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training/3970
|
training/3970 |@title crew:1 union:1 set:1 pact:1 pacific:1 southwest:1 psg:1 |@word pacific:1 southwest:2 airlines:1 say:2 reach:1 agreement:3 crew:2 controllers:1 association:1 need:2 satisfy:1 condition:1 usair:2 group:1 u:1 proposed:1 acquisition:2 psa:3 third:1 four:1 union:1 consummate:1 controller:1 receive:1 assurance:1 provide:1 labor:1 protective:1 provision:1 seniority:1 integration:1 process:1
|
CREW UNION SETS PACT WITH PACIFIC SOUTHWEST <PSG>
Pacific Southwest Airlines said it
reached an agreement with the Southwest Crew Controllers
Association needed to satisfy conditions of USAir Group's <U>
proposed acquisition of PSA.
PSA said this is the third of four unions agreement is
needed with for USAir's acquisition to be consummated.
Under the agreement, PSA crew controllers received
assurances they will be provided with labor protective
provisions and a seniority integration process.
|
training/3971
|
training/3971 |@title southernnet:1 inc:1 sout:1 4th:1 qtr:1 net:1 |@word shr:2 32:1 ct:4 vs:6 four:1 net:2 3:3 370:1 000:4 353:1 revs:2 27:1 8:2 mln:4 20:1 2:1 year:1 35:1 67:1 543:1 845:1 103:1 6:1 74:1
|
SOUTHERNNET INC <SOUT> 4TH QTR NET
Shr 32 cts vs four cts
Net 3,370,000 vs 353,000
Revs 27.8 mln vs 20.2 mln
Year
Shr 35 cts vs 67 cts
Net 3,543,000 vs 3,845,000
Revs 103.6 mln vs 74.8 mln
|
training/3973
|
training/3973 |@title senator:1 lugar:1 call:1 cargo:1 preference:1 repeal:1 |@word senior:1 republican:1 u:2 senate:1 agriculture:1 committee:1 richard:1 lugar:2 indiana:1 call:1 repeal:2 cargo:3 preference:3 law:2 aid:1 american:3 shipping:1 industry:1 say:2 hurt:1 farmer:2 costly:2 special:1 interest:1 operate:1 expense:1 dockworker:1 sign:1 co:1 sponsor:1 legislation:1 require:1 shipment:1 good:1 ship:1 rather:1 foreign:1 vessel:1 less:1
|
SENATOR LUGAR CALLS FOR CARGO PREFERENCE REPEAL
The senior Republican on the U.S.
Senate Agriculture Committee, Richard Lugar of Indiana, called
for repeal of the cargo preference law that aids the American
shipping industry but which he said hurts farmers.
'Cargo preference is a costly special interest operated at
the expense of American farmers and dockworkers,' Lugar said in
signing on as a co-sponsor or cargo preference repeal
legislation.
The law requires shipment of U.S. goods on American ships
rather than foreign vessels which are less costly.
|
training/3976
|
training/3976 |@title eia:2 say:2 distillate:2 stock:2 8:4 mln:4 gasoline:2 500:2 000:2 crude:2 1:2 2:2 |@word
|
EIA SAYS DISTILLATE STOCKS OFF 8.8 MLN, GASOLINE OFF 500,000, CRUDE OFF 1.2 MLN
EIA SAYS DISTILLATE STOCKS OFF 8.8 MLN, GASOLINE OFF 500,000, CRUDE OFF 1.2 MLN
|
training/3977
|
training/3977 |@title sylvan:1 learning:1 corp:1 slvn:1 nine:1 month:1 dec:1 31:1 |@word shr:1 loss:2 43:1 ct:3 vs:3 profit:2 eight:1 net:2 3:1 1:1 mln:3 502:1 896:1 rev:1 5:1 6:1 4:1 2:1 note:1 1986:1 include:1 negative:1 effect:1 account:1 change:1 354:1 650:1 five:1 share:1
|
SYLVAN LEARNING CORP <SLVN> NINE MONTHS DEC 31
Shr loss 43 cts vs profit eight cts
Net loss 3.1 mln vs profit 502,896
Revs 5.6 mln vs 4.2 mln
NOTE:1986 net includes negative effect of accounting change
of 354,650 or five cts a share.
|
training/3979
|
training/3979 |@title big:1 u:1 conservation:1 enrollment:1 expect:1 |@word enrollment:6 u:1 agriculture:1 department:1 fourth:1 conservation:5 signup:6 expect:4 announce:1 tomorrow:1 usda:7 official:2 say:8 figure:1 may:1 high:2 total:3 first:3 three:3 range:1 seven:1 12:2 mln:3 acre:5 specialist:2 far:1 10:2 year:2 program:4 8:1 9:1 producer:2 submit:1 bid:2 enter:1 11:1 milton:1 hertz:2 administrator:1 agricultural:1 stabilization:1 service:1 congressional:1 hearing:1 yesterday:1 accept:2 great:3 plain:2 area:4 attract:1 predominate:1 get:1 marginal:1 corn:3 acreage:4 likely:1 bulk:1 pull:1 fringe:1 soybean:1 southeast:1 bean:1 midwest:1 also:1 take:2 production:2 source:1 would:1 relatively:1 small:1 percent:1 special:1 two:1 dlr:1 bonus:1 enroll:1 part:1 base:1 spark:1 interest:1 late:1 pay:1 farmer:1 annual:1 rent:2 land:1 average:1 payment:1 43:1 50:1 dlrs:1 per:1
|
BIG U.S. CONSERVATION ENROLLMENT EXPECTED
Enrollment in the U.S. Agriculture
Department's fourth conservation signup is expected to be
announced tomorrow, and USDA officials said the figure may be
higher than total enrollment for the first three signups.
Enrollment will be in the range of seven to 12 mln acres,
USDA conservation specialists said. Total enrollment so far in
the 10-year conservation program is 8.9 mln acres.
Producers submitted bids to enter 11 to 12 mln acres into
the program, Milton Hertz, administrator for USDA's
Agricultural Stabilization and Conservation Service said at a
congressional hearing yesterday. Not all the bids will be
accepted, Hertz said, but enrollment is expected to be high.
As in the first three signups, the Great Plains area is
expected to attract the greatest enrollment.
'The Great Plains area will be the predominate area which
we'll get signup in,' a USDA conservation specialist said.
Marginal corn acreage will likely be the bulk of the
acreage pulled from that area, he said.
Fringe soybean acres in the southeast and some bean acreage
in the midwest are also expected to be taken out of production,
but the USDA source said this would be a relatively small
percent of the total.
A special two dlr bonus to corn producers who enroll part
of their corn base acreage into the program has sparked more
interest in this latest signup, USDA officials said.
Under the program, USDA pays farmers annual rents to take
land out of production for 10 years. The average rent payment
accepted in the first three signups was 43.50 dlrs per acre.
|
training/398
|
training/398 |@title pittston:2 agree:2 acquire:2 wtc:2 international:2 exchange:2 stock:2 |@word
|
PITTSTON AGREES TO ACQUIRE WTC INTERNATIONAL IN EXCHANGE OF STOCK
PITTSTON AGREES TO ACQUIRE WTC INTERNATIONAL IN EXCHANGE OF STOCK
|
training/3980
|
training/3980 |@title eia:1 say:1 distillate:1 gas:1 stock:1 week:1 |@word distillate:1 fuel:2 stock:6 hold:1 primary:1 storage:1 fall:4 8:4 mln:9 barrel:9 week:2 end:1 march:1 six:1 119:1 6:1 energy:2 information:1 administration:1 eia:2 say:4 weekly:1 petroleum:2 status:1 report:1 department:1 agency:1 gasoline:1 500:1 000:2 251:1 0:1 refinery:1 crude:3 oil:2 1:3 2:1 331:1 residual:1 5:1 36:1 4:1 strategic:1 reserve:1 spr:2 rise:1 200:1 516:1 7:1 total:1 refine:1 product:1 10:1 3:1 564:1
|
EIA SAYS DISTILLATE, GAS STOCKS OFF IN WEEK
Distillate fuel stocks held in
primary storage fell by 8.8 mln barrels in the week ended March
six to 119.6 mln barrels, the Energy Information Administration
(EIA) said.
In its weekly petroleum status report, the Department of
Energy agency said gasoline stocks were off 500,000 barrels in
the week to 251.0 mln barrels and refinery crude oil stocks
fell 1.2 mln barrels to 331.8 mln.
The EIA said residual fuel stocks fell 1.5 mln barrels to
36.4 mln barrels and crude oil stocks in the Strategic
Petroleum Reserve (SPR) rose 200,000 barrels to 516.7 mln.
The total of all crude, refined product and SPR stocks fell
10.3 mln barrels to 1,564.8, it said.
|
training/3981
|
training/3981 |@title heavy:1 rain:1 argentine:1 grain:1 area:1 |@word heavy:2 rain:7 fall:3 argentina:1 main:1 grain:1 grow:1 area:10 week:8 yesterday:1 trade:2 source:2 say:8 heaviest:2 early:3 particularly:1 high:2 volume:2 buenos:4 aire:5 province:5 cordoba:3 la:2 pampa:2 santa:3 fe:3 rainfall:3 total:11 20:3 290:1 mm:12 western:2 sector:1 145:1 25:1 120:1 10:5 75:1 light:2 five:3 50:1 corriente:1 31:1 san:1 luis:1 30:1 entre:1 rio:1 three:1 misione:1 11:1 17:1 formosa:1 one:1 eight:2 chaco:1 grower:3 still:1 tell:2 whether:1 damage:3 crop:6 though:1 maize:5 sunflow:3 may:1 suffer:1 harvesting:4 sorghum:3 paralyse:1 bad:2 weather:2 resume:1 normal:1 would:1 stop:1 long:1 enough:1 soil:1 dry:1 allow:1 farm:1 machinery:1 operate:1 cause:1 flooding:1 northwestern:1 750:1 since:1 february:1 23:1 annual:1 average:1 1:7 200:2 flood:5 2:9 5:3 mln:12 hectare:3 bueno:1 governor:1 alejandro:1 armendariz:1 fly:1 agriculture:1 secretary:1 ernesto:1 figueras:1 500:1 000:3 plant:5 300:1 could:1 lose:1 large:1 part:1 low:1 lying:1 easily:1 certain:1 exact:1 extent:1 likely:1 combine:1 wind:1 uproot:1 many:1 sunflower:1 harvest:7 move:2 forward:2 centre:1 south:1 get:1 underway:1 isolate:1 northern:1 15:2 18:1 pct:8 planted:1 seven:2 nine:2 ago:5 estimate:7 revise:2 downward:2 range:1 3:3 6:1 tonne:11 4:6 7:4 last:5 34:1 41:1 year:3 record:1 also:1 advance:1 reach:2 13:1 compare:3 expect:1 12:1 8:4 accord:2 official:2 figure:2 soybean:2 production:2 slowly:1 four:2 six:1 two:1 remain:1 steady:1 16:1 22:1 produce:1
|
MORE HEAVY RAINS IN ARGENTINE GRAIN AREAS
Heavy rains fell again in
Argentina's main grain growing areas in the week to yesterday,
trade sources said.
Rains fell heaviest early in the week, and in particularly
high volume in Buenos Aires province, Cordoba, La Pampa and
Santa Fe provinces.
Rainfall totalled between 20 and 290 mm in Buenos Aires,
heaviest in western sectors of the province, 20 to 145 mm in La
Pampa, 25 to 120 mm in Cordoba, and 10 to 75 mm in Santa Fe.
Rainfall was lighter in other provinces.
Rainfall totalled from five to 50 mm in Corrientes, five to
31 mm in San Luis, five to 30 mm in Entre Rios, three to 20 mm
in Misiones, 11 to 17 mm in Formosa and one to eight mm in
Chaco.
Growers said it was still too early to tell whether the
rains had damaged crops, though they said maize and sunflower
crops may have suffered.
Harvesting of both those crops and sorghum was paralysed by
the bad weather. For harvesting to resume as normal, the rains
would have to stop long enough for the soil to dry and allow
farm machinery to operate.
The rains caused flooding in western and northwestern
Buenos Aires, as more than 750 mm have fallen in some areas
there since February 23 while the annual average is 1,200 mm.
Flooded areas total between 1.2 and 1.5 mln hectares,
Buenos Aires province governor Alejandro Armendariz said after
flying over the flooded area.
Agriculture Secretary Ernesto Figueras said only 500,000
hectares of the area now flooded had been planted, and that
200,000 to 300,000 hectares could be lost. Growers said large
parts of the flooded areas were not planted because they are
low-lying and flood easily.
Trade sources said it was certain crops were damaged by the
heavy rains but it was too early to tell the exact extent of
the damage. They said it was likely rain combined with high
winds uprooted many sunflower and maize plants.
The sunflower harvest moved forward in the centre and south
of Cordoba and Santa Fe and got underway in a few isolated
areas of northern Buenos Aires. Growers have harvested between
15 and 18 pct of total planted area, up from seven to nine pct
a week ago.
Estimates of the total volume of the sunflower crop were
revised downward in light of the bad weather.
Estimates for total crop ranged from 2.3 to 2.6 mln tonnes,
down from 2.4 to 2.7 mln tonnes estimated last week and down
34.1 to 41.5 pct from last year's record harvest of 4.1 mln
tonnes.
Maize harvesting also advanced, reaching between 13 and 15
pct of total planted area compared to seven to nine pct a week
ago. The maize harvest is expected to total between 10 and 10.2
mln tonnes, down from the 10 to 10.4 mln tonnes estimated a
week ago.
Last year's maize harvest totalled 12.8 mln tonnes,
according to official figures.
Soybean production estimates were revised downward, to 7.8
to 8.2 mln tonnes compared to estimates of eight to 8.4 mln
tonnes a week ago. Last year's soybean harvest totalled 7.1 mln
tonnes, according to official figures.
Sorghum harvesting moved slowly forward, reaching between
four and six pct of total planted area, compared to two to four
pct a week ago.
Sorghum production estimates remained steady at 3.2 to 3.5
mln tonnes, down 16.7 to 22 pct from the 4.1 to 4.2 mln tonnes
produced in the last harvest.
|
training/3982
|
training/3982 |@title philippine:1 debt:1 talk:1 delay:1 consultation:1 |@word today:2 debt:3 rescheduling:1 talk:1 philippines:2 government:1 bank:5 advisory:1 committee:2 postpone:1 thursday:1 give:2 time:3 consider:2 manila:2 novel:1 proposal:3 pay:2 part:1 interest:2 bill:1 note:2 instead:1 cash:1 banker:3 say:5 meet:1 briefly:1 earlier:1 decide:1 need:1 particular:2 news:1 report:1 quote:2 reagan:2 administration:2 official:3 urge:1 serious:1 consideration:1 feel:1 new:1 information:1 consultation:1 call:1 one:1 despatch:1 yesterday:1 washington:1 reuters:1 plan:1 could:1 convert:1 equity:1 investment:1 fully:1 consistent:1 strategy:1 handle:1 develop:1 country:1 philippine:1 interesting:1 quite:1 unique:1 think:1 something:1 categorically:1 reject:1 hand:1 key:1 role:1 u:1 play:1 crisis:1 foreign:1 wanted:1 analyze:1 significance:1 policymaker:1 comment:1
|
PHILIPPINE DEBT TALKS DELAYED FOR CONSULTATIONS
Today's debt rescheduling talks
between the Philippines government and its bank advisory
committee were postponed until Thursday to give the banks more
time to consider Manila's novel proposal for paying part of its
interest bill in notes instead of cash, bankers said.
The committee banks met briefly earlier today and decided
that they needed more time in particular to consider a news
report which quoted a Reagan Administration official as urging
that the proposal be given serious consideration.
'The banks felt that this was new information and that
further consultation was called for,' one banker said.
In a despatch yesterday from Washington, Reuters quoted the
official as saying Manila's plan to pay some interest with
notes that could be converted into equity investments in the
Philippines was fully consistent with the Reagan Administration
strategy for handling developing country debt.
'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.
Because of the key role the U.S. plays in the debt crisis,
foreign banks in particular wanted time to analyze the
significance of the policymaker's comments, bankers said.
|
training/3983
|
training/3983 |@title harper:2 row:2 get:2 bid:2 harcourt:2 brace:2 jovanovich:2 50:2 dlrs:2 shr:2 |@word
|
HARPER AND ROW GETS BID FROM HARCOURT BRACE JOVANOVICH FOR 50 DLRS/SHR
HARPER AND ROW GETS BID FROM HARCOURT BRACE JOVANOVICH FOR 50 DLRS/SHR
|
training/3984
|
training/3984 |@title hughes:1 ht:1 approve:1 merger:1 baker:1 bko:1 |@word overwhelming:1 majority:1 hughes:6 tool:1 co:1 shareholder:2 approve:2 merger:6 agreement:3 baker:5 international:1 corp:1 base:1 revise:3 term:4 allow:1 company:8 additional:2 time:1 sell:3 drilling:4 bit:4 business:5 require:1 u:1 justice:2 department:2 chairman:1 william:1 kistler:6 say:9 propose:4 consent:3 decree:3 also:3 set:1 10:1 mln:6 dlr:3 cap:1 much:1 fund:1 newly:1 combine:1 spend:1 dispute:1 earlier:2 establish:1 funding:1 limit:1 would:5 create:1 1:1 2:2 billion:2 oilfield:1 service:1 almost:1 fall:1 month:5 balk:1 give:2 three:3 find:2 buyer:2 reed:3 today:1 withdraw:1 one:1 lawsuit:1 file:1 force:1 hughe:3 follow:1 speak:1 reporter:1 85:1 pct:1 six:1 previous:1 period:1 government:1 indicate:1 consider:1 grant:1 necessary:1 extension:1 complete:2 sale:2 several:1 people:1 look:1 domestic:1 decide:1 voluntarily:1 plant:1 singapore:1 estimate:1 two:1 week:1 result:1 annual:1 cost:2 saving:2 50:1 dlrs:5 expect:1 substantial:1 cutback:1 20:1 000:1 member:1 workforce:1 inc:1 name:1 merged:1 take:1 great:1 efficiency:1 put:1 profitable:1 course:1 think:1 third:1 fourth:2 quarter:3 see:1 something:1 close:1 breakeven:1 1986:1 earn:1 31:2 7:3 215:1 first:1 fiscal:1 end:1 december:1 lose:1 34:1 revenue:1 297:1
|
HUGHES <HT> APPROVES MERGER WITH BAKER <BKO>
An overwhelming majority of Hughes Tool
Co shareholders approved a merger agreement with Baker
International Corp based on revised terms that allow the
companies additional time to sell a drilling bit business as
required by the U.S. Justice Department.
Hughes chairman William Kistler said the revised terms of
the proposed consent decree also set a 10 mln dlr cap on how
much funding the newly combined companies will have to spend on
the disputed drilling bit business until it is sold.
An earlier proposed consent decree did not establish a
funding limit.
The Baker-Hughes merger, which would would create a 1.2
billion dlr oilfield services company, almost fell through
earlier this month when Hughes balked at terms of a proposed
Justice Department consent decree that would have given the
companies only three months to find a buyer for the Reed
business.
Baker said today it would withdraw the one billion dlr
lawsuit it had filed to force Hughes to follow through with the
merger.
Hughes' Kistler, speaking to reporters after 85 pct of
Hughes' shareholders approved the merger, said the revised
terms of the agreement give the companies six months to find a
buyer for the Reed drilling bit business. The previous
agreement had proposed a three-month period.
Kistler said the the government had also indicated it would
consider granting, if necessary, an additional three-month
extension to complete the sale.
He said there were 'several people looking' at the domestic
drilling bit business.
The companies, Kistler said, have also decided to
voluntarily sell a Reed plant in Singapore.
Kistler estimated that the merger, which should be
completed in about two weeks, will result in annual cost
savings of about 50 mln dlrs. He said he expects 'substantial
cutbacks' in the 20,000-member workforce at Baker-Hughes Inc,
the name the merged company will take.
Kistler said the cost savings and greater efficiencies
should put the company on a profitable course. 'We think that
in the third or fourth quarter after the merger we should see
something close to breakeven,' he said.
In the fourth quarter of 1986, Hughes earned 31.7 mln dlrs
on sales of 215.7 mln dlrs.
Baker, in its first fiscal quarter ended December 31, lost
34.2 mln dlrs on revenues of 297.7 mln dlrs.
|
training/3985
|
training/3985 |@title usx:2 x:1 unit:1 raise:1 crude:1 posting:1 |@word subsidiary:1 marathon:2 petroleum:1 co:1 say:1 raise:2 contract:1 price:2 eleven:1 grade:3 crude:1 oil:1 50:3 ct:2 barrel:3 effective:1 tomorrow:1 increase:1 bring:1 post:1 west:2 texas:2 intermediate:1 sour:1 17:2 dlrs:2 light:1 louisiana:1 also:1 85:1
|
USX <X> UNIT TO RAISE MOST CRUDE POSTINGS
USX's subsidiary, Marathon Petroleum
Co, said it will raise its contract prices for eleven grades of
crude oil 50 cts a barrel, effective tomorrow.
The increase brings Marathon's posted price for West Texas
Intermediate and West Texas Sour grades to 17.50 dlrs a barrel.
The Light Louisiana grade was also raised 50 cts to 17.85
dlrs a barrel.
|
training/3989
|
training/3989 |@title dollar:1 general:1 corp:1 dolr:1 4th:1 qtr:1 net:1 |@word shr:2 13:1 ct:4 vs:6 40:1 net:2 2:2 509:1 000:3 7:1 582:1 revs:2 186:1 mln:5 182:1 1:1 year:1 23:1 95:1 4:2 318:1 17:1 8:2 564:1 584:1
|
DOLLAR GENERAL CORP <DOLR> 4TH QTR NET
Shr 13 cts vs 40 cts
Net 2,509,000 vs 7,582,000
Revs 186.2 mln vs 182.1 mln
Year
Shr 23 cts vs 95 cts
Net 4,318,000 vs 17.8 mln
Revs 564.8 mln vs 584.4 mln
|
training/399
|
training/399 |@title tuesday:1 morning:1 inc:1 tues:1 4th:1 qtr:1 net:1 |@word shr:2 1:7 19:1 dlrs:4 vs:8 46:1 net:2 3:2 150:1 185:1 2:5 665:1 284:1 revs:1 27:1 9:1 mln:4 24:1 avg:2 shrs:2 653:1 646:1 826:2 858:2 year:1 45:1 37:1 611:1 802:1 502:1 443:1 sale:1 62:1 52:1 8:1 489:1 978:1
|
TUESDAY MORNING INC <TUES> 4TH QTR NET
Shr 1.19 dlrs vs 1.46 dlrs
Net 3,150,185 vs 2,665,284
Revs 27.9 mln vs 24.1 mln
Avg shrs 2,653,646 vs 1,826,858
Year
Shr 1.45 dlrs vs 1.37 dlrs
Net 3,611,802 vs 2,502,443
Sales 62.2 mln vs 52.8 mln
Avg shrs 2,489,978 vs 1,826,858
|
training/3990
|
training/3990 |@title broad:1 acquire:1 vogt:1 conant:1 unit:1 |@word broad:2 corp:1 say:1 acquire:1 construction:1 activity:1 vogt:2 conant:2 co:1 cleveland:1 combine:2 company:2 call:1 inc:1 large:1 structural:1 steel:1 erection:1 u:1 sale:1 two:1 operation:1 40:1 mln:1 dlrs:1 1986:1
|
<BROAD> ACQUIRES <VOGT AND CONANT> UNIT
Broad Corp said it acquired
the construction activities of Vogt and Conant Co of Cleveland.
