1986-1987 (to end March) from 737.3\nmln in 1985-1986, a cabinet report to parliament said.\n A basket is a local measure equal to 46 lbs.\n Paddy output in 1984-1985 was 699.1 mln baskets, it said.\n Burma's \"Green Revolution\" sparked by the introduction of\nhigh-yield variety paddy strains in the mid-1970s appears to\nhave hit a plateau with production levelling off over the past\ntwo years, economists said.\n REUTER\n\u0003", "date": "13-MAR-1987 07:34:10.97", "topics": [ "rice", "grain" ], "places": [ "burma" ], "id": "4719" }, { "title": "U.K. MONEY MARKET GIVEN FURTHER 168 MLN STG HELP", "body": "The Bank of England said it provided the\nmoney market with a further 168 mln stg of assistance to help\noffset a shortage it now estimated at 1.05 billion stg, revised\ndown from 1.10 billion.\n It bought 21 mln stg of bank bills outright, 20 mln in band\none at 10-3/8 pct and one mln in band two at 10-5/16 pct. In\naddition, it bought 98 mln stg of bills for resale on March 30\nand 49 mln stg for resale April 8 at an interest rate of\n10-7/16 pct. All these rates are the same as for today's\nearlier help.\n So far today, the bank has provided the market with\nassistance worth 646 mln stg.\n The bank also announced the rates applicable to temporary\nlending facilities rolled over today.\n The average mid-market rate for lending rolled over for one\nweek is 10-15/16 pct and for two weeks 10-5/8 pct.\n REUTER\n\u0003", "date": "13-MAR-1987 07:36:10.81", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "4720" }, { "title": "LIBERALS HOLD TRURO IN U.K. BY-ELECTION", "body": "The Liberal party easily won the Truro\nby-election with almost twice as many votes as its nearest\nrival, the Press Association news agency reported.\n The poll in the South-West of England constituency was\ncalled after the death of the previous member of parliament,\nalso a member of the Liberal party.\n Matthew Taylor raised the Liberal majority by winning\n30,599 votes. Conservative Nicholas St Aubyn was second with\n15,982 while Labour candidate John King polled 3,603.\n The last by-election, in the London suburb of Greenwich,\nwas won by the Social Democrat-Liberal alliance.\n REUTER\n\u0003", "date": "13-MAR-1987 07:45:01.89", "places": [ "uk" ], "id": "4721" }, { "title": "AIRBUS SAYS IT HAS 104 COMMITMENTS FROM NINE CUSTOMERS FOR A330/340 PLANE PROGRAM\n", "date": "13-MAR-1987 07:54:43.96", "places": [ "france" ], "id": "4722" }, { "title": "AIRBUS BOARD SAYS IT WILL TAKE STEPS FOR FORMAL A330/340 LAUNCH DECISION BY MID-APRIL\n", "date": "13-MAR-1987 07:57:12.30", "places": [ "france" ], "id": "4723" }, { "title": "AIRBUS FACES A340 DECISION AS DEADLINE LOOMS", "body": "The supervisory board of the\nEuropean consortium, , has begun a critical\nmeeting to review government funding and airline orders for its\nproposed A340 long range jet, Airbus officials here said.\n Airbus insists it needs five airlines to firmly commit\nthemselves to the plane before going ahead with the project by\nthe month's end, the deadline for its launch.\n The plane, a four-engined widebodied jet, has so far only\nbeen bought by one airline -- , which has placed 15\nfirm orders and 15 options for the plane.\n But while Air France has said it wants to buy seven of the\naircraft, it has not yet formally placed an order. Discussions\nwith up to a dozen other airlines have not yet resulted in\npublic commitments.\n Apart from a shortage of orders, Airbus also is facing an\nuphill struggle persuading its member governments to fund the\n2.5 billion dlr project, which involves not only the A340 but\nits sister A330 aircraft, a twin engined, wide bodied medium\nrange jet with many identical components.\n The British government remains unconvinced that there will\nbe sufficient room in the world long range jet market.\n The West German government is also uncommitted, and is\ncurrently pressing for a restructuring of the consortium's West\nGerman company, , while only the French\ngovernment appears to be fully behind the program.\n Another major factor delaying a final decision on the plane\nhas been the engine which will power it. Airbus agreed last\nOctober with that its CFM-56 engine with\n28,600 lbs of thrust would power the plane. But in December,\nAirbus announced an agreement with CFM rival (IAE) to power a slightly larger version of the\nA340 with a 30,000 lb thrust high-technology superfan engine.\n Airbus has made clear to potential customers that the IAE\nengine is now the principle engine for the project. The\nincorporation of the superfan engine made the plane on paper\nmore attractive to airlines, but the engine has yet to be\ndeveloped and CFM International had openly expressed scepticism\nthat the engine will be ready when the plane goes into service.\n The future of the Airbus consortium depends on the right\ndecision being made on the A340 in the next few weeks, for it\ncould find itself severely exposed in the 1990s either by\nstaying absent from the long range jet market or by committing\nitself to a commercially unviable project.\n REUTER\n\u0003", "date": "13-MAR-1987 08:04:21.28", "places": [ "france" ], "id": "4724" }, { "title": "AIRBUS HAS NINE COMMITTED CUSTOMERS FOR A330/340", "body": "The European Airbus Industrie consortium\nhas obtained a total of 104 commitments from nine customers for\nits planned A340 long-range jet and A330 twin-engined\nmedium-range jet, the consortium said in a communique here.\n Its supervisory board, meeting in Toulouse, \"concluded that\nthe commercial and industrial objectives ... Have been\nfulfilled and that a strong basis for a commercially successful\nprogramme has been established,\" the communique said.\n But the consortium still has to obtain funding guarantees\nfrom its member governments for the 2.5 billion dlr programme.\n The nine committed customers are well above the five\nairlines that the consortium said it needed to launch the plane\nproject.\n \"Therefore the supervisory board has decided to take all\nnecessary steps for a formal launch decision by mid-April 1987\nto ensure first deliveries of the A340 in May 1992, to be\nfollowed by first deliveries of the A330 a year later,\" it said.\n Airbus is a four-nation consortium grouping Britain,\nFrance, West Germany and Spain.\n REUTER\n\u0003", "date": "13-MAR-1987 08:07:55.86", "places": [ "france" ], "id": "4725" }, { "title": "REAGAN DID NOT RECALL APPROVING ARMS DEAL, COUNSEL", "body": "President Reagan's legal adviser said\nthe President could not recall when he approved a 1985 arms\nsale to Iran, the New York Times reported.\n \"We were trying to stimulate his (Reagan's) recollection and\nhe had no recollection, although he remembered being surprised\nabout something,\" Peter Wallison, who is resigning, was quoted\nas saying in an interview.\n \"That led us to expect that he would not be able to recall\n(the date) when he appeared before the Tower board,\" Wallison\nsaid, referring to the question of whether Reagan gave prior\napproval to an Israeli shipment of U.S. Arms to Iran.\n Wallison said John Poindexter, then head of the National\nSecurity Council (NSC), kept him from probing the scandal for\nweeks after it was first made public last November, the Times\nreported.\n Wallison told the newspaper that Poindexter, who resigned\nfrom his NSC post last November 25, refused to give him\ninformation about the deal, despite pleas by former White House\nChief of Staff Donald Regan.\n \"Regan told me on several occasions that he had been unable\nto move Poindexter to include me in any of the discussions or\nto provide me with ... The facts,\" he said.\n REUTER\n\u0003", "date": "13-MAR-1987 08:08:07.26", "places": [ "iran" ], "id": "4726" }, { "title": "U.S. OFFICIALS DISAGREE ON REDUCING DEFICIT", "body": "Senior U.S. Economic officials\ndisagree on the likelihood the government can meet its budget\ndeficit reduction targets.\n Beryl Sprinkel, chairman of the Council of Economic\nAdvisers, reiterated the Reagan Administration's opposition to\na tax increase and its pledge to reduce the deficit by cutting\nspending and fostering economic growth.\n By contrast, Rudolph Penner, Director of the Congressional\nBudget Office, said the budget process has broken down and the\ndeficit will remain close to 200 billion dlrs for fiscal 1987.\n Sprinkel told a symposium sponsored by New York University\nthat spending could be cut by avoiding decisions based on the\ndesire to influence votes and by shifting the responsibility\nfor local projects to state governments.\n He also suggested a line-item veto, which allows the\nPresident to veto parts of bill without rejecting all of it, to\nlimit wasteful spending. Spending and taxing decisions should\nbe linked more closely.\n Sprinkel said the Administration still looks for 2.7 pct\ngrowth in U.S. Real gross national product (GNP) in 1987 and\n3.5 pct in 1988.\n Asked if the latest economic reports signal this rate of\neconomic growth is attainable, Sprinkel said, \"It looks pretty\ngood to me. We've had two very strong employment reports.\"\n He also said federal reserve policy is appropriate, adding,\n\"It looks like they're on track.\"\n While further reductions are needed in the trade deficit,\nSprinkel said the lower dollar is having an impact.\n The new 1987 tax laws will not hurt the economy and the tax\nreform act of 1986 significantly lowers tax rates and will\ngreatly increase private production incentives, he said.\n \"Our estimates at the Council of Economic Advisers suggest\nnational net output of goods and services will permanently\nincrease by approximately two pct because of the long-run\nconsequences of tax reform,\" Sprinkel said. \"In 1986, this would\nhave amounted to an increase of approximately 600 dlrs in the\nincome of the average American family.\"\n Sprinkel also argued the 1981 tax cuts were not responsible\nfor the large increase in the budget deficit.\n In fiscal 1986 ending September, federal spending amounted\nto 23.8 pct of GNP, while federal receipts absorbed 18.5 pct of\nGNP, leaving a deficit of 5.3 pct, he said.\n Sprinkel said that, compared with fiscal 1978, the 1986\nfederal expenditure share of GNP is 2.7 percentage points\nhigher and the revenue share of GNP is virtually the same.\n \"Contrary to the conventional wisdom, therefore, the 1981\ntax cut is not the root cause of the extraordinary budget\ndeficits of the past few years,\" Sprinkel said.\n \"This tax cut merely rolled back the inflation-induced tax\nincreases that occurred between 1978 and 1981,\" he added.\n However, the Congressional Budget Office's Rudolph Penner\nargued that the tax cut in 1981 was misguided.\n \"Since making the big mistake in 1981 of cutting taxes\nenormously without any plan to decrease spending by the\nAdministration or Congress, indeed with increases in defence\nspending, now all the options (for reducing the budget deficit)\nare unpleasant,\" he said.\n Penner said the tax cut resulted from the ideological\nturmoil in the U.S. Caused by the \"biggest sustained inflation\nin our nation's history,\" which helped foster widespread\ndistrust of government.\n \"The American people turned on the government with tax\nrevolt at the state level and new demands on the government at\nthe national level,\" Penner said.\n \"But their dislike of taxes exceeded their general dislike\nof spending programs. Now the correction of that 1981 mistake\ndemands that the system change a lot.\"\n Penner sees little hope the Gramm-Rudman-Hollings budget\ndeficit reduction targets will be met and said the deficit will\nremain at roughly 200 billion dlrs this year.\n He said a budget process that sets targets arbitrarily is\nnot likely to succeed.\n \"I feel pretty safe in saying that any process that tries to\ndictate a numerical outcome from above is doomed to fail simply\nbecause there's no ... Way to enforce it,\" Penner said.\n Penner questioned the methods by which the 1987 budget\ndeficit was cut. He said 18 to 19 billion dlrs were eliminated\nby one-time measures, such as a temporary increase in taxes\nrelated to tax reform and sales of government assets.\n \"Another four billion dlrs was cut by what I call creative\ntiming changes, like moving the military payday from the last\nday of fiscal 1987 to the first day of fiscal 1988. That saved\nmore than two billion dlrs,\" Penner said.\n REUTER\n\u0003", "date": "13-MAR-1987 08:10:24.53", "places": [ "usa" ], "id": "4727" }, { "title": "PUGET SOUND SETS EXTENDED VISA WARRANTIES", "body": "Puget Sound Bancorp said it is\noffering extended warranty service on items purchased in the\nU.S. with its Visa Classic or BanClub credit cards.\n It said it believes it is the first bank in the nation to\noffer the service in connection with Visa cards. American\nExpress Co has been offering extended warranties on items\npurchased with its credit cards since last fall.\n Puget Sound said the extended warranty service doubles the\nmanufacturer's warranty at no extra charge, with a limit of one\nextra year, excluding motorized vehicles and purchases carrying\nmore than a five year warranty.\n Reuter\n\u0003", "date": "13-MAR-1987 08:13:40.78", "places": [ "usa" ], "id": "4728" }, { "title": "AEP INDUSTRIES INC 1ST QTR JAN 31 NET", "body": "Shr 19 cts vs 32 cts\n Net 586,000 vs 802,000\n Sales 14.2 mln vs 15.1 mln\n Avg shrs 3,006,372 vs 2,506,250\n Reuter\n\u0003", "date": "13-MAR-1987 08:13:45.90", "topics": [ "earn" ], "places": [ "usa" ], "id": "4729" }, { "title": "SOCAL EDISON UNIT BACK IN SERVICE", "body": "Southern California Edison Co\nsaid 1.100 megawatt Unit 3 at its San Onofre Nuclear Generating\nStation is back in service after the completion of a scheduled\nrefueling.\n The unit was taken down January Two. Other owners include\nSan Diego Gas and Electric Co and the cities of Anaheim\nand Riverside, Calif.\n Reuter\n\u0003", "date": "13-MAR-1987 08:13:55.85", "places": [ "usa" ], "id": "4730" }, { "title": "ROM-AMER IN RESORT JOINT VENTURE", "body": "Rom-Amer Pharmaceuticals Ltd said it\nhas entered into a preliminary agreement with Huck's Landings\nNevada Inc to jointly develop a Las Vegas resort.\n The company said the agreement is contingent on\ncapitalization of the venture, which is expected to take place\nwithin 30 days and include Rom-Amer stock, and to Rom-Amer\nshareholder approval.\n Reuter\n\u0003", "date": "13-MAR-1987 08:15:16.80", "places": [ "usa" ], "id": "4731" }, { "title": "D.H. HOLMES CO LTD 4TH QTR NET", "body": "Shr 39 cts vs 1.34 dlrs\n Net 1,392,000 vs 4,686,000\n Sales 81.9 mln vs 81.7 mln\n Year\n Shr 10 cts vs 97 cts\n Net 355,000 vs 3,375,000\n Sales 270.4 mln vs 272.8 mln\n NOTE: Share adjusted for three pct stock dividend in\nJanuary 1987.\n Pretax net profits 3,052,000 dlrs vs 4,498,000 dlrs in\nquarter and loss 572,000 dlrs vs profit 2,922,000 dlrs in year.\n Latest year net includes pretax gains of 166,000 dlrs in\nquarter and 4,420,000 dlrs in year from pension plan\nreversions.\n Prior year net includes gain 1,549,000 dlrs on sale of\nproperty.\n Reuter\n\u0003", "date": "13-MAR-1987 08:15:23.96", "topics": [ "earn" ], "places": [ "usa" ], "id": "4732" }, { "title": "FIRST BOSTON STARTS ALLEGHENY BID", "body": "First Boston Inc said it has started\nits previously-announced tender offer for all common shares,\n2.19 dlr cumulative preference shares and 11.25 dlr convertible\npreferred shares of Allegheny International Inc at 24.60 dlrs,\n20.00 dlrs and 87.50 dlrs respectively.\n In a newspaper advertisement, the company said the offer\nand withdrawal rioghts will expire April Nine unless extended.\nThe offer is conditioned on receipt of at least a majority of\nAllegheny voting power on a fully diluted basis and on receipt\nof at least two thirds each of the preference and preferred\nshares.\n A merger approved by the Allegheny board in which remaining\ncommon, preference and preferred shares would be acquired at\nthe tender prices is to follow the offer.\n Receipt of the minimum amounts under the offer would give\nFirst Boston sufficient voting power to assure approval of the\nmerger without the affirmative vote of any other shareholder,\nthe company said.\n Reuter\n\u0003", "date": "13-MAR-1987 08:15:43.95", "topics": [ "acq" ], "places": [ "usa" ], "id": "4733" }, { "title": " SAYS DRILLING STARTS", "body": "Willow Resources Ltd said drilling of\nthe Number One Dudley Williams Heirs well in Panola County,\nTexas, in which it has a 75 pct working interest, has begin.\n The company said it obtained a 12-month loan of 109,000\ndlrs at two points over prime from Altair Investments Inc to\nfund its share of the drilling costs.\n It said the well will be drilled to about 6,800 feet and is\nlikely to yield natural gas and condensate from multiple zones.\n Reuter\n\u0003", "date": "13-MAR-1987 08:15:57.80", "places": [ "canada" ], "id": "4734" }, { "title": "COURT PUTS INJUNCTION ON DUTCH PORT REDUNDANCIES", "body": "Employers in Rotterdam port's\nstrike-hit general cargo sector have been served with an\ninjunction until May 7 preventing them from continuing with\nplans for 350 redundancies this year, an employers'\norganisation spokesman said.\n An Amsterdam court yesterday ruled there had been a legal\nfault in the employers' redundancy procedure.\n The employers' spokesman said they were likely to restart\nthe redundancy procedure afresh next week in an attempt to\npre-empt the May 7 final court ruling.\n Port and transport union representative Paul Rosenmuller\ndescribed the court ruling as a victory for the union, but\nadded there was still a long way to go before the dispute that\nhas hit the general cargo sector for the past eight weeks was\nresolved.\n Rosenmuller said there would be a meeting of the sector's\n4,000 workers this afternoon to decide on further action in the\ncampaign of lightning strikes that began on January 19 in\nprotest at planned redundancies of 800, starting with 350 this\nyear.\n The employers said there were no immediate plans for\nmeetings with the union either on the proposed redundancies or\non a new work practice agreement in the sector.\n Meanwhile, discussions on a new work agreement in the\nport's grain sector, due to resume next week, are stalemated,\nalthough agreement could be close in the coal and ore sector,\nthe employers' spokesman added.\n Reuter\n\u0003", "date": "13-MAR-1987 08:19:47.48", "topics": [ "ship" ], "places": [ "netherlands" ], "id": "4735" }, { "title": "SPANISH FARMERS BLOCK ROADS IN EC PROTEST", "body": "Spanish farmers took their tractors to\nthe roads today and blocked a border crossing with France in a\nprotest against the Socialist government's EC policies,\nofficials said.\n Protestors set cars ablaze and cut off traffic in the Rioja\nwine growing district, while they blocked roads with tractor\nconvoys in other northern regions such as Saragossa, where\n5,000 farmers joined the demonstrations.\n Farmers blockaded the border crossing with France at La\nJunquera near Barcelona, refusing to allow lorries from other\nEuropean countries to enter Spain.\n Spanish farmers have been protesting for the past two weeks\nto demand a better deal within the Community. The farm protest\ncame in the wake of demonstrations last night in over 30 cities\nin which workers marched for wage rises and against job losses.\n But the turnout, regarded as a dress rehearsal for a\ngeneral strike next month, disappointed the communist-led\nWorkers Commissions union organisers. The ruling Socialist\nParty's trade union arm, the General Workers' Union, did not\njoin in.\n More than 20 strikes are planned for this month and next in\nthe transport sector, with stoppages at the state-owned Iberia\nand Aviaco airlines and RENFE railways.\n Reuter\n\u0003", "date": "13-MAR-1987 08:22:23.61", "organisations": [ "ec" ], "places": [ "spain" ], "id": "4736" }, { "title": "USX GETS GEORGE WASHINGTON BRIDGE WORK", "body": "The Port Authority of New York and New\nJersey said it has awarded USX Corp a 3,400,000 dlr contract to\nreplace the expansion joints and gratings on the upper level of\nthe George Washington Bridge between New York and Fort Lee,\nN.J.\n It said most of the joints and gratings have been in place\nfor over 50 years. The bridge opened in 1931\n Work on the project should start this spring and be\ncompleted in the fall of 1988, it said. Work affecting traffic\nwill be performed on weeknights and at least one lane in each\ndirection will remain open at all times.\n Reuter\n\u0003", "date": "13-MAR-1987 08:22:32.18", "places": [ "usa" ], "id": "4737" }, { "title": "LIBERALS HOLD TRURO IN U.K. BY-ELECTION", "body": "The Liberal party easily won the Truro\nby-election with almost twice as many votes as its nearest\nrival, the Press Association news agency reported.\n The poll in the South-West of England constituency was\ncalled after the death of the previous member of parliament,\nalso a member of the Liberal party.\n Matthew Taylor raised the Liberal majority by winning\n30,599 votes. Conservative Nicholas St Aubyn was second with\n15,982 while Labour candidate John King polled 3,603.\n The last by-election, in the London suburb of Greenwich,\nwas won by the Social Democrat-Liberal alliance.\n Reuter\n\u0003", "date": "13-MAR-1987 08:23:13.84", "places": [ "uk" ], "id": "4738" }, { "title": "STRIKE TO CLOSE NEW ZEALAND PORTS ON MONDAY", "body": "Harbour workers said they will\nstrike for 24 hours on Monday, effectively closing all New\nZealand's ports.\n The strike is over deadlocked wage negotiations.\n A Harbour Employees Workers' Union spokesman told reporters\nthere will be no ship movements in and out of ports from\nmidnight on Sunday (1200 hrs GMT March 15).\n There will be no loading or unloading involving harbour\nboard workers and the Cook Strait ferries, which provide a\nvital link between New Zealand's North and South Islands, will\nnot run, he added.\n Reuter\n\u0003", "date": "13-MAR-1987 08:24:22.13", "topics": [ "ship" ], "places": [ "new-zealand" ], "id": "4739" }, { "title": "TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS", "body": "Two small shipping companies reached\na pay deal with striking seamen late yesterday, but union\nleaders said most of Brazil's 40,000 seamen were still on\nstrike.\n A union spokesman in Rio de Janeiro said the seamen had\naccepted a 120 pct pay raise offer from the companies, Globo\nand Flumar, which have less than 200 employees each.\n The two-week strike comes as Brazil faces a debt crisis and\nis delaying exports badly needed to earn foreign exchange.\n Labour Minister Almir Pazzionotto said the government will\nnot force a settlement of the strike, which was ruled illegal\nlast Friday.\n Reuter\n\u0003", "date": "13-MAR-1987 08:25:25.42", "topics": [ "ship" ], "places": [ "brazil" ], "id": "4740" }, { "title": "PORTUGUESE FEBRUARY CONSUMER PRICES RISE ONE PCT", "body": "Portugal's consumer prices rose one pct\nlast month after a 1.2 pct increase in January and a 1.3 pct\nrise in February 1986, the National Statistics Institute said.\n The consumer price index (base 1976) rose to 761.3 from\n753.7 in January and compared with 695.4 in February 1986.\n This gave a year-on-year February inflation rate of 9.5 pct\nagainst 9.8 pct in January and 12.6 pct in February 1986.\n Measured as an annual average rate, inflation in February\nwas 11.1 pct compared with 11.4 pct in January. The government\nforecasts annual average inflation of about eight pct this\nyear.\n REUTER\n\u0003", "date": "13-MAR-1987 08:27:30.28", "topics": [ "cpi" ], "places": [ "portugal" ], "id": "4741" }, { "title": "WEATHER CLOSES ALEXANDRIA PORT, SUMED OIL TERMINAL", "body": "Strong winds and high seas\nforced the closure of Egypt's main port of Alexandria and a\nnearby oil terminal, port officials said.\n Tanker loading at the Suez-Mediterranean Arab Petroleum\nPipelines Co in Sedi Kerir, southwest of here, stopped and\nofficials said five tankers were at anchorage awaiting improved\nweather.\n Reuter\n\u0003", "date": "13-MAR-1987 08:27:58.60", "topics": [ "crude" ], "places": [ "egypt" ], "id": "4742" }, { "title": "U.S. PRODUCER PRICES ROSE 0.1 PCT IN FEB AFTER 0.6 PCT JAN RISE\n", "date": "13-MAR-1987 08:31:19.87", "topics": [ "wpi" ], "places": [ "usa" ], "id": "4743" }, { "title": "U.S. PRODUCER PRICES RISE 0.1 PCT IN FEBRUARY", "body": "The U.S. Producer Price Index for\nfinished goods rose 0.1 pct on a seasonally adjusted basis in\nFebruary, the Labor Department said.\n The increase came after a 0.6 pct increase in producer\nprices in January.\n Higher energy prices were primarily responsible for the\nincrease in February, though they rose at a slower pace than\nthey had in January, the department said.\n The finished goods index was up 0.1 pct from its February,\n1986 level.\n Before seasonal adjustment, the index for finished goods\nstood at 292.3 over its 1967 base of 100.\n Among finished goods, the index for energy products rose\nfour pct in February after a 9.8 pct increase in January. But\nprice increases slowed sharply for gasoline and home heating\noil, the department said.\n There were some price declines, including a 3.4 pct fall\nfor passenger cars and 1.3 pct for light trucks from January\nlevels. This reflected expanded factory-financed rebates and\ndiscount loan programs, the department said.\n Before seasonal adjustment, the index for finished goods\nstood at 292.3 over its 1967 base of 100.\n Among finished goods, the index for energy products rose\nfour pct in February after a 9.8 pct increase in January. But\nprice increases slowed sharply for gasoline and home heating\noil, the department said.\n There were some price declines, including a 3.4 pct fall\nfor passenger cars and 1.3 pct for light trucks from January\nlevels. This reflected expanded factory-financed rebates and\ndiscount loan programs, the department said.\n The index for consumer foods fell 0.5 pct after a 1.8\npct drop in January as vegetables, pork and coffee cost less.\nThe index for intermediate goods rose 0.5 pct following a sharp\n0.9 pct rise in January.\n The department said that energy prices again were the main\nreason, with the index for intermediate energy up 2.7 pct.\n Gasoline and diesel fuel prices were about five pct higher,\nhalf the 10 pct jump recorded in January.\n The durable manufacturing materials index edged down 0.1\npct last month after jumping 1.0 pct in January as prices for\nsteel, precious metals and copper stabilized.\n The department said lead and zinc prices fell, while\nhardwood lumber and cement cost more. The crude materials index\nrose 1.8 pct in February after a 2.9 pct rise in January. Crude\nenergy materials were up 2.6 pct, much less than the 10 pct\nrise in January. Crude petroleum prices rose 4.4 pct last month\nafter a sharp 19.7 pct rise in January.\n Price rises accellerated for logs and timber and tobacco,\nbut fell for cotton, metal ores and copper and aluminum scrap.\n Among finished goods, gasoline rose 5.5 pct after a 15.7\npct January increase, and fuel oil was up three pct in February\nafter an 18.0 pct increase in January.\n Reuter\n\u0003", "date": "13-MAR-1987 08:33:11.98", "topics": [ "wpi" ], "places": [ "usa" ], "id": "4744" }, { "title": "FIRST FARWEST CORP 4TH QTR LOSS", "body": "Shr loss 4.22 dlrs vs profit nil\n Net loss 5,568,000 vs profit 11,000\n Revs 42.2 mln vs 37.5 mln\n Year\n Shr loss 3.74 dlrs vs profit 1.02 dlrs\n Net loss 4,898,000 vs profit 1,384,000\n Revs 139.0 mln vs 132.7 mln\n NOTE: 1986 net both periods includes 1,603,000 dlr loss\nfrom discontinued operations due to settlement of lawsuit and\nredemption of preferred.\n Reuter\n\u0003", "date": "13-MAR-1987 08:37:22.76", "topics": [ "earn" ], "places": [ "usa" ], "id": "4745" }, { "title": "KODAK TO PAY SLIGHTLY LOWER WAGE DIVIDEND", "body": "Eastman Kodak Co said today it\nis paying a wage dividend of about 236 mln dlrs to about 84,100\nU.S. employees, down slightly from 239 mln dlrs last year.\n Kodak pays the wage dividend annually based on an\nemployee's earnings over the past five years and cash dividend\non Kodak stock. It said it will pay about 192 mln dlrs in cash\nand trhe remainder to the Eastman Kodak Employees' Savings and\nInvestment Plan, according to employee election.\n Kodak, which has been cutting down its staff, paid its wage\ndividend last year to about 85,000 employees.\n Reuter\n\u0003", "date": "13-MAR-1987 08:37:39.81", "places": [ "usa" ], "id": "4746" }, { "title": "HEMOTEC INC 4TH QTR NET", "body": "Shr one ct vs two cts\n Net 22,000 vs 58,000\n Sales 951,000 vs 901,000\n Year\n Shr four cts vs 12 cts\n Net 88,000 vs 293,000\n Sales 4,014,000 vs 3,533,000\n NOTE: Net includes tax credits of 46,000 dlrs vs 84,000\ndlrs in quarter and credit 19,000 dlrs vs provision 37,000 dlrs\nin year.\n Reuter\n\u0003", "date": "13-MAR-1987 08:37:56.26", "topics": [ "earn" ], "places": [ "usa" ], "id": "4747" }, { "title": "SERVICE CONTROL BIDS FOR AMERICAN SERVICE", "body": " said it has\nstarted a tender offer for all shares of at 37 dlrs each.\n In a newspaper advertisement, the company said the offer\nand withdrawal rights expire April Nine unless extended. The\nAmerican Service board has approved the offer, which is to be\nfollowed by a merger at the same price.\n Service Control said the offer is conditioned on receipt of\nat least 534,806 shares. It said holders of 534,819 shares\nhave agreed to tender their shares under the offer and have\ngranted Service Control an option to buy them at 37 dlrs each.\n Reuter\n\u0003", "date": "13-MAR-1987 08:38:08.82", "topics": [ "acq" ], "places": [ "usa" ], "id": "4748" }, { "title": "NEW CENTURY ESTIMATES REVENUES FROM FILMS", "body": "New Century Entertainment Corp said\nit expects to realize about 7,500,000 dlrs in foreign\nguarantees and advances on New Century films being distributed\noverseas during the remainder of 1987 by Lorimar-Telepictures\nCorp .\n The company said together with 10 mln dlrs in advances\nLorimar has received for domestic home video rights, guarantees\nwill have exceeded 80 pct of the costs of the films.\n New Century retains other domestic distribution rights to\nthe films.\n Reuter\n\u0003", "date": "13-MAR-1987 08:39:57.15", "places": [ "usa" ], "id": "4749" }, { "title": "BALLY UNIT RECOMMENDED FOR CONTEMPT CHARGE", "body": " said a\ncourt-appointed auditor has recommended that Bally\nManufacturing Corp's Scientific Games Inc subsidiary should be\nheld in contempt of the Fulton County Superior Court in Georgia\nas a result of alleged violation of a court order.\n It said the auditor has also recommended that Scientific\nGames by fined the maximum amount permissible in Georgia for\nallegedly violating the order.\n Dittler is a lottery ticket printer that has been involed\nin extensive litigation with competitor Scientific Games. The\ncontempt recommendation involves Scientific;s bidding for a\ncontract to print Pennsylvania lottery tickets and allegedly\nprinting the tickets without authorization by the court, as\nrequired by previous court orders.\n Dittler said it will pursue allegations of fraud against\nScientific and will also ask the Pennsylvania attorney general\nto investigate a potential violation by Scientific of a\nPennsylvania statute prohibiting false written statements to\npublic officials that carries a maximum penalty of two years in\njail.\n Reuter\n\u0003", "date": "13-MAR-1987 08:45:56.04", "places": [ "usa" ], "id": "4750" }, { "title": "DREYER'S GRAND RESTATES 4RTH QUARTER LOSS", "body": "Dreyer's Grand Ice Cream said\nit has restated its previously-reported fourth quarter loss to\n904,000 dlrs or 13 cts per share because it has now decided to\ntake a charge of about 700,000 dlrs to provide for losses of\nMidwest Distributing Co, which was acquired December 30.\n Dreyer's said the restatement reduces net income for the\nfull year to 5,914,000 dlrs or 80 cts per share.\n The company said the restatement does not indicate any\nchange in its thinking on the benefits of the acquisition or\nfuture prospects in Midwest Distributing's markets.\n Dreyer's Grand previously reported 1986 earnings of\n6,614,000 dlrs or 90 cts per share, down from 7,960,000 dlrs or\n1.08 dlrs a share. For the first nine months of the year, it\nhad earned 6,818,000 dlrs or 92 cts per share, up from\n6,354,000 dlrs or 86 cts a share a year before.\n Reuter\n\u0003", "date": "13-MAR-1987 08:47:30.89", "topics": [ "earn" ], "places": [ "usa" ], "id": "4751" }, { "title": "U.S. JUDGE DISMISSES SUIT CHALLENGING IRAN PROBE", "body": "A U.S. Judge dismissed a lawsuit by\nfired White House aide Oliver North seeking to halt a special\nprosecutor's investigation into the Iran arms scandal.\n In a 21-page ruling, Judge Barrington Parker threw out\nNorth's suit challenging the constitutionality of the law\nempowering special prosecutor Lawrence Walsh to investigate\nsecret White House arms sales to Iran and the diversion of\nprofits to contra rebels in Nicaragua.