[ { "title": "PLM UNIT ENDS MERGER TALKS", "body": "PLM Cos Inc said its PLM Power Co\nunit broke off merger discussions with Sunlaw Energy Corp of\nBeverly Hills, Calif.\n In January PLM Power entered into a letter of intent to\nnegotiate a potential acquisition of Sunlaw, subject to\nsubstantial due diligence, the company said.\n But it also said the two companies were not able to agree\non mutually satisfactory final terms and conditions.\n Reuter\n\u0003", "date": "13-MAR-1987 15:05:02.92", "topics": [ "acq" ], "places": [ "usa" ], "id": "5001" }, { "title": "COLOMBIA OPENS APRIL/MAY COFFEE REGISTRATIONS", "body": "Colombia opened coffee export\nregistrations for April and May with the National Coffee\nGrowers' Federation setting no limit, Gilberto Arango,\npresident of the private exporters' association, said.\n He told Reuters the decision not to put any limit responded\nto \"new factors\" which have emerged from recent International\nCoffee Organisation talks in London, where producers and\nconsumers failed to agree on a re-introduction of export quotas.\n Reuter\n\u0003", "date": "13-MAR-1987 15:08:53.08", "topics": [ "coffee" ], "places": [ "colombia" ], "id": "5002" }, { "title": "USDA REPORTS 10.572 MLN ACRES IN CONSERVATION", "body": "The U.S. Agriculture Department has\naccepted 10,572,402 more acres of highly erodable cropland into\nthe Conservation Reserve Program, USDA announced.\n In the latest signup, farmers on 101,020 farms submitted\nbids on a total of 11,254,837 acres.\n The accepted bids for annual rental payments ranged up to\n90 dlrs per acre with an average of 51.17 dlrs per acre.\n Land entered into the Conservation Reserve Program will be\nineligible for farming for ten years and must be planted with\npermanent vegetative cover.\n Producers enrolled 1,894,764 acres of corn base acreage in\nthe conservation program to take advantage of a corn \"bonus\"\nrental payment that was offered by USDA.\n The corn bonus, to be paid in generic comodity\ncertificates, amounts to two dlrs per bushel, based on the ASCS\nprogram payment yield for corn, for each acre of corn based\naccepted into the reserve.\n The state showing the biggest enrollment in the\nconservation program during this signup was Texas with\napproximately 1.225 mln acres, followed by Iowa with 1.030 mln\nacres, Minnesota with 890,000 acres, Montana 875,000 acres, and\nKansas with 842,000 acres.\n Other states showing big enrollment were Missouri with\n646,000 acres, North Dakota with 588,000 acres, and Nebraska\nwith 554,000 acres.\n In the corn belt states of Illinois and Indiana, 217,000\nacres and 116,000 acres respectively were enrolled.\n Farm land signed up to date in the conservation program\ntotals 19,488,587 acres. Bids on the previous signups ranged up\nto 90 dlrs per acre with an average of 45.52 dlrs.\n Reuter\n\u0003", "date": "13-MAR-1987 15:11:52.98", "topics": [ "grain", "corn" ], "places": [ "usa" ], "id": "5003" }, { "title": "BRAZIL DEBT POSES THORNY ISSUE FOR U.S. BANKS", "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 threats,\nwe'll make your loans non-performing right now,\" Berger 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 15:13:01.16", "places": [ "usa", "brazil" ], "id": "5004" }, { "title": "ROCKWELL TO REPURCHASE MORE COMMON SHARES", "body": "Rockwell International Corp said its\nboard has authorized extension of the company's 500 mln dlr\nstock repurchase program by an additional 500 mln dlrs.\n Since the beginning of the present repurchase program in\nMarch 1986, Rockwell said, it has bought 10.4 mln shares for\n461 mln dlrs. At present prices, it said, the program would\nreduce the presently outstanding 140 mln common shares by about\nseven pct. Since November 1983, the company has repurchased\n18.1 mln shares for 672 mln dlrs, it said.\n Rockwell said the stock will be repurchased through open\nmarket and private transactions.\n Rockwell said the repurchased shares will be available for\npotential acquisitions, stock options, employee benefit\nprograms, conversion of convertible securities and other\npurposes.\n The company said, \"We continue to view our repurchase\nprogram as an integral part of our long term goal of improving\nshareholder values.\"\n Rockwell said the program \"complements our aggressive\nprogram of support for the growth plans of our businesses with\ncapital investments, product and research development\nresources, and acquisitions in support of our core businesses.\"\n \n Reuter\n\u0003", "date": "13-MAR-1987 15:13:10.18", "places": [ "usa" ], "id": "5005" }, { "title": "VOGTLE NUCLEAR PLANT GETS FULL-POWER LICENSE", "body": "The Nuclear Regulatory Commission\nissued a full-power operating license for Unit 1 of the Vogtle\nElectric Generating Plant, said Southern Co unit Georgia\nPower, which is a co-owner of the plant.\n Georgia Power said the license allows for completion of\npre-operational testing, which will be followed by full-power\noperation. Unit 1 is scheduled to begin commerical operation by\nJune one, it said.\n The other co-owners of the plant are , the\nMunicpal Electric Authority of Georgia and the city of Dalton.\n Reuter\n\u0003", "date": "13-MAR-1987 15:14:20.63", "places": [ "usa" ], "id": "5006" }, { "title": "BRITISH AIRWAYS TO FLY TO TOKYO NON-STOP", "body": "British Airways said the British\ngovernment reached an agreement on new traffic rights with the\nJapanese government which clears the way for non-stop flights\nbetween London and Tokyo.\n The flight is scheduled to cut across Siberia, shaving\nalmost six hours off the previous flight path to 11-1/2 hours,\nBritish Airways said.\n The trans-Siberian route is subject to approval by the\nUSSR, British Airways added.\n Under the agreement, British Airways said it will continue\nto leave Heathrow daily, but the new non-stop service will\noperate on Thursdays and Saturdays starting early June. The\ncompany said return flights will be on Fridays and Sundays.\n Reuter\n\u0003", "date": "13-MAR-1987 15:19:10.06", "places": [ "uk", "japan", "usa" ], "id": "5007" }, { "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 Reuter\n\u0003", "date": "13-MAR-1987 15:20:20.42", "places": [ "uk", "japan" ], "id": "5008" }, { "title": "U.S. MEAT GROUP TO FILE TRADE COMPLAINTS", "body": "The American Meat Institute, AME,\nsaid it intended to ask the U.S. government to retaliate\nagainst a European Community meat inspection requirement.\n AME President C. Manly Molpus also said the industry would\nfile a petition challenging Korea's ban of U.S. meat products.\n Molpus told a Senate Agriculture subcommittee that AME and\nother livestock and farm groups intended to file a petition\nunder Section 301 of the General Agreement on Tariffs and Trade\nagainst an EC directive that, effective April 30, will require\nU.S. meat processing plants to comply fully with EC standards.\n The meat industry will seek to have the U.S. government\nretaliate against EC and Korean exports if their complaints are\nupheld.\n Reuter\n\u0003", "date": "13-MAR-1987 15:21:39.08", "topics": [ "livestock", "carcass" ], "organisations": [ "ec" ], "places": [ "usa" ], "id": "5009" }, { "title": "COMMERCE BANCORP FILES FOR OFFERING", "body": "Commerce Bancorp Inc said it\nhas filed a registration statement with the Securities and\nExchange Commission for a 575,000 share Series B cumulative\npreferred stock offering, including 75,000 shares to cover\nallotments.\n Commerce said it and its banking subsidiaries will use the\nproceeds to support their planned growth and for general\ncorporate purposes.\n The bank holding company said each share of preferred\nstocks initially will be convertible into one share of Commerce\ncommon stock.\n Commerce said the preferred shares will be priced at a\nrange of 20-22 dlrs a share, with a proposed sale to the public\ncommencing in early-to-mid April.\n Commerce said Butcher and Singer Inc will be the offering's\nmanaging underwriter.\n Reuter\n\u0003", "date": "13-MAR-1987 15:21:47.30", "places": [ "usa" ], "id": "5010" }, { "title": "ADIA SERVICES SELLS 500,000 SHARES", "body": "Adia Services Inc said it\nagreed to sell 500,000 shares of common stock to its principal\nstockholder, Adia S.A., at a price based on the current market\nprice.\n The sale will raise Adia S.A.'s ownership in the company to\n74.7 pct from 72.7 pct, Adia said.\n The company also said it intends to use proceeds from the\nstock sale to retire debt, for working capital and for general\ncorporate purposes.\n Reuter\n\u0003", "date": "13-MAR-1987 15:21:53.56", "places": [ "usa" ], "id": "5011" }, { "title": "MET-PRO CORP TO PAY REGULAR DIVIDEND", "body": "Qtrly 15 cts vs 15 cts prior\n Pay May Eight\n Record April 24\n Reuter\n\u0003", "date": "13-MAR-1987 15:22:36.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "5012" }, { "title": "AILEEN INC 1SR QTR JAN 31 LOSS", "body": "Shr loss 30 cts vs loss 20 cts\n Net loss 1,553,000 vs loss 1,031,000\n Revs 10.0 mln vs 8,696,000\n Reuter\n\u0003", "date": "13-MAR-1987 15:24:00.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "5013" }, { "title": "INT'L GAME TECHNOLOGY TO SELL DEBT", "body": "International Game Technology said it\nfiled with the Securities and Exchange Commission a\nregistration statement covering a 35 mln dlr issue of senior\nnotes due 1995 and a 25 mln dlr issue of convertible senior\nsubordinated debentures due 2002.\n The company named Drexel Burnham Lambert Inc as sole\nmanager of the offerings.\n Reuter\n\u0003", "date": "13-MAR-1987 15:25:16.54", "places": [ "usa" ], "id": "5014" }, { "title": "WOLVERINE WORLD WIDE INC 4TH QTR LOSS", "body": "Shr loss six cts vs profit 55 cts\n Net loss 414,000 vs profit 3,936,000\n Sales 109.4 mln vs 126.8 mln\n Year\n Shr loss 1.75 dlrs vs profit 55 cts\n Net loss 12,589,000 vs profit 3,965,000\n Sales 341.7 mln vs 389.5 mln\n NOTE: Year results include 14.0 mln dlr restructuring\ncharge in 2nd Qtr of 1986\n Reuter\n\u0003", "date": "13-MAR-1987 15:32:32.81", "topics": [ "earn" ], "places": [ "usa" ], "id": "5015" }, { "title": "MEAD FILES 150 MLN DLR SHELF REGISTRATION", "body": "Mead Corp said it filed a shelf\nregistration with the Securities and Exchange Commission\ncovering potential debt securities offerings of up to 150 mln\ndlrs.\n It said the underwriters for this offerings may include\nSmith Barney, Harris Upham and Co Inc, Goldman Sachs and Co\nand/or Salomon Brothers Inc.\n Mead said proceeds will be used to retire short-term debt,\na portion of which was incurred to finance part of the recent\nacquisitions of Ampad Corp and Zellerbach Distribution Group.\n Reuter\n\u0003", "date": "13-MAR-1987 15:32:42.51", "places": [ "usa" ], "id": "5016" }, { "title": "U.S. EXPORTERS REPORT 122,000 TONNES CORN SOLD TO MEXICO FOR 1986/87\n", "date": "13-MAR-1987 15:33:15.31", "topics": [ "grain", "corn" ], "places": [ "usa", "mexico" ], "id": "5017" }, { "title": "HURCO COMPANIES INC FIRST QTR NET", "body": "Shr profit three cts vs loss 18 cts\n Net profit 124,000 vs loss 370,000\n Rev 11.3 mln vs 11.7 mln\n Avg shares 3,673,000 vs 2,368,000\n Reuter\n\u0003", "date": "13-MAR-1987 15:34:07.21", "topics": [ "earn" ], "places": [ "usa" ], "id": "5018" }, { "title": "ALCIDE'S SHELF REGISTRATION EFFECTIVE", "body": "Alcide Corp said its shelf\nregistration of 4,500,000 shares of common has been declared\neffective by the Securities and Exchange Commission.\n Reuter\n\u0003", "date": "13-MAR-1987 15:38:11.97", "places": [ "usa" ], "id": "5019" }, { "title": "MAXTOR AGREES TO ACQUIRE U.S. DESIGN", "body": "Maxtor Corp and U.S. Design\nCorp , said they reached definitive agreement covering\nthe acquisition of U.S. Design by Maxtor.\n They said the arrangement, which is subject to a number of\nconditions including U.S. Design shareholder approval, calls\nfor Maxtor to issue 12 mln dlrs worth of its own common stock\nin exchange for all of U.S. Design.\n The number of Maxtor shares to be issued will be determined\nby the average closing price of Maxtor stock over the 10\ntrading day period prior to the day the acquisition becomes\neffective, the companies also said.\n Reuter\n\u0003", "date": "13-MAR-1987 15:39:02.46", "topics": [ "acq" ], "places": [ "usa" ], "id": "5020" }, { "title": "SHARED MEDICAL SYSTEMS CORP SETS PAYOUT", "body": "Qtly div 18 cts vs 18 cts prior\n Pay April 15\n Record March 31\n Reuter\n\u0003", "date": "13-MAR-1987 15:39:21.46", "topics": [ "earn" ], "places": [ "usa" ], "id": "5021" }, { "title": "INTERNATIONAL LEASE FINANCE PICKS ENGINE", "body": "International Lease Finance Corp\nsaid it picked the CFM International CFM56-5 high bypass\nturbofan engine to power its three new Airbus Industries A320\naircraft.\n International Lease said it is negotiating to buy up to 27\nmore A320s. Initial aircraft deliveries are planned for 1991,\nthe company said.\n Reuter\n\u0003", "date": "13-MAR-1987 15:39:34.41", "places": [ "usa" ], "id": "5022" }, { "title": "JWP SELLS 30 MLN DLRS OF NOTES", "body": "JWP Inc said it sold 30 mln\ndlrs principal amount of its 9.25 pct senior notes due 1996 to\ncertain institutional lenders.\n The company said about 15 mln dlrs of the proceeds will be\nused to pay debt and the balance for general corporate purposes.\n Reuter\n\u0003", "date": "13-MAR-1987 15:40:26.67", "places": [ "usa" ], "id": "5023" }, { "title": "S/P UPGRADES UNION CARBIDE CORP'S 1.2 BILLION DLRS OF DEBT\n", "date": "13-MAR-1987 15:41:03.47", "id": "5024" }, { "title": "ELECTRICITE DE FRANCE SAYS IT WILL LAUNCH EURO-COMMERCIAL PAPER PROGRAM ON MONDAY\n", "date": "13-MAR-1987 15:41:10.37", "id": "5025" }, { "title": "STORAGE TECH IN DISCUSSIONS WITH IRS", "body": "Storage Technology Corp said it is\nholding dicussions with the Internal Revenue Service that could\nend their dispute over the amount of back taxes owed by the\ncompany.\n \"We are currently pursuing discussions with the IRS that\ncould lead to a final solution,\" Stephen G. Jerritts, president\nand chief operating officer said. \"Simultaneously, we are\ntaking all necessary actions to try to expedite the court\nappeal process, resolve these issues and allow final court\napproval of the plan of reorganization, by our target date of\nJune 30, 1987,\" he said.\n Last year, Storage Technology's bankruptcy court ruled that\nthe company owed about 25 mln dlrs in taxes, an amount much\nlower than the IRS is seeking.\n The IRS has appealed the court's decision.\n Jerritts also said his company and of West\nGermany extended an agreement under which Storage Technology\ndistributes a laser printer made by Siemens.\n Reuter\n\u0003", "date": "13-MAR-1987 15:41:31.04", "places": [ "usa" ], "id": "5026" }, { "title": "U.S. EARLY MARCH CAR SALES OFF 2.2 PCT", "body": "Retail sales of new cars by U.S.\nautomakers eased 2.2 pct in early March to the weakest levels\nsince 1983, with industry giant General Motors Corp down 9.3\npct while Ford Motor Co and Chrysler Corp both had gains.\n The decline by GM continued its trend of weaker sales since\nthe beginning of the 1987 model year, which has forced the\nworld's biggest corporation to cut its car production several\ntimes through temporary and permanent layoffs at various\nplants.\n Consumer incentives apparently had some success, analysts\nsaid, as the seasonally adjusted annualized sales rate improved\nto 7.5 mln compared with about 7.0 mln in late February. The\neight domestic carmakers sold 8.2 mln units during 1986.\n Reuter\n\u0003", "date": "13-MAR-1987 15:41:46.52", "places": [ "usa" ], "id": "5027" }, { "title": "CAPITAL INVESTMENTS FORMS UNIT", "body": " said it formed Bradford-Taylor Clearing House\nInc, a unit that will compile mailing lists for use by the\ndirect mail industry.\n Reuter\n\u0003", "date": "13-MAR-1987 15:42:09.99", "places": [ "usa" ], "id": "5028" }, { "title": "WEIGH-TRONIX INC 4TH QTR NET", "body": "Shr 18 cts vs 16 cts\n Net 348,298 vs 308,927\n Sales 4,166,750 vs 3,740,970\n Year\n Shr 72 cts vs 52 cts\n Net 1,409,867 vs 1,020,096\n Sales 16.5 mln vs 15.0 mln\n Avg shrs 1,974,529 vs 1,956,214\n Reuter\n\u0003", "date": "13-MAR-1987 15:45:20.31", "topics": [ "earn" ], "places": [ "usa" ], "id": "5029" }, { "title": "GOLDMAN SACHS GIVEN BOGUS EXXON BONDS IN TRADE", "body": "Goldman Sachs International Corp\nreceived forged bonds of a unit of Exxon Corp in a trade,\na spokesman for Goldman Sachs and Co Inc said in a telephone\nconversation from New York.\n He said the transaction left Goldman Sachs International\nwith an exposure of about 2.2 mln dlrs but that it had\ninsurance to cover the loss.\n The spokesman was responding to an enquiry about an item in\nthe London \"Standard\" newspaper, which said Goldman Sachs \"is\nfeared to be the victim of a new multi-million pound City\nscandal.\"\n The newspaper also said, \"The firm (Goldman Sachs) is\nbelieved to be the paying agent for some 900 bonds issued in\nthe name of oil giant Exxon which were deposited at banks in\nBrussels and have now been found to be forgeries.\"\n The spokesman said that the bonds were delivered to the\nfirm by a man working on behalf of a third party. He said it\nwasn't until the bonds were cleared through Euro-clear (a major\nclearing house for the eurobond market) that it was discovered\nthey were forgeries.\n The spokesman also said he believed that the intermediary\nhad been apprehended by police. However, a spokesman for the\nCity of London police said he was unaware of such an arrest and\ncould neither confirm nor deny it.\n Last Friday, Exxon Corp said forgeries of a 20-year zero\ncoupon euronote issued by its Exxon Capital Corp subsidiary\nhave been discovered in the European market. It also said\nMorgan Guaranty Trust Co was the fiscal agent and paying agent\nand that Morgan, Euro-clear and Cedel (another major clearing\nsystem) and police in London and Brussels were investigating\nthe case.\n Reuter\n\u0003", "date": "13-MAR-1987 15:45:27.49", "places": [ "uk" ], "id": "5030" }, { "title": "U.S. MEAT GROUP TO FILE TRADE COMPLAINTS", "body": "The American Meat Institute, AME,\nsaid it intended to ask the U.S. government to retaliate\nagainst a European Community meat inspection requirement.\n AME President C. Manly Molpus also said the industry would\nfile a petition challenging Korea's ban of U.S. meat products.\n Molpus told a Senate Agriculture subcommittee that AME and\nother livestock and farm groups intended to file a petition\nunder Section 301 of the General Agreement on Tariffs and Trade\nagainst an EC directive that, effective April 30, will require\nU.S. meat processing plants to comply fully with EC standards.\n \n Reuter\n\u0003", "date": "13-MAR-1987 15:45:35.38", "topics": [ "livestock", "carcass" ], "organisations": [ "ec" ], "places": [ "usa" ], "id": "5031" }, { "title": "EDF TO LAUNCH EURO-CP PROGRAM MONDAY", "body": " (EdF) will make\nits first offering of Euro-commercial paper in the\ninternational market on Monday, EdF chief financial officer\nDaniel Lallier said in a telephone call from Paris.\n The program was announced in late January and dealers\nexpect the company will be pushing to maintain its ability to\nobtain some of the finest terms available in the international\nmarkets.\n Lallier did not say how much would be offered, although he\nhas noted that EDF would be cautious because it believes the\nmarket is still in its infancy. In January he said EdF may not\nissue more than 300 to 500 mln dlrs of paper this year.\n EdF plans to oversee the program itself, with Goldman Sachs\nInternational Corp, Morgan Guaranty Ltd and Salomon Brothers\nInternational Ltd acting as dealers for the general program,\nwhich will be aimed at institutional and retail investors.\n Union Bank of Switzerland will act as dealer for a specific\nprogram, which is aimed at smaller retail investors.\n Reuter\n\u0003", "date": "13-MAR-1987 15:47:27.24", "places": [ "uk" ], "id": "5032" }, { "title": "CBT TRADERS SAY U.S. CONSERVATION SIGNUP NEUTRAL", "body": "The 11,254,837 acres of highly erodable\nfarmland submitted to the U.S. Department of Agriculture for\nthe conservation reserve program was within trade guesses of\n10-12 mln and should have an overall neutral impact on grain\nand soybean prices Monday, grain traders said.\n Farmers enrolled 1,894,764 acres of corn base acreage in\nthe conservation program to take advantage of a corn bonus\nrental payment that was offered by the USDA, which may underpin\nnew crop futures, they said.\n New crop corn prices firmed earlier this week on ideas of a\nlarge sign-up in the program. But traders noted that the poor\nyielding acres being set-aside will result in only a modest\ndecrease in final production figures, since farmers will\nconcentrate on high yielding land.\n Of a total 11,254,837 erodoble acres submitted, usda\naccepted 10,572,402 acres into the program at an average rental\npayment of 51.17 dlrs per acre.\n Farm land signed up to date now totals 19,488,587 acres.\n Reuter\n\u0003", "date": "13-MAR-1987 15:47:50.80", "topics": [ "grain", "corn" ], "places": [ "usa" ], "id": "5033" }, { "title": "MONARCH AVALON INC 3RD QTR JAN 31 LOSS", "body": "Shr loss 11 cts vs profit four cts\n Net loss 199,000 vs profit 81,000\n Rev 1.9 mln vs 2.5 mln\n Nine months\n Shr loss 14 cts vs profit 15 cts\n Net loss 261,000 vs profit 273,000\n Rev 6.4 mln vs 7.6 mln\n NOTE: Per share information adjusted for three-for-two\nstock split on January 31, 1986.\n Reuter\n\u0003", "date": "13-MAR-1987 15:48:34.01", "topics": [ "earn" ], "places": [ "usa" ], "id": "5034" }, { "title": "B.C. RESOURCES HAS NEW 360 MLN DLR CREDIT LINE", "body": "British Columbia\nResources Investment Corp said it successfully concluded\nrefinancing negotiations with bankers for a new 360 mln dlr\nrestructured credit facility.\n The credit line will be in place for four years to March\n31, 1991, but is extendable up to 10 years under certain\ncircumstances which were not specified by the company.\n B.C. Resources said subsidiaries Westar Timber and Westar\nPetroleum have settled revised lending agreements, but debt\ndiscussions regarding subsidiary Westar Mining are continuing.\n\n Reuter\n\u0003", "date": "13-MAR-1987 15:52:33.91", "places": [ "canada" ], "id": "5035" }, { "title": "ARGENTINE DEBT TALKS DIFFICULT - CENTRAL BANK", "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 Reuter.\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 Machinea said Argentina had World Bank support. He said he\nand Economy Minister Juan Sourrouille had discussed Argentina's\nloan request with World Bank Vice-President David Knox, who is\ncurrently in Buenos Aires.\n Argentina is aiming at four pct growth in 1987 and has said\nthis target is not negotiable. It has indicated that it would\nnot put payment of interest due on its foreign debt ahead of\nits growth target if the loan was not granted.\n The United States and 12 other industrial nations granted\nArgentina a 500 mln dlr bridge which was received this week.\n Talks on the 2.15 billion dlr lona began in January.\n Reuter\n\u0003", "date": "13-MAR-1987 15:53:40.40", "places": [ "argentina" ], "id": "5036" }, { "title": "U.S. PRODUCER ENERGY PRICES RISE IN FEBRUARY", "body": "Prices of wholesale finished energy\ngoods in the U.S. rose 4.0 pct in February after a 9.8 pct rise\nin January, the Labor Department said.\n The Producer Price Index for finished energy goods fell by\n20.9 pct in the past 12 months.\n Heating oil prices rose 3.0 pct in February after a 18.0\npct rise in January, the department said.\n Gasoline prices rose by 5.5 pct last month after a 15.7\npct January rise, the department said. Natural gas prices rose\n1.8 pct after a 4.2 pct rise in January.\n Crude oil prices rose 4.4 pct in February, after a 19.7 pct\nJanuary rise and were off 21.3 pct from the year ago level.\n Reuter\n\u0003", "date": "13-MAR-1987 15:54:21.09", "topics": [ "crude", "gas", "nat-gas", "wpi" ], "places": [ "usa" ], "id": "5037" }, { "title": "UNION CARBIDE DEBT UPGRADED BY S/P", "body": "Standard and Poor's Corp said it\nupgraded 1.2 billion dlrs of debt of Union Carbide Corp and its\naffiliate, DCS Capital Corp.\n Raised were the pair's senior debt to BB-plus from\nBB-minus. Union Carbide's subordinated debt was upgraded to\nBB-minus from B.\n S and P said the action reflected several positive factors\nwhich emerged over the past year, including a better balance of\nsupply and demand in the chemical industry. Union Carbide has\nalso benefitted from the turnaround in foreign exchange rates\nand lower feedstock costs, the agency noted.\n Standard and Poor's said the company's asset sales, and\nsubsequent use of the proceeds for debt reduction, exceeded the\ncorporate plan of a year ago.\n The rating agency also pointed out that Union Carbide's\nsuccessful refinancing of more than 2.5 billion dlrs of\nlong-term debt has resulted in a substantially lower interest\nburden.\n Reuter\n\u0003", "date": "13-MAR-1987 15:55:47.33", "places": [ "usa" ], "id": "5038" }, { "title": "U.S. EARLY MARCH CAR SALES OFF 2.2 PCT", "body": "Retail sales of new cars by U.S.\nautomakers eased 2.2 pct in early March to the weakest levels\nsince 1983, with industry giant General Motors Corp down\n9.3 pct.\n Ford Motor Co and Chrysler Corp both had gains.\n The decline by GM continued its trend of weaker sales since\nthe beginning of the 1987 model year, which has forced the\nworld's biggest corporation to cut its car production several\ntimes through temporary and permanent layoffs at various\nplants.\n Relatively weaker sales by all of the Detroit Big Three\ncarmakers have compelled the companies to offer a string of\nsales incentives including cash rebates and below-market\ninterest loans in an effort to reignite the market.\n Incentives apparently had some success, analysts said, as\nthe seasonally adjusted annualized sales rate improved to 7.5\nmln compared with about 7.0 mln in late February. The eight\ndomestic carmakers sold 8.2 mln units during 1986.\n GM said its sales of domestic-built cars in the March 1-10\nperiod declined to 97,487 from 104,952 a year ago while truck\nsales rose 14.4 pct to 40,131 from 35,081. There were eight\nselling days in each period.\n Despite the lower car sales, the giant automaker had a\nbright spot as its Chevrolet division, which is launching a\nnational sales campaign this month for its new Corsica and\nBeretta compact cars, was up almost 21 pct when only\ndomestic-built cars were counted. GM's Buick division was also\nup, by 11.4 pct, while Cadillac was down 7.8 pct, Pontiac was\noff 10.8 pct and Oldsmobile plunged 41 pct.\n GM also showed an improvement in its market share to 53.6\npct from 48.1 pct in late February, which analysts said was\npartly due to the increasing sales for the new Chevrolets.\n Meanwhile, Ford said its car sales rose 5.9 pct to 50,407\ncompared with 47,592 a year ago while truck sales gained by\n12.6 pct to 35,814 from 31,811.\n Number three Chrysler's car sales gained to 0.4 pct to\n25,286 from 25,191 while its truck sales gained 15 pct to\n15,565 from 13,585. The truck sales were a record for the\nperiod, the company said.\n Among the smaller makers, Honda said domestic car\nsales rose 16 pct to 4,394 from 3,786 and Volkswagen of America\nrose 4.9 pct to 849 from 809.\n American Motors Corp fell 57 pct to 760 from 1,780\nfor cars but rose 18 pct in jeep sales to 4,500 from 3,800.\n Nissan car sales rose 19.1 pct to 2,137 from 1,794\nand gained 3.6 pct on trucks to 1,686 from 1,628. Toyota\n said it sold 500 U.S.-built cars compared with none a\nyear ago.\n Reuter\n\u0003", "date": "13-MAR-1987 15:56:03.81", "places": [ "usa" ], "id": "5039" }, { "title": "U.S. COTTON CERTIFICATE EXPIRATION DATE EXTENDED", "body": "Expiration dates on upland cotton\ncertificates issued under the 1986 upland cotton program are\nbeing extended, the Agriculture Department announced.\n The certificates are being extended because of a shortage\nof Commodity Credit Corporation inventory available for\nexchange with certificates, USDA undersecretary Danial Amstutz\nsaid.\n Presently, upland cotton commodity certificates expire nine\nmonths from the last day of the month of issuance.\n Under the new procedure, all current outstanding and all\nnew upland cotton certificates issued under the 1986 upland\ncotton program will have an expiration date of either February\n29, 1988, or nine months from the last day of the month in\nwhich the certificate is issued, whichever is later.\n Reuter\n\u0003", "date": "13-MAR-1987 15:56:39.68", "topics": [ "cotton" ], "places": [ "usa" ], "id": "5040" }, { "title": "S/P DOWNGRADES MICHIGAN GENERAL DEBT", "body": "Standard and Poor's Corp said it cut\nto C from CCC-minus Michigan General Corp's 110 mln dlrs of\n10-3/4 pct senior subordinated debentures due 1998.\n S and P said if Michigan General's exchange offer for the\ndebentures is not successful, the firm anticipates it will\ndefault on the June 1 interest payment and will have to seek\nprotection from creditors under the Federal Bankruptcy Act.\n The exchange offer faces numerous obstacles, including the\ntender of at least 90 pct of the debentures and additional\nfinancing from lenders, S and P noted.\n The company's implied senior debt rating is CCC-minus.\n Reuter\n\u0003", "date": "13-MAR-1987 15:59:24.64", "places": [ "usa" ], "id": "5041" }, { "title": "BNL ANNOUNCES NET 1986 PROFITS IN BANK SECTOR", "body": "State-owned said 1986 profits for its banking activities equalled 155\nbillion lire against 146 billion lire in 1985.\n Consolidated 1986 results for BNL, which also has interests\nin tourism, public works, industrial credit and other sectors,\nare expected to be announced later this year.\n The results for the banking sector are to be presented at a\nshareholders meeting scheduled for April 29.\n Reuter\n\u0003", "date": "13-MAR-1987 15:59:41.96", "topics": [ "earn" ], "places": [ "italy" ], "id": "5042" }, { "title": "APPLIED DNA SYSTEMS INC 4TH QTR LOSS", "body": "Shr loss one ct vs nil\n Net loss 148,007 vs loss 58,863\n Revs 198,919 vs 133,071\n Avg shrs 7,476,433 vs 6,633,989\n Year\n Shr loss three cts vs loss six cts\n Net loss 230,949 vs 424,719\n Revs 666,626 vs 509,971\n NOTE: Amounts include losses of a 50 pct owned scientific\ndevelopment affiliate, Analytical Biosystems Corp.\n Reuter\n\u0003", "date": "13-MAR-1987 16:00:21.17", "topics": [ "earn" ], "places": [ "usa" ], "id": "5043" }, { "title": "OILMAN HAS 8.7 PCT OF QED EXPLORATION ", "body": "Kansas oilman Nicholas Powell told\nthe Securities and Exchange Commission he has acquired 195,000\nshares of QED Exploration Inc, or 8.7 pct of the total\noutstanding common stock.\n Powell, who heads Prairie Resources Corp and Mack C. Colt\nInc, both Kansas oil and gas exploration companies, said he\nbought the stock for investment purposes.\n Powell, who said he has already spent 609,831 dlrs on his\nQED stock, said he plans to buy more shares as long as he\nconsiders them to be undervalued.\n Reuter\n\u0003", "date": "13-MAR-1987 16:05:31.61", "topics": [ "acq" ], "places": [ "usa" ], "id": "5044" }, { "title": "TEXAS AIR NAMES BRITT AIRWAYS PRESIDENT", "body": "Texas Air Corp said it named Norman\nMcInnis as president of its Britt Airways unit, succeeding Bill\nBritt, who retired March one.\n McInnis, former president of Royale Airlines, most recently\nwas a consultant to the commuter airline industry.\n\n Reuter\n\u0003", "date": "13-MAR-1987 16:05:38.71", "places": [ "usa" ], "id": "5045" }, { "title": "JOHN LABATT LTD 3RD QTR SHR DILUTED 32 CTS VS 30 CTS\n", "date": "13-MAR-1987 16:05:59.28", "topics": [ "earn" ], "id": "5046" }, { "title": "ARMATRON NEGOTIATES NEW CREDIT LINE", "body": "Armatron International Inc said\nit negotiated a new seasonal line of credit with three lenders\nfor 10 mln dlrs for working capital requirements to support its\nlawn and garden product line.\n Reuter\n\u0003", "date": "13-MAR-1987 16:06:21.90", "places": [ "usa" ], "id": "5047" }, { "title": "LIFESTYLE RESTAURANTS INC 1ST QTR JAN 24", "body": "Shr loss 31 cts vs loss eight cts\n Net loss 1,780,000 vs loss 449,000\n Revs 13.9 mln vs 17.8 mln\n NOTE: Current 1st qtr loss included a gain of 870,000 dlrs\nand 70,000 dlrs from the sale of restaurant leases.\n Reuter\n\u0003", "date": "13-MAR-1987 16:06:58.01", "topics": [ "earn" ], "places": [ "usa" ], "id": "5048" }, { "title": "TREASURY BALANCES AT FED ROSE ON MARCH 12", "body": "Treasury balances at the Federal\nReserve rose on March 12 to 3.038 billion dlrs on March 12 from\n2.715 billion dlrs the previous business day, the Treasury said\nin its latest budget statement.\n Balances in tax and loan note accounts fell to 7.623\nbillion dlrs from 8.870 billion dlrs on the same respective\ndays.\n The Treasury's operating cash balance totaled 10.661\nbillion dlrs on March 12 compared with 11.586 billion dlrs on\nMarch 11.\n Reuter\n\u0003", "date": "13-MAR-1987 16:07:06.10", "places": [ "usa" ], "id": "5049" }, { "title": "SIERRA HEALTH SERVICES INC 4TH QTR LOSS", "body": "Shr loss 52 cts vs profit six cts\n Net loss 2,943,000 vs profit 334,000\n Revs 33.5 mln vs 18.5 mln\n Year\n Shr loss 1.57 dlrs vs profit 16 cts\n Net loss 8,781,000 vs profit 792,000\n Revs 116.0 mln vs 56.5 mln\n\n Reuter\n\u0003", "date": "13-MAR-1987 16:07:38.14", "topics": [ "earn" ], "places": [ "usa" ], "id": "5050" }, { "title": "FIRECOM INC 3RD QTR JAN 31 LOSS", "body": "Shr loss two cts vs profit two cts\n Net loss 104,874 vs profit 90,470\n Sales 3,154,673 vs 1,666,313\n Nine mths\n Shr loss one cent vs profit four cts\n Net loss 39,169 vs profit 159,784\n Sales 8,250,003 vs 4,665,553\n Reuter\n\u0003", "date": "13-MAR-1987 16:08:43.39", "topics": [ "earn" ], "places": [ "usa" ], "id": "5051" }, { "title": "BRAZIL INDUSTRIAL PRODUCTION SLOWED IN JANUARY", "body": "Industrial output in January was\n6.09 pct above the same 1986 month after rising 6.71 pct in\nDecember, Brazilian Geography and Statistics Institute figures\nshow.\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\nin calendar 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 16:09:02.87", "topics": [ "ipi" ], "places": [ "brazil" ], "id": "5052" }, { "title": "WHEELING AND LAKE ERIE RAILWAY CO DIV", "body": "Qtly div 1.4375 dlrs vs 1.4375 dlrs\n Pay May 1 \n Record April 3 \n Note: Dividend paid to all shareholders other than Norfolk\nSouthern Corp's Norfolk and Western Railway Co.\n Reuter\n\u0003", "date": "13-MAR-1987 16:10:20.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "5053" }, { "title": "GENERAL CINEMA CORP CLASS B DIVIDEND", "body": "Qtly div class B 13.5 cts vs 13.5 cts\n Pay April 30\n Record April 9 \n \n Reuter\n\u0003", "date": "13-MAR-1987 16:10:59.71", "topics": [ "earn" ], "places": [ "usa" ], "id": "5054" }, { "title": " 3RD QTR JAN 31 NET", "body": "Shr 36 cts vs 31 cts\n Shr diluted 32 cts vs 30 cts\n Net 26,158,000 vs 21,798,000\n Revs 1.05 billion vs 844.2 mln\n Nine mths\n Shr 1.28 dlrs vs 1.22 dlrs\n Shr diluted 1.15 dlrs vs 1.08 dlrs\n Net 92,779,000 vs 77,971,000\n Revs 3.16 billion vs 2.70 billion\n Avg shrs 72.4 mln vs 64.0 mln\n Reuter\n\u0003", "date": "13-MAR-1987 16:11:18.64", "topics": [ "earn" ], "places": [ "canada" ], "id": "5055" }, { "title": "SUDAN RECEIVES 50 MLN DLRS IN PL480 AUTHORITY", "body": "Authorizations to purchase 50 mln\ndlrs worth of U.S. wheat and wheat flour under Public Law 480\nwere issued to Sudan today, the Agriculture Department said.\n The authorization provides for 34 mln dlrs -- about 309,000\ntonnes -- worth of wheat, grade U.S. number two or better\n(except durum which shall be number three or better).\n It also provides for 16 mln dlrs -- about 73,000 tonnes --\nworth of wheat flour.\n The contracting period for both commodities is March 20\nthrough August 31, 1987. The delivery period for wheat is March\n20 through September 30, 1987 and for wheat flour is April 10\nthrough SEptember 30, 1987, USDA said.\n Reuter\n\u0003", "date": "13-MAR-1987 16:12:28.42", "topics": [ "grain", "wheat" ], "places": [ "usa", "sudan" ], "id": "5056" }, { "title": "TRADE BILL TO CHANGE AGRICULTURE TRADE LAWS", "body": "The House Ways and Means Committee\nis moving toward passage of a trade bill that sponsors said was\nintended to help open foreign markets to U.S. agricultural\ngoods and to modify some U.S. agricultural trade laws.\n The trade subcommittee voted to require President Reagan to\ntake into account the potential harm to U.S. agricultural\nexports of any trade retaliation he might impose for foreign\nunfair trade practices against other domestic industries.\n The bill would allow U.S. agricultural producers to seek\ngovernment monitoring of imports if there is a reasonable\nchance the industry would be harmed by an import surge.\n The full Ways and Means Committee is to consider the bill\nnext week and congressional sources said they expect it will be\napproved.\n In investigations involving a processed agricultural\nproduct, trade associations of processors or producers would\nhave to petition for relief from foreign dumping or unfair\nduties.\n The bill sets out U.S. trade negotiating objectives for\nthe Uruguay round of talks under the General Agreement on\nTariffs and Trade. It would seek fair trade in agriculture,\nseek to discipline restrictive or trade distorting import and\nexport practices, to eliminate tariffs, subsidies, quotas and\nnon-tariff barriers.\n President Reagan's authority to negotiate a new GATT\nagreement would be extended through January 1993 and authority\nto negotiate a free trade zone with Canada would be extended\nthrough January 3, 1991.\n The bill extends Reagan's authority to negotiate an\ninternational coffee agreement through October 31, 1989.\n It allows a refund of import duties paid on raw sugar\nimported from November 1, 1977 to March 31, 1985 for production\nof sugar or products containing sugar and destined for\nre-export. The export of the sugar or products must occur\nbefore Octoer 1, 1991.\n Presently, to qualify for the refund the sugar must be\nprocessed within three years after import and exported within\nfive years.\n Agriculture would also benefit from more rapid decisions in\ncomplaints of unfair foreign trade practices or injury from\nimports.\n Reuter\n\u0003", "date": "13-MAR-1987 16:14:48.69", "topics": [ "trade" ], "places": [ "usa" ], "id": "5057" }, { "title": "AMERICAN CITY SETS INITIAL PREFERRED DIV", "body": "American City Business\nJournals Inc said it declared an initial dividend of 15.4 cts a\nshare on its recent issue of 1.6 mln shares of convertible\nexchangeable preferred stock.\n The dividend is payable March 31 to shareholders of record\nMarch 20, American City said, adding that future dividends will\nbe paid on a quarterly basis.\n The preferred stock was issued on February 23.\n Reuter\n\u0003", "date": "13-MAR-1987 16:15:15.79", "topics": [ "earn" ], "places": [ "usa" ], "id": "5058" }, { "title": "U.S. BUSINESS LOANS RISE 377 MLN DLRS IN MARCH 4 WEEK, FED SAYS\n", "date": "13-MAR-1987 16:16:39.20", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "5059" }, { "title": "U.S. BUSINESS LOANS RISE 377 MLN DLRS", "body": "Business loans on the books of major\nU.S. banks, excluding acceptances, rose 377 mln dlrs to 279.085\nbillion dlrs in the week ended March 4, the Federal Reserve\nBoard said.\n The Fed said that business loans including acceptances\nincreased 484 mln dlrs to 281.546 billion dlrs.\n Reuter\n\u0003", "date": "13-MAR-1987 16:17:16.42", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "5060" }, { "title": "U.S. PRODUCER ENERGY PRICES RISE IN FEBRUARY", "body": "Prices of wholesale finished energy\ngoods in the United States were up in February, rising by 4.0\npct after a 9.8 pct rise in January, the Labor Department said.\n The Producer Price Index for finished energy goods has\nfallen 20.9 pct in the past 12 months.\n Heating oil prices rose 3.0 pct in February after a 18.0\npct rise in January, the department said.\n Gasoline prices rose by 5.5 pct last month after a 15.7\npct January rise, the department said. Natural gas prices rose\n1.8 pct after a 4.2 pct rise in January.\n Energy goods at the intermediate stage of processing rose\n2.7 pct in February after rising 3.5 pct in January and were\ndown 16.1 pct over the past 12 months, the Labor Department\nsaid.\n Prices for crude energy goods, such as crude oil, coal and\ngas at the wellhead, rose 2.6 pct last month after a 10.0 pct\nJanuary rise. They were down 11.6 pct from February 1986, the\ndepartment said.\n At the intermediate stage, liquefied petroleum gas prices\nrose 10.1 pct last month after a 5.0 pct January rise and were\n41.0 pct below prices a year earlier, the department said.\n Residual fuel prices rose 16.7 pct in February after a 13.4\npct rise a month earlier and were off 17.4 pct in 12 months.\n Electric power prices fell 0.3 pct last month, after a 1.3\npct January decline, and were down 3.6 pct from a year ago.\n Crude oil prices rose 4.4 pct in February, after a 19.7 pct\nJanuary rise and were off 21.3 pct from the year ago level.\n Prices of natural gas at the wellhead rose 1.8 pct in\nFebruary after rising 4.2 pct a month earlier and were 14.8 pct\nlower than they were 12 months earlier, the department said.\n Coal costs were down 0.3 pct last month after rising 0.4\npct in January and were down 0.8 pct from a year ago.\n Reuter\n\u0003", "date": "13-MAR-1987 16:22:34.56", "topics": [ "wpi", "gas", "nat-gas", "crude", "heat" ], "places": [ "usa" ], "id": "5061" }, { "title": "WEYERHAEUSER SAID IT SEES SIGNIFICANT INCREASES IN EARNINGS IN 1987\n", "date": "13-MAR-1987 16:23:07.43", "topics": [ "earn" ], "id": "5062" }, { "title": "BANK OF AMERICA SEEKS TO QUIT PARAGUAY", "body": "BankAmerica Corp is seeking a buyer\nfor its branch in Asuncion, Paraguay, a spokesman in Miami for\nthe bank holding company said.\n \"We are in ongoing negotiations for the sale of our\nParaguay operations,\" the spokesman said. He declined to name\nthe possible buyer.\n A sale of the Paraguayan operations, which employ about 80\npeople, would be consistent with Bank of America's strategy of\nconcentrating its international efforts on wholesale banking,\nhe added. The bank has sold operations in a number of countries\nrecently, including Italy and Sri Lanka.\n Reuter\n\u0003", "date": "13-MAR-1987 16:26:35.20", "places": [ "usa", "paraguay" ], "id": "5063" }, { "title": "GE GETS 474.5 MLN DLR CONTRACT", "body": "General Electric Co has received a\n474.5 mln dlr contract for 172 F-110-GE-100 fighter jet engines\nand 32 other jet engines, the Air Force said.\n REUTER\n\u0003", "date": "13-MAR-1987 16:27:23.99", "places": [ "usa" ], "id": "5064" }, { "title": "GENERAL HOST TO APPEAL COURT RULING", "body": "General Host Corp said a\nfederal district judge in Wichita, Kan., affirmed a preliminary\n1984 ruling that the company's Amerian Salt Co unit polluted\ngroundwater near a plant in Lyons, Kan.\n The company said it would appeal the ruling, which calls\nfor actual damages of 3.1 mln dlrs and punitive damages of 10\nmln dlrs.\n General Host believes it has strong grounds for a reversal\nof the ruling. It reiterated that it is not including a\nprovision for losses in its financial statements.\n American Salt, part of General Host's AMS Industries Inc\nunit, has agreed with the State of Kansas to carry out an\neffective clean-up plan, the company said.\n In the current ruling, Federal Judge Cecil Miller affirmed\nhis August 1984 preliminary ruling.\n The suit was brought in 1977 by a group of local\nlandowners, a General Host spokesman said.\n Reuter\n\u0003", "date": "13-MAR-1987 16:28:15.51", "places": [ "usa" ], "id": "5065" }, { "title": "MOBIL GETS 107.2 MLN DLR CONTRACT", "body": "Mobil Oil Corp has received a 107.2\nmln dlr contract for jet fuel, the Defense Logistics Agency\nsaid.\n REUTER\n\u0003", "date": "13-MAR-1987 16:29:46.00", "places": [ "usa" ], "id": "5066" }, { "title": "IOMEGA PRESIDENT RESIGNS FOR NEW POST", "body": "Iomega Corp said its president,\nGabriel Fusco, resigned as president to become chairman and\nchief executive officer of .\n Fusco was president and chief executive officer of Iomega\nbetween April 1983 and January 1987, and will remain on the\ncompany's board of directors.\n\n Reuter\n\u0003", "date": "13-MAR-1987 16:31:43.02", "places": [ "usa" ], "id": "5067" }, { "title": "VARITY EXPECTS TO REPORT 4TH QTR AND FULL-YEAR 1986 LOSS\n", "date": "13-MAR-1987 16:33:42.42", "topics": [ "earn" ], "id": "5068" }, { "title": "GUILFORD MILLS TO SELL CONVERTIBLE DEBT", "body": "Guilford Mills Inc said it filed with\nthe Securities and Exchange Commission a registration statement\ncovering a 60 mln dlr issue of convertible subordinated\ndebentures.\n Proceeds will be used to repay certain indebtedness and\nincrease working capital, as well as for general corporate\npurposes.\n Guilford Mills said it expects the issue will be offered\nlater this month. The company named Bear, Stearns and Co as\nlead underwriter of the offering.\n Reuter\n\u0003", "date": "13-MAR-1987 16:36:20.34", "places": [ "usa" ], "id": "5069" }, { "title": "AFTER G-6, ROUND ONE GOES TO CENTRAL BANKS", "body": "Central banks have easily beaten back\nthe foreign exchange market's first test of the industrialized\nnations' recent pact to stabilize currencies, analysts said.\n In active trading this week, the market pushed the dollar,\nsterling, the Canadian dollar and Australian dollar higher. But\noperators got their fingers burned as one by one the central\nbanks signalled their displeasure.\n \"So far G-6 has been a roaring success,\"said James O'Neill,\nfinancial markets economist at Marine Midland Bank NA.\n \"The central banks are sending strong signals that they\nwon't tolerate any kind of momentum building behind\ncurrencies,\" added a senior corporate trader at one U.K. bank.\n On February 22, the finance ministers and central bank\ngovernors of the U.S., Japan, West Germany, France and the U.K.\n-- the Group of Five -- plus Canada, signed an accord under\nwhich they agreed to cooperate closely to foster stability of\nexchange rates around prevailing levels.\n The agreement was viewed by many in the market as an\nattempt to put a floor under the dollar after its sizeable\ntwo-year decline against major world currencies.\n And initially, traders indicated their respect for the\naccord by refraining from pushing the dollar lower.\n But by Wednesday, the dollar climbed to more than 1.87\nmarks, about five pfennigs above its levels the Friday before\nthe G-6 accord.\n The move was aided by indications that the U.S. economy\npicked up steam in February at the same time as the West German\neconomy was regressing.\n But dealers said the Federal Reserve Bank of New York gave\ntraders a sharp reminder that the G-6 pact had encompassed the\nidea of limiting inordinate dollar gains as well as declines.\n Dealers differed as to whether the U.S. central bank\nactually intervened to sell dollars above 1.87 marks, or simply\ntelephoned dealers to ask for quotes and enquire about trading\nconditions.\n But the dollar quickly backed off. It hovered today around\n1.85 marks. \"The market was surprised that the Fed showed its\nface so soon,\" said Marine Midland NA's O'Neill.\n Also on Wednesday, London dealers said the Bank of England\nintervened in the open market to sell sterling as the U.K.\ncurrency rose to 1.60 dlrs compared with 1.5355 dlrs before the\nG-6 pact.\n Sterling, along with the other high-yield currencies like\nthe Australian dollar and Canadian dollar, was in favor after\ntraders surmised that the the chance of intervention pursuant\nto the Paris currency accord left limited room for profit plays\non dollar/mark and dollar/yen.\n The pound also was boosted by suggestions of an improving\nU.K. economy, anticipation of a popular British budget on March\n17 and public opinion polls showing good chances for the\nincumbent Conservative party in any general election.\n \"There was a real run on sterling,\" said Anne Mills of\nShearson Lehman Brothers Inc.\n Sterling traded today around 1.5750 dlrs, down from 1.5870\ndlrs last night. It slid to 2.917 marks from 2.950 yesterday\nand from a peak of about 2.98 recently. \"There's been some\nheavy profit-taking on sterling/mark ahead of next Tuesday's\nU.K. budget,\" said James McGroarty of Discount Corp.\n As speculators detected the presence of the U.S. and\nBritish central banks, they acclerated their shift into\nCanadian and Australian dollars. But here too they were\nstymied. The Bank of Canada acted to slow its currency's rise.\n The Canadian dollar traded at 1.3218/23 per U.S. dollar\ntoday, down from 1.3185/90 yesterday.\n And the Australian Reserve Bank, using the Fed as agent,\nsold Australian dollars in the U.S. yesterday, dealers said.\n The Australian dollar fell to a low of 67.45/55 U.S. cents\ntoday from a high of 69.02 Thursday.\n Analysts said the central banks' moves to stifle sudden\nupward movement, leave the market uncertain about its next\nstep. Today, the focus shifted to the yen which has held to a\nvery tight range against the dollar for several months.\n The dollar fell to 152.35/40 yen from 153.35/40 last night.\nAnalysts said the yen also gained as traders unwound long\nsterling/short mark positions established lately.\n \"Because of the change in perceptions about the health of\nthe German economy, the funds from those unwinding operations\nare ending up in yen,\" a dealer at one U.K. bank said.\n Recent West German data have shown falling industry orders,\nlower industrial output and slowing employment gains.\n Moreover, the yen is benefitting as Japanese entities who\nhave invested heavily overseas, for example in Australian\nfinancial instruments, repatriate their profits ahead of the\nend of the Japanese fiscal year on March 31.\n Noting that the dollar/yen rate is in a sense the most\ncontroversial one because of the large U.S. trade deficit with\nJapan, analysts said the stage could be set for another test of\nthe dollar's downward scope against the Japanese currency.\n In its latest review of the foreign exchange market through\nthe end of January, the Federal Reserve revealed that it\nintervened to protect the dollar against the yen on January 28.\nOn that day, the dollar fell as low as 150.40 yen.\n \"Sure, the Fed bought dollars near the 150 yen level in\nJanuary. But the market has to bear in mind that time marches\non and the situation changes,\" said McGroarty of Discount.\n Reuter\n\u0003", "date": "13-MAR-1987 16:38:23.43", "topics": [ "money-fx" ], "places": [ "usa" ], "id": "5070" }, { "title": "WEYERHAEUSER SEES HIGHER 1987 EARNINGS", "body": "Weyerhaeuser Co said it should\nhave significant increases in earnings in 1987 and 1988 should\nbe another very good year.\n Weyerhaeuser reported 1986 earnings of 276.7 mln dlrs, or\n1.91 dlrs per share, on 5.65 billion dlrs in revenues.\n Anticipated improved cash flows will allow the company to\ninvest and acquire much more aggressively than it has in the\npast few years, Weyerhaeuser also said.\n Weyerhaeuser, principally a lumber products company, said\nthe forecast was made by the company's chief financial officer\nduring a meeting of institutional investors in Tokyo.\n It also said its expects to see opportunities in the\nbuilding products area, particularly in composite panels and in\nother engineered products directed toward specific, rather than\ncommodity, end-use markets.\n But it said growth may be higher in added-value products,\nin financial services and in other diversified businesses.\n In addition, the company said rising product prices and\ndemand for pulp and paper are reflected in all the major world\nmarkets, except in the case of some light-weighted paper grades\nwhere overcapacity remains a problem.\n Weyerhaeuser further stated that it has lowered its\nmanufacturing cost structure and is obtaining significant\nproductivity increases.\n Reuter\n\u0003", "date": "13-MAR-1987 16:38:48.81", "topics": [ "earn" ], "places": [ "usa" ], "id": "5071" }, { "title": "LDBRINKMAN CORP 2ND QTR JAN 31 LOSS", "body": "Shr loss seven cts vs profit 12 cts\n Net loss 662,000 vs profit 1,520,000\n Revs 59.1 mln vs 63.1 mln\n Six mths\n Shr profit 23 cts vs profit 20 cts\n Net profit 2,802,000 vs profit 2,543,000\n Revs 138.5 mln vs 126.7 mln\n\n Reuter\n\u0003", "date": "13-MAR-1987 16:39:53.08", "topics": [ "earn" ], "places": [ "usa" ], "id": "5072" }, { "title": "GENERAL ELECTRIC TO REDEEM RCA CORP NOTES", "body": "General Electric Co said it will\nredeem on May 1 RCA Corp's 75 mln dlrs of 11-1/2 pct notes due\n1990.\n General Electric is the successor obligator to RCA.\n GE said it will buy back the notes at par plus accrued\ninterest to, but not including, May 1. No further interest will\naccrue on the notes after the redemption date.\n Bankers Trust Co is trustee.\n Reuter\n\u0003", "date": "13-MAR-1987 16:40:21.42", "places": [ "usa" ], "id": "5073" }, { "title": "AMERICAN BRANDS INC FILES WITH SEC", "body": "American Brands Inc said\nit filed with the Securities and Exchange Commission its\nfinancial statements for fiscal 1986 in connection with its\npreviously announced offering outside the U.S. of its 50 mln\nstg 9-1/2 pct notes due 1994.\n American Brands said the notes are not to be sold in the\nU.S. or to a U.S citizen.\n Reuter\n\u0003", "date": "13-MAR-1987 16:40:35.92", "places": [ "usa" ], "id": "5074" }, { "title": "SPENDTHRIFT FARM TO MISS NOTE PAYMENT", "body": "Spendthrift Farm Inc said it\nwill miss the 1,875,000 dlr March 16 interest payment on its 30\nmln dlrs of 12.5 pct senior subordinated notes due 1994.\n It said it is currently holding talks with its creditors\nabout a possible debt restructuring. The company said it\nexpects to finalize an agreement before the end of the 30 day\ngrace period on April 14. If it fails to make an agreement by\nthat date, it will default on the notes.\n The company also said it is holding talks with its bank\ncreditors and expects a restructuring agreement soon.\n Reuter\n\u0003", "date": "13-MAR-1987 16:40:47.82", "places": [ "usa" ], "id": "5075" }, { "title": "ACS ENTERPRISES INC 4TH QTR LOSS", "body": "Shr loss two cts vs profit three cts\n Net loss 80,333 vs profit 67,967\n Revs 1,162,678 vs 1,009,731\n Avg shrs 3,317,104 vs 2,494.049\n year\n Shr loss 21 cts vs profit four cts\n Net loss 679,520 vs profit 96,724\n Revs 4,191,540 vs 4,702,999\n Avg shrs 3,242,641 vs 2,525,677\n NOTES: Revenues exclude hospital television rental business\nsold Dec 29, 1986\n 1986 losses in both periods include gain of 530,000 dlrs on\nsale of discontinued business\n Reuter\n\u0003", "date": "13-MAR-1987 16:42:14.41", "topics": [ "earn" ], "places": [ "usa" ], "id": "5076" }, { "title": "TONY LAMA TO BUY ", "body": "Tony Lama Co Inc said it signed\na letter of intent to buy Coulson of Texas Inc, a maker of\nheels and leather components.\n The company said exact terms of the deal have not been\ndetermined but that it does not expect the acquisition to have\na material effect on its financial position.\n In addition to buying substantially of all Coulson's\nassets, Tony Lama said it would assume certain of the company's\nliabilities.\n Reuter\n\u0003", "date": "13-MAR-1987 16:42:22.84", "topics": [ "acq" ], "places": [ "usa" ], "id": "5077" }, { "title": "TO-FITNESS INC YEAR DEC 31 LOSS", "body": "Shr loss 89 cts vs loss 21 cts\n Net loss 3,030,548 vs loss 548,442\n Revs 1,519,360 vs 1,081,915\n Avg shrs 3,399,993 vs 2,725,425\n \n Reuter\n\u0003", "date": "13-MAR-1987 16:43:11.62", "topics": [ "earn" ], "places": [ "usa" ], "id": "5078" }, { "title": "CANADA DECEMBER BUDGET DEFICIT FALLS TO 2.01 BILLION DLRS FROM 2.27 BILLION YEAR EARLIER\n", "date": "13-MAR-1987 16:43:18.20", "places": [ "canada" ], "id": "5079" }, { "title": "TRIBUNE COMPLETES CABLE SYSTEM SALE", "body": "Tribune Co said it completed the sale\nof the Danville, Va., cable television system to Cablevision\nIndustries Ltd Partnership, affiliated with Cablevision\nIndustries Inc of Liberty, N.Y.\n It said the Danville system was one of two systems acquired\nby Tribune on September 30, 1986 as part of its purchase of The\nDaily Press Inc, publisher of the Newport News Daily Press and\nThe Times-Herald. Agreements to sell both systems for a total\nof 100 mln dlrs were reached in October.\n Sale of the Newport News system was completed in December.\n Reuter\n\u0003", "date": "13-MAR-1987 16:43:43.66", "topics": [ "acq" ], "places": [ "usa" ], "id": "5080" }, { "title": "GTE UNIT TO SELL INFORTEXT PRODUCTS", "body": "Infortext Systems Inc said it\nfinalized a two-year agreement under which GTE Services Corp\nand eight affiliates will sell Infortext's line of personal\ncomputer-based telephone call accounting systems.\n GTE Services, a unit of GTE Corp, evaluated 23 competitive\ncall accounting systems, the company said.\n Reuter\n\u0003", "date": "13-MAR-1987 16:45:07.06", "topics": [ "acq" ], "places": [ "usa" ], "id": "5081" }, { "title": "SHEPPARD RESOURCES TO MERGE WITH CANCER CLINIC", "body": "Sheppard Resources Inc\nsaid it signed a letter of intent to merge with Breast Centers\nInc, an owner, operator and franchiser of clinics that provide\nservices for the early detection of breast cancer.\n Terms were not disclosed.\n After the merger, Breast Centers shareholders would become\nthe majority shareholders of the combined company.\n Also, if approved, Sheppard will change its name to Breast\nCenters.\n Reuter\n\u0003", "date": "13-MAR-1987 16:45:15.53", "topics": [ "acq" ], "places": [ "usa" ], "id": "5082" }, { "title": "FIRSTIER INC SETS REGULAR QUARTERLY DIV", "body": "Qtly div 27.5 cts vs 27.5 cts prior\n Pay March 31\n Record March 25\n Reuter\n\u0003", "date": "13-MAR-1987 16:45:43.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "5083" }, { "title": "ZONDERVAN CORP 4TH QTR NET", "body": "Shr profit nil vs profit 38 cts\n Net profit 19,000 vs profit 1,239,000\n Revs 31.7 mln vs 31.2 mln\n 12 mths\n Shr profit 52 cts vs loss three cts\n Net profit 2,173,000 vs loss 119,000\n Revs 103.5 mln vs 98.6 mln\n \n Reuter\n\u0003", "date": "13-MAR-1987 16:45:52.97", "topics": [ "earn" ], "places": [ "usa" ], "id": "5084" }, { "title": "UNIBANCORP INC REGULAR DIVIDEND SET", "body": "Qtly div 20 cts vs 20 cts previously\n Pay April 15\n Record March 23\n Reuter\n\u0003", "date": "13-MAR-1987 16:45:59.27", "topics": [ "earn" ], "places": [ "usa" ], "id": "5085" }, { "title": "SECOND NATIONAL BUILDING RAISES DIVIDEND", "body": "Qtrly seven cts vs six cts\n Pay April 20\n Record March 31\n NOTE: full name of company is Second National Building and\nLoan.\n Reuter\n\u0003", "date": "13-MAR-1987 16:46:53.45", "topics": [ "earn" ], "places": [ "usa" ], "id": "5086" }, { "title": "SPAIN LIBERALISES SOME EXCHANGES CONTROLS", "body": "The Bank of Spain said it approved a\npackage of measures liberalising some exchange controls and\neasing some restrictions on the raising of foreign funds.\n It said in a statement that the circulars were the latest\nsteps to deregulate Spain's financial sector -- a move\ntriggered by entry into the European Community (EC) a year ago.\n A Bank of Spain spokesman said in response to an enquiry\nfrom Reuters that the new measures were not yet in force and\nadded that he could not say when they would take effect.\n The statement said one measure meant that residents in\nSpain would now be able to borrow up to the equivalent of 1.5\nbillion pesetas from abroad, providing that the average length\nof the loans was at least one year, that the borrower was not a\nSpanish branch of a non-resident lending agent, and that the\nloan was denominated in a currency traded in Spain, in\nconvertible pesetas or in European Currency Units (ECUS).\n All foreign loans not approved under those rules will be\napproved automatically if the Bank of Spain does not\nspecifically reject applications within 15 days of receiving\nthem.\n The statement said another measure frees most of the\nrestrictions on how banks can capture foreign funds and lend\nthem.\n The existing limit on foreign obligations of three times\nthe value of capital and reserves of a borrower bank is\nabolished, although the Bank of Spain will continue to monitor\nthe banks' obligations.\n Restrictions on the maximum time difference between the\nmaturity of foreign assets and obligations are also abolished\nand regulations governing risk by country are loosened.\n The latest measures follow recent moves to abolish the\nmaximum interest rates banks can offer for some peseta funds\nand the lifting of restrictions on investments abroad by\nSpaniards.\n The government has also allowed foreign companies to be\nquoted on Spanish stock exchanges and has promised further\nreforms of the domestic financial system.\n Reuter\n\u0003", "date": "13-MAR-1987 16:48:30.85", "places": [ "spain" ], "id": "5087" }, { "title": "SOUTHWESTERN OPPOSES BAN ON SERVICES", "body": "Southwestern Bell Corp said it\nopposes the Department of Justice recommendation that regional\nholding companies be banned from offering interexchange\nservices within their regions.\n Southwestern Bell said state regulators should decide\nwhether regional holding companies are allowed to provide the\nservice, according to a brief filed in U.S. district court in\nWashington outlining the company's position.\n The company contends there is little likelihood competition\nwould be hampered, according to the brief.\n Southwestern Bell supports the Justice Department's\nrecommendation to lift bans on information services and\nequipment manufacturing, and to allow regional holding\ncompanies to enter non-telecommunications businesses, it said.\n Reuter\n\u0003", "date": "13-MAR-1987 16:50:11.72", "places": [ "usa" ], "id": "5088" }, { "title": "BROADVIEW FINANCIAL CORP 4TH QTR LOSS", "body": "Shr loss 5.67 dlrs vs loss 5.17 dlrs\n Net loss 17 mln vs loss 15.4 mln\n Year\n Shr loss 12.42 dlrs vs loss 9.60 dlrs\n Net loss 37.0 mln vs loss 28.5 mln\n NOTE: 1986 4th qtr and year net includes 11.9 mln dlr and\n43.8 mln dlr provision, respectively, for possible land and\nreal estate losses. 1985 4th qtr and year net includes 5.1 mln\ndlr and 13.4 mln dlr provision, respectively, for possible\nlosses.\n Reuter\n\u0003", "date": "13-MAR-1987 16:54:35.08", "topics": [ "earn" ], "places": [ "usa" ], "id": "5089" }, { "title": "ENZO BIOCHEM INC 2ND QTR JAN 31 NET", "body": "Shr one ct vs three cts\n Net 123,000 vs 371,000\n Revs 2,944,000 vs 2,138,000\n Avg shrs 11.4 mln vs 11.6 mln\n Six mths\n Shr five cts vs six cts\n Net 531,000 vs 725,000\n Revs 6,200,000 vs 4,128,000\n Avg shrs 11.4 mln vs 11.6 mln\n Reuter\n\u0003", "date": "13-MAR-1987 16:55:03.07", "topics": [ "earn" ], "places": [ "usa" ], "id": "5090" }, { "title": "TENDER FOR ALLEGHENY INT'L UNDERWAY", "body": "First Boston Inc's Sunter\nAcquisition Corp said it began its previously announced 24.60\ndlr per share tender offer for Allegheny International Inc's\ncommon stock.\n The company is also offering 20 dlrs for each 2.19 dlr\ncumulative preferred share, and 87.50 dlrs for each share of\n11.25 dlr convertible preferred stock.\n The company said the offer and withdrawal rights will\nexpire at midnight April nine unless extended.\n\n Reuter\n\u0003", "date": "13-MAR-1987 16:55:27.48", "topics": [ "acq" ], "places": [ "usa" ], "id": "5091" }, { "title": "VARITY EXPECTS 4TH QTR, FULL-YEAR LOSS", "body": "Varity Corp, formerly Massey-Ferguson\nLtd, said it expected to report on March 25 a loss for the\nfourth quarter and full-year ended January 31.\n A company spokesman said specific figures were unavailable.\n Varity posted a net profit of 3.9 mln U.S. dlrs for the\nprevious fiscal year ended January 31, 1986 and a 3.3 mln dlr\nnet profit for the previous fourth quarter. Its net loss for\nthe nine months ended October 31 totaled 4.7 mln dlrs after a\n19.7 mln dlr third quarter loss tied to strikes and plant\nshutdowns at its British and French operations.\n Varity also said it would seek shareholder approval at a\nspecial shareholders' meeting on April 9 to authorize a\ntransfer of values to the contributed surplus account on its\nbalance sheet from the stated capital account for common\nshares.\n The spokesman said the move would help raise company values\nrequired to pay dividends under Canadian law.\n Reuter\n\u0003", "date": "13-MAR-1987 17:02:40.40", "topics": [ "earn" ], "places": [ "usa" ], "id": "5092" }, { "title": "HEALTHCARE INTERNATIONAL GETS FUNDING", "body": "Healthcare International Inc said\nit completed two financial transactions with HealthVest ,\na health care real estate investment trust.\n The company said the first entailed receiveing\napproximately 11 mln dlrs through a sale and leaseback\narrangement on the property of Austin Diagnostic Clinic, which\nit acquired in December 1986.\n The company also said it received 33 mln dlrs in financing\non its Healthcare Medical Center of Tustin in Orange County,\nCalif. The funds will be used to repay floating indebtedness,\nthe company said.\n Reuter\n\u0003", "date": "13-MAR-1987 17:03:29.26", "places": [ "usa" ], "id": "5093" }, { "title": "CABLEVISION TO BUY VALLEY CABLE FOR 100 MLN DLR", "body": "\nsaid its Cablevision Industries of California Inc subsidiary\nhas entered into an agreement to buy substantially all of the\nassets of Valley Cable TV for about 100 mln dlrs.\n The company said it will buy the system from a California\nlimited partnership, which is wholly-owned by Toronto-based\n.\n It said Valley Cable operates a 60,000 subscriber cable\ntelevision systems passing about 180,000 homes in the west San\nFernando Valley area of Los Angeles.\n Cablevision said it is the nation's 21st largest cable\ncompany and is ownnd by Alan Gerry, its chairman, president and\nchief executive officer. The company said the agreement is\nsubject to regulatory approval.\n Reuter\n\u0003", "date": "13-MAR-1987 17:05:16.88", "topics": [ "acq" ], "places": [ "usa" ], "id": "5094" }, { "title": " 4TH QTR NET", "body": "Oper shr 16 cts vs nine cts\n Oper net 2,281,000 vs 1,319,000\n Revs not given\n Year\n Oper shr 13 cts vs six cts\n Oper net 2,635,000 vs 1,775,000\n Revs 31.9 mln vs 31.7 mln\n Note: 1986 qtr excludes extraordinary loss of 1,155,000\ndlrs or nine cts share, versus gain of 607,000 dlrs or five cts\nshr\n Note continued: 1986 year excludes extraordinary loss of\n3,101,000 dlrs or 25 cts share, versus extraordinary loss of\n265,000 dlrs or two cts share\n Reuter\n\u0003", "date": "13-MAR-1987 17:08:07.43", "topics": [ "earn" ], "places": [ "canada" ], "id": "5095" }, { "title": "PUBCO CHARIMAN RESIGNS", "body": "Pubco Corp said Maurice Saltzman had\nresigned as chairman and a director of the company, effective\nimmediately, due to continuing health problems.\n At the same time, it said Saltzman resigned as chairman and\na director of its 32 pct owned Bobbie Brooks Inc .\n Reuter\n\u0003", "date": "13-MAR-1987 17:11:19.15", "places": [ "usa" ], "id": "5096" }, { "title": "BORG-WARNER BOARD OKS SALE OF UNIT", "body": "Borg-Warner Corp said its directors\napproved the sale, for about 240 mln dlrs, of its industrial\nproducts division to a New York-based private investment firm,\nClayton and Dubilier Inc, and senior management of the group.\n Yesterday, the company said it agreed to sell the division,\nwhich has annual sales of about 300 mln dlrs and is based in\nLong Beach, California.\n\n Reuter\n\u0003", "date": "13-MAR-1987 17:11:27.91", "topics": [ "acq" ], "places": [ "usa" ], "id": "5097" }, { "title": "BRAZIL WARNS CREDITORS AGAINST RETALIATION", "body": "Central Bank president Francisco\nGros said possible retaliation by Brazil's creditors would not\nbe an intelligent measure because it would affect both sides.\n \"If our creditors considered retaliation, Brazil would lose\nits capacity to export, thus would never be able to pay its\ndebt,\" Gros said in a news conference.\n Gros said that during their 12-day globe-trotting tour of\nseveral countries, he and Finance Minister Dilson Funaro warned\ncreditors that Brazil could no longer continue representing the\nrole of merely an exporter of capital.\n \"We made it very clear to our creditors that we must find\nother means to pay our debt. We told them we wish to pay but\nthat first we must make sure that the country grows,\" Gros said.\n \"We pointed out to them that in the last two years Brazil\npaid 24 billion dlrs just in interest rates, while only\nreceiving two billion dlrs in new loans over a similar period.\"\nGros reiterated that Brazil will not accept interference from\nthe International Monetary Fund (IMF), as creditors suggested.\n \"The performance of the IMF over the years has not been\nconvenient to our needs. It is an important institution, but we\ndo not accept it to monitor our economy,\" he said.\n \"The banks would welcome us going to the IMF. We would\nwelcome if they pardoned half our debt,\" Gros said.\n Brazil announced suspension of interest payment of 68\nbillion dlrs owed to commercial foreign banks on February 20.\nNo deadline was established for the renewal of the payment.\n \"Our major commitment is with the country's growth.\nTherefore, we need more money to invest on new projects,\" Gros\nsaid. He said that before the announcement of the suspension\nof interest payment, Brazil was paying about 500 mln dlrs a\nmonth to its commercial foreign creditors.\n \"We can say that at least we are saving some money,\" he said.\n Gros said Brazil has not submitted specific proposals to\ncreditors, and instead hopes that proposals would come through\nbilateral negotiations.