The combined companies, to be called Broad, Vogt and Conant
INc, will be the largest structural steel erection company in
the U.S. Combined sales of the two operations were more than 40
mln dlrs in 1986.
|
training/3991
|
training/3991 |@title harper:1 hpr:1 get:1 bid:1 harcourt:1 hbj:1 |@word harper:12 row:6 publishers:1 inc:2 say:10 receive:2 acquisition:1 offer:2 harcourt:3 brace:2 jovanovich:1 acquire:1 share:6 50:2 dlrs:1 cash:1 consider:1 proposal:1 include:1 possible:1 concern:1 anti:1 trust:1 legal:1 consideration:1 monday:1 surprise:1 34:1 dlr:2 bid:3 investor:1 theodore:1 cross:1 owner:1 six:1 pct:1 stock:2 make:2 clear:1 step:1 aside:1 director:1 shareholder:5 reject:1 board:1 previously:1 express:1 strong:1 determination:1 remain:2 independent:2 publishing:1 enterprise:1 also:1 new:4 world:2 picture:2 request:1 copy:1 list:3 use:1 solicit:1 proxy:1 30:1 800:1 total:1 4:4 mln:1 close:1 3:1 33:1 1:2 2:2 rise:1 9:1 point:1 yesterday:1 due:1 vote:1 april:1 right:2 plan:1 design:1 thwart:1 hostile:1 takeover:1 ivan:1 obolensky:2 analyst:1 investment:1 banking:1 sterling:1 grace:1 co:1 one:1 publisher:1 back:3 author:2 stretch:1 200:1 year:1 long:1 company:1 maintain:1 copyright:1 estate:1 deceased:1 control:1 motion:1 television:1 story:1 printing:1 technology:1 edition:1 profitable:1 business:1 need:1 nature:1 willing:1 pay:1 plenty:1 beef:1 warrant:1
|
HARPER <HPR> GETS BID FROM HARCOURT <HBJ>
Harper and Row Publishers Inc said it
received an acquisition offer from Harcourt Brace Jovanovich
INc to acquire all of Harper and Row's shares at 50 dlrs a
share in cash.
Harper said it will consider the proposal, including such
possible concerns as anti-trust and other legal considerations.
On Monday, Harper and Row received a surprise 34 dlr-a-
share bid from investor Theodore Cross, owner of six pct of the
shares, for the stock he does not own.
Harcourt made clear in its offer that it will step aside
if Harper's directors and shareholders reject the bid, Harper
said.
Harper said the board has previously expressed a strong
determination to remain an independent publishing enterprise.
Harper also said that New World Pictures, a shareholder,
has requested a copy of Harper's shareholder list to be used in
soliciting proxies.
New World has 30,800 shares of the total 4.4 mln shares.
Harper and Row's stock closed off 3/4 to 33-1/2 after
rising 9-1/4 points yesterday.
Shareholders are due to vote April 2 on a shareholders
rights plan designed to thwart hostile takeovers.
Ivan Obolensky, an analyst with the investment banking for
of Sterling Grace and Co said Harper and Row is one of the few
remaining independent publishers with a 'back list' of authors
stretching back 200 years.
He said as long as the company maintains copyrights with
the estates of deceased authors, it controls all motion picture
and television rights to the stories. And he said new printing
technologies make new editions a profitable business.
'Harcourt Brace needs a back list of that nature and is
willing to pay up for it,' Obolensky said. But he said Harper
and Row 'has plenty of beef to warrant a 50 dlr bid.
|
training/3993
|
training/3993 |@title goldman:1 sell:1 1st:1 pennsylvania:1 fpa:1 stock:1 |@word goldman:4 sachs:3 co:1 tell:1 securities:1 exchange:1 commission:1 sell:1 nearly:1 entire:1 stake:2 first:3 pennsylvania:3 corp:1 2:2 450:1 598:1 share:2 5:1 pct:1 total:2 outstanding:2 common:3 stock:3 say:2 17:1 800:1 remain:1 february:1 26:1 company:1 redeem:1 convertible:1 debenture:1 increase:1 holding:1 originally:1 buy:1 part:1 arbitrage:1 business:1 marine:1 midland:1 banks:1 mm:1 agreement:1 principal:1 acquire:1
|
GOLDMAN SELLS MOST 1ST PENNSYLVANIA <FPA> STOCK
Goldman, Sachs and Co told the
Securities and Exchange Commission it sold nearly its entire
stake in First Pennsylvania Corp of 2,450,598 shares, or 5.2
pct of the total outstanding common stock.
Goldman Sachs said it has about 17,800 First Pennsylvania
common shares remaining. On February 26, the company redeemed
convertible debentures with common stock, which at once
increased Goldman's stock holding and the total outstanding.
Goldman Sachs said it originally bought the stake as part
of its arbitrage business. Marine Midland Banks <MM> has an
agreement in principal to acquire First Pennsylvania.
|
training/3994
|
training/3994 |@title lionel:1 corp:1 lio:1 4th:1 qtr:1 jan:1 31:1 oper:1 net:1 |@word oper:6 shr:2 1:4 05:1 dlr:1 vs:8 51:1 ct:3 net:4 14:1 mln:12 5:3 669:1 000:3 revs:2 163:1 2:3 133:1 avg:2 shrs:2 13:3 11:1 year:7 65:1 26:1 8:3 664:1 906:1 287:1 251:1 4:2 403:1 562:1 note:1 prior:3 4th:3 qtr:3 exclude:2 dlrs:4 17:1 respectively:2 income:1 discontinue:1 operation:1 also:1 19:1 20:1 3:1 operate:1 loss:1 carryforward:1 reogranization:1 item:1 end:1 january:1 25:1 1986:1
|
LIONEL CORP <LIO> 4TH QTR JAN 31 OPER NET
Oper shr 1.05 dlr vs 51 cts
Oper net 14.1 mln vs 5,669,000
Revs 163.2 mln vs 133.2 mln
Avg shrs 13.5 mln vs 11.5 mln
Year
Oper shr 65 cts vs 26 cts
Oper net 8,664,000 vs 1,906,000
Revs 287.8 mln vs 251 mln
Avg shrs 13.4 mln vs 8,403,562
NOTE: Prior year 4th qtr and year oper net excludes 13.1
mln dlrs and 17.4 mln dlrs, respectively, for income from
discontinued operations.
Prior year 4th qtr and year oper net also excludes 19.2 mln
dlrs and 20.3 mln dlrs, respectively, for operating loss
carryforwards and other reogranization items.
Prior year 4th qtr and year ended January 25, 1986.
|
training/3995
|
training/3995 |@title recent:1 u:2 oil:1 demand:1 1:1 9:1 pct:1 year:1 ago:1 |@word oil:2 demand:4 measure:1 product:1 supply:2 rise:1 1:4 9:2 pct:7 four:2 week:2 end:1 march:2 six:1 16:2 39:1 mln:14 barrel:1 per:1 day:1 08:1 period:2 year:6 ago:2 energy:2 information:1 administration:1 eia:4 say:6 weekly:1 petroleum:2 status:1 report:1 department:1 agency:2 distillate:1 2:4 3:5 33:1 bpd:6 40:2 early:1 gasoline:1 average:2 6:2 75:1 53:1 last:1 residual:1 fuel:1 7:1 43:1 domestic:1 crude:3 production:1 estimate:1 8:2 38:1 5:2 15:1 gross:1 daily:1 import:1 exclude:1 spr:1 67:1 23:1 97:1 refinery:1 run:1 12:1 05:1 11:1 87:1 earlier:1 date:1 figure:1 become:2 available:2 26:1 monthly:1 datum:1 january:1 1987:1
|
RECENT U.S. OIL DEMAND UP 1.9 PCT FROM YEAR AGO
U.S. oil demand as measured by
products supplied rose 1.9 pct in the four weeks ended March
six to 16.39 mln barrels per day from 16.08 mln in the same
period a year ago, the Energy Information Administration (EIA)
said.
In its weekly petroleum status report, the Energy
Department agency said distillate demand was down 2.2 pct in
the period to 3.33 mln bpd from 3.40 mln a year earlier.
Gasoline demand averaged 6.75 mln bpd, up 3.3 pct from 6.53
mln last year, while residual fuel demand was 1.40 mln bpd, off
2.7 pct from 1.43 mln, the EIA said.
Domestic crude oil production was estimated at 8.38 mln
bpd, down 8.5 pct from 9.15 mln a year ago, and gross daily
crude imports (excluding those for the SPR) averaged 3.67 mln
bpd, up 23 pct from 2.97 mln, the EIA said.
Refinery crude runs in the four weeks were 12.05 mln bpd,
up 1.5 pct from 11.87 mln a year earlier, it said.
Year-to-date figures will not become available until March
26 when EIA's Petroleum Supply Monthly data for January 1987
becomes available, the agency said.
|
training/3996
|
training/3996 |@title montreal:1 city:1 district:1 savings:1 bank:1 1st:1 qtr:1 |@word shr:1 33:1 ct:2 vs:3 24:1 net:1 6:1 2:1 mln:2 4:1 9:1 loan:1 give:3 deposit:1 asset:1 3:1 8:1 billion:1 note:1 full:1 name:1 montreal:1 city:1 district:1 savings:1 bank:1 period:1 end:1 january:1 31:1
|
(MONTREAL CITY, DISTRICT SAVINGS BANK) 1ST QTR
Shr 33 cts vs 24 cts
Net 6.2 mln vs 4.9 mln
Loans not given
Deposits not given
Assets 3.8 billion vs not given
Note: full name Montreal City and District Savings Bank
Period ended January 31
|
training/3997
|
training/3997 |@title franco:1 nevada:1 say:1 stock:1 rise:1 due:1 drilling:1 |@word franco:3 nevada:4 mining:1 corp:2 ltd:1 say:3 gain:1 stock:3 price:1 today:1 relate:1 deep:1 drilling:2 conduct:1 american:2 barrick:2 resources:1 goldstrike:1 claim:1 carlin:1 camp:1 northern:1 two:1 seven:1 dlrs:1 per:2 share:1 toronto:1 exchange:1 announce:1 march:1 nine:1 indicate:1 number:1 significant:1 intersection:1 sulfide:1 gold:2 mineralization:1 depth:1 1:3 000:1 foot:3 one:1 vertical:1 drill:1 hole:1 intersect:1 continuously:1 100:1 730:1 average:1 0:1 30:1 ounce:1 short:1 ton:1 announcement:1
|
FRANCO NEVADA SAYS STOCK RISE DUE TO DRILLING
Franco Nevada Mining Corp Ltd said the
gain in its stock price today is related to deep drilling being
conducted by American Barrick Resources Corp at the Goldstrike
claims in the Carlin camp in northern Nevada.
Franco Nevada stock is up two at seven dlrs per share on
the Toronto Stock Exchange.
Franco Nevada said American Barrick announced on March nine
that the drilling indicated a number of significant
intersections of sulfide gold mineralization below a depth of
about 1,000 feet.
One vertical drill hole intersected gold continuously from
1,100 feet to 1,730 feet averaging 0.30 ounces per short ton,
the announcement said.
|
training/3999
|
training/3999 |@title businessman:1 8:1 9:1 pct:1 del:1 e:1 webb:1 dwp:1 |@word john:1 cotton:3 arizona:1 businessman:1 tell:1 securities:1 exchange:1 commission:1 acquire:1 equivalent:1 213:1 500:1 share:4 class:1 common:1 del:1 e:1 webb:1 investment:2 property:1 8:1 9:2 pct:1 total:1 president:1 finalco:1 group:1 inc:1 paradise:1 valley:1 ariz:1 datum:1 processing:1 equipment:1 maker:1 say:3 buy:3 stake:1 include:1 warrant:2 186:1 300:1 266:1 958:1 dlrs:2 exerciseable:1 50:1 stock:1 purpose:1
|
BUSINESSMAN HAS 8.9 PCT OF DEL E. WEBB <DWP.A>
John Cotton, an Arizona businessman,
told the Securities and Exchange Commission he has acquired the
equivalent of 213,500 shares of Class A common shares in Del E.
Webb Investment Properties, or 8.9 pct of the total.
Cotton, president of Finalco Group Inc, a Paradise Valley,
Ariz., data processing equipment maker, said he bought the
stake, which includes warrants to buy 186,300 shares, for
266,958 dlrs.
The warrants are exerciseable at 9.50 dlrs a share, he
said. Cotton said it bought the stock for investment purposes
only.
|
training/40
|
training/40 |@title standard:1 trustco:1 see:1 well:1 year:1 |@word standard:2 trustco:2 say:1 expect:2 earning:1 1987:2 increase:1 least:1 15:2 20:1 pct:3 9:1 140:1 000:1 dlrs:4 2:1 52:1 per:1 share:1 record:1 1986:2 stable:1 interest:1 rate:1 grow:1 economy:1 provide:1 favorable:1 condition:1 growth:1 president:1 brian:1 malley:1 tell:1 shareholder:2 annual:1 meeting:1 previously:1 report:1 asset:1 1:2 28:1 billion:2 10:1 1985:2 return:1 common:1 equity:1 18:1 6:1 last:1 year:1
|
STANDARD TRUSTCO SEES BETTER YEAR
Standard Trustco said it expects earnings
in 1987 to increase at least 15 to 20 pct from the 9,140,000
dlrs, or 2.52 dlrs per share, recorded in 1986.
'Stable interest rates and a growing economy are expected to
provide favorable conditions for further growth in 1987,'
president Brian O'Malley told shareholders at the annual
meeting.
Standard Trustco previously reported assets of 1.28 billion
dlrs in 1986, up from 1.10 billion dlrs in 1985. Return on
common shareholders' equity was 18.6 pct last year, up from 15
pct in 1985.
|
training/400
|
training/400 |@title diagnostic:2 retrieval:2 systems:2 inc:2 make:2 53:2 mln:2 dlr:2 bid:2 rospatch:2 corp:2 |@word
|
DIAGNOSTIC/RETRIEVAL SYSTEMS INC MAKES 53 MLN DLR BID FOR ROSPATCH CORP
DIAGNOSTIC/RETRIEVAL SYSTEMS INC MAKES 53 MLN DLR BID FOR ROSPATCH CORP
|
training/4000
|
training/4000 |@title astec:1 industries:1 inc:1 aste:1 4th:1 qtr:1 dec:1 31:1 |@word shr:2 loss:4 nine:1 ct:6 vs:6 profit:6 22:1 net:3 278:1 949:2 346:1 368:1 revs:2 11:1 9:1 mln:6 10:1 4:1 year:2 49:3 1:2 2:1 626:1 61:1 7:2 52:1 note:1 1985:1 include:1 three:1 dlrs:2 4th:1 qtr:1 13:1 258:1 720:1 discontinue:1 operation:1
|
ASTEC INDUSTRIES INC <ASTE> 4TH QTR DEC 31
Shr loss nine cts vs profit 22 cts
Net loss 278,949 vs profit 346,368
Revs 11.9 mln vs 10.4 mln
Year
Shr profit 49 cts vs profit 49 cts
Net profit 1.2 mln vs profit 949,626
Revs 61.7 mln vs 52.7 mln
NOTE:1985 net includes loss of three cts or 49.1 mln dlrs
in 4th qtr and loss of 13 cts or 258,720 dlrs in year from
discontinued operations.
|
training/4005
|
training/4005 |@title u:2 economic:1 datum:1 key:1 debt:1 future:1 outlook:1 |@word economic:1 datum:1 week:2 could:1 key:2 determine:1 whether:2 u:2 interest:2 rate:4 future:6 break:4 3:2 1:2 2:2 month:1 trading:2 range:5 financial:1 analyst:6 say:14 although:1 market:6 expectation:2 february:1 retail:5 sale:5 thursday:1 industrial:2 production:2 friday:3 show:2 healthy:1 gain:1 figure:2 within:1 slightly:1 would:2 positive:1 impress:1 resiliency:1 bond:7 right:1 smith:1 barney:1 harris:1 upham:1 craig:1 sloane:3 treasury:1 come:2 pressure:1 today:2 trader:1 link:1 persistently:1 firm:2 federal:2 fund:4 rise:2 oil:5 price:5 however:1 sufficient:1 sell:2 chart:2 support:2 june:5 contract:3 fail:1 materialize:1 participant:1 early:1 quickly:1 cover:1 short:1 position:1 everyone:1 expect:3 strong:1 number:1 win:1 bad:1 consensus:1 estimate:1 non:2 auto:2 sector:2 0:4 6:2 7:1 pct:4 dean:1 witter:1 karen:1 gibbs:2 forecast:1 give:1 boost:1 debt:2 put:1 8:1 producer:1 index:1 increase:1 5:1 add:1 tell:1 able:1 fill:1 gap:2 refer:1 100:2 26:1 32:4 101:1 create:1 close:1 4:1 also:2 direction:2 addition:1 crude:2 carroll:1 mcentee:1 mcginley:1 futures:1 brian:1 singer:3 high:1 fed:2 preclude:1 last:1 time:1 approach:1 top:3 order:1 102:1 rally:2 need:1 run:1 course:1 pull:1 back:2 little:1 bit:1 already:1 ease:2 toward:1 six:1 level:1 recent:1 surge:1 concern:1 manufacturers:1 hanover:1 jim:1 rozich:3 may:1 near:1 around:1 18:1 50:1 dlrs:1 per:1 barrel:1 look:1 99:1 find:1 quite:1 ready:1 jump:1 bullish:1 bandwagon:1 yet:1 jury:1 still:1
|
U.S. ECONOMIC DATA KEY TO DEBT FUTURES OUTLOOK
U.S. economic data this week could be
the key in determining whether U.S. interest rate futures break
out of a 3-1/2 month trading range, financial analysts said.
Although market expectations are for February U.S. retail
sales Thursday and industrial production Friday to show healthy
gains, figures within or slightly below expectations would be
positive for the market, the analysts said.
'You have to be impressed with the resiliency of bonds
right now,' said Smith Barney Harris Upham analyst Craig
Sloane.
Treasury bond futures came under pressure today which
traders linked to a persistently firm federal funds rate and a
rise in oil prices. However, when sufficient selling interest
to break below chart support in the June contract failed to
materialize, participants who had sold bond futures early
quickly covered short positions, they said.
'Everyone is expecting strong numbers, and if they come in
as expected it won't be that bad for the market,' Sloane said.
Sloane said the consensus estimate for the non-auto sector
of retail sales is for a rise of 0.6 to 0.7 pct.
Dean Witter analyst Karen Gibbs said a retail sales figure
below market forecasts would give a boost to debt futures, and
she put the range for the non-auto sector of retail sales at up
0.8 to 1.2 pct.
Industrial production and the producer price index Friday
both are expected to show increases of about 0.5 pct, she
added.
Retail sales 'will tell us whether or not we will be able
to fill the gap,' Gibbs said, referring to a chart gap in June
bonds between 100-26/32 and 101-3/32 created Friday. June bonds
closed at 100-4/32 today.
Also key to debt futures direction, in addition to the
federal funds rate, is the direction of crude oil prices, said
Carroll McEntee and McGinley Futures analyst Brian Singer.
'A higher fed funds rate and firm oil prices precluded the
market from breaking out of the trading range the last time the
market approached the top of the range,' Singer said.
In order for bonds to break above the top of the range,
which is just below 102 in the June contract, 'the crude oil
rally needs to run its course and pull back a little bit,'
Singer said. 'Fed funds are already easing back down toward the
six pct level.'
The recent surge in oil prices has also been a concern to
Manufacturers Hanover Futures analyst Jim Rozich, but the rally
may be nearing a top around 18.50 dlrs per barrel, he said.
Rozich said he is looking for the June bond contract to
ease to 99-6/32 and find support.
'I'm not quite ready to jump on the bullish bandwagon yet.
The jury is still out this week,' Rozich said.
|
training/401
|
training/401 |@title miller:1 tabak:1 91:1 8:1 pct:1 penn:1 traffic:1 pnf:1 |@word miller:3 tabak:3 hirsch:1 co:2 say:4 receive:2 accept:1 3:1 424:1 729:1 common:1 share:3 penn:5 traffic:5 response:1 31:1 60:1 dlr:1 per:1 tender:2 offer:1 expire:1 friday:1 together:1 380:1 728:1 already:1 91:1 8:1 pct:1 company:2 expect:1 hold:1 special:1 shareholder:1 meeting:1 later:1 month:1 approve:1 merger:1 price:1 two:1 representative:1 name:1 board:1 march:1 four:1 serve:1 director:1 president:1 chief:1 executive:1 officer:1 guido:1 malacarne:1 financing:1 transaction:1 first:1 national:1 bank:1 minneapolis:1 salomon:1 inc:1 sb:1
|
MILLER TABAK HAS 91.8 PCT OF PENN TRAFFIC <PNF>
<Miller Tabak Hirsch and Co> said it
has received an accepted 3,424,729 common shares of Penn
Traffic Co in response to its 31.60 dlr per share tender offer
that expired Friday, and together with the 380,728 shares it
already owned, it now has about 91.8 pct of Penn Traffic.
The company said Penn Traffic is expected to hold a special
shareholders' meeting later this month to approve a merger into
Miller Tabak at the tender price.
It said two Miller Tabak representatives will be named to
the Penn Traffic board on March Four to serve as the only
directors with Penn Traffic president and chief executive
officer Guido Malacarne.
The company said it received financing for the transaction
from First National Bank of Minneapolis and Salomon Inc <SB>.
|
training/4012
|
training/4012 |@title bank:1 british:1 columbia:1 1st:1 qtr:1 jan:1 31:1 net:1 |@word oper:4 shr:5 loss:5 two:1 ct:5 vs:5 profit:5 three:1 net:4 273:1 000:4 dlrs:7 1:3 710:1 year:1 period:1 end:1 october:1 31:1 1986:3 23:1 14:1 4:1 397:1 7:1 527:1 asset:3 2:3 67:1 billion:2 3:1 25:1 note:1 1987:1 1st:1 qtr:1 exclude:2 extraordinary:2 mln:5 six:1 yr:1 66:1 94:1 involve:1 22:1 cost:1 sale:1 bank:4 hongkong:2 canada:2 eight:1 contingent:1 liability:1 respect:1 litigation:1 potential:1 tax:2 reassessment:1 u:1 govt:1 35:1 9:1 defer:1 debit:1 sell:1 unit:1 hong:1 kong:1 shanghai:1 banking:1 corp:1 nov:1 prefer:1 divs:1
|
BANK OF BRITISH COLUMBIA 1ST QTR JAN 31 NET
Oper shr loss two cts vs profit three cts
Oper net profit 273,000 dlrs vs profit 1,710,000
YEAR - period ended October 31, 1986
Oper shr loss 23 cts vs profit 14 cts
Oper net loss 4,397,000 vs profit 7,527,000
Assets 2.67 billion vs 3.25 billion
Note: 1987 1st qtr net excludes extraordinary loss of 2.2
mln dlrs or six cts shr.
1986 yr net excludes extraordinary loss of 66 mln dlrs or
1.94 dlrs shr involving 22.1 mln dlrs of costs from sale of
bank assets to Hongkong Bank of Canada, eight mln dlrs for
contingent liabilities in respect of litigation and potential
tax reassessment by U.S. govt and 35.9 mln dlrs of deferred tax
debits.
Most bank assets sold to HongKong Bank of Canada, a unit of
<Hong Kong and Shanghai Banking Corp> in Nov, 1986.
