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training/4555
|
training/4555 |@title inflation:1 still:1 concern:1 volcker:1 say:1 |@word federal:2 reserve:2 board:1 chairman:2 paul:1 volcker:2 say:6 fed:2 financial:2 market:4 remain:3 concerned:1 possibility:2 renew:3 inflation:4 concern:1 within:1 remark:1 prepare:1 delivery:1 group:1 business:2 leader:1 one:1 potential:1 channel:1 inflationary:1 pressure:1 would:5 excessive:1 fall:1 dollar:2 exchange:2 push:1 import:1 price:2 sharply:1 participant:1 skeptical:1 prospect:1 last:1 stability:1 skepticism:1 ability:1 resist:1 reinforce:1 bad:1 policy:2 consequence:1 interest:1 rate:2 economy:1 generally:1 clearly:1 undesirable:1 recognition:1 danger:1 neccesarily:1 must:1 weigh:1 heavily:1 formation:1 monetary:1 attempt:1 drive:1 much:1 lower:1 undermine:1 hard:1 win:1 gain:1 risk:1 dissipate:1 flow:1 foreign:1 capital:1
|
INFLATION STILL A CONCERN, VOLCKER SAYS
Federal Reserve Board Chairman Paul
Volcker said both the Fed and the financial markets remain
concerned about the possibility of renewed inflation.
'A possibility of renewed inflation remains of concern,
both in the markets and within the Federal Reserve,' he said in
remarks prepared for delivery to a group of business leaders
here.
He said one potential channel for renewed inflationary
pressures would be an excessive fall of the dollar in the
exchange markets, which would push import prices up sharply.
He said participants in financial markets and business
remain skeptical of prospects for lasting price stability.
'Should the skepticism about our ability to resist
inflation be reinforced by bad policy, the consequences for
interest rates, for exchange rates, and for the economy
generally would clearly be undesirable...recognition of that
danger neccesarily must weigh heavily in the formation of
monetary policy,' the Fed chairman said.
Volcker said attempts to drive the dollar much lower would
undermine the hard won gains against inflation and would risk
dissipating the flow of foreign capital.
|
training/4558
|
training/4558 |@title unocal:2 raise:2 crude:2 price:2 50:4 ct:2 today:2 wti:2 17:2 dlrs:2 |@word
|
UNOCAL RAISES MOST CRUDE PRICES 50 CTS, TODAY, WTI AT 17.50 DLRS
UNOCAL RAISES MOST CRUDE PRICES 50 CTS, TODAY, WTI AT 17.50 DLRS
|
training/456
|
training/456 |@title strober:1 organization:1 inc:1 strb:1 4th:1 qtr:1 net:1 |@word shr:2 22:1 ct:4 vs:8 17:1 net:2 1:2 232:1 000:6 834:1 sale:2 24:1 mln:6 20:1 9:2 avg:2 shrs:2 5:2 609:1 five:2 year:1 97:1 69:1 4:2 985:1 3:1 426:1 92:1 77:1 153:1
|
STROBER ORGANIZATION INC <STRB> 4TH QTR NET
Shr 22 cts vs 17 cts
Net 1,232,000 vs 834,000
Sales 24.1 mln vs 20.9 mln
Avg shrs 5,609,000 vs five mln
Year
Shr 97 cts vs 69 cts
Net 4,985,000 vs 3,426,000
Sales 92.4 mln vs 77.9 mln
Avg shrs 5,153,000 vs five mln
|
training/4560
|
training/4560 |@title shawmut:1 corp:1 shas:1 set:1 regulary:1 dividend:1 |@word qtly:1 div:1 51:2 ct:2 vs:1 prior:1 pay:1 april:1 one:1 record:1 march:1 23:1
|
SHAWMUT CORP <SHAS> SETS REGULARY DIVIDEND
Qtly div 51 cts vs 51 cts prior
Pay April one
Record March 23
|
training/4562
|
training/4562 |@title anglo:1 american:1 aivj:1 j:1 year:1 dec:1 31:1 |@word shr:1 516:1 ct:1 vs:9 347:1 final:1 div:3 135:1 125:1 make:1 190:1 180:1 pre:1 tax:2 133:1 mln:9 rand:1 137:1 net:1 260:1 172:1 76:1 42:1 att:1 outside:1 shareholder:1 96:1 53:1 pref:1 1:1 turnover:1 3:1 14:1 billion:2 2:1 56:1 pay:1 may:1 8:1 register:1 march:1 27:1 note:1 full:1 name:1 anglo:1 american:1 industrial:1 corp:1 ltd:1
|
ANGLO AMERICAN <AIVJ.J> YEAR TO DEC 31
Shr 516 cts vs 347
Final div 135 vs 125 making 190 vs 180
Pre-tax 133 mln rand vs 137 mln
Net 260 mln vs 172 mln
Tax 76 mln vs 42 mln
Att to outside shareholders 96 mln vs 53 mln
Pref div 1 mln vs same
Turnover 3.14 billion vs 2.56 billion
Div pay May 8, register March 27.
Note - Full name is Anglo American Industrial Corp Ltd.
|
training/4564
|
training/4564 |@title live:1 cattle:1 rally:1 lockout:1 meat:1 plant:1 end:1 |@word live:4 cattle:4 future:4 post:2 robust:1 rally:5 today:1 major:1 beef:2 pack:1 company:5 say:12 would:3 end:2 lockout:2 slaughter:2 plant:6 dakota:1 city:1 neb:1 april:1 delivery:1 chicago:2 mercantile:2 exchange:4 close:3 64:1 45:1 cent:2 pound:1 0:1 83:1 market:4 expect:2 demand:2 animal:3 increase:2 restart:1 operations:1 iowa:1 processor:1 division:1 occidental:1 petroleum:4 plan:2 reopen:1 one:1 large:2 nation:1 march:2 16:1 since:1 dec:1 14:1 day:2 contract:2 ibp:1 local:1 222:1 united:1 food:1 commercial:1 workers:1 union:4 expire:1 employ:1 2:1 800:1 worker:2 several:1 thousand:1 spokesman:1 lock:1 threaten:1 disrupt:1 operation:1 unclear:1 whether:1 meatpacker:1 return:1 work:1 reject:1 late:1 offer:1 5:1 trader:5 price:9 advance:1 midsession:1 rumor:1 circulate:1 gain:1 fuel:1 noticeable:1 cash:1 nebraska:1 texas:1 panhandle:1 also:3 boost:2 value:1 hog:2 frozen:1 pork:1 belly:1 support:1 indication:1 producer:1 expand:1 herd:1 slow:1 rate:1 previously:1 modest:1 new:3 york:3 report:3 soviet:1 reduce:1 crude:1 oil:1 export:4 may:2 pressure:2 friday:1 nauman:1 barakat:1 analyst:1 smith:1 barney:1 harris:1 upham:1 co:1 buying:1 deal:1 help:1 recover:1 early:1 weakness:1 gold:1 partly:1 response:3 strength:1 silver:2 commodity:1 u:1 brokerage:1 house:1 recommend:1 customer:1 buy:1 metal:1 coffee:2 drift:1 lower:2 colombia:1 sugar:2 slightly:1 high:2 cocoa:1 despite:1 sale:1 european:1 commission:1 wednesday:1 soybean:3 wheat:2 low:1 corn:1 mix:1 board:1 trade:1 expectation:1 agriculture:1 department:1 healthy:1 signup:1 conservation:1 reserve:1 program:1 pay:1 farmer:1 leave:1 highly:1 erodible:1 land:1 idle:1 instead:1 crop:1 concern:1 strike:1 brazilian:1 seaman:1 interrupt:1 brazil:1 harvest:1 begin:1 underpinned:1 sell:1 trend:1 chart:1
|
LIVE CATTLE RALLY AS LOCKOUT AT MEAT PLANT ENDS
Live cattle futures posted a robust
rally today after a major beef packing company said it would
end a lockout at its slaughtering plant in Dakota City, Neb.
April delivery cattle on the Chicago Mercantile Exchange
closed at 64.45 cents a pound, up 0.83 cent, as the market
expected demand for live animals to increase as the plant
restarts operations.
Iowa Beef Processors, a division of Occidental Petroleum,
said it planned to reopen the plant, one of the largest in the
nation, on March 16. The plant has been closed since Dec. 14,
the day after a contract between IBP and Local 222 of the
United Food and Commercial Workers Union expired.
The plant employs 2,800 workers and can slaughter several
thousand animals a day, a company spokesman said.
The company said it locked out union workers because they
threatened to disrupt operations. It was unclear whether union
meatpackers would return to work. They rejected the company's
latest contract offer March 5.
Traders said cattle prices advanced at midsession as rumors
circulated that the lockout was ending, and gains were further
fueled by a noticeable increase in demand for live animals on
cash markets in Nebraska and the Texas Panhandle.
The rally in cattle also boosted values of live hogs and
frozen pork bellies, which also were supported by indications
that producers were expanding their hog herds at a slower rate
than previously expected.
Petroleum futures posted a modest rally on the New York
Mercantile Exchange.
But a report that the Soviet Union planned to reduce the
price of its crude oil exports may pressure the market Friday,
said Nauman Barakat, petroleum analyst in New York with Smith
Barney, Harris Upham and Co.
Buying by companies that deal in petroleum helped prices
recover from early weakness, traders said.
Gold futures rallied, partly in response to strength in the
silver market, on the Commodity Exchange in New York. Silver
prices rallied after a U.S. brokerage house recommended its
customers buy the metal, traders said.
Coffee futures drifted lower in response to a report that
Colombia lowered the price of its exports, traders said.
Sugar prices closed slightly higher on the Coffee, Sugar
and Cocoa Exchange despite a large export sale by the European
Commission on Wednesday.
Soybeans were higher, wheat lower and corn mixed on the
Chicago Board of Trade.
Soybeans were boosted by expectations that the Agriculture
Department would report a healthy signup for the Conservation
Reserve Program, which pays farmers to leave highly erodible
land idle instead of planting a crop, traders said.
Concern that a strike by Brazilian seamen might interrupt
exports of soybeans from Brazil, where the harvest is just
beginning, also underpinned prices, they said.
Wheat prices were pressured by selling in response to
trends on price charts, they said.
|
training/4569
|
training/4569 |@title permian:1 basin:1 pbt:1 prove:1 reserve:1 fall:1 |@word permian:4 basin:1 royalty:1 trust:1 say:5 december:2 31:1 1986:2 estimate:4 proved:4 reserve:4 total:1 18:1 5:1 mln:8 barrel:2 oil:3 52:1 9:1 mcf:2 thousand:1 cubic:1 foot:1 gas:3 compare:2 yearend:1 1985:2 26:1 4:1 78:1 6:2 future:3 net:3 revenue:3 335:1 dlrs:4 814:1 2:1 present:1 value:1 discount:1 10:1 pct:1 165:1 3:2 374:1 downward:1 revision:1 result:1 decrease:1 price:1
|
PERMIAN BASIN <PBT> PROVEN RESERVES FALL
Permian Basin Royalty Trust
said that as of December 31, 1986, its estimated proved
reserves totaled 18.5 mln barrels of oil and 52.9 mln MCF, or
thousand cubic feet, of gas.
This compares with yearend 1985 proved reserves estimates
of 26.4 mln barrels of oil and 78.6 mln MCF of gas, Permian
said.
Permian said December 1986 future net revenues from proved
reserves were 335.6 mln dlrs, down from 814.2 mln dlrs in 1985.
Permian said the present value of estimated future net
revenues discounted at 10 pct is 165.3 mln dlrs, compared with
374.3 mln dlrs.
It said the downward revisions in both proved reserves and
estimated future net revenues resulted from decreased prices for
oil and gas.
|
training/4573
|
training/4573 |@title venezuelan:1 president:1 defend:1 refinance:1 accord:1 |@word president:1 jaime:1 lusinchi:5 defend:2 20:2 3:5 billion:3 dlr:2 debt:3 rescheduling:4 accord:4 government:2 recently:1 sign:3 say:7 open:1 new:3 credit:1 flow:3 bring:1 need:1 foreign:1 investment:2 venezuela:6 annual:1 state:1 nation:2 speech:2 also:1 support:1 latin:1 american:1 debtor:1 despite:1 reach:1 90:1 minute:1 congress:1 sum:1 achievement:1 administration:1 take:1 office:1 february:2 1984:1 point:1 pct:3 growth:1 non:1 oil:1 gdp:1 1986:1 moderate:1 12:2 inflation:1 rate:2 feb:1 27:2 put:1 end:1 process:1 calvary:1 post:1 four:1 year:3 refinance:1 manage:1 achieve:1 inmportant:1 thing:1 reopen:1 financial:1 abroad:1 essential:1 financing:3 development:2 trade:1 detail:1 agreement:2 finalize:1 seek:1 import:1 component:1 project:1 intention:1 continue:1 net:1 exporter:1 capital:2 protect:1 balance:1 payment:4 towards:1 extend:1 14:1 interest:1 lower:2 1:3 8:2 7:1 libor:1 time:1 next:1 three:1 450:1 350:1 dlrs:1 critic:1 merely:1 defer:1 weight:1 future:1
|
VENEZUELAN PRESIDENT DEFENDS REFINANCING ACCORD
president jaime lusinchi defended the
20.3 billion dlr debt rescheduling accord his government
recently signed, saying it will open new credit flows and bring
needed foreign investment to venezuela.
In his annual state of the nation speech, lusinchi also
said venezuela supports other latin american debtors, despite
having reached a rescheduling accord on its own.
In the 90-minute speech to the congress, lusinchi summed up
the achievements of his administration, which took office in
february 1984. He pointed to the 3.3 pct growth in non-oil gdp
in 1986 and to a 'moderate' 12 pct inflation rate.
Lusinchi said the 20.3 billion dlr debt rescheduling signed
feb. 27 put an end to a process which had been 'the calvary of
our nation over the post four years.'
In the refinancing accord, he said, venezuela managed to
achieve 'the most inmportant thing, which is the reopening of
financial flows from abroad, essential for the financing of
development and the (financing) of trade and investment.'
Once all the details of the agreement are finalized, he
said, venezuela will seek new financing for the imported
components of new development projects.
'our intention is not to continue being net exporters of
capital, but to protect our balance of payments with a flow of
capital towards venezuela,' he said.
Under the agreement signed february 27, venezuela extended
payments on the debt from 12 to 14 years, while the interest
rate was lowered from 1 y 1/8 to 7/8 of a pct over libor.
At the same time, payments over the next three years were
lowered from 3.450 to 1.350 billion dlrs.
Lusinchi defended the rescheduling accord against critics
who said it merely deferred the weight of payments to future
governments.
|
training/4574
|
training/4574 |@title anglo:1 american:1 aivj:1 j:1 year:1 dec:1 31:1 |@word shr:1 516:1 ct:1 vs:9 347:1 final:1 div:3 135:1 125:1 make:1 190:1 180:1 pre:1 tax:2 133:1 mln:9 rand:1 137:1 net:1 260:1 172:1 76:1 42:1 att:1 outside:1 shareholder:1 96:1 53:1 pref:1 1:1 turnover:1 3:1 14:1 billion:2 2:1 56:1 pay:1 may:1 8:1 register:1 march:1 27:1 note:1 full:1 name:1 anglo:1 american:1 industrial:1 corp:1 ltd:1
|
ANGLO AMERICAN <AIVJ.J> YEAR TO DEC 31
Shr 516 cts vs 347
Final div 135 vs 125 making 190 vs 180
Pre-tax 133 mln rand vs 137 mln
Net 260 mln vs 172 mln
Tax 76 mln vs 42 mln
Att to outside shareholders 96 mln vs 53 mln
Pref div 1 mln vs same
Turnover 3.14 billion vs 2.56 billion
Div pay May 8, register March 27.
Note - Full name is Anglo American Industrial Corp Ltd.
|
training/4576
|
training/4576 |@title unocal:1 ucl:1 raise:1 crude:1 oil:1 posting:1 |@word unocal:3 corp:3 say:3 raise:5 contract:4 price:9 pay:1 grade:2 crude:4 oil:2 50:8 ct:4 barrel:6 effective:2 today:3 increase:3 bring:5 post:1 u:1 benchmark:1 west:2 texas:2 intermediate:1 17:5 dlrs:5 also:4 sour:1 bbl:2 light:1 louisiana:1 sweet:1 85:1 last:1 change:1 posting:3 march:1 four:1 line:1 major:1 company:1 steadily:1 recent:1 week:1 represent:1 late:1 series:1 begin:1 usx:1 x:1 marathon:1 petroleum:2 notification:1 yesterday:1 evening:1 wti:2 earlier:1 sun:2 co:1 phillips:1 p:1 diamond:1 shamrock:1 dia:1 rise:1 response:1 high:1 spot:1 market:1 trader:1
|
UNOCAL <UCL> RAISES CRUDE OIL POSTINGS
Unocal Corp said it raised the
contract price it will pay for most grades of crude oil 50 cts
a barrel, effective today.
The increase brings Unocal's posted price for the U.S.
benchmark grade West Texas Intermediate to 17.50 dlrs a barrel.
It also brought the price for West Texas Sour to 17.50 dlrs a
bbl. Light Louisiana Sweet was also raised 50 cts to 17.85
dlrs/bbl.
Unocal last changed its crude postings on March four, and
brings it price in line with other major companies, which have
been raising prices steadily in recent weeks.
The increase also represents the latest in a series of
increases that began with USX Corp's <X> Marathon Petroleum
Corp's notification yesterday evening that, effective today, it
raised its crude postings 50 cts a barrel, bringing its
contract price for WTI to 17.50 dlrs a barrel.
Earlier today, Sun Co <SUN>, Phillips Petroleum <P> and
Diamond Shamrock <DIA> also said they raised their crude
postings 50 cts a barrel, bringing their WTI contract price to
17.50 dlrs a barrel.
Contract prices have risen in response to higher spot
market prices, oil traders said.
|
training/4577
|
training/4577 |@title meatpacker:1 respond:1 occidental:1 oxy:1 offer:1 |@word local:2 222:2 united:1 food:1 commercial:1 workers:1 union:1 say:2 call:1 membership:1 meeting:1 possibly:1 sunday:1 discuss:1 response:1 decision:1 iowa:1 beef:1 processors:1 inc:1 lift:1 lockout:1 dakota:2 city:2 nebraska:1 plant:2 resume:1 operation:1 ufcwu:2 consider:1 option:1 available:1 include:1 strike:1 return:1 work:1 ibp:2 last:1 labor:1 contract:1 proposal:1 spokeswoman:1 phone:1 2:1 800:1 member:1 lock:1 since:1 december:1 14:1 subsidiary:1 occidental:1 petroleum:1 corp:1
|
MEATPACKERS RESPOND TO OCCIDENTAL<OXY> OFFER
Local 222 of the United Food and
Commercial Workers Union said it is calling a membership
meeting, possibly Sunday, to discuss its response to a decision
by Iowa Beef Processors Inc to lift a lockout at its Dakota
City, Nebraska plant and resume operations.
The UFCWU will consider all options available to it
including a strike or returning to work under IBP's last labor
contract proposal, a spokeswoman for Local 222 said by phone.
About 2,800 UFCWU members have been locked out at the
Dakota City plant since December 14.
IBP is a subsidiary of Occidental Petroleum Corp.
|
training/4578
|
training/4578 |@title citgo:2 raise:2 crude:2 posting:2 50:4 ct:2 today:2 wti:2 17:2 dlrs:2 bbl:2 |@word
|
CITGO RAISES CRUDE POSTINGS 50 CTS, TODAY, WTI TO 17.50 DLRS/BBL
CITGO RAISES CRUDE POSTINGS 50 CTS, TODAY, WTI TO 17.50 DLRS/BBL
|
training/4579
|
training/4579 |@title court:1 lift:1 restrain:1 order:1 mark:1 iv:2 |@word baird:7 corp:1 batm:1 say:3 massachusetts:2 state:1 court:2 suffolk:1 county:1 lift:1 temporary:1 restraining:1 order:2 prohibit:1 mark:3 iv:3 industries:1 inc:1 purchase:1 stock:2 accord:1 filing:1 securities:1 exchange:1 commission:1 least:1 17:1 6:1 pct:1 may:1 attempt:1 acquire:1 also:1 issue:1 enjoin:1 enforce:1 anti:1 takeover:1 statute:1 industry:1
|
COURT LIFTS RESTRAINING ORDER ON MARK IV <IV>
Baird Corp <BATM> said the
Massachusetts State Court for Suffolk County has lifted a
temporary restraining order prohibiting Mark IV Industries Inc
from further purchases of Baird stock.
