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training/5072
|
training/5072 |@title ldbrinkman:1 corp:1 ldbc:1 2nd:1 qtr:1 jan:1 31:1 loss:1 |@word shr:2 loss:2 seven:1 ct:4 vs:6 profit:6 12:1 net:2 662:1 000:4 1:3 520:1 revs:2 59:1 mln:4 63:1 six:1 mth:1 23:1 20:1 2:2 802:1 543:1 138:1 5:1 126:1 7:1
|
LDBRINKMAN CORP <LDBC> 2ND QTR JAN 31 LOSS
Shr loss seven cts vs profit 12 cts
Net loss 662,000 vs profit 1,520,000
Revs 59.1 mln vs 63.1 mln
Six mths
Shr profit 23 cts vs profit 20 cts
Net profit 2,802,000 vs profit 2,543,000
Revs 138.5 mln vs 126.7 mln
|
training/5076
|
training/5076 |@title acs:1 enterprises:1 inc:1 acse:1 4th:1 qtr:1 loss:1 |@word shr:2 loss:5 two:1 ct:4 vs:8 profit:4 three:1 net:2 80:1 333:1 67:1 967:1 revs:2 1:2 162:1 678:1 009:1 731:1 avg:2 shrs:2 3:2 317:1 104:1 2:2 494:1 049:1 year:1 21:1 four:1 679:1 520:1 96:1 724:1 4:2 191:1 540:1 702:1 999:1 242:1 641:1 525:1 677:1 note:1 revenue:1 exclude:1 hospital:1 television:1 rental:1 business:2 sell:1 dec:1 29:1 1986:2 period:1 include:1 gain:1 530:1 000:1 dlrs:1 sale:1 discontinue:1
|
ACS ENTERPRISES INC <ACSE> 4TH QTR LOSS
Shr loss two cts vs profit three cts
Net loss 80,333 vs profit 67,967
Revs 1,162,678 vs 1,009,731
Avg shrs 3,317,104 vs 2,494.049
year
Shr loss 21 cts vs profit four cts
Net loss 679,520 vs profit 96,724
Revs 4,191,540 vs 4,702,999
Avg shrs 3,242,641 vs 2,525,677
NOTES: Revenues exclude hospital television rental business
sold Dec 29, 1986
1986 losses in both periods include gain of 530,000 dlrs on
sale of discontinued business
|
training/5077
|
training/5077 |@title tony:1 lama:1 tlam:1 buy:1 coulson:1 texas:1 inc:1 |@word tony:2 lama:2 co:1 inc:2 say:3 sign:1 letter:1 intent:1 buy:2 coulson:2 texas:1 maker:1 heel:1 leather:1 component:1 company:2 exact:1 term:1 deal:1 determine:1 expect:1 acquisition:1 material:1 effect:1 financial:1 position:1 addition:1 substantially:1 assets:1 would:1 assume:1 certain:1 liability:1
|
TONY LAMA <TLAM> TO BUY <COULSON OF TEXAS INC>
Tony Lama Co Inc said it signed
a letter of intent to buy Coulson of Texas Inc, a maker of
heels and leather components.
The company said exact terms of the deal have not been
determined but that it does not expect the acquisition to have
a material effect on its financial position.
In addition to buying substantially of all Coulson's
assets, Tony Lama said it would assume certain of the company's
liabilities.
|
training/5078
|
training/5078 |@title fitness:1 inc:1 tfit:1 year:1 dec:1 31:1 loss:1 |@word shr:1 loss:4 89:1 ct:2 vs:4 21:1 net:1 3:2 030:1 548:2 442:1 rev:1 1:2 519:1 360:1 081:1 915:1 avg:1 shrs:1 399:1 993:1 2:1 725:1 425:1
|
TO-FITNESS INC <TFIT> YEAR DEC 31 LOSS
Shr loss 89 cts vs loss 21 cts
Net loss 3,030,548 vs loss 548,442
Revs 1,519,360 vs 1,081,915
Avg shrs 3,399,993 vs 2,725,425
|
training/508
|
training/508 |@title franklin:1 california:1 tax:1 free:1 income:1 fund:1 payout:1 |@word mthly:1 div:1 4:2 5:2 ct:2 vs:1 prior:1 pay:1 march:2 13:1 record:1 two:1
|
<FRANKLIN CALIFORNIA TAX-FREE INCOME FUND>PAYOUT
Mthly div 4.5 cts vs 4.5 cts prior
Pay March 13
Record March Two
|
training/5080
|
training/5080 |@title tribune:1 trb:1 complete:1 cable:1 system:1 sale:1 |@word tribune:2 co:1 say:2 complete:2 sale:2 danville:2 va:1 cable:1 television:1 system:5 cablevision:2 industries:2 ltd:1 partnership:1 affiliate:1 inc:2 liberty:1 n:1 one:1 two:1 acquire:1 september:1 30:1 1986:1 part:1 purchase:1 daily:2 press:2 publisher:1 newport:2 news:2 time:1 herald:1 agreement:1 sell:1 total:1 100:1 mln:1 dlrs:1 reach:1 october:1 december:1
|
TRIBUNE <TRB> COMPLETES CABLE SYSTEM SALE
Tribune Co said it completed the sale
of the Danville, Va., cable television system to Cablevision
Industries Ltd Partnership, affiliated with Cablevision
Industries Inc of Liberty, N.Y.
It said the Danville system was one of two systems acquired
by Tribune on September 30, 1986 as part of its purchase of The
Daily Press Inc, publisher of the Newport News Daily Press and
The Times-Herald. Agreements to sell both systems for a total
of 100 mln dlrs were reached in October.
Sale of the Newport News system was completed in December.
|
training/5081
|
training/5081 |@title gte:2 unit:1 sell:1 infortext:1 product:1 |@word infortext:2 systems:1 inc:1 say:2 finalize:1 two:1 year:1 agreement:1 gte:3 services:1 corp:2 eight:1 affiliate:1 sell:1 line:1 personal:1 computer:1 base:1 telephone:1 call:2 accounting:2 system:2 service:1 unit:1 evaluate:1 23:1 competitive:1 company:1
|
GTE <GTE> UNIT TO SELL INFORTEXT PRODUCTS
Infortext Systems Inc said it
finalized a two-year agreement under which GTE Services Corp
and eight affiliates will sell Infortext's line of personal
computer-based telephone call accounting systems.
GTE Services, a unit of GTE Corp, evaluated 23 competitive
call accounting systems, the company said.
|
training/5082
|
training/5082 |@title sheppard:1 resource:1 merge:1 cancer:1 clinic:1 |@word sheppard:2 resources:1 inc:2 say:1 sign:1 letter:1 intent:1 merge:1 breast:4 centers:1 owner:1 operator:1 franchiser:1 clinic:1 provide:1 service:1 early:1 detection:1 cancer:1 term:1 disclose:1 merger:1 center:2 shareholder:2 would:1 become:1 majority:1 combine:1 company:1 also:1 approve:1 change:1 name:1
|
SHEPPARD RESOURCES TO MERGE WITH CANCER CLINIC
Sheppard Resources Inc
said it signed a letter of intent to merge with Breast Centers
Inc, an owner, operator and franchiser of clinics that provide
services for the early detection of breast cancer.
Terms were not disclosed.
After the merger, Breast Centers shareholders would become
the majority shareholders of the combined company.
Also, if approved, Sheppard will change its name to Breast
Centers.
|
training/5083
|
training/5083 |@title firstier:1 inc:1 frst:1 set:1 regular:1 quarterly:1 div:1 |@word qtly:1 div:1 27:2 5:2 ct:2 vs:1 prior:1 pay:1 march:2 31:1 record:1 25:1
|
FIRSTIER INC <FRST> SETS REGULAR QUARTERLY DIV
Qtly div 27.5 cts vs 27.5 cts prior
Pay March 31
Record March 25
|
training/5084
|
training/5084 |@title zondervan:1 corp:1 zond:1 4th:1 qtr:1 net:1 |@word shr:2 profit:6 nil:1 vs:6 38:1 ct:3 net:2 19:1 000:4 1:1 239:1 revs:2 31:2 7:1 mln:4 2:2 12:1 mth:1 52:1 loss:2 three:1 173:1 119:1 103:1 5:1 98:1 6:1
|
ZONDERVAN CORP <ZOND> 4TH QTR NET
Shr profit nil vs profit 38 cts
Net profit 19,000 vs profit 1,239,000
Revs 31.7 mln vs 31.2 mln
12 mths
Shr profit 52 cts vs loss three cts
Net profit 2,173,000 vs loss 119,000
Revs 103.5 mln vs 98.6 mln
|
training/5085
|
training/5085 |@title unibancorp:1 inc:1 ubcp:1 regular:1 dividend:1 set:1 |@word qtly:1 div:1 20:2 ct:2 vs:1 previously:1 pay:1 april:1 15:1 record:1 march:1 23:1
|
UNIBANCORP INC <UBCP> REGULAR DIVIDEND SET
Qtly div 20 cts vs 20 cts previously
Pay April 15
Record March 23
|
training/5086
|
training/5086 |@title second:1 national:1 building:1 snbl:1 raise:1 dividend:1 |@word qtrly:1 seven:1 ct:2 vs:1 six:1 pay:1 april:1 20:1 record:1 march:1 31:1 note:1 full:1 name:1 company:1 second:1 national:1 building:1 loan:1
|
SECOND NATIONAL BUILDING <SNBL> RAISES DIVIDEND
Qtrly seven cts vs six cts
Pay April 20
Record March 31
NOTE: full name of company is Second National Building and
Loan.
|
training/5089
|
training/5089 |@title broadview:1 financial:1 corp:1 bdvf:1 4th:1 qtr:1 loss:1 |@word shr:2 loss:10 5:4 67:1 dlrs:4 vs:4 17:2 net:4 mln:8 15:1 4:2 year:3 12:1 42:1 9:2 60:1 37:1 0:1 28:1 note:1 1986:1 4th:2 qtr:2 include:2 11:1 dlr:4 43:1 8:1 provision:2 respectively:2 possible:2 land:1 real:1 estate:1 1985:1 1:1 13:1
|
BROADVIEW FINANCIAL CORP <BDVF> 4TH QTR LOSS
Shr loss 5.67 dlrs vs loss 5.17 dlrs
Net loss 17 mln vs loss 15.4 mln
Year
Shr loss 12.42 dlrs vs loss 9.60 dlrs
Net loss 37.0 mln vs loss 28.5 mln
NOTE: 1986 4th qtr and year net includes 11.9 mln dlr and
43.8 mln dlr provision, respectively, for possible land and
real estate losses. 1985 4th qtr and year net includes 5.1 mln
dlr and 13.4 mln dlr provision, respectively, for possible
losses.
|
training/509
|
training/509 |@title franklin:1 age:1 high:1 income:1 fund:1 set:1 payout:1 |@word mthly:1 div:1 3:2 6:2 ct:2 vs:1 prior:1 pay:1 march:2 13:1 record:1 two:1
|
<FRANKLIN AGE HIGH INCOME FUND> SETS PAYOUT
Mthly div 3.6 cts vs 3.6 cts prior
Pay March 13
Record March Two
|
training/5090
|
training/5090 |@title enzo:2 biochem:1 inc:1 2nd:1 qtr:1 jan:1 31:1 net:1 |@word shr:2 one:1 ct:4 vs:8 three:1 net:2 123:1 000:8 371:1 revs:2 2:2 944:1 138:1 avg:2 shrs:2 11:4 4:3 mln:4 6:3 six:2 mth:1 five:1 531:1 725:1 200:1 128:1
|
ENZO BIOCHEM INC <ENZO> 2ND QTR JAN 31 NET
Shr one ct vs three cts
Net 123,000 vs 371,000
Revs 2,944,000 vs 2,138,000
Avg shrs 11.4 mln vs 11.6 mln
Six mths
Shr five cts vs six cts
Net 531,000 vs 725,000
Revs 6,200,000 vs 4,128,000
Avg shrs 11.4 mln vs 11.6 mln
|
training/5091
|
training/5091 |@title tender:1 allegheny:1 int:1 l:1 ag:1 underway:1 |@word first:1 boston:1 inc:2 fbc:1 sunter:1 acquisition:1 corp:1 say:2 begin:1 previously:1 announce:1 24:1 60:1 dlr:3 per:1 share:3 tender:1 offer:3 allegheny:1 international:1 common:1 stock:2 company:2 also:1 20:1 dlrs:2 2:1 19:1 cumulative:1 preferred:2 87:1 50:1 11:1 25:1 convertible:1 withdrawal:1 right:1 expire:1 midnight:1 april:1 nine:1 unless:1 extend:1
|
TENDER FOR ALLEGHENY INT'L <AG> UNDERWAY
First Boston Inc's <FBC> Sunter
Acquisition Corp said it began its previously announced 24.60
dlr per share tender offer for Allegheny International Inc's
common stock.
The company is also offering 20 dlrs for each 2.19 dlr
cumulative preferred share, and 87.50 dlrs for each share of
11.25 dlr convertible preferred stock.
The company said the offer and withdrawal rights will
expire at midnight April nine unless extended.
|
training/5092
|
training/5092 |@title varity:1 vat:1 expect:1 4th:1 qtr:1 full:1 year:1 loss:1 |@word varity:3 corp:1 formerly:1 massey:1 ferguson:1 ltd:1 say:4 expect:1 report:1 march:1 25:1 loss:3 fourth:2 quarter:3 full:1 year:2 end:3 january:2 31:3 company:2 spokesman:2 specific:1 figure:1 unavailable:1 post:1 net:3 profit:2 3:3 9:2 mln:4 u:1 dlrs:2 previous:2 fiscal:1 1986:1 dlr:2 nine:1 month:1 october:1 total:1 4:1 7:2 19:1 third:1 tie:1 strike:1 plant:1 shutdown:1 british:1 french:1 operation:1 also:1 would:2 seek:1 shareholder:2 approval:1 special:1 meeting:1 april:1 authorize:1 transfer:1 value:2 contribute:1 surplus:1 account:2 balance:1 sheet:1 state:1 capital:1 common:1 share:1 move:1 help:1 raise:1 require:1 pay:1 dividend:1 canadian:1 law:1
|
VARITY <VAT> EXPECTS 4TH QTR, FULL-YEAR LOSS
Varity Corp, formerly Massey-Ferguson
Ltd, said it expected to report on March 25 a loss for the
fourth quarter and full-year ended January 31.
A company spokesman said specific figures were unavailable.
Varity posted a net profit of 3.9 mln U.S. dlrs for the
previous fiscal year ended January 31, 1986 and a 3.3 mln dlr
net profit for the previous fourth quarter. Its net loss for
the nine months ended October 31 totaled 4.7 mln dlrs after a
19.7 mln dlr third quarter loss tied to strikes and plant
shutdowns at its British and French operations.
Varity also said it would seek shareholder approval at a
special shareholders' meeting on April 9 to authorize a
transfer of values to the contributed surplus account on its
balance sheet from the stated capital account for common
shares.
The spokesman said the move would help raise company values
required to pay dividends under Canadian law.
|
training/5094
|
training/5094 |@title cablevision:1 buy:1 valley:1 cable:1 100:1 mln:1 dlr:1 |@word cablevision:3 industries:1 corp:1 say:5 industry:1 california:2 inc:2 subsidiary:1 enter:1 agreement:2 buy:2 substantially:1 asset:1 valley:3 cable:4 tv:1 100:1 mln:1 dlrs:1 company:3 system:2 limited:1 partnership:1 wholly:1 toronto:1 base:1 hollinger:1 operate:1 60:1 000:2 subscriber:1 television:1 pass:1 180:1 home:1 west:1 san:1 fernando:1 area:1 los:1 angeles:1 nation:1 21st:1 large:1 ownnd:1 alan:1 gerry:1 chairman:1 president:1 chief:1 executive:1 officer:1 subject:1 regulatory:1 approval:1
|
CABLEVISION TO BUY VALLEY CABLE FOR 100 MLN DLR
<Cablevision Industries Corp>
said its Cablevision Industries of California Inc subsidiary
has entered into an agreement to buy substantially all of the
assets of Valley Cable TV for about 100 mln dlrs.
The company said it will buy the system from a California
limited partnership, which is wholly-owned by Toronto-based
<Hollinger Inc>.
It said Valley Cable operates a 60,000 subscriber cable
television systems passing about 180,000 homes in the west San
Fernando Valley area of Los Angeles.
