[ { "title": "VALERO ENERGY DEBT UPGRADED BY MOODY'S", "body": "Moody's Investors Service Inc said it\nupgraded Valero Energy Corp's 120 mln dlrs of debt.\n Moody's cited an improved leverage position that will\nresult from Valero's sale of its Valero Natural Gas subsidiary\nto Valero Natural Gas Partners L.P., the partial sale of units\nof that partnership to the public, and the simultaneous sale of\nfirst mortgage bonds to institutional investors.\n Raised were Valero-backed tax-exempt economic development\nrevenue bonds of Vincennes, Ind, to Baa-3 from B-1, Valero's\nsubordinated debt to Ba-1 from B-2 and depository preferred\nstock to Ba-1 from B-2. \n Reuter\n\u0003", "date": "17-MAR-1987 10:59:37.95", "places": [ "usa" ], "id": "6001" }, { "title": "NL FILES SUITS AGAINST UNITED CATALYSTS", "body": "NL Industries Inc's NL\nChemicals Inc subsidiary said it filed two complaints against\n for patent infringements and\nmisappropriation of confidential information.\n NL said the patent infringement suit alleges that United's\nproduct, Thixogel DSS, infringes on NL's patent protecting its\nBentone 128 product.\n NL said it filed the patent complaint in the United States\nDistrict Court for the Western District of Kentucky, and the\nmisappropriation complaint in Circuit Court, Jefferson County,\nKy. United Catalysts is based in Louisville, Ky.\n Reuter\n\u0003", "date": "17-MAR-1987 11:01:59.32", "places": [ "usa" ], "id": "6002" }, { "title": "IRVING TRUST BUYS GULF/WESTERN UNIT", "body": "Irving Bank Corp said it bought the\nfactoring division of Associates Commercial Corp, a unit of\nGulf and Western Co Inc's Associates Corp of North America.\n The terms of the previously announced deal were not\ndisclosed.\n It said the assets were transferred to Irving Commercial\nCorp.\n\n Reuter\n\u0003", "date": "17-MAR-1987 11:02:40.56", "topics": [ "acq" ], "places": [ "usa" ], "id": "6003" }, { "title": "DITTLER BROTHERS SEEK LOTTERY INVESTIGATIONS", "body": "Dittler Brothers called for\ninvestigations by the attorneys general of 24 states in\nconnection with possible violation of state lottery laws by\nBally Manufacturing Corp and its subsidiary, Scientific\nGames.\n Dittler Brothers said it requested the states' law\nenforcement chiefs to investigate the companies following last\nweek's determination by a court-appointed auditor that\nScientific furnished erroneous information to those 24 state\nlottery officials.\n The states named are spread throughout the country.\n Reuter\n\u0003", "date": "17-MAR-1987 11:03:32.29", "places": [ "usa" ], "id": "6004" }, { "title": "AMRE INC 3RD QTR JAN 31 NET", "body": "Shr five cts vs one ct\n Net 196,986 vs 37,966\n Revs 15.5 mln vs 8,900,000\n Nine mths\n Shr 52 cts vs 22 cts\n Net two mln vs 874,000\n Revs 53.7 mln vs 28.6 mln\n Reuter\n\u0003", "date": "17-MAR-1987 11:07:22.82", "topics": [ "earn" ], "places": [ "usa" ], "id": "6005" }, { "title": "KANSAS LEGISLATOR TO OFFER U.S. 0/92 BILL TODAY", "body": "U.S. Rep. Dan Glickman, D-Kan.,\nchairman of the House Agriculture subcommittee on wheat,\nsoybeans and feedgrains, said he would today introduce a bill\nto apply the so-called 0/92 concept to wheat and feedgrains\nproducers.\n Glickman told Reuters the measure would allow 1987 winter\nwheat producers and 1988 feedgrains producers the possibility\nof receiving no less than 92 pct of their income support\npayments regardless of how much acreage they planted.\n He also said his bill would protect program participants\nfrom reduced income payments in the event market prices rose\nabove the loan rate.\n Reuter\n\u0003", "date": "17-MAR-1987 11:07:47.91", "topics": [ "grain", "wheat" ], "places": [ "usa" ], "id": "6006" }, { "title": "C. ITOH FINANCE (EUROPE) ISSUES EUROBOND", "body": "C. Itoh Finance (Europe) Ltd is issuing\na 30 mln dlr deferred coupon eurobond, due March 30, 1992 and\npriced at 100.1 pct, Wako International (Europe) Ltd said as\nlead manager.\n From the third year the bonds will pay interest at a rate\nof four pct over six month London interbank borrowed rate\n(Libor). They will be issued in denominations of 50,000 dlrs\nand will be listed in Luxembourg. Fees of 0.1 pct comprise two\nbasis points for management and underwriting and eight points\nfor selling.\n Co-leads are Mitsui Trust International and Pru-Bache\nSecurities International. Pay date is March 30.\n The transaction is guaranteed by C. Itoh and Co (Hong Kong)\nLtd, Wako International said.\n REUTER\n\u0003", "date": "17-MAR-1987 11:09:12.10", "places": [ "uk" ], "id": "6007" }, { "title": "INTERNATIONAL LEASE SELLS TWO JETS", "body": "International Lease\nFinance Corp said it sold two Boeing 737-200 aircraft and\nleased one 737-200 in two transactions valued at 28 mln dlrs.\n It said the sales will result in a pre-tax gain for its\nsecond fiscal quarter ending May 31.\n The two jets were sold for 18 mln dlrs to an investor group\nand the third was leased for five years to Pacific Western\nAirlines Ltd of Calgary, Alberta, International Lease said.\n Reuter\n\u0003", "date": "17-MAR-1987 11:09:38.54", "places": [ "usa" ], "id": "6008" }, { "title": "HITECH ENGINEERING COMPLETES STOCK SALE", "body": "HiTech Engineering Co said it\ncompleted the private sale of 200,000 shares of its common\nstock to its chairman and president, Francine Prokoski, for\n37,500 dlrs.\n The company said the proceeds will be used to develop\nproducts under a contract with a private company.\n Reuter\n\u0003", "date": "17-MAR-1987 11:10:08.50", "places": [ "usa" ], "id": "6009" }, { "title": "PORTA SYSTEMS CORP 4TH QTR JAN 31 NET", "body": "Shr 10 cts vs 11 cts\n Net 547,000 vs 579,000\n Sales 11.0 mln vs 11.1 mln\n Year\n Shr 46 cts vs 52 cts\n Net 2,500,000 vs 2,841,000\n Sales 40.7 mln vs 40.5 mln\n Reuter\n\u0003", "date": "17-MAR-1987 11:10:19.73", "topics": [ "earn" ], "places": [ "usa" ], "id": "6010" }, { "title": "CALIFORNIA ENERGY INITIAL OFFER STARTS", "body": "California Energy Co Inc\nsaid an initial public offering of 1,900,000 common shares is\nunderway at 7.50 dlrs each through underwriters led by Laidlaw\nAdams and Peck Inc.\n The geothermal power company said the offering is expected\nto close March 19.\n Reuter\n\u0003", "date": "17-MAR-1987 11:14:30.93", "places": [ "usa" ], "id": "6011" }, { "title": "DIVI HOTELS WARRANTTRADE ON AMEX", "body": "Divi Hotels NV of Aruba said its\nwarrants have started trading today on the .\n Reuter\n\u0003", "date": "17-MAR-1987 11:15:07.84", "places": [ "usa" ], "id": "6012" }, { "title": "FEDERATED DEPARTMENT STORES INC 4TH QTR SHR 3.64 DLRS VS 3.16 DLRS\n", "date": "17-MAR-1987 11:15:13.82", "topics": [ "earn" ], "id": "6013" }, { "title": " EIGHT MTHS JAN THREE NET", "body": "Oper net 46.6 mln\n Revs 392 mln\n 12 mths\n Oper net 65 mln vs 47.1 mln\n Revs 590 mln vs 591 mln\n NOTE: Eight months represents earnings following\nacquisition in May 1986 when company went private.\n Period ending Jan. 3, 1987 excludes 42.3 mln dlrs of\ninterest expenses, 41.6 mln dlrs of acquisition adjusments, and\n1.7 mln dlrs of income taxes.\n Reuter\n\u0003", "date": "17-MAR-1987 11:15:25.35", "topics": [ "earn" ], "places": [ "usa" ], "id": "6014" }, { "title": "BANK OF IRELAND LAUNCHES U.S. PAPER PROGRAM", "body": "Bank of Ireland said it launched in the\nU.S. Market a commercial paper program for up to 200 mln dlrs,\nbecoming the first Irish issuer of paper in that market.\n It said the first tranche of an undisclosed amount was sold\ntoday through Goldman Sachs and Co Inc and that the paper last\nweek had received the top A-1/P-1 rating of Standard and Poor's\nCorp and Moody's Investors Service Inc, respectively.\n In a statement, the Bank of Ireland noted that the U.S.\nPaper market will provide it with a new source of funding.\n REUTER\n\u0003", "date": "17-MAR-1987 11:15:35.39", "places": [ "uk", "ireland", "usa" ], "id": "6015" }, { "title": "BAKER SAYS U.S. OPPOSES SOVIET BANK MEMBERSHIP", "body": "Treasury Secretary James Baker said\nthe U.S. opposes Soviet membership of the World Bank or the\nInternational Monetary Fund.\n Baker told a House foreign affairs subcommittee, \"I think\nour position is absolutely clear on that ... We do not support\nand will not support Soviet membership in the World Bank or the\nIMF.\"\n Baker said the U.S. position was \"unqualified and\nunconditional.\"\n The secretary observed that he has written to congressman\nJack Kemp, a New York Republican who is also a presidential\ncontender, outlining the U.S. position.\n Baker was responding to a questioner who noted that World\nBank President Barber Conable has in the past suggested future\nSoviet membership could take place.\n Ever since Soviet leader Mikhail Gorbachev suggested Soviet\nmembership in the General Agreement on Tariffs and Trade --\nwhich was also rejected -- there has been speculation Moscow\nwas interested in joining the international institutions.\n Reuter\n\u0003", "date": "17-MAR-1987 11:15:43.66", "organisations": [ "worldbank", "imf" ], "places": [ "ussr", "usa" ], "id": "6016" }, { "title": "GANTOS INC 4TH QTR JAN 31 NET", "body": "Shr 43 cts vs 37 cts\n Net 2,276,000 vs 1,674,000\n Sales 31.9 mln vs 23.9 mln\n Avg shrs 5.3 mln vs 4.5 mln\n Year\n Shr 90 cts vs 69 cts\n Net 4,508,000 vs 3,096,000\n Sales 98.4 mln vs 75.0 mln\n Avg shrs 5.0 mln vs 4.5 mln\n Reuter\n\u0003", "date": "17-MAR-1987 11:16:02.24", "topics": [ "earn" ], "places": [ "usa" ], "id": "6017" }, { "title": " 1ST HALF DEC 31 NET", "body": "Shr not given\n Net 788,099\n Revs 15.5 mln\n NOTE: Company went public during 1986.\n Reuter\n\u0003", "date": "17-MAR-1987 11:16:08.19", "topics": [ "earn" ], "places": [ "usa" ], "id": "6018" }, { "title": "RABOBANK LAUNCHES 250 MLN GUILDER BULLET", "body": "Rabobank Nederland B.A.\nSaid it is launching under its own management a 250 mln guilder\neight-year bullet bond with a 6-3/4 pct coupon and priced at\npar.\n No early redemption is permitted on the bond which will be\npaid back in full on April 15, 1995.\n Denominations are in 1,000 and five times 1,000 guilders.\nSubscription closes March 23, payment is April 15. Listing will\nbe on the Amsterdam Stock Exchange.\n REUTER\n\u0003", "date": "17-MAR-1987 11:16:42.57", "places": [ "netherlands" ], "id": "6019" }, { "title": "SPENDTHRIFT FARMS GETS BID FOR CONTROL", "body": "Spendthrift Farm Inc said it has\nreceived three tentative proposals to acquyire control of the\ncompany.\n It said it is evaluating the proposals and will not comment\nfurther unless a definitive agreement is reached.\n Reuter\n\u0003", "date": "17-MAR-1987 11:18:43.18", "topics": [ "acq" ], "places": [ "usa" ], "id": "6020" }, { "title": "BIOTECHNICA HAS NEW AGRICULTURE UNIT", "body": "BioTechnica International said\nit established a new subsidiary, BioTechnica Agriculture, to\ndevelop and commercialize microbial and plant products for\nimproving crops. It said the unit will be based in Overland\nPark, Kansas.\n It said Charles H. Baker, former president of Rohm and Haas\nCo's Rohm and Haas Seed Inc affiliate, has been named\npresident of the new agriculture unit. The company said Baker\nwill also act for a limited time as president of , formed to acquire the Hybrex hybrid wheat\ntechnology from Rohm and Haas.\n Reuter\n\u0003", "date": "17-MAR-1987 11:18:58.30", "places": [ "usa" ], "id": "6021" }, { "title": "SUNWORLD HAS HIGHER LOAD FACTOR", "body": "Sunworld International Airways\nInc said its February load factor rose to 53 pct from 46.1 pct\na year earlier and its year-to-date load factor was up to 52\npct from the 51 pct posted for the same period last year.\n February revenue passenger miles rose to 27.4 mln from 26.4\nmln, but year-to-date revenue miles declined to 59.7 mln from\n60.4 mln.\n Available seat miles for the month dropped to 51.7 mln from\n57.2 mln and for the two month period available miles totaled\n115.3 mln, down from last year's 119.2 mln, Sunworld\nInternational said.\n Reuter\n\u0003", "date": "17-MAR-1987 11:19:09.96", "places": [ "usa" ], "id": "6022" }, { "title": "SHEARSON LEHMAN UPGRADES U.S. OIL STOCKS", "body": "Analyst Sanford Margoshes of Shearson\nLehman Brothers said he recommended a number of oil stocks\ntoday now that it is apparent that OPEC has succeeded in\nholding to its prescribed production quotas.\n \"It is clear that OPEC, through jawboning and quota\nrestraint, will boost the price of oil,\" Margoshes said.\n Prices of oil stocks rose sharply today in response to\nhigher oil prices and optimism about OPEC quotas. Margoshes\nsaid he recommends Imperial Oil , up 1/2 to 49-1/8,\nStandard Oil Co , 7/8 to 62-3/4, Exxon one to\n83-1/8, and Chevron 1-1/8 to 54-7/8.\n In addition, Margoshes said he recommended Atlantic\nRichfield on a short-term basis, though he said he is\nstill suspect about its debt situation. Atlantic Richfield rose\n1-3/4 to 77.\n He said \"the market could come down to test the 16 dlr a\nbarrel level again, but the main thrust of investing in oil is\npositive right now. Before the year is out we will see higher\noil prices.\"\n He noted that belief that the government is interested in\nraising the strategic reserves is factored into the rise in oil\nstocks today.\n Reuter\n\u0003", "date": "17-MAR-1987 11:22:34.18", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "usa" ], "id": "6023" }, { "title": " EC COMMISSION TO VISIT BONN AT KOHL'S INVITATION", "body": "West German Chancellor Helmut Kohl has\ninvited the European Community's 17-man Commission for talks in\nBonn next month in a bid to repair strained relations, EC\ndiplomats said.\n The Commissioners, led by President Jacques Delors, will\npay a two-day visit to Bonn on April 1-2 when they were due for\na meeting with the principal West German cabinet members.\n The meeting, the first of its kind between the Commission\nand the government of a member state, was originally meant to\nfocus on problems posed by West Germany's federal constitution.\n But they said the meeting was now likely to be dominated by\nCommission plans to restructure the EC's exhausted finances and\nits costly farm policy, which have provoked strong opposition\nfrom Bonn.\n Kohl has written two letters to Delors, complaining that\nthe plans would hit West German farmers hard. His farm\nminister Ignaze Kiechle has publicly criticised the two German\nmembers of the Commission for failing to oppose them.\n This caused protest from Brussels where the Commission\ntries to guard the independence of its members from the\ngovernments that nominate them.\n REUTER\n\u0003", "date": "17-MAR-1987 11:24:30.25", "organisations": [ "ec" ], "places": [ "belgium", "west-germany" ], "id": "6024" }, { "title": "ZAMBIAN MINISTER CONFIRMS COPPER DIVERSION", "body": "Minister of Mines Patrick Chitambala\nconfirmed that Zambia had ended copper shipments through South\nAfrica and announced that its state-run mining company had\nclosed down its liaison office in the white-ruled republic.\n He told the official Times of Zambia newspaper in an\ninterview the government was diverting all mineral exports\nalong rail routes to Dar es Salaam in Tanzania and Beira in\nMozambique. Chitambala declined to say what volume of copper\nand other minerals were being shipped through these two ports,\nbut he said there had not been any problem with the new\narrangements.\n \"So far our copper has been reaching its destinations\nwithout hindrance,\" he told the Times.\n The Times of Zambia quoted unnamed sources as saying Zambia\nexported 100,000 tonnes of copper through Dar es Salaam and\n17,000 through Beira in the last quarter of 1986. Diplomatic\nsources in Lusaka had earlier expressed doubts over Zambia's\nability to ship all its copper through Beira and Dar es Salaam\nwithout causing massive bottlenecks at the ports.\n Chitambala also said that the state-run Zambia Consolidated\nCopper Mines (ZCCM) had closed its liaison office in\nJohannesburg, since it was now redundant.\n Reuter\n\u0003", "date": "17-MAR-1987 11:25:02.06", "topics": [ "copper" ], "places": [ "zambia", "south-africa" ], "id": "6025" }, { "title": "TAFT CHAIRMAN'S GROUP RAISES TAFT BROADCASTING BID TO 150 DLRS/SHARE\n", "date": "17-MAR-1987 11:25:49.37", "topics": [ "acq" ], "id": "6026" }, { "title": "DEVELOPMENT CORP OF AMERICA MERGED", "body": "Development Corp of America\nsaid its merger with Lennar Corp was completed and its\nstock no longer existed.\n Development Corp of America, whose board approved the\nacquisition last November for 90 mln dlrs, said the merger was\neffective today and its stock now represents the right to\nreceive 15 dlrs a share.\n The American Stock Exchange said it would provide further\ndetails later.\n Reuter\n\u0003", "date": "17-MAR-1987 11:26:47.36", "topics": [ "acq" ], "places": [ "usa" ], "id": "6027" }, { "title": "TREASURY'S BAKER CALLS FOR NEW BRAZIL PLAN", "body": "Treasury Secretary James Baker said\nthat Brazil should come up with a new economic plan if it hopes\nto get additional assistance from commercial banks and others.\n In testimony before a House appropriations subcommittee,\nBaker said that he had given that message to Brazilian\nofficials earlier this month when they met for talks in\nWashington.\n He said that the so-called Cruzado Plan had worked for a\nwhile, but that new efforts by the government are now required.\n Baker made it clear that he backed the decision by the\nParis Club official creditors to reschedule loans to Brazil,\neven though the country later froze its payments to commercial\nbank creditors.\n He said that the official loans are being serviced and that\nthis was a result of the rescheduling.\n Reuter\n\u0003", "date": "17-MAR-1987 11:27:21.25", "places": [ "usa", "brazil" ], "id": "6028" }, { "title": "CALIFORNIA MICRO TRADES ON NASDAQ", "body": "California Micro Devices Corp\nsaid its stock was included in the March 17 expansion of the\nNASDAQ market system.\n Reuter\n\u0003", "date": "17-MAR-1987 11:27:51.45", "places": [ "usa" ], "id": "6029" }, { "title": "TEVA SELLS PROMEDICO SUBSIDIARY", "body": "Teva Pharmaceutical Industries Ltd,\nbased in Israel, said it sold its wholly owned Promedico\nsubsidiary, to foreign investors for four mln dlrs.\n It said the book value of the unit is about 2.2 mln dlrs.\n Teva said it will continue to market Promedico's products\nthrough its wholly owned subsidiary, Salomon, Levin and Elstein\nLtd.\n \n Reuter\n\u0003", "date": "17-MAR-1987 11:28:09.98", "topics": [ "acq" ], "places": [ "usa" ], "id": "6030" }, { "title": "ERC GETS THIRD CONTRACT", "body": "ERC International said its\nFacilities Management Group subsidiary, ERCI Facilities Service\nCorp, was awarded a 2.1 mln dlrs contract in the drug\nrepository field, the third such contract in nine months.\n It said that under the five-year contract, it will manage\nthe National Cancer Institutes's pre-clinical drug repository\nof more than 400,000 drugs and chemicals used to test antitumor\nactivity in animals and tissue culture systems.\n Reuter\n\u0003", "date": "17-MAR-1987 11:28:28.04", "places": [ "usa" ], "id": "6031" }, { "title": "BAKER SAYS U.S. NOT SEEKING IADB VETO", "body": "Treasury Secretary James Baker said\nthat the United States was not seeking loan veto in its\nnegotiation for voting power at the Inter-American Development\nBank.\n Discussing the ongoing negotiation, Baker said the U.S.\nposition is that the countries that pay in the most should have\nthe greatest say over the loan decisions.\n The U.S. is seeking the power to block loan votes with one\nother country, and the issue will be discussed in Miami later\nthis month at the annual meeting of the Latin development bank.\n Reuter\n\u0003", "date": "17-MAR-1987 11:29:40.89", "places": [ "usa" ], "id": "6032" }, { "title": "NEW MILFORD SAVINGS BANK RAISES PAYOUT", "body": "Qtly div 25 cts vs 20 cts prior\n Pay April 21\n Reord March 27\n Reuter\n\u0003", "date": "17-MAR-1987 11:31:47.85", "topics": [ "earn" ], "places": [ "usa" ], "id": "6033" }, { "title": "K MART ENDS TALKS TO SELL STORES", "body": "K Mart Corp said recent talks to sell\n65 remaining Kresge variety stores and their underlying real\nestate to F.W. Woolworth Co have ended.\n Robert Stevenson, K Mart vice president, told Reuters the\ntalks, which began about six weeks ago, ended. He declined to\ngive a reason.\n Kresge is the forerunner of what is now the K Mart chain.\nThe name was changed to K Mart in 1977, Stevenson said.\n \"We're selling and buying real estate in our real estate\ndivision, and Woolworth was interested in some of our\nproperties. The talks were of a casual nature,\" he said.\n The 65 Kresge stores that are scattered around the country\nin downtown and suburban locations, he said.\n Stevenson said K Mart will continue to operate the stores.\n\"The stores are profitable. The only decision K Mart has made\nis that we will continue to operate them,\" he said\n Kresge had been a nationwide chain of 900 variety stores.\n Reuter\n\u0003", "date": "17-MAR-1987 11:32:05.95", "topics": [ "acq" ], "places": [ "usa" ], "id": "6034" }, { "title": "INSTITUTE OF CLINICAL PHARM PLC YEAR", "body": "Shr 20 ct vs 27 cts\n Net 1,048,000 vs 1,368,000\n Revs 9,457,000 vs 5,386,000\n NOTE: Dollar amounts converted from Irish pounds at noon\nbuying rate of the Federal Reserve Bank of New York at Dec 31,\n1986, of 1.4105 dlr per one Irish pound. The equivalent rate at\nDec 31, 1985, was 1.2470 dlr equals one Irsh pound. Full name\nof company is The Institute of Clinical Pharmacology PLC, based\nin Dulbin, Ireland.\n Reuter\n\u0003", "date": "17-MAR-1987 11:32:21.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "6035" }, { "title": "LAWSON SAYS U.K. BASIC RATE INCOME TAX TO BE CUT TO 27 PCT FROM 29 PCT\n", "date": "17-MAR-1987 11:33:26.98", "id": "6036" }, { "title": "U.K. GROWTH RATE SEEN AT THREE PCT THIS YEAR", "body": "Chancellor of the Exchequer Nigel\nLawson, presenting his budget for fiscal 1987/88 to parliament,\nsaid U.K. Economic growth was forecast at three pct in calendar\n1987.\n He said the Treasury expected a current account balance of\npayments deficit in 1987 of 2.5 billion stg, after a 1.1\nbillion shortfall in 1986. Inflation is expected to be 4.0 pct\nat the end of 1987, he said, adding it may exceed 4.5 pct by\nthe summer before falling back to 4.0 pct by the end of the\nyear.\n The planned PSBR for 1987/88 was 4.0 billion stg unchanged\nwhen compared with the likely outturn for fiscal 1986/87,\nLawson said.\n Although no explicit target was set for the broad sterling\nM3 money supply, Lawson said broad money will continue to be\ntaken into account in assessing monetary conditions as well as\nthe exchange rate.\n The low outturn of the PSBR in 1986/87 was mainly due to\nthe buoyancy of non-oil tax revenues in general, and the\ncorporation tax paid by an increasingly profitable business\nsector in particular.\n On oil prices, Lawson said he was sticking to his earlier\nassumption that North Sea crude prices will average 15 dlrs per\nbarrel in calendar 1987. The treasury would strive to keep the\nPSBR at 1.0 pct of GDP in future, he said.\n Reuter\n\u0003", "date": "17-MAR-1987 11:36:40.54", "topics": [ "gnp", "bop" ], "places": [ "uk" ], "id": "6037" }, { "title": "BUTLER TO BUY BACK 600,000 SHARES", "body": "Butler Manufacturing Co said\nits board authorized the repurchase of up to 600,000 shares, or\n12 pct of its outstanding common stock.\n It said purchases will be made in open market and private\ntransactions through Kidder, Peabody and Co.\n Butler currently has 5,001,848 shares outstanding.\n Reuter\n\u0003", "date": "17-MAR-1987 11:39:54.35", "places": [ "usa" ], "id": "6038" }, { "title": "ROYAL PALM SAYS RESTRICTIONS LIFTED", "body": "Royal Palm Savings\nAssociation said it has entered into an agreement with the\nFederal Home Loan Bank Board and the Florida Department of\nBanking and Finance resulting in the removal of limitations\nwhich had severely restricted its growth and lending.\n The company said it will now be permitted to grow about 70\nmln dlrs in calendar 1987, or about 15 pct for this year, and\nat the same rate thereafter.\n Royal Palm said under the accord, it will resume commercial\nand nonresidential lending but will place substantial emphasis\non residential loans.\n The company said it agreed to adopt new policies and\nprocedures but did not elaborate.\n Reuter\n\u0003", "date": "17-MAR-1987 11:40:05.58", "places": [ "usa" ], "id": "6039" }, { "title": "WEST GERMAN FEED OUTPUT SEEN DECLINING", "body": "West German feedstuffs production is\nexpected to decline further after it dropped to 16.5 mln tonnes\nin 1986 from 16.7 mln the previous year, the West German Feed\nStuff Industry Association (MFI) said.\n Association president Ulrich Wagner told a news conference\nWest Germany's rate of self sufficiency in the feedstuffs\nsector is expected to fall below 70 pct this year from around\n75 pct in 1986.\n He attributed the expected decline to introduction of milk\nquotas in 1984, aimed at curbing EC milk production, and to\ncheaper imports from abroad.\n \"Our industry's output is not even close to stagnation,\"\nWagner said. \"In the long term we expect annual production to\ndecline steadily.\"\n The only sector which saw a slight increase last year, by\n0.6 pct, was feed for poultry which rose to 3.25 mln tonnes\nfrom 3.23 mln, he said.\n Wagner predicted that the sales volume in feed for dairy\ncattle will decline even more this year because of the further\ncut in milk output from April.\n Reuter\n\u0003", "date": "17-MAR-1987 11:40:26.25", "places": [ "west-germany" ], "id": "6040" }, { "title": "ICN BIOMEDICALS INC 1ST QTR FEB 28 NET", "body": "Shr 10 cts vs eight cts\n Net 856,000 vs 574,000\n Sales 9,593,000 vs 9,232,000\n Avg shrs 8,809,000 vs 6,969,000\n Reuter\n\u0003", "date": "17-MAR-1987 11:40:46.06", "topics": [ "earn" ], "places": [ "usa" ], "id": "6041" }, { "title": "APPLIED CIRCUIT TECHNOLOGY 1ST QTR LOSS", "body": "Period ended January 31.\n Shr loss two cts vs loss 12 cts\n Net loss 192,370 vs loss 1,494,146\n Revs 6,751,830 vs 2,278,842\n Note: Full name Applied Circuit Technology Inc.\n Reuter\n\u0003", "date": "17-MAR-1987 11:40:52.10", "topics": [ "earn" ], "places": [ "usa" ], "id": "6042" }, { "title": "FRISCH'S RESTAURANTS INC SETS QUARTERLY", "body": "Qtly div 5-1/2 cts vs 5-1/2 cts prior\n Pay April 16\n Record April Six\n Reuter\n\u0003", "date": "17-MAR-1987 11:40:57.61", "topics": [ "earn" ], "places": [ "usa" ], "id": "6043" }, { "title": "FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS\n", "date": "17-MAR-1987 11:42:11.71", "topics": [ "money-fx", "interest" ], "id": "6044" }, { "title": "NYSE REVIEWS PROGRAM TRADING", "body": "The said it\nis undertaking a review of the long-term effects on securities\nmarkets of computer-driven trading techniques known as program\ntrading.\n The NYSE said, \"The study will review major new trading\ntechniques involving programmed portfolio hedging and index\narbitrage for their potential benefits and risks to the\nfinancial system. It will also explore the regulatory\nimplications of these trading techniques and whether their\nincreased use could possibly lead to market abuse.\"\n The exchange said a final report is expected before the end\nof 1987. It said program trading is becoming increasingly\nimportant as a market factor.\n Reuter\n\u0003", "date": "17-MAR-1987 11:44:54.11", "places": [ "usa" ], "id": "6045" }, { "title": "FED ADDS RESERVES VIA CUSTOMER REPURCHASES", "body": "The Federal Reserve entered the U.S.\nGovernment securities market to arrange two billion dlrs of\ncustomer repurchase agreements, a Fed spokesman said.\n Dealers said Federal funds were trading at 6-1/16 pct when\nthe Fed began its temporary and indirect supply of reserves to\nthe banking system.\n Reuter\n\u0003", "date": "17-MAR-1987 11:45:10.92", "topics": [ "money-fx", "interest" ], "places": [ "usa" ], "id": "6046" }, { "title": "FEDERATED DEPARTMENT STORES INC 4TH QTR", "body": "Jan 31 end\n Shr 3.64 dlrs vs 3.16 dlrs\n Net 171.3 mln vs 154.0 mln\n Sales 3.44 billion vs 3.23 billion\n Avg shrs 47.1 mln vs 48.8 mln\n Year\n Oper shr 6.23 dlrs vs 5.88 dlrs\n Oper net 301.9 mln vs 286.6 mln\n Sales 10.51 billion vs 9.98 billion\n Avg shrs 48.5 mln vs 48.8 mln\n NOTE: Latest year net excludes 14.3 mln dlr charge from\nloss on early debt extinguishment.\n Net includes charges 15.7 mln dlrs in both periods of\nlatest year vs charges 23.9 mln dlrs in both periods of earlier\nyear from merger of divisions.\n Investment tax credits three mln dlrs vs 8,900,000 dlrs in\nquarter and 4,900,000 dlrs vs 16.4 mln dlrs in year.\n Latest year net includes nine mln dlr provision for loss on\ndisposition of two Abraham and Strauss stores and preopening\nexpenses for another.\n Latest year net includes gain from sale of interest in Fort\nWorth, Texas, shopping center of 9,500,000 dlrs.\n Latest year net both periods includes gain 9,100,000 dlrs\nfrom sale of interest in Memphis, Tenn., shopping center.\n Prior year net includes gain 6,600,000 dlrs on sale of\nBoston Store division.\n Reuter\n\u0003", "date": "17-MAR-1987 11:46:13.53", "topics": [ "earn" ], "places": [ "usa" ], "id": "6047" }, { "title": "CLOTHESTIME INC 4TH QTR NET", "body": "Shr 12 cts vs 10 cts\n Net 1,683,000 vs 1,407,000\n Sales 42.2 mln vs 28.8 mln\n Year\n Shr 83 cts vs 70 cts\n Net 11,908,000 vs 10,005,000\n sales 160.3 mln vs 126.5 mln\n Reuter\n\u0003", "date": "17-MAR-1987 11:46:42.56", "topics": [ "earn" ], "places": [ "usa" ], "id": "6048" }, { "title": "PHOENIX CANADA OIL TO APPEAL RULING", "body": " said it\nintends to appeal a ruling in U.S. Federal District Court of\nDelaware on its suit against Texaco Inc , Chevron Corp\n, Chevron's Gulf Oil unit and their Ecuador subsidiaries.\n The court ruled against Phoenix's claim that a royalty it\nheld should have entitled it to a share of the 160 mln U.S.\ndlrs paid to the defendants when they sold 62.5 pct of their\nworking interest in Ecuador oil operations, Phoenix said.\n However, the court did award Phoenix 1,250,000 Canadian\ndlrs in underpayments, the company said.\n Phoenix Canada Oil said the fiduciary relationship that\nexisted between Phoenix, as the royalty owner, and the\ndefendants, as the working interest operators, was fundamental\nin the oil industry and was not reflected in the court's\nruling.\n Reuter\n\u0003", "date": "17-MAR-1987 11:47:10.74", "places": [ "canada" ], "id": "6049" }, { "title": "GANNETT SEEKS TO DOUBLE AUTHORIZED SHARES", "body": "Gannett Co Inc said it will ask\nshareholders at the May Seven annual meeting to approve a\ndoubling of authorized common shares to 400 mln and limitations\non the liability of directors under Delaware law.\n Reuter\n\u0003", "date": "17-MAR-1987 11:47:33.87", "places": [ "usa" ], "id": "6050" }, { "title": "VIDEO LIBRARY INC 4TH QTR LOSS", "body": "Shr loss two cts vs profit three cts\n Net loss 59,299 vs profit 88,843\n Revs 3,487,693 vs 2,123,488\n Year\n Shr profit 25 cts vs loss two cts\n Net profit 816,395 vs loss 44,541\n Revs 12.2 mln vs 7,413,328\n Avg shrs 3,208,472 vs 2,348,559\n Reuter\n\u0003", "date": "17-MAR-1987 11:47:39.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "6051" }, { "title": "CONSERVATIVE GAINS MAY SPEED FINNISH MARKET REFORM", "body": "Conservative gains in Finnish general\nelections could speed liberalisation of financial markets,\nthough there will not be a radical economic restructuring,\nconservative officials and economic analysts said.\n The conservatives gained nine new seats in parliament after\nthe two-day elections, which ended yesterday, and political\ncommentators say social democrat Prime Minister Kalevi Sorsa is\nlikely to be replaced by a centre-right coalition.\n International spokesman Pasi Natri told Reuters: \"we are\nwilling to liberalise the economy as much as possible.\"\n Helsinki analysts said the outgoing centre-left coalition\nhad introduced major reforms of money and stock markets in its\nperiod of government between 1983 and 1987.\n They said Finnish conservatives bore little resemblance to\nother European conservative movements and had, for example,\nshelved privatisation policies to increase their popularity.\n Finnish trade affairs are dominated by its special ties\nwith its neighbour, The Soviet Union, and a new centre-right\ncoalition could alter this relationship, the analysts said.\n The two countries have a long-term pact under which trade\nmust be balanced in value. The 1987 accord signed in January\nagreed bilateral trade totalling about 30 billion markka.\n Finland exports finished products to the USSR, with crude\noil accounting for 80 pct of imports.\n The Centre Party said before the elections that Fenno-\nSoviet trade would have to be cut because Finland had to trim\nexports when the value of Moscow's oil exports to Finland fell.\n Finnish financial markets reacted cautiously to the\nelection news, with little movement in the markka or on the\nHelsinki stock exchange.\n Securities analysts said the market would respond positively\nif a centre-right coalition was formed, but added it was too\nearly to exclude the possibility that social democrats would\nhang on to power.\n The spokesman said conservatives favoured legislation\ngoverning the stock market to prevent \"casino-style behaviour.\"\n He said the conservatives also favoured the establishment\nof an internal market between the Nordic countries.\n International capital markets were becoming more and more\nimportant, he said, adding conservatives would speed up the\ndevelopment of Finland's capial markets.\n He said the conservatives supported the bilateral trade ties\nwith Moscow, but that links with western Europe should be\nstudied. Finland is a member of the European Free Trade\nAssociation ( EFTA).\n Negotiations between the major Finnish political parties\nare likely to be protracted, and the shape of the new\ngovernment will probably not be established before the start of\nApril.\n Conservatives hold 44 seats now, The Centre Party gained\nthree to 40 and the social democrats lost one, and now hold 56\nseats.\n REUTER\n\u0003", "date": "17-MAR-1987 11:47:50.38", "places": [ "finland" ], "id": "6052" }, { "title": "BANKAMERICA MAY RECLASSIFY BRAZIL LOANS", "body": "BankAmerica Corp may place its\nlong-term loans to Brazil on nonaccrual status if Brazil\ncontinues to defer interest payments on the loans, the bank\nholding company said in a filing with the Securities and\nExchange Commission.\n BankAmerica said its outstanding loans to Brazil currently\ntotal about 2.7 billion dlrs, including about 1.5 billion dlrs\nin long-term loans and 1.2 billion dlrs in short-term loans.\n The Brazilian government announced in February its\nintention to stop paying interest temporarily on its long-term\npublic and private sector commercial bank debt.\n \"Continued deferral of interest payment on these obligations\ncould result in the loans being placed on nonaccrual status,\"\nthe banking firm said.\n BankAmerica said its outstanding loans to Mexico currently\ntotal about 2.5 billion dlrs, of which about 215 mln dlrs of\nloans have been reported as either nonaccrual or past due 90\ndays or more.\n Outstanding loans to Venezuela currently total about 1.3\nbillion dlrs, of which 241 mln dlrs of loans have been reported\nas either nonaccrual or past due 90 days or more, it said.\n Reuter\n\u0003", "date": "17-MAR-1987 11:47:58.01", "places": [ "usa", "brazil" ], "id": "6053" }, { "title": "CHEMIE LINZ EXPECTS SHARPLY HIGHER 1986 LOSS", "body": "State-owned is\nlikely to record a 1986 loss of some 600 mln schillings\ncompared with a 340 mln loss in 1985, a company spokesman said.\n Falling sales and lower world prices of fertilisers were\nlargely responsible for the sharp increase, along with the\neffects of the dollar's fall which has helped to give U.S.\nFibre producers a competitive edge, he told Reuters.\n The firm would have made a small profit in 1985 had it not\nbeen for 456 mln schillings lost by subsidiary on oil trading. Merx has since withdrawn from\nthe oil market. The firm will announce 1986 results in July.\n Reuter\n\u0003", "date": "17-MAR-1987 11:48:39.18", "topics": [ "earn" ], "places": [ "austria" ], "id": "6054" }, { "title": " SIX MTHS JAN 31 NET", "body": "Shr 13 cts vs 13 cts\n Net 617,000 vs 604,000\n Revs 1,889,000 vs 1,920,000\n Reuter\n\u0003", "date": "17-MAR-1987 11:49:09.95", "topics": [ "earn" ], "places": [ "canada" ], "id": "6055" }, { "title": "DUDLEY TAFT RAISES BID FOR TAFT BROADCASTING", "body": "Dudley Taft and Narragansett\nCapital Inc said it was prepared to raise its bid to acquire\nTaft Broadcasting Co to more than 150 dlrs per share.\n Taft, through Theta Co, sent and letter to Taft's board of\ndirectors stating he was committed to purchasing the\nbroadcasting company and was ready to discuss all aspects of\nthe purchase.\n The company said items to be discussed included price,\nstructure and form of consideration. Taft said he was prepared\nto negotiate a transaction in which Taft Broadcast shareholders\nwould receive in excess of 150 dlrs per share.\n Reuter\n\u0003", "date": "17-MAR-1987 11:50:08.20", "topics": [ "acq" ], "places": [ "usa" ], "id": "6056" }, { "title": "TREASURY'S BAKER SAYS HE IS \"QUITE CONFIDENT\" JAPAN WILL STIMULATE ITS ECONOMY\n", "date": "17-MAR-1987 11:50:48.87", "places": [ "japan" ], "id": "6057" }, { "title": "EC OILS TAX NO LONGER MAJOR ISSUE - ASSOCIATION", "body": "The proposed European Community (EC) tax\non vegetable oils and fats is no longer a major issue on the\nagenda and the EC Commission merely used it as a threat, the\nWest German Feed Stuffs Industry Association (MFI) said.\n Association chairman Ulrich Wagner told a news conference\nthe West German feed industry believes the EC does not\nseriously contemplate the introduction of such a tax because it\nwould end in another transatlantic trade war.\n \"We have just avoided a trade conflict with the U.S. And the\nCommission used the tax threat to calm national farm lobbies.\"\n American Soybean Association (ASA) president-elect Wayne\nBennett said yesterday in The Hague that U.S. Soybean producers\nwere confident the tax would be rejected.\n Bennett, who is leading one of three soybean delegations on\na lobbying tour of EC capitals, will also visit Bonn on\nThursday and Friday.\n There are indications the Bonn government will also reject\nthe proposed tax, Wagner said.\n Reuter\n\u0003", "date": "17-MAR-1987 11:52:58.57", "topics": [ "veg-oil" ], "organisations": [ "ec" ], "places": [ "west-germany" ], "id": "6058" }, { "title": "ALLWASTE TO BUY RELATED COMPANY", "body": "Allwaste Inc said it entered into an\nagreement in principle to acquire all the outstanding common of\na related air-moving and industrial services company. It did\nnot disclose the name of the company.\n Allwaste, which preforms air-moving and related services,\nsaid it will swap shares of its common, valued at 2.6 mln dlrs,\nwith the company it is acquiring.\n It said the acquisition is subject to negotiation of a\nfinal agreement.\n Reuter\n\u0003", "date": "17-MAR-1987 11:54:05.69", "topics": [ "acq" ], "places": [ "usa" ], "id": "6059" }, { "title": "EXXON MAY CLOSE ONE FRENCH REFINERY", "body": "Exxon Corp, the world's largest oil\ncompany, said in a published interview today that it was\nreviewing its worldwide refinery operations and might decide to\nclose on of its french refineries.\n Lee R. Raymond, Exxon's new president, singled out the\npossibility of a closure of one of Exxon's refineries in France\nduring the interview.\n An Exxon spokeswoman confirmed that Raymond had\nspecifically mentioned refineries in France but said that no\nspecific refinery had been named. She also said that all of\nExxon's opertations were under constant review.\n Exxon currently has two refineries in France, FOS in the\nmediterranean with a capcity of 175,000 barrels per day and\nPort Jerome west of paris with a similar capacity.\n Petroleum Intelligence Weekly, an influential trade\njournal, said, in its current issue, that they understood that\nExxon was looking at the possibility of refinery closures in\nAntwerp, Southern France or possibly Italy.\n Paul Mlotok, oil analyst with Salomon Brothers inc said\nthat with the closures Exxon made in 1986 in Europe and the\nimprovement in the European refining situation, its future\nprofits there should be good.\n \"Exxon and other major oil companies have closed a bunch of\nrefineries in Europe, upgraded the rest and shaken many of the\nindepedents out of the market. Now with demand for products\nrising and efficient operations, Exxon should show superior\nearnings,\" Mlotok said.\n \"Just after Royal Dutch , they are seen as one of the\nhighest grade refiners in Europe,\" he added.\n Industry sources said that the oil companies were likely to\nfeel greater pressure on their operations in Southern Europe\nwhere competition from the OPEC countries is increasing as\nthese producers move further into downstream operations.\n PIW said that refiners in the Mediterranean can expect\nincreased shipments from Saudi Arabia and other OPEC export\nrefineries.\n PIW said \"sales from Libya, Algeria and elsewhere are\nexpected to reclaim markets lost to Italian and other European\nrefiners as a result of the abundance of cheap netback oil last\nyear.\"\n Reuter\n\u0003", "date": "17-MAR-1987 11:57:19.33", "topics": [ "crude" ], "places": [ "usa", "france" ], "id": "6060" }, { "title": "BAKER SAYS U.S. OPPOSES SOVIET BANK MEMBERSHIP", "body": "U.S. Treasury Secretary James Baker\nsaid the U.S. opposes Soviet membership of the World Bank or\nthe International Monetary Fund.\n Baker told a House foreign affairs subcommittee, \"I think\nour position is absolutely clear on that ... We do not support\nand will not support Soviet membership in the World Bank or the\nIMF.\"\n Baker said the U.S. position was \"unqualified and\nunconditional.\"\n Baker was responding to a questioner who noted that World\nBank President Barber Conable has in the past suggested future\nSoviet membership could take place.\n Reuter\n\u0003", "date": "17-MAR-1987 11:58:19.93", "organisations": [ "worldbank", "imf" ], "places": [ "ussr", "usa" ], "id": "6061" }, { "title": "ITALY STANCE ON EC OILS TAX NOT ENCOURAGING-ASA", "body": "Italy's response to protests by U.S.\nSoybean producers about the proposed European Community (EC)\ntax on vegetable oils and fats had not been encouraging,\nAmerican Soybean Association (ASA) board chairman George\nFluegel said.\n Fluegel, heading one of three U.S. Soybean producer\ndelegations currently on a lobbying tour of EC countries, told\nReuters in an interview meetings with officials from the\nItalian Foreign and Agricultural ministries had not yielded\nmuch to encourage hopes that Italy would vote against the\nproposed tax.\n Fluegel said his delegation had received a negative\nresponse from the Italian Agriculture Ministry, but that the\nattitude of the Foreign Ministry appeared \"more realistic.\"\n He said the proposed tax was discriminatory against U.S.\nFarmers since it was basically asking them to help finance the\nEC's Common Agricultural Policy (CAP) on oilseeds.\n Asked which EC countries might be expected to vote against\nthe proposed tax, he said, \"Realistically, from the information\nwe're getting, it looks like the English, the Germans,\nhopefully the Netherlands and Denmark.\" His delegation also\nhoped to convince Belgium to vote against the issue, he added.\n Asked what form he thought U.S. Retaliatory action might\ntake in the event of the EC tax proposal being approved,\nFluegel said industrial as well as agricultural products could\nbe involved.\n U.S. Agriculture Secretary Richard Lyng warned the EC\nyesterday it would face serious retaliation if it enacted the\ntax.\n ASA president-elect Wayne Bennett said yesterday in The\nHague American soybean producers were confident the proposed\ntax would be rejected.\n Reuter\n\u0003", "date": "17-MAR-1987 11:58:36.43", "topics": [ "veg-oil", "soybean" ], "organisations": [ "ec" ], "places": [ "italy", "usa" ], "id": "6062" }, { "title": "ISRAEL'S FIVE-YEAR PLAN TO BOOST AGRICULTURE", "body": "Israel has drawn up a five-year plan\nfor 1987-1991 to raise agricultural production by 500 mln dlrs\nto 2.7 billion dlrs, an annual rise of 3.4 pct, the Israeli\nMinistry of Agriculture said. Agricultural exports are to be\nincreased by 180 mln dlrs, or 4.8 pct per year on average.\n The area planted to cotton is to remain at the 1986 level\nof 100,000 to 112,500 acres with exports expected to bring in\n80 to 90 mln dlrs per year. The 34 pct decline from the 1985\nlevel reflects continued water rationing which will remain in\nforce, the ministry said.\n Groundnut production is planned to increase by 13,000\ntonnes, or 57 pct, by 1991 and exports by 9,000 tonnes, or 82\npct. Maize production is targetted to rise by 48,000 tonnes, or\n48 pct, and exports by 34,000 tonnes, or 45 pct.\n Reuter\n\u0003", "date": "17-MAR-1987 11:59:00.09", "topics": [ "cotton" ], "places": [ "israel" ], "id": "6063" }, { "title": "BRUNSWICK FILES FOR 300 MLN DLR SHELF", "body": "Brunswick Corp said it filed a\nregistration statement with the Securities and Exchange\nCommission on a shelf offering of 300 mln dlr in senior debt\nsecurities.\n It said proceeds from the sale will be used mainly for to\nreplace variable rate indebtedness, primarily privately placed\ncommercial paper, incurred in connection with the acquisitions\nof Bayliner marine Corp and Ray Industries Inc.\n Reuter\n\u0003", "date": "17-MAR-1987 12:02:53.79", "places": [ "usa" ], "id": "6064" }, { "title": "SOROS GROUP HAS B.F. GOODRICH STAKE", "body": "An investor group led by New York\ninvestor George Soros said it acquired a 6.1 pct stake in B.F.\nGoodrich Co common stock as an investment.\n The group said it paid about 69 mln dlrs for the 1,389,600\nGoodrich shares, which are being held by Quantum Fund N.V., a\nNetherlands Antilles investment firm advised by Soros.\n It said all the shares were bought between Dec. 29 and\nMarch 9.\n The group said it reserved the future right to buy\nadditional shares and to formulate other purposes or plans\nregarding its Goodrich investment.\n Reuter\n\u0003", "date": "17-MAR-1987 12:03:31.99", "topics": [ "acq" ], "places": [ "usa" ], "id": "6065" }, { "title": "BAKER SAYS U.S. NOT SEEKING IADB VETO", "body": "Treasury Secretary James Baker said\nthe United States was not seeking loan veto in its negotiation\nfor voting power at the Inter-American Development Bank.\n Discussing the ongoing negotiation, Baker said the U.S.\nposition is that the countries that pay in the most should have\nthe greatest say over the loan decisions.\n The U.S. is seeking the power to block loan votes with one\nother country, and the issue will be discussed in Miami later\nthis month at the annual meeting of the Latin development bank.\n Reuter\n\u0003", "date": "17-MAR-1987 12:04:26.00", "places": [ "usa" ], "id": "6066" }, { "title": "BALDRIGE PREDICTS SOLID U.S. HOUSING GROWTH", "body": "Commerce Secretary Malcolm Baldrige\npredicted 1987 will be the fifth successive year for growth in\nhousing starts after a 2.6 pct rise overall in February starts\nto a seasonally adjusted annual rate of 1.851 mln units.\n \"This year should be the fifth solid year in a row for\nhomebuilding activity -- with single-family units stronger than\nmulti-family units,\" he said in a statement.\n Single-family starts rose last month from January levels by\n5.6 pct to 1.317 mln units on a seasonally adjusted basis while\nmulti-family unit starts fell 4.1 pct to 534,000 units, the\ndepartment reported.\n Reuter\n\u0003", "date": "17-MAR-1987 12:04:41.09", "topics": [ "housing" ], "places": [ "usa" ], "id": "6067" }, { "title": "TAFT BROADCASTING SAYS IT WILL CONTINUE TO REVIEW OPTIONS IN RESPONSE TO LATEST BID\n", "date": "17-MAR-1987 12:05:06.31", "topics": [ "acq" ], "id": "6068" }, { "title": "COURT ENJOINS ZICO INVESTMENT'S TENDER FOR BANCROFT CONVERTIBLE FUND\n", "date": "17-MAR-1987 12:05:12.02", "topics": [ "acq" ], "id": "6069" }, { "title": "STEINHARDT GROUP HAS 6.6 PCT OF HOLIDAY ", "body": "A group led by New York investor\nMichael Steinhardt told the Securities and Exchange Commission\nit bought a 6.6 pct stake in Holiday Corp common stock as an\ninvestment.\n The group said it paid 114 mln dlrs for its 1.6 mln Holiday\nshares, 530,000 of which were bought since Feb. 6.\n At the same time, group members said they held short\npositions in the stock totaling 830,000 shares.\n In addition to Steinhardt himself, the group includes\nSteinhardt Partners and Institutional Partners, two investment\nfirms of which Steinhardt is one of the general partners.\n Reuter\n\u0003", "date": "17-MAR-1987 12:06:41.72", "topics": [ "acq" ], "places": [ "usa" ], "id": "6070" }, { "title": "POINDEXTER REFUSES TO TESTIFY BEFORE COMMITTEE", "body": "Adm. John Poindexter, a former\nNational Security Adviser who resigned over the Iran arms\nscandal, refused to testify before a House committee probing a\nrecent expansion of White House and military control over\nunclassified information.\n \"On advice of counsel, I decline to answer that question\npursuant to my constitutional rights under the Fifth Amendment,\"\nPoindexter said four times in response to questions from House\nGovernment Operations Committee chairman Rep. Jack Brooks.\n Reuter\n\u0003", "date": "17-MAR-1987 12:08:46.37", "places": [ "usa" ], "id": "6071" }, { "title": "S/P MAY DOWNGRADE CHI-CHI'S CONVERTIBLES", "body": "Standard and Poor's Corp said it may\ndowngrade Chi-Chi's Inc's 50 mln dlrs of B-plus convertible\nsubordinated debentures due 2009.\n S and P cited continued poor operating performance of\nChi-Chi's 200 Mexican food restaurants and the company's\nplanned repurchase of up to three mln of its common shares.\n Chi-Chi's posted a third-quarter loss of 10 mln dlrs,\nincluding a 20 mln dlr pretax loss from the disposal of 21\ncompany-owned restaurants as part of a restructuring plan, the\nrating agency noted. Profitability has fared poorly for three\nyears, mostly because of intense competition, S and P added.\n Reuter\n\u0003", "date": "17-MAR-1987 12:09:38.91", "places": [ "usa" ], "id": "6072" }, { "title": "SCOR U.S. CORP 4TH QTR NET", "body": "Oper shr 29 cts vs 22 cts\n Oper net 3.9 mln vs 1.8 mln\n Year\n Oper shr 63 cts vs four cts\n Oper net 10.1 mln vs 855,000\n NOTE: Excludes gain one ct per share vs loss two cts in the\nquarter, and gain 41 cts per share vs gain six cts in the year\nfrom investments. Also excludes extraordinary gain of one ct\nper share in fourth quarter 1985, and gain of one ct per share\nvs one ct in the full year period.\n Reuter\n\u0003", "date": "17-MAR-1987 12:09:48.51", "topics": [ "earn" ], "places": [ "usa" ], "id": "6073" }, { "title": "NYSE OPTION TRADING RIGHTS SEAT SALE", "body": "THe New York STock Exchange said an\noption trading rights seat sold for 40,000 dlrs, off 5,000 dlrs\nfrom the previous sale on January 29.\n The Exchange said the current bid is 35,000 dlrs, the last\noffer is for 45,000 dlrs.\n Reuter\n\u0003", "date": "17-MAR-1987 12:09:54.18", "places": [ "usa" ], "id": "6074" }, { "title": "GENSTAR SALE BOOSTS BELGIAN SOCIETE GENERALE NET", "body": "Societe Generale de Belgique \nsaid the near doubling of net profits in 1986 was due in large\npart to the sale of shares in Genstar Corp.\n The company, which announced a net non-consolidated profit\nof 5.31 billion francs compared with 2.82 billion in 1985, said\nits current profits rose by 19 pct last year, without giving\nfurther figures.\n However, it added in a statement that the company made\nmajor capital gains on sales during the year, in particular\nfrom the sale of Genstar shares.\n Societe Generale governor Rene Lamy told last November's\nannual meeting that 1986 asset disposals would total around 4.5\nbillion francs, including the sale of Genstar shares to Imasco\nLimited .\n He predicted a profit on extraordinary items of two billion\nfrancs after a rough balance in 1985.\n In today's statement, Societe Generale gave no figures for\nextraordinary gains.\n Reuter\n\u0003", "date": "17-MAR-1987 12:10:01.38", "topics": [ "earn" ], "places": [ "belgium" ], "id": "6075" }, { "title": "PHOTRONICS HAS GENERAL DYNAMICS PACT", "body": "Photronics Corp said it has\nreceived two mln dlrs in contracts from General Dynamics corp\nfor continued production of primary and secondary mirror\nassemblies for the Stinger-Post missile.\n It said the orders cover the second year of production of \na planned five-year program.\n The companby also said it has received 800,000 dlrs in\norders for optical countermeasure coatings from various\ncustomers and its total backlog at March One was 13.6 mln dlrs,\na new record and up from last year's high of 11.2 mln dlrs.\n Reuter\n\u0003", "date": "17-MAR-1987 12:10:14.95", "places": [ "usa" ], "id": "6076" }, { "title": "E-SYSTEMS WINS NAVY CONTRACT", "body": "E-Systems said it received a multi-year\nU.S. Navy contract for the continuing production of its\nmilitary teleprinters for use in submarines.\n It said the contract is worth 9,208,223 dlrs.\n Reuter\n\u0003", "date": "17-MAR-1987 12:10:19.51", "places": [ "usa" ], "id": "6077" }, { "title": "WESTERBEKE CORP 1ST QTR JAN 31 LOSS", "body": "Shr loss 11 cts vs profit six cts\n Net loss 217,200 vs profit 83,200\n Revs 3,564,200 vs 3,171,900\n Avg shrs 2,033,750 vs 1,334,950\n Reuter\n\u0003", "date": "17-MAR-1987 12:10:23.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "6078" }, { "title": "U.S. HOUSE TARGETING PROPOSAL SPARKS INTEREST", "body": "A proposal by two U.S. House\nDemocrats to target government farm benefits to small- and\nmedium-sized farms was warmly received by Democrats on a\nHouse subcommittee today.\n \"On balance, this is the best new idea I have seen,\" said\nRep. Dan Glickman (D-Kan.), Chairman of the House Agriculture\nSubcommittee on Wheat, Feedgrains and Soybeans. \"This is the\nfirst hard constructive proposal coming out as an alternative\nto the (Reagan) administration's farm proposal.\"\n The plan, offered by Reps. Tim Penny (D-Minn.) and Byron\nDorgan (D-ND), would raise target prices for wheat to 5.00 dlrs\nper bushel and for corn to 3.50 dlrs. Producers could receive\ndeficiency payments on up to 80 pct of normal yield but not\nmore than on 30,000 bu of corn and 20,000 bu of wheat.\n The proposal also would require acreage reductions of 20\npct, eliminate generic certificates and prohibit persons not\nactively engaged in farming from receiving program benefits.\n Dorgan said the bill would save 24 billion dlrs over five\nyears, protect family farms and eliminate government\naccumulation of stocks because nonrecourse loans would be\nhalted.\n However, Rep. Pat Roberts (R-Kan.) said the measure would\n\"involve the federal government in deciding and defining who a\nfamily farmer is.\"\n Roberts said the bill, for example, would restrict program\npayments to 500 acres of wheat production in western Kansas.\n Other Republicans on the panel questioned how the bill\nwould determine if a person was actively engaged in farming and\ntherefore eligible for payments.\n Reuter\n\u0003", "date": "17-MAR-1987 12:12:01.32", "topics": [ "grain", "wheat" ], "places": [ "usa" ], "id": "6079" }, { "title": "NYSE TO REVIEW PROGRAM TRADING", "body": "The New York Stock Exchange said it\nwill review the long-term effects on securities markets of\ncomputer-driven trading techniques known as program trading.\n The NYSE said, \"The study will review major new trading\ntechniques involving programmed portfolio hedging and index\narbitrage for their potential benefits and risks to the\nfinancial system.\n \"It will also explore the regulatory implications of these\ntrading techniques and whether their increased use could\npossibly lead to market abuse.\"\n The exchange said a final report is expected before the end\nof 1987. It said program trading is becoming increasingly\nimportant as a market factor.\n Reuter\n\u0003", "date": "17-MAR-1987 12:12:42.96", "places": [ "usa" ], "id": "6080" }, { "title": "EC TO MULL NEW DURUM WHEAT INTERVENTION RULES", "body": "The European Commission is to consider\nproposed new higher minimum standards for sales of durum wheat\ninto intervention stores, European Community sources said.\n They said a document drawn up by Commission officials\nproposes a reduction in the maximum humidity level to 13 pct\nfrom 14, an increase in the minimum weight to 78 kilos per\nhectolitre from 76, a tightening of other technical standards\nand introduction of some new ones.\n Current public stocks of durum wheat in the EC are 1.15 mln\ntonnes, of which almost 1.12 mln are in Italy.\n Reuter\n\u0003", "date": "17-MAR-1987 12:13:33.69", "topics": [ "grain", "wheat" ], "organisations": [ "ec" ], "places": [ "belgium" ], "id": "6081" }, { "title": "COURT ENJOINS TENDER FOR BANCROFT ", "body": "Bancroft Convertible Fund said the\nU.S. District Court for the District of New Jersey issued a\npreliminary injunction, enjoining tender offer for Bancroft.\n It said the Court order prevents Zico from buying any\nshares tendered to them during the offer, which began on Feb.\n17, 1987.\n In the tender offer blocked by the Court, Zico offered to\nbuy 500,000 shares, or about 22 pct of Bancroft's outstanding\nstock, for 30 dlrs a share.\n Previously, Zico had bought 965,000 Bancroft shares for 31\ndlrs a share, giving it about 28 pct of the company. If the\nrecent offer had gone through, the Zico would have owned\nslightly more than 50 pct of Bancroft's outstanding shares.\n \n Reuter\n\u0003", "date": "17-MAR-1987 12:19:50.21", "topics": [ "acq" ], "places": [ "usa" ], "id": "6082" }, { "title": "ZAMBIAN EXCHANGE AUCTION TO RESUME AT END OF MARCH", "body": "Zambia will reintroduce a modified\nforeign exchange auction at the end of this month as part of a\nnew two-tier exchange rate, central bank governor Leonard\nChivuno said.\n Chivuno told a press conference at the end of three weeks\nof negotiations with the International Monetary Fund (IMF) that\nthere would be a fixed exchange rate for official transactions\nand a fluctuating rate, decided by the auction, for other types\nof business.\n The Bank of Zambia previously held weekly auctions to\ndistribute foreign exchange to the private sector and determine\nthe kwacha's exchange rate, but these were suspended at the end\nof January.\n President Kenneth Kaunda said at the time that he was\nsuspending the auction system in view of the rapid devaluation\nand violent fluctations of the exchange rate which had\nresulted.\n Business and banking sources said another reason for\nsuspending the auction was that the central bank was low on\nforeign exchange and was 10 weeks behind in paying successful\nbidders. The kwacha stood at 2.2 per dollar when the auction system\nwas first introduced in October 1985, but it slid to around 15\nper dollar by the time it was suspended 16 months later.\n Since then, Zambia has operated a fixed exchange rate of\nabout nine kwacha per dollar.\n REUTER\n\u0003", "date": "17-MAR-1987 12:26:30.76", "topics": [ "money-fx" ], "places": [ "zambia" ], "id": "6083" }, { "title": "JAMESWAY CORP 4TH QTR JAN 31 NET", "body": "Shr primary 64 cts vs 45 cts\n Shr diluted 60 cts vs 44 cts\n Net 4,524,000 vs 3,212,000\n Revs 202.5 mln vs 171.9 mln\n Avg shrs primary 7,112,480 vs 7,052,964\n Avg shrs diluted 8,034,223 vs 8,008,763\n Year\n Shr primary 1.70 dlrs vs 1.31 dlrs\n Shr diluted 1.65 dlrs vs 1.30 dlrs\n Net 12.1 mln vs 9,252,000\n Year\n Revs 612.4 mln vs 523.4 mln\n Avg shrs primary 7,112,480 vs 7,052,964\n Avg shrs diluted 8,034,223 vs 7,732,544\n Note: Includes after-tax LIFO charges of 441,000 dlrs vs\n359,000 dlrs for qtr and 539,000 dlrs vs 407,000 dlrs for year.\n Reuter\n\u0003", "date": "17-MAR-1987 12:28:10.96", "topics": [ "earn" ], "places": [ "usa" ], "id": "6084" }, { "title": "TAFT TO CONTINUE TO REVIEW ALTERNATIVES", "body": "Taft Broadcasting Co said its\nboard continues to explore alternatives, such as a possible\nfinancial restructuring, in response to a Theta Corp offer of\n150 dlrs per share for Taft stock.\n Last week Taft rejected a 145 dlr-a-share bid by Theta, an\ninvestment group headed by Taft's vice chairman, Dudley Taft.\n Taft also said the new proposal would be submitted to the\nboard but no decision had been made with respect to the sale of\nthe company.\n In the proposal, Theta said it was prepared to discuss all\naspects of the offer including price, structure and form of\nconsideration and would be prepared to negotiate a transaction\nin which shareholders would receive a value in excess of 150\ndlrs per share.\n Taft said Theta requested that the company cooperate and\nprovide it with information subject to an appropriate\nconfidentiality agreement.\n The company declined to comment beyond this statement.\n\n Reuter\n\u0003", "date": "17-MAR-1987 12:28:28.11", "topics": [ "acq" ], "places": [ "usa" ], "id": "6085" }, { "title": "LAWSON OIL TAX BREAKS TO HELP NEW FIELDS - REVENUE", "body": "Two new U.K. Tax relief measures for oil\nproducers, announced today, are aimed at encouraging\ndevelopments in the North Sea to go ahead and boost\nopportunities for the offshore supplies industry, the Inland\nRevenue said in a post-budget statement.\n Earlier, Chancellor of the Exchequer Nigel Lawson announced\nin his annual budget to Parliament that from today, companies\nwill be allowed to offset up to 10 pct of qualifying\ndevelopment expenditure on certain future oil fields against\nPetroleum Revenue Tax (PRT).\n To date, full relief was allowed for expenditure on an\nindividual field itself, when its income stream began, but was\nnot immediately available against other development\nexpenditure, the statement said.\n The new relief will apply to fields outside the southern\nbasin for which development\nconsent is first given on or after today, and will improve the\npost-tax economics of new developments and encourage companies\nto proceed with project which might have been delayed, it said.\n Lawson also announced that he would henceforth allow\ncertain expenditure on oil related research which does not at\npresent qualify for PRT relief to be offset against PRT\nliability.\n This means oil-related expenditure in the U.K. Or on the\nU.K. Continental shelf, which has not become allowable in a\nparticular field within three years of being incurred, to be\nallowed against PRT liability in any oil field, the Inland\nRevenue said.\n This brings the scope of PRT relief for research costs more\nin line with corporation tax relief measures, and is planned to\nencourage general research into ways of reducing field\ndevelopment costs, it said.\n In due course, the industry should benefit by over 100 mln\nstg a year, it calculated.\n The Inland Revenue statement also included other technical\nmeasures that Lawson did not comment on in his budget speech.\n These included measures to allow companies to balance their\nshares of PRT-exempt oil allowances through reallocation in two\npast periods of allowance utilisation.\n Tidier rules on incorrectly allowed PRT expenditure reliefs\nwere announced, while there were also ammendments on rules on\ncorporation tax and Advance Corporation Tax relating to the\nso-called \"ring fence\" of activities in the U.K. And its\ncontinental shelf. The Finance Bill will have provisions for\nthe implementation of measures announced in November, it said.\n Gareth Lewis Davies, a North Sea expert with stockbrokers\nWood Mackenzie and Co Inc in Edinburgh, thought the two reliefs\non PRT would help the depressed offshore industry.\n He said the 10 pct cross field allowance relief would\nfavour chances that development of smaller North Sea fields\nsuch Osprey, Don and Arbroath would be brought forward.\n Early development of the larger Miller and Bruce oil fields\nmight also be encouraged, he said.\n Lewis Davies said the measure might also aid the offshore\nconstruction industry, which suffered a huge amount of lay-offs\nunder the price slump of more than 50 pct last year.\n He pointed out that the relief only applies to the\ndevelopment of new fields outside the Southern Basin.\n This means more jobs could be created, as the fields in the\ncentral and northern sectors of the North Sea are deeper than\nin the south and thus have greater capital and labour\nrequirements as the waters are deeper than in the south.\n He said the PRT relief for certain research expenditure\nwould help fundamental research in the oil industry, although\nthe benefits of this research would not be seen for several\nyear.\n REUTER\n\u0003", "date": "17-MAR-1987 12:29:35.42", "topics": [ "crude" ], "places": [ "uk" ], "id": "6086" }, { "title": "TEXAS EASTERN PLEDGES PCB CLEANUP", "body": "Texas Eastern Corp's Texas Eastern\nGas Pipleline unit President Howard C. Homeyer said the company\nis committed to cleaning up polychlorinated biphyenyls PCBs\nfrom its pipeline system.\n In testimony before Sen. Frank Lautenberg's (D-N.J.),\noversight committee on Environment and Public Works, a press\nstatement said Homeyer said the company will work with the\nEnvironmental Protection Agency to immediately clean up\ncontaminated sites.\n The New York Times today reported that the EPA knew as\nearly as the fall of 1985 about PCB contamination at sites\nalong the Texas Eastern pipeline, but took no action because\nthe company supplied insufficient information.\n According to the Times, Texas Eastern admitted burying PCBs\nat 51 sites along its right of way.\n Homeyer told the committee, according to a statement, that\nthe cleanup will require cooperation among EPA headquarters,\nsix EPA regions and a dozen states to avoid delays.\n Texas Eastern officials were not immediately available for\ncomment.\n Reuter\n\u0003", "date": "17-MAR-1987 12:31:01.79", "places": [ "usa" ], "id": "6087" }, { "title": "SHONEY'S INC 1ST QTR FEB 15 NET", "body": "Shr 31 cts vs 27 cts\n Qtly div four cts vs four cts prior\n Net 11.4 mln vs 9,905,528\n Revs 194.3 m ln vs 171.7 mln\n Note: Qtly div is payable April 22 to shareholders of\nrecord April three.\n Reuter\n\u0003", "date": "17-MAR-1987 12:32:43.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "6088" }, { "title": "PERRY DRUG SLOWS EXPANSION", "body": "Perry Drug Stores Inc, which two\nweeks ago reported sharply lower first quarter earnings, plans\nto slow its expansion to five to six pct annually from 15 pct\nlast year, Chairman Jack A. Robinson told Reuters.\n Robinson said after the company's annual meeting that Perry\nalso would slow its acquisition program, through which the\ncompany has moved into the auto parts business.\n Although Robinson would not make a specific earnings\nforecast, he said \"We expect to regain our earnings momentum in\nthe second half of the current fiscal year, ending October 31.\"\n Perry Drug earned 13 cts a share in its first quarter this\nyear. It made 11 cts a share in last year's second half, down\nfrom 51 cts in the 1985 second half.\n Reuter\n\u0003", "date": "17-MAR-1987 12:35:39.73", "places": [ "usa" ], "id": "6089" }, { "title": "ATT-PHILIPS BID FOR CGCT OUTLINED", "body": "American Telephone and Telegraph Co and\nPhilips Telecommunications BV (APT) would hold 36 pct through\ndirect and indirect holdings in France's if a joint bid with French\npartners for the soon-to-be-privatised firm succeeds, a\ndirector at one of the partner firms said.\n Marc Mathieu of \nSAT, told journalists the bid foresaw a direct stake of 20 pct\nfor APT, the joint firm set up by the U.S.'s ATT and the\nNV Philips Gloeilampenfabrieken .\n The other 80 pct would be owned by a holding company made\nup of SAT, APT, Cie du Midi and five mutual funds.\n Under French law, foreign investors are restricted to a 20\npct direct stake in privatised companies but can boost their\nstake to 40 pct through indirect holdings.\n The make-up of the holding company, however, is subject to\nclose discussions within the government due to legal queries\nover the nationality of the mutual funds, a Finance Ministry\nofficial said.\n Although bought by French citizens they are managed by\nforeign banks and\n, controlled by\nAlgemene Bank Nederland NV , an SAT spokesman said.\n CGCT, which controls 16 pct of the French public telephone\nswitching market, is to be sold by the government for 500 mln\nfrancs by private tender.\n Five groups are bidding for the company and the government\nhas said it will choose CGCT's new owner by the end of April.\n APT vice-president Wim Huisman told a news conference a\ncapital increase was envisaged if SAT-APT wins CGCT, but\ndeclined to give details or say how an increase would affect\nforeign stakes in CGCT.\n In 1985, CGCT posted losses of 200 mln francs on sales of\nthree billion after 1984 losses of 997 mln francs.\n A joint SAT-APT statement added that buyers were committed\nto investing 240 mln francs in CGCT research and production\nplants. The APT-SAT offer includes a provision for CGCT to\nproduce APT 5ESS-PRX switching technology and adapt it to\nFrench standards.\n The tender was launched after a 1985 draft agreement for\nATT to take over CGCT was abandoned following the introduction\nof the French government privatisation laws which reopened\nbidding among a wider range of applicants.\n Other candidacies to take over CGCT include West Germany's\nSiemens AG allied with Schneider SA \nsubsidiary Jeumont-Schneider, Sweden's Telefon AB LM Ericsson\n allied with Matra and Bouygues SA\n, Italy's , and Canada's Northern Telecom Ltd\n.\n Reuter\n\u0003", "date": "17-MAR-1987 12:36:48.98", "topics": [ "acq" ], "places": [ "france" ], "id": "6090" }, { "title": "ANALYSTS SEE EARLY ONE POINT CUT IN U.K. BASE RATE", "body": "British bank base lending rates are\nlikely to fall by as much as one full point to 9-1/2 pct this\nweek following the sharp three billion stg cut in the U.K.\nCentral government borrowing target to four billion stg set in\ntoday's 1987 budget, bank analysts said.\n The analysts described Chancellor of the Exchequer Nigel\nLawson's budget as cautious, a quality which currency and money\nmarkets had already started to reward.\n Sterling surged on foreign exchange markets and money\nmarket interest rates moved sharply lower as news of the budget\nmeasures came through, the analysts said.\n Lloyds merchant bank chief economist Roger Bootle said he\nexpected base rates to be cut by one full point tomorrow.\n \"This is very much a safety-first budget in order to get\ninterest rates down,\" he said.\n Bootle said the money markets had almost entirely\ndiscounted such a one point cut, with the key three month\ninterbank rate down to 9-11/16 pct from 9-13/16 last night, and\nit would be rather conservative for banks to go for a\nhalf-point cut now.\n Midland Bank treasury economist David Simmonds said he,\ntoo, expected base rates would be a full point lower by Friday,\nbut this would likely happen via two half-point cuts.\n \"This budget is designed to please both the markets and the\nelectorate. The implications for interest rates are very\nfavourable, we could have a half-point cut tomrorow and another\nsuch cut before the end of the week,\" Simmonds said.\n Pointing to buoyant U.K. Retail data released yesterday, he\nsaid Lawson had done well to resist pressures for a sharp cut\nin income tax rates at the expense of a lower borrowing target.\n\"There is no real need to boost private consumption,\" he said.\n National Westminster Bank chief economist David Kern said\nthe lower borrowing target set in the budget had increased the\nlikelihood of an early one-point base rate cut.\n Kern said the budget would have to be analysed carefully,\nin particular to see how exactly Lawson planned to achieve the\nsharper than expected borrowing target cut, before a one-point\nbase rate cut could be implemented.\n But providing the budget small-print was convincing, \"and I\nsuspect it will be, it is entirely possible that we see one\npoint off base rates by the end of this week,\" Kern said.\n Bootle of Lloyds said the expected base rate cut would pave\nthe way for an early one-point cut in mortgage lending rates.\nThis would help achieve Lawson's lower than expected consumer\nprice inflation target of four pct at end-1987, he said.\n U.K. Base rates were cut last week to 10-1/2 pct from 11\npct after sustained pressure from the foreign exchange, money\nand government bonds (gilts) markets.\n But building societies said they would not cut lending\nrates until base rates had fallen by one full point.\n REUTER\n\u0003", "date": "17-MAR-1987 12:40:41.02", "topics": [ "interest" ], "places": [ "uk" ], "id": "6091" }, { "title": "TOUSSIE GROUP SELLS HECK'S SHARES", "body": "A shareholder group led by New York\ninvestor Robert Toussie told the Securities and Exchange\nCommission it sold off most of its holdings in Heck's Inc\ncommon stock but reserved the right to again seek control of\nthe company in the future.\n The group, which includes the Edward A. Viner and Co\nbrokerage, said it sold 579,600 shares since March 5, leaving\nit with 157,000 shares or 1.8 pct of the total outstanding.\n The group had proposed a takeover of Heck's in September\nbut later withdrew the offer, and Heck's on March 5 filed for\nprotection from its creditors under federal bankruptcy law.\n Reuter\n\u0003", "date": "17-MAR-1987 12:42:00.04", "topics": [ "acq" ], "places": [ "usa" ], "id": "6092" }, { "title": "CYCLOPS HOLDER WITHDRAWS TAKEOVER MOTION", "body": ", which is in a\nbattle with for control of Cyclops Corp, said a\nCyclops shareholder had agreed to withdraw a motion in U.S.\nDistrict Court to prevent Dixons from completing its tender\noffer for Cyclops, which expires 2400 EST today.\n Dixons did not name the shareholder and did not disclose\nthe holder's stake in Cyclops.\n \n Reuter\n\u0003", "date": "17-MAR-1987 12:42:20.32", "topics": [ "acq" ], "places": [ "usa" ], "id": "6093" }, { "title": " YEAR NET", "body": "Shr 72 cts vs 58 cts\n Net 20.8 mln vs 14.9 mln\n Revs 328.7 mln vs 239.8 mln\n Avg shrs 28.9 mln vs 25.7 mln\n Note: Prior year shr restated for June, 1986 two-for-one\nstock split\n Reuter\n\u0003", "date": "17-MAR-1987 12:42:58.75", "topics": [ "earn" ], "places": [ "canada" ], "id": "6094" }, { "title": "SEARS SETTLED TO AVOID FURTHER LEGAL COSTS", "body": "Sears Roebuck and Co, said it reached\nan out-of-court settlement with the Federal Trade Commission\nover the labeling of some down-filled garments sold in 1978 \"to\navoid further legal expenses.\"\n In a statement, Michael Bozic, chairman of Sears\nMerchandise Group, said \"As part of the voluntary corrective\nprogram, Sears removed 75 mln dlrs worth of down-filled\nmerchandise from sale prior to the FTC investigation, retested\nand where necessary, relabeled goods and nationally offered a\nfull refund.\"\n Sears said it was \"the only retailer to take extensive\nsteps to protect consumers, despite the fact that down-labeling\ndiscrepancies were industry-wide in 1978.\"\n Both Sears and Kellwood Co, a Sears supplier, agreed to pay\npenalties of 200,000 dlrs each to settle the charges.\n Reuter\n\u0003", "date": "17-MAR-1987 12:43:08.35", "places": [ "usa" ], "id": "6095" }, { "title": "FIRM HAS COOPERVISION STOCK, WILL BUY MORE", "body": "Siebel Capital Management Inc, a\nCalifornia investment adviser, told the Securities and Exchange\nCommission (SEC) it bought 1.3 mln CooperVision Inc common\nshares or 5.9 pct of the total outstanding.\n In its SEC filing, the firm said it \"intends to acquire more\nstock and may attempt to influence management of the company to\nmake major changes in the company's business or corporate\nstructure.\"\n Siebel said it made net purchases of 163,200 CooperVision\nshares since Jan. 1.\n Reuter\n\u0003", "date": "17-MAR-1987 12:44:18.10", "topics": [ "acq" ], "places": [ "usa" ], "id": "6096" }, { "title": "AMEX CALLS FOR UNIFORM EXPIRATION PROCEDURES", "body": "The American Stock Exchange said it is\nprepared to move settlement prices for its broad-based stock\nindex contracts to the stock market opening on expiration\nFridays providing the change is part of an industry-wide move\nto a uniform system.\n \"We believe it is in the best interests of the industry for\nall markets to participate in a coordinated move to base\nexpiration Friday settlement prices on the stock market\nopening,\" Amex president Kenneth Leibler said in a statmenet.\n He said non-uniform procedures will lead to \"market and\ninvestor confusion.\"\n Leibler said expirations based on openings \"appears to\noffer greater opportunities than the close to most efficiently\nhandle any order imbalances which may occur on expiration\nFridays.