According to filings with the Securities and Exchange
Commission, Mark IV owns at least 17.6 pct of Baird's stock and
may attempt to acquire Baird, Baird said.
Baird said the court also issued an order enjoining Baird
from enforcing the Massachusetts Anti-Takeover Statute against
Mark IV industries.
|
training/4581
|
training/4581 |@title cji:1 industires:1 inc:1 cjiia:1 4th:1 qtr:1 net:1 |@word oper:4 shr:2 profit:4 60:2 ct:5 vs:7 loss:4 55:1 net:2 928:1 000:4 88:1 revs:2 48:1 7:3 mln:6 39:1 avg:1 shrs:1 3:1 1:2 5:1 year:2 17:1 dlrs:1 2:1 537:1 587:1 178:1 8:1 117:1 6:1 note:1 per:2 share:2 figure:1 come:1 preferred:1 dividend:1 exclude:1 fourth:1 quarter:1 full:1 1986:1 extraordinary:1 gain:1 29:1 71:1 respectively:1
|
CJI INDUSTIRES INC <CJIIA> 4TH QTR NET
Oper shr profit 60 cts vs loss 55 cts
Oper net profit 928,000 vs loss 88,000
Revs 48.7 mln vs 39.7 mln
Avg shrs 3.7 mln vs 1.5 mln
Year
Oper shr loss 1.17 dlrs vs loss 60 cts
Oper net profit 2,537,000 vs profit 587,000
Revs 178.8 mln vs 117.6 mln
NOTE: Per share figures come after preferred dividends.
Excludes fourth quarter and full year 1986 extraordinary
gains of 29 cts and 71 cts per share, respectively.
|
training/4583
|
training/4583 |@title counsel:1 corp:1 set:1 three:1 two:1 stock:1 split:1 |@word counsel:1 corp:1 say:2 plan:1 three:1 two:1 stock:1 split:1 pende:1 shareholder:1 approval:1 april:1 28:1 annual:1 meeting:1 company:1 recently:1 report:1 1986:1 profit:1 5:1 9:1 mln:2 dlrs:3 1:1 51:1 share:1 extraordinary:1 item:1 compare:1 2:2 81:1 ct:1 1985:1
|
COUNSEL CORP SETS THREE-FOR-TWO STOCK SPLIT
<Counsel Corp> said it plans a
three-for-two stock split, pending shareholder approval at the
April 28 annual meeting.
The company said it recently reported 1986 profit of 5.9
mln dlrs, or 1.51 dlrs a share, before extraordinary items,
compared with 2.2 mln dlrs, or 81 cts, in 1985.
|
training/4584
|
training/4584 |@title southland:1 slc:1 unit:1 raise:1 crude:1 posting:1 |@word southland:1 corp:2 citgo:3 petroleum:1 say:1 raise:2 contract:1 price:2 pay:1 crude:1 oil:1 50:3 ct:2 barrel:4 effective:1 today:1 increase:2 bring:1 post:1 west:2 texas:2 intermediate:1 sour:1 grade:2 17:3 dlrs:3 light:2 louisiana:2 sweet:2 south:1 onshore:1 also:1 85:1 north:1 75:1 last:1 change:1 posting:1 march:1 four:1
|
SOUTHLAND <SLC> UNIT RAISES CRUDE POSTINGS
Southland Corp's Citgo Petroleum Corp
said it raised the contract price it will pay for crude oil 50
cts a barrel, effective today.
The increase bring's Citgo's posted price for the West
Texas Intermediate and West Texas Sour grades to 17.50 dlrs a
barrel. The Light Louisiana Sweet South Onshore grade was also
raised 50 cts to 17.85 dlrs a barrel, and Light Louisiana Sweet
North was increased to 17.75 dlrs a barrel.
Citgo last changed its postings on March four.
|
training/4585
|
training/4585 |@title cannon:1 audit:1 show:1 significant:1 1986:1 loss:1 |@word cannon:1 group:1 inc:1 say:3 financial:1 statement:1 show:1 substantial:1 loss:1 fiscal:1 1986:3 significant:1 downward:1 adjustment:1 previously:2 report:1 stockholder:1 equity:1 company:1 also:1 audit:2 conduct:1 arthur:1 young:1 co:1 cover:1 year:1 end:2 january:1 3:1 1987:2 instead:1 nine:1 month:1 period:1 september:1 27:1 announce:1 anticipate:1 result:1 available:1 mid:1 late:1 april:1
|
CANNON <CAN> AUDIT TO SHOW SIGNIFICANT 1986 LOSS
The Cannon Group Inc said its
financial statements will show substantial losses for fiscal
1986 and 'significant downward adjustments in previously
reported stockholders' equity.'
The company also said its 1986 audit being conducted by
<Arthur Young and Co> will cover the year ended January 3,
1987, instead of the nine-month period ended September 27, 1986
as previously announced.
It said it anticipates the results of the audit will be
available in mid to late April 1987.
|
training/4586
|
training/4586 |@title eager:1 technology:1 acquire:1 nuclad:1 |@word eager:1 technology:1 inc:2 say:1 sign:1 letter:1 intent:1 acquire:1 nuclad:1 private:1 colorado:1 corporation:1 subsidiary:1 term:1 acquisition:1 disclose:1
|
EAGER TECHNOLOGY ACQUIRES NUCLAD
<Eager Technology Inc> said it signed a
letter of intent to acquire Nuclad Inc, a private Colorado
corporation, and its subsidiaries.
Terms of the acquisition were not disclosed.
|
training/459
|
training/459 |@title shell:2 canada:2 cut:2 crude:2 oil:2 price:2 1:2 27:2 canadian:2 dlrs:2 bbl:2 effective:2 march:2 one:2 |@word
|
SHELL CANADA CUTS CRUDE OIL PRICES BY UP TO 1.27 CANADIAN DLRS/BBL EFFECTIVE MARCH ONE
SHELL CANADA CUTS CRUDE OIL PRICES BY UP TO 1.27 CANADIAN DLRS/BBL EFFECTIVE MARCH ONE
|
training/4590
|
training/4590 |@title san:1 juan:1 basin:1 sjt:1 prove:1 reserve:1 fall:1 |@word san:1 juan:1 basin:1 royalty:1 trust:1 say:4 proved:2 reserve:2 december:2 31:2 estimate:2 283:1 1:3 thousand:2 cubic:2 foot:2 gas:2 087:1 000:2 barrel:2 oil:2 year:2 ago:2 period:2 346:1 4:1 974:1 present:1 value:1 future:1 net:2 revenue:1 discount:1 10:1 pct:1 156:1 2:1 mln:2 dlrs:2 compare:1 446:1 8:1 also:1 60:1 infill:1 well:1 economical:1 drill:1 price:1
|
SAN JUAN BASIN <SJT> PROVEN RESERVES FALL
The San Juan Basin Royalty
Trust said proved reserves as of December 31 were estimated at
283.1 thousand cubic feet of gas and 1,087,000 barrels of oil.
In the year-ago period, it said proved reserves were
estimated at 346.4 thousand cubic feet of gas and 1,974,000
barrels of oil.
It said the present value of future net revenues discounted
10 pct was 156.2 mln dlrs compared with 446.8 mln dlrs in the
year-ago period.
It also said that about 60 net infill wells are not
economical to drill at December 31 prices.
|
training/4591
|
training/4591 |@title interconnect:1 offer:1 buy:1 gate:1 learjet:1 glj:1 |@word interconnect:2 capital:1 corp:4 say:3 send:1 letter:1 board:4 gates:3 learjet:4 offering:1 buy:1 company:2 7:1 07:1 dlrs:3 share:3 64:1 8:1 pct:1 gate:2 agree:1 earlier:1 week:1 sell:1 partnership:1 form:1 privately:2 hold:3 cobey:1 unit:1 bear:1 stearns:1 cos:1 inc:1 bsc:1 6:1 50:1 51:1 mln:1 proposal:2 subject:1 approval:1 spokesman:1 make:1 new:1 would:1 talk:1 parent:1
|
INTERCONNECT OFFERS TO BUY GATES LEARJET <GLJ>
<Interconnect Capital Corp>
said it sent a letter to the board of Gates Learjet Corp,
offering to buy the company for 7.07 dlrs a share.
Gates Corp, which owns 64.8 pct of Gates Learjet, agreed
earlier this week to sell its shares to a partnership formed by
privately-held <Cobey Corp> and a unit of Bear Stearns Cos Inc
<BSC> for 6.50 dlrs a share or 51 mln dlrs. The proposal is
subject to approval by Gates Learjet's board.
A spokesman for privately-held Interconnect said it made
the new proposal to Gates Learjet's board, but would not say if
it had held talks with the parent company's board.
|
training/4592
|
training/4592 |@title seal:1 sinc:1 acquire:1 ademco:1 ltd:1 |@word seal:3 inc:1 say:2 acquire:2 ademco:1 ltd:1 united:1 kingdom:1 company:1 distribute:1 mount:1 laminate:1 equipment:1 supply:1 combination:1 cash:1 stock:1 value:1 2:1 6:1 mln:2 dlrs:2 base:1 current:1 exchange:1 rate:1 pay:1 additional:1 1:1 3:1 contingent:1 market:1 price:1 common:1 december:1 31:1 1988:1 certain:1 earning:1 target:1 business:1
|
SEAL <SINC> ACQUIRES ADEMCO LTD
Seal Inc said it acquired
Ademco Ltd, a United Kingdom company which distributes mounting
and laminating equipment and supplies, for a combination of
cash and stock valued at 2.6 mln dlrs, based on current
exchange rates.
Seal said it will pay up to an additional 1.3 mln dlrs
contingent on the market price of Seal's common on December 31,
1988, and on certain earnings targets by the acquired business.
|
training/4593
|
training/4593 |@title brazil:1 cancel:1 oil:1 purchase:1 saudi:1 arabia:1 |@word brazil:8 state:1 oil:8 company:1 petrobra:6 cancel:2 40:1 mln:2 dlr:1 crude:1 purchase:1 saudi:3 arabia:3 saudis:6 refuse:1 accept:3 credit:1 guarantee:1 bank:1 official:1 say:6 export:1 director:1 carlos:1 santana:5 tell:1 press:1 conference:1 first:1 supplier:3 impose:1 condition:2 decision:1 halt:1 interest:1 payment:1 commercial:1 debt:1 last:1 month:1 shipment:2 2:2 barrel:1 represent:1 two:2 day:1 consumption:1 change:1 mind:1 decide:1 respect:1 term:2 contract:1 lift:1 order:1 monday:1 negotiate:1 elsewhere:2 traditional:1 client:1 since:1 1955:1 much:1 well:1 market:1 price:1 less:1 buying:1 iraq:3 china:3 advantage:1 barter:1 deal:1 import:1 brazilian:2 good:1 exchange:1 buy:1 nothing:1 despite:1 strike:1 threat:1 industry:1 worker:1 week:1 stoppage:1 seaman:1 stock:1 reasonably:1 balanced:1 second:1 big:1 average:1 115:1 000:3 bpd:3 main:1 235:1 come:1 third:1 58:1 wish:1 stop:1 trade:1 relationship:1 fine:1 sure:1 get:1 dozen:1 offer:1 add:1
|
BRAZIL CANCELS OIL PURCHASE FROM SAUDI ARABIA
Brazil's state-oil company,
Petrobras, cancelled a 40 mln dlr crude oil purchase from Saudi
Arabia after the Saudis refused to accept credit guarantees
from the Bank of Brazil, a Petrobras official said.
Export director Carlos Santana told a press conference the
Saudis were the first suppliers of oil to impose such
conditions after Brazil's decision to halt interest payment of
its commercial debts last month.
The shipment of 2.2 mln barrels represents two days of oil
consumption in Brazil.
But Santana said if the Saudis change their minds and
decide to respect the terms of the contract, then Petrobras
will lift the order to cancel the shipment.
Santana said if the Saudis do not accept Brazil's terms by
Monday then Petrobras will negotiate elsewhere.
'Petrobras has been Saudi Arabia's traditional client since
1955. If they do not accept our conditions now, it will be much
better for us, because with the market prices more or less the
same, buying from Iraq and China is an advantage,' he said.
Iraq and China have barter deals with Brazil, importing
Brazilian goods in exchange for oil, but the Saudis buy nothing
from Brazil, he said.
Santana said despite a strike threat by oil industry
workers and a two-week stoppage by Brazilian seamen, Petrobras
oil stocks are 'reasonably balanced.'
Saudi Arabia is Brazil's second biggest oil supplier, with
an average 115,000 bpd. Iraq is the main supplier with 235,000
bpd. China comes third, with 58,000 bpd.
'If the Saudis wish to stop our trade relationship, fine, I
am sure that if they do, we will be getting dozens of offers
from elsewhere,' Santana added.
|
training/4595
|
training/4595 |@title u:1 house:1 panel:1 approve:1 trade:1 bill:1 |@word u:4 house:4 ways:1 means:2 trade:8 subcommittee:2 unanimously:1 approve:3 tone:1 version:1 legislation:1 design:1 toughen:2 law:1 wedge:1 open:2 foreign:3 market:2 good:1 measure:1 go:1 full:2 way:3 committee:2 next:1 week:1 major:1 change:1 expect:1 congressional:1 source:1 say:3 product:1 could:1 well:1 policy:1 manner:1 without:1 frightening:1 word:1 protectionism:1 mean:2 chairman:1 dan:1 rostenkowski:1 illinois:1 democrat:2 back:1 away:1 mandate:2 specific:1 retaliation:1 country:3 unfair:1 practice:1 bill:1 last:2 year:2 hold:1 debate:1 controversial:1 plan:1 rep:1 richard:1 gephardt:2 reduction:1 surplus:2 japan:1 south:1 korea:1 taiwan:1 missouri:1 decide:1 exact:1 form:1 amendment:1 aide:1 idea:1 force:1 annual:1 10:1 pct:1 cut:1
|
U.S. HOUSE PANEL APPROVES TRADE BILL
The U.S. House Ways and Means Trade
Subcommittee unanimously approved a toned-down version of
legislation designed to toughen U.S. trade laws and wedge open
foreign markets to more U.S. goods.
The measure now goes to the full House Ways and Means
Committee next week, but major changes are not expected,
congressional sources said.
'This product could very well be toughening our trade policy
and doing it in a manner that opens markets without this
frightening word 'protectionism',' Ways and Means chairman Dan
Rostenkowski, an Illinois Democrat said.
The trade subcommittee backed away from mandating specific
retaliation against foreign countries for unfair foreign trade
practices as the House had approved in a trade bill last year.
But it held over for the full Ways and Means Committee
debate on a controversial plan by Rep. Richard Gephardt to
mandate a reduction in trade surpluses with the U.S. by
countries such as Japan, South Korea and Taiwan.
Gephardt, a Missouri Democrat, has not decided the exact
form of his amendment, an aide said. Last year the House
approved his idea to force an annual 10 pct trade surplus cut
by those countries.
|
training/4599
|
training/4599 |@title grain:1 ussr:1 late:1 week:1 usda:1 |@word shipment:3 u:5 grain:2 soybean:2 soviet:1 union:1 week:1 end:2 march:1 12:1 accord:1 agriculture:1 department:1 late:1 export:1 sale:1 report:1 ussr:4 purchase:1 1:2 0:1 mln:1 tonne:6 corn:3 delivery:1 fourth:1 year:3 agreement:2 total:1 third:1 grains:1 september:1 30:1 amount:2 152:1 600:1 wheat:2 6:1 808:1 100:2 518:1 700:1 second:1 agreeement:1 2:1 887:1 200:1 15:1 750:1
|
NO GRAIN TO THE USSR IN LATEST WEEK -- USDA
There were no shipments of U.S.
grain or soybeans to the Soviet Union in the week ended March
12, according to the U.S. Agriculture Department's latest
Export Sales report.
The USSR has purchased 1.0 mln tonnes of U.S. corn for
delivery in the fourth year of the U.S.-USSR grain agreement.
Total shipments in the third year of the U.S.-USSR grains
agreement, which ended September 30, amounted to 152,600 tonnes
of wheat, 6,808,100 tonnes of corn and 1,518,700 tonnes of
soybeans.
Shipments to the USSR in the second year of the agreeement
amounted to 2,887,200 tonnes of wheat and 15,750,100 tonnes of
corn.
|
training/46
|
training/46 |@title u:1 sugar:1 import:1 week:1 usda:1 |@word sugar:4 import:5 subject:1 u:1 quota:5 week:3 end:1 january:2 9:1 initial:1 1987:2 year:3 total:1 5:1 988:1 short:2 ton:4 versus:1 46:1 254:1 previous:1 agriculture:1 department:2 say:2 december:2 set:1 1:2 001:1 430:1 compare:1 850:1 000:1 1986:1 extend:1 three:1 month:1 31:1 customs:1 service:1 report:2 weekly:1 cumulative:2 actual:1 weight:1 basis:1 final:1 polarization:1 receive:1 datum:1 adjust:1 accordingly:1
|
U.S. SUGAR IMPORTS DOWN IN WEEK - USDA
Sugar imports subject to the U.S.
sugar import quota during the week ended January 9, the initial
week of the 1987 sugar quota year, totaled 5,988 short tons
versus 46,254 tons the previous week, the Agriculture
Department said.
The sugar import quota for the 1987 quota year
(January-December) has been set at 1,001,430 short tons
compared with 1,850,000 tons in the 1986 quota year, which was
extended three months to December 31.
The department said the Customs Service has reported that
weekly and cumulative imports are reported on an actual weight
basis and when final polarizations are received, cumulative
import data are adjusted accordingly.
|
training/4600
|
training/4600 |@title india:1 get:1 140:1 mln:1 dlr:1 world:1 bank:1 loan:1 |@word world:1 bank:3 say:3 approve:1 140:1 mln:1 dlr:1 loan:3 india:2 help:1 lessen:1 country:1 dependence:1 import:1 oil:4 spur:1 development:1 petroleum:2 resource:1 use:1 boost:1 production:2 inject:1 gas:1 partially:1 deplete:1 assam:1 field:1 assist:1 exploration:2 area:1 include:1 drilling:1 10:1 exploratory:1 well:1 recipient:1 20:1 year:1 ltd:1 small:1 two:1 public:1 indian:1 company:1
|
INDIA GETS 140 MLN DLR WORLD BANK LOAN
The World Bank said it has approved
a 140 mln dlr loan for India to help lessen that country's
dependence on imported oil and spur development of its own
petroleum resources.
The bank said the loan will be used to boost production by
injecting gas in the partially depleted Assam oil fields and to
assist exploration in other areas, including drilling 10
exploratory wells.
The bank said the recipient of the 20-year loan will be Oil
India Ltd (OIL), which is the smaller of two public Indian
petroleum exploration and production companies.
|
training/4602
|
training/4602 |@title feed:1 datum:1 indicate:1 policy:1 change:1 likely:1 u:1 |@word bank:3 reserve:6 monetary:2 discount:3 window:3 borrowing:4 datum:2 release:2 federal:1 today:2 clearly:1 indicate:1 policy:8 hold:2 may:1 change:4 week:7 even:3 month:5 economist:5 say:14 fed:14 keep:1 dead:1 center:1 unless:1 something:1 fairly:1 dramatic:1 occur:1 economy:3 john:1 williams:3 bankers:2 trust:2 co:1 number:3 contain:1 hint:1 shift:1 prospect:1 economic:2 financial:1 development:1 argue:1 william:1 griggs:4 santow:1 inc:2 data:1 line:1 expectation:1 similar:1 recent:1 net:2 two:4 end:1 wednesday:3 average:3 191:1 mln:7 dlrs:14 381:1 february:6 25:1 statement:1 period:2 little:1 changed:1 160:1 free:1 late:1 660:1 versus:1 675:1 previously:1 finally:1 1:9 money:4 supply:1 fall:1 800:1 broad:1 2:12 measure:1 6:3 billion:8 3:8 three:2 analyst:2 last:2 grow:1 negative:1 pct:9 annual:2 rate:6 compare:1 minus:1 0:2 7:1 actual:1 positive:1 growth:9 annualize:2 level:1 leave:1 aggregate:2 18:1 20:1 8:2 respective:1 upper:1 limit:1 set:1 1987:1 target:3 5:2 near:1 term:1 absolutely:1 reason:1 ease:2 apart:1 slowdown:1 stephen:1 slifer:3 lehman:1 government:1 securities:1 generally:1 expect:2 modest:2 pickup:1 march:2 anemic:1 however:1 stress:1 strong:1 enough:1 prevent:1 drop:2 interest:2 show:1 evidence:1 weakness:2 comment:1 decline:1 key:1 main:1 cause:1 dlr:1 market:2 deposit:1 rise:1 four:2 long:1 likely:2 persist:1 coming:1 return:1 five:1 seven:1 region:1 continue:1 present:1 problem:1 appear:1 comfortable:1 current:1 stance:1 wait:1 perhaps:1 several:1 decide:1 whether:1 grip:1 give:1 fragility:1 many:1 sector:1 agree:2 almost:1 chance:1 choose:1 raise:1 rather:1 low:2 next:1 past:1 get:1 although:1 fund:3 six:1 12:1 06:1 prior:1 add:2 indirectly:1 via:1 one:1 customer:1 repurchase:2 agreement:1 friday:1 monday:1 tuesday:1 directly:1 day:1 system:1 let:1 largely:1 drive:1 focus:1 instead:1 around:1 300:1
|
FED DATA INDICATE NO POLICY CHANGE LIKELY
U.S. bank reserve, monetary and
discount window borrowings data released by the Federal Reserve
today clearly indicate that policy is 'on hold' and may not be
changed for weeks or even months, economists said.