Shr after preferred divs.
|
training/4014
|
training/4014 |@title restaurant:1 associates:1 inc:1 ra:1 4th:1 qtr:1 jan:1 3:1 |@word shr:2 25:1 ct:4 vs:6 36:1 net:2 1:4 4:5 mln:8 revs:2 56:1 9:1 35:1 year:1 86:1 75:1 7:1 3:1 0:2 201:1 140:1 note:1 1985:2 4th:1 qtr:1 include:1 99:1 000:1 loss:1 carryforward:1 share:1 restate:1 give:1 effect:1 one:1 stock:1 split:1 form:1 40:1 pct:1 class:1 dividend:1 august:1
|
RESTAURANT ASSOCIATES INC <RA> 4TH QTR JAN 3
Shr 25 cts vs 36 cts
Net 1.4 mln vs 1.4 mln
Revs 56.9 mln vs 35.1 mln
Year
Shr 86 cts vs 75 cts
Net 4.7 mln vs 3.0 mln
REvs 201.4 mln vs 140.0 mln
NOTE:1985 4th qtr includes 99,000 loss from carryforward.
Shares restated to give effect to 1.4 to one stock split in the
form a 40 pct class A dividend in August 1985.
|
training/4015
|
training/4015 |@title michigan:1 general:1 corp:1 mgl:1 4th:1 qtr:1 |@word shr:2 loss:7 1:5 02:1 dlrs:5 vs:6 01:1 dlr:2 net:2 18:1 mln:12 11:1 4:3 revs:2 96:1 0:3 90:1 3:3 year:3 2:1 65:1 06:1 39:1 34:1 6:2 386:1 373:1 note:1 1986:1 4th:2 qtr:2 include:2 14:1 respectively:2 discontinue:1 1985:1 13:1 9:1
|
MICHIGAN GENERAL CORP <MGL> 4TH QTR
Shr loss 1.02 dlrs vs 1.01 dlr
Net loss 18.1 mln vs 11.4 mln
Revs 96.0 mln vs 90.3 mln
Year
Shr loss 2.65 dlrs vs loss 3.06 dlrs
Net loss 39.3 mln vs 34.6 mln
Revs 386.0 mln vs 373.0 mln
NOTE:1986 4th qtr, year loss includes 14.4 mln dlrs, 4.6
mln dlrs respectively from discontinued. 1985 4th qtr and year
include loss of 13.1 mln, 1.9 mln dlr respectively.
|
training/4016
|
training/4016 |@title usx:2 x:1 prove:1 oil:1 gas:1 reserve:1 fall:1 1986:1 |@word corp:2 say:5 prove:1 reserve:10 oil:5 natural:3 gas:5 liquid:2 fall:9 28:1 pct:5 802:1 8:1 mln:11 barrel:6 end:5 1986:6 1:5 12:1 billion:5 year:2 1985:3 figure:3 usx:8 release:1 annual:1 report:4 indicate:1 much:1 drop:3 result:2 exclusion:2 293:1 7:2 libyan:3 u:3 government:1 last:3 june:1 direct:1 company:2 operation:4 marathon:1 co:1 texas:2 60:1 sale:2 14:1 94:1 dlrs:6 24:1 total:3 come:2 uss:1 steel:3 unit:1 16:1 diversified:1 business:1 include:2 oilfield:1 service:1 raw:1 material:1 mineral:1 chemical:1 real:1 estate:1 accord:1 domestic:1 slightly:1 628:2 5:2 9:3 foreign:3 174:1 3:4 486:1 4:2 large:1 middle:2 east:2 africa:2 316:1 reflect:2 libya:1 82:1 trillion:6 cubic:3 foot:3 18:1 zero:1 71:1 exclude:1 44:1 65:1 38:1 53:1 area:1 capital:1 spending:1 962:1 78:1 audited:1 eight:1 high:1 unaudited:1 jan:1 27:1 also:1 expect:1 record:1 gain:1 150:1 1988:1 represent:1 50:1 previously:3 exist:1 investment:1 tax:2 credit:2 allowable:1 new:1 law:1 loss:1 half:1 fourth:2 quarter:2 discussion:1 plant:6 shut:2 month:2 idle:3 may:3 permanently:2 close:1 take:1 charge:2 03:1 restructure:1 indefinite:1 four:1 utah:1 pennsylvania:2 part:1 indiana:1 alabama:1 ohio:1 chicago:1 improved:1 market:2 condition:1 product:1 make:1 feasible:1 reopen:1 hand:1 lack:1 future:1 improvement:1 necessitate:1 permanent:1 closing:1 add:1
|
USX <X> PROVED OIL, GAS RESERVES FALL IN 1986
USX Corp said proved reserves of oil
and natural gas liquids fell 28 pct to 802.8 mln barrels at the
end of 1986 from 1.12 billion barrels at year-end 1985.
The figures, in USX's just-released 1986 annual report,
indicate much of the drop resulted from the exclusion of 293.7
mln barrels of Libyan reserves, after the U.S. government last
June directed U.S. oil companies to end Libyan operations.
USX, which owns Marathon Oil Co and Texas Oil and Gas Corp,
had 60 pct of its 1986 sales of 14.94 billion dlrs from its oil
and gas operations.
About 24 pct of total sales came from USX's USS steel unit
and 16 pct from diversified businesses, which include oilfield
services, raw materials, minerals, chemicals and real estate.
According to the report, domestic liquids reserves fell
slightly to 628.5 mln barrels from 628.9 mln and foreign
reserves fell to 174.3 mln from 486.4 mln barrels. The large
drop in foreign reserves was in the Middle East and Africa,
where they fell to about 9.3 mln barrels from 316.7 mln,
reflecting the exclusion of Libya.
Total natural gas reserves fell to 4.82 trillion cubic feet
at year-end 1986 from 5.18 trillion at the end of 1985.
Again, most of the drop came from the Middle East and
Africa, where reserves fell to zero from 71.9 billion cubic
feet, excluding Libyan reserves.
U.S. natural gas reserves fell to 3.44 trillion cubic feet
from 3.65 trillion and foreign reserves fell to 1.38 trillion
from 1.53 trillion.
In other areas, USX said total capital spending fell to 962
mln dlrs in 1986 from 1.78 billion dlrs in 1985. The 1986
audited figure is eight mln dlrs higher than the unaudited
figure the company reported on Jan 27.
USX also said it expects to record a gain of 150 mln dlrs
in 1988, representing 50 pct of previously existing investment
tax credits allowable under the new tax law. The loss of the
other half of the credits was reflected in the fourth quarter.
In a discussion of steel results, USX said plants that were
shut down last month and some previously idled plants may be
permanently closed. USX took a fourth quarter charge of 1.03
billion dlrs to restructure its steel operations. The charge
included the 'indefinite idling' last month of four plants in
Utah, Pennsylvania and Texas.
Other plants or parts of plants in Pennsylvania, Indiana,
Alabama, Ohio and Chicago had been previously idled.
'These operations are not permanently shut down. Improved
market conditions for the products from these plants may make
it feasible to reopen some of them,' USX said in the report.
'On the other hand, a lack of any future market improvement
may necessitate their permanent closing,' it added.
|
training/4019
|
training/4019 |@title bank:1 b:1 c:1 revise:1 share:1 payout:1 estimate:1 |@word bank:15 british:3 columbia:3 say:8 revise:1 estimate:2 shareholder:1 distribution:2 last:2 november:3 sale:2 asset:3 hongkong:4 canada:2 65:1 ct:2 1:7 15:1 dlrs:12 share:3 55:1 20:1 could:1 rise:2 30:1 80:1 full:2 pension:1 surplus:1 obtain:1 know:1 would:1 make:1 earlier:1 report:2 operating:2 profit:2 first:1 quarter:1 end:2 january:1 31:3 fall:1 273:1 000:1 7:3 mln:8 previous:1 year:4 1986:4 october:1 post:2 loss:3 4:2 early:2 5:2 also:1 66:1 dlr:1 extraordinary:1 fiscal:2 sell:2 unit:1 shanghai:1 banking:1 corp:1 hong:1 kong:1 63:1 effort:1 wind:1 affair:1 proceed:1 quickly:1 possible:1 expect:1 positive:1 earning:1 future:1 period:1 bar:1 unforeseen:1 circumstance:1 loan:2 previously:1 figure:1 move:1 105:1 36:1 total:1 represent:1 downward:1 adjustment:1 portfolio:1 syndicate:1 sovereign:1 risk:1 require:1 since:1 27:1 confine:1 activity:1 winding:1 affairs:1
|
BANK OF B.C. REVISES SHARE PAYOUT ESTIMATE
Bank of British
Columbia said it revised its estimate of shareholder
distributions from last November's sale of most of the bank's
assets to HongKong Bank of Canada to between 65 cts and 1.15
dlrs a share from 55 cts to 1.20 dlrs a share.
The bank said the estimate could rise to between 1.30 dlrs
and 1.80 dlrs a share if the full pension surplus is obtained.
It said it did not know when distributions would be made.
It earlier reported that operating profit for first quarter
ended January 31 fell to 273,000 dlrs from 1.7 mln dlrs the
previous year.
For full-year 1986 ended October 31, the bank posted an
operating loss of 4.4 mln dlrs against year-earlier profit of
7.5 mln dlrs. The bank also posted a 66 mln dlr extraordinary
loss in fiscal 1986.
Bank of British Columbia sold most of its assets last
November to HongKong Bank Canada, a unit of <HongKong and
Shanghai Banking Corp>, of Hong Kong, for 63.5 mln dlrs.
It said efforts to wind up the bank's affairs were
proceeding as quickly as possible.
The bank said it expected to report positive earnings in
future periods, barring unforeseen circumstances.
Loan losses, which the bank previously said figured in its
move to sell off most of its assets, rose to 105.7 mln dlrs in
fiscal 1986 from year-earlier 36.1 mln dlrs. The bank said 31.1
mln dlrs of the 1986 total represented downward adjustments to
its portfolio of syndicated sovereign risk loans as required
under the sale to HongKong Bank.
Since November 27, the bank has confined activities to the
winding up of affairs, Bank of British Columbia said.
|
training/402
|
training/402 |@title coffee:1 quota:1 talk:1 continue:1 agreement:1 yet:1 |@word coffee:2 quota:3 talk:1 international:1 organization:1 council:1 meeting:1 continue:1 afternoon:1 producer:1 consumer:1 still:1 reach:1 common:1 ground:1 key:1 issue:1 estimate:1 export:1 delegate:3 say:3 54:1 member:1 contact:1 group:1 examine:1 colombian:1 proposal:1 resume:1 quotas:1 april:1 1:1 ad:1 hoc:1 system:1 use:1 historically:1 pledge:1 meet:1 september:1 discuss:1 would:2 work:1 future:1 speculate:1 prospect:1 agreement:1 time:1 anything:1 could:1 happen:1 one:1
|
COFFEE QUOTA TALKS CONTINUE BUT NO AGREEMENT YET
Coffee quota talks at the International
Coffee Organization council meeting here continued this
afternoon, but producers and consumers still had not reached
common ground on the key issue of how to estimate export
quotas, delegates said.
The 54 member contact group was examining a Colombian
proposal to resume quotas April 1 under the ad hoc system used
historically, with a pledge to meet again in September to
discuss how quotas would be worked out in the future, they
said.
Delegates would not speculate on the prospects for
agreement at this time.
'Anything could happen,' one delegate said.
|
training/4021
|
training/4021 |@title kiena:1 gold:1 mines:1 ltd:1 4th:1 qtr:1 net:1 |@word shr:2 17:1 ct:3 vs:6 16:1 net:2 1:2 019:1 000:6 985:1 rev:1 7:2 997:1 492:1 year:1 18:1 dlrs:1 64:1 6:1 959:1 3:1 778:1 revs:1 36:1 5:1 mln:2 29:1 8:1
|
<KIENA GOLD MINES LTD> 4TH QTR NET
Shr 17 cts vs 16 cts
Net 1,019,000 vs 985,000
Revs 7,997,000 vs 7,492,000
YEAR
Shr 1.18 dlrs vs 64 cts
Net 6,959,000 vs 3,778,000
Revs 36.5 mln vs 29.8 mln
|
training/4022
|
training/4022 |@title argentine:1 meat:1 export:1 high:1 jan:1 feb:1 1987:1 |@word argentine:2 meat:6 export:2 jan:2 feb:2 1987:2 total:2 39:1 714:1 tonne:8 36:1 594:1 ship:2 1986:6 period:2 national:1 board:2 say:1 shipment:2 comparative:4 figure:4 bracket:4 include:2 beef:6 26:1 945:1 20:2 096:1 horse:2 3:3 257:1 4:4 211:1 offal:2 7:2 660:1 10:1 502:1 243:1 february:2 19:1 217:1 month:1 13:2 272:1 11:2 464:1 1:1 543:1 2:2 083:1 476:1 672:1 add:1 main:2 destination:2 refrigerated:1 bone:2 equivalent:2 follow:1 ec:2 5:3 500:6 900:1 brazil:1 200:3 unavailable:1 israel:1 700:3 000:1 peru:1 800:1 singapore:1 300:3 switzerland:1 400:2 canary:1 island:1 malta:1 aruba:1 curazao:1 chile:1 100:2 600:1 canned:1 cooked:1 united:1 states:1
|
ARGENTINE MEAT EXPORTS HIGHER IN JAN/FEB 1987
Argentine meat exports during
Jan/Feb 1987 totalled 39,714 tonnes, against 36,594 tonnes
shipped in the same 1986 period, National Meat board said.
Shipments in tonnes with comparative figures for the 1986
period, in brackets, included: beef 26,945 (20,096), horse meat
3,257 (4,211) and beef offal 7,660 (10,502).
Argentine's meat exports totalled 20,243 tonnes in February
1987, against 19,217 tonnes shipped in the same 1986 month.
Shipments in tonnes, with comparative figures for February
1986, in brackets, included: beef 13,272 (11,464), horse meat
1,543 (2,083) and beef offal 4,476 (4,672), the board added.
Main destinations for refrigerated beef (bone in
equivalent) were as follows, in tonnes, with comparative
figures for 1986 in brackets -
EC 5,500 (7,900), Brazil 5,200 (unavailable), Israel 3,700
(3,000), Peru 2,500 (800), Singapore 500 (300), Switzerland 500
(400), Canary Islands 500 (300), Malta 500 (700), Aruba/Curazao
200 (300), Chile 100 (600).
Main destinations for canned meat and cooked beef (bone in
equivalent), in tonnes with comparative figures for Jan/Feb
1986, in brackets, were -
United States 11,200 (13,400), EC 4,700 (5,100).
|
training/4023
|
training/4023 |@title kiena:1 plan:1 two:1 one:1 stock:1 split:1 |@word kiena:2 gold:1 mines:2 ltd:2 say:3 plan:1 two:1 one:1 common:1 stock:1 split:2 pende:1 shareholder:1 approval:2 april:1 7:1 would:1 require:1 66:1 2:1 3:1 pct:2 vote:2 cast:1 57:1 owner:1 campbell:1 red:1 lake:1 crk:1 expect:1 favor:1
|
KIENA PLANS TWO-FOR-ONE STOCK SPLIT
<Kiena Gold Mines Ltd> said it planned
a two-for-one common stock split, pending shareholder approval
on April 7.
It said approval would require 66-2/3 pct of votes cast.
Kiena said 57 pct-owner Campbell Red Lake Mines Ltd <CRK> was
expected to vote in favor of the split.
|
training/4025
|
training/4025 |@title rowe:2 furniture:1 corp:1 sets:1 qtly:1 dividend:1 |@word qtly:1 div:1 four:2 ct:2 vs:1 prior:1 pay:1 april:1 15:1 record:1 march:1 20:1
|
ROWE FURNITURE CORP <ROWE> SETS QTLY DIVIDEND
Qtly div four cts vs four cts prior
Pay April 15
Record March 20
|
training/4026
|
training/4026 |@title u:1 house:1 panel:1 take:1 first:1 trade:1 bill:1 vote:1 |@word house:6 trade:17 lawmaker:3 take:1 first:2 vote:3 measure:1 design:1 toughen:1 u:7 law:2 hold:2 tomorrow:2 difficult:1 controversial:1 plan:3 protect:1 american:1 industry:4 meeting:1 closed:1 session:1 ways:1 means:3 subcommittee:2 fail:1 resolve:1 one:1 sensitive:1 issue:1 bill:7 whether:3 force:3 major:2 foreign:7 trading:1 partner:1 severely:1 cut:2 surplus:3 united:2 states:2 consider:2 toned:1 version:2 democratic:2 sponsored:1 legislation:2 aim:1 open:2 market:2 drop:1 last:2 year:2 effort:2 president:1 reagan:3 retaliate:2 quota:1 tariff:1 congressional:3 aide:1 ask:1 identify:1 say:4 intend:1 wrap:1 proposal:2 mandate:1 retaliation:1 without:1 set:2 specific:1 penalty:1 face:1 another:1 hurdle:1 full:3 way:2 committee:3 next:1 week:1 rep:1 richard:1 gephardt:1 missouri:1 democrat:2 seek:1 party:1 1988:1 presidential:1 nomination:1 may:2 offer:1 amendment:2 call:1 reduction:1 country:3 barrier:2 import:3 good:3 would:1 moderate:1 early:1 mandatory:1 ten:1 per:1 cent:1 annual:1 japan:1 south:1 korea:1 taiwan:1 west:1 germany:1 large:1 imbalance:1 criterion:1 standard:1 get:2 deficit:2 tell:2 reporter:2 change:1 become:2 part:1 administration:2 turn:1 around:1 record:1 169:1 billion:1 dlrs:1 make:2 product:1 competitive:2 speaker:1 james:1 wright:1 texas:1 today:1 expect:2 approve:1 accept:1 final:1 whatever:1 report:1 pass:1 effective:1 comprehensive:1 include:1 work:1 ease:1 export:1 control:1 high:1 technology:1 aid:1 worker:3 displace:1 competition:3 stimulate:1 research:1 development:2 remove:1 improve:1 education:1 train:1 agree:3 time:1 could:1 charge:1 producer:1 unfair:1 deny:1 basic:1 right:1 collective:1 bargaining:1 safety:1 rule:2 payment:1 minimum:1 wage:1 appropriate:1 economic:1 transfer:1 representative:1 clayton:1 yeutter:2 power:1 decide:1 violation:1 fair:1 injure:1 deserve:1 relief:2 easy:1 company:1 temporary:1 provide:1 announce:1 support:1 yesterday:1 cautiously:1 optimistic:1 lead:1 come:1 acceptable:1
|
U.S. HOUSE PANEL TAKES FIRST TRADE BILL VOTES
House trade lawmakers took their
first votes on measures designed to toughen U.S. trade laws but
held over until tomorrow the most difficult votes on
controversial plans to protect American industries.
Meeting in closed session, the House Ways and Means Trade
Subcommittee failed to resolve one of the most sensitive issues
in the bill--whether they will force major foreign trading
partners to severely cut their trade surpluses with the United
States.
The subcommittee is considering a toned-down version of
Democratic-sponsored trade legislation that aims to open
foreign markets but which drops last year's effort to force
President Reagan to retaliate with quotas or tariffs.
Congressional aides who asked not to be identified said the
lawmakers intend to wrap up their proposals tomorrow and will
consider a proposal to mandate retaliation without setting
specific trade penalties.
The legislation faces another hurdle in the full Ways and
Means Committee next week before the full House votes on it.
Rep. Richard Gephardt, a Missouri Democrat who is seeking
his party's 1988 presidential nomination, said he may offer an
amendment to call for reductions in the trade surpluses of
those countries with barriers to imports of U.S. goods.
This would be a moderated version of his earlier plan to
force a mandatory ten per cent annual cut in the trade surplus
with the United States by Japan, South Korea, Taiwan, West
Germany and other countries with the largest trade imbalances.
'My criteria for a good amendment sets a standard for
getting the trade deficit down,' he told reporters.
The trade law changes are to become part of a major
congressional and administration effort to turn around the
record U.S. trade deficit of 169 billion dlrs last year by
opening up foreign markets and making U.S. products more
competitive.
House Speaker James Wright, a Texas Democrat, said again
today he expects the full House will approve the trade bill by
May and that Reagan will accept the final congressional bill.
'I expect whatever is reported (by the Ways and Means
Committee) will pass. We will have a good bill and an effective
bill,' he told reporters.
The comprehensive trade bill will include work by other
committees to ease export controls on high technology, to aid
U.S. workers displaced by foreign competition, to stimulate
research and development, to remove foreign trade barriers and
to improve education and worker training.
The lawmakers agreed that for the first time a U.S.
industry could charge foreign producers with unfair competition
if they deny basic worker rights such as collective bargaining,
safety rules and payment of a minimum wage appropriate to the
country's economic development.
They transferred to U.S. Trade Representative Clayton
Yeutter the powers now held by Reagan to decide whether to
retaliate against foreign violations of fair trade rules and
whether an injured industry deserves import relief.
They agreed to make it easier for a company to get
temporary relief from import competition but agreed the
industry should provide a plan to become competitive.
The administration has not announced its support but
Yeutter said yesterday, 'I am cautiously optimistic,' that the
Democratic-led House will come up with an acceptable bill.
|
training/4027
|
training/4027 |@title soviet:1 minister:1 say:1 trade:1 boost:1 french:1 |@word soviet:7 first:2 deputy:1 prime:1 minister:2 vsevolod:1 murakhovsky:5 say:11 end:1 brief:1 visit:1 country:1 want:1 boost:1 joint:3 business:1 france:4 reduction:2 trade:3 deficit:2 union:5 depend:2 french:5 also:1 chairman:1 state:1 agro:1 industrial:1 committee:1 gosagroprom:1 tell:2 news:1 conference:1 discuss:2 variety:1 possible:2 deal:3 company:4 rhone:2 poulenc:2 pechiney:3 imec:2 decline:1 put:1 figure:1 contract:1 plant:1 protection:1 processing:2 highly:1 sulphuric:1 gas:1 packaging:2 technology:2 agricultural:1 product:1 fruit:1 vegetable:1 juice:1 official:1 agreement:4 intent:2 could:2 sign:2 soon:1 give:1 detail:1 two:1 immediately:1 available:1 comment:1 ask:1 whether:1 foresee:1 year:1 shortfall:1 7:1 6:1 billion:4 franc:2 11:1 month:3 1986:2 5:1 1:1 whole:1 1985:1 reuters:1 meeting:1 paris:1 last:3 january:1 foreign:2 commit:1 increase:2 effort:1 reduce:1 estimate:1 time:1 show:1 190:1 mln:1 surplus:1 december:1 prepare:2 talk:1 anybody:1 interesting:2 proposal:3 offer:1 late:1 assure:1 mutual:1 advantage:2 many:1 task:1 ahead:1 would:1 rapidly:1 consider:1 encourage:1 take:1 new:2 law:2 guarantee:1 interest:1 partner:1 venture:2 yet:2 finalise:2 concrete:1 result:1 one:3 dollar:2 accord:1 moscow:1 businessman:1 jean:1 baptiste:1 doumeng:3 interagra:1 examination:1 exchange:1 worth:1 good:1 design:1 primarily:1 renew:1 food:1 production:1 capacity:1
|
SOVIET MINISTER SAYS TRADE BOOST UP TO FRENCH
Soviet first deputy prime minister
Vsevolod Murakhovsky said at the end of a brief visit here his
country wanted to boost joint business with France, but that a
reduction of France's trade deficit with the Soviet Union
depended on the French.
Murakhovsky, who is also chairman of the State
Agro-Industrial Committee (GOSAGROPROM), told a news conference
he had discussed a variety of possible deals with French
companies Rhone-Poulenc, Pechiney and Imec.
Declining to put figures on possible contracts he said he
had discussed plant protection and the processing of highly
sulphuric gas with Rhone-Poulenc, packaging technology for
agricultural products with Pechiney, and fruit and vegetable
juice processing with Imec.
An official for Pechiney said an agreement of intent on
packaging could be signed soon, but could not give any other
details. The other two companies were not immediately available
for comment.
