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training/334
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training/334 |@title coloroll:1 agree:1 buy:1 u:1 wallcovering:1 company:1 |@word coloroll:3 group:1 plc:1 say:2 enter:1 conditional:1 agreement:1 acquire:1 business:2 asset:1 wallco:2 inc:1 relate:1 company:1 14:1 5:2 mln:6 dlrs:4 miami:1 base:1 manufacture:1 distribute:1 wallcovering:1 show:1 pretax:1 profit:2 1:1 turnover:1 37:1 year:2 end:1 june:1 1986:2 total:1 u:2 market:1 estimate:1 worth:1 840:1 grow:1 47:1 pct:1 previous:1 five:1 combine:1 sale:1 enlarge:1 would:1 67:1 four:1 respectively:1
|
COLOROLL AGREES TO BUY U.S. WALLCOVERINGS COMPANY
<Coloroll Group Plc> said it has entered
into a conditional agreement to acquire the business and assets
of <Wallco Inc> and related companies for 14.5 mln dlrs.
Miami-based Wallco manufactures and distributes
wallcoverings and showed a pretax profit of 1.5 mln dlrs on
turnover of 37 mln in the year ending June 1986. The total U.S.
Market was estimated to be worth 840 mln dlrs in 1986, having
grown by 47 pct in the previous five years, Coloroll said.
The combined sales and profit of the enlarged Coloroll U.S.
Business would be 67 mln and four mln dlrs respectively.
|
training/3340
|
training/3340 |@title ccc:1 export:1 bonus:1 dairy:1 cattle:1 canary:1 island:1 |@word commodity:2 credit:1 corporation:1 ccc:2 accept:1 bonus:2 offer:1 exporter:1 sale:1 75:1 head:3 dairy:2 cattle:3 canary:2 island:2 u:1 agriculture:1 department:2 say:4 award:1 1:1 459:1 00:1 dlrs:1 per:1 make:1 k:1 international:1 inc:1 pay:1 form:1 inventory:1 stock:1 delivery:1 march:1 june:1 1987:1 additional:1 3:1 925:1 still:1 available:1 export:1 enahcnement:1 program:1 initiative:1 announce:1 july:1 28:1 1986:1
|
CCC EXPORT BONUS DAIRY CATTLE FOR CANARY ISLANDS
The Commodity Credit Corporation,
CCC, has accepted a bonus offer from an exporter on the sale of
75 head of dairy cattle to the Canary Islands, the U.S.
Agriculture Department said.
The department said the bonus awarded was 1,459.00 dlrs per
head and was made to T.K. International Inc. It will be paid in
the form of commodities from the inventory of CCC stocks.
The cattle are for delivery during March-June, 1987, it
said.
An additional 3,925 head of dairy cattle are still
available to the Canary Islands under the Export Enahcnement
Program initiative announced July 28, 1986, it said.
|
training/3341
|
training/3341 |@title u:2 consumer:2 credit:2 rise:2 536:2 million:4 dlrs:2 jan:2 vs:2 144:2 dec:2 gain:2 |@word
|
U.S. CONSUMER CREDIT ROSE 536 MILLION DLRS IN JAN VS 144 MILLION DEC GAIN
U.S. CONSUMER CREDIT ROSE 536 MILLION DLRS IN JAN VS 144 MILLION DEC GAIN
|
training/3342
|
training/3342 |@title usx:1 x:1 unit:1 raise:1 crude:1 posting:1 |@word marathon:1 petroleum:1 company:1 subsidiary:1 usx:1 corp:1 x:1 say:1 raise:3 contract:1 price:1 pay:1 three:1 grade:3 crude:1 oil:1 effective:1 march:1 6:1 illinois:1 sweet:2 indiana:1 50:1 ct:2 barrel:1 16:2 75:2 dlrs:2 bbl:3 southern:1 michigan:1 25:1 also:1 west:1 texas:1 intermediate:1 unchanged:1
|
USX <X> UNIT RAISES SOME CRUDE POSTINGS
Marathon Petroleum Company, a
subsidiary of USX Corp <X>, said it raised the contract price
it pays for three grades of crude oil, effective March 6.
Illinois Sweet and Indiana Sweet are both being raised 50
cts a barrel to 16.75 dlrs/bbl, and the Southern Michigan grade
is being raised 25 cts/bbl, also to 16.75 dlrs a bbl.
The West Texas Intermediate grade was unchanged.
|
training/3343
|
training/3343 |@title united:2 brands:2 inc:2 4th:2 qtr:2 shr:2 profit:2 six:2 ct:4 vs:2 loss:2 11:2 |@word
|
UNITED BRANDS INC 4TH QTR SHR PROFIT SIX CTS VS LOSS 11 CTS
UNITED BRANDS INC 4TH QTR SHR PROFIT SIX CTS VS LOSS 11 CTS
|
training/3344
|
training/3344 |@title national:1 fuel:1 gas:1 nfg:1 set:1 split:1 high:1 payout:1 |@word national:2 fuel:2 gas:2 co:1 say:5 board:2 approve:1 two:1 one:1 stock:1 split:5 consider:1 increase:2 cash:1 dividend:2 june:2 meeting:1 company:3 also:1 management:1 recommend:1 meet:1 12:1 ct:1 per:2 share:5 current:1 annual:1 rate:1 2:2 28:1 dlrs:3 raise:1 40:1 1:1 20:1 pay:1 holder:1 record:1 may:1 29:1 spokeswoman:1 distribution:1 date:1 determine:1 subject:1 approval:1 securities:1 exchange:1 commission:1 public:1 utility:1 hold:1 act:1 11:1 928:1 871:1 outstanding:1
|
NATIONAL FUEL GAS <NFG> SETS SPLIT, HIGHER PAYOUT
National Fuel Gas Co said its board has
approved a two-for-one stock split and will consider an
increased cash dividend at its June meeting.
The company also said management will recommend, at the
June board meeting, an increase of 12 cts per share in the
current annual dividend rate of 2.28 dlrs a share, raising it
to 2.40 dlrs per share, or 1.20 dlrs a share after the split.
National Fuel Gas said the split will be paid to holders of
record May 29. A spokeswoman said the distribution date for
the split has not been determined.
The company said the split is subject to approval of the
Securities and Exchange Commission under the Public Utility
Holding Act. The company now has 11,928,871 shares outstanding.
|
training/3345
|
training/3345 |@title sensormatic:1 snsr:1 checkrobot:1 ckrb:1 stake:1 |@word sensormatic:1 electronics:1 corp:1 say:1 investment:1 checkrobot:2 inc:1 form:1 2:1 5:1 mln:1 dlrs:1 convertible:1 preferred:1 stock:1 raise:1 stake:1 42:1 pct:2 37:1 fully:1 diluted:1 basis:1
|
SENSORMATIC <SNSR> UPS CHECKROBOT <CKRB> STAKE
Sensormatic Electronics
Corp said it upped its investment in CheckRobot Inc in the form
of 2.5 mln dlrs of convertible preferred stock, raising its
stake in CheckRobot to 42 pct from 37 pct on a fully diluted
basis.
|
training/3347
|
training/3347 |@title union:1 shipper:1 agree:1 cut:1 n:1 port:1 cost:1 |@word new:4 york:3 shipping:2 association:3 international:1 longshoremen:1 say:2 agree:1 cut:1 cargo:4 assessment:2 port:1 jersey:1 50:1 pct:1 labor:1 intensive:1 charge:1 handle:1 union:2 worker:2 reduce:1 2:1 85:2 dlrs:2 ton:2 5:1 effective:1 april:1 one:1 accord:1 agreement:1 shipper:1 use:1 fund:1 benefit:1 lower:1 price:1 get:1 bulk:1 flow:1 spokesman:1
|
UNION, SHIPPERS AGREE TO CUT N.Y. PORT COSTS
The New York Shipping Association and
International Longshoremen's Association said they agreed to
cut cargo assessments at the Port of New York and New Jersey by
more than 50 pct on some labor intensive cargos.
The charges on cargo handled by union workers will be
reduced to 2.85 dlrs a ton from 5.85 dlrs a ton, effective
April one, according to the agreement between the union and
shippers. The assessments are used to fund workers' benefits.
'What were doing is lowering the price to get more bulk
cargo flowing through here,' a spokesman for the New York
Shipping Association said.
|
training/3348
|
training/3348 |@title treasury:1 balance:1 fed:1 rise:1 march:1 6:1 |@word treasury:3 balance:3 federal:1 reserve:1 rise:1 march:3 6:2 3:2 879:1 billion:6 dlrs:5 467:1 previous:1 business:1 day:2 say:1 late:1 budget:1 statement:1 tax:1 loan:1 note:1 account:1 fall:1 12:1 453:1 drl:1 14:1 350:1 respective:1 operate:1 cash:1 total:1 16:1 332:1 compare:1 17:1 817:1 5:1
|
TREASURY BALANCES AT FED ROSE ON MARCH 6
Treasury balances at the Federal
Reserve rose on March 6 to 3.879 billion dlrs from 3.467
billion dlrs the previous business day, the Treasury said in
its latest budget statement.
Balances in tax and loan note accounts fell to 12.453
billion drls from 14.350 billion dlrs on the same respective
days.
The Treasury's operating cash balance totaled 16.332
billion dlrs on March 6 compared with 17.817 billion dlrs on
March 5.
|
training/3349
|
training/3349 |@title csx:3 unit:1 set:1 improve:1 shipping:1 service:1 |@word corp:2 sea:1 land:1 unit:1 say:2 offer:1 improve:1 containership:1 service:1 puerto:2 rico:2 east:1 coast:2 gulf:1 united:1 states:1 begin:1 march:1 16:1 carrier:1 provide:1 short:1 door:2 transit:1 time:1 convenient:1 cargo:1 availability:1 well:1 rail:1 connection:1 traffic:1 move:1 north:1 america:1
|
CSX <CSX> UNIT SETS IMPROVED SHIPPING SERVICE
CSX Corp's Sea-Land Corp unit
said it will offer improved containership services between
Puerto Rico and the East Coast and Gulf Coast of the United
States, beginning March 16.
The carrier said it will provide shorter door-to-door
transit times, more convenient cargo availability and better
rail connections for traffic moving between Puerto Rico and
North America.
|
training/3351
|
training/3351 |@title world:1 bank:1 report:1 criticise:1 peru:1 economic:1 plan:1 |@word confidential:1 world:1 bank:1 report:5 peruvian:1 economy:1 say:3 government:4 strategy:1 offer:1 good:1 prospect:1 medium:1 long:2 term:2 growth:2 likely:1 quickly:1 lead:1 inflation:2 publish:1 today:1 economic:1 monthly:1 peru:2 success:1 president:1 alan:1 garcia:1 stimulate:1 output:1 last:1 year:2 achieve:1 eight:1 pct:3 gross:1 domestic:1 product:1 represent:1 gain:1 short:1 expense:1 official:1 immediate:1 comment:1 advise:1 reduction:1 overall:1 size:1 public:1 investment:1 programme:2 great:1 emphasis:1 preservation:1 export:1 potential:1 although:1 succeed:1 cut:1 50:1 first:1 half:1 1985:1 70:1 stabilisation:1 reactivation:1 encounter:1 increase:1 difficulty:1 early:1 renewal:1 inflationary:1 pressure:1 link:1 monetary:1 expansion:1 exchange:1 rate:1 devaluation:1 easing:1 price:1 control:1 appear:1 improbable:1 add:1
|
WORLD BANK REPORT CRITICISES PERU ECONOMIC PLAN
a confidential world bank report on the
peruvian economy said the government's strategy does not offer
good prospects for medium and long-term growth and is likely to
quickly lead to inflation.
The report, published today by an economic monthly, the
peru report, said the success of president alan garcia's
government in stimulating output last year to achieve eight pct
gross domestic product growth 'represents gains in the short
term at the expense of the long.'
Government officials had no immediate comment on the
report, which advised a reduction in the overall size of the
public investment programme and greater emphasis on the
preservation of peru's export potential.
The report said that although the government had succeeded
in cutting inflation 50 pct a year in the first half of 1985 to
under 70 pct, its stabilisation and reactivation programme was
encountering increasing difficulties.
'an early renewal of inflationary pressures, linked to
monetary expansion, exchange rate devaluation and an easing of
price controls, appears not improbable,' it added.
|
training/3352
|
training/3352 |@title minister:1 feel:1 ec:1 forecast:1 pessimistic:1 |@word european:1 community:3 finance:2 minister:2 discuss:1 economic:4 outlook:1 12:1 nation:1 bloc:1 many:2 say:5 recent:2 gloomy:2 forecast:4 ec:4 commission:5 pessimistic:2 executive:1 authority:1 two:3 week:1 ago:1 cut:1 growth:3 2:3 3:2 per:4 cent:4 year:1 8:1 predict:1 last:1 autumn:1 prospect:1 less:1 promising:1 past:1 month:1 sharp:1 fall:1 value:1 dollar:1 slowing:1 world:1 trade:1 factor:1 would:2 restrain:1 export:1 diplomat:2 several:1 member:1 state:2 lead:2 west:2 germany:2 britain:2 france:2 feel:3 especially:1 since:1 draft:1 agreement:1 western:1 power:1 stabilise:1 currency:1 around:1 current:1 level:1 delegation:1 report:1 rather:1 belgian:1 mark:1 eyskens:1 chair:1 meeting:1 slash:1 make:1 clear:1 bonn:3 room:1 introduce:1 additional:1 measure:2 stimulate:1 economy:2 benefit:1 rest:1 europe:1 top:1 german:1 official:1 secretaries:1 otto:1 schlecht:1 hans:1 tietmeyer:1 tell:1 reporter:1 see:1 need:1 moment:1 action:1 bolster:1 big:1 back:1 italy:1 greece:1 denmark:1 support:1 view:1 bring:1 new:1 aid:1
|
MINISTERS FEEL EC FORECASTS TOO PESSIMISTIC
European Community finance ministers
discussed the economic outlook for the 12-nation bloc and many
said a recent gloomy forecast by the EC Commission was too
pessimistic.
The Commission, the EC's executive authority, two weeks ago
cut its forecast for economic growth in the Community to 2.3
per cent for this year from 2.8 per cent predicted last autumn.
It said economic prospects had been less promising over the
past few months because of a sharp fall in the value of the
dollar and a slowing of world trade -- factors which would
restrain Community exports.
But diplomats said several member states, led by West
Germany, Britain and France, felt the forecast was too gloomy,
especially since it was drafted before a recent agreement
between the leading Western economic powers to stabilise
currencies around current levels.
'Many delegations feel the (Commission's) report is rather
too pessimistic,' said Belgian Finance Minister Mark Eyskens,
who chaired the meeting.
The Commission, which slashed its growth forecast for West
Germany to two per cent from 3.2 per cent, has made clear it
feels Bonn has room to introduce additional measures to
stimulate its economy that would benefit the rest of Europe.
But two top German officials, State Secretaries Otto
Schlecht and Hans Tietmeyer, told reporters Bonn saw no need at
the moment for action to bolster the EC's biggest economy.
The diplomats said they were backed by Britain and France,
while Italy, Greece and Denmark supported the Commission's view
that Bonn should bring in new measures to aid EC growth.
|
training/3353
|
training/3353 |@title u:2 consumer:1 credit:1 rise:1 536:1 mln:1 dlrs:1 jan:1 |@word consumer:3 instalment:1 credit:8 rise:4 seasonally:1 adjusted:1 536:1 mln:8 dlrs:13 january:7 revise:1 144:1 december:7 federal:1 reserve:1 board:1 say:4 annual:1 rate:1 growth:1 1:3 pct:2 0:1 3:1 previously:1 fed:3 105:1 among:1 category:2 auto:1 fall:4 02:1 billion:5 2:2 06:1 revolving:1 366:1 552:1 mobile:1 home:1 130:1 21:1 refer:1 cover:1 bank:1 union:1 loan:1 250:1 decline:1 44:1 seasonal:1 adjustment:1 outstanding:1 total:1 580:1 37:1 end:2 compare:1 531:1 29:1 1986:1
|
U.S. CONSUMER CREDIT ROSE 536 MLN DLRS IN JAN
U.S. consumer instalment credit rose
a seasonally adjusted 536 mln dlrs in January after a revised
rise of 144 mln dlrs in December, the Federal Reserve Board
said.
The annual rate of growth in January was 1.1 pct, up from
0.3 pct in December. Previously the Fed said consumer credit
rose 105 mln dlrs in December.
Among the credit categories, auto credit fell in January to
1.02 billion dlrs from 2.06 billion dlrs in December, the Fed
said.
Revolving credit in January fell by 366 mln dlrs after
rising by 552 mln dlrs in December.
Mobile home credit was up by 130 mln dlrs after falling by
21 mln dlrs in December.
The category referred to as 'other,' covering bank and credit
union loans, fell by 250 mln dlrs in January after declining by
2.44 billion dlrs in December, the Fed said.
Before seasonal adjustment, consumer credit outstanding
totaled 580.37 billion dlrs at the end of January, compared
with 531.29 billion dlrs at the end of January, 1986.
|
training/3354
|
training/3354 |@title conoco:2 raise:2 crude:2 oil:2 price:2 one:2 dlr:2 barrel:2 wti:2 17:2 50:2 dlrs:2 |@word
|
CONOCO RAISES CRUDE OIL PRICES UP TO ONE DLR BARREL, WTI AT 17.50 DLRS
CONOCO RAISES CRUDE OIL PRICES UP TO ONE DLR BARREL, WTI AT 17.50 DLRS
|
training/3356
|
training/3356 |@title viacom:1 via:1 nat:1 l:1 amusement:1 seek:1 fast:1 merger:1 |@word chiefs:1 viacom:3 international:1 inc:2 national:2 amusements:1 say:2 meet:1 agree:2 work:1 together:1 complete:1 previously:1 announce:1 merger:1 two:1 company:1 expeditiously:1 possible:1 spokeswoman:1 decline:1 executive:1 set:1 timetable:1 close:1 deal:1 last:1 week:1 acquire:1 amusement:1 combination:1 cash:1 stock:1 estimate:1 value:1 53:1 dlrs:2 share:1 total:1 3:1 4:1 billion:1
|
VIACOM <VIA>, NAT'L AMUSEMENTS SEEK FAST MERGER
The chiefs of Viacom International Inc
and <National Amusements Inc> said they met and agreed to work
together to complete the previously announced merger of the two
companies 'as expeditiously as possible.'
A spokeswoman for Viacom declined to say if the executives
had set a timetable for closing the deal.
Viacom last week agreed to be acquired by National
Amusements for a combination of cash and stock with an
estimated value of 53 dlrs a share, or a total of about 3.4
billion dlrs.
|
training/3358
|
training/3358 |@title ascs:1 buy:1 process:1 product:1 domestic:1 use:1 |@word agricultural:1 stabilization:1 conservation:1 service:1 ascs:3 buy:2 25:1 7:1 mln:9 pound:6 wheat:1 flour:2 cost:1 2:2 8:2 dlrs:6 domestic:1 shipment:1 april:2 1:6 15:1 16:2 30:1 spokesman:1 say:1 also:1 11:1 baker:1 9:1 pasta:1 408:1 258:1 4:2 process:1 cereal:1 product:2 304:1 043:1 corn:1 474:1 944:1 3:1 mill:1 rice:1 0:1
|
ASCS BUYS PROCESSED PRODUCTS FOR DOMESTIC USE
The Agricultural Stabilization and
Conservation Service (ASCS) bought 25.7 mln pounds of wheat
flour at a cost of 2.8 mln dlrs for domestic shipment April
1-15 and April 16-30, an ASCS spokesman said.
ASCS also bought 11.1 mln pounds of bakers flour for 1.1
mln dlrs, 1.9 mln pounds of pasta for 408,258 dlrs, 1.4 mln
pounds of processed cereal products for 304,043 dlrs, 4.8 mln
pounds of corn products for 474,944 dlrs, and 16.3 mln pounds
of milled rice for 2.0 mln dlrs.
|
training/3359
|
training/3359 |@title general:2 cinema:2 corp:2 1st:2 qtr:2 oper:2 shr:2 43:2 ct:4 vs:2 47:2 |@word
|
GENERAL CINEMA CORP 1ST QTR OPER SHR 43 CTS VS 47 CTS
GENERAL CINEMA CORP 1ST QTR OPER SHR 43 CTS VS 47 CTS
|
training/336
|
training/336 |@title u:1 k:1 money:1 market:1 shortage:1 forecast:1 revise:1 |@word bank:1 england:1 say:1 revise:1 forecast:1 shortage:1 money:1 market:1 around:1 700:1 mln:2 stg:1 original:1 estimate:1 800:1
|
U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN
The Bank of England said it revised its
forecast of the shortage in the money market down to around 700
mln stg from its original estimate of 800 mln.
|
training/3360
|
training/3360 |@title bank:1 board:1 say:1 mortgage:1 rate:1 february:1 |@word federal:1 home:3 loan:3 bank:5 board:5 say:5 interest:2 rate:12 fix:3 adjustable:3 mortgage:5 substantially:1 early:6 february:3 average:5 effective:4 commitment:2 maturity:1 least:1 15:1 year:1 new:1 purchase:1 drop:1 9:3 54:1 pct:5 30:2 basis:5 point:5 decline:4 january:3 16:1 period:1 bring:1 8:2 5:1 close:1 major:1 lender:1 27:1 26:1 low:1 since:1 march:1 1978:1 51:1 level:1 22:1 61:1
|
BANK BOARD SAYS MORTGAGE RATES DOWN IN FEBRUARY
The Federal Home Loan Bank Board said
interest rates on both fixed rate and adjustable rate home
mortgage loans were down substantially in early February.