\n The Central Bank president said he will be going next week\nto Washington to take part in a meeting of the Inter American\nDevelopment Bank .\n In Brasilia, sources linked to the Presidency said Brazil\nwas preparing a new program of economic readjustment to\nstrengthen its negotiations on its 109 billion dlr foreign\ndebt. The sources said the new program could be announced by\nthe end of the month and calls basically for preservation of\nthe country's growth. \n Reuter\n\u0003", "date": "13-MAR-1987 17:13:22.94", "places": [ "brazil" ], "id": "5098" }, { "title": "U.S. ACTION AGAINST EC MEAT PLAN URGED IN HOUSE", "body": "The entire House Agriculture\nSubcommittee on Livestock, Dairy and Poultry has written U.S.\nTrade Representative Clayton Yeutter a letter urging the Reagan\nadministration to block a European Community, EC, plan to\ntighten meat inspection requirements.\n The letter signed by the 16 panel members said the EC plan\nto require U.S. meat processing plants to comply with EC\nstandards would \"impose an unnecessary and unfair hardship on\nthe U.S. meat industry.\"\n The EC plan is set to go into effect April 30.\n \"It would be inconceivable that we would allow the EC\ncontinued access to the U.S. market while they attempt to halt\nour meat exports to the EC,\" the March 9 letter said.\n Reuter\n\u0003", "date": "13-MAR-1987 17:14:21.34", "organisations": [ "ec" ], "places": [ "usa" ], "id": "5099" }, { "title": " 1ST QTR JANUARY 31 NET", "body": "Shr one cts vs two cts\n Net 50,000 vs 58,000\n Revs 467,000 vs 760,000\n Reuter\n\u0003", "date": "13-MAR-1987 17:16:20.15", "topics": [ "earn" ], "places": [ "canada" ], "id": "5100" }, { "title": "HYTEK MICROSYSTEMS PRESIDENT RESIGNS", "body": "Hytek Microsystems Inc said\nits board accepted the resignation of President James Phalan at\na special meeting held today.\n Phalan, who had been president since the company was\nfounded in 1974, resigned for personal reasons, Hytek said.\n It also said Thomas Bay, Hytek's vice president for\nmarketing, was appointed to the additional role of president\nand chief executive.\n Reuter\n\u0003", "date": "13-MAR-1987 17:17:47.83", "places": [ "usa" ], "id": "5101" }, { "title": "SOUTHAM UNIT ACQUIRES WINNIPEG COMMUNITY PAPERS", "body": " said its Flyer Force unit\nacquired three community newspapers in Winnipeg with a combined\ncirculation of 65,000 for undisclosed terms.\n Southam said the newspapers, The Herald, The Lance and\nMetro One, will be printed at its Canadian Publishers division\nin Winnipeg.\n Flyer Force intends to expand distribution of the\nnewspapers to begin improved service to the Winnipeg market,\nSoutham said.\n Reuter\n\u0003", "date": "13-MAR-1987 17:26:27.18", "topics": [ "acq" ], "places": [ "canada" ], "id": "5102" }, { "title": "NYSE SEES NO PROBLEM ON RULE 390 INTERPRETATION", "body": "The New York Stock Exchange sought to\ndefuse a trans-Atlantic flap over whether member firms can\ntrade stocks on London's electronic dealing system during New\nYork trading hours.\n \"I don't know what the hub-bub is about,\" said Richard\nTorrenzano, NYSE spokesman. Some member firms had said they\nwere worried that a strict interpretation of NYSE rule 390\ncurtail trading when London closes its trading floor next year\nand all trading is done via electronic systems.\n \"If the British Parliament calls it a stock exchange,\nthat's good enough for us,\" Torrenzano said.\n Torrenzano did not see any conflict with rule 390 if\nmembers wanted to trade in London. The rule, in effect since\nthe mid 1970's, says in part, \"During NYSE trading hours a\nmember, a member organization or affiliated person may trade as\nprincipal or agent in any listed stock on any organized\nexchange of which they are a member, in any foreign country at\nany time.\"\n \"The rule has not been changed, there is nothing new here,\"\nhe said.\n Reuter\n\u0003", "date": "13-MAR-1987 17:35:22.04", "places": [ "usa" ], "id": "5103" }, { "title": "Venezuela's biggest private debtor faces default", "body": "venezuela's biggest private company, la\nelectricidad de caracas, will meet with bank creditors in new\nyork on monday to discuss the danger of a default on its 622\nmln dlr foreign debt, a company spokesman said.\n \"we are in an impossible situation. Unless we get\ngovernment relief, the company will be bankrupt in three\nyears,\" he told reuters.\n La electricidad's problems stem from the government's\ndecember decision to set private debt payments at 7.50 bolivars\nper dollar instead of 4.3.\n Company officials estimate that the currency change raised\nthe debt to 4.67 billion bolivars from 2.67 billion. additional\npreferential dollar premiums put the total cost at 7.47\nbillion, not including interest payments.\n Under the government plan for repaying the 7.8 billion dlr\nprivate debt, the central bank will guarantee debtors their\ndollars at 7.5 with a premium of 4.50 per dollar.\n La electricidad president francisco aguerrevere will meet\nhis bank advisory committee, led by morgan guaranty, to explain\nthat unless government assistance is forthcoming the company\ncannot meet its obligations.\n La electricidad ceased principal payments under a five-year\nrefinancing plan last year, althouigh interest has been paid,\nthe officials said. They said exchange contracts, which the\ngovernment no longer recognizes, were signed with the central\nbank for this refinancing at 4.3 per dollar.\n The company spokesman said the new york meeting will be\nheld to inform the committee, representing 72 banks, of the\nlatest developments on efforts to lobby the government.\n \"the banks are anxious to know the situation on debt\npayments, but we can only tell them we are waiting for a\ngovernment response to our proposals,\" he said.\n La electricidad is seeking permission for a 50 pct rate\nincrease, which officials say would bring in an extra 1.3\nbillion bolivars this year.\n The 30 pct tariff increase introduced in january will only\nbring in an extra 600 mln bolivars per year against additional\ndebt costs of 900 mln.\n Without relief, the company will incur losses of 287 mln\nbolivars this year, 556 mln in 1988, 733 mln in 1989 and 1.47\nbillion in 1990. In 1990 the company would be decapitalized 874\nmln bolivars.\n As alternatives to the rate increase, the company has also\nproposed allowing la electricidad a grace period on payment of\nthe exchange risk premium to the central bank, a longer period\nto pay it, or a soft loan from the government.\n The company spokesman said the government has not responded\nto the proposals and there have been no formal meetings since\njanuary.\n \"if these solutions are not agreed to, we face the final\nresort of either the government buying the debt or the company\nbeing nationalised,\" he said.\n Reuter\n\u0003", "date": "13-MAR-1987 17:36:55.85", "places": [ "venezuela" ], "id": "5104" }, { "title": "MLX CORP 4TH QTR LOSS", "body": "Shr loss 12 cts vs profit one ct\n Net loss 1,815,000 vs profit 65,000\n Revs 59.9 mln vs 2,798,000\n Avg shrs 15.8 mln vs 9,775,000\n Year\n Shr loss 11 cts vs loss three cts\n Net loss 1,217,000 vs loss 324,000\n Revs 83.3 mln vs 3,195,000\n Avg shrs 11.2 mln vs 9,775,000\n Reuter\n\u0003", "date": "13-MAR-1987 17:37:19.05", "topics": [ "earn" ], "places": [ "usa" ], "id": "5105" }, { "title": "ENZO BIOCHEM CONTRACT PAYMENT WITHHELD", "body": "Enzo Biochem Inc said (Ortho\nDiagnostic Systems Inc) withheld a payment of 1.5 mln dlrs due\nJan 15, 1987 under a research and development contract.\n Ortho indicated it suspended payments due under the 1985\ncontract pending resolution of certain contractual matters but\nintends to maintain the agreement, Enzo said. Ortho also plans\nto keep a 1982 research contract in effect, it said.\n Enzo said it continues to work under the contract and\nrecognize revenues on a cost recovery basis. It recognized\nrevenues under the 1985 contract of 820,000 dlrs and 1,655,000\ndlrs for the quarter and six months, respectively.\n The revenues recognized were only partially received, an\nEnzo spokesman said. He declined to elaborate.\n Total revenues were 2,944,000 dlrs for the quarter and\n6,200,000 dlrs in the six months ended Jan 31, 1987.\n The next payment under the 1985 contract of 1.5 mln dlrs is\ndue in June, the spokesman said.\n Reuter\n\u0003", "date": "13-MAR-1987 17:40:28.96", "places": [ "usa" ], "id": "5106" }, { "title": "LABATT CLAIMS 41 PCT SHARE OF CANADIAN MARKET", "body": "John Labatt Ltd said its share of the\nCanadian beer market is holding at more than 41 pct but the\ntotal market has grown only three pct since last year when\nvolumes were depressed by labor disruptions in the industry.\n Labatt earlier reported profits in the third quarter ended\nJanuary 31 rose 20 pct to 26.2 mln dlrs from 21.8 mln a year\nearlier, while nine month earnings were up almost as much to\n92.8 mln dlrs from 78 mln dlrs.\n \"Through acquisitions as well as growth in the core\nbusinesses, all segments achieved both sales and earnings\nimprovement over a year ago,\" it said.\n Labatt purchased Tuscan Dairies, Green Spring Dairy,\nEverFresh Juice Co and Pasquale Food Co in the third quarter.\n The company said cool wet weather last summer slowed total\nmarket demand in the past nine months. \"Lack of significant\nmarket growth emphasizes the importance of customer service and\nnew product development,\" it added.\n Reuter\n\u0003", "date": "13-MAR-1987 17:44:23.11", "places": [ "canada" ], "id": "5107" }, { "title": "DOME MINES EXTENDING PUBLIC OFFER DEADLINE", "body": "Dome Mines Ltd said it was extending\nthe closing date of its previously announced public offer of\nseven mln common shares to either March 19, pending\nregistration of the shares under U.S. securities laws, or to\nMarch 27.\n Reuter\n\u0003", "date": "13-MAR-1987 17:46:45.20", "places": [ "canada" ], "id": "5108" }, { "title": "U.S. CONSERVATION FIGURES SEEN NEUTRAL/BEARISH", "body": "U.S. Agriculture Department (USDA)\nfigures for highly-erodible land enrolled into the Conservation\nReserve Program were regarded by most grain analysts as neutral\nto bearish, although some said a full state-by-state breakdown\nwould be needed to assess the full price impact.\n \"Out of 10.5 mln acres only 1.9 mln acres were accepted in\ncorn -- That's neutral at best and perhaps bearish to what the\ntrade was looking for,\" Dale Gustafson of Drexel Burnham\nLambert said.\n The USDA said it had accepted 10,572,402 more acres into\nthe conservation program out of bids on a total of 11,254,837\nacres.\n Gustafson said he would not be changing his estimate of\nplanted acreage for corn as a result of the latest figures, but\nsome other analysts said they would adjust their estimates\nslightly. The USDA is due to release planting intentions\nfigures March 31.\n Indications of a heavy sign-up in the conservation program\nrecently lowered most trade estimates of corn planted acreage\nto 63.0 to 67.0 mln acres from 67.0 to 69.0 mln.\n Richard Loewy, analyst with Prudential Bache Securities,\nsaid there was not enough information to completely assess the\nconservation figures. \"The 1.9 mln acres on corn is certainly\ndisappointing,\" he added.\n The USDA later released the state-by-state breakdown of the\nenrollment figures.\n Loewy said the initial figures appeared to be negative for\nboth new crop corn and soybeans, and might possibly mean an\nupward adjustment in planting intention figures.\n Asked about the impact on the flow of generic certificates\nonto the market this spring, he said: \"The trade was definitely\nlooking higher, so certificates are going to be less than\nexpected.\"\n The USDA offered a special corn \"bonus\" rental payment to\nthe farmers to be paid in generic certificates. The bonus\namounts to two dlrs per bushel, based on the farm program\npayment yield for corn, for each acre of corn accepted into the\nreserve.\n Katharina Zimmer, analyst for Merrill Lynch Futures, said\nthe conservation sign-up was slightly higher than she had\nexpected, although she noted that some trade expectations were\nconsiderably higher than the actual figures.\n \"I think it is friendly for the market, at least in the\nlong run,\" she said.\n Susan Hackmann of AgriAnalysis said there was some\nconfusion over whether trade ideas of an enrollment figure\nbetween 15 and 18 mln acres referred to the total sign-up or\nthe latest addition.\n \"It seems the trade was looking for more acres to be bid\ninto the program,\" she said.\n Hackmann said she would not make much change to her ideas\nabout corn planting figures as a result of the conservation\nsign-up. She added that while some trade guesses were as low as\n61 mln acres, she was looking for corn plantings to be in the\nhigh 60's.\n Zimmer of Merrill Lynch said she would be making a slight\nreduction of about one mln acres in her planting estimate to\naround 64 mln acres.\n New crop corn prices at the Chicago Board of Trade firmed\nearlier this week on ideas of a large sign-up in the program,\ndespite the fact that acres enrolled are generally poor\nyielding and not likely to make a substantial difference to\nfinal production figures.\n Reuter\n\u0003", "date": "13-MAR-1987 17:50:46.39", "topics": [ "grain", "corn" ], "places": [ "usa" ], "id": "5109" }, { "title": "CANADA BUDGET DEFICIT FELL IN DECEMBER", "body": "Canada's federal budget deficit fell to\n2.01 billion dlrs in December from 2.27 billion dlrs a year\nearlier, the finance department said.\n The government said revenues in December totaled 8.17\nbillion dlrs, up from 7.26 billion dlrs in 1985.\n Expenditures were 10.18 billion dlrs, up from 9.53 billion\ndlrs in the previous year, the government said.\n Reuter\n\u0003", "date": "13-MAR-1987 17:51:25.56", "places": [ "canada" ], "id": "5110" }, { "title": "MCI OPPOSES U.S. PHONE RECOMMENDATIONS", "body": "MCI Communications Corp said it\nopposed recent recommendations by the U.S. Justice Department\nthat would loosen restrictions on the regional bell operating\ncompanies.\n MCI said the restrictions on the regional bell companies\nshould only be loosened if their monopolies on local service\nare eliminated.\n It said the proposals to loosen those restrictions are at\nodds with the rulings that governed the break-up of American\nTelephone and Telegraph Co in 1984.\n Reuter\n\u0003", "date": "13-MAR-1987 17:54:51.83", "places": [ "usa" ], "id": "5111" }, { "title": "FOREST CITY COMPLETES SALE", "body": "Forest City Enterprises Inc said it\ncompleted the previously announced sale of assets of its retail\nstore division, excluding real estate, to Handy Andy Home\nImprovement Centers Inc, a private Gurnee, Ill., firm.\n The sale is for cash and notes but exact terms were not\ndisclosed.\n Reuter\n\u0003", "date": "13-MAR-1987 17:55:57.00", "topics": [ "acq" ], "places": [ "usa" ], "id": "5112" }, { "title": "MINN. BANK, OKLA. THRIFT ACTIONS TAKEN", "body": "Beaver Creek State Bank in Beaver\nCreek, Minn., failed and the bank's insured assets were\ntransferred to Citizens State Bank of Silver Lake, Minn., the\nFederal Deposit Insurance Corp. said.\n Separately, the Federal Home Loan Bank Board said Victor\nFederal Savings and Loan Association of Muskogee, Okla., was\nplaced into receivership.\n Beaver Creek's two offices will re-open as branches of\nCitizens on Monday.\n The transfer was arranged because there were no bids to buy\nBeaver Creek, the FDIC said.\n Citizens will pay a premium of 30,000 dlrs to the FDIC and\npurchase Beaver Creek's assets for 5.3 mln dlrs.\n It was the 43rd bank failure in the nation this year.\n The FHLBB said Victor Federal Savings was insolvent and its\nassets were transferred to a newly chartered federal mutual\nassociation with directors named by the FHLBB.\n Victor was a stock association with 564 mln dlrs in assets.\n The new association is to be known as Victor Savings and\nLoan Association and its assets continue to be insured by the\nFederal Savings and Loan Insurance Corp, the FHLBB said.\n Reuter\n\u0003", "date": "13-MAR-1987 17:56:07.96", "topics": [ "acq" ], "places": [ "usa" ], "id": "5113" }, { "title": "LIFESTYLE RESTAURANTS ADJUSTS REVENUES", "body": "Lifestyle Restaurants Inc said\nrevenues for the first quarter ended January 24, 1985, were\n17.5 mln dlrs and not the 17.8 mln dlrs it had reported\nearlier.\n The company also said a note attached to its earnings\nconcerning a gain in 1986 on certain sales was incorrect and\nshould be disregarded.\n Reuter\n\u0003", "date": "13-MAR-1987 17:58:49.38", "topics": [ "earn" ], "places": [ "usa" ], "id": "5114" }, { "title": "U.S. SAYS CANADA COMPLYING WITH LUMBER PACT", "body": "The Commerce Department said that\nall Canadian firms had begun to pay an agreed to 15 pct\nsurcharge on softwood shipped to U.S. markets.\n It made the statement after talks with Canadian officials\nabout press reports and speculation in Canada that some\nexporters were not paying the charge.\n Canada and the United States agreed last December to the 15\npct charge, ending a lengthy trade dispute over alleged\nCanadian subsidies to Canada's softwood exporters.\n Commerce officials would not say if they found any Canadian\ncompanies had been evading the charge, but that following the\ntalks they were convinced all exporters were complying with the\nagreement.\n Undersecretary of Commerce Bruce Smart said \"We are\ngratified to learn that companies in Canada have begun paying\nthe export charge on lumber.\"\n He added the agreement was important to the health of the\nU.S. lumber industry and he intended to see that it was fully\ncarried out.\n reuter\n\u0003", "date": "13-MAR-1987 17:58:57.43", "topics": [ "lumber" ], "places": [ "usa", "canada" ], "id": "5115" }, { "title": "PDVSA TO SIGN CHAMPLIN REFINERY DEAL MARCH 17", "body": "Petroleos de Venezuela, S.A. said it\nwill sign a contract March 17 to buy a half interest in a\nCorpus Christi, Texas refinery and related operations.\n The contract, to be signed by PDVSA and Champlin\nPetroleum's parent company, the Union Pacific Corp, will create\na new joint venture called Champlin Refining.\n The state oil company said PDVSA will pay on the order of\n30 mln dlrs for the half interest in Champlin.\n Energy minister Arturo Hernandez Grisanti said Wednesday\nthe cost would be 33 mln dlrs in cash, plus an additional 60\nmln in crude and refined oil shipments.\n PDVSA and Union Pacific have sought a line of credit from a\ngroup of North American and Japanese banks to finance the new\ncompany's working capital, the Venezuelan company said.\n Under the deal, PDVSA will supply up to 140,000 barrels a\nday to the refinery with the option to place 50,000 bpd more -\nmostly gasoline and distillates - through Champlin's\ndistribution system in 10 U.S. states.\n The new company will be directed by a six-member board,\nwith three representatives each from PDVSA and Union Pacific.\n According to PDVSA, Venezuelans will occupy such key\npositions such as treasurer and vice-president for\nmanufacturing.\n The total capacity of the Champlin refinery is 160,000 bpd\nof crudes and another 40,000 bpd of intermediates. The plant\nwill be able to handle 110,000 bpd of Venezuelan heavy crudes,\nwhich make up more than half of the country's crude oil\nexports.\n Reuter\n\u0003", "date": "13-MAR-1987 17:59:26.69", "topics": [ "acq", "crude" ], "places": [ "venezuela" ], "id": "5116" }, { "title": "INVESTOR DISAPPOINTED AT CAESARS RESPONSE", "body": "Investor Martin Sosnoff said in a\nstatement that he was disappointed in Caesars World Inc's\nresponse to his 28 dlrs a share offer to buy the company.\n The company had said the offer was inadequate and that it\nwas exploring restructuring or sale of the company to another\nparty.\n Sosnoff said he believes the offer is fair to all\nshareholders. \"My primary desire is still to sit down with\nmanagement to negotiate a friendly acquisition,\" he said.\n Reuter\n\u0003", "date": "13-MAR-1987 18:00:23.12", "topics": [ "acq" ], "places": [ "usa" ], "id": "5117" }, { "title": "VENEZUELA TO LEND UP TO 12.5 MLN BARRELS OF OIL", "body": "Venezuela will lend Ecuador up to 12.5\nmln barrels of crude oil to help it meet its export commitments\nand its domestic energy demand, Ecuadorean Energy and Mines\nMinister Javier Espinosa said today in a statement.\n Ecuador was forced to suspend exports after the pipeline\nconnecting its jungle oil fields with the Pacific Ocean port of\nBalao was damaged last week by an earthquake.\n Venezuela would lend 50,000 barrels per day of crude for a\ntotal of up to to 7.5 mln barrels to help Ecuador meet export\ncommitments, Espinosa said. Also, Venezuela will sell the crude\nand provide the foreign exchange earnings to Ecuador, he said.\n Ecuador would repay Venezuela in crude once it resumed its\nexports after repairing its pipeline to Balao, a task that\nwould take an estimated five months.\n Venezuela is lending Ecuador five mln barrels of crude for\nrefining in this country to meet domestic demand. Ecuador would\nrepay that loan with crude once the oil pipeline is repaired.\n Both countries are the only Latin American members of the\nOrganisation of Petroleum Exporting Countries (OPEC).\n Ecuador was exporting about 140,000 bpd before the\nearthquake, Energy Ministry officials said. Its total output\nwas around 260,000 bpd.\n Reuter\n\u0003", "date": "13-MAR-1987 18:12:07.58", "topics": [ "crude" ], "places": [ "ecuador", "venezuela" ], "id": "5118" }, { "title": "PDVSA TO SIGN CHAMPLIN REFINERY DEAL MARCH 17", "body": "Petroleos de Venezuela, S.A. said it\nwill sign a contract March 17 to buy a half interest in a\nCorpus Christi, Texas refinery and related operations.\n The contract, to be signed by PDVSA and Champlin\nPetroleum's parent company, the Union Pacific Corp , will\ncreate a new joint venture called Champlin Refining.\n The state oil company said PDVSA will pay on the order of\n30 mln dlrs for the half interest in Champlin.\n Energy minister Arturo Hernandez Grisanti said Wednesday\nthe cost would be 33 mln dlrs in cash, plus an additional 60\nmln in crude and refined oil shipments.\n PDVSA and Union Pacific have sought a line of credit from a\ngroup of North American and Japanese banks to finance the new\ncompany's working capital, the Venezuelan company said.\n Under the deal, PDVSA will supply up to 140,000 barrels a\nday to the refinery with the option to place 50,000 bpd more -\nmostly gasoline and distillates - through Champlin's\ndistribution system in 10 U.S. states.\n The new company will be directed by a six-member board,\nwith three representatives each from PDVSA and Union Pacific.\n Reuter\n\u0003", "date": "13-MAR-1987 18:15:59.48", "topics": [ "crude" ], "places": [ "venezuela" ], "id": "5119" }, { "title": "VENEZUELA'S BIGGEST PRIVATE DEBTOR FACES DEFAULT", "body": "Venezuela's biggest private sector\ncompany, La Electricidad de Caracas, will meet urgently with\nbank creditors in New York on monday to discuss the danger of a\ntotal default on its 622 mln dlr foreign debt, a company\nspokesman said.\n \"We are in an impossible situation, unless we get\ngovernment relief the company will be bankrupt in three years,\"\nhe told reuters.\n La Electricidad's problems stem from the government's\ndecision in december to set private debt payments at 7.50\nbolivars per dlr instead of 4.3, adding 74 pct to the debt in\nbolivar terms.\n La Electricidad is seeking permission for a 50 pct increase\nin industrial and commercial tariffs, which officials say would\nbring in an extra 1.3 billion bolivars this year.\n A 30 pct tariff increase introduced in january will only\nbring in an extra 600 mln bolivars per year as against\nadditional debt costs of 900 mln.\n Reuter\n\u0003", "date": "13-MAR-1987 18:17:59.93", "places": [ "venezuela" ], "id": "5120" }, { "title": "PRATT OFFER FOR RESORTS EXPIRES", "body": "PH Acquisition Co, a unit of Pratt Hotel\nCorp, said its 135 mln dlrs per share tender offer for all\nshares of Class B common stock of Resorts INternational Inc\nexpired.\n As of today, about 45,690 shares were tendered, an\ninsufficient number of shares to satisfy the condition that 51\npct of the voting power be tendered.\n Earlier this week, New yOrk developer Donald Trump made a\ncompeting bid for the class B shares.\n Reuter\n\u0003", "date": "13-MAR-1987 18:21:08.62", "topics": [ "acq" ], "places": [ "usa" ], "id": "5121" }, { "title": "MANVILLE NAMES FINANCIAL OFFICER", "body": "Manville Corp said it named John Roach\nsenior vice president and chief financial officer.\n The post of chief financial officer has been vacant since\nW.T. Stephens was appointed president of the company last\nApril, Manville said.\n Roach, 43, was most recently a partner of Braxton\nAssociates, a unit of the accounting firm Touche Ross and Co.\nHe was previously with Northrop Corp .\n Reuter\n\u0003", "date": "13-MAR-1987 18:22:03.26", "places": [ "usa" ], "id": "5122" }, { "title": "SAUDIS DROP CONDITION FOR OIL SALE TO BRAZIL", "body": "Saudi Arabia has dropped its\ncondition that Brazil secure international bank guarantees\nbefore Saudia Arabia would ship it oil, the state-oil company,\nPetrobras, said in a statement.\n Petrobras said the Saudis will accept Banco do Brasil\ncredit guarantees.\n Petrobras cancelled a 40-mln dlr crude oil purchase from\nthe Saudis yesterday after they refused to accept a letter of\ncredit from the official Bank of Brazil. The Saudis had\ndemanded that Brazil get credit guarantees from leading\ninternational banks.\n Petrobras said the Saudis had been advised that if they did\nnot change their mind by Monday, Petrobras would negotiate the\npurchase of oil with other producers.\n The Petrobras statement said the shipment of 2.2 mln\nbarrels will be made by the Saudis on March 24 as scheduled.\n The shipment is part contract signed in February for the\nSaudis to supply Brazil with 125,000 barrels per day until\nJune.\n Reuter\n\u0003", "date": "13-MAR-1987 18:23:08.40", "topics": [ "crude" ], "places": [ "saudi-arabia", "brazil" ], "id": "5123" }, { "title": "UNITED TELECOM ASKS TO RESTRICT BELL", "body": "United Telecommunications Inc said\nit called for rejection of the recommendation that the regional\nBell telephone companies be allowed to enter the long-distance\nbusiness at this time.\n In comments to U.S. District Court Judge Harold Greene, the\ncompany said modification of other restrictions currently\nimposed on the regionals would be acceptable.\n United Telecommunications operates U.S. Sprint, a long\ndistance telephone service, in a joint venture with GTE Corp\n.\n Separately, US Sprint in its comments told Judge Green that\nallowing the Bell operating companies into the long-distance\nbusiness could undo all the strides toward full competition\nsince the breakup of American Telephone and Telegraph Co in\n1984.\n The U.S. Justice Department has proposed lifting\nrestrictions on the regional phone companies so they can enter\nthe long-distance business in areas where they do not provide\nlocal service.\n Reuter\n\u0003", "date": "13-MAR-1987 18:23:59.34", "places": [ "usa" ], "id": "5124" }, { "title": "SAUDI ARABIA DECIDES TO ACCEPT BRAZIL CREDIT", "body": "Saudi Arabia has lifted the\ncondition it imposed on the sale of oil to Brazil and will\naccept Banco do Brasil's credit guarantees, state-oil company\nPetrobras said in a statement.\n Petrobras cancelled a 40 mln dlr crude oil purchase from\nthe Saudis yesterday, after they refused to accept a letter of\ncredit from the Bank of Brazil, demanding guarantees from\nleading international banks.\n It advised the Saudis the company would negotiate oil\npurchases elsewhere unless they changed their mind by Monday.\n The 2.2 mln barrels shipment will be made by the Saudis on\nMarch 24 as scheduled, the statement said.\n Under a 125,000 bpd contract signed in February the Saudis\nagreed to supply oil to Brazil until June.\n Reuter\n\u0003", "date": "13-MAR-1987 18:26:58.96", "topics": [ "crude" ], "places": [ "saudi-arabia", "brazil" ], "id": "5125" }, { "title": "MICRON TECHNOLOGY SEES 2ND QTR LOSS", "body": "Micron Technology Inc said it\nexpects to record a net loss of about 11 mln dlrs in the second\nquarter compared to a loss of 9.7 mln dlrs in the first quarter\nand 9.8 mln dlrs in the year-ago second quarter.\n Revenues in the quarter ended March five increased to about\n20.4 mln dlrs from 18.8 mln in the preceeding quarter and 9.4\nmln dlrs in the year-ago quarter.\n The company makes semiconductors, memory components and\nrelated products.\n Reuter\n\u0003", "date": "13-MAR-1987 18:30:16.95", "topics": [ "earn" ], "places": [ "usa" ], "id": "5126" }, { "title": "TRADING RANGE LIKELY TO CONTINUE IN DEBT FUTURES", "body": "U.S. economic data due out next week is\nunlikely to hold any surprises that will shake U.S. interest\nrate futures out of their relatively narrow trading range of\nthe last 3-1/2 months, financial analysts said.\n \"People don't seem to have any firm conviction about the\ncurrent strength of the economy or about the Federal Reserve\ndoing anything,\" said Drexel Burnham Lambert analyst Norman\nMains.\n The narrow range trading is also taking its toll on trading\nvolume, he noted. \"We've had a decline in activity as recent\neconomic statistics have not greatly changed people's\nviewpoints on interest rates,\" Mains said.\n The data, which has provided not clear-cut view of the\neconomy, coupled with dampened activity in the foreign exchange\nmarkets after the Paris initiative has made for \"less than\nebullient market action,\" Mains said.\n He added, however, that Treasury bond futures could be in\nfor a retracement after the recent rise as they are near the\ntop of the trading range.\n \"My view is that the economy remains relatively strong and\nmarket participants will see that current prices are\nunjustified,\" Mains said.\n Refco Inc senior vice president Michael Connery also noted\nthat the market is showing very little momentum and lacks\nretail interest. \"All of the movement occurs at the opening,\"\nafterwhich volume dwindles and momentum fades, Connery said.\n Although data during the week was mildly positive for bond\nprices, the small rise in February producer prices and downward\nrevisions in January retail sales and industrial production\nwere \"not real exciting,\" said Prudential Bache analyst Fred\nLeiner.\n \"There is no one factor that will push us through the highs\nat this moment,\" Leiner said.\n Next week's revision to fourth quarter U.S. Gross national\nProduct is also likely to be of little interest to the market,\nsaid Kleinwort Benson chief financial economist Sam Kahan.\nStill, forecasts for first quarter GNP could play a role in the\ndirection of bond prices over the next month.\n Kahan said his early estimate for first quarter growth is\naround three pct, due largely to a buildup in inventories\nreflected in the January inventory data Friday, which showed\nthe largest increase since 1979.\n \"The key question will be not whether there is a large\nincrease in first quarter GNP, but whether any increase is\nsustainable or a one shot deal,\" Kahan said.\n He said that a sizable increase in first quarter GNP\nstemming from an increase in inventories will be a drag on\nsecond quarter growth.\n If that is the case, GNP in the second quarter could ease\nback to a one to two pct growth rate, Kahan said.\n Reuter\n\u0003", "date": "13-MAR-1987 18:32:42.73", "topics": [ "interest" ], "places": [ "usa" ], "id": "5127" }, { "title": " SIX MTHS JAN 31 NET", "body": "Oper shr 35 cts vs 34 cts\n Oper net 2,313,000 vs 1,646,000\n Revs 100.1 mln vs 77.3 mln\n Note: 1986 net excludes extraordinary loss of 294,000 dlrs\nor four cts vs shr vs yr-ago loss of 579,000 dlrs or 12 cts\nshr. 1986 net includes non-cash loss of 1,436,000 dlrs or 22\ncts shr vs yr-ago loss of 1,922,000 dlrs or 39 cts shr from\ndepreciation and amortization allowances on U.S. cable TV\noperation.\n Fewer shrs outstanding.\n Reuter\n\u0003", "date": "13-MAR-1987 18:34:45.95", "topics": [ "earn" ], "places": [ "usa" ], "id": "5128" }, { "title": "CITICORP SEC FILING NOT TIED TO DEBT TALKS", "body": "Citibank, the main susbidiary of\nCiticorp, said the filing it made with the Securities and\nExchange Commission about the possible impact on earnings\nshould certain Brazilian loans be placed on a cash basis was\nnot linked to debt talks that are about to begin with Brazil.\n Citibank said it had told the SEC that its earnings could\nbe reduced by 50 mln dlrs after-tax in the first quarter, and\n190 mln dlrs in the year, if it has to declare 3.9 billion dlrs\nof medium- and long-term Brazilian loans non-performing. \n Rather, Citibank said it was simply complying with the\ndisclosure requirements contained in the U.S. Securities Acts.\n Citibank said in its filing with the SEC that it was\npremature to decide now whether the loans should be placed on a\nnon-perfoming basis, a view that was echoed by spokesmen of\nseveral other major U.S. banks. \n Reuter...\n\u0003", "date": "13-MAR-1987 18:35:36.95", "places": [ "usa" ], "id": "5129" }, { "title": "FPL GROUP NUCLEAR REACTOR SHUT DOWN", "body": "FPL Group Inc shut down a nuclear reactor\nat its Turkey Point power plant after engineers discovered a\ntiny leak of radioactive water from the pressure vessel\nsurrounding the reactor core, a company spokeswoman said.\n FPL spokeswoman Stacey Shaw said FPL shut down Turkey Point\nUnit Four voluntarily to repair the leak, which she described\nas \"a tablespoon full of water that never posed any danger to\nthe plant or the public.\"\n The nuclear reactor -- one of two at the site south of\nMiami -- was already partially shut down for the repair of a\nleaky pressure valve discovered on Wednesday.\n Shaw said the reactor was expected to be back on line in\nabout a week.\n Reuter\n\u0003", "date": "13-MAR-1987 18:42:59.07", "places": [ "usa" ], "id": "5130" }, { "title": "MEXICO TEMPORARILY HALTS DEBT-EQUITY SWAPS", "body": "Mexico has temporarily suspended its\ndebt-equity swap program in a move that some bankers see as an\nattempt to increase pressure on reluctant foreign banks to\nparticipate in a new 7.7 billion dlr loan for the country.\n The scheme, which gives foreign firms access to cheap pesos\nto finance investment in Mexico, is likely to resume soon after\nthe loan package is signed on March 20.\n But the move is a further indication of the strains that\nhave developed between Mexico and the banks because of the\ndifficulty of syndicating the huge loan, bankers said.\n Bankers said that Mexico suspended the swap program on\nFebruary 25.\n Adolfo Hegewisch, Mexico's Undersecretary for Commerce,\nconfirmed that the swap program had been halted, but he told a\nEuromoney conference on debt-equity swaps that Mexico had been\nforced to act because it had been inundated with applications.\n Between January 1 and February 15, 132 firms had applied to\ndo a debt-equity conversion, compared with 100 between May and\nDecember 1986. \"We were not accustomed to receive so much\nwork,\" said Hegewisch, who is responsible for foreign\ninvestment in Mexico.\n Bankers said applications totalling two billion dlrs had\npiled up at the finance ministry, which has said it wants to\nlimit the amount of swaps to 100 mln dlrs a month.\n But some bankers, who declined to be identified, said the\nhalt also suited Mexico as it would keep up pressure on the\nbanks during the final campaign to persuade all 400 creditors\nworldwide to participate in the loan.\n Over 97 pct of the loan has been subscribed, but dozens of\nsmaller banks are still baulking. Assistant U.S. Treasury\nSecretary David Mulford said yesterday that the reluctance of\nthese banks had nearly jeopardized the deal at one stage.\n \"The Mexicans basically said, We're not going to subsidize\nforeigners until we have a deal,\" one banker said.\n Other bankers, however, said Mexico's motives were not so\nsinister and that the suspension was mainly due to the absence\nof top ministry officials in New York for the debt talks.\n \"They want to focus on the deal, and they wanted the banks\nto focus on the deal,\" one source said.\n Apart from the present disruption, bankers and company\nofficials said the Mexican debt-equity scheme has been a huge\nsuccess. \n Frank Fountain, Assistant Treasurer at Chrysler Corp, said\na 100 mln dlr swap it made in December had gone so smoothly\nthat Chrysler has plans for more.\n Chrysler, working through Manufacturters Hanover Trust Co,\nbought Mexican public-sector debt with a face value of 110 mln\ndlrs, mainly from European banks. The cost was about 65 mln\ndlrs in cash and paper.\n It then presented the paper to Mexico's central bank and\nreceived the equivalent of 100 mln dlrs worth of pesos which it\ninvested in its local subsidiary to produce cars for export to\nNorth America.\n Susan Segal, senior vice president of Manufacturers\nHanover, said the swaps not only reduce Mexico's debt burden\nbut help to recapitalize local industries that may have been\nsqueezed out of the local capital markets.\n Fountain said that even a large well-established firm such\nas Chrysler had found it difficult to arrange long-term peso\nfinancing on reasonable terms in Mexico.\n Industrial companies have done most of the swaps to date,\nand Hegewisch said that many of the applications now pending\nare for investments in the electronic and chemical industries,\nwith Japanese and Korean firms showing particular interest.\n But the interest is spreading. Segal said Manufacturers\nHanover has been authorized to convert part of its own\nportfolio of loans into equity investment in Mexican hotels.\n She said the sums involved are considerable, but gave no\ndetails. The bank is also looking into joint ventures with\nmanufacturing and trading companies, Segal added.\n And, as part of the agreement with the banks that will be\nsigned next week, Mexican residents will be allowed to\nparticipate in the scheme, hitherto reserved for foreign firms,\nin the hope that some of the 30 billion dlrs estimated to be\nheld abroad will be repatriated.\n Reuter\n\u0003", "date": "13-MAR-1987 18:46:57.57", "places": [ "usa", "mexico" ], "id": "5131" }, { "title": " U.S. SAYS CANADA COMPLYING WITH LUMBER PACT", "body": "The Commerce Department said all\nCanadian firms have begun to pay an agreed 15 pct surcharge on\nsoftwood shipped to U.S. markets.\n It made the statement after talks with Canadian officials\nabout rumors in Canada that some exporters were not paying the\ncharge.\n Canada and the U.S. agreed last December to the 15 pct\ncharge, ending a lengthy trade dispute over alleged Canadian\nsubsidies to Canada's softwood exporters.\n Commerce officials declined to say if any Canadian\ncompanies had been evading the charge, but said following the\ntalks they were convinced all exporters were complying with the\nagreement.\n Undersecretary of Commerce Bruce Smart said \"We are\ngratified to learn that companies in Canada have begun paying\nthe export charge on lumber.\"\n He added the agreement was important to the health of the\nU.S. lumber industry and he intended to see that it was fully\ncarried out.\n reuter\n\u0003", "date": "13-MAR-1987 18:49:21.10", "topics": [ "lumber" ], "places": [ "usa", "canada" ], "id": "5132" }, { "title": "Ecuador President ratifies unilateral suspension of debt payments to private foreign banks\n", "date": "13-MAR-1987 18:50:36.06", "places": [ "ecuador" ], "id": "5133" }, { "title": "NO HEAVY COFFEE EXPORT IMPLIED-COLOMBIA OFFICIAL", "body": "A decision by Colombia to open coffee\nexport registrations for an unlimited amount does not imply the\ncountry will heavily sell coffee until recently withheld,\nGilberto Arango, president of the private exporters'\nassociation, told Reuters.\n Colombia today opened export registrations for april and\nmay, with the National Coffee Growers' Federation setting no\nlimit.\n Since the start of the coffee year last october, private\nexporters were on average allowed 350,000 bags of 60 kilos per\nmonth.\n \"Traders will initially interpret this measure as announcing\nheavy sales. Even today it pressured the market. But it will\nquickly become apparent that Colombia does not intend to go\nover the top,\" Arango said in an interview.\n \"Colombia's marketing policy is to sell without haste but\nconsistently. No targets for volume will be set. We will react\nto market factors adequately. Colombia has no intention to give\nits coffee away,\" he added.\n Arango described measures adopted here yesterday, including\na lower export registration price, as a major change in\nColombia's coffee marketing policy.\n The export registration price, or reintegro, was lowered to\n1.10 dlr per lb ex-dock new york, or 155.83 dlrs per bag of 70\nkilos, from 1.35 dlrs (194.33 dlrs).\n The government announced a more flexible policy of\nreintegro, in order to closely reflect market trends, which\narango warmly welcomed saying private exporters will\nundoubtedly be more actively present in the market.\n A frequent gap between international market prices and the\nreintegro was unlikely to recur, he said.\n Reuter\n\u0003", "date": "13-MAR-1987 18:55:25.69", "topics": [ "coffee" ], "places": [ "colombia" ], "id": "5134" }, { "title": "BAIRD CORP SETS RIGHTS PLAN", "body": "Baird Corp said its independent\ndirectors adopted a plan under which one stock purchase right\nwill be distributed as a dividend on each common share to\nstockholders of record March 23.\n The plan is designed to protect shareholders against\nunsolicited or coercive takeover attempts.\n The rights, which would allow holders to buy one-half share\nof common for 20 dlrs, will be exercisable if a suitor acquires\n25 pct or more of the company's common as of today or 30 pct at\na later date, or if such a holder begins a tender offer to\nacquire the company, or in other circumstances.\n Under certain conditions, the rights will allow holders to\nbuy stock in a surviving company at half price.\n Baird can redeem the rights at five cts apiece subject to\ncertain conditions, it said.\n Reuter\n\u0003", "date": "13-MAR-1987 18:56:27.51", "places": [ "usa" ], "id": "5135" }, { "title": "CANADIAN BANKER SAYS BRAZIL ECONOMIC GROWTH VITAL", "body": "William Mulholland, president of the\nBank of Montreal, said here it is important for Brazil to seek\nits economic growth.\n Speaking to reporters after a meeting with Brazilian\nFinance Minister Dilson Funaro, the Canadian banker said he\nsuggested to Funaro the conversion of Brazil's 1.3 billion\ndollars debt with the Bank of Montreal by direct investments in\nthis country.\n He said the Brazilian minister was impressed with his\ninitiative and that he (Funaro) had submitted the proposal to\nthe Central Bank for a broader analysis.\n Commenting on Brazil's decision to suspend payment of\ninterests to private creditor banks, Mulholland said he would\nrather see that it did not happen, but that he understood the\ndecision made by the Brazilian government:\n \"A country like Brazil cannot stop growing. Of course, it\nmust also seek an internal adjustment capable of controlling\nthe spiral of its inflation and public deficit,\" he said.\n He suggested Brazil and the international financial\ncommunity to work together and seek stable conditions to face\nthe problems of this country's foreign debt. \n Reuter\n\u0003", "date": "13-MAR-1987 19:13:45.10", "places": [ "canada", "brazil" ], "id": "5136" }, { "title": "ECUADOR SUSPENDS PAYMENTS TO PRIVATE BANKS", "body": "Ecuadorean President Leon Febres Cordero\nsaid his country was unilaterally suspending payments to\nprivate foreign banks due to last week's earthquake which\ncaused up to one billion dollars in damage.\n Febres Cordero, quoted in an Information Ministry\ncommunique, said: \"We have to ratify this suspension ... on debt\nservice to the private international banks.\n \"I am not ashamed to say it, there definitely isn't a way to\npay,\" he said.\n Ecuador had already suspended payments to private foreign\nbanks, holding two-thirds of Ecuador's 8.16 billion dollar\nforeign debt, from last January due to a cash-flow squeeze\nstemming from a slide in world oil prices last year.\n But finance officials had earlier said the length of the\nsuspension would depend on negotiations with private foreign\nbanks.\n The information ministry communique said febres cordero\nmade these statments to reporters at lago agrio, at the heart\nof ecuador's region of jungle oilfields, before returning to\nquito.\n Febres cordero said up to a total of 1,000 people died or\nwere missing in avalanches and mudslides during the march 5\nearthquake.\n The tremor damaged an oil pipeline, thus barring all crude\nexports for a projected five months. Oil accounts for up to\ntwo-thrids of ecuador's total exoprts and for as much as 60 per\ncent of the government's revenues.\n He did not specify for how long the suspension of payments\nwould last.\n Ecuador owes private foreign banks 450 to 500 mln dlrs in\ninterest payments for the rest of the year and 66 mln dlrs\nin principal payments maturing in 1987, finance officials said.\n Finance minister domingo cordovez said two days ago the\ngovernment seeks to postpone all the payments due to private\nforeign banks in 1987 until next year through negotiations with\nthese creditors.\n Reuter\n\u0003", "date": "13-MAR-1987 19:18:46.31", "places": [ "ecuador" ], "id": "5137" }, { "title": "GENEVA - negotiators at U.N. Conference agree basic elements in new rubber pact - chairman\n", "date": "13-MAR-1987 23:14:20.17", "topics": [ "rubber" ], "places": [ "switzerland" ], "id": "5138" }, { "title": "MAJOR DIFFERENCES RESOLVED AT RUBBER PACT TALKS", "body": "Negotiators at a United Nations\nconference on a new International Natural Rubber Agreement\n(INRA) have agreed on basic elements in a new pact, conference\nchairman Manaspas Xuto said.\n \"We have resolved major differences of opinion,\" he told\nReuters.\n Xuto said the way is now cleared for drafting a new accord,\nto replace the current one which expires in October.\n Xuto said: \"I welcome the friendly and cooperative\natmosphere that has prevailed without interruption\" since the\ntalks began last Monday.\n \"It is my hope that delegations will go back home and try to\nratify the new agreement,\" he added.\n The renegotiation conference, under the auspices of the\nU.N. Conference on Trade and Development (UNCTAD), is the\nfourth such meeting in two years.\n Xuto said producers and consumers had agreed on four\npoints:\n 1) Regular price reviews will be held every 15 months.\n Previously consumers were proposing 12-month intervals\nbetween price reviews instead of 18 in the current pact.\n 2) If the average of the daily market indicator prices over\nsix months prior to a review is below (or above) the lower\nintervention price (or the upper intervention price), the\nreference price will be automatically revised downwards (or\nupwards) by five pct unless the International Natural Rubber\nOrganisation council decides on a higher percentage.\n If buffer stock purchases or sales reach 300,000 tonnes,\nthe reference price will be lowered or raised by three pct\nunless the council decides on a higher percentage.\n 3) If the buffer stock reaches 400,000 tonnes, the price at\nwhich the additional contingency stock of 150,000 tonnes is\nbrought into operation will be two Malaysian/Singapore cents\nabove the floor price -- or 152 cents.\n 4) The floor price will not be breached. Throughout the\ntalks producers had adamantly resisted a consumer proposal to\nlower the floor price of 150 cents if the buffer stock,\ncurrently 360,000 tonnes, rose to 450,000 tonnes.\n The proposal, initiated by the U.S., Was withdrawn last\nnight, setting the stage for compromise.\n Legal drafting of provisions will start next week and\nformal adoption of the new accord by the 40 countries taking\npart in the conference is expected to take place on March 20.\n The current conference was widely seen as the last chance\nto clinch a deal. Three previous attempts to negotiate a new\nfive- year pact had failed, the last round breaking down in\nOctober over consumer demands for tighter controls of the\nbuffer stock.\n The United States, Japan, West Germany, France, Italy and\nBritain are the major consumers.\n UNCTAD's latest estimates project an increase of 8.5 pct in\nrubber prices this year and 4.1 pct in 1988.\n REUTER\n\u0003", "date": "13-MAR-1987 23:22:17.11", "topics": [ "rubber" ], "organisations": [ "inro", "unctad" ], "places": [ "switzerland" ], "id": "5139" }, { "title": "WORLD BANK OFFICIAL CALLS FOR BANKER FLEXIBILITY", "body": "World Bank Vice-President David\nKnox said creditor banks must become more flexible in providing\nfunds for Latin American debtor nations.\n \"The international creditor banks must make their position\nmore flexible, ensuring a flow of funds for Latin American\ncountries, especially the most indebted,\" Knox told the semi-\nofficial newsagency Telam.\n Knox said Brazil's decision last month to suspend payments\non a large portion of its foreign debt had shocked the creditor\nbanks. The banks were \"in no hurry to provide funds for the\ndebtor nations,\" he said.\n But he said the situation of debtor nations transferring\nfunds to the developed should be reversed. \"It must be the other\nway round, to make development in indebted states possible.\"\n He said the World Bank was supplying special lines of\ncredit to make up for this inflexibility on the part of the\nbanks. It had increased its involvement in development projects\nby 60 pct in the last two years, he said.\n Knox said banks would grant Argentina loans of up to two\nbillion dlrs over the next two years to help the country meet\ngrowth targets. Argentina is currently negotiating a 2.15\nbillion dlr loan with creditor banks for 1987.\n REUTER\n\u0003", "date": "14-MAR-1987 01:38:43.36", "organisations": [ "worldbank" ], "places": [ "argentina" ], "id": "5140" }, { "title": "S&L ACQUISITION RAISES U.S. 1987 TOLL TO 12", "body": "The Federal Home Loan Bank Board\n(FHLBB) announced the acquisition of Home Savings and Loan\nAssociation in Seattle, Washington, by InterWest Savings Bank\nof Oak Harbour, Washington.\n The FHLBB said Home Savings was the 12th troubled savings\ninstitution requiring federal action this year.\n It said Home Savings had assets of 150.6 mln dlrs in assets\nand InterWest had assets of 342.9 mln dlrs.\n REUTER\n\u0003", "date": "14-MAR-1987 09:41:06.65", "topics": [ "acq" ], "places": [ "usa" ], "id": "5141" }, { "title": "BANGLADESH TO BUY 10,000 TONNES SOYABEAN OIL", "body": "Bangladesh floated an international\ntender for the purchase of 10,000 tonnes of refined soyabean\noil for delivery at Chittagong/Chalna port by April 24, Food\nMinistry officials said.\n The tender closes March 28 at 0500 GMT.\n REUTER\n\u0003", "date": "14-MAR-1987 09:41:10.77", "topics": [ "veg-oil", "soy-oil" ], "places": [ "bangladesh" ], "id": "5142" }, { "title": "ECUADOR SAYS IT WILL PAY DEBT WHEN IT CAN", "body": "President Leon Febres Cordero said\nEcuador would honour its debt when it had the capacity to make\npayments, but said foreign banks had calculated oil would have\nto be 25 dlrs a barrel for Ecuador to meet its commitments.\n Ecuador yesterday said last week's earthquake was forcing\nit to reaffirm an earlier decision -- based on the slide in\nworld oil prices -- to suspend debt payments to private foreign\nbanks, which hold two-thirds of its 8.16 billion dlr foreign\ndebt.\n \"All legitimate debt is a commitment of honour,\" the\npresident said during a visit to the quake zone. \"A government\nas a sovereign entity has dignity and prestige to maintain.\"\n He said he had previously held that Ecuador was obliged to\nmake debt payments when crude oil was at 26 dlrs a barrel\nbecause the government had projected plans with crude prices at\nthat level.\n Private foreign banks and the World Bank had calculated oil\nwould have to be at least 25 dlrs a barrel for Quito to be able\nto meet its commitments, Febres Cordero said.\n He added that Ecuadorean crude was now selling for 15 to 17\ndlrs a barrel after having been sold for many months at 12 dlrs\na barrel and as low as seven dlrs before that.\n REUTER\n\u0003", "date": "14-MAR-1987 09:41:52.72", "places": [ "ecuador" ], "id": "5143" }, { "title": "SPAIN SETS BANK PROVISIONS FOR HIGH-RISK BORROWERS", "body": "The Bank of Spain said banks must make\nprovisions amounting to at least 25 pct of outstanding loans to\ncountries deemed to be high-risk borrowers.\n The measure was included in a package of circulars approved\nby governors of the central bank yesterday.\n The bank said it was retaining a complex system for\ncalculating the proportion of loans which must be covered by\nspecial provisions but added that sudden shifts in the\nsituation of borrowers had made it advisable to set a minimum\nlevel of 25 pct for such provisions.\n The bank said another measure instructs banks and financial\ninstitutions to begin setting aside provisions for future\npension obligations.\n Banks were obliged last year to ensure that they had made\nsufficient provisions for current pension obligations and a new\ncircular sets a maximum time limit of five years to cover\nfuture obligations.\n REUTER\n\u0003", "date": "14-MAR-1987 09:42:09.60", "places": [ "spain" ], "id": "5144" }, { "title": "ECUADOR ADOPTS AUSTERITY PROGRAM", "body": "Ecuador announced an austerity program\nand a price freeze on key consumer goods as a result of last\nweek's earthquake which killed at least 300 people.\n Presidency Minister Patricio Quevedo said in a televised\naddress that the budget would be cut by five to 10 pct,\ngovernment hiring would be frozen and salaries of top\nofficials, including the president and cabinet, would be\nreduced.\n He also said a price freeze would be imposed on 20 basic\nconsumer items, mainly food staples, while the price of petrol\nwould rise by between 69 and 80 pct and bus fares would rise by\n20 pct. Petrol supplies would also be limited.\n Information Ministry officials said the price freeze was\naimed at protecting poor Ecuadoreans from a wave of\nspecualtion. Violators would be severely punished, according to\nthe price freeze order, signed by five cabinet ministers.\n The items for which prices were frozen included rice,\nsugar, cooking oil, potatoes, salt, wheat flour, cigarettes,\nsoft drinks, school supplies and several kinds of vegetables.\n Ecuador's consumer price inflation was 23 pct in 1986.\n The price of 92-octane petrol rises to 110 sucres a U.S.\nGallon from 65 sucres. Eighty-octane petrol increases to 90\nsucres from 50.\n REUTER\n\u0003", "date": "14-MAR-1987 09:42:23.17", "topics": [ "cpi", "gas" ], "places": [ "ecuador" ], "id": "5145" }, { "title": "SWEDISH TRADE SURPLUS RISES IN FEBRUARY", "body": "Sweden's trade surplus rose to 3.6\nbillion crowns in February from 1.5 billion in January and 3.48\nbillion in February 1986, the Central Bureau of Statistics\nsaid.\n The trade surplus for the first two months of the year rose\nto 5.1 billion crowns from 4.9 billion in the corresponding\nperiod of 1986.\n The report said February imports stood at 20.1 billion\ncrowns while exports were 23.7 billion.\n REUTER\n\u0003", "date": "14-MAR-1987 09:42:37.53", "topics": [ "trade" ], "places": [ "sweden" ], "id": "5146" }, { "title": "BANK OF CHINA INCREASES CAPITAL", "body": "The Bank of China, the state foreign\nexchange and foreign trade bank, has increased its capital to\nfive billion yuan from three billion yuan, the New China News\nAgency said.\n The bank's board of directors meeting here announced that\nthe increased funds had been allocated to the bank last\nDecember.\n The meeting approved the bank's 1986 balance sheet, showing\ntotal assets of 345 billion yuan by end-1986. No comparative\nfigure was given for 1985.\n A bank spokesman said the increased capital would enhance\nits position at a time of rapidly expanding business.\n By end-1986, the bank had 369 domestic institutions and 347\nelsewhere including Hong Kong and Macao.\n REUTER\n\u0003", "date": "14-MAR-1987 09:43:09.83", "places": [ "china" ], "id": "5147" }, { "title": "YUGOSLAV 1990 STEEL OUTPUT TO HIT 6.3 MLN TONNES", "body": "Yugoslavian steel output will rise by\none mln tonnes to 6.3 mln tonnes a year between 1986 and 1990\nunder a development program adopted by the Yugoslav Iron and\nSteel Metallurgy Association, the official Tanjug news agency\nsaid.\n The association groups together the main Yugoslav iron and\nsteel enterprises.\n Extraction of iron ore should show an annual growth rate of\nnine pct and reach seven mln tonnes by 1990 under the program.\nIron output is planned to grow at eight pct a year, reaching\n4.5 mln tonnes at the end of the decade.\n Tanjug said the programme would create conditions for\nraising exports of finished steel products.\n The main Yugoslav steel producers plan to market 5.35 mln\ntonnes of steel goods this year, or 150,000 tonnes more than\nlast year, with 1.5 mln tonnes going to export.\n REUTER\n\u0003", "date": "14-MAR-1987 09:43:20.63", "topics": [ "iron-steel" ], "places": [ "yugoslavia" ], "id": "5148" }, { "title": "PECHINEY SIGNS SOVIET PACKAGING ACCORDS", "body": "French state-owned aluminium and special\nmetals group Pechiney said it has signed two protocols of\nintent to set up joint ventures with the Soviet Union.\n Pechiney said in a statement one accord was to set up joint\nventures manufacturing aluminium packaging for food and\ncosmetics, while another was to produce machinery to\nmanufacture packaging.\n Under the latter, Pechiney, which does not manufacture\npackaging equipment, will form and lead a consortium of yet\nunspecified European partners, a spokesman said.\n He said it was early to put figures on possible deals, or\noutline what form joint ventures would take.\n The statement said joint working groups for each accord had\na three-month deadline to come up with contract proposals.\n No firm contracts have yet been finalised under new laws\nenabling joint ventures, First Deputy Prime Minister and\nChairman of the State Agro-Industrial Committee (GOSAGROPROM)\nVsevolod Murakhovsky told journalists here on Wednesday.\n REUTER\n\u0003", "date": "14-MAR-1987 09:43:32.30", "topics": [ "alum" ], "places": [ "france", "ussr" ], "id": "5149" }, { "title": "YUGOSLAVIAN OIL FIRM STARTS WORKING WITH FRENCH", "body": "Yugoslavia's top oil and natural gas\nproducer has started to implement a cooperation\ncontract signed last year with the French petrochemical concern\n, the official Tanjug news agency said.\n Under the deal Petro Chemie supplies oil to Ina refineries\nin Sisak and Rijeka and ships parts to 12 Yugoslav firms in the\npetrochemical, chemical, textile and plastics industries. The\nYugoslav firms, in turn, will export oil products to France.\n Tanjug said this year's exchange will value 530 mln dlrs.\n Ina signed a similar deal with West Germany's Hoechst AG\n two years ago.\n Ina also has joint ventures and co-production projects,\ninvolving Yugoslavia's other main producer of Novi\nSad, with partners in Angola, Algeria and Tunisia, exploring\nfor and exploiting oil and natural gas.\n An estimated 300,000 tonnes of oil will thus be obtained\nfrom fields in Angola over the next 15 years, Tanjug said.\n Ina accounts for some 75 pct of Yugoslavia's total oil\nproduction, which amounts to 4.2 mln tonnes a year.\n Ina earned more than 154 mln dlrs from exports of goods and\nservices to 39 countries last year and ranks among Yugoslavia's\nleading export enterprises.\n In a separate statement issued through Tanjug, Ina said it\nhas successfully completed the first drill at the depth of over\n3,000 meters in the Bay of Baes, in Tunisia. Ina is jointly\nprospecting with the U.S. Firm Conoco for oil and gas there.\n Work on a second drill, below 4,000 meters, would start\nsoon in the Bay of Gabes, the statement said. Ina would invest\nabout 8.5 mln dlrs in prospecting in the Gabes area.\n Conoco, which has completed geological prospecting for the\nTunisian government, has transferred one third of its option\nrights in the region to Ina, it said.\n REUTER\n\u0003", "date": "14-MAR-1987 09:43:50.40", "topics": [ "pet-chem", "crude" ], "places": [ "yugoslavia", "france" ], "id": "5150" }, { "title": "BRITAIN, JAPAN AGREE ON FLIGHTS OVER SIBERIA", "body": "Britain and Japan agreed to operate 12\nflights a week over Siberia each other including eight non-stop\nservices from May 31, officials of the Transport Ministry said.\n The officials said both countries reached agreement at\ntheir civil aviation talks here enabling British airline\ncompanies to begin regular air service on the trans-Siberian\nroute between London and Tokyo. Japan Air Lines Co \n(JAL) already operates one flight on that route.\n Ministry sources said and were expected to share the six British\nflights each week over Siberia.\n They said Britain, currently operating seven weekly\nJapan-Britain flights, all via Anchorage, Alaska, will be\nallowed to operate a total of 10 flights a week from May 31.\n Under the agreement, the British side can also operate\nflights from Tokyo to Seoul instead of Singapore.\n Japanese airway companies will be able to increase the\nnumber of weekly flights to nine from May 31 from eight\ncurrently, comprising six trans-Siberian flights, including\nfour non-stop flights, and three flights via Anchorage.\n REUTER\n\u0003", "date": "14-MAR-1987 09:44:13.37", "places": [ "japan", "uk" ], "id": "5151" }, { "title": "INDONESIA DENIES GIVING PALM OIL IMPORT LICENCES", "body": "Indonesia, the world's second largest\nproducer of palm oil, has not issued licences to import the\ncommodity, a spokesman for the Ministry of Trade said.\n Traders in London said Indonesia has issued licences to\nlocal operators to import around 135,000 tonnes of palm oil\nstarting in April, but the spokesman said this was incorrect.\n A spokesman for the Indonesian Importers Association also\ndenied knowledge of the import plan. He said importers would\nquickly know if licences were issued. The Trade Ministry\nofficial said there was no sign of a palm oil shortage in\nIndonesia.\n REUTER\n\u0003", "date": "14-MAR-1987 09:44:27.57", "topics": [ "veg-oil", "palm-oil" ], "places": [ "indonesia" ], "id": "5152" }, { "title": "INDIA TO GET U.K. COAL, STEEL INDUSTRY GRANTS", "body": "India will get 104.65 mln stg as\ngrants from Britain to develop its coal, zinc and lead\nindustries, the British Information Services said in a\nstatement.\n It said a 31 mln stg grant would be disbursed over three to\nfour years under an agreement signed here yesterday between the\nIndian Finance Ministry and the British Overseas Development\nAdministration.\n The British grants for developing the Indian coal industry\nusing British mechanised longwall technology totalled 52 mln\nstg in the past 10 years, it said.\n Under a separate agreement, the British government agreed\nto provide 73.65 mln stg as a grant to develop a zinc and lead\nmine at Rampura-Agucha and an associated smelting complex at\nChaneriya, both in India's northern state of Rajasthan, the\nstatement said.\n The grant will finance the basic engineering for the\nsmelter complex to be undertaken by Britain's of\nStockton. It will also help develop the mine complex, it added.\n REUTER\n\u0003", "date": "14-MAR-1987 09:44:35.23", "topics": [ "iron-steel", "zinc", "lead" ], "places": [ "india", "uk" ], "id": "5153" }, { "title": "IRAN HAS ANTI-SHIP MISSILES NEAR GULF - PAPER", "body": "Iran has deployed about six large\nmissiles near the Strait of Hormuz which increase the threat to\nshipping in the Gulf, the New York Times said.\n The paper quoted U.S. Intelligence sources as saying the\nmissiles appeared to be of a Chinese design known as HY-2 which\nis based on the Soviet SSN2 or Styx missile.\n Styx missiles have a range of up to 50 miles.\n It said the missiles had been deployed at two sites and\nquoted a naval analyst as saying they could be used to sink a\nsupertanker and block the Strait of Hormuz.\n Missiles now used by Iran had only a fraction of the\nexplosive power of the Styx and could sink a supertanker only\nwith a lucky hit, the paper said. None of the new missiles had\nbeen fired yet, it added.\n The CBS television network reported on Friday that Iran had\ninstalled new missiles along the Gulf and said Washington had\nwarned Tehran not to use them against civilian shipping.\n REUTER\n\u0003", "date": "14-MAR-1987 23:10:51.52", "topics": [ "ship" ], "places": [ "iran", "usa" ], "id": "5154" }, { "title": "UNION LEADERS TOUR YUGOSLAVIA TO QUELL STRIKE", "body": "Yugoslav trade union leaders are\ntouring the country in an attempt to quell a wave of strikes\nfollowing a partial wages freeze, official sources said.\n Eyewitnesses in the northern city of Zagreb reported far\nmore police on the streets than normal after the city and areas\nnearby experienced the biggest wave of strikes in the country\nin recent memory.\n National newspapers in Belgrade have given few details of\nthe strikes. But Zagreb papers said thousands of workers went\non strike and thousands more were threatening action over pay\ncuts.\n Official sources said there were also strikes at a Belgrade\nmedical centre, a food factory in Sambor, and enterprises in\nNis, Leskovac and Kraljevo, as well as other towns.\n They said national union officials were travelling\nthroughout the country to speak to meetings in an attempt to\nrestore calm.\n But trade union leaders were avoiding making statements to\nthe press and had not made their stand on the strikes clear.\n Western diplomats said the strikes appeared to be\nspontaneous and without any unified orchestration.\n REUTER\n\u0003", "date": "14-MAR-1987 23:23:04.16", "places": [ "yugoslavia" ], "id": "5155" }, { "title": "BRAZILIAN BANK WORKERS DECIDE ON NATIONAL STRIKE", "body": "Brazilian bank workers voted\nto launch a nationwide strike this month, compounding labour\nunrest arising from the failure of the government's\nanti-inflation plan.\n At a rally in this city, about 100 km northwest of Sao\nPaulo, about 5,000 bank workers voted to strike on March 24\nunless their demand for 100 pct pay rises is met.\n Wilson Gomes de Moura, president of the national\nconfederation which groups the bank employees' 152 unions\nrepresenting 700,000 workers, told Reuters the indefinite\nstoppage would affect all banks.\n The vote came as a stoppage by seamen entered its third\nweek and as 55,000 oil workers threatened action against the\nstate-owned petroleum company Petrobras.\n The government ordered thousands of troops into the\nrefineries on Tuesday to forestall any occupation, but the\ntroops were removed yesterday.\n Petrobras said it had requested their withdrawal because\nthe refineries were calm and oil workers had indicated their\nwillingess to negotiate next Wednesday. The government has also\nsent marines into the main ports.\n A spokesman at strike headquarters for the seamen in Rio de\nJaneiro said unions were studying an offer by private\nshipowners for a 120 pct pay rise.\n Seamen employed by two small companies have already\naccepted a 120 pct pay rise and returned to work, as have about\n5,000 seamen employed by Petrobras.\n Last week also saw widespread protests by hundreds of\nthousands of farmers over what they see as unfairly high\ninterest rates charged by banks.\n According to official estimates, prices rose by more than\n33 pct in the first two months of this year.\n REUTER\n\u0003", "date": "14-MAR-1987 23:23:47.28", "topics": [ "crude", "ship" ], "places": [ "brazil" ], "id": "5156" }, { "title": "REAGAN SAYS HE WRONG IN SELLING ARMS TO IRAN", "body": "President Reagan for the first time\nadmitted he was wrong to sell arms to Iran in an initiative\nwhich four months ago plunged him into the worst crisis of his\nsix-year-old presidency.\n He made the admission in a weekly radio address while\ndefending the role played by Secretary of State George Shultz\nand Defence Secretary Caspar Weinberger in the affair.\n He said: \"In the case of the Iranian arms sale matter, both\nSecretary Shultz and Secretary Weinberger advised me strongly\nnot to pursue the initiative. I weighed their advice but\ndecided in the end the initiative was worth the risk and went\nforward.\"\n \"As we now know, it turned out they were right and I was\nwrong. But they discharged their responsibilities as my\nadvisers and as my subordinates,\" he said.\n Since the scandal broke last November, Shultz and\nWeinberger have said they told Reagan of their opposition to\nthe deal and were not fully informed of the effort, carried out\nby National Security Council members.\n They also said they were unaware of the diversion of\nmillions of dollars in profits from the arms sales to the\nNicaraguan contra rebels, who have been fighting the leftist\nManagua government for six years.\n REUTER\n\u0003", "date": "14-MAR-1987 23:36:54.12", "places": [ "usa", "iran" ], "id": "5157" }, { "title": "BANK OF CHINA INCREASES AUTHORISED CAPITAL", "body": "Bank of China has increased authorised\ncapital to five billion yuan from three billion to help meet\nexpanding business needs, the official People's Daily reported.\n The state-owned bank's total assets reached 345 billion\nyuan at end-1986, up from 260.5 billion at end-1985, it said.\n The bank handles almost all of China's foreign exchange\nbusiness and the settlement of international trade\ntransactions.