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training/3038
|
training/3038 |@title applied:1 circuit:1 acrt:1 sell:1 electronic:1 business:1 |@word applied:1 circuit:1 technology:1 inc:1 act:4 say:4 agree:1 principal:1 sell:1 primary:1 computer:1 electronic:1 business:1 sanpao:1 group:1 san:1 francisco:1 disclose:1 deal:2 term:1 add:1 50:1 pct:1 sale:1 price:1 cash:1 remainder:1 pay:1 two:1 year:1 period:1 expect:1 close:1 march:1 31:1 make:1 move:1 concentrate:1 resource:1 pharmaceutical:1 subsidiary:1
|
APPLIED CIRCUIT<ACRT> SELLS ELECTRONICS BUSINESS
Applied Circuit Technology Inc
(ACT) said it has agreed in principal to sell its primary
computer electronics business to the <Sanpao Group> of San
Francisco.
ACT said it has not disclosed the deal's terms, but added
that 50 pct of the sale price is in cash, with the remainder to
be paid over a two year period.
The deal is expected to close on March 31, ACT said.
ACT said it made the move to concentrate resources on its
pharmaceuticals subsidiaries.
|
training/3039
|
training/3039 |@title usair:1 u:1 acquire:1 9:2 pct:1 piedmont:1 pie:1 |@word usair:7 group:1 inc:2 say:4 acquire:1 2:2 292:1 599:1 piedmont:6 aviation:1 share:8 9:3 pct:3 fully:2 dilute:1 basis:3 norfolk:2 southern:2 corp:1 nsc:1 acquisition:1 approve:1 director:1 company:2 advise:1 support:1 propose:1 merger:1 intend:1 tender:3 remain:1 1:2 477:1 829:1 common:2 response:1 offer:2 begin:1 today:1 total:1 include:1 issuable:1 upon:1 conversion:1 prefer:1 note:1 23:1 mln:1 diluted:2 add:1 condition:1 least:1 309:1 394:1 represent:2 40:1 oustanding:1 3:1 491:1 030:1 new:1 option:1 buy:1 18:1 5:1 currently:1 outstanding:1
|
USAIR <U> ACQUIRES 9.9 PCT OF PIEDMONT <PIE>
USAir Group Inc said it has
acquired 2,292,599 Piedmont Aviation Inc shares, about 9.9 pct
on a fully diluted basis, from Norfolk Southern Corp <NSC>.
The acquisition of Piedmont by USAir has been approved by
the directors of both companies.
USAir said it has been advised by Norfolk Southern that the
company supports the proposed merger and intends to tender all
of its remaining 1,477,829 Piedmont common shares in response
to USAir's tender offer which began today. This total includes
shares issuable upon conversion of Piedmont preferred, USAir
noted.
USAir said Piedmont has about 23.1 mln common shares on a
fully diluted basis, adding its offer is conditioned on the
tender of at least 9,309,394 shares, representing 40.2 pct of
the oustanding shares on a diluted basis.
USAir said the 3,491,030 new shares it has an option to buy
represent 18.5 pct of Piedmont's currently outstanding shares.
|
training/304
|
training/304 |@title shv:2 say:1 make:1 tender:1 offer:1 ic:1 gas:1 |@word united:1 kingdom:1 holding:1 co:1 ltd:1 say:6 make:3 tender:4 offer:6 33:2 mln:4 ordinary:5 share:4 imperial:1 continental:1 gas:8 association:1 icgs:1 l:1 statement:3 basis:1 700p:1 ic:7 252p:1 every:1 one:2 stg:2 nominal:1 loan:2 stock:4 shv:3 already:1 hold:1 6:1 8:2 unit:1 represent:2 around:3 4:1 9:2 pct:2 current:1 issue:2 capital:2 successful:1 completion:1 would:2 increase:1 stake:1 39:1 27:1 capitalise:1 billion:1 fully:1 convert:1 give:1 total:1 n:1 rothschilds:1 note:1 term:1 consider:1 soon:1 possible:1 reuter:1
|
SHV SAYS IT MAKING TENDER OFFER FOR IC GAS
<SHV (United Kingdom) Holding Co Ltd>
said it was making a tender offer for up to 33 mln ordinary
shares in Imperial Continental Gas Association.<ICGS.L>.
It said in a statement the offer was on the basis of 700p
for each IC Gas ordinary and 252p for every one stg nominal of
IC Gas loan stock.
SHV already holds 6.8 mln IC Gas ordinary stock units
representing around 4.9 pct of the current issued share
capital.
Successful completion of the offer would increase SHV's
stake in IC Gas to 39.8 mln shares, representing around 27.9
pct of issued share capital, it said.
The offer capitalises IC Gas at around one billion stg.
It said it was tendering for both ordinary stock and loan
stock, which when fully converted, gave a total of 33 mln IC
Gas ordinary. It is making the tender offer through N.M.
Rothschilds.
IC Gas said in a statement it noted the SHV tender offer
and the terms were being considered.
It said a further statement would be made as soon as
possible.
REUTER...
|
training/3040
|
training/3040 |@title brazilian:1 coffee:1 rainfall:2 follow:1 record:1 area:1 past:1 72:1 hour:1 parana:1 state:2 umuarama:1 nil:5 paranavai:1 1:1 5:1 millimetre:1 londrina:1 maringa:1 sao:3 paulo:1 presidente:1 prudente:1 6:1 mm:4 votuporanga:1 12:1 0:3 franca:1 28:1 catanduva:1 10:1 carlos:1 simao:1 reuter11:1 43:1 vb:1 |@word
|
BRAZILIAN COFFEE RAINFALL
THE FOLLOWING RAINFALL WAS RECORDED IN
THE AREAS OVER PAST 72 HOURS
PARANA STATE: UMUARAMA NIL, PARANAVAI 1.5 MILLIMETRES,
LONDRINA NIL, MARINGA NIL.
SAO PAULO STATE: PRESIDENTE PRUDENTE O.6 MM, VOTUPORANGA
12.0 MM, FRANCA 28.0 MM, CATANDUVA 10.0 MM, SAO CARLOS NIL, SAO
SIMAO NIL. REUTER11:43/VB
|
training/3041
|
training/3041 |@title gencorp:2 sell:2 los:2 angeles:2 television:2 station:2 walt:2 disney:2 co:2 |@word
|
GENCORP TO SELL LOS ANGELES TELEVISION STATION TO WALT DISNEY CO
GENCORP TO SELL LOS ANGELES TELEVISION STATION TO WALT DISNEY CO
|
training/3042
|
training/3042 |@title nationwide:1 cellular:1 ncel:1 complete:1 purchase:1 |@word nationwide:1 cellular:3 service:2 inc:1 say:2 complete:1 previously:1 announce:1 acquisition:1 privately:1 hold:1 nova:2 co:1 chicago:1 reseller:1 mobile:1 telephone:1 1:1 800:1 subscriber:1 65:1 000:3 common:1 share:1 accumulate:1 deficit:1 650:1 dlrs:2 revenue:1 2:1 600:1 1986:1
|
NATIONWIDE CELLULAR <NCEL> COMPLETES PURCHASE
Nationwide Cellular Service
Inc said it has completed the previously-announced acquisition
of privately-held Nova Cellular Co, a Chicago reseller of
mobile telephone service with 1,800 subscribers, for about
65,000 common shares.
Nova Cellular has an accumulated deficit of about 650,000
dlrs and had revenues of about 2,600,000 dlrs for 1986, it
said.
|
training/3043
|
training/3043 |@title national:1 westminster:1 bank:1 cut:1 base:1 rate:1 |@word national:2 westminster:2 bank:2 plc:1 say:2 cut:2 base:2 lending:1 rate:3 0:1 5:2 percentage:1 point:2 10:1 pct:1 today:1 respond:1 general:1 easing:1 money:1 market:1 move:3 follow:2 signal:2 england:1 earlier:1 afternoon:1 would:2 endorse:1 half:1 surprise:1 strong:1 last:1 week:1 premature:1 however:1 since:1 pound:1 continue:1 gain:1 strongly:1
|
NATIONAL WESTMINSTER BANK CUTS BASE RATE
National Westminster Bank Plc said it has
cut its base lending rate 0.5 percentage points to 10.5 pct
today.
National Westminster said it was responding to general
easing in money market rates.
Its move followed a signal from the Bank of England earlier
this afternoon that it would endorse a half point cut in the
base rate, a surprise move following its strong signals last
week that such a move would be premature.
However, since then the pound has continued to gain
strongly.
|
training/3044
|
training/3044 |@title u:1 k:1 money:1 market:1 give:1 furth:1 help:1 new:1 rate:1 |@word bank:4 england:1 say:1 provide:1 market:2 assistance:2 afternoon:1 buying:1 bill:4 worth:1 166:1 mln:7 stg:6 low:1 rate:1 introduce:1 morning:2 buy:1 45:1 local:1 authority:1 plus:1 27:1 band:2 one:1 10:2 3:1 8:1 pct:2 together:1 94:1 two:1 5:1 16:1 also:1 revise:1 estimate:1 shortage:1 300:1 250:1 give:1 total:1 213:1 today:1
|
U.K. MONEY MARKET GIVEN FURTHER HELP AT NEW RATES
The Bank of England said it provided the
market with further assistance during the afternoon, buying
bills worth 166 mln stg at the lower rates introduced this
morning.
It bought 45 mln stg of local authority bills plus 27 mln
stg of bank bills in band one at 10-3/8 pct together with 94
mln stg of band two bank bills at 10-5/16 pct.
The bank also revised its estimate of the market shortage
up to 300 mln stg from 250 mln this morning. It has given total
assistance of 213 mln stg today.
|
training/3046
|
training/3046 |@title hutchison:1 unit:1 buy:1 container:1 crane:1 japan:1 |@word container:2 port:1 operator:1 hong:2 kong:2 international:2 terminals:2 ltd:3 89:1 pct:1 hold:1 unit:1 hutchison:1 whampoa:1 hwhh:1 hk:1 say:1 place:1 164:1 mln:1 h:1 k:1 dlr:1 order:1 seven:1 quayside:1 crane:2 800:1 ton:1 japan:1 mitsui:1 engineering:1 shipbuilding:1 co:1 mset:1 may:1 1988:1 august:1 1989:1 delivery:1 operate:1 32:1
|
HUTCHISON UNIT BUYS CONTAINER CRANES FROM JAPAN
Container port operator, <Hong Kong
International Terminals Ltd>, a 89 pct held unit of Hutchison
Whampoa Ltd <HWHH.HK>, said it has placed a 164 mln H.K. Dlr
order for seven quayside container cranes of 800 tons each with
Japan's Mitsui Engineering and Shipbuilding Co Ltd <MSET.T> for
May 1988 to August 1989 delivery.
Hong Kong International Terminals operates 32 cranes.
|
training/3047
|
training/3047 |@title bosphorus:1 shipping:1 move:1 istanbul:1 office:1 close:1 |@word istanbul:2 remain:1 virtual:1 standstill:1 today:2 snow:1 meter:1 deep:1 shipping:1 move:1 narrow:1 bosphorus:1 waterway:1 link:1 sea:2 marmara:1 black:1 official:1 say:1 authority:1 order:1 government:1 office:1 close:1 wednesday:1 many:1 bank:1 business:1 school:1 stay:1 shut:2 worker:1 struggle:1 keep:1 main:1 road:1 supply:1 line:1 open:1 city:1 6:1 5:1 mln:1 people:1 second:1 blizzard:1 hit:1 week:2 stop:1 yesterday:1 afternoon:1 international:1 airport:1 reopen:1 two:1 day:1 closure:1 also:1 earlier:1 last:1
|
BOSPHORUS SHIPPING MOVES, ISTANBUL OFFICES CLOSE
Istanbul remained at a virtual
standstill today under snow up to a meter deep but shipping was
moving through the narrow Bosphorus waterway linking the Sea of
Marmara and the Black Sea, officials said.
The authorities ordered government offices closed until
Wednesday. Many banks, businesses and schools stayed shut as
workers struggled to keep main roads and supply lines open in
this city of 6.5 mln people.
The second blizzard to hit Istanbul in a week stopped
yesterday afternoon and the international airport reopened
today after a two-day closure. It was also shut earlier last
week.
|
training/3048
|
training/3048 |@title ecuador:1 export:1 oil:1 4:1 month:1 official:1 |@word suspension:1 ecuador:10 crude:4 oil:7 shipment:1 earthquake:2 cut:1 pipeline:7 last:3 least:1 four:1 month:3 senior:1 energy:2 ministry:3 official:4 say:7 could:2 resume:1 export:3 repair:2 40:1 km:3 section:1 510:1 link:1 jungle:1 field:1 lago:1 agrio:1 balao:1 pacific:1 coast:1 would:4 take:2 100:1 mln:4 u:1 dlrs:5 want:1 name:1 tell:1 reuters:1 enough:1 meet:1 domestic:2 demand:1 35:1 day:3 import:2 supplement:1 stock:1 thursday:1 night:1 register:1 six:1 12:1 point:1 international:2 mercalli:1 scale:1 damage:2 severe:1 economic:1 blow:1 account:1 two:1 third:1 total:2 much:1 60:2 pct:1 government:1 revenue:1 financially:1 press:1 member:1 organisation:1 petroleum:1 exporting:1 countries:1 opec:1 recently:1 pump:1 260:1 000:2 barrel:2 per:1 bpd:3 50:1 output:1 quota:1 assign:1 cartel:1 another:1 spokesman:1 year:1 average:1 173:1 500:1 accord:1 central:1 bank:2 however:1 may:2 build:2 emergency:2 25:1 cost:1 15:1 20:1 hook:1 colombian:1 first:1 estimate:1 squeeze:1 slide:1 world:1 price:1 1986:1 138:1 net:1 reserve:1 end:1 january:2 equal:1 one:1 suspend:1 interest:1 payment:1 5:1 4:1 billion:2 owe:1 400:1 private:1 foreign:2 country:1 debt:1 8:1 16:1 eighth:1 large:1 latin:1 america:1 caracas:1 president:1 jaime:1 lusinchi:2 venezuela:3 loan:2 five:1 next:1 three:1 make:1 loss:1 ask:1 guarantee:1 supply:1 ship:1 equivalent:1 volume:1 back:1 repayment:1 commission:1 head:1 venezuelan:1 investment:1 fund:1 minister:1 hector:1 hurtado:1 include:1 representative:1 interior:1 defence:1 state:1 company:1 petroleos:1 de:1 travel:1 tuesday:1 evaluate:1 co:1 ordinate:1 relief:1 program:1
|
ECUADOR TO EXPORT NO OIL FOR 4 MONTHS, OFFICIAL
The suspension of Ecuador's crude oil
shipments after an earthquake cut an oil pipeline will last at
least four months, a senior Energy Ministry official said.
The official said Ecuador could resume exports after
repairing a 40 km section of the 510 km pipeline, which links
jungle oil fields at Lago Agrio to Balao on the Pacific coast.
It would take about 100 mln U.S. Dlrs to repair the pipeline,
the official, who did not want to be named, told Reuters.
Ecuador had enough oil to meet domestic demand for about 35
days and would have to import crude to supplement stocks.
The earthquake last Thursday night registered six on the
12-point international Mercalli scale. The damage to the
pipeline was a severe economic blow to Ecuador, where oil
accounts for up to two-thirds of total exports and as much as
60 pct of government revenues.
Financially pressed Ecuador, a member of the Organisation
of Petroleum Exporting Countries (OPEC), was recently pumping
about 260,000 barrels per day (bpd) of crude, about 50,000 bpd
above the output quota assigned by the cartel, another Energy
Ministry spokesman said. Last year, it exported an average of
173,500 bpd, according to the central bank.
However, Ecuador might build an emergency 25 km pipeline,
costing 15 to 20 mln dlrs, to hook up with a Colombian
pipeline, the first official said. He estimated it could take
about 60 days to build.
Ecuador, squeezed by the slide in world oil prices in 1986,
had only 138 mln dlrs in net international reserves at the end
of January, about equal to one month's imports.
It suspended interest payments in January on 5.4 billion
dlrs owed to about 400 private foreign banks. The country's
total foreign debt is 8.16 billion dlrs, the eighth largest in
Latin America.
In Caracas, President Jaime Lusinchi said Venezuela would
loan five mln barrels of crude to Ecuador over the next three
months to make up for losses from damage to the pipeline.
Ecuador asked for the loan to guarantee domestic supplies
and would ship an equivalent volume back to Venezuela in
repayment in May, Lusinchi said.
A commission headed by Venezuelan Investment Fund Minister
Hector Hurtado and including representatives from the interior
and defence ministries and the state oil company Petroleos de
Venezuela will travel to Ecuador Tuesday to evaluate and
co-ordinate an emergency relief program, he said.
|
training/3049
|
training/3049 |@title french:2 jan:2 3:2 money:2 supply:2 rise:2 prov:2 adjust:2 one:2 pct:4 7:2 fall:2 dec:2 official:2 |@word
|
FRENCH JAN M-3 MONEY SUPPLY ROSE PROV ADJUSTED ONE PCT (O.7 PCT FALL IN DEC) - OFFICIAL.
FRENCH JAN M-3 MONEY SUPPLY ROSE PROV ADJUSTED ONE PCT (O.7 PCT FALL IN DEC) - OFFICIAL.
|
training/3051
|
training/3051 |@title malaysia:1 say:1 rubber:1 pact:1 depend:1 consumer:1 |@word malaysia:2 say:3 success:1 talk:1 open:1 today:1 new:1 international:1 natural:1 rubber:3 agreement:3 inra:3 depend:1 flexible:1 consumer:2 country:2 producer:1 meet:1 12:1 day:1 geneva:1 tomorrow:1 try:1 hammer:1 pact:1 fail:1 reach:1 last:1 november:1 replace:1 current:1 accord:1 expire:1 next:1 october:1 primary:1 industries:1 minister:1 lim:1 keng:1 yaik:1 statement:1 want:1 continue:1 second:2 prepared:1 accept:1 modification:1 would:2 strengthen:1 present:1 allow:1 orderly:1 disposal:1 accumulate:1 buffer:1 stock:1 375:1 000:1 tonne:1 since:1 market:1 capable:1 absorb:1 release:1
|
MALAYSIA SAYS RUBBER PACT DEPENDS ON CONSUMERS
Malaysia said the success of talks
opening today on a new International Natural Rubber Agreement
(INRA) depends on how flexible consumer countries are.
Rubber producer and consumer countries meet for 12 days in
Geneva from tomorrow to try to hammer out a rubber pact after
they failed to reach agreement last November to replace the
current accord, which expires next October.
Primary Industries Minister Lim Keng Yaik said in a
statement that Malaysia wants to continue with a second INRA
and is prepared to accept modifications that would strengthen
the present agreement.
He said the second INRA would allow for an orderly disposal
of the accumulated buffer stock of 375,000 tonnes, since the
market is now capable of absorbing such releases.
|
training/3053
|
training/3053 |@title mcdowell:1 merger:1 interpharm:1 inc:1 |@word mcdowell:5 enterprises:1 inc:2 say:3 sign:1 definitive:1 agreement:1 acquire:2 80:1 pct:4 interest:2 privately:1 hold:1 interpharm:3 19:1 9:1 company:1 subject:1 contigencie:1 include:2 future:1 sale:1 profit:1 level:1 could:1 four:1 year:1 period:1 100:1 exchange:1 51:1 voting:1 stock:1 transaction:1 expect:1 complete:1 within:1 60:1 day:1 time:1 board:1 would:1 restructure:1 management:1
|
MCDOWELL <ME> TO MERGER WITH <INTERPHARM INC>
McDowell Enterprises Inc said
it has signed a definitive agreement to acquire an 80 pct
interest in privately held Interpharm Inc for a 19.9 pct
interest in McDowell.
The company said subject to contigencies, including future
sales and profit levels, McDowell could over a four-year period
acquire 100 pct of Interpharm in exchange for up to 51 pct of
McDowell's voting stock.