The bank board said the average effective commitment rate
for fixed mortgages with a maturity of at least 15 years for
new home purchases dropped to 9.54 pct in early February, a 30
basis point decline from early January.
The commitment rate on adjustable rate mortgages declined
by 16 basis points in the same period bringing the average rate
to 8.5 pct, the bank board said.
The average effective interest rate on all loans closed by
major lenders declined 27 basis points from early January to
9.26 pct in early February, the lowest rate since March 1978,
the bank board said.
The average effective rate for fixed mortgages was was 9.51
pct, down 30 basis points from the early January level. The
average effective rate for adjustable rate mortgages declined
22 basis points to 8.61 pct, the bank board said.
|
training/3363
|
training/3363 |@title noranda:2 spin:2 forest:2 interest:2 separate:2 company:2 |@word
|
NORANDA TO SPIN OFF FOREST INTERESTS INTO SEPARATE COMPANY
NORANDA TO SPIN OFF FOREST INTERESTS INTO SEPARATE COMPANY
|
training/3364
|
training/3364 |@title api:1 president:1 see:1 option:1 avert:1 oil:1 crisis:1 |@word american:1 petroleum:1 institute:2 president:1 charles:1 dibona:7 say:7 option:1 reject:1 combat:1 grow:1 u:2 dependence:2 foreign:1 oil:5 action:1 rule:1 import:2 fee:1 quota:1 floor:1 price:1 tax:2 incentive:1 alternative:1 national:2 dialogue:1 issue:1 continue:2 paper:1 conference:1 new:2 york:1 today:1 unanimity:1 within:1 industry:2 stimulate:1 energy:1 production:2 consensus:1 remove:1 several:1 government:1 policy:1 hinder:1 investment:1 prospect:1 windfall:1 profit:1 abolish:1 immediately:1 current:1 proposal:1 increase:1 environmental:1 regulation:1 acid:1 rain:1 waste:1 disposal:1 adopt:1 also:1 suggest:1 arctic:1 wildlife:1 refuge:1 alaska:1 open:1 lease:1 company:1 battle:1 afford:1 lose:1 nation:1 benefit:1 alaskan:1 since:1 1986:1 fall:1 consumption:1 rise:1 raise:1 particularly:1 opec:1
|
API PRESIDENT SEES OPTIONS TO AVERT OIL CRISIS
American Petroleum Institute President
Charles DiBona said no options should be rejected to combat
growing U.S. dependence on foreign oil.
'No action should be ruled out--import fees or quotas,
floor prices, tax incentives or other alternatives--while a
national dialogue on the issue continues,' DiBona said at a
paper institute conference in New York today.
DiBona said there is no unanimity within the industry on
how to stimulate energy production but there is consensus on
removing several government policies that hinder investments in
new prospects.
DiBona said the windfall profit tax should be abolished
immediately and current proposals for increased environmental
regulations on acid rain and waste disposal should be not
adopted. He also suggested that the Arctic National Wildlife
Refuge in Alaska should be opened up for leasing to oil
companies, DiBona said.
'This is a battle the industry cannot afford to lose if the
nation is to continue to benefit from Alaskan oil,' DiBona
said. Since 1986 U.S. oil production has fallen while
consumption rose and that has raised dependence on imported
oil, particularly from OPEC, DiBona said.
|
training/3365
|
training/3365 |@title u:2 sell:2 3:2 mo:4 bill:2 5:8 63:2 pct:8 stop:4 64:2 6:2 59:2 60:2 |@word
|
U.S. SELLS 3-MO BILLS AT 5.63 PCT, STOP 5.64 PCT, 6-MO 5.59 PCT, STOP 5.60 PCT
U.S. SELLS 3-MO BILLS AT 5.63 PCT, STOP 5.64 PCT, 6-MO 5.59 PCT, STOP 5.60 PCT
|
training/3367
|
training/3367 |@title national:1 distillers:1 dr:1 close:1 almaden:1 sale:1 |@word national:1 distillers:1 chemical:1 corp:1 say:1 complete:1 sale:1 almaden:2 vineyards:1 inc:3 heublein:2 128:1 mln:1 dlrs:1 former:1 subsidiary:1 rjr:2 nabisco:1 recently:1 acquire:1 grand:1 metropolitan:1 plc:1 base:1 san:1 jose:1 calif:1 make:1 sell:1 table:1 wine:2 champagne:1 brandy:1 well:1 premium:1 charles:1 lefranc:1 cellars:1 label:1
|
NATIONAL DISTILLERS <DR> CLOSES ALMADEN SALE
National Distillers and
Chemical Corp said it completed the sale of Almaden Vineyards
Inc to Heublein Inc for about 128 mln dlrs.
Heublein, a former subsidiary of RJR Nabisco Inc <RJR>, was
recently acquired by <Grand Metropolitan PLC>.
Almaden, based in San Jose, Calif., makes and sells table
wines, champagnes and brandies as well as some premium wines
under the Charles Lefranc Cellars label.
|
training/3370
|
training/3370 |@title ceasar:2 world:2 say:2 study:2 unsolicited:2 28:2 dlr:2 per:2 shr:2 offer:2 martin:2 sosnoff:2 |@word
|
CEASARS WORLD SAYS IT IS STUDYING UNSOLICITED 28 DLR-PER-SHR OFFER BY MARTIN SOSNOFF
CEASARS WORLD SAYS IT IS STUDYING UNSOLICITED 28 DLR-PER-SHR OFFER BY MARTIN SOSNOFF
|
training/3371
|
training/3371 |@title u:1 bill:1 auction:1 rate:1 average:1 5:2 63:1 59:1 pct:1 |@word u:1 treasury:3 say:2 weekly:1 auction:1 three:6 month:11 bill:10 produce:1 average:6 rate:4 5:12 63:1 pct:14 59:1 six:6 compare:1 47:1 51:1 sell:1 last:1 week:1 bond:1 equivalent:1 yield:4 81:1 accept:4 bid:8 range:4 61:1 64:1 29:1 high:3 stopout:1 take:1 85:1 56:1 60:1 30:2 receive:2 9:3 billion:7 dlrs:10 include:4 1:3 0:1 non:2 competitive:2 public:1 6:4 2:2 federal:1 reserve:1 mln:3 foreign:2 international:2 monetary:1 authority:2 25:1 7:1 785:1 fed:1 942:1 price:4 98:3 577:1 574:1 582:1 97:3 174:1 169:1 189:1 since:2 66:1 feb:2 17:2 70:1
|
U.S. BILL AUCTION RATES AVERAGE 5.63, 5.59 PCT
The U.S. Treasury said its weekly
auction of three-month bills produced an average rate of 5.63
pct, with a 5.59 pct rate on six-month bills.
These rates compared with averages of 5.47 pct for the
three- and 5.51 pct for the six-month bills sold last week.
The bond-equivalent yield on three-month bills was 5.81
pct. Accepted bids ranges from 5.61 pct to 5.64 pct and 29 pct
of the bids at the high, or stopout rate, were taken. For six
months, the yield was 5.85 pct and the bids ranges from 5.56
pct to 5.60 pct with 30 pct of the bids accepted.
The Treasury said it received 30.9 billion dlrs of bids for
the three-month bills, including 1.0 billion dlrs in
non-competitive bids from the public. It accepted 6.6 billion
dlrs of bids, including 2.2 billion dlrs from the Federal
Reserve and 9.1 mln dlrs from foreign and international
monetary authorities.
Some 25.7 billion dlrs in bids for six-month bills were
received, including 785 mln dlrs in non-competitives. The
Treasury accepted 6.6 billion dlrs, including 1.9 billion dlrs
from the Fed and 942 mln dlrs from foreign and international
authorities.
The average price for the three-month bills was 98.577 and
prices ranged from 98.574 to 98.582. The average price for the
six-months bills was 97.174, and prices ranged from 97.169 to
97.189.
The average yield on the three-month bills was the highest
since 5.66 pct on Feb 17. The average yield on the six-month
bills was the highest since 5.70 pct on Feb 17.
|
training/3372
|
training/3372 |@title canada:2 mulling:1 sell:1 petro:1 mulroney:1 |@word prime:1 minister:3 brian:1 mulroney:4 say:4 government:3 consider:1 sell:4 petro:3 canada:3 sale:2 would:5 proceed:1 national:1 interest:1 tell:2 house:2 commons:1 asset:2 huge:1 oil:1 company:3 examine:2 decision:1 make:2 state:1 run:2 study:1 ottawa:1 privatization:2 program:1 go:1 nature:1 ascertain:1 continue:1 play:1 appropriate:1 role:2 public:1 policy:2 determination:1 case:1 daily:1 question:1 period:1 ask:1 opposition:1 member:1 clairify:1 finance:1 michael:1 wilson:1 statement:1 friday:1 longer:1 pubilic:1 long:1 promise:1 could:2 well:1 private:1 sector:1 outside:1 energy:1 marcel:1 masse:1 worth:1 three:1 four:1 billion:1 dlrs:1 size:1 difficult:1 also:1 prefer:1 see:1 canadian:1 participate:1 give:1 detail:1 timing:1
|
CANADA MULLING SELLING PETRO-CANADA - MULRONEY
Prime Minister Brian Mulroney said the
government was considering selling Petro-Canada and the sale
would proceed if it were in the national interest to do so.
Mulroney told the House of Commons assets of the huge oil
company would be examined before a decision was made, just as
other state-run companies were studied before being sold under
Ottawa's privatization program.
'The government is going to examine assets of this nature
to ascertain if they continue to play an appropriate role in
public policy and we will make a determination as we have in
other cases,' Mulroney told the daily question period.
Asked by opposition members to clairify Finance Minister
Michael Wilson's statement on Friday that Petro-Canada no
longer has any pubilic policy role, Mulroney said his
government has long promised to sell off companies that could
be better run by the private sector.
Outside the House, Energy Minister Marcel Masse said
Petro-Canada would be worth between three and four billion dlrs
and, because of the size, could be difficult to sell.
He also said he would prefer to see Canadians participating
in any privatization, but would not give any details on timing
of a sale.
|
training/3377
|
training/3377 |@title news:1 corp:1 nws:1 complete:1 purchase:1 newspaper:1 |@word news:1 corp:1 say:1 south:1 china:1 morning:1 post:1 ltd:1 hong:1 kong:1 become:1 wholly:1 subsidiary:1 march:1 7:1 previously:1 announce:1
|
NEWS CORP <NWS> COMPLETES PURCHASE OF NEWSPAPER
The News Corp said the South China
Morning Post Ltd of Hong Kong become a wholly-owned subsidiary
March 7 as previously announced.
|
training/3378
|
training/3378 |@title richmond:1 hill:1 rich:1 riverhead:1 end:1 merger:1 talk:1 |@word richmond:1 hill:1 savings:2 bank:3 riverhead:1 fsb:1 say:1 terminate:1 previously:1 announce:1 merger:1 negotiation:1 give:1 reason:1 end:1 talk:1 begin:1 january:1 14:1
|
RICHMOND HILL<RICH>, RIVERHEAD END MERGER TALKS
Richmond Hill Savings Bank and
<Riverhead Savings Bank FSB> said they terminated their
previously announced merger negotiations.
The banks gave no reason for ending the talks, which began
on January 14.
|
training/338
|
training/338 |@title sweden:1 go:1 ahead:1 african:1 trade:1 sanction:1 |@word sweden:2 rule:1 social:1 democratic:1 party:2 give:1 full:1 power:1 government:2 decree:1 unilateral:1 trade:2 sanction:2 south:1 africa:1 prime:1 minister:1 ingvar:1 calrsson:1 say:1 carlsson:1 tell:1 news:1 conference:1 decide:2 fight:1 apartheid:1 take:2 priority:1 traditional:1 policy:1 adopt:1 backing:1 u:1 n:1 security:1 council:1 later:1 form:1 boycott:1 come:1 force:1
|
SWEDEN TO GO AHEAD WITH S. AFRICAN TRADE SANCTIONS
Sweden's ruling Social Democratic
Party gave full power to the government to decree unilateral
trade sanctions against South Africa, Prime Minister Ingvar
Calrsson said.
Carlsson told a news conference the party decided the fight
against apartheid took priority over Sweden's traditional
policy of only adopting sanctions with the backing of the U.N.
Security Council.
The government will decide later what form the trade
boycott will take and when it will come into force.
|
training/3380
|
training/3380 |@title general:1 cinema:1 gcn:1 poor:1 season:1 lower:1 net:1 |@word general:3 cinema:3 corp:3 say:6 low:1 attendence:1 theatre:2 last:2 year:3 record:2 christmas:1 season:2 lower:2 first:2 fiscal:4 quarter:3 operating:2 earning:2 nine:1 pct:1 15:1 9:2 mln:5 dlrs:2 good:1 start:1 1987:2 would:1 like:1 business:3 pick:1 week:1 chairman:1 richard:1 smith:2 company:4 expect:3 net:2 pricing:1 high:2 unit:3 volume:1 improve:1 remain:1 add:2 operate:2 important:1 summer:1 film:1 release:1 perform:1 well:1 addition:1 key:1 beverage:1 achieve:1 result:1 full:1 superstar:1 video:2 rent:1 cassette:1 supermarket:1 continue:1 loss:2 financing:1 cost:1 associate:1 purchase:1 3:1 5:2 carter:1 hawley:1 hale:1 stores:1 inc:1 chh:1 share:2 177:1 89:1 7:1 sterling:1 investment:1 cadbury:1 schweppes:1 plc:1 offset:1 2:1 dlr:1 gain:1 sale:1 common:1 sea:1 land:1 csx:2
|
GENERAL CINEMA <GCN> POOR SEASON LOWERS NET
General Cinema Corp said
lower attendence at its theatres against last year's record
Christmas season lowered its first fiscal quarter operating
earnings nine pct to 15.9 mln dlrs.
'While we are not off to as good a start in fiscal 1987 as
we would like, business has picked up in the last few weeks,'
chairman Richard Smith said.
He said that the company expected net pricing to be higher
and unit volume to improve in the remaining quarters of the
fiscal year.
The company added that operating earnings in its theatre
unit will be higher in fiscal 1987 if the important summer
season film releases perform well.
In addition, its other key business, General Cinema
Beverages, is expected to achieve record operating results for
the full year, Smith said.
The company's superstar video business which rents video
cassettes in supermarkets continues to operate at an expected
loss, the company added.
General Cinema said the financing costs associated with its
purchase of 3.5 mln Carter Hawley Hale Stores Inc <CHH> shares
for 177.9 mln dlrs, and its 89.7 mln sterling investment in
<Cadbury Schweppes PLC>, lowered first quarter net.
But it said the loss was offset by a 2.5 mln dlr gain on
the sale of common shares of Sea-Land Corp, a unit of CSX Corp
<CSX>.
|
training/3381
|
training/3381 |@title ceasar:1 world:1 caw:1 study:1 sosnoff:1 offer:1 |@word ceasar:2 wold:1 inc:1 say:2 board:3 study:1 unsolicited:1 conditional:1 tender:1 offer:3 common:1 share:2 28:1 dlrs:1 per:1 martin:1 sosnoff:2 company:2 spokesman:1 expect:1 make:2 recommendation:2 shortly:1 could:1 specify:1 time:1 period:1 world:1 chairman:1 henry:1 gluck:1 statement:1 urge:1 shareholder:2 take:1 action:1 respect:1 prior:1 directly:1 newspaper:1 advertisement:1 form:1 call:1 mts:1 acquisition:1 corp:1 expire:1 april:1 3:1
|
CEASARS WORLD <CAW> STUDYING SOSNOFF OFFER
Ceasars Wold Inc said its board is
studying the unsolicited and conditional tender offer for all
its common shares at 28 dlrs per share from Martin T. Sosnoff.
A company spokesman said the board expects to make a
recommendation 'shortly', but could not specify a time period.
Ceasars World Chairman Henry Gluck in a statement urged
shareholders not to take any action with respect to the offer
prior to the board's recommendation.
Sosnoff made the offer directly to shareholders in a
newspaper advertisement through a company he formed, called MTS
Acquisition Corp. It expires April 3.
|
training/3382
|
training/3382 |@title americus:1 trust:1 byu:1 byp:1 initial:1 qtrly:1 div:1 |@word americus:1 trust:1 bristol:1 myers:1 share:1 announce:1 initial:1 dividend:1 68:1 75:1 ct:1 payable:1 may:1 12:1 shareholder:1 record:1 april:1 3:1
|
AMERICUS TRUST <BYU> <BYP> INITIAL QTRLY DIV
Americus Trust For Bristol Myers shares
announced an initial dividend of 68.75 cts payable May 12 for
shareholders of record April 3.
|
training/3384
|
training/3384 |@title united:1 security:1 unse:1 buy:1 robert:1 brown:1 unit:1 |@word united:5 security:5 financial:1 corp:1 illinois:2 say:2 sign:1 letter:1 intent:1 buy:1 robert:2 co:6 brown:2 inc:1 rcbi:1 magic:2 insurance:4 group:2 unit:1 c:1 would:2 receive:1 newly:1 issue:1 stock:2 anticipate:1 represent:1 substantial:1 majority:1 share:1 outstanding:1 merger:1 principal:1 subsidiary:1 life:3 pilgrim:1 america:1 middle:1 atlantic:1
|
UNITED SECURITY <UNSE> TO BUY ROBERT BROWN UNIT
United Security Financial Corp of
Illinois said it has signed a letter of intent to buy Robert
Co. Brown and Co Inc's <RCBI> MAGIC Insurance Group unit.
Robert C. Brown and Co would receive newly issued United
Security stock. United Security said it is anticipated that
such stock would represent a substantial majority of the shares
outstanding after the merger.
United Security's principal subsidiary is United Security
Life Insurance Co of Illinois. The MAGIC Group owns Pilgrim
Life Insurance Co of America and Middle Atlantic Life Insurance
Co.
|
training/3386
|
training/3386 |@title grain:1 ship:1 load:1 portland:1 |@word three:1 grain:1 ship:2 loading:1 two:1 wait:1 load:1 portland:2 accord:1 merchants:1 exchange:1
|
GRAIN SHIPS LOADING AT PORTLAND
There were three grain ships loading
and two ships were waiting to load at Portland, according to
the Portland Merchants Exchange.
|
training/3387
|
training/3387 |@title warrington:1 sell:1 shoe:1 division:1 |@word warrington:4 inc:3 say:6 sell:1 shoe:4 division:5 montreal:1 base:1 taurus:2 footwear:3 undisclosed:1 term:1 manufacture:1 distribute:1 greb:1 hush:1 puppies:1 kodiak:1 santana:1 brand:1 revenue:1 69:1 mln:2 dlrs:2 last:1 year:1 sale:4 previous:1 ski:3 boot:2 business:2 result:2 unspecified:1 net:2 gain:2 plan:1 concentrate:1 canstar:1 sports:1 group:1 skate:2 athletic:1 large:2 ice:1 manufacturer:2 distributor:1 western:1 world:1 decide:1 rationalize:1 balance:1 expect:2 divestment:1 loss:1 could:1 outweigh:1 acquisition:1 increase:1 annual:1 100:1 make:1 canada:1
|
WARRINGTON SELLS SHOE DIVISIONS
(Warrington Inc) said it sold its shoe
divisions to Montreal-based (Taurus Footwear Inc) for
undisclosed terms.
The divisions manufacture and distribute Greb, Hush
Puppies, Kodiak, and Santana brand shoes and had revenues of
about 69 mln dlrs last year, Warrington said. It said the sale
of the shoe divisions and the previous sale of its ski boot
businesses will result in an unspecified net gain.
Warrington said it plans to concentrate on its Canstar
Sports Group Inc skate and athletic footwear division, the
largest ice skate manufacturer and distributor in the Western
world.
Warrington said it decided to rationalize the balance of
its ski businesses, which is expected to result in a divestment
loss which could outweigh the net gains on the sales of its
shoe and ski boot divisions.
Taurus said the acquisition is expected to increase its
annual sales to about 100 mln dlrs and make it Canada's largest
footwear manufacturer.
|
training/3389
|
training/3389 |@title dupont:1 dd:1 unit:1 raise:1 crude:1 oil:1 price:1 |@word conoco:3 inc:1 subsidiary:1 dupont:1 corp:1 say:2 increase:3 contract:1 price:4 crude:2 oil:1 10:2 ct:2 one:3 dlr:3 barrel:3 effective:1 today:1 bring:1 u:1 benchmark:1 west:2 texas:2 intermediate:1 17:2 50:1 dlrs:3 south:1 louisiana:1 sweet:1 also:1 85:1 sour:1 16:1 60:1 last:2 company:1 raise:1 follow:1 series:1 initiate:1 week:1 sun:2 co:1 reverse:1 post:1 cut:1 make:1 end:1 february:1
|
DUPONT <DD> UNIT RAISES CRUDE OIL PRICES
Conoco Inc, a subsidiary of DuPont
Corp, said it was increasing its contract prices for crude oil
between 10 cts and one dlr a barrel, effective today.