'The Fed is keeping policy at dead center and it is not
about to change policy unless something fairly dramatic occurs
on the economy,' said John Williams of Bankers Trust Co.
'These numbers contain no hint that a policy shift is in
prospect, nor do economic or financial developments argue for
policy change,' said William Griggs of Griggs and Santow Inc.
Fed data released today were all in line with economists'
expectations and similar to the numbers of recent weeks.
The Fed said net discount window borrowings in the two
weeks ended Wednesday averaged 191 mln dlrs, up from 381 mln
dlrs in the February 25 statement period, but little changed
from 160 mln dlrs in the period before that.
It said that banks' net free reserves in the latest two
weeks averaged 660 mln dlrs versus 675 mln dlrs previously.
Finally, the Fed said that the M-1 money supply fell 800
mln dlrs in February, with the broader M-2 measure down 1.6
billion dlrs and M-3 up an even three billion dlrs.
Analysts said that M-1 last month grew at a negative 1.3
pct annual rate compared with minus 0.7 pct for M-2 and actual
positive growth of 1.0 pct annualized for M-3.
February levels of M-2 and M-3 left the aggregates 18.2 and
20.8 billion dlrs under their respective upper growth limits
set by the Fed for 1987. The annual growth target for both is
5-1/2 to 8-1/2 pct. There is no M-1 target.
'In the near term, there is absolutely no reason for the
Fed to ease policy, even apart from the slowdown in money
growth,' said Stephen Slifer, economist at Lehman Government
Securities Inc.
Economists generally expect a modest pickup in monetary
growth in March after February's anemic growth rates. However,
they stress that money growth will not be strong enough to
prevent the Fed from dropping interest rates further if the
economy shows evidence of weakness.
Commenting on February's decline in the key M-2 aggregate,
Slifer said the main cause was a 3.2 billion dlr drop in money
market deposits at banks. This number has risen three to four
billion dlrs a month for a long while, he said, so February's
weakness is not likely to persist. Slifer expects modest M-2
and M-3 growth rates of 3-1/2 to four pct during March.
Griggs said that M-2 and M-3 in coming months should return
to the five to seven pct annualized growth region and so
continue to present no problem for the Fed.
Economists said the Fed appears to be very comfortable with
its current policy stance and it is likely to wait for perhaps
several more months of economic data before deciding whether or
not to ease its grip on reserves.
Given the economy's fragility in many sectors, the analysts
agreed that there is almost no chance that the Fed will choose
to raise, rather than lower, interest rates when it next
changes policy.
'Discount window borrowings in the past week were about as
low as the Fed can get them, although Fed funds held above six
pct,' said Williams of Bankers Trust. Funds averaged 6.12 pct
in the week to Wednesday, up from 6.06 pct in the prior week.
The Fed added reserves indirectly via one billion dlrs of
customer repurchase agreements last Friday, 2.5 billion dlrs on
Monday and two billion dlrs on Wednesday. On Tuesday, it added
reserves directly through two-day System repurchases.
Williams and Griggs agreed the Fed will let the funds rate
be largely market-driven. They said it is focusing instead on a
borrowings target of around 300 mln dlrs.
|
training/4603
|
training/4603 |@title colombia:1 coffee:1 marketing:1 flexible:1 |@word colombia:8 intend:1 improve:1 marketing:2 coffee:8 accent:1 flexibility:1 set:1 export:11 registration:3 price:6 finance:1 minister:1 cesar:1 gaviria:5 say:13 speak:1 reporter:1 announce:1 low:3 reintegro:3 1:1 10:2 dlr:1 per:1 lb:1 ex:1 dock:1 new:3 york:1 mechanism:1 would:2 agile:1 first:1 stage:1 decide:1 lower:1 also:1 adopt:2 flexible:1 policy:5 allow:2 private:1 exporter:1 participate:1 actively:1 trader:1 mean:1 change:1 often:1 true:1 reflection:1 market:5 trend:1 measure:1 merely:1 respond:1 factor:1 since:1 return:1 system:1 international:1 organisation:1 ico:3 quota:4 may:1 occur:1 short:1 term:1 talk:3 last:2 month:1 london:3 fail:1 break:1 deadlock:1 introduction:1 suspend:1 february:1 1986:1 stress:1 necessarily:1 suffer:1 depressed:1 compensate:1 increase:1 volume:2 continue:1 traditional:1 amount:1 9:1 6:1 mln:3 bag:3 60:1 kilo:1 without:1 agreement:3 among:3 producer:3 rule:1 much:1 high:1 13:1 5:2 mention:1 circle:1 idea:1 precisely:1 disrupt:1 record:1 11:1 1985:1 86:1 year:1 end:2 september:1 30:1 echo:1 word:1 jorge:1 cardenas:4 manager:1 national:1 growers:1 federation:1 seek:1 adapt:1 circumstance:1 great:1 expectation:1 world:1 brazil:4 begin:1 emerge:1 foreseeable:1 immediate:1 future:2 tell:1 journalist:1 trade:1 source:1 rio:1 today:1 unlikely:1 reveal:1 next:1 week:1 meeting:1 could:2 take:1 place:1 problem:1 hinder:1 recent:1 resolve:1 ask:1 comment:1 reuter:1 report:1 jakarta:1 indonesia:1 hope:1 use:1 contact:1 suggest:1 compromise:1 issue:1 brazilian:1 stand:1 quite:1 clear:1 current:1 reflect:1 reality:1 orderly:1 supply:1 satisfie:1 demand:1 add:1 clarity:1 need:1 assess:1 criterion:1 determine:1 register:1 immediately:1 failure:1 trigger:1 widespread:1 fear:1 dealer:1 imminent:1 war:1 belief:1 go:1 sell:1 quickly:1 possible:1 happen:1
|
COLOMBIA'S COFFEE MARKETING TO BE MORE FLEXIBLE
Colombia intends to improve the
marketing of its coffee with the accent on more flexibility on
setting export registration prices, finance minister Cesar
Gaviria said.
Speaking to reporters after announcing a lower export
registration price, or reintegro, of 1.10 dlr per lb ex-dock
New York, Gaviria said export mechanisms would be more agile.
'In the first stage, we decided not only to lower the
reintegro but also to adopt a flexible policy of reintegro that
will allow private exporters to participate more actively in
Colombia's coffee export policy,' he said.
Traders said this means the export registration price will
change more often in a truer reflection of market trends.
Gaviria said the measures merely responded to new market
factors since a return to a system of International Coffee
Organisation (ICO) export quotas may not occur in the short
term.
ICO talks last month in London failed to break a deadlock
over re-introduction of export quotas, suspended in February
1986.
Gaviria stressed that Colombia will not necessarily suffer
from depressed prices because it can compensate lower prices
with increased volume.
'Colombia will continue to export its traditional amount of
coffee, between 9.6 and 10 mln bags (of 60 kilos), and will do
so without an agreement among producers,' he said.
He ruled out a much higher volume of exports, or up to 13.5
mln bags as mentioned in market circles, 'because the idea is
precisely not to disrupt the market.'
Colombia exported a record 11.5 mln bags in the 1985/86
coffee year which ended last September 30.
Echoing Gaviria's words, Jorge Cardenas, manager of the
national coffee growers' federation, said Colombia sought to
adapt its coffee marketing policy to circumstances.
'There is great expectation in the world for the policies
that Brazil and Colombia will adopt. Ours is beginning to
emerge and no agreement among producers is foreseeable in the
immediate future,' he told journalists.
Trade sources in Rio today said Brazil's future export
policy was unlikely to be revealed before the end of next week.
Cardenas said a new ICO meeting could only take place when
problems that hindered an agreement at the recent London talks
have been resolved.
Asked to comment on a Reuter report from Jakarta saying
Indonesia hoped Colombia could use its contacts with Brazil to
suggest a compromise on the quota issue, Cardenas said the
Brazilian stand was quite clear.
He said Brazil's current quota 'reflects the reality of the
market, allows for an orderly supply and satisfies demand,' but
added more clarity was needed to assess the criteria that
determined it.
Cardenas said lows registered immediately after the failure
of the London talks were triggered by a widespread fear among
dealers of an imminent price war and the belief that producers
would go out and sell their coffee as quickly as possible,
which did not happen.
|
training/4604
|
training/4604 |@title india:1 get:1 140:1 mln:1 dlr:1 world:1 bank:1 loan:1 |@word world:1 bank:3 say:3 approve:1 140:1 mln:1 dlr:1 loan:3 india:2 help:1 lessen:1 country:1 dependence:1 import:1 oil:4 spur:1 development:1 petroleum:2 resource:1 use:1 boost:1 production:2 inject:1 gas:1 partially:1 deplete:1 assam:1 field:1 assist:1 exploration:2 area:1 include:1 drilling:1 10:1 exploratory:1 well:1 recipient:1 20:1 year:1 ltd:1 small:1 two:1 public:1 indian:1 company:1
|
INDIA GETS 140 MLN DLR WORLD BANK LOAN
The World Bank said it approved a
140 mln dlr loan for India to help lessen that country's
dependence on imported oil and spur development of its own
petroleum resources.
The bank said the loan will be used to boost production by
injecting gas in the partially depleted Assam oil fields and to
assist exploration in other areas, including drilling 10
exploratory wells.
The bank said the recipient of the 20-year loan will be Oil
India Ltd (OIL), which is the smaller of two public Indian
petroleum exploration and production companies.
|
training/4605
|
training/4605 |@title cannon:1 sells:1 library:1 weintraub:1 |@word weintraub:1 entertainment:3 group:2 inc:1 say:1 agree:1 acquire:1 cannon:2 screen:2 film:1 library:3 purchase:1 may:1 1986:1 part:1 acquisition:1 ltd:2 bond:1 corp:1 holdings:1 2:1 000:1 theatrical:1 motion:1 picture:1 term:1 call:1 price:1 establish:1 appraisal:1 process:1 begin:1 immediately:1 exceed:1 175:1 mln:2 dlrs:2 125:1
|
CANNON <CAN> SELLS LIBRARY TO WEINTRAUB
WEintraub Entertainment Group Inc
said it agreed to acquire Cannon Group's Screen Entertainment
film library.
The library was purchased in May 1986 as part of Cannon's
acquisition of Screen Entertainment Ltd from Bond Corp Holdings
Ltd. The library has over 2,000 theatrical motion pictures.
Terms call for the price to be established through an
appraisal process beginning immediately and not to exceed 175
mln dlrs or be below 125 mln dlrs.
|
training/4606
|
training/4606 |@title gerber:2 grb:1 buy:1 system:1 gsti:1 share:1 |@word gerber:3 scientific:1 inc:1 say:1 gst:3 acquisition:1 corp:1 purchase:2 444:1 646:1 share:2 84:1 pct:2 system:1 technology:1 pursuant:1 january:1 15:1 tender:1 offer:1 follow:1 make:1 capital:1 contribution:1 result:1 95:1 6:1 ownership:1
|
GERBER <GRB> BUYS GERBER SYSTEMS <GSTI> SHARES
Gerber Scientific Inc said
its GST Acquisition Corp purchased 444,646 shares of its 84 pct
owned Gerber Systems Technology pursuant to a January 15 tender
offer.
Following the purchase, Gerber made a capital contribution
to GST of all the shares it owned resulting in 95.6 pct
ownership by GST.
|
training/4609
|
training/4609 |@title venezuela:1 lend:1 ecuador:1 50:1 000:1 bpd:1 crude:1 |@word venezuela:3 lend:1 ecuador:9 50:1 000:5 barrel:2 per:1 day:1 crude:3 oil:6 next:1 month:1 help:2 meet:2 export:3 commitment:1 energy:2 mines:1 minister:2 arturo:1 hernandez:3 grisanti:3 say:6 today:1 term:1 loan:4 agree:1 visit:1 week:2 deputy:1 fernando:1 santos:1 alvite:2 begin:1 repay:1 august:1 go:1 part:2 way:1 offset:2 loss:2 140:1 cause:1 earthquake:1 damage:1 25:1 mile:1 pipeline:3 last:1 force:1 suspend:1 connect:1 jungle:1 field:1 pacific:1 port:1 balao:1 put:1 action:1 output:1 quota:2 1:1 495:1 bpd:3 210:1 santo:1 ask:1 opec:1 allow:1 produce:1 100:1 repair:1 present:1 production:1 also:1 first:1 300:1 shipment:1 venezuelan:1 leave:1 weekend:1 domestic:1 consumption:1 need:1 five:1 mln:1 additional:1 process:1 guayaquil:1 refinery:1 supply:1 life:1 country:1 would:1 grind:1 halt:1
|
VENEZUELA TO LEND ECUADOR 50,000 BPD OF CRUDE
Venezuela will lend Ecuador 50,000
barrels per day of crude oil over the next few months to help
it meet its export commitments, Energy and Mines Minister
Arturo Hernandez Grisanti said today.
He said that under the terms of this loan, agreed during a
visit here this week by Ecuador's Deputy Energy Minister
Fernando Santos Alvite, Ecuador will begin repaying the loan in
August.
Hernandez Grisanti said the loan will go part way to
offsetting the loss of Ecuador's 140,000 in exports caused by
earthquake damage to 25 miles of pipeline last week.
Ecuador was forced to suspend exports after the pipeline
connecting its jungle oil fields with the pacific port of Balao
was put out of action.
Venezuela has an output quota of 1.495 bpd, while Ecuador's
is 210,000 bpd. Santos Alvite said Ecuador will ask OPEC to
allow it to produce 100,000 bpd above its quota when the
pipeline is repaired to offset present production losses.
Hernandez Grisanti said also a first 300,000 barrels
shipment of Venezuelan crude oil will leave for Ecuador this
weekend to help meet domestic consumption needs.
The oil, part of a five mln additional crude oil loan by
Venezuela, will be processed at Guayaquil refineries.
'If we had not supplied oil to Ecuador the life of this
country would have ground to a halt,' he said.
|
training/461
|
training/461 |@title brenco:1 inc:1 bren:1 declare:1 qtly:1 dividend:1 |@word qtly:1 div:1 three:2 ct:2 vs:1 prior:1 pay:1 april:1 six:1 record:1 march:1 20:1
|
BRENCO INC <BREN> DECLARES QTLY DIVIDEND
Qtly div three cts vs three cts prior
Pay April six
Record March 20
|
training/4610
|
training/4610 |@title adelaide:1 steamship:1 co:1 ltd:1 adsa:1 first:1 half:1 |@word first:1 half:1 end:1 december:1 31:2 shr:3 55:2 01:1 cent:3 vs:15 97:1 76:1 int:1 div:3 18:2 16:2 net:6 75:2 05:1 mln:24 dlrs:5 68:1 turnover:1 156:1 94:2 177:1 87:1 revenue:1 72:2 50:2 one:2 five:1 right:3 issue:4 11:2 share:2 four:1 bonus:2 capital:1 enlarge:1 shrs:1 99:1 36:1 70:1 note:1 apply:1 total:1 54:1 66:1 69:1 48:1 extraordinarie:1 loss:2 pre:4 extraordinaries:1 53:1 78:1 32:1 pay:1 april:1 30:2 reg:2 march:1 may:1 6:2 equity:3 account:1 associate:1 earning:2 tax:2 59:1 52:2 64:1 13:2 07:1 43:1 35:1 3:1 45:1 34:1 minority:1 4:1 00:1 44:1 interest:1 33:1 89:1 26:1 depreciation:1 2:2 67:1 extraordinary:1 20:1 39:1 79:1
|
THE ADELAIDE STEAMSHIP CO LTD <ADSA.S> FIRST HALF
First half ended December 31
Shr 55.01 cents vs 97.76
Int div 18 cents vs 16
Net 75.05 mln dlrs vs 55.68 mln
Turnover 156.94 mln vs 177.87 mln
Other revenue 72.50 mln vs 31.18 mln.
One-for-five rights issue at 11.50 dlrs a share
One-for-four bonus issue on capital enlarged by rights
issue
Shrs 99.36 mln vs 70.94 mln.
NOTE - Shr applies to total net 54.66 mln dlrs vs 69.48 mln
after extraordinaries loss.
Pre-extraordinaries net shr 75.53 cents vs 78.32
Div pay April 30. Div and rights issue reg March 30. Bonus
reg May 6. Net equity-accounts share of associates' earnings.
Pre-equity pre-tax earnings 59.52 mln dlrs vs 64.13 mln.
Pre-equity net 52.07 mln dlrs vs 43.35 mln after tax 3.45 mln
vs 16.34 mln, minorities 4.00 mln vs 6.44 mln, interest 33.89
mln vs 26.11 mln and depreciation 2.67 mln vs 2.72 mln but
before net extraordinary loss 20.39 mln vs 13.79 mln.
|
training/4613
|
training/4613 |@title bryn:1 mawr:1 bank:1 corp:1 bmtc:1 dividend:1 |@word qtly:1 div:1 30:3 ct:3 vs:1 prior:2 payable:1 may:1 one:1 record:1 april:1 10:1 note:1 bryn:2 mawr:2 reorganize:1 hold:2 company:2 january:1 2:1 1987:1 result:1 share:2 trust:1 co:1 convert:1 three:1 new:1 stock:1 dividend:1 represent:1 15:1 pct:1 increase:1 quarter:1
|
BRYN MAWR BANK CORP <BMTC> UPS DIVIDEND
Qtly div 30 cts vs 30 cts prior
Payable May one
Record April 10
NOTE:Bryn Mawr was reorganized as a holding company on
January 2, 1987, resulting in each share of Bryn Mawr Trust Co
being converted into three shares of the new holding company's
stock. The 30 cts dividend represents a 15 pct increase over
prior quarter.
|
training/4615
|
training/4615 |@title price:1 pclb:1 buy:1 80:1 pct:1 tss:1 seedman:1 |@word price:1 co:1 say:2 agree:1 buy:1 least:1 81:1 pct:1 stock:1 tss:1 seedman:1 inc:1 50:1 mln:1 dlrs:1 term:1 envision:1 purchase:1 entire:1 company:1 transaction:1 expect:1 close:1 end:1 april:1
|
PRICE <PCLB> TO BUY 80 PCT OF TSS-SEEDMAN
Price Co said it agreed to buy at
least 81 pct of the stock of <TSS-Seedman's INc> for about 50
mln dlrs.
The terms envision a purchase of the entire company, it
said.
The transaction is expected to close at the end of April.
|
training/4616
|
training/4616 |@title miyazawa:1 say:1 exchange:1 rate:1 stay:1 stable:1 |@word finance:1 minister:1 kiichi:1 miyazawa:2 tell:1 press:1 conference:1 think:1 exchange:2 rate:2 remain:1 stable:1 due:1 currency:2 accord:1 reach:1 paris:1 last:1 month:1 six:2 major:1 industrialise:1 nation:1 say:2 long:1 dollar:2 hover:1 around:1 153:1 yen:1 since:1 agree:1 cooperate:1 bring:1 stability:1 ask:1 comment:1 remark:1 u:3 official:2 call:1 decline:1 president:1 treasury:1 secretary:1 make:1 statement:1
|
MIYAZAWA SAYS EXCHANGE RATES WILL STAY STABLE
Finance Minister Kiichi Miyazawa told a
press conference he thinks exchange rates will remain stable
due to the currency accord reached in Paris last month by six
major industrialised nations but he did not say for how long.