\n \"The nation demands an expeditious and complete disclosure\nof our government's involvement in the Iran-contra affair,\"\nParker said in his ruling.\n REUTER\n\u0003", "date": "13-MAR-1987 08:48:55.18", "places": [ "usa", "iran" ], "id": "4752" }, { "title": "HERITAGE SAYS MOST WARRANTS EXERCISED", "body": "Heritage Entertainment Inc said\n419,867 of its 745,976 warrants were exercised at the reduced\nprice of 3.75 dlrs a share under an offer that expired March\n12.\n The company said the exercise price will now be 4.50 dlrs a\nshare though the end of 1987 and five dlrs for 1988.\n Reuter\n\u0003", "date": "13-MAR-1987 08:50:42.73", "places": [ "usa" ], "id": "4753" }, { "title": "JAPAN BROKERS SEEK 10 YEAR GOVERNMENT BOND AUCTION", "body": "Japanese securities houses have asked the\nFinance Ministry again to consider introducing auctions of\n10-year government bonds, securities sources said.\n Finance Ministry officials declined comment but said the\nMinistry has been aware of growing calls from securities houses\nfor 10-year bond auctions.\n Japanese securities houses also may allow foreign brokers\nto underwrite more 10-year bonds from April. Four U.S. Banks\nare expected to receive Finance Ministry approval in late April\nto operate securities subsidiaries in Japan as long as they\nhold no more than 50 pct of the capital, bankers said.\n These firms are likely to join the syndicate, which will\nincrease the number of participants in the 10-year government\nbond primary market, securities managers said.\n Each of the 17 current foreign securities houses in the\nsyndicate underwrites 0.07 pct of each issue, they said.\n In order to expand participation by foreigners, the\nsyndicate must either expand the securities industry's 26 pct\nshare or introduce auctions to the primary market, they said.\n Local brokers have requested the head of the syndicate, now\nFuji Bank Ltd, to increase their share to 30.7 pct but banks\noppose any cut in their 74 pct share, bankers said.\n REUTER\n\u0003", "date": "13-MAR-1987 08:51:40.95", "places": [ "japan" ], "id": "4754" }, { "title": " YEAR NET", "body": "Oper shr nine cts vs three cts\n Oper shr diluted eight cts vs three cts\n Oper net 15 mln vs five mln\n Revs 518 mln vs 622 mln\n NOTE: Oper net excludes extraordinary income of seven mln\ndlrs vs four mln on tax loss carryforward, offset by writedowns\nof three mln dlrs vs eight mln on U.S. oil and gas properties\nand other assets.\n\n Reuter\n\u0003", "date": "13-MAR-1987 08:56:36.24", "topics": [ "earn" ], "places": [ "canada" ], "id": "4755" }, { "title": "VW HAS NO COMMENT ON SEAT LOSS REPORTS", "body": "A Volkswagen AG\n spokesman said the group had no immediate comment on\nreports of greater than expected losses at its Spanish\nsubsidiary Sociedad Espanola de Automoviles de Turismo (SEAT).\n German newspapers reported that Werner Schmidt, SEAT\nsupervisory board chairman, had told journalists that SEAT\nlosses for 1986 were around 27 billion pesetas, or about 386\nmln marks, almost double original expectations.\n According to the Boersen-Zeitung newspaper, Schmidt said VW\nwould invest 42 billion pesetas in SEAT this year and in the\nyears to 1995 would spend 462 billion on its new Spanish unit.\n Reuter\n\u0003", "date": "13-MAR-1987 08:57:08.46", "topics": [ "earn" ], "places": [ "west-germany" ], "id": "4756" }, { "title": "CME SETS BROAD TRADING REFORMS FOR STOCK FUTURES, PARTIAL BAN ON DUAL TRADING\n", "date": "13-MAR-1987 09:02:12.93", "id": "4757" }, { "title": "BENEFICIAL CORP TO SELL WESTERN NATIONAL LIFE FOR 275 MLN DLRS\n", "date": "13-MAR-1987 09:03:04.60", "topics": [ "acq" ], "id": "4758" }, { "title": "GENERAL MILLS INC 3RD QTR SHR 64 CTS VS 52 CTS\n", "date": "13-MAR-1987 09:03:16.15", "topics": [ "earn" ], "id": "4759" }, { "title": "VW DISMISSES HEAD OF ITS FOREIGN EXCHANGE DEPT", "body": "Volkswagen AG said it has\ndismissed the head of its foreign exchange department and\nsuspended several other staff members following the recent\nemergence of a possible currency fraud at the company.\n A VW statement said foreign exchange department chief\nBurkhard Junger had been dismissed with immediate effect.\n It said it has also suspended Guenther Borchert, head of\nthe financial transfer department, and Siegfried Mueller, head\nof the central cash and currency clearing department. Four\nother members of the foreign exchange staff were also\nsuspended.\n VW said the possibly fraudulent foreign currency\ntransactions, which could cost the company 480 mln marks, fell\ndirectly within the area of responsibility of Borchert and\nMueller.\n VW said Adalbert Sedlmair, formerly finance director at\nVW's former office equipment subsidiary Triumph-Adler AG, would\ntemporarily take over responsibility of the financial transfer\ndepartment during Borchert's suspension from duties.\n Meanwhile, the state prosecutor's office in Brunswick,\nwhich is looking into the currency transactions, said the\nFederal Criminal Office in Wiesbaden had also joined the\ninvestigation and would be responsible for measures such as\npossible police searches.\n A spokeswoman for the office said prosecutors in Frankfurt\nwere looking into the possibility of taking over the VW case\nbut added a final decision would be taken next week.\n The short VW statement said, \"Burkhard Junger, 39, who had\nalready been suspended from his duties in January, has been\ndismissed with immediate effect.\"\n Company sources said Borchert and Mueller were not thought\nto have been directly involved with the currency transactions\nbut they may have been lax in their supervision.\n REUTER\n\u0003", "date": "13-MAR-1987 09:03:30.26", "places": [ "west-germany" ], "id": "4760" }, { "title": "CAESARS WORLD INC SAID BOARD REJECTS MARTIN SOSNOFF TENDER\n", "date": "13-MAR-1987 09:03:37.02", "topics": [ "acq" ], "id": "4761" }, { "title": "CME SETS BROAD TRADING REFORMS FOR STOCK FUTURES, PARTIAL BAN ON DUAL TRADING\n", "date": "13-MAR-1987 09:04:03.49", "id": "4762" }, { "title": " Top discount rate at U.K. Bill tender falls to 9.3657 pct\n", "date": "13-MAR-1987 09:04:09.69", "topics": [ "interest" ], "places": [ "uk" ], "id": "4763" }, { "title": "U.S. URGES BANKS TO DEVELOP NEW 3RD WLD FINANCE", "body": "The United States this week signaled\nit is pressing commercial banks, increasingly disenchanted with\nproviding large cash loans to debtor nations, to develop new\nways of financing that will prove more acceptable to both\nsides.\n Heading off challenges to its Third World debt strategy,\nU.S. officials also say they think concessions should be made\nto debtors that enact reforms speeding inflation-free growth.\n In particular, they stress new techniques that shift the\nemphasis from debt to equity and shave interest rates.\n \"The strategy is sufficiently broad as an initiative or\nconcept that there can be additional emphasis such as in\ndebt-equity swaps and that sort of thing,\" a Reagan\nadministration official said of the slow pace of commercial\nbank lending to the Third World.\n \"The debtors have been performing well...some people argue\nthat taking 1-1/8 pct down to 13/16 pct is debt forgiveness.\nWell if that's what it is, fine. What it really is a narrowing\nof the spread that could be charged on new money,\" the official\nsaid.\n This week, therefore, U.S. officials signaled their backing\nfor a novel proposal by the Philippines that called for partial\npayment of interest in tradeable investment notes.\n On Tuesday, officials said Treasury Secretary James Baker\ntold Secretary of State George Shultz the idea was a creative\none and signaled his approval to Philippine Finance Minister\nJamie Ongpin later that day. An administration official told\nReuters this week the Philippines' proposal to partially pay\ninterest with investment notes instead of cash should be\nconsidered seriously by the banks. An agreement with the banks,\nofficials now say, is expected soon.\n \"New bank lending has been slow in materializing but the\nfact of the matter is there have been 70 billion dlrs in bank\nloans restructured, which is a form of extension of credit. As\nyou know, there's been 8.5 billion dlrs in new money,\" said the\nofficial, who plays a key role in keeping the plan afloat.\n The plan was launched in October 1985 by Secretary Baker\nand called on commercial and multilateral banks to lend 29\nbillion dlrs in the subsequent three years to major debtors\nundertaking reforms that promoting economic growth.\n But it has taken almost six months to complete the\nsyndication of a 7.5 billion dlrs loan to Mexico, which has\ncreated deep misgivings here about the liklihood of such large\nstraight cash loans being assembled ever again.\n U.S. officials want the banks not only to consider swapping\ntheir debts for equity in local corporations -- a development\nthat has already met with success in Chile and Mexico -- but to\npin loans on specific projects, finance trade and invest\ndirectly in debtor country private sectors.\n These forms of lending, they say, give the banks a greater\nstake and more economically secure return on investment.\n In a major challenge to the U.S. plan, Brazil last month\ndeclared a moratorium on interest payments and followed it up\nwith a world tour by officials seeking a political way out of\nits 109 billion dlr debt burden.\n The country is beset by a falling trade surplus and\ndwindling reserves endangering its ability to service its\nforeeign debt, at 109 billion dlrs the Third World's largest.\n One official attending the Washington talks with Brazilian\nFinance Minister Dilson Funaro said \"they've come in here now\nand said \"Look, we're out of money, help us,\" but they haven't\ncome in with a plan. And they've gone all over the world, and\nat every stop they've been told the same thing.\"\n The official said Brazil would have to enact a credible\neconomic program, either in consultation with the World Bank or\nthe International Monetary Fund, to cool its overheated economy\nbefore commercial banks would begin negotiations.\n As a result of the Brazilian action, private banks and\nmajor debtor nations redoubled their efforts to reach\nagreements stretching out debt repayments.\n For its part, the administration has signaled its strong\nsupport for new techniques that in some cases effectively\namount to interest rate concessions for major debtor nations.\n It pressed the banks to allow Chile to make annual instead\nof bi-annual interest payments, speeding an accord.\n Administration officials, who asked not to be named, have\nalso debated whether to allow banks greater flexibility in\nbuilding up loan loss reserves against Third World loans.\n The debate centers on a rule, known as FASB-15, under which\nbanks experiencing delayed interest payments on real estate\nloans need not set aside reserves against debt principal if it\nis believed payments will resume.\n More recently, the rule was extended to cover farm and\nenergy loans and Senator Bill Bradley, a New Jersey Democrat,\nhas suggested it should be extended to Third World loans.\n Bradley is prominent among Congressmen urging that\nprovisions for debt relief be attached to tough new trade\nlegislation now being considered on Capitol Hill.\n But the officials said the debate has been inconclusive.\n Reuter\n\u0003", "date": "13-MAR-1987 09:05:32.23", "places": [ "brazil", "philippines", "mexico", "usa" ], "id": "4764" }, { "title": " YEAR NET", "body": "Oper shr 63 cts vs 47 cts\n Oper shr diluted 56 cts vs 38 cts\n Oper net 3,284,955 vs 2,176,925\n Revs 31.6 mln vs 23.0 mln\n NOTE: Current oper net excludes writedown of 344,039 dlrs,\nor seven cts a share, on unidentified investment.\n Reuter\n\u0003", "date": "13-MAR-1987 09:06:27.37", "topics": [ "earn" ], "places": [ "canada" ], "id": "4765" }, { "title": "APPLIED BIOSYSTEMS LOWERS SALES FORECAST", "body": "Applied Biosystems Inc said\nit has lowered its internal product sales forecast following a\nreview of market conditions in Europe.\n The company also said Chairman Sam Eletr has resigned for\npersonal reasons.\n The company said it now expects third quarter, ending March\n31, sales to approximate the second quarter's 21.1 mln dlrs and\nthird quarter earnings to be less than the second quarter's 2.7\nmln dlrs, or 20 cts a share, due to unexpected European\nsoftness and previously announced new product delays.\n Applied Biosystems earned 2,654,000 dlrs, or 20 cts a\nshare, in 1986's third quarter on sales of 13.4 mln dlrs.\n Explaining European orders have not materialized at the\nrate expectd, the company added \"we believe that the slowness\nin orders reflects current conditions in the market for\nresearch instrumentation in Europe.\"\n It said sales in the current quarter are also being\naffected by the previously announced delay in completion of the\nsoftware for the Model 900A Data Analysis Module. The\nunavialability of that product also impacts sales of the\nassociated model 420A Derivatizer system.\n Applied Biosystems said it presently expects this software\nwill be completed during the fourth quarter, but the resulting\nlack of demonstration units in the field may postpone some\nsales.\n Due to the delays and European uncertainties, \"we must now\nview the coming quarters with caution,\" it said, adding \"some\nearnings pressure is anticipated during the remainder of this\nfiscal year.\"\n Reuter\n\u0003", "date": "13-MAR-1987 09:07:43.08", "places": [ "usa" ], "id": "4766" }, { "title": "ECSC ISSUES 100 MLN STG EUROBOND DUE 1992", "body": "The European Coal and Steel Community is\nissuing a 100 mln stg eurobond due April 6, 1992 paying 9-3/8\npct and priced at 101-5/8 pct, lead manager Warburg Securities\nsaid.\n The bond is available in denominations of 1,000 and 10,000\nstg and will be listed in Luxembourg.\n Fees comprise 1-1/4 pct selling concession and 5/8 pct for\nmanagement and underwriting.\n REUTER\n\u0003", "date": "13-MAR-1987 09:13:59.50", "places": [ "uk" ], "id": "4767" }, { "title": "UK MONEY MARKET DEFICIT REVISED TO ONE BILLION STG", "body": "The Bank of England said it has revised\nits estimate of today's shortfall to one billion stg, before\ntaking account of 646 mln stg morning assistance.\n REUTER\n\u0003", "date": "13-MAR-1987 09:14:42.48", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "4768" }, { "title": "OUTOKUMPU TO CLOSE NICKEL REFINERY DURING SUMMER", "body": "The Finnish metal and mining group\nOutokumpu Oy said it will close its nickel refinery at\nHarjavalta in central Finland for six weeks in July and August\nthis year due to current low prices on the nickel market.\n \"We consider nickel prices as bad at the moment, although\nthey have been rising slightly since January,\" refinery sales\nmanager Pekka Purra said.\n He said the closure will mean a drop in production of 3,000\ntonnes in 1987 from last year's output of 17,800 tonnes. The\nclosure was also a move to cut labour costs as no extra staff\nhave to be employed during holidays to keep the plant open.\n Reuter\n\u0003", "date": "13-MAR-1987 09:15:42.58", "topics": [ "nickel" ], "places": [ "finland" ], "id": "4769" }, { "title": "U.S. FEB INDUSTRIAL PRODUCTION ROSE 0.5 PCT AFTER REVISED 0.1 PCT JAN GAIN\n", "date": "13-MAR-1987 09:16:07.14", "topics": [ "ipi" ], "places": [ "usa" ], "id": "4770" }, { "title": "U.S. FEB INDUSTRIAL PRODUCTION ROSE 0.5 PCT", "body": "U.S. industrial production rose 0.5\npct in February after a revised 0.1 pct increase in January,\nthe Federal Reserve Board said.\n The Fed previously said industrial production rose 0.4 pct\nin January.\n The Fed said the February gain was dominated by a sharp\nrise in motor vehicle production, which boosted output of both\nconsumer goods and business equipment. Industrial production\nstood at 127.3 pct of the 1977 average in February and was up\n1.7 pct from a year ago, the Fed said.\n The Fed also revised the December industrial production\nfigure to a gain of 0.5 pct from 0.3 pct originally reported.\n Manufacturing output rose 0.5 pct in February after a 0.1\npct increase in January and included gains of 0.8 pct in\ndurables and 0.1 pct in non-durables, the Fed said.\n Manufacturing was 2.4 pct above the year ago level.\n Production of auto assemblies rose to an annual rate of 8.3\nmln units last month from a January rate of 7.5 mln units.\n Output of consumer goods rose 0.6 pct after falling 0.3 pct\nin January and output of consumer durables was up 2.1 pct in\nFebruary after falling by 2.0 pct in January.\n Business equipment production rose 1.0 pct in February,\nreflecting more output of autos and trucks for business use and\na recovery from strikes in farm equipment industries, the Fed\nsaid.\n Mining output rose 0.1 pct after a 1.6 pct increase in\nJanuary, but was still six pct lower than a year ago.\n Utilities output rose 0.7 pct in February after a 1.2 pct\nrise in January.\n Output of defense and space equipment was up 0.4 pct, the\nsame as in January, and 6.2 pct higher than a year ago.\n Output of construction supplies rose 0.2 pct in February\nafter a 1.5 pct January rise.\n Materials output increased by 0.2 pct last month, the\nfourth consecutive monthly increase after declining throughout\nmuch of 1986. The recent strength in materials has been\nconcentrated in textiles, paper and chemicals, the Fed said.\n Output of home goods was up 0.3 pct in February and the Fed\nsaid production of items like appliances and furniture\ncontinued strong last month.\n Reuter\n\u0003", "date": "13-MAR-1987 09:17:08.94", "topics": [ "ipi" ], "places": [ "usa" ], "id": "4771" }, { "title": "CAESARS WORLD REJECTS SOSNOFF'S OFFER", "body": "Caesars World Inc said its board\nunanimously rejected a 28 dlr a share takeover offer by New\nYork investor Martin T. Sosnoff.\n Caesars said Sosnoff's offer to by all its outstanding\nshares of common stock was inadequate and not in the best\ninterests of its shareholders.\n The company recommended that shareholders reject Sosnoff's\noffer, made through his , and not tender\nany of their shares.\n Caesars said it will explore a variety of alternative\ntransactions but did not elaborate.\n Caesars, in a brief statement, did not say whether it would\nseek to buy back its shares held by Sosnoff.\n A Caesars spokesman said the company would not comment\nfurther on its decision.\n On Wednesday, Sosnoff told the Securities and Exchange\nCommission that he controls 13.6 pct of the company's stock.\n Sosnoff also informed the SEC that Caesars had offered to\nbuyout his holdings several times during the past year.\n No one from the Sosnoff organization was immediately\navailable for comment.\n Caesars said its financial advisor, Drexel Burnham Lambert\nInc, had determined that Sosnoff's offer was financially\ninadequate for shareholders other than Sosnoff.\n The company said other factors it considered in rejecting\nthe offer were its financial condition, future prospects,\ncurrent market conditions and the numerous conditions on which\nSosnoff's bid was conditioned.\n Caesars' stock opened up 1/8 point at 28-1/8. That is 1/8\npoint above Sosnoff's offer price.\n Reuter\n\u0003", "date": "13-MAR-1987 09:17:28.58", "topics": [ "acq" ], "places": [ "usa" ], "id": "4772" }, { "title": "ESSELTE AB 1986 RESULTS", "body": "Group profit after net interest items\n742 mln crowns vs 741 mln.\n Sales 11.25 billion crowns vs 10.22 billion.\n Estimated profit per share 10 crowns vs 9.20.\n Proposed dividend four crowns vs 3.38.\n Reuter\n\u0003", "date": "13-MAR-1987 09:18:12.84", "topics": [ "earn" ], "places": [ "sweden" ], "id": "4773" }, { "title": "CONSECO TO BUY BENEFICIAL UNIT", "body": "Conseco Inc said it has signed a\ndefinitive agreement to acquire Western National Life Insurance\nCo from Beneficial Corp for 275 mln dlrs in cash.\n Western National had assets of 1.9 billion dlrs at the end\nof 1986 and 1986 premium and investment revenues. Western\nissues structured settlement annuities for the settlement of\npersonal injury and damage claims and sells tax-sheltered\nannuities.\n The acquisition is subject to regulatory approval.\n Conseco said the acquisition would raise its assets to 2.7\nbillion dlrs and annual revenues to about 800 mln dlrs.\n Beneficial had previously announced plans to leave the\ninsurance business. On March Three, it said it agreed in\nprinciple to sell its American Centennial Insurance Co,\nBeneficial International Insurance Co, Consolidated MArine and\nGeneral Insurance Co Ltd, Consolidated Life Assurance Co Ltd,\nWesco Insurance Co and Service General Insurance Co\nsubsidiaries to a management-led group for 98 mln dlrs in notes\nmostly contingent on performance of the units and 10 mln dlrs\nin cash.\n Conseco had 1986 operating earnings of 4,968,000 dlrs on\nrevenues of 84.9 mln dlrs.\n Reuter\n\u0003", "date": "13-MAR-1987 09:18:52.18", "topics": [ "acq" ], "places": [ "usa" ], "id": "4774" }, { "title": "GREAT AMERICAN BANCORP 4TH QTR NET", "body": "Shr profit seven cts vs loss 24 cts\n Net profit 151,000 vs loss 523,000\n 12 mths\n Shrs loss 1.70 dlrs vs loss 44 cts\n Net loss 3,670,000 vs loss 947,000\n Assets 99.7 mln vs 102.6 mln\n Deposits 91.1 mln vs 90.6 mln\n Loans 44.3 mln vs 51.7 mln\n Reuter\n\u0003", "date": "13-MAR-1987 09:20:23.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "4775" }, { "title": "KONINKLIJKE NEDERLANDSE PAPIERFABRIEKEN ", "body": "Net 1986 profit 132.6 mln guilders vs 117.3 mln\n Turnover 1.6 billion guilders vs same\n Earnings per share 16.00 guilders vs 15.80 on capital\nexpanded by 11 pct to 8.21 mln outstanding shares.\n Proposed dividend per share 5.50 guilders vs 5.00\n Note - Full company name is Koninklijke Nederlandse\nPapierfabrieken NV.\n Reuter\n\u0003", "date": "13-MAR-1987 09:20:44.18", "topics": [ "earn" ], "places": [ "netherlands" ], "id": "4776" }, { "title": "GENERAL MILLS INC 3RD QTR FEB 22 NET", "body": "Shr 64 cts vs 52 cts\n Net 56,900,000 vs 46,400,000\n Sales 1.31 billion vs 1.13 billion\n Avg shrs 88.2 mln vs 89.3 mln\n Nine mths\n Shr 2.09 dlrs vs 1.59 dlrs\n Net 185,900,000 vs 141,300,000\n Sales 3.84 billion vs 3.36 billion\n Avg shrs 88.9 mln vs 89.1 mln\n NOTE: 1986 period ended February 23\n Prior year amounts restated to reflect discontinued\nfurniture operations\n Earnings include gains from discontinued operations of 1.5\nmln dlrs, or two cts a share in the 1986 quarter and gains of\n8.5 mln dlrs, or 10 cts a share in the fiscal 1987 nine months\nvs 3.0 mln dlrs, or four cts a share a year earlier\n Reuter\n\u0003", "date": "13-MAR-1987 09:21:02.67", "topics": [ "earn" ], "places": [ "usa" ], "id": "4777" }, { "title": "UNOFFICIAL STRIKE HITS ROTTERDAM GRAIN SECTOR", "body": "About 220 men in Rotterdam port's\ngrain sector stopped work this afternoon in an unofficial\nprotest at the slow progress of negotiations over a new work\npractice agreement, a spokesman for the port and transport\nunion FNV said.\n Negotiations between the union and employers, which are due\nto resume early next week, are currently stalemated with the\nunion refusing to accept sweeping changes in working hours and\npractices in return for a 1.5 pct pay increase.\n The FNV spokesman said the action did not yet have official\nbacking, but added that next week matters might be different.\n Reuter\n\u0003", "date": "13-MAR-1987 09:21:15.45", "topics": [ "ship", "grain" ], "places": [ "netherlands" ], "id": "4778" }, { "title": "NOVELL SETS PAYMENT DATE FOR STOCK SPLIT", "body": "Novell Inc said the dividend to\neffect its previously announced two-for-one stock split will be\ndistributed April 13.\n As stated at the time of the original announcement, the\ncompany said the payment will be made to holders of record\nMarch 31.\n Reuter\n\u0003", "date": "13-MAR-1987 09:21:45.77", "topics": [ "earn" ], "places": [ "usa" ], "id": "4779" }, { "title": "NORTEK INC SETS QUARTERLIES", "body": "Qtly div common 2-1/2 cts vs 2-1/2 cts prior\n Qtly div special common one ct vs one ct\n Pay May Eight\n Record April Three\n Reuter\n\u0003", "date": "13-MAR-1987 09:21:52.03", "topics": [ "earn" ], "places": [ "usa" ], "id": "4780" }, { "title": "DUTCH PORT UNION CALLS OFF GENERAL CARGO STRIKES", "body": "Dutch port and transport union, FNV,\nhas called off the strikes against planned redundancies that\nhave hit Rotterdam port's general cargo sector for the past\neight weeks, strike leader Paul Rosenmuller told a mass\nmeeting.\n The decision followed yesterday's ruling by an Amsterdam\ncourt preventing the sector's employers continuing with current\nplans for 350 redundancies this year until the court sits again\non May 7, Rosenmuller told a meeting of the general cargo\nsector's 4,000 workers today.\n The court ruled the employers had made a mistake in the\ncomplicated legal procedure for obtaining official permission\nfor the redundancies, and therefore could not proceed.\n \"There is no need to continue the strikes for the moment now\nthe immediate pressure of redundancies has been lifted,\"\nRosenmuller said.\n But he added that the strikes, which began on January 19 in\nprotest against plans for 800 redundancies by 1990, could\nresume at any time before May 7 if the employers made any moves\nto re-apply for permission for the redundancies.\n SVZ labour relations manager Gerrard Zeebregts said they\nwould be meeting their lawyers today with a view to re-applying\nfor this permission next week in the hope of gaining approval\nfor the redundancies within a month.\n Reuter\n\u0003", "date": "13-MAR-1987 09:23:44.41", "topics": [ "ship" ], "places": [ "netherlands" ], "id": "4781" }, { "title": "NOVA AN ALBERTA CORP 4TH QTR SHR LOSS 15 CTS VS LOSS 1.09 DLRS\n", "date": "13-MAR-1987 09:25:00.61", "topics": [ "earn" ], "id": "4782" }, { "title": "U.K. MONEY MARKET GIVEN FURTHER 195 MLN STG HELP", "body": "The Bank of England said it provided the\nmoney market with a further 195 mln stg assistance during the\nafternoon.\n This brings total help today to 841 mln stg compared with a\nliquidity shortage it has estimated at a revised one billion\nstg.\n The Bank bought 176 mln stg of band two bank bills outright\nat 10-5/16 pct and 13 mln stg of band one bank bills at 10-3/8\npct. In addition, it bought four mln stg of bills for resale to\nthe market on March 30 and two mln stg for resale on April 8,\nat a common interest rate of 10-7/16 pct.\n REUTER\n\u0003", "date": "13-MAR-1987 09:32:30.96", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "4783" }, { "title": "WALKER TELECOMMUNICATIONS CLOSING UNIT", "body": "Walker Telecommunications Corp\nsaid it discontinued operations of its mobile communication\ndivision, resulting in an undisclosed one time substantial loss\nfor the fourth quarter and year for fiscal 1986.\n Howard Lassler, president, said the company intends to\nfocus management and other resources during 1987 on its\ntelephone systems division, and on developing new projects for\nits mutual signal corp subsidiary.\n The company said dropping retail prices resulted in the\nmobile division no longer being able to make a profit.\n Reuter\n\u0003", "date": "13-MAR-1987 09:33:24.73", "places": [ "usa" ], "id": "4784" }, { "title": "UGANDA RE-ROUTES COFFEE EXPORTS THROUGH KISUMU", "body": "Long delays at the railway crossing on\nthe Kenyan border have led Uganda to re-route its coffee\nexports through a ferry link with the Kenyan port of Kisumu\nacross Lake Victoria, Ugandan officials based in Kenya said.\n Uganda has a direct rail link with the Kenyan port of\nMombasa through which it conducts 70 pct of its external trade\nbut there is a chronic shortage of railway wagons, they said.\n Customs at Kisumu take less than a day compared with two to\nthree at the Malaba rail border crossing, a Ugandan Railways\nofficial said. \"Malaba is now handling only 10 pct of the trade\nand all the coffee and oil goes through Kisumu,\" he said.\n However, an accident recently damaged the wagon ferry which\nplies between Kisumu and the Ugandan port of Jinja, causing\nbottlenecks on the lake route too.\n Sources at the Coffee Marketing Board in Kampala reported\ndelays in coffee export shipments last January due to\ncongestion on the lake ferries.\n Coffee accounts for about 95 pct of Uganda's export\nearnings and last November President Yoweri Museveni ordered\nall coffee shipments to be carried by rail in order to avoid\nthe higher costs of road haulage.\n Reuter\n\u0003", "date": "13-MAR-1987 09:34:22.88", "topics": [ "coffee" ], "places": [ "uganda", "kenya" ], "id": "4785" }, { "title": "CITICORP CALL UNFOUNDED RUMORS THAT IT HAS WRITTEN OFF ANY LATIN AMERICAN DEBT\n", "date": "13-MAR-1987 09:36:10.77", "id": "4786" }, { "title": "NORWAY'S WHOLESALE PRICES RISE 0.5 PCT IN FEBRUARY", "body": "Norway's wholesale price index (base 1981)\nrose 0.5 pct in February to 136.0 after a 1.7 pct rise in\nJanuary to 135.0, the Central Bureau of Statistics said.\n The year on year increase for February was 7.9 pct compared\nwith 5.7 pct in January and 2.2 pct in February 1986, it added.\n REUTER\n\u0003", "date": "13-MAR-1987 09:36:22.80", "topics": [ "wpi" ], "places": [ "norway" ], "id": "4787" }, { "title": "HEALTHCO INTERNATIONAL INC 4TH QTR NET", "body": "Oper shr 51 cts vs 43 cts\n Oper shr diluted 47 cts vs 43 cts\n Oper net 3,182,000 vs 2,462,000\n Revs 101.7 mln vs 87.0 mln\n Avg shrs 6,246,664 vs 5,671,607\n Avg shrs diluted 7,501,209 vs 5,671,607\n Year\n Oper shr 1.84 dlrs vs 1.48 dlrs\n Oper shr diluted 1.76 dlrs vs 1.48 dlrs\n Oper net 11.5 mln vs 8,312,000\n Revs 349.2 mln vs 307.0 mln\n Avg shrs 6,238,720 vs 5,616,019\n Avg shrs diluted 6,969,389 vs 5,616,019\n NOTE: 1986 net both periods excludes charge 1,205,000 dlrs\nfrom distribution system restructuring costs.\n 1986 year net excludes 440,000 dlr debt retirement gain and\ngain 12.8 mln dlrs from sale of HPSC Inc stock.\n 1986 net both periods includes charge 768,000 dlrs from\nreversal of investment tax credits.\n Reuter\n\u0003", "date": "13-MAR-1987 09:37:19.82", "topics": [ "earn" ], "places": [ "usa" ], "id": "4788" }, { "title": "LITTLE JOY FOR SWISS EXPORTERS, STUDY SAYS", "body": "The continued strength of the Swiss franc\nagainst the dollar will largely deprive Swiss exporters of the\nbenefits of the upturn in the world economy, a quarterly study\nby the Economics Department said.\n It said the export industry would scarcely get a boost from\nthe upturn in the economies of the Organization for Economic\nCooperation and Development (OECD), and predicted declines in\nnew orders for highly export-orientated firms.\n However, domestic demand, which stagnated in the last\nquarter of 1986, would resume its growth, fuelled by higher\nreal incomes and buoyant consumer sentiment, it said.\n The study, which was drawn up by the department's\nCommission for Economic Questions, said industrial production\nwould scarcely increase, with most firms apparently happy with\ncurrent numbers of workers.\n However, an increase in labour demand in the service sector\nshould help push up total employment, it said.\n The Commission also predicted an increase in inflation from\ncurrent low levels.\n REUTER\n\u0003", "date": "13-MAR-1987 09:38:28.77", "organisations": [ "oecd" ], "places": [ "switzerland" ], "id": "4789" }, { "title": "SALLIE MAE OFFERS FIXED RATE NOTES", "body": "The Student Loan Marketing\nAssociation, Sallie Mae, announced an offering of 100 mln dlrs\nof three-year fixed rate notes redeemable at maturity in the\nU.S. dollar equivalent of 145.2 mln Australian dlrs.\n It said the 12.125 pct obligation will be priced at par and\nsold in the United States in a public offering managed by\nMorgan Stanley.\n Interest payments on the notes will be made semiannually in\nU.S. dlrs starting on Sept 20, 1987, Sallie Mae said.\n It added that the notes are due march 20, 1990.\n Sallie Mae said it will enter into a separate currency\nexchange agreement to convert the principal payment at maturity\nfrom Australian dollars to U.S. dollars.\n It said the notes will be issued in registered form and be\navailable in denominations of 10,000 U.S. dlrs and in 5,000 dlr\nincrements above that amount.\n Sallie Mae said proceeds will be used for general corporate\npurchases.\n Reuter\n\u0003", "date": "13-MAR-1987 09:40:55.44", "places": [ "usa" ], "id": "4790" }, { "title": "WILFRED AMERICAN EDUCATIONAL CORP 4TH QTR", "body": "Shr two cts vs 36 cts\n Net 182,000 vs 3,433,000\n Revs 20.1 mln vs 21.4 mln\n Year\n Shr 71 cts vs 98 cts\n Net 6,706,000 vs 9,275,000\n Revs 85.7 mln vs 75.4 mln\n NOTE: 1985 net both periods includes gain 743,000 dlrs from\ncancellation of debt.\n 1986 quarter net includes reversal of 216,000 dlrs in\ninvestment tax credits.