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training/3490
|
training/3490 |@title ultramar:1 say:1 fourth:1 quarter:1 show:1 improvement:1 |@word ultramar:5 plc:1 umar:1 l:1 say:3 fourth:2 1986:2 quarter:2 improve:3 operational:2 point:1 view:1 several:1 special:1 charge:2 adversely:1 affect:2 result:2 overall:1 year:2 good:3 one:1 upstream:1 operation:4 dramatically:1 hit:1 fall:1 crude:3 oil:4 price:5 downstream:1 also:2 first:1 half:2 large:1 loss:2 inventory:1 margin:1 second:1 particular:1 refining:1 marketing:2 eastern:1 canada:2 show:2 recovery:2 company:2 comment:1 net:2 62:1 1:1 mln:6 stg:3 71:1 6:1 profit:1 1985:1 include:2 20:1 8:1 provision:2 retroactive:1 agreement:1 recently:1 initial:1 pertamina:1 japanese:1 buyer:1 liquid:1 natural:2 gas:2 4:1 7:1 early:1 month:1 ownership:1 gulf:1 asset:1 estimate:2 cost:2 reorganisation:1 programme:1 partly:1 offset:1 withdrawal:1 surplus:1 fund:1 u:2 pension:1 scheme:1 13:1 5:1 sell:2 flag:1 shipping:1 immediate:1 outlook:1 uncertain:1 although:1 unlikely:1 would:2 sizeable:1 increase:1 near:1 term:2 however:1 optimistic:1 strengthen:2 long:1 substantial:1 reserve:2 put:1 position:1 benefit:1 meantime:1 objective:1 profitability:1 restructure:1 weak:1 core:1 business:1 develop:1 sound:1 financial:1 base:1 prove:1 probable:1 possible:1 end:1 total:1 700:1 barrel:1 equivalent:1 basis:1 share:1 firm:1 announcement:1 187p:1 181p:1 last:1 night:1 close:1
|
ULTRAMAR SAYS FOURTH QUARTER SHOWED IMPROVEMENTS
Ultramar Plc <UMAR.L> said that while
its fourth 1986 quarter had improved from the operational point
of view, several special charges adversely affected results.
Overall the year had not been a good one, with upstream
operations dramatically hit by the fall in crude oil prices and
downstream operations also affected in the first half by large
losses on inventories.
But margins improved in the second half and in particular
refining and marketing in Eastern Canada showed a good
recovery.
The company was commenting on results that showed a net
loss for the year of 62.1 mln stg after a 71.6 mln profit in
1985.
The fourth quarter charges included a 20.8 mln stg
provision on a retroactive price agreement recently initialled
by Pertamina and Japanese buyers of the company's liquid
natural gas and 4.7 mln for the early months of its ownership
of Gulf Canada's marketing assets.
Ultramar said it had also included the estimated cost of a
further reorganisation programme, which was partly offset by a
withdrawal of surplus funds from U.S. Pension schemes, and a
13.5 mln stg provision for the estimated cost of selling its
U.S. Flag shipping operation.
The immediate outlook for crude oil prices was uncertain
although it was unlikely there would be any sizeable increase
in the near term. However, Ultramar said it was optimistic
prices would strengthen over the longer term.
Its substantial reserves of crude oil and natural gas put
it in a good position to benefit from any price recovery.
In the meantime, Ultramar's objectives were to improve
profitability by selling or restructuring weak operations while
strengthening core businesses and developing a sound
operational and financial base.
Proven, probable and possible reserves at end-1986 totalled
about 700 mln barrels net on an oil-equivalent basis.
Ultramar shares firmed on the announcement to 187p from
181p at last night's close.
|
training/3491
|
training/3491 |@title queensland:1 press:1 board:1 recommend:1 murdoch:1 offer:1 |@word queensland:1 press:1 ltd:5 qpl:2 board:1 say:2 unanimously:1 recommend:1 one:1 billion:1 dlr:1 takeover:1 bid:2 cruden:1 investments:1 pty:1 family:1 company:1 news:2 corp:1 ncpa:1 chief:1 executive:1 rupert:1 murdoch:1 23:1 dlrs:1 share:1 cash:1 offer:3 nearly:1 double:1 market:1 price:1 announce:1 complete:1 herald:1 weekly:1 times:1 hwta:1 early:1 december:1 likely:1 statement:1 independent:1 adviser:1 wardley:1 australia:1 also:1 conclude:1 fair:1 reasonable:1 add:1 already:1 48:1 3:1 pct:1 hwt:1
|
QUEENSLAND PRESS BOARD RECOMMENDS MURDOCH OFFER
The <Queensland Press Ltd> (QPL) board
said it unanimously recommended the one billion dlr takeover
bid by <Cruden Investments Pty Ltd>, a family company of News
Corp Ltd <NCPA.S> chief executive Rupert Murdoch.
The 23 dlrs a share cash-only offer is nearly double the
market price before News announced its now-completed bid for
The Herald and Weekly Times Ltd <HWTA.S> in early December and
no other offer is likely, it said in a statement.
Independent adviser, <Wardley Australia Ltd>, had also
concluded the offer was fair and reasonable, it added.
QPL is already owned 48.3 pct by HWT.
|
training/3492
|
training/3492 |@title ec:1 commission:1 decline:1 comment:1 sugar:1 offer:1 |@word european:2 community:1 ec:2 commission:4 decline:1 give:1 official:1 reaction:1 report:1 group:1 operator:1 plan:1 offer:3 one:1 mln:1 tonne:3 sugar:3 intervention:5 protest:1 export:1 policy:1 however:1 spokesman:3 confirm:1 make:1 agency:2 various:1 member:2 state:2 say:4 would:3 take:1 three:1 week:1 concern:1 complete:1 necessary:1 documentation:1 current:1 regulation:1 accept:1 technical:1 problem:1 reimburse:1 cost:1 buy:1 product:1 sell:2 store:2 later:1 date:1 present:1 virtually:1 hold:1 last:1 year:1 45:1 000:2 1984:1 85:1 campaign:1 108:1
|
EC COMMISSION DECLINES COMMENT ON SUGAR OFFER
The European Community (EC) Commission
declined to give an official reaction to reports that a group
of european operators plan to offer one mln tonnes of sugar
into intervention in protest at Commission export policies.
However, a spokesman for the Commission confirmed the
offers had been made to intervention agencies in various member
states, and said it would now take up to three weeks for the
agencies concerned to complete all necessary documentation.
The spokesman said that under current regulations, the EC
would have to accept all the offers if there were no technical
problems.
The spokesman said the Commission would only have to
reimburse the member state for the cost of buying-in the sugar
after the product was sold out of intervention stores at a
later date.
He said that at present there was virtually no sugar held
in intervention stores.
Last year, 45,000 tonnes were sold into intervention and
during the 1984-85 campaign 108,000 tonnes.
|
training/3493
|
training/3493 |@title indonesian:1 bank:1 raise:1 interest:1 rate:1 |@word tight:3 money:5 market:2 push:1 interest:1 rate:3 three:1 six:1 month:3 time:1 deposit:1 15:2 18:1 pct:3 13:1 ago:1 banker:4 say:5 march:2 usually:1 tax:1 payment:1 bank:4 need:1 attract:1 fund:1 year:6 end:1 account:1 31:1 situation:1 make:1 bad:1 december:1 rush:1 buy:1 dollar:2 company:1 businessman:2 fear:1 imposition:1 exchange:1 control:1 much:1 outflow:1 yet:1 convert:1 back:2 rupiah:2 lot:1 small:1 come:1 big:1 hold:2 april:2 one:2 u:1 policy:1 indonesia:5 central:2 help:1 keep:1 high:1 short:1 term:1 lending:1 average:1 25:1 prospect:2 lower:1 soon:1 governor:1 arifin:1 siregar:1 earlier:1 week:1 could:2 look:1 forward:1 well:1 economic:2 1987:1 88:1 add:1 speculator:1 lead:1 run:1 late:1 last:2 pose:1 problems:1 general:1 election:2 23:1 first:1 five:1 expect:1 new:1 government:2 package:1 incentive:1 people:1 nervous:1 normally:1 try:1 thing:1 iggi:2 inter:1 governmental:1 group:2 meeting:1 june:1 prove:1 something:1 economy:1 show:1 deserve:1 couple:1 billion:2 14:1 industrialise:1 donor:1 country:1 four:1 agency:1 give:1 2:1 5:1 dlrs:1 soft:1 loan:1 grant:1
|
INDONESIAN BANKS RAISE INTEREST RATES
A tight money market has pushed
interest rates on three to six month time deposits to between
15 and 18 pct from 13 to 15 pct a month ago, bankers said.
March is usually a tight month for the money market because
of tax payments and banks' need to attract funds for their
year-end accounts on March 31.
This year the situation has been made worse by December's
rush to buy dollars by companies and businessmen who feared
imposition of exchange controls. Much of that outflow has yet
to be converted back into rupiah.
'A lot of small money has come back in, but the big money is
holding out until after April,' one U.S. Banker said.
The tight money policy of Bank Indonesia, the central bank,
is helping to keep rates high.
Short-term lending rates now average 25 pct a year, with no
prospect they will be lowered soon, the bankers said.
Central Bank governor Arifin Siregar said earlier this week
that Indonesia could look forward to better economic prospects
in 1987/88, but added the 'speculators' who led a run on the
rupiah late last year could again pose problems.
Indonesia holds general elections on April 23, the first in
five years, and most businessmen expect no new government
economic packages or incentives before then.
'Some people are nervous about what the government will do
after the election,' one banker said. 'They normally try to do
things before the IGGI (Inter-Governmental Group on Indonesia)
meeting (in June) to prove they are doing something about the
economy to show they deserve a couple of billion dollars.'
The IGGI, which groups 14 industrialised donor countries
and four agencies, gave Indonesia 2.5 billion dlrs in soft
loans and grants last year.
|
training/3497
|
training/3497 |@title highveld:1 hgvj:1 j:1 see:1 low:1 1987:1 earning:1 |@word highveld:3 steel:3 vanadium:3 corp:1 ltd:1 say:5 expect:3 1987:2 earning:1 low:1 last:3 year:4 previously:1 report:2 85:1 ct:1 share:1 profit:1 satisfactory:1 level:1 company:2 annual:1 without:1 give:1 specific:1 estimate:1 appreciation:1 rand:1 offset:1 extent:1 increase:1 u:1 dollar:1 price:1 export:1 progress:1 measure:1 take:1 european:1 economic:1 community:1 united:1 states:1 prohibit:1 south:1 african:1 product:1 present:1 challenge:1 management:1 place:1 area:1 overall:1 world:2 consumption:1 similar:1 although:1 china:1 role:1 still:2 unknown:1 factor:1 total:1 supply:1 demand:2 situation:1 production:1 capacity:1 believe:1 adequate:1 cater:1 foreseeable:1 add:1
|
HIGHVELD (HGVJ.J) SEES LOWER 1987 EARNINGS
Highveld Steel and Vanadium Corp
Ltd said it expects 1987 earnings will be lower than last
year's previously reported 85 cts a share.
But profits 'will be at a satisfactory level,' the company
said in the annual report without giving a specific estimate.
Highveld said it expects appreciation of the rand will be
offset to some extent by increasing U.S. Dollar prices for its
exports as the year progresses.
Highveld said measures taken last year by the European
Economic Community and the United States prohibiting all South
African steel products 'presents a challenge to management to
place the steel in other areas.'
The company said overall world vanadium consumption in 1987
is expected to be similar to last year although China's role is
still an unknown factor in the total supply-demand situation.
'World vanadium production capacity is still believed to be
adequate to cater for any foreseeable demand,' it added.
|
training/3499
|
training/3499 |@title saudi:1 arabia:1 buy:1 5:1 000:1 tonne:1 rbd:1 palm:1 olein:1 |@word saudi:1 arabia:1 buy:1 5:1 000:1 tonne:2 refined:1 bleach:1 deodorise:1 palm:1 olein:1 import:1 tender:1 yesterday:1 april:1 16:1 25:1 shipment:1 353:1 dlrs:1 per:1 cost:1 freight:1 jeddah:1 trader:1 say:1
|
SAUDI ARABIA BUYS 5,000 TONNES RBD PALM OLEIN
Saudi Arabia bought 5,000 tonnes of
refined bleached deodorised palm olein at its import tender
yesterday for April 16/25 shipment at 353 dlrs per tonne cost
and freight Jeddah, traders said.
|
training/3504
|
training/3504 |@title |@word belgium:2 cut:2 discount:2 rate:2 8:4 0:2 pct:2 50:2 official:2
|
Belgium cuts discount rate to 8.0 pct from 8.50 - official
Belgium cuts discount rate to 8.0 pct from 8.50 - official
|
training/3505
|
training/3505 |@title preussag:1 say:1 payment:1 1986:1 dividend:1 certain:1 |@word spokesman:3 preussag:10 ag:2 prsg:1 f:1 say:11 yet:1 certain:1 whether:2 company:2 would:5 pay:2 dividend:4 1986:10 result:8 comment:1 statement:3 low:1 1985:7 frequently:1 come:1 pressure:1 follow:1 difficult:1 year:6 manage:1 board:3 chairman:1 guenther:1 sassmannshausen:1 december:1 prefer:1 stick:1 policy:1 dip:1 reserve:1 note:1 final:1 decision:1 rest:1 supervisory:1 fall:4 compare:1 decline:1 earning:1 metal:3 oil:6 shipping:1 entirely:1 compensate:1 positive:1 trend:1 group:8 division:1 clear:1 domestic:5 show:1 net:5 profit:5 add:1 depend:1 partly:1 level:1 provision:1 cut:1 eight:1 mark:7 nine:1 1984:1 parent:1 drop:2 65:1 0:3 mln:7 103:1 world:3 make:2 loss:3 13:1 1:3 154:1 5:1 77:1 9:1 122:1 2:1 affect:1 unsatisfactory:1 sell:1 price:3 well:1 poor:1 use:1 capacity:1 supply:1 ship:1 sector:1 reduction:1 natural:1 gas:2 fourth:3 quarter:3 reflect:1 early:1 additional:1 factor:1 behind:2 rationalization:1 measure:1 already:1 introduce:1 begin:1 take:1 full:1 effect:1 turnover:3 rise:2 4:3 48:1 billion:3 29:1 help:1 first:1 time:1 consolidation:1 951:1 8:1 majority:1 subsidiary:2 c:1 deilmann:1 alone:1 without:1 give:1 comparison:1 figure:1 crude:1 production:2 pct:1 94:1 400:1 tonne:3 foreign:1 182:1 900:1 174:1 500:1 amalgamated:1 corporation:1 plc:1 amc:2 whose:1 include:1 account:1 unspecified:1 last:1 large:1 cause:1 principally:1 international:1 tin:1 crisis:1 reason:1
|
PREUSSAG SAYS PAYMENT OF A 1986 DIVIDEND NOT CERTAIN
A spokesman for Preussag
AG <PRSG.F> said it was not yet certain whether the company
would pay a dividend on 1986 results
He was commenting on a Preussag statement which said
results in 1986 were lower than in 1985. Preussag has
frequently said its results came under further pressure in 1986
following a difficult year in 1985.
Managing board chairman Guenther Sassmannshausen said in
December the board would prefer to stick to its policy of not
dipping into reserves to pay dividends. The spokesman noted the
final dividend decision rests with the supervisory board.
The Preussag statement said results fell in 1986 compared
with 1985 because declines in earnings in metals, oil and
shipping were not entirely compensated by positive trends in
the group's other divisions.
The spokesman said it was not clear whether the domestic
group would show a net profit in 1986, adding this would depend
partly on the level of provisions.
Preussag cut its 1985 dividend to eight marks from nine
marks on 1984 results after parent company net profit dropped
to 65.0 mln marks from 103.0 mln the year before.
The Preussag world group made a net loss of 13.1 mln marks
in 1985 after a net profit of 154.5 mln the year before.
Domestic group net profit fell to 77.9 mln from 122.2 mln.
The statement said its results in 1986 were affected by
unsatisfactory selling prices for metals and oil as well as by
poor use of capacity in the supply ship sector.
The reduction in natural gas prices in the fourth quarter
of 1986 to reflect earlier falls in oil prices was an
additional factor behind the drop in results.
Preussag said rationalization measures already introduced
would not begin to take full effect until this year.
Preussag's domestic group turnover rose to 4.48 billion
marks in 1986 from 4.29 billion in 1985, helped by the first
time consolidation of 951.8 mln marks of turnover from its
majority-owned oil and gas subsidiary C. Deilmann AG.
Domestic group turnover in the 1986 fourth quarter alone
was 1.1 billion marks, it said without giving comparison
figures.
Preussag said its domestic crude oil production fell 4.0
pct to 94,400 tonnes in 1986, while foreign oil production rose
to 182,900 tonnes from 174,500 tonnes.
Preussag said its Amalgamated Metal Corporation Plc (AMC)
subsidiary, whose results are included in the world group
accounts, made an unspecified profit in the fourth quarter of
last year.
AMC's large losses in 1985, caused principally by the
international tin crisis, were the reason behind the world
group losses that year.
|
training/3507
|
training/3507 |@title oil:1 firm:1 cut:1 1987:1 indonesian:1 exploration:1 spending:1 |@word foreign:3 oil:4 company:4 spend:1 less:1 exploration:2 indonesia:1 year:4 last:3 budgeting:1 2:3 7:1 billion:3 dlrs:3 calendar:1 1987:1 1986:1 spending:2 8:1 state:1 pertamina:2 say:2 actual:1 fall:1 short:1 budget:1 figure:1 3:1 slash:1 expenditure:1 crash:1 world:1 price:1 jumardi:1 jukardi:1 head:1 coordinate:1 board:1 contractor:1 drill:1 110:1 well:2 431:1 development:1 108:1 330:1
|
OIL FIRMS CUT 1987 INDONESIAN EXPLORATION SPENDING
Foreign oil companies will spend less
on exploration in Indonesia this year than last, budgeting 2.7
billion dlrs for calendar 1987 against 1986 spending of 2.8
billion dlrs, the state oil company Pertamina said.
Actual spending last year fell short of the budgeted figure
of 3.2 billion dlrs, as oil companies slashed expenditure
because of the crash in world oil prices.
Jumardi Jukardi, head of Pertamina's coordinating board for
foreign contractors, said foreign companies will drill 110
exploration wells and 431 development wells this year, against
108 and 330 last year.
|
training/3509
|
training/3509 |@title indonesia:1 oil:1 contract:1 negotiation:1 end:1 month:1 |@word negotiation:2 indonesia:1 state:1 oil:4 company:3 pertamina:5 foreign:2 contractor:2 extension:2 standard:2 30:2 year:3 production:4 sharing:3 contract:4 conclude:1 end:1 month:1 official:1 say:4 jumardi:1 jukardi:2 head:1 coordinate:1 board:1 give:2 detail:1 outcome:1 talk:1 president:2 abdul:1 rachman:1 ramly:1 priority:1 extend:1 whose:1 exploration:1 expire:1 within:1 next:1 seven:1 10:1 speak:1 indonesian:1 reporter:1 would:2 determine:1 whether:1 85:1 15:1 split:1 favour:1 adhere:1 alter:1 case:1 ask:1 hardjoko:1 seputro:1 spokesman:1 mine:1 energy:1 ministry:1 suharto:1 agree:1 principle:1 reflect:1 better:1 current:1 depressed:1 condition:1 international:1 market:1
|
INDONESIA OIL CONTRACT NEGOTIATIONS END THIS MONTH
Negotiations between Indonesia's state
oil company Pertamina and foreign oil contractors on extension
of the standard 30-year production sharing contract will be
concluded by the end of this month, a Pertamina official said.
Jumardi Jukardi, head of Pertamina's foreign contractors
coordinating board, gave no details about the outcome of the
talks.
But Pertamina President Abdul Rachman Ramly has said
priority will be given to extending contracts for companies
whose exploration and production contracts expire within the
next seven to 10 years.
Jukardi, speaking to Indonesian reporters, said the
negotiations would determine whether the 85-15 production
sharing split in favour of Pertamina would be adhered to or
altered in some cases as oil companies are asking for.
Hardjoko Seputro, spokesman for the Mines and Energy
Ministry, has said that President Suharto has agreed in
principle to extension of the standard 30-year production
sharing contract to reflect better current depressed conditions
on the international oil market.
|
training/3511
|
training/3511 |@title trade:1 say:1 ec:1 sugar:1 tender:1 hard:1 forecast:1 |@word trader:4 paris:2 say:4 result:1 today:1 ec:2 white:1 sugar:3 tender:1 hard:1 forecast:1 plan:2 group:1 french:2 west:1 german:1 dutch:1 belgian:1 operator:1 sell:1 one:1 mln:1 tonne:2 intervention:2 london:2 bid:1 licence:3 report:1 43:6 00:2 44:1 ecus:4 per:1 100:1 kilo:1 grant:1 likely:2 towards:1 low:1 end:1 range:1 possibly:1 30:1 50:2 expect:2 maximum:2 rebate:2 commission:1 release:1 export:2 tonnage:1 small:1 source:1 decline:1 estimate:1 volume:1 view:1 psychological:1 impact:1 sale:1 protest:1 policy:1 last:1 week:1 60:1 500:1 award:1 147:1
|
TRADE SAYS EC SUGAR TENDER HARD TO FORECAST
Traders here and in Paris said the
results of today's EC white sugar tender are hard to forecast
because of plans by a group of French, West German, Dutch and
Belgian operators to sell one mln tonnes of sugar into
intervention.
London traders said bids for licences have been reported
between 43.00 and 44.00 Ecus per 100 kilos and if any licences
are granted they are likely to be towards the lower end of that
range, possibly 43.30/43.50 Ecus.
Traders in Paris said they expect maximum rebates of
between 43 and 43.50 Ecus.
Other than the Commission releasing no sugar for export,
the likely tonnage is expected to be very small, the London
traders said, while the French sources declined to estimate
volume in view of the psychological impact of the planned sales
into intervention in protest against EC export policies.