The dollar has hovered around 153 yen since the six agreed
to cooperate to bring about currency stability.
Asked to comment on remarks by some U.S. Officials calling
for a further decline of the dollar, Miyazawa said only the
U.S. President and the U.S. Treasury Secretary can make
official statements about exchange rates.
|
training/4617
|
training/4617 |@title two:1 brazilian:1 shipping:1 firm:1 settle:1 striker:1 |@word two:2 small:1 shipping:1 company:2 reach:1 pay:2 deal:1 strike:4 seaman:3 union:2 leader:1 say:3 brazil:2 40:1 000:1 still:1 spokesman:1 rio:1 de:1 janeiro:1 accept:1 120:1 pct:1 offer:1 globo:1 flumar:1 less:1 200:1 employee:1 week:1 come:1 face:1 debt:1 crisis:1 delay:1 export:1 badly:1 need:1 earn:1 foreign:1 exchange:1 labour:1 minister:1 almir:1 pazzionotto:1 government:1 force:1 settlement:1 rule:1 illegal:1 last:1 friday:1
|
TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS
Two small shipping companies have
reached a pay deal with striking seamen, but union leaders said
most of Brazil's 40,000 seamen were still on strike.
A union spokesman in Rio de Janeiro said the seamen had
accepted a 120 pct pay offer from the companies, Globo and
Flumar, which have less than 200 employees each.
The two-week strike comes as Brazil faces a debt crisis and
is delaying exports badly needed to earn foreign exchange.
Labour Minister Almir Pazzionotto said the government will
not force a settlement of the strike, which was ruled illegal
last Friday.
|
training/4620
|
training/4620 |@title 12:2 mar:2 1987:2 |@word
|
12-MAR-1987
12-MAR-1987
|
training/4621
|
training/4621 |@title adsteam:1 rights:1 issue:1 raise:1 228:1 mln:1 dlrs:1 |@word adelaide:1 steamship:1 co:1 ltd:4 adsa:1 adsteam:9 say:5 one:2 five:1 right:2 issue:8 11:1 50:2 dlrs:5 share:5 raise:1 228:1 5:1 mln:7 general:1 working:1 capital:3 investment:1 australia:2 overseas:1 group:1 announce:1 first:1 half:3 earning:2 statement:1 follow:1 four:1 bonus:1 equity:1 account:1 net:2 rise:1 75:1 05:1 end:1 december:1 31:1 55:1 68:1 year:3 earlier:1 interim:2 dividend:3 18:1 cent:2 16:1 ease:1 14:3 20:1 opening:1 60:1 yesterday:1 close:1 announcement:1 underwrite:1 morgan:1 grenfell:1 mccaughan:1 dyson:1 apart:2 take:1 associate:2 large:2 shareholder:1 department:1 store:1 retailer:1 david:2 jones:2 new:1 rank:2 equally:1 thereafter:1 expect:1 maintain:1 annual:1 rate:1 36:2 enlarge:1 149:1 99:1 diverse:1 industrial:1 interest:1 generally:1 perform:1 well:2 result:1 ultimate:1 hold:1 company:2 beneficiary:1 reflect:1 solid:1 performance:1 49:1 2:1 pct:1 earn:1 57:1 38:1 40:1 29:1 early:1 figure:1 show:1 wholly:1 joint:1 venture:1 also:1 timber:1 building:1 supply:1 real:1 estate:1 return:1 budget:1 profit:1 due:1 housing:1 downturn:1 see:1 1987:1 88:1 reconstruction:1 consolidation:1 base:1 boost:1
|
ADSTEAM RIGHTS ISSUE TO RAISE 228 MLN DLRS
The Adelaide Steamship Co Ltd <ADSA.S>
(Adsteam) said its one-for-five rights issue at 11.50 dlrs a
share will raise 228.5 mln dlrs for general working capital and
investment, both in Australia and overseas.
The group announced the issue with its first half earnings
and said in a statement that the rights issue will be followed
by a one-for-four bonus issue.
Adsteam's equity-accounted net earnings rose to 75.05 mln
dlrs in the half ended December 31 from 55.68 mln a year
earlier and interim dividend to 18 cents from 16.
Adsteam shares eased to 14.20 dlrs from an opening 14.60
and yesterday's close of 14.50 on the issue announcement.
The issue will be underwritten by <Morgan Grenfell
Australia Ltd> and <McCaughan Dyson Ltd> apart from the shares
to be taken up by Adsteam's associate and largest shareholder,
department store retailer <David Jones Ltd>.
New shares will not rank for the interim dividend but will
rank equally thereafter.
Adsteam said it expects to maintain an annual dividend rate
of 36 cents on capital enlarged to about 149 mln shares by both
issues from 99.36 mln.
Adsteam said its diverse industrial interests generally
performed well and its results, as the ultimate holding company
and beneficiary, reflected this solid performance.
David Jones, owned 49.2 pct by Adsteam, earned the largest
associates' net of 57.38 mln dlrs in the half against 40.29 mln
a year earlier, Adsteam's figures show.
Wholly-owned and joint venture companies also did well
apart from timber, building supplies and real estate, which
returned below-budget profits due to the housing downturn.
Adsteam said it sees 1987/88 as a year of reconstruction
and consolidation with the capital base boosted by the issue.
|
training/4622
|
training/4622 |@title hearst:1 buy:1 houston:1 chronicle:1 400:1 mln:1 dlrs:1 |@word hearst:3 corp:2 buy:1 houston:4 chronicle:3 endowment:2 inc:1 400:1 mln:1 dlrs:1 announcement:1 make:1 jointly:1 frank:1 bennack:1 jr:1 president:2 chief:1 executive:1 officer:1 richard:1 johnson:1 sell:1 paper:2 comply:1 federal:1 tax:1 law:1 require:1 charitable:1 institution:1 divest:1 profit:1 making:1 subsidiary:1 1989:1 daily:1 circulation:2 425:1 000:2 competition:1 post:2 toronto:1 sun:1 publishing:1 316:1 acquisition:1 give:1 big:1 newspaper:1 holding:1 texas:1 california:1 base:1 publisher:1 already:1 san:2 antonio:1 beaumont:1 laredo:1 chain:1 also:1 among:1 flagship:1 francisco:1 examiner:2 los:1 angeles:1 herald:1 seattle:1 intelligencer:1
|
HEARST BUYS HOUSTON CHRONICLE FOR 400 MLN DLRS
The <Hearst Corp> is buying the Houston
Chronicle from Houston Endowment Inc for 400 mln dlrs.
The announcement was made jointly by Frank Bennack Jr,
president and chief executive officer of Hearst, and Richard
Johnson, president of the Chronicle.
The Houston Endowment is selling the paper to comply with
federal tax laws requiring charitable institutions to divest
themselves of profit-making subsidiaries by 1989.
The Chronicle has a daily circulation of over 425,000 and
is in competition with the Houston Post, owned by the <Toronto
Sun Publishing Corp>, with a circulation of about 316,000.
The acquisition gives Hearst its biggest newspaper holding
in Texas, where the California-based publisher already owns
papers in San Antonio, Beaumont and Laredo.
The chain also owns, among others, the flagship San
Francisco Examiner, the Los Angeles Herald Examiner and the
Seattle Post-Intelligencer.
|
training/4623
|
training/4623 |@title iel:1 acmex:1 unit:1 bid:1 cheetham:1 |@word industrial:1 equity:1 ltd:3 iel:1 unit:1 acmex:4 holdings:1 say:3 propose:1 make:1 formal:1 takeover:1 offer:4 issue:2 capital:1 cheetham:5 producer:1 salt:1 animal:1 feed:1 seed:1 statement:1 would:1 one:1 share:5 every:1 two:1 3:2 40:1 dlrs:4 cash:2 presently:1 entitle:1 5:1 1:1 mln:4 16:1 85:1 pct:1 30:1 27:1 scrip:1 value:1 110:1 base:1 current:1 price:1 7:1 20:1 104:1 last:1 trade:1 10:1
|
IEL'S ACMEX UNIT TO BID FOR CHEETHAM
<Industrial Equity Ltd> (IEL) unit
<Acmex Holdings Ltd> said it proposed to make a formal takeover
offer for all the issued capital of <Cheetham Ltd>, a producer
of salt, animal feed and seeds.
Acmex said in a statement it would offer one share for
every two Cheetham shares or 3.40 dlrs cash for each share.
Acmex said it was presently entitled to 5.1 mln Cheetham
shares or 16.85 pct of its 30.27 mln issued shares.
The scrip offer values Cheetham at about 110 mln dlrs,
based on Acmex's current price of 7.20 dlrs, and the cash offer
at about 104 mln. Cheetham last traded at 3.10 dlrs.
|
training/4625
|
training/4625 |@title u:1 official:1 disagree:1 reduce:1 budget:1 deficit:1 |@word senior:1 u:3 economic:6 official:1 disagree:1 likelihood:1 government:6 meet:2 budget:10 deficit:11 reduction:3 target:3 beryl:1 sprinkel:9 chairman:1 council:2 advisers:1 reiterate:1 reagan:1 administration:3 opposition:1 tax:14 increase:8 pledge:1 reduce:2 cut:10 spending:8 foster:2 growth:3 contrast:1 rudolph:2 penner:8 director:1 congressional:2 office:2 say:19 process:3 break:1 remain:2 close:1 200:2 billion:5 dlrs:6 fiscal:5 1987:5 tell:1 symposium:1 sponsor:1 new:3 york:1 university:1 could:1 avoid:1 decision:2 base:1 desire:1 influence:1 vote:1 shift:1 responsibility:1 local:1 project:1 state:2 also:3 suggest:2 line:1 item:1 veto:2 allow:1 president:1 part:1 bill:1 without:2 reject:1 limit:1 wasteful:1 link:1 closely:1 still:1 look:3 2:2 7:2 pct:6 real:1 gross:1 national:3 product:1 gnp:5 3:2 5:3 1988:2 ask:1 late:1 report:2 signal:1 rate:2 attainable:1 pretty:2 good:2 two:3 strong:1 employment:1 federal:4 reserve:1 policy:1 appropriate:1 add:2 like:2 track:1 need:1 trade:1 low:1 dollar:1 impact:1 law:1 hurt:1 economy:1 reform:3 act:1 1986:4 significantly:1 lower:1 greatly:1 private:1 production:1 incentive:1 estimate:1 adviser:1 net:1 output:1 service:1 permanently:1 approximately:2 long:1 run:1 consequence:1 would:1 amount:2 600:1 income:1 average:1 american:2 family:1 argue:2 1981:6 responsible:1 large:1 end:1 september:1 23:1 8:1 receipt:1 absorb:1 18:2 leave:1 compare:1 1978:2 expenditure:1 share:2 percentage:1 point:1 high:1 revenue:1 virtually:1 contrary:1 conventional:1 wisdom:1 therefore:1 root:1 cause:2 extraordinary:1 past:1 year:2 merely:1 roll:1 back:1 inflation:2 induce:1 occur:1 however:1 misguide:1 since:1 make:1 big:2 mistake:2 taxis:3 enormously:1 plan:1 decrease:1 congress:1 indeed:1 defence:1 option:1 unpleasant:1 result:1 ideological:1 turmoil:1 sustained:1 nation:1 history:1 help:1 widespread:1 distrust:1 people:1 turn:1 revolt:1 level:2 demand:2 dislike:2 exceed:1 general:1 program:1 correction:1 system:1 change:2 lot:1 see:1 little:1 hope:1 gramm:1 rudman:1 hollings:1 roughly:1 set:1 arbitrarily:1 likely:1 succeed:1 feel:1 safe:1 try:1 dictate:1 numerical:1 outcome:1 doom:1 fail:1 simply:1 way:1 enforce:1 question:1 method:1 19:1 eliminate:1 one:1 time:1 measure:1 temporary:1 relate:1 sale:1 asset:1 another:1 four:1 call:1 creative:1 timing:1 move:1 military:1 payday:1 last:1 day:2 first:1 save:1
|
U.S. OFFICIALS DISAGREE ON REDUCING BUDGET DEFICIT
Senior U.S. Economic officials
disagree on the likelihood the government can meet its budget
deficit reduction targets.
Beryl Sprinkel, chairman of the Council of Economic
Advisers, reiterated the Reagan Administration's opposition to
a tax increase and its pledge to reduce the deficit by cutting
spending and fostering economic growth.
By contrast, Rudolph Penner, Director of the Congressional
Budget Office, said the budget process has broken down and the
deficit will remain close to 200 billion dlrs for fiscal 1987.
Sprinkel told a symposium sponsored by New York University
that spending could be cut by avoiding decisions based on the
desire to influence votes and by shifting the responsibility
for local projects to state governments.
He also suggested a line-item veto, which allows the
President to veto parts of bill without rejecting all of it, to
limit wasteful spending. Spending and taxing decisions should
be linked more closely.
Sprinkel said the Administration still looks for 2.7 pct
growth in U.S. Real gross national product (GNP) in 1987 and
3.5 pct in 1988.
Asked if the latest economic reports signal this rate of
economic growth is attainable, Sprinkel said, 'It looks pretty
good to me. We've had two very strong employment reports.'
He also said federal reserve policy is appropriate, adding,
'It looks like they're on track.'
While further reductions are needed in the trade deficit,
Sprinkel said the lower dollar is having an impact.
The new 1987 tax laws will not hurt the economy and the tax
reform act of 1986 significantly lowers tax rates and will
greatly increase private production incentives, he said.
'Our estimates at the Council of Economic Advisers suggest
national net output of goods and services will permanently
increase by approximately two pct because of the long-run
consequences of tax reform,' Sprinkel said. 'In 1986, this would
have amounted to an increase of approximately 600 dlrs in the
income of the average American family.'
Sprinkel also argued the 1981 tax cuts were not responsible
for the large increase in the budget deficit.
In fiscal 1986 ending September, federal spending amounted
to 23.8 pct of GNP, while federal receipts absorbed 18.5 pct of
GNP, leaving a deficit of 5.3 pct, he said.
Sprinkel said that, compared with fiscal 1978, the 1986
federal expenditure share of GNP is 2.7 percentage points
higher and the revenue share of GNP is virtually the same.
'Contrary to the conventional wisdom, therefore, the 1981
tax cut is not the root cause of the extraordinary budget
deficits of the past few years,' Sprinkel said.
'This tax cut merely rolled back the inflation-induced tax
increases that occurred between 1978 and 1981,' he added.
However, the Congressional Budget Office's Rudolph Penner
argued that the tax cut in 1981 was misguided.
'Since making the big mistake in 1981 of cutting taxes
enormously without any plan to decrease spending by the
Administration or Congress, indeed with increases in defence
spending, now all the options (for reducing the budget deficit)
are unpleasant,' he said.
Penner said the tax cut resulted from the ideological
turmoil in the U.S. Caused by the 'biggest sustained inflation
in our nation's history,' which helped foster widespread
distrust of government.
'The American people turned on the government with tax
revolt at the state level and new demands on the government at
the national level,' Penner said.
'But their dislike of taxes exceeded their general dislike
of spending programs. Now the correction of that 1981 mistake
demands that the system change a lot.'
Penner sees little hope the Gramm-Rudman-Hollings budget
deficit reduction targets will be met and said the deficit will
remain at roughly 200 billion dlrs this year.
He said a budget process that sets targets arbitrarily is
not likely to succeed.
'I feel pretty safe in saying that any process that tries to
dictate a numerical outcome from above is doomed to fail simply
because there's no ... Way to enforce it,' Penner said.
Penner questioned the methods by which the 1987 budget
deficit was cut. He said 18 to 19 billion dlrs were eliminated
by one-time measures, such as a temporary increase in taxes
related to tax reform and sales of government assets.
'Another four billion dlrs was cut by what I call creative
timing changes, like moving the military payday from the last
day of fiscal 1987 to the first day of fiscal 1988. That saved
more than two billion dlrs,' Penner said.
|
training/4629
|
training/4629 |@title australian:1 term:1 trade:1 worsen:1 last:1 quarter:1 |@word australia:2 term:3 trade:3 fall:3 3:2 5:1 pct:6 fourth:3 quarter:5 1986:1 decline:3 0:1 8:1 third:1 2:2 7:1 year:1 earlier:1 statistic:1 bureau:2 say:3 seasonally:1 adjust:1 current:1 account:1 deficit:1 22:1 billion:1 dlrs:1 would:1 drop:1 912:1 mln:1 follow:1 1:2 export:1 price:2 4:1 rise:1 import:1 note:1 19:1 9:1 since:1 1983:1
|
AUSTRALIAN TERMS OF TRADE WORSEN IN LAST QUARTER
Australia's terms of trade fell by a
further 3.5 pct in the fourth quarter of 1986 after declining
0.8 pct in the third quarter and 2.7 pct a year earlier, the
Statistics Bureau said.
It said the seasonally adjusted current account deficit of
3.22 billion dlrs in the quarter would have dropped to 912 mln
if not for the terms of trade decline.
The fourth quarter decline followed a 1.1 pct fall in
export prices and a 2.4 pct rise in import prices, it said.
The Bureau noted Australia's terms of trade had fallen by
19.9 pct since the fourth quarter of 1983.
|
training/4630
|
training/4630 |@title china:1 face:1 dilemma:1 sugar:1 import:1 |@word china:8 decide:1 increase:1 sugar:14 import:7 year:5 cover:1 fall:6 domestic:4 output:4 rise:9 demand:11 view:1 market:4 prediction:1 international:1 price:6 remain:1 firm:2 trader:4 official:2 press:1 say:18 kang:1 minister:1 agriculture:1 animal:1 husbandry:1 fishery:1 week:1 adjust:1 purchasing:2 cane:7 beet:4 check:1 drop:5 production:2 last:3 give:1 detail:1 one:2 japanese:1 rapidly:1 improve:1 living:1 standard:1 sweet:1 drink:1 cake:1 biscuit:1 sugary:1 food:1 easy:1 cut:2 even:1 state:3 control:2 economy:1 may:1 custom:1 figure:1 show:1 1:4 182:1 mln:8 tonne:9 1986:8 909:1 1985:8 25:1 165:1 january:3 1987:2 54:1 000:1 economic:2 information:1 newspaper:1 month:1 87:4 crush:2 season:2 september:3 april:1 18:1 short:1 paper:3 put:2 4:1 82:1 5:1 24:1 86:2 six:1 two:2 acreage:3 mill:7 underutilise:1 meet:2 every:1 day:1 country:2 continue:2 draw:1 stock:5 add:2 quote:1 ministry:1 light:1 industry:1 blame:1 unreasonable:2 crop:2 result:2 farmer:2 refuse:1 grow:2 could:2 earn:1 three:2 time:2 per:1 hectare:1 pineapple:1 watermelon:1 seven:1 banana:1 sugarcane:2 sell:3 grain:1 free:1 560:1 yuan:4 70:1 suffer:1 refined:1 change:1 20:1 despite:1 cost:2 fujian:2 produce:4 702:1 520:1 1980:1 profit:1 117:1 217:1 9:1 pricing:1 144:1 442:1 work:1 lose:1 money:1 521:1 foreign:2 agricultural:1 expert:1 forecast:1 august:1 10:2 pct:7 guangdong:1 45:1 calendar:3 small:2 11:1 province:1 developed:1 area:2 sensitive:1 city:2 guangxi:1 yunnan:1 account:1 28:1 30:1 2:1 333:1 hong:2 kong:2 estimate:1 end:2 reach:1 critical:1 level:1 compel:1 quickly:2 option:1 easily:1 available:1 western:1 strictly:1 release:1 less:2 consumer:2 slightly:1 world:1 serious:1 exchange:1 constraint:1 likely:1 least:1 1988:1 nearly:1 amount:1 raw:1 old:1 inefficient:1 many:1 use:1 soviet:1 equipment:1 1950:1 rural:1 future:1 annual:2 four:1
|
CHINA FACES DILEMMA OVER SUGAR IMPORTS
China has to decide if it will increase
sugar imports this year to cover falling domestic output and
rising demand, in view of market predictions that international
sugar prices will remain firm this year, traders and the
official press said.
He Kang, Minister of Agriculture, Animal Husbandry and
Fisheries, said this week that China has adjusted the
purchasing price for sugar cane and beet to check a drop in
production last year but he gave no price details.