Conoco said the increase brings its price for the U.S.
benchmark crude West Texas Intermediate to 17.50 dlrs a barrel,
up one dlr.
South Louisiana Sweet, also up one dlr, is now 17.85 dlrs.
West Texas Sour was up 10 cts to 16.60 dlrs a barrel.
Conoco was the last company to raise prices following a
series of increases initiated last week by Sun Co <SUN>, which
reversed the posted price cuts made at the end of February.
|
training/3390
|
training/3390 |@title cbt:1 discuss:1 major:1 change:1 renovation:1 |@word chicago:1 board:2 trade:2 cbt:14 agricultural:2 financial:8 future:8 market:4 could:4 period:2 major:3 upheaval:1 later:1 year:5 exchange:7 go:2 ahead:1 plan:2 renovation:2 spokesman:4 tell:1 reuters:1 look:2 number:2 option:5 identify:1 cost:1 effective:2 efficient:1 way:2 proceed:3 include:1 one:6 would:4 involve:3 move:7 entire:1 grain:6 floor:9 building:1 nearby:1 midamerica:4 commodity:2 chairman:1 karsten:1 mahlmann:1 agenda:1 item:1 room:4 say:13 another:3 official:2 executive:1 vice:1 president:1 george:1 sladoje:3 issue:2 discuss:3 friday:1 special:1 meeting:1 presentation:1 make:1 regard:1 renovate:4 five:1 six:1 different:1 alternative:1 thing:1 flip:1 flop:1 trading:2 add:3 conceivable:1 couple:1 may:1 use:1 temporarily:1 entirely:1 construction:1 likely:2 membership:1 vote:1 first:2 drawing:2 eight:1 month:2 stress:1 discussion:1 preliminary:1 stage:1 nothing:1 begin:1 summer:1 early:1 order:1 crowded:2 pit:2 provide:1 temporary:1 home:1 next:2 door:1 present:2 dominate:1 area:4 u:1 treasury:2 bond:4 note:2 muni:1 adjoin:1 corridor:1 utilize:1 contract:3 corn:1 wheat:1 soybean:2 product:1 meet:1 opposition:1 among:1 member:1 senior:1 trader:3 badly:1 need:1 talk:1 shift:1 midam:4 quadrant:1 quarter:1 time:2 step:1 decide:1 get:1 architectural:1 engineering:1 difficult:1 determine:1 exact:1 frame:1 possible:1 undertaking:1 process:1 spread:1 merge:1 ago:1 prepare:1 vacate:1 end:1 space:1 recently:1 clear:1 index:1 reserve:1 lightly:1 gold:1 silver:1 share:1 specialize:1 mini:1 livestock:1 metal:1 foreign:1 currency:1 well:1 rumor:1 come:1 source:1 change:1 take:1 place:1 july:1 august:1
|
CBT DISCUSSES MAJOR CHANGES FOR RENOVATION
Chicago Board of Trade (CBT)
agricultural and financial futures markets could be in for a
period of major upheaval later this year if the exchange goes
ahead with planned renovation.
A CBT spokesman told Reuters the exchange was looking at a
number of options to identify the most cost effective and
efficient way to proceed, including one which would involve
moving the entire grains floor out of the building and into the
nearby MidAmerica Commodity Exchange.
'One of (CBT Chairman) Karsten Mahlmann's agenda items has
been to proceed with renovation in the financial futures room,'
the spokesman said.
Another CBT official, executive vice president George
Sladoje, said the issue would be discussed this Friday at a
special meeting on the exchange floor.
A number of presentations have been made with regard to
renovating the financial futures room, Sladoje said. 'We've
looked at five or six different alternatives, involving such
things as flip-flopping the trading rooms,' he added.
It is conceivable that under a couple of these plans, we
might use the MidAmerica Exchange temporarily for some CBT
markets, Sladoje said.
'If we move out of one floor entirely, then the
construction period will be about a year,' he said, adding that
the issue was likely to go to a membership vote first and then
be on the drawing board for eight months to a year.
The CBT spokesman stressed that discussions were very
preliminary at this stage and nothing was likely to begin until
this summer at the earliest.
In order to renovate the crowded financial futures pits,
exchange officials have discussed providing them a temporary
home next door in the present grains-dominated area.
This could involve moving CBT markets in U.S. Treasury Bond
futures, Treasury Notes, Muni-bonds, and options on T-Bonds and
T-Notes through an adjoining corridor, while utilizing the
MidAmerica floor for such CBT futures contracts as corn, wheat,
soybeans, soybean products and agricultural options.
Any such moves could meet with opposition among some CBT
members.
One senior floor trader said the financial futures room
badly needs renovating.
'There is talk the grains floor will shift to the MidAm and
the financials will move to the grains area,' he said.
The CBT spokesman said another option being discussed was
to renovate the financial floor in quadrants, one quarter at a
time. 'The first step, after deciding the most effective way to
proceed, would be to get architectural and engineering
drawings,' he said.
He added that it was difficult at present to determine an
exact time frame for any possible moves. 'This is a major
undertaking and a process that would spread out over next
year,' he said.
Floor traders at the MidAmerica Commodity Exchange, which
merged with the CBT about a year ago, said they were preparing
to vacate their floor at the end of this month.
Space has recently been cleared for them at the CBT by
moving its Major Market Index pit into the area once reserved
for lightly-traded CBT gold and silver futures, which now share
their trading area.
The MidAm specializes in mini-contracts in grains,
livestock, metals, financials and foreign currencies as well as
some options contracts.
'Rumor has it that the CBT grains are coming over here
because the bonds are too crowded,' one MidAm trader said.
Another source at the MidAm said this change could take
place by July or August.
|
training/3394
|
training/3394 |@title group:1 seek:1 prime:1 medical:1 pmsi:1 holder:1 list:1 |@word group:7 investment:1 firm:1 lead:1 far:1 hills:1 n:1 j:1 investor:1 natalie:1 koether:2 say:7 seek:3 information:3 shareholder:3 prime:5 medical:4 services:1 inc:1 control:2 filing:1 securities:1 exchange:2 commission:1 include:3 shamrock:1 associate:1 march:1 6:1 letter:2 ask:1 complete:1 list:1 address:1 want:1 contact:1 issue:1 election:2 opposition:1 slate:1 director:2 board:1 proxy:2 contest:2 give:1 company:2 five:1 day:1 respond:1 request:1 response:1 would:2 consider:1 demand:1 refuse:1 take:2 proper:1 step:1 get:1 already:1 hold:1 1:1 483:1 886:1 share:1 17:1 5:1 pct:1 total:1 legal:1 action:1 try:2 force:1 set:1 annual:1 meeting:1 require:1 stand:1 previous:1 sec:1 file:1 decide:1 tender:1 offer:2 way:1
|
GROUP SEEKS PRIME MEDICAL <PMSI> HOLDER LIST
A group of investment firms led by
Far Hills, N.J., investor Natalie Koether said it is seeking
information about the shareholders of Prime Medical Services
Inc, over which it has said it is seeking control.
In a filing with the Securities and Exchange Commission,
the group, which includes Shamrock Associates, included a March
6 letter to Prime which asks for a complete list of all
shareholders and their addresses.
The group said it wants the information so it can contact
shareholders on issues, including election of an opposition
slate of directors to the board and other proxy contests.
The Koether group's letter gives the company five days to
respond to its request. If there is no response from Prime
Medical, the group said it would consider the demand refused
and would take 'other proper steps' to get the information.
The group said it already holds 1,483,886 Prime Medical
shares, or 17.5 pct of the total. It said it has taken legal
action to try to force the company to set an annual meeting and
require all directors to stand for election.
In a previous SEC filing, the group has said it has decided
to try to seek control of Prime Medical through a tender offer,
exchange offer, proxy contest or other ways.
|
training/3395
|
training/3395 |@title grand:1 metropolitan:1 plc:1 unit:1 sell:1 business:1 |@word grand:1 metropolitan:1 plc:1 say:2 grandmet:1 usa:1 inc:2 unit:1 decide:1 sell:1 physical:1 fitness:1 exercise:1 equipment:1 business:2 company:1 morgan:1 stanely:1 co:1 advise:1 sale:1
|
<GRAND METROPOLITAN PLC> UNIT TO SELL BUSINESS
Grand Metropolitan PLC said its
Grandmet USA Inc unit decided to sell its physical fitness and
exercise equipment business.
The company said Morgan Stanely and Co Inc is advising it
on the sale of the business.
|
training/3396
|
training/3396 |@title chrysler:1 c:1 amc:1 buyout:1 value:1 1:1 55:1 billion:1 |@word chrysler:14 corp:3 propose:3 acquisition:5 american:2 motors:1 value:3 1:1 55:1 billion:2 dlrs:10 include:3 cost:2 767:2 mln:8 motor:1 debt:6 assume:5 analyst:5 say:9 782:1 pay:2 cash:3 note:2 share:1 tell:4 reuter:2 new:3 york:1 brief:1 treasurer:1 fred:1 zuckerman:1 outline:1 company:3 agreement:1 renault:6 amc:9 well:2 332:1 unfunded:1 pension:2 liability:2 though:1 latter:1 transaction:3 generally:1 positive:1 purchase:2 much:2 small:2 rival:1 expect:1 would:3 carry:2 short:1 term:1 dilution:1 earning:1 financial:1 source:4 speak:1 anonymously:1 price:2 deal:3 strike:1 last:3 year:3 impact:1 u:1 tax:3 law:1 remove:1 ability:1 large:1 reserve:1 loss:2 carryforward:1 accumulate:1 since:1 1980:1 serious:1 discussion:1 fall:2 pull:1 reference:1 assassination:1 november:1 former:1 chairman:1 georges:1 besse:1 bad:1 benefit:1 floor:1 could:1 get:1 end:1 addition:1 liabilitie:2 also:1 lawsuit:1 safety:1 jeep:1 call:1 overhang:1 quote:1 official:1 payment:1 200:1 principal:1 form:1 10:1 eight:1 pct:1 interest:1 35:1 equity:1 finance:1 subsidiary:1 25:1 fee:1 connection:1 522:1 worth:1 stock:1 shareholder:1 big:1 number:1 assumption:1 jack:1 kirnan:1 kidder:1 peabody:1 co:1 reuters:1 moody:1 investors:1 service:1 inc:1 may:1 downgrade:1 12:1 unit:1 due:1 refinance:1 low:1 rate:2 non:1 market:1 difficulty:1 negotiate:1 previous:1 management:2 commit:1 group:1 business:1 plan:1 integral:1 part:1 problem:1 baby:1
|
CHRYSLER <C> AMC BUYOUT VALUED AT 1.55 BILLION
Chrysler Corp's proposed acquisition of
American Motors Corp is valued at about 1.55 billion dlrs,
including the cost of acquisition and the 767 mln dlrs in
American Motor' debt that Chrysler will assume, analysts said.
They said Chrysler's cost of acquisition was valued at 782
mln dlrs, paid in cash, notes and Chrysler shares.
The analysts told Reuters that at a New York briefing
Chrysler treasurer Fred Zuckerman outlined his company's
agreement with Renault to assume AMC's debt as well as 332 mln
dlrs in unfunded pension liabilities, though the latter is not
included valuing the transaction.
Analysts were generally positive on Chrysler's proposed
purchase of its much-smaller rival, but said they expected the
transaction would carry with it a short-term dilution in
Chrysler's earnings.
A Chrysler financial source, speaking anonymously, told
Reuters that the proposed purchase price was smaller than it
would have been had a deal been struck last year because the
impact of the new U.S. tax law removes Chrysler's ability to
assume AMC's large reserve of tax-loss carryforwards
accumulated from its losses since 1980.
'There were very serious discussions last fall but we
didn't pull it off,' the source said in a reference to the
assassination in November of former Renault chairman Georges
Besse.
'It's too bad because the tax benefits fell on the floor.
And Renault could have gotten a much better price if we'd done
it before the end of last year.'
In addition to AMC's debt and its pension liabilities, the
source said Chrysler would also assume any liability from
lawsuits over the safety of Jeeps, which he called 'an overhang
to the company.'
Analysts quoted Chrysler officials as having told them that
the deal includes payment to Renault of 200 mln dlrs principal
in the form of a 10-year note at eight pct interest, 35 mln
dlrs cash for Renault's equity in AMC's finance subsidiary, 25
mln dlrs in cash for 'transaction fees' in connection with the
acquisition and 522 mln dlrs worth of Chrysler stock to be paid
AMC shareholders.
'The big number is the 767 mln dlrs in debt assumption,'
analyst Jack Kirnan of Kidder Peabody and Co told Reuters.
Moody's Investors Service Inc said it may downgrade 12
billion dlrs of Chrysler Corp and unit debt due to the deal.
But the Chrysler source said that in assuming AMC's
liabilities, his company will refinance at a lower rate any AMC
debt that is being carried at 'non-market' rates.
He said there were difficulties in negotiating with the
previous Renault management on the acquisition because they
were committed to the group's business plan of which AMC was an
integral part.
'The new management didn't have that problem - AMC wasn't
their baby,' he said.
|
training/3399
|
training/3399 |@title washington:1 nat:1 l:1 wnt:1 buy:1 united:1 presidential:1 |@word washington:3 national:3 corp:2 insurance:1 co:1 say:1 buy:2 remain:2 15:1 pct:2 united:4 presidential:4 upco:1 outstanding:1 share:4 19:2 dlrs:2 cash:1 acquisition:1 part:1 plan:1 exchange:1 approve:1 shareholder:1 special:1 meeting:1 march:1 6:1 purchase:1 stake:1 follow:1 85:1 tender:1 offer:1 terminate:1 december:1 12:1
|
WASHINGTON NAT'L <WNT> BUYS UNITED PRESIDENTIAL
Washington National Corp's
Washington National Insurance Co said it bought the remaining
15 pct of United Presidential Corp's <UPCO> outstanding shares
at 19 dlrs a share cash.
The acquisition of the shares is part of a plan of exchange
approved by United Presidential shareholders at a special
meeting March 6.
The purchase of the remaining United Presidential stake
follows Washington National's buying 85 pct of United
Presidential in a 19 dlrs a share tender offer which terminated
December 12.
|
training/3400
|
training/3400 |@title conagra:1 cag:1 complete:1 merger:1 trident:1 |@word conagra:4 inc:2 say:4 complete:3 merger:2 sea:1 alaska:1 product:1 co:1 unit:1 trident:4 seafoods:3 corp:3 new:2 company:2 hold:1 45:1 pct:2 stake:2 call:1 charles:1 bundrant:1 president:2 name:1 also:1 previously:1 announce:1 acquisition:1 bristol:1 monarch:1 purchase:1 remain:1 50:1 san:1 juan:1
|
CONAGRA <CAG> COMPLETES MERGER WITH TRIDENT
Conagra Inc said it completed the
merger of its Sea-Alaska Products Co unit and <Trident Seafoods
Corp.>
Conagra said the new company, in which it holds a 45 pct
stake, will be called Trident Seafoods Corp. Charles Bundrant,
president of Trident before the merger, was named president of
the new company, Conagra said.
Conagra said it also completed the previously announced
acquisition of <Bristol Monarch Corp> and that Trident
completed the purchase of the remaining 50 pct stake of <San
Juan Seafoods Inc.>
|
training/3401
|
training/3401 |@title market:1 discount:1 high:1 soviet:1 grain:1 import:1 |@word grain:3 analyst:3 say:3 increase:1 three:1 mln:4 tonne:3 1986:2 87:2 soviet:4 import:3 unlikely:1 affect:1 market:2 tuesday:1 already:2 discount:1 high:1 partly:1 news:1 last:1 month:1 union:1 buy:1 one:1 u:2 corn:1 rumor:1 reagan:1 administration:1 push:1 authority:1 sell:1 soviets:1 wheat:1 export:1 enhancement:1 program:1 supply:1 demand:1 report:1 usda:1 raise:1 estimate:1 26:1 23:1 business:1 practical:1 purpose:1 drexel:1 burnham:1 dale:1 gustafson:1 reflect:1 similar:1 statement:1 make:1
|
MARKET DISCOUNTS HIGHER SOVIET GRAIN IMPORTS
Grain analysts said the increase of
three mln tonnes in 1986/87 Soviet grain imports is unlikely to
affect the market Tuesday.
They said the market already has discounted higher Soviet
imports, partly on news last month that the Soviet Union bought
one mln tonnes of U.S. corn, and on rumors that the Reagan
administration is pushing for authority to sell the Soviets
U.S. wheat under the Export Enhancement Program.
In its supply-demand report, the USDA raised its estimate
for 1986/87 Soviet grain imports to 26 mln tonnes from 23 mln.
'That was business already done, for all practical
purposes,' said Drexel Burnham analyst Dale Gustafson,
reflecting similar statements made by other analysts.
|
training/3405
|
training/3405 |@title atco:1 ltd:1 see:1 gain:1 sale:1 |@word atco:5 ltd:1 say:3 development:1 unit:1 agree:1 sell:1 canadian:2 utilities:1 center:2 edmonton:1 alberta:1 western:1 calgary:1 sale:3 together:1 previously:1 announce:1 australian:1 operation:1 gross:1 114:1 mln:4 dlrs:4 result:2 tax:1 gain:1 31:2 reflect:1 fiscal:2 year:2 end:1 march:1 company:1 addition:1 produce:1 47:1 cash:1 debt:1 reduction:1 67:1
|
<ATCO LTD> SEES GAIN FROM SALE
Atco Ltd said its Atco
Development unit agreed to sell the Canadian Utilities Center
in Edmonton, Alberta and the Canadian Western Center in
Calgary.
The sales, together with the previously-announced sale of
Atco's Australian operations, will gross 114 mln dlrs and
result in an after-tax gain of 31 mln dlrs, which will be
reflected in Atco's fiscal year results.
Its fiscal year ends March 31, the company said. In
addition, the sales will produce 47 mln dlrs cash after debt
reduction of 67 mln dlrs, Atco said.
|
training/3406
|
training/3406 |@title lindner:2 tell:2 sec:2 talk:2 taft:2 seek:2 control:2 company:2 |@word
|
LINDNER TELLS SEC HE HAS HAD TALKS WITH TAFT ON SEEKING CONTROL OF COMPANY
LINDNER TELLS SEC HE HAS HAD TALKS WITH TAFT ON SEEKING CONTROL OF COMPANY
|
training/3409
|
training/3409 |@title bancroft:1 bcv:1 file:1 suit:1 zico:1 |@word bancroft:4 convertible:1 fund:1 inc:4 say:5 file:1 lawsuit:1 federal:1 court:1 newark:1 n:1 j:1 seek:1 block:1 hostile:1 30:1 dlr:1 share:1 takeover:1 offer:4 zico:5 investment:2 holdings:1 suit:2 also:2 name:2 michael:1 b:1 javett:1 principal:1 officer:1 first:2 fidelity:2 bancorp:1 ffb:1 bank:1 unit:1 depositary:1 georgeson:1 co:1 information:2 agent:1 luthie:1 intercontinentale:1 panamanian:1 corporation:1 complaint:1 allege:1 tender:1 material:1 include:1 false:1 misleading:1 violate:1 company:2 act:1 1940:1 stockholder:1 approve:1 proposal:1 insure:1 remain:1 independent:1
|
BANCROFT <BCV> FILES SUIT AGAINST ZICO
Bancroft Convertible Fund Inc said it
filed a lawsuit in federal court in Newark, N.J., seeking to
block a hostile 30 dlr a share takeover offer by <Zico
Investment Holdings Inc.>
Bancroft said the suit also names Michael B. Javett,
principal officer of Zico, and First Fidelity Bancorp's <FFB>
First Fidelity Bank unit, the depositary for Zico's offer.
Bancroft said the suit also names <Georgeson and Co Inc>,
Zico's information agent, and <Luthie Intercontinentale Inc>, a
Panamanian corporation.
Bancroft said its complaint alleges that Zico's tender
offer materials include false and misleading information and
that the offer violates the Investment Company Act of 1940.
The company said its stockholders approved proposals that
will insure that it remains independent.
|
training/341
|
training/341 |@title u:1 k:1 money:1 market:1 receive:1 37:1 mln:1 stg:1 assistance:1 |@word bank:4 england:1 say:1 provide:1 money:1 market:1 37:1 mln:4 stg:4 assistance:1 morning:1 session:1 compare:1 downward:1 revise:1 estimate:1 shortfall:1 system:1 today:1 around:1 700:1 central:1 purchase:1 bill:1 outright:1 comprise:1 four:1 band:2 one:1 10:2 7:1 8:1 pct:2 33:1 two:1 13:1 16:1
|
U.K. MONEY MARKET RECEIVES 37 MLN STG ASSISTANCE
The Bank of England said it had provided
the money market with 37 mln stg assistance in the morning
session. This compares with the Bank's downward revised
estimate of the shortfall in the system today of around 700 mln
stg.