Last week licences for 60,500 tonnes were awarded at a
maximum rebate of 43.147 Ecus.
|
training/3512
|
training/3512 |@title korea:1 plan:1 open:1 market:1 ease:1 win:1 pressure:1 |@word south:7 korea:9 open:1 market:1 help:2 cut:1 trade:6 surplus:6 u:4 fight:1 pressure:3 revalue:4 dollar:3 government:4 spokesman:4 say:10 korean:2 minister:3 rha:2 woong:1 bae:1 stand:3 washington:2 yesterday:2 industrial:1 nation:4 underline:1 determination:1 firm:1 tell:2 chamber:1 commerce:1 demand:1 carry:1 drastic:1 sudden:1 currency:4 revaluation:3 five:3 10:1 pct:4 believe:1 extremely:1 ill:1 advise:1 deputy:1 prime:1 kim:2 mahn:1 je:1 meeting:1 local:2 businessman:2 policy:1 question:1 maintain:2 steadfast:1 position:1 ready:1 move:1 slowly:1 raise:1 value:2 heavy:1 foreign:1 debt:2 44:1 5:1 billion:5 dlrs:4 end:1 1986:2 six:1 industrialise:3 agree:1 paris:1 last:2 month:1 newly:1 country:3 taiwan:1 allow:1 appreciate:2 win:1 parity:1 already:1 reach:2 crisis:1 level:1 official:2 traders:1 association:1 kta:1 strengthen:1 another:1 would:3 mean:1 loss:1 profitability:1 nearly:1 half:1 exporter:1 determine:1 go:2 way:2 latin:1 american:1 debtor:1 suspend:1 interest:1 payment:1 keep:1 good:1 record:1 export:1 seoul:3 suddenly:1 run:1 tremendous:1 deficit:2 could:2 degenerate:1 like:1 many:2 develop:1 renege:1 international:1 obligation:1 gradually:1 rule:1 major:1 far:1 year:3 0:1 8:1 3:2 34:1 select:1 122:1 item:2 recently:1 ask:1 lower:1 tariff:1 narrow:1 detail:1 give:1 announce:1 january:1 lifting:1 ban:1 158:1 include:1 sensitive:1 agricultural:1 product:1 large:1 car:1 effective:1 july:1 post:1 first:1 ever:1 current:2 account:2 due:1 largely:1 7:1 1:1 4:1 1985:1 earlier:1 forecast:1 eight:1 hold:1 around:1 avoid:1 push:1
|
KOREA PLANS TO OPEN MARKETS TO EASE WON PRESSURE
South Korea will further open its market
to help cut its trade surplus with the U.S. And to fight off
pressure to revalue the won against the dollar, a government
spokesman said.
The spokesman said Korean trade minister Rha Woong-Bae's
stand in Washington yesterday against pressure from industrial
nations to revalue the won underlined the government's
determination to stand firm.
Rha told the U.S. Chamber of Commerce 'Demands that Korea
carry out a drastic and sudden currency revaluation of five or
10 pct are, I believe, extremely ill-advised.'
Deputy prime minister Kim Mahn-Je told a meeting of local
businessmen 'The government's policy on the question of
revaluing the won is to maintain a steadfast position.'
Kim said South Korea was ready to move slowly to raise the
won's value because of its heavy foreign debt which stood at
44.5 billion dlrs at the end of 1986.
Six industrialised nations agreed in Paris last month that
newly industrialising countries, such as South Korea and
Taiwan, should allow their currencies to appreciate.
But local businessmen have said won/dollar parity has
already reached 'a crisis level.'
An official of the Korea Traders' Association (KTA) said if
the won strengthened another five pct, this would mean the loss
of profitability for nearly half of all South Korean exporters.
'We are determined not to go the way of Latin American
debtor nations which have suspended interest payments of their
debts,' the spokesman said. 'The only way to keep our good record
is to maintain our exports.+
The trade minister said yesterday should Seoul revalue the
won suddenly Korea would run 'a tremendous trade deficit and
could degenerate into a country, like many other developing
countries, which is reneging on its international obligations.'
The spokesman said South Korea had been gradually
appreciating its currency, ruling out a major revaluation. So
far this year, the won has gone up by 0.8 pct against the
dollar after a 3.34 pct revaluation in 1986.
He said South Korea was selecting 'many' of 122 items on
which Washington recently asked Seoul to lower tariffs to help
narrow its trade surplus with the U.S. No further details were
given.
Seoul announced in January the lifting of bans on 158
items, including sensitive agricultural products and large
cars, effective from July.
South Korea posted its first ever current account surplus
last year, due largely to a trade surplus with the U.S. Of 7.1
billion dlrs, against a 4.3 billion deficit in 1985. It earlier
forecast that its current account surplus could reach eight
billion dlrs this year.
But the government official said the surplus would be held
at around five billion dlrs to avoid further pressure by
industrialised nations to push up the value of its currency.
|
training/3514
|
training/3514 |@title german:1 call:1 money:1 ease:1 liquidity:1 injection:1 |@word call:1 money:1 ease:1 3:4 75:1 80:4 pct:3 85:1 yesterday:2 follow:1 net:2 injection:1 6:2 7:1 billion:8 mark:7 rate:3 fresh:2 fund:3 week:4 security:2 repurchase:3 agreement:2 dealer:6 say:5 expect:5 rise:1 toward:2 end:2 major:1 tax:2 payment:3 period:1 bank:7 behalf:1 customer:1 federal:1 railways:1 loan:1 stock:1 repayment:1 liability:1 incur:1 foreign:1 central:2 bundesbank:6 framework:1 european:1 monetary:1 system:4 em:1 likely:1 significantly:2 burden:2 build:1 minimum:2 reserve:2 today:1 ahead:1 outflow:3 credit:1 gross:1 15:1 2:1 8:1 5:1 leave:1 time:1 early:1 pact:1 mature:1 estimate:1 ems:1 relate:1 high:1 six:1 decline:1 comment:1 spokesman:1 although:2 due:1 may:3 allow:1 roll:1 possibility:1 choose:1 redeem:1 mean:1 infusion:1 need:1 forecast:1 25:1 30:1 much:1 next:2 holding:1 total:1 53:1 monday:1 average:1 54:1 0:1 first:1 nine:1 day:1 march:2 figure:1 well:1 requirement:2 around:2 51:1 large:1 find:1 difficult:1 meet:1 securities:1 expire:1 could:1 offer:1 liquidity:1 condition:1 tighten:1 want:1 keep:1 one:1
|
GERMAN CALL MONEY EASES AFTER LIQUIDITY INJECTION
Call money eased to 3.75/80 pct from
3.80/85 yesterday following a net injection of 6.7 billion
marks at a rate of 3.80 pct in fresh funds from this week's
securities repurchase agreement, dealers said.
But rates were expected to rise toward the end of the week.
A major tax payment period by banks on behalf of customers,
payments for the federal railways loan stock and repayments of
mark liabilities incurred by foreign central banks with the
Bundesbank in the framework of the European Monetary System
(EMS) are likely to significantly burden the system. Banks
built up minimum reserves today, ahead of the expected outflow.
The Bundesbank credited banks with a gross 15.2 billion
marks, but some 8.5 billion left the system at the same time as
an earlier securities repurchase pact matured.
Dealers estimated the EMS related outflow as high as six
billion marks.
The Bundesbank declined to comment, but a spokesman said
yesterday although the funds now due may be allowed to roll
over, the possibility that other central banks may choose to
redeem them meant a net infusion was needed.
Dealers forecast tax payments of 25 and 30 billion marks,
but much of it is expected to burden the system only next week.
Banks' minimum reserve holdings at the Bundesbank totalled
53.6 billion marks on Monday, averaging 54.0 billion over the
first nine days of March.
Dealers said although the figure was well above an expected
requirement of around 51 billion marks, the expected outflow of
funds was so large that banks might find it difficult to meet
the requirement toward the end of March.
No securities repurchase agreement is expiring next week,
but dealers said the Bundesbank could offer fresh liquidity if
conditions significantly tighten. 'The Bundesbank wants to keep
rates around 3.80 pct,' one dealer said.
|
training/3517
|
training/3517 |@title btr:1 plc:1 btrx:1 l:1 1986:1 year:1 |@word shr:1 21:1 2p:1 vs:11 16:2 0p:1 div:1 4:2 75p:1 make:1 8:1 25p:1 5:1 83p:1 pretax:1 profit:3 505:1 mln:16 stg:1 362:1 turnover:1 02:1 billion:2 3:1 88:1 tax:1 128:1 85:1 operating:2 527:1 421:1 include:1 income:1 30:1 41:1 financial:1 cost:1 52:1 100:1 minority:1 25:1 earning:1 352:1 261:1 extraordinary:1 credit:1 78:1 34:1 debit:1
|
BTR PLC <BTRX.L> 1986 YEAR
Shr 21.2p vs 16.0p
Div 4.75p making 8.25p vs 5.83p
Pretax profit 505 mln stg vs 362 mln
Turnover 4.02 billion vs 3.88 billion
Tax 128 mln vs 85 mln
Operating profit 527 mln vs 421 mln
Operating profit includes -
Other income 30 mln vs 41 mln
Financial costs 52 mln vs 100 mln
Minorities 25 mln vs 16 mln
Earnings 352 mln vs 261 mln
Extraordinary credit 78 mln vs 34 mln debit.
|
training/352
|
training/352 |@title saudi:1 arabia:1 reiterate:1 commitment:1 opec:1 accord:1 |@word saudi:4 arabian:1 oil:5 minister:1 hisham:1 nazer:2 reiterate:1 kingdom:1 commitment:1 last:1 december:2 opec:2 accord:2 boost:1 world:1 price:5 stabilize:1 market:2 official:1 press:1 agency:2 spa:1 say:2 ask:1 recent:1 fall:1 free:1 arabia:2 fully:1 adhere:1 never:1 sell:1 pronounce:1 circumstance:1 main:1 architect:1 pact:1 agree:1 cut:1 total:1 output:1 ceiling:1 7:1 25:1 pct:1 return:1 fix:1 around:1 18:1 dollar:1 barrel:1
|
SAUDI ARABIA REITERATES COMMITMENT TO OPEC ACCORD
Saudi Arabian Oil Minister Hisham Nazer
reiterated the kingdom's commitment to last December's OPEC
accord to boost world oil prices and stabilize the market, the
official Saudi Press Agency SPA said.
Asked by the agency about the recent fall in free market
oil prices, Nazer said Saudi Arabia 'is fully adhering by the
... accord and it will never sell its oil at prices below the
pronounced prices under any circumstance.'
Saudi Arabia was a main architect of December pact under
which OPEC agreed to cut its total oil output ceiling by 7.25
pct and return to fixed prices of around 18 dollars a barrel.
|
training/3520
|
training/3520 |@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/3524
|
training/3524 |@title spain:1 extend:1 reserve:1 requirement:1 |@word bank:8 spain:4 extend:1 reserve:5 requirement:5 convertible:3 peseta:4 fund:7 attempt:2 curb:1 speculation:2 short:3 term:2 capital:2 currently:1 fuel:1 money:4 supply:2 growth:1 statement:1 issue:1 late:1 last:1 night:1 central:3 say:4 account:1 subject:2 exchange:1 control:1 would:2 also:2 19:2 pct:9 effect:2 friday:3 previously:1 exempt:1 measure:2 come:1 one:2 week:1 raise:1 domestic:1 deposit:2 percentage:1 point:1 banking:2 source:2 high:1 real:1 interest:3 rate:4 offer:1 around:1 eight:2 overnight:1 attract:1 large:1 influx:2 speculative:1 foreign:2 threaten:1 government:1 monetary:1 target:2 largely:1 responsible:1 principal:1 broad:1 base:1 liquid:1 asset:1 public:1 hand:1 alp:1 grow:1 estimate:1 17:1 annualise:1 february:1 compare:1 january:1 8:1 3:1 rise:3 11:1 4:1 whole:1 1986:1 1987:1 today:2 provide:1 assistance:1 move:1 drain:1 excess:1 liquidity:2 market:3 tighten:1 fortnightly:1 treasury:1 bill:1 auction:1 tomorrow:1 hike:2 expect:1 absorb:1 200:1 billion:1 system:1 immediate:1 reaction:1 interbank:1 13:2 75:1 14:1 00:1 yesterday:1 46:1 average:1 official:1 understandable:1 response:1 give:1 note:1 continued:1 neutralize:1 curtail:1 make:1 spanish:1 attractive:1
|
SPAIN EXTENDS RESERVE REQUIREMENT
The Bank of Spain has extended the
reserve requirement for banks to their convertible peseta funds
in an attempt to curb speculation in short-term capital which
is currently fuelling money supply growth.
In a statement issued late last night, the central bank
said convertible peseta accounts, funds which are not subject
to exchange controls, would also be subject to a 19 pct reserve
requirement with effect from Friday.
Convertible peseta funds had been previously exempt from
reserve requirements.
The measure comes one week after the central bank raised
reserve requirements on domestic deposits by one percentage
point to 19 pct, also with effect on Friday.
Banking sources say the high real interest rates on offer
now -- around eight pct for overnight funds -- have attracted a
large influx of speculative foreign capital which is
threatening the government's monetary targets.
They say this influx is largely responsible for Spain's
principal measure of money supply, the broad-based liquid
assets in public hands (ALP), to have grown by an estimated 17
pct annualised rate in February, compared with January's 8.3
pct rise and an 11.4 pct rise during the whole of 1986. The
target for 1987 is eight pct.
The Bank of Spain today did not provide assistance funds to
banks in a move to drain excess liquidity from the money
market. Liquidity will be further tightened by the fortnightly
Treasury Bill auction tomorrow and Friday's hike in reserve
requirements, expected to absorb over 200 billion pesetas from
the system.
The immediate reaction was a hike in interbank interest
rates today to 13.75/14.00 pct from yesterday's 13.46 pct
average for deposits.
Bank of Spain officials said this was an understandable
response 'given that the market is short of funds.'
But banking sources noted that a continued rise in interest
rates would neutralize the central bank's attempts to curtail
short-term speculation with foreign funds by making the Spanish
money markets more attractive.
|
training/3526
|
training/3526 |@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/3528
|
training/3528 |@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/353
|
training/353 |@title kuwait:1 minister:1 say:1 emergency:1 opec:1 talk:1 set:1 |@word kuwait:2 oil:4 minister:1 say:2 newspaper:1 interview:1 plan:1 emergency:1 opec:4 meeting:2 recent:1 weakness:1 world:1 price:2 sheikh:1 ali:1 al:3 khalifa:1 sabah:1 quote:1 local:1 daily:2 qabas:1 none:1 member:1 ask:1 also:1 deny:1 pump:2 quota:1 948:1 000:1 barrel:1 crude:2 bpd:2 fall:1 sharply:1 last:1 week:1 international:1 trader:1 analyst:1 estimate:1 13:1 nation:1 one:1 million:1 self:1 impose:1 limit:1
|
KUWAIT MINISTER SAYS NO EMERGENCY OPEC TALKS SET
Kuwait's oil minister said in a newspaper
interview that there were no plans for an emergency OPEC
meeting after the recent weakness in world oil prices.
Sheikh Ali al-Khalifa al-Sabah was quoted by the local
daily al-Qabas as saying that 'none of the OPEC members has
asked for such a meeting.'
He also denied that Kuwait was pumping above its OPEC quota
of 948,000 barrels of crude daily (bpd).
Crude oil prices fell sharply last week as international
oil traders and analysts estimated the 13-nation OPEC was
pumping up to one million bpd over its self-imposed limits.
|
training/3531
|
training/3531 |@title australia:1 lead:1 index:1 continue:1 rise:1 december:1 |@word westpac:4 banking:1 corp:1 melbourne:1 university:1 institute:3 applied:1 economic:3 social:1 research:1 say:7 lead:2 index:7 australian:1 activity:2 rise:5 ninth:1 successive:1 month:2 december:3 134:1 1:1 base:2 1980:1 129:1 8:3 november:3 122:1 year:3 earlier:3 report:2 annualise:2 13:1 pct:6 seven:2 one:1 ratio:1 late:1 average:1 previous:1 12:2 point:1 9:1 trough:1 march:1 1986:1 chief:1 economist:1 bob:1 graham:1 consistent:1 upward:1 trend:1 emphasise:1 need:1 tough:1 mini:1 budget:1 may:1 untoward:1 increase:1 consumption:1 spending:1 balance:1 payment:1 improve:1 would:1 disastrous:1 consequence:1 coincident:1 also:1 three:1 zero:1 movement:1 continue:1 show:1 current:1 recession:1 shallow:1 likely:1 involve:1 slowing:1 real:1 growth:1 absolute:1 fall:1
|
AUSTRALIA LEADING INDEX CONTINUES RISE IN DECEMBER
Westpac Banking Corp and the
Melbourne University Institute of Applied Economic and Social
Research said their leading index of Australian economic
activity rose for the ninth successive month in December.
The index rose to 134.1 (base 1980) from 129.8 in November
and 122.8 a year earlier, the Westpac-Institute report said.
Annualised, it rose 13 pct in December against seven pct in
November and one pct a year earlier, based on the ratio of the
latest index to the average over the previous 12 months.
The report said the index is now 12 points or 9.8 pct above
its trough in March 1986.
Westpac's chief economist Bob Graham said the consistent
upward trend in the leading index emphasised the need for a
tough mini-budget in May. 'An untoward increase in consumption
spending before the balance of payments improves would have
disastrous consequences,' he said.
The coincident index also rose an annualised three pct in
December against zero movement in November and a seven pct rise
a year earlier, Westpac and the Institute said.
They said this index continued to show the current
recession is shallow and is more likely to involve a slowing in
real growth than an absolute fall in economic activity.
|
training/3532
|
training/3532 |@title japan:1 bear:1 yen:1 rise:1 minister:1 say:1 |@word japan:5 bear:2 rise:1 yen:2 foreign:1 minister:2 tadashi:1 kuranari:4 say:5 strong:1 would:4 misfortune:1 japanese:4 people:2 able:1 burden:1 tell:2 reporter:1 want:1 u:3 political:1 leader:1 sacrifice:1 make:1 cut:1 trade:3 surplus:1 widely:1 expect:1 fly:1 washington:1 tomorrow:2 talk:1 focusse:1 departure:1 remain:2 uncertain:1 continue:1 parliamentary:2 boycott:2 opposition:1 party:1 protest:1 plan:1 new:1 sale:1 tax:1 lift:1 probably:1 attend:1 discussion:1 government:1 1987:1 88:1 budget:1 official:1 approach:1 imbalance:1 calm:1 unemotional:1 manner:1 add:1 issue:2 rice:2 raise:1 mention:1 feeling:1 politician:1 repeatedly:1 country:1 bow:1 pressure:1 liberalize:1 import:1 sensitive:1
|
JAPAN CANNOT BEAR FURTHER YEN RISE, MINISTER SAYS
Japan cannot bear a further rise of the
yen, Foreign Minister Tadashi Kuranari said.
'A further stronger yen would be a misfortune for Japan and
the Japanese people would not be able to bear such a burden,' he
told reporters.
The minister said he wants to tell U.S. Political leaders
of the sacrifices Japan is making to cut its trade surplus.
Kuranari was widely expected to fly to Washington tomorrow
for talks focussing on trade. But departure remains uncertain
because of the continuing parliamentary boycott by opposition
parties protesting plans for a new sales tax.
If the boycott is lifted tomorrow, Kuranari would probably
have to remain in Japan to attend parliamentary discussions on
the government's 1987/88 budget, Japanese officials said.
Kuranari said both the U.S. And Japan should approach the
trade imbalance in a calm, unemotional manner.
But, he added, 'If the issue of rice is to be raised...I
would mention the feelings of the Japanese people.'
Japanese politicians have said repeatedly the country
cannot bow to U.S. Pressure to liberalize rice imports because
the issue is too sensitive.
|
training/3533
|
training/3533 |@title bank:1 england:1 intervene:1 money:1 market:1 |@word bank:2 england:1 say:2 operate:1 money:1 market:2 morning:2 initially:1 forecast:1 liqudity:1 shortage:1 300:1 mln:1 stg:1 today:1 overnight:1 interbank:1 sterling:3 trade:2 11:1 1:2 4:1 8:1 pct:1 level:1 period:1 rate:1 ease:1 strength:1 dealer:1 1200:1 gmt:1 weight:1 index:1 0:1 6:1 72:1 7:1
|
BANK OF ENGLAND DOES NOT INTERVENE IN MONEY MARKET
The Bank of England said it did not
operate in the money market during the morning.
Initially, the bank forecast a liqudity shortage of some
300 mln stg for the market today.
Overnight interbank sterling traded at the 11-1/4 1/8 pct
level for most of the morning while period rates have eased on
the strength of sterling, dealers said. At 1200 gmt, sterling's
trade-weighted index was up 0.6 at 72.7.
|
training/3534
|
training/3534 |@title u:1 urge:1 bank:1 weigh:1 philippine:1 debt:1 plan:1 |@word u:4 urge:2 reluctant:2 commercial:6 bank:19 seriously:2 consider:2 accept:1 novel:2 philippine:5 proposal:3 pay:1 interest:5 bill:1 believe:1 innovation:1 fully:1 consistent:1 third:7 world:8 debt:14 strategy:5 reagan:1 administration:4 official:16 say:11 comment:2 also:2 suggest:5 debtor:7 plea:1 rate:4 concession:2 treat:1 much:1 case:1 develop:2 nation:2 carry:1 genuine:1 economic:4 reform:2 addition:1 signal:1 may:2 want:1 reconsider:1 idea:3 megabank:4 would:14 pool:1 support:2 plan:8 even:1 though:1 formally:1 propose:1 time:2 however:1 express:2 reservation:1 scheme:1 ever:2 get:1 ground:1 together:1 argentine:1 suggestion:2 exit:2 bond:3 issue:1 end:1 troublesome:1 role:4 small:1 help:2 underpin:1 flagging:1 private:1 within:2 interview:1 reuters:1 thing:1 fit:1 definition:1 initiative:2 ask:2 think:4 unique:2 approach:1 name:1 october:1 1985:1 washington:2 outline:1 crisis:2 multilateral:2 institution:3 international:1 monetary:1 fund:1 imf:1 step:1 lending:1 major:1 return:1 america:1 call:3 country:3 enact:1 promote:1 inflation:1 free:1 growth:1 perform:2 well:2 admit:1 large:1 brazil:1 clearly:1 exception:1 play:1 key:1 policymaker:1 new:6 improve:1 resolve:1 beginning:1 syndication:1 find:2 procedure:1 process:1 whereby:1 could:2 operate:1 effectively:1 among:1 create:1 swap:3 paper:1 like:2 regional:1 american:1 european:1 theory:1 rid:1 need:1 lend:1 money:4 former:1 every:1 package:1 assemble:1 argentina:1 current:1 negotiation:1 loan:2 2:1 15:1 billion:4 dlrs:3 emphasise:1 something:2 people:2 japanese:1 examine:1 creation:1 consortium:1 assume:1 actively:1 consideration:1 differ:1 slightly:1 one:2 describe:1 deep:1 misgiving:1 work:1 united:1 states:1 suitable:1 way:1 go:1 fine:1 point:2 capital:1 provide:1 meanwhile:1 praise:1 make:1 payment:3 cash:3 5:2 8:4 pct:2 libor:4 interesting:1 quite:1 categorically:1 reject:1 hand:1 level:1 unacceptably:1 low:2 offer:1 alternative:1 margin:1 form:1 investment:1 note:2 tradeable:1 dollar:1 denominate:1 six:1 year:2 life:1 maturity:1 guarantee:1 7:1 banker:1 criticise:1 spread:4 far:1 talk:1 second:1 week:1 aim:1 stretch:1 repayment:1 3:1 6:1 grant:2 easy:1 term:1 already:1 reschedule:1 enjoy:1 strong:1 political:1 since:1 corazon:1 aquino:1 come:1 power:1 early:1 last:1 owe:1 overall:1 27:1 deny:1 amount:1 capitalisation:2 development:1 unacceptable:1 write:1 exist:1 ought:1 seek:1 argue:1 cut:1 forgiveness:1 really:1 narrow:1 add:1 sufficiently:1 broad:1 include:1 philippines:1
|
U.S. URGES BANKS TO WEIGH PHILIPPINE DEBT PLAN
The U.S. is urging reluctant
commercial banks to seriously consider accepting a novel
Philippine proposal for paying its interest bill and believes
the innovation is fully consistent with its Third World debt
strategy, a Reagan administration official said.