\n REUTER\n\u0003", "date": "15-MAR-1987 00:05:34.82", "places": [ "china" ], "id": "5158" }, { "title": "VW AFFAIR COULD DELAY SHARE SALE - STOLTENBERG", "body": "West German Finance Minister Gerhard\nStoltenberg was quoted as saying a possible currency fraud at\nVolkswagen AG may affect government plans to sell its\n20 pct stake in the carmaker this year.\n \"It is all very unpleasant for us because we have decided to\nprivatise the VW shares this year. We will now have to ask\nourselves the question whether we can keep to this date,\" he\ntold Bild am Sonntag newspaper in an interview.\n Bild am Sonntag released the text ahead of publication\n Stoltenberg did not elaborate on the share sale. The West\nGerman government owns 20 pct of VW ordinary share capital and\nhas said previously it plans to sell it either in 1987 or 1988.\n Stoltenberg told Bild am Sonntag the possible fraud showed\nthere had \"clearly been reprehensible criminal conduct below the\nlevel of the responsible management board.\"\n \"I do not want to prejudge results but the immediate and\nserious question which poses itself is whether certain\nmanagement board members have kept their areas of business\nunder appropriate control,\" he was quoted as saying.\n VW said last week it had discovered possibly fraudulent\ncurrency transactions which could cost the company 480 mln\nmarks and had asked state prosecutors to investigate.\n It said on Friday it had dismissed the head of its foreign\nexchange department, Burkhard Junger.\n VW also said it suspended six staff, including financial\ntransfer department chief Guenther Borchert and the head of the\ncentral cash and currency clearing department, Siegfried\nMueller.\n REUTER\n\u0003", "date": "15-MAR-1987 00:05:58.72", "places": [ "west-germany" ], "id": "5159" }, { "title": "BALDRIGE WARNS OF WORLD TRADE WAR DANGER", "body": "U.S. Commerce Secretary Malcolm\nBaldrige predicted Congress will pass a reasonable trade bill\nthis year and said tough protectionist legislation could prompt\na trade war.\n \"The mood of the Congress right now is as tough on trade as\nI've ever seen it in six years in Washington,\" Baldrige said in\na television interview.\n \"I think we'll still be able to get a reasonable trade bill\nout in spite of that because the whole Congress is trying to\nwork together with the administration, but there is a hardening\ntrade attitude,\" he said.\n President Reagan opposes protectionist legislation, but\nagreed to support a trade bill when it became apparent that\nopposition Democrats would pass such legislation.\n However, Baldrige warned measures that would penalise\ntrading partners such as Japan, South Korea and Taiwan for\nfailing to cut their trade surpluses with the U.S. Could lead\nto retaliation and he said he would urge Reagan to veto any\nsuch bill.\n When asked if there is a rising danger of a worldwide trade\nwar, Baldrige said: \"Yes, I don't think there's any question\nabout that.\"\n REUTER\n\u0003", "date": "15-MAR-1987 00:30:24.67", "topics": [ "trade" ], "places": [ "usa" ], "id": "5160" }, { "title": "THATCHER PARTY HAS NINE POINT POLL LEAD", "body": "Britain's ruling Conservatives have a\nnine point lead over the main opposition Labour Party, their\nbiggest in two years, according to an opinion poll published in\nthe Sunday Times.\n The MORI poll's findings come as the latest in a series of\nsetbacks for Labour and are bound to encourage talk that Prime\nMinister Margaret Thatcher may call a general election in June.\n The poll gives the Conservatives a rating of 41 pct against\n32 pct for Labour and 25 pct for the centrist Liberal-Social\nDemocratic Alliance -- enough to give Thatcher an overall\nmajority of 46 seats in the 650-seat House of Commons.\n The poll, which follows a survey by Marplan last week\ngiving the Conservatives a six-point lead over Labour, shows\nhow dramatically the fortunes of Britain's two largest parties\nhave changed over the past six months.\n As recently as September, Labour was still ahead in opinion\npolls and was looking forward to forming Britain's next\ngovernment. Since then, it has been beset by inner wrangling\nand its popularity among Britain's voters has tumbled.\n Morale among Labour politicians slumped further last month\nwhen the party lost a key by-election in Greenwich, south\nLondon -- a seat which Labour had held for 50 years.\n REUTER\n\u0003", "date": "15-MAR-1987 00:31:22.58", "places": [ "uk" ], "id": "5161" }, { "title": "DELORS QUOTED FAVOURING FRANCO-GERMAN BID FOR CGCT", "body": "European Commission President Jacques\nDelors, quoted by Le Monde newspaper, said he favoured a\nFranco-German candidate to take over , which has a 16 pct stake in the\nFrench public telephone switching market.\n \"I wish for a European solution ... That will enable Germany\nand France to move closer together, which is currently\nnecessary,\" he was quoted as saying.\n \"Given the situtation of the EC (European Community) and of\nthe importance for our future connunications audiences and of\ncooperation already undertaken on the Community level, that\nseems the best choice,\" Delors added.\n Five groups, including an alliance between West Germany's\nSiemens AG and France's Schneider S.A. \nsubsidiary Jeumont-Schneider, have applied to buy what is\nFrance's second largest telephone switching firm.\n Under French privatisation law, foreign companies are\nrestricted to a 20 pct stake in privatised companies.\n REUTER\n\u0003", "date": "15-MAR-1987 01:58:52.68", "topics": [ "acq" ], "organisations": [ "ec" ], "places": [ "france", "west-germany" ], "id": "5162" }, { "title": "PANEL HEAD SAYS MARCOS STILL CONTROLS LARGE FUNDS", "body": "The head of a Philippine panel charged\nwith recovering illegal wealth accumulated by former President\nFerdinand Marcos and his associates said they still controlled\nlarge funds circulating in the country's economy.\n Ramon Diaz, Chairman of the Presidential Commission on Good\nGovernment (PCGG) told Reuters in an interview: \"There is every\nreason to believe that the cronies and President Marcos and his\nfamily were able to hide millions and millions of pesos before\nthey fled. As a matter of fact we have been able to get hold of\ncrates of newly printed currency.\"\n Diaz did not give figures, but said: \"We believe they still\nhave a lot of funds. These are the funds that they will use in\nthe coming elections. These are the funds that they used to\nstage those coups.\"\n He was referring to congressional elections scheduled for\nMay 11 and to the three coup attempts faced by President\nCorazon Aquino since she toppled Marcos a year ago.\n Diaz said the PCGG so far has recovered cash and property\nvalued at about eight billion pesos and had sequestered shares\nof stock of at least 286 firms. \"We have achieved more than what\nwe thought we could achieve in one year,\" he added.\n The PCGG, set up by Aquino in February 1986, has sweeping\npowers of sequestration, seizure and inspection of bank\naccounts. Diaz said the panel's main task is to gather evidence\nfor legal prosecution. \"But we have to sequester before we file\na case and that is the legal objection because they say that we\nshoot first before we ask questions,\" he said.\n He said dividends from seized shares were held in trust\nfunds pending court verdicts, adding several Marcos associates\nhad made confessions about their wealth. He did not name them.\n \"They are very concerned and afraid that if their names\nappear something may happen to them,\" he said.\n The government last week announced that businessman Antonio\nFloirendo, an associate of Marcos known as the \"banana king,\" had\nturned over 70 mln pesos in cash to the PCGG and promised to\nsurrender titles to property in New York and Hawaii worth\nanother 180 mln pesos. In return, the PCGG said it had lifted\nfreeze and sequestration orders on Floirendo's properties.\n Diaz said there were already similar preliminary agreements\nwith another Marcos associate, Roberto Benedicto. He said\nBenedicto had surrendered control of several newspapers and\nradio and television stations and agreed to PCGG control of the\nboards of a bank and a hotel he owned in the Philippines.\n Diaz said the PCGG based its estimates of illegal wealth on\nincome-tax returns and land titles of Marcos associates.\n\"Anything over and above reported income -- that's what we have\nto recover,\" he said.\n He said a decision by the PCGG last week to probe street\ncertificates held by brokers at Manila's two stock exchanges\nwas prompted by suspicion that illegal funds were in\ncirculation.\n Street certificates describe securities held in the name of\na broker or another nominee instead of a customer so as to\npermit easy trading or transfer.\n Share prices at the two exchanges reacted nervously last\nTuesday when news of the probe leaked. The composite index at\nthe Manila Stock Exchange fell 18.61 points to 451.51, while\nthat at the Makati Stock Exchange slipped 1.7326 points to\nclose at 63.0618. There was a slight recovery the following\nday.\n The presidents of the two exchanges appealed to Diaz to\ncarry out the probe discreetly so investors were not scared\naway, saying street certificates did not necessarily indicate\n\"anomalous transactions.\"\n \"It's unfortunate that (news of the probe) leaked out to the\npapers,\" Diaz said.\n Diaz said PCGG suspicions were aroused by the stock market\nboom over the past year. The Manila Stock Exchange composite\nindex jumped 224 pct from 131.32 to 424.81 in 1986.\n \"One of our functions is to see to it that these assets that\nwe have sequestered do not go right back into the hands of the\n(Marcos) cronies,\" he said.\n \"We want to make sure that these stock exchanges are not\nbeing manipulated by the cronies because maybe they want to\nlaunder their pesos and that is why the prices are just\nskyrocketing.\"\n Diaz said the PCGG would limit its probe to sequestered\nstock in brewery giant San Miguel Corp, the Philippine Long\nDistance Telephone Co, mining conglomerate Benguet Corp, and\nOriental Petroleum and Minerals Corp.\n Shares of the four companies are among the most frequently\ntraded on the two stock exchanges.\n Diaz said at a meeting with the heads of the two exchanges\nlast Thursday that the PCGG would act prudently in its\ninvestigation of street certificates, adding the panel\nsupported government efforts to create a favourable investment\nclimate.\n REUTER\n\u0003", "date": "15-MAR-1987 02:25:10.09", "places": [ "philippines" ], "id": "5163" }, { "title": "KHOMEINI WARNS AGAINST INTERNAL DISSENT", "body": "Iran's revolutionary leader, Ayatollah\nRuhollah Khomeini, warned the nation's civilian and military\nhierarchy against discord and dissent, Tehran radio said.\n A report, monitored by the British Broadcasting\nCorporation, said he gave the warning in a speech to senior\ngovernment and military figures.\n He said Iranians should guard against internal dissent and\ntry to prevent it in a situation where foreign powers aimed to\n\"smash Islam...And destroy every one of us.\"\n His audience at a Tehran mosque included President Ali\nKhamenei, Prime Minister Mir-Hossein Mousavi and Hojatoleslam\nAli Akbar Hashemi Rafsanjani, influential Speaker of the Majlis\n(Parliament) as well as military leaders, the radio said.\n It quoted Khomeini as saying: \"Everybody around us is\npursuing the aim of destroying us from within. They say things\nlike such-and-such happened at such-and-such a place, who is\nfighting whom...These things have an impact, and if one does\nnot beg God for preservation from such evils, one may fall into\na trap.\"\n Urging support for Parliament and the armed forces,\nKhomeini said it was a \"religious duty\" to control negative\nfeelings about others and to behave in a friendly way.\n \"We must support the Majlis. The Majlis must take sides with\nthe nation. We must support the government and it must serve\nthe nation,\" he said. \"We must support the armed forces...They,\ntoo, should support you.\n Khomeini said there should not be \"one faction on one side\nand another on the other...The armed forces must be on the side\nof the Revolutionary Guards Corps and the Corps must support\nthe armed forces.\"\n REUTER\n\u0003", "date": "15-MAR-1987 04:20:09.11", "places": [ "iran" ], "id": "5164" }, { "title": "IMF ASSURES KENYA OF MAXIMUM HELP", "body": "The International Monetary Fund (IMF)\nhas assured Kenyan President Daniel Arap Moi it will continue\nto give his country maximum support, the official Kenya News\nAgency KNA said.\n It said IMF Managing director Michel Camdessus made the\npledge during talks with Moi in Washington yesterday.\n Earlier this month, Moi told parliament Kenya would face a\ndifficult balance of payments situation this year as a result\nof falling income from coffee exports and a higher oil import\nbill.\n Foreign bankers in Nairobi have said a new loan agreement\nwith the IMF would be Kenya's first option for dealing with the\nexpected deficit.\n According to KNA, Moi thanked Camdessus for the IMF's help\nto Kenya during difficult times in the past.\n \"Mr Camdessus assured president Moi that the IMF would\ncontinue to give Kenya maximum help,\" it added.\n Moi pressed the U.S. To increase its level of aid to Kenya,\nwhich fell to 53 mln dlrs this year from 111 mln in 1984, and\ncalled for more U.S. Investment in the country.\n REUTER\n\u0003", "date": "15-MAR-1987 04:40:55.66", "organisations": [ "imf" ], "places": [ "kenya" ], "id": "5165" }, { "title": "SAUDI OIL MINISTER FORESEES NO NEED FOR NEW OPEC MEASURES BEFORE JUNE 25\n", "date": "15-MAR-1987 04:45:46.98", "topics": [ "crude" ], "organisations": [ "opec" ], "id": "5166" }, { "title": "SAUDI OIL MINISTER SEES NO NEED TO ALTER OPEC PACT", "body": "Saudi Arabian Oil Minister Hisham Nazer\nsaid OPEC's December agreement to stabilise oil prices at 18\ndlrs a barrel was being implemented satisfactorily and there\nwas no immediate need to change it.\n Nazer, in an interview with Reuters and the television news\nagency Visnews, said Saudi Arabia was producing around three\nmln barrels per day (bpd) of crude oil, well below its OPEC\nquota.\n Saudi Arabia, the world's largest oil exporter, will\ncontinue to restrain production as long as other OPEC members\nadhere to the pact, Nazer said.\n The 13-nation OPEC agreed in December to cut its production\nceiling by 7.25 pct to 15.8 mln bpd and abide by fixed prices\naveraging 18 dlrs a barrel from February 1.\n Nazer, in his first interview since succeeding Ahmed Zaki\nYamani last October, said: \"I do not foresee any need for new\nmeasures before the 25th of June when our (next OPEC) meeting\nwill take place as scheduled.\"\n Nazer said OPEC was producing below 15.8 mln bpd and all\nmembers were abiding by its agreements.\n \"We've heard news every now and then of violations but they\nwere not at all verified,\" he said.\n OPEC production curbs have boosted world oil prices from a\n13-year low of around eight dlrs a barrel last August to near\n18 dlrs after announcement of the December pact.\n Spot market prices slipped some two dlrs in February but\nhave firmed in the past two weeks to near OPEC levels as\ntraders gained confidence in OPEC price and output discipline.\n Nazer said Saudi Arabia would continue to produce below its\n4.133 mln bpd quota if necessary to defend the 18 dlr price.\n \"As long as all the OPEC members adhere to the program as\ndevised in December, Saudi Arabia will continue to adhere to\nthe agreement,\" he said.\n Current production of three mln bpd includes oil from the\nNeutral Zone shared with Kuwait, but not sales from floating\nstorage, Nazer said.\n King Fahd of Saudi Arabia, in an interview with Reuters and\nVisnews on March 11, said the kingdom wanted oil price\nstability and called on non-OPEC producers to avoid harmful\ncompetition with OPEC.\n \"Saudi Arabia doesn't decide prices by itself but certainly\ndesires price stability,\" he said.\n Nazer said the output level did not mean the kingdom had\nreturned to a role of \"swing producer\" within OPEC.\n Saudi Arabia allowed its output to sink as low as two mln\nbpd in August 1985 to compensate for slack demand and\nover-production by some OPEC states.\n \"Saudi Arabia is not playing that role. It is being played\nby OPEC membership as a whole because the reduction in the 15.8\nmln bpd share of OPEC in the market is being shared by other\nmembers of OPEC,\" Nazer said.\n Nazer said OPEC estimated demand for its oil during third\nquarter this year would be around 16.6 mln bpd.\n But he said if circumstances changed \"I am sure then the\nOPEC members will consult with each other and take the\nnecessary measures.\"\n Oil analysts say the OPEC pact could come under strain when\ndemand for petroleum products generally falls in the northern\nhemisphere spring and summer.\n Nazer said he was satisfied with the extent of cooperation\nfrom non-OPEC producers. Norway, Egypt and the Soviet Union\nagreed to help OPEC by restraining production or exports after\nhe visited them on OPEC's behalf earlier this year.\n \"We did not ask any country to do anything. These were\nprogrammes they thought were necessary to stabilise market\nconditions and to help themselves attain better pricing\nconditions,\" Nazer said.\n He said it was up to countries that declined to cooperate\n-- such as Britain -- to come up with their own proposals if\nthey saw fit.\n REUTER\n\u0003", "date": "15-MAR-1987 04:55:45.56", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "saudi-arabia" ], "id": "5167" }, { "title": "IVORY COAST CONFIRMS PRESENCE AT COCOA TALKS", "body": "A senior Ivory Coast Agriculture\nMinistry official confirmed his country's backing for a new\ninternational cocoa pact and said Ivorian delegates would be\npresent at talks on its buffer stock starting this week.\n The official told Reuters that Ivorian Agriculture Minister\nDenis Bra Kanon would attend the opening of the talks, convened\nby the International Cocoa Organization (ICCO), in London on\nMonday.\n While Bra Kanon is due to return home this week for funeral\nceremonies for a sister of Ivorian President Felix\nHouphouet-Boigny, scheduled to be held in the country's capital\nYamoussoukro between March 19-22, senior Ivorian delegates will\nbe present throughout the London talks, the official said.\n Bra Kanon is chairman of the ICCO Council and rumours that\nhe or Ivorian delegates might be delayed because of public\nmourning in the West African nation helped depress already low\nworld cocoa prices Friday.\n The official said Ivory Coast continued to support the new\npact, which was agreed in principle last year by most of the\nworld's cocoa exporters and consumers.\n He also said Bra Kanon would fulfil his duties as ICCO\nCouncil chairman during the talks, scheduled to end on March\n27.\n The meeting aims to set rules for the operation of the\npact's buffer stock which producers hope will boost a market\nhit by successive world cocoa surpluses.\n Ivory Coast did not participate in the last international\ncocoa pact and its decision to join the new accord has sparked\nhopes that it will be more successful in supporting prices.\n REUTER\n\u0003", "date": "15-MAR-1987 05:42:40.09", "topics": [ "cocoa" ], "organisations": [ "icco" ], "places": [ "ivory-coast" ], "id": "5168" }, { "title": "TENSE TRADE TIES TO DOMINATE EC TALKS", "body": "Tense trade relations with the U.S.\nAnd Japan and concern about the foreign impact of a proposed\nEuropean Community (EC) tax on edible oils and fats are\nexpected to dominate talks by EC foreign ministers here\ntomorrow.\n EC diplomats said Britain demanded the early debate on the\nEC Executive Commission's proposal to impose a hefty tax on\ndomestic and imported oils and fats in an attempt to head off a\nproposal it sees as extremely damaging to EC foreign relations.\n The proposal was the most controversial part of a reform\npackage, due to be discussed by EC farm ministers later this\nmonth, of the EC's Common Agricultural Policy -- widely seen as\nthe root cause of the EC's persistent financial problems and of\ntensions with major trading partners.\n The proposal is described by its promoters as a\nstabilisation program which would penalise a new sector going\ninto massive overproduction and complement proposals to cut\ncereals and dairy production, rather than a straight forward\ntax.\n They say it would not only curb the growth of oils and fats\nproduction and prevent imports from filling any vaccum left by\na fall in EC output, but would also save the EC some two\nbillion European Currency Units, over two billion dlrs, in farm\ncosts.\n It has provoked strong protests from domestic producers as\nwell as foreign exporters, led by the United States.\n The diplomats said the protests had been received from most\ncorners of the developing and developed world, ranging from\nSenegal, Malaysia and Indonesia, to Brazil, Argentina, Canada,\nIceland and Norway.\n The proposal had little chance of approval by EC\ngovernments, with West Germany as strongly opposed to it as\nBritain, and Denmark, the Netherlands and Portugal also\nunconvinced of its political or economic wisdom.\n Even Mediterranean countries such as Italy, France and\nGreece, which backed similar proposals in the past, did not\nseem as enthusiastic now because olive oil had been added to\nthe list of products affected.\n But the diplomats said a protectionist lobby in the U.S.\nAnd elsewhere was using the proposal as an excuse to promote\nanti-EC action, and the foreign ministers' debate should\ndemonstrate the strength of feeling against the proposal within\nthe EC and deprive its oponents of this argument.\n The ministers were also due to discuss proposals in the\nU.S. Congress for a range of protecionist legislation such as a\nbill that would curb EC textile exports.\n The diplomats said the ministers were expected to strongly\nback a Commission warning to Washington that such a bill, if\nenacted, would provoke swift EC retaliation.\n REUTER\n\u0003", "date": "15-MAR-1987 06:19:34.96", "topics": [ "trade", "veg-oil" ], "organisations": [ "ec" ], "places": [ "usa" ], "id": "5169" }, { "title": "NEW SAUDI SHARE INDEX INTRODUCED", "body": "Saudi Arabia's Ministry of Finance and\nNational Economy has started to issue an index to measure share\nactivity in the kingdom.\n An official of the Ministry's National Centre for Financial\nand Economic Information said the weekly index, based on the\nU.S. Standard and Poors Index, had been kept for over two years\nbut was only now being published.\n Measuring the prices of 48 companies currently traded in\nSaudi Arabia, the index reached 68.72 points in the week ended\nlast March 5, down from the previous week's 69.50.\n It is divided into four subcategories -- agriculture which\nstood at 99.03 points on March 5, industry at 54.44, services\nat 76.93 and finance at 61.46.\n The ministry begun issuing the index at a time when the\nsituation is improving in the Saudi stock market after a\ntwo-year decline.\n REUTER\n\u0003", "date": "15-MAR-1987 06:23:12.23", "places": [ "saudi-arabia" ], "id": "5170" }, { "title": "SAUDI BUSINESSMEN TO DISCUSS PRIVATE SECTOR", "body": "Saudi Arabian business\nleaders assembled for a conference aimed at thrashing out\nproblems facing the private sector of the kingdom's\noil-dependent economy.\n The meeting of some 500 top businessmen from across Saudi\nArabia comes at a time of guarded optimism in industry and\ncommerce following the OPEC pact to boost world oil prices.\n The four-day conference in this resort town, high in the\nmountains above the Tihamah plain stretching to the Red Sea,\nhas been organised by Saudi Arabia's chambers of commerce.\n Finance Minister Mohammed Ali Abal-Khail and Commerce\nMinister Suleiman Abdulaziz al-Salim will attend the first day.\n Bankers and businessmen said the conference will air\nproblems facing commerce and industry after last year's slide\nin oil prices and examine ways to promote higher investment in\na private sector sorely short of finance.\n Government planners have long recognised that Saudi Arabia,\nthe world's largest crude exporter, needs to foster private\nenterprise to diversify its oil-based economy.\n The fledgling private sector was hard hit by the Middle\nEast recession as early as 1983 and several big manufacturing\nand trading companies ran into problems repaying loans.\n Renewed optimism this year stems largely from the accord\nreached by OPEC last December to curb oil output and boost\nprices to a benchmark level of 18 dlrs per barrel.\n With oil prices recovering, Saudi Arabia went ahead at the\nturn of the year with long-delayed budget plans incorporating a\n52.7 billion riyal deficit to be bridged by drawing down\nforeign reserves.\n The simple act of publishing a budget restored a measure of\nconfidence to the business community.\n Some share prices have risen by more than 35 pct since last\nNovember, while banks are generally reporting a slowdown in the\nnumber of new non-performing loans.\n But not all bankers are convinced. One senior corporate\nfinance manager in Riyadh said: \"Banks are still reluctant to\nlend ... There is certainly more optimism in the air, but I am\nnot sure if it is firmly based.\"\n Some businessmen and bankers point out that government\nspending is still under tight control and the non-oil economy\nmay still be contracting.\n Capital expenditure on large projects has been cut sharply.\nA U.S. Embassy report on Saudi Arabia published just before the\nbudget said: \"While industrialisation has continued to be one of\nthe government's highest priorities, the recession, the\npayments problem and the lack of financing have reduced Saudi\nand foreign investor interest in industry.\"\n It is the lack of fresh investment that is expected to be a\nmajor issue among the businessmen gathered here.\n Official figures show the number of new licences for\nindustrial ventures fell 24 pct in the six months to March\n1986, compared with the same period in 1985.\n Lending by the Saudi Industrial Development Fund, a major\nsource of industry backing, has fallen steadily since 1983.\n Trading companies have also been hit, some caught with huge\ninventories of construction equipment as recession bit.\n Some firms laid off workers and cut bloated inventories.\nOthers have effectively been liquidated. A few have reached\nagreement with bankers to extend debt repayments.\n The latest rescheduling is for the shipping-to-hotels\nconglomerate REDEC. Its negotiators have just initialled a\ndraft accord to restructure payments on 1.3 billion riyals of\nbank debt.\n Bankers and businessmen said the conference was also likely\nto discuss the apparent reluctance of U.S. And British firms to\nstep up investment in the kingdom.\n A British government delegation has just left Riyadh after\nholding preliminary talks on ways of offsetting the huge Saudi\noutlay on a defence contract to supply 132 fighter aircraft\nworth five billion stg.\n REUTER\n\u0003", "date": "15-MAR-1987 07:12:06.18", "topics": [ "crude" ], "places": [ "saudi-arabia" ], "id": "5171" }, { "title": "CITROEN EXPECTS HIGHER PROFITS, HELPED BY AX", "body": "Automobiles Citroen expects rising\nsales of its new AX compact car to help boost profits\nsignificantly this year, continuing a financial recovery after\nsix straight years of losses, president Jacques Calvet said.\n Speaking to reporters during weekend trials for the new AX\nsports model, he said: \"All the budgetary forecasts that we have\nbeen able to make ... Show a relatively significant improvement\nin 1987, compared with 1986,\" he added.\n Citroen, part of the private Peugeot SA group,\nincreased its share of the French new car market to 13.7 pct in\nfirst two months 1987 from 12.1 pct a year earlier. It is\naiming for an average 12.8 pct share throughout the year after\n11.7 pct in 1986.\n The firm believes it is on target to raise its share of the\nEuropean market, excluding France, to 3.2 pct this year from\n2.9 pct in 1986.\n \"Our first problem is to produce enough vehicles to meet the\ndemand,\" Calvet said. \"This is a relatively new problem for us.\"\n Citroen lost close to two billion francs in 1984 but cut\nthe deficit to 400 mln in 1985, helped by moves to modernise\nits range and improve productivity.\n Calvet indicated last December he expected Citroen's 1986\nprofit to be between 250 and 500 million francs.\n This weekend he said that those profit estimates \"remain\nabout the same -- perhaps even a little more optimistic.\"\n Some of this optimism is due to the early success of the\nAX, launched on the French market last October. It will be\navailable throughout most of western Europe within four months.\n The car has registered just over 20,000 sales.\n It is being built at Citroen's large plant at Aulnay-sous-\nBois in northern Paris, as well as at Rennes in Brittany and\nVigo in Spain, with production just reaching target level of\n1,000 cars a day.\n The car, which Citroen markets as an intermediate model\nbetween its long-running 2CV and the Visa, is designed to\ncompete with the Renault 5, Volkswagen Polo and Opel Corsa.\n The AX had built up its market share in France to around\nfour pct last month. Calvet said: \"Our hope is that once the AX\nis fully developed, we will have between 6.5 and seven per cent\nof the national market.\"\n REUTER\n\u0003", "date": "15-MAR-1987 07:52:42.84", "topics": [ "earn" ], "places": [ "france" ], "id": "5172" }, { "title": "WELLINGTON, AUCKLAND BANK STAFF ACCEPT PAY DEAL", "body": "Trading bank staff in Wellington and\nAuckland voted to accept a 7.9 pct pay rise, ending any threat\nof strike action, the Bank Officers Union said.\n Union president Angela Foulkes told Reuters that Wellington\nand Auckland staff are still unhappy with the offer but\naccepted it because they could not have forced a higher offer\nwhen provincial union members had already accepted the 7.9 pct.\n Provincial bank staff approved the offer at meetings last\nweek but Wellington and Auckland workers had initially\nthreatened to strike in support of a higher claim.\n REUTER\n\u0003", "date": "15-MAR-1987 18:57:22.52", "places": [ "new-zealand" ], "id": "5173" }, { "title": "NEW ZEALAND CANCELS WEEKLY T-BILL TENDER", "body": "The Reserve Bank said it has\ncancelled the regular weekly treasury bill tender scheduled for\nMarch 17.\n It said in a statement that forecasts show a net cash\nwithdrawal from the system. Cash flows, which include\nhalf-yearly provisional and terminal tax payments, are expected\nto more than offset cash injections.\n Cash balances should fluctuate around 30 mln N.Z. Dlrs over\nthe week after open market operations, it added.\n REUTER\n\u0003", "date": "15-MAR-1987 20:36:50.89", "places": [ "new-zealand" ], "id": "5174" }, { "title": "NO TAIWAN SUGAR EXPORTS EXPECTED THIS YEAR", "body": "Taiwan is not expected to export sugar\nthis year because of falling production and growing domestic\nconsumption, state-owned Taiwan Sugar Corp said.\n A company spokesman told Reuters this will be the first\ntime in more than 40 years Taiwan has not exported sugar. Last\nyear, sugar exports totalled 149,755 tonnes.\n He said the actual production during the 1986/87 season\n(November/May) is about 480,000 tonnes, barely enough to meet\nlocal consumption. This compares with actual 1985/86 output of\n570,000. He said the production fall was due to typhoon damage\nto more than 6,000 hectares of canefields last year.\n REUTER\n\u0003", "date": "15-MAR-1987 21:54:20.84", "topics": [ "sugar" ], "places": [ "taiwan" ], "id": "5175" }, { "title": "LEADING INDUSTRIAL NATIONS TO MEET IN APRIL", "body": "Leading industrial nations will meet\nagain next month to review their accord on currency stability,\nbut U.S. Officials said financial markets are convinced for now\nthe countries will live up to commitments to speed up economic\ngrowth.\n The narrow currency movements of recent weeks strongly\nsuggests the six leading industrial countries have tamed the\nnormally unruly financial markets and next month's talks seem\nlikely to build on that stability.\n A Reagan administration official said the Paris agreement\nlast month was the main reason markets were calm.\n But he said in an interview that financial markets also\nunderstood, \"That all six countries concluded that the measures\nto be taken over a period of time in the future should foster\nstability of exchange rates around current levels. That is in\nfact what has happened since Paris.\"\n Monetary analysts said stability has been helped in part by\nthe decision of industrial nations to bury the hatchet and\ncease to quarrel over short-term policy objectives.\n Instead they have focused on medium-term policy goals, but\nleft room to adjust their agreements with periodic meetings.\n The official refused to comment, however, on whether the\nagreement included a secret pact to consider further\ncoordinated interest rate cuts -- a measure industrial nations\nhave taken jointly several times in the past year.\n On February 22, the United States, Japan, West Germany,\nFrance, Britain and Canada agreed that major currencies were\nwithin ranges broadly reflecting underlying economic\nconditions, given commitments by Washington to cut its budget\ndeficit and by Toyko and Bonn to boost economic growth.\n The shake-up would strengthen the U.S. Position in\nfuture international talks.\n \"I think these changes will strengthen the President's hand\npolitically and the stronger he is politically the better off\nwe are with the Congress and the better off we are in\ninternational fora,\" said the official, an Administration\neconomic policymaker. \"So it would be beneficial to the\ncontinued conduct of our initiatives.\"\n But the official also said the Administration would resist\ncalls for a tax increase to cut the budget deficit -- a target\nEuropeans say is crucial to help curb economic instability.\n Last week, dealers said the Federal Reserve intervened to\nstop the dollar rising against the mark, which had breached\n1.86 to the dollar. British authorities are also understood to\nhave intervened to curb sterling's strength.\n International monetary sources say finance ministers and\ncentral bankers, who will review market performance and their\nown economic prospects, will reassemble again in Washington\njust before the April 9 policymaking meeting of the\nInternational Monetary Fund.\n The sources said Italy, which refused to join the Paris\npact, was invited back by Treasury Secretary James Baker.\n Since Paris, there are signs West German growth is slowing,\nwhile U.S. Officials said they were giving Japan until April to\nshow that an economic stimulus package was in the offing.\n Signs of concern about German prospects emerged recently\nwhen Bundesbank (central bank) president Karl Otto Poehl told\nbankers he would consider cutting West German interest rates if\nthe Fed was ready to follow suit.\n A Reagan Administration official said this would show there\nhad been some change in approach on the part of the central\nbank in Germany.\n But he declined to comment on the prospects for action by\nthe Fed and the Bundesbank.\n \"If there is such a provision it is private and if I talked\nabout it, it would no longer be private,\" said the official, who\nasked not to be identified.\n Public comments by Fed officials suggest the central bank\nis keeping credit conditions broadly unchanged, but if the\nmajor economies continue to show sluggish growth and the U.S.\nTrade deficit remains stubbornly high, further coordinated\naction could be on the April agenda.\n REUTER...\n\u0003", "date": "15-MAR-1987 22:04:48.36", "topics": [ "money-fx" ], "places": [ "usa" ], "id": "5176" }, { "title": "HARPER AND ROW TO MULL OPTIONS AFTER BIDS", "body": "Harper and Row Publishers Inc said its\nboard of directors decided to take no action on two takeover\nbids that the company has received. Instead, it appointed a\ncommittee of independent directors to study strategic\nalternatives for the 170-year-old firm.\n The alternatives include continuation of the company's\nexisting business plans, possible business combinations, sales\nof stock, restructuring and the sale of all or part of the\ncompany.\n Kidder Peabody and Co Inc has been retained to advise on\nthe alternatives, Harper and Row added.\n Private investor Theodore Cross last week offered 34 dlrs a\nshare for Harper and Row, prompting a rival bid of 50 dlrs a\nshare from another publishing firm, Harcourt Brace Jovanovich\nInc .\n After considering the two offers at a meeting on Friday,\nthe Harper and Row board decided not to act on them.\n The directors unanimously expressed their strong desire to\npreserve the company's independence and take advantage of its\n\"considerable future prospects,\" according to director Winthrop\nKnowlton, former chief executive and now chairman of the newly\nestablished independent committee.\n \"However, given the significant current interest in the\ncompany, we also feel that we should carefully review all the\noptions available. The committee will consider all the\npertinent facts and alternatives.... We intend to make a\ncareful and informed decision but will proceed expeditiously to\na conclusion,\" Knowlton said.\n Pending its deliberations, Harper and Row's board has\npostponed indefinitely a special meeting of stockholders that\nhad been scheduled for April 2 to discuss a proposal to\nrecapitalize the company's stock to create two classes of\nshares with different voting rights.\n REUTER\n\u0003", "date": "15-MAR-1987 22:38:51.07", "topics": [ "acq" ], "places": [ "usa" ], "id": "5177" }, { "title": "SOVIET FIGURES SHOW ECONOMY STILL SHORT OF TARGETS", "body": "The Soviet economy recovered slightly\nlast month after a poor performance in January, but major\nindustries, including oil and machinery, are still short of\nproduction targets, official figures show.\n Central Statistical Board data published in the weekly\nEkonomicheskaya Gazeta yesterday showed that industrial output\nwas only up 0.8 pct in the first two months of 1987 over the\nsame period of last year.\n However, the figure for January alone showed a fall in\noutput of 0.1 pct from a year earlier. Production is targetted\nto increase 4.4 pct for all of 1987.\n The figures showed that only 77 pct of enterprises met\ntheir supply obligations in January and February.\n Production of oil, the country's main export to Western\nnations, hit 100 mln tonnes in January and February, up from\n97.3 mln a year earlier, and exceeded its target by 0.5 pct.\n Economists said this reflected the huge investments poured\ninto the oil sector in recent months in an effort to reverse\nthe stagnation in production which began in November 1983.\n Falling world oil prices last year helped cause a decline\nin Soviet trade with the West to 130 billion roubles from 141.6\nbillion in 1985.\n Ekonomicheskaya Gazeta said labour productivity targets\nwere also not fulfilled, but did not give figures.\n Economists said the overall data reflected exceptionally\nbad weather at the start of the year and stricter quality\ncontrols imposed on enterprises.\n Production in the machine-building sector, a priority in\nMoscow's plans for economic renewal, recovered slightly in\nFebruary but was still 3.6 pct lower in the first two months of\nthe year compared with the same period of 1986.\n The figures showed that five republics produced less than\nin the first two months of 1986.\n REUTER\n\u0003", "date": "15-MAR-1987 22:50:35.41", "topics": [ "ipi" ], "places": [ "ussr" ], "id": "5178" }, { "title": "PARIBAS PLAN TO ADJUST ECUADOR LOAN TERMS OPPOSED", "body": "Banque Paribas, which arranged a 220\nmln dlr loan for Ecuador last year to pre-finance oil exports,\nwants to adjust the terms of the facility to help the country\nrecover from a devastating earthquake, bankers said.\n But the French bank's plan, which would effectively\npostpone repayment of about 30 mln dlrs of the loan for several\nmonths, is running into stiff resistance from many of the 52\nmembers of the loan syndicate.\n The pipeline that carries all Ecuador's oil exports was\nruptured in the March 5 tremor and will take about five months\nto repair at a cost of some 150 mln dlrs.\n President Leon Febres Cordero on Friday estimated total\ndamage caused by the quake at one billion dlrs and said that as\na result Ecuador would maintain January's suspension of\ninterest payments on its foreign commercial bank debt.\n Payments were halted in January because of the drop in the\nprice of oil, which accounts for nearly two-thirds of Ecuador's\nexport earnings and 60 pct of government revenue.\n Many banks in the Paribas facility, although sympathetic to\nEcuador's plight, feel that emergency financial relief is a job\nfor international financial organisations and not for\ncommercial banks, bankers said.\n The 18-month oil-financing facility, which was signed last\nOctober 28, is one of the few purely voluntary credits for a\nLatin American nation since the region's debt crisis erupted in\nAugust 1982.\n Because it was a voluntary deal, many bankers feel strongly\nthat the orginal terms must be adhered to. Otherwise, they\nfear, the gradual re-establishment of normal market conditions\nfor Latin borrowers will be set back.\n \"There's a lot of reluctance by the other banks. They feel\nit's a different facility, and so any kind of suggestion of a\nrestructuring would look bad,\" one banker said.\n REUTER\n\u0003", "date": "15-MAR-1987 22:54:27.96", "places": [ "ecuador", "france" ], "id": "5179" }, { "title": "EGYPT, SOVIET UNION TO RENEGOTIATE ARMS DEBT TERMS", "body": "Egypt and the Soviet Union are expected\nto sign an agreement in Moscow next week settling Cairo's three\nbillion dlr military debt, Egyptian officials said.\n One official, who asked to remain anonymous, told Reuters a\ndraft agreement would reduce to zero from two pct future\ninterest payable on the 10 year-old debt, and set a 25 year\nrepayment term.\n Talks are due to begin in Moscow on Wednesday.\n Economy Minister Youssri Mustapha, who leaves for Moscow on\nTuesday, met President Hosni Mubarak and Egyptian ambassador to\nMoscow Salah Bassiouni to discuss the issue.\n One official said Egypt would propose a new exchange rate\nfor trade with the Soviet Union. Current commerce is based on a\nrate set in the 1960s of 0.38 Egyptian pounds to the dollar\nwhich Moscow sees as unreasonable. The fluctuating official\nrate is about 1.36 pounds to the dollar.\n The officials said part of the debt would be paid in\nexports of goods such as textiles, leather and furniture.\n Egypt wants to settle the debt problem partly to open the\ndoor for new cooperation, mainly in modernising Soviet-built\nsteel, aluminium and fertiliser plants under a five-year\ndevelopment plan ending June 30 1992.\n Egypt, which already imports Soviet coal, wood, newsprint\nand glass, also wanted a debt deal to allow purchases of\ncurrently blocked spare parts for its ageing Soviet military\nhardware, the officials said.\n An estimated 65 pct of Egypt's arsenal is still made up of\nSoviet-supplied equipment, one official said.\n Cairo stopped repaying Moscow for arms purchases in 1977\nwhen then-president Anwar Sadat broke with its long-standing\nally and turned to the U.S..\n REUTER\n\u0003", "date": "15-MAR-1987 23:02:29.38", "places": [ "egypt", "ussr" ], "id": "5180" }, { "title": "PERU BEGINS FOREIGN EXCHANGE RATIONING", "body": "Peru will put into effect Monday a foreign\nexchange rationing system for imports designed to stop a slide\nin the country's international reserves, a government decree in\nthe Official Gazette said.\n Under the system, importers will be required to present a\nbill from the foreign seller of goods and apply for a license\nfor foreign exchange. The central bank will have 10 days to\ndecide whether to issue the required foreign exchange.\n Net international reserves now total about 800 mln dlrs\ncompared to 1.54 billion dlrs a year ago.\n The system will be effective until the end of 1988.\n A ceiling for foreign exchange availability will be set by\na council with members from the central bank, the economy\nministry and the planning and foreign trade institutes. The\ncentral bank will issue licenses to procure foreign exchange in\naccordance with guidelines set by the council.\n Peru's reserves fell sharply due to a drop in the trade\nsurplus to about five mln dlrs in 1986 from 1.1 billion in\n1985, according to preliminary central bank estimates.\n Total exports dropped to 2.50 billion dlrs last year against\n2.97 billion in 1985.\n Imports last year rose sharply as gross domestic product\ngrew by about 8.5 pct, the highest economic growth level\nregistered in 12 years. Imports were about 2.49 billion dlrs in\n1986 against 1.87 billion in 1985, according to preliminary\nestimates.\n The cushion of reserves allowed Peru to take a hard-line\ndebt stance last year and suspend most payments due on its 14.3\nbillion dlr foreign debt.\n REUTER\n\u0003", "date": "15-MAR-1987 23:06:17.66", "topics": [ "money-fx", "reserves" ], "places": [ "peru" ], "id": "5181" }, { "title": "SAUDI ARABIA TO EXAMINE LATE CONTRACTOR PAYMENTS", "body": "Finance Minister Mohammed\nAli Abal-Khail said a committee will be set up to examine the\nproblem of late government payments to contractors and\ncompanies operating in the kingdom.\n He told a working session on the first day of a\nbusinessmen's conference yesterday that the committee, made up\nof Finance Ministry and Chamber of Commerce officials, will be\nformed shortly.\n He said the committee will also investigate disputes\nbetween contractors and the government, but said the foreign\npress had to some extent exaggerated payments problems.\n Abal-Khail said, \"It is only natural that among those\nthousands of contracts some problems perpetrated by disputes\nover specifications, contractual obligations, project-handovers\nand duration of contracts arose.\"\n Late payments, or in some cases total absence of payments,\nhave been a major source of concern for both the Saudi private\nsector and foreign contractors operating in the kingdom.\n Businessmen said the minister's remarks were a rare\nadmission of problems in the contract sector and the first\nconcrete sign of government action to tackle payments delays.\n REUTER\n\u0003", "date": "15-MAR-1987 23:10:51.98", "places": [ "saudi-arabia" ], "id": "5182" }, { "title": "TAIWAN SAYS U.S. WANTS TAIWAN DOLLAR TO APPRECIATE", "body": "The United States wants Taiwan's\ncurrency to appreciate faster to reduce Taiwan's trade surplus\nwith the U.S., A senior trade official said.\n Board of Foreign Trade director Vincent Siew told reporters\non Saturday U.S. Officials told him in Washington last week\nthat unless Taiwan allowed its dollar to rise faster it would\nface retaliation.\n Siew returned from Washington on Friday after the U.S\nresponded to Taiwan's request to increase its textile export\nquotas by promising further talks in May. Taiwan's surplus with\nthe U.S. Hit a record 13.6 billion U.S. Dlrs in 1986.\n Washington signed a three-year accord with Taipei last year\nlimiting textile export growth to 0.5 pct a year.\n Siew said the Taiwan dollar had risen by about 15 pct\nagainst the U.S. Dollar since September 1985.\n It surged last week amid indications Washington was seeking\na major rise in its value. It rose four cents against the U.S.\nDollar on Saturday to close at 34.59.\n Western trade sources told Reuters Taiwan and the U.S. Have\nbeen holding talks on the currency issue but added it is not\nclear how far Washington wants to see the Taiwan dollar rise.\n REUTER\n\u0003", "date": "15-MAR-1987 23:20:06.27", "topics": [ "money-fx" ], "places": [ "taiwan", "usa" ], "id": "5183" }, { "title": "SAUDI ECONOMIC OUTLOOK IMPROVED, MINISTER SAYS", "body": "Saudi Arabia's economy is\nshowing signs of picking up after problems last year caused by\nthe steep fall in oil prices, Commerce Minister Suleiman\nAbdulaziz al-Salim said.\n Salim told a conference of Saudi businessmen the government\nhad taken a bold step to stimulate the economy by drawing down\nmore than 50 billion riyals of reserves in its 1987 budget.\n Salim said one tangible sign of that optimism had been a\nstrong rise in the price of Saudi shares. Some have gained by\nmore than 35 pct since last November.\n But the keynote speaker, Prince Khaled al-Faisal, accused\nSaudi businessmen of ingratitude because they preferred to\ninvest abroad rather than in Saudi Arabia.\n The need to increase private investment in Saudi Arabia is\nexpected to be a major theme of the conference.\n Saudi Arabia's economic planners have long recognised the\nneed to stimulate the private sector and diversify the\noil-dependent economy.\n But despite the encouraging signals cited by Salim, some\nbusinessmen and bankers said they are still sceptical about\nprospects for the economy.\n REUTER\n\u0003", "date": "15-MAR-1987 23:21:52.88", "places": [ "saudi-arabia" ], "id": "5184" }, { "title": "TANZANIA WANTS TO EXPORT 200,000 TONNES OF MAIZE", "body": "Tanzania seeks to export a\nsurplus of 200,000 tonnes of maize from last year's bumper\nharvest, agriculture minister Paul Bomani said yesterday.\n The 1986 maize crop was officially estimated at 2.1 mln\ntonnes, but only a fraction of this was marketed, with most\ngrain consumed by the farmers who grew it.\n The state-owned National Milling Corp (NMC) meanwhile said\nit is trying to sell 190,742 tonnes of maize stored in\ndifferent parts of the country.\n NMC acting general manager John Rubibira said Tanzania has\nonly 56,000 tonnes of silo storage capacity, concentrated in\nDar es Salaam, Arusha in the north and Iringa in central\nTanzania.\n In addition, the country has 450,000 tonnes of flat storage\ncapacity, he added.\n Rubibira said the government is planning to build new silos\nin the main maize producing areas of Iringa, Mbeya, Ruvuma and\nRukwa.\n REUTER\n\u0003", "date": "15-MAR-1987 23:24:30.61", "topics": [ "grain", "corn" ], "places": [ "tanzania" ], "id": "5185" }, { "title": "PHILIPPINES' ONGPIN OPTIMISTIC ON DEBT TALKS", "body": "Philippines finance minister Jaime\nOngpin said he was cautiously optimistic an accord on debt\nrescheduling would be reached with commercial bank creditors,\nas he prepared for the third week of talks starting Monday.\n \"One can never be too optimistic, but I'm cautiously\noptimistic that we can get an agreement....We think we're close\nto a deal,\" Ongpin told Reuters by telephone.\n He said he had received a new proposal from the banks late\nFriday and had spent the weekend evaluating it with other\nmembers of the Philippine delegation.\n Ongpin declined to disclose details of the banks' new offer\nand bankers also declined to be specific ahead of their next\nmeeting with Ongpin on Monday. But one senior banker said he\ntoo was guardedly optimistic a deal could be struck, possibly\nby the end of the week.\n Still at the heart of the talks is Ongpin's offer to pay\npart of the country's interest bill in Philippine Investment\nNotes, PINs, instead of cash. The bank creditors' advisory\ncommittee led by Manufacturers Hanover Trust Co rejected the\nconcept as it was originally drafted, but the counter-proposal\nmade on Friday contains a revised version, bankers said.\n Manila, seeking to reschedule 9.4 billion dlrs of its total\ndebt of 27.2 billion, wants to pay the London Interbank Offered\nRate (LIBOR) in cash and a margin above LIBOR in PINs.\n These dollar-denominated notes would be sold by banks at a\ndiscount to multi-national firms which would then convert them\nat face value with the central bank, thus receiving subsidized\npesos for use in funding government-approved investments.\n Effectively foreign companies would be paying the interest\nmargin above LIBOR. The Philippines would conserve foreign\nexchange and enjoy investment inflows, reducing marginally the\nneed to seek new bank loans.\n But the banks rejected the PINs proposal in its original\nform, fearing regulatory and accounting problems.\n They were also reluctant to veer from the principle that\ninterest should be paid in cash not paper, fearing that other\ndebtor nations would emulate the idea, bankers said.\n Ongpin sweetened his original offer by guaranteeing that\nhis government would redeem the notes at 7/8 pct over LIBOR if\nthere was no buyer in the secondary market.\n Last week the banks came under pressure to accept this,\nwhen senior U.S. Officials endorsed it as fully consistent with\nTreasury Secretary James Baker's debt strategy.\n But banking sources said that the margin over LIBOR was\nstill a sticking point.\n After Venezuela clinched a revised rescheduling agreement\nlast month at 7/8 pct over LIBOR, some New York bankers\nimediately claimed that 7/8 pct should be seen as a new\nbenchmark for a debtor that needs no new loans, is current on\ninterest and is repaying some principal.\n The Philippines meets the first two criteria but not the\nthird.\n REUTER\n\u0003", "date": "15-MAR-1987 23:28:04.56", "places": [ "philippines" ], "id": "5186" }, { "title": "TAIWAN CABINET APPROVES INCREASE IN BOND ISSUES", "body": "The cabinet has approved a finance\nministry plan to raise the amount of outstanding government\nbonds as a percentage of the total budget in financial year\n1987/88 starting July 1, to meet growing demand for funds for\nmajor construction projects, a cabinet official said.\n The increase would allow outstanding bonds to total 40 pct\nof the 1987/88 budget, up from 25 pct in the current year.\n He said the increase would allow the government to issue\nbonds worth up to about 105 billion Taiwan dlrs in the next\nfinancial year, up from 49.6 billion in the current year. The\nproposal will go to parliament for final approval.\n A finance ministry official told Reuters the increase in\nbond issues was necessary to finance 14 major projects,\nincluding highways, power plants, an underground railway and a\nreceiving terminal for liquefied natural gas.\n Spending on major projects is expected to total more than\n120 billion Taiwan dlrs in 1987/88, compared to 89 billion in\nthe current year, he said.\n REUTER\n\u0003", "date": "15-MAR-1987 23:28:27.43", "places": [ "taiwan" ], "id": "5187" }, { "title": "", "body": "Year to December 31, 1986\n Net profit 78 mln N.Z. Dlrs vs 45 mln\n Pre-tax profit 147 mln vs 88 mln\n Total assets 7.7 billion vs 6.4 billion\n Notes - The company is 100 pct owned by Lloyds Bank Plc\n. Results include for the time first a pre-tax profit,\nof 11 mln N.Z. Dlrs, from Australian unit .\n REUTER\n\u0003", "date": "15-MAR-1987 23:32:09.01", "topics": [ "earn" ], "places": [ "new-zealand" ], "id": "5188" }, { "title": "AUSTRALIAN CURRENT ACCOUNT DEFICIT SEEN NARROWING", "body": "Australia's current account deficit for\nFebruary is expected to narrow to a range of between 700 mln\nand one billion dlrs, from the unrevised January level of 1.29\nbillion, market economists polled by Reuters said.\n Statistics Bureau February figures are out tomorrow.\n The economists said a key element in the narrowing would be\na reversal of the drop in exports which took place in January,\nafter a sharp rise in December when the deficit was only 598\nmln dlrs.\n As an example they quoted wheat export volume, which rose\nabout 30 pct in February after dropping as much in January.\n A lack of aircraft imports in February should also\ncontribute on the trade account although it is still likely to\nremain in deficit, the economists said.\n Other positive influences on the current account balance\nshould be a decline in the invisibles deficit following a\nseasonal fall in interest payments and the dropping out of\ncertain official aid payments, they said.\n They said the Australian dollar, which last week touched an\neight-month high of 0.6900 U.S. Dlrs but is now around the\n0.6800 level, should not react adversely to the figures unless\nthe current account shortfall tops one billion dlrs.\n REUTER\n\u0003", "date": "15-MAR-1987 23:35:37.83", "topics": [ "bop", "trade" ], "places": [ "australia" ], "id": "5189" }, { "title": "ZAMBIA, IMF TALKS HIT PROBLEMS OVER FOOD SUBSIDIES", "body": "Zambia's talks with the World Bank and\nInternational Monetary Fund (IMF) on a financial rescue package\nhave run into difficulties on the issue of food subsidies, an\nofficial newspaper said.\n The Times of Zambia, which is run by the ruling United\nNational Independence Party (UNIP), quoted official sources as\nsaying the IMF and World Bank had refused to continue financing\nfood subsidies and were pressing the government to explain how\nit proposes to pay for them.\n President Kenneth Kaunda tried to abolish maize subsidies\nlast December, in line with IMF recommendations, but the move\ncaused maize meal prices to double overnight and led to riots\nin which 15 people were killed.\n The subsidies were immediately restored as part of moves to\nquell the disturbances, but they are estimated to cost the\ngovernment about 500 mln kwacha per year.\n The Times of Zambia said another major issue in the\ngovernment's current talks with the IMF and World Bank was the\nremodelling of Zambia's foreign exchange auction.\n The central bank's weekly auction of foreign exchange to\nthe private sector has been suspended since the end of January,\npending modifications to slow down the rate of devaluation and\ndampen fluctuations in the exchange rate.\n The kwacha slid to around 15 per dollar under the auction\nsystem, losing 85 pct of its value in 16 months. However, since\nthe end of January it has been revalued to a fixed rate of nine\nper dollar.\n Banking sources said Zambia was persuaded by the World Bank\nand IMF to lift its proposed ceiling of 12.50 kwacha per dollar\non the currency's devaluation once the auctions restart.\n According to the Times of Zambia, the IMF team, led by\nassistant director for Africa Paul Acquah, is due to conclude\nits talks with the government on schedule on March 23.\n The IMF mission arrived in Lusaka on February 26 and its\ntalks with the government have taken longer than expected.\n REUTER\n\u0003", "date": "15-MAR-1987 23:37:04.09", "topics": [ "money-fx" ], "organisations": [ "imf", "worldbank" ], "places": [ "zambia" ], "id": "5190" }, { "title": "JAPAN LINE SELLING TANKERS AND BULKERS", "body": "Major tanker operator, Japan Line Ltd\n, is selling 20 VLCCs and several bulk carriers for\nscrap or further trading, industry sources said.\n The tanker disposals include Japan Orchid (231,722 dwt),\nJapan Lupinus (233,641 dwt), Sovereign (233,313 dwt), Rosebay\n(274,531 dwt), Saffron (268,038 dwt) and Cattleya (267,807\ndwt), all of which have been reported on the London sale and\npurchase market, they said, but refused to give further\ndetails.\n Japan Line officials declined to comment.\n REUTER\n\u0003", "date": "15-MAR-1987 23:52:53.51", "topics": [ "ship" ], "places": [ "japan" ], "id": "5191" }, { "title": "(CORRECTED)-IVORY COAST CONFIRMS PRESENCE AT TALKS", "body": "A senior Ivory Coast Agriculture\nMinistry official confirmed his country's backing for a new\ninternational cocoa pact and said Ivorian delegates would be\npresent at talks on its buffer stock starting this week.\n The official told Reuters that Ivorian Agriculture Minister\nDenis Bra Kanon would attend the opening of the talks, convened\nby the International Cocoa Organization (ICCO), in London on\nMonday.\n While Bra Kanon is due to return home this week for funeral\nceremonies for a sister of Ivorian President Felix\nHouphouet-Boigny, scheduled to be held in the country's capital\nYamoussoukro between March 19-22, senior Ivorian delegates will\nbe present throughout the London talks, the official said.\n Bra Kanon is chairman of the ICCO Council and rumours that\nhe or Ivorian delegates might be delayed because of public\nmourning in the West African nation helped depress already low\nworld cocoa prices Friday.\n The official said Ivory Coast continued to support the new\npact, which was agreed in principle last year by most of the\nworld's cocoa exporters and consumers.\n He also said Bra Kanon would fulfil his duties as ICCO\nCouncil chairman during the talks, scheduled to end on March\n27.\n The meeting aims to set rules for the operation of the\npact's buffer stock which producers hope will boost a market\nhit by successive world cocoa surpluses.\n Ivory Coast did not participate in the last international\ncocoa pact and its decision to join the new accord has sparked\nhopes that it will be more successful in supporting prices.\n REUTER\n\u0003", "date": "16-MAR-1987 00:00:01.81", "topics": [ "cocoa" ], "organisations": [ "icco" ], "places": [ "ivory-coast" ], "id": "5192" }, { "title": "TREASURY, FOREIGN RESERVES ARE JORDAN'S PRIORITIES", "body": "Jordan's key economic priorities are\nhaving a sound national treasury and adequate foreign exchange\nreserves, Prime Minister Zeid al-Rifa'i said.\n \"First, the national treasury should be in sound shape when\ndealing with the public and other countries so that its\ncredibility is preserved,\" he said in a television interview\nSaturday.\n \"The second priority is to maintain an acceptable level of\nforeign exchange reserves to provide (the) stability and\nconfidence needed by the government to meet foreign\ncommitments.\"\n Rifa'i said Jordan's outstanding government-guaranteed and\ncommercial loans total 902 mln dinars with a debt service ratio\nof 14.9 pct.\n The figure was sharply lower than the 1.02 billion dinars\nin outstanding loans at the end of September, according to\nlatest Central Bank figures.\n Rifa'i dismissed the view of some bankers and economists\nhere that the dinar, which is pegged to a basket of currencies,\nis overvalued.\n \"The dinar is strong and stable and we intend to preserve\nits stability,\" he said.\n The prime minister said he hoped the next Arab summit would\ntackle the question of continuing financial aid to Jordan.\nUnder a 10-year agreement reached in 1978, Jordan was to\nreceive a total of 1.25 billion dlrs annually from Algeria,\nIraq, Kuwait, Libya, Qatar, Saudi Arabia and the United Arab\nEmirates to help it resist Israel.\n But only Saudi Arabia met its obligations, while the others\nfailed because of falling income due to lower oil prices.\n REUTER\n\u0003", "date": "16-MAR-1987 00:03:25.13", "topics": [ "reserves", "money-fx" ], "places": [ "jordan" ], "id": "5193" }, { "title": "LANGE PREDICTS N.Z. INFLATION TO FALL TO 8-10 PCT", "body": "New Zealand's inflation rate could\nfall to eight pct in the coming year, Prime Minister David\nLange said.\n He said forecasts to be released soon by research groups\nwould predict a rate of around eight or nine pct in the 12\nmonths to the end of March 1988, against 18.2 pct in calendar\n1986.\n \"I predict it will be something between eight and 10 per\ncent,\" he told a news conference.\n Lange would not name the forecasting groups.\n REUTER\n\u0003", "date": "16-MAR-1987 00:31:49.03", "topics": [ "cpi" ], "places": [ "new-zealand" ], "id": "5194" }, { "title": "MALAYSIA WELCOMES ACCORD ON NEW RUBBER PACT", "body": "Malaysian Primary Industries\nMinister Lim Keng Yaik welcomed the basic accord reached over\nthe weekend in Geneva between producers and consumers on a new\nInternational Natural Rubber Agreement (INRA).\n \"This is a good development and if a new pact is adopted\nthis week it will augur well for the rubber industry and prices\nin the long term,\" he told Reuters here.\n Negotiators at a United Nations conference on a new INRA\nresolved differences and agreed last Saturday on basic elements\nfor a new pact to replace the current one, which expires in\nOctober.\n Conference Chairman Manaspas Xuto said legal drafting of\nthe new pact will begin this week and it is expected to be\nformally adopted by some 40 countries on March 20.\n Malaysia, the world's top producer, acted as spokesman for\nproducers at the talks, which began on March 9.\n Malaysian traders said they expected prices to firm by a\nfew cents on the news that a pact is expected to be adopted.\n Prices will also firm in the short term because some\n370,000 tonnes of rubber held in INRA buffer stock will not be\nliquidated with a new pact in sight, they said.\n REUTER\n\u0003", "date": "16-MAR-1987 00:36:40.10", "topics": [ "rubber" ], "places": [ "malaysia" ], "id": "5195" }, { "title": "JAPAN JANUARY INDUSTRIAL PRODUCTION REVISED UP", "body": "Japan's January seasonally adjusted\nindustrial production index (base 1980) was revised upwards to\n122.3 from a preliminary 122.0, the Ministry of International\nTrade and Industry said.\n The revised adjusted January index was down 0.5 pct from\nDecember when it rose 3.6 pct from a month earlier.\n The revised unadjusted January index rose 0.5 pct from a\nyear earlier, after a one pct year-on-year December rise.\n The adjusted producers' shipment index (base 1980) for\nJanuary was revised upward to 117.7 from a preliminary 117.4.\n The index was down 0.7 pct from December when it rose three\npct from a month earlier. The revised unadjusted index was up\n1.0 pct from a year earlier after a 1.4 pct year-on-year\nDecember rise.\n The adjusted index of producers' inventories of finished\ngoods (base 1980) for January was unchanged from a preliminary\n105.9. The index was down 0.3 pct from December when it rose\n1.1 pct. Unadjusted, the revised index was down 2.3 pct from a\nyear earlier after a 2.1 pct year-on-year drop in December.\n REUTER\n\u0003", "date": "16-MAR-1987 00:45:59.79", "topics": [ "ipi", "inventories" ], "places": [ "japan" ], "id": "5196" }, { "title": "JAPAN FIRMS SELL GENERATORS FOR SOUTH AMERICAN DAM", "body": "A Japanese consortium will supply 10\ngenerators worth some 10 billion yen to a joint\nArgentine/Paraguay hydroelectric project, a Mitsubishi Electric\nCorp official said.\n The presidents of Mitsubishi Electric, Hitachi Ltd \nand Toshiba Corp , the three firms in the consortium,\nwill sign the contract with Entidad Binacional Yacyreta, an\nArgentine public company, later this month.\n The Export-Import Bank of Japan Ltd will provide yen\nfinancing for the project, the official said.\n REUTER\n\u0003", "date": "16-MAR-1987 01:00:02.36", "places": [ "japan" ], "id": "5197" }, { "title": "BRAZIL AIRLINE SEEN IN BOEING PLANE LEASE DEAL", "body": "State-affiliated financial institutions\nand commercial banks from eight countries are expected to lend\na U.S. Leasing company 400 mln dlrs to finance the purchase\nfrom Boeing Co of six Boeing 767 planes that will be\nleased to Brazil's Varig airline, banking sources said.\n The deal is expected to be signed in May, covering a 12\nyear period, with deliveries starting the same month.\n Japan's share in the deal is expected to be about 14 mln\ndlrs, part of which will come from the Export-Import Bank of\nJapan Ltd, the sources said. Canada, France, Italy, Sweden, the\nU.K., U.S. And West Germany are also involved, they said.\n REUTER\n\u0003", "date": "16-MAR-1987 01:20:30.83", "places": [ "brazil", "japan" ], "id": "5198" }, { "title": "AUSTRALIAN ECONOMY NEEDS MORE INVESTMENT, BANK", "body": "Australia faces the risk of recession if\ncapital expenditure does not grow from the subdued levels of\nrecent years, the Commonwealth Bank of Australia said.\n \"Without stronger levels of capital expenditure, the\nstructural adjustment that is so critical to overcoming the\neconomy's fundamental problems cannot occur,\" the bank said its\nlatest Economic Newsletter.\n \"In that event, Australia would be destined to experience a\nprolonged period of sub-par growth at best, with the very real\nrisk that the onset of serious recession would become\nunavoidable,\" it said.\n Australia's medium-term economic performance will be\nfundamentally determined by business investment in the period\nimmediately ahead, the bank said.\n It said spending has been disappointing in recent years due\nto low capacity utilisation, low expected profitability and\nvery high real interest rates.\n There also appears to be little likelihood of any\nsignificant improvement for the present, it said.\n Investment is strongly influenced by medium-term\nuncertainties and risks and these are likely to continue for\nthe present, it said.\n REUTER\n\u0003", "date": "16-MAR-1987 02:11:36.30", "places": [ "australia" ], "id": "5199" }, { "title": "VW CURRENCY LOSSES SEEN INVOLVING SEVERAL TRADERS", "body": "The extraordinary foreign exchange\nloss of 480 mln marks reported last week by Volkswagen AG\n (VW) is so large that outside currency traders were\nprobably involved in the case, currency sources said.\n They were commenting after weekend newspaper reports that\nprosecutors were transferring the focus of their enquiries to\nFrankfurt, West Germany's main foreign exchange centre.\n Volkswagen announced last Tuesday that it had called in\nprosecutors to investigate a possible fraud involving currency\nhedging.\n The newspaper Welt am Sonntag said the investigation by\nstate prosecutors was now considering whether the alleged VW\ncurrency manipulators had outside banking accomplices.\n The transactions were only possible, \"because the culprits\npossessed genuine bank forms, with the help of which they were\nable to deceive controllers for years,\" the newspaper said.\n But currency sources said there were so many loopholes in\nevery bank's currency dealing system that controls could easily\nbe avoided.