The central bank purchased bank bills outright comprising
four mln stg in band one at 10-7/8 pct and 33 mln stg in band
two at 10-13/16 pct.
|
training/3411
|
training/3411 |@title world:1 bank:1 report:1 criticise:1 peru:1 economic:1 plan:1 |@word confidential:1 world:2 bank:3 report:6 peruvian:1 economy:1 say:6 government:8 strategy:1 offer:1 good:1 prospect:1 medium:1 long:2 term:3 growth:2 likely:1 lead:1 early:2 renewal:2 inflationary:2 pressure:2 publish:1 today:1 economic:3 monthly:1 peru:3 success:1 president:1 alan:1 garcia:1 stimulate:1 output:1 last:1 year:2 achieve:1 gross:1 domestic:2 product:1 eight:1 pct:3 represent:1 gain:1 short:2 expense:1 official:1 immediate:1 comment:1 advise:1 reduction:1 overall:2 size:1 public:2 investment:1 program:2 great:1 emphasis:2 preservation:2 export:3 potential:2 although:1 succeed:1 cut:1 inflation:3 250:1 first:1 half:1 1985:1 70:1 stabilisation:1 reactivation:1 encounter:1 rise:1 difficulty:1 link:2 monetary:1 expansion:1 exchange:2 rate:2 devaluation:2 easing:1 price:2 control:3 appear:1 improbable:1 add:2 policy:2 reduce:1 increase:1 consumption:1 apparent:1 cost:1 distortion:1 overvaluation:1 currency:1 balance:2 payment:2 disequilibrium:1 reserve:1 loss:1 sharply:1 diminish:1 creditworthiness:1 unless:1 take:1 action:1 quickly:1 fix:1 competitive:1 sector:2 deficit:1 high:2 probability:1 eventually:1 resort:1 drastic:1 curtailment:1 demand:1 either:1 sharp:1 still:1 import:1 order:1 stem:1 support:1 would:1 place:1 external:1 efficiency:1 incentive:1 towards:1 mining:1 petroleum:1 among:1 main:1 traditional:1 suggest:1 accord:1 priority:1 viability:1
|
WORLD BANK REPORT CRITICISES PERU ECONOMIC PLAN
A confidential World Bank report on the
Peruvian economy has said the government's strategy does not
offer good prospects for medium and long-term growth and is
likely to lead to an early renewal of inflationary pressure.
The report, published today by the economic monthly, The
Peru Report, said the success of president Alan Garcia's
government in stimulating output last year to achieve a growth
in gross domestic product of over eight pct 'represents gains in
the short term at the expense of the long.'
Government officials had no immediate comment on the
report, which advised a reduction in the overall size of the
public investment program and greater emphasis on the
preservation of Peru's export potential.
The report said that although the government had succeeded
in cutting inflation from 250 pct a year in the first half of
1985 to under 70 pct, its stabilisation and reactivation
program was encountering rising difficulties.
'An early renewal of inflationary pressures, linked to
monetary expansion, exchange rate devaluation and an easing of
price controls, appears not improbable,' it added.
The world bank report said the government's policies had
reduced inflation and short-term increases in consumption at
the apparent cost of price distortions, overvaluation of the
currency, balance of payments disequilibrium, reserve losses,
and sharply diminished creditworthiness.
It said unless the government took action quickly to fix a
competitive exchange rate and control the public sector
deficit, 'the higher the probability will be that the government
will eventually have to resort to drastic curtailment of
domestic demand and either sharp devaluation or still further
controls on imports in order to stem inflation and support the
balance of payments.'
It said the bank would place more emphasis on the
preservation of peru's export potential, external links and
overall economic efficiency.
The government's incentive policies towards the mining and
petroleum sectors, among its main traditional exports,
suggested that it did not accord high priority to their
economic viability, it added.
|
training/3413
|
training/3413 |@title lindner:1 say:1 discuss:1 control:1 taft:1 tfb:1 |@word financier:1 carl:1 lindner:7 hold:3 16:2 2:2 pct:5 stake:4 taft:11 broadcasting:1 co:1 tell:1 securities:1 exchange:1 commission:2 discuss:1 company:5 possibility:1 seek:2 control:5 cincinnati:1 ohio:1 investor:3 american:2 financial:2 corp:1 say:5 talk:3 manager:1 director:1 aim:1 achieve:1 increase:2 ownership:2 position:1 would:1 make:2 either:1 offer:1 acquire:2 take:2 part:1 group:3 subsidiary:1 also:2 consider:1 buy:2 stock:2 open:1 market:1 private:1 deal:1 whether:1 official:1 lead:1 agreement:1 understanding:1 intend:1 review:1 investment:2 may:1 involve:1 step:1 regard:1 future:1 direction:1 recently:2 raise:2 1:2 489:1 298:1 share:3 439:1 498:1 15:1 6:1 49:1 800:1 total:1 5:1 8:1 mln:1 dlrs:1 although:1 receive:1 clearance:1 federal:1 trade:1 24:2 9:2 previous:1 sec:1 filing:1 always:1 stress:1 interest:1 head:1 member:1 wealthy:1 bass:1 family:1 fort:1 worth:1 texas:1 common:1
|
LINDNER SAYS HE DISCUSSED CONTROL OF TAFT <TFB>
Financier Carl Lindner, who holds a
16.2 pct stake in Taft Broadcasting Co, told the Securities and
Exchange Commission he has discussed with the company the
possibility of seeking control of it.
Lindner, the Cincinnati, Ohio, investor who controls
American Financial Corp, said his talks with some of Taft's
managers and directors have been aimed at 'achieving an
increased ownership position' in the company.
Lindner said his increase in ownership would be made either
by making an offer to acquire control of Taft or taking part in
a group to acquire the company.
Lindner, who holds his Taft stake through American
Financial and its subsidiaries, said he is also considering
buying more Taft stock on the open market or in private deals.
He did not say whether the talks with Taft officials led to
any agreements or understandings.
But Lindner said he intends to review his investment in
Taft and may be involved in further talks or take other steps
regarding the future control and direction of Taft.
Lindner's investor group recently raised its Taft stake to
1,489,298 shares, or 16.2 pct from 1,439,498 shares, or 15.6
pct, after buying 49,800 shares for a total of 5.8 mln dlrs.
Although he recently received clearance from the Federal
Trade Commission to raise his stake in the company to 24.9 pct,
Lindner in previous SEC filings has always stressed that his
interest in Taft was for investment only and not was not
seeking to control the company.
An investor group headed by members of the wealthy Bass
family of Fort Worth, Texas, also holds about 24.9 pct of
Taft's common stock.
|
training/3415
|
training/3415 |@title investor:1 set:1 deadline:1 japan:1 fund:1 jpn:1 |@word investor:1 group:3 include:2 boone:1 pickens:1 iii:1 say:3 set:1 deadline:1 1600:1 est:1 march:1 11:1 offer:3 acquire:1 japan:4 fund:5 inc:2 also:1 sterling:1 grace:1 capital:1 management:1 lp:2 anglo:1 american:1 security:1 willing:1 deposit:1 escrow:1 100:1 000:1 share:1 worth:2 two:1 mln:2 dlrs:2 insure:1 ability:1 obtain:1 financing:1 approve:1 respond:1 525:1 current:1 market:1 price:1
|
INVESTORS SET DEADLINE FOR JAPAN FUND <JPN>
An investor group that includes T.
Boone Pickens III said it set a deadline of 1600 EST on March
11 for its offer to acquire Japan Fund Inc.
The group, which also includes <Sterling Grace Capital
Management Inc LP> and <Anglo American Security Fund LP>, said
it was willing to deposit in escrow 100,000 Japan Fund shares,
worth about two mln dlrs, to insure its ability to obtain
financing if Japan Fund approves its offer.
The group said Japan Fund has not responded to its offer,
worth about 525 mln dlrs at current market prices.
|
training/3416
|
training/3416 |@title investor:1 firm:1 25:1 5:1 pct:1 symbion:1 symb:1 |@word group:3 affiliate:1 firm:1 lead:1 warburg:2 pincus:2 capital:2 co:1 l:1 p:1 new:1 york:1 venture:1 investment:2 partnership:1 say:4 acquire:1 1:1 920:1 527:1 share:2 symbion:2 inc:1 25:1 5:1 pct:1 total:1 outstanding:1 filing:1 securities:1 exchange:1 commission:1 buy:2 stake:1 purpose:1 although:1 consider:1 plan:1 seek:1 control:1 company:1
|
INVESTOR FIRMS HAVE 25.5 PCT OF SYMBION <SYMB>
A group of affiliated firms led by
Warburg, Pincus Capital Co L.P., a New York venture capital and
investment partnership, said it has acquired 1,920,527 shares
of Symbion Inc, or 25.5 pct of the total outstanding.
In a filing with the Securities and Exchange Commission,
the Warburg Pincus group said it bought the stake for
investment purposes.
Although the group said it is considering buying more
shares of Symbion, it said it has no plans to seek control of
the company.
|
training/3417
|
training/3417 |@title offshore:1 investor:1 5:1 9:1 pct:1 hauserman:1 hasr:1 |@word kindness:1 n:1 v:1 bahamas:2 base:1 firm:1 u:1 k:1 investor:1 resident:1 john:1 templeton:2 say:2 acquire:1 137:1 900:1 share:2 hausereman:1 inc:1 5:1 9:1 pct:1 total:1 outstanding:1 common:1 stock:1 filing:1 securities:1 exchange:1 commission:1 buy:1 investment:1 purpose:1 intention:1 seek:1 control:1 company:1
|
OFFSHORE INVESTOR HAS 5.9 PCT OF HAUSERMAN<HASR>
Kindness N.V., a Bahamas-based firm
owned by U.K. investor and Bahamas resident John Templeton,
said it has acquired 137,900 shares of Hausereman Inc, or 5.9
pct of the total outstanding common stock.
In a filing with the Securities and Exchange Commission,
Templeton said he bought the shares for investment purposes
only and has no intention of seeking control of the company.
|
training/3418
|
training/3418 |@title investment:1 firm:1 stake:1 mcgill:1 mftg:1 mgll:1 |@word group:2 affiliate:1 investment:1 firm:1 lead:1 bermuda:1 base:1 fidelity:1 international:1 ltd:1 boston:1 based:1 fmr:1 corp:1 tell:1 securities:1 exchange:1 commission:1 raise:2 stake:2 mcgill:2 manufacturing:1 co:1 inc:1 say:1 88:1 580:1 share:3 6:1 2:2 pct:1 total:1 outstanding:1 common:2 stock:1 buy:1 14:1 135:1 jan:1 19:1 march:1 price:1 range:1 33:1 57:2 34:1 dlrs:1
|
INVESTMENT FIRMS UP STAKE IN MCGILL MFTG <MGLL>
A group of affiliated investment
firms led by Bermuda-based Fidelity International Ltd and
Boston-based FMR Corp, told the Securities and Exchange
Commission it raised its stake in McGill Manufacturing Co Inc.
The group said it raised its stake to 88,580 shares, or 6.2
pct of the total outstanding common stock, after buying 14,135
McGill common shares between Jan 19 and March 2 at prices
ranging from 33.57 to 34.57 dlrs a share.
|
training/3419
|
training/3419 |@title u:2 intervene:2 buy:2 50:2 mln:2 dlrs:2 yen:2 january:2 28:2 fed:2 say:2 |@word
|
U.S. INTERVENED TO BUY 50 MLN DLRS AGAINST YEN ON JANUARY 28, FED SAYS
U.S. INTERVENED TO BUY 50 MLN DLRS AGAINST YEN ON JANUARY 28, FED SAYS
|
training/342
|
training/342 |@title japan:1 u:1 set:1 begin:1 high:1 level:1 trade:1 talk:1 |@word japan:9 u:12 kick:1 top:1 level:3 trade:14 talk:7 tomorrow:3 amid:1 sign:1 official:13 side:1 grow:2 increasingly:1 irritated:1 hold:1 annually:1 sub:1 cabinet:1 review:1 whole:1 gamut:1 economic:2 relation:1 pave:1 way:2 american:1 secretary:1 state:1 george:1 schultz:1 one:5 day:2 stop:1 end:1 week:1 home:1 china:1 face:2 congressional:1 protectionist:1 pressure:2 administration:3 press:2 speedy:1 action:2 reduce:1 still:1 huge:2 surplus:1 say:10 appreciate:1 frustration:1 senior:3 japanese:7 government:4 also:2 frustrated:1 40:1 pct:1 rise:1 yen:1 last:2 18:1 month:1 hit:1 hard:1 force:1 exporter:1 slash:1 spending:1 lie:1 worker:1 make:2 lose:1 sale:1 abroad:1 yet:1 show:1 dollar:1 base:1 statistic:1 ignore:1 progress:1 instead:1 emphasize:1 problem:2 remain:2 congress:1 would:1 take:1 five:1 minute:1 list:1 accomplishment:1 reply:1 begin:1 high:1 discussion:2 structure:1 country:1 affect:1 bilateral:2 imbalance:2 year:1 amount:1 51:1 48:1 billion:1 dlrs:1 favour:1 follow:2 two:1 topic:2 range:1 multilateral:1 auspex:1 general:1 agreement:1 tariffs:1 gatt:1 super:3 computer:3 structural:1 intend:1 free:1 wheeling:1 among:1 include:2 saving:1 investment:1 issue:1 consumer:1 credit:1 housing:1 implication:1 budget:3 deficit:3 come:1 particularly:3 delicate:1 time:1 increase:1 domestic:2 abandon:1 tight:1 fisted:1 fiscal:1 policy:1 stimulate:1 sag:1 economy:1 spend:1 complain:1 intention:1 boost:1 demand:1 import:2 washington:1 want:1 turn:1 point:1 finger:1 main:1 culprit:1 mean:1 buy:2 seem:1 peeve:1 single:1 draft:1 bill:4 senate:1 nation:1 adverserial:1 practice:2 condemn:1 without:1 due:1 process:1 reference:1 spoil:1 otherwise:1 well:1 think:1 introduce:1 democratic:1 senator:1 lloyd:1 bentsen:1 totally:1 happy:1 proposal:1 establish:1 reciprocal:1 access:2 foreign:1 market:2 criterion:1 retaliatory:1 nevertheless:1 weak:1 bargaining:1 position:1 especially:1 threat:1 overhang:1 leverage:1 admit:1 result:1 tokyo:1 strive:1 meet:1 complaint:1 variety:1 field:1 great:1 send:1 long:1 questionnaire:1 public:1 institution:1 like:1 university:1 sophisticated:1 machine:1 hope:1 eventually:1 set:1 informal:1 bidding:1 procedure:1 easily:1 understand:1 potential:1 seller:1
|
JAPAN, U.S. SET TO BEGIN HIGH-LEVEL TRADE TALKS
Japan and the U.S. Kick off top-level
trade talks tomorrow amid signs officials from both sides are
growing increasingly irritated with each other.
The talks, held annually at sub-cabinet level to review the
whole gamut of U.S./Japan economic relations, will pave the way
for American Secretary of State George Schultz's one day
stop-over here at end-week on his way home from China.
Faced with growing Congressional protectionist pressure,
the U.S. Administration is pressing Japan for speedy action to
reduce its still huge trade surplus, U.S. Officials said.
'We appreciate their frustration,' a senior Japanese
government official said. 'But we are also frustrated.'
The official said the 40 pct rise of the yen over the last
18 months has hit Japan hard, forcing exporters to slash
spending and lay off workers to make up for lost sales abroad.
That has not yet shown up in dollar-based statistics on trade,
but it will, he said.
He said the U.S. Administration was ignoring the progress
that has been made and instead emphasizing the problems that
remain when it talks with Congress.
'It would only take five minutes to list their
accomplishments,' a senior U.S. Official replied.
The talks begin tomorrow with high-level discussions on the
economic structures of both countries and how they affect the
bilateral trade imbalance, which last year amounted to 51.48
billion dlrs in Japan's favour.
On the following two days, the topics will range from
multilateral trade talks under the auspices of the General
Agreement on Tariffs and Trade (GATT) to such bilateral trade
problems as super computers.
The structural talks are intended to be free-wheeling
discussions among senior officials. Tomorrow's topics include
savings and investment issues such as consumer credit and
housing, and the implications of government budget deficits.
These talks come at a particularly delicate time for the
Japanese government, which is facing increasing domestic
pressure to abandon its tight-fisted fiscal policy and
stimulate the sagging economy by spending more.
Some U.S. Officials complained Japan has no intention of
boosting domestic demand and imports, as Washington wants.
Japanese officials in turn pointed the finger at the huge
U.S. Budget deficit as one of the main culprits for the trade
imbalance. That budget deficit has meant that the U.S. Is
buying more imports.
Japan seems particularly peeved at being singled in a draft
trade bill before the Senate as a nation following adverserial
trade practices. 'It condemns Japan without due process,' one
Japanese official said.
That reference spoils what is otherwise a well-thought-out
bill introduced by Democratic Senator Lloyd Bentsen, he said.
Japan is also not totally happy with the administration's
trade bill, particularly its proposal to establish reciprocal
access to foreign markets as one criteria for retaliatory trade
action by the U.S., Officials said.
Nevertheless, Japanese officials said they remain in a weak
bargaining position, especially with the threat of a trade bill
overhanging them.
'We have no leverage,' one official admitted.
As a result, Tokyo is striving to meet U.S. Complaints
about its trade practices in a variety of fields, including
super computers.
The U.S. Is pressing for greater access to the Japanese
super computer market.
The Japanese government has sent a long questionnaire to
public institutions like universities which buy the
sophisticated machines in hopes of eventually setting up
informal bidding procedures easily understood by all potential
sellers, officials said.
|
training/3420
|
training/3420 |@title cts:1 ct:2 increase:1 1986:1 loss:1 |@word corp:6 say:2 increase:2 1986:3 loss:2 continue:2 operation:3 26:1 6:1 mln:5 dlrs:5 previously:1 announce:1 23:1 8:2 figure:1 include:2 expense:4 involve:2 settlement:3 dispute:1 dynamics:5 america:1 dya:1 takeover:1 bid:1 ct:6 offer:1 buy:1 share:1 already:1 make:1 profit:1 7:1 9:1 1985:1 charge:1 additional:2 2:2 special:1 result:1 obligation:1 reimburse:1 subject:1 approval:1 shareholder:1 total:1 1:1 cost:1 relate:1
|
CTS <CTS> INCREASES 1986 LOSS
CTS Corp said it increased its
1986 loss from continuing operations to 26.6 mln dlrs from the
previously announced 23.8 mln dlrs loss.
The 1986 figure was increased to include expenses involved
with its settlement of a dispute with Dynamics Corp of America
<DYA>.
The settlement involved a takeover bid for CTS by Dynamics
Corp, which had offered to buy the shares of CTS that it did
not already own.
CTS made a profit of 7.9 mln dlrs from continuing
operations in 1985.
CTS said it charged an additional 2.8 mln dlrs in special
expenses to its 1986 operations as a result of the Dynamics
Corp settlement.
The additional expenses include the obligation to reimburse
Dynamics Corp, subject to approval of CTS shareholders, a total
of 2.1 mln dlrs for Dynamics Corp's expenses and other costs
relating to CTS.
|
training/3421
|
training/3421 |@title u:2 intervene:1 aid:1 dlr:1 january:1 fed:1 say:1 |@word authority:2 intervene:2 foreign:3 exchange:5 market:2 support:1 dollar:10 one:1 occasion:1 period:4 start:1 november:4 1986:1 end:3 january:8 federal:1 reserve:1 bank:1 new:1 york:1 say:4 report:3 fed:10 quarterly:1 review:2 operation:3 u:5 buy:2 50:2 mln:2 dlrs:2 sale:1 yen:9 28:3 coordinate:1 japanese:3 monetary:1 fund:1 equally:1 treasury:2 intervention:3 morning:1 president:1 reagan:1 state:1 union:1 message:1 manner:1 consistent:1 joint:1 statement:1 make:1 secretary:1 james:1 baker:1 finance:1 minister:1 kiichi:1 miyazawa:1 21:1 consultation:1 meeting:2 two:1 reaffirm:1 willingness:1 cooperate:1 rate:4 issue:1 level:1 occur:1 close:4 151:2 60:1 dip:1 low:5 150:1 40:1 earlier:1 session:1 05:1 15:1 previous:1 day:3 plumb:1 post:1 world:1 war:1 ii:1 149:1 98:1 19:1 reach:1 seven:2 year:1 1:3 7675:1 mark:6 7820:1 30:1 note:1 trade:2 steadily:1 throughout:1 first:1 half:1 december:1 move:1 sharply:1 three:1 month:1 11:1 pct:4 continental:1 currency:1 sterling:1 fall:2 four:1 canadian:1 final:1 pressure:1 subside:1 talk:1 upcoming:1 major:2 industrial:2 country:1 encourage:1 expectation:1 broad:1 cooperation:1 economic:1 policy:1 matter:1 moreover:1 doubt:1 develop:1 course:1 interest:1 swift:1 raise:1 question:1 whether:1 would:1 let:1 short:1 term:1 ease:1 thus:1 firm:1 8320:1 153:1 70:1 accord:1 weight:1 index:1 decline:2 nine:1 since:1 beginning:1 rise:1 high:1 2:2 08:1 165:1 early:1 last:1 7:1 1985:2 total:1 102:1 worth:1 action:1 follow:1 september:1 plaza:1 agreement:1 five:1 nation:1 agree:1 promote:1 orderly:1
|
U.S. INTERVENED TO AID DLR IN JANUARY, FED SAYS
U.S. authorities intervened in the
foreign exchange market to support the dollar on one occasion
during the period between the start of November 1986 and the
end of January, the Federal Reserve Bank of New York said in a
report.