Asked whether he foresaw a reduction this year of France's
trade shortfall, at 7.6 billion francs in the first 11 months
of 1986 against 5.1 billion for the whole of 1985, Murakhovsky
told Reuters: 'It all depends on France.'
At a meeting in Paris last January French and Soviet
foreign trade ministers said they were committed to increased
efforts to reduce the deficit. Estimates at the time showed a
French 190 mln franc surplus for December 1986.
Murakhovsky said the Soviet Union was prepared to talk with
anybody with 'interesting' proposals offering latest technology
and assuring 'a mutual advantage.'
He said the Soviet Union had many tasks ahead of it and
would deal rapidly with proposals it considered interesting.
He encouraged companies to take advantage of new laws
guaranteeing 'the interests of foreign partners' in joint
ventures.
But he said no agreements had yet been finalised under the
new joint venture laws.
He said concrete deals had not yet been finalised as a
result of a one billion dollar accord signed in Moscow last
month with French businessman Jean-Baptiste Doumeng.
He said Doumeng's Interagra company was preparing proposals
for further examination by the Soviet Union. Doumeng last month
said the agreement was to exchange one billion dollars worth of
goods.
Murakhovsky said the agreement was one of intent, and
designed primarily to renew and increase the Soviet Union's
food production capacity.
|
training/4028
|
training/4028 |@title venezuela:1 lend:1 oil:1 ecuador:1 export:1 |@word venezuela:5 supply:1 ecuador:8 yet:1 undetermined:1 amount:3 crude:2 oil:5 help:1 meet:1 export:3 commitment:1 seriously:1 affect:2 last:2 week:1 earthquake:2 energy:2 mines:1 minister:2 arturo:1 hernandez:2 grisanti:1 say:5 give:1 detail:1 deal:1 loan:1 agreement:1 make:1 state:1 company:1 petroleos:1 de:1 pdvsa:1 cepe:1 force:1 suspend:1 expect:1 four:1 month:1 damage:1 pipeline:1 account:1 60:1 per:1 cent:1 income:1 speak:1 reporter:1 miraflore:1 palace:1 result:1 talk:1 deputy:1 fernando:1 santos:1 alvite:1 arrive:1 night:1 volume:1 lend:2 would:6 discount:1 opec:3 quota:4 august:1 produce:1 sell:1 additional:1 repay:1 elaborate:1 arrangement:1 notify:1 telex:1 certain:1 many:1 day:2 output:1 currently:1 1:1 495:1 million:1 barrel:1 set:1 210:1 000:1 bpd:1
|
VENEZUELA TO LEND OIL TO ECUADOR FOR EXPORT
venezuela will supply ecuador with an
as yet undetermined amount of crude oil to help it meet export
commitments, seriously affected by last week's earthquake,
energy and mines minister arturo hernandez grisanti said.
He gave few details about the deal, but said a crude oil
loan agreement will be made between state oil companies
petroleos de venezuela (pdvsa) and ecuador's cepe.
Ecuador was forced to suspend oil exports for an expected
four months after an earthquake damaged a pipeline. Oil
accounts for 60 per cent of its export income.
Hernandez was speaking to reporters at miraflores palace
on the results of talks with ecuador's deputy energy minister
fernando santos alvite, who arrived here last night.
'the volume lent to ecuador would be discounted from its
opec quota and would not affect venezuela's,' he said. 'we would
from august on produce our own quota and sell the additional
amounts that ecuador would be repaying us,' he said.
He did not elaborate on the quota arrangements but did say
ecuador would notify opec by telex that venezuela would be
lending it a certain amount over so many days.
Venezuela's opec output quota is currently 1.495 million
barrels a day, and ecuador's has been set at 210,000 bpd.
|
training/4029
|
training/4029 |@title eagle:1 clothes:1 inc:1 egl:1 |@word 2nd:1 qtr:1 jan:1 31:1 shr:2 profit:6 17:1 ct:4 vs:6 14:1 net:2 1:5 3:1 mln:8 901:1 000:2 revs:2 36:2 9:1 2:1 six:2 month:2 18:1 loss:2 11:1 4:1 716:1 63:1 6:1 57:1 7:1 note:1 1986:2 include:1 increase:1 provision:1 doubtful:1 account:1 5:2 dlrs:1 share:3 give:1 effect:1 issuance:1 exchange:1 outstanding:1 series:1 preferred:1
|
EAGLE CLOTHES INC <EGL> 2nD QTR JAN 31
Shr profit 17 cts vs profit 14 cts
Net profit 1.3 mln vs profit 901,000
Revs 36.9 mln vs 36.2 mln
Six months
Shr profit 18 cts vs loss 11 cts
Net profit 1.4 mln vs loss 716,000
Revs 63.6 mln vs 57.7 mln
NOTE:1986 six months includes increase in provision for
doubtful accounts to 1.5 mln dlrs. 1986 shares give effect to
issuance of 1.5 mln shares in exchange for outstanding Series 1
preferred shares.
|
training/4031
|
training/4031 |@title britain:1 call:1 japan:1 increase:1 import:1 |@word britain:2 today:1 call:2 japan:8 increase:1 foreign:1 import:2 risk:2 rise:1 protectionism:1 harm:1 would:2 bring:2 trading:2 nation:2 british:1 trade:3 industry:1 secretary:1 paul:1 channon:2 say:4 must:1 heed:1 report:1 issue:2 japanese:3 government:2 advisory:1 body:1 december:1 fast:1 domestic:3 demand:1 help:1 cut:1 surplus:2 restructure:1 economy:2 recognise:1 strong:1 yen:1 problem:1 tell:1 group:1 businessman:1 london:1 short:1 term:1 difficulty:1 allow:1 deflect:1 fundamental:1 reform:1 necessary:1 propensity:1 expand:1 soon:1 real:1 protectionist:1 lobby:1 particularly:1 u:2 massive:1 may:1 well:1 succeed:1 secure:1 action:1 highly:1 injurious:1 like:1 k:1 substantial:1 growth:1 volume:1 amount:1 6:1 2:1 billion:4 sterling:2 9:1 8:2 dlrs:2 last:1 year:1 add:1 regrettably:1 much:1 one:1 direction:1 sell:2 3:1 7:1 5:1
|
BRITAIN CALLS ON JAPAN TO INCREASE IMPORTS
Britain today called on Japan to
increase foreign imports or risk the rise of protectionism and
the harm it would bring to it and other trading nations.
British Trade and Industry Secretary Paul Channon said
Japan must heed a report issued by a Japanese government
advisory body in December calling for faster domestic demand to
help cut its trade surplus and restructure its economy.
'I recognise that the strong yen has brought problems to
Japan's domestic economy,' he told a group of Japanese
businessmen in London.
'But these short term difficulties should not be allowed to
deflect Japan from the fundamental reforms necessary,' he said.
'It is not just a domestic issue for Japan. If import
propensity does not expand very soon there is a real risk from
protectionist lobbies, particularly in the U.S. With whom Japan
has so massive a surplus,' he said.
'They may well succeed in securing action by governments
which would be highly injurious to trading nations like Japan
and the U.K.'
Channon said there had been substantial growth in the
volume of trade between Japan and Britain, amounting to 6.2
billion sterling (9.8 billion dlrs) last year.
But he added: 'Regrettably too much of it was in one
direction, with the Japanese selling us 3.7 billion sterling
(5.8 billion dlrs) more than we sold them.'
|
training/4032
|
training/4032 |@title taft:2 broadcasting:2 reject:2 145:2 dlr:2 per:2 share:2 buyout:2 offer:2 theta:2 corp:2 |@word
|
TAFT BROADCASTING REJECTS 145 DLR PER SHARE BUYOUT OFFER FROM THETA CORP
TAFT BROADCASTING REJECTS 145 DLR PER SHARE BUYOUT OFFER FROM THETA CORP
|
training/4033
|
training/4033 |@title taft:1 tfb:1 reject:1 145:1 dlr:1 shr:1 offer:1 |@word taft:3 braodacasting:1 co:2 say:2 board:2 director:1 unanimously:1 decide:1 accept:1 pende:1 proposal:1 theta:1 corp:1 investor:1 group:1 lead:1 dudley:1 decision:1 base:1 among:1 thing:1 advise:1 financial:2 advisor:1 goldman:1 sachs:1 offer:2 145:1 dlrs:1 per:1 share:1 inadequate:1 conclude:1 fail:1 recognize:1 fully:1 future:1 propsect:1 company:1 direct:1 management:1 explore:1 alternative:1 include:1 possible:1 restructuring:1
|
TAFT <TFB> REJECTS 145 DLR/SHR OFFER
Taft Braodacasting Co said its board
of directors unanimously decided not to accept the pending
proposal of Theta Corp, an investor group led by Dudley Taft.
The decision was based on, among other things, the advise
of its financial advisors, goldman sachs and co, that the offer
of 145 dlrs per share was inadequate.
Taft said the board concluded that the offer failed to
recognize fully the future propsects of the company and
directed management to explore alternatives including possible
financial restructuring.
|
training/4035
|
training/4035 |@title british:1 minister:1 criticises:1 propose:1 ec:1 oil:1 tax:1 |@word british:1 minister:2 say:2 propose:1 european:1 community:1 tax:3 vegetable:1 oil:1 fat:1 would:3 raise:3 price:2 fish:1 chip:1 pledge:1 government:1 fight:1 lord:2 belstead:1 junior:1 agriculture:1 tell:1 house:1 raw:1 material:1 use:1 many:1 process:1 food:1 100:1 pct:1 revenue:1 consumer:1 call:1 proposal:1 repugnant:1
|
BRITISH MINISTER CRITICISES PROPOSED EC OILS TAX
A British minister said that a proposed
European Community tax on vegetable oils and fats would raise
the price of fish and chips and he pledged the government would
fight against it.
Lord Belstead, a junior agriculture minister, told the
House of Lords the tax would raise the price of raw materials
used in many processed foods by about 100 pct.
He said revenue should not be raised by taxing the consumer
and called the proposal 'repugnant.'
|
training/4036
|
training/4036 |@title australian:1 unemployment:1 ease:1 february:1 |@word australia:1 seasonally:1 adjust:1 unemployment:1 rate:1 ease:1 8:4 2:1 pct:6 estimate:1 workforce:2 february:2 3:1 january:3 compare:1 7:2 9:3 year:2 earlier:2 statistic:1 bureau:1 say:2 number:2 unemployed:1 decline:1 632:1 100:1 638:1 300:1 594:1 500:2 1986:1 unadjuste:1 jobless:1 rise:1 699:1 800:1 1:1 671:1 400:1 658:1
|
AUSTRALIAN UNEMPLOYMENT EASES IN FEBRUARY
Australia's seasonally-adjusted
unemployment rate eased to 8.2 pct of the estimated workforce
in February from 8.3 pct in January, compared with 7.9 pct a
year earlier, the Statistics Bureau said.
The number of unemployed declined to 632,100 from 638,300
in January, against 594,500 in February 1986, it said.
But unadjusted, the number of jobless rose to 699,800 or
9.1 pct of the workforce from 671,400 or 8.9 pct in January and
658,500 or 8.7 pct a year earlier.
|
training/4038
|
training/4038 |@title treasury:1 secretary:1 baker:1 decline:1 comment:1 g:1 6:1 u:1 |@word treasury:1 secretary:1 james:1 baker:3 decline:2 comment:2 february:1 22:1 paris:2 accord:2 six:1 major:1 industrial:1 nation:1 agree:1 foster:1 exchange:2 rate:1 stability:1 ask:1 reporter:1 speech:1 national:1 fitness:1 foundation:1 banquet:1 currency:1 intervention:2 level:1 set:1 reply:1 never:1 talk:1 also:1 view:1 foreign:1 market:1 reaction:1
|
TREASURY SECRETARY BAKER DECLINES COMMENT ON G-6
U.S. Treasury Secretary James Baker
declined comment on the February 22 Paris accord between the
six major industrial nations under which they agreed to foster
exchange rate stability.
Asked by reporters after a speech before the National
Fitness Foundation banquet what, if any, currency intervention
levels had been set in Paris, Baker replied: 'We never talk
about intervention.'
Baker also declined to comment on his views about the
foreign exchange markets' reaction to the accord.
|
training/4039
|
training/4039 |@title ecuador:1 ask:1 opec:1 raise:1 export:1 quota:1 |@word ecuador:7 ask:1 opec:2 raise:1 oil:2 export:3 quota:1 100:1 000:4 barrel:2 per:1 day:1 310:1 compensate:1 lose:1 output:2 due:2 last:2 week:1 earthquake:1 deputy:1 energy:2 minister:2 fernando:1 santos:1 alvite:3 say:3 santo:2 arrive:1 caracas:1 night:1 discuss:1 aid:1 plan:2 organisation:1 petroleum:1 exporting:1 countries:1 would:3 approach:1 additional:1 relate:1 discussion:1 venezuela:1 mexico:2 lend:1 crude:1 repair:1 pipeline:2 damage:2 quake:1 earlier:1 venezuelan:1 mines:1 aturo:1 hernandez:1 grisanti:1 country:1 supply:3 unspecified:1 part:1 commitment:1 tell:1 reporter:1 hope:1 first:1 cargo:1 300:1 could:1 leave:1 maracaibo:1 weekend:1 refinery:1 near:1 guayaquil:1 add:1 also:1 want:1 make:1 50:1 bpd:1 ship:1 caribbean:1 destinations:1 may:2 south:1 korean:1 market:1 unable:1 five:1 month:1 extensive:1 25:1 mile:1 stretch:1 link:1 jungle:1 oilfield:1 pacific:1 port:1 balao:1
|
ECUADOR TO ASK OPEC TO RAISE EXPORT QUOTA
Ecuador will ask OPEC to raise its oil
export quota by 100,000 barrels per day to 310,000 to
compensate for lost output due to last week's earthquake,
deputy Energy Minister Fernando Santos Alvite said.
Santos Alvite, who arrived in Caracas last night to discuss
an aid plan for Ecuador, did not say when the Organisation of
Petroleum Exporting Countries (OPEC) would be approached.
The additional output would be related to plans now under
discussion for Venezuela and Mexico to lend Ecuador crude while
it repairs a pipeline damaged by the quake.
Earlier, Venezuelan Energy and Mines Minister Aturo
Hernandez Grisanti said his country would supply an unspecified
part of Ecuador's export commitments.
But Santos Alvite told reporters he hoped a first cargo of
300,000 barrels could leave Maracaibo this weekend to supply
refineries near Guayaquil. He added Ecuador also wanted to make
up for 50,000 bpd it shipped to Caribbean destinations. Mexico
might supply Ecuador's South Korean market.
Ecuador may be unable to export oil for up to five months
due to extensive damage to a 25 mile stretch of pipeline
linking jungle oilfields to the Pacific port of Balao.
|
training/404
|
training/404 |@title waste:1 management:1 wmx:1 vote:1 split:1 payout:1 |@word waste:2 management:2 corp:1 say:1 board:1 vote:1 two:1 one:1 stock:1 split:1 payable:2 april:2 21:1 record:2 march:2 30:1 action:1 director:1 approve:1 increase:1 quarterly:1 dividend:1 18:2 ct:2 14:1 three:1
|
WASTE MANAGEMENT <WMX> VOTES SPLIT, UPS PAYOUT
Waste Management Corp said its
board voted a two-for-one stock split payable April 21, record
March 30.
In other action, Waste Management directors approved an
increase in the quarterly dividend to 18 cts from 14 cts,
payable April three, record March 18.
|
training/4040
|
training/4040 |@title china:1 rapeseed:1 crop:1 damage:1 storm:1 |@word yield:1 46:1 000:2 hectare:1 ha:2 rapeseed:1 central:1 china:2 cut:1 70:1 pct:1 hailstorm:1 tornado:1 sweep:1 across:1 nearly:1 100:1 crop:1 march:1 6:1 new:1 news:2 agency:2 say:3 today:1 storm:1 lash:1 huai:1 yangtze:1 river:1 eastern:1 anhui:2 province:1 leave:1 two:1 people:1 dead:1 800:2 injure:1 house:1 flatten:1 19:2 boat:1 sink:1 provincial:1 government:1 send:1 emergency:1 relief:1 county:1 affect:1
|
CHINA'S RAPESEED CROP DAMAGED BY STORMS
The yield on 46,000 hectares (ha) of
rapeseed in central China will be cut by up to 70 pct by
hailstorms and tornadoes that swept across nearly 100,000 ha of
crops on March 6, the New China News Agency said today.
The storm, which lashed the Huai and Yangtze rivers and
eastern Anhui province, left two people dead and 800 others
injured. Some 800 houses were flattened and 19 boats sunk, it
said.
The Anhui provincial government has sent emergency relief
to the 19 counties affected, the news agency said.
|
training/4041
|
training/4041 |@title china:1 close:1 second:1 round:1 offshore:1 oil:1 bid:1 |@word china:6 close:1 second:3 round:4 bidding:3 foreign:3 firm:3 offshore:5 oil:4 exploration:2 right:1 daily:1 report:1 quote:1 spokesman:2 national:1 corp:1 cnooc:2 say:2 sign:2 eight:1 contract:5 15:1 block:2 pearl:1 river:1 mouth:1 south:2 yellow:1 sea:1 cover:1 total:1 area:1 44:1 913:1 sq:1 km:2 begin:2 end:1 1984:1 one:1 well:2 far:1 produce:1 result:1 lufeng:1 13:1 1:3 250:1 east:1 shenzhen:1 output:1 6:1 770:1 barrel:1 day:1 drill:1 group:1 japanese:1 company:2 add:2 ready:1 enter:1 third:1 would:2 bind:1 restriction:1 impose:1 36:1 agreement:1 37:1 10:1 country:1 since:2 1979:2 open:1 foreigner:1 eleven:1 terminate:1 discover:1 invest:1 2:1 billion:1 dlrs:1
|
CHINA CLOSES SECOND ROUND OF OFFSHORE OIL BIDS
China has closed the second round of
bidding by foreign firms for offshore oil exploration rights,
the China Daily has reported.
It quoted a spokesman for the China National Offshore Oil
Corp (CNOOC) as saying China signed eight contracts with 15
foreign firms for blocks in the Pearl River mouth and south
Yellow Sea covering a total area of 44,913 sq km.
Second round bidding began at the end of 1984 and only one
well has so far produced results -- Lufeng 13-1-1, 250 km
south-east of Shenzhen, with an output of 6,770 barrels a day.
The well was drilled by a group of Japanese companies.
The spokesman added CNOOC was ready to enter into contracts
for offshore blocks before third round bidding began. He did
not say when this would be, but added the contracts would not
be bound by restrictions imposed during the second round.
China has signed 36 oil contracts and agreements with 37
companies from 10 countries since 1979, when offshore
exploration was open to foreigners. Eleven contracts were
terminated after no oil was discovered.
Foreign firms have invested 2.1 billion dlrs on offshore
China since 1979.
|
training/4043
|
training/4043 |@title amc:1 impose:1 hire:1 freeze:1 due:1 takeover:1 bid:1 |@word american:2 motors:1 corp:2 amo:1 management:1 order:1 hire:1 freeze:1 view:1 chrysler:4 c:1 1:2 5:1 billion:1 dlr:1 takeover:2 bid:1 spokesman:1 amc:5 say:4 analyst:2 merger:2 virtually:1 certain:1 go:1 ahead:1 motor:1 director:1 meet:2 five:1 hour:1 wednesday:1 review:1 proposal:3 board:1 expect:1 periodically:1 next:1 several:1 week:1 first:1 formal:1 statement:1 since:1 acknowledge:1 monday:1 number:1 three:1 u:1 automaker:1 motivate:1 principally:1 desire:1 acquire:1 profitable:1 jeep:2 business:1 dealer:1 well:1 new:1 modern:1 car:2 assembly:1 plant:3 bramalea:1 ontario:1 mean:1 guarantee:1 future:1 much:1 leave:1 question:1 fate:1 many:1 19:1 000:1 plus:1 employee:1 accord:1 industry:1 toledo:1 ohio:1 850:1 hourly:1 worker:1 indefinite:1 layoff:2 kenosha:1 wisconsin:1 another:1 2:1 250:1
|
AMC IMPOSES HIRING FREEZE DUE TO TAKEOVER BID
American Motors Corp <AMO> management
has ordered a hiring freeze in view of Chrysler Corp's <C> 1.5
billion dlr takeover bid, a spokesman for AMC said.
Analysts said the merger is virtually certain to go ahead.
American Motors directors met for five hours Wednesday to
review the takeover proposal. 'The board ... Expects to be
meeting periodically over the next several weeks on the
Chrysler proposal,' AMC said in its first formal statement since
it acknowledged the Chrysler proposal on Monday.
Chrysler, the number three U.S. Automaker, has said the
merger is motivated principally by its desire to acquire AMC's
profitable Jeep business and dealers, as well as a new modern
car assembly plant in Bramalea, Ontario.
That means a guaranteed future for much of AMC, but it
leaves in question the fate of many of its 19,000-plus
employees, according to industry analysts. AMC's Toledo, Ohio
Jeep plant has 1,850 hourly workers on indefinite layoff while
its Kenosha, Wisconsin, car plant has another 2,250 on layoff.
|
training/4045
|
training/4045 |@title foreign:1 investment:1 australia:1 jump:1 last:1 qtr:1 |@word net:5 inflow:7 foreign:2 investment:3 australia:1 jump:1 7:1 3:3 billion:14 dlrs:6 fourth:4 quarter:10 1986:1 4:5 32:1 third:6 55:1 year:5 earlier:4 statistic:1 bureau:4 say:6 attribute:1 increase:1 turnaround:5 2:1 08:1 official:3 sector:1 transaction:2 1:4 09:1 direct:2 52:2 555:1 mln:7 outflow:2 520:1 largely:1 account:1 government:1 currency:1 borrowing:4 record:1 04:1 dlr:1 57:1 withdrawal:1 546:1 1985:1 major:2 part:2 reflect:1 injection:1 fund:2 estimate:1 around:1 700:1 associate:1 previously:1 report:1 restructuring:1 australian:2 operation:1 general:2 motors:2 corp:1 gm:2 use:1 pay:1 take:1 certain:1 liability:1 local:1 unit:1 holden:1 ltd:1 however:1 remain:1 total:2 accounting:1 6:1 16:1 88:1 03:1 comprise:1 548:1 516:1 early:1 private:1 semi:1 public:1 authority:1 rise:1 64:1 42:1 51:1
|
FOREIGN INVESTMENT IN AUSTRALIA JUMPS IN LAST QTR
The net inflow of foreign investment
into Australia jumped to 7.3 billion dlrs in the fourth quarter
of 1986 from 4.32 billion in the third quarter and 4.55 billion
a year earlier, the Statistics Bureau said.
The Bureau attributed the increase to a turnaround of 2.08
billion dlrs in official sector transactions and a 1.09 billion
turnaround in direct investment.
The turnaround in official transactions to a 1.52 billion
inflow from a 555 mln outflow in the third quarter, against a
520 mln inflow a year earlier, was largely on account of
government foreign currency borrowings, it said.
Direct investment recorded a turnaround to a 1.04 billion
dlr inflow in the fourth quarter from a 57 mln withdrawal in
the third quarter, against a 546 mln inflow in the fourth
quarter of 1985, the Bureau said.
It said the major part of the turnaround reflected an
injection of funds, estimated at around 700 mln dlrs,
associated with the previously reported restructuring of the
Australian operations of General Motors Corp <GM>.
GM used the funds to pay out or take over certain
Australian liabilities of its local unit <General
Motors-Holden's Ltd>, it said.
However, net borrowings remained the major part of total
inflow, accounting for 6.16 billion dlrs in the fourth quarter
against 3.88 billion in the third quarter and 4.03 billion a
year earlier, the Bureau said.