\n Reuter\n\u0003", "date": "13-MAR-1987 09:43:54.58", "topics": [ "earn" ], "places": [ "usa" ], "id": "4791" }, { "title": "AL LABORATORIES INC 4TH QTR NET", "body": "Shr 10 cts vs 14 cts\n Net 913,000 vs 1,273,000\n Revs 37.7 mln vs 24.7 mln\n 12 mths\n Shr 61 cts vs 60 cts\n Net 5,529,000 vs 5,448,000\n Revs 123.6 mln vs 96.8 mln\n NOTE: net for qtr and yr 1986 and 1985 adjusted to reflect\nretroactive effect of three-for-two stock splits distributed to\nshareholders in July 1986 and August 1985.\n 1986 net includes results of operations of Parmed\nPharmaceuticals Inc, acquired May 29, 1986.\n Reuter\n\u0003", "date": "13-MAR-1987 09:44:13.94", "topics": [ "earn" ], "places": [ "usa" ], "id": "4792" }, { "title": "CME BOARD LIMITS BUT DOES NOT BAN DUAL TRADING", "body": "The Chicago Mercantile Exchange's (CME)\nboard of directors issued a letter to its members that sets\nlimits, but does not ban, dual trading in the S and P 500\nfutures and options pit.\n The rules prohibit brokers who execute customer orders to \ntrade for their own account, or engage in dual trading, from\nthe top step of the pit -- which the board defines as a\ngeographically advantageous position in the pit.\n Brokers who engage in dual trading in other areas of the\npit must record to the nearest minute those personal trades.\n The board will also set as yet unspecified percentage\nlimits on the trades brokers can conduct among \"broker groups,\"\notherwise known as \"trading rings.\"\n By issuing its own rules, the CME's board rejected a\npetition presented in February by some CME members that sought\nto prohibit dual trading of any kind in the S and P 500 pits.\n The full CME membership will vote on the petition, since it\nwas rejected by the board, by April 13. If the members reject\nthe petition, the board would be free to implement its rules, a\nCME spokesman said. However, the members can vote to adopt the\npetition and institute a total ban on dual trading.\n The board's rules on dual trading, if implemented, would\nprohibit brokers from trading for their own account once they\nhave executed a customer order from the top step of the pit.\n \"It's a step in the right direction,\" said stock futures\nanalysts William Marcus of Donaldson, Lufkin, Jenrette Inc.\n \"It's very difficult to engage in large broker business\nfrom anywhere but the top step,\" he said.\n \"If there were abuses, (the rules) should act to curb\nthem,\" Marcus added.\n The spokesman for the CME said the tenor of the board of\ndirectors' letter to members appears to leave open the\npossibility of additional limits on dual trading. In addition,\nthe limits set forth so far will have to be more closely\ndefined.\n Reuter\n\u0003", "date": "13-MAR-1987 09:44:49.21", "places": [ "usa" ], "id": "4793" }, { "title": "NU-MED INC 3RD QTR JAN 31 NET", "body": "Shr 26 cts vs 10 cts\n Net 2,867,000 vs 1,208,000\n Revs 100.0 mln vs 85.0 mln\n Avg shrs 10.4 mln vs 9,791,671\n Nine mths\n Shr 57 cts vs 34 cts\n Net 6,327,000 vs 3,951,000\n Revs 284.4 mln vs 225.4 mln\n Avg shrs 10.1 mln vs 9,831,097\n Current year net both periods includes gain 1,755,000 dlrs\nfrom change inestimation of useful lives used in depreciation\nof property and equipment.\n Reuter\n\u0003", "date": "13-MAR-1987 09:45:05.11", "topics": [ "earn" ], "places": [ "usa" ], "id": "4794" }, { "title": "ALUSUISSE PLANS 50 PCT CAPITAL CUT", "body": "Schweizerische Aluminium AG, Alusuisse,\nplans to reduce share and participation certificate capital by\n50 pct to cover losses in 1986 and those carried forward from\nthe previous year, chief executive Hans Jucker said.\n Jucker told a news conference that the greatest drain on\nits financial resources had been stopped, but after\nextraordinary charges the net loss of 688 mln francs in 1986\nwas only slightly under the 756 mln loss of the previous year.\n The losses in 1986 and those carried over from 1985 made it\nnecessary to reduce capital by 50 pct, he said.\n However, Jucker said the company improved liquidity through\na recovery in cash flow and conversion of 300 mln Swiss francs\nof credit into a subordinated loan.\n Trading in Alusuisse shares was suspended on the Zurich\nstock exchange after today's announcement by the company that\nit would cut its share capital by 50 pct, the bourse said.\nTrading would resume again on Monday.\n Reuter\n\u0003", "date": "13-MAR-1987 09:45:15.09", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "4795" }, { "title": "DAVIS WATER RELEASES PRE-SPLIT EARNINGS", "body": "Davis Water and Waste\nIndustries Inc said it has restated its earnings on a pre-\nstock split basis for fiscal 1987's third quarter and nine\nmonths ended January 31, which were reported March 10 on a post\nfour-for-three stock split basis.\n The company said its earnings per share for the third\nquarter on a pre-split basis, converts to 16 cts from 12 cts\npost-split, versus three cts pre-split from two cts post-split\nfor fiscal 1986's third quarter.\n For the nine months, Davis said, earnings per share would\nconvert to 77 cts and 44 cts for fiscal 1987 and 1986\nrespectively, from 58 cts and 33 cts, respectively.\n Reuter\n\u0003", "date": "13-MAR-1987 09:45:37.90", "topics": [ "earn" ], "places": [ "usa" ], "id": "4796" }, { "title": " 4TH QTR LOSS", "body": "Shr loss 15 cts vs loss 1.09 dlrs\n Net loss 19.3 mln vs loss 139.6 mln\n Revs 611.7 mln vs 868.6 mln\n Year\n Shr profit 12 cts vs loss 1.31 dlrs\n Net profit 16.1 mln vs loss 167.9 mln\n Revs 2.68 billion vs 3.35 billion\n Avg shrs 134.7 mln vs 128.1 mln\n Reuter\n\u0003", "date": "13-MAR-1987 09:46:14.63", "topics": [ "earn" ], "places": [ "canada" ], "id": "4797" }, { "title": "ELDER-BEERMAN GETS OFFER OF 30 DLRS/SHARE", "body": "Elder-Beerman Stores Corp said\nowners of about 70 pct of its stock have offered to take the\ncompany private by offerring 30 dlrs per share for the\nremaining 30 pct of its stock.\n The company said the proposal will be considered at a\nregularly scheduled board meeting on March 17.\n It said the offer was made by members of the Beerman family\nholding about 70 pct of the company's stock, Chairman Max\nGutmann, and certain members of the board.\n Reuter\n\u0003", "date": "13-MAR-1987 09:47:28.86", "topics": [ "acq" ], "places": [ "usa" ], "id": "4798" }, { "title": "FRANCE SETTLES 21.95 BILLION FRANCS SHORT-TERM CURRENCY INTERVENTION\n DEBT - OFFICIAL\n", "date": "13-MAR-1987 09:47:33.20", "places": [ "france" ], "id": "4799" }, { "title": "CITICORP DENIES RUMORS OF DEBT WRITEDOWN", "body": "Citicorp denied financial market\nrumors that it has written off some of its loans to Latin\nAmerican debtors,\n \"Rumors that we have written off any of our Latin American\ndebt are unfounded,\" a Citicorp spokesman told Reuters in\nresponse to London-based rumors in the money markets.\n Citicorp is the largest bank group in the U.S. and one of\nthe biggest lenders to Latin America, with some eight to nine\nbillion dlrs outstanding to Brazil, Mexico and Argentina, bank\nanalysts said.\n In response to more specific market rumors that it had\ntaken action on its exposure to Brazil, Citicorp said it made\nan 8-K filing on the subject with the Securities and Exchange\nCommission on Tuesday in relation to a registration statement\nfor a preferred stock issue.\n Citing the filing, Citicorp said that Brazil's recent\nsuspension of interest payments on 68 billion dlrs of\ncommercial bank debt and related actions \"may require Citicorp\nto place 3.9 billion dlrs of intermediate and long-term\nBrazilian loans on a cash basis.\"\n When loans are placed on a cash basis, interest or\nprincipal payments are only booked when received instead of\nbeing accrued on their due dates, analysts noted.\n However, Citicorp said in the 8-K filing that \"it is\npremature to make such a decision at this time in view of the\nfluidity of the situation and management's high confidence in\nthe long-term outlook for Brazil.\"\n Brazil's new central bank governor Francisco Gros met\nsenior commercial bankers here on Wednesday and Citicorp said\nformal talks on Brazil's recent actions and future financing\nneeds should begin in \"the near future\".\n Citicorp said in the filing, \"the issue will be\nre-evaluated at the end of the first quarter.\"\n The bank group continued, \"if it is decided that these\nloans to Brazil should be placed on a cash basis, Citicorp\nestimates, based on existing interest rates, that the impact in\nthe first quarter would be approximately 50 mln dlrs after tax\nand for the full year would be approximately 190 mln dlrs after\ntax.\"\n It added that these amounts include interest accrued in\n1986 that has not yet been collected.\n Although Citicorp denied earlier rumors of major loan\nwritedowns, its warning that it may have to place some of its\nBrazilian loans on non-accrual unnerved many Wall Street\ninvestors.\n The common stock price was down one dlr to 51-1/8 after the\nfirst hour on a volume of over 500,000 shares.\n However, Lawrence Cohn, analyst at Merrill Lynch and Co\nInc, said that the market's nervousness was not really\nwarranted.\n \"Citicorp can afford it,\" he said. \"The amounts they are\ntalking about are peanuts.\"\nREUTER...^M\n\u0003", "date": "13-MAR-1987 09:52:16.12", "places": [ "brazil", "usa" ], "id": "4800" }, { "title": "ECHLIN INC DIVIDEND INCREASED 12 PCT", "body": "Qtly div 14 cts vs 12.5 cts in prior qtr\n Payable April 18\n Record April two\n Reuter\n\u0003", "date": "13-MAR-1987 09:53:18.14", "topics": [ "earn" ], "places": [ "usa" ], "id": "4801" }, { "title": "PRIVATE BRANDS INC TO SEPARATE UNIT", "body": "Private Brands Inc said it will\nseparate itself into component parts, all of which will trade\nindividually effective March 16.\n The designer and manufacturer of men's and women's leisure\nwear said the L.C. Wegard and Co Inc., its underwriter\nrepresentative, requested the units trade separately.\n Reuter\n\u0003", "date": "13-MAR-1987 09:53:58.94", "places": [ "usa" ], "id": "4802" }, { "title": "NATIONAL ENTERTAINMENT CORP 3RD QTR NET", "body": "Jan 31 end\n Shr six cts vs eight cts\n Net 177,000 vs 252,000\n Revs 3,209,000 vs 1,070,000\n Nine mths\n Shr 12 cts vs eight cts\n Net 365,000 vs 247,000\n Revs 7,156,000 vs 2,960,000\n NOTE: Prior year net both periods includes 91,000 dlr tax\ncredit.\n Reuter\n\u0003", "date": "13-MAR-1987 09:54:14.49", "topics": [ "earn" ], "places": [ "usa" ], "id": "4803" }, { "title": "NATIONAL ENTERTAINMENT REVERSE SPLIT SET", "body": "National Entertainment Corp\nsaid shareholdersapproved a one-for-25 reverse stock split and\na name change to Major Video Corp, both effective March 16.\n It said its new ticker symbol will be .\n The company also said it expects to add nine company-owned\nand franchised Major Video stores in the next 60 days. It now\noperates 64.\n Reuter\n\u0003", "date": "13-MAR-1987 09:54:23.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "4804" }, { "title": " YEAR NET", "body": "Shr 48 cts vs 81 cts\n Net 3,986,000 vs 6,760,000\n Revs 77.3 mln vs 40.5 mln\n Reuter\n\u0003", "date": "13-MAR-1987 09:55:07.13", "topics": [ "earn" ], "places": [ "canada" ], "id": "4805" }, { "title": "COMPUTER MEMORIES SETS FILM FIRM MERGER", "body": "Computer Memories Inc, which ended\nits disk drive operations in June 1986, agreed to acquire\n in a transaction which will give Hemdale's\nowner control of the resulting company.\n Computer Memories' principal asset is about 29.4 mln dlrs\nin cash and cash equivalents. It has agreed to exchange newly\nissued shares equaling 80 pct of the aggregate issued to\nacquire Hemdale. That company's owner, John Daly, would then\nbecome chief executive officer of the combined company which\nwould be renamed Hemdale Film Corp.\n Computer Memories said the proposed transaction is subject\nto the results of certain corporate reviews and approval of its\nshareholders, who will hold a special meeting as soon as\npracticable.\n The company said it has 11,109,190 shares outstanding, of\nwhich about 1,734,000 are held by Intel Corp . It is\nanticipated the FIntel shares will be purchased for 2.75 dlrs a\nshare in connection with the merger with Hemdale, Computer\nMemories said.\n Reuter\n\u0003", "date": "13-MAR-1987 09:56:18.23", "topics": [ "acq" ], "places": [ "usa" ], "id": "4806" }, { "title": "KLM SEEKS STAKE IN BRITISH COURIER SERVICE", "body": "KLM Royal Dutch Airlines \nsaid it is negotiating for a minority stake in a British and\nCommonwealth Shipping Plc courier service in a\ntransaction which might include a convertible loan issue.\n KLM, already active in the fast growing door-to-door\ndelivery market through a 50-pct stake in a Dutch courier\nservice, is seeking to buy one-third of from British and Commonwealth.\n The two companies agreed earlier this month for KLM to take\na 15-pct stake in British and Commonwealth commuter airline Air\nU.K. Ltd in a deal worth around two mln stg.\n Reuter\n\u0003", "date": "13-MAR-1987 09:59:16.72", "topics": [ "acq" ], "places": [ "netherlands" ], "id": "4807" }, { "title": "U.S. JAN BUSINESS INVENTORIES ROSE 0.9 PCT AFTER A REVISED 0.6 PCT DEC FALL\n", "date": "13-MAR-1987 10:01:56.08", "topics": [ "inventories" ], "places": [ "usa" ], "id": "4808" }, { "title": "ECONOMIC SPOTLIGHT - EMS MARKS EIGHTH BIRTHDAY", "body": "The European Monetary System marks its\neighth anniversary still vulnerable to turmoil in world money\nmarkets despite creating an island of currency rate stability\nin Europe, economists say. But many economists say the system,\nwhich holds eight European Community currencies within narrow\nfluctuation bands, remains in its infancy.\n Its new currency, the European Currency Unit (Ecu), has\nbeen a runaway success with investors and borrowers alike\nseeking an alternative to the volatile dollar.\n And on Wednesday, the long term vision of the Ecu as\nEurope's common currency took a step nearer to becoming reality\nwhen Belgium minted the world's first Ecu coin.\n But economists say members such as West Germany have so far\nblocked a second stage of development envisaged by the system's\nfounding fathers, ex-West German Chancellor Helmut Schmidt and\nformer French President Valery Giscard d'Estaing.\n Under this phase, originally due to have started two years\nafter the EMS was set up, decision-making was to have been\ntransferred from national governments and central banks to an\nautonomous European Monetary Fund.\n But members have jealously guarded their sovereignty in\neconomic and monetary matters. \"The basic problem of the EMS is\nthat governments are not prepared to make the quantum leap to a\nsituation where certain decisions are taken in common,\" said one\neconomist who has closely watched the system's development.\n The result is that the EC is often divided over policy on\nthird currencies, accentuating what the economists say is the\nsystem's greatest weakness, its vulnerability to a weak dollar.\n Over the past 18 months, as the U.S. Dollar plunged and\ninvestors moved into strong currencies, the resulting sharp\nrise of the West German mark severely strained the system. MORE\n As the mark soared against the dollar, it also rose against\nEMS currencies less favoured by international investors. And as\nWest Germany last year refused to give in pressure from several\nEC partners and the United States to cut interest rates to slow\nthe mark's rise, the EMS had to be realigned twice to ease\nfinancial and trade strains within the community.\n Two months ago the mark and the Dutch guilder were revalued\nby three pct and the Belgian and Luxembourg francs by two pct\nagainst other currencies in the system -- the French franc,\nItalian lira, the Irish punt and Danish crown.\n Another frustration has been Britain's failure to lend the\nEMS political support by keeping the pound, still a major world\ncurrency, outside the system.\n No change in the British government's attitude is expected\nbefore the country's next general elections, due by mid-1988.\n Meanwhile, the system's last realignment, the 11th since it\nwas set up, prompted European finance ministers to ask the EC's\nhighly-secretive Monetary Committee and Committee of Central\nBank Governors to come up with suggestions for reinforcing it.\n Their ideas are due to be unveiled when finance ministers\nhold an informal meeting in Belgium early next month.\n But economists said the proposals are unlikely to involve\nmore than tinkering with technical details. They are sceptical\nabout the chances for any fundamental change.\n \"Technical measures won't be enough to protect the EMS\nagainst external factors such as dollar weakness. For that we\nmust take the step forward to the institutional level,\" said Leo\nde Corel of Kredietbank's economic research department.\n Economists say the system's fortunes now will depend\nlargely on the success of an agreement last month among major\nindustrial nations to stabilise exchange rates. If the dollar\nresumes its slide the EMS could be in for more turbulence, they\npredict.\n REUTER\n\u0003", "date": "13-MAR-1987 10:02:20.72", "topics": [ "money-fx" ], "organisations": [ "ec" ], "places": [ "belgium", "west-germany", "uk" ], "id": "4809" }, { "title": "GENERAL MILLS SEES STRONG 4TH QTR RESULTS", "body": "General Mills Inc, reporting\nstronger results for the third quarter ended February 22, said\nit expects the momentum to continue in the fourth quarter.\n The company said it expects to report \"strong earnings per\nshare growth and a record return on equity in fiscal 1987.\" It\nsaid this should be achieved despite expected non-operating\ncharges in the final quarter.\n General Mills said these charges will likely offset\nnon-operating gains, which included six cts a share in the\nfirst half.\n General Mills said at the end of the third quarter, its\nreturn on average equity was 31.6 pct.\n It said major factors contributing to the third quarter\nimprovement were an 11 pct gain in unit volume by Consumer\nFoods, continuing good profit growth at Red Lobster USA and\nstrong performance in Specialty Retailing.\n The company reported quarterly earnings of 56.9 mln dlrs,\nor 64 cts a share, up from 46.4 mln dlrs, or 52 cts a share a\nyear ago. Sales rose to 1.31 billion dlrs from 1.13 billion\ndlrs. Year-ago data reflect a two-for-one common stock split.\n Reuter\n\u0003", "date": "13-MAR-1987 10:02:56.99", "topics": [ "earn" ], "places": [ "usa" ], "id": "4810" }, { "title": "U.S. JANUARY BUSINESS INVENTORIES ROSE 0.9 PCT", "body": "U.S. business inventories rose 5.6\nbillion dlrs, or 0.9 pct, to a seasonally adjusted 592.19\nbillion dlrs in January, the Commerce Department said.\n It was the largest inventory rise since July, 1979, when\ninventories were up 1.7 pct.\n In December, inventories fell a revised 3.4 billion dlrs,\nor 0.6 pct, to 586.65 billion dlrs. Previously, the department\nsaid inventories fell 0.5 pct in December.\n Business sales fell 20.1 billion dlrs, or 4.5 pct, in\nJanuary to 428.75 billion dlrs after rising by three pct in\nDecember to 448.82 billion dlrs.\n The department said it was the largest monthly sales drop\non record.\n January inventories were up 8.2 billion dlrs, or 1.4 pct,\nfrom the year-ago level of 583.99 billion dlrs.\n Durable goods inventories rose 1.4 pct to 366.13 billion in\nJanuary dlrs while nondurables inventories were up 0.2 pct from\nDecember levels to 226.07 billion dlrs.\n Manufacturers inventories were up 0.5 pct to 277.02 billion\ndlrs in January after falling by 0.3 pct in December to 275.53\nbillion dlrs.\n Wholesalers' inventories rose 1.3 pct in January to 140.25\nbillion dlrs.\n The inventory-to-sales ratio rose to 1.38, up .07 from\nDecember, the department said.\n January's sales were 2.82 billion dlrs or 0.7 pct below the\nJanuary, 1986, level of 431.56 billion dlrs.\n Reuter\n\u0003", "date": "13-MAR-1987 10:03:43.72", "topics": [ "inventories" ], "places": [ "usa" ], "id": "4811" }, { "title": "PACKAGING SYSTEMS TO BUY LABEL FIRM", "body": "Packaging Systems Corp said\nit agreed to acquire , a privately\nheld maker of woven labels based in Paterson, N.J.\n Terms of the acquisition, which is expected to be completed\nwithin 60 days, were not disclosed.\n Reuter\n\u0003", "date": "13-MAR-1987 10:04:11.49", "topics": [ "acq" ], "places": [ "usa" ], "id": "4812" }, { "title": "ORBIS INITIAL OFFERING UNDERWAY", "body": "Orbis Inc said an initial\npublic offering of one mln common shares is underway at 2.50\ndlrs each through underwriter Providence Securities Inc.\n Reuter\n\u0003", "date": "13-MAR-1987 10:05:27.58", "places": [ "usa" ], "id": "4813" }, { "title": "MANUFACTURED HOMES INC YEAR NET", "body": "Shr 53 cts vs 85 cts\n Net 2,033,425 vs 3,718,325\n Revs 120.6 mln vs 79.5 mln\n NOTE: 1986 net includes 3,300,000 dlr provision for credit\nloss.\n 1985 net includes charge 504,571 dlrs from cumulative\neffect of accounting change.\n Reuter\n\u0003", "date": "13-MAR-1987 10:05:38.79", "topics": [ "earn" ], "places": [ "usa" ], "id": "4814" }, { "title": "MINNESOTA POWER DEBT DOWNGRADED BY MOODY'S", "body": "Moody's Investors Service Inc said it\nlowered Minnesota Power and Light Co's 490 mln dlrs of debt.\n Cut were the company's first mortgage bonds and pollution\ncontrol revenue bonds to A-2 from Aa-3, unsecured pollution\ncontrol and industrial revenue bonds to A-3 from A-1 and\npreferred stock to A-2 from Aa-3.\n Moody's expects Minnesota Power's earnings, returns,\ncoverage ratios and cash flow measures to decline substantially\nduring the next few years. It cited tax reform, weaker\nperformance by the utility's securities investment program and\ninitial losses for non-utility business.\n Reuter\n\u0003", "date": "13-MAR-1987 10:05:52.33", "places": [ "usa" ], "id": "4815" }, { "title": "HAITI ANNOUNCES FIND OF ORE-RICH GOLD FIELD", "body": "The Ministry of Mines\nhas announced the discovery of a major gold field in Grand Bois\nin Haiti's mineral-rich North.\n At a press conference yesterday, a Ministry spokesman\nreported the deposit contained an estimated 44 mln tons of ore,\nwith each ton capable of containing 7,666 grams of gold. The\nspokesman gave no estimate of what he thought the find,\ndiscovered on Wednesday, was worth.\n However, mining could only begin after foreign partners\ninvest eight mln dlrs needed for technical equipment, the\nspokesman said.\n The Haitian government has never before operated a gold\nmine, but the United Nations has recently completed a three\nyear feasibility study which lists Grand Bois and Morne Bossa\nas sites of important gold deposits.\n In 1971, the Sedren copper mine in Gonaives, operated by a\nCanadian firm, closed down after years of mining a concentrate\ncontaining gold as well as copper.\n \"The new Grand Bois mine represents large amounts of money,\"\nsaid a former official of Sedren Mine.\n \"But like everything else there's a catch. The gold has to\nbe extracted, and first someone has to come up with the money\nto finance the operation,\" the official, who asked not to be\nnamed, told Reuters.\n Reuter\n\u0003", "date": "13-MAR-1987 10:06:02.13", "topics": [ "gold" ], "places": [ "haiti" ], "id": "4816" }, { "title": "HOME GROUP APPROVED FOR NYSE LISTING", "body": "Home Group Inc said its common stock\nwill be listed on the on March 31.\n The stock now trades on the Amex.\n Reuter\n\u0003", "date": "13-MAR-1987 10:06:16.46", "places": [ "usa" ], "id": "4817" }, { "title": "HOLIDAY CORP , COMSAT CLOSE SALE", "body": "Holiday Corp and Communications\nSatellite Corp said they closed the previously announced sale\nto Comsat of Holiday's 50 pct interest in Hi-Net\nCommunications, their joint venture that provides in-room video\nentertainment to hotels by satellite.\n Under terms of the deal, Comsat paid Holiday 25 mln dlrs in\ncash and assumed half of the venture's 50 mln dlrs of\noutstanding debt, the company's said.\n Hi-Net, they added, will continue to provide programming to\nHoliday's hotels.\n Reuter\n\u0003", "date": "13-MAR-1987 10:06:33.72", "topics": [ "acq" ], "places": [ "usa" ], "id": "4818" }, { "title": "CONSUMERS FINANCIAL CORP 1986 NET", "body": "Shr 61 cts vs 42 cts\n Net 6,247,000 vs 5,587,000\n Rev 65.4 mln vs 53.6 mln\n NOTE: 1986 net includes investment gains of 25 cts a share,\nversus six cts a share for 1985, and extraordinary gain of\nseven cts a share.\n Reuter\n\u0003", "date": "13-MAR-1987 10:06:39.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "4819" }, { "title": "CHICAGO RIVET AND MACHINE CO 4TH QTR NET", "body": "Shr 21 cts vs 60 cts\n Net 156,576 vs 443,404\n Sales 5,309,519 vs 5,381,264\n Year\n Shr 1.06 dlrs vs 1.55 dlrs\n Net 788,220 vs 1,151,330\n Sales 22.3 mln vs 23.6 mln\n Reuter\n\u0003", "date": "13-MAR-1987 10:06:44.44", "topics": [ "earn" ], "places": [ "usa" ], "id": "4820" }, { "title": "FILTERTEK INC SETS QUARTERLY", "body": "Qtly div 11 cts vs 11 cts prior\n Pay May 15\n Record May One\n Reuter\n\u0003", "date": "13-MAR-1987 10:06:48.71", "topics": [ "earn" ], "places": [ "usa" ], "id": "4821" }, { "title": "UK MONEY MARKET GIVEN LATE HELP OF 185 MLN STG", "body": "The Bank of England said it gave the\nmoney market late, unspecified assistance of around 185 mln\nstg.\n This takes the total liquidity injected into the system by\nthe bank today to 1.026 billion stg compared with a shortage it\nestimated at around one billion stg.\n Overnight interbank sterling dipped to 10 nine pct after\nthe bank's announcement compared with levels around 10-1/2 pct\nshortly before and 11-1/4 11 pct initially today, dealers said.\n REUTER\n\u0003", "date": "13-MAR-1987 10:06:58.49", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "4822" }, { "title": "U.S. FIRMS LOBBY FOR DUTCH HELICOPTER ORDER", "body": "A delegation from McDonnell-Douglas\nCorp will visit the Dutch parliament on Monday in an\nattempt to win a 2.5-billion guilder helicopter order, a\nDefence Ministry spokesman said.\n U.S. Helicopter manufacturer approached Dutch\nparliamentarians and army officials last month, he added.\n The Dutch seek 50 new army helicopters over a 10-year\nperiod and plan to replace Lynx navy helicopters before the\nyear 2000.\n The first batch of 20 helicopters has to be operative in\n1990, while the next 30 will be introduced gradually in the\nfollowing years, spokesman Cent van Vliet said.\n The U.S. Visit come as the Dutch have already narrowed down\ntheir options to the Mongoose of Italian producer \nand the Panther of French firm , Van Vliet said.\n The Dutch had not considered U.S. Helicopters, he said,\nadding the Ministry planned to present its choice to parliament\nin May.\n European models rejected include the Lynx III of British\nmanufacturer . A parliamentary accounting watchdog\nthis week blasted the performance of 22 older versions of the\nLynx currently used by the navy, saying they were hardly up to\ntheir job.\n REUTER\n\u0003", "date": "13-MAR-1987 10:07:18.18", "places": [ "netherlands", "usa" ], "id": "4823" }, { "title": "NEW RUBBER PACT APPEARS IN THE BALANCE", "body": "Negotiations on a new International\nNatural Rubber Agreement, INRA, are approaching the\nmake-or-break point and prospects for a future pact appear to\nbe in the balance, delegates said.\n Manaspas Xuto of Thailand, chairman of the INRA\nrenegotiation conference, is holding consultations with a small\ngroup of producers and consumers to try to resolve major\noutstanding issues. When the talks began on Monday Xuto said\nthose issues should be settled by the end of the first week to\nallow time to draft an agreement during the second week.\n The talks are due to last until March 20.\n Xuto said, \"There is nothing concrete yet, but the\natmosphere is good.\" The discussions are expected to continue\nlate into the night, and Xuto said he may hold weekend\nmeetings.\n Delegates said negotiations now focus on the degree to\nwhich price adjustments should be automatic.\n At present, if the market price has been above or below the\nreference price (set at 201.66 Malaysian/Singapore cents a kilo\nin the current agreement) for six months, the reference price\nis revised by five pct or by an amount decided by the\nInternational Natural Rubber Organisation council.\n Consumers are asking that, in these circumstances, the\nadjustment be automatic at five pct or more.\n Producers want the council to have the last word and have\nresisted reducing its role in the price adjustment procedure.\n Delegates said there seems to be optimism about settling\nanother issue -- that of the floor price.\n It now appears that consumers may consider dropping their\ninsistence of a downward adjustment of the floor price, called\nthe \"lower indicative price,\" under certain circumstances.\n This means that any possible compromise would centre on the\nreference price, and the \"may buy\" (or \"may sell\") and \"must buy\" or\n\"must sell\" levels, without changing the \"lower indicative price\"\n-- which is set at 150 Malaysian/Singapore cents in the current\npact.\n Delegates said that in exchange for consumer flexibility on\nthe floor price question, producers may consider agreeing to\nanother consumer proposal for more frequent price reviews -- at\n12 month intervals instead of 18 at present.\n Reuter\n\u0003", "date": "13-MAR-1987 10:08:56.89", "topics": [ "rubber" ], "places": [ "switzerland" ], "id": "4824" }, { "title": "SOVIETS RUMORED TO HAVE BOUGHT MORE U.S. CORN", "body": "The Soviet Union is rumored\nthis morning to have bought up to 1.5 mln tonnes of U.S. corn,\nexport trade sources said.\n The amount was not confirmed, but the talk was widespread\nthrough the trade. Gulf cash barge basis levels jumped two to\nthree cents this morning on the rumors, which were expected to\nboost futures prices on today's open.\n The Soviet Union recently bought over 1.0 mln tonnes of\nU.S. corn, ostensibly as a conciliatory gesture ahead of trade\ntalks with U.S. agriculture officials.\n Purchases rumored today were seen as a positive factor in\nlight of a Soviet trade official's statement that the previous\npurchase had satisfied near-term needs.\n Reuter\n\u0003", "date": "13-MAR-1987 10:11:10.04", "topics": [ "grain", "corn" ], "places": [ "ussr", "usa" ], "id": "4825" }, { "title": "BIOASSY HAS CLOSED WOBURN FACILITY", "body": "Bioassay Systems Corp said its\ntoxicology facility in Woburn was closed February 28.\n The company said it is exploring opportuniites to dispose\nof the operation's assets and assign its lease or sublease the\nspace.\n Bioassay said its Decatur, Ill., facility remains fully\noperational.\n Reuter\n\u0003", "date": "13-MAR-1987 10:12:34.77", "places": [ "usa" ], "id": "4826" }, { "title": "TRANSACT INT'L INC 3RD QTR JAN 31 NET", "body": "Shr one ct vs three cts\n Net 66,922 vs 194,531\n Rev 4.2 mln vs 5.7 mln\n Nine months\n Shr two cts vs four cts\n Net 93,802 vs 260,702\n Rev 10.1 mln vs 13.2 mln\n NOTE: Nine months 1987 period includes gain of 196,043 dlrs\nfrom sale of Meston Lake Resources shares and a credit of\n127,000 dlrs from a favroable settlement of s state income tax\nassessment. 1986 nine months period includes gain of 160,431\ndlrs, or two cts a share, from sale of Ferrotherm Co.\n Reuter\n\u0003", "date": "13-MAR-1987 10:12:43.17", "topics": [ "earn" ], "places": [ "usa" ], "id": "4827" }, { "title": " German federal railways stock 900 mln marks, 10 years at 6-1/4 pct and par - Bundesbank\n", "date": "13-MAR-1987 10:16:17.59", "id": "4828" }, { "title": "FRANCE REPAYS SOME OF CURRENCY INTERVENTION DEBT", "body": "France today repaid 21.95 billion francs\nof short-term currency intervention debt to the European\nMonetary Cooperation Fund, EMCF, the Finance Ministry said.\n It said the debt was part of a 33.90 billion franc\nliability incurred through the activation of EMCF swap\nfacilities to defend the franc before the January 11 European\nMonetary System realignment.\n The realignment, following several weeks of speculative\npressure, produced a three pct revaluation of the West German\nmark and the Dutch guilder against the French franc and a two\npct revaluation of the Belgian franc.\n REUTER\n\u0003", "date": "13-MAR-1987 10:17:10.14", "topics": [ "money-fx" ], "places": [ "france" ], "id": "4829" }, { "title": "WEST GERMAN RAILWAY ISSUES DOMESTIC STOCK", "body": "The West German federal railway is\nraising 900 mln marks through a 10-year loan stock on the\ndomestic market with a coupon of 6-1/4 pct and price of par, a\nBundesbank spokesman said in response to enquiries.\n Some 750 mln marks will be offered for immediate sale with\n75 mln held back for market regulation and the remaining 75 mln\nplaced with the railways own bank.\n The stock will be offered for sale between March 17 and 19\nand will be listed on all German stock exchanges from March 20\nto 24. The stock pays annual interest on April 1.\n Terms of the bond conformed with those expected earlier\ntoday, dealers said.\n The bond rose in the first hour of grey market trading to\nless 7/8, less 5/8, after being quoted at less 1-1/8, less 7/8\nin first business.