\"\n He said the markets would have the remainder of the trading\nday to correct any \"price dislocations\" that occur. Market\nanalysts have attributed some wide swings in the stock market\nin part to arbitrage activity involving index options and\nfutures and individual stocks.\n Options on the Major Market Index and the Institutional\nIndex, which now expire at the close, are traded on the Amex.\n Reuter\n\u0003", "date": "17-MAR-1987 12:45:33.67", "places": [ "usa" ], "id": "6097" }, { "title": "GALAXY OIL CREDITORS TO FORECLOSE ASSETS", "body": "Galaxy Oil Co said it was\nnotified by its secured bank lenders that they plan to\nforeclose on the company's material assets on April 7.\n The company, which is in default of its 26.5 mln dlrs of\nbank debt and all of its other interest bearing debt, said it\nis unlikely that its board will accept the banks' latest offer\nfor restructuring its debt.\n Galaxy said that if an agreement cannot be reached with its\nlenders, it plans to file for Chapter 11 reorganization on or\nbefore April 7. It added that it is holding talks with other\nparties on debt restructuring alternatives.\n Reuter\n\u0003", "date": "17-MAR-1987 12:47:30.60", "places": [ "usa" ], "id": "6098" }, { "title": "OECD AGREES EXPORT CREDIT REFORMS", "body": "The western industrialised nations have\nagreed reforms in rules by which they provide credit for\nexports to developing countries, the Organisation for Economic\nCooperation and Development (OECD) said.\n The reforms tighten the rules for the use of foreign aid to\nsubsidise export credits in so-called \"mixed credits,\" the OECD\nsaid.\n The agreement, to be implemented in two stages in July this\nyear and July 1988, means the minimum aid component in mixed\ncredits will be raised to 35 pct from 25 pct, and to 50 pct for\ncredits covering exports to the world's least developed\nnations.\n Additionally, a new formula will be used for calculating\nthe aid element in mixed credits, to take account of different\ninterest rates in the exporting countries, the 24-nation OECD,\nwhich hosted the reform negotiations, said.\n Minimum interest rates for officially subsidised trade\nloans have also been revised with the aim of cutting the\nsubsidies, and ending them completely on loans to relatively\nrich developing countries by July next year.\n The reforms follow several years of pressure by the U.S. To\nstop competitors, notably France and Japan, using foreign aid\nto subsidise exports, putting U.S. Firms at a disadvantage.\n OECD officials said the agreement was based on a\nprovisional accord reached in January subject to ratification\nby member governments. Some governments, including Austria, had\nlinked their final approval to other trade credit issues which\nwould be discussed at a meeting here in mid-April, they added.\n By raising the minimum amount of aid required in mixed\ncredits the agreement aims to make such hidden subsidies too\ncostly for frequent use.\n \"A major loophole in the General Agreement on Tariffs and\nTrade has been closed today,\" a senior U.S. Official here\ncommented.\n Reuter\n\u0003", "date": "17-MAR-1987 12:47:39.21", "organisations": [ "oecd" ], "places": [ "france" ], "id": "6099" }, { "title": "DSC , AMERITECH'S OHIO BELL IN DEAL", "body": "DSC Communications Corp said it was\nselected by American Information Technology Corp's Ohio\nBell Telephone Co as a vendor of digital electronic\ncross-connect systems.\n The systems are used to interconnect both low and high\nspeed digital transmission links while providomg access to\nindividual voice/data channels embedded within these links.\n.\n Reuter\n\u0003", "date": "17-MAR-1987 12:48:21.37", "places": [ "usa" ], "id": "6100" }, { "title": "AMERICAN CYANAMID BUYS U.K. COMPANY", "body": "American Cyanamid Co said it bought\nthe 50 pct interest of Cyanamid Fothergill Ltd held by\n, making the unit a wholly owned\nsubsidiary.\n The unit manufactures structural materials, including\nadvanced composites, adhesives, and aluminum honeycomb for the\nEuropean space industry.\n The current management will remain in place and the unit\nwill continue at its locations in Wrexham, U.K., the company\nsaid.\n Reuter\n\u0003", "date": "17-MAR-1987 12:48:45.19", "topics": [ "acq" ], "places": [ "usa", "uk" ], "id": "6101" }, { "title": "NOEL INDUSTRIES INC 1ST QTR JAN 31 LOSS", "body": "Shr loss 26 cts vs loss 12 cts\n Net loss 289,649 vs loss 138,372\n Revs 5,944,286 vs 5,902,074\n Reuter\n\u0003", "date": "17-MAR-1987 12:50:42.65", "topics": [ "earn" ], "places": [ "usa" ], "id": "6102" }, { "title": "GROUP BOOSTS GELCO STAKE TO 8.2 PCT", "body": "An investor group including New\nYork-based Mutual Shares Corp and Mutual Qualified Income Fund\nInc told the Securities and Exchange Commission it raised its\nstake in Gelco Corp common stock to 575,859 shares or 8.2 pct\nof the total outstanding.\n The group said its most recent purchases included 241,000\nshares bought between January 21 and March 10.\n The group said it purchased the shares for investment\npurposes.\n Reuter\n\u0003", "date": "17-MAR-1987 12:56:10.88", "topics": [ "acq" ], "places": [ "usa" ], "id": "6103" }, { "title": "OSHMAN'S SPORTING GOODS INC 4TH QTR NET", "body": "Qtr ended Jan 31\n Shr 92 cts vs 1.28 dlrs\n Net 5,415,000 vs 7,730,000\n Revs 114.2 mln vs 112.9 mln\n Avg shrs 5,864,000 vs 6,030,000\n Year\n Shr 45 cts vs 1.40 dlrs\n Net 2,664,000 vs 8,536,000\n Revs 322.9 mln vs 312.3 mln\n Avg shrs 5,885,000 vs 6,105,000\n \n Note: Net includes LIFO gains of 48,000 dlrs vs 118,000\ndlrs for qtr and charges of 257,000 dlrs vs 225,000 dlrs for\nyear.\n Reuter\n\u0003", "date": "17-MAR-1987 12:58:27.96", "topics": [ "earn" ], "places": [ "usa" ], "id": "6104" }, { "title": "UNIVERSITY PATENTS INC 2ND QTR JAN 31 NET", "body": "Oper shr 24 cts vs 19 cts\n Oper net 1,096,332 vs 794,711\n Revs 803,085 vs 442,420\n Six mths\n Oper shr 53 cts vs 43 cts\n Oper net 2,375,844 vs 1,741,437\n Revs 1,471,257 vs 768,683\n NOTE: Prior year excludes income from discontinued\noperations of 19 cts per share in the quarter and 17 cts per\nshare in the year.\n Reuter\n\u0003", "date": "17-MAR-1987 12:58:45.47", "topics": [ "earn" ], "places": [ "usa" ], "id": "6105" }, { "title": "FREEDOM FEDERAL SETS INITIAL PAYOUT", "body": "Freedom Federal Savings Bank\nsaid it voted its first cash dividend of 10 cts a share,\npayable April 10, record March 31.\n The 1987 annual dividend will be 40 cts a share, it said.\n\n Reuter\n\u0003", "date": "17-MAR-1987 12:59:11.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "6106" }, { "title": "HOSPITAL STAFFING SERVICES 1ST QTR NET", "body": "Qtr ends Feb 28\n Shr six cts vs three cts\n Net 189,683 vs 80,499\n Revs 2,874,930 vs 2,594,474\n NOTE: Full name Hospital Staffing Services Inc.\n Prior year includes extraordinary gain of one ct per share.\n Reuter\n\u0003", "date": "17-MAR-1987 12:59:30.23", "topics": [ "earn" ], "places": [ "usa" ], "id": "6107" }, { "title": "DOLLAR VALUE APPROPRIATE, BUNDESBANK OFFICIAL SAYS", "body": "The dollar is near appropriate levels\nagainst European currencies and the yen, and a further fall\ncould damage confidence in the currency while endangering world\neconomic growth, a top Bundesbank official said.\n Board member Leonhard Gleske also told a Forex Association\nconference current exchange rates of major currencies \"can be\nviewed as equilibrium levels in a medium-term perspective.\"\n He said the recent Paris agreement on currency\nstabilisation and policy coordination between the Group of Five\nand Canada may herald \"an era of greater exchange rate\nstability.\"\n The Paris agreement was not, however, an attempt to set up\npermanent target zones for exchange rates, Gleske stressed,\nadding such targets would be extremely difficult to agree and\nenforce on an international level.\n \"At present levels the dollar can no longer be considered\ngrossly overvalued in relation to the European currencies and\nthe yen,\" Gleske said.\n He said the dollar had fallen much less against currencies\nof important trading nations such as Canada, Korea, Taiwan and\nHong Kong, and further falls there may still be necessary.\n But \"a further dollar depreciation against major European\ncurrencies and the yen may not be the best way to restore the\ndollar to a fully competitive position, as measured by its\nweighted external value,\" he said.\n In fact, a further marked decline in the dollar rate would\nhold two major dangers, Gleske said.\n First, in countries with large balance of payments\nsurpluses such as Japan and West Germany, it threatened to\nhamper economic growth and thus slow down the expansion of real\nincome and domestic expenditure necessary to wipe out\nsurpluses.\n Second, in the United States, it could damage investors'\nconfidence in the dollar and thus reduce their willingness to\nfinance huge fiscal and external payments deficits, Gleske\nsaid.\n Gleske also was strongly sceptical that an international\nsystem of binding target zones for currencies, fluctuating in\nnarrow bands against each other, can be established. Such\ntargets threatened to cause policy conflicts, \"both within\ncountries and between them.\"\n For instance, the U.S. Reliance on foreign capital to fund\nits deficits requires interest rates there be set at high\nlevels, but domestic considerations call for low ones.\n If target zones were established, this would put \"pressure\non other countries to reduce their interest rates even more,\neven though this may be in conflict with their own domestic\nsituation and priorities,\" he said.\n Gleske added, \"targeting the exchange rate even within a\nwide margin will meet with serious objections where there is a\nclearly perceived potential for conflict between domestic and\nexternal policy priorities.\"\n Commenting on the Paris currency accord, Gleske said its\nchances of stabilising exchange rates rested heavily on current\ninterest rate differentials being maintained.\n These chances \"seem to me to rest critically on the\nexpectation that the current configuration of interest rates,\nand the monetary policies behind them, will assure smooth\nfinancing of current account imbalances in the months ahead.\"\n Gleske said past experience of currency adjustments had\nlearned \"that markets are inclined to be impatient and will thus\ntend to overshoot.\" He said this \"would seem to be unnecessary\nand should be avoided if at all possible.\"\n Monetary policies can help achieve this, but only if\nmarkets believe that pledged changes in fiscal policies will\nlead to balanced international payments, he said.\n REUTER\n\u0003", "date": "17-MAR-1987 13:01:50.02", "topics": [ "dlr", "money-fx" ], "places": [ "uk", "japan", "canada", "west-germany", "usa" ], "id": "6108" }, { "title": "U.S. SUBCOMMITEE APPROVES INTERNATIONAL DEBT BILL", "body": "A House Banking subcommittee\napproved legislation which would require the Treasury Secretary\nto begin negotiations on the establishment of an international\ndebt adjustment facility.\n The facility would buy up some of the debt of less\ndeveloped countries and sell it to banks at a discount.\n The facility was proposed by Rep. John LaFalce, D-N.Y., who\nsaid it would help ease the third world debt crisis. It was\napproved by the House International Finance subcommittee and\nsent to the full House Banking Committee, which will consider\nthe measure next week.\n The legislation is part of the omnibus trade bill being\nconsidered by several committees.\n Reuter\n\u0003", "date": "17-MAR-1987 13:05:27.89", "places": [ "usa" ], "id": "6109" }, { "title": "BAYER CONFIRMS IT RECEIVED AIDS DAMAGE CLAIMS", "body": "West German chemical\ngroup Bayer AG said it had received claims for damages\nfrom haemophilics who allege they were infected with AIDS\nthrough a blood plasma produced by a Bayer subsidiary.\n Bayer's shares fell 13 marks to close at 292 in Frankfurt\ntoday. Dealers said a newspaper report about possible huge\nclaims for damages triggered off the share selling in Bayer,\nother pharmaceuticals and insurance companies.\n Bayer said in a statement it was insured against claims and\nhad received two. Bayer did not rule out that some infections\nmay have been passed on through the plasma in the past.\n But the company added that the method of production had\nbeen changed and according to current knowledge there was now\nno danger of contracting AIDS through the blood plasma. The\nplasma is used by haemophilics to aid the clotting of blood.\n The Hamburg-based news magazine \"Der Spiegel\" reported in its\nlatest edition that the West German pharmaceutical industry\ncould face billions of marks worth of claims for damages from\ninfected haemophilics and their relatives.\n Reuter\n\u0003", "date": "17-MAR-1987 13:06:09.41", "places": [ "west-germany" ], "id": "6110" }, { "title": "PLAINS POSTS RESERVES INCREASES", "body": "Plains Resources Inc said that as\nof December 31, its estimated proved oil and gas reserves rose\nby 27 pct to 5.43 mln barrels from 4.27 mln barrels and proved\ndeveloped reserves rose 16 pct to four mln barrels from 3.45\nmln barrels a year ago.\n The company said its year end reserves did not include the\noil and gas reserves of Houston Oil Fields Co which recently\nagreed to merge with it, pending shareholder approval in\nmid-April. If approved, the merger will add another 3.2 mln\nbarrels to the company's reserve base.\n Reuter\n\u0003", "date": "17-MAR-1987 13:06:32.14", "topics": [ "crude" ], "places": [ "usa" ], "id": "6111" }, { "title": "PLAYBOY HAS NO RESTRUCTURING PLANS", "body": "Playboy Enterprises Inc said it has no\nplans to restructure or to take the company private.\n Moreover, Chairman Hugh Hefner, who owns 71 pct of the more\nthan 9.4 mln shares outstanding, has no interest in selling his\nstock, spokeswoman Robyn Radomski said. \n Articles in two weekly business publications have said\nPlayboy is a takeover candidate because of what financial\nanalysts see as its undervalued asset base.\n Radomski said there were no corporate developments to\naccount for the recent unusual trading in Playboy's shares but\nthat there seemed to be a correlation with the two articles.\n Playboy shares are currently trading at 13-5/8 on turnover\nof about 40,100 shares. For the past 52-weeks, the stock has\ntraded in a range of 5-7/8 to 13-1/4 on light volume.\n The reports, based on an asset evaluation by analyst Mark\nBoyar, place Playboy's worth at about 280 mln dlrs, or 30 dlrs\na share. Boyar estimated Playboy's publishing to be worth about\n130 mln dlrs, its product licensing, 50 mln dlrs, its real\nestate, including a mansion in Beverly Hills at 30 mln dlrs and\nits excess working capital after debt repayment of 70 mln dlrs,\naccording to Business Week.\n According to Boyar, the licensing division, Playboy mansion\nand artwork alone make the firm worth about 20 dlrs a share,\nthe Forbes Magazine article said.\n According to Advertising Age, the Playboy logo is the most\nrecognized symbol after Coca Cola, another analyst noted.\n Radomski, noting that the articles were written without\ncontact with Playboy, said that \"from time to time people do\nspeculate about the company.\"\n She said she had spoken with majority shareholder Hefner in\nthe \"last day or so\" for a reaction to the articles.\n American Securities analyst David Leibowitz believes\n\"anyone who bought in thinking takeover or lbo (leveraged\nbuyout) is likely to be disappointed because the chances are\nnil.\" Management has repeatedly stated it will not take the\ncompany private, he said.\n But \"shareholders who held the stock prior to all the\npublicity have gotten a heck of a ride for their money,\" he\nsaid.\n Leibowitz said he also believes that the true asset value\nof the company is likely to exceed the current price of the\nstock. \"But a leveraged buyout is not in the cards. I take\nmanagement at their word,\" he said.\n While Playboy's cable television operation is considered a\ndrain on the company by some analysts, Liebowitz sees\npotential. \"They do have a management plan for the cable\noperation and the company as a whole,\" he said. \"Were this plan\nto, in fact, translate into reality, the opportunity for\nearnings is significant,\" he said.\n Reuter\n\u0003", "date": "17-MAR-1987 13:07:30.87", "places": [ "usa" ], "id": "6112" }, { "title": "OSHMAN'S CITES WEAK REGIONAL ECONOMIES", "body": "Oshman's Sporting Goods Inc said\nearnings for the fourth quarter ended January 31 were affected\nby the weak economies of Texas, Oklahoma and Louisiana,\nresulting in a drop in net earnings to 5,415,000 dlrs or 92 cts\na share from 7,730,000 dlrs or 1.28 dlrs a share for the\nyear-ago quarter.\n The company also said sales on the West Coast were hurt by\nlate snows and poor skiing conditions.\n Same-store sales declined 3.2 pct for the quarter and 2.2\npct for the year.\n For the full year, Oshman's net earnings fell to 2,664,000\ndlrs or 45 cts a share, from 8,536,000 dlrs or 1.40 dlrs a\nshare.\n In 1986, the company said it opened nine stores and closed\nthree.\n At year-end, the company said it was operating 188 Oshman's\nstores and 27 Abercrombie and Fitch stores.\n Reuter\n\u0003", "date": "17-MAR-1987 13:07:39.67", "topics": [ "earn" ], "places": [ "usa" ], "id": "6113" }, { "title": "CHINA CROP WEATHER SUMMARY -- USDA/NOAA", "body": "Light, scattered showers covered\nwinter wheat areas in the North China Plain in the week ended\nMarch 14, moistening topsoils for wheat, just breaking dormancy\nin most central and northern areas, the Joint Agricultural\nWeather Facility of the U.S. Agriculture and Commerce\nDepartments said.\n In its International Weather and Crop summary, the agency\nsaid southern winter wheat areas are in the early vegetative\nstage. Above-normal February temperatures over the North China\nPlain caused winter grains to break dormancy early in the\nsouth.\n Moderate to heavy rains in southern Jiangsu, Anhui,\neastern Hebei, Hunan , Jiangxi, Fujian, and Zheziang, reversed\nFebruary's below normal precipitation pattern.\n The agency said the wet weather in these areas provided\nample moisture for rice planting and lessened the need for\nirrigation. \n Mostly dry weather in early-rice areas of Guanxi and\nGuandong resulted in irrigation for continued rice planting, it\nsaid.\n Reuter\n\u0003", "date": "17-MAR-1987 13:14:14.38", "topics": [ "grain", "wheat", "rice" ], "places": [ "usa", "china" ], "id": "6114" }, { "title": "WORTHINGTON INDUSTRIES INC 3RD QTR NET", "body": "Qtr ended Feb 28\n Shr 24 cts vs 24 cts\n Net 10.0 mln vs 10.1 mln\n Revs 202.8 mln vs 184.6 mln\n Nine mths\n Shr 66 cts vs 67 cts\n Net 27.3 mln vs 27.6 mln\n Revs 588.2 mln vs 539.2 mln\n Note: 1986 shr data adjusted for 3-for-2 stock split paid\nOctober 1986.\n Reuter\n\u0003", "date": "17-MAR-1987 13:15:12.17", "topics": [ "earn" ], "places": [ "usa" ], "id": "6115" }, { "title": "BRAZIL CROP WEATHER SUMMARY -- USDA/NOAA", "body": "Wet weather covered Rio Grande do\nSul, Brazil in the week ended March 14, benefitting soybeans\nwhich are mostly setting to filling pods, the Joint\nAgricultural weather Facility of the U.S. Agriculture and\nCommerce Departments said.\n In its International Weather and Crop Summary, the agency\nsaid minimal precipitation covered soybean areas in Santa\nCatarina, Parana, and southern Matto Grosso do Sul.\n Adequate soil moisture in these areas met crop moisture\ndemands, reducing the potential for crop stress, it said.\n The agency said February precipitation was above normal\nover most soybean areas of Brazil.\n Weekly temperatures were below normal, it said.\n Reuter\n\u0003", "date": "17-MAR-1987 13:15:22.36", "topics": [ "oilseed", "soybean" ], "places": [ "usa", "brazil" ], "id": "6116" }, { "title": "WORKERS STRIKE AT SOUTHWEST FOREST MILL", "body": "Southwest Forest Industries Inc\nsaid 344 members of the United Paperworkers International Union\nwent out on strike at the company's Snowflake, Ariz., paper\nmill, temporarily halting operations at the newsprint and\nlinerboard facility.\n The mill, which employs 525 people, has an annual capacity\nof 282,000 tons of newsprint and 159,000 tons of linerboard,\nthe company said.\n Southwest Forest also said it is continuing to negotiate\nwith the Internatinal Brotherhood of Electrical Workers, whose\n65 members are honoring the paperworkers' picket lines.\n The company said it intends to resume mill operations as\nquickly as possible using salaried employees, union workers who\nelect to work, contractors and newly hired replacements for the\nstriking workers.\n Reuter\n\u0003", "date": "17-MAR-1987 13:15:45.10", "places": [ "usa" ], "id": "6117" }, { "title": "ARGENTINA CROP WEATHER SUMMARY -- USDA/NOAA", "body": "Precipitation diminished over\nArgentina's summer crop areas in the week ended March 14, the\nU.S. Agriculture and Commerce Departments Joint Weather\nFacility said.\n In its International Weather and Crop Summary, the agency\nsaid crop areas in Cordoba, Santa Fe, and Buenos Aires received\nonly light scattered showers -- three to 13 millimeters.\n The beneficial drier weather allowed drying of fields for\nsummer crop harvesting, following February's heavy rainfall, it\nsaid.\n Reuter\n\u0003", "date": "17-MAR-1987 13:15:51.85", "places": [ "argentina", "usa" ], "id": "6118" }, { "title": "U.S. WARNS OF DEPENDENCE ON FOREIGN OIL", "body": "A White House-ordered report said \nthat growing U.S. reliance on foreign oil into the year 2000\ncould have potentially damaging implications for national\nsecurity.\n The Energy Department study discusses several options to\ncurb reliance on foreign oil, but makes no recommendations.\n President Reagan and most Congressmen have previously ruled\nout a tax on foreign oil as a way to curb imports and to help\nthe depressed domestic oil industry.\n Energy Secretary John Herrington said in a statement that\n\"although we have made gains in energy security in the last six\nyears, this report shows that there is justification for\nnational concern both over declining competitiveness of our\ndomestic oil and gas industry and over rising oil imports.\"\n The report said imports last year were 33 pct of U.S.\nconsumption and by the mid-1990s could rise to 50 pct.\n Among the report's options to ease U.S. reliance on foreign\noil are several already advocated by the Reagan Administration.\n President Reagan ordered the study last September, citing a\ndetermination that the country never again become captive to a\nforeign oil cartel, referring to the OPEC-led oil shortages and\nsharp prices increases of the 1970s.\n The report said an import fee would raise prices and help\nmake it economical for U.S. oil firms to find and produce new\noil, as well as to cut imports, but on the whole the tax would\ndepress the nation's economy.\n reuter\n\u0003", "date": "17-MAR-1987 13:16:13.88", "topics": [ "crude" ], "places": [ "usa" ], "id": "6119" }, { "title": "VTX ELECRONICS SETS SDTOCK SPLIT", "body": "VTX Electronics Corp said its\nboard declared a five-for-four stock split, payable April Nine\nto holders of record March 27.\n Reuter\n\u0003", "date": "17-MAR-1987 13:17:01.64", "topics": [ "acq" ], "places": [ "usa" ], "id": "6120" }, { "title": "COASTAL (CGP) SEES INCREASE IN 1987 PROFITS", "body": "Coastal Corp said it expected earnings\nfor 1987 \"to be significantly above\" profits of 71.6 mln dlrs\nlast year.\n In a letter to shareholders appearing in the company's\nnewly-issued 1986 annual report, Coastal chairman Oscar Wyatt\ndid not elaborate on how much earnings were expected to\nincrease.\n The 1986 profits of Coastal, a natural gas production and\npipeline company, were halved from 1985 levels due to slumping\nenergy prices. The company's sales totaled 6.7 billion dlrs\nlast year.\n Coastal also said it sold its natural gas for an average\nprice of 2.17 dlrs per mcf in 1986, a drop of 18 pct from the\nprevious year. Oil and natural gas liquids sold for an average\n14.20 dlrs a barrel in 1986, a reduction of 37 pct.\n The Houston-based company, which produced a daily average\nof 120 mln cubic feet of gas and 11,149 barrels of oil, said it\nhad proved reserves at yearend 1986 of 28.6 mln barrels of oil\nand 954 billion cubic feet of natural gas. Average reserve\nreplacement costs were 8.28 dlrs per barrel of oil equivalent\nduring the past three-year period, representing a little more\nthan half of the industry average, the company said.\n Coastal's more than 800 gasoline retail outlets were\noperated profitably during 1986 \"and are expected to continue\nto do so,\" the company said.\n Reuter\n\u0003", "date": "17-MAR-1987 13:17:34.33", "topics": [ "acq" ], "places": [ "usa" ], "id": "6121" }, { "title": "FEDERAL PAPER BOARD TO SELL PREFERRED", "body": "Federal Paper Board Co said its\nboard has approved the issuance of 140 mln dlrs of convertible\npreferred stock, with proceeds to be used to redeem on June 15\nits 125 mln dlrs in 13 pct subordinated debentures.\n The company also said it has completed the redemption of\n2.3125 dlr convertible exchangeable preferred stock, most of\nwhich was converted into common instead of being redeemed.\n Reuter\n\u0003", "date": "17-MAR-1987 13:18:50.10", "places": [ "usa" ], "id": "6122" }, { "title": "(REPAP ENTERPRISES CORP INC) 4TH QTR NET", "body": "Shr profit 26 cts vs loss nine cts\n Net profit 10.3 mln vs loss 1.0 mln\n Revs 208.2 mln vs 123.3 mln\n Year\n Shr profit 38 cts vs profit nine cts\n Net profit 13.0 mln vs profit 2.8 mln\n Revs 635.5 mln vs 429.3 mln\n Note: 1986 full year results include extraordinary loss of\none mln dlrs or three cts per share.\n Reuter\n\u0003", "date": "17-MAR-1987 13:22:13.38", "topics": [ "earn" ], "places": [ "canada" ], "id": "6123" }, { "title": "NORSTAR SETS ACQUISITION FOR STOCK", "body": "Norstar Bancorp said it has agreed\nin principle to acquire United National Bank of Callicoon,\nN.Y., by exchanging three Norstar common shares for each of the\n201,660 United shares outstanding.\n Based on the recent price of Norstar's stock, it said, the\nproposed tax-free exchange would have a market value of about\n20 mln dlrs.\n Norstar said the acquisition is subject to approval by\nUnited's holders and state and federal regulators. United has\nassets of 90 mln dlrs.\n Reuter\n\u0003", "date": "17-MAR-1987 13:22:59.41", "topics": [ "acq" ], "places": [ "usa" ], "id": "6124" }, { "title": "U.S OIL TAX WOULD NOT AFFECT PDVSA-CHAMPLIN DEAL", "body": "an eventual oil import fee in the\nunited states will make no difference to champlin petroleum\ncorp's joint venture agreement signed today with petroleos de\nvenezuela (pdvsa), champlin chairman william adams said.\n \"this was an aspect which was discussed at length during the\nnegotiations, but we can say our contract covers all\neventualities in this regard,\" he told reuters during the\nsigning ceremony here.\n Venezuela's energy and mines minister arturo hernandez\ngrisanti earlier described the agreement, under which pdvsa\nbuys 50 pct of champlin's corpus christi refinery, as \"one more\nstep in the maturation and presence of our oil industry in\nworld markets.\"\n union pacific chairman william cook said the agreement will\nbe beneficial to both sides, combining a secure source of\nsupply with a modern refinery and access to markets.\n \"we are looking to a long-term relationship, and at a time\nof protectionist tendencies in the U.S. Congress there are\nclear benefits to both sides,\" he said.\n Adams said pdvsa crude would remain competitive even with\nan oil import fee because champlin had invested heavily over\nthe years in adapingthe texas refinery to process venezuelan\nheavy crudes with coking and hydro-treating facilities and\nobtain a competitive product yield.\n \"therefore while the danger of an oil import fee has been a\nconsideration in the negotiations, and it remains to be seen\nwhat such a fee would represent, we do not foresee any impact\non today's agreement,\" adams said.\n He said the refinery could run crude as heavy as\nvenezuela's bolivar coastal field (bcf) 17 api without any\ndifficultiesand would probably move over time to a heavier diet\nto take advantage of bigger margins.\n The refinery has a capacity to process up to 110,000 bpd of\nvenezuelan high sulphur content heavy crude, with an 80-85 pct\nyield of white products.\n Reuter\n\u0003", "date": "17-MAR-1987 13:25:14.14", "topics": [ "crude" ], "places": [ "usa", "venezuela" ], "id": "6125" }, { "title": "WORKERS STRIKE AT SOUTHWEST FOREST MILL", "body": "Southwest Forest Industries Inc\nsaid 344 members of the United Paperworkers International Union\nwent on strike at the Snowflake, Ariz., paper mill, halting\noperations at the newsprint and linerboard facility.\n The mill, which employs 525 people, has an annual capacity\nof 282,000 tons of newsprint and 159,000 tons of linerboard,\nthe company said.\n Southwest Forest said it is negotiating with the\nInternational Brotherhood of Electrical Workers, whose 65\nmembers are honoring the paperworkers' picket lines.\n The company said it intends to resume mill operations as\nquickly as possible using salaried employees, union workers who\nelect to work, contractors and newly hired replacements for the\nstriking workers.\n Reuter\n\u0003", "date": "17-MAR-1987 13:25:48.10", "places": [ "usa" ], "id": "6126" }, { "title": "LYNG TO MEET WITH EXPORTERS, EEP LIKELY TOPIC", "body": "Secretary of Agriculture Richard\nLyng will meet with representatives from major grain exporting\ncompanies today, and the subject of subsidized wheat to the\nSoviet Union will likely be discussed, an aide to Lyng said.\n Today's meeting, set to begin at 1500 EST (2000 gmt), was\nscheduled at the request of the exporters, the aide said.\n \"The EEP (export enhancement program) is pretty obviously\none of the things they (the exporters) want to talk about, but\nthey haven't any agenda as far as I know,\" Lyng's aide said.\n Private industry export officials have met periodically\nwith Lyng to discuss farm policies and the export situation.\nWhether this meeting will prompt any U.S. action on the issue\nof whether Moscow will be offered export bonus wheat is\nuncertain, the aide said.\n \"I don't know what they'll tell us that we don't already\nknwo, but we'll hear what they have to say,\" Lyng's aide said.\n The USDA official said that as far as he knows there has\nbeen no further action on offering the Soviet Union wheat under\nthe EEP.\n Reuter\n\u0003", "date": "17-MAR-1987 13:26:02.23", "topics": [ "grain", "wheat" ], "places": [ "usa", "ussr" ], "id": "6127" }, { "title": "ICCO GROUP LOOKS AT COCOA BUFFER STOCK RULE PLAN", "body": "The International Cocoa Organization,\nICCO, buffer stock working group began examining a draft\nproposal for buffer stock rules this afternoon, delegates said.\n The plan, presented by ICCO Executive Director Kobena\nErbynn, represented a compromise between producer, European\nCommunity, EC, and other consumer views on how the buffer stock\nshould operate, they said.\n The proposal involved three key principles. First, the\nbuffer stock manager would be open to offers for cocoa rather\nthan using fixed posted prices as previously, delegates said.\n Under an offer system, the buffer stock manager would be\nfree to choose cocoas of varying prices, they said.\n The second provision was that non-ICCO member cocoa could\ncomprise a maximum 10 pct of the buffer stock, while the third\nlaid out a pricing system under which the buffer stock manager\nwould pay differentials for different grades of cocoa, to be\nset by a formula, the delegates said.\n After the plan was presented, working group delegates met\nbriefly in smaller groups of producers, EC consumers and all\nconsumers to look at the proposal. Producers gave no reaction\nto the scheme and will respond to it when the working group\nmeets tomorrow at 1000 GMT, producer delegates said.\n Consumer members accepted the proposal as a good base to\nwork from, one consumer delegate said.\n Delegates said the proposal was only a starting point for\nnegotiations on buffer stock rules and subject to change.\n Reuter\n\u0003", "date": "17-MAR-1987 13:27:21.92", "topics": [ "cocoa" ], "organisations": [ "icco", "ec" ], "places": [ "uk" ], "id": "6128" }, { "title": "VTX ELECTRONICS CORP 4TH QTR NET", "body": "Shr 10 cts vs 11 cts\n Net 255,000 vs 242,000\n Sales 7,166,000 vs 6,486,000\n Avg shrs 2,438,000 vs 2,118,000\n Year\n Shr 50 cts vs 40 cts\n Net 990,000 vs 849,000\n Sales 29.0 mln vs 22.8 mln\n Avg shrs 1,972,000 vs 2,118,000\n NOTE: Share adjusted for five-for-four stock split declared\ntoday.\n Reuter\n\u0003", "date": "17-MAR-1987 13:27:27.27", "topics": [ "earn" ], "places": [ "usa" ], "id": "6129" }, { "title": "MORTGAGE GROWTH INVESTORS 1ST QTR FEB 28", "body": "Shr 36 cts vs 37 cts\n Net 2,751,000 vs 2,179,000\n Qtly div 40 cts vs 40 cts prior\n Avg shrs 7,699,241 vs 5,943,341\n NOTE: Dividend payable April 10 to shareholders of record\nMarch 30.\n Reuter\n\u0003", "date": "17-MAR-1987 13:27:31.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "6130" }, { "title": "E-SYSTEMS GETS NAVY CONTRACT", "body": "E-Systems Inc said it has received a\nthree-year U.S. Navy contract worth 9,208,223 dlrs for the\ncontinued production of AN/UGC-136 military teleprinters for\nuse in submarines.\n Reuter\n\u0003", "date": "17-MAR-1987 13:27:49.16", "places": [ "usa" ], "id": "6131" }, { "title": "HILTON HOTELS TO BUILD ALL SUITE HOTELS", "body": "Hilton Hotels Corp chairman Barron\nHilton said the company will build 10 all-suite hotels in\nsuburban markets in the next 18 to 30 months.\n Hilton said the hotels will feature between 150 and 200\nrooms. Construction costs will range between 65,000 dlrs and\n85,000 dlrs per suite versus 100,000 dlrs to 200,000 dlrs a\nroom for its traditional downtown locations.\n Hilton said it will break ground on six hotels this year in\nthe Chicago, New England and Southern California areas. It said\nthe new hotels will be targeted to business travelers and rooms\nwill cost between 65 dlrs and 85 dlrs a night.\n \n Reuter\n\u0003", "date": "17-MAR-1987 13:29:51.57", "places": [ "usa" ], "id": "6132" }, { "title": "FARMERS RENEW PROTESTS IN SPAIN", "body": "Hundreds of farmers brought Madrid's\ntraffic to a standstill with their tractors in the latest\nprotest to demand a better deal from the European Community\n(EC) and more government subsidies to face up to EC\ncompetition.\n Farmers said they had planned to bring their cows with them\nbut police had prevented their entry into the capital.\n In the south, striking shipyard workers clashed with police\nin the port of Cadiz in what has become a regular weekly\nprotest against job layoffs at the state-owned Astilleros\nEspanoles. The workers locked themselves in the factory and\ntraded stones for tear gas, police said.\n Reuter\n\u0003", "date": "17-MAR-1987 13:30:56.84", "organisations": [ "ec" ], "places": [ "spain" ], "id": "6133" }, { "title": "SHONEY'S INC 1ST QTR FEB 15 NET", "body": "Shr 31 cts vs 27 cts\n Net 11.4 mln vs 9,905,528\n Revs 194.3 mln vs 171.7 mln\n Avg shrs 36.6 mln vs 36.4 mln\n NOTE: Sixteen-week periods.\n Reuter\n\u0003", "date": "17-MAR-1987 13:31:01.50", "topics": [ "earn" ], "places": [ "usa" ], "id": "6134" }, { "title": "FORTUNE SAVINGS TO BUY FINANCIAL BRANCH", "body": " said it\nagreed to buy the deposits and assume the leasehold of a\nFinancial Security Savings and Loan Association branch\nhere.\n Terms of the agreement were not disclosed.\n Fortune said the agreement is subject to regulatory\napproval. It also said that if the transaction is approved,\nFinancial would generate a profit on the sale.\n Reuter\n\u0003", "date": "17-MAR-1987 13:32:00.56", "topics": [ "acq" ], "places": [ "usa" ], "id": "6135" }, { "title": "ENDATA TERMINATES WORK ON CONTRACT", "body": "Endata Inc said it terminated\ndevelopment work on a previously announced contract with\n.\n Endata said that under terms of the contract Educational\nTesting asked it to terminate development of an advanced image\nprocessing system integration project and to return all\nprojected-related equipment. Endata said termination of the\nproject will not materially affect its operating results.\n Separately, Endata said it bought the assets and business\nof three service centers from for an undisclosed\namount.\n Reuter\n\u0003", "date": "17-MAR-1987 13:33:51.62", "places": [ "usa" ], "id": "6136" }, { "title": "GULF ARAB MINISTERS DISCUSS ECONOMIC COOPERATION", "body": "Finance and economy ministers of the\nGulf Cooperation Council (GCC) opened a two- day meeting to\ndiscuss further economic integration, officials said.\n They said issues to be discussed by the ministers from\nBahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab\nEmirates (UAE) would include a recommendation by central bank\ngovernors on a common currency exchange rate.\n The governors agreed in January on a denominator on which\nto base currencies of the six states. Any decision will be\nforwarded for final approval to a GCC summit meeting due in\nSaudi Arabia late this year.\n The six states have different currency systems. Saudi\nArabia, Bahrain, Qatar and the UAE are linked in theory to the\nInternational Monetary Fund's basket of currencies -- the\nspecial drawing right (SDR) -- but in practice to the dollar.\n Oman links its currency formally to the dollar, while\nKuwait pegs its dinar to a trade-weighted basket devised by\nitself.\n The denominator chosen by central bank governors has not\nbeen disclosed, but some bankers expect the currencies to be\nlinked to the SDR or a trade-weighted basket.\n Opening the meeting, Ahmed al-Tayer, the UAE's Minister of\nState for Finance and Industry, said implementation of joint\neconomic agreements \"is increasingly linking the interests of\nGCC citizens together.\"\n The general assembly of the Gulf Investment Corporation met\nin Abu Dhabi earlier under the chairmanship of Bahrain's\nFinance and National Economy Minister, Ibrahim Abdul-Karim\n The corporation was formed to contribute to joint economic\nand investment projects in the GCC.\n Officials said the corporation's assets rose to 1.31\nbillion dollars last year from 1.04 billion at the end of 1985.\n REUTER\n\u0003", "date": "17-MAR-1987 13:34:00.22", "topics": [ "money-fx" ], "organisations": [ "gcc" ], "places": [ "uae", "bahrain", "kuwait", "saudi-arabia", "oman", "qatar" ], "id": "6137" }, { "title": "PHOTOGRAPHIC SCIENCIES CORP 4TH QTR LOSS", "body": "Oper shr loss six cts vs profit four cts\n Oper net loss 165,000 vs profit 83,000\n Sales 2,413,000 vs 921,000\n Avg shrs 2,908,770 vs 2,203,462\n Year\n Ope shr profit five cts vs profit five cts\n Oper net profit 124,000 vs profit 106,000\n Sales 5,652,000 vs 1,623,000\n Avg shrs 2,369,949 vs 2,061,102\n NOTE: Net excludes losses from discontinued operations of\n548,000 dlrs vs 14,000 dlrs in quarter and 696,000 dlrs vs\n21,000 dlrs in year.\n 1985 year net excludes 35,000 dlr tax credit.\n 1985 year includes only six months of operations due to\nchange in fiscal year.\n Reuter\n\u0003", "date": "17-MAR-1987 13:34:27.59", "topics": [ "earn" ], "places": [ "usa" ], "id": "6138" }, { "title": "AMEX OPTIONS SEAT SOLD FOR RECORD AMOUNT", "body": "American Stock Exchange said a seat\nwas sold yesterday for 315,000 dlrs, a record amount and up\n10,000 dlrs from the last sale on March Three, which had been\nthe record.\n The market is now 275,000 dlrs bid and 340,000 dlrs\noffered, it said.\n Reuter\n\u0003", "date": "17-MAR-1987 13:37:03.73", "places": [ "usa" ], "id": "6139" }, { "title": "CMS ADVERTISING NEGOTIATES CANADIAN VENTURE", "body": " said it is\nin preliminary discussions with a Canadian group with\n\"extensive franchise experience\" for a joint venture to start\nup a majority-owned CMS Canadian subsidiary called CMA\nAdvertising International of Canada.\n CMS also said the group intends to seek an undertaker to\ninvestigate a possible stock offering ot the subsidiary.\n Reuter\n\u0003", "date": "17-MAR-1987 13:37:50.11", "places": [ "usa", "canada" ], "id": "6140" }, { "title": "MEDICAL RESEARCH FUND SAYS ASSETS ROSE", "body": "Medical Research Investment\nFund Inc said net assets as of February 28 were 2,359,722 dlrs,\nup 189.5 pct from a year earlier.\n It said net asset value per share rose to 14.64 dlrs from\n12.14 dlrs, based on 161,187 shares outstanding compared with\n67,136 shares. \n Reuter\n\u0003", "date": "17-MAR-1987 13:37:56.75", "places": [ "usa" ], "id": "6141" }, { "title": "SOUTH AFRICA CROP WEATHER SUMMARY -- USDA/NOAA", "body": "Dry weather pushed further into\nSouth Africa's Orange Free State's Maize Triangle in the week\nended March 14, the Joint Agricultural Weather Facility of the\nU.S. Agriculture and Commerce Departments said.\n In a summary of its Weather and Crop Bulletin, the agency\nsaid scattered showers continued throughout Transvaal, but dry\npockets persisted in the northeast and south.\n Temperatures average one to four degrees C above normal\nthroughout all grain areas, stressing grain-filling corn in\nareas receiving lightest rainfall, it said.\n The agency said rainfall during February was near to above\nnormal in most areas, but earlier periods of hot, dry weather\nreduced yield prospects in parts of the northern Transvaal and\nsouthern Orange Free State.\n Reuter\n\u0003", "date": "17-MAR-1987 13:38:58.45", "topics": [ "grain", "corn" ], "places": [ "south-africa" ], "id": "6142" }, { "title": "U.K. BUDGET SEEN BOOSTING GOVERNMENT BOND MARKET", "body": "Chancellor of the Exchequer Nigel\nLawson's budget contained virtually everything the government\nbond (gilts) market had hoped for and is likely to help prices\nrace ahead in coming months, analysts and traders said.\n Indeed, in the first half hour after Lawson completed his\nspeech, gilt prices soared about 1-1/2 points, an extremely\nsharp gain in such a short period of time. Overall, they rose\nabout two points on the day.\n \"This budget was incredibly bullish for the gilts market,\"\nMorgan Grenfell and Co Ltd economist Stephen Bell said.\n Analysts said that in the light of the reaction to the\nbudget in the gilts and U.K. Money markets, U.K. Commercial\nbank base rates are likely to be cut by as much as a full point\ntomorrow.\n Analysts said the market's euphoria was simply a reflection\nof supply and demand. The crucial piece of news in the budget\nwas that the Public Sector Borrowing Requirement would be held\nto 4.0 billion stg.\n By comparison, a year ago, the PSBR was set at 7.0 billion\nstg.\n The lower PSBR means the Bank of England will have to offer\nfar less new stock to the market to meet its funding needs and\nthe scarcity factor is sure to drive prices up further,\nanalysts said.\n \"The PSBR at four billion is lower than anyone realistically\nexpected,\" Bell said. Most market expectations called for the\nChancellor to announce a PSBR of about 5.5 billion stg.\n S.G. Warburg Securities Co Ltd economist John Shepherd said\nthat overall, the Bank will have to sell about two billion less\nin new securities next fiscal year -- a cut of about 15 pct in\ntotal new issue volume.\n Chase Manhattan Securities Ltd international economist Andy\nWrobleski noted the Bank has already raised about 1.8 billion\nstg of next year's funding needs this year via a series of tap\nissues.\n The issues have been in a partly-paid form where the full\nprice does not have to be paid until the start of the new\nfiscal year and therefore they are not counted in the current\nyear's fund raising.\n But the Bank of England will also be constrained from\nissuing gilts in the conventional form by its promise to try\nout a U.S.-style auction system in which firms bid for new\nstock.\n The Bank will also have to offer at least one index-linked\nissue where the rate paid to investors is tied to the Retail\nPrice Index, leaving about one to two billion stg, in total, to\nbe raised in the form of traditional stock.\n Analysts noted that the budget contains provision for a two\npence in the pound cut in the basic rate of income tax, in line\nwith most market expectations, although some operators had\nexpected a cut of up to four pence in the pound.\n The gilts market approved of the more modest tax cut,\nShepherd said, because \"If it was more than two pct, they would\nhave become concerned about the economy heating up again.\"\n Also, a cut of two pence in the pound suggests that if the\nruling Conservative party is re-elected, another two pence cut\ncan be offered at budget time next year.\n Analysts said the gilts market may also be building steam\non the political implications of the budget which suggests an\nearly election.\n \"All the goodies in this budget will be in place by the\nmiddle of May,\" Morgan Grenfell's Bell said. \"This makes a June\nelection very likely.\"\n Bell said some politically popular provisions omitted from\nthe budget, such as lifting the ceiling on the amount of\nmortgage eligible for tax benefit and some provisions on\npensions, could not have been implemented until autumn anyway.\n At that rate, they would have been of little use for a\npolitical party expecting to call an election in June.\n Also, analysts noted, the budget does not go overboard with\nmeasures that are seen as generous to the wealthy.\n \"This will be a difficult budget for the (opposition) Labour\nparty to attack,\" Shepherd said.\n REUTER\n\u0003", "date": "17-MAR-1987 13:39:22.58", "places": [ "uk" ], "id": "6143" }, { "title": "COMINCO IN TRAIL, KIMBERLEY NEGOTIATIONS", "body": "Cominco Ltd said it was\nin the second round of two-week-old negotiations with about\n3,200 unionized workers at its Trail and Kimberley, British\nColumbia zinc-lead operations.\n The existing two-year contracts expire April 30. The\nworkers are represented by the United Steelworkers of America.\n A Cominco spokesman, queried by Reuters, declined to\ncomment on whether the company was confident of reaching a new\nagreement before April 30, but said the union had not yet taken\na strike vote.\n The contracts cover 2,600 production workers at Trail and\nKimberley and 600 office and technical staff at the two\noperations.\n Trail produced 240,000 long tons of zinc and 110,000 long\ntons of lead in 1986. The Sullivan mine at Kimberley produced\n2.2 mln long tons of ore last year, most for processing at the\nTrail smelter.\n Reuter\n\u0003", "date": "17-MAR-1987 13:39:31.69", "places": [ "canada" ], "id": "6144" }, { "title": "CONSOLIDATED OIL TO ISSUE NEWS SHORTLY", "body": "Consolidated Oil and Gas Inc and\nConsolidated Energy Partners LP , whose stocks are halted\non the American Stock Exchange, said they will issue news\nreleases shortly.\n A spokesman for the companies declined to comment on why\nthe stocks had been halted.\n Reuter\n\u0003", "date": "17-MAR-1987 13:40:50.75", "places": [ "usa" ], "id": "6145" }, { "title": "PUEBLO INTERNATIONAL INC 4TH QTR JAN 31", "body": "Shr 56 cts vs 46 cts\n Net 2,005,000 vs 1,685,000\n Sales 189.8 mln vs 156.0 mln\n Avg shrs 3,603,000 vs 3,614,000\n Year\n Shr 1.88 dlrs vs 1.77 dlrs\n Net 6,774,000 vs 6,587,000\n Sales 692.1 mln vs 596.8 mln\n Avg shrs 3,604,000 vs 3,713,000\n NOTE: Net includes tax credits of 250,000 dlrs vs 162,000\ndlrs in quarter and 610,000 dlrs vs 1,288,000 dlrs in year.\n Thirteen vs 12 and 53 vs 52-week periods.\n Latest year net includes gain 418,000 dlrs for first nine\nmonths from change in pension accounting, for which results of\nfirst three periods restated.\n Reuter\n\u0003", "date": "17-MAR-1987 13:41:11.80", "topics": [ "earn" ], "places": [ "usa" ], "id": "6146" }, { "title": "HRE PROPERTIES 1ST QTR JAN 31 NET", "body": "Shr 38 cts vs 47 cts\n Net 2,253,664 vs 2,806,820\n Gross income 5,173,318 vs 5,873,904\n NOTE: Net includes gains on sale of real estate of 126,117\ndlrs vs 29,812 dlrs.\n Reuter\n\u0003", "date": "17-MAR-1987 13:42:32.09", "topics": [ "earn" ], "places": [ "usa" ], "id": "6147" }, { "title": "MASSCOMP , VI IN DEAL", "body": "Masscomp said it reached a joint\nmarketing relationship to promote and sell V.I. Corp's line of\nDataView s Graphics Software Products.\n MassComp said it will promote the products to key\ngovernment and commercial accounts.\n Reuter\n\u0003", "date": "17-MAR-1987 13:42:36.70", "places": [ "usa" ], "id": "6148" }, { "title": "PHOTOGRAPHIC SCIENCES CORP 4TH QTR", "body": "Shr loss 25 cts vs profit three cts\n Net loss 713,000 vs profit 69,000\n Revs 2.4 mln vs 921,000\n Six months\n Shr loss 24 cts vs profit six cts\n Net loss 572,000 vs profit 120,000\n Revs 5.7 mln vs 1.6 mln\n NOTE:To effect change from fiscal to calendar year, company\nreported results for six months period ended December 31, 1985.\n1985 six months includes one time gain of 35,000 dlrs. \n Reuter\n\u0003", "date": "17-MAR-1987 13:42:43.03", "topics": [ "earn" ], "places": [ "usa" ], "id": "6149" }, { "title": "CITIZENS UTILITY BOARD TO SUE EDISON ", "body": "The Citizens Utility Board said it will\nfile a class action suit Tuesday in Cook County Circuit Court\nagainst Commonwealth Edison Co, seeking refunds of 150 dlrs a\ncustomer for consumers who have been paying what it calls \"the\nwrong monthly customer charge\" for the past two years.\n The suit comes in the wake of an Illinois Commerce\nCommission decision dismissing a class action complaint\nCitizens Utility Board filed with the commission in September\non behalf of consumers who had been overcharged.\n It said the overcharges stem from Edison's monthly customer\ncharge, which is supposed to be 11.24 dlrs for those who live\nin single family homes or buildings with two units and 5.65\ndlrs for people living in buildings with three or more units.\n Reuter\n\u0003", "date": "17-MAR-1987 13:42:53.64", "places": [ "usa" ], "id": "6150" }, { "title": "CENTRAL BANK FOR SAVINGS SETS PAYOUT", "body": "Qtly div 6-1/4 cts vs 6-1/4 cts prior\n Pay April 30\n Record April Three\n Reuter\n\u0003", "date": "17-MAR-1987 13:42:58.11", "places": [ "usa" ], "id": "6151" }, { "title": "FIRST OF MICHIGAN CAPITAL CORP DIVIDEND", "body": "Qtly div 10 cts vs 10 cts previously\n Pay April 14\n Record March 31\n Reuter\n\u0003", "date": "17-MAR-1987 13:43:02.80", "places": [ "usa" ], "id": "6152" }, { "title": "WORLD CROP WEATHER SUMMARY -- USDA/NOAA", "body": "Dry weather covered most European\ncrop areas in the week ended March 14, except for those in\nsouthwestern France, southern Italy, and Greece, the Joint\nAgricultural Weather Facility of the U.S. Agriculture and\nCommerce Departments said.\n In its International Weather and Crop sumary, the agency\nsaid mixed rain and snow covered Greece.\n Winter grains in England, France, and northern Italy\nremained dormant. Grains usuaually break dormancy in March.\n Winter grains in Eastern Europe usually break dormancy in\nearly April, it said.\n Showers improved irrigation supplies in winter wheat areas\nof northern Pakistan and northern India, it said.\n Normally, wheat harvesting is well underwaty in central\nIndia and just beginnning to the north, ending in most areas by\nlate April.\n Showers improved irrigation supplies in southern India,\nreversing February's below-normal trend.\n Summer rice is usually in or nearing reproduction in most\nsouthern areas, it said.\n In the Philippines, most rainfall was restricted to the\ncentral islands, continuing February's drying trend in Luzon\nand southern Mindanao.\n Locally heavy showers dotted Indonesia and Malaysia as\nrainfall generally decreased eastward through the islands.\n In February locally heavy showers may have caused flooding\nin Java, it said.\n The second cnsecutive week of dry weather stressed Moroccan\nwinter grains, approaching teh heading stage, the agency said.\n Light to moderate rain spread from northern Thailand to\nNorthern Vietnam as dry weather prevailed elsewhere in\nSoutheast Asia.\n Dry weather covered winter grain areas in western and\ncentral Algeria, but soil moisture was likely adequate to meet\ncrop demands, it said.\n Light showers in eastern Algeria and Tunisia maintained\nadequate moisture for crop growth, it said.\n Timely rains will be needed in the next several weeks as\nwinter grains advance through the critical reproductive phase,\nthe agency said.\n Reuter\n\u0003", "date": "17-MAR-1987 13:43:11.07", "topics": [ "grain", "wheat", "rice" ], "places": [ "usa", "italy", "greece", "uk", "france", "pakistan", "india", "philippines", "indonesia", "malaysia", "thailand", "algeria", "tunisia" ], "id": "6153" }, { "title": "FEDERAL PAPER BOARD CO SETS PAYOUT", "body": "Qtly div 17-1/4 cts vs 17-1/4 cts prior\n Pay April 15\n Record March 31 \n Reuter\n\u0003", "date": "17-MAR-1987 13:43:15.47", "topics": [ "earn" ], "places": [ "usa" ], "id": "6154" }, { "title": "SHONEY'S INC SETS PAYOUT", "body": "Qtly div four cts vs four cts prior\n Pay April 22\n Record April Three\n Reuter\n\u0003", "date": "17-MAR-1987 13:43:27.64", "topics": [ "earn" ], "places": [ "usa" ], "id": "6155" }, { "title": "ANALYSTS SAY U.K. BUDGET POINTS TO BASE RATE CUTS", "body": "Chancellor of the Exchequer Nigel\nLawson's Budget speech was described as sound and well balanced\nby analysts, if slightly lacking in excitement.\n A cut in bank base lending rates is now widely expected\ntomorrow, with most forecasts predicting a half-point fall. A\nfollow-up half-point cut is anticipated next week.\n \"Worthy but boring would probably sum it up,\" Peter Fellner,\nU.K. Economist at stockbrokers James Capel and Co, said. \"It was\na very, very prudent fiscal budget.\"\n Richard Jeffrey of brokers Hoare Govett said it was a\nwell-balanced budget within the confines of the government's\nphilosophy of keeping expenditure levels flat.\n Most analysts said the Budget was very sound on the fiscal\nside, but offered nothing new on monetary policy.\n As was widely expected, Lawson split his \"fiscal adjustment\"\nbetween trimming the 1987/88 PSBR target to 4.0 billion stg\nfrom 7.1 billion and cutting basic rate income tax from 29 to\n27 pct.\n The target for the narrow measure of money supply, M0, was\nkept unchangd at two to six pct, while the target for the broad\nSterling M3 aggregate was dropped.\n Both Jeffrey and Fellner said the budget clears the way for\na half-point fall in U.K. Base rates tomorrow, but the\nauthorities are unlikely to sanction a larger cut immediately.\nMany analysts and currency dealers have forecast a full\none-point cut tomorrow.\n \"The Bank of England will be loathe to take any action which\nit will have to reverse later,\" Jeffrey said, though he added a\nfurther half-point cut was quite possible in the near future.\n The main worry from today's speech is the outlook for\ninflation, given the signs of relaxed monetary policy contained\nin it, Scrimgeour Vickers economist Richard Holt said.\n Holt noted the \"rather loose\" inflation forecast of 4.0 pct\nat end-1987, and said the lower interest rates likely to result\nfrom the tough fiscal stance could cause longer term concern.\n \"A higher PSBR target could be preferable in the long term,\"\nhe said, although lower mortgage interest rates on the back of\nfalling base rates would have an offsetting impact on\ninflation.\n The Budget will inspire a lot of short-term confidence but\nit was \"not a good budget for inflation,\" he said\n Jeffrey said he would have liked Lawson to say more about\nthe dangers of excessive liquidity build-up but overall was not\ntoo concerned about a revival of inflation.\n Fellner noted that the exchange rate was to remain the\n\"leading edge\" of monetary policy, but said the authorities were\nlikely to be extremely cautious on this front.\n He said they were unlikely to hesitate in holding interest\nrates steady or even raising them again if sterling showed any\nsigns of excessive weakness.\n Most analysts agreed Lawson had bolstered the credibility\nof the Budget by adopting realistic forecasts.\n Raising the forecast for the current account deficit from\n1.5 to 2.5 billion stg for 1987 would not unsettle the markets,\nwhich are already discounting that amount, Jeffrey said.\nthat the 4.0 billion stg PSBR target was given credibility by\nthe favourable outturn for 1986/87, which is now also forecast\nto be 4.0 billion stg.\n But analysts said the Budget speech did not give any\nclear-cut indication about the timing of the general election,\nwhich has to be held before June, 1988.\n Some believe it signals a poll this June, noting that the\nbenefits, such as income tax cuts and the decision not to raise\nduties on alcohol and tobacco, become available immediately.\n But others said it kept several options open and it was not\npossible to deduce too much from it.\n James Capel's Fellner noted that by being fiscally prudent,\nLawson had kept open the possibility of an autumn election in\nthat there would be no \"chickens coming home to roost.\"\n Richard Jeffrey, who favours the likelihood of a June\nelection, said it was important the Chancellor had not gone for\na Budget aimed overtly at buying an election victory.\n Nevertheless, he said, it was likely to result in a boost\nto the Conservative Party's pre-election popularity.\n REUTER\n\u0003", "date": "17-MAR-1987 13:44:23.62", "topics": [ "interest", "bop", "money-supply" ], "places": [ "uk" ], "id": "6156" }, { "title": "TAFT STOCK RISES ON PROPOSAL", "body": "Taft Broadcasting Co stock rose almost\nthree points today as its vice chairman and an investment group\nproposed to sweeten a takeover offer for the company.\n However, several arbitragers said they would shy away from\nthe stock at its current price levels since it is unclear how\nhigh bidding for the company would go and whether the company\nwould agree to a takeover.\n \"There are too many uncertainties,\" said one arbitrager.\n Taft stock rose 2-7/8 to 155-3/4.\n Dudley Taft, Taft vice chairman, and Narragansett Capital\nInc said they sent a letter to the Taft board, stating they\nwere committed to pursuing acquisition of the broadcast company\nand were prepared to negotiate a transaction in excess of 150\ndlrs per share.\n The company responded that the proposal would be submitted\nto the board of directors, but that no decisions have yet been\nmade on a sale of the company.\n \"Someone's betting this company will go for 170 (dlrs per\nshare),\" said one arbitrager.\n Arbitragers said the stock is a risky buy at current\nlevels, unless an offer was accepted in the 170 dlr per share\nrange. They said to make an arbitrage investment at this level\nwould be chancy since it will take a long time for any\ntransaction to be completed because of regulatory approvals\nnecessary for the broadcast properites.\n Taft earlier rejected a 145 dlr per share or 1.35 billion\ndlr bid from the investment group. The company said it rejected\nthe bid as inadequate based on advice of Goldman, Sachs and Co,\nits financial adviser. It said it would consider alternatives\nsuch as restructuring.\n Arbitragers speculated a bidding war may erupt for Taft,\nwhich has two large shareholders in an investment group led by\nRobert Bass and Carl Lindner, chairman of American Financial\nCorp. The Bass group holds 25 pct of Taft and Lindner holds\n16.2 pct. The Taft family, which founded the company almost 50\nyears ago, has about 12 pct.\n Lindner last week told the Securities and Exchange\nCommission he may be interested in making a bid for Taft.\n \"I could see if things got really crazy that it might go\nfor 175 (dlrs per share),\" said one arbitrager, but he\nspeculated it probably would not even be taken over for more\nthan a price in the 160s.\n Another speculated that Lindner might bid, but he\nspeculated the investor would not really be interested in\nrunning the company. Lindner was unavailable for comment.\n Dennis McAlpine, an analyst with Oppenheimer and Co, said\nhe had speculated the company might be considering a leveraged\nbuyout.\n \"Ideally, you'd have to break this thing up to satisfy all\nthe interests involved,\" he said, adding the two largest\nshareholders might be interested in pieces of Taft.\n He said the highest takeover price he calculated for the\ncompany has been about 140 dlrs per share, but that the highest\nestimates on Wall Street have been about 160. He said the\nlatter would be based on more optimistic expectations for the\nbroadcast industry.\n Reuter\n\u0003", "date": "17-MAR-1987 13:44:33.26", "topics": [ "acq" ], "places": [ "usa" ], "id": "6157" }, { "title": "BANK OF FRANCE SEES CONTINUED INDUSTRIAL PICKUP", "body": "The Bank of France expects a continued\nrevival in short-term industrial activity, but the outlook for\nany improvement in France's record 10.9 pct unemployment rate\nremains bleak, the Bank of France said in its monthly review.\n The upturn in activity in all industrial sectors except the\nagro-food sector in February more than compensated for the fall\nin January, while construction and civil engineering\nexperienced a recovery which appears likely to extend over the\nnext few months.\n Internal demand rose and the export situation improved, in\nparticular toward the European Community (EC), the Bank said.\n Stocks decreases and order book levels, with the exception\nof the agro-food industry, improved substantially.\n In addition, retail prices and salaries stabilised last\nmonths.\n Production rose in all sectors except agricultural\nmachinery and aeronautics, where it stabilised, and ship\nconstruction, where it declined.\n The car industry was the major beneficiary of the upturn in\nactivity in February, with both domestic and export orders\nrising.\n In the consumer goods sector, actitity rose sharply despite\na fall in the household goods sector and stability in\npharmaceuticals.\n Among semi-finished products, output rose sharply, helped\nby a strong growth in construction materials.\n But activity in the retail sector declined slightly over\nthe past two months.\n REUTER\n\u0003", "date": "17-MAR-1987 13:46:23.29", "topics": [ "ipi", "jobs" ], "places": [ "france" ], "id": "6158" }, { "title": "HERRINGTON SAYS HE MAY RECOMMEND TAX BENEFITS FOR U.S. OIL INDUSTRY\n", "date": "17-MAR-1987 13:49:14.65", "topics": [ "crude" ], "id": "6159" }, { "title": "MOODY'S MAY LOWER W.R. GRACE RATINGS", "body": "Moody's Investors Service Inc said it\nis reviewing for posible downgrade the debt ratings of W.R.\nGrace and Co because of concern the company's earnings may not\nbe high enough to provide meaningful improvement in its\ncurrently thin margins of interest coverage for some time.\n Some 650 mln drls of outstanding debt is affected.\n Moody's said it is evaluating the ability of Grace's less\ndiversified business portfolio to generate funds sufficient for\nreinvestment and growth, along with debt service and repayment,\nin the next three to five years.\n Reuter\n\u0003", "date": "17-MAR-1987 13:51:13.08", "places": [ "usa" ], "id": "6160" }, { "title": "MIDWAY AIRLINES SETS SHAREHOLDER RIGHTS PLAN\n", "date": "17-MAR-1987 13:54:26.11", "id": "6161" }, { "title": "CONSOLIDATED ENERGY UNIT FILES CHAPTER 11", "body": "Consolidated Energy Partners LP said 99\npct owned master limited partnership Consolidated Operating\nPartners LP has defaulted on a 10 mln dlr principal payment to\nits lending banks and has filed for reorganization under\nChapter 11 of the federal bankruptcy code.\n The company said Consolidated Operating Partners intends to\nfile a plan of reorganization within 90 days.\n It said a request for an extension of the payment time was\nnot granted.\n Consolidated Energy, an affiliate of Consolidated Oil and\nGas Inc , said the value of the properties owned by\nConsolidated Operating Partners substantially exceeds the 46.3\nmln dlrs of nonrecourse debt due lender banks First Interstate\nBancorp and RepublicBank Corp . The partnership has\nother debt totalling about 530,000 dlrs, it said.\n Reuter\n\u0003", "date": "17-MAR-1987 13:54:39.55", "places": [ "usa" ], "id": "6162" }, { "title": "HERRINGTON SAYS HE MAY CALL FOR OIL TAX BENEFITS", "body": "Energy Secretary John Herrington\nsaid he may recommend to the White House that the domestic oil\nindustry be given tax benefits to help it produce more oil and\nhead off increasing U.S. dependence on foreign oil.\n He said also at a news conference that he would recommend\nto the White House that the fill rate of the Strategic\nPetroleum Reserve be increased from its planned 35,000 barrels\nper day.\n The oil reserve fill rate capacity is 100,000 barrels a\nday.\n Herrington said he had always advocated a greater fill rate\nfor the petroleum reserve, but the rate had been kept down\nbecause of budgetary constraints.\n Herrington did not disclose what tax incentives he might\nadvocate, but U.S. officials have shown interest in tax\nbenefits for oil and gas exploration and for research and\ndevelopment into new ways to extract oil which is now\nconsidered uneconomical to produce.\n He made the remarks in conjunction with the release of the\nEnergy Department's study on oil's impact on national security.\n Herrington said that before he disclosed what\nrecommendations for tax benefits for the oil and gas industry\nhe might make, he would raise the matter with the White House\nEconomic Policy Committee to see if the proposals to increase\noil production made good tax policy.\n He said he would like to increase U.S. production by one\nmln barrels a day.\n The report said that by the end of the century the United\nStates may be relying on foreign sources for 50 pct of its oil\nconsumption, posing a serious economic and national security\nthreat.\n Reuter\n\u0003", "date": "17-MAR-1987 13:58:02.67", "topics": [ "crude" ], "places": [ "usa" ], "id": "6163" }, { "title": "U.S. HOUSE PANEL SETS INTERNATIONAL DEBT BILL", "body": "A House Banking subcommittee\napproved legislation which would require the Treasury Secretary\nto begin negotiations on the establishment of an international\ndebt adjustment facility.\n The facility would buy up some of the debt of less\ndeveloped countries and sell it to banks at a discount.\n The facility was proposed by Rep. John LaFalce, D-N.Y., who\nsaid it would help ease the third world debt crisis. It was\napproved by the House International Finance subcommittee and\nsent to the full House Banking Committee, which will consider\nthe measure next week.\n The legislation is part of the omnibus trade bill being\nconsidered by several committees.\n Reuter\n\u0003", "date": "17-MAR-1987 13:58:14.19", "places": [ "usa" ], "id": "6164" }, { "title": "CONSOLIDATED STORES CORP 4TH QTR JAN 31 NET", "body": "Shr 17 cts vs 13 cts\n Net 7,602,000 vs 4,879,000\n Sales 141.5 mln vs 71.3 mln\n Avg shrs 45.0 mln vs 42.2 mln\n Year\n Shr 45 cts vs 32 cts\n Net 19.5 mln vs 12.0 mln\n Sales 397.2 mln vs 181.1 mln\n Avg shrs 43.4 mln vs 38.2 mln\n NOTE: Prior year net includes 2,600,000 dlr tax credit.\n Share adjusted for two-for-one stock split in June 1986.\n Reuter\n\u0003", "date": "17-MAR-1987 13:59:02.01", "topics": [ "earn" ], "places": [ "usa" ], "id": "6165" }, { "title": "WAINCO OIL COMPLETES WILDCAT WELL", "body": "Wainco Oil Corp said it has completed a\nwildcat well on its GrandMarais prspect in Jefferson Davis\nParish, La., which is currently producing at a rate of 1.1 mln\ncubic feet of gas and 40 barrels of condensate daily.\n The company said it has a 20 pct working interest in the\nwell which is flowing from Lower Frion Tweedel Sand\nperforations between 10,104 and 10,110 feet. Additional\nuntested but possibly productive zones exist behind the pipe,\nit added. It said the remaining owners are privately held\npetroleum companies.\n Reuter\n\u0003", "date": "17-MAR-1987 13:59:13.83", "topics": [ "crude" ], "places": [ "usa" ], "id": "6166" }, { "title": "VIACOM'S MTV TO AIR IN AUSTRALIA", "body": "Viacom INternational Inc's\nMTV Networks Entertainment said that portions of MTV:Music\nTelevision will begin airing on Nine Network Australia,\neffective April 16.\n The network will carry 12 hours of MTV programming weekly\nfeaturing an emphasis on local Australian artists.\n Australian media mogul Alan Bond agreed to acquire Nine\nNetworks from Kerry Packer last year. Nine networks operates\nfour broadcast television stations and affiliated regional\nstations in Australia.\n Reuter\n\u0003", "date": "17-MAR-1987 13:59:26.98", "places": [ "australia" ], "id": "6167" }, { "title": "ROSTENKOWSKI SAYS WILL BACK U.S. TAX HIKE, BUT DOUBTS PASSAGE WITHOUT REAGAN SUPPORT\n", "date": "17-MAR-1987 14:00:17.16", "id": "6168" }, { "title": "U.S. WARNS OF DEPENDENCE ON FOREIGN OIL", "body": "A White House-ordered report said \nthat growing U.S. reliance on foreign oil into the year 2000\ncould have potentially damaging implications for national\nsecurity.\n The Energy Department study discusses several options to\ncurb reliance on foreign oil, but makes no recommendations.\n President Reagan and most Congressmen have previously ruled\nout a tax on foreign oil as a way to curb imports and to help\nthe depressed domestic oil industry.\n Energy Secretary John Herrington said in a statement that\n\"although we have made gains in energy security in the last six\nyears, this report shows that there is justification for\nnational concern both over declining competitiveness of our\ndomestic oil and gas industry and over rising oil imports.\"\n The report said imports last year were 33 pct of U.S.\nconsumption and by the mid-1990s could rise to 50 pct.\n Among the report's options to ease U.S. reliance on foreign\noil are several already advocated by the Reagan Administration.\n President Reagan ordered the study last September, citing a\ndetermination that the country never again become captive to a\nforeign oil cartel, referring to the OPEC-led oil shortages and\nsharp prices increases of the 1970s.\n The report said an import fee would raise prices and help\nmake it economical for U.S. oil firms to find and produce new\noil, as well as to cut imports, but on the whole the tax would\ndepress the nation's economy.\n The study was outlined in a New York Times report today.\n Reuter\n\u0003", "date": "17-MAR-1987 14:00:30.87", "topics": [ "crude" ], "places": [ "usa" ], "id": "6169" }, { "title": "ROSTENKOWSKI SEES NO EXPORT TAX INCENTIVES OR RESEARCH TAX CREDIT RENEWAL\n", "date": "17-MAR-1987 14:03:23.07", "id": "6170" }, { "title": "CSX , CONRAIL REDUCE SOUTH TO NORTH RATES", "body": "Consolidated Rail Corp said it and\nCSX Corp's CSX Transportation Corp subsidiary have reduced\nrates on boxcar shipments of manufactured products moving\nbetween CSX points in the South and Conrail points in the\nNortheast and Midwest.\n Conrail said the prices, which were effective March one,\nare expected to meet or beat comparable truck transportation\nprices in virtually all target markets.\n It said the reduced prices also represent a simplification\nof the prvious tariff-based rate structure, which used price\nand milage scales to determine rates. The new prices are\nconstructed from a single table of origin and destination Zip\nCodes.\n Reuter\n\u0003", "date": "17-MAR-1987 14:05:04.55", "places": [ "usa" ], "id": "6171" }, { "title": "HOSPITAL STAFFING SERVICES INC 1ST QTR", "body": "Feb 28\n Oper shr six cts vs two cts\n Oper net 189,683 vs 47,499\n Revs 2,874,930 vs 2,594,574\n NOTE: Prior year net excludes 33,000 dlr tax credit.\n Reuter\n\u0003", "date": "17-MAR-1987 14:05:11.48", "topics": [ "earn" ], "places": [ "usa" ], "id": "6172" }, { "title": "VIATECH INC YEAR NET", "body": "Shr 1.53 dlrs vs 18 cts\n Net 841,893 vs 95,477\n Revs 50.3 mln vs 35.1 mln\n \n Reuter\n\u0003", "date": "17-MAR-1987 14:05:19.49", "topics": [ "earn" ], "places": [ "usa" ], "id": "6173" }, { "title": "CENTRAL BANCORPORATION CHIEF TO RETIRE", "body": "Central Bancorporation Inc said\nOliver W. Birckhead, 64, president and chief executive officer\nof the company and chairman and CEO of its Central Trust Co NA\nCincinnati unit, will retire on December 31.\n Central Bancorporation said Noble O. Carpenter will succeed\nBirckhead at the holding company on January one, 1988.\n The company said Carpenter is currently executive vice\npresident of the holding company and president and CEO of\nCentral Trust Co of Northeastern Ohio NA.\n\n Reuter\n\u0003", "date": "17-MAR-1987 14:05:28.03", "places": [ "usa" ], "id": "6174" }, { "title": "INTERACTIVE TECHNOLOGIES INC 1ST QTR NET", "body": "Shr nine cts vs eight cts\n Net 373,000 vs 269,000\n Sales 3,501,000 vs 2,507,000\n Avg shrs 4,036,000 vs 3,326,000\n NOTE: Periods end January 31, 1987 and 1986, respectively.\n Reuter\n\u0003", "date": "17-MAR-1987 14:05:50.47", "topics": [ "earn" ], "places": [ "usa" ], "id": "6175" }, { "title": "U.S. FHL BANKS SETS 6.70 PCT, 7.10 PCT, 7.65 PCT RATES ON 2.55 BILLION DLR OFFER\n", "date": "17-MAR-1987 14:06:29.34", "topics": [ "interest" ], "id": "6176" }, { "title": "OPEC WANTS 18 DLR OIL PRICE - OAPEC OFFICIAL", "body": "OPEC believes world oil prices should\nbe set around a fixed average price of 18 dlrs a barrel, OAPEC\nAssistant General Secretary Abdelaziz Al-Wattari said today.\n In a speech to a European Community (EC)/OAPEC/OPEC seminar\nin Luxembourg released here, Al-Wattari said: \"OPEC believes\n...The world energy trade should be kept without restrictions\nand should be built around a fixed average price of 18 dlrs.\"\n But he warned that defense of the 18 dlr a barrel level had\ncaused hardship for OPEC countries, who had been forced to\ncurtail production, and he warned that such cutbacks by OPEC\nstates could not be sustained in some cases.\n \"For OPEC to stabilize the world oil price at what is now\nconsidered the optimal level of 18 dlrs a barrel, its member\ncountries have had to undergo severe hardship in curtailing\nproduction,\" Al-Wattari said.\n \"Such cutbacks ... Cannot, in certain cases, be sustained,\"\nAl-Wattari said. As well as financial and marketing pressures,\nsome states depended on associated gas output for domestic use\nand oil cutbacks had left insufficient gas supplies, he added.\n Al-Wattari noted that total OPEC output was below the\norganization's agreed ceiling for all member countries in\nFebruary, although this had meant sacrifices.\n The effect of these sacrifices meant that market stability,\nthough restored to a good level, was still under pressure,\nAl-Wattari said. \"A lasting stability in the world market\nrequires a wider scope of international cooperation,\" he added.\n He said some non-OPEC oil producing countries had shown a\npolitical willingness after 1986 to cooperate with OPEC.\n But although cutbacks announced by these states were\npolitically significant and welcomed by OPEC, they were\ninsufficient in terms of volume, he added. \"The overall majority\nof non-OPEC producers have not responded sufficiently to OPEC's\ncalls for supply regulation,\" he said.\n Al-Wattari said an 18 dlr a barrel price was optimal as it\nallowed investment in the oil industry outside OPEC to\ncontinue, while not generating excessive cash flow for\notherwise unviable high-cost areas outside OPEC. Such a price\nwould no longer encourage protectionist measures, he added.\n Fadhil Al-Chalabi, OPEC Deputy Secretary General, also\naddressing the seminar, added that discipline was still needed\nto prevent violent fluctuations in the oil market.\n Cooperation between Arab states and Europe was advantageous\nfor both sides, Al-Chalabi said, adding he hoped cooperation\nwould ultimately lead to full-fledged Euro-Arab dialogue.\n Reuter\n\u0003", "date": "17-MAR-1987 14:07:35.23", "topics": [ "crude" ], "organisations": [ "opec", "oapec" ], "places": [ "belgium" ], "id": "6177" }, { "title": "U.S. FHL BANKS SETS RATES ON DEBT OFFERING", "body": "The Office of Finance, Federal Home\nLoan Banks, said it set rates on today's debt offering of 6.70\npct on its 1.11 billion dlr issue, 7.10 pct on a 1.065 billion\ndlr issue and 7.65 pct on a 375 mln dlr issue.\n It said the issues, which are for settlement March 25, \nmature March 26, 1990, March 25, 1992 and March 25, 1997,\nrespectively.\n The office said telephone confirmation of allotments must\nbe received by 1500 hrs EST today and that secondary trading\nwill begin at 0930 hrs EST tomorrow.\n Reuter\n\u0003", "date": "17-MAR-1987 14:09:07.93", "topics": [ "interest" ], "places": [ "usa" ], "id": "6178" }, { "title": "SANTA ANITA COS 4TH QTR NET", "body": "Oper shr 45 cts vs 63 cts\n Oper net 3,805,000 vs 5,155,000\n Revs 12.0 mln vs 10.6 mln\n Year\n Oper shr 1.58 dlrs vs 2.07 dlrs\n Oper net 12,991,000 vs 15,692,000\n Revs 69.8 mln vs 71.7 mln\n Avg shrs 8,265,541 vs 7,598,522\n Note: Current qtr and year figures exclude losses from\ndiscontinued operations of 761,000 dlrs and 875,000 dlrs,\nrespectively and disposition gain of 6.1 mln dlrs in both\nperiods.