Cablevision said it is the nation's 21st largest cable
company and is ownnd by Alan Gerry, its chairman, president and
chief executive officer. The company said the agreement is
subject to regulatory approval.
|
training/5095
|
training/5095 |@title anthes:1 industries:1 inc:1 4th:1 qtr:1 net:1 |@word oper:4 shr:3 16:1 ct:8 vs:5 nine:2 net:2 2:2 281:1 000:8 1:3 319:1 rev:1 give:1 year:2 13:1 six:1 635:1 775:1 revs:1 31:2 9:1 mln:2 7:1 note:2 1986:2 qtr:1 exclude:2 extraordinary:3 loss:3 155:1 dlrs:4 share:3 versus:2 gain:1 607:1 five:1 continue:1 3:1 101:1 25:1 265:1 two:1
|
<ANTHES INDUSTRIES INC> 4TH QTR NET
Oper shr 16 cts vs nine cts
Oper net 2,281,000 vs 1,319,000
Revs not given
Year
Oper shr 13 cts vs six cts
Oper net 2,635,000 vs 1,775,000
Revs 31.9 mln vs 31.7 mln
Note: 1986 qtr excludes extraordinary loss of 1,155,000
dlrs or nine cts share, versus gain of 607,000 dlrs or five cts
shr
Note continued: 1986 year excludes extraordinary loss of
3,101,000 dlrs or 25 cts share, versus extraordinary loss of
265,000 dlrs or two cts share
|
training/5097
|
training/5097 |@title borg:1 warner:1 bor:1 board:1 oks:1 sale:1 unit:1 |@word borg:1 warner:1 corp:1 say:2 director:1 approve:1 sale:2 240:1 mln:2 dlrs:2 industrial:1 product:1 division:2 new:1 york:1 base:2 private:1 investment:1 firm:1 clayton:1 dubilier:1 inc:1 senior:1 management:1 group:1 yesterday:1 company:1 agree:1 sell:1 annual:1 300:1 long:1 beach:1 california:1
|
BORG-WARNER <BOR> BOARD OKS SALE OF UNIT
Borg-Warner Corp said its directors
approved the sale, for about 240 mln dlrs, of its industrial
products division to a New York-based private investment firm,
Clayton and Dubilier Inc, and senior management of the group.
Yesterday, the company said it agreed to sell the division,
which has annual sales of about 300 mln dlrs and is based in
Long Beach, California.
|
training/5100
|
training/5100 |@title autrex:1 inc:1 1st:1 qtr:1 january:1 31:1 net:1 |@word shr:1 one:1 ct:2 vs:3 two:1 net:1 50:1 000:4 58:1 revs:1 467:1 760:1
|
<AUTREX INC> 1ST QTR JANUARY 31 NET
Shr one cts vs two cts
Net 50,000 vs 58,000
Revs 467,000 vs 760,000
|
training/5102
|
training/5102 |@title southam:1 unit:1 acquire:1 winnipeg:1 community:1 paper:1 |@word southam:3 inc:1 say:3 flyer:2 force:2 unit:1 acquire:1 three:1 community:1 newspaper:3 winnipeg:3 combine:1 circulation:1 65:1 000:1 undisclosed:1 term:1 herald:1 lance:1 metro:1 one:1 print:1 canadian:1 publisher:1 division:1 intend:1 expand:1 distribution:1 begin:1 improve:1 service:1 market:1
|
SOUTHAM UNIT ACQUIRES WINNIPEG COMMUNITY PAPERS
<Southam Inc> said its Flyer Force unit
acquired three community newspapers in Winnipeg with a combined
circulation of 65,000 for undisclosed terms.
Southam said the newspapers, The Herald, The Lance and
Metro One, will be printed at its Canadian Publishers division
in Winnipeg.
Flyer Force intends to expand distribution of the
newspapers to begin improved service to the Winnipeg market,
Southam said.
|
training/5105
|
training/5105 |@title mlx:1 corp:1 mlxx:1 4th:1 qtr:1 loss:1 |@word shr:2 loss:6 12:1 ct:4 vs:8 profit:2 one:1 net:2 1:2 815:1 000:8 65:1 rev:1 59:1 9:3 mln:4 2:2 798:1 avg:2 shrs:2 15:1 8:1 775:2 year:1 11:2 three:1 217:1 324:1 revs:1 83:1 3:2 195:1
|
MLX CORP <MLXX> 4TH QTR LOSS
Shr loss 12 cts vs profit one ct
Net loss 1,815,000 vs profit 65,000
Revs 59.9 mln vs 2,798,000
Avg shrs 15.8 mln vs 9,775,000
Year
Shr loss 11 cts vs loss three cts
Net loss 1,217,000 vs loss 324,000
Revs 83.3 mln vs 3,195,000
Avg shrs 11.2 mln vs 9,775,000
|
training/5109
|
training/5109 |@title u:2 conservation:1 figure:1 see:1 neutral:1 bearish:1 |@word agriculture:1 department:1 usda:5 figure:11 highly:1 erodible:1 land:1 enrol:2 conservation:6 reserve:2 program:6 regard:1 grain:1 analyst:4 neutral:2 bearish:2 although:2 say:14 full:2 state:4 breakdown:2 would:5 need:1 assess:2 price:2 impact:2 10:2 5:1 mln:9 acre:13 1:2 9:2 accept:3 corn:11 good:1 perhaps:1 trade:8 look:4 dale:1 gustafson:2 drexel:1 burnham:1 lambert:1 572:1 402:1 bid:2 total:2 11:1 254:1 837:1 change:2 estimate:4 plant:3 acreage:2 result:2 late:2 adjust:1 slightly:2 due:1 release:2 planting:4 intention:2 march:1 31:1 indication:1 heavy:1 sign:5 recently:1 lower:1 63:1 0:4 67:2 69:1 richard:1 loewy:2 prudential:1 bache:1 securities:1 enough:1 information:1 completely:1 certainly:1 disappointing:1 add:2 later:1 enrollment:2 initial:1 appear:1 negative:1 new:2 crop:2 soybean:1 may:1 possibly:1 mean:1 upward:1 adjustment:1 ask:1 flow:1 generic:2 certificate:3 onto:1 market:2 spring:1 definitely:1 high:4 go:1 less:1 expect:2 offer:1 special:1 bonus:2 rental:1 payment:2 farmer:1 pay:1 amount:1 two:1 dlrs:1 per:1 bushel:1 base:1 farm:1 yield:1 katharina:1 zimmer:2 merrill:2 lynch:2 futures:1 note:1 expectation:1 considerably:1 actual:1 think:1 friendly:1 least:1 long:1 run:1 susan:1 hackmann:2 agrianalysis:1 confusion:1 whether:1 idea:3 15:1 18:1 refer:1 addition:1 seem:1 make:3 much:1 guess:1 low:1 61:1 60:1 slight:1 reduction:1 one:1 around:1 64:1 chicago:1 board:1 firm:1 earlier:1 week:1 large:1 despite:1 fact:1 generally:1 poor:1 yielding:1 likely:1 substantial:1 difference:1 final:1 production:1
|
U.S. CONSERVATION FIGURES SEEN NEUTRAL/BEARISH
U.S. Agriculture Department (USDA)
figures for highly-erodible land enrolled into the Conservation
Reserve Program were regarded by most grain analysts as neutral
to bearish, although some said a full state-by-state breakdown
would be needed to assess the full price impact.
'Out of 10.5 mln acres only 1.9 mln acres were accepted in
corn -- That's neutral at best and perhaps bearish to what the
trade was looking for,' Dale Gustafson of Drexel Burnham
Lambert said.
The USDA said it had accepted 10,572,402 more acres into
the conservation program out of bids on a total of 11,254,837
acres.
Gustafson said he would not be changing his estimate of
planted acreage for corn as a result of the latest figures, but
some other analysts said they would adjust their estimates
slightly. The USDA is due to release planting intentions
figures March 31.
Indications of a heavy sign-up in the conservation program
recently lowered most trade estimates of corn planted acreage
to 63.0 to 67.0 mln acres from 67.0 to 69.0 mln.
Richard Loewy, analyst with Prudential Bache Securities,
said there was not enough information to completely assess the
conservation figures. 'The 1.9 mln acres on corn is certainly
disappointing,' he added.
The USDA later released the state-by-state breakdown of the
enrollment figures.
Loewy said the initial figures appeared to be negative for
both new crop corn and soybeans, and might possibly mean an
upward adjustment in planting intention figures.
Asked about the impact on the flow of generic certificates
onto the market this spring, he said: 'The trade was definitely
looking higher, so certificates are going to be less than
expected.'
The USDA offered a special corn 'bonus' rental payment to
the farmers to be paid in generic certificates. The bonus
amounts to two dlrs per bushel, based on the farm program
payment yield for corn, for each acre of corn accepted into the
reserve.
Katharina Zimmer, analyst for Merrill Lynch Futures, said
the conservation sign-up was slightly higher than she had
expected, although she noted that some trade expectations were
considerably higher than the actual figures.
'I think it is friendly for the market, at least in the
long run,' she said.
Susan Hackmann of AgriAnalysis said there was some
confusion over whether trade ideas of an enrollment figure
between 15 and 18 mln acres referred to the total sign-up or
the latest addition.
'It seems the trade was looking for more acres to be bid
into the program,' she said.
Hackmann said she would not make much change to her ideas
about corn planting figures as a result of the conservation
sign-up. She added that while some trade guesses were as low as
61 mln acres, she was looking for corn plantings to be in the
high 60's.
Zimmer of Merrill Lynch said she would be making a slight
reduction of about one mln acres in her planting estimate to
around 64 mln acres.
New crop corn prices at the Chicago Board of Trade firmed
earlier this week on ideas of a large sign-up in the program,
despite the fact that acres enrolled are generally poor
yielding and not likely to make a substantial difference to
final production figures.
|
training/511
|
training/511 |@title petro:2 canada:2 cut:2 crude:2 price:2 1:2 43:2 canadian:2 dlrs:2 bbl:2 effective:2 march:2 one:2 |@word
|
PETRO-CANADA CUT CRUDE PRICES BY 1.43 CANADIAN DLRS/BBL EFFECTIVE MARCH ONE
PETRO-CANADA CUT CRUDE PRICES BY 1.43 CANADIAN DLRS/BBL EFFECTIVE MARCH ONE
|
training/5112
|
training/5112 |@title forest:1 city:1 feca:1 complete:1 sale:1 |@word forest:1 city:1 enterprises:1 inc:2 say:1 complete:1 previously:1 announce:1 sale:2 asset:1 retail:1 store:1 division:1 exclude:1 real:1 estate:1 handy:1 andy:1 home:1 improvement:1 centers:1 private:1 gurnee:1 ill:1 firm:1 cash:1 note:1 exact:1 term:1 disclose:1
|
FOREST CITY <FECA> COMPLETES SALE
Forest City Enterprises Inc said it
completed the previously announced sale of assets of its retail
store division, excluding real estate, to Handy Andy Home
Improvement Centers Inc, a private Gurnee, Ill., firm.
The sale is for cash and notes but exact terms were not
disclosed.
|
training/5113
|
training/5113 |@title minn:1 bank:1 okla:1 thrift:1 action:1 take:1 |@word beaver:5 creek:5 state:2 bank:5 minn:2 fail:1 insured:1 asset:5 transfer:3 citizens:1 silver:1 lake:1 federal:6 deposit:1 insurance:2 corp:2 say:5 separately:1 home:1 loan:4 board:1 victor:4 savings:3 association:5 muskogee:1 okla:1 place:1 receivership:1 two:1 office:1 open:1 branch:1 citizen:2 monday:1 arrange:1 bid:1 buy:1 fdic:2 pay:1 premium:1 30:1 000:1 dlrs:3 purchase:1 5:1 3:1 mln:2 43rd:1 failure:1 nation:1 year:1 fhlbb:3 insolvent:1 newly:1 charter:1 mutual:1 director:1 name:1 stock:1 564:1 new:1 know:1 continue:1 insure:1 saving:1
|
MINN. BANK, OKLA. THRIFT ACTIONS TAKEN
Beaver Creek State Bank in Beaver
Creek, Minn., failed and the bank's insured assets were
transferred to Citizens State Bank of Silver Lake, Minn., the
Federal Deposit Insurance Corp. said.
Separately, the Federal Home Loan Bank Board said Victor
Federal Savings and Loan Association of Muskogee, Okla., was
placed into receivership.
Beaver Creek's two offices will re-open as branches of
Citizens on Monday.
The transfer was arranged because there were no bids to buy
Beaver Creek, the FDIC said.
Citizens will pay a premium of 30,000 dlrs to the FDIC and
purchase Beaver Creek's assets for 5.3 mln dlrs.
It was the 43rd bank failure in the nation this year.
The FHLBB said Victor Federal Savings was insolvent and its
assets were transferred to a newly chartered federal mutual
association with directors named by the FHLBB.
Victor was a stock association with 564 mln dlrs in assets.
The new association is to be known as Victor Savings and
Loan Association and its assets continue to be insured by the
Federal Savings and Loan Insurance Corp, the FHLBB said.
|
training/5114
|
training/5114 |@title lifestyle:1 restaurant:1 lif:1 adjust:1 revenue:1 |@word lifestyle:1 restaurants:1 inc:1 say:2 revenue:1 first:1 quarter:1 end:1 january:1 24:1 1985:1 17:2 5:1 mln:2 dlrs:2 8:1 report:1 earlier:1 company:1 also:1 note:1 attach:1 earning:1 concern:1 gain:1 1986:1 certain:1 sale:1 incorrect:1 disregard:1
|
LIFESTYLE RESTAURANTS <LIF> ADJUSTS REVENUES
Lifestyle Restaurants Inc said
revenues for the first quarter ended January 24, 1985, were
17.5 mln dlrs and not the 17.8 mln dlrs it had reported
earlier.
The company also said a note attached to its earnings
concerning a gain in 1986 on certain sales was incorrect and
should be disregarded.
|
training/5115
|
training/5115 |@title u:1 say:1 canada:1 comply:1 lumber:1 pact:1 |@word commerce:3 department:1 say:3 canadian:4 firm:1 begin:2 pay:3 agree:2 15:2 pct:2 surcharge:1 softwood:2 ship:1 u:2 market:1 make:1 statement:1 talk:2 official:2 press:1 report:1 speculation:1 canada:4 exporter:2 charge:4 united:1 states:1 last:1 december:1 end:1 lengthy:1 trade:1 dispute:1 alleged:1 subsidy:1 exporters:1 would:1 find:1 company:2 evade:1 follow:1 convince:1 comply:1 agreement:2 undersecretary:1 bruce:1 smart:1 gratified:1 learn:1 export:1 lumber:2 add:1 important:1 health:1 industry:1 intend:1 see:1 fully:1 carry:1
|
U.S. SAYS CANADA COMPLYING WITH LUMBER PACT
The Commerce Department said that
all Canadian firms had begun to pay an agreed to 15 pct
surcharge on softwood shipped to U.S. markets.
It made the statement after talks with Canadian officials
about press reports and speculation in Canada that some
exporters were not paying the charge.
Canada and the United States agreed last December to the 15
pct charge, ending a lengthy trade dispute over alleged
Canadian subsidies to Canada's softwood exporters.
Commerce officials would not say if they found any Canadian
companies had been evading the charge, but that following the
talks they were convinced all exporters were complying with the
agreement.
Undersecretary of Commerce Bruce Smart said 'We are
gratified to learn that companies in Canada have begun paying
the export charge on lumber.'
He added the agreement was important to the health of the
U.S. lumber industry and he intended to see that it was fully
carried out.
|
training/5116
|
training/5116 |@title pdvsa:1 sign:1 champlin:1 refinery:1 deal:1 march:1 17:1 |@word petroleos:1 de:1 venezuela:1 say:4 sign:2 contract:2 march:1 17:1 buy:1 half:3 interest:2 corpus:1 christi:1 texas:1 refinery:3 related:1 operation:1 pdvsa:6 champlin:5 petroleum:1 parent:1 company:5 union:3 pacific:3 corp:1 create:1 new:3 joint:1 venture:1 call:1 refine:1 state:2 oil:3 pay:1 order:1 30:1 mln:3 dlrs:2 energy:1 minister:1 arturo:1 hernandez:1 grisanti:1 wednesday:1 cost:1 would:1 33:1 cash:1 plus:1 additional:1 60:1 crude:4 refined:1 shipment:1 seek:1 line:1 credit:1 group:1 north:1 american:1 japanese:1 bank:1 finance:1 working:1 capital:1 venezuelan:2 deal:1 supply:1 140:1 000:5 barrel:1 day:1 option:1 place:1 50:1 bpd:4 mostly:1 gasoline:1 distillate:1 distribution:1 system:1 10:1 u:1 direct:1 six:1 member:1 board:1 three:1 representative:1 accord:1 venezuelans:1 occupy:1 key:1 position:1 treasurer:1 vice:1 president:1 manufacture:1 total:1 capacity:1 160:1 another:1 40:1 intermediate:1 plant:1 able:1 handle:1 110:1 heavy:1 make:1 country:1 export:1
|
PDVSA TO SIGN CHAMPLIN REFINERY DEAL MARCH 17
Petroleos de Venezuela, S.A. said it
will sign a contract March 17 to buy a half interest in a
Corpus Christi, Texas refinery and related operations.