The official's comments also suggest that debtors' pleas
for interest rate concessions should be treated much more
seriously by the commercial banks, in cases where developing
nations are carrying out genuine economic reforms.
In addition, he signaled that the banks might want to
reconsider the idea of a 'megabank,' where Third World debt would
be pooled, and suggested the administration would support such
a plan, even though it was not formally proposing it. At the
same time, however, the official expressed reservations that
such a scheme would ever get off the ground.
The Philippine proposal, together with Argentine
suggestions that 'exit bonds' be issued to end the troublesome
role of small banks in the debt strategy, would help to
underpin the flagging role of private banks within the plan,
the official said in an interview with Reuters.
'All of these things would fit within the definition of our
initiative as we have asked it and we think any novel and
unique approach such as those should be considered,' said the
official, who asked not to be named.
In October 1985, Washington outlined a debt crisis strategy
under which commercial banks and multilateral institutions such
as the World Bank and the International Monetary Fund (IMF)
were urged to step up lending to major debtors nations.
In return, America called on the debtor countries to enact
economic reforms promoting inflation-free economic growth.
'The multilaterals have been performing well, the debtors
have been performing well,' said the official. But he admitted
that the largest Third World debtor, Brazil, was clearly an
exception.
The official, who played a key role in developing the U.S.
Debt strategy and is an administration economic policymaker,
also said these new ideas would help commercial banks improve
their role in resolving the Third World debt crisis.
'We called at the very beginning for the bank syndications
to find procedures or processes whereby they could operate more
effectively,' the official said.
Among those ideas, the official said, were suggestions that
commercial banks create a 'megabank' which could swap Third World
debt paper for so-called 'exit bonds' for banks like regional
American or European institutions.
Such bonds in theory would rid these banks of the need to
lend money to their former debtors every time a new money
package was assembled, and has been suggested by Argentina in
its current negotiations for a new loan of 2.15 billion dlrs.
He emphasised that the 'megabank' was not an administration
plan but 'something some people have suggested.'
Other U.S. Officials said Japanese commercial banks are
examining the creation of a consortium bank to assume Third
World debt. This plan, actively under consideration, would
differ slightly from the one the official described.
But the official expressed deep misgivings that such a plan
would work in the United States.
'If the banks thought that that was a suitable way to go,
fine. I don't think they ever will.'
He pointed out that banks would swap their Third World
loans for capital in the megabank and might then be reluctant
to provide new money to debtors through the new institution.
Meanwhile, the official praised the Philippine plan under
which it would make interest payments on its debt in cash at no
more than 5/8 pct above Libor.
'The Philippine proposal is very interesting, it's quite
unique and I don't think it's something that should be
categorically rejected out of hand,' the official said.
Banks which found this level unacceptably low would be
offered an alternative of Libor payments in cash and a margin
above that of one pct in the form of Philippine Investment
Notes.
These tradeable, dollar-denominated notes would have a
six-year life and if banks swapped them for cash before
maturity, the country would guarantee a payment of 7/8 point
over Libor.
Until now, bankers have criticised these spreads as far too
low. The talks, now in their second week, are aimed at
stretching out repayments of 3.6 billion dlrs of debt and
granting easier terms on 5.8 billion of already rescheduled
debt. The country, which has enjoyed strong political support
in Washington since Corazon Aquino came to power early last
year, owes an overall 27.8 billion dlrs of debt.
But the official denied the plan amounts to interest rate
capitalisation, a development until now unacceptable to the
banks. 'It's no more interest rate capitalisation than if you
have a write down in the spread over Libor from what existed
before,' the official said in comments suggesting some ought to
be granted the rate concessions they seek. 'Some people argue
that (cutting the spread) is debt forgiveness... What it really
is is narrowing the spread on new money,' he added.
He said the U.S. Debt strategy is sufficiently broad as an
initiative to include plans like the Philippines'.
|
training/3535
|
training/3535 |@title pound:1 canadian:1 dollar:1 capturing:1 attention:1 |@word interest:5 currency:5 future:2 market:4 shift:1 soar:1 british:2 pound:9 potentially:1 explosive:2 canadian:3 dollar:5 away:1 dull:1 continental:1 japanese:1 analyst:9 say:14 june:5 add:1 6:1 3:1 cent:3 past:1 week:1 half:1 reach:1 new:2 contract:3 high:3 1:2 5930:1 monday:1 spawn:1 find:1 speculative:1 boom:1 broker:1 push:2 client:1 somewhere:1 technically:2 good:1 shape:1 painewebber:1 jason:1 gillard:2 try:1 take:2 bullish:1 approach:1 go:1 stay:1 reason:1 change:1 smith:1 barney:1 craig:1 sloane:6 many:2 trader:1 long:2 short:1 west:2 german:3 mark:3 position:1 although:1 cross:1 trade:1 liquidate:1 yesterday:2 fundamental:1 key:1 rise:2 relatively:1 u:4 k:3 rate:6 vague:1 optimism:1 surround:1 economy:2 money:1 seem:1 chase:1 yield:1 william:1 byer:4 bear:1 stearns:1 10:1 2:1 pct:1 base:2 lending:1 skeptical:1 gain:1 inference:1 bank:3 england:1 seek:1 relieve:1 upward:1 pressure:1 nation:1 budget:2 release:1 march:1 17:1 could:2 impact:1 depend:1 well:1 receive:1 relative:1 oil:1 income:1 remain:1 main:1 influence:1 however:1 may:2 able:1 absorb:1 low:1 country:1 cut:1 discount:1 extend:1 rally:2 like:1 cautiously:1 predict:1 big:1 move:1 soon:1 sideways:1 price:4 pattern:1 small:2 range:1 form:1 bull:1 flag:1 chart:1 orient:1 make:1 type:1 situation:1 often:1 lead:1 breakout:1 case:1 upside:1 agree:1 potential:1 77:1 00:1 level:2 recent:1 close:3 74:1 80:1 stage:1 game:1 call:1 term:1 positive:1 technical:1 burden:1 proof:1 need:1 previous:2 75:1 25:1 traditionally:1 active:1 stability:1 catchword:1 reluctance:1 watchword:1 among:1 important:1 swiss:1 franc:1 hold:1 support:1 0:5 6400:1 5400:1 respectively:1 6438:1 5430:1 rebound:1 show:1 still:2 respectful:1 paris:1 accord:1 threat:1 central:2 intervention:1 g:1 5:1 nations:1 plus:1 canada:1 probe:1 see:1 parameter:1 people:1 reluctant:1 know:1 intervene:1 drop:1 consolidation:1 area:1 around:1 5250:1 profoundly:1 sluggish:1 would:1 buyer:1
|
POUND AND CANADIAN DOLLAR CAPTURING ATTENTION
Interest in the currency futures market
has shifted to the soaring British pound and the potentially
explosive Canadian dollar, and away from the dull Continental
and Japanese currencies, analysts said.
The June pound, which added 6.3 cents over the past
week-and-a-half to reach a new contract high of 1.5930 to the
dollar on Monday, has spawned a new-found speculative boom.
'Brokers have to push their clients somewhere...and
technically, the pound is in the best shape,' PaineWebber
analyst Jason Gillard said.
'We've tried to take a bullish approach to the pound, and
we're going to stay with that, there's no reason to change,'
Smith Barney analyst Craig Sloane said.
Many traders took on long pound/short West German mark
futures positions, although some of those cross-trades were
liquidated yesterday, Sloane said.
The fundamental keys to the pound's rise have been
relatively high U.K. interest rates and a vague optimism
surrounding the British economy, analysts said.
'Money seems to be chasing yields,' William Byers, of Bear
Stearns, said of the 10-1/2 pct U.K. base lending rate.
Many analysts are skeptical about further gains in the
pound, on the inference that the Bank of England will seek to
relieve upward pressure on the currency by pushing down
interest rates after the nation's budget is released March 17.
The budget itself could have an impact, depending on how
well it is received, but analysts say relative interest rates
and oil income remain the main influences on the currency.
However, the market may be able to absorb lower U.K.
interest rates, as it has done when other countries have cut
their discount rates, and extend the pound's rally, Sloane
said.
The Canadian dollar has not been rising like the pound, but
Sloane and other analysts cautiously predicted a big move soon.
The sideways price pattern in the June contract, with
smaller and smaller price ranges, has formed a 'bull flag' on
price charts, technically-oriented analysts said.
'It makes for an explosive type of situation that often
leads to a breakout,' in this case to the upside, Sloane said.
Byers agreed there was potential for the June Canadian
dollar to rally above the 77.00 cent level from the most recent
close at 74.80 cents to the U.S. dollar.
'At this stage of the game I'd call the market long-term
positive, but for the technical burden of proof you need a
close above (the previous contract high of) 75.25,' Byers said.
As to the traditionally more active currencies, stability
was the catchword and reluctance the watchword among analysts.
Sloane said it was important that June Swiss francs and
June German marks held above support at 0.6400 and 0.5400,
respectively, closing at 0.6438 and 0.5430.
Yesterday's rebound showed the market was still very
respectful of the Paris accord, and the threat of central bank
intervention by the G-5 nations plus Canada.
'We may still probe to see what the parameters are,' Byers
said, 'but people are very reluctant because they don't know
where the central banks will be (to intervene).'
Gillard said the mark could drop to a previous price
consolidation area around 0.5250 based on the profoundly
sluggish West German economy, but that he would be a buyer at
that level.
|
training/3538
|
training/3538 |@title new:2 world:2 picture:2 gain:2 sale:2 five:2 pct:2 taft:2 broadcast:1 broadcasting:1 |@word
|
NEW WORLD PICTURES TO HAVE GAIN FROM SALE OF FIVE PCT OF TAFT BROADCASTING
NEW WORLD PICTURES TO HAVE GAIN FROM SALE OF FIVE PCT OF TAFT BROADCASTING
|
training/3539
|
training/3539 |@title jamaica:1 agree:1 draft:1 bank:1 debt:1 rescheduling:1 |@word jamaica:4 agree:1 principle:2 bank:6 advisory:2 committee:2 rescheduling:2 181:1 mln:5 dlrs:3 foreign:2 commercial:2 debt:4 fall:1 due:1 1987:1 1989:1 jamaican:2 information:1 service:1 say:1 repayment:1 stretch:1 12:2 year:3 8:1 1:6 2:3 grace:1 4:2 percentage:1 point:2 london:1 interbank:1 offer:1 rate:1 libor:1 margin:1 previously:1 restructure:1 also:1 cut:1 package:1 save:1 3:4 prime:1 minister:1 edward:1 seaga:2 lead:2 delegation:1 call:1 term:1 favourable:1 country:1 agreement:1 nova:1 scotia:1 bno:1 come:1 five:1 day:1 successfully:1 conclude:1 125:1 5:2 dlr:1 accord:1 paris:1 club:1 creditor:1 nation:1 pact:1 turn:1 follow:1 international:1 monetary:1 fund:1 imf:1 approval:1 march:1 85:1 special:1 drawing:1 rights:1 standby:1 arrangement:1 40:1 9:1 sdr:1 draw:1 compensatory:1 financing:1 facility:1 billion:1 pct:1 owe:1 yesterday:1 reaffirm:1 government:1 policy:1 seek:1 new:1 loan:1 reuter:1
|
JAMAICA AGREES DRAFT BANK DEBT RESCHEDULING
Jamaica agreed in principle with its
bank advisory committee on a rescheduling of 181 mln dlrs of
foreign commercial bank debt falling due between 1987 and 1989,
the Jamaican Information Service said.
Repayments on the debt will be stretched out over 12 years
with 8-1/2 years' grace at 1-1/4 percentage points over the
London Interbank Offered Rate, Libor. The margin on previously
restructured debt also will be cut to 1-1/4 point from 2-1/2.
The package should save Jamaica about 3.3 mln dlrs a year.
Prime Minister Edward Seaga, who led the Jamaican
delegation, called the terms very favourable to his country.
The agreement in principle with the bank advisory committee
led by the Bank of Nova Scotia <BNO.TO> comes five days after
Jamaica successfully concluded a 125.5 mln dlr rescheduling
accord with the Paris Club of creditor nations.
That pact in turn followed the International Monetary Fund
(IMF)'s approval on March 5 of a 85 mln special drawing rights
standby arrangement and a 40.9 mln sdr drawing under the
compensatory financing facility.
Of Jamaica's foreign debt of 3.3 billion dlrs only 12 pct
is owed to commercial banks, and Seaga yesterday reaffirmed the
government's policy of not seeking new bank loans.
REUTER...^M
|
training/354
|
training/354 |@title taiwan:1 plan:1 new:1 tariff:1 cut:1 |@word taiwan:8 plan:1 another:1 round:1 deep:2 tariff:4 cut:5 year:6 help:1 narrow:1 trade:4 surplus:4 u:2 senior:1 economic:2 planner:1 say:7 wang:4 chao:1 ming:1 vice:1 chairman:1 council:1 planning:1 development:1 tell:1 reuters:1 would:2 reduce:1 import:3 1:1 700:1 product:1 sometime:1 second:1 half:1 50:2 pct:3 item:1 make:2 last:3 go:1 much:1 speed:1 liberalisation:1 faster:1 substantially:1 united:2 states:2 main:2 trading:1 partner:1 island:2 still:1 range:1 high:1 almost:1 60:1 unacceptable:1 criticise:1 selective:1 hit:1 13:1 6:1 billion:2 dlrs:2 boost:1 foreign:1 exchange:1 reserve:2 target:1 protectionism:1 weaken:1 position:1 talk:1 washington:2 export:4 quota:1 particularly:1 shoe:1 textile:3 machine:1 tool:1 among:1 earner:1 special:1 taiwanese:1 delegation:1 leave:1 tomorrow:1 try:1 renegotiate:1 agreement:1 sign:1 limit:2 accord:1 growth:1 0:1 5:1 1988:1 taipei:1 lose:1 market:1 south:1 korea:1 hong:1 kong:1 give:1 generous:1 term:1 reuter:1
|
TAIWAN PLANS NEW TARIFF CUTS
Taiwan plans another round of deep tariff
cuts this year to help narrow its trade surplus with the U.S.,
A senior economic planner said.
Wang Chao-Ming, vice-chairman of the council for economic
planning and development, told Reuters Taiwan would further
reduce import tariffs on 1,700 products sometime in the second
half of this year.
Cuts of up to 50 pct on those items were made last year and
Wang said further cuts would go much deeper.
'We have to speed up liberalisation and cut import tariffs
faster and more substantially,' he said.
The United States, Taiwan's main trading partner, has said
the island's import tariffs, still ranging from a high of
almost 60 pct, were unacceptable. It has criticised the cuts as
too selective.
Taiwan's trade surplus with the United States hit 13.6
billion dlrs last year. The surplus has boosted foreign
exchange reserves to 50 billion dlrs, which Wang said made
Taiwan a target for U.S. Protectionism.
Wang said the trade surplus and the reserves weakened
Taiwan's position in talks with Washington over export quotas,
particularly for shoes, textiles and machine tools which are
among the island's main export-earners.
A special Taiwanese trade delegation leaves for Washington
tomorrow to try to renegotiate an agreement signed last year
limiting exports of Taiwan textiles.
Under the accord, Taiwan's textile export growth was
limited to 0.5 pct each year until 1988. Taipei has said it is
losing markets to South Korea and Hong Kong which were given
more generous terms.
REUTER...
|
training/3540
|
training/3540 |@title vegetable:1 oil:1 may:1 tighten:1 despite:1 seed:1 surplus:1 |@word low:4 production:10 coconut:2 palm:3 oil:10 could:3 lead:1 decline:2 vegetable:4 stock:5 year:9 despite:1 grow:1 supply:5 oilseeds:1 senior:1 oilseed:9 analyst:1 merrill:1 lynch:1 capital:1 markets:1 mario:1 balletto:8 say:14 tell:1 conference:2 canadian:1 farmer:1 alberta:1 agriculture:1 annual:1 farm:1 outlook:1 world:9 situation:1 one:1 potentially:1 tight:1 price:9 edible:2 appear:1 upside:2 potential:2 reflect:1 strong:2 demand:2 unprecedented:1 tree:1 estimate:3 kernel:1 8:1 5:1 mln:15 tonne:11 9:2 1:3 last:4 enough:1 offset:1 high:5 output:1 total:2 33:2 4:3 0:3 disappearance:3 34:1 32:1 6:2 unless:1 crush:2 increase:5 sharply:1 exceed:1 600:1 000:1 large:1 deficit:1 since:2 1976:1 protein:1 meal:1 stagnate:1 thus:1 limit:2 soybean:8 need:1 serious:1 ration:1 sector:1 develop:1 would:1 relatively:1 favorable:1 yield:1 seed:1 hand:1 remain:1 depressed:1 burdensome:1 end:1 fourth:1 straight:1 record:2 28:1 compare:1 25:1 result:1 expect:1 fall:1 184:1 185:1 7:2 1987:2 98:1 90:1 previous:1 south:2 america:2 europe:1 make:2 united:1 states:1 account:1 bulk:1 surplus:4 u:6 commodity:1 credit:1 corporation:1 12:2 half:1 1983:1 84:1 13:1 period:1 become:2 dumping:1 ground:1 entire:1 courtesy:1 ccc:1 highlight:1 artificially:2 cause:1 loan:4 program:3 great:1 extent:1 likely:3 dominate:1 long:1 continue:1 crop:1 hover:1 range:1 tie:1 huge:1 overhang:1 underlying:1 support:1 provide:1 rate:1 problem:1 bad:1 encourage:1 producer:1 canada:1 australia:1 shift:1 grain:1
|
VEGETABLE OILS MAY TIGHTEN DESPITE SEED SURPLUS
Lower production of coconut
and palm oils could lead to a decline in vegetable oil stocks
this year despite growing supplies of oilseeds, senior oilseeds
analyst for Merrill Lynch Capital Markets Mario Balletto said.
Balletto told a conference of Canadian farmers at Alberta
Agriculture's annual farm outlook conference that the world
vegetable oil situation is one of potentially tight supplies.
'Prices for edible oils appear to have more upside
potential reflecting strong world demand and an unprecedented
decline in the production of tree oils,' Balletto said.
Balletto estimated production of palm, coconut and palm
kernel oils this year at 8.5 mln tonnes, down from 9.1 mln
tonnes last year, enough to offset higher oilseed output.
He estimated total vegetable oil production this year at
33.4 mln tonnes, up from 33.0 mln last year, and disappearance
at 34.0 mln tonnes, up from 32.6 mln.
Unless oilseed crushing increases sharply, he said,
disappearance of vegetable oils could exceed production by
600,000 tonnes, the largest deficit since 1976.
'If world protein meal demand stagnates, thus limiting the
crush of soybeans ... the need for serious supply rationing in
the edible oils sector could develop,' he said.
'This would be relatively favorable for the prices of high
oil yielding seeds,' Balletto said.
Oilseeds, on the other hand, remain at depressed prices
because of burdensome supplies, he said.
World ending stocks of oilseeds are estimated to increase
for the fourth straight year to a record 28.4 mln tonnes,
compared with 25.4 mln last year.
The increase should result from lower disappearance, as
production is expected to fall to 184.0 mln tonnes from 185.7
mln last year, he said.
World soybean production in 1987 totalled a record 98.9 mln
tonnes, up from 90.6 mln the previous year, Balletto said,
while production of other oilseeds was lower.
Higher soybean production in South America and Europe made
up for lower production in the United States, he said.
Soybeans account for the bulk of the surplus, and U.S.
stocks make up most of those, Balletto said.
The Commodity Credit Corporation owned 12.7 mln tonnes,
about half of the world soybean surplus, he said.
Since 1983-84, he said, world oilseed stocks have increased
13.1 mln tonnes.
'During the same period, U.S. soybean stocks increased 12.1
mln tonnes, becoming the dumping ground of the entire world
surplus, courtesy of the CCC and highlighting the artificially
high prices caused by the U.S. loan program.'
'Soybean prices and, to a great extent, world oilseeds
prices are likely to be dominated by the loan program, as long
as the U.S. soybean surplus continues.
For the 1987 crop, he said, prices are likely to hover in a
range tied to the U.S. loan program.
'Upside potential for prices is limited by the huge supply
overhang while strong underlying support is provided by the
U.S. loan rate.'
The problem is likely to become worse as the artificially
high prices encourage producers in South America, Canada and
Australia to shift from grains to oilseeds, Balletto said.
|
training/3541
|
training/3541 |@title portuguese:1 trade:1 deficit:1 narrow:1 1986:1 |@word portugal:3 trade:3 deficit:5 narrow:1 1986:2 336:1 5:4 billion:18 escudo:6 354:1 8:2 1985:4 accord:1 provisional:1 national:1 statistics:1 institute:1 figure:1 import:3 total:2 1:9 412:1 6:1 export:3 076:1 compare:3 326:1 971:1 7:3 express:1 term:1 dollar:1 rise:1 21:1 2:4 pct:3 26:1 increase:1 first:1 year:2 member:1 european:1 community:3 record:1 98:1 state:1 4:2 ec:1 830:1 732:1 609:1 607:1 previous:1 spain:1 83:1 57:1 italy:1 70:1 30:1 3:1 west:1 germany:1 40:1 19:1
|
PORTUGUESE TRADE DEFICIT NARROWS IN 1986
Portugal's trade deficit narrowed in
1986 to 336.5 billion escudos from 354.8 billion in 1985,
according to provisional National Statistics Institute figures.
Imports totalled 1,412.6 billion escudos and exports
1,076.1 billion compared with 1,326.5 billion and 971.7 billion
in 1985.
Expressed in terms of dollars, imports rose 21.2 pct and
exports 26.1 pct and the trade deficit increased by 7.8 pct.
In its first year as a member of the European Community,
Portugal recorded a deficit of 98.1 billion escudos in its
trade with the other Community states compared with a deficit
of 2.4 billion escudos in 1985.
Imports from the EC in 1986 totalled 830.2 billion escudos,
while exports to the Community were 732.1 billion, compared
with 609.5 billion and 607.1 billion the previous year.
Portugal's deficit with Spain was 83.2 billion escudos
against 57.7 billion in 1985, with Italy it was 70.4 billion
against 30.3 billion, and with West Germany 40.5 billion
against 19.1 billion.
|
training/3542
|
training/3542 |@title brazil:1 gro:1 meet:1 bank:1 trade:1 line:1 issue:1 |@word brazil:6 central:4 bank:14 governor:1 francisco:1 gros:3 meet:2 senior:1 commercial:2 banker:6 today:1 new:1 attempt:1 defuse:1 anger:1 generate:1 country:1 unilateral:1 suspension:1 interest:2 payment:2 68:1 billion:3 dlrs:2 foreign:3 debt:2 say:5 representative:1 citibank:1 head:2 advisory:1 committee:1 co:2 morgan:1 guaranty:1 trust:1 lloyds:1 plc:1 high:1 agenda:1 complaint:1 accompany:1 freeze:3 15:1 short:1 term:1 trade:2 interbank:1 line:3 several:1 hundred:1 creditor:1 worldwide:1 agree:1 last:1 march:2 extend:1 credit:2 31:2 1987:1 part:1 dlr:1 financing:1 package:1 loom:1 expiry:1 commitment:1 couple:1 raise:1 spate:1 technical:1 legal:1 question:1 want:1 discuss:1 gro:1 face:1 problem:1 requirement:2 due:1 make:1 brazilian:2 facility:1 must:1 deposit:3 instead:1 mean:2 easily:1 switch:1 one:2 borrower:1 another:1 also:2 able:1 negotiate:1 low:1 rate:1 spread:1 would:1 rather:1 accept:1 reduced:1 margin:1 see:1 money:1 cause:1 lot:1 ill:1 banking:1 community:1 expect:1 brief:1 result:1 10:1 day:1 tour:1 europe:1 japan:1 finance:1 minister:1 dilson:1 funaro:1 complete:1 seek:1 official:1 support:1 stance:1
|
BRAZIL'S GROS TO MEET BANKS ON TRADE LINE ISSUE
Brazil's central bank governor
Francisco Gros will meet senior commercial bankers here today
in a new attempt to defuse the anger generated by the country's
unilateral suspension of interest payments on 68 billion dlrs
of foreign commercial bank debt, bankers said.