It said the transaction is expected to be completed within
60 days, at which time the McDowell board would be restructured
to include Interpharm management.
|
training/3056
|
training/3056 |@title renault:1 chrysler:2 accord:1 buy:1 amc:1 |@word regie:1 nationale:1 des:1 usines:1 renault:15 rena:1 pa:1 say:8 chrysler:11 corp:2 c:1 sign:1 letter:2 intent:2 plan:1 buy:1 american:3 motors:1 amo:1 n:1 46:1 pct:1 president:1 raymond:1 levy:1 statement:6 issue:1 french:1 state:1 car:1 group:1 agreement:2 important:1 stage:1 redeployment:1 allow:2 continue:1 export:1 programme:1 u:1 also:2 open:1 perspective:1 cooperation:1 major:1 constructor:1 term:1 purchase:1 stake:1 hold:2 form:1 bond:3 share:7 quote:2 chairman:1 lee:1 iacocca:2 welcome:1 amc:8 shareholder:4 family:1 add:1 accord:2 would:3 study:1 development:1 future:2 product:1 destine:1 distribute:1 north:1 world:1 market:1 leader:1 industry:1 happy:1 work:1 pay:2 interest:2 200:1 mln:2 dlr:1 350:1 dlrs:2 depend:1 sale:1 profit:1 principle:1 give:1 side:1 30:1 day:1 put:1 together:1 definitive:1 approval:1 necessary:1 board:1 relevant:1 government:1 authority:1 deal:1 go:1 ahead:1 receive:1 value:1 four:1 convertible:1 preferential:1 possibility:1 exchange:2 condition:1
|
RENAULT, CHRYSLER IN ACCORD FOR CHRYSLER TO BUY AMC
Regie Nationale des Usines Renault
<RENA.PA> said it and Chrysler Corp <C> have signed a letter of
intent in which Chrysler plans to buy American Motors Corp
<AMO.N>, 46 pct owned by Renault.
Renault President Raymond Levy said in a statement issued
by the French state car group the agreement was an important
stage in Renault's redeployment. 'It will allow Renault to
continue its export programme to the U.S. And also opens a
perspective of cooperation with a major American constructor,'
the statement said. Under the terms of the letter of intent,
Chrysler will purchase Renault's stake held in the form of
bonds and shares.
The Renault statement quoted Chrysler Chairman Lee Iacocca
as saying, 'We welcome AMC shareholders into the Chrysler
family.'
He added that the accord would allow Renault and Chrysler
to study the development of future products destined to be
distributed by Renault and Chrysler in the North American and
world markets.
'Renault is a leader in our industry and I am happy to be
working with them,' Iacocca was quoted as saying.
Chrysler will pay for Renault's AMC interests held in bonds
by a 200 mln dlr bond and will pay up to 350 mln dlrs for
Renault share interests, depending on AMC sales and future
profits, the Renault statement said.
The statement said the agreement in principle gave each
side 30 days to put together a definitive accord. Approval
would also be necessary from the Renault, Chrysler and AMC
boards, from AMC shareholders and the relevant government
authorities.
If the deal goes ahead, the statement said, AMC
shareholders other than Renault will receive Chrysler shares
for each of their shares valued at four dlrs.
AMC shareholders with convertible preferential shares will
have the possibility to exchange them for Chrysler shares on
the same conditions as those they would have had in exchanging
them for AMC shares.
|
training/3057
|
training/3057 |@title hog:1 cattle:1 slaughter:1 guesstimate:1 |@word chicago:1 mercantile:1 exchange:1 floor:1 trader:1 commission:1 house:1 representative:1 guesstimate:2 today:1 hog:1 slaughter:2 285:1 000:8 300:1 head:2 versus:2 292:1 week:2 ago:4 309:1 year:2 cattle:1 125:1 131:1 129:1 119:1
|
HOG AND CATTLE SLAUGHTER GUESSTIMATES
Chicago Mercantile Exchange floor
traders and commission house representatives are guesstimating
today's hog slaughter at about 285,000 to 300,000 head versus
292,000 week ago and 309,000 a year ago.
Cattle slaughter is guesstimated at about 125,000 to
131,000 head versus 129,000 week ago and 119,000 a year ago.
|
training/3060
|
training/3060 |@title |@word bank:2 france:2 say:2 cut:2 money:2 market:2 intervention:2 rate:2 7:2 3:2 4:2 pct:4 eight:2
|
Bank of France said it cut money market intervention rate to 7-3/4 pct from eight pct
Bank of France said it cut money market intervention rate to 7-3/4 pct from eight pct
|
training/3061
|
training/3061 |@title first:2 boston:2 affiliate:2 acquire:2 allegheny:2 int:2 l:2 24:2 60:2 dlrs:2 shr:2 |@word
|
FIRST BOSTON AFFILIATE TO ACQUIRE ALLEGHENY INT'L FOR 24.60 DLRS/SHR
FIRST BOSTON AFFILIATE TO ACQUIRE ALLEGHENY INT'L FOR 24.60 DLRS/SHR
|
training/3062
|
training/3062 |@title southern:1 take:1 charge:1 vogtle:1 cost:1 |@word southern:4 co:3 say:12 take:1 tax:1 charge:4 226:1 mln:6 dlrs:10 earning:4 later:1 january:2 1988:4 project:3 cost:5 vogtle:7 nuclear:3 power:11 plant:6 rise:1 abover:1 amount:4 retail:2 customer:2 georgia:9 ask:3 pay:2 company:4 large:1 subsidiary:1 budget:7 increase:4 6:1 3:3 pct:2 522:1 8:3 87:2 billion:7 however:1 pledge:1 make:2 last:1 year:4 public:1 service:1 commission:2 include:3 utility:4 electric:2 rates:1 geogia:1 also:3 board:4 delay:1 schedule:2 completion:1 unit:5 two:2 june:2 1989:2 september:1 60:1 complete:2 add:1 fuel:1 loading:1 one:1 put:1 series:1 low:1 test:1 regulatory:1 full:1 license:1 locate:1 near:1 waynesboro:1 ga:1 oglethorpe:1 corp:1 municipal:1 authority:1 city:1 dalton:1 revise:1 estimate:2 due:1 several:1 factor:1 additional:1 labor:1 incur:1 keep:1 first:2 commercial:1 operation:2 new:3 figure:2 represent:1 change:1 since:1 august:1 1985:1 35:2 march:1 1986:2 tell:1 regulator:1 would:2 cap:2 price:1 56:1 share:3 dlr:2 total:2 note:2 313:1 result:1 177:1 taxis:2 addition:1 contract:1 joint:1 owner:1 require:2 buy:1 back:1 significant:1 capacity:1 initial:1 term:1 attempt:1 recover:1 portion:1 apply:1 buyback:1 bing:1 must:1 2326:1 rule:1 financial:1 accounting:1 standards:1 effective:1 determine:1 nonrecoverable:1 determination:1 approve:1 capital:1 2:1 1:1 1987:2 work:1 5:1 9:1 capita:1 three:1 period:1 outline:1 meeting:1 700:1 comparable:1
|
SOUTHERN <SO> TO TAKE CHARGE ON VOGTLE COST
Southern Co said it will take an
after-tax charge of 226 mln dlrs against earnings no later than
January 1988 because the projected cost of the Vogtle nuclear
power plant has risen abover the amount which retail customers
in Georgia will be asked to pay.
The company's largest subsidiary, Georgia Power Co, said
the budget for the plant has increased by 6.3 pct, or 522 mln
dlrs, to 8.87 billion. However, because of a pledge the made
last year to Georgia's Public Service Commission, the increased
cost will not be included in the utility's retail electric
rates.
Geogia Power also said its board has delayed the scheduled
completion of Vogtle's Unit Two to June 1989 from September
1988. Unit Two is about 60 pct complete, it added.
The utility said fuel loading has been completed at Unit
One and the unit is being put through a series of low-power
tests before the Nuclear Regulatory Commission is asked for a
full-power license.
The nuclear power plant, located near Waynesboro, Ga., is
co-owned by <Oglethorpe Power Corp>, the Municipal Electric
Authority of Georgia and the city of Dalton.
Georgia Power said the revised Vogtle budget estimate was
due to several factors, including additional labor costs
incurred to keep the plant's first unit on schedule for
commercial operation by June. The new figure represents the
first change in the plant's budget since August 1985, when it
was estimated at 8.35 billion dlrs.
In March 1986, the utility told Georgia regulators it would
'cap' the price of Vogtle its customers would be asked to pay
at 3.56 billion dlrs, the company's share of the then projected
8.35 billion dlr total. Under the new budget, Georgia Power
said, its share amounts to 3.87 billion dlrs.
Noting that Georgia Power's share of the Vogtle increase is
313 mln dlrs, Southern said this will result in a charge
against earnings of 177 mln dlrs after taxes.
In addition, the company said, Georgia Power's contracts
with the joint owners require the utility to buy back
significant amounts of Vogtle capacity during the plant's
initial years of operation. Under terms of the cap on costs, it
will not attempt to recover the portion of the budget increase
that applies to the buybacks.
This bings the total amount that must be charged against
earnings to 2326 mln dlrs after taxes, Southern said.
Southern said new rules of the Financial Accounting
Standards Board, which are effective in January 1988, require
any costs that are determined nonrecoverable to be charged
against earnings once that determination is made.
The company also said its board has approved a capital
budget of 2.1 billion dlrs in 1987, including work on the
Vogtle project.
It said a 5.9 billion dlr capita budget for the three-year
period 1987-1989 was also outlined at the board meeting, noting
this is 700 mln dlrs below the comparable figure for the years
1986-1988.
|
training/3063
|
training/3063 |@title stora:1 close:1 complete:1 papyrus:1 takeover:1 |@word sweden:1 stora:3 kopparbergs:1 bergslags:1 ab:2 skps:1 st:1 say:2 acquire:2 90:1 pct:1 share:2 rival:1 pulp:1 paper:1 maker:1 papyrus:2 thus:2 pass:1 threshold:1 compulsorily:1 buy:1 rest:1 company:2 remain:1 shareholder:1 would:2 later:1 month:1 sell:1 statement:1 announce:1 last:1 september:1 price:1 5:1 8:1 billion:1 crown:1 form:1 europe:1 second:1 large:1 forest:1 group:1 london:1 base:1 reed:2 international:1 plc:1 l:1
|
STORA CLOSE TO COMPLETING PAPYRUS TAKEOVER
Sweden's Stora Kopparbergs Bergslags
AB <SKPS ST> said it had now acquired 90 pct of shares in rival
pulp and paper makers Papyrus AB, thus passing the threshold
above which it can compulsorily buy the rest of the company.
Remaining shareholders would have until later this month to
sell their shares to Stora, the company said in a statement.
Stora announced last September it would acquire Papyrus at
a price of 5.8 billion crowns, thus forming Europe's second
largest forest group after London-based Reed International Plc
<REED L>.
|
training/3065
|
training/3065 |@title oecd:1 trade:1 growth:1 see:1 slow:1 1987:1 |@word 24:1 nation:1 organisation:2 economic:3 cooperation:1 development:1 oecd:5 hamper:1 sluggish:2 industrial:2 output:2 trade:5 face:1 slow:2 growth:7 joint:1 balance:1 payment:2 swing:1 deficit:3 1987:14 economist:1 intelligence:1 unit:1 eiu:7 say:22 world:2 forecast:6 revise:1 downwards:1 2:7 5:6 pct:20 year:7 compare:1 8:3 december:4 new:1 area:1 weakness:2 west:6 germany:5 small:1 european:1 country:1 influence:1 japan:7 hardest:1 hit:1 currency:4 appreciation:1 independent:1 research:1 cut:1 rate:5 3:4 three:3 expect:4 post:2 current:3 account:2 13:2 billion:6 dlrs:6 1988:10 due:1 large:1 part:1 1:5 50:3 barrel:2 rise:3 oil:4 price:6 u:5 look:2 likely:1 fall:1 even:1 slowly:1 125:1 115:1 130:1 1986:4 31:1 dlr:2 surplus:2 76:1 see:3 drop:2 around:2 16:1 end:2 15:1 18:3 last:2 adherence:1 opec:1 policy:3 become:1 increasingly:2 rag:1 dollar:11 poise:1 resume:1 decline:1 foreign:1 exchange:1 market:1 lose:1 weight:1 index:1 five:3 4:3 average:3 mark:2 put:1 80:1 70:1 yen:4 break:1 150:2 barrier:1 value:1 146:1 crash:1 scenario:1 steep:1 angle:1 descent:1 increase:3 risk:1 fireball:1 rather:1 point:1 landing:1 talk:1 stop:1 slide:1 long:1 february:1 meeting:1 finance:1 minister:1 group:1 canada:1 produce:1 scant:1 promise:1 either:1 decisive:1 shift:1 expansive:1 tight:1 fiscal:1 key:1 fortune:1 willingness:1 japanese:1 institution:1 buy:2 government:1 asset:1 despite:1 prospect:3 sustain:1 loss:1 thus:1 far:1 willing:1 eic:1 add:1 deter:1 bond:1 would:5 collapse:1 contain:1 crisis:2 interest:1 soar:1 bring:1 recession:1 third:1 debt:1 sick:1 import:2 recovery:1 german:1 economy:1 big:1 single:1 factor:1 feature:1 6:2 export:3 side:1 weak:2 demand:1 affect:1 elsewhere:1 europe:2 remain:1 flat:1 sale:1 exporter:1 respond:1 marginally:1 low:1 competitively:1 raw:1 material:1 cost:1 less:1 domestic:1 however:1 inflation:1 edge:1 non:1 commodity:1 show:1 modest:1 first:1 time:1 since:1 1984:1 internationally:1 manufacture:1 go:1 production:1
|
OECD TRADE, GROWTH SEEN SLOWING IN 1987
The 24 nations of the Organisation for
Economic Cooperation and Development (OECD), hampered by
sluggish industrial output and trade, face slower economic
growth, and their joint balance of payments will swing into
deficit in 1987, the Economist Intelligence Unit (EIU ) said.
The EIU said in its World Trade Forecast it revised OECD
economic growth downwards to 2.5 pct this year, compared with a
2.8 pct growth forecast in December.
It said the new areas of weakness are West Germany and the
smaller European countries it influences, and Japan, hardest
hit by currency appreciation this year.
The independent research organisation cut its 1987 growth
rate forecasts for West Germany to 2.2 pct from 3.2 pct in
December and to 2.3 pct from three pct for Japan.
It said it expected the OECD to post a current account
deficit of some 13 billion dlrs in both 1987 and 1988, due in
large part to a 1.50 dlrs a barrel rise in 1987 oil prices.
It said the U.S. Current account deficit looked likely to
fall even more slowly than forecast, to 125 billion dlrs in
1987 and 115 billion in 1988 from 130 billion in 1986.
It said it expected West Germany to post a 31 billion dlr
payments surplus and Japan a 76 billion dlr surplus this year.
The EIU said it saw oil prices dropping to around 16.50
dlrs a barrel by end-1987 and 15.50 dlrs in 1988 from about 18
dlrs last year, as adherence to OPEC output policy becomes
increasingly ragged.
It said the dollar is poised to resume its decline in
foreign exchange markets, and will lose a further 13 pct on its
trade-weighted index this year and five pct in 1988 after last
year's 18.4 pct drop.
The average mark/dollar rate is put at 1.80 marks this year
and 1.70 in 1988 while the yen/dollar rate is expected to break
through the 150 yen barrier with an average value of 150 yen in
1987 and 146 yen in 1988, it said.
'This is not a crash scenario but the dollar's steeper angle
of descent increases the risk of ending with a fireball rather
than a three-point landing,' the EIU said.
'Talking will not stop the dollar's slide for long and the
February meeting (of finance ministers of the Group of Five and
Canada) produced scant promise of either a decisive shift to
more expansive policies in West Germany and Japan, or a tighter
U.S. Fiscal policy,' it said.
It said the key to the dollar's fortunes was the
willingness of Japanese institutions to buy U.S. Government
assets despite prospects of sustaining a currency loss.
'Thus far they have been willing,' the EIC said, adding that
if Japan was deterred from buying U.S. Bonds the dollar would
collapse.
To contain such a currency crisis, dollar interest rates
would have to soar, bringing recession and a Third World debt
crisis, it said.
On trade, the EIU said prospects for 1987 look 'increasingly
sick.'
Import growth, forecast in December at 4.5 pct, is now seen
slowing down to around 3.8 pct in 1987 with a recovery only to
4.2 pct in 1988, it said.
The weakness of the West German economy is the biggest
single factor, with import growth there expected to feature a
sluggish 3.5 pct growth in 1987 against the 6.5 pct forecast in
December, the EIU said.
On the export side, it said it saw weak demand in West
Germany affecting export prospects elsewhere in Europe, while
Japan's exports in 1987 would remain flat and sales by U.S.
Exporters would respond only marginally to a lower, more
competitively-priced dollar.
It said in most of Europe and in Japan, raw materials and
oil will cost less in domestic currency in 1987 than in 1986.
However, rates of inflation will edge up in 1988 to over
the current OECD average of three pct. Non-oil commodity prices
will show a modest dollar price increase in 1988 for the first
time since 1984, the EIU said.
After a rise of 18 pct in 1986, the dollar price of
internationally traded manufactures will go up by 8.5 pct in
1987 and by five pct in 1988, it said.
It said OECD industrial production would rise by only 1.6
pct in 1987 after a weak 1.5 pct increase in 1986.
|
training/3067
|
training/3067 |@title u:1 k:1 money:1 market:1 give:1 late:1 help:1 worth:1 15:1 mln:1 stg:1 |@word bank:1 england:1 say:1 provide:1 market:2 unspecified:1 late:1 assistance:2 worth:1 15:1 mln:3 stg:3 give:1 total:1 228:1 today:1 compare:1 liquidity:1 shortage:1 estimate:1 revise:1 300:1
|
U.K. MONEY MARKET GIVEN LATE HELP WORTH 15 MLN STG
The Bank of England said it provided the
market with unspecified late assistance worth 15 mln stg.
It has given the market total assistance of 228 mln stg
today compared with a liquidity shortage it estimated at a
revised 300 mln stg.
|
training/3068
|
training/3068 |@title bank:1 france:1 cut:1 intervention:1 rate:1 |@word bank:4 france:1 say:3 cut:4 money:5 market:4 intervention:3 rate:6 7:2 3:2 4:3 pct:7 eight:2 inject:1 first:1 category:1 paper:2 also:1 seven:1 day:1 repossession:1 8:2 1:2 2:2 stand:1 since:3 raise:1 january:2 french:2 franc:2 come:1 pressure:1 ahead:1 ems:1 realignment:1 11:1 purchase:1 effective:1 tomorrow:1 five:2 private:1 fix:1 treasury:2 bill:2 mature:2 march:3 25:4 june:1 1987:1 1989:1 expect:1 announce:1 tender:1 earlier:1 today:1 dealer:1 condition:1 seem:1 right:1 quarter:1 percentage:1 point:1 reflect:1 easing:1 call:1 last:1 week:1 steadiness:1 foreign:1 exchange:1 february:1 22:1 currency:1 stabilisation:1 accord:1 group:1 canada:1
|
BANK OF FRANCE CUTS INTERVENTION RATE
The Bank of France said it cut its money
market intervention rate to 7-3/4 pct from eight pct when it
injected money against first category paper.
The bank also cut its seven-day repossession rate to 8-1/2
pct from 8-3/4 pct.
The intervention rate has stood at eight pct since it was
raised from 7-1/4 pct on January 2 as the French franc came
under pressure ahead of the EMS realignment on January 11.
The bank said the purchase, effective tomorrow, is for five
pct of private paper and fixed rate Treasury bills maturing
between March 25 and June 25 and of other Treasury bills
maturing between March 25, 1987 and March 25, 1989.
The rate cut had been expected since the bank announced a
money market intervention tender earlier today.
Money market dealers said conditions seemed right for a
quarter percentage point cut, reflecting an easing in the call
money rate last week, and the French franc's steadiness on
foreign exchange markets since the February 22 currency
stabilisation accord here by the Group of Five and Canada.
|
training/3069
|
training/3069 |@title white:1 engine:1 buy:1 private:1 investor:1 |@word white:3 engine:3 manufacturer:1 industrial:1 automotive:1 diesel:1 gasoline:1 100:1 mln:2 dlrs:2 sale:1 say:5 sell:1 group:2 investor:1 purchase:2 lead:1 donald:1 stewart:2 private:1 investment:1 banker:1 along:1 senior:1 executive:3 source:1 close:1 transaction:1 price:1 set:1 55:1 company:3 change:1 name:1 hercules:1 engines:1 inc:1 majority:1 interest:1 owner:1 well:1 president:2 chief:2 officer:2 addition:1 john:1 lennon:1 current:1 chairman:3 remain:1 joseph:1 g:1 scheetz:1 currently:1 vice:1 accord:1
|
WHITE ENGINE BOUGHT BY PRIVATE INVESTOR
White Engine, a manufacturer of
industrial and automotive diesel and gasoline engines with more
than 100 mln dlrs in sales, said it has been sold to a group of
group investors.
White Engine said the purchase is led by Donald Stewart, a
private investment banker, along with White senior executives.
A source close to the transaction said the purchase prices
is being set at more than 55 mln dlrs.
The company said it will change its name to Hercules
Engines Inc, and Stewart will be the majority interest owner,
as well as the president and chief executive officer.