The contract, to be signed by PDVSA and Champlin
Petroleum's parent company, the Union Pacific Corp, will create
a new joint venture called Champlin Refining.
The state oil company said PDVSA will pay on the order of
30 mln dlrs for the half interest in Champlin.
Energy minister Arturo Hernandez Grisanti said Wednesday
the cost would be 33 mln dlrs in cash, plus an additional 60
mln in crude and refined oil shipments.
PDVSA and Union Pacific have sought a line of credit from a
group of North American and Japanese banks to finance the new
company's working capital, the Venezuelan company said.
Under the deal, PDVSA will supply up to 140,000 barrels a
day to the refinery with the option to place 50,000 bpd more -
mostly gasoline and distillates - through Champlin's
distribution system in 10 U.S. states.
The new company will be directed by a six-member board,
with three representatives each from PDVSA and Union Pacific.
According to PDVSA, Venezuelans will occupy such key
positions such as treasurer and vice-president for
manufacturing.
The total capacity of the Champlin refinery is 160,000 bpd
of crudes and another 40,000 bpd of intermediates. The plant
will be able to handle 110,000 bpd of Venezuelan heavy crudes,
which make up more than half of the country's crude oil
exports.
|
training/5117
|
training/5117 |@title investor:1 disappoint:1 caesars:1 caw:1 response:1 |@word investor:1 martin:1 sosnoff:2 say:4 statement:1 disappointed:1 caesars:1 world:1 inc:1 response:1 28:1 dlrs:1 share:1 offer:3 buy:1 company:3 inadequate:1 explore:1 restructuring:1 sale:1 another:1 party:1 believe:1 fair:1 shareholder:1 primary:1 desire:1 still:1 sit:1 management:1 negotiate:1 friendly:1 acquisition:1
|
INVESTOR DISAPPOINTED AT CAESARS <CAW> RESPONSE
Investor Martin Sosnoff said in a
statement that he was disappointed in Caesars World Inc's
response to his 28 dlrs a share offer to buy the company.
The company had said the offer was inadequate and that it
was exploring restructuring or sale of the company to another
party.
Sosnoff said he believes the offer is fair to all
shareholders. 'My primary desire is still to sit down with
management to negotiate a friendly acquisition,' he said.
|
training/5118
|
training/5118 |@title venezuela:1 lend:1 12:1 5:1 mln:1 barrel:1 oil:1 |@word venezuela:5 lend:3 ecuador:8 12:1 5:2 mln:3 barrel:4 crude:6 oil:3 help:2 meet:3 export:5 commitment:2 domestic:2 energy:3 demand:2 ecuadorean:1 mines:1 minister:1 javier:1 espinosa:2 say:4 today:1 statement:1 force:1 suspend:1 pipeline:3 connect:1 jungle:1 field:1 pacific:1 ocean:1 port:1 balao:2 damage:1 last:1 week:1 earthquake:2 would:4 50:1 000:3 per:1 day:1 total:2 7:1 also:1 sell:1 provide:1 foreign:1 exchange:1 earning:1 repay:2 resume:1 repair:2 task:1 take:1 estimate:1 five:2 month:1 refining:1 country:2 loan:1 latin:1 american:1 member:1 organisation:1 petroleum:1 exporting:1 countries:1 opec:1 140:1 bpd:2 ministry:1 official:1 output:1 around:1 260:1
|
VENEZUELA TO LEND UP TO 12.5 MLN BARRELS OF OIL
Venezuela will lend Ecuador up to 12.5
mln barrels of crude oil to help it meet its export commitments
and its domestic energy demand, Ecuadorean Energy and Mines
Minister Javier Espinosa said today in a statement.
Ecuador was forced to suspend exports after the pipeline
connecting its jungle oil fields with the Pacific Ocean port of
Balao was damaged last week by an earthquake.
Venezuela would lend 50,000 barrels per day of crude for a
total of up to to 7.5 mln barrels to help Ecuador meet export
commitments, Espinosa said. Also, Venezuela will sell the crude
and provide the foreign exchange earnings to Ecuador, he said.
Ecuador would repay Venezuela in crude once it resumed its
exports after repairing its pipeline to Balao, a task that
would take an estimated five months.
Venezuela is lending Ecuador five mln barrels of crude for
refining in this country to meet domestic demand. Ecuador would
repay that loan with crude once the oil pipeline is repaired.
Both countries are the only Latin American members of the
Organisation of Petroleum Exporting Countries (OPEC).
Ecuador was exporting about 140,000 bpd before the
earthquake, Energy Ministry officials said. Its total output
was around 260,000 bpd.
|
training/5119
|
training/5119 |@title pdvsa:1 sign:1 champlin:1 refinery:1 deal:1 march:1 17:1 |@word petroleos:1 de:1 venezuela:1 say:4 sign:2 contract:2 march:1 17:1 buy:1 half:2 interest:2 corpus:1 christi:1 texas:1 refinery:2 related:1 operation:1 pdvsa:5 champlin:4 petroleum:1 parent:1 company:5 union:3 pacific:3 corp:1 unp:1 create:1 new:3 joint:1 venture:1 call:1 refine:1 state:2 oil:2 pay:1 order:1 30:1 mln:3 dlrs:2 energy:1 minister:1 arturo:1 hernandez:1 grisanti:1 wednesday:1 cost:1 would:1 33:1 cash:1 plus:1 additional:1 60:1 crude:1 refined:1 shipment:1 seek:1 line:1 credit:1 group:1 north:1 american:1 japanese:1 bank:1 finance:1 working:1 capital:1 venezuelan:1 deal:1 supply:1 140:1 000:2 barrel:1 day:1 option:1 place:1 50:1 bpd:1 mostly:1 gasoline:1 distillate:1 distribution:1 system:1 10:1 u:1 direct:1 six:1 member:1 board:1 three:1 representative:1
|
PDVSA TO SIGN CHAMPLIN REFINERY DEAL MARCH 17
Petroleos de Venezuela, S.A. said it
will sign a contract March 17 to buy a half interest in a
Corpus Christi, Texas refinery and related operations.
The contract, to be signed by PDVSA and Champlin
Petroleum's parent company, the Union Pacific Corp <UNP>, will
create a new joint venture called Champlin Refining.
The state oil company said PDVSA will pay on the order of
30 mln dlrs for the half interest in Champlin.
Energy minister Arturo Hernandez Grisanti said Wednesday
the cost would be 33 mln dlrs in cash, plus an additional 60
mln in crude and refined oil shipments.
PDVSA and Union Pacific have sought a line of credit from a
group of North American and Japanese banks to finance the new
company's working capital, the Venezuelan company said.
Under the deal, PDVSA will supply up to 140,000 barrels a
day to the refinery with the option to place 50,000 bpd more -
mostly gasoline and distillates - through Champlin's
distribution system in 10 U.S. states.
The new company will be directed by a six-member board,
with three representatives each from PDVSA and Union Pacific.
|
training/512
|
training/512 |@title franklin:1 federal:1 tax:1 free:1 income:1 fund:1 payout:1 |@word mthly:1 div:1 7:4 ct:2 vs:1 prior:1 pay:1 march:2 13:1 record:1 two:1
|
<FRANKLIN FEDERAL TAX-FREE INCOME FUND> PAYOUT
Mthly div 7.7 cts vs 7.7 cts prior
Pay March 13
Record March Two
|
training/5121
|
training/5121 |@title pratt:1 prat:1 offer:1 resort:1 rt:1 expire:1 ph:1 |@word acquisition:1 co:1 unit:1 pratt:1 hotel:1 corp:1 say:1 135:1 mln:1 dlrs:1 per:1 share:5 tender:3 offer:1 class:2 b:2 common:1 stock:1 resorts:1 international:1 inc:1 expire:1 today:1 45:1 690:1 insufficient:1 number:1 satisfy:1 condition:1 51:1 pct:1 voting:1 power:1 earlier:1 week:1 new:1 york:1 developer:1 donald:1 trump:1 make:1 compete:1 bid:1
|
PRATT <PRAT> OFFER FOR RESORTS <RT> EXPIRES
PH Acquisition Co, a unit of Pratt Hotel
Corp, said its 135 mln dlrs per share tender offer for all
shares of Class B common stock of Resorts INternational Inc
expired.
As of today, about 45,690 shares were tendered, an
insufficient number of shares to satisfy the condition that 51
pct of the voting power be tendered.
Earlier this week, New yOrk developer Donald Trump made a
competing bid for the class B shares.
|
training/5123
|
training/5123 |@title saudis:1 drop:1 condition:1 oil:1 sale:1 brazil:1 |@word saudi:2 arabia:2 drop:1 condition:1 brazil:4 secure:1 international:2 bank:3 guarantee:3 saudia:1 would:2 ship:1 oil:4 state:1 company:1 petrobra:6 say:4 statement:2 saudis:5 accept:2 banco:1 brasil:1 credit:3 cancel:1 40:1 mln:2 dlr:1 crude:1 purchase:2 yesterday:1 refuse:1 letter:1 official:1 demand:1 get:1 lead:1 advise:1 change:1 mind:1 monday:1 negotiate:1 producer:1 shipment:2 2:2 barrel:2 make:1 march:1 24:1 schedule:1 part:1 contract:1 sign:1 february:1 supply:1 125:1 000:1 per:1 day:1 june:1
|
SAUDIS DROP CONDITION FOR OIL SALE TO BRAZIL
Saudi Arabia has dropped its
condition that Brazil secure international bank guarantees
before Saudia Arabia would ship it oil, the state-oil company,
Petrobras, said in a statement.
Petrobras said the Saudis will accept Banco do Brasil
credit guarantees.
Petrobras cancelled a 40-mln dlr crude oil purchase from
the Saudis yesterday after they refused to accept a letter of
credit from the official Bank of Brazil. The Saudis had
demanded that Brazil get credit guarantees from leading
international banks.
Petrobras said the Saudis had been advised that if they did
not change their mind by Monday, Petrobras would negotiate the
purchase of oil with other producers.
The Petrobras statement said the shipment of 2.2 mln
barrels will be made by the Saudis on March 24 as scheduled.
The shipment is part contract signed in February for the
Saudis to supply Brazil with 125,000 barrels per day until
June.
|
training/5125
|
training/5125 |@title saudi:1 arabia:1 decide:1 accept:1 brazil:1 credit:1 |@word saudi:2 arabia:1 lift:1 condition:1 impose:1 sale:1 oil:5 brazil:3 accept:2 banco:1 brasil:1 credit:2 guarantee:2 state:1 company:2 petrobra:2 say:2 statement:2 cancel:1 40:1 mln:2 dlr:1 crude:1 purchase:2 yesterday:1 refuse:1 letter:1 bank:2 demand:1 lead:1 international:1 advise:1 saudis:3 would:1 negotiate:1 elsewhere:1 unless:1 change:1 mind:1 monday:1 2:2 barrel:1 shipment:1 make:1 march:1 24:1 schedule:1 125:1 000:1 bpd:1 contract:1 sign:1 february:1 agree:1 supply:1 june:1
|
SAUDI ARABIA DECIDES TO ACCEPT BRAZIL CREDIT
Saudi Arabia has lifted the
condition it imposed on the sale of oil to Brazil and will
accept Banco do Brasil's credit guarantees, state-oil company
Petrobras said in a statement.
Petrobras cancelled a 40 mln dlr crude oil purchase from
the Saudis yesterday, after they refused to accept a letter of
credit from the Bank of Brazil, demanding guarantees from
leading international banks.
It advised the Saudis the company would negotiate oil
purchases elsewhere unless they changed their mind by Monday.
The 2.2 mln barrels shipment will be made by the Saudis on
March 24 as scheduled, the statement said.
Under a 125,000 bpd contract signed in February the Saudis
agreed to supply oil to Brazil until June.
|
training/5126
|
training/5126 |@title micron:1 technology:1 dram:1 see:1 2nd:1 qtr:1 loss:1 |@word micron:1 technology:1 inc:1 say:1 expect:1 record:1 net:1 loss:2 11:1 mln:6 dlrs:5 second:2 quarter:6 compare:1 9:3 7:1 first:1 8:2 year:2 ago:2 revenue:1 end:1 march:1 five:1 increase:1 20:1 4:2 18:1 preceede:1 company:1 make:1 semiconductor:1 memory:1 component:1 related:1 product:1
|
MICRON TECHNOLOGY <DRAM> SEES 2ND QTR LOSS
Micron Technology Inc said it
expects to record a net loss of about 11 mln dlrs in the second
quarter compared to a loss of 9.7 mln dlrs in the first quarter
and 9.8 mln dlrs in the year-ago second quarter.
Revenues in the quarter ended March five increased to about
20.4 mln dlrs from 18.8 mln in the preceeding quarter and 9.4
mln dlrs in the year-ago quarter.
The company makes semiconductors, memory components and
related products.
|
training/5127
|
training/5127 |@title trading:1 range:1 likely:1 continue:1 debt:1 future:1 u:1 |@word economic:2 datum:4 due:2 next:3 week:3 unlikely:1 hold:1 surprise:1 shake:1 u:2 interest:4 rate:3 future:2 relatively:2 narrow:2 trading:4 range:3 last:1 3:1 1:1 2:1 month:2 financial:2 analyst:3 say:13 people:2 seem:1 firm:1 conviction:1 current:2 strength:1 economy:3 federal:1 reserve:1 anything:1 drexel:1 burnham:1 lambert:1 norman:1 main:4 also:3 take:1 toll:1 volume:2 note:2 decline:1 activity:2 recent:2 statistic:1 greatly:1 change:1 viewpoint:1 provide:1 clear:1 cut:1 view:2 couple:1 dampened:1 foreign:1 exchange:1 market:5 paris:1 initiative:1 make:1 less:1 ebullient:1 action:1 add:1 however:1 treasury:1 bond:3 could:3 retracement:1 rise:2 near:1 top:1 remain:1 strong:1 participant:1 see:1 price:4 unjustified:1 refco:1 inc:1 senior:1 vice:1 president:1 michael:1 connery:2 show:2 little:2 momentum:2 lack:1 retail:2 movement:1 occur:1 opening:1 afterwhich:1 dwindle:1 fade:1 although:1 mildly:1 positive:1 small:1 february:1 producer:1 downward:1 revision:2 january:2 sale:1 industrial:1 production:1 real:1 exciting:1 prudential:1 bache:1 fred:1 leiner:2 one:3 factor:1 push:1 high:1 moment:1 fourth:1 quarter:7 gross:1 national:1 product:1 likely:1 kleinwort:1 benson:1 chief:1 economist:1 sam:1 kahan:4 still:1 forecast:1 first:4 gnp:4 play:1 role:1 direction:1 early:1 estimate:1 growth:3 around:1 three:1 pct:2 largely:1 buildup:1 inventory:3 reflect:1 friday:1 large:2 increase:5 since:1 1979:1 key:1 question:1 whether:2 sustainable:1 shot:1 deal:1 sizable:1 stem:1 drag:1 second:2 case:1 ease:1 back:1 two:1
|
TRADING RANGE LIKELY TO CONTINUE IN DEBT FUTURES
U.S. economic data due out next week is
unlikely to hold any surprises that will shake U.S. interest
rate futures out of their relatively narrow trading range of
the last 3-1/2 months, financial analysts said.
'People don't seem to have any firm conviction about the
current strength of the economy or about the Federal Reserve
doing anything,' said Drexel Burnham Lambert analyst Norman
Mains.
The narrow range trading is also taking its toll on trading
volume, he noted. 'We've had a decline in activity as recent
economic statistics have not greatly changed people's
viewpoints on interest rates,' Mains said.
The data, which has provided not clear-cut view of the
economy, coupled with dampened activity in the foreign exchange
markets after the Paris initiative has made for 'less than
ebullient market action,' Mains said.
He added, however, that Treasury bond futures could be in
for a retracement after the recent rise as they are near the
top of the trading range.
'My view is that the economy remains relatively strong and
market participants will see that current prices are
unjustified,' Mains said.
Refco Inc senior vice president Michael Connery also noted
that the market is showing very little momentum and lacks
retail interest. 'All of the movement occurs at the opening,'
afterwhich volume dwindles and momentum fades, Connery said.
Although data during the week was mildly positive for bond
prices, the small rise in February producer prices and downward
revisions in January retail sales and industrial production
were 'not real exciting,' said Prudential Bache analyst Fred
Leiner.
'There is no one factor that will push us through the highs
at this moment,' Leiner said.