\n Dealers said demand rose owing to the bond's relatively\nsmall size.\n In contrast, the last railway issue in January totalled 1.1\nbillion marks, of which 900 mln was distributed for immediate\nsale.\n REUTER\n\u0003", "date": "13-MAR-1987 10:21:58.01", "places": [ "west-germany" ], "id": "4830" }, { "title": "SHELL CANADA RAISES CRUDE PRICES BY 64 CANADIAN CTS/BBL TODAY AT EDMONTON\n", "date": "13-MAR-1987 10:22:29.45", "topics": [ "crude" ], "places": [ "canada" ], "id": "4831" }, { "date": "13-MAR-1987 10:22:35.58", "topics": [ "ship" ], "places": [ "brazil" ], "id": "4832" }, { "title": "HAITI ALLOWS IMPORTATION OF BANNED BLACK PIGS", "body": "Haiti's agriculture minister\nyesterday announced his department will permit the importation\nof 730 black Creole pigs, which had been banned from the island\nnation since 1983.\n Between 1981 and 1983, a team of Canadian veterinarians\nfunded by the United States, Canada, Mexico and Costa Rica\nsupervised the slaughter of all Haiti's 1,200,000 pigs under a\nprogram to eradicate African swine flu.\n Today's announcement that Catholic Relief Services\n(CARITAS) can import 730 Jamaican pigs comes after months of\nprotests by farmers who had owned 90 pct of the slaughtered\npigs.\n Reuter\n\u0003", "date": "13-MAR-1987 10:23:55.05", "topics": [ "livestock", "hog" ], "places": [ "haiti" ], "id": "4833" }, { "title": "LEAR PETROLEUM CONSOLIDATES GAS UNITS", "body": "Lear Petroleum Corp said it consolidated\nand reorganized its gas transmission, gathering and marketing\noperations into three new companies.\n It said the new Lear Gas Gathering Co will handle all the\ngas gathering and processing operations previously done by\nProducer's Gas Co, Rael Gas Co, PGC Processing Co, Anadarko\nGathering Co and LPC Energy Inc.\n Lear said its gas transmission businesses, LPC Energy Inc,\nProducer's Gas Co and Rael Gas Co, were consolidated in Lear\nGas Transmisssion Co.\n At the same time, Lear said the gas marketing business\npreviously conduct by PGC Marketing Inc will be assumed by Lear\nGas Marketing Co.\n Reuter\n\u0003", "date": "13-MAR-1987 10:26:25.26", "places": [ "usa" ], "id": "4834" }, { "title": "GERMAN BANK SEES GOOD SOVIET TRADE PROSPECTS", "body": "Soviet-West German trade is expected\nto develop favourably due to Moscow's increasing openness to\nEast-West economic relations, Dresdner Bank AG's Moscow\nrepresentative Michael Stein said.\n He told a bank presentation the Soviet Union was last year\nhit by the fall in world oil prices, which cut export revenue\nfrom oil-related products and natural gas, and its overseas\nbuying power was also adversely affected by the lower dollar.\n Dresdner Bank economist Alfred Apholte said the Soviet\nUnion's large currency and gold reserves had softened the\nimpact of the dollar weakening and oil price drop.\n REUTER\n\u0003", "date": "13-MAR-1987 10:26:41.38", "topics": [ "trade" ], "places": [ "ussr", "west-germany" ], "id": "4835" }, { "title": "MOODY'S DOWNGRADES BENEFICIAL CORP'S 3.4 BILLION DLRS OF DEBT\n", "date": "13-MAR-1987 10:26:59.07", "id": "4836" }, { "title": "PENRIL ELECTS PRESIDENT, SETS FINANCING", "body": "Penril Corp said its board\nelected Henry David Epstein president, chief executive officer\nand a director.\n The company said Epstein and other investors have agreed to\ninvest 1.5 mln dlrs in the company's shares and warrants\nsubject to satisfaction of certain conditions.\n Penril said its founder, Alva T. Bonda, remains as\nchairman.\n It noted Epstein is chairman of Computer Communications Inc\n. He is a former senior executive of Loral Corp and\nof Texas Instruments Inc .\n Reuter\n\u0003", "date": "13-MAR-1987 10:29:08.93", "places": [ "usa" ], "id": "4837" }, { "title": "NORSK HYDRO EURODOLLAR BOND INCREASED TO 125 MLN", "body": "The 10-year eurodollar bond issue\nlaunched yesterday for Norsk Hydro at 8-1/4 pct and 101-5/8 pct\nhas been increased to a total of 125 mln dlrs from the original\n100 mln amount, Swiss Bank Corp International said as lead.\n The issue is due on April 9, 1997.\n REUTER\n\u0003", "date": "13-MAR-1987 10:32:34.19", "places": [ "uk" ], "id": "4838" }, { "title": "GENERAL ELECTRIC UNIT REDEEMS NOTES", "body": "General Electric Credit Corp, a\nunit of General Electric Co, said it has called for redemption\non April 13, 1987, its 150 mln dlrs 7-5/8 pct notes due 1988.\n The company said the notes' redemption price is 100 pct of\ntheir principal amount plus accrued interest.\n GE Credit said the Bank of New York will be the\nredemption's paying agent.\n Reuter\n\u0003", "date": "13-MAR-1987 10:33:15.71", "places": [ "usa" ], "id": "4839" }, { "title": "NYSE, NYFE MOVE EXPIRATION OF INDEX OPTIONS AND FUTURES CONTRACTS\n", "date": "13-MAR-1987 10:33:45.54", "id": "4840" }, { "title": "NATIONAL PIZZA CO TO ACQUIRE RESTAURANTS", "body": "National Pizza Co said it reached an\nagreement in principle to buy seven Straw Hat pizza restaurants\nand certain related real estate for approximately three mln\ndlrs in cash.\n The acquisitions will be converted to Pizza Hut\nrestaurants, said National Pizza, and are expected to generate\nannual sales of approximately eight mln dlrs.\n When the sale is complete, it will bring to 24 the number\nof restaurants operated by National Pizza, the company said.\n Reuter\n\u0003", "date": "13-MAR-1987 10:34:05.76", "topics": [ "acq" ], "places": [ "usa" ], "id": "4841" }, { "title": "BENEFICIAL DOWNGRADED BY MOODY'S", "body": "Moody's Investors Service Inc said it\ndowngraded 3.4 billion dlrs of debt of Beneficial Corp.\n Cut to Baa-2 from Baa-1 were the senior debt of the company\nand the guaranteed debt of its unit, Beneficial Overseas\nFinance NV.\n Also downgraded were Beneficial's shelf registrations of\nsenior debt to Provisional Baa-2 from Provisional Baa-1 and of\nsubordinated debt to Provisional Ba-1 from Provisional Baa-3.\n Moody's said the magnitude of Beneficial's 1986 operating\nlosses from write-downs of discontinued businesses has weakened\nits financial position.\n \"The costs of meeting the potential liability for insurance\nlosses to facilitate the sale of the company's insurance unit\nand of revaluing other discontinued business segments have\nsubstantially exceeded original indications,\" Moody's said in a\nrelease.\n The agency said Beneficial's consumer finance business\nremains strong and has the capacity to withstand foreseeable\nadverse developments.\n But the withdrawal from nontraditional businesses is\nweakening consolidated leverage, narrowing funding operations\nand depressing the quality of earnings, Moody's stressed.\n Reuter\n\u0003", "date": "13-MAR-1987 10:34:40.69", "places": [ "usa" ], "id": "4842" }, { "title": "CITICORP SAYS PLACING BRAZIL LOANS ON CASH BASIS COULD CUT 1ST QTR NET BY 50 MLN DLRS\n", "date": "13-MAR-1987 10:35:24.06", "topics": [ "earn" ], "places": [ "brazil" ], "id": "4843" }, { "title": "MALAYSIA'S AYER HITAM TO BOOST SHARE CAPITAL", "body": "Ayer Hitam Tin Dredging Malaysia Bhd\nsaid it planned to raise its authorised share capital to 50 mln\nMalaysian dlrs from the present seven mln by adding 43 mln new\nshares.\n The firm also said in a statement it will launch a 6.1 mln\ndlr bonus issue, to be paid out of unappropriated profit, with\nstockholders getting one new share for every existing one. It\nsaid the issue date will be decided later.\n Ayer added that it will not pay a dividend for the half\nyear ended December 31, 1986 on the new shares.\n Reuter\n\u0003", "date": "13-MAR-1987 10:35:52.16", "places": [ "uk" ], "id": "4844" }, { "title": "SINGAPORE TO SPEND 1.2 BILLION DLRS ON PORTS", "body": "The Port of Singapore Authority (PSA)\nwill spend 1.2 billion dlrs to develop port facilities and\ncargo-handling equipment over the next five years,\nCommunications Minister Yeo Ning Hong told parliament.\n Yeo said the improvements were needed to cope with an\nexpected growth of ship tonnage and cargo handled by the port,\nbut gave no further details.\n The PSA handled 529 mln gross-registered tonnes of cargo in\n1985, according to the latest available statistics from the\nport authority.\n Reuter\n\u0003", "date": "13-MAR-1987 10:36:00.21", "topics": [ "ship" ], "places": [ "singapore" ], "id": "4845" }, { "title": "RANGE ROVER OF NORTH AMERICA TO OFFER NEW MODEL", "body": "Range Rover of North America\nsaid it will begin to sell in the U.S. its upscale\nBritish-built Range Rover four-wheel drive automobile.\n The company said it is hoping to find a niche at the top of\nthe American sports/utility market with a price tag of just\nover 30,000 dlrs.\n Range Rover of North America is a wholly-owned subsidiary\nof the Land Rover group of companies, and is manufactured by\nthe British company of , according to the\ncompany.\n Reuter\n\u0003", "date": "13-MAR-1987 10:36:40.90", "places": [ "usa" ], "id": "4846" }, { "title": "NYSE, NYFE MOVE INDEX FUTURES/OPTIONS EXPIRATION", "body": "The said it\nand its affiliate will move the\nexpiration of their respective index options and index futures\ncontracts to the opening of trading in the underlying stock on\nexpiration Friday from the close of trading.\n The exchange said it has submitted the changes to the\nSecurities and Exchange Commission and the Commodity Futures\nTrading Commission for approval.\n The exchange said, \"The NYSE has long advocated settlement\nin the morning rather than at the close of trading as a\npractical way to deal with order imbalances and price\nvolatility which historically occur on triple witching days.\"\n The \"triple witching hour\" falls four times a year when\nstock options, index options and futures on index options all\nexpire on the third Friday of every month, leading to major\nlast-hour market swings. On the last triple witching Friday,\nDecember 19, the NYSE traded almost 85 mln shares at the close\nof the market. The next triple witching hour will take place\nFriday March 20.\n The exchange said, \"Morning settlement would expose order\nimbalances to the full sunlight of public disclosure, ensure\nthe broadest dissemination of market information and facilitate\nthe participation of all interested investors.\"\n Reuter\n\u0003", "date": "13-MAR-1987 10:38:27.02", "places": [ "usa" ], "id": "4847" }, { "title": "ORS SEEKS CANADIAN FUNDS FOR HEAVY OIL TEST", "body": " said has been appointed to offer common\nshares in a new Canadaina company being organized to exploit\nheavy oil production opportunities in Canada and Western\nEurope.\n ORS said the offer for private sale of the stock being made\non a best efforts basis is designed to raise five mln Canadian\ndlrs which the new company will invest in properties and\nprojects using the Electromagnetic Well Stimulation Process\ndeveloped by IIT Research Institute under sponsorship of ORS.\n Reuter\n\u0003", "date": "13-MAR-1987 10:39:05.49", "topics": [ "crude" ], "places": [ "uk", "canada" ], "id": "4848" }, { "title": "WEST GERMANY RESCHEDULES SIERRA LEONE DEBT", "body": "West Germany and Sierra Leone signed an\nagreement to reschedule 26 mln marks of principal and interest\npayments on loans, the West German Foreign Ministry said.\n A statement said the agreement related to interest and\nprinciple and obligations from previous reschedulings due\nbetween July 1, 1986 and November 13, 1987 as well as arrears\nfrom the period up to June 30, 1986.\n The statement said the payments were rescheduled for 1992\nto 1996 under the accord, which followed a multilateral\nrescheduling pact agreed by \"Paris Club\" creditor nations on\nNovember 19, 1986.\n REUTER\n\u0003", "date": "13-MAR-1987 10:42:54.28", "places": [ "west-germany", "sierra-leone" ], "id": "4849" }, { "title": "CHRYSLER UNIT BUYS BENEFICIAL UNIT", "body": "Chrysler Corp said its Chrysler\nFirst Inc acquired a major portion of the commercial lending\nportfolio of Beneficial Business Credit Corp, a subsidiary of\nBeneficial Corp.\n It said the acquisition involves about 84 mln dlrs of net\nreceivables.\n Chrysler First, a subsidiary of Chrysler Financial Corp,\nhad receivables of 4.3 billion dlrs at the end of 1986.\n Reuter\n\u0003", "date": "13-MAR-1987 10:47:32.55", "topics": [ "acq" ], "places": [ "usa" ], "id": "4850" }, { "title": "3COM CORP OFFERS SHARES OF COMMON", "body": "3Com Corp said it is\noffering 1.2 mln shares of its common stock for sale at 23.50\nper share in a public offering.\n It said the sale is being co-managed by Goldman, Sachs and\nCo and Montgomery Securities.\n The company said it granted the underwriters an option to\nbuy 180,000 shares to cover over-allotments.\n Net proceeds from the sale will be added to the company's\nworking capital to fund future growth, 3Com said.\n Reuter\n\u0003", "date": "13-MAR-1987 10:48:02.34", "places": [ "usa" ], "id": "4851" }, { "title": "VOLKSWAGEN OF AMERICA EARLY MARCH SALES RISE", "body": "Volkswagen of America said its U.S.\ncar sales for the March 1-10 period rose 4.9 pct to 849 from\n809 a year earlier.\n It said there were eight selling days in each period.\n Year to date, Volkswagen said domestic sales declined 42.5\npct to 7,476 from 13,003.\n Reuter\n\u0003", "date": "13-MAR-1987 10:50:21.97", "places": [ "usa" ], "id": "4852" }, { "title": "SHELLER-GLOBE NAMES NEW PRESIDENT", "body": " said it has\nnamed Alfred Grava president and chief operating officer to\nreplace James Graham who was granted a medical leave in June,\n1986.\n In addition, the company said it named George Berry\nexecutive vice president of the corporation and president,\nautomotive/truck operations, reporting to Grava.\n Reuter\n\u0003", "date": "13-MAR-1987 10:51:29.79", "places": [ "usa" ], "id": "4853" }, { "title": "ITALIAN BUSINESS CONCERNED OVER POLITICAL CRISIS", "body": "Italian Prime Minister designate Giulio\nAndreotti expressed cautious optimism about his chances of\nforming a government, amid concern by industrialists that a\nlengthy political crisis could cause economic damage.\n Andreotti today wound up his first round of political\nconsultations aimed at finding a way out of the crisis.\n His Christian Democrats and the Socialists of outgoing\npremier Bettino Craxi, whose row caused last week's collapse of\nthe five-party coalition, remained deeply divided.\n Andreotti said he would spend the weekend considering the\nsituation before a second round of consultations next week.\n Meanwhile Italy's top industrialists expressed concern that\na long drawn-out crisis, or continuing squabbling between the\nfive coalition partners, could jeopardise the major economic\nprogress made in three-and-a-half stable years under Craxi.\n Luigi Lucchini, president of the employers organisation\nConfindustria said in a speech yesterday, \"What is certain is\nthat a precarious political situation is damaging to the\neconomy, to the objectives of companies, to competitivity.\"\n His remarks were supported by Fiat chairman Giovanni\nAgnelli, who said in a radio interview that he hoped for a\nreconstruction of the coalition.\n REUTER\n\u0003", "date": "13-MAR-1987 10:53:16.93", "places": [ "italy" ], "id": "4854" }, { "title": "LANESBOROUGH SELLS SENIOR SUBORDINATED NOTES", "body": "Lanesborough Corp is raising 50 mln\ndlrs via an offering of senior subordinated notes due 1997 with\na 12-3/8 pct coupon and par pricing, said sole manager First\nBoston Corp.\n Non-callable for five years, the debt is rated Caa by\nMoody's Investors Service Inc and B-minus by Standard and\nPoor's Corp.\n The issue was increased from an initial offering of 40 mln\ndlrs because of investor demand for high-yield securities.\n Reuter\n\u0003", "date": "13-MAR-1987 10:53:41.42", "places": [ "usa" ], "id": "4855" }, { "title": "NEW SOUTH WALES TREASURY CORP LAUNCHES YEN BOND", "body": "New South Wales Treasury Corp is issuing\n15 billion yen of eurobonds due April 15, 1992, priced at\n101-5/8, with a 4-7/8 pct coupon, Nikko Securities Co (Europe)\nLtd said as book-runner and joint lead manager with Mitsui\nTrust and Banking Co Ltd.\n The issue will be guaranteed by New South Wales and will be\nsold in denominations of one mln yen, with listing in\nLuxembourg.\n Fees are 1-1/4 pct for selling and 5/8 pct for management\nand underwriting combined. Payment date is April 15.\n Co-lead manager is Mitsubishi Finance International Ltd.\n REUTER\n\u0003", "date": "13-MAR-1987 10:55:26.58", "places": [ "uk" ], "id": "4856" }, { "title": "SOUTHDOWN DEBT DOWNGRADED BY MOODY'S", "body": "Moody's Investors Service Inc said it\ndowngraded to Ba-2 from Baa-3 Southdown Inc's 140 mln dlrs of\nsenior debt.\n The agency also assigned an initial rating of B-1 to the\ncompany's 90 mln dlrs of senior subordinated notes due 1997.\n Moody's said the action reflected increased leverage and\nreduced interest resulting from lower earnings. It also cited\nSouthdown's repurchase of 28 pct of its common stock and the\nfinancing of that transaction by debt.\n Moody's said the lower ratings anticipate certain debt\nreduction in the coming year from the sale of assets.\n Reuter\n\u0003", "date": "13-MAR-1987 12:02:51.40", "places": [ "usa" ], "id": "4857" }, { "title": "ELDON'S HEALTHWAYS IN FINAL SETTLEMENT", "body": "HealthWays Inc, a unit of Eldon\nIndustries Inc, said it reached a final settlement of the\nyear-old litigation with Central Jersey Individual Pratice\nAssociation, the Union County Medical Society and individual\nphysicians.\n On February 2 the company, a health maintenance\norganization, said a tentative agreement had been signed under\nwhich all approved outstanding claims to Central Jersey\nparticipating physicians in Middlesex and Union Counties for\nservices provided before June 30 would be paid.\n Reuter\n\u0003", "date": "13-MAR-1987 12:03:41.29", "places": [ "usa" ], "id": "4858" }, { "title": "CHRYSLER EARLY MARCH CAR SALES UP 0.4 PCT\n", "date": "13-MAR-1987 12:03:47.40", "id": "4859" }, { "title": "U.S. FARM LOAN SECONDARY MARKET GAINS SUPPORT", "body": "Proposals for a secondary market for\nthe resale of farm real estate loans similar to home mortgage\nmarkets is gaining support in Congress and among rural lenders\nand could be established this year, Congressional and financial\nsources said.\n Several bills which would establish a farm secondary market\nhave been introduced in both the House and Senate. Furthermore,\nRepresentatives of the Farm Credit System, commercial bankers\nand life insurance companies are meeting in an attempt to agree\non a method of establishing the market.\n Frank Naylor, chairman of the Farm Credit Administration\n(FCA), which regulates the farm credit system, yesterday said a\nfarm loan secondary market would be positive for agriculture\n\"as long as the farm credit system is a key player.\"\n Naylor told a House Agriculture subcommittee hearing the\nsecondary market could be established either with Congressional\nlegislation or administratively.\n Any farm loan secondary market would be modeled after the\nsuccessful resale markets in home mortgages, the Government\nNational Mortgage Association (GNMA) and the Federal Home Loan\nMortgage Corporation (Freddie Mac), industry sources said.\n Commercial banks and life insurance companies are the main\nsupporters of a farm loan secondary market because they believe\nit would allow private lenders to compete more effectively in\nrural lending with the quasi-government farm credit system,\ntraditionally the largest lender to farmers.\n A farm secondary market would allow lenders to sell\nhigh-quality loans on farmland to \"poolers\" who in turn would\npackage the loans and issue farm mortgage-backed securities for\nresale to investors-- called Aggie-mae by some supporters.\n However, the FCA and financially-troubled farm credit\nsystem have in the past been ambivalent about the idea.\n The ambivalence is because any farm secondary market\nestablished in the private sector that excluded the farm credit\nsystem would put the system at a competitive disadvantage. That\ncould be a financial blow to the system, which has lost 4.6\nbillion dlrs in two years, Naylor and farm credit system\nofficials have said.\n A study commissioned by one of the main supporters of the\nsecondary market idea, the American Council of Life Insurers,\nconcludes the farm credit system's market share in rural\nlending would fall if a secondary market were established. The\nstudy was released earlier today.\n Reuter\n\u0003", "date": "13-MAR-1987 12:04:13.06", "places": [ "usa" ], "id": "4860" }, { "title": "WESTINGHOUSE TO DESIGN BRITISH NUCLEAR UNIT", "body": "Westinghouse Electric Corp said it\nwill perform work valued in excess of 200 mln dlrs on the\n1150-megawatt Sizewell B commercial nuclear power station which\nthe United Kingdom will build near Suffolk on its southeast\ncoast.\n Westinghouse said it will design and erect the primary\nreactor coolant system, manufacture components and transfer\ntechnology for the power plant which the U.K. government\nannounced plans for yesterday.\n Westinghouse said its technology for the design of the\npressurized water reactor will be transferred through its\nlicensee in the United Kingdom, .\n The company said Britian's national utility, the Central\nElectricity Generating Board, has announced plans to apply for\nplanning consent for a second pressurized water reactor,\nHinkley C in Somerset, before the end of 1987.\n The board has said it would like to build up to five\npressurized water reactors before the end of the century,\nWestinghouse added.\n Reuter\n\u0003", "date": "13-MAR-1987 12:07:04.80", "places": [ "usa", "uk" ], "id": "4861" }, { "title": "UAL INC FILES FOR FIVE MLN COMMON SHARE OFFERING\n", "date": "13-MAR-1987 12:08:55.01", "id": "4862" }, { "title": "SALOMON INC SAID TO CUT U.S. BANKS RATINGS", "body": "Salomon Inc has lowered its investment\nratings on all U.S. money center banks, institutional sources\nsaid.\n The sources said Salomon believes that other money center\nbanks may feel compelled to follow Citicorp's lead\nin its filing with the Securities and Exchange Commission\nrelating to its loan exposure to Brazil.\n They also said Salomon believes that other banks may\nstrongly consider the possibility of placing Brazilian loans on\na non-accruing status with the consequent negative impact on\nearnings.\n The sources said the ratings were lowered to M from O-plus.\nThe stock are now expected to match the Standard and Poor's 500\nIndex, rather than outperform the index as previously expected.\n The sources said it is also understood that the change in\nthe coding of these stocks should definitely not be taken as a\nsell-recommendation because Salomon is said to believe that its\ndowngrading will only prove temporary.\n The banks affected by the change in investment coding are\nBank of New York Co Inc , Bankers Trust Co , Chase\nManhattan Corp , Chemical New York Corp , Citicorp\n, Irving Bank Corp , Manufacturers Hanover Corp ,\nJ.P. Morgan and Co Inc , Marine Midland Banks Inc ,\nRepublic New York Corp , Bank of Boston Corp and\nFirst Chicago Corp .\n The institutional sources said that Thomas Hanley, a\ndirector of Salomon Inc subsidiary Salomon Brothers who is in\ncharge of bank stock research, believes Citicorp's move is\nwell-timed.\n Should Citicorp actually place the Brazilian loans in a\nnon-performing category at the end of this quarter this action\nwould serve to alleviate the urgency associated with the debt\nnegotiations, he argues.\n Thus Citicorp's bargaining position would appear to have\nbeen much enhanced.\n Reuter\n\u0003", "date": "13-MAR-1987 12:09:17.25", "places": [ "usa" ], "id": "4863" }, { "title": "FRN PANIC INITIATED, EXACERBATED BY MARKET MAKERS", "body": "Today's panic in the floating rate note\nmarket has been simmering for months and is, in many ways, of\nthe market makers' own doing, traders and bank officials said.\n \"For the last six months, there have been a series of crises\nin the FRN market. Each has cut deeper and deeper into the very\nfibre of the market,\" said a senior official at a U.S. Bank.\n As prices have fallen, he explained, the underwriters who\noriginally brought the issues have retreated. They have\ndivested themselves of the paper as quickly as possible,\nunwilling to bear losses of the magnitude seen in recent panic\ntrading.\n In the virtual effective closure of the market for\nperpetual floaters last month, bankers witnessed the\nconsequences of this kind of contraction of liquidity and\ninvestor confidence.\n Fears were engendered about the possibility of this crisis\ninfecting the market in conventional dated FRN issues, which is\nalmost 10 times as large as that for perpetuals, with an\nestimated 130 billion dlrs of debt outstanding.\n \"The professionals are so nervous about holding inventory\nthat they will sell at any price,\" said an official at a leading\nU.S. Bank, explaining the panic selling which has pushed prices\ndown sharply over the last two days.\n Bankers and FRN traders emphasised that today's trading was\nunique in that it was driven exclusively by professionals and\nthat there was nothing fundamentally wrong with the securities\nthey sold.\n In highlighting this point, dealers noted that the\nbenchmark issues in the FRN market -- the two FRN's for the\nU.K., Launched in 1985 and 1986 -- fell an unprecedented 50 and\n40 basis points, respectively, at the opening this morning.\n Certainly, dealers said, Britain is no less credit-worthy\ntoday than it was yesterday and the country's economic health\ncurrently appears better than it has for some time.\n Pointing out that this kind of sovereign and supra-national\ndebt had not sagged on any fundamental weakness, one senior FRN\nsource said: \"The idiocy of the situation is aptly shown by the\nfact that these kind of borrowers can now tap the syndicated\nloan markets at rates lower than their floaters currently pay.\"\n Dealers agreed that banking sector paper, which constitutes\na significant part of the market, was currently under pressure.\n Floating rate debt of major U.S. And Canadian banks eased\nmarkedly in nervous trading last month on renewed investor\nfears about the banks' exposure to Latin American debt.\n The U.S. And Canadian money centre bank FRNs, along with\nRepublic of Ireland paper, were hard hit again this week with\ndealers citing one heavily-traded Citicorp note falling to\nlevels so low it is now effectively yielding 55 basis points\nover Libor (the London Interbank Offered Rate).\n By comparison, the 500 mln dlr note which matures in 1998\nyielded only a fine 20 basis point over Libid (the London\nInterbank Bid Rate) when it was issued in January last year.\n Price declines of this size can really only be explained by\nan understanding of the operating practices of leading players\nin the market, dealers and banking analysts said.\n \"This has to be understood as a matter between banks who\nhave a brief to buy low and sell high,\" one U.S. Bank source\nnoted.\n Another senior source at a U.K. Bank drew attention to the\nenormous overhead costs and high salaries generated over the\nlast few years in the FRN market, which have to be justified.\n But even beyond the cost of running an FRN trading desk,\ndealers said, is the way the securities are bought and sold.\n Although sophisticated on-screen dealing exists in most\nmarkets, in the euro-markets trading is conducted by telephone.\n \"If somebody calls you up and asks you to make him a price\nin any issue, and you do, he can say \"Right. You own five mln',\"\na trader said, explaining market practice.\n The unfortunate buyer is then forced to unload the\nsecurities just minutes later to yet another firm at an even\nlower price, the trader explained.\n It is precisely this phenomenon that forced the rapid\ndownward price spiral earlier today, traders said, adding that\nit is likely to continue until the markets either regain their\nconfidence or market practices change.\n One possible solution, dealers said, would be to initiate\ntrading exclusively through brokers' screens, so that only\nthose who wanted to buy bonds would have to \"lift a bid\" or buy\nat that price.\n Meanwhile, bank regulators are apparently concerned about\nthe implications of the collapse in FRN prices.\n Traders in London said that the Bank of England has called\naround to market makers asking whether they intended to\ncontinue trading and what they calculated the losses to be.\n The Bank often makes periodic checks in the market, but\ndealers said the latest enquiries were more specific.\n A spokesman for the Bank of England was not able to comment\nimmediately on the Bank's action.\n One trader at a major U.S. Bank here said that in addition,\nthe Federal Reserve Bank of New York's international capital\nmarkets unit has phoned banks in London today seeking\ninformation about trading in FRN's. He also said that this was\nnot an unusual procedure.\n Reuter\n\u0003", "date": "13-MAR-1987 12:09:52.23", "places": [ "uk" ], "id": "4864" }, { "title": "GENERAL MOTORS EARLY MARCH CAR SALES OFF 8.2 PCT\n", "date": "13-MAR-1987 12:12:39.57", "places": [ "usa" ], "id": "4865" }, { "title": "NYSE, NYFE MOVE INDEX FUTURES/OPTIONS EXPIRATION", "body": "The New York Stock Exchange said it\nand its New York Futures Exchange affiliate will move the\nexpiration of their respective index options and index futures\ncontracts to the opening of trading in the underlying stock on\neach expiration Friday from the close of trading.\n The exchange said it has submitted the changes to the\nSecurities and Exchange Commission and the Commodity Futures\nTrading Commission for approval.\n The exchange said, \"The NYSE has long advocated settlement\nin the morning rather than at the close of trading as a\npractical way to deal with order imbalances and price\nvolatility which historically occur on so-called \"triple\nwitching days.\"\n The triple witching hour falls four times a year when\nindividual stock options, stock index futures and options on\nstock indexes all expire on the third Friday of the month,\nwhich has led to volatile last-hour market swings.\n On the last triple witching Friday, December 19, the NYSE\ntraded almost 85 mln shares at the close of the market. The\nnext triple witching hour will take place Friday, March 20.\n The exchange said, \"Morning settlement would expose order\nimbalances to the full sunlight of public disclosure, ensure\nthe broadest dissemination of market information, and\nfacilitate the participation of all interested investors.\"\n Reuter\n\u0003", "date": "13-MAR-1987 12:14:33.69", "places": [ "usa" ], "id": "4866" }, { "title": "PETROBRAS ASKS ARMY TO WITHDRAW TROOPS", "body": "Brazil's state-oil company\nPetrobras has asked the Army to withdraw the troops which were\noccupying its oil installations since Tuesday, Petrobras said\nin a statement.\n The statement said the request for the withdrawal of the\ntroops was made because of the calmness reigning in all of its\nrefineries.\n \"The request was also due to the end of the seamen's strike\nand the willingness of the oil industry workers to sit again by\nthe negotiating table,\" the statement said.\n Even though the Petrobras statement said the seamen's\nstrike was over, a union spokesman said only two small shipping\ncompanies had reached a pay agreement. The overwhelming\nmajority of Brazil's seamen remained on strike.\n The statement said a meeting between Petrobras and oil\nindustry leaders was set for next Wednesday in Rio, with the\npresence of Labour Minister Almir Pazzionotto as a mediator.\n Petrobras said the request for the withdrawal of the troops\nwas made at 1100 local hours (1400 GMT), but a company\nspokesman said he did not know if the troops had already been\nremoved.\n Reuter\n\u0003", "date": "13-MAR-1987 12:15:45.44", "topics": [ "crude" ], "places": [ "brazil" ], "id": "4867" }, { "title": "COURT VACATES LIBEL AWARD IN MOBIL CASE", "body": "A U.S. appeals court threw out a two\nmln dlr libel award against The Washington Post for an article\nthat said former Mobil Corp president William Tavoulareas set\nup his son in a shipping firm that did business with Mobil.\n The article said Tavoulareas had used his influence to set\nup his son, Peter, in 1974 as a partner in the London-based\nAtlas Maritime Co, a shipping company whose business included a\nmulti-million dollar contract with Mobil.\n \"We are convinced that ... the 'set up' allegation was\nsubstantially true,\" the appeals court said in the 7-1 ruling.\n The Tavoulareases said the 1979 article by the Post's\ninvestigative reporter, Patrick Tyler, was false and that it\nembarrassed them and held them up to ridicule.\n Reuter\n\u0003", "date": "13-MAR-1987 12:16:42.16", "places": [ "usa" ], "id": "4868" }, { "title": "CHRYSLER EARLY MARCH CAR SALES UP 0.4 PCT", "body": "Chrysler Corp said its early March\nretail sales of domestic-built cars rose 0.4 pct to 25,286 from\n25,191 a year ago.