\n Rolf Selowsky, financial member of the management board,\nhas resigned in the wake of the affair, a VW spokesman said.\n Selowksy's resignation followed a VW announcement on Friday\nthat foreign exchange chief Burkhard Junger had been dismissed\nand Guenther Borchert, head of the financial transfer\ndepartment, had been suspended along with Siegfried Mueller,\nhead of the central cash and currency clearing.\n Four other members of the foreign exchange staff were also\nsuspended, but no charges have been laid.\n VW Supervisory board chairman Karl Gustaf Ratjen said\nentire data tapes had been erased and programs altered in\nforged transactions.\n Der Spiegel magazine said VW financial controllers\ndiscovered the uncovered positions on February 18 when VW\nexpected a currency forward contract with the Hungarian\nNational Bank to mature, but Hungarian bank officials said they\nknew nothing of the transaction and the supposed contracts were\nforgeries.\n The Budapest-based bank refused to buy the dollars and has\nnot commented on the affair.\n The Hungarian National Bank is, along with the Soviet Bank\nof Foreign Trade, one of two major East Bloc currency traders\nand most major banks based in Germany deal with it regularly.\n It would not be possible, the sources said, for any bank to\nrenege on a genuine forward contract since this would\nimmediately become known and effectively prevent the bank from\noperating further in the spot or forward currency markets.\n Longer-maturity forward contracts, even contracts of up to\n10 years, were now becoming more common, they said but the\nlonger and larger the contract, the more likely it was that it\nwould be transacted with a domestic institution.\n Being one of Germany's most diversified multi-nationals, VW\nhas exposure in a large number of currencies and dealt in these\nwith most banks in Frankfurt and also abroad, sometimes through\ncurrency brokers, although it has the reputation of doing\nrelatively little hedging, currency sources said.\n \"They (VW) are always in the market, more or less trading as\na bank,\" one senior dealer said.\n Some newspaper reports said the losses were incurred\nbecause of VW's failure to take out currency hedging contracts\nbeginning at the end of 1984, when the dollar was rising.\n But the currency sources said market speculation was that\ndollar income of around one billion dlrs was involved and that\nthe bulk of the transactions occurred last year since which\ntime around 50 pfennigs per dollar was lost when the dollar\nfall continued.\n Longer-maturity currency contracts for more than 100 or 200\nmln dlrs each were rare. Taking several in this size out with a\nsingle bank would be easily spotted by financial controllers.\n One senior dealer for a German bank said, \"There's no way\nthey can have hoped to get away with it. It's too big.\"\n The sources added that the involvement of the Federal\nCriminal Office (BKA) in Wiesbaden could indicate that the\ninvestigation would lead outside Germany.\n BKA has the mandate to handle criminal cases that may\ninvolve foreign police forces or supranational services such as\nInterpol. However the branch also handles cases that transcend\nfederal state borders within Germany.\n REUTER\n\u0003", "date": "16-MAR-1987 02:28:01.58", "places": [ "west-germany" ], "id": "5200" }, { "title": "GERMAN BANKING AUTHORITIES WEIGH SWAP REGULATIONS", "body": "German banking authorities are\nweighing rules for banks' off-balance sheet activities in an\nattempt to cope with the growing volume of sophisticated\ncapital market instruments, banking sources said.\n Interest rate and currency swaps and currency options are\nunder closest scrutiny, and if revisions are made they may\nresemble regulation jointly proposed by the U.S. And U.K. To\nJapan. Juergen Becker, director of the Bundesbank's division of\nbanking law and credit supervision, said the U.S.-British\nproposals were interesting, but declined to elaborate.\n But banking sources said West Germany was more likely to\nproduce its own conclusions than to adopt foreign proposals.\n \"There is no formal plan yet, but talks are in the latter\nstages,\" one representative of the German Banking Association in\nCologne said. Bankers expect rule changes this year.\n All alterations must be approved by the Bundesbank, West\nGermany's four major banking associations and the Federal\nBanking Supervisory Office.\n Talks have been slowed by the fact that fundamental changes\nwould require a revision of Germany's credit law, which has\nbeen in effect since 1934.\n Authorities favour reinterpreting the credit law to fit\npresent circumstances in order to avoid the long parliamentary\npolitical process of changing it, banking sources said.\n Since the beginning of 1984 the banking law has limited\nbanks' lending to 18 times shareholders' equity plus reserves,\non a consolidated basis.\n But lending ratios do not extend to several newer\ninstruments such as spot and forward currency contracts,\ncurrency and interest swaps, commercial paper programs,\ncurrency options, interest rate futures in foreign currencies\nand various innovative types of interest rate hedges.\n The sources said the main value of the U.S.-U.K. Proposals\nlay in differentiating between different types of risk factor,\nand, for instance, in placing greater weight on currency swaps\nthan interest swaps. But even if German banking authorities\nagree with some of the assessments of swaps, they disagree on\nhow to find balance sheet equivalents for the risk.\n U.S.-British proposals include a complicated series of\nformulae for assessing the stream of payments involved in\nswaps, whose ultimate risk is borne by the financial\nintermediary, especially when counterparties remain anonymous.\nThis is the so-called market-to-market value.\n But German authorities are likely to consider this much too\ncomplex and to base their evaluation instead on a schedule of\nlending ratings assigned according to the creditworthiness of\nthe borrowers involved, the sources said.\n The weightings, also likely if lending ratios are extended\nto include banks' securities portfolios, are zero for public\nauthorities, 20 pct for domestic banks, 50 pct for foreign\nbanks and 100 pct for other foreign and non-bank borrowers.\n A further complication is that the more flexible\ndefinitions of equity allowed in the U.S. And the U.K. May put\nGerman banks at a competitive disadvantage, the sources said.\n Stricter definitions here also mean the use of a version of\nthe U.S.-U.K. Proposals could far exceed the intent of the U.S.\nAnd British authorities, the sources said.\n One specialist for Dresdner Bank AG said a long-dated\nforeign exchange forward transaction could, for instance, be\nbrought under the same rule as a cross-currency swap, despite\nthe fact that the risk may be entirely different.\n How new regulations will affect foreign banks here was\nuncertain. Many have converted to full subsidiary status and\napplied for a full banking licence over the last two years in\norder to lead-manage mark eurobonds.\n But as their equity capital is fairly small, tight lending\nratios will severely hamper foreign banks' freedom of movement,\nparticularly in the growing business of currency swaps, if they\nare required to include more transactions in the balance sheet,\nthe sources added.\n REUTER\n\u0003", "date": "16-MAR-1987 03:00:35.30", "topics": [ "money-fx" ], "places": [ "west-germany", "usa", "uk" ], "id": "5201" }, { "title": "NEW ZEALAND GOVERNMENT BORROWS 100 MLN STERLING", "body": "The New Zealand government borrowed\n100 mln stg on the Eurosterling market to refinance a loan of\nthe same amount maturing in June, Finance Minister Roger\nDouglas said in a statement.\n The coupon rate is 9.62 pct and the loan life is eight\nyears.\n Douglas said the coupon rate is the lowest obtained by the\ngovernment on a sterling loan since 1971.\n REUTER\n\u0003", "date": "16-MAR-1987 03:03:34.26", "places": [ "new-zealand" ], "id": "5202" }, { "title": "BHP TO MERGE BHP MINERALS AND UTAH INTERNATIONAL", "body": "The Broken Hill Pty Co Ltd \nsaid it will merge its BHP Minerals division and into a single business unit under a common\nmanagement structure.\n The merger will be effective June 1, coinciding with the\nretirement of Utah International chairman and chief executive\nBud Wilson, BHP said in a statement.\n The new BHP-Utah Minerals International Group will be\nheaded by Jim Curry as executive general manager and chief\nexecutive officer. Curry is currently executive vice-president\nof Utah International, BHP said.\n , formerly part of Utah\nInternational, will become a subsidiary of BHP's renamed , now , the\ncompany said.\n BHP will also bring its Queensland coal operations under\none management structure and consolidate minerals marketing and\nsales offices in various markets throughout the world.\n BHP acquired Utah from General Electric Co in 1984.\n Utah's assets include stakes of 40.25 to 52.25 pct in seven\nlarge Central Queensland coking mines, 49 pct of the Samarco\niron ore operation in Brazil, 60 pct of La Escondida copper\ndeposit in Chile, the Island Copper mine at Port Hardy in\nCanada, 70 pct of a coal mine and 30 pct of a gold mine in\nSouth Africa and coal and other mines in the U.S.\n BHP Minerals' assets include wholly and partly-owned iron\nore mines, coal mines, manganese and base-metal operations or\nprospects and 30 pct of the Ok Tedi gold-copper project in\nPapua New Guinea.\n REUTER\n\u0003", "date": "16-MAR-1987 03:12:25.02", "topics": [ "acq" ], "places": [ "australia" ], "id": "5203" }, { "title": "Bank of Japan satisfied with yen around current range, senior bank official says\n", "date": "16-MAR-1987 03:15:23.90", "topics": [ "money-fx", "yen" ], "places": [ "japan" ], "id": "5204" }, { "title": "GERMAN RETAIL TURNOVER RISES ONE PCT IN JANUARY", "body": "West German retail turnover rose a\nreal one pct in January compared with the same month a year\nearlier, according to provisional data from the Federal\nStatistics Office.\n There were 26 shopping days in January this year, the same\nas in January 1986, a Statistics Office statement said.\n A Statistics Office official added retail turnover had\nrisen by 7.6 pct in December compared with the year-ago month,\na slight upward revision from the 7.5 pct increase\nprovisionally posted.\n REUTER\n\u0003", "date": "16-MAR-1987 03:15:50.22", "topics": [ "retail" ], "places": [ "west-germany" ], "id": "5205" }, { "title": "BANK OF JAPAN SATISFIED WITH YEN AT CURRENT RANGE", "body": "The Bank of Japan is satisfied with the\nyen around its current range, a senior central bank official\ntold reporters.\n He said the pledge by major industrial nations in Paris\nlast month to cooperate to hold exchange rates around current\nranges applied in both directions, a dollar fall or a dollar\nrise.\n Unilateral intervention itself cannot ensure currency\nstability, but it can be useful when coordinated with other\npolicies and with other central banks, he said.\n The Bank of Japan is rather confident currency stability\nwill continue for some time, the senior bank official said, but\ndeclined to be more specific.\n Finance Minister Kiichi Miyazawa told parliament on Friday\nthe current dollar/yen exchange rate is not necessarily\nsatisfactory for the Japanese economy.\n Asked what factors might destabilize the markets, the\nofficial cited a lessening of market fear about intervention, a\ncompletely unexpected change in the economy of Japan, the U.S.\nOr West Germany, or resumption of comments by government\nofficials seeking to talk the dollar up or down.\n The senior bank official said he expects Japan's gross\nnational product (GNP) to grow three pct or slightly more in\nthe fiscal year beginning in April. That would be little\nchanged from the performance expected this year.\n Domestic demand may grow nearly four pct in 1987/88, but\nthe external sector will have a negative impact on GNP of\nnearly one percentage point, he said.\n He said there was virtually no room for further monetary\npolicy action to boost the economy. The economy's performance\nin the future very much depends on fiscal policy, he added.\n The central bank's monetary policy has already done its\npart in stimulating the economy, the senior bank official said.\nThe Bank of Japan has cut its discount rate five times over the\nlast year and a half.\n Although the central bank does not see any imminent risk of\ninflation, there could be some problems in the future, he said.\n\"We are sitting on a barrel of powder, but fortunately it may\nstill be wet,\" he added.\n Liquidity among private households and especially the\ncorporate sector has increased substantially, he said.\n The liquidity is the reason for the recent boom of stock\nexchange prices, the bank official said. This inflow of funds\ninto the stock exchange, occurring also in other countries, may\ncontinue, he said.\n The senior official said the Bank of Japan is hoping\nFederal Reserve chairman Paul Volcker will be re-appointed when\nhis current term expires later this year.\n \"He's a great man,\" the official said, adding that more and\nmore people expect his reappointment.\n Turning to exchange rates, the official said the\nsubstantial drop in the dollar is beginning to have an effect\non reducing the imbalance in world trade, even though the\nimpact has taken longer than expected to show through. Even the\nU.S. Trade position has begun to feel the impact, although so\nfar it has not been very strong, he said.\n REUTER\n\u0003", "date": "16-MAR-1987 03:23:16.38", "topics": [ "money-fx", "yen", "gnp" ], "places": [ "japan" ], "id": "5206" }, { "title": "BANGLADESH MONEY SUPPLY RISES IN DECEMBER", "body": "Bangladesh's broad-based M2 money supply\nrose 6.95 pct to 132.79 billion taka in December after rising\n0.51 pct to 124.16 billion in November and 3.07 pct to 114.22\nbillion in December 1985, the Central Bank said.\n On a year on year basis, M2 rose 16.25 pct in the 12 months\nto December, 12.04 pct to November and 16 pct to December 1985.\n Narrowly-based M1 rose 9.55 pct to 50 billion taka against\na fall of 0.45 pct to 45.64 billion in November and a 3.03 pct\nrise to 45.51 billion to December 1985, it added.\n Year on year, M1 rose 9.86 pct in December.\n REUTER\n\u0003", "date": "16-MAR-1987 03:25:53.76", "topics": [ "money-supply" ], "places": [ "bangladesh" ], "id": "5207" }, { "title": "OPPOSITION TO PROPOSED SALES TAX SPREADS IN JAPAN", "body": "Opposition to government plans to impose\na five pct sales tax is spreading nationwide ahead of the start\nof campaigning for local elections next week, political\nanalysts said.\n The Asahi Shimbun said 31 of the 47 prefectural assemblies\nhad so far opposed, demanded amendments to, or expressed\nwariness about the tax. Assemblymen from the ruling Liberal\nDemocratic Party (LDP) have also joined the opposition against\nthe tax in 11 prefectural assemblies, the daily reported.\n About 2,600 elections will be held on April 12 and 26 for a\nwide range of local posts, including 13 governors.\n The sales tax is one of the main planks of Prime Minister\nYasuhiro Nakasone's plan to overhaul the tax system.\n A close aide to Nakasone has said the sales tax issue will\nhave a minimal impact on the local elections because centrist\nparties by and large support LDP candidates in many of the\nraces for governors. In the assembly elections, even LDP\ncandidates oppose the tax, he said.\n On March 8, the LDP lost an Upper House by-election in the\nconservative stronghold of Iwate Prefecture in northern Japan\nfor the first time in 25 years. The opposition socialist winner\ncampaigned on the single issue of the sales tax.\n The surprise LDP defeat in Iwate, coupled with Nakasone's\nsagging popularity, has forced the party to compromise with the\nopposition and agree to postpone public hearings on the fiscal\n1987/88 budget to March 19/20 from March 13/14.\n The opposition parties have been staging recurring\nparliamentary boycotts to show their disapproval of the sales\ntax contained in the budget. They returned to the Lower House\nBudget Committee last Friday but walked out again after a few\nhours, demanding detailed data on the tax. But parliamentary\nsources said they are expected to agree in a day or two to\ndispose of some of 29 bills the LDP will submit.\n The bills include nine which will become extinct on March\n31 unless some action is taken, the sources said. These cover\nsuch uncontroversial topics as wages for diplomats and\nrevisions of the law covering court employees.\n Discussion is also expected of a provisional budget to\nallow the government to continue operating while debate on the\nmain budget continues beyond the April 1 start of fiscal\n1987/88, the sources said. The provisional budget could cover\nsome 50 days and include authorisation for spending on some\npublic works. Otherwise, parliament will go into virtual recess\nuntil local elections start on April 12, they said.\n REUTER\n\u0003", "date": "16-MAR-1987 03:58:34.75", "places": [ "japan" ], "id": "5208" }, { "title": "JAPAN'S DOWA MINING TO PRODUCE GOLD FROM APRIL", "body": " said it will start\ncommercial production of gold, copper, lead and zinc from its\nNurukawa Mine in northern Japan in April.\n A company spokesman said the mine's monthly output is\nexpected to consist of 1,300 tonnes of gold ore and 3,700 of\nblack ore, which consists of copper, lead and zinc ores.\n A company survey shows the gold ore contains up to 13.3\ngrams of gold per tonne, he said.\n Proven gold ore reserves amount to 50,000 tonnes while\nestimated reserves of gold and black ores total one mln tonnes,\nhe added.\n REUTER\n\u0003", "date": "16-MAR-1987 04:09:11.15", "topics": [ "gold" ], "places": [ "japan" ], "id": "5209" }, { "title": "JAPAN BUSINESS DECLINE SEEN BOTTOMING OUT", "body": "The extended decline in Japan's overall\nbusiness performance was likely to bottom out in the current\nJanuary-March quarter, the Finance Ministry said.\n Improved corporate earnings and better prospects for the\nstability of the yen had made companies more optimistic, it\nsaid after carrying out a quarterly survey.\n The survey, conducted in February, was based on\nquestionnaires returned by 8,328 large and small firms in all\nsectors except the finance and insurance industries.\n The survey said overall corporate earnings were expected to\nturn positive with an estimated 0.4 pct year on year increase\nin the second half of fiscal 1986 ending on March 31 after a\n5.4 pct decrease in the first half.\n Corporate earnings will grow further in the first half of\nfiscal 1987, rising an estimated 10.7 pct, it added.\n Manufacturers' earnings, hit hard by the yen's steady rise\nagainst the dollar, will rise 7.7 pct in first-half fiscal 1987\nafter falling 10.7 pct in the second half of fiscal 1986, it\nsaid.\n Overall earnings of non-manufacturing companies will rise\n11.8 pct year on year in the first half of fiscal 1987 after\ngrowing 9.8 pct in the second half of fiscal 1986, the survey\nsaid.\n It said this figure was bolstered by profits of firms such\nas electric power and gas companies which have benefitted from\nthe yen's appreciation.\n REUTER\n\u0003", "date": "16-MAR-1987 04:14:13.83", "topics": [ "earn" ], "places": [ "japan" ], "id": "5210" }, { "title": "EKSPORTFINANS LAUNCHES EUROBOND", "body": "Eksportfinans A/S of Norway is issuing\n15 billion yen in eurobonds due April 23, 1992 priced at 103\nwith a five pct coupon, Mitsubishi Finance International Ltd\nsaid as lead manager.\n Fees are 1-1/4 pct for selling and 5/8 pct for management\nand underwriting. Payment date is April 23. Listing will be in\nLondon and the bonds will be sold in denominations of one mln\nyen.\n REUTER\n\u0003", "date": "16-MAR-1987 04:26:49.11", "places": [ "uk" ], "id": "5211" }, { "title": "CARLTON BUYS STAKE IN CENTRAL INDEPENDENT TV", "body": "Carlton Communications Plc said\nin a statement it had purchased a 20 pct stake or some 5.1 mln\nshares in Central Independent Television from Ladbroke Group\nPlc at 578p per share.\n The consideration of 29.5 mln stg will be met with 18.2 mln\nstg in cash and the issue of one million ordinary Carlton\nshares, it said.\n Central showed pretax profits up by 57 pct to 18.8 mln stg\nfor the year ended 30 September 1986.\n REUTER\n\u0003", "date": "16-MAR-1987 04:29:51.62", "topics": [ "acq" ], "places": [ "uk" ], "id": "5212" }, { "title": "COUPON SET, AMOUNT INCREASED ON METAL BOX EUROBOND", "body": "The amount of a convertible eurobond\nlaunched on Friday for Metal Box Plc has been\nincreased to 65 mln stg from the original 60 mln and the coupon\nhas been fixed at 5-3/4 pct, Swiss Bank Corp International Ltd\nsaid as lead manager.\n The conversion price has been fixed at 262p, which\nrepresents a premium of 9.62 pct over Friday's closing share\nprice of 239p.\n The indicated coupon on Friday was 5-3/4 to six pct.\n REUTER\n\u0003", "date": "16-MAR-1987 04:32:18.23", "places": [ "uk" ], "id": "5213" }, { "title": "EUROPEAN BEET PLANTINGS SEEN LITTLE CHANGED", "body": "European sugar beet plantings are\nexpected to show little change from last year, despite recent\nfirmness in world prices, analysts and industry sources said.\n A Reuter survey of planting intentions showed that while,\nso far, European Community (EC) growers plan unchanged to lower\nareas, increases are expected in some Eastern European nations.\n Trade analysts said their private reports give similar\nresults and do not differ significantly from the first estimate\nof stagnant 1987 European beet plantings made last week by West\nGerman sugar statistician F. O. Licht.\n Areas may be slightly lower but analysts and agricultural\nexperts said the steady rise in yields resulting from improved\nseed varieties and better farming techniques could offset this.\nIn recent years, good autumn weather has given yields a late\nboost, making up for lower areas despite some disappointing\nstarts to growing seasons.\n Changes in EC areas reflect the extent to which producers\nwill grow so-called \"C\" sugar for unsubsidised sale to the world\nmarket. This is what is produced in excess of the basic area\nneeded to meet the EC \"A\" and \"B\" quotas, which receive full and\npartial price support, respectively.\n Some analysts said the open row that broke out last week\nbetween producers and the EC commission over its export policy\ncould have serious implications for future sugar output.\n Beet producers have threatened to effectively dump nearly\none mln tonnes of white sugar into EC intervention stocks as\nthey feel export subsidies have been too low to compensate for\nthe gap between high EC internal and low world market prices.\n However, with the EC budget stretched to breaking point,\nthis could give treasury ministers extra resolve in resisting\nhigher guaranteed sugar prices and build a case for a future\ncut in the basic \"A\" and \"B\" quotas, they added.\n In France, the largest producer of EC quota and non quota\nsugar, the sugar market intervention board FIRS said first\nplanting intentions indicate an area about the same as last\nyear's 421,000 hectares, nine pct below the previous year.\n \"The basic trend is towards stability,\" a FIRS spokesman\nsaid. Unlike world market raw sugar prices in dollars, white\nsugar French franc prices are not particularly high and are not\nencouraging higher planting levels, he said. Beet sugar output\nlast year was 3.37 mln tonnes, with an average yield of 8.00\ntonnes per ha, the highest in the EC apart from the Netherlands\nbut below 8.52 the previous year and a five year average 8.11.\n In West Germany, recent price rises have not altered plans,\nsince planting decisions were taken a few months ago, industry\nsources said. The farm ministry said a December survey is still\nvalid and plantings should be cut slightly after being trimmed\nby just under four pct in 1986 when yields were above average.\n Licht last week estimated West German plantings at a\nreduced 385,000 hectares against 399,000 last year.\n British Sugar Plc, the monopoly beet processor, has signed\nup U.K. Farmers to grow 8.1 mln tonnes of beet. This should\nyield about 1.25 mln tonnes of whites. Last year's crop\nequalled the second highest ever at 1.32 mln tonnes.\n British Sugar has \"A\" and \"B\" quotas totalling 1.144 mln tonnes\nof whites and its \"C\" output is due to improved yields from more\nconsistent disease-resistant seed types.\n Recent price rises have not altered Polish plans, Wincenty\nNowicki, a deputy director of Cukropol, the Amalgamated Sugar\nIndustry Enterprises, said. World prices are still below Polish\nproduction costs and there is no way to convince farmers to\nincrease the area above the already signed contracted level.\n The national plan, set before prices began to rise, put\nplantings this year at 460,000 hectares, against 425,000 in\n1986, Nowicki said. Last year production was 1.74 mln tonnes.\n World prices have less impact in Italy than in France or\nGermany as it is traditionally not an exporter but is geared to\nthe domestic market, an official at the national beet growers'\nassociation said. Italian sowings are not yet complete but\nsurveys suggest a drop from last year's 270,000 ha, especially\nin the north where some farmers have switched to soya.\n Beet output last season of 15.5 mln tonnes yielded a higher\nthan expected 1.72 mln tonnes of white sugar.\n Dutch plantings are expected to fall to 130,000 ha from a\nrecord 137,600 in 1986 as a new self-imposed quota system comes\ninto force, a spokesman for Centrale Suiker, the second largest\nDutch sugar processor, said.\n The new system aims for an average of around 915,000 tonnes\nof white sugar and to cut output of \"C\" sugar. Last year, the\nNetherlands produced a record 1.2 mln tonnes of white sugar\nagainst a combined \"A\" and \"B\" quota of only 872,000 tonnes.\n \"The world price of sugar would have to rise much higher\nthan it has done recently to make planned production of \"C\" sugar\nreally worthwhile,\" the spokesman said.\n Western agricultural experts in Moscow said Soviet planting\nintentions are likely to be unchanged. Licht put this year's\nSoviet beet area at 3.40 mln ha, against 3.44 mln last year.\n Hungary is expanding its beet area to 105,000 ha from some\n95,000 in 1986, the official MTI news agency said, but\ndiplomats said policy is to balance supply with domestic\ndemand.\n The Spanish ministry of agriculture said beet sowings are\nestimated unchanged at 180,000 ha this year.\n A spokesman for Denmark's largest beet concern, De Danske\nSukkerfabrikker A/S, said its 1987 sugar target was unchanged\nfrom 1986 at 365,000 tonnes from a steady area of 60,000 ha.\n In Sweden, where beet is grown just to meet domestic\ndemand, the planted area is seen little changed at 51,000 ha\nagainst 51,300 last year, according to a spokesman for sugar\ncompany Svenska Sockerfabriks AB.\n Last year, Irish yields were the lowest for 10 years due to\nlate sowings and the state-run Irish Sugar Plc said the 1987\nplantings target is the equivalent of 36,400 hectares, down\nfrom 37,600 in 1986.\n REUTER\n\u0003", "date": "16-MAR-1987 04:39:56.06", "topics": [ "sugar" ], "organisations": [ "ec" ], "places": [ "uk", "france", "west-germany", "sweden", "netherlands", "hungary", "spain", "denmark", "ireland" ], "id": "5214" }, { "title": "SWISS UNEMPLOYMENT FALLS TO 0.9 PCT IN FEBRUARY", "body": "Swiss unemployment edged down to 0.9 pct\nof the working population from one pct in January and in\nFebruary 1986, the Federal Office of Industry, Trade and Labour\nsaid.\n Seasonally adjusted, however, there was a slight rise in\nunemployment.\n The number out of work fell to 28,439, down 1,142 compared\nwith the previous month. The number of vacant positions\nregistered with employment offices stood at 11,968 against\n10,694 in January.\n REUTER\n\u0003", "date": "16-MAR-1987 04:41:19.55", "topics": [ "jobs" ], "places": [ "switzerland" ], "id": "5215" }, { "title": "MALAYSIA'S GOLD AND FOREIGN EXCHANGE RESERVES RISE", "body": "Malaysia's gold and foreign\nexchange reserves rose to 16.07 billion ringgit in February\nfrom 15.73 billion in January and 12.23 billion in February\n1986, Bank Negara Malaysia said.\n The central bank said cumulative assets at end-February\nfell to 20.02 billion ringgit from 20.68 billion at end-January\nbut were up from 17.07 billion at end-February last year.\n Holdings of federal government securities dropped to 876\nmln ringgit in February from 1.70 billion a month earlier and\n2.30 billion in February 1986.\n Malaysia's special drawing rights rose to 355 mln ringgit\nat end-February from 352 mln at end-January and 286 mln at\nend-February 1986, the bank said.\n The IMF position was unchanged from January at 507 mln but\nwas above the 422 mln in February a year ago.\n Currency in circulation in February fell to 7.43 billion\nringgit from 8.32 billion a month earlier but was up from 7.18\nbillion in February last year.\n REUTER\n\u0003", "date": "16-MAR-1987 04:44:55.80", "topics": [ "reserves" ], "places": [ "malaysia" ], "id": "5216" }, { "title": "U.S. BANKER URGES FASTER JAPANESE LIBERALISATION", "body": "Japan should step up the pace of its\nfinancial liberalisation if it wants to become a world\nfinancial centre equal to New York or London, a leading U.S\nbanker said.\n \"For Tokyo to become the third link in an international\ncapital markets triangle, it will need to create an environment\nmore hospitable to international finance than currently exists,\"\nRobert Binney, senior vice-president of Chase Manhattan Bank\nN.A., Told a group of Japanese members of parliament and\nfinancial leaders.\n Binney said Japan must liberalise its financial markets not\njust to attract more jobs, capital and taxable income, but also\nto recycle effectively its vast trade surpluses to help counter\ngrowing protectionism in the United States.\n He called on Japan to remove all controls on deposit\ninterest rates soon and to remove obstacles to the growth of\nits offshore market. He also said it should fully deregulate\nits short-term money markets, develop comprehensive futures\nmarkets, further open the Tokyo Stock Exchange to foreign\nmembership and remove fixed rate brokerage commissions.\n Binney also urged Japan to abolish Article 25 of its\nSecurities and Exchange Law which, like the U.S. Glass Steagall\nAct, separates commercial from investment banking.\n At the same meeting Goldman Sachs (Japan) Corp president\nEugene Atkinson urged Japan to fully de-regulate short-term\ninterest rates, introduce commercial paper and open long-term\ngovernment bond markets to an auction system.\n He said Japan should allow securities firms to participate\nin foreign exchange business and develop over-the-counter stock\noptions and futures. Short-selling of Japanese government cash\nbonds was a vital hedging mechanism, he added.\n The group of some 60 Japanese legislators and financial\nleaders which Atkinson and Binney addressed was recently formed\nto study ways in which Japan should promote liberalisation of\nits financial markets.\n \"We should not leave such matters solely to government\nbureaucrats,\" Masao Hori, Chairman of the lower house finance\ncommittee, told the group.\n REUTER\n\u0003", "date": "16-MAR-1987 04:46:35.82", "places": [ "japan" ], "id": "5217" }, { "title": "MALAYSIAN CRUDE PALM OIL OUTPUT FALLS IN FEBRUARY", "body": "Malaysian crude palm oil (cpo)\nproduction fell to an estimated 270,400 tonnes in February from\nan estimated 273,300 tonnes in January and 332,995 in February\n1986, the Palm Oil Registration and Licensing Authority (PORLA)\nsaid.\n Cpo stocks fell to an estimated 286,440 tonnes in February\nfrom 287,940 in January and 653,411 in February last year.\n Processed palm oil stocks in February fell to an estimated\n193,060 tonnes from 205,060 in January and 225,576 in February\n1986.\n The January and February figures are subject to revision.\n REUTER\n\u0003", "date": "16-MAR-1987 04:52:38.28", "topics": [ "veg-oil", "palm-oil" ], "places": [ "malaysia" ], "id": "5218" }, { "title": "PEARSON PLC YR ENDED DEC 31", "body": "Shr 37.4p vs 30p.\n Final div 7p, making 12p vs 10p.\n Pre-tax profit 121.1 mln stg vs 109.3 mln.\n Net profit before minorities 76.6 mln stg vs 62.8 mln.\n Turnover 952.6 mln vs 970.1 mln.\n Pre-interest profit 132.1 mln vs 124.6 mln.\n Net interest 11 mln vs 15.3 mln.\n Tax 44.5 mln vs 46.5 mln.\n Minority interests 3.1 mln vs 5.2 mln.\n Extraordinary debit 9.1 mln vs credit 11.5 mln.\n Note - Extraordinary debit reflected full provision for\ndiscontinuing the Financial Times's printing operations at\nBracken House in 1988, partly offset by gains on disposals.\n REUTER\n\u0003", "date": "16-MAR-1987 04:54:47.43", "topics": [ "earn" ], "places": [ "uk" ], "id": "5219" }, { "title": "CHINA REPORTS 700 MLN DLR TWO-MONTH TRADE DEFICIT", "body": "China's trade deficit totalled 700 mln\ndlrs in the first two months of this year, according to figures\nreleased by the State Statistics Bureau.\n The New China News Agency quoted the Bureau as saying\nforeign trade totalled 9.3 billion dlrs in the period, of which\nexports were worth 4.3 billion dlrs.\n The bureau said total trade volume was up 2.5 pct on the\nsame 1986 period, with exports up 18.1 pct, but it gave no\nother comparative figures.\n China's 1986 trade deficit totalled 12 billion dlrs,\nofficial figures show.\n REUTER\n\u0003", "date": "16-MAR-1987 04:55:35.62", "topics": [ "trade" ], "places": [ "china" ], "id": "5220" }, { "title": "POLLS PREDICT SWING TO RIGHT IN FINNISH ELECTION", "body": "Finns cast their final votes in\ntwo-day general elections today with opinion polls predicting a\nswing to the right which would bring the conservatives back\ninto government after 21 years in the political wilderness.\n Turnout on the first day yesterday, about five pct lower\nthan in 1983 polls, was lowest in leftist strongholds around\nthe capital Helsinki, electoral officials said today.\n Finnish media said this supported pre-election opinion\npolls predicting falling among voters for the Social Democratic\nParty of Prime Minister Kalevi Sorsa. Several days of\ninter-party bargaining are expected before a new government\nemerges.\n REUTER\n\u0003", "date": "16-MAR-1987 04:56:40.70", "places": [ "finland" ], "id": "5221" }, { "title": " OFFERS PAR RIGHTS ISSUE", "body": "French machinery maker , 40 pct\nowned by , said it will raise its capital to 791\nmln francs from 91 mln by a 100 for 13 rights offering to\nshareholders priced at par of 10 francs a share.\n The offer, between March 25 and April 13, is the second\nstage of a capital restructuring plan announced in December\nunder which Tenneco will become Poclain's majority shareholder.\n In the first stage Poclain reduced its capital to 91 mln\nfrom 455 mln by reducing the nominal value of its shares to 10\nfrancs from 50.\n Poclain traded Friday on the Paris Bourse at 38.20 francs.\n REUTER\n\u0003", "date": "16-MAR-1987 04:57:01.34", "topics": [ "earn" ], "places": [ "france" ], "id": "5222" }, { "title": "U.K. MONEY MARKET OFFERED EARLY ASSISTANCE", "body": "The Bank of England said it invited an\nearly round of bill offers from discount houses after\nforecasting a shortage in the system of some 1.05 billion stg.\n Among the main factors affecting liquidity, bills maturing\nin official hands and treasury bill take-up will drain some\n1.07 billion stg while exchequer transactions will take out\naround 335 mln stg and bankers' balances below target five mln\nstg.\n Partly offseting these outflows, a fall in note circulation\nwill add some 355 mln stg to the system today.\n REUTER\n\u0003", "date": "16-MAR-1987 04:58:09.18", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "5223" }, { "title": "SOUTH CHINA STORMS KILL TWO, DAMAGE CROPS", "body": "Hailstorms and strong winds in south\nChina killed two people, injured 20 and damaged an undisclosed\namount of crops, a Hong Kong newspaper reported.\n The pro-Peking New Evening Post said in a report from\nCanton that more than 50 houses collapsed when the storms swept\nacross five counties in south-western Guangdong province.\n It said the crops were damaged over a five-day period ended\nyesterday. It gave no other details.\n REUTER\n\u0003", "date": "16-MAR-1987 04:58:17.32", "places": [ "china", "hong-kong" ], "id": "5224" }, { "title": "ECONOMIC SPOTLIGHT - DUTCH SHARE PROSPECTS MIXED", "body": "While world exchanges revel in a\ncontinuing securities boom, the Dutch stockmarket remains\nlacklustre despite a series of largely positive annual\ncorporate results and signs of a more stable dollar, analysts\nsaid.\n Prices and turnover on the Amsterdam Stock Exchange have\nsprung back from lows reached when the dollar dipped below the\ntwo guilder mark in January. But market analysts say only lower\ninterest rates or a further rise in the dollar, now trading at\naround 2.09 guilders, could keep the momentum going.\n \"Between end-1982 and end-1986 Dutch stocks rose by around\n150 pct, but the dollar's sharp fall last year put the brake on\nthe bull market,\" said Philip Menco, analyst with bank CLN Oyens\nen van Eeghen.\n The dollar's current level compares with an average in 1986\nof 2.45 guilders, and 3.35 in 1985, official figures show.\n But Arjen Los, analyst with Dutch merchant bank Pierson,\nHeldring en Pierson, sees room for some optimism,\n \"The market is exaggerating the whole dollar affair. We've\nseen the bottom of its decline. But what is lacking is a\nstimulus on the interest rate front,\" he said.\n Analysts said they expected little impact from provincial\nelections on Wednesday as the government's position was secure.\n \"The scope for price rises in Dutch shares is narrow, given\nthe limited room for lower interest rates,\" said Los, adding the\nDutch market can currently only dream of returns of around 15\npct seen in rising markets elsewhere in Europe.\n \"When the dollar slumped in the second half of 1986, U.S.\nAnd U.K investors were heavy sellers of Dutch stock. They made\nan enormous currency gain,\" Menco said.\n Finance Ministry figures show foreign investment in Dutch\nstock last year fell by nearly half to 4.2 billion guilders.\n Los envisaged no significant revival of foreign interest in\nthe Dutch market. He saw the large, liquid Dutch pension funds\npursuing a more aggressive portfolio management policy while\ncontinuing to invest in markets with weaker currencies.\n Outflows of non-bank Dutch capital totalled a record 21.4\nbillion guilders last year, 12.3 billion of which stemmed from\nsecurities transactions.\n \"Dutch institutions have been rallying to buoyant foreign\nmarkets, but this season's results could coax some of them back\nto the relatively underpriced Dutch market,\" Koos Ten Have of\nStaal Bankiers said.\n Ten Have said Dutch price/earnings ratios based on\nforecasts of 1987 results were broadly unchanged compared with\n1986. With an average ratio of 10, they were still attractively\nlower than shares of other exchanges, he added.\n He said the reliability of the strong guilder was a further\nfactor favouring Dutch stock investments.\n Senior bank economists said this week's official economic\nforecast by the CPB planning agency painted a gloomy picture of\nthe Dutch economy but this would not shake investor confidence\nin the Dutch business sector. The Dutch economy was doing\nrelatively well compared with other nations, they added.\n Analysts say most companies have fulfilled expectations,\nwhile some firms, particularly in food and publishing,\nsurprised the market with continued solid profit growth despite\nmajor dollar and sterling investments.\n Unexpectedly positive results from companies like Unilever\nPlc-NV , NV Philips Gloeilampenfabrieken and\nHeineken NV were balanced by poor performances by the\nthree banks, which achieved higher profits partly by reducing\ntheir risk provisions. Analysts still have doubts about the\ninsurance sector, and many companies stressed the negative\nimpact of lower currencies on their guilder earnings in 1986.\n Food and publishing are seen as major growth areas, despite\nthe fact many of these companies have significant activities in\nthe U.K and U.S.\n Food chain Ahold NV reported an 8.1 pct increase\nin net 1986 profit but said it did not see profits growing in\n1987 due to the uncertainty of the dollar.\n Turnover declined by 5.7 pct to 11.4 billion guilders.\nAbout 1.5 billion guilders of this decline was due to the lower\ndollar and one third of turnover volume was achieved in the\nU.S.\n \"Ahold is too cautious over the dollar,\" Los said. \"As long as\nsuch companies continue to maintain their U.S. Activities and\nfund their expansion there, the negative influence is purely an\naccounting effect.\"\n Koninklijke Wessanen NV and Heineken also managed\nhandsome profit increases of 16.6 and 7.5 pct respectively,\nwhile blaming disappointing turnover in their substantial\noverseas activities on the lower dollar.\n Initial publishing results indicate a bumper year for\nshares in this sector and ensure firm interest despite higher\nprice/earnings ratios, ranging from 12 to 14. REUTER\n\u0003", "date": "16-MAR-1987 04:58:31.59", "places": [ "netherlands" ], "id": "5225" }, { "title": "MANILA GOVERNMENT TO TAKE OVER SAN MIGUEL BOARD", "body": "A government commission that controls 51\npct of (SMC) stock will increase its nominees\non the firm's 15-member board to nine from six.\n \"We want to correct business practices,\" Ramon Diaz, chairman\nof the Presidential Commission on Good Government (PCGG), told\nReuters.\n \"Right now there are a lot of companies that keep so many\nthings from their shareholders and one of them is San Miguel,\"\nhe said.\n A San Miguel spokesman declined comment.\n Diaz said New York investment bank Allen and Co Inc told\nthe PCGG it was interested in tendering for all outstanding SMC\nstock, with the subsequent dispersal of 60 pct of the stock to\nFilipino investors to comply with investment laws.\n He said Australian businessman and brewer Alan Bond and the\nbrewing company Elders IXL Ltd were interested in\nbuying 40 pct each of SMC stock.\n He added that the PCGG wanted some foreign input but would\nnot allow foreign control of the brewing and food conglomerate,\nthe Philippines' biggest manufacturing concern.\n Diaz said the PCGG did not plan to remove SMC president\nAndres Soriano from his family company.\n \"He has tremendous prestige to run the company,\" Diaz said.\n\"We appreciate his management, but certainly some practices have\nto be corrected.\"\n REUTER\n\u0003", "date": "16-MAR-1987 04:58:51.72", "topics": [ "acq" ], "places": [ "philippines" ], "id": "5226" }, { "title": "WORLD BANK VICE-PRESIDENT PRAISES ARGENTINE PLANS", "body": "World Bank Vice-President David\nKnox said the bank was eager to finance Argentine plans to\nstimulate growth and that he was urging private banks to grant\nnew loans to the country.\n Knox said in an interview with the local daily La Nacion\nyesterday that Argentina's current economic policies contained\nkey elements to stimulate growth and the World Bank was very\ninterested in financing its growth.\n \"We are encouraging creditor banks to grant new loans to\nmake Argentine growth possible,\" said Knox, who arrived in\nArgentina last Thursday.\n REUTER\n\u0003", "date": "16-MAR-1987 05:07:11.44", "organisations": [ "worldbank" ], "places": [ "argentina" ], "id": "5227" }, { "title": "CIE BANCAIRE IN ONE-FOR-FIVE BONUS SHARE ISSUE", "body": ", a subsidiary of recently\nprivatised banking group Cie Financiere de Paribas ,\nsaid it is issuing 2.35 mln new 100 francs nominal shares on\nthe basis of one for five already held.\n The operation will begin on March 31, a spokesman said.\n Cie Bancaire also said it has increased its capital to 1.41\nbillion francs from 1.17 billion by the incorporation of 237.74\nmln francs of reserves.\n REUTER\n\u0003", "date": "16-MAR-1987 05:10:58.72", "topics": [ "earn" ], "places": [ "france" ], "id": "5228" }, { "title": "JAPAN'S NEC THREATENS LEGAL ACTION AGAINST SEIKO", "body": "NEC Corp may take legal action\nto halt introduction of 's NEC-compatible\npersonal computer series, which NEC alleges infringes\ncopyrights for NEC's 9801 V computer series, an NEC official\nsaid.\n \"We may have no choice but to take legal action,\" the NEC\nofficial said.\n A Seiko Epson official said the company's PC 286 series,\nthe first NEC-compatible personal computer, does not infringe\non NEC copyrights. He said the company intends to go ahead with\nplans to market the computers from late April.\n A Seiko Epson official said of the new machine, \"It's\ncompatible with NEC's machine, so it appears similar. But our\nintention was to develop an original machine.\"\n Industry analysts said NEC controls about 70 pct of the\ndomestic personal computer market.\n They said introduction of NEC-compatible machines could\nstart a price war and cut NEC's profits, as happened to IBM\nfollowing the introduction of IBM-compatible machines.\n REUTER\n\u0003", "date": "16-MAR-1987 05:11:41.07", "places": [ "japan" ], "id": "5229" }, { "title": "ECONOMIC SPOTLIGHT - SWISS OPTIONS AND FUTURES", "body": "Preparations for the launch of a Swiss\noptions and futures exchange, billed as the first completely\nelectronic market of its kind, are at an advanced stage,\naccording to members of the project team.\n The Swiss Options and Financial Futures Exchange (Soffex)\nis a new departure in that it will introduce an additional\nrange of financial instruments and electronic trading methods\nto the traditionally conservative Swiss market.\n There will be no physical exchange floor and both trading\nand clearing systems will be completely automated.\n The new market, due to start operating in January 1988,\nfollows a series of innovations by the bourses in Zurich, Basle\nand Geneva aimed at preventing loss of business in the face of\nkeen competition from London and Frankfurt.\n These innovations included the introduction last October of\ncontinuous trading in major shares, plans to establish a single\ncontinuously updated Swiss share index from next month to\nsupplement the various indices produced by the major banks at\nthe close of business, and experiments in electronic trading.\n Banks themselves last year took the initiative of launching\ncovered warrants on the shares of other Swiss companies.\n \"If Switzerland wants to maintain and expand its\ninternational prominence in portfolio management, our bankers\nand fund managers must have the same modern instruments at\ntheir disposal as their competitors,\" says Soffex president\nRudolf Mueller, a director of Union Bank of Switzerland.\n The computer terminals on which business will be conducted\nwill be confined to Switzerland. It is still unclear how many\nSwiss-based institutions will seek membership of the exchange.\n Formal applications are not due until next month but a\npreliminary survey completed by the Soffex project team this\nweek showed strong interest in membership.\n \"The response from both Swiss and foreign institutions all\nover the country has been very encouraging,\" says Philippe\nBollag of the project team.\n Hans Kaufmann, who follows Swiss equities for Bank Julius\nBaer, says a regulated traded options exchange should boost\nforeign interest in Swiss shares and possibly increase bourse\nturnover generally.\n The possibility of protecting portfolios by hedging should\nattract Swiss institutional investors, Kaufmann added.\n Soffex is a private company set up by the five major Swiss\nbanks and the bourses of Zurich, Geneva and Basle.\n Trading will initially be limited to stock options on 10 to\n15 leading Swiss bearer shares. An options contract on the new\nSwiss share index should follow within six months but trading\nin financial futures will be delayed until an unspecified\nfuture date. Options on foreign shares may also be added later.\n Participants will be either brokers or dealers, operating\nin the market through computer terminals in their own offices.\nTrading must be conducted exclusively through the exchange.\n Exchange membership is open to banks, traders and brokerage\nfirms with an office in Switzerland, while Clearing Members\nmust be recognised as banks under Swiss law.\n The trading system, based on Digital Equipment Corp\nsoftware and hardware, provides for the display of best bid and\noffer prices, matches orders electronically, allows anonymous\nnegotiation of block orders and maintains members' order books.\n An \"interest\" facility, aimed at helping participants to\ngauge the market mood, shows the number of users watching a\nparticular instrument at any time. Most of the electronic\nclearing functions will be carried out overnight.\n Each contract will cover only five shares instead of the\n100 shares normally traded on existing options and futures\nmarkets in the United States, London, Amsterdam and Stockholm.\n This reflects the fact that Swiss shares often cost\nthousands of francs. Bearer shares in F. Hoffman-La Roche und\nCo AG , likely to be on the Soffex opening list, were\nquoted this week at 209,000 francs each.\n Contracts will initally be offered for the three end-months\nfollowing the trading date plus the subsequent January, April,\nJuly or October end-months. Longer maturities may be added in\nfuture if market liquidity permits.\n Detailed provisions have still to be worked out in areas\nsuch as margin requirements, position limits, the supervisory\nand regulatory functions of the exchange and brokerage fees.\n Banks polled by Reuters in a random survey were\nenthusiastic about Soffex but reticent about the level of their\nown involvement and about the exchange's prospects for success.\n \"We're moving into completely new surroundings and it will\nrequire a change in psychology,\" said a securities dealer at a\nmajor Swiss bank. \"We in Switzerland are not used to sitting all\nday at a screen where nobody shouts at you.\"\n Moving into traded options will also require considerable\ninvestment in equipment and staff by participants. Completely\nnew dealing and back-office skills will have to be acquired and\nsome banks are already sending staff abroad for training.\n REUTER\n\u0003", "date": "16-MAR-1987 05:13:28.51", "places": [ "switzerland" ], "id": "5230" }, { "title": "ISRAELI INFLATION RATE IS 1.0 PCT IN FEBRUARY", "body": "Israel's inflation rate for February\nwas one pct, compared to 2.1 pct in January and 1.6 pct in\nFebruary 1986, a spokesman for the Central Bureau of Statistics\nsaid.\n Inflation for the 12 months ending in February was 23 pct,\nthe spokesman said.\n February price rises were mostly in housing, health,\neducation, entertainment and transport.\n Wage and price controls have been in force since August\n1985. Officials said the controls have helped soften the effect\nof a recent 10 pct devaluation of the shekel.\n REUTER\n\u0003", "date": "16-MAR-1987 05:16:48.45", "topics": [ "cpi" ], "places": [ "israel" ], "id": "5231" }, { "title": "U.K. MONEY MARKET GIVEN 90 MLN STG EARLY HELP", "body": "The Bank of England said it provided the\nmoney market with assistance worth 90 mln stg in response to an\nearly round of bill offers from discount houses.\n Earlier, the bank estimated the shortage in the system\ntoday at some 1.05 billion stg.\n The bank bought bills for resale to the market in equal\namounts on April 1, 2 and 3 at an interest rate of 10-7/16 pct.\n REUTER\n\u0003", "date": "16-MAR-1987 05:17:33.07", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "5232" }, { "title": "PHILIPPINE CAPITAL FUND PLANNED, ONGPIN SAYS", "body": "A 250 mln dlr Philippine capital fund\nwill be launched shortly to encourage private sector\ninvestment, Finance Secretary Jaime Ongpin said in a report to\nPresident Corazon Aquino on his first year in office.\n The First Philippine Capital Fund will be launched jointly\nby New York investment house and the\nInternational Finance Corp, an affiliate of the World Bank,\nOngpin said. He gave no date for the launch.\n Ongpin said the implementation of the fund had been delayed\nby his government's negotiations to reschedule about 9.4\nbillion dlrs of its 27.8 billion dlr foreign debt.\n Craig Nalen, president of a U.S.-government backed Overseas\nPrivate Investment Corp mission which visited Manila in\nFebruary, told reporters at the time the capital fund would\namount to at least 100 mln dlrs.\n Ongpin proposed the 250 mln dlr fund during a trip to the\nUnited States last September.\n His plan called on private investors to raise funds to buy\ndiscounted obligations of Philippine borrowers from creditors\nand convert them to equity in local projects.\n REUTER\n\u0003", "date": "16-MAR-1987 05:18:09.73", "places": [ "philippines" ], "id": "5233" }, { "title": "BOND DEFERS RIGHTS ISSUE, MULLS PROJECT PARTNERS", "body": ", a\nsubsidiary of the Australian-based Bond Corp Holdings Ltd\n, said it would defer its planned rights issue but\nstill wants the issue to be made before July 31.\n No date has been set for the issue, announced in January.\n In a document to shareholders, Bond Corp said the delay\nfollows its receipt of a 240 mln H.K. Dlr loan from its parent\ncompany to meet the first payment on the newly acquired Bond\nCentre commercial complex in central Hong Kong.\n It also wants outside partners to take up to 50 pct in the\nproject, the company said.\n The January announcement said the rights issue would\nfinance Bond Corp's 1.4 billion dlr acquisition of a 23.77 pct\nstake in HK-TVB Ltd from film magnate Run Run Shaw.\n The company then reached an agreement with a consortium led\nby Sino Land Co Ltd to buy a commercial complex that\nis still under construction for 1.9 billion dlrs.\n Bond International said in the document that except for the\n240 mln dlr loan, the deal would be financed from internal\nresources and by selling an interest in the building.\n The payments must be completed by the end of 1987.\n Bond International has also sold several residential\nbuildings in Hong Kong's mid-levels district for a total of\n68.35 mln dlrs, the statement said.\n The flats were among the properties it bought last year\nfrom Hongkong Land Co Ltd for 1.4 billion dlrs.\n Analysts said Bond International is heavily geared as it\nhas relied on bank borrowings to purchase both the Hongkong\nLand properties and the HK-TVB shares.\n Bond International also said in the document that while it\nplans to sell an interest in the complex it will hold the\nHK-TVB shares as a long-term investment.\n REUTER\n\u0003", "date": "16-MAR-1987 05:27:27.81", "topics": [ "acq" ], "places": [ "hong-kong" ], "id": "5234" }, { "title": "PHILIPPINES SEES 1987 GOVERNMENT REVENUE UP 26 PCT", "body": "Philippine government revenue is\nexpected to rise 26 pct to 99.9 billion pesos this year from\n79.1 billion in 1986, Finance Secretary Jaime Ongpin said.\n In a report to President Corazon Aquino on his department's\nperformance during the year ended February 28, Ongpin said at\nleast 15.9 billion pesos were expected to accrue from new tax\nreform measures announced last year.\n He said the goal for official development assistance (ODA)\nthis year is two billion dlrs, adding that aid donors have\ncommitted ODA inflows of 1.7 billion dlrs in 1987, up 30 pct\nfrom 1.3 billion in 1986.\n Ongpin said steps planned to provide a sound revenue base\nincluded a value added tax (VAT) system due to be introduced in\n1988. He gave no other details.\n He said treasury bill maturities, interest rate levels and\nthe volume of government securities sold to the private sector\nhave improved significantly. \"In particular, short-term prime\ninterest rates which had gone over 40 pct in 1985, are now down\nto less than 10 pct,\" he said.\n Ongpin said the government's debt-equity scheme, introduced\nin August last year, had attracted more than 276 mln dlrs worth\nof applications, but selective evaluation had resulted in\napprovals of only 61.8 mln dlrs at end-February.\n He said his department aims to accelerate its privatisation\nprogram and the sale of non-performing assets owned by\nassociates of former President Ferdinand Marcos to achieve a\n1987 sales target of four billion pesos which would help\nfinance land reform.\n Aquino said earlier this month that all the 24 billion\npesos the government hopes to raise from the sale of the failed\ncompanies will be used to finance the land reform plan.\n Ongpin also said the government would pursue efforts to\nobtain 500 mln dlrs in concessional funding for the program\nfrom a World Bank-led consultative group of multilateral and\nbilateral aid donors.\n The government has said the land reform plan aims to\ndistribute 9.7 mln hectares of land to poor peasants.\n REUTER\n\u0003", "date": "16-MAR-1987 05:29:06.58", "topics": [ "interest" ], "places": [ "philippines" ], "id": "5235" }, { "title": "NORWAY'S TRADE DEFICIT WIDENS IN FEBRUARY", "body": "Norway's trade deficit widened in February\nto 957 mln crowns from 80 mln crowns in January and 492 mln\ncrowns in February last year, the Central Bureau of Statistics\nsaid.\n Exports dropped to 10.66 billion crowns last month,\ncompared with 11.11 billion in January and 10.85 billion in\nFebruary 1986, it added.\n Crude oil and natural gas exports totalled 4.56 billion\ncrowns in February, against 5.10 billion in January and 5.36\nbillion a year ago.\n REUTER\n\u0003", "date": "16-MAR-1987 05:29:24.37", "topics": [ "trade" ], "places": [ "norway" ], "id": "5236" }, { "title": "UAE GOVERNMENT PAPER YIELDS UNCHANGED", "body": "Yields on certificates of deposit\nissued by the United Arab Emirates Central Bank were unchanged\nat 6-1/8 pct, the bank said.\n The yield applies to maturities of one, two, three and six\nmonths.\n REUTER\n\u0003", "date": "16-MAR-1987 05:29:40.59", "topics": [ "interest" ], "places": [ "uae" ], "id": "5237" }, { "title": "DUTCH COST OF LIVING FALLS 1.2 PCT IN FEBRUARY", "body": "The Dutch cost of living index (base\n1980) fell 1.2 pct to 121.5 in the year to mid-February after a\n1.3 pct fall in the year to mid-January 1987, the Economics\nMinistry said.\n The February index was 0.2 pct up on January.\n Clothing, shoe and vegetable prices rose in February while\nprices of coffee, heating oil and most car fuels fell, the\nMinistry added.\n REUTER\n\u0003", "date": "16-MAR-1987 05:29:51.32", "topics": [ "cpi" ], "places": [ "netherlands" ], "id": "5238" }, { "title": "HELABA UNIT ISSUES LUXEMBOURG FRANC PLACEMENT", "body": "Helaba Luxembourg Hessische\nLandesbank International has issued a 300 mln Luxembourg franc,\nseven-year private placement with a coupon of 7.5 pct and\npriced at par, lead manager Banque Generale du Luxembourg said.\n A spokesman said the issue had already been placed in full.\nFees total 1-3/4 pct, with 1-1/2 pct for co-managers. The\nmanagement group includes Banque Paribas (Luxembourg),\nKredietbank SA Luxembourgeoise and Banque de Luxembourg SA.\n The borrower is an affiliate of West Germany's Hessische\nLandesbank Girozentral\n REUTER\n\u0003", "date": "16-MAR-1987 05:31:16.31", "places": [ "luxembourg" ], "id": "5239" }, { "title": "SWEDISH INDUSTRIAL PRODUCTION FALLS IN JANUARY", "body": "Sweden's industrial production fell\n1.8 pct during January compared with a fall of 0.8 pct the\nmonth before and remains unchanged compared with January 1986,\naccording to figures from the Central Bureau of Statistics.\n The bureau attributed the fall to a long Christmas break\nand particularly cold weather, which lowered production in the\nforestry industry.\n REUTER\n\u0003", "date": "16-MAR-1987 05:31:50.70", "topics": [ "ipi" ], "places": [ "sweden" ], "id": "5240" }, { "title": "BUNDESBANK ADDS MONEY MARKET LIQUIDITY", "body": "The Bundesbank came into the domestic\nmoney market to add temporary liquidity through federal\ngovernment funds as call money rates rose above 4.0 pct,\ndealers said.\n They estimated that the bulk of liquidity was added at\nabout 3.95 pct. Call money fell to 3.90/4.0 pct after the move.\nIt had been 3.80/90 on Friday.\n The move came as call money extended a rise begun Friday\nafter the Bundesbank took up some six billion marks owed to it\nby other European central banks after currency interventions in\nthe framework of European Monetary System in January.\n Rates could ease further in trading today but dealers\nexpect them to rise later in the week as banks begin paying out\nfunds for tax payments on behalf of clients.\n Some 30 billion marks is likely to leave the market this\nmonth, with the bulk being paid out next week.\n In anticipation of this liquidity drain, banks have stocked\nup reserves at the Bundesbank.\n On Thursday, minimum reserve holdings declined to 57.0\nbillion marks from 60.0 billion on Wednesday but were well\nabove the 53.2 billion held on Tuesday. Daily average reserve\nholdings rose slightly to 54.7 billion marks from 54.5 billion.\n The daily average reserve holdings were above the level of\naround 51 billion marks dealers said is needed for the required\ndaily average for the month.\n With the heavy tax drain in March, banks are likely to\nremain cautious about taking more liquidity out of reserves\nthan is absolutely necessary.\n However, a new securities repurchase pact likely to be\nadded next week to replace a facility expiring then could\nsomewhat offset the drain.\n The Bundesbank is expected to allocate more than the 3.4\nbillion marks which is due to be rolled over, dealers said.\n REUTER\n\u0003", "date": "16-MAR-1987 05:32:07.20", "topics": [ "money-fx", "interest" ], "places": [ "west-germany" ], "id": "5241" }, { "title": "TOYOTA LIKELY TO NAME AMERICAN FIRMS AS SUPPLIERS", "body": "Toyota Motor Corp is likely to\nname more American companies as suppliers of car parts for its\nwholly-owned U.S. Subsidiary Toyota Motor Manufacturing USA Inc\n(TMM), a Toyota official told Reuters.\n Toyota is studying the use of General Motors Corp's \nGM Delco Products as a supplier of motors for windshield wipers\nand Illinois Tool Works Inc for window handles, he said.\nAnother U.S. Firm may be used to supply radiator tanks.\n Toyota had originally planned to use two Japanese companies\nto supply the parts, Nippondenso Co Ltd and Aisin\nSeiki Co Ltd.\n Toyota is also considering some other U.S. Firms as\nsuppliers, but the spokesman declined to name them.\n Cars produced at Toyota's Kentucky plant will consist of 60\npct local content, instead of an earlier planned 50 pct, he\nsaid. The plant is scheduled to start production in mid-1988\nand have an annual capacity of 200,000 cars.\n Industry sources said the Toyota move was designed to head\noff criticism that it was not using enough U.S. Company-made\nparts at its Kentucky plant.\n REUTER\n\u0003", "date": "16-MAR-1987 05:34:24.09", "places": [ "japan", "usa" ], "id": "5242" }, { "title": "PECHINEY SIGNS LETTERS OF INTENT WITH SOVIET UNION", "body": "Pechiney said it signed two\nletters of intent with the Soviet Union covering the setting up\nof packaging and packaging materials joint ventures.\n It said one proposed venture would produce aluminium\npackaging for food and cosmetics. The other envisaged Pechiney\nputting together a consortium of European partners to set up a\npackaging and equipment manufacturing unit in the Soviet Union.\n A Pechiney spokesman said two working groups would prepare\ndetailed projects over the next three months. He said it was\ntoo soon to estimate the financial value of the two ventures.\n REUTER\n\u0003", "date": "16-MAR-1987 05:35:28.30", "topics": [ "alum" ], "places": [ "france", "ussr" ], "id": "5243" }, { "title": "MEES SAYS SECOND WEEK MARCH OPEC OUTPUT 14 MLN BPD", "body": "OPEC produced only about 14 mln bpd of\noil in the second week of March -- 1.8 mln bpd below its\nceiling -- largely because of pipeline problems in Turkey and\nEcuador, the Middle East Economic Survey (MEES) estimated.\n A landslide breached Iraq's one mln bpd pipeline through\nTurkey on March 6 for a week, and earthquakes in Ecuador have\nshut down its export pipeline for four to five months. Ecuador\nhas an OPEC quota of 210,000 bpd.\n MEES put Saudi Arabian output at 2.9 mln bpd in the first\nweek of March and 3.1 mln bpd in the second, in addition to\noutput from the Neutral Zone between Saudi Arabia and Kuwait.\n MEES said Saudi Arabia was pumping more than 300,000 bpd of\nits total production into floating storage.\n Saudi Oil Minister Hisham Nazer told Reuters and the\ntelevision news agency Visnews yesterday that Saudi output,\nincluding Neutral Zone production, was around three mln bpd.\n The Cyprus-based newsletter also said authoritative Libyan\noil sources said Libya was producing 850,000 bpd, compared with\nits 948,000 bpd quota, and that actual liftings are much lower\nthan that.\n It said one major Libyan equity producer had partially\nstopped lifting its 55,000 bpd equity entitlement for March\nbecause Libya was insisting on official prices, but is still\nlifting 40,000 bpd of debt crude at official prices and a\nfurther 25,000 bpd of \"purchase crude.\"\n It said small equity producers, with entitlements of only\n2,000 to 3,000 bpd, had also told Tripoli they could not lift\nat official prices.\n MEES said Iraq had sent a telex to OPEC and member\ncountries calling for the formation of a committee to study\nwhat it said were inequalities in marketing potential among\nvarious members.\n The newsletter said the Iraqi letter indicated Baghdad was\nhaving difficulty selling crude at official prices.\n The Iraqi telex pointed out that some member countries\nexport substantial volumes of oil that are not subject to OPEC\nprice regulations -- exports of refined products, equity crude\non which the margins are equivalent to covert discounts and\n\"other forms of hydrocarbons\" which are marketed in package deals\nwith crude oil.\n REUTER\n\u0003", "date": "16-MAR-1987 05:36:21.97", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "cyprus", "iraq", "turkey", "ecuador", "saudi-arabia", "libya" ], "id": "5244" }, { "title": "FINNISH INFLATION FALLS TO 3.5 PCT IN FEBRUARY", "body": "Year-on year Finnish consumer prices\nfell to 3.5 pct in February 1986 from 3.7 pct in January and\n4.6 pct in February 1985, the Central Statistical Office said.\n Consumer prices rose 0.3 pct in February after rises of one\npct in January and 0.5 pct in February 1985.\n The consumer price index, base 1981, was 142.7 in February,\n142.2 in January and 137.8 in February 1986.\n REUTER\n\u0003", "date": "16-MAR-1987 05:44:13.85", "topics": [ "cpi" ], "places": [ "finland" ], "id": "5245" }, { "title": "ALSTHOM PLANS ELECTRICAL EQUIPMENT JOB CUTS", "body": "Engineering group Alsthom said\nit planned to slash 420 jobs this year from the 5,000 strong\nworkforce in its electrical equipment division.\n Details of the proposed staff reductions will be put to\nlabour representatives at a meeting on March 19.\n Company officials said the cuts were needed to adjust to a\ndrop in orders from French state utility Electricite de France\nand the cancellation or postponement of unspecified export\ncontracts.\n REUTER\n\u0003", "date": "16-MAR-1987 05:53:06.03", "places": [ "france" ], "id": "5246" }, { "title": "BRIDGESTONE AND CLEVITE IN CAR PARTS VENTURE", "body": "Bridgestone Corp said it and\n of the United States will launch a\njoint venture in the U.S. To produce parts for car engines.\n The joint firm is to have a capital of 40 mln dlrs and will\nproduce rubber for cushioning car engines from vibration.\nLaunch date for the company, be owned 51 pct by Clevite and 49\npct by Bridgestone, is to be in June.\n REUTER\n\u0003", "date": "16-MAR-1987 06:03:49.89", "places": [ "japan", "usa" ], "id": "5247" }, { "title": "CLUB MED ASKS SHAREHOLDER APPROVAL FOR CAPITAL INCREASE", "body": "Club Mediterranee said it planned\na 150 mln franc increase in its authorised capital to 388.11\nmln francs from the present 238.11 mln.\n Shareholders approval would be sought at an extraordinary\nmeeting on April 16.\n The meeting would also be asked to approve a merger of two\nItalian subsidiaries, and .\n This would realise a capital gain on CM Italia's assets,the\namount of which would be determined by exchange rates ruling on\nthe effective date of the merger, a company announcement said.\n REUTER\n\u0003", "date": "16-MAR-1987 06:04:38.37", "places": [ "france" ], "id": "5248" }, { "title": "JAPAN BANKS FACE BIG LOSSES ON PERPETUAL FLOATERS", "body": "Japanese banks may have to realize\nsignificant losses on their seven billion dlrs in perpetual\nfloating rate notes after the recent collapse of the market,\nbankers said.\n How much of a loss is realized in the current fiscal year\nending March 31 depends on the accounting treatment recommended\nby the Finance Ministry. Ministry sources said the Ministry has\nyet to decide what guidance to give Japanese banks in valuing\nthe perpetual floating rate notes they hold.\n The notes are held by Japanese city, trust, long-term and\nregional banks, including their overseas branches.\n Roughly half of the Japanese banks assess foreign asset\nportfolios on the basis of current market prices while the\nothers assess them at either the acquisition cost or the\ncurrent market price, whichever is lower, bankers said.\n With the market for such perpetuals non-existent, Finance\nMinistry officials questioned the propriety of using nominal\nquotations supplied by the notes' lead managers to determine\nbank book losses.