The Fed's quarterly review of foreign exchange operations
said that the U.S. bought 50 mln dlrs through the sale of yen
on January 28. This operation was coordinated with the Japanese
monetary authorities and was funded equally by the Fed and the
U.S. Treasury.
The Fed's intervention was on the morning after president
Reagan's State of the Union message and was 'in a manner
consistent with the joint statement' made by U.S. Treasury
secretary James Baker and Japanese finance minister Kiichi
Miyazawa after their January 21 consultations.
At that meeting, the two reaffirmed their willingness to
cooperate on exchange rate issues.
The Fed's report did not say at what level the intervention
occurred. But on January 28, the dollar closed at 151.50/60 yen
after dipping as low as 150.40 yen earlier in the session. It
had closed at 151.05/15 yen the previous day.
The dollar had plumbed a post-World War II low of 149.98
yen on January 19 and reached a seven-year low of 1.7675 marks
on January 28. It ended that day at 1.7820/30 marks.
The Fed noted that, after trading steadily throughout
November and the first half of December, the dollar moved
sharply lower until the end of January.
It closed the three-month review period down more than 11
pct against the mark and most other Continental currencies and
seven pct lower against the yen and sterling. It had fallen
four pct against the Canadian dollar.
During the final days of January, pressure on the dollar
subsided. Reports of the U.S.-Japanese intervention operation
and talk of an upcoming meeting of the major industrial
countries encouraged expectations for broader cooperation on
exchange rate and economic policy matters, the Fed said.
Moreover, doubts had developed about the course of U.S.
interest rates. The dollar's swift fall had raised questions
about whether the Fed would let short-term rates ease.
Thus the dollar firmed to close the period at 1.8320 marks
and 153.70 yen. According to the Fed's trade-weighted index, it
had declined nine pct since the beginning of the period.
The dollar had risen as high as 2.08 marks and 165 yen in
early November.
The Fed last intervened in the foreign exchange market on
November 7, 1985 when it bought a total of 102.2 mln dlrs worth
of marks and yen.
The Fed's action followed the September 1985 Plaza
agreement between the five major industrial nations under which
they agreed to promote an orderly decline of the dollar.
|
training/3422
|
training/3422 |@title investment:1 firm:1 raise:1 certron:1 crtn:1 stake:1 |@word louart:2 corp:2 los:1 angeles:1 investment:2 firm:1 say:5 raise:1 stake:2 certron:3 237:1 000:3 share:4 7:1 8:1 pct:2 total:2 outstanding:1 common:1 stock:1 164:1 5:1 4:1 filing:1 securities:1 exchange:1 commission:1 buy:1 73:1 sept:1 9:1 march:1 6:1 109:1 315:1 dlrs:1 dealing:1 may:1 increase:1 plan:1 seek:1 control:1 company:1
|
INVESTMENT FIRM RAISES CERTRON <CRTN> STAKE
Louart Corp, a Los Angeles investment
firm, said it raised its stake in Certron Corp to 237,000
shares, or 7.8 pct of the total outstanding common stock, from
164,000 shares, or 5.4 pct.
In a filing with the Securities and Exchange Commission,
Louart said it bought 73,000 Certron shares between Sept 9 and
March 6 at a total of 109,315 dlrs a share.
It said its dealings in Certron were for investment only,
but said it might increase its stake. It said it has no plans
to seek control of the company.
|
training/3425
|
training/3425 |@title hogan:1 systems:1 hogn:1 acquisition:1 |@word hogan:3 systems:2 inc:2 say:3 acquire:1 4:3 durango:1 colo:1 1:2 7:1 mln:2 dlrs:2 system:2 provide:1 integrated:1 application:1 software:1 processing:1 service:1 30:1 community:1 bank:1 revenue:1 5:1 year:1
|
HOGAN SYSTEMS <HOGN> IN ACQUISITION
Hogan Systems Inc said it acquired
<Systems 4 Inc> of Durango, Colo., for 1.7 mln dlrs.
Hogan said Systems 4 provides integrated applications
software and processing services to about 30 community banks.
Systems 4 has revenues of 1.5 mln dlrs a year, Hogan said.
|
training/3429
|
training/3429 |@title ussr:1 see:1 likely:1 honor:1 corn:1 commitment:1 |@word soviet:8 union:2 likely:2 honor:1 commitment:2 united:1 states:1 buy:5 minimum:1 four:1 mln:5 tonne:5 corn:8 year:3 agriculture:1 department:2 official:7 say:9 always:1 honour:1 agreement:1 reason:1 think:1 win:1 tell:1 reuter:1 aggressive:1 buying:2 campaign:1 european:1 community:1 canada:1 u:9 active:1 buyer:2 source:1 point:1 explain:1 raise:1 grain:2 import:1 estimate:1 today:1 three:1 26:1 dramatic:1 shift:1 month:2 ago:2 analyst:2 ussr:1 may:1 first:1 time:1 15:1 drawdown:1 supply:3 china:1 argentina:1 concern:1 winter:1 crop:1 increase:1 competition:1 cite:1 possible:1 factor:1 create:1 moscow:1 recent:1 interest:1 low:1 production:1 prospect:1 major:1 country:1 stir:1 activity:1 big:1 japan:1 soviets:3 also:1 closely:1 watch:1 situation:3 try:1 capitalize:1 capitalist:1 price:2 get:1 high:1 soon:1 need:1 add:1 usda:2 confirm:1 one:2 sell:1 purchase:3 stand:1 1:1 5:1 would:2 speculate:1 enter:1 market:1 definitely:1 evolve:1 mind:1 set:1 slow:1 couple:1 frenetic:1 however:1 wheat:5 different:1 story:1 great:1 world:1 heavy:1 less:2 competitive:1 make:2 speculation:1 continue:1 several:1 day:1 consider:1 export:1 bonus:1 subsidy:1 offer:1 provide:1 confirmation:1
|
USSR SEEN LIKELY TO HONOR CORN COMMITMENT
The Soviet Union will likely honor
its commitment with the United States to buy a minimum of four
mln tonnes of corn this year, an Agriculture Department
official said.
'They have always honoured the agreement, and there's no
reason now to think they won't this year,' he told Reuters.
'They have an aggressive buying campaign from the European
Community, from Canada, from the U.S. They're active buyers
from all sources at this point,' the official said in
explaining why the Department raised its Soviet grain imports
estimate today by three mln tonnes to 26 mln tonnes.
This is a dramatic shift from just a few months ago when
analysts were saying the USSR might not buy any U.S. corn for
the first time in 15 years.
A drawdown of corn supplies in China and Argentina, concern
over Soviet winter crops, and increasing competition for U.S.
corn were all cited as possible factors in creating Moscow's
recent interest.
Lower corn production prospects in some major supplying
countries have stirred activity from big buyers such as Japan,
and the Soviets are also closely watching the situation, the
official said.
'The Soviets will try to out-capitalize the capitalists'
and buy corn before prices get too high, the official said. 'As
soon as they need corn, they'll buy it,' he added.
USDA has confirmed one mln tonnes of corn sold to the
Soviet Union, but both U.S. and Soviet analysts have said the
purchases stand at 1.5 mln tonnes.
The USDA official would not speculate on when the Soviets
would enter the U.S. market again.
'There has definitely been an evolving mind set -- from the
situation of slow grain buying a couple months ago to one of
frenetic buying now,' the official said.
However, the situation in wheat is 'a different story,' he
said. Greater world supplies of wheat, heavier Soviet purchase
commitments and less competitive U.S. wheat prices make Soviet
purchases of U.S. wheat less likely, he said.
Speculation has continued for several days that the U.S.
is considering making an export bonus wheat subsidy offer to
the Soviets, but U.S. officials have provided no confirmation.
|
training/343
|
training/343 |@title india:1 hold:1 white:1 sugar:1 buying:1 tender:1 |@word india:1 hold:1 buying:1 tender:1 wednesday:1 march:2 4:1 two:1 three:1 cargo:1 white:1 sugar:1 april:1 shipment:1 trader:1 say:1
|
INDIA TO HOLD WHITE SUGAR BUYING TENDER
India will hold a buying tender on
Wednesday, March 4, for two to three cargoes of white sugar for
March/April shipment, traders said.
|
training/3430
|
training/3430 |@title pickens:1 see:1 continued:1 slump:1 work:1 rig:1 |@word boone:2 picken:2 texas:1 oilman:1 financier:1 say:3 believe:2 heady:1 day:1 oil:9 service:1 industry:2 early:1 1980:1 4:2 500:2 rig:6 report:1 operating:1 return:1 lifetime:2 pickens:2 tell:1 reuters:1 expect:3 count:1 drop:1 600:1 recover:1 add:2 price:4 eventually:1 rise:1 35:1 dlrs:6 50:2 1990:1 currently:2 700:1 operate:2 u:2 sharply:1 slip:1 30:2 late:1 1985:1 around:2 10:1 1986:1 18:1 high:1 number:1 working:1 december:1 1981:1 win:1 go:1 back:1 work:1 get:1 see:2 dlr:1 barrel:1 2:1 000:1 58:1 tour:1 country:1 promote:1 autobiography:1 impose:1 import:1 fee:1 order:1 stimulate:1 domestic:1
|
PICKENS SEES CONTINUED SLUMP IN WORKING RIGS
T. Boone Pickens, the Texas oilman and
financier, said he believes the heady days the oil service
industry had in the early 1980s, when over 4,500 oil rigs were
once reported operating, will not return in his lifetime.
Pickens told Reuters he expects the rig count to drop to
below 600 before recovering. He added that oil prices will
eventually rise to 35 dlrs, then to 50 dlrs after 1990.
Currently, some 700 oil rigs are operating in the U.S.,
down sharply after oil prices slipped from 30 dlrs in late 1985
to around 10 dlrs in 1986. Prices are now around 18 dlrs. The
highest number of working rigs was 4,500 in December 1981.
'The rigs won't go back to work until the price of oil
gets above 30 dlrs,' he said, adding that while he expects to
see 50 dlr a barrel oil, he does not expect to see 2,000 rigs
operating in his lifetime. Pickens is 58.
Pickens, who is currently touring the country promoting
his autobiography 'Boone,' said he does not believe the U.S.
should impose an oil import fee in order to stimulate the
domestic oil industry.
|
training/3433
|
training/3433 |@title miyazawa:1 say:1 paris:1 accord:1 help:1 stabilise:1 rate:1 |@word finance:2 minister:2 kiichi:1 miyazawa:2 say:2 paris:3 currency:2 accord:2 contribute:1 stability:2 exchange:2 rate:2 tell:1 press:1 conference:1 agreement:1 reach:2 last:1 month:1 six:1 major:1 industrial:1 nation:1 cooperate:1 bring:1 prevent:1 speculative:1 concern:1 active:1 money:1 centre:1 decision:1 understand:1 market:1 yen:1 dollar:1 move:1 narrow:1 range:1 since:1 britain:1 canada:1 france:1 japan:1 u:1 west:1 germany:1
|
MIYAZAWA SAYS PARIS ACCORD HELPING STABILISE RATES
Finance Minister Kiichi Miyazawa said the
Paris currency accord has contributed to the stability of
exchange rates.
Miyazawa told a press conference the agreement reached last
month in Paris by six major industrial nations to cooperate in
bringing about currency stability has prevented speculative
concerns from being active in money centres.
The decision in Paris is being understood by the market, he
said. The yen-dollar exchange rate has been moving in a narrow
range since finance ministers of Britain, Canada, France,
Japan, the U.S. And West Germany reached the accord.
|
training/3435
|
training/3435 |@title australian:1 reserve:1 bank:1 buy:1 intervention:1 |@word reserve:1 bank:2 say:2 1230:1 local:1 time:1 offer:1 buy:1 short:3 date:2 government:2 security:1 term:1 money:2 market:3 action:1 follow:1 purchase:1 stock:1 six:1 day:1 repurchase:1 agreement:1 earlier:1 session:1 trader:1 move:1 aim:1 ease:1 cash:1 interest:1 rate:1 rise:1 demand:1 fund:1 meet:1 paye:1 tax:1 treasury:1 note:1 settlement:1 commitment:1
|
AUSTRALIAN RESERVE BANK IN BUYING INTERVENTION
The Reserve Bank said at 1230 local time
it was offering to buy short-dated government securities in the
short-term money market.
The bank's action followed its purchase of short-dated
government stock and six-day repurchase agreements earlier in
the session.
Money market traders said the move was aimed at easing cash
market interest rates which had risen on demand for funds to
meet PAYE tax and treasury note settlement commitments.
|
training/3438
|
training/3438 |@title rubber:1 leaf:1 disease:1 see:1 affect:1 supply:1 price:1 |@word leaf:1 disease:9 corenes:4 pora:4 affect:6 rubber:7 tree:4 sri:6 lanka:5 indonesia:3 likely:1 force:1 cut:1 supply:1 push:1 depressed:1 price:2 malaysian:1 researcher:1 say:7 leave:2 hit:2 fungus:1 save:1 must:2 fell:1 chee:3 kheng:1 hoy:1 head:1 crop:1 protection:1 microbiology:1 division:1 research:3 institute:3 malaysia:3 rrim:4 tell:1 reuters:1 comment:1 reuter:1 report:2 seven:1 pct:1 plantation:1 may:4 cause:1 output:2 drop:2 1987:1 target:1 143:1 000:1 tonne:1 lankan:1 ask:1 estate:3 remove:1 seriously:1 add:3 belong:1 state:1 plantations:1 corp:1 janatha:1 development:1 board:1 old:1 certain:1 clone:6 use:3 discontinue:2 resistant:1 103:1 ppn:1 2058:1 2444:1 2447:1 pr:1 265:1 725:2 plant:2 several:1 year:1 ago:1 curb:3 fungicide:1 also:1 30:1 specie:1 experience:1 prove:1 uneconomical:1 expensive:1 extremely:1 difficult:1 control:1 two:1 affected:1 country:1 rise:1 aware:1 outbreak:1 monitor:1 situation:1
|
RUBBER LEAF DISEASE SEEN AFFECTING SUPPLY/PRICES
The leaf disease corenes pora,
which has affected some rubber trees in Sri Lanka and
Indonesia, is likely to force a cut in supply and push up
depressed prices, a Malaysian rubber disease researcher said.
Trees with leaves hit by the fungus disease cannot be saved
and must be felled, Chee Kheng Hoy, Head of the Crop Protection
and Microbiology Division in the Rubber Research Institute of
Malaysia (RRIM), told Reuters.
He was commenting on a Reuter report which said corenes
pora had hit seven pct of Sri Lanka's plantations and may cause
output to drop below its 1987 target of 143,000 tonnes.
The report said the Sri Lankan Rubber Research Institute
may ask estates to remove trees seriously affected by the
disease and added that most estates affected belong to the
State Plantations Corp and Janatha Estates Development Board.
Chee said corenes pora is an old disease which only affects
certain rubber clones in Sri Lanka and Indonesia and that
further use of such clones must be discontinued.
Clones not resistant to the disease are the Rubber Research
Institute of Sri Lanka clone 103, Indonesia's PPN 2058, 2444,
2447 and PR 265 and Malaysia's RRIM 725, he said.
Chee said corenes pora affected trees from the RRIM 725
clone planted in Malaysia several years ago but had been curbed
after use of such clones were discontinued.
Fungicide may be used to curb the disease, which also
affects leaves of 30 other species of plants, but experience
has proven that it is uneconomical and expensive, he added.
'The disease is extremely difficult to control. If it is not
curbed in the two affected countries their rubber output may
drop and prices can rise,' he said.
He added that the RRIM was aware of the disease outbreak in
Sri Lanka and was monitoring the situation.
|
training/3440
|
training/3440 |@title search:1 british:1 ferry:1 toxic:1 cargo:1 continue:1 |@word search:2 continue:1 cargo:1 poisonous:1 chemical:1 substance:1 load:2 herald:1 free:2 enterprise:1 ferry:7 capsize:1 zeebrugge:1 harbour:2 friday:1 total:1 72:1 drum:2 various:1 toxic:1 material:1 truck:1 ship:6 hold:2 recover:2 belgian:2 authority:1 warn:1 essential:1 61:1 container:1 cyanide:1 base:1 solution:1 net:1 throw:1 gape:1 loading:2 door:5 front:1 prevent:1 float:1 salvage:4 worker:1 move:1 crane:1 place:1 alongside:2 wreck:1 7:1 951:1 ton:1 roll:2 lie:1 partly:1 submerge:1 sandbank:1 outside:1 owner:3 european:1 ferries:1 plc:2 majority:1 peninsular:1 oriental:1 steam:1 navigation:1 co:1 porl:1 l:1 operation:1 right:1 vessel:2 begin:2 yesterday:2 diver:1 abandon:1 body:2 expert:4 say:3 could:2 take:1 month:1 refloat:1 80:1 estimate:2 trap:1 amid:1 debris:1 problem:1 water:3 normally:1 expect:1 one:4 work:3 day:2 four:1 daan:1 kaakebeen:1 dutch:1 smit:1 tak:1 international:1 rotterdam:1 job:1 would:1 require:1 35:1 use:1 reinforce:1 cable:1 intend:1 raise:1 set:2 trench:1 dug:1 pinpoint:1 exact:1 cause:1 loss:1 three:1 sister:1 ply:1 cross:1 channel:1 route:1 england:1 continental:1 europe:1 suspicion:1 present:1 focus:2 main:1 vehicle:1 close:2 level:1 london:1 transport:1 secretary:1 john:1 moore:1 tell:1 parliament:1 keel:1 gush:1 bow:2 major:1 government:1 inquiry:1 disaster:2 similar:1 sail:1 britain:1 inspect:1 ask:1 fit:1 light:1 give:1 warning:1 properly:1 carry:1 tank:1 computer:1 test:1 determine:1 accident:1 occur:1 attention:1 ballast:1 system:1 crew:1 procedure:1 add:1 two:1 investigation:1 also:1
|
SEARCH FOR BRITISH FERRY'S TOXIC CARGO CONTINUES
The search continued for a
cargo of poisonous chemical substances loaded on the Herald of
Free Enterprise Ferry which capsized in Zeebrugge harbour
Friday.
A total of 72 drums of various toxic materials which were
loaded on trucks in the ship's hold have been recovered, but
Belgian authorities warned it was essential to recover a
further 61 containers of a cyanide-based solution.
A net has been thrown over the gaping loading doors at the
front of the ship to prevent any more drums floating out.
Salvage workers have moved cranes into place alongside the
wreck of the 7,951 ton roll-on, roll-off ferry which now lies
partly submerged on a sandbank outside the harbour.
The ferry's owner is <European Ferries Plc>, majority owned
by Peninsular and Oriental Steam Navigation Co Plc <PORL.L>.
The operation to right the vessel began yesterday after
divers abandoned their search for more bodies. Experts said it
could take months to refloat the ship and free the 80 bodies
estimated to be trapped amid debris.
'The problem is that in these waters you can normally expect
one working day out of four,' said Daan Kaakebeen of Dutch
Salvage experts Smit Tak International of Rotterdam. He
estimated the job itself would require 35 working days.
Using reinforced cables, salvage experts intend to raise
the ship and set it down into a trench dug alongside.
Salvage work could pinpoint the exact cause of the loss of
the ferry, one of three sister vessels plying cross-Channel
routes from England to continental Europe.
Suspicion at present is focused on the ferry's main vehicle
loading doors, set close to water level.
In London, Transport Secretary John Moore told parliament
yesterday that the ship keeled over after water gushed in
through the bow doors. He said a major government inquiry into
the disaster will be held, all similar ferries sailing from
Britain will be inspected and owners will be asked to fit
lights to give warning if bow doors are not properly closed.
Experts carrying out tank and computer tests to determine
how the accident occurred will focus attention on the ship's
doors, its ballast system and crew procedures, he added.