\n Chrysler said truck sales in the March 1-10 period rose 15\npct to 15,565 from 13,585 a year ago to the highest level ever\nfor the period.\n There were eight selling days in each period.\n Reuter\n\u0003", "date": "13-MAR-1987 12:16:57.25", "places": [ "usa" ], "id": "4869" }, { "title": "GCA SHAREHOLDERS APPROVE RESTRUCTURING", "body": "GCA Corp said its shareholders\napproved a restructuring plan to raise 72 mln dlrs in equity\nfor the troubled maker of semiconductor production systems.\n GCA said 90 pct of the shareholders voting at a special\nmeeting yesterday approved the restructuring.\n The plan calls for GCA to raise 48 mln dlrs through a\nrights offering and 24 mln dlrs through the sale of stock to\njoint venture partners.\n GCA said the rights will be mailed March 17 to shareholders\nof record March 16 and will expire at 1600 EST April 6. The\nplan should be closed by April 30, it said.\n Reuter\n\u0003", "date": "13-MAR-1987 12:17:38.62", "places": [ "usa" ], "id": "4870" }, { "title": "PROPOSALS TO RELAX U.S. DRUG LAWS POSE PROBLEMS", "body": "The Reagan Administration's soon-to-be\npublished proposals to make experimental therapies more rapidly\nand widely available to terminally ill patients pose product\nliability problems for drug companies, experts in the\npharmaceutical field said.\n Details of the proposals will be published in the Federal\nRegister shortly and will become effective after a 90-day\ncomment period.\n Under the proposed policy, announced Tuesday by\nCommissioner of Food and Drugs Frank E. Young at a press\nconference, patients with life threatening diseases who are not\nenrolled in clinical trials would be allowed access to an\nexperimental therapy. The policy also allows drug companies to\nsell the promising drugs to patients.\n Previously drugs like AZT could be rushed into wider use\nfree-of-charge if the agent was shown to be effective. Under\nthe new policy, the FDA could only refuse to permit a physician\nto administer an experimental drug if it was shown to be\nunsafe.\n Financial analysts said the plan would likely benefit\nbiotechnology companies with few or no products approved for\nmarketing in the U.S., but would have little economic impact on\nlarge drug companies with many other sources of revenue.\n \"Charging a fee for still experimental drugs could help\nbiotech companies' near-term financial situation and help make\nthem less dependent on outside sources,\" said Teena Lerner, a\nbiotech analyst at L.F. Rothchild.\n Other observers were concerned that drug companies would be\nput into a legal bind if promising drugs later proved to have\ndevastating side effects.\n \"Before a lot of drug companies release these drugs they\nare going to have to think long and hard about liability--the\nproduct liability problems are enormous,\" said a\nWashington-based lawyer who specializes in the drug field.\n Patients in clinical trials normally sign lengthy informed\nconsent papers before taking an investigational drug. The\nlawyer said no more than two cases had gone to trial for suits\nagainst a drug company's investigational drug.\n \"The new proposals are a whole new kettle of fish,\" said\nthe lawyer. \"Drug companies are right now probably meeting with\ntheir insurance companies.\"\n Burroughs-Wellcome Co, the U.S. arm of the British firm\nWellcome PLC that makes AZT, Merck and Co Inc ,\nHoffman-LaRoche Inc and SmithKline Beckman Corp said it\nwas too soon to comment on the policy.\n \"I'm very uncomforable with this,\" said Wellcome\nspokeswoman Kathy Bartlett. \"We haven't had a chance to\nformulate a response yet. It's too early.\"\n But some financial analysts say the proposals would benefit\ndrug companies.\n \"I find the proposal to be a very significant alteration of\nthe FDA's past policies that should positively affect (drug\ncompanies') stocks,\" said drug analyst Davis Saks, with Morgan,\nOlmstead, Kennedy and Gardner.\n Saks also warned that many health care providers would balk\nat the proposal, and would call it \"amoral\" to charge patients\nwith life-threatening diseases for drugs that otherwise would\nbe given out for free in clinical trials.\n Jeffrey Warren, spokesman for the Pharmaceutical\nManufacturers Association, which represents the major drug\nfirms in the U.S., said \"A mechanism already exists at the FDA\npermitting certain seriously ill patients access to\nexperimental drugs and perhaps that system can be approved.\"\n Warren acknowledged that the PMA may not be able to come up\nwith a consensus among its membership when the rules are\nformally published.\n He also admitted that product liability problems could be a\nconcern to major drug companies.\n Jeffrey Levi, executive director of the National Gay and\nLesbian Task Force, which is actively in AIDS policy and\nfunding issues, cited the drug Suramin from Bayer AG ,\nwhich had shown early promise as an AIDS treatment, but on\nwider clinical testing was shown to have deadly side effects.\n\n\n Reuter\n\u0003", "date": "13-MAR-1987 12:18:35.74", "places": [ "usa" ], "id": "4871" }, { "title": "SWISS WARY OF U.S.-BRITISH BANK SUPERVISION PACT", "body": "Markus Lusser, vice-president of the\nSwiss National Bank, said he was sceptical of the recent\nU.S.-British accord on joint bank supervision, fearing smaller\ncountries could be forced to cooperate.\n In a speech prepared for delivery to a meeting of West\nGerman savings banks, he said such an accord would cover the\nthree most important financial centres of the world if extended\nto Japan as planned.\n \"Countries not prepared to cooperate with an agreement of\nthe group of three could easily be put under pressure,\" Lusser\nsaid.\n \"It would be enough to forbid banks the right to make use of\nthose financial markets or to place them under a special\nstatus,\" he added.\n Banks which operate worldwide could scarcely afford to stay\naway from these centres and would place their national\ngovernments under pressure to conform.\n Lusser added that he was opposed to the form, though not\nthe content of the accord. Switzerland itself was not affected,\nsince capital adequacy requirements here were already stricter\nthan in Britain or the United States. But he feared such\naccords might be substituted for internationally negotiated\npacts.\n REUTER\n\u0003", "date": "13-MAR-1987 12:18:44.43", "places": [ "switzerland", "usa", "uk" ], "id": "4872" }, { "title": "GERMAN SECURITIES MAY BE COUNTED IN LENDING RATIOS", "body": "West German banking authorities are\nconsidering requiring German banks to bring securities holdings\ninto lending ratio calculations used to regulate credit risk,\nbanking sources said.\n The present interpretation of the credit law limits banks'\nmaximum lending to 18 times eligible capital -- reserves plus\nequity capital -- but sets no restraints on securities\nholdings.\n Under new provisions, weightings would be attached to\nsecurities similar to those used for lending. Weightings would\nrange from a zero rating for no-risk assets to 100 pct of total\nasset value for what authorities consider the highest risk.\n Low-risk securities carrying a zero rating would include\npublic authority bonds for the federal government, states and\nmunicipalities, the sources said.\n A 20 pct rating would be assigned to issues of domestic\nbanks. Secured bonds of mortgage, shipping and public authority\nbanks would be an exception to this, via such securities as\nmortgage and municipal bonds.\n Securities issued by foreign banks would attract a\nweighting of 50 pct, while authorities are considering\nrequiring banks to include 100 pct of the value of debt assets\nof foreign issuers, including sovereign borrowers.\n The sources said the revision is still being discussed, and\nrequired approval by the federal Banking Supervisory Office in\nWest Berlin, the Bundesbank, and West Germany's four banking\nassociations.\n The move is a response to the increasing securitisation of\ndebt markets, they added.\n Reuter\n\u0003", "date": "13-MAR-1987 12:20:31.88", "places": [ "west-germany" ], "id": "4873" }, { "title": "CNW SELLS BONDS", "body": "CNW Corp said its Chicago and North\nWestern Transportation Co sold 25 mln dlrs of consolidated\nmortgage 9.93 pct bonds, series C, due 1992, in a private\nplacement.\n Morgan Stanley and Co Inc was the placement agent. The\nbonds were sold yesterday.\n Proceeds of the bond sale will be used for general\ncorporate purposes.\n Reuter\n\u0003", "date": "13-MAR-1987 12:25:42.95", "places": [ "usa" ], "id": "4874" }, { "title": "PROGRESS IN IRAN LOAN TALKS, FRENCH OFFICIAL SAYS", "body": "Talks between France and Iran on the\nrepayment of a one billion dlr loan by the late Shah have made\nprogress, Roland Dumas, head of a parliamentary Foreign Affairs\nCommittee said.\n \"They are progressing as far as I have heard,\" Dumas told\nreporters. \"The two delegations appear to be near an agreement\non the figures.\"\n Dumas, a close aide to President Francois Mitterrand,\nearlier this week met Iranian Charge d'Affaires in Paris\nHaddadi Gholam-reza.\n The report of progress contrasts with official French\nstatements last month after talks between Deputy Iranian\nFinance Minister Mehdi Navvab and the French Finance Ministry.\n The talks, the latest round in long-running negotiations\nbetween the two countries, were said to have led to little\nprogress on the loan repayment issue.\n France made a first repayment of 330 mln dlrs last\nNovember. Since then negotiatiors have shuttled between Tehran\nand Paris for talks which France hopes will help secure freedom\nfor hostages held by pro-Iranian groups in Lebanon.\n Iran is claiming full repayment of principal and interest\non the Shah's loan, made in 1975 to the EURODIF uranium\nenrichment consortium. It has also asked France to curb the\nactivities of Iranian dissidents in France and stop selling\nweapons to Iraq, its enemy in the Gulf War.\n France for its part has made a counter claim for more than\n500 mln dlrs in compensation for contracts with French firms\nbroken after the 1979 revolution.\n REUTER\n\u0003", "date": "13-MAR-1987 12:26:42.29", "places": [ "iran", "france" ], "id": "4875" }, { "title": "DUFF/PHELPS CHANGES BAKER, HUGHES DEBT", "body": "Duff and Phelps said it changed the\nratings on outstanding senior debt of Baker International Corp\nand Hughes Tool Company.\n The change affects 515 mln dlrs in debt and assumes a\nmerger of the two companies will be completed.\n Baker's senior debt was downgraded to DP-8 (high BBB) from\nDP-7 (low A).\n Hughes senior debt was raised to DP-8 from DP-12 (middle\nBB) while subordinated debt was raised to DP-9 (middle BBB)\nfrom DP-14 (high B).\n The debt ratio of the combined compaies will be about 40\npct but available cash plus proceeds from the sale of assets\nwill permit a prompt reduction in debt, Duff and Phelps said.\n However, fixed charge coverages will remain very thin until\nthe company's markets improve, D and P said.\n Reuter\n\u0003", "date": "13-MAR-1987 12:27:54.63", "places": [ "usa" ], "id": "4876" }, { "title": "ZENITH GETS APPROVAL FOR GENERIC KEFLEX", "body": "Zenith Laboratories Inc said\nit received Food and Drug Administration approval to market\nCephalexin, an antibiotic that is the generic version of Eli\nLilly Inc's Keflex.\n Generic drugs are low-cost copies of brand name drugs that\nhave lost their patents. Keflex's patent expires April 21.\nAnalysts said four generic drug companies, including Zenith,\nwill have approval to market generic Keflex this year.\n Analysts said Keflex is Lilly's second leading drug\nproduct, with 1986 worldwide sales of about 335 mln dlrs. In\n1986 Lilly had sales of 3.7 billion dlrs.\n \"We think that in the first year that it loses its patent,\nU.S. sales of Keflex will drop to about 240 mln dlrs from 280\nmln dlrs,\" said Joe Riccardo, associate director of Bear\nStearns.\n Riccardo said Lilly would offset the loss with sales from\nHumatrope, a genetically engineered human growth hormone\nrecently approved for marketing in the U.S.\n He also said it was likely that Lilly would get U.S. FDA\nmarketing approval this year for Prozac, a drug for treating\nclinical depression that also shows promise in weight\nreduction.\n Reuter\n\u0003", "date": "13-MAR-1987 12:28:07.54", "places": [ "usa" ], "id": "4877" }, { "title": "TALKING POINT/DOME PETROLEUM ", "body": "Dome Petroleum Ltd's revised debt\nrestructuring plan keeps the company alive and improves its\nappeal as a takeover target, but full debt repayment depends on\na sharp oil price rise, oil and banking analysts said.\n Dome's complex proposal to let creditors link some or all\nof their debt to oil-indexed debentures or convert it to equity\nis \"very cut and dried and to the point,\" Peters and Co Ltd\nCalgary-based energy analyst Wilf Gobert said.\n Dome \"is saying, This is the way it is. There isn't enough\nmoney to pay you back,'\" he added.\n The plan \"strikes me as a very pragmatic thing to do,\"\nFirst Marathon Securities Ltd oil analyst Jim Doak commented.\n He said the plan seeks to formally tie payments to\ncreditors with the price of oil, which governs Dome's cash flow\nand ability to service its debt.\n Dome expects its total debt to reach 6.4 billion Canadian\ndlrs by June 30, 1987, when an interim debt rescheduling plan\nexpires and Dome hopes to implement the long term plan.\n Gobert said the plan would rank secured and unsecured\ncreditors in a complex series of repayment categories or \"an\nagreed pecking order of what your (creditors) claim to assets\nis.\"\n Potential suitors would find Dome easier to swallow under\nthe debt restructuring plan because it proposes to resolve\ncompeting claims on assets pledged to secured creditors and on\nremaining unpledged assets, Gobert and others said.\n \"Certainly the restructuring plan, once it's agreed to and\nput in place, is going to make it easier for someone to come in\nand look at doing a deal on it (acquiring the company),\" Gobert\nremarked.\n \"It's going to be a lot easier than it is right now because\nyou'll have settled the pecking order question,\" he added.\n Gobert believes the debt plan may be partly motivated by a\ndesire to sell Dome Petroleum as a whole.\n \"If the creditors wanted to liquidate their bank loans they\ncould do it in an orderly fashion through the sale of the\ncompany, as opposed to dismemberment,\" he said.\n Dome's proposal includes rescheduling secured debt payments\nover a 15 to 20 year schedule, linking payments to cash flows\ngenerated by assets pledged against loans and establishing\ninterest rates that allow for changing oil prices.\n Creditors' only real alternative to Dome's plan is \"an\nasset grab which would liquidate the company at distress\nprices, and the banks would spend the next 20 years in court\ndeciding who had what asset,\" First Marathon's Doak said.\n For Dome's creditors, the plan does not offer a quick\nmethod to recover loans, but extends payment time in the hope\nthat oil prices will rise, increasing the amount of the\ncompany's debt payments, Merrill Lynch Canada Inc bank analyst\nTerry Shaunessy said.\n The plan \"is not a solution. It says give me more time and\nlet's keep our fingers crossed that oil goes way up.\"\n Doak and Shaunessy estimated oil prices would have to rise\nto about 28 to 30 U.S. dlrs a barrel to fully service all of\nthe company's debt.\n Analysts said the plan would ensure the company continues\nto operate, but provides little other benefit to common\nshareholders.\n \"From a common shareholder standpoint, all this does is\nsort of keep him on the life support system, because there\nisn't any equity unless you get a big increase in oil prices,\"\nGobert remarked.\n Analysts said Dome's common shares, trading today at 1.12\ndlrs, off four cents, on the Toronto Stock Exchange,\nessentially represent a long term warrant pegged to oil prices.\n \"You have to be looking at an extremely high price of oil\nin the context of historical trends before there's any residual\nvalue for the common shareholders,\" analyst Doak said.\n While Dome's plan said lenders will be able to convert debt\nto common shares, the amount of dilution depends on share\nconversion prices still to be negotiated and how much lenders\nwould choose to convert, the company said.\n Reuter\n\u0003", "date": "13-MAR-1987 12:28:35.62", "places": [ "canada" ], "id": "4878" }, { "title": "GENERAL MOTORS EARLY MARCH CAR SALES FALL", "body": "General Motors Corp said car sales in\nthe early March period declined 8.2 pct to 99,882 units from\n108,850 a year ago.\n It said the figures include sales of Sprints and Spectrums.\nThere were eight selling days in the period both this year and\nlast.\n The company said truck sales in the period rose 14.4 pct to\n40,131 units from 35,081 a year ago.\n In the year-to-date period, car sales declined 26.6 pct to\n629,088 units from 856,969 a year ago. Truck sales declined 9.7\npct to 247,372 units from 274,036 a year ago.\n Reuter\n\u0003", "date": "13-MAR-1987 12:31:07.25", "places": [ "usa" ], "id": "4879" }, { "title": "MIDLAND SAYS GREENWELL MONTAGU SECURITIES TO PULL OUT OF EQUITY MARKET MAKING\n", "date": "13-MAR-1987 12:31:37.54", "id": "4880" }, { "title": "ITALIAN INTERBANK RATE RISES IN FEBRUARY", "body": "Italy's average interbank rate\nrose to a provisional 12.18 pct in February from 12.05 pct in\nJanuary, figures from the Bank of Italy show.\n Weighted average rate on bank lending was a provisional\n13.78 pct in February compared with 13.83 in January, while\naverage weighted rate paid on deposits eased a provisional 7.49\npct from 7.66 pct.\n Italy today announced that its official discount rate would\nbe cut to 11.5 pct from 12 pct effective tomorrow.\n REUTER\n\u0003", "date": "13-MAR-1987 12:34:21.18", "topics": [ "interest" ], "places": [ "italy" ], "id": "4881" }, { "title": "YEUTTER SAYS DLR LEVEL BASED ON ECONOMIC POLICY", "body": "U.S. Trade Representative Clayton\nYeutter said that whether the exchange rate of the dollar would\nfall or rise in the coming decade would depend on nations'\nfinancial, monetary and tax policies.\n But, he said, in a speech and remarks to the Heritage\nFoundation, that in the end \"the marketplace will ultimately\nrule the day.\"\n Asked about the future of the dollar, he said that whether\nor not it would rise or fall depended on economic policies and\ncoooperation among trading nations.\n Yeutter said \"if nations do the right kinds of things in\nfinancial, monetary and tax policies, then a lesser burden of\nadjustment is placed on exchange rates, and one could envision\na situation of the major trading nations moving back far closer\nto what most of us would consider equilibrium and exchange\nrates becoming relatively stable.\"\n But he said, on the other hand, that if nations did not\nexhibit greater self discipline and international cooperation,\n\"It is simply inevitable that the exchange rates will make that\nadjustment.\"\n Reuter\n\u0003", "date": "13-MAR-1987 12:37:23.91", "topics": [ "money-fx", "dlr" ], "places": [ "usa" ], "id": "4882" }, { "title": "LIFFE EXECUTIVE GREETS SEC MOVE ON FUTURES TRADE", "body": "A decision by the U.S. Securities and\nExchange Commission to remove a key regulatory obstacle to\ntrading foreign debt futures on U.S. Exchanges was a\nconstructive development, London International Financial\nFutures Exchange (LIFFE) Chief Executive Michael Jenkins said.\n The SEC yesterday agreed to remove the regulation against\ntrading futures in designated foreign government debt\nsecurities on markets not located in the issuing country.\n Jenkins said the decision cleared the way for the Chicago\nBoard of Trade possibly to trade U.K. Long gilt futures and a\nJapanese yen bond contract.\n The CBOT is now likely to proceed with an application to\ntrade gilts to the Commodity Futures Trading Commmission\n(CFTC), he said.\n REUTER\n\u0003", "date": "13-MAR-1987 12:37:34.33", "places": [ "uk" ], "id": "4883" }, { "title": "PAINT COMPANY HAS METEX STAKE, MAY BUY MORE", "body": "Metropolitan Consolidated Industries\nInc, a New York paint company, said it has acquired 278,709\nshares of Metex Corp, or 21.2 pct of the total, and left open\nthe possibility that it might acquire more through a merger.\n In a filing with the Securities and Exchange Commission,\nMetropolitan said it bought the Metex stock as an investment.\n It also said it may buy additional shares, or sell some or\nall of its current stake. If it buys more shares, Metropolitan\nsaid it would consider doing so in the open market, in private\ndeals, or through an exchange offer, tender offer or merger.\n Metropolitan said it may acquire an option on or may buy\nsome or all of the Metex shares owned by William Hack, a Metex\ndirector, who, together with this wife, holds 149,750 of the\ncompany's common shares, or 11.4 pct of the total.\n Metropolitan said it already has an option to buy another\n42,750 Metex common shares at 11.25 dlrs each. The option is\nnot exercisable until April 12, 1988, it said.\n If Metropolitan were to exercise the option and acquire all\nof Hack's stake, it would have 471,208 Metex common shares, or\n35.9 pct of the total. Metropolitan's SEC filing was\nmade as a shareholder group with Hack.\n Metropolitan, which said it spent 3.1 mln dlrs to acquire\nits Metex stake, listed its recent stock purchases as 54,993\ncommon shares on March 67 at 10 dlrs each and 83,916 shares on\nMarch 11 at 11.25 dlrs.\n Reuter\n\u0003", "date": "13-MAR-1987 12:38:02.03", "topics": [ "acq" ], "places": [ "usa" ], "id": "4884" }, { "title": "CNW MAKES PRIVATE BOND PLACEMENT", "body": "CNW Corp said its subsidiary, Chicago\nand North Western Transportation Co, sold in a private\nplacement 25 mln dlrs of Consolidated Mortgage 9.9 pct Bonds,\nSeries C, due 1992.\n It said Morgan Stanley and Co Inc acted as placement agent.\nProceeds will be used for general corporate purposes.\n Reuter\n\u0003", "date": "13-MAR-1987 12:38:08.21", "places": [ "usa" ], "id": "4885" }, { "title": "WALKER TO DISCONTINE MOBILE OPERATIONS", "body": "Walker Telecommunications Corp\nsaid the company has decided to discontinue operations of its\nMobile Communications Division which will result in a one-time\nsubstantial loss for the fourth quarter and year.\n For the fourth quarter and year ended December 31, 1985\nWalker reported a net loss of 17,000 dlrs and net income of\n175,000, respectively.\n Walker said retail prices for mobile cellular telephones\nhave declined dramatically to point where the company no longer\nbelieves that it can profitably participate in the market.\n Reuter\n\u0003", "date": "13-MAR-1987 12:38:40.85", "places": [ "usa" ], "id": "4886" }, { "title": "BPI SYSTEMS IN TALKS TO SELL COMPANY", "body": "BPI Systems Inc said it is\nholding discussions that could lead to the sale of all its\noutstanding shares for about 12 mln dlrs.\n BPI president and chief executive officer David R. Fernald\ndeclined to identify the other party involved in the talks.\n For the nine months ended December 31, BPI lost 1,286,000\ndlrs on sales of 6,452,000 dlrs.\n Reuter\n\u0003", "date": "13-MAR-1987 12:39:39.44", "topics": [ "acq" ], "places": [ "usa" ], "id": "4887" }, { "title": "GALAXY CABLEVISION BEGINS AMEX TRADING", "body": "The American Stock Exchange said\n2,150,000 limited partnership units of newly formed Galaxy\nCablevision LP began trading today.\n It said the partnership, based in Sikeston, Mo., will buy\nand operate cable television systems in six states.\n Trading opened on 3,000 units at 20-3/8, the AMEX said.\n\n Reuter\n\u0003", "date": "13-MAR-1987 12:39:45.64", "places": [ "usa" ], "id": "4888" }, { "title": "BALLY MANUFACTURING SAID IT IS CONSIDERING SALE OF SIX FLAGS THEME PARKS\n", "date": "13-MAR-1987 12:41:13.08", "topics": [ "acq" ], "id": "4889" }, { "title": "TELEMEDIA TO BUY HARROWSMITH, EQUINOX MAGAZINES", "body": "(Telemedia Inc) said its (Telemedia\nPublishing Inc) subsidiary agreed to buy privately-owned\nHarrowsmith and Equinox magazines for an undisclosed amount of\ncash.\n Telemedia said the acquisition is expected to have a small\npositive impact on short-term earnings.\n Harrowsmith, an alternative life-style magazine, is\nCanada's seventh-largest paid circulation English-language\nmagazine while Equinox is the country's eighth largest. Each\nhas a circulation of about 160,000 copies.\n The magazine group had revenues of eight mln dlrs last\nyear and employs 50 people, Telemedia said. \n Telemedia said it will also acquire a 10 pct interest in\nthe company which recently launched the U.S. edition of\nHarrowsmith.\n The magazine's U.S. editiion, begun last year, now has a\npaid circulation of 180,000, the company said.\n It said a final deal is expected in mid-April.\n Telemedia said the magazines' founder has agreed to\ncontinue to provide editorial and publishing direction for the\nmagazines.\n Reuter\n\u0003", "date": "13-MAR-1987 12:42:33.46", "topics": [ "acq" ], "places": [ "canada" ], "id": "4890" }, { "title": "WHITE HOUSE SAID HOLDING OFF DECISION ON BUDGET", "body": "Congressional budget leaders are\nasking President Reagan to join in a bipartisan effort - or\neven a summit - to write a new budget, but White House chief of\nstaff Howard Baker said no decision has been made yet, a Senate\nsource said.\n The request for White House cooperation was made yesterday\nby Senate Budget Committee chairman Lawton Chiles at a meeting\nwith Baker, the source said.\n The appeal came as the Senate Budget Committee made plans\nto start drafting next Tuesday a fiscal 1988 budget plan that\nDemocrats controlling Congress hope to get through both\nchambers by April 15.\n House Democrats have been meeting privately and will\ncontinue discussions on Tuesday to develop a plan for the full\ncommittee which holds its first drafting meeting Thursday.\n Reagan's own budget was submitted in January but Congress\ngenerally has rejected it as unrealistic, with the\nCongressional Budget Office saying the deficit is understated\nand should be a more realistic 134 billion dlrs. \n Among major controversial decisions that Congress has to\nmake are levels of deficit deductions to meet the Gramm-Rudman\nbudget law target of cutting the estimated 171\nbillion dlr deficit for 1988 to 108 billion dlrs.\n A key decisions is the amount of new revenues - Reagan\nproposed some 22 billion dlrs in asset sales and excise taxes -\nas part of a deficit cutting plan.\n Reagan, who opposes new taxes, refuses to say he is\nadvocating higher taxes through his revenue scheme.\n The Gramm-Rudman law sets fixed deficit targets for\nCongress with the aim of wiping out huge deficits by 1991, but\nover the past two years deficits have exceeded the targets.\n The Senate source said that Chiles asked for cooperation to\navoid clashes when the Senate and House Budget committees start\nwriting separate budget plans for congressional approval,\nstarting next week.\n The source said Chiles told Baker \"If you start working\nsooner, rather than later you have a chance to do something\nbefore everyone gets locked in.\"\n Baker has had conversations about the budget problem with\nSenator Pete Domenici of New Mexico, the senior Republican on\nthe Senate Budget Committee, and with House Speaker Jim Wright.\n Baker reportedly said that he plans to have further talks\nwith other Republicans and House Budget Committee Chairman\nWilliam Gray \"before the the White House decides what it is\ngoing to do, if anything,\" the source said.\n House sources said that Gray --who has been pushing the\nidea of a budget summit with Reagan--is anxious to work with\nthe White House to get a compromise budget plan.\n Besides reaching decisions on actual spending and revenue\nlevels in a new budget, congressmen are considering adjusting\nor redefining the targets of the Gramm-Rudman law to make them\nmore realistic.\n Reagan presented about 36 billion dlrs in spending delays,\ncuts and revenues he said will reach 108 billion dlrs.\n Gray has said that if Congress approves 36 billion dlrs in\nreductions, the deficit would be 134 billion dlrs realistically\nbecause of what he says are more accurate economic assumptions.\n Reuter\n\u0003", "date": "13-MAR-1987 12:43:29.39", "places": [ "usa" ], "id": "4891" }, { "title": "DIVI HOTELS NV 3RD QTR NET", "body": "Shr profit 36 cts vs profit 14 cts\n Net profit 1,162,000 vs profit 464,000\n Revs 16.6 mln vs 11.3 mln\n Nine mths\n Shr loss 89 cts vs loss 79 cts\n Net loss 2,988,000 vs loss 2,673,000\n Revs 35.1 mln vs 25.1 mln\n NOTE: Nine months fiscal 1987 includes extraordinary gain\nof 16 cts per share.\n Reuter\n\u0003", "date": "13-MAR-1987 12:46:52.18", "topics": [ "earn" ], "places": [ "aruba" ], "id": "4892" }, { "title": "BALLY CONSIDERING SALE OF SIX FLAGS", "body": "Bally Manufacturing Corp said it is\nconsidering the sale of its Six Flag theme amusement park unit\nand would use the proceeds to pay off debt.\n In addition to the possible sale of the amusement parks,\nBally plans to sell a minority stake in its health club chain\nto the public. The company will register a proposed offering\nwith the Securities and Exchange Commission for 20 to 30 pct of\nthe health clubs soon, spokesman William Peltier told Reuters.\n \"Selling Six Flags is definitely under consideration,\"\nPeltier said in response to an inquiry. He said the company\nwould use much of the income from the amusement park chain,\nwere it to be sold, to repay debt.\n Six Flags might sell for as much as 300 mln dlrs, analysts\nsaid. The health club chain, the nation's largest, is valued at\n350 to 375 mln dlrs, they said.\n Bally reportedly already has been approached about Six\nFlags by several prospective buyers.\n The company needs the cash to begin paying back a 1.6 mln\ndlrs mountain of debt.\n Bally recently completed a 439 mln dlrs acquisition of the\nGolden Nugget casino hotel in Atlantic City from Golden Nugget\nInc .\n The purchase pushed its long-term debt to 1.6 billion dlrs,\nor almost 2.7 times its equity of 600 mln dlrs.\n Bally's 325-unit health and tennis clubs had revenues in\n1986 of more than 450 mln dlrs, or about 28 pct of Bally's\ntotal revenues of 1.64 billion dlrs.\n Bally acquired Six Flags for 147.4 mln dlrs in January 1982\nfrom Penn Central Corp. Bally bought the Great America theme\npark in Gurnee, Ill., in May 1984 for 113.2 mln dlrs from\nMarriott Corp .\n In 1986 the parks had pretax operating profit of 48.6 mln\ndlrs on revenues of 369.4 mln dlrs.\n The clubs and equipment unit combined to post operating\nprofit of 60.4 mln dlrs on revenues of 475.6 mln dlrs in 1986,\nof which 456.2 mln came from the clubs.\n The company earlier this month said it will take a charge\nto earnings in the first quarter of 17.3 mln dlrs as a result\nof its deal to buy back 2.6 mln of its common shares from real\nestate developer Donald Trump.\n Under a February 21 deal, Bally agreed to buy the 2.6 mln\nof the 3.06 mln shares held by Trump at 24 dlrs a share, or\n62.4 mln dlrs, plus 6.2 mln dlrs related expenses in exchange\nfor Trump not seeking control of the company for 10 years.\n The deal also requires Bally to buy Trump's remaining\nshares for 33 dlrs a share if the stock price does not reach\nthat level by February 21, 1988.\n Reuter\n\u0003", "date": "13-MAR-1987 12:47:56.62", "topics": [ "acq" ], "places": [ "usa" ], "id": "4893" }, { "title": "FRANKLIN RESOURCES SAYS NET MAY DOUBLE", "body": "Franklin Resources Inc said\nit believes earnings could double this year as compared to a\nyear ago when the company reported income of 32 mln dlrs on 143\nmln dlrs in revenues.\n Franklin Resources is a financial services company. Its\nfiscal year ends September 30.\n Reuter\n\u0003", "date": "13-MAR-1987 12:48:28.42", "topics": [ "acq" ], "places": [ "usa" ], "id": "4894" }, { "title": "EVANS/SOUTHERLAND SELLS CONVERTIBLE DEBT", "body": "Evans and Southerland Computer Corp is\nraising 50 mln dlrs through an offering of convertible\nsubordinated debentures due 2012 with a 6-1/2 pct coupon and\npar pricing, said sole manager Hambrecht and Quist Inc.\n The debentures are convertible into the company's common\nstock at 48.50 dlrs per share, representing a premium of 24.36\npct over the stock price when terms on the debt were set.\n Non-callable for two years, the issue is rated B-plus by\nStandard and Poor's Corp.\n Reuter\n\u0003", "date": "13-MAR-1987 12:49:52.36", "places": [ "usa" ], "id": "4895" }, { "title": "COCA-COLA ENTERPRISES OPTIONS ON CBOE", "body": "The Chicago Board Options Exchange said\nit will begin trading call and put options March 16 on\nCoca-Cola Enterprises Inc.\n It said options will trade on the February quarterly\nexpiration cycle with initial exercise prices set at 15, 17-1/2\nand 20 and position limits of 8,000 contracts on the same side\nof the market.