Next week's revision to fourth quarter U.S. Gross national
Product is also likely to be of little interest to the market,
said Kleinwort Benson chief financial economist Sam Kahan.
Still, forecasts for first quarter GNP could play a role in the
direction of bond prices over the next month.
Kahan said his early estimate for first quarter growth is
around three pct, due largely to a buildup in inventories
reflected in the January inventory data Friday, which showed
the largest increase since 1979.
'The key question will be not whether there is a large
increase in first quarter GNP, but whether any increase is
sustainable or a one shot deal,' Kahan said.
He said that a sizable increase in first quarter GNP
stemming from an increase in inventories will be a drag on
second quarter growth.
If that is the case, GNP in the second quarter could ease
back to a one to two pct growth rate, Kahan said.
|
training/5128
|
training/5128 |@title agra:1 industries:1 ltd:1 six:1 mth:1 jan:1 31:1 net:1 |@word oper:2 shr:5 35:1 ct:6 vs:6 34:1 net:3 2:1 313:1 000:6 1:4 646:1 revs:1 100:1 mln:2 77:1 3:1 note:1 1986:2 exclude:1 extraordinary:1 loss:4 294:1 dlrs:4 four:1 yr:2 ago:2 579:1 12:1 include:1 non:1 cash:1 436:1 22:1 922:1 39:1 depreciation:1 amortization:1 allowance:1 u:1 cable:1 tv:1 operation:1 shrs:1 outstanding:1
|
<AGRA INDUSTRIES LTD> SIX MTHS JAN 31 NET
Oper shr 35 cts vs 34 cts
Oper net 2,313,000 vs 1,646,000
Revs 100.1 mln vs 77.3 mln
Note: 1986 net excludes extraordinary loss of 294,000 dlrs
or four cts vs shr vs yr-ago loss of 579,000 dlrs or 12 cts
shr. 1986 net includes non-cash loss of 1,436,000 dlrs or 22
cts shr vs yr-ago loss of 1,922,000 dlrs or 39 cts shr from
depreciation and amortization allowances on U.S. cable TV
operation.
Fewer shrs outstanding.
|
training/513
|
training/513 |@title franklin:1 new:1 york:1 tax:1 free:1 income:1 fund:1 payout:1 |@word mthly:1 div:1 7:2 3:2 ct:2 vs:1 prior:1 pay:1 march:2 13:1 record:1 two:1
|
<FRANKLIN NEW YORK TAX-FREE INCOME FUND> PAYOUT
Mthly div 7.3 cts vs 7.3 cts prior
Pay March 13
Record March Two
|
training/5132
|
training/5132 |@title u:1 say:1 canada:1 comply:1 lumber:1 pact:1 |@word commerce:3 department:1 say:4 canadian:4 firm:1 begin:2 pay:3 agree:2 15:2 pct:2 surcharge:1 softwood:2 ship:1 u:3 market:1 make:1 statement:1 talk:2 official:2 rumor:1 canada:4 exporter:2 charge:4 last:1 december:1 end:1 lengthy:1 trade:1 dispute:1 alleged:1 subsidy:1 exporters:1 decline:1 company:2 evade:1 follow:1 convince:1 comply:1 agreement:2 undersecretary:1 bruce:1 smart:1 gratified:1 learn:1 export:1 lumber:2 add:1 important:1 health:1 industry:1 intend:1 see:1 fully:1 carry:1
|
U.S. SAYS CANADA COMPLYING WITH LUMBER PACT
The Commerce Department said all
Canadian firms have begun to pay an agreed 15 pct surcharge on
softwood shipped to U.S. markets.
It made the statement after talks with Canadian officials
about rumors in Canada that some exporters were not paying the
charge.
Canada and the U.S. agreed last December to the 15 pct
charge, ending a lengthy trade dispute over alleged Canadian
subsidies to Canada's softwood exporters.
Commerce officials declined to say if any Canadian
companies had been evading the charge, but said following the
talks they were convinced all exporters were complying with the
agreement.
Undersecretary of Commerce Bruce Smart said 'We are
gratified to learn that companies in Canada have begun paying
the export charge on lumber.'
He added the agreement was important to the health of the
U.S. lumber industry and he intended to see that it was fully
carried out.
|
training/5134
|
training/5134 |@title heavy:1 coffee:1 export:1 imply:1 colombia:1 official:1 |@word decision:1 colombia:6 open:2 coffee:6 export:4 registration:4 unlimited:1 amount:1 imply:1 country:1 heavily:1 sell:2 recently:1 withhold:1 gilberto:1 arango:4 president:1 private:3 exporters:1 association:1 tell:1 reuters:1 today:2 april:1 may:1 national:1 grower:1 federation:1 set:2 limit:1 since:1 start:1 year:1 last:1 october:1 exporter:2 average:1 allow:1 350:1 000:1 bag:2 60:1 kilo:2 per:3 month:1 trader:1 initially:1 interpret:1 measure:2 announce:2 heavy:1 sale:1 even:1 pressure:1 market:5 quickly:1 become:1 apparent:1 intend:1 go:1 top:1 say:3 interview:1 marketing:2 policy:3 without:1 haste:1 consistently:1 target:1 volume:1 react:1 factor:1 adequately:1 intention:1 give:1 away:1 add:1 describe:1 adopt:1 yesterday:1 include:1 low:1 price:3 major:1 change:1 reintegro:3 lower:1 1:2 10:1 dlr:1 lb:1 ex:1 dock:1 new:1 york:1 155:1 83:1 dlrs:3 70:1 35:1 194:1 33:1 government:1 flexible:1 order:1 closely:1 reflect:1 trend:1 warmly:1 welcome:1 undoubtedly:1 actively:1 present:1 frequent:1 gap:1 international:1 unlikely:1 recur:1
|
NO HEAVY COFFEE EXPORT IMPLIED-COLOMBIA OFFICIAL
A decision by Colombia to open coffee
export registrations for an unlimited amount does not imply the
country will heavily sell coffee until recently withheld,
Gilberto Arango, president of the private exporters'
association, told Reuters.
Colombia today opened export registrations for april and
may, with the National Coffee Growers' Federation setting no
limit.
Since the start of the coffee year last october, private
exporters were on average allowed 350,000 bags of 60 kilos per
month.
'Traders will initially interpret this measure as announcing
heavy sales. Even today it pressured the market. But it will
quickly become apparent that Colombia does not intend to go
over the top,' Arango said in an interview.
'Colombia's marketing policy is to sell without haste but
consistently. No targets for volume will be set. We will react
to market factors adequately. Colombia has no intention to give
its coffee away,' he added.
Arango described measures adopted here yesterday, including
a lower export registration price, as a major change in
Colombia's coffee marketing policy.
The export registration price, or reintegro, was lowered to
1.10 dlr per lb ex-dock new york, or 155.83 dlrs per bag of 70
kilos, from 1.35 dlrs (194.33 dlrs).
The government announced a more flexible policy of
reintegro, in order to closely reflect market trends, which
arango warmly welcomed saying private exporters will
undoubtedly be more actively present in the market.
A frequent gap between international market prices and the
reintegro was unlikely to recur, he said.
|
training/5138
|
training/5138 |@title geneva:1 |@word negotiator:2 u:2 n:2 conference:2 agree:2 basic:2 element:2 new:2 rubber:2 pact:2 chairman:2 geneva:1
|
GENEVA - negotiators at U.N. Conference agree basic elements in new rubber pact - chairman
GENEVA - negotiators at U.N. Conference agree basic elements in new rubber pact - chairman
|
training/5139
|
training/5139 |@title major:1 difference:1 resolve:1 rubber:1 pact:1 talk:1 |@word negotiator:1 united:2 nations:1 conference:6 new:6 international:2 natural:2 rubber:3 agreement:2 inra:1 agree:2 basic:1 element:1 pact:3 chairman:1 manaspas:1 xuto:4 say:4 resolve:1 major:2 difference:1 opinion:1 tell:1 reuters:1 way:1 clear:1 draft:1 accord:2 replace:1 current:3 one:1 expire:1 october:2 welcome:1 friendly:1 cooperative:1 atmosphere:1 prevail:1 without:1 interruption:1 since:1 talk:2 begin:1 last:4 monday:1 hope:1 delegation:1 go:1 back:1 home:1 try:1 ratify:1 add:1 renegotiation:1 auspex:1 u:2 n:1 trade:1 development:1 unctad:2 fourth:1 meeting:1 two:2 year:3 producer:2 consumer:5 four:1 point:1 1:2 regular:1 price:12 review:3 hold:1 every:1 15:1 month:3 previously:1 propose:1 12:1 interval:1 instead:1 18:1 2:1 average:1 daily:1 market:1 indicator:1 six:1 prior:1 low:1 intervention:2 upper:1 reference:2 automatically:1 revise:1 downward:1 upwards:1 five:2 pct:4 unless:2 organisation:1 council:2 decide:2 high:2 percentage:2 buffer:4 stock:5 purchase:1 sale:1 reach:2 300:1 000:5 tonne:5 lower:2 raise:1 three:2 3:1 400:1 additional:1 contingency:1 150:2 bring:1 operation:1 malaysian:1 singapore:1 cent:3 floor:3 152:1 4:2 breach:1 throughout:1 adamantly:1 resist:1 proposal:2 currently:1 360:1 rise:1 450:1 initiate:1 withdraw:1 night:1 set:1 stage:1 compromise:1 legal:1 drafting:1 provision:1 start:1 next:1 week:1 formal:1 adoption:1 40:1 country:1 take:2 part:1 expect:1 place:1 march:1 20:1 widely:1 see:1 chance:1 clinch:1 deal:1 previous:1 attempt:1 negotiate:1 fail:1 round:1 break:1 demand:1 tight:1 control:1 states:1 japan:1 west:1 germany:1 france:1 italy:1 britain:1 late:1 estimate:1 project:1 increase:1 8:1 5:1 1988:1
|
MAJOR DIFFERENCES RESOLVED AT RUBBER PACT TALKS
Negotiators at a United Nations
conference on a new International Natural Rubber Agreement
(INRA) have agreed on basic elements in a new pact, conference
chairman Manaspas Xuto said.
'We have resolved major differences of opinion,' he told
Reuters.
Xuto said the way is now cleared for drafting a new accord,
to replace the current one which expires in October.
Xuto said: 'I welcome the friendly and cooperative
atmosphere that has prevailed without interruption' since the
talks began last Monday.
'It is my hope that delegations will go back home and try to
ratify the new agreement,' he added.
The renegotiation conference, under the auspices of the
U.N. Conference on Trade and Development (UNCTAD), is the
fourth such meeting in two years.
Xuto said producers and consumers had agreed on four
points:
1) Regular price reviews will be held every 15 months.
Previously consumers were proposing 12-month intervals
between price reviews instead of 18 in the current pact.
2) If the average of the daily market indicator prices over
six months prior to a review is below (or above) the lower
intervention price (or the upper intervention price), the
reference price will be automatically revised downwards (or
upwards) by five pct unless the International Natural Rubber
Organisation council decides on a higher percentage.
If buffer stock purchases or sales reach 300,000 tonnes,
the reference price will be lowered or raised by three pct
unless the council decides on a higher percentage.
3) If the buffer stock reaches 400,000 tonnes, the price at
which the additional contingency stock of 150,000 tonnes is
brought into operation will be two Malaysian/Singapore cents
above the floor price -- or 152 cents.
4) The floor price will not be breached. Throughout the
talks producers had adamantly resisted a consumer proposal to
lower the floor price of 150 cents if the buffer stock,
currently 360,000 tonnes, rose to 450,000 tonnes.
The proposal, initiated by the U.S., Was withdrawn last
night, setting the stage for compromise.
Legal drafting of provisions will start next week and
formal adoption of the new accord by the 40 countries taking
part in the conference is expected to take place on March 20.
The current conference was widely seen as the last chance
to clinch a deal. Three previous attempts to negotiate a new
five- year pact had failed, the last round breaking down in
October over consumer demands for tighter controls of the
buffer stock.
The United States, Japan, West Germany, France, Italy and
Britain are the major consumers.
UNCTAD's latest estimates project an increase of 8.5 pct in
rubber prices this year and 4.1 pct in 1988.
|
training/514
|
training/514 |@title franklin:1 u:1 government:1 securities:1 fund:1 payout:1 |@word mthly:1 div:1 six:2 ct:2 vs:1 prior:1 pay:1 march:2 13:1 record:1 two:1
|
<FRANKLIN U.S. GOVERNMENT SECURITIES FUND>PAYOUT
Mthly div six cts vs six cts prior
Pay March 13
Record March Two
|
training/5141
|
training/5141 |@title |@word amp:1 l:1 acquisition:2 raise:1 u:1 1987:1 toll:1 12:1 federal:2 home:4 loan:2 bank:2 board:1 fhlbb:2 announce:1 savings:2 association:1 seattle:1 washington:2 interwest:1 oak:1 harbour:1 say:2 saving:3 12th:1 troubled:1 institution:1 require:1 action:1 year:1 asset:3 150:1 6:1 mln:2 dlrs:2 interw:1 342:1 9:1
|
S&L ACQUISITION RAISES U.S. 1987 TOLL TO 12
The Federal Home Loan Bank Board
(FHLBB) announced the acquisition of Home Savings and Loan
Association in Seattle, Washington, by InterWest Savings Bank
of Oak Harbour, Washington.
The FHLBB said Home Savings was the 12th troubled savings
institution requiring federal action this year.
It said Home Savings had assets of 150.6 mln dlrs in assets
and InterWest had assets of 342.9 mln dlrs.
|
training/5142
|
training/5142 |@title bangladesh:1 buy:1 10:1 000:1 tonne:1 soyabean:1 oil:1 |@word bangladesh:1 float:1 international:1 tender:2 purchase:1 10:1 000:1 tonne:1 refined:1 soyabean:1 oil:1 delivery:1 chittagong:1 chalna:1 port:1 april:1 24:1 food:1 ministry:1 official:1 say:1 close:1 march:1 28:1 0500:1 gmt:1
|
BANGLADESH TO BUY 10,000 TONNES SOYABEAN OIL
Bangladesh floated an international
tender for the purchase of 10,000 tonnes of refined soyabean
oil for delivery at Chittagong/Chalna port by April 24, Food
Ministry officials said.
The tender closes March 28 at 0500 GMT.
|
training/5145
|
training/5145 |@title ecuador:1 adopt:1 austerity:1 program:1 |@word ecuador:2 announce:1 austerity:1 program:1 price:8 freeze:6 key:1 consumer:3 good:1 result:1 last:1 week:1 earthquake:1 kill:1 least:1 300:1 people:1 presidency:1 minister:2 patricio:1 quevedo:1 say:3 televise:1 address:1 budget:1 would:8 cut:1 five:2 10:1 pct:4 government:1 hiring:1 salary:1 top:1 official:2 include:2 president:1 cabinet:2 reduce:1 also:2 impose:1 20:2 basic:1 item:2 mainly:1 food:1 staple:1 petrol:4 rise:3 69:1 80:1 bus:1 fare:1 supply:2 limit:1 information:1 ministry:1 aim:1 protect:1 poor:1 ecuadorean:1 wave:1 specualtion:1 violator:1 severely:1 punish:1 accord:1 order:1 sign:1 rice:1 sugar:1 cooking:1 oil:1 potato:1 salt:1 wheat:1 flour:1 cigarette:1 soft:1 drink:1 school:1 several:1 kind:1 vegetable:1 inflation:1 23:1 1986:1 92:1 octane:2 110:1 sucre:3 u:1 gallon:1 65:1 eighty:1 increase:1 90:1 50:1
|
ECUADOR ADOPTS AUSTERITY PROGRAM
Ecuador announced an austerity program
and a price freeze on key consumer goods as a result of last
week's earthquake which killed at least 300 people.
Presidency Minister Patricio Quevedo said in a televised
address that the budget would be cut by five to 10 pct,
government hiring would be frozen and salaries of top
officials, including the president and cabinet, would be
reduced.
He also said a price freeze would be imposed on 20 basic
consumer items, mainly food staples, while the price of petrol
would rise by between 69 and 80 pct and bus fares would rise by
20 pct. Petrol supplies would also be limited.
Information Ministry officials said the price freeze was
aimed at protecting poor Ecuadoreans from a wave of
specualtion. Violators would be severely punished, according to
the price freeze order, signed by five cabinet ministers.
The items for which prices were frozen included rice,
sugar, cooking oil, potatoes, salt, wheat flour, cigarettes,
soft drinks, school supplies and several kinds of vegetables.
Ecuador's consumer price inflation was 23 pct in 1986.
The price of 92-octane petrol rises to 110 sucres a U.S.
