[ { "title": "FAIRFAX SAYS HIGHER TAX HITS FIRST HALF EARNINGS", "body": "Media group John Fairfax Ltd \nsaid that its flat first half net profit partly reflected the\nimpact of changes in the Australian tax system.\n Fairfax earlier reported net earnings edged up 2.3 pct to\n25.94 mln dlrs in the 26 weeks ended December 28 from 25.35 mln\na year earlier although pre-tax profit rose 9.1 pct to 48.30\nmln from 44.29 mln.\n Net would have risen 10.1 pct but for the increase in\ncompany tax to 49 pct from 46 and the imposition of the tax on\nfringe benefits, paid by employers and not the recipients, the\ncompany said in a statement.\n Fairfax also pointed to the cyclical downturn in revenue\ngrowth in the television industry as another reason for the\nflat first half earnings.\n It said it considered the result satisfactory in view of\nthese factors.\n Fairfax said its flagship dailies, The Sydney Morning\nHerald and the Melbourne Age, boosted advertising volume, as\ndid the Australian Financial Review, and posted extremely\nsatisfactory performances. Magazines also performed strongly.\n But an 8.9 pct rise in television costs outweighed a 4.0\npct rise in revenue, it said.\n Fairfax said a fall in net interest also contributed to net\nearnings because group borrowings were reduced following the\nreceipt of a 96.11 mln dlr capital dividend from (AAP) after the sale of AAP's \"B\"\nshares in Reuters Holdings Plc .\n This accounted for the 89.32 mln dlr extraordinary profit.\n Fairfax said it is too early to predict results for the\nfull year. Increased borrowings after the recent 320 mln dlr\nacquisition of the HSV-Seven television station in Melbourne\nwill hit earnings but networking with the Channel Sevens in\nSydney and Brisbane will produce some offsetting cost savings.\n REUTER\n\u0003", "date": "19-MAR-1987 06:17:22.36", "topics": [ "earn" ], "places": [ "australia" ], "id": "7001" }, { "title": "BANK OF FRANCE SELLS 1.6 BILLION FRANCS CRH TAP", "body": "The Bank of France sold 1.6 billion\nfrancs of 8.50 pct March 1987/99 Caisse de Refinancement\nHypothecaire (CRH) state-guaranteed tap stock at an auction,\nthe Bank said.\n Demand totalled 6.82 billion francs and prices bid ranged\nfrom 93.50 to 96.60 pct. The minimum accepted price was 95.50\npct with a 9.13 pct yield, while the average price was 95.69.\n At the last auction on February 19, two billion francs of\nCRH tap stock was sold at a minimum price of 91.50 pct and\nyield of 9.73 pct.\n REUTER\n\u0003", "date": "19-MAR-1987 06:20:33.63", "places": [ "france" ], "id": "7002" }, { "title": "BRITOIL PLC 1986 YR", "body": "Shr 6.56p vs 50.31p\n Final div 6p, making 8p vs 13p.\n Pre-tax profit 134 mln stg vs 759 mln.\n Net profit 33 mln vs 253 mln.\n Turnover 978 mln stg vs 1.80 billion.\n Extraordinary debit 50 mln vs nil.\n Operating profit 149 mln stg vs 756 mln.\n Exceptional debit on rationalisation programme 12 mln vs\nnil\n Petroleum Revenue Taxes 77 mln vs 319 mln,\n U.K. Corporation tax and overseas tax 24 mln vs 187 mln,\n Note - The net effect of accounting changes in 1986 was to\nreduce after tax profits by 47 mln stg. Retained earnings for\nprior years were increased by 209 mln.\n Extraordinary debit of 50 mln stg related to the decision\nto seek a buyer for the company's U.S. Assets.\n REUTER\n\u0003", "date": "19-MAR-1987 06:21:45.34", "topics": [ "earn" ], "places": [ "uk" ], "id": "7003" }, { "date": "19-MAR-1987 06:29:47.46", "topics": [ "jobs" ], "places": [ "uk" ], "id": "7004" }, { "title": "UK UNIT WAGE/LABOUR COSTS ROSE 3.3 PCT IN THREE MONTHS ENDING JAN - OFFICIAL\n", "date": "19-MAR-1987 06:31:34.81", "topics": [ "income" ], "places": [ "uk" ], "id": "7005" }, { "title": "UK AVERAGE EARNINGS ROSE 7.6 PCT IN JANUARY, UNDERLYING RISE 7.5 PCT - OFFICIAL\n", "date": "19-MAR-1987 06:32:16.74", "topics": [ "income" ], "places": [ "uk" ], "id": "7006" }, { "title": "U.K. FEBRUARY ADJUSTED STERLING M3 RISES 2-1/4 PCT, M0 DOWN 3/4 TO ONE PCT - OFFICIAL\n", "date": "19-MAR-1987 06:32:22.15", "topics": [ "money-supply" ], "places": [ "uk" ], "id": "7007" }, { "title": "LEGAL AND GENERAL GROUP PLC YEAR 1986", "body": "Shr 14.58p vs 7.86p\n Div 6.5p making 9.75p, an increase of 19.4 pct\n Pretax profit 83.2 mln stg vs 31.5 mln\n Net after tax 68.6 mln stg vs 37.7 mln\n Pretax profit 83.2 mln stg vs 31.5\nmln, consists of -\n Long term business 45.9 mln stg vs 43.8 mln\n U.S. Long term business 6.2 mln vs 8.9 mln\n Fund management 4.7 mln vs 6.5 mln\n Short term business 4.7 mln vs loss 29.0 mln\n Associate companies 0.9 mln vs 0.8 mln\n Shareholders other income and outgoings 0.4 mln debit vs\n0.5 mln credit\n Exceptional long-term business profit 21.4 mln vs nil\n REUTER\n\u0003", "date": "19-MAR-1987 06:32:48.77", "topics": [ "earn" ], "places": [ "uk" ], "id": "7008" }, { "title": "FEB STERLING BANK LENDING UP 2.9 BILLION STG AFTER 1.75 RISE IN JAN - OFFICIAL\n", "date": "19-MAR-1987 06:33:49.51", "topics": [ "money-supply" ], "id": "7009" }, { "title": "UK FEB ADJUSTED UNEMPLOYMENT FELL 44,100 TOTAL 3.07 MLN OR 11.1 PCT - OFFICIAL\n", "date": "19-MAR-1987 06:33:54.42", "topics": [ "jobs" ], "places": [ "uk" ], "id": "7010" }, { "title": "JAPAN TO ASK CHIP MAKERS TO SLASH OUTPUT FURTHER", "body": "The Ministry of International Trade and\nIndustry will ask Japanese computer microchip makers to further\nslash output in the second quarter in an effort to save its\nsemiconductor pact with the United States, MITI officials said.\n The United States has accused Japan of reneging on the\nsemiconductor pact by failing to stop the flow of cut-price\nJapanese chips to Asian markets. Washington has threatened to\ntake retaliatory action after April 1.\n The pact, agreed last year, calls on Japan to stop selling\ncut-price chips in world markets and to increase its imports of\nAmerican chips to reduce some of its huge trade surplus.\n MITI, anxious to salvage the bilateral agreement, has been\npressing chip makers to limit production in the hope that will\nboost domestic chip prices and reduce the incentive to export.\n Last month, the ministry asked Japanese chip makers to\nreduce first quarter output by 10 pct. To meet that request,\nthey had to slash production by 20 pct over the final six weeks\nof the first quarter.\n If that reduced production level were maintained through to\nthe end of June, second quarter output would come in 10 pct\nbelow that of the first three months of the year.\n MITI officials, who declined to be identified, said the\nministry has not yet decided on the extent of the second\nquarter cutback.\n One said that Japanese chip makers are losing ground in\nAsia to South Korean and U.S. Competition just as markets there\nare picking up.\n MITI has been criticized privately by some Japanese\nsemiconductor makers for what they see as heavy-handed attempts\nto ensure the success of the Japan/U.S. Chip pact.\n REUTER\n\u0003", "date": "19-MAR-1987 06:34:43.33", "topics": [ "trade" ], "places": [ "japan", "usa" ], "id": "7011" }, { "title": "U.K. CLEARING BANK LENDING RISES 1.6 BILLION STG", "body": "Clearing bank sterling lending to the\nU.K. Private sector in February is estimated to have risen by\nan underlying, seasonally-adjusted 1.6 billion stg after a 1.2\nbillion stg rise in January, the Banking Information Service\nsaid.\n The unadjusted rise was 1.31 billion stg, compared with an\n813 mln stg increase in January.\n The Banking Information Service said the adjusted rise of\n1.6 billion stg was well above the recent monthly average of\nabout 1.0 billion stg.\n Of the increase, 297 mln stg was accounted for by personal\nlending, which the Banking Information Service said was taken\nup entirely by lending for home purchases.\n Lending for consumption fell around 17 mln stg while about\n182 mln stg of credit card debt was repaid during the month.\n Lending to the manufacturing industry was up 370 mln stg,\nand to leasing companies by 308 mln stg.\n The Banking Information Service said February fell within\nthe governmemnt tax season, so much of the lending was probably\nthe result of industry's need to pay its tax bills.\n Deposits by the private sector rose an unadjusted 1.1\nbillion stg in February and by a seasonally-adjusted 1.75\nbillion stg.\n Deposits from the public sector rose 185 mln stg in\nFebruary while deposits from overseas residents rose by 43 mln.\n REUTER\n\u0003", "date": "19-MAR-1987 06:39:15.19", "topics": [ "money-supply" ], "places": [ "uk" ], "id": "7012" }, { "title": "U.K. UNEMPLOYMENT FALLS IN FEBRUARY", "body": "Unemployment in the U.K. Fell a\nprovisional seasonally-adjusted 44,100 in February, to total\n3.07 mln or 11.1 pct of the workforce, the Employment\nDepartment said.\n In January, seasonally adjusted unemployment fell by a\nrevised 1,100 to 11.3 pct, it said. Initially the January\nposition was reported as flat.\n The unadjusted jobless total, including school leavers,\nfell to 3.23 mln, or 11.7 pct, from 3.30 mln, 11.9 pct, in\nJanuary.\n February was the seventh successive month that seasonally\nadjusted unemployment registered a fall.\n It was at a peak of 11.7 pct last summer.\n Lord Young, the Employment Minister, said there appeared\nlittle doubt the monthly fall, which has been running at about\n20,000, will continue.\n A Department spokesman said the sharp fall in February\nreflected some compensation for the flat figure in January and\ncontinued the downward trend seen in the past six months.\n He said the February fall was spread throughout the country\nand among men and women.\n REUTER\n\u0003", "date": "19-MAR-1987 06:43:04.94", "topics": [ "jobs" ], "places": [ "uk" ], "id": "7013" }, { "title": "STERLING M3 UP 2-1/4 PCT IN FEBRUARY, M0 DOWN", "body": "The main measure of U.K. Broad money,\nsterling M3, grew a provisional, seasonally adjusted 2-1/4 pct\nin February after a rise of 1.1 pct in January, the Bank of\nEngland said.\n The narrow measure, M0, fell a provisional adjusted 3/4 to\none pct after a 0.6 pct drop in January, the Bank said.\n Unadjusted annual growth in sterling M3 was 18-3/4 to 19\npct in the 12 months to February against 17.6 pct in January\nwhile M0 rose four to 4-1/4 pct after a 5.2 pct rise in\nJanuary.\n Seasonally adjusted, sterling bank lending grew 2.9 billion\nstg after a January rise of 1.75 billion.\n Of the unadjusted counterparts to sterling M3, bank lending\nto the private sector expanded 2.6 billion stg after a 1.4\nbillion rise in January, the Bank said.\n The public sector borrowing requirement (PSBR) contracted\nby 300 mln stg after a contraction of 3.7 billion stg in\nJanuary.\n Funding - debt sales to the non-bank private sector and\nexternal flows to the public sector - rose by 300 mln stg after\na 1.5 billion stg rise in January. Of this, central government\ndebt sales to the public sector were expansionary by 400 mln\nstg after a 1.3 billion expansion in January, the Bank said.\n Other unadjusted counterparts to sterling M3 expanded by\n300 mln stg in February after an expansion of 1.3 billion stg\nin January, the Bank said.\n Unadjusted figures showed a rise in sterling M3 by 1-3/4 to\ntwo pct in February after a drop of 0.8 pct in January.\n On the same basis, the figures showed a drop of about 1-1/2\npct in MO in February after a sharp 6-1/2 pct fall in January.\n The Bank said it would publish full, final figures on March\n30.\n The Bank said non-bank private sector holdings of public\nsector debt fell by about 400 mln stg in February while\nexternal flows to the public sector were about 100 mln stg.\n Combined with a net PSBR repayment of about 300 mln stg,\nthe public sector contribution to the growth in sterling M3 was\ntherefore about flat, the Bank said.\n It said seasonally adjusted bank lending, at about 2.9\nbillion stg in February, compared with an average of about 2.6\nbillion stg a month over the preceding six months.\n REUTER\n\u0003", "date": "19-MAR-1987 06:47:26.22", "topics": [ "money-supply" ], "places": [ "uk" ], "id": "7014" }, { "title": "U.K. EARNINGS RISE 7.6 PCT IN YEAR TO JANUARY", "body": "U.K. Average earnings rose a seasonally\nadjusted 7.6 pct in the year to end-January after a 7.4 pct\nrise in the year to December, the Department of Employment\nsaid.\n The underlying rise was 7.5 pct after 7.75 pct in December.\n The January index, base 1980, was set at a provisional\nseasonally adjusted 190.4, down from 193.4 in December.\n The underlying rise, adjusted for factors such as back-pay\nand timing variations, had been steady at 7.5 pct from October\n1985 to October 1986.\n Unit wage costs in U.K. Manufacturing industry rose 3.3 pct\nin the three months to end January, on a year-on-year basis,\nafter a 3.1 pct rise in the three months to end December, the\nDepartment of Employment said.\n In January, the unit wage rise in manufacturing industries\nwas 3.6 pct, unchanged from the December rise.\n The Department said the decline in the underlying rate of\nrise in earnings reflected the reduced significance of bonus\npayments in January compared with December.\n The actual increase reflected teacher pay settlements and\nindustrial action in the transport and communications sectors\nin January 1987.\n REUTER\n\u0003", "date": "19-MAR-1987 06:53:56.15", "topics": [ "income" ], "places": [ "uk" ], "id": "7015" }, { "title": "MEPC ISSUES PARTLY PAID EUROSTERLING BOND", "body": "U.K. Property company MEPC Plc is\nissuing a 75 mln stg eurobond due April 15, 2004 paying 9-7/8\npct and priced at 99-5/8 pct, lead manager County Natwest\nCapital Markets said.\n The bond is in partly paid form with 25 pct due on April 15\nand the remainder on July 15. It will be available in\ndenominations of 1,000 and 10,000 stg and will be listed in\nLondon.\n Fees comprise 1-1/2 pct selling concession and 1/2 pct each\nfor management and underwriting.\n REUTER\n\u0003", "date": "19-MAR-1987 06:55:01.57", "places": [ "uk" ], "id": "7016" }, { "title": "NOMURA INTERNATIONAL FINANCE ISSUES EUROBOND", "body": "Nomura International Finance Plc is\nissuing a 150 mln dlr eurobond due April 28, 1992 with a 7-1/4\npct coupon and priced at 101-1/8 pct, Nomura International Ltd\nsaid as lead manager.\n The transaction carries the guarantee of Nomura Securities.\nBonds will be issued in denominations of 5,000 dlrs and will be\nlisted in London. Payment date is April 27.\n Fees comprise 5/8 pct for management and underwriting,\nincluding a 1/8 pct praecipuum, and 1-1/4 pct for selling.\n Co-lead is Pru-Bache Securities. The issue is targeted at\nEurope, with no Japanese co-managers.\n REUTER\n\u0003", "date": "19-MAR-1987 07:01:20.97", "places": [ "uk" ], "id": "7017" }, { "title": "VOLVO ISSUES 70 BILLION EUROLIRE BOND", "body": "AB Volvo is issuing a 70 billion\neurolire bond due May 31, 1990 paying 10-1/8 pct and priced at\n100-1/2 pct, lead manager Banca Commerciale Italiana said.\n The bond is available in denominations of two mln lire and\nwill be listed in London.\n Fees comprise 7/8 pct selling concession with 1/2 pct for\nmanagement and underwriting combined.\n Payment date is April 24 and there will be a long first\ncoupon.\n REUTER\n\u0003", "date": "19-MAR-1987 07:09:17.93", "places": [ "uk" ], "id": "7018" }, { "title": "STOLTENBERG CONSIDERS RAISING SOME INDIRECT TAXES", "body": "Finance Minister Gerhard Stoltenberg said\nhe was looking for ways to help finance a planned tax reform\nwithout increasing value-added tax but could not rule out\nraising some indirect taxes, for example, on tobacco.\n Stoltenberg also told parliament that closing tax loopholes\nwould contribute towards the 19 billion marks the government is\nseeking to finance part of its 44 billion mark tax reform\npackage for the 1990s.\n He confirmed that a temporary and limited increase in the\nborrowing requirement was also being considered.\n Chancellor Helmut Kohl yesterday said a temporary rise in\nborrowing was acceptable but stressed his government would\nexercise strict discipline in spending.\n New net borrowing was 23.0 billion marks in 1986 compared\nwith 37.2 billion in 1982.\n REUTER\n\u0003", "date": "19-MAR-1987 07:13:37.68", "places": [ "west-germany" ], "id": "7019" }, { "title": "U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN", "body": "The Bank of England said it revised down\nits estimate of the deficit in the system today to 400 mln stg\nfrom 450 mln.\n REUTER\n\u0003", "date": "19-MAR-1987 07:16:04.87", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "7020" }, { "title": "WESTLB ISSUES 50 MLN AUSTRALIAN DLR EUROBOND", "body": "A Westdeutsche Landesbank\nGirozentrale (WestLB) unit is raising 50 mln Australian dlrs\nthrough a five-year bullet eurobond with a 14-3/8 pct coupon\nand priced at 101-1/2, co-lead manager WestLB said.\n The bond, for WestLB Finance N.V., Is guaranteed by the\nparent. Investors will pay for the bond on April 15, and the\nbond pays annual interest on the same day. It matures on that\nday in 1992. Fees total two pct, with 1-3/8 points for selling,\nand 5/8 for management and underwriting combined. There is a\n1/8 pct praecipuum. Listing is in Luxembourg.\n Co-lead is Hambros Bank Ltd. Denomination is 1,000 dlrs.\n REUTER\n\u0003", "date": "19-MAR-1987 07:17:51.88", "places": [ "west-germany" ], "id": "7021" }, { "title": "ECUADOR SEEKS 450 MLN DLRS IN EMERGENCY CREDIT", "body": "Ecuador is seeking between 437 and 450\nmln dlrs in loans this year from multilateral organisations and\nforeign governments to grapple with economic losses from a\ndevastating earthquake 13 days ago, a presidential economic\nadviser said.\n Foreign governments and multilateral organisations hold\none-third of Ecuador's 8.16 billion dlrs total foreign debt, he\nsaid in a news conference at the presidential palace.\n But he added that the suspension of payments to private\nforeign banks, who hold the rest of the foreign debt, would be\nprolonged though the government hoped to negotiate an agreement\nwith these creditors.\n President Leon Febres Cordero says the earthquake cost the\ncountry one billion dlrs in losses and left 1,000 people dead\nor missing.\n Swett, who was Finance Minister of Ecuador between August\n1984 to June 1986, added: \"With the private foreign banks there\nhas been a ceasing of payments by Ecuador.\n \"We are bringing forward the respective negotiations whose\nconclusion we hope finalises in the next few weeks.\"\n Finance Minister Domingo Cordovez said last week that\nquake-hit Ecuador sought through negotiations to postpone all\npayments due to the private foreign banks in 1987 until next\nyear.\n Although Swett gave no gave details on the latest plan for\nnegotiations with private foreign banks, he calculated the\nsuspension of payment to these creditors would save the\ngovernment 54.45 billion sucres.\n This amount is equal to 363 mln dlrs at the free rate of\n150 sucres to the dollar -- the rate Swett said reporters\nshould use in calculating the dollar equivalent.\n The Ecuadorean central bank, which is the institution\nremitting debt payments abroad, uses the official rate of 95\nsucres to the dollar for its accounting purposes. At the\nofficial rate, the 54.45 billion sucres' sum equals 573 mln\ndlrs.\n Ecuador, squeezed by a slide last year in prices for crude,\nits main export, suspended payments to private foreign banks in\nJanuary.\n Swett said the government would also seek to refinance the\n1.429 billion dlr section of the debt owed to the Paris Club\ngroup of foreign governments, though it would continue to\nservice the debt with them. He gave no more details.\n The government adopted a tough austerity program last\nFriday intended to grapple with the tremor's economic costs.\nBut the country's labour unions have called a general strike\nfor Wednesday to press for a suspension of the program.\n The 500,000-strong Unitary Workers' Front (FUT) and the\n100,000-member General Union of Workers (UGT) called the strike\nto cancel the measures, which include a rise in petrol prices\nof up to 80 per cent and budget cuts of as much as 10 per cent.\n The leftist-led FUT said it was also backing a call by the\nMaoist Popular Movement for Democracy (MPD) party, to have\nCongress impeach and oust Febres Cordero, a conservative, for\nhaving adopted the austerity measures.\n Reuter\n\u0003", "date": "19-MAR-1987 07:21:25.03", "places": [ "ecuador" ], "id": "7022" }, { "title": "SOME 7,000 SOUTH AFRICAN MINERS RETURN TO WORK", "body": "Some 7,000 black workers returned\nto work after staging one-day strikes at two mines on Monday,\nthe National Union of Mineworkers and the companies that own\nthe mines said.\n About 6,000 miners resumed work at the Grootvlei gold mine\neast of Johannesburg after protesting the transfer of\ncolleagues to other jobs at the same mine, owners General\nMining Union Corp Ltd said.\n The union said about 1,000 mineworkers at a new coal\nfacility owned by Anglo American Corp of South Africa Ltd\n also returned to their jobs on Tuesday.\n The workers at Anglo's Vaal Colliery south of Johannesburg\nhad struck to protest the alleged refusal of officials of the\nSouth African homeland of Transkei to allow miners to attend a\nfuneral in the homeland, a union spokesman said.\n REUTER\n\u0003", "date": "19-MAR-1987 07:23:33.05", "topics": [ "gold" ], "places": [ "south-africa" ], "id": "7023" }, { "title": "NIPPON LIFE SEEKING TIE WITH U.S. SECURITIES HOUSE", "body": " is pursing a\npossible link with an American securities house to expand its\noverseas investment portfolio, a company spokesman said.\n But he declined to comment on rumours the company would\ntake a 10 pct stake in , an\ninvestment banking unit of American Express Co .\n He said the firm started to sound out several U.S.\nInvestment banks on capital participation about 18 months ago\nand was narrowing the number of prospects, but he did not say\nif it had set its sights on one firm.\n Nippon Life, Japan's largest life insurer, also plans to\nset up a wholly owned investment unit, , in New York next month and subsidiaries in Canada,\nSingapore, the Cayman Islands and Jersey this year, he said.\n These moves are in line with its long-term strategy to put\nmore emphasis on overseas investment management as\nopportunities at home are declining while the company's assets\nare growing.\n The company is especially attracted by the scale and depth\nof U.S. Money and credit markets and wants to establish a firm\nfoothold there, the spokesman added.\n REUTER\n\u0003", "date": "19-MAR-1987 07:27:17.84", "topics": [ "acq" ], "places": [ "japan", "usa" ], "id": "7024" }, { "title": " Bundesbank says it leaves credit policies unchanged\n", "date": "19-MAR-1987 07:28:32.29", "id": "7025" }, { "title": "WEST GERMAN CAR OUTPUT RISES IN FEBRUARY", "body": "West German car and van production\nrose to 389,900 in February from 380,900 in February 1986, the\nGerman Automobile Industry Association VDA said in a statement.\n Production of trucks of up to six tonnes fell sharply to\n11,500 from 14,600, owing to a cut in production of small\ndelivery vans of up to two tonnes. Total vehicle output rose to\n410,000 from 404,600.\n Car and van exports eased to 222,000 in February from\n225,000 one year earlier, and exports of trucks of up to six\ntonnes dropped to 6,200 from 9.900. Total vehicle exports fell\nto 233,200 from 240,300.\n Car and van output in January and February eased to 758,700\nfrom 766,500 in the first two months of 1986. Production of\ntrucks up to six tonnes fell to 26,300 from 30,700, and total\nvehicle production fell to 802,300 from 814,900.\n Car and van exports in January and February fell to 424,700\nfrom 443,300 a year earlier and exports of trucks up to six\ntonnes fell to 15,400 from 20,200. Total vehicle exports fell\nto 449,200 from 473,500.\n REUTER\n\u0003", "date": "19-MAR-1987 07:28:41.74", "places": [ "west-germany" ], "id": "7026" }, { "title": "U.K. MONEY MARKET GIVEN 181 MLN STG ASSISTANCE", "body": "The Bank of England said it provided the\nmoney market with 181 mln stg in assistance this morning.\n This compares with the Bank's revised shortage forecast of\naround 400 mln stg.\n The central bank purchased bank bills outright at the new\ndealing rates established yesterday.\n These comprised 65 mln stg in band one at 9-7/8 pct, 114\nmln stg in band two at 9-13/16 pct and two mln stg in band\nthree at 9-3/4 pct.\n REUTER\n\u0003", "date": "19-MAR-1987 07:28:55.45", "topics": [ "money-fx" ], "id": "7027" }, { "title": "FUJI BANK ACCUSED OF MISUSE OF TAX FREE RESERVES", "body": "The Tokyo Regional Taxation Bureau has\nimposed a penalty tax on for alleged improper\nuse of tax-free reserves, a bank spokeswoman told Reuters.\n She declined to reveal the bank's planned response but\nanother bank official said it has not paid the penalty.\n The bank said in a brief statement it believes that its use\nof the tax-free reserves is legal.\n Financial institutions can set aside 0.003 pct of their\nrisky loans as tax-free reserves. Fuji said a difference of\nunderstanding exists between the bank and the tax bureau\nregarding the use of tax-free reserves. It did not elaborate.\n Fuji Bank reported a 72.1 billion yen net profit in the\n1985/86 year. Lending totaled 16,120 billion yen.\n REUTER\n\u0003", "date": "19-MAR-1987 07:29:03.46", "places": [ "japan" ], "id": "7028" }, { "title": "PHILIPPINES' LIQUIDITY RISES, LOAN DEMAND FALLS", "body": "Liquidity in the Philippines rose in\nDecember while loan demand and short-term lending rates fell,\nthe Central Bank said.\n A bank official said M-3 rose 9.72 pct to a provisional\n149.80 billion pesos at the end of December from a month\nearlier for a year-on-year gain of 12.72 pct.\n She said short-term bank lending rates fell to an\nannualised 13.88 pct at the end of December, from 14.58 pct a\nmonth earlier and 19.82 pct at the end of December 1985.\n Poor loan demand was illustrated by a rise in commercial\nbank reserves, the official said.\n The bank official said commercial bank reserves were 22.19\nbillion pesos at the end of December, when reserves required\nwere 21.59 billion.\n She said the surplus of 597 mln pesos, compared with a\ndeficit of 390 mln pesos a month earlier and a deficit of 1.64\nbillion at the end of 1985, reflected political uncertainty in\nthe last quarter of 1986.\n Reserve money, the total available to monetary authorities,\nwas a provisional 52.58 billion pesos at the end of 1986. This\nwas 5.19 pct up from 49.98 billion at the end of November and\n41.85 pct up from 37.09 billion in December 1985.\n The bank official noted M-3, which includes M-1 money\nsupply, plus savings, time deposits and deposit substitutes.\nWas 132.88 billion pesos at the end of December 1985.\n M-1 money supply rose a provisional 17.3 pct to 42.86\nbillion pesos at the end of December 1986 from 36.52 billion a\nmonth earlier. The year-on-year rise was 19.64 pct, up from\n35.83 billion at the end of December 1985.\n Reuter\n\u0003", "date": "19-MAR-1987 07:29:42.07", "topics": [ "money-supply" ], "places": [ "philippines" ], "id": "7029" }, { "title": "SANWA BANK ACQUIRES SMALL STAKE IN PORTUGUESE BANK", "body": "Sanwa Bank Ltd has agreed to buy\na two pct stake in Oporto-based (BPI), Portugal's largest merchant bank, a Sanwa official\nsaid.\n Sanwa will purchase the shares from International Finance\nCorp, a BPI shareholder and sister organisation of the World\nBank, for 351 mln yen, he said.\n The acquisition will be completed this month as both the\nJapanese and Portuguse governments are expected to give\npermission soon. This is the first time a Japanese bank has\nbought a stake in a Portuguese bank.\n Sanwa plans to increase its stake in BPI to four pct, the\nceiling for foreign shareholders, the official said.\n The bank has also agreed with , a state-owned merchant bank in Oporto, to exchange\ninformation on customers and help accelerate Japanese\ninvestment and technological transfers to Portugal, he said.\n REUTER\n\u0003", "date": "19-MAR-1987 07:31:01.10", "topics": [ "acq" ], "places": [ "japan", "portugal" ], "id": "7030" }, { "title": "BUNDESBANK LEAVES CREDIT POLICIES UNCHANGED", "body": "The Bundesbank left credit policies\nunchanged after today's regular meeting of its council, a\nspokesman said in answer to enquiries.\n The West German discount rate remains at 3.0 pct, and the\nLombard emergency financing rate at 5.0 pct.\n REUTER\n\u0003", "date": "19-MAR-1987 07:41:42.61", "topics": [ "interest" ], "places": [ "west-germany" ], "id": "7031" }, { "title": "NO FRENCH REFLATION, SOURCES CLOSE TO BALLADUR SAY", "body": "There is no question of stimulating\nconsumption or relying on a systematic budget deficit or other\nreflationary policies to boost the French economy, sources\nclose to finance minister Edouard Balladur said.\n Their comments followed remarks by prime minister Jacques\nChirac's spokesman Denis Baudouin, who said on Monday ministers\nwere agreed on the desirability of \"relaunching\" the economy.\n This sparked speculation the government was preparing for a\nreflationary U-turn, but the finance ministry immediately ruled\nout any such move.\n The sources today said the government's policy remained one\nof \"recovery,\" or sound finances and greater efficiency.\n They said that while 8.6 billion of the 30 billion franc\nrevenues expected for 1987 from a sweeping privatisation\nprogram will go to providing public companies with fresh\ncapital, 21.4 billion francs, or two-thirds, will go toward\npaying off national debt.\n Any further privatisation revenue this year above the 30\nbillion would be distributed between repayment of national\ninternal debt and public companies in similar proportions, they\nadded.\n The sources said it was absurd to talk of reflation when\nthe country's internal debt, expected to grow by 10 pct this\nyear from 1,300 billion francs in 1986 was growing twice as\nfast as gross domestic product.\n Nominal GDP is expected to grow by roughly five pct this\nyear from 5,000 billion francs last year, broadly in line with\nearlier forecasts. Real GDP will grow by up to 2.5 pct.\n The sources said that with France's economic targets for\n1987 roughly in line with its main trading partners, the\ngovernment had no intention of pushing the economy to grow at\nan artificial pace out of step with neighbouring economies.\n REUTER\n\u0003", "date": "19-MAR-1987 07:44:43.08", "topics": [ "gnp" ], "places": [ "france" ], "id": "7032" }, { "title": "H.K. REVIEWS BANKING STRUCTURE, CAPITAL RATIO", "body": "The Banking Commission is reviewing\nthe present three-tier banking system and its newly established\ncapital adequacy ratio, banking commissioner Robert Fell said.\n He told a news conference his office has had talks with the\nBank of England and the U.S. Federal Reserve Board on\nrisk-based capital ratios, following an agreement on such\nstandards between the two central banks early this year.\n The Bank of England and the Fed are trying to persuade the\nBank of Japan and European central banks to accept their\nstandards.\n \"We welcome international standards,\" Fell said. \"It means a\nlevel playing field for all.\"\n Under a new banking rule that came into effect last year,\nbanks in Hong Kong are given a two-year grace period to meet a\nfive pct capital adequacy requirement.\n \"The difference between us (Hong Kong and the U.K.) is\nreally not that great,\" he said.\n Fell said the majority of banks are comfortable with the\nrequired capital ratio, though some are under-capitalised.\n Some banks, mostly Japanese, want a lower capital ratio\nbecause of the special nature of their business, mainly\noffshore banking operations. These institutions have proposed\nthe creation of a limited service bank category.\n Financial institutions in Hong Kong are now classified into\nthree types -- banks, registered and licensed deposit-taking\ncompanies.\n Fell said the Commission is reviewing the three-tier\nstructure in light of the possible changes in capital ratio and\nthe growing trend towards securitisation of debt.\n Fell said the Commission is also studying a set of\nguidelines on loan loss provisions with the help of the Society\nof Accountants.\n Other planned guidelines relate to securitisation of debt\nand business that banks and deposit taking companies can\nconduct.\n REUTER\n\u0003", "date": "19-MAR-1987 07:55:53.04", "places": [ "hong-kong" ], "id": "7033" }, { "title": "AUSTRIA INCREASES BOND TO 75 MLN AUSTRALIAN DLRS", "body": "The Australian dollar eurobond launched\nyesterday for the Republic of Austria has been increased to 75\nmln dlrs from the original 50 mln, Credit Suisse First Boston\nLtd said as lead manager.\n The five year transaction has a 14-1/4 pct coupon and was\npriced at 101-3/4 pct.\n REUTER\n\u0003", "date": "19-MAR-1987 08:01:10.70", "places": [ "uk", "austria" ], "id": "7034" }, { "title": "U.K. BUILDING SOCIETY TAPS EUROSTERLING MARKET", "body": "Cheltenham and Gloucester Building\nSociety is issuing a 50 mln stg eurobond due April 22, 1992,\npaying 9-1/4 pct and priced at 101-1/4 pct, lead manager Union\nBank of Switzerland (Securities) Ltd said.\n The bond will be available in denominations of 1,000 stg\nand will be listed in Luxembourg.\n Fees comprise 1-1/4 pct selling concession and 5/8 pct\nmanagement and underwriting combined.\n REUTER\n\u0003", "date": "19-MAR-1987 08:02:36.22", "places": [ "uk" ], "id": "7035" }, { "title": "U.S. CREDIT MARKET OUTLOOK - SPENDING, M-1", "body": "Brisk increases in personal income and\nconsumption are to appear in February data released today, but\nthe bond market's recent sluggishness suggests there will be no\nmajor price reaction unless the rises are much larger than\nexpected, economists said.\n Personal income is forecast to rise by 0.6 to 0.8 pct,\ncompared with no change in January, while consumption\nexpenditures are projected to increase 1.4 to 1.6 pct,\nreversing most of the two pct drop recorded in January.\n M-1 money supply data for the March 9 week will also be\nreleased. An increase of some 2.3 billion dlrs is expected. \n Peter Greenbaum of Smith Barney, Harris Upham and Co Inc\nexpects a one pct rise in income, led by a strong gain in wage\nand salary disbursements in February.\n Nonfarm payrolls expanded by 337,000 jobs in February, the\naverage workweek lengthened by 0.6 pct and hourly wages rose by\nfour cts, he noted in a report. Vigorous spending on durable\ngoods last month, especially cars, foreshadow a rise of at\nleast 1.5 pct in consumption, he added.\n The prospect of bearish data did not trouble the bond\nmarket much yesterday, with the 30-year Treasury bond slipping\njust 7/32 to 99-28/32 for a yield of 7.51 pct.\n Analysts said the market is still trapped in a narrow\nrange, desperately seeking direction.\n \"Seasonally adjusted, it's already December in the bond\nmarket,\" quipped Robert Brusca of Nikko Securities Co\nInternational Inc.\n Paul Boltz of T. Rowe Price Associates Inc said the\nsteadiness of long bond yields around 7.5 pct, despite some\nsigns of a stronger economy, probably reflects expectations\nthat inflation will remain subdued.\n But he warned that this assumption might not be justified.\n \"It took the bond market a long while to see that inflation\nwas not returning to double digits, and now that it has learned\nthat lesson, it may be a little slow to see that a four to five\npct inflation is a real possibility ahead,\" Boltz said in a\nreport.\n After trading late yesterday at 5-15/16 pct, Fed funds were\nindicated by brokers to open comfortably at 5-15/16, six pct.\n Reuter\n\u0003", "date": "19-MAR-1987 08:04:29.56", "topics": [ "money-fx", "income", "money-supply" ], "places": [ "usa" ], "id": "7036" }, { "title": "U.S. DELEGATION HOPES FOR VEG OILS TAX DEFEAT", "body": "American soybean producers and processors\nare hoping the proposed EC tax on vegetable oils and fats will\nnot be imposed, but say the U.S. Is prepared to retaliate if it\nis introduced.\n Wayne Bennett, the American Soybean Association's first\nvice president, told a news conference the U.S. Administration\nwould not hesitate to retaliate, but both producers and\nprocessors were trying to solve the issue through negotiation.\n U.S. Secretary of Agriculture Richard Lyng said in a letter\nto EC officials that U.S. Retaliatory measures would cover more\nthan agricultural products if the tax was imposed, Bennett\nsaid.\n The ASA and National Soybean Processors Association (NSPA)\ndelegations will meet top West German government officials\ntoday and tomorrow to lobby for support.\n Bennett said West Germany, Britain, the Netherlands,\nDenmark and Portugal oppose the tax, but Italy and Belgium seem\nto have taken a hardline view on the issue.\n \"Europeans in favour of the tax say it would be to their\nadvantage economically, but that is not correct because we\nwould hit back,\" NSPA chairman Jack Reed said.\n This step would be very expensive for all and no one would\nemerge as a winner if the tax were introduced, he said.\n Reed pointed out the U.S. Administration and the soybean\nindustry view the EC proposal as violating the General\nAgreement on Tariffs and Trade.\n The proposed tax also violates the zero duty bindings\nagreed between the EC and U.S. In 1962, he said.\n Under the zero duty bindings pact U.S. Soybeans and\nproducts can be exported to the Community duty-free.\n REUTER\n\u0003", "date": "19-MAR-1987 08:07:29.71", "topics": [ "veg-oil", "oilseed", "soybean" ], "organisations": [ "ec" ], "places": [ "west-germany", "usa" ], "id": "7037" }, { "title": "H.K. BANKING SECTOR STABLE, OFFICIAL SAYS", "body": "The banking sector has regained its\nstability after a protracted period of difficulty, banking\ncommissioner Robert Fell said.\n \"The banking climate has dramatically changed from a year\nago,\" he said at a news conference to present his annual report\non the banking sector for 1986.\n \"We've got confidence back. We've got profitability back.\" he\nsaid.\n A three-year shake out in the local banking sector forced\nthe government to take over three banks and arrange for the\nacquisition of four others by the private sector.\n Fell said that in many cases the bank problems stemmed from\nmanagement fraud which he linked partly to dramatic swings in\nthe stock and property markets in the early 1980s.\n \"We've got it out of the system now,\" he said. \"Fraud is no\nlonger a systemic problem.\"\n But he acknowledged there may still be problems.\n \"Deliberate fraud is difficult to detect especially where\ncollusion and senior management are involved,\" he said.\n\"Prudential supervision cannot give complete protection. The\n(new banking) ordinance is designed to give a \"measure\" of\nprotection.\"\n Fell said a number of banks want to set up operations in\nHong Kong, adding the government approved three banking\nlicences this week. He did not give details.\n At the end of 1986, there were 151 licenced banks, 25 of\nwhich were locally incorporated, compared with 143 a year ago.\nAnother 134 foreign banks had representative offices compared\nwith 131 a year ago.\n There were 34 licensed deposit-taking companies (DTCs) and\n254 registered DTCs at the end of 1986, compared with 35 and\n278 respectively a year ago, he said.\n Foreign banks seeking banking licences in Hong Kong must\nhave assets of 14 billion U.S. Dlrs. But Financial Secretary\nPiers Jacobs said yesterday the asset criteria are flexible.\n A high asset threshold has worked in the favour of banks\nincorporated in countries with relatively large economies, he\nnoted.\n \"No licences in the last few years have been granted to\nbanks from any of the smaller countries in the Asia-Pacific\nregion,\" he said.\n REUTER\n\u0003", "date": "19-MAR-1987 08:08:32.15", "places": [ "hong-kong" ], "id": "7038" }, { "title": "AMERICAN EXPRESS SAYS IT'S HOLDING TALKS ON SALE OF SHEARSON STAKE TO NIPPON LIFE\n", "date": "19-MAR-1987 08:13:16.72", "topics": [ "acq" ], "id": "7039" }, { "title": "SAVINGS BANK CLOSED, 15TH TROUBLED U.S. S&L OF YEAR", "body": "The Federal Home Loan Bank Board\n(FHLBB) announced today the replacement of a closed Santa Ana,\nCalif., savings bank in the 15th federal action assisting\ntroubled U.S. savings institutions this year.\n The FHLBB said Perpetual Savings Bank in Santa Ana was put\ninto receivorship because it was insolvent and was replaced by\na new federally chartered Perpetual Savings Association.\n It said the savings bank's insolvency \"was a direct result\nof losses on speculative investments in real estate which were\nnot supported by appraisals.\"\n The FHLBB said it appointed Great American First Savings\nBank of San Diego to manage Perpetual Savings.\n It said as of January 31, Perpetual had assets of 61.9 mln\ndlrs.\n Reuter\n\u0003", "date": "19-MAR-1987 08:13:36.39", "places": [ "usa" ], "id": "7040" }, { "title": "AMERICAN EXPRESS MAY SELL SHEARSON STAKE", "body": "American Express Co said it and its\nShearson Lehman Brothers Inc subsidiary have been holding talks\non the possible equity investment in Shearson Lehman by of Japan.\n The company said, \"The discussions have led to a general\nunderstanding by which Nippon Life would purchase a 13 pct\nequity investment in Shearson Lehman for approximately 530 mln\ndlrs and American Express, Shearson Lehman and Nippon Life\nwould explore mutually advantageous, nonexclusive business and\ninvestment opportunities.\"\n The company said a definitive agreement on the matter is\nsubject to a number of conditions, including approval of the\nAmerican Express board and the Japanese Ministry of Finance.\n The company said its board is scheduled to meet March 27\nfor its regular monthly sessions.\n American Express said it is continuing to evaluate various\ncourses of action of strategic importance to Shearson Lehman in\naddition to the possible investment by Nippon Life.\n It said the options range from expanding Shearson's\ncapacity to meet international competition, to broadening\nfurther its access to capital.\n The company also said, \"All the courses of action under\nstudy reflect the continuing integral role of Shearson Lehman\nin American Express' worldwide financial services strategy.\"\n Reuter\n\u0003", "date": "19-MAR-1987 08:15:06.00", "topics": [ "acq" ], "places": [ "usa", "japan" ], "id": "7041" }, { "title": "XEROX TO STOP SELLING PC'S BY THEMSELVES", "body": "Xerox Corp has decided to stop selling\npersonal computers as standalone products, a company spokesman\nsaid.\n The spokesman said \"As a first priority, we're selling PC's\nas part of preconfigured systems, mostly desktop publishing\nsystems, and not by themselves anymore.\"\n He said Xerox does not expect to take any material charge\nfrom changing its marketing of personal computers. He said for\nthe past five years, Xerox has sold most of its PC's as\ncomponents of larger systems.\n Another Xerox spokesman said the company actually stopped\nselling personal computers alone on February 16 but never\nannounced the move.\n Reuter\n\u0003", "date": "19-MAR-1987 08:15:21.69", "places": [ "usa" ], "id": "7042" }, { "title": "S.AFRICA'S FINANCIAL RAND SEEN HEADED HIGHER", "body": "The financial rand, widely viewed\nas a direct reflection of foreign investor confidence in South\nAfrica, appears headed above 30 U.S. Cents, dealers and bank\neconomists said.\n The currency has risen about 25 pct in the past three\nmonths to its current rate of 29.50 cents, due partly to signs\nof a possible power shift with the appearance of a number of\nindependent candidates in the whites-only election on May 6,\nthey added.\n It has risen about two cents this week alone.\n \"Another factor is that banks in London, where the main\nmarket is based, are going long in the currency because of a\ngeneral feeling that it will rise in the future,\" one economist\nsaid.\n Dealers described 30 cents as a psychological barrier that\nwas expected to be broken soon after a brief consolidation\nphase from recent gains.\n After reaching 30 cents, \"There is a chance of appreciation\nto 32 cents in the next several weeks,\" one dealer said.\n There was a widespread feeling that both the commercial\nrand, holding stable at 48 cents, and the financial rand were\nstaying firm, banking sources said.\n A Barclays National Bank executive who asked not to be\nidentified said: \"The rise of the independents appears to be\nindicative of a potential shift of power in the National Party\nand has created a favourable sentiment overseas.\"\n One dealer said growing business and investor interest from\nWest Germany and Switzerland were behind the financial rand's\nrise.\n Economists said foreigners also were being attracted by\nSouth Africa's long-term government bonds and \"semi-gilts\" or\nsecurities in partly government-owned firms, many with yields\nas high as 30 pct. They could be purchased with financial rands\nwith interest paid in commercial rands.\n \"This has had a definite influence on the financial form of\nthe rand,\" a dealer said, adding that at present demand is\nslightly in excess of supply.\n The financial rand was reintroduced in September 1985 to\nhelp end capital flight from South Africa during a period of\nsevere political unrest in the country.\n REUTER\n\u0003", "date": "19-MAR-1987 08:16:10.53", "topics": [ "money-fx", "rand" ], "places": [ "south-africa" ], "id": "7043" }, { "title": "EX-REAGAN AIDE DEAVER INDICTED ON PERJURY CHARGES", "body": "Former White House aide Michael\nDeaver, a long-time confidant of President Reagan, has been\nindicted on charges of lying about his contacts as a Washington\nlobbyist with top U.S. Government officials.\n The five-count perjury indictment charged that Deaver lied\nin sworn testimony to Congress and before the grand jury\ninvestigating his business affairs.\n Deaver, who resigned as deputy White House chief of staff\nin 1985 to open a lobbying firm, faces a maximum penalty of 25\nyears in prison if convicted. Immediately after the indictment\nwas announced Reagan issued a statement wishing Deaver well.\n Reuter\n\u0003", "date": "19-MAR-1987 08:22:06.66", "places": [ "usa" ], "id": "7044" }, { "title": " TO MAKE ACQUISITION", "body": "Fi-Tek Corp said it has signed a letter\nof intent to acquire for an\nundisclosed amount of stock.\n It said on completion of the acquisition it would change\nits name to Voice Systems and Services Inc. It said VBoice\nSystems has received a 3,600,000 dlr contract to provide FLP\nCommunications of Dallas with voicemail systems through service\nbureaus located throughout the U.S. and has also contracted to\nprovide voicemail systems and administration to M and S\nCommunications.\n Reuter\n\u0003", "date": "19-MAR-1987 08:22:21.02", "topics": [ "acq" ], "places": [ "usa" ], "id": "7045" }, { "title": "FIRST WISCONSIN TO MAKE ACQUISITION", "body": "First Wisconsin Corp said it has\nagreed to acquire North Shore Bancorp Inc of Northbrook, Ill.,\nfor 6,160,000 dlrs in cash, or slightly more than twice book\nvalue, subject to approval by North Shore shareholders and\nregulatory authorities.\n The company said completion is expected in the third\nquarter.\n Reuter\n\u0003", "date": "19-MAR-1987 08:22:28.01", "topics": [ "acq" ], "places": [ "usa" ], "id": "7046" }, { "title": "ITALY'S FEBRUARY PAYMENTS BALANCE IN SURPLUS", "body": "Italy's overall balance of payments showed\na surplus of 1,461 billion lire in February 1987 compared with\na deficit of 1,145 billion in January, provisional Bank of\nItaly figures show.\n The February surplus compared with a deficit of 1,578\nbillion lire in the same month for 1986.\n For the first two months of 1987, the balance of payments\nshowed a surplus of 302 billion lire against a deficit of 4,622\nbillion in the same 1986 period.\n The Bank of Italy said the cumulative balance for the first\ntwo months of 1987 does not match the total calculated on the\nindividual monthly figures because of the provisional nature of\ncertain data.\n REUTER\n\u0003", "date": "19-MAR-1987 08:26:32.47", "topics": [ "bop" ], "places": [ "italy" ], "id": "7047" }, { "title": "BELVEDERE CORP 4TH QTR LOSS", "body": "Oper shr loss 21 cts vs loss 95 cts\n Oper net loss 666,000 vs loss 2,184,000\n Avg shrs 3,181,805 vs 2,310,200\n Year\n Oper shr loss 30 cts vs loss 23 cts\n Oper net loss 823,000 vs loss 606,000\n Avg shrs 2,757,040 vs 2,614,225\n NOTE: Net excludes realized investment gains of 666,000\ndlrs vs 289,000 dlrs in quarter and 2,274,000 dlrs vs 1,468,000\ndlrs in year.\n Reuter\n\u0003", "date": "19-MAR-1987 08:26:43.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "7048" }, { "title": "ITALIAN NET RESERVES RISE IN FEBRUARY", "body": "Italy's net official reserves rose to\n66,172 billion lire in February 1987 from a previously reported\n62,174 billion in January, the Bank of Italy said.\n Gold holdings at end-February totalled 35,203 billion lire,\nunchanged on January.\n Convertible currencies totalled 18,467 billion lire, up\nfrom 14,899 billion in January, while European Currency Unit\n(ECU) holdings were 10,156 billion lire against 10,133 billion.\n REUTER\n\u0003", "date": "19-MAR-1987 08:27:00.64", "topics": [ "reserves" ], "places": [ "italy" ], "id": "7049" }, { "title": "SJNB SAYS CHIEF EXECUTIVE RESIGNS", "body": "SJNB Financial Corp said\nDouglas McLendon has resigned as president and chief executive\nofficer of the holding company and its San Jose National Bank\nsubsidiary and as a director of its Tri-Valley National Bank\nsubsidiary to pursue other interests.\n It said vice chairman William Pfeifle, 68, will act as\ninterim president and chjief executive officer.\n Reuter\n\u0003", "date": "19-MAR-1987 08:31:00.91", "places": [ "usa" ], "id": "7050" }, { "title": "GERMAN INVESTORS SLOW TO ACCEPT BOND INNOVATIONS", "body": "The liberalization of West German\ncapital markets in May 1985 led to a flood of financial\ninnovations but the lack of a secondary market for these has\ndiminished their acceptance, Deutsche Girozentrale - Deutsche\nKommunalbank management board member Wiegand Hennicke said.\n While innovations may be intellectualy stimulating, they\nlack transparency, he told an investors' forum in West Berlin.\n \"Properly functioning markets require standardized products.\nThis (condition) has not been met by some of the innovations,\"\nHennicke said.\n The volume of zero coupon bonds and floating rate notes,\nthe most widely used financial innovations in Germany, stands\nat four billion and 16 billion marks, respectively, a tiny\nproportion of the 1,000 billion marks of bonds in circulation.\n Even for zero-coupon bonds and floating rate notes, a\nsecondary market had not developed, Hennicke said. One\nimportant reason for this was the bourse turnover tax, which\nwas reducing the rate of return to the investors.\n West German Finance Minister Gerhard Stoltenberg said this\nweek he believed the tax could still be removed, even if its\nabolition was not decided during recent coalition discussions.\n Karl-Herbert Schneider-Gaedicke, deputy management board\nchairman of DG Bank Deutsche Genossenschaftsbank, said German\ndomestic and institutional investors had also shown\nreservations about investing in participation shares.\n One of the reasons was the widely varying terms and\nconditions of participation shares in West Germany. \"The\ninvestor has to scrutinize (participation shares) carefully,\nbefore making an investment decision,\" Schneider-Gaedicke said.\n He added the attractiveness of participation shares could\nbe increased by limiting the combination possibilities of terms\nand conditions and increasing safeguards for investors.\n He also urged publicizing the comparative advantage of\nparticipation shares over ordinary shares for foreigners.\n Foreigners do not receive the corporation tax bonus granted\nto domestic investors for share dividends.\n Karl Thomas, head of the Bundesbank's credit department,\nsaid the domestic investor had missed earnings opportunities\nover the last four years by failing to invest in German bonds.\n Domestic investors did not believe interest rates would\ndecline and stay at low levels for such a long time, because\nexpectations were determined by sharp interest rate\nfluctuations at the start of the decade.\n The Bundesbank has a natural interest in seeing domestic\nsavings channelled into bonds and shares, Thomas said.\n A shift of savings into long-term assets would dampen\nmonetary expansion and foster a stable rise of the money\nsupply, he said.\n REUTER\n\u0003", "date": "19-MAR-1987 08:33:10.94", "places": [ "west-germany" ], "id": "7051" }, { "title": "CARTER HAWLEY HALE STORES INC 4TH QTR SHR LOSS 1.58 DLRS VS PROFIT 58 CTS\n", "date": "19-MAR-1987 08:34:53.72", "topics": [ "earn" ], "id": "7052" }, { "title": "CBT HEAD CONFIDENT OF SEPARATE CBT, MCE LIMITS", "body": "Chicago Board of Trade, CBT,\nPresident Thomas Donovan said he was confident the Commodity\nFutures Trading Commission, CFTC, would not force the CBT and\nthe MidAmerica Commodity Exchange, MCE, to merge speculative\nposition limits on futures contracts traded on the two\nexchanges.\n Last month CFTC proposed combining CBT and MCE contracts on\ncorn, wheat, soybeans, soybean meal and oats for the purposes\nof applying speculative position limits.\n Donovan told Reuters he had spoken to CFTC officials about\nthe matter and believed they would modify the proposal.\n CBT officials have complained the CFTC was reneging on a\ncommitment made when the two exchanges formed an affiliation,\nand proposing to decrease spot month limits on the MCE contrary\nto congressional intent.\n Reuter\n\u0003", "date": "19-MAR-1987 08:40:55.05", "places": [ "usa" ], "id": "7053" }, { "title": "CBT LEADERS PLAN APRIL TRIP TO FAR EAST", "body": "The two top officials of the\nChicago Board of Trade, CBT, are planning to visit three\ncountries in the Far East next month to drum up support for the\nexchange's proposed night trading session, CBT President Thomas\nDonovan told Reuters.\n Donovan said he and CBT Chairman Karsten Mahlmann will\nleave April 3 and spend two weeks in Hong Kong, Tokyo and\nSydney discussing the night trading session with brokerage\nfirms, regulators and exchanges.\n CBT hopes to launch the first U.S. night trading session at\nthe end of April, offering Treasury-bond and T-note futures and\noptions on the two futures contracts between 1700 and 2100 hrs\ncentral U.S. time (2300 to 0300 hrs GMT).\n Reuter\n\u0003", "date": "19-MAR-1987 08:45:33.50", "places": [ "usa" ], "id": "7054" }, { "title": "SWISSAIR PLANE ORDER FOR 1.2 BILLION SWISS FRANCS", "body": "Swissair said that the order\nfor McDonnell Douglas Corp MD-11 long haul jets confirmed\nthis morning was worth a total 1.2 billion Swiss francs.\n President Robert Staubli told a news conference it had not\nyet been decided whether the planes would have General Electric\nCo , Pratt and Whitney or Rolls Royce engines.\n The airline said it chose the U.S. Plane rather than the\nrival A-340 of the European Airbus consortium because it met\nbetter the Swissair requirements and would be able to enter\nservice in 1990 giving a smooth transition from the DC-10s it\nreplaces.\n Staubli said Swissair planned to have replaced its whole\nfleet of 11 DC10s by 1992 at the latest, entailing the order of\nfive more long-haul planes in addition to the six announced\ntoday. He said it would decide on the basis of the development\nof traffic whether these five would be MD-11s or Boeing 747s.\n However, Staubli ruled out the possibility that Swissair\nmight eventually choose A-340s. \"We cannot afford to operate\nthree different types of aircraft,\" he said.\n Swissair also had no short term plans to exercise its\noption to buy Airbus A-310s, of which it already operates nine,\nofficials said. But it would still hold the options open.\n Staubli declined to say how much it paid for each of the\nMD-11s. The total 1.2 billion franc figure was not only for the\nplanes but also for spare parts and other related expenditure.\n Company officials said that Swissair intended to cover\naround 75 pct of the costs of its entire DC-10 replacement\nprogramme with internally generated funds. It hopes to raise\nthe remaining 25 pct on the Swiss and other capital markets\nthrough issuing straight or equity related bonds and/or through\na capital increase.\n The first such bond issue would likely come this year, they\npredicted.\n REUTER\n\u0003", "date": "19-MAR-1987 08:49:57.02", "places": [ "switzerland" ], "id": "7055" }, { "title": "BP SALE WAS IN UK 1987/88 BUDGET MATHS - TREASURY", "body": "The U.K. Treasury said its 1987/88\nbudget arithmetic which was unveiled on Tuesday \"took full\naccount of likely proceeds\" from the sale of the government's\nremaining 31.7 pct stake in British Petroleum Co PLC (BP.L).\n A statement issued by the Treasury said \"the BP announcement\ntherefore makes no difference to our estimate of privatisation\nproceeds in 1987/88, or to subsequent years, which remains 5.0\nbillion stg a year.\"\n \"It makes no difference to the PSBR (Public Sector Borrowing\nRequirement) which the Chancellor set in the budget,\" it said.\n \"It has nothing to do with the future scope for tax cuts.\"\n The Treasury's move was prompted by press speculation,\nofficials said, which followed last night's surprise\nannouncement by the government. It currently holds about 578.5\nmln shares in BP.\n The Treasury statement said that the sell-off \"is simply a\npart of the government's continuing privatisation programme,\nthe overall size of which was announced in the Autumn\n(economic) Statement\" (last November).\n It said the BP proceeds \"will be received in installments,\nof which the first will be in 1987/88.\"\n News of the privatisation weighed down both BP's share\nprice in London and the equity market overall, market sources\nsaid.\n The prospect of so much more BP paper in circulation had\ncut BP shares at 1340 GMT to 824 pence from yesterday's London\nclose of 828 pence. The company's shares had been down as low\nas 802 pence before rebounding, stock market sources said.\n Worries over the ability of the London stock market to\ndigest the BP and other privatisation issues sent the Financial\nTimes/Stock Exchange 100 Share Index down 9.1 points by 1340\nGMT to 1997.5 from last night's close. At one point the index\nwas as low as 1989.1, the sources said.\n REUTER\n\u0003", "date": "19-MAR-1987 08:56:16.58", "places": [ "uk" ], "id": "7056" }, { "title": "WASTE MANAGEMENT SAYS IT IS PREPARED TO RAISE ITS BID FOR CHEMLAWN TO 33 DLRS A SHARE\n", "date": "19-MAR-1987 08:59:17.90", "topics": [ "acq" ], "id": "7057" }, { "title": "TRANSAMERICA TO HAVE GAIN ON UNIT SALE", "body": "Transamerica Corp said it expects\nto realize a gain of about 75 mln dlrs on the\npreviously-announced sale of the group life and health\noperations of its Transamerican Occidental Life Insurance Co\nsubsidiary to Provident Life and Accident Co .\n But it said its Transamerica Life Cos unit plans to change\nto a more conservative method of amortizing deferred policy\nacquisition costs, resulting in a one-time charge that will\noffset most of the gain from the sale.\n Transamerica said it has now signed a definitive agreement\nfor the sale, which will be structured as a reinsurance\ntransaction involving about 400 mln dlrs of reserve\nliabilities.\n It said the 75 mln dlr gain from the sale and about 125 mln\ndlrs of statutory surplus that previously supported operations\nof the group being sold will be used to support Transamerica\nLife Cos' efforts to accelerate the growth of its remaining\nbusinesses. It said closing is expected by May One, subject to\nregulatory approvals.\n Reuter\n\u0003", "date": "19-MAR-1987 09:00:53.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "7058" }, { "title": "COCA-COLA IN FILM COLORING VENTURE", "body": "Color Systems Technology\nInc said it has completed formation of a joint venture\ncalled Screen Gems Classicolor with Coca-Cola Co to color and\ndistribute feature films and television programs.\n Color Systems said it and Coca-Cola will share profits from\nworldwide television, basic cable, pay television and home\nvideo distribution, and Color Systems will also be paid by the\nventure to convert to color the black and white material\ninvolved.\n The company said Coca-Cola has initially contributed a\nnumber of its Screen Gems television series and Color Systems\nits library of more than 100 feature films and television\nseries. It said the venture expects to acquire more black and\nwhite material for color conversion and will start generating\nrevenues by distributing the combined library initially as-is.\n Reuter\n\u0003", "date": "19-MAR-1987 09:01:39.59", "places": [ "usa" ], "id": "7059" }, { "title": "AMERITRUST SETS TWO FOR ONE STOCK SPLIT", "body": "AmeriTrust Corp said its board\ndeclared a two-for-one stock split, and management intends to\nrecommend to directors an increase in the quarterly dividend to\nat least 50 cts per share presplit from the current 44 cts.\n The company said shareholders at the May 14 annual meeting\nwill be asked to approve an increase in authorized common\nshares to 100 mln from 25 mln, as well as a limitation of\ndirectors' liability and the establishment of a classified\nboard.\n The split is subject to approval of the increase in\nauthorized common shares, it said.\n Reuter\n\u0003", "date": "19-MAR-1987 09:01:48.48", "topics": [ "earn" ], "places": [ "usa" ], "id": "7060" }, { "title": "CARTER HAWLEY HALE STORES INC 4TH QTR LOSS", "body": "ended Jan 31\n Shr loss 1.58 dlrs vs profit 58 cts\n Net loss 24.2 mln vs profit 18.9 mln\n Sales 1.34 billion vs 1.32 billion\n Avg shrs 20.0 mln vs 19.8 mln\n Year\n Shr loss 1.27 dlrs vs profit 92 cts\n Net profit 4.2 mln vs profit 48.0 mln\n Sales 4.09 billion vs 3.98 billion\n Avg shrs 20.2 mln vs 19.6 mln\n NOTES: Share results after provision for preferred\ndividends\n Per share profits from operations were 1.46 dlrs vs 71 cts\nin the quarter and 2.44 dlrs vs 1.05 dlrs in year. On a fully\ndiluted basis this was 1.11 dlrs vs 67 cts and 2.42 dlrs vs\n1.58 dlrs, respectively, based on 33.0 mln vs 32.3 mln shares\noutstanding in quarter and 32.8 mln vs 32.1 mln in year\n 1986 results in both periods include pre-tax losses pf 2.2\nmln dlr on sale of John Wanamaker and 25.0 mln dlrs related to\nrecapitalization, for a combined primary per share charge of\n1.58 dlrs in quarter and 1.57 dlrs in year.\n 1986 results also include an after-tax charge 29.3 mln\ndlrs, equal to 1.46 dlrs a share in quarter and 1.44 dlrs in\nyear, for premium on early retirement of debt\n 1985 net in both periods includes pre-tax loss of 2.4 mln\ndlrs, equal to 13 cts a share, on sale of Holt Renfrew\n Results include LIFO charge 1.7 mln dlrs vs credit 4.4 mln\ndlrs in quarter and credit 1.9 mln dlrs vs credit 6.4 mln dlrs\nin year\n Reuter\n\u0003", "date": "19-MAR-1987 09:02:38.95", "topics": [ "earn" ], "places": [ "usa" ], "id": "7061" }, { "title": "OECD FARM SUBSIDIES STUDY RESULTS DETAILED", "body": "The results of a controversial study\nof farm subsidies conducted by the Paris-based Organisation for\nEconomic Cooperation and Development, OECD, show Japan has the\nhighest agriculture subsidies in the world, and that dairy\nfarmers benefit more than any other commodity producers from\nsubsidies.\n Results of the study, which has not been released by OECD\nbecause of objections from some countries, were provided to\nReuters by officials of several countries on condition they not\nbe identified.\n The OECD study calculates the level of farm subsidies for\nthe years 1979-81 using a new measure called the producer\nsubsidy equivalent, PSE.\n The study shows that on dairy products Japan's PSE, or the\namount of aid to farmers expressed as a percentage, averaged\n83.3 pct over 1979-81, with the European Community at 68.8 pct\nand the United States 48.2 pct.\n For wheat Japan's PSE averaged 95.8 pct, the EC 28.1 and\nthe U.S. 17.2. Japan's rice PSE was 68.8 pct compared to the EC\n13.6 and the U.S. 5.4 pct, the OECD calculations show.\n In coarse grains, Japan's subsidies reached 107.1 pct\ncompared with 27.9 pct for the EC and 13.1 pct for the U.S.\nJapan's beef subsidy was 54.9 pct versus 52.7 pct for the EC\nand 9.5 pct for the U.S., OECD concluded.\n For sugar, Japan's PSE was 48.4 pct versus 27.9 pct in the\nEC and 13.1 pct for the U.S., the study shows.\n The OECD calculated farm subsidies for other industrial\ncountries such as Canada, Australia and New Zealand but in most\ncases the results were much lower than for the U.S., EC and\nJapan, the sources said.\n Subsidies in Argentina and Brazil, two major developing\ncountry producers of commodities, were not included in the OECD\nwork.\n Officials said they hope to persuade reluctant countries to\nrelease the study soon, perhaps coinciding with the OECD\nministerial meeting in Paris during May.\n Some officials hope the OECD results will be used as a \nbasis for negotiations during the Uruguay round of global trade\ntalks now underway in Geneva.\n British Agriculture Minister Michael Jopling during a visit\nto Washington this week endorsed the OECD work as a starting\npoint for the Uruguay round negotiations on agriculture.\n He said the PSE calculations provide a tool to negotiate\ndown domestic farm support levels, which are a major cause of\nthe present crisis in world agriculture.\n However, the OECD study results are controversial because\nthey highlight the levels of assistance to farmers, officials\nfamiliar with the study said.\n The U.S. Agriculture Department's Economic Research Service\nrecently published a study of farm subsidies in an attempt to\nverify the OECD results and update them to 1982-84.\n In some cases the results were substantially different than\nthe OECD's, in part because farm policies in both the U.S. and\nelsewhere had changed markedly by 1982-84 from the OECD base\nperiod of 1979-81, U.S. officials said.\n For example, the USDA study found the United States\nsubsidies to corn producers were higher in 1982-84, at 25 to 49\npct, than in the EC, at zero to nine pct.\n French Maize Producers Association president Marcel Cazale,\nciting the result of the USDA calculation for corn, told\nreporters last week that the United States subsidizes its\nfarmers more than the EC.\n However, the sources said EC corn subsidies are probably\nhigher than the U.S. now because of increases since 1984.\n Officials of several countries have been asked to\ncontribute data to OECD so that the study can be updated to\n1985 subsidy levels, a much more relevant measure of the\ncurrent world farm situation.\n The updated calculations, which may take several months to\ncomplete, are expected to show substantial increases in U.S.\nsubsidy levels for sugar because the U.S. imposed restrictive\nimport quotas in 1982 as aid to the domestic industry.\n U.S. subsidy levels also are increased by the 1985 farm\nbill, which sharply boosted government deficiency payments to\ngrain farmers and applied a marketing loan for rice, officials\nadded.\n Reuter\n\u0003", "date": "19-MAR-1987 09:03:09.08", "topics": [ "grain", "wheat", "corn" ], "organisations": [ "oecd", "ec" ], "places": [ "usa", "japan" ], "id": "7062" }, { "title": "FIRST AMERICAN FINANCIAL IN SPECIAL PAYOUT", "body": "First American Financial Corp\nsaid its board declared a special dividend of 20 cts per share\nand the regular 25 ct quarterly dividend, both payable April 15\nto holders of record March 31.\n Reuter\n\u0003", "date": "19-MAR-1987 09:04:40.71", "topics": [ "earn" ], "places": [ "usa" ], "id": "7063" }, { "title": "CARIBOU ENERGY REVERSE SPLIT APPROVED", "body": " said shareholders\nhave approved a one-for-100 reverse split that will take effect\nby tomorrow and the company has changed its name to .\n Reuter\n\u0003", "date": "19-MAR-1987 09:06:17.05", "topics": [ "earn" ], "places": [ "usa" ], "id": "7064" }, { "title": "NATIONAL CAPITAL TO MAKE SALE", "body": "National Capital Real Estate\nTrust said it has entered into a definitive agreement to sell\nits Irvine Commercial Center in Irvine, Calif., to Shuwa Corp\nof California for 10.85 mln dlrs.\n It said the buyer has pl;aced 250,000 dlrs into an escrow\naccount as a nonrefundable deposit.\n The trust said existing debt secured by the property of\nabout 6,700,000 dlrs in due on completion of the transaction,\nwhich is expected in early April.\n Reuter\n\u0003", "date": "19-MAR-1987 09:06:25.48", "topics": [ "acq" ], "places": [ "usa" ], "id": "7065" }, { "title": "SWISSAIR REPORTS LOWER PROFIT AND DIVIDEND", "body": "Swissair reported a 5.8 pct\ndrop in 1986 net profit to 64.5 mln Swiss francs and said that,\nin line with its new, flexible dividend policy, it would cut\nits payout to 33 francs per share from 38.\n President Robert Staubli told a news conference that the\nfirst two months of this year gave hope that 1987 profit would\nat least equal last year's figure, but said much depended on\noutside factors such as fuel prices and the exchange rate.\n The fall was largely due to a 60 mln franc loss on\nSwissair's core flying business last year, against a profit of\n27 mln francs the previous year, he said.\n The net profit figure was reached after receipt of some 68\nmln francs from plane sales, compared with a mere 17 mln francs\nin 1985. Finance Head Martin Juenger said he expected around 20\nmln francs from sales this year, although said much depended on\nthe speed with which it decided to sell its DC-10s.\n Gross profit for 1986 reached 340.5 mln francs, with 276\nmln francs subtracted for ordinary depreciation.\n Gross profits for the previous year had been 382.5 mln\nfrancs, with 314 mln subtracted for depreciation, including 45\nmln francs supplementary depreciation.\n Staubli said the 1986 result, well below predictions made\nthis time last year, suffered considerably due to exchange rate\nfluctuations, in particular the strength of the Swiss franc.\n While the negative effects on revenue of the sharp drop in\nthe dollar were partially compensated for by cheaper fuel\nprices, there was no such offset for the strength of the franc\nagainst other European currencies.\n \"Income and profit generated by services to these countries\nshrank by a very substantial margin,\" he said. \"Exchange rate\ntrends therefore hit us much more severely than most other\nairlines.\"\n Reuter\n\u0003", "date": "19-MAR-1987 09:06:36.56", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "7066" }, { "title": "CANADIAN ROXY IN NEW ALBERTA OIL DISCOVERY", "body": "\nsaid a new oil discovery in the Peerless Lake area of\nnorth-central Alberta is capable of flowing at over 1,000\nbarrels of oil a day from a lower zone and more than 1,500\nbarrels a day from a separate upper zone.\n Canadian Roxy has a 35 pct interest in the five-year\nroyalty free well, known as the Canadian Roxy et Al Trout\nA14-8-89-3 W5M. Texaco Canada Inc holds 25 pct, MLC Oil and Gas\nLtd 15 pct, Northstar Energy Corp 13.5 pct and Tricentrol Oils\nLtd 11.5 pct.\n Canadian Roxy said drilling has started on a follow-up\nexploratory well about one mile northwest of the discovery\nwell.\n The company said it holds a net 6,500 acres in the vicinity\nof the discovery and a seismic program is underway to evaluate\nfurther drilling opportunities.\n Reuter\n\u0003", "date": "19-MAR-1987 09:07:14.88", "topics": [ "crude" ], "places": [ "canada" ], "id": "7067" }, { "title": "WASTE MANAGEMENT TO RAISE CHEMLAWNBID", "body": "Waste Management Inc said it\nsent a letter to the ChemLawn Corp board, saying it is prepared\nto increase its bid for ChemLawn to 33 dlrs a share,\nfrom 27 dlrs, if ChemLawn promptly negotiates and executes a\nsimple two-step merger agreement containing only essential\ncovenants and conditions.\n Upon such an agreement, Waste Management said, it would\namend its 27 dlrs a share cash tender offer.\n Reuter\n\u0003", "date": "19-MAR-1987 09:08:28.40", "topics": [ "acq" ], "places": [ "usa" ], "id": "7068" }, { "title": "AMERICAN CAN FILES 500 MLN DLR SHELF OFFER", "body": "American Can cop said it has\nfiled a shelf registration covering 500 mln dlrs of debt\nsecurities to be issued from time to time.\n It said proceeds will be used for general corporate\npurposes, which could include acquisitions, business\ninvestments or debt repayment.\n Reuter\n\u0003", "date": "19-MAR-1987 09:16:10.78", "places": [ "usa" ], "id": "7069" }, { "title": "U.S. FIRST TIME JOBLESS CLAIMS FELL IN WEEK", "body": "New applications for unemployment\ninsurance benefits fell to a seasonally adjusted 340,000 in the\nweek ended March 7 from 373,000 in the prior week, the Labor\nDepartment said.\n The number of people actually receiving benefits under\nregular state programs totaled 2,507,000 in the week ended Feb\n28, the latest period for which that figure was available.\n That was up from 2,477,000 the previous week.\n \n Reuter\n\u0003", "date": "19-MAR-1987 09:17:31.25", "topics": [ "jobs" ], "places": [ "usa" ], "id": "7070" }, { "title": "COCOA DELEGATES OPTIMISTIC ON BUFFER STOCK RULES", "body": "Hopes mounted for an agreement on cocoa\nbuffer stock rules at an International Cocoa Organization,\nICCO, council meeting which opened here today, delegates said.\n Both producer and consumer ICCO members said after the\nopening session that prospects for an agreement on the cocoa\nmarket support mechanism were improving.\n \"The chances are very good as of now of getting buffer stock\nrules by the end of next week,\" Ghanaian delegate and producer\nspokesman Mama Mohammed told journalists.\n Consumer spokesman Peter Baron called the tone of the\nnegotiations \"optimistic and realistic.\"\n The ICCO council failed to agree on buffer stock rules when\na new International Cocoa Agreement came into force in January,\nwith deep differences of opinion precluding serious discussions\non the matter at that time. The existing buffer stock of about\n100,000 tonnes of cocoa was frozen, with a funds balance of 250\nmln dlrs.\n The ICCO made buffer stock rules negotiations a priority at\nthis semi-annual council meeting in order to stop the slide in\nworld cocoa prices.\n Consumers and producers agreed yesterday on the principles\nas a basis for negotiations.\n The council broke for lunch, and reconvenes at 1500 hrs. A\nworking group which has been meeting since Monday will tackle\nthe buffer stock rules issue again at 1600 hrs, when ICCO\nexecutive director Kobena Erbynn presents a fleshed-out version\nof a draft proposal he prepared earlier this week, delegates\nsaid.\n Mohammed said delegates will have a much clearer indication\nof prospects for an accord after details of the rules are\nelaborated by Erbynn, and after producers and consumers meet\nseparately later today to examine the scheme.\n The draft proposal included three principles: a limit to\nnon- member cocoa comprising the buffer stock, an offer system\nfor buying buffer stock cocoa, and price differentials to be\npaid for various cocoas making up the buffer stock, delegates\nsaid.\n During the morning council session, the Ivory Coast\ndelegation gave \"an open minded statement\" that it is willing to\nwork out a buffer stock rules solution which could come into\neffect as soon as possible, Baron said.\n Ivorian Agriculture Minister Denis Bra Kanon, chairman of\nthe ICCO council, was now expected to arrive in London Monday\nto attend the talks, Baron said. Vice chairman Sir Denis Henry\nof Grenada chaired the meeting in his place.\n Soviet and East German delegates did not attend the council\nsession because of a conflicting International Sugar\nOrganization meeting today, but could arrive this afternoon,\ndelegates said.\n Reuter\n\u0003", "date": "19-MAR-1987 09:17:56.77", "topics": [ "cocoa" ], "organisations": [ "icco" ], "places": [ "uk" ], "id": "7071" }, { "title": "STUARTS DEPARTMENT STORES 4TH QTR NET", "body": "Ended Jan 31\n Shr one ct vs 31 cts\n Net 29,000 vs 1,350,000\n Revs 43.7 mln vs 32.4 mln\n Year\n Shr 29 cts vs 62 cts\n Net 1,251,000 vs 2,520,000\n Revs 129.9 mln vs 96.1 mln\n NOTE: Full name Stuarts Department Stores Inc.\n Reuter\n\u0003", "date": "19-MAR-1987 09:18:03.59", "topics": [ "earn" ], "places": [ "usa" ], "id": "7072" }, { "title": "IOMEGA CORP EXPECTS QTR AND YEAR LOSSES", "body": "Iomega Corp announced it expected\nrevenues for the first quarter of 1987 to be significantly\nlower than planned and that it anticipated a loss for the\nquarter.\n In its annual report to be mailed to stockholders tomorrow,\nthe company will announce its first quarter loss will be in\nexcess of 10 mln dlrs primarily as a result of lower than\nanticipated revenues.\n The company said it recored net income of 4,572,000 dlrs,\nor 30 cts per share, for its first quarter fiscal 1986, on\nrevenues of 35.0 mln.\n The company said it lowered its revenue plan for the\nbalance of 1987 and also expects to record a loss for the\nentire 1987 year.\n Iomega said the first quarter loss will place the company\nin default under certain covenants in its bank line of credit\nunless these covenants are modified.\n The company is currently exploring alternatives for raising\nadditional funds through a debt for equity financing.\n \n Reuter\n\u0003", "date": "19-MAR-1987 09:18:12.28", "topics": [ "earn" ], "places": [ "usa" ], "id": "7073" }, { "title": "3COM CORP 3RD QTR FEB 28 NET", "body": "Shr 22 cts vs 13 cts\n Net 3,166,000 vs 1,780,000\n Sales 30.4 mln vs 16.9 mln\n Avg shrs 14.6 mln vs 14.0 mln\n Nine mths\n Shr 56 cts vs 33 cts\n Net 7,961,000 vs 4,562,000\n Sales 78.8 mln vs 44.7 mln\n Avg shrs 14.3 mln vs 13.9 mln\n Reuter\n\u0003", "date": "19-MAR-1987 09:18:17.47", "topics": [ "earn" ], "places": [ "usa" ], "id": "7074" }, { "title": "PORSCHE HALF-YEAR EARNINGS CALLED SATISFACTORY", "body": "Dr. Ing. H.C.F. Porsche AG \nsaid earnings in first half year 1986/87 were \"satisfactory\"\ndespite burdens caused by the dollar's weakness against the\nmark and stagnating domestic demand.\n In its semi-annual shareholders' report, Porsche said first\nhalf turnover fell six pct to 1.71 billion marks from 1.83\nbillion in the same period of 1985/86.\n However, earnings were satisfactory, it said, without\ngiving absolute figures.\n Domestic turnover fell 26 pct to 283 mln marks from 380\nmln.\n Foreign turnover dipped to 1.43 billion marks from 1.45\nbillion in the first half of last year, although the export\nquota rose to 83 pct from 79 pct.\n The car sector accounted for 1.51 billion marks of\nturnover, against 1.63 billion the year earlier, it said.\n Production dropped five pct to 25,876 cars from 27,381.\nManufacture of the 911 and 928 models rose six pct to 11,122\nfrom 10,533 units but production of 924 and 944 models was cut\nby 12 pct to 14,754 units from 16,848 and would be cut further,\nthe report said.\n Car sales fell four pct to 25.269 units from 26,414 in the\ncomparable half year, the report said. U.S. Demand continued\nfor all models but demand fell in other markets.\n Domestic sales were 39 pct down at 3,267 units from 5,397,\nwhile sales abroad rose five pct to 22,002 from 21,017. Share\nof exports in sales rose to 87 pct from 80 pct.\n Investments were reduced to 108 mln marks from 125 mln.\n Earnings were hit by lower sales and by the lower value of\nthe dollar and currencies in other important markets.\n Nevertheless, sales and turnover would finish the July 11\nyear at a \"high level,\" Porsche said.\n REUTER\n\u0003", "date": "19-MAR-1987 09:18:25.05", "topics": [ "earn" ], "places": [ "west-germany" ], "id": "7075" }, { "title": "PROGRESSIVE BANK INC ", "body": "Qtly div seven cts vs seven cts in prior qtr\n Payable April 15\n Record March 31\n Reuter\n\u0003", "date": "19-MAR-1987 09:18:47.01", "topics": [ "earn" ], "places": [ "usa" ], "id": "7076" }, { "title": "GERIATRIC AND MEDICAL CENTERS INC PAYOUT", "body": "Qtly div two cts vs two cts prior\n Pay April 24\n Record April Three\n Reuter\n\u0003", "date": "19-MAR-1987 09:18:50.59", "topics": [ "earn" ], "places": [ "usa" ], "id": "7077" }, { "title": "CONVENIENT FOOD MART INC 4TH QTR NET", "body": "Period ended Dec 28\n Shr 42 cts vs 35 cts\n Net 941,000 vs 786,000\n Revs 12,798,000 vs 2,269,000\n Year\n Shr 97 cts vs 83 cts\n Net 2,211,000 vs 1,841,000\n Revs 19,027,000 vs 6,474,000\n NOTE: 1985 period ended December 29\n Share results adjusted for five-for-four stock split on\nApril 28, 1986 and 10 pct stock dividend issued Dec 10, 1986\n Reuter\n\u0003", "date": "19-MAR-1987 09:22:29.09", "topics": [ "earn" ], "places": [ "usa" ], "id": "7078" }, { "title": "MEDCHEM PRODUCTS INC 2ND QTR FEB 28 NET", "body": "Shr 21 cts vs 21 cts\n Net 542,119 vs 520,668\n Sales 2,035,759 vs 1,804,350\n 1st half\n Shr 38 cts vs 42 cts\n Net 956,228 vs 1,038,300\n Sales 3,748,357 vs 3,482,066\n Reuter\n\u0003", "date": "19-MAR-1987 09:22:36.60", "topics": [ "earn" ], "places": [ "usa" ], "id": "7079" }, { "title": "U.K. MONEY MARKET GIVEN FURTHER 191 MLN STG HELP", "body": "The Bank of England said it gave the\nmoney market a further 191 mln stg assistance in the afternoon\nsession. This takes the Bank's total help so far today to 372\nmln stg and compares with its upwards revised estimate of the\nshortage in the system of around 400 mln stg.\n The central bank bought bank bills outright comprising 15\nmln stg in band one at 9-7/8 pct and 176 mln stg in band two at\n9-13/16 pct.\n REUTER\n\u0003", "date": "19-MAR-1987 09:25:55.75", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "7080" }, { "title": "HAMBURGISCHE LB ISSUES 50 MLN CANADIAN DLR NOTES", "body": "Hamburgische Landesbank Girozentrale is\nissuing a 50 mln Canadian dollar issue due May 6, 1990 carrying\na coupon of 8-1/4 pct and priced at 101-3/8, said Merrill Lynch\nCapital Markets as lead manager.\n The notes are available in denominations of 1,000 and\n10,000 dlrs, with payment set for May 6. The securities will be\nlisted in Luxembourg.\n There is a 7/8 pct selling concesssion and a 1/2 pct\ncombined management and underwriting fee.\n REUTER\n\u0003", "date": "19-MAR-1987 09:26:47.54", "places": [ "uk" ], "id": "7081" }, { "title": "JEFFERIES MAKES MARKET GENCORP, AMERICAN EXPRESS", "body": "Jefferies and Co said this morning\nthat it is making a market in Gencorp . The bid is 106 and\nthe ask is 111.\n Jefferies also said it is making a market in American\nExpress . Jeffries opened the stock and the bid is 79-1/2\nand the ask is 81.\n Reuter\n\u0003", "date": "19-MAR-1987 09:27:50.22", "places": [ "usa" ], "id": "7082" }, { "title": " YEAR NET", "body": "Shr 1.64 dlrs vs 90 cts\n Net 64.9 mln vs 28.8 mln\n Revs 73 mln vs 35 mln\n NOTE: Shares outstanding 39.5 mln vs 32.1 mln. Avg shrs not\ngiven.\n Company recently raised equity and voting interests in\n to 13.4 pct and 16.1 pct,\nrespectively.\n Reuter\n\u0003", "date": "19-MAR-1987 09:28:00.25", "topics": [ "earn" ], "places": [ "canada" ], "id": "7083" }, { "title": "NRM ENERGY PREFERRED OFFERING UNDERWAY", "body": "NRM Energy Co LP said an offering of\neight mln two dlr cumulative convertible acquisition preferred\nunits is underway at 18 dlrs each through underwriters led by\nSears, Roebuck and Co Inc's Dean Witter Reynolds Inc,\nDonaoldson, Lufkin and Jenrette Securities Corp, E.F. Hutton\nGroup Inc , PaineWebber Group Inc and Oppenheimer\nand Co IOnc.\n It said underwriters have an option to buy up to another\n1,200,000 of the units, which represent preferred limited\npartner interests, to cover overallotments.\n Reuter\n\u0003", "date": "19-MAR-1987 09:28:14.51", "places": [ "usa" ], "id": "7084" }, { "title": "UNILEVER PLC ADJUSTS DIVIDEND", "body": "Unilever Plc said a reduction in\nU.K. Advance Corporation Tax, (ACT) has prompted the company to\nadjust its 1986 final dividend to 36.17p per share from the\noriginally declared 35.18p.\n Unilever's 1985 final dividend amounted 27.05p\n The adjustment stemmed from the dividend equalisation\nagreement between the British company and its Dutch partner\nUnilever NV. ACT in respect of any dividend paid by Unilever\nPlc has to be treated as part of the dividend.\n Unilever NV final dividend remains 10.67 guilders as\ndeclared with the 1986 results on March 3.\n Reuter\n\u0003", "date": "19-MAR-1987 09:30:27.86", "topics": [ "earn" ], "places": [ "uk" ], "id": "7085" }, { "title": "PARIS TO ADD THREE STOCKS TO CONTINUOUS QUOTATION", "body": "The Paris Bourse will add a further three\nstocks to its computerised continuous trading system from March\n24, bringing the total number of continuously traded stocks to\n54, the Stockbrokers' Association said.\n The shares are (BHV), (DMC) and .\n The Bourse has said it hopes to have at least 100 companies\nquoted continuously by the end of this year.\n Reuter\n\u0003", "date": "19-MAR-1987 09:30:53.90", "places": [ "france" ], "id": "7086" }, { "title": "JORDAN, SUDAN SIGN 100 MLN DLR BARTER TRADE PACT", "body": "Jordan and Sudan signed a barter trade\nagreement under which they will exchange 100 mln dlrs' worth of\ngoods a year, Sudanese officials said.\n They said Sudan will export corn, sesame, peanuts, spices\nand cow hides, while Jordan will export cement, tomato puree,\nchemicals and pharmaceuticals.\n Reuter\n\u0003", "date": "19-MAR-1987 09:32:31.78", "topics": [ "trade" ], "places": [ "jordan", "sudan" ], "id": "7087" }, { "title": "NEW MARKET EMERGES IN WARRANTS FOR GOLD", "body": "A new market has emerged in warrants to\nbuy gold, a vehicle which bankers say brings some of the play\nof commodity options into the field of securities.\n Over the past three weeks, Swiss offices of American banks\nhave launched a total of four issues of warrants with varying\nconditions, drawing on renewed inflationary worries and the\nrecovery of the gold price last year.\n And Credit Suisse and Credit Suisse-First Boston each\nissued Swiss franc bonds with warrants for gold which have a\nsimilar character, though they are aimed at a less professional\nmarket.\n The market is still small. Taken together, the four\nAmerican-led warrant issues raised only about 50 mln Swiss\nfrancs.\n But banks believe the vehicle meets a need of investors and\npredicted a lively future.\n Andrew Barrett of Citicorp Investment Bank (Switzerland) AG\nsaid: \"The warrants give smaller investors a chance to have a\nlong-term investment in gold with limited risk.\"\n Citicorp in Zurich launched the first of these warrants on\nFebruary 27, following it up with a second issue less than a\nweek later. The issuer in both cases was Citibank NA.\n The idea found some quick copies. Goldman Sachs in Zurich\norganized and co-led an issue for the Swiss branch of Banque\nIndosuez on March 9 and last night Morgan Guaranty\n(Switzerland) AG did another for Morgan Guaranty Trust Co of\nNew York.\n The four issues now offer investors striking prices for\ngold ranging from the Indosuez issue at 410 dlrs an ounce, the\nsame price as the underlying commodity, to a 430 dlr level on\nthe first one for Citibank.\n The premiums range from 22 pct to 36 pct and maturities\nfrom 18 months to four years and three months, in all cases\nlonger than gold futures and options on U.S. Markets.\n The bankers traced the inspiration for the market back to\nthe February report of U.S. Consumer prices for January, when a\njump of 0.7 pct raised again the threat of inflation.\n \"Many people are worried about inflation again,\" said Mats\nJoensson of Goldman Sachs. \"Money supply in Germany and the\nUnited States has grown very strongly in the last year and\npeople want to take a ride on gold.\"\n The gold market, having seen strong gains in 1986, has\nlanguished just above 400 dlrs an ounce over the past few\nweeks. But the banks saw in warrants the vehicle for a more\nhighly leveraged play where the downside risk was limited.\n Barrett said it was natural that the market developed in\nSwitzerland. \"People here understand gold, and they understand\nwarrants,\" he said.\n Citicorp (Switzerland) pioneered warrants with a series of\nequity-linked covered issues based on Japanese company shares\nover the past two years, and last autumn, Swiss banks launched\ncovered warrants in Swiss registered shares in a bid to give\nforeign investors a chance to play in a market otherwise closed\nto all but Swiss citizens, and to play it with higher leverage.\n But after a quick flurry of issues, that market dried up\nwhen Swiss shares prices fell from their January peaks.\n The issues are being marketed not on the basis of simple\npremiums, but on implicit volatility models devised to provide\nscientific comparisons between titles in the options market.\n Martin Bachem of Morgan Guaranty said his bank's issue was\ncompetitive despite its relatively high premium. The issue, for\nfive ounces at 425 dlrs, was priced at 955 Swiss francs, making\na premium over the spot gold price of nearly 36 pct.\n Using a Black Sholes options model, he said the issue's\nlong, 4.3-year maturity meant the warrants needed an implicit\nvolatility of gold of only 24.5 pct for the option to pay off,\nwhich he claimed was lower than the other issues.\n But Barrett said the Black Sholes variant Citicorp used\npointed to a higher volatily for the Morgan issue and\nemphasized that the models were at best an inexact science.\n And each bank, using its own model, put the implicit\nvolatility needed for its own issue at close to 25 pct.\n Whatever the calculation, the issues have received a warm\nwelcome from investors.\n Joensson of Goldman Sachs said there was a lot of demand,\neven among small investors, who were buying 15 or 20 warrants\napiece. \"The most sophisticated ones wouldn't buy these because\nthe premiums are too high,\" he said.\n REUTER\n\u0003", "date": "19-MAR-1987 09:34:42.05", "topics": [ "gold" ], "places": [ "switzerland" ], "id": "7088" }, { "title": "JEFFERIES GROUP CHAIRMAN RESIGNS, PLEADS GUILTY TO SECURITIES VIOLATIONS\n", "date": "19-MAR-1987 09:37:05.59", "id": "7089" }, { "title": "METRO FUNDING SHAREHOLDERS APPROVE MERGER", "body": " said its\nshareholders approved its merger into and its\nchange of incorporation from Nevada to Delaware.\n Metro Funding also said its subsidiary, Comet Corp, will be\nrenamed Maxcom USA.\n The company also reported shareholders approved the\nauthorization of 500,000 shares of common stock to be set aside\nfor an incentive stock option plan.\n Reuter\n\u0003", "date": "19-MAR-1987 09:37:54.32", "topics": [ "acq" ], "places": [ "usa" ], "id": "7090" }, { "title": "HITACHI UNIT LAUNCHES NEW FLOPPY DISK", "body": "Hitachi Ltd's Maxell Corp of\nAmerica introduced a floppy disk with expanded storage\ncapacity.\n The company said the 5-1/4-inch disk has a storage capacity\nof 3.2 megabytes unformatted, and is in response to user demand\nfor higher capacity media for newly introduced machines and\ndrives.\n Maxell said the disk will operate with the newly developed\nYD-801 drive, to be produced by Y-E Data Inc, Tokyo, and\nplanned for introduction later this year in the U.S.\n Reuter\n\u0003", "date": "19-MAR-1987 09:38:18.49", "places": [ "usa" ], "id": "7091" }, { "title": "BLOCKBUSTER ENTERTAINMENT CORP YEAR LOSS", "body": "Oper shr loss 1.25 dlrs vs loss 44 cts\n Oper net loss 2,915,000 vs loss 951,000\n Revs 8,131,000 vs 119,000\n NOTE: 1985 net excludes 625,000 dlr gain from discontinued\noperations.\n Net includes tax credits of 860,000 dlrs vs 285,000 dlrs.\n Reuter\n\u0003", "date": "19-MAR-1987 09:38:42.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "7092" }, { "title": "TELECOM SAYS SALE CLOSING DELAYED", "body": "Telecom Plus International Inc\nsaid the closing of the sale of its 65 pct interest in Tel Plus\nCommunications Inc to has been delayed.\n The company said it will be continuing its talks with\nSiemens and based on current circumstances believes the\ntransaction could close next week.\n Closing had been scheduled for March 16.\n Reuter\n\u0003", "date": "19-MAR-1987 09:39:01.53", "topics": [ "acq" ], "places": [ "usa" ], "id": "7093" }, { "title": "JEFFERIES CHAIRMAN PLEADING GUILTY, QUITS", "body": "Jefferies Group Inc said founder\nand chairman Boyd L. Jefferies has resigned and intends to\nplead guilty to two felony counts of violating federal\nsecurities laws.\n The company said neither Boyd Jefferies nor the company\never engaged in insider trading and neither he nor the company\never sought or communicated insider information or violated ny\ntrust of confidence placed in them by customers. It said no\ngovernmental authority has ever alleged any such activity on\nBoyd Jefferies' part or the part of the company.\n The company said Boyd Jefferies has consented to an\nadministrative order barring him from the securities business\nfor at least five years and he has agreed to place his 13 pct\nholding in Jefferies Group stock in a voting trust during that\nperiod.\n The company said, without admitting any allegations made by\nthe Securities and Exchange Commission, Boyd Jefferies,\nJefferies Group and primary brokerage subsidiary Jefferies and\nCo also consented to an injunction barring any future\nsecurities laws violations.\n It said Jefferies and Co has agreed further to undertake\nreviews to assure that its internal recordkeeping and other\ncontrol systems are in compliance with federal laws.\n The company said president and chief operating officer\nFrank E. Baxter will assume the added duties of chief executive\nofficer. Boyd Jefferies had been chief executive.\n The company said the criminal charges against Boy Jefferies\nresulted from a transaction in which, on behalf of Jefferies\nand Co, he agreed to purchase stocks from entities controlled\nby Ivan F. Boesky and later resell the stock to the Boesky\nfirms.\n It said \"Within days of the purchase, the market value of\none of the stocks fell sharply and, pursuant to their\nagreement, a Boesky entity paid Jefferies and Co three mln dlrs\nto offset the loss.\n The company said Boyd Jefferies will admit that following\nthe loss he ordered that Boesky receive a bill for three mln\ndlrs for investment advisory and corporate finance services,\nalthough Jefferies and Co treated the three mln dlrs as an\noffset to the losses it experienced.\n It said by rendering the involice, Boyd Jefferies\napparently enabled one of the Boesky entities to make a false\nentry in its books, resulting in the charge, to which Boyd\nJefferies will plead guilty, of aiding and abetting one of the\nBoesky firms in making false entries on its books.\n The company said Boyd Jefferies will also plead guilty to a\nmargin violation resulting from a transaction in which he\ncaused Jefferies and Co to buy shares at the request of a\ncustomer in the company's trading account.\n It was expected that the customer would be responsible for\nany loss on the shares and would also receive any profit, and\nbecause the customer had not put up any funds for the purchase,\nBoyd Jefferies had in effect caused Jefferies and Co to finance\nthe full purchase price for the shares in violation of margin\nrequirements, the company said.\n The company quoted Boyd Jefferies as saying, \"I fully\naccept sole responsibility for these transactions. I think it\nis appropriate that I suffer the consequences for my actions\nrather than the company.\"\n Jefferies Group said it expects no impact on its operations\nor client base from Boyd Jefferies' departure.\n Reuter\n\u0003", "date": "19-MAR-1987 09:39:43.34", "places": [ "usa" ], "id": "7094" }, { "title": "EC APPROVES 680 MLN STG U.K. AID TO ROVER GROUP", "body": "The European Community (EC) Commission\nsaid it approved a 680 mln stg British government aid package\nto state-owned Rover Group Plc to restructure and\nprivatise the group's bus and truck subsidiaries.\n In a statement, the commission said Rover's subsidiary would be financially and physically\nrestructured following a recently announced merger between\nLeyland Trucks and of the Netherlands.\n The Commission said government aid for this program was\njustified because it would contribute to Europe-wide\nrationalisation of the truck sector.\n The amount of aid approved is slightly below the 750 mln\nstg the British government had planned to grant Rover by\nwriting off accumulated losses and other costs.\n The Commission said there was overcapacity in the European\ntruck industry estimated at between 25 and 40 pct.\n It said its approval of the aid also took into account the\nconsequences for jobs and for the regions affected by the\nrestructuring.\n Under EC rules, the Commission has to approve all\ngovernment aid to industry.\n REUTER\n\u0003", "date": "19-MAR-1987 09:42:00.11", "organisations": [ "ec" ], "places": [ "belgium", "uk" ], "id": "7095" }, { "title": "THE HOME DEPOT INC 4TH QTR FEB ONE NET", "body": "Shr 27 cts vs 10 cts\n Net 7,684,000 vs 2,587,000\n Revs 273.9 mln vs 203.7 mln\n Year\n Shr 90 cts vs 33 cts\n Net 23.9 mln vs 8,219,000\n Revs 1.01 billion vs 700.7 mln\n Reuter\n\u0003", "date": "19-MAR-1987 09:47:27.76", "topics": [ "earn" ], "places": [ "usa" ], "id": "7096" }, { "title": "U.S. ENERGY CHIEF SEES PROMISE IN OIL-TAX CHANGE", "body": "Energy Secretary John Herrington\nsaid his proposed option to raise the oil depletion allowance\nto 27.5 pct was probably the most economically promising way to\nspur domestic production.\n The White House has said it would consider the option\nalthough it was generally opposed to any revisions in the new\ntax code.\n Herrington told a meeting of the Mid-Continent Oil and Gas\nAssociation that the higher depletion allowance on new oil and\nenhanced oil recovery would cost taxpayers about 200 mln dlrs a\nyear.\n The option was one of many contained in a report on oil and\nthe national security the Energy Department sent to the White\nHouse on Tuesday.\n Herrington said of the increased depletion allowance\noption: \"that is one that could significantly increase\nproduction at a very low cost to the American taxpayer.\"\n He again rejected an oil import fee as far too costly to\nthe overall U.S. economy.\n Reuter\n\u0003", "date": "19-MAR-1987 09:57:41.28", "topics": [ "crude" ], "places": [ "usa" ], "id": "7097" }, { "title": "U.S. PERSONAL INCOME ROSE 0.9 PCT IN FEBRUARY, SPENDING UP 1.7 PCT\n", "date": "19-MAR-1987 10:01:22.19", "topics": [ "income" ], "places": [ "usa" ], "id": "7098" }, { "title": "U.S. PERSONAL INCOME ROSE 0.9 PCT IN FEBRUARY", "body": "U.S. personal income rose 0.9 pct,\nor 32.4 billion dlrs, in February to a seasonally adjusted\nannual rate of 3,581.3 billion dlrs, the Commerce Department\nsaid.\n The increase followed a revised 0.2 pct rise in personal\nincome during January. Earlier, the department estimated\nJanuary personal income was unchanged.\n The February incomes rise was the largest monthly increase\nsince a 1.2 pct rise in April 1986, the department said. It\nattributed last month's rise to several factors, including\nsubsidy payments to farmers and government pay raises.\n The department said personal consumption expenditures were\nup during February by 1.7 pct or 49.1 billion dlrs to 2,855.9\nbillion dlrs after falling by 58.4 billion dlrs or two pct in\nJanuary.\n Purchases of durable goods were up 24.8 billion dlrs last\nmonth after decreasing by 69.7 billion dlrs in January with\nsales of motor vehicles accounting for most of the February\nincrease and the January decline, the department said.\n Purchases of nondurables rose 10.7 billion dlrs in February\nafter a 300 mln dlr increase in January.\n The Commerce Department said wage and salary incomes were\nup 15.6 billion dlrs in February after an 8.6 billion dlr rise\nin January.\n Manufacturing payrolls increased by 2.4 billion dlrs last\nmonth after rising 1.9 billion dlrs in February with the gains\nwidespread through durable and nondurable industries, the\ndepartment said.\n Farmers' incomes increased by 12.2 billion dlrs in February\nafter declining by 8.7 billion dlrs in January. Both last\nmonth's increase and January's fall in farm incomes was because\nof government subsidy payments, the department said.\n Personal tax and nontax payments fell 5.5 billion dlrs in\nFebruary following a 19.5 billion dlrs January drop. The \ndeclines were a result of the Tax Reform Act of 1986.\n Federal withheld income taxes were up in February from a\nmonth earlier but that was offset by declines in federal\nnonwithheld taxes and lower state and local income taxes.\n Disposable personal income in February after taxes was up\n1.2 pct or 37.8 billion dlrs to 3,063.4 billion dlrs after\nrising 25.8 billion dlrs in January.\n The personal savings rate eased to 3.6 pct in February from\nfour pct in January, the department said.\n Reuter\n\u0003", "date": "19-MAR-1987 10:03:13.49", "topics": [ "income" ], "places": [ "usa" ], "id": "7099" }, { "title": "U.K. MONEY MARKET GIVEN 40 MLN STG LATE ASSISTANCE", "body": "The bank of England said it provided the\nmoney market with late assistance of around 40 mln stg. This\nbrings the Bank's total help today to some 412 mln stg and\ncompares with its forecast of a shortage in the sytem of around\n400 mln stg.\n REUTER\n\u0003", "date": "19-MAR-1987 10:07:11.99", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "7100" }, { "title": "HOG AND CATTLE SLAUGHTER GUESSTIMATES", "body": "Chicago Mercantile Exchange floor\ntraders and commission house representatives are guesstimating\ntoday's hog slaughter at about 295,000 to 305,000 head versus\n307,000 week ago and 311,000 a year ago.\n Cattle slaughter is guesstimated at about 124,000 to\n128,000 head versus 127,000 week ago and 126,000 a year ago.\n Reuter\n\u0003", "date": "19-MAR-1987 10:08:14.77", "topics": [ "hog", "livestock" ], "places": [ "usa" ], "id": "7101" }, { "title": "DEUTSCHE BABCOCK SEES HIGHER 1986/87 PROFITS", "body": "Deutsche Babcock AG\n expects profits to rise in the current financial year\nending September 9 although the earnings level is still\nunsatisfactory, managing board chairman Helmut Wiehn said.\n He told a news conference that business during the year had\nweakened somewhat but was still generally positive.\n Sales during the first five months to February was 1.26\nbillion marks, 46.7 pct down from the same 1985/86 period.\nHowever, he expected turnover for the year to be approximately\nunchanged from the previous year's 5.14 billion marks when\ncurrent orders from major projects are booked.\n Wiehn said incoming orders in the first five months to end-\nFebruary totalled 2.50 billion marks compared with 2.04 billion\nfor the same period in 1985/86. They included a 45.8 pct\nincrease in domestic orders to 1.57 billion marks.\n Orders in hand for the five months were 16.7 pct higher at\n8.64 billion marks.\n Wiehn added that Babcock was still aiming for a three pct\nyield on turnover. In the year to September 1986 group profits\ntotalled 39 mln marks on sales of 5.14 billion against the\nprevious year's 32 mln on 5.11 billion marks.\n Parent company turnover was unchanged at 25.6 mln marks.\n Wiehn said Babcock's liquidity had clearly improved in the\ncurrent business year, with financial reserves in the first\nfive months rising by 237 mln marks to 831 mln after increasing\nby 408 mln marks to 594 mln in 1985/86.\n He said pre-tax earnings per share for 1985/86, according\nto the DVFA method, were 26.95 marks from 21.40 marks and\nearnings after tax rose to 10 marks from 8.10.\n The company earlier said dividend will be unchanged at\nthree marks for ordinary shares and 3.50 marks for preference\nshares.\n REUTER\n\u0003", "date": "19-MAR-1987 10:09:02.82", "topics": [ "earn" ], "places": [ "west-germany" ], "id": "7102" }, { "title": "SOVIET TIMECHARTERING BOOSTS GRAIN FREIGHT RATES", "body": "Current interest by Soviet charterers in\ntaking Panamax vessels on timecharter, mainly from the U.S. To\ncarry grain, is seen as the chief factor behind the recent\nsurge in values on the Baltic International Freight Futures\nExchange (BIFFEX), dealers said.