Net official borrowings comprised 1.52 billion dlrs against
a net outflow of 548 mln in the third quarter and a 516 mln
inflow a year earlier.
Total private and semi-public authority net borrowings rose
to 4.64 billion dlrs from 4.42 billion in the third quarter and
3.51 billion a year earlier.
|
training/4047
|
training/4047 |@title taiwan:1 first:1 quarter:1 maize:1 import:1 see:1 rise:1 |@word taiwan:1 maize:3 import:3 commitment:1 expect:1 rise:1 970:1 000:2 tonne:3 first:1 four:1 month:1 1987:2 870:1 year:1 earlier:1 spokesman:1 joint:1 committee:1 importer:1 tell:1 reuters:1 say:1 75:1 pct:1 come:1 u:1 rest:1 south:1 africa:1 target:1 calendar:1 set:1 well:1 3:2 4:1 mln:2 compare:1 actual:1 07:1 1985:1 add:1
|
TAIWAN'S FIRST QUARTER MAIZE IMPORTS SEEN RISING
Taiwan's maize import commitments are
expected to rise to 970,000 tonnes in the first four months of
1987 from 870,000 tonnes a year earlier, a spokesman for the
Joint Committee of Maize Importers told Reuters.
He said more than 75 pct of the imports come from the U.S.
And the rest from South Africa.
The maize import target for calendar 1987 is set at well
over 3.4 mln tonnes compared with an actual 3.07 mln in 1985,
he added.
|
training/4048
|
training/4048 |@title taiwan:1 relax:1 foreign:1 good:1 import:1 curb:1 |@word taiwan:5 say:3 would:1 soon:1 relax:1 import:4 control:1 400:1 foreign:2 item:1 include:1 stationery:1 book:1 effort:1 allow:2 trading:2 partner:2 especially:2 u:5 great:1 access:1 market:2 announce:1 easing:1 curb:1 600:1 farm:1 industrial:1 product:2 last:2 month:2 council:1 economic:1 planning:1 development:1 spokesman:2 tell:1 reuters:1 new:1 move:1 intend:1 balance:1 trade:4 island:2 surplus:2 reach:1 record:1 15:1 6:1 billion:4 dlrs:2 year:3 10:1 62:1 1985:1 january:1 cut:2 tariff:1 1:2 700:1 wine:1 beer:1 cigarette:1 hope:1 measure:1 help:1 reduce:1 washington:1 press:1 open:1 wider:1 way:1 deficit:1 rise:1 2:1 35:1 first:1 two:1 1987:1 87:1 early:1 period:1
|
TAIWAN FURTHER RELAXES FOREIGN GOODS IMPORT CURBS
Taiwan said it would soon relax import
controls on some 400 foreign items, including stationery and
books, in a further effort to allow trading partners,
especially the U.S., Greater access to its markets.
Taiwan announced the easing of import curbs on some 600
farm and industrial products last month, a Council for Economic
Planning and Development spokesman told Reuters.
He said the new move was intended to balance trade between
Taiwan and its trading partners. The island's trade surplus
reached a record 15.6 billion U.S. Dlrs last year, up from
10.62 billion in 1985.
In January, Taiwan cut import tariffs on some 1,700 foreign
products and allowed imports of U.S. Wine, beer and cigarettes.
'We hope the measures will help reduce our trade surplus
this year, especially with that of the U.S.,' the spokesman
said.
Washington is pressing Taiwan to open its markets wider as
a way of cutting its trade deficit with the island, which rose
to 2.35 billion U.S. Dlrs in the first two months of 1987 from
1.87 billion in the year-earlier period.
|
training/4049
|
training/4049 |@title economic:1 spotlight:1 mitsubishi:1 heavy:1 fight:1 back:1 |@word international:1 effort:3 redirect:1 japan:6 export:4 drive:1 economy:1 toward:1 domestic:2 consumption:1 face:1 heavy:3 going:1 country:4 large:2 defence:6 contractor:2 world:3 big:3 shipbuilder:2 anything:1 go:1 mitsubishi:2 industries:1 ltd:1 mith:1 mhi:17 begin:1 make:3 ship:1 iron:1 good:4 military:2 ruler:1 130:1 year:6 ago:2 respond:1 strong:2 yen:4 redouble:1 maintain:1 share:1 market:3 sell:3 quality:1 cheap:1 product:5 everyone:1 buy:2 president:1 yotaro:1 iida:8 say:11 although:4 two:1 main:1 business:2 shipbuilding:1 power:4 plant:6 construction:1 hit:1 hard:1 40:2 pct:12 rise:1 dollar:1 company:3 plan:2 abandon:1 tell:2 reuters:2 interview:1 activity:1 aircraft:3 component:1 manufacture:1 perform:1 well:1 account:2 half:2 money:1 tokyo:2 spend:1 procurement:1 utmost:1 among:1 manufacturer:2 improve:1 productivity:1 may:3 surprised:1 come:1 see:2 outside:1 old:1 inside:1 ultra:1 modern:1 robot:1 computer:1 security:2 analyst:1 major:2 house:1 agree:1 pare:1 cost:2 quickly:1 competitor:1 slash:1 workforce:1 47:1 000:2 86:3 1976:1 despite:1 cut:1 expect:1 profit:1 drop:1 30:4 billion:3 current:1 fiscal:2 end:3 march:1 31:1 1985:2 record:1 50:1 14:2 include:2 gain:1 sale:5 stake:1 motors:1 corp:3 mimt:1 49:1 optimistic:1 future:2 however:1 resurgence:1 demand:2 middle:1 east:1 follow:1 recent:1 recovery:1 oil:2 price:2 couple:1 persistent:1 develop:3 help:1 restore:1 ratio:3 past:1 decade:1 average:1 fall:1 25:2 9:2 last:1 september:1 35:1 36:1 five:2 china:1 promising:1 also:3 consider:1 non:1 produce:2 customer:2 trouble:1 due:1 lack:1 foreign:1 currency:1 add:1 feel:1 could:2 japanese:2 government:1 financial:1 support:4 finance:1 recover:1 investment:1 strategy:1 prove:1 popular:1 shipping:1 fight:1 back:1 low:1 south:1 korean:1 competition:1 build:2 technologically:1 advanced:1 carrier:1 carry:1 liquefy:1 natural:1 gas:1 difficult:1 transport:1 shipbuilders:1 association:1 official:1 term:1 order:1 capacity:1 domestically:1 involve:1 12:1 national:1 project:2 development:1 nuclear:1 fusion:1 reactor:1 launch:1 vehicle:2 man:1 satellite:1 agency:1 f:5 15:2 jet:1 fighter:3 missile:1 licence:1 u:7 firm:1 head:1 seek:2 plane:3 replace:1 currently:1 use:1 1:2 late:1 1990s:1 expert:1 washington:1 put:1 pressure:1 either:1 mcdonnell:1 douglas:1 18:1 general:1 dynamics:1 16:1 reduce:1 huge:1 trade:1 surplus:1 idea:1 jointly:1 maker:1 umbrella:1 cooperate:1 strategic:1 initiative:1 space:1 program:1 participate:1 move:1 research:1 stage:1 technological:1 17:2 shipbuilde:2 27:1 ideal:1 special:1 remain:1 want:1 shift:1 focus:1 away:2 machinery:1 towards:1 household:1 decline:1 specify:1 find:1 brand:1 name:1 daily:1 mean:1 run:1 mainstream:1
|
ECONOMIC SPOTLIGHT - MITSUBISHI HEAVY FIGHTS BACK
International efforts to redirect Japan's
export-driven economy toward domestic consumption face heavy
going if the country's largest defence contractor and world's
biggest shipbuilder is anything to go by.
Mitsubishi Heavy Industries Ltd <MITH.T> (MHI), which began
making ships and iron goods for Japan's military rulers 130
years ago, is responding to the strong yen by redoubling its
efforts to maintain its share of export markets.
'If we sell the best quality and the cheapest products,
everyone will buy them,' MHI president Yotaro Iida said.
Although two of MHI's main businesses, shipbuilding and
power plant construction, have been hit hard by the yen's 40
pct rise against the dollar, the company has no plans to
abandon them, Iida told Reuters in an interview.
Its other big activity, aircraft component manufacture, has
performed so well that MHI now accounts for half of the money
Tokyo spends on defence procurement each year.
'We have made the utmost efforts among the world's
manufacturers to improve productivity,' he said. 'You may be
surprised if you come to see our plants. The outside is old but
the inside is ultra-modern, with robots and computers.'
Securities analysts at major securities houses agreed that
MHI has pared costs more quickly than its competitors. The
company has slashed its workforce to 47,000 from 86,000 in
1976.
Despite its cost-cutting, MHI expects profits to drop 40
pct to 30 billion yen in the current fiscal year ending March
31, from 1985/86's record 50.14 billion.
And that includes gains from the sale of MHI's stake in
Mitsubishi Motors Corp <MIMT.T> for 49 billion yen.
Iida is optimistic about the future, however. He said a
resurgence of demand from the Middle East following the recent
recovery in oil prices coupled with persistent demand for power
plants in developing countries will help MHI restore its
exports-to-sales ratio to the past decade's average of 30 pct.
MHI's exports-to-sales ratio fell to 25.9 pct in the
half-year ended last September, from 35 to 36 pct five years
ago.
China is the most promising market, although MHI also
considers other non-oil-producing developing countries as major
customers.
'Our customers are all seen as being in trouble due to a
lack of foreign currency,' Iida said. But he added that he felt
MHI could sell to those markets with Japanese government
financial support.
It can also finance the plants itself and recover its
investment through product sales, a strategy Iida said could
prove popular in the future.
In shipping, MHI is fighting back against low-priced South
Korean competition by building more technologically advanced
carriers to carry liquefied natural gas and other products
difficult to transport.
Shipbuilders Association officials told Reuters MHI is the
world's largest shipbuilder in terms of orders and capacity.
Domestically, MHI is involved in 12 national projects,
including development of nuclear fusion reactors and launch
vehicles for man-made satellites.
It has been the biggest contractor for the Japan Defence
Agency's F-15 and F-14 jet fighters and missiles, although all
of these have been built under licence from U.S. Firms.
MHI is now heading up five Japanese companies seeking to
develop the country's own fighter plane to replace the
currently used F-1 support fighters in the late 1990s.
Military experts said Washington is putting strong pressure
on Tokyo to buy a U.S. Plane, either the McDonnell Douglas Corp
F-18 or General Dynamics Corp F-16, to reduce Japan's huge
trade surplus with the U.S.
'It might be a good idea to jointly produce planes with U.S.
Makers as Japan is supported by the U.S. Defence umbrella,' Iida
said.
MHI also plans to cooperate with the U.S. In its Strategic
Defence Initiative space defence program by participating in
the project when it moves from the research stage, he said.
The U.S. Has been seeking Japan's technological support.
In fiscal 1985/86, aircraft accounted for 17.1 pct of MHI's
sales, shipbuilding 17 pct and power plants 27.9 pct. Iida said
the ideal ratio is power plants 30 pct, aircraft and special
vehicles 25 pct and shipbuilding 15 pct.
As for the remaining 30 pct, Iida said he wanted to shift
the domestic focus away from heavy machinery sold to
manufacturers and towards household goods, but he declined to
specify which products.
'By the end of this year, you may find our brand name on
your daily products, although this does not mean we will run
away from our mainstream business,' he said.
|
training/405
|
training/405 |@title porex:1 technologies:1 porx:1 set:1 initial:1 dividend:1 |@word porex:1 technologies:1 corp:1 say:1 board:1 declare:1 initial:1 annual:1 dividend:1 10:1 ct:1 per:1 share:1 first:1 payout:1 payable:1 march:2 26:1 holder:1 record:1 12:1
|
POREX TECHNOLOGIES <PORX> SETS INITIAL DIVIDEND
Porex Technologies Corp said its
board declared an initial annual dividend of 10 cts per share,
its first payout, payable March 26 to holders of record March
12.
|
training/4051
|
training/4051 |@title bangladesh:1 port:1 worker:1 end:1 strike:1 |@word cargo:1 handling:1 resume:1 bangladesh:1 chittagong:1 port:4 today:1 7:1 000:1 worker:1 end:1 three:1 day:1 walk:1 trigger:1 pay:1 dispute:1 official:1 say:3 loading:1 unloading:1 14:1 ship:1 strand:1 strike:1 start:1 morning:1 complete:1 quickly:1 possible:1 striker:1 return:1 work:1 agreement:1 reach:1 last:1 night:1 authority:1 workers:1 association:1 without:1 give:1 detail:1
|
BANGLADESH PORT WORKERS END STRIKE
Cargo handling resumed at
Bangladesh's Chittagong port today after 7,000 workers ended
their three day walk-out triggered by a pay dispute, port
officials said.
Loading and unloading of 14 ships stranded by the strike
started this morning and will be completed as quickly as
possible, they said.
The strikers returned to work after an agreement was
reached last night between port authorities and the Port
Workers Association, they said without giving details.
|
training/4052
|
training/4052 |@title leigh:1 pemberton:1 oppose:1 takeover:1 protection:1 rule:1 |@word bank:2 england:1 favour:1 introduction:1 rule:1 shield:1 company:7 hostile:1 takeover:6 attempt:1 governor:1 robin:1 leigh:4 pemberton:4 say:7 instead:1 merchant:1 advise:1 bidding:1 must:2 show:1 restraint:1 responsibility:2 avoid:1 excess:2 mar:1 recent:3 tell:1 yorkshire:1 humberside:1 regional:1 confederation:1 british:1 industries:1 annual:1 dinner:1 also:1 call:1 improve:1 tie:1 institutional:1 investor:1 suggest:2 representative:1 institution:1 grant:1 seat:1 board:2 director:1 invest:1 expect:2 protection:1 unwelcome:1 predator:1 short:2 step:1 protect:1 shareholder:2 proprietor:1 add:2 merger:1 important:1 role:1 play:1 economy:1 scale:1 integration:1 efficient:1 market:2 penetration:1 degree:1 success:2 failure:1 experience:1 depend:2 whether:1 contest:1 note:1 activity:2 past:1 aim:1 pressurise:1 management:1 action:1 dedicate:1 solely:1 favourable:1 impact:1 share:2 price:1 term:1 partly:1 even:3 primarily:1 expense:1 future:1 bid:1 often:1 create:1 highly:1 charge:1 artificial:1 situation:1 give:1 rise:1 temptation:1 side:1 battle:1 engage:1 aggressive:1 manipulative:1 tactic:1 immensely:1 damaging:1 interest:1 clear:1 reference:1 event:1 city:1 act:2 individual:1 ready:1 accept:1 full:1 measure:1 entail:1 opprobrium:1 transaction:1 may:1 result:1 exercise:1 careful:1 judgment:1 outset:1 respect:1 client:1 contenplate:1 sow:1 wind:1 whirlwind:1 visit:1 elsewhere:1
|
LEIGH-PEMBERTON OPPOSES TAKEOVER PROTECTION RULES
The Bank of England does not favour the
introduction of rules to shield companies from hostile takeover
attempts, its governor, Robin Leigh-Pemberton, said.
Instead, merchant banks advising bidding companies must
show restraint and responsibility to avoid the excesses that
have marred recent takeovers, he told the Yorkshire and
Humberside Regional Confederation of British Industries' annual
dinner.
Leigh-Pemberton also called on companies to improve ties
with institutional investors, suggesting representatives of
those institutions be granted seats on the boards of directors
of companies they invest in.
'Boards cannot expect protection from unwelcome predators,
for that is but a short step from saying that they should be
protected from their own shareholders -- who are, after all,
the proprietors of the company,' Leigh-Pemberton said.
He added takeovers and mergers had an important role to
play in furthering economies of scale, integration and more
efficient market penetration. 'The degree of success or failure
(of a takeover) has not in my experience depended on whether or
not the takeover was contested,' he said.
Leigh-Pemberton noted there had been excesses in takeover
activity in the recent past. 'The aim is to pressurise a
company's management into action dedicated solely to a
favourable impact on the share price in the short-term, partly
or even primarily at the expense of the future,' he said.
Such bids 'often depend for their success on creating a
highly-charged and artificial situation in the share market,
and give rise to temptations, on both sides of the battle, to
engage in aggressive, even manipulative tactics that are
immensely damaging to the interest of the shareholders,' he
said.
In a clear reference recent events, he said 'those in the
City who act for companies or individuals .. Must, I suggest,
be ready to accept a full measure of responsibility -- even if
it entails opprobrium -- for the transactions that may result.'
They 'should exercise the most careful judgment at the
outset with respect to the clients for whom they act and the
activities contenplated. Those who sow wind cannot expect the
whirlwind to visit elsewhere,' he added.
|
training/4054
|
training/4054 |@title tonen:1 sekiyu:1 exxon:1 unit:1 study:1 resin:1 project:1 |@word tonen:2 sekiyukagaku:1 kk:2 exxon:4 chemical:2 co:1 petrochemical:1 division:1 corp:2 xon:1 say:2 agree:1 accelerate:1 study:1 set:2 equally:1 joint:1 venture:2 make:1 waterwhite:2 resin:2 japan:1 detail:1 base:1 technology:1 later:1 company:1 widely:1 use:1 adhesive:1 application:1 baby:1 nappie:1 medical:1 tape:1 bond:1 agent:1 wholly:1 subsidiary:1 toa:1 nenryo:1 kogyo:1 tnen:1 25:1 pct:1
|
TONEN SEKIYU AND EXXON UNIT STUDYING RESIN PROJECT
<Tonen Sekiyukagaku KK> and <Exxon
Chemical Co>, a petrochemical division of Exxon Corp <XON>,
said they agreed to accelerate a study to set up an
equally-owned joint venture to make waterwhite resin in Japan.
Details of the venture, to be based on Exxon Chemical
technology, will be set later, the companies said.
Waterwhite resins are widely used in adhesive applications
for baby nappies, medical tapes, and other bonding agents.
Tonen is a wholly-owned subsidiary of Toa Nenryo Kogyo KK
<TNEN.T> which is owned 25 pct by Exxon Corp.
|
training/4055
|
training/4055 |@title japanese:1 purchase:1 u:1 high:1 tech:1 firm:1 oppose:1 |@word commerce:1 secretary:2 malcolm:1 baldrige:2 ask:1 white:2 house:2 consider:2 block:1 plan:1 japanese:2 acquisition:1 major:1 u:6 computer:2 semiconductor:2 maker:1 official:4 say:3 yesterday:1 tell:2 reporter:1 serious:1 concern:1 national:1 security:1 ground:1 sale:4 schlumberger:1 ltd:2 slb:1 unit:1 fairchild:1 inc:1 fujitsu:1 itsu:1 could:1 leave:1 united:1 states:1 overly:1 dependent:1 foreign:2 company:2 equipment:1 use:2 advanced:1 missile:1 aircraft:1 electronic:1 intelligence:1 gather:1 add:1 would:3 also:1 worsen:1 strained:1 relation:1 two:1 country:1 stem:1 huge:1 trade:1 surplus:1 economic:1 policy:1 council:1 come:1 week:1 defence:1 caspar:1 weinberger:1 position:1 know:1 past:1 oppose:1 transfer:1 high:1 technology:1 government:1 make:1 manufacturer:2 widely:1 world:1 tokyo:1 negotiator:1 recently:1 prefer:1 local:1 buy:1 supercomputer:1
|
JAPANESE PURCHASE OF U.S. HIGH-TECH FIRM OPPOSED
Commerce Secretary Malcolm Baldrige
has asked the White House to consider blocking the planned
Japanese acquisition of a major U.S. Computer and semiconductor
maker, U.S. Officials said yesterday.
The officials told reporters Baldrige had serious concerns
on national security grounds about the sale of Schlumberger Ltd
<SLB> unit <Fairchild Semiconductor Inc> to Fujitsu Ltd
<ITSU.T>. The officials said the sale could leave the United
States overly dependent on a foreign company for equipment used
in advanced missiles, aircraft electronics and intelligence
gathering.
The U.S. Officials added the sale would also worsen the
strained relations between the two countries stemming from the
huge Japanese trade surplus.
The White House Economic Policy Council would consider the
sale in the coming weeks, they said.
Defence Secretary Caspar Weinberger's position was not
known, but in the past, he has opposed the transfer of high
technology to foreign governments or companies.
Computers made by U.S. Manufacturers are widely used in the
world, but Tokyo told U.S. Negotiators recently it prefers
local manufacturers and would not buy U.S. Supercomputers.
|
training/4056
|
training/4056 |@title korea:1 buy:1 cotton:2 especially:1 u:1 |@word south:2 korea:2 plan:1 import:2 387:1 000:4 tonne:4 cotton:3 year:1 compare:1 225:1 1986:2 trade:2 ministry:1 official:2 say:3 three:1 quarter:1 total:2 290:1 come:1 united:1 states:1 93:1 7:1 pct:1 increase:2 u:3 150:1 due:1 partly:2 competitiveness:1 american:1 effort:1 seoul:1 reduce:1 surplus:1 washington:1 second:1 large:1 importer:1 japan:1
|
S.KOREA TO BUY MORE COTTON, ESPECIALLY U.S. COTTON
South Korea plans to import about 387,000
tonnes of cotton this year compared to 225,000 tonnes in 1986,
trade ministry officials said.
More than three quarters of the total, some 290,000 tonnes,
will come from the United States. That will be a 93.7 pct
increase on 1986 when U.S. Imports totalled 150,000 tonnes, an
official said.
He said the U.S. Increase is due partly to the
competitiveness of American cotton and partly to efforts by
Seoul to reduce its trade surplus with Washington. South Korea
is the second largest importer of U.S. Cotton after Japan.
|
training/4057
|
training/4057 |@title awb:1 say:1 australian:1 wheat:1 sale:1 10:1 mln:1 tonne:1 |@word australian:2 wheat:6 board:1 awb:9 1986:3 87:3 export:3 program:1 well:1 advanced:1 10:1 mln:8 tonne:9 already:2 sell:3 general:1 manager:1 ron:1 paice:3 say:7 certainly:1 within:1 reach:1 15:4 target:1 year:2 statement:1 detail:1 commitment:1 make:1 spokesman:2 include:1 sale:1 egypt:1 china:1 iran:1 soviet:1 union:1 iraq:1 1985:2 86:2 end:2 september:1 30:1 record:1 96:1 also:1 harvest:1 long:1 cool:1 summer:1 14:1 deliver:2 season:2 produce:1 another:2 good:1 crop:5 0:1 2:2 pct:1 receival:3 downgrade:1 feed:3 quality:1 however:1 likely:2 weather:1 damage:1 grain:2 still:1 hold:1 farm:2 milling:1 may:1 follow:1 recent:1 announcement:1 final:2 guarantee:1 minimum:1 price:1 give:1 estimate:3 february:1 australia:1 publication:1 put:1 16:3 7:1 could:1 turn:1 high:1 base:1 level:1 figure:1 would:1 probably:1 near:1 official:1 yet:1 available:1 receive:1 08:1 13:1 422:1 000:2 retain:1 620:1 permit:1 system:2 introduce:1 1984:1 85:1 allow:1 farmer:1 trade:1 outside:1 accord:1 bureau:1 agricultural:1 economics:1 datum:1
|
AWB SAYS AUSTRALIAN WHEAT SALES OVER 10 MLN TONNES
The Australian Wheat Board's (AWB)
1986/87 export program is well advanced with over 10 mln tonnes
already sold, AWB general manager Ron Paice said.
'We are certainly within reach of our 15 mln tonne export
target for the year,' he said in a statement.
He did not detail the commitments already made, but an AWB
spokesman said they include sales to Egypt, China, Iran, the
Soviet Union and Iraq.
In the 1985/86 wheat year ended September 30, the AWB
exported a record 15.96 mln tonnes.