Two other investigations into the disaster have also begun,
one Belgian and one by the ferry's owners.
|
training/3441
|
training/3441 |@title soviet:1 economist:1 see:1 1987:1 gain:1 u:1 trade:1 |@word little:1 chance:1 soviet:5 export:3 united:2 states:2 rise:1 1987:2 moscow:1 current:1 trade:5 reform:2 result:1 manufacture:1 good:3 future:2 economist:2 say:4 sergey:1 frolov:2 chief:1 amtorg:1 trading:2 corp:1 agent:1 organisation:1 industry:1 tell:1 u:2 ussr:2 business:1 meet:1 union:2 produce:1 item:1 western:1 nation:1 want:1 include:1 upgrade:1 quality:1 allow:1 joint:1 venture:1 foreign:1 firm:1 encourage:1 modest:1 gain:1 500:1 mln:1 dlrs:3 worth:2 1986:1 import:1 1:1 5:1 billion:2 give:1 forecast:1 even:1 obstacle:1 remove:1 total:1 two:2 country:1 would:1 remain:1 three:1 year:1 post:1 detente:1 embargo:1 teach:1 limit:1
|
SOVIET ECONOMIST SEES FEW 1987 GAINS IN U.S. TRADE
There is little chance Soviet exports
to the United States will rise in 1987, but Moscow's current
trade reforms should result in more trade in manufactured goods
in future, a Soviet economist said.
Sergey Frolov, chief economist at Amtorg Trading Corp, an
agent for Soviet trade organisations and industries, told a
U.S.-USSR business meeting the Soviet Union produces few items
that western nations want.
But reforms, including upgrading the quality of goods and
allowing joint ventures with foreign firms, will encourage
modest export gains in future.
Frolov said the Soviet Union exported 500 mln dlrs worth of
goods to the United States in 1986 and imported 1.5 billion
dlrs worth. He gave no trade forecast for 1987.
But he said that even if all obstacles were removed, total
trade between the two countries would remain between two and
three billion dlrs a year.
'The post-detente embargoes have taught the USSR to limit
its trading with the U.S.,' he said.
|
training/3442
|
training/3442 |@title china:1 allow:1 nationwide:1 foreign:1 exchange:1 saving:1 |@word people:1 throughout:1 china:3 open:3 foreign:1 exchange:1 account:4 bank:2 official:1 shenzhen:1 economic:1 zone:1 daily:1 say:5 previously:2 resident:1 guangdong:1 fujian:1 province:2 could:2 paper:4 also:2 minimum:2 fix:2 deposit:4 cut:1 50:1 yuan:3 equivalent:2 150:1 current:1 20:1 depositor:1 withdraw:1 part:1 subject:1 branch:2 reserve:1 instead:1 amount:1 may:1 french:1 franc:1 well:1 already:1 available:1 u:1 dollar:3 hong:1 kong:1 sterling:1 yen:1 marks:1 hainan:1 island:1 accept:2 singapore:1 wenzhou:1 zhejiang:1 dutch:1 guilde:1 give:1 detail:1
|
CHINA ALLOWS NATIONWIDE FOREIGN EXCHANGE SAVING
People throughout China can now open
foreign exchange accounts at the Bank of China, the official
Shenzhen Economic Zone Daily said.
Previously only residents of Guangdong and Fujian provinces
could do this.
The paper also said the minimum for opening a fixed deposit
account had been cut to 50 yuan equivalent, from 150 yuan. The
minimum for a current account is 20 yuan equivalent.
The paper said depositors could now withdraw all or part of
their account, subject to a branch's reserves, instead of only
a fixed amount as previously.
The paper said deposits may now be opened in French francs
as well as the already available U.S. Dollar, Hong Kong dollar,
sterling, yen and marks.
Bank of China branches in Hainan island also accept
deposits in Singapore dollars, and those in Wenzhou, Zhejiang
province, accept deposits in Dutch guilders, the paper said.
It gave no further details.
|
training/3445
|
training/3445 |@title sichuan:1 brace:1 fight:1 drought:1 |@word sichuan:4 government:1 order:1 work:1 meeting:1 interfere:1 fight:1 drought:5 must:1 cancel:1 postpone:1 save:1 time:1 energy:1 manpower:1 people:2 daily:3 domestic:1 edition:1 say:5 one:1 six:1 province:2 threaten:1 wen:1 wei:1 po:1 hong:1 kong:1 bad:1 20:1 year:2 affect:3 nearly:1 two:1 mln:2 hectare:2 100:1 county:2 country:1 big:1 agricultural:1 producer:1 experience:1 temperature:1 three:1 degree:1 centigrade:1 higher:1 normal:2 rainfall:1 70:1 pct:1 less:1 since:2 early:1 february:1 wheat:1 oil:1 bear:1 crop:2 rice:1 planting:1 dryland:1 cash:1 paper:1 43:1 000:1 meixian:1 guangdong:1 seriously:1 short:1 water:1 henan:2 shaanxi:1 gansu:1 hebei:1 also:1 suffer:1 grain:1 output:1 fall:1 2:1 5:1 tonne:1 last:1 1985:1 level:1 may:1
|
SICHUAN BRACED TO FIGHT DROUGHT
The Sichuan government has ordered that
any work or meeting which interferes with the fight against
drought must be cancelled or postponed to save time, energy and
manpower, the People's Daily domestic edition said.
Sichuan is one of six provinces threatened by drought.
Wen Wei Po, a Hong Kong daily, said the drought, the worst
for more than 20 years, is affecting nearly two mln hectares in
100 counties in Sichuan, the country's biggest agricultural
producer.
Sichuan has experienced temperatures three degrees
Centigrade higher than normal and rainfall up to 70 pct less
than normal since early February, affecting wheat, oil-bearing
crops, rice planting and dryland cash crops, it said.
The paper said 43,000 hectares in Meixian county in
Guangdong are seriously short of water.
The People's Daily said Henan, Shaanxi, Gansu and Hebei are
also suffering from drought.
Henan's grain output fell by 2.5 mln tonnes last year from
the 1985 level because of drought which has been affecting the
province since May.
|
training/3446
|
training/3446 |@title economic:1 spotlight:1 japan:1 push:1 chipmaker:1 |@word japanese:5 microchip:2 maker:2 strong:1 arm:1 compliance:1 u:12 japan:9 pact:5 semiconductor:2 halt:1 predatory:1 pricing:1 open:2 market:7 foreign:3 chip:8 industry:10 analyst:13 say:23 doubt:2 remain:4 whether:3 ministry:2 international:1 trade:2 miti:10 pressure:4 firm:6 successfully:1 battle:1 force:2 gear:1 take:1 advantage:1 breathing:1 space:1 threat:1 scrap:1 agreement:3 sign:2 last:4 september:1 push:1 try:1 harder:1 get:3 recalcitrant:1 chipmaker:3 abide:1 move:1 hot:1 heavy:1 throughout:1 thing:1 bache:2 securities:1 associate:1 vice:1 president:1 peter:1 wolffe:2 month:1 tell:1 cut:7 production:7 january:1 march:1 period:1 10:1 pct:1 help:2 dry:1 inexpensive:1 escape:1 grey:3 subject:1 price:3 control:1 also:5 ask:1 electronics:1 provide:1 distributor:1 certificate:1 designate:1 authorise:1 exporter:1 effort:2 close:3 loophole:1 marketeer:1 sneak:1 negotiator:1 week:2 jeopardy:1 continue:1 dump:1 non:1 american:1 little:1 increase:2 sale:2 major:1 appear:1 agree:1 several:1 nec:3 corp:1 would:1 line:1 request:1 aggressive:1 resist:1 demand:2 david:1 keller:1 james:1 capel:1 co:1 mean:1 still:1 keep:1 high:3 need:1 output:2 unit:1 commerce:1 department:1 assign:1 good:1 way:1 lower:1 cost:1 produce:1 salomon:1 brothers:1 asia:1 ltd:1 carole:1 ryavec:1 preparation:1 possible:1 upturn:1 could:4 spur:1 next:1 quarter:1 merrill:1 lynch:1 matt:1 aizawa:1 marketeers:1 may:1 able:2 outfox:1 new:2 restriction:1 official:2 like:3 tax:1 avoidance:1 scheme:1 steve:1 donovan:1 head:1 mmi:1 k:2 soon:1 one:5 route:1 another:1 annoy:1 earlier:1 shrug:1 guidance:1 communism:1 make:2 easy:1 plan:1 april:1 1:1 stop:1 extend:1 share:2 sell:1 loss:1 go:1 start:1 run:1 business:2 conduct:1 highly:1 public:1 campaign:1 urge:1 user:1 buy:1 response:1 mix:1 best:1 change:1 across:1 board:1 spokesman:1 company:1 varying:1 degree:1 urgency:1 ultimate:1 impact:1 troubled:1 add:1 256:1 kilobit:1 dram:1 dynamic:1 random:1 access:2 memory:2 merely:1 speed:1 transition:1 megabit:1 lead:1 stage:1 comeback:1 interested:1 unclear:1 watch:1 interest:1 fate:1 consortium:1 hope:1 challenge:1 develop:1 advanced:1 technology:1 manufacture:1 even:2 thorny:1 area:1 much:1 depend:1 commitment:1 well:1 openness:1 sia:1 association:1 office:1 source:1 question:2 committed:1 addition:1 effectiveness:1 bilateral:1 leave:1 third:1 country:1 south:2 korea:2 gain:1 real:1 winner:1
|
ECONOMIC SPOTLIGHT - JAPAN PUSHES ITS CHIPMAKERS
Japanese microchip makers are being
strong-armed into compliance with a U.S.-Japan pact on
semiconductors halting predatory pricing and opening Japan's
market to foreign chips, industry analysts said.
But doubts remain over whether the Ministry of
International Trade and Industry (MITI), which is pressuring
the firms, can successfully battle market forces and whether
the U.S. Industry is geared up to take advantage of any
breathing space, they said.
U.S. Threats to scrap the agreement signed last September
have pushed MITI to try harder to get recalcitrant Japanese
chipmakers to abide by the pact, the analysts said.
'MITI has been moving hot and heavy throughout the industry
to get things done,' said Bache Securities (Japan) associate
vice president Peter Wolffe.
Last month, MITI told chipmakers to cut production for the
January to March period by 10 pct to help dry up inexpensive
chips that have escaped from Japan to grey markets not subject
to the pact's price controls.
The ministry also asked electronics firms to provide
distributors with certificates designating them as authorised
exporters, in an effort to close loopholes through which grey
marketeers sneak chips out of Japan, market analysts said.
U.S. Trade negotiators here last week said the pact was in
jeopardy because of continued dumping in non-American markets
and little sign of increased foreign sales in Japan.
But major Japanese firms appear to have agreed to the
production cuts, several analysts said. Last week, NEC Corp
said it would cut production in line with MITI's request.
'NEC has been the most aggressive in resisting MITI's
demands,' said David Keller, analyst at James Capel and Co. 'Once
NEC cuts production, it means they all have.'
Still, pressures remain to keep production high. Japanese
firms need high output to cut unit prices for U.S. Sales that
the Commerce Department assigns them under the pact.
'The best way to lower cost is to produce more,' said Salomon
Brothers Asia Ltd analyst Carole Ryavec.
Preparations for a possible upturn in demand could also
spur higher production next quarter, Merrill Lynch analyst Matt
Aizawa said.
Grey marketeers may also be able to outfox any new
restrictions, some industry officials said.
'It's like tax avoidance schemes,' said Steve Donovan, head
of MMI Japan K.K. 'As soon as you close one route, another
opens.'
MITI's pressure has annoyed some makers, who had earlier
shrugged off MITI guidance.
'It's getting to be like communism,' said one.
But analysts said output cuts could help by making it
easier to increase prices as planned on April 1 and forcing
firms to stop extending market share by selling at a loss.
'They're going to have to start running their businesses
like businesses,' Bache's Wolffe said.
MITI has also been conducting a highly public campaign
urging chip users to buy foreign-made chips, but U.S. Industry
officials said response has been mixed at best.
'There has been some change, but it's not across the board,'
said one U.S. Spokesman. 'The companies have a varying degree of
urgency.'
The ultimate impact of all these efforts by MITI on the
troubled U.S. Industry remains in doubt, analysts added.
Pressure to cut production of 256 kilobit DRAM (dynamic
random access memory) chips could merely speed the transition
to one megabit chips, where Japan now leads, analysts said.
Whether U.S. Firms are able to stage a comeback in memory
chips, or interested in doing so, also remains unclear, they
said.
Analysts are watching with interest the fate of a new U.S.
Consortium which hopes to challenge Japan by developing the
most advanced technology for microchip manufacturing.
Even in the thorny area of access, much depends on U.S.
Commitment as well as on Japanese openness, some said.
'The SIA (U.S. Semiconductor Industry Association) doesn't
even have an office here,' a source close to the industry said.
'You could question just how committed they are.'
In addition, some industry analysts question the
effectiveness of a bilateral agreement that leaves out third
country chipmakers such as those in South Korea.
'(South) Korea's gaining market share,' said one analyst.
'They're the real winners from the agreement.'
|
training/3448
|
training/3448 |@title |@word sumita:2 say:2 little:2 room:2 bank:2 japan:2 ease:2 credit:2 policy:2
|
Sumita says little room for Bank of Japan to further ease credit policy
Sumita says little room for Bank of Japan to further ease credit policy
|
training/3449
|
training/3449 |@title sumita:1 say:1 little:1 room:1 bank:1 ease:1 policy:1 |@word bank:2 japan:2 governor:1 satoshi:1 sumita:2 say:3 little:1 room:1 leave:1 central:1 ease:1 credit:1 policy:2 interest:1 rate:1 level:1 approach:1 low:1 limit:1 government:2 instead:1 seek:1 way:1 make:1 good:1 use:1 fiscal:1 tell:1 press:1 conference:1 remark:1 concern:1 comprehensive:2 economic:3 stimulative:1 package:2 plan:1 adopt:1 come:1 day:1 recent:2 talk:1 among:1 six:1 major:1 industrialise:1 nation:1 paris:1 promise:1 work:1 boost:1 domestic:1 demand:1 turn:1 would:1 help:1 increase:1 import:1 reduce:1 trade:1 surplus:1 also:2 economy:1 show:1 gradual:1 upturn:1 second:1 half:1 year:1 yen:2 remain:1 stable:1 caution:1 foreign:1 exchange:1 market:3 rise:1 mark:1 explain:1 stability:1 currency:1 conflict:1 indicator:1 u:1 dampen:1 activity:1 add:1
|
SUMITA SAYS LITTLE ROOM FOR BANK TO EASE POLICY
Bank of Japan governor Satoshi Sumita
said there is little room left for the central bank to further
ease its credit policy as interest rates levels are now
approaching their lower limit.
'The government should instead seek ways of making the best
use of its fiscal policy,' he told a press conference.
His remarks were concerned with a comprehensive economic
stimulative package the government plans to adopt in the coming
days.
At the recent talks among the six major industrialised
nations in Paris, Japan promised to work out a comprehensive
economic package to boost domestic demand, which in turn would
help increase its imports and reduce its trade surplus.
Sumita also said the economy will show a gradual upturn in
the second half of the year if the yen remains stable.
He said there is caution in the foreign exchange market
against a further rise of the yen and mark and this explains
the recent stability in the currency markets. Conflicting
economic indicators from the U.S. Have also been dampening
market activity, he added.
|
training/345
|
training/345 |@title carlton:1 communications:1 optimistic:1 1987:1 |@word carlton:2 communications:1 plc:1 start:1 current:1 financial:1 year:2 well:1 account:1 first:1 four:1 month:1 show:1 healthy:1 increase:2 period:1 last:1 chairman:2 p:1 green:1 tell:1 annual:1 meeting:1 look:2 forward:1 1987:1 optimism:1 issue:1 4:1 6:1 mln:1 share:1 adr:1 form:1 successfully:1 complete:1 add:1 intend:1 presence:1 u:1 represent:1 50:1 pct:1 world:1 television:2 market:1 condition:1 worldwide:1 industry:1 continue:1 buoyant:1 note:1
|
CARLTON COMMUNICATIONS OPTIMISTIC FOR 1987
<Carlton Communications Plc> has started
the current financial year well, with accounts for the first
four months showing a healthy increase on the same period last
year, and Chairman M.P. Green told the annual meeting he looked
forward to 1987 with optimism.
The issue of 4.6 mln shares in ADR form had now been
successfully completed, he added.
Carlton intended to increase its presence in the U.S. Which
represented 50 pct of the world television market. Conditions
worldwide in the television industry continued to look buoyant,
the Chairman noted.
|
training/3452
|
training/3452 |@title iranian:1 oil:1 minister:1 uae:1 talk:1 |@word iranian:3 oil:6 minister:3 gholamreza:1 aqazadeh:4 united:1 arab:1 emirates:1 uae:2 discuss:1 price:4 general:1 market:1 situation:1 official:2 accompany:1 say:5 meet:2 president:1 sheikh:1 zaid:1 bin:1 sultan:1 al:2 nahayan:1 mana:1 oteiba:1 arrive:1 last:1 night:1 brief:1 stopover:1 riyadh:2 saudi:2 arabia:1 hisham:1 nazir:2 press:1 agency:2 quote:2 talk:1 constructive:1 good:1 organisation:1 petroleum:1 exporting:1 countries:1 opec:4 member:3 agree:2 hold:1 production:2 stable:2 reiterate:1 importance:1 maintain:1 december:1 limit:1 15:1 8:1 mln:1 barrel:2 per:1 day:1 first:1 half:1 year:1 benchmark:1 18:1 dlrs:1 february:1 1:1 also:1 viste:1 gabon:1 algeria:1 libya:1 news:1 irna:1 leave:1 tripoli:1 everything:1 possible:1 make:1 permanently:1
|
IRANIAN OIL MINISTER IN UAE TALKS
Iranian Oil Minister Gholamreza
Aqazadeh is in the United Arab Emirates (UAE) to discuss oil
prices and the general market situation, Iranian officials
accompanying him said.
He will meet UAE President Sheikh Zaid bin Sultan
al-Nahayan and Oil Minister Mana Said al-Oteiba.
Aqazadeh arrived last night after a brief stopover in
Riyadh, where he met Saudi Arabia's Oil Minister Hisham Nazir.
The official Saudi Press Agency quoted him as saying his
talks at Riyadh with Nazir had been constructive and good.
Aqazadeh said Organisation of Petroleum Exporting Countries
(OPEC) members were agreed on holding production stable and he
reiterated the importance of maintaining oil prices.
OPEC members agreed in December to limit production to 15.8
mln barrels per day for the first half of this year and on a
benchmark price of 18 dlrs a barrel from February 1.
Aqazadeh also visted OPEC members Gabon, Algeria and Libya.
The Iranian news agency, IRNA, quoted him as saying before
leaving Tripoli that OPEC should do everything possible to make
oil prices permanently stable.
|
training/3453
|
training/3453 |@title japan:1 may:1 increase:1 brazilian:1 soybean:1 purchase:1 |@word japanese:3 crusher:2 likely:2 buy:2 least:1 200:2 000:4 tonne:3 brazilian:3 soybean:3 year:1 another:1 100:1 quality:1 shipping:1 condition:1 good:1 128:1 089:1 1986:1 trade:1 source:2 say:3 trading:1 house:1 recently:1 31:1 april:1 10:3 may:2 shipment:2 price:1 cent:1 bushel:1 cheap:1 u:1 origin:1 due:1 bumper:1 harvest:1 highly:1 increase:1 buying:1 volume:1 one:1 bean:1 available:1 japan:1 july:1
|
JAPAN MAY INCREASE ITS BRAZILIAN SOYBEAN PURCHASES
Japanese crushers are likely to buy at
least 200,000 tonnes of Brazilian soybeans this year and
another 100,000 to 200,000 if quality and shipping conditions
are good against 128,089 tonnes in 1986, trade sources said.
A Japanese trading house recently bought about 31,000
tonnes of soybeans for April 10/May 10 shipment, they said.
'Because Brazilian soybean prices are now some 10 cents a
bushel cheaper than U.S. Origin due to the bumper harvest, it
is highly likely that Japanese crushers will increase their
buying volume,' one source said. Brazilian beans are available
to Japan for shipment from May to July.
|
training/3454
|
training/3454 |@title australian:1 metal:1 trader:1 link:1 asturiana:1 de:1 zinc:1 |@word metal:9 trader:7 australasia:1 ltd:2 say:7 newly:1 form:1 subsidiary:1 austmet:6 group:3 negotiate:1 exclusive:1 long:1 term:1 contract:3 spain:2 asturiana:4 de:1 zinc:6 market:1 export:1 statement:2 would:1 underpin:1 worldwide:1 copper:1 lead:1 trading:2 activity:2 wholly:1 london:1 base:3 company:3 u:3 unit:1 stamford:1 connecticut:1 recruit:1 currently:1 operate:1 britain:1 handle:1 business:1 past:1 five:1 year:5 three:1 option:1 purchase:1 25:1 pct:3 price:1 independent:1 valuation:1 time:1 exercise:1 initial:1 equity:1 one:1 mln:5 stg:1 turnover:1 200:2 australian:1 dlrs:2 rise:1 300:1 first:1 credit:1 line:1 30:1 generate:1 profit:1 july:1 1:2 5:3 2:1 dlr:1 net:1 envisage:1 within:1 two:1 large:1 smelting:2 capacity:1 europe:1 nearly:1 000:1 tonne:1 99:1 995:1 high:2 grade:1 avile:1 northern:1 list:1 formerly:1 pyrotech:1 resource:1 n:2 l:2 whose:1 chief:1 development:1 marketing:2 technology:1 process:2 invent:1 australia:2 notably:1 siromelt:1 fuming:1 late:1 1986:1 control:1 change:2 expand:1 acquisition:2 asia:1 name:1 also:2 mineral:2 sand:1 produce:1 tio2:1 corp:1 hold:1 17:1 today:1 review:1 possible:1 producer:1
|
AUSTRALIAN METAL TRADER LINKS TO ASTURIANA DE ZINC
<Metal Traders Australasia Ltd> said a
newly-formed subsidiary, the <Austmet Ltd> group, has
negotiated an exclusive long-term contract with Spain's
<Asturiana de Zinc> to market its zinc metal exports.