\n Futures soared through the 1,000 points barrier today for\nthe first time in the spot position since the market opened in\nMay 1985. However, the market tends to be nervous, with values\nsome 100 points above the Baltic Freight Index, which is\ncalculated on spot physical rates.\n No specific figure has been put for Soviet bookings but\nthey have been sufficient to drain Panamax tonnage (about\n50,000 to 65,000 tonnes dw) from the U.S. Gulf which would\nnormally operate on the trip to Japan, dealers said.\n \"It appears that the Chernobyl disaster had a worse effect\non its (the Soviet) grain harvest than reported,\" one said.\n Freight rates on the Gulf/Japan grain route have\nsubsequently been the main beneficiary of current chartering\nconditions, with very few, if any, Panamax sized ships left for\nthe remainder of this month in the Gulf. Rates have risen\nsteadily for vessels loading next month.\n Dealers said there is even talk that owners are considering\ntaking older vessels out of lay-up to meet current demand.\n Sentiment has also been aided by suggestions that Chinese\noperators may be in the market for similar timecharter business\nlater in the year, they said.\n They anticipate this would appear around June and it has\nprompted keen demand in the July BIFFEX contract, despite it\nnormally being a slack time in the shipping year.\n Market sentiment has fluctuated in recent weeks. Rates\nturned down as an earlier rise in bunker prices, which had\nsupported the market at the start of the year, faltered but\nthen recovered on the reported Soviet interest.\n Reuter\n\u0003", "date": "19-MAR-1987 10:14:06.09", "topics": [ "grain", "ship" ], "places": [ "uk", "ussr" ], "id": "7103" }, { "title": "DROUGHT MAY REDUCE ZIMBABWE COFFEE OUTPUT -GROWERS", "body": "Zimbabwe's projected coffee output of\n13,000 tonnes for 1987/88 could be reduced by drought, growers\nsaid.\n The main coffee growing areas in eastern Zimbabwe have\nreceived little rain since April 1986 and the Coffee Growers'\nAssociation has begun a survey to assess the effects of the\ndrought, a spokesman said.\n Zimbabwe exported 11,000 tonnes of coffee in 1986, mainly\nto West Germany, Britain, Japan, the Netherlands, Switzerland\nand the United States.\n Reuter\n\u0003", "date": "19-MAR-1987 10:14:15.33", "topics": [ "coffee" ], "places": [ "zimbabwe" ], "id": "7104" }, { "title": "TURKISH DEBT REACHED 31.4 BILLION DLRS AT END-1986", "body": "Turkey's external debt rose to the\nequivalent of 31.4 billion dlrs at end-1986 from 25.4 billion a\nyear earlier, Treasury Under-secretary Yavuz Canevi said.\n Canevi, who gave the figure at a briefing on the Turkish\neconomy arranged for Ankara-based diplomats, said the\nshort-term component was 9.6 billion dlrs at end-1986, up from\n6.6 billion.\n Much of Turkey's debt is denominated in currencies other\nthan the dollar. Canevi said the increase expressed in dollar\nterms was partly attributable to the fall in value of the U.S.\nCurrency.\n While the rise in total debt was about 24 pct in dollar\nterms, it would be only 11 pct if expressed in special drawing\nrights and would represent a fall of 11 pct if expressed in the\nWest German mark, he said.\n On the rise in short-term debt, Canevi said half the amount\nwas in Turkish citizens' foreign exchange deposits. \"On a macro\nlevel it is a liability but it is not really a liability\nbecause it will be repaid in Turkish lira,\" he added.\n Canevi was Governor of the Turkish Central Bank until last\nNovember, when he was promoted to Under-secretary for the\nTreasury and Foreign Trade, a key economic management post.\n Canevi listed what he called the assets of the Turkish\neconomy, including liberalisation in the last three years, the\ncountry's geographical position and the strength of its\nagriculture and manpower skills.\n The debt picture was one of three liabilities, he said,\nalong with the failure to reduce inflation swiftly and\nimpatience. \"We are an impatient nation ... We should be patient\nenough to achieve better results,\" he added.\n Wholesale prices on an index issued by Canevi's department\nrose 27.4 pct in the year to February, compared with 33.3 pct a\nyear earlier.\n On inflation, Canevi said: \"We have chosen to reduce\ninflation in a moderate way. We could have reduced it in two\nyears from 25 pct to five pct but we needed growth ... We\nalready have high unemployment.\"\n \"I don't blame people who are sick and tired of living with\ninflation but it was 100 per cent before. The trend is down, so\nlet's be patient and not distort overall policies and we will\nachieve our targets in one or two years,\" he said.\n REUTER\n\u0003", "date": "19-MAR-1987 10:14:48.53", "places": [ "turkey" ], "id": "7105" }, { "title": "PILLSBURY CO 3RD QTR SHR 56 CTS VS 63 CTS\n", "date": "19-MAR-1987 10:18:22.23", "topics": [ "earn" ], "id": "7106" }, { "title": "CONTROL RESOURCE SEES LOWER EARNINGS", "body": "Control Resource\nIndustries Inc said the company estimates 1986 earnings to be\nbetween 800,000 and 900,000 dlrs, or 22 to 25 cts per share,\ncompared with 852,000 dlrs, or 33 cts per share, during 1985.\n The company said preliminary estimates of 1986 revenues is\n24.5 mln dlrs, compared with 7,900,000 for 1985.\n The estimated 1986 results are based on 3,207,000 shares\noutstanding, compared to 2,566,000 shares outstanding for 1985.\n R. Steven Lutterbach, chairman, said net income for 1986\nwas adversely affected primarily due to lower operating margins\nat the company's Western Environmental subsidiary, and to an\nincrease in bad debt reserves.\n Western Environmental was acquired in March 1986.\nLutterbach explained the company has taken steps to improve\nfinancial and accounting controls, primarily at Western, which\nwere not adequate at the time of acquisition.\n He noted the final results for the fourth quarter will\ndepend on the allocation of increased costs between the second\nand fourth quarters.\n Lutterbach said it is possible second quarter results will\nbe restated, though final net income for the year will remain\nin the estimated range.\n He added preliminary indications for first quarter 1987\nrevenues were favorable.\n Reuter\n\u0003", "date": "19-MAR-1987 10:19:06.48", "topics": [ "earn" ], "places": [ "usa" ], "id": "7107" }, { "title": "PAGURIAN TO BUY BACK UP TO 10 PCT OF STOCK", "body": " said it filed a\nnotice with the Toronto Stock Exchange to buy back up to 10 pct\nof its publicly held class A non-voting shares over a one-year\nperiod starting April three.\n About 27.9 mln of the company's 47.2 mln class A shares are\npublicly held at present.\n Reuter\n\u0003", "date": "19-MAR-1987 10:19:37.13", "places": [ "canada" ], "id": "7108" }, { "title": "MEDIQ IN AMERICAN MEDICAL UNIT BUY", "body": "MEDIQ Inc said its MEDIQ\nDiagnostic Imaging Partners - I LP has signed a letter of\nintent to acquire substantially all the assets of American\nMedical International Inc's AMI Diagnostic Services Inc\nsubsidiary for undisclosed terms.\n The company said AMI Diagnostic operates seven magnetic\nresonance and mutli-modality diagnostic imaging centers. MEDIQ\nDiagnostic is a limited partnership of which MEDIQ is general\npartner.\n Reuter\n\u0003", "date": "19-MAR-1987 10:19:48.63", "topics": [ "acq" ], "places": [ "usa" ], "id": "7109" }, { "title": "CYCLOPS BOARD RESTRUCTURED TO INCLUDE DIXON", "body": "Cyclops Corp said its board has\nbeen restructured under the terms of the company's merger\nagreement with following the British\ncompany's acquisition of 54 pct of Cyclops' stock.\n The company said its board is now composed of three Cyclops\nexecutives -- Chairman W.H. Knoell, President James F. Will and\nSenior Vice President WIlliam D. Dickey -- and three Dixons\nexecutives -- Vice-Chairman and Financial Director Egon von\nGreyerz, Corporate Finance Director Gerald M.N. Corbett, and\nSecretary Jeoffrey Budd.\n Reuter\n\u0003", "date": "19-MAR-1987 10:20:06.52", "topics": [ "acq" ], "places": [ "usa" ], "id": "7110" }, { "title": "BLOCKBUSTER ENTERTAINMENT SELLING UNIT", "body": "Blockbuster Entertainment Corp said it\nwill sell its investment in Amtech Corp to the company\nchairman, David Cook, and president, Kenneth Anderson.\n The company said the sale is taking place because Amtech is\nnot compatible with Blockbuster's main line of business, will\nrequire substaintial additional funding to develop and market\nits product, and is expected to sustain operating losses for\nthe forseeable future.\n The company said Cook and Anderson will form a new company\nwith the sale called Amtech Holdings Inc.\n Reuter\n\u0003", "date": "19-MAR-1987 10:20:16.55", "topics": [ "acq" ], "places": [ "usa" ], "id": "7111" }, { "title": "DOME MINES SELLS 7 MLN COMMON SHARES", "body": "Dome Mines Ltd said it sold seven mln\ncommon shares priced at 12 dlrs each to an underwriting group,\nfor net proceeds to the company of about 79,830,000 dlrs after\nunderwriting fees and issue expenses.\n About 44.0 mln dlrs of the proceeds will be used to repay\noutstanding bank debt, and the balance will be used to\nstrengthen the company's cash position, Dome Mines said.\n The underwriting group includes ,\nBurns Fry Ltd, Wood Gundy Inc and Gordon Capital Corp.\n Reuter\n\u0003", "date": "19-MAR-1987 10:20:26.68", "places": [ "canada" ], "id": "7112" }, { "title": "MANOR CARE INC 3RD QTR FEB 28 NET", "body": "Shr 24 cts vs 21 cts\n Net 9,700,000 vs 8,286,000\n Revs 120.6 mln vs 115.7 mln\n Avg shrs 40.0 mln vs 39.9 mln\n Year\n Shr 69 cts vs 68 cts\n Net 27.8 mln vs 27.1 mln\n Revs 374.9 mln vs 358.8 mln\n Avg shrs 40.0 mln vs 39.9 mln\n NOTE: 1986 year net includes charge of 2,396,000 dlrs, or\nsix cts a share, for debt redemption\n Reuter\n\u0003", "date": "19-MAR-1987 10:20:41.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "7113" }, { "title": "PITNEY BOWES TESTS NEW MAIL SERVICE", "body": "Pitney Bowes Inc said Mountain Bell, a\nunit of US West Inc , began a test of a new Pitney Bowes\ncomputerized mail processing system.\n The test has been approved by the U.S. Postal Service, the\ncompany said.\n The processing and postage payment system allows faster and\nless costly mail preparation, automated funds transfer to cover\npostage charges and a production and funds tracking system, it\nsaid.\n Mountain Bell processes more than 19 mln pieces of mail\nannually.\n Reuter\n\u0003", "date": "19-MAR-1987 10:21:00.48", "places": [ "usa" ], "id": "7114" }, { "title": "ADTEC INC 3RD QTR FEB 28 NET", "body": "Oper shr 11 cts vs 11 cts\n Oper net 164,000 vs 161,000\n Revs 2,598,000 vs 2,241,000\n Nine mths\n Oper shr 28 cts vs 18 cts\n Oper net 419,000 vs 276,000\n Revs 6,983,000 vs 5,019,000\n NOTE: Net excludes tax loss carryforwards 11,876 dlrs vs\n83,045 dlrs in quarter and 36,684 dlrs vs 144,590 dlrs\n Reuter\n\u0003", "date": "19-MAR-1987 10:21:11.05", "topics": [ "earn" ], "places": [ "usa" ], "id": "7115" }, { "title": "MORTON THIOKOL ENTERS JOINT VENTURE", "body": "Morton Thiokol Inc said it created a\njoint venture company with the Yokohama Rubber Co Ltd, Tokyo,\nJapan, to manufacture automotive windshield sealants.\n It said the company, Morton Yokohama Inc, will be\nheadquartered in Chicago with manufacturing at Morton Thiokol's\nplant in Ringwood, Ill.\n Full-scale production is scheduled for 1988.\n Reuter\n\u0003", "date": "19-MAR-1987 10:21:17.27", "places": [ "usa" ], "id": "7116" }, { "title": "CANADA JANUARY RETAIL SALES FALL 0.1 PCT AFTER DECEMBER'S 0.9 PCT GAIN - OFFICIAL\n", "date": "19-MAR-1987 10:22:37.02", "topics": [ "retail" ], "places": [ "canada" ], "id": "7117" }, { "title": "BANK OF TOKYO CURACAO ISSUES CANADIAN DOLLAR BOND", "body": "Bank of Tokyo Curacao Holdings NV is\nissuing a 120 mln Canadian dlr eurobond due April 27, 1994 with\nan 8-1/2 pct coupon and priced at 101-1/8 pct, Bank of Tokyo\nInternational Ltd said as lead manager.\n The bonds, guaranteed by Bank of Tokyo Ltd, will be issued\nin denominations of 5,000 dlrs and will be listed in\nLuxembourg. Fees consist of 5/8 pct for management and\nunderwriting combined and 1-1/4 pct for selling.\n Co-lead is Pru-Bache Securities.\n REUTER\n\u0003", "date": "19-MAR-1987 10:23:24.44", "places": [ "uk", "japan" ], "id": "7118" }, { "title": "ACCORD SAID IN SIGHT IN BRAZIL SEAMEN'S STRIKE", "body": "An accord is in sight in Brazil's\n20-day-old national seamen's strike, which has seriously\ndelayed exports, a union official said.\n The official, speaking from strike headquarters in Rio de\nJaneiro, said up to 30,000 of Brazil's 40,000 seamen were still\non strike.\n He said the others had returned to work over the last week,\naccepting pay offers of 120 pct from four private companies and\nfrom the Frota Nacional de Petroleiros (Fronape), part of the\nstate-owned oil company Petrobras.\n The association grouping private shipowners, Syndarma, has\nalso offered 120 pct but talks have so far been deadlocked over\npayment for overtime.\n The union official said he believed this issue would be\nresolved shortly.\n Reuter\n\u0003", "date": "19-MAR-1987 10:23:55.36", "topics": [ "ship" ], "places": [ "brazil" ], "id": "7119" }, { "title": "PILLSBURY CO 3RD QTR FEB 28 NET", "body": "Shr 56 cts vs 63 cts\n Net 48,500,000 vs 55,400,000\n Sales 1.53 billion vs 1.46 billion\n Avg shrs 86.6 mln vs 87.3 mln\n Nine mths\n Shr 1.73 dlrs vs 1.79 dlrs\n Net 150,300,000 vs 156,200,000\n Sales 4.60 billion vs 4.30 billion\n Avg shrs 86.7 mln vs 87.3 mln\n NOTE: 1987 results include gain of 9.7 mln dlrs, or 11 cts\na share from sale of assets\n 1986 results include gain of 161 mln dlrs, or 18 cts a\nshare, from sale of assets, offset partly by a restructuring\nprovision\n Fiscal 1987 results restated to give effect to adoption of\nfinancial accounting standards relating to pension costs.\nSegment data for Foods restated to include results of commodity\nmarketing, previously reported separately. Earnings restated\nfor two-for-one stock split, effective Nov 30, 1986\n Reuter\n\u0003", "date": "19-MAR-1987 10:24:38.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "7120" }, { "title": "FRENCH CAISSE NATIONALE DES AUTOROUTES ISSUES BOND", "body": "Caisse Nationale des Autoroutes is\nissuing a three billion French franc bond, the French bond\nissuing committee said.\n The issue will be lead-managed by Caisse Nationale du\nCredit Agricole, Credit Lyonnais and Cie Financiere de Paribas\nsubsidiary Credit du Nord.\n REUTER\n\u0003", "date": "19-MAR-1987 10:24:52.73", "places": [ "france" ], "id": "7121" }, { "title": "GROWTH VENTURES DROPS UNITS", "body": "Growth Ventures Inc\nsaid it is discontinuing its participation in a Mexican joint\nventure formed to make flexible diskettes and is liquidating\nits wholly-owned Rock Hohl Interiors Inc subsidiary in Colorado\nSprings, Colo.\n The company said the resulting losses, lack of assets and\nnegative net worth will in all likelihood make it impossible\nfor Groweth Ventures to continue operating.\n The company said it is ending its participation in the\nMexican venture due to continuing delays in obtaining\nsufficient working capital funding from government-controlled\nbanks in Mexico. The funding is needed not only for joint\nventure operations but also for the payment on debentures to\nGrowth Ventures from the joint venture, it said.\n It said since payment on the debentures has not been made,\nit does not have sufficient capital to support the continuing\noperations of Rick Hohl Interiors, and it will liquidate Rick\nHohl.\n Reuter\n\u0003", "date": "19-MAR-1987 10:26:07.76", "places": [ "usa", "mexico" ], "id": "7122" }, { "title": "JIM WALTER CORP 2ND QTR SHR 86 CTS VS 62 CTS\n", "date": "19-MAR-1987 10:26:38.53", "topics": [ "earn" ], "id": "7123" }, { "title": "COLOMBIA WILL NOT ATTEND MANAGUA COFFEE MEETING", "body": "Colombia will not attend a meeting of\ncoffee producing countries scheduled for this weekend in\nNicaragua, Jorge Cadenas, manager of the National Coffee\nGrowers' Federation, said.\n \"We prefer to wait until things are better prepared,\" he told\nReuters. He added the meeting could be postponed.\n Colombia, Brazil and the Central American coffee producing\ncountries were invited to the meeting in Managua to analyze the\nmarket situation\n However, he did not dismiss the idea of dialogue and\nnegotiation in preparation for meetings of the International\nCoffee Organization.\n Gilberto Arango, president of Colombia's exporters'\nassociation, speaking to Reuters earlier this week, ruled out a\nfresh Colombian initiative on export quotas saying producers\nhad now to show a common resolve which could emerge from\ncontinuous contacts.\n The International Coffee Organization executive board is to\nmeet in London between March 31 and April 2.\n Reuter\n\u0003", "date": "19-MAR-1987 10:26:51.15", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "colombia" ], "id": "7124" }, { "title": "STERLING SEEKS FDA APPROVAL FOR MILRINONE", "body": "Sterling Drug Inc said it submitted a\nnew drug application to the Food and Drug Administration for\npermission to market an oral form of Corotrope (milrinone), a\ndrug for treating chronic congestive heart failure.\n Sterling said the application includes a series of studies\nof 952 patients and results of three multicenter studies\ninvolving another 571 patients, to demonstrate the efficacy and\nsafety of the drug as an alternative to digitalis.\n Reuter\n\u0003", "date": "19-MAR-1987 10:32:03.38", "places": [ "usa" ], "id": "7125" }, { "title": "SOVIET FIRM SAYS TALKS ON FOR PHILIPPINE MINE", "body": "Preliminary talks are on between two\nstate-owned Philippine banks and Soviet metal trading and\nequipment sales company Tsvetmetpromexport on rescuing Nonoc\nMining and Industrial Corp (NMIC) which operates the\nPhilippines' only nickel refinery, a Soviet official said.\n G.I. Valentchits, Deputy Trade Minister at the Soviet\nembassy, told Reuters a report earlier this week that\nTsvetmetpromexport had asked the Philippine government whether\nit could help rehabilitate or operate NMIC was incorrect.\n \"It is the other way round,\" Valentchits said.\n He said the Development Bank of the Philippines (DBP) and\nthe Philippine National Bank (PNB), which own NMIC, had\napproached the Soviet state-owned firm in August last year.\n \"We studied the question and asked the banks in which field\nand what area they can help in the project,\" Valentchits said.\n He said there had been no reply yet from NMIC and the talks\nwere \"only just initial.\"\n NMIC President Arthur Aguilar and other company officials\nwere not available for comment.\n Manila banking sources said the situation was serious at\nNMIC, set up by DBP and PNB in August 1984 after the two banks\nforeclosed on the assets of Marinduque Mining and Industrial\nCorp over a 17 billion peso obligation.\n The bankers said NMIC itself has recently filed with the\nSecurities and Exchange Commission (SEC) for placing the\ncompany under receivership and the suspension of its debt\npayments in order to protect it from threats of foreclosure.\n Business Day newspaper said the latest credits extended to\nNMIC include a 127 mln dlr loan, with Chemical Bank as the lead\nagent.\n The newspaper said another 33 mln dlr loan was lead managed\nby Citicorp.\n It said the government's privatisation program has listed\nNMIC at a price of at least 700 mln dlrs, adding that foreign\ninvestors were wary of taking over the ailing nickel firm.\n The bankers said NMIC was currently burdened with debts of\nat least 15.8 billion pesos and is facing 10 civil lawsuits for\nforeclosures from major creditors.\n The Business Bulletin newspaper said the firm had assets\ntotalling 12.2 billion pesos, while DBP and PNB exposures with\nthe firm were estimated at 14.9 billion pesos.\n NMIC has not operated its plant in the southern Philippines\nsince March 1986 after workers struck demanding payment of\nsalaries delayed because of the firm's financial difficulties.\n The firm produced 1,863 tonnes of nickel in the first two\nmonths of 1986, compared with 2,364 tonnes in the same period\nin 1985. The mine's capacity is 2,000 tonnes a month.\n Reuter\n\u0003", "date": "19-MAR-1987 10:34:11.55", "topics": [ "nickel" ], "places": [ "philippines", "ussr" ], "id": "7126" }, { "title": "S/P DOWNGRADES BETHLEHEM STEEL CORP'S ONE BILLION DLRS OF DEBT\n", "date": "19-MAR-1987 10:35:05.01", "id": "7127" }, { "title": "JIM WALTER CORP 2ND QTR FEB 28 NET", "body": "Shr 86 cts vs 62 cts\n Shr diluted 86 cts vs 59 cts\n Net 28.0 mln vs 18.3 mln\n Revs 513.5 mln vs 517.0 mln\n First half\n Shr 2.03 dlrs vs 1.78 dlrs\n Shr diluted 2.03 dlrs vs 1.61 dlrs\n Net 65.9 mln vs 50.0 mln\n Revs 1.11 billion vs 1.08 billion\n Avg shrs 32.4 mln vs 28.1 mln\n Avg shrs diluted 32.4 mln vs 32.4 mln\n NOTE: 1987 net includes gains of 645,000 dlrs, or two cts a\nshare, in quarter and 12,290,000 dlrs, or four cts a share,\nfrom reduced pension expense under new accounting procedures\n Net in both 1987 periods also includes gain of 4.0 mln\ndlrs, or 12 cts a share, from sale of land in Alabama.\n Reuter\n\u0003", "date": "19-MAR-1987 10:35:54.07", "topics": [ "earn" ], "places": [ "usa" ], "id": "7128" }, { "title": "CANADA RETAIL SALES FALL 0.1 PCT IN JANUARY", "body": "Canada's retail sales, seasonally\nadjusted, fell 0.1 pct in January after gaining 0.9 pct in\nDecember, Statistics Canada said.\n Retail sales fell to 11.98 billion dlrs from 11.99 billion\ndlrs in December, 1986. Unadjusted sales were 6.9 pct higher\nthan in January, 1986.\n In January, automobile sales fell 1.9 pct, department store\nsales slipped 3.2 pct and variety stores sales plunged 14 pct.\nThe declines were offset by a 5.5 pct increase in grocery store\nsales and a 9.9 pct gain in hardware sales.\n Reuter\n\u0003", "date": "19-MAR-1987 10:36:18.65", "topics": [ "retail" ], "places": [ "canada" ], "id": "7129" }, { "title": "SCAN-GRAPHICS TO MERGE WITH PUBLIC COMPANY", "body": "Scan-Graphics Inc said it will be\nacquired by Captive Venture Capital Inc, a public company,\nin a stock transaction approved by shareholders of both\ncompanies.\n As a result of the merger, the former shareholders of\nScan-Graphics will become the majority shareholders of Captive\nVenture Capital. The name of the corporation will be changed to\nScan-Graphics Inc and its borad of directors will be composed\nof individuals now on the Scan-Graphics board.\n Under the terms of the deal, Capitive Venture Capital will\nissue 1.6 mln shares of restricted convertible preferred stock,\nconvertible into 16 mln shares of common stock, in exchange for\nall outstanding stock of Scan-Graphics.\n Upon completing the deal, there will be 2,649,500 common\nshares of Capitive Venture Capital issued and outstanding, of\nwhich 149,500 shares will be held by the public.\n In addition, there are 95,050 tradeable class A warrants\nand 100,000 B warrants, each of which entitles the holder to\nbuy 10 shares of common stock at 1.25 dlrs and 1.50 dlrs,\nrespectively, a share.\n Scan-Graphics makes systems that allow users to convert\ngraphic documents, such as charts, maps and engineering\ndrawings, into computer data that can be displayed, edited and\nstored by computer.\n Currently, Captive Venture Capital stock is traded over the\ncounter and will soon trade under the Scan-Graphics name.\nApplication for Nasdaq listing is expected as soon as\nrequirements are met.\n Reuter\n\u0003", "date": "19-MAR-1987 10:37:26.84", "topics": [ "acq" ], "places": [ "usa" ], "id": "7130" }, { "title": "TELWATCH NAMES FORMER ATT EXEC AS PRESIDENT", "body": " said it named\nJames Edwards, former senior vice president of American\nTelephone and Telegraph, its president and chief executive\nofficer.\n Reuter\n\u0003", "date": "19-MAR-1987 10:38:07.79", "places": [ "usa" ], "id": "7131" }, { "title": "WISCONSIN POWER AND LIGHT CO VOTES PAYOUT", "body": "Qtly div 76 cts vs 76 cts prior qtr\n Pay 15 May\n Record 30 April\n Reuter\n\u0003", "date": "19-MAR-1987 10:38:21.00", "topics": [ "earn" ], "places": [ "usa" ], "id": "7132" }, { "title": "GOODMARK FOODS INC 2ND QTR FEB 22 NET", "body": "Shr 19 cts vs 18 cts\n Net 835,000 vs 794,000\n Sales 23.9 mln vs 20.5 mln\n Nine mths\n Shr 47 cts vs 91 cts\n Net 2,104,000 vs 3,489,000\n Sales 74.5 mln vs 65.2 mln\n Avg shrs 4,450,675 vs 3,822,894\n Reuter\n\u0003", "date": "19-MAR-1987 10:38:37.01", "topics": [ "earn" ], "places": [ "usa" ], "id": "7133" }, { "title": "AMERICAN ELECTRIC UNIT TO REDEEM DEBT", "body": "American Electric Power Co's\nIndiana and Michigan Electric Co said on June One it will\nredeem 64 mln dlrs principal amount of its 80 mln dlrs of\n11-3/8 pct first mortgage bonds due 1990 at par.\n Reuter\n\u0003", "date": "19-MAR-1987 10:41:34.79", "places": [ "usa" ], "id": "7134" }, { "title": "ECONOMIC SPOTLIGHT - U.S. DEFICIT WITH NICs", "body": "The U.S. trade deficit with Taiwan and\nKorea is expected to widen this year, despite some economic and\ncurrency adjustments by the two newly industrialized countries,\neconomists said.\n \"The surpluses that Taiwan and Korea ran with the U.S. in\n1986 will get bigger. This time next year, the U.S. will be\nscreaming at those countries about their exports,\" said Steve\nCerier of Manufacturers Hanover Trust Co.\n Taiwan is currently the third biggest exporter to the U.S.\nafter Japan and Canada, while Korea is the seventh largest.\n Faced with heightened protectionist sentiment in Congress,\nthe Reagan administration has been stepping up the rhetoric\nagainst Taiwan and Korea, urging those countries to allow their\ncurrencies to appreciate and lift impediments to free trade.\n The thrust has shifted to those newly industrialized\ncountries (NICs) amid signs the dollar's steep drop against the\ncurrencies of Japan and most EC nations -- previously the main\nfocus of the U.S. drive to cut its trade gap -- is beginning to\nclose the competiveness gap for American goods.\n U.S. Treasury secretary James Baker said recently that he\nexpects a reduction in Japan's trade surplus this year.\n But U.S. manufacturers still are losing markets on their\nown doorstep to Taiwan and Korea, whose currencies have not\nrisen as much as the yen and the mark. As major beneficiaries\nof soft oil prices and with low labor costs, Taiwanese and\nKorean exporters are well-placed to take up the slack.\n \"In 1986, the fashionable comment in Washington was\nJapan-bashing. Now it's NIC-bashing,\" said Robert Chandross, of\nLloyds Bank PLC.\n Asia's four main NICs -- Hong Kong, South Korea, Singapore\nand Taiwan -- accounted for almost one-fifth of the overall 170\nbillion dlr U.S. merchandise trade deficit for 1986.\n The U.S. trade gap with Taiwan rose to 15.7 billion dlrs in\n1986 from 13.1 billion in 1985, while the bilateral trade\ndeficit with South Korea grew to 7.1 billion from 4.8 billion.\n And preliminary U.S. data show that the growth trend is\ncontinuing. The U.S. trade shortfall with Taiwan was 1.6\nbillion dlrs in January, up 24.4 pct from a year earlier. The\ngap with Korea was 700 mln dlrs, up 24.8 pct from a year ago.\n Lately both nations have said they will take steps to\ndefuse incipient trade tensions. Korea said it is choosing many\nof the 122 items on which the U.S. wants it to cut import\ntariffs in order to deflect pressure for currency revaluation.\n Still, South Korean trade minister Rha Woong Bae said last\nweek that Korea would maintain a trade surplus for three to\nfive years as a way to cut its 44.5 billion dlr foreign debt.\n For its part, Taiwan said in January that it will cut\ntariffs on 1,700 goods sometime in the second half of 1987 and\ntry to diversify exports. But vice economic minister Wang\nChien-Shien said last month that he still does not expect\nTaiwan's trade surplus with the U.S. will fall in 1987.\n The NICs have made deep inroads into markets for textiles\nand electronic goods. But Korea is raising its profile in the\narea of \"big-ticket\" manufactured goods, notably cars.\n Korea expects its auto exports -- mostly for North America\n-- to balloon to 675,000 units in 1987 from zero in 1985.\n \"The NICs' exports are almost all manufactured goods. When\ntheir exports rise it hits the heart of the U.S. manufacturing\nbase. It cuts directly to us and to our customers,\" said Bob\nWendt, manager for economic studies at Bethlehem Steel Corp.\n The U.S. takes 90 pct of Korea's computer products exports,\n72 pct of its electrical appliances and 65 pct of its\ntelecommunications equipment.\n A recent study by Morgan Guaranty Trust Co says Taiwan and\nSouth Korea are the most pressing trade issue for the U.S.\n While Hong Kong and Singapore run trade surpluses with the\nU.S., these are offset by their deficits with other countries.\n But Taiwan and, to a lesser extent, South Korea, stand in\nmarked contrast. Both of these nations have moved rapidly into\nlarge bilateral surplus with the U.S. and major overrall trade\nand current account surpluses, the Morgan study says.\n Morgan expects Taiwan's overall trade surplus to grow to\n18.5 billion dlrs in 1987 from 15.2 billion last year, and\nKorea's to increase to 6.5 billion dlrs from 3.5 billion.\n Concern about the NICs is not confined to the U.S.\n \"A lot of Korea and Taiwan's exports to the U.S. have been\nat Japan's expense,\" said Richard Koss at General Motors Corp.\n February's Paris meeting of six major industrial powers\nexorted NICs to lower trade barriers and revalue currencies.\n But this two-pronged approach has drawn little response\nfrom the two nations so far and, in any case, will only work\nwith a sizeable lag, economists say.\n The U.S. has not said how much it thinks the Taiwan's and\nKorea's currencies should climb. The Taiwan dollar, which is\npegged to the U.S. dollar, has risen about 15 pct since\nSeptember 1985 while the Korean won has risen about five pct.\n But in real terms the Taiwan dollar has been flat against\nthe U.S. unit and the won has lost seven pct, economists say.\n \"We've not seen any lessening of competition from those\ncountries that we can attribute to currency changes,\" said\nBethlehem Steel's Wendt.\n And so far, U.S. pleas for Taiwan and Korea to use their\nhefty export earnings to import more have had little effect.\n Moreover, it is uncertain how far U.S. protectionism will\nget given the administration's free-trade stance. \"It's hard to\nsee that anything will be passed much before year-end. And then\nthe question is, will it have teeth?\" one economist said.\n \n Reuter\n\u0003", "date": "19-MAR-1987 10:42:17.15", "topics": [ "trade" ], "places": [ "usa", "taiwan", "south-korea", "hong-kong", "singapore" ], "id": "7135" }, { "title": "RANK XEROX TO SELL SOUTH AFRICAN UNIT", "body": "Xerox Corp's U.K. unit, Rank Xerox\nLtd, said it agreed in principle to sell its South African\ncompany, Rank Xerox South Africa Pty Ltd, to \nFintech unit.\n Terms of the deal were not disclosed.\n Altron said the acquisition was key to making Fintech an\noffice systems company.\n The South African Rank Xerox unit sells copiers and\nduplicators throughout South Africa and in Namibia (South West\nAfrica). It has over 800 employees, all of whom will be\nretained by Fintech when the deal closes, Rank Xerox said.\n Reuter\n\u0003", "date": "19-MAR-1987 10:44:18.29", "topics": [ "acq" ], "places": [ "usa", "south-africa" ], "id": "7136" }, { "title": "CBS SHAREHOLDER SETS CHALLENGE OF CHAIRMAN", "body": "Anthony R. Martin-Trigona\nsaid he plans to announce shareholder action against CBS Inc\nChairman Larry Tisch tomorrow.\n Martin-Trigona, a self-described public interest lawyer,\nannounced March 6 he is a candidate for the Democratic Party's\npresidential nomination in 1988. He said he has been a CBS\nstockholder since 1969.\n Martin-Trigona said he will announce the shareholder\nresolutions tomorrow while joining the picket line set up by\nWriters Guild of America members on strike against CBS.\n Reuter\n\u0003", "date": "19-MAR-1987 10:45:45.91", "places": [ "usa" ], "id": "7137" }, { "title": "GENEX NAMES NEW PRESIDENT AND CHIEF EXEC", "body": "Genex Corp said Gary Frashier\nwas elected its president and chief executive officer,\neffective April 1.\n The company said he replaces Leslie Glick.\n Frashier is currently chairman and chief executive officer\nof Continental Water Systems Corp, a wholly-owned subsidiary of\nOlin Corp .\n Reuter\n\u0003", "date": "19-MAR-1987 10:46:26.58", "places": [ "usa" ], "id": "7138" }, { "title": "COUNTRYWIDE CREDIT INDUSTRIES INC 4TH QTR", "body": "Feb 28 end\n Shr 44 cts vs 16 cts\n Shr diluted 37 cts vs 16 cts\n Net 5,378,000 vs 1,987,000\n Revs 26.8 mln vs 14.6 mln\n Avg shrs 12.4 mln vs 12.1 mln\n Shr 1.26 dlrs vs 45 cts\n Shr diluted 1.10 dlrs vs 45 cts\n Net 15.5 mln vs 5,401,000\n Revs 80.3 mln vs 46.4 mln\n NOTE: Share adjusted for stock dividends declared through\ntoday. \n Reuter\n\u0003", "date": "19-MAR-1987 10:48:00.03", "topics": [ "earn" ], "places": [ "usa" ], "id": "7139" }, { "title": "CANON USA ISSUES 10 MLN DLR FRN PRIVATE PLACEMENT", "body": "Canon USA Inc, wholly owned by Canon Inc\nof Japan, is issuing a 10 mln dlr floating rate note (FRN) due\nDecember 4, 1989, paying 0.18 pct over six-month London\nInterbank Offered Rate (LIBOR) and priced at 100-3/8, Yamaichi\nInternational (Europe) Ltd said as lead manager.\n Fees for the issue total 13/32 and payment date is March\n25.\n The issue has already been placed privately on an\ninternational basis and will not be listed.\n REUTER\n\u0003", "date": "19-MAR-1987 10:50:19.48", "places": [ "uk" ], "id": "7140" }, { "title": "COUNTRYWIDE CREDIT SETS HIGHER DIVIDEND", "body": "Countrywide Credit Industries\nInc said its board declared an eight ct per share quarterly\ndividend, up from seven cts last quarter, and a two pct stock\ndividend.\n The cash dividend is payable April 14 to holders of record\nMarch 30 and the stock dividend is payable April 17 to holders\nof record March 31.\n Reuter\n\u0003", "date": "19-MAR-1987 10:52:06.92", "topics": [ "earn" ], "places": [ "usa" ], "id": "7141" }, { "title": "BETHLEHEM STEEL DEBT DOWNGRADED BY S/P", "body": "Standard and Poor's Corp said it\ndowngraded Bethlehem Steel Corp's debt securities.\n Bethlehem has one billion dlrs of debt and preferred stock\noutstanding. Cut were its senior debt to CCC-plus from B-minus\nand subordinated debt to CCC-minus from CCC. S and P affirmed\nthe C-rated preferred, since preferred dividends were\ndiscontinued last year. \n S and P cited concerns over Bethlehem's viability over the\nintermediate term, rather than any immediate threat to\nsolvency. Its cash is strong relative to 1987 requirements, but\nwas accumulated through such means as asset sales.\n Reuter\n\u0003", "date": "19-MAR-1987 10:53:30.78", "places": [ "usa" ], "id": "7142" }, { "title": "MADAGASCAR COFFEE PRODUCTION SEEN LOWER IN 1987", "body": "Madagascar's available coffee\noutput is estimated at 80,725 tonnes this year, down from\n82,210 in 1986, due to a rundown of government agricultural\nservices and the poor state of feeder roads in rural areas,\nAgriculture Ministry sources said.\n This is after accounting for the loss of some 15,000 to\n20,000 tonnes due to the transport problems in the countryside,\nthey said.\n The sources did not give an estimate for exports in 1987,\nbut they noted that shipments declined to 37,200 tonnes last\nyear from 41,662 in 1985.\n Low yields from the country's ageing coffee plantations and\nprevalence of the fungal disease Hemileia Vastatrix also\ncontributed to the poor performance, the sources said.\n They pointed out that 52 pct of Madagascar's coffee bushes\nwere planted before 1930.\n The sources said Madagascar was still a long way from\nreaching the production target of 110,000 tonnes per year and\nthe export target of 63,000 tonnes outlined in the government's\n1986-1990 five-year plan.\n In order to reverse the decline in coffee production, the\ngovernment has decided to plant 20,000 hectares with\nhigh-yielding arabica and canephora varieties, the sources\nsaid.\n The planting programme will begin this year and is aimed at\nproducing 300 to 360 kilos per hectare of beans with a low\ncaffeine content.\n The sources added that Madagascar's plan to export roasted\ncoffee has failed to take off due to packaging problems. Only\n650 tonnes of roasted coffee were exported last year.\n Reuter\n\u0003", "date": "19-MAR-1987 10:54:00.81", "topics": [ "coffee" ], "places": [ "madagascar" ], "id": "7143" }, { "title": "PHILIPS MEDICAL SETS RESEARCH PROGRAM", "body": "Philips Medical Systems Inc, a\nunit of (North American Philips Corp), said a research program\nis underway at seven medical centers aimed at producing a new\nstandard of three-dimensional medical imaging systems.\n The goal is to provide doctors with quicker and better\ndiagnostic information about human organs. Current systems have\nlimited functions and can examine body parts such as limbs or\nthe skull but not functioning organs, according to a Philips\nMedical spokesman.\n The two-year program involves equipment from Philips and\nthree private companies: Cemax Inc, a Santa Clara, Calif.,\nmaker of three-dimensional computer graphics systems, Island\nGraphics Corp, a San Rafael, Calif., graphics software firm,\nand Pixar, also a San Rafael software concern.\n Philips holds about 10 pct each of Cemax and Island\nGraphics, the spokesman said, and is the exclusive worldwide\ndistributor of Cemax's 1500X computer graphics system.\n Philips also has an original equipment manufacturer\nagreement with Pixar.\n The institutions are Duke University Medical Center in\nDurham, N.C., Emory University, Atlanta, Johns Hopkins Medical\nInstitution, Baltimore, Washington University Medical Center,\nSt Louis, Mayo Clinic, Rochester, Minn., UCLA, Los Angeles, and\nthe University of Alabama, Birmingham.\n Reuter\n\u0003", "date": "19-MAR-1987 10:54:48.46", "places": [ "usa" ], "id": "7144" }, { "title": "FEDERAL PAPER BOARD TO SELL PREFERRED", "body": "Federal Paper Board Co Inc said\nit has filed for an offering of 140 mln dlrs of cumulative\nconvertible preferred stock, or 2,800,000 shares with a\nliquidation preference of 50 dlrs each, through underwriters\nFirst Boston Inc , Morgan Stanley Group Inc and\nPaineWebber Group Inc .\n The company said it will use proceeds to redeem on June 15\nall 125 mln dlrs of its 13 pct subordinated debentures due\n2000. The remainder will be added to general funds.\n Federal Paper said the preferred will be convertible into\ncommon stock.\n Reuter\n\u0003", "date": "19-MAR-1987 10:55:13.67", "places": [ "usa" ], "id": "7145" }, { "title": "EXCEL INDUSTRIES INC BOOSTS DIVIDEND", "body": "Qtly div nine cts vs eight cts prior qtr\n Pay 20 April\n Record 3 April\n Reuter\n\u0003", "date": "19-MAR-1987 10:55:17.54", "topics": [ "earn" ], "places": [ "usa" ], "id": "7146" }, { "title": "KNOWLEDGE DATA SYSTEMS NAMES CHAIRMAN", "body": "Knowledge Data Systems Inc said\nit named John Kerr chairman of the company, and named its\nformer chairman, Jon Jacoby, vice chairman.\n The company said Kerr was formerly president and co-founder\nof , and Jacoby is also its chief\nfinancial officer.\n Reuter\n\u0003", "date": "19-MAR-1987 10:55:23.06", "places": [ "usa" ], "id": "7147" }, { "title": "BAKER, FENTRESS AND CO VOTES DIVIDEND", "body": "Qtly div 25 cts vs 25 cts prior qtr\n Payable 10 June\n Record 15 May\n Reuter\n\u0003", "date": "19-MAR-1987 10:55:26.39", "topics": [ "earn" ], "places": [ "usa" ], "id": "7148" }, { "title": "AMCAST COMPLETES SALE OF NEWMAN DIVISION", "body": "Amcast Industrial Corp said it\ncompleted the sale of its Newman Division to Newman\nManufacturing Inc, a new company formed by Newman's employees.\n The sale price was not disclosed.\n Amcast said Newman's Kendallville, Indiana plant is one of\nthe country's largest producers of gray iron castings for the\nautomotive and commercial air conditioning and refrigeration\nindustries. It said the plant employs 300 people.\n Amcast said it decided to sell the division to move out of\nthe gray iron castings business.\n Reuter\n\u0003", "date": "19-MAR-1987 10:56:23.79", "topics": [ "acq" ], "places": [ "usa" ], "id": "7149" }, { "title": "U.S. ENERGY SECRETARY RULES OUT GASOLINE TAX", "body": "Energy Secretary John Herrington\nsaid he would rule out a tax on gasoline as one option to help\navert what his departmet has called the threat of increased\nreliance on foreign oil in the coming years.\n He said at a news conference that any recommendation he\nwould make would have to increase domestic production, not\ncause widespread economic hardship and have a minimal cost to\nthe U.S. taxpayer.\n On the grounds of increasing production, he said, \"I would\nrule out a gasoline tax.\"\n Herrington also repeated he would rule out an oil import\nfee because of the widespread dislocation it would cause -- the\nloss of about 400,000 jobs nationwide due to higher oil prices\nand a drop in the gross national product by about 32 billion\ndlrs.\n He said an increased depletion allowance, to 27.5 pct, on\nnew and enhanced production of oil and natural gas would be a\ncheap way to spur domestic production.\n He estimated this cost at about 200 mln dlrs a year.\n Herrington proposed the increased depletion allowance to\nthe White House Tuesday but the White House reaction was cool.\n The White House said it would study the proposal, but was\ngenerally oppposed to altering the national tax code, just\npassed last year.\n Herrington, asked his reaction to the White House reaction,\nsaid, \"If I were the White House, I would be cool, too.\"\n Reuter\n\u0003", "date": "19-MAR-1987 10:57:13.79", "topics": [ "gas", "crude" ], "places": [ "usa" ], "id": "7150" }, { "title": "WIND DAMAGES CONTINUES IN GREAT PLAINS--USDA", "body": "Land damaged by wind in the 10-state\nGreat Plains amount to nearly 3.7 mln acres so far this year,\none-third more than the 1970-84 average and 300,000 acres more\nthan the amount reported at this time last year, the U.S.\nAgriculture Department said.\n In addition to the land reported damaged, another 15 mln\nacres are unprotected and susceptible to wind damage, 34 pct\nmore than the 1970-84 average, but about one mln acres less\nthan last year.\n The states hardest hit were in the Northern Plains, where\nwind damaged 2.4 mln acres, an increase of 1.5 mln acres over\nthe amount reported a year ago, the department said.\n Suffering the most damage in the Northern Plains were\nMontana (1.3 mln acres), and North Dakota (518,500 acres.)\n Of the five Southern Plains states, only Colorado reported\nan increase in wind-damaged land over last year, it said.\n Texas, New Mexico, Oklahoma and Kansas reported a reduction\nin damaged land, due in part to emergency conservation tillage\npractices and in part to rainfall and weather conditions.\n Of the land damaged, 96.2 pct was cropland, 3.5 pct\nrangeland, and 0.9 pct was other land.\n Inadequate snow cover and high winds, coupled with a lack\nof erosion control practices such as windbreaks and\nconservation tillage, contributed to the increased wind damaged\nland in some areas, the department said.\n Data on wind damage is collected during November-June.\n Reuter\n\u0003", "date": "19-MAR-1987 10:57:43.19", "places": [ "usa" ], "id": "7151" }, { "title": "U.S. ENERGY CHIEF RULES OUT GASOLINE TAX AS WAY TO AVERT PENDING OIL CRISIS\n", "date": "19-MAR-1987 10:57:46.23", "topics": [ "gas", "crude" ], "places": [ "usa" ], "id": "7152" }, { "title": "N.C. FEDERAL SAVINGS ELECTS OFFICERS", "body": "North Carolina Savings and Loan\nAssociation elected J. Graham Harwood its chairman, and R.\nMartin Hall its president and chief operating officer.\n The company said the chairman's post has been vacant two\nand a half years.\n It also said Harwood, who was president, would retain his\nchief executive officer's position.\n Reuter\n\u0003", "date": "19-MAR-1987 10:59:26.80", "places": [ "usa" ], "id": "7153" }, { "title": "USDA ASKS TIGHT INSECT RULES FOR GRAIN SHIPMENTS", "body": "The U.S. Agriculture Department is\nproposing tighter federal standards setting allowable limits on\ninsect infestations in grain shipments.\n The changes in the standards would include the following:\n -- Establishing equal tolerances for the number of live\ninsects in shipments of food grains, feed grains and oilseeds.\n -- Revising the definition of \"infested\" to give equal value\nto all insects injurious to grain.\n -- Establishing lower levels of infestations. In 1988, the\ninfested level would be set at three or more live insects per\nrepresentative sample (about 100 grams), in 1990 two or more\ninsects, and in 1992 the final infestattion level would be set\nat one or more live insects per representative sample.\n -- Revising the definition of sample grade by adding a\nlimit of 10 live or dead insects per sample.\n -- Revising the definition of sample grade for wheat by\nadding a limit of 32 insect-damaged kernels per 100 grams of\nwheat.\n The department asked for public comments on the proposals\nby April 17.\n Reuter\n\u0003", "date": "19-MAR-1987 11:01:02.22", "topics": [ "grain" ], "places": [ "usa" ], "id": "7154" }, { "title": "PILLSBURY HURT BY RESTAURANT OPERATIONS", "body": "Pillsbury Corp, reporting lower\nearnings for the third quarter ended February 28, said a strong\nperformance by its Foods Group was offset by Restaurants Group\ndeclines.\n Excluding unusual items, it said restaurants operating\nprofit was down in the quarter 12 pct from a year ago as sales\nrose four pct.\n It said Burger King USA and Bennigan's reported higher\noperating profit, but profits fell sharply at Steak and Ale,\nwhich introduced a new menu.\n Pillsbury also reported lower profits at Distron, Burger\nKing's distribution arm, and said increased investment spending\non developing concepts - QuikWok, Bay Street and Key West Grill\n- hurt results.\n It said Foods operating profit, excluding unusual items,\nrose 10 pct with international operations and domestic breads\nand baking products major contributors to improvement in the\nquarter.\n A turnaround in grain merchandising was a major factor in\nprofit improvement for the nine months, Pillsbury said.\n Pillsbury said corporate expense showed a 4.3 mln dlr\nprofit in the quarter reflecting a 10.5 mln dlr gain on the\nsale of a joint interest in an Australian food company and\nlower corporate expenses, largely as a result of an early\nretirement program initiated a year ago.\n Earlier, Pillsbury reported fourth quarter earnings of 48.5\nmln dlrs, or 56 cts a share, down from 55.4 mln dlrs, or 63 cts\na share a year ago. Sales advanced to 1.53 billion dlrs from\n1.46 billion dlrs.\n Pillsbury said loss of investment tax credits under the\n1986 Federal Tax Reform Act reduced per-share earnings by nine\ncts in the quarter and 19 cts in the nine months.\n As a result of the act, it said its effective income tax\nrate rose eight points to 48.1 pct in the quarter and 5.5\npercentage points to 49.7 pct for the nine months.\n Reuter\n\u0003", "date": "19-MAR-1987 11:01:32.94", "topics": [ "earn" ], "places": [ "usa" ], "id": "7155" }, { "title": "PETROLANE PARTNERS UNITS OFFERED", "body": "Texas Eastern Corp said an\ninitial public offering of 12.5 mln units of its master limited\npartnership Petrolane Partners LP is under way at 20.50 dlrs\neach.\n Petrolane will own and operate Texas Eastern's domestic\nliquefied petroleum gas distribution business. Texas Eastern\nsaid it will retain a 45 pct interest in Petrolane.\n The company said closing of the sale of the assets is\nexpected March 26.\n Reuter\n\u0003", "date": "19-MAR-1987 11:01:53.73", "places": [ "usa" ], "id": "7156" }, { "title": "AGENCY RENT-A-CAR INC 4TH QTR JAN 31 NET", "body": "Shr 26 cts vs 21 cts\n Net 5,553,000 vs 4,307,000\n Revs 45.1 mln vs 34.2 mln\n Year\n Shr 86 cts vs 67 cts\n Net 18.2 mln vs 14.0 mln\n Revs 161.1 mln vs 118.3 mln\n NOTE: Share adjusted for stock dividends.\n Reuter\n\u0003", "date": "19-MAR-1987 11:02:18.73", "topics": [ "earn" ], "places": [ "usa" ], "id": "7157" }, { "title": "AGENCY RENT-A-CAR SETS STOCK DIVIDEND", "body": "Agency Rent-A-Car Inc said its board\ndeclared a five pct stock dividend, payable May 22 to holders\nof record on May 8.\n The company also said it plans to increase the size of its\nrental fleet in the year ending January 31 by 20 to 25 pct and\nexpand its rental office network.\n Reuter\n\u0003", "date": "19-MAR-1987 11:03:46.84", "topics": [ "earn" ], "places": [ "usa" ], "id": "7158" }, { "title": "FED EXPECTED TO TAKE NO MONEY MARKET ACTION", "body": "The Federal Reserve is expected to\nrefrain from reserve-management intervention in the U.S.\nGovernment securities market, economists said.\n If the Fed does act, however, they said it would be likely\nto add temporary reserves indirectly by arranging around 1.5\nbillion dlrs of customer repurchase agreements.\n Federal funds, which averaged 5.97 pct yesterday, opened at\nsix pct and remained there in early trading.\n Reuter\n\u0003", "date": "19-MAR-1987 11:04:48.67", "topics": [ "money-fx", "interest" ], "places": [ "usa" ], "id": "7159" }, { "title": "ASCS SEEKS OFFERS TO PROCESS CCC ROUGH RICE", "body": "The Agricultural Stabilization and\nConservation Service (ASCS) is seeking offers to process rough\nrice owned by the Commodity Credit Corporation (CCC) and\ndeliver about 27.0 mln pounds of milled rice for export\nshipment May 6-20 and May 21-June 5, an ASCS spokesman said.\n Offers must be received by 1300 CDT April 7, and successful\nofferors will be notified April 10.\n Reuter\n\u0003", "date": "19-MAR-1987 11:05:59.85", "topics": [ "grain", "rice" ], "places": [ "usa" ], "id": "7160" }, { "title": "EC MINISTERS AGREE NEED FOR BIG STEEL CLOSURES", "body": "European Community (EC) industry\nministers today declared there is a need for a massive round of\nclosures of steel plants to bring capacity in the 12-country\nbloc into reasonable balance with demand.\n The ministers were meeting to discuss a plan for voluntary\nplant closures drawn up by the industry lobby group Eurofer\nwhich it calculates would cost around 22,000 jobs.\n Diplomats said that in their initial reactions to the\nscheme, most ministers declared it was a useful basis for\ndiscussion, but did not go nearly far enough.\n Eurofer says it has identified scope for the closure of\nplants which have an annual capacity of 15.26 mln tonnes,\nprovided the companies concerned can be fully repaid by the EC\nor national governments for redundancy and other social costs.\n But EC Executive Commission sources said Industry\nCommissioner Karl-Heinz Narjes told ministers today that 30 mln\ntonnes of annual capacity was excess to requirements and should\nbe closed by the end of 1990.\n He said the Eurofer plan in particular fails to pinpoint\nthe scope for closure in heavy hot-rolled wide-strip products,\ntypically produced in plants employing thousands of people.\n The sources said no minister challenged Narjes' analysis\nthat four or five hot-rolled wide-strip lines would have to\nclose.\n They said ministers agreed that the Eurofer plan should be\nexpanded and developed through meetings among the industry\nbody, the Commission and representatives of member states.\n However, diplomats said it was clear from today's\ndiscussions that such meetings will be difficult.\n They said member states are split on whether to reduce the\nscope of a quota production system, which at present protects\nEC steelmakers from the full force of competition for 65 pct of\ntheir products, while talks on the closure plan proceed.\n It was also clear that there will be tough talks on which\nEC member states should bear the brunt of the closures and on\nhow much funding for help to those thrown out of work should\ncome from Community coffers.\n German minister Martin Bangemann said his country's steel\nindustry, the largest in the EC, should not suffer\nproportionately more than others, German sources said.\n But British diplomats said their minister, Giles Shaw,\ninsists that the profitability of companies should be taken\ninto account.\n The state owned British Steel Corporation, benefitting from\nmassive recent write-offs of its accumulated debts, is\ncurrently one of the few EC steel companies in the black.\n Ministers were this afternoon trying to agree a joint\nstatement on the Eurofer plan and the situation in the\nindustry.\n Reuter\n\u0003", "date": "19-MAR-1987 11:06:19.13", "topics": [ "iron-steel" ], "organisations": [ "ec" ], "places": [ "belgium" ], "id": "7161" }, { "title": "AMERICAN ELECTRIC UNIT TO REDEEM PREFERRED", "body": "American Electric Power Co's Ohio\nPower Co subsidiary said that on June 1 it will redeem 40,000\nof its 177,760 shares of Series A 14 pct cumulative preferred\nshares at par value of 100 dlrs per share.\n Reuter\n\u0003", "date": "19-MAR-1987 11:06:53.13", "places": [ "usa" ], "id": "7162" }, { "title": "REPLIGEN TO SEEK AIDS VACCINE TESTING", "body": "Repligen Corp said it intends\nto file an investigational new drug application to the Food and\nDrug Administration seeking permission to test its AIDS vaccine\nin humans by the early summer.\n Repligen said the human tests could begin by the end of the\nyear.\n \"We are sufficiently encouraged and impressed by the work\nto date to go ahead with a clinical trial,\" said Michael Egan,\nmanager of business development for Repligen, a biotechnology\ncompany.\n Repligen's Egan said the vaccine contains a subfragment of\nthe protein coat of the AIDS virus. In animal tests, which\nincluded primates, Egan said the vaccine provoked neutralizing\nantibodies to the AIDS virus and broader cellular immunity.\n Egan said the approach Repligen is using to deliver its\nvaccine, using standard vaccine methods, may be safer than\nvaccines using a live smallpox virus to carry proteins found on\nthe surface coat of the AIDS virus.\n Yesterday, Bristol-Myers Co said it would seek\nregulatory permission to test its AIDS vaccine, which uses a\nsmallpox virus, in humans by the end of the month.\n Repligen's AIDS vaccine is a collaborative effort of the\ncompany, Centocor Inc , Duke University Medical School\nand the National Cancer Insitutes. The research teams are\ndirected by John Ghrayeb of Centocor, Scott Putney of Repligen,\nDani Bolognesi at Duke and Robert Gallo and Flossie Wong-Staal\nat the National Cancer Institute.\n Although there are several AIDS vaccine candidates, experts\nbelieve that development of a safe and effective vaccine is a\nlong ways away. Moreover, seeking approval to test a vaccine is\nonly the first step in a long process of verifying if the\nvaccine actually will prevent infection.\n\n Reuter\n\u0003", "date": "19-MAR-1987 11:07:17.33", "places": [ "usa" ], "id": "7163" }, { "title": "GANDALF INTRODUCES NEW PRODUCTS", "body": "Gandalf Technologies Inc said it\nintroduced two new products, one of which allows its private\nautomatic computer exchange networking systems to connect\ndirectly to Digital Equipment Corp 's Unibus-equipped\ncomputers.\n The company said its new VGS 2518 communications gateway\nserver provides a high capacity pathway for high speed\nasynchronous data transfer between Unibus systems and Gandalf's\nPACX 200 and PACX 2000 systems. Gandalf said it is the first in\na series of high bandwidth gateway servers it plans to\nintroduce this year.\n Gandalf said its other new product is the MUX 2000\nmultiplexing system, which offers a mix of voice and data\ncapabilities and allows users to select from among four Gandalf\nmultiplexing elements.\n The company said this flexibility will be attractive to\nlarge users. \"The larger the network, the more likely that\nflexible multiplexing solutions are required,\" a Gandalf\nstatement said.\n Reuter\n\u0003", "date": "19-MAR-1987 11:07:58.08", "places": [ "canada" ], "id": "7164" }, { "title": "PARLEX APPOINTS CHIEF OPERATING OFFICER", "body": "Parlex Corp said it named Robert\nCyr to its newly-created post of chief operating officer.\n Cyr, 44, has been the company's senior vice president, the\ncompany said.\n Reuter\n\u0003", "date": "19-MAR-1987 11:08:18.59", "places": [ "usa" ], "id": "7165" }, { "title": "MURGOLD RESOURCES DETAILS ASSAYS", "body": "Murgold Resources Inc said assays\nreceived from 320 feet of drifting on the number-three vein at\nthe Chester Township property south of Timmins, Ontario,\nindicate an average of 0.528 ounce of gold per ton across an\naverage width of five feet for the 320-foot length.\n The last working face assayed 0.422 ounce of gold per ton\nacross 8.5 feet and the drift will be continued eastward from\nthat point, the company said.\n \n Reuter\n\u0003", "date": "19-MAR-1987 11:09:10.39", "topics": [ "gold" ], "places": [ "canada" ], "id": "7166" }, { "title": "(CORRECTED) - FEDERAL PAPER BOARD CO PAYOUT", "body": "Qtly div 17.5 cts vs 17.5 cts in prior qtr\n Payable April 15\n Record March 31\n (Company corrects amount of previous payment in MARCH 18\nitem to show there was no change)\n Reuter\n\u0003", "date": "19-MAR-1987 11:09:47.63", "topics": [ "earn" ], "places": [ "usa" ], "id": "7167" }, { "title": "ALCOA TO SELL AMERICAN POWDERED METALS", "body": "Aluminum Co of America said it has\nsigned a letter of intent to sell its American Powdered Metals\nCo subsidiary to R.W. Technology Inc for undisclosed terms,\nwith completion expected in early May.\n American Powdered makes metal parts for various industries.\n Reuter\n\u0003", "date": "19-MAR-1987 11:09:52.80", "topics": [ "acq" ], "places": [ "usa" ], "id": "7168" }, { "title": "ACCOUNTING GROUP SETS COMPUTER COST GUIDELINES", "body": "The National Association of\nAccountants said it has a set of guidelines to account for\ncosts from internal use of computers.\n The Association said Statement No. 4F, written by the\nManagement Accounting Practices Committee, advises that users\ngenerally should be charged for services furnished by an\ninformation system.\n The Association said users can measure internal computing\ncosts against costs charged by outside vendors. But it said a\ncompany may not want to allocate costs when attempting to\nencourage use of a new system.\n\n Reuter\n\u0003", "date": "19-MAR-1987 11:10:12.89", "places": [ "usa" ], "id": "7169" }, { "title": "BANCA MONTE DI PARMA ISSUING EUROCERTIFICATES", "body": "Banca del Monte di Parma said it\nwill issue up to 20 mln dlrs of euro-certificates of deposit on\nthe euromarket.\n Samuel Montagu of London would be dealer for the programme,\nwhile Euromobiliare Ltd would be involved in placing the\ncertificates with institutional investors, the bank said.\n Maturities on the certificates will be between seven and\n365 days.\n REUTER\n\u0003", "date": "19-MAR-1987 11:10:47.31", "places": [ "italy" ], "id": "7170" }, { "title": "WESTERN WATER SUPPLIES MAY BE PROBLEM - USDA", "body": "The water supply outlook for most of\nthe Western U.S. states this summer looks dim, the U.S.\nAgriculture Department said.\n Snowpack and precipitation were well below normal\nthroughout much of the West as of last week.\n Eight of the 12 states in which the department collects\ndata reported snowpack and precipitation at three-quarters or\nless of normal.\n It said unless late winter snows or spring rains bring\nrelief, these states can expect possible water shortages this\nsummer.\n Major water users, including agricultural producers,\nmunicipalities and industry, should begin conservation measures\nnow to avoid water rationing later, USDA said.\n The department said California, one of the country's major\nagricultural producers, is the driest, with snowpack and\nprecipitation so far this year at less than half of normal.\n Nevada, Idaho, Utah, Montana, Wyoming, Oregon and\nWashington also report significant shortages despite pockets of\nnear normal to above noral rainfall in some areas, the\ndepartment said.\n Arizona and Alaska have higher than normal snowpack and\nprecipitation, while Colorado and New Mexico are near normal,\nit said.\n The western water supply forecast is based on the latest\nsnow surveys and analyses of precipitation data by the\ndepartment and the National Weather Service.\n Reuter\n\u0003", "date": "19-MAR-1987 11:11:33.84", "places": [ "usa" ], "id": "7171" }, { "title": "APPLIED DNA SYSTEMS NAMES NEW OFFICERS", "body": "Applied DNA Systems Inc said Kenneth\nBlackman was named vice president and chief operating officer,\nand its chairman, Donald Bachmann, was named to the additional\npost of chief executive officer.\n The company said the company position of president will be\nleft vacant with the retirement of Maurice Sussman, who was\nalso the chief executive officer.\n The company said the chief operating officer's post is\nnewly created.\n Blackman was executive vice president and chief operating\nofficer with \n\n Reuter\n\u0003", "date": "19-MAR-1987 11:12:34.09", "places": [ "usa" ], "id": "7172" }, { "title": "COLONIAL MUNICIPAL INITIAL OFFERING STARTS", "body": "Colonial Municipal Income Trust\nsaid an initial public offering of 26 mln shares is under way\nat 10 dlrs each through underwriters led by Morgan Keegan Inc\n, Bateman Eichler, Hill Richards Inc and Piper, Jaffray\nand Hopwood Inc.\n Underwriters have been granted an option to purchase up to\n3,900,000 more shares to cover overallotments.\n Reuter\n\u0003", "date": "19-MAR-1987 11:14:29.41", "places": [ "usa" ], "id": "7173" }, { "title": "BRITOIL SEES LOWER U.K. EXPLORATION EXPENDITURE", "body": "Britoil Plc's exploration\nexpenditure for the U.K. In 1987 was likely to be only about a\nthird of the level in 1986, though overseas expenditure would\nremain approximately the same, Chief executive David Walker\nsaid.\n He told reporters following the release of the company's\n1986 figures that project expenditure would also remain at 1986\nlevels.\n U.K. Project expenditure in 1986 rose to 208 mln stg from\n184 mln while exploration expenditure dropped to 87 mln from\n156 mln. Overseas exploration fell to 28 mln from 58 mln in\n1985.\n Earlier, Britoil posted a drop in pretax profit for 1986 to\n134 mln stg from 759 mln in 1985, before an extraordinary\ncharge of 50 mln stg on the company's U.S. Assets. The results\nwere slightly better than analysts forecast and the share\nfirmed to 231p from 222p at last night's close. Chairman Sir\nPhilip Shelbourne said the collapse in the oil price in 1986\nhad made the period extremely difficult but the company had\ncome through remarkably well.\n Provided the recovery in oil prices was maintained, the\nconditions would be right for a substantially improved\nperformance this year.\n He added that the firmness of oil prices in March, when\nthey were normally weaker, made him \"a bit encouraged\" about the\nprospects for future levels.\n Walker added that Britoil would feel confident if the price\nstayed within a band of 15 dlrs to 20 dlrs a barrel.\n Britoil had received some 100 responses to its announcement\nof a desire to sell the assets and was asking for bids by the\nlatter part of April.\n End-year reserves rose to 603 mln barrels of oil compared\nwith 503 mln previously. However, Walker noted that this\nincluded a revised definition of reserves.\n If 1985 figures were restated along the same lines, the\nreserve figure would show a drop from 720 mln barrels\npreviously.\n Gas reserves also eased to 3,568 billion cubic feet from a\nrestated 3,660 billion.\n\u0003", "date": "19-MAR-1987 11:16:35.27", "topics": [ "crude", "earn", "nat-gas" ], "places": [ "uk" ], "id": "7174" }, { "title": "GTE SELLS DEBENTURES YIELDING 8.737 PCT", "body": "GTE Corp is raising 250 mln dlrs\nthrough an offering of debentures due 2017 yielding 8.737 pct,\nsaid sole underwriter UBS Securities Inc.\n UBS, the U.S. unit of Union Bank of Switzerland, won the\nissue in competitive bidding against syndicates led by such\nmajor U.S. houses as First Boston and Morgan Stanley.\n UBS has become the second foreign firm to manage an issue\nin the domestic debt market this year, following Daiwa\nSecurities America Inc. However, investment bankers noted that\nUBS was the first foreigner to break into the U.S. market when\nit won a competitive bidding in June 1986.\n An officer on UBS's corporate syndicate desk said the GTE\nissue is the fourth that the securities firm has managed.\n UBS bid the GTE debentures at 97.0025 and set a coupon of\n8-1/2 pct and reoffering price of 97.50 to yield 112 basis\npoints over the off-the-run 9-1/4 pct Treasury bonds of 2016.\n Non-refundable for 10 years, the issue is rated A-3 by\nMoody's and A-minus by Standard and Poor's.\n GTE last tapped the debt market when it sold on November\n20, 1986, 250 mln dlrs of same-maturity, same-rated debt priced\nto yield 9.388 pct, or 174 basis points over comparable\nTreasury paper, underwriters noted.\n Underwriters said that two of the UBS-lead offerings were\nnegotiated deals. UBS won the other two issues in competitive\nbidding acting as sole underwriter.\n Daiwa, the U.S. unit of Daiwa Securities Co Ltd of Japan,\nran the books for a March 11 offering of 200 mln dlrs of\n10-year notes of Rockwell International Corp ,\nunderwriters noted.\n Thus far, Nomura Securities International Inc is the only\nother foreign firm to manage a U.S. debt offering. The U.S.\nunit of Nomura Securities Co Ltd of Japan, acting as sole\nunderwriter, won a competitive issue in early December 1986.\n Reuter\n\u0003", "date": "19-MAR-1987 11:19:04.06", "places": [ "usa" ], "id": "7175" }, { "title": "IRANIAN PARLIAMENT APPROVES ENLARGED BUDGET", "body": "Iran's budget for the fiscal year\nstarting on Saturday forecasts revenue of 50.3 billion dlrs, a\n15 pct increase from this year, figures published by the\nIranian news agency IRNA show.\n IRNA, quoting figures supplied by the head of the Majlis\n(parliament) budget and planning committee, said spending for\nthe war with Iraq was up by 3.6 billion dlrs, but gave no\noverall figure.\n Oil revenue has been set at 11.74 billion dlrs, with\naverage exports of 1.5 mln barrels per day (bpd) at 16 dlrs per\nbarrel.\n REUTER\n\u0003", "date": "19-MAR-1987 11:20:26.67", "places": [ "iran" ], "id": "7176" }, { "title": "U.K. REVISES RETAIL PRICE INDEX FROM FEBRUARY", "body": "The U.K. Government tomorrow will\nrelease the first of its Retail Price Index (RPI) figures\ncalculated on a revised group of components and rebased on\nJanuary 1987, as previously announced, the Employment\nDepartment said.\n The index, Britain's measure of inflation, is for February.\nEarlier data will not be revised as there are no equivalent\nfigures including the new components, a spokesman said.\n Previously, the RPI base was January, 1974.\n Market forecasts centre on a 0.4-0.5 pct monthly rise in\nFebruary and a year on year rate about 4.0 pct. The government\nforecasts annual inflation will be 4.0 pct at the end of 1987.\n REUTER\n\u0003", "date": "19-MAR-1987 11:21:27.50", "topics": [ "cpi" ], "places": [ "uk" ], "id": "7177" }, { "title": "MR. JAX FASHIONS IN PRIVATE PLACEMENT", "body": " said it agreed to sell 600,000 common shares to Pemberton\nHouston Willoughby Bell Gouinlock Inc and Dominion Securities\nInc, which the buyers will offer at 13-5/8 dlrs per share to\ninstitutional investors.\n Closing is expected on April 30, subject to completion of\nnecessary regulatory filings. Mr. Jax said proceeds will be\nused for internal growth and potential acquisitions.\n Reuter\n\u0003", "date": "19-MAR-1987 11:21:46.97", "places": [ "canada" ], "id": "7178" }, { "title": "RACAL ANNOUNCES U.S. UNIT AND MARKETING AGREEMENT", "body": "Racal Electronics Plc announced\nthe formation of a new company of Orange\nCounty California, as well as a co-operative marketing\nagreement between the new company and of the U.S.\n Racal said the new company, a part of the Racal-Chubb data\nsecurity operation, will sell proven data security devices and\nsystems into the U.S. Where experts believe computer fraud\ncould be costing users as much as five billions dlrs a year.\nThe agreement enables users of GE's worldwide teleprocessing\nservices to combat fraud against financial institutions.\n REUTER\n\u0003", "date": "19-MAR-1987 11:22:56.12", "places": [ "usa", "uk" ], "id": "7179" }, { "title": "GUINNESS BOARD SEEKS REMOVAL OF SAUNDERS, WARD", "body": "Guinness Plc said its board had\nagreed to put an extraordinary motion at the group's annual\nmeeting to remove former chairman Ernest Saunders and\nnon-executive Thomas Ward as directors.\n The meeting will be held on May 27.\n Saunders resigned as chairman and chief executive in\nJanuary following the start of a Trade Department inquiry into\nthe group's takeover bid for .\n Finance director Olivier Roux later quit from his executive\nposition and from the board but Saunders and Ward remained as\ndirectors.\n REUTER\n\u0003", "date": "19-MAR-1987 11:23:37.66", "places": [ "uk" ], "id": "7180" }, { "title": "ADVANCED MARKETING INITIAL OFFER UNDER WAY", "body": "Lead underwriter Muller and Co Inc\nsaid an initial public offering of 500,000 units of is under way at eight dlrs a unit.\n Each unit consists of four common shares and one Class A\nwarrant allowing the purchase of one common share and one Class\nB warrant from March 25, 1987 until March 18, 1992.\n Each Class B warrant will allow the holder to buy one\ncommon share at 2.80 dlrs during the same period.\n Reuter\n\u0003", "date": "19-MAR-1987 11:23:45.92", "places": [ "usa" ], "id": "7181" }, { "title": "DOMTAR TO ISSUE 100 MLN DLRS OF DEBENTURES", "body": " said it filed a\npreliminary prospectus for an issue of 100 mln dlrs of 10 pct\ndebentures, to be offered at 99-3/4 to yield 10.03 pct and to\nmature April 15, 2011.\n Underwriters are Levesque, Beaubien Inc, Wood Gundy Inc,\nBurns Fry Ltd and Nesbitt Thomson Deacon Ltd.\n Reuter\n\u0003", "date": "19-MAR-1987 11:24:26.33", "places": [ "canada" ], "id": "7182" }, { "title": "BLINDER INTERNATIONAL LOANS 4 MLN DLRS", "body": "Blinder International\nEnterprises Inc said it will loan four mln dlrs to Cattle Baron\nInc, a subsidiary of Source Venture Capital .\n The loan will be used to contruct the Cattle Baron casino\nand restaurant to be located in Henderson, Nev., the company\nsaid.\n Reuter\n\u0003", "date": "19-MAR-1987 11:24:34.74", "places": [ "usa" ], "id": "7183" }, { "title": "SAND TECHNOLOGY SYSTEMS 2ND QTR NET", "body": "ended January 31\n Shr nil vs nil\n Net profit 351,000 vs loss 243,000\n Sales 7,050,000 vs 7,012,000\n Avg shrs 106,780,000 vs 93,666,000\n Six mths\n Shr loss one ct vs loss one ct\n Net loss 999,000 vs loss 563,000\n Sales 10.6 mln vs 13.0 mln\n Avg shrs 106,641,000 vs 92,986,000\n Reuter\n\u0003", "date": "19-MAR-1987 11:24:48.85", "topics": [ "earn" ], "places": [ "canada" ], "id": "7184" }, { "title": "RYAN'S FAMILY STEAK HOUSE SETS SPLIT", "body": "Ryan's Family Steak Houses Inc\nsaid its board declared a three-for-one stock split, payable\nMay 20 to holders of record May 6.\n The company said the split is subject to shareholder\napproval of an increase in authorized shares to 100 mln from 20\nmln at the April 22 annual meeting.\n Reuter\n\u0003", "date": "19-MAR-1987 11:26:40.02", "topics": [ "earn" ], "places": [ "usa" ], "id": "7185" }, { "title": "NEW NYMEX CHAIRMAN BRADT SETS MERGER PRIORITIES", "body": "William Bradt, new chairman of the New\nYork Mercantile Exchange, NYMEX, said his priorities are to\nmerge the exchange with other futures exchanges at the World\nTrade Center and to reallocate space on the crowded NYMEX\nfloor.\n Bradt, a local trader and member of the board of governors,\nassumed his duties yesterday and met reporters.\n \"If all four exchanges become one, we would save incredible\ncosts and become more competitive to Chicago,\" Bradt told\nReuters.\n Bradt was referring to a merger among the four exchanges at\nthe Commodity Exchange Center, an idea that has been discussed\nintermittently for several years.\n The four exchanges -- the Commodity Exchange, the Coffee,\nSugar and Cocoa Exchange, and the New York Cotton Exchange in\naddition to the NYMEX -- are all located on a single floor at\nthe World Trade Center.\n Bradt said he would address the problem of space shortages\non the exchange floor by reallocating booth space among the\nmembers, including sharing of booths.\n \"If you are a company with potential business for the Merc,\nyou should get a booth,\" he said, adding that an exchange\ncommittee is studying the problem.\n The election of Bradt, and of local trader Vincent Viola as\nan at-large member, increases representation of locals on the\n15 member board to five members from four, according to a NYMEX\nspokesman.\n Bradt defeated vice chairman Stanley Meierfeld by a vote of\n315 to 217. He will serve a two-year term and succeeds Michel\nMarks, who decided not to seek reelection after serving as\nchairman since 1978.\n Zoltan Guttman was elected vice chairman and Thomas McMahon\nwas elected as trade house representative.\n John Tafaro, owner of Tafaro Brokerage, was reelected as\nfloor broker representative on the board, and George Gero, a\nvice president of Prudential-Bache Securities, was reelected as\nfutures commission merchant representative.\n Reuter\n\u0003", "date": "19-MAR-1987 11:27:09.92", "places": [ "usa" ], "id": "7186" }, { "title": "D/P LOWERS MINNESOTA POWER DEBT RATING", "body": "Duff and Phelps said it lowered its\nratings assigned to Minnesota Power and Light Co's fixed income\nsecurities, covering about 442 mln dlrs in debt.\n The first mortgage bonds were lowered to D/P-7 (low single\nA) from D/P-4 (low double A), and the preferred stock to D/P-8\n(high triple B) from D/P-5 (high single A), it said.\n The ratings reflect continuing erosion of a major segment\nof its sales base as the outlook for the taconite industry\ncontinues to be depressed, D/P said.\n Reuter\n\u0003", "date": "19-MAR-1987 11:27:38.89", "places": [ "usa" ], "id": "7187" }, { "title": " French official reserves 388.68 billion francs at end Feb vs 375.95 billion end Jan\n", "date": "19-MAR-1987 11:27:43.17", "topics": [ "reserves" ], "places": [ "france" ], "id": "7188" }, { "title": "INERTIA DYNAMICS TO PAY STOCK DIVIDEND", "body": "Inertia Dynamics Corp said it\ndeclared a 50 pct stock dividend, payable May 1 to shareholders\nof record April 3.\n Reuter\n\u0003", "date": "19-MAR-1987 11:29:18.95", "topics": [ "earn" ], "places": [ "usa" ], "id": "7189" }, { "title": "CSP INC 2ND QTR FEB 28 NET", "body": "Shr one ct vs 21 cts\n Net 24,000 vs 612,000\n Sales 2,061,000 vs 3,914,000\n 1st half\n Shr eight cts vs 43 cts\n Net 223,000 vs 1,220,000\n Sales 4,584,000 vs 7,912,000\n Reuter\n\u0003", "date": "19-MAR-1987 11:30:57.56", "topics": [ "earn" ], "places": [ "usa" ], "id": "7190" }, { "title": "PUBLISHERS EQUIPMENT CORP YEAR NET", "body": "Shr profit eight cts vs loss 23 cts\n Net profit 251,000 vs loss 731,000\n Revs 29.1 mln vs 25.9 mln\n Backlog 18.9 mln vs 12.5 mln\n Reuter\n\u0003", "date": "19-MAR-1987 11:31:04.40", "topics": [ "earn" ], "places": [ "usa" ], "id": "7191" }, { "title": "CAVALIER HOMES INC 4TH QTR NET", "body": "Shr 10 cts vs 14 cts\n Net 191,465 vs 193,799\n Sales 7,160,945 vs 6,576,670\n Avg shrs 2,000,565 vs 1,400,000\n Year\n Oper shr 33 cts vs 50 cts\n Oper net 605,725 vs 694,785\n Sales 23.3 mln vs 22.1 mln\n Avg shrs 1,840,692 vs 1,400,000\n NOTE: 1985 year net excludes 30,000 dlr tax credit.\n Reuter\n\u0003", "date": "19-MAR-1987 11:31:22.54", "topics": [ "earn" ], "places": [ "usa" ], "id": "7192" }, { "title": "COLONIAL COMMERCIAL CORP 4TH QTR NET", "body": "Shr not given\n Oper net profit 405,914 vs loss 145,380\n Revs 2,446,901 vs 1,295,187\n Year\n Shr not given\n Oper net profit 1,211,465 vs loss 178,101\n Revs 9,085,222 vs 4,995,735\n NOTE: Earnings from 1983 on benefit preferred shareholders\nuntil preferred shareholders' equity equals or exceeds\nliquidating and mandatory redemption values.\n Reuter\n\u0003", "date": "19-MAR-1987 11:32:07.78", "topics": [ "earn" ], "places": [ "usa" ], "id": "7193" }, { "title": "ALCATEL CIT WINS SWEDISH MILITARY CONTRACT", "body": "Alcatel Cit , the newly\nestablished French subsidiary of Alcatel NV which now runs the\nworldwide telecommunications activities of ITT Corp ,\nhas won a 15 mln franc contract from the Swedish armed forces\nfor transmission equipment, Alcatel said in a communique here.\n The order is for multiplexing equipment and falls within\nthe framework of a 50 mln franc sales contract obtained by\nAlcatel in 1982, it added.\n Alcatel NV is a joint venture between ITT and France's\nstate-owned Cie Generale d'Electricite .\n REUTER\n\u0003", "date": "19-MAR-1987 11:33:11.07", "places": [ "france", "sweden" ], "id": "7194" }, { "title": "PACIFIC TELESIS UP ON SMITH BARNEY OPINION", "body": "The stock of Pacific Telesis Group\nrose 1/2 to 54-1/8 in active trading after analyst Charles\nSchelke of Smith Barney upgraded a recommendation on the stock\nto \"buy\" from \"accumulate,\" traders said.\n Schelke was unavailable for comment.\n Traders familiar with the opinion said the recommendation\nnoted that a possible operating rate reduction had already been\ndiscounted in the stock yesterday when it fell 1-7/8, making\nthe stock a good buy today.\n Reuter\n\u0003", "date": "19-MAR-1987 11:35:55.66", "places": [ "usa" ], "id": "7195" }, { "title": "PANAMA CANAL OFFICIAL CONFIRMS NO 1988 TOLL RISE", "body": "Panama Canal toll charges will not rise\nin the year to end-September 1988, despite last October's\nlandslide which dumped 0.5 mln cubic yards of debris into the\nwaterway, Canal Commission Administrator Dennis McAuliffe said.\n He told a press conference that in confirming the\nCommission's earlier announcement of unchanged tolls for 1988,\nhe was not necessarily implying there would be a rise in 1989.\n The canal would probably make a five to six mln dlr loss in\nthe current financial year but this could be carried over and\nmet from next year's revenues.\n This year's deficit resulted from the landslide which cost\nthe canal about 15 mln dlrs, McAuliffe said. This included\neight to nine mln dlrs in immediate costs with the rest being\nspent on earth-moving operations to prevent any further\nlandslides.\n He said the landslide was not caused by deforestation and\nhe described as grossly exaggerated reports that there was any\nthreat to the canal's water supply in the foreseeable future.\n Studies concerning the possibility of widening the Gaillard\ncut would not be affected by the landslide, he said, adding\nthat he expected the canal board to determine whether and when\nthe canal needed widening by January 1988 at the latest.\n Reuter\n\u0003", "date": "19-MAR-1987 11:36:36.40", "topics": [ "ship" ], "places": [ "panama" ], "id": "7196" }, { "title": "MOODY'S DOWNGRADES MERRILL LYNCH AND CO INC ISSUES, AFFECTING SIX BILLION DLRS\n", "date": "19-MAR-1987 11:36:42.86", "id": "7197" }, { "title": "TELE-ART EXTENDS WARRANTS", "body": "Tele-Art Inc said its class A warrants\nwhich were due to expire March 19 have been extended to April\n18.\n Tele-Art designs and manufactures digital watches and\nclocks.\n Reuter\n\u0003", "date": "19-MAR-1987 11:37:44.75", "places": [ "usa" ], "id": "7198" }, { "title": "RICHARDSON TO BUY ITALIAN SEMICONDUCTOR FIRM", "body": "Richardson Electronics Ltd said it\nagreed to buy for undisclosed terms, G.E.B., Giant Electronics\nBrand, a Florence, Italy-based distributor of electron tubes\nand semiconductors.\n Reuter\n\u0003", "date": "19-MAR-1987 11:38:10.30", "topics": [ "acq" ], "places": [ "usa", "italy" ], "id": "7199" }, { "title": "SEC DETAILS CHARGES AGAINST JEFFERIES", "body": "Federal regulators said Boyd\nJefferies, who resigned as head of his Los Angeles brokerage\nfirm, took part in schemes to manipulate the price of a stock\nand in a stock \"parking\" plot with inside trader Ivan Boesky.\n In a civil complaint filed in U.S. District Court in New\nYork, the Securities and Exchange Commission said Jefferies\nagreed with an unidentified person to have his firm buy up a\nlarge chunk of stock being issued in a public offering.\n Under the agreement, the firm, Jefferies and Co, drove the\nprice of the stock up by one-eighth point by buying four blocks\nof the stock at or near the close of trading, the SEC said.\n Jefferies and Co's purchases of the unidentified stock\naccounted for 66 pct of the total trading volume of the stock\non that day and were aimed at manipulation, the SEC said.\n The complaint did not identify the company whose stock was\nbeing traded, but said that the Jefferies and Co purchases took\nplace sometime last year when another unidentified company,\nwhich owned a controlling interest in the company, sold several\nmillion shares of the stock in a secondary public offering.\n The stock purchases were made on the New York Stock\nExchange and the Pacific Stock Exchange, the SEC said.\n The person who made the alleged stock manipulation\nagreement with Jefferies was also not identified.\n But the person was later billed by Jefferies and Co in a\nphony invoice marked for investment banking services for the\nexact amount the firm lost on the deal when it later sold the\nstock on the open market, the SEC said.\n The payment, the amount of which was also not revealed in\nthe complaint, was made later by another unidentified person\nafter Jefferies sent a second invoice for a lesser amount, the\nSEC said. The firm recorded the payment as \"other income,\" it\nsaid.\n William McLucas, associate director of enforcement at the\nSEC, declined to say why the agency decided against revealing\nthe identities of other persons and companies involved in the\nstock manipulation scheme.\n \"We just made a determination that this was the way to go\nat this time,\" McLucas told Reuters.\n The complaint went into far greater detail in its charges\nthat Jefferies agreed with Boesky to \"park\" stock at each\nother's firms. Parking, or warehousing, stock, refers to deals\nwhere stock is held by one person or firm under an arrangement\nwhere it is actually under the control of someone else.\n Under the agreement between Jefferies and Boesky, Jefferies\nand Co would hold stock owned by Seemala Corp, one of Boesky's\nbrokerage firms, for 31 days, after which Seemala would \"buy\"\nthe stock back, the SEC said.\n Seemala realized all gains and sustained all losses on the\nstock held by Jefferies and Co during the period, agreed to\ncompensate Jefferies and Co for carrying the stock and to pay\nmore than twice Jefferies and Co's usual commission, it said.\n Seemala then agreed to hold stock owned by Jefferies and Co\nfor a month under terms about the same as the deal in which\nSeemala agreed to park its stock at Jefferies and Co, it said.\n The agreement, which violated several securities laws,\nallowed Seemala to create a false appearance that no longer\nheld the stock and could meet the SEC's net capital\nrequirements, the SEC said.\n Jefferies wanted Seemala to hold some of its stock, the SEC\nsaid, so that Jefferies and Co could meet its net capital\nneeds, the agency said.\n On March 12, 1985, Seemala \"sold\" Jefferies 810,000 shares\noc Cooper Laboratories Inc for 11.7 mln dlrs, 600,000 shares of\nSouthland Financial Corp for 17.3 mln dlrs and 500,000 shares\nof G.D. Searle and Co for 27.1 mln dlrs, it said.\n On March 20, Jefferies and Co \"sold\" Seemala 185,500 shares\nof American Broadcasting Co for 19.6 mln dlrs, 210,000 shares\nof Ideal Basic Industries Inc for 2.9 mln dlrs, 300,000 shares\nof ITT Corp for 9.8 mln dlrs, 105,000 shares of Phillips\nPetroleum Co for 4.0 mln dlrs, 70,000 shares of Pioneer Corp\nfor 2.1 mln dlrs and 300,000 shares of Texas Oil and Gas Corp\nfor 5.3 mln dlrs, the SEC said.\n The value of Seemala's stock at the time of the transfers\nwas 56 mln dlrs, while Jefferies and Co's stock was worth 43\nmln dlrs at the time, the SEC said.\n Within a month, Seemala and Jefferies and Co unwound most\nof the stock transfers with each others firms, the SEC said.\n But a major hitch developed in the deal when the price of\nSearle stock, which Jefferies and Co was holding for Seemala,\ndipped sharply, it said.\n On March 26 Seemala \"bought\" back its Searle stock for 23.4\nmln dlrs, resulting in a 3.6 mln dlr loss for Jefferies and Co,\nthe SEC said. Seemala then allowed Jefferies and Co to \"buy\"\nback some it the stock Seemala was holding for it at a 647,812\ndlr gain and Boesky's firms later paid the Jefferies firm three\nmln dlrs, which it called \"fees,\" it said.\n Among the violations Jefferies committed in the schemes,\nwere net capital, record keeping, public disclosure and margin\nrequirements, the SEC said.\n Under the settlement of the civil SEC's charges, which was\nannounced simultaneously with the filing of the complaint,\nJefferies and his firm did not have to admit or deny guilt.\n But they agreed to a court order barring them from further\nsecurities law violations.\n Jefferies also agreed to get out of the securities business\nfor at least five years.\n Reuter\n\u0003", "date": "19-MAR-1987 11:38:39.11", "places": [ "usa" ], "id": "7200" }, { "title": "MORTGAGE AND REALTY ELECTS NEW PRESIDENT", "body": "Mortgage and Realty Trust\nsaid C.W. Strong Jr., executive vice president, will succeed\nHayward L. Elliott as president and chief executive officer\nwhen Elliott retires on April 1987.\n It said Elliott, 70, will remain a trustee.\n Reuter\n\u0003", "date": "19-MAR-1987 11:39:45.89", "places": [ "usa" ], "id": "7201" }, { "title": "AMEX APPROVES LISTING OF LANDMARK ", "body": "The American Stock Exchange said it\nhas approved the listing of 12.3 mln common shares of Landmark\nTechnology Corp.\n Trading of the shares will begin Friday, March 20. The\nstock is currently traded over the counter under the symbol\nLTCO.\n Reuter\n\u0003", "date": "19-MAR-1987 11:40:29.99", "places": [ "usa" ], "id": "7202" }, { "title": "INVESTCORP RAISES 60 MLN DLR FACILITY", "body": "Bahrain-based is raising 60 mln dlrs through a\nmedium-term revolving multi-purpose facility, arranger and\nco-lead manager (ABC) said.\n ABC said the deal had originally been mandated for 50 mln\ndlrs, but a lead management group of six banks, each\nunderwriting 10 mln dlrs, had been formed prior to general\nsyndication, which started today.\n Investcorp, set up in 1982, specialises in buying companies\nand property in industrialised nations. It then sells shares in\nthese to investors in the Gulf region.\n ABC said Investcorp's facility can be used \"alternatively or\nsimultaneously\" through the following facilities:\n - issue of euronotes and or advances through tender.\n - extension of committed advances by the underwriting\nbanks, a so-called \"back-stop\" facility.\n - issue of contingent obligations such as performance\nletters of credit, letters of guarantee or the receipt of\nquotations for interest rate swaps, interest rate caps and\ncollars from a panel of selected banks.\n ABC said the final option gives Investcorp the right to\nrequest facilities on an uncommitted basis.\n ABC said the facility has a maturity of three years from\nsignature, with bullet repayment.\n It said the interest margin over London Interbank Offered\nRates (LIBOR) for the committed advances will be based on the\ntotal utilisation of the facility - 17.5 basis points for up to\none third, 20 basis points for up to two thirds and 22.5 points\nfor an amount above that level.\n Banks are being invited to underwrite the facility at a\nflat fee of 0.325 pct for five mln dlrs, 0.275 pct for three to\nfour mln and 0.25 pct for one to two mln. Syndication runs\nuntil April 8.\n REUTER\n\u0003", "date": "19-MAR-1987 11:41:27.00", "places": [ "bahrain" ], "id": "7203" }, { "title": "FED SAYS IT SETS 1.5 BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS\n", "date": "19-MAR-1987 11:42:13.84", "topics": [ "money-fx" ], "id": "7204" }, { "title": "EC GRANTS 25,000 TONNES BARLEY, 80,000 FRENCH MAIZE LICENCES, REJECTS WHEAT - TRADERS\n", "date": "19-MAR-1987 11:43:33.67", "topics": [ "grain", "corn", "wheat", "barley" ], "organisations": [ "ec" ], "id": "7205" }, { "title": "UAW SAYS IT PLANS TO AUTHORIZE STRIKE AT GM TRUCK PLANT AT PONTIAC, MICH.\n", "date": "19-MAR-1987 11:44:12.24", "id": "7206" }, { "title": "FED ADDS RESERVES VIA CUSTOMER REPURCHASES", "body": "The Federal Reserve entered the U.S.\nGovernment securities market to arrange 1.5 billion dlrs of\ncustomer repurchase agreements, a Fed spokesman said.\n Dealers said Federal funds were trading at six pct when the\nFed began its temporary and indirect supply of reserves to the\nbanking system.\n Reuter\n\u0003", "date": "19-MAR-1987 11:45:38.11", "topics": [ "interest", "money-fx" ], "places": [ "usa" ], "id": "7207" }, { "title": "DOMTAR SETS TWO-FOR-ONE STOCK SPLIT TO TAKE EFFECT MAY 14 \n", "date": "19-MAR-1987 11:47:03.31", "topics": [ "earn" ], "id": "7208" }, { "title": "PUBLIC SERVICE CO OF N.H. OMITS DIVIDEND", "body": "Public Service Co of New\nHampshire said its board voted to omit the quarterly dividend\nwhich would have been paid on May 15.\n The company said the omission is the thirteenth consecutive\ndividend omission.\n Reuter\n\u0003", "date": "19-MAR-1987 11:47:25.14", "topics": [ "earn" ], "places": [ "usa" ], "id": "7209" }, { "title": "MERRILL LYNCH DEBT DOWNGRADED BY MOODY'S", "body": "Moody's Investors Service Inc said it\ndowngraded the ratings on six billion dlrs of debt of Merrill\nLynch and Co Inc.\n Cut were the firm's senior debt, Eurodebt and senior\nguaranteed Eurodebt to A-1 from Aa-3 and subordinated debt to\nA-2 from A-1.\n Merrill's Prime-1 commercial paper was not under review.\n Moody's said that while Merrill's absolute earnings would\ncontinue to increase, the house's profitability will lag that\nof its peers. And Merrill's attempts to improve profitability\nwill be constrained by accelerating competition, Moody's said.\n Moody's also said Merrill Lynch would continue to\naggressively commit its capital to such merchant banking\nactivities as bridge financing.\n \"These activities elevate the risk content of Merrill's\nbalance sheet at the same time as low profitability inhibits\nthe strong internal capital generation which may be necessary\nto support business expansion efforts,\" Moody's said.\n The rating agency noted, however, that Merrill's franchise\nretains significant value and gives the firm strong proprietary\nsecurities placement power.\n Reuter\n\u0003", "date": "19-MAR-1987 11:49:47.38", "places": [ "usa" ], "id": "7210" }, { "title": "RECORD LOW COUPON ON SUMITOMO SWISS CONVERTIBLE", "body": "A coupon of 1/2 pct, equal to the lowest\never in the Swiss franc market, has been set for Sumitomo\nCorp's 200 mln franc convertible notes due September 30, 1992,\nlead manager Swiss Bank Corp said.\n The conversion price has been set at 1,004 yen, a 3.93 pct\npremium over today's 966 yen close. The exchange rate has been\nset at 99.78 yen to the franc.\n The issue, whose coupon was indicated at 5/8 pct, carries a\nput option after three years at 103 pct. Payment date is March\n30.\n REUTER\n\u0003", "date": "19-MAR-1987 11:49:57.38", "places": [ "switzerland" ], "id": "7211" }, { "title": "REXNORD INC 1ST QTR JAN 31 LOSS", "body": "Shr loss 76 cts vs profit 50 cts\n Net loss 19,186,000 vs profit 12,438,000\n Sales 157.9 mln vs 149.2 mln\n NOTE: Fiscal 1987 net loss includes a pretax charge of 19.5\nmln dlrs from restructuring and an after tax charge of about\nseven mln dlrs from debt prepayment premiums.\n Fiscal 1986 net profit includes a pretax gain of 7.2 mln\ndlrs on the sale of some land, an after tax loss 1.35 mln dlrs\nfrom discontinued operations and an after tax gain of 6.7 mln\ndlrs from a change in accounting.\n All results restated to exclude five businesses divested as\npart of the company's restructuring program.\n Reuter\n\u0003", "date": "19-MAR-1987 11:50:59.75", "topics": [ "earn" ], "places": [ "usa" ], "id": "7212" }, { "date": "19-MAR-1987 11:52:23.98", "places": [ "usa" ], "id": "7213" }, { "title": "U.S. OFFICIAL PESSIMISTIC ON AID FUNDING", "body": "Deputy Assistant Treasury Secretary\nJames Conrow said he was exceedingly pessimistic that 1988\nfunding for the multilateral development banks, as proposed by\nthe Reagan administration, will be approved by Congress.\n Speaking to an international development conference, Conrow\nsaid it appears almost certain Congress will opt to cut\nspending for international programs before they cut into\ndomestic programs.\n He said in such an environment \"foreign aid will lose and\nlose big.\"\n The administration has proposed development bank funding of\n1.8 billion dlrs for fiscal year 1988 and seeks about 290 mln\ndlrs in catch-up from funding reduced in prior years.\n \n Reuter\n\u0003", "date": "19-MAR-1987 11:52:40.02", "places": [ "usa" ], "id": "7214" }, { "title": "TRADERS DETAIL EC GRAIN EXPORT LICENCES", "body": "The EC Commission granted 25,000 tonnes\nof free market barley export licences at today's tender and\n80,000 tonnes of French maize, grain traders said.\n The maximum export rebate for barley was set at 137.25 Ecus\nand for maize at 129.75 Ecus per tonne.\n All bids for wheat were rejected, they said.\n Reuter\n\u0003", "date": "19-MAR-1987 11:54:00.19", "topics": [ "grain", "wheat", "corn" ], "organisations": [ "ec" ], "places": [ "uk" ], "id": "7215" }, { "title": "CARSON CITES IMPACT OF TAX REFORM ACT", "body": "Carson Pirie Scott and Co said the Tax\nReform Act of 1986, which repealed investment tax credits, had\na negative impact of 22 cts a share on earnings for the year\nended January 31.\n Earlier, Carson reported yearly per-share earnings of 1.83\ndlrs, down from 1.86 dlrs a year ago. Average shares increased\nto 10.2 mln from 9.9 mln a year earlier. Sales gained to 1.41\nbillion dlrs from 1.30 billion dlrs.\n Carson said it was \"extremely optimistic about improved\nprofit performance in 1987.\"\n It said in the first half of 1987 it hopes to reduce\nseasonal-type losses sustained in the 1986 first and second\nquarters.\n The company said that in early April its Oak Brook Hills\nHotel and Conference Center in suburban Chicago will open under\nits management. Provisions for startup expenses have been made,\nit added.\n Reuter\n\u0003", "date": "19-MAR-1987 11:54:21.56", "topics": [ "earn" ], "places": [ "usa" ], "id": "7216" }, { "title": "DOMTAR PLANS TWO-FOR-ONE STOCK SPLIT", "body": " said it plans a\ntwo-for-one stock split to take effect May 14.\n The company said shareholders will be asked to approve the\nsplit at the annual meeting on April 29.\n Domtar said its directors believe the split could favorably\naffect marketability of the shares and encourage wider\ndistribution.\n The shares have been trading recently in a range of 45\ndlrs. Domtar stock was previously split on a two-for-one basis\nin June, 1985.\n Reuter\n\u0003", "date": "19-MAR-1987 11:58:38.94", "topics": [ "earn" ], "places": [ "canada" ], "id": "7217" }, { "title": "FINANCIAL PERFORMANCE PURSUES EXPANSION", "body": "Financial Performance Corp said it\ncontinued its rapid expansion with a signing of a partnership\nagreement with Gold Sierra Financial Advisors, founded by\nformer Bank of America officers in capital markets.\n It said the agreement, under which it owns 50 pct of the\npartnership, enables it to move into the mergers and\nacquisitions business.\n Reuter\n\u0003", "date": "19-MAR-1987 11:59:12.20", "topics": [ "acq" ], "places": [ "usa" ], "id": "7218" }, { "title": "TREASURY'S CONROW PESSIMISTIC ON MDB FUNDING", "body": "Deputy Assistant Treasury Secretary\nJames Conrow said he was exceedingly pessimistic that Congress\nwill approve the Reagan administration's proposed 1988 funding\nfor the multilateral development banks.\n Speaking to an international development conference, Conrow\nsaid it appears almost certain that Congress will opt to cut\nspending for international programs before they cut into\ndomestic programs.\n He said that in such an environment \"foreign aid will lose\nand lose big.\"\n He said that this means the multilateral development bank\nfunding proposal will probably not \"be supported and we will get\ncuts.\"\n The administration has proposed development bank funding of\n1.8 billion dlrs for fiscal year 1988. In addition, it is\nseeking about 290 mln dlrs in catch-up from funding that had\nbeen reduced in prior years.\n Conrow defended the record of the banks in recent years,\nsaying that they had been rightly pressing debtor countries to\nreform their domestic economic policies.\n He said that this means the multilateral development bank\nfunding proposal will probably not \"be supported and we will get\ncuts.\"\n The administration has proposed development bank funding of\n1.8 billion dlrs for fiscal year 1988. In addition, it is\nseeking about 290 mln dlrs in catch-up from funding that had\nbeen reduced in prior years.\n Conrow defended the record of the banks in recent years,\nsaying that they had been rightly pressing debtor countries to\nreform their domestic economic policies.\n He said most of the loans made by the development banks go\nto countries that the United States would like to see helped.\n Conrow said the U.S. financial commitment to the banks\nallows them to substantially leverage their economic strength,\nby getting assistance from other countries and by borrowing in\nthe capital markets.\n Reuter\n\u0003", "date": "19-MAR-1987 11:59:36.17", "places": [ "usa" ], "id": "7219" }, { "title": "FED APPROVES AMSOUTH AFFILIATION", "body": "AmSouth Corp said the Federal\nReserve Board approved the affiliation of First Tuskaloosa Corp\nwith Amsouth.\n The approval was the final regulatory step in the\naffiliation process which began in August, Amsouth said.\n Under terms of the affiliation, each First Tuskaloosa\nshareholder will receive 66 dlrs value of AmSouth stock for\neach share held. The total consideration is valued at 105.6 mln\ndlrs.\n Reuter\n\u0003", "date": "19-MAR-1987 12:00:26.57", "topics": [ "acq" ], "places": [ "usa" ], "id": "7220" }, { "title": "FRENCH FEBRUARY OFFICIAL RESERVES RISE", "body": "French official reserves rose 12.73\nbillion francs to 388.68 billion francs at the end of February\nfrom 375.95 billion at the end of January, the Finance Ministry\nsaid.\n It said in a statement the rise was mainly due to inflows\nof foreign currency through the exchange stabilisation fund,\nwhich resulted in an increase of 12.41 billion francs.\n Reserves of European Currency Units rose by 25 mln francs\nto 73.27 billion francs, due to interest adjustments, while\ngold reserves rose by two mln francs to 218.46 billion francs.\n\n\u0003", "date": "19-MAR-1987 12:02:30.95", "topics": [ "reserves" ], "places": [ "france" ], "id": "7221" }, { "title": "FRENCH INSTITUTE PESSIMISTIC ON 1987 GROWTH", "body": "French gross domestic product will grow\nby only 1.5 pct in real terms this year, compared with the\ngovernment's forecast of two to 2.5 pct growth, the private\nInstitut des Previsions Economiques et Financieres pour le\nDeveloppement des Entreprises (IPECODE) said.\n However, it expects growth to recover next year to the 1986\nlevel of two pct.\n IPECODE said demand and production would develop in\nparallel this year, in contrast to last year when production\nwas unable to keep pace with the strong rise in domestic\ndemand, unleashing higher import demand.\n Claims on the International Monetary Fund (IMF) rose by 298\nmln francs to 19.61 billion francs, due to net withdrawals in\nfrancs by member nations, and an increase in reserves of\nSpecial Drawing Rights (SDRs) due mainly to the repayment of\nFrench debts.\n Its deficit with the European Monetary Cooperation Fund\n(FECOM) remained unchanged in February at 33.90 billion francs.\n French household consumption, which rose by 3.1 pct last\nyear, is likely to grow by just 1.1 pct this year and 1.5 pct\nin 1988, it added.\n Industrial investment is expected to rise by 4.3 pct this\nyear and 5.5 pct in 1988, down from 6.5 pct in 1986.\n Inflation, which was running at 2.1 pct at the end of 1986,\nis likely to rise to 2.9 pct at the end of this year, IPECODE\nsaid, while the government has forecast 2.5 pct.\n However, the institute said inflation would fall back to\n2.5 pct at the end of 1988, \"provided that real wage costs\nremain within the framework of productivity rises.\"\n REUTER\n\u0003", "date": " 19-MAR-1987 12:03:38.22", "topics": [ "gnp" ], "places": [ "france" ], "id": "7222" }, { "title": "CHAMPION IN 285 MLN DLR EXPANSION", "body": "Champion International Corp said\nits board approved a 285 mln dlrs expansion of its mill in\nHinton, Alberta, Canada.\n The project will double capacity of the mill's pulping\noperation to 424,000 short tonnes a year.\n Champion expects the expansion to be completed by 1989.\n Reuter\n\u0003", "date": "19-MAR-1987 12:06:52.79", "places": [ "usa", "canada" ], "id": "7223" }, { "title": "COCA-COLA, COLOR SYSTEMS IN 100-MLN-DLR VENTURE TO COLORIZE FILMS\n", "date": "19-MAR-1987 12:11:39.59", "id": "7224" }, { "title": "INDEPENDENCE BANCORP COMPLETES MERGER", "body": "Independence Bancorp Inc said\nit completed its merger with Scranton, Penn.-based , with assets of 316 mln dlrs.\n Independence said its combined assets are now 2.5 billion\ndlrs.\n The company said that each share of Third National common\nwill be exchanged for 4.06 shares of its common. Independence\nsaid the merger will be accounted for as a pooling of\ninterests.\n Reuter\n\u0003", "date": "19-MAR-1987 12:12:29.66", "topics": [ "acq" ], "places": [ "usa" ], "id": "7225" }, { "title": "RIVERSIDE GROUP INC 4TH QTR", "body": "Shr 55 cts vs 93 cts\n Net 1.6 mln vs 2.6 mln\n Revs 5.3 mln vs 1.2 mln\n Year\n Shr 73 cts vs 1.36 dlrs\n Net 2.0 mln vs 3.0 mln\n Revs 9.1 mln vs 11.0 mln\n NOTE:1985 net includes 2.7 mln dlrs gain on disposal of\nunit. 1986 includes operations of Dependable Insurance Gruop\nInc.\n Reuter\n\u0003", "date": "19-MAR-1987 12:12:37.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "7226" }, { "title": "AMERICAN ELECTRIC UNIT SELLS BONDS", "body": "Columbus and Southern Ohio Electric\nCo, a unit of American Electric Power Co Inc, is offering 100\nmln dlrs of first mortgage bonds due 2017 priced to yield nine\npct, said lead manager Morgan Stanley and Co Inc.\n Morgan headed a syndicate that won the bonds in competitive\nbidding. Daiwa Securities, Drexel Burnham and UBS Securities\nare co-managers of the offering.\n Underwriters noted that UBS, acting as sole underwriter,\nwon a competitive bidding for 250 mln dlrs of 30-year\ndebentures of GTE Corp just this morning. And Daiwa ran\nthe books for an offering in the U.S. earlier this month.\n The GTE deal is UBS's first this year and the fourth since\nit won a competitive bidding in June 1986. Daiwa won its first\nU.S. corporate debt offering in September 1986 and followed\nthat with the March 11 competitive win.\n The only other foreign firm to manage an offering in the\nU.S. market is Nomura Securities International Inc, which won\nas sole underwriter a competitive issue in December 1986.\n Morgan Stanley said it bid the Columbus and Southern Ohio\nmortgage bonds at 99.609 and set a coupon of nine pct and\nreoffering price of par to yield 140 basis points over the\noff-the-run 9-1/4 pct Treasury bonds of 2016.\n The American Electric unit last tapped the domestic debt\nmarket on August 21, 1986, when it issued 80 mln dlrs of\nsame-rated 29-year debt securities priced to yield 9-1/2 pct,\nor 204 basis points over comparable Treasury securities.\n Non-refundable for five years, the 30-year first mortgage\nbonds are rated Baa-2 by Moody's Investors Service Inc and BBB\nby Standard and Poor's Corp.