Gallon from 65 sucres. Eighty-octane petrol increases to 90
sucres from 50.
|
training/5146
|
training/5146 |@title swedish:1 trade:1 surplus:1 rise:1 february:1 |@word sweden:1 trade:2 surplus:2 rise:2 3:2 6:1 billion:7 crown:3 february:3 1:3 5:2 january:1 48:1 1986:2 central:1 bureau:1 statistics:1 say:2 first:1 two:1 month:1 year:1 4:1 9:1 corresponding:1 period:1 report:1 import:1 stand:1 20:1 export:1 23:1 7:1
|
SWEDISH TRADE SURPLUS RISES IN FEBRUARY
Sweden's trade surplus rose to 3.6
billion crowns in February from 1.5 billion in January and 3.48
billion in February 1986, the Central Bureau of Statistics
said.
The trade surplus for the first two months of the year rose
to 5.1 billion crowns from 4.9 billion in the corresponding
period of 1986.
The report said February imports stood at 20.1 billion
crowns while exports were 23.7 billion.
|
training/5148
|
training/5148 |@title yugoslav:1 1990:1 steel:1 output:1 hit:1 6:1 3:1 mln:1 tonne:1 |@word yugoslavian:1 steel:6 output:2 rise:1 one:1 mln:6 tonne:7 6:1 3:1 year:4 1986:1 1990:2 development:1 program:2 adopt:1 yugoslav:3 iron:4 metallurgy:1 association:2 official:1 tanjug:2 news:1 agency:1 say:2 group:1 together:1 main:2 enterprise:1 extraction:1 ore:1 show:1 annual:1 growth:1 rate:1 nine:1 pct:2 reach:2 seven:1 plan:2 grow:1 eight:1 4:1 5:3 end:1 decade:1 programme:1 would:1 create:1 condition:1 raise:1 export:2 finished:1 product:1 producer:1 market:1 35:1 good:1 150:1 000:1 last:1 1:1 go:1
|
YUGOSLAV 1990 STEEL OUTPUT TO HIT 6.3 MLN TONNES
Yugoslavian steel output will rise by
one mln tonnes to 6.3 mln tonnes a year between 1986 and 1990
under a development program adopted by the Yugoslav Iron and
Steel Metallurgy Association, the official Tanjug news agency
said.
The association groups together the main Yugoslav iron and
steel enterprises.
Extraction of iron ore should show an annual growth rate of
nine pct and reach seven mln tonnes by 1990 under the program.
Iron output is planned to grow at eight pct a year, reaching
4.5 mln tonnes at the end of the decade.
Tanjug said the programme would create conditions for
raising exports of finished steel products.
The main Yugoslav steel producers plan to market 5.35 mln
tonnes of steel goods this year, or 150,000 tonnes more than
last year, with 1.5 mln tonnes going to export.
|
training/5149
|
training/5149 |@title pechiney:1 pukg:1 pa:1 sign:1 soviet:1 packaging:1 accord:1 |@word french:1 state:2 aluminium:2 special:1 metal:1 group:2 pechiney:3 say:5 sign:1 two:1 protocol:1 intent:1 set:2 joint:5 venture:4 soviet:1 union:1 statement:2 one:1 accord:2 manufacture:3 packaging:3 food:1 cosmetic:1 another:1 produce:1 machinery:1 latter:1 equipment:1 form:2 lead:1 consortium:1 yet:2 unspecified:1 european:1 partner:1 spokesman:1 early:1 put:1 figure:1 possible:1 deal:1 outline:1 would:1 take:1 work:1 three:1 month:1 deadline:1 come:1 contract:2 proposal:1 firm:1 finalise:1 new:1 law:1 enable:1 first:1 deputy:1 prime:1 minister:1 chairman:1 agro:1 industrial:1 committee:1 gosagroprom:1 vsevolod:1 murakhovsky:1 tell:1 journalist:1 wednesday:1
|
PECHINEY <PUKG.PA> SIGNS SOVIET PACKAGING ACCORDS
French state-owned aluminium and special
metals group Pechiney said it has signed two protocols of
intent to set up joint ventures with the Soviet Union.
Pechiney said in a statement one accord was to set up joint
ventures manufacturing aluminium packaging for food and
cosmetics, while another was to produce machinery to
manufacture packaging.
Under the latter, Pechiney, which does not manufacture
packaging equipment, will form and lead a consortium of yet
unspecified European partners, a spokesman said.
He said it was early to put figures on possible deals, or
outline what form joint ventures would take.
The statement said joint working groups for each accord had
a three-month deadline to come up with contract proposals.
No firm contracts have yet been finalised under new laws
enabling joint ventures, First Deputy Prime Minister and
Chairman of the State Agro-Industrial Committee (GOSAGROPROM)
Vsevolod Murakhovsky told journalists here on Wednesday.
|
training/5150
|
training/5150 |@title yugoslavian:1 oil:1 firm:1 start:1 work:1 french:1 |@word yugoslavia:4 top:1 oil:7 natural:2 gas:3 producer:2 ina:10 naftaplin:1 start:2 implement:1 cooperation:1 contract:1 sign:2 last:2 year:6 french:1 petrochemical:2 concern:1 petro:2 chemie:2 official:1 tanjug:4 news:1 agency:1 say:6 deal:2 supply:1 refinery:1 sisak:1 rijeka:1 ship:1 part:1 12:1 yugoslav:2 firm:3 chemical:1 textile:1 plastic:1 industrie:1 turn:1 export:3 product:1 france:1 exchange:1 value:1 530:1 mln:4 dlrs:3 similar:1 west:1 germany:1 hoechst:1 ag:1 hfag:1 f:1 two:1 ago:1 also:1 joint:1 venture:1 co:1 production:2 project:1 involve:1 main:1 naftagas:1 novi:1 sad:1 partner:1 angola:2 algeria:1 tunisia:2 explore:1 exploit:1 estimate:1 300:1 000:3 tonne:2 thus:1 obtain:1 field:1 next:1 15:1 account:1 75:1 pct:1 total:1 amount:1 4:2 2:1 earn:1 154:1 good:1 service:1 39:1 country:1 rank:1 among:1 lead:1 enterprise:1 separate:1 statement:2 issue:1 successfully:1 complete:2 first:1 drill:2 depth:1 3:1 meter:2 bay:2 baes:1 jointly:1 prospect:2 u:1 conoco:2 work:1 second:1 would:2 soon:1 gabe:2 invest:1 8:1 5:1 area:1 geological:1 prospecting:1 tunisian:1 government:1 transfer:1 one:1 third:1 option:1 right:1 region:1
|
YUGOSLAVIAN OIL FIRM STARTS WORKING WITH FRENCH
Yugoslavia's top oil and natural gas
producer <Ina-Naftaplin> has started to implement a cooperation
contract signed last year with the French petrochemical concern
<Petro Chemie>, the official Tanjug news agency said.
Under the deal Petro Chemie supplies oil to Ina refineries
in Sisak and Rijeka and ships parts to 12 Yugoslav firms in the
petrochemical, chemical, textile and plastics industries. The
Yugoslav firms, in turn, will export oil products to France.
Tanjug said this year's exchange will value 530 mln dlrs.
Ina signed a similar deal with West Germany's Hoechst AG
<HFAG.F> two years ago.
Ina also has joint ventures and co-production projects,
involving Yugoslavia's other main producer <Naftagas> of Novi
Sad, with partners in Angola, Algeria and Tunisia, exploring
for and exploiting oil and natural gas.
An estimated 300,000 tonnes of oil will thus be obtained
from fields in Angola over the next 15 years, Tanjug said.
Ina accounts for some 75 pct of Yugoslavia's total oil
production, which amounts to 4.2 mln tonnes a year.
Ina earned more than 154 mln dlrs from exports of goods and
services to 39 countries last year and ranks among Yugoslavia's
leading export enterprises.
In a separate statement issued through Tanjug, Ina said it
has successfully completed the first drill at the depth of over
3,000 meters in the Bay of Baes, in Tunisia. Ina is jointly
prospecting with the U.S. Firm Conoco for oil and gas there.
Work on a second drill, below 4,000 meters, would start
soon in the Bay of Gabes, the statement said. Ina would invest
about 8.5 mln dlrs in prospecting in the Gabes area.
Conoco, which has completed geological prospecting for the
Tunisian government, has transferred one third of its option
rights in the region to Ina, it said.
|
training/5152
|
training/5152 |@title indonesia:1 deny:1 give:1 palm:1 oil:1 import:1 licence:1 |@word indonesia:3 world:1 second:1 large:1 producer:1 palm:3 oil:3 issue:3 licence:3 import:3 commodity:1 spokesman:3 ministry:2 trade:2 say:5 trader:1 london:1 local:1 operator:1 around:1 135:1 000:1 tonne:1 start:1 april:1 incorrect:1 indonesian:1 importers:1 association:1 also:1 deny:1 knowledge:1 plan:1 importer:1 would:1 quickly:1 know:1 official:1 sign:1 shortage:1
|
INDONESIA DENIES GIVING PALM OIL IMPORT LICENCES
Indonesia, the world's second largest
producer of palm oil, has not issued licences to import the
commodity, a spokesman for the Ministry of Trade said.
Traders in London said Indonesia has issued licences to
local operators to import around 135,000 tonnes of palm oil
starting in April, but the spokesman said this was incorrect.
A spokesman for the Indonesian Importers Association also
denied knowledge of the import plan. He said importers would
quickly know if licences were issued. The Trade Ministry
official said there was no sign of a palm oil shortage in
Indonesia.
|
training/5153
|
training/5153 |@title india:1 get:1 u:1 k:1 coal:1 steel:1 industry:1 grant:1 |@word india:2 get:1 104:1 65:2 mln:4 stg:4 grant:5 britain:2 develop:4 coal:2 zinc:2 lead:2 industry:2 british:5 information:1 services:1 say:4 statement:2 31:1 would:1 disburse:1 three:1 four:1 year:2 agreement:2 sign:1 yesterday:1 indian:2 finance:2 ministry:1 overseas:1 development:1 administration:1 use:1 mechanise:1 longwall:1 technology:1 total:1 52:1 past:1 10:1 separate:1 government:1 agree:1 provide:1 73:1 mine:2 rampura:1 agucha:1 associate:1 smelting:1 complex:3 chaneriya:1 northern:1 state:1 rajasthan:1 basic:1 engineering:1 smelter:1 undertake:1 davy:1 mckee:1 stockton:1 also:1 help:1 add:1
|
INDIA TO GET U.K. COAL, STEEL INDUSTRY GRANTS
India will get 104.65 mln stg as
grants from Britain to develop its coal, zinc and lead
industries, the British Information Services said in a
statement.
It said a 31 mln stg grant would be disbursed over three to
four years under an agreement signed here yesterday between the
Indian Finance Ministry and the British Overseas Development
Administration.
The British grants for developing the Indian coal industry
using British mechanised longwall technology totalled 52 mln
stg in the past 10 years, it said.
Under a separate agreement, the British government agreed
to provide 73.65 mln stg as a grant to develop a zinc and lead
mine at Rampura-Agucha and an associated smelting complex at
Chaneriya, both in India's northern state of Rajasthan, the
statement said.
The grant will finance the basic engineering for the
smelter complex to be undertaken by Britain's <Davy McKee> of
Stockton. It will also help develop the mine complex, it added.
|
training/5154
|
training/5154 |@title iran:1 anti:1 ship:1 missile:1 near:1 gulf:1 paper:1 |@word iran:3 deploy:2 six:1 large:1 missile:8 near:1 strait:2 hormuz:2 increase:1 threat:1 shipping:2 gulf:2 new:3 york:1 times:1 say:6 paper:2 quote:2 u:1 intelligence:1 source:1 appear:1 chinese:1 design:1 know:1 hy:1 2:1 base:1 soviet:1 ssn2:1 styx:3 range:1 50:1 mile:1 two:1 site:1 naval:1 analyst:1 could:2 use:3 sink:2 supertanker:2 block:1 fraction:1 explosive:1 power:1 lucky:1 hit:1 none:1 fire:1 yet:1 add:1 cbs:1 television:1 network:1 report:1 friday:1 instal:1 along:1 washington:1 warn:1 tehran:1 civilian:1
|
IRAN HAS ANTI-SHIP MISSILES NEAR GULF - PAPER
Iran has deployed about six large
missiles near the Strait of Hormuz which increase the threat to
shipping in the Gulf, the New York Times said.
The paper quoted U.S. Intelligence sources as saying the
missiles appeared to be of a Chinese design known as HY-2 which
is based on the Soviet SSN2 or Styx missile.
Styx missiles have a range of up to 50 miles.
It said the missiles had been deployed at two sites and
quoted a naval analyst as saying they could be used to sink a
supertanker and block the Strait of Hormuz.
Missiles now used by Iran had only a fraction of the
explosive power of the Styx and could sink a supertanker only
with a lucky hit, the paper said. None of the new missiles had
been fired yet, it added.
The CBS television network reported on Friday that Iran had
installed new missiles along the Gulf and said Washington had
warned Tehran not to use them against civilian shipping.
|
training/5156
|
training/5156 |@title brazilian:1 bank:1 worker:1 decide:1 national:1 strike:1 |@word brazilian:1 bank:5 worker:5 vote:3 launch:1 nationwide:1 strike:3 month:2 compound:1 labour:1 unrest:1 arise:1 failure:1 government:3 anti:1 inflation:1 plan:1 rally:1 city:1 100:2 km:1 northwest:1 sao:1 paulo:1 5:2 000:4 march:1 24:1 unless:1 demand:1 pct:4 pay:3 rise:4 meet:1 wilson:1 gomes:1 de:2 moura:1 president:1 national:1 confederation:1 group:1 employee:1 152:1 union:2 represent:1 700:1 tell:1 reuters:1 indefinite:1 stoppage:2 would:1 affect:1 come:1 seaman:4 enter:1 third:1 week:2 55:1 oil:2 threaten:1 action:1 state:1 petroleum:1 company:2 petrobra:3 order:1 thousand:2 troop:2 refinery:2 tuesday:1 forestall:1 occupation:1 remove:1 yesterday:1 say:2 request:1 withdrawal:1 calm:1 indicate:1 willingess:1 negotiate:1 next:1 wednesday:1 also:2 send:1 marine:1 main:1 port:1 spokesman:1 headquarters:1 rio:1 janeiro:1 study:1 offer:1 private:1 shipowner:1 120:2 employ:2 two:2 small:1 already:1 accept:1 return:1 work:1 last:1 see:2 widespread:1 protest:1 hundred:1 farmer:1 unfairly:1 high:1 interest:1 rate:1 charge:1 accord:1 official:1 estimate:1 price:1 33:1 first:1 year:1
|
BRAZILIAN BANK WORKERS DECIDE ON NATIONAL STRIKE
Brazilian bank workers voted
to launch a nationwide strike this month, compounding labour
unrest arising from the failure of the government's
anti-inflation plan.
At a rally in this city, about 100 km northwest of Sao
Paulo, about 5,000 bank workers voted to strike on March 24
unless their demand for 100 pct pay rises is met.
Wilson Gomes de Moura, president of the national
confederation which groups the bank employees' 152 unions
representing 700,000 workers, told Reuters the indefinite
stoppage would affect all banks.
The vote came as a stoppage by seamen entered its third
week and as 55,000 oil workers threatened action against the
state-owned petroleum company Petrobras.
The government ordered thousands of troops into the
refineries on Tuesday to forestall any occupation, but the
troops were removed yesterday.
Petrobras said it had requested their withdrawal because
the refineries were calm and oil workers had indicated their
willingess to negotiate next Wednesday. The government has also
sent marines into the main ports.
A spokesman at strike headquarters for the seamen in Rio de
Janeiro said unions were studying an offer by private
shipowners for a 120 pct pay rise.
Seamen employed by two small companies have already
accepted a 120 pct pay rise and returned to work, as have about
5,000 seamen employed by Petrobras.
Last week also saw widespread protests by hundreds of
thousands of farmers over what they see as unfairly high
interest rates charged by banks.
According to official estimates, prices rose by more than
33 pct in the first two months of this year.
|
training/516
|
training/516 |@title canada:1 rule:1 u:1 corn:1 injury:1 due:1 week:1 |@word canadian:4 government:3 expect:1 announce:1 later:1 week:1 final:2 ruling:1 whether:1 u:6 corn:5 export:2 canada:4 injure:2 ontario:1 grower:1 farm:1 group:1 representative:1 say:3 deadline:1 determination:1 march:1 7:1 official:1 encourage:1 outcome:1 similar:1 case:2 cover:1 european:1 pasta:2 import:3 decide:1 take:1 ten:1 pct:2 market:2 domestic:1 producer:2 represent:1 five:1 slap:1 1:1 05:1 dlrs:1 per:1 bushel:1 duty:2 november:1 1986:1 reduce:1 85:1 ct:1 last:1 month:1 subsidy:1 less:1 earlier:1 estimate:1
|
CANADA RULING ON U.S. CORN INJURY DUE THIS WEEK
The Canadian government is expected
to announce later this week its final ruling whether U.S. corn
exports to Canada have injured Ontario corn growers, U.S.
government and farm group representatives said.