Paice also said the 1986/87 Australian wheat harvest has
ended after a long, cool summer with 15.14 mln tonnes delivered
to the AWB.
The season produced another good crop, with only 0.2 pct of
receivals being downgraded to feed quality, he said.
However, it is likely that some weather-damaged grain was
still being held on farms and further milling and feed wheat
may be delivered following the recent announcement of the final
Guaranteed Minimum Price for 1986/87, he said.
Paice did not give a crop estimate, but the AWB's February
Wheat Australia publication put the crop at 16.7 mln tonnes.
But the AWB spokesman said it is likely this estimate could
turn out to be too high, based on the receivals level, and the
final crop figure would probably be nearer to 16.2 mln tonnes.
The official estimate is not yet available.
In the 1985/86 season, the AWB received 15.08 mln tonnes of
the 16.13 mln tonne crop.
Another 422,000 tonnes was retained on-farm and 620,000
sold under the permit system introduced in 1984/85 to allow
farmers to sell feed wheat to the grain trade outside the AWB's
receival system, according to Bureau of Agricultural Economics
data.
|
training/4058
|
training/4058 |@title north:1 bh:1 set:1 one:1 five:1 offer:1 norgold:1 float:1 |@word north:1 broken:1 hill:2 holdings:1 ltd:2 nbha:1 nbh:7 say:5 offer:2 one:1 norgold:6 share:4 every:1 five:1 float:1 newly:1 create:1 gold:6 offshoot:1 20:1 cent:2 par:1 value:1 22:1 shareholder:2 register:1 april:1 3:1 statement:1 issue:2 capital:1 240:1 5:1 mln:3 63:1 pct:4 hold:2 89:1 raise:1 19:1 6:1 dlrs:1 take:1 control:1 portfolio:1 precious:1 metal:1 exploration:2 pre:1 development:1 interest:2 major:1 deposit:2 acquire:2 100:1 bottle:1 creek:1 west:1 leonora:1 western:2 australia:3 production:1 project:3 annual:1 rate:1 35:1 000:1 ounce:1 schedule:1 begin:1 early:1 1988:1 also:1 10:1 stake:1 coronation:1 platinum:1 northern:1 territory:1 43:1 poona:1 copper:1 south:2 queensland:1 new:1 wales:1 tasmania:1
|
NORTH BH SETS ONE-FOR-FIVE OFFER FOR NORGOLD FLOAT
North Broken Hill Holdings Ltd
<NBHA.ME> (NBH) said it will offer one <Norgold Ltd> share for
every five NBH shares in the float of its newly created gold
offshoot.
The 20 cent par-value shares will be offered at 22 cents to
shareholders registered April 3, NBH said in a statement.
Norgold's issued capital will be 240.5 mln shares, of which
63 pct will be held by NBH after 89 mln are issued to
shareholders to raise 19.6 mln dlrs, it said.
Norgold will take control of a portfolio of precious metal
exploration and pre-development interests held by NBH.
The major gold deposit to be acquired by Norgold is 100 pct
of the Bottle Creek deposit, west of Leonora in Western
Australia, NBH said.
Production of gold from the project, at an annual rate of
35,000 ounces, is scheduled to begin early in 1988.
Norgold will also have a 10 pct stake in the Coronation
Hill gold/platinum project in the Northern Territory and 43 pct
of the Poona copper/gold project in South Australia.
Other gold exploration interests to be acquired by Norgold
are in Western Australia, Queensland, New South Wales and
Tasmania, NBH said.
|
training/406
|
training/406 |@title davis:1 water:1 dwws:1 declare:1 stock:1 dividend:1 |@word davis:1 water:1 waste:1 industries:1 inc:1 say:1 board:1 declare:1 33:1 1:1 3:1 pct:1 stock:1 dividend:1 payable:1 march:2 23:1 holder:1 record:1 12:1
|
DAVIS WATER <DWWS> DECLARES STOCK DIVIDEND
Davis Water and Waste
Industries Inc said its board declared a 33-1/3 pct stock
dividend, payable March 23 to holders of record March 12.
|
training/4061
|
training/4061 |@title strike:1 brazil:1 seamen:1 threaten:1 mass:1 resignation:1 |@word strike:6 seaman:12 say:6 would:1 offer:4 collective:1 resignation:2 rather:1 end:2 13:1 day:1 old:1 national:2 management:1 term:1 spur:1 decision:1 marines:1 occupy:1 ship:1 docemarte:1 santos:4 harbour:1 tuesday:2 night:1 vessel:1 force:1 work:1 duress:1 president:1 jose:1 sarney:1 government:2 despatch:1 troop:1 brazil:4 port:4 oil:1 installation:1 seamen:3 main:2 defiant:1 mood:1 one:1 leader:1 orlando:1 tell:1 reuter:1 1:2 100:1 wednesday:2 headquarters:1 rio:2 de:2 janeiro:2 resign:1 country:2 40:1 000:2 come:1 face:1 serious:1 debt:1 crisis:1 bring:3 sharp:1 deterioration:1 trade:1 balance:1 need:1 foreign:1 exchange:1 get:1 shipowner:1 quick:1 denounce:1 harm:1 export:1 advertisement:1 place:1 newspaper:1 shipowners:1 association:1 read:1 illegal:1 irrational:1 unpatriotic:1 respond:1 live:1 present:1 salary:1 accord:1 officical:1 pay:7 list:1 available:1 union:1 office:1 basic:2 ordinary:1 977:1 cruzados:4 month:3 various:1 allowance:2 total:1 4:1 scale:1 captain:1 earn:1 7:1 993:1 15:1 229:1 second:1 bad:1 world:1 ghana:1 dos:1 receive:1 increase:1 since:2 february:1 1986:1 price:2 double:1 collapse:1 cruzado:1 plan:1 freeze:1 talk:1 involve:1 labour:1 minister:1 almir:1 pazzionotto:1 employer:1 fail:1 resolve:1 dispute:1 demand:1 raise:1 200:1 pct:1 less:1 half:1
|
STRIKING BRAZIL SEAMEN THREATEN MASS RESIGNATION
Striking seamen said they would
offer their collective resignation rather than end their
13-day-old national strike on management's terms.
The seamen said they were spurred to their decision after
marines occupied the ship Docemarte in Santos harbour Tuesday
night. They said seamen on the vessel were being forced to work
under duress.
President Jose Sarney's government despatched troops to
Brazil's ports and oil installations on Tuesday.
Seamen in Santos, Brazil's main port, are in defiant mood.
One of their leaders, Orlando dos Santos, told Reuters that
most of the 1,100 seamen in the port offered their resignations
on Wednesday. The national strike headquarters in Rio de
Janeiro said seamen were offering to resign in all the
country's main ports.
The strike by 40,000 seamen comes as Brazil faces a serious
debt crisis brought on by a sharp deterioration in its trade
balance. The country needs all the foreign exchange it can get,
and shipowners have been quick to denounce seamen for the harm
the strike is doing to exports.
An advertisement placed in the newspapers by the Shipowners
Association read, 'The seamen's strike is illegal, irrational
and unpatriotic.'
The seamen respond that they cannot live on their present
salaries. According to officical pay lists available in the
union's office, the basic pay for ordinary seamen is 1,977
cruzados a month, while various allowances can bring their
total pay up to 4,000 cruzados a month.
At the other end of the scale, captains earn 7,993 cruzados
a month basic pay, which is brought up to 15,229 cruzados with
allowances.
'Brazil's seamen are the second worst paid in the world,
after Ghana's,' dos Santos said. He said the seamen had not
received a pay increase since February 1986, and prices have
doubled since then with the collapse of the government's
Cruzado Plan price freeze.
Talks in Rio de Janeiro Wednesday involving Labour Minister
Almir Pazzionotto, seamen and employers failed to resolve the
dispute. The seamen are demanding pay raises of about 200 pct
but have been offered less than half that.
|
training/4062
|
training/4062 |@title |@word german:2 net:2 currency:2 reserve:2 rise:2 400:2 mln:2 mark:2 87:2 0:2 billion:2 bundesbank:2
|
German net currency reserves rise 400 mln marks to 87.0 billion - Bundesbank
German net currency reserves rise 400 mln marks to 87.0 billion - Bundesbank
|
training/4063
|
training/4063 |@title indonesian:1 coffee:1 production:1 may:1 fall:1 year:1 |@word indonesia:3 coffee:2 production:2 1986:1 87:1 end:1 september:1 30:2 may:2 fall:2 slightly:1 last:2 year:5 level:2 360:1 000:5 tonne:5 dharyono:2 kertosastro:2 chairman:1 association:1 indonesian:1 exporter:1 tell:1 reuters:1 say:5 shade:1 tree:1 damage:1 pest:1 affect:1 crop:2 though:1 remain:1 see:1 seriously:1 main:1 harvest:1 next:1 month:1 give:1 figure:1 expect:2 output:2 except:1 would:1 probably:1 little:1 1985:2 86:2 stock:1 normal:1 90:1 predict:1 export:3 unlikely:1 rise:1 much:1 320:1 bit:1 maybe:1 330:1 value:2 944:1 mln:1 u:1 dlrs:1 could:1 pct:1 low:1 price:1 add:1 behind:1 five:1 plan:1 target:1 420:1 current:1 try:1 boost:1 introduction:1 high:1 yielding:1 seed:1 well:1 training:1 farmer:1 increase:1 use:1 fertilizer:1
|
INDONESIAN COFFEE PRODUCTION MAY FALL THIS YEAR
Indonesia's coffee production in
1986/87 ending September 30 may fall slightly from last year's
level of 360,000 tonnes, Dharyono Kertosastro, chairman of the
Association of Indonesian Coffee Exporters told Reuters.
He said shade trees had been damaged by pests and this may
have affected the crop, though it remains to be seen how
seriously. Indonesia's main crop is harvested next month.
He gave no figure for expected output, except to say it
would probably be down a little from 1985/86. He said stocks
were about normal at 90,000 tonnes.
Kertosastro predicted that exports were unlikely to rise
much from last year's level of 320,000 tonnes. 'I expect exports
will be a bit more, maybe 330,000 tonnes, but not above that,'
he said. Exports in 1985/86 were valued at 944 mln U.S. Dlrs,
but the value could fall by 30 pct this year because of low
prices, he added.
Dharyono said production was behind a five year plan target
of 420,000 tonnes for the current year, but Indonesia is trying
to boost output through introduction of higher yielding seeds,
better training for farmers and increased use of fertilizers.
|
training/4064
|
training/4064 |@title renouf:1 sell:1 10:1 83:1 pct:1 nzi:1 stake:1 brierley:1 |@word renouf:6 corp:2 ltd:3 say:5 sell:1 10:1 83:1 pct:2 stake:2 nzi:8 brierley:2 investments:1 bil:4 207:1 7:1 mln:5 n:3 z:3 dlrs:4 manage:1 director:1 mike:1 cashin:2 statement:1 intention:1 build:2 long:1 term:1 strategic:1 position:2 become:1 clear:1 good:2 interest:1 investment:1 acquire:1 holding:1 hold:2 past:1 six:1 month:1 sale:2 comprise:1 74:1 9:1 share:7 2:4 725:1 095:1 warrant:4 1:1 709:1 attach:2 150:1 swiss:1 franc:2 note:1 issue:2 bond:1 5:1 000:1 carry:1 detachable:1 entitle:1 bearer:1 486:1 1986:1 annual:1 report:2 19:1 673:1 4:2 ordinary:1 total:1 capital:1 include:1 678:1 8:1 result:1 significant:1 profit:1 place:1 consolidate:1 recent:1 transaction:1 pursue:1 opportunity:1 18:1 08:1 6:1 15:1 close:1 trade:1 executive:1 unavailable:1 comment:1
|
RENOUF SELLS 10.83 PCT NZI STAKE TO BRIERLEY
<Renouf Corp Ltd> said it sold its
10.83 pct stake in <NZI Corp Ltd> to <Brierley Investments
Ltd>, (BIL), for 207.7 mln N.Z. Dlrs.
Renouf managing director Mike Cashin said in a statement it
had been Renouf's intention to build up a long-term strategic
position in NZI. 'But it became clear to us that it was in the
best interests of both NZI and ourselves for Brierley
Investments to acquire our holding,' he said.
He said Renouf built up its NZI holding over the past six
months. The sale comprised 74.9 mln shares at 2.725 N.Z. Dlrs a
share and 2,095 warrants at 1,709 dlrs each.
The warrants are attached to a 150 mln Swiss franc note
issue. Each bond of 5,000 francs carries a detachable warrant
entitling the bearer to 2,486 NZI shares.
In its 1986 annual report BIL reported that it held a 19
pct stake in NZI.
NZI has 673.4 mln ordinary shares on issue. Total capital
including shares attached to warrants is 678.8 mln shares.
Cashin said the sale will result in a significant profit
and places Renouf in a good position to consolidate on recent
transactions and pursue other opportunities.
NZI shares were at 2.18 N.Z. Dlrs, BIL at 4.08 and Renouf
at 6.15 at the close of trading.
BIL executives were unavailable for comment.
|
training/4065
|
training/4065 |@title boliden:1 ab:1 bld:1 st:1 1986:1 result:1 |@word group:1 loss:2 financial:1 income:1 expense:1 1:1 08:1 billion:3 vs:3 71:1 mln:1 crown:3 sale:1 12:1 38:1 6:1 16:1 propose:1 dividend:1 10:1 note:1 company:1 year:1 consolidate:1 wholesale:1 investment:1 conglomerate:1 ahlsell:1 ab:1
|
BOLIDEN AB <BLDS ST> 1986 RESULTS
Group loss after financial income and expenses 1.08
Billion vs loss 71 mln crowns
Sales - 12.38 billion crowns vs 6.16 billion.
No proposed dividend vs 10 crowns.
Note - The company this year consolidated wholesale and
investment conglomerate Ahlsell AB.
|
training/4066
|
training/4066 |@title britain:1 mint:1 new:1 britannia:1 gold:1 coin:1 |@word britain:1 next:1 autumn:1 mint:1 market:1 new:2 bullion:2 coin:4 call:1 britannia:1 contain:1 one:1 ounce:4 24:1 carat:1 gold:2 together:1 small:2 denomination:2 treasury:1 official:1 say:1 investment:1 sell:1 worldwide:1 fluctuate:1 price:2 accord:1 international:1 half:1 quarter:1 tenth:1 reuter:1
|
BRITAIN TO MINT NEW 'BRITANNIA' GOLD COIN
Britain will from next autumn mint and
market a new bullion coin called the 'Britannia' containing one
ounce of 24 carat gold, together with bullion coins of smaller
denominations, a Treasury official said.
The new investment coin, to be sold worldwide, will
fluctuate in price according to the international price of
gold.
The smaller coins will be in denominations of a half ounce,
a quarter ounce and a tenth of an ounce. REUTER
|
training/4067
|
training/4067 |@title saudi:1 bank:1 face:1 lean:1 period:1 |@word saudi:21 arabia:2 11:1 commercial:3 bank:31 report:4 decline:7 profit:9 1986:6 increase:3 provision:9 set:2 aside:2 cover:2 burden:1 non:5 perform:4 loan:8 banker:8 capital:1 say:8 need:1 build:1 reserve:1 bad:3 doubtful:2 debt:2 may:1 start:1 little:1 year:5 kingdom:5 still:4 sluggish:1 economy:2 legal:1 problem:1 hamper:1 traditional:2 lending:3 operation:1 mean:1 earning:3 remain:1 vulnerable:1 one:4 senior:1 credit:1 officer:1 work:1 largely:1 term:1 identify:1 make:5 go:2 face:1 difficulty:1 earn:1 money:2 sudden:1 corporate:1 sector:2 1983:1 culminate:1 number:2 rescheduling:1 take:1 heavy:1 toll:1 first:2 result:2 appear:1 show:4 fourth:1 successive:1 broad:1 cumulative:1 net:5 1985:7 sink:1 827:1 9:5 mln:10 riyal:9 2:1 66:1 billion:2 1982:3 world:2 oil:1 price:1 tumble:1 nine:2 joint:3 venture:3 operate:3 gregorian:1 calendar:1 four:1 already:1 reveal:1 loss:2 expense:1 new:3 small:1 united:1 uscb:2 15:1 marginally:1 less:1 shortfall:1 17:2 0:1 sharply:2 high:1 part:1 reflect:2 18:1 pct:13 staff:1 cut:1 last:1 nearly:1 treble:1 amount:2 60:1 22:1 release:1 far:1 american:2 samba:2 53:1 8:4 fall:2 80:1 7:2 al:3 fransi:1 know:1 french:3 slide:1 14:1 94:1 40:4 citicorp:1 cci:1 n:1 citibank:1 na:1 banque:1 indosuez:1 arab:2 national:3 152:1 1:3 double:1 86:1 6:1 sign:1 stop:1 grow:1 bottom:1 willing:1 predict:1 sharp:1 upturn:1 economic:1 activity:1 top:1 50:1 close:1 international:1 level:1 large:1 ncb:3 stash:1 away:2 total:1 advance:3 private:1 calculate:1 riyad:2 rival:1 second:1 big:1 two:1 shareholding:1 12:1 islamic:1 coincide:1 although:1 arabian:1 monetary:1 agency:1 sama:2 tighten:1 supervision:1 standardised:1 rule:1 declare:1 comparison:1 figure:2 difficult:2 book:1 accrue:1 interest:3 revenue:1 follow:1 conservative:2 practice:1 force:1 major:1 financial:2 centre:1 generally:2 rank:1 strong:1 earner:1 british:3 middle:1 east:1 disadvantage:1 relatively:1 low:2 deposit:2 base:1 slash:1 91:1 account:6 due:1 soon:1 expect:1 another:1 traditionally:1 prove:1 prepared:1 see:1 support:1 cairo:1 troubled:1 come:1 light:1 also:1 available:1 cheap:1 investment:2 lend:1 generate:2 awash:1 liquidity:1 since:1 unwilling:1 risk:1 incur:1 fresh:1 liberal:1 market:1 attempt:1 diversify:1 conservatism:1 banking:2 fee:1 income:1 product:1 good:1 caution:1 trend:1 day:1 ample:1 fund:2 free:1 current:3 invest:1 disappear:1 customer:2 seek:1 well:1 return:1 1979:1 ratio:1 bear:1 27:1 73:1 today:1 hold:1
|
SAUDI BANKS FACE FURTHER LEAN PERIOD
Saudi Arabia's 11 commercial banks are
reporting a further decline in profits for 1986 as increasing
provisions have to be set aside to cover the burden of non-
performing loans.
Bankers in the Saudi capital said the need to build
reserves for bad and doubtful debts may start to decline a
little this year.
But the kingdom's still sluggish economy and legal problems
hampering traditional lending operations mean earnings will
remain vulnerable.
One senior bank credit officer said 'The work is largely
done in terms of identifying bad loans and making provisions,
but banks are still going to face difficulties earning money.'
The sudden decline of Saudi Arabia's corporate sector in
1983 - culminating in a number of debt reschedulings - has
taken a heavy toll of bank profits, with first results now
appearing for 1986 showing a fourth successive year of broad
decline.
The cumulative net 1985 earnings of the kingdom's banks had
sunk to 827.9 mln riyals from 2.66 billion in 1982 before world
oil prices tumbled.
Of the kingdom's nine joint-venture banks which operate on
the Gregorian calendar year, four have already reported and
revealed a further profits decline - or net loss - for 1986 at
the expense of increased provisions.
The newest and smallest of the joint ventures, <United Saudi
Commercial Bank> (USCB) reported a 1986 net loss of 15.9 mln
riyals, marginally less than 1985's shortfall of 17.0 mln.
Profits before provisions were sharply higher, in part
reflecting an 18 pct staff cut last year. But the bank nearly
trebled the amount set aside against bad and doubtful loans to
60 mln riyals from 22 mln in 1985.
Other results released so far show <Saudi American Bank>
(SAMBA) reporting a 53.8 pct fall in 1986 net profit to 80.7
mln riyals, while <Al Bank Al Saudi Al Fransi>, known as Saudi
French, slid 14 pct to 94.9 mln riyals.
Both Saudi American, owned 40 pct by Citicorp's <CCI.N>
Citibank NA and Saudi French, 40 pct owned by Banque Indosuez,
increased provisions sharply.
<Arab National Bank>'s net profit fell 17.8 pct to 152.1
mln riyals and provisions were more than doubled to 86.6 mln
riyals.
Bankers said there are first signs that the number of non-
performing loans has stopped growing as the decline in the
Saudi economy bottoms out.
Few are willing to predict a sharp upturn in economic
activity, but one banker said 'The top 50 pct of the Saudi banks
are now at or close to international levels on provisions.'
From 1982 to 1985, the kingdom's largest bank <National
Commercial Bank> (NCB) stashed away 1.7 billion riyals in
provisions or 8.9 pct of its total loans and advances to the
private sector, bankers calculated.
Between 1982 and 1985, <Riyad Bank>, NCB's rival as the
second biggest of the two all-Saudi shareholding banks, had
covered 12.8 pct of its loans and advances. Both banks operate
on an Islamic year that does not coincide with the other nine.
Although the Saudi Arabian Monetary Agency (SAMA) has been
tightening supervision, there is still no standardised rule for
declaring loans as non-performing.
Bankers say this makes comparison of profit figures
difficult because some banks still book non-accruing interest
as revenue while others follow more conservative practices in
force in major world financial centres.
Bankers generally said NCB, Riyad Bank and the
joint-ventures SAMBA, Saudi French and Arab National Bank rank
as the strongest earners.
Other banks such as <Saudi British Bank>, 40 pct owned by
the <British Bank of the Middle East>, are disadvantaged by a
relatively low deposit base.
Saudi British slashed 1985 profit 91 pct to just 9.1 mln
riyals and 1986 accounts due soon are expected to show another
low figure. But the bank has traditionally been one of the most
conservative in making provisions.
Bankers said SAMA has proved it is not prepared to see a
Saudi bank go under and not only supported <Saudi Cairo Bank>
after its troubled 1985 accounts came to light but also made
available cheap deposits to <Saudi Investment Bank> and USCB.
The banks can on-lend these to generate profit, but
generally banks are awash with liquidity since they are
unwilling to risk incurring fresh non-performing loans.
And while banks in more liberal financial markets can
attempt to diversify away from traditional lending,
conservatism in Saudi banking has made it difficult to generate
fee income from new investment banking products.
One banker said 'Operating earnings in the Kingdom are not
good.'
Reflecting the caution in new lending, the amount of
advances is showing a declining trend, while the days when
banks had ample funds in interest-free current accounts to
invest are disappearing as Saudi customers seek a better return
on their money.
In 1979, the ratio of interest-bearing accounts to current
accounts was 27 to 73 pct. Today, only about 40 pct of customer
funds are held on current account.
|
training/4069
|
training/4069 |@title guinness:1 challenge:1 5:1 2:1 mln:1 stg:1 payment:1 lawyer:1 |@word guinness:3 plc:3 guin:1 l:2 brewing:1 group:2 challenge:1 5:1 2:2 mln:1 stg:2 payment:4 u:1 lawyer:2 say:4 organise:1 controversial:1 takeover:3 scotch:1 whisky:1 maker:1 distiller:2 co:1 attorney:2 thomas:1 ward:6 member:1 board:1 tell:1 court:3 yesterday:1 channel:1 island:1 jersey:3 see:1 reward:1 service:2 last:1 year:1 7:1 billion:1 britain:1 department:1 trade:1 industry:1 investigate:1 former:1 chairman:1 ernest:1 saunders:1 breach:1 fiduciary:1 duty:1 authorise:1 via:1 base:1 company:1 marketing:1 acquisition:1 consultant:1 go:1 recover:1 mac:2 defence:1 document:2 main:1 negotiator:1 battle:1 rival:1 bidder:1 argyll:1 ayll:1 bid:1 would:1 successful:1 mr:1 submit:1 circumstance:1 reasonable:1 proper:1 fully:1 earn:1
|
GUINNESS CHALLENGES 5.2 MLN STG PAYMENT TO LAWYER
Guinness Plc <GUIN.L> , the
brewing group, has challenged a 5.2 mln stg payment to a U.S.