\n Reuter\n\u0003", "date": "19-MAR-1987 12:13:11.79", "places": [ "usa" ], "id": "7227" }, { "title": "TRIZEC CORP LTD TO ISSUE 171.25 MLN DLRS OF CLASS A SHARES AT 34.25 DLRS EACH\n", "date": "19-MAR-1987 12:16:10.55", "id": "7228" }, { "title": " 1ST QTR FEB 28 NET", "body": "Oper shr loss two cts vs profit three cts\n Oper net profit 301,000 dlrs vs profit 130,000\n Revs 10.5 mln vs eight mln\n NOTE: Dividends on preferred shares 370,000 dlrs vs 51,000\ndlrs.\n Oper net excludes gains on tax loss carryforward of 247,000\ndlrs vs 118,000 dlrs.\n Reuter\n\u0003", "date": "19-MAR-1987 12:16:48.31", "topics": [ "earn" ], "places": [ "canada" ], "id": "7229" }, { "title": "UAW TO AUTHORIZE STRIKE AT GM PLANT", "body": "The United Auto Workers said it plans\nto tell General Motors Corp later today that it will authorize\na strike by its local at GM's truck and bus works in Pontiac,\nMich.\n The union said its letter to GM means the 9,000 workers at\nthe Pontiac facility will walk out of the plant next week if a\ncontract dispute is not settled between the two sides.\n The action \"triggers an intensive effort to resolve\ndisputed issues before the letter expires,\" the UAW said.\n The main unresolved issue is the subcontracting of work by\nGM to non-union workers, the union said in a statement.\n The UAW said its vice president Donald F. Ephlin, head of\nthe union's General Motors bargaining unit, met with officials\nof Local 594 in Pontiac, Mich., this morning to review the\nissues involved in the dispute.\n The union said it is \"hopeful that a settlement can be\nreached before a strike becomes necessary.\"\n Reuter\n\u0003", "date": "19-MAR-1987 12:17:51.68", "places": [ "usa" ], "id": "7230" }, { "title": "TRACOR GETS NAVY CONTRACT", "body": "Tracor Inc's Applied Sciences Inc\nunit said it received an 8.4 mln dlrs contract from the U.S.\nNavy\n The contract is for one year and includes four one-year\noptions.\n Reuter\n\u0003", "date": "19-MAR-1987 12:23:03.12", "places": [ "usa" ], "id": "7231" }, { "title": "MCI FILES CREDIT CARD FRAUD SUIT", "body": "MCI Telecommunications Corp\nsaid it filed suit against 27 Johnson C. Smith University\nstudents in Mecklenburg County General Court to recover damages\nfrom credit card fraud in excess of 600,000 dlrs.\n The suit is based on the use of two credit card codes for\nlong distance services, it said.\n Reuter\n\u0003", "date": "19-MAR-1987 12:23:57.58", "places": [ "usa" ], "id": "7232" }, { "title": "ADMINISTRATION OPPOSES SPECIAL PROSECUTOR LAW", "body": "The Reagan administration protested\nfor the first time the constitutionality of the 1978 special\nprosecutor law that led to a current investigation of the\nIran-contra scandal.\n The constitutional attack by Assistant Attorney General\nJohn Bolton was the first official public objection, although\nreportedly the administration privately has opposed the Ethics\nin Government Act.\n Bolton told a Senate subcommittee the administration\n\"believes there are grave constitutional problems\" with the law\nthat sets up court-appointed independent prosecutors, or\nindependent counsels, to probe high ranking government\nofficials.\n Reuter\n\u0003", "date": "19-MAR-1987 12:24:28.36", "places": [ "usa" ], "id": "7233" }, { "title": "CORROON AND BLACK COMPLETES ACQUISITION", "body": "Carroon and Black Corp said it\ncompleted the acquisition of and\n.\n Terms of the acquisitions were not disclosed.\n Separately, Carroon said it also completed the acquisition\nof , based in El\nMonte, Calif.\n Reuter\n\u0003", "date": "19-MAR-1987 12:24:34.50", "topics": [ "acq" ], "places": [ "usa" ], "id": "7234" }, { "title": "TULTEX INCREASES DIVIDEND", "body": "Qtly div nine cts vs eight cts prior\n Payable July one\n Record June 12\n Reuter\n\u0003", "date": "19-MAR-1987 12:25:30.48", "topics": [ "earn" ], "places": [ "usa" ], "id": "7235" }, { "title": "CME DROPS S AND P 500 FUTURES PRICE LIMIT PLAN", "body": "The Chicago Mercantile Exchange's\nboard of the directors has decided to drop a proposal to place\na limit on daily price movements of its Standard and Poor's 500\nfutures contract, CME President William Brodsky said.\n Brodsky told the Futures Industry Association that the\nexchange's board decided Tuesday to withdraw the proposal,\nwhich aimed to quell price volatility in the popular contract.\n He said the proposal to establish a one-year pilot program\nhad generated much negative reaction among users of the\ncontract and that the CFTC \"was not comfortable\" with the plan.\n \"Now, given the CFTC's posture on our filing, we feel the\nnegatives outweigh the positives,\" Brodsky said.\n Brodsky said market users were concerned that limits could\n\"become self-fulfilling because they could force sales to\n(allow users to) avoid becoming locked into the market.\"\n He also said the board was concerned that the one-year\npilot price limit might become permanent. \"Rules when put in\nplace sometimes don't come off,\" he said.\n Reuter\n\u0003", "date": "19-MAR-1987 12:26:36.31", "places": [ "usa" ], "id": "7236" }, { "title": "U.N. ADVISES MINES TO FIGHT METAL SUBSTITUTES", "body": "Mining companies may have to\ndevelop specialty metals and metal-containing products if\nplastics and other substitutes are not to make further inroads\nin their markets, according to the United Nations.\n In a report by Secretary General Javier Perez de Cuellar on\nworld mineral resources, U.N. experts termed conditions in the\nnon-fuel mineral industry \"unlike anything that has been\nexperienced for the last half century.\"\n Effects of slower global economic growth were compounded by\ndiminishing use of the major and base metals and the\ndevelopment of substitutes in traditional markets, it said.\n The report was prepared for a nine-day session next month\nof the U.N. committee on natural resources, an organ of the\nEconomic and Social Council.\n The gap between world productive capacity and demand would\neventually be eliminated by closing mines, the report\npredicted.\n \"Although for the most part mining companies have been slow\nto develop specialty metals and metal-containing products and\nto develop markets for such products, it seems that such\nactivities will be needed if plastics and other metal\nsubstitutes are not to make further inroads into the\ntraditional markets for the major and base metals,\" the experts\nsaid.\n \"Integration of metal-producing and manufacturing\nenterprises between and among developed economies seems to be a\nlikely consequence.\"\n The report noted that, because of low prices, there was\nlittle incentive for new investment in mining except in the\ncase of gold, which continued to attract investment at current\nprices with important increases in production in the past two\nyears in North America, Australia, Papua New Guinea and Latin\nAmerica.\n Reuter\n\u0003", "date": "19-MAR-1987 12:27:55.20", "organisations": [ "un" ], "id": "7237" }, { "title": "TWO FORD PLANTS TO WORK SATURDAY", "body": "Ford Motor Co said one of its U.S. car\nand one of its U.S. truck assembly plants will work overtime on\nSaturday, March 21.\n The number two automaker said all of its U.S. car and truck\nplants will work overtime during the week.\n The two plants scheduled to work Saturday are Ford's\nassembly plant in Dearborn, Mich., which makes Mustang cars,\nand its Michigan Truck plant in Wayne, Mich., which makes light\ntrucks.\n No layoffs are scheduled, a spokesman said.\n Reuter\n\u0003", "date": "19-MAR-1987 12:30:54.52", "places": [ "usa" ], "id": "7238" }, { "title": "J AND J SNACK TO SELL CONVERTIBLE DEBT", "body": "J and J Snack Foods Corp said it filed\nwith the Securities and Exchange Commission a registration\nstatement covering a 25 mln dlr issue of convertible\ndebentures.\n The company said proceeds would be used for potential\nfuture acquisitions.\n Reuter\n\u0003", "date": "19-MAR-1987 12:31:26.47", "places": [ "usa" ], "id": "7239" }, { "title": "BENETTON OF ITALY SEES EXPANSION, ACQUISITIONS", "body": " of Italy expects to\nfurther diversify into financial services and is weighing \npossible acquisitions, a Benetton spokeswoman here said.\n \"We are thinking of diversification outside of the retail\nline,\" the spokeswoman said. \"We are looking at financial\nservices and other manfacturing companies.\"\n However, she said the company was not targeting the U.S.\nfor its planned expansion, but was looking at a number of\ndifferent countries.\n The company's shares are traded in the U.S. as American\nDepository Receipts, which were issued through an offering by\nMorgan Stanley Group Inc earlier this month.\n Benetton is now holding talks with Wall Street firms about\nthe possibility of receiving a quotation of its shares on the\nNew York Stock Exchange. \"There's absolutely no timetable. It\nmay not even happen,\" the spokeswoman said.\n She also denied reports that the company was considering an\nissue of convertible bonds with warrants in the U.S. \"We're not\nthinking of issuing bonds,\" she said.\n In line with its planned Global expansion efforts, Benetton\nis also holding talks with the Soviet Union to explore the\npossibility of opening up to 150 stores in the country. But the\nspokeswoman pointed out that many companies are holding talks\nwith the Soviets.\n \"We are in discussions and are looking forward to some\nresponse,\" she said. She added the company had no firm\ntimetable on when a response might be received.\n\n Reuter\n\u0003", "date": "19-MAR-1987 12:33:17.73", "topics": [ "acq" ], "places": [ "usa", "italy" ], "id": "7240" }, { "title": "HAMBURGISCHE LB BOND RAISED TO 75 MLN CANADIAN DLRS", "body": "The Hamburgische Landesbank Girozentrale\nCanadian dollar bond issued earlier today due May 6, 1990 at\n8-1/4 pct and 101-3/8 has been increased to 75 mln dlrs, said\nMerrill Lynch Capital Markets as lead manager.\n REUTER\n\u0003", "date": "19-MAR-1987 12:36:01.18", "places": [ "uk" ], "id": "7241" }, { "title": "MCORP TO CONVERT 35 MEMBER BANKS TO BRANCHES", "body": "MCorp said it plans to convert 35 of its\n62 member banks to branches during the next nine months.\n It said it expects the conversions, pending regulatory\napproval of branching applications, will provide substantial\nlong-term benefits for its customers and shareholders.\n In connection with the conversions, MCorp said it also has\nrealigned its operating structure and named eight group\nchairmen.\n It said the group chairmen, with its chairman and\npresident, will comprise its management committee.\n Reuter\n\u0003", "date": "19-MAR-1987 12:36:16.60", "places": [ "usa" ], "id": "7242" }, { "title": "TRIZEC TO ISSUE 171.25 MLN DLRS OF NEW STOCK", "body": " said it\nplans a 171.25 mln dlr issue of class A subordinate voting\nshares, consisting of five mln shares at 34.25 dlrs each.\n It said will buy 3,750,000 shares\nfrom the underwriters after closing and grant the underwriters\nan option to repurchase 150,000 shares.\n Underwriters are Dominion Securities Inc, Gordon Capital\nCorp, Merrill Lynch Canada Inc, McLeod Young Weir Ltd, Wood\nGundy Inc and Brown Baldwin Nisker Ltd. Trizec said it will\nfile a preliminary short-form prospectus on the issue with\nsecurities commissions across Canada.\n Reuter\n\u0003", "date": "19-MAR-1987 12:36:27.92", "places": [ "canada" ], "id": "7243" }, { "title": "TULTEX CORP 1ST QTR FEB 28", "body": "Shr 23 cts vs 28 cts\n Net 4.3 mln vs 5.1 mln\n Revs 64.5 mln vs 67.1 mln\n NOTE:1986 reflects two for one stock split, effective July\n31\n Reuter\n\u0003", "date": "19-MAR-1987 12:36:40.68", "topics": [ "earn" ], "places": [ "usa" ], "id": "7244" }, { "title": "FEDERATED FIN'L SAVINGS INITIAL PAYOUT", "body": "Federated Financial Savings\nsaid it declared an initial quarterly dividend of 85 cts a\nshare April 27, record April 13.\n This is the first dividend paid by Federated since its\nconversion to a stock company from a mutual on Jan 28, 1987.\n Reuter\n\u0003", "date": "19-MAR-1987 12:36:59.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "7245" }, { "title": "ELSINORE MAKES DEPOSIT FOR INTEREST PAYMENT", "body": "Elsinore Corp said it deposited about\n2.33 mln dlrs with trustee Manufacturers Hanover Trust Co to\ncover accrued and unpaid interest on the 15-1/2 pct senior\nmortgage bonds due 1999 of its unit Elsinore Finance Corp.\n The interest has not been paid for January and February and\nwill be paid April 9 to bondholders of record on April 8, the\nparent company said.\n Elsinore said it has guaranteed the payment of the bonds.\nThe interest payment is being made in line with the terms of a\npreviously announced agreement in principle it reached with an\nunofficial committee of senior bondholders.\n Reuter\n\u0003", "date": "19-MAR-1987 12:37:09.82", "places": [ "usa" ], "id": "7246" }, { "title": "REXNORD SEES MAY MERGER WITH BANNER ", "body": "Rexnord Inc said it expects to\nmerge with a wholly-owned subsidiary of Banner Industries Inc\nin early May.\n Late last month, Banner said it completed a tender offer\nfor and held 96 pct of Rexnord's common shares.\n Reuter\n\u0003", "date": "19-MAR-1987 12:37:31.65", "topics": [ "acq" ], "places": [ "usa" ], "id": "7247" }, { "title": "NEWCOR NAMES NEW CHAIRMAN", "body": "Newcor Inc said its board elected\nWilliam Mitchell as chairman succeeding Frank Gofrank, who is\nretiring as chairman but remains a director.\n In other action, Newcor's board approved payment of a\nregular quarterly dividend of eight cts on May one, record\nApril 15.\n Reuter\n\u0003", "date": "19-MAR-1987 12:38:03.38", "places": [ "usa" ], "id": "7248" }, { "title": "ZURN BUYS ANTI-POLLUTANT EQUIPMENT", "body": "Zurn Industries Inc said it acquired\ntechnology to control potentially toxic gases from polluting\nthe atmosphere at various stationary sources.\n The equipment was purchased from \nfor an undisclosed amount.\n Reuter\n\u0003", "date": "19-MAR-1987 12:38:24.26", "places": [ "usa" ], "id": "7249" }, { "title": " CORP SETS REGULAR PAYOUT", "body": "Qtrly div three cts vs three cts prior\n Pay May 15\n Record April 24\n Reuter\n\u0003", "date": "19-MAR-1987 12:39:01.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "7250" }, { "title": "GERMAN COMPANY INSOLVENCIES DOWN IN JANUARY", "body": "West German corporate\ninsolvencies totalled 1,099 in January, 0.7 pct less than in\nthe same month of 1986, the Federal Statistics Office said.\n The number of insolvencies fell by 3.6 pct in the building\nindustry and by four pct in manufacturing industry but rose by\n1.8 pct in the services sector.\n Overall insolvencies, including those of private\nindividuals, totalled 1,522 in January, 1.4 pct down on the\nsame month of last year.\n REUTER\n\u0003", "date": "19-MAR-1987 12:40:20.68", "places": [ "west-germany" ], "id": "7251" }, { "title": "IMMUNOGENETICS IN RIGHTS PLAN", "body": "Immunogenetics Inc said it\ndeclared the distribution of one common stock purchase right on\neach outstanding share.\n Each right will entitle holders to buy a share at 20 dlrs\nfor each share held. The rights are exercisable only if someone\nacquires 35 pct or more of the company.\n The rights are not being distributed in response to any\ntakeover effort, it said.\n Reuter\n\u0003", "date": "19-MAR-1987 12:40:42.30", "places": [ "usa" ], "id": "7252" }, { "title": "WARBURG BEGINS TENDER OFFER FOR SYMBION ", "body": "Symbion Inc said began a tender offer to purchase up to\n2.5 mln shares, or about 33 pct, of Symbion's shares at 3.50\ndlrs per share. Warburg already owns about 26 pct of Symbion.\n Symbion has 7,472,000 shares outstanding. The company makes\nartificial hearts.\n Symbion said its board and management are carefully\nreviewing the offer and on or before March 30 will advise its\nshareholders on whether it accepts or rejects the offer. If the\ntender offer is successful, Warburg wll own about 59 pct of\nSymbion.\n Reuter\n\u0003", "date": "19-MAR-1987 12:43:58.29", "topics": [ "acq" ], "places": [ "usa" ], "id": "7253" }, { "title": "FRENCH MINISTER RENEWS ECONOMIC CONTROVERSY", "body": "French Social Affairs and Labour Minister\nPhilippe Seguin has renewed a controversy over whether France\nis positioning itself for an economic U-turn, saying it was\npossible to boost domestic demand without giving rise to\nnegative economic effects.\n Prime Minister Jacques Chirac's spokesman, Denis Baudouin,\non Monday sparked speculation of a reflation hitherto excluded\nby the government when he said ministers were agreed on the\ndesirability of \"relaunching the economy.\" \n The Finance Ministry, however, swiftly ruled out the option\nof reinflation policies to boost domestic demand, which were\ntried and abandoned by the previous Socialist government.\n Earlier today sources close to Finance Minister Edouard\nBalladur reiterated policy remained one of restoring sound\nfinances and enhancing economic competitiveness.\n But political analysts said Baudouin's statements showed\ngrowing divisions over electorally sensitive social issues\namong the rightist RPR-UDF coalition, ahead of its bid next\nyear to capture the presidency from Socialist president\nFrancois Mitterrand.\n While the government has achieved lower inflation, a better\nforeign trade balance and an overwhelmingly successful\nprivatisation programme, unemployment has continued to edge\nupwards, reaching its present record rate of 10.9 pct, with\nmore than 2.5 mln jobless.\n Seguin, who holds direct responsibility for dealing with\nunemployment, told a press lunch, \"Everything depends on what\nyou call reflation...One can arrive at the results of a\nreflation without passing through the perverse effects of a\nreflation.\"\n He said conservative prime minister Jacques Chirac would\nannounce in the next few days a package of capital endowments\nfor state-owned enterprises including public works and motorway\nbuilding. And while sources at Seguin's ministry said the\npackage could total 12 billion francs for 1987, sources close\nto Balladur, making no mention of public works, said only 8.6\nbillion francs had been set aside for capital endowments.\n Seguin said the advantage of public works was that they\nwere non-inflationary and had a fast job-creating power.\n REUTER\n\u0003", "date": "19-MAR-1987 12:44:29.82", "places": [ "france" ], "id": "7254" }, { "title": "UNION CARBIDE SELLS NOTES YIELDING 9.90 PCT", "body": "Union Carbide Corp is raising 350 mln\ndlrs through an offering of senior subordinated notes due 1994\nyielding 9.90 pct, said sole manager First Boston Corp.\n The notes have a 9-3/4 pct coupon and were priced at 99.24\nto yield 290 basis points more than comparable Treasury paper.\n Non-callable for five years, the debt is rated B-1 by\nMoody's and BB-minus by Standard and Poor's. The issue was\nincreased from an initial offering of 250 mln dlrs.\n Proceeds from the note sale and a 300 mln dlr issue of\nconvertible subordinated debentures will be used to repay\nindebtedness incurred by Carbide's recapitalization plan.\ninterest expense, strengthen the company's financial condition\nand increase operating flexibility, it said in a release.\n The company's convertible subordinated debentures were\npriced late Tuesday by lead manager First Boston. The\ndebentures were given a 7-1/2 pct coupon and par pricing.\n They are convertible into Carbide's common stock at 35.50\ndlrs per share, representing a premium of 23.47 pct over the\nstock price when terms on the debt were set. The convertibles\nare rated B-2 by Moody's and BB-minus by S and P.\n Reuter\n\u0003", "date": "19-MAR-1987 12:44:45.22", "places": [ "usa" ], "id": "7255" }, { "title": "SEAGRAM CO LTD YEAR SHR 4.45 DLRS VS 3.44 DLRS\n", "date": "19-MAR-1987 12:46:09.60", "topics": [ "earn" ], "id": "7256" }, { "title": "HAMBURGISCHE LB BOND RAISED TO 75 MLN CANADIAN DLRS", "body": "The Hamburgische Landesbank Girozentrale\nCanadian dollar bond issued earlier today due May 6, 1990 at\n8-1/4 pct and 101-3/8 has been increased to 75 mln dlrs, said\nMerrill Lynch Capital Markets as lead manager.\n Reuter\n\u0003", "date": "19-MAR-1987 12:46:28.73", "places": [ "uk" ], "id": "7257" }, { "title": "LITTON WINS 164.2-MLN-DLR NAVY CONTRACT", "body": "Litton Industries said\nits Applied Technology division won a 164.2 mln dlr contract\nfrom the U.S. Navy to produce AN/ALR-67 (V) and AN/ALR-45F\nairborne threat warning systems.\n The company said the systems will be used on a variety of\nNavy attack and reconnaissance aircraft.\n Deliveries are set from August this year to February, 1990.\n The Navy also has an option in June to increase the\ncontract value to 226.6 mln dlrs, Litton said.\n Reuter\n\u0003", "date": "19-MAR-1987 12:48:31.33", "places": [ "usa" ], "id": "7258" }, { "title": "L'AIR LIQUIDE YEAR ENDED DEC 31", "body": "Parent company net profit 754.45 mln francs vs 674.1 mln.\n Dividend 19.50 francs vs same.\n NOTE - Company said the dividend would apply to shares\nissued under capital increases during 1986. This means a 32 pct\nrise in total dividend payments to 528.14 mln francs on 1986\nresults from 399.62 mln the previous year.\n Reuter\n\u0003", "date": "19-MAR-1987 12:51:08.29", "topics": [ "earn" ], "places": [ "france" ], "id": "7259" }, { "title": "SOLAR SYSTEMS , INKEY OF SPAIN SET PACT", "body": "Solar Systems by Sundance Inc said it\nagreed to buy a 45 pct interest in a company that will sell\ncondoms produced by INKEY SA of Spain.\n It said a spermicide used in INKEY's condoms contains an\ningredient that may help prevent the sexual transmission of\nAIDS. The ingredient was cited in an article in the West German\npublication, Aids Forschung. But it said the article was\nabout the ingredient and did not mention the spermicide or the\ncondoms made by INKEY.\n The company also said it is changing its name to\nEurocapital Corp shortly.\n Solar Systems said it was buying the 45 pct stake in a\nU.S.-based . INKEY and an affiliate own\nthe remaining shares of the company, which was set up to\ndistribute condoms and vaginal products that are made, or are\nbeing developed by INKEY.\n The agreement calls for a two mln dlr payment to Inkey for\nthe distributorship. The first 500,000 dlr payment is due 30\ndays after the products are approved by the Food and Drug\nAdministration. It said Europharmaceutical plans to soon file\nwith the FDA to market the condom, but expects the approval\nprocess to be a lengthy one.\n The company said the active ingredient in the spermicide is\ncurrently used in the U.S. in antiseptic applications unrelated\nto condoms. As far as it knows, the ingredient has not been\ntested in a spermicide.\n Inkey's condoms will be sold in the U.S. under the brand\nname, \"Carlton.\" The exclusive distribution contract for the\nproducts runs for three years and is renewable for one-year\nperiods, the company said.\n It said the condoms are currently sold in Spain but have\nnot gone on sale in other European countries.\n It said Europharmaceutical currently does not have the\nresources to make the payments under the distribution agreement\nor fund the studies necessary to obtain marketing approval from\nthe FDA.\n The company also said Europharmaceutical is in talks to\nacquire either one or more publicly held companies with little\nor no assets. In the event an acquisition goes through, Solar\nSystems' interest in Europharmaceutical would be diluted below\nits current 45 pct.\n Reuter\n\u0003", "date": "19-MAR-1987 12:54:08.90", "topics": [ "acq" ], "places": [ "usa", "spain" ], "id": "7260" }, { "title": "MODULAIRE INDUSTRIES 4TH QTR LOSS", "body": "Shr loss 12 cts vs profit 37 cts\n Net loss 350,738 vs profit 1,095,991\n Revs 18.8 mln vs 15.8 mln\n Year\n Shr profit 28 cts vs profit 1.29 dlrs\n Net profit 831,901 vs profit 3,000,716\n Revs 60.6 mln vs 48.2 mln\n Avg shrs 2,996,903 vs 2,756,596\n Note: Per share date adjusted to reflect 10 pct stock\ndividend of March 1986.\n Reuter\n\u0003", "date": "19-MAR-1987 12:55:17.50", "topics": [ "earn" ], "places": [ "usa" ], "id": "7261" }, { "title": "INTELLICARD GETS NASDAQ EXCEPTION", "body": "IntelliCARD\nInternational Inc said its common stock will continue to be\nquoted on NASDAQ due to an exception from capital asset\nrequirements of the National Association of Securities Dealers,\nwhich it failed to meet as of December 16.\n The company said it believes it can meet conditions imposed\nby the NASD for the exception, but there is no assurance that\nit will be able to do so.\n Reuter\n\u0003", "date": "19-MAR-1987 12:56:00.87", "places": [ "usa" ], "id": "7262" }, { "title": "KENTUCKY SMELTERS GET RELIEF ON HIGHER RATES", "body": "Owners of two aluminum smelters in\nKentucky received temporary relief from higher electric rates\nafter a decision Tuesday by state regulators denying a rate\nhike to (Big Rivers Electric Corp) of Henderson, Ky.\n But the owners of the smelters, (National Southwire\nAluminum Co) and Alcan Aluminium Ltd , said further\nviability of the operations would depend in part upon how the\nrate case is eventually settled.\n \"We're hoping for no rate increases but we can't say for\nsure. It's still possible we'll have to close the smelter,\" a\nNational Southwire spokesman said. He said there were other\nvariables to consider in any decision whether to close or\ncontinue the smelter, located in Hawesville, about 60 miles\nwest of Louisville.\n National Southwire is owned by National Intergroup Inc\n, which holds about 55 pct, and (Southwire Co), which\nholds the rest, the spokesman said.\n A spokesman for Montreal-based Alcan said, \"The decision is\n48 pages long and is in legal-ese, so it certainly will be a\nlong time before we can make a decision\" about what it means\nfor the Sebree smelter in Henderson, about 100 miles west of\nLouisville. \"But we're delighted that Big Rivers Electric was\ndenied the requested rate increase.\"\n A spokesman for the utility, a cooperative that generates\nand wholesales electricity to four distributors, said the\nrequested increase was 7.5 mln dlrs a year over 1985 rates.\n The Kentucky Public Service Commission, in denying the\nincrease, asked the utility to meet with creditors, which\ninclude Manufacturers Hanover Corp and Irving Bank Corp\n, and the smelters, to renegotiate a rate plan, the utility\nspokesman said.\n The commission suggested that Big Rivers Electric work out\na flexible rate schedule with the smelters that would index\ntheir electric costs to the price of aluminum, he said.\n \"We have always been amenable to try, as far as we can, to\nassure that the two aluminum smelters remain viable,\" he said.\n No meetings are scheduled and none have been planned\nbetween the utility, its creditors and the aluminum plant\nowners. The commission has set a hearing on the rate issue for\nJuly 28.\n Reuter\n\u0003", "date": "19-MAR-1987 12:59:53.63", "topics": [ "alum" ], "places": [ "usa" ], "id": "7263" }, { "title": "SEAGRAM CO LTD YEAR JAN 31 NET", "body": "Shr 4.45 dlrs vs 3.44 dlrs\n Shr diluted 4.30 dlrs vs 3.34 dlrs\n Net 423.5 mln vs 319.1 mln\n Sales 3.34 billion vs 2.97 billion\n Avg shrs 95.1 mln vs 92.6 mln\n NOTE: U.S. funds.\n Net includes equity in earnings of Du Pont Co
of 169.1\nmln dlrs vs 75.7 mln dlrs and dividend income from Du Pont\nshares of 154.1 mln dlrs vs 150.8 mln dlrs.\n Latest year net includes pretax charge 35.0 mln dlrs from\nsale of wine operations and reorganization of spirits\noperations in U.S. and related reduction in tax expense of 27.7\nmln dlrs.\n Reuter\n\u0003", "date": "19-MAR-1987 13:00:03.44", "topics": [ "earn" ], "places": [ "canada" ], "id": "7264" }, { "title": "FRANCE'S CNA ISSUES THREE BILLION FRANC BOND", "body": "Caisse Nationale des Autoroutes (CNA) is\nissuing a three billion franc 8.50 pct, 15-year domestic bond\nat 96.10 pct, co-lead managers Caisse Nationale de Credit\nAgricole, Credit du Nord and Credit Lyonnais said.\n Payment date will be April 6. Denominations are of 5,000\nfrancs. Redemption will be in three equal tranches after 12\nyears.\n REUTER\n\u0003", "date": "19-MAR-1987 13:00:39.07", "places": [ "france" ], "id": "7265" }, { "title": "AIR PRODUCTS AND CHEMICALS INC IN PAYOUT", "body": "Qtly div 20 cts vs 20 cts prior\n Pay May 11\n Record April Three\n Reuter\n\u0003", "date": "19-MAR-1987 13:01:40.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "7266" }, { "title": "J.P. STEVENS AND CO IN PAYOUT", "body": "Qtly div 30 cts vs 30 cts prior\n Pay April 30\n Record April Three\n Reuter\n\u0003", "date": "19-MAR-1987 13:02:03.50", "topics": [ "earn" ], "places": [ "usa" ], "id": "7267" }, { "title": "FORMER BROKER PLEADS GUILTY IN U.S. TAX SCHEME", "body": "A former vice president of Painewebber\nInc pleaded guilty in Manhattan Federal Court to charges he\nconspired to launder over 700,000 dlrs in cash from investors.\n Gary Eder, 41, PaineWebber's highest paid broker between\n1982-86, was indicted last week on charges of conspiracy and\nfalsifying brokerage records.\n Eder, who resigned from the firm earlier this year,\nadmitted he received cash from various clients, and converted\nthe funds to smaller amounts to avoid reporting requirements by\nthe U.S. Internal Revenue Service.\n Eder said he did not profit directly from the transactions\nexcept for the commissions he received.\n U.S. District Judge Edmund Palmieri scheduled May 27 for\nsentencing. Eder could receive up to five years in jail on each\ncount and 260,000 dlrs in fines.\n Eder had been accused of plotting with unidentified\nsupervisors at PaineWebber to prevent the filing of currency\ntransaction reports with the IRS. Under U.S. law, cash\ntransactions of 10,000 dlrs or more must be reported to the\nIRS.\n David Spears, the Federal prosecutor in charge of the case,\nsaid Eder received cash from customers in amounts up to 70,000\ndlrs at one time, and then broke the cash down into amounts\nunder 10,000 dlrs and put the money into accounts on several\ndifferent days.\n Outside of Court, Eder's lawyer, Milton Gould, said his\nclient was not involved in the ongoing Wall Street insider\ntrading scandel. Rather, Gould said, \"Eder accomodated some\nwealthy customers (who wanted to avoid taxes).\"\n\n Reuter\n\u0003", "date": "19-MAR-1987 13:02:24.34", "places": [ "usa" ], "id": "7268" }, { "title": "HUBCO TO SEEK N.Y. LOAN OFFICE", "body": "Hubco Inc said its board is in\nthe process of filing an application with the New York State\nBanking Department to permit the formation of a loan production\noffice in that state.\n Reuter\n\u0003", "date": "19-MAR-1987 13:05:43.06", "places": [ "usa" ], "id": "7269" }, { "title": " IN SUBSCRIPTION OFFER", "body": "Germantown Savings Bank said\nit has started a subscription offering of 3,500,000 shares at a\nmaximum price of 11.50 dlrs each to customers and community\nresidents.\n It said the offer will expire April 15.\n The company said any shares not sold will be offered to the\npublic through underwriter Alex. Brown and Sons Inc , and\nthe stock is expected to trade on the NASDAQ system. It said\nthe actual price to be charged for the shares will be\ndetermined after the subscription offering.\n Reuter\n\u0003", "date": "19-MAR-1987 13:06:41.47", "places": [ "usa" ], "id": "7270" }, { "title": "FIRST FEDERAL SALT LAKE INITIAL OFFERING STARTS", "body": "First Federal Savings and Loan\nAssociation of Salt Lake City said an initial public\noffering of 816,927 common shares is under way at 6.50 dlrs\neach through underwriters led by Boettcher and Co Inc.\n It said it sold a total of one mln shares, with the others\nsold in an earlier offering to customers.\n Reuter\n\u0003", "date": "19-MAR-1987 13:06:56.83", "places": [ "usa" ], "id": "7271" }, { "title": " 4TH QTR NET", "body": "Oper shr one ct vs six cts\n Oper net 48,000 vs 556,000\n Revs 19.0 mln vs 26.5 mln\n Year\n Oper shr 19 cts vs 46 cts\n Oper net 1,586,000 vs 3,971,000\n Revs 90.8 mln vs 103.1 mln\n NOTE: Previous oper net excludes 404,000 dlrs of\nextraordinary expenses for qtr and 991,000 dlr gain for year.\n TIE/communications Inc holds 65 pct interest.\n Reuter\n\u0003", "date": "19-MAR-1987 13:07:07.98", "topics": [ "earn" ], "places": [ "canada" ], "id": "7272" }, { "title": "TRIPLE-EXPIRATION MAY JOLT STOCK MARKET", "body": "The stock market could be jolted one\nway or another on Friday as the so-called triple witching\nexpiration raises the specter of volatile movement.\n The Dow Jones Industrial Average could soar or plunge as\nmuch as 100 points, or both, or even remain static, according\nto analysts of the stock and stock index futures markets.\n The simultaneous expiration of March stock index futures\ncontracts, options on these futures and options on the indexes\nthemselves, along with options on individual stocks, has\ncreated a mad scramble during several previous \"witching\nhours.\"\n Upon expiration of these vehicles, investment managers must\nfind a place for their funds, and in the past the final hour\nhas seen a tremendous surge in New York Stock Exchange volume.\n Analysts said the overriding influence of the stock\nmarket's steady climb this year -- and the absence of\nworthwhile investment alternatives -- may indicate that the\nmajor players will look to buy into the stock market as the\nfinal hour transpires this friday.\n \"I think there will be a substantial swap out of futures\n(positions) and into stocks,\" Jeffrey Miller, of Miller Tabak\nHirsch and Co said. \"(But) I've got a streak of four or five in\na row of being right, so I'm bound to be wrong.\"\n The feeling among some analysts is that the largest money\nmanagers will do the same thing they did at December's\nexpiration when they plunged their multi-billion dollar funds\ninto the stock market.\n \"Last time, during triple-expiration, there was a\ntremendous amount of stock sold, which was offset by huge buy\nprograms late,\" said Donaldson, Lufkin and Jenrette Inc analyst\nWilliam Marcus.\n Some stock funds quickly place newly arrived investment\ndollars into buying futures positions, Miller said. Then, upon\nthe expiration of the futures, the manager looks to transform\nthat into a stock portfolio, he said.\n The coming month is also a seasonally strong period for the\nstock market, Stotler and Co analyst David Hightower said,\nbecause of the influx of income tax refunds.\n Although Hightower recommended steering clear of trading\nduring the witching hour, he suggested buying if the market\nplunges, believing that the slide would only be temporary.\n Marcus said it was difficult to make a prediction as to\nwhich way the market will go on Friday, partly because many\ninvestors will be engaging in \"window-dressing.\"\n The public disclosure of order imbalances in individual\nstocks a half hour before the close may reveal an opportunity\nto those investors seeking either to buy or get rid of stocks,\noffsetting whatever impact the initial imbalances show.\n Analysts said efforts by exchanges to quell the volatility\non triple-expirations are unlikely to substantially alter the\nimpact of futures and options on the stock market. Money\nmanagers are sure to find other types of loopholes that emerge\nunder the new rules, they said.\n Reuter\n\u0003", "date": "19-MAR-1987 13:07:24.81", "places": [ "usa" ], "id": "7273" }, { "title": "BOBBIE BROOKS IN RIGHTS PLAN", "body": "Bobbie Brooks Inc said its board\napproved a defensive common stock purchase rights plan.\n Under the plan, shareholders will receive one common shares\npurchase right March 31 on each outstanding share of record on\nthat date.\n Each right entitles shareholders to buy one share of common\nstock at an exercise price of 4.50 dlrs. The rights are\nexercisable only if a person acquires 20 pct or more of the\ncompany's common stock.\n Bobbie Brooks said the rights are not being distributed in\nresponse to any specific takeover effort.\n Reuter\n\u0003", "date": "19-MAR-1987 13:07:32.26", "places": [ "usa" ], "id": "7274" }, { "title": "PEOPLES SAVINGS BANK RAISES QUARTERLY", "body": "Qtly div 12 cts vs 10 cts prior\n Pay April 24\n Record April One\n Reuter\n\u0003", "date": "19-MAR-1987 13:08:14.47", "topics": [ "earn" ], "places": [ "usa" ], "id": "7275" }, { "title": "DEP CORP DEPC 2ND QTR JAN 31 NET", "body": "Shr three cts vs 16 cts\n Net 127,000 vs 605,000\n Sales 14.4 mln vs 9,726,000\n Six Mths\n Shr 17 cts vs 30 cts\n Net 678,000 vs 1,141,000\n Sales 24.6 mln vs 19.2 mln\n Reuter\n\u0003", "date": "19-MAR-1987 13:08:18.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "7276" }, { "title": "FEDERAL SIGNAL CORP REGULAR DIVIDEND", "body": "Qtly div 20 cts vs 20 cts previously\n Pay June Two\n Record May 12\n Reuter\n\u0003", "date": "19-MAR-1987 13:08:22.94", "topics": [ "earn" ], "places": [ "usa" ], "id": "7277" }, { "title": "STATE STREET BOSTON CORP SETS QUARTERLY", "body": "Qtly div 10 cts vs 10 cts prior\n Pay April 15\n Record April One\n Reuter\n\u0003", "date": "19-MAR-1987 13:08:36.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "7278" }, { "title": "MARSH AND MCLENNAN COS INC SETS QUARTERLY", "body": "Qtly div 47-1/2 cts vs 47-1/2 cts prior\n Pay May 13\n Record April Six\n Reuter\n\u0003", "date": "19-MAR-1987 13:08:39.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "7279" }, { "title": "MERIDIAN INSURANCE INITIAL OFFERING STARTS", "body": " said\nan initil public offering of 1,500,000 shares is underway at 12\ndlrs each through underwriters led by Prescott, Ball and Turben\nInc and Wm. Sword and Co Inc.\n It said underwriters have been granted an option to buy up\nto 225,000 additional shares to cover overallotments.\n Reuter\n\u0003", "date": "19-MAR-1987 13:11:09.41", "places": [ "usa" ], "id": "7280" }, { "title": "AMERICAN EQUINE FILES FOR OFFERING", "body": "American Equine Products\nInc said it has signed a letter of intent for a proposed\nunderwritten public offering. It gave no details.\n Reuter\n\u0003", "date": "19-MAR-1987 13:11:25.50", "places": [ "usa" ], "id": "7281" }, { "title": "AMEX TRADING ADAMS-RUSSELL ELECTRONICS ", "body": "The American Stock Exchange said it\nhas started trading the common stock of Adams-Russell\nElectronics Co Inc, which had been traded on the NASDAQ system.\n Reuter\n\u0003", "date": "19-MAR-1987 13:17:19.77", "places": [ "usa" ], "id": "7282" }, { "title": "WHITEHALL GETS NAVY CONTRACT", "body": "Whitehall Corp said the U.S. Navy has\nexercised contract options to lease two additional Quick\nReaction Surveillance Systems for the year ending September 30\nfrom Whitehall for 4,437,000 dlrs.\n The company said the contract contains further options for\nthe lease of those two systems and two others for two more\nyears at abouyt 18 mln dlrs per year.\n Reuter\n\u0003", "date": "19-MAR-1987 13:22:45.07", "places": [ "usa" ], "id": "7283" }, { "title": "NOSTALGIA , ACTS SATELLITE IN DEAL", "body": "Nostalgia Network Inc said it signed an\nagreement to air two minute and five minute commercial\nannouncements of its home shopping service called Collectible\nShowcase on the ACTS Satellite Network.\n ACTS Network, with over six mln subscribers, will air the\nspots about 28 times per week for 13 weeks.\n \n Reuter\n\u0003", "date": "19-MAR-1987 13:23:32.40", "places": [ "usa" ], "id": "7284" }, { "title": "RETAIL CHAIN TO SELL ROCKY MOUNTAIN ITEM", "body": "Rocky Mountain Medical Corp said the\nBaby News Store chain of children's stores will carry its\ntenderCare line of non-chemical disposable diapers.\n Rocky claimed its patented dryness technology provides a\ndiaper that is demonstrably drier than conventional disposable\ndiapers and cloth diapers.\n Baby News' 60 stores are located in the western U.S.\n Reuter\n\u0003", "date": "19-MAR-1987 13:23:51.18", "places": [ "usa" ], "id": "7285" }, { "title": "JOHN WILEY AND SONS INC SETS QUARTERLY", "body": "Qtly div Class A 27-1/2 cts vs 27-1/2 cts\n Qtly div Class B 24-1/2 cts vs 24-1/2 cts\n Pay April 10\n Record April Three\n Reuter\n\u0003", "date": "19-MAR-1987 13:24:04.84", "topics": [ "earn" ], "places": [ "usa" ], "id": "7286" }, { "title": "API SAYS U.S. CRUDE OIL OUPUT OFF FROM YEAR AGO", "body": "The American Petroleum Institute\nsaid that U.S. crude oil production in February declined 9.8\npct from year-ago levels to about 8.3 mln barrels a day.\n In its monthly report on U.S. oil supplies and stocks, API\nsaid that domestic demand for petroleum products, as measured\nby products supplied, continued to rise reaching 16.3 mln\nbarrels a day in the month, up 1.5 pct from February 1986.\n API noted the drop in crude oil output coupled with a\ndrop in natural gas liquids production, which was off 11 pct\nfrom February 1986 levels, represented a decline in U.S.\nproduction of more than one mln barrels a day.\n API said the decline in domestic production and the rise in\ndemand brought petroleum imports to about six mln barrels a day\nin February, a 30.3 pct increase from last year's level.\n So far this year, API said growth in domestic demand, which\nwas up 2.9 pct from last year's year-to-date level, has slowed\nin comparison to the accelerated growth in the last half of\n1986.\n It said crude oil production for the first two months of\n1987 was off 8.6 pct from the comparable year-ago period while\ncrude imports were up 30.6 pct.\n Reuter\n\u0003", "date": "19-MAR-1987 13:25:30.24", "topics": [ "crude" ], "places": [ "usa" ], "id": "7287" }, { "title": "CDC MAY SELL FALCONBRIDGE (FALCF) DEBT", "body": " said it is\nconsidering the sale of the 270.8 mln dlrs it holds of\nFalconbridge Ltd's 8.5 pct convertible debentures and of its 25\npct holding in .\n It said it made the disclosure in two prospectuses filed\ntoday with the Ontario Securities Commission.\n CDC said one prospectus covers a planned issue of units to\nraise up to 30 mln dlrs for subsidiary Canterra Energy Ltd's\n1987 exploration spending. A second prospectus relates to a\nplanned public sale of four mln common shares which CDC sold\nprivately to an unidentified investor in December.\n CDC said the unit offering will consist of a maximum of\n18,750 units priced at 1,600 dlrs each. Each unit will comprise\nan interest in CDC Flow-Through limited partnership and common\nshares of Canterra which will be exchanged for CDC common\nshares.\n Through a series of transactions, investors will receive\n100 common shares of CDC for each unit, representing a price of\n16 dlrs a common share. They will also get rights to income tax\ndeductions equal to the price of each unit.\n Agents for the sale are Wood Gundy Inc and Dominion\nSecurities Inc.\n \n Reuter\n\u0003", "date": "19-MAR-1987 13:25:49.71", "places": [ "canada" ], "id": "7288" }, { "title": "STET CONFIRMS TALKS UNDER WAY WITH THOMSON", "body": "Italy's state-controlled\ntelecommunications company and France's Thomson-CSF said they\nwere negotiating a deal involving their respective subsidiaries\n and .\n The deal in question was in the civil semiconductor sector,\nthe companies said in a joint statement, but gave no details.\n The final agreement would be submitted for approval to the\nFrench and Italian authorities, they added. The statement\nfollows recent press speculation that the two companies were\nholding talks aimed at a long-term agreement.\n REUTER\n\u0003", "date": "19-MAR-1987 13:26:36.10", "places": [ "usa" ], "id": "7289" }, { "title": "EASED RESTRICTIONS TO CREATE NEW PHONE SERVICES", "body": "Consumers may benefit from new\ntelephone services if business restrictions against the\nregional Bell companies are eased, but safeguards against rate\nhikes may be needed, congressional and industry analysts say.\n An easing of the restrictions by the U.S. District Court\nwould help bring new services to markets that the regional\nfirms are currently prohibited from serving, the analysts say.\n But consumer groups add that there is a danger the regional\ncompanies would raise rates to subsidize entry into new markets\nand safeguards would be needed to prevent that.\n Brian Moir, a spokesman for the International\nCommunications Association, a national group of telephone\nusers, said, \"If there are no safeguards, there will be higher\nrates, less competition and less consumer choice.\"\n The seven regional Bell companies created from the breakup\nof American Telephone and Telegraph Co in 1984 have been\nprohibited by the terms of the divestiture decree from\nmanufacturing equipment, offering computerized information\nservices or providing long-distance service.\n U.S. District Judge Harold Greene, who presided over the\ndivestiture and continues to enforce its terms, is currently\nconsidering a Justice Department recommendation to eliminate\nthe restrictions except on long-distance service within a Bell\nholding company's local service region.\n In separate filings last week, the regional Bells asked\nGreene to remove restrictions, while industry and consumer\ngroups including the Consumer Federation of America joined ATT\nin asking that all or most of them be retained.\n ATT, which has about an 80 pct share in the interstate\nlong-distance market, said in its filing it would not oppose\nentry by the Bell companies into computerized information\nservices but was against their participation in long-distance\nservices and manufacturing equipment. ATT does not offer\ncomputerized information services.\n ATT has asked the Federal Communications Commission, in a\nseparate proceeding, to reduce price and rate regulations that\nhave dominated the long-distance business for many years.\n Greene is expected to reach a decision on whether to ease\nrestrictions this year, possibly this summer, analysts said.\n \"The restrictions prevent people who can provide services\nfrom providing them,\" said a congressional aide.\n However, a major concern among consumer groups and\nlawmakers is that the companies may subsidize those new\nbusinesses from higher charges to their customers.\n \"We're talking about activities funded directly or\nindirectly off the backs of ratepayers,\" said Moir.\n One congressional aide said he was not worried about\nsubsidizing new businesses from profits, but he was concerned\nthat the Bell companies may overcharge consumers so that they\ncan invest in new services.\n Some analysts said accounting regulations would protect\nconsumers against cross-subsidization by the Bell companies.\n \"Those are types of things that really do need review,\" said\nGerry Salemme, an aide with the House Telecommunications,\nConsumer Protection and Finance Subcommittee.\n He added that the House would hold hearings later this year\nto examine the potential effects of reduced restrictions.\n Gene Kimmelman of the Consumer Federation, which represents\nmore than 200 consumer groups, said accounting regulations were\ninadequate because accountants could not separate equipment\nemployed for traditional and new services.\n \"We have yet to see adequate regulatory safeguards that\nexist that prevent cross-subsidization by the Bell companies,\"\nKimmelman said. \"You're either asking for great increases in\nrates or a great opportunity for cross-subsidization.\"\n One congressional aide expressed concern that lifting of\nthe restrictions would lead to joint ventures between U.S. and\nforeign firms in manufacturing telecommunications equipment and\nthat could lead to a loss of American jobs. He suggested some\nsafeguards may be needed to protect against that happening.\n Reuter\n\u0003", "date": "19-MAR-1987 13:27:17.98", "places": [ "usa" ], "id": "7290" }, { "title": "TRANSAMERICAN CHALLENGES COASTAL STANDING", "body": " said\nit denies that Coastal Corp has standing to file a plan or\nreorganization for TransAmerican in U.S. Bankruptcy Court.\n In an earlier statement, TransAmerican said, Coastal\nclaimed its rights to file a reorganization planhad been\naffirmed by the court. \"Coastal claims they have standing, but\nno final determinatioon has been made,\" TransAmerican said.\n The company said various Coastal subsidiaries have made\nunsecured claims totaling 700,000 dlrs which are disputed by\nTransamerican.\n The company said it has a claim against Coastal's Coastal\nStates Trading Inc subsidiary for almost three mln dlrs. This\nclaim resulted by a breach of contract in the trading company's\nfailure to provide crude oil to the Good Hope Refinery in\nLouisiana which was operated by TransAmerican's predecessor\ncompany, .\n Reuter\n\u0003", "date": "19-MAR-1987 13:27:27.44", "places": [ "usa" ], "id": "7291" }, { "title": "ERICSSON GETS BELLSOUTH CONTRACT", "body": "L.M. Ericsson Telephone Co of\nStockholm said it has signed a contract to supply BellSouth\nCorp with two Ericsson AXE Signal Transfer Point Switches for\nuse in transfering signals and data between telephone central\noffices.\n It said the switches will be installed in early 1988. \nValue was not disclosed.\n Ericsson also said its E-MX3 multiplexer will be installed\nin Norlight's digital fiber optic network by June, replacing an\nearlier Ericsson multiplexer. Value was not given. Norlight is\nowned by five midwestern electric power companies.\n Reuter\n\u0003", "date": "19-MAR-1987 13:28:34.03", "places": [ "usa" ], "id": "7292" }, { "title": "JIFFY LUBE CAN'T EXPLAIN STOCK ACTION", "body": "Jiffy Lube International Inc said it\ncan't account for the drop in its stock price.\n The company's stock is currently trading at 29-1/2 bid,\n29-7/8 bid. Yesterday in NASDAQ trading it fell 4-1/4 to close\nat 31.\n Reuter\n\u0003", "date": "19-MAR-1987 13:28:56.83", "places": [ "usa" ], "id": "7293" }, { "title": "CYTOGEN TO EXPAND IMAGING TESTS", "body": "Cytogen Corp said its will\nexpand clinical trials of its cancer imaging technology. It\nsaid the new studies were anticipated to begin by mid year.\n It said the first phase of human testing begain in October.\nThe technology uses a monocloncal antibody tagged with a\nradioisotope to diagnose colorectal cancer and several\nother cancer types. It said preliminary studies revealed the\nantibody combination was well tolerated in the patients\nstudied.\n Reuter\n\u0003", "date": "19-MAR-1987 13:29:04.40", "places": [ "usa" ], "id": "7294" }, { "title": "LANSON NAMES WHITBREAD PLC UNIT AS IMPORTER", "body": "Lanson Champagne of France said it\nnamed Whitbread PLC's Regal Brands Inc unit as its exclusive\nU.S. importer, effective April one.\n Regal Brands is also the sole U.S. importer for Benedictine\nS.A.'s liqueurs.\n Reuter\n\u0003", "date": "19-MAR-1987 13:30:30.37", "places": [ "usa" ], "id": "7295" }, { "title": "PRIME MEDICAL SAYS MERGER TALKS END", "body": "Prime Medical Services Inc said merger\ntalks with National HMO Corp have been terminated.\n Prime gave no reason for the termination of the talks with\nNational HMO.\n Reuter\n\u0003", "date": "19-MAR-1987 13:32:35.32", "topics": [ "acq" ], "places": [ "usa" ], "id": "7296" }, { "title": "FIRST FEDERAL SAVINGS BANK OF MONTANA DIV", "body": "Qtly div seven cts vs seven cts prior\n Payable April 28\n Record April three\n Reuter\n\u0003", "date": "19-MAR-1987 13:37:53.10", "topics": [ "earn" ], "places": [ "usa" ], "id": "7297" }, { "date": "19-MAR-1987 13:38:06.28", "places": [ "france" ], "id": "7298" }, { "title": "FED'S JOHNSON SAYS THERE IS ROOM FOR STRONGER DOMESTIC GROWTH IN LARGE SURPLUS STATES\n", "date": "19-MAR-1987 13:39:13.09", "id": "7299" }, { "title": "FED'S JOHNSON SAYS INFLATIONARY PRESSURES ARE UNDER CONTROL\n", "date": "19-MAR-1987 13:39:31.90", "id": "7300" }, { "title": "FED'S JOHNSON SAYS FED SUPPORTS G-6 PARIS CURRENCY ACCORD\n", "date": "19-MAR-1987 13:39:55.00", "id": "7301" }, { "title": " 1ST HALF FEB 28 NET", "body": "Shr profit 10 cts vs loss one ct\n Net profit 647,390 vs loss 75,967\n Sales 2,120,027 vs 1,666,908\n NOTE: Current year net includes 456,004 dlr gain from debt\nextinguishment.\n Reuter\n\u0003", "date": "19-MAR-1987 13:40:15.00", "topics": [ "earn" ], "places": [ "usa" ], "id": "7302" }, { "title": "FED'S JOHNSON SAYS BUDGET DEFICIT CUT ESSENTIAL TO INT'L ECONOMIC COOPERATION\n", "date": "19-MAR-1987 13:41:16.86", "id": "7303" }, { "title": "NEW RUBBER PACT TO BE FORMALLY ADOPTED TOMORROW", "body": "A new International Natural Rubber\nAgreement (INRA) will be formally adopted tomorrow, chairman of\nthe negotiating conference Manaspas Xuto of Thailand said.\n \"The successful negotiation of the new agreement represents\na significant step forward in international economic\ncooperation,\" he told a news conference. The new INRA is to\nreplace the current one which expires in October.\n Delegates at the renegotiation conference, held under the\nauspices of the U.N. Conference on Trade and Development\n(UNCTAD), reached agreement over the central elements of a new\naccord last weekend.\n Xuto said the new INRA retains the reference price -- of\n201.66 Malaysian/Singapore cents per kilo -- and indicative\nprices set in the present pact.\n Price levels will continue to be expressed in the joint\nMalaysian/Singapore currency, he added.\n The new agreement also maintains the basic structure of\nprice ranges -- the \"may sell\" and \"may buy\" points at plus and\nminus 15 pct of the reference price, as well as the \"must sell\"\nand \"must buy\" zones at plus and minus 20 pct of it.\n Xuto said the new pact maintains the same objectives that\nwere set in the present accord. \"The most important of these are\nto stabilise prices and to achieve a balanced growth between\ndemand and supply,\" he said. The buffer stock remains the sole\ninstrument of market intervention for price stabilisation and\nits maximum capacity is unchanged at 550,000 tonnes, Xuto\nadded.\n At this month's session, which was the fourth attempt in\ntwo years to negotiate a new INRA, the main issue to be\nresolved concerned the mechanism for adjusting the reference\nprice.\n It was agreed to conduct reviews of the reference price\nevery 15 months -- instead of the current 18-month intervals.\n The extent of the adjustment was also modified.\n Under the present agreement if the daily market indicator\nprice has been above the upper intervention (\"may sell\") price\n(currently 231 Malaysian/Singapore cents) or below the lower\nintervention price (\"may buy\") price (171 cents at present) for\nsix months, the reference price is then revised by five pct or\nwhatever amount the International Natural Rubber Council\ndecides.\n Under the new pact, the adjustment under these\ncircumstances will be five pct unless the Council decides on a\nhigher adjustment.\n Similarly, when buffer stock purchases or sales amount to\n300,000 tonnes, there would be an automatic adjustment of three\npct under the new accord unless the Council decides on a higher\npercentage.\n Throughout the talks, which began on March 9, producers had\nstrongly opposed a consumer proposal to lower the reference\nprice and the \"lower indicative price\" (or floor price) of 150\ncents in the present pact if the buffer stock, currently\n360,000 tonnes, reached 450,000 tonnes.\n The proposal, initiated by the U.S., was withdrawn last\nFriday, setting the stage for compromise at the weekend.\n Since then negotiators have worked on the finer details of\nthe new pact.\n On the question of conditions for entry into force of the\nnew INRA, Xuto said it was tentatively agreed that governments\naccounting for 75 pct of world exports and 75 pct of world\nimports approved or ratified the new agreement before it became\noperational.\n The present agreement had a figure of 80 pct.\n Reuter\n\u0003", "date": "19-MAR-1987 13:41:44.82", "topics": [ "rubber" ], "organisations": [ "unctad" ], "places": [ "switzerland" ], "id": "7304" }, { "title": "INVESTMENT GROUP HAS MOORE-HANDLEY STAKE", "body": "A group of New York investment\ncompanies told the Securities and Exchange Commission they have\nacquired 173,000 shares of Moore-Handley Inc, or 6.9 pct of the\ntotal outstanding common stock.\n The firms, Robert H. Barker and Co, J.M.R. Barker\nFoundation, Quaker Hill Associates L.P., Upland Associates L.P.\nand James M. Barker Trust, said they bought the stock for two\nmln dlrs soley for investment purposes.\n But the group said it might buy more Moore-Handley shares.\n Reuter\n\u0003", "date": "19-MAR-1987 13:42:46.99", "topics": [ "acq" ], "places": [ "usa" ], "id": "7305" }, { "title": "VENTRA MANAGEMENT IN EQUIPMENT LEASE AGREEEMENT", "body": "Ventra Management Inc said it\nreceived a 10.8 mln dlr equipment lease with Georgetown Medical\nClinic of San Clemente, Calif.\n The lease was funded by by Ventra's leasing subsidary,\nJoint Venture Leasing, in a venture agreement with Phillips\nEquipment Co West, a unit of Telefunken AG of West Germany.\n Ventra said the lease will yield over its five year term a\nnet profit of over one mln dlrs for Joint Venture Leasing.\n Reuter\n\u0003", "date": "19-MAR-1987 13:43:05.12", "places": [ "usa" ], "id": "7306" }, { "title": "PANHANDLE LINES EXTEND TRANSPORT SERVICE", "body": "Panhanele Eastern Corp said its two\ninterstate pipeline subsidiaries will extend the availability\nof self-implementing transportation service beyond the\nscheduled May one termination of the program set by federal\nregulators.\n The company explained that Panhandle Eastern Pipe Line Co\nand Trunkline Gas Co are engaged in renegotiating their basic\nutility service agreements to provide both traditional tariff\nsales and transportation service. Because this process requires\nconsiderable time, the continuity of transport service is being\npreserved, it added.\n Reuter\n\u0003", "date": "19-MAR-1987 13:43:49.05", "places": [ "usa" ], "id": "7307" }, { "title": "EC MAY OFFER INTERVENTION SUGAR TO LOCAL MARKET", "body": "Sugar which EC producers plan to sell\ninto intervention may be offered by the European Commission for\nsale within the Community, broker C. Czarnikow says in its\nlatest sugar review.\n The Commission will propose to offer the sugar at a very\nnominal premium of 0.01 European Currency Unit (Ecu) to the\nintervention price, with detrimental consequences for\nproducers' returns, Czarnikow says. The move is seen as an\nattempt to persuade the producers to take back the surrendered\nsugar.\n The Commission may also take other steps to dissuade\nproducers from their chosen course, such as removing the time\nlimit on storage contracts, which presently means that\nintervention stocks have to be removed by the end of September,\nCzarnikow says. There is also the possibility of production\nquotas being reduced.\n If the Commission decided to offer the sugar to traders for\nexport, the restitutions would have to be higher than those at\nrecent export tenders, Czarnikow notes. To match the difference\nbetween the EC price and the world market price, the extra\ncosts might be as much as 20 Ecus per tonne, it says.\n The producers might have to repay these costs through\nproduction levies and the proposed special elimination levy,\nCzarnikow says, but it would be several months before any costs\ncould be recovered under EC rules.\n The primary cause of the plan to sell 775,000 tonnes of\nsugar into intervention in France is dissatisfaction with the\nEC export program as the restitution has increasingly failed to\nbridge the gap between the EC price and the world market price,\nCzarnikow notes. The French move is thus seen as a form of\nprotest designed to force the Commission's hand.\n In West Germany, 79,250 tonnes have been tendered for\nintervention, but Czarnikow says the motive here is to ensure\nthat the 1986/87 price is paid for sugar that was produced in\n1986. In addition to a two pct cut in the intervention price,\nWest German producers face a further price reduction in July\nwith a probable revaluation of the \"green\" mark.\n Even if the immediate crisis is resolved, the problem is\nnot expected to disappear permanently. It has appeared to\ntraders for some years that the EC's export policy is\ninsufficiently responsive to changing patterns of demand, it\nsays.\n The weekly tenders should respond to fluctuating demand by\nincreasing or reducing the tonnage awarded, Czarnikow says,\nsuggesting that the Commission might also take steps to cut\ndown the amount of \"unnecessary bureaucracy\" surrounding the\nexport tender system.\n Reuter\n\u0003", "date": "19-MAR-1987 13:47:46.39", "topics": [ "sugar" ], "organisations": [ "ec" ], "places": [ "uk", "france" ], "id": "7308" }, { "title": "HOUSEHOLD FINANCE SETS 75 MLN CANADIAN DLR NOTE", "body": "Household Financial Corp Ltd is issuing\na 75 mln Canadian dlr bond due April 23, 1994, carrying a\ncoupon of nine pct and priced at 101-3/4, said Orion Royal Bank\nas lead manager.\n The securities are guaranteed by the parent company,\nHousehold Finance Corp and are available in denominations of\n1,000 and 10,000 dlrs each.\n There is a 1-1/4 pct selling concession and a 5/8 pct\ncombined management and underwriting fee. The company's\noutstanding securities are rated AA-minus by Standard and\nPoor's corp.\n REUTER\n\u0003", "date": "19-MAR-1987 13:47:55.46", "places": [ "uk" ], "id": "7309" }, { "title": "GERMAN BANKS SEE LOW INTEREST RATES CONTINUING", "body": "The Association of German Cooperative\nBanks said in a financial survey that domestic interest rates\nwould continue to remain low for the time being.\n It said the Bundesbank could hold them down despite strong\nforeign influence and it saw no interest-straining factors in\nthe economy that could affect the long-term capital market.\n The inflation rate of one pct also gave no occasion for\nhigher nominal interest rates. But a probable rise in inflation\nlate this year could give very slight grounds for a rise in\nnominal rates at year's end and next year, it said.\n The association said generally low interest rates,\nprospects of lower taxes, a stable dollar rate and expected\nstrong domestic demand led it to believe that the investment\nclimate would remain friendly and the economy would continue\nits slow but very sure growth.\n The Bundesbank had managed successfully to keep interest\nrates down on the short-term money market although its policies\nhad exerted little effect on the long-term capital market,\nwhich was so important for investment financing and thus for\nthe course of the economy, it said.\n In view of the limits to the possibilities monetary policy\nhad in influencing the longer-term capital market, the\nassociation saw little sense in wanting to boost the economy\nthrough a short-term and expansionist monetary policy.\n On the other hand it also saw no reason for sticking\ndogmatically to the money supply target for the whole of 1987.\n The association said time would show to what extent\nspeculative foreign money and short-term invested domestic\nmoney would distort money supply developments. The Bundesbank\ncould hold down money market rates with the highly effective\ninstrument of sale and repurchase transactions, it said.\n Reuter\n\u0003", "date": "19-MAR-1987 13:49:23.23", "topics": [ "interest" ], "places": [ "west-germany" ], "id": "7310" }, { "title": "ICCO TO EXAMINE BUFFER STOCK DETAILS TOMORROW", "body": "The International Cocoa Council, ICCO,\nadjourned for the day after a detailed proposal on buffer stock\nrules was distributed and executive committee officials were\nelected, delegates said.\n Producers, EC consumers and all consumers are scheduled to\nhold separate meetings tomorrow to review the proposal, written\nby ICCO executive director Kobena Erbynn, they said.\n The buffer stock working group is to meet again on rules\nMonday morning, and the full council is to reconvene Tuesday,\ndelegates said.\n Heinz Hofer of Switzerland was elected executive committee\nchairman and Mette Mogstad of Norway vice chairman, they added.\n Reuter\n\u0003", "date": "19-MAR-1987 13:50:02.80", "topics": [ "cocoa" ], "organisations": [ "icco" ], "places": [ "uk" ], "id": "7311" }, { "title": "FED'S JOHNSON URGES STRONGER ALLIED GROWTH", "body": "Federal Reserve Board Vice Chairman\nManuel Johnson said that the U.S.'s main industrial partners\nshould expand their domestic growth.\n In a speech to a women's group here, Johnson said, \"There is\nroom for stronger domestic growth in those countries ... strong\nenough to absorb growth in U.S. export markets.\"\n Johnson also said there was a better alignment of exchange\nrates now and the Paris agreement to stabilize currencies has\nbrought western nations a long way towards establishing that\ngoal.\n Johnson said, \"The Fed supports this pattern of exchange\nrates ... and we'll see if it leads to a convergence in trade.\nQuite possibly it can be achieved.\"\n Johnson said the Paris agreement achieved a better\nalignment of exchange rates in exchange for stimulus by the\nmajor surplus countries.\n He said this was \"a major improvement and a step in the\nright direction\" and added U.S. allies look very strongly to a\nU.S. budget deficit cut. \"There will always be a potential risk\nof breakdown in international cooperation\" without a budget\ndeficit cut.\n Reuter\n\u0003", "date": "19-MAR-1987 13:51:00.88", "topics": [ "money-fx" ], "places": [ "usa" ], "id": "7312" }, { "title": "U.K. MONEY DATA MAY EASE RATE CUT, ANALYSTS SAY", "body": "Slower than expected growth in Britain's\nnarrow M0 money supply measure in February will help spur a\nfurther cut in U.K. Interest rates if a surge in sterling's\nvalue requires such a move, economic analysts said.\n M0, the only targeted money supply measure left after\nChancellor of the Exchequer Nigel Lawson scrapped the official\ntarget for the broad sterling M3 measure in his 1987 budget\nspeech on Tuesday, fell an adjusted 3/4 to one pct in February.\n On an annual basis, this put M0 growth at four to 4-1/2\npct, in the middle of the 1987 target of two to six pct.\n \"The M0 data are much better than we expected,\" said Robert\nThomas, economist at Greenwell Montagu Securities.\n He and other analysts said while the better than expected\nM0 figures alone would not be sufficient to trigger a new\ninterest rate cut, they removed an obstacle to such a move.\n Thomas noted the rise in M0 had been kept in check despite\nbuoyant retail sales in February, advancing an adjusted 2.2 pct\nafter a fall of the same size in January.\n Analysts said the M0 measure, reflecting variations in\nconsumer demand rather than real inflation prospects, was not\nan adequate indicator to determine interest rates.\n \"The authorities still seem to want to pretend that M0 is\nimportant ... In practice, it is likely to be the exchange rate\nand the election which call the tune,\" Lloyds Merchant bank\nchief economist Roger Bootle wrote in a budget comment.\n Richard Jeffrey, economist at stockbrokers Hoare Govett,\nsaid in a comment: \"It is unlikely that (Lawson) will respond to\nsignals from M0 alone ... Reinforcement from exchange rate\ntrends is necessary before action is taken.\"\n \"With the Chancellor making clear that policy manoeuvres are\nmade in response to signals from this narrow money variable,\nthe City has been forced to take it seriously,\" he added.\n Noting this point, Thomas said market fears at the end of\nlast year of an M0 overshoot had now disappeared.\n This removed a potential obstacle to a further cut in U.K.\nBase lending rates if foreign demand for sterling pushed up the\npound above unofficial targets, analysts said.\n Such targets are believed to have been secretly agreed\nbetween finance ministers of the Group of Five and Canada at\ntheir Paris meeting last month, they added.\n U.K. Base rates have been cut twice by half a point since the\nParis agreement, once on March 11, and again yesterday when\nforeign demand for sterling surged in reaction to a sharp cut\nin 1987 government borrowing targets contained in the budget.\n They stand at 10 pct now, and foreign exchange dealers and\nanalysts expect them to shed another half-point in the coming\nweek.\n Analysts shrugged off as largely irrelevant a higher than\nexpected increase in February sterling M3, which pushed the\nannual growth rate to almost 19 pct, well above the previous\ntarget of 11 to 15 pct.\n Thomas said the February figures seemed to indicate the\nimprovement in sterling M3 growth witnessed over the past few\nmonths had been reversed, but firm conclusions could only be\ndrawn after revised data are released on March 31.\n Some analysts said foreign investors had long ceased to\nwatch the sterling M3 target, and Lawson's move to scrap it\naltogether earlier this week removed whatever was left of its\ncredibility as a key factor in monetary policy.\n REUTER\n\u0003", "date": "19-MAR-1987 13:53:35.83", "topics": [ "money-supply", "money-fx", "interest" ], "places": [ "uk" ], "id": "7313" }, { "title": "FED'S JOHNSON SEES INFLATION CONTROLLED", "body": "Federal Reserve Board Vice Chairman\nManuel Johnson said inflationary pressures are under control\nand noted \"wage and price pressures are very moderate.\"\n Johnson told a women's group that the U.S. was not seeing\nthe kind of cost pressures of the past.\n He said the trade imbalance was a serious trouble spot and\nstrong protectionist pressures, if translated into policies,\ncould ultimately lead to higher inflation and a high interest\nrate policy by the Fed.\n Reuter\n\u0003", "date": "19-MAR-1987 13:53:52.47", "topics": [ "cpi" ], "places": [ "usa" ], "id": "7314" }, { "title": "GREYHOUND BUYS GENERAL MOTORS BUS UNIT", "body": "Greyhound Corp said it has\nsigned a definitive agreement to buy General Motors Corp's U.S.\nTransit Bus and Parts business for an undisclosed sum.\n The agreement, tentatively set in January, includes\nproduction tooling, design and equipment for urban transit\nbuses, inventories and trademark identification.\n The agreement also incudes the right to buy GM's Canadian\nTransit Bus and Parts business, contingent on a satisfactory\nlabor agreement.\n Greyhound said it will relocate the production facilities,\ncurrently in Pontiac, Michigan, to an undetermined location.\n Reuter\n\u0003", "date": "19-MAR-1987 13:56:03.00", "topics": [ "acq" ], "places": [ "usa" ], "id": "7315" }, { "title": "MERRILL LYNCH DISPUTES MOODY'S DOWNGRADE", "body": "Merrill Lynch and Co said it feels the\ncut in its credit rating by Moody's Investors Service is not\njustified in view of the company's improvement in profitability\nand increase in equity capital in 1986.\n Moody's earlier today downgraded six billion dlrs of\nMerrill debt, citing lagging profitability relative to other\nbrokerage firms and increased competition.\n Merrill said it was disappointed by Moody's conclusion. It\nnoted that earnings more than doubled in 1986 to 454 mln dlrs.\nEquity capital rose 23 pct to 2.9 billion dlrs and return on\naverage equity rose to 17.5 pct from 10.2 pct in 1985.\n Reuter\n\u0003", "date": "19-MAR-1987 13:56:48.03", "places": [ "usa" ], "id": "7316" }, { "title": "EXCEL BANCORP SETS INITIAL DIVIDEND", "body": "Excel Bancorp Inc said its board\ndeclared an initial dividend of 10 cts per share, payable April\n20 to holders of record on April Six.\n Reuter\n\u0003", "date": "19-MAR-1987 13:56:58.80", "topics": [ "earn" ], "places": [ "usa" ], "id": "7317" }, { "title": "CHAMPION TO EXPAND ALBERTA MILL", "body": "Champion International Corp, based in\nStamford, Conn., said it will expand its mill in Hinton,\nAlberta, at a cost of about 285 mln Canadian dlrs.\n The expansion will double the facility's pulping operation\nto 424,000 short tons per year. The mill produces softwood\nkraft pulp which is sold to other Champion facilities and on\nthe open market.\n Champion said it estimates the project will be completed by\nthe end of 1989.\n Reuter\n\u0003", "date": "19-MAR-1987 13:58:28.84", "topics": [ "lumber" ], "places": [ "canada" ], "id": "7318" }, { "title": "MARK IV SAYS IT DOES NOT PLAN BAIRD BUY", "body": "Mark IV Industries Inc , which\nhas said it is mulling a bid to seek control of Baird Corp,\nsaid it has no present plans to acquire more than 25 pct of the\ncompany's total outstanding common stock.\n In a filing with the Securities and Exchange Commission,\nMark IV said its top officials told Baird executives at a March\n17 meeting that while Mark IV may buy more Baird common stock,\nit presently intends to hold it to the 25 pct limit.\n Mark IV, which first disclosed its stake and interest in\nBaird on March 10, has reported it holds 391,800 Baird common\nshares, or 17.6 pct of the total outstanding.\n Mark IV said it also agreed at the meeting that if it\ndecides to seek control of Baird, it would be through a\nnegotiated merger or business combination or through a tender\noffer in which Baird would have at least 24 hours notice.\n Baird, in turn, agreed not to take any defensive measures\nwithout giving Mark IV at least 24 hours notice, it said.\n Baird also confirmed that a takeover defense plan it\nalready has which is triggered by the accumulation of more than\n25 pct of its stock, would not be triggered by a tender offer,\nMark IV said. Both parties also agreed to adjourn pending\nlitigation they have against one another, it added.\n Reuter\n\u0003", "date": "19-MAR-1987 14:00:40.36", "topics": [ "acq" ], "places": [ "usa" ], "id": "7319" }, { "title": "HARRIS-TEETER PROPERTIES INC SETS PAYOUT", "body": "Qtly div 24 cts vs 24 cts prior\n Pay May Eight\n Record April 17\n Reuter\n\u0003", "date": "19-MAR-1987 14:00:50.65", "topics": [ "earn" ], "places": [ "usa" ], "id": "7320" }, { "title": "CANADA 91-DAY T-BILLS AVERAGE 6.89 PCT, MAKING BANK RATE 7.14 PCT \n", "date": "19-MAR-1987 14:01:54.66", "topics": [ "interest" ], "places": [ "canada" ], "id": "7321" }, { "title": "DRESSER INDUSTRIES SEES RETURN TO PROFIT", "body": "Dresser Industries Inc said it expects\nthe joint ventures it has entered into and a gradual\nimprovement in the energy market to allow it to regain\nprofitability before the end of the current year.\n Dresser earned 9,600,000 dlrs for the year ended October 31\n-- after a 95.0 mln dlr gain from a change in accounting and\npension plan curtailment and a 25.3 mln dlr writedown of\noilfield assets.\n Reuter\n\u0003", "date": "19-MAR-1987 14:02:25.54", "topics": [ "earn" ], "places": [ "usa" ], "id": "7322" }, { "title": "EC MINISTERS ANNOUNCE PLAN FOR STEEL CLOSURES", "body": "European Community (EC) industry\nministers agreed on a plan for voluntary steel plant closures,\ndrawn up by industry lobby group Eurofer, and calculated to\nlead to the loss of about 22,000 jobs.\n The ministers resolved that the proposed closures, which\nshould bring production capacity more in line with weak demand,\n\"remain considerably below the surplus in capacity.\"\n They asked the EC Executive Commission to consult with\nEurofer, major steel companies and with governments, to\npinpoint scope for further capacity reductions beyond the\nannual 15.26 mln tonnes identified by Eurofer.\n The Commission will draw up a new system of steel\nproduction quotas to protect vulnerable EC firms from the full\nrigors of open competition.\n Commission sources said any new system would cover only\nheavy products representing about 45 pct of the market, instead\nof 65 pct under the present system.\n Ministers hope to approve a closure program when they meet\nagain in Brussels on June 1, the sources said.\n Industry Commissioner Karl-Heinz Narjes told ministers\ncapacity was 30 mln tonnes in excess of requirements and that\nthis excess ought to be eliminated by the end of 1990.\n Reuter\n\u0003", "date": "19-MAR-1987 14:04:14.70", "topics": [ "iron-steel" ], "organisations": [ "ec" ], "places": [ "belgium" ], "id": "7323" }, { "title": "FED'S JOHNSON SAYS DEBT CRISIS SOLUTION DEPENDS ON INDUSTRIAL COUNTRY GROWTH\n", "date": "19-MAR-1987 14:06:47.62", "id": "7324" }, { "title": "JOHNSON SAYS FED SUPPORTS ADDING SECURITIES POWERS TO BANKING LEGISLATION\n", "date": "19-MAR-1987 14:08:06.25", "id": "7325" }, { "title": "U.S. GRAIN TRADE CALLS SHULTZ REMARK SIGNIFICANT", "body": "A statement yesterday by Secretary\nof State George Shultz after he met with wheat growers that\nU.S. agricultural products must be competitively priced was\nsignificant in that he recognized the importance of the Soviet\nmarket and the need for U.S. prices to be at world market\nlevels, U.S. grain trade industry officials said.\n They said that Shultz's comments, while not explicitly\nendorsing subsidized wheat sales to the USSR, were noteworthy\nbecause they were not negative towards such action.\n In response to a query on what the State Department's\nposition is on selling subsidized wheat to Moscow, Shultz told\nthe leaders of the National Association of Wheat Growers that\nprices must be competitive if the U.S. is going to trade.\n The Soviet Union, the world's largest grain importer, has\nbought no U.S. wheat for more than a year, complaining the\nprice was far above world market levels. A U.S. offer last fall\nto sell the Soviets lower-priced wheat through the export\nenhancement program, EEP, was also rebuffed due to the price.\n Shultz was said to be adamantly against the U.S. wheat\noffer last year and has been reported to be one of the major\nobstacles in making another subsidy overture to the Soviet\nUnion, grain industry sources said.\n Intense speculation the U.S. might make a fresh EEP wheat\noffer to the Soviets has boosted grain prices significantly in\nrecent trading sessions. Kansas City hard wheat futures rose\nanother 2-1/4 cents by midday at 2.88-1/4 dlrs per bushel,\nwhile CBT March wheat was up 1-1/2 cents at 2.92-1/2 dlrs.\n \"I'm not sure this is an about-face, but it's clearly a\nrecognition that unless we're competitive, we won't sell to the\nSoviet Union,\" said a lobbyst for a major commodity group.\n \"We have to be competitive. It's ridiculous to say that\nsomebody is going to buy your product if they can get the same\nthing at a lower price somewhere else,\" Shultz told the farm\nleaders. \"That is our approach in negotiations with the\nSoviets,\" he said.\n If those comments do signal that the State Department is no\nlonger opposed to the U.S. selling wheat to the USSR under EEP,\nit certainly improves the chances for an EEP wheat offer to\nMoscow, an industry lobbyst said.\n National Wheat Grower's officials were taking a cautious\nattitude towards the secretary's comments.\n \"His comments were not discouraging, but they didn't in our\njudgment promise any immediate action on EEP,\" an official with\nthe wheat group said.\n The Wheat Growers official noted, however, that \"there is\nsignificance in that fact that we haven't seen any significant\nnegative commentary on the idea of EEP wheat to the Soviets.\"\n In a meeting with exporters this week, Secretary of\nAgriculture Richard Lyng refused to comment on their request\nthat the administration offer subsidized wheat to Moscow, the\nofficials said.\n An aide to USDA undersecretary Daniel Amstutz, who is\nreported to be strongly opposed to EEP wheat to the Soviets,\nsaid that the Shultz comments \"are consistent with what he\n(Shultz) has taught for years as an economist,\" but said they\ndon't necessarily relate to the Soviet Union.\n Amstutz could not be reached for comment, and an aide to\nLyng said Lyng would not comment on Shultz's statements.\n But trade sources were hopeful that the Shultz comments may\nindicate some movement towards EEP wheat to Moscow.\n \"If he didn't say no, then there's a chance. This is\npotentially a positive development,\" a commodity source said.\n Reuter\n\u0003", "date": "19-MAR-1987 14:13:47.02", "topics": [ "grain", "wheat" ], "places": [ "usa", "ussr" ], "id": "7326" }, { "title": "JOHNSON SAYS GROWTH WILL DIFFUSE DEBT CRISIS", "body": "Federal Reserve Board Vice Chairman\nManuel Johnson said a resolution of the debt crisis depends on\ngrowth in the industrialized world.\n \"We can work our way through as long as we have growth in\nindustrialized countries to allow indebted countries to get out\nof their problems,\" Johnson told the Women in Housing and\nFinance.\n Johnson also underscored the need to continue enforcing\nloan conditionality and repeated his opposition to debt relief.\nHe rejected a \"quick fix solution\" adding, \"There are no free\nlunches.\"\n Reuter\n\u0003", "date": "19-MAR-1987 14:15:19.44", "places": [ "usa" ], "id": "7327" }, { "title": "JOHNSON URGES SECURITIES POWERS FOR BANKS", "body": "Federal Reserve Board Vice Chairman\nManuel Johnson said the Federal Reserve favored adding\nsecurities powers to banking legislation.\n \"We support any willingness to add those powers to the\nlegislation,\" Johnson told the Women in Housing and Finance.\n \"We would prefer to see those powers in the legislation.\"\n He was referring to a banking bill introduced by Sen\nWilliam Proxmire (D-Wisc) which would impose a moratorium on\nextending new securities powers to banks.\n Reuter\n\u0003", "date": "19-MAR-1987 14:17:11.86", "places": [ "usa" ], "id": "7328" }, { "title": "NYNEX INCREASES QTRLY DIV TO 95 CTS FROM 87 CTS end of body\n", "date": "19-MAR-1987 14:27:37.54", "topics": [ "earn" ], "id": "7329" }, { "title": "BURNUP AND SIMS INC 3RD QTR JAN 31 NET", "body": "Shr profit five cts vs loss 40 cts\n Net profit 669,000 vs loss 4,256,000\n Revs 46.1 mln vs 43.8 mln\n Avg shrs 13.9 mln vs 10.5 mln\n Nine mths\n Shr profit 42 cts vs loss 23 cts\n Net profit 5,529,000 vs loss 2,219,000\n Revs 152.2 mln vs 139.6 mln\n Avg shrs 13.3 mln vs 9,489,000\n NOTE: Current year net both periods includes 1,800,000 dlr\ngain from sale of property.\n Reuter\n\u0003", "date": "19-MAR-1987 14:28:03.37", "topics": [ "earn" ], "places": [ "usa" ], "id": "7330" }, { "title": "AARON BROTHERS ART MARTS INC 4TH QTR NET", "body": "Qtr ended Jan 31\n Shr 48 cts vs 38 cts\n Net 1,171,000 vs 794,000\n Revs 15.6 mln vs 14.0 mln\n Year\n Shr 85 cts vs eight cts\n Net 1,831,000 vs 266,000\n Revs 50.4 mln vs 46.5 mln\n Reuter\n\u0003", "date": "19-MAR-1987 14:29:32.35", "topics": [ "earn" ], "places": [ "usa" ], "id": "7331" }, { "title": "QUAKER STATE ARRANGES 100 MLN DLR CREDIT", "body": "Quaker State Oil Refining Corp\nsaid it signed a 100 mln dlr revolving credit and term loan\nagreement with a group of six banks, for which Mellon Bank N.A.\nis agent.\n The four-year arrangement has an additional four-year term\nloan amortization agreement, Quaker said.\n Quaker said the credit line will be used to finance\nexpansion plans. Quaker's total capital spending program for\n1987 is expected to exceed 125 mln dlrs, it said. In 1986, the\ncompany's capital spending totaled 71.0 mln dlrs.\n Quaker also said costs of new store openings and new\nproduct introductions will depress earnings in the first half.\nFor the first half of 1986, Quaker reported net income of 26.0\nmln dlrs on sales of 473.5 mln dlrs.\n In the first two months, Quaker opened about 25 new stores.\nIt said it expects to add 150 Minit-Lube fast lubrication\nservice centers in 1987 at a cost of 75 mln dlrs.\n The company said it is optimistic it will recover in the\nsecond half and report higher earnings for full year fiscal\n1987. The company reported net income of 50.3 mln dlrs on sales\nof 899.1 mln dlrs for 1986.\n\n Reuter\n\u0003", "date": "19-MAR-1987 14:30:24.52", "topics": [ "earn" ], "places": [ "usa" ], "id": "7332" }, { "title": "MARKITSTAR FILES TO OFFER SHARES", "body": "MarkitStar Inc said it has filed for\nan offering of 1,700,000 common shares through underwriters led\nby Woolcott and Co Inc.\n The company said it will sell 1,500,000 shares and\nshareholders the rest. Company proceeds will be used for the\ndevelopment and expansion of marketing and sales operations and\nfacilities, for research and for working capital.\n Reuter\n\u0003", "date": "19-MAR-1987 14:34:39.06", "places": [ "usa" ], "id": "7333" }, { "title": "LOMAS MORTGAGE FILES TO OFFER SHARES", "body": "Lomas Mortgage Corp said it has filed\nfor an offering of four mln common shares through underwriters\nled by Merrill Lynch and Co Inc .\n The company said it has granted underwriters an option to\nbuy up to another 600,000 shares to cover overallotments.\n Reuter\n\u0003", "date": "19-MAR-1987 14:35:01.71", "places": [ "usa" ], "id": "7334" }, { "title": "STRONG POINT INC HAS IMMUNE SYSTEM FORMULA", "body": " said its\nPharmaceutical Technologies Inc unit has developed a formula\nfor stimulating immune system function and reparing immune\nsystem damage, thereby protecting vulnerable body structures\nagainst Acquired Immune Deficiency Syndrome (AIDS).\n The company said while the product, called IMMUNOL-IM, is\nnot a cure, treatment or prevention, it repairs, rebuilds and\nstimulates the immune system, enabling the body to protect\nitself and repair damage.\n Strong Point said it plans to begin studies in Europe\nwithin 45 days and to make IMMUNOL-IM available in the U.S. as\nsoon as possible, pending appropriate government clearances.\n Reuter\n\u0003", "date": "19-MAR-1987 14:36:52.80", "places": [ "usa" ], "id": "7335" }, { "title": "EC TO ABOLISH TAX ON SPANISH MAIZE EXPORTS", "body": "The European Community Commission has\ndecided to abolish a special tax of eight Ecus per tonne\nimposed on exports of Spanish maize, Commission sources said.\n They said the tax, which applies to Spanish sales to EC and\nnon-EC countries alike, would no longer be required on exports\nfrom Spanish ports south of Valencia.\n The decision was taken at a meeting of the authority's\ncereals management committee today.\n The tax had been introduced last September at the same time\nas a subsidy of eight Ecus per tonne was brought in for exports\nof maize to Spain from other EC member countries.\n The aim of the tax was to prevent the maize imported into\nSpain from the other EC states with the help of subsidies from\nbeing reexported back to them.\n The sources added that Spain had received no answer from\nthe committee to its request that tenders be opened for the\nsale to third countries of 450,000 tonnes of maize.\n The request will be considered at the committee's next\nmeeting, the commission sources said.\n Madrid estimates that it needs to import 1.7 mln tonnes of\nmaize this year, while an EC-U.S. accord guarantees non-EC\nproducer sales to Spain of two mln tonnes of maize and 300,000\ntonnes of sorghum annually for the next four years.\n Reuter\n\u0003", "date": "19-MAR-1987 14:37:05.85", "topics": [ "grain", "corn" ], "organisations": [ "ec" ], "places": [ "belgium", "spain" ], "id": "7336" }, { "title": "GREAT TO BUY STANDARD UNITS' ASSETS", "body": "Great American Management and\nInvestment Inc said its 80 pct-owned subsidiary agreed to buy\ncertain assets of two subsidiaries of Standard Oil Co, for 40\nmln dlrs and the assumption of certain liabilities.\n Great American Industrial Group Inc agreed to acquire all\nthe U.S. and United Kingdom assets of Pfaudler Co and the stock\nof certain Brazilian, Mexican, and West German subsidiaries of\nKennecott Mining Corp, it said. Pfaudler and Kennecott are\nsubsidiaries of Standard Oil.\n Reuter\n\u0003", "date": "19-MAR-1987 14:38:06.02", "topics": [ "acq" ], "places": [ "usa" ], "id": "7337" }, { "title": "KMS INDUSTRIES INC YEAR NET", "body": "Oper shr three cts vs three cts\n Oper net 511,000 vs 550,000\n Revs 19.7 mln vs 17.7 mln\n Avg shrs 15,777,000 vs 16,074,000\n NOTE: Earnings exclude gains from utilization of tax loss\ncaryforwards of 398,000 dlrs, or three cts a share vs 455,000\ndlrs, or three cts a share\n Reuter\n\u0003", "date": "19-MAR-1987 14:38:37.28", "topics": [ "earn" ], "places": [ "usa" ], "id": "7338" }, { "title": "WICKES COS INC 4TH QTR SHR LOSS TWO CTS VS PROFIT 14 CTS\n", "date": "19-MAR-1987 14:39:28.95", "topics": [ "earn" ], "id": "7339" }, { "title": "CONSOLIDATED FREIGHTWAYS FORMS NEW UNIT", "body": "Consolidated Frieghtways Corp\nsaid it has formed a new regional less-than-truckload carrier\ncalled Con-Way Southern Express.\n The company said the new unit will start overnight service\nApril One in the Carolinas, Georgia, Tennessee and Virginia.\n Reuter\n\u0003", "date": "19-MAR-1987 14:40:13.42", "places": [ "usa" ], "id": "7340" }, { "title": "TO-FITNESS IN DISTRIBUTION DEAL", "body": "To-Fitness Inc said it\nhas been named exclusive Florida distributor for the hardpack\nversion of the frozen dessert Tofutti by Tofutti Brands Inc\n, replacing Pillsbury Co's Haagen Dazs.\n Reuter\n\u0003", "date": "19-MAR-1987 14:43:03.71", "topics": [ "earn" ], "places": [ "usa" ], "id": "7341" }, { "title": "FIRST FINANCIAL BIDS FOR COMDATA ", "body": "First Financial Management corp said it\nhas offered to acquire Comdata Network Inc for 18 dlrs per\nshare in cash and stock, or a total of about 342.7 mln dlrs.\n The company said for each Comdata share it would exchange\nhalf a First Data share and enough cash to bring the total\nvalue up to 18 dlrs per share, provided that the market price\nof First Financial stock were not less than 28 dlrs per share.\n It said the cash payment would be based on the average\nmarket price of First Financial during a period shortly before\nclosing.\n First Financial said it would not pursue the offer if\nComdata's board rejected it. Comdata has already agreed to be\nacquired by a partnership for either 15 dlrs a share in cash or\nat least 10 dlrs in cash and uniuts of securities.\n The partnership that made the first offer for Comdata was\nWelsh, Carson, Anderson and Stowe. Comdata had previously\nentered into an agreement, which collapsed, for a repurchase of\nsix mln shares at 14.50 dlrs each and for the sale of one mln\nshares by a director to . Mason Best already\nowns 1,800,000 Comdata shares.\n A group led by has also disclosed\nownership of 6.2 pct of Comdata's 19.0 mln shares outstanding\nand said it might seek to increase its interest to over 15 pct.\n The company said Comdata shareholder approval would also be\nrequired for its proposal.\n Reuter\n\u0003", "date": "19-MAR-1987 14:43:25.91", "topics": [ "acq" ], "places": [ "usa" ], "id": "7342" }, { "title": "U.S. CONGRESS THIRD WORLD DEBT PLAN ADVANCES", "body": "A House Banking subcommittee\napproved a plan to seek U.S. negotiations with other\nindustrialized countries for the purchase of developing country\ndebt from commercial banks.\n The plan is expected to face opposition in the full House\nBanking Committee, where approval must be obtained to send it\non to the full House for a vote, congressional sources said.\n Under their plan, Treasury Secretary James Baker would be\ndirected to consider setting up a public debt authority to\npurchase developing country debt at a discount. The debt would\nbe repackaged for sale to a secondary market.\n The debt plan was offered by International Development\nInstitutions subcommitte chairman Walter Fauntroy, a non-voting\nDemocratic delegate from the District of Columbia.\n The negotiations would aim for renegotiation of third world\ndebt with the new U.S. Public Debt Management Authority. The\nnew U.S. institution would act as manager for the loans and\noversee economic policies of the developing countries.\n One of its main purposes is the reduction in the debt\nservice burden of developing countries, Fauntroy said.\n In addition, the bill asks for a study of the issuance of\nof Special Drawing Rights to developing countries.\n Reuter\n\u0003", "date": "19-MAR-1987 14:43:49.17", "places": [ "usa" ], "id": "7343" }, { "title": "POP RADIO GETS RITE AID ", "body": "POP Radio Corp said it has signed a\nseven-year agreement to provide Rite Aid Corp with in-store\ncustomized disc jocky-hosted radio programs, resulting in an\nincrease of more than 50 pct in the total number of stores POP\nnow has under contract.\n Value was not disclosed.\n Reuter\n\u0003", "date": "19-MAR-1987 14:44:07.06", "topics": [ "acq" ], "places": [ "usa" ], "id": "7344" }, { "title": "BIOSENSOR SIGNS MARKETING AGREEMENT", "body": "Biosensor Corp said it signed an\nagreement with Del Mar Avionics, Irvine, Calif., to market the\nBiosensor Multiday system.\n Multiday monitoring products can analyze patient heart\nsignals for up to five days in or out of the hospital. Patients\ncan transmit complex cardiac data over the telephone to their\nmedical center, allowing physicians to review the information\nas necessary.\n Reuter\n\u0003", "date": "19-MAR-1987 14:44:13.69", "places": [ "usa" ], "id": "7345" }, { "title": "ALLIANCE FINANCIAL CORP DIVIDEND SET", "body": "Qtly div 22 cts vs 22 cts previously\n Pay April 15\n Record March 31\n Reuter\n\u0003", "date": "19-MAR-1987 14:44:16.61", "topics": [ "earn" ], "places": [ "usa" ], "id": "7346" }, { "title": "JEFFERIES MAKING MARKET IN COMDATA NETWORK", "body": "Jefferies and Co said it is making a\nmarket in Comdata Network at 16-1/2 to 17.\n The stock was halted on the New York Stock Exchange for\ndissemination of news at 15-1/8.\n Reuter\n\u0003", "date": "19-MAR-1987 14:44:30.45", "places": [ "usa" ], "id": "7347" }, { "title": "NOSTALGIA NETWORK ADDS SUBSCRIBERS", "body": "Nostalgia Network Inc said it signed an\nagreement with the ACTS Satellite Network to produce a series\nof two- and five-minute commercials of its home shopping\nservice, \"Collectible Showcase.\"\n It said the ACTS Network, with more than six mln cable\ntelevision subscribers, will air the commercials approximately\n28 times a week for 13 weeks, and as a result Nostalgia\nNetowork said it expects a significant increase in sales volume\nin April.\n Nostalgia is 29 pct owned by Futuresat Industries Inc.\n Reuter\n\u0003", "date": "19-MAR-1987 14:44:43.81", "places": [ "usa" ], "id": "7348" }, { "title": "NYNEX INCREASES QTRLY CASH DIVIDEND", "body": "Nynex Corp said it is raising its\nquarterly dividend to 95 cts from 87 cts payable May 1, 1987,\nto shareholders of record March 31.\n The company said this was the third consecutive year it has\nraised its quarterly cash dividend. It added it had a\ntwo-for-one stock split in May 1986.\n Reuter\n\u0003", "date": "19-MAR-1987 14:46:11.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "7349" }, { "title": "PROGRESS TOWARD IRAQ-IRAN PEACE SEEN", "body": "Saudi Arabia's Crown Prince Abdullah\nIbn Abdulaziz said in remarks published today there would be\nimportant progress in the next few months on Arab and Islamic\nefforts to end the Iraq-Iran war.\n Prince Abdullah, in an interview with the Kuwait magazine\nAl-Majalis, carried by the official Saudi Press Agency (SPA),\nsaid: \"Important progress ... Will happen during the coming two\nor three months.\"\n He said, \"We have always appealed to the brothers in Iraq\nand Iran to stop the bloodshed ... In this meaningless war\nbetween two Islamic countries.\"\n All international and regional efforts so far to end the\n6-1/2-year-old war have failed. Iran says there can be no peace\nuntil Iraqi President Saddam Hussein is ousted.\n Prince Abdullah said Iraq had always responded to Islamic\nand Arab peace calls.\n Reuter\n\u0003", "date": "19-MAR-1987 14:46:48.24", "places": [ "iran", "iraq", "bahrain" ], "id": "7350" }, { "title": "ITALIAN TREASURY OFFER HAS LOWER RATES", "body": "The Italian Treasury said it would offer\n24,500 billion lire of short-term Treasury bills (BOTs) at net\nrates lower than on the preceding issue.\n Three-month bills worth 3,500 billion lire will be offered\nfor competitive tender at a base price of 97.50 pct, giving an\neffective annualised compound yield after tax of 9.87 pct.\n Net rate on the preceding issue end-February was 9.98 pct.\n The Treasury will also offer 9,500 billion lire of\nsix-month bills at a base price of 95.35 pct for an effective\nannualized net yield of 9.24 pct.\n The net rate on the preceding issue was 9.30 pct.\n A total of 11,500 billion lire of 12-month paper will be\noffered at a base price of 91.15 pct for an effective\nannualized net yield of 9.02 pct.\n Rate on the preceding issue mid-February was 9.05 pct.\n The bills replace maturing paper worth 23,442 billion lire,\nof which 20,322 was held by operators.\n Subscriptions to the offer close March 24.\n Reuter\n\u0003", "date": "19-MAR-1987 14:47:03.08", "places": [ "italy" ], "id": "7351" }, { "title": "VULCAN WITHDRAWS JONES/VINING BID", "body": "Vulcan Corp said it was\ndiscontinuing its efforts to negotiate a purchase of the common\nstock of Jones and Vining Inc.\n On February 6, Vulcan, a Cincinnati maker of shoe lasts and\nother products, offered five dlrs a share for all of Jones and\nVining common, subject to certain conditions.\n Vulcan said it is dropping the proposal because it believes\nsubsequent actions by Jones and Vining are hostile and Vulcan\nis only interested in a friendly transaction.\n Jones and Vining makes shoe lasts and shoe components. It\nhas about 3.7 mln shares outstanding.\n Reuter\n\u0003", "date": "19-MAR-1987 14:47:55.53", "topics": [ "acq" ], "places": [ "usa" ], "id": "7352" }, { "title": "TEMPO TO SELL CABLE SYSTEMS TO EAGLE", "body": "Tempo Enterprises Inc said it\nsigned a letter of intent to sell seven cable television\nsystems, representing about 5,000 subscribers, to .\n Terms of the acquisition were not disclosed.\n Reuter\n\u0003", "date": "19-MAR-1987 14:48:48.26", "topics": [ "acq" ], "places": [ "usa" ], "id": "7353" }, { "title": "ERBAMONT ACQUIRES ANTIBIOTICOS S.A.", "body": "Erbamont N.V. said its major\nshareholder , which owns 85 pct of its common,\nand Farmitalia Carlo Erba, its 75 pct owned subsidiary, have\nacquired and related subsidiaries.\n Terms of the acquisition were not disclosed.\n Reuter\n\u0003", "date": "19-MAR-1987 14:49:21.35", "topics": [ "acq" ], "places": [ "usa" ], "id": "7354" }, { "title": "UK CROSS FIELD PRT RELIEF FAVOURS SMALLER FIELDS", "body": "The \"cross field allowance\" relief on\nPetroleum Revenue Tax (PRT) announced by U.K. Chancellor of the\nExchequer Nigel Lawson this week will favour smaller non-PRT\npaying fields, according to stockbrokers Wood Mackenzie and Co.\n The cross field allowance offsets up to 10 pct of\nqualifying spending on a new oil field against PRT liability of\nother fields. It is restricted to new offshore developments\noutside the southern basin and yet to gain Annex B approval.\n A report by the stockbrokers said that on a new field not\npaying PRT due to its small size, the relief would directly\nbenefit in PRT saving on an existing field.\n \"The cross field allowance will mainly benefit participators\nin those fields which have no PRT liability,\" the report said,\nadding that the timing of development of such fields may be\nadvanced.\n The government would in effect be subsidising these\ndevelopments at 7.5 pct of capital expenditure before\ncorporation tax, the report said.\n On fields likely to pay PRT in the future, the benefit is\nof timing. Although liabilities on other existing fields will\nbe reduced immediately, liabilities on larger new fields will\nrise in the future due to the loss of offsets, it said.\n In a study on probable fields, the report said that when\nthe rates of return are examined, the rise for a PRT-paying\nfield such as Miller, the largest undeveloped oil field in the\nU.K. North Sea, is from 18.7 to 19 pct, while the rise for a\nsmall non-PRT paying field such as Kittiwake is 15.9 to 17.9\npct.\n The report added that in fields which pay PRT, there will\nbe a cost in being able to have this early relief. Not only\nwill these costs be unavailable for offset against the field's\nfuture profits, but uplift of some 35 pct on these costs will\nbe lost.\n Thus, a saving of PRT of 100 when field development starts\nwill have to be matched by a rise in PRT of 135 at a later\ntime.\n Reuter\n\u0003", "date": "19-MAR-1987 14:49:41.34", "topics": [ "crude" ], "places": [ "uk" ], "id": "7355" }, { "title": "CONGRESSMEN URGE U.S. SOYBEAN PROGRAM CHANGES", "body": "Several leading farm-state\nCongressmen said they will press the U.S. Agriculture\nDepartment to implement some kind of marketing loan to make\nsoybeans exports competitive while protecting farm income.\n Speaking at a House grains subcommittee hearing, chairman\nDan Glickman, D-Kan., proposed that Congressmen and\nrepresentatives of soybean growers meet with USDA on the\nsubject in the next two weeks.\n \"Let's see if we can try to push them (USDA) to do\nsomething without legislation,\" Glickman told the hearing.\n The current soybean loan rate effectively is 4.56 dlrs per\nbushel with no income protection, or marketing loan.\n David Haggard, American Soybean Association, ASA, president\nsaid USDA must make changes in the soybean program.\n The current soybean program \"gave us the worst of both\nworlds,\" ASA's Haggard told the hearing. The 1987 loan rate is\ntoo high relative to corn and is encouraging an expansion of\nsoybean production in South America, he said. At the same time,\nthe U.S. soybean loan rate is too low to provide any income\nsupport for soybean farmers, Haggard said.\n \"We need some kind of market loan,\" he added.\n The 1985 farm bill provides authority for the Agriculture\nSecretary to implement a marketing loan for soybeans but USDA\nso far has resisted pressure to use the authority.\n Representatives of ASA met earlier this month with USDA,\nbut Haggard said USDA officials gave no indication if they\nwould seriously consider offering a marketing loan.\n USDA undersecretary Daniel Amstutz yesterday said the\nsoybean situation is a \"dilemna\" which has been studied\nextensively by the department. But he did not say what, if any\nchanges, are under consideration.\n In his testimony, Haggard indicated there are ways other\nthan a marketing loan which should be considered to help\nsoybean growers, such as a so-called producer option payment,\nor a direct payment program.\n Haggard said barring any program changes, Commodity Credit\nCorporation, CCC, soybean stocks, now at 385 mln bu, will rise\nto 500 mln by the end of August. A further 100 mln bu of\nsoybeans could be forfeited between September and end-year.\n \"Thus, CCC could own the equivalent of Brazil's entire\nsoybean crop by the end of calendar year 1987,\" Haggard said.\n However, Haggard said that the U.S. should be cautious in\nmaking soybean program changes that might allow the European\nCommunity to challenge the U.S. program under the General\nAgreement on Tariffs and Trade, GATT.\n He noted that The EC imports one quarter of U.S. soybean\nproduction and loss of that market would be devastating.\n The Reagan administration has given \"mixed signals\" on\nwhether it believes a marketing loan for soybeans could be\nsuccessfully challenged in GATT by the EC, Haggard said.\n While the ASA position is to support a 5.02 dlrs per bu\nloan rate combined with a marketing loan, Haggard also endorsed\na proposal by Rep. Jerry Huckaby, D-La., which would set a six\ndlrs per bu loan rate and apply a marketing loan.\n The Huckaby proposal is also supported by the ranking\nRepublican on the House Agriculture committee, Rep. Edward\nMadigan of Illinois.\n Subcommittee chairman Glickman endorsed the need to take\nsome action on soybeans, but cautioned that the marketing loan\ncould mean a substantial increase in budget costs.\n Glickman noted that the Agriculture Committee must cut one\nto 1.5 billion dlrs from its fiscal 1988 budget and therefore\nmust fit any soybean program changes into the overall budget.\n Haggard said at a soybean loan rate of six dlrs per bu\ncombined with a marketing loan, the U.S. soybean price might\nfall to four dlrs per bu initially. This would cost the\ngovernment a maximum of two billion dlrs. But he said the costs\nwould decline as market prices recovered.\n Reuter\n\u0003", "date": "19-MAR-1987 14:52:33.51", "topics": [ "oilseed", "soybean" ], "organisations": [ "gatt", "ec" ], "places": [ "usa" ], "id": "7356" }, { "title": "RAISE IN BRAZIL FCOJ EXPORT PRICES NOT CONFIRMED", "body": "There is no confirmation\nthat Brazil's major processors of Frozen Concentrated Orange\nJuice, FCOJ, will raise export prices of the product to 1,375\ndlrs per tonne from April 1, a spokesman for the Brazilian\nAssociation of Citrus Juice Industries (Abrassuco) said.\n Asked to comment on a report from New York that Cutrale and\nCitrosuco had sent telexes to customers informing of the price\nraise, Jose Carlos Goncalves said Abrassuco was not aware of\nit.