\n The Ministry is currently awaiting a legal judgement by the\nNational Tax Administration Agency on the propriety of using\nsuch quotations, one official said.\n Banks using current market prices alone to value their\nholdings can avoid realizing losses now because they can argue\nthat the market is non-existent and hope for a recovery next\nyear, bankers said.\n But those banks who use acquisition cost to value foreign\nportfolios cannot look to the market, bankers said. The\nacquisition cost is obviously higher than the market price,\nwhatever it may be, these banks must realize losses in the\ncurrent fiscal year.\n REUTER\n\u0003", "date": "16-MAR-1987 06:05:32.74", "places": [ "japan" ], "id": "5249" }, { "title": "PEARSON CONCENTRATES ON FOUR SECTORS", "body": "Pearson Plc said the recent\nsale of its Fairey Engineering companies, in a 51.5 mln stg\nmanagement buy-out, was part of its policy of concentrating on\nfour key sectors.\n In a statement with its 1986 results, the company said its\ninformation and entertainments sector's Financial Times, FT,\nnewspaper had record sales and profits.\n The FT is subject to a 70 mln stg investment programme,\nwith the printing and publishing operation moving to a new\nplant in the London docklands next year.\n Its other key sectors are merchant banking, oil and china.\n Commenting on its Camco Inc oil service subsidiary, Pearson\nsaid it believes the oil business setback is only temporary.\n The group has been acquiring oil properties in both the\nU.S. And Britain which will begin to make a significant impact\non profits in the 1990s.\n Far East operations of fine china subsidiary Royal Doulton\nLtd are being expanded in the wake of record recent sales in\nJapan, it added.\n Pearson reported 1986 pre-tax profit of 121.1 mln stg, up\nfrom 109.3 mln in 1985. Turnover fell to 953 mln from 970 mln.\n REUTER\n\u0003", "date": "16-MAR-1987 06:15:07.58", "topics": [ "earn" ], "places": [ "uk" ], "id": "5250" }, { "title": " German February central bank money grows annual 7.5 pct (January, same) - prov. Bundesbank data\n", "date": "16-MAR-1987 06:17:44.66", "topics": [ "money-supply" ], "places": [ "west-germany" ], "id": "5251" }, { "title": "H.K.'S KOWLOON-CANTON RAILWAY PLANS NEW LINE", "body": "The government-owned is planning a new line to link up the existing\nrailroad with the new light rail system now under construction,\na company spokeswoman said.\n She said the 14.9-kilometre link will connect the two\nindependent lines in the northern part of the suburban area\nnear the China border. It is not yet decided whether a light\nrail system or a conventional system will be used for the link.\n The link, which will take about 3-1/2 years to complete, is\nexpected to cost 1.26 billion H.K. Dlrs, she said.\n The spokeswoman said the final decision on the link is up\nto the government, depending on the government's overall\ntransport and development policy.\n She said consultancy studies commissioned by the company\nshow that by 1996 the new link will carry 137,100 passengers\ndaily and generate an additional 50,000 passengers in the\nconventional railway system.\n REUTER\n\u0003", "date": "16-MAR-1987 06:22:02.18", "places": [ "hong-kong" ], "id": "5252" }, { "title": "GERMAN FEBRUARY CENTRAL BANK MONEY GROWTH STEADY", "body": "West German central bank money stock\nwas growing at an annualized 7.5 pct in February, unchanged\nfrom the 7.5 pct reported in January, provisional data from the\nBundesbank showed.\n The figure was thus outside the three to six pct range set\nby the Bundesbank for 1987.\n In absolute terms, the measure rose to 223.2 billion marks\nin February from 221.8 billion in the prior month.\n The data showed that the stock grew at an annualized 8.6\npct over the six months to February, slower than the 9.4 pct\nrise in the same period to January.\n Of the two components comprising central bank money stock,\ncash in circulation rose to 111.7 billion marks in February\nfrom 110.9 billion in January, the Bundesbank data showed.\n This gave an annualized 8.3 pct rise over the six months to\nFebruary, down from a 10.2 pct increase over the six months to\nJanuary.\n Minimum reserve requirements on domestic liabilities grew\nto 111.5 billion marks in February from 110.9 billion in\nJanuary.\n This yielded an annualized 8.8 pct rise over the six month\nto February, up slightly from an 8.6 pct increase over the same\nperiod to January.\n REUTER\n\u0003", "date": "16-MAR-1987 06:26:58.62", "topics": [ "money-supply" ], "places": [ "west-germany" ], "id": "5253" }, { "title": "UK FEB RETAIL SALES RISE PROVISIONAL 2.2 PCT (JAN FALL 2.2 PCT) - OFFICIAL\n", "date": "16-MAR-1987 06:31:02.11", "topics": [ "retail" ], "places": [ "uk" ], "id": "5254" }, { "title": "GERMAN BANK SEES HIGHER GOLD PRICE FOR 1987", "body": "Gold is expected to continue its rise\nthis year due to renewed inflationary pressures, especially in\nthe U.S., Hamburg-based Vereins- und Westbank AG said.\n It said in a statement the stabilisation of crude oil\nprices and the Organisation of Petroleum Exporting Countries'\nefforts to achieve further firming of the price led to growing\ninflationary pressures in the U.S., The world's biggest crude\noil producer.\n Money supplies in the U.S., Japan and West Germany exceed\nthe central banks' limits and real growth of their gross\nnational products, it said.\n Use of physical gold should rise this year due to increased\nindustrial demand and higher expected coin production, the bank\nsaid.\n Speculative demand, which influences the gold price on\nfutures markets, has also risen. These factors and South\nAfrica's unstable political situation, which may lead to a\ntemporary reduction in gold supplies from that country,\nunderline the firmer sentiment, it said.\n However, Australia's output is estimated to rise to 90\ntonnes this year from 73.5 tonnes in 1986.\n REUTER\n\u0003", "date": "16-MAR-1987 06:31:23.75", "topics": [ "gold" ], "places": [ "west-germany" ], "id": "5255" }, { "title": "U.K. RETAIL SALES RISE 2.2 PCT IN FEBRUARY", "body": "The volume of U.K. Retail sales rose a\nprovisional, seasonally adjusted 2.2 pct in February after\nfalling a final 2.2 pct in January, figures released by the\nDepartment of Trade and Industry show.\n The February sales index, base 1980, was put at a\npreliminary 125.0 after a final 122.3 in January.\n In the three months from December to February, the level of\nsales was little changed over the previous three months but was\nnearly six pct higher than the same year ago period.\n On a non-seasonally adjusted value basis, retail sales in\nFebruary were a provisional 9.0 pct higher than a year earlier.\n The Department noted the latest figures were similar to the\naverage in the fourth quarter last year but well above the\nJanuary index, which was depressed by the effects of severe\nweather.\n The February trading period comprised the four weeks\nFebruary 1 to 28. Final February retail sales figures will be\npublished on April 6.\n REUTER\n\u0003", "date": "16-MAR-1987 06:32:09.26", "topics": [ "retail" ], "places": [ "uk" ], "id": "5256" }, { "title": "TRANSPORT DEVELOPMENT GROUP PLC 1986 YEAR", "body": "Shr 17.15p vs 12.37p\n Final dividend 5.5p, making 7.5p vs 6.2p\n Pre-tax profit 39.4 mln stg vs 29.7 mln.\n Turnover 543.2 mln stg vs 481.5 mln\n Operating profit 48.2 mln stg vs 38.2 mln\n Net interest 8.9 mln vs 8.6 mln\n Tax 14.3 mln vs 11.2 mln\n Profit after tax 25.1 mln vs 18.4 mln\n Minority interest 300,000 vs 615,000\n Net tangible assets per ordinary shr 111.3p vs 101.6p\n REUTER\n\u0003", "date": "16-MAR-1987 06:34:09.48", "topics": [ "earn" ], "places": [ "uk" ], "id": "5257" }, { "title": "COCOA LATEST FOCUS FOR COMMODITY PACT NEGOTIATORS", "body": "The credibility of government efforts to\nstabilise fluctuating commodity prices will again be put to the\ntest over the next two weeks as countries try to agree on how a\nbuffer stock should operate in the cocoa market, government\ndelegates and trade experts said.\n Only two weeks ago, world coffee prices slumped when\nInternational Coffee Organization members failed to agree on\nhow coffee export quotas should be calculated. This week, many\nof the same experts gather in the same building here to try to\nagree on how the cocoa pact reached last summer should work.\n The still unresolved legal wrangle surrounding the\nInternational Tin Council (ITC), which had buffer stock losses\nrunning into hundreds of millions of sterling, is also casting\na shadow over commodity negotiations.\n The ITC's failure has restricted negotiators' ability to\ncompromise as governments do not want to be involved in pacts\nwith built-in flaws or unlimited liability, but want clear\nlines drawn between aid and trade.\n A more hopeful sign of cooperation was agreement on basic\nelements of a new International Natural Rubber Agreement in\nGeneva at the weekend.\n Some importing countries insist the International Cocoa\nOrganization (ICCO) buffer stock rules must not be muddied with\nquota type subclauses which might dictate the type of cocoa to\nbe bought. One consumer country delegate said this would\n\"distort, not support\" the market.\n Trade and industry sources blame uncertainty about the ICCO\nfor destabilising the market as the recent collapse in coffee\nprices has made traders acutely aware that commodity pacts can\nfounder. On Friday this uncertainty helped push London cocoa\nfutures down to eight month lows. The strength of sterling has\nalso contributed to the recent slip in prices.\n The ICCO daily and average prices on Friday fell below the\n\"must buy\" level of 1,600 SDRs a tonne designated in the pact,\nwhich came into force at the last ICCO session in January but\nwithout rules for the operation of the buffer stock.\n Consumers and producers could not agree on how it should\noperate and what discretion it should be given. The agreement\nlimits it to trading physical cocoa and expressly says it\ncannot operate on futures markets.\n A cash balance of some 250 mln dlrs and a stock of almost\n100,000 tonnes of cocoa, enough to mount large buying or\nselling operations, were carried forward from the previous\nagreement.\n Members finance the stock through a 45 dlrs a tonne levy on\nall cocoa they trade. It has an upper limit of 250,000 tonnes.\n The key arguments being faced by the ICCO working group on\nbuffer stock rules which is meeting today and tomorrow will be\nover non-member cocoa and differentials the buffer stock should\npay when trading different types of cocoa. Another working\ngroup is scheduled to meet Wednesday to discuss administrative\nmatters, and the full council meets on Thursday.\n Producers have so far maintained that buffer stock funds\nshould not help mop up surplus cocoa produced in non-member\ncountries such as Malaysia.\n Consumers say when this cocoa is the cheapest the buffer\nstock should buy it rather than compete with chocolate\nmanufacturers for premium-priced high quality cocoas.\n The argument over buying non-member cocoa is closely linked\nto the one over differentials for different qualities.\n European industry and trade advisers have suggested as a\ncompromise that the buffer stock have a maximum share that can\nrepresent non-member cocoa and that it use the London futures\nmarket's existing differentials for different qualities.\n Currently, good West African cocoa is tendered at par onto\nthe London market.\n Discounts, which are currently under review, range up to 50\nstg a tonne for Brazilian and Malaysian cocoa.\n Consumer delegates said the same arguments in reverse would\noperate when prices are high - the buffer stock should sell the\nhighest priced cocoa in most demand, forcing all prices lower.\n The January talks were slowed by a split inside the\nEuropean Community, a key ICCO consumer group, with France\nsiding with producers. EC representatives met in closed session\nin Brussels on Friday in an attempt to reach a common ground\nand, a diplomatic source said, narrowed the range of positions\namong the 12 nations.\n The source said the EC will be looking for signs of\nflexibility on the part of producers in the next few days and\nwill be able to respond if they are there.\n One ICCO delegate describing the producer/consumer split\nsaid consumer proposals mean buying more cocoa for less and\nbacks the concept of the pact which is \"meant to support the\nmarket where trade buying is not.\"\n In contrast, he said, producers seem to want to sell their\ncocoa to the buffer stock rather than consumers.\n Other, more technical, issues still outstanding include\nwhether the buffer stock should buy at a single announced\n\"posted price\" as in the previous pact or by announcing it is\nbuying then accepting offers.\n In either case, delegates said, it is accepted that\nproducers must be given a clear opportunity to make offers of\ncocoa for forward shipment directly to the buffer stock in a\nway that is competitive with spot offers made by dealers.\n REUTER\n\u0003", "date": "16-MAR-1987 06:42:20.68", "topics": [ "cocoa" ], "organisations": [ "ec", "ico-coffee", "itc", "icco" ], "places": [ "uk" ], "id": "5258" }, { "title": "CATHAY PACIFIC WINS TORONTO ROUTE LICENSE", "body": "Cathay Pacific Airways Ltd \nhas won a two-year license from the Hong Kong government to\noperate scheduled flights to Toronto, a Cathay spokesman said.\n He told Reuters the airline had sought a five-year right to\nadd Toronto to its existing license to serve the United States\nand Canada.\n \"We're pleased,\" the spokesman said. \"It's important because\nToronto has a large ethnic Chinese commmunity and there's a\ngrowing amount of travel.\"\n Canadian and British authorities must agree on air service\nrights before Cathay can begin service to toronto.\n Cathay Pacific is controlled by Swire Pacific Ltd .\n Hongkong Dragon Airlines Ltd, a fledgling locally based\nairline, had opposed the move, saying that Cathay should wait\nuntil its license for its U.S. And Canadian routes expires in\nFebruary next year.\n A hearing started today and continues tomorrow. An\napplication by Dragonair is to start flights to Malaysian\ncities including Kuala Lumpur and Kota Kinabalu. Cathay is\nopposing Dragonair's request.\n REUTER\n\u0003", "date": "16-MAR-1987 06:57:10.03", "places": [ "hong-kong", "canada" ], "id": "5259" }, { "title": "YUGOSLAV FEBRUARY INFLATION RISES 7.2 PCT", "body": "Yugoslav retail prices in February\nrose 7.2 pct from January to stand 91.6 pct higher than in\nFebruary 1986, the Federal Statistics Office said.\n In January retail prices rose 6.6 pct from December to\nstand 90.4 pct higher than in January 1986.\n The cost of living, an index that includes services and\nutilities as well as retail prices, was up 7.3 pct in February\nfrom January and stood 93.6 pct higher than in February 1986.\n In January the cost of living increased by 6.4 pct from\nDecember and stood 91.8 pct higher than in January 1986.\n REUTER\n\u0003", "date": "16-MAR-1987 06:57:53.52", "topics": [ "cpi" ], "places": [ "yugoslavia" ], "id": "5260" }, { "title": "FINNISH MARKETS SHOW NO PRE-ELECTION IMPACT", "body": "Finnish two-day general elections\nending tonight have not affected financial markets, with trade\ncontinuing as normal, bankers said.\n \"There is no sign of nervousness, the market is steady as a\nrock. Trade is normal, I see no special increase or decrease,\"\none foreign banker said.\n The markka's currency index was fixed today at 103.8,\nunchanged since early March. The mid-rate fix of the dollar was\n4.517 markka, down from 4.546 last Friday.\n Opinion polls show a possible return into government of the\nConservatives after 21 years in opposition.\n Trade at the Helsinki Stock Exchange was unaffected by the\nelection, securities analysts said.\n They said the likelihood of major changes in economic\npolicy even if the Conservatives join the government are slim\nalthough they favour further liberalisation of financial\nmarkets.\n The Conservatives, who hold 44 seats in Parliament, have\nshelved plans to privatise state industry in order to improve\ntheir chances of joining a centrist coalition.\n REUTER\n\u0003", "date": "16-MAR-1987 07:00:37.69", "places": [ "finland" ], "id": "5261" }, { "title": "SCIENTIST ALLAYS FEARS ABOUT CHERNOBYL POLLUTION", "body": "Radioactive contamination of water\nsupplies around the Chernobyl nuclear power plant will not\nreach danger levels when the winter snowfall starts to melt, a\nSoviet scientist was quoted as saying at the weekend.\n Konstantin Sytnik, vice-president of the Ukrainian Academy\nof Sciences, said there had been fears that melted snow\ncontaining radioactive particles might flow into main water\nsupplies.\n But he told the Communist Party newspaper Pravda that\ncontamination of snow around the plant was within safety levels\nand some of it had already been absorbed into the soil.\n Snowfall this winter had been greater than usual and a\ncertain increase in the amount of radiation in the water was\ninevitable. But contamination would be within the permissible\nlimits, Sytnik said.\n The banks of the river Pripyat, which flows near the plant,\nhad been reinforced to prevent it bursting its banks when the\nthaw began this spring, he added.\n About 135,000 people were evacuated and 31 were killed\nafter an explosion and fire at Chernobyl last April 26. A\nconcrete wall was built last summer to prevent contamination of\nthe Pripyat by radioactive ground water.\n Meanwhile, a Ukrainian official was quoted as saying today\nthat preparations were under way in the Ukraine to evacuate\ntowns and villages before there was heavy flooding after higher\nthan usual snowfall this winter.\n V. Martynenko, head of a flood commission in the Donbass\narea of the Ukraine, told Pravda preparations had begun for the\nevacuation of about 112,000 people in the Donbass in the south\nof the republic. About 190 towns and villages and 12,000 homes\ncould be flooded when snow -- falls of which had been six times\nhigher than usual in some areas -- started to thaw. Cattle had\nalready been moved from some parts, they said.\n REUTER\n\u0003", "date": "16-MAR-1987 07:06:31.32", "places": [ "ussr" ], "id": "5262" }, { "title": "AQUINO DISBANDS VIGILANTE GROUPS", "body": "President Aquino has ordered the\ndissolution of all armed civilian vigilante groups around the\nPhilippines, officials said.\n The order follows protests about the activities of\nvigilantes by human-rights activists, but goes against calls by\nthe military for more such groups.\n The vigilantes have been credited with a major role in\nrecent successes in several districts against communist rebels.\n\n Reuter\n\u0003", "date": "16-MAR-1987 07:09:58.60", "places": [ "philippines" ], "id": "5263" }, { "title": "MAI PLC SIX MONTHS TO DECEMBER", "body": "Shr 25.7p vs 21.5p\n Div 6p vs 4p\n Pretax profit 24.13 mln stg vs 16.40 mln\n Net after tax 15.08 mln vs 10.52\n Extraordinary credit 8.71 mln stg vs nil\n Turnover 140.8 mln vs 96.55\n Note - The extraordinary item comprises profit less losses\non the sale of certain subsidiaries less related tax and\nminority interests.\n Pretax profit comprises -\n Securities and money broking 15.44 mln stg vs 10.75 mln\n Personal financial services 3.6 mln vs 735,000 stg\n Media 3.74 mln vs 3.16 mln\n Market reserch 912,000 stg vs 732,000\n Net interest 438,000 vs 1.03 mln\n REUTER\n\u0003", "date": "16-MAR-1987 07:16:04.90", "topics": [ "earn" ], "places": [ "uk" ], "id": "5264" }, { "title": "PANEL HEAD SAYS MARCOS STILL CONTROLS LARGE FUNDS", "body": "The head of a Philippine panel charged\nwith recovering illegal wealth accumulated by former President\nFerdinand Marcos and his associates said they still controlled\nlarge funds circulating in the country's economy.\n Ramon Diaz, Chairman of the Presidential Commission on Good\nGovernment (PCGG) told Reuters in an interview: \"There is every\nreason to believe that the cronies and President Marcos and his\nfamily were able to hide millions and millions of pesos before\nthey fled. As a matter of fact we have been able to get hold of\ncrates of newly printed currency.\"\n Diaz did not give figures, but said: \"We believe they still\nhave a lot of funds. These are the funds that they will use in\nthe coming elections. These are the funds that they used to\nstage those coups.\"\n He was referring to congressional elections scheduled for\nMay 11 and to the three coup attempts faced by President\nCorazon Aquino since she toppled Marcos a year ago.\n Diaz said the PCGG so far has recovered cash and property\nvalued at about eight billion pesos and had sequestered shares\nof stock of at least 286 firms. \"We have achieved more than what\nwe thought we could achieve in one year,\" he added.\n The government last week announced that businessman Antonio\nFloirendo, an associate of Marcos known as the \"banana king,\" had\nturned over 70 mln pesos in cash to the PCGG and promised to\nsurrender titles to property in New York and Hawaii worth\nanother 180 mln pesos. In return, the PCGG said it had lifted\nfreeze and sequestration orders on Floirendo's properties.\n Diaz said there were already similar preliminary agreements\nwith another Marcos associate, Roberto Benedicto. He said\nBenedicto had surrendered control of several newspapers and\nradio and television stations and agreed to PCGG control of the\nboards of a bank and a hotel he owned in the Philippines.\n Diaz said the PCGG based its estimates of illegal wealth on\nincome-tax returns and land titles of Marcos associates.\n\"Anything over and above reported income -- that's what we have\nto recover,\" he said.\n He said a decision by the PCGG last week to probe street\ncertificates held by brokers at Manila's two stock exchanges\nwas prompted by suspicion that illegal funds were in\ncirculation.\n Street certificates describe securities held in the name of\na broker or another nominee instead of a customer so as to\npermit easy trading or transfer.\n Reuter...\n\u0003", "date": "16-MAR-1987 07:17:25.18", "places": [ "philippines" ], "id": "5265" }, { "title": "MADAGASCAR RICE CROP ESTIMATED HIGHER IN 1987", "body": "Madagascar's vital rice crop is\nestimated at 2,286,000 tonnes of paddy this year, up from\n2,138,000 in 1986, the Ministry of Agriculture said.\n The Trade Ministry said rice imports quadrupled in local\ncurrency value during the first nine months of last year as the\ngovernment established a buffer stock of the country's staple\nfood.\n Rice imports increased to 82.4 billion Malagasy francs\nduring the first nine months of last year from 20 billion in\nthe same period of 1985, the ministry said, without disclosing\nthe tonnages involved.\n REUTER\n\u0003", "date": "16-MAR-1987 07:18:34.90", "topics": [ "grain", "rice" ], "places": [ "madagascar" ], "id": "5266" }, { "title": "HUNGARIAN BANK DENIES MISCONDUCT IN VW AFFAIR", "body": "The National Bank of Hungary said its\nname had been used in fraudulent foreign exchange contracts\nwith Volkswagen AG but denied any misconduct on its\npart.\n National Bank managing director Laszlo Karczag told\nReuters, \"All our businesses (with Volkswagen) had been closed\nwith all payments made when due on both sides and therefore we\ndo not have ... Any open or unsettled positions whatsoever with\nthem.\"\n Karczag said the bank was in contact with Volkswagen and\nwas \"rendering them all possible assistance in their\ninvestigations.\"\n The West German weekly Der Speigel said a fraud involving\nVW's reported 480 mln mark loss on foreign exchange dealings\ncame to light when the Hungarian National Bank refused to\nhonour what turned out to be a fake forward currency purchase\ncontract.\n Reading a prepared statement, Korczag said, \"We have\nknowledge, however, of the fact that in certain fraudulent\ncontracts the name of the National Bank of Hungary has also\nbeen misused. We deny any kind of misconduct on our part.\"\n The bank had been doing foreign exchange business with\nVolkswagen \"for a few years,\" he said.\n REUTER\n\u0003", "date": "16-MAR-1987 07:18:51.91", "places": [ "hungary" ], "id": "5267" }, { "title": "ECUADOR SAYS IT WILL PAY DEBT WHEN IT CAN", "body": "President Leon Febres Cordero said\nEcuador would honour its debt when it had the capacity to make\npayments, but said foreign banks had calculated oil would have\nto be 25 dlrs a barrel for Ecuador to meet its commitments.\n Ecuador said on Friday that last week's earthquake was\nforcing it to reaffirm an earlier decision -- based on the\nslide in world oil prices -- to suspend debt payments to\nprivate foreign banks, which hold two-thirds of its 8.16\nbillion dlr foreign debt.\n \"All legitimate debt is a commitment of honour,\" the\npresident said during a visit to the quake zone. \"A government\nas a sovereign entity has dignity and prestige to maintain.\"\n Private foreign banks and the World Bank had calculated oil\nwould have to be at least 25 dlrs a barrel for Quito to be able\nto meet its commitments, Febres Cordero said.\n He added that Ecuadorean crude was now selling for 15 to 17\ndlrs a barrel after having been sold for many months at 12 dlrs\na barrel and as low as seven dlrs before that.\n Meanwhile, Ecuador announced an austerity program and a\nprice freeze on key consumer goods as a result of the\nearthquake, which killed at least 300 people.\n Presidency Minister Patricio Quevedo said the budget would\nbe cut by five to 10 pct, government hiring would be frozen and\nsalaries of top officials, including the president and cabinet,\nwould be reduced.\n He also said a price freeze would be imposed on 20 basic\nconsumer items, mainly food staples, while the price of\ngasoline would rise by between 69 and 80 pct and bus fares\nwould rise by 20 pct. Gasoline supplies would also be limited.\n Reuter\n\u0003", "date": "16-MAR-1987 07:19:08.54", "topics": [ "crude" ], "places": [ "ecuador" ], "id": "5268" }, { "title": "U.K. MONEY MARKET DEFICIT FORECAST REVISED UPWARDS", "body": "The Bank of England said it had revised\nits estimate of the shortage in the money market today up to\n1.15 billion stg before taking account of its early operations.\n Earlier, the bank forecast the deficit at 1.05 billion stg\nand gave 90 mln stg assistance at an early round of bill\noffers.\n REUTER\n\u0003", "date": "16-MAR-1987 07:19:21.04", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "5269" }, { "title": "PARIBAS SEEKING TO ADJUST ECUADOR OIL FACILITY", "body": "Banque Paribas, which arranged a 220\nmln dlr loan for Ecuador last year to pre-finance oil exports,\nwants to adjust the terms of the facility to help the country\nrecover from a devastating earthquake, bankers said.\n But the French bank's plan, which would effectively\npostpone repayment of about 30 mln dlrs of the loan for several\nmonths, is running into stiff resistance from many of the 52\nmembers of the loan syndicate.\n The pipeline that carries all Ecuador's oil exports was\nruptured in the March 5 tremor and will take some five months\nto repair at a cost of about 150 mln dlrs to repair.\n President Leon Febres Cordero on Friday estimated total\ndamages caused by the quake at one billion dlrs and said that\nEcuador as a result would maintain January's suspension of\ninterest payments on its foreign commercial bank debt.\n Payments were halted in January because of the drop in the\nprice of oil, which accounts for nearly two-thirds of Ecuador's\nexport earnings and 60 pct of government revenue.\n Although sympathetic to Ecuador's plight, many banks in the\nParibas facility feel that emergency financial relief is a job\nfor international financial organizations and not for\ncommercial banks, bankers said.\n The 18-month oil-financing facility, which was signed last\nOctober 28, is one of the few purely voluntary credits for a\nLatin American nation since the region's debt crisis erupted in\nAugust 1982.\n Because it was a voluntary deal, many bankers feel strongly\nthat the orginal terms must be adhered to. Otherwise, they\nfear, the gradual re-establishment of normal market conditions\nfor Latin borrowers will be set back.\n \"There's a lot of reluctance by the other banks. They feel\nit's a different facility, and so any kind of suggestion of a\nrestructuring would look bad,\" one banker commented.\n Reuter\n\u0003", "date": "16-MAR-1987 07:19:43.38", "topics": [ "crude" ], "places": [ "ecuador", "usa" ], "id": "5270" }, { "title": "BANK OF JAPAN SATISFIED WITH YEN AT CURRENT RANGE", "body": "The Bank of Japan is satisfied with the\nyen around its current range, a senior central bank official\ntold reporters.\n He said the pledge by major industrial nations in Paris\nlast month to cooperate to hold exchange rates around current\nranges applied in both directions, a dollar fall or a dollar\nrise.\n Unilateral intervention itself cannot ensure currency\nstability, but it can be useful when coordinated with other\npolicies and with other central banks, he said.\n The Bank of Japan is rather confident currency stability\nwill continue for some time, the senior bank official said, but\ndeclined to be more specific.\n Finance Minister Kiichi Miyazawa told parliament on Friday\nthe current dollar/yen exchange rate is not necessarily\nsatisfactory for the Japanese economy.\n Asked what factors might destabilize the markets, the\nofficial cited a lessening of market fear about intervention, a\ncompletely unexpected change in the economy of Japan, the U.S.\nOr West Germany, or resumption of comments by government\nofficials seeking to talk the dollar up or down.\n The senior bank official said he expects Japan's gross\nnational product (GNP) to grow three pct or slightly more in\nthe fiscal year beginning in April. That would be little\nchanged from the performance expected this year.\n Domestic demand may grow nearly four pct in 1987/88, but\nthe external sector will have a negative impact on GNP of\nnearly one percentage point, he said.\n He said there was virtually no room for further monetary\npolicy action to boost the economy. The economy's performance\nin the future very much depends on fiscal policy, he added.\n The central bank's monetary policy has already done its\npart in stimulating the economy, the senior bank official said.\nThe Bank of Japan has cut its discount rate five times over the\nlast year and a half.\n Although the central bank does not see any imminent risk of\ninflation, there could be some problems in the future, he said.\n\"We are sitting on a barrel of powder, but fortunately it may\nstill be wet,\" he added.\n Liquidity among private households and especially the\ncorporate sector has increased substantially, he said.\n The liquidity is the reason for the recent boom of stock\nexchange prices, the bank official said. This inflow of funds\ninto the stock exchange, occurring also in other countries, may\ncontinue, he said.\n REUTER\n\u0003", "date": "16-MAR-1987 07:20:40.55", "topics": [ "money-fx", "yen", "gnp" ], "places": [ "japan" ], "id": "5271" }, { "title": "BANK OF CHINA TAKES STAKE IN BAII HOLDINGS", "body": "Bank of China has taken a stake in\nLuxembourg-based finance company BAII Holdings SA, a spokesman\nfor BAII said.\n The stake was between three and five pct but no further\ndetails of the deal, which was announced simultaneously in\nParis, London and Hong Kong, were immediately available.\n BAII, which is 50 pct Arab owned, is looking to expand its\nactivities in the Far East and recently established a\nwholly-owned merchant banking subsidiary in Hong Kong, the\nspokesman said.\n The group had earnings of 15.4 mln dlrs in 1985.\n REUTER\n\u0003", "date": "16-MAR-1987 07:21:50.25", "topics": [ "acq" ], "places": [ "uk", "china" ], "id": "5272" }, { "title": "SAUDI OIL MINISTER SEES NO NEED TO ALTER PACT", "body": "Saudi Arabian Oil Minister Hisham Nazer\nsaid OPEC's December agreement to stabilize oil prices at 18\ndlrs a barrel was being implemented satisfactorily and there\nwas no immediate need to change it.\n Nazer, in an interview with Reuters and the television news\nagency Visnews, said Saudi Arabia was producing around three\nmln barrels per day (bpd) of crude oil, well below its OPEC\nquota.\n Saudi Arabia, the world's largest oil exporter, will\ncontinue to restrain production as long as other OPEC members\nadhere to the pact, Nazer said.\n The 13-nation OPEC agreed in December to cut its production\nceiling by 7.25 pct to 15.8 mln bpd and abide by fixed prices\naveraging 18 dlrs a barrel from February 1.\n Nazer, in his first interview since succeeding Ahmed Zaki\nYamani last October, said: \"I do not foresee any need for new\nmeasures before the 25th of June when our (next OPEC) meeting\nwill take place as scheduled.\"\n Nazer said OPEC was producing below 15.8 mln bpd and all\nmembers were abiding by its agreements.\n \"We've heard news every now and then of violations but they\nwere not at all verified,\" he said.\n OPEC production curbs have boosted world oil prices from a\n13-year low of around eight dlrs a barrel last August to near\n18 dlrs after announcement of the December pact.\n Spot market prices slipped some two dlrs in February but\nhave firmed in the past two weeks to near OPEC levels as\ntraders gained confidence in OPEC price and output discipline.\n Nazer said Saudi Arabia would continue to produce below its\n4.133 mln bpd quota if necessary to defend the 18 dlr price.\n \"As long as all the OPEC members adhere to the program as\ndevised in December, Saudi Arabia will continue to adhere to\nthe agreement,\" he said.\n Current production of three mln bpd includes oil from the\nNeutral Zone shared with Kuwait, but not sales from floating\nstorage, Nazer said.\n King Fahd of Saudi Arabia, in an interview with Reuters and\nVisnews on March 11, said the kingdom wanted oil price\nstability and called on non-OPEC producers to avoid harmful\ncompetition with OPEC.\n \"Saudi Arabia doesn't decide prices by itself but certainly\ndesires price stability,\" he said.\n Nazer said the output level did not mean the kingdom had\nreturned to a role of \"swing producer\" within OPEC.\n Saudi Arabia allowed its output to sink as low as two mln\nbpd in August 1985 to compensate for slack demand and\nover-production by some OPEC states.\n \"Saudi Arabia is not playing that role. It is being played\nby OPEC membership as a whole because the reduction in the 15.8\nmln bpd share of OPEC in the market is being shared by other\nmembers of OPEC,\" Nazer said.\n Nazer said OPEC estimated demand for its oil during third\nquarter this year would be around 16.6 mln bpd.\n But he said if circumstances changed \"I am sure then the\nOPEC members will consult with each other and take the\nnecessary measures.\"\n Oil analysts say the OPEC pact could come under strain when\ndemand for petroleum products generally falls in the northern\nhemisphere spring and summer.\n Nazer said he was satisfied with the extent of cooperation\nfrom non-OPEC producers. Norway, Egypt and the Soviet Union\nagreed to help OPEC by restraining production or exports after\nhe visited them on OPEC's behalf earlier this year.\n \"We did not ask any country to do anything. These were\nprogrammes they thought were necessary to stabilise market\nconditions and to help themselves attain better pricing\nconditions,\" Nazer said.\n He said it was up to countries that declined to cooperate\n-- such as Britain -- to come up with their own proposals if\nthey saw fit.\n\u0003", "date": "16-MAR-1987 07:22:23.16", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "saudi-arabia" ], "id": "5273" }, { "title": "TURKISH TRADE DEFICIT WIDENS IN 1986", "body": "Turkey's trade deficit rose to 3.65\nbillion dlrs in 1986 from 3.39 billion in 1985 following\nincreased imports from Western countries, figures from the\nState Statistics Institute show.\n Exports were down 6.3 pct at 7.45 billion dlrs, compared\nwith 7.95 billion in 1985, while imports were down 2.1 pct at\n11.10 billion dlrs from 11.34 billion.\n Total trade with Mid-East Gulf states fell some 40 pct due\nto lower oil prices, with imports at 1.55 billion dlrs,\ncompared with 2.74 billion, and exports at 1.65 billion after\n2.72 billion.\n Exports to Organisation for Economic Cooperation and\nDevelopment countries rose to 4.29 billion dlrs from 4.11\nbillion in 1985, while imports were 4.56 billion after 3.55\nbillion.\n Turkey's trade deficit in December narrowed to 216 mln dlrs\nfrom 340 mln in November, and compared with 277 mln in December\n1985.\n \n Reuter\n\u0003", "date": "16-MAR-1987 07:25:30.48", "topics": [ "trade" ], "places": [ "turkey" ], "id": "5274" }, { "title": "45 KILLED, 185 HURT IN CHINESE FACTORY BLAST", "body": "A huge explosion in a flax factory in\nthe northeast China city of Harbin killed 45 workers and\ninjured 185, the official China Legal News reported.\n The newspaper said the explosion in the early hours of\nyesterday destroyed four buildings at the plant.\n More than 470 workers were in the factory at the time of\nthe explosion. Doctors specializing in burns were rushed to\nHarbin to help treat the injured.\n The paper said the cause of the blast was still being\ninvestigated.\n It gave no further details.\n Reuter\n\u0003", "date": "16-MAR-1987 07:27:31.18", "places": [ "china" ], "id": "5275" }, { "title": "ALUSUISSE SHARES FALL AFTER CAPITAL CUT NEWS", "body": "Bearer shares of Schweizerische\nAluminium AG (Alusuisse) fell sharply as trading\nresumed after a one-day suspension on Friday, when the firm\ndisclosed plans for a capital cut.\n The bearers, held mainly by foreign investors, dropped 30\nSwiss francs to 460. But volume was not particularly heavy.\nRegistered shares were less affected, slipping five to 165. The\nparticipation certificates fell to 43 francs from 45.50.\n Alusuisse made a net loss of 688 mln francs, after a\nrestated 756 mln loss in 1985, and set a 50 pct capital cut.\nThe company said it could break even this year.\n REUTER\n\u0003", "date": "16-MAR-1987 07:30:05.22", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "5276" }, { "title": "U.K. MONEY MARKET GIVEN FURTHER 30 MLN STG HELP", "body": "The Bank of England said it provided the\nmoney market with a further 30 mln stg assistance.\n This brings the Bank's total help so far today to 120 mln\nstg and compares with its upward revised estimate that the\nsystem would face a shortage of some 1.15 billon stg.\n The central bank bought bills for resale to the market in\nequal amounts on April 1, 2 and 3 at an interest rate of\n10-7/16 pct.\n REUTER\n\u0003", "date": "16-MAR-1987 07:30:14.20", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "5277" }, { "title": "EGYPT, SOVIETS TO RENEGOTIATE ARMS DEBT TERMS", "body": "Egypt and the Soviet Union are expected\nto sign an agreement in Moscow next week settling Cairo's three\nbillion dlr military debt, Egyptian officials said.\n One official, who asked to remain anonymous, told Reuters a\ndraft agreement would reduce to zero from two pct future\ninterest payable on the 10 year-old debt, and set a 25 year\nrepayment term.\n Talks are due to begin in Moscow on Wednesday.\n Economy Minister Youssri Mustapha, who leaves for Moscow on\nTuesday, met President Hosni Mubarak and Egyptian ambassador to\nMoscow Salah Bassiouni to discuss the issue.\n One official said Egypt would propose a new exchange rate\nfor trade with the Soviet Union. Current commerce is based on a\nrate set in the 1960s of 0.38 Egyptian pounds to the dollar\nwhich Moscow sees as unreasonable. The fluctuating official\nrate is about 1.36 pounds to the dollar.\n The officials said part of the debt would be paid in\nexports of goods such as textiles, leather and furniture.\n Egypt wants to settle the debt problem partly to open the\ndoor for new cooperation, mainly in modernising Soviet-built\nsteel, aluminium and fertiliser plants under a five-year\ndevelopment plan ending June 30 1992.\n Egypt, which already imports Soviet coal, wood, newsprint\nand glass, also wanted a debt deal to allow purchases of\ncurrently blocked spare parts for its ageing Soviet military\nhardware, the officials said.\n An estimated 65 pct of Egypt's arsenal is still made up of\nSoviet-supplied equipment, one official said.\n Cairo stopped repaying Moscow for arms purchases in 1977\nwhen then-president Anwar Sadat broke with its long-standing\nally and turned to the U.S..\n REUTER\n\u0003", "date": "16-MAR-1987 07:30:30.75", "topics": [ "trade" ], "places": [ "egypt", "ussr" ], "id": "5278" }, { "title": "PERU BEGINS FOREIGN EXCHANGE RATIONING", "body": "Peru will put into effect today a foreign\nexchange rationing system for imports designed to stop a slide\nin the country's international reserves, a government decree in\nthe Official Gazette said.\n Under the system, importers will be required to present a\nbill from the foreign seller of goods and apply for a license\nfor foreign exchange. The central bank will have 10 days to\ndecide whether to issue the required foreign exchange.\n Net international reserves now total about 800 mln dlrs\ncompared to 1.54 billion dlrs a year ago.\n The system will be effective until the end of 1988.\n A ceiling for foreign exchange availability will be set by\na council with members from the central bank, the economy\nministry and the planning and foreign trade institutes. The\ncentral bank will issue licenses to procure foreign exchange in\naccordance with guidelines set by the council.\n Peru's reserves fell sharply due to a drop in the trade\nsurplus to about five mln dlrs in 1986 from 1.1 billion in\n1985, according to preliminary central bank estimates.\n Total exports dropped to 2.50 billion dlrs last year against\n2.97 billion in 1985.\n Reuter\n\u0003", "date": "16-MAR-1987 07:31:20.58", "topics": [ "money-fx", "reserves" ], "places": [ "peru" ], "id": "5279" }, { "title": "TAIWAN SAYS U.S. WANTS TAIWAN DOLLAR TO APPRECIATE", "body": "The United States wants Taiwan's\ncurrency to appreciate faster to reduce Taiwan's trade surplus\nwith the U.S., A senior trade official said.\n Board of Foreign Trade director Vincent Siew told reporters\non Saturday U.S. Officials told him in Washington last week\nthat unless Taiwan allowed its dollar to rise faster it would\nface retaliation.\n Siew returned from Washington on Friday after the U.S\nresponded to Taiwan's request to increase its textile export\nquotas by promising further talks in May. Taiwan's surplus with\nthe U.S. Hit a record 13.6 billion U.S. Dlrs in 1986.\n Washington signed a three-year accord with Taipei last year\nlimiting textile export growth to 0.5 pct a year.\n Siew said the Taiwan dollar had risen by about 15 pct\nagainst the U.S. Dollar since September 1985.\n It surged last week amid indications Washington was seeking\na major rise in its value. It rose four cents against the U.S.\nDollar on Saturday to close at 34.59.\n Western trade sources told Reuters Taiwan and the U.S. Have\nbeen holding talks on the currency issue but added it is not\nclear how far Washington wants to see the Taiwan dollar rise.\n REUTER\n\u0003", "date": "16-MAR-1987 07:32:09.00", "topics": [ "money-fx", "trade" ], "places": [ "taiwan", "usa" ], "id": "5280" }, { "title": "SAUDIS DROP CONDITION FOR OIL SALE TO BRAZIL", "body": "Saudi Arabia has dropped its\ncondition that Brazil secure international bank guarantees\nbefore Saudia Arabia would ship it oil, state-oil company\nPetrobras said in a statement.\n Petrobras said the Saudis will accept Banco do Brasil\ncredit guarantees.\n Petrobras cancelled a 40 mln dlr crude oil purchase from\nthe Saudis yesterday after they refused to accept a letter of\ncredit from the official Bank of Brazil. The Saudis had\ndemanded that Brazil get credit guarantees from leading\ninternational banks.\n Petrobras said the Saudis had been advised that if they did\nnot change their mind by Monday, Petrobras would negotiate the\npurchase of oil with other producers.\n The Petrobras statement said the shipment of 2.2 mln\nbarrels will be made by the Saudis on March 24 as scheduled.\n The shipment was part of a contract signed in February for\nthe Saudis to supply Brazil with 125,000 barrels per day until\nJune.\n REUTER\n\u0003", "date": "16-MAR-1987 07:37:35.74", "topics": [ "crude" ], "places": [ "brazil", "saudi-arabia" ], "id": "5281" }, { "title": "PHILIPS DUPONT UNIT ARRANGES 145 MLN DLR CREDIT", "body": "Philips DuPont Optical Co is arranging a\n145 mln dlr, three-year transferable loan facility, Chemical\nBank International Ltd said as agent.\n The financing involves a 70 mln dlr loan which is available\nfor drawing in the six months after signing and a 75 mln dlr\nrevolving credit, which is available for the life of the\ncredit.\n Drawings under both tranches will be at 17.5 basis points\nover the London Interbank Offered Rate. There will be a\nutilisation fee of five basis points on the revolving credit if\nmore than 50 pct is used and a commitment fee of 7.5 basis\npoints.\n Borrowings will be available in currencies other than\ndollars and banks have been invited to join as lead managers at\n15 mln dlrs for 7.5 basis points and as managers at 7.5 mln\ndlrs for five basis points.\n The borrower is an optical disk joint venture between\nPhilips Gloeilampenfabrieken NV and E.I. Du Pont de Nemours and\nCo.\n REUTER\n\u0003", "date": "16-MAR-1987 07:47:38.82", "places": [ "uk" ], "id": "5282" }, { "title": "BSI RAISING 50 MLN SWISS FRANCS VIA RIGHTS ISSUE", "body": "Banca della Svizzera Italiana \nsaid it planned a one-for-12 rights issue at 300 pct of nominal\nvalue to raise about 50 mln francs new capital.\n The rights issue would have a theoretical value to\nshareholders of 140 Swiss francs per bearer share and 45 per\nregistered share.\n BSI was also seeking shareholder authorization for 200,000\nnew participation certificates of a nominal value of 100 francs\nwithout rights for shareholders, to back future convertible or\nwarrant bonds or for other purposes. Existing 500-franc \"B\"\ntranche certificates would be split five-for-one.\n The split would improve the marketability of the existing\ncertificates, chief executive Giorgio Ghiringhelli told a news\nconference.\n The new bearer shares would be priced at 1,500 francs,\ncompared with a closing price last Friday of 3,325 on the\nZurich Stock Exchange, while the registered shares would be\nissued at 300 francs against a market price of 900.\n REUTER\n\u0003", "date": "16-MAR-1987 07:54:56.97", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "5283" }, { "title": "PEPSICO OFFERS TO ACQUIRE CALNY INC FOR 11.50 DLRS A SHARE\n", "date": "16-MAR-1987 08:04:26.92", "topics": [ "acq" ], "id": "5284" }, { "title": "U.K. AND GERMANY LEAD ATTACK ON EC FARM REFORMS", "body": "Britain and West Germany told their\nEuropean Community partners they would strongly oppose major\nelements of proposals to rid the EC of its farm surpluses.\n At a meeting of EC foreign ministers, Britain called for a\nfull debate on a proposed tax on edible oils and fats that has\nalready angered EC consumer groups and unleashed Washington-led\nprotests from exporters to the EC, diplomats said.\n West Germany, also opposed to the oils and fats tax, will\nadvise the meeting formally later today it cannot countenance\nother proposals that could hit German farmers, they added.\n They said West Germany's objections were put in a letter\nthis weekend from Chancellor Helmut Kohl to Jacques Delors, the\npresident of the EC's Executive Commission which had put\nforward the proposals last month in a bid to avoid a new EC\ncash crisis.\n Kohl reiterated German objections to proposed cereals\nproduction curbs but reserved his harshest criticism for a\nproposed dismantling of Monetary Compensatory Amounts (MCAs) -\na system of cross-border subsidies and taxes which level out\nforeign exchange fluctuations for farm exports.\n Kohl made clear the dismantling would mainly hit German\nfarmers who, without MCAs, would find it much more difficult to\nexport to weaker currency states, which means virtually all\nother 11 EC states, diplomats said.\n Britain initiated the discussion on the proposal to impose\na hefty tax on domestic and imported oils and fats because it\ncould seriously damage EC trade relations.\n The diplomats said the United States had been the most\noutspoken among foreign critics of the proposal, describing it\nas a breach of the EC's obligations under the world trade body\nGATT.\n But protests had also come from other exporters to the EC,\nsuch as Senegal, Malaysia, Indonesia, Brazil, Argentina,\nIceland and Norway, they added.\n Britain has often lined up against West Germany on the farm\nreform issue in the past but is keen to avoid measures that\ncould spark a damaging trade war with the U.S.\n Foreign ministers were unlikely to take a decision on\neither the oils and fats tax or the MCA proposals today,\ndiplomats said. But their discussion should make clear that\nneither has a chance of surviving when it comes up for\nsubstantive consideration by EC farm ministers later this\nmonth, they added.\n REUTER\n\u0003", "date": "16-MAR-1987 08:08:22.08", "topics": [ "trade", "veg-oil" ], "organisations": [ "ec" ], "places": [ "belgium", "uk", "west-germany" ], "id": "5285" }, { "title": "HARPER AND ROW TO MULL OPTIONS AFTER BIDS", "body": "Harper and Row Publishers Inc said its\nboard of directors decided to take no action on two takeover\nbids that the company has received. Instead, it appointed a\ncommittee of independent directors to study strategic\nalternatives for the 170-year-old firm.\n The alternatives include continuation of the company's\nexisting business plans, possible business combinations, sales\nof stock, restructuring and the sale of all or part of the\ncompany.\n Kidder Peabody and Co Inc has been retained to advise on\nthe alternatives, Harper and Row added.\n Private investor Theodore Cross last week offered 34 dlrs a\nshare for Harper and Row, prompting a rival bid of 50 dlrs a\nshare from another publishing firm, Harcourt Brace Jovanovich\nInc .\n After carefully considering the two offers at a meeting on\nFriday, the Harpers and Row board decided not to act on them.\n The directors unanimously expressed their strong desire to\npreserve the company's independence and take advantage of its\n\"considerable future prospects,\" according to director Winthrop\nKnowlton, former chief executive and now chairman of the newly\nestablished independent committee.\n \"However, given the significant current interest in the\ncompany, we also feel that we should carefully review all the\noptions available. The committee will consider all the\npertinent facts and alternatives... We intend to make a careful\nand informed decision but will proceed expeditiously to a\nconclusion,\" Knowlton said.\n Pending its deliberations, Harper and Row's board has\npostponed indefinitely a special meeting of stockholders that\nhad been scheduled for April 2 to discuss a proposal to\nrecapitalize the company's stock in order to create two classes\nof shares with different votinmg rights.\n Reuter\n\u0003", "date": "16-MAR-1987 08:08:55.15", "topics": [ "acq" ], "places": [ "usa" ], "id": "5286" }, { "title": "FAILING WASHINGTON STATE S/L IS ACQUIRED", "body": "The Federal Home Loan Bank Board\n(FHLBB) announced the acquisition of Home Savings and Loan\nAssociation in Seattle, Washington, by InterWest Savings Bank\nof Oak Harbour, Washington.\n The FHLBB said Home Savings was the 12th troubled savings\ninstitution requiring federal action this year.\n It said Home Savings had assets of 150.6 mln dlrs in assets\nand InterWest had assets of 342.9 mln dlrs.\n Reuter\n\u0003", "date": "16-MAR-1987 08:10:07.91", "topics": [ "acq" ], "places": [ "usa" ], "id": "5287" }, { "title": "BALDRIGE WARNS OF WORLD TRADE WAR DANGER", "body": "U.S. Commerce Secretary Malcolm\nBaldrige predicted Congress will pass a reasonable trade bill\nthis year and said tough protectionist legislation could prompt\na trade war.\n \"The mood of the Congress right now is as tough on trade as\nI've ever seen it in six years in Washington,\" Baldrige said in\na weekend television interview.\n \"I think we'll still be able to get a reasonable trade bill\nout in spite of that because the whole Congress is trying to\nwork together with the administration, but there is a hardening\ntrade attitude,\" he said.\n President Reagan opposes protectionist legislation but\nagreed to support a trade bill when it became apparent that\nopposition Democrats would pass such legislation.\n However, Baldrige warned measures that would penalize\ntrading partners such as Japan, South Korea and Taiwan for\nfailing to cut their trade surpluses with the U.S. could lead\nto retaliation and he said he would urge Reagan to veto any\nsuch bill.\n When asked if there is a rising danger of a worldwide trade\nwar, Baldrige said: \"Yes, I don't think there's any question\nabout that.\"\n Reuter\n\u0003", "date": "16-MAR-1987 08:10:46.87", "topics": [ "trade" ], "places": [ "usa" ], "id": "5288" }, { "title": "17 KILLED AFTER SOVIET DAM COLLAPSES", "body": "Seventeen people were killed and 22 are\nmissing after a dam collapsed following heavy rains in Soviet\nTadzhikistan, the official news agency Tass said.\n Water broke through the dam in the Kulyab region of the\nCentral Asian republic, and fell on the village of Sargazan,\nsweeping away 53 houses, destroying bridges and damaging\nrailway lines, Tass said.\n The Central Committee of the Tadzkhikistan Communist Party\nhad sent condolences to the relatives of the dead, Tass said.\n Reuter\n\u0003", "date": "16-MAR-1987 08:13:01.11", "places": [ "ussr" ], "id": "5289" }, { "title": "LEADING INDUSTRIAL NATIONS TO MEET IN APRIL", "body": "Leading industrial nations will meet\nagain next month to review their accord on currency stability,\nbut U.S. Officials said financial markets are convinced for now\nthe countries will live up to commitments to speed up economic\ngrowth.\n The narrow currency movements of recent weeks strongly\nsuggests the six leading industrial countries have tamed the\nnormally unruly financial markets and next month's talks seem\nlikely to build on that stability.\n A Reagan administration official said the Paris agreement\nlast month was the main reason markets were calm.\n But he said in an interview that financial markets also\nunderstood, \"That all six countries concluded that the measures\nto be taken over a period of time in the future should foster\nstability of exchange rates around current levels. That is in\nfact what has happened since Paris.\"\n Monetary analysts said stability has been helped in part by\nthe decision of industrial nations to bury the hatchet and\ncease to quarrel over short-term policy objectives.\n Instead they have focused on medium-term policy goals, but\nleft room to adjust their agreements with periodic meetings.\n The official refused to comment, however, on whether the\nagreement included a secret pact to consider further\ncoordinated interest rate cuts -- a measure industrial nations\nhave taken jointly several times in the past year.\n On February 22, the United States, Japan, West Germany,\nFrance, Britain and Canada agreed that major currencies were\nwithin ranges broadly reflecting underlying economic\nconditions, given commitments by Washington to cut its budget\ndeficit and by Toyko and Bonn to boost economic growth.\n The shake-up would strengthen the U.S. Position in future\ninternational talks.\n \"I think these changes will strengthen the President's hand\npolitically and the stronger he is politically the better off\nwe are with the Congress and the better off we are in\ninternational fora,\" said the official, an Administration\neconomic policymaker. \"So it would be beneficial to the\ncontinued conduct of our initiatives.\"\n But the official also said the Administration would resist\ncalls for a tax increase to cut the budget deficit -- a target\nEuropeans say is crucial to help curb economic instability.\n Currency analysts believe the Paris agreement set secret \nshort-term target ranges for their currencies with a specific\nagreement to defend those bands with intervention.\n According to market sources, the ranges agreed were 1.60 to\n1.90 marks to the dollar, and 140 to 155 yen to the dollar.\n There is no official confirmation that specific bands were\nset, although the agreement used the term \"ranges\", for the first\ntime in an international economic agreement.\n The Paris accord stated the six would cooperate closely to\nfoster currency stability around current levels.\n Last week, dealers said the Federal Reserve intervened to\nstop the dollar rising against the mark, which had breached\n1.86 to the dollar. British authorities are also understood to\nhave intervened to curb sterling's strength.\n International monetary sources say finance ministers and\ncentral bankers, who will review market performance and their\nown economic prospects, will reassemble again in Washington\njust before the April 9 policymaking meeting of the\nInternational Monetary Fund.\n The sources said Italy, which refused to join the Paris\npact, was invited back by Treasury Secretary James Baker.\n Since Paris, there are signs West German growth is slowing,\nwhile U.S. Officials said they were giving Japan until April to\nshow that an economic stimulus package was in the offing.\n Signs of concern about German prospects emerged recently\nwhen Bundesbank (central bank) president Karl Otto Poehl told\nbankers he would consider cutting West German interest rates if\nthe Fed was ready to follow suit.\n A Reagan Administration official said this would show there\nhad been some change in approach on the part of the central\nbank in Germany.\n But he declined to comment on the prospects for action by\nthe Fed and the Bundesbank.\n \"If there is such a provision it is private and if I talked\nabout it, it would no longer be private,\" said the official, who\nasked not to be identified.\n Public comments by Fed officials suggest the central bank\nis keeping credit conditions broadly unchanged, but if the\nmajor economies continue to show sluggish growth and the U.S.\nTrade deficit remains stubbornly high, further coordinated\naction could be on the April agenda.\n REUTER\n\u0003", "date": "16-MAR-1987 08:13:35.06", "topics": [ "money-fx", "dlr", "interest" ], "places": [ "usa" ], "id": "5290" }, { "title": "CALNY GETS BID FROM PEPSICO ", "body": "Calny Inc said it has\nreceived an offer to be acquired by PepsiCo Inc, which already\nowns 9.9 pct of Calny stock, for 11.50 dlrs per share, subject\nto approval by PepsiCo and Calny boards and Calny shareholders.\n The company said its board intendsd to schedule a meeting\nin the near future to review the proposal and it has asked\n to assist it in evaluating the offer\nand advise Calny on its alternatives.\n Calny is the largest franchisee of PepsiCo's Taco Bell\nrestaurants, operating 143 in California, Oregon, Texas and\nWashington as well as 15 La Petite Boulangerie bakeries in\nSeattle.\n Calny earned 1,192,000 dlrs on sales of 56.2 mln dlrs for\nthe nine months ended November Four.\n On December Four, Calny rejected as inadequate an investor\ngroup led by former president and chairman Robert A. Larive's\nsecond offer to acquire it because the bid was inadeuqate and\nsubject to too many contingencies. The group offered 11.50\ndlrs and one dlr of 10 pct preferred stock per Calny share.\n Reuter\n\u0003", "date": "16-MAR-1987 08:17:33.38", "topics": [ "acq" ], "places": [ "usa" ], "id": "5291" }, { "title": "INDONESIA PLANS TO BUILD PALM OIL TERMINAL", "body": "Indonesia will build a crude palm oil\nterminal at a new port on Batam island, south of Singapore,\nResearch and Technology Minister Yusuf Habibie said.\n The terminal will be able to handle 2.1 mln tonnes of crude\npalm oil from new plantations in northern Sumatra and western\nKalimantan (Borneo), he said.\n A tender for engineering work on the Asia Port project will\nbe offered mid-year. Habibie did not say when the terminal was\nexpected to be operational.\n Reuter\n\u0003", "date": "16-MAR-1987 08:24:09.04", "topics": [ "veg-oil", "palm-oil", "ship" ], "places": [ "indonesia" ], "id": "5292" }, { "title": "WARBURG PINCUS STARTS SYMBION BID", "body": " said it\nhas started a tender offer for up to 2,500,000 common shares of\nSymbion Inc at 3.50 dlrs each.\n In a newspaper advertisement, The firm said the opffer is\nnot conditioned on receipt of any minimum number of shares but\nis conditioned on holders of nor more than 400,000 Symbion\nsharesseeking to receive the fair value of their shares under\nprovisions of the Utah Business Corporation Act. Warburg said\nreceipt of 2,500,000 shares would raise its interest in Symbion\nto about 59.3 pct from 25.8 pct currently and give it control.\n Warburg said it reserves the right to buy more than\n2,500,000 shares if the offer is oversubscribed but has no\npresent intention of doing so. It said it has asked Symbion to\nprovide its shareholder list to help in disseminating the\noffer.\n The firm said the offer, proration period and withdrawal\nrights expire April 22 unless extended.\n Reuter\n\u0003", "date": "16-MAR-1987 08:25:18.38", "topics": [ "acq" ], "places": [ "usa" ], "id": "5293" }, { "title": "PHILIPPINES' ONGPIN OPTIMISTIC ON DEBT TALKS", "body": "Philippines finance minister Jaime\nOngpin said he was cautiously optimistic an accord on debt\nrescheduling would be reached with commercial bank creditors,\nas he prepared for the third week of talks starting Monday.\n \"One can never be too optimistic, but I'm cautiously\noptimistic that we can get an agreement....We think we're close\nto a deal,\" Ongpin told Reuters by telephone.\n He said he had received a new proposal from the banks late\nFriday and had spent the weekend evaluating it with other\nmembers of the Philippine delegation.\n Ongpin declined to disclose details of the banks' new offer\nand bankers also declined to be specific ahead of their next\nmeeting with Ongpin on Monday. But one senior banker said he\ntoo was guardedly optimistic a deal could be struck, possibly\nby the end of the week.\n Still at the heart of the talks is Ongpin's offer to pay\npart of the country's interest bill in Philippine Investment\nNotes, PINs, instead of cash. The bank creditors' advisory\ncommittee led by Manufacturers Hanover Trust Co rejected the\nconcept as it was originally drafted, but the counter-proposal\nmade on Friday contains a revised version, bankers said.\n Manila, seeking to reschedule 9.4 billion dlrs of its total\ndebt of 27.2 billion, wants to pay the London Interbank Offered\nRate (LIBOR) in cash and a margin above LIBOR in PINs.\n These dollar-denominated notes would be sold by banks at a\ndiscount to multi-national firms which would then convert them\nat face value with the central bank, thus receiving subsidized\npesos for use in funding government-approved investments.\n Effectively foreign companies would be paying the interest\nmargin above LIBOR. The Philippines would conserve foreign\nexchange and enjoy investment inflows, reducing marginally the\nneed to seek new bank loans.\n But the banks rejected the PINs proposal in its original\nform, fearing regulatory and accounting problems.\n They were also reluctant to veer from the principle that\ninterest should be paid in cash not paper, fearing that other\ndebtor nations would emulate the idea, bankers said.\n Ongpin sweetened his original offer by guaranteeing that\nhis government would redeem the notes at 7/8 pct over LIBOR if\nthere was no buyer in the secondary market.\n Last week the banks came under pressure to accept this,\nwhen senior U.S. Officials endorsed it as fully consistent with\nTreasury Secretary James Baker's debt strategy.\n But banking sources said that the margin over LIBOR was\nstill a sticking point.\n After Venezuela clinched a revised rescheduling agreement\nlast month at 7/8 pct over LIBOR, some New York bankers\nimediately claimed that 7/8 pct should be seen as a new\nbenchmark for a debtor that needs no new loans, is current on\ninterest and is repaying some principal.\n The Philippines meets the first two criteria but not the\nthird.\n REUTER\n\u0003", "date": "16-MAR-1987 08:28:01.51", "places": [ "philippines", "usa" ], "id": "5294" }, { "title": "ZIM ENERGY TO SELL SHARES PRIVATELY", "body": "ZIM Energy Corp said it has entered\ninto an agreement for a group consisting of , of Oslo and MIS Gas\nCorp -- which already owns one third of ZIM -- to buy 15 to 20\nmln new common shares at 20 cts each in association with and .\n The company said the investor group also bought about 6.3\nmln shares from ZIM management. It said James Mitchell, William\nRichardson and Steven Duin have resigned as officers and\ndirectors.\n ZIM said Chemclear Inc has unilaterally canceled an\nagreement to merge with ZIM, and ZIM's board is studying the\npossiblity of a claim against Chemclear.\n The company said it expects to report a loss for the year\nof about 3,125,000 dlrs due to lower oil and natural gas\nprices, unsuccessful well workover programs and excessive\noverhead and corporate expenses. It said it plans a dramatic\nreduction in overhead costs that should improve results.\n The company said Michel Billard has been named chairman and\nRobert Berckmans has been named president and chief executive,\nand Berckmans and two others have joined the board.\n ZIM said it has agreed to acquire the remaining interest in\nits Buccaneer and Blue Dolphin Pipeline affiliates for about\none mln dlrs in cash and stock. It gave no further details.\n Reuter\n\u0003", "date": "16-MAR-1987 08:39:55.21", "topics": [ "earn" ], "places": [ "usa" ], "id": "5295" }, { "title": "BLUEFIELD SUPPLY IN LIQUIDATING PAYOUT", "body": "Bluefield Supply Co said its\nboard declared its second liquidating dividend of 1.71 dlrs per\nshare, payable March 16 to shareholders of record March 13.\n The company paid an initial liquidating dividend of 15.75\ndlrs per share on January Eight.\n Reuter\n\u0003", "date": "16-MAR-1987 08:40:16.02", "topics": [ "earn" ], "places": [ "usa" ], "id": "5296" }, { "title": "BERGEN BRUNSWIG CORP 2ND QTR FEB 28 NET", "body": "Shr 33 cts vs 48 cts\n Shr diluted 33 cts vs 44 cts\n Net 4,435,000 vs 6,410,000\n Revs 839.3 mln vs 751.8 mln\n 1st half\n Shr 55 cts vs 94 cts\n Shr diluted 55 cts vs 88 cts\n Net 7,374,000 vs 12.6 mln\n Revs 1.68 billion vs 1.51 billion\n Reuter\n\u0003", "date": "16-MAR-1987 08:40:34.39", "topics": [ "earn" ], "places": [ "usa" ], "id": "5297" }, { "title": "TALKING POINT/EASTERN AIRLINES ", "body": "A rash of firings, fears of mass layoffs\nand management overtures for wage concessions have set the\nstage for all-out war between Eastern Airlines and its unions,\nanalysts and labor leaders say.\n The bitter labor-management dispute has hurt efforts to\nrevive the ailing carrier and could ultimately lead Texas Air,\nEastern's new owner, to tranfer scores of Eastern jets to its\nnon-union sister airlines, analysts said.\n \"It's a trump card that Texas Air could resort to if things\nget bad enough -- repainting Eastern planes and shifting them\nover Continental Airlines,\" said Louis Marckesano, an analyst\nfor Janney Montgomery Scott Inc of Philadelphia.\n Eastern lost 130.8 mln dlrs in 1986, and analysts see\nlittle chance of the carrier returning to profitability this\nyear.\n Since the Miami-based carrier was taken over by Texas Air\nlast year, the morale of Eastern's 38,000 employees has\nplummeted, workers and labor leaders say.\n Some Eastern officials acknowledge privately that morale\nproblems have contributed to high absenteeism and a decline in\ncustomer service, triggering a barrage of passenger complaints.\n Union leaders are accusing Eastern's managers -- many of\nthem newly installed by Texas Air chairman Frank Lorenzo -- of\nconducting a campaign of harassment and intimidation aimed at\nridding the airline of high-paid, senior employees.\n \"It's an underhanded way of forcing experienced people out\nin an attempt to cut the company's labor costs,\" said Nancy\nTauss, vice president of the Transport Workers Union Local 553.\n Some flight attendants complain that they are being stalked\nby what they call \"spyriders\" -- teams of auditors they say\nhave been hired by Lorenzo to fly on Eastern jets and secretly\nexamine flight crew performance.\n Since the beginning of the year, at least a dozen flight\nattendants have been fired as a result of such audits, some for\nhaving as little as two dlrs missing from liquor sales and\nmovie headset rentals, Tauss said.\n Eastern officials acknowledge that management is tightening\nits accounting procedures and cracking down on absenteeism,\nwhich the airline says cost 70 mln dlrs last year -- the \nhighest in the industry.\n But Eastern spokeman Jim Ashlock denied that the Miami-base\nairline was using unfair labor tactics. \"We're just trying to\ncorrect long-standing problems and that causes some\ndissatisfaction,\" he said.\n U.S. Rep. Newt Gingrich, a Georgia Republican, has met with\ngroups of dissident Eastern employees in Atlanta and is\nreported to have told them he may call for hearings on the\nairline's labor tactics.\n Labor and management have a long history of bitter\nrelations at Eastern Airlines.\n But the conflict has escalated sharply since January 21,\nwhen Eastern president Philip Bakes called for a reduction of\n490 mln dlrs, or 29 pct, in annual labor costs, mostly through\nunion concessions.