In addition, John Lennon, current chairman and chief
executive officer, will remain as chairman, he company said.
And Joseph G. Scheetz, currently president, will be vice
chairman, according to the company.
|
training/307
|
training/307 |@title u:1 k:1 money:1 market:1 deficit:1 forecast:1 800:1 mln:1 stg:1 |@word bank:1 england:1 say:1 forecast:1 shortage:1 around:2 800:1 mln:4 stg:5 money:1 market:1 today:2 among:1 main:1 factor:1 affect:1 liquidity:1 bill:2 mature:1 official:1 hand:1 take:1 treasury:1 drain:1 1:1 61:1 billion:1 partly:1 offset:1 outflow:1 exchequer:1 transaction:1 fall:1 note:1 circulation:1 add:2 425:1 360:1 respectively:1 addition:1 banker:1 balance:1 target:1 20:1 system:1
|
U.K. MONEY MARKET DEFICIT FORECAST AT 800 MLN STG
The Bank of England said it forecast a
shortage of around 800 mln stg in the money market today.
Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
some 1.61 billion stg.
Partly offsetting this outflow, exchequer transactions and
a fall in note circulation will add around 425 mln stg and 360
mln stg respectively. In addition, bankers' balances above
target will add some 20 mln stg to the system today.
|
training/3071
|
training/3071 |@title stora:1 close:1 complete:1 papyrus:1 takeover:1 |@word sweden:1 stora:3 kopparbergs:1 bergslags:1 ab:2 skps:1 st:1 say:2 acquire:2 90:1 pct:1 share:2 rival:1 pulp:1 paper:1 maker:1 papyrus:2 thus:2 pass:1 threshold:1 compulsorily:1 buy:1 rest:1 company:2 remain:1 shareholder:1 would:2 later:1 month:1 sell:1 statement:1 announce:1 last:1 september:1 price:1 5:1 8:1 billion:1 crown:1 form:1 europe:1 second:1 large:1 forest:1 group:1 london:1 base:1 reed:2 international:1 plc:1 l:1
|
STORA CLOSE TO COMPLETING PAPYRUS TAKEOVER
Sweden's Stora Kopparbergs Bergslags
AB <SKPS.ST> said it has now acquired 90 pct of shares in rival
pulp and paper makers Papyrus AB, thus passing the threshold
above which it can compulsorily buy the rest of the company.
Remaining shareholders would have until later this month to
sell their shares to Stora, the company said in a statement.
Stora announced last September it would acquire Papyrus at
a price of 5.8 billion crowns, thus forming Europe's second
largest forest group after London-based Reed International Plc
<REED L>.
|
training/3072
|
training/3072 |@title allegheny:1 int:1 l:1 ag:1 first:1 boston:1 set:1 merger:1 |@word allegheny:5 international:3 inc:2 say:6 enter:1 agreement:6 merge:1 affiliate:3 first:5 boston:5 fpc:1 corp:1 transaction:1 value:1 500:2 mln:2 dlrs:7 call:2 holder:2 common:2 receive:3 24:1 60:1 share:6 company:5 2:1 19:1 cumulative:3 preference:1 20:1 11:1 25:1 convertible:3 preferred:4 87:1 50:1 start:1 cash:1 tender:4 offer:3 outstanding:2 prefer:1 commit:1 provide:1 financing:1 necessary:1 acquire:1 security:2 estimate:1 also:2 subject:1 waiver:1 march:1 13:1 certain:1 condition:2 exist:1 bank:1 credit:1 statement:1 name:1 describe:1 involve:1 stock:1 valid:2 represent:1 least:2 majority:1 voting:1 power:1 election:1 director:1 two:1 third:1
|
ALLEGHENY INT'L <AG>, FIRST BOSTON SET MERGER
Allegheny International Inc said it
has entered into an agreement to merge with an affiliate of
First Boston Inc's <FPC> First Boston Corp in a transaction
valued at about 500 mln dlrs.
Allegheny said the agreement calls for holders of its
common to receive 24.60 dlrs a share. Holders of the company's
2.19 dlrs cumulative preference shares will receive 20 dlrs a
share and those owning its 11.25 dlrs convertible preferred
will receive 87.50 dlrs a share.
Allegheny International said the agreement calls for the
First Boston affiliate to start a cash tender offer for all
outstanding shares of Allegheny's common, cumulative preferred
and convertible preferred.
The company said First Boston has committed to provide all
financing necessary to acquire such securities in the tender
offer which is estimated to be about 500 mln dlrs.
It said the agreement is also subject to the waiver by
March 13 of certain conditions under the company's existing
bank credit agreement.
Allegheny International's statement did not name or
describe the First Boston affiliate involved in the agreement.
It did say the offer for the company's stock will be
conditioned also on the valid tender of securities representing
at least a majority of the voting power for the election of
directors of the company and the valid tender of at least two
third's of the outstanding cumulative preferred and convertible
preferred shares.
|
training/3073
|
training/3073 |@title french:1 january:1 3:1 money:1 supply:1 rise:1 one:1 pct:1 |@word french:2 money:5 supply:4 measure:3 term:3 3:4 rise:7 provisional:2 one:2 pct:12 january:3 fall:4 0:2 7:1 december:5 bank:4 france:1 say:2 main:2 aggregate:3 use:1 monetary:1 authority:1 join:1 second:1 1987:2 2:5 1:6 confirmed:1 9:1 calculate:1 three:2 month:2 move:2 average:2 basis:1 4:3 year:4 quarter:2 base:1 5:3 centre:2 september:1 four:2 within:1 target:1 range:1 six:1 note:1 coin:1 circulation:1 plus:1 sight:2 deposit:4 add:2 short:2 central:1 wide:1 liquidity:1 l:1 growth:1 reflect:1 net:1 increase:1 renew:1 interest:1 market:1 instrument:1
|
FRENCH JANUARY M-3 MONEY SUPPLY RISES ONE PCT
French money supply, measured in terms of
M-3, rose a provisional one pct in January after falling 0.7
pct in December, the Bank of France said.
M-3 is the main money supply aggregate used by the French
monetary authorities. It has been joined as a second main money
supply aggregate for 1987 by M-2, which rose a provisional 1.2
pct in January after falling a confirmed 0.9 pct in December.
Calculated on a three-month moving average basis, M-3 rose
4.4 pct year-on-year in the quarter based on December after
rising 5.4 pct in the quarter centred on September.
The M-2 aggregate, centred on a three-month moving average,
rose year-on-year by four pct, within a 1987 target range of
four to six pct.
M-1 rose 2.5 pct after a 1.1 pct fall in December. M-1
measures notes and coins in circulation plus sight deposits.
M-2 adds in short-term bank deposits and M-3 adds in other
short-term deposits.
The central bank's widest measure of liquidity, L, rose 1.5
pct in January after one pct fall in December. The bank said
the money supply growth reflected a net increase of sight
deposits and renewed interest in money market instruments.
|
training/3074
|
training/3074 |@title chrysler:4 say:2 amc:2 holder:2 get:2 stock:2 worth:2 four:2 dlrs:2 share:2 buyout:2 plan:2 |@word
|
CHRYSLER SAYS AMC HOLDERS TO GET CHRYSLER STOCK WORTH FOUR DLRS A SHARE UNDER BUYOUT PLAN
CHRYSLER SAYS AMC HOLDERS TO GET CHRYSLER STOCK WORTH FOUR DLRS A SHARE UNDER BUYOUT PLAN
|
training/3076
|
training/3076 |@title turkish:1 central:1 bank:1 set:1 lira:1 dollar:1 dm:1 rate:1 |@word turkish:1 central:1 bank:2 set:2 lira:2 dollar:2 rate:2 march:1 10:1 773:2 05:1 776:1 92:1 previous:2 769:1 60:1 45:1 also:1 mark:2 417:1 20:1 419:2 29:1 15:1 421:1 25:1
|
TURKISH CENTRAL BANK SETS LIRA/DOLLAR, DM RATES
The Turkish Central Bank set a
Lira/Dollar rate for March 10 of 773.05/776.92 to the Dollar,
down from the previous 769.60/773.45.
The Bank also set a Lira/Mark rate of 417.20/419.29 to the
Mark, up from the previous 419.15/421.25.
|
training/3077
|
training/3077 |@title continental:1 bank:1 canada:1 set:1 distribution:1 |@word continental:9 bank:11 canada:4 subsidiary:2 lloyds:5 plc:2 lloy:1 l:1 say:8 intend:1 redeem:1 exist:3 preferred:4 share:8 distribute:1 stock:2 dividend:4 common:2 shareholder:3 initial:2 distribution:6 cumulative:1 redeemable:1 retractable:1 float:1 rate:2 class:1 series:1 ii:1 carry:2 retraction:1 right:1 enable:2 holder:1 receive:2 12:2 75:2 dlrs:8 58:1 6:2 mln:3 outstanding:1 pay:2 par:1 plus:1 accrue:1 note:1 72:1 pct:1 prime:1 expect:3 trade:1 wish:1 cash:2 make:1 early:2 may:1 subject:1 various:1 approval:1 also:1 march:1 2:1 250:1 equity:1 284:1 allow:1 final:2 total:1 16:2 60:1 per:2 continue:1 range:1 50:1 17:1 25:1 take:2 place:2 late:1 1988:1 1989:1 regular:1 payment:1 maintain:1 part:1 term:1 sale:1 banking:1 asset:1 balance:1 purchase:1 price:1 low:1 originally:1 anticipate:1 since:1 unable:1 transfer:1 certain:1 income:1 tax:1 deduction:1 give:1 detail:1
|
CONTINENTAL BANK/CANADA SETS DISTRIBUTION
Continental Bank of Canada, a subsidiary
of Lloyds Bank PLC <LLOY.L>, said it intends to redeem all
existing preferred shares and distribute a stock dividend to
common shareholders.
The initial distribution will be in cumulative redeemable
retractable floating rate class A preferred shares series II,
which will carry a retraction right enabling holders to receive
12.75 dlrs for each share.
Continental said the 58.6 mln dlrs of existing outstanding
preferred shares will be paid off at par plus accrued dividends.
Continental said the notes will carry a dividend rate of
72 pct of prime and it expects that the shares will trade at
12.75 dlrs or more, enabling shareholders who wish to receive
cash to do so.
The bank said it expects the distribution will be made in
early May, subject to various approvals.
Continental also said that, as of March 2, it had cash of
more than 250 mln dlrs and equity of about 284.6 mln dlrs,
allowing for a final total distribution of 16.60 dlrs per
common share.
Continental Bank said it continues to expect that the final
distribution to shareholders will be in the range of 16.50 dlrs
to 17.25 dlrs per share and will take place in late 1988 or
early 1989.
Until the initial stock distribution takes place, regular
dividend payments will be maintained on the existing preferred
shares, the bank said.
The distribution is part of the terms of Continental Bank
of Canada's sale of its banking assets to Lloyds Bank Canada, a
subsidiary of Lloyds Bank PLC.
Continental Bank said Lloyds Bank Canada paid the balance
of the purchase price but that it was lower than originally
anticipated since Continental was unable to transfer certain
income tax deductions to Lloyds Bank. Continental did not give
further details.
More
|
training/3078
|
training/3078 |@title study:1 say:1 u:1 canada:1 pact:1 would:1 spur:1 economy:1 |@word free:4 trade:8 pact:4 united:3 states:3 canada:6 could:4 spur:1 economy:3 side:2 substantially:1 accord:1 study:2 release:1 institute:1 international:1 economics:2 paul:1 wonnacott:5 say:8 successful:1 conclusion:1 talk:3 way:2 raise:1 gross:2 national:2 product:2 five:2 pct:4 expand:1 u:4 export:4 seven:1 resolve:3 knotty:1 issue:1 government:2 subsidy:6 end:1 curb:1 service:2 investment:2 pave:1 new:3 global:2 general:1 agreement:2 tariffs:1 world:1 two:4 big:1 trading:2 partner:1 cross:1 border:1 shipment:1 150:1 billion:1 dlrs:1 year:2 open:2 last:1 june:1 aim:1 next:1 october:1 professor:1 univerity:1 maryland:1 include:1 elimination:1 tariff:1 country:2 phase:1 10:1 period:1 equal:1 access:1 federal:1 procurement:1 replace:1 current:2 buy:3 america:2 provision:2 north:2 restriction:1 chiefly:1 finance:1 transportation:1 commitment:1 screen:1 foreign:1 favor:1 domestic:1 producer:2 commission:3 bilateral:2 dispute:3 problem:1 permit:1 2:2 0:2 5:2 without:1 impose:2 coutervaile:1 duty:2 limit:1 propose:1 attempt:2 offset:1 go:1 first:1 special:1 resolution:1 early:1 stage:1 would:4 contribute:1 efficiency:1 american:1 competitiveness:1 face:1 overseas:1 market:1 canadian:1 good:1 enable:1 benefit:2 mass:1 production:1 proportionately:1 already:1 large:1 also:1 area:1 creation:1 set:1 example:1 gatt:1 write:1 liberal:1 regulation:1
|
STUDY SAYS U.S., CANADA PACT WOULD SPUR ECONOMIES
A free trade pact between the United
States and Canada could spur the economies of both sides
substantially, according to a study released by the Institute
for International Economics.
The study, by Paul Wonnacott, said a successful conclusion
to the free trade talks now under way could raise Canada's
gross national product by more than five pct and expand U.S.
export's by about seven pct.
He said the pact could resolve the knotty issue of
government subsidies, end curbs on trade in services and
investments and pave the way for new global talks under the
General Agreement on Tariffs and Trade.
The United States and Canada - the world's two biggest
trading partners with cross border shipments of about 150
billion dlrs a year - opened free trade talks last June. They
are aiming for a pact by next October.
Wonnacott, an economics professor at the Univerity of
Maryland, said an agreement should include:
- Elimination of tariffs between the two countries, phased
in over a five to 10-year period;
- Equal access to federal government procurement in the two
countries, replacing current 'Buy America' and 'Buy Canada'
provisions with a 'Buy North America' provision;
- Fewer restrictions in trade in services, chiefly finance
and transportation;
- A commitment not to screen foreign investments in favor
domestic producers;
- A commission to resolve bilateral trade disputes.
Wonnacott said that to resolve the subsidy problem, the
two sides should permit export subsidies of exports of up to
2.0 or 2.5 pct without imposing coutervailing duties.
The limit on subsidies is now 0.5 pct.
He proposed that any attempt to impose new duties to offset
subsidies should go first a special disputes commission for
resolution at an early stage.
Wonnacott said 'bilateral free trade would contribute to the
efficiency of the North American economies and to their
competitiveness in facing overseas producers.
He said it would it would open U.S. markets to Canadian
goods and enable them to benefit from the economies of mass
production.
Benefits to the United States would be fewer than those to
Canada proportionately, he said, because of the already large
U.S. gross national product.
Wonnacott said also that a U.S.-Canada pact in such areas
as export subsidies and the creation of a dispute commission
could set an example for the current attempt by GATT to write
new and more liberal global trading regulations.
|
training/3080
|
training/3080 |@title gulf:1 resources:1 gre:1 gain:1 stock:1 sale:1 |@word gulf:2 resources:1 chemical:1 corp:1 say:2 sell:1 9:1 534:1 633:1 share:3 imperial:2 continental:2 gas:1 association:1 720:1 penny:1 68:1 6:4 mln:3 stg:1 private:1 transaction:1 pretax:1 gain:1 19:1 dlrs:1 resource:1 still:1 7:1 4:1 pct:1 interest:1 continue:1 study:1 various:1 alternative:1
|
GULF RESOURCES <GRE> TO HAVE GAIN ON STOCK SALE
Gulf Resources and Chemical Corp said it
has sold 9,534,633 shares of <Imperial Continental Gas
Association> for 720 pence a share, or 68.6 mln stg, in a
private transaction for a pretax gain of about 19.6 mln dlrs.
Gulf Resources said it still owns 6.7 mln shares of
Imperial Continental, or a 4.6 pct interest, and continues to
study various alternatives.
|
training/3082
|
training/3082 |@title rotterdam:1 grain:1 handler:1 say:1 port:1 balance:1 rise:1 |@word graan:1 elevator:1 mij:1 say:1 balance:2 port:1 grain:3 oilseed:3 derivative:3 rise:1 136:1 000:9 tonne:6 march:1 7:1 31:1 week:3 earlier:1 arrival:2 523:1 discharge:1 418:1 last:1 comprise:1 38:1 98:1 estimate:1 total:1 194:1 45:1 149:1 figure:1 cover:1 around:1 95:1 pct:1 rotterdam:1 traffic:1 product:1 concern:1
|
ROTTERDAM GRAIN HANDLER SAYS PORT BALANCE ROSE
Graan Elevator Mij said its balance in
port of grains, oilseeds and derivatives rose to 136,000 tonnes
on March 7 from 31,000 a week earlier, after arrivals of
523,000 tonnes and discharges of 418,000 tonnes last week.
The balance comprised 38,000 tonnes of grains and oilseeds
and 98,000 tonnes of derivatives.
This week's estimated arrivals total 194,000 tonnes, of
which 45,000 are grains/oilseeds and 149,000 derivatives.
The figures cover around 95 pct of Rotterdam traffic in the
products concerned.
|
training/3083
|
training/3083 |@title donald:2 trump:2 say:2 agree:2 purchase:2 crosby:2 estate:2 resorts:1 shares:1 resort:1 share:1 |@word
|
DONALD TRUMP SAID HE HAS AGREED TO PURCHASE CROSBY ESTATE'S RESORTS SHARES
DONALD TRUMP SAID HE HAS AGREED TO PURCHASE CROSBY ESTATE'S RESORTS SHARES
|
training/3084
|
training/3084 |@title u:1 k:1 agricultural:1 future:1 market:1 merge:1 |@word three:3 london:4 market:11 trade:2 potato:2 soymeal:1 meat:2 future:9 say:5 merge:2 form:1 new:3 agricultural:3 exchange:12 legal:1 adviser:1 instruct:1 implement:1 amalgamation:2 futures:3 association:3 lpfa:1 lmfe:1 grain:3 feed:1 gafta:3 soya:1 bean:1 meal:1 somfa:1 timetable:1 give:1 member:3 consult:3 secretary:1 bill:1 englebright:1 tell:1 reuters:1 objection:1 raise:1 merger:2 involve:2 present:1 could:1 ultimately:1 combine:1 five:1 discussion:1 take:1 place:1 baltic:3 international:1 freight:1 biffex:2 consider:1 possibility:2 join:1 official:1 board:2 expect:1 reach:1 decision:1 meeting:2 end:1 month:1 march:1 16:1 also:1 intend:1 soon:1 director:1 general:1 james:1 mackie:1 aim:1 limit:1 regulatory:1 administrative:1 cost:1 achieve:1 recognition:2 require:2 1986:1 financial:1 services:1 act:1 legislation:1 become:1 recognise:1 investment:2 rie:3 trading:1 continue:1 representative:1 discuss:1 single:1 structure:1 since:1 beginning:1 year:1 plan:1 apply:1 security:1 appropriate:1 time:1 commitment:1 enable:1 progress:1 make:1 develop:1 strong:1 effective:1 benefit:1 industry:1 chairman:1 formation:1 committee:1 pat:1 elmer:1 remain:1
|
U.K. AGRICULTURAL FUTURES MARKETS TO MERGE
Three London markets which trade potato,
soymeal and meat futures said they will merge to form a new
Agricultural Futures Exchange.
Legal advisers have been instructed to implement the
amalgamation of the London Potato Futures Association, LPFA,
the London Meat Futures Exchange, LMFE, and the Grain and Feed
Trade Association's, GAFTA, Soya Bean Meal Futures Association,
SOMFA. No timetable was given.
Members of the three exchanges have been consulted,
Agricultural Futures Exchange secretary Bill Englebright told
Reuters, and no objections have been raised to the merger.
Three markets are involved at present but the new exchange
could ultimately combine five markets.
Discussions are taking place with the Baltic International
Freight Futures Exchange, BIFFEX, and the GAFTA London Grain
Futures Market is considering the possibility of joining the
other markets, market officials said.
The BIFFEX board is expected to reach a decision on the
merger at its meeting at the end of this month, after members
are consulted at a meeting on March 16.
The grain futures market also intends to consult its
members soon, GAFTA director general James Mackie said.
The aim of the amalgamation is to limit regulatory and
administrative costs and achieve the recognition required under
the 1986 Financial Services Act. This legislation requires a
futures market to become a Recognised Investment Exchange, RIE,
for trading to continue.
Representatives of all the futures markets on the Baltic
Exchange have been discussing the possibility of a single RIE
structure since the beginning of the year.