\n \"All we know is that Cacex has increased the dollar amount\nto translate FOB price to ex-dock New York price to 1,050 dlrs\nfrom 770 dlrs,\" Goncalves said.\n Citrosuco and Cutrale officials were not available for\ncomment.\n Reuter\n\u0003", "date": "19-MAR-1987 14:55:44.16", "topics": [ "orange" ], "places": [ "brazil" ], "id": "7357" }, { "title": "ALDEN ELECTRONICS SETS LOWER DIVIDEND", "body": "Alden Electronics Inc said\nits board declared an annual dividend of 15 cts per share on\nClass A and B common stock, down from 25 cts last year due to\nan expected drop in earnings for the year ended March 28.\n The dividend is payable April 15 to holders of record on\nApril 3.\n Alden earned 1,357,000 dlrs last year.\n Reuter\n\u0003", "date": "19-MAR-1987 14:56:14.14", "topics": [ "earn" ], "places": [ "usa" ], "id": "7358" }, { "title": "WICKES COS INC 4TH QTR LOSS", "body": "Shr loss two cts vs profit 14 cts\n Net loss 2,515,000 vs profit 28,569,000\n Sales 1.41 billion vs 885.2 mln\n Avg shrs 239.2 mln vs 104.4 mln\n Year\n Shr profit 33 cts vs profit 47 cts\n Net profit 83,750,000 vs profit 76,130,000\n Sales 4.77 billion vs 2.81 billion\n Avg shrs 198.8 mln vs 98.3 mln\n Note: Current qtr and year figures include gains on\nsecurities sales of 3.9 mln dlrs and 38 mln dlrs, respectively.\n Prior qtr and year figures include gain on securities sales\nof 3.9 mln dlrs.\n Current qtr and year figures include extraordinary loss of\n6.9 mn dlrs and gain of 9.9 mln dlrs, respectively.\n Prior qtr and year figures include operating loss\ncarryforward gains of 7.6 mln dlrs and 35.5 mln dlrs,\nrespectively.\n Prior qtr and year figures include gains from discontinued\noperations of 6.6 mln dlrs and 12.6 mln dlrs, respectively.\n Reuter\n\u0003", "date": "19-MAR-1987 14:58:44.38", "topics": [ "earn" ], "places": [ "usa" ], "id": "7359" }, { "title": "U.S. HOUSE PLAN TO EASE LDC DEBT ADVANCES", "body": "A U.S. House Banking subcommittee\napproved a plan to seek negotiations with other industrialized\ncountries for the purchase of developing country debt from\ncommercial banks.\n The plan is expected to face opposition in the full House\nBanking Committee where approval must be obtained to send it on\nto the full House for a vote, congressional sources said.\n Under their plan, Treasury Secretary James Baker would be\ndirected to consider setting up a public debt authority to\npurchase developing country debt at a discount. The debt would\nbe repackaged for sale to a secondary market.\n The debt plan was offered by International Development\nInstitutions subcommittee chairman Walter Fauntroy, a\nnon-voting Democratic delegate from the District of Columbia.\n The negotiations would aim for renegotiation of third world\ndebt with the new U.S. Public Debt Management Authority. The\nnew U.S. institution would act as manager for the loans and\noversee economic policies of the developing countries.\n One of its main purposes is the reduction in the debt\nservice burden of developing countries, Fauntroy said.\n In addition, the bill asks for a study of the issuance of\nof Special Drawing Rights to developing countries.\n Reuter\n\u0003", "date": "19-MAR-1987 14:58:55.28", "places": [ "usa" ], "id": "7360" }, { "title": "COKE SAYS ITS UNIT ITS PRICING PROBE TARGET", "body": "Coca-Cola Enterprises Inc said one\nof its key bottling subsidiaries is being investigated by a\ngrand jury for possible price fixing violations of its soft\ndrinks.\n In a filing with the Securities and Exchange Commission,\nthe company said its Mid-Atlantic Coca-Cola Bottling Co\nunderstands a federal grand jury in Norfolk, Va., is probing\nthe matter and it is \"possible\" that it will be indicted for\nviolating anti-trust laws.\n The current probe stems from the conviction last month of\nan Allegheny Pepsi-Cola Bottling Co employee, it said.\n In the trial of the Allegheny Pepsi employee, Armand\nGravely on October 28, 1986, Mid-Atlantic Coca-Cola Bottling Co\nand eight of its employees, including some high ranking\nofficers, were identified as unindicted co-conspirators in the\nprice fixing scheme, Coca-Cola Enterprises said.\n Gravely was convicted on February 12, 1987 in a scheme to\nfix soft drink prices in Virginia between Allegheny Pepsi and\nMid-Atlantic Coca-Cola, the company said.\n While Mid-Atlantic Coca-Cola was not named as a defendent\nalong with Gravely, the company said the probe into the Gravely\ncase is still under way and could result in indictments.\n Coca-Cola Enterprises has already said Mid-Atlantic\nCoca-Cola Bottling Co and some of its officers have been under\ninvestigation by the Norfolk grand jury since September 1984.\n The new disclosure was made in a filing with the SEC for\nofferings of 250 mln dlrs of debentures due 2017 and 250 mln\ndlrs of notes due 1997.\n Proceeds would be used to refinance outstanding debts, the\ncompany said. Salomon Bros is lead underwriter.\n Coca-Cola Enterprises is 49 pct owned by Coca-Cola Co .\n Reuter\n\u0003", "date": "19-MAR-1987 14:59:32.40", "places": [ "usa" ], "id": "7361" }, { "title": "AZURE VENTURES TO BUY ADVERTISING UNIT", "body": " said it\nsigned a letter of intent to acquire John Paul Richards and\nAssociates Inc.\n The company said if the merger is approved by shareholders\nof both companies, the shareholders of John Paul Richards would\nbecome majority shareholders, owning 60 pct of the common\nstock, of the new public company.\n Reuter\n\u0003", "date": "19-MAR-1987 15:00:12.68", "topics": [ "acq" ], "places": [ "usa" ], "id": "7362" }, { "title": "SCOTT DECLARES FIRST PAYOUT", "body": "Scott and Stringfellow Financial\nInc said it declared its first quarterly dividend of three\ncents per share payable April 15 to shareholders of record\nApril one.\n Reuter\n\u0003", "date": "19-MAR-1987 15:00:24.01", "topics": [ "earn" ], "places": [ "usa" ], "id": "7363" }, { "title": "NEW JEFFERIES CHIEF PLANS NO CHANGES", "body": "Jefferies Group Inc's new chief\nexecutive Frank Baxter said the company intends to review its\noperations, following the resignation of founder and chairman\nBoyd Jefferies, but he has no immediate plans for changes, \n\"We'll be examining all our practices,\" Baxter said in a\ntelephone interview, adding, \"we do not expect any changes.\"\n Baxter also said he does not believe that any other\nJefferies employees will be cited for wrongdoing.\n Boyd Jefferies, Jefferies Group's founder, agreed to plead\nguilty to two felony counts of violating federal securities\nlaws, Jefferies Group said in a statement released earlier.\n The statement said the charges against Boyd Jefferies\nresulted from a transaction in which he, on behalf of the\ncompany, agreed to purchase certain stocks from entities\ncontrolled by Ivan Boesky and later resell the stock to those\nentities.\n \"That was Boyd's transaction,\" Baxter said.\n Baxter said that although Jefferies Group was censured,\nthere were no fines imposed on the company and no restrictions\nplaced on its business. He said he believes the news of the\nallegations and Boyd Jefferies resignation should not affect\nclient confidence.\n Michael Klowden, an attorney for Jefferies Group, said that\nalthough investigations are continuing into trading activity in\ngeneral, he does not believe any probe is focusing on Jefferies\nGroup or its employees.\n \"We don't anticipate any actions of any consequence,\"\nKlowden said.\n Reuter\n\u0003", "date": "19-MAR-1987 15:01:47.75", "places": [ "usa" ], "id": "7364" }, { "title": "PACAD SEES OKAMOTO CONTRACT IN A FEW DAYS", "body": "Pacad Inc said it expects to\nhave a written contract with Okamoto U.S.A. Inc to market\ncondoms produced by its parent company, , in the United States within 10 days.\n Yesterday Pacad said it \"has reached an agreement to enter\ninto a contract with Okamoto,\" adding \"we expect our condom\nsales to begin within 30 days and grow rapidly in 1987.\"\n In a clarifying statement, Pacad said it has \"an oral\nagreement with Okomoto to market condoms, and fully expects to\nenter into a written contract with regard thereto within a week\nto ten days.\"\n Reuter\n\u0003", "date": "19-MAR-1987 15:02:14.22", "places": [ "usa" ], "id": "7365" }, { "title": "TEXAS COMMERCE SEES IMPROVEMENT IN 1987", "body": "Texas Commerce Bancshares Inc said that\nrelatively stable oil prices and the bank's planned merger with\nChemical New York Corp would help 1987 earnings increase\nfrom last year's profits of 20 mln dlrs.\n Texas Commerce chairman Ben Love, in an interview with\nReuters, did not elaborate on how much the bank expected\nearnings to increase.\n \"We would anticipate that this year would be an improvement\nover last because we are stronger,\" Love said, referring to\nTexas Commerce's pending 1.19 billion dlr merger with Chemical.\nThe merger, which may be finalized as early as May 1, will\nlower Texas Commerce's cost of funding by an estimated 10 to 15\nbasis points, Love said.\n The Texas Commerce-Chemical merger is the only acquisition\nby a major out-of-state bank since Texas lawmakers approved\ninterstate banking effective January 1.\n Hard-hit by loan losses in energy and real estate in Texas'\nstruggling economy, the only major Texas banks able to report\nprofits in 1986 were Texas Commerce and RepublicBank which\nearned 54.0 mln dlrs. Allied Bancshares Inc lost 17.6\nmln dlrs, MCorp lost 82.1 mln dlrs, InterFirst lost 326.5\nmln dlrs and First City Bancorporation , which is actively\nseeking a merger or other form of new capital, lost 402.0 mln\ndlrs.\n Love said Texas Commerce had turned the corner on its\nenergy loan portfolio problems, but added that the bank's\nnonperforming real estate loans may increase during 1987.\n \"I think the tidal wave in energy has passed over us,\" he\nsaid. \"The fact that the real estate market is still moving\naway suggests there could be some continuing growth of\nnonperforming loans.\"\n In 1986, about 42 pct of Texas Commerce's net loan losses\nrelated to real estate lending and 13 pct was due to energy\nloan losses. That compares to 1985 when only 17 pct of the\nbank's losses were in real estate and energy accounted for 43\npct.\n More than half of Texas Commerce's nonperforming loans,\nwhich totaled 968 mln dlrs at yearend 1986, up from 840 mln\ndlrs the year before, were in real estate.\n Love said he believed the real estate loan problems for\nTexas Commerce and other major state banks would peak by the\nthird or fourth quarter of 1987. Absorption of empty office\nbuildings in Houston, which has a current vacancy rate of about\n30 pct, will be a gradual process that could take up to four\nyears, he said.\n \"I think we may be beginning to stabilize this economy. Oil\nat 18 dlrs a barrel brings much more confidence than 10 dlrs a\nbarrel,\" he said.\n Texas Commerce will retain its name as a separate\nsubsidiary of Chemical and plans to aggressively expand its\nholdings throughout Texas, offering additional products to\nbuild up its consumer banking business, Love said. \"We are\nresuming what we did best for years -- an offensive position,\"\nhe said.\n In January, Texas Commerce acquired a failed bank in\nMontgomery County, adjacent to the Houston metropolitan area,\nand earlier this month opened a new bank in San Antonio. Texas\nCommerce plans to add more banks in San Antonio and in the\nDallas-Fort Worth area where it currently has only 16 member\nbanks, he said.\n One day after the Texas Commerce acquisition was announced\nin December, InterFirst Corp and RepublicBank Corp ,\nboth headquartered in Dallas, agreed to merge in a deal valued\nat 570 mln dlrs.\n The combination of former archrivals RepublicBank and\nInterFirst, giving the two banks a virtual lock on the Dallas\nbanking market, has not changed Texas Commerce's expansion\nplans for the state's second-largest city, Love said. \"We think\nwe can try to get a little part of their roost,\" he said.\n The Chemical partnership will also give Texas Commerce an\nedge in developing new consumer products, he said.\n \"We have always been a wholesale bank but we have more than\none million customers all over the state. Chemical will show us\nhow to take advantage of enhancing our consumer products,\" he\nsaid, referring to expansion of such existing products as\ncredit cards and investment banking.\n Reuter\n\u0003", "date": "19-MAR-1987 15:02:35.01", "topics": [ "earn" ], "places": [ "usa" ], "id": "7366" }, { "title": "CSCE PUTS ADDITIONAL MARGIN ON JULY COFFEE", "body": "An additional margin of 1,000 dlrs\nwill be required on all July 1987 delivery coffee \"C\" contracts\nas of the opening of trade Monday, March 23, the Coffee, Sugar\nand Cocoa Exchange, CSCE, said.\n The March contract ends trading this week, making May and\nJuly the two \"spot,\" or unlimited, contract months next week.\n Members will then have to obtain a minimum 3,500 dlrs for\nnet long or net short positions in the May and July contracts,\nincluding a 2,500 original margin plus the additional 1,000 dlr\nspot charge.\n Reuter\n\u0003", "date": "19-MAR-1987 15:06:41.50", "topics": [ "coffee" ], "places": [ "usa" ], "id": "7367" }, { "title": "U.S. ATTORNEY SAYS BOYD JEFFERIES COOPERATING", "body": "U.S. Attorney Rudolph Giuliani said\nBoyd Jefferies, former chairman of Jefferies Group Inc ,\nis cooperating with an investigation into violations of U.S.\nsecurities laws.\n The Jefferies firm said earlier today that Boyd Jefferies\nresigned and intends to plead guilty to two felony counts.\n Giuliani's written statement said one count will relate to\na criminal violation of margin requirements and the second will\nrelate to aiding and abetting the falsification of the records\nof a brokerage house controlled by Ivan Boesky.\n Reuters\n\u0003", "date": "19-MAR-1987 15:14:50.05", "places": [ "usa" ], "id": "7368" }, { "title": "ATT AMERICAUS TRUST 2 CLOSES EARLY", "body": "Americus Trust for American Telephone\nand Telegraph Co Shares, Series 2, said it has reached its\nlimit of 10 mln ATT shares and has closed.\n The trust was scheduled to close April One.\n Common stock tendered into an Americus trust is converted\ninto trust units on a one share for one unit basis. Each unit\nmay be divided into separately-traded PRIME and SCORE\ncomponents.\n Reuter\n\u0003", "date": "19-MAR-1987 15:15:29.22", "places": [ "usa" ], "id": "7369" }, { "title": "ODYSSEY FILMPARTNERS DROPS MERGER TALKS", "body": "Odyssey Filmpartners Ltd\nsaid is terminated discussions to acquire ,\npursuant to a Jan 27 letter of intent for it to buy the company\nfor stock and cash.\n Reuter\n\u0003", "date": "19-MAR-1987 15:16:36.43", "topics": [ "acq" ], "places": [ "usa" ], "id": "7370" }, { "title": "VICTORY MARKETS SELLS DEBENTURES", "body": "Victory Markets Inc is raising 60 mln\ndlrs through an offering of subordinated debentures due 1999\nwith a 12-1/2 pct coupon and par pricing, said sole underwriter\nDrexel Burnham Lambert Inc.\n Non-callable for five years, the debt is rated B-2 by\nMoody's Investors Service Inc. The issue was increased from an\ninitial offering of 50 mln dlrs because of investor demand.\n Reuter\n\u0003", "date": "19-MAR-1987 15:19:22.26", "places": [ "usa" ], "id": "7371" }, { "title": "NORTH AMERICAN PHILIPS UNIT NAMES EXECUTIVE", "body": "North American Philips Corp said Lyman\nBeggs has been named president of its Consumer Products\nDivisions.\n The company said Beggs, formerly executive vice president\nof Tambrands Inc , succeeds Richard Kress, who retired.\n The company said approximately 58 pct of the common stock\nof North American Philips is owned by N.V. Philips of the\nNetherlands.\n Reuter\n\u0003", "date": "19-MAR-1987 15:19:45.00", "places": [ "usa" ], "id": "7372" }, { "title": "MEAD SELLS DEBENTURES AT NINE PCT", "body": "A 150 mln dlr issue of Mead Corp\n30-year debentures was given a nine pct coupon and priced at\npar, Smith Barney, Harris Upham and Co Inc said as lead\nmanager.\n The securities, which are not callable for 10 years, carry\na rating of A-3 from Moody's Investors Service Inc and one of\nBBB-plus from Standard and Poor's Corp.\n Mead said it will use the proceeds to retire outstanding\nshort-term debt, a portion of which was incurred to finance\npart of recent acquisitions.\n Reuter\n\u0003", "date": "19-MAR-1987 15:22:12.93", "places": [ "usa" ], "id": "7373" }, { "title": "DOW TO ISSUE 56 MLN DLRS IN BONDS", "body": "Dow Chemical Co said it will\nissue 100 mln New Zealand dollar denominated bonds worth\napproximately 56 mln U.S. dlrs at current exchange rates.\n It said the two-year bonds will offer a floating interest\nrate which will not be less than 17 pct in New Zealand dollars.\n Proceeds from the bonds, issued under the company's shelf\nregistration, will be swapped for U.S. funds resulting in an\nall-in cost to Dow fixed at 15 basis points below the two-year\nU.S. Treasury rate.\n Reuter\n\u0003", "date": "19-MAR-1987 15:25:16.11", "places": [ "usa" ], "id": "7374" }, { "title": "SPRINKEL URGES GREATER GROWTH IN JAPAN, EUROPE", "body": "Beryl Sprinkel, chairman of\nthe president's council of economic advisors, said stronger\ndomestic demand growth in Japan and Western Europe is needed to\nhelp stimulate U.S. exports without having to rely on futher\ndollar declines.\n \"Stronger domestic demand growth in the major foreign\nindustrial countries is needed to engender the much needed\nexpansion of U.S. export markets without having to rely on\nfurther dollar depreciation,\" he told the Futures Industry\nAssociation.\n Sprinkel said the recent recovery of domestic demand in\nJapan and Europe has been one of the weakest in the post-war\nperiod.\n \"Stronger domestic demand growth in the major industrial\ncountries would help give balance to the current world\nrecovery,\" he said.\n Asked if Japan was not living up to commitments made last\nmonth to trading partners, he said recent figures showed\nJapan's economy grew by about 0.5 pct in the fourth quarter of\n1986, \"Not enough to sustain employment growth.\"\n However, Sprinkel said Japan had not reneged on its pledges\nand was moving toward more stimulative policies, including tax\nreform. \"I suspect there will be further moves,\" he said.\n Sprinkel repeated his call for further cuts in U.S.\ngovernment spending and for resistance to tax increases.\n \"Reducing the federal government budget deficit by\nexpenditure restraint is needed to preserve the low marginal\ntax rates achieved by tax reform,\" he said, adding that \"a vote\nto increase to government expenditures is a vote against tax\nreform.\"\n Sprinkel said the fall of the dollar had substantially\nrestored U.S. cost competitiveness and that the deterioration\nof the U.S. trade balance appeared to have abated.\n However, he said that \"sole reliance on dollar depreciation\nto reduce our trade deficit is not desirable,\" as it risks\ninflation in the United States and recession abroad.\n \"I am confident that further improvements in our trade\nperformance will contribute significantly to growth in 1987,\" he\nsaid. Improvements in the U.S. trade balance, he said, will\ncome about largely from a swing in manufactures trade and\npresent \"serious adjustment problems for U.S. trading partners.\"\n Western Europe, where manufactures output and employment\nhave been weak, promises to be especially hard hit by the\nimprovement in the U.S. trade balance, Sprinkel said.\n He defended flexible exchange rates saying wide swings in\nrates were not a fault of the system but of the undesirable\npolicies that produced them.\n Reuter\n\u0003", "date": "19-MAR-1987 15:26:43.44", "topics": [ "trade", "money-fx" ], "places": [ "usa", "japan" ], "id": "7375" }, { "title": "FLEET FINANCIAL MAY BE UPGRADED BY MOODY'S", "body": "Moody's Investors Service Inc said it\nmay upgrade Fleet Financial Group's 1.1 billion dlrs of debt.\n Moody's cited Fleet's announced merger with Norstar Bancorp\nInc . The rating agency said it will examine the degree to\nwhich the combined entity would have a more diversified\nearnings stream, balanced funding structure and enhanced equity\nbase.\n Fleet Financial has A-1 senior debt and preferred stock,\nA-2 subordinated debt and Provisional A-1 shelf registered\nsecurities. Moody's said Norstar's ratings have been under\nreview for possible downgrade since February 23.\n Reuter\n\u0003", "date": "19-MAR-1987 15:26:58.27", "places": [ "usa" ], "id": "7376" }, { "title": "PARIBAS TO SEEK SHARE, BOND ISSUES", "body": "Newly privatised financial services group\nCie Financiere de Paribas said it will call an\nextraordinary general meeting of shareholders for the\nauthorisation to issue various share and bond issues over\nperiods varying between one and five years.\n It said in the Official Bulletin it would seek permission\nto increase capital, currently 2.33 billion francs, by up to\ntwo billion francs worth of new ordinary shares.\n It also plans to ask for authorisation to issue up to one\nbillion francs nominal of shares with share warrants and one\nbillion francs nominal of warrants giving the right to\nsubscribe to ordinary shares.\n Paribas will also seek authorisation to issue bonds\nconvertible at any moment into ordinary shares which would\nboost capital by a maximum of five billion francs, and up to\nten billion francs nominal of bonds redeemable into ordinary\nshares.\n It will also ask for authorisation to issue a maximum of\nten billion francs nominal of bonds with share warrants, with a\none billion franc nominal ceiling on shares that could be\nobtained through the exercise of the warrants.\n The group will also ask for authorisation to issue in any\ncurrency bonds and warrants for a maximum of ten billion francs\nand to underwrite the issue of bonds and shares in any currency\nfor a maximum of ten billion francs.\n Finally it will ask for authorisation to issue certificates\nof deposit for a maximum of ten billion francs and to\nunderwrite a similar maximum amount of certificates of deposit\nin all currencies.\n A spokesman said the group had no immediate issue plans.\n Reuter\n\u0003", "date": "19-MAR-1987 15:27:12.98", "places": [ "france" ], "id": "7377" }, { "title": "ALLEGHENY INT'L BANKS EXTEND WAIVER", "body": "Allegheny International Inc said a\nconsortium of banks which entered into long term and short term\nsecured revolving credit agreements with the company last year\nhas agreed to extend a previously granted waiver of certain\nfinancial net worth covenants to April 29 from March 18.\n The company said last week it was seeking such a waiver.\n AI is currently engaged in discussions with the consortium\nto extend the short term agreement beyond April 29 and expects\nsuch an extension will be obtained.\n Reuter\n\u0003", "date": "19-MAR-1987 15:27:49.66", "places": [ "usa" ], "id": "7378" }, { "title": "BROWN TRANSPORT SEES RECORD 1987 NET", "body": "Brown Transport Co said it expects to\nreport record 1987 results with revenues increasing to 214 mln\ndlrs and earnings per share between 1.25 dlrs and 1.30 dlrs.\n Brown reported 1986 net income of 1.05 dlrs per share, or\n5.45 mln dlrs, on revenues of 191.7 mln dlrs.\n Last week the company declared an initial quarterly\ndividend of four cts.\n the company said it will begin paying a regular quarterly\ndividend in the second quarter but the board has not yet\ndetermined the exact amount.\n Reuter\n\u0003", "date": "19-MAR-1987 15:29:10.55", "topics": [ "earn" ], "places": [ "usa" ], "id": "7379" }, { "title": "3M CANNOT ACCOUNT FOR STOCK RISE", "body": "Minnesota Mining and Manufacturing\nCo knows of no reason for the rise in its stock, trading at\n129, up 3-1/4 on the New York Stock Exchange, a company\nspokeswoman told Reuters.\n She said the company had issued no news today that might\naccount for the increase.\n Reuter\n\u0003", "date": "19-MAR-1987 15:30:02.92", "places": [ "usa" ], "id": "7380" }, { "title": "BOMBAY BASES GROWTH ON LOCATION, COSTS", "body": "Bombay Palace Restaurants Inc, with its\nemphasis on location and low food costs, expects its 1987 sales\nto increase 150 pct to about 22 mln dlrs from about 8.5 mln\ndlrs in 1986, according to President Sant S. Chatwal.\n Chatwal told members of the Dallas financial community at\na lunchtime briefing, \"we go for prime locations everywhere and\nmake sure our leases are very favorable.\"\n As previously announced, the company expects to report\n1986 earnings of about 700,000 dlrs, or 31 to 33 cts a share,\non revenues of 8.5 mln dlrs. Chatwal said the final figures\nwould be released in about two days.\n Reuter\n\u0003", "date": "19-MAR-1987 15:30:45.62", "topics": [ "earn" ], "places": [ "usa" ], "id": "7381" }, { "title": "AMERITRUST PROPOSES 2-FOR-1 STOCK SPLIT", "body": "AmeriTrust Corp said its board\nproposed a two-for-one split of its common, subject to\nstockholder approval at its May 14 annumal meeting.\n The company also said it intends to recommend an increase\nin its annual regular dividend to at least two dlrs per share\nbefore the split, beginning with the May dividend. The current\nannual payout is 1.76 dlr per share.\n AmeriTrust currently has about 20.9 mln shares outstanding\nwith 25 mln authorized shares. It said shareholders will be\nasked to approve an increase in authorized common to 100 mln\nshares.\n Ameritrust also said it will submit for shareholder\napproval an amendment to the company's charter regarding\nliability and indemnification of directors and a recommendation\nto create a classified board.\n AmeriTrust's total year-end assets were over 11.1 billion\ndlrs.\n Reuter\n\u0003", "date": "19-MAR-1987 15:31:00.25", "topics": [ "earn" ], "places": [ "usa" ], "id": "7382" }, { "title": "INT'L LEASE FINANCE DISCUSSING AIRBUS ORDER", "body": "International Lease\nFinance Corp is negotiating with for\nadditional orders of A320 and A330 jets, according to ILFC\npresident Steven Udvar-Hazy.\n ILFC, a commercial aircraft leasing concern, last week set\nconditional orders with Airbus, the European consortium, for\nthree short-haul A320s and three A330s.\n \"We're negotiating with Airbus for additional units beyond\nthose six planes,\" Udvar-Hazy told Reuters in an interview.\n\"We're talking mainly about more A320s, but also about more\nA330s,\" he said. He declined to elaborate.\n Reports in the French press today indicated that ILFC was\nclose to signing an agreement to buy 27 of the A320 jets.\n The total value of the order announced last week is 350 mln\ndlrs. The jets are scheduled for delivery beginning in 1991.\nHowever, the order for the A330s is conditional on a decision\nby the Airbus board to launch the plane.\n Airbus has said it will decide by the end of this month\nwhether to launch the medium range A330 and the companion, long\nrange A340. It says it has 104 orders and options from nine\nairlines for the two planes.\n ILFC is one of the launch customers for the A330,\nUdvar-Hazy noted.\n Earlier today, Swissair dealt a blow to Airbus by opting to\norder six MD-11 long range aircraft from McDonnell Douglas Corp\n, Airbus's rival in the competition to provide a long range\npassenger plane alternative to Boeing Co's new versions of\nthe 747.\n Reuter\n\u0003", "date": "19-MAR-1987 15:32:06.99", "places": [ "usa" ], "id": "7383" }, { "title": "O'BRIEN ENERGY SELLS CONVERTIBLE DEBT", "body": "O'Brien Energy Systems Inc is raising\n25 mln dlrs through an offering of convertible subordinated\ndebentures due 2002 with a 7-3/4 pct coupon and par pricing,\nsaid sole underwriter Drexel Burnham Lambert Inc.\n The debentures are convertible into the company's common\nstock at 10.925 dlrs per share, representing a premium of 15\npct over the stock price when terms on the debt were set.\n Non-callable for three years, the debt is rated B-3 by\nMoody's and CCC-plus by Standard and Poor's. The issue was\nincreased from an initial offering of 20 mln dlrs because of\ninvestor demand.\n Reuter\n\u0003", "date": "19-MAR-1987 15:32:36.14", "places": [ "usa" ], "id": "7384" }, { "title": "FIRST FEDERAL OF MICHIGAN DIVIDEND HIKE", "body": "Qtly div 12 cts vs 10 cts previously\n Pay May 11\n Record April 10\n Reuter\n\u0003", "date": "19-MAR-1987 15:32:47.93", "topics": [ "earn" ], "places": [ "usa" ], "id": "7385" }, { "title": "UNITED JERSEY BANKS TO MERGE TWO BANKS", "body": "United Jersey Banks said it\nplans to merge two of its southern New Jersey member banks into\none 704 mln dlr organization.\n It said United Jersey Bank/Fidelity Bank, based in\nPennsauken, will be merged into United Jersey Bank/South in\norder to improve customer service and maximize efficiency\nthroughout the southern New Jersey markets.\n Raymond Silverstein, currently chairman of the board of\nUnited Jersey Bank/Fidelity, will be chairman of the merged\nbank, the company said.\n Reuter\n\u0003", "date": "19-MAR-1987 15:33:14.75", "topics": [ "acq" ], "places": [ "usa" ], "id": "7386" }, { "title": "U.S. EXPORTERS REPORT 900,000 TONNES CORN SOLD TO THE USSR FOR 1986/87\n", "date": "19-MAR-1987 15:33:17.21", "topics": [ "grain", "corn" ], "places": [ "usa", "ussr" ], "id": "7387" }, { "title": "HELDOR INDUSTRIES 1ST QTR LOSS", "body": "Qtr ends Jan 31\n Shr loss 38 cts vs loss 60 cts\n Net loss 1,388,000 vs 2,181,000\n Revs 8,199,000 vs 6,668,000\n NOTE: 1987 qtr includes tax gain 964,000 for insurance\nclaims.\n 1987 qtr also includes non-recurring expense 150,000 for\ndiscontinued operations and consolidation of four distribution\nservice centers.\n Reuter\n\u0003", "date": "19-MAR-1987 15:34:10.38", "topics": [ "earn" ], "places": [ "usa" ], "id": "7388" }, { "title": "U.S. EXPORTERS REPORT 350,000 TONNES CORN SWITCHED FROM UNKNOWN TO USSR FOR 1986/87\n", "date": "19-MAR-1987 15:34:24.80", "topics": [ "grain", "corn" ], "places": [ "usa", "ussr" ], "id": "7389" }, { "title": "U.S. EXPORTERS REPORT 143,000 TONNES CORN SOLD TO TAIWAN FOR 1986/87, 1987/88\n", "date": "19-MAR-1987 15:35:15.99", "topics": [ "grain", "corn" ], "places": [ "usa", "taiwan" ], "id": "7390" }, { "title": "TALKING POINT/AMERICAN EXPRESS ", "body": "American Express Co's plan to sell a\nstake in its Shearson Lehman Brothers is believed to be a\nprelude to a public offering of shares in the brokerage unit,\nanalysts said.\n American Express earlier said it has a general\nunderstanding with Nippon Life Insurance Co of Japan to sell a\n13 pct interest in Shearson for 530 mln dlrs.\n The statement triggered a rise in other brokerage stocks,\nas investors speculated on the possibility of more investment\nin the U.S. brokerage industry by Japanese concerns.\n The stocks of brokerage firms also climbed in response to\nthe relatively high value Nippon put on its stake in the U.S.\nfirm. Analysts said the 530 mln dlrs for 13 pct represents a\nprice of 2.7 times book value.\n Perrin Long of Lipper analytical said the brokerage stocks,\ndepressed somewhat by the dark cloud of the U.S. insider\ntrading scandal, closed out February at a market value of 1.8\ntimes book value.\n American Express was trading today at 78-1/4, off 3/8. For\nthe last several weeks, the stock has been strong on rumors of\na spinoff of part of Shearson.\n Analysts said American Express and its Shearson unit will\nbenefit from the doors Nippon Life can open to the increasingly\nimportant Tokyo financial markets.\n \"I think this, in all honesty, is a preliminary step,\" said\nLong.\n \"What you will see probably in the future is American\nExpress selling an additional 17 pct in the public market and\nhave a public vehicle for Shearson,\" Long said.\n \"Normally, investors do not make a major capital commitment\ninto an illiquid situation,\" he said of Nippon.\n Some analysts previously speculated a 20 pct stake in\nShearson might be sold to the public. They said the firm, like\nother investment banks, needs capital to expand globally.\n American express has said the total employees of shearson\nwill expand by 20 pct in 1987 internationally. However, that\nnumber is substantially lower than growth last year, a company\nspokesman said.\n American Express officials would not comment beyond a\nstatement made this morning. That statement, however, did not\nclose off the possibility of a public offering or other option\nfor Shearson.\n David Anthony, a Smith Barney analyst, said it is possible\nShearson would be partially sold to the public. But he believes\nthe firm will digest the Nippon investment first.\n \"I think they'll figure out what they're going to do with\nthe money they have,\" he said.\n Joan Goodman, an analyst with Pershing and Co, also said\nAmerican Express could determine to sell shares to the public.\n In its statement, the financial services giant said it is\ncontinuing to study various plans for Shearson in addition to\nthe investment by Nippon.\n American Express said options under study range from\nexpanding Shearson's capacity to meet international competition\nto broadening its access to capital.\n American Express also said the options reflect the\ncontinuing integral role of Shearson in American Express'\nworldwide financial services strategy.\n Shearson follows Goldman, Sachs and Co in finding a\nJapanese partner. Goldman last year sold a 12.5 pct stake to\nSumitomo Bank in exchange for a 500 mln dlr capital infusion.\n Analysts speculated there will be more such matches.\n \"Those (U.S. brokers) companies have the expertise. They\ndon't have the money. There's just not enough internal capital\ngrowth,\" said Wertheim analyst James Hanbury, who follows other\nU.S. brokerage companies.\n Hanbury said some Japanese companies, flush with cash, are\ninterested in the expertise of American brokers. \"Those\n(Japanese) companies have the capital and our companies have\nthe capital needs and the growth opportunities to use the\nmoney. That's a nice marriage,\" he said.\n Morgan Stanley and Co rose 4-1/4 to 74-7/8. First\nBoston Corp was up one to 51-1/4. E.F. Hutton Group \nrose 1-1/4 to 41-1/8, and PaineWebber Group climbed 7/8\nto 37-3/4. Merrill Lynch and Co, recommended today by a\nPaineWebber analyst, rose 2-5/8 to 45-3/8.\n Reuter\n\u0003", "date": "19-MAR-1987 15:35:29.49", "topics": [ "acq" ], "places": [ "usa", "japan" ], "id": "7391" }, { "title": "RJR NABISCO INC NOMINATES J. PAUL STICHT AS CHAIRMAN\n", "date": "19-MAR-1987 15:35:37.90", "id": "7392" }, { "title": "YAMAKAWA MANUFACTURING TO BUILD U.S. PLANT", "body": "Yamakawa Manufacturing Corp of\nAmerica said it began construction of a 17 mln dlrs\nmanufacturing plant in Portland, Tenn.\n The plant will produce metal parts for automobile\nmanufacturers, including Nissan Motor Manufacturing Corp USA.\n Long-term plans call for the addition of stamping\ncapabilities and pressed plastic parts to its product line.\n Assembly operations are expected to begin in October 1987.\nThe plant is being built to employ 150 people.\n Yamakawa is a wholly-owned subsidiary of Yamakawa\nIndustrial Co Ltd of Japan.\n Reuter\n\u0003", "date": "19-MAR-1987 15:37:00.93", "places": [ "usa" ], "id": "7393" }, { "title": "ITALIAN PANEL URGES EXCHANGE LIBERALIZATION", "body": "Liberalization of Italy's foreign exchange\ncontrols should be \"gradual\" but also \"reasonably rapid,\" a report\nissued by a study committee nominated by the Italian Treasury\nMinistry said.\n The report, looking at the country's financial development\nprospects, said Italy's large public sector deficit and growing\npublic debt were among the considerations that made a gradual\nliberalization preferable.\n The report also favoured retention of the lira's six pct\noscillation band with the European Monetary System (EMS) during\nthe liberalization process in order to lessen short-term\ndomestic interest rate fluctuations which could result from\nportfolio adjustments.\n The lira's fluctuation margin is currently significantly\nhigher than that allowed for other EMS currencies.\n Italy has over recent months announced a series of\nderegulation moves in response to a European Community\ndirective aimed at creating a genuine common market in goods,\nservices and finance by 1992.\n Reuter\n\u0003", "date": "19-MAR-1987 15:40:02.88", "topics": [ "money-fx" ], "places": [ "italy" ], "id": "7394" }, { "title": "USDA REPORTS CORN SOLD TO USSR, TAIWAN", "body": "The U.S. Agriculture Department said\nprivate U.S. exporters reported new sales of 900,000 tonnes of\ncorn to the Soviet Union and 350,000 tonnes of corn switched\nfrom previously announced unknown destinations to the USSR.\n The corn is for delivery during the 1986/87 marketing year\nand under the fourth year of the U.S.-USSR Long Term Grain\nSupply Agreement, the USDA said.\n The department said exporters also reported corn sales of\n143,000 tonnes for delivery to Taiwan, with 56,000 tonnes for\nshipment in the 1986/87 season and the balance for shipment in\nthe 1987/88 year.\n The marketing year for corn began September 1.\n Sales of corn to the USSR for delivery during the fourth\nyear of the agreement, which ends this September 30, now total\n2.25 mln tonnes.\n Reuter\n\u0003", "date": "19-MAR-1987 15:43:52.15", "topics": [ "grain", "corn" ], "places": [ "usa", "ussr", "taiwan" ], "id": "7395" }, { "title": "UAW SETS STRIKE DATE AT GM TRUCK PLANT", "body": "The United Auto Workers has set a March\n26 strike deadline at General Motors Corp's Pontiac, Mich.,\ntruck and bus plant, a UAW spokesman said.\n The spokesman said in response to an inquiry that the 9,000\nUAW-represented workers at the facility will walk off the job\nat noon (EST) next Thursday if an agreement is not reached by\nthat time.\n \"We will be on strike. If the workers are still in there,\nthey will come out,\" the spokesman, Reginald McGhee, said.\n The union earlier said it today notified GM of its intent\nto authorize a strike at the Pontiac facility.\n The UAW gave GM what it calls a \"five-day letter,\" which\ngives the company five days to come to an agreement before\nworkers go on strike. The letter was effective at noon today.\nWeekend days are not included in the five-day period, McGhee\nsaid.\n The spokesman could not say what the chances were for a\nsettlement. \"At this point, it's too early to say\" whether the\nplant will be struck, McGhee said.\n The UAW earlier said the strike notification is expected to\n\"trigger an intensive effort to resolve disputed issues.\"\n Talks between the UAW local at the plant, Local 594, and GM\nofficials were continuing today over disputed contract issues,\nincluding the main issue of whether the company can subcontract\njobs to non-union workers.\n McGhee said the two sides are also discussing health and\nsafety matters and relief time.\n Reuter\n\u0003", "date": "19-MAR-1987 15:45:46.95", "places": [ "usa" ], "id": "7396" }, { "title": "CALTEX RAISES SINGAPORE OIL PRODUCT PRICES", "body": "Caltex Petroleum Corp, a joint venture\nbetween Chevron Corp and Texaco Inc , said it raised\nposted prices for several petroleum products in Singapore,\neffective today.\n The company said its naphtha posting is up three cts a\ngallon to 43 cts. It said it is raising jet and kerosene\npostings 2.5 cts, bringing jet to 52.5 cts and kerosene to 51.5\ncts.\n Diesel grades are up two cts, Caltex said, bringing both\ndiesel gas oil (one pct sulfur) and 52-57 D.I. (55 cetane) to\n52 cts a gallon, and diesel gas oil (0.5 pct) to 52 cts.\n The company said it is increasing medium and heavy fuel oil\npostings by one dlr a barrel. Medium is now 15.50 dlrs a\nbarrel, and heavy fuel is 14.75 dlrs.\n Reuter\n\u0003", "date": "19-MAR-1987 15:47:44.44", "topics": [ "heat", "naphtha", "jet", "fuel" ], "places": [ "usa", "singapore" ], "id": "7397" }, { "title": " PENSION INSURANCE GROUP 4TH QTR NET", "body": "Shr profit two cts vs profit two cts\n Net profit 216,000 vs profit 265,000\n Revs 1,661,000 vs 1,376,000\n 12 mths\n Shr profit four cts vs loss two cts\n Net profit 528,000 vs loss 290,000\n Revs 5,881,000 vs 5,541,000\n NOTE: full name of company is pension insurance group of\namerica inc.\n Reuter\n\u0003", "date": "19-MAR-1987 15:49:15.45", "topics": [ "earn" ], "places": [ "usa" ], "id": "7398" }, { "title": "RJR NABISCO NOMINATES NEW CHAIRMAN", "body": "RJR Nabisco Inc said it\nnominated J. Paul Sticht to become chairman of the board,\nreplacing J. Tylee Wilson, who will take early retirement.\n Sticht retired as chairman and chief executive officer of\nR.J. Reynolds Industries Inc in 1983.\n Sticht's appointment will be voted on by RJR's board at its\nregular meeting on April 22, the company said.\n The company also said F. Ross Johnson, 55, president and\nchief executive officer, will assume the additional post of\nchairman of the executive committee, succeeding Sticht, who is\n69.\n Wilson, 55, had said previously that he planned to take\nearly retirement.\n A company spokesman said Sticht will serve as chairman\nuntil April 1988, when he will retire. He said the appointment\nof Sticht was recommended by Johnson.\n \"These key management actions will significantly strengthen\nthe company's leadership,\" Johnson said.\n The company said James O. Welch, head of its Nabisco Brands\nunit, was named a vice chairman of the parent company.\n It added that Robert J. Carbonell, an executive vice\npresident, was promoted to the position of senior executive\nvice president of the parent.\n \n Reuter\n\u0003", "date": "19-MAR-1987 15:51:22.41", "places": [ "usa" ], "id": "7399" }, { "title": "FIRST CITY BANCORP SELLS ENERGY LOANS", "body": "First City Bancorp said two\nsubsidiaries sold 54 mln dlrs of energy-related loans and loan\nparticipations to .\n The loans were made by First City National Bank of Houston\nand First City Energy Finance Co to energy-related entites that\nhave had difficulty complying with First City's original loan\nprovisions, the company said.\n The company said it made the transaction without suffering\na loss.\n It said it has reduced the percentage of its energy related\nloans to its total loans to 14.7 pct at the end of 1986 from 26\npct in 1982.\n The Prudential-Bache Energy Growth Fund is a publicly owned\nlimited partnership formed in February 1987. and are general partners.\n\n Reuter\n\u0003", "date": "19-MAR-1987 15:51:44.22", "places": [ "usa" ], "id": "7400" }, { "title": "LATIN POLICY ADJUSTMENT URGED BY CEA'S SPRINKEL", "body": "Council of Economic Advisers\nChairman Beryl Sprinkel called on Latin American governments to\nadopt sounder economic policies and said U.S. banks' loans to\nthose countries had already been written down in an economic\nsense.\n \"Latin governments will have to adopt policies that promote\ngrowth for their own citizens,\" he said, adding that the record\nhas been mixed.\n Brazil, he said, recently has backtracked from better\neconomic policies and \"obviously they have to change.\"\n Asked if U.S. banks ultimately would be forced to write\ndown portions of their loans to Latin America, Sprinkel said,\n\"In any realistic sense, economic sense, those loans have been\nwritten down.\"\n The banks could not sell the loans at par, he said, and the\nprice/earnings ratio of major banks' stocks has not been doing\nvery well.\n \"Clearly the lenders have suffered,\" said Sprinkel.\n Reuter\n\u0003", "date": "19-MAR-1987 15:58:18.90", "places": [ "usa" ], "id": "7401" }, { "title": "TRANSAMERICA BOARD TO BUY OWN STOCK", "body": "Transamerica Corp said its board\nauthorized the repurchase of up to 2.2 mln shares of its\noutstanding stock in addition to the 1.5 mln shares previously\nauthorized.\n The company has 72.7 mln shares outstanding.\n It said the reacquired 2.2 mln shares will be used to meet\nexcercise requirements for its stock options plans, while the\npreviously approved 1.5 mln shares may be used for employee\nbenefit plan or other corporate purposes.\n Reuter\n\u0003", "date": "19-MAR-1987 16:01:02.14", "places": [ "usa" ], "id": "7402" }, { "title": "PARIS BOURSE LIBERALIZATION NOT LIMITED TO BANKS", "body": "Industrial and financial groups will be\nallowed to take a share in stockbrokers' capital when Paris\nBourse regulations are liberalized beginning next year,\nStockbrokers' Association chairman Xavier Dupont told a news\nconference.\n Finance Minister Edouard Balladur announced on March 10\nthat the monopoly of French stockbrokers to trade on domestic\nbourses will be phased out by January 1992, the date for the\ncreation of a unified European financial market.\n Balladur said that from January 1988, the capital of the\nbrokerage houses would be opened French and foreign banks.\n The minister did not specify which other institutions would\nbe allowed to take stakes in the brokers' capital but said that\nfrom January 1, 1992, \"access to the Bourse will be open to any\nnew member under the control of the Bourse authority.\"\n Dupont said that in opening up the capital of the 45 Paris\nbrokerage houses, the stockbrokers' association had \"killed one\nof its sacred cows.\"\n Association officials said Dupont would meet all the\nstockbrokers on March 31 for an exchange of views on the\nmeasures to be taken and future of the Bourse.\n Reuter\n\u0003", "date": "19-MAR-1987 16:01:21.57", "places": [ "france" ], "id": "7403" }, { "title": "SEA CONTAINERS LTD 4TH QTR LOSS", "body": "Shr loss 4.95 dlrs vs loss 75 cts\n Net loss 48.2 mln vs loss 4,644,000\n Revs 133.4 mln vs 135.6 mln\n 12 mths\n Shr loss 6.28 dlrs vs profit 2.48 dlrs\n Net loss 67.6 mln vs profit 25.7 mln\n Revs 638.9 mln vs 573.1 mln\n Avg shrs 10,771,260 vs 10,355,728\n \n Reuter\n\u0003", "date": "19-MAR-1987 16:01:28.91", "topics": [ "earn" ], "places": [ "bermuda" ], "id": "7404" }, { "title": "MEXICO TO SIGN LOAN AMID CALLS FOR CHANGE", "body": "Mexico's 7.7 billion dlr loan package\nwill be signed in New York tomorrow amid increasing calls from\nboth creditors and debtors for a streamlining of the tortuous\nprocess of raising such jumbo loans, bankers said.\n Pressure for change has mounted because the Mexican deal\nhas been even more difficult to syndicate than bankers feared.\n Several tentative signing dates had to be scrapped and even\nnow, five months after the loan was agreed with a 13-bank\nadvisory committee on October 16, dozens of Mexico's some 400\ncreditor banks worldwide are still refusing to participate.\n The resistance to the deal must be seen alongside the fact\nthat it is the largest loan for a Latin American debtor since\nthe region's debt crisis flared up in 1983. Mexico will also\nsign agreements to reschedule 52.3 billion dlrs of debt.\n Moreover, as the first major package built on U.S. Treasury\nSecretary James Baker's strategy of offering loans to countries\nwilling to implement market-oriented, pro-growth policies,\nintense market scrutiny was only to be expected.\n Still, the split within the banks' ranks came as a shock.\n\"This is not an unsuccessful operation, but we've had more\nbickering than ever,\" one senior banker commented.\n Officers at small banks that have sold, swapped or or\nwritten down their Mexican loans say they see no reason why\nthey should throw good money after bad.\n Major lenders counter that small banks must share the\nresponsibility of making new loans and cannot expect to keep\nreceiving interest on old debt unless they join in new ones.\n Assistant U.S. Treasury Secretary David Mulford said\nrecently the reluctance of small banks at one point endangered\nthe entire Mexican package. Things have improved, but money\ncenter bankers are determined to keep hounding recalcitrant\nbanks even once the 7.7 billion dlr target has been reached.\n The loan presently is about 98.5 pct committed. \"People who\nare outside shouldn't think they've been saved once we get over\n7.7 (billion dlrs),\" one warned.\n But rounding up \"free-rider\" banks entails such a huge\ndrain on management resources that more and more bankers are\nacknowledging that the syndicates may have to shrink.\n One idea is to levy new loan contributions on the basis of\ncurrent exposure instead of outstandings at an earlier \"base\"\ndate - August 1982 in the case of Mexico. Another streamlining\nidea is to allow small banks to escape by swapping their loans\nfor \"exit bonds\" that a debtor would issue at a discount.\n Argentina has pressed for this solution, so far to no\navail, arguing that the smallest 120 of its 360 bank creditors\naccount for just one pct of its foreign bank debt and that the\nnext 120 banks account only for a further six pct.\n Central bank president Jose Luis Machinea said Argentina\nmay not receive the 2.15 billion dlrs in bank loans it is\nseeking until September, which would be a year after\nnegotiations began with the International Monetary Fund.\n The protracted negotiations have damaged the confidence of\ninvestors in Argentina, forcing up interest rates and spurring\ncapital flight, he said.\n \"We have to introduce some common sense into the\ndiscussion,\" Machinea said this week in Cambridge, Mass.\n He was echoed by Mexico's deputy planning minister, Pedro\nAspe Armella, who said the delay in signing his country's loan\nhas made it difficult to map economic policy with any\ncertainty. \"It's a sad affair,\" he told the Cambridge meeting.\n Bankers said Mexico became so frustrated with the delay in\nthe loan that it suspended its debt-equity swap program last\nmonth to put pressure on the banks. Other strains have\nintensified between U.S. and non-U.S. banks, partly because\nU.S. regulations and accounting rules discourage writedowns.\n Critics say this prompts U.S. banks to focus too much on\nensuring steady interest payments from debtors in the short\nterm, possibly to the detriment of longer-term solutions.\n Because more than half of the banks baulking at the Mexican\ndeal are American, some foreign bankers think other U.S. banks\nshould make up the difference.\n This issue of \"national share\" was defused on the Mexican\ncommittee but bankers say it will probably recur in talks with\nArgentina and Brazil, whose finance minister Dilson Funaro has\nalready suggested separate negotiations with regional\ncommittees of creditors.\n Streamlining of the new-money process is running parallel\nwith efforts to develop a broader \"menu\" of alternatives to new\nloans, such as trade credits or debt-equity conversions.\n \"We must face the fact that greater flexibility in devising\nnew money packages may, in effect, be essential to future bank\nsyndications,\" Mulford said last week. He told the banks to\nstop complaining that there is no leeway in current procedures\nand to come up with ideas. Some steps have already been taken -\ninterest payments for Chile have been stretched out and banks\nare debating whether to accept partial interest payments from\nthe Philippines in paper instead of cash.\n Because the banks want to isolate hard-line Brazil by\nclinching a deal with Argentina as soon as practicable, bankers\nsaid the Argentine package is likely to be along the\nestablished lines of the Baker Plan.\n But some bankers are speculating that the Brazilian deal,\nwhen it comes, will be radically different.\n As such, the loan for Mexico could go down in the history\nbooks as the biggest but also the last jumbo. \"I'm convinced\nit'll be the last one in this form,\" one banker said.\n Reuter\n\u0003", "date": "19-MAR-1987 16:03:15.57", "places": [ "usa", "mexico", "argentina" ], "id": "7405" }, { "title": "LATIN COFFEE PRODUCERS SEEK ICO PRICE SUPPORT", "body": "This weekend's meeting of Latin\nAmerican coffee producers here will call for the International\nCoffee Organisation (ICO) to start talks aimed at firming\nprices, Nicaraguan foreign trade minister Alejandro Martinez\nCuenca said.\n He said those countries which had confirmed their presence\nwere Brazil, Mexico, Guatemala, El Salvador, Costa Rica and\nPanama. Colombia had been invited but he did not know if it\nwould attend.\n Martinez Cuenca told reporters central america alone had\nlost some 700 mln dlrs through the weakness of world coffee\nprices, partially caused by lack of an ICO quota agreement.\n Reuter\n\u0003", "date": "19-MAR-1987 16:03:33.42", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "nicaragua", "brazil", "colombia", "mexico", "guatemala", "el-salvador", "costa-rica", "panama" ], "id": "7406" }, { "title": "AMBASSADOR FINANCIAL UNIT TO BUY BUILDER", "body": "Ambassador Financial Group Inc\nsaid its Ambassador Real Estate Equities Corp, agreed to buy\nHeritage Quality Construction Co Inc.\n Ambassador said its unit would purchase 100 pct of\nHeritage's stock for an initial payment of approximately\n500,000 dlrs and subsequent payments in cash over a five-year\nperiod equal to 50 pct of the net after-tax profit of Heritage.\n If the acquisition is consummated, Ambassador said it\nagreed to contribute 250,000 dlrs to the existing capital of\nHeritage.\n Reuter\n\u0003", "date": "19-MAR-1987 16:03:50.71", "topics": [ "acq" ], "places": [ "usa" ], "id": "7407" }, { "title": "TRANSCO PARTNERSHIP GAS RESERVES RISE", "body": "Transco Exploration Partners Ltd said\nparticipation in 14 new discoveries increased its proved gas\nreserves to 558.1 billion cubic feet in 1986, up from 541.5\nbillion cubic feet in the previous year.\n Proved reserves of liquids remained about the same at 25.1\nmln barrels, the company said in the 1986 annual just released\nby Transco Energy Co , the majority owner of the Transco\nExploration partnership.\n Transco said that anticipated oil and gas prices during\n1987 would continue to exert pressure on the profitability of\nmost energy companies.\n The Transco pipeline system reached permanent take-or-pay\nsettlements on about half its committed gas deliverability and\ninterim agreements for another 38 pct of its deliverability,\nthe annual report said. The company said it paid a total of\nabout 363 mln dlrs to producers through Februry one out of its\n550 mln dlr reserve to settle the take-or-pay disputes.\n Transco said its gas pipeline delivered more than 1.2\ntrillion cubic feet last year and its marketing affiliate sold\nan average of 1.6 billion cubic feet of gas per day.\n The company's exploration partnership received an average\nprice of 1.84 dlrs per mln cubic feet for gas sales during\n1986, down from 3.04 dlrs in 1985.\n Sales of oil and condensate averaged 15.86 dlrs per barrel\nlast year, down from 27.41 dlrs per barrel in 1985.\n Reuter\n\u0003", "date": "19-MAR-1987 16:04:26.98", "topics": [ "nat-gas" ], "places": [ "usa" ], "id": "7408" }, { "title": "PACIFICORP OFFERING OF DARTS UNDER WAY", "body": "Pacificorp is offering 500 shares each\nof series A and series B Dutch Auction Rate Transferable\nSecurities, or DARTS, said underwriting group co-managers\nSalomon Bros Inc and Goldman Sachs and Co.\n Each share has a liquidation preference of 100,000 dlrs a\nshare. The stock is being offered pursuant to a shelf\nregistration statement filed on March 10.\n The initial dividend rate for the series A DARTS will be\n4.70 pct per year, and the B DARTS, 4.75 pct a year. Dividends\non the A and B stock are payable commencing May 18 and June\neight, respectively, the co-managers said.\n Proceeds from the offering will be added to the company's\ngeneral funds, used to repay short-term borrowings or applied\nto new construction or other purposes, the co-managers of the\nunderwriting group said.\n\n Reuter\n\u0003", "date": "19-MAR-1987 16:05:26.67", "places": [ "usa" ], "id": "7409" }, { "title": " 1ST QTR NET", "body": "ended January 31\n Shr profit two cts vs loss one ct\n Net profit 130,000 vs loss 46,000\n Sales 5,042,000 vs nil\n Note: 1987 includes gain of 112,000 dlrs from sale.\n Reuter\n\u0003", "date": "19-MAR-1987 16:06:06.95", "topics": [ "earn" ], "places": [ "canada" ], "id": "7410" }, { "title": "L. LURIA TO SUPPLY NETWORK PROGRAM", "body": "L. Luria and Son INc said it\nreached an agreement in principle to be the exclusive supplier\nof merchandise to be sold through a new game and home shopping\ntelevision show being considered by a major television network.\n The company declined to elaborate beyond this statement. It\nsaid the arrangement is subject to a formal agreement and board\napproval of the network and Luria.\n Reuter\n\u0003", "date": "19-MAR-1987 16:08:40.76", "places": [ "usa" ], "id": "7411" }, { "title": "WESTCORP UNIT SELLS CAR LOAN BACKED BONDS", "body": "Western Financial Auto Loans 2, a unit\nof Westcorp's Western Financial Savings Bank subsidiary, is\noffering 125 mln dlrs of bonds that are collateralized by car\nloan receivables, said sole underwriter Drexel Burnham.\n A Drexel officer said that while today's issue is\nasset-backed, the debt is a bond, not a pass-through\ncertificate like the so-called \"cars\" deals First Boston Corp\npopularized for General Motors Corp's GMAC unit.\n The Western Financial unit's securities have an average\nlife of 1.4 years and mature March 1, 1990. They were priced to\nyield 6.86 pct, Drexel said.\n The bonds have a 6-3/4 pct coupon and were priced at 99.938\nto yield 60 basis points more than Treasuries.\n The debt has a quarterly payment schedule. Standard and\nPoor's rates the issue a top-flight AAA.\n This is Western Financial Auto Loans' third such issue. All\nthree were underwritten by Drexel, which is part of an elite\ngroup of Wall Street firms that have brought these asset-backed\ndeals to market since early 1985.\n Reuter\n\u0003", "date": "19-MAR-1987 16:10:04.56", "places": [ "usa" ], "id": "7412" }, { "title": "JP STEVENS AND CO INC SETS PAYOUT", "body": "Qtrly div 30 cts vs 30 cts prior\n Pay April 30\n Record April 3\n Reuter\n\u0003", "date": "19-MAR-1987 16:11:25.65", "topics": [ "earn" ], "places": [ "usa" ], "id": "7413" }, { "title": "VENEZUELA APPROVES PLANS TO ISSUE NEW BONDS", "body": "venezuela approved plans to start\nnegotiating foreign bond issues up to 400 mln dlrs in the\ndollar, deutschmark and yen markets, finance minister manuel\nazpurua said after an economic cabinet meeting.\n He also said the the cabinet approved negotiations with\nforeign bank creditors to refinance 300 mln dlrs in banco de\nlos trabajadores de venezuela (btv) debt, with a re-lending\nclause channeling back repayments through the state-owned banco\nindustrial de venezuela (biv).\n The btv refinancing carries an interest rate margin of 3/8\npct over eight years.\n Reuter\n\u0003", "date": "19-MAR-1987 16:13:58.99", "places": [ "venezuela" ], "id": "7414" }, { "title": "BUDGET RENT A CAR TO FILE INITIAL OFFERING", "body": "Budget Rent a Car Corp said it intends\nto file a registration for an initial public offering of common\nshares.\n It said the offering would solely be comprised of new stock\nissued by the company.\n Budget was acquired on September 30, 1986 from Transamerica\nCorp by an investor group led by Gibbons, Green van\nAmerongen and members of Budget's senior management.\n Reuter\n\u0003", "date": "19-MAR-1987 16:14:39.29", "places": [ "usa" ], "id": "7415" }, { "title": "OPEC FUND APPROVES 100,000 DLR AID FOR ECUADOR", "body": "The OPEC Fund for International\nDevelopment approved 100,000 dlrs in aid for Ecuador, which was\nstruck recently by an earthquake.\n The Fund, which was set up by the 13 OPEC (Organization of\nPetroleum Exporting Countries) member states to help Third\nWorld development, said in a statement the money would be used\nto provide medical supplies for the earthquake victims.\n Ecuador, itself a member of OPEC, suffered a major blow to\nits economy when the earthquake damaged a pipeline carrying\ncrude oil, its chief export earner.\n Reuter\n\u0003", "date": "19-MAR-1987 16:15:26.31", "organisations": [ "opec" ], "places": [ "ecuador" ], "id": "7416" }, { "title": "AMEX SHORT INTEREST UP 1,359,223 SHARES IN MID-FEBRUARY PERIOD\n", "date": "19-MAR-1987 16:15:41.45", "id": "7417" }, { "title": "CHRYSLER TO RUN FOUR PLANTS ON OVERTIME", "body": "Chrysler Corp said it scheduled six of\nits seven U.S. car and truck assembly plants to operate the\nweek of March 23, with four on overtime.\n The company also said it scheduled two of its U.S. assembly\nplans to operate Saturday, March 21.\n As previously reported, the Belvidere (Ill.) assembly plant\nis not scheduled to operate due to model changeover.\n Reuter\n\u0003", "date": "19-MAR-1987 16:15:49.84", "places": [ "usa" ], "id": "7418" }, { "title": "N.Y. BUSINESS LOANS FALL 572 MLN DLRS IN MARCH 11 WEEK, FED SAYS\n", "date": "19-MAR-1987 16:16:15.18", "topics": [ "money-supply" ], "id": "7419" }, { "title": "U.S. COMMERCIAL PAPER RISES 2.98 BILLION DLRS IN MARCH 11 WEEK, FED SAYS\n", "date": "19-MAR-1987 16:16:21.69", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "7420" }, { "title": "NEW YORK BUSINESS LOANS DROP 572 MLN DLRS", "body": "Commercial and industrial loans on the\nbooks of the 10 major New York banks, excluding acceptances,\nfell 572 mln dlrs to 64.297 billion in the week ended March 11,\nthe Federal Reserve Bank of New York said.\n Including acceptances, loans fell 475 mln dlrs to 65.16\nbillion.\n Commercial paper outstanding nationally increased 2.98\nbillion dlrs to 339.00 billion.\n National business loan data are scheduled to be released on\nFriday.\n Reuter\n\u0003", "date": "19-MAR-1987 16:17:18.51", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "7421" }, { "title": "NYSE SHORT INTEREST UP 11,203,287 SHARES FOR MONTH ENDED MARCH 15\n", "date": "19-MAR-1987 16:17:20.89", "id": "7422" }, { "title": "AMOCO OIL RESERVES DOWN, GAS UP IN 1986", "body": "Amoco Corp's petroleum liquids reserves\ntotal 2.42 billion barrels at the end of 1986, down from 2.77\nbillion a year earlier, but its natural gas reserves increased\nto 15.37 trillion cubic feet from 15.14 trillion, the company's\nannual report said.\n It said the drop in crude oil and natural gas liquid\nreserves reflected downward revisions of previous estimates\ncaused by the sharp drop in oil prices last year. This\naccounted for 178 mln barrels of a worldwide downward revision\nof 188 mln barrels, with 158 mln barrels of the total revision\noccurring in the United States, the report said.\n Amoco said there were upward revisions in the size of its\nworldwide gas reserves totalling 404 billion cubic feet last\nyear, while it discovered 568 billion cubic feet and purchased\n298 billion cubic feet of reserves.\n Production of one trillion cubic feet offset much of these\ngains, the report said.\n All of the gas reserve purchases, as well as all of the 14\nmln barrels of oil reserves bought in 1986, were in the United\nStates, Amoco said, noting it has spent 1.1 billion dlrs to\nacquire U.S. producing properties over the past three years.\n Commenting on 1987, Amoco said acquisitions \"will be an\nintegral part of our strategy, should reserves become available\nat attractive prices.\"\n The company said it expects \"the marketing climate for\nnatural gas to improve in 1987, which should provide the\nopportunity for Amoco to expand sales. As prices and demand\nimprove, we are poised to accelerate capital spending on our\ninventory of attractive opportunities.\"\n Amoco previously announced a 1987 capital spending budget\nof 3.2 billion dlrs. Such spending totaled 3.18 billion dlrs\nlast year, down from 5.31 billion in 1985.\n Reuter\n\u0003", "date": "19-MAR-1987 16:23:49.29", "topics": [ "crude", "nat-gas" ], "places": [ "usa" ], "id": "7423" }, { "title": "QUEBEC CAISSE EARNS THREE BILLION DLRS IN 1986", "body": "Caisse de depot et placement du\nQuebec, the government agency which manages the province's\npension funds, said its investment portfolio earned a net\nprofit of almost three billion Canadian dlrs in 1986, an\nincrease of 300 mln dlrs over 1985.\n The agency said in its annual statement that it had assets\nwith a total book value of 25 billion dlrs, or a market value\nof 28 billion dlrs, at the end of 1986.\n These holdings had a rate of return of 13.5 pct in the\nyear, which was below the Caisse's average return of 16 pct in\nthe past four years and 14.2 pct in the past eight years.\n The Caisse said foreign equity investments represented 3.6\npct of total assets, while U.S. government securities accounted\nfor another 5.2 pct of the overall portfolio.\n The agency's holding of U.S. government securities yielded\na return of 20.7 pct for the year, significantly more than\neither the 14.1 pct earned on the total bond portfolio or the\n13.5 pct for all funds under management.\n \"These high liquidity securities, which are held on a\ntemporary basis and for purposes of strategy and the protection\nof the overall bond portfolio, have been efficient,\" the agency\nsaid of the U.S. securities.\n The agency said it has 7.9 billion dlrs invested in\nCanadian private sector businesses after channeling 965 mln\ndlrs of new funds into this area in 1986.\n The Caisse said it acquired 825 mln of new Government of\nQuebec bonds and 342 mln dlrs of new securities from other\nQuebec government issuers during the year.\n \n Reuter\n\u0003", "date": "19-MAR-1987 16:28:41.75", "topics": [ "earn" ], "places": [ "canada" ], "id": "7424" }, { "title": "U.S. M-1 MONEY SUPPLY RISES 500 MLN DLRS IN MARCH 9 WEEK, FED SAYS\n", "date": "19-MAR-1987 16:31:09.46", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "7425" }, { "title": "U.S. BANK DISCOUNT BORROWINGS AVERAGE 228 MLN DLRS A DAY IN MARCH 18 WEEK, FED SAYS\n", "date": "19-MAR-1987 16:31:15.27", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "7426" }, { "title": "ASEA GROUP SEES FLAT 1987 EARNINGS", "body": "Asea Group, the diversified industrial\nconcern based in Vasteras, Sweden, said it expects 1987\nearnings, after financial income and expense, to be flat\ncompared with 1986, when it earned 2.53 billion Swedish crowns,\nor 371.1 mln dlrs.\n A company spokesman said 1986 results were boosted\nsignificantly by the booking of two large orders for nuclear\npower plants.\n This gain, he said, will be balanced in 1987 by a return to\nprofitability by Asea's power transmission segment, which had a\nloss of 183 mln crowns, or 26.9 mln dlrs, last year.\n Currency conversions were made at 6.81 crowns to the dlr.\n The spokesman said the company has built up a strong\nbacklog of orders that will contribute to earnings in 1988 and\nbeyond.\n At yearend 1986, Asea's order backlog stood at 32.7 billion\ncrowns, or 4.8 billion dlrs, up from 30.9 billion, or 4.5\nbillion dlrs, at the end of 1985.\n Asea has operations in power generation and transmission,\ntransportation equipment, pollution control and robotics.\n Total sales in 1986 were 46 billion crowns, or 6.8 billion\ndlrs.\n Reuter\n\u0003", "date": "19-MAR-1987 16:31:29.99", "topics": [ "earn" ], "places": [ "usa", "sweden" ], "id": "7427" }, { "title": "U.S. BANK DISCOUNT BORROWINGS 228 MLN DLRS", "body": "U.S. bank discount window borrowings\nless extended credits averaged 228 mln dlrs in the week to\nWednesday March 18, the Federal Reserve said.\n Total borrowings in the week rose 83 mln dlrs to 502 mln\ndlrs, with extended credits up three mln dlrs at 274 mln dlrs.\nThe week was the first half of a two-week statement period. Net\nborrowing in the prior week averaged 148 mln dlrs.\n Commenting on the two-week statement period that ended on\nMarch 11, the Fed estimated that banks had daily average net\nfree reserves of 759 mln dlrs rather than the 660 mln dlrs\nfirst reported.\n A Fed spokesman told a press briefing that there were no\nlarge single day net misses in the Fed's reserve projections in\nthe first week of the latest bank statement period.\n None of the 14 large money center banks borrowed from the\ndiscount window during the week and all of the Wednesday\nborrowing was made by the smallest banks. For the week as a\nwhole, the borrowing was split roughly evenly between the large\nregionals and the small banks.\n Natural float ranged from a low of near zero on Thursday --\nfor which the Fed spokesman could give no particular reason --\nto a high of nearly 750 mln dlrs on Tuesday.\n The Tuesday peak included about 100 mln dlrs of\ntransportation float in mid- and south-Atlantic states. Noting\nthat the weather was \"basically good\" for March, the spokesman\nsaid that transportation float averaged under 500 mln dlrs a\nday for the full week.\n Float related as-ofs were a negative 400 mln dlrs on\nWenesday due to a number of unrelated cash letter error\ncorrections in five districts.\n As-ofs peaked at just over 500 mln dlrs on Tuesday.\n Reuter\n\u0003", "date": "19-MAR-1987 16:32:06.12", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "7428" }, { "title": "LAWSON REPEATS HE IS CONTENT WITH STERLING LEVEL", "body": "U.K. Chancellor of the Exchequer Nigel\ntoday repeated that he was satisfied with the current level of\nsterling, both against the dollar and the West German mark.\n Lawson said in a television interview that he did not\nregard the pound's present exchange rate was uncomfortably\nhigh.\n \"I think it is round about right,\" he said.\n \"I think there was a time that they (British manufacturers)\nthought the (exchange) rate was uncomfortably high. But I think\nthey are very satisfied with the present level.\"\n \"But I have made it absolutely clear that I don't want to\nsee the pound go through the roof,\" he added.\n Reuter\n\u0003", "date": "19-MAR-1987 16:32:41.50", "topics": [ "money-fx", "stg" ], "places": [ "uk" ], "id": "7429" }, { "title": "BETHLEHEM STEEL SAYS LIQUIDITY ADEQUATE", "body": "Bethlehem Steel Corp said it\nwas disappointed by the downgrading of its debentures by\nStandard and Poor's Investment Service.\n \"We believe their action is inappropriate in view of the\nstability we are experiencing in the market, the realization of\nthe anticipated improvements in our steel operations, and our\ncurrent liquidity level,\" the company said.\n It said its position of cash and marketable securities\nincreased to 463 mln dlrs at year-end 1986 from 99 mln dlrs a\nyear earlier. \"We expect to maintain an adequate level of\nliquidity through 1987,\" it said.\n Reuter\n\u0003", "date": "19-MAR-1987 16:33:33.93", "places": [ "usa" ], "id": "7430" }, { "title": "GREYHOUND LINES SLASHES FARES", "body": "Greyhound Lines said, on its first day\nunder new management, it slashed fares on 166 of its shorter\nroutes, many by 50 pct or more.\n On Wednesday, Greyhound Corp completed the sale of its\nGreyhound Lines subsidiary to GLI Holdings Inc for 350 mln dlrs\nin cash, securities, royalties and other considerations.\n Most of the routes affected are 100 miles or less and\nconnect cities and towns throughout the country and include\nroutes serving suburban terminals, colleges, military bases and\nresort locations.\n Reuter\n\u0003", "date": "19-MAR-1987 16:33:42.82", "places": [ "usa" ], "id": "7431" }, { "title": "BUTLER NATIONAL CORP 3RD QTR JAN 31", "body": "Shr profit nil vs loss one ct\n Net profit 1,136 vs loss 42,840\n Revs 1,490,718 vs 1,151,176\n Nine mths\n Shr profit three cts vs profit five cts\n Net profit 89,900 vs profit 150,523\n Revs 4,520,393 vs 4,078,441\n Reuter\n\u0003", "date": "19-MAR-1987 16:33:54.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "7432" }, { "title": "FCS RECEIVES MERGER PROPOSAL", "body": "FCS Laboratories said its\ninvestment banker, Butcher and Singer Inc, received a\npreliminary merger proposal from another company in the\nhealthcare field.\n FCS said that if various aspects of the proposal are better\ndefined, its board may consider it. FCS said merger\nnegotiations with this other company have been continuing since\nlate August.\n Reuter\n\u0003", "date": "19-MAR-1987 16:34:37.23", "topics": [ "acq" ], "places": [ "usa" ], "id": "7433" }, { "title": "MMR HOLDING CORP INITIAL OFFERING PRICED", "body": "The initial public offering of 1.1 mln\nshares of MMR Holding Corp common stock was priced at 13.50\ndlrs a share, said William Blair and Co and Howard, Weil,\nLabouisse, Friedrichs Inc, co-managers of the underwriting\ngroup.\n All shares will be sold by the company.\n Based in Baton Rouge, La., MMR is an electrical and\nmechanical specialty contractor. Its fiscal 1986 contract\nrevenues were 135.2 mln dlrs.\n Reuter\n\u0003", "date": "19-MAR-1987 16:35:01.80", "places": [ "usa" ], "id": "7434" }, { "title": "FLEET, NORSTAR S/P RATINGS UNAFFECTED", "body": "Standard and Poor's Corp said the\nmerger agreement between Fleet Financial Group and Norstar\nBancorp Inc would not affect the firms' current ratings because\nthe merger cannot take place until July 1988.\n It said any rating change until then would depend on each\nindividual bank holding company. S and P noted that the\ncombined entity would have assets of more than 24 billion dlrs,\nmaking it one of the largest U.S. bankholding companies.\n Fleet has A-plus senior debt, A subordinated debt and A-1\ncommercial paper. Norstar carries AA senior debt, AA-minus\nsubordinated debt, A-plus preferred stock and A-1-plus paper.\n Reuter\n\u0003", "date": "19-MAR-1987 16:35:15.66", "places": [ "usa" ], "id": "7435" }, { "title": "GM TO IDLE 3,500 WORKERS AT LANSING, MICH., RETURN 3,500 OTHERS TO WORK\n", "date": "19-MAR-1987 16:35:38.33", "id": "7436" }, { "title": "U.S. M-1 MONEY SUPPLY RISES 500 MLN DLRS", "body": "U.S. M-1 money supply rose 500 mln\ndlrs to a seasonally adjusted 738.7 billion dlrs in the March 9\nweek, the Federal Reserve said.\n The previous week's M-1 level was revised to 738.2 billion\ndlrs from 738.0 billion, while the four-week moving average of\nM-1 rose to 738.2 billion dlrs from 737.2 billion.\n Economists polled by Reuters said that M-1 would be\nanywhere from unchanged to up five billion dlrs. The average\nforecast called for a 2.3 billion dlr increase.\n Reuter\n\u0003", "date": "19-MAR-1987 16:37:02.04", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "7437" }, { "title": "ART'S-WAY MANUFACTURING CO 3RD QTR NET", "body": "Shr profit 58 cts vs loss 11 cts\n Net profit 726,000 vs loss 145,000\n Sales 4,958,000 vs 2,783,000\n Nine Mths\n Shr profit 1.08 dlrs vs loss 80 cts\n Net profit 1,359,000 vs loss 1,013,000\n Sales 12.6 mln vs 7,145,000\n NOTE: Fiscal 1987 net profit includes tax credits of\n372,000 dlrs in the quarter and 643,000 dlrs in the nine\nmonths.\n Periods end February 28, 1987 and 1986, respectively.\n Art's-Way Manufacturing Co Inc is full name of company.\n Reuter\n\u0003", "date": "19-MAR-1987 16:37:17.35", "topics": [ "earn" ], "places": [ "usa" ], "id": "7438" }, { "title": "PSE INC 4TH QTR", "body": "Shr loss 18 cts vs profit 11 cts\n Net loss 1.5 mln vs profit 868,000\n Revs 29.3 mln vs 41.1 mln\n Year\n Shr loss 41 cts vs profit five cts\n Net loss 3.1 mln vs profit 409,000\n Revs 99.2 mln vs 231.7 mln\n Reuter\n\u0003", "date": "19-MAR-1987 16:38:47.77", "topics": [ "earn" ], "places": [ "usa" ], "id": "7439" }, { "title": "GM TO IDLE 3,500 WORKERS", "body": "General Motors Corp said it will lay\noff 3,500 workers temporarily at one of its car assembly plants\non March 23, the same day that 3,500 other workers will return\nto work.\n The number one U.S. automaker, in announcing its plant\nschedule for the week of March 23, said no further indefinite\nlayoffs are expected for that week. The number of GM workers\nthat have been put on indefinite layoff status remains at\n37,000, a spokeswoman said.\n GM said it will idle the 3,500 workers at its Lansing,\nMich., Buick-Oldsmobile-Cadillac plant, which will be shut down\nfrom March 23 until April 6 for inventory adjustment.\n Also on March 23, work will resume at GM's Norwood, Ohio,\nChevrolet-Pontiac-GM of Canada plant and 3,500 hourly employees\nthere will return to work. The plant had been idled due to a\nshortage of materials.\n The number of workers on temporary layoff remains at 7,600,\nthe spokeswoman said.\n Reuter\n\u0003", "date": "19-MAR-1987 16:45:27.17", "places": [ "usa" ], "id": "7440" }, { "title": " YEAR NET", "body": "Shr 12.84 dlrs vs 3.07 dlrs\n Net 46,054,000 vs 11,026,000\n Revs 491.1 mln vs 473.9 mln\n NOTE: Current net includes gain of 8.51 dlrs a share on\ndisposal of assets.\n M.W. Ward holds 62 pct voting interest.\n Reuter\n\u0003", "date": "19-MAR-1987 16:46:40.99", "topics": [ "earn" ], "places": [ "canada" ], "id": "7441" }, { "title": "SEA CONTAINERS EXPECTS BETTER FIRST QTR", "body": "Sea Containers Ltd predicted\nits first quarter fiscal 1987 net earnings would improve by 10\nmln dlrs over the same period a year ago.\n The company said 1987 got off on a much better footing than\nfiscal 1986, from which the company recorded a loss of 67.6 mln\ndlrs, or 6.28 dlrs per share, on revenues of 641.4 mln dlrs.\n James Sherwood, president of the company, said he expects\nto record a loss of approximately 12 mln dlrs for the first\nquarter, compared to losses of approximately 22 mln dlrs for\nfirst quarter fiscal 1986.\n The company emphasized the first quarter is a traditionally\nslow period for the ferry industry, which is part of Sea\nContainers' business.\n Sherwoood said the company's losses were largely\nattributable to non-recurring events and provisions. He cited\nthe default of 15 container leasees and ship charterers,\ncosting the company approximately 25 mln dlrs.\n He also cited a 23 mln dlr cost as a result of a closing\ntwo of its subsidiary's ferry services, and a 10.3 mln dlr\nprovision to cover losses on the sale of container assets and\nseverance pay costs.\n Reuter\n\u0003", "date": "19-MAR-1987 16:48:31.85", "topics": [ "earn" ], "places": [ "bermuda" ], "id": "7442" }, { "title": "FIRST INTERSTATE ESTIMATES BRAZIL RISKS", "body": "First Interstate Bancorp said its\n1987 pre-tax income could be reduced by about 33.5 mln dlrs if\nit decides to reclassify its 339 mln dlrs in medium- to\nlong-term loans to Brazil as nonperforming.\n But the company stressed in a filing with the Securities\nand Exchange Commission that it believes it is too soon to\nreclassify the debt, despite Brazil's Feb 20 suspension of\ndirect interest payments on medium- and long-term loans.\n \"The corporation believes that it is premature to make a\ndecsion to classify such medium- and long-term debt as\nnonperforming at this time,\" First Interstate said.\n But First Interstate said that if Brazil's suspension of\ninterest payments continues, it may have to reclassify its\nloans as nonperforming and place them on non-accrual, meaning\nthat interest previously accrued but not paid would be deducted\nfrom net income and interest would no longer be accrued.\n Besides its medium- and long-term debt, First Interstate\nsaid it also has 165 mln dlrs in short-term loans or trade\nlines in Brazil.\n As of Dec 31, 1986, nonperforming Brazilian outstandings\nwere about 4.1 mln dlrs, it said.\n Reuter\n\u0003", "date": "19-MAR-1987 16:48:44.61", "topics": [ "earn" ], "places": [ "usa", "brazil" ], "id": "7443" }, { "title": "AMERICAN HOME SHIELD CORP 4TH QTR NET", "body": "Shr profit 15 cts vs profit 15 cts\n Net profit 1,025,000 vs profit 969,000\n Revs 10.9 mln vs 7.8 mln\n 12 mths\n Shr profit 33 cts vs loss one cts\n Net profit 2,375,000 vs profit 90,000\n Revs 38.2 mln vs 20.3 mln\n NOTE: Revenues figure shows contract revenue, not gross\ncontracts written.\n Fourth quarter and full year 1986 includes extraordinary\ngain of 501,000 dlrs and 1,040,000 dlrs, respectively, from tax\nloss carryforwards.\n Per share figures come after preferred dividend\nrequirements.\n Reuter\n\u0003", "date": "19-MAR-1987 16:49:17.68", "topics": [ "earn" ], "places": [ "usa" ], "id": "7444" }, { "title": "SEC OFFICIAL PROPOSES EQUITY, FUTURES TRADE HALT", "body": "Securities and commodity\nexchanges should consider establishing a mechanism for halting\ntrading of equities, futures and options when there is unusual\nprice volatility, a top Securities and exchange, SEC, official\nsaid.\n Richard Ketchum, director of the SEC's division of market\nregulation, said a \"short, system-wide halt\" of trading of\nstocks, futures contracts and options on futures contracts\nwould \"let everyone get a breath\" in especially volatile\nmarkets.\n Ketchum made his remarks in connection with a Futures\nIndustry Association panel discussion on stock index futures\nand stock market volatility.\n The SEC official did not attempt to define \"volatile\"\nmarkets.\n Commodity Futures Trading Commission Chairman Susan\nPhillips later told reporters that exchanges already have the\nauthority to halt trading if an emergency is declared.\n But she said Ketchum's proposal was \"something to look at\"\nand that she expected the exchanges to explore procedures for\nmaking order imbalances public.\n William Brodsky, president of the Chicago Mercantile\nExchange, CME, told Reuters that considering Ketchum's proposal\nwould be a \"worthwhile exercise,\" but that implementation of a\ntrading halt mechanism posed \"major, philosophical, economic\nquestions.\"\n Ketchum said price limits on contracts \"are not\nparticularly useful in dealing with volatility.\"\n Earlier, Brodsky announced the CME board of directors had\ndecided last Tuesday to drop a plan to set a 12-point limit on\nthe daily price movement of its Standard & Poor's 500 contract.\n Reuter\n\u0003", "date": "19-MAR-1987 16:50:33.83", "places": [ "usa" ], "id": "7445" }, { "title": "P.S. INDIANA TO REDEEM DOUBLE-DIGIT DEBT", "body": "Public Service Co of Indiana Inc said\nit acted today to replace 35 mln dlrs in existing debt,\nestimating that would save it about 1.8 mln dlrs a year.\n The utility said it plans to issue a 35 mln dlr, 7.6 pct\nfirst mortgage bond, Series NN, due 2012 to the city of\nPrinceton, Ind. The Series NN bonds will serve as collateral to\nPrinceton's equal-sized pollution control bond issue that are\nexpected to have the same interest rate.\n Proceeds from this issue will be used to redeem the\nutility's 12-3/4 pct bonds that serve as collateral for\nPrinceton's same-rate pollution control bonds.\n Reuter\n\u0003", "date": "19-MAR-1987 16:56:42.31", "places": [ "usa" ], "id": "7446" }, { "title": "MAJOR HOME APPLIANCE SHIPMENTS UP IN FEBRUARY", "body": "Shipments of major home appliances in\nFebruary rose 9.1 pct to 3.5 mln, up from 3.2 mln a year ago,\nreported the Association of Home Appliance Manufacturers.\n It said year to date, total major appliance shipments rose\n11.4 pct to 7.6 mln from 6.8 mln a year earlier.\n It said strong shipment gains in four of the five appliance\ncategories resulted in the unprecedented monthly levels, with\nrecords set for shipments of refrigerators, automatic washers,\ndisposers, dryers and dishwashers.\n Reuter\n\u0003", "date": "19-MAR-1987 16:57:13.38", "topics": [ "retail" ], "places": [ "usa" ], "id": "7447" }, { "title": "GULF CANADA CHARGED WITH WASTE DUMPING", "body": "The federal environment\ndepartment said it charged Gulf Canada Corp with eight counts\nof waste dumping into the Beaufort Sea.\n The dumping is alleged to have occurred September 23-30,\n1986, and Gulf faces a maximum 50,000 dlr fine on each count,\naccording to the department.\n The department said Gulf allegedly dumped tons of powdered\ncement and drilling mud containing mercury and trace metals\ninto the Beaufort at its Amauligak drilling site.\n Gulf Canada spokesman Ash Bhasin said the company has been\nadvised of the charges, but cannot comment further.\n Reuter\n\u0003", "date": "19-MAR-1987 16:57:20.19", "places": [ "canada" ], "id": "7448" }, { "title": "TRIANGLE HOME PRODUCTS INC 4TH QTR LOSS", "body": "Shr loss 17 cts vs loss 19 cts\n Net loss 213,000 vs loss 217,000\n Sales 6,788,000 vs 6,254,000\n Year\n Shr loss 22 cts vs loss five cts\n Net loss 270,000 vs loss 61,000\n Sales 27.0 mln vs 27.0 mln\n Reuter\n\u0003", "date": "19-MAR-1987 17:04:11.76", "topics": [ "earn" ], "places": [ "usa" ], "id": "7449" }, { "title": "BANK FAILURE WAS 16TH IN TEXAS", "body": "The Federal Deposit Insurance Corp.\nsaid the Red River National Bank of Clarksville, Tex., failed\nand its assets were taken over by State Bank of DeKalb, Tex.\n The failure was the 45th bank in the nation and 16th in\nTexas. The FDIC has assisted two more banks with funds to\nenable them to keep operating.\n Red River bank's two offices will reopen tomorrow as\nbranches of the assuming bank. It had assets of 22.6 mln dlrs.\n The FDIC was named receiver and will receive a purchase\npremium of 251,000 dlrs.\n Reuter\n\u0003", "date": "19-MAR-1987 17:08:43.93", "places": [ "usa" ], "id": "7450" }, { "title": "UNITED STEELWORKES SAYS DUE PROCESS DENIED", "body": "The United Steelworkers of America\nsaid that bankruptcy Judge Burton Liflands's refusal to act on\na union lawsuit was \"a gross denial of due process for 47,000\nretired employees of LTV Steel.\"\n The union is seeking an injunction that would require LTV\nCorp to reinstate 400 dlr monthly supplements to about\n7,000 retirees. The union said that the judge, at the request\nof the , delayed proceedings\nuntil May four. It said the case was originally to have been\nheard on February 27.\n The union said LTV stopped making monthly payments in\nFebruary after Pension went before Lifland and received\npermission to terminate LTV pension plans covering 47,000\nretired hourly workers.\n Reuter\n\u0003", "date": "19-MAR-1987 17:10:53.82", "places": [ "usa" ], "id": "7451" }, { "title": "REICHHOLD RAISES SOME MATERIALS PRICES", "body": "Reichhold Chemicals Inc said its\nemulsion polymers division increased by nine cts per dry pound\nthe prices of all styrene-butadiene and polystyrene latexes,\neffective May 1.\n It said the increase is in addition to recently announced\nincreases and applies to carpet, paper, nonwovens, textiles,\nadhesives and other specialty end uses.\n Reuter\n\u0003", "date": "19-MAR-1987 17:13:23.16", "topics": [ "pet-chem" ], "places": [ "usa" ], "id": "7452" }, { "title": "TRI-STAR BUYS CINEPLEX THEATER", "body": "Tri-Star Pictures Inc said it agreed\nto acquire the Roosevelt Field Century Theatre from Canada's\nCineplex Odeon Corp's RKO Century Warner Theatres Inc for 17\nmln dlrs.\n The recently refurbished and expanded theater is located in\nGarden City, N.Y..\n Reuter\n\u0003", "date": "19-MAR-1987 17:16:44.14", "topics": [ "acq" ], "places": [ "usa" ], "id": "7453" }, { "title": "DEP SELLS PRODUCT DISTRIBUTION RIGHTS", "body": "DEP Corp said it agreed to sell the\ndistribution rights to Doan's Backache Pills to for 34.4. mln dlrs in cash.\n DEP said it acquire the product line when it purchased\nJeffrey Martin Inc earlier this year.\n The company also said it intends to sell the remaining\nover-the-counter drug business obtained through the Jeffrey\nMartin acquisition, which includes the Bantron Smoking\nDeterrent Tablet, Ayds Appetite Supressant and Compoz Sleep Aid\nproduct lines.\n Reuter\n\u0003", "date": "19-MAR-1987 17:20:23.98", "places": [ "usa" ], "id": "7454" }, { "title": "FRANK B. HALL AND CO INC 4TH QTR LOSS", "body": "Oper shr loss 30 cts vs loss 25 cts\n Oper net loss 2,138,000 vs loss 2,312,000\n Revs 99.3 mln vs 89.4 mln\n Year\n Oper shr loss 40 cts vs profit 47 cts\n Oper net profit 4,294,000 vs profit 8,793,000\n Revs 390.9 mln vs 360.5 mln\n NOTE: Excludes discontinued operations loss of 1.33 dlrs a\nshare vs 5.35 dlrs a share in the quarter, and loss 1.52 dlrs a\nshare vs loss 13.64 dlrs in the full year.\n Fourth quarter 1986 includes reserve of nine mln dlrs for\noperations company plans to sell.\n Per share figures come after preferred dividend\nrequirements.\n Reuter\n\u0003", "date": "19-MAR-1987 17:21:21.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "7455" }, { "title": "SEC CONTINUES MARKET MANIPULATION INVESTIGATION", "body": "The Securities and Exchange Commission\nis continuing an investigation of the practice of \"parking\"\nstocks, said Richard Murphy, a lawyer with the SEC enforcement\ndivision.\n Earlier, the SEC settled civil charges against Boyd\nJefferies and Jefferies Group Inc, which allege market\nmanipulation and the parking of stocks, a practice where stock\nis held by one person or firm while it is actually under the\ncontrol of someone else.\n Murphy told reporters others are being investigated for\nparking stocks.\n Reuter\n\u0003", "date": "19-MAR-1987 17:22:14.80", "places": [ "usa" ], "id": "7456" }, { "title": "U.S. AGENCY PROPOSES DAYTIME LIGHTS FOR CARS", "body": "Transportation Secretary Elizabeth\nDole proposed to allow the use of daytime running lights as a\nmeasure to improve safety on the highways.\n Dole said in an announcement that in Sweden and Finland, \nwhere daytime lights have been in use, the number of crashes\nand lives lost has been reduced.\n The transporation department said there might be confusion\nin some states whether the lighting device was legal.\n Therefore it proposed an amendment to federal motor vehicle\nsafety rules to make clear that front-mounted lights could be\ninstalled at the option of the manufacturer.\n Reuter\n\u0003", "date": "19-MAR-1987 17:22:48.46", "places": [ "usa" ], "id": "7457" }, { "title": "PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC", "body": "The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n Ramada Inc - Offering of 100 mln dlrs of subordinated\nnotes due 1999 through Salomon Brothers Inc.\n Chock Full O'Nuts Corp - Offering of 60 mln dlrs of\nconvertible senior subordinated debentures due April 15, 2012\nthrough a group led by Drexel Burnham Lambert Inc.\n\n Reuter\n\u0003", "date": "19-MAR-1987 17:23:03.65", "places": [ "usa" ], "id": "7458" }, { "title": "WEISFIELD'S INC 4TH QTR NET", "body": "Shr 1.09 dlrs vs 1.20 dlrs\n Net 1,193,000 vs 1,361,000\n Revs 18.7 mln vs 17.3 mln\n Year\n Shr 1.19 dlrs vs 1.52 dlrs\n Net 1,300,000 vs 1,831,000\n Revs 50.6 mln vs 48.8 mln\n Reuter\n\u0003", "date": "19-MAR-1987 17:23:38.97", "topics": [ "earn" ], "places": [ "usa" ], "id": "7459" }, { "title": "SINGAPORE EXCHANGE PLANS OPTIONS CONTRACTS", "body": "The Singapore International\nMonetary Exchange Ltd, SIMEX, said it would launch at least two\noptions on futures contracts this year.\n SIMEX said in a press release that the options contracts\nwould be based on the currency and interest rate futures\ncurrently traded on the exchange and be started \"toward the\nthird quarter.\"\n SIMEX, which is linked to the Chicago Mercantile Exchange,\ncurrently trades three currency futures -- on Deutsche marks,\nJapanese yen and British pounds -- and two interest rate\nfutures -- on U.S. Treasury-bonds and three-month Eurodollars.\n Reuter\n\u0003", "date": "19-MAR-1987 17:24:40.16", "topics": [ "money-fx", "interest" ], "places": [ "usa", "singapore" ], "id": "7460" }, { "title": "ECUADOR INDUSTRY AND TRADE MINISTER RESIGNS", "body": "Ecuador's Minister for Industry and Trade\nresigned today, but denied he was responding to recent protests\nagainst a new austerity program that went into effect after a\ndevastating earthquake.\n Xavier Neira, an economist, told reporters he was stepping\ndown for personal reasons and would return to his private\nbusiness as a foreign trade consultant.\n He defended government austerity measures adopted last\nFriday as a \"necessary antidote\" to the losses from the March\nfive quake which cost an estimated one billion dlrs in damage\nand left 1,000 people dead or missing.\n Ecuadoran unions have called for a general strike next\nWednesday to press for a suspension of the belt-tightening\nmeasures, which include a rise in gasoline prices of up to 80\npct, budget cuts of up 10 pct and a government hiring freeze.\n Ecuador, a member of the Organization of Petroleum\nExporting Countries (OPEC), has been forced to halt shipments\nof crude, its main export, for about five months until it\nrepairs a pipeline that ruptured as a result of the quake.\n Reuter\n\u0003", "date": "19-MAR-1987 17:24:59.15", "places": [ "ecuador" ], "id": "7461" }, { "title": "NORRIS OIL CO DEC 31 YEAR LOSS", "body": "Shr loss 1.55 dlrs vs loss 52 cts\n Net loss 13,191,000 vs loss 2,254,000\n Revs 1,179,000 vs 2,003,000\n Avg shrs 8,520,000 vs 4,330,000\n Note: Current year loss includes 11.8 mln dlr writedown of\noil and gas properties under full cost accounting method.\n Reuter\n\u0003", "date": "19-MAR-1987 17:27:14.46", "topics": [ "earn" ], "places": [ "usa" ], "id": "7462" }, { "title": "AMERICAN CAN FILES FOR DEBT OFFERING", "body": "American Can Co filed with the\nSecurities and Exchange Commission for a shelf offering of up\nto 500 mln dlrs of debt securities on terms to be determined at\nthe time of the sale.\n Proceeds from the offering will be used for general\ncorporate purposes, including repayments of outstanding debt,\nbusiness acquisitions or investments, American Can said.\n The company did not name an underwriter for the sale.\n Reuter\n\u0003", "date": "19-MAR-1987 17:27:27.76", "places": [ "usa" ], "id": "7463" }, { "title": "DORSEY COMPLETES SALE OF UNIT", "body": "Dorsey Corp said it\ncompleted the sale of substantially all its Dorsey Trailers Inc\nsubsidiary assets to , whose\nstockholders include a former Dorsey vice president and several\nexecutives of the Dorsey Trailers management team.\n Terms of the acquisition were not disclosed.\n Reuter\n\u0003", "date": "19-MAR-1987 17:28:40.49", "topics": [ "acq" ], "places": [ "usa" ], "id": "7464" }, { "title": "NAPCO INTERNATIONAL 4TH QTR OPER NET", "body": "Oper shr 38 cts vs 5.62 dlrs\n Oper net 400,000 vs 6,173,000\n Revs 1,195,000 vs 392,000\n Year\n Oper shr 94 cts vs 5.65 dlrs\n Oper net 1,006,000 vs 6,257,000\n Revs 2,432,000 vs 1,121,000\n NOTE: 1986 operating net for the quarter and year excludes\na loss on the disposal of certain businesses of 2.15 mln dlrs\nand a loss from discontinued operations of 297,000 dlrs in the\nquarter and 469,000 dlrs in the year.\n 1985 operating net for the quarter and year includes a\npretax gain of nine mln dlrs from the sale of two divisions and\na loss from discontinued operations of 2.85 mn dlrs in the\nquarter and 3.7 mln dlrs in the year.\n Napco International Inc is full name of company.\n Reuter\n\u0003", "date": "19-MAR-1987 17:33:32.28", "topics": [ "earn" ], "places": [ "usa" ], "id": "7465" }, { "title": "NATIONAL BANCORP INC YEAR END LOSS", "body": "Oper shr loss 1.02 dlr\n Oper loss 631,000 dlrs\n NOTE: Prior year results are not available as company\ncompleted its public offering in April 1986.\n Reuter\n\u0003", "date": "19-MAR-1987 17:33:48.95", "topics": [ "earn" ], "places": [ "usa" ], "id": "7466" }, { "title": "HOUSE GOP BUDGET WRITERS WITHHOLD VOTES", "body": "Republican members of the House\nBudget Committee refused to cast their votes as the committee\nbegan marking up the outlines of next year's federal budget.\n Republicans voted \"present\" during votes on a ceiling for\nfiscal 1988 defense spending, saying they were protesting the\nDemocrats' failure to present an alternative to President\nReagan's budget, which was completed in January.\n Without the Republicans' votes, the Democratic majority on\nthe committee voted tentatively 13-8 to cap 1988 defense\nspending at 282.6 billion dlrs, three billion dlrs more than\ncurrent year defense outlays.\n Rep. William Gray (D-Pa.), the Budget Committee chairman,\ndecided earlier this week to use current government spending\nlevels as a starting point for the panel's deliberations.\n In the past, the committee Democrats had always gone behind\nclosed doors to agree in advance on a draft budget plan.\n But this year, the Democrats could not come to an\nagreement, prompting Gray to invite the Republicans to join\nthem in the drafting process in open session.\n Republicans argued that this maneuver enabled the Democrats\nto avoid presenting alternatives to the president's budget.\n Reuter\n\u0003", "date": "19-MAR-1987 17:39:39.61", "places": [ "usa" ], "id": "7467" }, { "title": " YEAR LOSS", "body": "Shr loss seven cts vs loss 19 cts\n Net loss 497,452 vs loss 1,306,875\n Revs 10.6 mln vs 9.6 mln\n Reuter\n\u0003", "date": "19-MAR-1987 17:41:09.55", "topics": [ "earn" ], "places": [ "canada" ], "id": "7468" }, { "title": "SOROS LIFTS KING WORLD STAKE TO 8.1 PCT", "body": "New York investor George Soros, and\nan investment fund he controls, said they raised their stake in\nKing World Productions Inc to 2,485,510 shares, or 8.1 pct of\nthe total outstanding, from 1,986,710 shares, or 6.5 pct.\n In a filing with the Securities and Exchange Commission,\nSoros said his group bought a net 498,800 King World common\nshares between Jan 8 and March 6 at prices ranging fropm 18.924\nto 21.203 dlrs a share.\n Reuter\n\u0003", "date": "19-MAR-1987 17:43:52.45", "topics": [ "acq" ], "places": [ "usa" ], "id": "7469" }, { "title": "CINEPLEX ODEON BUYING COKE CINEMA UNIT", "body": " said it agreed in\nprinciple to acquire the Walter Reade Organization Inc New York\ncinema chain from Coca-Cola Co's Entertainment Holdings Inc\nunit for 32.5 mln U.S. dlrs.\n Cineplex said the purchase price consisted of 22.5 mln dlrs\ncash and 652,742 Cineplex common shares. The transaction is\nsubject to fulfilment of certain unspecified conditions and\nregulatory and board approvals.\n Walter Reade operates 11 screens in eight Manhattan\nlocations.\n Reuter\n\u0003", "date": "19-MAR-1987 17:44:19.43", "topics": [ "acq" ], "places": [ "usa", "canada" ], "id": "7470" }, { "title": "SHULTZ NOT OPPOSED TO WHEAT SUBSIDY TO SOVIETS", "body": "Secretary of State George Shultz has\ndecided not to oppose any U.S. wheat subsidy offer to the\nSoviet Union and has left the final decision on whether to sell\nsubsidized wheat to Moscow up to President Reagan and the\nAgriculture Department, a State Department official said.\n \"Shultz feels like he fought the battle against a subsidy\nlast summer, and he's not going to the mat again. It's now\nbasically the USDA who has to make their decisions as to what\nthey want to do,\" the official said.\n If USDA decides to go ahead with a subsidy offer to the\nSoviet Union, he said, \"Shultz will not wage a vigorous\ncampaign against it. He might not come out in favor of it, but\nhe won't go to the President and voice his objections.\"\n In an official statement clarifying Shultz's remarks\nyesterday to leaders of the National Association of Wheat\nGrowers, the State Department said, \"Secretary Shultz expressed\nhis belief that whenever possible, U.S. grain should be\ncompetitive on world markets, including the Soviet Union.\n The Agriculture Department is in the best position to\ndetermine whether consideration should be given at this time to\nextending to the Soviets a subsidy under the Export Enhancement\nProgram.\"\n Although Shultz will not oppose a wheat subsidy to the\nSoviets, there remain obstacles to another subsidy offer to\nMoscow, the State Department official said.\n \"Everyone in the government agrees that if there is a\nsubsidy to be offered, we would not offer it unless we had a\nfirm commitment from the Soviets that they would buy.\"\n USDA does not want a repetition of last summer when the\nUSSR baulked at its offer of four mln tonnes of subsidized\nwheat, the official, who asked not to be identified, said.\n The Soviets rejected the U.S. offer then on the grounds\nthat the 13 dlr per tonne subsidy was insufficient to bring\nU.S. prices down to competitive levels.\n The Soviets want a higher subsidy offer this time, the\nState Department source said.\n \"What the Soviets want is something equivalent to the\nlowest price being paid by anyone in the world,\" he said.\n The Soviets argue that they are the best customer of the\nU.S. and that they are entitled to the best price, he said.\n Government and commodity sources also said there are\nelements in the USDA, most notably undersecretary Daniel\nAmstutz, who remain opposed to a wheat subsidy to the Soviets.\n \"Subsidized wheat to the Soviet Union is still not a\nforegone conclusion,\" the State Department official said.\n Reuter\n\u0003", "date": "19-MAR-1987 17:44:47.68", "topics": [ "grain", "wheat" ], "places": [ "usa", "ussr" ], "id": "7471" }, { "title": " YEAR NET", "body": "Shr not given\n Net 540,000 vs 1,890,000\n Revs 4.9 mln vs 7.1 mln\n Reuter\n\u0003", "date": "19-MAR-1987 17:44:51.06", "topics": [ "earn" ], "places": [ "canada" ], "id": "7472" }, { "title": "MORGAN GUARANTY SUES METROMEDIA FOR NOTES", "body": "Morgan Guaranty Trust Co said it filed\nsuit against , seeking a redemption at par of\nMetromedia subordinated discount debentures.\n The debentures due 1998, were issued in 1984 and were zero\ncoupon notes for the first five years. Beginning 1990, they\nwere to receive semi-annual interest payments at an annual rate\nof 16 pct.\n Morgan said the complaint, filed in U.S. District Court for\nthe Southern District of New York, stems from the recent\nvoluntary liquidation of Metromedia which has intentionally\ncreated an event of default on the notes. \n The company said the default amount is 574.24 dlrs for each\n1,000 dlrs principal amount of debentures. The figure takes\ninto account the deep discount the holders received when they\nbought the issue.\n Morgan Guaranty said there is about 30 mln dlrs principal\noutstanding.\n\n Reuter\n\u0003", "date": "19-MAR-1987 17:45:44.47", "places": [ "usa" ], "id": "7473" }, { "title": "GOULDS PUMPS INC SETS REGULAR PAYOUT", "body": "Qtly div 19 cts vs 19 cts prior\n Pay April 15\n Record April three\n Reuter\n\u0003", "date": "19-MAR-1987 17:46:00.03", "topics": [ "earn" ], "places": [ "usa" ], "id": "7474" }, { "title": "HENKEL TO INCREASE STAKE IN CLOROX ", "body": "Clorox Co said of\nDusseldorf, West Germany, agreed to increase its holdings in\nClorox to 30 pct from the current level of 23 pct.\n Henkel, which also holds a subordinated note convertible\ninto another 1.7 pct of the company's stock, intends to acquire\nthe additional shares in the open market over an extended\nperiod of time, Clorox said.\n It also said that, for the foreseeable future, Henkel does\nnot intend to increase its participation in Clorox above the 30\npct level.\n Reuter\n\u0003", "date": "19-MAR-1987 17:46:18.19", "topics": [ "acq" ], "places": [ "usa", "west-germany" ], "id": "7475" }, { "title": " 4TH QTR NET", "body": "Shr 17 cts vs five cts\n Net 1,442,000 vs 393,000\n Revs 9,771,000 vs 8,052,000\n Year\n Shr 74 cts vs 23 cts\n Net 6,076,000 vs 1,875,000\n Revs 34.9 mln vs 30.3 mln\n Reuter\n\u0003", "date": "19-MAR-1987 17:46:34.67", "topics": [ "earn" ], "places": [ "canada" ], "id": "7476" }, { "title": "EC OFFICIAL FAULTS U.S. TRADE BILL", "body": "Sir Roy Denman, Head of the EC\nDelegation in Washington, said pending U.S. trade legislation\nis a misguided attempt to deal with the nation's trade deficit\nand will spark retaliation if passed in its present form.\n \"To think that you can deal with a trade deficit by\nlegislation is a mistake,\" he told the Foreign Trade\nAssociation here.\n Denman told reporters that possible retaliation, which he\nwarned of in a letter to House Ways and Means Committee\nChairman Dan Rostenkowski, would not necessarily be on a\nproduct-for-product basis.\n \"Retaliation does not have to be matched product to\nproduct,\" Denman said.\n He said in the case of textiles import restrictions,\nhowever, retaliation would be against U.S. textile exports.\n \"Certainly, if restrictions were imposed on European\nexports of textiles to the U.S., the Community would be likely\nto retaliate with restrictions on U.S. textile exports to\nEurope,\" Denman said.\n He also took exception to U.S. proposals to require\ncountries with large current account surpluses with the U.S. to\ncut those surpluses or face special tariffs.\n \"This would conflict with international obligations, throw\na large wrench into the current round of trade negotiations and\ncould easily boomerang,\" he warned of the tariff proposals.\n Denman also took exception to U.S. efforts to seek\nreciprocity in specific trade sectors.\n \"Forcing reciprocity in one sector by imposing barriers\nwould simply lead to retaliation from the other party,\" he\nsaid, adding that overall reciprocity can only be achieved by\ntrading off disadvantages in one sector for advantages in\nanother.