\n Eastern's three principal unions have rejected demands for\nwage cuts and have refused to open their contracts for\nrenegotiation.\n Union officials say that in retaliation for their\nresistance, the airline has launched a \"firing frenzy\" aimed at\nintimidating employees and squeezing concessions from labor.\n During 1986 -- the year in which Texas Air managers assumed\ncontrol of Eastern -- 123 flight attendants were fired. That\nwas nearly five times greater than 1985, the union said. In the\nfirst two months of this year 35 flight attendants losing their\njobs, according to union records.\n Other unions report similar losses.\n Texas Air last month said it would switch six of Eastern's\nwide-body jets to Continental, its cut-rate sister airline.\n Eastern has begun hiring other Texas Air carriers to repair\nits planes in several cities and plans to shut down some\nmaintenance bases, according to a recent internal memo.\n \"Texas Air is not going to write checks to Eastern to\nunderwrite an outmoded labor cost structure,\" Bakes told a\nmeeting of Miami businessmen this month. He denied, however,\nthat Lorenzo planned to strip Eastern of its assets.\n Reuter\n\u0003", "date": "16-MAR-1987 08:44:08.78", "places": [ "usa" ], "id": "5298" }, { "title": "DIXONS SELLS 8.3 MLN WOOLWORTH SHARES", "body": "Dixons Group Plc has sold 8.3\nmln shares in Woolworth Holdings Plc through Salomon\nBrothers U.K. Equity Ltd, a statement from Salomon said.\n The shares were placed with about 45 to 50 institutions in\nEurope and the Far East. Dixons retains one mln Woolworth\nshares, a Dixons spokesman added.\n Industry sources said Dixons acquired the Woolworth shares\nin connection with its unsuccessful bid for the company last\nyear.\n Dixons paid an average price of 695p per share which\ncompares with 819p today. Woolworth closed on Froday at 833p.\n A Dixons spokesman said the decision to retain one mln\nshares reflected Woolworth's buoyant prospects.\n REUTER\n\u0003", "date": "16-MAR-1987 08:45:27.64", "topics": [ "acq" ], "places": [ "uk" ], "id": "5299" }, { "title": "JOULE' INC SETS STOCK SPLIT", "body": "Joule' Inc said its board declared\na three-for-two stock split, payable April 30, record March 31.\n Reuter\n\u0003", "date": "16-MAR-1987 08:50:28.23", "topics": [ "earn" ], "places": [ "usa" ], "id": "5300" }, { "title": " CUTS TELECONFERENCE SYSTEM PRICE", "body": "Widcom Inc said effective\nimmediately it has cut the U.S. price for its Video\nTeleconferencing System by 32 pct to 49,950 dlrs.\n It said it will consider volume discounts on orders of more\nthan 10 systems.\n Reuter\n\u0003", "date": "16-MAR-1987 08:50:43.76", "places": [ "usa" ], "id": "5301" }, { "title": "TECHNOLOGY/DESKTOP PUBLISHING", "body": "This month's endorsement by\nInternational Business Machines Corp of two desktop\npublishing software products should add some much-needed\nstandards to one of the fastest growing segments of the\ncomputer industry, analysts say.\n Desktop publishing is a relatively new market but industry\nanalysts estimate that sales will reach one billion dlrs this\nyear and jump to six billion dlrs by 1990, fueled by the rush\nof corporations to bring their printing and publishing needs\nin-house rather than to more expensive outside printers.\n Printing is a big expense for most companies. Analysts\nestimate U.S. corporations will spend about six to 20 pct of\ntheir total operating budgets on publishing expenses this year.\n At a desktop publishing conference in Chicago earlier this\nmonth, IBM said it will adopt Adobe Systems Inc's Postscript\ntypesetting language in future electronic printing products.\nIBM also said it will support Microsoft Corp's Windows\noperating environment as the graphics interface standard in\nfuture publishing announcements rather than its own Topview\nenvironment.\n \"IBM's announcement will give tremendous stimulation to the\ndevelopment of the desktop publishing market,\" said David\nGoodstein, president of the consulting firm Interconsult Inc.\n \"It gives users permission to go ahead and buy products that\nare already available without being afraid that they will not\nbe compatible with whatever IBM does,\" he said.\n The advent of personal computers, laser printers and\ngraphics software has allowed users to design and print\nbrochures, newsletters and a host of other communications at\ntheir desks for a fraction of the cost of an outside printing\nfirm. Analysts credit Apple Computer with creating desktop\npublishing when it introduced its Macintosh personal computer\nfour years ago, with its easy-to-use formats and excellent\ngraphics capabilities.\n Since then Digital Equipment Corp, Xerox Corp, Apollo\nComputer Inc and a number of other vendors have identified\ndesktop publishing as a major growth area. IBM entered the\nmarket only last July when it formed its Publishing Systems\nBusiness Unit. IBM's embrace of the already-widely used\nPostscript, a language that interprets computer commands and\ntranslates them into instructions for the printer, was an\nacknowledgment of what is already a de facto standard.\n Both users and makers of electronic publishing systems said\nthe support of the world's largest computer maker was critical\nto the language's ultimate acceptance by users.\n John Warnock, president of Palo Alto, Calif.-based Adobe,\nsaid, \"Ten pct of corporations have (moved) into desktop\npublishing but 90 pct are still sitting back and waiting for an\nIBM announcement.\"\n IBM entered a licensing pact with Adobe for Postscript, but\nits support of Windows was not quite so broad. IBM recognizes\nWindows as a standard but would not comment on the extent of\nits commitment to the software.\n Windows, a program integrator, allows personal computer\nusers to run a number of different applications simultaneously.\n Reuter\n\u0003", "date": "16-MAR-1987 08:51:21.40", "places": [ "usa" ], "id": "5302" }, { "title": " MERGER APPROVED", "body": "Whippany Paper Board Co Inc said\nshareholders at a special meeting approved a merger into NPN\nInc for 2.50 dlrs per share.\n NPN acquired control of Whippany in a recent tender offer.\n Reuter\n\u0003", "date": "16-MAR-1987 08:57:33.69", "topics": [ "acq" ], "places": [ "usa" ], "id": "5303" }, { "title": "NORTHERN AIR FREIGHT GETS, REJECTS, BID", "body": "Privately-held \nsaid it met with officials of Northern Air Freight Inc to try\nto negotiate a friendly acquisition of Northern, but Northern's\nmanagement had no interest in the proposal.\n Northern has annual revenues of about 60 mln dlrs and is\nbased in Seattle.\n \n Reuter\n\u0003", "date": "16-MAR-1987 08:57:53.18", "topics": [ "acq" ], "places": [ "usa" ], "id": "5304" }, { "title": "LOS ANGELES SECURITIES TO STAY ON NASDAQ", "body": "Los Angeles Securities Group said\nthe has decided\nnot to delist its securities from the NASDAQ system for now, as\nit had threatened.\n The company said the NASD has granted it an undetermined\nperiod of time to resolve issues raised by the NASD on\nmarket-making in its own common stock.\n Reuter\n\u0003", "date": "16-MAR-1987 08:59:03.54", "places": [ "usa" ], "id": "5305" }, { "title": "SUMMIT ENERGY EXTENDS EXCHANGE OFFER", "body": "Summit Energy Inc said it has extended\nto April Three from March 13 its offer to exchange six common\nshares for each of its 569,200 outstanding shares of 1.80 dlr\ncumulative convertible preferred stock.\n The company said through Friday it had received 302,669 of\nthe shares or 53.2 pct.\n Reuter\n\u0003", "date": "16-MAR-1987 08:59:21.85", "places": [ "usa" ], "id": "5306" }, { "title": "EXPORT DEVELOPMENT CORP ISSUES EUROYEN BOND", "body": "Export Development Corp is issuing a 15\nbillion yen eurobond due August 28, 1992 paying 4-1/2 pct and\npriced at 101-7/8 pct, lead manager Bank of Tokyo International\nsaid.\n The bond is available in denominations of one mln yen and\nwill be listed in Luxembourg.\n Fees comprise 1-1/4 pct selling concession and 5/8 pct\nmanagement and underwriting combined.\n REUTER\n\u0003", "date": "16-MAR-1987 08:59:28.01", "places": [ "uk" ], "id": "5307" }, { "title": "AMERICAN BUILDING MAINTENANCE 1ST QTR NET", "body": "Shr 35 cts vs 44 cts\n Net 1,311,000 vs 1,619,000\n Revs 125.2 mln vs 117.2 mln\n NOTE: American Building Maintenance Industries Inc.\n Reuter\n\u0003", "date": "16-MAR-1987 08:59:45.21", "topics": [ "earn" ], "places": [ "usa" ], "id": "5308" }, { "title": "RENOUF EXTENDS BENEQUITY HOLDINGS OFFER", "body": "Renouf Corp International said it has\nextended the expiration of its offer to pay 31 dlrs a unit to\nbuy all outstanding units of Benequity Holdings a California\nLimited Partnership to March 24 from March 13.\n As of March 13, Renouf said, about 3,847,375 units had been\ntendered.\n Renouf pointed out this exceeds the minimum number sought\nin the offer, but its statement gave no reason for the\nextention. Benequity has 5.7 mln units outstanding.\n Reuter\n\u0003", "date": "16-MAR-1987 09:01:35.32", "topics": [ "acq" ], "places": [ "usa" ], "id": "5309" }, { "title": "CFTC OPPOSES U.S. FEDERAL FUTURES MARGIN SETTING", "body": "Commodity Futures Trading\nCommission, CFTC, chairman Susan Phillips said the agency\nopposed efforts to set up a federal regulatory framework over\nfutures and options margins.\n Phillips told the National Grain and Feed Association\nyesterday that futures margins are best set by the exchanges.\n Earlier this year Securities and Exchange Commission\nChairman John Shad suggested that futures volatility might be\ndampened if federal regulators could set margins.\n Phillips predicted Congress would discuss the issue in the\ncontext of program trading of stock index futures and options.\n Reuter\n\u0003", "date": "16-MAR-1987 09:02:13.93", "places": [ "usa" ], "id": "5310" }, { "title": "U.S. CORPORATE FINANCE - BANK PAPER PRESSURED", "body": "Debt securities issued by major U.S.\nbanks are under pressure in the secondary market as investors\nshy away from the paper because of Brazil's suspension of\ninterest payments last month, analysts and traders said.\n On February 20, Brazil said it would suspend interest\npayments on 68 billion dlrs owed to foreign commercial banks.\nNo date was established for the renewal of payments.\n \"Buyers have backed away from bank paper. These securities\nhave become very difficult to sell despite a rise in their\nyields,\" said one corporate bond trader.\n \"Debt issues of major money center banks will probably\ncontinue to trade off until such time as the Brazil situation\nis resolved,\" said Loretta Neuhaus, a vice president with\nMerrill Lynch Capital Markets.\n \"I have not told any of our investors to stay away from the\nbanks in general,\" she added. \"But I have not received too many\ninquiries by prospective buyers lately either.\"\n Traders said debt securities of U.S. banks that are\nperceived by investors to be heavily exposed to Latin American\ndebtor nations declined moderately in price last week. They\nsaid the difference between bids and offers widened.\n \"There is not much trading of bank issues these days,\" an\nunderwriter said, referring to the wider bid/offer spreads.\n However, he and others pointed out that the secondary\nmarket has not seen heavy selling by institutions, funds and\nother investors.\n \"The selling has been steady over the past couple of weeks.\nBut it has been far from panicky,\" said another trader.\n In addition, institutional sources told Reuters on Friday\nthat Salomon Brothers Inc lowered its investment ratings on the\nstocks of all U.S. money centers. But the sources said it is\nunderstood the action is not a sell recommendation.\n While institutional sources said Salomon lowered the\nratings to M from O-plus on bank stocks, bond traders said this\ncarried over to the secondary market and further undermined\nconfidence in bank paper.\n The banks affected by Salomon's change in investment coding\nwere Bank 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 , sources said.\n The institutional sources said Salomon cited a filing with\nthe Securities and Exchange Commission by Citibank, the lead\nbank of Citicorp.\n Citibank said Friday it told the SEC its earnings could be\nreduced by 50 mln dlrs after-tax in the first quarter, and 190\nmln dlrs in the year, if it has to declare 3.9 billion dlrs of\nmedium- and long-term Brazilian loans non-performing.\n \"I believe there will be some renegotiation along the way\nbetween Brazil and the banks such that the banks will not have\nto charge off their loans to Brazil,\" Merrill Lynch's Neuhaus\ncommented.\n But until then, investors are widely expected to remain\nleery of buying bank paper, according to analysts and traders.\n In an unrelated development, RJR Nabisco Inc paid\nwhat some bond traders said amounted to a \"penalty fee\" when\nthe company tapped the domestic debt market on Friday.\n RJR Nabisco sold 500 mln dlrs of sinking fund debentures\ndue 2017 via lead manager Shearson Lehman Brothers Inc. The\ndebentures had an 8-5/8 pct coupon and were priced at 98.675 to\nyield 8-3/4 pct, or 115 basis points over the off-the-run 9-1/4\npct Treasury bonds of 2016. The yield and premium over\nTreasuries was greater than a similar financing in January.\n On January 22 Nabisco sold 500 mln dlrs of same-maturity,\nsame-rated sinking fund debentures priced to yield 8.62 pct, or\n107 basis points over the 9-1/4 pct Treasury bonds.\n Both issues were rated A-1 by Moody's and A by S and P.\n Bond traders noted that Nabisco has called for redemption\naround 1.2 billion dlrs of its 11.20 pct notes of 1997. Nabisco\nwill buy them back at 107.50, traders said.\n \"The redemption of an attractive double-digit yield issues\nhas tainted Nabisco in investors' eyes,\" said one trader.\n\"Obviously, a lot of prospective buyers believe Nabisco should\npay a higher yield because of that.\"\n Traders also asserted that the higher yield in Friday's\npricing reflected the total debt issuance of one billion dlrs\nso far this year by Nabisco.\n \"Investors may be showing some signs of indigestion,\"\nremarked one trader. Traders said they expect Nabisco will\nfloat more debt in the coming weeks to finance the redemption\nof the 11.20 pct notes.\n Officers on Shearson's syndicate desk declined to comment.\n IDD Information Service said the 30-day corporate visible\nsupply rose to 3.28 billion dlrs last week from 1.79 billion\ndlrs in the previous week.\n Reuter\n\u0003", "date": "16-MAR-1987 09:02:32.84", "places": [ "usa" ], "id": "5311" }, { "title": "NEW WORLD PICTURES LTD 4TH QTR NET", "body": "Shr 32 cts vs 21 cts\n Net 4,717,000 vs 2,587,000\n Revs 72.9 mln vs 37.9 mln\n Avg shrs 14.7 mln vs 12.6 mln\n Year\n Oper shr 75 cts vs 41 cts\n Oper net 10.7 mln vs 4,642,000\n Revs 188.9 mln vs 106.6 mln\n Avg shrs 14.2 mln vs 1.4 mln\n NOTE: 1985 year net excludes 495,000 dlr tax credit.\n Reuter\n\u0003", "date": "16-MAR-1987 09:09:19.35", "topics": [ "earn" ], "places": [ "usa" ], "id": "5312" }, { "title": "LOWRANCE ELECTRONICS INC 2ND QTR JAN 31", "body": "Shr profit 17 cts vs loss two cts\n Net profit 520,000 vs loss 51,000\n Sales 11.1 mln vs 6,897,000\n 1st half\n Shr profit 34 cts vs profit 12 cts\n Net profit 951,000 vs profit 320,000\n Sales 20.6 mln vs 14.9 mln\n Reuter\n\u0003", "date": "16-MAR-1987 09:14:02.70", "topics": [ "earn" ], "places": [ "usa" ], "id": "5313" }, { "title": "COMMTRON CORP 2ND QTR FEB 28 NET", "body": "Shr 16 cts vs 22 cts\n Net 1,574,000 vs 1,725,000\n Sales 104.2 mln vs 116.0 mln\n Avg shrs 10.1 mln vs eight mln\n 1st half\n Shr 37 cts vs 37 cts\n Net 3,675,000 vs 2,925,000\n Sales 244.5 mln vs 230.6 mln\n Avg shrs 10.0 mln vs eight mln\n Reuter\n\u0003", "date": "16-MAR-1987 09:14:09.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "5314" }, { "title": "INDONESIA HAS IMPORTED PALM OIL, TRADERS SAY", "body": "Indonesia has imported palm oil this\nyear and is likely to take more, trade sources said.\n They were commenting on a weekend Jakarta report quoting a\nMinistry of Trade spokesman as saying Indonesia had not issued\nlicences to import the commodity. He also said there was no\nsign of a shortage of palm oil in Indonesia.\n A major palm oil dealer said he shipped Malaysian palm oil\nto Indonesia in February, additional vessels were loading this\nmonth and other vessels had been earmarked for April.\n Other operators claimed they had palm oil booked for\nIndonesia but would not disclose tonnages.\n Traders said palm oil production in Indonesia this year had\nbeen below expectations and current stocks were low. They said\nlicences were issued at the start of the year to import crude\npalm oil but were subsequently revised to include RBD olein and\nRBD oil.\n Last week there were rumours in European markets that\nIndonesia had issued licences to import around 135,000 tonnes\nof palm oil for deliveries commencing April. An Indonesian\nMinistry of Trade official said this was incorrect.\n Some traders here said the total could be more. Others said\nthey could include those issued earlier this year and\napplications not yet granted.\n Reuter\n\u0003", "date": "16-MAR-1987 09:14:20.49", "topics": [ "veg-oil", "palm-oil" ], "places": [ "uk", "indonesia" ], "id": "5315" }, { "title": "WHOLESALE CLUB INC 4TH QTR JAN 31 NET", "body": "Shr profit two cts vs loss 16 cts\n Net profit 558,000 vs loss 580,000\n Sales 66.2 mln vs 29.5 mln\n Avg shrs 4,476,000 vs 3,615,000\n Year\n Shr loss 61 cts vs loss 79 cts\n Net loss 1,760,000 vs loss 2,180,000\n Sales 158.4 mln vs 76.3 mln\n Avg shrs 4,475,000 vs 2,751,000\n Reuter\n\u0003", "date": "16-MAR-1987 09:14:25.93", "topics": [ "earn" ], "places": [ "usa" ], "id": "5316" }, { "title": "MSA REALTY CORP 4TH QTR NET", "body": "Shr profit four cts vs loss two cts\n Net profit 247,970 vs loss 57,341\n Revs 2,393,622 vs 2,627,612\n Avg shrs 5,958,423 vs 2,440,100\n Year\n Shr profit 71 cts vs loss 35 cts\n Net profit 3,213,310 vs loss 849,180\n Revs 14,571,434 vs 9,099,767\n Avg shrs 6,177,666 vs 2,440,083\n NOTE: 1986 earnings include a loss from carryforward of\ninvestment tax credits of 85,000 dlrs in the quarter and a gain\nof 250,000 dlrs, or four cts a share for the year\n Reuter\n\u0003", "date": "16-MAR-1987 09:14:41.84", "topics": [ "earn" ], "places": [ "usa" ], "id": "5317" }, { "title": "ECONOMIC SPOTLIGHT -FRANCE AWAITS ECONOMIC LIFT", "body": "A year after squeezing to power with a\nnarrow bare coalition majority, Gaullist Prime minister Jacques\nChirac has swept away a cobweb of controls and regulations\nchoking the French economy.\n But France is still waiting for a promised industrial\nrecovery the government says will follow from its free market\npolicies. Company profits and the stock market are rising. But\nso is unemployment. Growth is stagnant at about two pct a year\nand the outlook for inflation, held to a 20-year low of 2.1 pct\nin 1986, is uncertain.\n Forced last month to cut the government's 1987 growth\ntarget and raise its inflation estimate, Finance Minister\nEdouard Balladur ruled out action to stimulate the economy. But\nsome government supporters say they fear time for an economic\nmiracle may be running out.\n The political clock is ticking towards Presidential\nelections due by April next year.\n France's economic performance, led by a mixed cast of\nright-wing ministers and a socialist President, has won mixed\nreviews from non-partisan analysts.\n For Michel Develle, Director of Economic Studies at\nnewly-privatised Banque Paribas, the government's outstanding\nachievement has been to launch \"a veritable intellectual\nrevolution\" breaking the staid habits formed by centuries of\nstate control.\n \"The figures may look mediocre -- neither good nor bad --\nbut set in their context of structural reforms, they are\nexcellent,\" Develle said.\n But some analysts say they fear that Balladur, chief\narchitect of the government's free market policies, may be\npursuing a mirage.\n \"The belief that economic liberalism will produce an\nexplosion of economic forces is ideological\" said Indosuez chief\neconomist Jean Cheval. \"Personally I think it's an illusion.\nDirigisme (direction) is a basic fact of the French system,\nfrom school onwards. Ultra-liberalism is impossible.\"\n Illusion or not, the government has pushed its vision hard.\nOver the past year foreign exchange and consumer price controls\nhave been largely abolished, labour regulations have been\npruned to ease the sacking of redundant workers and a hugely\npopular programme has been launched to sell state-owned banks\nand industries to private investors.\n Since December, nearly five mln French investors have\nbought shares in Cie Financiere de Paribas and glass\nmaker Cie de Saint-Gobain SA , the first two state\ncompanies brought to the stock market under the 300 billion\nfranc five-year privatisation plan.\n Encouraged by an amnesty for past illegal exports of\ncapital, and the lifting of most currency controls, money has\nflooded into the Paris stockmarket from abroad, helping to lift\nthe market 57 pct last year and another 12.5 pct since\nDecember.\n At the end of last year the government abolished price\ncontrols that had existed for 42 years on services such as car\nrepairs and hairdressing, freeing from state intervention small\nbusinesses which account for some 60 pct of the French economy.\n The immediate result was a 0.9 pct rise in consumer prices\nin January, partly responsible for a forced revision in the\nofficial 1987 inflation forecast, to 2.5 pct from two pct or\nless.\n \"But even 2.5 pct would be a fantastic result, when you\nconsider that prices are now free for the first time since\n1945,\" commented Develle of Paribas.\n Other achievements include a major reduction in the state's\nforeign debts, and a cut in the state budget deficit to 141.1\nbillion francs last year, 2.5 billion francs below target and\ndown from 153.3 billion in 1985.\n But despite a healthy balance of payments surplus and a\ngradual improvement in industrial productivity, the French\nfranc was forced by speculators in January into a humiliating\nthree pct devaluation against the West German mark, its second\nsince Chirac took power.\n A recent report by the Organisation for Economic\nCooperation and Development pilloried French industry for\nfailing to produce the goods that its potential customers\nwanted.\n Outside the mainly state-controlled high technology\nsectors, French industrial goods were \"increasingly ill-adapted\nto demand\" and over-priced, the report said.\n French economists, including Cheval at Indosuez, agreed\nwith the report. \"One of the assumptions of the government is\nthat if you give them freedom, the employers will invest and\nmodernise....But nine out of ten will say yes, they like\nfreedom, and then wait to be told which way to go,\" he said.\n And despite rising industrial investment and the\nintroduction of special incentives to boost youth employment,\nthe end-1986 number of jobless was reported at a record 2.7\nmillion, some 300,000 more than a year earlier.\n The problem for the government is that there may be little\nmore it can do to prod the economy into faster growth.\n French producers failed more than most to take advantage of\nlast year's oil price falls and growth hopes now rest on the\nshaky prospects of expansion in other industrial countries like\nWest Germany and Japan, they say.\n REUTER...\n\u0003", "date": "16-MAR-1987 09:15:43.81", "topics": [ "cpi" ], "places": [ "france" ], "id": "5318" }, { "title": "SPECTRA TESTS OF NEW DRUG NOT ENCOURAGING", "body": "Spectra Pharmaceutical Services\nInc said current clinical studies of its proposed dry eye drug\nTretinoin have not produced encouraging results based on\npreliminary indications.\n The compnay said the tests are being conducted for\nsubmission to the Food and Drug Administration for the drug\nwhich has the trade name Lacramore.\n Spectra said earlier studies showing dramatic improvements\nin isolated cases have still occurred. However, the overall\nevaluation of a large number of patients with dry eye syndrome\ndo not demonstrate consistantly beneficial results, it added.\n Spectra said it will continue its current studies, while at\nthe same time undertaking a review of the feasability of the\nproposed product\n Spectra, a development stage company, also said it has\nintroduced its first proprietary product, a hyo-allergenic\nnoniirritating cleanser for the cleaning of eyelids and\neyelashes.\n The company said it has also begun marketing a line of\nophthalmic drugs.\n Reuter\n\u0003", "date": "16-MAR-1987 09:18:36.03", "places": [ "usa" ], "id": "5319" }, { "title": "BECOR WESTERN GETS OFFER TO BE ACQUIRED BY NEW GROUP FOR 15.50 DLRS SHARE\n", "date": "16-MAR-1987 09:19:38.65", "topics": [ "acq" ], "id": "5320" }, { "title": "EVEREST AND JENNINGS INTERNATIONAL 4TH QTR", "body": "Shr profit nine cts vs loss 58 cts\n Net profit 738,000 vs loss 4,643,000\n Sales 50.9 mln vs 43.8 mln\n Year\n Shr profit 1.50 dlrs vs loss 61 cts\n Net profit 12.1 mln vs loss 4,875,000\n Sales 195.3 mln vs 174.2 mln\n NOTE: 1985 net both periods includes 4,952,000 dlr\nprovision for plant closing.\n 1985 net includes gains on sale of West Los Angeles real\nestate of 650,000 dlrs in quarter and 1,471,000 dlrs in year.\n 1986 year net includes gains on sale of West Los Angeles\nreal estate of 9,903,000 dlrs.\n Reuter\n\u0003", "date": "16-MAR-1987 09:20:00.80", "topics": [ "earn" ], "places": [ "usa" ], "id": "5321" }, { "title": "UNION GETS ORDER AGAINST TRANS WORLD ", "body": "The Independent Federation of Flight\nAttendants said U.S. District Judge Howard F. Sachs entered a\ntemporary restraining order prohibiting Trans World Airlines\nInc from refusing to recognize and deal with the union.\n The union said the order also prohibits TWA from denying\nunion representatives access to the company's property.\n The union said the Kansas City judge acted on its\ncomplaints made seeking to enforce a recent U.S. Court of\nAppreals decision reinstating contractural provisions which\nexisted at the time of the 70-day strike which ended in May\n1986.\n The flight attendants union said it petitioned the district\ncourt because of TWA's ongoing refusal to allow union\nrepresentatives on the airline's property.\n The union said the court order also requires TWA to post\nnotices of a temporary restraining order throughout its system\nand to districute copies of the order to all its\nflight-attendant employees.\n The union said the order requires the airline to appear in\nU.S. District Court in Kansas City March 20 to show cause why a\npreliminary injunction should not be granted.\n Reuter\n\u0003", "date": "16-MAR-1987 09:25:12.59", "places": [ "usa" ], "id": "5322" }, { "title": "GERMAN BANK SEES HIGHER GOLD PRICE FOR 1987", "body": "Gold is expected to continue its rise\nthis year due to renewed inflationary pressures, especially in\nthe U.S., Hamburg-based Vereins- und Westbank AG said.\n It said in a statement the stabilisation of crude oil\nprices and the Organisation of Petroleum Exporting Countries'\nefforts to achieve further firming of the price has led to\ngrowing inflationary pressures in the U.S.\n Money supplies in the U.S., Japan and West Germany exceed\ncentral bank limits and real growth of their gross national\nproducts, it added.\n Use of physical gold should rise this year due to increased\nindustrial demand and higher expected coin production, the bank\nsaid.\n Speculative demand, which influences the gold price on\nfutures markets, has also risen, the bank said.\n These factors and South Africa's unstable political\nsituation, which may lead to a temporary reduction in gold\nsupplies from that country, underscore the firmer sentiment, it\nsaid.\n However, Australia's output is estimated to rise to 90\ntonnes this year from 73.5 tonnes in 1986.\n Reuter\n\u0003", "date": "16-MAR-1987 09:26:10.71", "topics": [ "gold" ], "places": [ "west-germany" ], "id": "5323" }, { "title": "MAXCOM APPOINTS CHAIRMAN, PRESIDENT", "body": " said it elected\nUgo de Fusco to the newly-created positions of chairman and\npresident.\n MAXCOM said de Fusco's last post was a vice president of a\nEuropean division of International Business Machines Corp\n.\n \n Reuter\n\u0003", "date": "16-MAR-1987 09:29:54.45", "places": [ "usa" ], "id": "5324" }, { "title": "THATCHER PARTY HAS NINE POINT POLL LEAD", "body": "Britain's ruling Conservatives have a\nnine point lead over the main opposition Labour Party, their\nbiggest in two years, according to an opinion poll published\nyesterday in the Sunday Times.\n The MORI poll's findings were the latest in a series of\nsetbacks for Labour and are bound to encourage talk that Prime\nMinister Margaret Thatcher may call a general election in June.\n The poll gives the Conservatives a rating of 41 pct against\n32 pct for Labour and 25 pct for the centrist Liberal-Social\nDemocratic Alliance -- enough to give Thatcher an overall\nmajority of 46 seats in the 650-seat House of Commons. The poll\nfollows a survey by Marplan last week giving the Conservatives\na six-point lead over Labour.\n Reuter\n\u0003", "date": "16-MAR-1987 09:31:58.43", "places": [ "uk" ], "id": "5325" }, { "title": "ENDOTRONICS SEES HEAVY LOSSES IN QTR FROM WITHDRAWAL OF JAPAN DISTRIBUTOR\n", "date": "16-MAR-1987 09:34:56.77", "topics": [ "earn" ], "id": "5326" }, { "title": "ALPINE GROUP INC 3RD QTR JAN 31 NET", "body": "Shr profit seven cts vs loss five cts\n Net profit 303,000 vs loss 205,000\n Revs 16,945,000 vs 7,695,000\n Nine mths\n Shr profit 27 cts vs profit 19 cts\n Net profit 1,161,000 vs profit 787,000\n Revs 39.2 mln vs 22.8 mln\n NOTE: Profits include gains of 130,000 dlrs, or three cts a\nshare, in quarter and 490,000 dlrs, or 11 cts a share, vs\n52,000 dlrs, or one cent a share, in nine months from tax loss\ncarryforward\n Reuter\n\u0003", "date": "16-MAR-1987 09:35:12.89", "topics": [ "earn" ], "places": [ "usa" ], "id": "5327" }, { "title": "BSI SAYS EXPECTS ANOTHER GOOD YEAR IN 1987", "body": "Banca della Svizzera Italiana \nsaid it expected business to be good again this year after\n1986's 15.2 pct increase in net profit to 42 mln Swiss francs.\n Chief Executive Giorgio Ghiringhelli told reporters he\nexpected almost all important sectors to expand well in 1987.\nAn important exception would be its securities business, which\nwould grow more slowly.\n Ghiringhelli also said the bank planned to convert its\nrepresentation in London into a subsidiary at the end of this\nyear and further expand activities at its New York subsidiary,\nparticularly in private banking.\n Reuter\n\u0003", "date": "16-MAR-1987 09:35:51.05", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "5328" }, { "title": "DIAMOND SHAMROCK SETS 27 PCT PRORATION FACTOR FOR TENDERED SHARES\n", "date": "16-MAR-1987 09:35:53.72", "topics": [ "acq" ], "id": "5329" }, { "title": "BRAZILIAN BANK WORKERS DECIDE ON NATIONAL STRIKE", "body": "Brazilian bank workers voted\nto launch a nationwide strike this month, compounding labour\nunrest arising from the failure of the government's\nanti-inflation plan.\n At a rally in this city, about 100 km northwest of Sao\nPaulo, about 5,000 bank workers voted to strike on March 24\nunless their demand for 100 pct pay rises is met.\n Wilson Gomes de Moura, president of the national\nconfederation which groups the bank employees' 152 unions\nrepresenting 700,000 workers, told Reuters the indefinite\nstoppage would affect all banks.\n The vote came as a stoppage by seamen entered its third\nweek and as 55,000 oil workers threatened action against the\nstate-owned petroleum company Petrobras.\n Reuter\n\u0003", "date": "16-MAR-1987 09:37:20.49", "topics": [ "ship" ], "places": [ "brazil" ], "id": "5330" }, { "title": "BECOR WESTERN GETS OFFER TO BE ACQUIRED", "body": "Becor Western Inc said of Greenwich, conn., and Randolph W. Lenz\nare offering to acquire Becor for 15.50 dlrs per share, subject\nto Becor's receipt of at least 110 mln dlrs from the proposed\nsale of its Western Gear Corp subsidiary.\n Becor said it has also received expressions of interest\nfrom other parties seeking information about Becor.\n Becor had previously agreed to sell Western Gear for at\nleast 110 mln dlrs and to be acquired by BCW Acquisition Inc\nfor 10.45 dlrs in cash and four dlrs in debentures per Becor\nshare. BCW was formed by Becor executives and . Both deals are subject to shareholder approval.\n Reuter\n\u0003", "date": "16-MAR-1987 09:38:36.52", "topics": [ "acq" ], "places": [ "usa" ], "id": "5331" }, { "title": "CLARK EQUIPMENT STAKE ACQUIRED", "body": "Clark Equipment Co said it was\ninformed by Arthur M. Goldberg acting on behalf of a group of\ninvestors that the group had accumulated 1,262,200 shares, or\nabout 6.7 pct of Clark's outstanding common stock.\n It said Goldberg recently approached Clark to repurchase\nthe shares. However, negotiations for the block repurchase were\nunsuccessful and have been terminated.\n Reuter\n\u0003", "date": "16-MAR-1987 09:39:02.64", "topics": [ "acq" ], "places": [ "usa" ], "id": "5332" }, { "title": "HOG AND CATTLE SLAUGHTER GUESSTIMATES", "body": "Chicago Mercantile Exchange floor\ntraders and commission house representatives are guesstimating\ntoday's hog slaughter at about 295,000 to 302,000 head versus\n293,000 week ago and 309,000 a year ago.\n Cattle slaughter is guesstimated at about 123,000 to\n126,000 head versus 123,000 week ago and 121,000 a year ago.\n Reuter\n\u0003", "date": "16-MAR-1987 09:39:08.41", "topics": [ "hog", "livestock" ], "places": [ "usa" ], "id": "5333" }, { "title": "PATON REPORTS U.S. GREEN COFFEE ROASTINGS HIGHER", "body": "U.S. roastings of green coffee in the\nweek ended March 7 were about 325,000 (60-kilo) bags, including\nthat used for soluble production, compared with 290,000 bags in\nthe corresponding week of last year and about 315,000 bags in\nthe week ended February 28, George Gordon Paton and Co Inc\nreported.\n It said cumulative roastings for calendar 1987 now total a\n3,295,000 bags, compared with 3,620,000 bags by this time last\nyear.\n Reuter\n\u0003", "date": "16-MAR-1987 09:39:50.82", "topics": [ "coffee" ], "places": [ "usa" ], "id": "5334" }, { "title": "AVIA STOCKHOLDERS SEEK TO BLOCK SALE TO REEBOK", "body": " \nstockholders filed a class a action suit in Multnomah County\nCircuit court seeking to halt the sale of Avia to Reebok\nInternational Ltd .\n Avia stockholders also seek to receive compensation from\nthe defendants, who include most of Avia directors, according\nto court papers.\n The suit grew out a meeting of several dozen dissatisfied\nminority stockholders of Avia following the announcement of\nReebok's proposed acquisition of Avia and the sudden drop in\nthe price of Avia stock.\n The complaint was filed on behalf of Clem Eischen, a\nPortland-area resident, who owns 500 shares of Avia, and Robert\nWithers, also of the Portland-area, who owns 954 shares, and\nother individuals who held stock at the time of Reebok's\nannouncement. A jury trial has been requested.\n \"The actions of the small group that contral Avia have hurt\nthe little guy,\" said Eischen.\n The stockholders, according to a statement, have organized\na steering committee.\n The complaint reviews the price action of Avia stock from\nMarch 1986 and noted the plaintifs who purchased stock between\n19 dlrs and 25 dlrs per share. The price fell from 24 dlrs to\n16.50 dlrs a share following the Reebok announcement.\n The complaint asked the defendants be enjoined from\nproceeding with the Reebok acquisition of Avia. It also\nrequests damages to be determined at the time of trial.\n Avia said it had not seen the court papers and said it had\nno comment on the suit.\n Reuter\n\u0003", "date": "16-MAR-1987 09:40:03.80", "topics": [ "acq" ], "places": [ "usa" ], "id": "5335" }, { "date": "16-MAR-1987 09:42:21.09", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "5336" }, { "title": "STONE CONTAINER ESTABLISHES ONE BILLION DLR BANK CREDIT FACILITY\n", "date": "16-MAR-1987 09:42:24.72", "id": "5337" }, { "title": "ZAMBIA, IMF TALKS STALL ON FOOD SUBSIDIES", "body": "Zambia's talks with the World Bank and\nInternational Monetary Fund (IMF) on a financial rescue package\nhave run into difficulties on the issue of food subsidies, an\nofficial newspaper said.\n The Times of Zambia, which is run by the ruling United\nNational Independence Party (UNIP), quoted official sources as\nsaying the IMF and World Bank had refused to continue financing\nfood subsidies and were pressing the government to explain how\nit proposes to pay for them.\n President Kenneth Kaunda tried to abolish maize subsidies\nlast December, in line with IMF recommendations, but the move\ncaused maize meal prices to double overnight and led to riots.\n The subsidies were immediately restored as part of moves to\nquell the disturbances.\n The Times of Zambia said another major issue in the\ngovernment's current talks with the IMF and World Bank was the\nremodelling of Zambia's foreign exchange auction.\n The central bank's weekly auction of foreign exchange to\nthe private sector has been suspended since the end of January,\npending modifications to slow down the rate of devaluation and\ndampen fluctuations in the exchange rate.\n The kwacha slid to around 15 per dollar under the auction,\nlosing 85 pct of its value in 16 months, but since the end of\nJanuary has been revalued to a fixed rate of nine per dollar.\n Banking sources said Zambia was persuaded by the World Bank\nand IMF to lift its proposed ceiling of 12.50 kwacha per dollar\non the currency's devaluation once the auctions restart.\n Reuter\n\u0003", "date": "16-MAR-1987 09:43:20.66", "topics": [ "money-fx", "grain", "corn" ], "organisations": [ "imf", "worldbank" ], "places": [ "zambia" ], "id": "5338" }, { "title": "DWG CORP 3RD QTR JAN 31 NET", "body": "Oper shr profit 17 cts vs profit 10 cts\n Oper net profit 5,146,000 vs profit 2,691,000\n Revs 269.5 mln vs 274.4 mln\n Avg shrs 20.5 mln vs 17.0 mln\n Nine mths\n Oper shr profit 14 cts vs loss 45 cts\n Oper net profit 4,131,000 vs loss 7,148,000\n Revs 802.8 mln vs 766.0 mln\n Avg shrs 20.4 mln vs 16.9 mln\n NOTE: Net excludes discontinued operations loss 1,667,000\ndlrs vs profit 42,000 dlrs in quarter and loss 2,123,000 dlrs\nvs profit 1,334,000 dlrs in nine mths.\n Net excludes gains on insurance recovery of 54,000 dlrs vs\n91,000 dlrs in quarter and 1,289,000 dlrs vs 218,000 dlrs in\nnine mths.\n Prior year net excludes 1,103,000 dlr loss from change in\naccounting for textiles inventories.\n Prior year results for discontinuance of apparel segment\nand change in accounting for textile inventories.\n Share adjusted for stock dividends.\n Net includes pretax unrealized loss provision recoveries\nrelated to marketable securities of 580,000 dlrs vs 824,000\ndlrs in quarter and recovery 640,000 dlrs vs provision 366,000\ndlrs in nine mths.\n Prior nine mths net includes pretax gain on sale of\nmarketable securities of 493,000 dlrs.\n Net includes tax credits 5,738,000 dlrs vs 494,000 dlrs in\nquarter and credit 4,194,000 dlrs vs provision 11.2 mln dlrs in\nnine mths.\n Reuter\n\u0003", "date": "16-MAR-1987 09:43:28.57", "topics": [ "earn" ], "places": [ "usa" ], "id": "5339" }, { "title": "DIAMOND SHAMROCK SETS PRORATION FACTOR", "body": "Diamond Shamrock Corp said it will\naccept about 27 pct of the 73,653,000 shares of its common\nstock tendered in response to the company's offer to pay 17\ndlrs a share for 20 mln shares.\n The company said it expects to mail checks representing the\npurchase price of the 20 mln shares purchased later this week\nand will be returning unpurchased shares shortly thereafter.\n Reuter\n\u0003", "date": "16-MAR-1987 09:44:16.18", "topics": [ "acq" ], "places": [ "usa" ], "id": "5340" }, { "title": "ARGYLL GROUP CREDIT FACILITY OVERSUBSCRIBED", "body": "A 75 mln stg revolving credit contained\nin a 100 mln stg multiple facility for Argyll Group Plc has\nbeen oversubscribed in syndication and the borrower is\nconsidering an increase, banking sources said.\n The facility will allow Argyll to issue sterling\nacceptances and multi-currency advances and domestic sterling\nadvances.\n There will be a facility fee of 7.5 basis points on the\navailable part of the facility and a fee of five basis points\non the reserved part. There is a front end fee of 1/32 and a\nutilisation fee of five basis points if more than 50 pct of the\nrevolving credit is drawn.\n There will be a tender panel for the acceptances and\nadvances. However, Argyll will have the option to raise funds\nthrough an issuer set placement, under which the underwriters\ncan take up to their available commitment under the standby.\n The available tranche will be determined by Argyll on an\nannual basis.\n Drawings under the five year facility will be subject to a\ncap rate of 1/8 pct over the London Interbank Offered Rate or\nacceptance commission. Samuel Montagu and Co Ltd is lead\nmanager and agent.\n REUTER\n\u0003", "date": "16-MAR-1987 09:44:52.59", "places": [ "uk" ], "id": "5341" }, { "title": " YEAR LOSS", "body": "Shr loss 2.70 dlrs vs loss 25 cts\n Net loss 60.6 mln vs loss 3,122,000\n Revs 101.0 mln vs 167.7 mln\n Note: 1986 includes charge of 44.1 mln dlrs due to\nwritedown of oil and gas interests, writeoff of goodwill and\npatents, provision against disposal of surplus inventory,\nlosses on disposition of operating units and writedown of\nassets held for disposal.\n Reuter\n\u0003", "date": "16-MAR-1987 09:45:02.96", "topics": [ "earn" ], "places": [ "canada" ], "id": "5342" }, { "title": "UNION LEADERS TOUR YUGOSLAVIA TO QUELL STRIKE", "body": "Yugoslav trade union leaders are\ntouring the country in an attempt to quell a wave of strikes\nfollowing a partial wages freeze, official sources said.\n Eyewitnesses in the northern city of Zagreb reported far\nmore police on the streets than normal after the city and areas\nnearby experienced the biggest wave of strikes in the country\nin recent memory.\n National newspapers in Belgrade have given few details of\nthe strikes. But Zagreb papers said thousands of workers went\non strike and thousands more were threatening action over pay\ncuts.\n Western diplomats said the strikes appeared to be\nspontaneous and without unified orchestration.\n Reuter\n\u0003", "date": "16-MAR-1987 09:46:11.84", "places": [ "yugoslavia" ], "id": "5343" }, { "title": "BANK OF FRANCE LEAVES MONEY MARKET INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL\n", "date": "16-MAR-1987 09:49:45.57", "topics": [ "money-fx", "interest" ], "places": [ "france" ], "id": "5344" }, { "title": "H AND R BLOCK SEES GAINS FROM TAX REFORM", "body": "With the April 15 tax return deadline\nless than a month away, confused taxpayers will be converging\non H and R Block Inc's offices to interpret the new tax codes.\n Financial results for the nation's largest tax preparer are\nexpected to be good in fiscal 1987 but next year could be a\n\"bonanza,\" analysts say.\n \"For the short term the key word is confusion, Block Vice\nPresident Tom Bloch said in an interview. \"When Congress\ndrastically changes laws, confusion results and tax preparers\nbenefit,\" Bloch said.\n \"Next year, when taxpayers take the new forms and place\nthem side by side to compare them, more people will throw their\nhands up and say 'I'm going to get help,'\" he said.\n\"Tax forms will look very different next year,\" he added.\n Kidder Peabody analyst Herbert Buchbinder expects Block's\nfiscal 1987 year (to end April 30) to show good gains over\nfiscal 1986 earnings of 60.1 mln dlrs or 2.41 dlrs a share on\nrevenues of 606.7 mln dlrs. He estimates Block's fiscal 1987\nearnings at 2.75 to 2.80 dlrs.\n \"Next year, Block could have a bonanza,\" Buchbinder said.\nBased on estimates of a larger work force, Block could show a\ngain of more than five pct in tax forms prepared, he said. In\nthe 1986 tax season, Block prepared 9,215,300 U.S. tax returns,\nup 1.5 pct over the previous year.\n The Internal Revenue Service estimates about 100 mln\nindividual income tax returns will be filed for the 1987 tax\nseason, up from last year's 94 mln forms. Professional tax\npreparers accounted for just over 43 million forms, according\nto the IRS.\n For the longer term, while confusion will continue to bring\nclients into Block's 8,866 tax preparation offices worldwide,\nthere are some changes in the act that will have a negative\neffect, Bloch conceded.\n Certain changes in filing requirements will shorten the tax\nreturn, and in some cases, simplify the form, he noted. In\naddition, some low income wage earners will be taken off the\ntax rolls, he said.\n Block is currently analyzing its price structure to try to\noffset some of the negatives. Last tax season, the average cost\nfor each return in the U.S. amounted to 48.05 dlrs and 45.73\ndlrs worldwide, Bloch said. This tax season, rates will be up\nabout three or four pct, in line with the inflation rate, he\nsaid.\n Block expects \"some expansion\" this tax season of its\nelectronic filing system which directly feeds into the IRS and\ncan speed up the refund process. Block can choose where and by\nhow much it wants to expand into the seven cities made\navailable for the direct filing by the IRS, Bloch noted.\n The IRS estimates about 90,000 returns will be directly\nfiled this tax season, up from the 26,000 returns injected in\nthe 1986 tax season.\n First Kansas City analyst Jonathan Braatz said that Block\nwill benefit greatly from lower tax rates in fiscal 1988.\n Braatz expects Block's advertising budget to be about the\nsame as last year which will be helped a bit by lower costs for\ntelevision ads. \"They may get a little more bang for their\nbuck,\" he said.\n He estimates Block has about 150 mln dlrs cash on its\nbalance sheet sheet, and says if interest rates rise it could\nbe of great benefit to them.\n Reuter\n\u0003", "date": "16-MAR-1987 09:50:15.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "5345" }, { "title": "AUSIMONT COMPO NV RAISES QUARTERLY", "body": "Qtly div eight cts vs five cts prior\n Pay April 24\n Record April Three\n Reuter\n\u0003", "date": "16-MAR-1987 09:54:27.49", "topics": [ "earn" ], "places": [ "usa" ], "id": "5346" }, { "title": "FINANCIAL/SANTA BARBARA UNIT OFFERS NOTES", "body": "Financial Corp of Santa\nBarbara said its Santa Barbara Savings and Loan Association\nsubsidiary is offering 25 mln dlrs of convertible subordinated\ndebentures due 2012.\n The debentures, to be offered in minimum denominations of\n10,000 dlrs, are the joint obligation of Santa Barbara Savings\nand the parent company.\n The offering will be underwritten by Bear Stearns and Co\nand First Boston Corp.\n Reuter\n\u0003", "date": "16-MAR-1987 09:54:51.84", "places": [ "usa" ], "id": "5347" }, { "title": "AUSIMONT COMPO SEEKS SHARE INCREASE", "body": "Ausimont Compo NV said it will\nask shareholders at the annual meeting to approve an increase\nin authorized common shares to 90 mln shares from 50 mln.\n The company now has about 28.4 mln shares outstanding.\n Reuter\n\u0003", "date": "16-MAR-1987 09:55:13.35", "places": [ "usa" ], "id": "5348" }, { "title": "ALDERSHOT AGREES TO ACQUIRE INTRACOASTAL REFINING", "body": "Aldershot Resources Ltd said\nit signed an interim agreement to acquire 100 pct of the\noutstanding shares of Intracoastal Refining Inc of Conroe,\nTexas.\n Aldershot will pay a certain number of shares of common\nstock based on book value, and up to a maximum of one mln\nshares under a formula linked to the next five years' pre-tax\nnet revenues.\n The transaction is subject to completion of a definitive\nagreement and to regulatory approval.\n Reuter\n\u0003", "date": "16-MAR-1987 09:55:22.67", "topics": [ "acq" ], "places": [ "canada" ], "id": "5349" }, { "title": "DERLAN ACQUIRES 80 PCT OF AURORA INDUSTRIES", "body": " said it\nacquired 80 pct of Aurora Industries Inc of Montgomery,\nIllinois for an undisclosed price.\n Closing is subject to completion of legal formalities,\nDerlan said.\n Reuter\n\u0003", "date": "16-MAR-1987 09:55:26.88", "topics": [ "acq" ], "places": [ "canada" ], "id": "5350" }, { "title": "MARION LABS VOTES SPLIT, DIVIDEND HIKE", "body": "Marion Laboratories Inc said\nits board declared a two-for-one common stock split in the form\nof a dividend, with distribution April 21, record March 25.\n The board also said it intends to increase the regular\nquarterly dividend by 43 pct, to five cts a share, reflecting\nthe split. It said the increase will be declared at the May\n1987 board meeting and reflected in regular payments beginning\nin July 1987.\n Reuter\n\u0003", "date": "16-MAR-1987 09:58:01.67", "topics": [ "earn" ], "places": [ "usa" ], "id": "5351" }, { "title": "DART SEEKS SUPERMARKETS NEGOTIATIONS", "body": " said it is\npreparted to negotiate all terms of its proposed acquisition of\nSupermarkets General Corp.\n Early this month, Dart made an unsolicited offer of 41.75\ndlrs a share in cash for Supermarkets General's stock.\n Releasing a letter sent friday to Supermarkets General,\nDart said \"we believe that an agreement can be reached which\nwill be in the best interests of Supermarkets General, its\nstockholders, management, employees and customers.\n \"To that end, we are prepared to negotiate all terms of an\nacquisition agreement,\" Dart said.\n Dart said it urges a meeting with Supermarkets General\nofficials be held promptly.\n The letter pointed out the company has not heard from\nSupermarkets General since making the offer \"other than on this\npast Monday when we were informed that our offer would be\nseriously considered and that you would get back to us on a\ntimely basis to arrange a meeting.\"\n Dart said it has \"acted openly and amicably\" in an effort\nto facilitate its proposed acquisition, adding it has not\npurchased additional Supermarkets General stock since prior to\nsubmission of its offer.\n Dart said it continues to be interested in acquiring\nSupermarkets General in a friendly manner, noting it has given\nthe company \"the tune that you suggested in order to allow you\nto evaluate the available options.\"\n Dart now owns 1.9 mln Supermarkets General shares, slightly\nless than five pct of those outstanding.\n Reuter\n\u0003", "date": "16-MAR-1987 10:02:24.44", "topics": [ "acq" ], "places": [ "usa" ], "id": "5352" }, { "title": "SEABRIGHT RESOURCES EQUITY ISSUE APPROVED", "body": "\nsaid it received regulatory approvals for an issue in Canada of\nup to 1.3 mln 1987 flow through units priced at 6.25 dlrs each\nand 1.4 mln equity units priced at 4.30 dlrs each.\n Each 1987 flow through unit allows the holder to receive\none Seabright flow through common share, and the company\nexpects about 8.33 dlrs per flow through unit will be available\nto subscribers as 1987 income tax deduction. Minimum\nsubscription is 500 units, the company said.\n Each equity unit comprises one common share and one-half\nwarrant for either a common share or one flow-through unit.\n Reuter\n\u0003", "date": "16-MAR-1987 10:04:05.34", "places": [ "canada" ], "id": "5353" }, { "title": "DECORATOR INDUSTRIES INC 4TH QTR NET", "body": "Ended Jan three\n Shr profit five cts vs NA\n Net profit 58,088 vs loss 279,718\n Revs 6,310,841 vs 5,468,893\n Year\n Shr profit 12 cts vs loss 74 cts\n Net profit 126,321 vs loss 773,090\n Revs 23.1 mln vs 19.1 mln\n NOTE: Loss per share not given for quarter.\n Reuter\n\u0003", "date": "16-MAR-1987 10:04:16.63", "topics": [ "earn" ], "places": [ "usa" ], "id": "5354" }, { "title": "MCCORMICK AND CO INC 1ST QTR NET", "body": "Qtr ends Feb 28\n Shr 37 cts vs 35 cts\n Net 4,346,000 vs 4,202,000\n Revs 232,006,000 vs 223,151,000\n \n Reuter\n\u0003", "date": "16-MAR-1987 10:04:21.38", "topics": [ "earn" ], "places": [ "usa" ], "id": "5355" }, { "title": "VALUE LINE INC 3RD QTR JAN 31", "body": "Shr 52 cts vs 25 cts\n Net 5,154,000 vs 2,496,000\n Revs 17.7 mln vs 14.4 mln\n Nine months\n Shr 1.16 dlrs vs 70 cts\n Net 11.5 mln seven mln\n Revs 50.3 mln vs 41.2 mln\n NOTE: 1987 periods include pretax investment income\nof 2.9 mln dlrs in capital gains distributions from mutual fund\ninvestment.\n Reuter\n\u0003", "date": "16-MAR-1987 10:04:30.10", "topics": [ "earn" ], "places": [ "usa" ], "id": "5356" }, { "title": "THERMO ELECTRON CONSIDERS UNIT STAKE SALE", "body": "Thermo Electron Corp said it has\nentered into talks with underwriters on the possible public\nsale of a minority interest in its packaged cogeneration\nsystems subsidiary, Tecogen Inc.\n The company also said it plans to offer convertible\nsubordinated debentures publicly.\n It gave no further details.\n Reuter\n\u0003", "date": "16-MAR-1987 10:04:41.35", "topics": [ "acq" ], "places": [ "usa" ], "id": "5357" }, { "title": "HONGKONG BANK OF CANADA 1ST QTR JAN 31 NET", "body": "Net 3.1 mln vs not given\n Note: results not comparable with last year due to November\n1986 acquisition of Bank of British Columbia.\n Subsidiary of \n Reuter\n\u0003", "date": "16-MAR-1987 10:04:49.95", "topics": [ "earn" ], "places": [ "canada" ], "id": "5358" }, { "title": "SALANT CORP 4TH QTR NOV 29 NET", "body": "Oper shr profit 45 cts vs profit 56 cts\n Oper net profit 1,492,000 vs profit\n 1,842,000\n Sales 36.5 mln vs 38.5 mln\n Year\n Oper shr profit 48 cts vs loss 2.44 dlrs\n Oper net profit 1,596,000 vs loss 8,084,000\n Sales 131.1 mln vs 144.5 mln\n NOTE: 1986 year net includes pretax provision for loss on\nsale of subsidiary of 1,600,000 dlrs.\n 1985 year net includes pretax loss 6,600,000 dlrs from\nplant closing provision.\n 1986 net excludes tax credits of 1,295,000 dlrs in quarter\nand 2,712,000 dlrs in year.\n 1986 net both periods excludes charge 9,400,000 dlrs for\nestimated settlement and expenses connected with Chapter 11\nbankruptcy.\n Reuter\n\u0003", "date": "16-MAR-1987 10:05:00.45", "topics": [ "earn" ], "places": [ "usa" ], "id": "5359" }, { "title": "U.K. MONEY MARKET GIVEN 550 MLN STG LATE HELP", "body": "The Bank of England said it provided the\nmoney market with late assistance of around 550 mln stg.\n This takes the Bank's total help today to some 1.12 billion\nstg and compares with its estimated deficit of around 1.10\nbillion.\n REUTER\n\u0003", "date": "16-MAR-1987 10:05:06.86", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "5360" }, { "title": "NO FEDERATION BANK SEEN INVOLVED IN VW AFFAIR", "body": "Hanns Christian Schroeder-Hohenwarth,\nPresident of the West German Federation of Banks, said that as\nfar as he knew no member bank of the Federation was involved in\nactivities which led to currency losses of some 480 mln marks\nfor Volkswagen AG , VW.\n VW has said fraudulent currency manipulation possibly led\nto the losses.\n The Federation of Banks includes all the major West German\ncommercial banks. Schroeder-Hohenwarth was speaking at a news\nconference after a Federation meeting.\n REUTER\n\u0003", "date": "16-MAR-1987 10:05:24.46", "places": [ "west-germany" ], "id": "5361" }, { "date": "16-MAR-1987 10:06:53.92", "topics": [ "acq" ], "places": [ "usa" ], "id": "5362" }, { "title": "LYNG SAYS TOO LATE FOR CROP DECOUPLING THIS YEAR", "body": "U.S. Agriculture Secretary Richard\nLyng said it is too late to implement a full 0/92 acreage\nprovision, or \"decoupling,\" for 1987 grain crops.\n \"I think there's a chance we'll see that legislation (0/92)\npassed, (but) not for 1987 crops. It's too late,\" Lyng told the\nNational Grain and Feed Association convention here.\n Lyng added that there seems some support in Congress for\n0/92 and there was a good chance a pilot 0/92 program will be\npassed as part of a pending disaster bill.\n But he indicated that it is already too late in the year to\nalter the 1987 crop program. Sign-up for spring crops closes\nthe end of this month.\n Overall, Lyng predicted very little change will be\nlegislated in the 1985 farm bill this year.\n Reuter\n\u0003", "date": "16-MAR-1987 10:08:12.28", "topics": [ "grain" ], "places": [ "usa" ], "id": "5363" }, { "title": "U.S. FEDERAL HOME LOAN BANKS SET DEBT OFFERING TOTALLING 2.55 BILLION DLRS\n", "date": "16-MAR-1987 10:09:14.16", "places": [ "usa" ], "id": "5364" }, { "title": "SMOKY RIVER SIGNS COAL SUPPLY AGREEMENT", "body": "Smoky River Coal Ltd, operator\nof the Smoky River coal mine near Grande Cache, Alberta, said\nit agreed to supply 1.5 metric tons of metallurgical coal in\nthe next five years to Pohang Iron and Steel Co of Korea.\n Smoky River said the agreement is an extension of the\ncurrent long-term coal supply contract.\n Reuter\n\u0003", "date": "16-MAR-1987 10:11:02.64", "places": [ "canada" ], "id": "5365" }, { "title": "SALANT FILES REORGANIZATION PLAN", "body": "Salant Corp said it and its Thomson Co\nInc and Obion Co Inc subsidiaries have filed a joint\nreorganization plan with the U.S. Bankruptcy Court and expect\nto emerge from Chapter 11 bankruptcy in the near future.\n The company said a hearing on the adequacy of the\nassociated disclosure plan is scheduled for April Nine and\ncompletion of the plan is subject to approval by creditors,\nequity security holders and the bankruptcy court.\n Salant said it has reached agreement for Ray W. williams to\ncontinue as president and chief executive officer for five\nyears from the effective date of the reorganization plan and\nhas substantially concluded talks for a new 15 mln dlr\nunsecured credit, effective the same date.\n The company said the committee of its unsecured creditgors\nand the committee of its equity security holders have approved\nthe terms of the plan. As previously announced, creditors will\nreceive 450 mln dlrs in cash, 500 dlrs of 13-1/4 pct senior\nsubordinated debentures and four common shares for each 1,000\ndlrsd of allowed unsecured claims.\n Salant today reported earnings for the year ended November\n29 of 1,596,000 dlrs, after a 1,600,000 dlr pretax provision\nfor loss on the sale of a subsidiary but before a 9,400,000 dlr\npost-tax charge attributable to costs and expenses of Chapter\n11 and the settlement of pre-Chapter 11 claims, as well as a\n2,712,000 dlr tax credit.\n A year before, it lost 8,084,000 dlrs after a 6,600,000 dlr\npretax provision for plant closings.\n Reuter\n\u0003", "date": "16-MAR-1987 10:14:17.92", "topics": [ "earn" ], "places": [ "usa" ], "id": "5366" }, { "title": "ANALOGIC CORP 2ND QTR JAN 31 NET", "body": "Shr 11 cts vs 13 cts\n Net 1,965,577 vs 2,474,357\n Revs 38.3 mln vs 34.7 mln\n 1st half\n Shr 61 cts vs 22 cts\n Net 11.3 mln vs 4,132,129\n Revs 84.4 mln vs 66.2 mln\n Reuter\n\u0003", "date": "16-MAR-1987 10:14:23.66", "topics": [ "earn" ], "places": [ "usa" ], "id": "5367" }, { "title": "NO FEDERATION BANK SEEN INVOLVED IN VW AFFAIR", "body": "Hanns Christian Schroeder-Hohenwarth,\nPresident of the West German Federation of Banks, said that as\nfar as he knew no member bank of the Federation was involved in\nactivities which led to currency losses of some 480 mln marks\nfor Volkswagen AG , VW.\n VW has said fraudulent currency manipulation possibly led\nto the losses.\n The Federation of Banks includes all the major West German\ncommercial banks. Schroeder-Hohenwarth was speaking at a news\nconference after a Federation meeting.\n Reuter\n\u0003", "date": "16-MAR-1987 10:14:37.08", "places": [ "west-germany" ], "id": "5368" }, { "title": "CME, CBOE SET JOINT PRESS CONFERENCE FOR TODAY", "body": "The Chicago Mercantile Exchange, CME,\nand the Chicago Board Options Exchange, CME, will hold a joint\nnews conference at 1200 CST (1800 GMT) today.\n Neither exchange would elaborate on the topic of the press\nconference, although a CBOE spokesperson said it will deal a\nnew financial product.\n Reuter\n\u0003", "date": "16-MAR-1987 10:18:01.52", "places": [ "usa" ], "id": "5369" }, { "title": "U.S. FHL BANKS SET 2.55 BILLION DLR DEBT OFFER", "body": "The Office of Finance of the Federal\nHome Loan Banks announced a debt offering totalling 2.55\nbillion dlrs consisting of three issues.\n The issues are 1.11 billion dlrs maturing March 26, 1990;\n1.065 billion dlrs maturing March 25, 1992; and 375 mln dlrs\nmaturing March 25, 1997.\n Sale date and announcement of rates is set for Tuesday\nMarch 17, 1987.\n The office of finance said allocation of the 1997 issue\nwill be limited to members of the long term selling group.\nProceeds of the offering will be used to refund the issues\nmaturing March 25, 1987 and to raise additional funds, it said.\n The finance office added that 171 mln dlrs of the 1990\nissue, 146.5 mln dlrs of the 1992 issue and 49.5 mln dlrs of\nthe 1997 issue will be reserved for the Federal Reserve System\nand their own or customer accounts.\n The bonds will be availalbe in book entry form only, it\nsaid.\n Reuter\n\u0003", "date": "16-MAR-1987 10:18:26.79", "places": [ "usa" ], "id": "5370" }, { "title": "WEST GERMAN EXPORTS TO U.S. DROP SHARPLY", "body": "West German exports to the United\nStates fell below four billion marks worth in January for the\nfirst time since mid-1984, provisional Bundesbank data showed.\n The figures showed exports were 3.85 billion marks in\nJanuary, sharply down from December's 4.40 billion and the\nlowest since the 3.56 billion exported to the U.S. In July\n1984. This compared with 4.86 billion marks in January 1986.\n Total West German exports to Western industrialised\ncountries also fell in January to 34.76 billion marks from\nDecember's 36.45 billion, also posting the lowest monthly total\nsince July 1984.\n West German exports to the European Community were 21.60\nbillion marks in January, down from 22.14 billion in December\nand 22.94 billion in January last year, the figures showed.\n Exports to developing nations and centrally-planned\neconomies also slackened.\n Separately, Commerzbank AG said in a report that the focus\nof West German exports this year was likely to shift to Europe\nbecause of an expected downturn in growth in the dollar area.\n This was one of the strengths of West German exports\ncompared with Japan, which depended in large part on the U.S.,\nOPEC and developing country markets, it added.\n REUTER\n\u0003", "date": "16-MAR-1987 10:18:43.86", "topics": [ "trade" ], "places": [ "west-germany", "usa" ], "id": "5371" }, { "title": "STONE CONTAINER FORMS CREDIT FACILITY", "body": "Stone Container Corp said it signed a\ndefinitive agreement with a group of banks establishing a total\nof 1.1 billion dlrs term loan and revolving credit facility.\n It said the action represents the last step toward\ncompleting the previously announced acquisition of Southwest\nForest Industries Inc .\n Stone said the completed portion of the new credit facility\nconsists of an 800 mln dlr term loan and a 200 mln dlr\nrevolving credit.\n Stone said the final portion of the 1.1 billion dlr credit\nfacility will be a 100 mln dlr letter of credit, which will\nreplace an existing letter of credit relating to the operating\nlease of its co-generation energy facility nearing completion\nat its linerboard and kraft paper mill in Florence, S.C.\n Reuter\n\u0003", "date": "16-MAR-1987 10:19:45.49", "places": [ "usa" ], "id": "5372" }, { "title": "TEXAS AIR TO GIVE FORMER CONTINENTAL AIR HOLDERS ANOTHER 3.75 DLRS A SHARE\n", "date": "16-MAR-1987 10:22:07.11", "topics": [ "acq" ], "id": "5373" }, { "title": "WTD INDUSTRIES TO SELL DEBENTURES", "body": "WTD Industries Inc said it filed with\nthe Securities and Exchange Commission a registration statement\ncovering a 30 mln dlr issue of senior subordinated debentures\ndue 1997.\n Proceeds will be used mainly for the acquisition of\nadditional woods products manufacturing facilities and related\nproperties, WTD said.\n The company named Kidder, Peabody and Co Inc as lead\nunderwriter of the offering.\n Reuter\n\u0003", "date": "16-MAR-1987 10:26:00.10", "places": [ "usa" ], "id": "5374" }, { "title": " French February inflation between 0.1 and 0.2 pct vs 0.9 pct in january - official\n", "date": "16-MAR-1987 10:28:04.70", "topics": [ "cpi" ], "places": [ "france" ], "id": "5375" }, { "title": "TRADE INTERESTS READY FOR FIGHT IN U.S. CONGRESS", "body": "U.S. lawmakers are gearing up for a\nshowdown between protectionists and free traders as a major\ntrade bill winds its way through committees to a vote by the\nfull House of Representatives in late April.\n In a move to toughen U.S. enforcement of trade laws, a key\nHouse subcommittee last week approved a toned down version of\nlegislation to require President Reagan to retaliate against\nforeign countries that follow unfair trade practices.\n This bill will be the cornerstone of congressional efforts\nto restore competitiveness of American industries and turn\naround last year's record 169 billion dlrs trade deficit.\n Several lawmakers have argued the new trade bill made too\nmany concessions to Reagan and said they intend to back\namendments to \"get tough\" with countries that violate trade\nagreements or keep out U.S. products.\n On the other hand, congressmen known for their allegiance\nto free trade, said the bill ties Reagan's hands too much in\ntrade disputes and they will seek to restore his negotiating\npowers.\n Republican Bill Frenzel of Michigan said the subcommittee's\nbill was not one \"that a free trader like me could endorse in\nall respects,\" but he emphasized there was a consensus among\ntrade lawmakers to work toward a bill Reagan and Republicans\nwould ultimately endorse.\n Frenzel said the goal of trade legislation was, \"to make our\ntrade policy stronger without violating our international trade\nagreements. You'll find a lot of people who think we have not\ndone the former enough. You'll find poeple who think we haven't\navoided violating agreements.\"\n In a key concession made at the urging of the powerful\nchairman of the House Ways and Means Committee, the trade\nsubcommittee backed off a requirement that would have forced\nReagan to automatically impose quotas or tariffs on imports\nfrom countries that engage in unfair trade practices.\n It also agreed he may waive any retaliation if it would\nhurt the U.S. economy.\n Ways and Means chairman Dan Rostenkowski, an Illinois\nDemocrat, insisted the more moderate approach was necessary if\nthe House wanted to pass a bill Reagan would sign into law.\n Reagan last year had blocked Senate consideration of a\ntough House trade bill he branded as protectionist and this\nyear only reluctantly agreed to support a trade bill when he\nsaw Democratic leaders were determined to pass a bill.\n As an indication of his success, White House spokesman\nMarlin Fitzwater told reporters Friday the administration still\ndid not like some provisions. But he added, \"Generally we feel\nvery good about the bipartisan consideration of the trade\nlegislation. I think we are progressing very well.\"\n The first battle will take place next week when the full\nHouse Ways and Means Committee considers an amendment by Rep.\nRichard Gephardt, a Missouri Democrat, to force countries such\nas Japan, South Korea and Taiwan to cut their trade surpluses\nwith the United States.\n The subcommittee limited the Gephardt plan to provide only\nthat the existence of a large trade surplus with the United\nStates will trigger an investigation of unfair trade practices,\nbut would not automatically set off retaliation.\n Rep. Phil Crane, an Illinois Republican and staunch free\ntrader, said he will try to further weaken the Gephardt plan.\n Organized labor has pressed lawmakers for more relief from\nimports where jobs have been lost to foreign competition.\nAFL-CIO president Lane Kirkland this year angered the\nadministration in a statement that any trade bill Reagan would\nsign would not be worth passage in Congress.\n But Rostenkowski set the tone of the trade debate in a\nstatement, \"I'm not trying to write legislation to please Lane\nKirkland. I'm trying to write legislation that will be signed\nby the president.\"\n In writing the bill, the subcommittee rejected calls for\ntrade relief for specific industries such as textiles.\n Rep. Ed Jenkins, a Democrat from Georgia, agreed to hold\noff his fight. He intends to push separately a bill to protect\nthe domestic textile and shoe industry, an aide said. Reagan\nvetoed a similar measure last year.\n House Speaker Jim Wright, a Texas Democrat, is one of the\nmost influential proponents of aid for specific industries\nbeset by low priced foreign competition.\n Wright Thursday renewed his call for import relief for the\ndomestic oil industry and announced his support for a Senate\nplan to trigger a temporary oil import tariff when imports\nreach half of domestic consumption.\n For the most part, the trade bill's provisions toughen U.S.\nenforcement of trade laws. The bill forces the administration\nto act rapidly on complaints of unfair trade practices such as\ndumping products in the United States at prices below the cost\nof production.\n It also forces the administration to act rapidly when an\nindustry complains that a surge in imports threatens its\nexistence. Congressmen said the change would have required the\nU.S. International Trade Commission to impose limits on car\nimports in 1981.\n Reuter\n\u0003", "date": "16-MAR-1987 10:29:52.85", "topics": [ "trade" ], "places": [ "usa" ], "id": "5376" }, { "title": "ENDOTRONICS EXPECTS LOSS FOR YEAR", "body": "Endotronics Inc said it expects to\nincur \"substantial losses\" for the second quarter ending March\n31 and fiscal year ending Sept 30, 1987.\n As one factor behind the anticipated loss, Endotronics\ncited a dispute by one of its Japanese distributors, , over payment of a 3,686,000 dlr promissory note.