Gros will meet representatives of Citibank, the head of
Brazil's bank advisory committee, and of co-heads Morgan
Guaranty Trust Co and Lloyds Bank Plc.
High on the agenda will be banks' complaints about Brazil's
accompanying freeze on some 15 billion dlrs of short-term trade
and interbank lines, the bankers said.
Brazil's several hundred creditor banks worldwide agreed
last March to extend the credit lines until March 31, 1987, as
part of a 31 billion dlr financing package.
Bankers said the looming expiry of this commitment, coupled
with Brazil's freeze, raised a spate of technical and legal
questions that the banks want to discuss with Gros.
They said they face problems because of the freeze
requirement that any payment due to be made by a Brazilian bank
under the trade facility must be deposited instead with the
central bank. This means foreign bankers cannot easily switch
their credit lines from one borrower to another.
The requirement to deposit with the central bank has also
meant Brazilian banks have been able to negotiate lower
interest-rate spreads, because foreign banks would rather
accept a reduced margin than see their money deposited with the
central bank.
'It's caused a lot of ill-will with the banking community,'
one banker said.
Gros is also expected to brief the banks on the results of
a 10-day tour of Europe and Japan that he and finance minister
Dilson Funaro have just completed to seek official support for
Brazil's debt stance.
|
training/3543
|
training/3543 |@title service:1 resources:1 corp:1 src:1 4th:1 qtr:1 net:1 |@word oper:4 shr:2 profit:4 five:1 ct:2 vs:9 loss:6 1:5 71:2 dlrs:10 net:5 196:1 000:12 2:4 388:1 sale:3 40:1 5:2 mln:6 43:1 avg:1 shrs:1 212:1 482:1 year:4 6:2 24:1 799:1 8:1 991:1 154:1 145:1 0:1 note:1 exclude:2 discontinue:1 operation:1 712:1 843:1 quarter:2 972:1 10:1 1986:2 extraordinary:1 167:1 gain:3 628:1 include:1 one:1 building:1 3:1 200:1 termination:1 pension:1 plan:1
|
SERVICE RESOURCES CORP <SRC> 4TH QTR NET
Oper shr profit five cts vs loss 1.71 dlrs
Oper net profit 196,000 vs loss 2,388,000
Sales 40.5 mln vs 43.2 mln
Avg shrs 2,212,000 vs 1,482,000
Year
Oper shr profit 71 cts vs loss 6.24 dlrs
Oper net profit 1,799,000 vs loss 8,991,000
Sales 154.5 mln vs 145.0 mln
NOTE: Net excludes losses from discontinued operations of
712,000 dlrs vs 2,843,000 dlrs in quarter and 1,972,000 dlrs vs
10.6 mln dlrs in year.
1986 net excludes extraordinary loss 1,167,000 dlrs in
quarter and gain 628,000 dlrs in year.
1986 year net includes gain one mln dlrs from sale of
building and gain 3,200,000 dlrs from termination of pension
plan.
|
training/3545
|
training/3545 |@title telephone:1 data:1 systems:1 inc:1 tds:1 4th:1 qtr:1 net:1 |@word oper:4 shr:2 22:2 ct:4 vs:10 net:4 2:2 058:1 000:13 129:1 revs:2 44:1 5:1 mln:4 35:1 7:1 avg:2 shrs:2 9:4 589:1 348:1 year:2 94:2 8:2 889:1 570:1 155:1 0:1 123:1 4:2 450:1 174:1 note:1 exclude:1 discontinue:1 operation:1 gain:2 1:1 637:1 dlrs:5 loss:2 720:2 quarter:1 679:1 1986:1 period:1 include:1 charge:1 865:1 repal:1 investment:1 tax:1 credit:1
|
TELEPHONE AND DATA SYSTEMS INC <TDS> 4TH QTR NET
Oper shr 22 cts vs 22 cts
Oper net 2,058,000 vs 2,129,000
Revs 44.5 mln vs 35.7 mln
Avg shrs 9,589,000 vs 9,348,000
Year
Oper shr 94 cts vs 94 cts
Oper net 8,889,000 vs 8,570,000
Revs 155.0 mln vs 123.4 mln
Avg shrs 9,450,000 vs 9,174,000
NOTE: Net excludes discontinued operations gain 1,637,000
dlrs vs loss 720,000 dlrs in quarter and gain 4,679,000 dlrs vs
loss 720,000 dlrs in year.
1986 net both periods includes charge 865,000 dlrs from
repal of investment tax credits.
|
training/3547
|
training/3547 |@title new:1 world:1 pictures:1 nwp:1 sell:1 taft:1 tfb:1 stake:1 |@word new:1 world:1 pictures:1 ltd:1 say:2 sell:1 456:1 900:1 share:3 five:1 pct:4 taft:7 broadcasting:1 co:1 common:1 stock:3 gain:1 17:1 8:1 mln:1 dlrs:2 company:3 brief:1 statement:1 acquire:3 late:1 1986:1 give:1 detail:1 official:1 immediately:1 available:1 comment:1 friday:1 vice:1 chairman:2 dudley:2 narragansett:1 capital:1 inc:1 narr:1 offer:1 145:1 per:1 family:1 12:1 investment:1 group:1 led:1 robert:1 bass:3 one:1 brother:1 fort:1 worth:1 texas:1 report:2 25:1 american:1 financial:1 corp:1 carl:1 lindner:1 16:1 linder:1 recent:1 month:1
|
NEW WORLD PICTURES <NWP> SELLS TAFT <TFB> STAKE
New World Pictures Ltd said it sold
456,900 shares or about five pct of Taft Broadcasting Co common
stock for a gain of 17.8 mln dlrs.
The company said in a brief statement that it acquired the
stock in late 1986. It gave no further details and company
officials were not immediately available for comment.
On Friday, Taft vice chairman Dudley S. Taft and
Narragansett Capital Inc <NARR> offered to acquire Taft for 145
dlrs per share. Dudley Taft and his family have owned 12 pct
of the company.
An investment group leds by Robert M. Bass, one of the Bass
brothers of Fort Worth, Texas, has been reported as owning
about 25 pct of Taft stock, and <American Financial Corp>
chairman Carl Lindner has been reported to own about 16 pct.
Both Bass and Linder have acquired Taft shares in recent months.
|
training/3553
|
training/3553 |@title soviet:1 economist:1 see: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 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/3554
|
training/3554 |@title swiss:1 sight:1 deposit:1 fall:1 2:1 88:1 billion:1 franc:1 |@word sight:2 deposit:3 commercial:1 bank:8 swiss:2 national:4 fall:2 2:2 88:1 billion:8 franc:4 first:1 10:2 day:1 march:1 7:1 65:1 say:2 foreign:2 exchange:2 reserve:1 rise:2 3:1 30:1 33:1 94:1 major:1 indicator:1 money:1 market:1 liquidity:2 switzerland:1 pay:1 back:1 5:2 central:1 credit:1 take:1 end:2 february:1 month:1 requirement:1 drain:1 offset:1 part:1 new:1 currency:1 swap:1 effect:1 increase:1 holdings:1 note:1 circulation:1 309:1 1:2 mln:1 24:1 49:1 call:1 basically:1 government:1 fund:1 06:1
|
SWISS SIGHT DEPOSITS FALL 2.88 BILLION FRANCS
Sight deposits of commercial banks at
the Swiss National Bank fell 2.88 billion Swiss francs in the
first 10 days of March to 7.65 billion, the National Bank said.
Foreign exchange reserves rose 3.30 billion francs to 33.94
billion.
Sight deposits are a major indicator of money market
liquidity in Switzerland.
The National Bank said banks paid back 5.5 billion francs
of central bank credit taken out at the end of February for the
end-month liquidity requirement.
This drain was offset in part by new currency swaps, which
had the effect of increasing the National Bank's foreign
exchange holdings.
Bank notes in circulation fell 309.1 mln francs to 24.49
billion, and other deposits on call -- basically government
funds -- rose 1.06 billion to 2.10 billion.
|
training/3556
|
training/3556 |@title ecuador:1 crude:1 oil:1 export:1 stop:1 five:1 month:1 |@word ecuador:5 need:2 120:1 mln:4 dlrs:2 repair:4 damage:2 oil:3 export:4 pipeline:3 cause:1 last:1 week:1 earthquake:1 stop:1 crude:5 five:2 month:2 energy:2 mines:1 minister:4 javier:1 espinosa:2 teran:1 say:4 yesterday:2 carry:1 jungle:1 field:1 pacific:1 ocean:1 coast:1 balao:1 would:4 help:1 texaco:1 inc:1 tx:1 n:1 mexican:1 argentine:1 firm:1 president:1 leon:1 febres:1 cordero:1 two:2 day:2 ago:1 opec:1 member:1 suspend:1 four:1 due:1 quake:2 traditionally:1 account:1 third:1 total:1 much:1 60:1 pct:1 government:1 revenue:1 deputy:1 fernando:1 santos:1 alvite:1 import:1 six:1 seven:1 barrel:2 meet:1 line:1 ecuadorean:1 presidency:1 patricio:1 quevedo:1 tell:1 reporter:1 venezuela:2 lend:1 repaid:1 kind:1 180:1 period:1 add:1 caracas:1 base:1 andean:1 development:1 corp:1 grant:1 loan:1 11:1 7:1 towards:1 50:1 km:1 quito:1 foreign:1 rafael:1 garcia:1 velasco:1 summon:1 ambassador:1 40:1 country:3 issue:1 appeal:1 emergency:1 aid:1 three:1 u:1 colombia:1 offer:1 assistance:1
|
ECUADOR CRUDE OIL EXPORTS STOPPED FOR FIVE MONTHS
Ecuador needs 120 mln dlrs to repair the
damage to its oil export pipeline caused by last week's
earthquake, which will stop crude exports for five months,
energy and mines minister Javier Espinosa Teran said.
Espinosa said yesterday the pipeline, which carries crude
from jungle fields to the Pacific Ocean coast of Balao, would
be repaired with the help of Texaco Inc <TX.N> and a Mexican
and an Argentine firm.
President Leon Febres Cordero said two days ago that
Ecuador, an OPEC member, would have to suspend crude exports
for four months due to the quake.
Oil traditionally accounts for up to two-thirds of
Ecuador's total exports and as much as 60 pct of government
revenues.
Deputy energy minister Fernando Santos Alvite said Ecuador
would have to import six to seven mln barrels of crude oil to
meet its needs until the line was repaired.
The Ecuadorean minister at the Presidency, Patricio
Quevedo, told reporters that Venezuela will lend Ecuador five
mln barrels of crude, which would repaid in kind after a
180-day period.
He added the Caracas-based Andean Development Corp had
granted a loan of 11.7 mln dlrs towards repairing the pipeline,
50 km of which had been damaged in the quake.
In Quito, Foreign Minister Rafael Garcia Velasco yesterday
summoned ambassadors from about 40 countries to whom he issued
appeal for emergency aid for the country. Only three countries,
the U.S., Colombia and Venezuela, had offered assistance.
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training/3557
|
training/3557 |@title southlife:1 holding:1 co:1 slhc:1 4th:1 qtr:1 net:1 |@word oper:4 shr:2 seven:1 ct:4 vs:10 20:1 net:3 347:1 855:1 787:1 117:1 revs:2 6:2 748:1 868:1 849:1 499:1 avg:2 shrs:2 5:1 391:1 666:1 4:2 277:1 157:2 year:2 56:1 46:1 2:2 617:1 528:1 003:1 661:1 27:2 1:2 mln:2 3:2 763:1 793:1 377:1 note:1 exclude:1 realize:1 gain:1 investment:1 925:1 576:1 dlrs:4 577:1 389:1 quarter:1 776:1 341:1 797:1 932:1
|
SOUTHLIFE HOLDING CO <SLHC> 4TH QTR NET
Oper shr seven cts vs 20 cts
Oper net 347,855 vs 787,117
Revs 6,748,868 vs 6,849,499
Avg shrs 5,391,666 vs 4,277,157
Year
Oper shr 56 cts vs 46 cts
Oper net 2,617,528 vs 2,003,661
Revs 27.1 mln vs 27.3 mln
Avg shrs 4,763,793 vs 3,377,157
NOTE: Net excludes realized gains on investments of 925,576
dlrs vs 577,389 dlrs in quarter and 1,776,341 dlrs vs 797,932
dlrs in year.
|
training/3559
|
training/3559 |@title algeria:1 regulate:1 use:1 coffee:1 additive:1 |@word algerian:1 authority:1 regulate:2 addition:1 chickpea:2 barley:2 use:1 make:1 import:2 coffee:6 go:1 official:1 aps:1 news:1 agency:1 report:1 take:1 advantage:1 scarcity:1 private:2 roaster:1 sell:2 ground:2 mixture:3 75:1 pct:3 non:1 say:1 since:1 beginning:1 march:2 market:1 strictly:1 state:1 food:1 marketing:1 monopoly:1 enapal:2 third:2 pure:2 bean:1 two:1 choice:1 30:2 dealer:1 handle:1 2:1 050:2 tonne:2 6:1
|
ALGERIA REGULATES USE OF COFFEE ADDITIVES
The Algerian authorities have regulated
the addition of chickpeas and barley used to make imported
coffee go further, the official APS news agency reported.
Taking advantage of scarcity, private roasters were selling
ground coffee mixtures which were 75 pct non-coffee, it said.
Since the beginning of March, the coffee market has been
strictly regulated by the state food marketing monopoly Enapal.
Now a third of imported coffee will be sold as pure beans
and two thirds as a ground mixture with a choice of 30 pct
chickpeas or 30 pct barley. In March private dealers will
handle 2,050 tonnes of pure coffee and Enapal 6,050 tonnes of
mixtures.
|
training/356
|
training/356 |@title hutchison:1 see:1 high:1 payout:1 satisfactory:1 profit:1 |@word hutchison:5 whampoa:1 ltd:4 hwhh:1 hk:2 expect:2 satisfactory:1 profit:2 1987:2 pay:3 high:1 dividend:3 year:5 chairman:1 li:3 ka:1 shing:1 say:9 make:2 specific:1 projection:2 company:3 earning:1 firm:1 less:1 32:1 5:3 cent:2 per:3 share:10 propose:1 four:2 one:3 stock:2 split:2 bonus:2 issue:2 total:2 1:3 30:1 dlrs:7 last:2 equal:1 26:1 adjust:1 operation:2 range:1 trade:2 property:3 container:1 terminal:1 earlier:2 report:1 tax:1 62:1 billion:3 19:1 1985:1 1986:2 exclude:1 extraordinary:1 gain:2 563:1 mln:6 partly:1 sale:3 stake:2 south:1 china:1 morning:1 post:1 lead:2 english:1 language:1 newspaper:1 compare:1 369:1 previous:1 another:1 277:1 dlr:1 remain:2 hong:3 kong:3 market:1 strong:1 economy:1 perform:1 better:1 forecast:1 largely:1 export:1 growth:1 gross:1 domestic:1 product:1 grow:1 nearly:1 nine:1 pct:4 initial:1 government:2 4:1 large:1 deficit:1 u:1 may:1 result:2 protectionist:1 measure:1 adversely:1 affect:1 british:1 colony:1 major:2 show:1 improve:1 sell:1 entire:1 23:1 interest:2 hongkong:8 electric:8 holdings:2 hkeh:1 cavendish:7 international:1 spin:5 reorganisation:1 announce:1 separately:1 non:1 electricity:1 relate:1 activity:1 list:1 local:1 exchange:1 shareholder:1 receive:1 every:1 buy:1 348:1 2:1 975:1 new:1 give:1 53:1 decision:1 relieve:1 public:1 criticism:1 power:1 risky:1 investment:1 deny:1 pressure:1 seven:1 asset:2 almost:1 debt:1 free:1 340:1 liabilite:1 hilton:1 hotel:1 development:1 husky:1 oil:1 hyo:1 canada:1 pearson:1 plc:1 pson:1 l:1 britain:1
|
HUTCHISON SEES HIGHER PAYOUT, SATISFACTORY PROFITS
Hutchison Whampoa Ltd <HWHH.HK>
expects satisfactory profits in 1987 and will pay a higher
dividend for the year, chairman Li Ka-shing said.
He did not make any specific projections for the company's
earnings this year but he said the firm will pay a dividend of
not less than 32.5 cents per share after a proposed
four-for-one stock split and a one-for-four bonus issue.
It paid total dividends of 1.30 dlrs per share last year,
equal to 26 cents per share, adjusting for the bonus and share
split.
Hutchison, which has operations ranging from trading to
property and container terminals, earlier reported after-tax
profits of 1.62 billion dlrs against 1.19 billion dlrs in 1985.
The 1986 total excluded extraordinary gains of 563 mln
dlrs, partly from the sale of some of its stake in the South
China Morning Post, the leading English language newspaper,
compared with 369 mln dlrs the previous year. It said it
expects another 277 mln dlr gain in 1987 from the sale of the
remaining shares.
Li said Hong Kong's property market remains strong while
its economy is performing better than forecast with its largely
export-led growth.
Gross domestic product grew by nearly nine pct last year
against an initial government projection of 4.5 pct.
But he said Hong Kong's large trade deficit with the U.S.
May result in protectionist measures that will adversely affect
the British colony.
He said all of the company's major operations showed
improved results in 1986.
Hutchison said earlier it will sell its entire 23.5 pct
interest in Hongkong Electric Holdings Ltd <HKEH.HK> to
<Cavendish International Holdings Ltd>, itself a spin-off from
Hongkong Electric.
Under a reorganisation announced separately, Hongkong
Electric will spin off all its non-electricity related
activities into Cavendish, which will be listed on the local
stock exchange. Hongkong Electric shareholders will receive one
share in Cavendish for every Hongkong Electric share.
Cavendish will buy the 348.2 mln Hongkong Electric shares
from Hutchison by issuing 975 mln new shares.
The spin-off and the sale of Hongkong Electric shares will
give Hutchison a 53 pct stake in Cavendish.
Li said the decision to spin-off Cavendish is to relieve
Hongkong Electric of public criticism of the power company for
making risky investments. But he denied there was pressure from
the government for the spin-off.
He said Cavendish will have seven billion dlrs of assets
and will be almost debt free, with 340 mln dlrs of liabilites.
Its major assets are the Hong Kong Hilton Hotel, property
development, and interests in Husky Oil Ltd <HYO.TO> of Canada
and Pearson Plc <PSON.L> of Britain.
|
training/3563
|
training/3563 |@title talk:1 point:1 oil:1 service:1 turnaround:1 see:1 |@word oil:9 service:6 industry:6 verge:1 recovery:3 rise:1 crude:1 price:2 analyst:4 say:12 issue:1 buy:3 recommendation:1 stock:4 begin:2 second:3 half:3 1987:3 drill:1 activity:5 bottom:1 first:3 continue:2 next:1 decade:1 people:1 however:1 afford:1 wait:1 drilling:4 go:1 start:1 sandi:2 haber:1 sweeney:3 senior:1 research:1 sanford:1 c:1 bernstein:2 co:5 inc:4 among:2 recommend:2 schlumberger:5 ltd:1 slb:1 halliburton:2 hal:1 dresser:3 di:1 baker:2 international:3 bko:1 mcdermott:1 mdr:1 may:1 target:1 takeover:1 harold:1 simmon:1 dallas:1 base:1 investor:1 although:1 major:1 company:6 increase:1 exploration:2 development:2 overseas:2 expect:4 pickup:2 u:4 depressed:1 move:1 faster:1 vishnu:1 sharp:1 goldman:1 sachs:1 number:2 active:1 rig:3 766:1 last:1 week:1 compare:2 1:3 212:1 one:2 year:1 ago:1 huge:1 tool:3 ht:1 figure:1 show:1 average:1 work:1 project:2 978:1 versus:1 964:1 1986:2 accord:2 ike:1 kerridge:3 vice:3 president:3 stockholder:1 relation:1 hughes:2 significant:2 occur:1 1988:2 follow:1 similar:1 pattern:1 good:1 value:2 jeffrey:1 freedman:3 smith:1 barney:1 harris:1 upham:1 add:1 control:1 great:1 amount:1 liquidity:1 common:1 market:1 diversife:1 non:1 field:1 businesess:1 low:1 multiple:1 operate:1 cash:2 flow:1 include:3 debt:1 favorite:2 dominant:1 technical:1 leader:1 management:1 shift:1 asset:1 restructuring:1 pending:1 merger:2 fairchild:1 semiconductor:1 considerable:1 horde:1 set:1 stage:1 maximize:1 advantage:1 capitalize:1 upturn:1 report:1 george:1 gaspar:2 robert:1 w:1 baird:1 estimate:1 earning:1 per:1 share:1 25:1 ct:2 75:1 dlrs:2 20:1 exclude:1 fourth:1 quarter:1 special:1 charge:1 87:1 billion:1 group:1 choose:1 difficult:1 involve:1 possible:1 also:1 benefit:1 possibly:1 much:1 pure:1 improve:1 profitability:1 owe:1 cost:1 reduction:1 streamlined:1 operation:1 sale:1 leaseback:1 headquarters:1 swarup:1
|
TALKING POINT/OIL SERVICES TURNAROUND SEEN
The oil services industry is on the
verge of a recovery because of rising crude prices, oil
industry analysts said.
The analysts, who issued buy recommendations on some
stocks, said the recovery in oil services should begin in the
second half of 1987, after drilling activity bottoms out in the
first half, and continue into the next decade.
'People, however, cannot afford to wait for drilling to go
up to start buying,' said Sandi Haber Sweeney, senior research
analyst at Sanford C. Bernstein and Co Inc.
Among the recommended buys are Schlumberger Ltd <SLB>,
Halliburton Co <HAL>, Dresser Industries <DI>, Baker
International <BKO>, and McDermott International Inc <MDR>,
which may be the target of a takeover by Harold Simmons, a
Dallas-based investor.
Analysts said although major oil companies are increasing
exploration and development overseas, they expect the pickup in
oil services will begin in the U.S.
'Activity in the U.S. is so depressed it should move up
faster,' said Vishnu Sharp of Goldman Sachs.
The number of active oil drilling rigs in the U.S. was 766
last week compared with 1,212 rigs one year ago, Huges Tool Co
<HT> figures show.