\n Reuter\n\u0003", "date": "19-MAR-1987 17:47:11.05", "topics": [ "trade" ], "organisations": [ "ec" ], "places": [ "usa" ], "id": "7477" }, { "title": "FORMER REPUBLIC EMPLOYEES GET ESOP FUNDS", "body": "The International\nAssociation of Machinists and Aerospace Workers said checks\ntotaling 33 mln dlrs are being mailed to 2,500 of its members\nwho formerly worked for Republic Airlines and are now employed\nby Northwest Airlines (NWA).\n The payoffs result from a trust agreement and employee\nstock ownership plan negotiated in early 1984 by the union to\nprotect Republic workers when the airline was in financial\ndifficulty, the union said.\n Republic has since merged with Northwest Airlines.\n Reuter\n\u0003", "date": "19-MAR-1987 17:50:05.64", "places": [ "usa" ], "id": "7478" }, { "title": "HYDRO-QUEBEC SEES NO CANADA SALES OBLIGATION", "body": "Provincially-owned Hydro-Quebec said\nit had no obligation to supply electricity to other Canadian\nprovinces if it could sell it at a higher price to Americans.\n The utility told a National Energy Board hearing that U.S.\nutilities generally offer higher prices for electricity than\nthose in Canada because the Americans want firm energy\nsupplies.\n Hydro-Quebec is seeking regulatory approval to sell 70\nbillion kilowatt hours of firm power a year to the New England\npower pool over 10 years starting in 1990. Utilities in\nOntario, New Brunswick and Newfoundland oppose the sale.\n Reuter\n\u0003", "date": "19-MAR-1987 17:50:15.95", "places": [ "canada" ], "id": "7479" }, { "title": "LACANA MINING (LCNAF) TO ISSUE FIVE MLN SHARES", "body": "Lacana Mining Corp said it plans to\nissue five mln common shares at 12 dlrs each to reduce debt\nincurred on its recent purchase of a 51 pct stake in .\n The company said it will issue 3,750,000 of the shares\nthrough Canadian underwriters Gordon Capital Corp, Loewen\nOndaatje McCutcheon and Co Ltd and Merrill Lynch Canada Inc and\n1,250,000 shares through Alexanders, Laing and Cruickshank of\nLondon, England.\n Lacana said it will file a preliminary prospectus dated\nMarch 20 with regulators in each Canadian province.\n Reuter\n\u0003", "date": "19-MAR-1987 17:50:47.73", "places": [ "canada" ], "id": "7480" }, { "title": "FRANK B. HALL EARNINGS REPORT QUALIFIED", "body": "Frank B. Hall and Co Inc\nsaid its independent accountants will issue a qualified report\non its financial statements.\n The company said the opinion is the result of ongoing\nlitigation over its discontinued operations. Earlier it said it\nlost 2.1 mln dlrs in the fourth quarter against a loss of 2.3\nmln dlrs a year ago before discontinued operations.\n It also said it decided to sell its claims adjusting and\nadmininistrative operations and its automobile dealer insurance\nunit, creating a reserve of about nine mln dlrs in the fourth\nquarter 1986 for the sale.\n The company said it will vigorously defend the litigation\narising from the discontinued units.\n It also said it will concentrate on its direct brokerage\nand service business.\n Reuter\n\u0003", "date": "19-MAR-1987 17:54:36.35", "topics": [ "earn" ], "places": [ "usa" ], "id": "7481" }, { "title": "INTERMARK SEEKS MAJORITY PIER 1 STAKE", "body": "Intermark Inc, which together with\none of its subsidiaries already holds a 43.4 pct stake in Pier\n1 Imports Inc, told the Securities and Exchange Commission it\nplans to acquire a majority of the company's voting stock.\n Intermark said it already holds 6,839,827 Pier 1 common\nshares, or 35.66 pct, and its Pier 1 Holdings Inc holds\n1,484,516 shares, or 7.74 pct.\n Intermark said it also has 341,991 shares of Pier 1\npreferred stock, or 35.2 pct of the outstanding, while Pier 1\nHoldings has 74,225 shares, or 7.6 pct.\n \n Reuter\n\u0003", "date": "19-MAR-1987 17:55:03.07", "topics": [ "acq" ], "places": [ "usa" ], "id": "7482" }, { "title": "ELECTRO SCIENTIFIC 3RD QTR FEB 28 LOSS", "body": "Shr loss 15 cts vs nil\n Net loss 877,000 vs profit 22,000\n Sales 13.5 mln vs 18.0 mln\n Nine mths\n Shr loss 35 cts vs profit 20 cts\n Net loss 2,098,000 vs profit 1,184,000\n Sales 43.5 mln vs 55.9 mln\n (Electro Scientific Industries)\n Reuter\n\u0003", "date": "19-MAR-1987 17:58:00.67", "topics": [ "earn" ], "places": [ "usa" ], "id": "7483" }, { "title": "JOSTEN'S TO SELL UNIT TO CAREERCOM ", "body": "Josten's Corp said it agreed\nto sell its proprietary school business to CareerCom Corp, for\n20 mln dlrs in cash and about 1.7 mln CareerCom common shares.\n Upon completion of the proposed transaction, Josten's will\nown 20 pct of CareerCom's stock, which it intends to hold for\ninvestment purposes, it said.\n Proprietary school sales totaled about 56 mln dlrs and\naccounted for less than 10 pct of Josten's total revenue, it\nadded.\n Reuter\n\u0003", "date": "19-MAR-1987 18:01:54.88", "topics": [ "acq" ], "places": [ "usa" ], "id": "7484" }, { "title": "DUFF AND PHELPS UPGRADES BAXTER TRAVENOL ", "body": "Duff and Phelps said it is upgrading to\nDuff 1- (one minus) from Duff 2, its rating on Baxter Travenol\nInc's commercial paper totaling about 541 mln dlrs.\n The upgrading reflects the company's significant\nimprovement made in reducing debt since its 1985 acquisition of\nAmerican Hospital Supply Corp, it said.\n Reuter\n\u0003", "date": "19-MAR-1987 18:02:43.30", "places": [ "usa" ], "id": "7485" }, { "title": "GM PARTS WORKERS TO VOTE ON CONTRACT", "body": "Workers at a General Motors Corp\nparts plant in Michigan are scheduled to vote tomorrow on a new\ncontract that would change the way many of the workers do their\njob.\n Some 3,000 members of the United Auto Workers at GM's\nLivonia, Mich., parts plant will vote in two shifts on a local\ncontract to replace their current agreement with the company,\naccording to officials of both the union and the company.\n The proposed accord would initiate the so-called \"team\nconcept\" at the plant, which makes seat cushions and is part of\nGM's Inland Division.\n Under the proposed contract, workers in one area of the\nplant would be responsible for the entire product and would\nmake some of their own decisions about assembling that product,\nsaid Kevin Woodward, a steward with the UAW local that\nrepresents the workers.\n An Inland division spokesman would not discuss details of\nthe accord. But he said Inland has a \"serious\" capacity\nproblem.\n No wage or benefit issues are in the proposal. Those issues\nare covered by a national pact between GM and the UAW. Talks on\na new national accord are expected to begin in July.\n If the contract is ratified, it would go into effect as\nsoon as the vote count is completed, said Ronald Catcher, a\nmember of the local's executive board.\n The pact would also stay in place through the next national\ncontract, he said.\n Catcher said the union members are sharply divided on the\nnew accord. \"It's going to be close either way,\" he said.\n Many of the workers are afraid that, if the agreement is\nnot ratified, the plant will be shut down, union officials\nsaid. The GM spokesman said \"no decision has been made to that\neffect.\"\n Reuter\n\u0003", "date": "19-MAR-1987 18:03:13.06", "places": [ "usa" ], "id": "7486" }, { "title": "NRM ENERGY CO SETS REGULAR PAYOUT", "body": "Qtly cash distribution five cts vs five cts prior\n Pay April 15\n Record March 31\n Reuter\n\u0003", "date": "19-MAR-1987 18:05:07.97", "topics": [ "earn" ], "places": [ "usa" ], "id": "7487" }, { "title": "MOTEL 6 LP SETS CASH DISTRIBUTION", "body": "Qtly cash distribution 30.5 cts vs 18.4 cts prior\n Pay May 15\n Record March 31\n Note: Prior-quarter dividend was an initial payout based on\noperations for a partial fourth quarter in 1986.\n Reuter\n\u0003", "date": "19-MAR-1987 18:11:04.03", "topics": [ "earn" ], "places": [ "usa" ], "id": "7488" }, { "title": "DUFF AND PHELPS UPGRADES PHILIP MORRIS ", "body": "Duff and Phelps said it is upgrading to\nits highest level, Duff 1+ (one plus) from Duff 1, the rating\non about 836 mln dlrs of Philip Morris Companies Inc commercial\npaper.\n The change reflects the company's improvement in retiring\ndebt incurred in the the acquisition of General Foods Corp, and\nthe ability of both the tobacco and food product lines to\ngenerate cash flow, Duff and Phelps said.\n Reuter\n\u0003", "date": "19-MAR-1987 18:11:51.50", "places": [ "usa" ], "id": "7489" }, { "title": "GROUP HAS 6.4 PCT OF ATLANTIC RESEARCH ", "body": "A group led by Halcyon Investments,\na New York securities and risk arbitrage partnership, said it\nhas acquired 486,400 shares of Atlantic Research Corp, or 6.4\npct of the total outstanding common stock.\n In a filing with the Securities and Exchange Commission,\nthe Halcyon group said it bought the stake for 15.6 mln dlrs\nfor no specific purpose.\n The group said it has no plans to seek control of Atlantic\nResearch, which has been sought by Clabir Corp , but said\nit may buy more stock or sell some or all of what it has.\n Reuter\n\u0003", "date": "19-MAR-1987 18:13:32.55", "topics": [ "acq" ], "places": [ "usa" ], "id": "7490" }, { "title": "ULTRASYSTEMS INC 4TH QTR NET", "body": "Shr 26 cts vs 18 cts\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 Note: Current year figures include 10.1 mln dlr writedown\nof costs and investments associated with ethanol refinery\nproject.\n Reuter\n\u0003", "date": "19-MAR-1987 18:14:26.06", "topics": [ "earn" ], "places": [ "usa" ], "id": "7491" }, { "title": "SENATORS SAY JUSTICE MISHANDLED TENNECO PROBE", "body": "The Justice Department mishandled an\ninvestigation into alleged fraud on Navy contracts by a unit of\nTenneco Inc , two senior senators charged.\n The charges, made jointly by Sens. William Proxmire,\nD-Wis., and Charles Grassley, R-Iowa, were based on a report by\nsubcommittee staffs of the Senate Judiciary Committee and the\nJoint Economic Committee on the Justice Department\ninvestigation.\n \"Serious mistakes were made at every stage of the Newport\nNews investigation and much time wasted during lengthy periods\nof inactivity,\" the report said.\n The Tenneco unit, Newport News Shipbuilding and Dry Dock\nCo, asked the Navy in 1976 for reimbursement of 894 mln dlrs in\ncost overruns in the construction of 14 nuclear-powered ships.\nThe Navy settled the claims for 208 mln dlrs in 1978 and then\nrefered the case to the Justice Department for investigation of\npossible fraud.\n In 1983, the Justice Department decided to end the\ninvestigation without prosecuting Newport News.\n \n Reuter\n\u0003", "date": "19-MAR-1987 18:15:05.57", "places": [ "usa" ], "id": "7492" }, { "title": "IMF OFFICIAL RESIGNS CHARGING U.S. LOAN PRESSURE", "body": "One of the top executives of the\nInternational Monetary Fund (IMF) has tendered his resignation\ncharging that the United States has been pressuring the agency\nto reduce the conditions it places on some loans, monetary\nsources said.\n C. David Finch, an Australian who heads the IMF's exchange\nand trade relations department, told the IMF executive board on\nWednesday that he planned to leave by the end of next month\nafter 37 years with the agency.\n The sources said that Finch, in a statement considered\nunprecedented, told the board that the United States had\nbrought undue pressure on the IMF to approve funding for Zaire\nand Egypt.\n \"To resign in this manner is highly unusual, perhaps\nunprecedented,\" a monetary source said.\n Neither Finch nor U.S. IMF Representative Charles Dallara\ncould be reached for comment.\n The IMF, since the emergence of the debt crisis in 1982,\nhas pressed many countries to tighten their belts and cut back\non social spending as conditions to granting assistance.\n The United States recently has been taking the position\nthat countries that take needed economic reform measures\nrelying more on market forces and private enterprise should be\nencouraged by assistance from the IMF and development banks.\n Zaire, under the government of President Mobutu Sese Seko\nhas recently been taking many reform measures designed to heal\nits ailing economy.\n The IMF last year approved a 22-month loan package for\nZaire totaling 270 mln dlrs.\n The United States has been considering the possibility of\nseeking access to a military base in Zaire but no decision has\nbeen reached.\n Egypt, for its part, has been holding talks with the IMF\naimed at reaching a final accord on a new one billion dlr loan\npackage with the United States pressing for a quick deal,\naccording to the sources.\n However, they said a tentative plan for Egypt that is\ncurrently being reviewed by the management of the Fund prior to\ngoing to the executive board for full approval has raised a\nnumber of questions about the country's ability to repay.\n Egypt is also a linchpin in the broad framework of U.S.\nMiddle East policy.\n The department headed by Finch, among other\nresponsibilties, makes certain that IMF policies and loan\nconditions are wielded evenly among countries.\n Monetary sources have said that the United States had\nbrought pressure on the IMF to approve a loan package for\nMexico using economic conditions that have not been broadly\nused before, but Finch, according to the sources, made no\nreference to this.\n Under the debt initiative announced 18 months ago by\nTreasury Secretary James Baker, the United States made the\ndecision that debtor countries should be encourged to grow out\nof their difficulties rather than rely on austerity measures.\n He also recommended that commercial banks provide 20\nbillion dlrs in new loans for the debtor countries while the\nmutilateral banks add some six billion dlrs over three years.\n A key part of the proposal gave the World Bank a much\ngreater role in dealing with the debt crisis, in part because\nof its familiarity with developing countries and their\nproblems.\n The initiative, while widely heralded as a good first step\ntoward improving the the growing debt crisis, was viewed by\nsome at the IMF as a rebuke of previous austerity measures\ninsisted upon by the Fund in return for loans.\n \n REUTER\n\u0003", "date": "19-MAR-1987 18:16:15.56", "organisations": [ "imf" ], "places": [ "usa", "zaire", "egypt" ], "id": "7493" }, { "title": "TAG GROUP TO CUT VALERO ENERGY STAKE", "body": "An investor group told the\nSecurities and Exchange Commission it plans to cut its stake in\nValero Energy Corp to 402,925 shares, or 1.6 pct of the total\noutstanding, from 1,522,850 shares, or 6.0 pct.\n The group, led by TAG Group S.A. of Luxembourg, said it\nfiled with the SEC on Feb 20 a notice that it proposes to sell\n1,119,925 shares of Valero Energy common stock.\n Reuter\n\u0003", "date": "19-MAR-1987 18:22:47.84", "topics": [ "acq" ], "places": [ "usa" ], "id": "7494" }, { "title": "WESTERN TELE-COMMUNICATIONS 4TH QTR NET", "body": "Oper shr 31 cts vs 34 cts\n Oper net 3,005,000 vs 2,835,000\n Revs 13.1 mln vs 9,478,000\n Year\n Oper shr 1.49 dlrs vs 1.15 dlrs\n Oper net 28.7 mln vs 16.9 mln\n Revs 47.8 mln vs 32.0 mln\n Note: Oper net excludes loss from discontinued operations\nof 726,000 dlrs vs gain of 737,000 dlrs for qtr and gain of\n581,000 dlrs vs gain of 2,350,000 dlrs for year.\n Note: Full name is Western Tele-Communications Inc.\n Reuter\n\u0003", "date": "19-MAR-1987 18:23:31.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "7495" }, { "title": "ECUADOR GETS LOAN TO HELP REPAIR OIL PIPELINE", "body": "The Andean Development Corp (CAF) said\ntoday it is lending 11.7 mln dlrs to Ecuador to help repair 25\nmiles of oil pipeline destroyed by an earthquake earlier this\nmonth.\n the loan was signed here today in the offices of the\ncaracas based caf by the corporation's president, galo montano\nperez and ecuadorean ambassador antonio parra gil.\n the loan had originally been intended to finance an\nexpansion of the pipeline, but following the earthquake the\necuadorean government asked for the terms to be changed so as\nto permit their use in reconstruction.\n Ecuador expects oil production to be suspended for four\nmonths as a result of the damage, and has asked Venezuela to\nhelp by supplying 50,000 barrels per day while the pipeline is\nrepaired.\n The OPEC member has a production quota of 210,000 bpd but\nhas asked the organization to allow it to produce 310,000 bpd\nonce the repairs are completed so as to compensate the loss.\n Reuter\n\u0003", "date": "19-MAR-1987 18:23:49.76", "topics": [ "crude" ], "places": [ "ecuador" ], "id": "7496" }, { "title": "HARMON TO BUY RECYCLING FIRM FOR CASH", "body": "Harmon Industries Inc said it\nsigned a letter of intent to acquire for about 3.5 mln dlrs, a\nmajority of the stock of SNP Inc, a Portland, Oregon-based\ncompany which has patents to reprocess used railroad ties into\nnew ties for resale.\n Reuter\n\u0003", "date": "19-MAR-1987 18:24:03.88", "topics": [ "acq" ], "places": [ "usa" ], "id": "7497" }, { "title": "SANTA FE ENERGY PARTNERS LP QTLY PAYOUT", "body": "Qtly cash distribution 72 cts vs 72 cts prior\n Pay May 15\n Record March 31\n Reuter\n\u0003", "date": "19-MAR-1987 18:24:07.09", "topics": [ "earn" ], "places": [ "usa" ], "id": "7498" }, { "title": "FED DATA SUGGEST U.S. CREDIT POLICY IS ON HOLD", "body": "Latest Federal Reserve data suggest\nthat the U.S. banking system is flush with reserves going into\na period of traditional tightness and that overall monetary\npolicy is on hold, economists said.\n \"There is ample liquidity.... The Fed is not going to shift\ngears at the present time or for at least another month,\" said\nMaria Ramirez of Drexel Burnham Lambert Inc.\n \"Technical and seasonal considerations aside, there is\nnothing for the (credit) market to get excited about,\" added\nRobert di Clemente of Salomon Brothers Inc.\n Adjusted bank borrowings from the Fed's discount window\naveraged only 228 mln dlrs a day in the first week of the bank\nstatement period ending next Wednesday, compared with 233 mln\nand 451 mln in the first weeks of the previous two periods.\n Another sign of abundant liquidity was the upward revision\nin banks' net free reserves in the two-week period to March 11\nto a daily average of 759 mln dlrs from an estimated 660 mln.\n Finally, a Fed spokesman told a press briefing that the 14\nmoney center banks were absent from the Fed's discount window\nfor the third week running, with the latest week's borrowing\nsplit between the large regional and the smaller banks.\n While modest open market intervention was apparently enough\nto defuse any funding pressures in the first week of the latest\nstatement period, economists predicted that the Fed would have\nto be more aggressive in coming weeks.\n The Fed injected temporary reserves directly and indirectly\non four of the five trading days via system and customer\nrepurchase agreements.\n \"Fed funds will be coming under relatively intense\npressure,\" said Salomon's di Clemente, noting the approaching\nmonth- and quarter-end and the round of holidays and tax dates\nin April.\n \"The Fed is faced with a large seasonal adding\nrequirement,\" said Ward McCarthy of Merrill Lynch and Co Inc,\nwho expects a permanent bill purchase next week and a coupon\npurchase in early April.\n Economists were also heartened by further signs of a\ndeceleration in money supply growth, not only in the largely\ndiscredited M-1 gauge but also in the more closely watched M-2\nand M-3 aggregates.\n M-1 grew a mere 500 mln dlrs in the week to March nine,\ncompared with private forecasts of a 2.3 mln dlr rise. Weekly\nM-2 and M-3 components also hinted at slower overall growth.\n \"The M-1 increase was surprisingly modest and I suspect we\nare on our way to another moderate set of M-2 and M-3 figures\nfor March,\" said Salomon's di Clemente. Merrill's McCarthy said\nthey could even come in below the bottom of their respective\ntarget ranges.\n In February, M-2 was 18.2 billion dlrs below its upper\nlimit and M-3 was 20.8 billion beneath.\n Noting Fed Vice Chairman Johnson's encouraging remarks on\ninflation today and recent interest rate cuts overseas, some\neconomists suggested this slowing in monetary growth could lend\nsupport to calls for further accommodation here.\n \"Our belief is that we could still get a move downwards in\nrates before anything else,\" said Salomon's di Clemente, adding\nthat the key swing factor will continue to be the strength of\nthe U.S. economy.\n Jeffrey Leeds of Chemical Bank agreed that the economy's\nhealth would remain the main influence on policy but, contrary\nto di Clemente, he said that recent signs of faster growth and\ninflation could lead to higher rates first.\n Drexel's Ramirez did not commit herself either way, adding\nthat the next major move may have to wait until April 14 when\nFebruary's U.S. trade data are due for release.\n Reuter\n\u0003", "date": "19-MAR-1987 18:29:57.08", "topics": [ "money-supply", "interest" ], "id": "7499" }, { "title": "U.S. SAYS NO SIGNAL BEING SENT BY SHIP MOVEMENTS", "body": "A U.S. Navy battle group led by the\nU.S. aircraft carrier Kitty Hawk is in the northern Arabian Sea\namid renewed concern about the safety of shipping off the coast\nof Iran, U.S. officials said today.\n But Pentagon spokesman Fred Hoffmann said that reports the\nnaval strike force was in the region did not mean the United\nStates was sending a new warning to Iran against escalating\nattacks on shipping in the Persian Gulf.\n \"Nothing like that has happened,\" he said. \"No signal is being\nsent.\"\n He said that the Kitty Hawk is operating in an area where\nit usually does. \"It's normal. It's in the waters where it's\nsupposed to be. It's been there for over a month.\"\n The Kitty Hawk and its force of warplanes is the mainstay\nof the U.S. Indian Ocean Battle Group which patrols a vast area\nextending from the Indian subcontinent through the Arabian Sea.\n With the Kitty Hawk and its group in the Arabian Sea to the\nsouth and the U.S. Mideast Task Force in the Persian Gulf to\nthe north, the United States has 10 warships on either end of\nthe strategic Straits of Hormuz.\n The Pentagon, as is its custom, declined to confirm the\nexact whereabouts of the ships or what they were up to.\n State Department officials cited concern about the safety\nof ships passing through the Straits on the vital oil supply\nrun to the Gulf.\n Iran has conducted repeated attacks on shipping in the Gulf\nand U.S. officials have said that Teheran has recently equipped\nitself with powerful Chinese and Italian-made anti-ship\nmissiles, posing a greater threat.\n Reuter\n\u0003", "date": "19-MAR-1987 18:33:06.64", "topics": [ "ship" ], "places": [ "usa", "iran" ], "id": "7500" }, { "title": "COSTA RICA SELLS SUGAR TO SOVIET UNION", "body": "Costa Rica has agreed to sell more\nthan 32,000 tonnes of sugar this year to the Soviet Union, a\nspokesman for local producers said.\n Miguel Alfaro, president of the agricultural league of the\nsugar cane industry, said the sale follows a recent 50 pct cut\nin Costa Rica's quota for sugar exports to the U.S.\n Alfaro said up to 45,000 tonnes of sugar could be exported\nto the Soviet Union this year under the deal, which is similar\nto one the Soviets made recently with the Dominican Republic.\n A Soviet ship will load 25,000 tonnes at the Pacific port\nof Punta Morales Monday, Alfaro said, and a second ship will\ntake an additional 7,107 tonnes two days later.\n Alfaro and other industry sources declined to disclose the\nprice at which the sugar was sold.\n Reuter\n\u0003", "date": "19-MAR-1987 18:37:59.05", "topics": [ "sugar" ], "places": [ "costa-rica", "ussr" ], "id": "7501" }, { "title": "DANGER OF ARBITRAGE TRADING DOWNPLAYED", "body": "Stock index-related arbitrage\ntrading did not spark the dramatic drop in the U.S. stock\nmarket last September, nor is a free-fall in stocks and futures\nprices due to arbitrage trading a likelihood, a top official\nwith the Securities and Exchange Commission, SEC, said.\n Richard Ketchum, director of SEC's division of market\nregulation, told the Futures Industry Association that a\ncommission study of the circumstances surrounding the plunge in\nthe Dow Jones Industrial Average last September 11-12 shows\nstock index-related arbitrage trading those days was\nsubstantial but did not set off the price fluctuations.\n \"While index-related arbitrage trading was a very\nsubstantial part of the trading that day, it was by no means\nthe predominant part,\" Ketchum said.\n He said the study would be released next week.\n Index-related arbitrage relates to efforts, primarily by\ninstitutional investors, to profit from price differentials by\nshifting funds between stock index futures and their underlying\nstocks.\n Some commodity exchange officials fear federal regulators\nor Congress might move to restrict trading of stock index\nfutures in an effort to curb stock price volatility.\n Ketchum said the slide in stock prices was the result of a\n\"fundamental change in investors' perceptions of economic\nconditions,\" triggered by \"incorrect rumors\" that West Germany\nwas set to cut its discount rate.\n The SEC study indicated the seven firms that accounted for\nmost of the arbitrage trading those days made 127 program\ntrades on September 11 and 117 trades September 12, accounting\nfor only 17.5 pct of the \"sell side of the New York Stock\nExchange's volume,\" Ketchum said.\n He also said there was virtually no options index-related\narbitrage activity those days.\n Ketchum called \"triple witching days\" -- the Fridays each\nquarter when stock index futures and options and opions on\nindividual stocks expire simultaneously - a \"relatively minor,\noverdone question\" that has \"relatively easy solutions.\"\n Moreover, \"futures do not appear to have an impact on\nlong-term or probably even daily volatility,\" he said.\n Finally, Ketchum said a free-fall in stocks and futures\nprices driven by program sell-offs of stock index futures and\nindividual stocks was unlikely.\n \"We believe that the amount of money now available to come\nin on the other side of the market by institutions make it\nunlikely that that kind of snowballing effect would happen,\" he\nsaid.\n But he said federal regulators could not discard the\npossibility and would continue to be concerned by the issue.\n Reuter\n\u0003", "date": "19-MAR-1987 18:38:12.77", "places": [ "usa" ], "id": "7502" }, { "title": "CORNING GLASS SELLS DEBT AT 8.25 PCT", "body": "Corning Glass Works is raising 75 mln\ndlrs through an issue of 8-1/4 pct, 15-year non-callable\ndebentures priced at par, underwriters Goldman, Sachs and Co\nand Lazard Freres and Co said.\n Proceeds will be used for general corporate purposes.\n Reuter\n\u0003", "date": "19-MAR-1987 18:41:50.22", "places": [ "usa" ], "id": "7503" }, { "title": "BAYOU INTERNATIONAL BUYS STAKE IN SOLOMECS", "body": " said it\npurchased one-third of the outstanding stock of Solmecs Corp\nN.V., a Netherlands Antilles corporation, for 1,750,000 dlrs.\n Bayou said it will also receive two seats on Solmecs'\nboard.\n Bayou Ltd is 55.2 pct owned by Australia Wide Industries\nLtd.\n Solmecs develops technology relating to energy conversion.\n Reuter\n\u0003", "date": "19-MAR-1987 18:41:55.90", "topics": [ "acq" ], "places": [ "usa" ], "id": "7504" }, { "title": "MICROPRO INTERNATIONAL CORP 4TH QTR NET", "body": "Quarter ended Feb 28\n Shr four cts vs seven cts\n Net 500,000 vs 900,000\n Revs 9,200,000 vs 10,500,000\n Year\n Shr four cts vs 12 cts\n Net 600,000 vs 1,500,000\n Revs 17.6 mln vs 20.8 mln\n Reuter\n\u0003", "date": "19-MAR-1987 18:42:17.81", "topics": [ "earn" ], "places": [ "usa" ], "id": "7505" }, { "date": "19-MAR-1987 18:42:30.46", "places": [ "usa" ], "id": "7506" }, { "title": "TOFRUZEN TO REMAIN LISTED ON NASDAQ", "body": "Tofruzen Inc said it received\nan exception to the NASD's asset requirement, allowing its\nunits, common stock and warrants to remain listed on the NASDAQ\nsystem.\n Reuter\n\u0003", "date": "19-MAR-1987 18:42:54.52", "places": [ "usa" ], "id": "7507" }, { "title": "(EXPLOSIVE FABRICATORS INC) 1ST QTR JAN 31 NET", "body": "Net 41,724 vs 120,329\n Revs 1,194,556 vs 1,504,702\n Reuter\n\u0003", "date": "19-MAR-1987 18:42:57.25", "topics": [ "earn" ], "places": [ "usa" ], "id": "7508" }, { "title": "TRANS-CANADA RESOURCES GETS CREDITOR EXTENSION", "body": "\nsaid an Alberta court on March 6 granted it an extension to\nApril 6 from March 9 on Trans-Canada's filing of a plan of\narrangement with the court and extended to May 22 a stay of\nlegal proceedings against the company.\n The court also ruled that shareholders' and creditors's\nmeetings must occur by May 4, Trans-Canada said.\n Reuter\n\u0003", "date": "19-MAR-1987 18:43:39.59", "places": [ "canada" ], "id": "7509" }, { "title": "NEW CHIEF ELECTED FOR WORLD SUGAR ORGANISATION", "body": "Dominican Alfredo Ricart will take over\nas executive director of the International Sugar Organization\n(ISO) in mid-April, ISO officer in charge Constantin Politoff\nsaid.\n Previous ISO chief William Miller retired at end-February\nlast year.\n Ricart told Reuters his first aim is put the \"house in order\"\nby having a new administrative sugar pact with improved\nallocations of voting rights and financial contributions.\n Once this is done, time can be dedicated to working towards\na new International Sugar Agreement (ISA) with economic\nclauses, he said.\n Ricart, currently the Dominican Republic's ambassador to\nAustria, the Netherlands and the UN in Geneva, said he will\nvisit the four major exporters - Australia, Brazil, Cuba and\nthe European Community - to talk to governments and producers\nand find out about problems that are preventing these countries\nfinding common ground for a new sugar pact.\n Reuter\n\u0003", "date": "19-MAR-1987 18:48:42.67", "topics": [ "sugar" ], "organisations": [ "isa" ], "places": [ "uk" ], "id": "7510" }, { "title": "DELMED SELLS RIGHTS, PAYS CREDITORS", "body": "Delmed Inc said it sold sales\nand distribution rights of its peritoneal dialysis products to\nNational Medical Care Inc and entered a five-year agreement to\nsupply National Medical with dialysis solutions.\n Terms were not disclosed. Half of the proceeds from the\nsale went to its principal bank group and unsecured creditors\nwho had extended payment schedules, Delmed said.\n The remaining proceeds will be used for production\nexpansion at its Ogden, Utah plant, it said.\n Delmed said future payments from supply agreement were\npledged to its bank group as additional security. If Delmed is\nnot in default at the time of payment, the banks will release\nthe payment for Delmed to use for corporate purposes, it said.\n It also said that as soon as it is able to do so, Delmed\nplans to pay all interest due on its convertible subordinated\ndebentures due 2002 on which interest has not been paid since\nMay 15, 1985.\n Reuter\n\u0003", "date": "19-MAR-1987 18:50:02.20", "places": [ "usa" ], "id": "7511" }, { "title": "INTERNATIONAL SUGAR PACT TO BE RENEGOTIATED", "body": "The International Sugar Agreement (ISA)\nwill be renegotiated, International Sugar Organization (ISO)\nofficer in charge Constantin Politoff told Reuters after a\nspecial session of the pact's council.\n A decision on how to renegotiate will be taken at the ISO\nsix monthly session in May. The alternatives are between an\nautumn London conference for another pact without economic\nclauses, but a different voting and budgetary structure, or a\nGeneva-based conference next year for a new pact with economic\nclauses, he said.\n But delegates said the latter would only be considered if\nthe world's four major exporters -- Australia, Brazil, Cuba and\nthe European Community -- can resolve differences over how\nprices can best be supported and how to share the world\n Today's special session was called because the U.S. earlier\nindicated it would only be able to pay 56 pct of its share of\nthe ISO budget.\n At today's council session Politoff said the U.S. would try\nand find a way to pay the balance of about 50,000 stg later\nthis year. Currently, about three quarters of this year's ISO\n800,000 stg budget has not been paid but delegates said the\nU.S. caused controversy as it said it might not pay its full\ncontribution in the last year of the current pact.\n The Soviet Union has called for changes to the way the ISO\nbudget is shared out. Currently it is halved between importers\nand exporters and the Soviet Union has a 30 pct share of the\nimporter half. The Soviets want a new sugar pact to have only a\nsingle category of members who would all share the costs pro\nrata to their share of world sugar trade.\n The ISO executive committee next meets on April 23 with the\nnext full council session in the week of May 19.\n There are 12 importing and 44 exporting members of the ISO.\n Reuter\n\u0003", "date": "19-MAR-1987 18:54:03.82", "topics": [ "sugar" ], "organisations": [ "isa" ], "places": [ "uk" ], "id": "7512" }, { "title": "THE GAP INC NAMES PRESIDENT", "body": "The Gap Inc said it named\nMillard Drexler as its president.\n Drexler, 42, had been executive vice preisdent for\nmerchandising and president of the Gap Stores Division.\n Previously, Chairman and Chief Executive Officer Donald\nFisher also held the position of president as well.\n Drexler retains his position as president and chief\nexecutive officer of the Gap Stores Division.\n Reuter\n\u0003", "date": "19-MAR-1987 19:03:23.40", "places": [ "usa" ], "id": "7513" }, { "title": "LASER SEES IMPACT FROM SUIT ON EARNINGS", "body": "Laser Corp said that costs associated\nwith its defense of two shareholder lawsuits could result in a\nnet loss for 1987.\n Although Laser expects to post earnings from operations for\nthe year, a spokesman said they might be wiped out by legal\ncosts, depending on the length of litigation.\n In addition, the company said it will ask shareholders to\napprove proposals to merge the company into its main\nsubsidiary, reincorporate in Delaware and change the company's\nname.\n Reuter\n\u0003", "date": "19-MAR-1987 19:04:53.09", "topics": [ "earn" ], "places": [ "usa" ], "id": "7514" }, { "title": "E.C. OFFICIAL SAYS FATE OF VEG OIL TAX UNCERTAIN", "body": "Whether the European Community's\nCouncil of Ministers will approve a proposed tax on vegetable\noils that has sparked threats of U.S. retaliation is uncertain,\nan EC official said.\n \"It is very far from certain that it will go through,\" Sir\nRoy Denman, Head of the EC Delegation in Washington, told\nreporters before he addressed the Foreign Trade Association.\n Denman noted Britain remains opposed to the plan and West\nGermany has opposed it in the past.\n U.S. Trade Representative Clayton Yeutter has threatened\nretaliation if the tax is approved, as it would limit U.S.\nsoybean exports to the EC. Council action is expected soon.\n Denman said while the EC is willing to negotiate about\nagriculture in a new round of trade talks, it is unwilling to\nsingle out export subsidies on a negotiating agenda or put\nagricultural policy on a special fast track.\n \"The key to a solution in this area seems to me not in the\nframing of the GATT (General Agreement on Tariffs and Trade)\nwording...but in tackling government subsidies to farmers on\nboth sides of the Atlantic,\" he said.\n Reuter\n\u0003", "date": "19-MAR-1987 19:10:41.65", "topics": [ "veg-oil", "oilseed", "soybean" ], "organisations": [ "ec" ], "places": [ "usa" ], "id": "7515" }, { "title": "PENSION INSURANCE GROUP 4TH QTR", "body": "Shr profit two cts vs profit two cts\n Net profit 216,000 vs 265,000\n Revs 1.7 mln vs 1.4 mln\n Year\n Shr profit four cts vs loss two cts\n Net profit 528,000 vs loss 290,000\n Revs 5.9 mln vs 5.5 mln\n NOTE:1986 net includes realized investment gains of 3,000\ndlrs in year. 1985 4th qtr and year includes realized\ninvestment gains of 16,000 and 35,000 dlr respectively.\n Reuter\n\u0003", "date": "19-MAR-1987 19:11:55.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "7516" }, { "title": "TRANSAMERICA CORP QUARTERLY DIVIDEND", "body": "Qtly div 44 cts vs 44 cts\n Pay April 30\n Record April 4\n Reuter\n\u0003", "date": "19-MAR-1987 19:41:18.16", "topics": [ "earn" ], "places": [ "usa" ], "id": "7517" }, { "title": "SOUTHERN CALIFORNIA EDISON CO QTLY DIV", "body": "Qtly div 57 cts vs 57 cts\n Pay April 30\n Record April 3\n Reuter\n\u0003", "date": "19-MAR-1987 19:43:25.62", "topics": [ "earn" ], "places": [ "usa" ], "id": "7518" }, { "title": "COMPREHENSIVE CARE CORP QUARTERLY DIV", "body": "Qtly div nine cts vs nine cts\n Pay May 21\n Record May 1\n Reuter\n\u0003", "date": "19-MAR-1987 19:43:56.04", "topics": [ "earn" ], "places": [ "usa" ], "id": "7519" }, { "title": "GREAT WESTERN SAVINGS BANK QUARTERLY DIV", "body": "Qtly div 12 cts vs 12 cts\n Pay April 8\n Record April 1\n Reuter\n\u0003", "date": "19-MAR-1987 19:52:40.73", "topics": [ "earn" ], "places": [ "usa" ], "id": "7520" }, { "title": "SENATE WANTS JAPAN SEMICONDUCTER PACT ENFORCED", "body": "The U.S. Senate has unanimously\ncalled for President Reagan immediately to force Japan to live\nup to a pledge to stop dumping its microchips and open its\nmarkets to U.S. Chipmakers.\n The Senate voted 93 to 0 to urge Reagan to impose penalties\non Japanese high-technology products containing semiconductors\nin retaliation for what it sees as Japan's violations of the\nsemiconductor pact.\n While the measure does not bind Reagan to any action,\nSenate leaders said its adoption would warn Japan stiffer\nlegislation would be considered if the violations continue.\n \"We want to send a message to Japan to let it know how the\nSenate feels about this matter,\" Senate Democratic Leader Robert\nByrd told the Senate.\n Senate Finance Committee chairman Lloyd Bentsen told the\nSenate the measure was not aimed at retaliation but at\ncorrecting Japan's unfair trade practices.\n A key House trade lawmaker, Representative Richard Gephardt\nalso announced he would seek to force Japan and other countries\nwith huge trade surpluses to slash their surplus by 10 pct a\nyear for three years.\n REUTER\n\u0003", "date": "19-MAR-1987 19:58:25.64", "topics": [ "trade" ], "places": [ "usa", "japan" ], "id": "7521" }, { "title": "PRESIDENT REAGAN SAYS HE WILL VETO ANY TAX INCREASE VOTED BY CONGRESS\n", "date": "19-MAR-1987 20:03:57.96", "id": "7522" }, { "title": "PRESIDENT REAGAN URGES PASSAGE OF BALANCED BUDGET AMENDMENT\n", "date": "19-MAR-1987 20:04:49.61", "id": "7523" }, { "title": "PRESIDENT REAGAN VOWS TO VETO ANY TAX INCREASE", "body": "President Ronald Reagan said he\nwould veto any tax increases voted by Congress.\n \"My pledge to veto any tax rate increase remains rock solid,\"\nReagan said during a televised news conference.\n The president said he opposed efforts by some members of\nCongress to back away from deficit reduction targets set by the\nGramm-Rudman balanced budget law. He urged passage of a\nconstitutional amendment to balance the budget.\n \"It's time Congress cut the federal budget and left the\nfamily budget alone,\" Reagan said.\n He said the congressional budget process was in desperate\nneed of reform and urged passage of an amendment to the U.S.\nconstitution that would require a balanced federal budget.\n \"This yearly deficit feeding process must stop,\" he added. \"We\nmust act now to pass a constitutional amendment to balance the\nbudget.\"\n In the meantime, he said, Congress cannot back away from\nthe deficit reduction goals set by federal law he said.\n Reuter\n\u0003", "date": "19-MAR-1987 20:10:49.04", "places": [ "usa" ], "id": "7524" }, { "title": "REAGAN DENIES TOLD IRAN PROFITS WENT TO CONTRAS", "body": "President Reagan denied he had been\ntold that profits from sales of arms to Iran had been used to\naid the U.S.-backed \"contra\" rebels in Nicaragua.\n \"No, that is not true,\" he said before a televised news\nconference when asked about reports that he had been told about\nthe money diversion by his former National Security Adviser,\nJohn Poindexter.\n Reagan was giving his first formal White House press\nconference in four months since the Iran arms affair burst into\nscandal with the disclosure profits from weapons sales had been\ndiverted, possibly illegally, to the contras.\n He said the secret approach to Iran had resulted in the\nrelease of three American hostages held by pro-Iranian elements\nin Lebanon and that it might have freed more if the operation\nhad not been made public.\n Reagan told reporters -- as he had told a presidential\ncommission that investigated the scandal -- that he did not\nremember when he had approved an August, 1985, shipment of U.S.\narms to Iran through Israel.\n Reagan opened the news conference -- seen as vital in\nrebuilding his damaged presidency and restoring his authority\n-- with a statement on the yawning U.S. budget deficit.\n He again stated his opposition to tax increases and called\nfor a constitutional amendment to balance the budget.\n Asked if in hindsight he would again start a secret program\nto sell arms to Iran, Reagan said, \"No, I would not go down that\nsame road again.\"\n Tonight's news conference was widely seen as an opportunity\nfor Reagan, 76, to demonstrate he was in command of affairs\ndespite the crisis.\n Reagan said, referring to the Iran arms program, \"If I\nhadn't thought it was right in the beginning, I never would\nhave started it.\"\n He said he went into the deal because he was persuaded that\nhe was not dealing directly with the kidnappers.\n \"You cannot do business with them,\" he said.\n But \"suddenly you have a third party there (Iran) ... and it\nwas not trading with the kidnappers,\" he said.\n The news conference in the White House East Room lasted 32\nminutes -- two minutes more than normal -- most of which was\ndevoted to the Iran affair.\n At the last minute, a reporter asked whether Vice President\nGeorge Bush had opposed the arms sales as Secretary of State\nGeorge Shultz and Defense Secretary Caspar Weinberger had done.\n Reagan replied, \"No,\" smiled, waved and walked away from the\npodium toward the White House residence.\n Reuter\n\u0003", "date": "19-MAR-1987 20:13:30.97", "places": [ "usa", "iran", "nicaragua" ], "id": "7525" }, { "title": "PRESIDENT REAGAN SAYS U.S. STILL INVESTIGATING ACID RAIN PROBLEM\n", "date": "19-MAR-1987 20:17:35.62", "id": "7526" }, { "title": "REAGAN SAYS U.S. STILL PROBING ACID RAIN PROBLEM", "body": "President Reagan said the U.S.\ngovernment is still looking into the problem of acid rain.\n \"We're still investigating this,\" he told a nationally\ntelevised news conference.\n Reagan added that the government will now work with U.S.\nindustry to help address the problem.\n However, he declined to endorse the writing of federal\nstandards for emissions that would help alleviate the problem.\n The Reagan administration yesterday announced a 2.5 billion\ndlr, five-year program to deal with acid rain, a problem that\ntroubles U.S. relations with Canada.\n Reagan was asked by a reporter whether the government\nshould set emission standards.\n He responded that the deeper that officials went in\nexamining the acid rain problem, the more complex it appeared.\n He said the government did not want to rush into adopting a\nmeasure that might ultimately prove fruitless.\n Reuter\n\u0003", "date": "19-MAR-1987 20:23:10.65", "places": [ "usa", "canada" ], "id": "7527" }, { "title": "REAGAN SAYS U.S. MUST DO MORE TO LESSEN RELIANCE ON FOREIGN OIL\n", "date": "19-MAR-1987 20:32:46.78", "topics": [ "crude" ], "id": "7528" }, { "title": "REAGAN SAYS U.S. NEEDS TO LESSEN OIL IMPORTS", "body": "President Reagan said the United\nStates must do more to lessen its reliance on imported oil.\n President Reagan said during a nationally televised news\nconference that the rising U.S. reliance on foreign oil is a\nproblem that the administration is studying.\n \"We have to study this more,\" Reagan said. \"This is why we\nincreased the Strategic (Petroleum) Reserve, but we have to do\nmore,\" he said.\n Reagan said his administration has already proposed\nderegulating natural gas and eliminating the windfall profits\ntax on crude oil production.\n However, he complained that Congress had not yet approved\nthose measures.\n The Department of Energy earlier this week released a\nreport that warned of rising U.S. reliance on foreign oil\nimports at a time when domestic production is declining. It\nsuggested options for the administration to consider, but made\nno specific recommendations.\n Reuter\n\u0003", "date": "19-MAR-1987 20:37:34.68", "topics": [ "crude" ], "places": [ "usa" ], "id": "7529" }, { "title": "BELGRADE UNIONS ATTACK YUGOSLAV PAY FREEZE", "body": "Belgrade trade union leaders have\njoined attacks on a controversial wage freeze in Yugoslavia and\nreported strikes spreading to the capital.\n Miodrag Lazarevic, president of the Belgrade trade unions\ncouncil, said the government must take responsibility for the\neffects of the law imposing the wage freeze.\n Under the law, which was enacted on February 27 and will\nremain in force until July 1, wage levels of the last quarter\nof 1986 were reimposed and future pay rises were pegged to\nproductivity. The move has caused resentment and widespread\nindustrial unrest throughout the country.\n Another Belgrade trade union council leader, Predrag\nPetrovic, was quoted as saying hundreds of workers had been on\nstrike in Belgrade.\n Yugoslav trade unions are an integral part of the communist\npolitical system and their role has traditionally not been to\ndefend workers from the government. The criticisms by the\nBelgrade union leaders indicated wider trade union resentment\nof the law than earlier reported.\n The government has officially reported 70 strikes\nthroughout the country, although Yugoslav newspapers have\nindicated there have been more.\n REUTER\n\u0003", "date": "19-MAR-1987 21:36:32.84", "places": [ "yugoslavia" ], "id": "7530" }, { "title": "TAIWAN'S EXPORT ORDERS FALL IN FEBRUARY", "body": "Export orders for Taiwanese products\nfell 1.37 pct to 3.58 billion U.S. Dlrs in February from 3.63\nbillion in January, but rose nearly 43 pct from 2.51 billion a\nyear earlier, an Economic Ministry official said.\n He attributed the fall to the rising Taiwan dollar.\n February orders for electric and electronic goods were 619\nmln U.S. Dlrs, up from 574 mln in January and 370 mln in\nFebruary 1986. Garment orders were 324 mln dlrs against 383 mln\nand 283 mln while footwear orders were 297 mln compared with\n333 mln and 200 mln.\n REUTER\n\u0003", "date": "19-MAR-1987 21:57:04.60", "topics": [ "trade" ], "places": [ "taiwan" ], "id": "7531" }, { "title": "WEIZSAECKER CALLS FOR EASIER ARGENTINA DEBT TERMS", "body": "West German President Richard von\nWeizsaecker called on creditor banks to ease pressure on\nArgentina's foreign debt repayment terms.\n \"We cannot remain indifferent to the pressure of creditor\nbanks, since there is correlation between political stability\nand the economic situation,\" Weizsaecker told reporters.\n Argentina said last month it would suspend debt payments if\ncreditor banks did not loosen repayment terms and grant a new\n2.15 billion dlr loan.\n Argentina's debt is Latin America's third largest at 51\nbillion dlrs.\n Weizsaecker, on a four-day official visit to Argentina,\nsaid: \"Argentina's problems require joint action from creditor\nand debtors countries,\" and not prepared recipes from creditor\nbanks.\n A group of ecologists staged a demonstration to protest\nArgentina's plans to build a fourth nuclear power plant and a\nGerman company's role in the project as a contractor.\n Earlier, Weizsaecker said that the potential of Patagonia,\nthe barren tableland covering a third of Argentina, could\nassure the economic future of the country.\n REUTER\n\u0003", "date": "19-MAR-1987 22:07:29.56", "places": [ "argentina", "west-germany" ], "id": "7532" }, { "title": "BOLIVIAN MINERS CALL GENERAL STRIKE", "body": "About 9,000 miners employed by the\nstate corporation, Comibol, declared a general strike as from\nmidnight (0400 gmt) to press for higher salaries, a statement\nby the federation for Bolivian mine workers said.\n It said the strike was called to defend the nationalised\nmining industry. The miners were willing to negotiate with the\ngovernment of President Victor Paz Estenssoro, but only if it\nshowed an intention to meet the strikers' demands.\n The government said the strike was designed to cause it\nembarrassment during the four-day visit of West German\nPresident Richard Von Weizsaecker, which starts on Friday.\n The miners statement said police had violently evicted\nComibol office workers in the city of Oruro after they began a\nhunger strike yesterday.\n The government has sacked about 20,000 miners from its\ndeficit-ridden corporation since the collapse in the\ninternational price of tin. The lay-offs represent about\ntwo-thirds of the original workforce.\n REUTER\n\u0003", "date": "19-MAR-1987 22:20:52.17", "topics": [ "tin" ], "places": [ "bolivia" ], "id": "7533" }, { "title": "CHINESE PORT UNDERUSED DESPITE CONGESTION NEARBY", "body": "The Chinese port of Ningbo is\nworking well below capacity despite being only 130 miles from\nShanghai, which is seriously congested, a port official said.\n Jiang Feng Xiang said the port -- the deepest in China --\nhandled 17.95 mln tonnes of cargo last year, up from 10.44 mln\nin 1985, but well below its potential capacity of 32 mln\ntonnes. Shanghai handled 100 mln tonnes of cargo in 1986.\n Jiang said Ningbo is under-utilised because of its\ninadequate facilities, including a single track rail line\nlinking it to Hangzhou, where it joins the national network.\n Ningbo handles crude oil exports and transhipments of coal\nfrom north to south China and imports include fertiliser and\nsoda ash and iron ore from Brazil and Australia. The docks can\nhandle ships of up to 150,000 tonnes and oil tankers of up to\n200,000 tonnes can load and unload in the harbour.\n Most of Ningbo's port infrastructure has been built since\n1979, official publications show. A container berth and two\ntimber and three general cargo berths will be added during the\ncurrent 1986-90 five-year plan, Jiang said.\n \"The rail line to Hangzhou will be double tracked by 1995.\nBy 2000, maybe, we will overtake Shanghai,\" he added.\n REUTER\n\u0003", "date": "19-MAR-1987 22:25:09.31", "topics": [ "ship" ], "places": [ "china" ], "id": "7534" }, { "title": "U.S. SAY SOVIET UNION HAS EXCEEDED MISSILE PACT", "body": "President Reagan accused the Soviet\nUnion of exceeding a traditional restrictive reading of the\n1972 Anti-Ballistic Missile treaty, but said the U.S. Saw no\nreason yet to follow suit.\n \"We believe that the Soviet Union has been going even beyond\na liberal interpretation of the treaty,\" he said at a news\nconference.\n There has been speculation the U.S. Administration was\nmoving toward a looser reading of the treaty in order to permit\nthe development of the \"Star Wars\" anti-missile system, but\nReagan said no decision has yet been made.\n REUTER\n\u0003", "date": "19-MAR-1987 22:32:43.66", "places": [ "usa", "ussr" ], "id": "7535" }, { "title": "JAPAN ECONOMIC PACKAGE AFTER BUDGET - MIYAZAWA", "body": "Finance Minister Kiichi Miyazawa said\nJapan plans to announce a package of economic measures\nimmediately after the 1987/88 budget passes Parliament.\n The passage of the full budget is expected after May 20 as\nthe government has decided to compile a 50-day stop-gap budget\nfor the year starting April 1. An opposition boycott over a\nproposed sales tax has disrupted parliamentary business.\n Miyazawa told a press conference Prime Minister Yasuhiro\nNakasone is unlikely to take the package to Washington.\n Nakasone hopes to meet President Reagan in late April or\nearly May to prepare for the Venice economic summit in June.\n Asked if he planned to visit the U.S. To attend monetary\nconferences including International Monetary Fund meetings in\nearly April, Miyazawa said he will make a decision carefully on\nthe matter, taking into account parliament debate.\n The package is likely to include a record amount of public\nworks spending in the first 1987/88 half, Miyazawa said.\n Miyazawa said the provisional budget will total about 8,800\nbillion yen and incorporate a little more than 1,800 billion\nfor public works. Japan expects the stop-gap budget to help\nspur the economy, Miyazawa said.\n Miyazawa said the Government and the ruling Liberal\nDemocratic Party will seek the passage of the bills related to\nthe controversial sales tax without any revision.\n Japanese press reports had previously interpretated remarks\nby a top government official as indicating a revision of the\ntax but the official did not mean that, Miyazawa said.\n REUTER\n\u0003", "date": "19-MAR-1987 22:34:42.06", "places": [ "japan" ], "id": "7536" }, { "title": "VOLCKER SAYS U.S. TRADE DEFICIT IS MAJOR CHALLENGE", "body": "Federal Reserve Board\nChairman Paul Volcker said the U.S. Trade deficit is a\nchallenge for the U.S. Equal to the Soviet Union launching of\nSputnik.\n \"The international challenge implicit in our huge trade\ndeficit has become the 1980s equivalent to the launch of\nSputnik by the Russians in the 1950s, when we suddenly feared\nwe were to be left in the wake of Soviet technological\nachievement,\" he said in an address to Florida educators.\n He said the trade problem underscored the need to reform\nthe U.S. Educational system to improve economic performance.\n The Commerce Department reported last week that the\nnation's trade gap, calculated on a balance-of-payments basis,\nswelled to a record 38.37 billion dlrs in the fourth quarter,\nbringing the 1986 deficit to a record 147.71 billion dlrs.\n Volcker called on educators to stress the development of\nbasic reading, writing and mathematics skills and urged them to\nhelp students adapt to the fast-changing economic climate.\n Volcker said the challenge was greatest in the education of\nlow-income minority groups such as blacks and Hispanics.\n REUTER\n\u0003", "date": "19-MAR-1987 22:52:49.94", "topics": [ "trade", "bop" ], "places": [ "usa", "ussr" ], "id": "7537" }, { "title": "SHORT-TERM YEN INTEREST RATES SEEN FALLING SOON", "body": "Japanese short-term interest rates,\nbuoyed recently by seasonal factors, are likely to fall from\nthe beginning of April when the new financial year begins,\nmoney traders said.\n The Bank of Japan is expected to encourage the trend\nfollowing its attempts to pressure rates to enhance its\ndiscount rate cut on February 23, they said.\n The Bank cut the rate to 2.5 pct from three, and began\nactively injecting funds into the money market to offset rate\nrises resulting from the end-of-fiscal-year surge in demand for\nfunds from financial institutions.\n Despite its attempts to dampen rates with measures such as\naggressive commercial bill purchases, the central bank has\nfailed to remove all upward pressure, money traders said.\n Attractive interest rates offered by domestic banks to\ncompete for time deposits of more than 600 mln yen has\nunderpinned short-term rates, they said.\n Interest rates on time deposits of more than 600 mln yen\nwere decontrolled by the Finance Ministry last September.\n This resulted in such deposits with domestic banks rising\nto 17,830 billion yen by the end-December, a three-fold\nincrease on end-December 1985 levels, bankers said.\n On March 31, the money market expects to see a 2,000\nbillion yen surplus resulting from government payment of fiscal\nfunds, money traders said.\n From April 1, they predict the unconditional call rate will\nfall to 3.5000 pct from 3.7500 pct today and the one-month\ncommercial bill discount rate to drop to 3.7500 pct from 4.0635\npct.\n They predict the three-month bill discount rate to slip to\n3.875 pct from 4.0000 today and the three-month certificate of\ndeposit rate to slide to 4.10/4.15 from 4.35/25.\n REUTER\n\u0003", "date": "19-MAR-1987 23:01:34.66", "topics": [ "money-fx", "interest" ], "id": "7538" }, { "title": "KRUNG THAI BANK TO TAKE OVER SAYAM BANK", "body": "The state-owned Krung Thai Bank Ltd\nwill start taking over state-owned Sayam Bank Ltd and complete\nthe process in a year, Finance Minister Suthee Singhasaneh told\na press conference.\n He said the takeover decision was made this week to stem\nthe current heavy losses of Sayam and to avoid competition\nbetween the two state-owned institutions.\n The minister said some of the existing 30 Sayam Bank\nbranches will be merged with their Krung Thai counterparts,\nwhile others will continue operating but under Krung Thai's\nname.\n Sayam Bank has existed since August 1984 when the Finance\nMinistry took over and re-named the Asia Trust Bank Ltd.\n Sayam president Waree Havanonda told reporters last month\nher bank posted a loss of more than 400 mln baht in 1986. At\nthe end of 1985 the bank, with 13.8 billion baht of assets, was\nranked 12th among Thailand's 16 local commercial banks.\n Waree said Sayam Bank was trying to recall about six to\nseven billion baht of loans extended by its previous private\nmanagement and was taking legal action to collect another four\nto five billion baht of doubtful debts.\n Krung Thai is Thailand's third largest bank.\n REUTER\n\u0003", "date": "20-MAR-1987 00:19:39.80", "topics": [ "acq" ], "places": [ "thailand" ], "id": "7539" }, { "title": "JAPAN TURNS AWAY FAKE SOUTH KOREAN FOOTWEAR", "body": "Japanese customs, faced with a flood of\nfake Reebok sneakers from South Korea, have turned away some\n100,000 pairs since last summer, Rebook officials said.\n A Ministry of Finance spokesman said officials at the ports\nof Tokyo, Osaka, Yokohama and Kobe had begun barring\ncounterfeit footwear but declined to say how many pairs.\n A spokesman for Reebok Japan, the local subsidiary of\nReebok International of Avon, Massachussetts, said the\nfirm had complained of the influx to the Ministry last July.\n \"They use our trademark and everything. And it's easy to\nfake our trademark,\" the Reebok spokesman said.\n He said customs had sent back some 100,000 pairs to South\nKorea, but the Finance Ministry declined to confirm this.\n \"Because of various reasons, we cannot say how many pairs\nhave been turned away,\" the ministry spokesman said.\n The Reebok spokesman said an unspecified number of fake\nReeboks have made it into the country, and were being sold at\ncut-rate prices in Tokyo and Osaka stores.\n \"They go for about 20 to 30 pct less than the price of\ngenuine Reeboks,\" the spokesman said. A pair of real Reeboks\nsells for about 10,000 yen in Japan.\n The government last summer warned stores not to carry the\nshoes and Reebok has sued two for continuing to sell them, he\nsaid. No action has been taken against the South Korean\nmanufacturers, he said.\n Reebok has also found counterfeits from Taiwan and the\nPhilippines aimed at the U.S. Market and fakes from Spain\ntargetted at European markets, he said.\n REUTER\n\u0003", "date": "20-MAR-1987 01:01:53.34", "places": [ "japan", "south-korea", "usa", "spain" ], "id": "7540" }, { "title": "KOMATSU LTD YEAR 1986", "body": "Group shr 17.68 yen vs 26.49\n Net 14.70 billion vs 21.92 billion\n Pretax 35.76 billion vs 48.85 billion\n Operating 32.88 billion vs 51.90 billion\n Sales 788.73 billion vs 796.24 billion\n NOTE - Company forecast for current year is group net\n15.50 billion on sales of 800 billion.\n REUTER\n\u0003", "date": "20-MAR-1987 01:12:42.27", "topics": [ "earn" ], "places": [ "japan" ], "id": "7541" }, { "title": "AUSTRALIAN TREASURY NOTE TENDER 500 MLN DLRS", "body": "The Reserve Bank said it would offer 400\nmln dlrs of 13-week treasury notes and 100 mln of 26-week notes\nfor tender next week\n The bank said it would not take up any stock at next week's\nauction.\n REUTER\n\u0003", "date": "20-MAR-1987 01:33:53.77", "places": [ "australia" ], "id": "7542" }, { "title": "S. KOREAN FEBRUARY CURRENT ACCOUNT SURPLUS NARROWS", "body": "South Korea's current account surplus\nnarrowed to 419 mln dlrs in February from 679 mln in January\ncompared with a deficit of 112 mln dlrs in February last year,\nprovisional Bank of Korea figures show.\n The current account in the two months of January and\nFebruary swung to a surplus of 1.1 billion dlrs from a deficit\nof 494 mln dlrs in the same 1986 period.\n The February trade surplus narrowed to 235 mln dlrs from\n582 mln in January compared with a deficit of 98 mln dlrs a\nyear ago.\n The overall balance of payments surplus rose to 840 mln\ndlrs in February from 716 mln in January and 76 mln in February\n1986.\n Exports were 2.86 billion dlrs in February against 2.83\nbillion in January and 2.23 billion in February last year.\nImports were 2.63 billion against 2.25 billion and 2.32\nbillion.\n The February invisible trade surplus rose to 109 mln dlrs\nfrom 24 mln in January and compared with a deficit of 74 mln a\nyear ago.\n The transfer payments surplus widened to 75 mln dlrs in\nFebruary from 73 mln in January and 60 mln a year ago.\n The long-term capital account surplus was 198 mln dlrs in\nFebruary against 211 mln in January and 55 mln in February last\nyear. The short-term capital account surplus was 87 mln dlrs\nagainst 46 mln and 158 mln.\n The errors and omissions account left a surplus of 840 mln\ndlrs in February against deficits of 220 mln in January and 25\nmln in February 1986.\n REUTER\n\u0003", "date": "20-MAR-1987 01:35:50.02", "topics": [ "bop", "trade" ], "places": [ "south-korea" ], "id": "7543" }, { "title": "KIRIN BREWERY CO LTD YEAR TO JANUARY 31", "body": "Parent shr 37.12 yen vs 34.97\n Div 9.50 yen vs 7.50\n Net 33.34 billion vs 31.05 billion\n Current 79.30 billion vs 73.32 billion\n Operating 72.13 billion vs 65.53 billion\n Sales 1,222 billion vs 1,211 billion\n Outstanding shrs 897.96 mln vs 887.76 mln\n NOTE - 1986/87 dividend included two yen bonus dividend to\nmark 80th anniversary. Company forecast for current year is\nparent shr 37.86 yen, div 7.50 yen, net 34 billion, current 81\nbillion and sales 1,250 billion.\n REUTER\n\u0003", "date": "20-MAR-1987 01:46:45.60", "topics": [ "earn" ], "places": [ "japan" ], "id": "7544" }, { "title": "ECONOMIC SPOTLIGHT - ASIAN DROUGHTS", "body": "Three geographically diverse droughts\nin Asia are being linked by some scientists to a\nreintensification of the complex and little-understood El Nino\nweather pattern, , a commercial weather\nforecasting service, said.\n Rice and wheat farmers in China, wheat and sugarcane\ngrowers in Australia and tea planters in Sri Lanka all face\nserious losses to their respective harvests unless rains arrive\nin time to break the droughts, offical reports, government\nofficials and meteorologists said.\n Wen Wei Po, a Hong Kong daily with close Peking links, said\nthe drought is the worst in over 20 years and some provinces\nhave been without adequate rainfall for more than seven months.\n Rice planting is threatened in eight provinces, it added.\n Rainfall in the key farming provinces of Henan and Sichuan\nwas 70 pct below average during February, the lowest figure for\nover 20 years, the paper said.\n The dry weather has cut stored water volumes by over 20 pct\ncompared with last March and lowered the water levels of many\nrivers, it added.\n This has resulted in reduced hydro-electric power, causing\nshortages to industry and households. The upper reaches of the\nYangtze are at their lowest levels in a century, causing many\nships to run aground, Wen Wei Po said.\n Unusually high temperatures have also been reported across\nChina, media reports said. The People's Daily said Sichuan has\nrecorded temperatures three degrees Celsius higher than average\nsince early February.\n The New China News Agency said the average December\ntemperature in Harbin in the northeast was six degrees higher\nthan last December and 14 degrees higher than December 1984.\n Severe drought is affecting about one-third of Sri Lanka\nand threatens to reduce the country's tea crop, Ministry of\nPlantation Industries officials told Reuters\n In Australia, concern is growing about below-average\nrainfall levels in parts of the sugarcane belt along the\nQueensland coast and in Western Australia's wheat belt, local\nMeteorological Bureau officials said.\n For many farmers and government officials the fear is that\nwhile the present low rainfall does not yet pose a major\nthreat, the prospect of a dry autumn/winter season when the\nwheat crop is in its early stages certainly does, they added.\n Concern is heightened by the memory of the 1982/83 drought\nwhich devastated the wheat crop and coincided with the\noccurrence of the barely understood weather phenomenon known as\nEl Nino, they said.\n Although meteorologists are cautious about linking the\nAsia-Pacific region's disrupted weather patterns to any single\ncause, El Nino's role is being closely studied, they said.\n Accu-Weather Inc, which specialises in providing data for\nagriculture and shipping interests, said each El Nino 'event'\nwas unique.\n The El Nino does not always produce the same effects and\nthe present occurrence is much less pronounced than the last\nmajor event in 1982/83, it said.\n El Nino, Spanish for \"Christ Child\" because it appears around\nChristmas, is formed by the action of warm air, bearing clouds\nand rain, shifting from the Indonesian archipelago to the coast\nof Peru, where it mingles with the cold waters associated with\nthe Peru current and returns across the Pacific as the trade\nwinds, meteorologists said.\n The winds, strengthened by El Nino's \"pump\" effect, raise the\nsea level off Australia and Indonesia, they said.\n When the winds drop, the ocean, seeking equilibrium, sends\na surge of warmer water back across the Pacific where it\ncollides with the cold seas off Peru, they said.\n One effect of this heat exchange is to deflect the\nrain-bearing clouds away from Australia and Indonesia into the\nPacific, where they further disrupt other weather patterns.\n The prospects for an end to the droughts vary, Accu-Weather\nsaid.\n China, where the affected areas have received between 40\nand 75 pct of normal rainfall, will have to wait for the\nMay-September rains, it said.\n The May-September rains normally provide the\ndrought-striken areas with 80 pct of annual rainfall.\n In Australia, areas of Queensland's coastal strip have\nreceived less than half the normal rainfall during the current\nwet season, but prospects for increased rains are diminishing\nas the rainy season draws to an end.\n In Sri Lanka, the drought has come when rainfall should be\nat its maximum for the year. The year's secondary rains usually\noccur between April and June, although it is not possible at\nthis stage to forecast whether they will arrive as usual.\n REUTER\n\u0003", "date": "20-MAR-1987 02:00:36.51", "topics": [ "grain", "rice", "wheat", "tea", "sugar" ], "places": [ "hong-kong", "australia", "sri-lanka", "china", "indonesia", "peru" ], "id": "7545" }, { "title": "MORGAN GUARANTY OFFERS AUSTRALIAN DOLLAR ISSUES", "body": " said\nit is expanding its 200 mln U.S. Dlr Euro-commercial paper\nprogram to include Australian dollar issues.\n The proportion of the facility to be issued in Australian\ndollar paper will depend on investor demand, but the total\noutstanding value will still not exceed 200 mln U.S. Dlrs.\n Morgan Guaranty Ltd's Hong Kong office will act as dealer\nfor the Australian dollar issues.\n Under the program, notes in denominations of one mln dlrs\nwill be issued, with maturities ranging from seven days to one\nyear.\n REUTER\n\u0003", "date": "20-MAR-1987 02:13:49.55", "places": [ "hong-kong" ], "id": "7546" }, { "title": "VOLCKER SAYS BRAZIL DEBT MOVE WILL NOT HURT BANKS", "body": "Federal Reserve Board\nChairman Paul Volcker said the suspension by Brazil of its\nforeign debt payments would not undermine U.S. Banks.\n But he told Reuters after a speech to educators that it was\nin the interest of U.S. Banks to complete debt financing plans\nsoon with Brazil and other debtor nations.\n \"I don't think it's going to undermine public confidence in\nthe banking system from Brazil alone,\" he said. \"But I would like\nto see further progress made on this whole situation.\"\n Brazil announced last month it was temporarily suspending\ninterest payments on 68 billion dlrs of debt owed to private\nbanks, opening a new round in the five-year-old debt crisis.\n Last week, Ecuador suspended interest payments to private\nforeign banks, which hold about two-thirds of its total 8.3\nbillion dlr foreign debt, citing severe damage to its oil\nindustry caused by an earthquake.\n Citicorp the largest U.S. Bank, said last week that\nit might have to reclassify most of its 4.6 billion dlrs in\nBrazilian loans as non-performing, thus removing them as part\nof the bank's expected income-producing assets.\n Analysts said such a move would sharply reduce Citicorp's\nprofits and might result in similar measures by Brazil's other\nbank creditors.\n Volcker said he believed Brazil and Ecuador want to\nmaintain continuity in their debt service.\n \"It's fundamentally in their best interest. If they can get\nthe financing and refinancing that's necessary, they may be\nable to make their economies grow again.\"\n Asked whether he expected other nations to follow the path\ntaken by Brazil and Ecuador, he said the two countries were\nspecial cases. He did not elaborate.\n REUTER\n\u0003", "date": "20-MAR-1987 02:17:06.19", "places": [ "brazil", "ecuador", "usa" ], "id": "7547" }, { "title": "RAINBOW AND EQUITICORP PLACE ULTRAMAR STAKE", "body": "New Zealand investment companies\n and have placed\nthe majority of their joint shareholding in oil and gas\nconglomerate Ultramar PLC at prices up to 2.20 stg per\nshare, the companies said in a statement.\n The companies said they had bought their 4.9 pct stake in\nUltramar for a total of 50 mln N.Z. Dlrs through a joint\nventure company formed for that purpose in October.\n They said the joint venture made a profit of 15 mln N.Z.\nDlrs on the deal, but they did say how many shares they had\nsold. No further details of the sale were available.\n REUTER\n\u0003", "date": "20-MAR-1987 02:34:59.45", "topics": [ "acq" ], "places": [ "new-zealand" ], "id": "7548" }, { "title": "CHINA OMITS KEY REFORM FROM PARLIAMENTARY AGENDA", "body": "Hardliners have blocked debate on a key\neconomic reform in China's parliament, a clear challenge to\nreformers among the leadership, western diplomats said.\n The annual session of the National People's Congress next\nweek was to have discussed a draft law which would bolster the\nindependence of factory chiefs while eroding the power of local\nCommunist Party officials.\n The decision not to include the draft law was announced by\nthe congress's standing committee, the People's Daily said. The\ncommittee's chairman is Peng Zhen, considered one of the more\nconservative figures in the Chinese leadership.\n The \"factory director responsibility system\" covered by the\ndraft law has already been experimentally introduced in state\nfirms over the last three years, giving managers greater\nfreedom from the control of factory party committees.\n Diplomats said the agenda decision appeared to contradict\nassurances by top leader Deng Xiaoping that reforms were not\nthreatened by the current campaign against \"bourgeois\nliberalisation,\" or western political ideas.\n Earlier this week Deng raised expectations for the session\nby saying plans to reform China's political structure would be\nunveiled in 1987, diplomats said.\n REUTER\n\u0003", "date": "20-MAR-1987 02:43:03.96", "places": [ "china" ], "id": "7549" }, { "title": "REBEL AMBUSH KILLS 18 SOLDIERS IN PHILIPPINES", "body": "Communist rebels killed 18 soldiers on\nMindanao island in the southern Philippines, the army said.\n Military officials said about 70 soldiers on foot patrol\nwere attacked by guerrillas on the border area around Misamis\nOccidental and Davao del Sur provinces.\n The state-run Philippine News Agency said at least 18\nrebels died in the clash, but the military officials could not\nconfirm the report.\n On Tuesday, 19 soldiers were killed in Quezon province in\nthe northern island of Luzon after land mines blew up an\narmoured vehicle and a troop-carrying truck.\n REUTER\n\u0003", "date": "20-MAR-1987 02:59:52.99", "places": [ "philippines" ], "id": "7550" }, { "title": "WORLD BANK TEAMS STUDYING PHILIPPINE LOAN REQUESTS", "body": "Two World Bank review teams are in the\nPhilippines to assess government requests for funding for an\nexpanded housing plan and an accelerated land reform program,\nbank officials said.\n They told Reuters the housing program loan request is for\n100 mln to 150 mln dlrs.\n The government has said it will ask for another 500 mln dlr\nlong-term loan from a World Bank-led consultative group of\nmultilateral and bilateral aid donors to partially fund its\nland reform program.\n The officials said negotiations will start next month on\nanother 150 mln dlr loan sought by Manila to carry out reforms\nin 14 major state-owned corporations.\n On Tuesday, the world bank approved two loans totalling 310\nmln dlrs to help the country's economic recovery program.\n The bank was also studying Philippine proposals for loans\nto finance geothermal and education projects, sources said.\n World Bank sources said the bank's lending to the\nPhilippines since 1957, including the latest loan, totalled 4.3\nbillion dlrs. The money has been spread out over more than 100\nloans and about 1.2 billion dlrs remains undisbursed.\n The World Bank sources said the bank cancelled 450 mln dlrs\nin loan commitments to the Philippines during the last three\nyears of President Ferdinand Marcos's rule. Marcos was toppled\nby a military-civilian revolt in February 1986.\n \"The loans were cancelled because the projects slated for\naid were not implemented properly,\" they said.\n The sources said the bulk of this week's loan would be used\nto rehabilitate the state-owned Development Bank of the\nPhilippines (DBP) and the Philippine National Bank (PNB) which\nare saddled with seven billion dlrs of non-performing assets.\n \"At least 300 mln dlrs of previously cancelled loans were\nsupposed to go to the DBP,\" the World Bank sources said. \"Over\nthe past three years the bank's disbursement pipeline to the\nPhilippines almost completely dried up.\"\n In 1986 alone, the two banks paid out 16 billion pesos in\nloan repayments, about 59 pct of the government's budget\ndeficit of 27 billion pesos for the year, they said.\n Agreement on the latest loan was reached in principle last\nSeptember when President Corazon Aquino visited the U.S. The\nsources said the loan was held up because of delays by the\ngovernment in submitting essential documents.\n The World Bank sources said the request for land reform\nfunding would be discussed at a meeting of the World Bank-led\nconsultative group to be held alongside the April 27-29 annual\nmeeting of the Asian Development Bank (ADB) in Osaka.\n The government has said the land reform plan aims to\ndistribute 9.7 mln hectares of land to impoverished peasants.\n The sources said the Philippine government estimated the\nentire program would cost 60 billion pesos. \"About 27 billion is\nlong-term and will cover land transfer costs borne mainly by\nlandowners,\" they said. \"The landowners will be paid in 10-year\nbonds redeemable in ten instalments.\"\n The sources said the bulk of financing would cover\ndevelopment costs for the land program and help to bridge the\ngap between the 10-year spread of payments to landowners and a\nproposed 30-year loan repayment period for land buyers.\n \"If you include interest, the total amount of external\nassistance needed annually should not exceed 200 mln dlrs,\" the\nsources said. \"That volume of aid does not appear difficult.\"\n They said Japan, the World Bank and the ADB are expected to\nprovide most of the financing while the Philippines' 12\nbilateral aid donors would contribute the rest.\n The World Bank sources said lending to the Philippines is\ndesigned to support its balance of payments position while the\ngovernment aims for a target of six to seven pct annual gross\nnational product growth.\n \"Brazil did not do this homework,\" one said. \"They pushed\nahead with a recovery program without ensuring backing for\ntheir balance of payments position. Manila is being more\ncautious and aims at soft borrowings which, it is hoped, will\nbe outstripped by annual growth rates and eventually result in\nthe country emerging from debt in five or six years.\"\n Philippine foreign debt is currently 27.8 billion dlrs.\n REUTER\n\u0003", "date": "20-MAR-1987 03:33:00.00", "organisations": [ "worldbank" ], "places": [ "philippines" ], "id": "7551" }, { "title": "PHILIPPINE COPPER SMELTER FACES SHIPMENT DELAYS", "body": "Copper shipments are likely to be\ndelayed because of power problems at (PASAR), the country's only\nsmelter, a company official said.\n Asked to confirm reports by New York copper trade sources\nabout PASAR's shipment problems, marketing manager Deogracias\nMadrid told Reuters, \"They are partly correct. There could be a\nprobable delay.\"\n Madrid declined to give more details, or production and\nexport figures, saying the information could lead to\nspeculation.\n PASAR's smelter is in the central province of Leyte.\n The New York trade sources said if PASAR's shipments were\ndelayed, customers might have to turn to the London Metal\nExchange for supply.\n \"We have a commitment to our customers and I would not like\nto comment on that,\" Madrid said.\n A spokeswoman for the Chamber of Mines said Philippine\ncopper production amounted to 222,644 tonnes in 1986, down\nslightly from 226,157 tonnes in 1985. She said production in\nthe first two months of 1987 totalled 34,550 tonnes, compared\nwith 36,462 tonnes in the same 1986 period.\n REUTER\n\u0003", "date": "20-MAR-1987 03:47:05.89", "topics": [ "copper" ], "places": [ "philippines", "usa" ], "id": "7552" }, { "title": "SCHLESWIG-HOLSTEIN ISSUES 400 MLN MARK BOND", "body": "The West German federal state of\nSchleswig-Holstein is issuing a 400 mln mark domestic bond,\ncarrying a coupon of six pct and priced at 100.40, lead manager\nLandesbank Schleswig-Holstein - Girozentrale said.\n The eight-year offer yields 5.94 pct to retail investors at\nissue and will go on sale on March 25.\n Some 300 mln will be offered for immediate sale, and 100\nmln will be retained for market regulation.\n The bond matures on April 20, 1995. Listing will be on all\neight West German stock exchanges.\n REUTER\n\u0003", "date": "20-MAR-1987 03:52:45.79", "places": [ "west-germany" ], "id": "7553" }, { "title": " German M3 rose 2.6 billion marks in February to 1,035.1 billion - Bundesbank\n", "date": "20-MAR-1987 03:58:31.09", "topics": [ "money-supply" ], "id": "7554" }, { "title": "GERMAN M3 RISES 2.6 BILLION MARKS IN FEBRUARY", "body": "West German M3 money supply rose a\nseasonally adjusted 2.6 billion marks in February to 1,035.1\nbillion, the Bundesbank said.\n The rise compares with a revised 14.8 billion mark increase\nin January and a 2.2 billion rise in February 1986.\n REUTER\n\u0003", "date": "20-MAR-1987 04:01:44.83", "topics": [ "money-supply" ], "places": [ "west-germany" ], "id": "7555" }, { "title": "SAS SAYS PLANS TO BUY 12 MCDONNEL DOUGLAS MD-11s IN DOUBT- OFFICIAL\n", "date": "20-MAR-1987 04:21:30.90", "id": "7556" }, { "title": "NON-COMMUNIST STEEL OUTPUT CONTINUES TO FALL", "body": "Steel output in the major\nnon-Communist producing countries fell sharply in February,\ncontinuing a long-running trend, International Iron and Steel\nInstitute figures showed.\n Production in the 30 countries which report their figures\nto it was 6.9 pct below the February 1986 level at 32.03 mln\ntonnes.\n Output in the United States fell 18.5 pct to 5.30 mln\ntonnes, that in Japan 7.8 pct to 7.27 mln and that in the\nEuropean Community 6.5 pct to 9.91 mln.\n The figures continue to indicate a switch away from these\ntraditional major producing countries to the more advanced\ndeveloping countries.\n Brazilian February output rose 9.2 pct from year-earlier\nlevels to 1.73 mln tonnes and that in South Korea was up 7.5\npct at 1.17 mln tonnes.\n The 30 countries covered by the figures account for about\n97 pct of world non-Communist steel production, the Institute\nsaid.\n REUTER\n\u0003", "date": "20-MAR-1987 04:22:47.58", "topics": [ "iron-steel" ], "organisations": [ "ec" ], "places": [ "belgium", "usa", "japan", "brazil", "south-korea" ], "id": "7557" }, { "title": "GUINNESS STARTS COURT ACTION AGAINST SAUNDERS", "body": "Guinness Plc said it has\nstarted court proceedings against former chairman and chief\nexecutive Ernest Saunders and non-executive director Thomas\nWard for recovery of 5.2 mln stg.\n The money was paid to Ward via Marketing and Acquisition\nConsultants Ltd in Jersey.\n Guinness said earlier it would propose a resolution at the\nannual meeting in May to remove Saunders and Ward as directors\nof the company. Earlier this month, lawyers for Ward told a\nJersey court that Ward saw the payment as his reward for\nservices in last year's takeover battle for .\n Guinness has said that both men breached their fiduciary\nduty in authorising the payment.\n Saunders resigned from his executive positions at Guinness\nin January in the aftermath of a government enquiry into share\ndealings during the battle for Distillers but retained his\nposition on the board.\n No spokesman for Guinness was immediately available for\ncomment on the statement.\n REUTER\n\u0003", "date": "20-MAR-1987 04:23:14.09", "topics": [ "acq" ], "places": [ "uk" ], "id": "7558" }, { "title": "NEW DUTCH ADVANCES TOTAL FOUR BILLION GUILDERS", "body": "The Dutch Central Bank said it has\naccepted bids totalling 4.00 billion guilders at tender this\nmorning for new five-day special advances at 5.3 pct for the\nperiod March 20 to 25.\n Subscriptions to 250 mln guilders were fully met, amounts\nabove 250 mln at 30 pct.\n The new facility replaces old 11-day advances totalling 6.5\nbillion guilders at the same rate.\n REUTER\n\u0003", "date": "20-MAR-1987 04:31:19.75", "topics": [ "money-fx", "interest" ], "places": [ "netherlands" ], "id": "7559" }, { "title": "SAS POSTPONES PLANS TO BUY 12 MD-11S", "body": "SAS \nsaid it was postponing a decision on a 10-billion crown order\nfor 12 McDonnell Douglas MD-11 airliners following what\nit said was an aggressive counter-bid from Airbus Industrie.\n SAS signed a letter of intent for the MD-11s last December,\nbut a company statement said the decision on whether to harden\nthis up into a firm order would be linked to the outcome of\nnegotiations with the United States on deregulating air fares\nacross the North Atlantic.\n The SAS move, said by analysts to be a big blow to\nMcDonnell Douglas, came following a Copenhagen board meeting of\nthe airline in which the governments of Sweden, Denmark and\nNorway jointly own a 50 pct stake. The remainder is held by\nindustry.\n A company statement said SAS would wait to see the outcome\nof the government-to-government negotiations with the United\nStates, in which the three Scandinavian countries have demanded\ngreater access to the U.S. Domestic market for SAS in exchange\nfor deregulating prices across the North Atlantic.\n At present SAS is allowed to fly to New York, Chicago, Los\nAngeles, Seattle and Anchorage.\n SAS gave no details of the Airbus Industrie counter-offer\nfor its long-range A340, but said it will study the bid\nfurther.\n Swissair yesterday confirmed an order for the MD-11 long\nhaul jets worth 1.2 billion Swiss francs and said it had\npreferred the McDonnell Douglas planes over the A340, a project\nthat has not yet been formally launched, as it met the\nairline's requirements better and would be able to enter\nservice in 1990.\n SAS President Jan Carlzon announced the MD-11 order last\nDecember, saying the plane would replace the airline's current\nfleet of DC10s. The first of the MD-11s was to be delivered in\n1991 for use mainly on its intercontinental routes.\n In January, SAS officials said Airbus had made a revised\noffer that included larger, more powerful engines and two\nversions of the four-engine plane. One would seat 220\npassengers and another 260 against the MD-11's 265-seat\ncapacity.\n The offer was part of a drive to secure at least five\nairline customers for the new aircraft to enable Airbus\nIndustrie to launch production. Airbus is expected to decide\nwhether to go ahead with the project next month.\n SAS officials earlier said they did not expect the first\nA340 to be delivered before 1992. McDonnell Douglas had given\nSAS until March 31 to agree to final terms for the MD-11 deal.\n REUTER\n\u0003", "date": "20-MAR-1987 04:41:47.89", "places": [ "sweden", "denmark", "norway", "usa" ], "id": "7560" }, { "title": "FINLAND CONSIDERS ABOLISHING PRICE CONTROLS", "body": "An official proposal that Finland\nscrap price controls and replace them with a system aimed at\npromoting competition is expected to go to parliament later\nthis year, officials said.\n The proposal handed to the government yesterday calls for\nparliament to be empowered to order three-month price freezes\nin place of the controls.\n It proposes that a new board be set up to ensure large\nfirms do not abuse their market positions and that monopolies\ndo not expand beyond their approved sectors.\n REUTER\n\u0003", "date": "20-MAR-1987 04:56:20.68", "places": [ "finland" ], "id": "7561" }, { "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 of around 950 mln stg in the money\nmarket today.\n Among the main factors affecting liquidity, bills maturing\nin official hands and the take-up of treasury bills will drain\naround 572 mln stg while a rise in note circulation wil take\nout some 280 mlns stg.\n In addition, exchequer transactions and bankers' balances\nbelow target will remove some 85 mln stg and 15 mln stg for the\nsystem respectively.\n REUTER\n\u0003", "date": "20-MAR-1987 05:01:12.37", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "7562" }, { "title": "MCCARTHY AND STONE GETS 100 MLN STG FACILITY", "body": "McCarthy and Stone Plc, a public U.K.\nCompany which owns and operates retirement homes, has signed a\n100 mln stg multi-option facility, National Westminster Bank\nPlc said as arranger.\n The facility incorporate a 70 mln stg committed element\nfrom a group of international banks.\n The facility will provide the group with working capital to\nmeet its planned expansion in the U.K. Over the next three\nyears.\n REUTER\n\u0003", "date": "20-MAR-1987 05:02:53.15", "places": [ "usa" ], "id": "7563" }, { "title": "Abbey National said it cutting U.K. Mortgage rate by 1.125 pct to 11.25 pct\n", "date": "20-MAR-1987 05:04:35.11", "topics": [ "interest" ], "id": "7564" }, { "title": "INDIA DETAILS RAIN/FLOOD DAMAGE TO GRAIN IN 1986", "body": "Rain and floods in India last year\ndamaged about 69,000 tonnes of grain intended for human\nconsumption during storage and transportation, food and civil\nsupplies minister H. K. L. Bhagat told Parliament.\n He did not give comparative figures and said the\ngovernment-owned Food Corporation of India (FCI) had not yet\ndecided whether these grains could be used as cattle feed.\n Bhagat said the FCI had a total of 16.43 mln tonnes of food\ngrains in its warehouses at the end of 1986. It had asked state\ngovernments to build more warehouses to avoid damage to grains.\n REUTER\n\u0003", "date": "20-MAR-1987 05:05:42.79", "topics": [ "grain", "meal-feed" ], "places": [ "india" ], "id": "7565" }, { "title": "TROPICAL FOREST DEATH COULD SPARK NEW DEBT CRISIS", "body": "The death of the world's tropical rain\nforests could trigger a new debt crisis and social and\nbiological disasters, scientists and ecologists involved with\nthe International Tropical Timber Organisation (ITTO) said.\n At stake is the ability of developing nations, including\nBrazil, Mexico and the Philippines, to service their debts and\nthe loss of trade worth hundreds of billions of dollars in\nimportant sectors such as agriculture and pharmaceuticals, they\nsaid.\n The experts, gathering ahead of an ITTO meeting of\nconsumers and producers near Tokyo next week, said the problem\nis already acute.\n The Philippines offers a textbook case of the economic\ndangers. \"For many third world nations, the loss of the forest\nis not just a loss of resources,\" said Delfin Ganapin, a\nPhilippine government consultant on environmental impact.\n \"In the 1960s we had 16 mln hectares of commercial forest,\nnow we have one mln. We have only around 10 years of profitable\nlogging left. With a 26 billion dlr debt, the loss of logging\nforeign exchange earnings is serious,\" he said.\n About 14 mln Philippine people depend on upland areas that\nare now denuded and farmers cannot grow crops.\n Government security advisers say that as a direct result,\nthe most likely source of revolution in the Philippines is in\nthe upland areas, said Ganapin.\n Replanting is uneconomic and replanted tropical hardwoods\nhave less than a 50 pct chance of survival. There is no known\nway to reproduce the wood, or the millions of species within.\n \"No replanting programme has been successful,\" said Almy\nHafild from the Indonesian Network for Forest Conservation.\n Ganapin said three billion dlrs would be needed in the next\ntwo years alone to save five mln hectares of critically denuded\nland in the Philippines.\n The experts say that without a major initiative from the\ndevelopment banks, the vicious circle will continue with\ncountries cutting more forest to help service short-term debts\nat the cost of long-term insolvency.\n Yet timber, a five billion dlr a year industry, is not\nnecessarily the most direct economic product of the forests,\nand nations must be educated in how best to \"farm\" them, said\nPeter Kramer, World Wildlife Fund (WWF) conservation director.\n There is a four billion dlr annual global trade in the end\nproducts of rattan, and Brazil nuts earn Brazil 16 mln dlrs a\nyear, he said.\n U.S. Pharmacologist Norman Farnsworth has calculated that\n25 pct of all U.S. Prescriptions owe their active ingredients\nto higher plants growing in the forests.\n Deforestation would wipe out the chance of further\ndiscoveries and force major corporations to research, develop\nand produce man-made substitutes, at a cost which scientists\nsay is incalculable.\n By the year 2000, only 10 developing nations will still be\nexporting timber, from 33 currently, and their export earnings\nwill drop from a 1980 peak of 6.8 billion dlrs to less than two\nbillion, a World Bank and U.N. Sponsored survey said.\n Of the 20.3 billion dlrs advanced by the World Bank,\nInter-American, African and Asian Development Banks in 1980-84,\nonly 100 mln dlrs went to forestry projects, it said.\n WWF statistics show half of the world's tropical forests\nhave vanished since the 1940s. Of 2,000 mln hectares remaining,\nup to 16 mln are destroyed each year by destructive logging\npractises and by local farmers.\n REUTER\n\u0003", "date": "20-MAR-1987 05:06:47.24", "topics": [ "lumber" ], "organisations": [ "worldbank", "adb-asia", "adb-africa" ], "places": [ "japan", "brazil", "mexico", "philippines", "indonesia", "usa" ], "id": "7566" }, { "title": "JAPAN PLANS MORE DECONTROL ON LARGE BANK DEPOSITS", "body": "The Finance Ministry plans to further\nease restrictions on large-denomination bank deposits this year\nand is studying several deregulation plans, a ministry official\nsaid, without elaborating.\n Banking sources told Reuters the ministry plans to lower\nthe minimum denomination of money market certificates (MMCs) to\n10 mln yen from 20 mln, the amount slated to be applied from\nApril 6. The amount is currently 30 mln yen.\n The ministry is also considering shortening the minimum\nperiod of free-interest large-lot time deposits to one month\nfrom the current three months, the sources said.\n The Ministry plans to expand the issue period of\ncertificates of deposits (CDs) to one week to two years from\nthe current one month to one year, the sources said.\n They said banks fear the ministry's plans may induce a\nshift of funds from bank to other financial instruments.\n One official of a major bank said the planned moves were\nunexpected as deregulation on large deposits was previously\nexpected to have ended with the measures to start in April.\n On April 6, the Ministry is scheduled to lower the minimum\ntime deposit amount to 100 mln yen from the current 300 mln and\ncut the maximum MMC deposit period to two years from one.\n REUTER\n\u0003", "date": "20-MAR-1987 05:08:04.76", "places": [ "japan" ], "id": "7567" }, { "title": "BANK OF FINLAND WILL ANNOUNCE NEW MEASURES", "body": "The Bank of Finland called a news\nconference at 1200 GMT to announce new measures for the\n\"development of the system of monetary control.\"\n A spokesman for the Bank declined to give further details.\n Banking sources said they expected the bank to announce it\nwill actively take part in the interbank market and buy and\nsell certificates of deposit.\n The state treasury issues government paper with a maturity\nof up to one year. The central bank has so far not issued its\nown paper, the sources said.\n REUTER\n\u0003", "date": "20-MAR-1987 05:14:57.37", "topics": [ "money-fx" ], "places": [ "finland" ], "id": "7568" }, { "title": "JAPAN SLIGHTLY REDUCES SUGAR CONSUMPTION ESTIMATE", "body": "The Agriculture Ministry said it revised\nits April-June sugar consumption estimate down to 623,300\ntonnes on a refined basis, from 637,800 estimated at the end of\nDecember.\n It said the estimate for domestically produced sugar supply\nfor the same period was revised to 190,400 tonnes from the\nearlier estimate of 195,100 tonnes, while imports were revised\nto 402,000 tonnes from the earlier 435,800 tonnes.\n It did not revise its sugar consumption estimate of 2.53\nmln tonnes for the 1986/87 sugar year ending September 30.\n The ministry said the estimate for the 1986/87 year's\nsupply of domestically produced sugar was revised to 881,000\ntonnes, from the earlier estimate of 863,000.\n The estimate for 1986/87 imports was revised to 1.642 mln\ntonnes, from an earlier 1.645 mln tonnes.\n REUTER\n\u0003", "date": "20-MAR-1987 05:17:02.47", "topics": [ "sugar" ], "places": [ "japan" ], "id": "7569" }, { "title": "GERMAN VEBA PLACEMENT SAID LIKELY EARLY NEXT WEEK", "body": "The placement of the German federal\ngovernment's 25.6 pct stake in utility Veba AG would\nprobably take place early next week, banking sources said.\n Share dealers said speculation had arisen in the early\npre-bourse market that the Veba announcement could come as\nearly as today. But one banking source, though confirming that\nmost of the details had been worked out, said the chances of an\nannouncement today were about nil. He had no price details.\n The 10 mln shares on offer are expected to bring a cash\ncall in Germany for well over two billion marks. The share was\naround 253 marks today after a 6.50 drop to 252 yesterday.\n REUTER\n\u0003", "date": "20-MAR-1987 05:24:14.68", "topics": [ "acq" ], "places": [ "west-germany" ], "id": "7570" }, { "title": "U.K. MONEY MARKET GIVEN 728 MLN STG EARLY HELP", "body": "The Bank of England said it had provided\nthe money market with 728 mln stg assistance in response to an\nearly round of bill offers from the discount houses.\n Earlier, the Bank had estimated the shortage in the system\ntoday at 950 mln stg.\n The central bank purchased 625 mln stg of bills for resale\nto the market on April 7 at rates of interest between 9-15/16\npct and 10 pct.\n It also bought 103 mln stg bank bills outright comprising\n65 mln stg in band one at 9-7/8 pct and 38 mln stg in band two\nat 9-13/16 pct.\n REUTER\n\u0003", "date": "20-MAR-1987 05:24:53.48", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "7571" }, { "title": "FRENCH FARMERS WORRIED OVER FUTURE OF CAP", "body": "The French farmers' union, FNSEA, hopes\nFrance will resist European Community (EC) pressures over farm\nprices and notably those of the European Commission at coming\nministerial negotiations in Brussels, FNSEA Secretary-General\nLuc Guyau said.\n He told a press conference the union was concerned about\nthe future of the EC Common Agricultural Policy.\n France must define its position well before negotiating and\nnot just adopt a short term policy, he said.\n The FNSEA, with around 700,000 members, holds its annual\ncongress next week, when over 500 delegates will debate the\ntheme of \"facing up to the future.\n \"The period of change we are going through obliges us to\nface up to new challenges,\" Guyau said, referring specifically\nto the demographic changes in French agriculture.\n \"Forty-five per cent of our farmers are over 55 years old\nthis year,\" he said.\n REUTER\n\u0003", "date": "20-MAR-1987 05:30:33.46", "organisations": [ "ec" ], "places": [ "france" ], "id": "7572" }, { "title": "ANZ BANK PLANS 100 MLN AUS DLR EURO-CP PROGRAM", "body": "Australia and New Zealand Banking\nGroup Ltd is planning a 100 mln Australian dlr\nEuro-commercial paper program, arranger ANZ Securities Asia Ltd\nsaid.\n Under the program, notes in denominations of 100,000 dlrs\nwill be issued with maturities ranging from seven to 365 days.\n The four dealers for the program are ANZ Securities Asia,\nBarclays Bank Plc, BT Asia Ltd and Morgan Guaranty Ltd.\n ANZ Securities said the program is aimed at investors in\nAsia, where there is strong potential for a big market in\nshort-term Australian dlr paper.\n REUTER\n\u0003", "date": "20-MAR-1987 05:51:18.54", "places": [ "hong-kong" ], "id": "7573" }, { "title": " Feb daily ave unwrought aluminium output 33,900 tonnes, up 400 tonnes, IPAI.\n", "date": "20-MAR-1987 06:04:43.11", "topics": [ "alum" ], "id": "7574" }, { "title": "MOODY'S ASSIGNS EUROBOND RATINGS", "body": "Moody's Investors Service said it\nassigned the following ratings to new eurobonds.\n AAA ratings were assigned to:\n Eastman Kodak Co's 135 mln U.S. Dlrs of 7-1/8 pct euronotes\ndue 1987.\n Morgan Guaranty Trust Co of New York's 100 mln Canadian\ndlrs of 8-1/2 pct receipts for Government of Canada bonds due\n1994.\n Oesterreichische Kontrollbank AG's 100 mln Canadian dlrs of\nnine pct guaranteed eurobonds due 1997.\n Swedish Export Credit's 220 mln Australian dlrs of 9-1/2\npct dual currency eurobonds due 1992.\n Moody's said it also assigned AAA ratings to:\n European Coal and Steel Community's 100 mln stg 9-3/8 pct\neurobonds due 1992.\n Nordic Investment Bank's 300 mln Danish crown 11-1/4 pct\neurobonds due 1994.\n The World Bank's one billion Luxembourg francs of seven pct\neurobonds due 1997.\n Credit Foncier's 150 mln European Currency Units (ECUs) of\n7-5/8 pct eurobonds due 1994.\n Moody's said it also assigned ratings to euroyen bonds,\nwith AAA ratings assigned to the following:\n Societe Generale's 19 billion yen zero coupon notes due\n1992.\n Export Development Corp's 15 billion yen of 4-1/2 pct\neuroyen bonds due 1992.\n Exportfinans' 15 billion yen of five pct eurobonds due\n1992.\n Toronto Dominion Bank's 20 billion yen of 4-5/8 pct euroyen\nbonds due 1992.\n A AA1 rating was assigned to DNC International Finance AS'\n10 billion yen of five pct guaranteed eurobonds due 1994.\n Moody's said it assigned a AA2 rating to Toyota Motor\nCredit Co's 23 billion yen of 4-1/2 pct euroyen bonds due 1992.\n Nissan Motor Co Ltd's 35 billion yen of 5-1/8 pct euroyen\nbonds due 1992 gained an A2 rating.\n Ford Motor Credit Co's 200 mln marks of 5-3/4 pct eurobonds\ndue 1992 were assigned an A1 rating.\n REUTER\n\u0003", "date": "20-MAR-1987 06:08:32.74", "places": [ "uk" ], "id": "7575" }, { "title": "STANDARD BANK UNABLE TO MAKE EARNINGS FORECAST", "body": "Standard Bank Investment Corp Ltd\n(SPRJ.J) chairman Henri de Villiers said he could not predict\nprofits for the bank this year because of South Africa's\ncontinuing political unrest.\n De Villiers also warned in the annual report that \"failing\nprompt and decisive political action, South Africa faces a\nfuture of violent deadlock between different racial and\npolitical groupings.\" \n He said South Africa's future economic prospects are\n\"clouded by political and social issues and in the absence of\nevidence that these are being positively addressed I am unable\nto offer an earnings forecast for 1987.\"\n Standard Bank, 39 pct owned by Standard Chartered PLC\n , London, previously reported that 1986 net income\nrose by 13.8 pct to 209.0 mln rand.\n The bank said its bad debt losses should begin to decline\nthis year \"although it may take some time before they return to\naccepted industry norms.\"\n The annual report showed that the bank's charge for bad and\ndoubtful debts rose in 1986 to 187.6 mln rand from 162.1 mln\nrand in the prior year.\n The bank said net income of its Standard Bank of South\nAfrica subsidiary declined 8.2 pct in 1986 to 112.3 mln rand in\na difficult banking environment caused mainly by low credit\ndemand.\n REUTER\n\u0003", "date": "20-MAR-1987 06:09:40.78", "topics": [ "earn" ], "places": [ "south-africa" ], "id": "7576" }, { "title": "NON-COMMUNIST FEBRUARY ALUMINIUM OUTPUT UP, IPAI", "body": "Non-Communist daily average unwrought\naluminium production in February was 33,900 tonnes, up 400\ntonnes from a downwardly revised 33,500 tonnes in January and\ncompared with 32,900 tonnes in February 1986, provisional\nfigures from the International Primary Aluminium Institute\n(IPAI) show.\n Total production in February (28 days) was 949,000 tonnes\ncompared with a downwardly revised 1.038 mln in January (31\ndays) and 920,000 in February 1986.\n The regional breakdown of unwrought aluminium production\nwas as follows (in thousands of tonnes) the IPAI said.\n Feb'87 Jan'87 Feb'86\n Africa 45 50 41\n North America 354 389 353\n Latin America 115 121 98\n East Asia 7 9 16\n South Asia 72 79 72\n Europe 268 293 256\n Oceania 88 97 84\n REUTER\n\u0003", "date": "20-MAR-1987 06:09:54.68", "topics": [ "alum" ], "places": [ "uk" ], "id": "7577" }, { "title": "PHILIPS IN MARKETING PACT WITH U.S. FIRM", "body": "NV Philips\nGloeilampenfabrieken said it planned to pool\nworld-wide sales and marketing of electronic test and measuring\nequipment with U.S. Firm .\n It said from this autumn Fluke will sell, service and\ndistribute Philips test and measuring products in North America\nand selected markets including China, Hong Kong and Japan.\nPhilips will cover mainly European markets for Fluke.\n The Dutch company said it will buy a minority equity stake\nin Fluke and name a board member. Its equity holding will not\nexceed 10 pct, Philips said.\n The companies will also explore possible new joint ventures\nto develop new product lines, Philips said.\n It estimated the world-wide market for test and measuring\nequipment at six billion dlrs in 1986.\n Fluke had 1986 sales of 209 mln dlrs last year and Philips'\nturnover on test and measuring gear was of comparable size.\n A Philips spokesman said the world leaders in the field\nwere Hewlett-Packard Co and Tekronix Inc , with\nthe combined operations of Philips and Fluke third.\n REUTER\n\u0003", "date": "20-MAR-1987 06:23:56.12", "places": [ "netherlands", "usa", "china", "hong-kong", "japan" ], "id": "7578" }, { "title": "EC APPROVES 25,000 TONNES OF BARLEY EXPORTS", "body": "The European Community authorised the\nexport of 25,000 tonnes of barley yesterday, bringing the\ncumulative total at weekly tenders since the series started\nlast June to 3.33 mln tonnes, close to the 3.37 mln under\nlicence in the same year ago period, traders said.\n All bids for wheat were rejected. However, the total to\ndate of 5.06 mln tonnes is still substantially more than the\n3.03 mln under licence a year ago. The 80,000 tonnes of French\nmaize granted for export moved the total to 135,000 tonnes\nsince the tender opened in February this year. There were no\nfacilities for maize in the previous weekly grain export\nseries.