\n In a Form 8-K filing with the Securities and Exchange\nCommission, Endotronics said the note was for overdue accounts\nreceivable from sales of instruments to Yamaha and another\nJapanese distributor during the company's 1986 fiscal year.\n Endotronics said at its present reduced level of operations\nit will exhaust all currently available cash and credit\nfacilities in early May 1987. It said this assumes full use of\nthe remaining 1,250,000 dlrs available under a line of credit\nfrom Celanese Corp, which requires approval of Celanese Corp\n.\n The company said its ability to obtain funding was\nadversely affected by a suit filed March 4 by two of its\nshareholders seeking to represent a class of holders against\nthree officers of Endotronics.\n Endotronics said the complaint against it alleges\nviolations of the federal securities laws in connection with\nstatements made in the company's annual and quarterly reports.\n The company also said the Securities Division of the\nMinnesota Department of Commerce is conducting an inquiry into\nthe company's Japanese sales for fiscal 1986 and trading by\ninsiders and brokers in the company's common shares.\n It said similar inquiries are being conducted by the\nSecurities and Exchange Commission. The investigations will\nhurt the company's ability to obtain funding, it said.\n As a result of the dispute over payment of the promissory\nnote, the law suit challenging its financial data and the\nvarious investigations concerning insider trading, the company\nsaid it no longer expects that anticipated declines in\ninstrument sales in Japan in fiscal 1987 will be offset by\nincreased instrument sales in other foreign countries and the\nUnited States.\n Reuter\n\u0003", "date": "16-MAR-1987 10:30:10.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "5377" }, { "title": " French February year on year inflation 3.4 pct vs three pct January - official\n", "date": "16-MAR-1987 10:33:50.81", "topics": [ "cpi" ], "places": [ "france" ], "id": "5378" }, { "title": "CONTINENTAL AIR HOLDERS TO GET FURTHER PAYMENT", "body": "Texas Air Corp said under a settlement\nof class action litigation with , former\nminority shareholders of Continental Airlines Inc will receive\nan additional 3.75 dlrs per share.\n In February, Texas Air acquired the minority interest in\nContinental that it did not already own for 16.50 dlrs per\nshare. Mutual had challenged the adequacy of the price.\n Texas Air said any former Continental holder who has sought\nappraisal rights under Delaware law may continue to seek the\nappraisal remedy in Delaware Chancery Court or accept the\nsettlement and drop the appraisal process.\n Texas Air said the settlement has other terms relating to\nemployee shareholdrs of Continental, who will receive options\nfrom Texas Air. It did not give details.\n The company said the settlement is subject to approval by\nthe Delaware Chancery Court, which is expected to take about 60\ndays.\n Reuter\n\u0003", "date": "16-MAR-1987 10:34:00.97", "topics": [ "acq" ], "places": [ "usa" ], "id": "5379" }, { "title": "KAWASAKI STEEL ISSUES NOVEL 30 MLN DLR EUROBOND", "body": "Kawasaki Steel International Finance Plc\nis issuing a stepped coupon 30 mln dlr eurobond due March 26,\n1994 priced at 101-7/8 pct, lead manager Wako International\nEurope Ltd said.\n The deal, guaranteed by Mitsui Trust and Banking Co Ltd,\nwill carry a seven pct coupon in year one, rising to 8.44 pct\nin the final year.\n Payment date is March 26. The bond is available in\ndenominations of 100,000 dlrs and will be listed in Luxembourg.\nFees were not disclosed but a Wako official confirmed the deal\nwas a targetted issue.\n REUTER\n\u0003", "date": "16-MAR-1987 10:35:44.92", "places": [ "uk" ], "id": "5380" }, { "title": "VIRAGEN TO BEGIN EXPANDED HERPES STUDIES", "body": "Viragen Inc said it will start an\nexpanded study of its alpha interferon topical ointment for the\ntreatment of genital herpes.\n It said it will conduct a phase III study of two different\ndosage forms of the treatment and compare it to a placebo, or\nnonmedicated substitute, in at least 154 men and women. Viragen\nsaid study results are expected by October 1987.\n Viragen said it is prepared to submit license applications\nfor the ointment in England, Canada, and West Germany, in\naddition to the U.S., when the phase III study is completed.\n Reuter\n\u0003", "date": "16-MAR-1987 10:37:31.41", "places": [ "usa" ], "id": "5381" }, { "title": "COCOA CONSUMERS NARROW GAP ON BUFFER STOCK ISSUE", "body": "Representatives of cocoa consuming\ncountries at an International Cocoa Organization, ICCO, council\nmeeting here have edged closer to a unified stance on buffer\nstock rules, delegates said.\n While consumers do not yet have a common position, an\nobserver said after a consumer meeting, \"They are much more\nfluid ... and the tone is positive.\"\n European Community consumers were split on the question of\nhow the cocoa buffer stock should be operated when the ICCO met\nin January to put the new International Cocoa Agreement into\neffect, delegates said.\n At the January meeting, France sided with producers on how\nthe buffer stock should operate, delegates said. That meeting\nended without agreement on new buffer stock rules.\n The EC Commission met in Brussels on Friday to see whether\nthe 12 EC cocoa consuming nations could narrow their\ndifferences at this month's meeting.\n The Commissioners came away from the Friday meeting with an\ninformal agreement to respond to signs of flexibility among\nproducers on the key buffer stock issues, delegates said.\n The key issues to be addressed at this council session\nwhich divide ICCO members are whether non-member cocoa should\nbe eligible for buffer stock purchases and what price\ndifferentials the buffer stock should pay for different types\nof cocoa, delegates said.\n A consumer delegate said producers and consumers should be\nable to compromise on the non-member cocoa question.\n A working group comprising delegates from all producing and\nconsuming member countries met briefly this morning, then broke\nup into a producer meeting and an EC meeting, followed by a\nconsumer meeting.\n Producers, who are in favour of the buffer stock buying a\nvariety of grades of cocoa and oppose non-member cocoa being\naccepted, reviewed their position ahead of the working group\nmeeting this afternoon.\n \"We are waiting to see what consumers say,\" a producer\ndelegate said. \"We hope they will be flexible or it will be\ndifficult to negotiate.\"\n The ICCO comprises 33 member countries. Non-\nmembers include the U.S., a consumer, and Malaysia, an\nincreasingly important producer.\n Reuter\n\u0003", "date": "16-MAR-1987 10:42:11.20", "topics": [ "cocoa" ], "organisations": [ "ec", "icco" ], "places": [ "uk" ], "id": "5382" }, { "title": "CCC ACCEPTS WHEAT BID FOR W AFRICA COUNTRIES", "body": "The Commodity Credit Corportion,\nCCC, has accepted a bid for an export bonus to cover the sale\nof 15,000 tonnes of U.S. wheat to West African countries, the\nU.S. Agriculture Department said.\n The dark northern spring wheat is for shipment May 15-June\n15, 1987.\n The bonus of 40.05 dlrs per tonne was made to Peavey\nCompany and will be paid in the form of commodities from the\nCCC inventory, it said.\n An additional 315,500 tonnes of wheat are still available\nto West African countries under the Export Enhancement Program\ninitiative announced October 30, 1986, it said.\n Reuter\n\u0003", "date": "16-MAR-1987 10:43:22.51", "topics": [ "grain", "wheat" ], "places": [ "usa" ], "id": "5383" }, { "title": "CORKEN INTERNATIONAL COMPLETES OFFERING", "body": "Corken International Corp said it\nhas completed an initial public offering of 500,000 common\nshares at five dlrs each through underwriters led by Lowell H.\nListrom and Co Inc.\n The company said proceeds were used to pay a dividend to\nHinderliter Industries Inc , which had been its sole\nshareholder, and for working capital.\n Reuter\n\u0003", "date": "16-MAR-1987 10:43:33.94", "places": [ "usa" ], "id": "5384" }, { "title": "LOWRANCE ELECTRONICS SEES ORDERS OFF", "body": "Lowrance Electronics Inc said\nresults from operations in the third and fourth quarter may not\nbe comparable to the first and second quarters, which were\nstrong because of orders for new sonar equipment.\n For the six months ended Jan 31, the company reported net\nincome almost tripled to 951,000 dlrs or 34 cts a share as\nsales rose 38 pct to 20.6 mln dlrs.\n The company, which went public Dec 23, also said it expects\nto be able to fill back orders from the first two quarters\nbecause of improved supply of computer chip components.\n \n Reuter\n\u0003", "date": "16-MAR-1987 10:44:21.36", "topics": [ "earn" ], "places": [ "usa" ], "id": "5385" }, { "title": "SWISS OPTIONS, FUTURES EXCHANGE PLANNED FOR 1988", "body": "Preparations for the launch of a Swiss\noptions and futures exchange, billed as the first completely\nelectronic market of its kind, are at an advanced stage,\naccording to members of the project team.\n The Swiss Options and Financial Futures Exchange (Soffex)\nis a new departure in that it will introduce an additional\nrange of financial instruments and electronic trading methods\nto the traditionally conservative Swiss market.\n There will be no physical exchange floor and both trading\nand clearing systems will be completely automated.\n The new market, due to start operating in January 1988,\nfollows a series of innovations by the bourses in Zurich, Basle\nand Geneva aimed at preventing loss of business in the face of\nkeen competition from London and Frankfurt.\n These innovations included the introduction last October of\ncontinuous trading in major shares, plans to establish a single\ncontinuously updated Swiss share index from next month to\nsupplement the various indices produced by the major banks at\nthe close of business, and experiments in electronic trade.\n Banks themselves last year took the initiative of launching\ncovered warrants on shares of other Swiss companies.\n \"If Switzerland wants to maintain and expand its\ninternational prominence in portfolio management, our bankers\nand fund managers must have the same modern instruments at\ntheir disposal as their competitors,\" says Soffex president\nRudolf Mueller, a director of Union Bank of Switzerland.\n The computer terminals on which business will be conducted\nwill be confined to Switzerland. It is still unclear how many\nSwiss-based institutions will seek membership of the exchange.\n Formal applications are not due until next month but a\npreliminary survey completed by the Soffex project team this\nweek showed strong interest in membership.\n \"The response from both Swiss and foreign institutions all\nover the country has been very encouraging,\" says Philippe\nBollag of the project team.\n Hans Kaufmann, who follows Swiss equities for Bank Julius\nBaer, says a regulated traded options exchange should boost\nforeign interest in Swiss shares and possibly increase bourse\nturnover generally.\n The possibility of protecting portfolios by hedging should\nattract Swiss institutional investors, Kaufmann added.\n Soffex is a private company set up by the five major Swiss\nbanks and the bourses of Zurich, Geneva and Basle.\n Trading will initially be limited to stock options on 10 to\n15 leading Swiss bearer shares. An options contract on the new\nSwiss share index should follow within six months but trading\nin financial futures will be delayed until an unspecified\nfuture date. Options on foreign shares may also be added later.\n Participants will be either brokers or dealers, operating\nin the market through computer terminals in their own offices.\nTrading must be conducted exclusively through the exchange.\n Exchange membership is open to banks, traders and brokerage\nfirms with an office in Switzerland, while clearing members\nmust be recognised as banks under Swiss law.\n The trading system, based on Digital Equipment Corp\nsoftware and hardware, provides display of best bid and offer\nprices, matches orders electronically, allows anonymous\nnegotiation of block orders and maintains member order books.\n An \"interest\" facility, aimed at helping participants to\ngauge the market mood, shows the number of users watching a\nparticular instrument at any time. Most of the electronic\nclearing functions will be carried out overnight.\n Each contract will cover only five shares instead of the\n100 shares normally traded on existing options and futures\nmarkets in the United States, London, Amsterdam and Stockholm.\n This reflects the fact that Swiss shares often cost\nthousands of francs. Bearer shares in F. Hoffmann-La Roche und\nCo AG, likely to be on the Soffex opening list, were quoted\nthis week at 209,000 francs each.\n Contracts will initally be offered for the three end-months\nfollowing the trading date plus the subsequent January, April,\nJuly or October end-months. Longer maturities may be added in\nfuture if market liquidity permits.\n Detailed provisions have still to be worked out in areas\nsuch as margin requirements, position limits, the supervisory\nand regulatory functions of the exchange and brokerage fees.\n Banks polled by Reuters in a random survey were\nenthusiastic about Soffex but reticent about the level of their\nown involvement and about the exchange's prospects for success.\n \"We're moving into completely new surroundings and it will\nrequire a change in psychology,\" said a securities dealer at a\nmajor Swiss bank. \"We in Switzerland are not used to sitting all\nday at a screen where nobody shouts at you.\"\n Moving into traded options will also require considerable\ninvestment in equipment and staff by participants. Completely\nnew dealing and back-office skills will have to be acquired and\nsome banks are already sending staff abroad for training.\n Reuter\n\u0003", "date": "16-MAR-1987 10:45:39.20", "places": [ "switzerland" ], "id": "5386" }, { "title": "AC TELECONNECT ADDS CANADA PHONE SERVICE", "body": "AC Teleconnect Corp's unit, ACC\nLong Distance Corp, said customers in Binghamton, Buffalo,\nRochester and Syracuse, N.Y., will be able to place calls to\nCanada.\n The company also said it plans to offer overseas telephone\nservice to a number of countries in the summer 1987.\n Reuter\n\u0003", "date": "16-MAR-1987 10:45:48.11", "places": [ "usa" ], "id": "5387" }, { "title": "CANADA MANUFACTURING UTILIZATION RATE RISES", "body": "Utilization of Canadian manufacturing\ncapacity rose to 77.2 pct in the fourth quarter of 1986 from 77\npct in the third quarter, Statistics Canada said.\n \"Although the change was small, this marked the first\nquarter since the third quarter of 1985 in which the\nutilization rates for manufacturing as a whole rose,\" the\nfederal agency said.\n Increased residential construction led to strong increases\nin the building materials sector, led by a 3.3 pct increase in\nnon-metallic mineral industries.\n Reuter\n\u0003", "date": "16-MAR-1987 10:46:50.72", "topics": [ "cpu" ], "places": [ "canada" ], "id": "5388" }, { "title": "FRENCH INFLATION SLOWS IN FEBRUARY", "body": "French inflation slowed in February to\nbetween 0.1 and 0.2 pct against 0.9 pct in January, the\nNational Statistics Institute (INSEE) said.\n The retail price index showed a year-on-year rise of 3.4\npct against three pct in January. An INSEE official said the\nfinal figure for February would be released later this month.\n After January's rise the government was forced to revise\nits inflation target for 1987 to 2.5 pct year on year from an\ninitial target of two pct, after 2.1 pct in 1986.\n Finance Minister Edouard Balladur said half the January\nrise was due to higher oil prices and forecast a February\nslowing.\n REUTER\n\u0003", "date": "16-MAR-1987 10:48:22.20", "topics": [ "cpi" ], "places": [ "france" ], "id": "5389" }, { "title": "CAPITOL BANCORP TO RESTATE NET TO LOSS", "body": "Capitol Bancorp said it expects to\nrestate its results for 1986 to a loss of about one mln dlrs\ndue to a reclassification of loans recommended by auditor Ernst\nand Whinney.\n The company said the restatement also reflects a\nsubstantial increase in reserves of its principal subsidiary,\nCapitol Bank and Trust Co.\n It said it expects to earn 2,250,000 to 2,750,000 dlrs for\nthe first quarter of 1987.\n Capitol said to maintain an adequate capital ratio it will\nseek additional equity capital in the near future.\n It also said it has delayed its annual meeting until May\ndue to the restatement of annual earnings.\n Capitol said its board raised the quarterly dividend to 23\ncts from 22 cts a share, payable April 28, record MArch 31.\n The company originally reported 1986 earnings of 7,700,000\ndlrs. It earned 3,848,000 dlrs in last year's first quarter.\n The annual meeting had been scheduled for the second week\nof April.\n Reuter\n\u0003", "date": "16-MAR-1987 10:50:16.09", "topics": [ "earn" ], "places": [ "usa" ], "id": "5390" }, { "title": "U.S. SOY PRODUCERS THINK EC OILS TAX UNLIKELY", "body": "American soybean producers are\nconfident the proposed European Community (EC) tax on vegetable\noils and fats will be rejected but are leaving nothing to\nchance, American Soybean Association (ASA) president-elect\nWayne Bennett said.\n Bennett, who is leading one of three soybean producer\ndelegations on a lobbying tour of EC capitals, was speaking at\na lunch.\n After meetings at the Economics and Foreign ministries this\nmorning, he said the Dutch Government had indicated it would\nvote against the proposal, as had a number of other countries.\n \"Our information suggests we will have the required number\nof votes in Brussels to prevent the tax proposal going forward,\"\nhe said.\n \"The proposal has been talked of in Brussels for the past 20\nyears, and dropped every time. What we want now is to kill it\nonce and for all,\" Bennett added.\n Backing up the soybean producers' active lobbying, the U.S.\nGovernment has also indicated it will be prepared to retaliate\nwith penal import taxes if the proposal does get through, he\nsaid.\n The U.S. Government also feels it has a good case to fight\nthe proposed tax in the General Agreement on Tariffs and Trade\n(GATT), a U.S. Embassy spokesman said.\n U.S. Exports of soybeans and products to the EC account for\none-fifth of annual production, and are worth about 2.5 billion\ndlrs a year, Bennett said.\n The proposed tax on oils and fats would hit U.S. Producers\nbadly while at the same time virtually doubling the price of\nsoyoil in the EC, which would suffer far worse than other\nhigher-priced oils because of the nature of the proposed tax,\nhe added.\n The revenue to the EC from the tax would simply be used to\nfinance the EC's own oilseed subsidy machine, he said.\n \"We in the ASA are dedicated free-traders. We helped defeat\nthe Wine Equity Act two years ago, but we will not stand by and\nwatch our own farmers suffer from such protectionist EC\nmeasures,\" Bennett said.\n \"The mood in the U.S. Is turning increasingly protectionist,\nand the EC's actions are fueling the chances of a trade war,\"\nhe added.\n Reuter\n\u0003", "date": "16-MAR-1987 10:51:01.98", "topics": [ "oilseed", "veg-oil", "soybean" ], "organisations": [ "ec" ], "places": [ "netherlands", "usa" ], "id": "5391" }, { "title": "SWEDISH UNEMPLOYMENT DOWN AS DATA IS REVISED", "body": "A new method of calculating Sweden's\nunemployment figures reduced the number of jobless by a sixth,\na spokesman for the Central Bureau of Statistics (SCB) said,\nreporting a substantial drop in the past year.\n According to the revised data there were 94,000 jobless in\nFebruary representing 2.2 pct of the workforce against 120,000\nor 2.8 pct of the workforce in February 1986.\n SCB official Olle Wessberg said the new figures were based\non a more extensive survey of the unemployed which brought\nSweden into line with the practises recommended by the\nGeneva-based International Labour Organisation.\n Wessberg said the new method cut the number of unemployed\nby about 16 pct. \"The way we are now collecting data is far more\naccurate and we are asking many more questions to find out\nwhether the jobless want work, whether they are able to work\nand whether they have actually looked for work,\" he told\nReuters.\n The new method was first used for the January figures,\nwhich showed unemployment dropping to 2.1 pct of the workforce\nfrom 2.7 pct (old style) in December, but Wessberg said the\nchange had apparently not been noticed by the press.\n Recalculated according to the new method, unemployment in\nFebruary 1986 would have stood at 2.2 pct, the SCB said.\n REUTER\n\u0003", "date": "16-MAR-1987 10:51:58.78", "topics": [ "jobs" ], "places": [ "sweden" ], "id": "5392" }, { "title": "FRENCH 13-WEEK T-BILL AVERAGE RATE RISES TO 7.46 PCT FROM 7.37 PCT - OFFICIAL\n", "date": "16-MAR-1987 10:53:08.11", "places": [ "france" ], "id": "5393" }, { "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.\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": "16-MAR-1987 10:54:25.09", "topics": [ "money-fx" ], "organisations": [ "ec" ], "places": [ "belgium" ], "id": "5394" }, { "title": "INDAL UNIT HAS CARIBBEAN WIND TURBINE CONTRACT", "body": "'s wholly owned Indal\nTechnologies Inc said it received a contract to design,\nmanufacture and install a 50 kilowatt Vertical Axis Wind\nTurbine on Grand Trunk Island in the Caribbean.\n The wind turbine project is supported by Canadian\nInternational Development Agency, Turks and Caicos Utilities\nand the Turks and Caicos government, the company said. Value of\nthe contract was not disclosed.\n The 65 foot high wind turbine is expected to be in use by\nMay, 1987 and will generate about 65 megawatt hours of\nelectricity a year, Indal said.\n Reuter\n\u0003", "date": "16-MAR-1987 10:56:09.07", "places": [ "canada" ], "id": "5395" }, { "title": "INTERMAGNETICS GENERAL COMPLETES BUY", "body": "Intermagnetics General Corp\nsaid it completed the purchase of the advanced products\ndepartment of Air Products and Chemicals Inc .\n Terms were not disclosed.\n The department, which makes cryogenic equipment, will\ncontinue operating at its present location in Allentown, Pa.,\nthe company said. It will market its products as APD Cryogenics\nInc.\n Reuter\n\u0003", "date": "16-MAR-1987 10:56:16.84", "topics": [ "acq" ], "places": [ "usa" ], "id": "5396" }, { "title": "CLEVITE FORMS JOINT VENTURE", "body": "Clevite Industries Inc said it\nagreed in principle to form a joint venture company with\nBridgestone Corp of Tokyo.\n Based in Milan, Ohio, the joint venture company,\nClevite-Bridgestone Co, will manufacture and sell\nrubber-to-metal products for the automotive industry in the\nUnited States, Canada and Mexico.\n Initially, it said the new company will manufacture\nproducts in Clevite's existing Angola, Ind. plant.\n\n Reuter\n\u0003", "date": "16-MAR-1987 10:56:25.19", "places": [ "usa" ], "id": "5397" }, { "title": "ITALY'S FERRUZZI TAKES OVER SPANISH MILL", "body": "Italy's Ferruzzi SpA has taken a 67 pct\nstake in Spanish sunflower seed and cotton mill Cooperativa\nAgricola del Guadalete SA (GUADALCO), sources at GUADALCO said.\n The Italian firm's Spanish subsidiary, Ferruzzi Espana SA,\ntook the majority equity stake, with the remaining 33 pct\nretained by GUADALCO.\n Ferruzzi plans to set up a sugar division and import some\n30,000 tonnes of industrial sugar from its French factories in\nits first year of operation.\n GUADALCO has a processing capacity of 250 tonnes a day of\nsunflower seeds and 12,000 tonnes a day of raw cotton.\n Reuter\n\u0003", "date": "16-MAR-1987 10:56:34.71", "topics": [ "acq" ], "places": [ "italy", "spain" ], "id": "5398" }, { "title": "AMEX ADDS WYSE TECHNOLOGY OPTIONS", "body": "The said it\nhas started put and call option trading in the common stock of\nWyse Technology, with initial expiration months of April, July\nand October and position and exercise limits of 5,500 contracts\non the same side of the market.\n Reuter\n\u0003", "date": "16-MAR-1987 10:56:55.63", "places": [ "usa" ], "id": "5399" }, { "title": "CCC ACCEPTS BID FOR DAIRY CATTLE TO KUWAIT", "body": "The Commodity Credit Corporation\n(CCC) has accepted a bid for an export bonus to cover the sale\nof 380 head of dairy cattle to Kuwait, the U.S. Agriculture\nDepartment said.\n The dairy cattle are for shipment on or before May 31,\n1987, it said.\n The bonus of 1,465.00 dlrs per head was made to American\nMarketing Services, Inc, and will be paid in the form of\ncommodities from the CCC inventory, it said.\n An additional 761 head of dairy cattle are still available\nto Gulf countries (kuwait, Bahrain, Oman, Qatar and the United\nArab Emirates under the Export Enhancement Program initiative\nannounced October 30, 1986, it said.\n Reuter\n\u0003", "date": "16-MAR-1987 11:00:39.37", "topics": [ "livestock" ], "places": [ "usa", "kuwait" ], "id": "5400" }, { "title": "ITT OFFERS LONG DISTANCE WATS SERVICE", "body": "ITT Corp said its long distance\nunit is offering WATS telephone service for its customers.\n The service is designed for customers with more than 500\ndlrs in monthly telephone bills, the company said.\n The company said customers will save up to 15 pct over a\nsimilar service offered by American Telephone and Telegraph Co\n. ITT is also waiving the 50 dlr per line installation fee\nfor new or existing subscribers through March 31.\n\n Reuter\n\u0003", "date": "16-MAR-1987 11:02:38.30", "places": [ "usa" ], "id": "5401" }, { "title": " YEAR NET", "body": "Net 38 mln vs 5.7 mln\n Revs 1.71 billion vs 1.69 billion\n NOTE: Fully owned subsidiary of Hoechst AG.\n Reuter\n\u0003", "date": "16-MAR-1987 11:03:11.97", "topics": [ "earn" ], "places": [ "usa" ], "id": "5402" }, { "title": "NEWS CORP UNIT TO OFFER STOCK REDEMPTION", "body": "News Corp's Fox Television Stations\nsaid it will redeem 230,000 shares of increasing rate\nexchangeable guaranteed preferred stock from holders of record\non April 1.\n Fox said the offer represents 50 pct of preferred shares\ncurrently outstanding.\n The preferred stock will be redemmed for 1,000 dlrs per\nshare plus an accrued dividend of 5.83 dlrs per share, the\ncompany said.\n On completion of the redemption, 230,000 shares of\npreferred stock will remain outstanding, the company said.\n Reuter\n\u0003", "date": "16-MAR-1987 11:04:45.60", "places": [ "usa" ], "id": "5403" }, { "title": "FED EXPECTED TO SET CUSTOMER REPURCHASES", "body": "The Federal Reserve is expected to\nintervene in the government securities market to add reserves\nvia two to 2.5 billion dlrs of customer repurchase agreements,\neconomists said.\n Economists said the Fed will inject temporary reserves\nindirectly to offset pressure on the Federal funds rate\nassociated with quarterly corporate tax payments to the\nTreasury department.\n Fed funds opened at 6-1/4 pct and remained at that level\nlate this morning. Friday funds averaged 6.05 pct.\n Reuter\n\u0003", "date": "16-MAR-1987 11:06:38.80", "topics": [ "money-fx", "interest" ], "places": [ "usa" ], "id": "5404" }, { "title": "IRAN PROBERS AGREE ON IMMUNITY FOR POINDEXTER", "body": "Congressional investigators of the\nIran-contra scandal have tentatively agreed to grant immunity\nfrom prosecution to a star witness --President Reagan's former\nnational security adviser John Poindexter, congressional\nsources said today.\n Sources told Reuters the chief counsels of the two special\ncommittees probing the two-year episode that has darkened the\nWhite House image plan to take their preliminary accord to\ncourt-appointed special prosecutor Lawrence Walsh, possibly\ntoday or tomorrow.\n The tentative accord follows weeks of negotiating with\nWalsh and with committee members.\n Poindexter would be the highest ranking official to be\ngranted immunity in the investigations of the 1985-1986 arms\nsales to Iran to gain release of hostages held in Lebanon and\nthe clandestine shifting of arms profits to arm U.S.-backed\nrebels in Nicaragua, at a time aid would have been illegal.\n If the agreement --reached on Friday by Arthur Liman and\nJohn Nields, chief legal advisors of the Senate and House\ncommittees respectively --is ratified as expected by Walsh and\nthe full committees, closed door interviews could be held with\nPoindexter in two months with public testimony in about 90 days\nor mid June, sources said.\n \"They have tentatively reached an agreement and are supposed\nto meet with Walsh or his deputies,\" a source told Reuters of\nthe deliberations by the two chief counsels\n Sources said Poindexter could assist investigators\ndetermine what Reagan knew about the diversion of funds from\narms sales to Iran to rebels in Nicaragua, if anything.\n Reagan has denied knowing about the shift of funds although\nhe has admitted he gave orders to sell arms through Israel in\neither August or after the first shipment in September 1985,\nbut can't remember when. Congress was kept in the dark about\nthe affair until last autumn.\n \"He will be a credible witness,\" one source said of the\npipe-smoking Poindexter. \n Besides Reagan's knowledge, or lack of it, another key\nunanswered questions lingering from earlier congressional\ninvestigators and a special presidential review board, is who\nreceived millions of dollars from clandestine arms profits. \n So far the money trail uncovered by probers stops at secret\nSwiss and Cayman Islands bank accounts.\n The committees have been privately negotiating with Walsh\nover the immunity matter, and the prosecutor, also called an\nindependent counsel, has been urging the committees to hold off\non their request for at least 90 days.\n Under the tentative accord, the wishes of Walsh could be\nmet since public testimony is not expected before 90 days.\n Poindexter, a Navy vice admiral, along with his fired\ndeputy at the National Security Council, Marine Lt. Col. Oliver\nNorth, have refused to testify before investigators,\nclaiming their fifth amendment rights against self\nincrimination.\n Yesterday, Vice President George Bush said in a a\ntelevision interview that he disagreed with Maureen about court\nmartials, but he too disclaimed any details of diverted funds.\n So far, granting immunity to compel testimony from\nreluctant witnesses has been granted to five persons--with the\nkey figure so far, shadowy California international arms\nmerchant Albert Hakim.\n Also, getting immunity has been North's attractive personal\nsecretary, Fawn Hall, who was said to have assisted North in\nshredding documents in his White House basement office after\nthe scandal broke.\n Reuter\n\u0003", "date": "16-MAR-1987 11:07:00.92", "places": [ "usa", "iran", "nicaragua" ], "id": "5405" }, { "title": "U.S. VIDEO VENDING MAY FILE BANKRUPTCY", "body": "U.S. Video Vending Corp said it may\nhave to file for protection under bankruptcy laws if does not grant U.S. Video's request not to\ncall a loan due.\n The company said it has asked Hill for forebearance over\nthe weekend and again this morning, and if its request is not\ngranted, it expects to make the bankruptcy filing today.\n U.S. Video also said it has reached a preliminary agreement\nto acquire Texas Automatic Sprinkler Corp from Mills-Jennings\nCo for an undisclosed amount of stock, subject to\napproval by U.S. Video shareholders and Hill agreeing not to\ncall the loan by 1100 EST today.\n Texas Sprinkler had sales of about 15 mln dlrs for the year\nended November 30.\n Reuter\n\u0003", "date": "16-MAR-1987 11:09:14.94", "places": [ "usa" ], "id": "5406" }, { "title": "LEVITT CORP 4TH QTR NET", "body": "Oper shr 42 cts vs 11 cts\n Oper net 1,433,000 vs 382,000\n Revs 38.6 mln vs 20.1 mln\n Year\n Oper shr 60 cts vs 49 cts\n Oper net 2,033,000 vs 1,682,000\n Revs 90.4 mln vs 73.0 mln\n NOTE: 1985 4th qtr and year excludes extraordinary credit\nof 349,000 dlrs or 11 cts per share.\n Reuter\n\u0003", "date": "16-MAR-1987 11:10:01.94", "topics": [ "earn" ], "places": [ "usa" ], "id": "5407" }, { "title": "EEP SHOULD BE USED TACTICALLY, YEUTTER SAYS", "body": "U.S. Trade Representative Clayton\nYeutter said the Export Enhancement Program, EEP, should be\nused as a \"tactical tool\" and not as a general policy.\n Yeutter made the comment in response to a question whether\nthe U.S. should expand the EEP to cover grain sales to the\nSoviet Union.\n He did not comment directly on the Soviet question,\nreplying that any decision would be made at the highest levels\nof the Reagan administration, and \"I don't want to preempt that.\"\n Yeutter told the National Grain and Feed Association EEP\nshould continue to be used as a tactical tool against the\nEuropean Community but not as a general policy. He said\nselective EEP use has been successful in pressuring the E.C.\n Reuter\n\u0003", "date": "16-MAR-1987 11:14:07.08", "topics": [ "grain" ], "places": [ "usa", "ussr" ], "id": "5408" }, { "title": "NATIONAL PIZZA CORRECTS FIGURE", "body": "National Pizza Co said the\nseven Straw Hat Piza restaurants in Los Angeles and\nBakersfield, Calif., that it announced plans to buy Friday are\nexpected to generate annual sales of about 3,800,000 dlrs, not\nthe eight mln dlrs the company originally announced.\n The company said it will convert the restaurants to Pizza\nHut units. Closing is expected around March 31.\n Reuter\n\u0003", "date": "16-MAR-1987 11:16:40.60", "topics": [ "acq" ], "places": [ "usa" ], "id": "5409" }, { "title": "TBG HOLDINGS N.V. 1986 YEAR NET", "body": "Net profit 34 mln dlrs vs 43 mln dlrs.\n Turnover 1.82 billion dlrs vs 1.83 billion.\n NOTE: Company lowered to nine pct from 13.5 pct interest\nrate on outstanding subordinated loan for period august 1,\n1987, to July 31, 1988.\n TBG, formerly known as , reports\nin dlrs since December 1, 1984, the start of the 1985 financial\nyear.\n TBG said the decline in profits was mainly caused by losses\nin container rental activities.\n Reuter\n\u0003", "date": "16-MAR-1987 11:18:23.89", "topics": [ "earn" ], "places": [ "netherlands" ], "id": "5410" }, { "title": "AVAQ INTERNATIONAL TO SEEK COMMITMENT ON DEAL", "body": " said it\nintends to require Gates Learjet Corp to honor its\nagreement to sell its shares to the company.\n AVAQ said it made the statement in response to an offer by\n for all of Gates Learjet shares\nafter what it believed to be an agreement by Gates to accept\nits offer.\n AVAQ said it offered, pusuant to Gates' guidelines, six\ndlrs per share, plus the purchase of Gates Corp's promisary\nnote for 23 mln dlrs.\n Interconnect said it offered 7.07 dlrs per share, plus the\nrepurchase of the loan for 13 mlns, for an aggregate price in\nthe 95 mln dlr range. Interconnect said it made the offer to\nthe board of directors of Gates Learjet on March 9.\n AVAQ said Gates Corp and Gates Learjet approved its offer\nFeb 26.\n Reuter\n\u0003", "date": "16-MAR-1987 11:18:44.19", "topics": [ "acq" ], "places": [ "usa" ], "id": "5411" }, { "title": "SPAIN TO RELAX EXCHANGE CONTROLS", "body": "The Bank of Spain is relaxing exchange\ncontrols to help put Spanish banks on an equal footing with\nEuropean Community competitors by the 1993 deadline for the\nending of restrictions, a central bank spokesman said.\n \"The measures to take effect by June were designed to lift\nrestrictions on foreign currency operations, in line with\nderegulation in the banking industry,\" he said in a telephone\ninterview.\n The spokesman said the relaxation of exchange controls\nhighlighted a broader package of reforms announced last Friday.\n The central bank said in a statement the measures included\nincreased provisions for high-risk borrowers and a provision\nfor future pension fund obligations.\n It said the measures were the latest steps to deregulate\nSpain's financial sector, a move triggered by entry into the\nCommunity last year.\n Spain has five years to complete bank deregulation, a\nprocess that began in 1978 when the government allowed foreign\nbanks to open branches.\n Since then 39 foreign banks have come into the market and\nthey now control about 15 pct of the system's lending assets.\n Residents in Spain can now borrow freely in foreign\ncurrency up to the equivalent of 1.5 billion pesetas against a\nprevious ceiling of 750 mln pesetas.\n The 750 mln peseta limit was set last March. Between that\ndate and the end of last year some 430 mln dlrs flowed into the\ncountry on new foreign currency loans.\n The central bank spokesman said operations over 1.5 billion\npesetas were technically subject to authorisation, but would be\ngiven clearance if the government failed to act in 15 days.\n Spanish banks will also be allowed to expand their foreign\ncurrency funding, formerly obtainable through deposits, by\nissuing certificates of deposit, bonds and commercial paper.\n They can also employ these funds to invest in foreign\nissues, while before they had to be converted into deposits.\n Foreign exchange operations can be in mixed currencies,\ninstead of having to borrow and lend in the same currency.\n The central bank has also lifted the restriction on the\namount of foreign exchange loans, which previously were limited\nto three times a bank's capital equity.\n The latest deregulation measures were welcomed by most\nbankers, in contrast to rulings issued earlier this month which\nimposed a 19 pct reserve requirement on new convertible peseta\nfunds held by banks and freed short term deposit rates.\n The reserve requirement, which was already in place on\nnormal peseta deposits, was intended to curb short-term foreign\nspeculative capital which is entering the country and\nthreatening the government's money supply growth target.\n A foreign banker said high reserve requirements, which now\naccount for about 30 pct of deposits, placed Spanish banks at a\ndisadvantage with European competitors.\n The government reduced fixed asset investment requirements\nto 11 pct from 23 pct to help offset the negative impact of\ninterest rate deregulation. \"The real problem is the freeing of\ninterest rates,\" the banker said. \"This is going to take a big\nbite out of profits.\"\n The ruling lifted a six pct ceiling on interest rates paid\non deposits of up to 180 days.\n The chairman of one of Spain's leading banks said the\nmeasure was expected to bring a 20 pct drop in profits this\nyear.\n REUTER\n\u0003", "date": "16-MAR-1987 11:19:59.65", "topics": [ "money-fx", "peseta" ], "places": [ "spain" ], "id": "5412" }, { "title": "RYAN HOMES CALLS DEBENTURES", "body": "Ryan Homes Inc, controled by NV\nHomes LP , said it has called for redemption on April 30\nall 873,000 dlrs of its six pct convertible subordinated\ndebentures due 1991 at 1,000 dlrs pluys 19.83 dlrs in accrued\ninterest per 1,000 dlrs principal amount.\n The debentures are convertible through April 28 into Ryan\ncommon stock at 30.50 dlrs per share.\n Reuter\n\u0003", "date": "16-MAR-1987 11:24:43.57", "places": [ "usa" ], "id": "5413" }, { "title": "STANDARD PRODUCTS CO RAISES QUARTERLY", "body": "Qtly div 20 cts vs 16 cts prior\n Pay April 24\n Record April 10\n Reuter\n\u0003", "date": "16-MAR-1987 11:24:53.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "5414" }, { "title": "AARON SPELLING PRODUCTIONS INC 2ND QTR NET", "body": "Jan 31 end\n Shr 31 cts vs 44 cts\n Net 5,705,000 vs 8,101,000\n Revs 50.6 mln vs 67.2 mln\n 1st half\n Shr 63 cts vs 71 cts\n Net 11.6 mln vs 13.2 mln\n Revs 80.9 mln vs 105.2 mln\n NOTE: Current half net includes 750,000 dlr charge from\nreorganization.\n Reuter\n\u0003", "date": "16-MAR-1987 11:25:22.98", "topics": [ "earn" ], "places": [ "usa" ], "id": "5415" }, { "title": "COOPER LASERSONICS INC 1ST QTR LOSS", "body": "Period ended January 31.\n Shr loss 22 cts vs profit one ct\n Net loss 4,700,000 vs profit 150,000\n Sales 15.0 mln vs 16.7 mln\n Avg shrs 21,538,000 vs 19,259,000\n Note: Prior qtr figures include gain of 1.1 mln dlrs, or\nsix cts per share, from discontinued operations.\n Reuter\n\u0003", "date": "16-MAR-1987 11:25:37.92", "topics": [ "earn" ], "places": [ "usa" ], "id": "5416" }, { "title": "DIVERSIFIED INDUSTRIES 1ST QTR OPER NET", "body": "Period ended Jan 31\n Oper shr two cts vs eight cts\n Oper net 96,000 vs 449,000\n Sales 37.6 mln vs 35.8 mln\n Avg shrs 5,317,900 vs 5,689,277\n NOTE: Full name is Diversified Industries Inc\n Earnings exclude gains from utilization of tax loss\ncarryforwards of 62,000 dlrs, or one ct a share vs 358,000\ndlrs, or six cts a share\n Reuter\n\u0003", "date": "16-MAR-1987 11:26:14.66", "topics": [ "earn" ], "places": [ "usa" ], "id": "5417" }, { "title": "S/P DOWNGRADES DENMARK'S 17.6 BILLION U.S. DLRS OF LONG-TERM EXTERNAL DEBT\n", "date": "16-MAR-1987 11:26:18.37", "places": [ "denmark" ], "id": "5418" }, { "title": "AMSTERDAM LAUNCHES 300 MLN GUILDER CP PROGRAM", "body": "The city of Amsterdam launched a 300\nmln guilder commercial paper program in the Dutch market, lead\nmanager Amsterdam-Rotterdam Bank NV said.\n The issue has denominations of one mln guilders and\nmaturities ranging from two weeks to one year. Clearing and\ndelivery is through the facilities of the Dutch central bank.\n Amsterdam is the third Dutch municipality to use a\ncommercial paper program as credit facility. The Hague and\nRotterdam preceded with programs arranged by Algemene Bank\nNederland NV . Details of the first tranche of the\nprogram are still unknown.\n \"At the moment, commercial paper is a cheaper form of credit\nthan the traditional \"kasgeldleningen',\" said Amsterdam's\nfinancial alderman Walter Etty after signing the contract.\nCurrent regulations allowed the city to acquire only half of\nits short term borrowing requirement with CPs, he added.\n Kasgeldleningen or short term advances are a widely used\ninstrument in the Dutch market which has faced competition from\nCPs since the Finance Ministry approved them in January 1986.\n \"CPs and CDs are currently slightly cheaper than traditional\ncredit lines for promotional reasons,\" Amro board member Dick\nMeys told journalists at the signing ceremony.\n Despite the lower cost to borrowers, the Dutch market for\ncommercial paper and certificates of deposits is growing only\nslowly in the face of the well-developed kasgeld market and\ninstitutional investors have hardly discovered this instrument,\nMeys said.\n Foreign interest in guilder CPs and CDs is almost\nnon-existent due to the strong position of the guilder, but\nAmro's London-based subsidiary EBC Amro Bank Ltd joined the\nsyndicate in case such interest emerges, Meys said.\n REUTER\n\u0003", "date": "16-MAR-1987 11:27:44.44", "places": [ "netherlands" ], "id": "5419" }, { "date": "16-MAR-1987 11:29:05.41", "places": [ "denmark" ], "id": "5420" }, { "title": "HOECHST CELANESE SETS EXPANSION PROGRAM", "body": "Hoechst AG's U.S. unit,\nHoechst Celanese Corp, said it has begun projects that will\ncost more than 150 mln dlrs.\n The unit was formed last month when Hoechst completed the\nacquisition of Celanese for 2.84 billion dlrs.\n The company said it will expand its Sanwet super absorbent\npolymers unit and its acrylic acid facility. It also said it\nplans an acetaminophen production plant at Bishop, Texas.\n\n Reuter\n\u0003", "date": "16-MAR-1987 11:29:50.35", "topics": [ "pet-chem" ], "places": [ "usa" ], "id": "5421" }, { "title": "GOLDEN NUGGET INC 4TH QTR LOSS", "body": "Oper shr loss 20 cts vs loss 19 cts\n Oper net loss 7,001,000 vs loss 6,761,000\n Revs 93.0 mln vs 90.6 mln\n Avg shrs 35.2 mln vs 34.8 mln\n Year\n Oper shr profit 10 cts vs profit 65 cts\n Oper net profit 3,419,000 vs profit 22.6 mln\n Revs 381.7 mln vs 385.0 mln\n Avg shrs 33.8 mln vs 34.9 mln\n NOTE: Net excludes debt retirement gain 2,001,000 dlrs vs\nloss 316,000 dlrs in quarter and losses 15.9 mln dlrs vs\n1,714,000 dlrs in year.\n 1986 net includes tax crdits of 2,942,000 dlrs in quarter\nand 2,729,000 dlrs in year.\n Reuter\n\u0003", "date": "16-MAR-1987 11:30:35.89", "topics": [ "earn" ], "places": [ "usa" ], "id": "5422" }, { "title": "OPPENHEIMER INDUSTRIES SEES YEAR LOSS", "body": "Oppenheimer Industries Inc said it\nexpects to report a loss for the year ended January 31 of about\n980,000 dlrs, compared with a profit of 211,074 dlrs a year\nbefore.\n The company blamed the loss on the continuing depression in\nagriculture, the discontinuance of several programs due to the\npassage if the 1986 tax bill and the failure to close the sale\nof four ranches in the California Carrizo Plains during the\nyear as expected.\n The company said the prospective purchaser forfieted a\n500,000 dlr deposit It said it is in talks on a new contract.\n Reuter\n\u0003", "date": "16-MAR-1987 11:31:06.51", "topics": [ "earn" ], "places": [ "usa" ], "id": "5423" }, { "title": "BFCE ISSUES THREE BILLION FRANC DOMESTIC BOND", "body": "Banque Francaise du Commerce Exterieur is\nissuing a three billion franc, 8.50 pct, 11 years and 302 days\ndomestic bond with warrants at an issue price of 96.42 pct,\nlead manager Banque Nationale de Paris said.\n The 600,000 bonds of a nominal 5,000 francs are identical\nto those of the BFCE five billion franc 8.50 pct January 1987\nissue, bringing the total of the issue to eight billion francs.\n Interest will be paid for the first time on February 2,\n1988, and on the same date of each subsequent year. Redemption\nwill be in three tranches on February 2, 1997, 1998 and 1999.\n Each bond will carry a warrant and two warrants will give\nthe right to subscribe to an 8.50 pct nominal bond between\nDecember 22, 1987 and January 22, 1988.\n The exercise price of the subscription warrants will be 99\npct. BNP said that if all the warrants were utilised, the total\nof the January 1987 issue would rise to 8.5 billion francs.\n REUTER\n\u0003", "date": "16-MAR-1987 11:33:33.59", "places": [ "france" ], "id": "5424" }, { "title": "S/P DOWNGRADES KINGDOM OF DENMARK", "body": "Standard and Poor's Corp said it\ndowngraded to AA from AA-plus the Kingdom of Denmark's\nlong-term external debt.\n The action affects the equivalent of 17.6 billion U.S. dlrs\nof debt.\n S and P cited Denmark's weakened external competitiveness,\nsaying it contributed to a steady deterioration of the\ncountry's current account balance and a substantial rise in its\nexternal debt burden.\n Net foreign debt increased to 129 pct of total exports in\n1986 from 83 pct in 1983, S and P pointed out.\n Standard and Poor's said that while it expects lower\nimports and current account imbalances this year, rising labor\ncosts should further weaken Denmark's competitiveness.\n However, S and P said its downgrade did not affect the\nA-1-plus short-term debt rating of Denmark or its wholly owned\nDanish Oil and Natural Gas.\n Similarly, the AA ratings on the long-term debt obligations\nof Copenhagen County Authority and I/S Elsam were affirmed.\n Reuter\n\u0003", "date": "16-MAR-1987 11:33:48.31", "places": [ "usa", "denmark" ], "id": "5425" }, { "title": "LUBY'S CAFETERIAS INC 2ND QTR FEB 28 NET", "body": "Shr 31 cts vs 26 cts\n Net 5,645,000 vs 4,737,000\n Sales 55.2 mln vs 50.6 mln\n 1st half\n Shr 60 cts vs 53 cts\n Net 10.9 mln vs 9,659,000\n Sales 110.4 mln vs 102.2 mln\n NOTE: Current year net both periods includes 474,000 dlr\ngain from land sale.\n Share adjusted for three-for-two split in August 1986.\n Reuter\n\u0003", "date": "16-MAR-1987 11:34:58.44", "topics": [ "earn" ], "places": [ "usa" ], "id": "5426" }, { "title": "U.S. SENATE, HOUSE BUDGET CHIEFS AGREE ON TAX", "body": "The chairmen of the House and Senate\nBudget Committees are in general accord on the need to cut the\nfederal budget deficit by about 36 billion dlrs, half through\nnew revenues, congressional sources said.\n The sources told Reuters Senate Budget Committee Chairman\nLawton Chiles, a Florida Democrat, believes that it would be\nnecessary to raise \"at least\" 18 billion dlrs in higher\nrevenues--the same being proposed by House Budget Committee\nChairman William Gray, a Pennsylvania Democrat.\n The Senate committee will hold its first drafting session\non a budget tomorrow, the House group later in the week.\n Both sides want to meet a congressional target of April 15\nfor congressional approval of a new budget. However, the\nCongressional Budget Office said that a deficit cut of 36\nbillion dlrs will fail to reach the Gramm-Rudman budget law\ngoal of a 108 billion dlr deficit and would fall 27 billion\ndlrs short. \n President Reagan's budget, not accepted by either\ncommittee, proposed about 36 billion dlrs in deficit\nreductions--including some 22 billion dlrs in new revenues\nthrough asset sales and excise fees--off of an estimated\ndeficit base of 144 billion dlrs.\n Reagan said his budget hits the Gramm-Rudman goal for 1988\nbut the Congressional Budget Office said it is way off the mark\nwith over optimistic economic assumptions.\n Currently, there are discussions underway by House and\nSenate committees to redefine the fixed Gramm-Rudman targets\nfor more realistic levels that can be reached, which would push\noff by a year or two the 1991 goal for a balanced budget,\nsources said.\n Reuter\n\u0003", "date": "16-MAR-1987 11:35:50.92", "places": [ "usa" ], "id": "5427" }, { "title": "GM , PPG SIGN AUTO PAINT PACT", "body": "General Motors Corp and PPG\nIndustries Inc announced jointly that they had signed an\nagreement that will give PPG responsibility for operating the\npaint shop in GM's Buick Reatta Craft Center here.\n The Reatta is a two-seat luxury car that will be introduced\nin the spring of 1988, said GM.\n The companies described the agreement as an arrangement\naimed at integrating GM's auto production expertise with PPG's\ncoatings expertise.\n Under the agreement, PPG's and GM's paint operating staff\nat the center will be consolidated under the PPG area manager.\n \n Reuter\n\u0003", "date": "16-MAR-1987 11:37:02.01", "places": [ "usa" ], "id": "5428" }, { "title": "TESCO FORECASTS PROFITS RISE THIS YEAR", "body": "Tesco Plc said in a statement\nit expects pre-tax profits of 166 mln stg for the year ending\nFebruary 28, 1987, before nine mln stg of net property profits.\nThis compares with 122.9 mln stg pretax profits and a net 8.1\nmln on property sales the previous year. It said the forecast\nwas in its formal offer document sent to \nshareholders today.\n On March 10 Tesco launched a 151.4 mln stg bid for\nHillards. The offer, of 13 new Tesco ordinary shares for every\n20 Hillards ordinary shares, valued each Hillards ordinary\nshare at 305.5p.\n Reuter\n\u0003", "date": "16-MAR-1987 11:37:17.83", "topics": [ "earn" ], "places": [ "uk" ], "id": "5429" }, { "title": "ADDISON-WESLEY LICENSES SOFTWARE PRODUCT", "body": " said it\nlicensed its PC-based software for mathematical analysis and\nnumerical calculations to Addison-Wesley Publishing Co.\n Addison-Wesley will market the product, a student edition\nof MathCAD, to universities and colleges in April 1987. It will\ncost less than 50 dlrs, the company said.\n Reuter\n\u0003", "date": "16-MAR-1987 11:37:22.89", "places": [ "usa" ], "id": "5430" }, { "title": "BUSINESS COMPUTER HAD 4TH QUARTER PROFIT", "body": "Business Computer Solutions Inc said it\nexpects to report a profit for the fourth quarter ended\nFebruary 28 -- its first quarterly profit ever -- of about\n175,000 dlrs on revenues of about 750,000 dlrs.\n A year before, it lost 217,852 dlrs on sales of 469,274\ndlrs. The company attributed the improved results to increased\npurchases of its ZFOUR language and development environment for\ncomputer software.\n Business Computer said it expects to report a full-year\nloss of about 500,000 dlrs on sales of about 2,100,000 dlrs.\nLast year it lost 1,079,000 dlrs on revenues of 720,000 dlrs.\n Reuter\n\u0003", "date": "16-MAR-1987 11:37:31.84", "topics": [ "earn" ], "places": [ "usa" ], "id": "5431" }, { "title": "GERMAN BOURSE TURNOVER TAX DECISION ANGERS BANKS", "body": "The failure of the West German government\nto abolish a tax on bourse turnover when other taxes came under\ndiscussion during recent coalition negotiations was a \"bitter\ndisappointment,\" the president of the West German Federation of\nBanks, Hanns Christian Schroeder-Hohenwarth, said.\n Schroeder-Hohenwarth told a news conference that, contrary\nto numerous assurances from the government, the abolition of\nthe turnover tax had not been touched upon.\n \"This must not be allowed to be the last word. Otherwise a\nmajor chance for West Germany as a financial centre will have\nbeen missed,\" he said.\n After the January 25 election the government decided upon a\nreform of the West German tax system, involving gross tax cuts\nof 44 billion marks, which would be implemented in 1990.\n In line with a pledge made by Bonn at the February monetary\nconference in Paris, the government said earlier this month\npart of the planned tax cuts would be effective next year.\n Government sources have said the fact the latest coalition\ndiscussions did not touch upon the bourse turnover tax does not\nnecessarily rule out the possibility that it could be abolished\nlater in the current four-year legislative period.\n The bourse turnover tax, levied on securities trades where\nan end-investor is involved, generated government revenue of\nsome 750 mln marks in 1986, according to the Finance Ministry.\n Schroeder-Hohenwarth said there were no fiscal reasons for\nmaintaining the tax because companies would benefit from its\nabolition. Their earnings would increase and the government\nwould receive more in profits tax.\n Wolfgang Roeller, chief executive of Dresdner Bank AG, said\nthe bourse tax decision did not fit into the general background\nof liberalisation of the German capital market, and represented\na weakening of West Germany as a financial centre.\n REUTER\n\u0003", "date": "16-MAR-1987 11:37:45.48", "places": [ "west-germany" ], "id": "5432" }, { "title": "PLESSEY WINS TEN MLN STG PAYPHONE ORDERS", "body": "The Plessey Co Plc said it won\ninitial orders for more than 10 mln stg for \"intelligent' coin\nand cashless payphones from seven European telephone\nadministrations. The major orders were from Sweden's\n, Spain's and British\nTelecommunications Plc .\n It said that the Finnish PTT had also invited the company\nto install a field trial for Finland.\n Sales executive Peter Findlay told reporters that Plessey\nwas negotiating on further contracts with several other\ncountries.\n Reuter\n\u0003", "date": "16-MAR-1987 11:39:52.32", "places": [ "uk" ], "id": "5433" }, { "title": "FED SAYS IT SETS THREE-DAY SYSTEM REPURCHASE AGREEMENTS\n", "date": "16-MAR-1987 11:41:39.02", "topics": [ "money-fx" ], "id": "5434" }, { "title": "MIM TO ACQUIRE STAKE IN GERMAN COPPER PRODUCER", "body": "Mount Isa Mines Holding Ltd plans to\nacquire a 30 pct stake in Europe's largest primary copper\nproducer, Norddeutsche Affinerie AG, a spokesman for\nMetallgesellschaft AG said.\n MIM intends to take Preussag AG's total 20 pct share in the\ncopper producer in exchange for some three pct of MIM's share\ncapital. MIM will also take another 10 pct now held by Degussa\nAG, reducing Degussa's share to 30 pct from 40.\nMetallgesellschaft's share will remain at 40 pct.\n The move is subject to approval of the federal cartel\noffice and supervisory boards of the companies involved.\n Reuter\n\u0003", "date": "16-MAR-1987 11:42:32.10", "topics": [ "acq", "copper" ], "places": [ "west-germany" ], "id": "5435" }, { "title": "MAGNA CREATES NEW COSMA UNIT", "body": "Magna International Inc said it created\na new wholly owned unit, Cosma International Inc, to design,\ndevelop and coordinate production from Magna's 27 auto part\nstamping and related facilities in Canada and the United\nStates.\n Cosma is expected to have 1987 sales of more than 400 mln\ndlrs and the company projects future sales will \"increase very\nrapidly,\" a Magna spokesman said. Cosma will also raise its own\ncapital through an equity issue in about 18 months, spokesman\nJerry Barker said, responding to a query. Terms of the issue\nhave not been set, he added.\n Magna said it established the Cosma unit to make the\ncompany's extensive stamping operations more responsive to the\nneeds of North American automakers.\n The Cosma unit will be centered on its Bramalea, Ontario\nstamping facility, which manufactures car bodies for American\nMotors Corp 's Premier model.\n Reuter\n\u0003", "date": "16-MAR-1987 11:43:48.84", "places": [ "canada" ], "id": "5436" }, { "title": "J.W. MAYS INC 2ND QTR JAN 31 NET", "body": "Shr 2.27 dlrs vs 74 cts\n Net 4,945,989 vs 1,612,624\n Revs 28.2 mln vs 27.9 mln\n Six mths\n Shr 1.57 dlrs vs three cts\n Net 3,417,659 vs 73,614\n Revs 47.0 mln vs 46.8 mln\n NOTE: Current periods include pretax gain of 4.3 mln dlrs\nfrom sale of leasehold of Glen Oaks store in Queens, N.Y. and\ngain of 1.9 mln dlrs from benefit of tax loss carryforwards.\n Year-ago six mths includes gain of 95,988 dlrs from refund\nof prior year's real estate taxes.\n Reuter\n\u0003", "date": "16-MAR-1987 11:43:59.48", "topics": [ "earn" ], "places": [ "usa" ], "id": "5437" }, { "title": "CIRCUS CIRCUS ENTERPRISES 4TH QTR NET", "body": "Oper shr 16 cts vs 14 cts\n Oper net 5,818,000 vs 5,284,000\n Revs 88.2 mln vs 69.7 mln\n Year\n Oper shr 96 cts vs one dlr\n Oper net 36,101,000 vs 37,375,000\n Revs 374.0 mln vs 307.0 mln\n Note: Current qtr and year figures exclude extraordinary\nlosses on early debt retirement of 1.7 mln dlrs, or five cts\nper share and 7.9 mln dlrs, or 21 cts per share, respectively.\n Full name Circus Circus Enterprises Inc.\n Reuter\n\u0003", "date": "16-MAR-1987 11:44:58.77", "topics": [ "earn" ], "places": [ "usa" ], "id": "5438" }, { "title": "FED ADDS RESERVES VIA THREE-DAY REPURCHASES", "body": "The Federal Reserve entered the U.S.\nGovernment securities market to arrange three-day System\nrepurchase agreements, a Fed spokesman said.\n Dealers said that Federal funds were trading at 6-1/4 pct\nwhen the Fed began its temporary and direct supply of reserves\nto the banking system.\n Reuter\n\u0003", "date": "16-MAR-1987 11:45:51.33", "topics": [ "money-fx", "interest" ], "id": "5439" }, { "title": "NATIONAL FUEL GAS CO SETS MAIL DATE", "body": "National Fuel Gas Co said its mail\ndate for its previously-announced two-for-one stock split is\nJune 19, 1987.\n The company, which announced the split last week, had said\nthe record date for the split is May 29, 1987.\n Reuter\n\u0003", "date": "16-MAR-1987 11:46:25.51", "topics": [ "earn" ], "places": [ "usa" ], "id": "5440" }, { "title": "COMTECH TO SELL PREMIER MICROWAVE", "body": "Comtech Inc said it agreed in\nprinciple to sell 95 pct of its outstanding shares in Premier\nMicrowave Corp for seven mln dlrs.\n It said the buyers include an investment group composed of\nthe unit's management.\n The company said it expects the sale to close in the next\nfew weeks. Proceeds will be used to reduce debt.\n Reuter\n\u0003", "date": "16-MAR-1987 11:46:39.02", "topics": [ "acq" ], "places": [ "usa" ], "id": "5441" }, { "title": "INVESTMENT FIRMS HAVE 5.9 PCT OF PUROLATOR ", "body": "A group of affiliated New York-base\ninvestment firms and funds told the Securities and Exchange\nCommission they have acquired 453,300 shares of Purolator\nCourier Corp, or 5.9 pct of the total outstanding.\n The group, led by Mutual Shares Corp, said it bought the\nstock for investment purposes.\n It also said it is studying the 35 dlr a share leveraged\nbuyout offer made by Purolator managers and E.F. Hutton LBO Inc\nbut has not decided whether it will tender its stock in the\noffer. The group said it has held talks with the Hutton LBO\ngroup before and may do so again.\n Reuter\n\u0003", "date": "16-MAR-1987 11:46:59.45", "topics": [ "acq" ], "places": [ "usa" ], "id": "5442" }, { "title": "TOFUTTI BRANDS SEES PROFIT FOR NEW YEAR", "body": "Tofutti Brands Inc said it is\nchanging its fiscal year to a calendar year from a year ending\nJuly 31, and it expects to be profitable on higher sales in\n1987.\n The company lost 658,000 dlrs on sales of 11.6 mln dlrs in\nthe year ended July 31. A company spokesman said Tofutti will\nbe reporting earnings for the last five months of calendar 1986\nby the end of March and will then report calendar first quarter\nresults.\n Reuter\n\u0003", "date": "16-MAR-1987 11:47:20.75", "topics": [ "earn" ], "places": [ "usa" ], "id": "5443" }, { "title": "DIGITECH INC 1ST QTR JAN 31 NET", "body": "Shr two cts vs eight cts\n Net 270,000 vs 1,212,000\n Revs 1,858,000 vs 1,420,000\n Avg shrs 16,817,618 vs 12,507,671\n Reuter\n\u0003", "date": "16-MAR-1987 11:47:45.08", "topics": [ "earn" ], "places": [ "usa" ], "id": "5444" }, { "title": "UNION VOTES TO STRIKE DAKOTA CITY IBP PLANT", "body": "Members of the United Food and\nCommercial Workers union, UFCW, local 222 voted Sunday to go on\nstrike against Iowa Beef Processors Inc Dakota City, Nebraska,\nplant, effective Tuesday.\n The company submitted their latest offer to the union at\nthe same time announcing that they would end the lockout as of\ntomorrow that started December 14.\n Members unanimously rejected the latest company offer that\nwas submitted to the union late last week. An overwhelming\nmajority of the approximately 2,500 members attending the\nmeeting then voted to go on strike, UFCW union spokesman Allen\nZack said.\n Zack said the company's offer for a cut in wages was\nunacceptable and said IBP was refusing to bargain in good\nfaith.\n IBP's latest offer included wage cuts of 60 cents an hour\nfor slaughter operations and a 45 cents an hour cut in pay for\nprocessing workers. The cut follows the 1.07 dlr cut in pay\nworkers received in 1982 and the wage freeze that has lasted\nsince then, Zack said.\n The offer also eliminated overtime after eight hours\nfollowing the normal 40 hour work week, he added.\n Reuter\n\u0003", "date": "16-MAR-1987 11:47:58.93", "topics": [ "carcass", "livestock" ], "places": [ "usa" ], "id": "5445" }, { "title": "ULTRASYSTEMS UNIT GETS DOD CONTRACTS", "body": "Ultrasystems Inc said the U.S.\nDefense Department awarded the company's Ultrasystems Defense\nand Space Inc unit several new contracts and extensions to\nexisting contracts having a total value of more than 15.1 mln\ndlrs.\n The new awards involve software development and hardware\nintegration for secure office automation systems, Ultrasystems\nsaid.\n Reuter\n\u0003", "date": "16-MAR-1987 11:51:02.39", "places": [ "usa" ], "id": "5446" }, { "title": "BELGIUM REVISES DOWN 1987 GNP GROWTH FORECASTS", "body": "The Belgian government has lowered its\nforecast for the nominal increase in gross national product in\n1987 to 3.5 pct from an originally forecast 3.9 pct, Prime\nMinister Wilfried Martens said in a statement to parliament.\n He said this revision, which brings government forecasts\nmore closely into line with those by private institutions,\ntakes account of an anticipated slowdown in the world economy\nand international trade.\n But he said the impact on the Belgian economy will be\nlimited due to recent agreements on wages and working\nconditions agreed by employers and unions.\n Martens did not say how much the government expected GNP to\ngrow in volume terms.\n However, last month the government's Planning Bureau said\nit had revised its 1987 forecast for this to 0.9 pct from 2.0\npct.\n In 1986, Belgium's gross national product rose 2.15 pct in\nvolume terms against a 5.9 pct nominal rise.\n REUTER\n\u0003", "date": "16-MAR-1987 11:52:46.42", "topics": [ "gnp" ], "places": [ "belgium" ], "id": "5447" }, { "title": "MOLECULON SEES NEW WAY TO KICK THE HABIT", "body": "Moleculon Inc said it\nsuccessfully completed initial tests in animals of its\nPoroplastic transdermal nicotine delivery system to help\nsmokers break the habit.\n Transdermal systems are designed to deliver drugs through\nthe skin in constant dosages.\n The company said it is discussing licensing and marketing\nagreements for the product with a major international\npharmaceutical firm, but did not identify the firm. It also\nsaid it retained Allen and Company, New York, as its financial\nadvisor.\n Reuter\n\u0003", "date": "16-MAR-1987 11:53:18.00", "places": [ "usa" ], "id": "5448" }, { "title": "RAYTHEON UNIT GETS 337 MLN DLR CONTRACT", "body": "Raytheon Co said its Beech\nAricraft unit has received a five-year 337 mln dlr\nincrementally-funded contract from the U.S. government to\nsupport C-12 and U-21 type aircraft.\n It said the first year of the contract has been funded to a\nlevel of 35 mln dlrs.\n Reuter\n\u0003", "date": "16-MAR-1987 11:53:25.28", "places": [ "usa" ], "id": "5449" }, { "title": "BZW MAKES MARKETS IN JAPAN DOLLAR CONVERTIBLES", "body": "Barclays De Zoete Wedd Ltd said it today\nbegan market-making in Japanese convertible eurobonds\ndenominated in dollars.\n This venture will be followed within a few months by the\nestablishment of a trading operation for Japanese U.S.\nDollar-denominated equity warrant issues.\n Director in charge of the Japanese convertible operation is\nKelvin Saunders, who said the desk was currently staffed by\nseven traders and salespeople. This number would be doubled\nwith the addition of the equity warrant operation, \"an even more\nimportant element in the current market environment,\" he said.\n REUTER\n\u0003", "date": "16-MAR-1987 11:54:09.75", "places": [ "uk" ], "id": "5450" }, { "title": "CABOT MEDICAL CORP 1ST QTR JAN 31 NET", "body": "Shr four cts vs two cts\n Net 240,902 vs 106,054\n Revs 3,408,481 vs 2,566,769\n Reuter\n\u0003", "date": "16-MAR-1987 11:54:37.00", "topics": [ "earn" ], "places": [ "usa" ], "id": "5451" }, { "title": "AMERIHEALTH INC 4TH QTR LOSS", "body": "Oper shr loss one ct vs loss 11 cts\n Oper net profit 89,000 vs loss 323,000\n Revs 9,603,000 vs 6,116,000\n Year\n Oper shr loss six cts vs loss 21 cts\n Oper net profit 158,000 vs loss 629,000\n Revs 34.6 mln vs 22.8 mln\n NOTE: 1986 net excludes tax credits of 170,000 dlrs in\nquarter and 321,000 dlrs in year and gains on termination of\npension plan of 82,000 dlrs in quarter and 190,000 dlrs in\nyear.\n Share after preferred dividends.\n Reuter\n\u0003", "date": "16-MAR-1987 11:54:50.99", "topics": [ "earn" ], "places": [ "usa" ], "id": "5452" }, { "title": "BANKS SEE GERMAN GROWTH OF AT LEAST TWO PCT", "body": "External risks for the economy have\nincreased, but growth of two to 2.5 pct this year is still\npossible, according to President of the West German Federation\nof Banks, Hanns Christian Schroeder-Hohenwarth.\n Schroeder-Hohenwarth told a news conference the further\nfall of the dollar since the start of this year and the\nrevaluation of the mark against European currencies meant West\nGerman exporters were facing a \"rough wind.\"\n However, domestic demand was continuing to rise and private\nconsumption in particular would support the economy, he said.\nHe saw good prospects for consumer industries.\n Schroeder-Hohenwarth said economic policy now had to\nconcentrate on strengthening this domestic growth. In this\ncontext, he welcomed a decision by the government to increase\nthe scope of tax cuts due in 1988.\n He added, a planned reform of the fiscal system scheduled\nfor 1990, which was worked out by coalition partners this\nmonth, was an \"important step in the right direction.\"\n The government plans to cut corporation tax to 50 pct from\n56 pct. However, Schroeder-Hohenwarth said the decision to cut\nthe maximum rate of income tax to only 53 pct from 56 pct was\n\"rather half-hearted.\"\n REUTER\n\u0003", "date": "16-MAR-1987 11:55:58.21", "topics": [ "gnp" ], "places": [ "west-germany" ], "id": "5453" }, { "title": "CAMBRIDGE ANALYTICAL SEES FIRST QTR LOSS", "body": "Cambridge Analytical Associates Inc said\nit expects to incur a loss for the first quarter of fiscal 1987\nequal to or greater than its loss of 240,697 dlrs for the\nfourth quarter ended December 31, 1986.\n Cambridge said it expects revenues for the first quarter to\nbe approximately the same as those recorded for the fourth\nquarter ended December 31, 1986, of 1,025,961 dlrs.\n Cambridge recorded a profit of 2,204 dlrs on revenues of\n847,000 dlrs for the first quarter of fiscal 1986, the company\nsaid.\n The company attributed the expected loss to lower than\nexpected sales from its laboratory and consulting business and\nplanned major investment in its proprietary treatment\ntechnology.\n The company said winter is traditionally its slowest\nseason.\n Reuter\n\u0003", "date": "16-MAR-1987 11:56:10.37", "topics": [ "earn" ], "places": [ "usa" ], "id": "5454" }, { "title": "SETON GETS BUYOUT OFFER FROM CHAIRMAN", "body": "Seton Co said its board has\nreceived a proposal from chairman and chief executive officer\nPhilip D. Kaltenbacher to acquire Seton for 15.75 dlrs per\nshare in cash.\n Seton said the acquisition bid is subject to Kaltenbacher\narranging the necessary financing. It said he intends to ask\nother members of senior management to participate.\n The company said Kaltenbacher owns 30 pct of Seton stock\nand other management members another 7.5 pct.\n Seton said it has formed an independent board committee to\nconsider the offer and has deferred the annual meeting it had\nscheduled for March 31.\n Reuter\n\u0003", "date": "16-MAR-1987 11:57:26.33", "topics": [ "acq" ], "places": [ "usa" ], "id": "5455" }, { "title": "MRS FIELDS PLANS TO OPEN MORE STORES", "body": "U.S. Based speciality food retailer , which earlier announced pre-tax profits of 17.1\nmln dlrs in 1986 against 6.8 mln in 1985, said it plans further\ngrowth this year with the opening of 125 new stores in the U.S.\n The company, which is quoted on London's Unlisted\nSecurities Market (USM), said it also planned to expand its\noutlets internationally.