Lawyer who says he organised its controversial takeover of
Scotch whisky maker <The Distillers Co Plc>.
But attorneys for lawyer Thomas Ward, a member of the
Guinness board, told a court yesterday in the Channel Island of
Jersey that Ward saw the payment as his reward for services in
last year's 2.7 billion stg takeover.
Britain's Department of Trade and Industry is investigating
the takeover.
Guinness says its former chairman Ernest Saunders and Ward
'breached their fiduciary duty' in authorising the payment to
Ward, via a Jersey-based company, Marketing and Acquisitions
Consultants and has gone to the Jersey court to recover it.
MAC said in defence documents that Ward was the main
negotiator in the battle for Distillers against rival bidder
Argyll <AYLL.L> Group Plc.
'The bid would not have been successful but for the ...
Services of Mr Ward,' MAC attorneys said in the documents
submitted in court. 'The payment was, in all the circumstances,
reasonable, proper and fully earned.'
|
training/407
|
training/407 |@title medco:1 containment:1 mccs:1 set:1 initial:1 payout:1 |@word medco:1 containment:1 services:1 inc:1 say:1 board:1 declare:1 initial:1 annual:1 dividend:1 10:1 ct:1 per:1 share:1 first:1 payout:1 payable:1 march:2 19:1 holder:1 record:1 12:1
|
MEDCO CONTAINMENT <MCCS> SETS INITIAL PAYOUT
Medco Containment Services
Inc said its board declared an initial annual dividend of 10
cts per share, its first payout, payable March 19 to holders of
record March 12.
|
training/4071
|
training/4071 |@title indonesia:1 press:1 compromise:1 coffee:1 |@word indonesian:5 coffee:5 exporter:2 prepare:1 period:1 depressed:1 price:4 urge:2 government:2 lobby:1 resolution:1 deadlocked:1 issue:1 export:4 quota:9 chairman:1 association:1 aice:5 tell:1 reuters:1 dharyono:5 kertosastro:1 say:11 interview:1 indonesia:6 world:2 third:1 large:3 producer:3 trim:2 cost:2 improve:2 marketing:2 seek:1 compromise:3 long:2 brazil:6 stick:2 hardline:1 position:2 never:1 bridge:1 gap:1 one:2 group:5 eight:4 produce:1 country:2 along:1 costa:1 rica:1 dominican:1 republic:1 ecuador:1 honduras:1 india:1 papua:1 new:4 guinea:1 peru:1 propose:1 system:4 last:2 month:1 fail:1 international:1 organistion:1 ico:5 talk:1 london:1 would:1 reduce:1 scheme:1 block:1 proposal:1 official:3 hope:1 colombia:3 use:1 contact:3 suggest:1 edward:1 muda:3 attend:1 negotiation:2 latin:1 american:1 member:2 second:1 give:2 detail:1 show:1 interest:1 gain:1 without:1 suffer:1 present:2 market:2 stay:1 like:1 consumer:4 u:3 japan:2 netherlands:1 west:1 germany:1 canada:1 ahead:1 executive:1 board:1 meeting:1 schedule:1 april:1 1:1 send:1 delegation:1 brief:1 embassy:1 press:1 case:1 firmly:1 help:1 trader:1 common:1 ground:1 big:1 agree:3 need:1 base:1 term:1 realistic:1 criterion:1 breakaway:1 believe:2 old:2 30:2 pct:1 share:1 reflect:1 date:1 supply:1 demand:1 trend:1 rigidly:1 insistence:1 apply:1 suspend:1 february:1 1986:2 surge:1 failure:1 brazilian:1 crop:1 although:1 since:1 come:1 point:1 control:1 could:1 reintroduced:1 75:1 able:1 guideline:1 refuse:1 alter:1 well:1 place:1 survive:1 low:1 farmer:1 production:1 output:1 87:1 end:1 september:1 expect:1 stagnate:1 fall:1 slightly:1 year:2 level:1 360:1 000:2 tonne:2 stock:1 90:1 average:1 time:1
|
INDONESIA PRESSING FOR COMPROMISE OVER COFFEE
Indonesian coffee exporters are
preparing for a period of depressed prices while urging their
government to lobby for a resolution of the deadlocked issue of
export quotas, the chairman of the Association of Indonesian
Coffee Exporters (AICE) told Reuters.
Dharyono Kertosastro said in an interview that Indonesia,
the world's third largest producer, is trimming costs and
improving its marketing while seeking a compromise on quotas.
'But as long as Brazil sticks to its hardline position, we
can never bridge the gap,' Dharyono said.
Indonesia was one of a group of eight producing countries,
along with Costa Rica, the Dominican Republic, Ecuador,
Honduras, India, Papua New Guinea and Peru, which proposed a
new quota system at last month's failed International Coffee
Organistion (ICO) talks in London.
Brazil, which would have had its quota reduced under the
Group of Eight scheme, blocked the proposal.
AICE officials are now hoping Colombia can use its contacts
with Brazil to suggest a compromise.
Edward Muda, an AICE official who attended the ICO
negotiations, said Latin American members of the Group of Eight
were in contact with Colombia, the world's second largest
producer, but gave no details.
'Colombia has shown interest because they will gain from a
compromise. Without one, they will suffer if the present market
stays like it is,' Muda said.
He said Indonesia was in contact with consumers such as the
U.S., Japan, the Netherlands, West Germany and Canada ahead of
an ICO executive board meeting scheduled for April 1.
Dharyono said the AICE will send delegations to the U.S.
And Japan to brief Indonesian embassy officials there and press
them to present Indonesia's case more firmly.
He urged the Indonesian government to do more to help the
country's coffee traders through the ICO negotiations.
Muda said the Group of Eight had some common ground with
the big consumers because they agreed on the need for basing
quotas on what he termed 'realistic criteria.'
The breakaway group believes the old quota system, which
gives Brazil a 30 pct share of the quota exports, does not
reflect up-to-date supply and demand trends.
Brazil has stuck rigidly to its insistence that the old
system be applied.
Export quotas were suspended in February 1986 when market
prices surged because of the failure of the Brazilian crop.
Although prices have long since come down to a point where
export controls could be reintroduced, producers and consumers
at the 75-member ICO have not been able to agree on new
guidelines. Brazil and the U.S., The largest consumer, are both
refusing to alter their positions.
Dharyono said if new quotas are not agreed he believed
Indonesia was well placed to survive low prices.
Indonesian farmers are trimming production costs and the
AICE is improving its marketing system, Dharyono said.
Indonesia's coffee output in 1986/87, ending September 30,
is expected to stagnate or fall slightly from last year's level
of 360,000 tonnes, he said.
He said stocks, at 90,000 tonnes, were about average for
the time of year.
|
training/4074
|
training/4074 |@title japanese:1 corporate:1 earning:1 recovery:1 predict:1 |@word japanese:1 corporate:2 earning:1 rise:5 8:1 9:2 pct:8 fiscal:4 1987:3 88:3 first:1 year:10 increase:1 three:1 partly:1 yen:4 stable:1 exchange:1 rate:2 nomura:2 research:2 institute:2 say:5 sale:2 industry:2 predict:1 1:3 start:1 april:1 arm:1 securities:1 co:1 statement:1 recurrent:2 profit:3 estimate:3 fall:2 20:1 current:4 forecast:2 drop:1 14:1 assume:1 average:1 148:1 5:2 dollar:1 compare:1 160:1 effort:1 cope:1 appreciation:1 cut:1 production:1 cost:1 expect:2 bear:1 fruit:1 next:2 economy:1 also:1 benefit:1 pump:1 priming:1 government:1 halt:1 price:1 manufacture:1 good:1 manufacturing:2 project:1 29:1 6:1 40:1 non:1 sector:1 decline:1 4:1 2:2
|
JAPANESE CORPORATE EARNINGS RECOVERY PREDICTED
Japanese corporate earnings will rise 8.9
pct in fiscal 1987/88 for the first year-on-year increase in
three years, partly because of the yen's stable exchange rate,
the Nomura research institute said.
Sales of all industries are predicted to rise 1.9 pct in
the year, which starts April 1, the research arm of Nomura
Securities Co said in a statement.
Recurrent profits were estimated to fall 20 pct in the
current fiscal year with sales forecast to drop 14 pct.
The forecast assumes an average rate of 148.5 yen to the
dollar in 1987/88, compared with 160 yen in the current year.
Corporate efforts to cope with the yen's appreciation, such
as cutting production costs, are expected to bear fruit next
fiscal year, the institute said. The economy should also
benefit from pump-priming expected from the government and a
halt in rising prices of manufactured goods, it said.
Recurrent profits of manufacturing industries are projected
to rise 29.6 pct next fiscal year against an estimated 40.1 pct
fall in the current year.
Non-manufacturing sector profits will decline 4.5 pct in
1987/88 against an estimated 2.2 pct rise in the current year,
it said.
|
training/4075
|
training/4075 |@title boliden:1 say:1 result:1 burden:1 loss:1 writeoff:1 |@word swedish:4 mining:1 metal:1 group:2 boliden:4 ab:3 blds:1 st:1 forecast:1 return:2 profitability:2 1987:2 record:1 1:3 08:1 billion:3 crown:3 1986:2 loss:2 burden:2 massive:1 write:2 company:4 consolidate:2 wholesale:1 investment:2 conglomerate:1 ahlsell:1 year:4 say:4 result:3 include:1 restructuring:1 cost:2 802:1 mln:1 arise:1 change:1 direction:1 mainly:1 one:2 annual:1 account:1 statement:2 liquid:2 asset:1 36:1 end:1 together:1 portfolio:1 60:1 make:1 board:1 propose:1 cancel:1 dividend:1 although:1 predict:1 add:1 tyre:1 process:1 equipment:1 component:1 firm:1 trelleborg:2 take:1 majority:1 stake:1 since:1 beginning:1 plan:1
|
BOLIDEN SAYS RESULTS BURDENED BY LOSS WRITEOFF
Swedish mining and metals group
Boliden AB <BLDS ST> forecast a return to profitability during
1987 after recording a 1.08 billion crown 1986 loss burdened by
a massive write-off.
The company, which consolidated the Swedish wholesale and
investment conglomerate <Ahlsell AB> this year, said the result
included restructuring costs and write-offs of 802 mln crowns.
'These costs have arisen as a results of a change of
direction for the group. They are mainly one-off but they have
burdened the annual accounts,' the company said in a statement.
Boliden said the company's liquid assets were 1.36 billion
crowns at year-end which together with an investment portfolio
of 1.60 billion made it one of the most liquid Swedish
companies.
As a result of the 1986 losses, the board proposed
cancelling dividend for the year although it predicted a return
to profitability during 1987, the statement added.
Swedish tyres, process equipment and components firm
<Trelleborg AB> has taken a majority stake in Boliden since the
beginning of this year. Trelleborg then said it had no plans
for consolidating Boliden.
|
training/4076
|
training/4076 |@title taiwan:1 buy:1 27:1 000:1 tonne:1 u:1 soybean:1 |@word joint:1 committee:2 taiwan:3 soybean:3 importer:1 award:1 contract:1 richco:1 grain:1 ltd:1 new:1 york:1 supply:1 27:1 000:1 tonne:4 cargo:1 u:3 spokesman:1 tell:1 reuters:1 shipment:1 price:1 210:1 34:1 dlrs:1 per:1 c:1 f:1 set:1 delivery:1 march:1 20:1 april:1 5:1 say:2 import:3 calendar:1 1987:1 targette:1 1:2 81:1 mln:2 actual:1 74:1 1986:1 come:1 add:1
|
TAIWAN BUYS 27,000 TONNES OF U.S. SOYBEANS
The joint committee of Taiwan's soybean
importers awarded a contract to Richco Grain Ltd of New York to
supply a 27,000-tonne cargo of U.S. Soybeans, a committee
spokesman told Reuters.
The shipment, priced at 210.34 U.S. Dlrs per tonne c and f
Taiwan, is set for delivery between March 20 and April 5, he
said.
Taiwan's soybeans imports in calendar 1987 are targetted at
1.81 mln tonnes, against an actual 1.74 mln tonnes imported in
1986, he said.
All the imports come from the U.S., He added.
|
training/4077
|
training/4077 |@title china:1 january:1 wheat:1 sugar:1 import:1 year:1 ago:1 |@word china:2 wheat:1 import:2 january:2 218:1 000:4 tonne:3 393:1 1986:1 daily:1 business:1 weekly:1 say:2 quote:1 custom:1 figure:1 sugar:1 25:1 165:1 54:1 export:1 rice:1 rise:1 71:1 144:1 20:1 give:1 detail:1
|
CHINA JANUARY WHEAT/SUGAR IMPORTS BELOW YEAR AGO
China's wheat imports in January were
218,000 tonnes, down from 393,000 in January 1986, the China
Daily Business Weekly said, quoting customs figures.
It said imports of sugar were 25,165 tonnes, down from
54,000, but exports of rice rose to 71,144 tonnes from 20,000.
It gave no more details.
|
training/4078
|
training/4078 |@title french:1 1986:1 current:1 account:1 surplus:1 revise:1 |@word french:1 1986:1 current:1 account:1 balance:1 payment:1 surplus:5 revise:1 slightly:1 upwards:1 25:2 8:3 billion:11 franc:5 4:2 figure:1 announce:1 last:3 month:1 finance:1 ministry:2 say:2 compare:1 1:3 5:2 deficit:1 1985:2 first:1 since:1 1979:1 substantially:1 low:1 50:1 forecast:1 previous:2 socialist:1 government:1 lose:1 office:1 march:1 year:2 net:1 long:2 term:2 capital:1 outflow:1 rise:2 sharply:1 70:1 largely:1 due:1 major:1 program:1 foreign:2 debt:2 repayment:2 fourth:2 quarter:3 alone:1 unadjusted:1 14:1 6:2 adjust:1 fall:1 7:1 9:1 medium:1 exceed:1 new:1 credit:1 11:1
|
FRENCH 1986 CURRENT ACCOUNT SURPLUS REVISED
The French 1986 current account balance
of payments surplus has been revised slightly upwards to 25.8
billion francs from the 25.4 billion franc figure announced
last month, the Finance Ministry said.
This compares with a 1.5 billion deficit in 1985, and while
it is the first surplus since 1979, is substantially lower than
the 50 billion surplus forecast by the previous socialist
government before they lost office in March last year.
Net long-term capital outflows rose sharply to 70.5 billion
francs last year from 8.8 billion in 1985, largely due to a
major program of foreign debt repayment, the ministry said.
In the fourth quarter alone the unadjusted surplus rose to
14.1 billion francs from 6.6 billion the previous quarter, but
the adjusted surplus fell to 7.4 billion from 9.1 billion.
Fourth quarter medium and long-term foreign debt repayments
exceeded new credits by 11 billion francs.
|
training/408
|
training/408 |@title pittston:1 pco:1 agree:1 acquire:1 wtc:1 waf:1 |@word pittston:7 co:1 say:5 tentatively:1 agree:2 acquire:1 wtc:7 international:1 n:1 v:1 tax:1 free:1 exchange:2 stock:3 0:1 523:1 common:2 share:4 8:2 612:1 000:1 outstanding:2 three:1 principal:1 shareholder:2 62:1 pct:1 party:1 agreement:2 grant:2 right:1 first:1 refusal:1 option:1 buy:1 equal:1 18:1 5:1 poct:1 subject:1 approval:1 board:1 describe:1 fast:1 grow:1 air:3 freight:2 forward:1 company:1 operation:1 throughout:1 world:1 revenue:2 total:1 nearly:1 200:1 mln:4 dlrs:4 year:1 end:2 november:1 30:1 quarter:1 date:1 earn:1 1:1 3:1 55:1 burlington:1 express:1 subsidiary:1 generate:1 two:1 third:1 450:1 annual:1 revene:1 domestic:1 service:1
|
PITTSTON <PCO> AGREES TO ACQUIRE WTC <WAF>
Pittston Co said it has
tentatively agreed to acquire WTC International N.V. in a
tax-free exchange of stock.
Pittston said it agreed to exchange 0.523 common share for
each of the about 8,612,000 WTC common shares outstanding.
Pittston said WTC's three principal shareholders, who own
62 pct of its stock, are parties to this agreement. They have
granted Pittston the right of first refusal to their shares.
WTC has granted Pittston an option to buy WTC shares equal
to 18.5 poct of its outstanding stock. The agreement is subject
to approval of both boards and WTC shareholders.
Pittston said described WTC as a fast growing air freight
forwarding company with operations throughout the world. Its
revenues totaled nearly 200 mln dlrs in the year ended November
30 and for the quarter ended on that date it earned 1.3 mln
dlrs on revenues of 55.8 mln dlrs.
Pittston said its Burlington Air Express subsidiary
generates about two-thirds of its 450 mln dlrs in annual
revenes with its domestic air freight services.
|
training/4080
|
training/4080 |@title malaysia:1 optimistic:1 economic:1 outlook:1 1987:1 |@word malaysia:1 central:1 bank:2 negara:1 say:2 economic:1 outlook:1 1987:1 good:1 view:1 mark:1 improvement:1 commodity:1 oil:1 price:1 later:1 month:2 last:2 year:2 late:1 quarterly:1 review:1 real:1 gross:1 domestic:1 product:1 average:1 annual:1 growth:2 1:3 pct:2 first:1 nine:1 compare:1 decline:1 0:1 corresponding:1 period:1 1985:1 generate:1 mainly:1 manufacturing:1 sector:1 add:1
|
MALAYSIA OPTIMISTIC OVER ECONOMIC OUTLOOK FOR 1987
Malaysia's Central Bank, Bank
Negara, said the economic outlook for 1987 is good in view of a
marked improvement in commodity and oil prices in the later
months of last year.
It said in its latest quarterly review that real gross
domestic product averaged an annual growth of 1.1 pct over the
first nine months of last year compared with a decline of 0.1
pct in the corresponding period in 1985.
Growth was generated mainly by the manufacturing sector, it
added.
|
training/4081
|
training/4081 |@title rowntree:1 report:1 pretax:1 profit:1 84:1 mln:1 stg:1 |@word rowntree:5 mackintosh:1 plc:1 rwnt:1 l:1 announce:2 make:3 pretax:1 profit:9 84:1 mln:17 stg:10 53:1 week:1 end:1 january:1 3:7 1987:1 compare:1 79:1 previous:3 year:8 turnover:1 1:3 29:1 billion:2 2:4 final:2 dividend:1 9:2 2p:2 propose:1 8:2 last:2 earning:2 per:1 share:3 rise:2 35p:1 34:2 8p:1 result:1 broadly:1 line:1 market:3 expectation:2 leave:1 499p:1 early:2 trading:4 one:1 pence:1 yesterday:1 close:1 slightly:1 pre:1 announcement:1 opening:1 level:1 ordinary:1 activity:1 tax:2 66:1 60:1 7:3 u:4 k:4 remain:1 large:2 centre:1 account:1 47:1 45:1 1985:1 second:1 geographical:1 area:1 north:3 america:1 slip:1 37:1 american:2 affect:1 fall:1 value:1 dollar:1 operation:3 continental:1 europe:3 4:2 0:2 australasia:1 11:2 rest:2 world:1 13:1 extraordinary:1 item:1 amount:1 debit:2 16:1 5:2 previously:1 company:4 spokesman:2 say:5 represent:1 additional:1 provision:1 cost:2 rationalisation:1 plan:1 expect:1 ahead:1 order:1 combine:1 statement:4 specific:1 figure:1 forecast:2 acquisition:1 continue:1 seek:1 worldwide:1 include:2 move:1 speciality:1 retailing:1 business:3 first:1 enter:1 1983:1 chairman:1 kenneth:1 dixon:1 add:1 performance:1 seven:1 buy:1 encourage:1 confectionery:2 side:1 gain:1 increase:2 margin:1 sun:1 pat:1 british:1 grocery:1 concern:1 small:1 health:1 food:1 holgate:1 raise:1 10:1 fold:1 offset:1 factor:1 currency:1 movement:1 nearly:1 sale:1 hurt:1 canadian:1 face:1 strong:1 competition:1 snack:1 mid:1 east:1 export:1
|
ROWNTREE REPORTS PRETAX PROFIT AT 84 MLN STG
Rowntree Mackintosh Plc <RWNT.L>
announced it made a pretax profit of 84 mln stg in the 53 weeks
ending January 3, 1987, compared with 79.3 mln stg in the
previous year.
Turnover was up to 1.29 billion stg from 1.2 billion. A
final dividend of 9.2p was proposed, after a final 8.2p last
year. Earnings per share rose to 35p from 34.8p.
The results were broadly in line with market expectations,
leaving shares at 499p in early trading, up one pence from
yesterday's close, but slightly off pre-announcement opening
levels.
Profit on ordinary activities after tax was 66.2 mln stg,
up from the previous year's 60.7 mln.
The U.K. Remained Rowntree's largest centre for trading
profits, accounting for 47.9 mln stg, up from 45.3 mln in 1985.
Profit from its second largest geographical area, North
America, slipped to 34.7 mln stg from 37.2 mln. North American
profits were affected by the fall of the value of the dollar.
Operations in continental Europe made 7.8 mln stg in
trading profit, up from 3.4 mln, with 4.0 mln stg made in
Australasia, up from 2.3 mln, and 11.3 mln stg from the rest of
the world, against 13.1 mln in the previous year.
Extraordinary items amounted to a 11.3 mln debit after a
16.5 mln debit previously. A company spokesman said this
represented additional provisions for the cost of
rationalisation plans announced in earlier years.
Rowntree expects North American operations will this year,
ahead of company expectations, be of the same order as those
from the U.K. And the rest of Europe combined, the statement
said. A spokesman said no specific figures had been forecast.
Acquisitions will continue to be sought worldwide,
including further moves in the speciality retailing business
which Rowntree first entered in 1983, the statement said.
Rising profit from Europe this year was forecast by
chairman Kenneth Dixon in a statement. He added the performance
of seven businesses bought last year was encouraging.
The U.K. Confectionery side gained market share and
increased trading margins. The Sun-Pat British grocery concern
increased profit and Rowntree's small health food business,
Holgates, raised earnings 10-fold, the statement said.
Offsetting factors included currency movements, which cost
the company nearly 5.0 mln stg. Sales tax hurt Canadian profits
on confectionery operations, and the company faced strong
competition in the U.K. Snack and Mid East export markets.
|
training/4083
|
training/4083 |@title rise:1 see:1 french:1 rapeseed:1 soybean:1 sowing:1 |@word france:1 oilseed:1 bean:2 cooperative:1 federation:1 ffcop:1 say:1 expect:2 french:1 rapeseed:1 sowing:5 1987:1 harvest:1 rise:3 54:1 6:3 pct:6 67:1 5:1 600:1 000:9 650:1 hectare:1 388:1 plant:1 last:2 year:2 late:1 estimate:2 also:1 suggest:1 66:1 7:2 soybean:1 80:1 ha:3 48:1 sunflow:1 increase:1 8:1 14:1 829:1 pea:1 likely:1 27:1 350:1 274:1 field:1 forecast:1 unchanged:1 40:1
|
RISE SEEN IN FRENCH RAPESEED, SOYBEAN SOWINGS
France's Oilseed and Bean Cooperatives
Federation, FFCOP, said it expected French rapeseed sowings for
the 1987 harvest to rise by between 54.6 pct and 67.5 pct to
between 600,000 and 650,000 hectares from 388,000 planted last
year.