\n REUTER\n\u0003", "date": "20-MAR-1987 06:25:28.77", "topics": [ "grain", "barley" ], "organisations": [ "ec" ], "places": [ "uk" ], "id": "7579" }, { "title": "U.K. FEB RETAIL PRICES UP 0.4 PCT, BASE REVISED, YEAR-ON-YEAR RISE 3.9 PCT - OFFICIAL\n", "date": "20-MAR-1987 06:31:45.90", "topics": [ "cpi" ], "places": [ "uk" ], "id": "7580" }, { "title": "UK AVERAGE GDP RISES PRELIMINARY 2.6 PCT IN 1986, UP 0.7 PCT IN 4TH QTR - OFFICIAL\n", "date": "20-MAR-1987 06:32:23.53", "topics": [ "gnp" ], "id": "7581" }, { "title": "NO BRAZIL SOLUTION WITHOUT IMF, GERMAN BANKER SAYS", "body": "A solution to Brazil's debt problems\nis unthinkable without the involvement of the International\nMonetary Fund, Juergen Sarrazin, management board member of\nDresdner Bank AG responsible for Latin America said.\n Sarrazin told the business daily Handelsblatt that Brazil's\ninterest payments moratorium had cost it the goodwill of many\nbanks.\n \"Now there will certainly be no solutions without the IMF,\"\nhe said. \"Alternatives which could be imagined before, such as\nbringing the IMF in with us in a loose form, are over,\" he said.\n Sarrazin, who through Dresdner represents German banks in\nseveral rescheduling coordinating committees, noted that Brazil\nwas still prepared to negotiate.\n But he said work in the coordinating committees had already\nrun into difficulties before Brazil's interest moratorium.\n Justified calls by debtors for more flexibility from the\nbanks were blocked because U.S. Regulations made solutions such\nas capitalising of interest virtually impossible, he said.\n Although many European banks were opposed to the use of\ninterest capitalisation, \"this was an alternative which has to\nbe brought in,\" Sarrazin said.\n REUTER\n\u0003", "date": "20-MAR-1987 06:41:28.62", "organisations": [ "imf" ], "places": [ "west-germany", "brazil" ], "id": "7582" }, { "title": "U.K. AVERAGE GDP RISES 2.6 PCT IN 1986", "body": "Britain's gross domestic product (GDP)\non the average basis of output, expenditure and income rose by\n2.6 pct in 1986 after a 3.4 pct increase a year earlier,\nCentral Statistical Office (CSO) preliminary figures show.\n In the fourth quarter, GDP rose 0.7 pct over the previous\nquarter and was up 3.3 pct on the same 1985 quarter.\n The average estimate index, seasonally-adjusted and based\n1980, was set at 114.3 in the fourth quarter of 1986 against\n113.5 in the previous quarter and 110.7 in the final quarter of\n1985.\n The CSO said the average GDP estimate index for 1986 as a\nwhole was 113.1, up 2.6 pct from 110.2 for 1985.\n On the output measure, GDP rose an upward revised\nseasonally adjusted 0.3 pct in the fourth quarter of 1986 to\n114.9 on the output index from 114.5 in the previous quarter,\ngiving a 3.2 pct rise over the fourth 1985 quarter, the CSO\nfigures show.\n On income-based GDP, the index in the fourth quarter rose\nby 0.7 pct from the third quarter and was up 3.8 pct on the\nyear-ago quarter.\n The indices stood at 115.3, 114.4 and 111.0 respectively.\n Expenditure-based GDP rose 1.2 pct in the fourth quarter of\n1986 from the third quarter and was up 2.9 pct from the same\n1985 quarter.\n The CSO set the expenditure index at 112.9 from 111.6 in\nthe third quarter of 1986 and 109.8 in the final 1985 quarter.\n The year-on-year rise for expenditure GDP was 2.3 pct with\nthe expenditure index for the whole of 1986 set at 111.9\nagainst 109.4 a year earlier.\n For income GDP, the year-on-year rise was 2.6 pct against\nagainst three pct a year earlier. The ouptut GDP measure rose\n2.8 pct year-on-year, down from 3.8 pct in 1985.\n The government usually considers the output measure the\nmost reliable way of measuring short-term GDP changes.\n It is based on output data for production industry and\npartial information for the rest of the economy.\n The government had forecast that average measure GDP would\nrise 2.5 pct in calendar 1986 after 3.3 pct in 1985. The budget\nunveiled on Tuesday foresaw GDP growth in 1987 of three pct.\n The GDP deflator, based on expenditure at market prices,\nrose 1.2 pct in the fourth quarter from the third, to give a\n2.4 pct rise over fourth quarter 1985. Year-on-year, the\ndeflator rose 3.7 pct.\n REUTER\n\u0003", "date": "20-MAR-1987 06:44:33.12", "topics": [ "gnp" ], "places": [ "uk" ], "id": "7583" }, { "title": "U.K. RETAIL PRICES RISE 0.4 PCT IN FEBRUARY", "body": "The Retail Price Index (RPI), Britain's\nmeasure of inflation, rose 0.4 pct in February on a revised\nbasis, to give a year-on-year rise of 3.9 pct, the Employment\nDepartment said.\n In January, the index rose 0.4 pct for a 3.9 pct\nyear-on-year rise on both the previous base and the new index.\n The February RPI was set at 100.4, base January 1987. In\nFebruary 1986, the RPI rose 0.4 pct, giving a 5.1 pct\nyear-on-year increase on the old basis.\n The inflation data compares with market forecasts for a\nrise of 0.4 - 0.5 pct in February and a yearly rise of about\nfour pct, economists said.\n The Employment Department said the rise in the index\nbetween January and February was mainly the result of higher\nprices for petrol, fresh vegetables, cars and car maintenance.\n REUTER\n\u0003", "date": "20-MAR-1987 06:49:53.74", "topics": [ "cpi" ], "places": [ "uk" ], "id": "7584" }, { "title": "DANISH WHOLESALE PRICES FALL 0.5 PCT IN FEBRUARY", "body": "Denmark's wholesale price index fell\n0.5 pct in February, giving a year-on-year fall of 4.9 pct, the\nNational Statistics Office said.\n The index, base 1980, stood at 135 in February, a fall of\none point compared to January, against 142 in February 1986.\n REUTER\n\u0003", "date": "20-MAR-1987 06:54:25.23", "topics": [ "wpi" ], "places": [ "denmark" ], "id": "7585" }, { "title": "SWISS FINANCE MINISTRY CALLS TWO SEASONED BONDS", "body": "The Swiss Finance Ministry said it was\ncalling two bond issues of a total 550 mln Swiss francs as part\nof its effort to retire outstanding high-interest debt.\n The calls, to be made effective June 30 and September 30,\naffected respectively the 7-1/4 pct bond of 1975 for 250 mln\nfrancs and the 6-1/2 pct bond of the same year for 300 mln.\n A spokesman said the ministry had not yet decided whether\nto convert the issues into new bonds, but it had outlined plans\nfor two new bonds, each of 250 mln francs. The strong state of\ngovernment finances might permit it not to issue one or both of\nthem, he said.\n REUTER\n\u0003", "date": "20-MAR-1987 06:55:23.98", "places": [ "switzerland" ], "id": "7586" }, { "title": "BANK OF SPAIN SUSPENDS ASSISTANCE, DRAINS FUNDS", "body": "The Bank of Spain suspended its daily\nmoney market assistance and offered to drain funds with three-\nand seven-day repurchase agreements at 12-1/2 pct, money market\nsources said.\n The sources said the measures were a further attempt to\nrein in money supply and were likely to force some institutions\nto scramble for funds before the 10-day accounting period for\nreserve requirements closes on Monday.\n The bank, which raised its rate for ordinary overnight\nassistance to 13-3/4 from 13-1/2 pct on Wednesday, opened its\nspecial borrowing facility for overnight funds at 14-1/2 pct.\n Money market sources said institutions in need of funds\nwere likely to have to return to the bank tomorrow for further\nassistance.\n The bank rarely invites applications for ordinary\nassistance on a Saturday and the sources said it was more\nlikely to open its special borrowing facility again.\n REUTER\n\u0003", "date": "20-MAR-1987 06:56:44.80", "topics": [ "money-fx", "interest", "money-supply" ], "id": "7587" }, { "title": "U.K. BUILDING SOCIETY RECEIPTSRISE IN FEBRUARY", "body": "U.K building society net receipts in\nFebruary were 472 mln stg, slightly up on January's 456 mln but\nwell below the 793 mln stg of February 1986, the Building\nSocieties' Association (BSA) said.\n BSA Secretary-General Mark Boleat noted that net receipts\nwere below 500 mln stg for the third month out of the last\nfour.\n \"This was obviously a disappointing performance, especially\nin view of the rapid growth of mortgage commitments, to over\n2.5 billion stg,\" he said.\n The BSA said receipts were depressed by the British Airways\nflotation, despite the later return of oversubscribed funds.\n Total building society receipts in February were 6.4\nbillion stg against withdrawals of 5.9 billion.\n Mortgage lending to home buyers during the month fell\nslightly to 2.16 billion stg from 2.18 billion stg in January,\nthe BSA said. Mortgage lending has fallen steadily since last\nJuly's peak of 3.9 billion stg.\n Net new mortgage commitments however rose to 2.5 billion\nstg from January's 1.9 billion, bringing the total commitments\noutstanding to 6.9 billion after January's 6.6 billion stg.\n Wholesale funding rose to 292 mln stg after January's 29\nmln, but was still below each of the last six 1986 months.\n REUTER\n\u0003", "date": "20-MAR-1987 07:00:00.40", "places": [ "uk" ], "id": "7588" }, { "title": "BRAZIL SEEN AS VANGUARD FOR CHANGING DEBT STRATEGY", "body": "Brazil's hard-line debt stance, though\nmeeting creditor resistance, is boosting political initiatives\nin Latin America aimed at broadening the global strategy,\nregional debt officials and economic analysts say.\n \"Now more than ever it is clear that Latin America cannot\npay, under present conditions, without sacrificing growth,\"\nPeruvian President Alan Garcia said, referring to Brazil.\n And, as debtors and creditors prepare for their annual\nmeeting at the Inter-American Development Bank in Miami next\nweek, the region's debt crisis is clearly coming to a head.\n Around 200 billion dlrs in commercial bank debt have been\nrescheduled since 1983, with interest rate margins now below\none pct, multi-year accords a norm and no financial crash in\nsight, but a lasting solution seems no nearer.\n Virtually all Latin American leaders backed Brazil's\nsuspension of interest payments on 68 billion dlrs of private\nbank debt last month, though prospects of a chain default are\nstill remote.\n Mexico, Colombia, Argentina and others rejected such action\nand Mexican finance minister Gustavo Petricioli merely said,\n\"Brazil is having problems we are sure will be temporary.\"\n But Brazil's action has had an impact on other debt\nnegotiations, speeding agreement for Chile and Venezuela last\nmonth and influencing current talks with Argentina.\n Pressure for new solutions has built up on several fronts,\nwith the Philippines joining Brazil in seeking interest relief\nand Ecuador announcing force majeure on debt payments following\na serious earthquake.\n Private banks are being increasingly urged to renew lending\nand accept innovative repayment schemes, not only by debtors\nbut also by official agencies which have stepped up their own\ncredit flows as part of the U.S.-inspired plan.\n One Latin American debt official said he saw the Brazil and\nEcuadorean announcements as spurring moves by other debtors to\nlink debt service payments to macroeconomic indicators such as\nexport earnings, GDP or raw materials prices.\n Despite this, debtor countries continue to accept the\ncase-by-case approach, and Cuba's call for a joint negotiating\nfront is not being promoted by Brazil or even defended by Peru,\nthe region's flag-bearer in unilateral payment decisions.\n \"Each nation must negotiate its debt independently,\naccording to its own needs,\" Brazilian foreign minister Ramiro\nde Abreu Sodre said in Caracas at the weekend.\n Venezuela's rapid agreement with its creditors, soon after\nBrazil's move, had been seen by the political opposition as a\nbetrayal of debtor solidarity, but de Abreu praised the\nVenezuelan negotiators for achieving a favourable deal.\n Argentina, Bolivia, Costa Rica and others are also pursuing\nnormal negotiations with creditor banks, while at the same time\npressing hard for better terms, particularly lower interest\nrate spreads. Latin American officials say that while the debt\nshould be negotiated case-by-case, their governments are\npromoting a general framework for talks based on growth and\ndevelopment priorities, lower interest payments and new\nfinancing.\n \"The Brazilian and Ecuadorean experience shows orthodox\nsolutions to debt cases don't work,\" said a senior Peruvian\ngovernment official responsible for debt affairs.\n He saw a growing likelihood that other countries would\nfollow Peru's action in setting a 10 pct debt payment limit in\nthe face of trade and other factors beyond debtors' control\nsuch as minimal bank lending.\n These factors have contributed to a 130 billion dlr net\noutflow from Latin America in the last five years, and\nBrazilian Finance Minister Dilson Funaro says Brazil alone paid\nback 45 billion dlrs in this time and received just 11 billion\nin loans.\n Latin American debtors feel they have complied with their\nside of the bargain, slashing public spending, devaluing\ncurrencies, cutting inflation, privatizing state enterprises\nand introducing debt equity schemes.\n Brazil, as the region's biggest debtor and its most\ndiversified economy, has now apparently adopted the principle\nthat a tough position with its creditors will avoid a more\nserious crisis later on.\n \"We are negotiating so that the debt question should not be\none of continuous crisis,\" Funaro told a conference in Rio de\nJaneiro this week.\nbillion dlr debt burden this year are slim, with coffee prices\nplunging, oil prices up but still well below 1985 levels and\ninterest rates beginning to rise.\n Mexico expects one to two pct growth instead of the two to\nthree pct projected earlier, and inflation near 80 pct after\n105 pct last year.\n Brazilian officials expect growth of only two pct after\neight pct last year and a 30 pct drop in the projected trade\nsurplus, while independent estimates put inflation at 200 pct.\n Political and economic analysts in Brazil believe the\npayment suspension will give new impetus to tackling the\nregional crisis though they expect protracted negotiations, a\nview echoed by senior international bank officials.\n Some banks, including Citibank, Morgan Guaranty and Bank of\nAmerica are already preparing to downgrade their Brazil loans.\n Brazil's refusal to accept an IMF program, a condition set\nby many banks for new lending, meanwhile reflects the view of\nmost Latin American governments that equate the Fund with\nrecession. But Brazil and Venezuela are the only countries in\nthe region to have rescheduled debt without an IMF program.\n REUTER\n\u0003", "date": "20-MAR-1987 07:07:44.60", "organisations": [ "imf" ], "places": [ "brazil", "venezuela", "peru", "mexico", "colombia", "argentina", "costa-rica", "bolivia", "ecuador" ], "id": "7589" }, { "title": "CANADA CONSUMER PRICE INDEX ROSE 0.4 PCT IN FEBRUARY, STATISTICS CANADA SAID\n", "date": "20-MAR-1987 07:10:01.09", "topics": [ "cpi" ], "id": "7590" }, { "title": "CANADA FEBRUARY CONSUMER PRICES UP 0.4 PCT", "body": "The Canadian consumer price index rose\n0.4 pct in February, to 135.8, base 1981, compared with a 0.2\npct rise in January and a 0.4 pct rise in February last year,\nStatistics Canada said.\n The February year-one year rise was 4.0 pct compared with a\n3.9 pct rise in January.R\n Reuter\n\u0003", "date": "20-MAR-1987 07:11:16.64", "topics": [ "cpi" ], "places": [ "canada" ], "id": "7591" }, { "title": "BOLIVIAN MINERS CALL GENERAL STRIKE", "body": "About 9,000 miners employed by the\nstate corporation, Comibol, declared a general strike as from\nmidnight (0400 gmt) to press for higher salaries, a statement\nby the federation for Bolivian mine workers said.\n It said the strike was called to defend the nationalised\nmining industry. The miners were willing to negotiate with the\ngovernment of President Victor Paz Estenssoro, but only if it\nshowed an intention to meet the strikers' demands.\n The government said the strike was designed to cause it\nembarrassment during the four-day visit of West German\nPresident Richard Von Weizsaecker, which starts on Friday.\n The miners statement said police had violently evicted\nComibol office workers in the city of Oruro after they began a\nhunger strike yesterday.\n The government has sacked about 20,000 miners from its\ndeficit-ridden corporation since the collapse in the\ninternational price of tin. The lay-offs represent about\ntwo-thirds of the original workforce.\n REUTER\n\u0003", "date": "20-MAR-1987 07:13:51.41", "topics": [ "tin" ], "places": [ "bolivia" ], "id": "7592" }, { "title": "KLM EXPANDS TALKS WITH BRITISH AND COMMONWEALTH", "body": "KLM Royal Dutch Airways said\nit agreed to take full control of a partially owned Dutch-based\nparcel delivery service and will offer a minority stake in it\nto British and Commonwealth Shipping Plc \n KLM, seeking to strengthen its market position in the fast\ngrowing door-to-door delivery market, said it agreed with Dutch\nretailer Vendex International to take over Vendex's\n50-pct in their jointly-owned courier, .\n Ownership of XP will now be brought into the talks started\nby KLM last week with British and Commonwealth for a one-third\nstake in the latter's courier.\n When announcing the negotiations with British and\nCommonwealth last week, KLM said buying a minority stake in IML\ncould involve a convertible loan issue.\n A KLM spokeswoman said the Dutch flag carrier would now\noffer a minority stake in XP to British and Commonwealth in the\nnegotiations on IML, but declined to elaborate on financial\naspects of the talks.\n She said KLM would like the two courier services to\ncooperate in future and did not exclude a future merger between\nthem to combine IML's strong world-wide network with XP's\nmainly European activities.\n XP System is based in the southern Dutch airport of\nMaastricht and has an annual turnover of 100 mln guilders.\n KLM, which is also negotiating with British and\nCommonwealth for a 15-pct stake in the latter's regional\nairline , says door-to-door delivery courier\nservices are seeing substantially faster growth than\ntraditional cargo activities.\n REUTER\n\u0003", "date": "20-MAR-1987 07:15:19.72", "topics": [ "acq" ], "places": [ "netherlands" ], "id": "7593" }, { "title": "REBEL AMBUSH KILLS 18 SOLDIERS IN PHILIPPINES", "body": "Communist rebels killed 18 soldiers on\nMindanao island in the southern Philippines, the army said.\n Military officials said about 70 soldiers on foot patrol\nwere attacked by guerrillas on the border area around Misamis\nOccidental and Davao del Sur provinces.\n The state-run Philippine News Agency said at least 18\nrebels died in the clash, but the military officials could not\nconfirm the report.\n On Tuesday, 19 soldiers were killed in Quezon province in\nthe northern island of Luzon after land mines blew up an\narmoured vehicle and a troop-carrying truck.\n REUTER\n\u0003", "date": "20-MAR-1987 07:15:40.71", "places": [ "philippines" ], "id": "7594" }, { "title": "WORLD BANK TEAMS STUDYING PHILIPPINE LOAN REQUESTS", "body": "Two World Bank review teams are in the\nPhilippines to assess government requests for funding for an\nexpanded housing plan and an accelerated land reform program,\nbank officials said.\n They told Reuters the housing program loan request is for\n100 mln to 150 mln dlrs.\n The government has said it will ask for another 500 mln dlr\nlong-term loan from a World Bank-led consultative group of\nmultilateral and bilateral aid donors to partially fund its\nland reform program.\n The officials said negotiations will start next month on\nanother 150 mln dlr loan sought by Manila to carry out reforms\nin 14 major state-owned corporations.\n On Tuesday, the world bank approved two loans totalling 310\nmln dlrs to help the country's economic recovery program.\n The bank was also studying Philippine proposals for loans\nto finance geothermal and education projects, sources said.\n World Bank sources said the bank's lending to the\nPhilippines since 1957, including the latest loan, totalled 4.3\nbillion dlrs. The money has been spread out over more than 100\nloans and about 1.2 billion dlrs remains undisbursed.\n The World Bank sources said the bank cancelled 450 mln dlrs\nin loan commitments to the Philippines during the last three\nyears of President Ferdinand Marcos's rule. Marcos was toppled\nby a military-civilian revolt in February 1986.\n \"The loans were cancelled because the projects slated for\naid were not implemented properly,\" they said.\n The sources said the bulk of this week's loan would be used\nto rehabilitate the state-owned Development Bank of the\nPhilippines (DBP) and the Philippine National Bank (PNB) which\nare saddled with seven billion dlrs of non-performing assets.\n Reuter\n\u0003", "date": "20-MAR-1987 07:15:55.85", "organisations": [ "worldbank" ], "places": [ "philippines" ], "id": "7595" }, { "title": "RAINBOW SAYS BRIERLEY UPSETTING PROGRESSIVE MERGER", "body": " said (BIL) is trying to disrupt Rainbow's planned\nmerger with .\n Rainbow chairman Allan Hawkins said in a statement, \"In our\nopinion BIL have deliberately tried to create anomalies in the\nmarket prices of Rainbow and Progressive shares since the\nmerger was announced.\"\n The merger, announced in February, involves the formation\nof a new company, , which Rainbow and\nProgressive shareholders will enter into on a one-for-one share\nbasis. Both boards have approved the merger.\n BIL has said it was the mystery bidder behind a recent\nstand in the market for three mln Progressive shares.\n \"We simply regard Progressive Enterprises shares to be worth\napproximately twice as much as Rainbow shares and do not think\nthe merger, as proposed, is soundly based,\" BIL chief executive\nPaul Collins said in an interview in the weekly National\nBusiness Review newspaper published today.\n Collins was not immediately available to respond directly\nto Hawkins' statement.\n Hawkins said the merger has been assessed by independent\nconsultants and declared fair in all respects, with benefits to\nall shareholders.\n \"We are not going to stand by while other parties distort\nthe picture for their own strategic purposes and distract the\nmarket away from the real benefits of the merger,\" he said.\n \"In our opinion, BIL's actions are clearly not designed to\nbe in the long term interests of either Progressive or Rainbow\nshareholders,\" Hawkins said.\n Reuter\n\u0003", "date": "20-MAR-1987 07:19:23.30", "topics": [ "acq" ], "places": [ "new-zealand" ], "id": "7596" }, { "title": "U.K. UNIT TRUSTS REPORT STRONG RISE IN FEBRUARY", "body": "Funds managed by U.K. Unit trusts rose\nby 2.3 billion stg in February to stand at a record 37.2\nbillion, the Unit Trust Association said.\n By comparison, funds under management in January totalled\n34.9 billion stg and in February 1986, 22.9 billion.\n The association statement said gross sales for February\nrose 1.01 billion stg, the second consecutive month sales\nincreased over a billion stg. Gross sales in January totalled\n1.14 billion and 560.7 mln in February 1986.\n The number of unit holder accounts rose by 93,000 to\n3,594,000, a rise of 36 pct during the last 12 months.\n REUTER\n\u0003", "date": "20-MAR-1987 07:23:25.77", "places": [ "uk" ], "id": "7597" }, { "title": "INDIAN STATE FIRM SIGNS 169.1 MLN MARK LOAN PACT", "body": "India's state-owned National Thermal\nPower Corp said it has signed an agreement to borrow 169.1 mln\nmarks at a fixed annual 6.48 pct interest for 15 years and\neight months, an NTPC official said.\n The agreement signed last Saturday in Hong Kong with a\nsyndicate of eight Indian and foreign banks including State\nBank of India (London), Bankers Trust Co (Hong Kong) and\nGrindlays Bank Plc (London) fixes the draw-down period at 68\nmonths, the official said.\n Repayments are in 20 half-yearly instalments starting from\nthe 68th month.\n REUTER\n\u0003", "date": "20-MAR-1987 07:33:51.82", "places": [ "india" ], "id": "7598" }, { "title": "U.K. MONEY MARKET GIVEN FURTHER 31 MLN STG HELP", "body": "The Bank of England said it gave the\nmoney market another 31 mln stg in assistance in the morning\nsession.\n This brings the Bank's total help today to 759 mln stg and\ncompares with its estimate of a 1.05 billion stg money market\nshortage which it earlier revised up from 950 mln stg.\n The central bank bought 31 mln stg of bank bills outright\nin band two at 9-13/16 pct.\n REUTER\n\u0003", "date": "20-MAR-1987 07:34:16.13", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "7599" }, { "title": "TAIWAN PLANS MISSION TO CLOSE TRADE GAP WITH U.S.", "body": "Taiwan's leading industrial organisation\nsaid it will send its first buying mission to the U.S. Later\nthis year in an effort to reduce the country's trade surplus\nwith Washington.\n A spokesman for the Chinese National Federation of\nIndustries told Reuters the mission was part of a broader plan\nto switch large purchases to the U.S. From Japan.\n The Federation groups all of Taiwan's major industrial\nassociations. Last year its members purchased about 4.5 billion\nU.S. Dlrs worth of industrial products from Japan and about 1.8\nbillion from the U.S.\n The spokesman said Federation members were now discussing\nthe volume of business they could transfer to America.\n He said they had drawn up a list of about 80 industrial\nproducts they would be shopping for in the U.S. During the\nbuying mission in September, but he could give no figure on how\nmuch would be spent.\n A Board of Foreign Trade official told Reuters the\ngovernment would send two buying missions to America between\nJune and July this year and might send others later.\n Taiwan's trade surplus with the U.S. Rose to a record 13.6\nbillion dlrs last year from 10.2 billion in 1985.\n REUTER\n\u0003", "date": "20-MAR-1987 07:35:20.68", "topics": [ "trade" ], "places": [ "taiwan", "usa", "japan" ], "id": "7600" }, { "title": "SOUTH AUSTRALIA AGENCY ISSUES ZERO-COUPON BOND", "body": "The South Australia Government Financing\nAuthority is issuing a 25 mln Australian dlr zero coupon bond\npriced at 51.75 pct, lead manager Hambros Bank Ltd said.\n The bonds, due April 2, 1992, are available in\ndenominations of 5,000 and 10,000 dlrs and will be listed in\nLuxembourg.\n Fees comprise 1/4 pct selling and 1/4 pct management and\nunderwriting combined.\n The deal is fully fungible with the 125 mln dlr zero coupon\ndeal on the same terms issued for the authority early last\nmonth, Hambros said.\n REUTER\n\u0003", "date": "20-MAR-1987 07:36:55.75", "places": [ "uk" ], "id": "7601" }, { "date": "20-MAR-1987 07:37:54.60", "topics": [ "alum" ], "places": [ "uk" ], "id": "7602" }, { "title": "NEWMAN, HAWKER DISCUSS ELECTRIC MOTOR MERGER", "body": " said it was\ndiscussing the possible merger of its electric motor operations\nwith Hawker Siddeley Group Plc's unit.\n Newman has electric motor operations in the U.K. And\nAustralia. The company gave no further details but said a\nfurther statement would be made shortly.\n Newman shares eased one penny on the announcement to 43p\nwhile Hawker was unchanged at 528p, three pence higher on last\nnight's close.\n REUTER\n\u0003", "date": "20-MAR-1987 07:52:12.44", "topics": [ "acq" ], "places": [ "uk" ], "id": "7603" }, { "title": "AKZO BUYS RHONE-POULENC HOUSEHOLD UNITS", "body": "Dutch chemical group Akzo\nN.V. said it agreed to take over household product\nsubsidiaries of French group Rhone-Poulenc for an\nundisclosed sum.\n Under the agreement, Akzo will acquire the household\nproduct activities of the Lyons-based and\nRemalard-based units of Rhone Poulenc.\nTogether, these activities account for over 180 mln French\nfrancs in annual sales and employ 170, Akzo said.\n Akzo will integrate the firms, to be partially joined with\nits own French activities, in its consumer products division.\n REUTER\n\u0003", "date": "20-MAR-1987 07:52:48.09", "topics": [ "acq" ], "places": [ "netherlands", "france" ], "id": "7604" }, { "title": "SWISS BANKER WANTS BOND RATINGS, SHARE DISCLOSURE", "body": "A top Swiss banker called for an\nobligatory, continuous rating for all Swiss franc bonds and\nsaid he believed anyone buying more than five pct of a company\nshould be made to declare their share.\n In comments at a news conference of ,\nchairman Hans Vontobel said he believed it was up to the banks'\nown self-regulating bodies, such as the Swiss Admissions Board,\nto take such action before governmental bodies stepped in.\n A decline in the average quality of borrowers on the Swiss\nfranc market and a debate on the use of registered shares to\nprevent takeovers have made both major issues among bankers.\n Vontobel noted that many borrowers already came to the\nmarket with ratings from the major U.S. Agencies, which were\nreadily available to professionals through specialised\ninformation systems.\n \"We should make this classification obligatory and publish\nit in places that are easily accessible to lay people,\" he said.\nThe quick changing nature of the financial market meant these\nratings should also be continually updated, he said.\n Vontobel also noted that recent years had seen companies,\nworried about takeovers, increasingly issuing registered shares\nand participation certificates rather than bearer shares.\n However, both types of issue had a drawback, he said. The\nrecent attempt by Jacobs Suchard AG to take over Hero\nConserven Lenzburg had shown the limits of a 1961\npledge by the banks not to sell registered shares to someone\nwho was not eligible according to the company's statutes.\n Excessive issue of participation certificates, which do not\ncarry voting rights, would also be contrary to the principle of\ngreater democracy in the new share law before Parliament.\n \"People buying, for example, more than five pct of a\ncompany's shares should be made to declare their purchase,\" he\nsaid.\n REUTER\n\u0003", "date": "20-MAR-1987 08:01:36.89", "topics": [ "acq" ], "places": [ "switzerland" ], "id": "7605" }, { "title": "ITALIAN JANUARY INDUSTRIAL OUTPUT FALLS 3.4 PCT", "body": "Italian industrial production fell 3.4 pct\nin January, compared with the same month last year, the\nnational statistics institute Istat said.\n The rise follows a year-on-year increase in December 1986\nof 4.5 pct.\n Istat's industrial production index, base 1980, not\nseasonally adjusted, registered 93.3, compared with 96.6 in\nJanuary 1986.\n Istat said there were 20 working days in January, the same\nas December, but one fewer than January last year.\n Istat said the year-on-year fall reflected poorer\nperformances in the footwear, clothing, textiles, chemicals and\nmetals industries.\n It said office machinery and data sectors, wood and\nfurniture, precision mechanics, oil and electricity showed\nimproved activity.\n Calculations based on Istat figures showed industrial\nproduction rose 2.4 pct in January, on a month-on-month basis,\nafter falling 12.0 pct in December over November.\n REUTER\n\u0003", "date": "20-MAR-1987 08:05:36.25", "topics": [ "ipi" ], "places": [ "italy" ], "id": "7606" }, { "title": "U.S. CREDIT MARKET OUTLOOK - BUDGET DEFICIT", "body": "Economists' forecasts vary widely for\nthe February monthly U.S. budget deficit to be released today.\nHowever most agree on one point -- that the budget deficit for\nthe 1987 fiscal year will narrow substantially from 1986\nlevels.\n The report is likely to mean very little to the moribund\ncredit markets, however, which have been stilled by a stable\ndollar and perceptions of steady Federal Reserve policy.\n Economists said that a leaner federal budget could help the\ncredit markets if it lowers the Treasury's financing needs and\nresults in lower interest rates, but investors may not respond\nuntil they see evidence that this is taking place.\n Economists' forecasts for the February deficit range from\n20 billion dlrs to nearly 30 billion dlrs, with most forecasts\nclustered in the 26-28 billion dlrs range. This compares with a\ndeficit of 24.6 billion dlrs in February 1986.\n In January, the budget deficit was 2.1 billion dlrs,\nleaving the fiscal year-to-date deficit at 65.6 billion dlrs.\n Most economists expect the 1987 fiscal deficit to fall to\n180-190 billion dlrs from 220.7 billion dlrs in fiscal 1986.\n Kathleen Stephansen of Donaldson, Lufkin and Jenrette\nSecurities Corp, expects a 26.3 billion dlr February budget\ndeficit, and a 186.5 billion dlr fiscal 1987 deficit.\n Stephansen expects widening in the February deficit\nrelative to last year based on two developments.\n First, total revenues showed a slowdown in their yearly\ngrowth rate relative to prior months' growth rates, she said,\nas corporate and individual tax payments net of tax refund\npayments appear to have been weak in February.\n \"The second factor... is relatively strong outlay\nperformance,\" Stephansen wrote in a weekly report. \"Data\navailable to date suggest that their year-over-year growth is\nclose to 4.3 pct, well above the 0.5 pct average that prevailed\nin the last four months of the fiscal year.\"\n Joe Liro of S.G. Warburg Securities and Co expects the\nFebruary budget deficit to total 26-28 billion dlrs and the\nfiscal 1987 deficit to be 190 billion dlrs.\n He said that as a result of the change in the 1987 tax code\nand the new structure for determining withholding of personal\nincome tax payments, the Treasury is receiving less tax\nreceipts than it received at this time last year.\n \"The Administration compounded a tricky situation by saying\nhow difficult it is to fill out the new W-4 tax forms he said.\n\"The wage earner was underwithholding at the beginning of the\nyear and continues to be underwithheld.\"\n By contrast, Ward McCarthy of Merrill Lynch Government\nSecurities Inc said that many taxpayers have probably delayed\nfilling out the new tax withholding forms, so that this has not\nbeen a drag on tax receipts as others have argued.\n \"The first half of the year brought strong tax receipts\nfrom capital gains and the repeal of the investment tax credit,\nwhich is expected to contribute a substantial portion of the\ncorporate taxes to be paid this week,\" he said in the firm's\nweekly credit market memo.\n He forecast a February budget deficit of 20 billion dlrs,\nand a fiscal 1987 deficit of 180 billion dlrs.\n In March, McCarthy expects to see a deficit of 23 to 24\nbillion dlrs compared with 30 billion dlrs in March 1986.\n But economists agreed that the federal budget deficit is\nfar from occupying center stage in the credit market's focus\nand is unlikely to have an impact now regardless of its size.\n Yesterday, the key 7-1/2 pct Treasury bonds of 2016 closed\nunchanged at 99-28/32 to yield 7.51 pct after trading in a\nnarrow range throughout the session.\n Fed funds traded from six pct to 6-1/8 pct yesterday, up\nslightly from Wednesday's 5.97 pct average, and are expected to\nopen within that range today.\n \n Reuter\n\u0003", "date": "20-MAR-1987 08:09:53.54", "id": "7607" }, { "title": "REAGAN DEFENDS IRAN-DEAL, BUT WOULDN'T REPEAT IT", "body": "President Reagan, staying cool under\na televised grilling on the Iran-contra scandal, insisted he\nhas told all he knows about the crippling affair and said he\nwould do it all differently given a second chance.\n \"No, I would not go down that same road again,\" the president\nsaid last night during a 32-minute news conference, his first\nin exactly four months, when asked if he would again sell arms\nto Iran in hopes of freeing U.S. hostages in the Middle East.\n But he added, \"I'll keep my eye open for an opportunity\nagain for improving relations. And we will continue to explore\nevery legitimate means for getting our hostages back.\"\n As expected, the televised conference was almost completely\ndominated by questions about the secret sales of U.S. arms to\nIran and the diversion of funds to \"contra\" rebels in Nicaragua.\n From an investigators' standpoint, the toughest question\nconcerned 76-year-old Reagan's knowledge of the contra\noperation.\n As expected, the president repeatedly stated -- now calmly,\nnow with some fire -- that he knew nothing about that\nscheme, said to have been run by White House National Security\naide Oliver North, since fired, with the knowledge of\npresidential adviser John Poindexter, now resigned.\n \"No, that is not true at all,\" the president replied sternly\nwhen asked about a report Poindexter had told him, twice, about\nthe secret channeling of millions of dollars to the contras.\n \"When I went on the air right after the news broke (about\nIran arms deal last November), I did not know at that time\nthere was any money involved.\"\n He said he learned of the contra diversion -- which may\nhave broken U.S. laws and will be the top priority of\ncongressional investigative hearings on this affair -- only\nwhen Atty. Gen. Edwin Meese told him on November 25.\n Just as important from Reagan's standpoint, however, was\nthe manner in which he handled his first non-scripted public\naccounting of the scandal since the details first began leaking\nout last November and plunged his administration into deep\npolitical crisis.\n He appeared to bring it off without major stumbles, abetted\nby a press corps that seemed at pains to maintain a civil\nmanner until the very end when it crowded round him trying to\nget in one last question as he was leaving the rostrum in the\nWhite House East Room.\n He often responded slowly and deliberately but never seemed\nat a loss for words, or vintage Reagan mannerisms.\n At one point in the contra discussion he furrowed his brow\nin puzzlement as he said he was just as mystified as everyone\nabout where all the unaccounted millions had gone from the Iran\narms sales of 1985 and 1986.\n \"I'm still wanting to find out the source of all the extra\nmoney, the bank accounts and where that extra money went,\" he\nsaid.\n At another point, he laughed off a question on whether he\nmight have been told about the contra connection and forgotten,\nsaying, \"Oh, no,\" pausing to chuckle and adding:\n \"You'd have heard me without opening the door to my office\nif I'd been told that.\"\n Reuter\n\u0003", "date": "20-MAR-1987 08:11:45.70", "places": [ "usa", "iran", "nicaragua" ], "id": "7608" }, { "title": "BERLINER BANK SUFFERS LOSSES ON STUTTGART LOANS", "body": " has suffered\nlosses of between 10 and 100 mln marks through credits granted\nby its Stuttgart branch by officials there exceeding their\npowers, a bank spokesman said in answer to queries.\n The spokesman declined to say exactly how large the losses\nwere. Berliner Bank has suspended the three managers of its\nStuttgart branch and is continuing an investigation into the\ncase, in which state prosecutors are also participating.\n The fact that powers had been exceeded emerged in a routine\ncheck at the branch. The City of West Berlin owns 74 pct of\nBerliner Bank and the rest is held by small shareholders.\n REUTER\n\u0003", "date": "20-MAR-1987 08:14:53.51", "topics": [ "earn" ], "places": [ "west-germany" ], "id": "7609" }, { "title": "PRESIDENT REAGAN VOWS TO VETO ANY TAX INCREASE", "body": "President Ronald Reagan said he\nwould veto any tax increases voted by Congress.\n \"My pledge to veto any tax rate increase remains rock solid,\"\nReagan said during a televised news conference.\n The president said he opposed efforts by some members of\nCongress to back away from deficit reduction targets set by the\nGramm-Rudman balanced budget law. He urged passage of a\nconstitutional amendment to balance the budget.\n \"It's time Congress cut the federal budget and left the\nfamily budget alone,\" Reagan said.\n He said the congressional budget process was in desperate\nneed of reform and urged passage of an amendment to the U.S.\nconstitution that would require a balanced federal budget.\n \"This yearly deficit feeding process must stop,\" he added. \"We\nmust act now to pass a constitutional amendment to balance the\nbudget.\"\n In the meantime, he said, Congress cannot back away from\nthe deficit reduction goals set by federal law he said.\n Reuter\n\u0003", "date": "20-MAR-1987 08:17:11.31", "places": [ "usa" ], "id": "7610" }, { "title": "REAGAN SAYS U.S. NEEDS TO LESSEN OIL IMPORTS", "body": "President Reagan said the United\nStates must do more to lessen its reliance on imported oil.\n President Reagan said during a nationally televised news\nconference that the rising U.S. reliance on foreign oil is a\nproblem that the administration is studying.\n \"We have to study this more,\" Reagan said. \"This is why we\nincreased the Strategic (Petroleum) Reserve, but we have to do\nmore,\" he said.\n Reagan said his administration has already proposed\nderegulating natural gas and eliminating the windfall profits\ntax on crude oil production.\n However, he complained that Congress had not yet approved\nthose measures.\n The Department of Energy earlier this week released a\nreport that warned of rising U.S. reliance on foreign oil\nimports at a time when domestic production is declining. It\nsuggested options for the administration to consider, but made\nno specific recommendations.\n Reuter\n\u0003", "date": "20-MAR-1987 08:17:55.98", "topics": [ "crude" ], "places": [ "usa" ], "id": "7611" }, { "title": "REAGAN SAYS U.S. STILL PROBING ACID RAIN PROBLEM", "body": "President Reagan said the U.S.\ngovernment is still looking into the problem of acid rain.\n \"We're still investigating this,\" he told a nationally\ntelevised news conference.\n Reagan added that the government will now work with U.S.\nindustry to help address the problem.\n However, he declined to endorse the writing of federal\nstandards for emissions that would help alleviate the problem.\n The Reagan administration yesterday announced a 2.5 billion\ndlr, five-year program to deal with acid rain, a problem that\ntroubles U.S. relations with Canada.\n Reagan was asked by a reporter whether the government\nshould set emission standards.\n He responded that the deeper that officials went in\nexamining the acid rain problem, the more complex it appeared.\n He said the government did not want to rush into adopting a\nmeasure that might ultimately prove fruitless.\n Reuter\n\u0003", "date": "20-MAR-1987 08:19:03.93", "places": [ "usa", "canada" ], "id": "7612" }, { "title": "LCE AND IPE TO INTRODUCE TIME-STAMPING", "body": "The London Commodity Exchange (LCE) and\nInternational Petroleum Exchange (IPE) are to introduce revised\ntrading slip systems incorporating the time that futures\nbusiness is executed, an LCE spokeswoman said.\n The LCE's six week trial system starts on April 1, with\nbuyers and sellers filling in slips which carry not only the\ntransaction, but also the date and time of execution.\n These slips will then have to be forwarded to market staff\nfor entering into International Commodities Clearing House\n(ICCH) terminals within 15 minutes of the trade being\ntransacted, the spokeswoman said.\n The IPE system is similar, although here traders will use\ntime-stamping machines which automatically enter the date, as\nis the practice on futures exchanges in the U.S. And on the\nLondon International Financial Futures Exchange.\n Time-stamping of U.K. Futures business becomes mandatory\nlater this year under the Financial Services Act, to meet the\nSecurities and Investments Board's requirement on audit-trails,\nthe LCE spokewoman said.\n REUTER\n\u0003", "date": "20-MAR-1987 08:20:33.81", "places": [ "uk" ], "id": "7613" }, { "title": "BANK OF SPAIN SUSPENDS ASSISTANCE, DRAINS FUNDS", "body": "The Bank of Spain suspended its daily\nmoney market assistance and offered to drain funds with three-\nand seven-day repurchase agreements at 12-1/2 pct, money market\nsources said.\n The sources said the measures were a further attempt to\nrein in money supply and were likely to force some institutions\nto scramble for funds before the 10-day accounting period for\nreserve requirements closes on Monday.\n The bank, which raised its rate for ordinary overnight\nassistance to 13-3/4 from 13-1/2 pct on Wednesday, opened its\nspecial borrowing facility for overnight funds at 14-1/2 pct.\n Money market sources said institutions in need of funds\nwere likely to have to return to the bank tomorrow for further\nassistance.\n The bank rarely invites applications for ordinary\nassistance on a Saturday and the sources said it was more\nlikely to open its special borrowing facility again.\n REUTER\n\u0003", "date": "20-MAR-1987 08:23:55.06", "topics": [ "money-fx", "interest" ], "places": [ "spain" ], "id": "7614" }, { "title": "PACIFICORP SELLS SERIAL PREFERRED STOCK", "body": "PacifiCorp said an offering of\n50 mln dlrs of 7.12 pct serial preferred stock is underway at\n100 dlrs per share through underwriters led by Salomon Inc\n, Merrill Lynch and Co Inc , L.F. Rothschild,\nUnterberg, Towbin Inc and Printon, Kane and Co.\n The company said its proceeds from the offering were 99.20\ndlrs per share. A sinking fund starting in 1993 will start\nretiring the issue, with retirement to be completed in 2027.\n PacifCorp also said James P. Best, senior vice president of\nits telecommunications unit, has temporarily switched jobs with\nparent company vice president and controller Stan M. Marks to\nbroaden management experience within the company.\n Reuter\n\u0003", "date": "20-MAR-1987 08:24:44.24", "places": [ "usa" ], "id": "7615" }, { "title": "CINEPLEX ODEON OFFICERS BUY SHARES FROM COMPANY", "body": " said chairman\nGarth H. Drabinsky and vice chairman Myron I. Gottlieb have\neach purchased from the company's treasury 750,000 common\nshares at 17.50 dlrs each.\n Reuter\n\u0003", "date": "20-MAR-1987 08:25:15.35", "places": [ "canada" ], "id": "7616" }, { "title": "WYERHAEUSER FILES TO OFFER PREFERENCE STOCK", "body": "Weyerhaeuser Co said it has filed\nfor an offering of four mln shares of convertible exchangeable\npreference shares through underwriter Morgan Stanley Group Inc\n.\n The company said the preference shares will be convertible\nat any time into common shares, and on any dividend payment\ndate starting June 15, 1990, the company may exchange all the\npreference shares for convertible subordinated debentures due\n2017. \n The company said the preference shares will not be\nredeemable before June 15, 1989 unless the closing price equals\nor exceeds 150 pct of the then-effective conversion price per\nshare for at least 20 trading days within a 30 consecutive\ntrading day period that ends within five trading days before\nissuance of a notice of redemption.\n Weyerhaeuser said proceeds will be used to reduce\noutstanding commercial paper, although initially they may be\ninvested in marketable securities.\n Reuter\n\u0003", "date": "20-MAR-1987 08:25:22.38", "places": [ "usa" ], "id": "7617" }, { "title": "TRICO GETS CHINESE CONTRACT", "body": "Trico Industries Inc said it has\nreceived a six mln dlr contract to supply hydraulic lift\nequipment for heavy crude oil production for the Chinese\nMinistry of Petroleum Industry.\n The company said the equipment is for use in the Laiohe\noilfield 350 miles northeast of Peking and will equip a\n140-well program.\n Reuter\n\u0003", "date": "20-MAR-1987 08:25:34.89", "topics": [ "crude" ], "places": [ "usa", "china" ], "id": "7618" }, { "title": "COLORADO VENTURE CAPITAL ASSET VALUE UP", "body": "Colorado Venture Capital corp\nsaid its net asset value rose 215,239 dlrs or two cts per share\nduring the fourth quarter and 175,712 dlrs or two cts per share\nduring the full year 1986.\n Reuter\n\u0003", "date": "20-MAR-1987 08:25:38.69", "places": [ "usa" ], "id": "7619" }, { "title": "MICRON TECHNOLOGY INC 2ND QTR MARCH FIVE", "body": "Shr loss 46 cts vs loss 51 cts\n Net loss 10.9 mln vs loss 9,782,818\n Revs 20.1 mln vs 9,437,270\n Avg shrs 23.5 mln vs 19.3 mln\n 1st half\n Shr loss 90 cts vs loss 1.11 dlrs\n Net loss 20.6 mln vs 21.4 mln\n Revs 38.9 mln vs 14.5 mln\n Avg shrs 22.8 mln vs 19.2 mln\n Reuter\n\u0003", "date": "20-MAR-1987 08:25:43.31", "topics": [ "earn" ], "places": [ "usa" ], "id": "7620" }, { "title": "BIOSEARCH MEDICAL PRODUCTS INC 4TH QTR", "body": "Shr loss seven cts vs loss 23 cts\n Net loss 381,000 vs loss 1,071,000\n Sales 4,531,000 vs 4,409,000\n Year\n Shr loss 21 cts vs loss 98 cts\n Net loss 1,098,000 vs loss 4,658,000\n Sales 17.8 mln vs 17.3 mln\n Reuter\n\u0003", "date": "20-MAR-1987 08:25:47.52", "topics": [ "earn" ], "places": [ "usa" ], "id": "7621" }, { "title": "MOORE FINANCIAL GROUP INC SETS PAYOUT", "body": "Qtly div 30 cts vs 30 cts prior\n Pay April 16\n Record April Three\n Reuter\n\u0003", "date": "20-MAR-1987 08:25:50.10", "topics": [ "earn" ], "places": [ "usa" ], "id": "7622" }, { "title": "DUTCH JANUARY INDUSTRIAL PRODUCTION RISES 4.8 PCT", "body": "Industrial production rose 4.8 pct on\na seasonally-adjusted basis in January compared with December\nwhile rising 2.8 pct from January last year, Central Bureau of\nStatistics figures show.\n In December, industrial production fell by 2.8 pct from\nNovember while rising 2.9 pct compared with December 1985.\n The industrial production index, base 1980, stood at 109 in\nJanuary compared with a downward revised 104 in December, which\nwas initially put at 105. In January last year, the index stood\nat 106 and in December 1985 at 101.\n REUTER\n\u0003", "date": "20-MAR-1987 08:26:22.50", "topics": [ "ipi" ], "places": [ "netherlands" ], "id": "7623" }, { "title": "ISRAELI JETS RAID SOUTH LEBANON", "body": "Israeli jets bombed Palestinian targets\neast of the south Lebanese port town of Sidon, in the first\nsuch attack this month, local radio stations said.\n They said the planes attacked Palestinian targets in the\nDarb al-Sim area, a few km (miles) east of Sidon, and smoke was\nseen billowing over the area.\n Details were not immediately available.\n Reuter\n\u0003", "date": "20-MAR-1987 08:26:27.64", "places": [ "israel", "lebanon" ], "id": "7624" }, { "title": "BONN EXPRESSES SUPPORT FOR U.S. ON EC VEG OIL TAX", "body": "The West German government expressed\nsupport for the U.S. Position in opposing the proposed European\nCommunity tax on vegetable oils and fats, a U.S. Embassy\nspokesman said.\n The spokesman, speaking from Bonn, said, \"We have good\nreason to think West Germany holds to its resistance to the\nproposed tax.\"\n Several top government officials told the American Soybean\nAssociation and the National Soybean Processors Association\ndelegations there was no reason for American producers and\nprocessors to pay for EC agriculture, the spokesman said.\n European agriculture was facing severe problems, but both\nthe Community and the U.S. Should work closely within the\nframework provided by the General Agreement on Tariffs and\nTrade, he said.\n The delegations will continue their top level meetings in\nBonn today but will not issue a statement before returning to\nthe U.S. At the weekend.\n The EC and the U.S. Realised the tax issue would stay on\nthe agenda for several months and there were indications that\nboth sides would have to prepare for some tough negotiations,\nthe spokesman said.\n REUTER\n\u0003", "date": "20-MAR-1987 08:27:30.34", "topics": [ "oilseed", "soybean", "veg-oil" ], "organisations": [ "ec", "gatt" ], "places": [ "west-germany", "usa" ], "id": "7625" }, { "title": "SENATE WANTS JAPAN SEMICONDUCTER PACT ENFORCED", "body": "The U.S. Senate has unanimously\ncalled for President Reagan immediately to force Japan to live\nup to a pledge to stop dumping its microchips and open its\nmarkets to U.S. Chipmakers.\n The Senate voted 93 to 0 to urge Reagan to impose penalties\non Japanese high-technology products containing semiconductors\nin retaliation for what it sees as Japan's violations of the\nsemiconductor pact.\n While the measure does not bind Reagan to any action,\nSenate leaders said its adoption would warn Japan stiffer\nlegislation would be considered if the violations continue.\n \"We want to send a message to Japan to let it know how the\nSenate feels about this matter,\" Senate Democratic Leader Robert\nByrd told the Senate.\n Senate Finance Committee chairman Lloyd Bentsen told the\nSenate the measure was not aimed at retaliation but at\ncorrecting Japan's unfair trade practices.\n A key House trade lawmaker, Representative Richard Gephardt\nalso announced he would seek to force Japan and other countries\nwith huge trade surpluses to slash their surplus by 10 pct a\nyear for three years.\n REUTER\n\u0003", "date": "20-MAR-1987 08:28:03.24", "topics": [ "trade" ], "places": [ "usa", "japan" ], "id": "7626" }, { "title": "FLEET COULD FACE CONNECTICUT DIVESTITURE", "body": "Fleet Financial Group said it might\nhave to sell its First Connecticut Corp subsidiary as a result\nof its proposed 1.3 billion dlr acquisition of Norstar Bancorp\n.\n Under Connecticut banking law, New England based bank\nholding companies such as Fleet are not allowed to operate\nConnecticut banks if they merge with companies from outside the\nregion. Norstar is based in Albany, N.Y.\n First Connecticut has assets of about two billion dlrs. \nFleet has total assets of about 21 billion dlrs.\n Fleet said it will seek to have the Connecticut law amended\nto allow it to retain First Connecticut, which is based in\nHartford.\n Fleet's acquisition of Norstar is now expected to be\ncompleted around July 1, 1988, when a change in laws in Fleet's\nhome state of Rhode Island allowing interstate banking outside\nNew England will go into effect.\n Reuter\n\u0003", "date": "20-MAR-1987 08:29:01.94", "topics": [ "acq" ], "places": [ "usa" ], "id": "7627" }, { "title": "JAPAN UNDER ATTACK OVER TRADE SURPLUS", "body": "Japan's economic policies face fierce\ninternational attack as hopes fade of a substantial drop in its\ntrade surplus, international monetary sources said.\n At a meeting this week in Paris, senior government\nofficials from major nations are considering an Organisation\nfor Economic Cooperation and Development (OECD) staff report\nthat forecasts a continuing large Japanese trade surplus, they\nsaid.\n Though Japanese exports have become more expensive with the\nyen's sharp rise against the dollar, they still tend to surge\nwhen growth picks up, according to the OECD.\n As a solution, the OECD staff has urged Japan to redirect\nits export-driven economy, boosting domestic demand and imports\nby adopting a more flexible fiscal policy, they said.\n That recommendation echoes calls made recently at secret\nmeetings of the International Monetary Fund's executive board.\n The monetary sources said Japan's policy was criticized\nwhen the board met to consider the country's economy under the\nannual consultations it holds with each of its members.\n The United States, which until recently has been reluctant\nto criticize Japan's fiscal stance, joined in the attack, he\nsaid.\n The IMF staff has also cast doubt on the Japanese\ngovernment's forecast of 3.5 pct economic growth in the fiscal\nyear beginning April 1. Most independent forecasters, including\nthe IMF, believe that growth in calendar 1987 will be below\nthree pct, monetary sources said.\n The Finance Ministry has been particularly sensitive to\nsuch criticism because it is already under mounting domestic\npressure to boost an economy hard-hit by the yen's rise. The\nyen's climb has lost exporters sales and profits in the huge\nAmerican market.\n Tokyo is also eager to avoid any suggestion that a further\nyen rise might be needed to cut its trade surplus, which last\nyear amounted to a record 93 billion dlrs.\n Japan cannot tolerate a further rise of the yen, Foreign\nMinister Tadashi Kuranari said recently. The yen closed here\ntoday at 151.53 to the dollar. Most Japanese politicians,\nincluding Finance Minister Kiichi Miyazawa, are clearly hoping\nthe yen will weaken, government officials said.\n At a meeting in Paris last month, Britain, Canada, France,\nJapan, the United States and West Germany, agreed to cooperate\nto hold currencies at around current levels.\n Officials said that wording represented a compromise.\nMiyazawa hopes the agreement will hold the yen stable for a few\nmonths, before it weakens later in the year.\n Japan wanted the Paris communique to imply a higher value\nfor the dollar, perhaps by substituting the word \"recent\" for\n\"current,\" while the United States wanted it to more clearly\npoint to the dollar's weaker levels now, perhaps by use of the\nword \"present,\" they said.\n In the months leading up the February 22 agreement, the\ndollar dropped some 10 yen.\n The officials also sought to discredit suggestions in the\nmarket that recent U.S. Action to prevent the dollar from\nrising above 1.87 marks pointed to a 153 to 155 yen ceiling for\nthe U.S. Currency.\n Japan has also attacked OECD forecasts, which it says do\nnot take account of the structural changes in the Japanese\neconomy that will be triggered by the strong yen.\n Officials said there are already signs of that. More and\nmore companies have announced plans to move production\nfacilities offshore to take advantage of cheaper costs abroad,\nthey said.\n REUTER\n\u0003", "date": "20-MAR-1987 08:35:00.33", "topics": [ "trade", "money-fx" ], "organisations": [ "oecd", "imf" ], "places": [ "japan", "usa" ], "id": "7628" }, { "title": "GEODOME TO START MINE CONSTRUCTION", "body": "Geodome Resources Ltd said\nfollowing receipt of a feasibility study from Raytheon Co's\n Stearns Catalytic unit, it will proceed with construction\nand pre-production stripping at its Sunbeam Mine in Custer\nCounty, Idaho, as quickly as possible.\n The company said the study found proven ore reserves of\n3,302,000 short tons grading 0.077 ounce of gold per ton. It\nsaid the mine will operate at a rate of 626,000 tons of ore per\nyear, with higher-grade ore being mined in the first three\nyears for a rapid payback of capital costs.\n The company said the feasibility study calls for gold\nproduction averaging 41,000 ounces a year for the life of the\nmine and 50,000 ounces a year over the first three years, with\n99,000 ounces of silver per year being produced over the miune\nlife.\n Capital costs would be 22.3 mln dlrs with all-new equipment\nand 500,000 to one mln dlrs less with used equipment, it said. \nIt said the mine would be operated by a contract miner but the\nassociated mill by Geodome.\n Geodome said a new ore zone discovered last summer is not\nincluded in reserve calculations. It said eight of the nine\nholes drilled there have an average grade of 0.046 ounce of\ngold and 2.1 ounces of silver per ton. Also excluded are\nreserves of 1,400,000 tons of low-grade material that could be\nmilled profitably at 425 dlrs a ton for gold. The feasibility\nstudy used a 350 dlr gold price.\n Geodome said operating costs of the mine will average 201\ndlr per ounce of gold for the mine life and 171 dlrs for the\nfirst three years, in constant dollars.\n Reuter\n\u0003", "date": "20-MAR-1987 08:35:38.58", "topics": [ "gold" ], "places": [ "usa" ], "id": "7629" }, { "title": "JAPAN ECONOMIC PACKAGE AFTER BUDGET - MIYAZAWA", "body": "Finance Minister Kiichi Miyazawa said\nJapan plans to announce a package of economic measures\nimmediately after the 1987/88 budget passes Parliament.\n The passage of the full budget is expected after May 20 as\nthe government has decided to compile a 50-day stop-gap budget\nfor the year starting April 1. An opposition boycott over a\nproposed sales tax has disrupted parliamentary business.\n Miyazawa told a press conference Prime Minister Yasuhiro\nNakasone is unlikely to take the package to Washington.\n Nakasone hopes to meet President Reagan in late April or\nearly May to prepare for the Venice economic summit in June.\n Asked if he planned to visit the U.S. To attend monetary\nconferences including International Monetary Fund meetings in\nearly April, Miyazawa said he will make a decision carefully on\nthe matter, taking into account parliament debate.\n The package is likely to include a record amount of public\nworks spending in the first 1987/88 half, Miyazawa said.\n Miyazawa said the provisional budget will total about 8,800\nbillion yen and incorporate a little more than 1,800 billion\nfor public works. Japan expects the stop-gap budget to help\nspur the economy, Miyazawa said.\n Miyazawa said the Government and the ruling Liberal\nDemocratic Party will seek the passage of the bills related to\nthe controversial sales tax without any revision.\n Japanese press reports had previously interpretated remarks\nby a top government official as indicating a revision of the\ntax but the official did not mean that, Miyazawa said.\n REUTER\n\u0003", "date": "20-MAR-1987 08:37:18.68", "places": [ "japan", "usa" ], "id": "7630" }, { "title": "M.D.C. ASSET INVESTORS IN INITIAL PAYOUT", "body": "M.D.C. Asset Investors Inc, which\nrecently went public, said its board declared an initial\nquarterly dividend of 45 cts per share, payable April 15 to\nholders of record April One.\n Reuter\n\u0003", "date": "20-MAR-1987 08:39:27.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "7631" }, { "title": "JAPAN SAYS OECD STUDY ON SUBSIDIES STILL ONGOING", "body": "Japanese Agriculture Ministry officials\nsaid a study of agriculture subsidies by the Organisation for\nEconomic Cooperation and Development, OECD, is still under way\nand will be completed sometime next month.\n The officials said the study has been inaccurate so far,\nand they said Japan would comment on the final results.\n A Reuter report from Washington yesterday said the study\nhas found that Japan has the highest agriculture subsidies in\nthe world and that dairy farmers benefit more than any other\ncommodity producers from subsidies. The study has not been\nofficially released due to objections from some countries.\n Japan has withdrawn its objection and decided to accept the\nrelease of the study, the agriculture ministry officials said.\nOECD directors are expected to approve the release at a meeting\nin mid-May.\n One agriculture ministry source said the study so far was\nbased on the years 1979-81. Japanese subsidies have dropped\nsharply since then, partly because of tight budgetary policy,\nand foreign currency factors have also changed, he said.\n \"The study is ... Unfair and unacceptable because it does\nnot take account of various differences in farming conditions\nin each country, such as geography,\" the source said.\n He said it is highly likely that the final study will show\nJapan has the highest farm subsidies in the world.\n \"This would increase foreign pressure to open Japan's farm\nmarket further, but this would have little impact on Japan's\nagriculture policy,\" he said, without giving further details.\n A main purpose of the study is to clarify export subsidies\nby major exporting nations like the United States and the\nEuropean Community, but Japan is a major importer, he said.\n Reuter\n\u0003", "date": "20-MAR-1987 08:41:46.23", "topics": [ "trade" ], "organisations": [ "oecd" ], "places": [ "japan", "usa" ], "id": "7632" }, { "title": "VOLCKER SAYS TRADE DEFICIT IS MAJOR CHALLENGE", "body": "Federal Reserve Board\nChairman Paul Volcker said the U.S. Trade deficit is a\nchallenge for the U.S. Equal to the Soviet Union launching of\nSputnik.\n \"The international challenge implicit in our huge trade\ndeficit has become the 1980s equivalent to the launch of\nSputnik by the Russians in the 1950s, when we suddenly feared\nwe were to be left in the wake of Soviet technological\nachievement,\" he said in an address to Florida educators.\n He said the trade problem underscored the need to reform\nthe U.S. Educational system to improve economic performance.\n The Commerce Department reported last week that the\nnation's trade gap, calculated on a balance-of-payments basis,\nswelled to a record 38.37 billion dlrs in the fourth quarter,\nbringing the 1986 deficit to a record 147.71 billion dlrs.\n Volcker called on educators to stress the development of\nbasic reading, writing and mathematics skills and urged them to\nhelp students adapt to the fast-changing economic climate.\n Volcker said the challenge was greatest in the education of\nlow-income minority groups such as blacks and Hispanics.\n \n Reuter\n\u0003", "date": "20-MAR-1987 08:45:18.86", "topics": [ "trade", "bop" ], "places": [ "usa", "ussr" ], "id": "7633" }, { "title": "(CORRECTED)-MICROPRO INTERNATIONAL CORP NET", "body": "2nd qtr\n Shr four cts vs seven cts\n Net 500,000 vs 900,000\n Revs 9,200,000 vs 10.5 mln\n 1st half\n Shr four cts vs 12 cts\n Net 600,000 vs 1,500,000\n Revs 17.6 mln vs 20.8 mln\n NOTE: Period ended February 28.\n Company corrects period in March 19 item\n Reuter\n\u0003", "date": "20-MAR-1987 08:50:15.03", "topics": [ "earn" ], "places": [ "usa" ], "id": "7634" }, { "title": "C.O.M.B. TO ACQUIRE REST OF CABLE VALUE", "body": "C.O.M.B. Co said its board has\napproved a proposal to acquire the 50 pct of Cable Value\nNetwork held by its cable television industry partners in\nexchange for warrants for C.O.M.B. common.\n The company, which already owns the other 50 pct of CVN,\nsaid it plans to change its name to CVN.\n C.O.M.B. said the proposal calls for its cable partners to\nreceive about eight mln five year warrants in exchange for\ntheir 50 pct interest in CVN and commit to a long-term\naffiliation agreement to carry CVN programming.\n C.O.M.B. said the proposed warrants would carry an exercise\nprice of 18.125 dlrs a share.\n It said the 7,869,353 warrants originally offered to cable\npartners will continue to vest on the pre-agreed schedule. The\ncompany now has about 18.1 mln shares outstanding.\n C.O.M.B. said the transaction is subject to the parties\nentering into an agreement which would be subject to approval\nby its shareholders and regulatory agencies.\n Reuter\n\u0003", "date": "20-MAR-1987 08:55:18.22", "topics": [ "acq" ], "places": [ "usa" ], "id": "7635" }, { "title": "HOME SAVINGS DURHAM SETS STOCK DIVIDEND", "body": "Home Savings and Loan Association\nInc of Durham, N.C., said its board declared a 20 pct stock\ndividend, payable April 28 to holders of record April Three.\n Reuter\n\u0003", "date": "20-MAR-1987 08:55:22.37", "topics": [ "earn" ], "places": [ "usa" ], "id": "7636" }, { "title": "TWA IN LEGAL STIPULATION NOT TO PURSUE THE ACQUISITION OF USAIR\n", "date": "20-MAR-1987 09:02:25.77", "topics": [ "acq" ], "id": "7637" }, { "title": " Top discount rate at U.K. Bill tender falls to 9.1250 pct\n", "date": "20-MAR-1987 09:04:12.33", "topics": [ "interest" ], "id": "7638" }, { "title": "CANADA NORTHWEST TO SELL PREFERRED SHARES", "body": "\nsaid it reached agreement in principle to sell one mln\npreferred shares by way of private placement to raise 32.5 mln\ndlrs for oil and gas exploration.\n The 5.4 pct cumulative redeemable convertible series D\npreferred shares will be flow-through shares entitling holders\nto tax deductions not claimed by the company.\n The shares will be convertible anytime after issue into\ncommon shares at an equivalent conversion price of 32.50 dlrs a\nshare. After one year, they will be redeemable at any time by\nthe company at 25 dlrs a share plus accrued dividends.\n\n Reuter\n\u0003", "date": "20-MAR-1987 09:07:52.66", "topics": [ "crude" ], "places": [ "canada" ], "id": "7639" }, { "title": "INDIA, AUSTRALIA AGREE TO IMPROVE TWO-WAY TRADE", "body": "Indian and Australian businessmen\nsigned a memorandum of understanding to boost two-way trade and\njoint industrial ventures in both countries, spokesmen of the\nIndo-Australia Business Council told reporters.\n The Indian Council said it hoped India's exports to\nAustralia would improve in the next few months and reduce the\ntrade balance which is heavily in Australia's favour.\n In 1986 Australia sold 428 mln Australian dlrs' worth of\ngoods, including steel and coking coal, to India and bought\n170.5 mln worth of items, including cotton textiles, from India.\n Reuter\n\u0003", "date": "20-MAR-1987 09:08:12.97", "topics": [ "trade", "iron-steel", "cotton" ], "places": [ "india", "australia" ], "id": "7640" }, { "title": "OHIO EDISON SELLS 30 PCT OF NUCLEAR INTEREST FOR 509 MLN DLRS\n", "date": "20-MAR-1987 09:10:21.93", "topics": [ "acq" ], "id": "7641" }, { "title": "HIGH WINDS KEEP VESSELS TRAPPED IN BALTIC ICE", "body": "Strong south-easterly winds were\nkeeping many vessels trapped in the ice off the Finnish and\nSwedish coasts in one of the worst icy periods in the Baltic\nfor many years, the Finnish Board of Navigation said.\n In Finland and Sweden up to 50 vessels were reported to be\nstuck in the ice, and even the largest of the assisting\nicebreakers were having difficulties in breaking through to the\nstranded ships, coastguard officials said.\n However, icy conditions in the southern Baltic at the\nSoviet oil ports of Ventspils and Klaipeda had eased, they said.\n Weather officials in neighbouring Sweden said the icy\nconditions in the Baltic were the worst for 30 years, with\nships fighting a losing battle to keep moving.\n In the coastal stretches of the Gulf of Bothnia, which\ndivides Finland and Sweden, the ice is up to one metre thick,\nwith drifts and currents packing it into almost impenetrable\nwalls three metres high, Swedish coastguard officials said.\n Weather forecasts say winds may ease during the weekend but\na further drop in temperature could bring shipping to a\nstandstill, the officials said.\n Reuter\n\u0003", "date": "20-MAR-1987 09:16:58.78", "topics": [ "ship" ], "places": [ "finland", "sweden" ], "id": "7642" }, { "title": "EC AND COMECON ENDS TALKS WITH PROGRESS", "body": "The European Community (EC) and\nSoviet-led Comecon ended talks here, having made progress on\nsetting up formal trade relations, but no breakthrough because\nof Comecon's refusal to recognise West Berlin as part of the\nEC, delegates said.\n Negotiators were trying to reach agreement on the draft of\na joint declaration setting up official relations after 30\nyears of mutual non-recognition. John Maslen, head of the EC\ndelegation, told Reuters as he emerged from the final session:\n\"We made some progress, but we have called for another meeting.\"\n Officials, who asked not to be named, said the Comecon team\nhad refused to accept a clause in the draft declaration which\nwould recognise West Berlin as part of the 12-nation EC.\n Under the 1957 Treaty of Rome all contracts and agreements\nsigned by the Community must contain this territorial clause\nstipulating West Berlin is an integral part of the EC. An EC\nnegotiator taking part in the three-day talks said: \"We wanted\nthe territorial clause in, but Comecon said no.\"\n A joint statement issued after the talks said progress was\nmade towards clarifying positions, but another meeting would be\nnecessary to complete the work.\n Any decision in principle to set up relations would require\napproval by the Community's Council of Ministers and by the\nexecutive committee of Comecon.\n Zdzislaw Kuroski, deputy director of Comecon, who heads the\nEast bloc delegation, told Reuters ahead of today's session: \"We\nhave narrowed our differences on a range of questions, but not\non all questions.\"\n Asked whether Comecon would accept EC insistence that any\njoint declaration stipulate West Berlin as part of the\nCommunity, he replied: \"This question is not contained in the\ndraft which our side presented.\"\n West German diplomats said they would insist on including\nthe clause on West Berlin in any EC-Comecon agreement.\n The talks followed an earlier round between the two trading\nblocs here last September and the first-ever direct talks\nbetween the EC and the Soviet Union on establishing diplomatic\nrelations in January.\n The EC trades with individual Comecon member states despite\nnon-recognition of Comecon. Last year, the EC had a five\nbillion dlr trade deficit with East European states, about half\nthe deficit of the previous year, due to a drop in the price of\nSoviet oil imported by the EC.\n REUTER\n\u0003", "date": "20-MAR-1987 09:20:17.13", "topics": [ "trade" ], "organisations": [ "ec" ], "places": [ "switzerland", "west-germany" ], "id": "7643" }, { "title": "OHIO EDISON SELLS 30 PCT OF NUCLEAR INTEREST", "body": "Ohio Edison Co said it has\ncompleted the sale and leaseback of 30 pct of its 30 pct\ninterest in Unit One of the Perry Nuclear Power Plant,\nreceiving 509 mln dlrs for the interest.\n The utility said the share of its interest in the 1,205\nmegawatt generating plant was sold to a group of institutional\ninvestors which leased it back to the company for a period of\nabout 29 years at a negotiated lease payment rate.\n Ohio Edison said the proceeds will be used to finance the\nrest of its 1987 construction program and repay bank loans\nincurred for the retirement of high-interest long-term debt.\n Ohio Edison did not detail the lease payments, but it said\nthe \"payments will reduce the amount of revenue the company\nwill need to cover our investment in Perry, which translates\ninto savings for our customers.\"\n The utility said it projects the financing could reduce the\namount of annual revenue needed by about 20 mln dlrs. It plans\non filing a rate application with the Public Utilities\nCommission of Ohio to recover the Perry costs later this year.\n It said the sale and leaseback was attractive to the\ninvestors because they could take quicker advantage of tax\nbenefits than the utility could.\n Reuter\n\u0003", "date": "20-MAR-1987 09:20:28.18", "topics": [ "acq" ], "places": [ "usa" ], "id": "7644" }, { "title": "GEODOME SETS IDAHO GOLD/SILVER MINE CONSTRUCTION", "body": "Geodome Resources Ltd said\nfollowing receipt of a feasibility study from Raytheon Co's\nStearns Catalytic unit it will proceed with construction and\npre-production stripping at its Sunbeam Mine in Custer County,\nIdaho, as quickly as possible.\n The company said the study found proven ore reserves of\n3,302,000 short tons grading 0.077 ounce of gold per ton. It\nsaid the mine will operate at a rate of 626,000 tons of ore per\nyear, with higher-grade ore being mined in the first three\nyears for a rapid payback of capital costs.\n It said the feasibility study calls for gold production\naveraging 41,000 ounces a year for the life of the mine and\n50,000 ounces a year over the first three years, with 99,000\nounces of silver per year being produced over the mine life.\n Capital costs would be 22.3 mln dlrs with all-new equipment\nand 500,000 to one mln dlrs less with used equipment, the firm\nsaid. It said the mine would be operated by a contract miner\nbut the associated mill by Geodome.\n Geodome said a new ore zone discovered last summer is not\nincluded in reserve calculations. It said eight of the nine\nholes drilled there have an average grade of 0.046 ounce of\ngold and 2.1 ounces of silver per ton.\n Also excluded are reserves of 1,400,000 tons of low-grade\nmaterial that could be milled profitably at 425 dlrs a ton for\ngold. The feasibility study used a 350 dlr gold price.\n Geodome said operating costs of the mine will average 201\ndlr per ounce of gold for the mine life and 171 dlrs for the\nfirst three years, in constant dollars.\n Reuter\n\u0003", "date": "20-MAR-1987 09:22:03.31", "topics": [ "gold", "silver" ], "places": [ "usa" ], "id": "7645" }, { "title": "QINTEX SAYS PRINCEVILLE IN CREDIT DEAL", "body": " of Brisbane said it has\narranged for a leading Australian financial institution it did\nnot name to provide Princeville Development Corp with the\nletter of credit required by the terms of Qintex's proposed\nacquisition of Princeville.\n The company also said through yesterday, when its tender\noffer for 3,300,000 Princeville shares was to have expired, it\nhad received over seven mln Princeville shares in the bid,\nwhich has been extended until March 23 at 1800 EST.\n Qintex said the letter of credit is to insure payment of\nPrinceville's contingent subordinated notes that would be\ndistributed to shareholders of record on the date immediately\nfollowing completion of the tender offer.\n The company said it believes the conditions of the\ncommitment letter will be satisfactory to Princeville. It said\nPrinceville had previously held talks with a financial\ninstitution on obtaining a letter of credit but was unable to\nreach mutually acceptable terms.\n Reuter\n\u0003", "date": "20-MAR-1987 09:22:35.25", "places": [ "usa", "australia" ], "id": "7646" }, { "title": "STANLEY INTERIORS SAYS RESULTS REDUCED", "body": "Stanley Interiors Corp said\nits first quarter shipments and operating income were lower\nthan expected due to snowstorms in January and February that\nforced the closing of some of its manufacturing facilities for\nup to six days.\n Stanley said, however, that any reduction in first quarter\noperating income will be offset by reduced interest expense and\nthat first quarter net income will be about flat with first\nquarter 1986 net income of 14 cts a share, or 286,000 dlrs.\n Stanely also said the first quarter's sales losses would be\nmade up by shipments in the second quarter.\n Reuter\n\u0003", "date": "20-MAR-1987 09:23:01.72", "topics": [ "earn" ], "places": [ "usa" ], "id": "7647" }, { "title": "WYMAN-GORDON TO INVEST 11.7 MLN DLRS", "body": "Wyman-Gordon Inc said it plans\nto invest 11.7 mln dlrs in two projects to improve the\ncompany's metals technology capabilities.\n The projects include the installation of a plasma cold\nhearth refining system in its Millbury facility for the\nproduction of nickel-base alloy power metal and titanium alloy\nelectrodes, the company said.\n The other involves the modification of its 35,000-ton\nhydraulic forging press, Wyman-Gordon said.\n Both projects are scheduled for completion in 1989, the\ncompany said.\n Reuter\n\u0003", "date": "20-MAR-1987 09:23:15.21", "places": [ "usa" ], "id": "7648" }, { "title": "DISCOVERY WEST PLANS CONVERTIBLE NOTE ISSUE", "body": " said it plans to\nsell convertible subordinated notes in a principal amount of\nbetween four mln and seven mln dlrs by way of a private\nplacement through First Marathon Securities Ltd.\n Discovery West said the notes will be convertible into\neight pct convertible subordinated debentures, which in turn\nwill be convertible into common shares at a price of two dlrs a\nshare.\n It said it expects to complete the note sale on April nine\nand plans to use up to five mln dlrs of proceeds to buy\nconvertible notes of .\n Reuter\n\u0003", "date": "20-MAR-1987 09:23:41.19", "places": [ "canada" ], "id": "7649" }, { "title": "TWA IN COURT SETTLEMENT WITH USAIR ", "body": "Trans World Airlines Inc said it\nreached an agreement yesterday in federal court with USAir\nGroup Inc that prevents TWA from buying additional shares of\nUSAir.\n Under the agreement, TWA, which holds about 15 pct of USAir\nstock, will not buy more USAir shares before April 23 and will\nnot do so after that date without giving 14 days notice to\nUSAir.\n TWA also agreed that it would not knowingly and willingly\ninterfere with the consummation of the merger between USAir and\nPiedmont Aviation Inc .\n TWA said the court agreement confirms previous\nannouncements by the company, in filings with the Securities\nand Exchange Commission, that it does not presently intend to\nseek control of USAir or to acquire additional common stock.\n As a result of the agreement, the court removed a previous\ntemporary restraining order against TWA, the company said.\n TWA and USAir have also agreed that all litigation between\nthem in Pittsburgh and Delaware will be stayed until April 23.\nTWA said the agreement does not prevent it from commenting to\nregulatory agencies on the USAir, Piedmont merger.\n In a separate statement, USAir said the agreement also\nincluded a provision that all USAir shares currently owned by\nTWA and its chairman, Carl Icahn, will be voted through a\nvoting trust in proportion to the votes of other shares not\ncontrolled by TWA or Icahn.\n Reuter\n\u0003", "date": "20-MAR-1987 09:25:13.86", "topics": [ "acq" ], "places": [ "usa" ], "id": "7650" }, { "title": "TREASURY'S BAKER SEES INCREASED TAX COMPLIANCE", "body": "Treasury Secretary James Baker said\nthat over the long-term the tax reform bill and lower marginal\ntax rates should increase compliance with the tax law and bring\nin additional revenue.\n In testimony before a senate appropriations subcommittee\nBaker said no savings in the Treasury's budgetary requirements\nwil be achieved in the short-run by the new tax law.\n \"The tax changes occurring in 1987 and 1988 under tax reform\nwill not directly effect IRS enforcement activities until\nfinancial year 1989 and 1990.\"\n He told the subcommittee that the Treasury's objective was\nto strengthen the capability of the Internal Revenue Service to\npromote tax compliance and generate revenue.\n He said they were seeking funds to increase staffing to\nreduce the backlog of delinquent tax accounts, reducing pending\ntax litigation cases under appeal, and resolving unreported\nincome cases disclosed through a program that matches third\nparty documents to returns.\n \"This request will continue our effort to build a stronger\nand more credible deterrent against non-compliance with tax\nlaws,\" he said.\n Baker also told the subcommittee that the administration\nwould continue the efforts to improve the management of the\ngovernment's cash and credit, and its financial information.\n In addition a policy of full reimbursement to Federal\nReserve Banks for the fiscal agent services they provide in\nmarketing and maintaining Treasury securities will be\ncontinued.\n Reuter\n\u0003", "date": "20-MAR-1987 09:32:06.89", "places": [ "usa" ], "id": "7651" }, { "title": "U.K. MONEY MARKET GETS 186 MLN STG AFTERNOON HELP", "body": "The Bank of England said it had given\nthe money market a further 186 mln stg assistance in the\nafternoon session. This brings the Bank's total help so far\ntoday to 945 mln stg and compares with its revised forecast of\na one billion stg deficit.\n The central bank bought bank bills outright comprising 51\nmln stg in band one at 9-7/8 pct and 135 mln stg in band two at\n9-13/16 pct.\n REUTER\n\u0003", "date": "20-MAR-1987 09:32:30.79", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "7652" }, { "title": "CHICAGO PACIFIC CORP TO GET 40 MLN DLRS FROM SETTLEMENT OF HOOVER PLC PENSION FUND\n", "date": "20-MAR-1987 09:32:41.84", "id": "7653" }, { "title": "RAYROCK TO ISSUE 24 MLN DLRS OF NOTES", "body": "\nsaid it plans to sell 24 mln dlrs of convertible subordinated\nnotes by way of a private placement through First Marathon\nSecurities Ltd.\n The notes will be convertible into 7.5 pct convertible\nsubordinated debentures, which in turn will be convertible into\n2.4 mln subordinate voting shares of the company.\n Rayrock said it expects to complete the note sale on April\nnine. The sale is subject to regulatory approvals.\n \n Reuter\n\u0003", "date": "20-MAR-1987 09:34:18.67", "places": [ "canada" ], "id": "7654" }, { "title": "STANLEY INTERIORS TO SELL CONVERTIBLES", "body": "Stanley Interiors Corp said it filed\nwith the Securities and Exchange Commission a registration\nstatement covering a 30 mln dlr issue of convertible\nsubordinated debentures due 2012, plus an additional 4.5 mln\ndlrs of the securities to cover over-allotments.\n Proceeds will be used to repay in full the company's\nindebtedness under a revolving credit agreement, and to reduce\nother bank debt, Stanley said.\n The company said Salomon Brothers Inc, First Albany Corp\nand Wheat, First Securities Inc would underwrite the offering.\n Reuter\n\u0003", "date": "20-MAR-1987 09:34:27.38", "places": [ "usa" ], "id": "7655" }, { "title": "ASAMERA TO OFFER THREE MLN SHARES", "body": "Asamera Inc said it has agreed for\nMerrill Lynch and Co Inc's Merrill Lynch Canada Inc\nsubsidiary to offer three mln Asamera common shares at 13.625\nCanadian dlrs each, subject to all necessary U.S. and Canadian\nregulatory approval.\n Reuter\n\u0003", "date": "20-MAR-1987 09:34:53.34", "places": [ "canada" ], "id": "7656" }, { "title": "CRI INSURED MORTGAGE INVESTMENTS LP PAYOUT", "body": "Mthly div 16-1/2 cts vs 16-1/2 cts prior\n Pay May 15\n Record March 31\n Reuter\n\u0003", "date": "20-MAR-1987 09:34:58.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "7657" }, { "title": "ZAMBIAN SCHOOL AND HOSPITAL STRIKES SPREAD", "body": "A teachers' strike has spread\nfrom Lusaka to the whole of Zambia, and a walkout by nurses has\nvirtually paralyzed hospitals in the northern Copperbelt, the\nstate-owned Zambia Daily Mail newspaper said today.\n The teachers and nurses are demanding hefty pay raises,\nincluding a 50 pct increase in basic salary. But their strike\naction is unofficial, and the government has condemned the\nstoppages, warning that they could lead to violence.\n The strikes broke out only three months after food riots in\nthe Copperbelt last December, which left 15 people dead.\n The stoppages began on Wednesday when 1,000 teachers in\nLusaka and 200 nurses in the northern town of Kitwe decided to\nwalk out in support of pay demands.\n Reuter\n\u0003", "date": "20-MAR-1987 09:37:30.02", "places": [ "zambia" ], "id": "7658" }, { "title": "AMERICAN MOTORS BOARD MEETING ON TAKEOVER", "body": "American Motors Corp's board of\ndirectors is meeting this morning in New York to consider\nChrysler Corp's 1.5 billion dlr takeover offer, an American\nMotors spokesman said.\n The spokesman reiterated statements made earlier in the\nweek that the regularly scheduled meeting was being held.\n The spokesman would not comment on recurring speculation\nthat the board might receive a higher offer from Chrysler.\nAnalysts have said the fact that American Motors' stock has\nremained above the four dlrs a share Chrysler offer could lead\nthe larger company to raise its bid.\n The American Motors spokesman said he had not seen any\nindication that a higher offer would be received from Chrysler,\nalthough he added, \"I don't know what the conversation is in\nthe meeting.\"\n He repeated statements made earlier in the week by the\nautomaker that today's meeting will probably not result in a\nfinal decision on the Chrysler bid.\n \"The board first apprised the proposal on the 11th (of\nMarch). I suspect there will be several more (meetings) after\nthis,\" the spokesman said.\n The meeting is expected to go through early afternoon.\n Reuter\n\u0003", "date": "20-MAR-1987 09:43:00.54", "topics": [ "acq" ], "places": [ "usa" ], "id": "7659" }, { "title": "HOG AND CATTLE SLAUGHTER GUESSTIMATES", "body": "Chicago Mercantile Exchange floor\ntraders and commission house representatives are guesstimating\ntoday's hog slaughter at about 300,000 to 307,000 head versus\n295,000 week ago and 314,000 a year ago.\n Saturday's hog slaughter is guesstimated at about 70,000 to\n90,000 head.\n Cattle slaughter is guesstimated at about 122,000 to\n126,000 head versus 122,000 week ago and 124,000 a year ago.\n Saturday's cattle slaughter is guesstimated at about 20,000\nto 30,000 head.\n Reuter\n\u0003", "date": "20-MAR-1987 09:43:24.70", "id": "7660" }, { "title": "BELGRADE UNIONS HIT PAY FREEZE, STRIKES SPREAD", "body": "Belgrade trade union leaders have\njoined attacks on a controversial wage freeze in Yugoslavia.\n Miodrag Lazarevic, president of the Belgrade trade unions\ncouncil, said last night the government would be responsible\nfor the effects of the law imposing the wage freeze. The law,\nenacted February 27 and remaining in force until July 1,\nreimposed wage levels of the last quarter of 1986. Future pay\nraises were pegged to productivity. The move triggered\nresentment and widespread industrial unrest.\n Another Belgrade trade union council leader, Predrag\nPetrovic, was quoted as saying hundreds of workers had been on\nstrike in Belgrade. The government has officially reported 70\nstrikes throughout the country, although Yugoslav newspapers\nhave hinted at more.\n Reuter\n\u0003", "date": "20-MAR-1987 09:43:55.60", "places": [ "yugoslavia" ], "id": "7661" }, { "title": "KEATING SEES LOWER AUSTRALIAN CURRENT DEFICIT", "body": "Australian Treasurer Paul Keating said\nhe expects the country's 1986/87 current account deficit to be\none billion dlrs lower than the 14.7 billion forecast in the\nAugust budget. Keating told a financiers' dinner that\nFebruary's 750 mln dlr deficit, against January's 1.23 billion,\nwas \"in the groove\" of the government's expectations.\n \"We will probably bring the current account this year under\n14 billion, I think, which will probably be about a billion\ndollars less than we forecast in the budget,\" Keating said. \"I am\nsure we will see a lower current account deficit for next year\n... And a fall as proportion of GDP.\"\n Australia posted a 13.82 billion dlr current account\ndeficit in 1985/86 and Keating said the latest monthly figures\nshowed an encouraging trend.\n Keating said the government would maintain responsible\neconomic management regardless of whether it was drawn into an\nelection, because it would take time to stabilise Australia's\n80 billion dlr foreign debt.\n \"We have to build the import competing sector back,\" he said.\n\"We are now trying to rebuild our capital structure. We are\ntrying to rebuild the culture of productivity and\nmanufacturing.\"\n Keating said the foundation for a transition of the economy\nhad been laid with the floating of the Australian dollar and\ncontinued with wage restraint and deregulation.\n The Government would follow with spending cuts in its\neconomic statement on May 14, he said.\n REUTER\n\u0003", "date": "20-MAR-1987 09:48:19.91", "topics": [ "trade", "bop" ], "places": [ "australia" ], "id": "7662" }, { "title": "POLISH UNIONS WARN AGAINST PRICE HIKES", "body": "Sharp price hikes for food and fuel\nplanned by the government could provoke an open confrontation\nwith workers and endanger Poland's fragile post-Solidarity\nstability, a government trade union leader has warned.\n Romuald Sosnowski, deputy chairman of the national trade\nunion alliance OPZZ, said the unions' strong rejection of the\nincreases yesterday was prompted by the hostility of lower-paid\nworkers.\n The authorities told the OPZZ on Tuesday that food prices\nwould rise by an average of 13 pct but ncreases for fuels --\nincluding electricity and gas -- would be much higher.\n They said wage increases would be limited to 12 pct in 1987\nand that employers who breached the ceiling would be punished\nthrough additional taxes.\n Reuter\n\u0003", "date": "20-MAR-1987 09:48:58.00", "places": [ "poland" ], "id": "7663" }, { "title": "SWANK INC CAN'T EXPLAIN STOCK ACTION", "body": "Swank Inc said it knows of no\ncorporate development to account for the volume of activity in\nits stock yesterday and can only assume institutional trading\nwas the cause.\n In New York Stock Exchange composite trading yesterday,\nSwank stock rose 7/8 to 15-3/4 on volume of 104,700 shares.\n Reuter\n\u0003", "date": "20-MAR-1987 09:51:33.25", "places": [ "usa" ], "id": "7664" }, { "title": "GUILFORD MILLS SELLS CONVERTIBLE DEBT", "body": "Guilford Mills Inc is raising 75 mln\ndlrs via an offering of convertible subordinated debentures due\n2012 with a six pct coupon and par pricing, said sole manager\nBear, Stearns and Co.\n The debentures are convertible into the company's common\nstock at 44.25 dlrs per share, representing a premium of 25.08\npct over the stock price when terms on the debt were set.\n Non-callable for two years, the debt is rated Ba-1 by\nMoody's and BBB-minus by Standard and Poor's. The issue was\nincreased from an initial offering of 60 mln dlrs because of\ninvestor demand.\n Reuter\n\u0003", "date": "20-MAR-1987 09:52:43.93", "places": [ "usa" ], "id": "7665" }, { "title": "MARINE MIDLAND SELLS CAPITAL NOTES", "body": "Marine Midland Banks Inc is offering\n125 mln dlrs of subordinated capital notes due 1997 yielding\n8.66 pct, said lead manager First Boston Corp.\n The notes have an 8-5/8 pct coupon and were priced at 99.80\nto yield 145 basis points more than comparable Treasury\nsecurities.\n Non-callable to maturity, the issue is rated A-3 by Moody's\nand A by Standard and Poor's. Merrill Lynch and Salomon\nBrothers co-managed the deal.\n Reuter\n\u0003", "date": "20-MAR-1987 09:53:08.42", "places": [ "usa" ], "id": "7666" }, { "title": "LISBON OFFICIAL SAYS \"NO PROBLEMS\" ON MACAO", "body": "A Portuguese official today said no more\nproblems remained in settling the future of Macao, and China's\nForeign Ministry said an \"important announcement\" would be made\nat the end of talks on the tiny territory.\n A Chinese Foreign Ministry spokesman, indicating the two\ncountries were close to agreement on the handover of Macao to\nPeking, told journalists: \"The talks are still in progress. When\nthey end, there will be an important announcement.\"\n Portuguese Ambassador to China Octavio Valerio said there\nwould be no formal talks over the weekend, but chief Portuguese\nnegotiator Rui Medina said earlier he would have contacts later\ntoday with his Chinese counterpart Zhou Nan. Valerio said the\nnext formal talks would be Monday. \"It will be the last one and\nwe hope there will be a communique.\"\n Reuter\n\u0003", "date": "20-MAR-1987 09:53:38.89", "places": [ "china", "portugal" ], "id": "7667" }, { "title": "NORANDA GETTING 41.6 MLN DLRS FROM GOVERNMENT TO CUT ACID RAIN EMISSIONS 50 PCT - OFFICIAL\n", "date": "20-MAR-1987 09:54:53.20", "id": "7668" }, { "title": "TREASURY'S BAKER SUPPORTS FED MONETARY POLICY", "body": "Treasury Secretary James Baker said\nin a newspaper interview that he supports the current course of\nFederal Reserve Board monetary policy.\n \"The course of Fed policy is quite adequate as far as we are\nconcerned,\" Baker said in an interview with the New York Times.\n In the interview, Baker declined to comment about the\nrecent Paris accord among the six leading industrialized\ndemocracies when he was asked why the U.S. agreed to stabilize\nthe dollar at current levels when the trade deficit hit a\nrecord level last year.\n Baker said in the newspaper interview that it was \"a subject\nI prefer not to talk about.\"\n He said that if he explained why the U.S. agreed to help\nmaintain the dollar at current levels \"I would of necessity end\nup getting into some of the private agreements that support\nsuch and agreement\" on the dollar.\n Baker was optimistic about Brazil, which has stopped\ninterest payments on much of its outstanding debt with foreign\ncommercial banks.\n \"They are, after all, paying on time all the debt service\nand principal on their official debts, having just rescheduled\nwith the Paris Club,\" Baker said in the newspaper interview.\n Baker said that Brazilian repreentatives had explained they\nintented to pay their commercial bank debts in full but needed\ntime.\n Reuter\n\u0003", "date": "20-MAR-1987 09:56:01.08", "topics": [ "money-fx" ], "places": [ "usa", "brazil" ], "id": "7669" }, { "title": "UNIVERSAL RESOURCES TO VOTE ON MERGER", "body": "Universal Resources Corp said it\nis holding a special shareholders meeting this morning to vote\non the previously-proposed merger between it and Questar Corp\n.\n Universal, whose stock was delayed this morning on the\nAmerican Stock Exchange, said it will release a statement later\nin the day on the vote.\n Reuter\n\u0003", "date": "20-MAR-1987 10:03:51.02", "topics": [ "acq" ], "places": [ "usa" ], "id": "7670" }, { "title": "SONEX RESEARCH CUSTOM AUTO USES MORE GAS", "body": "Sonex Research Inc said its\nmodified 1986 British Ford Escort passed the European emissions\ntest, but reported the engine consumed 35 pct more fuel than\nthe stock engine.\n Sonex said its engine is not equipped with a catalytic\nconverter and does not use exhaust gas recirculation or an\nemission air pump. It said the company expected to realize a\nreduced fuel economy, but is working on improving fuel\nconsumption.\n The company said after it installs the new fuel system, it\nwill retest the automobile.\n In a separate announcement, the company said it received\nconfirmation from the European Patent Office that Sonex\nsuccessfully defended its BETA European Patent from a\ncompetitor.\n Reuter\n\u0003", "date": "20-MAR-1987 10:04:05.89", "topics": [ "gas" ], "places": [ "usa" ], "id": "7671" }, { "title": "LOUISIANA PACIFIC BUYS OREGON SAWMILL", "body": "Louisiana Pacific Corp has\nagreed to pay 3,475,000 dlrs for the bankrupt Harris Pine\nSawmill in Pendleton, Ore., the mill's bankruptcy trustee said.\n Louisiana Pacific refused to indicate whether it would\nrepoen the lumber mill which was closed after the sawmill owned\nby the Seventh Day Adventist Church filed a bankruptcy petition\nin Portland federal court in December.\n The trustee said the company outbid WTD Industries Inc for\nthe lumber mill, harvested logs and contracts to harvest timber\nin the national forest. It outbidhell bankruptcy trustee said.\n \n Reuter\n\u0003", "date": "20-MAR-1987 10:04:42.35", "topics": [ "acq" ], "places": [ "usa" ], "id": "7672" }, { "title": "INTERNATIONAL PAGURIAN HAS FIVE MONTH PROFIT", "body": " said\nit had net profit of 3.3 mln dlrs or three cts a share for the\nperiod August 15 to December 31, 1986, based on 55.2 mln shares\noutstanding.\n Revenues for the full year ended December 31, 1986 were 5.5\nmln dlrs and net assets at year end were 317.5 mln dlrs.\n The company did not disclose earnings for the 1986 period\nbefore August 15 or prior year results. A company spokesman\nsaid prior results were not comparable due to its August 15\nissue of 30 mln common shares.\n Reuter\n\u0003", "date": "20-MAR-1987 10:04:52.75", "topics": [ "earn" ], "places": [ "canada" ], "id": "7673" }, { "title": "S. AFRICAN M-3 MONEY GROWTH SLOWS IN JANUARY", "body": "South African year-on-year broadly\ndefined M-3 money supply growth slowed to 8.62 pct in January\nfrom 9.32 pct in December, Reserve Bank figures show.\n M-3 fell to 77.98 billion rand in January from 79.31\nbillion in December, while preliminary February figures show\nM-3 at 79.42 billion rand for a year-on-year rise of 10.63 pct.\n M-2 showed a rise of 5.09 pct for January at 55.68 billion\nrand after 4.30 pct in December, M-1 16.72 pct at 5.12 billion\nafter 12.80 pct and M-1A 22.79 pct at 14.30 billion rand after\n20.54 pct.\n REUTER\n\u0003", "date": "20-MAR-1987 10:05:02.65", "topics": [ "money-supply" ], "places": [ "south-africa" ], "id": "7674" }, { "title": "ERC INTERNATIONAL GETS 17 MLN DLR CONTRACT", "body": "ERC International Inc said it has\nreceived a three-year 17 mln dlr U.S. Navyt contract to provide\nengineering, technical and administrative support sevices on\nweapons systems, subsystems and associated management, manpower\nand support systems.\n Reuter\n\u0003", "date": "20-MAR-1987 10:05:13.93", "places": [ "usa" ], "id": "7675" }, { "title": "COMPUSCAN INC 3RD QTR FEB 28 NET", "body": "Shr loss eight cts vs loss 20 cts\n Net loss 469,000 vs loss 1,104,000\n Revs 3,093,000 vs 3,056,000\n Nine mths\n Shr loss 19 cts vs loss 29 cts\n Net loss 1,098,000 vs 1,646,000\n Revs 9,562,000 vs 12.2 mln\n Reuter\n\u0003", "date": "20-MAR-1987 10:05:19.68", "topics": [ "earn" ], "places": [ "usa" ], "id": "7676" }, { "title": "MAJESTIC ELECTRONICS PLANS ISSUER BID", "body": " said\nit intends to make a normal course issuer bid to purchase up to\nfive pct of its 5.2 mln outstanding common shares on the open\nmarket during the 12 month period commencing April 13, 1987.\n The company said the purpose of the proposed issuer bid is\nto avoid possible dilution of share value under a proposed\nemployee stock option plan.\n Majestic expects to have its employee stock option plan in\nplace during the year, it said.\n Reuter\n\u0003", "date": "20-MAR-1987 10:05:29.62", "places": [ "canada" ], "id": "7677" }, { "title": "FIRST FEDERAL MERGING INTO BANKEAST ", "body": "First Federal Bank FSB said it has\nentered into a letter of intent to merge into BankEast Corp for\n60 dlrs per First Federal share in BankEast common stock.\n First Federal said, subject to certain adjustments,\nincluding First Federal's earnings prior to the close of the\ndeal, each share of its common stock shall not be converted\ninto less than 2.9 shares or more than 3.5 shares of BankEast\ncommon.\n First Federal said the proposed move is also subject to\nexecution of a definitive agreement, regulatory approval and\nthe approval of First Federal shareholders.\n Reuter\n\u0003", "date": "20-MAR-1987 10:05:33.45", "topics": [ "acq" ], "places": [ "usa" ], "id": "7678" }, { "title": "ILLINOIS TOOL WORKS SELLS TWO DIVISIONS", "body": "Illinois Tool Works Inc said it\ncompleted the sale of its Drill and End Mill division, Pine\nBluff, Arkansas and Eclipse Counterbore division, Detroit, to\nnewly-formed Eclipse Industrial Pruducts Inc, based in St.\nLouis. Terms were not disclosed.\n All employees at both locations will be retained, it added.\n Reuter\n\u0003", "date": "20-MAR-1987 10:05:44.50", "topics": [ "acq" ], "places": [ "usa" ], "id": "7679" }, { "title": "MOST HOME INTENSIVE PREFERRED CONVERTED", "body": "Home Intensive Care Inc\n said holders of 431,093 shares of its callable\ncumulative convertible preferred of the 499,500 outstanding\nwere exercised their conversion right prior to the end of the\ncompany's offer of 2.2 common shares for each preferred.\n It said holders of the remaining preferred have the option\nof converting their stock for two common shares until March 5,\n1988.\n The company said conversion of the preferred will result in\nannual dividend savings of 431,093 dlrs.\n Reuter\n\u0003", "date": "20-MAR-1987 10:05:52.83", "places": [ "usa" ], "id": "7680" }, { "title": "NATIONAL PATENT DEVELOPMENT CORP IN PAYOUT", "body": "Qtly div 2-1/2 cts vs 2-1/2 cts prior\n Pay May One\n Record April One\n Reuter\n\u0003", "date": "20-MAR-1987 10:06:04.37", "topics": [ "earn" ], "places": [ "usa" ], "id": "7681" }, { "title": "THOMPSON MEDICAL CO INC SETS QUARTERLY", "body": "Qtly div 10 cts vs 10 cts prior\n Pay April 15\n Record March 30\n Reuter\n\u0003", "date": "20-MAR-1987 10:06:07.62", "topics": [ "earn" ], "places": [ "usa" ], "id": "7682" }, { "title": "U.S. FARM CREDIT BANK TO SELL BONDS", "body": "The Federal Farm Credit Banks Funding\nCorp said its will offer a total of 1.7 billion dlrs worth of\nbonds on March 25.\n The package includes 540 mln dlrs of three-month bonds and\n1.17 billion dlrs of six-month bonds. The issues will be dated\nand delivered on April 1.\n The system has 1.6 billion dlrs of bonds maturing on that\ndate.\n Reuter\n\u0003", "date": "20-MAR-1987 10:11:22.72", "places": [ "usa" ], "id": "7683" }, { "title": "GULF CANADA ASSERTS NO DAMAGE FROM SPILL", "body": "Gulf Canada Corp said a\ndischarge of material at its Amauligak drilling site in the\nBeaufort Sea caused no danger to the environment.\n Yesterday, the federal department of energy charged Gulf\nCanada with eight counts of illegal dumping for discharging\npowdered cement and drilling mud between September 23 and 30\nlast year.\n The charges carry a maximum 50,000 dlr fine on each count.\n Gulf said the government's charges relate to discharging\nmaterials without a permit, not to environmental damage\nresulting from the action.\n Gulf said it voluntarily informed appropriate government\nofficials when the material was discharged.\n The company also said none of the material was discharged\nwithin 12 miles of the closest shoreline. It added that one of\nthe materials cited, barite, is a naturally occurring mineral\nroutinely discharged into the sea during drilling operations.\n Reuter\n\u0003", "date": "20-MAR-1987 10:12:56.62", "topics": [ "crude" ], "places": [ "canada" ], "id": "7684" }, { "title": "BRITISH COLUMBIA RAISES TAXES TO CUT DEFICIT", "body": "British Columbia\nwill raise income taxes and its small business corporate tax to\nreduce the provincial budget deficit while continuing social\nprograms, finance minister Mel Couvelier said.