Metal Traders said in a statement the contract would
underpin the worldwide zinc, copper and lead trading activities
of Austmet, a wholly-owned London-based company with a U.S.
Unit in Stamford, Connecticut.
Austmet has recruited a group of base metal traders,
currently operating out of Britain and the U.S., Who have
handled Asturiana's business for the past five years, it said.
Asturiana has a three-year option to purchase 25 pct of the
Austmet group, to be priced on an independent valuation at the
time of exercise, Metal Traders said.
Austmet will have an initial equity base of one mln stg, a
turnover of 200 mln Australian dlrs rising to 300 mln in the
first year, and credit lines of up to 30 mln U.S. Dlrs.
Austmet should be generating profits from July 1 and a
1.5-2.5 mln dlr net is envisaged within two years, it said.
Metal Traders said Asturiana has the largest zinc smelting
capacity in Europe -- nearly 200,000 tonnes a year of 99.995
pct high-grade zinc, at Aviles in northern Spain.
Metal Traders, a listed company, was formerly <Pyrotech
Resources N.L.> whose chief activity was the development and
marketing of high-technology smelting processes invented in
Australia, notably the Siromelt Zinc Fuming Process.
But in late 1986, control of the company changed and it
expanded by acquisition into metal trading in Australia and
Asia. It then changed its name.
It also has the marketing contract for mineral sands
produced by <TiO2 Corp N.L.>, of which it holds 17.5 pct.
In today's statement, Metal Traders also said it is
reviewing possible acquisition of a mineral producer.
|
training/3455
|
training/3455 |@title saudi:1 arabia:1 king:1 fahd:1 want:1 stable:1 oil:1 price:1 |@word king:6 fahd:4 say:5 today:1 saudi:5 arabia:5 want:1 oil:5 price:5 stability:2 call:3 non:3 opec:8 producer:2 avoid:1 harmful:2 competition:2 13:1 nation:1 group:2 plea:2 interview:1 reuters:1 television:1 news:1 agency:1 visnew:1 come:2 ahead:1 state:1 visit:1 make:2 britain:2 later:1 month:1 ask:2 whether:1 would:1 prepared:1 reduce:1 output:3 quota:2 4:1 133:1 mln:2 barrel:2 per:2 day:1 bpd:2 defend:1 18:3 dlr:3 benchmark:3 agree:1 last:1 december:2 reply:1 decide:1 certainly:1 desire:1 country:2 must:1 help:2 framework:1 common:1 interest:1 type:1 could:2 prove:1 everyone:1 see:1 first:2 step:1 towards:1 high:2 world:3 determine:1 issue:1 iran:2 algeria:1 already:1 recent:1 week:1 level:1 pressure:1 due:1 partly:1 violation:1 member:1 large:1 exporter:1 adhere:1 decision:1 conference:1 set:1 15:1 8:1 ceiling:1 half:1 1987:1 major:1 far:1 resist:1 curb:1 north:1 sea:1 also:1 urge:1 community:1 palestinians:1 return:1 homeland:1 peaceful:1 end:1 iraq:1 war:2 6:1 1:1 2:1 year:1 old:1 resolve:1 battlefield:1
|
SAUDI ARABIA'S KING FAHD WANTS STABLE OIL PRICES
King Fahd said today Saudi Arabia wants
oil price stability and he called on non-OPEC producers to
avoid harmful competition with the 13 nation group.
His plea, in an interview with Reuters and the television
news agency Visnews, came ahead of a state visit he will make
to Britain later this month.
King Fahd was asked whether Saudi Arabia would be prepared
to reduce its oil output below its OPEC quota of 4.133 mln
barrels per day (bpd) to defend the 18 dlr benchmark price
agreed to by OPEC last December.
The King replied: 'Saudi Arabia doesn't decide prices by
itself but certainly desires price stability.'
Non-OPEC countries 'must help us in a framework of common
interest so that there is no type of competition which could
prove harmful to everyone,' he said.
Asked if he saw the 18 dlr per barrel benchmark as a first
step towards higher world oil prices, King Fahd said it was not
for Saudi Arabia but for all OPEC countries to determine such
issues. Iran and Algeria have already called for a higher
benchmark.
In recent weeks the 18 dlr level has come under pressure,
due partly to quota violations by some OPEC members. King Fahd
said Saudi Arabia, the world's largest oil exporter, was
adhering to decisions made at OPEC's December conference which
set a 15.8 mln bpd output ceiling for the first half of 1987.
A major non-OPEC producer, Britain has so far resisted the
group's pleas to curb its North Sea oil output.
The King also urged the world community to help the
Palestinians return to their homeland and called for a peaceful
end to the Iran-Iraq war. The 6-1/2-year-old war could not be
resolved on the battlefield, he said.
|
training/3456
|
training/3456 |@title hillsdown:1 holdings:1 plc:1 hldn:1 l:1 1986:1 year:1 |@word shr:1 16:1 3p:1 vs:19 12:1 2p:1 div:1 2:6 75p:1 25p:1 make:1 3:6 8p:1 15p:1 adjust:1 three:1 one:1 capitalisation:1 pre:1 tax:2 profit:3 54:1 9:6 mln:26 stg:1 33:1 4:6 turnover:1 1:5 70:1 billion:3 13:1 7:4 6:4 mlnprofit:1 attributable:1 51:1 30:1 cost:2 sale:2 49:1 999:1 gross:1 215:1 136:1 distribution:3 90:1 57:1 adminstrative:1 expense:1 65:1 40:1 8:5 operating:1 income:1 nil:2 interest:2 payable:1 minority:1 0:3 extraordinary:1 credit:1 share:1 w:1 berisford:1 plc:1 5:2 operate:1 include:1 poultry:1 egg:1 animal:1 feed:1 21:1 17:1 food:1 processing:1 15:1 furniture:1 timber:1 fresh:1 meat:1 bacon:1
|
HILLSDOWN HOLDINGS PLC <HLDN.L> 1986 YEAR
Shr 16.3p vs 12.2p
Div 2.75p vs 2.25p making 3.8p vs 3.15p adjusted for
Three-for-one capitalisation
Pre-tax profit 54.9 mln stg vs 33.4 mln
Turnover 1.70 billion vs 1.13 billion
Tax 7.6 mln vs 2.6 mlnProfit attributable 51.9 mln vs 30.1
Mln
Cost of Sales 1.49 billion vs 999.3 mln
Gross profit 215.9 mln vs 136.2 mln
Distribution costs 90.3 mln vs 57.2 mln
Adminstrative expenses 65.9 mln vs 40.8 mln
Other operating income 3.9 mln vs nil
Interest payable 8.7 mln vs 4.8 mln
Minority interests 1.0 mln vs 0.7 mln
Extraordinary credit (sale of share in S and W Berisford
Plc) 5.6 mln vs nil
Operating profit includes -
Poultry, eggs and animal feed 21.7 mln vs 17.2 mln
Food processing and distribution 15.4 mln vs 6.9 mln
Furniture and timber distribution 8.4 mln vs 3.4 mln
Fresh meat and bacon 8.0 mln vs 4.5 mln
|
training/3458
|
training/3458 |@title japan:1 crushers:1 start:1 april:1 u:1 soybean:1 buying:1 |@word japanese:1 crusher:2 start:1 buy:1 u:2 soybean:2 april:4 shipment:2 recently:1 make:1 purchase:3 48:1 000:5 tonne:2 trade:1 source:2 say:2 could:1 estimate:1 total:1 volume:1 shipping:1 japan:1 crush:1 program:1 june:1 unclear:1 predict:1 earlier:1 bean:1 would:1 drop:1 260:1 270:1 monthly:1 average:1 300:1 330:1 due:1 low:1 meal:1 price:1
|
JAPAN CRUSHERS START APRIL U.S. SOYBEAN BUYING
Japanese crushers, starting to buy U.S.
Soybeans for April shipment, have recently made purchases of
some 48,000 tonnes, trade sources said.
The sources said they could not estimate the total volume
to be purchased for April shipping because Japan's crushing
program for April and June is unclear.
They had predicted earlier that crushers' April shipment
U.S. Bean purchases would drop to 260,000 to 270,000 from the
monthly average of 300,000 to 330,000 tonnes due to low soybean
meal prices.
|
training/3459
|
training/3459 |@title kaufhof:1 consider:1 take:1 stake:1 hapag:1 lloyd:1 |@word west:2 german:1 retail:1 group:5 kaufhof:3 ag:5 kfhg:1 f:5 consider:1 take:1 stake:4 shipping:3 transport:1 hapag:5 lloyd:5 hplg:1 yet:1 reach:1 final:1 decision:2 spokesman:2 say:4 response:1 query:1 press:1 report:1 want:2 12:2 5:2 pct:4 note:1 purchase:1 share:2 would:1 approve:1 supervisory:1 board:1 due:1 hold:2 meeting:1 tomorrow:1 late:1 last:1 year:1 gevaert:2 belgium:1 germany:1 veba:2 vebg:1 acquire:1 deutsche:2 bank:3 dbkg:1 dresdner:2 drsd:1 industry:1 source:1 estimate:1 majority:1 shareholder:1 75:1 capital:1 sell:1 portion:1 two:1 eventually:1 reduce:1 15:1
|
KAUFHOF CONSIDERING TAKING STAKE IN HAPAG-LLOYD
West German retail group Kaufhof AG
<KFHG.F> is considering taking a stake in shipping and
transport group Hapag-Lloyd AG <HPLG.F> but has yet to reach a
final decision, a spokesman said in response to queries.
Press reports said Kaufhof wanted a stake of up to 12.5 pct
in Hapag-Lloyd.
The Kaufhof spokesman noted any decision on purchasing
shares in the shipping group would have to be approved by the
supervisory board, which is due to hold a meeting tomorrow.
Late last year the Gevaert group of Belgium and West
Germany's VEBA AG <VEBG.F> said they had each acquired a 12.5
pct stake in Hapag-Lloyd from Deutsche Bank AG <DBKG.F> and
Dresdner Bank AG <DRSD.F>.
Industry sources estimate Deutsche and Dresdner,
Hapag-Lloyd's majority shareholders, held about 75 pct of
Hapag-Lloyd's share capital before selling portions of it to
Gevaert and VEBA.
The two banks have said they eventually wanted to reduce
their stake in the shipping group to 15 pct each.
|
training/346
|
training/346 |@title ec:1 open:1 anti:1 dumping:1 enquiry:1 soviet:1 mercury:1 |@word european:3 community:1 commission:4 say:5 open:2 enquiry:1 allegation:1 soviet:3 union:1 dump:1 mercury:4 market:2 cost:2 price:4 decision:1 follow:1 complaint:2 ec:4 non:1 ferrous:1 metal:1 producer:3 sale:3 harm:1 business:1 threaten:2 job:2 industry:3 accord:1 rise:1 zero:1 recent:1 year:2 100:1 tonne:1 august:1 october:1 last:1 capture:1 25:1 pct:2 continue:1 pace:1 sell:1 40:1 charge:1 force:1 cut:1 level:2 longer:1 cover:1 import:1 cause:1 heavy:1 financial:1 loss:2 would:2 probably:1 unable:1 hold:1 current:1 increase:1 result:1 call:1 anti:1 dumping:1 procedure:1 allow:1 interested:1 party:1 state:1 case:1 authority:1
|
EC OPENS ANTI-DUMPING ENQUIRY INTO SOVIET MERCURY
The European Community Commission said
it has opened an enquiry into allegations that the Soviet Union
is dumping mercury on the European market at below-cost prices.
The Commission said its decision follows a complaint from
EC non-ferrous metals producers that the sales of Soviet
mercury were harming their business and threatening jobs in the
European industry.
According to the complaint, Soviet mercury sales in the EC
had risen from zero in recent years to 100 tonnes between
August and October last year and threaten to capture 25 pct of
the EC market if they continue at the same pace.
The industry said the mercury was being sold at more than
40 pct below prices charged by EC producers, forcing them to
cut their prices to levels that no longer covered costs. The
imports had caused producers heavy financial losses, it said.
The Commission said the industry would probably be unable
to hold prices at current levels and that any increase would
result in loss of sales and jobs.
The so-called anti-dumping procedure opened by the
Commission will allow all interested parties to state their
cases to the authority.
|
training/3460
|
training/3460 |@title japan:1 thailand:1 jointly:1 extract:1 rare:1 metal:1 |@word japan:1 agency:2 natural:1 resource:1 energy:1 say:3 begin:1 experiment:1 thailand:2 end:1 march:1 start:1 commercial:1 production:2 rare:3 metal:3 1989:1 joint:1 project:1 official:2 set:1 500:1 mln:1 yen:1 pilot:1 plant:2 bangkok:1 extract:2 high:1 quality:1 titanium:1 niobium:1 sand:2 leave:1 tin:1 process:1 wilq:1 use:1 tonne:1 per:1 day:1 although:1 unclear:1 much:1
|
JAPAN AND THAILAND TO JOINTLY EXTRACT RARE METALS
Japan's Agency of Natural Resources and
Energy said it will begin experiments with Thailand at the end
of March to start commercial production of rare metals in 1989
under a joint project.
An agency official said it will set up a 500 mln yen pilot
plant in Bangkok which will extract high quality rare metals
such as titanium and niobium from sand left over from tin
production processes in Thailand.
The plant wilq use about a tonne of sand per day, although
it is unclear how much rare metal will be extracted, the
official said.
|
training/3461
|
training/3461 |@title hungary:1 devalue:1 forint:1 western:1 unit:1 |@word hungary:3 devalue:2 forint:3 average:1 eight:1 pct:1 western:2 currency:2 official:1 news:1 agency:1 mti:2 say:3 devaluation:1 would:1 become:1 effective:1 expect:1 new:1 rate:1 announce:1 later:1 today:1 similar:1 amount:1 last:1 september:1 23:1 banker:1 realistically:1 value:1 comecon:1 ally:1
|
HUNGARY TO DEVALUE FORINT AGAINST WESTERN UNITS
Hungary is to devalue the forint by an
average of eight pct against Western currencies, the official
news agency MTI said.
MTI did not say when the devaluation would become
effective, but it expected new rates to be announced later
today.
Hungary devalued the forint by a similar amount last
September 23. Western bankers say the forint is more
realistically valued than currencies of Hungary's COMECON
allies.
|
training/3463
|
training/3463 |@title hillsdown:1 say:1 early:1 1987:1 result:1 encourage:1 |@word hillsdown:2 holdings:1 plc:1 hldn:1 l:1 say:3 early:1 result:3 1987:2 encouraging:1 combination:1 investment:2 acquisition:1 strategy:1 enable:2 look:1 forward:1 confidently:1 excellent:1 year:4 company:3 comment:1 1986:2 show:1 pre:1 tax:1 profit:2 rise:2 54:1 9:1 mln:9 stg:4 33:1 4:1 previously:1 turnover:1 lift:1 1:3 70:1 billion:2 13:1 figure:1 initially:1 boost:1 share:2 price:2 286p:1 281p:1 last:2 night:1 ease:1 back:1 283p:1 0830:1 gmt:1 capital:1 expenditure:1 60:1 31:1 5:2 would:2 continue:1 high:1 level:1 placing:1 82:1 raise:1 160:1 7:1 shareholder:2 fund:2 double:1 352:1 end:1 net:1 borrowing:1 20:1 pct:1 group:1 list:1 47:1 buy:1 total:2 40:1 180:1 although:1 make:1 minor:1 contribution:1 real:1 benefit:1 come:1 1988:1 beyond:1
|
HILLSDOWN SAYS EARLY 1987 RESULTS ENCOURAGING
Hillsdown Holdings Plc <HLDN.L> said
early results for 1987 were encouraging, and the combination of
its investment and acquisition strategies enabled it to look
forward confidently for an excellent result for the year.
The company was commenting on 1986 results which showed
pre-tax profit rising to 54.9 mln stg from 33.4 mln previously
on turnover that lifted to 1.70 billion from 1.13 billion.
The figures initially boosted the share price to 286p from
281p last night, but they then eased back to 283p by 0830 GMT.
Hillsdown said capital expenditure rose in 1986 to 60 mln
stg from 31.5 mln and would continue at this high level in
1987.
The placing of 82.5 mln shares last year raised 160.7 mln
stg and enabled shareholders' funds to more than double to 352
mln at year-end.
Net borrowings were 20 pct of shareholder's funds and the
group had listed investments of 47.1 mln.
The company said it had bought a total of 40 companies
during the year for a total price of some 180 mln stg. Although
these had made minor contribution to profits the real benefits
would come in 1988 and beyond.
|
training/3466
|
training/3466 |@title nippon:1 oil:1 see:1 sharply:1 low:1 sale:1 profit:1 |@word nippon:1 oil:1 co:1 ltd:1 npol:1 predict:1 parent:1 company:2 net:1 profit:2 nine:1 billion:3 yen:5 year:7 end:2 march:1 31:1 10:1 4:1 pct:3 early:1 president:1 yasuoki:1 takeuchi:2 tell:1 press:1 conference:1 current:1 estimate:1 17:1 18:1 20:1 24:1 earlier:1 say:2 sale:1 expect:1 fall:2 40:1 1:1 700:1 fifth:1 consecutive:1 drop:1 due:1 low:1 selling:1 price:1 user:1 offset:1 appreciation:1 retain:1 six:1 dividend:1 1986:1 87:1
|
NIPPON OIL SEES SHARPLY LOWER SALES AND PROFITS
Nippon Oil Co Ltd <NPOL.T> predicted
parent company net profit of about nine billion yen in the year
ending March 31, down 10.4 pct from a year earlier, president
Yasuoki Takeuchi told a press conference.
Current profit for the year was estimated at 17 to 18
billion yen, down 20 to 24 pct from a year earlier, he said.
Takeuchi said sales are expected to fall 40 pct to 1,700
billion yen for the fifth consecutive year-on-year drop. This
year's fall was due to lower selling prices for end-users,
which more than offset the yen's appreciation. The company will
retain six yen dividend for 1986/87.
|
training/3467
|
training/3467 |@title taiwan:1 tender:1 27:1 000:1 tonne:1 u:1 soybean:1 |@word joint:1 committee:2 taiwan:3 soybean:4 importer:1 tender:1 march:2 12:1 27:1 000:1 tonne:5 cargo:1 u:1 20:1 april:1 5:1 delivery:1 spokesman:1 tell:1 reuters:1 import:3 calendar:1 1987:1 provisionally:1 set:1 1:4 81:1 mln:4 compare:1 revise:2 74:2 last:1 year:1 figure:1 76:1 united:1 states:1
|
TAIWAN TO TENDER FOR 27,000 TONNES U.S. SOYBEANS
The joint committee of Taiwan's soybean
importers will tender March 12 for a 27,000 tonne cargo of U.S.
Soybeans for March 20 to April 5 delivery, a committee
spokesman told Reuters.
Taiwan's soybean imports in calendar 1987 are provisionally
set at 1.81 mln tonnes compared with a revised 1.74 mln tonnes
imported last year.
The 1.74 mln tonne figure was revised from 1.76 mln tonnes.
Taiwan imports all its soybeans from the United States.
|
training/3468
|
training/3468 |@title bejam:1 group:1 plc:1 bjam:1 l:1 27:1 week:1 january:1 3:1 |@word shr:1 5:1 95p:1 vs:5 4:2 41p:1 div:1 2:3 25p:1 0p:1 pre:1 tax:2 profit:2 11:1 6:2 mln:6 9:1 1:1 3:3 turnover:1 256:1 185:1 note:1 company:1 say:1 unlikely:1 second:1 half:1 show:1 rate:1 increase:1 first:1 great:1 confidence:1 prospect:1 future:1 growth:1
|
BEJAM GROUP PLC <BJAM.L> 27 WEEKS TO JANUARY 3
Shr 5.95p vs 4.41p
Div 2.25p vs 2.0p
Pre-tax profit 11.6 mln vs 9.1 mln
Tax 4.2 mln vs 3.6 mln
Turnover 256.3 mln vs 185.3 mln
Note - company said it was unlikely second-half profits
will show same rate of increase as first. But it had great
confidence in prospects for future growth.
|
training/3469
|
training/3469 |@title nippon:1 steel:1 inland:1 discuss:1 u:1 joint:1 venture:1 |@word nippon:3 steel:6 corp:1 nstc:1 inland:2 co:1 u:1 negotiate:1 set:1 joint:2 venture:2 indiana:1 spokesman:1 say:1 decline:1 give:1 detail:1 several:1 local:1 newspaper:1 report:1 would:1 capitalise:1 150:1 mln:2 dlrs:1 60:1 pct:2 40:1 annual:1 production:1 capacity:1 one:1 tonne:1 supply:1 car:1 maker:1
|
NIPPON STEEL, INLAND DISCUSSING U.S. JOINT VENTURE
Nippon Steel Corp <NSTC.T> and <Inland
Steel Co> of the U.S. Are negotiating to set up a joint steel
venture in Indiana, a Nippon Steel spokesman said, declining to
give more details.