The new exchange now planned will apply to the Securities
and Investments Board for recognition as an RIE 'at the
appropriate time,' the Agricultural Futures Exchange said.
'This commitment by the markets will enable progress to be
made to develop a stronger and more effective exchange to the
benefit of all those involved in the industry,' the chairman of
the formation committee, Pat Elmer, said.
The merged markets will remain at the Baltic Exchange.
|
training/3085
|
training/3085 |@title bsn:3 share:1 sale:1 advance:1 |@word corp:1 say:2 agreement:1 sell:1 1:1 750:1 000:1 new:1 common:1 share:1 25:1 pct:1 interest:1 31:1 unaffiliated:1 european:1 institutional:1 investor:1 30:1 4:1 mln:1 dlrs:1 become:1 definitive:1 company:1 closing:1 expect:2 shortly:1 filing:1 registration:1 statement:1 securities:1 exchange:1 commission:1 make:1 month:1
|
BSN <BSN> SHARE SALE ADVANCES
BSN Corp said its agreement to sell
1,750,000 new common shares, or a 25 pct interest, to 31
unaffiliated European institutional investors for 30.4 mln dlrs
has become definitive.
The company said closing is expected shortly after the
filing of a registration statement with the Securities and
Exchange Commission, which is expected to be made this month.
|
training/3086
|
training/3086 |@title gencorp:1 gy:1 unit:1 sell:1 los:1 angeles:1 tv:1 station:1 |@word gencorp:4 say:4 rko:6 general:1 subsidiary:1 agree:2 sell:3 khj:5 tv:5 los:3 angeles:3 walt:1 disney:2 co:1 dis:1 217:1 mln:4 dlrs:4 cash:1 plus:1 working:1 capital:1 adjustment:2 close:1 company:2 agreement:1 principle:1 application:3 renew:1 station:2 broadcast:1 license:4 would:6 dismiss:1 compete:2 fidelity:5 television:2 grant:2 acquire:1 privately:1 hold:1 103:1 renewal:2 challenge:1 regulatory:1 proceeding:2 20:1 year:1 deal:3 subject:1 prior:1 approval:1 federal:1 communications:1 commission:1 late:1 1985:1 cut:1 investor:1 group:1 westinghouse:3 electric:1 corp:1 wx:1 settle:1 313:1 70:1 pct:1 go:1 remainder:1 jan:1 28:1 1987:1 withdraw:1 fcc:4 approve:2 early:1 1986:1 wor:2 secaucus:1 n:1 j:1 mca:2 inc:1 387:1 transaction:1 several:1 party:1 appeal:2 rule:1 accord:1 spokemsan:1 akron:1 ohio:1 base:1 originally:1 file:1 independent:1 1965:1 1980:1 disqualified:1 licensee:1 wnac:1 boston:1 cite:1 anti:1 competitive:1 trade:1 practice:1 inaccurate:1 financial:1 reporting:1 agency:1 cause:1 previously:1 new:1 york:1 deny:1
|
GENCORP<GY> UNIT TO SELL LOS ANGELES TV STATION
Gencorp said its RKO General
subsidiary agreed to sell KHJ-TV in Los Angeles to Walt Disney
Co <DIS> for 217 mln dlrs cash plus working capital and other
adjustments at closing.
The company said under the agreement in principle, RKO's
application to renew the station's broadcast license would be
dismissed and the competing application of Fidelity Television
would be granted. Disney would then acquire privately held
Fidelity for about 103 mln dlrs and other adjustments.
Renewal of the KHJ-TV license has been challenged in
regulatory proceedings for more than 20 years.
The deal is subject to prior approval by the Federal
Communications Commission, the company said.
Late in 1985, Gencorp cut a deal with Fidelity, a Los
Angeles investor group, and Westinghouse Electric Corp <WX> to
settle the license proceedings and sell KHJ-TV for 313 mln
dlrs, 70 pct of which would go to Westinghouse and the
remainder to Fidelity. But on Jan 28, 1987, Westinghouse
withdrew from the deal because the FCC would not approve it.
In early 1986, Gencorp and RKO agreed to sell WOR-TV in
Secaucus, N.J., to MCA Inc <MCA> for 387 mln dlrs. The FCC has
approved the transaction, but several parties have appealed.
The FCC has not said when it would rule on the appeals,
according to a spokemsan for Akron, Ohio-based Gencorp.
Fidelity Television originally filed a competing
application for the RKO license for KHJ, an independent
station, in 1965.
In 1980, the FCC disqualified RKO as licensee of WNAC-TV in
Boston, citing anti-competitive trade practices and inaccurate
financial reporting to the agency, causing renewals previously
granted to RKO in New York, for WOR, and Los Angeles, for KHJ,
to be denied.
|
training/3087
|
training/3087 |@title barclays:2 bank:2 say:2 cut:2 base:2 lending:2 rate:2 10:2 5:2 pct:4 11:2 |@word
|
BARCLAYS BANK SAID IT CUTTING BASE LENDING RATE TO 10.5 PCT FROM 11 PCT.
BARCLAYS BANK SAID IT CUTTING BASE LENDING RATE TO 10.5 PCT FROM 11 PCT.
|
training/3088
|
training/3088 |@title midland:2 bank:2 say:2 cut:2 base:2 rate:2 10:2 5:2 pct:4 11:2 |@word
|
MIDLAND BANK SAID IT CUTTING ITS BASE RATE TO 10.5 PCT FROM 11 PCT.
MIDLAND BANK SAID IT CUTTING ITS BASE RATE TO 10.5 PCT FROM 11 PCT.
|
training/3089
|
training/3089 |@title imatron:1 imat:1 sell:1 stake:1 mitsui:1 mitsy:1 |@word imatron:5 inc:1 say:3 mitsui:3 co:1 ltd:1 japan:3 purchase:1 two:2 mln:2 dlr:2 equity:1 interest:1 market:1 price:2 grant:1 120:1 day:1 option:1 make:1 another:1 investment:1 exclusive:1 importer:1 ultrafast:1 compute:1 tomography:1 scanner:2 schedule:1 take:1 delivery:1 first:1 next:1 month:1 installation:1 large:1 cardiology:1 center:1 enter:1 preliminary:1 discussion:1 formation:1 joint:1 venture:1 finance:1 accelerate:1 development:1 technology:1 commercialization:1
|
IMATRON <IMAT> SELLS STAKE TO MITSUI <MITSY>
Imatron Inc said
Mitsui and Co Ltd of Japan has purchased a two mln dlr equity
interest in Imatron at market price and was granted a 120-day
option to make another two mln dlr investment at the same price.
Imatron said Mitsui, the exclusive importer of Imatron's
Ultrafast computed tomography scanners into Japan, is scheduled
to take delivery of its first scanner next month for
installation in a large cardiology center.
It said it has entered into preliminary discussions with
Mitsui on the formation of a joint venture to finance the
accelerated development of Imatron's technology and its
commercialization in Japan.
|
training/309
|
training/309 |@title black:1 miner:1 support:1 african:1 mine:1 takeover:1 |@word thousand:1 black:3 mineworker:1 roar:1 support:3 union:3 proposal:3 seize:2 control:2 south:2 africa:2 gold:1 uranium:1 platinum:1 coal:1 mine:2 owner:2 refuse:2 improve:1 condition:1 migrant:3 worker:4 15:1 000:2 miner:2 attend:2 rally:1 endorse:1 move:1 propose:1 last:2 week:1 annual:1 meeting:2 200:1 strong:1 national:2 mineworkers:1 num:1 also:4 strike:1 end:2 month:1 begin:1 negotiation:1 surround:1 country:1 make:1 half:1 labour:1 force:1 state:2 would:1 leader:2 demand:2 system:1 single:1 sex:1 hostel:1 replace:1 housing:1 scheme:1 could:1 live:1 family:1 crowd:1 one:1 large:1 since:1 declare:1 emergency:1 june:1 shout:2 approval:1 work:1 closely:1 anti:1 apartheid:1 movement:1 united:1 democratic:1 front:1 udf:1 claim:1 two:1 mln:1 member:1 jail:1 nationalist:1 nelson:1 mandela:1 release:1
|
BLACK MINERS SUPPORT S. AFRICAN MINES TAKEOVER
Thousands of black
mineworkers roared support for a union proposal to seize
control of South Africa's gold, uranium, platinum and coal
mines if the owners refuse to improve conditions for migrant
black workers.
About 15,000 miners attended a rally here to endorse moves
proposed by last week's annual meeting of the 200,000 strong
National Union of Mineworkers (NUM).
They also supported a proposal for a national strike at the
end of this month if the owners refused to begin negotiations.
Migrant workers from surrounding countries make up more
than half of the labour force in the mines.
It was not stated how the union would 'seize control.'
The miners' leaders also demanded an end to the system of
single sex hostels for migrant workers, to be replaced by
housing schemes so that workers could live with their families.
The crowd, one of the largest to attend a meeting since
South Africa declared a state of emergency last June, also
shouted approval of a proposal to work closely with
anti-apartheid movements such as the United Democratic Front
(UDF) which claims two mln members. They also shouted their
support for a demand that jailed black nationalist leader
Nelson Mandela be released.
|
training/3091
|
training/3091 |@title h:2 robins:1 qrah:1 january:1 earning:1 |@word robins:2 co:1 drug:1 company:1 bankruptcy:2 proceeding:1 due:1 litigation:1 dalkon:1 shield:1 contraceptive:1 device:1 report:2 consolidated:1 net:2 earning:2 month:1 end:1 january:1 31:1 17:1 3:1 mln:2 dlrs:2 corresponding:1 year:1 ago:1 period:1 13:1 8:1 say:1 filing:1 make:1 u:1 trustee:1 oversee:1 chapter:1 11:1 case:1
|
A.H. ROBINS'S <QRAH> JANUARY EARNINGS UP
A. H. Robins Co, the drug company
in bankruptcy proceedings due to litigation over its Dalkon
Shield contraceptive device, reported consolidated net earnings
for the month ended January 31 of 17.3 mln dlrs.
In the corresponding year-ago period it reported net
earnings of 13.8 mln dlrs.
Robins said the filings were made with the U.S. trustee
overseeing its chapter 11 bankruptcy case.
|
training/3092
|
training/3092 |@title barclays:1 midland:1 follow:1 natwest:1 base:1 rate:1 cut:1 |@word barclays:1 bank:3 plc:3 bcs:1 l:3 midland:1 mdbl:1 say:1 cut:2 base:1 lending:1 rate:2 10:1 5:1 pct:2 11:1 follow:1 similar:1 move:1 national:1 westminster:1 nwbl:1 change:1 take:1 effect:1 tomorrow:1
|
BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT
Barclays Bank Plc <BCS.L> and Midland
Bank Plc <MDBL.L> said they are cutting their base lending
rates to 10.5 pct from 11 pct. The cuts follow a similar move
by National Westminster Bank Plc <NWBL.L>
The rate changes take effect tomorrow.
|
training/3093
|
training/3093 |@title control:1 data:1 cda:1 buy:1 peripheral:1 stake:1 |@word control:7 data:5 corp:1 say:4 agree:1 acquire:1 unisys:4 inc:3 uis:1 13:1 pct:4 stake:1 magnetic:3 peripherals:1 letter:1 intent:1 provide:1 convert:1 owner:2 peripheral:2 customer:1 datum:5 storage:4 product:3 group:2 two:1 year:1 period:1 agreement:2 continue:1 furnish:1 disk:1 drive:1 detail:1 propose:1 available:1 manage:1 found:1 1975:1 joint:1 venture:2 maintain:1 technological:1 base:1 supply:1 equipment:1 computer:2 system:2 become:1 developer:1 manufacturer:1 high:2 performance:1 capacity:1 sell:1 manafacturer:1 worldwide:1 conversion:1 interest:1 80:1 honeywell:1 hon:1 14:1 bull:1 france:1 six:1
|
CONTROL DATA <CDA> TO BUY PERIPHERALS STAKE
Control Data Corp said it
agreed to acquire Unisys Inc's <UIS> 13 pct stake in <Magnetic
Peripherals Inc>.
The letter of intent provides that Unisys converts from an
owner in Magnetic Peripherals to a customer of Control Data's
data storage products group over a two year period.
Under the agreement, Control Data will continue to furnish
disk drives to Unisys, it said.
No other details of the proposed agreement were available.
Magnetic Controls, managed by the data storage products
group of Control Data, was founded in 1975 as a joint venture
to maintain a technological base in data storage, and supply
peripheral equipment for the computer systems of its owners.
The venture has become a developer and manufacturer of high
performance, high-capacity data storage products sold by
Control Data to computer systems manafacturers worldwide, it
said.
After conversion of the Unisys interest, Control Data will
own 80 pct, Honeywell Inc <HON>, 14 pct and Bull S.A. of
France, six pct, it said.
|
training/3094
|
training/3094 |@title donald:1 trump:1 buy:1 crosby:1 resort:1 rtb:1 stock:1 |@word casino:1 hotel:1 operator:1 real:1 estate:3 developer:1 donald:1 trump:6 say:6 agree:2 purchase:1 class:11 b:7 common:1 stock:2 resorts:2 international:1 inc:1 hold:1 family:1 late:1 chairman:1 james:1 crosby:1 135:1 dlrs:1 per:1 share:11 also:2 consider:1 tender:2 offer:1 remain:2 price:2 interest:3 resort:3 already:1 buy:1 represent:2 78:1 pct:2 340:1 783:1 752:1 297:1 6:1 432:1 000:1 outstanding:1 100:1 time:1 voting:2 power:2 atlantic:1 city:1 statement:1 sell:1 73:1 combined:1 closing:1 dependent:1 receipt:1 necessary:1 regulatory:1 approval:1 matter:1 close:1
|
DONALD TRUMP TO BUY CROSBY RESORTS <RTB> STOCK
Casino hotel operator and real estate
developer Donald Trump said he has agreed to purchase the Class
B common stock of Resorts International Inc held by the family
and estate of late Resorts chairman James Crosby for 135 dlrs
per share.
Trump said he is also considering a tender offer for
remaining Class B shares at the same price but has no interest
in Resorts' Class A shares.
Trump said the shares he has agreed already to buy
represent a 78 pct interest in the Class B stock. The estate
itself owns 340,783 of the 752,297 Class B shares. There are
also about 6,432,000 Class A shares outstanding, but Trump said
'I have no interest in the Class A shares.'
Each Class B share has 100 times the voting power of a
Class A share.
In Atlantic City, Resorts said in a statement that the
Class B shares being sold to Trump represents 73 pct of the
combined voting power in Resorts.
It said closing is dependent on receipt of necessary
regulatory approvals and other matters, and after closing,
Trump will tender for remaining Class B shares at the same
price.
|
training/3095
|
training/3095 |@title usair:1 u:1 win:1 court:1 order:1 twa:2 |@word usair:4 group:1 inc:2 say:3 u:1 district:1 court:1 pittsburgh:1 issue:2 temporary:1 restraining:1 order:2 prevent:1 trans:1 world:1 airlines:1 buy:2 additional:1 share:3 response:1 suit:1 charge:1 twa:3 chairman:1 carl:1 icahn:1 violate:1 federal:1 law:1 make:1 misleading:1 statement:1 last:1 week:1 15:1 pct:1 also:1 offer:1 company:1 52:1 dlrs:2 cash:1 1:1 4:1 billion:1
|
USAIR <U> WINS COURT ORDER AGAINST TWA <TWA>
USAir Group Inc said a U.S. District
Court in Pittsburgh issued a temporary restraining order to
prevent Trans World Airlines Inc from buying additional USAir
shares.
USAir said the order was issued in response to its suit,
charging TWA chairman Carl Icahn and TWA violated federal laws
and made misleading statements.
TWA last week said it owned 15 pct of USAir's shares. It
also offered to buy the company for 52 dlrs a share cash or 1.4
billion dlrs.
More
|
training/3096
|
training/3096 |@title grease:1 monkey:1 gmhc:1 get:1 rejects:1 merger:1 offer:1 |@word grease:3 monkey:3 holding:1 corp:1 say:3 receive:1 reject:1 unsolicited:1 merger:1 offer:1 jiffy:2 lube:3 international:1 inc:1 company:1 proposal:1 involve:1 exchange:1 common:1 stock:1 combination:1 security:1 estimate:1 current:2 value:1 substantially:1 market:1 price:1 disclose:1 detail:1
|
GREASE MONKEY <GMHC> GETS, REJECTS MERGER OFFER
Grease Monkey Holding Corp said it has
received and rejected an unsolicited merger offer from Jiffy
Lube International Inc <LUBE>.
The company said the proposal involved an exchange of
Grease Monkey common stock for a combination of Jiffy Lube
securities with an estimated current value substantially below
Grease Monkey's current market
price.
It said it will not disclosed details.
|
training/3098
|
training/3098 |@title u:1 rule:1 brazil:1 fcoj:1 may:1 come:1 tomorrow:1 |@word decision:1 final:2 dumping:1 duty:3 frozen:1 orange:1 juice:1 brazil:1 may:2 issue:1 tomorrow:2 commerce:1 department:2 official:2 say:3 midnight:1 tonight:1 set:2 make:1 find:1 public:1 preliminary:1 8:1 54:1 pct:1 october:1 17:1 1986:1 ruling:1 base:1 detailed:1 information:1
|
U.S. RULING ON BRAZIL FCOJ MAY COME TOMORROW
A decision on final dumping duties on
frozen orange juice from Brazil may not be issued until
tomorrow, Commerce Department officials said.
They said the department has until midnight tonight to set
the duty but may not make the finding public until tomorrow.
A preliminary duty of 8.54 pct was set October 17, 1986.
The final ruling will be based on more detailed
information, the officials said.
|
training/310
|
training/310 |@title thailand:1 announce:1 third:1 tapioca:1 quota:1 ec:1 |@word thailand:2 commerce:1 ministry:2 announce:1 new:1 tapioca:2 export:1 quota:3 737:1 987:1 tonne:4 european:1 community:1 762:1 860:1 previous:1 allocation:3 say:2 fresh:1 february:1 27:1 july:1 7:1 shipment:1 period:1 third:1 maximum:1 5:2 mln:3 overall:1 obtain:1 ec:1 calendar:1 1987:1 base:1 national:1 pellet:1 stock:1 4:1 34:1 survey:1 last:1 week:1 3:1 05:1 mid:1 january:1
|
THAILAND ANNOUNCES THIRD TAPIOCA QUOTA FOR EC
Thailand's Commerce Ministry announced a
new tapioca export quota of 737,987 tonnes for the European
Community against 762,860 tonnes for the previous allocation.
The ministry said the fresh allocation, for the February
27-July 7 shipment period, is the third under a maximum 5.5 mln
tonne overall quota that Thailand obtained from the EC for
calendar 1987.
It said the quota allocation was based on a national
tapioca pellet stock of 4.34 mln tonnes surveyed last week, up
from 3.05 mln in mid-January.
|
training/3100
|
training/3100 |@title chrysler:1 c:1 deal:1 buy:1 amc:1 amo:1 |@word chrysler:4 corp:2 say:2 agree:1 principle:1 french:1 state:1 renault:3 acquire:1 american:1 motors:1 control:1 shareholder:2 deal:2 amc:5 stockholder:1 would:1 receive:2 common:4 stock:1 market:1 value:1 four:1 dlrs:1 share:3 hold:2 letter:1 intent:1 need:1 government:1 board:1 approval:1 provide:1 holder:1 0840:1 less:1 0687:1
|
CHRYSLER <C> IN DEAL TO BUY AMC <AMO>
Chrysler Corp said it agreed in
principle with French state-owned Renault to acquire American
Motors Corp., in which Renault is controlling shareholder,
under a deal in which AMC stockholders other than Renault would
receive Chrysler common stock with a market value of four dlrs
for each AMC common share they hold.
Chrysler said the letter of intent for the deal, which
needs government and AMC shareholder and board approval,
provides that AMC holders will receive not more than .0840 or
less than .0687 of a share of Chrysler common for each share of
AMC common they hold.
more
|
training/3103
|
training/3103 |@title barclays:1 midland:1 follow:1 natwest:1 base:1 rate:1 cut:1 |@word barclays:1 bank:5 plc:3 bcs:1 l:3 midland:1 mdbl:1 say:2 cut:4 base:3 lending:2 rate:7 10:1 5:1 pct:2 11:1 follow:1 similar:1 move:1 national:1 westminster:1 nwbl:1 change:1 take:1 effect:1 tomorrow:1 reduction:1 come:1 england:1 dealing:1 morning:1 signal:1 money:1 market:3 would:1 resist:1 half:1 percentage:1 point:1 drop:1 source:1 end:1 last:1 week:1 central:1 hold:1 staunchly:1 pressure:1 low:1 apparent:1 effort:1 preserve:1 expect:1 around:2 time:1 government:1 annual:1 budget:1 march:1 17:1 sterling:1 remain:1 firm:1 1:2 59:1 dlrs:2 compare:1 close:1 friday:1 5865:1
|
BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT
Barclays Bank Plc <BCS.L> and Midland
Bank Plc <MDBL.L> said they are cutting their base lending
rates to 10.5 pct from 11 pct. The cuts follow a similar move
by National Westminster Bank Plc <NWBL.L>
The rate changes take effect tomorrow.