One Japanese trader said domestic demand is rising rapidly
because of improving living standards and rising demand for
sweet drinks, cakes and biscuits and other sugary foods.
'It will not be easy to cut domestic demand, even in a
state-controlled economy. China may have to import,' he said.
Customs figures show imports fell to 1.182 mln tonnes in
1986 from 1.909 mln in 1985 and fell to 25,165 tonnes in
January 1987 from 54,000 in January 1986.
The official Economic Information newspaper last month said
production in the 1986/87 crushing season (September-April)
will be 1.18 mln tonnes short of demand.
The paper put 1986/87 output at 4.82 mln, down from 5.24
mln in 1985/86, and domestic demand at about six mln tonnes.
'In the last two years, acreage under sugar cane and beet
has fallen, sugar mills are underutilised, output has dropped
and cannot meet demand that is rising every day,' it said.
'The country will have to continue imports of sugar and draw
down stocks to meet market demand,' it added.
It quoted the Ministry of Light Industry as blaming the
drop in output on unreasonable state purchasing prices for cane
and beet as against other crops, which has resulted in farmers
refusing to grow them.
The paper said in 1985 a farmer could earn up to three
times more per hectare from pineapple and watermelon and up to
seven times more from bananas than from sugarcane. He could
sell grain on the free market at 560 yuan a tonne, against only
70 yuan a tonne for sugarcane.
Sugar mills are suffering because refined sugar prices have
not changed for 20 years despite rising costs, it said.
In Fujian, the cost of producing one tonne rose to 702 yuan
in 1985 from 520.1 in 1980, cutting the mills' profit to 117
yuan a tonne from 217.9, it added.
The paper said unreasonable pricing resulted in 144 of the
442 sugar mills working in the 1985/86 crushing season losing
money. China has 521 sugar mills.
A foreign agricultural expert forecast a drop in cane
acreage in 1986/87 (September-August) of up to 10 pct in
Guangdong, which produced 45 pct of China's sugar in calendar
1985, and a smaller drop in Fujian, which produced 11 pct of
China's sugar in calendar 1985.
He said both provinces are more developed than other
sugar-producing areas and more sensitive to demand from cities.
But cane acreage in Guangxi and Yunnan, which accounted for
28 pct of the 1985 crop, has risen by 10 to 30 pct in 1986/87,
because cane-growing is more economic there, he said.
He put sugar stocks at 2.333 mln tonnes in September 1986.
A Hong Kong trader estimated stocks at more than three mln
at end-January. 'Now they are falling but (they) have not
reached the critical level, compelling China to import quickly,'
he said.
'China has options not easily available in western
countries. It controls stocks strictly and can release less
into the consumer market if stocks fall too quickly,' he said.
The Hong Kong trader said calendar 1987 imports will be
slightly less than those of 1986, because of firm world prices
and serious foreign exchange constraints which, he said, are
likely to continue until at least end-1988.
He said nearly all cane and beet is sold to the state-owned
mills, with a small amount sold raw to consumers.
'Most of the mills are old and inefficient, with many of
them using Soviet equipment imported in the 1950s,' he said.
He said demand in rural areas will in future rise an annual
four pct, with demand in the cities rising an annual two pct.
|
training/4631
|
training/4631 |@title japan:1 set:1 1987:1 88:1 first:1 half:1 beef:1 import:1 quota:1 |@word agriculture:1 ministry:1 say:1 set:1 japan:2 beef:1 import:2 quota:1 six:1 month:1 april:1 1:1 93:1 000:5 tonne:3 83:1 second:1 half:1 1986:1 87:1 85:1 year:3 earlier:1 agreement:1 u:1 australia:1 increase:1 9:1 march:2 31:2 1985:1 reach:1 project:1 177:1 1988:1
|
JAPAN SETS 1987/88 FIRST HALF BEEF IMPORT QUOTA
The Agriculture Ministry said it set
Japan's beef import quota for the six months from April 1 at
93,000 tonnes, up from 83,000 in the second half of 1986/87 and
85,000 a year earlier.
Under an agreement with the U.S. And Australia, Japan has
been increasing imports by 9,000 tonnes a year from March 31,
1985, to reach a projected 177,000 tonnes in the year to March
31, 1988.
|
training/4632
|
training/4632 |@title japan:1 deny:1 break:1 semiconductor:1 trade:1 pact:1 |@word japan:5 deny:1 break:1 pact:3 u:3 semiconductor:3 trade:2 say:4 price:4 set:1 high:2 acknowledge:1 difficulty:1 implement:1 accord:1 faithfully:1 abide:1 agreement:3 course:2 problem:2 spokesman:2 international:1 industry:1 ministry:1 tell:1 reuters:1 recommend:1 leave:1 japanese:2 manufacturer:1 pile:1 stock:1 unsellable:1 product:1 aim:2 reduce:1 production:1 take:1 time:2 company:1 sell:2 chip:2 europe:1 asia:1 stipulate:1 add:1 matter:1 solve:1 eight:1 month:1 old:1 stop:1 large:1 quantity:1 knock:1 united:1 states:1 country:1 increase:1 sale:1 senate:1 finance:1 committee:1 week:1 call:1 president:1 reagan:1 non:1 binding:1 resolution:1 retaliate:1 violate:1
|
JAPAN DENIES BREAKING SEMICONDUCTOR TRADE PACT
Japan denied breaking a pact with the
U.S. On semiconductor trade but said prices set out in the pact
were too high and acknowledged difficulties in implementing the
accord.
'We are faithfully abiding by the ... Agreement but of
course there are some problems,' a spokesman for the
International Trade and Industry Ministry told Reuters.
He said the high semiconductor prices recommended by the
agreement were leaving Japanese manufacturers piling up stocks
of unsellable products. 'We are aiming to reduce production in
Japan but of course this takes time,' he said.
The spokesman said some Japanese companies were selling
chips in Europe and Asia below stipulated prices, but added: 'It
is only a matter of time before we solve this problem.'
The eight month old pact aims to stop Japan selling large
quantities of chips at knock-down prices to the United States
and other countries and to increase U.S. Semiconductor sales in
Japan.
The U.S. Senate Finance Committee this week called on
President Reagan in a non-binding resolution to retaliate
against Japan for violating the agreement.
|
training/4633
|
training/4633 |@title japan:1 minister:1 say:1 170:1 yen:1 appropriate:1 |@word international:1 trade:1 industry:1 minister:2 hajime:1 tamura:1 tell:1 parliamentary:1 session:1 japan:2 small:1 medium:1 sized:1 enterprise:1 seriously:1 suffer:1 yen:5 rise:1 stand:1 level:4 around:2 170:2 also:1 say:1 still:1 believe:1 dollar:2 exchange:2 rate:2 plus:1 minus:1 10:1 would:1 within:1 agree:2 upon:1 last:1 month:1 paris:1 six:1 major:1 industrial:1 nation:1 finance:1 britain:1 canada:1 france:1 u:1 west:1 germany:1 february:2 22:1 cooperate:1 stabilize:1 current:1 close:1 153:1 77:1 20:1
|
JAPAN MINISTER SAYS ABOUT 170 YEN APPROPRIATE
International Trade and Industry Minister
Hajime Tamura told a parliamentary session Japan's small- and
medium-sized enterprises are seriously suffering from the yen's
rise and can only stand levels around 170 yen.
He also said he still believes a dollar exchange rate level
plus or minus 10 yen from 170 yen would be within levels agreed
upon last month in Paris by six major industrial nations.
Finance ministers of Britain, Canada, France, Japan, the U.S.
And West Germany agreed on February 22 to cooperate in
stabilizing exchange rates around the current levels. The
dollar had closed here at 153.77 yen on February 20.
|
training/4634
|
training/4634 |@title german:1 wholesale:1 price:1 fall:1 0:1 4:1 pct:1 february:1 |@word west:1 german:1 wholesale:4 price:4 fall:1 0:2 4:1 pct:11 february:2 january:3 stand:2 6:3 9:3 low:3 1986:2 federal:1 statistics:1 office:2 say:2 rise:1 8:3 december:1 level:1 decline:1 lead:1 starch:1 product:1 13:1 light:1 heating:2 oil:2 11:1 heavy:1 10:1 green:1 coffee:1 among:1 high:1 fresh:2 vegetable:1 17:1 fruit:1 12:1 egg:1 statistic:1 statement:1
|
GERMAN WHOLESALE PRICES FALL 0.4 PCT IN FEBRUARY
West German wholesale prices fell 0.4
pct in February from January to stand 6.9 pct lower than in
February 1986, the Federal Statistics Office said.
In January wholesale prices rose 0.8 pct from December to
stand 8.6 pct below their level in January 1986.
Wholesale price declines were led by starch products, down
13 pct, light heating oil 11 pct lower, heavy heating oil 10
pct lower and green coffee down 6.9 pct.
Among higher wholesale prices were those for fresh
vegetables, up 17 pct, fresh fruit up 12 pct and eggs up 8.9
pct, the statistics office said in a statement.
|
training/4635
|
training/4635 |@title swiss:2 feb:2 trade:2 deficit:4 629:2 7:2 mln:4 franc:2 jan:2 209:2 4:2 official:2 |@word
|
SWISS FEB TRADE DEFICIT 629.7 MLN FRANCS (JAN DEFICIT 209.4 MLN) - OFFICIAL
SWISS FEB TRADE DEFICIT 629.7 MLN FRANCS (JAN DEFICIT 209.4 MLN) - OFFICIAL
|
training/4636
|
training/4636 |@title australian:1 beef:1 output:1 see:1 decline:1 1987:1 |@word australian:4 beef:6 output:2 forecast:6 decline:3 1:3 34:1 mln:4 tonne:2 carcass:1 weight:2 1987:2 36:1 1988:2 44:1 1986:3 meat:2 live:1 stock:1 corp:1 amlc:4 say:6 export:6 veal:1 also:2 predict:1 480:1 000:3 ship:1 515:1 rally:1 490:1 summary:1 bi:1 annual:1 livestock:1 see:1 cattle:1 number:1 remain:2 around:3 level:2 23:1 2:1 beast:1 year:4 herd:2 rebuilding:1 expect:2 slow:2 previously:1 producer:1 become:1 confident:1 high:1 return:1 market:3 domestically:1 overseas:1 continue:2 build:1 low:1 production:4 bring:1 slight:1 drop:1 domestic:1 consumption:1 assume:1 turnaround:1 late:1 next:1 outlook:1 proportion:1 much:1 last:1 55:1 pct:3 total:2 1985:1 52:1 increase:1 percentage:1 mainly:1 attribute:1 dollar:1 australia:1 four:1 major:1 u:1 japan:1 canada:1 taiwan:1 dominate:1 chill:1 frozen:1 take:1 collectively:1 94:1
|
AUSTRALIAN BEEF OUTPUT SEEN DECLINING IN 1987
Australian beef output is forecast to
decline to 1.34 mln tonnes carcass weight in 1987 and 1.36 mln
in 1988 from 1.44 mln in 1986, the Australian Meat and
Live-Stock Corp (AMLC) said.
Exports of beef/veal are also predicted to decline to
480,000 tonnes shipped weight in 1987 from 515,000 in 1986, and
then rally to 490,000 in 1988, the AMLC said in a summary of
its bi-annual meat and livestock forecasts.
It sees cattle numbers remaining at around the 1986 level
of 23.2 mln beasts in both years because herd rebuilding is
expected to be slower than previously forecast.
Beef producers are becoming more confident that higher
returns in the market, both domestically and overseas, will
continue, the AMLC said.
The slow herd build-up and the forecast lower production is
expected to bring about a slight drop in both export and
domestic consumption this year, it said.
The forecast does not assume a turnaround in production
levels until late next year.
It said the outlook for beef exports as a proportion of
output remains much the same as last year when it was around 55
pct of total production. In 1985 it was 52 pct.
The increase in exports of beef as a percentage of
production has mainly been attributed to the decline in the
Australian dollar, the AMLC said.
It also forecast that Australia's four major markets, the
U.S., Japan, Canada and Taiwan, will continue to dominate the
chilled and frozen beef export markets. They take collectively
around 94 pct of total Australian exports.
|
training/4637
|
training/4637 |@title china:1 january:1 grain:1 export:1 fall:1 |@word china:2 grain:1 export:2 january:2 total:1 386:1 157:1 tonne:3 22:1 1:1 pct:3 1986:1 custom:1 figure:3 show:3 give:1 detailed:1 breakdown:1 official:1 economic:1 news:1 quote:1 tea:1 rise:2 9:1 7:1 8:1 474:1 month:1 import:1 wool:1 117:1 6:1 10:1 248:1 period:1
|
CHINA'S JANUARY GRAIN EXPORTS FALL
China's grain exports in January totaled
386,157 tonnes, down 22.1 pct from January 1986, customs
figures show.
They gave no detailed breakdown.
The official China Economic News quoted the figures as
showing tea exports rose 9.7 pct to 8,474 tonnes during the
month.
Imports of wool rose 117.6 pct to 10,248 tonnes over the
same period, the figures show.
|
training/4638
|
training/4638 |@title swiss:1 february:1 trade:1 deficit:1 629:1 7:1 mln:1 franc:1 |@word switzerland:1 trade:2 deficit:3 629:1 7:1 mln:3 swiss:1 franc:2 february:5 compare:1 revise:1 209:1 4:2 january:1 723:1 2:1 shortfall:1 1986:2 federal:1 customs:1 office:2 say:2 import:3 6:2 00:1 billion:2 export:2 5:2 37:1 rise:2 real:2 term:2 1:1 pct:2 improvement:1 leave:1 small:1 last:2 year:1 figure:1 also:1 hit:1 two:1 passenger:1 aircraft:1
|
SWISS FEBRUARY TRADE DEFICIT 629.7 MLN FRANCS
Switzerland had a trade deficit of 629.7
mln Swiss francs in February compared with a revised 209.4 mln
deficit in January and 723.2 mln shortfall in February 1986,
the Federal Customs Office said.
February imports were 6.00 billion francs against exports
of 5.37 billion.
Imports rose in real terms by 5.1 pct against February 1986
while exports rose by a real 4.6 pct, the office said.
But a further improvement in the terms of trade left the
deficit smaller than last year.
Last February's figure had also been hit by the import of
two passenger aircraft.
|
training/464
|
training/464 |@title massachusetts:1 investors:1 growth:1 stock:1 fund:1 payout:1 |@word qtly:1 div:1 income:1 5:1 1:1 ct:1 vs:1 3:1 035:1 dlrs:2 prior:1 qtr:1 include:1 capital:1 gain:1 2:1 978:1 payable:1 march:1 27:2 record:1 february:1
|
MASSACHUSETTS INVESTORS GROWTH STOCK FUND PAYOUT
Qtly div from income 5.1 cts vs 3.035 dlrs in prior qtr
including capital gains of 2.978 dlrs
Payable March 27
Record February 27
|
training/4640
|
training/4640 |@title japan:1 shipbuilder:1 seek:1 cartel:1 restrict:1 output:1 |@word japanese:1 shipbuilder:1 apply:1 state:1 fair:1 trade:1 commission:1 form:1 cartel:3 restrict:1 tonnage:1 build:2 half:1 total:1 capacity:2 year:6 start:1 april:1 1:2 official:1 shipbuilders:1 association:1 japan:1 say:1 plan:1 33:1 yard:1 capable:1 ship:1 10:1 000:1 gross:2 ton:1 curtail:2 operation:1 three:1 mln:5 compensate:1 register:1 tonne:1 cgrt:4 six:1 transport:2 ministry:2 estimate:1 new:1 order:2 3:3 march:2 1988:1 following:1 industry:2 production:1 due:1 oversupply:1 nearly:1 every:1 since:1 1977:1 78:1 guideline:2 late:1 call:1 ceiling:1 four:1 31:1 self:2 impose:1 regulated:1 legally:1 binding:1 find:1 interest:1 stick:1 slowdown:1 cause:1 strong:1 yen:1 protract:1 worldwide:1 shipbuilding:1 slump:1
|
JAPAN SHIPBUILDERS SEEK CARTEL TO RESTRICT OUTPUT
Japanese shipbuilders have applied to the
state's Fair Trade Commission to form a cartel to restrict
tonnage built to about half of total capacity for the year
starting April 1, officials of the Shipbuilders Association of
Japan said.
Under the plan, 33 yards capable of building ships of more
than 10,000 gross tons will curtail operations to three mln
compensated gross registered tonnes (CGRT) a year against
capacity of about six mln CGRT.
The Transport Ministry estimates new orders at 3.3 mln CGRT
in the year to March 1988 and 3.1 mln the following year.
The industry has curtailed production due to oversupply
nearly every year since 1977/78, under cartel or Transport
Ministry guidelines. The latest guidelines call for a ceiling
of four mln CGRT in the year to March 31.
The cartels, self-imposed and self-regulated, are not
legally binding, but industry finds it in its own interest to
stick to them.
The slowdown in orders has been caused by the strong yen
and a protracted worldwide shipbuilding slump.
|
training/4641
|
training/4641 |@title swiss:1 wholesale:1 price:1 fall:1 0:1 3:1 pct:1 february:1 |@word swiss:1 wholesale:2 price:5 fall:3 0:1 3:2 pct:4 february:4 give:2 drop:2 4:2 1986:2 federal:1 office:2 industry:1 trade:1 labour:1 say:2 unchanged:1 january:1 annual:1 6:2 2:1 year:2 index:1 base:1 1963:1 stand:1 168:1 5:1 176:1 1:1 last:1 largely:1 due:1 low:1 energy:1 raw:1 material:1 semi:1 finish:1 good:2 consumer:1 rise:1 slightly:1
|
SWISS WHOLESALE PRICES FALL 0.3 PCT IN FEBRUARY
Swiss wholesale prices fell by 0.3 pct in
February, giving a drop of 4.3 pct from February 1986, the
Federal Office of Industry, Trade and Labour said.
Prices had been unchanged in January, giving an annual drop
of 4.6 pct. They fell by 2.6 pct in the year to February 1986.
The wholesale price index, base 1963, stood at 168.5 in
February from 176.1 last year.
The office said the fall was largely due to lower prices
for energy, raw materials and semi-finished goods. Consumer
goods prices rose slightly.
|
training/4644
|
training/4644 |@title kubota:1 ltd:1 kub:1 third:1 quarter:1 january:1 15:1 |@word group:2 shr:2 53:1 yen:2 vs:10 22:2 net:2 profit:5 3:1 58:1 billion:14 1:1 47:1 pretax:2 4:1 94:1 loss:1 248:1 mln:2 operating:1 5:1 36:1 789:1 sale:2 127:1 34:1 130:1 nine:1 month:1 end:1 january:1 15:1 134:1 119:1 9:1 10:1 8:1 03:1 19:1 78:1 14:1 77:1 operate:1 17:1 35:1 16:1 00:1 430:1 06:1 446:1 26:1
|
KUBOTA LTD <KUB.T> THIRD QUARTER TO JANUARY 15
Group shr 53 yen vs 22
Net profit 3.58 billion vs profit 1.47 billion
Pretax profit 4.94 billion vs loss 248 mln
Operating profit 5.36 billion vs profit 789 mln
Sales 127.34 billion vs 130.22 billion
Nine months ended January 15
Group shr 134 yen vs 119
Net 9.10 billion vs 8.03 billion
Pretax 19.78 billion vs 14.77 billion
Operating 17.35 billion vs 16.00 billion
Sales 430.06 billion vs 446.26 billion
|
training/4648
|
training/4648 |@title japan:1 cabinet:1 approve:1 bill:1 gold:1 coin:1 issue:1 |@word cabinet:1 approve:2 bill:2 make:1 easy:1 government:2 issue:3 commemorative:1 coin:4 finance:1 ministry:1 official:2 say:2 must:1 still:2 parliament:1 would:3 take:1 effect:1 april:1 1988:1 allow:1 1:1 000:3 5:1 10:1 yen:2 without:1 special:2 legislation:1 although:1 high:1 value:1 need:1 law:1 present:1 500:1 less:1
|
JAPAN CABINET APPROVES BILL ON GOLD COIN ISSUES
The cabinet has approved a bill making it
easier for the government to issue commemorative coins, a
Finance Ministry official said.