\n Prior qtr and year figures exclude gain from discontinued\noperation of 31,000 dlrs and loss of 2,000 dlrs, respectively.\n\n Reuter\n\u0003", "date": "17-MAR-1987 14:09:23.82", "topics": [ "earn" ], "places": [ "usa" ], "id": "6179" }, { "title": "MIDWAY AIRLINES SETS HOLDER RIGHTS PLAN", "body": "Midway Airlines Inc, which has\nfrequently been mentioned as an acquisition target, said it\ndeclared a shareholder rights plan.\n Holders will get a dividend of one preferred share purchase\nright on each outstanding share of common stock.\n Each right, when exercisable, will entitle the holder to\npurchase one one-hundredth share of Series C Junior\nParticipating preferred stock for 50 dlrs.\n The rights are intended to assure that all holders receive\nfair treatment in the event of a takeover. The company said\nthis is not in response to a known effort to acquire control.\n The rights will be exercisable 10 days after a person or\ngroup buys 20 pct of the company's common, or announces or\ncommences a tender offer that would result in acquisition of 30\npct or more of its common.\n Midway can redeem the rights at two cts each at any time\nprior to expieration of 10 days after the acquisition by any\nperson of 20 pct or more of the companyt's common, it said.\n If Midway is acquired, each right will entitle its hodler\nto purchase a number of the acquiring company's common shares\nhaving a market value at that time of twice the right's\nexercise price.\n The dividend will be payable to holders of record April\nsix, and expire 10 years later on April 6, 1997.\n Reuter\n\u0003", "date": "17-MAR-1987 14:10:19.03", "topics": [ "acq" ], "places": [ "usa" ], "id": "6180" }, { "title": "EQUION CORP 2ND QTR JAN 31 NET", "body": "Oper shr 19 cts vs 18 cts\n Oper net 951,902 vs 987,860\n Revs 19.0 mln vs 17.1 mln\n Six mths\n Oper shr 26 cts vs 35 cts\n Oper net 1,332,273 vs 2,502,868\n Revs 33.6 mln vs 29.2 mln\n Note: Oper net excludes tax credits of 897,925 dlrs vs\n841,511,dlrs for qtr and 1,306,860 dlrs vs 2,132,073 dlrs for\nsix mths.\n Note: Year-ago results restated to reflect change in\naccounting principle effective August one, 1985.\n Reuter\n\u0003", "date": "17-MAR-1987 14:15:41.23", "topics": [ "earn" ], "places": [ "usa" ], "id": "6181" }, { "title": "INTERTAN TO CLOSE GERMAN UNITS,TAKE CHARGE", "body": "Intertan Inc said it plans to\nclose its 17 company-owned retail stores in Germany and\nanticipates this will result in a 6.5 mln dlr charge against\nthird quarter, ended February 28, results.\n The company took over Tandy Corp's international\nretail operations last September and was spun off to Tandy\nholders of record December 31.\n As a result of the proposed Germany closings, Intertan\nsaid, about 57 German employees and 40 support personnel in\nBelgium are expected to be discharged.\n \n Intertan said it expects a small staff will be retained in\nGermany to service the company's 27 remaining German dealers.\n The company said its German operations had a fiscal 1986\nloss of 4.0 mln dlrs on sales of 6.2 mln dlrs. For the first\nnine months of fiscal 1987, it had a pre-tax loss of 1.5 mln\ndlrs on revenues of 5.4 mln dlrs.\n Reuter\n\u0003", "date": "17-MAR-1987 14:18:49.39", "places": [ "usa" ], "id": "6182" }, { "title": "MACMILLAN BLOEDEL RAISES U.S. NEWSPRINT PRICE BY 30 U.S. DLRS/TONNE, EFFECTIVE JULY 1\n", "date": "17-MAR-1987 14:19:54.51", "id": "6183" }, { "title": "VENEZUELA-ECUADOR OIL LOAN UNDER DISCUSSION", "body": "Venezuela has still to work out final\ndetails of its plan to supply Ecuador with 50,000 barrels per\nday of crude oil to compensate that country for lost exports\ncaused by earthquake damage, a senior Petroleos de Venezuela\n(PDVSA) official said.\n \"We have yet to finalize details on how the compensation\nwill be carried out and how OPEC production quotas will be\naffected,\" he said during the signing of a joint venture deal\nwith Union Pacific Corp today.\n He said an agreement was initialled on a visit last week by\nEcuador's deputy energy minister Fernando Santos Alvite.\n He pointed out that there are some contractual points to be\nconsidered. Venezuela, possibly unique among oil exporters,\nrequires its clients to sign final destination clauses to\nensure its oil is not resold on the spot market.\n Ecuador's oil minister Javier Espinosa was quoted today as\nsaying Venezuela will export the oil on Ecuador's account and\nremit the revenues to Quito. Ecuador would pay back the oil at\na rate of 35,000 bpd.\n He said Venezuela's oil would be traded through Ecuadorean\nstate oil company Cepe, but the PDVSA official said the company\nnever allows third parties to trade its oil.\n Reuter\n\u0003", "date": "17-MAR-1987 14:20:31.70", "topics": [ "crude" ], "places": [ "venezuela", "ecuador" ], "id": "6184" }, { "title": " 1ST QTR DEC 31", "body": "Shr 31 cts vs 21 cts\n Net 182,839 vs 132,804\n Revs 25.0 mln vs 19.4 mln\n Reuter\n\u0003", "date": "17-MAR-1987 14:21:58.70", "topics": [ "earn" ], "places": [ "usa" ], "id": "6185" }, { "title": " YEAR NET", "body": "Shr 1.93 dlrs vs 2.21 dlrs\n Net 8,371,000 vs 9,576,000\n Revs 18.3 mln vs 15.7 mln\n Reuter\n\u0003", "date": "17-MAR-1987 14:22:01.72", "topics": [ "earn" ], "places": [ "canada" ], "id": "6186" }, { "title": "SIMMONS AIRLINES INC 2ND QTR LOSS", "body": "Period end Jan 31\n Shr loss 17 cts vs loss 26 cts\n Net loss 765,808 vs loss 1,216,501\n Revs 15.8 mln vs 18.7 mln\n Six mths\n Shr nil vs profit 54 cts\n Net loss 12.5 mln vs profit 2,538,030\n Revs 32.5 mln vs 42.6 mln\n Avg shrs 4,310,068 vs 4,712,315\n NOTE: Prior yr results restated to reflect change in value\nof aircraft, resulting in increase of 232,000 or five cts shr\nfor six mths\n Reuter\n\u0003", "date": "17-MAR-1987 14:22:06.41", "topics": [ "earn" ], "places": [ "usa" ], "id": "6187" }, { "title": " MERGER ENDED", "body": "Temco Service Industries Inc said its\nproposed buyout by chairman Herman J. Hellman and president\nHarvey Newwman has been terminated by mutual consent, and Temco\nhas no present intention of being acquired by any other party.\n Reuter\n\u0003", "date": "17-MAR-1987 14:22:11.92", "topics": [ "acq" ], "places": [ "usa" ], "id": "6188" }, { "title": "SURALCO ALUMINA EXPORTS DROPPED 75 PCT IN FEB", "body": "The Surinam Aluminum Company\n(SURALCO) registered a 75 pct drop in alumina exports in\nFebruary after its operations were shut down by worker violence\nand guerrilla sabotage, the official Surinam News Agency, SNA,\nreported.\n SNA said Suralco's alumina exports dropped to 23,869 tonnes\nin February from 92,852 tonnes in January. Aluminum exports,\nmeanwhile, decreased nine pct in the same period, to 1,511\ntonnes from 1,647 tonnes.\n Suralco's alumina refinery at Paranam, 18 miles south of\nthe capital, was shut down February 2 after workers destroyed\nplant and computer equipment in a protest over layoffs at the\ncompany's nearby aluminum smelter.\n The smelter was shut down January 26 after anti-government\nguerrillas dynamited two electricity towers which transmit\npower to the plant from the Afobaka dam.\n The alumina refinery, owned jointly by Suralco and Billiton\nNV, a Royal Dutch Shell subsidiary, was reopened March 9. But\nthe smelter remains closed, as do the Suralco mines at Moengo,\n60 miles east of Paramaribo, which were closed down by\nguerrillas last November.\n Reuter\n\u0003", "date": "17-MAR-1987 14:24:16.27", "topics": [ "alum" ], "places": [ "suriname" ], "id": "6189" }, { "title": "BUDGET SEEN PAVING WAY FOR EARLY U.K. ELECTION", "body": "The budget presented by Chancellor of\nthe Exchequer Nigel Lawson was described by MPs and analysts as\nbeing politically astute, combining tax cuts and fiscal\nprudence which promised to boost the Conservative government's\nstanding with both voters and financial markets.\n The 1987/88 budget contained a two-penny cut in the\nstandard rate of tax, and a three billion stg reduction in the\nPublic Sector Borrowing Requirement (PSBR), to 4.0 billion stg.\n Parliamentarians said the budget would pave the way for a\nfall in domestic interest rates and an early election.\n Conservative MP Anthony Beaumont-Dark said the budget \"is\nnot glamourous - but it is sound and sensible.\"\n Lawson told journalists later that it was \"a budget built on\nsuccess, for success.\"\n But opposition MPs did not agree .\n David Steel, leader of the Liberal Party, said \"this was a\nstrangely deceptive budget.\n The Chancellor had six billion stg to give back - he has\nchosen to give half of that to reducing the PSBR, whereas we in\nthe SDP/Liberal Aliance think it would have been wiser to use\nthose revenues to reduce unemployment and alleviate poverty.\"\n Steel said \"the cunning thing in this seductive budget is\nthat all the good things will come in the pre-election period -\nthe fall in interest rates, the fall in mortgage rates, the\nlower income tax, relatively cheaper whisky, beer, cigarettes\nand petrol.\"\n David Owen, the leader of the Social Democratic Party (SDP)\nwhich with the Liberals make up the centrist Alliance grouping,\nsaid \"this is a good attempt at an electioneering budget but it\nhas failed in its objective. It has given money to the \"haves\" as\nopposed to the \"have-nots.\"\n Labour leader Neil Kinnock called it \"a bribes budget.\"\n Kinnock said the budget \"had little to do with the general\ngood, and everything to do with the general election.\"\n Roy Hattersley, the Labour Party's Treasury spokesman, said\n\"the Tories should have used available resources to invest in\nindustry, in health and in education.\"\n He added that \"we know that whoever is elected (to power in\nthe next general election) will reverse these tax cuts.\"\n But Lawson rejected that. Rather, he said the Treasury\nexpected to have at least 3.0 billion stg in fiscal 1988/89 for\nuse in cutting taxes or raising public spending.\n Lawson rejected claims by opposition MPs that the\ngovernment would be forced to call an election by a\ndeteriorating economy.\n In his financial statement to Parliament, Lawson had said\nthat \"the setting for this year's budget is more favourable than\nit has been for many years. We are now entering our seventh\nyear of steady growth and the fifth in which this has been\ncombined with low inflation. The public finances are sound and\nstrong, and unemployment is falling.\"\n He said that \"these are the fruits of the government's\ndetermination, in bad times as well as good, to hold firmly to\nour policies of sound money and free markets.\"\n Lawson later said the Government felt no compulsion to\nplump for an early election.\n Asked by political journalists what effect the Budget would\nhave on election timing, he replied \"I think we will hold the\nelection either late or early. I must confess I am rather\nrelaxed about it all.\n \"There is not any compulsion to go for an early election.\n But he added that \"if the Prime Minister decides to go for\nan early election, it will bring to an end all this rather\nridiculous pre-election atmosphere and fever - and there is\nsomething to be said for that.\"\n Industry also welcomed Lawson's budget. Confederation of\nBritish Industry (CBI) President David Nickson said \"This budget\nwill reinforce business success. Lower government borrowing\nmeans lower interst rates for business. This is what the CBI\nwanted.\"\n \"We have always said we would judge the budget on how it\naffects the cost of borrowing. This should do the trick.\"\n REUTER\n\u0003", "date": "17-MAR-1987 14:24:30.16", "places": [ "uk" ], "id": "6190" }, { "title": "DISCRIMINATION CHARGES LIFTED AGAINST TWA ", "body": "Trans World Airlines Inc said\nthe U.S. Equal Employment Opportunity Commission dismissed\ncharges of sex and age discrimination filed against it by\nmembers of the Independent Federation of Flight Attendants.\n The union went on strike in March 1986 after failing to\nagree on a contract and charged that the airline sought greater\nwage concessions from the flight attendants because they were\npredominantly female.\n TWA said the commission found that there is no reason to\nbelieve these allegations are true.\n Reuter\n\u0003", "date": "17-MAR-1987 14:25:29.51", "places": [ "usa" ], "id": "6191" }, { "title": "FHLBB APPROVES FUNDS TRANSFER TO DALLAS BANK", "body": "The Federal Home Loan Bank Board\nsaid it voted to transfer one billion dlrs cash from the\nFederal Savings and Loan Insurance Corp (FSLIC) to the Dallas\nFederal Home Loan bank tomorrow to correct a collateral\ndeficiency.\n The infusion was needed because the value of collateral\nbehind FSLIC loans to savings and loan associations in the\nregion had declined, an FHLBB official said.\n The official said that as a result, auditors of the Dallas\nbank, one of the 12 regional federal home loan banks, would be\nable to give an unqualified opinion on the bank's condition.\n Reuter\n\u0003", "date": "17-MAR-1987 14:28:02.20", "places": [ "usa" ], "id": "6192" }, { "title": "ASAMERA TO SELL DENVER REFINERY", "body": "Asamera Inc said it has signed a letter\nof intent to sell its Denver refinery to Total Petroleum (North\nAmerica) Ltd for undisclosed terms.\n It said the sale is subject to regulatory approval.\n Reuter\n\u0003", "date": "17-MAR-1987 14:29:51.25", "places": [ "canada" ], "id": "6193" }, { "title": "NEW ITALIAN TREASURY OFFER UNDERSUBSCRIBED", "body": "Market operators subscribed to less than\nhalf of the 3,000 billion lire offer of a new type of indexed\ngovernment paper, figures from the Bank of Italy show.\n Operators subscribed to 1,427 billion lire of the 3,000\nbillion lire issue of seven-year discount certificates (CTs).\n The CTs, of 100 lire nominal value each, were offered for\ncompetitive tender at a price of 74 lire. Yields are adjustable\nannually and linked to those on 12-month treasury bills.\nEffective net yield on the first coupon will be 9.66 pct. The\nBank of Italy took up 500 billion lire of the offer, leaving\n1,073 billion lire unassigned.\n Reuter\n\u0003", "date": "17-MAR-1987 14:30:28.10", "places": [ "italy" ], "id": "6194" }, { "title": "MACMILLAN BLOEDEL RAISES NEWSPRINT PRICE", "body": "MacMillan Bloedel\nLtd said it increased its current newsprint list price for\ncustomers in the United States by 30 U.S. dlrs a tonne,\neffective July 1, 1987.\n Standard white 30 pound newsprint sold through sales unit\nPowell River-Alberni Sales Corp will increase to 600 U.S.dlrs a\ntonne from 570 U.S. dlrs a ton, MacMillan Bloedel said.\n It also said a five pct temporary competitive allowance\nintroduced on Dec 1, 1985, will be reduced to three pct, while\na five pct contract performance incentive program introduced\nJuly 1, 1983 will remain in effect.\n MacMillan Bloedel said customers who annually purchase 100\npct against their contract will receive the five pct discount\nunder the contract performance incentive program plus the three\npct discount under the temporary competitive allowance, against\nthe new 600 U.S. dlr a tonne newsprint price.\n The company said it is restoring margins on newsprint and\ngroundwood printing papers so it can continue expanding and\nupgrading its pulp and paper facilities.\n Reuter\n\u0003", "date": "17-MAR-1987 14:31:19.73", "places": [ "canada" ], "id": "6195" }, { "title": "ROSTENKOWSKI SAYS TAX HIKE NEEDS REAGAN SUPPORT", "body": "House Ways and Means Committee\nchairman Dan Rostenkowski said he was ready to support an 18\nbillion dlr tax increase to help balance the budget but doubted\nit could pass Congress without President Reagan's support.\n Rostenkowski, the chief House taxwriter, said his committee\nwas reluctant to back a tax increase without certainty that it\nwould pass the full House and this would require Republican\nvotes.\n \"Chairman Rostenkowski still says its an uphill fight unless\nthe president signs on,\" the Illinois Democrat said in remarks\nfor delivery to the Tax Executives Institute.\n Rostenkowski predicted the tax increase will concentrate on\nincreases in federal excise taxes while leaving the income tax\nintact.\n The taxwriters will not consider delaying the income tax\nrate cuts for upper income persons scheduled to take effect in\n1988, he said. The top rate will fall from 38.5 pct to 28 pct\nnext year.\n In addition, he said \"they don't have the energy or appetite\nto endorse a radical new tax like a VAT (value added tax),\"\nwhich he also opposes. \"The real question is where the\nRepublicans will be when the tough vote comes,\" he said.\n Rostenkowski said his committee will not approve any tax\ncredits to provide incentives for exports as part of a tax or\ntrade bill this year.\n He added that no extension or expansion of the research and\ndevelopment tax credit for business is expected since it would\ncost billions of dollars.\n And, Rostenkowski told the tax executives that Howard Baker\nas Reagan's chief of staff would make it more likely the White\nHouse will ultimately back a tax increase this year. \"There are\nstrong suspicions that the Baker boys will lead the president\ndown the slippery slope of moderation,\" he said.\n\n Reuter\n\u0003", "date": "17-MAR-1987 14:33:12.57", "places": [ "usa" ], "id": "6196" }, { "title": "U.S. HOUSING DATA FAIL TO CLARIFY ECONOMIC PATH", "body": "Surprisingly strong U.S. housing\nstatistics for February cannot be taken as an indication that\nthe economy is generating any momentum and are not sufficient\ncause to start lifting forecasts for first quarter growth,\neconomists said.\n Building was boosted by two factors last month, unusually\nmild weather and low mortgage rates. But economists said that\nseasonal factors make it hard to assess what spur to the\neconomy, if any, will come from housing in coming months. And\nafter a steady retreat, mortgage rates seem to be near bottom.\n U.S. housing starts rose 2.6 pct in February to a\nseasonally adjusted annual rate of 1.851 mln units from 1.804\nmln in January. It was the highest pace for starts since April\n1986.\n The rate at which permits were issued for future building\nclimbed 4.4 pct to a seasonally adjusted annual rate of 1.764\nmln units after dropping 11.52 pct to 1.690 mln in January.\n \"February's weather is usually more adverse for home\nbuilding. Because of seasonal factors it's difficult to\ndetermine what this means for the economy down the road,\" said\nAllan Leslie of Discount Corp.\n The housing report is seasonally-weighted to compensate for\nweather-related setbacks. As a result, milder temperatures\ninflate the statistics.\n Economists said that low mortgage rates also were a spur to\nbuilding last month. But several believe that rates will now\nconsolidate before edging up in late spring/early summer.\n \"Builders are looking at current mortgage rates and saying\n'Let's do it now',\" said Mark Obrinsky of the U.S. League of\nSavings Institutions in Washington, whose members supply much\nof the financing for home building.\n But Obrinsky doubts that there is much more downward\npotential for rates because he foresees higher inflation and \nsome overall improvement in the U.S. economy.\n He expects rates to gain 50 to 100 basis points in early\nsummer from the 9.50 pct fixed rate effective in February. Last\nNovember, fixed rate mortgages were about 10.30 pct.\n As expected, the strength in housing was concentrated in\nthe single-family sector. The multi-family area -- which\ntypically represents rental units -- remained weak due to high\nvacancy rates and increased capital costs of such units\nfollowing tax law changes effective January 1.\n Single-family starts rose at a 5.6 pct annual pace to 1.317\nmln units. Multi-family fell 4.1 pct to a 534,000 rate.\n \"Strength in the single-family sector indicates that low\nmortgage rates are doing their job. But we're probably not\nlooking at a great deal of growth potential,\" said Ward\nMcCarthy of Merrill Lynch Capital Markets.\n McCarthy noted that the housing report, together with\nlarger than expected gains in U.S. employment, industrial\noutput and retail sales in February, may cause some observers\nto start waving \"four pct GNP banners\" for the first quarter.\nGross national product grew 1.3 pct in the fourth quarter.\n But McCarthy, who still expects first quarter real GNP to\ncome in at an annual rate of 2.5 pct or slightly above, is not\nconvinced that growth will pick up in future.\n \"The big story is the inventory re-building that's going on\nnow, not all of which is intentional,\" he said. For example,\nU.S. automakers, who are already saddled with high stocks,\nproduced at an annual rate of 8.3 mln units in February\ncompared with domestic car sales of 7.3 mln.\n Thus while inventories could contribute to GNP in the first\nquarter, they may result in scaled-back production and weaker\ngrowth in the second, he said.\n \"If most of the first quarter growth is inventory building\nand we cannot identify any improvement in export demand, then\nthere is the potential for softness in the second quarter,\"\nagreed Allan Leslie of Discount Corp. He is still evaluating\nfirst quarter GNP prospects.\n Federal Reserve chairman Paul Volcker said last week that\ncurrent data do not show the worsening in trade has reversed.\n \"At the same time that we are pumping up inventories in the\nfirst quarter, we could foresee production slowing in the\nsecond,\" cautioned Joe Plocek of McCarthy, Crisanti and Maffei\nInc, who expects first quarter growth of about three pct.\n Reuter\n\u0003", "date": "17-MAR-1987 14:38:53.25", "topics": [ "housing", "interest", "gnp" ], "places": [ "usa" ], "id": "6197" }, { "title": "PUBLIC SERVICE ENTERPRISE TWO MTHS NET", "body": "Periods ended February 28\n Shr 89 cts vs 87 cts\n Net 119.5 mln vs 114.6 mln\n Revs 872.3 mln vs 917.4 mln\n Avg shrs 134.9 mln vs 131.7 mln\n 12 mths\n Shr 2.87 dlrs vs 3.32 dlrs\n Net 383.4 mln vs 413.5 mln\n Revs 4.5 billion vs 4.4 billion\n Avg shrs 133.7 mln vs 124.7 mln\n NOTES: Year ago results restated to reflect application of\nnew accounting for disallowances\n Full name is Public Service Enterprise Group Inc\n Reuter\n\u0003", "date": "17-MAR-1987 14:39:00.58", "topics": [ "earn" ], "places": [ "usa" ], "id": "6198" }, { "title": "PENTRON CORP UNIT TO BUY ICE CREATIONS", "body": "Pentron Corp said its\nRotational Molding Inc unit has purchased privately held Ice\nCreations Unlimited for an undisclosed amount of cash and other\nconsiderations.\n The company said Ice Creations had sales of 1.2 mln dlrs in\nthe year ended May 31, 1986.\n Ice creations is a molder of plastics.\n Reuter\n\u0003", "date": "17-MAR-1987 14:39:12.87", "topics": [ "acq" ], "places": [ "usa" ], "id": "6199" }, { "title": "PENNWALT BUYS ITS PREFERRED FROM ANSCHUTZ", "body": "Pennwalt Corp said it bought all\noutstanding shares of its third series cumulative convertible\npreferred stock from .\n According to a standstill agreement reached in 1985,\nPennwalt said Anschutz received a 6.25 pct unsecured promissory\nnote in the face amount of 138.9 mln dlrs for the 28,054\npreferred shares it held.\n The company said 50 pct of the note, due August three, will\nbe paid with the proceeds from its common stock offering\nearlier this month. The remainder of the note will be paid from\nborrowings under existing credit facilities, it said.\n Reuter\n\u0003", "date": "17-MAR-1987 14:41:21.20", "places": [ "usa" ], "id": "6200" }, { "title": "U.K. OIL REVENUE FORECAST TO FALL IN 1987/88", "body": "The U.K. Government forecasts that oil\nrevenues will fall to four billion stg in the fiscal year\n1987/88, from 4.75 billion in 1986/87 and 11.5 billion in\n1985/86.\n The forecast came in the Treasury's Financial Statement and\nBudget Report issued after the Chancellor of the Exchequer\nNigel Lawson's annual budget statement to parliament.\n The government is assuming the price of oil will average 15\ndlrs a barrel, in line with its earlier forecasts, and its oil\nrevenue calculation is based on an exchange rate remaining\nclose to current levels, the Treasury document said.\n The Treasury said the 1987/88 oil revenue shortfall will\nreflect the oil price fall of 1986, as North Sea corporation\ntax is paid after a time lag.\n The statement calculated that a one dlr a barrel difference\nin oil prices this year will change revenue by about 350 mln\nstg for the current fiscal year, and 400 mln stg in a full\nyear.\n Oil production is forecast to fall slightly in 1987,\naccording to the statement. A change in one mln tonnes in\nproduction would alter revenue by about 45 mln stg in 1987/88\nand 50 mln stg in a full year, it added.\n Total general government receipts for 1986/87 are now\nestimated to be 159.2 billion stg, 2.75 billion more than the\n1986 Budget forecasts and above the Autumn Statement forecasts,\ndespite a shortfall of 1.25 billlion in oil receipts.\n Additional non-North Sea corporation tax of 1.75 billion\nstg and VAT of 750 mln stg account for the bulk of the\novershoot.\n Total general government receipts were forecast to rise to\n168.8 billion stg in fiscal 1987/88, and among the main items,\nbesides diminishing oil revenues, were projected income tax of\n40 billion stg, up from 38.4 billion in the current year.\n Non-North Sea corporation tax is forecast to bring in 13.5\nbillion stg in 1987/88, after the revised 11.2 billion in\n1986/87, and VAT revenue should amount to 23.3 billion,\ncompared with upwardly revised estimated 21.5 billion this\nfiscal year.\n The general government expenditure for the coming fiscal\nyear is expected to total 173.5 billion stg, up from a revised\n164.9 billion in the current year.\n A repayment of 800 mln on public corporations' market and\noverseas borrowings is forecast to bring the total Public\nSector Borrowing Requirement down to 3.9 billion stg in\n1987/88, from this year's revised 4.1 billion, the Treasury\nsaid.\n REUTER\n\u0003", "date": "17-MAR-1987 14:43:54.92", "topics": [ "crude" ], "places": [ "uk" ], "id": "6201" }, { "title": "REYNOLD METALS UP ON FURMAN SELZ REPORT", "body": "Shares of Reynolds Metals Co rose\nsharply after Wall Street firm Furman Selz Mager Dietz and\nBirney issued a report focusing on the strong earnings\npotential from the company's Australian gold holding, traders\nfamiliar with the report said.\n Traders said the report notes that earnings from Australian\ngold holdings could be worth about 35 cts to 55 cts a share\nthis year and 1.40 dlrs to two dlrs a share in 1988.\n Reynolds Metals rose three points to 59-5/8 on volume of\n729,500 shares.\n Reynolds owns stakes in the Mount Gibson gold project and\nthe Boddington gold project, both located in Australia. An\nanalyst familiar with the two mines said \"the properties,\ntogether, have a potential value of 20 dlrs to 40 dlrs a share\nfor Reynolds.\"\n The analyst, who asked not to be identified, said the rise\nin the stock today was likely the result of \"U.S. investors\nthat were not completely cognizant of the size or the\nimportance of the (Reynolds') holdings in Australia.\"\n Traders said the Furman Selz report indicates that gold was\ndiscovered mixed with bauxite in the Boddington mine.\nBoddington is principally a bauxite mine.\n The traders said the report goes on to say that the profits\nfrom the Boddington gold with substantially reduce the\nproduction costs of the other metals mined at Boddington.\n Traders said Furman Selz also boosted its earnings\nestimates, expecting Reynolds Metals to earn 4.10 dlr a share\nin 1987 and eight dlrs a share in 1988.\n Last year, Reynolds reported net earnings of 8.18 dlrs a\nshare, which included 3.09 dlrs a share for adoption of new\naccounting rules, 1.01 dlrs a share for tax loss carryforwards\nand other extraordinary items.\n Reuter\n\u0003", "date": "17-MAR-1987 14:47:24.23", "topics": [ "earn" ], "places": [ "usa" ], "id": "6202" }, { "title": "ALCAN MAY MAKE SHARE ISSUES", "body": "Alcan Aluminium Ltd said it may issue\nup to two mln first preferred shares in addition to an\nunlimited number of additional common shares and an unlimited\nnumber of additional preference shares at any time after its\nproposed reorganization.\n In a proxy statement, the company said shareholders are to\nvote on the reorganization, which would result in Alcan's\nwholly-owned Aluminum Co of Canada Ltd unit replacing Alcan\nAluminium as the group's parent company, at the April 23 annual\nmeeting. The new company will keep the Alcan Aluminium Ltd\nname.\n Alcan said it has no plans to immediately issue any of the\nadditional shares.\n The company has said it is undertaking the reorganization\nmainly to streamline management and give Alcan a stronger and\nmore stable financing base by making the new Alcan a major\noperating company as well as a holding and management company.\n \"In an increasingly global capital market, this new\nstructure should also provide for greater flexibility in\nfinancing the Alcan group,\" the company said.\n Alcan's current only outstanding securities are common\nshares while the new company would have outstanding securities\nof common, preferred and preference shares, and its debt.\n Each shareholder would automatically become a shareholder\nin the new company without exchanging share certificates.\n Alcan later said it has a provision identical to the one\ndetailed in the proxy statement allowing for the issue of\npreferred, common and preference shares, in its existing\ncorporate structure.\n Reuter\n\u0003", "date": "17-MAR-1987 14:47:51.50", "places": [ "canada" ], "id": "6203" }, { "date": "17-MAR-1987 14:48:45.02", "topics": [ "earn" ], "places": [ "usa" ], "id": "6204" }, { "title": "WESTERN FEDERAL SAVINGS BANK UPS PAYOUT", "body": "Qtly div 15 cts vs 12-1/2 cts prior\n Pay April 15\n Record March 31\n Reuter\n\u0003", "date": "17-MAR-1987 14:50:08.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "6205" }, { "title": "NASDAQ HALT - ALLEGHENY BEVERAGE CORP , NEWS PENDING,LAST 4-3/4\n", "date": "17-MAR-1987 14:50:56.24", "places": [ "usa" ], "id": "6206" }, { "title": "HYDRO-QUEBEC IN HEARINGS FOR U.S. POWER EXPORTS", "body": "Hydro-Quebec, the provincially-owned\nutility, said it is appearing this week before the National\nEnergy Board to defend its application to export about five\nbillion Canadian dlrs worth of electricity to the New England\nstates.\n The contract with the New England Power Pool was signed in\n1985 and runs from 1990 to 1999. A spokesman for the Quebec\nutility said hearings are normally held on major contracts up\nto two years after the deal is signed.\n Hydro-Quebec, which last month agreed to sell 15 billion\ndlrs worth of power to Maine starting in 1992, has to convince\nthe board the electricity is surplus to Canadian needs.\n Utilities in at least three Canadian provinces have said\nthey are opposing the New England deal. The Ontario and New\nBrunswick utilities said they are objecting because\nHydro-Quebec did not offer them the electricity before going to\nthe New England Power Pool. New Brunswick said it is also\nconcerned that Hydro-Quebec is taking all the U.S. export\nmarkets.\n Hydro-Quebec spokesman Maurice Hebert said several\nprovinces, including Newfoundland which wants to renogotiate a\npower agreement with Quebec, routinely oppose the Quebec\nutility's export contracts.\n Hebert said the National Energy Board has ordered changes\nto contracts in the past but has always left the agreements\nessentially intact.\n He said the utility was not prepared to comment on whether\nit believed the board would call for substantial changes to the\nagreement with New England.\n He said the hearings, which began today, will probably last\ntwo or three days and a decision made in about two weeks.\n Hydro-Quebec has recently been trying to move from export\ncontracts for surplus energy to contracts for guaranteed\namounts of energy, such as the deal signed with Maine.\n Reuter\n\u0003", "date": "17-MAR-1987 14:51:52.86", "places": [ "canada", "usa" ], "id": "6207" }, { "title": "OPEC WANTS 18 DLR OIL PRICE - OAPEC OFFICIAL", "body": "OPEC believes world oil prices should\nbe set around a fixed average price of 18 dlrs a barrel, OAPEC\nAssistant General Secretary Abdelaziz Al-Wattari said.\n In a speech to a European Community/OAPEC/OPEC seminar in\nLuxembourg released here, Al-Wattari said, \"OPEC believes ...the\nworld energy trade should be kept without restrictions and\nshould be built around a fixed average price of 18 dlrs.\"\n Al-Wattari noted that total OPEC output was below the\norganization's agreed ceiling for all member countries in\nFebruary, although this had meant sacrifices. The effect of\nthese sacrifices meant that market stability, though restored\nto a good level, was still under pressure, Al-Wattari said.\n \"A lasting stability in the world market requires a wider\nscope of international cooperation,\" he said.\n Reuter\n\u0003", "date": "17-MAR-1987 14:53:16.29", "topics": [ "crude" ], "organisations": [ "opec", "oapec" ], "places": [ "belgium" ], "id": "6208" }, { "title": "U.S. HOUSE APPROVES PILOT 0/92 DISASTER PROGRAM", "body": "The House of Representatives\napproved a bill to enable 1987 winter wheat and feedgrains\nfarmers hit by midwestern flooding last year to receive at\nleast 92 pct of their federal income support payments even if\nthey did not plant.\n The one-time pilot 0/92 program, designed to assist farmers\nin Kansas, Oklahoma, Michigan and parts of Missouri, was passed\nby a 304-100 vote and sent to the Senate.\n Although the bill includes a narrow version of the 0/92\nprovision endorsed by the Reagan administration, the U.S.\nAgriculture Department withheld its support from the measure.\n USDA said the bill would discourage farmers from buying\ncrop insurance and fall short of the administration's proposed\nbroad-scale revision of farm programs.\n The bill would permit winter wheat producers prevented from\nplanting their 1987 crop last fall to receive 92 pct of the\ndeficiency payments they would have received.\n To be eligible, winter wheat farmers could not plant a\ndifferent crop on that land this spring, although they could\nuse the land for grazing or to plant hay.\n USDA estimated this provision would save 30 mln dlrs,\nlargely because of reduced crop forfeitures.\n The bill also would aid about 200 feedgrains producers\nalong the Missouri and Mississippi Rivers who were prevented\nfrom planting crops this year because of residual damage from\nlast fall's flooding.\n In addition, the measure would require USDA to make full\npayment to farmers eligible for emergency assistance approved\nby Congress last fall.\n Currently, because claims have outstripped the 400 mln dlrs\nin appropriated funds, USDA plans to offer farmers in the\nregion 74 cents for every dollar in disaster losses.\n The administration said it opposed the bill because, by\nexpanding the 400 mln dlrs in disaster relief, it would thwart\nefforts to encourage farmers to buy crop insurance as an\nalternative to federal disaster assistance.\n USDA also said the 0/92 provisions in the bill were\nnarrower than the administration's proposal to offer the option\nto all major commodities and would produce insignificant\nsavings.\n USDA said the 0/92 option for 1987 winter wheat farmers\nwould produce a net savings of about 30 mln dlrs, while the\nrequirement to compensate fully disaster-struck farmers would\ncost about 135 mln dlrs, which must be appropriated by\nCongress. The feedgrains provision would cost about five mln\ndlrs.\n USDA estimated the overall cost of the bill to be 111 mln\ndlrs.\n In January the Senate approved a bill that would make 1987\nwinter wheat farmers eligible for disaster assistance payments.\n But the Senate bill would not offer the 0/92 option to\nwheat and feedgrains producers or raise the 400-mln dlr ceiling\non the disaster assistance program.\n Reuter\n\u0003", "date": "17-MAR-1987 14:54:53.19", "topics": [ "grain", "wheat" ], "places": [ "usa" ], "id": "6209" }, { "title": "SIMMONS FEBRUARY LOAD FACTOR DECLINES", "body": "Simmons Airlines Inc said its load\nfactor for February declines to 41.8 pct from 46.1 pct a year\nago.\n Traffic increased 31.3 pct to 15 mln revenue passenger\nmiles from 11.4 mln, while capacity increased 45.1 pct to 35.8\nmln available seat miles from 24.7 mln.\n Reuter\n\u0003", "date": "17-MAR-1987 14:56:12.81", "places": [ "usa" ], "id": "6210" }, { "title": "DIODES INC 3RD QTR JAN 31 NET", "body": "Shr profit one cts vs profit four cts\n Net profit 27,490 vs 89,687\n Sales 2,899,189 vs 2,785,931\n Nine mths\n Shr loss four cts vs profit nine cts\n Net loss 78,038 vs profit 184,062\n Sales 8,785,918 vs 8,273,913\n Reuter\n\u0003", "date": "17-MAR-1987 14:56:33.86", "topics": [ "earn" ], "places": [ "usa" ], "id": "6211" }, { "title": "ALLEGHENY BEVERAGE SAYS GROUP INTERESTED IN ACQUIRING ITS SERVICE AMERICA CORP UNIT\n", "date": "17-MAR-1987 15:03:42.88", "topics": [ "acq" ], "id": "6212" }, { "title": "MONY REAL ESTATE INVESTORS 3RD QTR FEB 28", "body": "Oper shr nine cts vs 128 cts\n Qtly div 18 cts vs 22 cts prior\n Oper net 951,000 vs 1,817,000\n Total income 5,010,000 vs 5,575,000\n Nine mths\n Oper shr 39 cts vs 59 cts\n Oper net 4,014,000 vs 5,936,000\n Total income 15.2 mln vs 16.7 mln\n NOTE: Current year net both periods includes 750,000 dslr\nprovision for possible losses.\n Net excludes gains from sale of investment of 1,461,000\ndlrs vs 346,000 dlrs in quarter and in nine mths.\n Dividend pay April 15, record March 31.\n Reuter\n\u0003", "date": "17-MAR-1987 15:06:41.26", "topics": [ "earn" ], "places": [ "usa" ], "id": "6213" }, { "title": "HILTON SEES IMPROVED FIRST QUARTER PROFITS", "body": "Hilton Hotels Corp expects earnings\nper share for first quarter fiscal 1987 to March 31 to be about\n90 cts compared with 70 cts a year earlier, Hilton Hotels\ndivision president Carl Mottek said.\n He told a news conference the company expected costs for\nits first 10 all-suite hotels, announced today, to be about 150\nmln dlrs. Initial financing would come from the company's cash\nflow. Later, Hilton plans to use borrowings from traditional\nsources, he added.\n Hilton, which hopes to build 50 all-suite hotels within\nfive years, may take in partners in the new venture, he added.\n Reuter\n\u0003", "date": "17-MAR-1987 15:08:35.28", "topics": [ "earn" ], "places": [ "usa" ], "id": "6214" }, { "title": "H.J. HEINZ POISED FOR RECORD YEAR", "body": "H.J. Heinz Co is \"within sight of our\n22nd consecutive year of new records in financial growth\" for\nthe fiscal year ending April 30, Chairman and Chief Executive\nOfficer Anthony O'Reilly told investment analysts.\n O'Reilly, who declined to make a specific projection, said\nthe food company is \"stronger than at any time in its 118-year\nhistory.\"\n Last week Heinz reported third-quarter earnings rose to 55\ncts a share from 46 cts a share. Sales rose to 1.08 billion\ndlrs from 1.01 billion dlrs a year earlier.\n O'Reilly said Heinz will concentrate on backing its big\nbrands, new products and services, new geography, internal\ngrowth and acquisitions.\n He said Heinz Ketchup has its highest market share in\nhistory, 55 pct. But in response to a question, the executive\nsaid a volume falloff in the overall product category \"is a\nconcern to us.\"\n O'Reilly said Weight Watchers continues to perform well and\nwill generate revenue in fiscal 1987 of approximately 940 mln\ndlrs.\n O'Reilly told analysts Heinz is in active negotiations to\nbuild a second plant in China, where it entered a joint venture\nwith the government in 1984, forming Heinz-UFE Ltd, which\nproduces dry baby food cereal.\n He said Heinz-Japan is \"making a profit and generating its\nfirst substantial dividends,\" and implementation of a new\npartnership, Seoul-Heinz Ltd, is moving ahead with a new\nmanufacturing plant targeted for completion by June in Seoul,\nSouth Korea.\n To increase its competitiveness, O'Reilly said Heinz\nimplemented a \"lowest cost imaginable\" program targeted at\nmanufacturing, sales and marketing and procurement.\n He said a modernization program is in effect at the\ncompany's United Kingdom operations, where the labor force,\ntrimmed to 4,000 from 10,000, is expected to be further reduced\nto 2,500 in 1988.\n Reuter\n\u0003", "date": "17-MAR-1987 15:09:25.98", "topics": [ "earn" ], "places": [ "usa" ], "id": "6215" }, { "title": "U.S. ATTORNEY INDICTED IN INSIDER SCHEME", "body": "An attorney was named today in a\n24-count federal indictment alleging he initiated an insider\ntrading scheme which allowed friends and relatives to make\nnearly 1.5 mln dlrs in illegal profits on non-public knowledge\nof a corporate restructuring.\n Israel G. Grossman, 34, who had been a pension specialist\nfor the New York firm of Kramer, Levin, Nessen and Kamin,\nallegedly stole information from the firm involving the\nrecapitalization of Colt Industries Inc last July.\n Grossman, who was arrested February 17, allegedly enabled\nthree individuals whom he alerted to purchase 1,006 colt call\noptions for 33,938 dlrs.\n July 21, the day after the Colt recapitalization was\nannounced, its common stock rose almost 27 points. The options\nincreased to a value of about 1.5 mln dlrs, according to\nRudolph Giuliani, U.S. Attorney in Manhattan, who announced the\nindictment today.\n Grossman is charged with 12 counts of mail fraid and 12\ncounts of securities fraud. If convicted, he could be sentenced\nto a maximum of 120 years in jail and fined a total of six mln\ndlrs.\n Grossman resigned from the law firm following his arrest.\nHe is scheduled to enter a plea March 26.\n Reuter\n\u0003", "date": "17-MAR-1987 15:10:38.90", "places": [ "usa" ], "id": "6216" }, { "title": "ALLEGHENY BEVERAGE EXPLORES UNIT SALE", "body": "Allegheny Beverage Corp said it\nhas been approached by a group interested in acquiring its\nfoodservice unit, Service America Corp.\n The group includes senior management of Service America but\nno officers of Allegheny Beverage, the company said.\n The company has agreed to permit the group and its\npotential lenders to perform a due diligence review of Service\nAmerica, it said.\n Allegheny noted it had previously cancelled plans to spin\noff the foodservice subsidiary.\n The company said the group's review is preliminary and\nthere is no assurance that an acquisition proposal will be made\nor, if made, accepted.\n Service America had fiscal 1986 revenues of about 934 mln\ndlrs, or about 83 pct of Allegheny Beverage's total revenues of\n1.13 billion dlrs for the year ended March 29, 1986, a\nspokesman for Allegheny Beverage said.\n He declined to identify the Service America officials in\nthe acquisition group.\n On Feb 18, 1987, Allegheny said it was cancelling the spin\noff of Service America, but gave no reason for doing so. It\nsaid it would place major emphasis on managing Service America\nto improve operations and increase earnings at the unit.\n Service America, which Allegheny acquired in May 1985,\noperates cafeterias and food and beverage vending machines.\nThrough other subsidiaries, Allegheny provides coin-operated\nlaundry services, building maintenance services and retail\noffice and furniture operations.\n In fiscal 1986, Allegheny reported earnings from continuing\noperations of 8.2 mln dlrs or 1.09 dlrs a fully diluted share,\nexcluding income of 59.7 mln dlrs from discontinued operations\nand an extraordinary loss of 8.1 mln dlrs. In May 1985,\nAllegheny sold its Pepsi-Cola Bottling Co unit to Pepsico Inc\n for 160 mln dlrs.\n Including discontinued operations and the special item, net\nincome was 59.8 mln dlrs or 6.21 dlrs a share fully diluted.\n Reuter\n\u0003", "date": "17-MAR-1987 15:11:31.37", "topics": [ "acq" ], "places": [ "usa" ], "id": "6217" }, { "title": "INSPIRATION IN CANADIAN GOLD FIND", "body": "Inspiration Resources Corp said a gold\nproject in northern Manitoba in which it has a 44.8 pct\ninterest has yielded estimated total reserves of 1,580,000\nshort tons grading an average 0.185 ounce of gold per ton.\n The company said owns the\nremaining interest in the project, which is located about 25\nmiles east of Lynn Lake.\n Inspiration said the project has proven reserves of 538,000\ntons assayed at 0.212 ounce of gold per ton, probable reserves\nof 686,000 tons at 0.166 ounce and possible reserves of 355,000\ntons at 0.183 ounce.\n Inspiration said a production decision is expected to be\nmade in 1988.\n Reuter\n\u0003", "date": "17-MAR-1987 15:12:09.00", "topics": [ "gold" ], "places": [ "canada" ], "id": "6218" }, { "title": "VALERO PREFERRED STOCK UPGRADED BY S/P", "body": "Standard and Poor's Corp said it\nraised to B from B-minus Valero Energy Corp's preferred stock.\n Also, the rating agency affirmed Valero's BB-minus\nindustrial revenue bonds and B-rated debentures. About 950 mln\ndlrs of long-term debt is outstanding.\n S and P said Valero's financial flexibility would improve\nas the company plans to use proceeds of roughly 760 mln dlrs\nfrom a proposed sale of natural gas operations to reduce debt.\nPro forma debt leverage drops to about 30 pct from 67 pct at\nSeptember 30, 1986. But S and P said Valero's refining segment\nhas been unable to consistently generate operating profits.\n Reuter\n\u0003", "date": "17-MAR-1987 15:14:03.51", "places": [ "usa" ], "id": "6219" }, { "title": "MARCOR EXPECTS FISCAL YEAR PROFIT", "body": "MarCor Development Co Inc said\nit expects to post a profit for its fiscal year ended February\n28 of about two mln dlrs, compared to a year earlier loss of\n3.2 mln dlrs.\n During the prior year the company operated as F and M\nImporting, a publicly-held wholesale food distributor.\n During March last year privately-held Marcor acquired a\ncontrolling interest in F and M Importing, divested the food\nbusiness, renamed the company and began operating as a real\nestate investment and service company.\n Reuter\n\u0003", "date": "17-MAR-1987 15:19:23.38", "topics": [ "earn" ], "places": [ "usa" ], "id": "6220" }, { "title": "HONDURAS AUTHORIZED TO BUY PL 480 COMMODITIES", "body": "Honduras has been authorized to buy\nabout 75,000 tonnes of U.S. wheat, about 15,000 tonnes of U.S.\ncorn, and about 6,000 tonnes of U.S. tallow under an existing\nPL 480 agreement, the U.S. Agriculture Department said.\n The department said it may buy the wheat, valued at 8.5 mln\ndlrs, the corn, valued at 1.5 mln, and the tallow, valued at\n2.0 mln dlrs, between March 24 and August 31, 1987, and ship it\nfrom U.S. ports and/or Canadian transshipment points by this\nSeptember 30.\n The purchase authorizations cover the entire quantity\nprovided under the agreement, signed March 11.\n \n Reuter\n\u0003", "date": "17-MAR-1987 15:20:51.24", "topics": [ "grain", "wheat", "corn" ], "places": [ "usa", "honduras" ], "id": "6221" }, { "title": "VALLEY RESOURCES (VR) SETS STOCK SPLIT, UPS PAYOUT", "body": "Valley Resources Inc said its\nboard declared a three-for-two stock split and raised the\nquarterly cash dividend on the pre-split shares to 42 cts from\n38 cts.\n The company said both the split and the dividend are\npayable April 15 to holders of record March 31.\n Reuter\n\u0003", "date": "17-MAR-1987 15:20:59.30", "topics": [ "earn" ], "places": [ "usa" ], "id": "6222" }, { "title": "CROSS BOOSTS FROST AND SULLIVAN HOLDINGS", "body": "A shareholder group led by New York\ninvestor Theodore Cross said in a Securities and Exchange\nCommission filing that it boosted its stake in Frost and\nSullivan Inc common stock to 208,800 shares or 13.7 pct of the\ntotal outstanding.\n The group said Cross bought 17,000 shares in the open\nmarket between Feb. 17 and March 10.\n The group had said previously that its Frost and Sullivan\nshare purchases were for investment.\n Reuter\n\u0003", "date": "17-MAR-1987 15:21:18.83", "topics": [ "acq" ], "places": [ "usa" ], "id": "6223" }, { "title": "CHAMPION HOME SETS UP UNIT", "body": "Champion Home Builders Co, as\npart of a previously announced reorganization, said it set up a\nsubsidiary to handle two of its operations.\n The company transferred its recreational vehicle and\ncommercial bus manufacturing operations to a new, wholly owned\nsubsidiary, Champion Motor Coach Inc.\n Total sales from the three manufacturing plants comprising\nthe new unit totaled 50 mln dlrs for the fiscal year ended\nFebruary 27.\n Champion Home previously said it was reorganizing its\nbusiness units into a new holding company structure. The\nholding company will be called Champion Enterprises Inc,\nsubject to shareholder approval at the company's late June\nannual meeting.\n Reuter\n\u0003", "date": "17-MAR-1987 15:22:59.73", "places": [ "usa" ], "id": "6224" }, { "title": "PERU TO SELL 40 STATE FIRMS TO CUT BUDGET DEFICIT", "body": "peru will sell about 40 state-owned firms\nto trim a projected 740 mln dlrs loss this year among\ngovernment-owned companies.\n Some companies would be sold in their entirety and others\nwould be privatised only partially, according to jose palomino,\npresident of the government's state company holding firm, the\nnational development council (conade).\n He told reporters in a radio interview that the aim was to\nslim a projected public sector firm deficit of 11 billion\nintis. He did not say if foreigners would be allowed to buy all\nor part of the companies.\n Independent economists warn that the deficit could push\ninflation to between 60 and 100 pct in 1987, against the\ngovenment target of 40-50 pct.\n Palomino said aeroperu, the government flagship airline\nwith a 10-jet fleet, would issue stock for purchase by private\ninvestors. The company in 1986 registered its first profit in\neight years, earning about 44.6 mln intis in pre-tax profits.\n Peru has about 140 non-financial state firms. Palomino said\nthe government would soon publish a list of those to be sold,\nincluding those whose shares would be offered on the lima stock\nexchange.\n Last november, palomino said conade's plans included the\npossible sale of a company producing palm oil and another\nmanufacturing electrical appliances. Shares could also be sold\nin a copper mine, empresa nacional tintaya sa, in the southern\nstate of arequipa.\n Neither Palomino nor conade's general manager, enrique\nestremadoyro, were available for comment on whether foreigners\nwould be allowed to purchase the companies. Their secretaries\nsaid they were out of their offices.\n Jose antonio almenara, the general manager of the lima\nstock exchange, where shares of the state-owned firms could be\nsold, told reuters that the only foreigners who could purchase\nstock at the exchange had to be tax-paying residents of peru.\n He said foreign stockholders cannot remit profits abroad\nuntil at least july 1988.\n Reuter\n\u0003", "date": "17-MAR-1987 15:23:57.46", "topics": [ "acq" ], "places": [ "peru" ], "id": "6225" }, { "title": "DIEBOLD IN PACT WITH WANG ", "body": "Diebold Inc said it signed an\noriginal equipment manfacturing agreement with Wang\nLaboratories Inc. Terms of the agreement were not disclosed.\n Diebold said the agreement gives Wang the right to sell and\nsupport a variety of Diebold retail and electronic funds\ntransfer systems to selected markets worldwide.\n In a press release, Wang hailed the agrement as a \"major\nmilestone in Wang's strategy to become a supplier of both\ntransaction and data processing systems to the financial\nmarket.\"\n Reuter\n\u0003", "date": "17-MAR-1987 15:25:00.64", "places": [ "usa" ], "id": "6226" }, { "title": "INTERDYNE CO 1ST QTR FEB 1 LOSS", "body": "Shr loss 28 cts vs loss 80 cts\n Net loss 2,150,000 vs loss 3,722,000\n Sales 1,478,000 vs loss 2,097,000\n Reuter\n\u0003", "date": "17-MAR-1987 15:25:50.03", "topics": [ "earn" ], "places": [ "usa" ], "id": "6227" }, { "title": "SEARS REAL ESTATE UNIT BUSINESS IMPROVES", "body": "The Coldwell Banker Commercial Real\nEstate Services unit of Sears Roebuck and Co said it recorded\n1986 real estate sales and leases totaling 17.7 billion dlrs,\ncompared with 15.4 billion in 1985.\n Some 62.1 pct of the volume was in leases and the remainder\nin sales, the company said.\n It also said sales and leases in office building properties\naccounted for about about 7.8 bilion dlrs, industrial sales and\nleases accounted for about 4.9 bilion and commercial/retail 3.5\nbillion.\n Reuter\n\u0003", "date": "17-MAR-1987 15:26:13.68", "places": [ "usa" ], "id": "6228" }, { "title": "TERUMO CORP IN 75 MLN DLR EXPANSION IN MARYLAND", "body": " has\ncommitted 75 mln dlrs to the expansion of its medical products\nmanufacturing and research development facility in Elkton, Md.,\nsaid Gov. William Donald Schaefer in a press release.\n Terumo, which operates in Maryland as Terumo Medical Corp,\nis the largest manufacturer of disposable medical products in\nJapan.\n The release said Terumo bought a 25-acrte site and will\nbuild a 300,000-square-foot plant to manufacture its line of\ndigital therometers. It said the company plans to add 166 new\nemployees when the facility is completed later this year.\n Reuter\n\u0003", "date": "17-MAR-1987 15:27:18.52", "places": [ "usa" ], "id": "6229" }, { "title": "DANA DEBT MAY BE DOWNGRADED BY MOODY'S", "body": "Moody's Investors Service Inc said it\nmay downgrade 700 mln dlrs of debt of Dana Corp and its unit,\nDana Credit Corp.\n The agency said its review would focus on the implications\nof Dana's aggressive balance sheet management on liquidity and\nfinancial flexibility. Moody's will also take into account\nintensifying competition and pricing difficulties in Dana's\nhighly cyclical core truck and industrial markets.\n Dana currently carries A-2 senior debt and industrial\nrevenue bonds. The Prime-1 commercial paper of Dana and its\ncredit unit are also under review for possible downgrade.\n Reuter\n\u0003", "date": "17-MAR-1987 15:27:55.75", "places": [ "usa" ], "id": "6230" }, { "title": "KILLEARN PROPERTIES INC 3RD QTR NET", "body": "Qtr ends Jan 31\n Shr 23 cts vs eight cts\n Net 309,963 vs 110,356\n Revs 2,503,451 vs 1,351,076\n Nine mths\n Shr 62 cts vs 25 cts\n Net 851,776 vs 331,666\n Revs 6,739,351 vs 4,107,713\n Reuter\n\u0003", "date": "17-MAR-1987 15:28:27.89", "topics": [ "earn" ], "places": [ "usa" ], "id": "6231" }, { "title": " 3RD QTR LOSS", "body": "Period end Jan 31\n Shr loss one cts vs profit eight cts\n Net loss 52,198 vs profit 602,766\n Revs 18.6 mln vs 7,833,424\n Nine mths\n Shr profit 10 cts vs profit six cts\n Net profit 809,243 vs profit 393,372\n Revs 36.3 mln vs 18.7 mln\n Reuter\n\u0003", "date": "17-MAR-1987 15:28:35.24", "topics": [ "earn" ], "places": [ "usa" ], "id": "6232" }, { "title": "SPARTECH CORP 1ST QTR JAN 31 NET", "body": "Shr two cts vs three cts\n Net 369,000 vs 347,000\n Revs 21.3 mln vs 14 mln\n NOTE: Per shr reflects payment of preferred dividends.\n Reuter\n\u0003", "date": "17-MAR-1987 15:28:51.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "6233" }, { "title": "ACADEMY INSURANCE GROUP INC 4TH QTR NET", "body": "Shr profit two cts vs loss 1.05 dlrs\n Net profit 1,666,000 vs loss 18,306,000\n Revs 29.1 mln vs 28.3 mln\n Avg shrs 69.1 mln vs 17.5 mln\n Year\n Shr loss 21 cts vs loss 2.72 dlrs\n Net loss 7,571,000 vs loss 45,517,000\n Revs 117.4 mln vs 123.3 mln\n Avg shrs 35.4 mln vs 16.7 mln\n NOTE: Results include losses of nil vs 473,000 dlrs, or\nthree cts a share, in quarter and 921,000 dlrss, or three cts a\nshare, vs 1,137,000 dlrs or seven cts a share, in year from\ndiscontinued operations\n Reuter\n\u0003", "date": "17-MAR-1987 15:29:15.57", "topics": [ "earn" ], "places": [ "usa" ], "id": "6234" }, { "title": "ESSEX CHEMICAL CORP REGULAR DIVIDEND", "body": "Qtly div 15 cts vs 15 cts in prior qtr\n Payable May 11\n Record April 10\n Reuter\n\u0003", "date": "17-MAR-1987 15:29:19.58", "topics": [ "earn" ], "places": [ "usa" ], "id": "6235" }, { "title": "U.S. EXPORTERS REPORT 350,000 TONNES CORN SOLD TO UNKNOWN DESTINATIONS FOR 1986/87\n", "date": "17-MAR-1987 15:35:22.93", "topics": [ "grain", "corn" ], "id": "6236" }, { "title": "CALUMET GETS 4.2 MLN DLRS FROM WARRANTS", "body": "Calumet Industries Inc said it raised\n4.2 mln dlrs from holders exercising company warrants. The\nprogram expired February 27.\n It issued 420,000 shares to holders who had exercised\noptions to exchange four warrants and 10 dlrs for each share of\ncommon stock. About 87 pct of its warrants were exercised.\n These proceeds and another 14 mln dlrs from the sale of\nnotes will provide long term financing for its HydroCal 2 heavy\nhydrotreating system under construction at its Princeton, La.,\nrefinery.\n Reuter\n\u0003", "date": "17-MAR-1987 15:38:05.31", "places": [ "usa" ], "id": "6237" }, { "title": "FINANCIAL TIMES LAUNCHES NEW WORLD SHARE INDEX", "body": "The Financial Times newspaper said it\nhas launched a new international share index, which represents\nmore than 70 pct of the world's total stock market value. The\nFT-Actuaries World Indices, published for the first time today,\nfeature a main world share index and indices plotting the\nmovement of share prices in different regions and individual\ncountries, the FT said.\n The first world share indices will be published on an\nup-to-date daily basis. The indices are based on the prices of\naround 2,400 equity securities from 23 countries.\n Calculated on the same basis as the FT-Actuaries Indices\nfor UK securities, the indices will be produced daily and\npublished in the Financial Times. The daily tables have a\nseries of regional indices together with the overall world\nindex.\n The FT said its main aim was to provide a set of\nmeasurements against which the performance of international\nfund managers could be judged. Markets, companies and\nsecurities have been included only when direct holdings of\nshares by foreign nationals are allowed, it said. The FT said\nto keep the whole series manageable it has kept the number of\ncompanies from the U.S. To 600.\n The indices are calculated in three seperate currencies -\nthe US dollar, sterling and the appropriate local currency.\n The regional indices are calculated in a way that takes\ninto account the relative weight of local capitalisations.The\ngross dividend yield is also published on the basis of what\nforeign shareholders are entitled to receive before withholding\ntaxes.\n The FT said it has decided to calculate these numbers after\nthe enourmous growth in the volume of cross-border equity\ninvestment in recent years.\nREUTER...^M\n\u0003", "date": "17-MAR-1987 15:38:41.78", "places": [ "uk" ], "id": "6238" }, { "title": "USDA REPORTS 350,000 TONNES CORN TO UNKNOWN", "body": "The U.S. Agriculture Department said\nprivate U.S. exporters reported sales of 350,000 tonnes of corn\nfor delivery to unknown destinations during the 1986/87\nmarketing season.\n The marketing year for corn began September 1.\n This is the second day running that exporters have reported\ncorn sales to unknown destinations. Yesterday, they reported\nsales of 150,000 tonnes to unknown.\n Reuter\n\u0003", "date": "17-MAR-1987 15:40:29.80", "topics": [ "wheat", "corn" ], "places": [ "usa" ], "id": "6239" }, { "title": "HRE PROPERTIES 1ST QTR ENDS JAN 31 NET", "body": "Shr 38 cts vs 47 cts\n Net 2,253,664 vs 2,806,820\n Revs 5,173,318 vs 5,873,904\n NOTE: 1987 qtr includes 126,117 dlrs, or two cts per share,\nfrom gains on sale of property, vs gain 29,812, or less than\none cent per share, for prior qtr.\n Reuter\n\u0003", "date": "17-MAR-1987 15:43:43.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "6240" }, { "title": "MOODY'S UPGRADES TEXAS AIR UNIT'S DEBT", "body": "Moody's Investors Service Inc said it\nupgraded 475 mln dlrs of debt of Continental Airlines Inc, a\nunit of Texas Air Corp.\n Raised were the unit's senior secured Denver industrial\nrevenue bonds to B-1 from Ca and subordinated debt to B-3 from\nC.\n Moody's said the action recognizes the airline's\nreorganization under Chapter 11 of the bankruptcy code, risks\nassociated with its substantial financial leverage and\nunpredictable cash flow.\n Reuter\n\u0003", "date": "17-MAR-1987 15:45:43.87", "places": [ "usa" ], "id": "6241" }, { "title": "JAYARK CORP 3RD QTR ENDS JAN 31 LOSS", "body": "Shr nil vs nil\n Net loss 77,879, vs loss 65,501\n Revs 3,895,741 vs 4,872,163\n Nine mths\n Shr profit nine cts vs profit two cts\n Net profit 488,898 vs profit 118,208\n Revs 13.0 mln vs 15.8 mln\n Reuter\n\u0003", "date": "17-MAR-1987 15:46:46.37", "topics": [ "earn" ], "places": [ "usa" ], "id": "6242" }, { "title": " 1ST QTR JAN 31 LOSS", "body": "Shr loss three cts vs profit two cts\n Net loss 54,791 vs profit 28,866\n Sales 137,9810 vs 338,886\n Avg shrs 1,602,717 vs 1,331,739\n Reuter\n\u0003", "date": "17-MAR-1987 15:47:18.25", "topics": [ "earn" ], "places": [ "usa" ], "id": "6243" }, { "title": "GREAT AMERICAN MANAGEMENT 2ND QTR LOSS", "body": "Period ended Jan 31\n Shr loss 89 cts vs loss 82 cts\n Net loss 5,187,000 vs loss 5,362,000\n Revs 128.4 mln vs 50.3 mln\n Six mths\n Shr loss 1.27 dlrs vs loss 1.04 dlrs\n Net loss 7,015,000 vs loss 6,790,000\n Revs 264.7 mln vs 97.3 mln\n NOTE: Full name is Great American Management and Investment\nInc\n Reuter\n\u0003", "date": "17-MAR-1987 15:48:10.52", "topics": [ "earn" ], "places": [ "usa" ], "id": "6244" }, { "title": "NEWMONT GOLD FILES FOR PUBLIC OFFERING", "body": "Newmont Gold Co said it filed a\nregistration statement with the Securities and Exchange\nCommission for the proposed public offering of five mln shares\nof common plus an over-allotment option of 500,000 shares.\n Newmont Gold said the newly registered shares would\nrepresent about 5.2 pct of the 105 mln shares outstanding after\nthe share issue. It said it will use proceeds to repay the\nlong-term debt it owes to its parent, Newmont Mining Corp\n, and for general corporate purposes.\n Newmont Mining will continue to own about 90 pct of Newmont\nGold after the offering.\n Newmont Gold said four mln shares will be offered initially\nin the U.S. by a U.S. underwriting group and one mln shares\nwill be offered initially outside the U.S by an international\nunderwriting group.\n It said Kidder, Peabody and Co Inc, Lazard Freres and Co\nand Salomon Brothers Inc and their affiliates will be\nco-managers of both underwriting groups.\n Reuter\n\u0003", "date": "17-MAR-1987 15:49:34.13", "places": [ "usa" ], "id": "6245" }, { "title": "NORSTAR TO BUY CALLICOON BANK", "body": "Norstar Bancorp said it reached an\nagreement in principle to buy United National Bank of Callicoon\nthrough a stock exchange valued at 20 mln dlrs.\n Under terms of the agreement, Norstar would buy all 201,660\nshares of United's common stock at a rate of three Norstar\nshares for each United share.\n With year-end assets of 90 mln dlrs, United has branches\nsix upstate New York cities, all of which will become part of\nNorstar Bank of the Hudson Valley, N.A.\n Norstar is an 11.1 billion dlr multibank financial services\ncompany.\n Reuter\n\u0003", "date": "17-MAR-1987 15:50:47.22", "topics": [ "acq" ], "places": [ "usa" ], "id": "6246" }, { "title": "MAJESTIC CONTRACTORS TO PURCHASE SHARES", "body": "\nsaid it will purchase up to a maximum of 403,828 of its common\nshares on the Toronto Stock Exchange at the market price.\n Purchases will begin on April 13, 1987 and will end when\nMajestic has bought 403,828 common shares or on April 12, 1988,\nwhichever comes first.\n Reuter\n\u0003", "date": "17-MAR-1987 15:52:58.78", "places": [ "canada" ], "id": "6247" }, { "title": "ACADEMY INSURANCE GROUP INC 4TH QTR NET", "body": "Oper shr profit one ct vs loss 1.14 dlrs\n Oper net profit 435,000 vs loss 19.9 mln\n Year\n Oper shr loss 28 cts vs loss 2.78 dlrs\n Oper net loss 10 mln vs loss 46.5 mln\n NOTE: Excludes investment gains of one ct per share vs 12\ncts in the quarter, and gains 10 cts per share vs 13 cts in the\nyear. Excludes loss from discontinued operations of three cts\nper share in fourth quarter 1985, and loss of 21 cts per share\nvs loss 2.72 dlrs in the year.\n Reuter\n\u0003", "date": "17-MAR-1987 15:53:59.33", "topics": [ "earn" ], "places": [ "usa" ], "id": "6248" }, { "title": "NYSE CLARIFIES TRIPLE WITCHING PROCEDURE", "body": "The New York stock exchange said its\nrules for triple expiration Friday permit entering\narbitrage-related market-on-close orders in the final 30\nminutes of trading providing they are on the other side of\nimbalances and providing they open positions.\n The NYSE clarified a statement released yesterday in which\nit detailed procedures to be followed this Friday when stock\nindex options, index futures and individual stock options\nexpire simultaneously. The NYSE said it will not allow a\nmarket-on-close order after 1530 EST Friday that increases or\nliquidates an existing arbitrage position.\n The NYSE in cooperation with the Securities and Exchange\ncommission will publicize imbalances of 10,000 or more shares\nin the 50 stocks beginning at 1530 EST Friday. In the final 30\nminutes of trading Friday any market-on-close orders must be on\nthe other side of the imbalance.\n Reuter\n\u0003", "date": "17-MAR-1987 15:58:03.44", "places": [ "usa" ], "id": "6249" }, { "title": "U.S HOUSE BUDGET CHAIRMAN PROPOSES SPENDING HOLD", "body": "House Budget Committee Chairman\nWilliam Gray, D-Pa, said he would propose a freeze on all\nspending for federal government programs for the fiscal 1988\nbudget to meet budget deficit targets.\n \"An outlay freeze -- with no additional revenues -- produces\nalmost enough savings to reach the 108 billion dlr deficit\ntarget. For fiscal 1988, this would mean total spending of just\nover 1 trillion dlrs,\" Gray said in a statement.\n Gray said his plan would call for a freeze in spending on\neach individual federal program at fiscal 1987 levels.\n He said this would mean numerous program cuts, lower\nbenefits for recipients of federal assistance and fewer people\nbeing served by federal programs.\n Gray said he would make the budget freeze proposal when the\nHouse Budget Committee begins work on the budget resolution\nthis Thursday. The Senate Budget Committee began work on its\nbudget resolution this afternoon.\n Reuter\n\u0003", "date": "17-MAR-1987 15:59:51.94", "places": [ "usa" ], "id": "6250" }, { "title": "NO POLICY FOR OR AGAINST CERTIFICATES -- OMB", "body": "The U.S. Office of Management and\nBudget does not have a policy position one way or another on\nwhether the Agriculture Department's commodity certificate\nprogram should be expanded or contracted, an OMB official said.\n Speaking at the National Grain and Feed Association's\nannual convention, Ron Landis, chief of OMB's agricultural\nbranch, said instead of an across the board policy for or\nagainst certificates, OMB has worked and will continue to work\nvery closely with USDA in determining how many certificates\nshould be sent out in each government farm payment.\n \"Recent evidence by the General Accounting Office and the\nCongressional Budget Office suggest that certificates can and\ndo increase budget exposure,\" Landis said.\n But Landis also noted that certificates have numerous\nbeneficial impacts.\n These benefits are helping maintain U.S. price\ncompetitiveness, freeing up storage space and saving the\ngovernment storage and handling costs.\n The major drawback to certificates, said Landis, is that\nthey increase budget exposure relative to cash through use of\nthe pik and roll marketing strategy.\n In the pik and roll strategy, a farmer puts his grain under\nloan, redeems it with certificates, then keeps the difference\nbetween the price he paid for certificates and the county loan\nrate.\n However, if the benefits of certificates outweigh the added\ncosts, OMB officials said they will support continuation of the\nprogram.\n \"OMB says certificates have a very positive effect on the\nmarket, but the question is do those positive benefits outweigh\nthe added costs. If they do, then the certificate program is\ngood,\" an OMB official told Reuters.\n Landis calculated that the redemption of each certificate\nworth 1,500 bushels results in 176 dlrs in storage savings for\nwheat farmers, 270 dlrs for corn farmers and 92 dlrs for\nsoybean farmers. The pik and roll strategy represents a benefit\nof about 35 cents per bushel per farmer, he said.\n But Landis also noted that recent studies by CBO suggest\nthat an additional one billion dlrs of certificates released to\nthe market could result in outlays of 1.15 dlrs in cash for\nevery dlr released in certificates.\n OMB is concerned that too many certificates released onto\nthe market could cause prices to drop too low and government\ncosts to increase too much.\n But Landis said OMB has not determined what amount of\ncertificates would be excessive.\n Reuter\n\u0003", "date": "17-MAR-1987 16:00:01.84", "places": [ "usa" ], "id": "6251" }, { "title": "MANUFACTURERS HANOVER CORP SETS DIVIDEND", "body": "Qtly div 82 cts vs 82 cts prior\n Pay April 25\n Record April one\n Reuter\n\u0003", "date": "17-MAR-1987 16:00:57.67", "topics": [ "earn" ], "places": [ "usa" ], "id": "6252" }, { "title": "UK TRADE WARY OF HIGHER EC GRAIN LEVY", "body": "The European Community may decide to\nincrease the cereals co-responsibility levy and extend its\nscope to cover cereal substitutes if the Commission's 1987/88\nfarm price package is opposed by member states, Edgar Pye,\nvice-president of the British agricultural merchants'\nassociation UKASTA, said.\n At the moment the Commission is proposing the rate of levy\nremain unchanged at three pct - but Pye, addressing a feed\nmanufacturers' dinner in Glasgow, said this could change if its\ncontroversial plans to cut cereal prices and introduce an oils\nand fats tax are blocked\n Pye said UKASTA would continue to fight the cereals levy\n\"tooth and nail.\"\n However, a test case in the European Court of Justice\ncontesting the legality of the current regulation applying the\nlevy, which is being backed by the EC feed manufacturers'\norganisation FEFAC, was not now expected to be heard until the\nend of 1987, he said.\n Reuter\n\u0003", "date": "17-MAR-1987 16:01:22.25", "topics": [ "trade", "grain" ], "organisations": [ "ec" ], "places": [ "uk" ], "id": "6253" }, { "title": "WILLIAMS INDUSTRIES INC 2ND QTR NET", "body": "Qtr ended Jan 31\n Shr 10 cts vs three cts\n Net 194,842 vs 54,200\n Revs 22.2 mln vs 11.2 mln\n Six mths\n Shr 50 cts vs 28 cts\n Net 965,924 vs 502,008\n Revs 43.8 mln vs 21.6 mln\n Note: Current six mths revs include 16.8 mln dlrs in revs\nfrom John F. Beasley Construction Co, a wholly owned unit.\n Reuter\n\u0003", "date": "17-MAR-1987 16:01:31.46", "topics": [ "earn" ], "places": [ "usa" ], "id": "6254" }, { "title": "HYDRAULIC CO UNIT LAND SALE PLAN DENIED", "body": "The Hydraulic Co said its\nBridgeport Hydraulic Co subsidiary had its proposal to use land\nsales proceeds to help fund capital improvements denied by the\nConnecticut Department of Public Utility Control.\n Hydraulic said its proposal also called for a distribution\nof the finaical benefits to its stockholders and customers.\n However, Hyraulic said the state utility commission would\nconsider similar requests in the future. It said the utility\ncommission felt its request was premature and noted Hydraulic\ndid not specify parcels of land considered for sale.\n The company said it will submit a detailed plan shortly.\n Reuter\n\u0003", "date": "17-MAR-1987 16:02:59.35", "places": [ "usa" ], "id": "6255" }, { "title": "MOR-FLO LOSES INFRINGEMENT APPEAL", "body": "Mo-Flo Industries Inc said the\nfederal appeals court has affairmed a trial court ruling that\nMor-Flo infringed on patents held by for\ninsulating gas water heaters with polyurethane.\n Mor-Flo said it intends to seek a rehearing of the\ndecision. If the rehearing is denied, further proceedings\nbefore the trial court will be held to determine damages.\n The company said it made provision for a potential award\nand related litigation expenses by taking an after-tax charge\nof 384,000 dlrs, or 15 cts a share, against 1986 earnings.\n Reuter\n\u0003", "date": "17-MAR-1987 16:03:15.71", "places": [ "usa" ], "id": "6256" }, { "title": " 3RD QTR JAN 31 LOSS", "body": "Oper shr loss 26 cts vs profit 22 cts\n Oper net loss 672,879 vs profit 596,760\n Revs 2,188,678 vs 2,364,280\n Nine mths\n Oper shr loss 1.60 dlrs vs profit 92 cts\n Oper net loss 4,278,055 vs profit 2,472,532\n Revs 5,896,322 vs 7,497,782\n Note: Oper net excludes tax gains of 596,000 dlrs for\nyear-ago qtr and 2,173,000 dlrs for year-ago nine mths.\n Reuter\n\u0003", "date": "17-MAR-1987 16:04:10.99", "topics": [ "earn" ], "places": [ "usa" ], "id": "6257" }, { "title": "U.S. SELLING 12.8 BILLION DLRS OF 3 AND 6-MO BILLS MARCH 23 TO PAY DOWN 2.875 BILLION DLRS\n", "date": "17-MAR-1987 16:05:39.72", "id": "6258" }, { "title": "U.S. CERTIFICATES TO PROVIDE WHEAT/CORN SUPPLIES", "body": "From April through December 1986,\nthe Commodity Credit Corporation (CCC) issued 3.85 billion dlrs\nworth of generic certificates and about 1.8 billion had not\nbeen exchanged by January 1, 1987, the U.S. Agriculture\nDepartment said.\n The department said an additional 4.3 billion dlrs in\ncertificates has been authorized for issuance during\nJanuary-August, 1987.\n These certificates will provide ample free supplies of corn\nand wheat for the remainder of the crop year, the department\nsaid in a summary of its Agricultural Outlook report.\n Freeing of stocks through certificates is making U.S. grain\nmore competitive on world markets, it said.\n The department said last summer, for example, certificates\nwere exchanged for 215 mln bushels of corn. This helped\nincrease marketable supplies, so farm-level corn prices\naveraged about two dlrs per bushel -- somewhat lower than they\nwould have otherwise.\n The lower prices probably led to an increase in usage of 40\nto 50 mln bushels, it said.\n The department said government spending on farm programs in\nfiscal year 1987 is projected to fall half a billion dlrs from\n1986's 25.8 billion dlrs.\n During 1988 and 1989, the cost escalation of the first half\nof the 1980's will reverse. If current policy remains in force,\nannual farm program spending by 1992 will be down from last\nyear's record by more than eight billion dlrs, it said.\n The department said the President's budget proposals for\n1988-1992 would cut farm program spending an additional 24\nbillion dlrs.\n In 1987, foreign economic growth is expected to remain\nclose to 2.6 pct, the same as in 1986, but above the 2.4 pct\naverage of 1980-86, it said.\n Partially because of this improvement, U.S. export volume\nis expected to rise in fiscal 1987 for the frist time in seven\nyears, the department said.\n Reuter\n\u0003", "date": "17-MAR-1987 16:06:49.08", "topics": [ "grain", "wheat", "corn" ], "places": [ "usa" ], "id": "6259" }, { "title": "FIRST CAPITAL ENTERS JOINT VENTURE", "body": "First Capital Holdings Corp said it\nand Robert M. Bass Group formed a joint venture, called FCB\nPartners, to acquire and manage real estate investments.\n The joint venture partners also intend to create new\nproducts which will be offered through its Pilgrim Group Inc\nmutual funds subsidiary, First Capital said.\n Reuter\n\u0003", "date": "17-MAR-1987 16:07:25.53", "places": [ "usa" ], "id": "6260" }, { "title": "SKYWEST AIRLINES FEBRUARY TRAFFIC ROSE", "body": "SkyWest Airlines Inc said its\nrevenue passenger miles rose to 10.3 mln from 8.5 mln, its\navailable seat miles rose to 24.2 mln from 18.9 mln and load\nfactor decreased to 42.6 pct from 44.9 pct.\n Skywest said February's traffic includes two new EMB-120\naircraft manufactured by Embraer Corp of Brazil.\n For the year to date, revenue passenger miles rose to 20.6\nmln from 17.3 mln, available seat miles rose to 49.0 mln from\n39.2 mln and load factor decreased to 42 pct from 44.1 pct.\n \n Reuter\n\u0003", "date": "17-MAR-1987 16:08:14.12", "places": [ "usa" ], "id": "6261" }, { "title": "FAVOURABLE TAX TREATMENT GONE ON CERTAIN UK LOANS", "body": "An Inland Revenue ruling accompanying\ntoday's U.K. Budget would eliminate a favourable tax treatment\non certain foreign loans by British banks and may be a\n\"nightmare\" of practical application, banking sources said.\n This is because banks will only be able to offset the tax\ncredit for foreign withholding tax paid on the interest they\nreceive against the corporation tax on the profit of a specific\nloan. Currently, the tax credit is calculated against a banks\nprofits as a whole.\n For banks, compliance with the ruling could indeed be a\nnightmare since they don't fund loans on a individual basis.\n Many of the loans that would be affected by the tax change\nare those to less developed countries, such as those in Latin\nAmerica. Bankers could not estimate how many loans were\ninvolved expect to suggest it was a \"sizable number.