The average number of working rigs in the U.S. for 1987 is
projected at 978 versus 964 in 1986, according to Ike Kerridge,
vice president of stockholder relations at Hughes Tool. 'The
first significant pickup in drilling activity will occur in the
second half of 1988,' Kerridge said.
Overseas drilling activity is expected to follow a similar
pattern, Kerridge said.
'Halliburton is the best value,' said Jeffrey Freedman,
vice president at Smith Barney, Harris and Upham Inc, adding
the company controls the greatest amount of liquidity of common
stock market value, is diversifed in non-oil field businesess,
and has the lowest multiple of stock price to operating cash
flow including debt.
Schlumberger is Freedman's second favorite oil service
stock.
'Schlumberger is expected to continue to be the dominant
technical leader in the industry,' Freedman said.
'Schlumberger's management shift, asset restructuring,
including a pending merger of Fairchild Semiconductor, and its
considerable cash horde sets the stage for the company to
maximize its significant industry advantage and capitalize on
the project upturn in exploration and development activity,'
according to a report by George Gaspar, first vice president at
Robert W. Baird and Co Inc.
Gaspar estimates earnings per share for Schlumberger at 25
cts for 1987 and one to 1.75 dlrs in 1988 compared with 20 cts
in 1986 excluding a fourth quarter special charge of 1.87
billion dlrs.
Bernstein's Sandi Sweeney is recommending a group of oil
service companies and said choosing among them is difficult.
Her favorite is Baker International, which is involved in a
possible merger with Hughes Tool Co.
Dresser Industries will also benefit from the recovery but
possibly not as much as other companies because it is not a
pure service company, Sweeney said.
Dresser is expected to improve profitability owing to cost
reductions and streamlined operations, including the sale and
leaseback of its headquarters, said Swarup.
|
training/3564
|
training/3564 |@title creditanstalt:1 see:1 high:1 1987:1 dividend:1 |@word creditanstalt:3 bankverein:1 cabv:1 vi:2 likely:1 raise:1 1987:2 dividend:4 1986:6 payment:1 12:1 pct:4 share:4 capital:2 deputy:1 general:2 director:2 guido:1 schmidt:5 chiari:5 say:7 1985:3 10:2 unchanged:1 previous:2 year:7 note:1 parent:1 bank:4 rise:3 3:2 1:2 billion:5 schilling:7 end:2 2:3 7:2 early:1 make:1 forecast:3 news:1 conference:1 announce:1 consolidated:2 banking:2 group:2 net:1 profit:5 496:1 mln:3 354:1 5:1 elaborate:1 balance:2 sheet:2 total:2 453:1 4:2 425:1 hannes:1 androsch:4 high:1 investment:2 would:3 lead:1 continue:1 growth:1 future:1 last:2 well:1 result:3 improvement:1 service:1 provide:1 also:2 schille:1 lending:3 grow:1 interest:2 rate:2 margin:1 improve:2 remain:1 unsatisfactory:1 compare:2 country:1 increase:1 provision:1 possible:1 bad:1 debt:1 home:1 abroad:1 particularly:1 latin:1 america:1 lower:1 decline:1 give:2 exact:1 figure:1 foreign:2 business:2 fall:1 significantly:1 due:1 exchange:1 fluctuation:1 remove:1 22:1 attempt:1 generate:1 representative:1 office:1 open:1 tokyo:1 hong:1 kong:1 moscow:1 prague:1 welcome:1 government:1 plan:1 abolish:1 legal:1 control:2 foreigner:1 buy:1 voting:1 draw:1 preference:1 state:1 eight:1 vienna:1 bourse:1 today:1 008:1 broker:1 widely:1 expect:2 investor:1 industrial:2 holding:1 perform:1 better:1 return:2 6:1 austria:1 large:2 hold:1 majority:1 medium:1 sized:1 austrian:1 company:1 big:1 subsidiary:1 steyr:1 daimler:1 puch:1 ag:1 sdpv:1 similar:1 operate:1 loss:1 700:1
|
CREDITANSTALT SEES HIGHER 1987 DIVIDEND
Creditanstalt-Bankverein <CABV.VI> is
likely to raise its 1987 dividend from the 1986 payment of 12
pct of share capital, deputy general-director Guido
Schmidt-Chiari said.
The 1985 dividend was 10 pct, unchanged from the previous
year and Schmidt-Chiari noted that the parent bank's share
capital had risen to 3.1 billion schillings at the end of 1986
from 2.7 billion a year earlier.
Schmidt-Chiari made the forecast at a news conference when
the bank announced a 1986 consolidated banking group net profit
of 496.7 mln schillings for 1986, against 354.5 mln in 1985.
Schmidt-Chiari did not elaborate on his dividend forecast.
The banking group's consolidated balance sheet total rose
to 453.4 billion schillings at year-end from 425.4 billion.
General director Hannes Androsch said higher investment
would lead to continuing growth in profits in future. Last
year's better profits had resulted from improvements in
services provided by the bank and also in profits on schilling
lending.
Schilling lending had grown last year and interest rate
margins had also improved but remained unsatisfactory when
compared with those in other countries, he said.
Increased provisions for possible bad debts at home and
abroad, particularly in Latin America, had lowered profits,
Androsch said, but declined to give an exact figure.
Schmidt-Chiari said that foreign lending business had
fallen significantly due to exchange rate fluctuations,
removing some 22 billion schillings from the balance sheet
total.
In an attempt to generate more foreign business,
representative offices would be opened this year in Tokyo, Hong
Kong, Moscow and Prague. Androsch welcomed government plans to
abolish legal controls on foreigners buying voting shares and
drawing dividends.
Preference shares of state-controlled Creditanstalt rose
eight schillings on the Vienna Bourse today to 2,008. Brokers
said improved results had been widely expected by investors.
Androsch said industrial holdings had performed better in
1986 than in previous years, giving a return on investment of
2.6 pct compared with 1.3 pct in 1985. Creditanstalt, Austria's
largest bank, holds majority interests in 10 medium-sized and
large Austrian companies.
But he forecast its biggest industrial subsidiary, Steyr
-Daimler-Puch AG <SDPV.VI> would return a 1987 result similar
to the expected 1986 operating loss of 700 mln schillings.
|
training/3565
|
training/3565 |@title cpc:3 sell:1 unit:1 hi:1 port:1 hipt:1 |@word international:1 inc:3 say:2 agree:1 principle:1 sell:1 peterson:2 puritain:1 subsidiary:1 hi:1 port:1 industries:1 cpc:1 sale:1 expect:1 significant:1 impact:1 earning:1 subject:1 approval:1 board:1 company:1 term:1 disclose:1 purittan:1 contract:1 packager:1 personal:1 care:1 household:1 product:1
|
CPC <CPC> TO SELL UNIT TO HI-PORT <HIPT>
CPC International Inc
said it has agreed in principle to sell its Peterson/Puritain
Inc subsidiary to Hi-Port Industries Inc.
CPC said the sale is not expected to have a significant
impact on its earnings and is subject to approval by boards of
both companies. Terms were not disclosed.
Peterson/Purittan is a contract packager of personal care
and household products.
|
training/3569
|
training/3569 |@title pulitzer:1 publishing:1 co:1 pltzc:1 4th:1 qtr:1 net:1 |@word shr:2 47:1 ct:2 vs:10 40:1 net:3 4:3 258:1 000:7 5:2 942:1 revs:2 92:1 6:2 mln:9 77:1 1:5 avg:2 shrs:2 8:1 977:1 15:2 0:3 year:3 22:1 dlrs:6 34:1 16:1 20:1 329:1 272:1 13:1 note:1 interest:1 expense:2 384:1 545:1 quarter:1 979:1 2:1 425:1 1986:1 reflect:1 undisclosed:1 amount:1 defense:1 takeover:1 effort:1
|
PULITZER PUBLISHING CO <PLTZC> 4TH QTR NET
Shr 47 cts vs 40 cts
Net 4,258,000 vs 5,942,000
Revs 92.6 mln vs 77.1 mln
Avg shrs 8,977,000 vs 15.0 mln
Year
Shr 1.22 dlrs vs 1.34 dlrs
Net 16.4 mln vs 20.0 mln
Revs 329.1 mln vs 272.1 mln
Avg shrs 13.5 mln vs 15.0 mln
NOTE: Interest expense 4,384,000 dlrs vs 545,000 dlrs in
quarter and 6,979,000 dlrs vs 2,425,000 dlrs in year.
1986 year net reflects undisclosed amount of expenses for
defense of takeover effort.
|
training/3570
|
training/3570 |@title hughes:2 tool:2 say:2 approve:2 revise:2 term:2 merger:2 baker:2 international:2 |@word
|
HUGHES TOOL SAYS IT APPROVES REVISED TERMS FOR MERGER WITH BAKER INTERNATIONAL
HUGHES TOOL SAYS IT APPROVES REVISED TERMS FOR MERGER WITH BAKER INTERNATIONAL
|
training/3571
|
training/3571 |@title opec:2 reaffirm:1 commitment:1 fix:1 price:1 ceiling:1 |@word reaffirm:1 commitment:1 fix:3 crude:4 oil:6 price:13 around:2 18:6 dlrs:4 barrel:2 overall:3 output:5 ceiling:2 15:2 8:2 mln:2 per:1 day:1 bpd:5 defend:2 president:3 rilwanu:1 lukman:10 say:14 tell:1 news:2 conference:3 due:1 consultation:1 colleague:1 opec:17 hereby:1 wish:1 emphasize:1 nigeria:2 member:3 country:3 remain:1 determined:1 uphold:1 december:5 agreement:6 adhere:2 strictly:1 various:2 quota:3 official:2 selling:1 add:2 extraordinary:2 plan:1 position:1 confirm:1 despite:1 mislead:1 foreign:1 medium:1 contrary:1 whole:1 produce:2 agree:3 month:2 february:4 nigerian:1 minister:1 put:2 shortfall:3 900:2 000:3 result:1 firm:1 determination:1 sell:1 upon:1 last:4 geneva:2 set:1 first:1 half:1 1987:1 restore:1 1:1 reference:1 point:1 rally:1 immediately:1 accord:1 fall:1 report:1 level:3 idea:1 suggest:1 would:3 hold:3 cause:1 customer:1 back:1 purchase:1 resort:1 destocke:1 meet:2 need:3 base:1 verify:2 figure:2 10:1 13:1 alone:1 production:2 100:1 iraq:1 disassociate:1 ecuador:2 united:1 arab:1 emirates:1 pay:1 make:1 succeed:1 ready:1 change:1 group:2 differential:2 committee:2 meeting:2 formerly:1 postpone:1 april:1 indefinitely:1 furthermore:1 moment:1 contemplate:1 since:1 reach:1 ask:1 soon:2 narrow:1 gap:1 relation:1 dlr:2 benchmark:1 reply:1 consider:1 defence:1 much:1 crucial:1 aware:1 consumer:1 heavily:1 draw:1 stock:1 refined:1 product:1 well:1 time:1 year:2 return:1 market:2 search:1 see:1 go:1 difficulty:1 maintain:2 throughout:1 rest:1 praise:1 non:1 producer:1 contribute:1 effort:1 stabilise:1 criticise:1 britain:1 long:2 view:1 anything:1 help:1 quite:1 confident:1 however:1 term:1 two:1 third:1 world:1 reserve:1 hand:1 future:1 use:1 advantage:1 responsibly:1 describe:1 disruption:1 follow:1 earthquake:1 tragic:1 refuse:1 south:1 american:1 allow:1 high:1 recover:1 disaster:1
|
OPEC REAFFIRMS COMMITMENT TO FIXED PRICES, CEILING
OPEC has reaffirmed its commitment to
fixed crude oil prices of around 18 dlrs a barrel and an
overall output ceiling of 15.8 mln barrels per day (bpd) to
defend prices, its president Rilwanu Lukman said.
He told a news conference here 'After due consultation with
my colleagues in OPEC, I hereby wish to emphasize that Nigeria
and all member countries of OPEC remain determined to uphold
the December agreement by adhering strictly to their various
quotas and official selling prices.'
Lukman added no extraordinary OPEC conference was planned.
'We are in a position to re-confirm that, despite misleading
news in foreign media to the contrary, ... OPEC member
countries as a whole produced below their agreed quota in the
month of February,' Lukman, who is Nigerian oil minister, said.
Lukman put the overall OPEC output shortfall in February at
900,000 bpd and said this was as a result of their firm
determination to defend official selling prices of 18 dlrs
agreed upon last December in Geneva.
The December agreement set an overall output ceiling for
OPEC of 15.8 mln bpd for first half 1987 and restored fixed
prices as from February 1 around a reference point of 18 dlrs.
Oil prices rallied immediately after the Geneva accord but
fell again last month on reports that OPEC was producing more
than the agreed level.
'The idea was to suggest that OPEC's agreement would not
hold and this caused some customers to hold back purchases of
OPEC oil and resort to destocking to meet their needs,' Lukman
said.
He said the 900,000 bpd shortfall last February was based
on the verified figure for 10 out of OPEC's 13 members, adding
that Nigeria alone had a shortfall in production of 100,000
bpd.
Iraq disassociated itself from the December agreement,
while the production figures of Ecuador and the United Arab
Emirates needed to be verified, Lukman said.
'If that is the price we have to pay to make the agreement
succeed, we are ready ... OPEC is not changing its price level
of 18 dlrs,' the group's president said.
He said the OPEC price differentials committee meeting
formerly postponed to April had been put off indefinitely.
'Furthermore, no extraordinary meeting of the conference is
at the moment contemplated since most agreements reached in
December are being adhered to,' he said.
Asked if the committee did not need to meet soon to narrow
the gaps in the prices of the various OPEC crudes -- fixed in
relation to the 18 dlr benchmark -- Lukman replied 'We consider
the defence of our prices much more crucial than differentials.'
Lukman said OPEC was aware that consumers had heavily drawn
on stocks of both crude oil and refined products to levels well
below this time last year and soon they would return to the
market in search of crude.
'We don't see that there is going to be any difficulty in
maintaining the 18 dlr price throughout the rest of the year,'
Lukman said.
The OPEC president praised non-OPEC oil producers, which he
said had contributed to the group's efforts to stabilise
prices, but he criticised Britain for maintaining its long-held
view not to do anything to help the market.
'We are quite confident, however, that in the long-term with
two-thirds of the world's reserves in OPEC hands, the future is
ours. We will use that advantage responsibly,' he said.
Lukman described the disruption in Ecuador's output
following an earthquake as tragic, but refused to say if the
South American country would be allowed a higher output quota
when it recovered from the disaster.
|
training/3572
|
training/3572 |@title dutch:1 port:1 union:1 meet:1 parliamentarian:1 today:1 |@word dutch:1 port:1 transport:1 union:4 fnv:1 present:1 case:2 800:1 plan:2 redundancy:2 rotterdam:1 general:2 cargo:2 sector:2 parliament:1 standing:1 committee:2 social:1 affairs:1 today:1 spokesman:2 say:1 285:1 4:1 000:1 strong:1 workforce:1 strike:1 tell:1 government:1 duty:1 help:1 solve:1 dispute:1 disrupt:1 seven:1 week:1 add:2 also:1 take:1 350:1 year:1 court:1 amsterdam:1 tomorrow:1
|
DUTCH PORT UNION TO MEET PARLIAMENTARIANS TODAY
Dutch port and transport union, FNV,
is presenting its case against 800 planned redundancies in
Rotterdam's general cargo sector to parliament's standing
committee on social affairs today, a union spokesman said.
With 285 of the 4,000-strong workforce on strike, the union
will tell the committee the government has a duty to help solve
the dispute that has been disrupting the general cargo sector
for more than seven weeks, the spokesman added.
The union will also take its case against the redundancies,
350 of them planned for this year, to a court in Amsterdam
tomorrow, he added.
|
training/3573
|
training/3573 |@title qintex:1 extend:1 princeville:1 pvdc:1 offer:1 |@word qintex:2 america:1 ltd:1 say:2 extend:2 offer:2 13:1 dlrs:1 share:4 3:2 mln:1 princeville:3 development:1 corp:1 today:1 yesterday:2 midnight:1 7:1 242:1 117:1 tender:1 5:1 887:1 165:1 24:1 hour:1 earlier:1 allow:1 comply:1 federal:1 law:1 restrict:1 ownership:1 u:2 airline:1 non:1 citizen:1 finalize:1 term:1 condition:1 letter:1 credit:1 bank:1 guarantee:1 require:1 previously:1 announce:1 acquisition:1 agreement:1
|
QINTEX AGAIN EXTENDS PRINCEVILLE <PVDC> OFFER
<Qintex America Ltd> said it is again
extending its offer of 13 dlrs a share for 3.3 mln Princeville
Development Corp shares until today from yesterday.
At midnight yesterday, 7,242,117 Princeville shares had
been tendered, up from 5,887,165 shares 24 hours earlier.
Qintex said it is extending the offer to allow Princeville
to comply with federal law restricting the ownership of U.S.
airlines by non-U.S. citizens and to finalize the terms and
conditions of the letter of credit or bank guarantee required
under the previously announced acquisition agreement.
|
training/3574
|
training/3574 |@title st:1 joe:1 gold:1 sjg:1 develop:1 |@word st:3 joe:3 gold:9 corp:1 say:8 plan:1 proceed:1 development:3 golden:3 patricia:3 property:4 northwestern:1 ontario:1 five:1 mln:2 dlrs:2 spend:1 continue:2 underground:2 obtain:1 operating:2 permit:2 another:1 10:1 2:1 expect:2 require:1 complete:1 construct:1 mill:1 provide:1 infrastructure:1 need:1 put:1 mine:2 commercial:1 production:2 necessary:1 grant:1 time:1 would:1 start:1 second:1 half:1 year:1 end:1 october:1 31:1 1988:1 annual:1 rate:1 40:1 000:4 troy:5 ounce:5 company:2 estimate:1 contain:2 500:1 initial:2 mining:1 project:1 cover:1 seven:1 192:1 claim:1 drill:2 indicate:1 reserve:1 293:1 short:1 ton:5 grade:2 0:3 88:1 per:2 output:1 150:1 ore:1 daily:1 vein:1 test:1 depth:1 along:1 strike:1 east:1 west:1 exploration:1 adjacent:1 wholly:1 muskeg:1 lake:1 also:1 richmond:1 hill:1 silver:2 deposit:1 carbonate:1 district:1 western:1 south:1 dakota:1 show:1 3:1 900:1 055:1 23:1 preliminary:1 result:1 encouraging:1 feasibility:1 study:1 near:1 completion:1
|
ST. JOE GOLD <SJG> TO DEVELOP MINE
St. Joe Gold Corp said it plans to
proceed with development of its Golden Patricia gold property
in northwestern Ontario.
It said about five mln dlrs will be spent to continue
underground development and obtain operating permits and
another 10.2 mln dlrs is expected to be required to complete
underground development, construct a mill and provide the
infrastructure needed to put the mine into commercial
production.
St. Joe Gold said if the necessary operating permits were
granted in time, it would start gold production in the second
half of the year ending October 31, 1988 at an annual rate of
about 40,000 troy ounces.
The company said the property is estimated to contain over
500,000 troy ounces of gold, and the initial mining project
covers only seven of 192 claims, with drill-indicated reserves
of 293,000 short tons grading 0.88 troy ounce of gold per ton.
It said initial mine output is expected to be about 150
tons of ore daily.
St. Joe Gold said the Golden Patricia vein has not been
tested at depth or along strike to the east and west and
exploration is continuing on the Golden Patricia property and
the adjacent wholly-owned Muskeg Lake property.
The company also said its Richmond Hill gold and silver
deposit in the Carbonate district of western South Dakota has
been shown by drilling to contain about 3,900,000 tons grading
0.055 troy ounce of gold and 0.23 troy ounce of silver per ton.
It said preliminary results are encouraging and a feasibility
study is nearing completion.
|
training/3575
|
training/3575 |@title novell:1 novl:1 set:1 two:1 one:1 stock:1 split:1 |@word novell:1 inc:1 say:2 board:1 declare:1 two:1 one:1 stock:1 split:1 payable:1 holder:1 record:1 close:1 business:1 march:1 31:1 shareholder:1 annual:1 meeting:1 approve:1 doubling:1 authorized:1 common:1 share:1 30:1 mln:2 15:1 limitation:1 director:1 liability:1
|
NOVELL <NOVL> SETS TWO FOR ONE STOCK SPLIT
Novell Inc said its board
declared a two-for-one stock split, payable to holders of
record at the close of business on MArch 31.
It said shareholders at the annual meeting approved a
doubling of authorized common shares to 30 mln from 15 mln and
a limitation of directors' liability.
|
training/3577
|
training/3577 |@title agency:1 review:1 johnson:2 jnj:1 sweetner:1 |@word johnson:2 say:2 u:1 food:2 drug:1 administration:1 notify:1 company:2 additive:1 petition:1 high:1 intensity:1 sweetener:1 formally:1 accept:1 review:1 agency:1 product:1 generic:1 name:1 sucralose:1 make:1 sugar:2 taste:1 like:1 600:1 time:1 sweet:1 yield:1 calorie:1 promote:1 tooth:1 decay:1
|
AGENCY TO REVIEW JOHNSON/JOHNSON <JNJ> SWEETNER
Johnson and Johnson said the U.S.
Food and Drug Administration has notified the company its food
additive petition for a high-intensity sweetener has been
formally accepted and now will be reviewed by the agency.
The company said the product, with the generic name of
sucralose, is made from sugar and tastes like sugar, but is
about 600 times sweeter.
It yields no calories and does not promote tooth decay.
|
training/3578
|
training/3578 |@title heart:1 federal:1 hfed:1 set:1 two:1 one:1 split:1 |@word heart:1 federal:1 saving:1 loan:1 association:1 say:2 board:1 declare:1 two:1 one:1 stock:1 split:2 payable:1 april:3 30:1 holder:1 record:1 15:2 company:1 subject:1 shareholder:1 approval:1 annual:1 meeting:1 increase:1 authorized:1 common:1 share:1 10:1 mln:2 five:1
|
HEART FEDERAL <HFED> SETS TWO FOR ONE SPLIT
Heart Federal Savings and Loan
Association said its board declared a two-for-one stock split,
payable April 30 to holders of record April 15.