The bill, which must still be approved by parliament, would
take effect in April 1988. It would allow the government to
issue 1,000, 5,000 and 10,000 yen coins without special
legislation, although higher-valued coins would still need a
special law, the official said. At present it can only issue
coins of 500 yen or less.
|
training/4649
|
training/4649 |@title sandoz:1 ag:1 sanz:1 z:1 year:1 1986:1 |@word group:2 1986:1 net:2 profit:2 541:1 mln:6 swiss:1 franc:8 vs:6 529:1 dividend:1 105:1 per:2 250:1 nominal:2 share:1 100:1 21:1 50:1 participation:1 certificate:1 20:1 turnover:1 8:3 36:1 billion:2 45:1 cash:1 flow:1 956:1 941:1 parent:1 company:1 153:1 135:1 3:1
|
SANDOZ AG <SANZ.Z> YEAR 1986
Group 1986 net profit 541 mln Swiss
francs vs. 529 mln
Dividend 105 francs per 250 francs nominal share vs. 100,
21 francs per 50 franc nominal participation certificate vs 20
Group Turnover 8.36 billion francs vs. 8.45 billion
Cash Flow 956 mln francs vs. 941 mln
Parent company net profit 153.8 mln francs vs. 135.3 mln
|
training/4650
|
training/4650 |@title india:1 countertrade:1 deal:1 malaysian:1 palm:1 oil:1 |@word india:2 partially:1 cover:1 cost:1 malaysian:1 palm:3 oil:4 import:1 countertrade:2 deal:2 involve:1 construction:1 two:1 bridge:2 value:1 20:1 mln:2 dlrs:2 indian:2 trade:2 source:1 tell:1 reuters:1 say:3 malaysia:2 agree:2 october:1 could:1 longer:1 buy:1 700:1 000:1 tonne:1 year:1 deficit:1 also:1 barter:1 30:1 hydroelectric:1 equipment:1 interested:1 iron:1 ore:1 wheat:1 good:1 service:1
|
INDIA IN COUNTERTRADE DEAL FOR MALAYSIAN PALM OIL
India is to partially cover the cost
of its Malaysian palm oil imports through a countertrade deal
involving the construction of two bridges valued at 20 mln
dlrs, an Indian trade source told Reuters.
He said Malaysia agreed to the oil-for-bridges deal in
October after India said it could no longer buy some 700,000
tonnes of palm oil a year because of its trade deficit.
Malaysia has also agreed to barter palm oil for 30 mln dlrs
of hydroelectric equipment and is interested in countertrading
for Indian iron ore, wheat and other goods and services, he
said.
|
training/4652
|
training/4652 |@title alusuisse:2 group:2 1986:2 net:2 loss:4 688:2 mln:4 swiss:2 franc:2 756:2 |@word
|
ALUSUISSE GROUP 1986 NET LOSS 688 MLN SWISS FRANCS (LOSS 756 MLN)
ALUSUISSE GROUP 1986 NET LOSS 688 MLN SWISS FRANCS (LOSS 756 MLN)
|
training/4654
|
training/4654 |@title bank:1 japan:1 call:1 long:1 term:1 effort:1 trade:1 |@word short:1 term:3 effect:1 foreign:1 exchange:1 rate:1 movement:1 correct:1 international:2 trade:3 imbalance:1 appear:1 wane:1 long:2 effort:1 require:1 cut:1 japan:4 chronic:1 dependence:1 external:1 demand:1 bank:2 say:2 monthly:1 report:1 surplus:1 nominal:1 likely:1 remain:1 high:1 near:1 future:1 central:1 fundamental:1 adjustment:1 need:1 hope:1 benefit:1 well:1 allocation:1 resource:1 maintain:1 free:1 system:1 add:1
|
BANK OF JAPAN CALLS FOR LONG-TERM EFFORTS ON TRADE
The short-term effect of foreign exchange
rate movements in correcting international trade imbalances
appears to be waning, and long-term efforts are required to cut
Japan's chronic dependence on external demand, the Bank of
Japan said in a monthly report.
Japan's trade surplus in nominal terms is likely to remain
high in the near future, the central bank said.
Fundamental adjustments will be needed as long as Japan
hopes to benefit from a better international allocation of
resources and maintain the free trade system, it added.
|
training/4656
|
training/4656 |@title |@word london:2 float:2 rate:2 note:2 price:2 open:2 sharply:2 low:2 dealer:2 say:2
|
London - Floating rate note prices open sharply lower, dealers say
London - Floating rate note prices open sharply lower, dealers say
|
training/4657
|
training/4657 |@title alusuisse:1 aluz:1 z:1 year:1 1986:1 |@word net:2 loss:2 688:1 mln:7 swiss:1 franc:3 vs:4 756:1 gross:1 sale:1 5:1 93:1 billion:2 8:1 51:1 operate:1 income:1 198:1 256:1 extraordinary:1 charge:1 592:1 472:1 note:1 company:2 plan:2 50:1 pct:1 capital:2 reduction:1 bank:1 convert:1 300:1 credit:1 facility:1 subordinated:1 loan:1 immediate:1 increase:1 full:1 name:1 schweizerische:1 aluminium:1 ag:1
|
ALUSUISSE <ALUZ.Z> YEAR 1986
Net Loss 688 mln Swiss francs vs. Loss
756 mln
Gross sales 5.93 billion vs. 8.51 billion
Operating income 198 mln francs vs 256 mln
Net extraordinary charges 592 mln vs 472 mln
Note - Company plans 50 pct capital reduction, banks to
convert 300 mln francs of credit facilities to subordinated
loans. No immediate plans for capital increase. Company full
name Schweizerische Aluminium AG.
|
training/4658
|
training/4658 |@title |@word opec:2 deliberately:2 15:2 8:2 mln:2 barrel:2 ceiling:2 defend:2 price:2 subroto:2
|
Opec deliberately under 15.8 mln barrel ceiling to defend price - Subroto
Opec deliberately under 15.8 mln barrel ceiling to defend price - Subroto
|
training/4659
|
training/4659 |@title county:1 increase:1 tesco:1 stake:1 hillards:1 |@word county:2 ltd:1 act:1 concert:1 tesco:2 plc:2 tsco:1 l:1 151:1 4:2 mln:1 stg:1 supermarket:1 chain:1 operator:1 hillards:1 purchase:2 300:1 000:1 hillard:3 ordinary:3 share:4 316p:1 per:1 statement:1 say:2 together:1 make:3 10:2 march:2 represent:1 8:1 pct:2 issue:1 capital:1 offer:1 value:1 305:1 5p:1 37:1 6:1 premium:1 previous:1 day:1 closing:1 price:1 cash:1 alternative:1 290:1 55p:1 available:1
|
COUNTY INCREASES TESCO STAKE IN HILLARDS
<County Ltd>, which is acting in concert
with Tesco Plc <TSCO.L> in its 151.4 mln stg for supermarket
chain operator <Hillards Plc>, has purchased 300,000 Hillards
ordinary shares at 316p per share, a statement said.
These purchases, together with those made by County on 10
March, represent about 4.8 pct of Hillards issued ordinary
share capital, it said.
Tesco's offer, made on March 10, values each Hillards
ordinary share at 305.5p, a 37.6 pct premium over the previous
day's closing price. A cash alternative of 290.55p will be
made available.
|
training/466
|
training/466 |@title premdor:1 inc:1 4th:1 qtr:1 net:1 |@word shr:2 35:1 ct:3 vs:6 25:1 net:2 1:3 590:1 000:4 140:1 revs:2 32:1 2:1 mln:4 23:1 0:2 year:1 16:1 dlrs:1 68:1 5:1 300:1 3:1 100:1 110:1 85:1 4:1
|
<PREMDOR INC> 4TH QTR NET
Shr 35 cts vs 25 cts
Net 1,590,000 vs 1,140,000
Revs 32.2 mln vs 23.0 mln
YEAR
Shr 1.16 dlrs vs 68 cts
Net 5,300,000 vs 3,100,000
Revs 110.0 mln vs 85.4 mln
|
training/4660
|
training/4660 |@title african:1 producer:1 price:1 inflation:1 fall:1 sharply:1 |@word south:1 african:1 year:5 producer:2 price:2 inflation:2 fall:1 14:1 9:2 pct:5 january:2 16:1 4:1 december:2 central:1 statistics:1 office:1 figure:1 show:1 item:1 index:2 base:1 1980:1 rise:2 monthly:1 0:2 8:2 233:1 also:1 232:1 1:1 ago:1 stand:1 203:1 6:1 22:1 2:1
|
S. AFRICAN PRODUCER PRICE INFLATION FALLS SHARPLY
South African year-on-year producer
price inflation fell to 14.9 pct in January against 16.4 pct in
December, Central Statistics Office figures show.
The all items index (base 1980) rose a monthly 0.8 pct in
January to 233.9, after also rising 0.8 pct in December to
232.1.
A year ago the index stood at 203.6 and year-on-year
producer price inflation at 22.2 pct.
|
training/4662
|
training/4662 |@title subroto:1 see:1 oil:1 market:1 continue:1 bullish:1 |@word indonesian:1 energy:2 minister:2 subroto:2 say:3 see:2 oil:2 market:2 continue:2 bullish:2 underlying:1 demand:2 expect:1 rise:1 later:1 year:1 tell:1 press:1 conference:1 jakarta:1 end:1 two:1 day:1 meeting:1 south:1 east:1 asian:1 price:4 stabilize:1 around:2 18:3 dlrs:3 barrel:1 sentiment:1 think:2 way:1 go:1 third:1 fourth:1 quarter:1 ask:1 prospect:1 stabilise:1 although:1 little:1 turbulence:1 course:1 spot:1 fluctuate:1 official:1 remain:1 add:1
|
SUBROTO SEES OIL MARKET CONTINUING BULLISH
Indonesian Energy Minister Subroto said
he sees the oil market continuing bullish, with underlying
demand expected to rise later in the year.
He told a press conference in Jakarta at the end of a
two-day meeting of South-East Asian Energy Ministers that he
saw prices stabilizing around 18 dlrs a barrel.
'The sentiment in the market is bullish and I think it will
continue that way as demand will go up in the third or fourth
quarters,' Subroto said.
Asked about the prospect for oil prices, he said: 'I think
they will stabilise around 18 dlrs, although there is a little
turbulence ...'
'Of course the spot price will fluctuate, but the official
price will remain at 18 dlrs,' he added.
|
training/4664
|
training/4664 |@title opec:1 defend:1 18:1 dlr:1 price:1 subroto:1 say:1 |@word indonesian:1 energy:2 minister:1 subroto:1 say:3 opec:6 deliberately:2 production:3 ceiling:1 15:2 8:2 mln:2 barrel:3 defend:2 18:3 dlr:1 price:4 target:1 tell:1 reporter:1 conference:1 jakarta:1 decide:2 maintain:1 level:1 dlrs:2 less:1 moment:1 state:1 ask:1 would:2 increase:1 go:1 next:1 meeting:3 june:1 discuss:1 market:1 situation:1 add:1 differential:1 committee:2 postpone:1 need:1 elaborate:1 originally:1 due:1 meet:1 vienna:1 week:1
|
OPEC DEFENDING 18 DLR PRICE, SUBROTO SAYS
Indonesian Energy Minister Subroto said
OPEC is deliberately under its production ceiling of 15.8 mln
barrels to defend its 18 dlr a barrel price target.
He told reporters at an energy conference in Jakarta that
OPEC had decided to maintain its price level of 18 dlrs.
'We are deliberately defending the price, so OPEC production
is less than 15.8 (mln) at the moment,' he stated.
Asked if OPEC would increase production if prices went
above 18 dlrs a barrel, he said this would be decided at the
next OPEC meeting in June. 'We will discuss the market situation
then,' he added.
He said a meeting of the OPEC Differentials Committee had
been postponed because 'there is no need for the meeting.'
He did not elaborate. The committee had originally been due
to meet in Vienna this week.
|
training/4665
|
training/4665 |@title japan:1 reject:1 u:1 objection:1 fairchild:1 sale:1 |@word foreign:3 ministry:3 official:7 dismiss:2 argument:1 make:4 senior:1 u:19 government:1 seek:1 block:3 sale:11 microchip:3 maker:2 japanese:5 firm:3 appear:2 link:1 completely:1 unrelated:1 issue:4 shuichi:1 takemoto:4 north:1 american:1 division:2 tell:3 reuters:2 commerce:1 secretary:2 malcolm:1 baldrige:2 ask:1 white:1 house:1 consider:1 fairchild:5 semiconductor:4 corp:1 japan:7 fujitsu:6 ltd:2 itsu:1 say:13 yesterday:1 express:1 concern:1 would:4 leave:1 military:1 dependent:1 company:1 vital:2 high:1 technology:1 equipment:1 pentagon:1 defence:2 caspar:1 weinberger:1 also:3 oppose:1 give:1 powerful:1 role:1 market:5 supercomputer:9 remain:2 closed:1 national:1 security:1 since:1 plan:1 purchase:3 current:1 owner:1 schlumberger:2 slb:1 include:1 main:1 relate:1 addition:1 tension:2 trade:3 affect:1 analyst:4 note:1 sophisticated:1 use:1 similar:1 chip:1 supply:1 fear:2 propose:1 takeover:1 violate:1 antitrust:1 law:1 result:1 monopolise:1 two:1 separate:1 come:1 together:1 boost:1 pressure:1 industry:3 move:1 part:1 attempt:1 force:1 open:2 domestic:1 repeatedly:1 charge:1 public:1 sector:1 close:1 despite:3 technological:1 lead:1 field:1 united:1 states:1 believe:1 react:1 bully:1 bullying:1 ploy:1 salomon:1 brothers:1 asia:2 carole:1 ryavec:1 however:1 stake:1 lose:1 competitor:1 real:1 xenophobia:1 silicon:1 valley:1 tom:1 murtha:1 brokerage:1 james:1 capel:1 co:1 fail:1 subside:1 recent:1 effort:1 international:1 miti:2 get:1 abide:2 bilateral:1 pact:2 aim:1 halt:2 predatory:1 pricing:1 faithfully:1 agreement:2 problem:2 europe:1 southeast:1 price:1 set:1 matter:1 time:1 solve:1 reuter:1 furore:1 proceed:1 talk:1 acquisition:1 line:1 basic:1 reach:1 last:1 year:1 spokeswoman:1
|
JAPAN REJECTS U.S. OBJECTIONS TO FAIRCHILD SALE
A Foreign Ministry official dismissed
arguments made by senior U.S. Government officials seeking to
block the sale of a U.S. Microchip maker to a Japanese firm.
'They appear to be linking completely unrelated issues,'
Shuichi Takemoto of the Foreign Ministry's North American
Division told Reuters.
U.S. Commerce Secretary Malcolm Baldrige has asked the
White House to consider blocking the sale of <Fairchild
Semiconductor Corp> to Japan's Fujitsu Ltd <ITSU.T>, U.S.
Officials said yesterday.
Baldrige expressed concern that the sale would leave the
U.S. Military dependent on a foreign company for vital high
technology equipment. Pentagon officials said Defence Secretary
Caspar Weinberger also opposes to the sale.
U.S. Officials have also said the sale would give Fujitsu a
powerful role in the U.S. Market for supercomputers while
Japan's supercomputer market remains closed to U.S. Sales.
Takemoto said national security should not be an issue
since the planned purchase of Fairchild from its current owner,
Schlumberger Ltd <SLB>, does not include Fairchild's main
defence-related division.
In addition, Takemoto said tension over the supercomputer
trade should not affect the sale as Fairchild does not make
supercomputers.
Analysts noted that Fairchild does make sophisticated
microchips used in supercomputers. Fujitsu makes similar chips
and supplies them to U.S. Supercomputer makers, they said.
Takemoto also dismissed U.S. Fears that the proposed
takeover would violate U.S. Antitrust law, saying 'the purchase
would not result in Fujitsu monopolising the U.S. Semiconductor
market.'
Two separate issues appear to have come together to boost
pressure to block the purchase, industry analysts said.
The move is in part an attempt to force Japan to open its
domestic market to more U.S. Supercomputer sales, they said.
U.S. Officials have repeatedly charged that the Japanese
public sector is closed to U.S. Supercomputer sales despite
U.S. Firms' technological lead in the field.
'The United States believes Japan will only react when
bullied, and this is a bullying ploy,' Salomon Brothers Asia
analyst Carole Ryavec said.
However, the analysts said more is at stake than
supercomputer sales as the U.S. Fears it is losing its vital
semiconductor industry to Japanese competitors.
'The real issue is xenophobia in (the U.S.) Silicon Valley,'
said Tom Murtha of brokerage James Capel and Co.
U.S.-Japanese tension over the semiconductor trade has
failed to subside despite recent efforts by Japan's Ministry of
International Trade and Industry (MITI) to get Japanese firms
to abide by a bilateral pact aimed at halting predatory pricing
and opening Japan's market.
A MITI official said that while Japan is faithfully abiding
by the agreement, problems remain in halting the sale of
microchips in Europe and Southeast Asia at prices below those
set by the pact.
'It is only a matter of time before we solve this problem,'
he told Reuters.
Despite the furore, Fujitsu will proceed with talks on the
acquisition in line with the basic agreement reached with
Schlumberger last year, a Fujitsu spokeswoman told Reuters.
|
training/4666
|
training/4666 |@title bank:1 england:1 offer:1 early:1 help:1 money:1 market:1 |@word bank:3 england:1 say:2 invite:1 early:1 round:1 bill:3 offer:1 help:1 ease:1 tight:1 condition:1 money:1 market:1 estimate:1 today:1 liquidity:1 shortage:1 1:2 10:1 billion:2 stg:3 mature:1 official:1 hand:1 treasury:1 take:2 would:3 drain:1 21:1 system:1 rise:1 note:1 circulation:1 target:1 banker:1 balance:1 265:1 mln:3 180:1 respectively:1 exchequer:1 transaction:1 add:1 net:1 535:1
|
BANK OF ENGLAND OFFERS EARLY HELP TO MONEY MARKET
The Bank of England said it invited an
early round of bill offers to help ease tight conditions in the
money market.
The bank estimated today's liquidity shortage at about 1.10
billion stg.
Bills maturing in official hands and the treasury bill
take-up would drain 1.21 billion stg from the system while a
rise in the note circulation and below target bankers' balances
would take out 265 mln and 180 mln respectively, the bank said.
Against this, exchequer transactions would add a net 535
mln stg.
|
training/467
|
training/467 |@title american:1 nursery:2 ansy:1 buy:1 florida:1 |@word american:1 nursery:3 products:1 inc:2 say:1 purchase:1 miami:1 base:1 heinl:2 undisclosed:1 term:1 sale:1 4:1 5:1 mln:1 dlrs:1 100:1 acre:1 75:1 shade:1 house:1 58:1 300:1 square:1 foot:1 cover:1 greenhouse:1 shipping:1 office:1 facility:1
|
AMERICAN NURSERY <ANSY> BUYS FLORIDA NURSERY
American Nursery Products Inc
said it purchased Miami-based Heinl's Nursery Inc, for
undisclosed terms.
Heinl's Nursery has sales of about 4.5 mln dlrs and owns
100 acres, of which 75 are in shade houses and about 58,300
square feet cover greenhouses, shipping and office facilities.
|
training/4671
|
training/4671 |@title british:1 wheat:1 area:1 ministry:1 census:1 show:1 |@word total:1 1:3 886:1 mln:2 hectare:1 sow:1 wheat:1 britain:1 exclude:1 northern:1 ireland:1 december:1 1986:1 1987:1 crop:1 ministry:1 agriculture:1 census:1 show:1 compare:1 925:1 plant:1 period:1 1985:1 barley:1 area:1 unchanged:1 952:1 000:3 ha:2 oilseed:1 rape:1 increase:1 393:1 333:1
|
BRITISH WHEAT AREA DOWN, MINISTRY CENSUS SHOWS
A total of 1.886 mln hectares was sown
to wheat in Britain, excluding Northern Ireland, up to December
1, 1986 for the 1987 crop, a Ministry of Agriculture census
shows.
It compares with 1.925 mln planted in the same period 1985.