\"\n In a statement, the Inland Revenue said that on loans made\non or after April 1, the new measures would apply to interest\narising from that date. On existing loans at that date, the\nmeasures would apply to interest arising from April 1, 1988.\n Government sources noted that the existing treatment of\nwithholding tax on interest has enabled some banks to reduce\ninterest rates on overseas loans, thereby lowering the revenue\nto the U.K. Treasury.\n The new measures, they said, are designed to reduce the\nsubsidy given to overseas lending through the tax system and\nbring the U.K. System more into line with those of overseas\ncompetitors.\n The Inland Revenue estimated that the income to the\nTreausry would be negligible in 1987/88 but could build up over\ntime from about 20 mln stg in 1988/89 to 60 mln stg in 1990/91.\n But while compliance with the new measures could\nnecessitate hours of clerical work, bankers said the end return\nto the Treasury may not prove as lucrative as anticipated.\n They noted that most documentation accompanying these loans\ncontains a clause allowing for a loan to be restructured if the\ntax treatment changes. However, they were unsure to what extent\nthe loans would and could be changed.\n Bankers said they would seek clarification from the Inland\nRevenue, particularly on how to calculate the cost of these\nloans. Revenue said it hopes to keep costs of compliance to a\nminimum.\n Reuter\n\u0003", "date": "17-MAR-1987 16:08:55.07", "places": [ "uk" ], "id": "6262" }, { "title": "U.S. TO SELL 12.8 BILLION DLRS IN BILLS", "body": "The U.S. Treasury said it will sell\n12.8 billion dlrs of three and six-month bills at its regular\nauction next week.\n The March 23 sale, to be evenly divided between the three\nand six month issues, will result in a paydown of 2.875 billion\ndlrs as maturing bills total 15.68 billion dlrs.\n The bills will be issued March 26.\n Reuter\n\u0003", "date": "17-MAR-1987 16:09:21.34", "places": [ "usa" ], "id": "6263" }, { "title": "SENATOR SAYS ENERGY REPORT ASSUMPTIONS FLAWED", "body": "Sen. Pete Domenici, a main sponsor\nof legislation to set an oil import fee, said the\nadministration's energy security report was based on flawed\neconomic assumptions.\n The New Mexico Republican said the report did not take into\naccount the last few weeks' drop in domestic oil production in\nits statement that an oil fee would raise prices for consumers.\nThe report said a decline in economic growth as a result of the\nfee would reduce tax revenues. \"A five dlr (per barrel) oil\nimport fee will provide the stimulus to create jobs and\ninvestment, \" and raise revenues, he said.\n Reuter\n\u0003", "date": "17-MAR-1987 16:10:21.67", "topics": [ "crude" ], "places": [ "usa" ], "id": "6264" }, { "title": "FARM PROGRAM CHANGES OUTLINED BY USDA OFFICIAL", "body": "Upcoming changes being considered in\nthe U.S. Agriculture Department's transportation and loan\nprograms were outlined by a USDA official today.\n Addressing the annual meeting of the National Grain and\nFeed Association, Tom VonGarlem, assistant deputy administrator\nfor USDA's state and county operations, said the following\nchanges are under consideration by USDA.\n Termination of USDA's Transportation Assistance Program for\nwheat, barley and sorghum would be proposed this week.\n Changes in USDA's reserve rotation program are also under\nconsideration, VonGarlem said. While the department has not\nmade any final decision, banning the use of pik and roll grain\nin reserve rotation is under heavy consideration, he said.\n Changes in loan rates will definitely be looked at for next\nyear's crop, he said, with the option of making soybean loans\npartially in cash and in certificates under consideration.\n VanGarlem said he will definitely not extend the 1987 crop\nprogram signup, saying he sees no reason to do so at this time.\n He also said wheat will not be considered for a cash bonus\nunder the Conservation Reserve Program.\n Reuter\n\u0003", "date": "17-MAR-1987 16:12:26.48", "topics": [ "grain", "oilseed", "soybean" ], "places": [ "usa" ], "id": "6265" }, { "title": "DAVOX REGISTERS 1.6 MLN SHARE INITIAL OFFERING", "body": " said it filed a\nregistration statement with the Securities and Exchange\nCommission covering a proposed initial offering of 1.6 mln\ncommon shares.\n The company said Kidder Peabody and Co Inc and Hambrecht\nand Quist Inc will co-manage the underwriters, adding they\nanticipate the initial offering price will be between 8.50 and\n10 dlrs a share.\n Davox produces and markets computer-aided communications\nsystems which automate amd integrate telephone and data\ncommunications functions.\n Reuter\n\u0003", "date": "17-MAR-1987 16:16:06.32", "places": [ "usa" ], "id": "6266" }, { "title": "USDA OFFICIAL SEES 7-8 BILLION DLRS CERTIFICATES", "body": "There will be seven to eight billion\ndlrs of generic certificates on the market by the end of\nharvest, an Agriculture Department official said.\n The Commodity Credit Corp will \"depend heavily\" on\ncertificates to relieve storage problems this year, Ralph\nKlopfenstein, Deputy Administrator for Commodity Operations,\nUSDA, told participants at the National Grain and Feed\nAssociation's annual convention.\n Klopfenstein said that CCC will not be able to relocate\ngrain in any significant amount this fall, so certificates will\nbe used in various programs to relieve storage tightness.\n Klopfenstein said certificates meet the goal of allowing\nprices to go below loan levels and providing USDA with an\ninventory management tool.\n Reuter\n\u0003", "date": "17-MAR-1987 16:18:18.94", "topics": [ "grain" ], "places": [ "usa" ], "id": "6267" }, { "title": "Brazilian Planning Minister Joao Sayad resigns - Globo television reports\n", "date": "17-MAR-1987 16:20:06.14", "id": "6268" }, { "title": "MAJOR U.S. FARM GROUPS OPPOSE POLICY CHANGES", "body": "Seven major U.S. farm groups took\nthe unusual step of releasing a joint statement urging\ncongressional leaders not to tinker with existing farm law.\n Following meetings with House Agriculture Committee\nChairman Kika de la Garza (D-Tex.) and Senate Agriculture\nCommittee Chairman Patrick Leahy (D-Vt.), the groups issued a\nstatement saying lawmakers should \"resist efforts to overhaul\nthe 15-month-old law, which is operating in its first crop\nmarketing year.\"\n The farm groups included the American Farm Bureau\nFederation, American Soybean Association, National Cattlemen's\nAssociation, National Corn Growers Association, National Cotton\nCouncil, National Pork Producers Council and the U.S. Rice\nProducers Legislative Group.\n The statement said Congress should not modify the 1985 farm\nbill \"so the law might have its intended impact of making\nagriculture more competitive in export markets while at the\nsame time maintaining farm income.\"\n \"We strongly believe American farmers now need\npredictability and certainty in farm legislation in order to\nhave any opportunity of making proper production and marketing\ndecisions,\" the groups said.\n Reuter\n\u0003", "date": "17-MAR-1987 16:22:32.73", "topics": [ "grain", "oilseed", "soybean", "carcass", "corn", "cotton", "rice" ], "places": [ "usa" ], "id": "6269" }, { "title": "SENATE BUDGET GROUP SHELVES REAGAN ECONOMIC DATA", "body": "The Senate Budget Committee, at its\nfirst budget drafting meeting of the year, discarded President\nReagan's economic assumptions upon which he claims his budget\nwould show a 108 billion dlr deficit.\n In its place, the committee agreed to accept the non\npartisan Congressional Budget Office (CBO) economic assumptions\nin its deliberations for drafting a 1988 budget.\n The CBO says Reagan's budget--even if it were adopted\nwithout change --would show a 134.4 billion dlr deficit in\nfiscal 1988 and thereby miss the Gramm-Rudman budget law target\nof 108 billion dlrs.\n Reuter\n\u0003", "date": "17-MAR-1987 16:23:14.58", "places": [ "usa" ], "id": "6270" }, { "title": "HOWELL CORP 4TH QTR LOSS", "body": "Shr profit six cts vs profit 17 cts\n Net profit 269,000 vs profit 833,000\n Revs 28.0 mln vs 30.8 mln\n Nine mths\n Shr loss 4.16 dlrs vs profit 74 cts\n Net loss 20.0 mln vs profit 3,543,000\n Revs 93.1 mln vs 117.7 mln\n Note: Current qtr net includes writedown of 20.4 mln dlrs\nof net investment in company's oil and gas properties.\n Year-ago results restated to reflect reclassification of\ncoal mining and marketing segment as ongoing operation rather\nthan discontinued operation.\n Reuter\n\u0003", "date": "17-MAR-1987 16:23:51.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "6271" }, { "title": "Brazil presidential spokesman confirms resignation of Planning Minister\n", "date": "17-MAR-1987 16:25:33.68", "id": "6272" }, { "title": "SIGMAFORM CORP 3RD QTR JAN 31 NET", "body": "Shr one ct vs five cts\n Net 42,469 vs 226,791\n Sales 7,963,620 vs 6,886,414\n Nine mths\n Shr 12 cts vs 22 cts\n Net 490,927 vs 949,650\n Sales 24.0 mln vs 18.7 mln\n Reuter\n\u0003", "date": "17-MAR-1987 16:27:39.60", "topics": [ "earn" ], "places": [ "usa" ], "id": "6273" }, { "title": "MARCUS CORP 3RD QTR FEB FIVE NET", "body": "Shr 14 cts vs 15 cts\n Net 733,000 vs 788,000\n Revs 31.9 mln vs 28.9 mln\n Nine Mths\n Shr 1.08 dlrs vs 1.20 dlrs\n Net 5,560,000 vs 6,162,000\n Revs 104.5 mln vs 97.2 mln\n NOTE: 1987 net includes tax credits of 25,000 dlrs in the\nthird quarter and 100,000 dlrs in the nine months compared with\n370,000 dlrs and 910,000 dlrs in the 1986 periods.\n Reuter\n\u0003", "date": "17-MAR-1987 16:27:47.63", "topics": [ "earn" ], "places": [ "usa" ], "id": "6274" }, { "title": "FIRSTCORP INC RAISES QTLY DIVIDENDS", "body": "Qtly div class A nine cts vs 7.5 cts prior\n Qtly div class B nine cts vs 7.5 cts prior\n Pay April 30\n Record March 31\n Reuter\n\u0003", "date": "17-MAR-1987 16:27:52.44", "topics": [ "earn" ], "places": [ "usa" ], "id": "6275" }, { "title": "HEALTHVEST BUYS TENNESSEE MEDICAL COMPLEX", "body": "Healthvest said it acquired the\nEastwood Hospital medical complex in Memphis from Healthcare\nInternational Inc for 50 mln dlrs cash.\n Healthcare International will continue to operate the\nhospital under a lease agreement, the company said.\n Reuter\n\u0003", "date": "17-MAR-1987 16:28:11.26", "topics": [ "acq" ], "places": [ "usa" ], "id": "6276" }, { "title": "VENTRA BUYS JOINT VENTURE LEASING", "body": "Ventra Management Inc, an over the\ncounter company, said it acquired Joint Venture Leasing Inc for\n60 mln Venture shares, valued at 3.6 mln dlrs.\n Joint Venture was organized in September 1986 to establish\nleasing joint ventures with manufacturers and vendors of\ncomputer equipment.\n As a result of the acquisition and Joint Venture's backlog,\nVentra said it expects 1987 sales to be 30 mln dlrs with net\nprofits of 1.5 mln dlrs.\n Ventra was organized in September 1986 and completed a\npublic offering of 30 mln shares in January 1987.\n Reuter\n\u0003", "date": "17-MAR-1987 16:28:26.44", "topics": [ "acq" ], "places": [ "usa" ], "id": "6277" }, { "title": "OXFORD FINANCIAL BUYS CLANCY SYSTEMS", "body": " said it acquired\n for an undisclosed sum.\n The company said Clancy has developed a fully automated\nparking citation system, currently in use in Oklahoma City, the\nUniversity of California at Sacramento, and in a pilot program\nin San Francisco.\n Reuter\n\u0003", "date": "17-MAR-1987 16:28:35.23", "topics": [ "acq" ], "places": [ "usa" ], "id": "6278" }, { "title": "REALTY SOUTH INVESTORS INC YEAR NET", "body": "Shr 1.03 dlrs vs 82 cts\n Net 1,982,296 vs 1,359,273\n Revs 2,403,481 vs 1,494,304\n Investments 22.4 mln vs 11.5 mln\n NOTE: Shr figures adjusted for 3-for-2 split Feb 23, 1987.\n1985 results reflect operations for eight months ended Dec 31,\n1985. Company began operating May 1985.\n Reuter\n\u0003", "date": "17-MAR-1987 16:28:46.43", "topics": [ "earn" ], "places": [ "usa" ], "id": "6279" }, { "title": "TURNER EQUITY INVESTORS INC PAYOUT", "body": "Qtly cash distribution 20 cts vs 20 cts prior\n Pay April eight\n Record March 27\n Reuter\n\u0003", "date": "17-MAR-1987 16:29:01.54", "topics": [ "earn" ], "places": [ "usa" ], "id": "6280" }, { "title": "HARLEY-DAVIDSON WANTS TARIFFS LIFTED", "body": "Harley-Davidson Inc said it is\npetitioning the International Trade Commission to lift import\ntaxes on Japanese motorcycle manufacturers.\n Harley-Davidson said it no longer needed tariff relief to\ncompete with the Japanese. It said President Reagan imposed the\ntariff in April 1983 after Harley-Davidson convinced the\nadministration the Japanese were eroding the U.S. motorcycle\nindustry by flooding the market with its own models.\n Harley-Davidson said it has increased its market share of\nthe heavyweight motorcycle to 19.4 pct in 1986 from a record\nlow 12.5 pct in 1983.\n Reuter\n\u0003", "date": "17-MAR-1987 16:29:43.49", "places": [ "usa", "japan" ], "id": "6281" }, { "title": "GRACE COMPLETES RETAIL UNIT SALE", "body": "W.R. Grace and Co said it completed\nthe sale of its Bermans The Leather Experts retail business to\na new company in a management led buyout.\n Grace received 99.3 mln dlrs cash and will record a pretax\ngain of about 37 mln dlrs in the first quarter, the company\nsaid. An additional pretax gain of 19 mln dlrs will be deferred\nuntil realization is more fully assured, it said.\n The diversified chemical and industrial company said the\nsale completes its program to divest retail operations.\n In addition to the cash payment, Grace received warrants to\nbuy up to 47.5 pct of the new company and has reinvested about\n19 pct of the proceeds in debt of the new firm.\n Financing was provided by Prudential Insurance Co of\nAmerica and affiliates.\n Reuter\n\u0003", "date": "17-MAR-1987 16:33:16.21", "topics": [ "acq" ], "places": [ "usa" ], "id": "6282" }, { "title": "WAUSAU PAPER MILLS CO 2ND QTR NET", "body": "Period ended Feb 28\n Shr 61 cts vs 56 cts\n Net 2,764,000 vs 2,540,000\n Sales 60.4 mln vs 55.8 mln\n Six mths\n Shr 1.27 dlrs vs 1.15 dlrs\n Net 5,741,000 vs 5,269,000\n Sales 122.8 mln vs 109.9 mln\n NOTE: Per-share data restated for 10 pct stock dividends\npaid to holders of record Dec 26, 1986 and Dec 26, 1985\n Reuter\n\u0003", "date": "17-MAR-1987 16:34:41.72", "topics": [ "earn" ], "places": [ "usa" ], "id": "6283" }, { "title": "FAO DIRECTOR GENERAL SIGNS PERU AID AGREEMENT", "body": "The Director-General of the Food and\nAgricultural Organisation (FAO), Edouard Saouma, signed an\nagreement to aid peru with 160,000 dlrs in technical asistance\nto draw up studies for farm development in the country.\n Saouma also formally offered the country 200,000 dlrs in\naid for technicians to draft studies to aid the estimated\n25,000 made homeless by mudslides last week on the outskirts of\nLima, a FAO spokesman said.\n Peru would be able to use the studies to present to\nmultilateral organisations to request more assistance in grants\nand loans, the spokesman aid.\n Saouma also discussed agricultural projects with president\nAlan Garcia last night for one hour.\n The FAO official returns to Rome on thursday.\n Reuter\n\u0003", "date": "17-MAR-1987 16:35:40.34", "organisations": [ "fao" ], "places": [ "peru" ], "id": "6284" }, { "title": "BRAZILIAN PLANNING MINISTER RESIGNS", "body": "Brazilian Planning Minister Joao Sayad\nresigned, a presidential spokesman said.\n His resignation was accepted during a meeting with \nPresident Jose Sarney this afternoon, the spokesman said.\n No official reasons for the resignation were immediately\navailable, but sources close to the government said Sayad had\npressed for a three-month price freeze and sharp government\nspending cuts to combat inflation.\n Neither Sarney nor Finance Minister Dilson Funaro accepted\nthe proposals, the sources said.\n Sayad was one of the architects of last year's \"Plano\nCruzado\" program, which froze prices, ended widespread\nindexation of the economy and introduced the new cruzado\ncurrency to replace the cruzeiro in a bid to cut the 250 pct\nannual inflation rate.\n After holding prices for nearly nine months, the plan was\nunable to withstand the inflationary pressures of booming\nconsumer demand and widespread shortages. In the first two\nmonths of this year prices rose by around 30 per cent.\n A sharp deterioration in Brazil's foreign trade surplus\ncaused President Sarney to announce last month the suspension\nof interest rate payments on 68 billion dollars of commercial\ndebt.\n Finance Minister Funaro told reporters last week new\nmeasures to correct the economy would be announced within a\nmonth, although he gave no further details.\n Earlier today U.S. Treasury secretary James Baker said \nBrazil should come up with a new economic plan if it hopes to\nget additional assistance from commercial banks and others.\n Sayad's resignation might foreshadow other changes in the\nBrazilian cabinet.\n Presidential spokesman Frota Netto told journalists earlier\ntoday the government was considering a suggestion by the Chief\nof Civilian Staff at the Presidency Marco Maciel that a new\nmulti-party cabinet be formed to deal with the country's\ncurrent economic difficulties.\n Reuter\n\u0003", "date": "17-MAR-1987 16:38:36.04", "places": [ "brazil" ], "id": "6285" }, { "title": "AMERICAN EXPLORATION OFFERS UNITS", "body": "American Exploration Co said it is\noffering units in New York Life Oil and Gas Producing\nProperties Program II.\n It said the offer consists of 75 mln dlrs of preformation\nunits, representing limited partnership interests.\n The unit, which will acquire producing oil and gas\nproperites, is being formed by a unit of American Exploration\nand NYLIFE Equity Inc, a unit of .\nBoth companies will be general partners.\n Reuter\n\u0003", "date": "17-MAR-1987 16:38:47.00", "places": [ "usa" ], "id": "6286" }, { "title": "TAUNTON SAVINGS BANK SETS FIRST DIVIDEND", "body": "Taunton Savings Bank said its\nboard declared an initial cash dividend of six cts per share.\n Taunton, which went public last June, said the rate was\nbased on 3,220,000 outstanding shares.\n It said the dividend was payable April 15 to shareholders\nof record March 31.\n The company said it did not know if it would pay regular\ndividends in the future.\n Reuter\n\u0003", "date": "17-MAR-1987 16:39:35.67", "topics": [ "earn" ], "places": [ "usa" ], "id": "6287" }, { "title": "FIBRONICS INTERNATIONAL INC 4TH QTR LOSS", "body": "Shr loss 14 cts vs loss one ct\n Net loss 836,327 vs loss 34,926\n Revs 8,939,390 vs 8,136,160\n Year\n Shr loss 34 cts vs loss nil\n Net loss 2,008,103 vs loss 14,078\n Revs 30.1 mln vs 28.0 mln\n Note: Year-ago results restated to reflect acquisition of\nSpartacus Inc in Febaruary 1986.\n Reuter\n\u0003", "date": "17-MAR-1987 16:40:15.06", "topics": [ "earn" ], "places": [ "usa" ], "id": "6288" }, { "title": "IBM GETS 120.3 MLN DLR NAVY CONTRACT", "body": "IBM Corp is being awarded a 120.3\nmln dlr Navy contract modification to a previously awarded\ncontract for equipment and work related to the AN/UYS-1\nAdvanced Signal Processors.\n Work on the contract, which combines purchases for the U.S.\nNavy and Spain under the Foreign Military Sales program, is\nexpected to be completed in July 1989.\n Reuter\n\u0003", "date": "17-MAR-1987 16:40:30.14", "places": [ "usa" ], "id": "6289" }, { "title": "FIRSTCORP INCREASES REPURCHASE PROGRAM", "body": "Firstcorp Inc said its board has\nincreased the maximum number of Class A shares in its\nrepurchase program to 250,000 from 200,000 shares.\n The program was first adopted in June 1986 and provided for\na maximum of 100,000 shares to be repurchased through June\n1987.\n In June 1986, the company increased the shares to 200,000\nand extended the period to end September 1987.\n Reuter\n\u0003", "date": "17-MAR-1987 16:40:37.11", "places": [ "usa" ], "id": "6290" }, { "title": "CALIFORNIA MICRO DEVICES TRADES ON NMS", "body": "California Micro Devices Corp\nsaid its common stock is now listed on the expansion of the\nNasdaq National Market System.\n The company said entry into NMS provides shareholders and\nother investors with last sale information and up-to-the-second\nvolume information through stockbrokers.\n Reuter\n\u0003", "date": "17-MAR-1987 16:41:05.31", "places": [ "usa" ], "id": "6291" }, { "title": "CONTINENTAL, EASTERN COMBINE PROGRAMS", "body": "Texas Air Corp's Continental Airlines\nand Eastern Air Lines said they will combine their frequent\nflyer programs in late April.\n Frequent flyer members will begin receiving one monthly\nstatement that reflects combined earnings from both Continental\nand Eastern, the companies said.\n Continental said reciprocity between the two programs was\nestablished in June 1986 and allowed members of either program\nto earn miles and redeem points for rewards from the other\ncarrier.\n Reuter\n\u0003", "date": "17-MAR-1987 16:41:21.91", "places": [ "usa" ], "id": "6292" }, { "title": "TELEPHONE AND DATA SYSTEMS INC YEAR NET", "body": "Oper shr 94 cts vs 93 cts\n Oper net 8,889,000 vs 8,570,000\n Revs 155.0 mln vs 123.4 mln\n Avg shrs 9,450,000 vs 9,174,000\n NOTE: Net excludes discontinued operations a gain of\n4,679,000 dlrs, or 50 cts a share vs a loss of 720,000 dlrs, or\nseven cts a share. 1986 net includes charge of 865,000 dlrs\nfrom repeal of investment tax credits\n Company corrects 1985 year per-share operating net in table\nwhich originally ran march 10\n Reuter\n\u0003", "date": "17-MAR-1987 16:41:32.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "6293" }, { "title": "API SAYS DISTILLATE STOCKS OFF 7.35 MLN BBLS, GASOLINE OFF 2.89 MLN, CRUDE OFF 4.39 MLN \n", "date": "17-MAR-1987 16:43:59.58", "topics": [ "crude" ], "id": "6294" }, { "title": "CPC INTERNATIONAL INC QTLY DIV", "body": "Shr 31 cts vs 31 cts prior\n Payable April 24\n Record March 31\n Reuter\n\u0003", "date": "17-MAR-1987 16:48:53.42", "topics": [ "earn" ], "places": [ "usa" ], "id": "6295" }, { "title": "CONGRESSMAN URGES WHEAT EEP TO SOVIET UNION", "body": "Kansas Republican Congressman Pat\nRoberts urged the Reagan administration to offer export\nenhancement program, eep, subsidies to the Soviet Union.\n Speaking at a House foreign agriculture subcommittee,\nRoberts said the U.S. has offered eep to China and Poland, and\nshould also include the Soviet Union.\n Rep. Roberts said there had been some talk that the issue\nof an eep to Moscow had not been raised within the Reagan\nadministration recently because Secretary of State George\nShultz was out of the country.\n \"That very well may be the case,\" said Tom Kay, U.S.\nAgriculture Department Foreign Agricultural Service\nadministrator. However, Kay told Reuters later that his reply\nto Roberts was not based on any particular knowledge.\n Rep. Roberts urged Kay to convey to top officials of the\nUSDA that some in Congress favor a wheat eep to Moscow.\n \"I'd be delighted to deliver the message,\" Kay replied.\n Earlier, Kay had repeated Agriculture Secretary Richard\nLyng's statement last week that \"the door is not yet closed on\nan eep to the Soviet Union.\"\n Reuter\n\u0003", "date": "17-MAR-1987 16:50:09.32", "topics": [ "grain", "wheat" ], "places": [ "usa", "ussr" ], "id": "6296" }, { "title": "PUBLIC SERVICE ENTERPRISE TWO MONTHS NET", "body": "Period ends February 28\n Shr 89 cts vs 87 cts\n Net 119.5 mln vs 114.6 mln\n Revs 872.3 mln vs 917.4 mln\n Year\n Shr 2.87 dlrs vs 3.32 dlrs\n Net 383.4 mln vs 413.6 mln\n Revs 4.45 billion vs 4.45 billion\n NOTE: Full name Public Service Enterprise Group Inc.\n Reuter\n\u0003", "date": "17-MAR-1987 16:50:58.00", "topics": [ "earn" ], "places": [ "usa" ], "id": "6297" }, { "title": "DAMON CREATIONS INC 4TH QTR JAN THREE NET", "body": "Shr profit 49 cts vs loss 41 cts\n Net profit 543,000 vs loss 457,000\n Revs 10.4 mln vs 14.2 mln\n Year\n Shr loss 71 cts vs loss 2.11 dlrs\n Net loss 781,000 vs loss 2,325,000\n Revs 38.9 mln vs 44.9 mln\n Reuter\n\u0003", "date": "17-MAR-1987 16:51:26.11", "topics": [ "earn" ], "places": [ "usa" ], "id": "6298" }, { "title": "GATES LEARJET CORP 4TH QTR LOSS", "body": "Shr loss 12 cts vs loss 99 cts\n Net loss 1,476,000 vs loss 11,965,000\n Sales 83.4 mln vs 110.9 mln\n Year\n Shr loss 1.79 dlrs vs loss 1.90 dlrs\n Net loss 21,720,000 vs loss 22,969,000\n Sales 259.0 mln vs 317.3 mln\n Reuter\n\u0003", "date": "17-MAR-1987 16:52:43.17", "topics": [ "earn" ], "places": [ "usa" ], "id": "6299" }, { "title": "HECHINGER CONVERTIBLES UPGRADED BY S/P", "body": "Standard and Poor's Corp said it\nraised to BBB-plus from BBB Hechinger Co's 86 mln dlrs of\nconvertible subordinated debentures of 2009.\n S and P cited Hechinger's outstanding record of sales and\nearnings growth as well as what it termed the company's\nposition as one of the best operators in the retail home\nimprovement industry.\n It also said the firm's financial performance as measured\nby profitability and debt leverage underscore strong credit\nquality. S and P assigned a BBB-plus rating to Hechinger's\nplanned 100 mln dlr issue of convertible debt due 2012.\n Reuter\n\u0003", "date": "17-MAR-1987 16:56:22.94", "places": [ "usa" ], "id": "6300" }, { "title": "API SAYS DISTILLATE, GAS STOCKS OFF IN WEEK", "body": "Distillate fuel stocks held in\nprimary storage fell by 7.35 mln barrels in the week ended\nMarch 13 to 112.74 mln barrels from a revised 120.09 mln the\nprevious week, the American Petroleum Institute (API) said.\n In its weekly statistical bulletin, the oil industry trade\ngroup said gasoline stocks fell 2.89 mln barrels to 248.44 mln\nbarrels from a revised 251.33 mln, and crude oil stocks dropped\n4.39 mln barrels to 325.13 mln from a revised 329.52 mln.\n It said residual fuel stocks fell 250,000 barrels to 35.73\nmln from 35.98 mln barrels.\n API said refinery runs in the week rose to 11.80 mln\nbarrels per day (bpd) from a revised 11.70 mln and refinery use\nof operating capacity was 75.7 pct, up from a revised 75.0 pct.\n Crude oil imports in the week rose to 3.66 mln bpd from a\nrevised 2.67 mln, API added.\n Reuter\n\u0003", "date": "17-MAR-1987 16:58:22.03", "topics": [ "crude" ], "places": [ "usa" ], "id": "6301" }, { "title": "CHEVRON UNIT GETS 50.3 MLN DLR CONTRACT", "body": "Chevron Corp's Chevron USA Inc is\nbeing awarded a 50.3 mln dlr Defense Logistics Agency contract\nfor jet fuel, the Defense Department said.\n It said work on the contract, which was awarded as part of\na multi-contract procurement program, is expected to be\ncompleted by April 1988.\n\n Reuter\n\u0003", "date": "17-MAR-1987 17:00:03.20", "places": [ "usa" ], "id": "6302" }, { "title": "PACIFIC STOCK EXCHANGE HIT BY COMPUTER FAILURE", "body": "The Pacific Stock Exchange said it was\nomitting today's closing report on the most active issues\nbecause of a computer malfunction at the exchange.\n Reuter\n\u0003", "date": "17-MAR-1987 17:00:32.62", "places": [ "usa" ], "id": "6303" }, { "title": "PFIZER STUDIES DRUG AS WEIGHT LOSS TOOL", "body": "Pfizer Inc said it expects to file a\nnew drug application in the U.S. and in other markets this year\nfor sertraline, a treatment for depression.\n In its annual report, Pfizer said that in addition to the\ndrug's anti-depressant action, sertraline is currently\nundergoing studies to explore its ability to promote weight\nloss. Company officials were not immediately available to\ncomment further.\n Eli Lilly and Co's Prozac, an antidepressant awaiting\nmarketing approval, has shown promise in promoting weight loss.\n Pfizer also said it plans to file for U.S. marketing\napproval for certrizine, a \"novel\" antihistamine for hay fever,\nand other allergic reactions.\n In 1986, Pfizer earned 660 mln dlrs or 3.90 dlrs per share\non revenues of 4.5 billion dlrs.\n Reuter\n\u0003", "date": "17-MAR-1987 17:00:46.57", "places": [ "usa" ], "id": "6304" }, { "title": "CPC INTERNATIONAL INC REGULAR DIVIDEND", "body": "Qtly div 31 cts vs 31 cts prior\n Pay April 24\n Record March 31\n Reuter\n\u0003", "date": "17-MAR-1987 17:01:09.60", "topics": [ "earn" ], "places": [ "usa" ], "id": "6305" }, { "title": " NINE MTHS NET", "body": "Shr 48 cts vs 64 cts\n Net 1,959,404 vs 2,621,778\n Revs 5,132,626 vs 8,167,401\n Reuter\n\u0003", "date": "17-MAR-1987 17:01:14.10", "topics": [ "earn" ], "places": [ "canada" ], "id": "6306" }, { "title": "PRIDE REFINING GETS 75 MLN DLR DEFENSE CONTRACT", "body": "Pride Refining Co of Abilene, Texas,\nis being awarded a 75 mln dlr contract for jet fuel, the\nDefense Department said.\n It said work on the contract, which was awarded as part of\na multi-contract procurement program, is expected to be\ncompleted by April 30, 1988.\n Reuter\n\u0003", "date": "17-MAR-1987 17:01:54.17", "places": [ "usa" ], "id": "6307" }, { "title": "PUERTO RICAN COMPANY GETS JET FUEL CONTRACT", "body": "The Puerto Rico Sun Oil Co is being\nawarded a 42.4 mln dlr contract for jet fuel, the Defense\nDepartment said.\n It said work on the contract, which was awarded as part of\na multi-contract procurement program, is expected to be\ncompleted by April 1988.\n Reuter\n\u0003", "date": "17-MAR-1987 17:02:47.88", "places": [ "usa" ], "id": "6308" }, { "title": "ELECTRO AUDIO DYNAMICS INC 2ND QTR JAN 31", "body": "Shr profit 14 cts vs loss 55 cts\n Net profit 864,000 vs loss 2.1 mln\n Revs 24.2 mln vs 1.5 mln\n Six months\n Shr profit seven cts vs loss 74 cts\n Net profit 434,000 vs loss 2.7 mln\n Revs 42.5 mln vs 2.9 mln\n NOTE:1986 2nd qtr and six months includes loss of 600,000\ndlrs and 285,000 dlrs respectively from discontinued operations\nand exclude operations of Action DRug Co Inc acquired by\ncompany's 81 pct owned subsidiary, Technodyne, in August 1986.\n 1987 net includes gain of 2.0 mln dlrs from sale of\nbuilding and extraordinary gain of 411,000 dlrs from tax loss\ncarryforward.\n Share earnings for both periods reflect preferred stock\ndividends.\n Reuter\n\u0003", "date": "17-MAR-1987 17:03:21.78", "topics": [ "earn" ], "places": [ "usa" ], "id": "6309" }, { "title": "TECHNODYNE INC 2ND QTR NET", "body": "Shr profit 14 cts vs loss 17 cts\n Net profit 686,000 vs loss 831,000\n Revs 24.2 mln vs 1.5 mln\n Six mths\n Shr profit 22 cts vs loss 17 cts\n Net profit 1,062,000 vs loss 812,000\n Revs 42.5 mln vs 2.9 mln\n NOTE: Quarter ends January 31.\n 1986 excludes extraordinary gain of six cts per share in\nthe quarter and 10 cts in the six months. 1985 excludes\ndiscontinued operations loss of six cts a share in the quarter\nand loss of two cts in the six months.\n Company is 81.5 pct owned by Electro Audio Dynamics .\n Reuter\n\u0003", "date": "17-MAR-1987 17:03:28.99", "topics": [ "earn" ], "places": [ "usa" ], "id": "6310" }, { "title": " 1ST QTR NET", "body": "Period ended January 31\n Shr 22 cts vs 16 cts\n Net 518,564 vs 374,198\n Revs 2,090,724 vs 1,614,079\n Reuter\n\u0003", "date": "17-MAR-1987 17:03:43.87", "topics": [ "earn" ], "places": [ "canada" ], "id": "6311" }, { "title": "D/P SELECTED UTILITIES HIKES PAYOUTS", "body": "Duff and Phelps Selected Utilities Inc\nsaid it approved payment of higher monthly dividends.\n The closed end-investment company approved payment of 4.5\ncts on April 10, record March 31; of five cts, payable May 11,\nrecord April 30; and of 5.5 cts, payable June 10, record May\n29.\n Duff and Phelps first monthly dividend of four cts was paid\non March 10, it noted.\n Reuter\n\u0003", "date": "17-MAR-1987 17:04:17.45", "topics": [ "earn" ], "places": [ "usa" ], "id": "6312" }, { "title": "AMERICAN ELECTROMEDICS CORP 2ND QTR LOSS", "body": "Qtr ends Jan 31\n Shr loss three cts vs loss six cts\n Net loss 93,000 vs loss 191,000\n Revs 338,000 vs 554,000\n Six mths\n Shr loss four cts vs loss seven cts\n Net loss 108,000 vs loss 219,000\n Revs 854,000 vs 1,283,000\n NOTE: Company is 80 pct owned by Technodyne Inc , a\nsubsidiary of Electro Audio Dynamics Inc .\n Reuter\n\u0003", "date": "17-MAR-1987 17:08:54.43", "topics": [ "earn" ], "places": [ "usa" ], "id": "6313" }, { "title": "BOEING UNIT GETS 31.3 MLN DLR NAVY CONTRACT", "body": "Boeing Co's Boeing Aerospace Co is\nbeing awarded 31.3 mln dlrs under a contract for spare and\nrepair parts for the E-6A aircraft, the Defense Department\nsaid.\n It said work on the contract is expected to be completed in\nDecember 1992.\n Reuter\n\u0003", "date": "17-MAR-1987 17:09:44.05", "places": [ "usa" ], "id": "6314" }, { "title": "LENNAR COMPLETES ACQUISITION", "body": "Lennar Corp said it completed the\npreviously announced acquisition of Development Corp of America\n.\n Consequently, it said the American Stock Exchange suspended\ntrading of Development Corp's common stock, 10 pct subordinated\ndebentures due 1993 and 12 pct subordinated debentures due\n1994.\n Lennar said the debentures will continue to be traded\nover-the-counter.\n Reuter\n\u0003", "date": "17-MAR-1987 17:10:57.66", "topics": [ "acq" ], "places": [ "usa" ], "id": "6315" }, { "title": "UNITED TECHNOLOGIES GETS NAVY CONTRACT", "body": "The Sikorsky Aircraft division of\nUnited Technologies Corp is being awarded a 27.2 mln dlr\ncontract modification for four Combat Search and Rescue Special\nWarfare Support helicopters, the Defense Department said.\n It said work on the contract is expected to be completed in\nDecember 1992.\n Reuter\n\u0003", "date": "17-MAR-1987 17:11:20.87", "places": [ "usa" ], "id": "6316" }, { "title": "IBP (OXY) PLANT REOPENS WITHOUT INCIDENT", "body": "Iowa Beef Processors Inc said\n\"hundreds\" of its employees returned to work at its Dakota\nCity, Nebraska beef processing plant without incident.\n Last week, Iowa Beef said it would lift a lockout in effect\nat the plant since mid-December, which affected 2,800 members\nof the United Food and Commercial Workers Union.\n Both union and non-union meatpackers who returned to work,\nagreed to comply with Iowa Beef's last contract offer.\n \"Start-up went well today and operations will continue to\npick up as employees return and others are hired,\" according to\na company statement. Picketing UFCWU members at the plant did\nnot disrupt operations, a company spokesman said.\n \"Our employees are asked to continue to return to work at\n8AM unless otherwise notified,\" he said.\n Iowa Beef, a subsidiary of Occidental Petroleum Corp, said\nit is beginning to take applications for permanent positions at\nthe plant.\n \n Reuter\n\u0003", "date": "17-MAR-1987 17:12:28.61", "topics": [ "carcass" ], "places": [ "usa" ], "id": "6317" }, { "title": "GE GETS 27.4 MLN DLR NAVY CONTRACT", "body": "General Electric Co's Aircraft\nEngine Business Group is being awarded 27.4 mln dlr contract\nfor ancillary equipment for the F110 engine and the F-14A\naircraft, the Defense Department said.\n It said work on the contract is expected to be completed in\nOctober 1988.\n Reuter\n\u0003", "date": "17-MAR-1987 17:14:01.74", "places": [ "usa" ], "id": "6318" }, { "title": "OAKWOOD HOMES TO SELL CONVERTIBLE DEBT", "body": "Oakwood Homes Corp said it filed with\nthe Securities and Exchange Commission a registration statement\ncovering a 25 mln dlr issue of convertible subordinated\ndebentures due 2012.\n Proceeds will be invested in the company's unconsolidated\nfinance subsidiary, Oakwood Acceptance Corp, Oakwood said.\n The company named Donaldson, Lufkin and Jenrette Securities\nCorp as lead manager of the offering. It said Legg Mason Wood\nWalker and J.C. Bradford would co-manage the deal.\n Reuter\n\u0003", "date": "17-MAR-1987 17:15:47.16", "places": [ "usa" ], "id": "6319" }, { "title": "BRISTOL-MYERS SAYS AIDS VACCINE PROMISING", "body": "Bristol-Myers Co said scientists at\nits Genetic Systems unit, which markets a blood screening test\nfor AIDS, have created an AIDS vaccine which produced\nantibodies to the AIDS virus in mice and monkeys.\n The report said the vaccine will be tested in humans, but\ncompany officials were not immediately available to comment on\nwhen the tests would begin.\n The report said the vaccine consists of smallpox virus\nremodeled to carry a key gene found on the AIDS virus, creating\na hybrid virus that simultaneously immunizes against smallpox\nand the AIDS virus proteins.\n Reuter\n\u0003", "date": "17-MAR-1987 17:18:30.67", "places": [ "usa" ], "id": "6320" }, { "title": "LABATT STUDYING EXPANSION IN EUROPE", "body": " is considering\nexpansion in Europe, but has made no decisions as to strategy,\naccording to spokesman I.C. Ferrier.\n The company opened a London office about six months ago,\nand \"we are prepared to invest in that area to see how one might\ndo business over there,\" he said.\n But the company has not decided whether it might open\nbreweries, buy a European company or whether European expansion\nis feasible at all, he added.\n Labatt feels Europe is a logical step for the company, since\nit is doing \"reasonably well\" in the U.S. and \"there aren't too\nmany other places\" to expand profitably, Ferrier said.\n In Canada, Labatt is the leading brewer, with about 41 pct\nof the market, according to market analysts. holds about 32 pct and has 23 pct,\nanalysts estimate.\n Reuter\n\u0003", "date": "17-MAR-1987 17:24:43.25", "places": [ "canada" ], "id": "6321" }, { "title": "COURT BLOCKS INJUNCTION SOUGHT AGAINST COASTAL", "body": "A U.S. Bankruptcy Judge ruled that\n can not seek an injunction in\nTexas State court to block Coastal Corp from presenting a\nplan of reorganization in TransAmerican's bankruptcy\nproceeding.\n However, U.S. bankruptcy judge Manuel Leal also ruled that\nTransAmerican could pursue its two billion dlr lawsuit against\nCoastal that alleges the Houston based gas company is\nattempting to unlawfully gain control of Transamerican's Texas\ngas reserve and pipeline system.\n Leal told both Coastal and TransAmerican that he plans to\nmaintain jurisdiction over TransAmerican's bankruptcy\nreorganization proceedings that began in 1983.\n After the hearing, John Nabors, a lawyer for TransAmerican,\nsaid the company would pursue its state court lawsuit seeking\n2.0 billion dlrs in damages from Coastal.\n Nabors contends that Coastal has unlawfully attempted to\nreplace TransAmerican's negotiated reorganization plan paying\nsecured creditors in full with a plan of its own.\n \"They're not going to pay any money under their plan,\nthey're just going to operate (the gas wells) and give profit\nto the creditors,\" Nabors said.\n He said Coastal's plan, which has not yet been submitted to\nthe Bankruptcy Court, offered to pay creditors 50 mln dlrs\nannually for seven years.\n TransAmerican's plan would repay a total of 770 mln dlrs in\ndebts to secured creditors and the equivalent of 30 cts on the\ndollar to unsecured creditors.\n A Coastal unit is among Transamerican's unsecured\ncreditors and is owed about 600,000 dlrs.\n Transamerican said it is the second largest producer of\nnatural gas in Texas with reserves of 1.2 trillion cubic feet\nand more than 1,000 miles of pipeline and gas gathering lines.\n Coastal, one of the nation's largest gas producers, earned\n71.6 mln dlrs on sales of 6.7 billion dlrs in 1986.\n Reuter\n\u0003", "date": "17-MAR-1987 17:25:58.68", "places": [ "usa" ], "id": "6322" }, { "title": "PHP HEALTHCARE CORP 3RD QTR JAN 31 NET", "body": "Shr 10 cts vs 10 cts\n Net 358,941 vs 299,838\n Revs 8,645,289 vs 4,532,175\n Avg shrs 3,446,752 vs 2,921,173\n Nine mths\n Shr 23 cts vs 12 cts\n Net 705,799 vs 491,076\n Revs 21.5 mln vs 11.0 mln\n Avg shrs 3,093,491 vs 4,068,000\n Note: Net includes tax credits of 164,000 dlrs vs 123,634\ndlrs for qtr and 311,000 dlrs vs 207,719 dlrs for nine mths.\n Reuter\n\u0003", "date": "17-MAR-1987 17:26:59.72", "topics": [ "earn" ], "places": [ "usa" ], "id": "6323" }, { "title": "BANKERS TRUST NEW YORK CORP QTLY DIVIDEND", "body": "Qtly div 41.5 cts vs 41.5 cts prior\n Pay April 28\n Record March 31\n Reuter\n\u0003", "date": "17-MAR-1987 17:29:32.76", "topics": [ "earn" ], "places": [ "usa" ], "id": "6324" }, { "title": "HALLWOOD GROUP INC 2ND QTR JAN 31 LOSS", "body": "Shr loss nine cts vs profit 23 cts\n Net loss 418,000 vs profit 1,037,000\n Revs 2,872,000 vs 4,700,000\n Six mths\n Shr profit nine cts vs profit 52 cts\n Net profit 418,000 vs profit 2,365,000\n Revs 6,853,000 vs 9,379,000\n NOTE: Includes tax loss carryforward gains of 164,000 dlrs\nvs 551,000 dlrs in quarter, and gains of 365,000 dlrs vs\n1,016,000 dlrs in the six months.\n Reuter\n\u0003", "date": "17-MAR-1987 17:31:26.65", "topics": [ "earn" ], "places": [ "usa" ], "id": "6325" }, { "title": "LYNG SAID TO HAVE NO COMMENT ON USSR WHEAT EEP", "body": "U.S. Agriculture Secretary Richard\nLyng told representatives of several of the largest grain\nexporting firms and two farm organizations that he was not in a\nposition to comment on their request that the Reagan\nadministration offer subsidized wheat to the Soviet Union,\naccording to participants in today's meeting.\n \"He (Lyng) simply told us he was not in any position to talk\nabout an EEP (export enhancement program) initiative to the\nSoviet Union,\" said Glen Hofer, vice president of the National\nCouncil of Farmer Cooperatives.\n Another participant in the meeting, who asked not to be\nidentified, said Lyng was \"unresponsive\" to the group's request.\n Participants in the meeting included Cargill Inc,\nContinental Grain Co, Louis Dreyfus Corp, Union Equity\nCooperative Exchange, the National Association of Wheat\nGrowers, the National Council of Farmer Cooperatives, among\nothers, participants said.\n Deputy Agriculture Secretary Peter Myers and Under\nSecretary Daniel Amstutz also attended the 30-minute meeting.\n Hofer described Lyng as \"sympathetic but noncommittal,\" and\nsaid he thought he detected \"a sense of frustration\" on Lyng's\npart at not being able to respond more positively to the\ngroup's urging.\n A grain industry representative said some participants were\n\"puzzled\" by USDA's apparent reluctance to bring before the\ncabinet council an EEP wheat offer to the Soviets.\n \"There is a feeling that there is more receptivity (to the\nidea) within the cabinet council now than there ever has been,\"\nthis official, who asked not to be identified, said, referring\nto an EEP wheat offer to the Soviets.\n This official said there was not a significant amount of\npressure being exerted by lawmakers on Lyng to make an EEP\noffer to Moscow.\n Reminded that Senate Agriculture Committee Chairman Patrick\nLeahy (D-Vt.) had written two letters to Lyng urging such an\noffer, this official said Lyng had received virtually no phone\ncalls from lawmakers on the subject.\n But Hofer said other important matters at the White House,\nrather than an absence of political pressure, might have\nrestrained Lyng.\n Reuter\n\u0003", "date": "17-MAR-1987 17:34:01.50", "topics": [ "grain", "wheat" ], "places": [ "usa", "ussr" ], "id": "6326" }, { "title": "AVATAR HOLDINGS OFFERING RIGHTS TO NOTES", "body": "Avatar Holdings Inc said it is\noffering rights to buy 31.2 mln dlrs principle amount of 5-1/4\npct convertible subordinated debentures due 2007.\n The company said shareholders of record on March 17 have 30\ndays to exercise rights for the notes.\n Reuter\n\u0003", "date": "17-MAR-1987 17:37:22.33", "places": [ "usa" ], "id": "6327" }, { "title": "U.S. OTC MARKET PROPOSES ONE-SHARE, ONE-VOTE", "body": "The National Association of Securities\nDealers said all stock exchanges should require that listed\ncompanies adopt a \"one-share, one-vote\" rule, but with a few\nexceptions.\n In a letter to the Securities and Exchange Commission, NASD\nPresident Gordon Macklin said the group would be happy to be\nthe first exchange to adopt a uniform rule but with certain\nexceptions.\n \"Clearly the NASD would willingly be the first to do so. If\na voluntary private sector resolution is not practical, then\nthe commission should adopt the rule to apply to all markets,\"\nthe NASD said.\n An NASD study found that 95 percent of the companies in the\nOTC offered only one class of stock.\n The NASD proposal calls for all stock markets to have a\nuniform rule which would emphasize the principle of equal\nvoting rights, but allow for legitimate variations.\n The NASD would allow companies to issue shares that do not\nhave voting rights as long as the limitation is clearly spelled\nout to investors. It wants to prevent listed companies from\nturning voting shares into non-voting shares, without\nshareholder approval, Parrillo said.\n \"A uniform rule should be written to cure what has been\nconstrued by some to be an abusive practice involving the use\nof stock with other than full voting rights,\" the association\nsaid in the statement.\n Exceptions would include:\n -- shares in a registerd public offering where all facts\nconnected with the company's capital structure are clearly\nspelled out in the prospectus.\n -- shares issued in connection with a merger, acquisition\nor recapitalization where the exchange of shares is accompanied\nby detailed proxy material.\n The NYSE rule would allow companies to have a dual class of\nstock only if a majority of publicly held shares and a majority\nof independent directors on the board approve the move. The\nNYSE has allowed its few listed companies which have dual\nclasses to continue trading, pending approval from the SEC.\n The NASD specifically wants to disallow issuance of dual\nclass shares where those with superior voting rights are not\nresalable. Parillo said such a provision would in effect\nprevent a firm from ever being purchased by anyone else.\n Reuter\n\u0003", "date": "17-MAR-1987 17:39:09.02", "places": [ "usa" ], "id": "6328" }, { "title": "WESTWORLD COMMUNITY EXTENDS EXCHANGE", "body": "Westworld Community\nHealthcare Inc said it is extending by ten days to March 27 its\nexchange offers for subordinated notes and debentures.\n The extension effects its exchange offers for 30 mln dlrs\nprincipal amount of 14-1/2 pct subordinated notes due 2000 and\n35 mln dlrs principal amount of 14-3/8 pct subordinated\ndebentures due 1995.\n To date, 3,863,000 dlrs principal amount of the securities\nhas been tendered under the offer, it said.\n Reuter\n\u0003", "date": "17-MAR-1987 17:41:06.85", "places": [ "usa" ], "id": "6329" }, { "title": "TRANS MOUNTAIN ALLOWED 10.6 PCT TOLL RISE", "body": "The National Energy Board said Trans\nMountain Pipe Line Co Ltd will be allowed to raise its tolls\n10.6 pct, effective Jan 1, 1987.\n Last September, the board approved an average rate of\nreturn on equity of 14 pct effective Jan 1, 1987. This rate of\nreturn is unchanged by today's decision. \n Reuter\n\u0003", "date": "17-MAR-1987 17:45:16.02", "places": [ "usa" ], "id": "6330" }, { "title": "PAPERBOARD PLANS BID TO ACQUIRE BELKIN", "body": " said it\nplanned to make an unconditional 21 dlr a share cash offer for\n's 7.6 mln common and 2.3 mln non-voting shares.\n Paperboard said Balaclava Enterprises Ltd, owned by Morris\nBelkin, agreed to tender 98.2 pct of Belkin's common shares.\nIt added that in case of a competing offer of more than 23\ndlrs, it had the right to match it. If it did not match the\noffer, Balaclava could accept the competing bid.\n The two companies manufacture linerboard and boxboard from\nrecycled fibre. Their combined revenues are about 500 mln dlrs.\n Reuter\n\u0003", "date": "17-MAR-1987 17:46:39.66", "topics": [ "acq" ], "places": [ "canada" ], "id": "6331" }, { "title": "HAWKEYE HOLDERS APPROVE DEBT PLAN", "body": "Hawkeye Bancorporation said\nshareholders at the annual meeting approved the bank holding\ncompany's debt restructuring package with its principal\ncreditors.\n The plan calls for the company to issue new class of\npreference stock to Hawkeye's principal creditors in exchange\nfor 32.3 mln dlrs of debt, and an exchange offer to preferred\nholders.\n Reuter\n\u0003", "date": "17-MAR-1987 17:47:29.66", "places": [ "usa" ], "id": "6332" }, { "title": "CATHAY PACIFIC AIRWAYS 1986 NET PROFIT 1.23 BILLION H.K. DLRS VS 777.5 MLN\n", "date": "18-MAR-1987 00:03:21.25", "topics": [ "earn" ], "id": "6333" }, { "title": "MALAYSIA SAYS IT DEPOSITED FUNDS IN AILING BANK", "body": "The Malaysian government has\ndeposited 405 mln ringgit with the financially troubled\n (CCB) since last October, Deputy\nFinance Minister Sabaruddin Chik said.\n He told Parliament the government has always supported CCB.\nThe statement is the government's first acknowledgment that it\nhas put money into the bank.\n CCB's management board has been changed twice since last\nJune. It reported pretax profit of 10.57 mln ringgit in the\nhalf-year to June 30, 1986, down from 19.83 mln ringgit a year\nearlier. The bank did not release its net results.\n New bank chairman Nik Hussein Abdul Rahman has said he\nasked police to investigate possible wrongdoing and\nmalpractices related to loans made mainly to property\ndevelopers and politicians.\n The bank had a paid-up capital of 52.16 mln ringgit and\ndeposits totalling 1.67 billion at June 30 last year.\n Malaysia's Central Bank has rescued two large commercial\nbanks, United Asian Bank Bhd and Perwira Habib Bank (Malaysia)\nBhd, since late 1986.\n REUTER\n\u0003", "date": "18-MAR-1987 00:05:52.69", "places": [ "malaysia" ], "id": "6334" }, { "title": "CATHAY PACIFIC AIRWAYS LTD YEAR 1986", "body": "Shr 46.5 H.K. Cents vs 29.3\n Final div 14 cents, making 20 cents (no comparison)\n Net 1.23 billion dlrs vs 777.5 mln\n Turnover 9.06 billion dlrs vs 7.52 billion\n Note - Dividend payable May 29, books close May 11 to 22.\n Note - Company floated in April 1986 and is now 50.23 pct\nowned by Swire Pacific Ltd , 16.43 pct by Hongkong and\nShanghai Banking Corp and 12.5 pct by .\n REUTER\n\u0003", "date": "18-MAR-1987 00:13:27.09", "topics": [ "earn" ], "places": [ "hong-kong" ], "id": "6335" }, { "title": "ONE DEAD AS PHILIPPINE ARMY SCHOOL BOMBED", "body": "A bomb blast at the Philippine Military\nAcademy killed at least one person and wounded about 40 during\nrehearsals for a weekend visit by President Corazon Aquino,\nmilitary and hospital officials said.\n Reporters at the scene told Reuters the death toll was\nlikely to rise, but there was no official confirmation.\n Military sources at first suggested the bomb might have\nbeen planted by communist rebels, but no group immediately\nclaimed responsibility.\n REUTER\n\u0003", "date": "18-MAR-1987 00:20:32.30", "places": [ "philippines" ], "id": "6336" }, { "title": "PAPER SAYS U.S. MAY SEEK TO CURB FOREIGN TAKEOVERS", "body": "The Reagan administration will\nconsider curbing foreign takeovers of security-sensitive\nindustries such as semiconductors and computers, the New York\nTimes said, quoting an unnamed senior administration official.\n \"I think there's a strong sentiment here that some\nindustries are not totally up for grabs,\" the paper quoted the\nofficial as saying.\n \"Two of the most visible (industries) are semiconductor and\ncomputer companies,\" said the official, who the newspaper said\nwas a central figure in the opposition to Japan's Fujitsu Ltd\n takeover bid for .\n The Fairchild-Fujitsu deal was abandoned on Monday, and\nindustry analysts said the move was a victory for the Reagan\nadministration in its drive to beat back Japanese competition\nin the important computer chip manufacturing industry.\n Officials told Reuters last week that Commerce Secretary\nMalcolm Baldrige and Defence Secretary Caspar Weinberger fought\nthe planned sale of Fairchild by French-controlled Schlumberger\nLtd to Japan's largest computer maker because it could\nhave left the U.S. Military dependent on foreign sources for\nvital technology.\n The New York Times quoted Baldrige as saying the time had\ncome to limit takeovers in security-sensitive areas.\n \"Everybody wants an open investment policy, but there have\nto be some exceptions for the national interest,\" Baldrige was\nquoted as saying.\n The newspaper said Baldrige and Weinberger are expected to\nbring the takeover issue before a top-level interagency\npolicymaking group, such as Treasury Secretary James Baker's\nEconomic Policy Council or the president's National Security\nCouncil.\n REUTER\n\u0003", "date": "18-MAR-1987 00:25:06.12", "topics": [ "acq" ], "places": [ "usa", "japan" ], "id": "6337" }, { "title": "YEN USURPS GODZILLA AS JAPAN'S FAVOURITE HORROR", "body": "\"Endaka,\" the strong yen, has usurped\n\"Godzilla Versus the Sea Monster\" as Japan's favourite horror\nstory.\n The yen's 40 pct surge against the dollar over the last two\nyears has frightened foreigners with tales of the 40 dlr melon,\nthe 120 dlr taxi ride from the airport and rents of 15,000 dlrs\na month.\n But \"endaka,\" like many Japanese products, is for foreign\nconsumption, locals and long-time foreign residents said.\n \"It's not really that expensive. I don't pay attention to\nthe cost of living,\" said Cheryl Richmond, a 25-year-old\nCanadian teacher of English in Tokyo.\n Richmond said she earns 1,635 dlrs a month by \"chatting\" 40\nhours a week in English to Japanese who hope to learn the\nlanguage. For 326 dlrs a month she rents a sunny, quiet\ntwo-room flat some 20 minutes by train from Shinjuku, one of\nTokyo's prime business and entertainment districts, and has\nmanaged to send home an average of 320 dlrs a month.\n She spends less than 6.50 dlrs a day on food despite eating\nout once a day.\n \"For lunch I buy the teishoku (daily special) which comes\nwith soba (buckwheat noodles) or pork cutlet, pickles, miso\nsoup, rice and tea,\" although she takes only coffee for\nbreakfast and a sandwich for dinner.\n No one argues that Tokyo is cheap, but long-time residents\nsee no need to spend the 2,000 to 15,000 dlrs a month spent by\nforeign firms to house executives in Western-style homes.\n The companies feel otherwise. They say they must pay the\nprice to bring over the best people needed to back up their\npush into Japan's increasingly lucrative markets.\n \"You can't expect people to move from New York or Sydney and\ntrade down. It's not reasonable,\" said a spokesman for\nInternational Business Machines Corp (IBM), which supports\nWestern lifestyles for more than 350 foreigners in Tokyo.\n Tokyo is the world's most expensive city for business\ntravellers, a survey issued this month by Employment Conditions\nAbroad said. It found that businessmen visiting Tokyo spend on\naverage more than 300 dlrs a day.\n While the businessmen have little choice but to come here,\nmany tourists, especially those from Europe, are opting to\nvisit sunnier and cheaper climes in Southeast Asia.\n The Japan Tourist Bureau estimates \"endaka\" caused an 11.5\npct drop in the number of foreign visitors to Japan last year.\n Those who came tried to cut back on expenses, chiefly by\ncurtailing shopping, it said.\n To help combat \"endaka\" and the slump in tourism, the Tourist\nBureau prepared a pamphlet, \"Economical Travel in Japan.\"\n It gives budget-saving tips on finding medium-priced\nbusiness hotels and Japanese-style inns, cheap sushi and public\nbaths while getting a \"revealing glimpse of Japanese in their\ndaily lives.\"\n Residents of Okubo House, a transit hotel in Tokyo's\nShin-Okubo love hotel district, offer even more savvy advice.\n For 9.80 dlrs a night, Scott Perry, a 23-year-old budding\nEnglish teacher from New Zealand, shares an unheated,\nberth-sized twin-room in the Japanese \"flop house.\"\n Perry has budgeted 26 to 33 dlrs a day while he looks for\nwork. \"Normally I eat 'teishoku' for 400 yen but sometimes I'll\nsplurge at Shakey's where for 550 yen you can eat unlimited\npizza for at least two hours.\"\n Still, there are the extras that dent the budget. \"I had to\nspend 600 yen today to dry-clean my suit coat,\" he said.\n REUTER\n\u0003", "date": "18-MAR-1987 01:34:11.74", "topics": [ "money-fx", "yen" ], "places": [ "japan" ], "id": "6338" }, { "title": "BANGLADESH PURCHASE OF WHEAT CONFIRMED", "body": "Trade sources here confirmed earlier\ntentative reports that Bangladesh had bought 200,000 tonnes of\noptional origin feed wheat late last week and over the weekend.\n They said the Continental Grain Co, of the United States,\nwon the contract to supply the wheat from the EC and other\nparts of Europe.\n It will supply 100,000 tonnes at a rate of 96.92 U.S. Dlrs\na tonne as a first consignment by April 7. It will supply the\nremaining 100,000 tonnes at a rate of 93.42 dlrs by April 16.\n REUTER\n\u0003", "date": "18-MAR-1987 01:59:17.97", "topics": [ "grain", "wheat" ], "places": [ "bangladesh" ], "id": "6339" }, { "title": "PHILIPPINES SOCIAL SECURITY TO BUY SAN MIGUEL SHRS", "body": "The Philippines' Social Security System\n(SSS) is planning to buy eight mln shares in diversified brewer\n (SMC), SMC chief financial officer Ramon del\nRosario said.\n He told reporters the government organisation had expressed\ninterest in one seat on SMC's 15-man board and was preparing to\ninvest 800 mln pesos, assuming a purchase price of 100 pesos a\nshare.\n The shares involved in the proposal were part of the block\nof 38 mln shares owned by the United Coconut Planters Bank\n(UCPB) and sequestered by the government.\n The block is split between class A and class B stock.\n SMC also proposed to sell a further five mln shares to A.N.\nSoriano Corp, the family company of San Miguel president Andres\nSoriano, del Rosario said.\n The shares are worth some 500 mln pesos at recent prices.\n Del Rosario said the 14 mln B shares in the block which are\nopen to foreign ownership would probably be sold to\nunidentified foreign purchasers.\n He said SMC and UCPB would meet later this week to try to\nresolve disputes over the pricing of the shares.\n President Corazon Aquino earlier this month established an\narbitration panel to settle a row over the disposal of the\nshares.\n Their initial sale to Soriano through SMC Hong Kong unit\nNeptunia Corp was blocked by the Presidential Commission on\nGood Government.\n The commission sequestered the stock on suspicion that the\nreal owner of the block was Eduardo Cojuanco, the former\nchairman of San Miguel and the UCPB and a close associate of\ndeposed former president Ferdinand Marcos.\n REUTER\n\u0003", "date": "18-MAR-1987 02:23:52.89", "topics": [ "acq" ], "places": [ "philippines" ], "id": "6340" }, { "title": " YEAR 1986", "body": "Shr 21.6 H.K. Cents vs 12\n Final div six cents vs three, making nine cents vs 5.5\n Net 121 mln dlrs vs 67.42 mln\n Note - Extraordinary gains 72 mln dlrs vs 2.7 mln. Special\nbonus four cents vs nil. Dividend payable May 25, books close\nApril 28 to May 6.\n REUTER\n\u0003", "date": "18-MAR-1987 02:31:47.39", "topics": [ "earn" ], "places": [ "hong-kong" ], "id": "6341" }, { "title": "Indonesia imports palm oil to counter possible May shortage, Trade Minister says\n", "date": "18-MAR-1987 02:49:56.50", "topics": [ "veg-oil", "palm-oil" ], "id": "6342" }, { "title": "JAPAN EARTHQUAKE KILLS ONE, CUTS PHONE LINES", "body": "A very strong earthquake which struck\nsouthwest Japan killed one person and injured at least three,\ncracked walls and cut telephone lines, authorities said.\n The quake, at 0336 GMT, registered 6.9 on the Richter\nscale, and officials issued warnings of tidal waves of up to\ntwo metres high, they said.\n A man died in Miyazaki prefecture when his truck\noverturned, and another was seriously hurt when his roof caved\nin, police said. Two primary school children were hurt by\nflying shards of glass as they sat in their classroom. The\nextent of their injuries was not immediately known.\n A police spokesman in the western Kyushu city of Miyazaki,\none of the worst hit areas, said walls cracked all over town.\n Weather officials told Reuters the quake's epicentre was 50\nkm underground and 40 km offshore east of the city of Hyuga, on\nKyushu's eastern coast.\n Maritime Safety Agency authorities ordered fishermen along\nthe Kyushu coast to return to port, and dispatched a fleet of\nsix search boats to see them safely back.\n Telephone links with the island were badly disrupted and\nall trains in the area were been stopped as a precaution,\npolice said.\n REUTER\n\u0003", "date": "18-MAR-1987 02:53:10.22", "places": [ "japan" ], "id": "6343" }, { "title": "INDONESIA TO IMPORT PALM OIL, FEARS MAY SHORTAGE", "body": "Indonesia has issued licences to\ntraders to import palm oil to avert a possible shortage of\ncooking oil during the Moslem fasting month of Ramadan in May,\nTrade Minister Rachmat Saleh told Reuters.\n \"We have given permission for a small amount of imports to\nprevent a shortage during Ramadan,\" he said. He gave no figures\nfor the amount of palm oil to be imported, but said it would\ncome from Malaysia.\n Indonesia, the world's second largest palm oil producer,\nearlier denied it had granted palm oil import licences.\n Saleh was replying to a question from Reuters after traders\nin London said Indonesia had issued licences to import around\n135,000 tonnes of palm oil for delivery in April.\n Indonesia, with 168 mln people, is the world's largest\nMoslem country. During Ramadan Moslems fast during the day and\nhave large meals after sunset.\n Indonesian crude palm oil exports in the first 11 months of\n1986 were 469,100 tonnes, according to central bank figures,\nagainst 652,000 tonnes in the whole of calendar 1985.\n Indonesia is expanding palm oil output, and Saleh did not\nexplain why there might be a shortage during Ramadan.\n REUTER\n\u0003", "date": "18-MAR-1987 03:00:11.06", "topics": [ "veg-oil", "palm-oil" ], "places": [ "indonesia" ], "id": "6344" }, { "title": "NY TIMES SAYS IRAN ARMS MONEY WENT TO KIDNAPPERS", "body": "Millions of dollars in proceeds from\nthe sale of U.S. Arms to Iran were funneled to groups holding\nAmerican hostages in Lebanon, the New York Times said.\n The newspaper, quoting U.S. Officials and others, said\nIranian arms merchant Manucher Ghorbanifar, who served as a\nmiddleman in the sales, deposited two to three mln dlrs in the\nSwiss bank account of the Global Islamic Movement.\n The newspaper said the movement was a funding arm for\nvarious terrorist groups in Lebanon, including the Party of God\nor Hizbollah group which has been reported to be holding\nAmerican hostages but has consistently denied the reports.\n The money was described as ransom by American and other\nassociates of Ghorbanifar, the Times said, adding that an\nunnamed American official called it \"payments for services\nrendered.\" The newspaper said the payments suggested the money\nmay have been used to cover expenses incurred by the hostages'\nkidnappers.\n The newspaper also said that according to some accounts,\nGhorbanifar paid Iranian officials and various groups as much\nas 10 mln dlrs. It said up to six mln dlrs went to Hojatoleslam\nHashemi Rafsanjani, speaker of Iran's Parliament, and his\nfamily.\n REUTER\n\u0003", "date": "18-MAR-1987 03:06:51.90", "places": [ "usa", "iran", "lebanon" ], "id": "6345" }, { "title": "ECONOMIC SPOTLIGHT - JAPAN BUYING OVERSEAS FIRMS", "body": "More U.S. And European firms will be\nfalling prey to Japanese corporations bulging with cash and\neager to extend their reach further overseas, according to\nmerger and acquisitions specialists polled by Reuters.\n Already, rich Japanese companies have pounced on U.S.\nBanks, steel and other businesses.\n In the latest attempt, Fujitsu Ltd -- Japan's\nbiggest computer maker -- unsuccessfully bid for , a U.S. Microchip maker which supplies\ncomponents for supercomputers.\n Nomura Securities Co Ltd and Daiwa Securities Co\nLtd , Japan's two largest brokerage firms, are seeking\na niche in the U.S. And European securities markets, while the\ncountry's huge banks are looking for strongholds in overseas\nbanking, the takeover specialists said.\n Major trading houses, which see their profits evaporating\nin the heat of increased competition in merchandise trade, all\nhave foreign businesses on their shopping lists.\n Among manufacturers, car parts makers are under the most\npressure to buy up overseas companies and follow the big auto\nmakers they subcontract for as these move offshore.\n \"The timing is favourable for Japanese parties to buy up\npotential overseas businesses, especially in the U.S. --\nJapan's largest market and where political risks are minimal,\" a\ntakeover specialist at one trading company said.\n Japanese companies have become among the world's richest\nafter a series of boom export years and as the yen has climbed\nagainst the dollar by some 40 pct in the past 18 months.\n But the yen's strength, which has also raised the costs of\nJapan's exports and allowed its Asian neighbours to move into\nits traditional markets, has frozen Japanese corporate growth,\nthe specialists said.\n Looming trade friction is also threatening to erect more\nbarriers against Japanese exports.\n Japanese firms see overseas acquisitions as a way to avoid\nthe gloomy growth outlook and put their excess cash to work.\nDomestic interest rates, now at record lows, offer little\ninvestment opportunity.\n \"Japanese interest in acquisitions has been continuous, but\nthe recent economic factors have become a driving force,\" said a\nbanking industry source.\n So far, though, the Japanese are being cautious.\n While mergers and acquisitions among U.S. Firms number in\nthe thousands, Japanese buyouts of overseas companies have\ntotalled just a few dozen, one merchant banker said.\n Another merchant banker said that a flurry of Japanese\nacquisition activity was originally expected five years from\nnow, but that time span appeared now to be too long.\n Japanese firms are becoming more aggressive now, he said.\n A turning point seemed to be Dainippon Ink and Chemicals\nInc's takeover bid for of the U.S.\nLast year, which some analysts saw as somewhat hostile, he\nadded.\n Dainippon Ink bought Sun Chemical's graphic arts group for\n550 mln dlrs late last year, after an earlier unsolicited bid\nfor the whole company. Sun Chemical refused to sell its entire\nbusiness after learning that Dainippon planned to liquidate all\nbut its graphic arts-related businesses.\n Hostile takeovers are considered unethical and frowned upon\nby the Japanese, the trading company official says. \"Japanese\npeople don't like fighting. They prefer peaceful amicable\ndeals.\" But now after some experience overseas, Japanese\ncompanies are acquainted with local practice, he adds. \"This is\na healthy progression.\"\n However, the experts do not expect the Japanese to run the\nboard meetings of any giant U.S. Or European concerns.\n \"Japanese companies are not fully confident in managing a\nlarge U.S. Or European corporation,\" one banker said. \"They will\nexpand their operations only gradually, a typical way for\nJapanese business.\"\n A foreign merchant banker also noted, \"There are not many\nmega-deals left to do in the United States. A lot of the big\ndeals there have already been done.\"\n But medium-size and small concerns are potential targets of\nJapanese companies, the specialists said.\n Japanese will be aiming for new businesses in\nhigh-technology areas. \"Japanese companies had used technology\nand quality to get where they are and are unlikely to deviate\nfrom that trend,\" one takeover specialist said.\n Many are watching the results of the first acquisitions. If\nthese succeed, activity could build, the specialists said.\n But few such specialists are going to sit back and wait\nuntil the action begins. Already, they said, Japanese trading\nhouses, long-term credit and commercial banks, brokerages and\nforeign merchant banks have set up research sections to act as\ngo-betweens in deals or find good buys for themselves.\n REUTER\n\u0003", "date": "18-MAR-1987 03:20:51.74", "topics": [ "acq" ], "places": [ "japan", "usa" ], "id": "6346" }, { "title": "United Biscuits pretax profit 125.2 mln stg vs 102.2 mln in 53 wks to Jan 3\n", "date": "18-MAR-1987 03:48:35.39", "topics": [ "earn" ], "id": "6347" }, { "title": "KUWAIT SAYS NO OPEC MEMBER VIOLATING OUTPUT QUOTA", "body": "Kuwaiti Oil Minister Sheikh Ali\nal-Khalifa al-Sabah said in a newspaper interview that no OPEC\nmember was exceeding oil production quotas allocated by the\n13-nation group.\n Sheikh Ali told Kuwait's daily al-Anba \"All OPEC states,\nwithout exception, are producing within the quotas allocated to\nthem. Some of them are producing less.\"\n Some oil industry sources had said the United Arab\nEmirates, which had been generally been producing over its\nquota since OPEC returned to quotas last September, was still\npumping more than its allotted amount in the first months of\nthis year.\n Ecuador had also publicly stated it was over its quota, but\nan earthquake early this month stopped that. Iraq has rejected\nits quota, but oil sources say it may be having problems\nmarketing at official prices all the oil it wants to sell.\n OPEC agreed in December to cut overall oil production by\n7.25 pct to 15.8 mln barrels per day (bpd) for the first six\nmonths of this year and abide by fixed prices around 18 dlrs a\nbarrel from February 1.\n REUTER\n\u0003", "date": "18-MAR-1987 03:54:11.06", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "kuwait" ], "id": "6348" }, { "title": "UNITED BISCUITS 53 WEEKS TO JANUARY 3", "body": "Shr 20.3p vs 19.1p\n Div 6.0p vs 5.15p making 9.5p vs 8.0p\n Turnover 1.93 billion stg vs 1.91 billion\n Pretax profit 125.2 mln vs 102.2 mln\n Tax 42.5 mln vs 31.1 mln\n Trading profit 138.0 mln vs 122.7 mln\n Trading profit includes -\n UB Foods Europe 88.7 mln vs 78.4 mln\n UB Restaurants 10.3 mln vs same\n UB Foods U.S. 43.8 mln vs 39.1 mln\n Other 3.9 mln vs 3.5 mln\n Unallocated costs 8.7 mln vs 8.6 mln\n Interest 12.8 mln vs 20.5 mln\n Note - full name of company is United Biscuits (Holdings)\nPlc\n Minority interests 0.1 mln vs same\n Extraordinary charges 6.8 mln vs 14.3 mln\n Extraordinary charges and credits include -\n Surplus on bid for Imperial Group Plc 4.9 mln vs nil\n Costs of Philadelphia bakery closure nil vs 19.6 mln\n REUTER\n\u0003", "date": "18-MAR-1987 04:00:40.12", "topics": [ "earn" ], "places": [ "uk" ], "id": "6349" }, { "title": "LAWSON EXPECTS INTEREST RATE FALL SOON", "body": "U.K. Chancellor of the Exchequer Nigel\nLawson said he expected British interest rates to fall soon in\nresponse to his fiscal 1987/88 budget, but he did not say by\nhow much.\n \"I would be very surprised if there is not a very early\nfurther fall in interest rates,\" Lawson said in a radio\ninterview.\n Analysts said they foresaw U.K. Base rates falling as early\nas today by as much as one full percentage point after Lawson's\nannouncement yesterday that the public sector borrowing\nrequirement in fiscal 1987/88 and 1988/89 was to fall to 1.0\npct of GDP, or some four billion stg.\n British banks' base lending rates fell a half percentage\npoint on March 9 to the current 10.5 pct.\n REUTER\n\u0003", "date": "18-MAR-1987 04:06:20.75", "topics": [ "interest" ], "places": [ "uk" ], "id": "6350" }, { "title": "CHINA TO CUT EXCESSIVE CAPITAL INVESTMENT FURTHER", "body": "China said it will continue its efforts\nto cut excessive capital investment, and noted policies to cool\nthe economy have so far failed.\n Fixed asset investment grew 16.7 pct to 296.7 billion yuan\nin 1986, outstripping energy and raw materials growth, the\nChina Daily quoted Zhou Daojiong, president of the People's\nConstruction Bank of China, as saying.\n Over 160,000 projects costing 895 billion yuan are now\nunder construction, and will absorb 60 pct of the funds\nearmarked for investment under China's current five-year\neconomic plan (1986-1990), he said.\n The state-run construction bank will review all investment\nprojects now under way or scheduled, and immediately halt those\ndeemed unnecessary or with a poor economic return, Zhou said.\n Over 20 billion yuan of unauthorised spending by local\ngovernments or enterprises were partly responsible for the\noverheated rate of investment, he said.\n Another two or three years of measures to curb excessive\ninvestment were needed to bring it under control, Zhou said.\n REUTER\n\u0003", "date": "18-MAR-1987 04:15:31.77", "places": [ "china" ], "id": "6351" }, { "title": "THAI BANKS WEIGH NEW INTEREST RATE CUT", "body": "Officials of five Thai commercial banks\nare expected to meet tomorrow to seek agreement on cutting\ninterest rates, banking sources said.\n They said they expect Thai banks to opt for a cut to spur\ndomestic loan demand to help reduce persistent high liquidity\non the money market.\n Many bankers have been urging an average half percentage\npoint cut in deposit rates and a one point cut in lending\nrates, they said.\n Six major Thai major banks reduced minimum loan and\noverdraft rates by 0.50 to 0.75 percentage point on February 16\nbut the move has not substantially increased loan demand, the\nsources said.\n Excess liquidity has been hitting bank profits since early\nlast year despite five interest rate cuts in 1986. The current\ngross 7.25 pct interest rate for one-year fixed bank deposit\nand the 11.5 pct minimum loan rate are the lowest in a decade.\n Bankers said the Thai banking system is saddled with about\n40 to 50 billion baht of surplus funds which have created\nproblems for many banks in managing their money effectively.\n Profits of many Thai banks fell sharply last year partly\nbecause of a mismatch of loan demand and bank deposit growth.\nThe Bank of Thailand estimated overall lending by the Thai\nbanking system grew 3.8 pct in 1986 against a 12 pct expansion\nin bank deposits.\n Reports of a possible new round of interest rate cuts have\nfurther buoyed the Thai stock market this week.\n The Securities Exchange of Thailand (SET) Index on Monday\nrecorded its biggest daily advance in recent years, shooting up\n4.57 points to a new seven-year high of 223.02.\n Brokers and market analysts said Thai stocks will register\nmore gains as long as liquidity remains in the money market.\n Thai and foreign bankers said the liquidity problem will\ngrow if the Bank of Thailand does not extend permission for\nlocal banks to hold foreign exchange positions up to 40 pct of\nbank capital.\n If the regulation is not extended beyond its April 3 expiry\ndate, many commercial banks will have to reduce foreign\nexchange holdings to a maximum 20 pct.\n Bankers said such that could add another five billion baht\nof surplus funds to the local money market.\n REUTER\n\u0003", "date": "18-MAR-1987 04:20:16.55", "topics": [ "interest" ], "places": [ "thailand" ], "id": "6352" }, { "title": "CATHAY PACIFIC FORECASTS GOOD 1987 PERFORMANCE", "body": "Cathay Pacific Airways Ltd \nforecast another good year in 1987 in view of good growth in\nboth passenger and cargo traffic volumes early this year over\nthe year-earlier period.\n The airline did not quantify its performance in early 1987\nbut said it would take delivery of one Boeing Co 747\nfreighter and one Boeing 747-300 passenger plane in September\nand November respectively after it took a 747-300 last month.\n It earlier reported a 58.7 pct increase in 1986 net profit\nto 1.23 billion H.K. Dlrs and announced a final dividend of 14\ncents a share.\n But Cathay Pacific recorded sharp increases in net finance\ncharges to 124.9 mln dlrs from 44.4 mln a year.\n A spokesman for the firm linked the rise to two aircraft\ndeliveries in 1986.\n However, the company said in a statement good returns from\nfunds placed with investment managers had partly offset higher\ninterest costs resulting from additional lease financing and\nother borrowing.\n It added that the airline last year also saw aviation fuel\nprices fall to an average 4.59 dlrs a gallon from 6.76 dlrs in\n1985.\n Passengers carried by Cathay Pacific totalled 4.2 mln last\nyear, up from 3.85 in 1985, with the passengers kilometre\ntravelled rising to 14.02 billion from 12.56 billion. But\npassenger load factor was down to 69.1 pct from 71.0 pct.\n The airline's cargo operations recorded growth of 21 pct in\ntotal tonnage over the previous year and a 35.9 pct rise in\nrevenue to 1.79 billion dlrs.\n Cathay Pacific floated its shares in April, 1986 and is now\n50.23 pct owned by Swire Pacific Ltd , 16.43 pct by\nHongkong and Shanghai Banking Corp and 12.5 pct by\n.\n REUTER\n\u0003", "date": "18-MAR-1987 04:23:38.26", "topics": [ "earn" ], "places": [ "hong-kong" ], "id": "6353" }, { "title": "MALAYSIAN PALM KERNEL OUTPUT FALLS IN FEBRUARY", "body": "Malaysian palm kernel output fell\nto an estimated 80,500 tonnes in February from a revised 83,231\n(originally 83,700) in January and 98,393 in February 1986, the\nPalm Oil Registration and Licensing Authority said.\n Palm kernel stocks dropped to an estimated 45,870 tonnes in\nFebruary from a revised 55,693 (65,100) in January and 85,595\nin February last year, it said.