\n It said the new listing augments the exchange's trading of\nCoca-Cola Co .\n Reuter\n\u0003", "date": "13-MAR-1987 12:50:10.58", "places": [ "usa" ], "id": "4896" }, { "title": "USSR LIVESTOCK MAY BE IN GOOD SHAPE-U.S. REPORT", "body": "Soviet livestock herds are possibly\nin better shape than expected after the recent harsh winter,\nthe U.S. agriculture counselor in Moscow said.\n Livestock procurement levels for January and February were\nrecently reported in a Soviet agriculture newspaper to be up\nfive pct from year ago levels, an attache report said.\n \"These procurement levels ... are surprisingly normal given\nthe harshness of the 1986/87 winter ... indicating neither\nabnormal distress slaughter nor subnormal livestock product\noutput. While the overwintering period is not over yet, the\nworst of it is, and herds are possibly in better shape than\nexpected,\" the counselor said.\n A healthy livestock sector will keep Soviet feed demand \nstrong and impact USSR grain imports, analysts said.\n January livestock procurement levels were up only 1.6 pct,\nindicating a turn around in February, an Agriculture Department\nanalyst of the Soviet Union said.\n The analyst said an easing of the cold weather in February,\ncoupled with heavy amounts of grain fed to the animals would\naccount for the rise in procurements.\n \"There's no question that the (Soviet) livestock is in good\nshape,\" he said.\n Reuter\n\u0003", "date": "13-MAR-1987 12:50:22.68", "places": [ "ussr", "usa" ], "id": "4897" }, { "title": "CUBA SUGAR CROP SEEN AT LEAST SAME AS LAST YEAR", "body": "Cuban sugar export figures for January\nsuggest that this year's crop may be at least as large as last\nyear's 7.35 mln tonnes, according to sugar analysts.\n Exports in January totalled 733,000 tonnes raw value, up\nfrom 725,000 a year earlier, according to figures received by\nthe International Sugar Organization.\n January is the first major export month and the figures\nthus give a good indication of the current crop, they said.\nFourth quarter exports fell to 622,000 tonnes from 909,000\ntonnes a year earlier, but this was because Cuba was destocking\nat the end of 1985, they added.\n Trade house C Czarnikow recently estimated production this\nyear at 7.50 mln tonnes.\n Cuban sugar production in the third quarter of 1986 was\n12,000 tonnes, giving a final 1985/86 crop total of 7.35 mln\ntonnes, compared with a 1984/85 crop of 8.10 mln tonnes.\n There is normally no third quarter production in Cuba, but\na hurricane meant that last year's crop was extended.\n Exports to the USSR were substantially down in January at\n362,000 tonnes from 489,000 in January 1986, but other Comecon\ncountries received 210,000 tonnes, against 80,000 tonnes in the\nsame month last year, figures received by the ISO show.\n Bulgaria, Czechoslovakia, Poland and Romania all took\nsubstantially more Cuban sugar.\n Cuba's November 1986 exports totalled 158,000 tonnes,\ncompared with 190,000 tonnes in 1985, and December's total was\n237,000 tonnes, down from 518,000 tonnes the year before.\nCalendar year exports for 1986 were also lower at 6.69 mln\ntonnes against 7.21 mln in 1985 -- the lowest level since\n1980's 6.19 mln tonnes, the figures show.\n Reuter\n\u0003", "date": "13-MAR-1987 12:52:34.94", "topics": [ "sugar" ], "places": [ "cuba" ], "id": "4898" }, { "title": "AMERICAN HONDA HAS HIGHER EARLY MARCH SALES", "body": "\nsaid its domestic sales for the first 10 days of March totaled\n4,394 as compared to 3,786 a year earlier.\n It said year-to-date sales rose to 52,143 from 31,686 last\nyear.\n Reuter\n\u0003", "date": "13-MAR-1987 12:55:48.82", "places": [ "usa" ], "id": "4899" }, { "title": "HELMERICH AND PAYNE INC INCREASES DIV", "body": "Qtly div 10 cts vs nine cts\n Payable June one\n Record May 15\n Reuter\n\u0003", "date": "13-MAR-1987 12:56:04.10", "topics": [ "earn" ], "places": [ "usa" ], "id": "4900" }, { "title": "HOLLY CORP 2ND QTR JAN 31 LOSS", "body": "Shr loss 45 cts vs profit 20 cts\n Net loss 1,841,000 vs profit 983,000\n Revs 56.2 mln vs 102.9 mln\n Six mths\n Shr loss 13 cts vs profit 80 cts\n Net loss 534,000 vs profit 4.4 mln\n Revs 121.4 mln vs 209.3 mln\n NOTE: Six months fiscal 1987 includes loss of 17 cts per\nshare from discontinued operations.\n Per share figures also reflect partial three-for-one stock\nsplit effected December 1985.\n Reuter\n\u0003", "date": "13-MAR-1987 12:56:20.79", "topics": [ "earn" ], "places": [ "usa" ], "id": "4901" }, { "title": "MIDLAND UNIT PULLS OUT OF EQUITY MARKET MAKING", "body": "Midland Bank Plc said its\nGreenwell Montagu Securities unit would pull out of equity\nmarket making and concentrate instead on providing a broker\ndealer and agency service for its clients.\n The operation has become the first major casualty in the\nLondon markets since deregulation last October abolished fixed\ncommissions and allowed the merging of broking and jobbing\noperations into market making activities.\n A spokesman said Greenwell Montagu Gilt Edged, which is a\nprimary gilt edged market maker, and Greenwell Montagu\nstockbrokers, were not affected by the decision.\n The market making operation had encountered much greater\ncompetition than had been expected in the post-Big Bang period,\nthe spokesman added.\n Although Midland considered that the operation would be\nviable in the long term, it would require the concentration of\ngreater resources than could be justified for an operation that\nwas not a core Midland activity. He confirmed Greenwell Montagu\nSecurities had been losing money in past months.\n The pull out from market making would be conducted in an\norderly fashion in the near future. There might also be some\njob losses, he said without giving any details.\n Market sources said it was no great surprise that a market\nmaker had pulled out, as the intensity of competition had\nsuggested for some time that sooner or later someone would\ndecide to withdraw.\n They said some retreat by Greenwell had been likely because\nof its losses, and added there also been speculation that it\ncould pull out of market making in gilts also.\n The move was unlikely to have any major impact on market\nconfidence, as the occasional speculation in the past few weeks\nhad had little impact.\n Analysts said commission rates on institutional equity\ntrades have dropped sharply in the five months since\nderegulation, with some firms covering some of their reduced\nprofits by trading on their own account.\n In a recent report, Greenwell Montagu Research said, \"Those\nwho have made profits are either immensely clever or immensely\nlucky. Some are already approaching the pain barrier, others\nare prepared to tough it out. But until some players withdraw\nfrom the market, it will be difficult to improve profitability.\"\n Dealers said the pace of withdrawals was likely to speed up\nin the next year, and would intensify if the three-month bull\nrun on the London stock exchange petered out.\n REUTER\n\u0003", "date": "13-MAR-1987 12:57:10.14", "places": [ "uk" ], "id": "4902" }, { "title": "WHITE HOUSE SAYS TRADE BILL GENERALLY GOOD", "body": "White House spokesman Marlin\nFitzwater said the administration had some disagreements with\nthe trade bill that cleared a House subcommittee yesterday but\ngenerally felt good about the bill.\n \"Generally we feel very good about the bipartisan\nconsideration of the trade legislation. I think we are\nprogressing very well,\" he told reporters.\n \"There are wide areas of agreement. There are some areas of\ndisagreement,\" he said. \n Reuter\n\u0003", "date": "13-MAR-1987 12:57:54.86", "topics": [ "trade" ], "places": [ "usa" ], "id": "4903" }, { "title": "SUNTER ACQUISITION BEGINS TENDER FOR ALLEGHENY INTERNATIONAL INC\n", "date": "13-MAR-1987 12:59:22.58", "topics": [ "acq" ], "id": "4904" }, { "title": "U.S. CONSERVATION SIGNUP SEEN 10 TO 12 MLN ACRES", "body": "Grain traders and analysts look for a\n10 to 12 mln acre sign-up in the USDA's conservation reserve\nprogram, scheduled to be announced after 1400 CST today.\n The USDA probably will accept about 80 to 90 pct of the\nacres submitted, they said.\n Total enrollment in the first three years of the program is\nonly 8.9 mln acres, so the sharp increase expected this year\nhas underpinned new crop corn futures all week.\n However, some analysts said a 10 to 12 mln acre sign-up may\nend up being negative to new crop corn prices, citing trade\ntalk earlier this year that 14 to 15 mln acres may be submitted\nby farmers. Also, acres set-aside under the conservation\nprogram are by definition poor yielding, so the impact on total\ncorn production will be minimal, they added.\n Reuter\n\u0003", "date": "13-MAR-1987 13:01:39.20", "topics": [ "grain", "corn" ], "places": [ "usa" ], "id": "4905" }, { "title": "MOBIL LONG TERM DEBT DOWN IN 1986", "body": "Mobil Corp made a 15 pct reduction in\nits long term debt in 1986 from the previous year according to\ndata in its 1986 annual report.\n Mobil chairman, Allen E. Murray said in his report to\nshareholders, \"that lower debt and our strong cash and\nmarketable securities position improves Mobil's flexibility.\"\n Long term debt as of December 31, 1986 was put at 7.9\nbillion dlrs, down 15 pct from 9.3 billion dlrs on the same day\nin 1985.\n Mobil has moved to reduce debt at high interest rates,\nwhich may reduce interest payments.\n Murray said that with the results from 1986, \"we're paying\nback 3.8 billion dlrs in the past two years, or the equivalent\nof 66 pct of the debt incurred in 1984 when we bought Superior\nOil.\"\n Mobil said that it has about 183 mln dlrs of long term debt\nwhich is due in 1987 although this will rise appreciably to 1.2\nbillion dlrs of long term debt due in 1988.\n At the end of 1986, Mobil said it also had an existing\neffective shelf registration with the Securities and Exchange\nCommmission to permit the sale of 205 mln dlrs of debt.\n Mobil's debt reduction program has also been abetted by\nseveral steps taken by the company to restructure its\noperations.\n Mobil's Murray said in his remarks to shareholders that the\ncompany was continuing to dispose of assets which did not fit\nthe company's long range plans and had realized some 1.1\nbillion dlrs from the sale of its Container Corp subsidiary.\n Murray said that as a result of lower debt and more\nefficient operations \"the company is now is a position to seize\nopportunities that may become available and use this strength\nin whatever way best builds shareholder value.\"\n Reuter\n\u0003", "date": "13-MAR-1987 13:05:13.38", "places": [ "usa" ], "id": "4906" }, { "title": "UNION, PHOENIX STEEL UNABLE TO REACH AGREEMENT", "body": " said it and\nthe union representing workers at its seamless tubing mill in\nPhoenixville, Penn., were unable to reach agreement to extend\nthe union contract that expires March 31.\n Phoenix said the union rejected its offer to extend a labor\nagreement through May 30 and a medical insurance agreement for\nactive employees through June 30.\n The company said no further bargaining sessions are planned\nbetween it and United Steelworkers Local 2322.\n Reuter\n\u0003", "date": "13-MAR-1987 13:06:16.23", "places": [ "usa" ], "id": "4907" }, { "title": "IRISH OIL CONCERN BOOSTS CENERGY STAKE", "body": "Bryson Oil and Gas plc, a Belfast,\nNorthern Ireland, oil company which has said it is considering\nseeking control of Cenergy Corp, said it raised its stake in\nthe company to 1,281,887 shares, or 13.2 pct of the total.\n In a filing with the Securities and Exchange Commission,\nBryson said it bought 440,000 Cenergy common shares on March 10\nat eight dlrs each. Previously it had held 841,887 shares, or\n8.5 pct.\n Bryson has request detailed shareholder information from\nCenergy in case it decided to communicate with shareholders.\nBut it said Cenergy has made legal challenges to the request.\n Reuter\n\u0003", "date": "13-MAR-1987 13:06:36.62", "topics": [ "acq" ], "places": [ "usa", "ireland" ], "id": "4908" }, { "title": "UNUM CORP SETS QUARTERLY", "body": "Qtly div 10 cts vs 10 cts prior\n Pay May 20\n Record April 27\n Reuter\n\u0003", "date": "13-MAR-1987 13:06:39.85", "places": [ "usa" ], "id": "4909" }, { "title": "SUNTER BEGINS TENDER FOR ALLEGHENY ", "body": "Allegheny International Inc said \nSunter Acquisititon Corp, formed by First Boston Inc, began a\ncash tender offer in accordance with their previously announced\nmerger agreement for all the outsanding shares of Allegheny's\ncommon stock, 2.19 dlr cumulative preference stock and 11.25\ndlrs convertible preferred stock.\n The offer expires April 9, unless extended.\n Under terms of the agreement, tendering shareholders will\nreceive 24.60 dlrs per common share, 20 dlrs per preference\nshare and 87.50 dlrs per preferred share.\n Allegheny said the offer is conditioned upon the valid \ntender of stock representing a majority of the voting power and\nat least two-thirds of outstanding shares of preference stock\nand preferred stock.\n The merger agreement was announced earlier this week.\n Reuter\n\u0003", "date": "13-MAR-1987 13:08:10.74", "topics": [ "acq" ], "places": [ "usa" ], "id": "4910" }, { "title": " 4TH QTR NET", "body": "Shr 35 cts vs 13 cts\n Net 531,840 vs 188,362\n Revs not given\n Year\n Shr 83 cts vs 41 cts\n Net 1,249,000 vs 620,000\n Revs 10,800,000 vs 5,600,000\n Reuter\n\u0003", "date": "13-MAR-1987 13:08:30.43", "topics": [ "earn" ], "places": [ "canada" ], "id": "4911" }, { "title": "LYPHOMED SELLS CONVERTIBLE DEBENTURES", "body": "LyphoMed Inc is raising 70 mln dlrs\nthrough an offering of convertible subordinatred debentures due\n2012 with a 5-1/2 pct coupon and par pricing, said lead manager\nAlex Brown and Sons Inc.\n The debentures are convertible into the company's common\nstock at 36.25 dlrs per share, representing a premium of 27.75\npct over the stock price when terms on the debt were set.\n Non-callable for two years, the issue is rated BB by\nStandard and Poor's Corp. Montgomery Securities co-managed the\ndeal.\n Reuter\n\u0003", "date": "13-MAR-1987 13:08:43.78", "places": [ "usa" ], "id": "4912" }, { "title": "IADB CHIEF SAYS WITHOUT SUSTAINED LATIN GROWTH THERE WILL EVENTUALLY BE A DEFAULT\n", "date": "13-MAR-1987 13:09:07.66", "id": "4913" }, { "title": "SPORTING LIFE INC 2ND QTR JAN 31 NET", "body": "Oper shr loss six cts vs profit four cts\n Oper net loss 58,388 vs profit 34,101\n Revs 2,419,203 vs 2,145,967\n 1st half\n Oper shr profit six cts vs profit 18 cts\n Oper net profit 61,763 vs profit 172,166\n Revs 5,731,582 vs 4,458,040\n NOTE: Prior year net excludes extraordinary credits of\n4,500 dlrs in quarter and 46,000 dlrs in half.\n Current quarter net includes 47,470 dlr tax credit.\n Reuter\n\u0003", "date": "13-MAR-1987 13:10:38.30", "topics": [ "earn" ], "places": [ "usa" ], "id": "4914" }, { "title": "DUTCH INVESTMENT BANK RAISES 3.10 BILLION YEN LOAN", "body": "De Nationale Investeringsbank NV of\nthe Netherlands has signed a 3.1 billion yen bullet loan\nagreement, arranger Mitsubishi Bank (Europe) SA said.\n The five-year term loan carries an interest rate of\nJapanese long term prime rate flat. It features a swap\nagreement but a Mitsubishi Bank spokesman declined to give\nfurther details.\n The lenders are Mitsubishi Bank Ltd and one other Japanese\nfinancial institution which the spokesman declined to name.\n Mitsubishi said the loan was believed to be the first the\nborrower has raised in yen.\n Reuter\n\u0003", "date": "13-MAR-1987 13:12:12.36", "places": [ "belgium" ], "id": "4915" }, { "title": "IADB CHIEF WARNS OF EVENTUAL LATIN DEFAULT", "body": "Antonio Ortiz Mena, president of the\nInter-American Development Bank, warned that if Latin countries\nwere unable to speed up their economic growth, then in the long\nrun there would be a default.\n He told a press conference foreshadowing the bank's annual\nmeeting next week, \"For the banks it is convenient to be\nrepaid. But to achieve that, the countries need to grow. If\nthey don't, then in the long run there will be a default.\"\n Ortiz Mena warned that Latin America needed to reverse the\ncapital outflows from the region and beyond that needed more\nresources.\n Ortiz Mena declined to agree with estimates that capital\noutflows from Latin America last year totaled 35 billion dlrs\nand that therefore he was calling for an inflow into the region\nabove that sum.\n He said the U.S. debt strategy, which envisaged stepped up\nlending by commercial and multilateral banks to major debtor\nnations of 29 billion dlrs over three years, was insufficient\nto achieve the necessary rates of growth.\n But he did stress the U.S. plan was important and the right\napproach.\n Ortiz Mena said, \"It is in the interest of the creditors,\nnot only the debtors, to push forward the development process\nin Latin America and that has happened.\"\n He added, \"The only problem is the resources have not been\nenough.\"\n Turning to Brazil, whose growth rate he predicted will\ndecline slightly this year from 1986, Ortiz Mena said the\ncountry's moratorium was the right action in order to avert a\nlong term default.\n \"So it's preferable they negotiate now,\" a move which would\neliminate any chance of panic in the markets.\n Ortiz Mena also said that Brazilian authorities have opened\nnegotiations already with commercial banks.\n He pointed out Brazil took the action because of its\ndeteriorating economic situation.\n Reuter\n\u0003", "date": "13-MAR-1987 13:14:23.59", "places": [ "usa", "brazil" ], "id": "4916" }, { "title": "FDA RECALL MONSANTO UNIT ORAL CONTRACEPTIVE", "body": "The Food and Drug Administration said\nMonsanto Co's G.D. Searle and Co unit is voluntarily\nrecalling all lots of its Gynex oral contraceptives.\n The FDA said some of the blister-pack cards that house the\nbirth contol pills may contain out of sequence tablets in the\n28-day-cycle package. It said other 21-day-cycle packages may\nbe missing some tablets.\n If oral contraceptives are taken in the wrong order or\nskipped, the likelihood of pregancy increases.\n The FDA said said the recall affects 315,000 packages of\nthe pills which were distributed nationwide since the drug was\nfirst distributed in February.\n The FDA said Searle believes only a small number of\npacakges, about 2,000 to 3,000, were dispensed to consumers.\n The FDA also said the labeling on the product indicates\nthat Gynex oral contraceptives are manufactured and packaged by\nCorona Pharmaceutical of Corona, Calif., for G.D. Searle and\nCo.\n Reuter\n\u0003", "date": "13-MAR-1987 13:14:33.02", "places": [ "usa" ], "id": "4917" }, { "title": "INVESTMENT FIRMS CUT CYCLOPS STAKE", "body": "A group of affiliated New York\ninvestment firms said they lowered their stake in Cyclops Corp\nto 200,500 shares, or 5.0 pct of the total outstanding, from\n260,500 shares, or 6.4 pct.\n In a filing with the Securities and Exchange Commission,\nthe group, led by Mutual Shares Corp, said it sold 60,000\nCyclops common shares since February 26.\n Reuter\n\u0003", "date": "13-MAR-1987 13:15:37.12", "topics": [ "acq" ], "places": [ "usa" ], "id": "4918" }, { "title": "AMSTERDAM BOURSE SAID DELAYING DREXEL MEMBERSHIP", "body": "The Amsterdam Stock Exchange today\ndeclined to comment on a press report saying Drexel Burnham\nLambert Inc's request for membership had been delayed pending\ninvestigation by the U.S. Securities and Exchange Commission.\n The Exchange was replying to Reuters inquiries after the\nleading Dutch evening daily NRC Handelsblad published a report\nthis evening quoting an unnamed bourse official as saying\nDrexel's application was delayed while the firm was under\ninvestigation by the SEC.\n It usually takes the bourse one to two months to process a\nmembership application, the official said, adding: \"It's been\ngoing on for three to four months with Drexel, so draw your own\nconclusions.\"\n \"We're not particularly worried about the contents of the\napplication but we think the timing is somewhat unfortunate,\"\nthe NRC quoted the official as saying.\n Drexel is currently under investigation by the SEC in\nconnection with insider trading activities by Ivan Boesky and\nDennis Levine last November, a month after the company applied\nfor permission to deal in Dutch equity.\n An exchange spokesman said there was nothing unusual about\nthe processing period of Drexel's application, adding that he\nwould not comment on any company before all documents had been\nstudied by the bourse board.\n A spokesman from Drexel's London branch, which is dealing\nwith the application, said the delay was of a purely technical\nnature in Drexel's head office in New York.\n Reuter\n\u0003", "date": "13-MAR-1987 13:17:27.81", "places": [ "netherlands" ], "id": "4919" }, { "title": " YEAR LOSS", "body": "Shr loss 1.41 dlrs vs profit 27 cts\n Net loss 8,225,052 vs profit 1,566,936\n Revs 4,028,231 vs 6,725,462\n Note: 1986 shr and net after 6,606,646 dlr writedown on\nproperty and other assets\n Reuter\n\u0003", "date": "13-MAR-1987 13:18:28.38", "topics": [ "earn" ], "places": [ "canada" ], "id": "4920" }, { "title": "NEDERLANDSE GASUNIE IN 3.28 BILLION YEN LOAN DEAL", "body": "NV Nederlandse Gasunie of the\nNetherlands has signed a 3.28 billion yen bullet loan\nagreement, arranger Mitsubishi Bank (Europe) SA said.\n The interest rate on the 5-1/2 year loan is the Japanese\nlong term prime rate flat. The loan has a swap agreement but a\nbank spokesman declined to give further details.\n The lenders are Mitsubishi Bank Ltd and another Japanese\nfinancial institution which the spokesman declined to name.\n REUTER\n\u0003", "date": "13-MAR-1987 13:18:57.75", "places": [ "belgium" ], "id": "4921" }, { "title": "TRANSIT FINANCIAL SEES 1987 SHARE PROFIT RISE", "body": ",\nearlier reporting higher fourth quarter and full year earnings,\nsaid it expects 1987 share profit to increase to 1.27 dlrs from\n83 cts in 1986.\n The company said the 1987 share forecast is based on 2.5\nmln shares outstanding, after a one mln common share issue on\nDecember 30, 1986. Its 1986 and 1985 earnings were based on 1.5\nmln shares outstanding.\n The company earlier reported 1986 profit rose to 1,249,000\ndlrs or 83 cts a shares from year-earlier 620,000 dlrs or 41\ncts a share.\n Reuter\n\u0003", "date": "13-MAR-1987 13:20:44.63", "topics": [ "earn" ], "places": [ "canada" ], "id": "4922" }, { "title": "CME BOARD PLAN SAID NOT ANSWER TO DUAL TRADING", "body": "A proposal by the Chicago Mercantile\nExchange's (CME) board of directors to restrict dual trading by\nstock-index futures floor brokers would not provide a solution\nto alleged abuses in the market, House Small Business Committee\nchief economist John Helmuth said.\n Helmuth worked on legislation offered earlier this week by\nRep. Neil Smith (D-Iowa) to ban dual trading in the Standard\nand Poor's 500 stock index futures trading pit.\n Last night the CME board recommended curbing, but not\nbanning, dual trading in S and P 500 futures and options.\n The CME board rejected a petition presented in February by\nsome members seeking an outright ban on dual trading, whereby \nfloor brokers trade for their own accounts as well as for\ncustomers.\n Helmuth said the board's proposal would not prevent traders\nfrom falsifying the record that shows the times of their\ntrades.\n Helmuth predicted Smith's bill would be closely examined by\nthe House Energy and Commerce Committee, chaired by Rep. John\nDingell (R-Michigan). Dingell and his staff were unavailable\nfor comment.\n Reuter\n\u0003", "date": "13-MAR-1987 13:20:53.30", "places": [ "usa" ], "id": "4923" }, { "title": "AMERICAN MOTORS CORP EARLY MARCH U.S. CAR SALES OFF 57 PCT\n", "date": "13-MAR-1987 13:27:39.34", "places": [ "usa" ], "id": "4924" }, { "title": "SAN PAOLO DI TORINO CUTS PRIME RATE TO 12.50 PCT FROM 13.00 PCT - OFFICIAL\n", "date": "13-MAR-1987 13:29:03.45", "topics": [ "interest" ], "id": "4925" }, { "title": "PEGASUS GOLD REDUCES DEBT", "body": "Pegasus Gold Inc said it\ncut its long term debt to 85 mln dlrs from 100 mln dlrs when\nits European bondholders voluntarily converted some of their\ndebt holdings into 1.5 mln shares of Pegasus common.\n The company said the debt converted represents about 40 pct\nof the total 60 mln Swiss franc convertible debentures it\ncompleted last Fall.\n In addition, Pegasus said it began mining and processing\noperations at its Zortman/Landusky Mine one month ahead of\nschedule.\n Pegasus said it completed the first phase of its 1987 Super\nPad ahead of schedule as well, allowing the mining company to\nload up to 7.5 mln tons of new ore on the pad.\n Pegasus estimated that 1987 production at the\nZortman/Landusky mine will be about 80,000 ounces of gold and\n225,000 ounces of silver.\n Reuter\n\u0003", "date": "13-MAR-1987 13:29:42.68", "places": [ "usa" ], "id": "4926" }, { "title": "LIFFE EXECUTIVE GREETS SEC MOVE ON FUTURES TRADE", "body": "A decision by the U.S. Securities and\nExchange Commission to remove a key regulatory obstacle to\ntrading foreign debt futures on U.S. Exchanges was a\nconstructive development, London International Financial\nFutures Exchange (LIFFE) Chief Executive Michael Jenkins said.\n The SEC yesterday agreed to remove the regulation against\ntrading futures in designated foreign government debt\nsecurities on markets not located in the issuing country.\n Jenkins said the decision cleared the way for the Chicago\nBoard of Trade possibly to trade U.K. Long gilt futures and a\nJapanese yen bond contract.\n The CBOT is now likely to proceed with an application to\ntrade gilts to the Commodity Futures Trading Commmission\n(CFTC), he said.\n Reuter\n\u0003", "date": "13-MAR-1987 13:31:47.42", "places": [ "uk" ], "id": "4927" }, { "title": "PRESIDENT REAGAN VOWS NO TAX RATE INCREASE AS LONG AS HE IS PRESIDENT\n", "date": "13-MAR-1987 13:34:32.41", "places": [ "usa" ], "id": "4928" }, { "title": "CANADIAN MONEY SUPPLY M-1 RISES 592 MLN DLRS IN WEEK, BANK OF CANADA SAID\n", "date": "13-MAR-1987 13:35:10.38", "topics": [ "money-supply" ], "places": [ "canada" ], "id": "4929" }, { "title": "HOLLY CORP 2ND QTR JAN 31 LOSS", "body": "Shr loss 45 cts vs profit 20 cts\n Net loss 1,841,000 vs profit 983,000\n Revs 56.2 mln vs 102.9 mln\n Avg shrs 4,127,000 vs 4,835,000\n 1st half\n Oper shr four cts vs 80 cts\n Oper net 172,000 vs 4,359,000\n Revs 121.4 mln vs 209.3 mln\n Avg shrs 4,127,000 vs 5,439,000\n NOTE: Current half net excludes 706,000 dlr loss from\ndiscontinued oil and natural gas operations.\n Share adjusted for three-for-one stock split and\nrecapitalization in December 1985.\n Prior year net both periods includes pretax charge of\n2,300,000 dlrs from recapitalization costs.\n Reuter\n\u0003", "date": "13-MAR-1987 13:37:05.47", "topics": [ "earn" ], "places": [ "usa" ], "id": "4930" }, { "title": "CHRYSLER CANADA SETS MORE CASH REBATES", "body": "Chrysler Canada Ltd, wholly owned by\nChrsyler Corp, said it added some car and truck models to the\ncompany's cash rebate program and discontinued the models from\nits 3.9 pct financing plan.\n Chrysler Canada said effective March 16 it will offer a 750\ndlr cash rebate on 1986 and 1987 Dodge Aries and Plymouth\nReliant sales. It will also offer a 500 dlr rebate to buyers of\n1986 and 1987 Tursimo and Charger cars as well as Ram 50 and\nPower Ram 50 trucks.\n The financing plan on the models will be discontinued March\n15.\n Reuter\n\u0003", "date": "13-MAR-1987 13:37:26.75", "places": [ "canada" ], "id": "4931" }, { "title": "HIGH POINT SELLS DEBT AND STOCK CONTRACTS", "body": "High Point Financial Corp is raising\nsix mln dlrs through an offering of redeemable subordinated\ndebentures due 1997 yielding 8.65 pct, said sole underwriter\nRyan, Beck and Co.\n The debentures have an 8-1/2 pct coupon and were priced at\n99 to yield 147 basis points more than comparable Treasuries.\n High Point also sold 6.66 mln dlrs of cancellable mandatory\nstock purchase contracts that require the purchase on March 1,\n1997 of the company's common stock at 23 dlrs per share. High\nPoint is trading at 22 dlrs a share in the over-the-counter\nmarket, according to Ryan, Beck.\n Reuter\n\u0003", "date": "13-MAR-1987 13:37:34.17", "places": [ "usa" ], "id": "4932" }, { "title": "CYCLOPS WILL NOT GIVE DATA TO GROUP", "body": "Cyclops Corp said its board rejected\na request by Cyacq Corp, an investor group, for more non-public\ninformation about Cyclops, a maker of specialty steels and an\nelectronics retailer.\n Cyclops cited its agreement to be acquired by Britain's\nDixons Group PLC for 90.25 dlrs a share under a tender offer\nthat expires midnight March 17.\n Cyacq, comprising Audio/Video Affiliates Inc, Citicorp\nCapital Investors Ltd and other investors, yesterday said it\nwould increase its tender offer for Cyclops to 92.50 dlrs a\nshare from 80 dlrs, subject to certain conditions.\n The conditions were that Cyclops provide Cyacq with\nnon-public data given to Dixons and that Cyacq be satisfied\nwith financial projections made by Dixons in its offer.\n Cyclops also said its board determined that Cyacq's\nannouncement was not an offer. \"Cyacq's press release does not\namend Cyacq's outstanding tender offer which remains at 80 dlrs\nper share and it does not state that Cyacq has financing\ncommitments necessary to carry out its original offer or any\nincreased offer that it may make,\" Cyclops said in a statement.\n Its agreements with Dixons are binding and Dixons indicated\nit will not rescind or waive any provisions of the pacts,\nCyclops said.\n The company also said it was advised that Dixons'\nshareholders approved the merger, satisfying that condition of\nthe agreement.\n Reuter\n\u0003", "date": "13-MAR-1987 13:37:48.68", "topics": [ "acq" ], "places": [ "usa" ], "id": "4933" }, { "title": "SAN JUAN RACING ASSOCIATION INC 3RD QTR", "body": "Shr 22 cts vs 22 cts\n Net 915,911 vs 970,141\n Revs 8.0 mln vs 8.0 mln\n Nine months\n Shr 69 cts vs 56 cts\n Net 3.0 mln vs 2.4 mln\n Revs 23.5 mln vs 22.1 mln\n NOTE:1987 3rd qtr and nine months include extraordainry\ngain of 341,145 dlrs and 480,412 dlrs, respectively, on sale of\nland.\n Reuter\n\u0003", "date": "13-MAR-1987 13:37:57.97", "topics": [ "earn" ], "places": [ "usa" ], "id": "4934" }, { "title": "STATUS GAME TO PRODUCE CONDOM MACHINES", "body": "Status Game Corp said it has\nstarted making condom vending machines which it will start\ndistributing within the next 30 days.\n It said initially it will place the machines in the 1,200\nNevada locations in which it has other vending machines. But it\nsaid it has already received a substantial number of inquiries\nfrom potential customers in Europe, Canada and the U.S.,\nincluding two large English breweries which each operates over\n5,000 pubs.\n Reuter\n\u0003", "date": "13-MAR-1987 13:38:10.76", "places": [ "usa" ], "id": "4935" }, { "title": "OCCIDENTAL UNIT IN MARKETING PLAN", "body": "Occidental Petroleum Corp's Natural Gas\nPipeline Co of America unit said it has introduced a \"Fast\nBreak\" plan for expedited processing of requests for\ninterruptible natural gas transportation service.\n It said under Fast Break, customers submitting streamlined\nservice requests will receive interim transportation agreements\nand, in most cases, have gas flowing within seven working days.\n Reuter\n\u0003", "date": "13-MAR-1987 13:40:02.27", "places": [ "usa" ], "id": "4936" }, { "title": "EDELMAN CUTS LUCKY STORES STAKE TO 4.8 PCT", "body": "A group led by New York investor\nAsher Edelman said he lowered its stake in Lucky Stores Inc\n to 1,827,734 shares, or 4.8 pct of the total outstanding\ncommon stock, from 1,930,734 shares, or 5.1 pct.\n In a filing with the Securities and Exchange Commission,\nthe Edelman group said it sold 103,000 Lucky Stores common\nshares on March 9 and 10 at prices ranging from 28.625 to\n30.375 dlrs a share.\n So long as Edelman's stake is below five pct he is not\nrequired to report his dealings in Lucky Stores stock.\n Reuter\n\u0003", "date": "13-MAR-1987 13:41:07.75", "topics": [ "acq" ], "places": [ "usa" ], "id": "4937" }, { "title": "CANADIAN MONEY SUPPLY RISES IN WEEK", "body": "Canadian narrowly-defined money supply\nM-1 rose 592 mln dlrs to 33.36 billion dlrs in week ended March\n4, Bank of Canada said.\n M-1-A, which is M-1 plus daily interest chequable and\nnon-personal deposits, rose 778 mln dlrs to 75.95 billion dlrs\nand M-2, which is M-1-A plus other notice and personal\nfixed-term deposit rose 1.09 billion dlrs to 177.95 billion\ndlrs.\n M-3, which is non-personal fixed term deposits and foreign\ncurrency deposits of residents booked at chartered banks in\nCanada, rose 1.13 billion dlrs to 217.28 billion dlrs. \n Chartered bank general loans outstanding rose 500 mln dlrs\nto 125.54 billion dlrs.