The base rate reductions came after the Bank of England cut
its dealing rates this morning in a signal to the money markets
that it would not resist a half percentage point drop in bank
base lending rates, market sources said.
Until the end of last week, the central was holding out
staunchly against market pressures for lower rates in an
apparent effort to preserve the expected rate cuts for around
the time of the government's annual Budget on March 17.
Sterling remained firm around 1.59 dlrs compared with its
close here on Friday at 1.5865 dlrs.
|
training/3104
|
training/3104 |@title u:1 mint:1 seek:1 4:1 784:1 000:1 lbs:1 zinc:1 |@word u:1 mint:4 say:4 seek:1 offer:4 4:1 784:1 000:3 lb:3 special:1 high:1 grade:1 zinc:1 intend:1 purchase:1 sell:1 due:1 1100:1 hrs:1 est:1 march:1 24:1 two:2 increment:2 1:2 300:1 delivery:1 week:2 april:4 13:1 20:2 ball:1 corp:1 greeneville:1 tenn:1 092:1 deliver:1 27:1 lasalle:2 rolling:1 mills:1 ill:1 firm:1 submit:1 may:1 elect:1 receive:1 payment:1 standard:1 check:1 wire:1 transfer:1 award:2 base:1 whichever:1 method:1 cost:1 advantageous:1 goverment:1 time:1 determine:1 minimum:1 acceptance:1 period:1 10:1 calendar:1 day:1
|
U.S. MINT SEEKING 4,784,000 LBS ZINC
The U.S. Mint said it is seeking
offers on 4,784,000 lbs of special high-grade zinc that it
intends to purchase.
It said selling offers will be due at 1100 hrs EST, March
24.
The Mint said two increments of 1,300,000 lbs each are for
delivery the weeks of April 13 and april 20 to Ball Corp,
Greeneville, Tenn., and two increments of 1,092,000 lbs each
are to be delivered the weeks of April 20 and April 27 to
LaSalle Rolling Mills, LaSalle, Ill.
Firms, in submitting offers, may elect to receive payment
from the Mint by standard check or by wire transfer. Awards
will be based on whichever method is most cost advantageous to
the goverment at the time the awards are determined.
The offers will have a minimum acceptance period of 10
calendar days, the Mint said.
|
training/3105
|
training/3105 |@title canada:1 building:1 permit:1 rise:1 november:1 |@word lead:1 non:2 residential:3 sector:1 canadian:1 building:1 permit:2 issue:1 november:1 rise:2 0:1 7:2 pct:3 2:2 18:1 billion:4 dlrs:5 seasonally:1 adjust:1 16:1 october:2 statistic:1 canada:1 say:1 fall:2 3:1 9:1 1:2 25:1 30:1 number:1 unit:2 approve:1 17:1 552:1 19:1 079:1 value:1 project:1 6:2 927:1 mln:1 month:1
|
CANADA BUILDING PERMITS RISE IN NOVEMBER
Led by the non-residential sector,
Canadian building permits issued in November rose 0.7 pct to
2.18 billion dlrs, seasonally adjusted, from 2.16 billion dlrs
in October, Statistics Canada said.
Residential permits fell 3.9 pct to 1.25 billion dlrs from
1.30 billion dlrs in October while the number of units approved
fell to 17,552 from 19,079 units.
The value of non-residential projects rose 7.6 pct to 927.6
mln dlrs in the month.
|
training/3107
|
training/3107 |@title dixie:1 yarns:1 dxyn:1 acquire:1 ti:1 caro:1 inc:1 |@word dixie:4 yarns:1 inc:2 ti:4 caro:4 jointly:1 say:4 sign:1 merger:3 agreement:1 call:1 acquire:1 stock:1 exchange:1 three:1 mln:2 common:1 company:2 previously:1 announce:1 approve:1 board:1 expect:1 close:1 early:1 april:1 revenue:1 combined:1 600:1 dlrs:1 dilute:1 1987:1 result:1 take:1 private:1 1984:1 management:1 lead:1 leverage:1 buy:1
|
DIXIE YARNS <DXYN> TO ACQUIRE TI-CARO INC
Dixie Yarns Inc and <TI-CARO
Inc> jointly said they signed a merger agreement calling for
Dixie to acquire all TI-CARO's stock in exchange for three mln
of Dixie's common.
The companies said the previously announced merger has been
approved by TI-CARO's board and is expected to close by early
April.
They said the revenues of the combined companies will be
over 600 mln dlrs, and Dixie said the merger will not dilute
its 1987 results. TI-CARO was taken private in 1984 in a
management led leveraged buy-out.
|
training/3109
|
training/3109 |@title u:1 midnight:1 set:1 orange:1 juice:1 dutie:1 |@word decision:1 final:2 dumping:1 duty:4 frozen:1 orange:1 juice:1 brazil:1 may:2 issue:1 tomorrow:2 commerce:1 department:2 official:2 say:3 midnight:1 tonight:1 set:2 make:1 find:1 public:1 preliminary:1 8:1 54:1 pct:1 last:1 oct:1 17:1 base:1 detailed:1 information:1
|
U.S. HAS TO MIDNIGHT TO SET ORANGE JUICE DUTIES
A decision on final dumping duties on
frozen orange juice from Brazil may not be issued until
tomorrow, Commerce Department officials said.
They said the department has until midnight tonight to set
the duty, but may not make the finding public until tomorrow.
A preliminary duty of 8.54 pct was set last Oct. 17.
The final duty will be based on more detailed information,
the officials said.
|
training/311
|
training/311 |@title atpc:1 member:1 find:1 way:1 curb:1 tin:1 export:1 |@word mine:9 industry:7 official:5 member:8 state:3 association:1 tin:10 produce:3 country:4 atpc:12 say:14 find:1 way:1 limit:3 group:1 export:17 96:1 000:14 tonne:15 year:8 start:2 march:2 1:6 accord:1 view:1 poll:1 reuter:4 correspondent:1 plan:5 curb:3 agree:1 january:1 aim:1 cut:2 world:3 surplus:1 50:1 70:1 boost:1 price:3 19:3 ringgit:2 kilo:2 16:1 seven:1 kuala:1 lumpur:1 base:1 account:1 65:1 pct:2 output:6 malaysia:3 allocate:3 quota:12 28:3 526:1 indonesia:3 24:3 516:2 thailand:4 bolivia:4 13:2 761:2 zaire:2 736:1 nigeria:3 461:2 australia:1 set:2 however:1 tonnage:2 7:2 roughly:1 equal:1 expected:1 comment:1 unavailable:1 lead:1 producer:1 188:1 allow:1 operate:1 ensure:1 around:1 31:1 500:2 chief:1 inspector:1 mines:2 redzuan:2 sumun:1 tell:6 excess:1 3:1 one:1 period:3 would:14 keep:3 national:1 stock:1 owner:1 welcome:1 ask:1 government:1 issue:1 new:4 mining:6 licence:3 100:1 application:1 pende:1 department:2 approve:1 six:1 month:2 review:1 production:3 trend:1 show:1 local:2 overproduce:1 chairman:1 energy:1 minister:4 subroto:1 pledge:2 support:1 spokesman:1 company:2 pt:1 tambang:1 timah:1 reuters:2 easy:1 stick:1 close:1 calendar:2 1986:2 636:1 bangkok:1 thai:3 pramual:2 sabhavasu:1 add:3 cause:1 hardship:1 current:1 insure:1 adherence:1 ministry:1 sole:1 exporter:1 smelting:1 refining:1 co:1 encourage:1 big:1 stockpile:1 income:1 tax:1 exemption:1 permit:1 mineral:1 resources:1 expect:3 disallow:1 open:1 prevent:1 excessive:1 source:2 council:1 president:1 dam:1 teutong:1 rise:1 18:2 miner:1 press:1 opening:1 367:1 17:1 359:1 1985:2 less:2 jaimie:1 villalobos:1 la:1 paz:1 9:1 1987:2 due:2 sacking:1 crisis:1 october:1 20:1 worker:1 comibol:1 80:1 total:1 risk:1 confident:1 goal:1 achieve:1 elaborate:1 power:1 steel:1 bunu:1 sheriff:1 musa:1 lagos:1 difficulty:1 within:2 metal:1 decline:1 poor:1 demand:1 high:1 cost:1 last:1 monitor:1 figure:1 every:1 three:1 use:1 customs:1 document:1 make:1 projection:1 datum:1 see:1 likely:2 breach:2 long:1 appear:1 take:1 remedial:1 measure:1 unable:1 fulfil:1 extra:1 reallocate:1 discretion:1 estimate:1 106:1 without:1 non:1 brazil:1 china:1 cooperate:1 21:1 respectively:1
|
ATPC MEMBERS FIND WAYS TO CURB TIN EXPORTS
Mine and industry officials from
most member states of the Association of Tin Producing
Countries (ATPC) say they have found ways to limit group
exports to 96,000 tonnes in the year started March 1, according
to views polled by Reuter correspondents.
The plan to curb exports, agreed in January, is aimed at
cutting the world surplus to 50,000 tonnes from 70,000 now and
boosting prices to about 19 ringgit a kilo from just over 16.
Members of the seven-member Kuala Lumpur-based ATPC account
for some 65 pct of the world's tin output.
Under the ATPC plan, Malaysia has been allocated an export
quota of 28,526 tonnes, Indonesia 24,516, Thailand 19,000,
Bolivia 13,761, Zaire 1,736 and Nigeria 1,461.
Australia has said it is not setting any export quota.
However, the tonnage allocated to it, 7,000 tonnes, is roughly
equal to its expected output this year.
Comment from officials in Zaire was unavailable.
Mine officials in Malaysia, the world's leading producer,
said only 188 mines will be allowed to operate to ensure that
output is limited to around 31,500 tonnes in the year started
March 1.
Chief Inspector of Mines Redzuan Sumun told Reuters that
excess output of some 3,000 tonnes after exports of 28,500 in
the one-year quota period would be kept in the national stock.
Mine owners in Malaysia have welcomed the ATPC export curb
and asked the government not to issue new mining licences. More
than 100 applications for licences are pending.
Redzuan said the Mines Department would approve new mining
licences only if a six-month review of production trends showed
that local mines were not overproducing.
ATPC chairman and Indonesia's Mining and Energy Minister
Subroto has pledged his country's support for the export curb.
A spokesman for the state-owned tin mining company PT
Tambang Timah told Reuters it would be easy for Indonesia to
stick to an export quota of 24,516 tonnes because this was
close to exports in calendar 1986 of 24,636.
In Bangkok, Thai Industry Minister Pramual Sabhavasu said
Thailand would keep to its 19,000 tonne quota and added this
would not cause the local industry hardship at current prices.
To insure adherence, the industry ministry and sole tin
exporter Thailand Smelting and Refining Co would encourage
bigger stockpiles, and income tax exemptions would be
permitted, he said.
The Thai Mineral Resources Department is expected to
disallow new tin mines opening this year to prevent excessive
production, industry sources said.
But Mining Industry Council President Dam Teutong told
Reuters that if the tin price rose above 18 ringgit a kilo,
Thai miners would press for the opening of more new mines.
Thailand exported 18,367 tonnes in 1986, up from 17,359 in
1985, Pramual said.
Bolivia said it expects to export less tin this year than
its allocated 13,761 tonne quota.
Mining Minister Jaimie Villalobos told Reuters in La Paz
that Bolivia expected to export about 9,000 tonnes of tin in
calendar 1987.
He said this was due to the sacking after the tin crisis of
October 1985 of about 20,000 of the 28,000 workers at the state
mining company Comibol, which produces more than 80 pct of
Bolivia's total exports.
He said there were risks in the ATPC plan to cut exports
but added he was confident the goals set by the plan would be
achieved. He did not elaborate.
Mines, Power and Steel Minister Bunu Sheriff Musa said in
Lagos that Nigeria would have no difficulty keeping within its
ATPC quota of 1,461 tonnes because its metals output had
declined due to poor demand and high production costs.
Industry sources told Reuters that Nigeria's output was
less than 1,000 tonnes last year.
ATPC officials said they would monitor member countries'
export figures every three months using customs documents and
make projections from such data to see if quotas were likely to
be breached within the year-long quota period.
The ATPC officials said members that appeared likely to
breach their quotas would be told to take remedial measures.
They added that if member countries were unable to fulfil
their quotas their extra tonnage would be reallocated to other
members at the ATPC's discretion.
The ATPC would have produced and exported an estimated
106,000 tonnes of tin in 1987 without the plan.
Non-members Brazil and China have pledged to cooperate with
the ATPC and limit their exports to 21,000 and 7,000 tonnes
respectively during the quota period.
|
training/3110
|
training/3110 |@title gale:1 force:1 wind:1 buffet:1 great:1 lakes:1 |@word national:1 weather:1 service:1 say:1 warning:2 gale:1 force:1 wind:5 remain:1 effect:1 lakes:1 erie:1 huron:1 michigan:6 also:4 post:2 large:1 wave:2 beach:1 erosion:1 along:3 shore:2 lake:2 guste:1 45:1 mph:1 cause:1 four:1 six:1 foot:1 western:3 southern:1 morning:3 advisory:1 low:1 chill:2 temperature:1 across:4 portion:1 upper:2 northern:5 lower:2 early:1 gusty:1 bring:1 15:1 25:1 degree:1 zero:1 freeze:1 rain:2 scatter:1 central:3 colorado:1 mid:1 kansas:2 northeast:1 illinois:1 snow:2 reach:2 south:1 montana:1 wyome:1 nebraska:1 extend:1 wisconsin:1 pacific:1 coast:1 northwest:1 utah:1 maryland:1 deleware:1 virginia:1 carolinas:1 georgia:1 alabama:1
|
GALE FORCE WINDS BUFFET GREAT LAKES
The National Weather Service said
warnings of gale force winds remained in effect over lakes
Erie, Huron and Michigan.
Also, warnings have been posted for large waves and beach
erosion along the shores of the Lakes. Winds gusting to 45 mph
caused four to six foot waves along the western and southern
shores of Lake Michigan during the morning.
Advisories for low wind chill temperatures have also been
posted across portions of upper Michigan and northern lower
Michigan. Early morning gusty winds brought the wind chill to
15 and 25 degrees below zero.
Freezing rain was scattered over central Colorado by mid
morning, also over central Kansas and northeast Illinois.
Snow reached from south central Montana across Wyoming,
western Nebraska and western Kansas. Snow also extended across
northern Wisconsin, upper Michigan and northern lower Michigan.
Rain reached along the northern Pacific Coast, across
northwest Utah, Maryland, Deleware, Virginia, the Carolinas,
Georgia and northern Alabama.
|
training/3111
|
training/3111 |@title u:1 k:1 issue:1 one:1 billion:1 stg:1 bond:1 tranche:1 |@word bank:9 england:1 say:6 take:1 onto:1 book:1 one:5 billion:3 stg:7 tranche:1 8:3 3:2 4:3 pct:9 treasury:3 loan:2 stock:4 due:2 1997:2 payable:2 40:1 application:1 issue:7 96:1 50:1 available:2 dealing:1 march:2 11:2 remainder:1 amount:1 may:2 5:3 bond:2 would:5 yield:1 9:1 28:1 price:1 free:1 tax:1 resident:1 overseas:1 designate:1 b:1 100:1 mln:1 reserve:1 national:1 debt:1 commissioner:1 market:6 drop:1 1:2 2:2 point:5 follow:2 announcement:2 13:1 2004:1 08:1 quote:1 full:3 low:4 134:1 12:1 32:1 around:2 20:1 minute:1 news:1 dealer:4 view:3 backdrop:1 intense:1 pressure:3 u:3 k:3 interest:2 rate:8 build:1 past:1 two:2 week:3 result:2 sterling:4 strength:1 morning:1 finally:1 signal:1 prepared:1 see:2 clearing:1 afternoon:1 announce:2 cut:5 base:2 lending:1 10:1 initially:1 reluctant:1 countenance:1 authority:3 wish:1 delay:1 reduction:2 time:2 budget:2 17:1 thereby:1 preserve:1 impact:1 chancellor:1 exchequer:1 nigel:1 lawson:2 package:1 measure:1 however:2 face:1 apparently:1 inexorable:1 climb:1 today:3 decide:1 cede:1 allow:1 half:2 tap:2 move:1 eradicate:1 hope:1 early:1 arise:1 strong:1 participant:2 believe:1 foster:1 although:2 surprised:1 decline:1 stage:2 note:2 part:1 attempt:1 last:2 ease:1 subdue:1 government:1 surprise:1 sell:1 within:1 hour:1 become:1 trading:1 push:1 register:1 sharp:1 gain:1 seem:1 unlikely:1 absorb:1 rapidly:1 edge:1 high:1 still:1 close:1 trade:1 weight:1 basis:1 72:2 well:1 ahead:1 friday:1 final:1 71:1 beneath:1 peak:1 touch:1 1300:1 gmt:1
|
U.K. ISSUES ONE BILLION STG BOND TRANCHE
The Bank of England said it was taking
onto its books a further one billion stg tranche of 8-3/4 pct
Treasury Loan stock due 1997, payable 40 stg pct on
application. The stock was issued to the Bank at 96.50 stg pct
and will be available for dealings from March 11, with the
remainder of the amount payable on May 5. The Bank said the
bonds would yield 9.28 pct at the issue price and would be free
of tax to residents overseas. The issue would be designated
8-3/4 pct Treasury Loan 1997 'B.' A further 100 mln stg was
reserved for the National Debt Commissioners.
The market dropped by up to 1/2 point following the Bank's
announcement, with the Treasury 13-1/2 pct stock due 2004/08
quoted one full point lower at 134-12/32 stg pct around 20
minutes after the news.
Dealers said the announcement had to be viewed against the
backdrop of intense pressure for lower U.K. Interest rates
which had built up over the past two weeks as a result of
sterling's strength.
The Bank this morning finally signalled it was prepared to
see lower rates and U.K. Clearing banks this afternoon
announced cuts in their base lending rates to 10.5 pct from 11
pct.
The Bank had initially been reluctant to countenance a rate
cut because, dealers said, the authorities had wished to delay
a reduction until around the time of the U.K. Budget on March
17, thereby preserving the full impact of Chancellor of the
Exchequer Nigel Lawson's package of measures.
However, in the face of sterling's apparently inexorable
climb, the authorities today decided to cede to pressure and
allow a half-point cut.
Today's one billion stg tap issue was viewed by the market
as a move by the Bank to eradicate hopes for a further early
rate cut which might arise as a result of strong sterling.
Most market participants believe that Lawson will now
foster a further half point interest rate reduction at the time
of the budget, although one or two said they would not be
surprised to see a full point decline at this stage.
Dealers noted that as part of the authorities' attempts
last week to ease pressure for lower rates, the Bank had issued
a one billion stg tap stock with a view to subduing the
Government bond market.
To the surprise of most participants, the issue was sold
out within hours of becoming available for trading and the
market pushed on to register further sharp gains.
Dealers said that at this stage it seemed unlikely that the
issue announced today would be absorbed by the market as
rapidly as last week's.