\n REUTER\n\u0003", "date": "18-MAR-1987 04:26:17.19", "topics": [ "veg-oil", "palm-oil" ], "places": [ "malaysia" ], "id": "6354" }, { "title": "Morgan Grenfell 1986 pretax profit 82.19 mln stg vs 68.82 mln\n", "date": "18-MAR-1987 04:36:56.33", "topics": [ "earn" ], "id": "6355" }, { "title": " 1986 YEAR", "body": "Shr basic 39.2p vs 36.0p\n Shr fully diluted 37.2p vs 34.3p\n Div 7.0p making 10.5p vs 8.5p\n Pretax profit 82.19 mln stg vs 68.82 mln\n Tax 27.25 mln vs 27.42 mln\n Minority interest 986,000 debit vs 124,000 credit\n Extraordinary items 411,000 credit vs 219,000 debit\n REUTER\n\u0003", "date": "18-MAR-1987 04:47:52.82", "topics": [ "earn" ], "places": [ "uk" ], "id": "6356" }, { "title": "GLOBAL TRADING IN YEN BOND FUTURES EXPECTED SOON", "body": "Global trading of yen bond futures is\njust around the corner and they are expected to be listed soon\non the London International Financial Futures Exchange (LIFFE)\nand the Chicago Board of Trade (CBOT), bond managers said.\n \"Internationalisation of the yen through expansion of\noverseas portfolios in yen assets is the key to the success of\nglobal trading of yen bond futures,\" said Katsuyuki Okayasu,\ngeneral manager of Yamaichi Securities Co Ltd's bond division.\n \"But Tokyo-based orders are necessary for a primary stimulus\nfor the LIFFE yen bond futures market,\" said Tetsuya Dezuka,\ndeputy general manager of the money market section of New Japan\nSecurities Co Ltd, one of the most active yen bond brokers in\nLondon.\n Healthy growth of yen bond futures markets depends\nbasically on substantial liquidity in cash yen bond markets\noverseas and on the yen becoming attractive to traders there,\ndealers said.\n Outstanding yen cash bonds worldwide stand at around\n140,000 billion yen, with most held in Japan, they said.\n An agreement between CBOT and LIFFE in early February on\nmutual settlements is expected to link U.S. Treasury bond\nfutures trading in London and Chicago, enabling a continuous\n12-hour session, bond managers here said, adding the move was\nmade with yen bond futures trading in mind.\n LIFFE is preparing for an early listing of yen bond futures\nafter receiving approval from Japan's Finance Ministry last\nDecember.\n But futures markets will never take root unless they are\nbacked by substantial liquidity in cash bond markets, dealers\nsaid.\n Daily transactions in the London yen cash bond market now\nstand at 200 to 300 billion yen, but the extent of investor-\nlinked transactions is unknown, securities bond managers said.\n \"Japanese corporations have been actively setting up their\nfinancing companies in London, suggesting they increasingly are\nengaging in, not only fund raising, but management there,\"\nDezuka said.\n The steep increase in the number of branches of Japanese\nsecurities houses in London and the growing numbers of U.S. And\nU.K. Brokers coming to Tokyo has helped the London market's\ngrowth, dealers said.\n Internationalisation of the yen is also likely to be\npromoted by yen bond trading in Chicago and New York later this\nyear, securities managers said.\n The recent removal of a key regulatory obstacle by the U.S.\nSecurities and Exchange Commission will allow the CBOT to apply\nto the Commodity Futures Trading Commission for a yen bond\nfutures contract, they said.\n The ruling removed a regulation which prohibited trading\nfutures of designated foreign government debt securities not\nlocated in the issuing country.\n Fundamental Brokers Inc, a major U.S. Brokers' broker, has\ndecided to launch yen bond broking on its display system in New\nYork as early as April.\n CBOT's start of an evening session, planned for the end of\nApril, will also multiply yen bond futures trading, a Nomura\nSecurities Co Ltd bond manager said. But there are still\nobstacles to trading on the London market.\n \"Problems concerning cash bond delivery and clearing are\nmajor obstacles for an early launching at LIFFE,\" said Koki\nChiyojima, deputy general manager of Nikko Securities Co Ltd's\nbond administration division.\n Nikko Securities Co Ltd, one of the big four Japanese\nsecurities houses, is responsible for corresponding with LIFFE\non these matters.\n Japan's Finance Ministry will start issuing bonds with\ncoupon payment of either March and September, or June and\nDecember from April 1, matching futures delivery months.\n The ministry now pays coupons in January, June, July and\nDecember. When delivery months and coupon payments do not\nmatch, a 20 pct withholding tax is imposed on interest earned\nby non-resident bond holders, a deterrent to LIFFE, securities\nmanagers said.\n LIFFE is likely to wait until the outstanding amount of\nbonds with matching months increases to over several billion\nyen, bond managers said.\n These bonds will be used for deliveries, as they are\nexpected to be the cheapest deliverable issues due to low\ninterest rates, they said.\n Market participants here expect a clearing organisation to\nbe set up by the time they have substantial deliverable cash\nissues, making overseas listings probable in the latter half of\n1987.\n REUTER\n\u0003", "date": "18-MAR-1987 04:52:55.44", "topics": [ "money-fx", "yen" ], "places": [ "japan" ], "id": "6357" }, { "title": "HENDERSON LAND DEVELOPMENT CO LTD ", "body": "Six months to Dec 31.\n Shr 16 H.K. Cents vs 11\n Interim div seven cents vs five\n Net 211.03 mln dlrs vs 138.69 mln\n Turnover 583.83 mln dlrs vs 441.04 mln\n Note - Dividend payable May 4, books close April 21 to 27.\n REUTER\n\u0003", "date": "18-MAR-1987 04:53:25.35", "topics": [ "earn" ], "places": [ "hong-kong" ], "id": "6358" }, { "title": "U.K. MONEY MARKET OFFERED EARLY ASSISTANCE", "body": "The Bank of England said it had invited\nan early round of bill offers from the discount houses after\nforecasting a shortage in the system of around 1.1 billion stg.\n Money market dealers speculated that the central bank could\nbe taking the opportunity to signal a reduction in U.K. Base\nlending rates by cutting the rates at which it intervenes in\nthe discount market.\n Most operators are expecting a base rate cut today,\npossibly of one point, following yesterday's budget in which\nthe U.K. Public sector borrowing target for 1987/88 was slashed\nby three billion stg.\n Among the main factors affecting liquidity, bills maturing\nin official hands and the take-up of treasury bills will drain\nsome 1.11 billion stg while a rise in note circulation and\nbankers' balances below target will take out around 120 mln stg\nand 20 mln stg respectively.\n Partly offsetting these outflows, exchequer transactions\nwill add some 140 mln stg to the system today.\n REUTER\n\u0003", "date": "18-MAR-1987 04:55:45.45", "topics": [ "money-fx", "interest" ], "id": "6359" }, { "title": "FRN TRADING SEEN RETURNING TO MORE NORMAL PATTERNS", "body": "Conditions on the floating rate note\nmarket appeared to be returning gradually to normal today with\nprices static to a little better generally, dealers said.\n The market was showing limited signs of recovery from the\ncollapse in trading last night and the calmer tone was\nreinforced this morning as the first significant retail orders\nfor some time emerged, one senior FRN trader noted.\n In fixed rate bonds, the tone was likewise quietly firmer\nwith euroyen and eurosterling maintaining their recent bullish\ntrend and activity in dollar straight and ECU-denominated bonds\nalso picking up slowly.\n Although a handful of FRN market makers were expected to\nremain on the sidelines for the time being, dealers noted a\ntangible return of retail interest from the Far East, lured\nback by extremely attractive yields and bargain prices.\n \"We are seeing from Singapore, and from Japan clients keen\nto use up their quotas for purchase of particular instruments\nbefore the end of the fiscal year,\" the senior trader added.\n Any investors not buying to their full limit would run the\nrisk of having that limit reduced next year, he explained.\n However, he pointed out that mainly sovereign paper was in\ndemand with U.S. Bank sector paper largely ignored.\n Prices of reasonable quality floaters had firmed by an\naverage of 10 basis points in early trading but FRN dealers\ncautioned that the mood was still nervous.\n \"If prices rise by too much too quickly, everyone is more\nthan well-aware of the danger the selling could set in again,\"\ncommented another FRN market source at a large Japanese house.\n The other sector commanding market attention today was\neurosterling, which soared in line with U.K. Government bonds.\n Both markets were pushed higher by an ebullient pound and\nrenewed buying by U.K. Institutions following Chancellor of the\nExchequer's Nigel Lawson's well-received budget yesterday.\n \"This was definitely a budget for lower sterling interest\nrates,\" said a sterling analyst at a U.K. Merchant bank.\n \"It has been exceptionally well-received by the city, looks\ngood to foreign investors and we are sure to see a rush to tap\nthe eurosterling markets now,\" he added.\n News that next year's Public Sector Borrowing Requirement\nwill be held at 4.0 billion stg from an earlier projected 7.0\nbillion was influential for fixed rate stg investment markets.\nThe government's reduced need to tap the gilt-edged markets\nwill create a perennial shortage of stock, maintaining upward\npressure on prices, a sterling bond dealer commented.\n This could further boost demand for eurosterling bonds, as\nlong as yield margins remain attractive in relation to gilts --\noften the case with newer, if not with more seasoned issues.\n Bullish predictions on the U.K.'s general economic health\nwere also expected to boost foreign interest in eurosterling.\n Market sources said attention would now switch to\nmonitoring the fortunes of the ruling Conservative party in\nopinion polls ahead of a widely-anticipated general election.\n Although several new sterling deals are expected, in early\ntrading the only sterling denominated one to emerge was a 30\nmln convertible deal for British Land Co Plc.\n Other new deals this morning reflected the recent primary\nmarket trend with little activity in dollar-denominated issues\nalthough the currency sectors were busy.\n Hot on the heels of yesterday's two Canadian dollar issues\nwas a 75 mln dlr six-year bond for Chrysler Credit Canada,\nguaranteed by Chrysler Finance paying 9-1/4 pct and priced at\n101-1/2 pct.\n A 15 billion euroyen issue was launched for Associates Corp\nof North America paying five pct at 102-3/8 pct due 1992. A\nsimilar euroyen offering was reported to be in the market for a\nScandinavian borrower. Details were not immediately available.\n REUTER\n\u0003", "date": "18-MAR-1987 05:01:38.07", "places": [ "uk" ], "id": "6360" }, { "title": "SINGAPORE GOVERNMENT TAKES OVER GOODWOOD SHARES", "body": "The Singapore government has taken\nover 82 mln dlrs worth of Goodwood Park Hotel Ltd shares and\nloan stock certificates belonging to the company's chairman,\nKhoo Teck Puat, banking sources said.\n Khoo is a major shareholder of the (NBB), which closed in November after the Brunei\nauthorities alleged 90 pct of its loans of 1.3 billion Brunei\ndlrs had been extended to Khoo-related firms without\ndocumentation or guarantee.\n The Goodwood securities are now held by the Commercial\nAffairs Investigation Department, the banking sources said. The\ndepartment declined to comment.\n The government move is aimed at protecting Goodwood's\nminority shareholders and securing Goodwood deposits at the\nNBB, the banking sources said.\n Goodwood had a total of 87.3 mln dlrs in fixed deposits,\nbank balances and accrued interest due from NBB as of last\nNovember, according to Goodwood's annual report.\n REUTER\n\u0003", "date": "18-MAR-1987 05:04:47.22", "topics": [ "acq" ], "places": [ "singapore" ], "id": "6361" }, { "title": "BANK OF ENGLAND SIGNALS HALF POINT CUT IN SHORT TERM RATES - DEALERS\n", "date": "18-MAR-1987 05:07:59.00", "topics": [ "interest" ], "id": "6362" }, { "title": "TURNER AND NEWALL SEEKS 71.7 MLN STG IN RIGHTS", "body": "Turner and Newall Plc said it planned to\nraise a net 71.7 mln stg with a one-for-six rights issue of\n36.15 mln shares.\n The shares would be offered at 205p, compared with Turner's\nprice which fell to 227p from last night's close at 241p.\n The group said the funds would be used to cut borrowings,\nwhich had risen to 234 mln stg at end-February, largely as a\nresult of the takeover of .\n The company also reported pretax profits rising to 44.7 mln\nstg from 39.6 mln previously.\n It noted that the purchase of AE involved the payment of\nsome 125 mln stg cash as well as taking on AE's own borrowings\nof some 85 mln stg. The net debt/equity ratio at the year end\nhad risen to 59 pct from 23 pct the year before, it added. The\nrights issue would cut borrowings and also allow further\ndevelopment through investment and acquisition.\n But it said that the purchase of AE -- which was won after\na long and acrimonious battle last year -- greatly strengthened\nthe group's position in the automotive components and\nengineering materials sectors.\n In the 15 months to end-1986 AE produced pretax profits of\n27.4 mln stg compared with 25.6 mln in the 12 months\npreviously.\n As the offer for AE was not declared unconditional until\nDecember 5, it made a negligible contribution to Turner's 1986\nresults.\n Turner said the prospects were good and it looked forward\nto taking advantage of the opportunities available.\n 1986 operating profits were higher in all areas apart from\nZimbabwe mines, which were hit by the strength of the local\ncurrency against the dollar.\n REUTER\n\u0003", "date": "18-MAR-1987 05:09:20.55", "places": [ "uk" ], "id": "6363" }, { "title": "BANK OF ENGLAND SAID IT INVITED BORROWINGS AT 10 PCT LATER TODAY\n", "date": "18-MAR-1987 05:10:17.99", "topics": [ "interest" ], "id": "6364" }, { "title": "BARCLAYS BANK SAID ITS CUTTING BASE LENDING RATE TO 10 PCT PCT FROM 10.5 PCT.\n", "date": "18-MAR-1987 05:13:53.33", "topics": [ "interest" ], "id": "6365" }, { "title": "NATIONAL WESTMINSTER BANK SAID IT CUTTING BASE RATE TO 10 PCT FROM 10.5 PCT.\n", "date": "18-MAR-1987 05:15:18.88", "topics": [ "interest" ], "id": "6366" }, { "title": "MALAYSIAN FIRM WINS U.S. JET SERVICE CONTRACT", "body": " said it won a\ncontract from the U.S. Air Force to repair and service landing\ngear and airframe parts of General Dynamics Corp F-16\nand McDonnell Douglas Corp F-4 jet fighters.\n The one-year contract, worth 1.3 mln ringgit, was signed\nrecently and work is expected to begin soon, an Airod spokesman\ntold Reuters.\n Airod is a joint venture between Lockheed Corp unit\n and \n Airod, which was set up in 1985, has a paid-up capital of\n5.6 mln ringgit, the spokesman said.\n He said that under the contract, jet parts from U.S. Air\nForce bases in the Philippines, Japan and South Korea would be\nsent to Airod for servicing and repair. If the Air Force was\nsatisfied with its performance, the contract could be extended,\nhe said. Airod now services some Royal Malaysian Air Force and\nIndonesian Air Force aircraft, he said.\n Aerospace Industries is equally owned by the Malaysian\ngovernment, Malaysian Airline System and .\n REUTER\n\u0003", "date": "18-MAR-1987 05:19:42.20", "places": [ "malaysia", "usa" ], "id": "6367" }, { "title": "TOYOTA MOTORS SIGNS PURCHASE AGREEMENT WITH PNB", "body": "The state-owned Philippine National Bank\n(PNB) will fund Toyota Motor Corp's planned purchase\nof its bankrupt former local partner's manufacturing facilities\nfor at least 193 mln pesos, a bank official told reporters.\n Toyota has informed the Philippine government it plans to\nproduce cars again here in joint venture with a local partner.\n It proposes to invest about 400 mln pesos in the\nmanufacture of car spare parts and other items, and generate\nabout 100 mln pesos in export earnings over five years.\n The banker said today a letter of intent was signed three\nweeks ago but the sale requires approval from government\nagencies charged with selling private sector assets taken over\nby state-owned banks.\n Official sources said Toyota's application was likely to be\napproved.\n Toyota severed ties with its Philippine partner of 20\nyears, , in 1984 because the local company\nwas suffering financial difficulties. PNB later foreclosed on\nDelta's assets.\n REUTER\n\u0003", "date": "18-MAR-1987 05:23:14.40", "topics": [ "acq" ], "places": [ "philippines" ], "id": "6368" }, { "title": "BANK OF ENGLAND INVITES BORROWING AT 10 PCT", "body": "The Bank of England said it had invited\nthose discount houses wishing to use borrowing facilities to do\nso at 1430 GMT today at a rate of 10 pct for 14 days.\n This compares with the Bank's present band one dealing rate\nof 10-3/8 pct.\n The Bank of England's announcement was quickly followed by\nBarclays Bank and National Westminster Bank which announced a\nhalf-point cut in their base rates to 10 pct from 10-1/2 pct.\n Dealers said the lowering in base rates had been widely\nexpected following yesterday's U.K. Budget in which Chancellor\nof the Exchequer Nigel Lawson announced a three billion stg cut\nin the Government's public sector borrowing target for 1987/88\nto four billion stg.\n Many in the market had expected a full one point cut in\nbase rates today but some were not surprised by the\nauthorities' caution, dealers added.\n REUTER\n\u0003", "date": "18-MAR-1987 05:25:28.89", "topics": [ "interest" ], "places": [ "uk" ], "id": "6369" }, { "title": "SRI LANKAN EXTERNAL DEBT ROSE IN NOVEMBER", "body": "Sri Lanka's external debts rose to\n83.84 billion rupees in November from 83.23 billion in the\nprevious month and 67.28 billion in November 1985, the Central\nBank said in its monthly bulletin said.\n The rise was due mainly to increases in commodity loans\nfrom aid donor countries to 27.39 billion from 26.96 billion\nand 22.34 billion in the previous corresponding months.\n International reserves fell to 9.99 billion rupees in\nNovember from 10.29 billion and 12.59 billion.\n REUTER\n\u0003", "date": "18-MAR-1987 05:30:15.85", "places": [ "sri-lanka" ], "id": "6370" }, { "title": "GERMAN PRODUCER PRICES FALL 0.3 PCT IN FEBRUARY", "body": "West German producer prices fell 0.3\npct in February from January and were 4.2 pct below prices in\nFebruary last year, the Federal Statistics Office said.\n In January, producer prices rose 0.2 pct from December, the\nfirst monthly rise since October 1985, but they were down 4.4\npct from a year earlier.\n The Statistics Office said light heating oil producer\nprices fell 22 pct in February from January while heavy heating\noil prices fell 24 pct.\n REUTER\n\u0003", "date": "18-MAR-1987 05:33:21.71", "topics": [ "wpi" ], "places": [ "west-germany" ], "id": "6371" }, { "title": "HOLZSTOFF AG 1986 YEAR", "body": "Net profit 25.5 mln Swiss francs vs 22.2\nmln\n Turnover 717 mln vs 739 mln\n Cash flow 75.4 mln vs 58.1 mln\n Proposed dividend 70 francs vs same\n Note - Company plans one for two rights issue of 40,000\nparticipation certificates of nominal 50 francs. Conditions not\nyet set.\n REUTER\n\u0003", "date": "18-MAR-1987 05:35:08.88", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "6372" }, { "title": "VEBA SHARE PLACEMENT STILL EXPECTED THIS MONTH", "body": "The sale of the government's 25.55 pct\nstake in VEBA AG is still expected this month, banking\nsources closely linked with the transaction said.\n A spokesman for the Finance Ministry said no exact date had\nyet been set for the privatisation, which the government has\ntabled for the second half of March. However, he added a\nscandal at Volkswagen AG , VW, over currency losses \"has\nnothing to do\" with the timing of the VEBA sale.\n Finance Minister Gerhard Stoltenberg has said the sale of\nthe Federal government's stake in VW, originally scheduled for\nlater this year, may be delayed because of the currency affair.\n A banker involved in the VEBA placement said \"Nothing has\nchanged in the planning. I still presume that it will take\nplace in the second half of March.\"\n This banker said there would be no reason to postpone the\nissue of the 10 mln VEBA shares for a few days. He added that\nthe consortium which is arranging the deal had completed its\npreparatory work, although the price had not been decided.\n The VEBA share has been weaker ahead of the placement but\nWest German stocks have been generally bearish and news of the\nVW scandal last week put further pressure on the market.\n REUTER\n\u0003", "date": "18-MAR-1987 05:37:22.96", "topics": [ "acq" ], "places": [ "west-germany" ], "id": "6373" }, { "title": "BORAL TO RAISE 100 MLN DLRS BY NOTES ISSUE", "body": "Building materials group Boral Ltd\n said it will raise 100 mln Aus dlrs by placing 20 mln\n7.5 pct convertible notes with institutions at 5.00 dlrs each.\n The proceeds will refinance existing group liabilities, it\nsaid in a statement.\n Interest will be payable over the next five years in\nhalf-yearly instalments on February 28 and August 31.\n Boral said the notes will be convertible into ordinary\nshares on a one-for-one basis on the same dates in 1989, 1990\nand 1991 and 1992. Unconverted notes will be repaid at par on\nFebruary 28, 1992.\n REUTER\n\u0003", "date": "18-MAR-1987 05:50:27.52", "places": [ "australia" ], "id": "6374" }, { "title": "SOVIET ECONOMIST SAYS PRODUCTION FIGURES PADDED", "body": "A leading Soviet economist said the\npractice of padding figures was significantly inflating the\ncountry's industrial production data.\n \"According to the information of state monitoring organs,\nthe padding of figures makes up one-and-a-half to three per\ncent of the volume of production,\" Alexei Sergeyev told the\nofficial newspaper Sovetskaya Rossiya.\n \"In my opinion, it is significantly higher,\" Sergeyev, who\nworks at the Economics Institute of the Soviet Union's Academy\nof Sciences, said.\n Most Western economists have for years allowed for a\ncertain padding of figures when analysing Soviet statistics for\nindustrial production.\n Sergeyev said about 600 mln roubles was lost annually in\nraw material industries by paying wages and bonuses for work\nwhich was not in fact performed.\n He said the elimination of figure-padding and other\nmalpractices would save billions of roubles and would pay for\nthe Soviet Union's social development program up to the year\n2000.\n REUTER\n\u0003", "date": "18-MAR-1987 06:00:51.09", "topics": [ "ipi" ], "places": [ "ussr" ], "id": "6375" }, { "title": "SONY FORESEES CONTINUED SLUMP IN EARNINGS", "body": "Sony Corp group net income is\nexpected to be down 65 pct for the five months ending March 31\nfrom the same period a year ago at around 10 billion yen, if\nthe yendollar rate remains at the present level, managing\ndirector Tsunao Hashimoto told a press conference.\n Sony will have an irregular five-month business term ending\nMarch 31, as its financial year will be changed to run from\nApril 1 to March 31 from the current October 31 year end.\n Group sales in the same period are estimated at about 550\nbillion yen, down five pct from a year earlier, he said.\n The company earlier reported net income of 7.65 billion yen\nin the three month period ended January 31, down 59.2 pct from\na year earlier, on sales of 343.06 billion, down 6.3 pct.\n The gloomy profits and sales resulted from the yen's recent\nappreciation against the dollar and a sharp drop in market\nprices due to severe sales competition at home and abroad.\n The yen rose 26 pct to an average of 159 yen to the dollar,\nreducing the company's total sales in the three month period by\n40 billion yen, Hashimoto said.\n Sales of 8-mm video camera/recorders totalled 300,000 units\nin the three months, unchanged from a year earlier, while\nBeta-format video tape recorders (vtrs) sales fell to 300,000\nfrom 350,000. Sales of compact disc players rose to 450,000\nfrom 300,000 and those of the Walkman rose to 2.25 mln from\n1.30 mln but colour television sales fell to 950,000 from one\nmln due to lower exports to China.\n Sales of 8-mm vtrs had already exceeded Beta-format vtrs\nsales since the beginning of fiscal 1986, Hashimoto said.\nOverseas sales accounted for 68.2 pct of the total in the three\nmonths compared with 71.3 pct a year earlier.\n Overseas production will account for 35 pct of its total\nproduction in 1990 from the present 20 pct.\n Hashimoto also said parent current profit in the five-month\nperiod is estimated at around 17 billion yen, down 33 pct from\na year earlier, on sales of 400 billion, down 12 pct.\n Sony is hoping to retain at least 1985/86 levels of group\nnet profits and sales in the new financial year starting April\n1 1987, he added. The company made 41.9 billion yen group net\nprofit in the year ended November 31 1986, down 42.6 pct from a\nyear earlier, on sales of 1,325 billion, down 6.7 pct.\n REUTER\n\u0003", "date": "18-MAR-1987 06:11:42.30", "topics": [ "earn" ], "places": [ "japan" ], "id": "6376" }, { "title": "ASSOCIATES CORP ISSUES 15 BILLION YEN BOND", "body": " is\nissuing a 15 billion yen eurobond due November 2, 1992 with a\nfive pct coupon and priced at 102-3/8, \nsaid as lead manager.\n The non-callable bonds will be issued in denominations of\none mln yen and will be listed in Luxembourg. Fees are 1-1/4\npct for selling and 5/8 pct for management and underwriting\ncombined, with a 1/8 pct praecipuum. Pay date is April 6.\n Co-lead managers are , and .\n REUTER\n\u0003", "date": "18-MAR-1987 06:15:24.02", "places": [ "uk" ], "id": "6377" }, { "title": "ROCHE INTRODUCES NEW ANTI-RHEUMATISM DRUG", "body": "F. Hoffmann-La Roche und Co\nAG said it introduced a new anti-rheumatism drug with\nthe brand name tilcotil on the Swiss market starting today.\n The drug, developed by Roche itself, contains the substance\ntenoxicam. The company said in a statement that tests had shown\nits effectiveness against various types of rheumatism and\narthritis. It was attractive for sufferers because it worked\nquickly and needed to be taken only once a day, Roche said.\n REUTER\n\u0003", "date": "18-MAR-1987 06:18:25.05", "places": [ "switzerland" ], "id": "6378" }, { "title": "BRITISH LAND ISSUES 30 MLN STG CONVERTIBLE BOND", "body": "British Land Co Plc is issuing a 30 mln\nstg convertible eurobond due March 26, 2002 with an indicated\ncoupon of 7-1/4 pct to 7-3/4 pct and priced at 101-3/4 pct,\nlead manager Credit Suisse First Boston Ltd said.\n The price will be fixed on or before March 24 at a premium\nof between 25 and 28 pct over the share price. There will be a\ncall from 90 days after payment at 106, declining by one pct\nper annum to par but not before March 26, 1992 unless the share\nprice is 130 pct of the conversion price.\n The bonds will be listed in London and will be issued in\ndenominations of 1,000 and 5,000 stg.\n Total fees of 2-1/2 pct comprise 1/2 pct each for\nmanagement and underwriting and 1-1/2 pct for selling. Pay date\nis April 24 with a short first coupon.\n Co-lead is S.G. Warburg and Co Ltd.\n REUTER\n\u0003", "date": "18-MAR-1987 06:19:11.06", "places": [ "uk" ], "id": "6379" }, { "title": "CHRYSLER CREDIT CANADA ISSUES 75 MLN CAN DLR BOND", "body": "Chrysler Credit Canada Ltd is issuing a\n75 mln Canadian dlr eurobond due Aoril 15, 1993 with a 9-1/4\npct coupon and priced at 101-1/2 pct, Orion Royal Bank Ltd said\nas lead manager.\n The non-callable bonds will be listed in Luxembourg and\nwill be issued in denominations of 1,000 and 10,000 dlrs. \nTotal fees of 1-7/8 pct comprise 1-1/4 pct for selling and 5/8\npct for management and underwriting combined. Pay date is April\n15.\n The transaction is guaranteed by Chrysler Finance Corp.\n REUTER\n\u0003", "date": "18-MAR-1987 06:23:25.06", "places": [ "canada" ], "id": "6380" }, { "title": "DUNHILL HOLDINGS ARRANGES 50 MLN DLR/STG PROGRAM", "body": "Dunhill Holdings Plc, a subsidiary of\nRothmans International PLC has appointed Chemical Bank\nInternational Ltd as sole dealer for a 50 mln U.S. Dlr and\nsterling commercial paper program, Chemical said.\n The paper will be sold in denominations of 500,000 dlrs and\nhave maturities of seven to 364 days. Chemical Bank (London\nbranch) will act as issuing and paying agent.\n The financing is the first of its kind for the company,\nwhich makes luxury consumer products.\n REUTER\n\u0003", "date": "18-MAR-1987 06:35:07.89", "places": [ "uk" ], "id": "6381" }, { "title": "KLM DENIES PRESS REPORT OF AIR ATLANTA TAKEOVER", "body": "NV KLM Royal Dutch Airlines \nis \"absolutely not\" negotiating a takeover of U.S. Regional\ncarrier Air Atlanta, a KLM spokeswoman said in a comment on an\narticle in the leading Dutch evening paper NRC Handelsblad.\n \"U.S. Law requires that at least 75 pct of shares in a U.S.\nAirline be owned by American firms or persons,\" the spokeswoman\nadded.\n The newspaper said that Air Atlanta, which flies to 11 U.S.\nCities, has a fleet of five Boeing jets with passenger capacity\nof 110 and employs 400 people, is making losses.\n She said KLM had started talks with Vendex International NV\n on their jointly owned courier service XP Express\nParcel Systems, but declined to confirm an NRC Handelsblad\nreport saying it wanted to buy the Vendex stake in XP.\n KLM said last week it is negotiating a minority stake in\nBritish courier service , a\nsubsidiary of British and Commonwealth Shipping Plc ,\nto strengthen its position in the fast-growing worldwide\ndoor-to-door delivery market.\n The KLM spokeswoman said she expected further announcements\nabout the talks with Vendex to be made early next week.\n REUTER\n\u0003", "date": "18-MAR-1987 06:41:47.51", "topics": [ "acq" ], "places": [ "netherlands" ], "id": "6382" }, { "title": "WEST GERMAN NEW CAR REGISTRATIONS RISE IN FEBRUARY", "body": "West German new car\nregistrations in February increased by 31 pct over January's\nfigure but trailed the February 1986 total by 2.9 pct, the\nFederal Motor Office said.\n February new car registrations totalled 190,175 compared\nwith the year ago figure of 195,852 and last month's 145,122.\n New car registrations in January had fallen 41.6 pct\nagainst December, reflecting the end of tax incentives aimed at\nencouraging West Germans to buy cars with catalytic converters.\n The office said total February new vehicle registrations,\nincluding those for trucks and buses, fell to 205,376 from\n210,084 in February 1986 but were well above January's 157,357.\n REUTER\n\u0003", "date": "18-MAR-1987 06:44:22.38", "places": [ "west-germany" ], "id": "6383" }, { "title": "BELGIAN BANK SAID TO SEE SLOWER GROWTH", "body": "An internal report produced by the\nBelgian National Bank foresees the country's gross national\nproduct growth falling in 1987 to 1.0 pct from 2.3 pct in 1986,\nthe independent newspaper Le Soir said.\n A National Bank spokesman said the newspaper article was\nbasically correct, but that the report was produced six weeks\nago and figures were therefore to some extent out of date.\n The government's planning bureau predicted growth of 0.9\npct this year in a study published last month.\n REUTER\n\u0003", "date": "18-MAR-1987 06:47:42.59", "topics": [ "gnp" ], "places": [ "belgium" ], "id": "6384" }, { "title": "SPAIN'S INFLATION RISES 0.4 PCT IN FEBRUARY", "body": "Spain's consumer price index rose 0.4\npct in February after increases of 0.7 pct the previous month\nand 0.4 pct in February last year, National Statistics\nInstitute figures show.\n Year-on-year inflation was six pct compared with the\ngovernment five pct target for 1987. It rose 8.3 pct last year.\n REUTER\n\u0003", "date": "18-MAR-1987 06:51:14.19", "topics": [ "cpi" ], "places": [ "spain" ], "id": "6385" }, { "title": "TAIWAN BUYS 462,000 TONNES OF U.S. MAIZE", "body": "The joint committee of Taiwan's maize\nimporters awarded contracts to five U.S. Companies to supply a\ntotal of 462,000 tonnes of maize for delivery between May 10\nand October 10, a committee spokesman said.\n Cigra Inc won a contract for a cargo of 56,000 tonnes,\npriced at 79.41 U.S. Dlrs per tonne fob pacific northwest port,\nfor delivery on July 5 and 20.\n Continental Grain Co of New York received three shipments,\ntotalling 143,000 tonnes, price ranging from 90.95 to 95.75\nU.S. Dlrs per tonne c and f Taiwan for delivery between May 10\nand October 10.\n Cargill Inc of Minnesota took two shipments, totalling\n83,000 tonnes priced between 92.00 and 92.93 U.S. Dlrs per\ntonne c and f Taiwan for September 5-20/September 10-25\ndelivery. United Grain Corp of Oregon won three contracts to\nsupply 93,000 tonnes priced from 92.32 to 93.19 U.S. Dlrs per\ntonne c and f Taiwan for delivery between May 10 and July 30.\n Garnac Grain Co Inc of New Jersey received two shipments,\ntotalling 87,000 tonnes at 88.90 to 92.29 U.S dlrs c and f\nTaiwan for delivery between July 10 and August 10.\n REUTER\n\u0003", "date": "18-MAR-1987 06:52:47.16", "topics": [ "grain", "corn" ], "places": [ "usa", "taiwan" ], "id": "6386" }, { "title": "CREDIT LYONNAIS ISSUES ZERO COUPON YEN BOND", "body": "Credit Lyonnais is issuing a 19 billion\nyen zero coupon eurobond due April 15, 1992 priced at 81.22\npct, lead manager Nomura International Ltd said.\n The bond is available in denominations of 10 mln yen and\nwill be listed in Luxembourg.\n Credit Lyonnais is joint lead. Fees comprise 85 basis\npoints selling concession and 70 basis points for management\nand underwriting.\n Payment date is April 15.\n REUTER\n\u0003", "date": "18-MAR-1987 06:52:53.06", "places": [ "uk" ], "id": "6387" }, { "title": "DEUTSCHE BABCOCK RIGHTS ISSUE PRICED AT 165 MARKS", "body": "Deutsche Babcock AG\n said an issue price of 165 marks had been set on a\ntwo-for-five rights issue of shares which will raise nominal\ncapital by 100 mln marks to 350 mln marks.\n The subscription period for the offer runs from March 26 to\nApril eight, it added.\n Babcock shares opened at 222.2 marks in Frankfurt after a\nclose of 226 yesterday. Babcock, which has set an unchanged\nthree mark a share dividend on 1985/86 business, announced last\nweek that Iran was selling its 25.2 pct holding in the company.\nThese shares will be placed with institutional investors.\n The rights issue will bring Deutsche Babcock 330 mln marks,\nwhich share market analysts said was likely be used partly to\nfinance expansion, especially in environment technology.\n However, one analyst who follows the stock for a major\nFrankfurt bank said the capital increase would also be used to\nbring capital ratios back into order after the company suffered\nheavy losses in the early 1980s.\n This analyst said Babcock had used reserves to cover these\nlosses, which were due to problems linked with three major\ncontracts in the Middle East. The parent company made a net\nloss in the year to end-September 1982 of 389 mln marks.\n Deutsche Babcock has not yet presented details of its\nresults in the 1985/86 period, but it has said profits rose\nfrom the group net of 32.1 mln marks in 1984/85.\n The share market analysts saw no particular problems in the\npricing of the new Babcock shares but said the timing was\nunfortunate.\n The government is planning to sell its 25.55 pct stake in\nVEBA AG this month, in a transaction worth a likely\n2.5 billion marks. The Babcock rights issue also coincides with\na large capital increase by the Aachener und Muenchener\ninsurance group.\n The heavy volume of new stock coming on to the market has\ngenerally put pressure on West German stocks which have also\nsuffered because of export problems caused by the high mark.\n Analysts have linked the pending capital increase with\nIran's decision to sell its holding in Babcock, held since\n1975.\n When the Iranian decision was announced last week, the\nmarket took the news calmly. Analysts said today the\ncombination of the Iranian sale and the rights issue would not\nhave a negative effect on the Babcock share because the direct\nplacement of the Iranian holding with institutional investors\nboth in Germany and abroad would shield the price from falls.\n REUTER\n\u0003", "date": "18-MAR-1987 06:53:34.26", "places": [ "west-germany" ], "id": "6388" }, { "title": "CHINA EVERBRIGHT AND LOTUS IN H.K. JOINT VENTURE", "body": "Peking backed said it signed an accord with a unit of U.S.\nBased Lotus Development Inc to form a joint venture\ncathode ray tube manufacturing plant in Hong Kong.\n An Everbright statement said the company will have a 26 pct\nshare in the 70 mln U.S. Dlr worth , while will own the remaining stake.\n The plant has an annual production capacity of up to one\nmln 14-26 inch cathode ray tubes for colour televisions.\n REUTER\n\u0003", "date": "18-MAR-1987 06:54:45.57", "places": [ "hong-kong" ], "id": "6389" }, { "title": "PHILIPPINE ARMY ACADEMY BOMBED", "body": "Suspected communist rebels bombed the\nPhilippine Military Academy and injured at least 20 soldiers,\nmany of them senior officers, the state-run Philippine News\nAgency (PNA) said.\n Quoting military sources, it said a bomb had exploded at\n0200 gmt at the academy, in Baguio north of Manila.\n The bomb exploded during rehearsals for a weekend\ngraduation to be attended by President Aquino, it added. - \n \n Reuter\n\u0003", "date": "18-MAR-1987 07:04:48.12", "places": [ "philippines" ], "id": "6390" }, { "title": "SAUDI HOSTAGE FREED IN BEIRUT", "body": "A kidnapped Saudi Arabian diplomat has\nbeen freed in Beirut after 64 days in captivity, witnesses\nsaid.\n They identified him as Bakr Damanhuri, responsible for\nSaudi Arabian students at Beirut universities.\n Damanhuri appeared at a news conference given by Shi'ite\nMoslem Amal militia leader Nabih Berri, Syria's military\nintelligence chief in Lebanon Brigadier Ghazi Kanaan and\nLebanese-born Saudi Arabian businessman Rafiq Hariri.\n Reuter\n\u0003", "date": "18-MAR-1987 07:05:34.81", "places": [ "lebanon", "saudi-arabia" ], "id": "6391" }, { "title": "STOLTENBERG URGES U.K. ENTRY INTO EMS", "body": "West German finance minister Gerhard\nStoltenberg suggested that the U.K. Should join the European\nMonetary System (EMS) and also urged some member countries to\nabandon their dual currency structures.\n Stoltenberg was speaking at a meeting of the Committee for\na Currency Union in Europe, whose key members are former West\nGerman Chancellor Helmut Schmidt and former French President\nValery Giscard d'Estaing, founders of the EMS.\n He said, \"One failing of the EMS is important countries,\nlike Great Britain, are not members. Other partners should give\nup their split currencies or abandon broader fluctuations.\"\n EMS member Belgium has both a \"financial\" and a \"commercial\"\nfranc and the Italian lira is allowed to fluctuate by six pct\nagainst other member currencies, compared with a permitted\nfluctuation of only 2.25 pct for other currencies.\n According to a text of Stoltenberg's speech, the finance\nminister also urged greater convergence of economic and\nfinancial policies among European countries.\n He added that monetary stability should be a priority for\nEuropean countries and, with reference to the U.S. Dollar, he\nsaid it was wrong to presume that a \"permanent devaluation\" was\nthe answer to economic problems.\n Stoltenberg said there were clear reasons to bring down the\ndollar in 1985. \"But an overshooting in the other direction now\nbrings the danger of a new inflationary push for the U.S. And\nother countries whose currencies have declined,\" he added.\n He said such a development could also produce further\nburdens for heavily indebted developing countries. An agreement\nlast month in Paris by industrial countries to stabilise the\ndollar around current levels had acknowledged these risks, he\nsaid.\n REUTER\n\u0003", "date": "18-MAR-1987 07:05:54.33", "places": [ "west-germany", "uk" ], "id": "6392" }, { "title": "ASSOCIATES CORP ISSUES 15 BILLION YEN BOND", "body": " is\nissuing a 15 billion yen eurobond due November 2, 1992 with a\nfive pct coupon and priced at 102-3/8, \nsaid as lead manager.\n The non-callable bonds will be issued in denominations of\none mln yen and will be listed in Luxembourg. Fees are 1-1/4\npct for selling and 5/8 pct for management and underwriting\ncombined, with a 1/8 pct praecipuum. Pay date is April 6.\n Co-lead managers are , and .\n REUTER\n\u0003", "date": "18-MAR-1987 07:06:02.78", "places": [ "uk" ], "id": "6393" }, { "title": "LAWSON SAYS HE IS CONTENT WITH CURRENT STERLING EXCHANGE RATE\n", "date": "18-MAR-1987 07:06:29.57", "topics": [ "money-fx", "stg" ], "id": "6394" }, { "title": "ZAIRE AND IMF IN ECONOMIC RESCUE TALKS", "body": "Talks are underway between financially\ntroubled Zaire and the International Monetary Fund (IMF) aimed\nat rescuing the economy of the second largest nation in\nsub-Saharan Africa.\n Diplomatic and banking sources in Kinshasa agreed that a\ncompromise formula could be reached in the coming weeks\nenabling pro-Western Zaire to obtain a much needed injection of\ncash.\n For its part the government is expected to increase\nbudgetary discipline, which in turn is likely to attract\nforeign investors, the sources said.\n \"Barring last-ditch obstacles, which can't be totally ruled\nout in an issue involving a nation's pride and substantial\npolitical and economic interests, Zaire and its creditors are\nbound to come to terms soon,\" a Western diplomat told Reuters.\n \"The Zairean economy won't survive without massive IMF\nassistance. Similarily, the West has no interest to see Zaire's\nstrategic minerals fall into communist hands,\" the diplomat\nsaid.\n Zaire defied its creditors late last year by saying it\nwould limit repayments on its five billion dlr external debt to\n10 pct of its export earnings from January 1987.\n The government also announced an end to the floating\nexchange rate for the zaire currency and a return to a fixed\nparity against special drawing rights (SDRs) with periodic\nadjustments.\n Until last year, Zaire devoted up to 28 pct of its export\nrevenue to servicing large foreign debts contracted during the\ncopper boom of the 1970's to finance largely non-productive and\noften extravagant investment projects.\n Zaire, the world's leading cobalt producer and the sixth\nlargest supplier of copper, depends on the two minerals for\ntwo-thirds of its export earnings.\n \"A young country cannot go on indefinitely sacrificing\neverything for the sake of servicing its external debt,\"\nPresident Mobutu Sese Seko commented in October when he\nannounced his government's decision.\n As early as January 1986, Mobutu had warned that \"one does\nnot feed on austerity and praise. I have another debt, one\ntoward my people and my people's efforts must not backfire,\" he\ntold diplomats.\n Zaire pointed out that during four years of IMF-backed\nausterity (1983-86), it had become a net exporter of capital\nwithout receiving appropriate financing from abroad.\n Economists said that since the large devaluation of the\nzaire currency in September 1983, the country suffered a net\noutflow of 830 mln dlrs each year.\n Zaire's medium and long term public debt in the past few\nyears reached an equivalent of about 100 pct of its Gross\nNational Product (GNP), one of the highest such ratios in the\nworld, banking sources said.\n Mobutu accused the IMF of \"strangling\" his country at an\nOctober meeting of the ruling MPR party and said his people\ncould not long endure the hardship caused by austerity.\n Zairean officials blame their present difficulties on the\nIMF recovery plan's two basic assumptions which, they said,\nfailed to materialise last year,\n - a world economic recovery pushing up commodity prices and\nboosting Zaire's export revenue and debt servicing capacity,\n - substantial, additional financial help from the country's\ntraditional donors.\n In 1983 Zaire set out on a major economic reform aimed at\ncurbing its soaring debt. It floated its currency, slashed\nspending and privatised industry, gaining praise from Western\ncreditors and obtaining debt rescheduling.\n As a result, the overall economic and financial situation\nimproved markedly, with inflation down to 41 pct last year from\n100 pct in 1983.\n But it also led to a severe and steady fall in living\nstandards for Zaire's 35 mln population, fuelling widespread\ndiscontent among poorer city dwellers, diplomats said.\n Economists estimate the drop in purchasing power at between\n20 and 35 pct for an average household over the last 12 months,\ndespite a pay rise of up to 67 pct for civil servants announced\nlast May.\n The World Bank has released in the last two months half of\na previously-agreed 80 mln dlrs industrial sector loan and lent\n27.6 mln dlrs to modernise the country's vital river transport\nsystem.\n Belgium, Zaire's former colonial ruler and its main trading\npartner, recently agreed to release a total of 17 mln dlrs to\nease payments difficulties and finance imports of spare parts\nfor industry.\n A new agreement between the IMF and Zaire would pave the\nway for another debt rescheduling, probably at the next meeting\nof the Paris Club of Western creditor nations, diplomats said.\n REUTER\n\u0003", "date": "18-MAR-1987 07:07:24.30", "organisations": [ "imf" ], "places": [ "zaire" ], "id": "6395" }, { "title": "JAPAN TO ADOPT ITS LARGEST-EVER PROVISIONAL BUDGET", "body": "A parliamentary boycott by opposition\nmembers has forced the government to compile its largest-ever\nprovisional budget, finance ministry officials said.\n The 7,900 billion yen budget for the first 50 days of\nfiscal 1988 starting April exceeds the previous record of 3,040\nbillion yen for an 11-day budget in fiscal 1984.\n An on-again, off-again parliamentary boycott by opposition\nparties over a proposed five pct sales tax has prevented\npassage of the full 1987/88 budget within the current year\nending March 31.\n The stop-gap budget, which is expected to pass parliament\non March 31, is designed to respond to mounting calls for\neconomic stimulus from domestic industries, hard hit by the\nyen's sharp rise, officials said.\n It will include as much as 1,800 billion yen for public\nworks, about 30 pct of the 6,000 billion yen earmarked for such\nworks in the full budget. Traditionally, a provisional budget\ncovers only day-to-day mandatory expenses.\n The government also expects the budget to meet pressure\nfrom trading partners for an expansion of Japanese domestic\ndemand, they said.\n The budget includes expenditures for a program to create\n300,000 jobs and other reflationary measures, the officials\nsaid.\n They quoted ruling Liberal Democratic Party (LDP) secretary\ngeneral Noboru Takeshita as telling opposition party officials\nyesterday that the budget should include as much pump-priming\nas possible.\n Economists said confidence of opposition members in their\ncampaign to scrap the sales tax has been heightened by their\nsuccess in forcing the adoption of a stop-gap budget and could\nlead to even further delays in passing the full budget.\n The result may be that the government will have to delay\nits planned announcement of a set of pump-priming measures in\nApril, economists said.\n That package is expected to include a plan to carry out\nmore than 80 pct of total 1987/88 public works in the first\nhalf of the fiscal year, a government official said.\n Japanese press reports said some LDP executives suggested\nNakasone may have to give up plans to visit Washington in April\nbecause of the sales tax confrontation. Nakasone hopes to meet\nPresident Reagan to prepare for the economic summit of seven\nmajor industrial democracies in June, they added.\n REUTER\n\u0003", "date": "18-MAR-1987 07:08:35.67", "places": [ "japan" ], "id": "6396" }, { "title": "JAPAN EARTHQUAKE KILLS ONE, CUTS PHONE LINES", "body": "A very strong earthquake that struck\nsouthwest Japan killed one person and injured at least three,\ncracked walls and cut telephone lines, authorities said.\n The quake, at 0336 GMT, registered 6.9 on the Richter\nscale, and officials issued warnings of tidal waves of up to\ntwo metres high, they said.\n A man died in Miyazaki prefecture when his truck\noverturned, and another was seriously hurt when his roof caved\nin, police said. Two primary school children were hurt by\nflying shards of glass as they sat in their classroom. The\nextent of their injuries was not immediately known.\n A police spokesman in the western Kyushu city of Miyazaki,\none of the worst hit areas, said walls cracked all over town.\n Weather officials told Reuters the quake's epicentre was 50\nkm underground and 40 km offshore east of the city of Hyuga, on\nKyushu's eastern coast.\n Maritime Safety Agency authorities ordered fishermen along\nthe Kyushu coast to return to port, and dispatched a fleet of\nsix search boats to see them safely back.\n Telephone links with the island were badly disrupted and\nall trains in the area were been stopped as a precaution,\npolice said.\n REUTER\n\u0003", "date": "18-MAR-1987 07:10:04.53", "places": [ "japan" ], "id": "6397" }, { "title": "LAWSON SAYS HE FAVOURS GRADUAL APPROACH TO CUTS IN U.K. INTEREST RATES\n", "date": "18-MAR-1987 07:11:17.83", "topics": [ "interest" ], "id": "6398" }, { "title": "U.K. MONEY MARKET SHORTAGE FORECAST REVISED UP", "body": "The Bank of England said it revised up\nits estimate of the deficit in the system today to 1.3 billion\nstg from 1.1 billion.\n The Bank has not provided any assistance to the market so\nfar today but earlier invited the discount houses to use their\nborrowing facilities at 1430 GMT today and set the terms at 10\npct for 14 days.\n REUTER\n\u0003", "date": "18-MAR-1987 07:18:07.92", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "6399" }, { "title": "LAWSON HAPPY WITH STERLING, BACKS LATEST RATE CUT", "body": "Chancellor of the Exchequer Nigel Lawson\nsaid he was content with the current level of sterling and\nwelcomed today's announcement of a further half point cut in\nBritish bank base lending rates to 10 pct.\n However, he said he wanted to see a gradual approach to\ndeclines in domestic U.K. Interest rates, although optimism in\nfinancial markets might push for big moves quickly.\n He told a briefing of economic journalists that \"I don't\nthink we should rush anything.\" Lawson stressed the themes of\n\"gradualism and steadiness\" as economic policy.\n Lawson acknowledged that today's fall in interest rates\nwere in response to his budget for fiscal 1987/88, unveiled\nyesterday to Parliament and which set a lower target for the\nkey Public Sector Borrowing Requirement (PSBR) of 1.0 pct of\nGDP.\n Lawson said the two recent cuts in base rates, both made\nthis month in the form of half percentage point declines, were\n\"perfectly consistent\" with monetary conditions now in Britain.\n He supported that by saying the narrow M0 money supply\naggregate was \"safely inside\" its flucuation band of two to six\npct set for both 1986/87 and 1987/88. In his budget, Lawson set\nno explicit target range for the broader sterling M3.\n Turning to the question of Britain eventually joining the\nexchange rate mechanism of the European Monetary System (EMS),\nLawson repeated that \"it is most unlikely we will enter before\nthe next election.\"\n He said Britain was keeping the subject of full EMS\nmembership under constant review. But he would not indicate\nwhat the chief considerations for this were for the government.\n Prime Minister Margaret Thatcher late last year said a\ndecision on whether or not to join depended on the strength of\nthe U.K. Economy. But she later said such a move depended on\nother EMS countries scrapping residual capital controls.\n Although Lawson denounced what he said was \"the current wave\nof election fever\" in Britain, he added: \"It is more likely that\nthere will be an election this year\" than not.\n He said he supported an early election only because it\nwould clear the air. \"Ideally, we (the government) should have a\nfull term,\" but events could force a premature poll, Lawson\nsaid.\n The government, which has been in power since 1979, must\ncall an election by June 1988. Speculation is rising for either\na June or an early autumn election, political sources said.\n The decision to cut basic tax by only two pence in 1987/88\n\"was the right balance, economically and politically,\" he said.\n Lawson's decision to restrict the fall in the standard rate\nof tax to two-pence surprised many analysts, who had predicted\nthat with Treasurys coffers full of tax revenue would have\nallowed the government to reach its goal of 25 pct in one move.\n But it was being praised today by political analysts as a\nshrewd move which, while advancing towards that aim, could not\nbe seized upon by opposition parties as overtly trying to bribe\nthe electorate.\n Lawson told journalists he had been surprised by how much\nthe PSBR had undershot his original assumption of 7.1 billion\nstg for 1986/87 -- by some three billion stg.\n Returning to changing levels of interest rates, Lawson\nstressed that \"they are not an objective (for the government) -\nthey are an instrument of policy.\" Consequently the Treasury had\nno precise target for domestic borrowing levels, he said.\n But \"there may be interest rate consequences\" from changes in\nthe level of government borrowing, he added.\n Lawson said he did not think that the U.K.'s relatively\nhigh level of real interest rates had hurt investment in\nBritain.\n He said conditions created by London's role as a leading\nfinancial centre had caused sterling interest rates to be\nhigher in real terms than in other countries.\n Three factors had caused the higher level in relative\ninterest rates in Britain, Lawson said.\n First, control of credit in Britain rested on interest\nrates alone, due to the freedom of its financial markets.\n He said the second reason was political uncertainty caused\nby proposed spending plans of the opposition Labour Party.\n Thirdly, he said \"we do not have as long a track record of\nlow inflation\" as did the U.S., Japan and West Germany.\n Lawson foresaw London becoming the world's pre-eminent\nfinancial centre, because it was more international in\ncharacter and more favourably placed in time zones than New\nYork or Tokyo.\n REUTER\n\u0003", "date": "18-MAR-1987 07:21:58.13", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "6400" }, { "title": "JAPAN TO ALLOW MORE FOREIGN BROKERS AT AUCTIONS", "body": "The Finance Ministry said it will allow\nmore foreign brokers to participate in government note auctions\nfrom April by abolishing a requirement that participants have\ncurrent accounts with the Bank of Japan.\n This will allow 18 more Japanese branches of foreign-owned\nbrokerages to bid, it said. Currently 22 foreign brokers are\nallowed to bid.\n Bidders for two, three and four-year notes must be members\nof the underwriting syndicate for five-year discount notes and\n10 and 20-year government bonds.\n New tender participants are: Vickers da Costa Ltd; Bache\nSecurities Ltd; Smith Barney, Harris Upham International Inc;\nJardine Fleming Securities Ltd; Kidder Peabody and Co Ltd;\nGoldman, Sachs International Corp; Morgan Stanley Co Ltd; S.G.\nWarburg and Co Ltd; First Boston Co Ltd; Kleinwort Benson\nInternational Inc; Schroder Securities Ltd; Deutsche Bank AG;\nEF Hutton Ltd; Shearson Lehman Brothers Asia Inc; Dresdner Bank\nAG; Swiss Union Philips and Drew Ltd; Sogen Security Corp and\nSwiss Bank Corp International Asia Inc.\n Only these 18 Japanese branches of foreign-owned brokers\nwould meet other existing requirements to participate.\n REUTER\n\u0003", "date": "18-MAR-1987 07:25:45.57", "places": [ "japan" ], "id": "6401" }, { "title": "DIXONS HAS 56 PCT OF CYCLOPS CORP", "body": "Dixons Group Plc said its\ntender offer for all of the common shares in of\nthe U.S. Expired at midnight yesterday and that it had accepted\napproximately 2.3 mln shares in the company at 90.25 dlrs each.\n This represents just over 54 pct of the outstanding shares\non a fully diluted basis. But including shares already owned,\nDixons now holds a total of 56 pct of the fully diluted\noutstanding shares.\n The company said it is now entitled to subscribe for all\nthe authorised but unissued and unreserved shares of common\nstock of Cyclops, which total some 5.4 mln shares, at 90.25\ndlrs each.\n Dixons said it has waived its condition that 80 pct of the\nfully diluted outstanding shares be validly tendered and not\nwithdrawn.\n Dixons launched the agreed 384 mln dlr offer on February 17\nthis year in the wake of its unsuccessful battle to take over\nthe U.K. Retail store chain Woolworth Holdings Plc .\n Dixons shares were last quoted at 390p, up on last night's\nclose of 380p.\n On Friday, , an investor group formed by\nAudio/Video Affiliates Inc and Citicorp , said it\nwould increase the price it was offering for all Cyclops shares\nto 92.50 dlrs from 80.00 dlrs each if Cyclops would provide it\nwith confidential information given to Dixons and if it were\nsatisfied that any rights Dixon might have to recover fees or\nexpenses from Dixons or to buy Cyclops stock would be rescinded\nor proved invalid.\n Audio/Video's offer is scheduled to expire March 20.\n Reuter\n\u0003", "date": "18-MAR-1987 07:30:17.71", "topics": [ "acq" ], "places": [ "usa" ], "id": "6402" }, { "title": "BOYCOTT FORCES NAKASONE TO ADOPT STOP-GAP BUDGET", "body": "An on-off parliamentary boycott has\nforced Japanese Prime Minister Yasuhiro Nakasone to adopt a\nprovisional budget, government officials said.\n Economic analysts saw this as another setback in Nakasone's\nplans to overhaul the Japanese tax system.\n The parliamentary boycott by opposition parties over\nNakasone's plans for a five per cent sales tax has made it\nimpossible for the full 1987-88 budget to be passed by the\nstart of the fiscal year on April 1, government officials said.\n Reuter\n\u0003", "date": "18-MAR-1987 07:31:37.66", "places": [ "japan" ], "id": "6403" }, { "title": "IRAQ SAYS IT ATTACKS TWO SHIPS IN GULF", "body": "Iraq said its warplanes hit two ships\noff the Iranian coast in attacks last night and early today.\n The planes \"dealt accurate and effective blows to both\nmaritime targets before they returned safely to base,\" a\nmilitary spokesman told the Iraqi new agency INA.\n There was no immediate confirmation of the attacks from\nPersian Gulf shipping sources.\n The last confirmed Iraqi attack on shipping was on March 8,\nwhen an Iranian tanker was hit by a missile south of Iran's\nKharg island oil export terminal.\n Gulf shipping sources yesterday reported an Iranian warship\nhad set the Cypriot supertanker Pivot on fire with a missile.\n They said there were no injuries on board and the ship\nheaded for the Gulf Emirate of Fujairah under its own power\nafter the fire was put out.\n The Pivot was the 18th ship hit this year in the maritime\nextension of the 6-1/2 year-old Iran-Iraq war.\n Reuter\n\u0003", "date": "18-MAR-1987 07:32:50.54", "topics": [ "ship", "crude" ], "places": [ "iraq", "iraq" ], "id": "6404" }, { "title": "ICCO delegates accept principles of buffer stock compromise as negotiation base\n", "date": "18-MAR-1987 08:02:05.83", "topics": [ "cocoa" ], "organisations": [ "icco" ], "id": "6405" }, { "title": "NEW ZEALAND ECONOMY FORECAST TO IMPROVE IN 1987/88", "body": "New Zealand's inflation and interest\nrates should decline and the balance of payments improve\nsignificantly in the fiscal year to the end of March 1988, the\nInstitute of Economic Research (NZIER) said.\n The independent institute said in its quarterly March issue\nthat it was also revising its fiscal 1987 real gross domestic\nproduct (GDP) forecast to a fall of 0.5 pct against the one pct\ndrop forecast in December.\n Government figures show GDP grew at an annual 1.8 pct in\nthe quarter to September and 3.4 pct in the June quarter.\n The NZIER said the sharp improvement in the June and\nSeptember quarters was due mainly to a new tax structure and\nthe introduction of a 10 pct value-added goods and services tax\nand is not expected to continue in the second half of 1986/87.\n The government's tight fiscal position is not expected to\nchange, it said.\n Annual inflation, measured by the consumer price index, is\nforecast to fall to nine pct by next March from 18.2 pct in\ncalendar 1986, it said.\n \"Falling inflation is likely to give significant scope for\nreductions in nominal interest rates; real interest rates are\nalso expected to ease (albeit slightly) as the balance of\npayments deficit and hence the call on overseas capital, falls\naway,\" the NZIER said.\n Short-term interest rates are forecast to remain between 20\nand 25 pct until the June quarter, but will decline over the\nsecond half of 1987/88 to between 16 and 18 pct. Long-term\nrates are expected to fall to between 14 and 16 pct.\n Five year government bond rates are currently 18.40 pct and\nthe key indicator 30-day bank bills 26.53 pct.\n The local dollar is expected to depreciate steadily in the\nearly part of the coming year and, by next March, reach 57.5 on\nthe Reserve Bank's trade weighted index, which is based on a\nbasket of currencies. The index now stands at around 66.4.\n \"A marked improvement in the balance of payments is\nforecast,\" the NZIER said. \"The current account deficit is\nexpected to fall from 7.5 pct of GDP in 1985/86 to 4.5 pct in\n1986/87 and 2.5 pct in 1987/88.\"\n The current account deficit is forecast to shrink to 1.32\nbillion N.Z. Dlrs in 1987/88 from 2.40 billion in 1986/87 and\n3.33 billion in 1985/86.\n The 1987/88 budget deficit is forecast to be 2.8 billion\ndlrs against an expected 2.9 billion dlrs in 1986/87 and 1.87\nbillion in 1985/86.\n This compares with the government's 1986/87 deficit figure\nof 2.92 billion against an earlier forecast of 2.45 billion.\n \"Conditions in the coming year are sufficiently subdued to\ncontribute to marked improvements in both the balance of\npayments and the rate of inflation ...,\" the NZIER said.\n \"Overall, these are significant gains for the New Zealand\neconomy and, if they continue to be improved upon, bode well\nfor future prospects.\"\n REUTER\n\u0003", "date": "18-MAR-1987 08:02:30.09", "topics": [ "interest", "trade", "gnp", "bop", "cpi" ], "places": [ "new-zealand" ], "id": "6406" }, { "title": "ICCO MEMBERS ACCEPT BUFFER STOCK PRINCIPLES", "body": "International Cocoa Organization (ICCO)\nproducers and consumers accepted the principles of a compromise\nproposal on buffer stock rules as a basis for further\nnegotiation, delegates said.\n The buffer stock working group then asked ICCO Executive\nDirector Kobena Erbynn, who wrote up the draft compromise, to\nflesh out details of the principles with the assistance of a\nrepresentative group of delegates, they said.\n The working group broke up for the day, into a smaller\ngroup of five producers and five consumers to discuss\nadministrative rules and into the group headed by Erbynn to\nhammer out buffer stock rules details, delegates said.\n Delegates said many differences of opinion still have to be\nironed out. \"Whenever we start getting into details the clouds\ngather,\" one delegate said.\n Erbynn is likely to present fleshed out details of the\nbuffer stock rules proposal to the working group early\ntomorrow, delegates said.\n The principles of the draft proposal included establishing\nan offer system for buffer stock purchases rather than a posted\nprice system, a limit to the amount of non-ICCO member cocoa\nthat can be bought, and differentials to be paid for different\nvarieties of cocoa comprising the buffer stock, delegates said.\n REUTER\n\u0003", "date": "18-MAR-1987 08:06:21.15", "topics": [ "cocoa" ], "organisations": [ "icco" ], "places": [ "uk" ], "id": "6407" }, { "title": "LAND SECURITIES ISSUES 100 MLN STG EUROBOND", "body": "Land Securities Plc is issuing a 100 mln\nstg eurobond due April 29, 2007 with a 9-1/2 pct coupon and\npriced at 95-3/4, lead manager J. Henry Schroder Wagg and Co\nLtd said.\n The non-callable bonds will be listed in London and will be\nissued in denominations of 1,000 and 10,000 stg. Fees are 1-1/2\npct for selling and one pct for management and underwriting\ncombined with a 3/16 pct praecipuum. The pay date is April 29.\n REUTER\n\u0003", "date": "18-MAR-1987 08:16:58.23", "places": [ "uk" ], "id": "6408" }, { "title": " FDIC ANNOUNCES 44TH U.S. BANK FAILURE OF YEAR", "body": "The Federal Deposit Insurance Corp.\n(FDIC) announced the failure of an Oklahoma City bank, the 44th\nU.S. bank failure this year.\n The FDIC said it had approved the assumption of the United\nOklahoma Bank by United Bank of Oklahoma, a newly chartered\nsubsidiary of United Bank Shares, Inc., of Oklahoma City.\n It said the failed bank had 148.9 million dlrs in assets,\nincluding about 94.1 million dlrs in 13,000 accounts.\n Reuter\n\u0003", "date": "18-MAR-1987 08:17:04.29", "places": [ "usa" ], "id": "6409" }, { "title": "AFG , WAGNER/BROWN BID FOR GENCORP ", "body": ", controlled by\nprivately-held Wagner and Brown and by AFG Industries Inc, said\nit has started a tender offer for all common shares of GenCorp\nInc and associated defensive preferred share purchase rights\nfor 100 dlrs a share.\n GenCorp stock closed yesterday in composite tape trading at\n90.50 dlrs a share, up two dlrs on the day.\n In a newspaper advertisement, General Partners said the\noffer and withdrawal rights expire April 14 unless extended.\n General Partners said the offer is conditioned on receipt\nof sufficient financing to buy all shares on a fully diluted\nbasis and receipt of enough shares to give General Partners at\nleast 51 pct voting power, again fully diluted.\n It said the offer is also conditioned on GenCorp redeeming\nthe defensive rights or General Partners being satisfied that\nthe rights have been invalidated and General Partners obtaining\nfrom the Federal Communications Commission a special temporary\nauthorization allowing completion of the acquisition of GenCorp\nshares.\n General Partners said it would set up voting trust\narrangements pending review of its long-form application for\nFCC approval of its acquisition of control of GenCorp's\nbroadcasting subsidiary.\n The partnership said the offer is further conditioned on\nGenCorp management withdrawing its proposals to amend the\ncompany's articles of incorporation and code of regulations to\nprovide for an increase in authorized common shares, a\nclassified board of directors and the elimination of cumulative\nvoting. The latter two changes would make it harder for\nminority shareholders to elect directors.\n General Partners said it is asking GenCorp for its\nshareholder lists for help in disseminating the offer.\n GenCorp has about 22.3 mln shares outstanding, making the\nvalue of the offer about 2.23 billion dlrs.\n Last fall, AFG and Wagner and Brown offered to acquire\n for about 1.44 billion dlrs but withdrew the\noffer when higher bids emerged and due to complications of the\nTax Reform Act of 1986. Lear Siegler eventually went private\nfor 1.66 billion dlrs.\n GenCorp is involved in tire and plasticmaking and aerospace\nas well as broadcasting. The company faces challenges to its\ntwo television and 12 radio station licenses, partly becuase it\nfailed to inform the FCC about allegedly improper foreign\npayments and political contributions.\n GenCorp has agreed to sell its New York-area television\nstation WOR to MCA Inc for 387 mln dlrs and its Los\nAngeles station KHJ to Walt Disney Co for 217 mln dlrs.\nAn investor group challenging the Los Angeles license would\nalso receive 103 mln dlrs from Disney.\n For the year ended November 30, GenCorp earned 130 mln dlrs\non sales of 3.10 billion dlrs.\n A GenCorp spokesman said the offer came as a surprise and\nthe company was not yet in a position to comment on the bid.\n Reuter\n\u0003", "date": "18-MAR-1987 08:17:40.70", "topics": [ "acq" ], "places": [ "usa" ], "id": "6410" }, { "title": "FRANCE PROTESTS OVER CANADA'S FISHING BAN", "body": "France today protested over Canada's\ndecision to declare its ports off limits to French fishing\nvessels and bar further fishing by France off Newfoundland.\n A foreign ministry statement described yesterday's decision\nby Canada as \"unjustified and contrary to international law and\ncommitments made by Canada,\" and called on Ottawa authorities to\nreexamin their position.\n Accusing the French of overfishing, Canada yesterday said\nthat any French fishermen caught in the Burgeo Bank area, off\nthe south coast of Newfoundland, would be arrested.\n \"The French government strongly protests against the closing\nof Canadian ports to French fishing vessels and against the\nfishing ban decided by canada on the Burgeo Bank,\" the ministry\nstatement added.\n The French foreign ministry said the measure, the latest\nepisode in the long-running fishing dispute, would have a\nnegative effect on fishing negotiations currently held between\nOttawa and Paris.\n Canada is claiming the French have exceeded their\n6,400-tonne quota of cod allowed in the area.\n In January Canada and France concluded an interim fishing\naccord, opposed by fishermen in both countries, allowing France\nto increase its cod quota by about 15,000 tonnes during 1987.\n Under this accord, Canada and France also agreed to refer\ndifferences over a maritime boundary zone near the French\nislands of Saint-Pierre et Miquelon to international\narbitration.\n Reuter\n\u0003", "date": "18-MAR-1987 08:18:43.53", "places": [ "france", "canada" ], "id": "6411" }, { "title": "EGYPT REJECTS VEG OIL OFFERS, TO RETENDER", "body": "Egypt rejected all offers at a vegetable\noil import tender yesterday for unspecified amounts of\nsunflowerseed oil and/or cottonseed oil, traders said. It has\nasked for a renewal of offers on March 24.\n Exporters said they were not prepared to offer material on\nEgypt's new landed contract terms which include a clause, \"free\nfrom radioactive contamination.\" Offers submitted were on old\ncontract terms, all of which were rejected.\n REUTER\n\u0003", "date": "18-MAR-1987 08:22:37.61", "topics": [ "veg-oil", "sun-oil", "cotton-oil" ], "places": [ "uk", "egypt" ], "id": "6412" }, { "title": "TEXACO TO CEASE POSTING TEXAS OIL PRICE", "body": "Texaco Refining and Marketing, an\noperating subsidiary of Texaco Inc, said it would cease to post\ncrude oil prices for West Texas crudes at the end of this month\nfollowing a decision to discontinue purchase of crude oil from\nleases, a Texaco spokesman in Houston said.\n But it will continue to purchase quantities of U.S. and\nforeign crude oil for use in its refinery system, he added.\n The spokesman also said Texaco Trading and Transport Inc\nwould continue to acquire and market Texaco lease production as\nwell as other lease production. The company will continue to\npost a Louisiana price, it said.\n Reuter\n\u0003", "date": "18-MAR-1987 08:23:42.51", "topics": [ "crude" ], "places": [ "usa" ], "id": "6413" }, { "title": "IVORY COAST MINISTER DELAYED FOR COCOA TALKS", "body": "Ivorian Agriculture Minister Denis Bra\nKanon, chairman of the International Cocoa Organization (ICCO)\ncouncil, will not be able to open the council session here\ntomorrow, an Ivorian ICCO delegate told Reuters.\n He will arrive sometime later during the meetings here, the\ndelegate said. The council session will be chaired instead by\nICCO vice chairman Sir Denis Henry, the delegate from Grenada,\nICCO officials said.\n Ivorian officials last week said Bra Kanon was due to\nreturn home for funeral ceremonies for a sister of Ivorian\nPresident Felix Houphouet-Boigny March 19-22.\n REUTER\n\u0003", "date": "18-MAR-1987 08:24:59.84", "topics": [ "cocoa" ], "organisations": [ "icco" ], "places": [ "uk", "ivory-coast" ], "id": "6414" }, { "title": "SPANISH UNION VOTES AGAINST APRIL GENERAL STRIKE", "body": "Spain's second largest union, the\nWorkers Commissions, CC.OO, has voted against a general strike\nnext month to back wage demands and oppose the government's\neconomic policies, a CC.OO spokesman said.\n The proposal for a general strike was narrowly defeated at\na meeting yesterday but union leaders voted instead for a\nnational week of strike action beginning on April 3 and urged\ntheir members to concentrate their protests on April 10.\n The Socialist General Workers' Union, UGT, the country's\nbiggest union, is against a general strike but has joined\nforces with CC.OO. To demand real wage rises this year.\n Reuter\n\u0003", "date": "18-MAR-1987 08:26:21.32", "places": [ "spain" ], "id": "6415" }, { "title": "U.S. REAL GNP ROSE REVISED 1.1 PCT IN 4TH QTR INSTEAD OF 1.3 PCT RISE\n", "date": "18-MAR-1987 08:30:27.14", "topics": [ "gnp" ], "id": "6416" }, { "title": "U.S. GNP PRICE DEFLATOR ROSE 0.7 PCT IN 4TH QTR, UNCHANGED\n", "date": "18-MAR-1987 08:30:57.08", "topics": [ "gnp" ], "id": "6417" }, { "title": "U.S. NET CORPORATE PROFITS ROSE 6.1 PCT IN 4TH QTR AFTER 5.5 PCT 3RD QTR RISE\n", "date": "18-MAR-1987 08:31:30.42", "id": "6418" }, { "title": "MATRIX SCIENCE SETS STOCK SPLIT", "body": "Matrix Science Corp said its\nboard declared a two-for-one stock split and a six-cent per\nshare (pre stock split) dividend, payable May 7 to stockholders\nof record April 16.\n The company said the dividend is in addition to the ten cts\nper share dividend paid January 2, 1987, making the post stock\nsplit annual dividend eight cts per share.\n Reuter\n\u0003", "date": "18-MAR-1987 08:32:20.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "6419" }, { "title": "SEA GALLEY STORES INC 4TH QTR DEC 28 LOSS", "body": "Shr loss 69 cts vs loss 1.45 dlrs\n Net loss 2,015,000 vs loss 4,268,000\n Revs 16.6 mln vs 16.9 mln\n Year\n Shr loss 1.21 dlrs vs loss 59 cts\n Net loss 3,514,000 vs loss 1,839,000\n Revs 58.8 mln vs 61.4 mln\n Reuter\n\u0003", "date": "18-MAR-1987 08:32:27.36", "topics": [ "earn" ], "places": [ "usa" ], "id": "6420" }, { "title": "COCONUT OIL CONTRACT TO CHANGE - DUTCH TRADERS", "body": "Contract terms for trade in coconut\noil are to be changed from long tons to tonnes with effect from\nthe Aug/Sep contract onwards, Dutch vegetable oil traders said.\n Operators have already started to take account of the\nexpected change and reported at least one trade in tonnes for\nAug/Sept shipment yesterday.\n The Federation of Oils Seeds and Fats Associations, FOSFA,\nin London said it had previously advised traders to adopt the\nmetric system for coconut oil transactions to bring the\ncommodity into line with other vegetable oils.\n REUTER\n\u0003", "date": "18-MAR-1987 08:33:33.28", "topics": [ "veg-oil", "coconut-oil" ], "places": [ "netherlands" ], "id": "6421" }, { "title": "FAR WEST FINANCIAL TO BUY PROGRESSIVE", "body": "Far West Financial Corp\nsaid its Far West Savings and Loan Association unit has reached\nan agreement in principle to acquire all the outstanding stock\nof Progressive Savings and Loan Association .\n Far West said it does not expect the cost of the\ntransaction to exceed 15 mln dlrs.\n Progressive Savings has ten branches in Southern California\nand about 500 mln dlrs in assets.\n Reuter\n\u0003", "date": "18-MAR-1987 08:35:38.48", "topics": [ "acq" ], "places": [ "usa" ], "id": "6422" }, { "title": "WHEELING-PITTSBURGH CHIEF EXECUTIVE QUITS", "body": "Wheeling-Pittsburgh Steel Corp said\nGeorge A. Ferris, 70, has resigned as vice chairman and chief\nexecutive officer.\n The company also said Lloyd C. Lubensky, 64, its largest\nshareholder, has been named chairman. Lubensky is president of\nRyder System Inc's American Jet Industries subsidiary. \nIn early January Allan E. Paulson sold his 34.2 pct stake in\nWheeling-Pittsburgh to Lubensky and resigned as chairman. No\nsuccessor was named at the time. Ferris, Lubensky and director\nJohn P. Innes made up an executive committee formed last month\nto operate Wheeling-Pittsburgh.\n Reuter\n\u0003", "date": "18-MAR-1987 08:35:45.87", "places": [ "usa" ], "id": "6423" }, { "title": "AMERICAN ADVENTURE HAS NASDAQ EXCEPTION", "body": "American Adventure Inc said its\ncommon stock will continue to be quoted on the NASDAQ system\ndue to an exception from capital and surplus requirements,\nwhich it failed to meet as of January 20.\n The company said it believes it can meet conditions imposed\nfor the exception but there is no assurance that it will be\nable to do so.\n Reuter\n\u0003", "date": "18-MAR-1987 08:35:51.05", "places": [ "usa" ], "id": "6424" }, { "title": "COASTAL SAYS TRANSAMERICAN SUIT FRIVOLOUS", "body": "Coastal Corp said it belives the two\nbillion dlr suit against it by \nin Texas state court is frivolous and without merit.\n The company said it intends toi proceed with filing a\nreorganization plan for TransAmerican with the U.S. Bankruptcy\nCourt in Houston.\n Yesterday afternoon, the bankruptcy court issued a\ntemporary restraining order prohibiting TransAmerican and\nCoastal from taking any action in any court that would\ninterfere with the jurisdiction of the bankruptcy court.