Its latest estimates also suggested a 66.7 pct rise in
soybean sowings to 80,000 ha from 48,000 last year. Sunflower
sowings were expected to increase by between 8.6 pct and 14.6
pct from 829,000 ha. Pea sowings are estimated likely to rise
27.7 pct to 350,000 ha against 274,000, while field bean
sowings are forecast unchanged at 40,000.
|
training/4084
|
training/4084 |@title china:1 trade:1 deficit:1 fall:1 january:1 |@word china:2 trade:1 deficit:1 january:2 fall:3 310:1 mln:2 dlrs:2 460:1 1986:1 daily:1 business:1 weekly:1 say:2 quote:1 customs:1 figure:1 paper:1 export:1 1:2 75:1 billion:4 84:1 import:1 2:2 06:1 3:1
|
CHINA TRADE DEFICIT FALLS IN JANUARY
China's trade deficit in January fell to
310 mln dlrs from 460 mln in January 1986, the China Daily
Business Weekly said.
Quoting customs figures, the paper said exports fell to
1.75 billion dlrs from 1.84 billion and imports fell to 2.06
billion from 2.3 billion.
|
training/4085
|
training/4085 |@title jacobs:1 suchard:1 ag:1 jacz:1 z:1 1986:1 year:1 |@word net:1 190:1 9:1 mln:8 swiss:1 franc:6 vs:7 150:1 4:2 turnover:1 5:2 24:1 billion:2 38:1 dividend:1 160:1 per:3 bearer:1 155:1 32:1 register:1 31:1 16:1 participation:1 certificate:1 15:2 50:1 cash:1 flow:1 294:1 3:1 242:1 6:3 note:1 confirm:1 forecast:1 result:1 issue:1 january:1 operate:1 profit:1 337:1 265:1 depreciation:1 103:1 12:1 2:1 pct:2 capital:1 spending:1 84:1 7:1
|
JACOBS SUCHARD AG <JACZ.Z> 1986 YEAR
Net 190.9 mln Swiss francs vs 150.4 mln
Turnover 5.24 billion vs 5.38 billion
Dividend 160 per bearer vs 155 francs, 32 francs per
registered vs 31 francs, 16 francs per participation
certificate vs 15.50 francs
Cash flow 294.3 mln vs 242.6 mln
Note - Confirms forecast of results issued in January.
Operating profit 337.6 mln vs 265 mln
Depreciation 103.4 mln, up 12.2 pct
Capital spending 84.6 mln, down 15.7 pct.
|
training/4087
|
training/4087 |@title |@word british:2 telecom:2 third:2 quarter:2 pre:2 tax:2 profit:2 506:2 mln:4 stg:2 vs:2 452:2
|
British Telecom third quarter pre-tax profit 506 mln stg vs 452 mln
British Telecom third quarter pre-tax profit 506 mln stg vs 452 mln
|
training/4088
|
training/4088 |@title bank:1 england:1 offer:1 early:1 help:1 money:1 market:1 |@word bank:2 england:1 say:1 invite:1 discount:1 house:1 make:1 early:1 round:1 bill:4 offer:1 help:1 offset:1 large:1 liquidity:1 shortage:2 money:1 market:2 estimate:1 around:1 1:1 55:1 billion:1 stg:3 one:1 adverse:1 factor:1 unwinding:1 sale:1 repurchase:1 agreement:1 buy:1 back:1 worth:1 542:1 mln:5 mature:1 official:1 hand:1 treasury:1 take:2 would:3 drain:1 957:1 wile:1 exchequer:1 transaction:1 note:1 circulation:1 rise:1 15:1 25:1 respectively:1 target:1 banker:1 balance:1 add:1 10:1
|
BANK OF ENGLAND OFFERS EARLY HELP IN MONEY MARKET
The Bank of England said it had invited
the discount houses to make an early round of bill offers to
help offset a large liquidity shortage in the money market.
It estimated the shortage at around 1.55 billion stg, one
adverse factor being the unwinding of a sale and repurchase
agreement, with the market having to buy back bills worth 542
mln stg from the Bank.
Bills maturing in official hands and the treasury bill
take-up would drain 957 mln stg wile exchequer transactions and
a note circulation rise would take out 15 mln and 25 mln
respectively. Above target bankers' balances would add 10 mln.
|
training/4089
|
training/4089 |@title british:1 telecom:1 3rd:1 qtr:1 end:1 dec:1 31:1 |@word shr:1 5:1 1p:1 vs:16 4:1 2p:1 make:8 15:1 3p:1 12:1 7p:1 nine:2 month:2 pre:1 tax:2 profit:3 506:1 mln:17 stg:3 452:1 1:4 51:1 billion:8 35:1 net:2 minority:2 320:1 268:1 960:1 807:1 note:1 company:1 full:1 name:1 british:1 telecommunications:1 plc:1 bty:1 l:1 third:1 quarter:1 turnover:1 2:2 40:1 11:1 7:1 01:1 6:1 16:1 operate:1 578:1 520:1 72:2 56:1 interest:1 payable:1 68:1 208:1 203:1 186:1 184:1 552:1 547:1 nil:3 two:1
|
BRITISH TELECOM 3RD QTR ENDED DEC 31
Shr 5.1p vs 4.2p, making 15.3p vs 12.7p for nine months.
Pre-tax profit 506 mln stg vs 452 mln, making 1.51 billion
stg vs 1.35 billion.
Net profit before minorities 320 mln vs 268 mln, making 960
mln vs 807 mln.
Note - Company's full name is British Telecommunications
Plc <BTY.L>.
Third quarter turnover 2.40 billion stg vs 2.11 billion,
making 7.01 billion vs 6.16 billion for nine months.
Operating profit 578 mln vs 520 mln, making 1.72 billion vs
1.56 billion.
Net interest payable 72 mln vs 68 mln, making 208 mln vs
203 mln.
Tax 186 mln vs 184 mln, making 552 mln vs 547 mln.
Minorities nil vs nil, making two mln vs nil.
|
training/409
|
training/409 |@title sdc:2 sydney:1 cost:1 review:1 may:1 eliminate:1 product:1 |@word sydney:1 development:1 corp:1 earlier:2 report:1 increase:3 nine:2 month:2 operate:1 loss:3 say:2 cost:2 control:1 review:1 underway:1 may:1 result:1 reduction:1 elimination:1 unprofitable:1 non:1 strategic:1 product:1 service:1 company:1 operating:1 end:1 december:1 31:1 1986:1 7:3 mln:4 dlrs:4 1:1 prior:1 year:2 early:1 revenue:1 20:1 pct:1 11:1 8:2 9:1
|
SDC SYDNEY COST REVIEW MAY ELIMINATE PRODUCTS
<SDC Sydney
Development Corp>, earlier reporting an increased nine month
operating loss, said a cost control review now underway may
result in cost reduction and elimination of unprofitable and
non-strategic products and services.
The company's operating loss for the nine months ended
December 31, 1986 increased to 7.7 mln dlrs from a loss of 1.7
mln dlrs in the prior year, it said earlier.
Revenues increased by 20 pct to 11.8 mln dlrs from
year-earlier 9.8 mln dlrs.
|
training/4090
|
training/4090 |@title u:1 k:1 money:1 market:1 give:1 early:1 assistance:1 |@word bank:2 england:1 say:2 buy:1 bill:1 worth:1 1:2 059:1 billion:2 stg:2 market:2 resale:1 march:1 31:1 rate:1 interest:1 10:2 7:1 16:1 pct:2 17:1 32:1 earlier:1 estimate:1 liquidity:1 shortage:1 today:1 around:1 55:1
|
U.K. MONEY MARKET GIVEN EARLY ASSISTANCE
The Bank of England said it had bought
bills worth 1.059 billion stg from the market for resale on
March 31 at rates of interest between 10-7/16 pct and 10-17/32
pct.
Earlier, the Bank said it estimated the liquidity shortage
in the market today at around 1.55 billion stg.
|
training/4091
|
training/4091 |@title danish:1 unemployment:1 rise:1 7:1 9:1 pct:1 january:1 |@word denmark:1 seasonally:1 adjusted:1 unemployment:1 rate:1 rise:1 7:2 9:1 pct:2 workforce:1 january:4 8:1 december:2 unchanged:1 1986:2 national:1 statistics:1 office:1 say:1 total:1 unemployed:1 216:2 200:2 212:1 600:1
|
DANISH UNEMPLOYMENT RISES TO 7.9 PCT IN JANUARY
Denmark's seasonally adjusted
unemployment rate rose to 7.9 pct of the workforce in January
from 7.8 pct in December, unchanged from January 1986, the
National Statistics Office said.
The total of unemployed in January was 216,200 against
212,200 in December and 216,600 in January 1986.
|
training/4092
|
training/4092 |@title rowntree:1 mackintosh:1 plc:1 rwnt:1 l:1 year:1 end:1 january:1 |@word shr:1 35:1 0p:1 vs:11 34:2 8p:1 div:2 final:1 9:2 2p:2 8:2 pretax:1 profit:2 84:1 0:2 mln:17 stg:2 79:1 3:6 net:1 tax:1 66:1 2:4 60:1 7:4 turnover:1 1:3 290:1 4:3 205:1 trading:1 105:1 101:1 consist:1 u:1 k:1 47:1 45:1 europe:1 north:1 america:1 37:1 australasia:1 rest:1 world:1 11:1 13:1
|
ROWNTREE MACKINTOSH PLC<RWNT.L> YEAR TO END JANUARY
Shr 35.0p vs 34.8p
Div final div 9.2p vs 8.2p
Pretax profit 84.0 mln stg vs 79.3 mln
Net after tax 66.2 mln vs 60.7 mln
Turnover 1,290.4 mln vs 1,205.2 mln
Trading profit 105.7 mln stg vs 101.3 mln, consisting -
U.K 47.9 mln vs 45.3
Europe 7.8 mln vs 3.4 mln
North America 34.7 mln vs 37.2 mln
Australasia 4.0 mln vs 2.3 mln
Rest of world 11.3 mln vs 13.1 mln
|
training/4093
|
training/4093 |@title taiwan:1 clamp:1 new:1 control:1 currency:1 inflow:1 |@word taiwan:13 new:3 control:8 currency:7 inflow:3 implement:1 today:2 desperate:1 bid:1 stem:1 flood:1 speculative:2 money:3 prompt:1 local:7 surge:1 u:9 dollar:6 foreign:6 banker:7 say:14 central:6 bank:11 clear:1 remittance:4 exceed:1 one:2 mln:1 dlrs:8 earn:1 export:2 shipping:1 insurance:2 lending:1 plus:2 10:2 000:2 source:1 petitioner:1 show:1 relate:1 genuine:1 commercial:1 transaction:1 meanwhile:1 trader:1 longer:1 require:1 report:2 outward:1 payment:1 concern:1 invisible:1 trade:2 include:1 freight:1 royalty:1 believe:2 would:1 ineffective:1 since:2 businessman:1 could:2 split:1 small:1 unit:1 simply:2 remit:1 flourish:1 black:1 market:1 announce:1 march:1 6:2 panic:1 reaction:1 pressure:3 intensify:1 past:1 week:2 fast:1 appreciation:1 slow:1 growth:1 government:4 deny:1 press:2 washington:3 exchange:7 rate:2 28:1 open:1 four:1 cent:1 34:1 70:1 think:1 final:2 target:1 executive:2 economist:4 wary:1 make:1 firm:1 prediction:1 far:1 rise:2 surplus:2 hit:1 13:1 billion:7 last:5 year:6 2:2 1985:2 widen:1 first:1 two:1 month:1 35:1 1:1 87:1 period:1 estimate:1 five:1 flow:1 1986:1 help:1 boost:1 reserve:2 51:1 25:1 time:2 provide:1 upward:1 appreciate:1 almost:1 15:1 pct:1 september:1 encourage:1 speculators:1 governor:1 chang:1 chi:1 cheng:1 mean:1 strengthening:1 inevitable:1 many:1 argue:1 effective:1 solution:1 problem:2 drop:1 allow:2 find:1 level:1 lifting:1 answer:1 prepared:1 want:1 take:2 risk:1 restriction:2 temporary:1 measure:1 design:1 buy:1 grapple:1 bureaucratic:1 imposition:1 skirt:1 around:1 real:1 issue:1 need:1 fundamental:1 restructuring:1 western:1 create:1 paperwork:1 extra:1 charge:1 outweigh:1 profit:1 speculation:1 manager:1 european:1 criticise:1 antagonise:1 push:1 economic:1 liberalisation:2 instead:1 liberalise:1 outflow:1 restrict:1 kate:1 newman:1 vickers:1 da:1 costa:1 decline:1 name:1 basically:1 ridiculous:1 backward:1 movement:1 go:1 programme:1 ease:1 financial:1 regulation:1 enable:1 national:1 invest:1 bond:1 treasury:1 bill:1 certificate:1 deposit:1 individual:1 5:1 cash:1 country:1
|
TAIWAN CLAMPS NEW CONTROLS ON CURRENCY INFLOWS
Taiwan's new controls on currency
inflows, implemented today, are a desperate bid to stem a flood
of speculative money prompted by the local currency surge
against the U.S. Dollar, local and foreign bankers said.
The central bank now has to clear remittances exceeding one
mln U.S. Dlrs earned from exports, shipping and insurance and
bank lending plus remittances of more than 10,000 dlrs from any
other source.
Petitioners have to show their remittances relate to
genuine commercial transactions.
Meanwhile, traders are no longer required to report all
outward payments concerning invisible trade, including freight,
insurance and royalties, to the central bank.
But bankers said they believed the new controls would be
ineffective since businessmen could split up remittances into
smaller units or simply remit money through Taiwan's
flourishing currency black market.
The bankers said the controls, announced on March 6, are a
panic reaction to U.S. Pressure, which has intensified over the
past week, for a faster appreciation of the Taiwan dollar to
slow the growth of Taiwan's exports to the U.S.
The government has denied local press reports Washington is
pressing for an exchange rate of up to 28 dlrs.
The Taiwan dollar opened four cents up today at 34.70.
'I don't think the central bank has a final target,' said an
executive with a U.S. Bank. Other bankers and economists said
they are wary of making any firm predictions about how far the
Taiwan dollar will rise.
Taiwan's trade surplus with the U.S. Hit 13.6 billion U.S.
Dlrs last year against 10.2 billion in 1985. The surplus
widened in the first two months of the year to 2.35 billion
dlrs from 1.87 billion in the same period last year.
Economists estimate up to five billion dlrs in speculative
money flowed into Taiwan in 1986.
This inflow helped boost foreign exchange reserves to more
than 51 billion dlrs from just under 25 billion this time last
year and provided further upward pressure on the currency.
The Taiwan dollar has appreciated by almost 15 pct against
the U.S. Currency since September 1985, further encouraging
speculators.
Central bank governor Chang Chi-cheng said last week
Washington's pressure plus rising foreign exchange reserves
meant a further strengthening in the currency is inevitable.
Many local bankers argue the only effective solution to the
currency problem is to drop foreign exchange controls and allow
the local dollar to find its own level.
'Lifting exchange controls is the final answer, but the
central bank is not prepared to do it. It simply does not want
to take the risk,' said one local banker.
He said he believed the new restrictions are a temporary
measure designed to buy time as the central bank grapples with
the exchange rate problem.
The restrictions are a bureaucratic imposition and skirt
around the real issue, he said.
Taiwan needs a fundamental restructuring of foreign
exchange controls, said an executive with a western bank.
'The controls will create more paperwork, but the extra bank
charges will not outweigh the profits of speculation,' said the
manager of a European bank.
Economists criticised the controls, saying they could
antagonise Washington, which is pushing for further economic
liberalisation in Taiwan.
'Instead of liberalising outflows, the government has
restricted inflows,' said Kate Newman, an economist with Vickers
da Costa.
A local banker, who declined to be named, said, 'It's
basically ridiculous. It's a backward movement and goes against
the government's liberalisation programme.'
Taiwan last year eased some of its financial regulations to
enable Taiwan nationals to invest in foreign government bonds,
treasury bills and certificates of deposit and to allow
individuals to take 5,000 U.S. Dlrs in cash out of the country
each year.
|
training/4094
|
training/4094 |@title glynwed:1 international:1 plc:1 glyn:1 l:1 1986:1 year:1 |@word shr:1 net:3 basis:1 27:1 47p:1 vs:9 22:1 15p:1 div:1 6:3 5p:1 5:1 4p:2 make:1 10:1 1p:1 8:2 pretax:1 profit:1 46:1 1:3 mln:12 stg:1 35:1 tax:1 30:1 23:1 3:3 extraordinary:1 item:1 debit:2 2:2 interest:1 payable:1 7:2 4:1 0:1 borrowing:1 16:1 turnover:1 478:1 9:1 464:1
|
GLYNWED INTERNATIONAL PLC <GLYN.L> 1986 YEAR
Shr, net basis 27.47p vs 22.15p
Div 6.5p vs 5.4p making 10.1p vs 8.4p
Pretax profit 46.1 mln stg vs 35.6 mln
Net after tax 30 mln vs 23.3 mln
Extraordinary items debit 3.8 mln vs debit 2.3 mln
Interest payable 2.7 mln vs 4.0 mln
Net borrowings 7.6 mln vs 16.1 mln
Turnover 478.9 mln vs 464.1 mln
|
training/4096
|
training/4096 |@title dutch:1 sugar:1 trade:1 deny:1 involvement:1 offer:1 |@word dutch:5 sugar:6 trader:8 deny:1 involvement:1 plan:2 offer:5 850:1 000:4 tonne:5 intervention:3 protest:2 ec:2 export:2 policy:2 price:2 tell:1 reuter:1 although:1 2:2 500:2 netherlands:1 producer:3 say:3 actually:1 belgian:3 industry:2 sympathise:1 action:2 french:2 west:2 german:3 party:1 spokesman:2 commission:1 source:2 yesterday:1 sell:1 775:1 stock:1 75:1 trade:1 give:1 figure:1 france:1 estimate:1 110:1 add:1 weekly:1 tender:1 squeeze:1 european:1 way:1 really:1 register:1 desperate:1 believe:1 withdraw:1 within:1 three:1 week:1 breathing:1 space:1 allow:1
|
DUTCH SUGAR TRADE DENY INVOLVEMENT IN OFFER
Dutch sugar traders deny involvement
in a plan to offer more than 850,000 tonnes of sugar to
intervention in protest at EC export policy and prices, traders
told Reuters.
Although some 2,500 tonnes of sugar have been offered to
intervention in the Netherlands, Dutch producers and traders
said this sugar was actually Belgian and was being offered by
the Belgian industry.
'We sympathise with the actions of the French, West German
and Belgian traders and producers, but we are not party to it,'
a spokesman said.
EC Commission sources said yesterday French traders planned
to sell 775,000 tonnes into intervention stocks, West German
traders 75,000 tonnes and Dutch traders 2,500. Dutch trade
sources gave the same figure for France, but estimated up to
110,000 tonnes offered by German traders and producers.
The Dutch spokesman added, 'The weekly export tender policy
and prices are squeezing the European sugar industry, and this
is the only way in which they can really register their
protest.
'These are desperate actions, but we believe that most of
this offered sugar will be withdrawn within the three-week
breathing space allowed.'
|
training/4097
|
training/4097 |@title glynwed:1 see:1 progress:1 1987:1 |@word glynwed:1 international:1 plc:1 glyn:1 l:1 statement:1 accompany:1 result:2 present:1 indication:1 1987:1 start:1 well:1 confident:1 year:1 one:2 progress:1 company:1 add:1 u:1 poor:1 deterioration:1 south:1 african:1 economy:1 leave:1 falkirk:1 industry:1 unit:1 loss:1 mln:2 stg:2 say:1 continue:1 improvement:1 core:1 business:2 extraordinary:1 item:1 debit:1 3:1 8:1 arise:1 closure:1 disposal:1 various:1
|
GLYNWED SEES FURTHER PROGRESS IN 1987
Glynwed International Plc <GLYN.L> in a
statement accompanying their results that present indications
are that 1987 has started well and it is confident that the
year will be one of further progress.
The company added that results in the U.S. Were poor and
the deterioration in the South African economy left its Falkirk
Industries unit with a loss of one mln stg. But it said there
was a continuing improvement in its core businesses.
The extraordinary items debit of 3.8 mln stg arose on the
closure and disposal of various businesses.
|
training/4098
|
training/4098 |@title british:1 telecom:1 see:1 satisfactory:1 1986:1 87:1 result:1 |@word british:2 telecommunications:1 plc:1 bty:1 l:1 expect:1 announce:1 satisfactory:1 result:3 1986:1 87:1 financial:2 year:4 end:2 march:1 chairman:1 sir:1 george:1 jefferson:2 say:4 third:2 quarter:3 statement:2 full:1 publish:1 june:1 1985:1 86:1 pre:3 tax:4 profit:2 rise:1 1:5 81:1 billion:4 stg:4 48:1 previous:1 period:2 good:1 progress:1 make:1 late:2 nine:3 month:3 customer:1 able:1 maintain:1 normal:1 level:2 call:1 recent:1 strike:1 company:2 engineer:1 positive:1 cash:1 flow:1 381:1 mln:3 first:1 diminish:1 final:1 due:1 corporation:1 dividend:1 payment:1 earlier:2 report:1 december:1 31:1 506:1 compare:1 452:1 51:1 35:1 telecom:1 share:1 last:1 quote:1 246:1 2p:1 yesterday:1 wake:1 line:1 market:1 expectation:1 dealer:1
|
BRITISH TELECOM SEES SATISFACTORY 1986/87 RESULTS
British Telecommunications Plc <BTY.L>
expects to announce satisfactory results for its 1986/87
financial year ending March, chairman Sir George Jefferson said
in a third quarter statement.
Full year results will be published in June. In the 1985/86
financial year, pre-tax profit rose to 1.81 billion stg from
1.48 billion in the previous period.
Jefferson said good progress was made in the latest nine
months, while most customers were able to maintain their normal
level of calls during the recent strike by company engineers.
The statement said a positive cash flow of 381 mln stg for
the first nine months will diminish in the final quarter due to
corporation tax and dividend payments.
Earlier, the company reported third quarter pre-tax profit
for the period ended December 31 of 506 mln stg compared with
452 mln a year earlier. Nine month pre-tax was 1.51 billion stg
against 1.35 billion.
British Telecom shares were last quoted at 246-1/2p, level
with late yesterday, in the wake of results which were in line
with market expectations, dealers said.
|
training/4099
|
training/4099 |@title india:1 buy:1 white:1 sugar:1 london:1 trader:1 |@word india:1 yesterday:2 buy:2 two:3 cargo:7 white:2 sugar:1 london:1 trader:1 april:3 may:5 shipment:2 grant:2 trade:1 house:1 option:2 sell:3 additional:1 price:2 june:2 firm:1 involve:1 say:2 e:1 f:1 man:1 woodhouse:1 drake:1 carey:1 single:2 237:1 35:1 dlrs:1 tonne:1 cif:1 extra:1 indian:1 tender:2 three:2 four:1 hold:1 call:1 prompt:1
|
INDIA BUYS WHITE SUGAR FROM LONDON TRADERS
India yesterday bought two cargoes of
white sugar from London traders for April/May shipment and
granted the trade houses the option to sell an additional two
cargoes at the same price for May/June shipment, the firms
involved said.
E D and F Man and Woodhouse, Drake and Carey both said they
sold single cargoes at 237.35 dlrs a tonne cif for April/May
and were granted options to sell an extra cargo each at the
same price for May/June at the Indian buying tender for three
to four cargoes of whites held yesterday. The tender had called
for a single cargo of prompt and two to three cargoes of
April/May.
|
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