However, they noted that although sterling had edged down
from its highs following the base rate cut, it had still closed
on a trade-weighted basis at 72.4, well ahead of Friday's final
71.8 and only just beneath the peak of 72.5 touched at 1300
GMT.
|
training/3114
|
training/3114 |@title amc:2 say:2 study:2 chrysler:2 buyout:2 proposal:2 comment:2 appropriate:2 |@word
|
AMC SAYS IT IS 'STUDYING' CHRYSLER BUYOUT PROPOSAL AND WILL COMMENT WHEN 'APPROPRIATE'
AMC SAYS IT IS 'STUDYING' CHRYSLER BUYOUT PROPOSAL AND WILL COMMENT WHEN 'APPROPRIATE'
|
training/3115
|
training/3115 |@title petro:1 canada:1 drill:1 two:1 terra:1 nova:1 test:1 well:1 |@word petro:12 canada:15 state:1 oil:6 company:9 say:11 drill:1 two:2 delineation:1 well:2 summer:2 terra:9 nova:9 field:16 offshore:1 newfoundland:1 evaluation:1 test:1 result:2 preliminary:1 engineering:1 work:1 put:1 position:1 propose:1 development:3 plan:1 1988:1 depend:1 time:1 require:1 regulatory:1 approval:1 construction:1 could:4 begin:1 1989:1 first:1 production:8 early:1 1991:2 high:1 degree:1 confidence:1 western:2 portion:3 contain:1 least:1 11:1 mln:7 cubic:1 meter:1 recoverable:1 70:3 barrel:4 produce:3 economicly:1 use:1 float:1 system:4 lie:1 350:1 kilometer:2 east:4 st:1 john:1 35:1 southeast:1 hibernia:1 discover:1 1984:1 encouraging:1 eastern:1 hope:1 drilling:1 prove:1 additional:1 reserve:3 believe:1 good:1 commercial:1 prospect:1 want:1 move:1 resource:1 towards:1 start:1 generate:1 return:1 investments:1 act:1 operator:1 75:1 pct:2 interest:2 grave:1 block:8 26:2 flank:3 spokesman:3 later:1 participant:1 include:1 canterra:1 energy:1 ltd:3 mobil:1 gulf:1 resources:2 inc:1 icg:1 trillium:1 exploration:1 corp:1 general:1 partnership:1 parex:1 estimate:4 graven:4 68:1 bob:1 foulkes:1 calgary:1 office:1 combine:3 130:1 add:1 expect:1 spend:1 500:1 canadian:1 dlrs:1 bring:1 budget:1 double:1 build:1 would:2 25:1 000:4 average:2 daily:2 maximum:1 capacity:1 40:1 bpd:2 foulke:1 answer:1 query:1 45:1
|
PETRO-CANADA TO DRILL TWO TERRA NOVA TEST WELLS
Petro-Canada, Canada's
state-owned oil company, said it will drill two delineation
wells this summer at the Terra Nova oil field offshore
Newfoundland.
Evaluation of test results and preliminary engineering work
should put Petro-Canada in a position to propose a development
plan for the Terra Nova field in 1988, the company said.
Depending on time required for regulatory approvals,
construction could begin in 1989, with first oil production as
early as 1991, Petro-Canada said.
'We have a high degree of confidence that the western
portion of the (Terra Nova) field contains at least 11 mln
cubic meters of recoverable oil, or more than 70 mln barrels,
and that we could produce it economicly using a floating
production system,' Petro-Canada said.
The Terra-Nova field, lying 350 kilometers east of St.
John's and 35 kilometers southeast of Hibernia field, was
discovered by Petro-Canada in 1984.
'We've had encouraging results from the eastern portion of
the field, and we hope this summer's drilling will prove up
additional reserves there,' the company said.
Petro-Canada believes Terra Nova field is a good commercial
prospect and the company wants to move some of those resources
towards development so it can start generating a return on
investments, Petro-Canada said.
Petro-Canada, which will act as operator of the two wells,
has a 75 pct interest in the western portion of Graven block of
the Terra Nova field and a 26 pct interest in the field's East
Flank block, a company spokesman said later. Other field
participants include Canterra Energy Ltd, Mobil Oil Canada Ltd,
Gulf Canada Resources Inc, ICG Resources Ltd, Trillium
Exploration Corp and general partnership PAREX.
Petro-Canada estimates reserves in the Terra Nova field's
Graven block of between 68 mln and 70 mln barrels of oil,
company spokesman Bob Foulkes said from Petro-Canada's Calgary
office.
Combined reserves for Graven Block and the field's East
Flank block are estimated between 70 mln and 130 mln barrels,
he added.
Petro-Canada expects to spend about 500 mln Canadian dlrs
to bring the field to production by about 1991, and the
development budget could double if the company builds a
production system combining both blocks in the field, he said.
Petro-Canada estimates the Terra Nova field Graven block
would produce between 25,000 and 26,000 barrels average daily
production, with a production system that would have maximum
capacity of 40,000 bpd, company spokesman Foulkes said in
answer to a query.
The company estimates a production system combining both
Graven and East Flank blocks in the Terra Nova field could
produce about 45,000 bpd average daily production, he said.
|
training/3117
|
training/3117 |@title charan:1 see:1 least:1 50:1 pct:1 rise:1 1987:1 profit:1 |@word charan:3 industries:1 inc:1 distributor:2 toy:5 consumer:2 product:4 expect:3 1987:1 net:1 profit:2 rise:2 least:2 50:2 pct:4 last:4 year:8 6:1 1:1 mln:4 dlrs:5 president:1 earl:1 takefman:5 tell:2 reporter:1 annual:1 meeting:1 grow:3 basically:1 100:3 sure:1 go:1 able:1 certainly:1 say:5 report:1 3:2 0:1 1985:2 sale:1 57:1 1986:2 fiscal:2 end:2 september:1 30:2 november:1 company:3 actively:1 look:1 acquisition:1 industry:1 likely:1 canada:2 resolve:1 delivery:1 problem:1 hinder:1 growth:1 distribution:1 business:1 account:1 one:1 third:1 revenue:1 exclusive:1 world:1 wonder:1 include:3 teddy:2 ruxpin:2 voice:2 activate:2 talk:3 plush:2 bear:1 new:1 shelf:1 christmas:1 small:1 version:1 mickey:1 mouse:1 dance:1 doll:1 sound:1 touch:1 light:2 heat:1 book:1 also:1 market:1 extended:1 line:1 laser:1 tag:1 kit:1 shoot:1 ray:1 hit:1 someone:1 recorder:1 device:1 allow:1 student:1 leave:1 tape:1 message:1 school:1 locker:1 retail:1 60:1
|
CHARAN SEES AT LEAST 50 PCT RISE IN 1987 PROFIT
(Charan Industries Inc), a distributor
of toys and other consumer products, expects 1987 net profit to
rise at least 50 pct over last year's 6.1 mln dlrs, president
Earl Takefman told reporters before the annual meeting.
'We grew basically 100 pct last year, I'm not sure we're
going to be able to grow 100 pct again this year but we
certainly will grow at least 50 pct over last year,' Takefman
said.
Charan reported profit of 3.0 mln dlrs in 1985.
Takefman said he expects sales to rise to about 100 mln
dlrs this year from 57.3 mln dlrs in 1986.
Fiscal 1985 ended September 30, while fiscal 1986 ended
November 30.
Takefman said the company is actively looking for
acquisitions in the consumer products industry, likely in
Canada.
The company said it expects to resolve delivery problems
this year which last year hindered the growth of its toy
distribution business, which accounts for about one-third of
revenues.
Charan is the exclusive distributor in Canada for <Worlds
of Wonder> toys, which include the Teddy Ruxpin voice-activated
talking plush bear.
Takefman said new products this year, which will be on the
shelves for Christmas, include a smaller version of Teddy
Ruxpin, a talking Mickey Mouse toy, dancing plush toys, a doll
with a voice activated by sound, touch, light and heat, and
talking books.
The company is also marketing an extended line of 'laser
tag' kits, which shoot rays of light and tell you when you've
hit someone.
Other products include a recorder device which allows
students to leave taped messages in each others' school
lockers, retailing for about 60 dlrs.
|
training/3118
|
training/3118 |@title mayfair:1 super:1 market:1 myfra:1 sale:1 increase:1 |@word mayfair:1 super:1 market:1 say:4 sale:3 second:1 qtr:1 end:1 feb:1 28:1 122:1 0:2 mln:4 dlrs:4 increase:1 15:2 pct:2 compare:1 105:1 9:1 comparable:1 quarter:1 last:2 year:3 company:3 first:1 six:1 month:1 242:1 210:1 1:1 report:1 period:1 12th:1 consecutive:1 quarterly:1 gain:1 expect:1 release:1 earning:1 april:1
|
MAYFAIR SUPER MARKETS <MYFRA> SALES INCREASED
Mayfair Super Markets said its
sales for the second qtr ended Feb 28 were 122.0 mln dlrs, an
increase of more than 15 pct compared to sales of 105.9 mln
dlrs in the comparable quarter last year.
The company said sales for the first six months of the year
were 242.0 mln dlrs, more than 15 pct above the 210.1 mln dlrs
reported in the same period last year.
This was the 12th consecutive quarterly gain, the company
said. The company said it expects to release earnings in
April.
|
training/312
|
training/312 |@title south:1 korea:1 hold:1 current:1 account:1 surplus:1 |@word south:2 korea:3 plan:1 take:1 step:1 keep:1 1987:1 current:3 account:3 surplus:3 five:1 billion:2 dlrs:3 economic:1 planning:1 board:1 minister:1 kim:2 mahn:1 je:1 say:1 tell:1 reporter:1 government:1 would:1 repay:1 loan:1 ahead:1 schedule:1 encourage:1 firm:1 increase:1 import:1 investment:1 abroad:1 prevent:1 rise:1 quickly:1 last:1 year:1 4:1 65:1 widen:1 622:1 mln:3 january:2 484:1 december:1 compare:1 deficit:1 334:1 1986:1 bank:1 figure:1 show:1
|
SOUTH KOREA TO HOLD CURRENT ACCOUNT SURPLUS DOWN
South Korea plans to take steps to keep
its 1987 current account surplus below five billion dlrs,
Economic Planning Board Minister Kim Mahn-je said.
Kim told reporters the government would repay loans ahead
of schedule and encourage firms to increase imports and
investment abroad to prevent the current account surplus from
rising too quickly.
Last year South Korea's current account surplus was 4.65
billion dlrs. It widened to 622 mln dlrs in January from 484
mln in December and compared with a deficit of 334 mln in
January 1986, Bank of Korea figures show.
|
training/3120
|
training/3120 |@title ppg:3 industries:1 sell:1 ethylene:1 interest:1 |@word industries:1 inc:1 say:4 group:2 investor:1 lead:1 sterling:1 houston:1 agree:1 acquire:1 ppg:1 ethylene:2 product:1 business:2 include:1 inteest:1 glycol:1 joint:1 venture:1 du:1 pont:1 co:1 dd:1 beaumont:1 texas:1 undisclosed:1 term:1 company:1 completion:1 expect:1 second:1 quarter:1 sale:1 50:1 mln:1 dlrs:1 1986:1
|
PPG INDUSTRIES <PPG> SELLS ETHYLENE INTERESTS
PPG Industries Inc said a group of
investors led by <Sterling Group> of Houston said it has agreed
to acquire PPG's ethylene products business, including its
inteest in an ethylene glycols joint venture with du Pont Co
<DD> in Beaumont, Texas, for undisclosed terms.
The company said completion is expected in the second
quarter.
It said the business had sales of over 50 mln dlrs in 1986.
|
training/3121
|
training/3121 |@title fed:1 expect:1 add:1 temporary:1 reserve:1 |@word federal:2 reserve:4 expect:1 intervene:1 government:1 security:1 market:1 add:2 temporary:2 via:3 customer:2 repurchase:3 agreement:3 economist:2 say:3 fed:2 1:3 5:1 two:1 billion:1 dlrs:1 slim:1 chance:1 inject:1 permanent:1 three:1 day:1 system:1 fund:2 open:1 6:2 16:1 pct:3 firm:1 8:1 early:1 trading:1 average:1 six:1 friday:1
|
FED EXPECTED TO ADD TEMPORARY RESERVES
The Federal Reserve is expected to
intervene in the government securities market to add temporary
reserves via customer repurchase agreements, economists said.
Most economists said the Fed will add 1.5 to two billion
dlrs of temporary reserves via customer repurchase agreements,
but some said there is a slim chance the Fed will inject
permanent reserves via three-day system repurchase agreements.
Federal funds opened at 6-1/16 pct and firmed to 6-1/8 pct
in early trading. Funds averaged six pct on Friday.
|
training/3122
|
training/3122 |@title barclays:1 midland:1 follow:1 natwest:1 base:1 rate:1 cut:1 |@word barclays:1 bank:5 plc:3 bcs:1 l:3 midland:1 mdbl:1 say:2 cut:4 base:3 lending:2 rate:7 10:1 5:1 pct:2 11:1 follow:1 similar:1 move:1 national:1 westminster:1 nwbl:1 change:1 take:1 effect:1 tomorrow:1 reduction:1 come:1 england:1 dealing:1 morning:1 signal:1 money:1 market:3 would:1 resist:1 half:1 percentage:1 point:1 drop:1 source:1 end:1 last:1 week:1 central:1 hold:1 staunchly:1 pressure:1 low:1 apparent:1 effort:1 preserve:1 expect:1 around:2 time:1 government:1 annual:1 budget:1 march:1 17:1 sterling:1 remain:1 firm:1 1:2 59:1 dlrs:2 compare:1 close:1 friday:1 5865:1
|
BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT
Barclays Bank Plc <BCS.L> and Midland
Bank Plc <MDBL.L> said they are cutting their base lending
rates to 10.5 pct from 11 pct. The cuts follow a similar move
by National Westminster Bank Plc <NWBL.L>
The rate changes take effect tomorrow.
The base rate reductions came after the Bank of England cut
its dealing rates this morning in a signal to the money markets
that it would not resist a half percentage point drop in bank
base lending rates, market sources said.
Until the end of last week, the central was holding out
staunchly against market pressures for lower rates in an
apparent effort to preserve the expected rate cuts for around
the time of the government's annual Budget on March 17.
Sterling remained firm around 1.59 dlrs compared with its
close here on Friday at 1.5865 dlrs.
|
training/3125
|
training/3125 |@title united:2 auto:2 workers:2 union:2 say:2 support:2 chrysler:2 amc:2 merger:2 |@word
|
UNITED AUTO WORKERS UNION SAYS IT SUPPORTS CHRYSLER-AMC MERGER
UNITED AUTO WORKERS UNION SAYS IT SUPPORTS CHRYSLER-AMC MERGER
|
training/3128
|
training/3128 |@title lloyds:1 bank:1 match:1 base:1 rate:1 cut:1 10:1 5:1 pct:1 |@word lloyds:1 bank:5 plc:2 lloy:1 l:2 say:1 cut:1 base:2 lending:1 rate:3 10:1 5:1 pct:2 11:1 effective:1 tomorrow:1 reduction:2 follow:2 similar:1 move:1 three:1 british:1 clearing:1 national:1 westminster:1 nwbl:1 lead:1 way:1 morning:1 england:1 lower:1 deal:1 signal:2 would:1 tolerate:1 half:1 percentage:1 point:1 central:1 surprise:1 strenuous:1 effort:1 last:1 week:1 prevent:1 market:1 force:1 bring:1 u:1 k:1 budget:1 march:1 17:1
|
LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT
Lloyds Bank Plc <LLOY.L> said it is
cutting its base lending rate to 10.5 pct from 11 pct,
effective tomorrow.
The reduction follows similar moves from the three other
British clearing banks.
National Westminster Bank Plc <NWBL.L> led the way this
morning after the Bank of England lowered its dealing rates in
a signal that it would tolerate a half percentage point
reduction.
The central bank's surprise signal followed its strenuous
efforts last week to prevent market forces from bringing down
base rates before the U.K. Budget on March 17.
|
training/3129
|
training/3129 |@title norcros:1 break:1 merger:1 talk:1 williams:1 |@word norcros:4 ncro:1 l:1 plc:2 say:3 intention:1 proceed:1 talk:1 williams:4 holdings:1 suggestion:1 would:1 benefit:2 arise:1 merger:1 two:1 group:1 could:1 achieve:1 normal:1 trading:1 warrant:1 closer:1 formal:1 association:1 share:2 firm:1 30p:1 342p:1 news:1 investor:1 speculation:1 possible:1 hostile:1 bid:1 dealers:1 rise:1 2p:1 742:1 earlier:1 inform:1 hold:1 2:3 890:1 000:1 ordinary:1 pct:1 issue:1
|
NORCROS BREAKS OFF MERGER TALKS WITH WILLIAMS
Norcros <NCRO.L> Plc said it has no
intention of proceeding any further with talks on Williams
Holdings Plc's suggestion that there would be benefits arising
from a merger between the two groups.
Norcros said any such benefits could be achieved through
normal trading and did not warrant a closer formal association.
Norcros shares firmed 30p to 342p after the news on
investor speculation of a possible hostile bid from Williams,
dealers said. Williams rose 2p to 742.
Williams earlier informed Norcros that it holds some
2,890,000 of its ordinary shares or 2.2 pct of those issued.
|
training/313
|
training/313 |@title dutch:1 oilseed:1 fat:1 import:1 rise:1 1986:1 |@word oil:19 bear:3 raw:3 material:3 fat:10 rise:8 2:4 16:1 mln:8 tonne:18 basis:4 1986:2 12:2 1985:2 commodity:2 board:1 margarine:1 say:1 export:8 fall:4 1:2 35:1 38:1 import:9 760:1 000:5 709:1 200:6 3:2 47:1 actual:4 weight:4 32:2 soyabeans:1 main:1 component:1 82:2 75:1 sunflowerseed:1 308:1 342:1 900:5 rapeseed:1 292:1 201:1 400:7 28:1 700:2 19:1 800:6 137:1 89:1 soyabean:2 119:1 73:1 vegetable:2 include:1 palm:1 445:1 362:1 500:5 151:1 139:1 227:1 286:1 300:3 661:1 683:1 48:1 sunflower:1 61:1 600:3 92:1 rape:2 94:1 groundnut:2 9:1 soybean:1 325:1 338:1 sun:1 172:1 100:2 189:1 114:1 103:1 7:1 10:1 animal:1 371:1 345:1 124:1 113:1 fishoil:1 190:1 265:1 56:1 85:1 reuter:1
|
DUTCH OILSEEDS/FATS IMPORTS ROSE IN 1986
and oil-bearing
raw materials, fats and oils rose to 2.16 mln tonnes on a
fat/oil basis in 1986 from 2.12 mln tonnes in 1985, the
Commodity Board for Margarine, Fats and Oils said.
Exports of the same commodities fell to 1.35 mln tonnes
from 1.38 mln on a fat-oil basis.
Fat- and oil-bearing raw materials imports rose to 760,000
from 709,200 tonnes on a fat/oil basis and to 3.47 mln tonnes
actual weight from 3.32 mln.
Soyabeans were the main component, with imports rising to
2.82 mln tonnes actual weight from 2.75 mln. Sunflowerseed
imports fell to 308,200 from 342,900 tonnes while rapeseed
imports rose to 292,000 from 201,400 tonnes.
Exports of fat- and oil-bearing raw materials rose to
28,700 tonnes from 19,800 on a fat/oil basis and to 137,200
from 89,900 tonnes actual weight.
Soyabean exports rose to 119,400 tonnes actual weight from
73,200 tonnes.
Imports of vegetable fats, including palm oil, rose to
445,400 tonnes from 362,500 and exports to 151,500 from
139,800.
Vegetable oil imports fell to 227,500 tonnes in 1986 from
286,300 in 1985, and exports to 661,400 from 683,400 tonnes.
Soyabean oil imports were 32,000 (48,200), sunflower oil
61,600 (92,800), rape oil 82,900 (94,900) and groundnut oil
9,300 (12,200). Exports of soybean oil were 325,900 (338,800),
sun oil 172,100 (189,800), rape oil 114,300 (103,400) and
groundnut oil 7,000 (10,400).
Animal fat imports rose to 371,700 from 345,800 tonnes and
exports to 124,100 tonnes from 113,000. Fishoil imports fell to
190,600 from 265,600 and exports to 56,500 from 85,500 tonnes.
reuter...
|
training/3131
|
training/3131 |@title lloyds:1 bank:1 match:1 base:1 rate:1 cut:1 10:1 5:1 pct:1 |@word lloyds:1 bank:5 plc:2 lloy:1 l:2 say:1 cut:1 base:2 lending:1 rate:3 10:1 5:1 pct:2 11:1 effective:1 tomorrow:1 reduction:2 follow:2 similar:1 move:1 three:1 british:1 clearing:1 national:1 westminster:1 nwbl:1 lead:1 way:1 morning:1 england:1 lower:1 deal:1 signal:2 would:1 tolerate:1 half:1 percentage:1 point:1 central:1 surprise:1 strenuous:1 effort:1 last:1 week:1 prevent:1 market:1 force:1 bring:1 u:1 k:1 budget:1 march:1 17:1
|
LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT
Lloyds Bank Plc <LLOY.L> said it is
cutting its base lending rate to 10.5 pct from 11 pct,
effective tomorrow.
The reduction follows similar moves from the three other
British clearing banks.
National Westminster Bank Plc <NWBL.L> led the way this
morning after the Bank of England lowered its dealing rates in
a signal that it would tolerate a half percentage point
reduction.