\n Yesterday's bankruptcy court ruling affirmed Coastal's\nrights as a TransAmerican creditor to file a reorganization\nplan for TransAmerican.\n TransAmerican's suit alleges that Coastla attempted to\nunlawfully gain control of TransAmerican's Texas natural gas\nreserves and pipeline system.\n TransAmerican's bankruptcy proceedings began in 1983.\n Reuter\n\u0003", "date": "18-MAR-1987 08:35:57.99", "topics": [ "nat-gas" ], "places": [ "usa" ], "id": "6425" }, { "title": "BUNDESBANK SEEN STEERING STEADY MONETARY COURSE", "body": "The Bundesbank is likely to steer a\nsteady monetary course over the next few weeks and a change in\ncredit policies is not expected at tomorrow's regular central\nbank council meeting, bank economists and dealers said.\n \"There is no need for action,\" Hermann Remsperger, chief\neconomist of Berliner Handels- and Frankfurter Bank (BHF) said.\n Others noted that exchange rates are stable after last\nmonth's Group of Six agreement in Paris and central bank money\nstock growth is still well above the three to six pct target\nzone, so a change in credit policies could be ruled out.\n One money market dealer said comments by Bundesbank\nPresident Karl Otto Poehl at a private seminar in Duesseldorf\ntwo weeks ago hinting at another interest rate cut only\nindicated the Bundesbank might act if conditions changed.\n Bank economists said U.S. Pressure on West Germany to\nfurther ease credit policies had receded since the Paris pact.\n But such demands could re-emerge if West Germany failed to\nstimulate its economy enough to affect the massive U.S. Trade\ndeficit.\n Remsperger said continued strong money supply growth also\nprecluded a further cut in official interest rates.\n Central bank money stock was growing at an annualized 7.5\npct in February, unchanged from the 7.5 pct in January.\n Economists said some of the 18 members of the central bank\ncouncil were worried about the continued overshoot in the money\nsupply target and were bound to resist any moves to cut rates.\nBut Poehl played down the risk of inflation.\n Economists said the fact that money stock growth remained\nstable last month was a success. Some said it was likely to\nreturn to within the target range later this year.\n \"The special factors which boosted money supply growth last\nyear are disappearing,\" one economist said.\n He said some 75 pct of the money supply increase in 1986\nwas caused by a sharp rise in the inflow of foreign funds.\n This trend had been reversed recently and with domestic\ncredit demand likely to remain at steady levels, money stock\ngrowth was expected to narrow in the medium-term.\n These developments were increasing the Bundesbank's scope\nfor a rate cut in the medium-term, economists said.\n Money market dealers said period rates remained little\nchanged, indicating no change in credit policy was expected.\n Call money rates declined to 3.75/80 pct from 3.90/95\nyesterday, with the market well stocked with liquidity.\n Dealers said call money was soft because tax payments on\nbehalf of customers had been less than expected so far. But\nrates were likely to tighten again as soon as the full effect\nof this month's major tax payment period is felt. Payments for\nthe federal railways bond are also likely to burden the market.\n The Bundesbank did not inject liquidity via a securities\nrepurchase agreement this week, but countered a tightening in\nrates on Monday by injecting funds through government-owned\nbanks.\n Dealers said recent securities repurchase pacts had shown\nthe Bundesbank clearly wanted call money rates stable at 3.80.\n One dealer said, \"If the central bank wanted lower interest\nrates, it would first of all drive call money rates down.\"\n Banks remained relatively well stocked with minimum reserve\nassets. They held 52.9 billion marks in minimum reserves on\nMonday, averaging 53.7 billion marks over the first 16 days of\nMarch. A requirement of around 51 billion is expected.\n REUTER\n\u0003", "date": "18-MAR-1987 08:41:19.91", "topics": [ "money-fx", "interest" ], "places": [ "west-germany" ], "id": "6426" }, { "title": "U.S. REAL GNP ROSE 1.1 PCT IN FOURTH QUARTER", "body": "The U.S. Gross National Product,\nafter removing the impact of inflation, increased at a revised\nannual rate of 1.1 pct in the fourth quarter, the Commerce\nDepartment said.\n That was down from an earlier preliminary 1.3 pct rise\nestimated a month ago and down from the 2.1 pct rise in the\nfourth quarter of 1985.\n The final fourth quarter revision, however, left unchanged\nthe previous estimate of a 2.5 pct increase in GNP for all of\n1986 over 1985.\n The revised estimate for fourth quarter GNP partly\nreflected a downward revision in inventories to a total\ndecrease of 28.5 billion dlrs in the fourth quarter, the\ndepartment said.\n The revisions also indicated personal consumption spending\ndecreased 2.2 billion dlrs in the fourth quarter after an\nincrease of 39.6 billion dlrs in the third quarter.\n Exports of goods and services rose 15.3 billion dlrs after\na decline of 9.4 billion dlrs in the third quarter. Imports\ndecreased 700 mln dlrs in the final quarter, in contrast to an\nincrease of 20.9 billion dlrs in the third quarter.\n REUTER\n\u0003", "date": "18-MAR-1987 08:41:34.59", "topics": [ "gnp" ], "places": [ "usa" ], "id": "6427" }, { "title": "JAPAN TELECOM MERGER COULD INVOLVE U.K.,U.S. FIRMS", "body": "Cable and Wireless PLC and the\nPacific Telesis group may take part in a proposed\nmerger of two rival firms seeking to enter Japan's\ninternational telecommunications market, a senior industry\nofficial said.\n Fumio Watanabe, head of a telecommunications committee with\nthe Federation of Economic Organisations (Keidanren), told a\nnews conference Japanese shareholders in the two consortiums\nagreed that the U.S. And British companies will be invited to\nparticipate in the new merged firm.\n The planned linkup will satisfy Tokyo's request that only\none private company should enter the market.\n The two consortiums, (IDC) and (ITJ),\nwere set up in 1986 to compete with monopoly (KDD) after the market was deregulated in 1985.\n Watanabe said the Post and Telecommunications Ministry\nwanted only one competitor for the time being because of the\nsize of the Japanese telcommunications market and that foreign\ninvestors will only be allowed to hold a minority stake.\n He estimated the two foreign firms' share in the merged\nconsortium at less than three pct and added that even the\nlargest shareholders could own only some five pct .\n Cable and Wireless and Japanese trading house each have a 20 pct stake in the IDC consortium while\nPacific Telesis and Merrill Lynch and Co. Inc. jointly\nhold 13 pct .\n ITJ is headed by a rival group of trading houses. Several\nfirms including Toyota Motor Corp. belong to both.\n Watanabe said progress was being made towards a merger\nagreement and added that Japanese industry agreed with the\ngovernment on having only one private consortium as two\ncompanies might invest \"excessive\" amounts.\n He said talks with Cable & Wireless will continue this\nweek.\n REUTER\n\u0003", "date": "18-MAR-1987 08:48:31.75", "topics": [ "acq" ], "places": [ "usa", "uk", "japan" ], "id": "6428" }, { "title": " EC COMMISSION PLANS TO OPEN UP PUBLIC CONTRACTS", "body": "The European Community executive\nCommission today announced plans to open up government\ncontracts to companies throughout the 12-country bloc.\n Internal Market commissioner Lord Cockfield told a news\nconference the Commission will shortly make proposals to open\nup contracts awarded by state-owned utilities such as\ntelecommunications, transport, energy and water.\n About 400 billion European Currency Units worth of\ncontracts are awarded by governments and public bodies in the\nEC every year. The Commission says only 20 pct of these are\nopen to competition from outside the country.\n REUTER\n\u0003", "date": "18-MAR-1987 08:50:08.04", "organisations": [ "ec" ], "places": [ "belgium" ], "id": "6429" }, { "title": "FERRUZZI NEGOTIATING EUROPEAN ACQUISITION", "body": "Italy's is in the\nadvanced stages of negotiations that could result in an\nacquisition worth \"some hundreds of billions of lire\" in the\nEuropean agro-industrial sector, a company spokesman told\nReuters.\n The spokesman declined to identify the other party or\nparties involved in talks, or whether a complete takeover was\nunder discussion, but said an Italian newspaper report that\nFerruzzi was studying the possibility of advancing an offer for\n13 European cereal processing plants owned by the U.S. Group\nCPC International Inc was incorrect.\n The spokesman said that possibility had been evaluated by\nFerruzzi but that the company's attention at the moment was\n\"decisively in another direction.\"\n The spokesman, responding to a report in the Italian\neconomic daily Il Sole-24 Ore that Ferruzzi was considering a\npossible bid for the CPC plants, told Reuters his company hoped\nto conclude the talks currently underway in a couple of months.\n The spokesman said that since the U.K. Government last\nmonth blocked Ferruzzi's bid to acquire ,\nthe company had been looking at other investment opportunities.\n REUTER\n\u0003", "date": "18-MAR-1987 08:51:50.59", "topics": [ "acq" ], "places": [ "italy" ], "id": "6430" }, { "title": "U.S. CORPORATE PROFITS ROSE 6.1 PCT IN 4TH QTR", "body": "Profits of U.S. corporations, after\ntax liabilities, increased 8.3 billion dlrs, or 6.1 pct, in the\nfourth quarter to a seasonally adjusted annual rate of 144.2\nbillion dlrs, the Commerce Department said.\n The increase was the largest since the third quarter of\n1983, when profits rose 11.4 pct and followed a 5.5 pct rise in\nthe third quarter of 1986.\n For the full year 1986, profits after tax were 2.5 billion\ndlrs, or 1.9 pct, higher than in 1985 at a total of 133.9\nbillion dlrs, the department said.\n The department also estimated corporate profits to reflect\nretroactive provisions of the Tax Reform Act of 1986.\n It said profits after tax fell 11.2 billion dlrs in the\nfourth quarter after a decline of 10.3 billion dlrs in the\nthird quarter.\n Profits before taxes and from current production rose 2.8\npct to 310.4 billion dlrs after rising three pct in the third\nquarter.\n Profits tax liability rose to 114.6 billion dlrs in the\nfinal quarter last year from 104.4 billion dlrs in the third\nquarter, the department said.\n Reuter\n\u0003", "date": "18-MAR-1987 08:52:58.42", "places": [ "usa" ], "id": "6431" }, { "title": "MALAYSIA TO CUT OIL OUTPUT FURTHER, TRADERS SAY", "body": "Malaysia's state oil company Petronas\nwill cut oil production to 420,000 barrels per day (bpd) from\nMay 1, trade sources said.\n Malaysia cut its 510,000 bpd target output by 10 pct last\nSeptember to support Opec moves to boost prices, and the latest\ncut would reduce output by 17.5 pct from 1986's target level.\n Petronas said in February that Malaysia would maintain its\n10 pct production cutback until mid-1987.\n However, the Finance Ministry said in its annual report\nthat Malaysia's crude oil output was expected to rise to an\naverage 510,000 bpd in 1987.\n The ministry's forecast assumed average 1987 crude prices\nat 13 dlrs/barrel (bbl), but prices have risen enough to permit\nfurther production cutbacks, the sources said.\n Malaysia's benchmark Tapis blend fetched above 18 dlrs/bbl\nthis year against a low of 10.50 dlrs/bbl in July, they said.\n Traders said further reductions by Malaysia would add to\nthe tight spot availabilities of Asian grades caused by reduced\nIndonesian and Chinese crude output.\n The cutback will also help Malaysia maintain prices, as\nthere is concern some buyers want to reduce term purchases due\nto the availability of cheaper alternatives, the sources said.\n In addition to term sales, Petronas has been offering two\nto three 400,000 bbl spot cargoes of Malaysian crude each month\nfor sale through tender, the sources said.\n However, this practice is likely to dwindle given the\nreduced scale of production, they said.\n\u0003", "date": "18-MAR-1987 08:53:26.86", "topics": [ "crude" ], "places": [ "malaysia" ], "id": "6432" }, { "title": "INTERCARE SAYS ACQUISITION TERMINATED", "body": "InterCare Inc said it has\nagreed to terminate the proposed acquisition of because has withdrawn as\nunderwriter for a proposed offering of InterCare securities.\n The company said the offering was to have raised 7,500,000\ndlrs for working capital through the sale of equity and debt\nand would have also financed the 1,897,000 dlr cash portion of\nthe Universal Care purchase price. In addition, 1,700,000 dlrs\nwould have been used to repay debt.\n InterCare said to date it has incurred about 500,000 dlrs\nin expenses in connection with the proposed offering.\n The company said to improve its working capital position,\nit plans to reduce operating expenses by decreasing hours of\noperation and its workforce and selling some assets.\n As of October 31, the copmpany said it had a working\ncapital deficit of 2,301,000 dlrs, on a pro forma basis to\ninclude recently acquired U.S. Medical Enterprises Inc.\n Reuter\n\u0003", "date": "18-MAR-1987 08:55:50.84", "topics": [ "acq" ], "places": [ "usa" ], "id": "6433" }, { "title": "RANK ORGANISATION CURRENT TRADING SATISFACTORY", "body": "Rank Organisation Plc said\ntrading in the current year had continued satisfactorily taking\ninto account seasonal fluctuations.\n Association companies, such as , indicated\nan improved performance, a statement issued at the annual\nmeeting said.\n It said it planned to spend some 15 mln stg on refurbishing\nits Odeon cinema chain and the Rank Film Distributors unit was\ncommitted to spending 20 mln to secure international\ndistribution rights of films.\n Investment in new activities in 1987 should continue at a\nrelatively high level to exploit opportunities for growth. Rank\nsaid it did not exclude the possibility of making large as well\nas small acquisitions.\n In the year to end-October, Rank reported a rise in pretax\nprofits to 164.1 mln stg from 136.0 mln previously.\n Rank shares firmed in morning trading to be quoted at 712p\nat 1320 GMT after 697p at last night's close.\n REUTER\n\u0003", "date": "18-MAR-1987 08:56:52.98", "topics": [ "earn" ], "places": [ "uk" ], "id": "6434" }, { "title": "HARCOURT BRACE SETS MARCH 30 DEADLINE IN HARPER AND ROW BID\n", "date": "18-MAR-1987 08:58:17.56", "topics": [ "acq" ], "id": "6435" }, { "title": "SHIPS HELD UP AT CALCUTTA", "body": "Some 10 Indian ships have been held up\nat Calcutta port after four days of industrial action by local\nseamen, a spokesman for the shipowners' association INSA said.\n The dispute has prevented local crewmen signing on and off,\nbut has not affected foreign ships with international crews\ndocking at Calcutta, which exports tea and jute and imports\nmachinery, crude oil and petroleum products, the spokesman\nsaid.\n Foreign ships may also suffer if dock workers join the\naction, he said. The Shipping Corporation of India (SCI) has\nasked its ships to avoid the port until the dispute is over,\nNational Union of Seafarers in India president Leo Barnes said.\n Reuter\n\u0003", "date": "18-MAR-1987 08:58:56.30", "topics": [ "ship" ], "places": [ "india" ], "id": "6436" }, { "title": "COOPERVISION INC 1ST QTR JAN 31 NET", "body": "Shr 3.65 dlrs vs 33 cts\n Net 82.5 mln vs 7,300,000\n Sales 94.4 mln vs 85.4 mln\n Avg shrs 22.6 mln vs 21.7 mln\n NOTE: Current year net includes pretax gain 175.2 mln dlrs\non sale of ophthalmic business and loss 17.9 mln dlrs posttax\nfrom repurchase of debt.\n Prior year net includes 120,000 dlr loss from discontinued\noperations.\n Reuter\n\u0003", "date": "18-MAR-1987 08:59:30.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "6437" }, { "title": "COOPERVISION DELAYS ANNUAL MEETING", "body": "CooperVision Inc said it has\ndelayed its annual meeting to June 22 from May 14 to allow its\nboard to review possible recapitalization options before the\nmeeting.\n CooperVision today reported first quarter net income of\n64.6 mln dlrs, after a 175.2 mln dlr pretax gain from the sale\nof its ophthalmic business to Johnson and Johnson for 260\nmln dlrs in cash and a 17.9 mln dlr posttax charge from a debt\nrepurchase. Sales were 94.4 mln dlrs. A year earlier it\nearned 7,300,000 dlrs after a 120,000 dlr loss from\ndiscontinued operations, on sales of 85.4 mln dlrs.\n The company said an aggressive program of investment\nspending to maintain or increase market shares its its two core\nbusinesses will accelerate sales growth this year but hold back\nincreases in operating income in the near future.\n CooperVision said \"Furthermore, until the entire net cash\nproceeds from the recent sales of several of our businesses are\nemployed to reduce indebtedness, make strategic acquisitions\nand/or are otherwise employed in relation to a possible\nrecapitalization of the company, recovery of net income will be\nheld back by the loss, particularly of the tax income, of the\n(ophthalmic) pharmaceutical business sold to Johnson and\nJohnson.\"\n Reuter\n\u0003", "date": "18-MAR-1987 08:59:49.97", "topics": [ "earn" ], "places": [ "usa" ], "id": "6438" }, { "title": "JEFFERIES IS MAKING MARKET IN GENCORP ", "body": "Jefferies and Co Inc said it is\nmaking a market in Gencorp at 100 bid and 115 offerred.\n Reuter\n\u0003", "date": "18-MAR-1987 09:00:09.95", "places": [ "usa" ], "id": "6439" }, { "title": "GREAT ATLANTIC AND PACIFIC TEA CO 4TH QTR OPER SHR 55 CTS VS 36 CTS\n", "date": "18-MAR-1987 09:01:03.42", "topics": [ "earn" ], "id": "6440" }, { "title": "MOBEX SAYS ABOUT 87 PCT OF GRANT TENDERED", "body": "Mobex Corp said 2,088,461 Grant\nIndustries Inc common shares, about 87 pct of the 2.4 mln\noutstanding, have been tendered in response to Mobex's offer.\n The company said its offer of 7.75 dlrs a share for the\nstock has been extended to 2000 EST March 23 from 2400 March 17.\n Reuter\n\u0003", "date": "18-MAR-1987 09:01:42.04", "topics": [ "acq" ], "places": [ "usa" ], "id": "6441" }, { "title": "HARCOURT BRACE SETS HARPER DEADLINE", "body": "Harcourt Brace Jovanovich Inc\nsaid it has told Harper and Row Publishers Inc representatives\nthat it intends to withdraw its proposal to acquire Harper and\nRow for 50 dlrs per share in cash if the parties have not made\nsatisfactory progress in discussions by the close of business\non March 30.\n Harcourt Brace said, \"We do not wish to put undue pressure\non Harper and Row, but we also, in fairness to our own\nshareholders, cannot allow an offer of such magnitude to lie on\nthe table too long.\"\n Harcourt said three of its senior officers and its\ninvestment bankers met yesterday with investment bankers for\nHarper and Row to discuss the Harcourt Brace offer.\n Harcourt Brace said it will only pursue the acquisition if\na mutually-satisfactory merger agreement can be negotiated.\n Last week, a group formed by Theodore Cross offered to\nacquire Harper and Row for 34 dlrs per share. The group held\nabout six pct of Harper and Row.\n In addition, New World Pictures Ltd , holder of 4.5\npct of Harper and Row, had offered to discuss a merger with\nHarper and Row.\n Reuter\n\u0003", "date": "18-MAR-1987 09:02:14.65", "topics": [ "acq" ], "places": [ "usa" ], "id": "6442" }, { "title": "DIXONS GROUP SAID IT ACCEPTS 54 PCT OF CYCLOPS SHARES IN TENDER\n", "date": "18-MAR-1987 09:05:17.56", "topics": [ "acq" ], "id": "6443" }, { "title": "CZECHOSLOVAKIAN MILK POWDER BANNED BY UAE", "body": "The United Arab Emirates, UAE, has\nbanned a Czechoslovakian milk powder because checks showed\nunacceptable radiation levels, government officials said.\n They said stocks of the powdered milk are being withdrawn\nfrom the market following checks on food imported from Europe\nsince last year's Chernobyl nuclear accident in the Soviet\nUnion.\n The UAE three weeks ago banned two brands of Austrian\npowdered milk for the same reasons.\n Reuter\n\u0003", "date": "18-MAR-1987 09:05:30.93", "places": [ "uae", "czechoslovakia" ], "id": "6444" }, { "title": "BANKERS TRUST ISSUING STG/DLR CURRENCY WARRANTS", "body": "Bankers Trust International Ltd said it\nis issuing 200,000 stg call/dlr put currency warrants at an\ninitial offer price of 31.25 dlrs per warrant.\n The issue is guaranteed by Bankers Trust New York Corp.\n Each warrant entitles the holder to exchange 500 dlrs for\nstg at a rate of 1.60 stg/dlr and the minimum number of\nwarrants exercisable or tradeable is 100.\n Exercise period for the warrants will run from April 22,\n1987 until March 17, 1989. Payment is due April 15, 1987.\n REUTER\n\u0003", "date": "18-MAR-1987 09:05:48.33", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "6445" }, { "title": "BUNDESBANK WILL NOT HOLD PRESS CONFERENCE TOMORROW", "body": "The Bundesbank will not hold a press\nconference after its regular fortnightly council meeting\ntomorrow, a spokeswoman said in answer to enquiries.\n Bundesbank President Karl Otto Poehl will chair the\nmeeting.\n The next meeting is scheduled for April 2.\n REUTER\n\u0003", "date": "18-MAR-1987 09:13:44.14", "places": [ "west-germany" ], "id": "6446" }, { "title": "GREAT ATLANTIC AND PACIFIC TEA CO 4TH QTR", "body": "Oper shr 55 cts vs 36 cts\n Oper net 20.7 mln vs 13.6 mln\n Sales 2.34 billion vs 1.58 billion\n Avg shrs 38.1 mln vs 37.7 mln\n Year\n Oper shr 1.82 dlrs vs 1.48 dlrs\n Oper net 69.0 mln vs 56.1 mln\n Sales 7.83 billion vs 6.62 billion\n Avg shrs 38.0 mln vs 37.8 mln\n NOTES: Results for 13 and 53 week periods ended Feb 28,\n1987, and 12 and 52 week periods ended Feb 22, 1986\n Operating net excludes credits from tax loss carryforwards\nof none vs 5.3 mln dlrs, or 14 cts a share in quarter and 26.0\nmln dlrs, or 68 cts a share, vs 32.2 mln dlrs, or 85 cts a\nshare, in year\n Company had 1,200 stores inoperation at year end vs 1,045 a\nyear earlier\n Reuter\n\u0003", "date": "18-MAR-1987 09:15:29.06", "topics": [ "earn" ], "places": [ "usa" ], "id": "6447" }, { "title": "FRENCH FINANCE GROUP SDR ISSUES DOMESTIC BOND", "body": "French regional financing group is issuing a 1.41 billion franc\ndomestic bond, Banque Nationale de Paris and \nsaid.\n The issue will be in three tranches with BNP being the\nbook-keeper for a 770 mln franc, 15-year, 9.10 pct fixed rate\ntranche issued at par. Redemption will be in seven equal\ntranches after the eighth year and payment date is April 6.\n The banks said Indosuez will be the book-keeper for two\nnon-syndicated variable-rate, eight years and 20 day tranches\nof 320 mln francs, each issued at par.\n Interest will be based on the annual money market rate\n(TAM) with a TAM reference rate of 8.10 pct and with a margin\nof minus 0.10 pct. It will be payable on April 26 every year\nfrom 1988 and onwards.\n Redemption is to be in six equal tranches after two years.\n REUTER\n\u0003", "date": "18-MAR-1987 09:17:31.23", "places": [ "france" ], "id": "6448" }, { "title": "GROUP TENDERING FOR GENCORP SAYS IT HOLDS ABOUT 9.8 PCT OF GENCORP COMMON\n", "date": "18-MAR-1987 09:19:48.38", "topics": [ "acq" ], "id": "6449" }, { "title": "ROTTERDAM SIGNS COOPERATION AGREEMENT WITH TOKYO", "body": "The city of Rotterdam today signed an\nagreement in principle to cooperate with the AOMI Cargo\nDistribution Centre in Tokyo.\n Acting Mayor Roel den Dunnen said that cooperation between\nprivate and public entities in the Tokyo and Rotterdam area,\nand a fruitful exchange of information have a favourable\ninfluence on the flow of goods and services between the two\ncountries.\n The AOMI Cargo Distribution Center, which will start\noperating in October this year, signed a similar agreement with\nRotterdam's twinned-port of Seattle last September.\n Reuter\n\u0003", "date": "18-MAR-1987 09:20:09.80", "topics": [ "trade" ], "places": [ "netherlands", "japan" ], "id": "6450" }, { "title": "DAVY CORP UNIT WINS INDIA SMELTER CONTRACT", "body": "Davy McKee Ltd, a subsidiary of U.K.\nEngineering and contruction company Davy Corp Plc, has been\nawarded a contract worth around 15 mln stg for the design of a\nzinc and lead smelter in India, a spokesman for the company\nsaid.\n The contract is being funded by Britain's Overseas\nDevelopment Administration as part of a total grant of 73.65\nmln stg to India's state-owned Hindustan Zinc Ltd.\n The grant is for the development of a major zinc and lead\nmine and associated smelting complex in Rajastan, North West\nIndia, the agency said.\n The agency said the project was expected to account for 44\npct of India's total production of zinc.\n A total 55 mln stg of the grant is allocated for the supply\nof goods and services from Britain. The grant comes as part of\npackage announced on March 13 for Indian mineral development.\n The agency is also paying a further 31 mln stg to India's\ncoal sector, for the expansion of its indigenous coal\ndevelopment programme, using British-designed longwall\ntechnology.\n Reuter\n\u0003", "date": "18-MAR-1987 09:28:08.58", "topics": [ "zinc", "lead" ], "places": [ "uk", "india" ], "id": "6451" }, { "title": "U.K. MONEY MARKET GIVEN 15 MLN STG AFTERNOON HELP", "body": "The Bank of England said it had provided\nthe money market with a further 15 mln stg assistance. This\nbrings the Bank's total help so far today to 344 mln stg and\ncompares with the estimated shortage of around 1.3 billion stg.\n The central bank purchased bank bills outright, at the\nlower dealing rates established this morning, comprising one\nmln stg in band one at 9-7/8 pct and 14 mln stg in band two at\n9-13/16 pct.\n REUTER\n\u0003", "date": "18-MAR-1987 09:29:46.93", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "6452" }, { "title": "WEST GERMAN BANKS SLOWLY CUTTING KEY SAVINGS RATES", "body": "West German commercial banks are\ncautiously cutting key savings and lending rates, banking\nsources said. The cuts follow nearly two months after the\nBundesbank reduced leading interest rates, far longer than the\nusual interim period.\n A Deutsche Bank AG spokesman said it is cutting\nleading savings rate for private customers on a regional basis\nby 0.5 percentage points to two pct. Dresdner Bank AG \nand Commerzbank AG have initiated similar moves. Bank\nfuer Gemeinwirtschaft AG cut rates 0.5 pct generally.\n The delay was partly due to commercial banks' desire to\ngauge customer reaction to a similar move by regional savings\nbanks.\n A fall in customer savings because of lower rates could\nreduce cheap refinancing available to banks, forcing them to\ndraw down relatively expensive funds from other sources, one\neconomist at the German Banking Association said.\n But the volume of savings funds may not be substantially\nundercut by lower savings rates because many customers are\nparking funds in savings accounts in the hope they can reinvest\nthem at higher yields in the future, he said.\n He said this may conflict with Bundesbank aims to move more\nfunds from relatively short-term deposits to longer-dated\nsecurities to reduce strong growth in its central bank money\nsupply aggregate.\n The aggregate showed annualized growth of a provisional 7.5\npct in February against the fourth quarter of last year,\nunchanged from January. The growth rate was outside the\nexpanded target range of three to six pct.\n Few banks have so far reduced lending rates to private\ncustomers, though lending rates for corporate customers are\nbeginning to decline.\n REUTER\n\u0003", "date": "18-MAR-1987 09:31:00.21", "topics": [ "interest" ], "places": [ "west-germany" ], "id": "6453" }, { "title": "TOYS \"R\" US INC 4TH QTR FEB ONE NET", "body": "Shr 89 cts vs 68 cts\n Net 116.0 mln vs 88.1 mln\n Revs 1.17 billion vs 924.0 mln\n 12 mths\n Shr 1.17 dlrs vs 93 cts\n Net 152.2 mln vs 119.8 mln\n Revs 2.44 billion vs 1.97 billion\n NOTE: net 1986 were restated to reflect three-for-two stock\nsplit on June 27, 1986.\n Reuter\n\u0003", "date": "18-MAR-1987 09:32:15.12", "topics": [ "earn" ], "places": [ "usa" ], "id": "6454" }, { "title": "MEASUREX CORP 1ST QTR NET", "body": "Shr 34 cts vs 27 cts\n Qtrly div six cts vs 4.5 cts prior\n Net 6,448,000 vs 4,969,000\n Revs 51.1 mln vs 44.7 mln\n Avg shrs 19.1 mln vs 18.7 mln\n NOTE: pay for dividend was March 11 to shareholders of\nrecord on Feb 20.\n Reuter\n\u0003", "date": "18-MAR-1987 09:33:41.56", "topics": [ "earn" ], "places": [ "usa" ], "id": "6455" }, { "title": "PALMER LEWIS CO INC 4TH QTR NET", "body": "Qtr ends Jan 31\n Shr three cts vs one cent\n Qtrly div seven cts vs seven cts prior\n Net 106,185 vs 28,871\n Revs 46.9 mln vs 30.3 mln\n 12 mths\n Shr 33 cts vs 23 cts\n Net 1,306,595 vs 878,484\n Revs 187.2 mln vs 140.8 mln\n NOTE: effective July One, 1986, the company acquired the\noutstanding stock of Western American Forest Product Inc for\ncash and convertible debentures. the acqustion is accounted for\nas a purchase and consolidated statements include Western's\nresults of operations from July One, 1986.\n payout for dividend is may six to stockholders of record on\nApril 13.\n\n Reuter\n\u0003", "date": "18-MAR-1987 09:34:40.26", "topics": [ "earn" ], "places": [ "usa" ], "id": "6456" }, { "title": "CAPITAL CITIES/ABC SETS PAYOUT", "body": "Qtrly div five cts vs five cts\n Pay April 20\n Record March 30\n\u0003", "date": "18-MAR-1987 09:36:32.63", "topics": [ "earn" ], "places": [ "usa" ], "id": "6457" }, { "title": "PUBLICKER INDUSTRIES INC 4TH QTR LOSS", "body": "Shr loss five cts vs loss 15 cts\n Net loss 619,000 vs loss 1,730,000\n Sales 3,138,000 vs 5,667,000\n Avg shrs 12.5 mln vs 11.5 mln\n Year\n Shr loss four cts vs loss 40 cts\n Net loss 343,000 vs loss 3,963,000\n Sales 13.4 mln vs 35.3 mln\n Avg shrs 12.5 mln vs 10.3 mln\n Reuter\n\u0003", "date": "18-MAR-1987 09:36:38.70", "topics": [ "earn" ], "places": [ "usa" ], "id": "6458" }, { "title": "FEDERAL EXPRESS CORP 3RD QTR OPER SHR 69 CTS VS 83 CTS\n", "date": "18-MAR-1987 09:37:45.64", "topics": [ "earn" ], "id": "6459" }, { "title": "BELL ATLANTIC CORP INCREASES PAYOUT", "body": "Qtrly div 96 cts vs 90 cts\n Pay May One, 1987\n Record March 31, 1987\n Reuter\n\u0003", "date": "18-MAR-1987 09:38:04.53", "topics": [ "earn" ], "id": "6460" }, { "title": "RHODES SEES SHARPLY LOWER 4TH QTR NET", "body": "Rhodes Inc said it now estimates fourth\nquarter, ended February 28, earnings were eight cts a share,\ndown from the 25 cts earned in the final quarter of fiscal\n1986.\n The company said the major causes for the reduction were an\nunfavorable LIFO adjustment and softer than projected sales in\nthe quarter, due primarily to unfavorable weather.\n Despite the 4th qtr results, Rhodes said, \"net income for\nthe year just ended should come close to the record level of\nthe previous year\" -- 1.61 dlrs dlrs a share.\n Reuter\n\u0003", "date": "18-MAR-1987 09:38:45.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "6461" }, { "title": "VOLVO UNIT RECEIVES GENERAL ELECTRIC ORDER", "body": "Sweden's AB Volvo said its\nsubsidiary Volvo Flygmotor had won a contract worth 330 mln\ncrowns over four years from General Electric Co to\nsupply flight engine components.\n Volvo said it received the order after General Electric had\nwon a contract for 40 CF-80C aircraft engines from American\nAirlines. The CF-80C is a joint venture between Volvo Flygmotor\nand General Electric, the Swedish firm said.\n The contract runs from next year until 1992, Volvo added.\n Reuter\n\u0003", "date": "18-MAR-1987 09:39:04.31", "places": [ "sweden" ], "id": "6462" }, { "title": "GENCORP GROUP HOLDS 9.8 PCT STAKE", "body": "(General Partners), a Texas general\npartnership equally owned by affiliates of Wagner and Brown and\nAFG Industries Inc , said it currently holds 2,180,608\ncommon shares, or about 9.8 pct, of Gencorp Inc's \noutstanding common stock.\n General Partners said it began a 100 dlrs a share cash\ntender offer for all of Gencorp, an Akron, Ohio-based concern,\nthat is worth nearly 2.3 billion dlrs.\n Gencorp, which has interests in tire- and plastic-making,\naerospace and broadcasting, has about 22.3 mln shares\noutstanding.\n The General Partners offer is subject to receipt of\nfinancing, a majority of Gencorp shares and other conditions.\n In a letter to Gencorp chairman and chief executive A.\nWilliam Reynolds describing the offer, General Partners said it\nwas willing to negotiate terms of the offer and was prepared to\nmeet as soon as possible.\n In a statement, General Partners said it has contributed\n250 mln dlrs in equity financing and also has commitments for \na one billion dlr credit line from Wells Fargo and Co and\na 1.25 billion loan from Shearson Lehman Brothers Holdings Inc,\na unit of American Express Co .\n A Gencorp spokesman said the company's management was\nmeeting but that its board was not scheduled to meet today. He\nsaid he was not sure the company had formally received notice\nof the offer but was aware of it through press accounts.\n He declined to say what Gencorp's next move might be or\nwhether it would issue a statement later today.\n In the letter, General Partners said it plans to maintain\nGencorp's corporate headquarters in Akron, and retain the\ncompany's plastics and industrial products businesses and its\ntires and related products segment.\n The letter did not mention Gencorp's RKO General\nbroadcasting subsidiary, which has been involved in disputes\nover license renewals at several of its television stations.\nGencorp has agreed to sell two of its independent stations, WOR\nin the New York area and KHJ in Los Angeles.\n General Partners officials were not immediately available.\n Gencorp shares were delayed at the opening on the New York\nStock Exchange because of an imbalance of orders, and the NYSE\nsaid the shares were indicated to open at 103 to 115. The\nshares closed up two yesterday at 90-1/2, a new 52-week high.\n The financing for the offer includes the 250 mln dlrs in\nequity from General Partners, the 1.25 billion dlr loan from\nShearson Lehman Brothers, a senior subordinated bridge loan for\nwhich a binding agreement can be delivered within 24 hours\nafter a request from the partnership, and the one billion dlr\ncredit line from Wells Fargo.\n Wells Fargo has agreed to lend up to 250 mln dlrs of the\nline itself and form a syndicate of banks to provide the rest,\nthe partnership said.\n Shearson Lehman Brothers Inc will act as dealer manager in\nthe tender offer, it said.\n In the letter, the partnership said it was confident it\ncould obtain the financing and close the transaction promptly.\n Last fall AFG and privately held Wagner and Brown offered\nto acquired (Lear Siegler Inc) for about 1.44 billion dlrs but\nwithdrew the offer when higher bids emerged. Lear Siegler\neventually went private for about 1.66 billion dlrs.\n Reuter\n\u0003", "date": "18-MAR-1987 09:39:59.02", "topics": [ "acq" ], "places": [ "usa" ], "id": "6463" }, { "title": "THAI TRADE DEFICIT WIDENS IN FEBRUARY", "body": "Thailand's trade deficit widened to an\nestimated 4.7 billion baht in February from 2.1 billion in\nJanuary and 2.8 billion a year ago, the Bank of Thailand said.\n Exports fell to around 18.9 billion baht from 20.4 billion\nin January compared with 17.4 billion a year ago, the bank\nsaid.\n Imports rose to 23.6 billion baht from 22.5 billion in\nJanuary. They were 20.2 billion in February 1986.\n The bank said the trade deficit for the two months widened\nto an estimated 6.8 billion baht from 5.2 billion a year ago.\n February's current account showed a 1.2 billion baht\ndeficit compared with 1.7 billion in January and 263 mln a year\nago.\n The current account for the two months posted an estimated\n500 mln baht surplus, down from 1.2 billion a year ago.\n A surplus in the country's balance of payments narrowed to\n3.2 billion baht in February from 4.6 billion the previous\nmonth but was higher than 1.5 billion a year ago.\n The bank said the balance of payments surplus for the first\ntwo months of 1987 widened to 7.8 billion baht from 4.6 billion\nfrom the same period in 1986, while the net capital inflow rose\nto five billion baht from 3.1 billion.\n REUTER\n\u0003", "date": "18-MAR-1987 09:45:14.18", "topics": [ "trade", "bop" ], "places": [ "thailand" ], "id": "6464" }, { "title": "A AND P SETS HIGHER CAPITAL SPENDING", "body": "The Great Atlantic and Pacific\nTea Co said its three-year 345 mln dlr capital program will be\nbe substantially increased to accommodate growth and expansion\nplans for Waldbaum Inc and Shopwell Inc over the next two\nyears.\n A and P said the acquisition of Shopwell in August 1986 and\nWaldbaum in December \"helped us achieve better than expected\nresults in the fourth quarter\" ended February 28. Its net\nincome from continuing operations jumped 52.6 pct to 20.7 mln\ndlrs, or 55 cts a share, in the latest quarter as sales\nincreased 48.3 pct to 1.58 billion dlrs.\n A and P gave no details on the expanded capital program,\nbut it did say it completed the first year of the program\nduring 1986.\n A and P is 52.4 pct owned by of West Germany.\n Reuter\n\u0003", "date": "18-MAR-1987 09:48:51.58", "topics": [ "earn" ], "places": [ "usa" ], "id": "6465" }, { "title": "FEDERAL EXPRESS CORP 3RD QTR FEB 28 NET", "body": "Oper shr 69 cts vs 83 cts\n Oper net 35.9 mln vs 42.4 mln\n Revs 798.9 mln vs 659.2 mln\n Avg shrs 52.0 mln vs 50.9 mln\n Nine mths\n Oper shr 2.38 dlrs vs 2.75 dlrs\n Oper net 123.3 mln vs 135.6 mln\n Revs 2.31 billion vs 1.86 billion\n Avg shrs 51.8 mln vs 49.3 mln\n NOTE: Net excludes losses from discontinued operations of\nnil vs 16.1 mln dlrs in quarter and 227.5 mln dlrs vs 42.7 mln\ndlrs in nine mths.\n Quarter net includes gains from sale of aircraft of two mln\ndlrs vs 6,200,000 dlrs.\n Reuter\n\u0003", "date": "18-MAR-1987 09:49:43.40", "topics": [ "earn" ], "places": [ "usa" ], "id": "6466" }, { "title": "FEDERAL EXPRESS FEBRUARY VOLUME RISES", "body": "Federal Express Corp said\nFebruary package and document volume was 14.7 mln, up 26.0 pct\nfrom 11.6 mln a year earlier.\n The company said year-to-date volume was 128.9 mln, up from\n100.2 mln a year before.\n Reuter\n\u0003", "date": "18-MAR-1987 09:50:10.87", "places": [ "usa" ], "id": "6467" }, { "title": "AUSTRIA ISSUES 50 MLN AUSTRALIAN DLR BOND", "body": "Austria is issuing a 50 mln Australian\ndlr eurobond due April 22, 1992 with a 14-1/4 pct coupon and\npriced at 101-3/4 pct, lead manager Credit Suisse First Boston\nLtd said.\n The non-callable bonds will be listed in Luxembourg and\nwill be issued in denominations of 1,000 and 10,000 dlrs. Pay\ndate is April 22. Total fees of two pct comprise 1/4 pct for\nmanagement, 3/8 pct for underwriting and 1-3/8 pct for selling.\n Co-leads are ANZ Merchant Bank, Banque Nationale de Paris,\nHambros Bank Ltd and S.G. Warburg and Co Ltd.\n REUTER\n\u0003", "date": "18-MAR-1987 09:53:43.34", "places": [ "uk" ], "id": "6468" }, { "title": "MIDLAND BANK UNIT ISSUES 900 MLN FRENCH FRANC FRN", "body": "Midland Bank International Financial\nServices is issuing a 900 mln franc floating rate note due\nApril 15, 1997 at par, lead manager Societe Generale said.\n The deal, guaranteed by Midland Bank Plc, will pay interest\nbased on rates of French 13-week Treasury bills plus 55 basis\npoints in the first five years and plus 65 points for the rest.\n There is a short first coupon of 8.25 pct payable June 15.\nThe note is accompanied by 90,000 warrants priced at 220 francs\nexercisable for five years into an 8.25 pct 10-year\nnon-callable bond.\n The note is callable at any payment date after the first\nyear. Denominations are of 10,000 and 100,000 francs. Co-leads\nare Midland Bank SA and Samuel Montagu.\n REUTER\n\u0003", "date": "18-MAR-1987 09:54:41.22", "places": [ "france" ], "id": "6469" }, { "title": "BYRD SAYS CONTRA AID CRITICS WILL LOSE VOTE", "body": "Senate Democratic leader Robert Byrd\nsaid he and other critics of Nicaragua rebel military aid will\nlose this afternoon an attempt to block 40 mln dlrs in funds to\nthe contras.\n \"We're going to lose today,\" the West Virginia Democrat told\nreporters.\n The Senate votes at 1600 est/2100 gmt on giving the U.S.\nbacked rebels, also called contras, the last installment of a\n40 mln dlr military aid package Congress voted last year.\n However, Byrd also said that he would continue to try to\nbring up for Senate action later this week a House-passed,\nsix-month moratorium against further Nicaragua assistance until\nPresident Reagan accounts for missing funds previously voted by\nCongress and from the secret arms sales to Iran.\n Reuter\n\u0003", "date": "18-MAR-1987 09:54:57.01", "places": [ "usa", "nicaragua" ], "id": "6470" }, { "title": "MORGAN GRENFELL SAYS 1986 PROFITS HIT BY GUINNESS", "body": " said its\n1986 pre-tax profits were lower than forecast because of\ndepreciation in the value of its Guinness Plc shares\nand because of securities trading losses in the U.S.\n Morgan chairman Lord Catto said the losses on the group's\nseven mln Guinness shares in addition to a 3.5 mln dlr loss on\nits risk arbitrage operation in New York depressed profits some\neight mln stg to 82.2 mln.\n He also told a news conference Morgan had received informal\napproaches about a takeover of the group but was not\ninterested. No formal offers had been made, but Catto would not\nelaborate.\n Morgan Grenfell acted as merchant banker to Guinness during\nthe brewing company's successful bid for Distillers Co Plc\n in the first half of last year.\n The U.K. Government launched an investigation into the\naffairs of Guinness last December. Public concern has focused\non the way Guinness may have breached U.K. Company law and the\nTakeover Code by prompting others to support its share price\nduring the bid.\n Morgan chief executive Christopher Reeves, head of\ncorporate finance Graham Walsh and senior corporate finance\ndirector Roger Seelig all resigned in January over the Guinness\naffair.\n Another senior Morgan Grenfell executive, Geoffrey Collier,\nresigned late last year on allegations of trading on insider\ninformation. He currently faces criminal charges.\n Lord Catto said the second half of 1986 had been \"one of the\nmost traumatic in our history,\" but that clients and staff had\nbeen supportive.\n \"I certainly look on the future in a positive way. We have\nthe worst behind us and have swept nothing under the carpet.\"\n Profits for the year, up 19.4 pct from 1985 pre-tax profits\nof 68.8 mln stg, were mainly due to a high contribution from\ncorporate finance activities and progress in asset management.\n Finance Director David Ewart told the news conference the\nperformance of the group so far in 1987 was \"within reasonable\ntouch of the budget.\"\n Lord Catto also said the group was actively seeking a new\nchief executive to replace Sir Peter Carey, who is acting as\ninterim director after Reeves' resignation, and hopes to have a\nnew chief executive within a few months.\n He also said Reeves and Walsh had been paid a total of\n562,000 stg in compensation following their resignations, but\ndeclined to say how much each man got. Negotiations were going\non to determine an amount of compensation for Seelig, he said.\n Morgan Grenfell shares stood at a late 366p, 9p down on\nyesterday's 375p.\n REUTER...\n\u0003", "date": "18-MAR-1987 09:55:53.70", "topics": [ "earn" ], "places": [ "uk" ], "id": "6471" }, { "title": "ENVOY SEES BRIGHT ECONOMIC FUTURE FOR PHILIPPINES", "body": "The Philippines is poised for several\nyears of stability and economic growth but faces major\nlong-term problems from its rapidly increasing population, U.S.\nAmbassador Stephen Bosworth told Reuters in an interview.\n \"Medium-term out to the 1990s I am increasingly optimistic\nabout this country,\" he said. \"But if you look beyond that... You\nare jumping off the edge into the unknown.\"\n Bosworth, who retires on April 2 after almost four years as\nU.S. Ambassador, forecast a real per capita increase in\ndisposable income of more than four pct in 1987.\n The Philippines has not seen such an increase this decade.\n He said there were reasons to believe the Philippines could\nout-perform the world economy by enough to continue to generate\nincreases in per capita income in the medium term.\n \"There is nothing big and dramatic yet and maybe big and\ndramatic won't ever happen. But I think foreign investors are\nnow no longer saying let's wait and see how the political side\nturns out,\" he said.\n Bosworth said much hope had been placed on the land reform\nprogram promised by President Corazon Aquino, but he warned it\nwas not a complete cure for the country's ills.\n He said even the redistribution of land to tenant farmers\nwould not be a substitute for the generation of new employment\nin the countryside.\"There is no way even in 1987 that this\ncountry can provide employment growth in farming. Certainly it\nis not going to be able to do so in the future,\" he added.\n \"This has to be off-farm employment,\" he declared.\n Bosworth said the population problem produced major\nuncertainties for the future of the country. He said that more\nthan 60 pct of today's 50 mln people are said to live below the\npoverty line and official predictions suggest the population\nwill double within the next three decades.\n The ambassador said he believed population statistics to be\nunderstated.\n Bosworth said he expected current high domestic liquidity\nto be drawn down during the next six months with some\ncorresponding upward pressure on interest rates, now at about\nnine pct.\n He said his predictions only assumed the Aquino government\ndid not make any big mistakes. They did not assume any great\ntransformation of the Philippine system.\n REUTER\n\u0003", "date": "18-MAR-1987 09:57:06.19", "places": [ "philippines", "usa" ], "id": "6472" }, { "title": "SEC MOVES TO DISCIPLINE ALLEGHENY INT'L ", "body": "The Securities and Exchange\nCommission (SEC) staff is seeking authority to take enforcement\naction against Allegheny International Inc, the\nPittsburgh-based industrial and consumer products firm said.\n Allegheny made the disclosure in documents filed with the\nSEC in connection with its recent agreement to be taken private\nthrough a leveraged buyout led by First Boston Inc.\n \"Following announcement of the merger agreement, the company\nwas informed by the Enforcement Division of the (SEC) that it\nintends to seek authority from the commission to institute a\nproceeding against the company,\" Allegheny said.\n \"The company is cooperating in the commission's\ninvestigation which is continuing and now includes the taking\nof testimony of employes and others,\" Allegheny said.\n In the ongoing probe, Allegheny said, the staff has asked\nfor information about company executive compensation and\nbenefit plans, certain company-owned real estate, travel and\nentertainment spending and the use of corporate aircraft.\n It also has asked for information on acquisitions and\ndivestitures, the company's accounting system \"and other\ninternal controls,\" Allegheny said.\n The probe began in February 1986, Allegheny said.\n The SEC, as a matter of policy, routinely declines comment\non its enforcement actions.\n The SEC investigation began just months before Allegheny\nbecame the target of a series of shareholder lawsuits claiming\nthat the company had violated the federal securities laws by\nfailing to disclose material matters in recent annual proxy\nstatements.\n The suits, later consolidated into a single class-action\ncomplaint before a Pennsylvania federal court, allege\nsecurities law violations involving numerous current and former\nAllegheny officers and directors.\n Earlier this month, lawyers for the shareholders asked the\ncourt to expand the charges to include an allegation that, in\nthe buyout, Allegheny had attempted to illegally freeze out its\npublic shareholders at an unfair price.\n Allegheny said it intends to vigorously defend itself\nagainst all charges.\n The charges made in the shareholder suits are widely\nbelieved to have led to last summer's resignation of Chairman\nand Chief Executive Officer Robert Buckley.\n In the buyout, a group led by First Boston tendered March\n13 for all outstanding Allegheny shares at 24.60 dlrs a share.\n Reuter\n\u0003", "date": "18-MAR-1987 09:58:23.48", "topics": [ "acq" ], "places": [ "usa" ], "id": "6473" }, { "title": "UNITED ASSET MANAGEMENT CORP UPS PAYOUT", "body": "Qtly div four cts vs three cts prior\n Pay April 15\n Record March 31\n Reuter\n\u0003", "date": "18-MAR-1987 09:58:47.06", "topics": [ "earn" ], "places": [ "usa" ], "id": "6474" }, { "title": "KINDER-CARE INC FIRST QTR NET", "body": "Qtr ends dec 31\n Shr one cent vs 15 cts\n Net 466,000 vs 6,866,000\n Revs 123.1 mln vs 93.5 mln\n NOTE: the company changed its fiscal year end from Aug 31\nto Dec 31. qtr prior ended Jan 17, 1986 and included two more\nweeks than current qtr.\n current qtr includes loss 899,000 for accounting change.\n Reuter\n\u0003", "date": "18-MAR-1987 09:58:57.81", "topics": [ "earn" ], "places": [ "usa" ], "id": "6475" }, { "title": "ULTRASYSTEMS INC 4TH QTR JAN 31 NET", "body": "Shr 26 cts vs 18 ctsd\n Net 2,102,000 vs 1,415,000\n Revs 44.1 mln vs 42.2 mln\n Year\n Shr 21 cts vs 91 cts\n Net 1,678,000 vs 7,105,000\n Revs 155.1 mln vs 149.2 mln\n Avg shrs 7,960,000 vs 7,808,000\n NOTE: Latest year net includes writeoff of investment in\nDawn Enterprises ethanol refinery of 79 cts shr.\n Reuter\n\u0003", "date": "18-MAR-1987 09:59:07.41", "topics": [ "earn" ], "places": [ "usa" ], "id": "6476" }, { "title": "CANAMAX TO ACQUIRE KREZMAR GOLD PROPERTY STAKE", "body": " said it agreed\nto acquire the 50 pct interest it does not already own in the\nKrezmar gold property, near Wawa, Ontario, by paying nine mln\ndlrs to and granting Algoma a four pct\nnet smelter return royalty, which is payable after payback.\n The property's drill indicated reserves to a depth of 1,200\nfeet are estimated at over one mln tons averaging 0.25 ounces\nof gold a ton, Canamax said.\n Reuter\n\u0003", "date": "18-MAR-1987 09:59:14.28", "topics": [ "acq" ], "places": [ "canada" ], "id": "6477" }, { "title": "NFS FINANCIAL SETS INITIAL DIVIDEND", "body": "NFS Financial Corp said its board\ndeclared an initial dividend of five cts per share, payable\nApril 21 to holders of record March 31.\n Reuter\n\u0003", "date": "18-MAR-1987 09:59:20.60", "topics": [ "earn" ], "places": [ "usa" ], "id": "6478" }, { "title": "PUBLICKER AUDITORS' OPINION UNQUALIFIED", "body": "Publicker Industries Inc said\nits 1986 financial statements will receive an unqualified\nopinion by the company's auditors, Authur Andersen and Co.\n The company said the qualified opinion on its 1985\nfinancial statements will be changed to an unqualified opinion.\nThe 1985 opinion had been qualified due to the uncertainty of\nthe ultimate recoverability of the amount at which Publicker's\nUnited Kingdom beverage division's assets are carried.\n The company said it has been in the process of\nsubstantially reducing its inventory of Scotch Whisky and\ncurrently intends to complete the reduction by the end of 1987.\n Reuter\n\u0003", "date": "18-MAR-1987 09:59:33.81", "places": [ "usa" ], "id": "6479" }, { "title": "NATIONAL AUSTRALIAN BANK PLANS AUSTRALIAN DLR BOND", "body": "National Australia Bank Ltd is issuing a\n40 mln Australian dlr eurobond due April 24, 1990 paying 15 pct\nand priced at 101-3/8 pct, lead manager Orion Royal Bank Ltd\nsaid.\n The bond, in denominations of 1,000 and 10,000 dlrs, will\nbe listed in London.\n Paydate is April 24 and fees comprise one pct selling\nconcession and 1/2 pct management and underwriting combined.\n REUTER\n\u0003", "date": "18-MAR-1987 10:01:54.49", "places": [ "uk" ], "id": "6480" }, { "title": "VW'S AUDI SAYS PROFIT FELL AROUND 50 PCT IN 1986", "body": "Audi AG , the 99 pct owned\nsubsidiary of Volkswagen AG , said profit in 1986 fell\nby around half compared with 1985, when it achieved a record\n221 mln marks net profit, a rise of 19.5 pct on the previous\nyear.\n Managing board chairman Wolfgang Habbel told a news\nconference he expected both profit and turnover to rise this\nyear compared with 1986, but he said it was questionable\nwhether 1987 profit would return to 1985 levels.\n He gave no figure for 1986 profit. Audi had predicted last\nyear that 1986 profit would likely fall by an unspecified\namount from 1985's record levels.\n Habbel said turnover in 1986 rose to 9.9 billion marks from\n9.6 billion in 1985 and looked certain to rise to over 10\nbillion this year.\n Asked whether Audi would pay a dividend to VW to help the\nparent company overcome its currency losses, Habbel said Audi\nwould ensure VW got a share of profits.\n Audi's entire 1985 net profit was paid into its own free\nreserves to help finance investment. In the previous 10 years\nVW had received 80 pct of Audi's earnings as a dividend.\n Habbel blamed the profit decline on disruptions to output\ncaused by the introduction of the new Audi 80 model, on\ncurrency factors and on negative publicity in the U.S. About\nalleged \"sudden acceleration\" of some of its Audi 5000 models.\n As reported, Audi's sales in the U.S. Dropped nearly 20 pct\nto 59,800 last year.\n Habbel said the U.S. Sales decline would probably bottom\nout in 1987.\n Audi's worldwide car deliveries fell two pct to 363,000.\n Of the total, exports fell 10.5 pct to a rounded 210,000,\nbut domestic sales increased to a rounded 154,000 from 137,180\nin 1985.\n Habbel said the new Audi 80 had sold extremely well in the\nfirst two months of 1987, helping Audi to increase its overall\nmarket share in West Germany to 8.4 pct from 5.2 pct in the\nsame months of 1986. Sales in Europe also rose but U.S. Sales\nfell further, he said without giving details. Worldwide\ndeliveries in the first two months increased eight pct to\n57,000.\n Audi said in January that 1987 car production would rise to\nover 400,000 from 384,000 in 1986, when output had fallen\ncompared with 1985's 392,000.\n Habbel said Audi expected the rise in output to lead to\nfurther new hiring of employees.\n At the end of 1986 Audi's workforce stood at a record\n39,800, a rise of 3,400 over 1985.\n REUTER\n\u0003", "date": "18-MAR-1987 10:04:30.16", "topics": [ "earn" ], "places": [ "west-germany" ], "id": "6481" }, { "title": "LTV CORP GETS 500 MLN DLR CONTRACT FROM BOEING\n", "date": "18-MAR-1987 10:04:45.87", "id": "6482" }, { "title": "BANK OF ENGLAND LENDS ONE BILLION STG AT 10 PCT", "body": "The Bank of England said it had lent one\nbillion stg to the discount market for fourteen days at 10 pct.\n This brings the Banks total help today to some 1.34 billion\nstg and satisfies the estimated shortage in the system today\nwhich it had earlier estimated at 1.3 billion stg.\n The Bank's announcement this morning that it was willing to\nlend two-week money at 10 pct was interpreted by the market as\na sanction for lower U.K. Base lending rates.\n The U.K. Clearing banks swiftly took this up, cutting their\nbase rates by a half-point to 10 pct. At midday, the central\nbank lowered its money market dealing rates by the same amount.\n REUTER\n\u0003", "date": "18-MAR-1987 10:05:21.56", "topics": [ "interest" ], "places": [ "uk" ], "id": "6483" }, { "title": " UK INTERVENTION BD SAYS EC SOLD 60,500 TONNES WHITE SUGAR AT REBATE 44.819 ECUS. \n", "date": "18-MAR-1987 10:05:24.69", "topics": [ "sugar" ], "id": "6484" }, { "title": "SENSORMATIC ELECTRONICS CORP 3RD QTR NET", "body": "Feb 28 end\n Shr profit 11 cts vs loss 37 cts\n Net profit 3,027,000 vs loss 10.4 mln\n Revs 22.3 mln vs 19.9 mln\n Avg shrs 28.6 mln vs 29.0 mln\n Nine mths\n Shr profit 34 cts vs loss 22 cts\n Net profit 9,560,000 vs loss 6,072,000\n Revs 71.9 mln vs 64.7 mln\n Avg shrs 28.5 mln vs 27.9 mln\n NOTE: Prior year net both periods after 15.2 mln dlr\nwriteoff.\n Reuter\n\u0003", "date": "18-MAR-1987 10:07:25.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "6485" }, { "title": "U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES", "body": "A total 60,500 tonnes of current series\nwhite sugar received export rebates of a maximum 44.819\nEuropean Currency Units (Ecus) per 100 kilos at today's\nEuropean Community (EC) tender, the U.K. Intervention Board\nsaid.\n Out of this, traders in France received 18,000 tonnes, in\nDenmark 15,000, in West Germany 12,250, in the Netherlands\n12,000 and in Belgium 3,250 tonnes, it added.\n Earlier today, London traders had expected the subsidy for\nthe current season whites campaign for licences to end-Aug to\nbe between 44.10 and 44.50 Ecus per 100 kilos.\n Traders had also forecast today's total authorised sugar\ntonnage export awards to be between 60,000 and 70,000 tonnes\nversus 71,000 last week when the restitution was 43.248 Ecus.\n Cumulative export authorisations for the current 1986/87\nseason now stand at 1,915,270 tonnes (40 weeks).\n REUTER\n\u0003", "date": "18-MAR-1987 10:08:04.22", "topics": [ "sugar" ], "organisations": [ "ec" ], "places": [ "uk", "france", "denmark", "west-germany", "belgium" ], "id": "6486" }, { "title": "AA GAGE GETS SINGER DIVISION SUBCONTRACT", "body": "AA Gage, a manufacturer of\nrotary indexers and test systems for the aerospace and machine\ntool industries, said it was awarded an initial subcontract of\n2.2 mln dlrs by Singer Co's Kearfott Guidance and Navigation\nDivision.\n It said the subcontract is to produce computerized two-axis\ntest stand systems and other support services for the U.S. Air\nForce Adints (Automatic Depot Inertial Navigation Test Systems)\nprogram.\n Depending on Air Force requirements, the subcontract will\nresult in AA Gage shipments between 5.0 and 10 mln dlrs over\nfive years.\n Reuter\n\u0003", "date": "18-MAR-1987 10:08:11.51", "places": [ "usa" ], "id": "6487" }, { "title": "ANACOMP ACQUIRES DATAGRAPHIX", "body": "Anacomp Inc said it acquired\nthe common stock of DatagraphiX Inc from General Dynamics Corp\n for about 128 mln dlrs.\n It said the purchase will be financed with a combination of\na new bank credit agreement and through private placement of\nsenior subordinated notes and convertible preferred stock.\n DatagraphiX, which had 1986 sales of 240.7 mln dlrs,\nmanufactures a line of computer output to microfilm hardware\nand supplie.\n Anacomp's sales for the year ended Sept 30, 1986 were 108.8\nmln dlrs.\n Reuter\n\u0003", "date": "18-MAR-1987 10:10:06.30", "topics": [ "acq" ], "places": [ "usa" ], "id": "6488" }, { "title": "CHRISTIANIA BANK ISSUES EUROYEN BOND", "body": "Christiania Bank og Kreditkasse is\nissuing a 15 billion yen eurobond due March 31, 1992 paying\n7-1/2 pct and priced at 101-3/4 pct, lead manager Yamaichi\nInternational (Europe) Ltd said.\n The bond is available in denominations of 10 mln yen and\nwill be listed in London. Fees comprise 1-1/4 pct selling\nconcession and 5/8 pct management and underwriting combined.\n The redemption rate will be calculated according to a\ncomplex formula tied to the spot yen/dlr currency rate,\nYamaichi said.\n Mitsui Trust International Ltd is co-lead.\n REUTER\n\u0003", "date": "18-MAR-1987 10:12:29.38", "places": [ "uk" ], "id": "6489" }, { "title": "LTV GETS 500 MLN DLR BOEING CONTRACT", "body": "LTV Corp said it has received a contract\nworth more than 500 mln dlrs from Boeing Co to produce major\nsections for Boeing 767, 757 and 747 airliners, including the\nnew 747-400.\n The company said the contract covers continuing production\nthrough mid-1990. LTV makes aft body sections and horizontal\nand vertical stabilizers for 747 and 757's and horizontal\nstabilizers for 767's.\n It said as part of the contract it will build a new type of\nhorizontal stabilizer for the 747-400 containing tanks capable\nof holding 3,300 gallons of fuel.\n The added fuel capacity will allow the 747-400 to fly about\n1,000 miles further than the 747-300, LTV said.\n The company said it will start making the 747-400 shipsets\nin June and the first aircraft is scheduled for completion in\nearly 1988. It is to be delivered to NWA Inc in December\n1988.\n Reuter\n\u0003", "date": "18-MAR-1987 10:12:45.66", "places": [ "usa" ], "id": "6490" }, { "title": "WINNEBAGO INDUSTRIES INC 2ND QTR NET", "body": "Period ended February 28\n Shr 25 cts vs 25 cts\n Net 6,292,000 vs 6,340,000\n Sales 97.0 mln vs 87.0 mln\n Six mths\n Shr 36 cts vs 28 cts\n Net 9,122,000 vs 7,053,000\n Sales 193.2 mln vs 168.6 mln\n NOTE: 1986 period ended March One\n Reuter\n\u0003", "date": "18-MAR-1987 10:13:07.01", "topics": [ "earn" ], "places": [ "usa" ], "id": "6491" }, { "title": "CATTLE BEING PLACED ON FEED LIGHTER THAN NORMAL", "body": "Most of the cattle now being placed on\nU.S. feedlots weigh less than normal and likely will remain on\nfeed longer, spreading out marketings and supporting cattle\nprices through the summer because of reduced beef supply.\n The prospect of so many cattle remaining on feed for a\nlonger time blunted the market impact of the high placements\nreported in the USDA's latest cattle on feed report, livestock\nanalysts said.\n After the USDA released its report of cattle on feed in\nseven states as of March 1, cattle futures on the Chicago\nMercantile Exchange yesterday rose sharply. The trade had\nexpected deferred contracts to decline on the USDA report of a\n15 pct rise in cattle placements in February from a year ago.\n Although the heavy placements were expected, analysts noted\nreports that many cattle put on feed were relatively\nlightweight and said feedlot operators would feed the lighter\ncattle into the autumn, rather than market them during the\nsummer as would be the case with the heavier cattle normally\nplaced on feed.\n Although reports of actual cattle weights are difficult to\nobtain, industry sources in the West and Southwest acknowledge\nthat lighter cattle are being put on feedlots in their areas.\n The increase in lighter-weight cattle entering feedlots,\nhelps explain the jump in feedlot placements last month from\nFebruary, 1986.\n University of Missouri Agricultural Economist Glenn Grimes\nsaid, \"The probabilities are high that in order to place that\nmany cattle on feed they (feedlot operators) had to go to\nlighter-weight cattle.\n The only statistics available are from some terminal\nmarkets which represent only a small percentage of the total\ncattle marketed. But at those markets, steers averaged 708 lbs\nin February compared with 718 lbs last year, Grimes said.\n Even if marketing of the lighter cattle is not delayed,\nGrimes said, beef supply likely will be reduced.\n If the average weight is down, and there is no price\nweakness to delay marketings, the cattle would be marketed at\nlighter weights, which could reduce the beef supply as much as\nthree pct.\n Bruce Ginn, cattle analyst for The Helming Group (formerly\nLBAS), said the lighter cattle are being placed on feed mainly\nbecause of two factors: low grain prices and higher live cattle\nprices.\n Many farmers like to feed lighter weight cattle and grain\nsupplies are large, he noted. Also, the higher live cattle\nprices have been encouraging early movement of cattle from\nwheat pasture onto feedlots, Ginn said.\n Other analysts also noted that cattle are coming off wheat\npasture sooner than normal because of poor pasture conditions.\n Gary Chapmann, a cash livestock trader for Chapmann and\nGraham in Sioux City, Iowa said he believed the general trend\nis to lighter weight placements but pasture conditions in his\narea benefited from a dry, mild winter.\n To the south, however, he said the weather was wetter and\nsome cattle are coming off pasture weighing 75 to 100 lbs less\nthan normal after having gained only 75 lbs all winter.\n Reuter\n\u0003", "date": "18-MAR-1987 10:13:35.41", "topics": [ "l-cattle" ], "places": [ "usa" ], "id": "6492" }, { "title": "N.Y. COCOA TRADERS STILL CAUTIOUS ON ICCO", "body": "New York cocoa traders reacted with\ncaution to today's developments at the International Cocoa\nOrganization talks in London, saying there is still time for\nnegotiations to break down.\n \"I would be extremely cautious to go either long or short\nat this point,\" said Jack Ward, president of the cocoa trading\nfirm Barretto Peat. \"If and when a final position comes out (of\nthe ICCO talks) one will still have time to put on positions.\nThe risk at the moment is not commensurate with the possible\ngain.\"\n ICCO producer and consumer delegates this morning accepted\nthe outlines of a compromise proposal on buffer stock rules as\na basis for further negotiation. A smaller group of\nrepresentatives is now charged with fleshing out the details.\n \"Market sentiment has reflected optimism, I would't put it\nany stronger than that,\" Ward said.\n \"It seems to put them slightly closer to an agreement...\nbut one shouldn't forget how much they have to negotiate,\" said\nanother trader of today's developments.\n Many dealers were sidelined coming into the negotiations\nand have remained so, traders said.\n \"The dealers have got historically small positions in\noutright terms,\" one trader said.\n Speculators have gone net long \"but only slightly so,\" he\nadded.\n The recent price strength -- gains of about 52 dlrs the\nlast two days -- has been due in large part to sterling's rally\nagainst the dollar and in the process has attracted a measure\nof origin selling, traders said.\n Reuter\n\u0003", "date": "18-MAR-1987 10:16:05.59", "topics": [ "cocoa" ], "organisations": [ "icco" ], "places": [ "usa" ], "id": "6493" }, { "title": "REAGAN UPBEAT ABOUT LATEST GNP FIGURES", "body": "President Reagan said the 1.1 pct\nU.S. economic growth rate during the final quarter of 1986\n\"wasn't all that bad.\"\n The Commerce Department said the rate of growth of the\nGross National Product in the October-December period was only\nslightly less than a preliminary estimate of 1.3 pct made\nearlier.\n At the same time, it said inflation, as measured by the GNP\nprice deflator, rose by 0.7 pct during the period.\n Asked his reaction to the GNP report during a White House\nphoto session, Reagan replied, \"It wasn't all that bad.\"\n Reuter\n\u0003", "date": "18-MAR-1987 10:19:11.79", "topics": [ "gnp" ], "places": [ "usa" ], "id": "6494" }, { "title": "PENWEST LTD 2ND QTR ENDS FEB 28 NET", "body": "Shr 85 cts vs 24 cts\n Net 2,381,000 vs 754,000\n Revs 35.3 mln vs 32.6 mln\n Avg shrs 2,777,620 vs 3,161,603\n Six mths\n Shr 1.35 dlrs vs 44 cts\n Net 3,756,000 vs 1,388,000\n Revs 65.8 mln vs 64.3 mln\n Avg shrs 2,777,620 vs 3,161,603\n\n Reuter\n\u0003", "date": "18-MAR-1987 10:24:39.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "6495" }, { "title": "SIERRA SPRING WATER CO 4TH QTR LOSS", "body": "Shr loss 10 cts vs profit six cts\n Net loss 986,000 vs profit 576,000\n Rev 9.6 mln vs 9.1 mln\n Year\n Shr loss seven cts vs profit 27 cts\n Net loss 714,000 vs profit 2,299,000\n Rev 42.8 mln vs 34.6 mln\n Reuter\n\u0003", "date": "18-MAR-1987 10:26:11.63", "topics": [ "earn" ], "places": [ "usa" ], "id": "6496" }, { "title": "GELCO TO SELL CANADIAN COURIER UNIT", "body": "Gelco Corp said it signed a letter\nof intent to sell its Canadian courier unit, Gelco Express Ltd,\nto Air Canada for about 54 mln dlrs (U.S.).\n It said consummation of the transaction depends on\nexecution of a definitive agreement, which is expected in May.\n As part of its restructuring plan, Gelco had announced that\nit would sell four business units. Gelco Express Ltd was one of\nthe companies scheduled for divestiture.\n Reuter\n\u0003", "date": "18-MAR-1987 10:26:41.59", "topics": [ "acq" ], "places": [ "canada" ], "id": "6497" }, { "title": "SYNTHETECH ENDS SOUTHWEST PHOTO TALKS", "body": "Synthetech Inc said it\ndiscontinued negotiations on acquiring Southwest Photo chem Inc\nof Pomona, Calif.\n The company cited \"irreconcilable differences\" in the\nfinancial structure of the deal.\n It said Southwest Photo proposed a significant change in\nterms outlined in the letter of intent signed last month.\n Reuter\n\u0003", "date": "18-MAR-1987 10:26:57.37", "topics": [ "acq" ], "places": [ "usa" ], "id": "6498" }, { "title": "RANCO HOLDERS APPROVE MERGER", "body": "Ranco Inc said shareholders at a\nspecial meeting approved a merger into for 40 dlrs\nper share.\n Reuter\n\u0003", "date": "18-MAR-1987 10:27:10.06", "topics": [ "acq" ], "places": [ "usa" ], "id": "6499" }, { "title": "AMERICAN PHYSICIANS SERVICE 4TH NET", "body": "Shr profit five cts vs profit two cts\n Net profit 268,000 vs profit 134,000\n Revs 6,951,000 vs 5,938,000\n 12 mths\n Shr profit 14 cts vs loss 11 cts\n Net profit 801,000 vs loss 623,000\n Revs 24.6 mln vs 24.3 mln\n NOTE: full name of company is american physicians service\ngroup inc.\n Reuter\n\u0003", "date": "18-MAR-1987 10:27:18.23", "topics": [ "earn" ], "places": [ "usa" ], "id": "6500" }, { "title": "M.S. CARRIERS COMPLETES OFFERING", "body": "M.S. Carriers Inc said it has\ncompleted an offering of 550,000 common shares, including\n350,000 sold by shareholders, for 32.25 dlrs each.\n Lead underwriters were Alex. Brown and Sons Inc and\nMorgan Keegan Inc .\n Reuter\n\u0003", "date": "18-MAR-1987 10:27:25.23", "places": [ "usa" ], "id": "6501" }, { "title": "AIR CANADA TO COMMENT ON GELCO UNIT REPORT", "body": "State-owned Air Canada said it will\nmake a statement at 1100 EST concerning a published report that\nthe airline has agreed to acquire Gelco Corp's Canadian unit,\nGelco Express Ltd, an Air Canada spokesman said.\n The spokesman declined to comment on the Toronto Globe and\nMail report when queried.\n The sale of Gelco Express, Canada's second largest courier\nservice, is part of the parent company's strategy to repay 350\nmln U.S. dlrs of debt by the end of 1987, the report said,\nquoting a Gelco spokesman. The report did not disclose a price\nfor the sale of Gelco's Canadian unit.\n Reuter\n\u0003", "date": "18-MAR-1987 10:27:33.91", "topics": [ "acq" ], "places": [ "canada" ], "id": "6502" }, { "title": "PHILIP CROSBY SEES LOWER 4TH QTR RESULTS", "body": "Philip Crosby Associates Inc\nsaid it expects its audited results for 1986's fourth quarter\nto be lower than its previously estimated 10 to 15 cts per\nshare.\n Philip Crosby Jr, executive vice president, said normal\naccounting adjustments, as well as a review of the company's\ninternational operations due to a previously reported alleged\nembezzlement, resulted in the lower results.\n Philip Crosby reported fourth quarter 1985 results of 1.3\nmln dlrs, or 37 cts a share prior to an August 15 two-for-one\nstock split.\n Crosby said, however, he expects the company to report\nhigher first quarter 1987 revenues than the 1986 first quarter\nrevenues of 11.8 mln dlrs.\n Crosby said that tuition levels from the management\nconsulting service company's courses this month are at the\nhighest level in the company's history.\n Reuter\n\u0003", "date": "18-MAR-1987 10:29:01.89", "topics": [ "earn" ], "places": [ "usa" ], "id": "6503" }, { "title": "GENZYME CORP 4TH QTR NET", "body": "Shr profit three cts vs loss 44 cts\n Net profit 247,000 vs loss 2,410,000\n Revs 3,845,000 vs 3,264,000\n Avg shrs 8,743,000 vs 5,507,000\n Year\n Shr profit one ct vs loss 53 cts\n Net profit 41,300 vs loss 2,840,000\n Revs 13.0 vs 9,767,000\n Avg shrs 7,497,000 vs 5,384,000\n NOTE: 1985 4th qtr and year net includes two mln dlr loss\nfor litigation settlement and 589,000 dlrs for write-off of\ngoodwill.\n Reuter\n\u0003", "date": "18-MAR-1987 10:29:25.27", "topics": [ "earn" ], "places": [ "usa" ], "id": "6504" }, { "title": "INFORMATION SOLUTIONS INC 1ST QTR JAN 31", "body": "Shr two cts vs six cts\n Net 43,295 vs 147,724\n Revs 3,787,507 vs 4,000,019\n Reuter\n\u0003", "date": "18-MAR-1987 10:29:43.26", "topics": [ "earn" ], "places": [ "usa" ], "id": "6505" }, { "title": "FAIRCHILD INDUSTRIES SETS REGULAR PAYOUT", "body": "Qtrly div five cts vs five cts\n Pay Apirl 10\n Record March 30\n \n Reuter\n\u0003", "date": "18-MAR-1987 10:29:52.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "6506" }, { "title": "ALFA LAVAL AB 1986 YEAR", "body": "Group profit after financial income and expenses 731 mln\n Crowns vs 651 mln\n Sales 10.15 billion crowns vs 10.05 billion\n Profit per share after full taxes - 31.80 crowns vs 30\n Crowns\n Proposed dividend - 11 crowns vs 10 crowns.\n Reuter\n\u0003", "date": "18-MAR-1987 10:29:59.96", "topics": [ "earn" ], "places": [ "sweden" ], "id": "6507" }, { "title": "SHELDAHL IN AGREEMENT WITH SUMITOMO", "body": "Sheldahl Inc said it signed\nthe previously announced agreements with Sumitomo Bakelite Co\nLtd, Tokyo, Japan, providing for a joint participation program\nfor manufacturing flexible circuits and circuitry components.\n Under terms of the agreement, each company granted the\nother a license to use flexible circuit and related technology.\n As part of the transaction, Sumitomo Bakelite has purchased\n10 pct, or 325,000 shares of Sheldahl common stock. In\naddition, Sheldahl will be a minority holder in Sumitomo's next\nflexible circuit manufacturing operation in Japan.\n Reuter\n\u0003", "date": "18-MAR-1987 10:30:13.97", "places": [ "usa", "japan" ], "id": "6508" }, { "title": "SPECTRUM CONTROL INC SETS QUARTERLY", "body": "Qtly div 1-3/4 cts vs 1-3/4 cts prior\n Pay April 15\n Record April One\n Reuter\n\u0003", "date": "18-MAR-1987 10:30:19.57", "topics": [ "earn" ], "places": [ "usa" ], "id": "6509" }, { "title": "BIDDERS BUY SHARES OF EASTERN UTILITIES ", "body": "Eastern Utilities Associates said\nPaineWebber Inc, Prudential-Bache Capital Funding and A.G.\nEdwards and Sons Inc, were the successful bidders for one mln\nof its common shares offered at 36-5/8 dlrs per share.\n Eastern said it has about 11.7 mln common shares\noutstanding.\n As previously reported, Eastern said it will use the\nproceeds from the sale to reduce or eliminates its short-term\ndebt.\n Reuter\n\u0003", "date": "18-MAR-1987 10:32:31.71", "places": [ "usa" ], "id": "6510" }, { "title": "ICELAND TO PRIVATISE STATE BANK UTVEGSBANKI", "body": "The Icelandic government said it will\nprivatise the state-owned bank Utvegsbanki, the country's\nsecond largest. Parliament also granted an 800 mln crown cash\ninfusion to ease cash flow problems that arose when the bank\nlost 600 mln crowns in a shipping firm bankruptcy two years\nago.\n Utvegsbanki director Halldor Gudbjarnarson told Reuters the\ndecision to privatise the bank was a relief and that foreign\nbanks had already expressed interest in taking a share.\n A quarter of the one billion crown total share capital will\nbe available to foreign investors, government officials said.\n REUTER\n\u0003", "date": "18-MAR-1987 10:35:29.47", "topics": [ "acq" ], "places": [ "iceland" ], "id": "6511" }, { "title": "CANDLEWOOD BANK PLANS INITIAL OFFERING", "body": " said it plans an initial public offering of 500,000 common\nshares at an expected price of 10 dlrs each through underwriter\nMoseley Holdings Corp , which has been granted an option\nto buy up to 75,000 more shares to cover overallotments.\n Candlewood is being formed to serve the area around\nCandlewood Lake in Connecitcut, Proceeds from the offering\nwould support its operations.\n Reuter\n\u0003", "date": "18-MAR-1987 10:35:43.60", "places": [ "usa" ], "id": "6512" }, { "title": "CEREALS MCAS TO BE UNCHANGED NEXT WEEK", "body": "Monetary compensatory amounts (mcas)\nfor cereals will be unchanged for the week starting March 23,\nEuropean Commission officials said.\n Cereals mcas are plus 2.4 points for West Germany and the\nNetherlands, minus two points for Denmark, minus eight points\nfor France, minus nine points for Ireland, minus 5.7 points for\nItaly, minus 25.7 points for Britain, minus 44.1 points for\nGreece and minus 10.5 points for Spain.\n Reuter\n\u0003", "date": "18-MAR-1987 10:35:50.52", "places": [ "belgium", "west-germany", "denmark", "netherlands", "france", "ireland", "italy", "uk", "greece", "spain" ], "id": "6513" }, { "title": "GENOVESE DRUG STORES INC SETS QUARTERLY", "body": "Qtly div five cts vs five cts prior\n Pay April 20\n Record April 13 \n Reuter\n\u0003", "date": "18-MAR-1987 10:35:58.59", "topics": [ "earn" ], "places": [ "usa" ], "id": "6514" }, { "title": "STUDY SHOWS ONLY LIMITED OPTIMISM FOR SILVER", "body": "Silver looks \"unlikely to break out of\ngold and platinum's shadow\" in the near future, although this\nyear is likely to see demand increasing at a faster rate than\nsupply, a study by Credit Suisse said.\n The study predicted demand rising by 300 tonnes to 13,200\ntonnes this year, against a 50 tonne increase in supply to\n14,050 tonnes. This should cut the global oversupply to 850\ntonnes from last year's provisional 1,100 tonnes.