The deadline for a final determination is March 7.
U.S. officials said they are encouraged by the outcome in a
similar case covering European pasta imports. In that case,
Canada decided pasta imports, which take about ten pct of the
Canadian market, did not injure domestic producers. U.S. corn
exports represent only about five pct of the Canadian market.
Canada slapped a 1.05 dlrs per bushel duty on U.S. corn
imports in November 1986, but reduced the duty to 85 cts last
month because the Canadian government said U.S. subsidies to
corn producers were less than Canada earlier estimated.
|
training/5160
|
training/5160 |@title baldrige:1 warn:1 world:1 trade:1 war:1 danger:1 u:1 |@word commerce:1 secretary:1 malcolm:1 baldrige:4 predict:1 congress:3 pass:2 reasonable:2 trade:8 bill:4 year:2 say:5 tough:2 protectionist:2 legislation:3 could:2 prompt:1 war:2 mood:1 right:1 ever:1 see:1 six:1 washington:1 television:1 interview:1 think:2 still:1 able:1 get:1 spite:1 whole:1 try:1 work:1 together:1 administration:1 hardening:1 attitude:1 president:1 reagan:2 oppose:1 agree:1 support:1 become:1 apparent:1 opposition:1 democrats:1 would:3 however:1 warn:1 measure:1 penalise:1 trading:1 partner:1 japan:1 south:1 korea:1 taiwan:1 fail:1 cut:1 surplus:1 u:1 lead:1 retaliation:1 urge:1 veto:1 ask:1 rise:1 danger:1 worldwide:1 yes:1 question:1
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BALDRIGE WARNS OF WORLD TRADE WAR DANGER
U.S. Commerce Secretary Malcolm
Baldrige predicted Congress will pass a reasonable trade bill
this year and said tough protectionist legislation could prompt
a trade war.
'The mood of the Congress right now is as tough on trade as
I've ever seen it in six years in Washington,' Baldrige said in
a television interview.
'I think we'll still be able to get a reasonable trade bill
out in spite of that because the whole Congress is trying to
work together with the administration, but there is a hardening
trade attitude,' he said.
President Reagan opposes protectionist legislation, but
agreed to support a trade bill when it became apparent that
opposition Democrats would pass such legislation.
However, Baldrige warned measures that would penalise
trading partners such as Japan, South Korea and Taiwan for
failing to cut their trade surpluses with the U.S. Could lead
to retaliation and he said he would urge Reagan to veto any
such bill.
When asked if there is a rising danger of a worldwide trade
war, Baldrige said: 'Yes, I don't think there's any question
about that.'
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training/5162
|
training/5162 |@title delor:1 quote:1 favour:1 franco:1 german:1 bid:1 cgct:1 |@word european:3 commission:1 president:1 jacques:1 delor:2 quote:2 le:1 monde:1 newspaper:1 say:2 favour:1 franco:1 german:1 candidate:1 take:1 cie:1 generale:1 de:1 constructions:1 telephonique:1 16:1 pct:2 stake:2 french:2 public:1 telephone:2 switch:1 market:1 wish:1 solution:1 enable:1 germany:2 france:3 move:1 closer:1 together:1 currently:1 necessary:1 give:1 situtation:1 ec:1 community:2 importance:1 future:1 connunication:1 audience:1 cooperation:1 already:1 undertake:1 level:1 seem:1 good:1 choice:1 add:1 five:1 group:1 include:1 alliance:1 west:1 siemens:1 ag:1 sieg:1 f:1 schneider:2 schn:1 pa:1 subsidiary:1 jeumont:1 apply:1 buy:1 second:1 large:1 switching:1 firm:1 privatisation:1 law:1 foreign:1 company:2 restrict:1 20:1 privatised:1
|
DELORS QUOTED FAVOURING FRANCO-GERMAN BID FOR CGCT
European Commission President Jacques
Delors, quoted by Le Monde newspaper, said he favoured a
Franco-German candidate to take over <Cie Generale de
Constructions Telephoniques>, which has a 16 pct stake in the
French public telephone switching market.
'I wish for a European solution ... That will enable Germany
and France to move closer together, which is currently
necessary,' he was quoted as saying.
'Given the situtation of the EC (European Community) and of
the importance for our future connunications audiences and of
cooperation already undertaken on the Community level, that
seems the best choice,' Delors added.
Five groups, including an alliance between West Germany's
Siemens AG <SIEG.F> and France's Schneider S.A. <SCHN.PA>
subsidiary Jeumont-Schneider, have applied to buy what is
France's second largest telephone switching firm.
Under French privatisation law, foreign companies are
restricted to a 20 pct stake in privatised companies.
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training/5166
|
training/5166 |@title saudi:2 oil:2 minister:2 foresee:2 need:2 new:2 opec:2 measure:2 june:2 25:2 |@word
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SAUDI OIL MINISTER FORESEES NO NEED FOR NEW OPEC MEASURES BEFORE JUNE 25
SAUDI OIL MINISTER FORESEES NO NEED FOR NEW OPEC MEASURES BEFORE JUNE 25
|
training/5167
|
training/5167 |@title saudi:1 oil:1 minister:1 see:1 need:1 alter:1 opec:1 pact:1 |@word saudi:9 arabian:1 oil:9 minister:1 hisham:1 nazer:12 say:19 opec:23 december:4 agreement:3 stabilise:2 price:9 18:4 dlrs:5 barrel:4 implement:1 satisfactorily:1 immediate:1 need:2 change:2 interview:3 reuters:1 television:1 news:2 agency:1 visnew:2 arabia:8 produce:3 around:3 three:2 mln:8 per:1 day:1 bpd:8 crude:1 well:2 quota:2 world:2 large:1 exporter:1 continue:3 restrain:2 production:6 long:2 member:5 adhere:3 pact:3 13:2 nation:1 agree:2 cut:1 ceiling:1 7:1 25:1 pct:1 15:3 8:3 abide:2 fix:1 average:1 february:2 1:1 first:1 since:1 succeed:1 ahmed:1 zaki:1 yamani:1 last:2 october:1 foresee:1 new:1 measure:2 25th:1 june:1 next:1 meeting:1 take:2 place:1 schedule:1 hear:1 every:1 violation:1 verify:1 curb:1 boost:1 year:3 low:2 eight:1 august:2 near:2 announcement:1 spot:1 market:3 slip:1 two:3 firm:1 past:1 week:1 level:2 trader:1 gain:1 confidence:1 output:3 discipline:1 would:2 4:1 133:1 necessary:3 defend:1 dlr:1 program:1 devise:1 current:1 include:1 neutral:1 zone:1 share:3 kuwait:1 sale:1 float:1 storage:1 king:1 fahd:1 reuter:1 march:1 11:1 kingdom:2 want:1 stability:2 call:1 non:2 producer:3 avoid:1 harmful:1 competition:1 decide:1 certainly:1 desire:1 mean:1 return:1 role:2 swing:1 within:1 allow:1 sink:1 1985:1 compensate:1 slack:1 demand:3 states:1 play:2 membership:1 whole:1 reduction:1 estimate:1 third:1 quarter:1 16:1 6:1 circumstance:1 sure:1 consult:1 analyst:1 could:1 come:2 strain:1 petroleum:1 product:1 generally:1 fall:1 northern:1 hemisphere:1 spring:1 summer:1 satisfied:1 extent:1 cooperation:1 norway:1 egypt:1 soviet:1 union:1 help:2 export:1 visit:1 behalf:1 earlier:1 ask:1 country:2 anything:1 programme:1 think:1 condition:2 attain:1 pricing:1 decline:1 cooperate:1 britain:1 proposal:1 see:1 fit:1
|
SAUDI OIL MINISTER SEES NO NEED TO ALTER OPEC PACT
Saudi Arabian Oil Minister Hisham Nazer
said OPEC's December agreement to stabilise oil prices at 18
dlrs a barrel was being implemented satisfactorily and there
was no immediate need to change it.
Nazer, in an interview with Reuters and the television news
agency Visnews, said Saudi Arabia was producing around three
mln barrels per day (bpd) of crude oil, well below its OPEC
quota.
Saudi Arabia, the world's largest oil exporter, will
continue to restrain production as long as other OPEC members
adhere to the pact, Nazer said.
The 13-nation OPEC agreed in December to cut its production
ceiling by 7.25 pct to 15.8 mln bpd and abide by fixed prices
averaging 18 dlrs a barrel from February 1.
Nazer, in his first interview since succeeding Ahmed Zaki
Yamani last October, said: 'I do not foresee any need for new
measures before the 25th of June when our (next OPEC) meeting
will take place as scheduled.'
Nazer said OPEC was producing below 15.8 mln bpd and all
members were abiding by its agreements.
'We've heard news every now and then of violations but they
were not at all verified,' he said.
OPEC production curbs have boosted world oil prices from a
13-year low of around eight dlrs a barrel last August to near
18 dlrs after announcement of the December pact.
Spot market prices slipped some two dlrs in February but
have firmed in the past two weeks to near OPEC levels as
traders gained confidence in OPEC price and output discipline.
Nazer said Saudi Arabia would continue to produce below its
4.133 mln bpd quota if necessary to defend the 18 dlr price.
'As long as all the OPEC members adhere to the program as
devised in December, Saudi Arabia will continue to adhere to
the agreement,' he said.
Current production of three mln bpd includes oil from the
Neutral Zone shared with Kuwait, but not sales from floating
storage, Nazer said.
King Fahd of Saudi Arabia, in an interview with Reuters and
Visnews on March 11, said the kingdom wanted oil price
stability and called on non-OPEC producers to avoid harmful
competition with OPEC.
'Saudi Arabia doesn't decide prices by itself but certainly
desires price stability,' he said.
Nazer said the output level did not mean the kingdom had
returned to a role of 'swing producer' within OPEC.
Saudi Arabia allowed its output to sink as low as two mln
bpd in August 1985 to compensate for slack demand and
over-production by some OPEC states.
'Saudi Arabia is not playing that role. It is being played
by OPEC membership as a whole because the reduction in the 15.8
mln bpd share of OPEC in the market is being shared by other
members of OPEC,' Nazer said.
Nazer said OPEC estimated demand for its oil during third
quarter this year would be around 16.6 mln bpd.
But he said if circumstances changed 'I am sure then the
OPEC members will consult with each other and take the
necessary measures.'
Oil analysts say the OPEC pact could come under strain when
demand for petroleum products generally falls in the northern
hemisphere spring and summer.
Nazer said he was satisfied with the extent of cooperation
from non-OPEC producers. Norway, Egypt and the Soviet Union
agreed to help OPEC by restraining production or exports after
he visited them on OPEC's behalf earlier this year.
'We did not ask any country to do anything. These were
programmes they thought were necessary to stabilise market
conditions and to help themselves attain better pricing
conditions,' Nazer said.
He said it was up to countries that declined to cooperate
-- such as Britain -- to come up with their own proposals if
they saw fit.
|
training/5168
|
training/5168 |@title ivory:1 coast:1 confirm:1 presence:1 cocoa:1 talk:1 |@word senior:2 ivory:3 coast:3 agriculture:2 ministry:1 official:4 confirm:1 country:2 backing:1 new:3 international:3 cocoa:6 pact:4 say:4 ivorian:5 delegate:3 would:3 present:2 talk:4 buffer:2 stock:2 start:1 week:2 tell:1 reuter:1 minister:1 denis:1 bra:4 kanon:4 attend:1 opening:1 convene:1 organization:1 icco:3 london:2 monday:1 due:1 return:1 home:1 funeral:1 ceremony:1 sister:1 president:1 felix:1 houphouet:1 boigny:1 schedule:2 hold:1 capital:1 yamoussoukro:1 march:2 19:1 22:1 throughout:1 chairman:2 council:2 rumour:1 may:1 delay:1 public:1 mourning:1 west:1 african:1 nation:1 help:1 depress:1 already:1 low:1 world:3 price:2 friday:1 continue:1 support:2 agree:1 principle:1 last:2 year:1 exporter:1 consumer:1 also:1 fulfil:1 duty:1 end:1 27:1 meeting:1 aim:1 set:1 rule:1 operation:1 producer:1 hope:2 boost:1 market:1 hit:1 successive:1 surplus:1 participate:1 decision:1 join:1 accord:1 spark:1 successful:1
|
IVORY COAST CONFIRMS PRESENCE AT COCOA TALKS
A senior Ivory Coast Agriculture
Ministry official confirmed his country's backing for a new
international cocoa pact and said Ivorian delegates would be
present at talks on its buffer stock starting this week.
The official told Reuters that Ivorian Agriculture Minister
Denis Bra Kanon would attend the opening of the talks, convened
by the International Cocoa Organization (ICCO), in London on
Monday.
While Bra Kanon is due to return home this week for funeral
ceremonies for a sister of Ivorian President Felix
Houphouet-Boigny, scheduled to be held in the country's capital
Yamoussoukro between March 19-22, senior Ivorian delegates will
be present throughout the London talks, the official said.
Bra Kanon is chairman of the ICCO Council and rumours that
he or Ivorian delegates might be delayed because of public
mourning in the West African nation helped depress already low
world cocoa prices Friday.
The official said Ivory Coast continued to support the new
pact, which was agreed in principle last year by most of the
world's cocoa exporters and consumers.
He also said Bra Kanon would fulfil his duties as ICCO
Council chairman during the talks, scheduled to end on March
27.
The meeting aims to set rules for the operation of the
pact's buffer stock which producers hope will boost a market
hit by successive world cocoa surpluses.
Ivory Coast did not participate in the last international
cocoa pact and its decision to join the new accord has sparked
hopes that it will be more successful in supporting prices.
|
training/5169
|
training/5169 |@title tense:1 trade:1 tie:1 dominate:1 ec:1 talk:1 |@word tense:1 trade:1 relation:2 u:3 japan:1 concern:1 foreign:5 impact:1 propose:1 european:2 community:1 ec:15 tax:3 edible:1 oil:4 fat:3 expect:2 dominate:1 talk:1 minister:5 tomorrow:1 diplomat:4 say:5 britain:2 demand:1 early:1 debate:2 executive:1 commission:2 proposal:10 impose:1 hefty:1 domestic:2 import:2 attempt:1 head:1 see:2 extremely:1 damaging:1 controversial:1 part:1 reform:1 package:1 due:2 discuss:2 farm:2 later:1 month:1 common:1 agricultural:1 policy:1 widely:1 root:1 cause:1 persistent:1 financial:1 problem:1 tension:1 major:1 trading:1 partner:1 describe:1 promoter:1 stabilisation:1 program:1 would:5 penalise:1 new:1 sector:1 go:1 massive:1 overproduction:1 complement:1 cut:1 cereal:1 dairy:1 production:2 rather:1 straight:1 forward:1 curb:2 growth:1 prevent:1 fill:1 vaccum:1 leave:1 fall:1 output:1 also:3 save:1 two:2 billion:2 currency:1 unit:1 dlrs:1 cost:1 provoke:2 strong:1 protest:2 producer:1 well:1 exporter:1 lead:1 united:1 states:1 receive:1 corner:1 develop:2 world:1 range:2 senegal:1 malaysia:1 indonesia:1 brazil:1 argentina:1 canada:1 iceland:1 norway:1 little:1 chance:1 approval:1 government:1 west:1 germany:1 strongly:2 opposed:1 denmark:1 netherlands:1 portugal:1 unconvince:1 political:1 economic:1 wisdom:1 even:1 mediterranean:1 country:1 italy:1 france:1 greece:1 back:2 similar:1 past:1 seem:1 enthusiastic:1 olive:1 add:1 list:1 product:1 affect:1 protectionist:1 lobby:1 elsewhere:1 use:1 excuse:1 promote:1 anti:1 action:1 demonstrate:1 strength:1 feeling:1 within:1 deprive:1 oponent:1 argument:1 congress:1 protecionist:1 legislation:1 bill:2 textile:1 export:1 warning:1 washington:1 enact:1 swift:1 retaliation:1
|
TENSE TRADE TIES TO DOMINATE EC TALKS
Tense trade relations with the U.S.
And Japan and concern about the foreign impact of a proposed
European Community (EC) tax on edible oils and fats are
expected to dominate talks by EC foreign ministers here
tomorrow.
EC diplomats said Britain demanded the early debate on the
EC Executive Commission's proposal to impose a hefty tax on
domestic and imported oils and fats in an attempt to head off a
proposal it sees as extremely damaging to EC foreign relations.