\n He said the province will reduce its budget deficit to 850\nmln Canadian dlrs in 1987-88 from the current year's 1.17\nbillion dlrs.\n Total spending is budgeted at 10.22 billion dlrs, a 4.8 pct\nrise over the current year, while revenues are expected to\nincrease by 9.2 pct to 9.37 billion dlrs.\n\n\u0003", "date": "20-MAR-1987 10:17:10.75", "places": [ "canada" ], "id": "7685" }, { "title": "METALLGESELLSCHAFT AG ", "body": "Year to September 30, 1986\n Domestic group net profit 69.9 mln marks vs 61.4 mln.\n Parent net profit 53.6 mln vs 43.8 mln.\n Dividend six marks vs same.\n Parent payment to disclosed reserves 20 mln vs 15 mln.\n REUTER\n\u0003", "date": " 20-MAR-1987 10:18:37.65", "topics": [ "earn" ], "places": [ "west-germany" ], "id": "7686" }, { "title": "PUBCO DECLARES DIVIDEND RIGHT", "body": "Pubco Corp said its board declared a\ndividend distribution of one common stock purchase right on\neach outstanding share of Pubco's common stock.\n It said each right will entitle shareholders to buy one\nshare of common stock at an exercise price of three dlrs.\n The rights will be exercisable only if a person or group\nacquires 20 pct or more of Pubco's common stock or announces a\ntender which would result in ownership by a person or group of\n20 pct or more of the common stock, the company said.\n Pubco said it will be entitled to redeem the rights at 0.1\ncts per right at any time before a 20 pct position has been\nacquired and afterward in certain circumstances. It said the\nexercise price will be substantially reduced in the event of an\nacquisition of 25 pct or more of common stock.\n If Pubco is acquired in a merger or other transaction, each\nright will entitle its holder to purchase, at the right's\nthen-current exercise price, a number of the acquiring\ncompany's common shares having a market value at that time of\ntwice the right's exercise price, the company said.\n The dividend distribution will be made March 31, 1987,\npayable to shareholders of record on that date. The rights will\nexpire ten years later on March 31, 1987, the company said.\n Pubco said the rights are not being distributed in response\nto any specific effort to change control of Pubco, and the\nboard is not aware of any such effort.\n Reuter\n\u0003", "date": "20-MAR-1987 10:18:56.36", "topics": [ "earn" ], "places": [ "usa" ], "id": "7687" }, { "title": "CORRECTED - NORANDA GETTING 83.2 MLN DLRS FROM GOVERNMENTS TO CUT ACID RAIN EMISSIONS 50 PCT - OFFICIAL\n", "date": "20-MAR-1987 10:20:09.76", "id": "7688" }, { "title": "CHICAGO PACIFIC SETTLES HOOVER OVERFUNDING", "body": "Chicago Pacific Corp said it received\nabout 40 mln dlrs in cash from a surplus in the pension fund of\nHoover Plc, its U.K. subsidiary.\n As part of an agreement to refund the amount to the\ncompany, Hoover employee and pensioner benefits have been\nsignificantly enhanced, the company's annual report shows.\n In addition, Chicago Pacific said the remaining 110 mln\ndlrs surplus funds will be kept in the Hoover pension fund and\nwill be invested so that the proceeds will eliminate or reduce\nrequired future pension contributions for Hoover and its\nemployees as of December 31, 1986, it said.\n The 110 mln dlrs remaining surplus is reported as a\n\"restricted long-term investment\" under current purchase\naccounting requirements, according to the report.\n The settlement assures employees that their retirement\nbenefits will be adequately funded and provides for future\nfunding from the income received on this investment, it said.\n Reuter\n\u0003", "date": "20-MAR-1987 10:20:33.60", "places": [ "usa" ], "id": "7689" }, { "title": "TECH DATA SETS THREE FOR TWO SPLIT", "body": "Tech Data Corp said its board\ndeclared a three-for-two stock split, payable April 30 to\nholders of record April 1.\n Reuter\n\u0003", "date": "20-MAR-1987 10:21:01.80", "topics": [ "earn" ], "places": [ "usa" ], "id": "7690" }, { "title": "COMSTOCK GROUP FINANCIAL OFFICER QUITS", "body": "Comstock Group Inc said John\nHalecky Jr resigned his posts of chief financial officer,\nexecutive vice president and director.\n Frank MacInnis, vice president and director, was named as\nthe new chief financial officer, the company said.\n Reuter\n\u0003", "date": "20-MAR-1987 10:21:26.51", "places": [ "usa" ], "id": "7691" }, { "title": "TREASURY'S BAKER REITERATES OPPOSITION TO CLOSING NON-BANK BANK LOOPHOLE\n", "date": "20-MAR-1987 10:21:54.27", "id": "7692" }, { "title": "VERTEX TO BUY COMPUTER TRANSCEIVER STAKE", "body": "Vertex Industries Inc and\n jointly announced an\nagreement for Vertex to acquire a 60 pct interest in Computer\nafter it completes a proposed reorganization.\n Computer has been in reorganization proceedings under\nchapter 11 since September 1986.\n The companies said the agreement would allow Computer's\nunsecured creditors and debenture holders to receive new stock\nin exchange for exsiting debt, and for shareholders to receive\none new share of Computer's stock for each four shares\npreviously held.\n \n The companies said the United States Bankruptcy court for\nthe Southern District of New York has given preliminary\napproval for the proposal, which is subject to formal approval\nby Computer's creditors and the court.\n Under the agreement, Vertex also said it would supply\nComputer with 250,000 dlrs of operating funds, and arrange\nrenegotiation of its secured bank debt, among other things.\n Reuter\n\u0003", "date": "20-MAR-1987 10:23:53.51", "topics": [ "acq" ], "places": [ "usa" ], "id": "7693" }, { "title": "RENT-A-CENTER VOTES 3 FOR 2 SPLIT", "body": "Rent-A-Center Inc said its\ndirectors approved a three-for-two stock split payable April\n20, record April 3.\n Reuter\n\u0003", "date": "20-MAR-1987 10:24:59.89", "topics": [ "earn" ], "places": [ "usa" ], "id": "7694" }, { "title": "TREASURY'S BAKER OPPOSES CLOSING BANK LOOPHOLE", "body": "Treasury Secretary James Baker said\nthe administration still opposes Senate Banking Committee\nlegislation that would close a key loophole in federal bankinng\nlaw.\n The loophole has spawned a proliferation of limited service\nbanks known as non-bank banks that can engage in risky\nactivities barred to traditional banks.\n Baker has been asked to support the legislation by Banking\nChairman William Proxmire (D-Wisc).\n Proxmire's panel approved closing the loophole in a bill\nrecapitalizing the thrift insurance fund.\n Baker said the administration supports moving a bill\nthrough Congress that would address only the recapitalization\nissue, for fear such \"collateral provisions\" as the\nloophole-closing measure would stall the bill.\n Proxmire later told reporters he backs the committee bill\nwith or without administration support.\n \"I'm going to push it through in any event,\" he said.\n The administration also opposes the committee bill on\ngrounds it bars new banking powers.\n The administration is a long time backer of banking\nderegulation.\n Reuter\n\u0003", "date": "20-MAR-1987 10:25:12.72", "places": [ "usa" ], "id": "7695" }, { "title": "USACAFES SETS HIGHER DIVIDEND", "body": "USACafes LP said its board declared a\nquarterly dividend of 20 cts per unit -- its first since\nconverting to a limited partnership.\n The company, as USACafes Inc, had paid a quarterly dividend\nof nine cts per share.\n It said the restructuring as a partnership has\nsubstantially increased the cash available for distribution to\nunitholders, as it had predicted.\n Reuter\n\u0003", "date": "20-MAR-1987 10:25:57.02", "topics": [ "earn" ], "places": [ "usa" ], "id": "7696" }, { "title": "ATARI TO SELL CONVERTIBLE DEBENTURES", "body": "Atari Corp said it filed with the\nSecurities and Exchange Commission a registration statement\ncovering a 75 mln dlr issue of convertible subordinated\ndebentures due 2012.\n Proceeds will be used to expand the company's business\nthrough capital expenditures and acquisitions and for general\ncorporate purposes, Atari said.\n The company named PaineWebber Inc as lead underwriter of\nthe offering.\n Reuter\n\u0003", "date": "20-MAR-1987 10:26:31.83", "places": [ "usa" ], "id": "7697" }, { "title": "COOPER CANADA SAID IT RECEIVED TAKEOVER OFFERS", "body": " said it has\nreceived takeover offers from \"a number of companies.\"\n The company also said that \"discussions are continuing, but\nno definitive arrangements have been made.\"\n It gave no further details.\n Reuter\n\u0003", "date": "20-MAR-1987 10:27:23.94", "topics": [ "acq" ], "places": [ "canada" ], "id": "7698" }, { "title": "BPI SYSTEMS LAUNCHES PRODUCTS", "body": "BPI Systems Inc said it\nintroduced an enhanced version of its Entry series general\naccounting software, Version C.14, that includes budgeting,\nmore printing options and additional features.\n The company also said it introduced an accounting software\npackage, Entry one, that sells for 89 dlrs.\n Reuter\n\u0003", "date": "20-MAR-1987 10:29:16.50", "places": [ "usa" ], "id": "7699" }, { "title": "U.S. GRAIN ANALYSTS SEE LOWER CORN, SOY PLANTING", "body": "Grain analysts surveyed by the American\nSoybean Association, ASA, projected acreage this year at 59.1\nmln acres of soybeans and 64.7 mln acres of corn.\n In 1986, farmers planted 61.5 mln acres of soybeans and\n76.7 mln acres of corn, according to the February 9 USDA\nsupply/demand report. The USDA is to release its 1987 planting\nintentions report March 31.\n The survey included 15 soybean estimates and 13 corn\nestimates and was released in the March 16 Soybean Update\nnewsletter sent to members.\n Estimates ranged from 56.0 mln to 63.0 mln acres of\nsoybeans and 59.5 mln to 68.0 mln acres of corn.\n An ASA spokesman said the association plans no survey of\nfarmers' planting intentions this year.\n Reuter\n\u0003", "date": "20-MAR-1987 10:29:43.12", "topics": [ "grain", "corn", "oilseed", "soybean" ], "places": [ "usa" ], "id": "7700" }, { "title": "ACS SYSTEMS COMPLETES INITIAL PUBLIC OFFERING", "body": " said it has\ncompleted an initial public offering of 1,722,655 units,\nconsisting of one common share and one warrant per unit.\n ACS said two warrants entitle a holder to purchase one\nshare of common stock at 1.50 dlrs a share, exercisable 90 days\nfrom the effective date for a 36 month period.\n The company said total gross proceeds from the offering\nwere 1,722,655 dlrs and will be used for general corporate\npurposes.\n ACS said the units, shares and warrants currently are\ntraded over-the-counter, but the company will apply to list\nthem on the NASDAQ system in the next few days.\n Reuter\n\u0003", "date": "20-MAR-1987 10:31:43.22", "places": [ "usa" ], "id": "7701" }, { "title": "FREEPORT-MCMORAN OIL AND GAS PAYOUT RISES", "body": "Mthly div 14.248 cts vs 4.912 cts prior\n Pay April 10\n Record March 31\n Reuter\n\u0003", "date": "20-MAR-1987 10:32:50.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "7702" }, { "title": "AMAX FILES TO OFFER 15.8 MLN SHARES", "body": "AMAX Inc said it has filed for\nan offering of 15,757,350 common shares, including 757,300 to\nbe sold by Mitsui and Co Ltd .\n AMAX said it will offer 12,607,350 shares in the U.S.\nthrough underwriters led by First Boston Inc , along with\nAmerican Express Co's Shearson Lehman Brothers Inc\nsubsidiary, and Merrill Lynch and Co\nInc .\n Remaining shares will be sold outside the U.S. through\nunderwriters led by First Boston's Credit Suisse First Boston\nLtd affiliate, Shearson, Goldman Sachs and Merrill Lynch.\n AMAX said it will use its proceeds to reduce revolving\ncredit debt and repurchase or repay from time to time other\ndebt.\n Reuter\n\u0003", "date": "20-MAR-1987 10:35:10.40", "places": [ "usa" ], "id": "7703" }, { "title": "ILLINOIS REGIONAL MULLS AFFILIATION", "body": "Illinois Regional Bancorp said\nit is evaluating whether to affiliate with a larger bank\nholding company or continue to remain independent.\n The 500 mln dlr-asset bank holding company said that in\nview of recent investor interest in suburban Chicago banks, it\nretained Merrill Lynch Capital markets to advise it on its\nalternatives.\n Last year, Illinois Regional had discussions with\nMilwaukee-based Marine Corp but no agreement was\nreached, a company spokesman said.\n Reuter\n\u0003", "date": "20-MAR-1987 10:36:45.36", "topics": [ "acq" ], "places": [ "usa" ], "id": "7704" }, { "title": "MORGAN GUARANTY SELLS FIRST REPACKAGED PERPETUAL", "body": "Morgan Guaranty Ltd, through a special\nfinancing subsidiary, said it is issuing the first repackaging\nof perpetual floating rate notes, consisting of a repackaging\nof an outstanding WestPac Banking Corp security.\n Trading in perpetual floating rate notes, about 17 billion\ndlrs of which are outstanding, has come to a virtual halt as\nprices plunged. Because the securities never mature, there is\nno way to price them properly unless there is a liquid two-way\nmarket for them.\n Investors have been stuck with billions of dollars of notes\non their books that no one else will buy.\n Under terms of the offer, Morgan said it has set up a\nspecial-purpose financing company, Pacific Securities Co Ltd,\nwhich will issue two separate securities. The unit becomes the\nholder of 200 mln dlrs of Westpac floating rate notes.\n Morgan officials declined to disclose the level at which\nPacific purchased the Westpac securities, although in late\nFebruary, they were quoted at 85 against an issue price of par.\n Pacific Securities will issue two instruments. The first is\na floating rate bond due March 29, 2002. The bond pays interest\nat 50 basis points over the London Interbank Offered Rate.\n While the initial Westpac issue offered investors only 15\nbasis points over LIBOR, Morgan Guaranty said WestPac has\nagreed with Pacific Securities that it will pay investors the\nremaining 35 basis points.\n Also, WestPac has agreed to redeem to floating rate notes\nafter 15 years.\n The other portion of the security consists of a zero-coupon\nbond, also maturing at 2002, for which the investor pays 20\ncents on the dollar. Morgan officials said that by 2002, the\neffective yield will be a 20 pct return.\n However, Morgan officials said, holders of the zero-coupon\nbonds will not be paid in cash when the securities mature.\n Instead, they will be paid in an equivalent amount of\nzero-coupon Westpac perpetual floating rate notes.\n As part of the agreement, Pacific Securities has agreed to\nplace proceeds of the sale of the new securities on deposit at\nWestPac and earnings from the deposit will be used to subsidise\nthe payment of the additional interest to investors.\n Also as part of the issue, there is an option for issuance\nof a 70 mln dlr tap to be offered the following year.\n The tap will consist of 70 mln dlrs in floating rate notes\npaying and an additional equivalent amount of zero coupon bonds\nalso at a deep discount of 20 cents on the dollar.\n Fees consist of a one pct selling concession and 0.50 pct\ncombined underwriting and management.\n Westpac itself has agreed to be co-lead manager of both\ntranches and two small syndicates are being formed, Morgan\nGuaranty said.\n REUTER\n\u0003", "date": "20-MAR-1987 10:37:16.59", "places": [ "usa" ], "id": "7705" }, { "title": "TREASURY'S BAKER SAYS TAX CHEATING UNDETECTED", "body": "Treasury Secretary James Baker told\na Senate Appropriations subcommittee there is still lots of\nroom for improvement in government programs to crack down on\ntax cheating.\n \"I think we're far from the point at which we reach\nsaturation,\" Baker said when asked at what point additional\nefforts to catch cheating become fruitless.\n He said Internal Revenue Service efforts would raise a\nprojected 41 billion dlrs in fiscal 1988 compared to 18 billion\ndlrs in 1981.\n \"So we are increasing,\" Baker said.\n Reuter\n\u0003", "date": "20-MAR-1987 10:39:51.96", "places": [ "usa" ], "id": "7706" }, { "title": "SHELDAHL VOTES THREE-FOR-TWO STOCK SPLIT", "body": "Sheldahl Inc said its\ndirectors approved a three-for-two stock split, payable April\n24, record April 3.\n Reuter\n\u0003", "date": "20-MAR-1987 10:40:06.55", "topics": [ "earn" ], "places": [ "usa" ], "id": "7707" }, { "title": "HECHINGER SELLS CONVERTIBLE DEBENTURES", "body": "Hechinger Co is raising 125 mln dlrs\nthrough an offering of convertible subordinated debentures due\n2012 with a 5-1/2 pct coupon and par pricing, said sole\nunderwriter Morgan Stanley and Co Inc.\n The debentures are convertible into the company's common\nstock at 27.84 dlrs per share, representing a premium of 28 pct\nover the stock price when terms on the debt were set.\n Non-callable for two years, the debt is rated Baa-3 by\nMoody's and BBB-plus by Standard and Poor's. The issue was\nincreased from an initial offering of 100 mln dlrs. Earlier\nthis week, Moody's and S and P upgraded the company's debt.\n Reuter\n\u0003", "date": "20-MAR-1987 10:43:50.62", "places": [ "usa" ], "id": "7708" }, { "title": "RUSS TOGS INC SETS QUARTERLY", "body": "Qtly div 19 cts vs 19 cts prior\n Pay April 15\n Record April One\n Reuter\n\u0003", "date": "20-MAR-1987 10:44:04.11", "topics": [ "earn" ], "places": [ "usa" ], "id": "7709" }, { "title": "BANK OF FINLAND TO TRADE IN BANKS' CERTIFICATES", "body": "The Bank of Finland said it has\nstarted dealings in banks' certificates of deposits (CDs) with\nimmediate effect and that it was prepared to issue its own\npaper to stimulate operations on the domestic money market.\n Bank of Finland Governor Rolf Kullberg told a news\nconference the Bank will also limit credits on the call money\nmarket from March 30, 1987, by introducing a maximum credit\namount and a penalty rate if banks exceed this ceiling.\n \"The recent introduction of three-month money and these new\nregulations are decreasing the role of the call money market\nand the discount rate as monetary instruments,\" Kullberg said.\n Bankers welcomed the central bank measures saying these\nwere needed to accelerate the domestic money market. The Bank\nof Finland had never before been allowed to issue its own CDs,\nthey said.\n \"The central bank for the first time has an instrument with\nwhich it really can influence the price of money in this\ncountry,\" one banker said.\n Under the new rules banks are limited to call money credits\nto a maximum of 7.5 pct of the total of their equity capital\nand cash reserves. A penalty rate of interest of 19 pct is now\nintroduced if the limit is exceeded.\n Director Sixten Korkman at the Bank of Finland's monetary\ndepartment said he expected the bank to pursue an active policy\non the interbank market as an issuer of own-CDs.\n \"We are free to do it, so maybe on Monday we will issue the\nfirst, just to see how the system functions. Overall I think we\nwill issue at least a few times a week,\" Korkman told Reuters.\n He said the bank was likely to aim at CDs with a\nthree-month maturity at first as the market was best developed\nfor paper of that maturity.\n The Bank of Finland introduced last December three-month\ncredits and deposits at rates determined by the central bank\nand the commercial banks as a shift away from the traditional\novernight call money market.\n Liquidity on the call credit market has fallen from around\nnine billion markka in early December to 167 mln last week,\nwhile three-month credits have risen to three to four billion.\n On the interbank market there has been an increasing trade\nin banks' CDs, estimated to be some eight billion markka. In\naddition, commercial paper accounts for around five billion\nmarkka and Treasury Bills two billion.\n REUTER\n\u0003", "date": "20-MAR-1987 10:44:12.18", "topics": [ "money-fx" ], "places": [ "finland" ], "id": "7710" }, { "title": "DENMARK ISSUES 200 MLN ECU EUROBOND DUE 1992", "body": "Denmark is issuing a 200 mln ECU\neurobond due April 23, 1992 paying 7-1/4 pct and priced at\n101-3/8 pct, lead manager Morgan Stanley International said.\n The bond is available in denominations of 1,000, 10,000 and\n250,000 ECU and will be listed in Luxembourg.\n Fees comprise 1-1/4 pct selling concession and 5/8 pct\nmanagement and underwriting. Payment date is April 23.\n REUTER\n\u0003", "date": "20-MAR-1987 10:45:41.94", "places": [ "uk", "denmark" ], "id": "7711" }, { "title": "U.S. FUTURES LEADER SEES TOKYO LIBERALIZING", "body": "Japan will liberalize rules\nrestricting their financial institutions' ability to trade\nforeign financial futures contracts within the next two years,\nLeo Melamed, director of the Chicago Mercantile Exchange's,\nCME's, executive committee, said.\n Melamed, also the head of Dellsher Investment Co Inc, told\na press conference yesterday at the Futures Industry\nAssociation convention that within the next year or two the\nJapanese government is \"going to lift the curtain on their\ncommunity of users\" of futures markets.\n Currently, government restrictions prevent Japanese\ncitizens from trading futures or options contracts off-shore\nand converting the profits back into yen, according to Richard\nHeckinger, CME's vice president for international marketing.\n In addition, Japanese are not allowed to convert yen into\ndollars for the purpose of trading futures contracts overseas,\nhe said.\n Melamed predicted the Nikkei stock average index future --\na price-weighted index future based on 225 Tokyo Stock Exchange\nissues which is traded on the Singapore International Monetary\nExchange and mutually offset at the CME -- would do much better\nif Japanese financial institutions were able to use it.\n CME is waiting for approval from the Commodity Futures\nTrading Commission to begin trading the Nikkei stock index\nfuture in Chicago.\n \"We will not do as well with that contract until or unless\nthe Japanese community, financial institutions, can utilize it\nin Chicago,\" Melamed said.\n Melamed and Heckinger said they had no firm evidence that\nTokyo would liberalize futures trading rules, but sensed from\nJapanese inquiries and visits a readiness to change.\n Next month, the CME is to open a Tokyo office to strengthen\nthe exchange's link to Japan.\n The managing director of the office will be Takeo Arakawa,\nformerly of the Ministry of Finance and the Bank of Tokyo.\n Melamed said he hoped Arakawa would help the CME maintain a\ncompetitive edge when Japan launches financial futures trading.\n Next month the Osaka exchange is set to begin trading a\nstock index future, Heckinger said.\n \"We are not going to let them (the Japanese) do what they\ndid to the American automobile industry. We want to be partners\nwith them,\" Melamed said.\n Reuter\n\u0003", "date": "20-MAR-1987 10:47:03.58", "places": [ "usa", "japan", "singapore" ], "id": "7712" }, { "title": "CBT SEES LIFFE LINK OPERATING BY EARLY 1988", "body": "A trading link between the\nChicago Board of Trade, CBT, and the London International\nFinancial Futures Exchange, LIFFE, should be in operation by\nthe beginning of next year, CBT Chairman Karsten Mahlmann said.\n \"It could be the end of this year or the beginning of next\nyear that the linkage could become operational,\" Mahlmann told\nthe Futures Industry Association.\n The two exchanges signed a memorandum of understanding on\nFebruary 9 calling for the eventual establishment of a mutual\noffset clearing system that would allow traders to initiate\npositions on one exchange and liquidate them on the other.\n Mahlmann said the contracts involved in the link could\ninclude British gilts, Eurobonds, Japanese government bonds,\nforeign currencies and the Financial Times-Stock Exchange 100\nstock index.\n Reuter\n\u0003", "date": "20-MAR-1987 10:48:38.51", "places": [ "uk", "usa" ], "id": "7713" }, { "title": "PIEDMONT AIR FEBRUARY FREIGHT TRAFFIC UP", "body": "Piedmont Aviation Inc said\nFebruary cargo ton miles tose 33.9 pct to 4,419,923 from\n3,299,686 a year earlier.\n It said year-to-date cargo ton miles rose 26.5 pct to\n8,504,918 from 6,720,440 a year before.\n Reuter\n\u0003", "date": "20-MAR-1987 10:54:00.83", "places": [ "usa" ], "id": "7714" }, { "title": "CARTERET SAVINGS COMPLETES SALE OF BRANCHES", "body": "Carteret Savings Bank said it\nhas completed the previously announced sale of six Virginia\nbranches to Charter Federal Savings and Loan Association\n.\n Carteret said it has opened a retail banking office in\nVienna, Va., as the next step in its move to build a strong\npresence in the Washington, D.C., Baltimore, Md., area.\n Carteret said the new bank has two offices outside\nBaltimore, which were acquired last June when Carteret merged\nwith Admiral Builders Savings and Loan Association.\n The company said it plans to open a retail banking office\nin downtown Washington this summer, plus several more offices\nin Baltimore County and others in Fairfax County, Va. Carteret\nsaid it may open more loan offices in Virginia and Maryland.\n Reuter\n\u0003", "date": "20-MAR-1987 10:54:10.60", "topics": [ "acq" ], "places": [ "usa" ], "id": "7715" }, { "title": "FED EXPECTED TO SET CUSTOMER REPURCHASES", "body": "The Federal Reserve is expected to\nintervene in the government securities market to add temporary\nreserves indirectly via 1.5-2.0 billion dlrs of customer\nrepurchase agreements, economists said.\n Federal funds, which averaged 6.06 pct yesterday, opened at\n6-1/16 pct and remained there in early trading.\n Reuter\n\u0003", "date": "20-MAR-1987 10:56:20.08", "topics": [ "interest", "money-fx" ], "places": [ "usa" ], "id": "7716" }, { "title": "ON-LINE SELLS CONVERTIBLE DEBENTURES", "body": "On-Line Software International Inc is\nraising 40 mln dlrs through an offering of convertible\nsubordinated debentures due 2002 with a 6-1/4 pct coupon and\npar pricing, said lead manager Drexel Burnham Lambert Inc.\n The debentures are convertible into the company's common\nstock at 27.61 dlrs per share, representing a premium of 25.5\npct over the stock price when terms on the debt were set.\n Non-callable for two years, the debt is rated B-3 by\nMoody's and CCC-plus by Standard and Poor's. Donaldson Lufkin\nco-managed the deal, which was increased from an initial\noffering of 30 mln dlrs.\n Reuter\n\u0003", "date": "20-MAR-1987 10:57:22.97", "places": [ "usa" ], "id": "7717" }, { "title": "U.S. TREASURY'S BAKER OPPOSES NEW TAX ON SECURITIES TRANSACTIONS\n", "date": "20-MAR-1987 10:58:03.56", "id": "7718" }, { "title": "MEXICO SIGNS 7.7 BILLION DLR LOAN AGREEMENT WITH COMMERCIAL BANKS\n", "date": "20-MAR-1987 11:00:34.37", "id": "7719" }, { "title": "U.S. FDA APPROVES BURROUGHS WELLCOME'S AZT TO TREAT CERTAIN AIDS PATIENTS\n", "date": "20-MAR-1987 11:02:23.15", "id": "7720" }, { "title": "U.S. TREASURY'S BAKER OPPOSES SECURITIES TAX", "body": "Treasury Secretary James Baker said\nhe opposes a new tax on securities transactions.\n \"No,\" he said when asked by a reporter whether he favored\nsuch a tax, which has been advocated by House Speaker James\nWright (D-Tex).\n He added, \"Not unless you want to tax a whole bunch of\nlittle security holders, which is not a good idea.\"\n Reuter\n\u0003", "date": "20-MAR-1987 11:04:33.14", "places": [ "usa" ], "id": "7721" }, { "title": "MCDONALD'S UP ON REAFFIRMED RECOMMENDATION", "body": "The stock of McDonald's Corp rose\nsharply this morning after analyst Daniel Lee of Drexel Burnham\nLambert Inc reiterated his recommendation of the stock, traders\nsaid.\n McDonald's, an operator of fast food restaurants, rose\n1-5/8 to 77-3/8.\n \"Comparable store sales are up 5.6 pct in 1986 vs 1985,\"\nLee said, \"and the stock is trading below the market multiple.\"\nHe said \"not many companies have a consistent 15 pct annual\nearnings growth rate, return on equity above 20 pct, but trade\nat less than the market multiple.\"\n Analyst Lee said \"the introduction of a new line of salads\nthis spring, at about the time we are all trying to squeeze\ninto bathing suits, should boost sales.\"\n He also noted that \"the average McDonald's does about 1.369\nmln dlrs in revenues a year. That compares with 1.1 mln dlrs a\nyear for the average Burger King and 800,000 dlrs a year for\nthe average Wendy's.\" Since it cost about the same to build a\nsingle store for any one of these chains, he said, \"McDonald's\ncan well justify their expansion.\"\n Lee expects McDonald's to earn 4.40 dlrs a share in 1986\nand 5.15 dlrs in 1988. Last year it earned 3.72 dlrs a share.\n Reuter\n\u0003", "date": "20-MAR-1987 11:04:52.26", "topics": [ "earn" ], "places": [ "usa" ], "id": "7722" }, { "title": "ICN PHARMACEUTICAL INC 1ST QTR FEB 28 NET", "body": "Oper shr 14 cts vs four cts\n Oper net 2,959,000 vs 1,103,000\n Sales 22.5 mln vs 25.2 mln\n Note: oper data does not include extraordinary gains of\n3,686,000 dlrs, or 17 cts per shr, in current quarter and\n975,000 dlrs, or eight cts per shr, in year ago quarter from\nsales of certain marketable securities.\n Reuter\n\u0003", "date": "20-MAR-1987 11:05:41.01", "topics": [ "earn" ], "places": [ "usa" ], "id": "7723" }, { "title": "NORANDA WINS AID TO PARE ACID RAIN EMISSIONS", "body": " has agreed to cut acid\nrain emissions by 50 pct at its Quebec copper smelter by 1990\nwith the federal and Quebec governments each providing 41.6 mln\ndlrs towards the cost, the federal industry department said.\n Under an agreement, Noranda will also be required to \n41.6 mln Canadian dlrs and cover operating costs of the\nproposed 125 mln dlr sulphuric acid plant.\n The department said the agreement will allow Noranda to\nmeet polutions standards in Quebec's new environmental\nregulations passed in 1985.\n Reuter\n\u0003", "date": "20-MAR-1987 11:06:28.75", "places": [ "canada" ], "id": "7724" }, { "title": "AMERICAN FEDERAL COLORADO HALVES PAYOUT", "body": "American Federal Savings and Loan\nAssociation of Colorado said its board cut the quarterly\ndividend to 7-1/2 cts per share from 15 cts.\n The dividend is payable April 14 to holders of record March\n31.\n The company said earnings will continue under pressure this\nyear due to the weakness of the Colorado economy and a high\nlevel of nonearning assets.\n Reuter\n\u0003", "date": "20-MAR-1987 11:06:46.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "7725" }, { "title": "TEXAS UTILITIES CO 12 MTHS FEB 28 NET", "body": "Shr 4.50 dlrs vs 4.30 dlrs\n Net 637.4 mln vs 588.5 mln\n Revs 3.95 billion vs 4.10 billion\n Avg shrs 141.7 mln vs 136.9 mln\n Reuter\n\u0003", "date": "20-MAR-1987 11:07:50.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "7726" }, { "title": "HARLEY-DAVIDSON UNIT TO SELL 10-YEAR NOTES", "body": "Holiday Rambler Corp, a unit of\nHarley-Davidson Inc, said it filed with the Securities and\nExchange Commission a registration statement covering a 70 mln\ndlr issue of subordinated notes due 1997.\n Proceeds will be used to repay 60 mln dlrs of debt. The\nremainder will be applied toward reducing any outstanding\nborrowings under the company's revolving credit loan agreement\nand for working capital, Holiday Rambler said.\n The company named Dean Witter Reynolds Inc as sole\nunderwriter of the offering.\n Reuter\n\u0003", "date": "20-MAR-1987 11:08:15.29", "places": [ "usa" ], "id": "7727" }, { "title": " 4TH QTR NET", "body": "Shr 15 cts vs nine cts\n Net 528,000 vs 374,000\n Revs not given\n Year\n Shr 1.25 dlrs vs 42 cts\n Net 2,853,000 vs 1,579,000\n Revs 55.3 mln vs 46.8 mln\n Note: shr after preferred dividends\n Reuter\n\u0003", "date": "20-MAR-1987 11:08:22.02", "topics": [ "earn" ], "places": [ "canada" ], "id": "7728" }, { "title": "ENVIROPACT TO MAKE ACQUISITION", "body": "Enviropact Inc said it has signed a\nletter of intent to acquire Willms Trucking Co Inc for about\n12.5 mln dlrs, with completion expected in 45 days.\n In the year ended September 30, Willms had revenues of\nabout 15 mln dlrs. It transports hazardous waste, sand and\ngravel.\n Reuter\n\u0003", "date": "20-MAR-1987 11:08:28.66", "topics": [ "acq" ], "places": [ "usa" ], "id": "7729" }, { "title": "VIRATECK INC 1ST QTR FEB 28 OPER LOSS", "body": "Oper shr loss 23 cts vs profit 16 cts\n Oper loss 1,868,000 vs profit 1,293,000\n Revs 183,000 vs 3,400,000\n Note: Oper data does not include year ago extraordinary\ngain of 750,000 dlrs, or nine cts per shr.\n Reuter\n\u0003", "date": "20-MAR-1987 11:08:51.42", "topics": [ "earn" ], "places": [ "usa" ], "id": "7730" }, { "title": "MEXICO SIGNS 7.7 BILLION DLR LOAN AGREEMENT", "body": "Mexican officials and representatives\nof about 360 creditor banks worldwide started to sign\nagreements for 7.7 billion dlrs in new loans, Citibank said as\nco-chairman of Mexico's bank advisory committee.\n The package, which was agreed in principle with the\ncommittee last October 16, is built on a core loan of six\nbillion dlrs, of which five billion dlrs will be lent for 12\nyears with five years' grace.\n The remaining one billion dlrs is in the form of a\nco-financing with the World Bank, which will guarantee 500 mln\ndlrs. This loan is for 15 years with nine years' grace.\n The package also includes two contingency facilities\ntotalling 1.7 billion dlrs.\n One is a growth-contingency co-financing with the World\nBank for 500 mln dlrs, of which half will be guaranteed by the\nWorld Bank.\n The loan may be drawn to fund high-priority investment\nprojects if Mexican economic growth fails to reach certain\ngrowth targets for the first quarter of 1987.\n Disbursements would be for 12 years with seven years'\ngrace. Bankers said they expect the loan, which is available\nuntil March 1988, will be drawn down. \n The second contingency facility, for 1.2 billion dlrs, is\ndesigned to support investment in the public and private\nsectors.\n The loan may be drawn down until April 1988 but only if\nMexico experiences a shortfall in public-sector external\nreceipts and provided that Mexico first qualifies for drawings\nunder a 600 mln sdr oil-contigency facility from the\nInternational Monetary Fund.\n This IMF loan would be triggered if the price of oil falls\nbelow nine dlrs a barrel for three months.\n Because of the level of public sector external receipts in\nthe fourth quarter of 1986 and the first quarter of 1987,\nMexico will not draw the first two tranches of the continency\nfacility, totalling 451 mln dlrs, Citibank said.\n As previously reported, bank commitments to the new money\npackage will also be reduced by 250 mln dlrs, representing the\ninterest payments that Mexico will save this year, thanks to\nthe reduced spread on the rescheduling.\n Under the rescheduling, Mexico is restructuring 43.7\nbillion dlrs of previously rescheduled debt over 20 years with\nseven years' grace.\n Maturities on another 8.6 billion dlrs of loans granted in\n1983 and 1984 will remain the same. The interest rate will be\nat 13/16 pct over Eurodollar deposit rates - the margin that\napplies to the entire package.\n Rounding out the deal, the banks have agreed to prolong six\nbillion dlrs of trade lines and to refinance some 10 billion\ndlrs of private-sector debt that comes under the Mexican\ngovernment's exchange-guarantee scheme, Ficorca.\n The size of the package thus comes to about 76 billion\ndlrs, the largest ever assembled in the international credit\nmarkets, Citibank said.\n The loan is still only 99 pct subscribed and the loan books\nwill be kept open for several more weeks to round up the final\n100 mln dlrs and the approximately 60 banks that have so far\nrefused to join the deal.\n \n Reuter\n\u0003", "date": "20-MAR-1987 11:09:01.72", "places": [ "usa", "mexico" ], "id": "7731" }, { "title": "PARKWAY CO SETS QUARTERLY", "body": "Qtly div 20 cts vs 20 cts prior\n Pay May 20\n Record May Four\n Reuter\n\u0003", "date": "20-MAR-1987 11:09:23.84", "topics": [ "earn" ], "places": [ "usa" ], "id": "7732" }, { "title": "ITALY SETS RULES FOR COMPANY HOLDINGS IN BANKS", "body": "Companies will henceforth be able to own\nstakes in banks, but these should not constitute a \"dominant\"\nholding, an Italian government committee ruled.\n The Interministerial Committee on Credit and Savings,\nheaded by Treasury Minister Giovanni Goria, said its decision\nreflected the \"need to safeguard the principle of separation\nbetween banks and non-financial concerns.\"\n It did not quantify what might constitute a \"dominant\"\nholding.\n The committee also set conditions for the allocation of\ncredits by banks to companies or individuals holding stakes in\nthem, and stipulates conditions under which the Bank of Italy\ncould exercise its powers of control in the case of stakes held\nby banks in companies or other banks.\n Under the ruling, credits given by banks or their\nsubsidiaries to groups or individuals holding five pct or more\nof the bank's capital must not exceed defined limits.\n The value of credits given cannot exceed either one-fifth\nof the combined capital and reserves of the bank itself or\ntwo-fifths of the value of the stake owned in the bank by the\ngroup or individual concerned.\n Exceptions to these conditions include credits to concerns\nin which the bank itself has a stake and to branches of foreign\nbanks. Credits made by foreign companies or banks to\nsubsidiaries which have their legal base in Italy will also be\nexcluded from the conditions.\n The Bank of Italy will request banks to insert rules in\ntheir statutes to ensure that companies or individuals holding\nfive pct or more of the bank's capital are not given privileged\ntreatment with regard to credit allocation and terms.\n With regard to bank holdings in companies, the Bank of\nItaly can exercise supervisory controls when information on a\nbank's consolidated activities show single shareholdings in a\ncompany or another bank of 25 pct or more, owned directly or\nindirectly.\n Such controls can also be exercised even if the stake held\nis below 25 pct if it can be considered a controlling interest.\n The controls will not be exercised in cases where the value\nof the bank's stake in a concern is below the lesser of two\npredefined limits.\n These limits are set at 15 billion lire or two pct of the\ntotal assets of the parent company of the shareholding bank.\n REUTER\n\u0003", "date": "20-MAR-1987 11:09:30.32", "topics": [ "acq" ], "places": [ "italy" ], "id": "7733" }, { "title": "PARISIAN INC 4TH QTR JAN 31 NET", "body": "Shr 58 cts vs 57 cts\n Net 4,313,000 vs 3,824,000\n Sales 72.8 mln vs 61.5 mln\n Avg shrs 7,492,000 vs 6,740,000\n Year\n Shr 1.33 dlrs vs 1.23 dlrs\n Net 9,592,000 vs 8,257,000\n Sales 226.4 mln vs 184.4 mln\n Avg shrs 7,228,000 vs 6,740,000\n Reuter\n\u0003", "date": "20-MAR-1987 11:11:11.41", "topics": [ "earn" ], "places": [ "usa" ], "id": "7734" }, { "title": "SPI PHARMACEUTICALS INC 1ST QTR OPER NET", "body": "Qtr ended Feb 28\n Oper shr 31 cts vs 14 cts\n Oper net 3,203,000 vs 1,357,000\n Revs 13.0 mln vs 15.6 mln\n Note: Oper data does not include year ago extraordinary\ngain of 821,000 dlrs, or eight cts per shr.\n Reuter\n\u0003", "date": "20-MAR-1987 11:11:32.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "7735" }, { "title": "GUARDIAN TRUSTCO SEES MODEST 1987 OUTLOOK", "body": ", earlier\nreporting a 198 pct increase in full year earnings per share,\nsaid the outlook for 1987 is more modest.\n The company said it has started a number of long-term\ngrowth projects which have a payback period exceeding one year.\nGuardian Trustco did not give a specific earnings forecast.\n The company earlier reported 1986 net profit rose to\n2,853,000 dlrs or 1.25 dlrs a share, from year-earlier\n1,579,000 dlrs or 42 cts a share.\n Reuter\n\u0003", "date": "20-MAR-1987 11:13:18.00", "topics": [ "earn" ], "places": [ "canada" ], "id": "7736" }, { "title": "COGECO BUYS FM STATION, PLANS SHARE ISSUE", "body": " said it agreed to acquire\n100 pct of Quebec City radio station CJMF-FM and will issue\nsubordinated voting shares of the company to cover a portion of\nthe purchase price.\n It said the purchase price and other terms of the\ntransaction have not been disclosed. The transaction is subject\nto approval of the Canadian Radio-Television and\nTelecommunications Commission.\n Reuter\n\u0003", "date": "20-MAR-1987 11:17:12.05", "topics": [ "acq" ], "places": [ "canada" ], "id": "7737" }, { "title": "NESTLE 1986 NET 1.79 BILLION SWISS FRANCS VS 1.75 BILLION, DIV UNCHANGED 145 FRANCS\n", "date": "20-MAR-1987 11:17:15.10", "topics": [ "earn" ], "id": "7738" }, { "title": "TEXAS INDUSTRIES INC 3RD QTR FEB 28 NET", "body": "Shr loss 50 cts vs profit one ct\n Net loss 4,419,000 vs profit 276,000\n Sales 126.8 mln vs 151.3 mln\n Nine mths\n Shr loss 42 cts vs profit 1.27 dlrs\n Net loss 3,160,000 vs profit 11.2 mln\n Sales 429.9 mln vs 477.5 mln\n NOTE: Current year net includes tax credits of 2,164,000\ndlrs in quarter and 328,000 dlrs in nine mths.\n Reuter\n\u0003", "date": "20-MAR-1987 11:18:03.60", "topics": [ "earn" ], "places": [ "usa" ], "id": "7739" }, { "title": "GE TO RESEARCH COAL-FIRED GAS TURBINE POWER", "body": "General Electric Co said its\nresearchers will investigate the potential of a gas turbine\npowered by the combustion gases of burning coal.\n The company said the research is part of a five-year, 19.1\nmln dlr program supported by the U.S. Energy Department's\nMorgantown Energy Technology Center. The center is expected to\nput up 15 mln dlrs of the cost while GE contributes equipment\nand services valued at 2.0 mln dlrs, New York State contributes\n1.1 mln dlrs and Norfolk Southern Corp adding 1.0 mln\ndlrs.\n Rather than using the conventional gas turbine fuels,\ndistillate oil or natural gas, GE said, the program will look\nat the feasability of powering a turbine with coal/water slurry\n-- a mixture of water and finely ground coal particles from\nwhich most of the ash has been removed.\n Besides using a cheaper fuel, the company said, such a\nsystem would also be less expensive to build than conventional\ncoal plants which require a boiler in which coal heats water to\nmake steam to drive a turbine or a coal gasifier which converts\nto coal into gas, which is then burned to power a turbine.\n Reuter\n\u0003", "date": "20-MAR-1987 11:18:50.77", "places": [ "usa" ], "id": "7740" }, { "title": "WESTCORP UNIT OFFERS AUTO BONDS", "body": "Westcorp's Western Financial\nAuto Loans 2 Inc said it has commenced an offering of 125 mln\ndlrs of AAA-rated automobile receivable collateralized bonds.\n The bonds will be due March 1, 1990 and are priced at\n99.9375 pct to yield 6.86 pct.\n This is the third such offering the company has made and\nthe second in the past four months.\n Reuter\n\u0003", "date": "20-MAR-1987 11:21:08.85", "places": [ "usa" ], "id": "7741" }, { "title": "TALKING POINT/FIRST CITY BANCORPORATION ", "body": "First City Bancorporation's sale of 54\nmln dlrs in oil loans to Prudential-Bache should significantly\nreduce its energy problems, but the bank's losses are still\nvirtually guaranteed to continue, analysts said.\n The package of energy loans was sold at book value, so\nFirst City did not to show a gain or loss, said bank spokesman\nJames Day. He added it was possible First City would sell more\nof the bank's remaining 1.4 billion dlrs in oil-related loans\nto raise cash.\n The loans had been made by First City to oil producers and\nto oilfield service and supply companies. Day said some had\nalready been classified as nonperforming, or charged off as a\nloss, but he could not identify how many were included in those\ncategories.\n The loans were purchased by Prudential Bache's Energy\nGrowth Fund, a limited partnership created last month with 90\nmln dlrs in funding to invest in oil and gas properties.\n First City, the big Texas bank hit hardest by the downturn\nin oil prices, lost a record 402 mln dlrs in fiscal year 1986\nand has said it is seeking a merger partner or some other\ncapital assistance. The Houston-based bank's nonperforming\nassets totaled 897.1 mln dlrs at yearend, up from 563.1 mln\ndlrs at the end of 1985\n Analysts have said no buyer is likely to be interested in\nthe troubled bank unless government assistance is available.\n \"Their problems are not just limited to energy. They have a\nsubstantial portfolio in real estate. This sale in and of\nitself won't make the company look better to a potential\nbuyer,\" said Ray Archibold, a banking analyst with McCarthy,\nCrisanti and Maffei Inc.\n \"It does reduce the bank's exposure in energy loans and 54\nmln dlrs is a substantial amount,\" Archibold said, \"but the\ndeal represents only about four pct of their energy loans.\"\n Of First City's total loan portfolio of 9.9 mln dlrs, about\n14 pct or 1.4 billion dlrs were made to energy producers or\nsuppliers, analysts said. Its record losses have been caused by\nits past status as one of the nation's top lenders to oil and\ngas producers and suppliers during the boom days of the late\n1970s and early 1980s.\n First City said about half of the loans sold to Prudential\ncame from its Energy Finance Co., an entity formed in 1982 to\nloan money to \"more venturesome\" oil borrowers that promised a\nhigher potential return. The other half of the loans were from\nFirst City's lead bank in Houston.\n Chris Kotowski, an analyst with Oppenheimer and Co., said\nthe sale of the package of energy loans was the first\nencouraging news from First City in months.\n \"It's not going to solve all of First City's problems but\nit's a good transaction for them. It may be possible for them\nto sell additional loans,\" Kotowski said. \"Prudential can fund\nthese things more cheaply than First City and there's an\nincentive to invest in troubled energy companies right now as\nvalues are depressed\"\n In a statement, First City chairman J.A. Elkins said the\nbank's strategy was to reduce the proportion of energy loans to\ntotal loans. \"This move, which we believe is the first\ntransaction of its kind, helps us further, and we were able to\nmake it without suffering a loss.\"\n Reuter\n\u0003", "date": "20-MAR-1987 11:21:57.17", "topics": [ "earn", "crude" ], "places": [ "usa" ], "id": "7742" }, { "title": "SUNSHINE MINING CO 4TH QTR SHR LOSS 64 CTS VS LOSS 57 CTS\n", "date": "20-MAR-1987 11:22:52.46", "topics": [ "earn" ], "id": "7743" }, { "date": "20-MAR-1987 11:23:32.79", "topics": [ "ipi" ], "places": [ "italy" ], "id": "7744" }, { "title": "STANDARD OIL LEASES CRAY COMPUTER", "body": "Cray Research Inc said\nStandard Oil Production Co, a Dallas-based subsidiary of\nStandard Oil Co, will lease its CRAY X-MP/28 supercomputer with\nan SSD solid state storage device.\n The leased system will be installed in the second quarter\nof 1987 and replace a CRAY X-MP/24 computer system in operation\nsince 1984, it said.\n Reuter\n\u0003", "date": "20-MAR-1987 11:23:49.51", "places": [ "usa" ], "id": "7745" }, { "title": "GRACO INC VOTES QUARTERLY DIVIDEND", "body": "Qtly div 15 cts vs 15 cts prior qtr\n Pay 6 May\n Record 8 April\n Reuter\n\u0003", "date": "20-MAR-1987 11:23:54.77", "topics": [ "earn" ], "places": [ "usa" ], "id": "7746" }, { "title": "AUDIO/VIDEO SUES OVER CYCLOPS BID", "body": "Audio/Video Affiliates Inc said it\nhas filed suit against , Cyclops Corp,\nAlleghany Corp and others in connection with Dixons'\nrecently completed tender offer in which it raised its\nownership of Cyclops to 56 pct.\n The company said the suit, filed in U.S. District Court for\nthe Southern District of Ohio, seeks a temporary restraining\norder and preliminary injunction requiring Dixons, for 10\nbusiness days, to permit any Cyclops shareholder who previously\ntendered and now wishes to withdraw to do so.\n The company said the order and injunction would also\nprohibit Dixons from exercising a \"lockup\" option granted it by\nCyclops and prohibit Dixons for 10 business days from\nattempting to exercise any control over Cyclops.\n Audio/Video said the suit also requests the court to order\nCyclops to immediately provide to all potential bidders for\nCyclops all information given to Dixons.\n Audio/Video and Citicorp have been tendering for all\nCyclops shares in a competing offer at 80.00 dlrs per share but\nsaid it could raise its bid to 92.50 dlrs under certain\ncircumstances. Dixons offered 90.25 dlrs in its tender.\n In February Alleghany agreed to buy Cyclops' steel and\nnonresidential construction business for 111.6 mln dlrs in cash\nand the assumption of liabilities.\n Reuter\n\u0003", "date": "20-MAR-1987 11:26:42.38", "topics": [ "acq" ], "places": [ "usa" ], "id": "7747" }, { "title": "DATA GENERAL DEBT DOWNGRADED BY S/P", "body": "Standard and Poor's Corp said it cut\nto BBB-plus from A-minus Data General Corp's 184 mln dlrs of\nsenior debt.\n S and P cited expectations of continued profit pressure for\nthis maker of minicomputer products. The rating agency noted\nthat incoming orders remain lackluster and will probably\ninhibit any significant rebound in profits this year from the\nrecent near breakeven levels.\n In the longer term, S and P said an adequate generation of\nreturns on capital would depend on Data General's successful\nbroadening of its customer base.\n Reuter\n\u0003", "date": "20-MAR-1987 11:29:07.60", "places": [ "usa" ], "id": "7748" }, { "title": "DIXONS SAYS SEC MOVING ON CYCLOPS TENDER", "body": " said the \nSecurities and Exchange Commission has authorized, but not\ncommenced, the filing of an action against it concerning its\nwaiver of a condition in its tender offer for Cyclops Corp.\n Dixons has offered to buy about 80 pct of Cyclops shares.\nThe SEC action deals with a waiver by Dixons of a condition in\nthe tender offer which was made without an appropriate\nextension of the offer, Dixons said.\n Dixons also said it is currently discussing the matter with\nthe SEC. The SEC has a standing policy of never confirming\nor denying investigations or upcoming legal action.\n Reuter\n\u0003", "date": "20-MAR-1987 11:31:40.74", "topics": [ "acq" ], "places": [ "usa" ], "id": "7749" }, { "title": "FEDDERS OFFERS PREFERRED STOCK", "body": "Fedders Corp said an offering of\n1,500,000 shares of 1.75 dlr convertible exchangeable preferred\nstock is under way at 25 dlrs per share through underwriters\nled by Bear Stearns Cos Inc .\n The preferred is convertible at any time into common stock\nat 9.50 dlrs a share and is exchangeable after two years at\nFedders' option for seven pct convertible subordinated\ndebentures due 2012.\n Reuter\n\u0003", "date": "20-MAR-1987 11:32:45.19", "places": [ "usa" ], "id": "7750" }, { "title": "REAGAN SAYS HE WILL VETO HIGHWAY AND TRANSIT BILL\n", "date": "20-MAR-1987 11:32:52.06", "id": "7751" }, { "title": "SUNSHINE MINING CO 4TH QTR LOSS", "body": "Shr loss 64 cts vs loss 57 cts\n Net loss 34.9 mln vs loss 22.1 mln\n Revs 31.5 mln vs 60.2 mln\n Avg shrs 60.1 mln vs 45.2 mln\n Year\n Shr loss 2.27 dlrs vs loss 1.66 dlrs\n Net loss 103.2 mln vs loss 57.6 mln\n Revs 129.8 mln vs 169.5 mln\n Avg shrs 51.2 mln vs 38.1 mln\n NOTE: Per share results after preferred dividend\nrequirements of 3.3 mln dlrs vs 3.5 mln dlrs in quarter and\n12.9 mln dlrs vs 5.7 mln dlrs in year\n 1986 4th qtr loss includes accruals, writedowns and\nnon-recurring charges aggregating 13.9 mln dlrs including costs\nanticipated in 1987 for the reopening of the Sunshine Mine and\na writedown of the capitalized costs at the Sixteen-to-One Mine\nby 4.2 mln dlrs\n 1986 year loss includes charges totaling 100 mln dlrs\n Reuter\n\u0003", "date": "20-MAR-1987 11:33:00.71", "topics": [ "earn" ], "places": [ "usa" ], "id": "7752" }, { "title": "FDA OKAYS BURROUGHS WELLCOME AZT AS AIDS TREATMENT", "body": "The Food and Drug Administration has\napproved Burroughs Wellcome Co's AZT as a treatment to help\ncertain AIDS patients, including those with advanced-AIDS\nrelated complex.\n The drug is the first approved treatment for AIDS in the\nU.S. AZT or azidothymidine will be marketed as Retrovir by the\ncompany, the U.S. arm of Britain's .\n Because of its limited supply, the FDA said the drug will\nbe restricted initially to those patients with AIDS or\nAIDS-related complex with severely depressed immunity or a\nhistory of Pnumocystis carinii, pneumonia.\n \"Today's approval marks an important step but by no means a\nfinal victory against our ongoing war against AIDS,\" said Dr\nRobert E. Windom, assistant secretary for health at the Public\nHealth Service.\n He noted that available clinical data were sufficient for\napproving the use of Retrovir only for certain indications and\nnot for all AIDS associated conditions.\n Nevertheless, Windom said today's action means that\nsignificant medical relief will be available to thousands of\nthose afflicted with the disease.\n \"Retrovir is not a cure but it has demonstrated ability to\nimprove the short-term survival of AIDS patients with recently\ndiagnosed PCP (Pneumomystis carinii pneumonia) and certain\npatients with advanced ARC (AIDS-related complex),\" said\nWindom.\n Advanced AIDS related complex is a condition that\nfrequently precedes and develops within a short time into\nfull-scale acquired immune deficiency syndrome.\n As of March 16, there were 32,825 AIDS cases reported\nnationwide, with more than 16,000 deaths.\n The Public Health Agency said advanced ARC patients have\nsymptoms that include weight loss, persistent fever and\ndiarrhea, and less severe infections such as oral thrush and\nherpes infections.\n The federal agency said that AIDS patients who are expected\nto qualify for retrovir treatment are those who have serious\nopportunistic infections associated with AIDS and those with\nadvanced AIDS related complex.\n It is estimated that about two to three times as many\nAmericans may suffer from advanced ARC as from AIDS.\n Burroughs Wellcome, of Research Triangle Park, N.C., has\nscheduled a press conference for Monday in New York where it\nwill discuss what patients will quality for treatment. The\ncompany has said that a year's treatment with the drug would\ncost 8,000 dlrs to 10,000 dlrs.\n Burroughs has also said that it has adequate supplies of\nthe drug for the most seriously ill patients, and will have\nsupplies for a minimum of 30,000 patients and probably more by\nthe end of the year.\n Retrovir's approval was expected as a panel of expert\nmedical advisers to the FDA recommended in January that the\ndrug be licensed for sale even though there were gaps in\nunderstanding the drug's effectiveness.\n The panel said the drug could prolong the lives of certain\nAIDS patients but it also caused severe side effects such as\nanemia and other blood problems.\n Due to the extraordinary situation surrounding AIDS, a\nfatal disease reaching what some health officials say is\nepidemic proportions, Windom said the FDA has moved in near\nrecord time--four months--to approve the drug.\n AZT, derived from herring sperm, was created in the 1960s\nby Jerome P. Horwitz of the Michigan Cancer Foundation as an\nanticancer agent.\n Meanwhile in London, dealers said Wellcome shares rose to\n497p in response, up from last night's close of 457p.\n But pharmaceutical analyst Mark Clark of Barclays de Zoete\nWedd said the new drug's share of the market may not be as a\nhigh as expected since it had very severe side effects.\n \"It is not a cure and the side effects are so bad it is\nunlikely that someone could support a full year's treatment,\" he\nsaid. \"There are also a whole host of other drugs likely to come\nonto the market quite soon.\"\n Last week the drug was approved for marketing in the U.K.\n Reuter\n\u0003", "date": "20-MAR-1987 11:35:34.40", "places": [ "usa" ], "id": "7753" }, { "title": "BELDING HEMINWAY OFFICIAL RESIGNS", "body": "Belding Heminway Co Inc said Bruce\nHausman has resigned as senior vice chairman and chairman of\nthe executive committee to pursue personal interests in real\nestate and other investments but will remain on the board.\n Reuter\n\u0003", "date": "20-MAR-1987 11:36:37.25", "places": [ "usa" ], "id": "7754" }, { "title": "SCAT HOVERCRAFT INC YEAR LOSS", "body": "Shr loss not given\n Net loss 1,300,000\n Sales 3,300,000\n NOTE: Company incorporated in June 1985.\n Fourth quarter loss 895,000 dlrs.\n Reuter\n\u0003", "date": "20-MAR-1987 11:37:12.33", "topics": [ "earn" ], "places": [ "usa" ], "id": "7755" }, { "title": "HYPONEX DEBT DOWNGRADED BY S/P", "body": "Standard and Poor's Corp said it\ndowngraded to CCC-plus from B-minus Hyponex Corp's 30 mln dlrs\nof subordinated debt.\n It assigned a CCC-plus rating to Hyponex's 150 mln dlrs of\nsenior subordinated debentures due 1999 that were priced\nWednesday for offering. The implied senior debt rating is B.\n S and P cited an increase in debt leverage to 86 pct of\ncapitalization from 56 pct. While the company's operating\nrecord has been successful, S and P said the action also\nreflected uncertainties and risks associated with management's\nnew business and investment strategies.\n Reuter\n\u0003", "date": "20-MAR-1987 11:37:49.26", "places": [ "usa" ], "id": "7756" }, { "title": "NESTLE SA YEAR 1986", "body": "Div 145 Swiss francs per share and 29 francs per\nparticipation certificate (unchanged)\n Net 1.79 billion vs 1.75 billion\n Shr 526 vs 515\n Turnover 38.05 billion vs 42.23 billion\n Addition to reserves 170 mln vs 95 mln.\n Reuter\n\u0003", "date": "20-MAR-1987 11:37:54.99", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "7757" }, { "title": "REAGAN TO VETO 87.5 BILLION DLR HIGHWAY BILL", "body": "President Reagan said he will veto\nan 87.5 billion dlr highway and transit bill, citing his\ncommitment to hold to spending cuts to meet budget deficit\nreduction goals.\n \"I am adamantly opposed to the excessive spending that is in\nthe bill as it emerged from a (House-Senate) conference\ncommittee,\" he said in a statement.\n White House spokesman Marlin Fitzwater said Reagan had\nreservations on 152 so-called demonstration highway projects\nand on the amount for transit projects.\n The bill called for transit projects totalling 17.8 billion\ndlrs, compared to 8.7 billion proposed by the administration.\n Fitzwater said, however, that Reagan supported the right of\nstates to raise the highway speed limit to 65 mph from 55 mph,\na provision that is also in the legislation.\n Reuter\n\u0003", "date": "20-MAR-1987 11:38:52.20", "places": [ "usa" ], "id": "7758" }, { "title": "AUTOMATED DATA , MERRILL IN AGREEMENT", "body": "Automatic Data Processing Inc\nsaid it and Merrill Lynch and Co Inc have reached agreement on\ndetailed specifications in their previously-announced\ndevelopment project for a customized quote service system.\n \"If the development plans proceed as projected, Automatic\nData Processing will start a rollout to Merrill Lynch's 600\noffices at the end of 1987 with a scheduled completion by the\nend of 1989,\" the company said.\n Reuter\n\u0003", "date": "20-MAR-1987 11:38:59.77", "places": [ "usa" ], "id": "7759" }, { "title": "COMEX CONSIDERING NEW FUTURES CONTRACTS", "body": "The Commodity Exchange Inc,\nCOMEX, is researching the possibility of offering futures\ncontracts on foreign currency swaps and Ginnie Mae repurchase\nagreements, a COMEX consultant said.\n Kurt Dew, president of Risk Analysis Systems, said the idea\nwas on the drawing board at the staff level and not near\nrealization.\n Dew said the contracts would be logical successors to two\ncontracts already proposed by the exchange -- futures on\ninterest rate swaps and on Treasury repurchase agreements, or\nrepos.\n Regulations recently proposed by federal bank regulators\ncould enhance the attractiveness of futures contracts on\ncurrency swaps, he said.\n Those regulations would require banks to allocate a certain\nshare of its capital to currency swaps, Dew said. Futures on\ncurrency swaps would not require capital allocation.\n A futures market in Government National Mortgage\nAssociation (Ginnie Mae) repos would help investors outside the\ncircle of primary dealers get the best possible price, Dew\nsaid.\n Dew emphasized that the COMEX board had not yet considered\nthe contracts.\n Reuter\n\u0003", "date": "20-MAR-1987 11:39:43.64", "places": [ "usa" ], "id": "7760" }, { "title": "SOUTHEAST BANKING CORP SETS QUARTERLY", "body": "Qtly div 22 cts vs 22 cts prior\n Pay April 10\n Record March 30\n Reuter\n\u0003", "date": "20-MAR-1987 11:40:34.51", "topics": [ "earn" ], "places": [ "usa" ], "id": "7761" }, { "title": "BALANCE COMPUTER CORP 3RD QTR JAN 31 LOSS", "body": "Shr loss one ct vs profit five cts\n Net loss 34,496 vs profit 207,165\n Rev 102,691 vs 297,813\n Nine months\n Shr profit one ct vs profit five cts\n Net profit 69,018 vs profit 230,188\n Rev 641,823 vs 666,319\n NOTE: The company was delisted from the NASDAQ in November\n1985. Third qtr 1986 net includes extraordinary credit of\n76,400 dlrs, or four cts a share.\n Reuter\n\u0003", "date": "20-MAR-1987 11:41:06.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "7762" }, { "title": "RECOMMENDATION REITERATED ON WANG LABS ", "body": "Analyst Thomas McCrann of Merrill\nLynch said he reiterated a \"buy\" recommendation of Wang\nLaboratories Inc, noting that a successful cost cutting\ncampaign could reduce the earnings loss expected for the third\nquarter ending in March.\n Wang was the most actively traded stock on the American\nStock Exchange, rising 3/4 to 16-5/8.\n McCrann said that \"Wang is a little bit ahead of where they\nwere expected to be in their cost reductions, and as a result,\nthe odds have increased that the loss for the quarter will be\nless than had been expected.\"\n McCrann said he expects Wang to report break even earnings\nper share or only a small loss per share for the third quarter.\n He said for the year, however, the company should report a\nloss of about 50 cts a share compared with earnings of about 35\ncts a share a year ago.\n Reuter\n\u0003", "date": "20-MAR-1987 11:42:14.10", "topics": [ "earn" ], "places": [ "usa" ], "id": "7763" }, { "title": "FED SAYS IT SETS 1.5 BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS\n", "date": "20-MAR-1987 11:42:19.26", "topics": [ "money-fx", "interest" ], "id": "7764" }, { "title": "JAPAN, BRITAIN DISAGREE ON TELECOM MERGER", "body": "Cable and Wireless Plc is\nresisting attempts to merge two Japan-based telecommunications\nfirms in the hope that overseas political pressure will force a\nchange in those plans, a company executive said.\n Cable and Wireless, which holds a 20 pct stake in one of\nthe two Japanese firms, is opposed to plans to reduce its share\nto three pct in the merged firm, director of corporate strategy\nJonathan Solomon told reporters.\n That plan, put forward by a senior member of the powerful\nbusiness organization Keidanren with the tacit backing of the\nPost and Telecommunications Ministry, has caused a storm of\nprotest from abroad that Japan is seeking to exclude foreign\nfirms from a meaningful position in the market.\n Pacific Telesis Group of the United States also\nholds a 20 pct stake in one of the newly formed consortia,\n (IDC).\n Solomon said that both British Prime Minister Margaret\nThatcher and U.S. Secretary of State George Schultz have\nwritten to the Japanese government about the planned merger.\n A key U.S. Senate committee, Commerce Secretary Malcolm\nBaldrige and Trade Representative Clayton Yeutter have also\nexpressed opposition to the merger, he said.\n The Post and Telecomunications Ministry reiterated again\nthat it sees no need for two competitors to , which holds a monopoly on international calls\nfrom Japan. The ministry has also suggested that foreign\nshareholders not hold managerial positions in the new firm.\n In an attempt to hammer out an agreement, Solomon today met\nFumio Watanabe, the senior Keidanren officer trying to arrange\nthe merger. But the two sides remained deadlocked.\n At stake is C and W's 400 mln dlr project to lay fibre\noptic cables between Japan and Alaska, to form part of its\nglobal network.\n \"C and W wants to start right away on the project, such as\napplication and other procedures,\" said Watanabe, who is also\nchairman of . The Japanese\nside is saying that the decision on such a plan should be left\nwith the new firm, after the merger.\n \"These decisions (on the merger) were made in consideration\nof Japan's economic conditions and legal systems. I told him we\nare not a colony or something,\" said Watanabe.\n Reuter\n\u0003", "date": "20-MAR-1987 11:43:08.70", "topics": [ "acq" ], "places": [ "japan", "uk", "usa" ], "id": "7765" }, { "title": "WINTHROP INSURED MORTGAGE II SETS PAYOUT", "body": "Qtly div 35 cts vs 35 cts prior\n Pay April 15\n Record March 31\n NOTE: Winthrop Insured Mortgage Investors II.\n Reuter\n\u0003", "date": "20-MAR-1987 11:43:53.84", "topics": [ "earn" ], "places": [ "usa" ], "id": "7766" }, { "title": "GERMAN MONEY SUPPLY GROWTH SLOWS IN FEBRUARY", "body": "West Germany's money supply growth\nslowed in February after January's sharp rise but the trend is\nstill definitely upward, the Bundesbank said in a statement.\n Growth in the traditionally broad M3 aggregate was only\nmoderate in February. While cash in circulation, deposits with\nstatutory withdrawal notice and sight deposits grew sharply,\nshort-term time deposits fell after expanding unusually\nstrongly in January.\n In the six months to February, M3, which excludes holdings\nof German non-banks abroad, grew at a seasonally adjusted\nannual rate of 8.5 pct after 9.8 in the six months to January.\n Compared with February 1986, M3 rose 7-1/2 pct.\n In the six months to February, M2, which excludes time\ndeposits with statutory withdrawal notice, rose at a seasonally\nadjusted annual rate of 8.8 pct and M1, which consists of cash\nand sight deposits, rose seven pct.\n International transactions of non-banks again led to a\nsignificant inflow of funds, the Bundesbank said.\n Net claims of commercial banks and the Bundesbank against\nforeigners, refecting these foreign payments, increased by 9.1\nbillion marks in February, little changed from January's rise.\n But in contrast to January, the dampening effect of the\ninflow on domestic credit demand outweighed the expansionary\neffect on money growth, the Bundesbank said.\n Outstanding bank credits to companies and private\nindividuals remained virtually unchanged in February.\n A sharp drop in short-term company credits, which reflected\nthe foreign funds inflow, was balanced by a moderate rise in\nlong-term credits and a sharp rise in credits for securities.\n At the end of February total bank credits to the private\nsector were 4-1/2 pct above the February 1986 level.\n The effect of public authority cash movements on the money\nsupply was slightly expansive, the Bundesbank said.\n Although banks acquired large amounts of public authority\npaper, public authorities drew down book credits at commercial\nbanks and the Bundesbank.\n Capital formation strengthened in February and slowed money\nsupply growth to a larger extent than in January.\n A total of 7.7 billion marks in long-term funds was placed\nwith banks after 6.6 billion the previous month.\n REUTER\n\u0003", "date": "20-MAR-1987 11:44:01.78", "topics": [ "money-supply" ], "places": [ "west-germany" ], "id": "7767" }, { "title": "ENTEX ENERGY DEVELOPMENT LTD SETS PAYOUT", "body": "Qtly div 15 cts vs 15 cts prior\n Pay May 29\n Record March 31\n \n Reuter\n\u0003", "date": "20-MAR-1987 11:44:05.95", "topics": [ "earn" ], "places": [ "usa" ], "id": "7768" }, { "title": "FED ADDS RESERVES VIA CUSTOMER REPURCHASES", "body": "The Federal Reserve entered the U.S.\nGovernment securities market to arrange 1.5 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": "20-MAR-1987 11:45:00.26", "topics": [ "money-fx", "interest" ], "places": [ "usa" ], "id": "7769" }, { "title": "DUFF/PHELPS LOWERS DELMARVA POWER AND LIGHT", "body": "Duff and Phelps said it lowered its\nrating on Delmarva Power and Light Co first mortgage bonds to\nDP-3 (middle AA) from DP-2 (high AA) and on preferred stock to\nDP-4 (low AA) from DP-3, affecting approximately 646 mln dlrs\nin debt securities.\n The rating change reflects expectations of lower fixed\ncharge coverages and lower internal funding over the next\nseveral years, Duff and Phelps said.\n An interim cut in electric rates in Delaware and Maryland\nto reflect a lower allowed return on equity was made in the\nsecond half of 1986. A final decision is expected in April.\n Reuter\n\u0003", "date": "20-MAR-1987 11:45:29.02", "places": [ "usa" ], "id": "7770" }, { "title": " EC SAYS U.S. BROKE TRADE RULES IN AKZO-DUPONT ROW", "body": "The European Community Commission has\ncharged the United States with breaking international trade\nrules by excluding Dutch-made fibres from the U.S. Market and\nsaid it would take the issue to the world trade body GATT.\n In the latest of a series of trade disputes with\nWashington, the executive authority alleged that a section of\nthe U.S. Tariff Act was incompatible with the GATT (General\nAgreement on Tariffs and Trade) because it discriminated\nagainst imported products in favour of domestically-produced\ngoods.\n The Commission said it would ask Geneva-based GATT to rule\non whether the section in question, which officials said had\nproved a barrier to many EC exporters, conformed to its rules.\n Commission officials did not rule out retaliatory measures\nif, after a GATT decision against it, Washington failed to\nbring the disputed section into line with international rules.\n The executive's decision to go to GATT follows a complaint\nto it by the Dutch company Akzo , whose \"aramid\"\nsynthetic fibres have been banned from the U.S. Market because\nof charges by the U.S. Firm that the fibres violate\nthe American company's patents.\n Akzo alleged that the ban, imposed by the U.S.\nInternational Trade Commission (ITC), was discriminatory and\nincompatible with GATT provisions.\n The dispute centres on the fact that section 337 of the\nU.S. Tariff Act gives the ITC jurisdiction over imported\nproducts. The EC Commission charged that EC producers did not\nhave the same possibilities for defending themselves before the\nITC as they would have in a normal U.S. Court.\n \"Consequently the procedure followed...Is less favourable\nthan that which takes places in normal courts of law for goods\nproduced in the United States,\" it said in a statement.\n Reuter\n\u0003", "date": "20-MAR-1987 11:45:37.42", "topics": [ "trade" ], "organisations": [ "ec", "gatt" ], "places": [ "belgium", "usa", "netherlands" ], "id": "7771" }, { "title": "MOODY'S DOWNGRADES STANDARD CHARTERED PLC, AFFECTS 1.6 BILLION DLRS OF DEBT\n", "date": "20-MAR-1987 11:47:13.17", "id": "7772" }, { "title": "U.S. AGENCY TO ALLOW U.S. AIR TO BUY 51 PCT OF PIEDMONT PENDING FINAL OKAY OF MERGER\n", "date": "20-MAR-1987 11:48:36.12", "topics": [ "acq" ], "id": "7773" }, { "title": "FINAL TEST INC 4TH QTR LOSS", "body": "Shr loss six cts vs loss 88 cts\n Net loss 128,141 vs loss 1,298,377\n Sales 1,332,218 vs 385,146\n Year\n Shr profit six cts vs loss 1.47 dlrs\n Net profit 120,571 vs loss 2,171,011\n Sales 4,617,034 vs 2,959,141\n Reuter\n\u0003", "date": "20-MAR-1987 11:49:24.34", "topics": [ "earn" ], "places": [ "usa" ], "id": "7774" }, { "title": "HOUSTON METALS' MINE YIELDS POSITIVE RESULTS", "body": " said the\nthe first phase of the underground rehabilitation, extensive\ndrilling and bulk sampling program at its Silver Queen Mine has\nyielded positive results.\n Houston said representative assays from the 2,750 ft and\n2,600 ft levels at the south end of the mine established ore\ndeposits in the following ranges: copper, 3.7 pct to 5.08 pct,\nlead .99 pct to 1.5 pct, zinc six pct to 9.6 pct, silver 15.63\npct to 79.92 oz per ton, gold .062 to .19 oz per ton, germanium\n93 to 103 grams per ton, gallium five to 18 grams per ton.\n In addition, Houston Metals said the weighted average of 25\ndiamond-drilled holes 375 ft below the 2,600 foot level and 800\nft along the strike assayed gold at .237 oz per ton, silver at\n10.91 oz per ton and zinc at 8.99 pct.\n An apparent parallel vein structure at the 2,600 ft level\nreturned similar values, the company said.\n It added that preliminary metallurgical tests from\nrepresentative bulk ore samples indicate the commercial\nfeasability of producing a zinc and a copper-lead concentrate.\n Houston Metals said gold, silver and the base metals have\nrecoveries of 90 pct to 95 pct, with 95 pct of gold recovered\nfrom better gold ores, while gallium, germanium and indium have\nrecoveries of between 66 pct to 82 pct and are included in the\nzinc concentrate.\n The company's 1987 program of diamond drilling, underground\ndrifting and metallurgical evaluation is scheduled to start on\nApril.\n Houston Metals said it has a 60 pct interest in the Silver\nQueen mines.\n It added that funds for the program have been provided by\nFirst Exploration Fund, a Canadian limited partnership\nsponsored by Merrill Lynch Canada Inc and Dominion Securities\nInc.\n Reuter\n\u0003", "date": "20-MAR-1987 11:49:52.71", "topics": [ "silver", "copper", "lead", "zinc", "gold", "strategic-metal" ], "places": [ "canada" ], "id": "7775" }, { "title": "MICHIGAN NATIONAL CORP VOTES DIVIDEND", "body": "Qtly div 30 cts vs 30 cts prior qtr\n Pay 15 April\n Record 1 April\n Reuter\n\u0003", "date": "20-MAR-1987 11:50:09.21", "topics": [ "earn" ], "places": [ "usa" ], "id": "7776" }, { "title": "PRESSURE BUILDS ON THATCHER TO CALL ELECTION", "body": "British Prime Minister Margaret Thatcher\ncame under fresh pressure for an early election today as\nfinancial indicators bolstered the government's forecasts of a\nboom in the economy following the budget earlier this week.\n Two of the country's leading lending institutions announced\ncuts in home loans rates following Wednesday's cut in interest\nrates by the main banks by half a point to 10 per cent.\n Analysts said today's reduction by Abbey National from\n12.75 pct to 11.25, and one by the Halifax Building Society\nfrom 12.25 to 11.25 in lending rates for house buyers would be\nfollowed by other main institutions.\n One financial analyst commented: \"I imagine the Abbey\nNational is being toasted in Downing Street (the prime\nminister's residence) but not in the boardrooms of other big\nsocieties.\"\n Coupled with income tax cuts announced by Chancellor of the\nExchequer (Finance Minister) Nigel Lawson in his budget last\nTuesday as well as recent opinion polls showing Thatcher's\nrightwing Conservative Party well ahead of Labour and the\ncentrist Alliance, they said pressure was now building up on\nThatcher to call a general election as early as June.\n Yesterday there was more good news for Thatcher in the form\nof a continuing drop in the number of unemployed, with\ngovernment minister predicting that it would fall below the\nthree million mark before long.\n Reuter\n\u0003", "date": "20-MAR-1987 11:50:26.19", "places": [ "uk" ], "id": "7777" }, { "title": "ELECTRONIC MAIL REFINANCES, PRESIDENT QUITS", "body": "Electronic Mail Corp of\nAmerica has completed financing arrangements in the amount of\n200,000 dlrs.\n It also announced its president, J.R.Moman, resigned last\nFriday. Joshua Graham, chairman and chief executive officer,\nwill assume the role of president, the company said.\n Electronic said the refinancing was done through a group of\nlenders, including PaineWebber Capital Inc and the E.F. Hutton\nGroup Inc to fund short-term cash requirements.\n Financing terms were not disclosed, the company said.\n Electronic Mail said its revenues for February were 200,000\ndlrs as compared to 21,000 dlrs for the same period a year ago.\n For the first eight months of fiscal 1987 through February\n28 revenues were 1,100,000 dlrs compared to 300,000 dlrs for\nthe same period a year ago, the company said.\n The corporation will require additional funding in the near\nfuture, and is currently holding discussions with a number of\nother organizations that have expressed interest in investing\nin, acquiring, or merging with the company.\n Reuter\n\u0003", "date": "20-MAR-1987 11:51:16.38", "places": [ "usa" ], "id": "7778" }, { "title": "FRANCE'S BUE SIGNS SOVIET COOPERATION ACCORD", "body": " said it\nsigned a cooperation agreement with the Soviet Union's central\nbank , and Foreign Trade Bank , with\nthe aim of creating a joint financial holding under new Soviet\njoint venture laws.\n Jean-Paul Dessertine, international director at BUE, said\nthe function of the proposed joint financial group, would be to\nhelp set up, with consulting and financial services, other\nFranco-Soviet, mainly industrial, joint ventures.\n Some protocols of intent have already been signed but no\njoint venture contracts have been finalised under the new laws.\n Dessertine said a joint working party would on April 15\nbegin consulting with companies interested in making joint\nventures, and work to set up the joint financial holding.\n Citing the mixed results of joint ventures set up in the\npast between western and East European countries, he said:\n \"This is a wager on the evolution of the Soviet Union, and\non how far new reforms will be applied.\"\n Other parties to the cooperation protocol are , a French subsidiary of\nGosbank, and , the parent company of BUE.\n REUTER\n\u0003", "date": "20-MAR-1987 11:53:33.01", "places": [ "france", "ussr" ], "id": "7779" }, { "title": "LOTUS , MCI SHIP SOFTWARE PACKAGE", "body": "Lotus Development Corp and MCI\nCommunications Corp said they made the first shipment of Lotus\nExpress for MCI Mail, a communications-software product that\nenables personal computer users to exchange messages, send\ntelexes and transfer files.\n Lotus Express was announced last December and was shipped\non schedule, the companies said.\n Reuter\n\u0003", "date": "20-MAR-1987 11:54:29.63", "places": [ "usa" ], "id": "7780" }, { "title": "COMMERCE GROUP TO START TRADE ON NASDAQ", "body": "Commerce Group Corp said its\ncommon stock will begin trading March 23 on NASDAQ under the\nsymbol \"CGCO.\"\n The company is doing preliminary work necessary to the\nactual extraction of gold from the San Sebastian Gold Mine in\nEl Salvador, Central America.\n Commerce said it and San Sebastian Gold Mines Inc have\nconcession rights from the government of El Salvador to mine\nand extract gold from the San Sebastian Gold Mine.\n Reuter\n\u0003", "date": "20-MAR-1987 11:54:59.83", "places": [ "usa" ], "id": "7781" }, { "title": "AUTOCLAVE ENGINEERS INC QTLY DIVIDEND", "body": "Qtly div four cts vs four cts prior\n Pay April 15\n Record March 31\n.\n Reuter\n\u0003", "date": "20-MAR-1987 11:55:15.72", "topics": [ "earn" ], "places": [ "usa" ], "id": "7782" }, { "title": "TEXACO FORMS A NEW EXPLORATION DEPARTMENT", "body": "Texaco Inc said it has\nformed a new Frontier Exploration Department to initiate and\nevaluate high-potential frontier opportunities for Texaco\nworldwide.\n Reuter\n\u0003", "date": "20-MAR-1987 11:57:34.15", "places": [ "usa" ], "id": "7783" }, { "title": "WASTE MANAGEMENT AMENDS CHEMLAWN OFFER, RAISING IT TO 35 DLRS A SHARE FROM 33 DLRS\n", "date": "20-MAR-1987 11:58:51.53", "topics": [ "acq" ], "id": "7784" }, { "title": "AMERICAN MOTORS SAID DIRECTORS TOOK NO ACTION ON CHRYSLER PROPOSAL, POSTPONES ANNUAL MEETING\n", "date": "20-MAR-1987 12:02:21.34", "topics": [ "acq" ], "id": "7785" }, { "title": "COMPUTER SCIENCES IN TALKS WITH NASA FOR ONE BILLION DLR CONTRACT\n", "date": "20-MAR-1987 12:03:06.80", "id": "7786" }, { "title": "MOODY'S DOWNGRADES STANDARD CHARTERED ", "body": "Moody's Investors Service Inc said it\ndowngraded 1.6 billion dlrs of debt of Standard Chartered PLC\nand its units, Standard Chartered Bank and Union Bancorp.\n Moody's cited concerns over the asset quality of Standard\nChartered Bank.\n Cut were the parent's junior subordinated debt to A-3 from\nA-2 and Standard Chartered Bank's long-term deposit rating to\nAa-3 from Aa-2. Moody's lowered Union Bancorp's senior debt and\npreferred stock to A-1 from Aa-3, subordinated debt to A-2 from\nA-1 and long-term deposits to A-1 from Aa-3. Union's commercial\npaper and short-term deposits were unchanged.\n Also left unchanged were Standard Chartered Bank's ratings\nfor short-term deposits.\n Although Moody's cited Standard Chartered Bank's\nlong-standing position in a number of regional markets and\nimproved risk control procedures, it pointed out that the bank\nstill lacks the stabilizing effect of a more significant\npresence in the U.K. market.\n The rating agency reiterated that it is concerned about the\nrelative levels of risk in the bank's widely dispersed asset\nportfolio.\n Reuter\n\u0003", "date": "20-MAR-1987 12:05:02.37", "places": [ "usa" ], "id": "7787" }, { "title": "YUGOSLAVIA FREEZING PRICES AFTER STRIKES", "body": "The government said it will freeze\nprices at end-December levels within five days.\n The announcement followed a wave of strikes that swept the\ncountry in protest against a wages freeze.\n The government, in a statement through the official Tanjug\nnews agency, said the freeze would affect food, consumer goods,\ntools, textiles and furniture and would last 90 days.\n REUTER\n\u0003", "date": "20-MAR-1987 12:07:47.03", "places": [ "yugoslavia" ], "id": "7788" }, { "title": "WASTE MANAGEMENT HIKES CHEMLAWN BID", "body": "Waste Management Inc said it\namended its offer to buy the outstanding shares of ChemLawn\nCorp to 35 dlrs a share.\n On Thursday the company said it was prepared to bid 33 dlrs\na share, up from its original 27 dlrs a share offer.\n As a result of the price increase, made through Waste\nManagement's wholly owned subsidiary, WMX Acquisition Corp, the\noffer has been extended and the withdrawal rights will not\nexpire at midnight EDT April Two, unless further extended.\n Waste Management also said it amended its offer to provide\nthat the tender offer price will not be reduced by ChemLawn's\n10 cts a share dividend payable to holders of record April 1,\n1987.\n Reuter\n\u0003", "date": "20-MAR-1987 12:08:20.35", "topics": [ "acq" ], "places": [ "usa" ], "id": "7789" }, { "title": "ENTEX ENERGY DEVELOPMENT LTD YEAR LOSS", "body": "Unit loss 4.36 dlrs vs loss 4.27 dlrs\n Net loss 37.4 mln vs 32.9 mln\n Revs 19.3 mln vs 30.3 mln\n Avg units 8,413,000 vs 7,557,000\n Note: Net includes writedown of oil and gas properties of\n21.0 ln dlrs vs 16.5 mln dlrs and writedown of geothermal\nproperty of 10.4 mln dlrs vs 10.5 mln dlrs.\n Reuter\n\u0003", "date": "20-MAR-1987 12:08:40.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "7790" }, { "title": "U.S. SAYS USAIR MAY BUY 51 PCT OF PIEDMONT", "body": "The Department of Transportation\nsaid it will allow USAIR Group to acquire up to 51 pct of\nPiedmont Aviation voting stocks pending final approval of\nthe proposed merger of the two airlines.\n The agency said the stock would have to be held in a voting\ntrust controlled by an independent trustee.\n An agency spokesman said that if USAIR, which has proposed\nto buy all of Piedmont shares, controls more than 51 pct of the\nfirm's outstanding stock, it will have one week to sell those\nexcess shares.\n USAIR asked the Department of Transporation earlier this\nmonth to approve a voting trust.\n An agency spokesman said this is a device that airlines use\nto get majority control of a company it is trying to acquire\nwhile their application before the government is pending\napproval.\n The spokesman said the firm had asked the transporation\nagency permission to buy all of Piedmont's voting stock, the\nbut agency decided to give approval for 51 pct of shares.\n The spokesman said agency action on the proposed merger\napplication could take as long as six months.\n Reuter\n\u0003", "date": "20-MAR-1987 12:09:06.54", "topics": [ "acq" ], "places": [ "usa" ], "id": "7791" }, { "title": "USDA NOT PLANNING ANY MAJOR PRICING CHANGES", "body": "The Agriculture Department is not\nconsidering any major changes in its pricing system for posted\ncounty prices, an Agriculture Department offical said.\n \"We do not have current plans to make any major adjustments\nor changes in our pricing,\" said Bob Sindt, USDA assistant\ndeputy administrator for commodity operations.\n U.S. grain traders and merchandisers said earlier this week\nUSDA might act soon to reduce the cash corn price premium at\nthe Gulf versus interior price levels by dropping ASCS posted\nprices to encourage interior PIK and roll movement.\n But Sindt denied USDA is planning any such changes.\n \"If people are suggesting that we are going to make\nwholesale changes in pricing, we are not considering this,\" he\nsaid.\n Sindt, however, did not rule out the possiblity of\nimplementing more minor changes in its pricing system.\n \"We are continually monitoring the whole nationwide\nstructure to maintain its accuracy,\" he said. \"If we become\nconvinced that we need to make a change, then appropriate\nadjustments will be made.\"\n Sindt acknowledged that concern has been voiced that USDA's\nprice differentials between the New Orleans Gulf and interior\nmarkets are not accurate because of higher than normal barge\nfreight rates.\n He said commodity operations deputy administrator Ralph\nKlopfenstein is currently in the midwest on a speaking tour and\nwill meet with ASCS oficials in Kansas City next week.\n Sindt said a number of issues will be discussed at that\nmeeting, including the current concern over the gulf corn\npremiums.\n He defended the USDA differentials, saying that these price\nmargins reflect an average of prices throughout the year and\nthat seasonal factors will normally cause prices to increase or\ndecrease.\n The USDA official also said that only those counties that\nuse the Gulf to price grain are being currently affected by the\nhigh barge freight tariffs and increased gulf prices.\n When asked if the USDA emergency storage program which\nallows grain to be stored in barges was taking up barge space\nand accounting for the higher freight rates, Sindt discounted\nthe idea.\n He said USDA has grain left in only about 250 barges and\nthat, under provisions of the program, these all have to be\nemptied by the end of March.\n Reuter\n\u0003", "date": "20-MAR-1987 12:09:19.00", "topics": [ "grain", "corn", "ship" ], "places": [ "usa" ], "id": "7792" }, { "title": "DUFF/PHELPS LOWERS ATLANTIC CITY ELECTRIC ", "body": "Duff and Phelps said it lowered the\nratings on Atlantic City Electric Co first mortgage bonds,\ncollateralized pollution control revenue bonds and debentures\nto DP-5 (high A) from DP-4 (low AA) and preferred stock to DP-6\n(middle A) from DP-5, affecting about 500 mln dlrs in debt.\n The rating change is a result of a New Jersey Board of\nPublic Utilities' decision that lowered overall net rates by\n15.9 mln dlrs, D and P said. The board disallowed about 22.4\nmln dlrs of the utility's 239.8 mln dlrs investment in the Hope\nCreek nuclear plant which will have to be written off by 1988.\n Reuter\n\u0003", "date": "20-MAR-1987 12:09:27.75", "places": [ "usa" ], "id": "7793" }, { "title": "CHAD SAYS IT KILLED 384 LIBYANS IN BATTLE", "body": "Chadian troops killed 384 Libyans and\ncaptured 48 in fighting near the key Libyan air base of Ouadi\nDoum in northern Chad, a Chadian government statement said.\n The statement issued by Chad's Paris embassy said\ngovernment troops had \"completely annihilated\" a Libyan column\nyesterday some 45 km (28 miles) from the Libyan base.\n It was the highest number of Libyan casualties reported\nsince January 2, when Chadian troops overran an important\ngarrison at the oasis of Fada with the loss of more than 700\nLibyan troops.\n Ouadi Doumi, central northern Chad, is the site of Libya's\nmain airfield in the country and several clashes have been\nreported over the past week in the surrounding desert between\ntroops loyal to President Hissene Habre and Libyan forces.\n Reuter\n\u0003", "date": "20-MAR-1987 12:10:57.89", "places": [ "chad", "libya", "france" ], "id": "7794" }, { "title": "AFFILIATED PUBLICATIONS TO BUY BILLBOARD PUBLICATIONS FOR 100 MLN DLRS\n", "date": "20-MAR-1987 12:11:47.66", "topics": [ "acq" ], "id": "7795" }, { "title": "AMC TAKES NO ACTION ON CHRYSLER BID", "body": "American Motors Corp said its directors\nreviewed a Chrysler Corp merger proposal but took no action on\nit.\n The company said its directors met in New York today at a\nregularly scheduled meeting. The board's review is continuing\nwith the company's independent legal and financial advisers,\nAmerican Motors said in a statement issued from New York.\n American Motors' board voted to postpone its annual\nshareholders meeting scheduled for April 29 in Southfield,\nMichigan.\n The next regularly scheduled meeting of American Motors\nboard will be April 29, although it is expected that directors\nwill meet again prior to that date, according to the statement.\n Early last week, Chrysler said it agreed to buy the 46.1\npct interest owned by Regie Nationale des Usines Renault in\nAmerican Motors and acquire the balance of American Motors in a\ntransaction valued at 1.11 billion dlrs.\n Later that week, AMC said it had retained financial and\nlegal advisers and expected to meet periodiocally over the next\nseveral weeks to consider the proposal.\n Reuter\n\u0003", "date": "20-MAR-1987 12:12:54.57", "topics": [ "acq" ], "places": [ "usa" ], "id": "7796" }, { "title": "NESTLE SEEKING AUTHORISATION FOR CERTIFICATE ISSUE", "body": "Nestle SA said it\nwould seek shareholder approval to issue participation\ncertificates up to 20 pct of share capital, instead of the\ncurrent limit of 10 pct.\n It said it wanted this authorisation in view of future\ncertificate issues. Nestle's nominal capital amounts to 330 mln\nSwiss francs.\n Nestle reported net profits of 1.79 billion francs for\n1986, up 2.2 pct from 1985, while turnover fell 9.9 pct to\n38.05 billion as the Swiss franc strengthened against other\ncurrencies.\n The parent company's net profit rose to 666.6 mln francs\nfrom 592.9 mln in 1985, and the company planned an unchanged\ndividend of 145 francs per share and 29 francs per certificate\nafter placing 170 mln francs in reserves, against 95 mln last\nyear.\n The payout represented 27.6 pct of group net profit,\nagainst 28.2 pct last year.\n Nestle said it had also invited Fritz Leutwiler, former\npresident of the Swiss National Bank and currently chairman of\nBBC AG Brown Boveri und Cie , to join the Nestle board.\n Reuter\n\u0003", "date": "20-MAR-1987 12:14:04.38", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "7797" }, { "date": "20-MAR-1987 12:14:54.34", "id": "7798" }, { "title": "THERMO ELECTRON TO SELL CONVERTIBLE DEBT", "body": "Thermo Electron Corp said it filed\nwith the Securities and Exchange Commission a registration\nstatement covering a 75 mln dlr issue of convertible\nsubordinated debentures due 2012.\n Proceeds will be used principally for acquisitions of\ncompanies that complement or expand Thermo's existing line of\nbusiness and for general corporate purposes, it said.\n The company said the offering will be sold through Shearson\nLehman Brothers Inc, Drexel Burnham Lambert Inc and Tucker,\nAnthony and R.L. Day Inc. They have an over-allotment option to\npurchase an additional 11.25 mln dlrs of the debt.\n Reuter\n\u0003", "date": "20-MAR-1987 12:16:22.77", "places": [ "usa" ], "id": "7799" }, { "title": "ASTROCOM ADDS NEW NETWORKING PRODUCTS", "body": "Astrocom Corp said it added two new\nproducts aimed at improving on-premise data network efficiency.\n Its ATDM/MS six-port time-division multiplexor is designed\nto combine and send data from up to 18 remove terminals on a\nsingle transmission link to the controller in the central\nnetwork.\n The other product, the Squeeziplexor 3074 coaxial\nmultiplexor, is a low-profile version of the company's\nSqueeziplexor system that allows one coaxial cable to replace\nup to 32 individual cables connecting terminals and printers to\nthe central controller.\n Reuter\n\u0003", "date": "20-MAR-1987 12:19:07.10", "places": [ "usa" ], "id": "7800" }, { "title": "COMPUTER SCIENCES WINS LARGE NASA CONTRACT", "body": "Computer Sciences Corp said\nit won a contract with the National Aeronautics and Space\nAdministration (NASA) that could be worth one billion dlrs if\nNASA exercises all its options.\n The contract is for systems engineering and analysis\nservices for the Mission Operations and Data Systems\nDirectorate at Goddard Space Flight center in Greenbelt,\nMaryland.\n Expected to be efective November 15, the contract will\nconsist of a 34-1/2 month base performance period, a two-year\npriced option and five unpriced annual renewal options.\n The value of the basic and priced-option periods is about\n310 mln dlrs. The company estimates the total value of the\naward at about one billin dlrs over the full ten-year period.\n The contract will consolidate work currently performed by\nComputer Sciences under three separate contract that total\nabout 40 mln dlrs in annual revenues. The company also expects\na revenue increase of about 25 mln dlrs annually for additional\nwork to be performed under the contract.\n Computer Sciences said about 25 pct of the contract value\nwill go to subcontractors, the largest of which is Ford Motor\nCo's Ford Aerospace and Communications Corp.\n Computer Sciences' Systems Sciences division in Silver\nSpring, Maryland, will perform the work at its facilities at\nBeltsville and Greenbelt, Maryland.\n The contract is the largest in the company's history.\n Reuter\n\u0003", "date": "20-MAR-1987 12:20:44.92", "places": [ "usa" ], "id": "7801" }, { "title": "GATT TO DEBATE U.S. CHARGES OF AIRBUS SUBSIDIES", "body": "The U.S. Will pursue its complaint that\nEuropean governments unfairly subsidise the Airbus Industrie\naircraft consortium in proceedings at the GATT civil aircraft\ncommittee, a GATT spokesman said today.\n The U.S. Presented its case for the first time to the\naircraft committee of the General Agreement on Tariffs and\nTrade (GATT) during a special two-day session ending today.\nGATT rules cover some 80 pct of world commerce.\n The 20-member committee agreed to open debate on the U.S.\nComplaint, starting with informal consultations and then\nholding a special session in July, trade officials said.\n \"The tension has eased,\" the permanent trade ambassador of\nthe 12-member European Community Tran Van Thinh told reporters.\n\"The U.S. Has decided to go through proper channels.\"\n U.S. Trade officials again made clear their anger over what\nthey call unfair government support for Airbus, voiced during a\nvisit to European capitals in February.\n In a letter calling for the special committee meeting,\nWashington charged France, West Germany, the U.K., Spain and\nthe EC Commission with unfair practices on behalf of Airbus.\n The U.S. Charges that the Europeans are violating rules\nlaid down in the 1979 Agreement on Trade in Civil Aircraft.\n Washington presented its reading of rules on inducement to\npurchase aircraft and support for development of airlines\nduring the special session and asked the committee to confirm\nits view.\n Official sources in the delegations said the U.S. Views\nwould be considered during the informal consultations but the\nEuropeans would also be free to bring up any complaints against\nAmerican civil aircraft practices.\n Some delegates said the U.S. Position appeared to give such\nbroad interpretation to the rules as to suggest that the civil\naircraft accord needed re-negotiating. All these matters would\nbe considered during the informal meetings.\n Reuter\n\u0003", "date": "20-MAR-1987 12:21:07.48", "topics": [ "trade" ], "organisations": [ "gatt" ], "places": [ "usa", "france", "west-germany", "spain", "uk" ], "id": "7802" }, { "title": "UK OFFICIAL SEES TRANSATLANTIC AIR TRAFFIC RISE", "body": "U.K. Minister for Aviation Michael\nSpicer said transatlantic traffic should increase at least five\npct this year, after dropping nearly six pct last year.\n \"We expect at least a five pct increase and it may exceed\nthat, reaching at least the peak levels of 1985,\" Spicer said\nat a press conference.\n The figures refer to air traffic between North America and\nEurope.\n Spicer also said transport ministers of the European\nCommunity meeting next week are expected to agree on\nliberalizing air traffic regulations in Europe.\n Spicer said fears of terrorism dissuaded Americans from\ntraveling to Europe last year, resulting in pent up demand that\nwill be released this year.\n He said the ministers, scheduled to meet in Brussels Monday\nand Tuesday, should agree on allowing more than one airline to\nfly particular routes between European cities, removing some\nfare restrictions and easing capacity restrictions.\n Spicer also said he has asked U.S. officials to consider\nallowing investment in U.S. carriers, particularly in smaller\ncommuter airlines, by foreign companies. He also wants U.S.\nofficials to allow British carriers to fly more freely between\nU.S. destinations.\n Reuter\n\u0003", "date": "20-MAR-1987 12:24:42.64", "places": [ "usa" ], "id": "7803" }, { "title": "LEADING ECONOMISTS CALL FOR MORE GROWTH ABROAD", "body": "A panel of four leading economists\ntold a congressional hearing today that foreign economies will\nneed to expand to avoid recession as the U.S. trade deficit\ndeclines.\n C. Fred Bergsten, a former senior Treasury Department\nofficial, and Robert Solomon of the Brookings Institution told\nthe Senate Foreign Relations Committee, the major exporting\ncountries risk recession if they do not expand because U.S.\ndemand for imports is expected to fall.\n \"They need to beef up domestic demand as their trade\nsurplus falls,\" or unemployment will keep growing, Bergsten\nsaid.\n Bergsten predicted the U.S. trade deficit, which hit 169\nbillion dlrs last year, will fall 30-40 billion dlrs a year for\nthe next two years as a result of the dollar's 35-40 pct\ndecline since September 1985.\n The government should intervene to push the dollar down\nfurther if the previous declines do not lead to an improvement\nin the trade picture, if the U.S. budget deficit is not reduced\nand if foreign expansion does not occur, he added.\n Solomon said the dollar must fall further to compensate for\nthe huge interest payments required on U.S. foreign debt. The\nParis agreement between the major industrialized countries\nprovided only for a pause in its decline, he said.\n Rimmer de Vries, senior vice president of Morgan Guaranty\nTrust Co., said the U.S. trade deficit problem is a problem of\nlagging growth in industrial economies, prolonged currency\nmisalignment, debt problems of the developing countries, and\nunbalanced growth in the Asian industrializing countries.\n John Makin of the American Enterprise Institute, suggested\nforeign tax cuts to increase demand and pick up the slack from\nthe U.S. trade deficit fall.\n Reuter\n\u0003", "date": "20-MAR-1987 12:27:20.28", "topics": [ "trade", "money-fx" ], "places": [ "usa" ], "id": "7804" }, { "title": "MONFORT OF COLORADO INC 2ND QTR SHR 1.03 DLRS VS 1.34 DLRS\n", "date": "20-MAR-1987 12:30:18.83", "topics": [ "earn" ], "id": "7805" }, { "title": "U.S. HOUSE BUDGET WRITING PROCESS COLLAPSES", "body": "Rep William Gray (D-Pa), Chairman of\nthe House Budget Committee, abruptly canceled the committee's\nbudget writing process when Republican members said they would\ncontinue a vote strike begun yesterday.\n \"I'm not going to continue a markup in which my Republican\ncolleagues won't participate,\" Gray told reporters.\n He said he asked Republicans to tell him by Monday whether\nthey would vote in future open sessions.\n If they choose not to, he threatened to again draft a\nbudget behind closed doors with only Democrats present, as had\nbeen done the previous two years.\n \"If they do not want to participate in an open process ...\nthen I will make a decision as to how the Democrats will\nproceed,\" Gray said.\n \"If there is not possibility of Republican participation, I\nwill go back to what we've done in the past,\" he said.\n Republicans yesterday had voted \"present\" in a series of\ncommittee votes on fiscal 1988 defense spending.\n The Republicans had said they were protesting the\nDemocrats' failure to present alternatives to President\nReagan's budget.\n Reuter\n\u0003", "date": "20-MAR-1987 12:31:31.96", "places": [ "usa" ], "id": "7806" }, { "title": "CANADIAN MONEY SUPPLY M-1 FALLS 1.16 BILLION DLRS IN WEEK, BANK OF CANADA SAID \n", "date": "20-MAR-1987 12:31:36.36", "topics": [ "money-supply" ], "id": "7807" }, { "title": "MORRISON KNUDSEN GETS 200 MLN DLR CONTRACT", "body": "Morrison Knudsen Corp said a unit\nwas awarded an 11-1/2-year contract totaling about 200 mln dlrs\nfor the operation of a steam coal mine near Montgomery, W.Va.\n The company said the contract carries an option for an\nadditional 10 years.\n Of the 200 mln dlrs, the company said that only the first\nfive years, or about 90 mln dlrs, were included in its first\nquarter backlog.\n The contract was awarded by , the\ncompany said.\n Reuter\n\u0003", "date": "20-MAR-1987 12:33:12.08", "places": [ "usa" ], "id": "7808" }, { "title": "NO FORCE MAJEURE ON LEAD FROM CAPPER PASS", "body": "U.K. Smelter Capper Pass denied rumours\nthat the company had declared, or was about to declare, force\nmajeure on lead deliveries.\n This followed trader talk on the London Metal Exchange,\nLME, after broker bids were made at increased premiums for\nCapper Pass brand material.\n Traders said some slight production problems seem to exist\nbut are unlikely to have any impact on the market. Lead values\non the LME today were unchanged around 299 stg per tonne for\nthree months delivery after thin business in a one stg range.\n Reuter\n\u0003", "date": "20-MAR-1987 12:34:08.21", "topics": [ "lead" ], "places": [ "uk" ], "id": "7809" }, { "title": "AFFILIATED PUBLICATIONS TO BUY BILLBOARD", "body": "Affiliated Publications Inc said it\nagreed to acquire all the outstanding stock of for 100 mln dlrs in cash from a shareholder\ngroup led by \n Affiliated, which owns the company that publishes the\nBoston Globe, said the acquisition will give it a strong\nposition in the growing market for specialty magazines.\n Under a separate agreement, Affiliated said that certain\nmembers of Billboard's management plan to buy up to 10 pct of\nthe equity in Billboard following Affiliated's acquisition of\nthe company.\n Billboard publishes eight specialty magazines, including\nBillboard magazine, and 15 annual directories. It also\npublishes and distributes speciality books under four imprints\nand operates two book clubs.\n Affiliated is the parent company of Globe Newspaper Co,\npublisher of the Boston Globe. It also has interests in\ncellular telephone and paging services providers.\n Reuter\n\u0003", "date": "20-MAR-1987 12:34:41.01", "topics": [ "acq" ], "places": [ "usa" ], "id": "7810" }, { "title": "UNIQUE EXPORT FINANCING BEING ARRANGED FOR MEXICO", "body": "A single purpose company, , has been created for the purpose of obtaining funds on\nthe international capital markets to refinance 44.3 mln dlrs of\nMexico's official debt to Italy at very attractive rates,\nMorgan Grenfell and Co Ltd said as lead manager and arranger.\n The transaction will be accomplished by Italfunding\nobtaining a 44.3 mln dlr euronote facility in the market and\nthen using the proceeds to provide a loan for the same amount\nto Mexico. The loan will be 100 pct guaranteed by SACE, the\nofficial Italian export credit agency.\n Morgan Grenfell has used special purpose vehicles in the\npast to help refinance export credits for other indebted\ncountries, such as Brazil and Ecuador.\n The Brazil financing, for example, involved the use of a\nfloating rate note. This transaction makes use of another\nsector of the capital markets -- that for short-term note\nfacilities -- to finance a medium term credit.\n The financing is being arranged in connection with a\nbilateral agreement between Mexico and SACE earlier this year\nto refinance Mexico's official debt to Italy.\n The bilateral accord followed a multilateral rescheduling\nagreement reached last September of Mexico's official debt to\nthe Paris Club of western creditor governments.\n The Paris Club accord, in turn, was part of a broad-based\nrescheduling package covering 77 billion dlrs of Mexico's\nforeign debt.