\n Canadian liquid plus short term assets fell 244 mln dlrs to\n35.12 billion dlrs and total Canadian dollar major assets of\nthe chartered banks rose 257 mln dlrs to 221.53 billion dlrs.\n Chartered bank net foreign currency assets rose 782 mln\ndlrs to minus 876 mln dlrs. \n Notes in circulation totalled 16.28 billion dlrs, up 45 mln\ndlrs from the week before.\n Government cash balances rose 1.37 billion dlrs to 5.68\nbillion dlrs in week ended March 11.\n Government securities outstanding fell three mln dlrs to\n224.08 billion dlrs in week ended March 11, treasury bills rose\n600 mln dlrs to 75.15 billion dlrs and Canada Savings Bonds\nfell 294 mln dlrs to 44.05 billion dlrs. \n Reuter\n\u0003", "date": "13-MAR-1987 13:41:43.89", "topics": [ "money-supply" ], "places": [ "canada" ], "id": "4938" }, { "title": "USSR HEAVY BUYERS OF YUGOSLAV CORN-U.S. REPORT", "body": "The Soviet Union has been a heavy\nbuyer of Yugoslav corn since October, purchasing close to 1.5\nmln tonnes in the 1986/87 marketing year, according to a report\nfrom the U.S. agriculture counselor in Belgrade.\n Approximately 1.5 mln tonnes of Yugoslav corn have already\nbeen committed to foreign buyers for 1986/87, with most of this\nsold to the Soviet Union, the Yugoslav Grain Association\nreported to the U.S. official.\n In a report dated March 10, the official said that about\n800,000 tonnes of the corn has been delivered, with the balance\nof 700,000 tonnes to be shipped between now and June.\n An additional 500,000 tonnes of corn can be shipped from\nJuly-September, the grain associaiton said, so total Yugoslav\ncorn exports could reach 2.0 mln tonnes, the counselor said.\n Heavier than normal monthly shipping rates for Yugoslav\ncorn exports are due to the increased use of river barges for\nexporting corn to the Soviet Union, the counselor said.\n Monthly corn shipments out of Yugoslavia have averaged\naround 160,000 tonnes since October 1, higher than earlier\nestimates of 150,000, the official said.\n The Soviet Union has taken an increased share of Yugoslav\ncorn sales during this marketing year, he said.\n Reuter\n\u0003", "date": "13-MAR-1987 13:43:47.46", "topics": [ "grain", "corn" ], "places": [ "usa", "ussr", "yugoslavia" ], "id": "4939" }, { "title": "REAGAN VOWS TO BLOCK TAX HIKE IN HIS PRESIDENCY", "body": "President Reagan told a group of\nsupporters his pledge to veto a tax hike is solid, adding,\n\"There will be no tax rate increase in the 100th Congress.\"\n While he did not mention House Speaker Jim Wright by name,\nReagan said that some members of Congress were urging that\ntaxes be raised.\n \"I'm sorry but that's just not going to happen,\" said Reagan.\n\"We're not going to break faith with the American people.\"\n \"I promise you, tax reform will go ahead as scheduled,\" the\npresident added. \"All these tax hike schemes have as much chance\nof flying as a dead duck,\" he said.\n Reagan combined his strongly-stated opposition to a tax\nhike with a warning to Congress to meet the deficit reduction\ntargets set by the Gramm-Rudman-Hollings budget control law.\n Failure to do so, he said, would jeopardize a continuation\nof the current favorable economic climate.\n \n Reuter\n\u0003", "date": "13-MAR-1987 13:44:16.50", "places": [ "usa" ], "id": "4940" }, { "title": "U.S. MAKES CONCILIATORY MOVE AT RUBBER PACT TALKS", "body": "The U.S. Has dropped its insistence that\nthe floor price in a new International Natural Rubber\nAgreement, INRA, be revised downward under certain\ncircumstances, conference sources said.\n The surprise conciliatory move by the U.S. Meets one of the\nproducers' main concerns -- that the floor price, or \"lower\nindicative price,\" remain unchanged, they said.\n It is not clear, however, whether all consuming countries\nwill follow suit, as a number of them, in particular Britain,\nWest Germany and Belgium, appeared to have strong reservations,\nthe sources added.\n The group of consumers has been seeking an adjustment of\nthe \"lower indicative price\" (set at 150 Malaysian/Singapore\ncents a kilo in the present pact) if the buffer stock,\ncurrently 360,000 tonnes, rises to 450,000 tonnes.\n The sources said the question of to what extent price\nadjustments should be automatic remains a problem.\n Conference chairman Manaspas Xuto of Thailand has been\nholding consultations with producers and consumers throughout\nthe day.\n The consumers' group is now holding a separate meeting\nahead of further consultations within the \"president's group\"\ntonight.\n Reuter\n\u0003", "date": "13-MAR-1987 13:45:14.12", "topics": [ "rubber" ], "places": [ "usa", "switzerland" ], "id": "4941" }, { "title": "PEGASUS GOLD REDUCES DEBT, STARTS MINE", "body": "Pegasus Gold Inc said it\ncut its long term debt to 85 mln dlrs from 100 mln dlrs when\nits European bondholders voluntarily converted some of their\ndebt holdings into 1.5 mln shares of Pegasus common.\n The company said the debt converted represents about 40 pct\nof the total 60 mln Swiss franc convertible debentures it\ncompleted last Fall.\n Pegasus said it began mining and processing operations at\nits Zortman/Landusky Mine one month ahead of schedule.\n It completed the first phase of its 1987 Super Pad ahead of\nschedule as well, allowing the mining company to load up to 7.5\nmln tons of new ore on the pad. Pegasus estimated 1987\nproduction at the Zortman/Landusky mine will be about 80,000\nounces of gold and 225,000 ounces of silver.\n Reuter\n\u0003", "date": "13-MAR-1987 13:46:38.59", "places": [ "usa" ], "id": "4942" }, { "title": "CAESARS WORLD RESTRUCTURING SEEN", "body": "Caesars World Inc is likely to seek\nout a friendly suitor or restructure operations to fight off\nthe unsolicited takeover offer by investor Martin Sosnoff,\nsecurities analysts said.\n \"They could be talking to a \"white knight\" right now,\" said\nJanney Scott Montgomery Inc analyst Marvin Roffman, adding.\n\"That would be my best guess.\"\n Analysts also said other options for Caesars could include\na restructuring or a buyback of Sosnoff's 13.6 pct holdings.\n Earlier today, Caesars World announced that its board\nunanimously rejected a 28 dlr per share, or 725.2 mln dlr,\ntakeover offer from MTS Acquisition Corp, a company formed by\nSosnoff.\n The company also said it will explore a variety of\nalternative transactions but did not elaborate.\n In announcing the rejection, Caesars said the offer was\ninadequate given the company's financial condition, future\nprospects and current market conditions.\n A Caesars spokesman said the company expects to file a\n14D-9 with the Securities and Exchange Commission later today\nwith more information on its analysis of the Sosnoff offer.\n Analysts are generally bullish on the outlook for Caesars\nWorld and some have placed the value of Caesars stock at from\n32 to 35 dlrs per share.\n They have also asserted that Sosnoff is not likely to\nsucceed with the unsolicited bid unless he raises his offering\nprice to a higher level.\n Caesars World's stock is up 1-1/8 today at 29-1/8.\n Janney Montgomery's Roffman believes potential suitors for\nthe hotel/casino company could be Golden Nugget Inc , or\nTracinda Corp, a company controlled by investor Kirk Kirkorian.\n Golden Nugget has a good deal of cash on hand as the result\nof the sale of its Atlantic City, N.J., casino to Bally\nManufacturing Corp , Roffman said.\n Earlier this month Golden Nugget completed its sale of the\nAtlantic City property for 440 mln dlrs.\n Roffman also believes Kerkorian is interested in getting\ninvolved in the gaming business.\n Mark Manson, an analyst at Donaldson Lufkin Jenrette, said\noptions available to Ceasars also include a restructuring in\nthe form of a selloff of individual properties, a stock buyback\nor forming a master limited partnership.\n \"Very few of these options would weaken the value of the\ncompany,\" Manson said, but he declined to speculate on which\napproach Caesars might take.\n Reuter\n\u0003", "date": "13-MAR-1987 13:49:23.83", "places": [ "usa" ], "id": "4943" }, { "title": "FED SEEN CONTENT WITH U.S. FEBRUARY ECONOMY", "body": "U.S. February reports reflecting slim\ngains in industrial output and moderating inflation pressures\nreinforced expectations that the Federal Reserve will continue\nto follow a stable course of monetary policy, economists said.\n \"If you're the Fed, there's no reason to do anything,\" said\nSteve Slifer of Lehman Government Securities Inc.\n \"There are hints that GNP is picking up. On the inflation\nfront, all is well,\" he said. \"Money supply is well under\ncontrol. It's an absolutely ideal situation.\"\n February U.S. industrial production rose 0.5 pct, slightly\nless than the 0.7 pct gain the financial markets had expected.\nThis compared with a slim 0.1 pct rise in January's production\nnumber, previously reported as a 0.4 pct increase.\n The February U.S. producer price index gained only 0.1 pct,\nless than a 0.3-0.4 pct expected rise. This followed a 0.6 pct\nrise in the PPI in January.\n \"The Fed is going to look at this positively,\" said Allan\nLeslie of Discount Corporation. \"Certainly inflation is not as\nbad as what Volcker (Fed Chairman) has said lately. Industrial\nproduction growth is along the lines of what the Fed wants.\"\n The energy products component of PPI rose 4.0 pct in\nFebruary, after a 9.8 pct increase in January.\n \"This shows that the impact of energy prices on inflation\nis behind us in terms of the move from 15 dlrs to 18 dlrs per\nbarrel,\" said Maria Ramirez of Drexel Burnham Lambert Inc. \"The\ntrend is still 3.5 pct in the first half of the year.\"\n In 1986, declining energy prices contributed to a 2.5 pct\ndecline in the PPI.\n Economists said that a rise in energy prices was expected,\nbut a sharp drop in auto prices was not. Passenger car prices\nfell 3.4 pct and light truck prices dropped 1.3 pct.\n Yesterday, Federal Reserve Chairman Paul Volcker said that\na possibility of renewed inflation remains a concern in both\nthe financial markets and the Federal Reserve.\n \"The Fed may be lowering its own inflation expectations\ntoday,\" said Robert Brusca of Nikko Securities International.\n While low inflation permits the Fed to maintain an easier\nmonetary policy, Brusca said if import prices do not rise this\ncould necessitate a weaker dollar.\n \"The outlook for the dollar is still up in the air,\" he\nsaid. \"We need inflation for U.S. producers to compete with\nforeign producers.\"\n Brusca said prices of electronic equipment dropped 0.8 pct\nin February's PPI. With many electronic goods produced\noverseas, this may show that foreign producers are not raising\nprices which bodes ill for U.S. competitiveness, he said.\n If further dollar declines are needed, this could diminish\noverseas investment in U.S. debt, Brusca added, which might\nnecessitate higher interest rates and lower bond prices.\n By contrast, Slifer said imported goods prices rose 11.8\npct from first quarter 1985 to first quarter 1986 reflecting to\na large degree a 22 pct drop in the trade-weighted real value\nof the dollar from February 1985 to February 1987.\n Slifer said import prices may rise further as\nmanufacturers' contracts put in place before the dollar dropped\nto current levels expire, and new contracts are made that\nreflect a weaker dollar.\n David Wyss of Data Resources Inc noted that imported\nmanufactured goods prices rose 8.5 pct at an annual rate in the\nsecond half of 1986, which has contributed to rising U.S.\nindustrial output.\n \"It's the other side of the lower dollar,\" Wyss said.\n\"Producers are beginning to find themselves more competitive\nand they are increasing output.\"\n Wyss said that the latest data point to an average\nindustrial production gain of 0.3-0.4 pct in the first quarter.\n\"It's an encouraging sign that the manufacturing sector is\nbeginning to revive.\"\n But Stephen Roach of Morgan Stanley and Co Inc was not \nconvinced that the February reports portend economic gains. He\nsaid much of the strength came from factors that do not point\nto a sustained rise in industrial output.\n Roach pointed out that stikers returning to work in farm\nequipment industries helped account for a one pct rise in\nFebruary business equipment production.\n Utilities output rose 0.7 pct in February after gaining 1.2\npct in January, but Roach said it shows mostly that more energy\nwas produced, not that manufacturing activity gained.\n Finally, he pointed out that auto production accounted for\nhalf of the industrial production gain as production of auto\nassemblies rose to 8.3 million units at an annual rate from 7.5\nmillion units.\n \"In the first quarter, it looks like automakers are\nproducing at an 8.5 mln unit annual rate, but selling at\nroughly a seven mln unit rate,\" Roach said. \"The disparity\nbetween output and sales is showing up in inventories.\"\n Economists pointed to sharp rise in January U.S. business\ninventories as a sign that production may be outstripping\ndemand in the first quarter of 1987.\n January business inventories rose 0.9 pct, the largest gain\nsince July 1979 when inventories rose 1.7 pct, the Commerce\nDepartment said. Business sales dropped 4.5 pct in January, the\nlargest monthly sales drop on record.\n Nonetheless, economists do not expect the Fed to react to\nmonth-to-month changes. \"The Fed has been standing pat for the\nlast seven months,\" Ramirez said. \"They will continue to stand\npat for at least the next couple of months.\"\n Reuter\n\u0003", "date": "13-MAR-1987 13:52:07.17", "topics": [ "interest", "gnp", "ipi", "wpi" ], "places": [ "usa" ], "id": "4944" }, { "title": "PHILADELPHIA ELECTRIC REDEEMING PREFERRED", "body": "Philadelphia Electric Co said on\nMay One it will redeem its 17.125 pct preferred stock at 111.50\ndlrs per share.\n Reuter\n\u0003", "date": "13-MAR-1987 13:54:00.52", "places": [ "usa" ], "id": "4945" }, { "title": "U.S. FARM LOAN SECONDARY MARKET GAINS SUPPORT", "body": "A secondary market for resale of\nfarm real estate loans similar to markets on home mortgages is\ngaining support in Congress and among rural lenders and could\nbe set up this year, Congressional and financial sources said.\n Several bills which would establish a farm secondary market\nhave been introduced in both the House and Senate. Furthermore,\nRepresentatives of the Farm Credit System, commercial bankers\nand life insurance companies are meeting in an attempt to agree\non a method of establishing the market.\n Frank Naylor, chairman of the Farm Credit Administration,\nFCA, which regulates the farm credit system, yesterday said a\nfarm loan secondary market would be positive for agriculture\n\"as long as the farm credit system is a key player.\"\n Naylor told a House Agriculture subcommittee hearing the\nsecondary market could be established either with Congressional\nlegislation or administratively.\n Any farm loan secondary market would be modeled after the\nsuccessful resale markets in home mortgages, the Government\nNational Mortgage Association, GNMA, and the Federal Home Loan\nMortgage Corporation (Freddie Mac), industry sources said.\n Commercial banks and life insurance companies are the main\nsupporters of a farm loan secondary market since they believe\nit would allow private lenders to compete more effectively in\nrural lending with the quasi-government farm credit system,\ntraditionally the largest lender to farmers.\n A farm secondary market would allow lenders to sell\nhigh-quality loans on farmland to \"poolers,\" who in turn would\npackage the loans and issue farm mortgage-backed securities for\nresale to investors -- called Aggie-mae by some proponents.\n The FCA and financially-troubled farm credit system have in\nthe past been ambivalent about the idea, mainly because any\nfarm secondary market established in the private sector which\nexcluded the farm credit system would put the system at a\ncompetitive disadvantage and could be another financial blow to\nthe system, which has lost 4.6 billion dlrs in two years,\nNaylor and farm credit system officials have said.\n However, the system and FCA have become more positive to\nthe idea recently because the system could benefit if it were\nappointed the agent for a secondary market.\n \"If the farm credit system were the guarantor of the pools\nof farm mortgage loans, it would benefit from the fees charged\nfor providing this service,\" the Life Insurers' study said.\n Congressional sources believe a secondary market available\nto both private lenders and the farm credit system, with the\nsystem as agent, could be included in a major federal\ngovernment rescue package for the system to be drafted by\nCongress later this year.\n A study commissioned by one of the main supporters of the\nsecondary market idea, the American Council of Life Insurers,\nconcludes that the farm credit system's market share in rural\nlending would fall if a secondary market were established.\n The study was released earlier today.\n The study said a secondary market could be established with\nvirtually no federal money if the government provided a\nguarantee of 90 pct of the farm loans but a private\nco-insurance plan guaranteed the first 10 pct of any losses.\n It estimated between 500 mln and two billion dlrs of the\neight billion in new farm real estate loans issued each year\nwould qualify for the secondary market in the first few years,\nexpanding significantly later as investors accept the idea.\n The study also said interest rates charged to farmers who\nmeet the underwriting standards of a secondary market would\nfall 50 to 100 basis points due to the new resale market.\n The possible interest rate declines are a major reason why\nleading U.S. farm organizations such as the American Farm\nBureau Federation have recently endorsed the idea.\n Proponents say a secondary market also would increase\nliquidity in farm lending, and spread the risk of such loans.\n Reuter\n\u0003", "date": "13-MAR-1987 13:55:44.22", "places": [ "usa" ], "id": "4946" }, { "title": "ECUADOR UNABLE TO SERVICE DEBT - CENTRAL BANK", "body": "ecuador cannot service its debt owed to\nprivate foreign banks due to the earthquake that forced a\nsuspension of crude oil exports, central bank officials said.\n \"we hope to obtain a tacit, explicit acceptance from foreign\nbanks ... that we are not able to service the debt,\" central\nbank president carlos julio emanuel said.\n \"the reality is that our debt service capacity has been\ntotally affected by the recent cataclysm,\" he added in a news\nconference last night.\n A central bank spokesman said emanuel was referring to\npayments owed private foreign banks, already suspended since\njanuary. These banks hold two-thirds of the country's 8.16\nbillion dollar foreign debt.\n Emanuel was not refering to debts to foreign governments\nand multilateral organisations, the spokesman said.\n The march 5 earthquake damaged an oil pipeline, preventing\ncrude exports for a projected five months. Oil generates about\ntwo-thirds of ecuador's total exports and as much as 60 per\ncent of the government's revenues.\n Emanuel did not specify how long ecuador would be unable\nservice private foreign banks. But finance minister domingo\ncordovez said two days ago the government is seeking to\npostpone all payments due to private foreign banks in 1987\nuntil next year through negotiations with creditors.\n Emanuel said ecuador was seeking soft loans from\nmultilateral organisations for reconstruction work. It also\nwanted a \"reprogramming\" of already-approved loans, an apparent\nreference to the disbursement schedule of thee credits.\n Reuter\n\u0003", "date": "13-MAR-1987 13:57:10.21", "places": [ "ecuador" ], "id": "4947" }, { "title": "FORMER SANTA FE EXEC ADMITS INSIDER TRADING", "body": "Darius N. Keaton, former member of the\nboard of , pleaded guilty to an\ninsider trading scheme that netted him 274,800 dlrs in profit.\n In Manhattan Federal Court, Keaton pleaded guilty to\ntrading on non-public information involving his purchase of\n10,000 shares of the company's stock in September 1981 shortly\nbefore the company was acquired by Kuwait Petroleum Co in 1982\nfor two billion dlrs.\n Keaton, 62, of Monterey, Calif., admitted he failed to\nreport the purchase to the Securities and Exchange Commission,\nand admitted commiting wire fraud stemming from his\ntransaction.\n He faces up to 10 years in prison on both counts, and a\nfine of 11,000 dlrs when he is sentenced by Judge Whitman Knapp\non June 1.\n Reuter\n\u0003", "date": "13-MAR-1987 14:00:27.30", "places": [ "usa" ], "id": "4948" }, { "title": "S/P DOWNGRADES FOUR TEXAS BANKS, AFFECTS COMBINED 800 MLN DLRS DEBT, PREFERRED\n", "date": "13-MAR-1987 14:00:55.35", "id": "4949" }, { "title": "K MART SEES 1987 SALES OF 26 BILLION DLRS, UP FROM 23.8 BILLION IN 1986\n", "date": "13-MAR-1987 14:01:59.94", "id": "4950" }, { "title": "MOBIL CAPITAL EXPENDITURES LOWER IN 1987", "body": "Mobil Corp chairman Allen E. Murray\nsaid in the annual report issued today that the company's total\n1987 capital expenditures would be lower than the three\nbillion dlrs spent in 1986.\n \"Overall capital and exploration expenditures will fall\nslightly below the level for 1986 although we'll be ready to\nincrease spending whenever the outlook becomes more promising,\"\nMurray said.\n Mobil data in the annual report shows capital expenditures\nhave been cut every year since 1984's 3.6 billion dlrs to 3.5\nbillion dlrs in 1985.\n Murray told shareholders that despite the cuts \"the company\nhas promising acreage to explore as well as major oil and gas\nreserves to develop in the U.S., Canada, Europe, Africa and\nIndonesia.\n Over the past two weeks Mobil has announced restructuring\nof its domestic exploration and development organization and\nthis week a restructuring of its oil services units, which\nsupport the new affiliate.\n \"Mobil's chairman has explained this change by saying we\nneed a leaner organization to get more efficient usage from our\nassets,\" said John Lord, a Mobil Corp spokesman.\n Murray said in announcing the first reorganization, which\nwill combine its current three exploration and producing\naffiliates into one organization, Mobil Exploration and\nProduction U.S. Inc, that it is more effective than the present\norganization and will improve the company's upstream\ncompetitive position.\n Yesterday the company said that it will restructure its\nMobil Exploration and Producing Services Inc, MEPSI, to enhance\nthe development and transfer of technology supporting critical\nareas of exploration, drilling, resevoir management and\ncomputer systems.\n Earnings from Mobil's upstream operations in 1986 were 827\nmln dlrs, down 54 pct from the previous year's 1.8 billion dlrs\nin earnings.\n Mobil's strategy in the exploration and production sector\nwill be to give most attention to exploration possibilities\nwith the greatest long term potential, the company said.\n In its annual report, Mobil said that this will include\ngreater emphasis on \"frontier plays that, although riskier, fit\nour strengths of technology and size...This probably also means\na shift toward emphasis in the foreign area since selective\noverseas exploration offers greater potential.\"\n Reuter\n\u0003", "date": "13-MAR-1987 14:03:09.93", "topics": [ "crude", "nat-gas" ], "places": [ "usa" ], "id": "4951" }, { "title": "INTERCONNECT PREFERS FRIENDLY GATES OFFER", "body": " said it\nseeks to acquire Gates Learjet Corp on friendly terms.\n Late yesterday the company said it has offered 7.07 dlrs\nper share for all Gates Learjet shares.\n Interconnect Capital said it intends to purchase the loan to Gates Learjet for 13 mln dlrs should its bid be\nsuccessful.\n Interconnect Capital is controlled by .\n Gates Corp owns 64.8 pct of Gates Learjet.\n Reuter\n\u0003", "date": "13-MAR-1987 14:04:31.81", "topics": [ "acq" ], "places": [ "usa" ], "id": "4952" }, { "title": "BRAZILIAN TROOPS TO LEAVE OIL REFINERIES", "body": "Brazil's labour troubles eased a\nlittle today as the authorities announced they were withdrawing\ntroops from the country's main oil installations occupied three\ndays ago.\n The troops went in at the request of the state-oil company\nPetrobras because of the threat of a strike by 55,000 oil\nindustry employees.\n Petrobras said in a statement today it had requested the\nwithdrawal of the troops. The situation in the refineries was\ncalm, it said, and the employees had indicated their\nwillingness to negotiate a pay deal.\n A national seamen's strike, however, continued and marines\nremained in the country's main ports. The marines were\ndespatched to the ports after the seamen's strike, now two\nweeks old, was ruled illegal last Friday.\n A spokesman at the national strike headquarters in Rio de\nJaneiro said today a total of l63 ships were strike-bound, 135\nin Brazil and 28 in foreign ports.\n Yesterday two small companies specialised in the transport\nof chemicals, Global and Flumar, struck a pay accord with their\nseamen who have secured a 120 pct increase.\n Brazilian newspapers today hailed these agreements as a\nsign that the national strike could soon come to an end.\n Both companies employ fewer than 200 seamen and union\nleaders said the vast majority of Brazil's 40,000 seamen were\nstill on strike.\n The threat of a stoppage by oil industry employees appeared\ntoday to be receding. Petrobras said in its statement that the\ncompany would meet union leaders for pay talks in Rio de\nJaneiro next Wednesday.\n Labour Minister Almir Pazzionotto would act as a mediator.\n Besides industrial troubles, there has also been\nconsiderable unrest this week in the agricultural sector.\n On Tuesday hundreds of thousands of farmers held rallies\nthroughout the country to protest against high interest rates.\n Television reports showed some of these protests still\ncontinuing today, with farmers blockading banks with their\nvehicles in several towns in the states of Sao Paulo and\nParana.\n The strikes in Brazil come as the government is trying to\nextricate itself from a serious debt crisis brought on by a\ndeterioration in its trade balance.\n On February 20 President Jose Sarney announced that Brazil\nwas suspending interest payments on 68 billion dlrs of debt to\nprivate banks.\n Because of the seamen strike exports are being delayed and\nthe country is losing badly needed foreign exchange.\n Reuter\n\u0003", "date": "13-MAR-1987 14:05:26.20", "topics": [ "crude", "ship" ], "places": [ "brazil" ], "id": "4953" }, { "title": "INFINITE GRAPHICS INC 3RD QTR JAN 31 NET", "body": "Shr profit two cts vs loss 11 cts\n Net profit 31,734 vs loss 190,677\n Sales 1,325,978 vs 1,029,921\n Nine Mths\n Shr profit eight cts vs loss 53 cts\n Net profit 142,200 vs loss 939,435\n Sales 4,066,777 vs 2,793,479\n Reuter\n\u0003", "date": "13-MAR-1987 14:06:30.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "4954" }, { "title": "MINDSCAPE BUYS HARCOURT BRACE UNIT", "body": "(Mindscsape Inc) said it\nagreed to buy the educational software unit of Holt, Rinehart\nand Winston Inc, a subsidiary of Harcourt Brace Jovanovich Inc,\nfor undisclosed terms.\n Sales of the division, which had been purchased by Holt,\nRinehart from CBS, peaked at about 10 mln dlrs in 1985,\nMindscape said.\n Reuter\n\u0003", "date": "13-MAR-1987 14:06:36.04", "topics": [ "acq" ], "places": [ "usa" ], "id": "4955" }, { "title": "HEALTH-MOR INC SETS DIVIDEND", "body": "Qtly dividend 17 cts vs 17 cts\n Pay April 10\n Record March 26\n Reuter\n\u0003", "date": "13-MAR-1987 14:06:40.65", "topics": [ "earn" ], "places": [ "usa" ], "id": "4956" }, { "title": "U.S. VIDEO SAYS NOTE IS CALLED BY LENDER", "body": "United States Video Vending Corp said\n called a 260,000 dlr promissory note\nthat is collateralized by the assets of United States Video.\n The company, which has two days to repay the note, said \nthere is no assurance it will be able to find the funds needed\nto meet the payment.\n Hill International said in January that it holds 5.9 pct of\nUnited States Video's outstanding stock, the company said.\n Reuter\n\u0003", "date": "13-MAR-1987 14:08:36.89", "places": [ "usa" ], "id": "4957" }, { "title": "ALC OPPOSES JUSTICE DEPARTMENT PROPOSALS", "body": "ALC Communications Corp said it\nurged the U.S. District Court in Washington not to allow the\nregional Bell companies to offer long distance telephone\nservices.\n ALC, parent of Allnet Communications Services, a long\ndistance carrier, said it made the request in comments filed\nwith the court on a Department of Justice proposal to free the\nregional Bell companies from various business restrictions.\nUnder terms of the divestiture of American Telephone and\nTelegraph Co , the Bell companies are prohibited from\nproviding long distance services.\n Reuter\n\u0003", "date": "13-MAR-1987 14:09:37.06", "places": [ "usa" ], "id": "4958" }, { "title": "CAESARS WORLD SAYS IT CONSIDERS RESTRUCTURING AND SALE TO OTHER COMPANY\n", "date": "13-MAR-1987 14:10:12.83", "topics": [ "acq" ], "id": "4959" }, { "title": "FAIRCHILD INDUSTRIES INC 4TH QTR OPER SHR LOSS 44 CTS VS LOSS EIGHT CTS\n", "date": "13-MAR-1987 14:14:15.08", "topics": [ "earn" ], "id": "4960" }, { "title": "FAIRCHILD INDUSTRIES TERMINATES T46A TRAINER PROGRAM, CLOSES PLANT\n", "date": "13-MAR-1987 14:14:32.45", "id": "4961" }, { "title": "MOBIL ADDS NATURAL GAS RESERVES IN 1986", "body": "Mobil Corp increased net proven\nreserves of natural gas liquids in 1986 from the previous year\naccording to data in its 1986 annual report.\n The report states that total net proved reserves at year's\nend stood at 2.5 billion barrels, an increase of 94 mln barrels\nor four pct above the previous year and detailed data show that\nthe gains resulted from an increase in net proved reserves of\nnatural gas liquids.\n Mobil said gains were in Indonesia where a sixth production\nfacility began operation in October with a capacity to\nmanufacture 1.7 mln tonnes of liquified natural gas.\n The company also said that new capacity brought onstream\nlast year replaced 120 pct of Mobil's production, which\ndeclined by about four pct in 1986 from the previous year.\n Detailed data on reserves shows that U.S. net proved\nreserves of crude oil fell to 837 mln barrels from 853 mln\nbarrels in 1985, natural gas liquid reserves were also lower in\n1986 from the previous year.\n Net proved crude oil reserves also fell in Canada to 224\nmln barrels and in Europe to 403 mln barrels from the previous\nyear's level of 231 mln barrels and 439 mln barrels,\nrespectively.\n Reuter\n\u0003", "date": "13-MAR-1987 14:16:03.32", "topics": [ "nat-gas", "crude" ], "places": [ "usa" ], "id": "4962" }, { "title": "ARCO SELLS TWO AGRICULTURAL RESEARCH OPERATIONS", "body": "Atlantic Richfield Co said it sold\nits Plan Cell Research Institute unit and its Arco Seed Co\noperations in two transactions for undisclosed prices.\n The company said it sold Dublin, Calif.-based Plant Cell\nResearch to Montedision SpA of Milan, Italy, and ARCO Seed Co\nto U.F. Genetics of Hollister, Calif.\n Atlantic Richfield said the divestitures are in line with\nits policy of focusing resources on oil, gas, chemical and coal\noperations.\n Reuter\n\u0003", "date": "13-MAR-1987 14:16:25.10", "topics": [ "acq" ], "places": [ "usa" ], "id": "4963" }, { "title": "CAESARS WORLD SAYS IT MULLS RESTRUCTURING", "body": "Caesars World Inc, in rejecting a 28\ndlr a share takeover bid by New York investor Martin Sosnoff,\nsaid it is considering alternatives that include a\nrestructuring of the company and the sale to someone else.\n In a filing with the Securities and Exchange Commission,\nCaesars World said its board decided at a special meeting\nyesterday to \"explore and investigate\" several alternatives in\nan effort to thwart Sosnoff's takeover attempt.\n More\n\u0003", "date": "13-MAR-1987 14:16:32.63", "topics": [ "acq" ], "places": [ "usa" ], "id": "4964" }, { "title": "LOW SUGAR PRICES MAY ATTRACT SOVIET/CHINESE", "body": "Any further decline in raw sugar prices\nis likely to attract buying from the Soviet Union and China,\nWoodhouse, Drake and Carey said in their latest weekly market\nreport.\n Present lower terminal values may be a reflection of the\nlack of renewed prompt offtake, particularly from these two\nlarge consumers, the report said.\n The week has seen good demand for Thai raws, particulary\nfor October/December shipment, which has traded above twenty\npoints premium to the October New York delivery, it said.\n Reuter\n\u0003", "date": "13-MAR-1987 14:21:26.80", "topics": [ "sugar" ], "places": [ "uk", "ussr", "china" ], "id": "4965" }, { "title": "S/P DOWNGRADES FOUR TEXAS BANKS", "body": "Standard and Poor's Corp said it\ndowngraded four Texas banks in a move that affects a combined\n800 mln dlrs of debt securities and preferred stock.\n Cut were the debt ratings of Allied Bancshares Inc ,\nFirst Amarillo Bancorp Inc , MCorp and Texas American\nBancshares Inc .