The barley area was unchanged at 952,000 ha, but oilseed
rape increased to 393,000 from 333,000 ha.
|
training/4675
|
training/4675 |@title |@word miyazawa:2 say:2 current:2 dollar:2 yen:2 rate:2 necessarily:2 satisfactory:2
|
Miyazawa says current dollar/yen rate not necessarily satisfactory
Miyazawa says current dollar/yen rate not necessarily satisfactory
|
training/4678
|
training/4678 |@title kampuchea:1 say:1 rice:1 crop:1 1986:1 increase:1 |@word kampuchea:3 harvest:2 two:3 mln:9 tonne:5 rice:3 paddy:3 1986:1 crop:1 previous:1 year:2 official:1 spk:2 news:1 agency:1 say:4 yesterday:1 diplomat:1 estimate:1 put:1 1985:1 less:1 one:1 slightly:1 800:1 000:1 1984:1 plan:1 expand:1 planting:1 1:4 5:3 93:1 hectare:1 boost:1 output:1 2:1 calendar:1 would:1 produce:1 3:1 mill:1 25:1 tonnes:1 minimum:1 7:1 people:1 need:1
|
KAMPUCHEA SAYS RICE CROP IN 1986 INCREASED
Kampuchea harvested more than two mln
tonnes of rice paddy in 1986, up on the crops of the previous
two years, the official SPK news agency said yesterday.
Diplomats said estimates put the 1985 harvest at less than
one mln tonnes, slightly up on 800,000 in 1984.
SPK said Kampuchea planned to expand planting from 1.5 mln
to 1.93 mln hectares and boost rice paddy output to 2.5 mln
tonnes this calendar year.
Two mln tonnes of paddy would produce some 1.3 mln tonnes
of milled rice, above the 1.25 mln tonnes Kampuchea says is the
minimum its 7.5 mln people need.
|
training/4679
|
training/4679 |@title china:1 try:1 increase:1 cotton:1 output:1 paper:1 say:1 |@word china:5 1987:1 cotton:7 output:3 must:1 rise:3 1986:4 level:2 3:1 54:1 mln:3 tonne:3 supply:1 fall:2 short:1 increase:2 demand:2 daily:3 say:3 10:2 9:1 pct:2 1985:3 4:1 15:1 record:1 6:1 2:1 1984:2 official:2 figure:2 show:1 attribute:1 decline:1 several:1 factor:1 include:1 less:1 favorable:1 weather:1 condition:1 new:1 state:2 measure:1 restrict:1 production:2 build:1 stock:1 accord:1 customs:1 export:1 558:1 089:1 calendar:1 347:1 026:1 quickly:1 raise:1 price:1 pay:1 produce:2 beyond:1 quota:1 newspaper:1 purchasing:1 agency:1 buy:1 excess:1 originally:1 contract:1 add:1 grow:2 area:1 south:1 maintain:1 north:1 concentrate:1 hebei:1 shandong:1 henan:1 xinjiang:1 call:1 comprehensive:1 planning:1 coordinate:1 grain:1 edible:1 oil:1 crop:1 give:1 detail:1
|
CHINA TRYING TO INCREASE COTTON OUTPUT, PAPER SAYS
China's 1987 cotton output must rise
above the 1986 level of 3.54 mln tonnes or supply will fall
short of increasing demand, the China Daily said.
Demand in 1986 rose 10.9 pct over 1985.
Output in 1986 fell from 4.15 mln tonnes in 1985 and a
record 6.2 mln in 1984, official figures show. The China Daily
attributed the decline to several factors, including less
favorable weather conditions and new state measures to restrict
cotton production after the 1984 build-up of stocks.
According to Customs figures, cotton exports rose to
558,089 tonnes in calendar 1986 from 347,026 in 1985.
To increase output quickly, the state will raise by 10 pct
the price it pays for cotton produced above and beyond quota
levels, the newspaper said. Its official purchasing agencies
will buy cotton produced in excess of that originally
contracted for, it added.
The China Daily said all cotton growing areas in south
China should be maintained, and growing in the north should be
concentrated in Hebei, Shandong, Henan and Xinjiang.
It called for comprehensive planning to coordinate
production of cotton with that of grain, edible oil and other
crops, but gave no more details.
|
training/4680
|
training/4680 |@title miyazawa:1 say:1 present:1 yen:1 necessarily:1 ideal:1 |@word finance:1 minister:1 kiichi:1 miyazawa:2 tell:1 parliamentary:1 session:1 current:3 dollar:1 yen:2 exchange:2 rate:3 necessarily:2 satisfactory:1 japanese:1 economy:1 say:2 paris:2 currency:1 accord:2 among:1 six:2 major:1 industrial:1 nation:2 last:1 month:1 mean:1 stay:1 stable:1 around:1 level:1 future:1 agreement:1 aim:1 stop:1 rapid:1 fluctuation:1 stipulate:1 reflect:1 fundamental:1 britain:1 canada:1 france:1 japan:1 u:1 west:1 germany:1
|
MIYAZAWA SAYS PRESENT YEN NOT NECESSARILY IDEAL
Finance Minister Kiichi Miyazawa told a
parliamentary session the current dollar/yen exchange rate is
not necessarily satisfactory for the Japanese economy.
Miyazawa said the Paris currency accord among six major
industrial nations last month does not necessarily mean the yen
should stay stable around current levels in the future.
The Paris agreement was aimed at stopping a further rapid
fluctuation of exchange rates, he said.
The accord stipulated that current rates reflect
fundamentals of the six nations - Britain, Canada, France,
Japan, the U.S. And West Germany.
|
training/4681
|
training/4681 |@title india:1 take:1 three:1 cargo:1 rbd:1 olein:1 tender:1 |@word indian:1 state:1 trading:1 corporation:1 stc:1 buy:2 three:1 cargo:4 rbd:1 palm:1 olein:1 vegetable:1 oil:1 import:1 tender:1 yesterday:2 trader:2 say:2 late:1 market:1 report:1 one:1 two:3 business:1 comprise:1 6:2 000:2 tonne:3 march:1 15:2 april:1 shipment:1 355:1 dlrs:2 per:1 cif:1 may:2 358:1 first:1 cash:1 basis:2 position:1 transact:1 30:1 pct:1 counter:1 trade:1
|
INDIA TOOK THREE CARGOES OF RBD OLEIN AT TENDER
The Indian State Trading Corporation
(STC) bought three cargoes of rbd palm olein at its vegetable
oil import tender yesterday, traders said. Late yesterday the
market was reporting it had bought one to two cargoes.
The business comprised two 6,000 tonne cargoes for March
15/April 15 shipments at 355 dlrs per tonne cif, and 6,000
tonnes for May at 358 dlrs. The first two cargoes were on a
cash basis and the May position was transacted on a 30 pct
counter-trade basis, traders said.
|
training/4682
|
training/4682 |@title u:1 k:1 money:1 market:1 give:1 478:1 mln:1 stg:1 early:1 help:1 |@word bank:3 england:1 say:1 provide:1 market:2 478:1 mln:5 stg:6 early:1 assistance:1 help:1 ease:1 liquidity:1 shortage:1 estimate:1 1:1 10:4 billion:1 make:1 outright:1 purchase:1 seven:1 band:2 one:1 bill:2 3:1 8:2 pct:3 30:2 two:1 5:1 16:2 addition:1 buy:1 294:1 paper:1 resale:2 march:1 147:1 april:1 case:1 interest:1 rate:1 7:1
|
U.K. MONEY MARKET GIVEN 478 MLN STG EARLY HELP
The Bank of England said it provided the
market with 478 mln stg of early assistance to help ease a
liquidity shortage it estimated at 1.10 billion stg.
It made outright purchases of seven mln stg of band one
bank bills at 10-3/8 pct and 30 mln stg of band two bank bills
at 10-5/16 pct.
In addition, it bought 294 mln stg of paper for resale to
the market on March 30 and 147 mln stg for resale on April 8,
in both cases at an interest rate of 10-7/16 pct.
|
training/4686
|
training/4686 |@title japan:1 personal:1 saving:1 soar:1 1986:1 |@word japanese:1 personal:1 saving:3 grow:1 10:1 3:1 pct:6 1986:2 1985:1 help:1 sharp:1 increase:1 stock:1 investment:4 individual:1 bank:3 japan:1 say:1 outstanding:2 december:1 31:1 total:2 545:1 303:1 billion:6 yen:3 fund:1 trust:2 alone:1 21:1 918:1 37:1 4:3 year:1 earlier:1 balance:1 also:1 include:1 deposit:1 post:1 office:1 7:2 337:1 867:2 form:1 insurance:1 18:1 6:1 111:1 431:1 corporate:1 bond:1 8:1 46:1 1:1 27:1 220:1
|
JAPAN PERSONAL SAVINGS SOAR IN 1986
Japanese personal savings grew 10.3 pct
in 1986 from 1985 helped by a sharp increase in stock
investments by individuals, the Bank of Japan said.
Outstanding savings on December 31, 1986 totalled 545,303
billion yen. Funds in investment trusts alone totalled 21,918
billion yen, up 37.4 pct from a year earlier.
The outstanding balance also included deposits at banks and
post offices, up 7.4 pct to 337,867 billion yen, savings in the
form of insurance, up 18.6 pct to 111,431 billion, corporate
bond investments, up 7.8 pct to 46,867 billion, and investments
in trust banks, up 4.1 pct to 27,220 billion.
|
training/4687
|
training/4687 |@title alusuisse:1 share:1 suspend:1 capital:1 cut:1 news:1 |@word trading:2 share:4 schweizerische:1 aluminium:1 ag:1 alusuisse:2 aluz:1 z:1 suspend:1 zurich:1 stock:1 exchange:1 today:1 announcement:1 company:1 would:2 cut:1 capital:1 50:2 pct:1 bourse:2 say:2 resume:1 monday:1 bearer:1 close:1 490:1 franc:2 yesterday:1 register:1 170:1 participation:1 certificate:1 45:1
|
ALUSUISSE SHARES SUSPENDED ON CAPITAL CUT NEWS
Trading in shares of Schweizerische
Aluminium AG, Alusuisse, <ALUZ.Z> was suspended on the Zurich
stock exchange after today's announcement by the company that
it would cut its share capital by 50 pct, the bourse said.
The bourse said trading would resume again on Monday.
Alusuisse bearer shares closed at 490 francs yesterday,
registered shares at 170 francs and the participation
certificates at 45.50.
|
training/4689
|
training/4689 |@title petrobra:1 cancel:1 oil:1 purchase:1 saudi:1 arabia:1 |@word brazil:8 state:1 oil:4 company:1 petrobra:4 cancel:4 40:1 mln:2 dlr:1 crude:1 purchase:1 saudi:3 arabia:2 saudis:8 refuse:1 accept:3 credit:4 guarantee:3 bank:5 disclose:1 reason:1 official:1 say:6 export:1 director:1 carlos:1 santana:4 tell:1 reporter:1 first:1 supplier:3 impose:1 condition:2 decision:1 halt:1 interest:1 payment:1 commercial:1 debt:1 last:1 month:1 shipment:3 2:2 barrel:1 represent:1 two:1 day:1 consumption:1 report:1 would:3 longer:1 letter:1 even:1 obtain:1 lead:1 international:1 february:1 contract:4 buy:2 125:1 000:4 bpd:4 june:1 second:1 big:1 average:1 115:1 iraq:1 main:1 235:1 china:1 come:1 third:1 58:1 wish:1 stop:1 trade:1 relationship:1 sure:1 get:1 dozen:1 offer:1 elsewhere:2 add:2 change:2 mind:2 decide:2 respect:1 term:1 lift:1 order:1 put:1 similar:1 previous:1 telex:1 insist:1 rather:1 product:1 threaten:1
|
PETROBRAS CANCELS OIL PURCHASE FROM SAUDI ARABIA
Brazil's state oil company
Petrobras has cancelled a 40 mln dlr crude oil purchase from
Saudi Arabia after the Saudis refused to accept credit
guarantees from the Bank of Brazil and did not disclose
reasons, a Petrobras official said.
Export director Carlos Santana told reporters the Saudis
were the first suppliers of oil to impose such conditions after
Brazil's decision to halt interest payment of its commercial
debts last month. The shipment of 2.2 mln barrels represents
two days of consumption.
He said the Saudis reported they would no longer accept
letters of credit from the Bank of Brazil or even from Saudi
banks and that Brazil would have to obtain credit guarantees
from leading international banks.
In February, Brazil had contracted to buy 125,000 bpd from
the Saudis until June. Saudi Arabia is Brazil's second biggest
oil supplier, with an average 115,000 bpd. Iraq is the main
supplier with 235,000 bpd. China comes third, with 58,000 bpd.
'If the Saudis wish to stop our trade relationship...I am
sure that if they do, we will be getting dozens of offers from
elsewhere,' Santana added.
Santana said if the Saudis change their minds and decide to
respect the terms of the contract, then Petrobras will lift the
order to cancel the shipment.
The Saudis had put similar conditions on a previous
shipment, he added. 'We telexed them saying that if they
insisted, we would rather cancel the contract and buy the
product elsewhere,' Santana said.
After Petrobras threatened to cancel the contract, the
Saudis changed their minds and decided to accept the Bank of
Brazil's credit guarantees, he said.
|
training/4690
|
training/4690 |@title mannesmann:1 consider:1 majority:1 stake:1 fichtel:1 |@word mannesmann:5 ag:5 mmwg:1 f:3 spokesman:4 say:6 company:3 lodge:1 application:2 federal:1 cartel:1 office:1 approval:1 possible:1 majority:3 stake:6 car:1 part:1 fichtel:5 und:1 sachs:3 describe:1 precautionary:1 move:1 agreement:1 buy:3 yet:1 reach:1 want:1 37:3 5:3 pct:5 heir:1 ernst:1 wilhelm:1 grandson:1 firm:2 founder:1 decline:2 may:1 share:2 create:1 principal:1 shareholder:1 commerzbank:1 cbkg:1 35:1 01:1 salzgitter:1 islg:1 24:1 98:1 comment:1 directly:1 possibility:1 sell:1 january:1 hope:1 take:1 hold:1 first:1 quarter:1 last:1 week:1 letter:1 intent:1 completion:1 delay:1 legal:1 question:1 surround:1 inheritance:1
|
MANNESMANN CONSIDERING MAJORITY STAKE IN FICHTEL
A Mannesmann AG <MMWG.F> spokesman
said the company has lodged an application with the Federal
Cartel Office for approval of a possible majority stake in car
parts company <Fichtel und Sachs AG>.
He described the application as a precautionary move and
said no agreement on buying a majority stake had yet been
reached. Until now Mannesmann has said only that it wanted to
buy a 37.5 pct stake in Fichtel from the heirs of Ernst Wilhelm
Sachs, the grandson of the firm's founder.
The spokesman declined to say from whom it may buy the
other shares to create a majority stake in the firm.
Fichtel's other principal shareholders are Commerzbank AG
<CBKG.F>, with 35.01 pct, and Salzgitter AG <ISLG.F>, with
24.98 pct. Spokesmen declined to comment directly on the
possibility of selling Fichtel shares to Mannesmann.
Mannesmann said in January it hoped to take a 37.5 pct
stake in Fichtel's holding company Sachs AG in the first
quarter.
Last week a spokesman said Mannesmann had a letter of
intent on the 37.5 pct stake but completion was being delayed
by legal questions surrounding the inheritance.
|
training/4691
|
training/4691 |@title schweizerhalle:1 fire:1 hit:1 sandoz:1 1986:1 profit:1 |@word sandoz:7 ag:1 sanz:1 z:3 would:2 report:5 percentage:1 rise:2 net:3 profit:4 close:1 double:1 figure:3 rather:1 actual:1 two:1 pct:8 november:1 warehouse:1 fire:2 senior:1 company:3 official:7 say:6 decline:1 identify:1 tell:1 reuter:1 make:1 substantial:1 addition:2 reserve:2 cope:1 consequence:1 accident:3 schweizerhalle:1 cause:1 severe:1 pollution:2 rhine:2 today:1 without:1 comment:2 541:1 mln:2 franc:6 previous:1 529:1 five:1 increase:2 dividend:1 105:1 per:1 250:1 nominal:1 share:2 year:2 begin:1 well:1 performance:1 january:1 february:1 least:1 equal:1 period:1 last:2 expect:1 give:3 full:1 detail:2 result:2 news:1 conference:1 april:1 22:1 insist:1 adequately:1 insure:1 cover:3 liability:1 arise:1 one:2 claim:2 somehow:1 voluntary:1 gesture:1 want:1 compensate:1 effect:2 flow:1 switzerland:1 country:1 border:1 since:1 however:1 final:1 much:1 less:1 cite:1 early:1 line:1 fellow:1 chemical:2 giant:1 ciba:2 geigy:2 cigz:1 month:1 turnover:2 also:1 hit:1 fall:2 dollar:1 sale:2 local:1 currency:1 term:1 14:1 market:1 united:1 states:1 japan:1 offset:1 15:2 negative:1 foreign:1 exchange:1 produce:1 drop:2 8:1 36:1 billion:3 21:1 1:1 16:1 12:1 95:1 third:1 major:1 swiss:1 f:1 hoffmann:1 la:1 roche:1 co:1 hofz:1 yet:1
|
SCHWEIZERHALLE FIRE HIT SANDOZ 1986 PROFITS
Sandoz AG <SANZ.Z> would
have reported a percentage rise in net profits 'close to double
figures' rather than the actual two pct had it not been for
November's warehouse fire, a senior company official said.
The official, who declined to be identified, told Reuters
Sandoz had made a substantial addition to reserves to cope with
the consequences of the accident at Schweizerhalle, which
caused severe pollution of the Rhine.
Sandoz today reported without comment a rise in net profits
to 541 mln francs from the previous 529 mln and a five pct
increase in dividend to 105 francs per 250 franc nominal share.
This year began well, with the performance in January and
February at least equal to the same period last year, the
official said.
The company is expected to give fuller details of its
results at a news conference on April 22.
Sandoz has insisted that it is adequately insured to cover
any liability arising from the accident.
The official said the addition to reserves was to cover the
'one pct' of claims somehow not covered and any voluntary
gestures it wanted to compensate for the effects of pollution
from the fire.
Sandoz has not given any figure for claims, which have been
flowing in from Switzerland and other countries bordering the
Rhine since the accident.
However, the official said the final figure would be 'much
less than that cited in earlier comments.' He gave no further
details.
In line with fellow chemical giant Ciba-Geigy <CIGZ.Z>,
which reported last month, Sandoz profit and turnover were also
hit by the falling dollar, the official said.
Sales in local currency terms were up by 14 pct, with
market share increases in the United States and Japan. But this
was more than offset by a 15 pct negative foreign exchange
effect, which produced the reported one pct drop in turnover to
8.36 billion francs,the Sandoz official said.
Net profit at Ciba-Geigy dropped by 21 pct to 1.16 billion
francs, while sales fell by 12 pct to 15.95 billion francs.
The third major Swiss chemical company, F. Hoffmann-La
Roche and Co <HOFZ.Z> has not yet reported its results.
|
training/4692
|
training/4692 |@title alusuisse:1 see:1 possible:1 break:1 even:1 1987:1 |@word schweizerische:1 aluminimum:1 ag:1 aluz:1 z:4 alusuisse:7 may:1 able:1 break:2 even:2 year:4 cleanse:1 balance:1 sheet:1 1986:6 chief:1 executive:1 hans:1 jucker:4 say:9 threshold:1 profitability:1 return:1 foreseeable:1 future:1 expect:1 already:1 1987:2 approximately:1 presuppose:1 however:1 industrial:1 environment:1 worsen:1 would:3 longer:1 face:1 burden:1 past:2 loss:13 make:2 net:2 688:1 mln:19 swiss:4 franc:11 restate:3 756:2 1985:9 gross:2 sale:2 5:3 93:1 billion:8 8:2 51:1 turnover:2 65:1 00:1 originally:1 report:1 692:2 finance:1 director:1 hermann:1 haerri:4 tell:1 news:1 conference:1 new:4 management:1 instal:1 ago:1 decide:1 previous:2 five:1 account:4 eliminate:1 right:2 australian:1 bauxite:2 previously:1 book:2 asset:2 together:1 one:2 charge:2 take:1 extraordinary:3 698:1 472:1 also:1 106:1 income:1 remain:2 provision:1 maremont:1 corp:2 subsidiary:1 united:1 states:1 gain:1 plus:1 carry:1 forward:1 wipe:1 company:5 reserve:1 exceed:1 legally:1 allow:1 level:2 force:1 adopt:1 50:1 pct:3 capital:1 cut:2 approve:1 shareholder:4 april:1 22:1 know:1 find:1 radical:1 elimination:1 mortgage:1 painful:1 foundation:1 lay:1 successful:1 strategy:1 despite:1 liquidity:1 strong:1 bank:5 debt:1 third:1 2:1 56:1 end:1 3:1 85:1 cash:2 flow:1 improve:1 substantially:1 323:1 111:1 represent:1 7:1 mere:1 1:3 4:1 addition:1 reassure:1 creditor:1 arrange:1 three:1 major:1 union:1 switzerland:1 sbgz:1 sbvz:1 credit:4 suisse:1 crsz:1 convert:1 300:1 subordinate:1 loan:2 main:1 source:1 exist:1 line:2 use:1 small:1 extent:1 parent:1 grant:1 200:1 consortium:1 cover:1 fall:1 due:1 criticize:1 maintain:1 leave:1 instead:5 1984:1 68:1 profit:1 169:1 1983:1 217:1 82:1 1982:1 479:1 179:1 show:1 equity:2 15:1 75:1 similar:1 alternation:1 stand:1 895:1
|
ALUSUISSE SEES POSSIBLE BREAK-EVEN IN 1987
Schweizerische Aluminimum AG <ALUZ.Z>
(Alusuisse) may be able to break even this year after cleansing
its balance sheet for 1986, chief executive Hans Jucker said.