The central bank's surprise signal followed its strenuous
efforts last week to prevent market forces from bringing down
base rates before the U.K. Budget on March 17.
|
training/3132
|
training/3132 |@title less:1 grain:1 flow:1 west:1 german:1 intervention:1 |@word west:1 german:1 intervention:1 board:1 say:2 accept:2 962:1 192:1 tonne:9 grain:1 start:1 current:1 agricultural:1 year:2 end:1 last:1 month:1 compare:1 1:1 8:1 mln:1 july:1 february:1 period:2 1985:1 86:1 336:1 097:1 bread:1 wheat:3 nil:2 early:1 16:1 818:1 high:2 quality:2 33:1 623:1 523:1 625:1 feed:1 3:1 426:1 168:1 682:1 rye:2 88:1 494:1 32:1 766:1 2:1 313:1 105:1 005:1 summer:1 barley:2 481:1 421:1 972:1 794:1 winter:1
|
LESS GRAIN FLOWS INTO WEST GERMAN INTERVENTION
The West German Intervention Board said
it accepted 962,192 tonnes of grain from the start of the
current agricultural year to the end of last month, compared
with 1.8 mln tonnes during the July/February period in 1985/86.
It said it accepted 336,097 tonnes of bread wheat (nil in
the year-earlier period), 16,818 (nil) tonnes of high quality
wheat, 33,623 (523,625) tonnes of feed wheat, 3,426 (168,682)
tonnes of rye, 88,494 (32,766) tonnes of high quality rye,
2,313 (105,005) tonnes of summer barley and 481,421 (972,794)
tonnes of winter barley.
|
training/3133
|
training/3133 |@title lloyds:1 bank:1 match:1 base:1 rate:1 cut:1 10:1 5:1 pct:1 |@word lloyds:1 bank:5 plc:2 say:1 cut:1 base:2 lending:1 rate:3 10:1 5:1 pct:2 11:1 effective:1 tomorrow:1 reduction:2 follow:2 similar:1 move:1 three:1 british:1 clearing:1 national:1 westminster:1 lead:1 way:1 morning:1 england:1 lower:1 deal:1 signal:2 would:1 tolerate:1 half:1 percentage:1 point:1 central:1 surprise:1 strenuous:1 effort:1 last:1 week:1 prevent:1 market:1 force:1 bring:1 u:1 k:1 budget:1 march:1 17:1
|
LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT
Lloyds Bank Plc said it is cutting its
base lending rate to 10.5 pct from 11 pct, effective tomorrow.
The reduction follows similar moves from the three other
British clearing banks.
National Westminster Bank Plc led the way this morning
after the Bank of England lowered its dealing rates in a signal
that it would tolerate a half percentage point reduction.
The central bank's surprise signal followed its strenuous
efforts last week to prevent market forces from bringing down
base rates before the U.K. Budget on March 17.
|
training/3134
|
training/3134 |@title french:2 13:2 week:2 bill:2 average:2 rate:2 fall:2 7:4 37:2 pct:4 69:2 official:2 |@word
|
FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.37 PCT FROM 7.69 PCT - OFFICIAL
FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.37 PCT FROM 7.69 PCT - OFFICIAL
|
training/3135
|
training/3135 |@title little:1 movement:1 hamburg:1 fishmeal:1 market:1 |@word hamburg:1 fishmeal:2 market:3 see:1 little:1 movement:1 past:1 week:1 demand:2 slack:1 protein:2 feed:1 sector:1 trade:1 source:2 say:4 price:2 edge:1 firm:1 origin:1 offering:2 level:2 strong:1 dollar:1 seller:3 quote:3 64:1 pct:2 640:2 650:1 mark:2 per:5 tonne:3 free:1 truck:1 spot:1 630:1 april:2 dec:1 international:1 also:1 slow:1 inquiry:1 far:1 eastern:1 buyer:1 note:1 south:1 american:1 producer:1 country:1 chile:1 good:2 catch:5 northern:1 southern:1 fishing:1 ground:1 offer:2 unchanged:1 330:1 dlrs:3 c:2 f:2 north:4 german:2 port:4 peru:1 differ:1 regionally:1 stock:1 low:2 nominal:1 320:1 ecuador:1 poor:1 denmark:1 seasonally:1 72:1 meal:1 315:1 crown:1 100:1 kilo:1 cif:2 european:2 oct:1 deliveries:1 iceland:1 5:1 45:1 percentage:1 point:1 norway:1
|
LITTLE MOVEMENT ON HAMBURG FISHMEAL MARKET
The Hamburg fishmeal market saw little
movement in the past week with demand slack as in other protein
feed sectors, trade sources said.
Prices edged up on firmer origin offering levels and the
stronger dollar. Sellers quoted 64 pct fishmeal at between 640
and 650 marks per tonne free on truck for spot and between 630
and 640 marks for April/Dec.
International demand was also slow but some inquiries from
Far Eastern buyers were noted in South American producer
countries, the sources said.
Chile is said to have good catches in northern and southern
fishing grounds, with offers unchanged at 330 dlrs per tonne c
and f North German ports.
Peru's catches differ regionally and stocks are low.
Sellers quoted a nominal offering level of 320 dlrs per tonne c
and f north German ports. Ecuador was not in the market and
catches are said to be poor.
Denmark has seasonally low catches, with 72 pct meal
offered at 315 crowns per 100 kilos cif North European ports
for April/Oct deliveries. Iceland has good catches and sellers
quoted a price of 5.45 dlrs per percentage point protein cif
North European ports. Norway was not in the market.
|
training/3137
|
training/3137 |@title uk:1 money:1 rate:2 fall:1 bank:1 approve:1 base:1 cut:1 |@word half:3 point:9 cut:4 base:5 lending:2 rate:9 announce:1 big:1 four:1 clearing:1 bank:9 today:2 england:2 finally:1 endorse:1 move:2 follow:2 week:3 downward:1 pressure:1 dealer:2 say:2 routine:1 intervention:1 market:6 trim:1 deal:1 discount:1 house:1 national:1 westminster:1 lead:2 clear:1 reduce:1 10:4 1:3 2:1 pct:6 11:3 timing:1 take:2 operator:2 surprise:1 recent:1 action:2 seemingly:1 design:1 dampen:1 hope:1 ahead:1 u:1 k:1 budget:3 march:1 17:1 time:1 fundamental:1 push:1 one:4 central:2 decline:1 wholesale:1 money:3 although:1 political:1 consideration:1 government:1 wish:1 see:1 fall:2 coincide:1 suggest:1 last:2 reason:1 delaying:1 worry:1 real:1 strength:1 sterling:4 perhaps:1 reaction:1 content:1 may:1 behind:1 caution:1 event:1 continue:1 firm:1 leave:1 still:1 look:1 another:1 consequently:1 ease:1 day:1 month:3 interbank:2 shedding:1 5:3 16:7 9:1 7:1 three:1 trade:1 3:2 cd:1 similarly:1 8:1 year:1 overnight:2 tomorrow:1 indicate:1 around:1 almost:1 level:1 rule:1 end:1 touch:1 high:1 4:1 228:1 mln:2 stg:2 estimate:1 300:1 shortage:1
|
UK MONEY RATES FALL AS BANK APPROVES BASE RATE CUT
A half point cut in base lending rates
was announced by the big four clearing banks today after the
Bank of England finally endorsed such a move following weeks of
downward pressure, dealers said.
During its routine intervention in the market, the bank
trimmed the rates at which it deals with the discount houses by
half a point and National Westminster led the other clearing
banks in reducing its base rate to 10-1/2 pct from 11 pct.
The timing of the Bank of England move took operators by
surprise after its recent action seemingly designed to dampen
hopes of a base rate cut ahead of the U.K. Budget on March 17.
For some time, fundamentals have
led the market to push for a one point cut in base lending
rates to 10 pct but the central bank has declined to follow
wholesale money market rates down.
Although political considerations -- the government's wish
to see a fall in base rates coincide with the Budget -- had
been suggested by operators last week as reasons for the Bank's
delaying action, worries about the real strength of sterling
and perhaps about the market's reaction to the content of the
Budget may have been behind the central bank's caution, dealers
said.
In the event, sterling continued firm after the rate cut,
leaving the market still looking for another half point fall.
Consequently, rates in the money market eased during the
day, one-month interbank sterling shedding 5/16 point to
10-9/16 7/16 and three-months trading 1/16 point down at
10-5/16 3/16 pct. Sterling cd's were similarly down between
5/16 point in one month and 1/8 point in one year.
Overnight interbank money for tomorrow was indicated at
around 11 pct, almost a point below the levels ruling at the
end of last week. Today, overnight touched a high of some
11-3/4 pct after the Bank took out 228 mln stg of an estimated
300 mln stg shortage.
|
training/3138
|
training/3138 |@title grain:1 certificate:1 redemption:1 put:1 240:1 mln:1 bu:1 |@word 240:1 mln:5 bushel:4 government:1 grain:2 allocate:1 redemption:3 commodity:2 certificate:1 since:3 program:1 begin:1 april:1 30:1 accord:1 credit:1 corporation:1 include:1 11:1 4:1 corn:1 value:2 17:1 0:1 dlrs:3 average:1 per:1 price:1 1:3 492:1 current:1 catalog:1 issue:1 december:2 ccc:1 wheat:1 total:1 9:1 6:1 23:1 7:1
|
GRAIN CERTIFICATE REDEMPTIONS PUT AT 240 MLN BU
Over 240 mln bushels of government
grain have been allocated in redemptions for commodity
certificates since the program began April 30, according to the
Commodity Credit Corporation.
Redemptions included 11.4 mln bushels of corn valued at
17.0 mln dlrs, or an average per-bushel price of 1.492 dlrs,
since the current grain catalogs were issued December 1 by CCC.
Wheat redemptions totaled 9.6 mln bushels, valued at 23.7
mln dlrs, since December 1.
More
|
training/3139
|
training/3139 |@title amc:1 amo:1 study:1 chrysler:1 c:1 proposal:1 |@word american:3 motors:3 corp:4 say:3 study:2 propose:1 merger:2 chrysler:2 receive:1 letter:1 advise:1 proposal:2 enter:1 transaction:1 brief:1 statement:1 company:1 comment:1 appropriate:1
|
AMC <AMO> STUDYING CHRYSLER <C> PROPOSAL
American Motors Corp said it
is studying a proposed merger with Chrysler Corp.
American Motors said it received a letter from Chrysler
Corp 'advising us of their proposal to enter into a merger
transaction with American Motors Corp.'
In a brief statement, the company said, 'We are studying
the proposal. We will have further comment when it is
appropriate.'
|
training/314
|
training/314 |@title china:1 heilongjiang:1 province:1 boost:1 gold:1 output:1 |@word gold:5 output:3 northeast:1 china:5 province:2 heilongjiang:1 rise:1 22:1 7:1 pct:1 1986:2 1985:1 level:2 new:1 news:1 agency:1 say:3 give:1 figure:2 second:1 large:2 producer:1 shandong:1 plan:1 double:1 1990:1 publish:1 production:1 however:1 industry:1 source:1 estimate:1 65:1 tonne:2 year:2 export:1 put:1 11:1 31:1 sell:1 abroad:1 offset:1 trade:1 deficit:1 recent:1 western:1 diplomat:1
|
CHINA'S HEILONGJIANG PROVINCE BOOSTS GOLD OUTPUT
Gold output in the northeast China
province of Heilongjiang rose 22.7 pct in 1986 from 1985's
level, the New China News Agency said. It gave no figures.
It said the province, China's second largest gold producer
after Shandong, plans to double gold output by 1990 from the
1986 level. China does not publish gold production figures.
However, industry sources estimate output at about 65
tonnes a year, with exports put between 11 and 31 tonnes.
China is selling more gold abroad to offset large trade
deficits in recent years, western diplomats said.
|
training/3142
|
training/3142 |@title wall:1 street:1 stock:1 american:1 express:1 axp:1 |@word american:3 express:3 co:1 stock:2 fall:2 sharply:1 reflect:1 part:3 investor:2 disappointment:1 company:3 make:2 announcement:5 plan:1 brokerage:1 unit:2 shearson:4 lehman:2 brothers:1 trader:4 say:6 study:1 option:1 many:1 anticipate:1 weekend:3 would:2 spin:1 also:1 flurry:1 arbitrage:1 relate:1 sell:1 program:2 pound:1 general:1 market:1 today:1 accelerate:1 selloff:1 component:1 dow:1 industrial:1 average:1 3:4 1:1 8:3 77:1 anticipation:2 spinoff:1 something:1 never:1 happen:1 one:1 last:1 minute:1 trading:1 friday:1 another:1 jump:1 close:1 largely:1
|
WALL STREET STOCKS/AMERICAN EXPRESS <AXP>
American Express Co's stock fell
sharply, reflecting, in part, investors' disappointment that
the company did not make an announcement about its plans for
brokerage unit Shearson Lehman Brothers, traders said.
The company has said it is studying options for its
Shearson unit. Traders said many investors anticipated an
announcement this weekend that it would spin off Shearson
Lehman. Also, they said, a flurry of arbitrage related sell
programs that pounded the general market today accelerated the
selloff of American Express, a component of the Dow Industrial
Average. American Express fell 3-1/8 to 77-3/8.
'It was part programs and part that there was anticipation
of an announcement of a spinoff or something with Shearson this
weekend, and that announcement never happened,' one trader
said.
In the last few minutes of trading on Friday, another
trader said, the stock jumped to close up 3-3/8, largely on
anticipation that the company would make a weekend
announcement.
|
training/3145
|
training/3145 |@title ranger:1 rgo:1 complete:1 u:1 property:1 sale:1 |@word ranger:4 oil:3 ltd:2 say:3 complete:1 march:1 2:1 previously:1 announce:1 sale:2 u:3 gas:1 property:2 hold:1 subsidiary:1 co:1 inc:1 ampol:1 exploration:2 australia:1 18:1 5:1 mln:1 dlrs:1 deal:1 would:1 retain:1 five:1 pct:1 gross:1 overriding:1 royalty:1 stake:1 blocks:1 east:1 cameron:1 65:1 82:1 gulf:1 mexico:1 offshore:1 lousiana:1 include:1 acquire:1 berkeley:1 production:1 plc:1 last:1 december:1
|
RANGER <RGO> COMPLETES U.S. PROPERTY SALE
Ranger Oil Ltd said it
completed on March 2 the previously announced sale of its U.S.
oil and gas properties held by subsidiaries Ranger Oil Co and
Ranger Inc to Ampol Exploration Ltd, of Australia, for 18.5 mln
U.S. dlrs.
Ranger said that under the deal, it would retain a five pct
gross overriding royalty on its stake from blocks east cameron
65 and 82 in the Gulf of Mexico offshore Lousiana.
It said the sale did not include U.S. properties acquired
from <Berkeley Exploration and Production PLC> last December.
|
training/3146
|
training/3146 |@title amoco:2 first:2 south:2 china:2 sea:2 exploratory:2 well:2 flow:2 2:2 240:2 barrel:2 oil:2 daily:2 |@word
|
AMOCO'S FIRST SOUTH CHINA SEA EXPLORATORY WELL FLOWS 2,240 BARRELS OF OIL DAILY
AMOCO'S FIRST SOUTH CHINA SEA EXPLORATORY WELL FLOWS 2,240 BARRELS OF OIL DAILY
|
training/3149
|
training/3149 |@title trader:1 say:1 usda:1 may:1 lower:1 orange:1 crop:1 estimate:1 |@word u:1 department:2 agriculture:1 probably:2 decrease:1 estimate:8 1986:1 87:1 florida:1 orange:1 crop:3 today:3 low:1 123:1 mln:5 box:5 129:1 analyst:4 industry:1 source:1 say:6 schedule:1 release:1 new:1 1500:1 hrs:1 e:1 2100:1 gmt:1 market:1 anticipate:1 downward:1 revision:1 much:1 bullish:1 impact:1 discount:1 usda:3 leave:1 unchanged:1 since:1 october:1 affect:1 time:1 recent:1 evidence:1 shortfall:1 early:2 midseason:1 harvest:3 complete:1 base:1 projection:1 five:1 seven:1 large:1 go:1 cut:1 bob:1 tate:2 fcoj:2 broker:1 dean:1 witter:1 reynolds:1 miami:1 question:1 whether:1 admit:1 whole:1 thing:1 possible:1 lower:1 less:1 amount:1 perhaps:1 three:1 continue:1 drop:2 subsequent:1 report:1 picture:1 clarify:1 late:1 season:1 consist:1 mostly:1 valencia:1 oranges:1 yet:1 start:1 note:1 temper:1 judy:1 weissman:1 shearson:1 lehman:1 bros:1 main:1 come:1 july:1 expect:1 126:1
|
TRADERS SAY USDA MAY LOWER ORANGE CROP ESTIMATE
The U.S. Department of Agriculture will
probably decrease its estimate of the 1986/87 Florida orange
crop today to as low as 123 mln boxes from 129 mln boxes,
analysts and industry sources said.
The Department is scheduled to release the new estimate at
1500 hrs EST (2100 gmt) today.
Analysts said the market is anticipating a downward
revision and much of the bullish impact has been discounted.
The estimate, which the USDA has left unchanged since
October, should be affected this time by recent evidence of a
shortfall in the early and midseason crop now that those
harvests are complete. Analysts said based on earlier USDA
projections, the harvests should have been five to seven mln
boxes larger than they were.
'They are going to cut their estimate,' said Bob Tate, an
FCOJ broker with Dean Witter Reynolds in Miami. 'The only
question is whether they will admit the whole thing in this
estimate.'
Tate said it is possible the USDA will lower its estimate
by a lesser amount, perhaps three mln boxes, and continue to
drop the estimate in subsequent reports as the crop picture
clarifies. The late season harvest, consisting mostly of
Valencia oranges, has not yet started, he noted.
'They'll temper it,' said Judy Weissman, FCOJ analyst with
Shearson Lehman Bros. 'The main drop will probably come in
July.'
She expects today's estimate will be 126 mln boxes.
|
training/315
|
training/315 |@title sale:1 tilney:1 buy:1 stake:1 u:1 insurance:1 broker:1 |@word sale:2 tilney:1 plc:1 say:1 purchase:1 80:1 pct:1 ordinary:1 share:1 capital:1 b:2 r:2 international:1 inc:1 u:1 insurance:1 broker:1 5:1 6:2 mln:2 dlrs:4 pay:2 3:1 cash:1 completion:1 balance:1 plus:1 interest:1 equal:1 instalment:1 next:1 six:1 year:2 post:1 pretax:1 profit:1 855:1 000:2 dec:1 31:1 1986:1 net:1 tangible:1 asset:1 563:1
|
SALE TILNEY BUYS STAKE IN U.S. INSURANCE BROKER
<Sale Tilney Plc> said it has purchased
80 pct of the ordinary share capital of <B and R International
Inc.>, a U.S. Insurance broker, for 5.6 mln dlrs.
Sale is paying 3.6 mln dlrs in cash on completion, with the
balance plus interest to be paid in equal instalments over the
next six years.
B and R posted pretax profit of 855,000 dlrs in the year to
Dec 31, 1986 when it had net tangible assets of 563,000 dlrs.
|
training/3152
|
training/3152 |@title uaw:1 say:1 back:1 chrysler:1 c:1 amc:1 amo:1 merger:1 |@word united:1 auto:1 workers:1 uaw:3 union:2 say:4 support:1 chrysler:3 corp:2 proposal:1 buy:1 american:1 motors:1 create:1 good:1 match:1 potentially:1 point:1 way:1 secure:1 future:1 worker:2 company:1 believe:2 member:1 interest:1 well:1 serve:1 within:1 family:1 committed:1 make:1 happen:1 president:2 owen:1 bieber:1 vice:1 marc:1 stepp:1 statement:1 purchase:1 logical:1 sound:1 step:1 concerned:1 negotiate:1 amc:2 carmaker:1 demand:1 economic:1 concession:1 cover:1 wisconsin:2 operation:1 without:1 would:1 cease:1 vehicle:1 production:1 kenosha:1 assembly:1 plant:1 1989:1
|
UAW SAYS IT BACK CHRYSLER <C>, AMC <AMO> MERGER
The United Auto Workers <UAW> union said
it supports Chrysler Corp's proposal to buy American Motors
Corp as creating 'a good match that potentially points the way
to a more secure future for workers at both companies.'
'We believe our members' interests can be well served
within the Chrysler family, and we are committed to making that
happen,' UAW president Owen Bieber and vice president Marc
Stepp said in a statement.
'We believe Chrysler's purchase is a logical and sound step
for all concerned,' the union said.