\n S and P cited continuing asset quality problems.\n While problem energy loans appear to be abating, real\nestate problems are mounting, S and P said. The rating agency\nalso said it expects earnings to remain under pressure for the\nremainder of this year.\n Standard and Poor's reduced Allied Bancshares' senior debt\nto BBB-minus from BBB and commercial paper to A-3 from A-2.\nIssues supported by a letter of credit from lead bank Allied\nBank of Texas, and the bank's certificates of deposits, were\nreduced to BBB-minus and A-3 from BBB and A-2 respectively.\n Allied has 50 mln dlrs of debt outstanding. S and P said\nits profitability remains severely depressed.\n S and P cut First Amarillo's 15 mln dlrs of subordinated\ndebt to CCC-minus from B-minus. The institution's implied\nsenior debt rating is CCC-plus. S and P noted that First\nAmarillo has had three consecutive years of losses.\n S and P downgraded MCorp's senior debt to BBB-minus from\nBBB-plus, subordinated debt to BB-plus from BBB, preferred to\nBB-minus from BB and commercial paper to A-3 from A-2.\n That affected 600 mln dlrs of debt. S and P cited rising\nnon-performing loans and high loan-loss provisions.\n Also, the agency cut to BBB-minus and A-3 from BBB-plus and\nA-2, respectively, CDs and issues supported by letters of\ncredit from the units MBank Dallas and MBank Houston.\n S and P cut to BB from BBB-minus Texas American's 65 mln\ndlrs of senior debt. Lead bank Texas American Bank NV's CDs\nwere lowered to BB-plus/B from BBB-minus/A-3.\n Reuter\n\u0003", "date": "13-MAR-1987 14:22:41.27", "places": [ "usa" ], "id": "4966" }, { "title": "K MART SEES SALES INCREASING", "body": "K Mart Corp will sell 26 billion\ndlrs worth of goods in 1987, up from 23.8 billion dlrs in sales\nin 1986, chairman Bernard M. Fauber predicted.\n The K Mart official also said the company is committed to\n\"retail automation,\" and will equip all K Mart stores with slot\nscanning point of sale register systems. Some 400 systems are\nalready in place.\n Fauber said each K Mart costs five mln dlrs, including\nland, building, fixtures, equipment and inventory. Each store\nserves an average 90,000 customers, he said.\n Reuter\n\u0003", "date": "13-MAR-1987 14:23:30.82", "places": [ "usa" ], "id": "4967" }, { "title": "PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC", "body": "The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n Essex Chemical Corp - Offering of 60 mln dlrs of\nconvertible subordinated debentures due 2012 through Thomsom\nMcKinnon Securities Inc and PaineWebber Inc.\n International Game Technology - Offering of 35 mln\ndlrs of senior notes due 1995 and 25 mln dlrs of convertible\nsenior subordinated deberntures due 2002 through Drexel Burnham\nLambert Inc.\n Reuter\n\u0003", "date": "13-MAR-1987 14:23:44.54", "places": [ "usa" ], "id": "4968" }, { "title": "TALKING POINT/BANK STOCKS", "body": "CitiCorp appears to be digging\nin its heels for tough negotiations over the billions of\ndollars in loans that Brazil owes to money center banks, Wall\nStreet analysts said.\n \"I view it as pre-negotiation posturing,\" said analyst\nCarole Berger of Cyrus J. Lawrence Inc, referring to both\nBrazil and Citicorp. Brazil recently stopped paying interest on\nits commercial bank debt. Today, CitiCorp said its first\nquarter income would be reduced by 50 mln dlrs after tax if it\nlists the loans as non-performing status.\n Citicorp filed an 8-K form with the Securities and Exchange\nCommission, indicating a material change in its financial\nsituation. \"Citicorp is saying you can't scare us with\nthreats, we'll make your loans non-performing right now,\"\nBerger said.\n The loans have to be treated as non-performing after 90\ndays without a payment. CitiCorp said only that the situation\nwill be reviewed at the end of the current quarter.\n Berger asserted that Brazil is doing its own politicking by\ntalking to U.S. regulators and trying to drive a wedge between\nU.S. and European banks.\n Analyst Lawrence Cohn of Merrill Lynch and Co said it is\nunlikely the situation will be resolved until the second half\nof this year.\n \"Ultimately the Brazilians are going to have to pay up on\nall the interest they owe,\" Cohn said. \"The real issue is the\nrescheduling of debt terms.\n Another question is whether or not the International\nMonetary Fund can help Brazil with a new austerity program.\n Stocks of money center banks were mostly down fractions in\nlate dealings. One trader most stocks in the group bounced off\ntheir lows by midday as investors took the news in stride.\n Cohn said the bank stocks may be risky until numbers on\nnon-performing loans are reported for each bank. But he said\ninvestors looking ahead six to 12 months might want to buy at\npresent levels for the \"tremendous fundamental values\" in the\ngroup.\n Analyst Robert Gordon of Shearson Lehman Brothers Inc said\nManufacturers Hanover Corp and Bankers Trust\nCo which happen to have the least exposure.\n Gordon said his positive opinion on J.P. Morgan and Bankers\nTrust was not merely a response to the fact that the two have\nlower exposure to Brazilian loans than other banks. \n In fact he said there's a chance those banks could get more\ninvolved in the future. He noted that Morgan has already set up\na brokerage subsidiary to deal in loans to less developed\ncountries.\n \"I don't see any reason to change full year earnings\nestimates, said Frederick Meinke, analyst at E.F. Hutton Co. He\nthinks the confrontation with Brazil could end in a replay of a\nsituation that occurred with Argentina in 1984 and 1985.\n Meinke noted that in the case of Argentina the loans became\nnon-accruing for a couple of quarters but then when the banks\ncame to an agreement with Argentina all the back interest was\npaid. \"What it did was distort the quarterly earnings pattern,\"\nhe said.\n He said in the case of Brazil write-offs of loans is a\nworst-case outcome which is highly unlikely. He noted that\nBrazil is a country with a diversified economy, going through\nsome economic upheaval after the transition from a military to\na civilian government.\n \"The countries of Latin America have too much debt relative\nto their ability to service it,\" said John Mason of\nInterstate Securities. \"We've been fiddling around with these\nproblems for five years and the hour is growing late.\"\n He said up to now the banks have reduced their spreads, cut\ninterest rates internally and extended maturities and none of\nthese measures has been enough. He expects re-classification of\nas much as a third of the loans as non-accruing and he sees\npartial write downs of some loans.\n Nevertheless Mason thinks the money center bank stocks \ncould be poised for a short term rally.\n A spokesman at First Chicago Corp said it is\npremature to put Brazil's loans on a cash basis. \"It is our\nexpectation that economic development will allow Brazil to meet\nits debt,\" a spokesman said.\n Bankers Trust in New York said it would be premature to\nmake a decision. Several other banks queried by Reuters said\nmuch the same thing.\n A spokesman at Manufacturers Hanover noted that of 2.3\nbillion dlrs in loan exposure to Brazil only 1.3 billion is\nsubject to Brazil's unilateral moratorium on repayment of\ninterest.\n \n Reuter\n\u0003", "date": "13-MAR-1987 14:24:33.62", "places": [ "usa", "brazil" ], "id": "4969" }, { "title": "CHEMLAWN SEEKS BIDS BY MARCH 18", "body": "ChemLawn corp said it has asked\npotential purchasers of the company to submit their proposals\nby 1700 EST on March 18.\n ChemLawn said if Waste Management Inc intends to\nparticipate in the bidding process, it will have to submit a\nconfidentiality agreement to Chemlawn financial advisor Smith\nBarney, Harris Upham and Co Inc.\n Waste Management has a 27 dlr per share tender offer for\nChemlawn underway that Chemlawn has already rejected as\ninadequate.\n Chemlawn has already said it is holding talks with various\nparties on the sale of the company and said it has informed all\npotential purchasers that they mnust sign confidentiality\nagreemnents to receive confidential information on Chemlawn.\n ChemLawn said if Waste Management were to sign such an\nagreement, ChemLawn would supply it with the same information\nbeing supplied to other potential purchasers. But it said it\nwill not make an exception for Waste Management which would\ngive that company an advantage in the bidding process.\n Reuter\n\u0003", "date": "13-MAR-1987 14:24:53.75", "topics": [ "acq" ], "places": [ "usa" ], "id": "4970" }, { "title": "ARGENTINE DEBT TALKS DIFFICULT-CENTRAL BANK HEAD", "body": "Central Bank President Jose Luis\nMachinea said negotiations with creditor banks on Argentina's\n30 billion dlr private sector foreign debt were difficult.\n \"There is considerable divergence with the banks. We must\ntry to get them to lower the spreads,\" Machinea told Reuters.\n He said negotiations with the steering committee for the\ncountry's creditor banks in New York would not end next week.\n Machinea leaves for New York tomorrow with Treasury\nSecretary Mario Brodersohn to complete Argentina's team at\nnegotiations with the steering committee for a 2.15 biilion dlr\nloan to see the country through 1987.\n Argentina is aiming at four pct growth in 1987 and has said\nthis target is not negotiable.\n Reuter\n\u0003", "date": "13-MAR-1987 14:26:01.46", "places": [ "argentina" ], "id": "4971" }, { "title": "GTS CORP 4TH QTR DEC 31 LOSS", "body": "Shr loss 48 cts vs loss 10 cts\n Net loss 1,234,000 vs loss 259,000\n Revs 715,000 vs 1,941,000\n Year\n Shr loss 1.26 dlrs vs loss 34 cts\n Net loss 3,229,000 vs loss 870,000\n Revs 3,001,000 vs 9,767,000\n NOTE: 1986 net both periods includes 672,300 dlr writedown\nof value of seismic laboratory and 165,000 dlr increase in\nreserve for doubtful accounts.\n Reuter\n\u0003", "date": "13-MAR-1987 14:27:45.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "4972" }, { "title": "AMERICAN MOTORS EARLY MARCH SALES OFF", "body": "American Motors Corp said its\nU.S. sales for the March 1-10 period dropped 57 pct to 760 cars\nfrom 1,780 cars in the same period last year.\n There were eight selling days in both years.\n Domestic sales for the calendar year-to-date fell 61 pct to\n5,682 cars from 14,641 cars in the comparable period of 1986,\nAmerican Motors, controlled by Renault of France, said.\n Jeep sales in early March rose 18 pct to 4,500 vehicles\nfrom 3,800 vehicles at the same time last year, and for the\nyear-to-date declined two pct to 35,523 from 36,050 vehicles in\nthe comparable period, American Motors said.\n Reuter\n\u0003", "date": "13-MAR-1987 14:29:22.71", "places": [ "usa" ], "id": "4973" }, { "title": "FAIRCHILD INDUSTRIES INC 4TH QTR LOSS", "body": "Oper shr loss 44 cts vs oper loss eight cts\n Oper net loss 3,158,000 vs profit 2,035,000\n Rev 166.0 mln vs 162.3 mln\n Year\n Oper shr loss 34 cts vs loss 93 cts\n Oper net profit 7,599,000 vs loss 283,000\n Rev 643.3 mln vs 576.3 mln\n NOTE: Per share results after provision for pfd dividends.\n Fourth qtr earnings exclude loss from discontinued\noperations of 67.6 mln dlrs, or 4.72 dlrs a share, and a loss\nof 25.8 mln dlrs, or 1.81 dlrs a share, from tax reverse,\nversus a gain from discontinued operations of 1.8 mln dlrs, or\n14 cts a share, in 1985's 4th qtr.\n 1986 oper earnings excludes loss from discontinued\noperations of 62.5 mln dlrs, or 4.41 dlrs a share, versus a\nloss of 166.8 mln dlrs, or 12.24 dlrs a share, in 1985.\n Reuter\n\u0003", "date": "13-MAR-1987 14:30:03.16", "topics": [ "earn" ], "places": [ "usa" ], "id": "4974" }, { "title": "J.P. MORGAN OFFICIAL DIES", "body": "J.P. Morgan and Co said Peter F.\nCulver, 42, senior vice president of its Morgan Guaranty Trust\nCo subsidiary and general manager of the Euro-Clear Operations\nCentre in Brussels, has died of an apparent heart attack at a\nbusiness meeting in Frankfurt.\n Reuter\n\u0003", "date": "13-MAR-1987 14:31:20.93", "places": [ "usa" ], "id": "4975" }, { "title": "SMARTNAMES TO BUY AMERICAN INFORMATION NETWORK", "body": "SmartNames Inc said it reached\nan agreement in principle to buy American Information Network.\n Terms of the agreement were not disclosed.\n The company said the purchase of American will allow it to\nmeet the needs of a broader range of direct mail industry\ncustomers.\n Reuter\n\u0003", "date": "13-MAR-1987 14:31:30.90", "topics": [ "acq" ], "places": [ "usa" ], "id": "4976" }, { "title": "ROCKWELL INTERNATIONAL EXTENDS STOCK REPURCHASES BY ANOTHER 500 MLN DLRS\n", "date": "13-MAR-1987 14:32:15.43", "places": [ "usa" ], "id": "4977" }, { "title": "AUXTON COMPUTER IN ARRANGEMENTS", "body": "Auxton Computer Enterprises Inc\nsaid it has entered into an agreement to provide cellular\nbusiness office services to a major non-wireline cellular\ncarrier in 12 major cellular markets throughout the U.S.\n It said it has also reached agreement to determine the\nprocess needed to install its SOCRATES and LUCAS software\npackages for a national communications carrier outside the U.S.\n In addition it said it has agreed to start evaluating the\nfeasibility of installing its SOCRATES software to provide a\nmajor national satellite paging company with billing services\nto subscribers traveling beyond the signal capacities of their\nhome systems.\n Reuter\n\u0003", "date": "13-MAR-1987 14:33:05.47", "places": [ "usa" ], "id": "4978" }, { "title": "S/P SEES DRAMATIC GROWTH FOR ASSET-BACKED DEBT", "body": "Standard and Poor's Corp said it\nexpects the asset-backed securities market to grow dramatically\nover the next few years, spurred by what it termed the\ncompelling benefits of secured financing.\n S and P projected the market would grow to 100 billion dlrs\nin the next five years. Investment bankers say the market\ncurrently stands at roughly 11.9 billion dlrs.\n Assets used to secure the debt included auto loans, credit\ncars, computer leases and corporate loans, S and P noted. The\nmost active issuers to date had two main motivations, lower\ncosts of funding and increased financial flexibility.\n Standard and Poor's pointed out that General Motors Corp\n, Chrysler Corp and Nissan Motor Co Ltd realized\nfunding advantages by issuing car loan backed debt. But more\nimportant, these issuers were able to increase loan volume, and\nhence car sales, without substantially increasing financial\nleverage, the rating agency said.\n S and P noted that Bank of America, a unit of BankAmerica\nCorp , and RepublicBank Corp's RepublicBank Delaware\nunit issued credit card backed debt and also realized lower\nfunding costs while mitigating increased funding and liquidity\nrisks resulting from weak financial performance.\n Reuter\n\u0003", "date": "13-MAR-1987 14:33:23.95", "places": [ "usa" ], "id": "4979" }, { "title": "H.K. PORTER TO REDEEM PREFERRED STOCK", "body": "H.K. Porter Inc Co said it will\nredeem its 5-1/2 pct cumulative sinking fund preference stock.\n H.K. Porter said it will provide more details about the\nredemption later in the day.\n The company's stock was halted in trading on the NYSE at\n97-1/4.\n Reuter\n\u0003", "date": "13-MAR-1987 14:34:08.96", "places": [ "usa" ], "id": "4980" }, { "title": "ARCO SELLS TWO OPERATIONS", "body": "Atlantic Richfield Co said it sold\nits Plan Cell Research Institute unit and its Arco Seed Co\noperations in two transactions for undisclosed prices.\n The company said it sold Dublin, Calif.-based Plant Cell\nResearch to of Milan, Italy and ARCO Seed Co\nto U.F. Genetics of Hollister, Calif.\n Atlantic Richfield said the divestitures are in line with\nits policy of focusing resources on oil, gas, chemical and coal\noperations.\n Reuter\n\u0003", "date": "13-MAR-1987 14:35:43.62", "topics": [ "acq" ], "places": [ "usa" ], "id": "4981" }, { "title": "GTE COMMENTS ON JUSTICE DEP'T PROPOSALS", "body": "GTE Corp said it supports\nrecommendations by the Department of Justice to allow the\nregional Bell companies to enter some new businesses but that\nit rejects the government's proposal to let the companies offer\nlong distance services.\n \"As a vigorous competitor in many telecommunications\nbusinesses, GTE supports efforts by policy makers to preserve\nand promote fair opportunities for competition,\" GTE said in\ncomments filed with the U.S. District Court, which oversees the\nregulation of the Bell companies.\n But the Stamford, Conn.-based company added that entry by\nthe regional Bell companies into the long distnce market \"would\nset back the progress toward a truly competitive interexchange\nenvironment that has occurred.\"\n GTE owns the largest independent telephone system in the\ncountry and manufacturers telecommunications equipment through\njoint ventures with of Japan and of West\nGermany.\n GTE also holds a 50 pct stake in , the third-largest long distance carrier in the country.\n Reuter\n\u0003", "date": "13-MAR-1987 14:36:04.54", "places": [ "usa" ], "id": "4982" }, { "title": "ECUADOR BEGINS WORK ON OIL PIPELINE TO COLOMBIA", "body": "Construction workers today began building\na 26 km (16 mile) pipeline to link Ecuador's jungle oilfields\nto a pipeline in Colombia through which Ecuadorean crude could\nbe pumped to the Pacific Coast, Ecuadorean energy minsitry\nofficials said.\n They said it would take about two months and at least 15\nmln dlrs to build the pipeline from Lago Agrio in Ecuador to\nPuerto Colon, Colombia for connection to the Colombian\npipeline, which goes to the port of Tumaco on Colombia's\nPacific Ocean coast.\n The Lago Agrio to Puerto Colon pipeline is designed to\ntransport between 30,000 to 50,000 barrels of day (bpd) of\nEcuadorean crude to the Colombian pipeline, they said.\n The Colombian pipeline to Tumaco has ample room for\nEcuadorean crude, they said. It is currently transporting about\n17,000 bpd out of its 100,000 bpd capacity, an Ecuadorean\nenergy ministry official said.\n The Ecuadorean crude reaching Tumaco will be shipped by\nboat to Ecuador for refining into oil products to meet domestic\ndemand.\n The completion of the pipeline would allow Ecuador to\nresume some of production, paralysed since March six by an \nearthquake the night before.\n The tremor ruptured the country's main pipeline from jungle\noilfields to the Ecuadorean port of Balao, on the Pacific\nOcean.\n Ecuador was pumping about 260,000 bpd before the\nearthquake. It would take about five months to repair the\npipeline to Balao, government officials said.\n Ecuador estimates that it will cost between 145 to 150 mln\ndlrs to repair oil installations damaged by the earthquake,\nenergy ministry Javier Espinosa said.\n \n Reuter\n\u0003", "date": "13-MAR-1987 14:37:29.39", "topics": [ "crude" ], "places": [ "ecuador", "colombia" ], "id": "4983" }, { "title": "USDA'S EXPORT BONUS SAID TO AFFECT TRADE TALKS", "body": "The U.S. Agriculture Department's\nExport Enhancement Program, EEP, contributed to the recent\nagreement to include farm subsidies in the new round of global\ntrade talks, according to the General Accounting Office.\n GAO Senior Associate Director Allan Mendelowitz told a\nSenate Agriculture subcommittee that the EEP has increased the\ncost of the European Community's Common Agricultural Policy.\n However, there is little reason to believe that once EEP\nexpires, gains in U.S. farm exports attributable to the program\nwill be sustained in targeted markets, he said.\n Mendelowitz said broadening the EEP by making it\nacross-the-board would eliminate charges of discrimination by\ntraditional buyers and increase pressure on the EC, but\nantagonize non-subsidizing exporters.\n Reuter\n\u0003", "date": "13-MAR-1987 14:38:11.85", "organisations": [ "ec" ], "places": [ "usa" ], "id": "4984" }, { "title": "DREXEL BURNHAM REPORTS UNDERWRITING RESULTS", "body": " said\nduring the first nine weeks of 1987 ended March six it managed\nor co-managed 57 transactions representing 8.6 billion dlrs in\nthe public and private corporate markets.\n Overall, Drexel said it ranks fifth in the category for the\nperiod, with a market share of 10 pct, up from eight pct for\nthe same period last year.\n Drexel said its market share of lead managed industrial\nfinancing also increased to 23 pct from 14 pct during the nine\nweek period.\n Reuter\n\u0003", "date": "13-MAR-1987 14:40:37.59", "places": [ "usa" ], "id": "4985" }, { "title": "CHRYSLER BOOSTS PRICE ON FIFTH AVENUE CAR", "body": "Chrysler Corp's Chrysler Motors unit\nsaid it increase the price of its Chrysler Fifth Avenue luxury\nsedan by 300 dlrs to 15,966 dlrs.\n The higher price applies to cars produced by Chrysler at\nthe American Motors Corp's Kenosha, Wis., assembly plant,\nwhere Chrysler shares production with American Motors.\nShipments of Chrysler cars from Kenosha began March nine.\n Chrysler in the past year transferred production of the\nFifth Avenue and two other car models to Kenosha from its St.\nLouis Number Two facility. A Chrysler spokesman said the price\nincrease will cover the cost of moving the production line.\n The spokesman said the higher price will apply only to the\nFifth Avenue. Prices of the other two Chrysler models--the\nPlymouth Gran Fury and Dodge Diplomat--made at Kenosha will\nremain unchanged.\n Chrysler moved production of the three large\nrear-wheel-drive cars to Kenosha in order to build stretch\nminivans at the St. Louis facility.\n The spokesman said the first stretch minivan will roll off\nthe line later this month.\n Reuter\n\u0003", "date": "13-MAR-1987 14:42:04.88", "places": [ "usa" ], "id": "4986" }, { "title": "DUTCH TRADE FULLY IN BALANCE BUT DOWN IN JANUARY", "body": "The Netherlands recorded a flat trade\nbalance in January, with both exports and imports totaling 14.2\nbillion guilders, a modestly lower compared with December but\nsharply down from January last year, an Economics Ministry\nspokesman said, quoting official statistics.\n January 1986 exports compared with a December figure of\n15.0 billion guilders and were 25 pct below last year's level\nof 18.9 billion.\n January 1986 imports compared with 15.3 billion guilders in\nDecember and fell 18 pct from 17.4 billion in January last\nyear.\n REUTER\n\u0003", "date": "13-MAR-1987 14:45:02.69", "topics": [ "trade" ], "places": [ "netherlands" ], "id": "4987" }, { "title": "NUMEROUS FACTORS SAID POINT TO USSR CORN BUYING", "body": "A greater than anticipated need,\ncompetitive prices and political motivations could be sparking\nSoviet interest in U.S. corn, industry and government officials\nsaid.\n As rumors circulated through grain markets today that the\nSoviet Union has purchased an additional 1.5 mln tonnes of U.S.\ncorn, industry and government sources noted a number of factors\nthat make Soviet buying of U.S. corn likely.\n First, there are supply concerns. Some trade sources said\nrecent speculation has been that last year's Soviet grain crop\nbe revised to only 190 mln tonnes, rather than the 210 mln\nannounced, therby increasing the Soviet need for grain.\n A drop in Argentine corn crop prospects could also affect\nSoviet corn buying, an Agriculture Department source said.\n Dry weather in Argentina -- a major corn supplier to the\nUSSR -- and reported crop problems prompted USDA to lower its\nArgentine 1986/87 corn crop estimate this week to 11.0 mln\ntonnes, down from 11.5 mln. Argentina corn exports were also\ncut by 500,000 tonnes to 6.8 mln tonnes.\n Argentina has already committed four mln tonnes of this\nyear's corn for export, a USDA official said, with two mln\ntonnes of that booked for April-June delivery to the USSR.\n \"Significant downside potential\" still exists for the\nArgentine crop, the official said, which will decrease the\namount of additional corn that country can sell to Moscow.\n \"If the Soviet needs are greater than we have been\nthinking, then they might need more than what Argentina can\nprovide during the April to June period,\" he said.\n Current competitive prices for U.S. corn have also sparked\nSoviet buying.\n U.S. corn was reported to be selling on the world market\nearlier this week for around 71 dlrs per tonne, Argentine corn\nfor 67 dlrs -- a very competitive price spread, U.S. and Soviet\nsources said.\n \"This price difference makes American corn competitive,\"\nAlbert Melnikov, commercial counselor for the Soviet Union,\ntold Reuters.\n Impending crop problems in Argentina will likely cause\nthose prices to rise, and with the recently strong U.S. corn\nfutures prices, the Soviets might feel corn prices have\nbottomed and that this is a good time to buy, sources said.\n Finally, some industry sources said that by buying the\nminimum amount of corn guaranteed under the U.S./USSR grains\nagreement (four mln tonnes), the Soviet Union may be hoping to\nconvince the USDA to offer Moscow a subsidy on wheat.\n In an inteview with Reuters this week, USDA secretary\nRichard Lyng said that no decision had been made on a wheat\nsubsidy offer, but that such an offer had not been ruled out.\n Reuter\n\u0003", "date": "13-MAR-1987 14:45:30.08", "topics": [ "grain", "corn" ], "places": [ "ussr", "usa", "argentina" ], "id": "4988" }, { "title": "FAIRCHILD INDUSTRIES CLOSES PLANT", "body": "Fairchild Industries Inc said\nit will close the Fairchild Republic plant at Farmingdale this\nyear, and sell it next year, after agreeing with the U.S. Air\nForce to terminate the T-46A trainer aircraft program.\n John Sanford, the Fairchild Republic unit's president and\nvice president of the corporation, said Reublic will fulfill\nits remaining current obligations, but will cease work on the\nT-46A immediately.\n Fairchild said the unit has already delivered two protoype\nand one production T-46A.\n Sanford said lack of additional Air Force funding for the\ntrainer due to budget constraints prompted the termination\nagreement.\n Sanford added that without the T-46A or business to replace\nthe work, Fairchild was forced to close the plant.\n Fairchild said it expects to retain about 200 engineers and\ntechnicians at a small operation to be set up in 1987 on Long\nIsland to continue providing technical support for the Air\nForce's A-10 aircraft.\n Fairchild added that its Fairchild Composites/Bonding\nCenter, formerly a part of the Fairchild Republic operation,\nwill become an independent operation.\n Paul Wright, Fairchild president and chief operating\nofficer, said, \"With the settlement of the T-46A issue we have\nput behind us the last of two problem aircraft programs that\ncaused the company heavy losses over the past two years.\"\n Wright added that the company can now move forward with its\nrestructuring to emphasize on growth areas in aerospace,\ncommunications, electronics and its commercial and industrial\nbusinesses.\n Earlier, Fairchild reported losses from continuing\noperations in 1986's 4th qtr of 3.2 mln dlrs, or 44 cts a\nshare.\n This compares with a operating profit of two mln dlrs, or a\nloss of eight cts a share, after subtracting the provisions for\npreferred shares, in 1985's fourth quarter.\n Fairchild reported 1986 operating net of 7.6 mln dlrs, or a\nloss of 34 cts a share, after provisions for preferred shares,\nversus a loss of 283,000 dlrs, or 93 cts a share, in 1985.\n Reuter\n\u0003", "date": "13-MAR-1987 14:54:43.34", "places": [ "usa" ], "id": "4989" }, { "title": "DESOTO INC REGULAR DIVIDEND SET", "body": "Qtly div 35 cts vs 35 cts previously\n Pay April 17\n Record March 31\n Reuter\n\u0003", "date": "13-MAR-1987 14:55:12.40", "topics": [ "earn" ], "places": [ "usa" ], "id": "4990" }, { "title": "METHODE ELECTRONICS INC REGULAR PAYOUT", "body": "Qtly div Class B 1-1/2 cts vs 1-1/2 cts prior\n Class A two cts vs two cts prior\n Pay April 30\n Record April 15\n Reuter\n\u0003", "date": "13-MAR-1987 14:55:19.96", "topics": [ "earn" ], "places": [ "usa" ], "id": "4991" }, { "title": "TEXAS UTILTIES UNIT SEEKS RATE REFUND", "body": "Texas Utilities Co's TU Electric unit\nsaid it filed an application with the Texas Public Utilities\nCommission for authorization to refund about 69.7 mln dlrs to\ncustomers.\n The refund, TU's fifth since May 1986, is made possible by\nlower costs for fuel to make electricity, the company said.\n Reuter\n\u0003", "date": "13-MAR-1987 14:56:51.67", "places": [ "usa" ], "id": "4992" }, { "title": "BRAZIL INDUSTRIAL GROWTH RATE SLOWED IN JANUARY", "body": "The growth rate of Brazilian\nindustrial output slowed in January to 6.09 pct above the same\n1986 month after rising 6.71 pct in December, Brazilian\nGeography and Statistics Institute figures show.\n The result is in line with the declining trend in the\ngrowth rate since October, the Institute said.\n In the 12 months to end-January industrial production was\n10.48 pct above the 12 months to end-January last year while in\ncalendar 1986 output was 10.89 pct above 1985.\n The biggest output rises in the 12 months to end-January\nwere 23.68 pct in pharmaceuticals and 22.12 pct in machinery.\n Reuter\n\u0003", "date": "13-MAR-1987 14:58:27.75", "topics": [ "ipi" ], "places": [ "brazil" ], "id": "4993" }, { "title": "RJR NABISCO SELLS SINKING FUND DEBENTURES", "body": "RJR Nabisco Inc is raising 500 mln\ndlrs via an issue of sinking fund debentures due 2017 yielding\n8-3/4 pct, said lead manager Shearson Lehman Brothers Inc.\n The debentures have an 8-5/8 pct coupon and were priced at\n98.675 to yield 115 basis points over the off-the-run 9-1/4 pct\nTreasury bonds of 2016.\n Non-refundable for 10 years, the issue is rated A-1 by\nMoody's and A by Standard and Poor's. A sinking fund beginning\nin 1998 to retire annually five pct of the debentures can be\nincreased by 200 pct at the company's option.\n Dillon, Read and Co Inc co-managed the deal.\n Reuter\n\u0003", "date": "13-MAR-1987 15:01:15.16", "places": [ "usa" ], "id": "4994" }, { "title": "BRITAIN WANTS BANK REGULATION DEAL WITH JAPAN", "body": "Britain wants Japan to agree a timetable\nfor work towards joint rules on capital adequacy for banks\nalong the lines of a January outline agreement between the U.S\nand the U.K., Corporate Affairs Minister Michael Howard said.\n Howard told a Nikkei conference on Tokyo financial markets\n\"I want to see an agreement between us on what progress is to be\nmade and the rate at which it will happen.\"\n Japanese vice-minister of finance for international affairs\nToyoo Gyohten told the conference yesterday he was ready to\ndiscuss capital adequacy, but no negotiations were planned and\nhe could not see how or when agreement would be reached.\n Howard said another issue he would raise during a visit to\nJapan, starting on April 13, was equal access for U.K.\nFinancial firms to the Japanese market.\n He said 14 London-based financial firms were based in\nTokyo, nine of them wholly British, with licences to deal in\nsecurities. This compared with 58 wholly-licensed Japanese\nfirms in London.\n \"I am not a protectionist. We welcome all these firms here.\nBut I want our firms to be able to compete just as freely in\nJapan and at the moment they are not allowed to do so,\" he said.\n REUTER\n\u0003", "date": "13-MAR-1987 15:01:24.31", "places": [ "uk", "japan" ], "id": "4995" }, { "title": "LOADMASTER SYSTEMS NAMES NEW PRESIDENT", "body": "Loadmaster Systems Inc said Mark\nA Cote has been appointed president of the company and its\nLoadmaster Systems Inc USA subsidiary.\n The company said he succeeds David L. Shorey who accepted\nan appointement as president of .\n Reuter\n\u0003", "date": "13-MAR-1987 15:02:15.51", "places": [ "usa" ], "id": "4996" }, { "title": "MOODY'S MAY DOWNGRADE HOME SHOPPING DEBT", "body": "Moody's Investors Service Inc said it\nmay downgrade Home Shopping Network Inc's 250 mln dlrs of Ba-3\nsenior notes.\n The rating agency cited Home Shopping's plan to issue\nadditional debt, thereby increasing leverage. Moody's noted\nthat the company intends to use a portion of the proceeds to\nrepurchase existing debt.\n Moody's said its review would focus on Home Shopping's\nfuture capital structure and examine the added risk associated\nwith the company's commitment to diversify its product line to\ninclude financial services.\n Reuter\n\u0003", "date": "13-MAR-1987 15:02:33.99", "places": [ "usa" ], "id": "4997" }, { "title": "GENERAL CINEMA CORP COMMON STOCK DIVIDEND", "body": "Qtly div 15 cts vs 15 cts prior\n Pay April 30\n Recrod April nine\n Reuter\n\u0003", "date": "13-MAR-1987 15:03:01.50", "topics": [ "earn" ], "places": [ "usa" ], "id": "4998" }, { "title": "STEPHAN CO YEAR NET", "body": "Shr 25 cts vs 18 cts\n Net 109,131 vs 75,793\n Revs 1,811,636 vs 1,280,618\n Reuter\n\u0003", "date": "13-MAR-1987 15:03:56.94", "topics": [ "earn" ], "places": [ "usa" ], "id": "4999" }, { "title": "USDA REPORTS 10.572 MLN ACRES ENROLLED IN FOURTH CONSERVATION RESERVE PROGRAM SIGNUP\n", "date": "13-MAR-1987 15:04:51.42", "id": "5000" } ]