'The threshold of profitability has returned to the
foreseeable future,' he said. 'We expect already in 1987
approximately to break even. That presupposes, however, that
our industrial environment does not worsen.'
He said Alusuisse would no longer face the burden of past
losses.
Alusuisse made a net loss of 688 mln Swiss francs in 1986
after a restated 756 mln loss in 1985.
Gross sales were 5.93 billion francs after 8.51 billion and
net turnover 5.65 billion after 8.00 billion.
Alusuisse had originally reported a 692 mln francs loss for
1985.
But Jucker and Finance Director Hermann Haerri told a news
conference the new management installed a year ago had decided
to restate the previous five years' accounts to eliminate
rights on Australian bauxite previously in the books as an
asset.
Together with other one-off charges, Alusuisse took an
gross extraordinary charge in 1986 of 698 mln francs, up from
472 mln in 1985.
It also had 106 mln extraordinary income in 1986 remaining,
after provisions, from the sale of its Maremont Corp subsidiary
in the United States. There were no extraordinary gains in
1985.
Jucker said the losses, plus those carried forward from
1985, had wiped out the company's remaining reserves and
exceeded legally allowed levels, forcing Alusuisse to adopt a
50 pct capital cut, to be approved by shareholders on April 22.
Jucker said he knew shareholders would find this 'radical
elimination of the mortgages of the past' painful, but said the
foundation had been laid for a successful new company strategy.
Haerri said despite the losses, the company's liquidity was
strong. Bank debt had been cut by about one-third to 2.56
billion francs against the end-1985 level of 3.85 billion.
Cash flow improved substantially to 323 mln francs from 111
mln and represented 5.7 pct of turnover against a mere 1.4 pct
in 1985.
In addition, to reassure other creditors, Alusuisse had
arranged with three major Swiss banks -- Union Bank of
Switzerland <SBGZ.Z>, Swiss Bank Corp <SBVZ.Z> and Credit
Suisse <CRSZ.Z>, to convert 300 mln francs of credits into a
subordinated loan.
The main sources of losses in 1986 were book losses and not
cash losses, Haerri said. Existing credit lines were used only
to a small extent, and the parent company had been granted a
new credit line of 200 mln francs from a consortium of Swiss
banks that would cover most of the loans falling due in 1987.
Haerri said the company had been criticized for maintaining
bauxite rights as an asset, and so had restated the accounts.
That left the 1985 account with a 756 mln franc loss
instead of 692 mln, 1984 with a 68 mln profit instead of 169
mln, 1983 with a 217 mln loss instead of 82 mln and 1982 with a
479 mln loss instead of 179 mln.
The new accounts show 1985 with shareholders' equity of
1.15 billion francs instead of 1.75 billion, and similar
alternations were made for previous years.
After 1986 losses, shareholder's equity stood at only 895
mln francs.
|
training/4695
|
training/4695 |@title japan:1 corporate:1 profit:1 last:1 1986:1 quarter:1 |@word current:2 profit:3 japan:1 major:1 firm:4 october:1 december:1 quarter:6 rise:3 four:1 pct:10 year:3 earlier:1 5:2 654:1 billion:4 yen:5 2:3 6:1 precede:2 finance:1 ministry:4 say:3 improve:1 earning:1 result:1 mainly:1 22:2 increase:1 non:1 manufacturing:2 industry:2 support:1 88:1 7:2 construction:1 138:1 gain:1 real:1 estate:1 accord:1 survey:2 total:1 sale:1 15:1 308:1 capital:1 10:1 mln:1 respond:1 poll:2 fall:5 one:1 217:2 1:3 previous:1 fourth:1 drop:1 13:1 394:1 plant:1 equipment:1 investment:1 3:1 9:1 8:1 004:1 compare:1 4:1 percent:1 previoius:1 official:1 show:1 japanese:1 economy:2 delicate:1 stage:1 hard:1 tell:1 economic:1 growth:1 stop:1 deteriorate:1 head:1 recovery:1
|
JAPAN CORPORATE PROFITS IN LAST 1986 QUARTER UP
Current profits of Japan's major firms in
the October-December quarter rose four pct from a year earlier
to 5,654 billion yen against a 2.6 pct year-on-year rise in the
preceding quarter, the Finance Ministry said.
The improved earnings resulted mainly from a 22.5 pct
profit increase in non-manufacturing industries, supported by
an 88.7 pct rise for construction firms and a 138 pct gain in
real estate, according to a ministry survey.
Total sales of the 15,308 firms with capital of 10 mln yen
or more which responded to the poll, fell one pct to 217,217
billion yen against a 1.2 pct fall the previous quarter.
Current profits of manufacturing industries in the fourth
quarter dropped 13.7 pct to 2,394 billion yen against a 22.1
pct fall in the preceding quarter, the ministry said.
Plant and equipment investments of all firms polled fell
3.9 pct to 8,004 billion yen, compared with a 1.4 percent fall
the previoius quarter.
Ministry officials said the survey showed that the Japanese
economy is in a delicate stage in which it is hard to tell if
economic growth has stopped deteriorating or if the economy is
heading for a recovery.
|
training/4696
|
training/4696 |@title u:1 lend:1 sudan:1 57:1 mln:1 dlrs:1 wheat:1 purchase:1 |@word u:1 lend:1 sudan:2 57:1 mln:2 dlrs:2 buy:1 309:1 000:2 tonne:2 wheat:2 73:1 flour:1 accord:1 agreement:2 sign:1 receive:1 50:1 commodity:1 rest:1 sea:1 transportation:1 loan:1 repayable:1 40:1 year:3 include:1 10:1 grace:2 period:3 interest:1 two:1 pct:2 three:1 repayment:1 30:1
|
U.S. LENDS SUDAN 57 MLN DLRS FOR WHEAT PURCHASES
The U.S. Is to lend Sudan 57 mln dlrs
to buy 309,000 tonnes of wheat and 73,000 tonnes of wheat
flour, according to an agreement signed here.
Under the agreement Sudan will receive 50 mln dlrs for the
commodities and the rest for sea transportation.
The loan is repayable in 40 years, including a 10-year
grace period. Interest will be two pct for the grace period and
three pct over the repayment period of 30 years.
|
training/4697
|
training/4697 |@title alusuisse:1 plan:1 aluminium:1 capacity:1 cut:1 |@word schweizerische:1 aluminium:2 ag:1 aluz:1 z:1 alusuisse:2 plan:2 drastic:1 cut:3 smelting:2 capacity:3 concentration:1 high:1 value:1 add:1 product:1 chief:1 executive:1 hans:1 jucker:1 say:3 elaborate:1 disclose:1 outline:1 last:1 september:1 company:1 official:1 current:1 390:1 000:4 tonne:3 year:2 would:1 250:1 260:1 1989:1 1990:1 may:1 make:1 two:1 ago:1 sell:1 ormet:1 corp:1 subsidiary:1 united:1 states:1 local:1 management:1 staff:1 annual:1 800:1
|
ALUSUISSE PLANS FURTHER ALUMINIUM CAPACITY CUTS
Schweizerische Aluminium AG <ALUZ.Z>
(Alusuisse) plans further drastic cuts in its aluminium
smelting capacity and more concentration of higher value-added
products, chief executive Hans Jucker said.
Elaborating on plans disclosed in outline last September,
company officials said current smelting capacity of 390,000
tonnes a year would be cut to between 250,000 and 260,000
tonnes by 1989 or 1990. They did not say where cuts might be
made.
Two years ago, before selling its Ormet Corp subsidiary in
the United States to local management and staff, Alusuisse had
an annual capacity of 800,000 tonnes.
|
training/4698
|
training/4698 |@title canada:4 february:2 unemployment:2 fall:2 9:4 6:2 pct:4 january:2 7:2 statistics:2 say:2 |@word
|
CANADA FEBRUARY UNEMPLOYMENT FALLS TO 9.6 PCT FROM JANUARY 9.7 PCT, STATISTICS CANADA SAID
CANADA FEBRUARY UNEMPLOYMENT FALLS TO 9.6 PCT FROM JANUARY 9.7 PCT, STATISTICS CANADA SAID
|
training/47
|
training/47 |@title brazil:1 anti:1 inflation:1 plan:1 limp:1 anniversary:1 |@word inflation:3 plan:4 initially:1 hail:1 home:1 abroad:1 saviour:1 economy:3 limp:1 towards:1 first:2 anniversary:1 amid:1 soar:1 price:2 widespread:2 shortage:2 foreign:3 payment:1 crisis:1 announce:1 last:1 february:1 28:1 freeze:1 fix:1 value:1 new:1 cruzado:1 currency:1 end:1 indexation:1 bid:1 halt:1 country:1 250:1 pct:1 rate:1 within:1 year:1 collapse:1 situation:1 bad:1 although:1 least:1 work:1 lead:1 bank:1 economist:1 say:1 crumbling:1 accompany:1 dramatic:1 reversal:1 trade:3 account:1 1984:1 1985:1 brazil:1 annual:1 surplus:3 sufficient:1 cover:1 12:1 billion:3 dlrs:3 need:1 service:1 109:1 dlr:1 debt:1 nine:1 month:1 1986:1 seem:1 target:1 repeat:1 monthly:1 average:2 one:1 export:1 divert:1 import:1 increase:1 avoid:1 domestic:1 plunge:1 211:1 mln:2 october:1 since:1 150:1
|
BRAZIL ANTI-INFLATION PLAN LIMPS TO ANNIVERSARY
inflation
plan, initially hailed at home and abroad as the saviour of the
economy, is limping towards its first anniversary amid soaring
prices, widespread shortages and a foreign payments crisis.
Announced last February 28 the plan froze prices, fixed the
value of the new Cruzado currency and ended widespread
indexation of the economy in a bid to halt the country's 250
pct inflation rate.
But within a year the plan has all but collapsed.
'The situation now is worse than it was. Although there was
inflation, at least the economy worked,' a leading bank
economist said.
The crumbling of the plan has been accompanied by a
dramatic reversal in the foreign trade account. In 1984 and
1985 Brazil's annual trade surpluses had been sufficient to
cover the 12 billion dlrs needed to service its 109 billion dlr
foreign debt.
For the first nine months of 1986 all seemed to be on
target for a repeat, with monthly surpluses averaging one
billion dlrs. But as exports were diverted and imports
increased to avoid further domestic shortages the trade surplus
plunged to 211 mln dlrs in October and since then has averaged
under 150 mln.
|
training/470
|
training/470 |@title mfs:1 manage:1 sectors:1 trust:1 dividend:1 increase:1 |@word semi:1 annual:1 div:1 income:1 7:1 3:1 ct:1 vs:1 1:1 0:1 cent:1 prior:1 period:1 payable:1 march:1 27:2 record:1 february:1
|
MFS MANAGED SECTORS TRUST DIVIDEND INCREASED
Semi-annual div from income of 7.3 cts vs 1.0 cent in prior
period
Payable March 27
Record February 27
|
training/4700
|
training/4700 |@title canada:1 february:1 unemployment:1 9:1 6:1 pct:1 |@word canada:2 february:3 unemployment:2 rate:2 seasonally:2 adjust:2 fall:1 9:3 6:1 pct:3 7:1 january:2 statistics:1 say:1 8:1 last:1 year:1 employment:1 11:2 777:1 000:4 compare:1 747:1 slip:1 1:2 252:1 255:1
|
CANADA FEBRUARY UNEMPLOYMENT 9.6 PCT
Canada's February unemployment rate,
seasonally adjusted, fell to 9.6 pct from 9.7 pct in January,
Statistics Canada said. The rate was 9.8 pct in February last
year.
Seasonally adjusted employment in February was 11,777,000,
compared with 11,747,000 in January, while unemployment slipped
to 1,252,000 from 1,255,000.
|
training/4703
|
training/4703 |@title miyazawa:1 say:1 present:1 yen:1 necessarily:1 ideal:1 |@word finance:1 minister:1 kiichi:1 miyazawa:2 tell:1 parliamentary:1 session:1 current:3 dollar:1 yen:2 exchange:2 rate:3 necessarily:2 satisfactory:1 japanese:1 economy:1 say:2 paris:2 currency:1 accord:2 among:1 six:2 major:1 industrial:1 nation:2 last:1 month:1 mean:1 stay:1 stable:1 around:1 level:1 future:1 agreement:1 aim:1 stop:1 rapid:1 fluctuation:1 stipulate:1 reflect:1 fundamental:1 britain:1 canada:1 france:1 japan:1 u:1 west:1 germany:1
|
MIYAZAWA SAYS PRESENT YEN NOT NECESSARILY IDEAL
Finance Minister Kiichi Miyazawa told a
parliamentary session the current dollar/yen exchange rate is
not necessarily satisfactory for the Japanese economy.
Miyazawa said the Paris currency accord among six major
industrial nations last month does not necessarily mean the yen
should stay stable around current levels in the future.
The Paris agreement was aimed at stopping a further rapid
fluctuation of exchange rates, he said.
The accord stipulated that current rates reflect
fundamentals of the six nations - Britain, Canada, France,
Japan, the U.S. And West Germany.
|
training/4708
|
training/4708 |@title japan:1 cabinet:1 approve:1 bill:1 gold:1 coin:1 issue:1 |@word cabinet:1 approve:2 bill:2 make:1 easy:1 government:2 issue:3 commemorative:1 coin:4 finance:1 ministry:1 official:2 say:2 must:1 still:2 parliament:1 would:3 take:1 effect:1 april:1 1988:1 allow:1 1:1 000:3 5:1 10:1 yen:2 without:1 special:2 legislation:1 although:1 high:1 value:1 need:1 law:1 present:1 500:1 less:1
|
JAPAN CABINET APPROVES BILL ON GOLD COIN ISSUES
The cabinet has approved a bill making it
easier for the government to issue commemorative coins, a
Finance Ministry official said.
The bill, which must still be approved by parliament, would
take effect in April 1988. It would allow the government to
issue 1,000, 5,000 and 10,000 yen coins without special
legislation, although higher-valued coins would still need a
special law, the official said. At present it can only issue
coins of 500 yen or less.
|
training/4709
|
training/4709 |@title japan:1 minister:1 say:1 170:1 yen:1 appropriate:1 |@word international:1 trade:1 industry:1 minister:2 hajime:1 tamura:1 tell:1 parliamentary:1 session:1 japan:2 small:1 medium:1 sized:1 enterprise:1 seriously:1 suffer:1 yen:5 rise:1 stand:1 level:4 around:2 170:2 also:1 say:1 still:1 believe:1 dollar:2 exchange:2 rate:2 plus:1 minus:1 10:1 would:1 within:1 agree:2 upon:1 last:1 month:1 paris:1 six:1 major:1 industrial:1 nation:1 finance:1 britain:1 canada:1 france:1 u:1 west:1 germany:1 february:2 22:1 cooperate:1 stabilize:1 current:1 close:1 153:1 77:1 20:1
|
JAPAN MINISTER SAYS ABOUT 170 YEN APPROPRIATE
International Trade and Industry Minister
Hajime Tamura told a parliamentary session Japan's small- and
medium-sized enterprises are seriously suffering from the yen's
rise and can only stand levels around 170 yen.
He also said he still believes a dollar exchange rate level
plus or minus 10 yen from 170 yen would be within levels agreed
upon last month in Paris by six major industrial nations.
Finance ministers of Britain, Canada, France, Japan, the U.S.
And West Germany agreed on February 22 to cooperate in
stabilizing exchange rates around the current levels. The
dollar had closed here at 153.77 yen on February 20.
|
training/4711
|
training/4711 |@title two:1 brazilian:1 shipping:1 firm:1 settle:1 striker:1 |@word two:2 small:1 shipping:1 company:2 reach:1 pay:2 deal:1 strike:4 seaman:3 union:2 leader:1 say:3 brazil:2 40:1 000:1 still:1 spokesman:1 rio:1 de:1 janeiro:1 accept:1 120:1 pct:1 offer:1 globo:1 flumar:1 less:1 200:1 employee:1 week:1 come:1 face:1 debt:1 crisis:1 delay:1 export:1 badly:1 need:1 earn:1 foreign:1 exchange:1 labour:1 minister:1 almir:1 pazzionotto:1 government:1 force:1 settlement:1 rule:1 illegal:1 last:1 friday:1
|
TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS
Two small shipping companies have
reached a pay deal with striking seamen, but union leaders said
most of Brazil's 40,000 seamen were still on strike.
A union spokesman in Rio de Janeiro said the seamen had
accepted a 120 pct pay offer from the companies, Globo and
Flumar, which have less than 200 employees each.
The two-week strike comes as Brazil faces a debt crisis and
is delaying exports badly needed to earn foreign exchange.
Labour Minister Almir Pazzionotto said the government will
not force a settlement of the strike, which was ruled illegal
last Friday.
|
training/4712
|
training/4712 |@title miyazawa:1 say:1 exchange:1 rate:1 stay:1 stable:1 |@word finance:1 minister:1 kiichi:1 miyazawa:2 tell:1 press:1 conference:1 think:1 exchange:2 rate:2 remain:1 stable:1 due:1 currency:2 accord:1 reach:1 paris:1 last:1 month:1 six:2 major:1 industrialise:1 nation:1 say:2 long:1 dollar:2 hover:1 around:1 153:1 yen:1 since:1 agree:1 cooperate:1 bring:1 stability:1 ask:1 comment:1 remark:1 u:3 official:2 call:1 decline:1 president:1 treasury:1 secretary:1 make:1 statement:1
|
MIYAZAWA SAYS EXCHANGE RATES WILL STAY STABLE
Finance Minister Kiichi Miyazawa told a
press conference he thinks exchange rates will remain stable
due to the currency accord reached in Paris last month by six
major industrialised nations but he did not say for how long.
The dollar has hovered around 153 yen since the six agreed
to cooperate to bring about currency stability.
Asked to comment on remarks by some U.S. Officials calling
for a further decline of the dollar, Miyazawa said only the
U.S. President and the U.S. Treasury Secretary can make
official statements about exchange rates.
|
training/4713
|
training/4713 |@title subroto:1 see:1 oil:1 market:1 continue:1 bullish:1 |@word indonesian:1 energy:2 minister:2 subroto:2 say:3 see:2 oil:2 market:2 continue:2 bullish:2 underlying:1 demand:2 expect:1 rise:1 later:1 year:1 tell:1 press:1 conference:1 jakarta:1 end:1 two:1 day:1 meeting:1 south:1 east:1 asian:1 price:4 stabilize:1 around:2 18:3 dlrs:3 barrel:1 sentiment:1 think:2 way:1 go:1 third:1 fourth:1 quarter:1 ask:1 prospect:1 stabilise:1 although:1 little:1 turbulence:1 course:1 spot:1 fluctuate:1 official:1 remain:1 add:1
|
SUBROTO SEES OIL MARKET CONTINUING BULLISH
Indonesian Energy Minister Subroto said
he sees the oil market continuing bullish, with underlying
demand expected to rise later in the year.
He told a press conference in Jakarta at the end of a
two-day meeting of South-East Asian Energy Ministers that he
saw prices stabilizing around 18 dlrs a barrel.
'The sentiment in the market is bullish and I think it will
continue that way as demand will go up in the third or fourth
quarters,' Subroto said.
Asked about the prospect for oil prices, he said: 'I think
they will stabilise around 18 dlrs, although there is a little
turbulence ...'
'Of course the spot price will fluctuate, but the official
price will remain at 18 dlrs,' he added.
|
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