The UAW is negotiating with AMC over the carmaker's demand
for economic concessions covering workers at its Wisconsin
operations, without which AMC has said it would cease vehicle
production at its Kenosha, Wisconsin, assembly plant by 1989.
|
training/3153
|
training/3153 |@title twa:2 decline:1 comment:1 usair:1 u:1 |@word transworld:1 airlines:1 inc:3 official:1 say:2 airline:1 comment:1 usair:3 group:1 plan:1 buyout:1 piedmont:2 aviation:1 twa:3 however:1 pursue:1 application:3 department:1 transportation:1 takeover:1 accord:1 mark:1 buckstein:1 general:1 counsel:1 vice:1 president:1 file:2 revise:1 today:1 follow:1 dot:1 rejection:1 friday:1 incomplete:1 last:1 week:1 earlier:1 agree:1 buy:1 69:1 dlrs:1 cash:1 per:1 share:1
|
TWA <TWA> DECLINES COMMENT ON USAIR <U>
A Transworld Airlines Inc official said
the airline has no comment on USAir Group Inc's planned buyout
of Piedmont Aviation Inc.
TWA, however, has pursued its application with the
Department of Transportation for a takeover of USAir, according
to Mark Buckstein, TWA general counsel and vice president. TWA
filed a revised application today, following the DOT's
rejection Friday of an incomplete application filed last week.
Earlier USAir said it agreed to buy Piedmont for 69 dlrs
cash per share.
|
training/3154
|
training/3154 |@title moody:1 may:1 downgrade:1 piedmont:1 aviation:1 pie:1 |@word moody:2 investors:1 service:2 inc:3 say:3 may:1 downgrade:1 120:1 mln:1 dlrs:1 debt:2 piedmont:3 aviation:1 airline:2 agreement:1 acquire:1 usair:1 group:1 u:1 rating:1 agency:1 review:1 would:1 focus:1 effect:1 acquisition:1 financial:1 leverage:1 requirement:1 also:1 examine:1 potential:1 use:1 borrowing:1 capacity:1 finance:1 merger:1 currently:1 carry:1 baa:1 2:2 prefer:1 stock:1 prime:1 commercial:1 paper:1
|
MOODY'S MAY DOWNGRADE PIEDMONT AVIATION <PIE>
Moody's Investors Service Inc said it
may downgrade 120 mln dlrs of debt of Piedmont Aviation Inc
because of the airline's agreement to be acquired by USAir
Group Inc <U>.
The rating agency said its review would focus on the effect
of the acquisition on Piedmont's financial leverage and its
debt-service requirements. Moody's said it is also examining
the potential use of the airline's borrowing capacity to
finance the merger.
Piedmont currently carries Baa-2 preferred stock and
Prime-2 commercial paper.
|
training/3155
|
training/3155 |@title rubber:1 producer:1 consumer:1 start:1 new:1 pact:1 talk:1 |@word chairman:1 conference:4 new:3 international:2 natural:2 rubber:3 agreement:4 inra:7 manaspas:1 xuto:3 thailand:1 say:5 imperative:2 try:2 settle:2 main:1 outstanding:2 issue:2 week:2 renegotiation:2 resume:1 today:1 auspex:1 united:1 nations:1 trade:1 development:1 unctad:1 schedule:1 last:4 march:1 20:1 tell:1 delegate:2 session:1 present:1 promising:1 opportunity:1 conclude:1 pact:3 current:1 accord:1 expire:2 october:4 consultation:2 representative:1 major:2 exporting:1 import:1 country:1 month:1 find:1 constructive:1 attitude:1 willingness:1 flexible:1 part:1 concerned:1 course:1 since:1 considerable:1 amount:1 technical:1 drafting:1 work:1 remain:1 complete:1 immediately:1 start:1 producer:3 consumer:3 negotiation:1 collapse:2 disagreement:1 buffer:3 stock:3 operation:1 demand:1 tight:1 control:1 aim:1 prevent:2 follow:1 tin:2 ita:1 reject:1 argue:1 unchanged:1 term:1 fail:1 manager:1 run:1 fund:1 support:1 price:2 three:1 previous:1 round:1 talk:1 five:1 year:1 end:1 without:2 originally:1 due:1 1985:1 extend:1 1987:1 facilitate:1 wong:1 kum:1 choon:1 head:1 malaysian:1 delegation:1 cautiously:1 optimistic:1 together:1 able:1 save:1 scuttle:1 add:1 would:1 become:1 volatile:1 calling:1 show:1 sense:1 purpose:1 reality:1 reason:1 could:1 put:1 aside:1 difference:1 come:1 successor:1
|
RUBBER PRODUCERS, CONSUMERS START NEW PACT TALKS
The chairman of the conference on a new
International Natural Rubber Agreement (INRA), Manaspas Xuto of
Thailand, said it was imperative to try to settle the main
outstanding issues this week.
The INRA renegotiation conference, which resumed today
under the auspices of the United Nations Conference on Trade
and Development (UNCTAD), is scheduled to last until March 20.
Xuto told delegates this session of the conference
presented a promising opportunity to conclude a new pact but it
had to be the last before the current accord expires in
October.
Xuto said in his consultations with representatives of
major exporting and importing countries over the last few
months, 'I have found a constructive attitude and willingness to
be flexible on the part of all concerned.'
'It is imperative that we try to settle the major
outstanding issues in the course of this week, since a
considerable amount of technical drafting work will remain to
be completed.' He said he will immediately start consultations
with producers and consumers.
The last October negotiations collapsed in disagreement
over buffer stock operations.
Consumer demands for tighter buffer stock controls, aimed
at preventing INRA from following the collapse of the
International Tin Agreement (ITA), were rejected by producers
who argued for unchanged INRA terms.
The tin pact failed when its buffer stock manager ran out
of funds to support prices.
Three previous rounds of talks between rubber producers and
consumers for a new five-year pact ended without agreement. The
INRA, originally due to expire in October 1985, was extended to
October 1987 to facilitate renegotiation.
Wong Kum Choon, head of the Malaysian delegation, said he
was cautiously optimistic 'that together we should be able to
save INRA and prevent it from being scuttled.'
Without INRA, he added, prices of natural rubber would
become more volatile.
Calling on delegates to show a sense of purpose and
reality, he said, 'There is no reason why we could not put aside
differences and come up with a successor agreement.'
|
training/3157
|
training/3157 |@title usair:1 u:1 unit:1 remain:1 moody:1 review:1 |@word moody:4 investors:1 service:2 inc:5 say:3 212:1 75:1 mln:1 dlrs:1 debt:4 usair:9 group:5 unit:2 remain:1 review:2 possible:2 downgrade:2 rating:1 agency:1 cite:1 propose:3 acquisition:1 piedmont:1 aviation:1 pie:1 well:2 trans:1 world:1 airlines:1 twa:4 cash:1 merger:2 however:1 status:1 bid:1 currently:1 uncertain:1 u:1 transportation:1 department:1 reject:1 application:2 acquire:1 deficiency:1 ground:1 file:1 revise:1 note:1 baa:3 1:2 senior:2 2:1 subordinate:2 debenture:2 along:1 3:1 would:1 examine:1 effect:1 financial:2 measurement:1 potential:1 damage:1 company:1 flexibility:1 probability:1 increase:1 requirement:1
|
USAIR <U> AND UNIT REMAIN UNDER MOODY'S REVIEW
Moody's Investors Service Inc said the
212.75 mln dlrs of debt of USAir Group Inc and its USAir Inc
unit remain under review for possible downgrade.
The rating agency cited USAir Group's proposed acquisition
of Piedmont Aviation Inc <PIE>, as well as Trans World Airlines
Inc's <TWA> proposed cash merger with USAir.
However, the status of TWA's bid for USAir Group is
currently uncertain. The U.S. Transportation Department has
rejected TWA's application to acquire USAir on deficiency
grounds, but TWA has said it will file a revised application,
Moody's noted.
Under Moody's review for possible downgrade are USAir
Group's Baa-1 senior debt and Baa-2 subordinated debentures,
along with the USAir unit's A-3 senior debt and Baa-1
subordinated debentures.
Moody's said it would examine the effects of the proposed
mergers on USAir Group's financial measurements, as well as
potential damage to the company's financial flexibility because
of the probability of increased debt-service requirements.
|
training/3159
|
training/3159 |@title fed:4 set:2 2:2 5:2 billion:2 dlr:2 customer:2 repurchase:2 say:2 |@word
|
FED SETS 2.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS
FED SETS 2.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS
|
training/3161
|
training/3161 |@title bally:1 bly:1 take:1 17:1 3:1 mln:1 dlr:1 1st:1 qtr:1 charge:1 |@word bally:11 manufacturing:1 corp:1 say:7 expect:1 charge:2 earning:2 first:2 quarter:2 year:3 17:1 3:2 mln:6 dlrs:5 result:1 deal:4 buy:4 back:1 2:3 6:3 common:2 share:4 real:1 estate:1 developer:1 donald:1 trump:6 filing:1 securities:1 exchange:1 commission:1 chicago:1 base:1 hotel:1 casino:1 gambling:1 amusement:1 concern:1 also:3 anticipated:1 deductible:1 federal:1 income:1 tax:1 purpose:1 february:2 21:2 agree:3 06:1 hold:1 24:1 62:1 4:1 try:2 seek:2 control:2 agreement:3 call:1 pay:1 another:1 certain:1 claim:1 expense:1 relate:1 purchase:1 stock:4 company:2 10:1 bear:1 stearns:1 co:1 inc:1 sign:1 similar:1 standstill:1 three:1 still:1 broker:1 obligate:1 remain:1 stake:1 33:1 price:1 reach:1 level:1 1988:1
|
BALLY <BLY> TO TAKE 17.3 MLN DLR 1ST QTR CHARGE
Bally Manufacturing Corp said it
expects a charge to earnings in the first quarter of this year
of 17.3 mln dlrs as a result of its deal to buy back 2.6 mln of
its common shares from real estate developer Donald Trump.
In a filing with the Securities and Exchange Commission,
the Chicago-based hotel, casino, gambling and amusement concern
also said the anticipated charge against first quarter earnings
will not be deductible for federal income tax purposes.
Under a February 21 deal, Bally agreed to buy 2.6 mln of
the 3.06 mln shares held by Trump at 24 dlrs a share, or 62.4
mln dlrs, while Trump agreed not to try to seek control of
Bally.
The agreement also calls for Bally to pay Trump another 6.2
mln dlrs for certain agreements, claims and expenses related to
his purchase of the Bally common stock, Bally said.
Trump agreed not to buy any more Bally stock or to try to
seek control of the company for 10 years, it said.
Bear, Stearns and Co Inc signed a similar standstill
agreement with Bally for three years, Bally said. But it can
still deal in Bally stock as a broker, it said.
The deal also obligates Bally to buy Trump's remaining
stake in the company for 33 dlrs a share if the stock price
does not reach that level by February 21, 1988, it said.
|
training/3162
|
training/3162 |@title shell:2 canada:2 say:2 raise:2 crude:2 price:2 47:2 canadian:2 ct:2 barrel:2 today:2 |@word
|
SHELL CANADA SAID IT RAISED CRUDE PRICES BY 47 CANADIAN CTS A BARREL TODAY
SHELL CANADA SAID IT RAISED CRUDE PRICES BY 47 CANADIAN CTS A BARREL TODAY
|
training/3163
|
training/3163 |@title hudson:1 bay:1 mining:1 cut:1 u:1 canada:1 zinc:1 price:1 |@word hudson:1 bay:1 mining:1 smelting:1 co:1 ltd:1 say:2 cut:1 price:3 grade:5 zinc:2 sell:1 north:1 america:1 one:2 u:4 cent:8 pound:5 canadian:4 effective:1 immediately:1 new:2 high:2 37:3 49:1 1:3 2:2 company:1 special:1 prime:1 western:1 continuous:2 galvanizing:1 control:2 lead:2 cost:1 50:2 galvanize:1 alloy:1 aluminum:1 addition:1 3:1 4:2
|
HUDSON BAY MINING CUTS U.S., CANADA ZINC PRICES
Hudson Bay Mining and Smelting Co Ltd
said it cut prices for all grades of zinc sold in North America
by one U.S. cent a pound and by one Canadian cent a pound,
effective immediately.
The new price for high grade zinc is 37 U.S. cents and
49-1/2 Canadian cents a pound, the company said.
Special high grade, prime western and continuous
galvanizing grade with controlled lead now costs 37-1/2 U.S.
cents and 50 Canadian cents a pound. The new price for
continuous galvanizing grade alloyed with controlled lead and
aluminum additions is 37-3/4 U.S. cents and 50-1/4 Canadian
cents a pound.
|
training/3164
|
training/3164 |@title fed:1 add:1 reserve:1 via:1 customer:1 repurchase:1 |@word federal:2 reserve:2 enter:1 u:1 government:1 security:1 market:1 arrange:1 2:1 5:1 billion:1 dlrs:1 customer:1 repurchase:1 agreement:1 fed:2 spokesman:1 say:2 dealer:1 fund:1 trade:1 6:1 3:1 16:1 pct:1 begin:1 temporary:1 indirect:1 supply:1 banking:1 system:1
|
FED ADDS RESERVES VIA CUSTOMER REPURCHASES
The Federal Reserve entered the U.S.
Government securities market to arrange 2.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
Dealers said Federal funds were trading at 6-3/16 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
|
training/3166
|
training/3166 |@title court:1 reject:1 buitoni:1 appeal:1 iri:1 food:1 unit:1 |@word appeal:2 buitoni:3 spa:2 court:4 ruling:2 accord:2 acquire:1 italian:1 state:2 food:1 firm:1 sme:1 societa:1 meridionale:1 finanziaria:1 contractually:1 binding:1 reject:2 official:1 say:1 claim:1 497:1 billion:1 lira:1 industrial:1 company:2 iri:1 istituto:1 per:1 la:1 ricostruzione:1 industriale:1 bind:1 contract:1 decision:1 uphold:1 last:1 july:1 control:2 cir:1 compagnie:1 industriali:1 riunite:1 investment:1 ing:1 c:1 olivetti:1 ec:1 oliv:1 mi:1 chairman:1 carlo:1 de:1 benedetti:1
|
COURT REJECTS BUITONI APPEAL OVER IRI FOOD UNIT
An appeal by Buitoni SpA against a court
ruling that an accord under which it was to acquire Italian
state food firm SME - Societa Meridionale Finanziaria was not
contractually binding has been rejected, court officials said.
An appeal court rejected Buitoni's claim that the 497
billion lire accord with the state industrial company IRI -
Istituto per la Ricostruzione Industriale was a binding
contract. The decision upholds a court ruling of last July.
Buitoni is controlled by CIR - Compagnie Industriali
Riunite, an investment company itself controlled by Ing C
Olivetti EC SpA (OLIV.MI> chairman Carlo De Benedetti.
|
training/3168
|
training/3168 |@title allegheny:1 ag:1 aim:1 divest:1 business:1 |@word allegheny:1 international:1 inc:1 consumer:2 product:2 concern:1 today:1 announce:1 merger:1 agreement:1 first:1 boston:1 corp:1 fbc:1 affiliate:1 deal:1 worth:1 500:1 mln:1 dlrs:1 say:3 intend:1 divest:1 unit:1 way:1 increase:1 profit:1 go:1 reduce:1 ai:1 size:1 consistent:1 financial:1 resource:1 chairman:1 oliver:1 traver:1 make:1 conscious:1 strategic:1 choice:1 become:1 small:1 financially:1 sound:1 company:1 operate:1 predominantly:1 stable:1 political:1 economic:1 environment:1 north:1 america:1
|
ALLEGHENY <AG> AIMS TO DIVEST MORE BUSINESSES
Allegheny International Inc,
the consumer products concern that today announced a merger
agreement with a First Boston Corp <FBC> affiliate in a deal
worth about 500 mln dlrs, said it intends to divest more units
as a way to increase profits.
'We're going to reduce AI to a size consistent with our
financial resources,' said Chairman Oliver S. Travers.
'We have made a conscious, strategic choice to become a
smaller, financially sound, consumer products company which
operates predominantly in the stable political and economic
environment of North America,' he said.
|
training/3169
|
training/3169 |@title hamilton:1 oil:1 haml:1 say:1 reserve:1 rise:1 |@word hamilton:1 oil:2 corp:1 say:1 reserve:1 end:1 1986:1 59:1 8:1 mln:3 barrel:3 905:1 5:1 billion:1 cubic:1 foot:1 natural:1 gas:1 211:1 equivalent:2 10:1 year:1
|
HAMILTON OIL <HAML> SAYS RESERVES RISE
Hamilton Oil Corp said reserves at the
end of 1986 were 59.8 mln barrels of oil and 905.5 billion
cubic feet of natural gas, or 211 mln barrels equivalent, up 10
mln equivalent barrels from a year before.
|
training/317
|
training/317 |@title estimate:1 drop:1 japan:1 corporate:1 profit:1 trim:1 |@word combine:1 profit:2 japan:1 major:1 corporation:1 exclude:1 financial:1 institution:1 forecast:2 fall:4 19:2 2:2 pct:6 1986:2 87:2 year:2 end:1 march:1 31:1 compare:1 9:1 decline:1 project:2 late:1 november:2 wako:1 research:2 institute:2 economics:1 say:6 private:1 body:1 also:2 statement:1 437:1 1:1 084:1 firm:2 list:1 first:1 section:1 tokyo:1 stock:1 exchange:2 foresee:1 11:2 6:1 sale:2 4:4 estimate:2 last:1 current:1 1987:2 88:2 see:1 increase:1 rationalisation:1 measure:1 take:1 manufacture:1 industry:1 cope:1 yen:3 sharp:1 rise:1 begin:1 brighten:1 business:2 outlook:2 low:1 interest:1 rate:2 expect:1 reduce:1 corporate:1 borrowing:1 cost:1 behind:1 improved:1 performance:2 earning:1 non:1 manufacturing:1 sector:1 support:1 demand:1 real:1 estate:1 construction:1 base:1 average:1 160:1 dollar:1 155:1
|
ESTIMATED DROP IN JAPAN CORPORATE PROFITS TRIMMED
The combined profits of Japan's major
corporations, excluding financial institutions, are forecast to
fall 19.2 pct in the 1986/87 year ending March 31, compared to
the 19.9 pct decline projected in late November, Wako Research
Institute of Economics said.
The private research body also said in a statement that 437
of the 1,084 firms listed on the first section of the Tokyo
Stock Exchange foresee an 11.6 pct fall in sales in the year
against an 11.4 pct fall estimated last November.
Current profits are projected to fall 4.4 pct in 1987/88 on
sales seen increasing by 4.2 pct, it said.
Rationalisation measures taken by manufacturing industries
to cope with the yen's sharp rise are beginning to brighten
their business outlook, the institute said.
It said lower interest rates, which are expected to reduce
corporate borrowing costs, are also behind the improved
performance outlook.
Earnings performance in the non-manufacturing sector will
be supported by firm demand in the real estate and construction
businesses, it said.
The forecast was based on average exchange rate estimates
of 160 yen to the dollar in 1986/87 and 155 yen in 1987/88.
|
training/3174
|
training/3174 |@title graham:1 mccormick:1 gop:1 sell:1 oil:1 gas:1 stake:1 |@word graham:1 mccormick:1 oil:2 gas:2 partnership:1 say:7 complete:1 sale:1 interest:3 two:2 major:1 field:3 energy:2 asset:2 international:1 corp:1 21:1 mln:3 dlrs:4 company:3 sell:1 one:1 half:1 50:3 pct:3 oak:2 hill:2 north:1 rucias:1 large:1 produce:1 property:1 use:1 20:1 proceed:1 prepay:1 principal:2 senior:1 secure:1 note:3 semi:1 annual:1 payment:1 remain:1 40:1 satisfy:1 december:2 1988:1 result:1 agreement:1 amend:1 reflect:1 easing:1 financial:1 covenant:1 increase:2 13:2 5:1 0:1 1990:1 noteholder:1 exercise:1 price:1 1:2 125:1 000:1 warrant:1 also:1 reduce:1 ct:1 agree:1 share:1 cost:1 production:1
|
GRAHAM-MCCORMICK <GOP> SELLS OIL AND GAS STAKE
Graham-McCormick Oil and Gas
Partnership said it completed the sale of interests in two
major oil and gas fields to <Energy Assets International Corp>
for 21 mln dlrs.
The company said it sold about one-half of its 50 pct
interest in the Oak Hill and North Rucias fields, its two
largest producing properties.
It said it used about 20 mln dlrs of the proceeds to prepay
principal on its senior secured notes. Semi-annual principal
payments on the remaining 40 mln dlrs of notes have been
satisfied until December 1988 as a result, it said.
The company said the note agreements were amended to
reflect an easing of some financial covenants, and an increase
of interest to 13.5 pct from 13.0 pct until December 1990.
It said the noteholders exercise price for 1,125,000
warrants was also reduced to 50 cts from 1.50 dlrs.
The company said Energy Assets agreed to share the costs of
increasing production at the Oak Hill field.
|
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