\n However, chairman Randall Fields told a news conference the\ncompany would not move into any new countries during 1987 but\nwould intensify its efforts where it already had stores.\n During 1986 the company opened 81 new stores, including 76\nin the U.S., Two in Australia and one each in Japan, Canada and\nthe U.K.\n \"We intend to open a minimum of five more units in London\nfor example and it is reasonable that we might open other\nstores in other European countries in 1988,\" Fields said.\n He said the company acquired competitive businesses as a\nmatter of routine, and might add others in 1987, but declined\nto say how much the company planned to spend on them.\n Last year turnover rose by 20.8 pct to 87.1 mln dlrs from\n72.6 mln dlrs in 1985.\n Reuter\n\u0003", "date": "16-MAR-1987 11:57:34.15", "topics": [ "earn" ], "places": [ "uk", "usa" ], "id": "5456" }, { "title": "HITECH ENGINEERING TO MAKE PROJECTOR", "body": "Hitech Engineering Co said it agreed\nto make a new version of (Electrohome Ltd's) large-screen video\nprojector and to obtain certification for the projector on the\nDefense Department's preferred products list.\n Under the agreement, Kitchener, Ontario-based Electrohome\nwill pay an undisclosed amount to Hitech for initial research\nand development and to buy some of the units, the Tempest\nversion of the ECP2000.\n The Tempest program is a classified U.S. Government program\ndealing with data processing equipment.\n Reuter\n\u0003", "date": "16-MAR-1987 11:59:04.00", "places": [ "usa" ], "id": "5457" }, { "title": "BRAZIL SAYS DEBT CRISIS IS WORLD PROBLEM", "body": "Brazilian Finance Minister\nDilson Funaro said his country's foreign debt crisis could only\nbe solved by changes in the international financial system.\n Speaking to a business conference he said \"It is not Brazil\nthat has to make adjustments with the IMF (International\nMonetary Fund). It is the international financial community\nthat is taking away resources from the developing countries.\"\n \"The crisis is not in Brazil, a country that has had the\nthird biggest trade surplus ...In the past two years Brazil had\nremitted 24 billion dlrs in debt servicing and received only\ntwo billion in fresh funds,\" he added.\n Funaro said that during his recent trip to the U.S., Europe\nand Japan to explain Brazil's decision last month to suspend\ninterest payments on 68 billion dlrs of commercial debt, he\nstressed the country's commitment to growth.\n \"We need to and will make the effort (to solve the debt\nproblem) but we cannot make an effort that means we stop\ngrowing,\" he said, adding that political and not purely\ncommercial solutions were needed to the debt crisis.\n Brazil, whose 108 billion dlr foreign debt is the largest\nin the developing world, has been under pressure from official\nand private creditors to work out an economic adjustment\nprogram with the IMF to combat rocketing inflation and foreign\npayments problems.\n President Jose Sarney's government has repeatedly refused\nto approach the Fund, arguing that an IMF programme would lead\nto recession. Funaro said that in his talks with creditors he\nhad tried to restore credibility in the country in the hope of\nfinding a lasting solution to the debt problem.\n \"We are negotiating so that the debt question should not be\none of continuous crisis.\"\n To sustain internal growth Brazil would have to import more\nmachinery and equipment this year and export fewer raw\nmaterials. The country was thus targetting a fall in this\nyear's trade surplus to 8.0 billion dlrs from 1986's 9.5\nbillion.\n Domestically, Funaro said economies had led to a reduction\nin the public sector deficit to 2.7 pct of gross domestic\nproduct in 1986, the lowest for many years and that this should\nfall to 1.5 pct this year.\n REUTER\n\u0003", "date": "16-MAR-1987 11:59:37.33", "topics": [ "trade", "gnp" ], "organisations": [ "imf" ], "places": [ "brazil" ], "id": "5458" }, { "title": "EASTMAN KODAK SETS CHEMICAL VENTURE", "body": "\nand the Eastman Chemicals division of Eastman Kodak Co said\nthey formed 50-50 joint venture called WGM/Eastman Inc.\n According to the agreement, Eastman will buy Meyer and Co's\ninterest in the unit by the end of 1991.\n The unit will supply Eastman Kodak chemicals to companies\nin the western region of the U.S., they said.\n\n Reuter\n\u0003", "date": "16-MAR-1987 12:01:21.96", "places": [ "usa" ], "id": "5459" }, { "title": "U.S. INDUSTRIAL CAPACITY USE RATE ROSE TO 79.8 PCT IN FEB FROM 79.6 PCT IN JAN\n", "date": "16-MAR-1987 12:04:51.40", "topics": [ "cpu" ], "places": [ "usa" ], "id": "5460" }, { "title": "BIOTECHNOLOGY DEVELOPMENT 4TH QTR LOSS", "body": "Shr loss five cts vs loss 17 cts\n Net loss 154,654 vs loss 419,606\n Revs 517,699 vs 374,108\n Year\n Shr loss 28 cts vs loss 56 cts\n Net loss 821,979 vs loss 1,368,591\n Revs 1,650,657 vs 1,285,473\n Reuter\n\u0003", "date": "16-MAR-1987 12:05:03.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "5461" }, { "title": "FRANCE'S CFF TO ISSUE 500 MLN FRANCS BONDS", "body": "Credit Foncier de France said it will\nissue on Wednesday around 500 mln francs worth of Specialised\nFinancial Institution Bonds (BIFS).\n This second issue of eight pct BIFS, maturing on December\n23, 1993, are identical to the 535 mln franc issue of bonds\nissued last month.\n BIFS, created in December 1985 and reserved for issue by\ncertain specialised financial bodies, are negotiable securities\nwith a life of between two and five years and are issued in\nunits of five mln francs. At the end of February there was a\ntotal of 3.9 billion francs in BIFS in circulation.\n REUTER\n\u0003", "date": "16-MAR-1987 12:06:40.04", "places": [ "france" ], "id": "5462" }, { "title": "PENN CENTRAL CAN'T EXPLAIN STOCK ACTIVITY", "body": "A spokesman for Penn Central Corp said\nhe was unable to explain a rise in the company's shares.\n Penn Central rose 2-1/4 to 55-7/8 on 538,000 shares by\nmidmorning.\n The spokesman noted the stock had dipped to 52-3/4 in\nintrasession dealings Friday but closed at 53-5/8. The stock\nhad traded over 54 dlrs in the preceding week but was pressured\nlast week on a large block sale. The spokesman said he did not\nknow who the seller was. He said he did not believe it was Carl\nLindner, a Cincinnati investor who owns about 28 pct of Penn\nCentral's stock.\n Reuter\n\u0003", "date": "16-MAR-1987 12:08:00.29", "places": [ "usa" ], "id": "5463" }, { "title": "HECHINGER CO 4TH QTR NET", "body": "Shr primary 28 cts vs 22 cts\n Shr diluted 26 cts vs 21 cts\n Net 8,637,000 vs 6,577,000\n Sales 140.3 mln vs 116.8 mln\n Year\n Shr primary 92 cts vs 77 cts\n Shr diluted 88 cts vs 75 cts\n Net 28.3 mln vs 23.1 mln\n Sales 588.4 mln vs 479 mln\n Reuter\n\u0003", "date": "16-MAR-1987 12:08:10.26", "topics": [ "earn" ], "places": [ "usa" ], "id": "5464" }, { "title": "METEX CHAIRMAN SELLS SHARES", "body": "Metex Corp said its chairman and\nchief executive officer Alan Cohen sold 78,375 shares of Metex\ncommon stock to Metropolitan Consolidated Industries Inc\n.\n The company said the selling price was 11.25 dlrs per share\nwith an option for Metropolitan Consolidated Industries to\npurchase up to 42,750 shares more at the same price.\n Metex also said Mason Carter was elected president and\nchief operating officer of the company. Carter joined Metex in\n1982, where he was formerly its executive vice president.\n In addition, Attilio Petrocelli, president of Metropolitan,\nwas named to fill a vacancy on the Metex board of directors,\nthe company said.\n Metropolitan owns 21 pct of Metex common stock, the company\nsaid.\n Reuter\n\u0003", "date": "16-MAR-1987 12:09:16.06", "topics": [ "acq" ], "places": [ "usa" ], "id": "5465" }, { "title": "CETUS CANCER DRUG TO GET EUROPE PATENT", "body": "Cetus Corp said the European\nPatent Office allowed and intends to grant the company a patent\nfor pharmaceutical and veterinary preparations of genetically\nengineered Interleukin-2 analog.\n Interleuken-2 is an immune modulating protein currently\nundergoing clinical trials in the United States and Europe for\npotential use in the treatment of various forms of cancer,\nCetus said.\n It said the allowance is the first step in the patent\nprocess.\n Following allowance, the patent is published for opposition\nand a nine-month period begins during which interested parties\nhave an opportunity to voice any objections to the patent,\nCetus said.\n Reuter\n\u0003", "date": "16-MAR-1987 12:10:17.36", "places": [ "usa" ], "id": "5466" }, { "title": "AROUND 3.5 MLN ACRES SAID TO BE IDLED BY 0/92", "body": "A 0/92 program would have very\nlittle impact on U.S. acreage, prompting farmers to idle only\nan additional 3.5 mln acres of cropland every year, according\nto a report from the Agriculture Department.\n The savings resulting from the additional 3.5 mln acres\nidled would be a little over 400 mln dlrs in loan savings, 35\nmln dlrs in transportation and storage savings, and 10-20 mln\ndlrs per year in deficiency payment savings, the report said.\n The USDA report asssessed the impacts of the proposed 0/92\nacreage program for wheat, corn, cotton, sorghum and barley.\nLast year, almost 245 mln acres of those crops were harvested.\n \"The likelihood that the 0-92 provisiion will cause very\nlarge acreages to be removed from crop production is quite\nsmall,\" the report said.\n \"The returns on typical farms still favor participation in\nthe usual acreage reduction programs and seeding the permitted\nacreage,\" the USDA report said.\n The 0/92 program, which would allow farmers to forego\nplanting and still receive 92 pct of their deficiency payment,\nwould be most used by producers in high production/high risk\nareas where cost of production is high, said Keith Collins,\ndirector of USDA's economics analysis staff.\n \"In the heart of the corn belt, you would not get that much\nparticipation,\" Collins said.\n USDA estimated that an additional one mln acres of wheat\nwould be ildled under 0/92, 1.5 mln acres of corn, 500,000\nacres of sorghum and barley and 500,000 acres of cotton.\n Production from these idled acres would be equivalent to 40\nmln bushels of wheat, 180 mln bushels of corn, 20 mln bushels\nof sorghum, 10 mln bushels of barley, and 500,000 bales of\ncotton, the report said.\n \"In determining whether to participate, a producer would\nneed to weigh the expected cash costs of production against the\nloan rate ... The risk that market prices may rise above the\nexpected levels and reduce the deficiency payment also must be\nconsidered,\" according to the analysis.\n \"What you're giving up under 0/92 is the difference between\nthe loan rate and the cost of production,\" Collins said.\n For producers with low production costs, that difference is\ngreater and can be applied to paying variable costs, he said.\nUnder these cicumstances, farmers would not want to go along\nwith 0/92. But for high cost producers, 0/92 would be more\nattractive.\n Also, as loan rates get lower, Collins said there would be\nmore incentives to participate in a 0/92 program.\n \"I would admit that its impacts would be very marginal at\nfirst, but it is a step towards the goal of separating\nproduction decisions from government payments,\" Collins said.\n In a speech earlier today before the National Grains and\nFeed Association, USDA Secretary Richard Lyng said it is too\nlate to implement 0/92 for 1987 crops since program signup will\nbe over by the end of this month.\n Reuter\n\u0003", "date": "16-MAR-1987 12:10:30.42", "topics": [ "grain", "wheat", "corn", "cotton", "sorghum", "barley", "corn" ], "places": [ "usa" ], "id": "5467" }, { "title": "IFC PLANS TO LEAD THIRD WORLD TO CAPITAL MARKETS", "body": "The International Finance Corporation\nis planning to intervene to help certain developing country\ncompanies to borrow on world capital markets, IFC chief\nexecutive Sir William Ryrie told a news conference.\n Ryrie said the IFC is at present seeking to overcome\nregulatory barriers to its underwriting business on the United\nStates and London markets.\n \"There are many companies in the more advanced developing\ncountries which are strong enough to borrow by issuing bonds or\nfloating rate notes,\" he added.\n However, such companies needed help and the IFC could play\na role by introducing them into the market and underwriting\nissues, Ryrie said.\n \"The capital markets would then get used to the idea of\nbuying the paper of these companies,\" he added. \"There is a\npotential source of development finance there which could be\nvery large.\"\n He said he was confident there were enough institutional\ninvestors who would be interested in taking paper in the\ninterests of portfolio diversification.\n The IFC, whose role is to provide international financing\nfor private sector investments in developing nations, generally\ndoes this by providing pump priming finance to persuade western\ncompanies to invest in third world enterprises.\n However, in recent years it has set up three investment\nfunds through which institutional investors can hold shares in\ndeveloping country stock exchanges.\n It announced the third such fund, one of 30 mln dlrs for\ninvestment on the Thai stock exchange, in December. There is a\n120 mln dlr South Korea fund and one of 50 mln dlrs which\ninvests in a number of developing country stock exchanges.\n REUTER\n\u0003", "date": "16-MAR-1987 12:11:23.24", "places": [ "belgium" ], "id": "5468" }, { "title": "AMERICAN SECURITY TO RELEASE INFORMATION", "body": "American Security Corp said a\nrelease will be forthcoming shortly regarding its pending\nmerger with Maryland National Corp , approved by its\nstockholders October 10.\n American was halted on NASDAQ pending a news announcement.\n Reuter\n\u0003", "date": "16-MAR-1987 12:11:48.00", "topics": [ "acq" ], "places": [ "usa" ], "id": "5469" }, { "title": "SVENSKA CELLULOSA AB 1986 YEAR", "body": "Group profit after net financial items 1.39 billion crowns\n vs 1.32 billion\n Sales 15.22 billion crowns vs 12.61 billion\n Profit per share 20.50 crowns vs 19.60\n Proposed dividend five crowns vs 4.40\n Reuter\n\u0003", "date": "16-MAR-1987 12:13:04.88", "topics": [ "earn" ], "places": [ "sweden" ], "id": "5470" }, { "title": "COLOMBIA COFFEE EXPORTERS BELIEVE IN PRAGMATISM", "body": "Private coffee exporters say Colombia's\nmore pragmatic coffee marketing policy will ensure that the\ncountry does not suffer excessively from current depressed\nprices and erratic market conditions.\n Gilberto Arango, president of the exporters' association,\nsaid in an interview that Colombia, the world's second largest\nproducer, was in a position to withstand a prolonged absence of\nInternational Coffee Organization (ICO) export quotas.\n \"Colombia is one of the countries that will benefit most\nfrom this situation,\" he said.\n Recent ICO talks in London failed to break a deadlock over\nre-introduction of export quotas, suspended in February 1986,\nand no date has been set for a new meeting on the issue.\n Arango said that government measures adopted here last\nweek, including a lower export registration price, indicated a\nmajor change but also disclosed a welcome pragmatism.\n \"This is the start of a new era in Colombia because world\nmarket conditions are also new,\" he said.\n The government lowered local taxes for exporters and said\nthe export registration price, or reintegro, will be changed\nmore often in order to closely reflect market trends.\n Arango said an illustration of Colombia's new attitude was\nthe decision on Friday to open export registrations for an\nunlimited amount.\n But he added it did not imply the country would begin heavy\nselling of coffee.\n \"Our marketing policy is to sell without haste but\nconsistently. No targets for volume will be set. We will react\nto market factors adequately and Colombia has no intention of\ngiving its coffee away.\"\n Colombia's past records should be the basis for upcoming\nexports, he said.\n \"We will certainly not export seven mln (60-kilo) bags but\nneither are we going to sell like mad. The trade knows full\nwell what Colombia's export potential is,\" he said.\n Colombia, with stockpiles standing at about 10 mln bags,\nexported a record 11.5 mln bags in the 1985/86 coffee year\nwhich ended last September, and 11.3 mln in calendar 1986.\n Arango did not want to commit himself on export predictions\nbut said that output for the 1986/87 coffee year would not\nexceed 10.5 mln bags, compared with 12 mln forecast by the\nNational Coffee Growers' Federation and 12.5 mln by the U.S.\nDepartment of Agriculture, a figure he said was \"ridiculous.\"\n He said ageing plantations and rust, in particular in the\nnumber one producing province of Antioquia, meant output was\nlikely to fall but that nationwide estimates were rare and\noscillated between 9.5 mln and 11.5 mln bags.\n On the failure of the recent ICO talks, Arango said\nColombia understandably felt frustrated at not having managed\nto force a compromise.\n Jorge Cardenas, manager of the national federation and head\nof his nation's delegation in London, has blamed the\nintransigence of some big countries, without naming them.\n However, Arango, like Colombian Finance Minister Cesar\nGaviria last week, was more explicit and said the United States\nwould undoubtedly be under great political pressure in coming\nweeks to revise its policy.\n \"Washington will have to take into account that for many\ncountries, and some of its allies for instance in Central\nAmerica, a sharp fall in coffee export revenue would have\nfar-reaching political and economic consequences.\"\n Arango ruled out a fresh Colombian initiative on export\nquotas saying producers had now to show a common resolve which\ncould emerge from continuous contacts.\n Reuter\n\u0003", "date": "16-MAR-1987 12:14:01.89", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "colombia" ], "id": "5471" }, { "title": "BELGIAN GOVERNMENT TO CUT FINANCIAL REQUIREMENT", "body": "Belgian Prime Minister Wilfried\nMartens announced to Parliament a plan to reduce the 1987\ngovernment financing requirement by 20.6 billion francs.\n He said this will enable the requirement to be held to\n419.7 billion francs, against the previous government target of\n417.8 billion, or eight pct of gross national product.\n Martens said following a lowering of government estimates\nof 1987 nominal GNP growth and a re-estimation by government\ndepartments of 1987 spending, the government calculated that\nunless action was taken, the requirement would exceed the\ntarget by 22.5 billion francs.\n Martens said the plan involved raising non-fiscal receipts\nby 5.8 billion francs and reducing spending by 14.3 billion.\nThe remaining 0.5 billion francs will be raised through\ntreasury operations.\n Martens said the money is being found through a series of\nsmall economies and confirmed that it includes the raising of\ntwo billion francs through the sale of part of the government's\n50 pct holding in the gas company Distrigaz.\n Last year, the government announced a major program\ndesigned to cut 1987 spending by 195 billion francs.\n The program was designed to get Belgium out of what the\ngovernment said was a \"snowball effect\" under which the\ngovernment constantly borrowed more to finance budget deficits\nwhich were due largely to the cost of servicing and repaying\nexisting debt.\n In 1986, the government financing requirement is estimated\nat 561 billion francs or 11.0 pct of GNP.\n REUTER\n\u0003", "date": "16-MAR-1987 12:14:40.15", "topics": [ "gnp" ], "places": [ "belgium" ], "id": "5472" }, { "title": "ROYAL TRUST PLOTS AGGRESSIVE GLOBAL EXPANSION", "body": ", in a move unique\namong Canadian trust companies, is pursuing a bold global\nexpansion that could someday lift the foreign share of its\nyearly earnings to 50 pct, president Michael Cornelissen said.\n First Marathon Securities Ltd financial services analyst\nMichael Walsh said Royal Trust's international growth target is\nattainable. But it \"will be a tremendous achievement because\n... they're going to have to build an international earnings\nbase larger than the earnings of a lot of significant domestic\ntrust companies,\" Walsh said.\n Global operations, which made up 22 pct of Royal Trust's\n154 mln dlr 1986 net profit, will post 33 pct profit growth\nthis year against an expected 15 pct jump in total company\nprofit, Cornelissen told Reuters in an interview.\n He said the foreign share of total profit would rise to 26\npct in 1987 and to 44 pct by 1990.\n Royal Trust, Canada's second largest trust company with\nassets of about 19.54 billion Canadian dlrs, has operated\ninternationally since 1929 when it opened a London bank.\n Its aggressive global strategy began in the 1980s, when\nother Canadian trusts, the equivalent of U.S. savings and\nloans, were focusing on domestic retail banking.\n The company's overseas ambitions were whetted by heightened\ndomestic competition and impressive growth at its London bank\noperations, which attained full British banking powers in 1980,\nCornelissen said.\n Last year, Royal Trust moved into continental Europe and\nAsia with its 239 mln Canadian dlr acquisition of Dow Chemical\nCo 's Dow Financial Services Corp, which included asset\nmanagement, merchant and private banking companies.\n \"It was a heaven-sent opportunity,\" Cornelissen said of the\nDow Financial acquisition. \"We achieved in one year what would\notherwise have taken five to 10 years to set up.\"\n Cornelissen stressed that Royal Trust would shun direct\ncompetition with major global financial institutions in\nactivities such as international lending and stock brokerage,\nin order to exploit \"profitable niches\" overseas in traditional\ntrust activities such as asset management, private banking and\nadvisory services.\n He said that Royal Trust hoped to complete negotiations\n\"before the end of this month\" to sell its London-based Savory\nMilln brokerage, acquired in the Dow Financial deal.\n \"The international market is so big and we have such a\nminiscule share of it that growth opportunities are really\nlimited only by our energy and our desire to find more\nbusiness,\" he said, adding that in trust-type services, \"we\ndon't think the international markets are well-served.\"\n Aiding Royal Trust's foreign growth are greater foreign \ninvestment interest in North America and increased Canadian\ninvestment abroad, Cornelissen said.\n Central to Royal Trust's strategy is Asia, boasting rapid\neconomic growth and huge pools of Japanese capital, said\nCornelissen, whose company administers assets of 71.85 billion\ndlrs, more than any other Canadian trust.\n Citing statistics indicating that by the year 2000, Asia\nwill contain two-thirds of the world's population and 50 pct of\nglobal productive capacity, Cornelissen said, \"We knew we had\nto be there.\" Royal Trust's 14 international locations include\noffices in Tokyo, Hong Kong and Singapore. The company also\nrecently listed its shares on the Tokyo Stock Exchange.\n The Royal Trust president said the company was stressing\ngrowth within its overseas units, adding he did not foresee any\nacquisitions in the \"immediate future,\" although \"we have our\neyes wide open for the right opportunities.\"\n Asked about Royal Trust's plans for the U.S., which the\ncompany abandoned with the 1983 sale of its Florida bank units,\nCornelissen said the company faced a trust services market well\ncovered by hundreds of small regional banks.\n \"That doesn't mean to say we shouldn't be in the U.S.,\"\nsaid Cornelissen. \"That is probably one area that we will\nprobably do something with in the next five years.\"\n He said the company would continue to emphasize its home\nCanadian market, which Cornelissen and financial services\nanalysts agreed would remain vital to Royal Trust.\n Proposed government regulations to allow Canadian banks,\ntrusts, insurance and securities dealers full participation in\none another's actitivies will mean more domestic competition\nfor Royal Trust, \"but not drastically more,\" Cornelissen said.\n Reuter\n\u0003", "date": "16-MAR-1987 12:16:39.77", "topics": [ "earn" ], "places": [ "canada" ], "id": "5473" }, { "title": "SALOMON RAISES CATERPILLAR OPINION", "body": "Salomon Brothers Inc said it raised\nits opinion on Caterpillar Inc's stock to an aggressive buy\nfrom a hold because of a brighter earnings outlook for 1988.\n Salomon analyst David Sutliff said in a statement he sees\n1988 earnings of 3.35 dlrs a share, up from an earlier forecast\nof three dlrs for the year. The outlook for 1987 remains at\n2.50 dlrs to three dlrs.\n Caterpillar's stock was down 1/2 points at 46-1/4.\n \"Although earnings will be poor for the next two quarters,\nwe believe that profits could begin to improve in the second\nhalf - perhaps significantly - and should surge sharply through\n1988 and 1989,\" he said.\n Sutliff said improved results should come from four factors\n- higher prices, improved market share, reduced costs, and\nimproved demand.\n The higher prices will stick because its Japanese\ncompetitor, Komatsu, has had to raise prices because of the\nincreased value of the yen, he said.\n Reuter\n\u0003", "date": "16-MAR-1987 12:20:08.33", "topics": [ "earn" ], "places": [ "usa" ], "id": "5474" }, { "title": "ROCKWOOD HOLDING CO 4TH QTR NET", "body": "Shr profit 78 cts vs loss 38 cts\n Net profit 3,108,000 vs loss 1,510,000\n Revs 35.5 mln vs 47.1 mln\n Year\n Shr profit 2.42 dlrs vs loss 2.01 dlrs\n Net profit 9.6 mln vs loss eight mln\n Revs 157.2 mln vs 182.2 mln\n NOTE: Includes extraordinary gains of 22 cts per share and\n36 cts in the fourth quarter and 1986, respectively.\n Reuter\n\u0003", "date": "16-MAR-1987 12:21:50.72", "topics": [ "earn" ], "places": [ "usa" ], "id": "5475" }, { "title": "CANADA PRIME MINISTER SAYS A MAJOR TRADE DEAL EMERGING WITH U.S.\n", "date": "16-MAR-1987 12:23:11.92", "topics": [ "trade" ], "places": [ "canada", "usa" ], "id": "5476" }, { "title": "FORUM ENDS BEVERLY PURCHASE DEAL", "body": "Forum Group Inc said it has\nterminated its agreement in principle to buy eight retirement\nliving centers in six states from Beverly Enterprises due to a\nfailure to reach a satisfacotry definitive agreement.\n Reuter\n\u0003", "date": "16-MAR-1987 12:23:36.64", "topics": [ "acq" ], "places": [ "usa" ], "id": "5477" }, { "title": "FDA EXPERT PANEL VOTES TO RECOMMEND APPROVAL OF UPJOHN'S ROGAINE BALDNESS DRUG\n", "date": "16-MAR-1987 12:23:42.43", "id": "5478" }, { "title": "U.K. AIRPORT AUTHORITY TO BE PRIVATISED IN SUMMER", "body": "formerly the\nBritish Airports Authority - is to be privatised in June or\nJuly of this year, Transport Secretary John Moore told\nParliament.\n He said BAA's 7,000 employees would each be given free\nshares in BAA worth a nominal 100 stg. Employees would also\nreceive two free shares for each purchased, up to a maximum of\n400 stg worth of free shares.\n BAA runs London's Heathrow and Gatwick airports, Stansted\nand the Scottish airports. The flotation is to be managed by\n. Private studies have put total proceeds of\nthe BAA sell-off at just over one billion stg, analysts said.\n Reuter\n\u0003", "date": "16-MAR-1987 12:24:22.80", "places": [ "uk" ], "id": "5479" }, { "title": "U.K. BANKING HEAD RESUMES ATTACK ON CITY PREDATORS", "body": "The Governor of the Bank of England,\nRobin Leigh-Pemberton, repeated his criticism of City\npredators, describing them as \"thoroughly irresponsible.\"\n \"I have been concerned when predators have sought to use a\nminority shareholding to unsettle a perfectly well-managed\ncompany and to create an atmosphere in which a bid becomes\ndaily expected,\" he said in a speech to the Industrial Society.\n \"Such activity can amount to a thoroughly irresponsible\nexercise of shareholder power, and an abuse of the arrangements\nwe have for the protection of shareholders' interests,\" he said.\n Leigh-Pemberton was resuming a theme he developed in a\nspeech last week, when he attacked the practice of \"putting a\ncompany into play.\"\n This is when predators use a minority shareholding to force\na company's management into action which will raise the\ncompany's share price. The predator then withdraws, taking\nsubstantial profits.\n In today's speech, Leigh-Pemberton said it was hard to find\nthe right tightrope to walk between intervention and adherence\nto a free market philosophy.\n REUTER\n\u0003", "date": "16-MAR-1987 12:24:31.87", "places": [ "uk" ], "id": "5480" }, { "title": "SOME 7,000 MINERS GO ON STRIKE IN SOUTH AFRICA", "body": "Some 7,000 black miners went on\nstrike at South African gold and coal mines, the National Union\nof Mineworkers (NUM) said.\n A NUM spokesman said 6,000 workers began an underground\nsit-in at the Grootvlei gold mine, owned by General Union\nMining Corp, to protest the transfer of colleagues to different\njobs.\n He said about 1,000 employees of Anglo American Corp's New\nVaal Colliery also downed tools but the reason for the stoppage\nwas not immediately clear. Officials of the two companies were\nnot available for comment and the NUM said it was trying to\nstart negotiations with management.\n Reuter\n\u0003", "date": "16-MAR-1987 12:25:10.06", "topics": [ "gold" ], "places": [ "south-africa" ], "id": "5481" }, { "title": "CONSUL RESTAURANT IN EXCHANGE OFFER", "body": "Consul Restaurant Corp said it began\nan exchange offer for its 13 pct convertible debentures due\n1992 with an aggregate principal amount of 17.5 mln dlrs.\n Consul officials told an analysts meeting that in return\nfor each 1,000 dlr face value of the bonds tendered, investors\nwill receive 10 shares of preferred stock convertible after Dec\n1, 1987, into 500 shares of common. The company said the value\nrepresents a substantial premium over the debentures' market\nvalue, which traded at 410 dlrs per 1,000 dlr face amount on\nMarch 13.\n Consul said the debt was taken on to finance expansion.\n James Crivits, Consul chairman, said debt service on the\noutstanding debentures has cost the company 55 cts a share per\nquarter and cut deeply into the company's profitability.\n For the year ended May 31, 1986, the company reported a net\nloss of 1.12 dlr per share or 5.3 mln dlrs on revenues of 77.6\nmln dlrs.\n Crivits said the company will report an improved but still\nunprofitable third quarter ended February 28, compared to a\nloss of 22 cts a share in the year-ago thrid quarter. He said\ncurrent third quarter results would be similar to 1987's\nsecond quarter's loss of 12 cts per share.\n Crivits said the company will not produce a gain in the\nfourth quarter or the full year, and said there will be a write\noff in the fourth quarter for the debenture exchange offer. He\nwould not specify the amount of the write off.\n Robert Lamp, Consul's chief financial officer, said the\ncompany needs to have at least 90 pct of the bonds exchanged in\nthe transaction to report a profit in the first quarter of\nfiscal 1988. Lamp said that if the exchange is successful, the\ncompany will report profits much higher than the three cents a\nshare reported in the first quarter of fiscal 1987.\n The Minneapolis-based company, which it said is the\nnation's largest franchisee of Chi-Chi's family-style Mexican\nrestaurants, said it had the planned to expand to 80 units, but\nhad to abandon the effort, leaving 38 units in operation.\n The company also said the restaurants are profitable, with\nprofit margins increasing over last year.\n Reuter\n\u0003", "date": "16-MAR-1987 12:27:30.96", "places": [ "usa" ], "id": "5482" }, { "title": "FBX CORP YEAR NOV 30 NET", "body": "Shr 11 cts vs three cts\n Net 313,000 vs 80,000\n Revs 12.5 mln vs 11.3 mln\n Reuter\n\u0003", "date": "16-MAR-1987 12:28:24.06", "topics": [ "earn" ], "places": [ "usa" ], "id": "5483" }, { "title": " UNIT TO RAISE 500 MLN DLRS", "body": " Hoechst Celanese Corp\nsubsidiary said it plans to raise about 500 mln dlrs in U.S.\ncapital markets in three to four months.\n Company officials, at a press conference, said the money\nwould be raised through the sale of debentures, adding these\nsecurities are expected to be registered with the Securities\nand Exchange Commission following Standard and Poor's Corp's\nrating of the company's debt next week.\n Officials said most of the funds raised will be used to pay\ndown 600 mln dlrs of bridge loans taken out last month when\nAmerican Hoechst bought Celanese for 2.8 billion dlrs.\n The officals said Hoechst Celenese's 1987 capital spending\nof over 200 mln dlrs will be funded from internally generated\ncash. They pointed out this is little changed from the combined\nspending of American Hoechst and Celanese Corp in 1986.\n Reuter\n\u0003", "date": "16-MAR-1987 12:29:29.63", "places": [ "usa" ], "id": "5484" }, { "title": "U.S. CAPACITY USE RATE 79.8 PCT IN FEBRUARY", "body": "U.S. factories, mines and utilities\noperated at 79.8 pct of capacity in February, compared with a\nrevised 79.6 pct in January and December, the Federal reserve\nBoard said.\n The Fed previously said the rate was 79.7 pct in January\nand 79.5 pct in December.\n A surge in automobile assemblies in February and a gain in\nprimary metals production helped raise manufacturing to 80.1\npct capacity from 79.9 pct in January.\n Durables manufacturing increased to 76.8 pct last month\nfrom 76.3 pct in January, the Fed said.\n Nondurable manufacturing eased to 85.2 pct of capacity use\nfrom 85.4 pct in January.\n Last month's rate was down from 80.2 pct in February, 1986.\n Fabricated metals increased to 81.4 pct in February from\n81.2 pct in January, while motor vehicles and parts jumped to\n83.6 pct from 80.0 in January.\n Primary metals rose to 67.7 pct from 66.7 pct in January.\n Petroleum products fell to 92.5 pct in February from 94.5\npct in January.\n Capacity utilization for mining rose to 75.3 pct in\nFebruary from 75.1 pct in January, but was below the February\n1986 rate of 79.4 pct, the Fed said.\n The use rate for utilities was up to 80.8 pct last month\nfrom 80.4 pct in January.\n Producers of industrial materials operated at 78.9 pct of\ncapacity, the same as in January and December, but down from\nthe February 1986 rate of 79.6 pct.\n The Fed said the decline in energy materials use and\ndurables goods materials were the reason for the decline over\nthe past year for producers of industrial materials.\n Reuter\n\u0003", "date": "16-MAR-1987 12:30:11.94", "topics": [ "cpu" ], "places": [ "usa" ], "id": "5485" }, { "title": "FDA PANEL BACKS UPJOHN BALDNESS DRUG", "body": "The federal Food and Drug\nAdministration's Dermatologic Drugs Advisory Committee voted\nunanimously that Upjohn Co's Rogaine baldness drug was safe and\neffective.\n The panel recommended that the FDA approve Rogaine for\nmarketing in the United States, so long as accompanying\npackaging and promotional materials disclose that the product\nhas only limited effect on male pattern baldness.\n The five outside experts attending today's FDA committee\nmeeting seemed less concerned about Rogaine's safety after an\noutside consultant told them the drug \"appears to be quite safe\nin the normal male population.\"\n The consultant, Ohio State University Professor of Medicine\nCarl Leier, said Rogaine's side effects were minimal, based on\na study of 10,000 individuals who have been getting the drug in\nCanada, where it was approved for marketing last year.\n \"The Canadian record is quite a good one in terms of side\neffects,\" Leier said.\n The experts urged the FDA to require a warning in the\ndrug's packaging that patients be monitored for heart effects\nwhile taking the drug, such as irregular heart beats, changes\nin heart rate, palpitations and fluid retention in the body.\n Rogaine, whose chemical name is minoxidil, has already been\napproved by the FDA when taken orally as a high blood pressure\ndrug.\n But Upjohn is now seeking agency approval of it as a male\nbaldness treatment when put directly on the skin in liquid\nform.\n Upjohn has previously claimed that, when applied to the\nscalp, too little of Rogaine was absorbed into the bloodstream\nto affect the heart.\n But panel members concluded that the amount absorbed\nmerited physician monitoring of patients taking the drug.\n Under questioning by panel members, Upjohn official Richard\nDe Villez acknowledged the drug in clinical trials produced\nmoderate hair growth on the crown of the head in only about 40\npct after 12 months.\n He also acknowledged discontinuing treatment would make the\nnew hair fall out.\n \"The Upjohn problem is that they have a tremendous placebo\neffect,\" panel member Paul Bergstresser of the University of\nTexas told the meeting.\n He said patients administered a placebo during clinical\ntrials typically had about half as much new hair growth as did\nindividuals treated with Rogaine.\n As a result, it may take patients eight-12 months before\nthey can tell whether thay are benefiting from the drug, he\nsaid.\n In Canada, a year's treatment costs about 550-640 dlrs\n(U.S.).\n An Upjohn official said no price would be set for the drug\nin the U.S. market until it was approved for sale.\n During trials, the drug was found to have a bizarre side\neffect on some individuals: It caused a state of sexual\ndysfunction known as \"exagerrated erection.\"\n Stewart Ehrreich, a former FDA official who conducted a\nsafety review of Rogaine before leaving the agency, said\nresearchers had found a number of cases of patients who had\nexagerrated erections as a result of the drug.\n He said this was a common effect for drugs of the same\nclass as Rogaine, called vaso-dilators.\n FDA officials said they could make no prediction on when\nRogaine might be approved for marketing.\n Following the vote, panel member Dr. Robert Stern, a Boston\ndermatologist, said Upjohn statistics had exaggerated the\neffect of the drug.\n He said \"about one in five will have a substantial clinical\neffect,\" which he defined as a significant growth of new hair\nthat made the patient actually look better.\n He urged insurance companies not to cover the cost of\nRogaine treatment in order to preserve scarce medical fund\nresources.\n \"I would hope that insurance companies will take a strong\nline that this is not a product we will reimburse for,\" Stern\ntold reporters.\n \"I think this is a drug that has some application for some\npeople, and I think some people will find it worth the expense,\"\nhe said.\n But he said individuals should be required to pay for the\ntreatment out of their personal funds.\n Stern estimated more than 100,000 American men are already\nusing minoxidil on their scalps, outside the law, by grinding\nup the blood pressure pill and dissolving in a solvent.\n Reuter\n\u0003", "date": "16-MAR-1987 12:30:22.01", "places": [ "usa" ], "id": "5486" }, { "title": "UNION VOTES TO STRIKE DAKOTA CITY IBP PLANT", "body": "The United Food and Commercial Workers\nunion, Local 222 said its members voted Sunday to strike the\nIowa Beef Processors Inc Dakota City, Neb., plant, effective\nTuesday.\n The company said it submitted its latest offer to the union\nat the same time announcing that on Tuesday it would end a\nlockout that started December 14.\n Union members unanimously rejected the latest company offer\nthat was submitted to the union late last week, UFCW union\nspokesman Allen Zack said.\n Reuter\n\u0003", "date": "16-MAR-1987 12:32:49.85", "topics": [ "carcass", "livestock" ], "places": [ "usa" ], "id": "5487" }, { "title": "TORONTO SUN EXAMINING POSSIBLE U.K. TABLOID", "body": " said it\nwas examining an idea for a new tabloid newspaper in Britain\nafter being being approached about the concept by a person in\nEngland it declined to indentify.\n \"We were talking to this individual and offered to help him\nin effect formulate his concept and that is about as far as it\nhas gone,\" Toronto Sun Publishing vice-president of finance\nBruce Jackson said in reply to a query.\n \"We have not decided anything,\" Jackson added. \"It has not\nbeen brought to the board of directors for any kind of approval\nor heavy discussion.\"\n Jackson said that Toronto Sun recently produced a dummy\nnewspaper for the individual to use in testing possible British\nmarket reaction. Toronto Sun publishes tabloids in Toronto,\nEdmonton and Calgary, Alberta and the Houston Post.\n Asked about possible financial or editorial support by\nToronto Sun, Jackson replied: \"It is far too premature to\ndiscuss anything like that.\" He said further developments were\nunlikely to unfold for \"at least a month.\"\n Jackson described the British tabloid market as \"very\ncompetitive, but it is a very large market as well. It most\nlikely doesn't take a large market share to be profitable there\nas long as you find the right niche.\"\n He said Toronto Sun is approached almost every month about\nideas for starting newspapers, mostly in North America, \"as the\nToronto Sun is known to be a newspaper group that has started\npapers.\n \"Unfortunately, this one leaked out and it probably\nattracted a little more attention than it really deserves at\nthis point,\" Jackson said.\n Toronto Sun recently dropped plans to start a second\nEnglish language newspaper in Montreal, citing a study that\nindicated the lack of a sufficient advertising base for such a\npaper.\n Reuter\n\u0003", "date": "16-MAR-1987 12:38:24.77", "places": [ "canada", "uk" ], "id": "5488" }, { "title": "INTEGRATED GENERICS UNIT TO GO PUBLIC", "body": "Integrated Generics Inc said its\nwholly-owned A.N.D.A. Development corp Subsidiary has signed a\nletter of intent with underwriters R.F. Lafferty and Co Inc and\nS.J. Bayern and Co Inc to raise three mln dlrs through a unit\noffering.\n The company said each unit would consist of two common\nshares priced at about five dlrs each and a warrant to buy\nanother share at 6.50 dlrs. Integrated said it would retain a\ncontrolling interest.\n Integrated said proceeds would be used to finance the\ndevelopment of prescription drugs on which patents expire.\n Reuter\n\u0003", "date": "16-MAR-1987 12:39:11.95", "places": [ "usa" ], "id": "5489" }, { "title": " Balladur maintains 1987 2.5 pct inflation target after February 3.4 pct year-on-year\n", "date": "16-MAR-1987 12:39:49.42", "topics": [ "cpi" ], "id": "5490" }, { "title": "CSCE TO PUT ADDITIONAL MARGIN ON JULY COCOA", "body": "A 250 dlr spot charge will be added to\nthe New York cocoa futures, July delivery, contract starting\nWednesday, March 18, the Coffee, Sugar and Cocoa Exchange said.\n The March delivery ceases trading March 17, making May and\nJuly the two nearby unlimited positions. Previously, March and\nMay were unlimited.\n The margin requirement for a May or July position will be\n1,000 dlrs--750 dlrs original margin plus 250 dlrs spot fee.\n Reuter\n\u0003", "date": "16-MAR-1987 12:40:00.68", "topics": [ "cocoa" ], "places": [ "usa" ], "id": "5491" }, { "title": " YEAR NET", "body": "Shr 23 cts vs 42 cts\n Net 1,387,000 vs 2,532,000\n Revs 80.5 mln vs 82.6 mln\n Reuter\n\u0003", "date": "16-MAR-1987 12:40:33.96", "topics": [ "earn" ], "places": [ "canada" ], "id": "5492" }, { "title": "MEDIA GENERAL FEBRUARY REVENUES RISE", "body": "Media General Inc said its\nFebruary revenues were 53.1 mln dlrs, up from 49.1 mln dlrs a\nyear before.\n It said newspaper revenues rose to 21.3 mln dlrs from 20.2\nmln dlrs, newsprint to 14.6 mln dlrs from 14.5 mln dlrs,\nbroadcast 14.6 mln dlrs from 11.5 mln dlrs and others 3,631,000\ndlrs from 3,621,000 dlrs. Intercompany sales of 1,021,000\ndlrs, up from 752,000 dlrs, were included.\n Media General said year-to-date revenues rose to 104.0 mln\ndlrs from 95.9 mln dlrs a year before.\n The company said year-to-date newspaper revenues were 41.7\nmln dlrs, up from 39.8 mln dlrs, newsprint 29.9 mln dlrs, up\nfrom 28.0 mln and broadcast 27.5 mln dlrs, up from 21.2 mln\ndlrs, while other revenues fell to 6,896,000 dlrs from\n8,566,000 dlrs. Intercompany sales rose to 2,034,000 dlrs from\n1,639,000 dlrs.\n Reuter\n\u0003", "date": "16-MAR-1987 12:40:47.85", "places": [ "usa" ], "id": "5493" }, { "title": "TAB PRODUCTS CO 3RD QTR FEB 28 NET", "body": "Shr 27 cts vs 22 cts\n Net 1,866,000 vs 1,476,000\n Revs 33.0 mln vs 30.3 mln\n Nine Mths\n Shr 71 cts vs 57 cts\n Net 4,828,000 vs 3,857,000\n Revs 92.0 mln vs 89.0 mln\n Reuter\n\u0003", "date": "16-MAR-1987 12:41:07.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "5494" }, { "title": "MARKEL CORP 4TH QTR NET", "body": "Shr 32 cts vs 18 cts\n Net 1,200,466 vs 545,670\n Revs 8.2 mln vs 6.4 mln\n Year\n Shr 1.52 dlrs vs 27 cts\n Net 4,972,683 vs 1,046,460\n Revs 33.3 mln vs 23 mln\n Reuter\n\u0003", "date": "16-MAR-1987 12:41:11.49", "topics": [ "earn" ], "places": [ "usa" ], "id": "5495" }, { "title": "SCIENCE ACCESSORIES CORP 1ST QTR NET", "body": "Qtr ends Jan 31\n Shr two cts vs two cts\n Net 78,537 vs 72,364\n Revs 626,942 vs 640,030\n Reuter\n\u0003", "date": "16-MAR-1987 12:41:15.33", "topics": [ "earn" ], "places": [ "usa" ], "id": "5496" }, { "title": "WORLDGROUP SUED BY TRAVEL AGENCIES", "body": "Worldgroup Cos Inc said it was\nsued by two companies operating three franchised travel\nagencies for violating franchise and trademark agreements.\n The suit, filed in U.S. District Court for the western\ndistrict of Missouri, seeks 385,000 dlrs for losses and almost\n9.2 mln dlrs in additional damages.\n The suit alleges the sale of the franchises by IT Financial\nCorp of Tulsa to International Tours Inc, a Worldgroup unit,\nviolated franchise, trademark and other agreements. It also\nclaims the defendants have conspired to restrain trade and\nviolated federal racketeering laws, the company said.\n Worldgroup said the claims are unfounded and that it plans\nto defend itself vigorously.\n In addition to Worldgroup and IT Financial, K mart Corp\n was named as a defendant, Worldgroup said. Worldgroup has\nagreements with K mart to market travel services.\n Reuter\n\u0003", "date": "16-MAR-1987 12:41:25.65", "places": [ "usa" ], "id": "5497" }, { "title": " French adjusted February trade deficit 400 mln francs vs January deficit 2.5 billion\n", "date": "16-MAR-1987 12:41:28.11", "topics": [ "trade" ], "places": [ "france" ], "id": "5498" }, { "title": "BIFFEX MEMBERS TO BALLOT ON MERGER", "body": "Members of the Baltic International\nFreight Futures Exchange (BIFFEX) are to be balloted at the end\nof this week on whether it will merge with the London Commodity\nExchange or come under a new umbrella of Baltic futures\nexchanges, a BIFFEX official said.\n The final decision will be left with the BIFFEX board,\nwhich will meet at the end of this month, he said.\n Last week three exchanges currently trading on the Baltic\nExchange, the London Potato Futures Association, the GAFTA Soya\nBean Meal Futures Association and the London Meat Futures\nExchange, instructed legal advisers to implement a merger.\n Reuter\n\u0003", "date": "16-MAR-1987 12:41:38.95", "topics": [ "ship" ], "places": [ "uk" ], "id": "5499" }, { "title": "MACHINE TECHNOLOGY SEES 2ND QTR LOSS", "body": "Machine Technology Inc said it\nexpects to report a second quarter loss of 13 to 17 cts per\nshare on sales of about 4,400,000 dlrs.\n A year earlier, it lost 139,000 dlrs or three cts per share\non sales of 4,271,000 dlrs.\n The company said it booked over six mln dlrs in the quarter\nand its backlog has risen 35 pct since the end of its fiscal\nyear, leading it to expect improved results in the second half.\n Reuter\n\u0003", "date": "16-MAR-1987 12:41:45.80", "topics": [ "earn" ], "places": [ "usa" ], "id": "5500" }, { "title": "DOCUGRAPHIX INC 3RD QTR JAN 31 LOSS", "body": "Shr loss six cts vs loss 18 cts\n Net loss 31,896 vs loss 753,518\n Revs 840,075 vs 716,361\n Avg shrs 5.45 mln vs 4.17 mln\n Nine mths\n Shr loss 25 cts vs loss 55 cts\n Net loss 1,271,972 vs loss 2,115,662\n Revs 2,071,676 vs 1,933,562\n Avg shrs 5.02 mln vs 3.85 mln\n Reuter\n\u0003", "date": "16-MAR-1987 12:41:50.70", "topics": [ "earn" ], "places": [ "usa" ], "id": "5501" }, { "title": "NBD BANCORP REGULAR DIVIDEND SET", "body": "Qtly div 30 cts vs 30 cts previously\n Pay May 11\n Record April Nine\n Reuter\n\u0003", "date": "16-MAR-1987 12:41:57.47", "topics": [ "earn" ], "places": [ "usa" ], "id": "5502" }, { "title": "EDWARD HINES LUMBER NET REALIZABLE VALUE SET", "body": "Edward Hines Lumber Co, which is in the\nprocess of complete liquidation, said the estimated net\nrealizable value of its assets as of Dec 31, 1986 was four dlrs\na share.\n It said this is the same estimated per share value\nannounced earlier in 1986.\n The company said total liquidation distributions so far are\nslightly in excess of 40 dlrs a share.\n Reuter\n\u0003", "date": "16-MAR-1987 12:43:17.39", "places": [ "usa" ], "id": "5503" }, { "title": "CHEYENNE SOFTWARE TO ISSUE NEWS RELEASE", "body": "Cheyenne Software Inc, whose stock\nhas been halted on NASDAQ, said it will issue a news\nrelease soon.\n The company declined to comment on the nature of the news\nrelease.\n Reuter\n\u0003", "date": "16-MAR-1987 12:44:02.09", "places": [ "usa" ], "id": "5504" }, { "title": "TRIANGLE MICROWAVE IN TALKS ON BUYOUT", "body": "Triangle Microwave Inc said\nit is involved in talks on its possible purchase by a\n\"substantial U.S. company\" it did not identify.\n Triangle said no agreement has yet been reached and there\ncan be no assurance that one will be reached. Any acquisitioon\nwould be subject to approval by its shareholders and to\nregulatory filings, it said.\n Triangle Microwave makes microwave system components and\nhad earnings for the first half ended January 31 of 1,055,000\ndlrs on sales of 7,292,000 dlrs, up from earnings of 763,000\ndlrs on sales of 6,034,000 dlrs a year before.\n Reuter\n\u0003", "date": "16-MAR-1987 12:44:15.50", "topics": [ "acq" ], "places": [ "usa" ], "id": "5505" }, { "title": "YEUTTER REPEATS RETALIATION THREAT ON EC OIL TAX", "body": "U.S. Trade Representative Clayton\nYeutter said the United States will retaliate if the European\nCommunity adopts a proposed tax on vegetable oils, but he did\nnot say what EC products would be singled-out for reprisal.\n Speaking to the National Grain and Feed Association (NGFA)\nconvention here, Yeutter said he is \"cautiously optimistic\" the\ncontroversial oils tax proposal will be rejected by the EC\nCouncil of Ministers.\n Yeutter said the proposed tax is a \"flagrant violation of\nthe spirit of GATT\" because it would imperil the zero binding\nduty on U.S. exports of soybeans to Europe.\n He said the Reagan administration has yet to decide on a\nretaliation list. The administration would not reveal a\nretaliation list unless the EC approved the proposal, he said.\n Reuter\n\u0003", "date": "16-MAR-1987 12:44:33.58", "topics": [ "veg-oil" ], "organisations": [ "ec" ], "places": [ "usa" ], "id": "5506" }, { "title": "CANADA'S MULRONEY SAYS U.S. TRADE DEAL NEARS", "body": "Prime Minister Brian Mulroney said\n\"significant progress\" was being made in trade talks with the\nUnited States and a profile of a major deal was emerging.\n Opening a debate on free trade in the House of Commons,\nMulroney said an accord would create thousands of jobs in\nCanada and bring greater economic prosperity to both countries.\n Mulroney, who offered few new details of the talks, said\nthat while the negotiations were risky and difficult, \"a\nprofile of a major trade deal is now emerging.\"\n In a 50-minute address, Mulroney made an often passionate\ndefense of the initiative that he said would give poorer areas\nof the country a major economic boost.\n \"Because of our trading patterns over a period of decades,\nwe are in the process of building two Canadas -- one that is\nrich and promising, one that is under-developed and\nunder-employed,\" said Mulroney.\n \"What we want is to make sure Newfoundlanders and British\nColumbians and Albertans and others, that they get their\nchance. They must be given the opportunity to trade their way\nto prosperity.\"\n Few detials have been released on the trade talks which\nwere launched nearly two years ago between the two nations that\nare each others most important trading partners.\n Recent published reports in Canada, quoting senior trade\nsources, said the countries were close to reaching a trade deal\nand it will involve eliminating border trariffs and many\nnon-tariff barriers over the next 10 to 12 years.\n It has been reported a key stumbling block in the talks is\na Canadian proposal to find a new way to settle trade disputes,\nsomething that would give Canada protection from Washington's\ntough trade remedy laws.\n But Mulroney, sharply critical of protectionist sentiment\nin the U.S, said Canada was a \"fair trader\" and denied the\ngovernment was pursuing the deal to win unfair access to the\nAmerican market.\n He said a trade deal must bring benefits to both sides.\n \"We recognize a good deal must be a fair deal, one that is\nfair to both sides,\" Mulroney said.\n Reuter\n\u0003", "date": "16-MAR-1987 12:45:32.94", "topics": [ "trade" ], "places": [ "usa", "canada" ], "id": "5507" }, { "title": "FRANCE REDUCES TRADE DEFICIT IN FEBRUARY", "body": "France posted a seasonally adjusted trade\ndeficit of 400 mln francs in February after a 2.5 billion franc\ndeficit in January, the Finance Ministry said.\n For the first two months of this year the trade deficit, on\na seasonally adjusted basis, was 2.9 billion francs.\n Unadjusted, the February deficit was 2.4 billion francs and\nthe two-month cumulative deficit 8.1 billion, the ministry said\nin a statement.\n The Ministry said February exports totalled 73.8 billion\nfrancs, an 8.9 pct increase on January, while imports totalled\n74.3 billion francs, an increase of 5.8 pct.\n Farm and food trade showed a two billion franc surplus\nafter a surplus of 2.4 billion in January.\n The energy deficit was reduced to 6.5 billion francs from\neight billion in January, while industrial trade showed a\nsurplus of 1.4 billion francs against only 800 mln francs in\nJanuary.\n REUTER\n\u0003", "date": "16-MAR-1987 12:45:48.84", "topics": [ "trade" ], "places": [ "france" ], "id": "5508" }, { "title": "NYFE SEAT SELLS FOR 200 DLRS", "body": "The New York Stock Exchange said a\nseat sold on the New York Futures Exchange for 200 dlrs,\nunchanged from the previous sale on March 13.\n It also said a second seat sold on the NYFE for 100 dlrs,\ndown 100 dlrs from the previous sale.\n The current bid is for 100 dlrs and the offer is for 300\ndlrs.\n Reuter\n\u0003", "date": "16-MAR-1987 12:46:18.31", "places": [ "usa" ], "id": "5509" }, { "title": "NAVISTAR RECALLING 52,000 TRUCKS AND BUSES\n", "date": "16-MAR-1987 12:47:53.73", "id": "5510" }, { "title": "NCR SEES GOOD CHANCE FOR RECORD YEAR NET", "body": "NCR Corp is very optimistic that it will\npost record revenues and profits for 1987, Charles E. Exley Jr,\nchairman and president, said.\n \"Much of our considerable optimism about the future is\nbased on the strength of a continuing flow of new products,\"\nExley told a meeting of securities analysts. \"Our current\nposition is the strongest in modern NCR history with\nnew-generation offerings deliverable in every major category\nthis year.\"\n For 1986, NCR's earnings rose nine pct, to 3.42 dlrs a\nshare, on sales that increased 13 pct, to 4.9 billion dlrs.\n During the balance of 1987, Exley said NCR will pay close\nattention to increasing its penetration of major accounts,\nexpanding its third-party distribution channels and continuing\nits introduction of new products.\n \"In 1986, new products introduced within the proceding 36\nmonths accounted for more than 65 pct of our major equipment\norder activity,\" he said.\n \"At the end of two months,\" he added,\" I can say we are off\nto a good start\" for 1987.\n Reuter\n\u0003", "date": "16-MAR-1987 12:48:27.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "5511" }, { "title": "DESJARDINS GROUP CONSIDERING SHARE OFFERING", "body": ", the Quebec credit\nunion organization with 30 billion dlrs in assets, needs a new\nstructure to raise capital and compete outside of Quebec and is\nconsidering a share issue, president Claude Beland said.\n Beland said the group is considering forming a holding\ncompany which would raise capital by issuing preferred,\nnon-voting shares.\n \"If we want to expand we have to look into other markets,\"\nBeland said in an interview. \"Right now we have many\nopportunities but we don't have the tools to react properly,\"\nhe said.\n The co-operative organization, which was founded in 1900,\nsaid it accounts for 38 pct of Quebec consumer loans, 50 pct of\nmortgage loans, and 18 pct of commercial loans in the province.\nIt said it also controls Quebec's largest life insurance\ncompany.\n \n Reuter\n\u0003", "date": "16-MAR-1987 12:49:06.82", "places": [ "canada" ], "id": "5512" }, { "title": "FIAT CONVERTIBLE BOND OPTION UNDER STUDY", "body": "Sources close to the Italian state credit\ninstitution (Istituto Mobiliare Italiano - IMI) said a\nconvertible bond issue was one of the possibilities being\nstudied to facilitate market absorption of Fiat shares sold\nlast year by Libya and still in the hands of banks.\n The sources could give no further details of the options\nunder study.\n A Fiat spokesman contacted by Reuters said the company had\nno comment to make on the possibility of a convertible bond\nissue, saying any decision to be taken \"did not depend on Fiat.\"\n Italian press reports that a bond issue was under study\npushed Fiat's shares higher on the Milan bourse today.\n The company's ordinary shares closed in Milan today at\n12,540 lire in Milan today, up from a closing 12,195 Friday.\n Fiat preference shares and savings (non-voting) shares\ngained even more strongly, closing at 7,740 and 7,841 lire\nrespectively against 7,353 and 7,600 Friday.\n Bourse dealers say the fall in value of Fiat stock over the\nlast six months partly reflects selling by foreign operators of\nshares acquired as a result of the 2.1 billion dlr equity offer\nafter Libya sold its minority stake last September.\n On September 23, 1986, the day Fiat announced it had\nreached an agreement under which Libya would sell its 15 pct\nstake, Fiat shares closed in Milan at 16,600 lire. Since then,\nthe trend has been down.\n Last September's share offer, which triggered criticism by\nunderwriters about the handling of the sale, opened at a\nsubstantial discount to its offer price, resulting in losses\nfor holders of the shares.\n Some analysts have said the size of offer was too big for\nthe market to handle efficiently.\n REUTER\n\u0003", "date": "16-MAR-1987 12:49:43.55", "places": [ "italy" ], "id": "5513" }, { "title": "AEROSPATIALE STUDYING HIGH-SPEED AIRLINER", "body": "France's state-owned Aerospatiale is\nworking on designs for a hypersonic plane to fly 150 passengers\nat five times the speed of sound, and plans to unveil computer\nstudies at the Paris air show in June, a company spokesman\nsaid.\n The plane, which is similar in concept to the Orient\nExpress project announced by President Reagan last year, would\nhave four ram-jet motors, lacking the moving parts of\nconventional turbo-jet engines, and each having 30 tonnes of\nthrust.\n It would cruise at an altitude of up to 30,000 metres,\naround three times higher than conventional aircraft and nearly\ntwice as high as the Anglo-French Concorde supersonic jet.\n With a range of 12,000 km it would be capable of flying\nfrom Paris to New York in one hour, compared with three hours\ntaken by Concorde, and Paris to Tokyo in two hours.\n The aircraft could reach speeds in excess of 5,000 km an\nhour.\n The Aerospatiale spokesman said its research scientists had\nbeen working on the project for about two years, drawing on the\nexperience it gained from Concorde as well as experience in\nheat-resistant materials needed on high-speed aircraft which it\nhas developed from building French nuclear missiles.\n Reuter\n\u0003", "date": "16-MAR-1987 12:50:44.64", "places": [ "france" ], "id": "5514" }, { "title": "FLOATING RATE NOTE MARKET STILL IN TURMOIL", "body": "The market in floating rate notes showed\nno clear signs of recovery today from the confusion which sent\nprices tumbling and paralysed trading at the end of last week,\ndealers and bank officials said.\n FRN dealers said at least 10 houses did not open for\nbusiness with many market operators pausing to assess their\nnext steps in the wake of Friday's huge drops and panic\ntrading.\n Despite some late signs that prices were recovering last\nweek, today's erratic trade provided a similarly mixed final\npicture with longer-dated FRNs still clearly under pressure.\n While FRN specialists noted that paper on which coupons are\nshortly due to be refixed had managed to hold up today, as had\nnotes paying a relatively higher margin, longer term FRNs were\nstill subject to intense selling pressure.\n \"Anything longer than 10 years is still being sold off\nseriously, as is just about any paper in the banking sector,\"\none FRN market source at a leading U.S. House said.\n He noted that one long-dated Citicorp issue -- paper which\nhas suffered recently on fears over Latin American debt\nexposure -- slipped by two points to around 94.00. FRNs, whose\ncoupons are refixed regularly, usually trade around par.\n U.S. And Canadian bank paper was still generally under\npressure, as was Republic of Ireland paper, due to renewed\nworries about the Irish economic situation.\n The malaise was felt through the banking sector with a two\npoint fall registered by one BNP note, to give a three point\ndrop over two trading days.\n Retail clients, usually seen returning to the market as\nprice falls push yield margins up to these attractive levels,\nhave been unnerved by the last three days' panic, dealers said.\n \"Yes, there's been some bargain hunting, but no one dares to\nbe first to come seriously back in,\" said one dealer.\n \"A handful of market giants have frightened the retail away\nwith this aggressive manipulation. As true liquidity drains, we\nare going to have to see some better market cooperation and\nrationalisation,\" commented one FRN trader now dealing with\nstraight bond issues since the floater market crisis.\n This view was shared by the majority of FRN market sources\npolled by Reuters since trade began to collapse last week.\n Of the 50 or so houses who have up until now made a market\nin floaters, dealers estimated that around a dozen did not\nquote FRN prices today and they reported that one or two houses\nwere not expected to resume trade in the securities at all.\n Many called meetings to assess the current market\nsituation.\n \"Given the potential volatility of this market -- one which\nhas been conclusively proved by the events of the last days --\nsenior management are now duty bound to revise the set of\nparameters within which they, as market makers, are now to\nwork,\" commented one senior source at a leading U.K. Investment\nhouse.\n However, there were no reports that a formal crisis meeting\nof market makers -- such as that called in December last year\nduring the perpetual FRN market collapse -- was on the cards.\n Several firms were expected to cut back drastically on the\nlist of FRNs traded, with most volatile paper first to go.\n Elsewhere in the eurobond market, business was extremely\nquiet, with virtually no activity seen in the dollar straight\nsector which has been becalmed of late, traders said.\n \"There has been no real two-way business today, neither has\nthere been any new issues for diversion,\" noted one trader.\n \"All we have seen today is some squaring up of positions,\"\nshe added. Investors remain cautious of the dollar, which\nthough recently stable, still has potential downside risk.\n Eurosterling, the market sector which, aside from the FRNs,\nhas been in the headlines lately, was quiet today ahead of the\nU.K. Government budget due to be announced tomorrow.\n Undertone was very firm with dealers expecting a positive\nfiscal package tomorrow and, if not more good economic news to\nboost sterling, at least confirmation of the bull factors which\nhave bolstered eurosterling and gilt-edged bonds lately.\n \"It was just sit and wait today but I expect it will be full\nsteam ahead on Wednesday,\" commented one sterling market source.\n Prices showed gains to 1/8 to 3/8 point across the board.\n Dealers said several new eurosterling issues were currently\nin the pipeline and an early issue is expected to be for a\nmajor European bank which currently has a mandate in the\nmarket.\n In other sectors, euroyen also maintained its firm tone.\n Although the market is expected to be resting until trading\nswitches to an April value date, the euroyen sector is expected\nto be buoyed by some professional switching out of Japanese\ngovernment bonds into relatively cheaper euroyen bonds.\n Two new yen issues were features on an otherwise quiet\nprimary market. Both for 15 billion yen due 1992, the first for\nEksportfinans was at five pct and 103 pct, led by Mitsubishi\nFinance International. The second for Export Development Corp\nat 4-1/2 pct and 101-7/8 pct led by Bank of Tokyo\nInternational.\n The day's only other feature was a targetted 30 mln dlr\nstepped coupon deal for Kawasaki Steel due 1994.\n REUTER\n\u0003", "date": "16-MAR-1987 12:51:58.93", "places": [ "uk" ], "id": "5515" }, { "title": "EQUITABLE BANC BOSS HAS AMERITRUST STAKE", "body": "A group controlled by Equitable\nBancorp Chairman Alfred Lerner said it has acquired a 9.6 pct\nstake in AmeriTrust Corp and may buy up to 24.9 pct if\nobtains regulatory approval.\n In a filing with the Securities and Exchange Commission,\nthe group said it bought its stake of 2.0 mln Ameritrust common\nshares, for 81.1 mln dlrs as an investment.\n But the group, acting through Clevebaco L.P., a Cleveland\npartnership, also said it would seek regulatory approval to\nincrease its stake. Lerner owns Clevebaco Corp, which is the\ngeneral partner of Clevebaco L.P.\n The Lerner group said it filed with the Federal Reserve\nBoard on March 13 notice of its intent to buy more than 10 pct\nof the common stock of AmeriTrust, a Cleveland bank holding\ncompany.\n If the Fed approves, Lerner, whose Equitable Bancorp is\nalso in Cleveland, said he intends to buy more AmeriTrust\nstock, subject to market conditions and other factors.\n Since Lerner heads a bank holding company with assets\ngreater than one billion dlrs, he said he is barred by law from\nserving as a director or officer of AmeriTrust or of having his\nrepresentatives on its board.\n Lerner said he has no intention of influencing AmeriTrust\nmanagement or its policies.\n The group said Clevebaco L.P. bought one mln of its shares\nfrom Bear, Stearns and Co Inc on March 9 at 41 dlrs a share.\n Lerner said he accumulated the other one mln shares through\nMarch 3 and sold them to Clevebaco L.P., which he controls, on\nMarch 10 for 40.10 dlrs a share.\n Reuter\n\u0003", "date": "16-MAR-1987 12:52:48.77", "topics": [ "acq" ], "places": [ "usa" ], "id": "5516" }, { "title": "AMERICAN SECURITY BUYOUT COMPLETED", "body": "Maryland National Corp said it\nhas completed the acquisition of American Security Corp in an\nexchange of 0.81 Maryland share for each of American's 12 mln\nshares outstanding.\n The company said the mandatory 30-day review by the U.S.\nJustice Department was completed today.\n Maryland National said American Security shareholders will\nbe entitled to receive the 32-1/2 ct per share Maryland\nNational regular quarterly dividend that is payable March 31 to\nholders of record today.\n Reuter\n\u0003", "date": "16-MAR-1987 12:53:25.26", "topics": [ "acq" ], "places": [ "usa" ], "id": "5517" }, { "title": "U.S. COULD COMPLAIN TO GATT ON CANADA CORN DUTY", "body": "U.S. Trade Representative Clayton\nYeutter suggested the U.S. could file a formal complaint with\nthe General Agreement on Tariffs and Trade (GATT) challenging\nCanada's decision to impose duties on U.S. corn imports.\n Asked about the Canadian government decision to apply a\nduty of 84.9 cents per bushel on U.S. corn shipments, Yeutter\nsaid the U.S. could file a formal complaint with GATT under the\ndispute settlement procedures of the subsidies code.\n Other U.S. options would be to appeal the decision in\nCanadian courts, or to retaliate against Canadian goods, a\nlower-level U.S. trade official said. However, retaliation is\nan unlikely step, at least initially, that official said. No\ndecision on U.S. action is expected at least until after\ndocuments on the ruling are received here later this week.\n Reuter\n\u0003", "date": "16-MAR-1987 12:53:37.50", "topics": [ "grain", "corn" ], "organisations": [ "gatt" ], "places": [ "usa", "canada" ], "id": "5518" }, { "title": "CONRAIL SAID INITIAL OFFERING COULD BE MADE NEXT WEEK AT 26 TO 29 DLRS SHARE\n", "date": "16-MAR-1987 12:56:33.65", "id": "5519" }, { "title": "RAINIER COMPLETES ACQUISITION", "body": "Rainier Bancorp said it completed the\nacquisition of Tacoma, Wash.-based United Bank, for 59 mln dlrs\nworth of Rainier stock.\n United, a savings bank with 607 mln dlrs in assets and 23\noffices, will operate as a wholly-owned subsidiary, Rainier\nsaid.\n Rainier, which last month agreed to merge with Security\nPacific Corp , said the United acquisition will increase\nits assets to 9.8 billion dlrs from the 9.2 billion reported at\nthe end of 1986.\n Reuter\n\u0003", "date": "16-MAR-1987 12:58:14.23", "topics": [ "acq" ], "places": [ "usa" ], "id": "5520" }, { "title": "NAVISTAR