\n The study noted that the effects of last year's lower\nprices were having a dampening effect on total supply, which\nwas now back down to around levels of a decade ago.\n However, the study said that primary production, likely to\nreach 10,000 tonnes this year against a provisional 9,950 in\n1986, is relatively insensitive to price falls.\n Around a third of silver production comes from heavily\nindebted Mexico and Peru.\n Price-sensitivity is also reduced by the fact that the\nmajority of silver is a by-product of other mining activity.\n Reuter\n\u0003", "date": "18-MAR-1987 10:38:04.62", "topics": [ "silver" ], "places": [ "switzerland" ], "id": "6515" }, { "title": "DUFF/PHELPS LOWERS DUQUESNE LIGHT DEBT", "body": "Duff and Phelps said it lowered the\nratings on Duquesne Light Company fixed income securities,\naffecting approximately 1.8 billion dlrs in debt.\n Duquesne first mortgage bonds and debentures were lowered\nto DP-9 (middle BBB) from DP-8 (high BBB), preferred stock\nrating to DP-10 (low BBB) from DP-9 and preference stock to\nDP-11 (high BB) from DP-10.\n The change resulted from a denial by the Pennsylvania\nPublic Utility Commission for a rate increase and an order by\nthe commission to reduce rates by 18.6 mln dlrs annually.\n Reuter\n\u0003", "date": "18-MAR-1987 10:41:10.23", "places": [ "usa" ], "id": "6516" }, { "title": "PACAD INC IN PACT WITH OKAMOTO U.S.A.", "body": "Pacad Inc said it has entered\ninto a contractual agreement with to\nmarket condoms manufactured by Okamoto's parent company,\nOkamoto Riken Gomu Co Ltd of Japan.\n Pacad president David Tucker said the agreement covered the\nentire U.S. and Caribbean.\n \"With mounting public health concerns we expect our condom\nsales to begin within 30 days and grow rapidly in 1987,\" Tucker\nsaid. \"We find perception of quality and value in Japanese\nproducts is just now crossing over from cars and cameras to\ncondoms.\"\n Reuter\n\u0003", "date": "18-MAR-1987 10:42:17.37", "places": [ "usa" ], "id": "6517" }, { "title": "PREMARK EXTENDS BUY-BACK DEADLINE", "body": "Premark International Inc said\nit is extending to April 17 the offer to buy its common stock\nfrom holders of fewer than 100 shares.\n Owners of record Jan 27, 1987 are eligible for the offer,\nwhich enables shareholders to sell their holdings to Premark\nwithout paying brokerage fees or commission.\n The offer is being made on a \"first-come first-served\"\nbasis with a maximum of 1.7 mln shares to be accepted.\n Reuter\n\u0003", "date": "18-MAR-1987 10:43:31.04", "places": [ "usa" ], "id": "6518" }, { "title": "FIRST BANCORP FILES REGISTRATION WITH SEC", "body": "First Bancorp said it filed with the\nSecurities and Exchange Commission its public offering of\n400,000 shares of common stock to be underwitten by Interstate\nSecurities Corp.\n First Bancorp said the registration statement also covers\n60,000 additional shares that Interstate Securities has the\nright to acquire in order to cover over allotments.\n First Bancorp, which is now private, said its stock will\nnot be traded until the filing becomes effective.\n Reuter\n\u0003", "date": "18-MAR-1987 10:43:40.51", "places": [ "usa" ], "id": "6519" }, { "title": "ANIMED INC 1ST QTR JAN 31 LOSS", "body": "Shr loss six cts vs profit three cts\n Net loss 368,188 vs profit 149,334\n Revs 3,9i3,523 vs 4,129,240\n Reuter\n\u0003", "date": "18-MAR-1987 10:43:46.65", "topics": [ "earn" ], "places": [ "usa" ], "id": "6520" }, { "title": "ANIMED EXPECTS TO TURN PROFITABLE", "body": "ANIMED Inc said it expects to\nreturn to profitability during the current year.\n Today it reported a loss for the first quarter ended in\nJanuary of 368,188 dlrs compared with a 149,334 dlr profit a\nyear before.\n Reuter\n\u0003", "date": "18-MAR-1987 10:43:51.39", "topics": [ "earn" ], "places": [ "usa" ], "id": "6521" }, { "title": "CROWN AUTO INC 4TH QTR DEC 27 LOSS", "body": "Shr loss 14 cts vs loss 31 cts\n Net loss 144,522 vs loss 334,890\n Revs 10,019,828 vs 9,021,835\n Year\n Shr loss 16 cts vs profit 10 cts\n Net loss 170,177 vs profit 105,090\n Revs 36.8 mln vs 36.1 mln\n Avg shrs 1,068,850 vs 1,074,624\n NOTE: 1985 period ended December 28\n 1985 earnings include loss in each period from discontinued\noperations of 184,777 dlrs\n Reuter\n\u0003", "date": "18-MAR-1987 10:44:07.34", "topics": [ "earn" ], "places": [ "usa" ], "id": "6522" }, { "title": "UNION VALLEY CORP 4TH QTR NET", "body": "Shr 20 cts vs 34 cts\n Net 797,000 vs 1,137,000\n Rev 22.2 mln vs 18.2 mln\n Avg shares 3,966,667 vs 3,366,667\n Year\n Shr 73 cts vs one dlr\n Net 2,625,000 vs 3,371,000\n Rev 69.6 mln vs 62.9 mln\n Avg shares 3,583,653 vs 3,366,667\n NOTE: 1986 includes extraordinary gain of 281,000 dlrs, or\neight cts a share.\n Reuter\n\u0003", "date": "18-MAR-1987 10:44:13.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "6523" }, { "title": "GENERAL DEVICES INC YEAR NET", "body": "Shr profit 48 cts vs loss 21 cts\n Net profit 1,308,503 vs loss 561,384\n Revs 56.0 mln vs 66.1 mln\n NOTE: 1986 net includes pretax gain 2,429,563 dlrs from\nsale of Worldwide Computer Services Inc subsidiary and 352,000\ndlr tax credit.\n Reuter\n\u0003", "date": "18-MAR-1987 10:44:25.59", "topics": [ "earn" ], "places": [ "usa" ], "id": "6524" }, { "title": "DEUTSCHE BABCOCK TO INCREASE DIVIDEND IN 1986/87", "body": "Deutsche Babcock AG\n will increase its dividend on results in the year\nending September 30, 1987, chief executive Helmut Wiehn said.\n Wiehn told a news conference Deutsche Babcock would double\nthe absolute amount it distributes to shareholders. This\noverall increase would also be due partly to an increase of\nnominal share capital by 100 mln marks to 350 mln marks.\n A higher dividend had been anticipated because Deutsche\nBabcock has said in the past that it will only raise capital\nwhen it can make a lasting improvement in the dividend.\n Reuter\n\u0003", "date": "18-MAR-1987 10:46:22.69", "topics": [ "earn" ], "places": [ "west-germany" ], "id": "6525" }, { "title": "FINANCE FOR DANISH INDUSTRY HAS DANISH CROWN BOND", "body": "Finance for Danish Industry is issuing a\n300 mln Danish crown eurobond due April 23, 1992, paying 11-3/8\npct and priced at 100-1/4 pct, lead manager Privatbanken Ltd\nsaid.\n The bond will be listed in Luxembourg. Pay date is April\n24.\n Fees comprise 1-1/4 pct selling concession and 5/8 pct\nmanagement and underwriting combined.\n REUTER\n\u0003", "date": "18-MAR-1987 10:48:31.08", "places": [ "uk" ], "id": "6526" }, { "title": "EXOVIR SELLS STOCK FOR 2.8 MLN DLRS", "body": "Exovir Inc said it sold to an\ninvestor group led by Mark Hammer 200,000 shares of company\ncommon stock and warrants to purchase an additional 200,000\nshares.\n Exovir said the transaction increases the group's stake\nfrom 12.9 pct to 18.5 pct.\n The net proceeds to the company total 2.8 mln dlrs, the\ncompany said. The warrants are exerciseable over the next three\nyears at 19.50 dlrs per share of common stock, according to\nExovir.\n Reuter\n\u0003", "date": "18-MAR-1987 10:48:54.14", "topics": [ "acq" ], "places": [ "usa" ], "id": "6527" }, { "title": "BRAD RAGAN INC SETS QUARTERLY", "body": "Qtly div three cts vs three cts prior\n Pay May 4\n Record April 3\n Reuter\n\u0003", "date": "18-MAR-1987 10:49:31.06", "topics": [ "earn" ], "places": [ "usa" ], "id": "6528" }, { "title": " 2ND QTR JAN 31 LOSS", "body": "Net loss 1,321,000 vs loss 1,397,000\n Sales 31.1 mln vs 29.2 mln\n 1st half\n Net loss 94,000 vs loss 1,745,000\n Sales 63.0 mln vs 61.9 mln\n NOTE: Company recently went private.\n Latest quarter net includes 24,000 dlr tax credit.\n Current half net includes gain 2,041,000 dlrs pretax from\ntermination of pension plan.\n Reuter\n\u0003", "date": "18-MAR-1987 10:50:36.73", "topics": [ "earn" ], "places": [ "usa" ], "id": "6529" }, { "title": "IBM DETAILS STANDARDS ON LINKING PRODUCTS", "body": "International Business Machines Corp\nhas released software programing standards that will eventually\nmake it possible to link the company's computers of all sizes,\na spokeswoman said.\n She said standards were contained in a programing\nannouncement IBM sent to its sales representatives and some\ncustomers. The new standards, known as Systems Application\nArchitecture, do not constitute a new product. But they provide\nthe framework for development of saftware to be used in future\ncomputers.\n Reuter\n\u0003", "date": "18-MAR-1987 10:51:59.19", "places": [ "usa" ], "id": "6530" }, { "title": "U.K. BASE RATES WILL FALL AGAIN SOON, SAY ANALYSTS", "body": "Today's modest half-point cut in U.K.\nBank base lending rates to 10 pct signals the Bank of England's\ndetermination to maintain a cautious monetary stance, but\nfinancial markets appear set to force its hand, analysts said.\n They said a further half-point cut in base rates to 9-1/2\npct was bound to occur within the next week and rates may shed\na further half point soon if markets remain buoyant.\n Earlier, markets were bracing for a one-point cut in rates\nafter yesterday's budget set a sharp three billion stg\nreduction in 1987 government borrowing targets to four billion\nstg.\n Sterling money market rates moved lower again, with the key\nthree-month interbank rate down to 9-5/8 1/2 pct at the start\nof business from 9-11/16 9/16 yesterday, and sterling rallied\nto four-year highs against the dollar in very active trading.\n Government bond prices also surged on the budget, with\ngains in excess of one point pushing yields on long-term paper\nbelow nine pct for the first time in nearly a year.\n But today's smaller than expected rate cut appeared to have\nplacated markets for now, analysts said. Money market rates\nrecovered up to 1/4 point from earlier lows while both sterling\nand gilts came off highs as trading ground to a near halt.\n Analysts said the slowdown was likely to be temporary, and\nthe reappraisal of sterling assets by international investors\nwas set to resume as early as tomorrow, leading to higher gilt\nprices, exchange rate advances and lower money market rates.\n \"Today's cut was slightly disappointing,\" said Bill Martin,\nchief U.K. Economist at stockbrokers Phillips and Drew. \"The\nBank of England is taking a very cautious line ... To temper\nthe markets' first rush of blood to the head after the budget.\"\n Analysts said the bank's move today to lend two-week cash\nto U.K. Discount houses at a lower 10 pct suggested it hoped to\nmaintain the new rates for about that period of time.\n The analysts agreed success would depend largely on how\nsterling performs in the near term.\n Sharp rises in the pound's value could be checked initially\nthrough Bank of England intervention but eventually the gains\nwould force the bank to cut interest rates rates again.\n \"The market seems to have accepted the modest cut for the\ntime being,\" said Midland Bank treasury economist David\nSimmonds. \"But I am sceptical that the bank will be able to hold\nup rates for long.\"\n Simmonds said he saw sterling rising another two U.S. Cents\nthis week from around 1.60 dlrs, forcing a rate cut by Friday.\n Robin Marshall, chief economist at Chase Manhattan\nSecurities, said \"There is another half point to come in the\nnear term, this week or next week at the latest...We see a\nwhole point off base rates in the next two or three weeks.\"\n Analysts stressed that apart from prestige, Britain had\nvery little to gain from a sharp rise in sterling's exchange\nrate.\n Martin, of Phillips and Drew, said the dampening effect of\na sterling rise on consumer price inflation would not\nmaterialise for at least nine months while its hampering impact\non manufactured exports would show almost immediately.\n Analysts said the budget, featuring income tax cuts as well\nas cautious plans for public finances, had improved the chances\nof re-election for the Conservative government and probably\nadvanced the election date. One must be held before June, 1988.\nCombined with overall good prospects for the U.K. Economy, this\nwas likely to fuel a foreign rush on sterling-denominated\nassets, pushing the pound's value well above unofficial\ntargets.\n With mark-denominated investments largely out of favour\nbecause of low yields and a dull economic outlook, Chase's\nMarshall said \"Sterling is simply the best game in town,\nespecially after the budget, and demand will remain strong.\"\n REUTER\n\u0003", "date": "18-MAR-1987 10:53:29.43", "topics": [ "interest", "money-fx" ], "places": [ "uk" ], "id": "6531" }, { "title": "COMMERCIAL NATIONAL CORP CUTS QUARTERLY", "body": "Commercial National Corp said\nit cut its quarterly dividend to 15 cts per share from 25 cts\ndue to current expectations for 1987 earnings.\n The company said the dividend is payable April 10 to\nholders of record March 31.\n Reuter\n\u0003", "date": "18-MAR-1987 10:54:28.53", "topics": [ "earn" ], "places": [ "usa" ], "id": "6532" }, { "title": "TIMBERLAND INDUSTRIES INC 4TH QTR NET", "body": "Shr 14 cts vs 22 cts\n Net 188,000 vs 307,000\n Sales 14.6 mln vs 12.1 mln\n Year\n Shr 44 cts vs 63 cts\n Net 600,000 vs 852,000\n Sales 51.0 mln vs 45.7 mln\n Reuter\n\u0003", "date": "18-MAR-1987 10:55:02.49", "topics": [ "earn" ], "places": [ "usa" ], "id": "6533" }, { "title": " 1ST QTR JAN 31 NET", "body": "Shr 34 cts vs 22 cts\n Net 1,280,185 vs 875,692\n Revs 19.0 mln vs 15.8 mln\n Assets 585.6 mln vs 469.1 mln\n Reuter\n\u0003", "date": "18-MAR-1987 10:55:59.72", "topics": [ "earn" ], "places": [ "canada" ], "id": "6534" }, { "title": "PAKISTAN-SWEDISH GOODS EXCHANGE AGREED", "body": "Pakistan and Sweden have signed a\ncommodity exchange agreement for 88 mln dlrs each way, the\nPakistan government announced.\n Pakistan's exports under the agreement will include raw\ncotton, cotton products, cotton textiles, steel products,\nmolasses, naphtha and fresh and dried fruits.\n Swedish exports to Pakistan will include medical and\nlaboratory equipment, electrical telecommunication equipment,\ndiesel engine spares, mining and security equipment,\nroad-building and construction machinery, fertilisers and palm\noil.\n Reuter\n\u0003", "date": "18-MAR-1987 10:57:40.04", "topics": [ "trade", "cotton", "iron-steel", "naphtha", "veg-oil", "palm-oil" ], "places": [ "pakistan", "sweden" ], "id": "6535" }, { "title": "BRISTOL-MYERS TO SEEK FDA MARKETING APPROVAL FOR AIDS VIRUS BY END OF MONTH\n", "date": "18-MAR-1987 10:58:06.84", "id": "6536" }, { "title": "PEAT MARWICK AND NOLAN NORTON TO MERGE", "body": ", an accounting and\nmanagement consulting firm, and , an\ninformation and technology planning concern, said they have\nmerged.\n The companies said with the merger Nolan now will be known\nas Nolan, Norton and Co-partners, the information technology\narm of Peat Marwick.\n Also as part of the merger, Nolan's 21 principals have\nbecome Peat Marwick partners, the companies said.\n Reuter\n\u0003", "date": "18-MAR-1987 10:58:17.74", "topics": [ "acq" ], "places": [ "usa" ], "id": "6537" }, { "title": "TRUS JOIST TO ACQUIRE CANADIAN FIRM", "body": "Trus Joist Corp said it agreed to\npurchase Dashwood Industries Ltd, a Canadian wood window and\npatio door manufacturer, for an undisclosed amount of cash.\n Trus Joist said it expects to close the transaction before\nJune 30.\n Reuter\n\u0003", "date": "18-MAR-1987 10:59:29.49", "topics": [ "acq" ], "places": [ "usa", "canada" ], "id": "6538" }, { "title": "KINDER-CARE SEES HIGHER EARNINGS IN 1987", "body": "Kinder-Care Inc projected its\n1987 earnings to be 44 mln dlrs.\n Richard Grassgreen, president of the company, said earnings\nper share are expected to be between 97 cts and one dlr in\ncomparison to 75 cts earnings per share for the fiscal year\nended August 29, 1986, and 80 cts for the trailing 12 months\nended November 1986.\n Greengrass said this represents an earnings per share\nincrease of approximately 25 to 30 pct.\n The company said it changed its fiscal year end from August\n31 to December 31.\n Reuter\n\u0003", "date": "18-MAR-1987 11:04:21.86", "topics": [ "earn" ], "places": [ "usa" ], "id": "6539" }, { "title": "ROBBINS AND MYERS INC 2ND QTR FEB 28 NET", "body": "Shr profit 11 cts vs loss 1.45 dlrs\n Net profit 267,000 vs loss 3,458,000\n Sales 23.6 mln vs 23.0 mln\n First half\n Shr loss 27 cts vs loss 1.91 dlrs\n Net loss 633,000 vs loss 4,548,000\n Sales 46.2 mln vs 49.7 mln\n Avg shrs 2,382,000 vs 2,381,000\n Backlog 26.1 mln vs 36.0 mln\n Reuter\n\u0003", "date": "18-MAR-1987 11:06:45.38", "topics": [ "earn" ], "places": [ "usa" ], "id": "6540" }, { "title": "ECONOMIC SPOTLIGHT - JAPAN SHIPBUILDERS RECOVERY", "body": "Japan's ailing shipbuilding industry\nplans to refloat itself in a few years from the twin rocks of\nrecession and a strong yen through capacity and workforce cuts\nand greater use of computers, industry sources told Reuters.\n The salvage measures, which include a government-sponsored\nrationalisation program, are aimed at clawing back some of the\nmarket which Japan, the world leader, has lost to South Korea\nthrough currency and labour cost disadvantages, they said.\n The sources said South Korea's yards are now some 35 pct\nmore competitive than Japan's due to such factors.\n The government plans to help the industry shed 20 pct of\ncurrent capacity within two years through mergers and\nregrouping under legislation put before Parliament this month\nand likely to be approved by May or June, the sources said.\n They said from September a semi-government body will assure\nrepayment of about 50 billion yen in liabilities incurred\nthrough job losses and the sale of excess capacity, and another\n30 billion for buying unneeded land and equipment.\n Last Friday, the Shipbuilders Association of Japan applied\nto the Fair Trade Commission to form a cartel to slash tonnage\nbuilt to about half of total capacity for a year from April 1.\n The commission has held several hearings with the industry\nand approval should be given this month, the sources said.\n A clampdown on output over one or two years combined with a\nplanned cost-cutting and streamlining program and state support\nshould help Japanese yards recover their international\ncompetitiveness, they said.\n Under the cartel proposals, 33 yards each capable of\nbuilding ships of more than 10,000 gross tonnes would build a\nmaximum of three mln compensated gross registered tonnes (CGRT)\nin 1987/88. This is about half of total capacity.\n This will ease the cut-throat competition which forced most\nyards to sign orders below cost, the sources said.\n The industry is likely to seek to renew the cartel for\n1988/89 as the Transport Ministry sees new orders falling to\n3.1 mln CGRT in 1988/89 from 3.3 mln in 1987/88, they said.\n The rationalisation program includes a cut of 20,000 to\n30,000 of the estimated 100,000 workers in the industry between\n1986 and 1989.\n Japanese yards topped world order books at end-December,\nfollowed by South Korea and Taiwan, according to Lloyd's\nRegister of Shipping.\n However, falling orders and declining international\ncompetitiveness due to the strong yen led to heavy losses in\nthe industry, the sources said.\n Four of Japan's six major heavy machinery and shipbuilding\ncompanies reported current deficits in the first half of the\nyear to March 31 and five of them are expected to report\ncurrent deficits for the whole of 1986/7, they said.\n The shipbuilding companies' streamlining program will raise\nproductivity to compete with South Korean yards which have also\nbeen hard hit by declining orders and low ship prices in recnt\nyears, the sources said.\n In Japan, no single yard leads the industry, resulting in\nfierce competition and slow progress in reducing capacity. The\ntwo largest firms -- Mitsubishi Heavy Industries Ltd \nand Ishikawajima-Harima Heavy Industries Co Ltd --\naccount for only 30 pct of ships built, the sources said.\n \"World shipowners hope Japanese yards can manage to ride out\nthe recession as their technology is the best in the world,\"\nsaid an official at a major Japanese shipping company.\n The Japanese merchant fleet, the largest after Liberia's,\nhas no intention of shifting to other countries to buy ships,\nand this will encourage Japanese yards, the sources said.\n REUTER\n\u0003", "date": "18-MAR-1987 11:06:57.29", "topics": [ "ship" ], "places": [ "japan" ], "id": "6541" }, { "title": "CONT'L ILLINOIS SAYS BRAZIL MORATORIUM COULD CUT 1ST QTR NET BY 10 MLN DLRS\n", "date": "18-MAR-1987 11:07:34.23", "topics": [ "earn" ], "id": "6542" }, { "title": "FED EXPECTED TO ADD RESERVES IN MONEY MARKET", "body": "The Federal Reserve is expected to\nenter the U.S. Government securities market to add temporary\nreserves indirectly via 1.5 billion dlrs or more of customer\nrepurchase agreements, economists said.\n They said the below-six pct Federal funds rate suggests the\nFed does not have a large reserve adding need. However, some\ndealers reportedly backed out of the three-day System\nrepurchase agreements set on Monday, leaving the Fed with a\nsomewhat increased need to supply reserves.\n Federal funds, which averaged 6.05 pct yesterday, opened at\n5-15/16 pct and remained there in early trading.\n Reuter\n\u0003", "date": "18-MAR-1987 11:10:31.71", "topics": [ "money-fx", "interest" ], "places": [ "usa" ], "id": "6543" }, { "title": "BRISTOL-MYERS SEEKS AIDS VACCINE TESTING", "body": "Bristol-Myers Co said it would\nseek Food and Drug Administration permission to test its AIDS\nvaccine in humans by the end of March.\n A company spokesman said the company will file an\ninvestigational new drug application by the end of the month,\nrequesting the FDA to allow testing of the vaccine in humans.\n Scientists at the company's Genetic Systems unit created an\nAIDS vaccine, which Bristol-Myers said produced antibodies to\nthe AIDS virus in mice and monkeys. The vaccine consists of\nsmallpox virus remodeled to carry a key gene found on the AIDS\nvirus.\n Drug industry analysts said that that before the FDA would\nallow the vaccine to be tested, a number of safety issues would\nhave to be resolved. Bristol-Myers said that by piggy-backing\ntwo AIDS virus proteins with the small pox virus, a hybrid\nvirus is created that simulataneously immunizes against\nsmallpox and the AIDS virus proteins.\n The vaccine uses two proteins found on the surface of the\nAIDS virus. The AIDS virus contains a number of such proteins\nand it is not yet known which ones would provoke immunity\nagainst AIDS.\n Reuter\n\u0003", "date": "18-MAR-1987 11:10:42.51", "places": [ "usa" ], "id": "6544" }, { "title": "MUNICIPALITY OF TORONTO ISSUES CANADIAN DLR BOND", "body": "The Municipality of Metropolitan Toronto\nis issuing a 75 mln Canadian dlr eurobond due May 7, 1997\npaying 8-3/4 pct and priced at 101-1/8 pct, lead manager Wood\nGundy Inc said.\n The bond will be listed in Luxembourg and is available in\ndenominations of 1,000 dlrs.\n Fees comprise 1-1/4 pct selling concession and 3/8 pct each\nfor management and underwriting. Pay date is May 7.\n REUTER\n\u0003", "date": "18-MAR-1987 11:13:06.73", "places": [ "canada" ], "id": "6545" }, { "title": "SURALCO BAUXITE REFINERY REOPENED", "body": "The 1.4 mln tonnes capacity bauxite\nrefinery at Paranam in Surinam, which closed at the end of\nJanuary after being sabotaged by anti-government rebels, has\nnow reopened, a spokesman for Dutch metals company Billiton\nsaid.\n The refinery is run by Suralco, jointly owned by the U.S.\nCompany Alcoa and the Dutch company Billiton, which is a\nwholly-owned subsidiary of Royal Dutch Shell.\n Production of alumina at the refinery is currently running\nat around 3,000 tonnes a day and is expected to get back to\nfull capacity of 4,000 tonnes within a week, the Billiton\nspokesman added.\n The refinery was forced to close at the end of January when\nrebels cut the main power line.\n Earlier, the refinery had had to import some supplies of\nbauxite, as rebel activity shut off supplies from Alcoa's mine\nat Moengo in the east of the country.\n Billiton's mine at Onverdacht, between Paranam and the\ncapital Paramaribo, is still working but Moengo remains closed\nand the refinery is continuing to import some bauxite, the\nBilliton spokesman said.\n Reuter\n\u0003", "date": "18-MAR-1987 11:14:01.37", "topics": [ "alum" ], "places": [ "netherlands", "suriname" ], "id": "6546" }, { "title": "CONT'L ILLINOIS SAYS MORATORIUM MAY CUT NET", "body": "Continental Illinois Corp said if the\nBrazilian debt moratorium remains in effect, it may place its\nmedium and long term loans to Brazil on a cash basis.\n This would increase non-performing loans by about 380 mln\ndlrs and reduce income before taxes and net income by about 10\nmln dlrs in the 1987 first quarter and 35 mln dlrs for the full\nyear, company officials told a press briefing.\n Loans to Brazil at 1986 year end totaled 474 mln dlrs,\naccording to the annual report released at the briefing.\n In February 1987, the Brazilian government, citing a\ndeclining level of foreign currency reserves, declared a\nmoratorium on the payment of interest on the country's medium\nand long term debt obligations.\n Continental said it may take similar action on its loans to\nEcuador, which total 25 mln dlrs. This would reduce 1987\npre-tax and after-tax net by 800,000 dlrs in the first quarter,\nand by two mln dlrs for the full year, the bank-holding\ncompany's officers said.\n Reuter\n\u0003", "date": "18-MAR-1987 11:14:08.78", "topics": [ "earn" ], "places": [ "usa", "brazil" ], "id": "6547" }, { "title": "QUEENSLAND GOVERNMENT DEVELOPMENT HAS CP PROGRAM", "body": "The Queensland Government Development\nAuthority is launching a 300 mln U.S. Dlr euro-commercial paper\nprogram, Morgan Guaranty Ltd said as one of the dealers.\n The other dealer is Swiss Bank Corp International Ltd and\nissuing and paying agent is Morgan Guaranty Trust Co of New\nYork's London office.\n The program is guaranteed by the Government of Queensland.\nPaper will be issued in denominations of 500,000 dlrs and will\nhave maturities between seven and 365 days.\n REUTER\n\u0003", "date": "18-MAR-1987 11:14:24.59", "places": [ "uk" ], "id": "6548" }, { "title": "CYPRESS SAVINGS ASSOCIATION 4TH QTR LOSS", "body": "Shr loss 3.26 dlrs vs loss 2.75 dlrs\n Net loss 3,479,744 vs 2,939,619\n Year\n Shr loss 5.58 dlrs vs loss 2.20 dlrs\n Net loss 5,964,454 vs loss 2,341,818\n NOTE: Net includes tax credits of 108,798 dlrs vs 1,445,275\ndlrs in quarter and 838,690 dlrs vs 1,124,805 dlrs in year.\n Reuter\n\u0003", "date": "18-MAR-1987 11:16:20.39", "topics": [ "earn" ], "places": [ "usa" ], "id": "6549" }, { "title": "PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC", "body": "The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n Norwest Corp - Shelf offering of up to 100 mln dlrs of debt\nsecurities, supplementing another 275 mln dlrs of debt\nsecurities which remain unsold from a previous shelf\nregistration.\n First Bancorp, Troy, N.C. - Initial offering of 400,000\nshares of common stock at an estimated 17-19 dlrs a share\nthrough Interstate Securities Corp.\n Reuter\n\u0003", "date": "18-MAR-1987 11:18:54.93", "places": [ "usa" ], "id": "6550" }, { "title": "ZENITH LABORATORIES INC 4TH QTR LOSS", "body": "Shr loss 24 cts vs profit 23 cts\n Net loss 5,106,000 vs profit 5,120,000\n Sales 11.4 mln vs 20.4 mln\n Year\n Shr loss 19 cts vs profit 73 cts\n Net loss 4,062,000 vs profit 15.7 mln\n Sales 50.4 mln vs 80.5 mln\n Avg shrs 21.7 mln vs 21.6 mln\n NOTE: 1986 net includes tax credits of 2,742,000 dlrs in\nquarter and 5,903,000 dlrs in year.\n Reuter\n\u0003", "date": "18-MAR-1987 11:20:03.62", "topics": [ "earn" ], "places": [ "usa" ], "id": "6551" }, { "title": "CERADYNE INC 4TH QTR LOSS", "body": "Shr loss 22 cts vs profit 10 cts\n Net loss 1,056,000 vs profit 427,000\n Sales 5,440,000 vs 4,982,000\n Avg shrs 5,229,542 vs 4,435,691\n Year\n Shr profit one ct vs profit 26 cts\n Net profit 29,000 vs profit 993,000\n Sales 19.1 mln vs 16.8 mln\n Avg shrs 4,947,632 vs 3,780,543\n Reuter\n\u0003", "date": "18-MAR-1987 11:20:36.63", "topics": [ "earn" ], "places": [ "usa" ], "id": "6552" }, { "title": "LYPHOMED TO MARKET ANTIBIOTIC", "body": "LyphoMed Inc said the Food and\nDrug Administration gave it approval to market Vancomycin HCL,\nan antibiotic used in hospitals to treat life-threatening\ninfections.\n It said the product is currently marketed by Eli Lilly and\nCo under the trade name Vancocin. Sales in 1986 were 110\nmln dlrs.\n LyphoMed said its objective is to get a 15 to 20 pct share\nof the market.\n Reuter\n\u0003", "date": "18-MAR-1987 11:21:06.19", "places": [ "usa" ], "id": "6553" }, { "title": "RENAULT TO FORGIVE AMERICAN MOTORS DEBT", "body": "France's agreed to forgive 150 mln to 200 mln dlrs of American\nMotors Corp debt as part of Chrysler Corp's 1.5 billion dlr\nacquisition of American Motors, a Chrysler official said.\n Chrysler investor relations director Everett Scranton said\nthrough a spokesman that the French state-owned car group\nagreed to forgive the debt as part of a complex payment for\nRenault's 46.1 pct stake in American Motors.\n Other terms of the accord call for Chrysler to give Renault\na 200 mln dlr, eight pct note due in 10 years and 35 mln dlrs\nin cash for its American Motors interest.\n Chrysler will also make a further payment to Renault of up\nto 350 mln dlrs, depending on Amerian Motors' future\nperformance, Scranton said.\n American Motors' board will consider the Chrysler bid again\nthis Friday at a regularly scheduled board meeting.\n Reuter\n\u0003", "date": "18-MAR-1987 11:28:05.36", "places": [ "usa" ], "id": "6554" }, { "title": "UNIVERSAL MEDICAL JOINS NASDAQ SYSTEM", "body": "UIniversal Medical Buildings LP\nsaid its partnership units were admitted for trading on the\nNASDAQ National Market System.\n Reuter\n\u0003", "date": "18-MAR-1987 11:31:42.35", "places": [ "usa" ], "id": "6555" }, { "title": "CHEMCLEAR INC TERMINATES MERGER TALKS", "body": "ChemClear Inc said it terminated\nmerger talks with Environmental Systems Co .\n ChemClear said it was unable to reach agreement with\nEnvironmental, which was considering buying ChemClear.\n ChemClear said it is considering other options, including\nother business combinations and financing through commercial\nlending and other financial institutions for internal\nexpansion.\n Reuter\n\u0003", "date": "18-MAR-1987 11:31:52.00", "topics": [ "acq" ], "places": [ "usa" ], "id": "6556" }, { "title": "HANDY AND HARMAN SEES SUFFICIENT SILVER SUPPLIES", "body": "World stocks of silver are large\nenough to accommodate any changes in the supply-demand equation\nthis year, with industrial consumption expected to again exceed\nmine production, the dealer house Handy and Harman said in its\nannual review of the silver market.\n The house estimated that the industry last year withdrew\n20,000,000 ounces of silver from stocks to bridge a supply\ndeficit caused by a consumption rate of 403,000,000 ounces and\nproduction level of 382,000,000 ounces.\n However, world stocks are huge, totaling 2,267,900,000\nounces at the end of 1986, it said.\n The review noted that world industrial consumption has been\non an uptrend since 1980, although offtake is still 14 pct\nbelow the 1978 level of 442,000,000 ounces.\n Handy and Harman said 22,800,000 ounces of silver were used\nto produce coins last year, up from 12,700,000 ounces in 1985,\nwith the demand getting a big boost from the production of U.S.\ncoins, including the American Eagle.\n It also said that in recent years Communist countries have\nincreased their silver imports and estimated that China and\nEast Germany alone took in 70,000,000 ounces of foreign silver\nin the last five years.\n Reuter\n\u0003", "date": "18-MAR-1987 11:33:33.45", "topics": [ "silver" ], "places": [ "usa" ], "id": "6557" }, { "title": "SPANISH POWER COMPANY FECSA MAY SUSPEND PAYMENTS", "body": "Spain's financially troubled power\ncompany (FECSA) may\nsuspend payments if it fails to reach agreement with creditors\non renegotiating its 594 billion peseta debt, a company\nofficial said.\n \"We would only take this step in the event of a lack of\nco-operation on the part of our creditors,\" FECSA assistant\ngeneral manager Jose Zaforteza told Reuters in a telephone\ninterview. \"It is unlikely they will refuse to renegotiate.\"\n He said creditors would obtain a better deal by negotiating\nthan under a suspension of payments.\n FECSA is scheduled to begin formal talks with its creditors\non April 6, and foreign banks holding some 184 billion pesetas\nof debt said they were angered over what they called a lack of\ninformation on the company's situation.\n The spokesman for one U.S. Bank creditor said in reply to\ninquiries \"It has been two months since we first detected signs\nof serious trouble at FECSA, and we still have no idea of how\nthe company plans to restructure its finances.\"\n The spokesman said no foreign bankers had been notified\nwhen FECSA yesterday, in an action unrelated to a possible\ntotal payments suspension, suspended payment on its debt\nprincipal.\n FECSA's Zaforteza said, however, that telexes had been sent\nto creditors notifying them of the move, which he said was\nunavoidable.\n He said the decision did not affect payment of interest on\nloans and debentures. FECSA faces repayment of 60 billion\npesetas in interest and 30 billion on principal this year.\n The U.S. Bank spokesman said foreign banks \"were now more in\nthe dark\" than ever.\n FECSA called for renegotiating its debt when the Madrid\nstock exchange on February 6 suspended trading in its shares, a\nmove which officials said was meant to protect shareholders.\n Zaforteza said the company will ask its creditors to switch\nold debt to new loans at lower interest rates, postpone\ninterest payments and possibly convert some debt into shares.\n Foreign bankers said they assumed the government was\ninvolved in the control and management of the electricity\nsector.\n They added that lending policy toward the industry could be\naffected if the banks lost money in FECSA.\n Foreign banking sources said they considered likely a fresh\npostponement of a 10 billion peseta Chase Manhattan Bank\n led syndicated loan to power company (Hidruna).\n The facility was scheduled to be signed in mid-February but\nwas postponed when the bourse suspended FECSA's shares.\n \"We planned to sign this month but that looks unlikely under\nthe present circumstances,\" a foreign banker said.\n REUTER\n\u0003", "date": "18-MAR-1987 11:33:52.73", "places": [ "spain" ], "id": "6558" }, { "title": "VISTA CHEMICAL SEES YEAR NET HIGHER", "body": "Vista Chemical co said it expects\nearnings for the year ending September 30 to be up\nsubstantially, but extensive planned downtime at two of its\nplants is expected to affect third quarter results.\n It said it is looking at a number of financial options for\nincreasing shareholder value but did not elaborate.\n The company earned 30.2 mln dlrs or 1.66 dlrs per share\nbefore an extraordinary item in fiscal 1986.\n Vista said sales for the year are expected to be\n\"comparable\" to fiscal 1986's 550.1 mln dlrs.\n Reuter\n\u0003", "date": "18-MAR-1987 11:34:20.59", "topics": [ "earn" ], "places": [ "usa" ], "id": "6559" }, { "title": "CONSOLIDATED NATURAL GAS CREATES UNIT", "body": "Consolidated Natural Gas Co said it\nhas received Securities and Exchange Commission approval to\nestablish a wholly-owned gas marketing subsidiary.\n The company said the unit - to be known as CNG Trading Co -\nwill do business in six states: New York, Pennsylvania, Ohio,\nWest Virgina, Louisiana and Texas.\n The company said the subsidiary will enable it to maintain\nand increase gas sales and transport volume.\n CNG Trading will assist customers in the pooling,\ntransport, exchange, storage, and purchase of gas supplies, the\ncompany said.\n Consolidated said customers' needs will be met from a wide\nrange of low cost sources, including the stock market,\nindependent producers and brokers, and Consolidated's producing\naffiliates - CNG Development Co of Pittsburgh, and CNG\nProducing Co based in New Orleans.\n Reuter\n\u0003", "date": "18-MAR-1987 11:35:09.99", "places": [ "usa" ], "id": "6560" }, { "title": "ARISTECH TO INCREASE PRODUCTION CAPACITY", "body": "Aristech Chemical Corp said it plans\nto increase production capacity for three of its key product\nlines: polypropylene, bisphenol-A and phenol.\n Aristech said the polypropylene expansion involves a major\nmodernization of its Neal, W. Va., polypropylene plant.\n When completed, Aristech said, the project would increase\nthe plant's annual production to 264 mln pounds from 165 mln\npounds now.\n Aristech said the expansion will increase the company's\ntotal polypropylene, a thermoplastic resin, capacity to 600 mln\npounds annually from 515 mln pounds now.\n Aristech also said it will expand bisphenol-A and phenol\nproduction at its Haverhill, Ohio plant.\n It said the project will raise its bisphenol-A, which is\nused to make polycarbonate and epoxy reins, capacity to 192 mln\npounds per year from 165 mln pounds now.\n Aristech added that phenol production will increase to 610\nmln pounds per year from 585 mln pounds a year now.\n Phenol is used to make phenolic resins and adhesives for\nengineering plastics, the company said.\n Reuter\n\u0003", "date": "18-MAR-1987 11:35:31.49", "topics": [ "pet-chem" ], "places": [ "usa" ], "id": "6561" }, { "title": "CAMCO SIGNS LETTER OF INTENT FOR REED TOOL", "body": "Pearson Plc said ,\nits 65.4 pct owned U.S. Oil and oil services subsidiary, signed\na letter of intent covering Camco's purchase from Baker\nInternational Corp of substantially all the business of\n.\n Reed, a leading manufacturer of drilling bits, had sales\nfor 1986 of around 76 mln dlrs.\n The transaction is subject to negotiation of a definitive\nagreement approved by the Baker and Camco boards and by the\nU.S. Department of Justice, with which talks are already taking\nplace concerning the combination of Baker and Hughes Tool.\n Baker International has proposed a merger with Hughes Tool\nwhich could create a 1.2 billion dlr oilfield services company.\n Pearson shares were down 4p to 567 after the announcement.\n REUTER\n\u0003", "date": "18-MAR-1987 11:36:58.85", "topics": [ "acq" ], "places": [ "uk" ], "id": "6562" }, { "title": "PENTAIR OFFERS TWO MLN PREFERRED SHARES", "body": "Pentair Inc is offering two mln shares\nof 1.50 dlrs cumulative convertible preferred stock for 25 dlrs\na share, said underwriters Kidder Peabody and Co Inc and Piper\nJaffray and Hopwood Inc.\n The underwriters said the shares are convertible at any\ntime into Pentair common stock at 38.875 dlrs a share, subject\nto adjustment.\n Proceeds from the offering will be used to repay bank\nborrowings incurred in the acquisition of McNeil Corp in August\n1986, the underwriters noted.\n Reuter\n\u0003", "date": "18-MAR-1987 11:39:14.36", "places": [ "usa" ], "id": "6563" }, { "title": "NAT'L SAVINGS BANK HIRES NEW PRESIDENT", "body": "National Savings Bank of Albany\nsaid Thomas P. Bilbao will join the company as President and\nChief Executive officer next month.\n He was fomerly a Senior Vice President for .\n National Savings said Bilbao succeeds George O. Pfaff, who\nwas elected chairman of the board and continues as chief\nexecutive officer.\n Reuter\n\u0003", "date": "18-MAR-1987 11:39:27.18", "places": [ "usa" ], "id": "6564" }, { "title": "POLICY MANAGEMENT TO DEVELOP NEW SYSTEMS", "body": "Policy Management Systems Corp\nsaid it has begun development of a new generation of systems\nthat will be introduced in early 1988.\n The provider of software to the insurance industry said the\nSeries III systems will offer artificial intelligence and\nexpert systems technology, intelligent workstations, image\nprocessing and other capabilities.\n Reuter\n\u0003", "date": "18-MAR-1987 11:39:47.68", "places": [ "usa" ], "id": "6565" }, { "title": "ON-LINE SOFTWARE SETS CANADIAN VENTURE", "body": "On-Line Software International\nInc said a Canadian venture equally owned with Nexa Corp,\nOn-Line Software Canada Inc, began operating.\n On-Line Software Canada will offer software products\nacquired from Martin Marietta Corp last October and other\nOn-Line products.\n Nexa is a Canadian investment firm specializing in\ninformation technology.\n Reuter\n\u0003", "date": "18-MAR-1987 11:39:53.69", "places": [ "usa", "canada" ], "id": "6566" }, { "title": "IRVING BANK UNIT TO OPEN IN CALIFORNIA", "body": "Irving Bank Corp said a new\nsubsidiary, called Irving Trust Co California, will begin\noperations tomorrow.\n The unit, which will be headquartered here and have a\nbranch in Los Angeles, will provide a full range of\ninstitutional and personal asset management services to\ncompanies, institutions and individuals throughout the state.\n Richard Tinervin will be president and chief executive\nofficer of the Californian unit. He has been managing Irving\nTrust Co's institutional investment management division.\n Reuter\n\u0003", "date": "18-MAR-1987 11:40:04.19", "places": [ "usa" ], "id": "6567" }, { "title": "FIRST CONNECTICUT SETS QUARTERLY PAYOUT", "body": "Qtly div 25 cts vs 25 cts prior\n Pay April 24\n Record April Three\n NOTE: First Connecticut Small Business Investment Co.\n Reuter\n\u0003", "date": "18-MAR-1987 11:40:11.66", "topics": [ "earn" ], "places": [ "usa" ], "id": "6568" }, { "title": "DOW JONES INDUSTRIALS SURPASSES 2300 LEVEL FOR FIRST TIME end of body\n", "date": "18-MAR-1987 11:41:34.95", "id": "6569" }, { "title": "TEIKOKU LAUNCHES 40 MLN SWISS FRANC NOTES", "body": "Teikoku Kako Co Ltd is launching 40 mln\nSwiss francs of five-year notes with warrants with a 1-1/2 pct\nindicated coupon, lead manager Credit Suisse said.\n Terms will be set on March 24 with payment due April 23.\n The notes are guaranteed by Dai-Ichi Kangyo Bank Ltd.\n REUTER\n\u0003", "date": "18-MAR-1987 11:43:41.64", "places": [ "switzerland" ], "id": "6570" }, { "title": "CHASE MANHATTAN OFFERS NEW MARKET ACCOUNT", "body": "Chase Manhattan Corp said it\nintroduced the Market Index Investment, a new deposit account\nthat allows investors to take advantage of stock market gains\nwithout risk of principal loss.\n Chase said the account offers the option of guaranteed\ninterest rate, carries no commissions or fees, and is fully\ninsured to 100,000 dlrs by the Federal Deposit Insurance Corp.\n Interest earned on the Market Index Investment is based on\nany percentage increase in the Standard and Poor's index from\nthe day the account begins to the day it matures, Chase said.\n Customers can select terms of three, six, nine of 12\nmonths. The minimum deposit is 1,000 dlrs, it added.\n Reuter\n\u0003", "date": "18-MAR-1987 11:44:39.90", "places": [ "usa" ], "id": "6571" }, { "title": "STONE AND WEBSTER INC SETS QUARTERLY", "body": "Qtly div 40 cts vs 40 cts prior\n Pay May 15\n Record April One\n \n Reuter\n\u0003", "date": "18-MAR-1987 11:45:35.19", "topics": [ "earn" ], "places": [ "usa" ], "id": "6572" }, { "title": "CREDO PETROLEUM CORP 1ST QTR JAN 31 NET", "body": "Shr profit one ct vs loss 27 cts\n Net profit 22,000 vs loss 763,000\n Revs 161,000 vs 316,000\n NOTE: Prior year net includes 1,209,000 dlr writedown of\noil properites and 314,000 dlr tax credit.\n Reuter\n\u0003", "date": "18-MAR-1987 11:45:41.52", "topics": [ "earn" ], "places": [ "usa" ], "id": "6573" }, { "title": "METROMEDIA CUTS SOME LONG DISTANCE PHONE RATES", "body": "\nMetromedia Long Distance unit said it lowered interstate long\ndistance rates for business customers by an average of 10 pct.\n The cuts were effective March one.\n \n Reuter\n\u0003", "date": "18-MAR-1987 11:48:08.75", "places": [ "usa" ], "id": "6574" }, { "title": "ATT SETS PAYOUT FOR REGULAR DIVIDEND", "body": "Qtrly div 30 cts vs 30 cts prior\n Pay May One\n Record March 31\n Reuter\n\u0003", "date": "18-MAR-1987 11:49:04.21", "topics": [ "earn" ], "places": [ "usa" ], "id": "6575" }, { "title": "GULF ARAB STATES MOVE TOWARDS ECONOMIC INTEGRATION", "body": "Finance and economy ministers of the\nsix-nation Gulf Cooperation Council (GCC) have ended talks\nafter adopting resolutions and recommendations aimed at\nboosting economic integration.\n But the ministers from Bahrain, Kuwait, Oman, Qatar, Saudi\nArabia and the United Arab Emirates (UAE) did not endorse a\nresolution on a common currency exchange rate system.\n The UAE's Minister of State for Finance and Industry, Ahmed\nHumaid al-Tayer, told reporters after the two-day talks that\nthe ministers referred the issue back to GCC central bank\ngovernors for further discussion.\n He said the governors, who agreed in January on a proposed\ndenominator on which the six currencies should be based, were\nasked to resubmit the recommendation before July, when finance\nministers were due to meet in Saudi Arabia.\n Bankers said the central bank governors would meet soon to\ndiscuss the issue, adding there was a possibility that a new\nsystem could be submitted for final approval to a GCC summit\nconference scheduled to be held in Saudi Arabia late this year.\n The denominator approved by the governors has not been made\npublic, but banking sources said it could be similar to the\nEuropean Monetary System (EMS).\n Tayer said the ministers agreed in principle to allow GCC\ncitizens to set up businesses and work in any member state.\nThey also agreed in principle on a recommendation for citizens\nto buy and own shares of GCC shareholding firms.\n He said the ministers discussed a report on imported goods\ncontaining radiation caused by last year's Chernobyl nuclear\ndisaster in the Soviet Union, and agreed all products with\nexcessive levels should be returned to the country of origin.\n REUTER\n\u0003", "date": "18-MAR-1987 11:51:54.52", "topics": [ "money-fx" ], "places": [ "uae", "bahrain", "oman", "kuwait", "qatar", "saudi-arabia" ], "id": "6576" }, { "title": "HARTFORD STEAM SETS SPLIT, DIVIDEND HIKE", "body": "Hartford Steam Boiler\nInspection and Insurance Co said its board declared a\ntwo-for-one stock split and raised the quarterly dividend to 25\ncts postsplit from 20 cts, both payable April 30 to holders of\nrecord April 10.\n Reuter\n\u0003", "date": "18-MAR-1987 11:55:41.15", "topics": [ "earn" ], "places": [ "usa" ], "id": "6577" }, { "title": "DOE SECRETARY FAVORS HIGHER SPR FILL RATE", "body": "Energy Secretary John Herrington\nsaid he believes the Reagan Administration will review its\ndecision to cut the fill rate of the Strategic Petroleum\nReserve because of a department report issued yesterday warning\nof growing U.S. dependence on oil imports.\n \"As part of this study, I think the Administration will\ntake the fill rate under review,\" Herrington said at a House\nEnergy subcommittee hearing.\n The Administration has proposed cutting the fill rate from\n75,000 barrels of oil per day to 35,000 bpd in fiscal year 1988\nto save money.\n \"My personal feeling is that is too low. I favor the\nmaximum fill rate (of 100,000 bpd),\" Herrington said.\n Reuter\n\u0003", "date": "18-MAR-1987 11:57:00.31", "topics": [ "crude" ], "places": [ "usa" ], "id": "6578" }, { "title": "AMERICAN EXPRESS TO CONVERT 100 MLN DLR MEXICO DEBT TO EQUITY INVESTMENT\n", "date": "18-MAR-1987 11:58:29.00", "id": "6579" }, { "title": "PELL CALLS FOR TRANSPORTATION BONDS", "body": "Rhode Island Democratic Sen. Claiborne\nPell introduced legislation to permit eight states along the\nnortheast corridor to sell tax-exempt transportation bonds to\nimprove high speed rail service.\n His legislation, which also rejects President Reagan's call\nto sell the Amtrak rail line, would affect the states of\nMassachusetts, Rhode Island, Connecticut, New York,\nPennsylvania, New Jersey, Delaware and Maryland.\n His plan is an outgrowth of a study by a coalition of\nnortheast governors.\n Reuter\n\u0003", "date": "18-MAR-1987 11:58:38.44", "places": [ "usa" ], "id": "6580" }, { "title": "CONT'L ILLINOIS SEES IMPACT FROM TAX REFORM", "body": "The Tax Reform Act of 1986 will have a\nsubstantial impact on Continental Illinois Corp, the company's\nannual report says.\n One provision repeals the reserve method of providing for\nbad debts for banks with over 500 mln dlrs in assets and\nrequires that tax loan loss reserves taken in the past, be\nrestored to current earnings status, it said.\n As a result, those amounts will be subject to federal\ntaxes, it said. No amounts were disclosed.\n Continental said it decided to deal with this change \"in\nits entirety\" in 1987.\n Tax reform will also change foreign tax credit limitation\nrules, and although the impact will not be material in the\nshort term, the Act will require, for the first time, that\nincome from certain foreign subsidiaries be taxable, the report\nsaid.\n The new legislation also reduces existing tax credits by\n17.5 pct in 1987 and 35 pct in 1988 and later years, it said.\n Continental's investment tax credits carryforwards of 12.8\nmln dlrs at 1986 year end will be reduced to 10.6 mln dlrs in\n1987 and, if not used in 1987, to 8.3 mln dlrs in 1988, it\nsaid.\n Another provision of the Act could result in limiting the\nuse of tax credits if a change in ownership of Continental\ntakes place, the report said.\n This could happen if the Federal Deposit Insurance Corp\nsells enough shares of Continental's common stock over the next\ntwo years to cause a change in ownership, it noted.\n In December, the FDIC sold about one-third of its junior\nconvertible preference stock in Continental to the public in\nthe form of common stock.\n Reuter\n\u0003", "date": "18-MAR-1987 11:59:59.28", "topics": [ "earn" ], "places": [ "usa" ], "id": "6581" }, { "title": "AMERICAN TELEPHONE AND TELEGRAPH TO REDEEM 15.5 MLN PFD SHARES FOR 775 MLN DLRS\n", "date": "18-MAR-1987 12:00:10.09", "id": "6582" }, { "title": "OESTERREICHISCHE LAENDERBANK AG [OLBV.VI] 1986", "body": "Parent bank net profit 181.5 mln schillings vs 135.1 mln\n Parent bank balance sheet total 197.7 billion vs 182.2\nbillion\n Parent bank cash flow 877.4 mln vs 715.5 mln\n Dividend 12 pct vs 10 pct on nominal share capital of 1.5\nbillion vs 1.35 billion.\n Cons banking gp balance sheet total 239.7 billion vs 227.3\nbillion.\n REUTER\n\u0003", "date": "18-MAR-1987 12:03:30.12", "topics": [ "earn" ], "places": [ "austria" ], "id": "6583" }, { "title": "NL INDUSTRIES INC 4TH QTR SHR LOSS 28 CTS VS PROFIT SEVEN CTS\n", "date": "18-MAR-1987 12:03:35.22", "topics": [ "earn" ], "id": "6584" }, { "title": "EC OILS TAX, CANADA CORN RULING OPPOSED BY PANEL", "body": "The U.S. Senate Finance Committee\napproved nonbinding resolutions urging the Reagan\nadministration oppose Canada's ruling on U.S corn imports and a\nproposed new European Community tax on vegetable oils.\n The resolutions, approved by voice vote, now will be sent\nto the Senate floor were they are expected to be approved.\n The EC oils measure, offered by Sen. John Danforth, R-Mo.,\nurges the administration to take strong retaliatory measures if\nthe tax is approved by the EC Council of Ministers.\n Sen. David Durenberger, R-Minn., offered the corn amendment\nwhich urges the administration to file a complaint with the\nGATT if the U.S. believes the corn decision by Canada was\nunjustified. Canada recently imposed a permanent duty of 85\ncents per bushel on U.S. corn imports.\n Reuter\n\u0003", "date": "18-MAR-1987 12:03:57.53", "topics": [ "grain", "corn", "veg-oil" ], "organisations": [ "ec" ], "places": [ "usa", "canada" ], "id": "6585" }, { "title": "FHLMC 4TH QTR NET", "body": "net 65 mln vs 57 mln\n year\n shr preferred 14.87 dlrs vs 12.51 dlrs\n shr common 236.77 dlrs vs 197.40 dlrs\n net 247 mln vs 208 mln\n NOTE: Federal Home Loan Mortgage Corp. FHLMC had 14,998,210\npreferred shares outstanding in 1986 vs 14,998,379 in 1985,\nowned by about 3,000 member institutions of the 12 Federal Home\nLoan Banks. FHLMC also has 100,000 shares of common, owned by\nthe Home Loan Banks.\n Reuter\n\u0003", "date": "18-MAR-1987 12:05:14.77", "topics": [ "earn" ], "places": [ "usa" ], "id": "6586" }, { "title": "FAA ADMINISTRATOR ENGEN TO RESIGN IN JULY", "body": "Federal Aviation Administration\nchief Donald Engen said he plans to leave the government in\nJuly.\n Engen, 62, has been FAA administrator for the past three\nyears.\n Before that, he was a member of the National Transportation\nSafety Board. Prior to his service there, he had been in the\nU.S. Navy 36 years, reaching the rank of admiral.\n A spokesman said Engen had no specific plans after his\nresignation.\n Reuter\n\u0003", "date": "18-MAR-1987 12:07:00.14", "places": [ "usa" ], "id": "6587" }, { "title": "U.S. CORN MARKET SKEWED BY SOVIET BUYING", "body": "Recent purchases of U.S. corn by the\nSoviet Union have skewed the domestic cash market by increasing\nthe price difference between the premium price paid at the Gulf\nexport point and interior levels, cash grain dealers said.\n Many dealers expect the USDA will act soon to reduce the\ncash price premium at the Gulf versus the interior -- which a\ndealer in Davenport, Iowa, said was roughly 20 pct wider than\nnormal for this time of year at 25 cents a bushel -- by making\nit worthwhile for farmers to move grain.\n By lowering ASCS county posted prices for corn, the USDA\ncould encourage farmers to engage in PIK and roll corn sales,\nwhere PIK certificates are used to redeem corn stored under the\ngovernment price support loan program and then marketed.\n If the USDA acts soon, as many dealers expect, the movement\nwould break the Gulf corn basis.\n \"The USDA has been using the Gulf price to determine county\nposted prices,\" one dealer said. \"It should be taking the\naverage of the Gulf price and the price in Kansas City,\" which\nwould more closely reflect the lower prices in the interior\nMidwest.\n \"But we don't know when they might do it,\" an Ohio dealer\nsaid, which has created uncertainty in the market.\n The USDA started the PIK certificate program in an effort\nto free up surplus grain that otherwise would be forfeited to\nthe government and remain off the market and in storage.\n Yesterday, USDA issued a report showing that only slightly\nmore than 50 pct of the 3.85 billion dlrs in PIK certificates\nit has issued to farmers (in lieu of cash payments) had to date\nbeen exchanged for grain.\n With several billion dlrs worth of additional PIK\ncertificates scheduled to be issued in the coming months, the\nUSDA would be well advised to encourage the exchange for grain\nby adjusting the ASCS prices, cash grain dealers said.\n A byproduct of the Soviet buying has been a sharp rise in\nbarge freight costs quoted for carrying grain from the Midwest\nto the export terminals, cash dealers said.\n Freight from upper areas of the Mississippi have risen\nnearly 50 pct in the past two weeks to over 150 pct of the\noriginal tariff price. The mild winter and early reopening of\nthe mid-Mississippi river this spring have also encouraged the\nfirmer trend in barge freight, dealers noted.\n The higher transportation costs have served to depress\ninterior corn basis levels, squeezing the margins obtained by\nthe elevators feeding the Gulf export market as well as\ndiscouraging farmer marketings, they said.\n \"The Gulf market overreacted to the Soviet buying reports,\"\nwhich indicate the USSR has booked over two and perhaps as much\nas 4.0 mln tonnes of U.S. corn, one Midwest cash grain trader\nsaid.\n But dealers anticipate that once the rumors subside,\nfreight rates will settle back down because of the overall\nsurplus of barges on the Midwest river system.\n Reuter\n\u0003", "date": "18-MAR-1987 12:07:59.31", "topics": [ "grain", "corn", "ship" ], "places": [ "usa", "ussr" ], "id": "6588" }, { "title": "U.S. PANELS AGREE ON IMMUNITY IN IRAN AFFAIR", "body": "Senate and House investigators into\nthe Iran arms scandal agreed to grant limited immunity to\nobtain the testimony of key witnesses and to combine their\nplanned hearings.\n Chairmen of the separate Senate and House select Iran\ncommittees told a news conference they would accede to a\nrequest from special prosecutor Lawrence Walsh and hold off for\n90 days before hearing testimony from Oliver North and John\nPoindexter, two former White House aides who played leading\nroles in the secret arms deal.\n Lee Hamilton, chairman of the House committee, and Daniel\nInoyue, chairman of the Senate panel, also said they would \"meld\"\ntheir separate investigations, a move that will speed up\ncongressional hearings into the affair.\n One member predicted Congress now would be able to finish\nits work by Labor Day in early September.\n Reuter\n\u0003", "date": "18-MAR-1987 12:08:14.97", "places": [ "usa" ], "id": "6589" }, { "title": "HRE PROPERTIES CUTS QUARTERLY", "body": "HRE Properties said its board cut the\nquarterly dividend to 45 cts per share from 57 cts, payable\nApril 20 to holders of record March 31.\n HRE said the board reduced the dividend due to the\ncontinuing impact of overbuilding in its office building\nmarkets and its inability to replace the income from high\nyielding investments that have matured.\n HRE said in the first quarter ended January 31 it earned 38\ncts per share, down from 47 cts a year before.\n Reuter\n\u0003", "date": "18-MAR-1987 12:10:34.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "6590" }, { "title": "HORN AND HARDART CO 4TH QTR NET", "body": "Shr 1.27 dlrs vs two cts\n Net 18.8 mln vs 357,000\n Revs 126.0 mln vs 98.5 mln\n Avg shrs 14.7 mln vs 12.0 mln\n Year\n Shr loss 2.17 dlrs vs loss 65 cts\n Net loss 28.4 mln vs loss 7,225,000\n Revs 405.0 mln vs 356.2 mln\n Avg shrs 13.1 mln vs 12.2 mln\n NOTE: 1986 net both periods includes 15.0 mln dlr gain from\nsale of real estate.\n 1986 year net includes charge 34.0 mln dlrs from\nrestructuring of Bojangles' restaurant unit and charge\n4,090,000 dlrs from exchange of notes for common stock.\n 1985 year net includes charge 6,900,000 dlrs related to\nfoodservice unit and gain 2,400,000 dlrs from sale of\nmarketable securities.\n Reuter\n\u0003", "date": "18-MAR-1987 12:11:54.12", "topics": [ "earn" ], "places": [ "usa" ], "id": "6591" }, { "title": "NL INDUSTRIES INC 4TH QTR DEC 31 LOSS", "body": "Shr loss 28 cts vs profit seven cts\n Net loss 10.7 mln vs profit 5,188,000\n Sales 119.3 mln vs 216.1 mln\n Year\n Shr loss 5.80 dlrs vs profit 30 cts\n Net loss 324.2 mln vs profit 21.5 mln\n Sales 549.3 mln vs 859.1 mln\n NOTE: Share after preferred dividends.\n NOTE: In July 1986, company set a dividend on Series C\npreferred, effecting a spin-off of its chemical operations.\nThey unit has been accounted for as a discontinued operation.\n Fourth quarter and full year 1986 reflect non-recurring\ncharges from change in control at company. Fourth quarter 1986\nalso reflects writeoff of 20.7 mln dlrs of goodwill.\n Full year 1986 includes a charge of 224.6 mln dlrs taken in\nthe second quarter for asset revaluation and restructuring\ncosts.\n In fourth quarter 1986, reversion of pension plan surplus\nassets completed. Fourth quarter and full year 1986 includes\nnet income of 81.5 mln dlrs or 1.34 dlrs a share.\n Company also gained 2.4 mln dlrs or four cts a share in\nfourth quarter 1986, and 15.9 mln dlrs or 26 cts a share in\nfull year 1986, from adoption of accounting rule SFAS 87.\n In fourth quarter 1986, company also adjusted carrying\nvalue of non-chemicals discontinued operations assets leading\nto charge of 15.6 mln dlrs.\n\n Reuter\n\u0003", "date": "18-MAR-1987 12:12:10.19", "topics": [ "earn" ], "places": [ "usa" ], "id": "6592" }, { "title": "GERMAN RESEARCH INSTITUTE LOWERS GROWTH FORECAST", "body": "The DIW economic research institute\nsaid West German economic growth in 1987 is unlikely to reach\nthe 1.5 pct rate it had forecast earlier this year.\n The institute, whose forecasts are more pessimistic than\nthose of the other four leading German institutes, said the\neconomy had passed its peak in the summer of 1986, and its\nprospects had dimmed significantly since the autumn.\n The DIW repeated earlier predictions that gross national\nproduct (GNP) in the first quarter of 1987 would contract in\nreal, seasonally adjusted terms against the weak final quarter\nof last year. \n The DIW said that even if the economy recovers in the\nremaining three quarters, it was unlikely that demand and\nproduction would rise strongly enough to bring GNP growth up to\n1.5 pct.\n Other institutes and economists have recently revised their\nforecasts for German 1987 growth to around two pct.\n In a report DIW disputed arguments by other economists that\nthe economy was showing mixed development, with domestic demand\nhealthy but foreign demand weak.\n DIW said the crucial split was between weak demand for\ncapital goods, and strong demand for buildings and consumer\ngoods, not between foreign and domestic demand.\n It noted that domestic demand for capital goods had been\nhit in recent months by the weakness of exports, which had\ncaused West German firms to scale back investment plans.\n Service industries, unlike manufacturing industry, were\ncontinuing to do well because they relied on consumer demand,\nit said.\n In a separate report the HWWA economic research institute\nin Hamburg said West Germany's real trade surplus would fall\nmarkedly this year.\n However, the nominal trade surplus would show little change\nfrom 1986's record 112.2 billion marks because of a further\nimprovement in the terms of trade on average in 1987 compared\nwith 1986, it said.\n REUTER\n\u0003", "date": "18-MAR-1987 12:14:17.19", "topics": [ "gnp", "trade" ], "places": [ "west-germany" ], "id": "6593" }, { "title": "(CORRECTED) - UNIVERSITY PATENTS INC 2ND QTR", "body": "Qtr ends Jan 31\n Oper shr loss 24 cts vs loss 19 cts\n Oper loss 1,096,332 vs loss 794,711\n Revs 803,085 vs 442,420\n Six mths\n Oper shr loss 53 cts vs loss 43 cts\n Oper loss 2,375,844 vs loss 1,741,437\n Revs 1,471,257 vs 768,683\n NOTE: Prior year excludes losses from discontinued\noperations of 13 cts per share in the quarter and 17 cts per\nshare in the year. (Corrects March 17 item to show losses\ninstead of profits. Also corrects quarter loss from\ndiscontinued operations.)\n Reuter\n\u0003", "date": "18-MAR-1987 12:15:36.43", "topics": [ "earn" ], "places": [ "usa" ], "id": "6594" }, { "title": "N.Y. TRADERS SAY LATIN COFFEE PRODUCERS TO MEET", "body": "Several traders and analysts here told\nReuters Latin American coffee producers will meet this weekend\nin Managua, Nicaragua. The purpose, they said, is to review the\nbreakdown of International Coffee Organization quota talks last\nmonth and try to formulate a unified position ahead of possible\nfuture negotiations.\n Two traders, who asked not to be named, said separately\nBrazil is expected to attend the meeting along with most or all\nof the Central American producers. The Central American\nattendees would include Costa Rica and Honduras, who were part\nof a minority producer group at the February talks that opposed\nBrazil's position, they said.\n Another source, also requesting anonymity, said Colombia\nprobably will not attend.\n Reuter\n\u0003", "date": "18-MAR-1987 12:16:42.17", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "usa", "costa-rica", "honduras", "brazil" ], "id": "6595" }, { "title": "PERU HAS FIRST TRADE DEFICIT IN FOUR YEARS", "body": "Peru registered a 16 mln dlr trade deficit\nin 1986, its first trade shortfall in four years, a central\nbank statement said.\n The figure compared with a surpluses of 1.17 billion dlrs\nin 1985, 1.01 billion in 1984 and 293 mln in 1983. The last\ntrade deficit was a 428 mln shortfall in 1982.\n Peru's exports fell to 2.51 billion dlrs last year from\n2.98 billion in 1985. Last year's imports were 2.53 billion\ndlrs against 1.81 billion dlrs in 1985.\n REUTER\n\u0003", "date": "18-MAR-1987 12:16:51.63", "topics": [ "trade", "bop" ], "places": [ "peru" ], "id": "6596" }, { "title": "CRAFTMATIC/CONTOUR SEES HIGHER PROFITS", "body": "Craftmatic/Contour Industries Inc\nsaid it would report substantial profits for the first quarter\nof fiscal 1987 ending March 31.\n The company recorded net income of 732,000 dlrs, or 22 cts\nper share, on revenues of 10.2 mln dlrs.\n Reuter\n\u0003", "date": "18-MAR-1987 12:17:23.17", "topics": [ "earn" ], "places": [ "usa" ], "id": "6597" }, { "title": "U.S. OIL TAX BREAK PROPOSAL TO BE EXAMINED", "body": "The White House said a proposal for\na tax break for the oil industry would undergo review.\n Spokesman Marlin Fitzwater said President Reagan had no\nposition on recommendations submitted by Energy Secretary John\nHerrington to encourage investment in the hard hit domestic oil\nindustry.\n But Fitzwater noted that Reagan did have a fundamental\nobjection to tax rises and special tax breaks.\n He said that even though Herrington's recommendation did\nnot agree with existing policy, \"We'll take a look at it.\"\n The review will be undertaken by the president's Domestic\nPolicy Council.\n Herrington's proposal was reported by the Washington Post\nto have been made in a letter to Reagan submitting a study that\nfound the United States would be importing half of its oil by\nthe 1990s, threatening U.S. national security.\n Reuter\n\u0003", "date": "18-MAR-1987 12:17:34.90", "topics": [ "crude" ], "places": [ "usa" ], "id": "6598" }, { "title": "GM'S PONTIAC EXPANDS OPTION BONUS PROGRAM", "body": "General Motors Corp's Pontiac\nsaid it expanded its current \"Option Bonus\" program, adding a\n1,200 dlr rebate on all new and unused 1986 Fiero models, an\nincreased savings of 700 dlrs added to the existing 1986 Fiero\nrebate of 500 dlrs.\n Under the \"Option Bonus\" program, which is in effect\nthrough April 30, customers can receive the 1,200 dlrs in a\ncheck directly from Pontiac or apply the rebate amount to the\ndown payment on the car.\n Reuter\n\u0003", "date": "18-MAR-1987 12:18:01.06", "places": [ "usa" ], "id": "6599" }, { "title": "UK MINISTER SAYS FARM TALKS CAN USE OECD STUDY", "body": "U.K. Agriculture Minister Michael\nJopling said an OECD study which calculates the level of\ndomestic farm subsidies in industrial countries would be a good\nbasis for global agriculture negotiations now underway.\n The controversial study, which has not yet been released by\nthe Paris-based OECD, has calculated a measure of farm\nsubsidies called the the Producer Subsidy Equivalent, PSE, OECD\nsources in Paris said last month.\n Jopling, in a speech to the Commodity Club yesterday,\nsuggested the PSE be refined as a starting point for reducing\ndomestic farm policies during the Uruguay round of trade\nnegotiations begun under the world trade agreement GATT.\n The OECD study shows that there are few countries which do\nnot significantly subsidize farmers, Jopling said.\n The OECD study attempts to measure all farm subsidies for\nthe years 1979 through 1981.\n Jopling qualified his endorsement of the PSE as a\nnegotiating tool, however, by saying the European Community\nwould want \"credit\" in the negotiations for recent actions\ntaken to reform the Common Agricultural Policy.\n Representatives of other industrial countries told Reuters\nthey are more skeptical than the U.K. about the PSE concept.\n An Australian trade official said Canberra has \"grave\ntechnical reservations\" about the use of the PSE calculations.\nU.S. officials said there are several shortcomings to the study\nincluding the necessity to update the calculations to reflect\nrecent changes in farm programs worldwide.\n The officials said the study may be released in May.\n Reuter\n\u0003", "date": "18-MAR-1987 12:18:57.48", "organisations": [ "oecd" ], "places": [ "usa", "uk" ], "id": "6600" }, { "title": "WESTERN SAVINGS AND LOAN 4TH QTR LOSS", "body": "Shr loss 48 cts vs profit 77 cts\n Net loss 3,923,000 vs profit 11,551,000\n Year\n Shr profit 1.80 dlrs vs profit 2.32 dlrs\n Net profit 30,171,000 vs profit 36,667,000\n Loans 3.38 billion vs 3.17 billion\n Deposits 3.81 billion vs 3.28 billion\n Assets 5.55 billion vs 4.78 billion\n Note: Full name Western Savings and Loan Association.\n Reuter\n\u0003", "date": "18-MAR-1987 12:19:11.43", "topics": [ "earn" ], "places": [ "usa" ], "id": "6601" }, { "title": "BOEING SAYS NO \"GIVE-AWAYS\" FOR AWACS OFFSET", "body": "An official of Boeing Co said the company\nwould not be handing out any \"give-away\" deals under its\ncommitment to provide business worth 4.4 billion francs to\nFrench firms over eight years.\n The U.S. Aircraft maker agreed last month to grant\nso-called \"offset\" contracts equivalent to 130 pct of the cost of\nFrance's purchase of three AWACS radar early warning planes.\n \"I would like to stress the need for competitiveness,\" said\nLee Hessler, Business Manager for Boeing Aerospace Co's\nInformation Systems Division.\n Reuter\n\u0003", "date": "18-MAR-1987 12:20:00.67", "places": [ "usa" ], "id": "6602" }, { "title": "FRANCE ANNOUNCES PLAN TO BOOST EMPLOYMENT", "body": "The government announced a three billion\nfranc program to combat long-term unemployment amid speculation\namong political and economic analysts that it is positioning\nitself for a period of economic reflation.\n The package presented to the cabinet of Prime Minister\nJacques Chirac by Social Affairs and Labour Minister Philippe\nSeguin today is to be financed out of a 7.5 billion franc\ncontingency fund announced on February 25.\n Finance Minister Edouard Balladur previously ruled out a\nreflationary program.\n Long-term unemployment, defined as being out of work for\nmore than one year, affects about 830,000 people or one third\nof French unemployed, government figures show.\n The main measures of the employment program give employers\nfinancial incentives to offer short-term work contracts of at\nleast two years and stress retraining to help the long-term\nunemployed return to the labour market.\n Training subsidies and exemptions from social security\ncontributions are the main incentives for employers.\n \"Companies tell us that we have to give them a strong\nincentive to take on people who have fallen out of the labour\nmarket and that's why the proposals...Are costly,\" an aide to\nSeguin said.\n The analysts said speculation the government is considering\na reflationary program was sparked by Chirac spokesman Denis\nBaudouin, who said yesterday that ministers were generally\nagreed on the desirability of relaunching the economy.\n He appeared to contradict statements by Balladur ruling out\neconomic stimulation despite the government's revision of its\n1987 growth forecast to about 2.0 pct from 2.8.\n Finance ministry officials later clarified Baudouin's\nremarks, saying there was no question of any move to stimulate\nthe economy through a boost to consumer spending although\ngovernment policy allowed for increased industrial investment\nfrom the proceeds of France's five-year privatisation plan.\n The 1987 budget allowed for 30 billion francs in revenue\nfrom privatisation, to be split between repaying national debt\nand providing state enterprises with fresh capital.\n Some political analysts said Baudouin's comments possibly\nreflect widening differences within the RPR-UDF coalition on\nsocial issues ahead of next year's presidential elections.\n Divisions began to show last December, when a wave of\nstrikes led by transport workers paralysed the country and\ndrove the government into a new mood of conciliation with\nlabour.\n Officials said that after the success of the privatisation\nof Cie de Saint Gobain and Cie Financiere de Paribas\n the government had decided to speed up its five-year\nprivatisation program with the aim of completing a third of it\nthis year, ahead of the presidential elections expected in\n1988.\n The accelerated program could provide additional unbudgeted\nrevenue to boost industrial and research investment and\nspending on infrastructure such as the national motorway\nnetwork.\n The government also today revived a proposal, blocked last\nyear by Socialist president Francois Mitterrand, to encourage\nmore flexible working hours, which it says will boost jobs by\nimproving the competitiveness of French industry.\n The proposals allowing night-shift work by women and\nvariations in the standard 39-hour working week are to be put\nto parliament as a self-contained draft bill after being vetoed\nfor procedural reasons by Mitterrand and later the Council of\nState.\n REUTER\n\u0003", "date": "18-MAR-1987 12:20:15.12", "topics": [ "jobs" ], "places": [ "france" ], "id": "6603" }, { "title": "AIR CANADA TO ACQUIRE CALGARY COURIER COMPANY", "body": "Air Canada, the state-owned airline,\nsaid it signed a letter of intent to acquire 65 pct of EMS\nCorp, a Calgary-based messenger service which operates in\nWestern Canada and the U.S..\n Gelco Corp (GEL) earlier said Air Canada agreed to buy its\nCanadian Gelco Express Ltd unit for 54 mln U.S. dlrs.\n Air Canada said the acquisitions will complement its main\ncargo business. It said it expects the courier market to grow\nby about 25 to 30 pct a year.\n Reuter\n\u0003", "date": "18-MAR-1987 12:22:19.60", "topics": [ "acq" ], "places": [ "canada" ], "id": "6604" }, { "title": "ATT TO REDEEM 15.5 MLN PREFERRED SHARES", "body": "American Telephone and Telegraph said\nthat, effective May 1, it will spend 775 mln dlrs to redeem \n15.5 mln shares of the outstanding 16.7 mln shares in two\npublicly held preferred stock issues.\n The two issues have a stated value of 50 dlrs per share and\npay 3.64 dlrs and 3.74 dlrs in annual dividends, respectively,\nATT said, adding it will redeem 7.9 mln shares of its 3.64 dlrs\npfd stock and 7.6 mln shares of its 3.74 dlrs pfd stock.\n ATT's corporate vice president and treasurer S. Lawrence\nPrendergast said ATT expects to finance the redemption with\ncash.\n \"The redemption is part of our continuing efforts to reduce\nATT's financial risk,\" Predergast said. \"In 1986 we reduced our\noutstanding debt and preferred stock by a total of 1.6 billion\ndlrs. As a result our annual fixed charges were reduced by\nalmost 200 mln dlrs and our ability to service our existing\ndebt was strengthened.\"\n The May one preferred stock redemption will save about 50\nmln dlrs in dividends annually and will bring ATT's total debt\nand preferred stock reduction to more than 2.5 billion dlrs\nsince the beginning of 1986, Predergast said.\n ATT said it is required by the issues' terms to redeem\n300,000 shares each year as well as providing for the optional\nredemption of additional shares.\n The company said it will redeem 600,000 shares of the 3.64\ndlrs preferred issue for 50 dlrs per share and 7.3 mln shares\nof the issue for 50 dlrs per share plus a premium of 2.18 dlrs\nper share.\n ATT said it will redeem each of the 3.74 dlrs preferred\nshares 50 dlrs a share plus a premium of 2.35 dlrs a share.\n After the redemption, 600,000 shares of each issue will\nremain outstanding, ATT said.\n ATT said it will select the redeemable shares by lot\naccording to the issues' terms, adding that the record date for\ndetermining the redeemable shares will be March 26, 1987.\n The company said it will pay the May 1 dividend for all\npreferred shares, including those being redeemed, in a normal\nway to shareholders of record as of March 31, 1987.\n ATT said no transfer of the shares being called for\nredemption will be made after March 26, 1987 and the transfer\nbooks will close for those shares on that date.\n American Transtech Inc, the paying agent for the shares, \nwill send notices of the redemption on March 30 to the\npreferred shareholders who were selected by lot, ATT said.\n Reuter\n\u0003", "date": "18-MAR-1987 12:23:39.98", "places": [ "usa" ], "id": "6605" }, { "title": "U.S ENERGY SECRETARY PROPOSES OIL TAX INCENTIVES", "body": "Energy Secretary John Herrington\nsaid he will propose tax incentives to increase domestic oil\nand natural gas exploration and production to the Reagan\nAdministration for consideration.\n \"These options boost production, while avoiding the huge\ncosts associated with proposals like an oil import fee,\"\nHerrington told a House Energy subcommittee hearing. \"It is my\nintention to submit these proposals to the domestic policy\ncouncil and the cabinet for consideration and review.\"\n He said proposals, including an increase in the oil\ndepletion allowance and repeal of the windfall profits tax,\nshould be revenue neutral and promote domestic production at\nthe least cost to the economy and the taxpayers.\n \"The goal of the Administration policies is to increase\ndomestic production. I would like to shoot for one mln barrels\na year.\"\n The proposals were based on a DOE study released yesterday\nwarning the United States was threatened by a growing\ndependence on oil imports.\n \"We project free world dependence on Persian Gulf oil at 65\npct by 1995,\" Herrington said.