The company said the split is subject to shareholder
approval at the April 15 annual meeting of an increase in
authorized common shares to 10 mln from five mln.
|
training/3579
|
training/3579 |@title novo:1 industri:1 nvo:1 co:1 year:1 1986:1 |@word pre:1 tax:2 income:2 788:1 mln:4 danish:1 crown:5 vs:4 872:1 sale:1 4:2 21:1 billion:2 11:1 521:1 604:1 earning:1 per:1 20:3 share:1 45:1 23:1 79:1 dividend:1 pct:1 unchanged:1
|
NOVO INDUSTRI A/S (NVO.CO) YEAR 1986
Pre-tax income 788 mln Danish crowns vs 872 mln
Sales 4.21 billion crowns vs 4.11 billion
Income after tax 521 mln crowns vs 604 mln
Earnings per 20-crown share 20.45 crowns vs 23.79
Dividend 20 pct (unchanged).
|
training/3580
|
training/3580 |@title overmyer:1 corp:1 omco:1 regular:1 dividend:1 |@word qtly:1 div:1 10:2 ct:2 vs:1 prior:1 qtr:1 payable:1 march:2 31:1 record:1 23:1
|
OVERMYER CORP <OMCO> REGULAR DIVIDEND
Qtly div 10 cts vs 10 cts in prior qtr
Payable March 31
Record March 23
|
training/3582
|
training/3582 |@title uniforce:1 temporary:1 personnel:1 inc:1 unfr:1 4th:1 qtr:1 |@word shr:2 18:1 ct:4 vs:8 14:1 net:2 556:1 036:1 403:1 945:1 sale:2 15:1 6:2 mln:4 13:1 avg:2 shrs:2 3:3 132:1 555:1 2:2 934:1 285:1 year:1 60:2 48:1 1:3 805:1 229:1 400:1 247:1 52:1 012:1 917:1 940:1 219:1 note:1 1985:1 share:1 datum:1 adjust:1 reflect:1 three:1 two:1 stock:1 split:1 effective:1 june:1 30:1 1986:1
|
UNIFORCE TEMPORARY PERSONNEL INC <UNFR> 4TH QTR
Shr 18 cts vs 14 cts
Net 556,036 vs 403,945
Sales 15.6 mln vs 13.6 mln
Avg shrs 3,132,555 vs 2,934,285
Year
Shr 60 cts vs 48 cts
Net 1,805,229 vs 1,400,247
Sales 60.1 mln vs 52.3 mln
Avg shrs 3,012,917 vs 2,940,219
NOTE: 1985 share data adjusted to reflect three for two
stock split effective June 30, 1986
|
training/3584
|
training/3584 |@title u:1 k:1 money:1 market:1 give:1 106:1 mln:1 stg:1 assistance:1 |@word bank:4 england:1 say:1 give:1 money:1 market:2 assistance:1 worth:1 106:1 mln:5 stg:4 afternoon:1 buy:2 bill:2 rate:1 establish:1 monday:1 11:1 band:2 one:1 10:2 3:1 8:1 pct:2 95:1 two:1 paper:1 5:1 16:1 first:1 time:1 intervene:1 today:1 revise:1 estimate:1 liquidity:1 shortage:1 250:1 300:1 initially:1
|
U.K. MONEY MARKET GIVEN 106 MLN STG ASSISTANCE
The Bank of England said it gave the
money market assistance worth 106 mln stg this afternoon,
buying bank bills at the rates established on Monday.
The Bank bought 11 mln stg of band one bills at 10-3/8 pct
and 95 mln stg of band two paper at 10-5/16 pct. This is the
first time that it has intervened today.
The Bank has revised its estimate of the liquidity shortage
in the market down to 250 mln stg from 300 mln initially.
|
training/3585
|
training/3585 |@title pic:1 n:1 save:1 corp:1 picn:1 4th:1 qtr:1 net:1 |@word shr:2 45:1 ct:2 vs:6 50:1 net:2 18:1 0:1 mln:8 19:1 9:1 sale:2 116:1 1:5 108:1 8:2 year:1 01:1 dlrs:2 04:1 39:1 41:1 304:1 5:1 278:1 note:1 share:1 adjust:1 three:1 two:1 split:1 june:1 1986:1
|
PIC'N'SAVE CORP <PICN> 4TH QTR NET
Shr 45 cts vs 50 cts
Net 18.0 mln vs 19.9 mln
Sales 116.1 mln vs 108.8 mln
Year
Shr 1.01 dlrs vs 1.04 dlrs
Net 39.8 mln vs 41.1 mln
Sales 304.5 mln vs 278.1 mln
NOTE: Share adjusted for three-for-two split in June 1986.
|
training/3586
|
training/3586 |@title goodyear:4 tire:2 receive:2 588:2 mln:2 dlrs:2 aerospace:2 loral:2 corp:2 |@word
|
GOODYEAR TIRE TO RECEIVE 588 MLN DLRS FOR GOODYEAR AEROSPACE FROM LORAL CORP
GOODYEAR TIRE TO RECEIVE 588 MLN DLRS FOR GOODYEAR AEROSPACE FROM LORAL CORP
|
training/3587
|
training/3587 |@title hughes:1 tool:1 ht:1 board:1 approve:1 merger:1 |@word hughes:5 tool:2 co:1 say:6 board:2 vote:1 special:1 meeting:2 last:1 night:1 approve:3 new:3 agreement:3 regulator:1 would:4 allow:2 company:7 complete:1 propose:1 merger:4 baker:7 international:1 corp:1 bko:1 u:1 department:2 justice:2 yesterday:1 give:2 merged:1 hughe:2 six:1 month:2 instead:1 three:2 sell:3 certain:1 asset:2 pact:1 also:1 extension:1 warrant:1 limit:1 obligation:1 financial:2 support:1 business:4 divest:1 pende:1 sale:1 recommend:1 shareholder:1 oilfield:2 service:1 previously:1 adjourn:1 stockholder:1 resume:1 afternoon:1 work:1 towards:1 negotiate:1 final:1 form:2 consent:2 decree:2 file:1 soon:1 possible:1 statement:1 closing:1 occur:1 immediately:1 filing:1 consist:1 domestic:2 drilling:1 bit:1 submersible:1 electric:1 pump:2 trico:1 industries:1 inc:2 tro:1 term:2 unchanged:1 spokesman:1 common:2 share:4 convert:1 one:1 8:1 10:1 respectively:1 hold:1
|
HUGHES TOOL <HT> BOARD APPROVES MERGER
Hughes Tool Co said its board voted at
a special meeting last night to approve a new agreement with
regulators that would allow the company to complete its
proposed merger with Baker International Corp <BKO>.
The agreement, approved by the U.S. Department of Justice
yesterday, will give the merged company, Baker Hughes, six
months instead of three to sell certain assets.
The pact also allows a three-month extension, if warranted,
and limits the obligation of the new company to give financial
support to the businesses to be divested, pending their sale.
The company said its board recommended that shareholders
approve the merger of the oilfield service companies. A
previously adjourned meeting of Hughes Tool stockholders will
be resumed this afternoon, it said.
'Hughes will work with Baker and the Justice Department
towards negotiating the final form of the consent decree and
filing it as soon as possible,' the company said in a
statement. Closing of the merger would occur immediately after
the filing, it said.
The assets to be sold under the consent decree consist of
Baker's domestic oilfield drilling bit business and its
domestic submersible electric pump business. Baker has an
agreement to sell the pump business to Trico Industries Inc
<TRO>.
The financial terms of the merger are unchanged, a Hughes
spokesman said. Under those terms, each Baker common share and
Hughes common share would be converted into one share and 8/10
of a share, respectively, of Baker Hughes Inc, which would be
formed as a new holding company.
|
training/3589
|
training/3589 |@title agency:1 review:1 johnson:2 sweetener:1 |@word johnson:10 say:7 u:1 food:2 drug:1 administration:1 notify:1 company:4 additive:1 petition:2 high:1 intensity:1 sweetener:1 formally:1 accept:1 review:1 agency:1 product:3 generic:1 name:1 sucralose:6 make:1 sugar:3 taste:1 like:1 600:1 time:1 sweet:1 yield:1 calorie:2 promote:1 tooth:1 decay:1 sweetner:1 jointly:1 develop:1 tate:3 lyle:3 plc:1 tatl:1 seek:1 approval:2 canada:1 united:1 kingdom:1 european:1 country:1 note:1 cover:1 safety:1 evaluation:1 submit:1 fda:2 last:1 month:1 await:1 proceed:1 plan:1 commercialization:1 mcneil:1 specialty:1 co:1 subsidiary:1 operate:1 licensing:2 agreement:2 whose:1 collaborative:1 research:1 scientist:1 queen:1 elizabeth:1 college:1 london:1 lead:1 discovery:1 1976:1 patent:1 control:1 use:1 year:1 2001:1 chlorinate:1 derivative:1 ordinary:1 carbon:1 chloride:1 bond:1 stable:1 break:1 digestion:1 metabolism:1 essentially:1 metabollize:1 body:1 chlorine:1 content:1 enhance:1 sweetness:1 without:1 provide:1
|
AGENCY TO REVIEW JOHNSON AND JOHNSON SWEETENER
Johnson and Johnson said the U.S.
Food and Drug Administration has notified the company its food
additive petition for a high-intensity sweetener has been
formally accepted and now will be reviewed by the agency.
The company said the product, with the generic name of
sucralose, is made from sugar and tastes like sugar, but is
about 600 times sweeter.
It yields no calories and does not promote tooth decay.
Johnson and Johnson said the sweetner is being jointly
developed with Tate and Lyle PLC <TATL>.
Tate and Lyle is seeking approval in Canada, the United
Kingdom and other European countries, Johnson and Johnson said.
The company noted its petition covering the product and its
safety evaluation were submitted to the FDA last month.
While awaiting FDA approval, the company said, it is
proceeding with plans for commercialization through its McNeil
Specialty Products Co subsidiary.
Johnson and Johnson said it is operating under a licensing
agreement with Tate and Lyle, whose collaborative research with
scientists at Queen Elizabeth College in London led to the
discovery of Sucralose in 1976.
Patents and licensing agreements control the use of
sucralose through the year 2001, Johnson and Johnson said.
Sucralose is a chlorinated derivative of ordinary sugar.
The carbon-chloride bonds in sucralose are stable and are not
broken during digestion or metabolism.
Sucralose is essentially not metabollized by the body. The
chlorine content enhances sweetness without providing calories.
|
training/3591
|
training/3591 |@title hanson:2 trust:2 plc:2 unit:2 sell:2 kaiser:2 cement:2 terminal:2 plant:2 50:2 mln:2 dlrs:2 |@word
|
HANSON TRUST PLC UNIT TO SELL KAISER CEMENT TERMINAL AND PLANT FOR 50 MLN DLRS
HANSON TRUST PLC UNIT TO SELL KAISER CEMENT TERMINAL AND PLANT FOR 50 MLN DLRS
|
training/3592
|
training/3592 |@title triton:1 energy:1 oil:1 affiliate:1 canadian:1 find:1 |@word triton:3 energy:2 corp:2 say:5 70:1 pct:6 canadian:2 worldwide:2 ltd:5 affiliate:2 lasmo:1 et:1 al:1 tableland:1 4:1 36:1 2:1 10w2:1 well:6 saskatchewan:3 flow:1 567:1 barrel:3 37:1 degree:1 gravity:1 oil:6 17:1 64:2 inch:2 choke:2 depth:2 8:4 531:1 548:1 foot:2 636:1 per:1 day:2 20:1 500:1 507:1 status:1 deep:1 exploratory:1 production:2 qualifie:1 five:1 year:1 royalty:1 holiday:1 drilling:1 incentive:1 product:1 initial:1 expect:1 restrict:1 allowable:1 level:1 300:1 although:1 capable:1 sustain:1 much:1 high:1 rate:1 company:1 london:1 scottish:1 marine:1 plc:1 50:1 interest:2 space:1 unit:1 25:1 gas:1 10:1 interprovincial:1 pipeline:1 home:1 co:1 7:2 5:2 scurry:1 rainbow:1 srb:1 royal:1 dutch:1 shell:2 group:1 rd:1 sc:1 canada:1 shc:1 retain:1 convertible:1 override:1
|
TRITON ENERGY <OIL> AFFILIATE IN CANADIAN FIND
Triton Energy Corp said its 70 pct owned
<Canadian Worldwide Energy Ltd> affiliate's Lasmo et al
Tableland 4-36-2-10W2 well in Saskatchewan flowed 567 barrels
of 37 degree gravity oil through a 17/64 inch choke from depths
of 8,531 to 8,548 feet and 636 barrels of oil per day through a
20/64 inch choke from depths of 8,500 to 8,507 feet.
Triton said because of the well's status as a deep
exploratory well, production qualifies for a five-year royalty
holiday under the Saskatchewan drilling incentive products.
It said the well's initial production is expected to be
restricted to an allowable level of about 300 barrels a day,
although it is capable of sustaining much higher rates.
The company said London and Scottish Marine Oil PLC owns a
50 pct interest in the well and its spacing unit, Canadian
Worldwide 25 pct, <Saskatchewan Oil and Gas Corp> 10 pct,
<Interprovincial Pipeline Ltd's> Home Oil Co Ltd 7.5 pct and
Scurry-Rainbow Oil Ltd <SRB> 7.5 pct.
Triton said Royal Dutch/Shell Group's <RD> <SC> Shell
Canada Ltd <SHC> affiliate retains a convertible overriding
interest in the well.
|
training/3593
|
training/3593 |@title hungary:1 hope:1 devaluation:1 end:1 trade:1 deficit:1 |@word national:1 bank:2 hungary:10 first:1 vice:1 president:1 janos:1 fekete:7 say:13 hope:3 plan:1 eight:3 pct:7 devaluation:4 forint:4 spur:1 export:3 redress:1 last:5 year:10 severe:1 trade:5 deficit:5 west:1 tell:1 reuters:1 interview:1 must:1 achieve:1 least:1 equilibrium:2 hard:6 currency:6 useful:2 real:1 push:1 bit:1 curb:1 import:1 official:1 news:1 agency:1 mti:1 today:2 would:7 devalue:2 expect:1 new:1 rate:5 announce:1 later:1 come:1 effect:2 tomorrow:1 one:3 reason:1 high:2 inflation:2 past:1 two:2 main:1 partner:1 around:3 1985:4 five:1 5:4 1986:3 partly:3 action:1 take:1 prevent:1 soar:2 oil:1 price:1 shock:1 1970s:1 add:1 similar:1 amount:1 september:1 three:1 four:1 early:1 country:1 balance:1 nevertheless:1 fall:2 539:1 4:1 mln:3 dlrs:6 surplus:2 295:1 3:2 1:2 2:1 billion:9 200:1 300:1 likely:1 outcome:1 close:1 total:1 10:1 western:1 commercial:1 attache:1 change:1 anything:1 also:2 make:1 effort:1 restructure:3 industry:2 improve:1 quality:1 good:2 raise:2 credit:3 term:3 invest:2 role:1 persuade:1 international:1 cooperate:1 process:1 note:1 give:1 aa:1 rating:1 enable:1 money:2 japanese:1 samurai:1 bond:2 market:2 net:2 debt:4 7:1 79:1 01:1 current:1 account:1 42:1 dollar:2 increase:1 value:1 denominate:1 mark:1 yen:1 fear:1 rise:1 slightly:1 favour:1 borrow:1 purpose:2 modernisation:1 consumption:1 forecast:1 gross:1 domestic:1 product:1 growth:1 continue:1 profile:1 prepay:1 interest:2 short:1 medium:1 loan:1 cheap:1 long:1 look:1 fix:1 consider:1 low:1 foreign:1 exchange:1 reserve:1 stay:1 budget:1 triple:1 provisional:1 47:1 quadruple:1 finance:1 ministry:1 work:1 measure:1 reduce:1 approve:1 target:1 43:1 8:1 30:1 35:1
|
HUNGARY HOPES DEVALUATION WILL END TRADE DEFICIT
National Bank of Hungary first
vice-president Janos Fekete said he hoped a planned eight pct
devaluation of the forint will spur exports and redress last
year's severe trade deficit with the West.
Fekete told Reuters in an interview Hungary must achieve at
least equilibrium on its hard currency trade.
'It is useful to have a devaluation,' he said. 'There is now a
real push to our exports and a bit of a curb to our imports.'
The official news agency MTI said today Hungary would
devalue by eight pct and it expected the new rates to be
announced later today. Fekete said the rates would come into
effect tomorrow.
He said one reason for the devaluation was that Hungary had
a higher rate of inflation over the past two years than its
main partners (around eight pct in 1985 and between five and
5.5 pct in 1986).
This was partly an after-effect of action Hungary took to
prevent inflation from soaring during the oil price shocks of
the 1970s, he added.
Hungary devalued by a similar amount last September and by
between three and four pct early last year.
But the country's hard currency trade balance nevertheless
fell into a deficit of 539.4 mln dlrs from a surplus of 295.3
mln in 1986 and 1.2 billion in 1985.
Fekete said Hungary was hoping for a hard currency trade
surplus of between 200 and 300 mln dlrs this year, but that a
more likely outcome would be closer to equilibrium on total
hard currency trade of around 10 billion dlrs.
One Western commercial attache here said: 'Devaluation of
itself will not change anything. It will only be useful if they
also make efforts to restructure industry and improve the
quality of their export goods.'
Fekete said he hoped to raise credits on good terms this
year to invest in restructuring industry.
It would be his role to persuade international banks to
cooperate in this process. He noted Hungary had been given an
AA rating enabling it to raise money on the Japanese Samurai
bond market.
Hungary's net hard currency debt soared to 7.79 billion
dlrs last year from 5.01 billion in 1985, partly because of a
current account deficit of 1.42 billion dlrs and partly because
the fall in the dollar increased the dollar value of debt
denominated in marks or yen.
He said he feared net debt would also rise slightly this
year, but he was in favour of borrowing for the purpose of
modernisation.
'I am for credits to invest for that purpose,' he said. 'I am
against credits for consumption.' He forecast gross domestic
product growth of two pct this year, from one pct in 1986.
Fekete said Hungary would continue to restructure its debt
profile by prepaying high interest shorter and medium term
loans with cheaper long term money for which it was looking
more and more to the fixed interest rate bond market, where he
considered rates to be low.
Hard currency foreign exchange reserves would stay at
around 3.5 billion dlrs, he said. On the budget deficit, which
tripled to a provisional 47 billion forints last year after
quadrupling in 1985, Fekete said the finance ministry was
working out measures to reduce an approved target deficit for
this year of 43.8 billion forints to between 30 and 35 billion
forints.
|
training/3594
|
training/3594 |@title ecuador:1 deputy:1 minister:1 seek:1 oil:1 aid:1 venezuela:1 |@word ecuador:9 deputy:1 energy:4 minister:3 fernando:1 santos:1 alvite:3 arrive:2 last:4 night:3 talk:2 venezuelan:3 assistance:1 country:2 oil:7 industry:2 follow:1 week:1 earthquake:2 official:4 say:8 oblige:1 suspend:1 crude:3 export:4 expect:1 five:2 month:1 result:1 damage:2 25:1 mile:1 pipeline:3 link:1 jungle:1 field:1 pacific:1 port:1 balao:1 normally:1 account:1 60:1 pct:1 fellow:1 opec:3 member:1 venezuela:4 already:1 agree:1 lend:1 mln:3 barrel:3 repay:1 kind:1 180:1 day:2 help:1 meet:3 domestic:1 consumption:1 need:3 could:1 neither:1 confirm:1 deny:1 report:1 temporarily:1 produce:2 entire:2 quota:2 set:1 210:1 000:1 per:1 first:1 half:1 1987:1 option:2 open:1 moment:1 context:1 cooperation:1 production:1 mines:3 ministry:2 source:3 discussion:1 also:1 way:1 formula:1 compensate:1 loss:1 revenue:1 repair:3 santo:2 arturo:1 hernandez:1 grisanti:1 today:1 hold:1 technical:1 level:1 among:1 non:1 mexico:1 share:1 latter:1 supply:1 far:1 eastern:1 client:1 decision:1 yet:1 reach:1 matter:1 announcement:1 would:2 make:1 due:1 course:1 earlier:1 quito:1 import:1 six:1 seven:1 line:1 javier:1 espinosa:1 teran:1 120:1 dlrs:1 cause:1
|
ECUADOR DEPUTY MINISTER SEEKS OIL AID IN VENEZUELA
Ecuador's deputy energy minister
Fernando Santos Alvite arrived here last night for talks on
further Venezuelan assistance to his country's oil industry
following last week's earthquake, officials said.
Ecuador was obliged to suspend crude oil exports for an
expected five months as a result of damage to 25 miles of
pipeline linking its jungle oil fields with the Pacific port of
Balao. Oil normally accounts for 60 pct of its exports.
Fellow OPEC member Venezuela has already agreed to lend
Ecuador five mln barrels of crude, to be repaid in kind after
180 days, to help meet its domestic consumption needs.
The officials could neither confirm nor deny reports that
Venezuela will temporarily produce Ecuador's entire OPEC quota,
set at 210,000 barrels per day for first half 1987.
'All options are open at this moment in the context of
cooperation on oil production,' a Venezuelan energy and mines
ministry source said.
Discussions are also under way to arrive at a formula to
compensate Ecuador for the loss in oil export revenue while the
pipeline is repaired, officials said.
Santos Alvite last night met Venezuelan energy and mines
minister Arturo Hernandez Grisanti and will today hold talks at
technical level, officials said.
Industry sources said that among the options are for
Venezuela to produce Ecuador's entire quota, or for Venezuela
and non-OPEC Mexico to share it and for the latter to supply
Ecuador's Far Eastern clients.
But the ministry source said that no decision has yet been
reached on the matter, and that an announcement would be made
in due course.
Santos Alvite said earlier in Quito that Ecuador would have
to import six to seven mln barrels of crude oil to meet its
needs until the line was repaired.
Ecuador energy and mines minister Javier Espinosa Teran
said last night his country needs 120 mln dlrs to repair the
damage to the export pipeline caused by the earthquake.
|
training/3595
|
training/3595 |@title hog:1 cattle:1 slaughter:1 guesstimate:1 |@word chicago:1 mercantile:1 exchange:1 floor:1 trader:1 commission:1 house:1 representative:1 guesstimate:2 today:1 hog:1 slaughter:2 295:1 000:8 308:2 head:2 versus:2 305:1 week:2 ago:4 year:2 cattle:1 128:1 132:1 130:1 126:1
|
HOG AND CATTLE SLAUGHTER GUESSTIMATES
Chicago Mercantile Exchange floor
traders and commission house representatives are guesstimating
today's hog slaughter at about 295,000 to 308,000 head versus
305,000 week ago and 308,000 a year ago.
Cattle slaughter is guesstimated at about 128,000 to
132,000 head versus 130,000 week ago and 126,000 a year ago.
|
training/3596
|
training/3596 |@title goodyear:1 gt:1 receive:1 588:1 mln:1 dlrs:1 unit:1 |@word goodyear:6 tire:1 rubber:1 co:1 say:4 receive:2 588:1 mln:3 dlrs:3 cash:1 loral:3 corp:2 lor:1 business:1 aerospace:3 previously:1 announce:2 acquisition:1 expect:1 complete:1 march:1 13:1 transaction:1 january:1 12:1 company:1 pay:1 640:1 price:1 adjustment:1 item:1 pension:1 benefit:1 provision:1 allocation:1 liability:1 asset:1 valuation:1 last:1 year:1 revenue:1 695:1
|
GOODYEAR <GT> TO RECEIVE 588 MLN DLRS FOR UNIT
Goodyear Tire and Rubber Co said it
will receive about 588 mln dlrs in cash from Loral Corp <LOR>
for the business of Goodyear Aerospace Corp.
Goodyear said the previously announced acquisition by Loral
is expected to be completed March 13. When Loral announced the
transaction January 12, the company said it was paying 640 mln
dlrs for Goodyear Aerospace.