\n That package -- heralded as the first to incorporate all\naspects of U.S. Treasury Secretary James Baker's plan to aid\nindebted countries -- included a 7.7 billion dlr loan, which\nwas signed today in New York.\n The new financing for\nItalfunding, being syndicated among about five major\ninternational banks, will be a fully underwritten, revolving\nfacility with an average life of seven years and the facility\nwill fund the loan.\n All Paris Club agreements contain a generally accepted\noutline for a rescheduling, but the specific terms must then be\nnegotiated on a bilateral basis.\n Banking sources noted that the use of a special-purpose\nvehicle will provide Mexico with particularly attractive\nfinancing at a rate of about 1/4 to 1/2 pct over the London\nInterbank Offered Rate (Libor).\n The cost of the new financing compares with a spread of\n13/16 pct on the loans in the new commercial bank package.\n This is because the intermediary providing the funds, in\nthis case Italfunding, can obtain its funds relatively cheaply\non the international markets. At the same time, the deal\nbenefits the banks, which will still get a reasonable return on\nthe note facility, which is pure Italian risk.\n The bankers noted that if the financing had been arranged\nin Italy, the cost to Mexico and the Italian banks would have\nbeen higher since the Italian banks would use a different\nsource of funding.\n REUTER\n\u0003", "date": "20-MAR-1987 12:38:04.67", "places": [ "uk", "mexico", "brazil", "ecuador", "italy" ], "id": "7811" }, { "title": "D AND P LIFTS GENERAL PUBLIC UTILITIES UNIT", "body": "Duff and Phelps today raised the\nratings on General Public Utilities' Pennsylvania Electric Co.\nsubsidiary fixed income securities.\n First mortgage bonds and collateralized pollution control\nrevenue bonds have been raised to D&P-6 (middle A) from D&P-7\n(low A), debentures raised to D&P-7 from D&P-8 (high BBB), and\npreferred stock raised to D&P-8 from D&P-9 (middle BBB).\n About 766 mln dlrs of debt is affected.\n The upgrade reflects general improvement in the company's\nfinancial condition, Duff and Phelps said, citing the partial \nrestoration of service, and rates, to Three Mile Island.\n Reuter\n\u0003", "date": "20-MAR-1987 12:38:13.85", "places": [ "usa" ], "id": "7812" }, { "title": "FIRM HAS ALLEGHENY INT'L PREFERRED STAKE", "body": "Spear, Leeds and Kellogg, a New York\nbrokerage partnership, said it has acquired 136,300 shares of\nAllegheny International Inc's 11.25 dlr convertible preferred\nstock, or 7.1 pct of the total outstanding.\n In a filing with the Securities and Exchange Commission,\nSpear Leeds said it bought the stake for 11.7 mln dlrs as part\nof its normal trading activities.\n Reuter\n\u0003", "date": "20-MAR-1987 12:38:29.23", "topics": [ "acq" ], "places": [ "usa" ], "id": "7813" }, { "title": "WTD INDUSTRIES SAWMILL OFFER REJECTED", "body": "WTD Industries Inc said its\noffer to buy the bankrupt Harris Pine sawmill in Pendleton,\nOregon was rejected by the bankruptcy court trustee.\n The company said the bid was rjected in favor of a higher\noffer.\n Reuter\n\u0003", "date": "20-MAR-1987 12:38:52.82", "topics": [ "acq" ], "places": [ "usa" ], "id": "7814" }, { "title": "CBT HITS CFTC'S FOREIGN FUTURES PROPOSALS", "body": "Proposed federal regulations\ngoverning the sale of foreign futures and options contracts to\nU.S. citizens would strap U.S. exchanges, an official of the\nChicago Board of Trade, CBT, said.\n Frederick Grede, CBT vice president of administration and\nplanning, told the Futures Industry Association that rules\nproposed by the Commodity Futures Trading Commission, CFTC,\nwould \"handicap the ability of U.S. exchanges and futures\ncommission merchants to compete internationally.\"\n The CFTC rules generally would require additional\nregistration and disclosure.\n Grede said that speculative positions, hedging and\naggregation do not exist on most overseas exchanges, and that\nthe regulations would impose onerous requirements relating to\nthe segregation of customer funds.\n CFTC Chairman Susan Phillips, acknowledging that the\nproposal was \"controversial,\" said the commission would\nconsider revising the proposals. \n Reuter\n\u0003", "date": "20-MAR-1987 12:39:00.85", "places": [ "usa" ], "id": "7815" }, { "title": "CELINA SHAREHOLDERS APPROVE SALE", "body": "Celina Financial Corp said\nshareholders at a special meeting approved a transaction in\nwhich the company transferred its interest in three insurance\ncompanies to a wholly owned subsidiary which then sold the\nthree companies to an affiliated subsidiary.\n It said the company's interests in West Virginia Fire and\nCasualty Co, Congregation Insurance co and National Term Life\nInsurance Co had been transferred to First National Indemnity\nCo, which sold the three to Celina Mutual for cash, an office\nbuilding and related real estate.\n Reuter\n\u0003", "date": "20-MAR-1987 12:39:26.34", "topics": [ "acq" ], "places": [ "usa" ], "id": "7816" }, { "title": "GROUP HAS 5.1 PCT OF UNICORP AMERICAN ", "body": "Two affiliated New York investment\nfirms and an investment advisor told the Securities and\nExchange Commission they have acquired 555,057 shares of\nUnicorp American Corp, or 5.1 pct of the total outstanding.\n The group, which includes Mutual Shares Corp, said it\nbought the stake for 5.3 mln dlrs for investment purposes and\nhas no intention of seeking control of Unicorp American.\n Reuter\n\u0003", "date": "20-MAR-1987 12:39:33.03", "topics": [ "acq" ], "places": [ "usa" ], "id": "7817" }, { "title": "CANADIAN MONEY SUPPLY FALLS IN WEEK", "body": "Canadian narrowly-defined money supply\nM-1 fell 1.16 billion dlrs to 32.94 billion dlrs in week ended\nMarch 11, Bank of Canada said.\n M-1-A, which is M-1 plus daily interest chequable and\nnon-personal deposits, fell 1.31 billion dlrs to 75.39 billion\ndlrs and M-2, which is M-1-A plus other notice and personal\nfixed-term deposit fell 1.01 billion dlrs to 177.70 billion\ndlrs.\n M-3, which is non-personal fixed term deposits and foreign\ncurrency deposits of residents booked at chartered banks in\nCanada, fell 1.29 billion dlrs to 216.33 billion dlrs.\n Reuter\n\u0003", "date": "20-MAR-1987 12:39:45.30", "topics": [ "money-supply" ], "places": [ "canada" ], "id": "7818" }, { "title": "REVLON BUYS GERMAINE MONTEIL COSMETICS FROM BEECHAM GROUP FOR UNDISCLOSED TERMS\n", "date": "20-MAR-1987 12:41:33.49", "topics": [ "acq" ], "id": "7819" }, { "title": "REVLON BUYS BEECHAM'S COMSMETICS UNIT", "body": "Revlon Group Inc said it bought\nGermaine Monteil's cosmetics business in the U.S. from the\nBeecham Group PLC.\n Terms of the sale were not disclosed.\n The sale includes the rights to Germaine Monteil in North\nand South America and in the Far East, as well as the worldwide\nrights to the Diane von Furstenberg cosmetics and fragrances\nlines and the U.S. distribution rights to Lancaster beauty\nproducts.\n Meanwhile in London a statement from Beecham said the\nbusiness was sold to Revlon for 2.5 mln dlrs in cash and a\nroyalty payment.\n Reuter\n\u0003", "date": "20-MAR-1987 12:42:06.98", "topics": [ "acq" ], "places": [ "usa" ], "id": "7820" }, { "title": "MONFORT OF COLORADO INC 2ND QTR NET", "body": "Qtr ended Feb 28\n Shr 1.03 dlrs vs 1.34 dlrs\n Net 4,385,000 vs 5,792,000\n Revs 474.4 mln vs 381.4 mln\n Six mths\n Shr 2.46 dlrs vs 2.71 dlrs\n Net 10.5 mln vs 11.7 mln\n Revs 906.0 mln vs 757.6 mln\n Reuter\n\u0003", "date": "20-MAR-1987 12:42:13.37", "topics": [ "earn" ], "places": [ "usa" ], "id": "7821" }, { "title": "QUOTRON IN PACT WITH MERRILL LYNCH ", "body": " said it signed\na contract to deliver financial information services to more\nthan 500 Merrill Lynch Pierce Fenner and Smith offices.\n The agreement provides all the offices served by Quotron be\nextended through November 1989, and gives Merrill Lynch the\noption to extend the contract through February 1993, the\ncompany said.\n The cost of the contract was not disclosed.\n Quotron is a wholly-owned subsidiary of Citicorp , and\nis not traded publicly.\n Reuter\n\u0003", "date": "20-MAR-1987 12:42:28.46", "places": [ "usa" ], "id": "7822" }, { "title": "GEODOME RESOURCES TO PROCEED WITH MINE", "body": "Geodome Resources Ltd\nsaid based on a feasibility study of its Sunbeam Mine it will\nproceed with contruction and pre-production stripping as\nrapidly as possible.\n The company said eight of nine holes drilled on the new ore\nzone have an average grade of 0.046 ounces of gold per ton and\n2.1 ounces of silver per ton.\n The deposit is 400 to 500 yards from the newly designed\nSunbeam pits, has large tonnage and will be drilled off this\nsummer, the company said.\n The study said ore reserves including dillution were\n3,302,000 tons at 0.77 ounces of gold per ton at a cut off\ngrade of 0.026 ounces per ton and stripping ratio of 4.24 to\none.\n It said gold production will average 41,000 ounces per year\nfor the mine life and 99,000 ounces of silver per year.\n It said gold production in the first three years should\naverage 50,000 ounces per year.\n Operating costs are expected to average 201 dlrs per ounce\nof gold for the mine life and 171 dlrs per ounce in the first\nthree years.\n Reuter\n\u0003", "date": "20-MAR-1987 12:46:31.88", "topics": [ "gold" ], "places": [ "usa" ], "id": "7823" }, { "title": "MARK IV CORRECTS AGREEMENT WITH BAIRD ", "body": "Mark IV Industries Inc , which\nhas said it may consider a bid to seek control of Baird Corp,\nsaid Baird has not agreed to hold off on any defensive measures\nwithout giving Mark IV at least 24 hours notice.\n In a filing with the Securities and Exchange Commission,\nMark IV corrected a statement it made yesterday in another SEC\nfiling in which it listed several agreements reached with\nBaird, including that Baird would not take any anti-takeover\nsteps without providing at least 24 hours notice.\n Mark IV said it was later told by Baird that Baird had\ngiven no such assurance.\n Reuter\n\u0003", "date": "20-MAR-1987 12:47:19.55", "topics": [ "acq" ], "places": [ "usa" ], "id": "7824" }, { "title": "GENERALE DE BANQUE, HELLER BUY FACTORING UNIT", "body": "Generale de Banque SA and\n of Chicago have each taken 50 pct stakes\nin factoring company SA Belgo-Factors, Generale de Banque said\nin a statement.\n It gave no financial details of the transaction. SA\nBelgo-Factors' turnover in 1986 was 17.5 billion Belgian\nfrancs.\n Reuter\n\u0003", "date": "20-MAR-1987 12:47:50.31", "topics": [ "acq" ], "places": [ "belgium" ], "id": "7825" }, { "title": " 4TH QTR NET", "body": "Shr 52 cts vs 51 cts\n Net 16.5 mln vs 16.2 mln\n Revs 870.2 mln vs 800.7 mln\n Year\n Shr 1.48 dlrs vs 1.29 dlrs\n Net 47.3 mln vs 41.0 mln\n Revs 3.53 billion vs 3.10 billion\n Avg shrs 31,867,658 vs 31,831,050\n Reuter\n\u0003", "date": "20-MAR-1987 12:48:04.80", "topics": [ "earn" ], "places": [ "canada" ], "id": "7826" }, { "title": "HARLEY-DAVIDSON UNIT FILES NOTE OFFERING", "body": "Harley-Davidson Inc said its\nwholly owned subsidiary, Holiday Rambler Corp, filed a\nregistration statement covering 70 mln dlrs of subordinated\nnotes due 1997.\n Holiday-Rambler, which manufactures recreational vehicles,\nwas acquired by Harley-Davidson in December 1986.\n Proceeds of the offering will be used to repay 60 mln dlrs\nof debt, with the balance to reduce any outstanding borrowings\nunder the company's revolving credit loan agreement and for\nworking capital purposes.\n Reuter\n\u0003", "date": "20-MAR-1987 12:48:47.05", "places": [ "usa" ], "id": "7827" }, { "title": "PAN AM CORP 4TH QTR LOSS 197.5 MLN DLRS VS PROFIT 241.4 MLN DLRS\n", "date": "20-MAR-1987 12:50:08.31", "topics": [ "earn" ], "id": "7828" }, { "title": "WESTPAC PERPETUAL FRN NO INSTANT CURE, DEALERS SAY", "body": "Morgan Guaranty Ltd's novel and complex\nrepackaging of Westpac Banking Corp's perpetual floating rate\nnote (FRN) may attract some investors, but is unlikely to aid\ncurrent holders of the Westpac securities or the FRN market,\nFRN traders said.\n \"It actually does nothing for anyone who has been stuffed\nand right now, that's the problem,\" said a trader at one U.K.\nClearing bank that has also issued its own perpetuals.\n Trading in perpetual issues, which pay interest but never\nmature, has come to a virtual halt. Prices have fallen so far\nthat only about five firms still make markets in them.\n The Westpac perpetual notes are technically now the\nproperty of a newly formed single-purpose finance subsidiary,\nPacific Securities. If Morgan tried to find a home for the\nactual Westpac notes, as is, they would be paid no more than 85\ncents on the dollar, at most, traders said.\n But the repackaging allows them to target a new class of\ninvestor for the notes and take the old issues off their books\nwithout registering a loss, the traders said.\n \"The only one the repackaging favours is Morgan,\" a trader\nsaid.\n Meanwhile, the end-holders of perpetual notes, most of whom\nare Japanese banks, must still find a way to value them by\nyear-end, now a week away.\n From Morgan's point of view, the repackaging does aid the\npresent holders of the notes as well as offering value to a new\nclass of investors.\n \"At least we've put a floor under the price of the notes.\nWe've created a way to set a real value for them,\" one Morgan\nofficial said. Morgan had earlier attempted, but abandoned,\nanother plan to repackage the Westpac securities.\n Morgan's holdings of Westpac paper create special problems\nfor it because of the way U.S. Regulators view bank holdings of\nthe primary capital of other banks, traders said. Therefore, it\nis crucial that a vehicle for selling the paper be found.\n And indeed, note traders said, the FRN portion of the\nrepackaged securities -- which Westpac has offered to redeem\nfor cash in 15 years -- does have real value.\n For one thing, traders noted, it pays about the highest\nrate over the London Interbank Offered Rate of virtually any\nnewly issued security. The spread is 50 basis points.\n However, the other portion of the security, in which the\ninvestor pays 20 cents on the dollar for a zero coupon 15-year\nbond, is of dubious value unless the Westpac perpetual assumes\na market value near par 15 years from now, traders said.\n The zero-coupon portion could provide value for an account\nwhich for tax purposes, wants to take a large capital loss, the\ntraders said. In the 15-year period between the time the note\nis purchased and the time it is redeemed, no interest is paid.\n When repayment finally occurs, it is not in cash like an\nordinary zero-coupon bond. Instead, the investor receives one\nof the Westpac perpetual floaters.\n REUTER\n\u0003", "date": "20-MAR-1987 12:52:45.47", "places": [ "uk" ], "id": "7829" }, { "title": "VIRCO MANUFACTURING CORP 4TH QTR NET", "body": "Qtr ended Jan 31\n Shr 67 cts vs 69 cts\n Net 1,525,000 vs 1,570,000\n Revs 41.2 mln vs 40.2 mln\n Year\n Shr 1.75 dlrs vs 1.54 dlrs\n Net 4,001,000 vs 3,522,000\n Revs 172.3 mln vs 168.7 mln\n Note: figures include losses from discontinued operations\nin qtr of 309,000 dlrs, vs 253,000 dlrs a year earlier and for\nthe year of 309,000 dlrs vs 1,559,000 dlrs a year ago.\n Reuter\n\u0003", "date": "20-MAR-1987 12:53:02.41", "topics": [ "earn" ], "places": [ "usa" ], "id": "7830" }, { "title": "COOPER ASKS FTC TO END ACQUISITION LIMITS", "body": "Cooper Industries Inc asked the\nFederal Trade Commission to vacate a 1979 order that requires\nthe company to get FTC approval before making certain\nacquisitions, the FTC said.\n The order was issued as part of a settlement of FTC charges\nthat Cooper's merger with Gardner-Denver Co would lessen\ncompetion and increase concentration in the gas compressor and\nindustrial air tool industries, the FTC said.\n The order requires that, until 1989, Cooper must get FTC\napproval before acquiring companies in the natural gas\ncompressor or hand-held industrial pneumatic tool businesses.\n Reuter\n\u0003", "date": "20-MAR-1987 12:53:55.86", "topics": [ "acq" ], "places": [ "usa" ], "id": "7831" }, { "title": "SWISS PAVING WAY TO INDEX FUTURES, OPTIONS", "body": "Switzerland expects to launch\nfully computerized trading of financial futures and options in\nthe near future, a senior Swiss official said.\n Alexis Lautenberg, minister for economic and financial\nservices at the Department of Foreign Affairs, said a stock\nindex based on issues traded on the three major Swiss exchanges\nis expected to be completed this month, marking \"an important\nstep towards the introduction of an option market and index\nfutures.\"\n Trading of options will begin next year \"with more than a\ndozen of the most actively traded shares ... and non-voting\nequities,\" he told the Futures Industry Association.\n The Swiss envision requiring dealers to handle transactions\non the computerized system and market makers to trade specific\nequities, Lautenberg said.\n The Swiss official also said there would be limits on the\npositions and exercise of option rights and that firms would\nhave to comply with minimum capital requirements under Swiss\nbanking law.\n He also said \"intensive consultations\" were under way with\na view toward allowing profits earned from traded options and\nfinancial futures to be considered capital gains.\n \"It would follow that only when a buyer would exercise his\noption right by realizing a physical transaction would the\nstamp duty, or securities tax, be levied,\" Lautenberg said.\n Reuter\n\u0003", "date": "20-MAR-1987 12:55:46.01", "places": [ "usa", "switzerland" ], "id": "7832" }, { "title": "EIB ISSUES 300 MLN LUXEMBOURG FRANC PLACEMENT", "body": "The European Investment Bank is\nissuing a 300 mln Luxembourg franc, seven-year private\nplacement with a coupon of 7-3/8 pct and priced at par, lead\nmanager Caisse d'Epargne de l'Etat, Banque de l'Etat said.\n Payment date is April 9 and coupon date April 10 annually,\nwith final maturity on that date in 1994. The issue can be\nredeemed early on April 10, 1991, 1992 or 1993 with 45 days'\nnotice.\n REUTER\n\u0003", "date": "20-MAR-1987 12:56:33.82", "places": [ "luxembourg" ], "id": "7833" }, { "title": "ZUERCHER ZIEGELEIEN SETS 60 MLN SFR WARRANT BOND", "body": "Zuercher Ziegeleien AG plans a 60 mln\nSwiss franc, 2-1/4 pct domestic bond with warrants for\nparticipation certificates, lead manager Swiss Bank Corp said.\n The 10-year par-priced bonds of 5,000 francs' face value\ncarry two warrants (A and B), each of which entitle holders to\nacquire one certificate of 100 francs' nominal value.\n The A warrants may be exercised from June 1, 1987, to March\n30, 1990, at 800 francs, and the B warrants from June 1, 1987,\nto March 30, 1992, at 820 francs. The exercise prices remain in\nforce after the dilution through an announced rights issue to\nbe conducted on May 11.\n REUTER\n\u0003", "date": "20-MAR-1987 12:58:55.64", "places": [ "switzerland" ], "id": "7834" }, { "title": "THOMPSON MEDICAL CO INC DECLARES QTLY DIV", "body": "Qtly div 10 cts vs 10 cts prior\n Pay April 15\n Record March 30\n Reuter\n\u0003", "date": "20-MAR-1987 12:59:16.14", "topics": [ "earn" ], "places": [ "usa" ], "id": "7835" }, { "title": "NEW ENGLAND ELECTRIC SYSTEM TWO MONTHS NET", "body": "ended February\n Shr 69 cts vs 66 cts\n Net 37.7 mln vs 34.9 mln\n Revs 255.8 mln vs 288.8 mln\n Avg shrs 54.7 mln vs 53.2 mln\n 12 mths ended Feb\n Shr 3.23 dlrs vs 3.17 dlrs\n Net 174.8 mln vs 166.3 mln\n Revs 1.4 billion vs 1.5 billion\n Avg shrs 54.1 mln vs 52.4 mln\n Reuter\n\u0003", "date": "20-MAR-1987 13:00:38.34", "topics": [ "earn" ], "places": [ "usa" ], "id": "7836" }, { "title": "DILLARD DEPT STORES INC DECLARES QTLY DIV", "body": "Qtly div three cts vs three cts prior\n Pay May 1\n Record March 31\n Reuter\n\u0003", "date": "20-MAR-1987 13:01:34.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "7837" }, { "title": "PAN AM CORP 4TH QTR LOSS", "body": "Shr loss 1.44 dlrs vs profit 1.79 dlrs\n Net loss 197.5 mln dlrs vs profit 241.4 mln\n Revs 797.3 mln vs 906.7 mln\n 12 mths\n Shr loss 3.42 dlrs vs profit 45 cts\n Net loss 462.8 mln vs profit 51.8 mln\n Revs 3.04 billion vs 3.48 billion\n Note: Net includes special charges of 65 mln dlrs vs\nspecial gain of 341 mln dlrs for the qtr and year.\n Reuter\n\u0003", "date": "20-MAR-1987 13:02:39.19", "topics": [ "earn" ], "places": [ "usa" ], "id": "7838" }, { "title": "FTC EASES ALLIED-SIGNAL UNIT RESTRICTIONS", "body": "The Federal Trade Commission said it\neased a requirement that Allied-Signal Inc's Allied Corp\nsubsidiary get prior FTC approval before making certain\nacquisitions in the high-purity acid market.\n The FTC said it ended the prior approval requirement\nbecause Allied no longer has businesses covered by the order.\nOther restrictions still apply, it said.\n The restrcitions stem from a 1983 order by the FTC settling\ncharges that Allied's 1981 acquisition of Fisher Scientific Co\nreduced competition in three high-purity acid markets.\n Reuter\n\u0003", "date": "20-MAR-1987 13:06:07.85", "topics": [ "acq" ], "places": [ "usa" ], "id": "7839" }, { "title": "SAN JUAN BASIN ROYALTY HIKES DISTRIBUTION", "body": "Cash distribution 4.2621 cts vs 3.2384 cts prior\n Pay April 14\n Record March 31\n NOTE: Company's full name is San Juan Basin Royalty Trust.\n Reuter\n\u0003", "date": "20-MAR-1987 13:08:04.03", "topics": [ "earn" ], "places": [ "usa" ], "id": "7840" }, { "title": "SHL SYSTEMHOUSE INC 2ND QTR FEB 28 NET", "body": "Shr 23 cts vs nine cts\n Net 5,700,000 vs 1,920,000\n Revs 35.5 mln vs 19.8 mln\n 1st half\n Shr 41 cts vs 17 cts\n Net 10.0 mln vs 3,100,000\n Revs 69.3 mln vs 36.7 mln\n NOTE: Share adjusted for two-for-one stock split approved\nin December 1986.\n Net includes tax credits of 2,970,000 dlrs vs 980,000 dlrs\nin quarter and 5,210,000 dlrs vs 1,590,000 dlrs in half.\n Backlog 230 mln dlrs vs 147 mln dlrs at start of fiscal\nyear and 148 mln dlrs at the end of the first quarter.\n Reuter\n\u0003", "date": "20-MAR-1987 13:08:36.66", "topics": [ "earn" ], "places": [ "usa" ], "id": "7841" }, { "title": "U.K. LEAD AND ZINC OFFTAKE RISES IN JANUARY", "body": "U.K. Consumption of lead and zinc in all\nforms during January rose to 26,314 and 18,778 tonnes, from\n24,967 and 17,929 tonnes respectively in December, latest\nfigures by the World Bureau of Metal Statistics (WBMS) show.\n Refined lead consumption rose to 23,992 tonnes from 23,194,\nwhile scrap offtake was 2,322 tonnes against 1,773.\n Slab zinc consumption was 14,257 tonnes against 14,190\nduring December, while offtake of scrap and re-melted metal was\n4,521 tonnes against 3,739.\n Meanwhile production of refined lead in January rose to\n28,188 tonnes from 23,693 in December, but slab zinc production\nfell to 4,490 tonnes from 5,793, the WBMS figures showed.\n Stocks of slab zinc totalled 14,780 tonnes, down from\nDecember's 15,008.\n Reuter\n\u0003", "date": "20-MAR-1987 13:09:07.51", "topics": [ "lead", "zinc" ], "places": [ "uk" ], "id": "7842" }, { "title": "PHOTRONIC LABS INC 1ST QTR JAN 31 NET", "body": "Shr 10 cts vs seven cts\n Net 249,143 vs 175,476\n Sales 3,034,010 vs 2,745,288\n Reuter\n\u0003", "date": "20-MAR-1987 13:10:45.15", "topics": [ "earn" ], "places": [ "usa" ], "id": "7843" }, { "title": "AMEX LISTS LANDMARK TECHNOLOGY ", "body": "The American Stock Exchange said it\nhas listed the common stock of Landmark Technology Corp, which\nhad been traded on the NASDAQ system.\n Reuter\n\u0003", "date": "20-MAR-1987 13:12:36.34", "places": [ "usa" ], "id": "7844" }, { "title": "PERMIAN BASIN ROYALTY HIKES DISTRIBUTION", "body": "Cash distribution 3.9737 cts vs 3.0577 cts\n Pay April 14\n Record March 31\n NOTE: Trust's full name is Permian Basin Royalty Trust.\n Reuter\n\u0003", "date": "20-MAR-1987 13:14:24.66", "topics": [ "earn" ], "places": [ "usa" ], "id": "7845" }, { "title": "TRUST AMERICA IN DEAL WITH ITT ", "body": "Trust America Service Corp\nsaid it has signed an agreement to provide ITT Corp's ITT\nMortgage Corp affiliate with a monthly flow of residential\nconventional mortgage loans.\n It said the arrangement is expected to be an \"important:\nsource of revenue.\n Reuter\n\u0003", "date": "20-MAR-1987 13:15:00.45", "places": [ "usa" ], "id": "7846" }, { "title": "UNIVERSAL RESOURCES HOLDERS APPROVE MERGER", "body": "Universal Resources Corp said its\nshareholders approved the merger of the company with Questar\nCorp .\n Separately, Universal said it will redeem its 15.75 pct\ndebentures due December 15, 1996, on April 19, at 104.8 pct of\nface amount plus accrued interest.\n Universal said it will operate as a wholly owned unit of\nQuestar under its current name. Under terms of the merger,\nwhich took effective today, Universal said its shareholders\nwill receive three dlrs a share in cash.\n It said its stock will no longer trade on the AMEX.\n Reuter\n\u0003", "date": "20-MAR-1987 13:15:12.22", "topics": [ "acq" ], "places": [ "usa" ], "id": "7847" }, { "title": "ENDOTRONICS HALTED PENDING NEWS RELEASE", "body": "Endotronics Inc, halted at 1-3/4 on\nNASDAQ pending release of a news report, on Monday said it was\nexpecting \"substantial losses\" for the quarter ending March 31,\n1987 and the fiscal year ending Sept 30, 1987.\n The company had cited a dispute over payment by Yamaha Inc,\none of its Japanese distributors, over payment of a promissory\nnote for 3,686,000 dlrs in overdue accounts.\n Reuter\n\u0003", "date": "20-MAR-1987 13:15:48.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "7848" }, { "title": "LAWSON PLEDGES TO MAKE INFLATION TOP PRIORITY", "body": "British Chancellor of the\nExchequer Nigel Lawson pledged to continue making defeat of\ninflation a top priority.\n Speaking to the ruling Central Council of the Conservative\nParty, Lawson said \"We will continue to make defeat of inflation\na top priority until it is eliminated altogether.\"\n Year on year inflation is running at 3.7 pct.\n Lawson said that under the government's program of selling\noff state industries to the private sector the number of share-\nholders in the country had trebled since 1979 and now\nrepresented one in five of the adult population.\n REUTER\n\u0003", "date": "20-MAR-1987 13:16:40.13", "places": [ "uk" ], "id": "7849" }, { "title": "TEXAS INSTRUMENTS INC SETS QUARTERLY", "body": "Qtly div 50 cts vs 50 cts prior\n Pay April 20\n Record March 31\n Reuter\n\u0003", "date": "20-MAR-1987 13:16:55.65", "topics": [ "earn" ], "places": [ "usa" ], "id": "7850" }, { "title": "SOUTHEAST BANKING CORP DECLARES QTLY DIV", "body": "Qtly div 22 cts vs 22 cts prior\n Pay April 10\n Record March 30\n Reuter\n\u0003", "date": "20-MAR-1987 13:17:14.33", "topics": [ "earn" ], "places": [ "usa" ], "id": "7851" }, { "title": "SWISS BANKS MEET CHURCHES OVER S. AFRICA LOANS", "body": "Swiss banks are holding talks with\nProtestant and Roman Catholic officials to hear church\ncomplaints about lending to South Africa, the Swiss Bankers'\nAssociation said.\n In a statement the Association said the parties had\ndisagreed over economic sanctions.\n But all participants -- representatives of the three\nbiggest Swiss banks, the Bankers' Association itself, the\nchurches and church charities -- agreed to condemn South\nAfrica's apartheid policy both publicly and in contacts with\nbusiness and government offices there.\n After two private sessions last August and on March 10,\nthey agreed the meetings should continue.\n Swiss banks are criticised by the churches who say they are\nin effect lending support to the South African government.\n The banks assured the churchmen that their lending had\ndeclined substantially last year and that they had no intention\nof building it up as banks from other countries withdrew.\n Pius Haffner of the Catholic charity Justitia et Pax told\nReuters, \"It is at least a small step forward when the banks say\npublicly they will not jump in when other banks pull out.\"\n REUTER\n\u0003", "date": "20-MAR-1987 13:17:55.02", "places": [ "switzerland", "south-africa" ], "id": "7852" }, { "title": "UNIFORCE TO FILE REGISTRATION", "body": "Uniforce Temporary\nPersonnel Inc said it will file in April a registration\nstatement with the Securities and Exchange Commission for an\noffering of 128,250 shares of common stock issuable upon\nexercise of common stock purchase warrants.\n The offering is being made at the request of a holder of\nthe warrants which were issued in 1984 at the time of\nUniforce's initial public offering.\n Reuter\n\u0003", "date": "20-MAR-1987 13:20:53.68", "places": [ "usa" ], "id": "7853" }, { "title": "FTC URGES VETO OF GEORGIA GASOLINE STATION BILL", "body": "The Federal Trade Commission said\nits staff has urged the governor of Georgia to veto a bill that\nwould prohibit petroleum refiners from owning and operating\nretail gasoline stations.\n The proposed legislation is aimed at preventing large oil\nrefiners and marketers from using predatory or monopolistic\npractices against franchised dealers.\n But the FTC said fears of refiner-owned stations as part of\na scheme of predatory or monopolistic practices are unfounded.\nIt called the bill anticompetitive and warned that it would\nforce higher gasoline prices for Georgia motorists.\n Reuter\n\u0003", "date": "20-MAR-1987 13:23:31.13", "topics": [ "gas", "crude" ], "places": [ "usa" ], "id": "7854" }, { "title": "ARMSTRONG WORLD UNIT BUYS PLANT", "body": "Armstrong World Industries\nInc said its Gilliam Furniture affiliate has purchased a\n130,000 square foot building in Troutman, N.C., for undisclosed\nterms.\n It said the new plant is expected to be in operation before\nyear-end and and will more than double Gilliam's production\ncapacity for upholstered furniture.\n Reuter\n\u0003", "date": "20-MAR-1987 13:24:48.25", "topics": [ "acq" ], "places": [ "usa" ], "id": "7855" }, { "title": "INDUSTRIAL ELECTRONIC GETS ORDER", "body": "INdustrial Electronic Hardware Corp\nsaid it received a 2.1 mln dlrs order from an undisclosed\nleading defense contractor.\n INdustrial Electronic manufactures electronic connectors\nfor the aerospace market.\n Reuter\n\u0003", "date": "20-MAR-1987 13:25:00.89", "places": [ "usa" ], "id": "7856" }, { "title": "HUDSON'S BAY CO YEAR OPER SHR PROFIT 32 CTS VS LOSS 1.23 DLRS\n", "date": "20-MAR-1987 13:25:09.47", "topics": [ "earn" ], "id": "7857" }, { "title": "COOK UNITED INC EXPECTS LOSS OF 16 MLN DLRS FOR FISCAL 1987\n", "date": "20-MAR-1987 13:26:35.29", "topics": [ "earn" ], "id": "7858" }, { "title": "HUDSON'S BAY CO HAD 1986 WRITEDOWN OF 40.4 MLN DLRS MAINLY ON STAKE IN DOME PETROLEUM\n", "date": "20-MAR-1987 13:27:11.97", "topics": [ "earn", "acq" ], "id": "7859" }, { "title": "U.N. Conference formally adopts new International Natural Rubber Agreement - chairman\n", "date": "20-MAR-1987 13:30:32.85", "topics": [ "rubber" ], "id": "7860" }, { "title": "YORK FINANCIAL CORP DECLARES QTLY DIV", "body": "Qtly div 17 cts vs 17 cts prior\n Pay May five\n Record April 20\n Reuter\n\u0003", "date": "20-MAR-1987 13:30:45.46", "topics": [ "earn" ], "places": [ "usa" ], "id": "7861" }, { "title": "COOK UNITED INC IN TALKS TO SELL STAKE TO PRIVATE INVESTORS\n", "date": "20-MAR-1987 13:32:16.15", "topics": [ "acq" ], "id": "7862" }, { "title": "ENDOTRONICS INC SAID TWO FEDERAL AGENCIES INVESTIGATING THE COMPANY\n", "date": "20-MAR-1987 13:32:34.86", "id": "7863" }, { "title": "COMBINED INT'L RAISES PAYOUT, VOTES SPLIT", "body": "Combined International Corp said its\nboard voted to increase the quarterly dividend 7.1 pct to 60\ncts a share from 56 cts payable May 26, record May 12.\n It said directors also approved a two-for-one stock split,\nsubject to approval by shareholders of a proposed capital stock\namendment at the annual meeting in April. The record and pay\ndates would be announced later, it said.\n Reuter\n\u0003", "date": "20-MAR-1987 13:35:29.73", "topics": [ "earn" ], "places": [ "usa" ], "id": "7864" }, { "title": "AMERICAN CABLESYSTEMS TO BUY CABLE SYSTEM", "body": "American Cablesystems Corp said\nit agreed in principal to buy a cable television system in Los\nAngeles County from Heritage Communications Inc for 15.5\nmln dlrs.\n The company said the system being purchased serves about\n12,000 subscribers in the towns of Compton, South El Monte,\nHawaiian Gardens and the communities of Willowbrook, Athens,\nFirestone, Florence and East Compton.\n It said the acquisition will bring to seven the number of\ncable systems it owns, manages or has agreed to buy in the Los\nAngeles area.\n Reuter\n\u0003", "date": "20-MAR-1987 13:35:38.32", "topics": [ "acq" ], "places": [ "usa" ], "id": "7865" }, { "title": "YORK FINANCIAL SPLITS STOCK", "body": "York Financial Corp, parent company\nof York Federal Savings and Loan Association, said its board of\ndirectors declared a five-for-four stock split in the form of a\n25 pct stock dividend.\n The company said it will distribute the split on May 5, to\nshareholders of record April 20.\n Reuter\n\u0003", "date": "20-MAR-1987 13:35:42.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "7866" }, { "title": "CHEMLAWN HAS NO COMMENT ON NEW OFFER", "body": "ChemLawn Corp said it had no comment\non a sweetened offer from Waste Management Inc .\n Waste Management amended its 27 dlr per share tender offer,\nraising it to 35 dlrs per share.\n ChemLawn had rejected Waste Management's earlier 27 dlr per\nshare offer, saying it was an undervalued bid. ChemLawn earlier\ntold its shareholders not to tender to Waste Management.\n ChemLawn rose 1-7/8 to 36 in over-the-counter trading.\n Reuter\n\u0003", "date": "20-MAR-1987 13:37:34.63", "topics": [ "acq" ], "places": [ "usa" ], "id": "7867" }, { "title": "TOYOTA HIKES 1987 PRICES", "body": "Toyota Motors Sales U.S.A. Inc said it\nwill raise the price of its 1987 cars by an average 1.8 pct, or\n208 dlrs, effective immediately.\n Toyota cited the higher yen as the reason for the increase.\n Prices on some models will not be increased, Toyota noted.\n Reuter\n\u0003", "date": "20-MAR-1987 13:37:59.92", "places": [ "usa" ], "id": "7868" }, { "title": "ESSO SAF YEAR ENDED DEC 31 1986", "body": "Net profit 305 mln francs vs 258 mln.\n Net dividend 25 francs vs 20 francs.\n Operating loss 696 mln francs vs 1.46 billion.\n Note - The company, which is the French subsidiary of Exxon\nCorp. , said its net profit result included the\nreintegration of 1.2 billion francs of provisions for exchange\nfluctuations.\n Reuter\n\u0003", "date": "20-MAR-1987 13:40:30.22", "topics": [ "earn" ], "places": [ "france" ], "id": "7869" }, { "title": "PAN AM'S MAIN UNIT TO REPORT SMALLER LOSS", "body": "Pan Am Corp said its largest division,\nthe Atlantic, will report a first quarter loss that will be\nsubstantially lower than that reported a year ago.\n In the 1986 1st qtr, Pan Am reported a net loss of 118.4\nmln dlrs, which included foreign exchange losses of 19.3 mln.\nThe company did not say how much the Atlantic division lost.\n Pan Am also said it is encouraged by passenger traffic\nresults so far this year as well as booking trends.\n In January and February, the airline said total systemwide\nrevenue passenger miles were up five pct and 11 pct,\nrespectively, over the same months last year.\n It also said that based on current trends, its largest\ndivision should report vastly improved second-quarter traffic\ncompared to last year, which resulted in a load factor of 45.7\npct for the second quarter of 1986.\n Pan Am also said its principal subsidiary, Pan American\nWorld Airways, had a 1986 net loss of 469.3 mln dlrs, compared\nwith a profit of 38.7 mln dlrs in 1985, which included a gain\nof 341 mln dlrs for the sale of its Pacific Division. It said\nthe airline's operating loss for the year was 325.5 mln dlrs\ncompared with a operating profit of 196.5 mln dlrs in 1985.\n Reuter\n\u0003", "date": "20-MAR-1987 13:40:59.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "7870" }, { "title": "COOK TO POST LOSS, SELL STAKE", "body": "Cook United INc said it expects\nto report a loss a loss of 16 mln dlrs, before an extraordinary\ncredit of 44 mln dlrs resulting from its Chapter 11\nreorganization, on sales of 217 mln dlrs for the year ended\nJanuary 31, 1987.\n For 1986, Cook reported a loss of 30.8 mln dlrs on sales of\n257 mln dlrs for the prior year.\n Cook also said it began preliminary talks with private\ninvestors looking to buy a stock position in order to provide\nCook with additional cash and assist its posture in its\nnegotation with its banks.\n Cook is negotiating with its bank lenders and private\nsources for a borrowing facility to relieve its current working\ncapital requirements.\n Cook said it believes the reasons for its losses since\nOCtober have been identified and are mostly non-recurring.\n Shutting down 12 unprofitable stores since November has \neffectuated cost controls and improved merchandising, it said.\n It anticipates the turnaround will contine and that\nprofitability with be restored. Cook now operates a total of 29\nstores.\n Reuter\n\u0003", "date": "20-MAR-1987 13:41:29.07", "topics": [ "earn", "acq" ], "places": [ "usa" ], "id": "7871" }, { "title": "ENDOTRONICS TARGET OF INVESTIGATION", "body": "Endotronics Inc said it is the\ntarget of a formal private investigation by the Securities and\nExchange Commission as well as the Federal Bureau of\nInvestigation.\n The company also said its independent accounts, Peat,\nMarwick, Mitchell and Co, served notice that its report on\nEndotronics' financial statements as of Sept 30, 1986 and for\nthe year then ended should no longer be relied upon.\n Endotronics said the notice from its accountants stated \n\"we cannot satisfy ourselves as to the true facts of the\nsituation to a degree necessary to continue to be associated\nwith such consolidated financial statements.\"\n Endotronics recently reported that it was reviewing the\nneed to establish a reserve for all or a portion of\napproximately 3,686,000 dlrs in overdue accounts receivable and\nto assess the impact, if any, on prior period financial\nstatements in light of a dispute with one of its Japanese\ndistributors over payment of the overdue accounts.\n Endotronics said it was providing documentation to the\nSecurities and Exchange Commission in connection with that\nagency's investigation.\n It also said Michael Gruenberg resigned from the company's\nboard of directors.\n\n Reuter\n\u0003", "date": "20-MAR-1987 13:41:47.90", "topics": [ "earn" ], "places": [ "usa" ], "id": "7872" }, { "title": "UN CONFERENCE FORMALLY ADOPTS NEW RUBBER PACT", "body": "A new International Natural Rubber\nAgreement, INRA, was formally adopted by a United Nations\nConference today.\n The new accord is due to replace the current one, which\nexpires in October.\n Conference chairman Manaspas Xuto of Thailand said the\nformal adoption represented \"a historic moment.\"\n The latest round of talks, which began March 9, represented\nthe fourth attempt to negotiate a new INRA in nearly two years.\nXuto described the negotiations as \"by no means easy, and we\noften faced problems.\"\n The new pact is due to enter into force provisionally when\nratified by countries accounting for 75 pct of world net\nexports and 75 pct of net imports.\n The new INRA will enter into force definitively when\ngovernments accounting for at least 80 pct of net exports and\n80 pct of net imports have ratified it.\n It will be open for signature from May 1 to December 31\nthis year.\n It is expected that provisional entry into force will take\nat least 12 to 14 months from now, delegates said.\n During the hiatus between the two agreements buffer stock\noperations will be suspended, but the International Natural\nRubber Council will remain in place.\n Xuto told the conference both the 1979 agreement and its\nsuccessor were aimed at meeting the needs of producers and\nconsumers of natural rubber over the long term.\n Both had interest in stabilising prices and supplies, Xuto\nadded. He also praised \"the spirit of 'give' and 'take' that\nprevailed throughout this session.\"\n Ahmed Farouk of Malaysia, speaking on behalf of producers,\nsaid the conclusion of the new pact showed that the mutuality\nof interests between producers and consumers is now as valid as\nit was when negotiations of the first agreement began in the\n1970s.\n Farouk said the ability to manage inventories on the basis\nof predictable stable prices is \"a vital consideration for\nmultinational tire companies, whether or not consuming\ncountries as a whole claimed to be no longer so seriously\nconcerned about security of the rubber supply.\"\n He said producers considered that the 1979 agreement had\nserved the purpose for which it was created.\n Farouk urged consuming countries to promote early accession\nto the new pact \"to avoid an undue gap between the old and the\nnew.\n Gerard Guillonneau of France, speaking for consumers,\nagreed that the 1979 agreement had worked relatively well.\n But as economic conditions had changed, he said, consumers\nhad been led to make proposals for improving its functioning.\n He added that the adoption of the new agreement \"attests to\nthe importance of rubber and confidence in the rubber industry.\"\n Reuter\n\u0003", "date": "20-MAR-1987 13:45:09.31", "topics": [ "rubber" ], "organisations": [ "un" ], "places": [ "switzerland", "malaysia", "france", "thailand" ], "id": "7873" }, { "title": "ADVANCED INSTITUTIONAL CUTS WORKFORCE", "body": "Advanced Institutional Management\nSoftware Inc said it has cut its workforce to 53 from 74 and\nclosed its Atlanta office to cut expenses and improve\nprofitability.\n The company said it is also in the process of reducing its\noffice space in four of its six offices nationwide.\n Advanced also said it has named executive vice president\nSteven B. Sheppard chief operating officer.\n The company said president and chief executive officer\nMorris Moliver had been chief operating officer as well.\n Reuter\n\u0003", "date": "20-MAR-1987 13:46:07.95", "topics": [ "earn" ], "places": [ "usa" ], "id": "7874" }, { "title": "SUN STATE SAVINGS SEES HIGHER EARINGS", "body": "Sun State Savings and Loan\nexpects to report an earnings increase this year over 1986,\nChairman Edward Janos told shareholders at the company's annual\nmeeting.\n In a statement, Janos said core earnings are expected to\naverage 1.5 mln dlrs per quarter, or six mln dlrs for the year,\nwhile sales of real estate joint ventures will add another five\nmln during the year.\n In 1986, Sun State reported earnings of 9,427,000 dlrs, or\n2.05 dlrs per share.\n Reuter\n\u0003", "date": "20-MAR-1987 13:46:46.38", "topics": [ "earn" ], "places": [ "usa" ], "id": "7875" }, { "title": "ATT CHAIRMAN SAYS DIVIDEND WILL NOT BE CUT", "body": "American Telephone and Telegraph Co does\nnot plan to reduce its regular quarterly dividend of 30 cts a\nshare on its common stock, said James E. Olson, chairman.\n \"It has been the intent to set the dividend at a level so\nthat it could be sustained through the ups and downs of the\nbusiness cycle,\" Olson told a meeting of securities analysts.\n \"We see no reason to change that policy,\" he said.\n Although ATT will maintain its current dividend, Olson said\nthe company wants to decrease the percentage of earnings paid\nin dividends by increasing earnings.\n Industry analysts had speculated that ATT might cut its\ncommon dividend, especially after the company posted a fourth\nquarter net loss of 1.17 billion dlrs and earned only five cts\na share for the full year.\n The loss included a one-time restructuring charge of 1.7\nbillion dlrs.\n Olson said he expects ATT's cash flow to remain strong\ndespite the poor earnings.\n Reuter\n\u0003", "date": "20-MAR-1987 13:47:25.12", "topics": [ "earn" ], "places": [ "usa" ], "id": "7876" }, { "title": "MAJOR TIN CENTERS PARALYSED BOLIVIA UNION SAYS", "body": "A strike by 9,000 miners employed by the\nstate corporation Comibol has paralysed tin production in the\nmajor centers of Huanuni, Corocoro, Siglo, Catavi and Colquiri,\nthe Conflicts Secretary of the Bolivian Miners Federation,\nCristobal Aranibar, told Reuters.\n The strike began at midnight to press demands for higher\nwages and more funds for the nationalised mining industry.\n The miners federation left the door open to negotiations\nwith the government but \"only if the authorities show their\nintention to find solution to our demands\", Aranibar said.\n The government of president Victor Paz Estenssoro, faced\nwith mounting social unrest against its economic policies, has\nsaid the miners strike was part of a campaign to discredit it\nduring the visit of West German president, Richard von\nWeizsaecker, who arrives today for a four-day official visit.\n The government froze salaries as part of its efforts to\npull Bolivia out of a deep economic crisis. According to\ncentral bank forecasts inflation will reach an annual 10 pct\nrate versus up to 20,000 pct in 1985.\n In addition to the miners' strike, about 1,000 railway\nfactory workers of the bolivian labour organization (COB) began\na second day of a hunger strike in the country's main cities to\npress for substantial wage increases, a union leader said.\n Reuter\n\u0003", "date": "20-MAR-1987 13:47:34.39", "topics": [ "tin" ], "places": [ "bolivia" ], "id": "7877" }, { "title": "ECHLIN INC 2ND QTR SHR 24 CTS VS 20 CTS\n", "date": "20-MAR-1987 13:48:22.31", "topics": [ "earn" ], "id": "7878" }, { "title": "ALLIED-LYONS SEES HIRAM WALKER PROFITS RISING", "body": " sees rising profits\nfrom 51-pct-owned liquor producer Hiram Walker-Gooderham and\nWorts in the current fiscal year ending in early March, 1988,\nchairman Derrick Holden-Brown said in a speech prepared for\ndelivery to Toronto analysts.\n \"We anticipate that Hiram Walker profits will be well above\nthose of the plateau years,\" he said, referring to the four\nyears up to 1985.\n \"In other words, we will have regained the 1985 position\nand improved on it,\" Holden-Brown said.\n Allied-Lyons won control of Hiram Walker-Gooderham last\nyear in a battle against Gulf Canada Corp, which finally got a\n49 pct stake after an out-of-court settlement.\n Hiram Walker Resources Ltd, the previous owner, reported\nliquor profits of 282 mln Canadian dlrs in the fiscal year\nending Sept. 30, 1985, 278 mln dlrs in 1984, 267 mln in 1983,\n294 mln in 1982 and 280 mln in 1981.\n Holden-Brown said Allied-Lyons' financial results for the\nfiscal year just ended March seven would include three months\nof Hiram Walker-Gooderham profits, but he did not provide\nactual figures.\n He said Hiram Walker-Gooderham's profit improvement in the\ncurrent year will come from a previously announced\nreorganization put into effect March 1, 1987 and a close\npartnership with Allied-Lyons' existing Allied Vintners\ndivision.\n Reuter\n\u0003", "date": "20-MAR-1987 13:49:34.70", "topics": [ "earn" ], "places": [ "canada" ], "id": "7879" }, { "title": "ECHLIN INC 2ND QTR FEB 28 NET", "body": "Shr 24 cts vs 20 cts\n Net 11,784,000 vs 8,302,000\n Rev 269.1 mln vs 211.9 mln\n Six months\n Shr 48 cts vs 40 cts\n Net 23,191,000 vs 16,556,000\n Rev 517.5 mln vs 429.3 mln\n \n Reuter\n\u0003", "date": "20-MAR-1987 13:51:09.47", "topics": [ "earn" ], "places": [ "usa" ], "id": "7880" }, { "title": "AMERICAN CAN SEES HIGHER 1ST QTR, YR NET\n", "date": "20-MAR-1987 13:52:14.18", "topics": [ "earn" ], "id": "7881" }, { "title": "DST SYSTEMS INC SAYS ITS PRESIDENT DIED OF A HEART ATTACK\n", "date": "20-MAR-1987 13:53:34.94", "id": "7882" }, { "title": " 4TH QTR NET", "body": "ended January 31\n Oper shr profit 3.98 dlrs vs profit 4.35 dlrs\n Oper net profit 123.6 mln vs profit 108.3 mln\n Revs 1.88 billion vs 1.76 billion\n Year\n Oper shr profit 32 cts vs loss 1.23 dlrs\n Oper net profit 33.0 mln vs loss 9,055,000\n Revs 5.69 billion vs 5.27 billion\n Note: 1986 excludes writeoff of 40.4 mln dlrs, primarily\ndue to investment in Dome Petroleum Ltd .\n Reuter\n\u0003", "date": "20-MAR-1987 13:54:01.74", "topics": [ "earn" ], "places": [ "canada" ], "id": "7883" }, { "title": " 4TH QTR JAN 31 NET", "body": "Shr 53 cts vs 61 cts\n Net 9,909,000 vs 11,489,000\n Revs 185.9 mln vs 161.5 mln\n Year\n Shr 1.20 dlrs vs 1.37 dlrs\n Net 22,522,000 vs 25,667,000\n Revs 588.5 mln vs 521.7 mln\n Reuter\n\u0003", "date": "20-MAR-1987 13:56:03.00", "topics": [ "earn" ], "places": [ "canada" ], "id": "7884" }, { "title": "DST SYSTEMS PRESIDENT DIES", "body": "DST Systems Inc said its\npresident and director, Robert L. Gould, died of an apparent\nheart attack.\n It said his duties will be assumed by Thomas McDonnell, the\ncompany's chief executive officer.\n Mr. Gould had served as president and chief operating\nofficer since October, 1984.\n Reuter\n\u0003", "date": "20-MAR-1987 13:56:37.58", "places": [ "usa" ], "id": "7885" }, { "title": "GREAT AMERICAN FIRST SAVINGS OPENS UNITS", "body": "Great American First Savings Bank\nArizona said it has opened four new branches located in Fry's\nFood Stores.\n The branches are all in the Tucson area.\n Great American opened nine branches in Fry's Food Stores in\n1986 and opened two earlier this year.\n The company said two more will open next week.\n Reuter\n\u0003", "date": "20-MAR-1987 13:57:01.76", "places": [ "usa" ], "id": "7886" }, { "title": " 2ND QTR DEC 31 NET", "body": "Shr nil vs nil\n Net profit 24,000 vs loss 66,000\n Revs 235,000 vs 93,000\n Six mths\n Shr nil vs nil\n Net profit 40,000 vs loss 153,000\n Revs 394,000 vs 99,000\n Reuter\n\u0003", "date": "20-MAR-1987 13:57:23.56", "topics": [ "earn" ], "places": [ "usa" ], "id": "7887" }, { "title": "IBC PRESIDENT LEAVES FOR PRODUCER MEETING - IBC", "body": "Jorio Dauster, president of the\nBrazilian Coffee Institute, IBC, left Brazil early today to\nattend a weekend meeting of Latin American coffee producers in\nManagua, an IBC official said.\n Carlos Brasil, an adviser to the IBC president, said\nDauster had left Rio de Janeiro for Managua early this morning.\n There were rumours on the London coffee market earlier\ntoday that Dauster would not attend the meeting.\n Reuter\n\u0003", "date": "20-MAR-1987 13:58:34.25", "topics": [ "coffee" ], "places": [ "brazil" ], "id": "7888" }, { "title": "BANCO DI ROMA UNIT ARRANGES EURO-PAPER PROGRAM", "body": "Banco di Roma (London branch) has\narranged a 200 mln dlr nominal Euro-commercial paper program,\nSwiss Bank Corporation International Ltd said as sold dealer.\n The borrower will be able to issue paper with maturities of\nseven to 365 days in other avialable currencies, such as\nEuropean Currency Units. However, it could not issue sterling\ncommercial paper because Bank of England rules prohibit an\nissuer of certificates of deposit to issue paper denominated in\nstg. Banco di Roma (London branch) has a certificate of deposit\nprogram in the market under which the securities are traded.\nThe program will be aimed at end investor placement.\n Reuter\n\u0003", "date": "20-MAR-1987 13:58:44.63", "places": [ "uk" ], "id": "7889" }, { "title": "SPANISH COAL MINERS CALL STRIKES OVER LAYOFFS", "body": "Miners at Spain's state-owned Hulleras\ndel Norte S.A. (Hunosa) coal company have called a 72-hour\nstrike starting on Monday to protest against a restructuring\nplan that entails layoffs, union sources said.\n They said more stoppages would follow in coming weeks.\n The unions rejected a company compromise proposal to extend\nthe period of the restructuring plan to four years instead of\ntwo and said there should be no job losses.\n The company wants to shed some 2,000 jobs and start cutting\nback on production to help boost productivity by five pct\nyearly to the year 2000.\n\n\u0003", "date": "20-MAR-1987 13:59:08.82", "places": [ "spain" ], "id": "7890" }, { "title": "MOUNTAIN VIEW ACQUIRES MARATECH COMMUNICATIONS", "body": "(Mountain View Investment\nCorp), Phoenix, Ariz., said it acquired Maratech Communications\nCos Inc.\n Under terms of the transaction, the present directors of\nMountain View have resigned and have elected directors of\nMaratech as new directors of Mountain View.\n It said a combined shareholders' meeting will soon be held\nto vote on the acquisition.\n Reuter\n\u0003", "date": " 20-MAR-1987 14:00:27.29", "topics": [ "acq" ], "places": [ "usa" ], "id": "7891" }, { "title": "MEXICO WARNS OF WORSENING THIRD WORLD DEBT WOES", "body": "High interest rates, sluggish global\neconomic growth and creeping protectionism are deepening the\nthird world debt crisis, senior Mexican officials said.\n Finance minister Gustavo Petricioli said today's signing of\na 76 billion dlr new-loan and rescheduling package for Mexico\nwas the most comprehensive and far-reaching effort in debt\nmanagement yet achieved for a sovereign borrower.\n But, in remarks prepared for the signing ceremony, he\nwarned against complacency. \"The debt problem is not solved. If\nanything, it has been exacerbated by recent events.\"\n \"The inequities of the international economic environment\nconspire against the welfare and stability of developing\ncountries,\" Petricioli added. The debt problem will not be\nsolved unless developing countries are allowed to grow, he\nargued. \"There will be no solution without the further\ndevelopment of trade throughout the world.\".\n Director of public credit Angel Gurria told reporters that\nMexico's economy should resume growth this year, but he said\nexternal conditions are not favorable. Latin America is\ngrappling with adverse terms of trade, for instance, as\nunderlined by the recent slide in coffee prices.\n Interest rates remain unacceptably high in real terms,\nGurria added. \"Inflation has literally disappeared from the\nface of the earth in the industrialized world, but interest\nrates are still near seven pct.\"\n Industrial powers must also improve the coordination of\ntheir economic policies to boost unacceptably low growth rates\nand to keep export markets open, said Gurria, who is Mexico's\nchief debt negotiator.\n The officials also had a blunt warning for those banks that\nrefuse to participate in the loan package: Do not expect to get\nmuch business with Mexico in the future.\n About 60 of Mexico's 430 or so creditor banks worldwide\nhave still to join the loan, but four more acceptances were\nreceived today, according to senior Citibank executive William\nRhodes, who is co-chairman of Mexico's advisory committee.\n \"Those who supported us today can be sure that Mexico will\ncontinue to be open and willing to share with them the business\nopportunities which its future growth will create.\n \"Those few who have denied their responsibility have turned\ntheir backs on this remarkable effort of international\ncooperation, on the financial system and on their enlightened\ncolleagues,\" Petricioli said.\n One way that Mexico could punish recalcitrant banks would\nbe to deny, or at least slow down, applications to convert\nMexican debt into equity investments within the country.\n \"We will be a lot more expeditious in processing the\nrequests of banks that have supported us,\" Gurria said, adding,\n\"We have long memories.\"\n Debt-equity conversions are an attractive way for banks to\nprovide clients with subsidized pesos for investment in Mexico\nand to collect handsome brokerage fees or reduce their own\nMexican exposure in the process. \n The growing popularity of the scheme was underlined this\nweek when American Express Bank, which has joined the new\nMexican package, said it plans to convert 100 mln dlrs of its\nown loans into an equity stake in hotel projects in Mexico.\n Mexico halted the debt-equity program on Feb. 25 to force\nbanks to concentrate on wrapping up the financing pakcage, and\nGurria said it would resume once the first part of the six\nbillion dlr loan that forms the core of the deal is disbursed.\n The loan is now 99 pct subscribed. Gurria said Mexico hopes\nto close the books by the middle of April in time for a\ndrawdown by the end of April.\n Although the agreements were signed in the sumptuous\nsurroundings of a midtown Manhattan hotel, the atmosphere of\nthe signing ceremony was rather subdued, with bankers and\nofficials showing little of the elation and relief that\nnormally follows the conclusion of a mammoth deal.\n After five months of arduous work syndicating the loan,\ndebt fatigue was apparent and the talk was of ways to make the\nfinancing process less cumbersome.\n \"This (package) has been harder than all the others... I\nhope we find a way that's not so debilitating for the people\nwho have to put them together,\" Gurria said.\n Reuter\n\u0003", "date": "20-MAR-1987 14:01:58.33", "places": [ "usa", "mexico" ], "id": "7892" }, { "title": "AMERICAN CAN SEES HIGHER YEAR NET", "body": "American Can Co chairman Gerald Tsai\nsaid the company will record higher earnings in the first\nquarter and for the full year.\n Addressing analysts, Tsai said \"First quarter results have\nbeen extremely encouraging and results for all of 1987 will\nshow significant improvement over 1986.\"\n American Can earned 196.3 mln dlrs, or 3.21 dlrs per share,\nadjusted for a two-for-one stock split, in 1986.\n In the 1986 first quarter, the company reported net income\nof 67.5 mln dlrs, including one-time gains from sale of assets,\nor 2.30 dlrs per share, before the stock adjustment.\n In the 1987 first quarter, American Can will record a\none-time gain of 28 cts per share from the sale of shares in\nits Musicland Group subsidiary. The gain is slightly higher\nthan the expected gain the company predicted in February\nbecause additional shares of the unit were sold.\n In response to a question, Tsai said American Can's\ninvestment in Jefferies and Co is \"very small\".\n \"We treat it as just another passive investment,\" he said.\nAccording to press reports, American Can owns 20 pct of\nJefferies and is its largest single shareholder.\n Yesterday, Boyd Jefferies, chairman and founder of the\nbrokerage firm bearing his name, resigned from the firm and\nsaid he would plead guilty to two felony charges for breaking\nsecurities laws.\n Responding to another question, Tsai said AIDS-related\nclaims were a small portion of claims made with American Can's\ninsurance subsidiaries in 1986.\n Reuter\n\u0003", "date": "20-MAR-1987 14:02:38.16", "topics": [ "earn" ], "places": [ "usa" ], "id": "7893" }, { "title": "CENTRAL BANKING SYSTEM INC QTLY DIVIDEND", "body": "Qtly div ten cts vs ten cts\n Pay April 15\n Record April 1\n Reuter\n\u0003", "date": "20-MAR-1987 14:03:18.94", "topics": [ "earn" ], "places": [ "usa" ], "id": "7894" }, { "title": "CHARTER-CRELLIN TO ACQUIRE SEBRO PLASTICS", "body": "Charter-Crellin Inc said it signed a\nletter of intent to acquire all outstanding shares of capital stock.\n Charter-Crellin, a molded plastic product maker, said Sebro\nis a precision molder of engineered specialty plastic products\nfor the automotive industry.\n The company said the deal is subject to the execution of a\ndefinitive purchase agreement.\n Reuter\n\u0003", "date": "20-MAR-1987 14:03:41.61", "topics": [ "acq" ], "places": [ "usa" ], "id": "7895" }, { "title": "NEW YORK STATE ELECTRIC ENDS ACQUISITION", "body": "New York State Electric and\nGas Corp said it has terminated its effort to acquire Corning\nNatural Gas Corp.\n It cited as reasons the uncertain regulatory climate in New\nYork State and the depresed price of New York State Electric\nstock which has been caused by the delay in the Nine Mile Point\nUnit Two nuclear plant.\n The company had said in December that it had been\ninterested in acquiring Corning Natural Gas.\n Reuter\n\u0003", "date": "20-MAR-1987 14:05:08.93", "topics": [ "acq" ], "places": [ "usa" ], "id": "7896" }, { "title": "BLACK HAWK MINING CAN'T EXPLAIN STOCK RISE", "body": " said it knows\nof \"no major activities\" to account for the recent rise in the\ncompany's stock price.\n The shares rose 11 cts to 88 cts on the Toronto Stock\nExchange yesterday.\n The company added that its application for its proposed\nacquisition of and financings are\nstill before the listing committee of the stock exchange.\n Reuter\n\u0003", "date": "20-MAR-1987 14:05:51.41", "topics": [ "acq" ], "places": [ "canada" ], "id": "7897" }, { "title": "SEAGRAM UNIT REALIGNING OPERATIONS", "body": "Seagram Co Ltd's Joseph E. Seagram and\nSons Inc said it is realigning its Fine Wine operations\nfollowing last week's sale of its medium-priced table wines\nbusiness.\n Seagram Vintners, the entity under which all fine wine\noperations were group, is being dissolved, the company said.\nThe Seagram Classic Wine Co will move its operations to the\nWest Coast, the company said.\n Seagram Chateau and Estate Wines Co will continue to be\nheadquartered in New York, the company said.\n Reuter\n\u0003", "date": "20-MAR-1987 14:06:05.20", "places": [ "usa" ], "id": "7898" }, { "title": "SENATOR WANTS STRONGER AIR MERGER REGULATION", "body": "The chairman of the Senate antitrust\nsubcommittee said the Transportation Department was allowing\ntoo many airline mergers and proposed its authority be\ntransfered to the Justice Department.\n \"The Transportation Department's antitrust enforcement has\nbeen disastrous, permitting rampant merger mania,\" Ohio\nDemocrat Howard Metzenbaum said in a statement.\n \"The nine largest airlines now control 94 per cent of the\nmarket. That's bad for competition and bad for the consumer,\"\nhe said.\n Metzenbaum said he introduced a bill to transfer antitrust\nauthority over airline mergers to the Justice Department in\nhopes it would more restrictive than the Transportation\nDepartment.\n Reuter\n\u0003", "date": "20-MAR-1987 14:09:00.46", "topics": [ "acq" ], "places": [ "usa" ], "id": "7899" }, { "title": "SHARPER IMAGE CORP SETS STOCK OFFERING", "body": "Sharper Image Corp said it\nregistered with the Securities and Exchange Commission to offer\n1,445,000 shares of its common stock.\n The offering would be comprised of 1.2 mln shares of newly\nissued stock and 245,000 shares offered by certain selling\nshareholders.\n Net proceeds would be used to finance the opening of new\nstores and for working capital.\n The offering is scheduled for April and would be\nunderwritten by a group managed by L.F. Rothschild, Unterberg,\nTowbin Inc and Dean Witter Reynolds Inc.\n Reuter\n\u0003", "date": "20-MAR-1987 14:09:22.68", "places": [ "usa" ], "id": "7900" }, { "title": "GPU SEES TMI-2 FUEL PROBLEMS RESOLVED", "body": "General Public Utilities Corp\nsaid the water-clarity problem delaying the removal of fuel\nfrom the damaged Unit Two of the Three Mile Island nuclear\npower plant appears to have been resolved.\n The company said the slower than expected removal of the\nfuel, which has been primarily due to the water-clarity\nproblems, is now expected to extend fuel removal into 1988.\n A spokesman said the company had previously expected this\nto be completed by the end of 1987 and has not estimated how\nfar into 1988 the process will extend. It still expects to\ncomplete the entire clean-up by the end of 1988, he added.\n GPU said its auditors, Coopers and Lybrand, again qualified\nits opinion of GPU's financial statements, adding the recovery\nof TMI-2 decommissioning costs to the unresolved issues leading\nto the qualified opinion.\n GPU said its operating subsidiaries will seek to recover\nthe costs of decommissioning TMI-2 in future rate proceedings.\n As in past years, the qualified opinion continues to list\nother uncertainties associated with the accident, which damaged\nTMI-2 -- the recovery of cleanup costs and any payments for\ndamages that might exceed available insurance proceeds.\n Reuter\n\u0003", "date": "20-MAR-1987 14:13:06.64", "topics": [ "earn" ], "places": [ "usa" ], "id": "7901" }, { "title": "ECHLIN EXPECTS CONTINUED PROFIT GROWTH", "body": "Echlin Inc said it expects\nfurther earnings increases for the second half of fiscal 1987\nending in August due to unit sales growth and improved\noperations.\n \"As expected, market conditions have improved so that\ndemand for automotive replacement parts is gradually and\nsteadily expanding,\" Echlin president Frederick Mancheski said.\n Earlier, Echlin reported first half fiscal 1987, ended Feb\n28, earnings of 23.2 mln dlrs, or 48 cts a share, up from 16.6\nmln, or 40 cts a share, in the prior year's first half.\n Also, Echlin said it had second quarter net income of 11.8\nmln dlrs, or 24 cts per share, compared with net income of 8.3\nmln dlrs, or 20 cts a share, in fiscal 1986's second quarter.\n Reuter\n\u0003", "date": "20-MAR-1987 14:15:31.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "7902" }, { "title": "ATT COST-CUTTING EFFORTS ON TARGET", "body": "American Telephone and Telegraph Co\nchairman James E. Olson said he is very pleased with the\ncompany's efforts so far to cut costs.\n He told a meeting of securities analysts that, although the\ncompany is not yet at point in its cost-cutting drive to\nimprove profit margins, it is \"on the right track.\"\n Olson said ATT's cash flow was \"very strong in the first\ntwo months of the year, better than budgeted.\"\n While Olson does not know if the company's earnings and\nrevenues will improve by yearend, he said ATT is \"moving in the\nproper direction.\"\n For 1986, ATT's earnings dropped to 139 mln dlrs, or five\ncts a share, on revenues of 34.1 billion dlrs, from 1.56\nbillion dlrs, or 1.37 dlrs a share, on revenues of 34.4 billion\ndlrs in 1985.\n During 1986 ATT took 3.2 billion dlrs in charges from\nexpenses related to reducing its work force by 32,000.\n Reuter\n\u0003", "date": "20-MAR-1987 14:22:56.33", "topics": [ "earn" ], "places": [ "usa" ], "id": "7903" }, { "title": "HUDSON'S BAY WRITEOFF MAINLY DUE TO DOME STAKE", "body": " said a writeoff of\n40.4 mln dlrs, or 1.39 dlrs per share, that it took in 1986 was\nmainly due to its investment in Dome Petroleum Ltd .\n The company reported an operating profit of 33.0 mln dlrs,\nor 32 cts per share, for fiscal 1986, compared to an operating\nloss of 9,055,000 dlrs, or 1.23 dlrs per share, in the previous\nyear.\n Hudson's Bay holds about four mln shares of Dome's 10 pct\nseries one cumulative subordinate convertible preferred shares.\n Last March, Dome suspended payment of dividends on all\npreferred shares until June 1, 1987. The shares give the holder\nthe right to convert to Dome common shares at 3.33 dlrs per\nshare.\n Dome has the right to force conversion if Dome common\nreaches 3.885 dlrs per share. Dome is trading at 1.12 dlrs per\nshare, down one ct, today on the Toronto Stock Exchange.\n Hudson's Bay also said it had an increase in 1986 in retail\noperating profit to 185.3 mln dlrs from 111.4 mln dlrs, but\nthat was partially offset by an increase of 14.9 mln dlrs in\ninterest costs and 25.3 mln dlrs in taxes.\n Hudson's Bay also said its Markborough properties\nsubsidiary had an operating profit of 108.6 mln dlrs, up from\n98.8 mln dlrs the year before.\n Profit from non-Markborough real estate was 23.5 mln dlrs\nin 1986, down from 27.6 mln dlrs a year ago.\n Operating profit from natural resources was 4.2 mln dlrs,\nup 1.2 mln dlrs from the prior year. Pensions costs were\nreduced by 34.9 mln dlrs due to an accounting change. Total\ndebt declined during the year by 251 mln dlrs to 2.28 billion\ndlrs and debt to equity ratio improved to 1.8 to one from 2.1\nto one.\n Reuter\n\u0003", "date": "20-MAR-1987 14:23:57.72", "topics": [ "earn", "acq" ], "places": [ "canada" ], "id": "7904" }, { "title": "CREDIT LYONNAIS SIGNS USSR JOINT VENTURE PACT", "body": "French bank Credit Lyonnais said it\nsigned a protocol of agreement with the Soviet Union to\nestablish a joint financial group to help set up and finance\njoint ventures between the Soviet Union and western firms.\n It said in a statement it signed the agreement here with\nthe Soviet central bank (Gosbank) and foreign trade bank\n(Vneshtorgbank), following the announcement earlier today of a\nsimilar, but wholly separate, agreement between the Soviet\nUnion and Banque de l'Union Europeenne.\n No joint ventures have yet been finalised under January\n1987 Soviet laws enabling joint ventures although some\nprotocols of intent aiming at their establishment have already\nbeen agreed between western firms and the Soviet Union.\n Reuter\n\u0003", "date": "20-MAR-1987 14:29:46.68", "places": [ "ussr", "france" ], "id": "7905" }, { "title": "SEC HEAD NOMINATED U.S. AMBASSADOR TO NETHERLANDS", "body": "President Reagan is to nominate John\nShad, chairman of the Securities and Exchange Commission, SEC,\nas ambassador to the Netherlands, the White House said today.\n Shad, 63, a former executive with the Wall Street firm of\nE.F. Hutton and Co., would succeed L. Paul Bremer, now the\nState Department's chief counter-terrorism expert.\n The White House also said that Reagan will nominate career\ndiplomat Sol Polansky, 60, as ambassador to Bulgaria. Polansky\npreviously served in Moscow, Poland, East Germany, Austria and\nother posts.\n The nominations are subject to Senate approval.\n Reuter\n\u0003", "date": "20-MAR-1987 14:31:27.42", "places": [ "usa", "netherlands" ], "id": "7906" }, { "title": "JAPAN OPENS HOME MARKET TO U.S. FISH", "body": "Japan has agreed to drop barriers to\nAmerican-caught herring and pollock, opening the way for\nshipments that could reach 300 mln dlrs annually, U.S. Trade\nRepresentative Clayton Yeutter announced.\n Yeutter said the accord was reached after extensive\nbilateral negotiations that ended earlier today in Tokyo.\n He said the Commerce Department estimated U.S. shipments of\nprocessed pollock products and herring should rise to 85 mln\ndlrs this year and to more than 300 mln dlrs annually in later\nyears.\n There was no immediate assessment of the value of current\nU.S. shipments, but officials said the pact would lift quotas\nto the point that Americans would be able to ship nearly all\nthe pollock and herring ordered by Japanese firms.\n At the same time, Yeutter said Washington was temporarily\nsuspending a complaint with the General Agreement on Tariffs\nand Trade (GATT) that Japan was unfairly curbing imports of the\ntwo fish.\n He said the complaint would be reviewed later this year\nafter an assessment to see if Japan lived up to the agreement.\n Reuter\n\u0003", "date": "20-MAR-1987 14:33:48.04", "topics": [ "trade" ], "organisations": [ "gatt" ], "places": [ "usa", "japan" ], "id": "7907" }, { "title": "FIRST UNION BANKS ELECTRONICALLY LINKED", "body": "First Union National Bank of\nFlorida, a unit of First Union Corp, said it has electronically\nlinked its Florida and North Carolina 24-hour banking machines.\n The bank said the service, which starts April 15, will let\nFirst Union customers make withdrawals and balance inquiries at\nany of its locations in Florida and North Carolina.\n \"This link-up will give customers immediate access to their\naccounts without additional cost whether they are in Florida or\nin North Carolina,\" said B.J. Walker, vice chairman of First\nUnion Corp and chairman, president and chief executive officer\nof First Union National Bank.\n Reuter\n\u0003", "date": "20-MAR-1987 14:36:29.59", "places": [ "usa" ], "id": "7908" }, { "title": "REAGAN WILL NOMINATE SEC CHAIRMAN SHAD AS AMBASSADOR TO NETHERLANDS\n", "date": "20-MAR-1987 14:37:42.34", "id": "7909" }, { "title": "AMERICAN EXPRESS SAID IT GETS SEC SUBPOENA ON DEALINGS WITH FIREMAN'S FUND, AMERICAN EXPRESS\n", "date": "20-MAR-1987 14:38:33.29", "id": "7910" }, { "title": "SHEARSON LEHMAN GETS SEC SUBPOENA ON TRANSACTIONS WITH JEFFERIES AND OTHERS\n", "date": "20-MAR-1987 14:40:53.06", "id": "7911" }, { "title": "FIRST FINANCIAL ACQUIRES TEL-A-DATA", "body": "First Financial Management Corp said it\nacquired the data processing contracts and certain related\nassets of Tel-A-Data L.P. for about 5.7 mln dlrs cash plus the\nassumption of certain liabilities of about 2.5 mln dlrs.\n Tel-A-Data serves about 50 bank and thrift institutions\nthrough a processing center in Lombard, Illinois.\n First Financial offers data processing services to over 800\nfinancial institutions through 35 data processing centers.\n Reuter\n\u0003", "date": "20-MAR-1987 14:49:15.17", "topics": [ "acq" ], "places": [ "usa" ], "id": "7912" }, { "title": "MCM CORP SETS QUARTERLY", "body": "Qtly div six cts vs six cts prior\n Pay April 10\n Record March 31\n Reuter\n\u0003", "date": "20-MAR-1987 14:49:23.34", "topics": [ "earn" ], "places": [ "usa" ], "id": "7913" }, { "title": "THACKERAY CORP YEAR LOSS", "body": "Oper shr loss 22 cts vs loss 20 cts\n Oper net profit 1,013,000 vs profit\n 2,219,000\n Sales 77.0 mln vs 74.0 mln\n Avg shrs 5,107,401 vs 5,361,793\n Reuter\n\u0003", "date": "20-MAR-1987 14:50:54.36", "topics": [ "earn" ], "places": [ "usa" ], "id": "7914" }, { "title": "U.S. FEB BUDGET DEFICIT 28.37 BILLION DLRS VS YEAR AGO DEFICIT 24.58 BILLION\n", "date": "20-MAR-1987 14:50:58.77", "id": "7915" }, { "title": "GENISCO TECHNOLOGY UNIT SETS PACT", "body": "Genisco Technology Corp's\nGenisco Peripheral Systems unit said it set a pact with\nWestward Technology Ltd, based in England, to exchange\ntechnology efforts and grant mutual distribution rights to a\nvariety of computer graphics products.\n Under the pact, Westard and Genisco will sell both\ncompanies' graphics products in Europe and the U.S.\n The two companies will also swap equipment repair\noperations and expand their overall sales forces.\n Reuter\n\u0003", "date": "20-MAR-1987 14:53:38.21", "places": [ "usa" ], "id": "7916" }, { "title": "CONCERN OVER \"EL NINO\" IN PERU - USDA REPORT", "body": "There are heightened fears that \"El\nNino\" may be returning to Peru with an intensity approaching the\n1983 disaster, which affected the weather on several continents\nand caused widespread damage through floods and drought, the\nU.S. Agriculture Department's officer in Lima said in a field\nreport.\n Continued heavy rains in the northern coastal area,\nflooding of several major rivers and mud slides have led to\nincreased concern, the report, dated March 17, said.\n However, it said official sources still believe that this\nyear's El Nino will have only weak to moderate intensity.\n EL Nino is a phenomenon involving a shift in winds and\nwaters in the pacific.\n The USDA report said that so far the El Nino now being\nexperienced has not had an overall negative impact on\nagricultural production.\n Excessive rains in the Piura Pima cotton area may reduce\nyields by about 20 pct due to excessive growth too early in the\ncrop cycle.\n Also insect damage to crops could be more extensive where\nexcessive moisture exists, it said.\n However, the El Nino has resulted in a much improved supply\nof irrigation water in the major dams which will improve\nprospects for many crucial crops such as rice and corn, and\nslow the decline in sugar production, it said.\n If El Nino picks up momentum, Peru's fishing industry could\nreceive a setback. But trade sources still believe the fish\ncatch for industrial processing will reach 5.5 mln tonnes in\n1987, almost 20 pct above last year, the report said.\n Water temperatures in the northern fishing areas are three\nto four degrees centigrade above normal but still not high\nenough to drive the fish to cooler southern waters, it said.\n It said there is still the outside chance that El Nino will\nintensify and carry on through late March, April and May\ncausing problems as crops approach harvest.\n \"There appears to be no way to project the course of El Nino\n-- only time will tell,\" the report said.\n Reuter\n\u0003", "date": "20-MAR-1987 15:01:02.35", "topics": [ "grain", "rice", "corn", "cotton" ], "places": [ "usa", "peru" ], "id": "7917" }, { "title": "ALLIED-LYONS SEES SUBSTANTIAL SECOND HALF GROWTH", "body": " will report\nsubstantial growth in the second half of fiscal 1987 ended\nMarch 7, chairman Derrick Holden-Brown said in answer to\nreporters' queries.\n \"You will certainly see substantial growth in Allied-Lyons\nin the second half,\" Holden-Brown said following a presentation\nto Toronto securities analysts.\n Holden-Brown declined to say whether second half growth in\nprofit before taxes would exceed the 20.7 pct rise reported in\nthe first half. Allied-Lyons had first half profit of 148.0 mln\nstg, up from 122.6 mln stg in the prior year.\n Allied-Lyons will also have a full year extraordinary cost\nof slightly more than seven mln stg for defence costs\nassociated with Elders IXL Ltd's failed take-over bid for the\ncompany, Holden-Brown also said.\n But that cost will be more than offset by an extraordinary\ngain of about 60 mln stg on Allied-Lyons' sale of its 24.9 pct\ninterest in Australian brewers Castlemaine Toohey, he said.\n \"So with Australians, you win some and you lose some. But\nhopefully you win them all in the end,\" Holden-Brown said.\n Asked if he thought Allied-Lyons is vulnerable to other\ntake-over attempts, Holden-Brown replied: \"No, I don't.\"\n \"We must never be complacent and we must always be very\nwatchful, but I think we would be very expensive,\" he said.\n Holden-Brown said Allied-Lyons' share price to corporate\nearnings ratio is now comparable with other leading companies\nin the food and beverage industry.\n \"That was not the case two years ago. If the Australians had\ncome a little bit earlier, they might have had more luck, I\nthink,\" Holden-Brown said.\n Holden-Brown said Allied-Lyons' move to acquire Hiram\nWalker-Gooderham and Worts Ltd in March, 1986 during Elders\ntake-over bid for the company was \"100 pct a growth action.\"\n \"We knew when we did it that it could be misconstrued, and\nthat people almost inevitably would say (the acquisition was)\ndefensive, but it never was,\" Holden-Brown told reporters.\n Asked by securities analysts if Allied-Lyons plans a share\nissue in Canada after acquiring a 51 pct interest in Hiram\nWalker, Holden-Brown responded: \"Plan might be too strong a\nword. But I must say I do feel the need for Allied-Lyons to be\nbetter known in Canada.\"\n Reuter\n\u0003", "date": "20-MAR-1987 15:01:21.43", "topics": [ "earn" ], "places": [ "canada" ], "id": "7918" }, { "title": "FIRST INTERSTATE BANCORP FILES SHELF REGISTRATION FOR 1.5 BILLION DLRS IN DEBT SECURITIES\n", "date": "20-MAR-1987 15:01:24.92", "id": "7919" }, { "title": "U.S. FROZEN ORANGE JUICE STOCKS - MARCH 1 102,618,000 GALLONS VS 97,111,000 YEAR AGO\n", "date": "20-MAR-1987 15:02:38.24", "topics": [ "orange" ], "id": "7920" }, { "title": "U.S. COLD STORAGE STOCKS - MARCH 1 FROZEN PORK BELLIES - LBS - 34,471,000, VS A REVISED 34,900,000 ON FEB 1 AND 51,218,000 A YEAR AGO.\n", "date": "20-MAR-1987 15:02:58.67", "topics": [ "livestock", "pork-belly" ], "id": "7921" }, { "title": " YEAR NET", "body": "Shr 82 cts vs 63 cts\n Net 1,661,000 vs 1,251,000\n Revs 14.8 mln vs 11.6 mln\n Reuter\n\u0003", "date": "20-MAR-1987 15:07:59.75", "topics": [ "earn" ], "places": [ "usa" ], "id": "7922" }, { "title": "U.S. BUDGET DEFICIT 28.37 BILLION DLRS IN FEB", "body": "The U.S. budget was in deficit 28.37\nbillion dlrs in February, up from a deficit of 24.58 billion\ndlrs in February, 1986, the Treasury Department said.\n Last month's deficit compared with a January deficit of\n2.17 billion dlrs. For the fiscal year to date, the budget was\nin deficit by 93.92 billion dlrs, compared with 106.2 billion\ndlrs in the previous fiscal year, the Treasury said.\n Outlays last month totaled 83.83 billion dlrs, more than\nthe 77.95 billion dlrs of outlays in February a year ago but\nslightly down from 83.94 billion dlrs in January, the Treasury\nsaid.\n Receipts were 55.46 billion dlrs last month, up from 53.37\nbillion dlrs in February, 1986, but down from 81.77 billion\ndlrs in January.\n Reuter\n\u0003", "date": "20-MAR-1987 15:09:48.14", "places": [ "usa" ], "id": "7923" }, { "title": "COLD STORAGE REPORT FOR BELLIES NEUTRAL/NEGATIVE", "body": "Chicago Mercantile Exchange floor\ntraders' immediate reaction to the cold storage report for pork\nbellies was neutral to slightly negative.\n Frozen pork belly stocks at 34.5 mln lbs on March 1\ncompared with a revised 34.9 mln lbs on February 1 for a net\nout movement of 0.5 mln lbs.\n The number on hand compared with trade guesses of 33.5 to\n36 mln lbs and the year ago figure of 51.2 mln lbs.\n Traders said the figure was toward the upper end of\nexpectations and may provide slight downward pressure because\nof recent sharp gains in futures.\n Reuter\n\u0003", "date": "20-MAR-1987 15:10:54.68", "topics": [ "livestock", "pork-belly" ], "id": "7924" }, { "title": "AMERICAN EXPRESS AND UNIT GET SUBPOENAS", "body": "American Express Co said it was\nsubpoenaed by the Securities and Exchange Commission in\nconnection with documents on transactions in securities of\nAmerican Express and its former unit, Fireman's Fund.\n American Express said its brokerage unit, Shearson Lehman\nBrothers Inc was also served with a subpoena. Shearson acted as\nco-manager in the underwriting of units of Fireman's common\nstock and warrants last May, was also served with a subpoena,\nit said.\n American Express said the subpoena to Shearson relates to\ntransactions with Jefferies and Co and others.\n American Express said it and Shearson intend to comply with\nall requests from the SEC and to cooperate fully. American\nExpress said neither company is aware of any unlawful conduct\nwith respect to the matters and a thorough investigation is\ncontinuing.\n American Express said the subpoenas were received\nyesterday, and that it and Shearson were unaware of any inquiry\nprior to receiving the subpoenas.\n Yesterday, Boyd Jefferies, founder of Jefferies Group, said\nhe agreed to plead guilty to two felony counts of securities\nviolations.\n Jefferies also settled charges with the Securities and\nExchange Commission of market manipulation and another scheme\nwith Ivan Boesky, who has settled SEC charges of insider\ntrading.\n Jefferies' firm was censured by the SEC and ordered to\nretain an outside consultant to review its procedures.\n In documents filed on Jefferies yesterday, the SEC did not\nidentify who was involved in the market manipulation scheme\naside from Jefferies. It said \"a certain issuer,\" which held\ncontrolling interest in a second public company, offered\nseveral mln shares of the company's common stock to the public\nin a secondary offering during 1986.\n The SEC alleged that Boyd Jefferies carried out a scheme\nwith an unidentified person to drive up the price of the second\ncompany's stock prior to the offering by having the Jefferies\nfirm trade in the stock.\n Jefferies and co was allegedly compensated for the loss\nfrom those trading activities after sending a fake invoice to\nanother unnamed person, the government charged.\n American Express first offered Fireman's Fund Corp's stock\nto the public in 1985. It lowered its holding from 100 pct to\n41 pct. In May, 1986, it reduced its ownership interest to 27\npct by completing a public offering of nine mln units.\n Each unit consisted of one share of common and one warrant\nto buy Fireman's fund. The warrants are exercisable from the\nissue date through March, 1989.\n At the same time, American Express sold warrants directly\nto Fireman's Fund to purchase five mln shares. Those warrants\nare exercisable between November, 1988 and March 1991.\n American Express said if all warrants were exercised it\nwould own about 13 pct of Fireman's fund.\n American Express stock fell 1-1/2, to 77-1/4 on volume of\n1.9 mln shares. The stock had been strong in the last two days,\nfirst on rumors, then an announcement of an understanding\nAmerican Express reached to sell Nippon Life Insurance Co 13\npct of Shearson.\n Wall Street has also been anticipating American Express\nwill sell a stake in the brokerage unit to the public as well.\n E.F. Hutton analyst Michael Lewis said he does not believe\nthe subpoenas will affect Nippon's deal with American Express,\nbut it could result in a delay of the public offering\nanticipated for Shearson.\n\n \"If they're forced to keep a bigger percentage of Shearson\na little longer...big deal. They're certainly not going to\nthrow Shearson away. Shearson is still an attractive asset,\" he\nsaid.\n American Express has not commented on speculation it would\noffer part of Shearson to the public, but it has said it was\ncontinuing to review options for the brokerage.\n Analysts had speculated an offering of a part of Shearson\nwould be forthcoming shortly.\n \"It puts a cloud over it for a while...The market is\nanxious to see them consumate whatever they were going to\nconsumate,\" Lewis said.\n Reuter\n\u0003", "date": "20-MAR-1987 15:11:03.68", "places": [ "usa" ], "id": "7925" }, { "title": "S/P UPGRADES AMERICAN SECURITY AND UNIT", "body": "Standard and Poor's Corp said it\nraised to A-1 from A-2 American Security Corp's commercial\npaper.\n S and P also upgraded, to A and A-1 from BBB-plus and A-2\nrespectively, the certificates of deposit of American\nSecurity's lead bank, American Security Bank N.A.\n The rating agency said the actions reflected the firm's\nmerger with what it termed a stronger Maryland National Corp,\nas well as American's improving performance. S and P said the\nmerger would allow American Security to diversify its wholesale\nfunding base.\n Reuter\n\u0003", "date": "20-MAR-1987 15:13:29.79", "places": [ "usa" ], "id": "7926" }, { "title": "BALLY SEEN SELLING OFF HEALTH UNIT", "body": "Bally Manufacturing Corp's proposed\npublic offering of 24 pct of its Health and Tennis Corp unit is\nseen as the first step towards the sale of the entire unit,\nanalysts said.\n \"In the longer-term horizon, Bally wants to concentrate on\nits gaming businesses,\" said analyst Dennis Forst of Seidler\nAmdec Securities Inc.\n Last week, Bally said it was considering the sale of\nanother non-casino unit, its Six Flags amusement park unit,\nwhich analysts said could fetch about 300 mln dlrs.\n Bally spokesman Bill Peltier said \"the company currently\nhas no hard plans to the sell any more of the health club\ncompany, but in the long term we'll wait and see how the\noffering goes.\"\n Once Bally's biggest revenue producer, the health club unit\nhad 1986 operating income of 60 mln dlrs on revenues of 456.2\nmln dlrs, 28 pct of Bally's revenues. Analysts estimate the\nunit could be sold for for 300-500 mln dlrs.\n Analysts said Bally's decision to offer shares in the unit\ncould be the first step to selling it.\n \"It would seem obvious that an offering would decrease the\nhealth club unit's debt, increase its cash flow and operating\nincome, making it an attractive buy to a third party,\" Steven\nEisenberg of Bear Stearns said.\n On Monday, Bally said it filed with the Securities and\nExchange Commission for an initial offering of 24 pct, or 5.8\nmln shares, of the unit's common stock at 13-15 dlrs a share.\n About half the proceeds, 40 mln dlrs, will be used to reduce\nparent Bally Manufacturing's debt which has swelled to 1.6\nbillion dlrs due to recent hotel acquisitions and the purchase\nof shares from Donald Trump who had threatened a hostile\ntakeover, according to Bally treasurer Paul Johnson.\n Remaining proceeds from the stock offering and from a\nseparate offering of 50 mln dlrs of 20-year convertible\nsubordinated debt would be used to repay about 75 mln dlrs of\nshort term senior bank debt of the health chain unit, a Bally\nspokesperson said.\n Analysts said Bally's health club unit's profits have\nremained strong, but are skeptical about the industry's long\nrange prospects.\n \"The fitness club industry, over the last 10 years, has\ngrown tremendously, but the question is whether its a fad or a\npermanent part of our lifestyle,\" said Eisenberg of Bear\nStearns.\n Analysts said fitness clubs will likely flourish if the\npublic stays at its peak of health consciousness, but that\novercapacity is likely to occur as consumer enthusiasm wanes.\n In addition, \"the returns in the fitness club industry are\njust not as high as they are in the gaming industry,\" said one\nanalyst.\n There are about 6,500 fitness clubs in the U.S., excluding\nclubs run by not-for-profit organizations, according to the\nAssociation of Physical Fitness Centers who estimates it to be\nan 8.0-billion-dlr-a-year industry.\n Asked if anyone has offered to buy the unit, which is the\nnation's largest health club chain, Peltier said, \"no one has\nthe money to offer to buy it.\"\n \"The fitness industry is a fragmented industry with no\nleader and there is a great opportunity for growth through\nacquisition and then standardization,\" said Wayne LaChapelle,\nchief financial officer of Livingwell INc , the nation's\nsecond largest fitness chain operator whih\n LaChapelle said Livingwell is always interested in\nacquisition opportunities but \"could not afford an acquisition\nthe size of Bally at this time.\"\n Reuter\n\u0003", "date": "20-MAR-1987 15:14:39.83", "topics": [ "earn", "acq" ], "places": [ "usa" ], "id": "7927" }, { "title": "COMMERCIAL CREDIT UNIT SELLS DIVISION", "body": "Commercial Credit Co said its\nAmerican Health and Life Insurance Co sold its ordinary life\ninsurance business to American National Insurance Co .\n American National will assume the business no later than\nAugust 31, 1987, Commercial Credit said.\n The sale is part of a restructuring program begun by\nCommercial Credit's subsidiary in late 1986, the company said.\n Reuter\n\u0003", "date": "20-MAR-1987 15:14:54.33", "topics": [ "acq" ], "places": [ "usa" ], "id": "7928" }, { "title": "MORGAN STANLEY SAYS IT ENTERED MARKET ON CLOSE ORDERS TOTALING 1.1 BILLION DLRS\n", "date": "20-MAR-1987 15:16:37.83", "id": "7929" }, { "title": "DELTA SAYS COURT ORDER WILL NOT DELAY MERGER", "body": "Delta Air Lines said a court\norder requiring Western Air Lines to arbitrate with two\nof its unions will not delay the April 1 merger between the two\nairlines.\n The order, which was issued by the Ninth Circuit Court of\nAppeals, requires Western to discuss with its two unions\nwhether Western's labor contracts will be binding for Delta,\nDelta said.\n \"Nevertheless, the court order could cause significant\npersonnel problems, including the possible delay of wage\nincreases Delta had planned to give the Western personnel on\nApril 1,\" Ronald Allen, Delta's president, said.\n Delta said it feels the court has erred and should\nreconsider the order.\n Reuter\n\u0003", "date": "20-MAR-1987 15:18:29.82", "topics": [ "acq" ], "places": [ "usa" ], "id": "7930" }, { "title": "OKC SAYS APPEALS COURT UPHOLDS RULING", "body": "OKC Limited Partnership said the Fifth\nCircuit U.S. Court of Appeals has affirmed a partial summary\njudgment renedered against it and for Phillips Petroleum Co

\nby the U.S. District Court for the Eastern District of\nLouisiana. OKC said it plans to seek a rehearing.\n The company said Phillips is due 21.5 mln dlrs plus\ninterest to date under the trial court judgment, and OKC has\n14.0 mln dlrs in reserves set aside to cover the loss. It said\nit has made the necessary financial arrangements to provide for\nthe total amount of the judgment.\n OKC said the court found no support for OKC's contention\nthat there was a mutual mistake between it and Phillips'\nAminoil subsidiary that required the reforming of a farmout\nagreement.\n Reuter\n\u0003", "date": "20-MAR-1987 15:21:16.98", "places": [ "usa" ], "id": "7931" }, { "title": "CENTRUST SAVINGS TO RECAPITALIZE STOCK", "body": "Centrust Savings Bank said it will\nrecapitalize its common stock at the close of business today,\nconverting each share of outstanding common into 0.5 share of\ncommon and 0.5 share of series one participating stock.\n Centrust said its shareholders previously approved the\nrecapitalization at a meeting held on February 20, 1987.\n Centrust said the series one stock, a newly created series\nof Centrust's capital stock, has enhanced voting rights versus\nthe common stock. Series one holders generally will vote to\nelect 75 pct of the board of directors, while common\nshareholders will elect 25 pct, Centrust said.\n CenTrust added that the common stock will have the right to\nvote along with the series one as a single class for the\nelection of 75 pct of the board only if the number of\noutstanding \"high voting stock,\" including the series one,\nfalls below a certain percentage of outstanding shares of all\nclasses and series of voting stock.\n CenTrust said the common stock gets one vote per share, the\nseries one gets ten votes per share and there is separate class\nvoting on some matters.\n CenTrust said series one dividends will be lower than\ncommon stock dividends until April 1, 1992. \n Also the series one will have limited preferential dividend\nand liquidation rights and will be convertible into common\nstock.\n Both series one and the recapitalized common stock shares\nare scheduled to begin trading on the American Stock Exchange\non March 23, 1987.\n Reuter\n\u0003", "date": "20-MAR-1987 15:21:45.53", "places": [ "usa" ], "id": "7932" }, { "title": "BANKS HAD EXCESS POSITIONS WITH VW - NEWSLETTER", "body": "A financial newsletter which reported\nlast November that car maker Volkswagen AG lost large\nsums in currency transactions alleged that unnamed banks had\ncircumvented banking regulations with help from VW's foreign\nexchange department.\n VW had no immediate comment and there was nothing in the\nreport by the newsletter, the Platow Brief, to link its new\nallegations with a suspected currency swindle at VW which is\nnow being investigated by a prosecutor.\n VW said this month that it had had to make provision for\npossible losses up to 480 mln marks in the possible currency\nfraud.\n A spokesman for the Federal Banking Supervisory Office in\nWest Berlin said the office was aware that the newsletter had\nmade the new allegations and would follow this with interest.\n Platow Brief said around 16 mainly foreign banks based in\nWest Germany had \"parked\" excess open positions in currency\ntrading with VW's foreign exchange department.\n Under West German banking law, banks may not end a trading\nday with open positions totalling more than 30 pct of their\ncapital. During the day banks buy and sell currencies, usually\naiming to match up all deals by the end and balance their\nbooks.\n Some traders who take a view on how currencies will move\nmay prefer to leave certain positions open, a speculative\nsituation that the German regulations are designed to limit.\n According to Platow Brief, some traders apparently were\ngetting round the regulation by getting VW to buy or sell\ncurrencies and hold them temporarily so that their books were\nsquared. Up to 100 mln dlrs was sometimes involved.\n Non-bank corporations are not covered by the restrictions,\nimposed after a bank crash in 1974 to protect bank depositors.\n Breaches of the Banking Law in this way can be punished by\na fine for the dealers involved, and in extreme cases by\nremoval of the managers, if their active involvement is proved.\n But the Federal Banking Supervisory Office said it first\nhad to be established how far, if at all, regulations were\nbreached.\n The suspected VW currency swindle meanwhile involved\noperations to protect the company against fluctuations in the\nvalue of the dollar, VW spoksmen have said.\n Some operations to hedge against changes in currency values\nwere not completed, meaning VW stood to lose money.\n A senior executive has been fired and several other people\nsuspended, while a prosecutor is looking into the matter.\n REUTER\n\u0003", "date": "20-MAR-1987 15:21:53.15", "places": [ "west-germany" ], "id": "7933" }, { "title": "ANALYST SAYS USSR WINTER GRAINS HURT BY WEATHER", "body": "The Soviet Union's winter grain\ncrop is likely to have suffered losses due to dry planting\nconditions last fall and severe cold this winter, an analyst of\nworld weather and crop conditions said.\n Grain analyst and meteorologist Gail Martell, author of the\nEF Hutton publication \"Global Crop News,\" said in her latest\nreport that the Soviets may import more grain, possibly wheat,\nfrom the U.S. due to potential crop damage.\n \"Compared with last year, the outlook (for the Soviet\nwinter grain crop) is far more pessimistic,\" she said. \"But\nit's still too early to talk about disastrous losses. A lot\nwill depend on spring weather, not only for the outcome of the\ntroubled winter grain crop, but also for spring planting.\"\n Martell said the dry weather conditions last fall probably\nprevented optimal seed germination for winter grains. Key wheat\ngrowing areas of the southern Ukraine and North Caucasus\nreceived on 25-35 pct of autumn precipitation, she said.\n The bitter winter cold temperatures -- which broke record\nlows that had stood for four decades -- also may have taken its\ntoll on Soviet winter crops, she said.\n However, she noted that most of the southern grain belt had\nample snow cover, which should have well-insulated the majority\nof crop areas from severe frost damage.\n The USSR has already bought 20 to 21 mln tonnes of grains\nin the July 1986/June 1987 marketing year, primarily from\nCanada, the European Community, Argentina and Australia,\nMartell said.\n She cited a number of reasons besides possible crop\nproblems that might point to additional Soviet import demand.\n Last fall's dry weather may limit livestock grazing on\nmoisture-depleted pastures, while the cold winter weather\nnecessitated supplemental feeding to keep livestock healthy.\n Martell was also skeptical of a Soviet claim for a 1986\ngrain harvest of 210 mln tonnes, and said the Chernobyl\naccident may have contaminated more grain than originally\nthought and have to be made up with imports.\n However, she said the U.S. remains a supplier of last\nresort for the Soviet Union, noting that the Soviets have only\njust recently begun their first U.S. grain purchases of the\n1986/87 season by buying 2.25 mln tonnes of corn.\n Martell cited USDA statistics showing that since the 1980\ngrain embargo the U.S. is only a major supplier of grain to the\nUSSR during years of heavy Soviet demand.\n In 1984/85, the U.S. supplied 41 pct of record Soviet grain\nimports of 55.5 mln tonnes. But in 1985/86, the Soviet Union\nbought 29.9 mln tonnes of grain and turned to the U.S. for only\n24 pct of that total.\n While the USDA Soviet import target for grain for 1986/87\nwas 22 mln tonnes, many U.S. grain analysts have revised their\nestimates of Soviet imports up to 25-28 mln tonnes, she said.\n Reuter\n\u0003", "date": "20-MAR-1987 15:24:15.01", "topics": [ "grain", "wheat", "corn" ], "organisations": [ "ec" ], "places": [ "usa", "ussr", "canada", "australia", "argentina" ], "id": "7934" }, { "title": "INTEGRATED GENERICS MAY SELL 10 PCT OF UNIT", "body": "Integrated Generics Inc said it\nis discussing with an unnamed pharmaceutical distributor the\nsale of 10 pct of its A.N.D.A. Development Corp subsidiary for\n200,000 dlrs.\n Integrated said its subsidiary, Biopharmaceutics, is\nnegotiating with the same unnamed distributor to sell it five\nprescription drugs.\n The company said it can release no other details at this\ntime.\n Reuter\n\u0003", "date": "20-MAR-1987 15:26:41.22", "topics": [ "acq" ], "places": [ "usa" ], "id": "7935" }, { "title": "MORGAN STANLEY HAS MARKET-ON-CLOSE ORDERS", "body": "Morgan Stanley and Co said it\nentered market-on-close orders totaling 1.1 billion dlrs for\nstocks in the Major Market Index and Standard and Poor's 500\nstock index.\n Morgan Stanley said its orders were entered in accordance\nwith Securities and Exchange Commission and New York Stock\nExchange requirements. The firm did not specify the nature of\nits orders. Participants in the index futures markets said\ninvestors have been betting all day that the stock market will\nfinish sharply higher but few were willing to make a firm\nprediction.\n Reuter\n\u0003", "date": "20-MAR-1987 15:27:43.90", "places": [ "usa" ], "id": "7936" }, { "title": "MEXICO'S RESERVES REACH EIGHT BILLION DLRS", "body": "Additional capital inflows of 1.5\nbillion dlrs so far this year have boosted Mexico's reserves to\nabout eight billion dlrs, director of public credit Angel\nGurria told reporters.\n Money has been coming back to Mexico because of improved\ninvestor confidence and because a tight monetray policy has\nforced credit-starved industries to repatriate capital. Inflows\ntotalled a billion dlrs in fourth-quarter 1986.\n Gurria said Mexico is not accumulating reserves for the\nsake of it. He said its new loans will increase the pool of\nfunds available for badly needed investment.\n Once the first tranche of its new six billion dlr loan is\ndrawn down in the second quarter, Mexico will still only have\nenough reserves to pay for imports and debt service for four or\nfive months, Gurria noted.\n Nevertheless, Gurria said Mexico does not expect to draw on\nthe commercial banks' 1.2 billion dlr investment-support\ncontingency facility. That money will be available until April\n1988 if Mexico's export receipts and the price of oil fall\nbelow certain levels. But Mexico failed to qualify for the\nfirst two drawings totalling 451 mln dlrs, and Gurria said\ntoday, \"We expect we'll never have to use it.\"\n Gurria said Mexico will know by June whether it can draw on\nthe second contingency facility included in the bank financing\npackage - a 500 mln dlr growth co-financing loan with the World\nBank.\n Finance minister Gustavo Petricioli said he had signed\nyesterday a 250 mln dlr loan with the World Bank to support the\ndevelopment of exports of manufactured goods.\n He also said the first 250 mln dlr tranche of a one billion\ndlr loan from the Japanese government to support steel, oil and\nexport promotion will be disbursed at the end of the month.\n Mexico is also due to make the third drawing from its\nInternational Monetary Fund standby credit in the next few days\nbased on a successful review of end-1986 economic results.\n Petricioli said Mexico is in the final stages of\ndiscussions which will determine quantitative economic targets\nfor 1987 which will allow it to continue to draw from the IMF\nfor the rest of 1987.\n Petricioli reported that Mexico has so far concluded eight\nbilateral accords with government creditors within the Paris\nClub.\n Sixteen governments signed the Paris Club umbrella\nagreement last September, which restructured 1.8 billion dlrs\nof official debt, and Petricioli said he hopes to finalize\npacts with the remaining eight countries in the next few weeks.\n In keeping with the spirit of the September agreement, he\nsaid all countries from the Organization of Economic\nCooperation and Development have continued to provide export\ncredit facilities for Mexico, despite the debt restructuring.\n Reuter\n\u0003", "date": "20-MAR-1987 15:29:36.73", "topics": [ "reserves" ], "places": [ "mexico", "usa" ], "id": "7937" }, { "title": "FIRST INTERSTATE BANCORP FILES DEBT OFFER", "body": "First Interstate Bancorp said it\nhas filed a shelf registration with the Securities and Exchange\nCommission for up to 1.50 billion dlrs principal amount of its\ndebt securities.\n The filing consists of 1.00 billion dlrs of senior debt\nsecurities and 500 mln dlrs of subordinated debt securities,\nincluding capital securities.\n The securities may be offered from time to time through\nunderwriters or by the company directly, or through agents, it\nsaid.\n First Interstate said net proceeds would be used\nprincipally to fund investments in, or extensions of credit to,\nthe company's subsidiaries, or to repay loans incurred for such\npurposes.\n It called the filing part of the company's \"regularly\nscheduled funding activities.\"\n First Interstate said the filing brings to 5.45 billion\ndlrs the total amount of debt securities covered under this and\neight earlier shelf registrations.\n Reuter\n\u0003", "date": "20-MAR-1987 15:29:53.55", "places": [ "usa" ], "id": "7938" }, { "title": "NAVISTAR