Several local newspapers reported the joint venture would
be capitalised at 150 mln dlrs, owned 60 pct by Inland and 40
pct by Nippon Steel, and have annual production capacity of one
mln tonnes of steel to supply car makers.
|
training/3472
|
training/3472 |@title japan:1 jobless:1 see:1 rise:1 3:2 pct:1 1987:1 88:1 |@word yen:1 rise:1 dollar:1 expect:1 boost:2 japan:1 unemployment:2 rate:1 average:1 3:2 pct:3 1987:4 88:3 fiscal:3 year:3 begin:1 april:1 1:2 january:1 record:1 three:1 private:1 nomura:4 research:2 institute:2 say:3 official:1 estimate:2 2:1 9:1 arm:1 securities:1 co:1 forecast:1 would:1 exceed:1 two:1 mln:2 mid:1 75:1 current:2 urge:1 government:1 take:1 pump:1 prime:1 measure:1 help:1 redress:1 trade:1 imbalance:1 employment:3 manufacturing:2 predict:1 fall:1 550:1 000:1 due:1 high:1 job:1 loss:1 steel:1 shipbuilding:1 heavy:1 electrical:1 machinery:1 sector:2 non:1 continue:1 increase:1 without:1 give:1 figure:1
|
JAPAN'S JOBLESS SEEN RISING TO 3.3 PCT IN 1987/88
The yen's rise against the dollar is
expected to boost Japan's unemployment rate to an average 3.3
pct in the 1987/88 fiscal year beginning April 1 from January's
record three pct, the private Nomura Research Institute said.
The official 1987/88 estimate is 2.9 pct.
The research arm of Nomura Securities Co forecast
unemployment would exceed two mln by mid-fiscal 1987, against
an estimated 1.75 mln for the current year.
Nomura urged the government to take pump-priming measures
to help redress trade imbalances and boost employment.
Employment in manufacturing during fiscal 1987/88 was
predicted to fall 550,000 from the current year due to higher
job losses in the steel, shipbuilding and heavy electrical
machinery sectors, Nomura said.
Employment in the non-manufacturing sector will continue to
increase, the institute said, without giving figures.
|
training/3473
|
training/3473 |@title work:1 chittagong:1 port:1 halt:1 strike:1 |@word cargo:1 handling:1 remain:1 halt:1 bangladesh:1 chittagong:1 port:4 since:1 nearly:1 7:1 000:1 worker:1 walk:1 monday:1 follow:1 pay:1 dispute:2 workers:1 association:2 say:2 today:2 fourteen:1 ship:1 strand:1 official:1 would:1 meet:1 leader:1 try:1 resolve:1
|
WORK AT CHITTAGONG PORT HALTED BY STRIKE
Cargo handling remains
halted at Bangladesh's Chittagong port since nearly 7,000
workers walked out on Monday following a pay dispute, the Port
Workers Association said today.
Fourteen ships are stranded at the port.
Port officials said they would meet Association leaders
today to try to resolve the dispute.
|
training/3474
|
training/3474 |@title creditanstalt:1 bankverein:1 cabv:1 v:1 year:1 1986:1 |@word con:2 bank:6 gp:2 net:2 profit:2 496:1 7:1 mln:6 schilling:3 vs:6 354:1 5:3 balance:2 sheet:2 total:2 year:1 end:1 453:1 4:2 billion:4 425:1 parent:4 370:1 6:1 253:1 0:2 372:1 348:1 2:1 dividend:1 12:1 pct:2 10:1 div:1 payout:1 363:1 247:1
|
CREDITANSTALT-BANKVEREIN <CABV.V> YEAR 1986
Cons banking gp net profit 496.7 mln schillings vs 354.5
mln
Cons banking gp balance sheet total at year-end 453.4
Billion schillings vs 425.4 billion
Parent bank net profit 370.6 mln vs 253.0 mln
Parent bank balance sheet total 372.5 billion vs 348.2
Billion
Parent bank dividend 12 pct vs 10 pct
Parent bank div payout 363.0 mln schillings vs 247.5 mln
|
training/3476
|
training/3476 |@title |@word ultramar:2 1986:2 net:2 loss:2 62:2 1:2 mln:4 stg:2 vs:2 71:2 6:2 profit:2
|
Ultramar 1986 net loss 62.1 mln stg vs 71.6 mln profit
Ultramar 1986 net loss 62.1 mln stg vs 71.6 mln profit
|
training/3477
|
training/3477 |@title tesco:1 associate:1 buy:1 4:1 2:1 pct:1 hillard:1 |@word tesco:2 plc:2 tsco:1 l:1 say:1 county:1 ltd:1 yesterday:2 buy:1 behalf:1 2:2 06:1 mln:2 share:3 around:1 4:2 pct:1 hillards:1 302p:1 310p:1 launch:1 151:1 stg:1 bid:1 north:1 england:1 supermarket:1 chain:1 hillard:2 promptly:1 reject:1 last:2 quote:1 324p:1 compare:1 night:1 close:1 313p:1
|
TESCO ASSOCIATE BUYS 4.2 PCT OF HILLARDS
Tesco Plc <TSCO.L> said that <County
Ltd> had yesterday bought on its behalf 2.06 mln shares, or
around 4.2 pct, in <Hillards Plc> for between 302p and 310p a
share.
Tesco yesterday launched a 151.4 mln stg bid for the north
of England supermarket chain, which Hillards promptly rejected.
Hillards shares were last quoted at 324p, compared with
last night's close of 313p.
|
training/3480
|
training/3480 |@title ultramar:1 plc:1 umar:1 l:1 1986:1 year:1 |@word shr:1 8:6 1p:1 loss:3 vs:17 26:1 3p:1 earning:1 div:1 3:2 25p:2 make:1 5:3 10:2 5p:1 net:2 62:1 1:8 mln:25 stg:1 71:1 6:5 profit:5 operating:2 tax:2 73:1 273:1 turnover:1 47:1 billion:4 74:1 cost:2 sale:1 22:1 39:1 gross:1 241:1 357:1 distribution:1 administrative:1 expense:1 152:1 2:2 123:1 share:1 associate:1 17:1 68:1 income:1 15:2 16:1 9:5 financing:1 charge:1 48:1 45:1 63:1 169:1 7:2 exceptional:1 item:1 4:1 debit:5 result:1 discontinue:1 operation:1 20:1 ordinary:1 activity:1 minority:2 interest:2 77:1 11:1 extraordinary:1 40:1 0:1 nil:1
|
ULTRAMAR PLC <UMAR.L> 1986 YEAR
Shr 8.1p loss vs 26.3p earnings
Div 3.25p making 5.25p vs 10.5p
Net loss 62.1 mln stg vs 71.6 mln profit
Operating profit before tax 73.6 mln vs 273.8 mln
Turnover 1.47 billion vs 1.74 billion
Cost of sales 1.22 billion vs 1.39 billion
Gross profit 241.8 mln vs 357.6 mln
Distribution costs and administrative expenses 152.2 mln vs
123.1 mln
Share of profits in associates 17.1 mln vs 68.2 mln
Other operating income 15.8 mln vs 16.9 mln
Financing charges 48.9 mln vs 45.8 mln
Tax 63.9 mln vs 169.7 mln
Exceptional items 4.9 mln debit vs 5.5 mln debit
Net results of discontinued operations 15.6 mln debit vs
20.9 mln debit
Loss on ordinary activities before minority interest 10.8
Mln vs 77.7 mln profit
Minority interest 11.3 mln vs 6.1 mln
Extraordinary debits 40.0 mln vs nil
|
training/3481
|
training/3481 |@title gkn:1 1986:1 |@word pretax:2 profit:2 132:4 4:2 mln:4 stg:2 vs:2 7:2 gkn:1 1986:1
|
GKN 1986 pretax profit 132.4 mln stg vs 132.7 mln
GKN 1986 pretax profit 132.4 mln stg vs 132.7 mln
|
training/3482
|
training/3482 |@title u:1 k:1 money:1 market:1 shortage:1 forecast:1 300:1 mln:1 stg:1 |@word bank:3 england:1 say:2 forecast:1 liquidity:1 shortage:1 around:2 300:1 mln:5 stg:4 market:1 today:1 among:1 main:1 factor:1 bill:2 mature:1 official:1 hand:1 treasury:1 take:2 would:3 drain:1 483:1 system:1 target:1 banker:1 balance:1 rise:1 note:1 circulation:1 50:1 100:1 respectively:1 partially:1 offset:1 exchequer:1 transaction:1 add:2 355:1
|
U.K. MONEY MARKET SHORTAGE FORECAST AT 300 MLN STG
The Bank of England said it forecast a
liquidity shortage of around 300 mln stg in the market today.
Among the main factors, the Bank said bills maturing in
official hands and the treasury bill take-up would drain 483
mln stg from the system while below target bankers' balances
and a rise in the note circulation would take out 50 mln and
100 mln stg respectively.
Partially offsetting these, exchequer transactions would
add around 355 mln stg, the Bank added.
|
training/3483
|
training/3483 |@title belgian:1 central:1 bank:1 buy:1 currency:1 repay:1 debt:1 |@word belgian:1 national:1 bank:4 buy:2 foreign:4 currency:2 franc:2 open:1 market:1 week:1 end:1 march:1 9:1 spokesman:2 say:2 line:1 central:1 policy:1 decline:1 give:1 detail:1 amount:1 purchase:1 use:1 treasury:1 repay:1 debt:1 affect:1 exchange:1 reserve:1 slip:1 394:1 mln:1 37:1 33:1 billion:1 mostly:1 due:1 sale:1 dollar:1 special:1 drawing:1 right:1
|
BELGIAN CENTRAL BANK BUYS CURRENCY TO REPAY DEBT
The Belgian National Bank bought
foreign currencies against francs on the open market in the
week ended March 9, a Bank spokesman said.
In line with central bank policy he declined to give any
details of the amount bought.
The foreign currency purchased was used by the Treasury to
repay foreign debt and did not affect the Bank's foreign
exchange reserves. They slipped 394 mln francs to 37.33
billion, mostly due to sales of dollars for Special Drawing
Rights, the spokesman said.
|
training/3486
|
training/3486 |@title gkn:1 plc:1 gknl:1 l:1 1986:1 year:1 |@word shr:1 28:2 5p:1 vs:20 26:1 6p:1 final:1 div:1 8p:1 make:1 13p:1 12p:1 pre:1 tax:2 profit:4 132:2 4:5 mln:35 stg:6 7:3 net:1 befire:1 minority:1 81:1 0:1 74:1 sale:2 2:3 06:1 billion:2 20:2 extraordinary:2 debit:2 36:1 5:3 trading:2 surplus:2 depreciation:1 145:1 158:1 1:1 investment:1 interest:3 income:1 3:2 8:2 payable:1 42:1 43:1 9:1 related:1 company:1 less:1 loss:2 23:1 14:1 51:2 58:1 attributable:1 outside:1 shareholder:1 12:1 6:1 11:2 note:1 include:1 charge:1 restructure:1 auto:1 part:1 distribution:2 france:1 10:2 steel:2 stock:1 business:1 comprise:1 automotive:1 component:1 product:1 101:1 105:1 industrial:2 service:1 supply:1 30:1 21:1 wholesale:1 22:1 forging:1 four:2 region:1 britain:1 contribute:1 34:1 47:1 continental:1 europe:1 77:1 56:1 u:1 rest:1 world:1 seven:1
|
GKN PLC <GKNL.L> 1986 YEAR
Shr 28.5p vs 26.6p.
Final div 8p, making 13p vs 12p.
Pre-tax profit 132.4 mln stg vs 132.7 mln.
Net profit befire minorities 81.0 mln vs 74.4 mln.
Sales 2.06 billion stg vs 2.20 billion.
Extraordinary debit 36.5 mln vs 20.4 mln.
Trading surplus after depreciation 145.7 mln stg vs 158.1
Mln
Investment and interest income 5.4 mln vs 3.8 mln
Interest payable 42.5 mln vs 43.9 mln
Profits from related companies, less losses, 23.8 mln vs
14.7 mln
Tax 51.4 mln vs 58.3 mln
Profit attributable to outside shareholders' interests 12.6
Mln vs 11.2 mln
Note - Extraordinary debit included charge for
restructuring auto parts distribution in France and loss of 10
mln stg on sale of steel stock business.
Trading surplus comprised -
Automotive components and products 101 mln stg vs 105 mln
Industrial services and supplies 30 mln vs 21 mln
Wholesale and industrial distribution 11 mln vs 22 mln
Steels and forgings four mln vs 10 mln
By region, Britain contributed 34 mln stg vs 47 mln
Continental Europe 77 mln vs 56 mln
U.S.A. 28 mln vs 51 mln
Rest of world seven mln vs four mln
|
training/3488
|
training/3488 |@title economic:1 spotlight:1 china:1 foreign:1 debt:1 |@word china:24 foreign:15 debt:7 reach:1 27:1 billion:10 dlrs:7 end:2 1986:4 despite:1 exposure:1 short:3 term:3 credit:1 yen:6 borrowing:5 remain:6 creditworthy:2 improved:1 1987:1 export:8 outlook:2 banker:8 chinese:2 official:8 tell:1 reuters:1 bankers:1 say:22 total:2 rise:2 sharply:1 estimate:4 20:1 1985:4 cover:1 increased:1 import:1 commitment:1 equity:1 ratio:2 low:4 eight:2 10:2 pct:6 cautious:1 popular:1 borrower:2 zhang:1 haoruo:1 vice:1 minister:1 economic:2 relation:2 trade:5 last:4 friday:1 sign:1 loan:5 agreement:1 6:2 94:1 year:9 96:1 actual:1 amount:1 4:1 83:1 93:1 would:2 borrow:1 25:1 30:3 90:1 five:1 plan:1 period:1 40:1 western:4 portfolio:1 contain:1 much:3 denominate:1 result:2 aggressive:1 lending:1 japanese:3 bank:3 attractive:1 interest:2 rate:2 market:3 strong:1 appreciation:1 cost:1 dearly:1 likely:2 make:1 reduce:1 new:1 component:1 country:3 peking:1 representative:1 security:1 house:1 rapid:1 catch:1 firm:3 unaware:1 japan:1 historical:1 active:1 go:2 elsewhere:1 capital:2 get:1 well:2 currency:1 spread:1 excess:1 part:1 inexperience:1 enter:2 early:1 1980:1 think:1 department:1 full:1 backing:1 people:1 republic:1 dilemma:1 area:1 balance:1 central:1 control:2 give:1 reasonable:1 autonomy:1 search:1 mechanism:1 exercise:1 indirect:1 stress:1 repeatedly:1 past:1 six:2 week:1 affect:1 drive:1 bourgeois:1 liberalism:1 phrase:1 mean:1 political:1 idea:1 follow:1 dismissal:1 communist:1 party:1 chief:1 hu:1 yaobang:1 january:1 16:1 u:2 evidence:1 exchange:3 reserve:3 fall:2 officially:1 state:1 figure:2 buyer:1 seller:1 know:1 quickly:1 buy:1 heavily:1 advance:1 announcement:1 buying:1 thing:1 normal:2 deficit:2 stage:1 development:1 custom:1 show:1 11:1 9:1 14:1 ministry:1 account:2 75:1 earning:1 healthy:1 ago:2 renminbi:1 match:1 dollar:1 quote:1 3:2 72:1 today:1 little:1 changed:1 7:1 take:1 measure:1 improve:1 performance:3 include:1 incentive:1 offer:1 exporter:1 establishment:1 production:1 basis:1 expect:1 high:1 price:2 oil:2 add:1 put:1 loss:1 drop:1 world:1 three:1 diplomat:1 need:1 careful:1 management:1 service:1 base:1 assessment:1 assess:1 company:1 perform:1 field:1 difficulty:1 increase:1
|
ECONOMIC SPOTLIGHT - CHINA'S FOREIGN DEBT UP
China's foreign debt reached 27 billion
dlrs by the end of 1986, but despite an over-exposure to
short-term credits and yen borrowing, China remains very
creditworthy with an improved 1987 export outlook, foreign
bankers and Chinese officials told Reuters.
Foreign bankers said China's total debt rose sharply from
an estimated 20 billion dlrs at end-1985 to cover increased
import commitments but the debt/equity ratio remains low,
between eight and 10 pct.
China remains a cautious and popular borrower, they said.
Zhang Haoruo, vice minister of Foreign Economic Relations
and Trade, said last Friday that China signed foreign loan
agreements for 6.94 billion dlrs last year, 96.6 pct up on
1985, with actual loans amounting to 4.83 billion, up 93 pct.
Officials said China would borrow 25 to 30 billion dlrs in
the 1986-90 five year plan period, but foreign bankers said
they estimate foreign loans at 30 to 40 billion.
A Western banker said China's portfolio contains too much
short-term debt and too much of it is denominated in yen as a
result of aggressive lending by Japanese banks and attractive
low interest rates in the Japanese market.
The strong yen appreciation has cost China dearly and is
likely to make it reduce new yen borrowings, the banker said.
A Chinese trade official estimated the yen component of the
country's total debt at about 30 pct.
The Peking representative of a Japanese securities house
said the rapid yen rise had caught China and his firm unawares.
'Interest rates in Japan are at a historical low, but China,
which will remain an active borrower this year, is likely to go
elsewhere for capital, to get a better currency spread,' he
said.
The Western banker said the excess of short-term loans is
in part a result of China's inexperience in the foreign capital
markets, which it entered only in the early 1980s.
'Officials do not think of China but of their own department
or firm. Some loans that were entered into did not have the
full backing of the People's Republic of China,' he said.
'The dilemma for China, in foreign borrowing as in other
areas, is to balance central control with giving reasonable
autonomy to firms. It is searching for the mechanisms to
exercise indirect controls,' he said.
The banker said officials have stressed repeatedly over the
past six weeks that China's foreign borrowing will not be
affected by a drive against 'bourgeois liberalism,' a phrase
meaning Western political ideas, following the dismissal of
Communist Party chief Hu Yaobang on January 16.
A U.S. Banker said there is no evidence that China's
foreign exchange reserves have fallen below the officially
stated figure of 10 billion dlrs.
'The Bank of China is both a buyer and a seller in the
market, which would know quickly if it was buying heavily in
advance of an announcement the reserves were down,' he said.
The banker said such buying has not been going on. 'Things
are normal. Trade deficits such as China had last year and in
1985 are normal for a country at its stage of development.'
Customs figures show China had a trade deficit of 11.9
billion dlrs in 1986, down from 14 billion in 1985.
A Ministry of Foreign Economic Relations and Trade official
said this year's outlook for exports, which account for more
than 75 pct of foreign exchange earnings, is much healthier
than a year ago.
The renminbi has matched the U.S. Dollar fall, he said. It
was quoted at 3.72 today, little changed from 3.7 a year ago.
The official said China has taken measures to improve its
export performance, including incentive offers to exporters and
the establishment of export production bases.
'We expect higher prices for our oil exports this year,' he
added.
Official estimates put China's 1986 export losses from the
drop in world oil prices at three billion dlrs.
A Western diplomat said China's foreign debt needs careful
management but its debt service ratio remains very low at six
to eight pct.
'We base our assessment not on China's foreign exchange
reserves but on its export performance, just as you assess a
company on its performance, not its bank account,' he said.
He said China performed very well in the export field last
year and remains a very creditworthy country which will have
few difficulties in increasing its borrowing.
|
training/349
|
training/349 |@title gulf:1 arab:1 deputy:1 oil:1 minister:1 meet:1 bahrain:1 |@word deputy:1 oil:4 minister:2 six:1 gulf:2 arab:2 states:1 meet:1 bahrain:1 today:1 discuss:2 coordination:1 crude:2 marketing:1 official:3 emirates:2 news:1 agency:1 wam:2 report:1 say:1 would:1 implementation:1 last:1 sunday:1 agreement:1 doha:1 cooperation:1 council:1 gcc:2 help:1 market:1 four:1 state:1 saudi:1 arabia:1 united:1 uae:1 kuwait:1 qatar:1 member:1 organiaation:1 petroleum:1 exporting:1 countries:1 opec:2 face:1 stiff:1 buyer:1 resistance:1 price:1
|
GULF ARAB DEPUTY OIL MINISTERS TO MEET IN BAHRAIN
Deputy oil ministers from six Gulf
Arab states will meet in Bahrain today to discuss coordination
of crude oil marketing, the official Emirates news agency WAM
reported.
WAM said the officials would be discussing implementation
of last Sunday's agreement in Doha by Gulf Cooperation Council
(GCC) oil ministers to help each other market their crude oil.
Four of the GCC states - Saudi Arabia, the United Arab
Emirates (UAE), Kuwait and Qatar - are members of the
Organiaation of Petroleum Exporting Countries (OPEC) and some
face stiff buyer resistance to official OPEC prices.
|
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