\n He said it was too soon to say what the Administration\npolicy on oil tax incentives would be and indicated there would\nbe opposition to tax changes.\n \"Of course, to move forward with these kinds of options\nwould require reopening tax issues settled last year (in the\ntax reform bill) -- an approach which has not, in general, been\nfavored by the administration. I think what we need is to\ndebate this within the Administration,\" he said.\n He said the proposals might raise gasoline prices.\n Herrington did not specifically confirm a report in today's\nWashington Post that he had written to President Reagan urging\nan increase in the oil depletion allowance.\n Asked about the report by subcommittee members, Herrington\nsaid various proposals were under consideration and would be\ndebated within the Administration to determine which would have\nthe most benefits at the least cost.\n Reuter\n\u0003", "date": "18-MAR-1987 12:24:35.02", "topics": [ "crude", "nat-gas" ], "places": [ "usa" ], "id": "6606" }, { "title": "MAY DEPARTMENT STORES CO RAISES DIVIDEND TO 28-1/2 CTS FROM 26 CTS A SHARE\n", "date": "18-MAR-1987 12:27:41.32", "topics": [ "earn" ], "id": "6607" }, { "title": "WELLCOME FALLS ON BRISTOL-MYERS AIDS DRUG REPORT", "body": "Shares of Wellcome Plc fell\nsharply following a report that Bristol-Myers Co would\nseek U.S. Food and Drug Administration permission to test its\naids vaccine in humans by the end of March, dealers said.\n Wellcome shares slumped to a quoted low of 453p on the\nreport after yesterday's 496p close but later rose to 464p.\n Earlier this month a Wellcome spokesman said the company\nwas applying for licences in the U.S. And several major\ncountries for its \"Retrovir\" drug which can be used for the\ntreatment of Aids. The U.K. Department of Health and Social\nSecurity has already issued a marketing licence for \"Retrovir.\"\n Reuter\n\u0003", "date": "18-MAR-1987 12:28:43.73", "places": [ "uk" ], "id": "6608" }, { "title": "HUNT MANUFACTURING CO 1ST QTR NET", "body": "Ended March 1 \n Shr 34 cts vs 27 cts\n Net 2,405,000 vs 1,908,000\n Revs 33.5 mln vs 32.6 mln\n Avg shrs 7,114,000 vs 7,075,000\n Reuter\n\u0003", "date": "18-MAR-1987 12:28:53.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "6609" }, { "title": "WYLE LABS TO ISSUE DEBENTURES IN EUROPE", "body": "Wyle Laboratories said it is\nissuing in the Euro-Market 25 mln dlrs of 6-1/4 pct convertible\nsubordinated debentures due March 2002.\n The debentures are convertible into Wyle common stock at a\nrate of 19.25 dlrs worth of debentures for each common share,\nthe company said.\n It said proceeds from the offering will be used for general\ncorporate purposes, and to repay borrowings under the company's\nbank credit line.\n Kidder Peabody International Ltd and Montgomery Securities\nare co-managing the offering, Wyle also said.\n Reuter\n\u0003", "date": "18-MAR-1987 12:30:57.68", "places": [ "usa" ], "id": "6610" }, { "title": "MAY DEPARTMENT STORES CO 4TH QTR SHR 1.38 DLRS VS 1.24 DLRS\n", "date": "18-MAR-1987 12:31:58.72", "topics": [ "earn" ], "places": [ "usa" ], "id": "6611" }, { "title": "FIRST AMERICAN SEES GAIN FROM SALE", "body": "First American Bank and\nTrust Co said its 88 pct owned Associated Mortgage Investors\n subsidiary has sold its New England operations for\nabout 2,100,000 dlrs in cash and 1,300,000 dlrs in stock,\nresulting in a first quarter gain for First American of about\n1,200,000 dlrs after tax.\n The company said the sale will complete Associated's\nwithdrawal from the general contracting business.\n Reuter\n\u0003", "date": "18-MAR-1987 12:32:47.75", "topics": [ "earn" ], "places": [ "usa" ], "id": "6612" }, { "title": "AMERICAN EXPRESS SIGNS DEBT/EQUITY DEAL", "body": "American Express Bank Ltd, a unit of\nAmerican Express Co, said it has agreed with the Mexican\ngovernment and local business groups to convert 100 mln dlrs of\nexisting debt into equity to fund the construction of 3,000\nhotel rooms around Mexico.\n American Express said in a statement that the swap will be\nmade via its International Capital Corp unit over two years.\n The Mexican government said in a statement that the deal\nshould result in about 250,000 extra tourists per year; the\ncreation, directly and indirectly, of more than 15,000 new jobs\nand annual foreign exchange gains of over 80 mln dlrs.\n Reuter\n\u0003", "date": "18-MAR-1987 12:33:47.16", "places": [ "usa", "mexico" ], "id": "6613" }, { "title": "INTEGRATED GENERICS TO MAKE STATEMENT", "body": "Integrated Generics Inc president\nElliot Friedman told Reuters the company plans to make a\nstatement late Thursday or early Friday.\n Trading in the generic drug company's stock was halted\ntoday by the American Stock Exchange because of a pending\nannouncement, the exchange said.\n The announcement will deal with several events that are\n\"favorable,\" Friedman said but declined to elaborate. The\nannouncement will not be ready until late tomorrow or early\nFriday, he said.\n Shares of the Bellport, N.Y. maker and distributor of\ngeneric drugs closed at 5-3/8 yesterday, unchanged. They were\ntrading up 3/8 at 5-3/4 before the halt.\n Reuter\n\u0003", "date": "18-MAR-1987 12:37:28.85", "places": [ "usa" ], "id": "6614" }, { "title": "DATAPRODUCTS ,PACKARD IN AGREEMENT", "body": "Dataproducts Corp said\nit agreed to market Hewlett-Packard's line of matrix printers\nthrough its domestic and international distribution network.\n \n Reuter\n\u0003", "date": "18-MAR-1987 12:38:05.81", "places": [ "usa" ], "id": "6615" }, { "title": "FINANCIAL SECURITY TO SELL BRANCH", "body": "Financial Security Savings\nand Loan Association said it has agreed to sell its Sunrise,\nFla., branch to Fortune Financial Group Inc of\nClearwater, Fla., for a \"substantial profit,\" subject to\nregulatory approval.\n Terms were not disclosed.\n Reuter\n\u0003", "date": "18-MAR-1987 12:38:12.25", "topics": [ "acq" ], "places": [ "usa" ], "id": "6616" }, { "title": "MEMTEK SELLS SHARES PRIVATELY", "body": "Memtek Corp said it has sold\n1,500,000 shares privately through underwriter Allen and Co Inc\nfor 1,275,000 dlrs.\n It said proceeds will be used to expand its development and\ncommercialization of bioactive membrane products and waste\nwater treatment systems.\n Reuter\n\u0003", "date": "18-MAR-1987 12:38:21.12", "places": [ "usa" ], "id": "6617" }, { "title": "SUDANESE MINISTER PREDICTS DEBT DIFFICULTIES", "body": "Sudan will find it difficult to meet\nscheduled debt repayments over the next five years, Finance\nMinister Beshir Omer has told parliament..\n He said Sudan's foreign debt rose to 10.6 billion dlrs at\nthe end of last year, an increase of 300 mln from 1985.\n Omer said it \"will be difficult, if not impossible\" for Sudan\nto pay a scheduled 4.17 billion dlrs in principal and interest\npayments over the next five years.\n He said Sudan had reached agreement with the Soviet Union\nand its East European allies to service half of its debts to\nthem in commodities, with the rest in hard currency.\n Western diplomatic and official sources in Khartoum say 32\npct of Sudan's total foreign debt is to the Soviet Union, the\nEastern bloc and Arab countries.\n Sudan is 450 to 500 mln dlrs in arrears to the\nInternational Monetary Fund (IMF), which last year declared it\nineligible for fresh loans.\n The sources said Sudan, hit by a slump in export earnings\nand remittances from expatriate workers, had an annual debt\nliability of nearly 900 mln dlrs but set aside only some 200\nmln dlrs to service debts in the fiscal year ending next June\n30.\n Sudan, its Treasury depleted by nearly four years of civil\nwar in the south and the aftermath of the devastating 1984-85\ndrought, has a budget deficit of 2.86 billion pounds this\nfiscal year.\n Diplomatic and official sources said Sudan was now only\nservicing debts owed to creditors bound by regulations banning\nthem from extending fresh loans to recipients in arrears.\n They said these included the U.S. Agency for International\nDevelopment, the World Bank and its soft loan affiliate, the\nInternational Development Agency.\n Sudan reached a framework rescheduling agreement in 1984\nwith Western government creditors of the Paris Club.\n The sources said this pact was to have been followed by\nbilateral agreements, but fell through when Khartoum became\nunable to service debts in 1985.\n A Bank of Sudan (Central Bank) spokesman said last month\nKhartoum was negotiating a freeze on interest payments with\ncommercial banks, owed about two billion dlrs.\n Sudan has not received fresh loans since 1985 and the\nsources said it was only getting grants at present. Hopes that\nforeign aid would finance 780 mln dlrs of the 1.14 billion dlr\nbudget deficit have been dashed, they added.\n Sudanese officials said Prime Minister Sadeq al-Mahdi's\ngovernment would shortly announce a four-year economic plan\naimed at starting the country's recovery.\n Details of the plan have not been made public. But the\nsources said it would be geared to generate agricultural\nexports and would need a substantial injection of fresh loans\nthat Sudan hoped to receive from Gulf Arab states.\n REUTER\n\u0003", "date": "18-MAR-1987 12:38:36.08", "places": [ "sudan" ], "id": "6618" }, { "title": "ITALY M-2 UP 2.8 PCT IN 3 MONTHS TO END JANUARY", "body": "Italian M-2 money supply rose a\nprovisional 2.8 pct, seasonally adjusted, in the three months\nto end January 1987, the Bank of Italy said.\n The bank said M-2, which measures notes and coins in\ncirculation plus bank and post office deposit accounts, fell to\na provisional 609,457 billion lire in January from a downwards\nrevised but still provisional 615,307 billion in December 1986.\n The provisional year-on-year rise in January was 10.2 pct,\ncompared with a downward revised and provisional 9.4 pct in\nDecember.\n M-2A, similar to M-2 but excluding certificates of deposit\nand including proceeds from bank repurchase operations, rose a\nprovisional 2.0 pct, seasonally adjusted, over the three months\nto end January 1987.\n The bank said M-2A totalled a provisional 583,806 billion\nlire at end January against a downwards revised and still\nprovisional 593,827 billion in December 1986.\n Year-on-year, M-2A increased by a provisional 8.4 pct in\nJanuary, compared with a downwards revised and provisional 8.1\npct in December.\n REUTER\n\u0003", "date": "18-MAR-1987 12:38:44.73", "topics": [ "money-supply" ], "places": [ "italy" ], "id": "6619" }, { "title": "GOLDEN ENTERPRISES INC 3RD QTR FEB 28 NET", "body": "Shr 15 cts vs nine cts\n Net 2,002,261 vs 1,168,638\n Revs 29.2 mln vs 29.3 mln\n Nine mths\n Shr 49 cts vs 36 cts\n Net 6,404,536 vs 4,623,295\n Revs 92.2 mln vs 88.2 mln\n Reuter\n\u0003", "date": "18-MAR-1987 12:39:25.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "6620" }, { "title": "GERMAN RESEARCH INSTITUTE LOWERS GROWTH FORECAST", "body": "The DIW economic research institute\nsaid West German economic growth in 1987 is unlikely to reach\nthe 1.5 pct rate it had forecast earlier this year.\n The institute, whose forecasts are more pessimistic than\nthose of the other four leading German institutes, said the\neconomy had passed its peak in the summer of 1986, and its\nprospects had dimmed significantly since the autumn.\n The DIW repeated earlier predictions that gross national\nproduct (GNP) in the first quarter of 1987 would contract in\nreal, seasonally adjusted terms against the weak final quarter\nof last year.\n \n Reuter\n\u0003", "date": "18-MAR-1987 12:41:45.54", "topics": [ "gnp" ], "places": [ "west-germany" ], "id": "6621" }, { "title": "MORRISON KNUDSEN SEES YEAR NET FALLING", "body": "Morrison Knudsen Corp said its\nearnings for 1987 are likely to be lower than those for 1986\ndue to lower than expected growth in engineering and\nconstruction and a previously-predicted decline in earnings of\nits National Steel and Shipbuilding unit.\n The company earned 39.4 mln dlrs in 1986, including pretax\ngains of 11.5 mln dlrs from pension income and 7,400,000 dlrs\nfrom the settlement of vested pension obligations, down from\n41.5 mln dlrs in 1985.\n It said \"Lower than expected levels of new work booked in\nthe last quarter of 1986 and the first two-plus months of this\nyear have delayed the expected growth in the engineering and\nconstruction area.\" The company said it will remain profitable\nin 1987 and results should strengthen as the year progresses. \nIt attributed the decline in new work to more stringent bidding\nstandards and a competitive market.\n Reuter\n\u0003", "date": "18-MAR-1987 12:42:21.33", "topics": [ "earn" ], "places": [ "usa" ], "id": "6622" }, { "title": "U.S. EXPORT BONUS POULTRY FEED FOR NORTH YEMEN", "body": "The Commodity Credit Corporation\n(CCC) accepted a bid for an export bonus to cover the sale of\n7,000 tonnes of mixed poultry feed to North Yemen, the U.S.\nAgriculture Department said.\n The department said the feed is for delivery during April.\n As announced earlier the bonus was 90.00 dlrs per tonne,\nmade to The Pillsbury Company and will be paid in the form of\ncommodities from CCC stocks.\n An additional 143,000 tonnes of mixed poultry feed are\nstill available to North Yemen under the Export Enhancement\nProgram announced April 14, 1986, it said.\n Reuter\n\u0003", "date": "18-MAR-1987 12:42:45.10", "topics": [ "meal-feed" ], "places": [ "usa", "yemen-arab-republic" ], "id": "6623" }, { "title": "CHICAGO BOARD TO SUBMIT YEN BOND FUTURES CONTRACT", "body": "Directors of the Chicago Board of\nTrade, CBT, decided at their regular board meeting late\nyesterday to submit a long-term Japanese Government Bond\nfutures conrtact to the Commodity Futures Trading Commission,\nCFTC, for approval.\n The CBT's action was made possible by a ruling last week by\nthe Securities and Exchange Commission, SEC, which removed a\nkey regulartory obstacle to trading futures on foreign debt\nsecurities on U.S. exchanges.\n The CBT originally had approved a yen bond futures contract\nin December 1986 but the SEC rule precluded the application.\n The application to the CFTC could be made as soon as early\nnext week, but the SEC's rule change must first be formalized\nby its publication in the federal register, an CBT spokesman\nsaid.\n The exchange said it did not know when the yen bond futures\ncontract would be approved the the CFTC, but that CFTC\nprovisions require that new contract submissions be acted upon\nwithin one year after submission.\n\n Reuter\n\u0003", "date": "18-MAR-1987 12:42:58.86", "places": [ "usa" ], "id": "6624" }, { "title": "ERICSSON WINS ARKANSAS STATE CONTRACT", "body": "Sweden's Telefon AB L.M. Ericsson\n said one of its units had won a contract worth 8.7\nmln dlrs from the U.S. State of Arkansas to provide a\ncommunications network for three state buildings.\n The voice/data communications system will connect 8,000\nusers via the Ericsson MD 110 subscriber exchange, the company\nsaid.\n Reuter\n\u0003", "date": "18-MAR-1987 12:43:51.60", "places": [ "sweden", "usa" ], "id": "6625" }, { "title": "CCC ACCEPTS EXPORT BONUS BID ON BARLEY TO ISRAEL", "body": "The Commodity Credit Corporation\n(CCC) accepted a bid for an export bonus to cover the sale of\n30,000 long tons of barley to Israel, the U.S. Agriculture\nDepartment said.\n The department said the barley is for delivery April 15/May\n15 and the bonus awarded was 41.24 dlrs per ton.\n The bonus was made to Cargill, Inc and will be paid in the\nform of commodities from CCC stocks.\n An additional 133,800 tons of U.S. barley are still\navailable to Israel under the Export Enhancement Program\nannounced June 17, 1986, it said.\n Reuter\n\u0003", "date": "18-MAR-1987 12:44:33.17", "topics": [ "grain", "barley" ], "places": [ "usa", "israel" ], "id": "6626" }, { "title": "WORLD BANK ISSUES AUSTRALIAN DLR ZERO COUPON BOND", "body": "The World Bank is issuing 150 mln\nAustralian dlrs of zero coupon bonds due April 15, 1992 priced\nat 53, lead manager Hambros Bank Ltd said.\n The bonds will be listed in Luxembourg and sold in\ndenominations of 1,000 and 10,000 dlrs. Payment date is April\n15. The co-lead managers are Orion Royal Bank Ltd and Citicorp\nInvestment Bank Ltd.\n Fees are 3/4 pct for selling and 1/2 pct for management and\nunderwriting. There also is a 1/8 pct praecipuum.\n REUTER\n\u0003", "date": "18-MAR-1987 12:45:01.37", "organisations": [ "worldbank" ], "places": [ "uk" ], "id": "6627" }, { "title": "MEXICO SAYS IT WILL SIGN 7.7 BILLION DLR COMMERCIAL BANK LOAN FRIDAY\n", "date": "18-MAR-1987 12:46:23.62", "id": "6628" }, { "title": "MAY DEPARTMENT STORES CO RAISES DIVIDEND", "body": "Qtly div 28-1/2 cts vs 26 cts previously\n Pay June 15\n Record June One\n Reuter\n\u0003", "date": "18-MAR-1987 12:47:04.84", "topics": [ "earn" ], "places": [ "usa" ], "id": "6629" }, { "title": "GENCORP NAMES FINANCIAL ADVISERS", "body": "GenCorp Inc plans to use First Boston\nCorp and Kidder, Peabody and Co as financial advisers on a\ntender offer for the company by General Partners, a GenCorp\nspokesman said.\n The spokesman, in response to questions from Reuters, said\nthe company does not yet have a comment on the 100 dlr per\nshare tender offer, launched by the partners today.\n First Boston and Kidder have been advisers to GenCorp in\nthe past, he said.\n General Partners is comprised of investors Wagner and Brown\nand AFG Industries Inc, a glass manufacturer.\n Reuter\n\u0003", "date": "18-MAR-1987 12:48:05.39", "topics": [ "acq" ], "places": [ "usa" ], "id": "6630" }, { "title": "MEXICO TO SIGN 7.7 BILLION DLR LOAN FRIDAY", "body": "Mexican Finance Minister Gustavo\nPetriccioli said Mexico will sign its 7.7 billion dlr\ncommercial bank loan on Friday.\n Petriccioli, speaking to reporters after a visit to the\nWorld Bank, said the loan was currently 98.5 pct subscribed, a\nfigure Treasury Secretary James Baker used in Congressional\ntestimony yesterday.\n Reuter\n\u0003", "date": "18-MAR-1987 12:51:41.89", "places": [ "usa", "mexico" ], "id": "6631" }, { "title": "LATIN COFFEE MEETING TO BE HELD IN MANAGUA", "body": "Representatives from Brazil, Colombia,\nMexico and Nicaragua will meet here Friday to discuss the\neconomic impact of falling coffee prices, a Nicaraguan official\nannounced.\n Vice-minister of foreign trade Bernardo Chamorro said that\nparticipating in the meeting will be the heads of the coffee\nassociations from the four countries.\n He did not say if the meeting would continue beyond friday.\n Chamorro said Nicaragua supports the establishment of\nexport quotas in an effort to boost sagging world prices.\n Reuter\n\u0003", "date": "18-MAR-1987 12:51:59.28", "topics": [ "coffee" ], "places": [ "nicaragua" ], "id": "6632" }, { "title": "MONEY BROKER SOUGHT IN VOLKSWAGEN CURRENCY SCANDAL", "body": "The state prosecutor\ninvestigating a suspected currency swindle which may have lost\nVolkswagen AG millions of dollars said he wanted to\nquestion a Frankfurt-based money broker.\n Prosecutor Carl Hermann Retemeyer told Reuters the broker,\nJoachim Schmidt, may be able to shed light on the affair in\nwhich VW says it might have been defrauded of up to 480 mln\nmarks.\n No charges have been laid in what may turn out to be West\nGermany's largest known currency fraud.\n The incident has led to political calls for tighter\ncontrols on the free-wheeling money and currency markets.\n Retemeyer gave no further details of the investigation. His\noffice understood that Schmidt was on a business trip.\n A spokesman for the brokerage firm told Reuters that\nSchmidt had been expected back on Monday from the United States\nbut had not returned yet, and his current whereabouts were not\nknown.\n Brokerage firms fulfill a middle-man function in currency\nand money markets, matching buy and sell orders between banks\nand other large customers who may prefer to remain anonymous.\n The financial newsletter, Platow, said today the state\nprosecutor, called in when suspicion of fraud first came to\nlight on February 18, had to date been able to find no evidence\nof personal enrichment by VW employees.\n The newsletter reported on November 3 last year that VW had\nincurred losses in the \"three-figure millions\" because it had not\nprotected itself against a fall in the value of the dollar.\n This was denied at the time by VW executive board chairman\nCarl Hahn.\n Financial director Rolf Selowsky resigned last week after\nnews of the currency fraud, an executive has been fired and\nseveral others are suspended.\n A Frankfurt business lawyer, Egon Geis, said yesterday that\non February 10 he had offered VW information about the currency\nfraud and offered to provide a written confession by someone\ninvolved.\n He said VW declined his offer, but the company says the tip\nwas taken to top management and that Geis later met Hahn but\nfailed to produce the document.\n REUTER\n\u0003", "date": "18-MAR-1987 12:54:30.82", "places": [ "west-germany" ], "id": "6633" }, { "title": "CBT TO SUBMIT YEN BOND FUTURES CONTRACT TO CFTC", "body": "Directors of the Chicago Board of\nTrade, CBT, decided at their regular board meeting late\nyesterday to submit a long-term Japanese Government Bond\nfutures conrtact to the Commodity Futures Trading Commission,\nCFTC, for approval.\n The CBT's action was made possible by a ruling last week by\nthe Securities and Exchange Commission, SEC, which removed a\nkey regulartory obstacle to trading futures on foreign debt\nsecurities on U.S. exchanges.\n The CBT originally had approved a yen bond futures contract\nin December 1986 but the SEC rule precluded the application.\n The application to the CFTC could be made as soon as early\nnext week, but the SEC's rule change must first be formalized\nby its publication in the federal register, an CBT spokesman\nsaid.\n The exchange said it did not know when the yen bond futures\ncontract would be approved the the CFTC, but that CFTC\nprovisions require that new contract submissions be acted upon\nwithin one year after submission.\n Reuter\n\u0003", "date": "18-MAR-1987 12:57:26.37", "places": [ "usa" ], "id": "6634" }, { "title": "DCNY CORP HIKES QTLY DIVIDEND", "body": "Discount Corp of New York said its\nboard of directors increased its quarterly cash dividend to 20\ncts a share from 15 cts a share.\n DCNY said the dividend is payable April 15, 1987 to\nshareholders of record April 1 , 1987.\n Since the last two-for-one stock split in May 1985, the\ncorpoartion has customarily declared 15-cnt-per-share dividends\nfor the first three quarters and a final fourth quarter\ndividend based on its total earnings for the year.\n As previously announced, DCNY said its board has also\nrecommended a two-for-one common stock split to shareholders.\n If the split is approved at the May 13 annual meeting, the\nquarterly dividend rate will be adjusted to 10 cts a share,\nDCNY said.\n \n Reuter\n\u0003", "date": "18-MAR-1987 12:58:20.75", "topics": [ "earn" ], "places": [ "usa" ], "id": "6635" }, { "title": "ST. JOSEPH LIGHT SETS SPLIT, HIKES PAYOUT", "body": "St. Joseph Light and Power Corp\nsaid its board declared a three-for-two stock split and raised\nthe quarterly dividend on presplit shares to 49 cts per share\nfrom 47 cts.\n The company said the dividend is payable May 18 to holders\nof record May 4 and the split is subject to approval by\nshareholders at the May 20 annual meeting.\n Reuter\n\u0003", "date": "18-MAR-1987 12:58:58.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "6636" }, { "title": "PERU HAS FIRST TRADE DEFICIT IN FOUR YEARS", "body": "Peru registered a 16 mln dlr trade deficit\nin 1986, its first trade shortfall in four years, a central\nbank statement said.\n The figure compared with a surpluses of 1.17 billion dlrs\nin 1985, 1.01 billion in 1984 and 293 mln in 1983. The last\ntrade deficit was a 428 mln shortfall in 1982.\n Peru's exports fell to 2.51 billion dlrs last year from\n2.98 billion in 1985. Last year's imports were 2.53 billion\ndlrs against 1.81 billion dlrs in 1985.\n Reuter\n\u0003", "date": "18-MAR-1987 13:00:42.42", "topics": [ "trade", "bop" ], "places": [ "peru" ], "id": "6637" }, { "title": "BEVIS INDUSTRIES SEEKS BUYER FOR COMPANY", "body": " said it\nretained Tucker Anthony and R.L. Day Inc to seek purchasers of\nthe company or its units.\n It issued no further details.\n The company, which makes stainless steel tubing for the\nchemical, petrochemical, and oil industries, earned 1,045,000\ndlrs or 51 cts a share in the nine months ending September 30,\n1986. It had sales of 17.1 mln dlrs in the period.\n Reuter\n\u0003", "date": "18-MAR-1987 13:01:08.83", "topics": [ "acq" ], "places": [ "usa" ], "id": "6638" }, { "title": "U.S. HOUSE PLAN SEEKS TO BAR FOREIGN TAKEOVERS", "body": "A House subcommittee voted to give\nPresident Reagan authority to block foreign takeovers of U.S.\ncompanies similar to the takeover of Schlumberger Ltd's \nFairchild Semiconductor Corp by Fujitsu Ltd which was\nwithdrawn.\n The House Energy and Commerce Subcommittee on Commerce\napproved as an amendment to the overall House trade bill a\nprovision giving Reagan the power to block sales to foreign\ncompanies if the sale was not in the national or economic\ninterest. \n The takeover provision was sent to the full Energy and\nCommerce Committee for consideration as part of the overall\ntrade bill which is being written by several House committees.\n The subcommittee's bill would bar imports of digital audio\nrecording equipment that is not made with anti-copying chips.\nThis provision is designed to protect U.S. companies from the\nunauthorized use of U.S. designs in foreign products.\n The bill calls for an investigation of whether U.S.\nengineering and construction firms are given adequate\nopportunity to bid on Japan's civil works procurement practices\nincluding the construction of the Kansai airport.\n The Energy and Commerce subcommitte rejected a plan offered\nby Rep. William Dannemeyer, a California Republican, to require\nthe U.S. to pay investors one pct for the right to hold their\ngold investments in government storage.\n His amendment called for the government to sell gold coins\nand gold-backed bonds with maturities of 30 to 50 years to\ninvestors to reduce the federal debt. \n Reuter\n\u0003", "date": "18-MAR-1987 13:01:55.81", "topics": [ "acq" ], "places": [ "usa" ], "id": "6639" }, { "title": "HECHINGER BONDS UPGRADED BY S/P", "body": "Standard and Poor's Corp said it\nraised to A-minus from BBB-plus Hechinger Co's 19.9 mln dlrs of\nindustrial revenue bonds.\n Yesterday, S and P upgraded to BBB-plus from BBB the\ncompany's 86 mln dlrs of convertible subordinated debentures of\n2009 and assigned a BBB-plus rating to Hechinger's planned 100\nmln dlr issue of convertible debt due 2012.\n In its release yesterday, S and P cited what it termed an\noutstanding record of sales and earnings growth by Hechinger.\n Reuter\n\u0003", "date": "18-MAR-1987 13:02:32.26", "places": [ "usa" ], "id": "6640" }, { "title": "INERTIA DYNAMICS CORP 2ND QTR FEB 28 NET", "body": "Oper shr 35 cts vs 29 cts\n Oper net 1,185,267 vs 1,001,315\n Sales 16.8 mln vs 12.4 mln\n Six mths\n Oper shr 42 cts vs 32 cts\n Oper net 1,420,815 vs 1,105,555\n Note: oper data does not include year ago qtr and six mths\nloss from discontinued operations of 87,449 dlrs, or two cts\nper shr.\n Reuter\n\u0003", "date": "18-MAR-1987 13:02:37.53", "topics": [ "earn" ], "places": [ "usa" ], "id": "6641" }, { "title": "ATI MEDICAL INC 2ND QTR JAN 31 NET", "body": "Shr two cts vs eight cts\n Net 118,933 vs 296,272\n Revs 2,742,731 vs 1,840,129\n Six mths\n Shr two cts vs 12 cts\n Net 92,372 vs 444,975\n Revs 4,977,105 vs 3,296,110\n Reuter\n\u0003", "date": "18-MAR-1987 13:03:23.50", "topics": [ "earn" ], "places": [ "usa" ], "id": "6642" }, { "title": "COCA-COLA ENTERPRISES FILES TO OFFER 500 MLN DLRS OF DEBT \n", "date": "18-MAR-1987 13:05:00.76", "id": "6643" }, { "title": "NASDAQ TO OPEN OFFICE IN LONDON", "body": "National Association of\nSecurities Dealers Inc said it will be opening a London-based\nEuropean office in mid-1987.\n A spokesman said the office would probably open by July.\n NASDAQ said its board of governors appointed J. Lynton\nJones to be its European executive director.\n Reuter\n\u0003", "date": "18-MAR-1987 13:07:20.37", "places": [ "usa", "uk" ], "id": "6644" }, { "title": "REAGAN PLEDGES TO INCREASE SPENDING ON ACID RAIN", "body": "President Reagan, reacting to\nCanadian concerns, today announced he will seek 2.5 billion\ndlrs over five years to combat acid rain.\n The announcement said the administration will request from\nCongress 500 mln dlrs in each of the next two fiscal years to\nfund innovative projects to control smokestack emissions --\nblamed for acid rain that has killed fish and trees in eastern\nCanada.\n White House spokesman Marlin Fitzwater said the\nadministration had asked for 350 mln dlrs but that Ottawa had\nregistered concern about the level of funding.\n He said the announcement was \"obviously related\" to an\nApril-5-6 summit meeting in Ottawa between Reagan and Canadian\nPrime Minister Brian Mulroney.\n Reagan said that in addition to committing government money\nindustry would be encouraged to invest a greatwer or equal\namount to promote new technologies to cut air pollution.\n The announcement said an advisory panel, including state\ngovernmments and the canadian government, would advise on\nfunding and selection of polllution control projects.\n Further, a presidential task force on regulatory relief\nwould examine the effect of federal, state and local\nregulations on deployment of new emission control technologies.\n Reuter\n\u0003", "date": "18-MAR-1987 13:10:17.92", "places": [ "usa", "canada" ], "id": "6645" }, { "title": "EC COMMISSION THREATENS ACTION AGAINST AIRLINES", "body": "The European Commission said it could\nbegin legal moves within the next month against three major\nairlines - Deutsche Lufthansa AG , Alitalia Linee Aeree\nItaliane Spa and - accusing them of\nunfair fare-fixing and route sharing practices.\n The Commission also announced a move designed to put\npressure on EC ministers to agree by the end of June a new,\nmore liberal, airline regime, which could bring lower fares and\na greater choice of carriers for passengers.\n The Commission has for years been pushing to force EC\nairlines to abandon arrangements under which they agree not to\ncompete against each other on price and share flights on routes\nbetween major cities on a 50-50 basis.\n Last July, it wrote to 10 major airlines saying their\npractices breach EC competition rules and demanding\nundertakings that they would be revised or abolished.\n The Commission said in a statement today seven airlines\nhave responded positively to these letters and negotiations are\ntaking place on how their practices might be modified.\n Reuter\n\u0003", "date": "18-MAR-1987 13:11:13.22", "organisations": [ "ec" ], "places": [ "belgium" ], "id": "6646" }, { "title": "SAVANNAH ELECTRIC AND POWER CO UPS DIVIDEND", "body": "Qtly div 25 cts vs 22 cts prior\n Payable April 15\n Record April 1\n Reuter\n\u0003", "date": "18-MAR-1987 13:13:04.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "6647" }, { "title": "FRANCE AGREES AIRBUS A340 COMMERCIALLY SOUND", "body": "The French government has no reason to\ndoubt the European Airbus consortium's assessment that its A340\nlong-range jet project has a sound commercial basis, French\nTrade Minister Michel Noir said .\n Airbus announced last Friday that it had 104 firm orders\nand options from nine airlines for its A340 long-range and A330\nmedium-range jet projects.\n \"If Airbus finds an initial cushion of around one hundred\naircraft satisfactory, we have no reason to contradict them,\"\nNoir told journalists.\n Reuter\n\u0003", "date": "18-MAR-1987 13:14:17.13", "places": [ "france" ], "id": "6648" }, { "title": "ZAMBIA CLEARS IMF 1985 DEBT", "body": "Zambia has cleared its arrears to the\nIMF for 1985 with a 145 mln dlr bridging loan from Standard\nChartered Bank, central bank president Leonard Chivuno said.\n The government had obtained a further loan of 45 mln dlr\nfrom the Bank of Credit and Commerce to help pay off its\nremaining 165 mln SDR arrears for 1986 and is currently\nnegotiating loans from two other banks to complete payment, he\ntold a press conference .\n To restrict liquidity all commercial banks will have to\nmake a supplementary deposit with the Bank of Zambia,\nequivalent to 10 pct of their demand deposits, Chivanu added.\n Following the IMF talks, the fixed exchange rate will be\nadjusted against a basket of five major currencies, but it will\nnot fall below 12.50 kwacha per dollar, Chivuno said.\n He was speaking after three weeks' discussions with the IMF\ncentred on the revision of the exchange system.\n Diplomatic sources said the talks had gone well and a\nZambian delegation would leave for Washington in about three\nweeks to complete negotiations with the IMF and World Bank on a\nrevised economic adjustment programme.\n One western diplomat said the two institutions had promised\n\"big support to help Zambia keep its head above water.\"\n REUTER\n\u0003", "date": "18-MAR-1987 13:15:01.38", "organisations": [ "imf" ], "places": [ "zambia" ], "id": "6649" }, { "title": "AMOCO SAID WELL OFF TRINIDAD FLOWS 53 MLN CUBIC FEET NATURAL GAS DAILY\n", "date": "18-MAR-1987 13:15:38.60", "topics": [ "nat-gas" ], "id": "6650" }, { "title": "COCA-COLA ENTERPRISES TO SELL DEBT", "body": "Coca-Cola Enterprises Inc said it\nfiled with the Securities and Exchange Commission a\nregistration statement covering 500 mln dlrs of debt.\n The company said it plans to sell 250 mln dlrs of notes due\n1997 and an equal amount of debentures due 2017.\n Proceeds will be used to refinance outstanding\nindebtedness, Coca-Cola Enterprises said.\n The company named Allen and Co Inc as lead manager and\nMerrill Lynch Capital Markets and Salomon Brothers Inc as\nco-managers of the offerings.\n Reuter\n\u0003", "date": "18-MAR-1987 13:16:51.02", "places": [ "usa" ], "id": "6651" }, { "title": "IRAQ SAYS IT HIT SHIP IN GULF OFF IRAN TODAY", "body": "Iraq said its warplanes had hit a\nvessel in the Gulf off the Iranian coast today, the third in\nthe past 24 hours.\n A military spokesman told the Iraqi news agency INA the\nlatest attack was at 1250 GMT. It earlier reported strikes at\n0650 GMT and at 1930 GMT last night. The planes \"dealt accurate\nand effective blows\" to the targets and returned safely to base.\n There was no immediate confirmation of the attacks from\nGulf shipping sources. The last confirmed Iraqi attack was on\non March 8, when an Iranian tanker was hit by a missile south\nof Iran's Kharg island oil export terminal.\n Reuter\n\u0003", "date": "18-MAR-1987 13:17:36.51", "topics": [ "crude", "ship" ], "places": [ "iran", "iraq" ], "id": "6652" }, { "title": "MAY DEPARTMENT STORES 4TH QTR JAN 31 NET", "body": "Shr 1.38 dlrs vs 1.24 dlrs\n Net 213,000,000 vs 195,000,000\n Revs 3.37 billion vs 3.12 billion\n Avg shrs 153,000,000 vs 156,000,000\n Year\n Shr 2.44 dlrs vs 2.20 dlrs\n Net 381,000,000 vs 347,000,000\n Revs 10.38 billion vs 9.54 billion\n Avg shrs 154,800,000 vs 156,000,000\n NOTE: 1985 period ended Feb 1, 1986\n Share data restated for common stock split of July 21, 1986\n 1986 and 1985 earnings reflect a charge of one ct a share\nresulting from use of the LFIO method of inventory valuation\n 4th Qtr 1986 earnings include pretax capital gain of 71.2\nmln dlrs, or 30 cts a share from sale of Joseph Horne Co\nDivision in Pittsburgh\n NOTE: 4th Qtr 1986 earnings include a 62 mln dlr, or 20 cts\na share, pretax charge for costs associated with combining May\nD and F and the Denver operating divisions\n 4th Qtr 1986 earnings include a pretax charge of 26 mln\ndlrs, or nine cts a share, for costs associated with several\ndebt repurchase transactions including retirement of 10 mln\ndlrs of 11-7/8 pct debentures\n Reuter\n\u0003", "date": "18-MAR-1987 13:20:01.93", "topics": [ "earn" ], "places": [ "usa" ], "id": "6653" }, { "title": "NORSTAR BANCORP, FLEET FINANCIAL GROUP AGREE TO MERGE\n", "date": "18-MAR-1987 13:22:11.38", "topics": [ "acq" ], "id": "6654" }, { "title": "FIRST UNION ACQUISITION APPROVED", "body": "First Union Corp said the\nbuyout of Commerce National Bank by its First Union National\nBank of Florida unit was approved by Commerce shareholders.\n According to the terms of the deal, First Union will pay\n8.5 mln dlrs for the outstanding shares of Commerce National, a\nbank with 43.2 mln dlrs in assets.\n Reuter\n\u0003", "date": "18-MAR-1987 13:23:31.68", "topics": [ "acq" ], "places": [ "usa" ], "id": "6655" }, { "title": "ENERGY/DRILLING INDUSTRY", "body": "The drastic cutbacks in U.S. drilling\nlast year are rapidly deflating the United State's natural gas\nbubble, which could bring spot shortages in gas supplies next\nwinter and a modest recovery in the oilpatch, industry analysts\nsaid.\n Faltering deliverability of natural gas, a commodity that\nis difficult and costly to import in large quantities, could\nmore than double the current U.S. rig count to near 2,000 by\n1990, some analysts said.\n The need to lock in future supplies of gas for utilities\nand big industrial customers may also bring a resurgence of\nactivity in the Gulf of Mexico's offshore waters where some of\nthe nation's largest gas reserves are located.\n \"We think an upturn in U.S. drilling is imminent,\" said\nJames Crandall, an analyst with Salomon Brothers Inc. \"Many\ncompanies appear to be switching from oil to gas drilling\nbecause they're betting that the gas market will be back in\nbalance in a year or two.\"\n The prospect of diminishing gas supplies is welcome news\nfor drilling and oilfield service companies that barely\nsurvived last year's plunge in oil prices from about 30 dlrs a\nbarrel to less than half that. Today's relatively stable oil\nprices of about 18 dlrs a barrel are not enough to spur a\nreturn to the heady days of 1981 when the U.S. drilling rig\ncount soared to a record high of more than 4,500 and oilfield\nroustabouts commanded premium wages.\n The latest weekly Hughes Tool Co rig count, a\nbarometer of the oil industry's health, showed 761 U.S. rigs\nactive in what is traditionally the slowest time of the year.\n In 1986, the Hughes rig count began the year at 1,915 but\ndived to a post-World War II low of 663 in July as world oil\nprices experienced the sharpest decline in recent times.\n Ike Kerridge, a Hughes economist, said \"In 1986, the United\nStates replaced only about 40 pct of the gas it used and that\nreplacement rate won't be any better this year.\"\n He added, \"We don't have the options we do with oil.\nImports of gas from Canada are limited by pipeline capacity and\nimporting liquefied natural gas on ships will not be feasible\nin the next 10 years because of the cost.\"\n Only about 6 trillion cubic feet of additional gas reserves\nwere discovered last year while U.S. consumption approached 16\ntrillion cubic feet, according to industry estimates.\n George Gaspar, an oil analyst with Robert W. Baird and Co\nagreed that the need for gas supplies would set the stage for a\nnew cycle of gradual increases in U.S. drilling.\n \"We anticipate that natural gas pipelines will need to\ndedicate to their systems new gas reserves for 1989 and 1990\nsupplies. That means new drilling programs must begin no later\nthan mid-1988,\" Gaspar said.\n Gasper said he sees a new drilling cycle emerging that\ncould last until 1992 and that he expects the average rig count\nto peak near 2,000 in December of 1989.\n Much of the search for new gas reserves is likely to be\nconducted in the offshore waters of the Gulf of Mexico, where\nfederal leases on unexplored areas will revert back to the\ngovernment unless drilling begins in the next two or three\nyears. Some of the industry's biggest companies, such as Exxon\nCorp , Mobil Corp MOB, and Union Texas Petroleum have\nalready indicated plans to increase spending for drilling later\nthis year in the Gulf of Mexico, Crandall said.\n For example, Conoco Inc, a Dupont
subsidiary, will\nspend 400 mln dlrs to build the Gulf of Mexico's deepest\nproduction platform, which will produce 50 mln cubic feet of\ngas per day.\n But T. Boone Pickens, who has acquired huge Texas and\nKansas gas reserves for his Mesa Limited Partnership in\nrecent months, is not convinced that the drilling industry is\non the verge of a recovery.\n Pickens predicts the U.S. rig count will soon drop below\n600 and will not increase significantly until oil prices do.\n \"The rigs won't go back to work until the price of oil gets\nabove 30 dlrs a barrel,\" said Pickens, 58, adding he did not\nexpect to see the rig count top 2,000 again in his lifetime.\n Tenneco Inc , one of the largest U.S. gas producers,\nis skeptical that a need for additional gas drilling exists.\n Tenneco vice president Joe Foster said he did not expect\nsignificant increases in drilling for gas until the early 1990s\nwhen the U.S. gas reserves life will have declined to about\nseven years' supply. Current spot market prices of about 1.50\ndlrs per thousand cubic feet will need to rise to about three\ndlrs to spur reserve replacement, he said.\n Reuter\n\u0003", "date": "18-MAR-1987 13:23:37.68", "topics": [ "crude", "nat-gas" ], "places": [ "usa" ], "id": "6656" }, { "title": "SUGAR PRICES TOO LOW TO BOOST LATIN OUTPUT", "body": "Latin American sugar producers\nare awaiting further rises in world market prices before moving\nto boost production, official and trade sources said.\n Although prices have risen to around eight from five U.S.\nCents per lb in the past six months, they are still below the\nregion's nine to ten cents per lb average production cost.\n The recent rise in prices has placed producers on the\nalert, Manuel Rico, a consultant with the Group of Latin\nAmerican and Caribbean Sugar Exporting Countries (GEPLACEA),\ntold Reuters.\n However, Rico said, it would require another five to seven\ncents to stimulate notable increases in output.\n \"Producers are taking measures for increasing their\nproduction when the prices are profitable,\" he said.\n Officials in Mexico, Guatemala and Ecuador said a continued\nrise in prices would stimulate production, but industry leaders\nin Panama and Costa Rica said there was still a long way to go.\n \"The prices are ridiculous,\" said Julian Mateo, vice\npresident of Costa Rica's Sugar Cane Industrial-Agricultural\nLeague. \"At current prices nobody is going to consider\nincreasing production.\"\n Other producers are wary of committing funds to increasing\noutput, given the instability of world markets.\n An official at Colombia's National Association of Sugar\nCane Growers said they had no plans to raise export targets.\n\"The market is very unstable. What is happening is not yet\ngiving way to a pattern and so there is no reason to modify\nanything.\"\n In 1985, the latest year for which full figures are\navailable, Central and South American nations produced 28 mln\ntonnes, raw value, of sugar of which 12.3 mln were exported. A\nyear earlier, they had produced and exported about 800,000\nmore, according to the London-based International Sugar\nOrganization.\n Years of continuous low prices have plunged the sugar\nindustry in many countries in the region into a recession from\nwhich it will be hard to recover.\n Miguel Guerrero, director of the Dominican Republic's\nNational Sugar Institute, said it would be difficult to boost\nproduction even if prices recovered sharply.\n Output had slumped to under 450,000 tonnes a year from\n900,000 in the late 1970s. Obsolete refineries, poor transport\nand badly maintained plantations were barriers to any short\nterm recovery in output, he added.\n Plans of nearby Cuba, the world's largest cane sugar\nexporter, to increase output to 10 mln tonnes a year by the end\nof the decade seem ambitious, trade sources said. Output is\nrunning well below the record 8.6 mln produced in 1970.\n Cuba suffers from run down plantations, harvesting problems\nand poor processing facilities more than from low world prices,\nsince much of its output is sold to Eastern Bloc countries\nunder special deals. Last year, bad weather added to its\ntroubles, and output fell to 7.2 mln tonnes from 8.2 mln in\n1985.\n The low world prices of recent years have led many\ncountries in the region to cut exportable production to levels\nwhere they barely cover U.S. And, in the case of some Caribbean\ncountries, European Community (EC) import quotas, for which\nthey receive prices well above free market levels.\n Progressive reductions in the U.S. Quotas have led to\nproduction stagnating or falling rather than being shifted to\nthe free world market.\n Peru, for example, shipped 96,000 tonnes to the U.S. In\nboth 1983 and 1984. This fell to 76,000 in 1986 and this year\nits quota is only 37,000.\n A national cooperative official said that, as long as world\nmarket levels continue at around half of Peru's production\ncost, the future of the industry is uncertain.\n At a meeting of GEPLACEA in Brazil last October officials\nstressed the need to find alternative uses for sugar cane\nwhich, according to the group's executive-secretary Eduardo\nLatorre, \"grows like a weed\" throughout the region.\n Brazil, the largest cane producer with output of around 240\nmln tonnes, uses over half to produce alcohol fuel. Cane in\nexcess of internal demand for alcohol and sugar is refined into\nsugar for sale abroad to earn much needed foreign currency.\n The difference in the price the state-run Sugar and Alcohol\nInstitute (IAA) pays local industry and what it receives from\nforeign buyers costs the government some 350 mln dlrs a year.\n Soaring domestic demand for both alcohol and sugar over the\npast year, coupled with a drought-reduced cane crop, has meant\nBrazil will have difficulties in meeting export commitments in\n1987, trade sources said. Negotiations to delay shipments to\nnext year have been indecisive so far, the main sticking point\nbeing how Brazil should compensate buyers for non-delivery of\nsugar it had sold at around five cents per lb and which would\ncost eight cents to replace.\n Brazilian sugar industry sources said new sugar export\nsales were expected to be extremely low for the next year, with\nthe Institute wary of exposing itself to domestic shortages of\neither alcohol or sugar and because of the need to rebuild\ndepleted reserve stockpiles.\n However, the situation could change dramatically if the\neconomy goes into recession and internal demand slumps.\n Sources within Latin America and the Caribbean hold little\nhope for the region's sugar industry to return to profitability\nunless the U.S. And EC change their policies.\n \"The agricultural policies of the European Community and of\nthe United States have caused our economies incalculable harm\nby closing their markets, by price deterioration in\ninternational commerce and furthermore by the unfair\ncompetition in third countries,\" Brazil's Trade and Industry\nMinister Jose Hugo Castelo Branco told the October GEPLACEA\nmeeting.\n The EC has come under prolonged attack from GEPLACEA for\nwhat the group charges is its continued dumping of excess\noutput on world markets. GEPLACEA officials say this is the\nmain cause of low prices.\n GEPLACEA sees a new International Sugar Agreement which\nwould regulate prices as one of the few chances of pulling the\nregion's industry out of steady decline. Such an agreement\nwould have to have both U.S. And EC backing and industrialised\ncountries would have to see it as a political rather than a\nmerely economic pact.\n \"They have to realise that the more our economies suffer,\nthe less capcity we have to buy their goods and repay the\nregion's 360 billion dollar foreign debt,\" GEPLACEA's Latorre\nsaid.\n Reuter\n\u0003", "date": "18-MAR-1987 13:25:33.14", "topics": [ "sugar" ], "organisations": [ "ec" ], "places": [ "brazil", "mexico", "guatemala", "ecuador", "panama", "costa-rica", "colombia", "dominican-republic", "usa" ], "id": "6657" }, { "title": "MORGAN BANK PLANS WARRANTS FOR GOLD AT 425 DLRS", "body": "Morgan Guaranty Trust Co of New York\nplans an issue of 12,000 warrants for gold bullion at 425 dlrs\nan ounce, lead manager Morgan Guaranty (Switzerland) AG said.\n Each warrant, priced at 955 Swiss francs, entitled holders\nto acquire five-ounce bars of .999 gold in the period from\nApril 30, 1987, to July 31, 1991, exercisable on Wednesdays.\n The warrants represented unsecured, unsubordinated\nliabilities of the borrower. Payment was due April 16, and a\nquotation on the Luxembourg bourse was planned.\n The warrants, when exercised, would be repaid in current\ndollars based on the value of gold on the exercise date.\n The conditions represent a premium of about 145 dlrs an\nounce to the current gold price.\n A Morgan (Switzerland) official said that on the basis of\nthe maturity of four years and three months, the pricing\ninvolved an implicit volatility of gold of 24.5 pct before the\nwarrants were in the money, compared with implicit volatility\nof 30 pct for the Indosuez gold warrants and 26 pct for the\nCitibank gold warrants recent issued with maturities of 18 and\n24 months.\n REUTER\n\u0003", "date": "18-MAR-1987 13:26:43.78", "topics": [ "gold" ], "places": [ "switzerland" ], "id": "6658" }, { "title": "NORSTAR , FLEET TO MERGE", "body": "Norstar Bancorp said that its\nboard and the board of Fleet Financial Group have approved a\ndefinitive agreement to merge.\n A Norstar spokesman said that a press release containing\nfurther details on the merger would be issued shortly.\n Reuter\n\u0003", "date": "18-MAR-1987 13:28:42.40", "topics": [ "acq" ], "places": [ "usa" ], "id": "6659" }, { "title": "AMOCO IN NATURAL GAS FIND OFF TRINIDAD", "body": "Amoco Corp said its WEQB-1 exploratory\nwell 39 miles east of Galeota Point on Trinidad's east coast\nflowed 24 mln cubic feet of natural gas and 500 barrels of\ncondensate daily from one zone and 29 mln cubic feet of natural\ngas and 600 barrels of condensate daily from a second.\n The company said both flows were through 40/64 inch chokes\nand from zones between 10,000 and 13,000 feet in depth. The\nwell, in 260 feet of water, was drilled to a total depth of\n14,629 feet, it said. It said the discovery was made in sands\npreviously untested in the area.\n Reuter\n\u0003", "date": "18-MAR-1987 13:31:06.70", "topics": [ "nat-gas" ], "places": [ "usa", "trinidad-tobago" ], "id": "6660" }, { "title": "ELDORADO BANCORP SETS 10 PCT DIVIDEND", "body": "Eldorado Bancorp said its board\ndeclared a 10 pct stock dividend, Payable April 17 to\nshareholders of record April three.\n Reuter\n\u0003", "date": "18-MAR-1987 13:35:07.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "6661" }, { "title": "ALLIED BANKSHARES SHARE OFFER EFFECTIVE", "body": "Allied Bankshares Inc said its\nregistration statement covering a 500,000 share offering was\ndeclared effective.\n The company said the stock will be sold at 12.50 dlrs a\nshare through an offering underwritten by Johnson Lane Space\nSmith and Co Inc and Interstate Securities Corp.\n Reuter\n\u0003", "date": "18-MAR-1987 13:35:14.41", "places": [ "usa" ], "id": "6662" }, { "title": "NOBLE BROADCAST GROUP TO SELL DEBENTURES", "body": "Noble Broadcast Group Inc said it\nfiled with the Securities and Exchange Commission a\nregistration statement covering a 50 mln dlr issue of senior\nsubordinated debentures due 1999.\n The company named PaineWebber Inc as sole underwriter of\nthe offering.\n Reuter\n\u0003", "date": "18-MAR-1987 13:35:21.21", "places": [ "usa" ], "id": "6663" }, { "title": "FPL GROUP UNIT SELLS BONDS AT 8.951 PCT", "body": "FPL Group Capital Inc, a unit of FPL\nGroup Inc, is raising 150 mln dlrs through an offering of\ndebentures due 2017 yielding 8.951 pct, said lead manager\nSalomon Brothers Inc.\n The debentures have an 8-7/8 pct coupon and were priced at\n99.20 to yield 135 basis points over the off-the-run 9-1/4 pct\nTreasury bonds of 2016.\n Non-refundable for five years, the issue is rated A-2 by\nMoody's and A-plus by Standard and Poor's. Goldman Sachs\nco-managed the deal.\n Reuter\n\u0003", "date": "18-MAR-1987 13:35:35.11", "places": [ "usa" ], "id": "6664" }, { "title": "TALKING POINT/GENCORP INC ", "body": "The surprise 2.2 billion-dlr tender\noffer for Ohio-based conglomerate GenCorp Inc will not be\nenough to buy the company, analysts said.\n Analysts estimated the 100 dlr-per-share offer from General\nPartners is 10 to 20 dlrs per share below the breakup value of\nGenCorp. However, market sources and analysts said uncertainty\nsurrounds any transaction because of the legal challenges to\nGencorp broadcasting licenses.\n Gencorp's stock rose 15-3/4 to 106-1/4 in heavy trading.\n \"The expectation is either there will be someone else or\nthe bidder will sweeten the offer hoping to get management's\ncooperation,\" said Larry Baker, an analyst with E.F. Hutton\ngroup.\n Analysts said there is concern about challenges to\nGencorp's broadcast licenses for two television and 12 radio\nstations. Some of the disputes, dating back about 20 years,\nwere brought by groups that alleged improper foreign payments\nand political contributions.\n \"I think it kind of muddies an already muddy situation,\"\nsaid Baker of the offer.\n Some arbitragers said they were concerned the ongoing issue\nmight be a stumbling block or result in a long period of time\nfor any transaction.\n A source close to General Partners, however, said General\nPartners would apply to the Federal Communications Commission\nfor special temporary authority to hold the broadcast stations.\nThe source said if approved, the authority would allow a\ntransaction to be carried out.\n If it received the \"short-form\" approval, General Partners\nwould set up a trust which would hold the broadcasting\nproperties until the licensing situation is resolved.\n General Partners is equally owned by investors Wagner and\nBrown and glass-maker AFG Industries Inc.\n Some market sources speculated an outside buyer, such as\nGeneral Partners, might even be be a catalyst to resolution of\nthe challenges since it would carry out GenCorp's plan to sell\nthe stations.\n GenCorp earlier this month reached an agreement with Walt\nDisney Co to sell its Los Angeles television station, WHJ-TV.\nDisney would pay 217 mln dlrs to GenCorp and 103 mln dlrs to a\ngroup that challenged the station's license.\n GenCorp also has a pending agreement to sell WOR-TV in\nSecaucus, N.J. to MCA Inc for 387 mln dlrs.\n General Partners said it intends to keep the company's\nplastics and industrial products businesses and its tires and\nrelated products segment.\n Charles Rose, an analyst with Oppenheimer and Co, said\nthat, on a breakup valuation, the company might be worth as\nmuch as 125 dlrs per share. Rose estimated the aerospace\nbusiness could bring 30 to 40 dlrs per share or one billion\ndlrs, as would DiversiTech, the plastics unit. Broadcasting,\nincluding assets pending sale, might be 30 to 40 dlrs per\nshare, he said.\n The company, formerly known as General Tire\nand Rubber Co, also has a tire business Rose estimated would be\nworth five to 10 dlrs per share. He estimated the bottling\nbusiness might also be worth several dollars per share, he\nsaid.\n Analysts said GenCorp chairman A. William Reynolds, who\nbecame chairman last year, has been emphasizing the company's\nAerojet General and DiversiTech General businesses. GenCorp,\nfounded in 1915, became an unfocused conglomerate over the\nyears and analysts believe reynolds has helped it to improve.\n \"The management's doing a very fine job in trying to deal\nwith the non-strategic assets of the company,\" Rose said.\n Analysts expect GenCorp to resist the tender offer, but\nthey declined to predict what steps the company might take.\nThey said it would be possible the company might consider a\nleveraged buyout or restructuring to fend off the offer.\n General Partners holds 9.8 pct of GenCorp stock, and there\nwas some concern about \"greenmail.\" Greenmail is the payment at\na premium for an unwanted shareholders' stock.\n \"I would doubt they would greenmail them, but nothing\nsurprises me anymore,\" said Rose.\n GenCorp has not commented on the offer. It has retained\nFirst Boston Corp and Kidder, Peabody and Co as advisers.\n \n Reuter\n\u0003", "date": "18-MAR-1987 13:35:57.73", "topics": [ "acq" ], "places": [ "usa" ], "id": "6665" }, { "title": "AMERICAN EXPRESS UP ON RUMORS 10 PCT OF SHEARSON TO BE SOLD TO JAPANESE FIRM, TRADERS SAY\n", "date": "18-MAR-1987 13:36:23.81", "topics": [ "acq" ], "id": "6666" }, { "title": "UNISYS HAS SECURITY SYSTEM FOR MAINFRAMES", "body": "Unisys Corp said shipments will begin\nin July 1987 of its new security software package to prevent\nunauthorized access to its A series mainframe computers used by\ncommercial customers and for government installations.\n The Infoguard software security module extends the security\nfacilities already available on A series computers, it said.\n Infoguard may be licensed through a five year extended term\npurchase or on a monthly license basis. The five year ETP\nranges from 8,450 dlrs on an A 2 mainframe to 34,300 dlrs on an\nA 15 mainframe, it said.\n Reuter\n\u0003", "date": "18-MAR-1987 13:36:40.39", "places": [ "usa" ], "id": "6667" }, { "title": "ADMAC INC 3RD QT JAN 31 LOSS", "body": "Shr loss 1.51 dlrs vs profit eight cts\n Net loss 7,377,000 vs profit 384,000\n Sales 1,593,000 vs 4,366,000\n Nine Mths\n Shr loss 2.24 dlrs vs profit 16 cts\n Net loss 11,083,000 vs profit 628,000\n Sales 6,517,000 vs 12.6 mln\n Avg shrs 4,941,000 vs 3,926,000\n Reuter\n\u0003", "date": "18-MAR-1987 13:36:45.23", "topics": [ "earn" ], "places": [ "usa" ], "id": "6668" }, { "title": "PACO PHARMACEUTICAL 2ND QTR FEB 14 NET", "body": "Shr 19 cts vs 17 cts\n Net 767,000 vs 676,000\n Revs 9,476,000 vs 9,091,000\n Six mths\n Shr 47 cts vs 44 cts\n Net 1,897,000 vs 1,719,000\n Revs 19.5 mln vs 19 mln\n NOTE: Full name Paco Pharmaceutical Services Inc.\n Reuter\n\u0003", "date": "18-MAR-1987 13:36:53.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "6669" }, { "title": "PUBLICKER INDUSTRIES INC 4TH QTR LOSS", "body": "Shr loss five cts vs loss 15 cts\n Net loss 619,000 vs loss 1,730,000\n Sales 3,138,000 vs 5,667,000\n Avg shrs 12.5 mln vs 11.5 mln\n Year\n Shr loss four cts vs loss 40 cts\n Net loss 343,000 vs loss 3,963,000\n Sales 13.4 mln vs 35.3 mln\n Avg shrs 12.5 mln vs 10.3 mln\n NOTE: 1986 year net includes gain 1,678,000 dlrs from\nsettlement of litigation with Belcher Oil Co, 375,000 dlr\nprovision connected with resignation of former president, legal\nsettlements and costs of 1,074,000 dlrs and 552,000 dlrs in\nexpenses from closing of contract packaging division.\n Reuter\n\u0003", "date": "18-MAR-1987 13:37:17.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "6670" }, { "title": "PUBLICKER TO GET CLEAN 1986 AUDIT OPINION", "body": "Publicker Industries Inc said\nits will receive an unqualified opinion on 1986 financial\nstatements from auditor Arthur Andersen and Co and the opinion\non its 1985 statements will be changed to unqualified from\nqualified.\n The company said the 1985 opinion had been qualified due to\nthe uncertainty of the ultimate amount recoverable from the\nassets of its British beverage division. It said it has been\nin the process of substantially reducing its inventory of\nScotch whisky and intends to complete the reduction by the end\nof 1987. It said it expects to recover its 12 mln dlr\ninvestment in the division by the end of the year.\n Reuter\n\u0003", "date": "18-MAR-1987 13:37:45.25", "places": [ "usa" ], "id": "6671" }, { "title": "BIONOMIC SCIENCES INTERNATIONAL INC LOSS", "body": "2nd qtr Jan 31 end\n Shr loss three cts vs loss nine cts\n Net loss 112,400 vs loss 275,400\n Sales 318,100 vs 23,600\n Avg shrs 4,294,300 vs 3,028,326\n 1st half\n Shr profit four cts vs loss 14 cts\n Net profit 165,600 vs loss 409,100\n Sales 546,600 vs 44,400\n Avg shrs 4,189,700 vs 3,028,326\n NOTE: Current year net includes gains on sale of assets of\n25,000 dlrs in quarter and 396,000 dlrs in half.\n Net includes extraordinary loss 10,000 dlrs vs nil in\nquarter and loss 10,000 dlrs vs profit 106,300 dlrs in half.\n Reuter\n\u0003", "date": "18-MAR-1987 13:37:53.42", "topics": [ "earn" ], "places": [ "usa" ], "id": "6672" }, { "title": "PIEDMONT AVIATION INC SETS QUARTERLY", "body": "Qtly div eight cts vs eight cts prior\n Pay May 18\n Record May One\n Reuter\n\u0003", "date": "18-MAR-1987 13:37:57.77", "topics": [ "earn" ], "places": [ "usa" ], "id": "6673" }, { "title": "BIONOMIC SCIENCES SEES PROFITABILITY", "body": "Bionomic Sciences International Inc\nsaid it expects to start operating profitably by the fourth\nquarter.\n The company today reported a profit of 165,600 dlrs for the\nfirst half ended January 31 -- after a 396,000 dlr gain on the\nsale of assets and a 10,000 dlr extraordinary loss. A year\nbefore it lost 409,100 dlrs after a 106,300 dlr extraordinary\ngain.\n Reuter\n\u0003", "date": "18-MAR-1987 13:39:39.64", "topics": [ "earn" ], "places": [ "usa" ], "id": "6674" }, { "title": "NORSTAR SHAREHOLDERS TO GET 1.2 FLEET FINANCIAL SHRS PER NORSTAR SHARE IN MERGER\n", "date": "18-MAR-1987 13:40:33.74", "topics": [ "acq" ], "id": "6675" }, { "title": "RYDER SYSTEM SELLS NOTES AND BONDS", "body": "Ryder System Inc is raising 175 mln\ndlrs through offerings of notes and bonds, said lead manager\nSalomon Brothers Inc.\n A 75 mln dlr issue of notes due 1994 was given a 7-3/4 pct\ncoupon and was priced at 99.825 to yield 7.782 pct, or 80 basis\npoints over comparable Treasury paper. The notes are\nnon-callable for five years.\n A 100 mln dlr offering of 30-year bonds bears an 8-3/4 pct\ncoupon and was priced at 99.60 to yield 8.788 pct, or 120 basis\npoints over Treasuries. The bonds are non-callable for 10\nyears. The debt is rated A-2 by Moody's and A by S and P.\n Reuter\n\u0003", "date": "18-MAR-1987 13:41:28.32", "places": [ "usa" ], "id": "6676" }, { "title": "NEGOTIATORS PUT FINAL TOUCHES TO NEW RUBBER PACT", "body": "Rubber producing and consuming\ncountries, which agreed on the bases of a new International\nNatural Rubber Agreement (INRA) last weekend, are now putting\nthe final touches to the future accord, delegates said.\n They said discussions are focusing on conditions for entry\ninto force of the new INRA. The present pact, which expires in\nOctober, required that governments accounting for 80 pct of\nworld exports and 80 pct of world imports approved or ratified\nthe pact before it became operational.\n Delegates said figures now being floated range between 65\nand 80 pct.\n Reuter\n\u0003", "date": "18-MAR-1987 13:41:40.53", "topics": [ "rubber" ], "places": [ "switzerland" ], "id": "6677" }, { "title": "CONTINENTAL MEDICAL PLANS DEBT FILING", "body": "Continental Medical Systems Inc said\nit plans to file with the Securities and Exchange Commission a\nregistration statement covering about 25 mln dlrs of\nconvertible subordinated debentures.\n The company said it expects to file with the SEC within the\nnext two to three weeks.\n Reuter\n\u0003", "date": "18-MAR-1987 13:41:45.52", "places": [ "usa" ], "id": "6678" }, { "title": "CERADYNE INC 4TH QTR LOSS", "body": "Shr loss 22 cts vs profit 10 cts\n Net loss 1,056,000 vs profit 427,000\n Sales 5,440,000 vs 4,982,000\n Avg shrs 5,229,542 vs 4,435,691\n Year\n Shr profit one ct vs profit 26 cts\n Net profit 29,000 vs profit 993,000\n Sasles 19.1 mln vs 16.6 mln\n Avg shrs 4,947,632 vs 3,780,543\n Reuter\n\u0003", "date": "18-MAR-1987 13:42:14.05", "topics": [ "earn" ], "places": [ "usa" ], "id": "6679" }, { "title": "FINANCIAL BENEFIT GROUP INC YEAR LOSS", "body": "Shr loss 11 cts vs loss 48 cts\n Net loss 254,000 vs loss 784,000\n Revs 94.1 mln vs 47.3 mln\n Avg shrs 2,317,000 vs 1,642,000\n NOTE: Share adjusted for stock dividend and reverse split.\n Reuter\n\u0003", "date": "18-MAR-1987 13:42:53.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "6680" }, { "title": "MEGAPHONE INTERNATIONAL INC 4TH QTR LOSS", "body": "Oper shr loss three cts vs loss three cts\n Oper net loss 388,000 vs loss 452,000\n Revs 1,425,000 vs 1,126,000\n Year\n Oper shr loss 26 cts vs loss 15 cts\n Oper net loss 3,604,000 vs loss 2,108,000\n Res 5,712,000 vs 6,604,000\n NOTE: 1986 net both periods excludes 413,000 dlr gain from\nsettlement of old obligations.\n Reuter\n\u0003", "date": "18-MAR-1987 13:43:03.46", "topics": [ "earn" ], "places": [ "usa" ], "id": "6681" }, { "title": "BUTLER COMPLETES SALE OF LIVESTOCK UNIT", "body": "Butler Manufacturing Co said\nit completed sale of its Livestock Systems division and part of\nits Control division in separate transactions to two unrelated\nparties.\n Butler's livestock systems division was sold to an investor\ngroup including the president of the operations and certain\nControl division assets were sold to Minneapolis-based Enercon\nData Corp.\n Terms of the transactions were not disclosed.\n Reuter\n\u0003", "date": "18-MAR-1987 13:43:25.98", "topics": [ "acq" ], "places": [ "usa" ], "id": "6682" }, { "title": "CAROLINA POWER AND LIGHT CO QTLY DIV", "body": "Qtly div 69 cts vs 69 cts prior\n Payable May one\n Record APril 10\n Reuter\n\u0003", "date": "18-MAR-1987 13:43:32.63", "topics": [ "earn" ], "places": [ "usa" ], "id": "6683" }, { "title": "AMERICAN INTERNATIONAL GROUP QTLY DIV", "body": "Qtly div 6-1/4 cts vs 6-1/4 cts prior\n Pay June 19\n Record June 5\n Reuter\n\u0003", "date": "18-MAR-1987 13:43:38.60", "topics": [ "earn" ], "places": [ "usa" ], "id": "6684" }, { "title": "ROCHESTER GAS AND ELECTRIC CORP IN PAYOUT", "body": "Qtly div 55 cts vs 55 cts prior\n Pay April 25\n Record March 31\n Reuter\n\u0003", "date": "18-MAR-1987 13:43:43.98", "topics": [ "earn" ], "places": [ "usa" ], "id": "6685" }, { "title": "SERVICE CORP INTERNATIONAL SETS QUARTERLY", "body": "Qtly div eight cts vs eight cts prior\n Pay April 30\n Record April 16\n Reuter\n\u0003", "date": "18-MAR-1987 13:43:47.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "6686" }, { "title": "VALLEY RESOURCES SETS SPLIT, RAISES PAYOUT", "body": "Valley Resources Inc said its\nboard declared a three-for-two stock split and raised the\nquarterly dividend to 42 cts per share presplit from 38 cts,\nboth payable April 15, record March 31.\n Reuter\n\u0003", "date": "18-MAR-1987 13:51:21.10", "topics": [ "earn" ], "places": [ "usa" ], "id": "6687" }, { "title": "VALERO NATURAL GAS OFFERING UNDERWAY", "body": "Valero Energy Corp \nsaid Valero Natural Gas Partners L.P. was making an initial\npublic offering of 9.5 mln units at 22.75 dlrs a unit.\n It said a subsidiary will own a 49 pct stake in Valero\nNatural Gas. The offering is being managed by Shearson Lehman\nBros Inc, Goldman Sachs and Co, E.F. Hutton and Co Inc, and\nDean Witter Reynolds Inc.\n Valero Natural Gas was formed to buy Valero Energy's\nnatural gas pipeline and liquid assets. It will use the\nproceeds from the offering and a 550 mln dlr private placement\nof first mortgage notes for the purchase.\n Reuter\n\u0003", "date": "18-MAR-1987 13:51:32.30", "places": [ "usa" ], "id": "6688" }, { "title": "NORSTAR , FLEET OUTLINE MERGER", "body": "Fleet Financial Group said\nthat its board and the board of Norstar Bancorp have agreed to\nmerge the two bank holding companies in a transaction which\nwould create a 23 billion dlr asset bank holding company.\n Under terms of the transaction, each Norstar shareholder\nwill receive 1.2 shares of Fleet common stock based on the\nnumber of Fleet shares after giving effect to a previously\nannounced April one Fleet stock split.\n The two-for-one stock split will increase Fleet's\ncurrently 25.7 mln outstanding shares to 51.5 shares. There are\nabout 34.9 mln Norstar shares outstanding.\n Fleet said the deal is expected to be completed by July one\n1988, the date on which the nationalization of Rhode Island's\ninterstate banking law takes effect.\n For the full year ended december 31, Fleet, a Rhode Island\nbased bank holding company, reported net income of 136.7 mln\ndlrs and assets of 11.7 billion dlrs. Norstar, an Albany N.y.\nholding company, reported net income of 104.8 mln dlrs and\nassets of 11.1 billion dlrs.\n Fleet comptroller Irv Goss said it is estimated that the\ntransaction will result in minimal dilution in Fleet/Norstar\nearnings per share. It is the intention of both companies that\ncash quarterly dividends following the combination not decline\nfor either company's stock holders, the company said.\n For 1986, Norstar issued 1.31 dlrs annually in cash\ndividends on its common stock. Fleet's current annual\ndistibution on a pre-split basis would be equivalent to 1.68\ndlrs a share.\n In addition, Fleet and Norstar have each granted the other\nan option to purchase such number of authorized buy unissued\nshares of common stock, that will constitute 24.99 pct of the\nfully diluted shares outstanding.\n The transaction is subject to both regulatory and\nshareholder approval.\n The companies said that after the proposed merger, the\ncombined banking holding wil be among the 25 largest in the\ncountry.\n Reuter\n\u0003", "date": "18-MAR-1987 13:51:44.26", "topics": [ "acq" ], "places": [ "usa" ], "id": "6689" }, { "title": "WEEKLY ELECTRIC OUTPUT UP 4.9 PCT FROM 1986", "body": "U.S. power companies generated a net\n48.31 billion kilowatt-hours of electrical energy in the week\nended March 14, up 4.9 pct from 46.06 billion a year earlier,\nthe Edison Electric Institute (EEI) said.\n In its weekly report on electric output, the electric\nutility trade association said electric output in the week\nended March 7 was 47.97 billion kilowatt-hours.\n The EEI said power production in the 52 weeks ended March\n14 was 2,556.32 billion kilowatt hours, up 2.1 pct from the\nyear-ago period.\n Electric output so far this year was 554.79 billion\nkilowatt hours, up 2.1 pct from 543.15 billion last year, the\nEEI said.\n Reuter\n\u0003", "date": "18-MAR-1987 13:52:06.47", "places": [ "usa" ], "id": "6690" }, { "title": "UNISYS MERGES UNIX COMPUTER SYSTEMS", "body": "Unisys Corp said that UNIX OS-based\ncomputer systems previously offered by Sperry and Burroughs\nhave been merged into a single family of products.\n It said completeness of product line, brand recognition and\ncommitment to customers and original equipment manufacturer\nvendors prompted the move.\n Unisys UNIX OS products consist of compatible software\npackages, terminals and printers for use in such applications\nas small business accounting systems to networking requirements\nof distributed processing.\n Reuter\n\u0003", "date": "18-MAR-1987 13:52:20.68", "places": [ "usa" ], "id": "6691" }, { "title": "DELTA NATURAL GAS SELLS DEBENTURES", "body": "Delta Natural Gas Co Inc is raising 14\nmln dlrs through an offering of debentures due 2007 with an\n8-5/8 pct coupon and par pricing, said sole manager Edward D.\nJones and Co.\n That is 110 basis points more than the yield of comparable\nTreasury securities. The issue is non-callable for five years.\n Reuter\n\u0003", "date": "18-MAR-1987 13:52:28.10", "places": [ "usa" ], "id": "6692" }, { "title": "TELEPANEL TESTING PRICING PRODUCT AT KROGER ", "body": " said The Kroger Co, a\nsupermarket chain and drug store concern, has purchased and\nwill install one of Telepanel's Price and Information Network's\non a trial basis.\n Telepanel said it will install the network at a Kroger\nSupermarket in a Dallas suburb.\n Telepanel said the installation of more than 1,200\nTelepanel price panels, which show price and product\ninformation on liquid crystal displays at the shelf edge level,\nwill be expanded to the full store after a technical evaluation\nperiod.\n Reuter\n\u0003", "date": "18-MAR-1987 13:53:05.19", "places": [ "usa" ], "id": "6693" }, { "title": "TECK TO INCREASE STAKE IN TRILOGY RESOURCE", "body": " said\n agreed to purchase 4.5 mln Trilogy common shares at\none dlr per share in a private placement, which would increase\nits stake in Trilogy to 37 pct from 29 pct.\n Trilogy also said its board approved a private placement of\n3.5 mln common shares at a price of 90 cts per share to a group\nof investors.\n The placement will be made through McNeil Mantha Inc.\n Reuter\n\u0003", "date": "18-MAR-1987 13:53:23.14", "topics": [ "acq" ], "places": [ "canada" ], "id": "6694" }, { "title": "RABBIT SOFTWARE TO MAKE ACQUISITION", "body": "Rabbit Software Corp said it has\nagreed in principle to acquire privately-held communications\nhardware maker Micro Plus II Corp for about two mln common\nshares, with closing expected by May.\n Reuter\n\u0003", "date": "18-MAR-1987 13:53:28.76", "topics": [ "acq" ], "places": [ "usa" ], "id": "6695" }, { "title": " YEAR NET", "body": "Shr six cts vs eight cts\n Net 643,000 vs 889,000\n Revs 3,934,000 vs 4,373,000\n Reuter\n\u0003", "date": "18-MAR-1987 13:53:31.86", "topics": [ "earn" ], "places": [ "canada" ], "id": "6696" }, { "title": " TO MAKE ACQUISITION", "body": "Amour Inc said it has entered into\na letter of intent to acquire for 70 mln common shares in a transaction that would give\nformer Bard shareholders control of the combined company.\n Bard makes tennis and squash racquets and accessories.\n Reuter\n\u0003", "date": "18-MAR-1987 13:53:37.49", "topics": [ "acq" ], "places": [ "usa" ], "id": "6697" }, { "title": "EAGLE ENTERTAINMENT ISSUES BONDS", "body": "Eagle Entertainment Inc said its\nsubsidiary, Performance Guarantees Inc, issued completion bonds\nfor two films with a production value of five mln dlrs.\n The company said the it would receive 250,000 dlrs in fees\nfor providing the completion bonds.\n Both films, Green Monkey and Street Justice, are being\nproduced by Sandy Howard.\n Reuter\n\u0003", "date": "18-MAR-1987 13:53:43.39", "places": [ "usa" ], "id": "6698" }, { "title": "MAY REPORTS STRONG 1ST QTR START", "body": "May Department Stores Co, reporting\nrecord results for the fourth quarter ended January 31, said it\nis encouraged about the new fiscal year by a strong start in\nFebruary and March.\n The company said its merger last year with Associated Dry\nGoods, which was accounted for as a pooling of interests, is\n\"going very well.\" May said \"We are acting more like one\ncompany every day. Our expansion schedule is on track.\"\n May said it plans to invest more than 600 mln dlrs this\nyear to open 11 department stores, eight discount stores and\nmore than 240 specialty outlets.\n The company reported fourth quarter earnings of 213 mln\ndlrs, or 1.38 dlrs a share, up from 195 mln dlrs, or 1.24 dlrs\na share a year earlier. Revenues advanced to 3.37 billion dlrs\nfrom 3.12 billion dlrs.\n Reuter\n\u0003", "date": "18-MAR-1987 13:54:06.27", "topics": [ "earn" ], "places": [ "usa" ], "id": "6699" }, { "title": "NUTMEG IN NHL LICENSING AGREEMENT", "body": "Nutmeg Industries Inc said it has\nagreed in principle with Licensing Co of America on a license\nto sell \"upscale spectator sportswear\" for men, women and\nchildren bearing the logos of all 21 National Hockey League\nclubs.\n It said the agreement would take effect April One and run\nthrough June 1988.\n Reuter\n\u0003", "date": "18-MAR-1987 14:00:49.80", "places": [ "usa" ], "id": "6700" }, { "title": "CRAMER INC 4TH QTR LOSS", "body": "Shr loss eight cts vs loss 1.39 dlrs\n Net loss 94,000 vs loss 1,569,000\n Sales 6,951,000 vs 5,518,000\n Year\n Shr profit four cts vs loss 2.95 dlrs\n Net profit 41,000 vs loss 3,333,000\n Sales 25.3 mln vs 22.9 mln\n Reuter\n\u0003", "date": "18-MAR-1987 14:00:57.11", "topics": [ "earn" ], "places": [ "usa" ], "id": "6701" }, { "title": "AMERICAN TRAVELLERS TO MAKE ACQUISITION", "body": "American Travellers Corp said\nit has entered into an agreement to purchase ISL Life Insurance\nCo of Dallas, a corporate shell with active licenses to operate\nin 12 states, for about 400,000 dlrs.\n The company said closing is expected by late spring and\nwill result in American Travellers being licensed in seven new\nstates.\n Reuter\n\u0003", "date": "18-MAR-1987 14:01:32.57", "topics": [ "acq" ], "places": [ "usa" ], "id": "6702" }, { "title": "MGM/UA JOINS CHINA FILM CORP PACT", "body": "MGM/UA Communications Co said\nit has joined Paramount Pictures and MCA Inc's Universal\nStudios in their agreement with China Film Corp of Beijing to\ndistribute motion pictures in China.\n MGM said it is also joining a venture to license two hours\na week of primetime television programming to China's national\ntelevision network.\n Revenues will be derived from advertising time for U.S. and\nforeign companies, it said.\n Reuter\n\u0003", "date": "18-MAR-1987 14:02:14.53", "places": [ "usa", "china" ], "id": "6703" }, { "title": "NAVISTAR