The proposal was the most controversial part of a reform
package, due to be discussed by EC farm ministers later this
month, of the EC's Common Agricultural Policy -- widely seen as
the root cause of the EC's persistent financial problems and of
tensions with major trading partners.
The proposal is described by its promoters as a
stabilisation program which would penalise a new sector going
into massive overproduction and complement proposals to cut
cereals and dairy production, rather than a straight forward
tax.
They say it would not only curb the growth of oils and fats
production and prevent imports from filling any vaccum left by
a fall in EC output, but would also save the EC some two
billion European Currency Units, over two billion dlrs, in farm
costs.
It has provoked strong protests from domestic producers as
well as foreign exporters, led by the United States.
The diplomats said the protests had been received from most
corners of the developing and developed world, ranging from
Senegal, Malaysia and Indonesia, to Brazil, Argentina, Canada,
Iceland and Norway.
The proposal had little chance of approval by EC
governments, with West Germany as strongly opposed to it as
Britain, and Denmark, the Netherlands and Portugal also
unconvinced of its political or economic wisdom.
Even Mediterranean countries such as Italy, France and
Greece, which backed similar proposals in the past, did not
seem as enthusiastic now because olive oil had been added to
the list of products affected.
But the diplomats said a protectionist lobby in the U.S.
And elsewhere was using the proposal as an excuse to promote
anti-EC action, and the foreign ministers' debate should
demonstrate the strength of feeling against the proposal within
the EC and deprive its oponents of this argument.
The ministers were also due to discuss proposals in the
U.S. Congress for a range of protecionist legislation such as a
bill that would curb EC textile exports.
The diplomats said the ministers were expected to strongly
back a Commission warning to Washington that such a bill, if
enacted, would provoke swift EC retaliation.
|
training/517
|
training/517 |@title first:1 mississippi:1 corp:1 frm:1 set:1 payout:1 |@word qtly:1 div:1 six:2 ct:2 vs:1 prior:1 pay:1 april:1 28:1 record:1 march:1 31:1
|
FIRST MISSISSIPPI CORP <FRM> SETS PAYOUT
Qtly div six cts vs six cts prior
Pay April 28
Record March 31
|
training/5171
|
training/5171 |@title saudi:1 businessman:1 discuss:1 private:1 sector:1 |@word saudi:9 arabian:1 business:2 leader:1 assemble:1 conference:4 aim:1 thrash:1 problem:4 face:2 private:4 sector:3 kingdom:2 oil:7 dependent:1 economy:3 meeting:1 500:1 top:1 businessman:5 across:1 arabia:5 come:1 time:1 guard:1 optimism:3 industry:4 commerce:4 follow:1 opec:2 pact:1 boost:2 world:2 price:5 four:1 day:2 resort:1 town:1 high:3 mountain:1 tihamah:1 plain:1 stretch:1 red:1 sea:1 organise:1 chamber:1 finance:3 minister:2 mohammed:1 ali:1 abal:1 khail:1 suleiman:1 abdulaziz:1 al:1 salim:1 attend:1 first:1 banker:5 say:4 air:2 last:3 year:3 slide:1 examine:1 way:2 promote:1 investment:3 sorely:1 short:1 government:4 planner:1 long:2 recognise:1 large:2 crude:1 exporter:1 need:1 foster:1 enterprise:1 diversify:1 base:2 fledgling:1 hard:1 hit:2 middle:1 east:1 recession:3 early:1 1983:2 several:1 big:1 manufacturing:1 trading:2 company:2 run:1 repay:1 loan:2 renew:1 stem:1 largely:1 accord:2 reach:2 december:1 curb:1 output:1 benchmark:1 level:1 18:1 dlrs:1 per:1 barrel:1 recover:1 go:1 ahead:1 turn:1 delay:1 budget:3 plan:1 incorporate:1 52:1 7:1 billion:3 riyal:2 deficit:1 bridge:1 draw:1 foreign:2 reserve:1 simple:1 act:1 publish:2 restore:1 measure:1 confidence:1 community:1 share:1 rise:1 35:1 pct:2 since:2 november:1 bank:3 generally:1 report:2 slowdown:1 number:2 new:2 non:2 perform:1 convince:1 one:2 senior:1 corporate:1 manager:1 riyadh:2 still:3 reluctant:1 lend:1 certainly:1 sure:1 firmly:1 point:1 spending:1 tight:1 control:1 may:1 contract:2 capital:1 expenditure:1 project:1 cut:2 sharply:1 u:2 embassy:1 industrialisation:1 continue:1 priority:1 payment:2 lack:2 financing:1 reduce:1 investor:1 interest:1 fresh:1 expect:1 major:2 issue:1 among:1 gather:1 official:1 figure:1 show:1 licence:1 industrial:2 venture:1 fall:2 24:1 six:1 month:1 march:1 1986:1 compare:1 period:1 1985:1 lending:1 development:1 fund:1 source:1 backing:1 steadily:1 also:2 catch:1 huge:2 inventory:2 construction:1 equipment:1 bit:1 firm:2 lay:1 worker:1 bloated:1 effectively:1 liquidate:1 agreement:1 extend:1 debt:2 repayment:1 late:1 rescheduling:1 shipping:1 hotel:1 conglomerate:1 redec:1 negotiator:1 initial:1 draft:1 restructure:1 1:1 3:1 likely:1 discuss:1 apparent:1 reluctance:1 british:2 step:1 delegation:1 leave:1 hold:1 preliminary:1 talk:1 offset:1 outlay:1 defence:1 supply:1 132:1 fighter:1 aircraft:1 worth:1 five:1 stg:1
|
SAUDI BUSINESSMEN TO DISCUSS PRIVATE SECTOR
Saudi Arabian business
leaders assembled for a conference aimed at thrashing out
problems facing the private sector of the kingdom's
oil-dependent economy.
The meeting of some 500 top businessmen from across Saudi
Arabia comes at a time of guarded optimism in industry and
commerce following the OPEC pact to boost world oil prices.
The four-day conference in this resort town, high in the
mountains above the Tihamah plain stretching to the Red Sea,
has been organised by Saudi Arabia's chambers of commerce.
Finance Minister Mohammed Ali Abal-Khail and Commerce
Minister Suleiman Abdulaziz al-Salim will attend the first day.
Bankers and businessmen said the conference will air
problems facing commerce and industry after last year's slide
in oil prices and examine ways to promote higher investment in
a private sector sorely short of finance.
Government planners have long recognised that Saudi Arabia,
the world's largest crude exporter, needs to foster private
enterprise to diversify its oil-based economy.
The fledgling private sector was hard hit by the Middle
East recession as early as 1983 and several big manufacturing
and trading companies ran into problems repaying loans.
Renewed optimism this year stems largely from the accord
reached by OPEC last December to curb oil output and boost
prices to a benchmark level of 18 dlrs per barrel.
With oil prices recovering, Saudi Arabia went ahead at the
turn of the year with long-delayed budget plans incorporating a
52.7 billion riyal deficit to be bridged by drawing down
foreign reserves.
The simple act of publishing a budget restored a measure of
confidence to the business community.
Some share prices have risen by more than 35 pct since last
November, while banks are generally reporting a slowdown in the
number of new non-performing loans.
But not all bankers are convinced. One senior corporate
finance manager in Riyadh said: 'Banks are still reluctant to
lend ... There is certainly more optimism in the air, but I am
not sure if it is firmly based.'
Some businessmen and bankers point out that government
spending is still under tight control and the non-oil economy
may still be contracting.
Capital expenditure on large projects has been cut sharply.
A U.S. Embassy report on Saudi Arabia published just before the
budget said: 'While industrialisation has continued to be one of
the government's highest priorities, the recession, the
payments problem and the lack of financing have reduced Saudi
and foreign investor interest in industry.'
It is the lack of fresh investment that is expected to be a
major issue among the businessmen gathered here.
Official figures show the number of new licences for
industrial ventures fell 24 pct in the six months to March
1986, compared with the same period in 1985.
Lending by the Saudi Industrial Development Fund, a major
source of industry backing, has fallen steadily since 1983.
Trading companies have also been hit, some caught with huge
inventories of construction equipment as recession bit.
Some firms laid off workers and cut bloated inventories.
Others have effectively been liquidated. A few have reached
agreement with bankers to extend debt repayments.
The latest rescheduling is for the shipping-to-hotels
conglomerate REDEC. Its negotiators have just initialled a
draft accord to restructure payments on 1.3 billion riyals of
bank debt.
Bankers and businessmen said the conference was also likely
to discuss the apparent reluctance of U.S. And British firms to
step up investment in the kingdom.
A British government delegation has just left Riyadh after
holding preliminary talks on ways of offsetting the huge Saudi
outlay on a defence contract to supply 132 fighter aircraft
worth five billion stg.
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training/5172
|
training/5172 |@title citroen:1 expect:1 high:1 profit:1 help:1 ax:1 |@word automobile:1 citroen:6 expect:2 rise:1 sale:2 new:4 ax:5 compact:1 car:5 help:2 boost:1 profit:3 significantly:1 year:5 continue:1 financial:1 recovery:1 six:1 straight:1 loss:1 president:1 jacques:1 calvet:4 say:5 speak:1 reporter:1 weekend:2 trial:1 sports:1 model:2 budgetary:1 forecast:1 able:1 make:1 show:1 relatively:2 significant:1 improvement:1 1987:2 compare:1 1986:4 add:1 part:1 private:1 peugeot:1 sa:1 peup:1 pa:1 group:1 increase:1 share:4 french:2 market:6 13:1 7:2 pct:7 first:2 two:2 month:3 12:2 1:2 earlier:1 aim:1 average:1 8:1 throughout:2 11:1 firm:1 believe:1 target:2 raise:1 european:1 exclude:1 france:2 3:1 2:2 9:1 problem:2 produce:1 enough:1 vehicle:1 meet:1 demand:1 lose:1 close:1 billion:1 franc:2 1984:1 cut:1 deficit:1 400:1 mln:1 1985:1 move:1 modernise:1 range:1 improve:1 productivity:1 indicate:1 last:3 december:1 250:1 500:1 million:1 estimate:1 remain:1 perhaps:1 even:1 little:1 optimistic:1 optimism:1 due:1 early:1 success:1 launch:1 october:1 available:1 western:1 europe:1 within:1 four:2 register:1 20:1 000:2 build:2 large:1 plant:1 aulnay:1 sous:1 bois:1 northern:1 paris:1 well:1 renne:1 brittany:1 vigo:1 spain:1 production:1 reach:1 level:1 day:1 intermediate:1 long:1 running:1 2cv:1 visa:1 design:1 compete:1 renault:1 5:2 volkswagen:1 polo:1 opel:1 corsa:1 around:1 hope:1 fully:1 develop:1 6:1 seven:1 per:1 cent:1 national:1
|
CITROEN EXPECTS HIGHER PROFITS, HELPED BY AX
Automobiles Citroen expects rising
sales of its new AX compact car to help boost profits
significantly this year, continuing a financial recovery after
six straight years of losses, president Jacques Calvet said.
Speaking to reporters during weekend trials for the new AX
sports model, he said: 'All the budgetary forecasts that we have
been able to make ... Show a relatively significant improvement
in 1987, compared with 1986,' he added.
Citroen, part of the private Peugeot SA <PEUP.PA> group,
increased its share of the French new car market to 13.7 pct in
first two months 1987 from 12.1 pct a year earlier. It is
aiming for an average 12.8 pct share throughout the year after
11.7 pct in 1986.
The firm believes it is on target to raise its share of the
European market, excluding France, to 3.2 pct this year from
2.9 pct in 1986.
'Our first problem is to produce enough vehicles to meet the
demand,' Calvet said. 'This is a relatively new problem for us.'
Citroen lost close to two billion francs in 1984 but cut
the deficit to 400 mln in 1985, helped by moves to modernise
its range and improve productivity.
Calvet indicated last December he expected Citroen's 1986
profit to be between 250 and 500 million francs.
This weekend he said that those profit estimates 'remain
about the same -- perhaps even a little more optimistic.'
Some of this optimism is due to the early success of the
AX, launched on the French market last October. It will be
available throughout most of western Europe within four months.
The car has registered just over 20,000 sales.
It is being built at Citroen's large plant at Aulnay-sous-
Bois in northern Paris, as well as at Rennes in Brittany and
Vigo in Spain, with production just reaching target level of
1,000 cars a day.
The car, which Citroen markets as an intermediate model
between its long-running 2CV and the Visa, is designed to
compete with the Renault 5, Volkswagen Polo and Opel Corsa.
The AX had built up its market share in France to around
four pct last month. Calvet said: 'Our hope is that once the AX
is fully developed, we will have between 6.5 and seven per cent
of the national market.'
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training/5175
|
training/5175 |@title taiwan:1 sugar:1 export:1 expect:1 year:1 |@word taiwan:3 expect:1 export:3 sugar:4 year:4 fall:2 production:3 grow:1 domestic:1 consumption:2 state:1 corp:1 say:3 company:1 spokesman:1 tell:1 reuters:1 first:1 time:1 40:1 last:2 total:1 149:1 755:1 tonne:2 actual:2 1986:1 87:1 season:1 november:1 may:1 480:1 000:3 barely:1 enough:1 meet:1 local:1 compare:1 1985:1 86:1 output:1 570:1 due:1 typhoon:1 damage:1 6:1 hectare:1 canefield:1
|
NO TAIWAN SUGAR EXPORTS EXPECTED THIS YEAR
Taiwan is not expected to export sugar
this year because of falling production and growing domestic
consumption, state-owned Taiwan Sugar Corp said.
A company spokesman told Reuters this will be the first
time in more than 40 years Taiwan has not exported sugar. Last
year, sugar exports totalled 149,755 tonnes.
He said the actual production during the 1986/87 season
(November/May) is about 480,000 tonnes, barely enough to meet
local consumption. This compares with actual 1985/86 output of
570,000. He said the production fall was due to typhoon damage
to more than 6,000 hectares of canefields last year.
|
training/5176
|
training/5176 |@title lead:1 industrial:1 nation:1 meet:1 april:1 |@word lead:2 industrial:4 nation:3 meet:1 next:2 month:3 review:2 accord:1 currency:3 stability:4 u:4 official:9 say:13 financial:3 market:5 convince:1 country:3 live:1 commitment:2 speed:1 economic:7 growth:4 narrow:1 movement:1 recent:1 week:2 strongly:1 suggest:2 six:2 tame:1 normally:1 unruly:1 talk:3 seem:1 likely:1 build:1 reagan:2 administration:4 paris:4 agreement:3 last:2 main:1 reason:1 calm:1 interview:1 also:3 understand:2 conclude:1 measure:2 take:2 period:1 time:2 future:2 foster:1 exchange:1 rate:3 around:1 current:1 level:1 fact:1 happen:1 since:2 monetary:3 analyst:1 help:2 part:2 decision:1 bury:1 hatchet:1 cease:1 quarrel:1 short:1 term:2 policy:2 objective:1 instead:1 focus:1 medium:1 goal:1 leave:1 room:1 adjust:1 periodic:1 meeting:2 refuse:2 comment:3 however:1 whether:1 include:1 secret:1 pact:2 consider:2 coordinate:1 interest:2 cut:4 jointly:1 several:1 past:1 year:1 february:1 22:1 united:1 states:1 japan:2 west:3 germany:2 france:1 britain:1 canada:1 agree:1 major:2 within:1 range:1 broadly:2 reflect:1 underlie:1 condition:2 give:2 washington:2 budget:2 deficit:3 toyko:1 bonn:1 boost:1 shake:1 would:6 strengthen:2 position:1 international:4 think:1 change:2 president:2 hand:1 politically:2 strong:1 well:2 congress:1 fora:1 policymaker:1 beneficial:1 continue:2 conduct:1 initiative:1 resist:1 call:1 tax:1 increase:1 target:1 europeans:1 crucial:1 curb:2 instability:1 dealer:1 federal:1 reserve:1 intervene:2 stop:1 dollar:2 rise:1 mark:1 breach:1 1:1 86:1 british:1 authority:1 sterling:1 strength:1 source:2 finance:1 minister:1 central:4 banker:2 performance:1 prospect:3 reassemble:1 april:3 9:1 policymake:1 fund:1 italy:1 join:1 invite:1 back:1 treasury:1 secretary:1 james:1 baker:1 sign:2 german:3 slow:1 show:3 stimulus:1 package:1 offing:1 concern:1 emerge:1 recently:1 bundesbank:2 bank:3 karl:1 otto:1 poehl:1 tell:1 fed:3 ready:1 follow:1 suit:1 approach:1 decline:1 action:2 provision:1 private:2 longer:1 ask:1 identify:1 public:1 keep:1 credit:1 unchanged:1 economy:1 sluggish:1 trade:1 remain:1 stubbornly:1 high:1 coordinated:1 could:1 agenda:1 reuter:1
|
LEADING INDUSTRIAL NATIONS TO MEET IN APRIL
Leading industrial nations will meet
again next month to review their accord on currency stability,
but U.S. Officials said financial markets are convinced for now
the countries will live up to commitments to speed up economic
growth.