Goodyear said the price it will receive is after
adjustments for such items as pension and benefits provision,
allocation of liabilities and asset valuations. Last year
Goodyear Aerospace had revenues of 695 mln dlrs.
|
training/3597
|
training/3597 |@title veba:1 raab:1 karcher:1 raise:1 1986:1 operating:1 profit:1 |@word raab:1 karcher:1 ag:2 trading:1 subsidiary:1 veba:1 vebg:1 f:1 say:1 increase:1 operating:2 profit:3 1986:2 despite:1 sharp:1 decline:1 turnover:1 add:1 good:1 chance:1 level:1 could:1 hold:1 1987:1 rise:1 120:1 mln:2 mark:2 around:1 100:1 1985:1 however:1 group:1 third:1 party:1 sale:1 fall:1 sharply:1 7:1 2:1 billion:2 9:1 4:1 year:1 largely:1 due:1 low:1 price:1 energy:1 product:1 particularly:1 oil:1 coal:1 managing:1 board:1 chairman:1 klaus:1 giesel:1 tell:1 news:1 conference:1
|
VEBA'S RAAB KARCHER RAISES 1986 OPERATING PROFIT
Raab Karcher AG, a trading
subsidiary of VEBA AG <VEBG.F>, said it increased operating
profit in 1986 despite a sharp decline in turnover, and added
there were good chances this profit level could be held in
1987.
Operating profit rose to just under 120 mln marks in 1986,
from around 100 mln in 1985.
However, the group's third party sales fell sharply to 7.2
billion marks from 9.4 billion the year before, largely due to
lower prices for energy products, particularly oil and coal,
managing board chairman Klaus Giesel told a news conference.
|
training/3598
|
training/3598 |@title hovnanian:1 enterprises:1 hov:1 split:1 stock:1 |@word hovnanian:1 enterprises:1 inc:1 say:2 board:1 director:1 declare:1 two:1 one:2 split:1 outstanding:1 common:1 stock:1 company:1 shareholder:1 receive:1 additional:2 share:3 hold:1 close:1 business:1 march:1 23:1 1987:2 distribute:1 april:1 13:1
|
HOVNANIAN ENTERPRISES <HOV> SPLITS STOCK
Hovnanian Enterprises Inc said
its board of directors has declared a two-for-one split of its
outstanding common stock.
The company said shareholders will receive one additional
share for each share held at the close of business on March 23,
1987 and additional shares will be distributed on April 13,
1987.
|
training/3599
|
training/3599 |@title british:1 aerospace:1 raise:1 system:1 designer:1 stake:1 |@word british:3 aerospace:3 plc:2 bael:1 l:1 say:2 increase:1 stake:3 system:4 designers:1 22:1 1:2 pct:2 25:1 46:1 mln:3 ordinary:3 share:5 follow:1 purchase:1 10:1 45:1 pension:1 fund:1 hold:1 2:1 15:1 represent:1 9:1 spokesman:1 present:1 future:1 intention:1 make:1 full:1 bid:1 designer:2 nine:1 penny:1 high:1 100:1 prior:1 announcement:1 show:1 little:1 movement:1 since:1
|
BRITISH AEROSPACE RAISES SYSTEM DESIGNERS STAKE
British Aerospace Plc <BAEL.L> said it
has increased its stake in <Systems Designers Plc> to 22.1 pct
or 25.46 mln ordinary shares following the purchase of 10.45
mln ordinary shares.
The British Aerospace Pension Fund holds 2.15 mln ordinary
shares in Systems, representing a stake of 1.9 pct.
A spokesman for British Aerospace said it has no present or
future intention of making a full bid for Systems Designers.
System Designers shares were nine pence higher at 100 prior to
the share stake announcement, and have showed little movement
since.
|
training/36
|
training/36 |@title owens:1 minor:1 inc:1 obod:1 raise:1 qtly:1 dividend:1 |@word qtly:1 div:1 eight:1 ct:2 vs:1 7:1 5:1 prior:1 pay:1 march:2 31:1 record:1 13:1
|
OWENS AND MINOR INC <OBOD> RAISES QTLY DIVIDEND
Qtly div eights cts vs 7.5 cts prior
Pay March 31
Record March 13
|
training/3601
|
training/3601 |@title esselte:1 business:1 systems:1 inc:1 esb:1 ups:1 payout:1 |@word qtly:1 div:1 18:1 ct:2 vs:1 14:1 prior:1 pay:1 march:2 31:1 record:1 25:1
|
ESSELTE BUSINESS SYSTEMS INC <ESB> UPS PAYOUT
Qtly div 18 cts vs 14 cts prior
Pay March 31
Record March 25
|
training/3602
|
training/3602 |@title katy:1 industries:1 inc:1 kt:1 4th:1 qtr:1 net:1 |@word oper:4 shr:2 profit:4 32:1 ct:12 vs:9 loss:8 66:1 net:2 2:1 454:1 000:14 3:1 558:1 sale:3 96:1 1:7 mln:4 91:1 4:3 year:4 72:1 63:1 6:1 495:1 833:1 368:1 322:1 note:2 earning:4 exclude:4 discontinue:3 consolidated:2 operation:3 460:1 dlrs:12 eight:2 share:10 5:2 364:1 86:1 quarter:3 11:2 334:1 82:1 637:1 88:1 200:1 three:1 1986:1 960:1 80:1 gain:2 404:1 71:1 1985:2 unconsolidated:1 488:1 89:1 period:1 termination:1 define:1 benefit:1 pension:1 plan:1 490:1 438:1 23:1
|
KATY INDUSTRIES INC <KT> 4TH QTR NET
Oper shr profit 32 cts vs loss 66 cts
Oper net profit 2,454,000 vs loss 3,558,000
Sales 96.1 mln vs 91.4 mln
Year
Oper shr profit 72 cts vs loss 63 cts
Oper net profit 6,495,000 vs loss 1,833,000
Sales 368.1 mln vs 322.1 mln
NOTE: Earnings exclude losses from discontinued
consolidated operations of 460,000 dlrs, or eight cts a share
vs 5,364,000 dlrs, or 86 cts a share in the quarter and
11,334,000 dlrs, or 1.82 dlrs a share vs 11,637,000 dlrs, or
1.88 dlrs a share for the year
Earnings exclude a loss on the sale of discontinued
consolidated operations of 200,000 dlrs, or three cts a share
in the 1986 quarter and a loss of 4,960,000 dlrs, or 80 cts a
share vs a gain of 4,404,000 dlrs, or 71 cts a share for the
year
NOTE: 1985 earnings exclude losses from discontinued
unconsolidated operations of 5,488,000 dlrs, or 89 cts a share
in each period
1985 earnings exclude gain from termination of defined
benefit pension plan of 490,000 dlrs, or eight cts a share in
the quarter and 1,438,000 dlrs, or 23 cts a share for the year
|
training/3603
|
training/3603 |@title pmi:2 fund:1 inc:1 set:1 monthly:1 dividend:1 |@word fund:2 inc:1 say:1 board:1 declare:2 monthly:1 dividend:3 six:5 ct:6 april:3 four:2 may:3 five:1 june:3 seven:1 july:3 august:2 customarily:1 omit:1 march:2 september:1 last:1 pay:1 february:1 today:1 payable:1 three:2 holder:1 record:1 23:1 17:2 15:1 12:1
|
<PMI FUND INC> SETS MONTHLY DIVIDENDS
PMI Fund Inc said its board declared
monthly dividends of six cts for April, four cts for May, five
cts for June, seven cts for July and six cts for August.
The fund, which customarily omits dividends in March and
September, last paid six cts in February. Dividends declared
today are payable April Three, May Six, June Four, July Three
and August Six to holders of record March 23, April 17, May 15,
June 12 and July 17.
|
training/3604
|
training/3604 |@title merry:1 go:1 round:1 enterprises:1 inc:1 mgre:1 4th:1 qtr:1 |@word jan:1 31:1 end:1 shr:2 51:2 ct:2 vs:6 38:1 net:2 3:1 254:1 000:4 2:1 423:1 sale:2 65:1 9:1 mln:4 1:4 year:1 18:1 dlrs:2 15:1 7:2 485:1 285:1 207:1 5:1 164:1
|
MERRY-GO-ROUND ENTERPRISES INC <MGRE> 4TH QTR
Jan 31 end
Shr 51 cts vs 38 cts
Net 3,254,000 vs 2,423,000
Sales 65.9 mln vs 51.1 mln
Year
Shr 1.18 dlrs vs 1.15 dlrs
Net 7,485,000 vs 7,285,000
Sales 207.5 mln vs 164.1 mln
|
training/3605
|
training/3605 |@title tenera:2 lp:2 tlpzv:1 set:1 initial:1 quarterly:1 |@word say:4 make:1 initial:1 quarterly:1 distribution:2 17:1 ct:2 per:2 unit:1 april:1 15:1 holder:1 record:1 march:1 31:1 partnership:1 dividend:1 great:1 expectd:1 pay:1 warrant:1 fourth:1 quarter:4 result:2 anticipate:1 year:1 first:2 tenera:1 expect:1 comparable:1 second:1 13:1 share:1 amount:1 taxable:1 income:1
|
TENERA LP <TLPZV> SETS INITIAL QUARTERLY
TENERA LP said it will make an
initial quarterly distribution of 17 cts per unit on April 15
to holders of record March 31.
The partnership said the dividend is greater than it had
expectd to pay and was warranted by fourth quarter results and
anticipated results for this year's first quarter.
TENERA said it expects a comparable distribution for the
second quarter. It said about 13 cts per share of the first
quarter amount will be taxable income.
|
training/3607
|
training/3607 |@title hanson:1 han:1 unit:1 sell:1 kaiser:1 terminal:1 plant:1 |@word hanson:7 industrie:1 u:1 arm:1 trust:2 plc:1 han:1 say:4 propose:1 sell:1 separate:1 transaction:1 kaiser:5 cement:6 northwest:1 terminals:1 montana:1 city:1 plant:1 lone:1 star:1 industries:2 inc:2 lce:1 ash:1 grove:1 west:1 respectively:1 total:1 50:1 2:1 mln:2 dlrs:2 deal:1 subject:1 normal:1 condition:1 close:1 industry:1 complete:1 purchase:1 march:1 3:1 250:1 indirect:1 wholly:1 unit:1 form:1 part:1 building:1 product:1 group:1 sale:1 continuation:1 asset:1 redeployment:1 program:1 allow:1 concentrate:1 effort:1 california:1 marketplace:1 large:1 producer:1 hold:1 premiere:1 market:1 position:1 chairman:1 gordon:1 white:1
|
HANSON <HAN> UNIT TO SELL KAISER TERMINAL/PLANT
Hanson Industries, the U.S. arm of
Hanson Trust PLC <HAN>, said it has proposed to sell, in
separate transactions, Kaiser Cement's Northwest Terminals and
Montana City plant, to Lone Star Industries Inc <LCE> and <Ash
Grove Cement West Inc>, respectively for a total of 50.2
mln dlrs.
Hanson said the deals are subject to normal conditions of
closing.
Hanson Industries completed the purchase of Kaiser Cement
on March 3, for about 250 mln dlrs.
Hanson said Kaiser Cement is now an indirect wholly owned
unit of Hanson Trust and forms part of its building products
group.
'These sales are a continuation of an asset redeployment
program at Kaiser Cement and will allow Kaiser to concentrate
its efforts in the California marketplace, where it is the
largest cement producer and holds a premiere market position,'
Hanson Industries chairman Gordon White said.
|
training/3609
|
training/3609 |@title ecuador:1 official:1 seek:1 oil:1 aid:1 venezuela:1 |@word ecuador:3 deputy:1 energy:1 minister:1 fernando:1 santos:1 alvite:1 arrive:1 last:2 night:1 talk:1 venezuelan:1 assistance:1 country:1 oil:4 industry:1 follow:1 week:1 earthquake:1 official:1 say:1 oblige:1 suspend:1 crude:2 export:2 expect:1 five:2 month:1 result:1 damage:1 25:1 mile:1 pipeline:1 link:1 jungle:1 field:1 pacific:1 port:1 balao:1 normally:1 account:1 60:1 pct:1 fellow:1 opec:1 member:1 venezuela:1 already:1 agree:1 lend:1 mln:1 barrel:1 repay:1 kind:1 180:1 day:1 help:1 meet:1 domestic:1 consumption:1 need:1
|
ECUADOR OFFICIAL SEEKS OIL AID IN VENEZUELA
Ecuador's deputy energy minister
Fernando Santos Alvite arrived here last night for talks on
further Venezuelan assistance to his country's oil industry
following last week's earthquake, officials said.
Ecuador was obliged to suspend crude oil exports for an
expected five months as a result of damage to 25 miles of
pipeline linking its jungle oil fields with the Pacific port of
Balao. Oil normally accounts for 60 pct of its exports.
Fellow OPEC member Venezuela has already agreed to lend
Ecuador five mln barrels of crude, to be repaid in kind after
180 days, to help meet its domestic consumption needs.
|
training/361
|
training/361 |@title scientific:1 micro:1 system:1 smsi:1 acuire:1 supermac:1 |@word scientific:3 micro:3 systems:1 inc:1 say:2 acquire:2 supermac:3 technology:1 rapidly:1 grow:1 supplier:1 enhancement:1 product:1 disc:1 drive:1 subsystem:1 apple:1 personal:1 computer:1 market:1 common:2 stock:3 exchange:1 1:1 05:1 mln:2 share:1 close:1 5:2 50:1 dlrs:3 bid:1 friday:1 privately:1 hold:1 firm:1 base:1 mountain:1 view:1 california:1 report:1 net:1 profit:1 300:1 000:1 revenue:2 9:1 fiscal:1 1986:1 expect:1 approximately:1 double:1 1987:1
|
SCIENTIFIC MICRO SYSTEMS <SMSI> ACUIRES SUPERMAC
Scientific Micro Systems Inc said it
has acquired Supermac Technology, a rapidly growing supplier of
enhancement products and disc drive subsystems for the Apple
personal computer market.
Scientific Micro said it acquired all the common stock of
Supermac in exchange for 1.05 mln shares of its own common
stock. The stock closed at 5.50 dlrs bid on Friday.
Supermac, a privately held firm based in Mountain View,
California, as is Scientific Micro, reported a net profit of
300,000 dlrs on revenue of 9.5 mln dlrs in fiscal 1986. It
expects its revenue to approximately double in 1987.
|
training/3610
|
training/3610 |@title u:2 4th:2 qtr:2 balance:2 payment:2 trade:2 deficit:2 record:2 38:2 37:2 billion:2 dlrs:2 |@word
|
U.S. 4TH QTR BALANCE OF PAYMENTS TRADE DEFICIT WAS RECORD 38.37 BILLION DLRS
U.S. 4TH QTR BALANCE OF PAYMENTS TRADE DEFICIT WAS RECORD 38.37 BILLION DLRS
|
training/3611
|
training/3611 |@title ny:2 trader:2 say:2 e:2 c:2 sell:2 71:2 000:2 tonne:2 white:2 sugar:2 tender:2 |@word
|
NY TRADERS SAY E.C. SOLD 71,000 TONNES OF WHITE SUGAR AT TENDER.
NY TRADERS SAY E.C. SOLD 71,000 TONNES OF WHITE SUGAR AT TENDER.
|
training/3612
|
training/3612 |@title u:1 k:1 money:1 market:1 give:1 late:1 help:1 240:1 mln:1 stg:1 |@word bank:2 england:1 say:1 provide:1 money:1 market:1 unspecified:1 late:1 assistance:2 around:1 240:1 mln:3 stg:3 bring:1 total:1 day:1 346:1 compare:1 liquidity:1 shortfall:1 estimate:1 revise:1 250:1 overnight:1 interbank:1 sterling:1 offer:1 eight:1 pct:1 shortly:1 announcement:1
|
U.K. MONEY MARKET GIVEN LATE HELP OF 240 MLN STG
The Bank of England said it provided the
money market with unspecified late assistance of around 240 mln
stg.
This brings its total assistance on the day to 346 mln stg
compared with a liquidity shortfall it estimated at a revised
250 mln stg.
Overnight interbank sterling was being offered at eight pct
shortly after the Bank's announcement.
|
training/3613
|
training/3613 |@title outokumpu:1 restructure:1 copper:1 division:1 |@word finland:2 mining:1 metal:1 group:4 outokumpu:9 oy:1 outo:1 last:2 week:1 report:1 1986:3 loss:3 83:2 mln:4 markka:3 three:1 successive:1 year:3 profit:5 say:1 restructure:1 key:1 copper:6 processing:2 division:9 attempt:1 rationalize:1 production:4 improve:1 profitability:1 manage:1 director:1 pertti:1 voutilainen:1 tell:1 news:1 conference:1 reorganization:1 involve:1 split:1 new:4 independent:2 six:1 centre:2 appropriation:1 taxis:1 355:1 1985:1 1984:1 1983:1 171:1 2:2 1982:1 acquire:1 two:2 swedish:1 manufacturer:1 january:1 metallverken:2 ab:2 wirsbo:5 bruks:1 merge:1 turnover:2 3:1 billion:2 42:1 pct:1 7:1 58:1 call:1 product:1 industry:1 incorporate:1 plant:2 include:1 u:2 subsidiary:1 nippert:1 co:1 valleycast:1 inc:1 well:1 part:1 plan:1 make:1 transfer:1 tube:1 one:1 definite:1 decision:1 take:1 later:1 sweden:1 norway:1 netherlands:1
|
OUTOKUMPU RESTRUCTURES COPPER DIVISION
Finland's mining and metals group
Outokumpu Oy <OUTO.HE>, which last week reported a 1986 loss of
83 mln markka after three successive years of profits, said it
restructured its key copper processing division in an attempt
to rationalize production and improve profitability.
Outokumpu's Managing Director Pertti Voutilainen told a
news conference the reorganization involved a split of the
division into a new independent division with six profit
centres.
Outokumpu group had a 1986 loss before appropriations and
taxes of 83 mln markka after a profit of 355 mln in 1985. It
had profits in 1984 and 1983 but a loss, 171.2 mln, in 1982.
Outokumpu acquired two Swedish copper manufacturers in
January 1986, <Metallverken Ab> and <Wirsbo Bruks Ab>, that
were merged into its copper processing division.
The division had a turnover of 3.2 billion markka last
year, 42 pct of Outokumpu's group turnover of 7.58 billion.
The new Outokumpu division, called Copper Products
Industry, is to incorporate Outokumpu's copper production
plants, including its two U.S. Subsidiaries <Nippert Co> and
<Valleycast Inc>, as well as Metallverken and part of Wirsbo.
Outokumpu is planning to make Wirsbo an independent
division in the Outokumpu group and transfer only Wirsbo's
copper tube production into one of the new division's profit
centres. A definite decision on Wirsbo will be taken later this
year.
The new division will have production plants in Finland,
Sweden, Norway, the Netherlands and the U.S.
|
training/3615
|
training/3615 |@title u:1 trade:1 deficit:1 38:1 37:1 billion:1 dlrs:1 4th:1 qtr:1 |@word u:2 merchandise:2 trade:6 deficit:8 balance:2 payment:2 basis:2 record:3 38:1 37:3 billion:30 dlrs:38 october:1 december:1 fourth:1 quarter:7 commerce:4 department:5 say:6 shortfall:1 come:1 revise:1 15:2 dlr:2 third:2 previously:1 report:2 67:1 full:2 year:4 1986:4 147:1 7:8 124:1 4:1 1985:1 final:1 last:1 import:8 rise:9 2:7 78:1 three:4 pct:18 95:1 export:6 1:4 56:1 57:1 33:4 exclude:1 factor:1 military:1 sale:1 cost:1 shipping:1 insurance:1 non:2 petroleum:2 87:1 large:1 increase:5 consumer:1 good:1 monetary:1 gold:1 passenger:2 car:3 canada:4 900:2 mln:10 lumber:1 fall:6 300:1 duty:1 600:3 18:2 decrease:4 number:1 south:2 korean:1 make:1 nine:5 japan:3 side:1 agricultural:2 primarily:1 104:1 soybean:3 shipment:1 western:3 europe:3 sharply:1 supply:1 brazil:1 traditional:1 major:1 exporter:1 limit:1 drought:1 latin:1 america:1 6:6 700:1 14:2 8:2 200:2 newly:1 industrialize:1 far:1 east:1 country:1 include:1 hong:1 kong:1 korea:1 singapore:1 taiwan:1 500:1 eight:1 3:3 30:1 369:1 5:1 221:1 16:2 9:2 low:1 price:3 average:2 per:1 barrel:1 72:1 26:2 41:1 rice:1 27:1 cotton:1 22:1 corn:1 wheat:1 11:1 54:1 28:1
|
U.S. TRADE DEFICIT 38.37 BILLION DLRS IN 4TH QTR
The U.S. merchandise trade deficit
on a balance of payments basis was a record 38.37 billion dlrs
in the October to December fourth quarter, the Commerce
Department said.
The record trade shortfall came after a revised 37.15
billion dlr third quarter deficit. The department previously
reported the third quarter deficit was 37.67 billion dlrs.
For the full year 1986, the merchandise trade deficit was a
record 147.7 billion dlrs, up from 124.4 billion dlrs in 1985,
the department said.
During the final quarter last year imports rose 2.78
billion dlrs or three pct to 95.7 billion dlrs, while exports
rose 1.56 billion dlrs or three pct to 57.33 billion dlrs.
The trade report on a balance of payments basis excludes
such factors as military sales and the costs of shipping and
insurance.
The Commerce Department said non-petroleum imports in the
quarter were up 2.7 billion dlrs or three pct to 87.7 billion
dlrs, with the largest increases in consumer goods, which rose
1.2 billion dlrs, and in non-monetary gold and passenger cars
from Canada, up 900 mln dlrs each.
Lumber imports from Canada fell 300 mln dlrs or 33 pct
because of a 15 pct duty on imports from Canada, the department
said. Passenger car imports fell 600 mln dlrs because of an 18
pct decrease in the number of South Korean-made imported cars
and a nine pct decrease from Japan.
On the exports side, agricultural exports rose 600 mln dlrs
or nine pct to 7.1 billion dlrs, primarily because of a 104 pct
or 600 mln dlr increase in soybean exports.
Soybean shipments to Western Europe rose sharply because
supplies from Brazil, a traditional major exporter, were
limited by drought.
Commerce said the U.S. trade deficit with Latin America
rose 900 mln dlrs to 2.6 billion dlrs, with Japan increased 700
mln dlrs to 14.8 billion dlrs and with Western Europe rose 200
mln to 7.2 billion dlrs in the quarter.
The deficit with newly industrialized Far East countries,
including Hong Kong, South Korea, Singapore and Taiwan, fell
500 mln dlrs to eight billion dlrs and with Canada the deficit
decreased 200 mln dlrs to 3.3 billion dlrs in the quarter.
In the full year 1986, imports rose 30.6 billion dlrs or
nine pct to 369.5 billion dlrs. Exports increased by only 7.3
billion dlrs or three pct to 221.8 billion dlrs.
Commerce said petroleum imports during 1986 fell 16.6
billion dlrs or 33 pct to 33.9 billion dlrs because of lower
prices. The average price per barrel decreased to 14.72 dlrs
from 26.41 dlrs.
Agricultural exports fell by 2.6 billion dlrs or nine pct
to 26.9 billion during the year. The average price of rice fell
27 pct, cotton was down 22 pct, corn 18 pct, wheat 16 pct and
soybeans nine pct.
The trade deficit with Japan for all of 1986 rose 11.1
billion dlrs to 54.6 billion dlrs and with Western Europe
increased 7.2 billion dlrs to 28.6 billion dlrs.
|
training/3616
|
training/3616 |@title uk:2 intervention:2 bd:2 say:2 ec:2 set:2 white:2 sugar:2 tender:2 rebate:2 43:2 248:2 ecus:2 |@word
|
UK INTERVENTION BD SAYS EC SETS WHITE SUGAR TENDER REBATE 43.248 ECUS.
UK INTERVENTION BD SAYS EC SETS WHITE SUGAR TENDER REBATE 43.248 ECUS.
|
training/3619
|
training/3619 |@title bayer:1 usa:1 bayry:1 affiliate:1 increase:1 sale:1 |@word bayer:3 usa:1 inc:4 say:6 sale:2 affiliate:1 operating:2 cmpanie:1 base:1 u:1 increase:2 1986:1 4:5 pct:4 previous:1 year:1 combine:1 2:1 billion:2 dlrs:5 0:1 1985:4 company:5 however:1 net:3 income:3 106:1 9:1 mln:3 three:1 include:1 mobay:2 corp:3 miles:1 laboratories:1 agfa:1 gevaert:1 compugraphic:1 haarmann:1 reimer:1 deerfield:1 urethane:1 helena:1 chemical:2 co:1 primary:1 report:1 83:1 eight:1 also:1 mile:1 pharmaceutical:1 healthcare:1 record:1 29:1 44:1
|
BAYER USA <BAYRY> AFFILIATES INCREASED SALES
Bayer USA Inc said sales of its
affiliated operating cmpanies based in the U.S. increased in
1986 by 4.4 pct from the previous year.
Combined sales were 4.2 billion dlrs, up from 4.0 billion
dlrs in 1985, the company said.
However, the company said net income was 106.9 mln dlrs,
three pct below 1985.
Bayer said its operating companies include Mobay Corp,
Miles Laboratories Inc, Agfa-Gevaert Inc, Compugraphic Corp,
Haarmann and Reimer Corp, Deerfield Urethane Inc and Helena
Chemical Co.
Bayer said Mobay, its primary chemicals company, reported
net income of 83.4 mln dlrs, up eight pct of 1985. It also said
Miles, its pharmaceutical and healthcare company, recorded
net income of 29 mln dlrs, a 44 pct increase over 1985.
|
training/362
|
training/362 |@title american:1 express:1 axp:1 view:1 shearson:1 option:1 |@word american:13 express:13 co:1 rumor:5 consider:6 spinoff:3 part:5 shearson:15 lehman:1 brothers:1 inc:2 say:12 study:1 range:1 option:2 brokerage:5 unit:1 could:2 improve:2 shearon:1 access:1 capital:3 help:1 meet:1 broaden:1 international:2 competition:2 joint:1 statement:6 action:1 consideration:1 integral:1 worldwide:1 financial:3 service:3 strategy:1 two:2 company:3 internal:1 external:1 discussion:1 matter:1 decision:1 reach:1 strategic:1 ultimately:1 decide:1 follow:1 growth:3 plan:3 already:1 place:1 last:6 week:2 circulate:2 wall:3 street:2 giant:1 speculation:6 may:3 sell:2 stake:2 japanese:1 firm:4 analyst:9 also:6 focus:1 20:1 pct:2 profitable:1 public:1 total:2 highly:1 unlikely:1 sunday:3 comment:1 spokesman:1 would:4 go:1 beyond:2 remain:1 silent:1 thursday:1 friday:2 drive:1 stock:2 5:2 1:2 2:1 dlrs:3 day:1 bring:2 close:1 74:1 issue:1 similar:1 employee:1 divide:1 whether:1 make:1 sense:1 give:1 wholly:1 tax:1 earning:1 50:1 year:3 spin:2 concerned:1 price:1 fully:1 reflect:1 value:2 contribute:1 316:1 mln:1 25:1 billion:2 dlr:1 net:1 1986:1 ambitious:1 enhance:1 add:3 cash:1 speculate:2 market:3 3:1 however:2 need:2 puzzle:1 position:2 raise:1 larry:1 eckenfelder:1 prudential:1 bache:1 security:1 feed:1 reorganization:2 management:1 wednesday:1 chief:1 operate:1 officer:1 jeffrey:1 lane:1 get:1 previously:1 vacant:1 post:1 president:1 create:1 four:1 new:1 chairman:1 operating:1 division:1 move:1 allow:1 stand:1 alone:1 contact:1 little:1 clarify:1 confirm:1 unsuccessfully:1 attempt:1 expand:1 major:2 acquisition:1 look:1 positioning:1 global:1 late:1 takeover:1 offer:1 e:1 f:1 hutton:2 group:1 reject:1 rebuff:1 approach:1 another:1
|
AMERICAN EXPRESS <AXP> VIEWING SHEARSON OPTIONS
American Express Co, rumored to be
considering a spinoff of part of Shearson Lehman Brothers Inc,
said it is studying a range of options for its brokerage unit
that could improve Shearon's access to capital and help it meet
broadening international competition.
In a joint statement, American Express and Shearson said
the actions under consideration are an integral part of
American Express' worldwide financial services strategy and
that the two companies have been having both internal and
external discussions on the matters.
American Express said no decision has been reached on the
strategic options and that it and Shearson could ultimately
decide to follow growth plans already in place.
Last week, rumors circulated on Wall Street that the
financial services giant was considering a spinoff of part of
Shearson and there was speculation it may be considering
selling a stake to a Japanese firm. Analysts said the
speculation also focused on American Express selling 20 pct of
the profitable brokerage firm to the public.
There was some speculation that American Express had also
considered a total spinoff of Shearson, but the plan was
considered highly unlikely, analysts said.
American Express said in the statement on Sunday that it
will not comment on rumors and speculation and a spokesman
would not go beyond the statement. The company also remained
silent last Thursday and Friday, as rumors drove American
Express stock up a total of 5-1/2 dlrs in two days to bring it
to a Friday close at 74.
It said it issued the statement on Sunday because a
similar statement was being circulated to employees.
Analysts have been divided on whether it makes sense for
American Express to give up a stake in the wholly-owned
brokerage, which improved its after-tax earnings by about 50
pct in the last year.
Some analysts said American Express may consider spinning
off part of Shearson because it is concerned that its stock
price does not fully reflect the value of the brokerage firm.
Shearson contributed 316 mln dlrs of American Express'
1.25 billion dlr net in 1986.
American Express' ambitious plans for international growth
may be also enhanced by the added cash that spinning out part
of Shearson would bring. Analysts speculated that all of
Shearson would have a market value of about 3.5 billion dlrs.
To some however, the need for added capital is puzzling.
'(American) Express is in a position where they can raise
capital if they need to,' said Larry Eckenfelder of
Prudential-Bache Securities.
Analysts said rumors were fed by the reorganization of
Shearson management Wednesday. Chief operating officer Jeffrey
Lane got the added, previously vacant, post of president.
The reorganization also created four new positions for
chairmen of Shearson's operating divisions, a move analysts
speculated would allow Shearson to be a stand alone company.
Analysts, contacted on Sunday said the statement does
little to clarify last week's market speculation. It does
confirm, however, that the financial services firm, which
unsuccessfully attempted to expand Shearson with a major
acquisition last year, is looking beyond its own walls for
growth and positioning in the global market competition.
Late last year, Shearson's takeover offer to the E.F.
Hutton Group Inc was rejected by Hutton, and analysts said
there had been speculation that Shearson also was rebuffed when
it approached another major Wall Street brokerage.
|
training/3620
|
training/3620 |@title deb:1 shops:1 inc:1 debs:1 set:1 stock:1 split:1 |@word deb:1 shops:1 inc:1 say:3 board:1 declare:1 100:1 pct:1 stock:1 dividend:3 increase:2 quarterly:1 four:1 ct:2 3:1 1:1 4:1 adjustm:1 ent:1 split:2 company:1 payable:1 april:2 17:1 holder:1 record:1 march:1 25:1 effective:1 30:1 payment:1
|
DEB SHOPS INC <DEBS> SETS STOCK SPLIT
Deb Shops Inc said its board
declared a 100 pct stock dividend and will increase the
quarterly dividend to four cts from 3-1/4 cts after adjustm,ent
for the split.
The company said the split is payable April 17 to holders
of record March 25. The dividend increase will be effective
with the April 30 payment, it said.
|
training/3621
|
training/3621 |@title canada:2 lead:2 indicator:2 0:4 4:4 pct:4 december:2 november:2 gain:2 official:2 |@word
|
CANADA LEADING INDICATOR UP 0.4 PCT IN DECEMBER, AFTER 0.4 PCT NOVEMBER GAIN - OFFICIAL
CANADA LEADING INDICATOR UP 0.4 PCT IN DECEMBER, AFTER 0.4 PCT NOVEMBER GAIN - OFFICIAL
|
training/3622
|
training/3622 |@title continental:1 health:1 cthl:1 purchase:1 marketech:1 |@word continental:3 health:1 affiliates:1 inc:2 say:3 acquire:1 marketech:1 80:1 pct:1 partner:1 diatronics:1 nutrition:2 services:2 diantronic:1 joint:1 venture:1 physician:1 provide:1 patient:1 ready:1 home:1 infusion:1 therapy:1 product:1 service:1 outpatient:1 five:1 northern:1 new:1 jersery:1 hospital:1 represent:1 1:1 900:1 inpatient:1 bed:1 term:1 deal:1 disclose:1
|
CONTINENTAL HEALTH <CTHL> PURCHASES MARKETECH
Continental Health
Affiliates Inc said that it has acquired <Marketech Inc>, an 80
pct partner in <Diatronics Nutrition Services>.
Continental said Diantronics Nutrition Services is a joint
venture with physicians providing patient-ready home infusion
therapy products and services to outpatients of five northern
New Jersery hospitals representing over 1,900 inpatient beds.
Continental said the terms of the deal were not disclosed.
|
training/3623
|
training/3623 |@title visual:1 graphic:1 set:1 dividend:1 |@word visual:1 graphics:1 corp:1 vgca:1 vgcb:1 say:1 board:1 declare:1 quarterly:2 dividend:2 7:2 1:3 2:2 ct:2 per:3 share:3 class:4 b:1 common:4 stock:4 8:1 4:1 payable:1 april:1 three:1 shareholder:1 record:1 march:1 23:1 company:2 set:1 two:1 february:1 previously:1 pay:1 cent:1 one:1
|
VISUAL GRAPHICS SETS DIVIDENDS
Visual Graphics Corp <VGCA> <VGCB>
said its board declared a quarterly dividend of 7-1/2 cts per
share on its class 'B' common stock and 8-1/4 cts per share on
class 'A' common stock payable April Three to shareholders of
record as of March 23.
The company set up the two classes of common stock in
February. Previously, the company had paid a 7-1/2 cent per
share quarterly dividend on one class of common stock.
|
training/3624
|
training/3624 |@title deb:1 shops:1 inc:1 debs:1 4th:1 qtr:1 jan:1 31:1 net:1 |@word shr:2 71:1 ct:2 vs:6 57:1 net:2 5:1 457:1 000:2 4:3 299:1 sale:2 62:1 9:1 mln:6 50:1 1:4 year:1 65:1 dlrs:2 37:1 12:1 6:1 10:1 181:1 147:1
|
DEB SHOPS INC <DEBS> 4TH QTR JAN 31 NET
Shr 71 cts vs 57 cts
Net 5,457,000 vs 4,299,000
Sales 62.9 mln vs 50.1 mln
Year
Shr 1.65 dlrs vs 1.37 dlrs
Net 12.6 mln vs 10.4 mln
Sales 181.4 mln vs 147.1 mln
|
training/3625
|
training/3625 |@title sigma:1 mines:1 detail:1 gold:1 ore:1 reserve:1 |@word sigma:5 mines:2 quebec:1 ltd:2 65:1 pct:1 dome:2 dm:1 say:3 mine:3 prove:5 probable:3 reserve:9 end:1 1986:3 4:1 902:1 940:1 ton:8 average:4 grade:4 0:4 139:1 ounce:4 gold:4 equivalent:2 10:1 year:2 future:3 production:2 current:1 milling:1 rate:1 comprise:1 1:1 640:1 779:1 163:1 3:1 262:1 161:1 127:1 change:1 reporting:1 method:1 follow:1 previously:1 report:3 move:1 adopt:1 general:1 industry:1 practice:1 ore:1 prior:1 conservatively:1 could:1 without:1 development:1 cost:1 december:1 31:1 1985:1 978:1 000:1 194:1 two:1
|
SIGMA MINES DETAILS GOLD ORE RESERVES
<Sigma Mines (Quebec) Ltd>, 65 pct
owned by Dome Mines Ltd <DM>, said its Sigma Mine had proven
and probable reserves at the end of 1986 of 4,902,940 tons,
with an average grade of 0.139 ounces of gold a ton.
Sigma said the reserves are equivalent to 10 years future
production at current milling rates.
The reserves comprise 1,640,779 tons proven reserves
grading an average of 0.163 ounces of gold a ton and 3,262,161
tons probable reserves grading an average of 0.127 ounces of
gold a ton.
Sigma said it changed its 1986 reserve reporting method
following Dome Mines previously reported move to adopt general
industry practice of reporting proven and probable ore
reserves.
Prior to 1986, Sigma conservatively reported only proven
reserves that could be mined without future development costs.
Proven reserves as of December 31, 1985 were 978,000 tons
grading an average of 0.194 ounces of gold a ton, equivalent to
about two years future production.
|
training/3626
|
training/3626 |@title regency:1 cruise:1 inc:1 ship:1 4th:1 qtr:1 net:1 |@word shr:2 profit:4 nine:1 ct:4 vs:8 loss:4 two:1 net:2 1:2 419:1 000:7 314:1 revs:1 8:2 097:1 4:2 794:2 avg:2 shrs:2 15:3 mln:5 5:3 year:1 37:1 10:1 695:1 268:1 rev:1 40:1 9:1 6:1 12:1 note:1 company:1 begin:1 operation:1 nov:1 17:1 1985:1
|
REGENCY CRUISES INC <SHIP> 4TH QTR NET
Shr profit nine cts vs loss two cts
Net profit 1,419,000 vs loss 314,000
Revs 8,097,000 vs 4,794,000
Avg shrs 15.8 mln vs 15.5 mln
Year
Shr profit 37 cts vs loss 10 cts
Net profit 5,695,000 vs loss 1,268,000
Revs 40.9 mln vs 4,794,000
Avg shrs 15.6 mln vs 12.5 mln
NOTE: Company began operations Nov 17, 1985.
|
training/3629
|
training/3629 |@title seaman:1 furniture:1 co:1 inc:1 seam:1 3rd:1 qtr:1 jan:1 31:1 |@word shr:2 64:1 ct:2 vs:7 51:1 net:2 4:1 373:1 000:5 3:1 346:1 sale:2 59:1 8:1 mln:5 45:1 5:1 avg:1 shrs:1 6:2 808:1 600:1 nine:1 mth:1 1:3 57:1 dlrs:2 18:1 10:1 7:2 745:1 167:1 0:1 123:1
|
SEAMAN FURNITURE CO INC <SEAM> 3RD QTR JAN 31
Shr 64 cts vs 51 cts
Net 4,373,000 vs 3,346,000
Sales 59.8 mln vs 45.5 mln
Avg shrs 6,808,000 vs 6,600,000
Nine mths
Shr 1.57 dlrs vs 1.18 dlrs
Net 10.7 mln vs 7,745,000
Sales 167.0 mln vs 123.1 mln
|
training/3630
|
training/3630 |@title novo:1 industri:1 earning:1 fall:1 despite:1 increase:1 sale:1 |@word danish:2 base:1 insulin:1 enzyme:1 producer:1 novo:5 industri:1 nvo:1 co:1 say:3 pre:2 tax:3 earning:3 fall:3 almost:1 10:1 pct:4 1986:5 though:1 sale:3 rise:1 two:1 figure:1 788:1 mln:5 crown:7 872:1 1985:2 increase:1 4:2 1:1 billion:2 2:1 give:1 net:1 521:1 604:1 per:1 20:3 share:2 go:1 23:1 79:1 45:1 company:1 propose:1 unchanged:1 dividend:1 foreign:1 exchange:1 fluctuation:1 significant:1 factor:1 behind:1 development:2 result:2 statement:3 u:1 dollar:1 also:1 currency:1 essential:1 relation:1 add:1 november:1 purchase:1 75:1 ferrosan:1 head:1 group:1 specialise:1 research:1 cns:1 central:1 nervous:1 treatment:2 pharmaceutical:1 vitamin:1 scandinavia:1 357:1 pay:1 goodwill:1 limited:1 effect:1
|
NOVO INDUSTRI EARNINGS FALL DESPITE INCREASED SALES
Danish-based insulin and enzymes
producer Novo Industri A/S (NVO.CO) said pre-tax earnings fell
almost 10 pct in 1986 though sales rose by two pct.
The pre-tax figure fell to 788 mln crowns from 872 mln in
1985, on sales increased from 4.1 billion to 4.2 billion,
giving net earnings of 521 mln crowns against 604 mln in 1985.
Earnings per 20-crown share went from 23.79 crowns to 20.45
crowns but the company proposed an unchanged 20 pct dividend.
'Foreign exchange fluctuations in 1986 were a very
significant factor behind developments in the result before and
after tax,' Novo said in a statement.
'Not only the U.S. Dollar but also other currencies
essential to Novo fell in 1986 in relation to the Danish crown,'
the statement added.
In November 1986, Novo purchased 75 pct of shares in A/S
Ferrosan, which heads a group specialising in research and
development of CNS (central nervous treatment) treatments and
the sale of pharmaceuticals and vitamins in Scandinavia.
The 357 mln crowns paid in goodwill 'had a very limited
effect on the 1986 result,' the Novo statement said.
|
training/3631
|
training/3631 |@title scs:1 compute:1 inc:1 scom:1 3rd:1 qtr:1 jan:1 31:1 loss:1 |@word shr:2 loss:8 30:1 ct:2 vs:8 43:1 net:2 891:1 000:8 969:1 revs:2 1:3 930:1 815:1 avg:2 shrs:2 2:7 9:1 mln:4 nine:1 mth:1 one:1 dlr:1 36:1 dlrs:1 622:1 3:1 037:1 4:2 638:1 105:1 6:1
|
SCS/COMPUTE INC <SCOM> 3RD QTR JAN 31 LOSS
Shr loss 30 cts vs loss 43 cts
Net loss 891,000 vs loss 969,000
Revs 1,930,000 vs 1,815,000
Avg shrs 2.9 mln vs 2.2 mln
Nine Mths
Shr loss one dlr vs loss 1.36 dlrs
Net loss 2,622,000 vs loss 3,037,000
Revs 4,638,000 vs 4,105,000
Avg shrs 2.6 mln vs 2.2 mln
|
training/3632
|
training/3632 |@title security:1 dealer:1 leaseway:1 ltc:1 stake:1 |@word alpine:2 associate:1 cresskill:1 n:1 j:1 security:2 dealer:2 tell:1 securities:1 exchange:1 commission:1 acquire:1 565:1 100:1 share:1 leaseway:2 transport:1 corp:1 5:1 9:1 pct:1 total:1 outstanding:1 common:1 stock:3 limited:1 partnership:1 say:2 buy:2 28:1 1:1 mln:1 dlrs:1 investment:1 ordinary:1 course:1 business:1 leave:1 open:1 possibility:1 may:1 sell:1 current:1 stake:1 plan:1 seek:1 control:1 company:1
|
SECURITIES DEALER HAS LEASEWAY <LTC> STAKE
Alpine Associates, a Cresskill, N.J.
securities dealer, told the Securities and Exchange Commission
it has acquired 565,100 shares of Leaseway Transport
Corp, or 5.9 pct of the total outstanding common stock.
Alpine, a limited partnership, said it bought the stock for
28.1 mln dlrs as an investment in the ordinary course of its
business as a securities dealer.
It left open the possibility that it might buy more
Leaseway stock or sell some or all of its current stake, but
said it has no plans to seek control of the company.
|
training/3633
|
training/3633 |@title empire:1 carolina:1 inc:1 emp:1 year:1 net:1 |@word shr:1 1:1 26:1 dlrs:1 vs:4 67:1 ct:1 net:1 7:2 299:1 000:2 3:1 607:1 revs:1 52:1 4:1 mln:2 40:1 avg:1 shrs:1 6:1 028:1 755:1 2:1 408:1 766:1 note:1 1985:1 result:1 restate:1 include:1 deltona:1 corp:1 dlt:1 investment:1 equity:1 method:1
|
EMPIRE OF CAROLINA INC <EMP> YEAR NET
Shr 1.26 dlrs vs 67 cts
Net 7,299,000 vs 3,607,000
Revs 52.4 mln vs 40.7 mln
Avg shrs 6,028,755 vs 2,408,766
NOTE: 1985 results restated to include Deltona Corp <DLT>
investment on equity method.
|
training/3634
|
training/3634 |@title vhc:1 ltd:1 vhcl:1 4th:1 qtr:1 oper:1 net:1 |@word oper:4 shr:2 profit:4 18:2 ct:8 vs:7 loss:6 one:1 net:2 387:1 832:1 29:1 312:1 rev:2 6:1 872:1 630:1 na:2 year:4 39:1 23:1 835:1 010:1 441:1 836:1 20:1 8:1 mln:1 avg:1 shrs:1 2:1 135:1 909:2 1:1 885:1 note:1 exclude:2 gain:1 378:1 000:2 dlrs:4 715:1 33:1 current:1 qtr:2 respectively:1 benefit:1 tax:1 carryforward:1 ago:1 75:1 809:1 four:1 146:1 061:1 eight:1 discontinue:1 operation:1 1985:1 restate:1
|
VHC LTD <VHCL> 4TH QTR OPER NET
Oper shr profit 18 cts vs loss one ct
Oper net profit 387,832 vs loss 29,312
Revs 6,872,630 vs NA
Year
Oper shr profit 39 cts vs loss 23 cts
Oper net profit 835,010 vs loss 441,836
Revs 20.8 mln vs NA
Avg shrs 2,135,909 vs 1,885,909
NOTE: Excludes gains of 378,000 dlrs or 18 cts and 715,000
dlrs or 33 cts in current qtr and year, respectively, from
benefit of tax loss carryforwards. Year-ago excludes losses of
75,809 dlrs or four cts in qtr and 146,061 dlrs or eight cts in
year from discontinued operations. 1985 restated.
|
training/3637
|
training/3637 |@title transtech:1 industries:1 inc:1 trti:1 year:1 net:1 |@word oper:2 shr:1 91:1 ct:2 vs:4 seven:1 net:2 4:3 356:1 774:1 289:1 764:1 revs:1 69:1 2:2 mln:2 50:1 avg:1 shrs:1 736:1 692:1 151:1 672:1 note:1 1985:1 exclude:1 3:1 027:1 714:1 dlr:1 loss:1 discontinue:1 operation:1
|
TRANSTECH INDUSTRIES INC <TRTI> YEAR NET
Oper shr 91 cts vs seven cts
Oper net 4,356,774 vs 289,764
Revs 69.2 mln vs 50.2 mln
Avg shrs 4,736,692 vs 4,151,672
NOTE: 1985 net excludes 3,027,714 dlr loss from
discontinued operations.
|
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