The narrow currency movements of recent weeks strongly
suggests the six leading industrial countries have tamed the
normally unruly financial markets and next month's talks seem
likely to build on that stability.
A Reagan administration official said the Paris agreement
last month was the main reason markets were calm.
But he said in an interview that financial markets also
understood, 'That all six countries concluded that the measures
to be taken over a period of time in the future should foster
stability of exchange rates around current levels. That is in
fact what has happened since Paris.'
Monetary analysts said stability has been helped in part by
the decision of industrial nations to bury the hatchet and
cease to quarrel over short-term policy objectives.
Instead they have focused on medium-term policy goals, but
left room to adjust their agreements with periodic meetings.
The official refused to comment, however, on whether the
agreement included a secret pact to consider further
coordinated interest rate cuts -- a measure industrial nations
have taken jointly several times in the past year.
On February 22, the United States, Japan, West Germany,
France, Britain and Canada agreed that major currencies were
within ranges broadly reflecting underlying economic
conditions, given commitments by Washington to cut its budget
deficit and by Toyko and Bonn to boost economic growth.
The shake-up would strengthen the U.S. Position in
future international talks.
'I think these changes will strengthen the President's hand
politically and the stronger he is politically the better off
we are with the Congress and the better off we are in
international fora,' said the official, an Administration
economic policymaker. 'So it would be beneficial to the
continued conduct of our initiatives.'
But the official also said the Administration would resist
calls for a tax increase to cut the budget deficit -- a target
Europeans say is crucial to help curb economic instability.
Last week, dealers said the Federal Reserve intervened to
stop the dollar rising against the mark, which had breached
1.86 to the dollar. British authorities are also understood to
have intervened to curb sterling's strength.
International monetary sources say finance ministers and
central bankers, who will review market performance and their
own economic prospects, will reassemble again in Washington
just before the April 9 policymaking meeting of the
International Monetary Fund.
The sources said Italy, which refused to join the Paris
pact, was invited back by Treasury Secretary James Baker.
Since Paris, there are signs West German growth is slowing,
while U.S. Officials said they were giving Japan until April to
show that an economic stimulus package was in the offing.
Signs of concern about German prospects emerged recently
when Bundesbank (central bank) president Karl Otto Poehl told
bankers he would consider cutting West German interest rates if
the Fed was ready to follow suit.
A Reagan Administration official said this would show there
had been some change in approach on the part of the central
bank in Germany.
But he declined to comment on the prospects for action by
the Fed and the Bundesbank.
'If there is such a provision it is private and if I talked
about it, it would no longer be private,' said the official, who
asked not to be identified.
Public comments by Fed officials suggest the central bank
is keeping credit conditions broadly unchanged, but if the
major economies continue to show sluggish growth and the U.S.
Trade deficit remains stubbornly high, further coordinated
action could be on the April agenda.
REUTER...
|
training/5177
|
training/5177 |@title harper:1 row:1 hpr:1 mull:1 option:1 bid:1 |@word harper:5 row:5 publishers:1 inc:3 say:2 board:3 director:4 decide:2 take:2 action:1 two:3 takeover:1 bid:2 company:6 receive:1 instead:1 appoint:1 committee:3 independent:2 study:1 strategic:1 alternative:4 170:1 year:1 old:1 firm:2 include:1 continuation:1 exist:1 business:2 plan:1 possible:1 combination:1 sale:2 stock:2 restructuring:1 part:1 kidder:1 peabody:1 co:1 retain:1 advise:1 add:1 private:1 investor:1 theodore:1 cross:1 last:1 week:1 offer:2 34:1 dlrs:2 share:3 prompt:1 rival:1 50:1 another:1 publish:1 harcourt:1 brace:1 jovanovich:1 hbj:1 consider:2 meeting:2 friday:1 act:1 unanimously:1 express:1 strong:1 desire:1 preserve:1 independence:1 advantage:1 considerable:1 future:1 prospect:1 accord:1 winthrop:1 knowlton:2 former:1 chief:1 executive:1 chairman:1 newly:1 establish:1 however:1 give:1 significant:1 current:1 interest:1 also:1 feel:1 carefully:1 review:1 option:1 available:1 pertinent:1 fact:1 intend:1 make:1 careful:1 informed:1 decision:1 proceed:1 expeditiously:1 conclusion:1 pende:1 deliberation:1 postpone:1 indefinitely:1 special:1 stockholder:1 schedule:1 april:1 2:1 discuss:1 proposal:1 recapitalize:1 create:1 class:1 different:1 voting:1 right:1
|
HARPER AND ROW <HPR> TO MULL OPTIONS AFTER BIDS
Harper and Row Publishers Inc said its
board of directors decided to take no action on two takeover
bids that the company has received. Instead, it appointed a
committee of independent directors to study strategic
alternatives for the 170-year-old firm.
The alternatives include continuation of the company's
existing business plans, possible business combinations, sales
of stock, restructuring and the sale of all or part of the
company.
Kidder Peabody and Co Inc has been retained to advise on
the alternatives, Harper and Row added.
Private investor Theodore Cross last week offered 34 dlrs a
share for Harper and Row, prompting a rival bid of 50 dlrs a
share from another publishing firm, Harcourt Brace Jovanovich
Inc <HBJ>.
After considering the two offers at a meeting on Friday,
the Harper and Row board decided not to act on them.
The directors unanimously expressed their strong desire to
preserve the company's independence and take advantage of its
'considerable future prospects,' according to director Winthrop
Knowlton, former chief executive and now chairman of the newly
established independent committee.
'However, given the significant current interest in the
company, we also feel that we should carefully review all the
options available. The committee will consider all the
pertinent facts and alternatives.... We intend to make a
careful and informed decision but will proceed expeditiously to
a conclusion,' Knowlton said.
Pending its deliberations, Harper and Row's board has
postponed indefinitely a special meeting of stockholders that
had been scheduled for April 2 to discuss a proposal to
recapitalize the company's stock to create two classes of
shares with different voting rights.
|
training/5178
|
training/5178 |@title soviet:1 figure:1 show:1 economy:1 still:1 short:1 target:1 |@word soviet:2 economy:1 recover:2 slightly:2 last:3 month:5 poor:1 performance:1 january:4 major:1 industry:1 include:1 oil:4 machinery:1 still:2 short:1 production:5 target:3 official:1 figure:5 show:5 central:1 statistical:1 board:1 datum:2 publish:1 weekly:1 ekonomicheskaya:2 gazeta:2 yesterday:1 industrial:1 output:2 0:3 8:1 pct:6 first:3 two:3 1987:2 period:2 year:6 however:1 alone:1 fall:2 1:1 early:1 targette:1 increase:1 4:2 77:1 enterprise:2 meet:1 supply:1 obligation:1 february:3 country:1 main:1 export:1 western:1 nation:1 hit:1 100:1 mln:2 tonne:1 97:1 3:2 earlier:1 exceed:1 5:1 economist:2 say:3 reflect:2 huge:1 investment:1 pour:1 sector:2 recent:1 effort:1 reverse:1 stagnation:1 begin:1 november:1 1983:1 world:1 price:1 help:1 cause:1 decline:1 trade:1 west:1 130:1 billion:2 rouble:1 141:1 6:2 1985:1 labour:1 productivity:1 also:1 fulfil:1 give:1 overall:1 exceptionally:1 bad:1 weather:1 start:1 strict:1 quality:1 control:1 impose:1 machine:1 building:1 priority:1 moscow:1 plan:1 economic:1 renewal:1 low:1 compare:1 1986:2 five:1 republic:1 produce:1 less:1
|
SOVIET FIGURES SHOW ECONOMY STILL SHORT OF TARGETS
The Soviet economy recovered slightly
last month after a poor performance in January, but major
industries, including oil and machinery, are still short of
production targets, official figures show.
Central Statistical Board data published in the weekly
Ekonomicheskaya Gazeta yesterday showed that industrial output
was only up 0.8 pct in the first two months of 1987 over the
same period of last year.
However, the figure for January alone showed a fall in
output of 0.1 pct from a year earlier. Production is targetted
to increase 4.4 pct for all of 1987.
The figures showed that only 77 pct of enterprises met
their supply obligations in January and February.
Production of oil, the country's main export to Western
nations, hit 100 mln tonnes in January and February, up from
97.3 mln a year earlier, and exceeded its target by 0.5 pct.
Economists said this reflected the huge investments poured
into the oil sector in recent months in an effort to reverse
the stagnation in production which began in November 1983.
Falling world oil prices last year helped cause a decline
in Soviet trade with the West to 130 billion roubles from 141.6
billion in 1985.
Ekonomicheskaya Gazeta said labour productivity targets
were also not fulfilled, but did not give figures.
Economists said the overall data reflected exceptionally
bad weather at the start of the year and stricter quality
controls imposed on enterprises.
Production in the machine-building sector, a priority in
Moscow's plans for economic renewal, recovered slightly in
February but was still 3.6 pct lower in the first two months of
the year compared with the same period of 1986.
The figures showed that five republics produced less than
in the first two months of 1986.
|
training/518
|
training/518 |@title rotterdam:1 port:1 union:1 employer:1 meet:1 |@word dutch:1 port:1 transport:1 union:3 fnv:1 agree:1 employer:4 request:1 reconvene:1 abandon:1 peace:1 talk:3 tonight:1 try:1 end:3 strike:2 disrupt:1 rotterdam:1 general:1 cargo:1 sector:3 past:1 six:1 week:1 spokesman:1 say:2 break:1 thursday:1 walk:1 table:1 final:1 offer:1 start:2 january:1 19:1 protest:1 planned:1 redundancy:1 800:1 4:1 000:1 workforce:1 350:1 year:1 invitation:1 restart:1 come:1 day:1 deadline:1 set:1 minister:1 social:1 affairs:1 louw:1 de:2 graaf:2 resolution:1 dispute:2 expire:1 today:1 would:1 withdraw:1 10:1 mln:1 guilder:1 annual:1 labour:1 subsidy:1 comment:1 immediately:1 available:1 organization:1
|
ROTTERDAM PORT UNION AND EMPLOYERS TO MEET
Dutch port and transport union, FNV,
agreed to an employers' request to reconvene abandoned peace
talks tonight to try to end strikes that have disrupted
Rotterdam's general cargo sector for the past six weeks, a
union spokesman said.
Talks broke down Thursday when the union walked out after
employers tabled their final offer to end the strikes which
started January 19 in protest at planned redundancies of 800
from the sector's 4,000 workforce, starting with 350 this year.
The employers' invitation to restart the talks comes on the
day a deadline set by Minister of Social Affairs Louw de Graaf
for a resolution of the dispute expires.
De Graaf said if the dispute had not ended by today he
would withdraw the 10 mln guilder annual labour subsidy to the
sector.
No comment was immediately available from the employers'
organization.
|
training/5181
|
training/5181 |@title peru:1 begin:1 foreign:1 exchange:1 rationing:1 |@word peru:3 put:1 effect:1 monday:1 foreign:8 exchange:5 ration:1 system:3 import:3 design:1 stop:1 slide:1 country:1 international:2 reserve:4 government:1 decree:1 official:1 gazette:1 say:1 importer:1 require:2 present:1 bill:1 seller:1 good:1 apply:1 license:2 central:4 bank:4 10:1 day:1 decide:1 whether:1 issue:2 net:1 total:2 800:1 mln:2 dlrs:5 compare:1 1:4 54:1 billion:7 year:5 ago:1 effective:1 end:1 1988:1 ceiling:1 availability:1 set:2 council:2 member:1 economy:1 ministry:1 planning:1 trade:2 institutes:1 procure:1 accordance:1 guideline:1 fall:1 sharply:2 due:2 drop:2 surplus:1 five:1 1986:2 1985:3 accord:2 preliminary:2 estimate:2 export:1 2:3 50:1 last:3 97:1 rise:1 gross:1 domestic:1 product:1 grow:1 8:1 5:1 pct:1 high:1 economic:1 growth:1 level:1 register:1 12:1 49:1 87:1 cushion:1 allow:1 take:1 hard:1 line:1 debt:2 stance:1 suspend:1 payment:1 14:1 3:1 dlr:1
|
PERU BEGINS FOREIGN EXCHANGE RATIONING
Peru will put into effect Monday a foreign
exchange rationing system for imports designed to stop a slide
in the country's international reserves, a government decree in
the Official Gazette said.
Under the system, importers will be required to present a
bill from the foreign seller of goods and apply for a license
for foreign exchange. The central bank will have 10 days to
decide whether to issue the required foreign exchange.
Net international reserves now total about 800 mln dlrs
compared to 1.54 billion dlrs a year ago.
The system will be effective until the end of 1988.
A ceiling for foreign exchange availability will be set by
a council with members from the central bank, the economy
ministry and the planning and foreign trade institutes. The
central bank will issue licenses to procure foreign exchange in
accordance with guidelines set by the council.
Peru's reserves fell sharply due to a drop in the trade
surplus to about five mln dlrs in 1986 from 1.1 billion in
1985, according to preliminary central bank estimates.
Total exports dropped to 2.50 billion dlrs last year against
2.97 billion in 1985.
Imports last year rose sharply as gross domestic product
grew by about 8.5 pct, the highest economic growth level
registered in 12 years. Imports were about 2.49 billion dlrs in
1986 against 1.87 billion in 1985, according to preliminary
estimates.
The cushion of reserves allowed Peru to take a hard-line
debt stance last year and suspend most payments due on its 14.3
billion dlr foreign debt.
|
training/5183
|
training/5183 |@title taiwan:2 say:1 u:1 want:1 dollar:1 appreciate:1 |@word united:1 states:1 want:2 taiwan:8 currency:2 appreciate:1 faster:2 reduce:1 trade:4 surplus:2 u:8 senior:1 official:2 say:2 board:1 foreign:1 director:1 vincent:1 siew:3 tell:3 reporter:1 saturday:2 washington:5 last:3 week:2 unless:1 allow:1 dollar:5 rise:5 would:1 face:1 retaliation:1 return:1 friday:1 respond:1 request:1 increase:1 textile:2 export:2 quota:1 promise:1 talk:2 may:1 hit:1 record:1 13:1 6:1 billion:1 dlrs:1 1986:1 sign:1 three:1 year:3 accord:1 taipei:1 limit:1 growth:1 0:1 5:1 pct:2 15:1 since:1 september:1 1985:1 surge:1 amid:1 indication:1 seek:1 major:1 value:1 four:1 cent:1 close:1 34:1 59:1 western:1 source:1 reuters:1 hold:1 issue:1 add:1 clear:1 far:1 see:1
|
TAIWAN SAYS U.S. WANTS TAIWAN DOLLAR TO APPRECIATE
The United States wants Taiwan's
currency to appreciate faster to reduce Taiwan's trade surplus
with the U.S., A senior trade official said.
Board of Foreign Trade director Vincent Siew told reporters
on Saturday U.S. Officials told him in Washington last week
that unless Taiwan allowed its dollar to rise faster it would
face retaliation.
Siew returned from Washington on Friday after the U.S
responded to Taiwan's request to increase its textile export
quotas by promising further talks in May. Taiwan's surplus with
the U.S. Hit a record 13.6 billion U.S. Dlrs in 1986.
Washington signed a three-year accord with Taipei last year
limiting textile export growth to 0.5 pct a year.
Siew said the Taiwan dollar had risen by about 15 pct
against the U.S. Dollar since September 1985.
It surged last week amid indications Washington was seeking
a major rise in its value. It rose four cents against the U.S.
Dollar on Saturday to close at 34.59.
Western trade sources told Reuters Taiwan and the U.S. Have
been holding talks on the currency issue but added it is not
clear how far Washington wants to see the Taiwan dollar rise.
|
training/5185
|
training/5185 |@title tanzania:1 want:1 export:1 200:1 000:1 tonne:1 maize:1 |@word tanzania:3 seek:1 export:1 surplus:1 200:1 000:3 tonne:5 maize:4 last:1 year:1 bumper:1 harvest:1 agriculture:1 minister:1 paul:1 bomani:1 say:4 yesterday:1 1986:1 crop:1 officially:1 estimate:1 2:1 1:1 mln:1 fraction:1 market:1 grain:1 consume:1 farmer:1 grow:1 state:1 national:1 milling:1 corp:1 nmc:2 meanwhile:1 try:1 sell:1 190:1 742:1 store:1 different:1 part:1 country:2 act:1 general:1 manager:1 john:1 rubibira:2 56:1 silo:2 storage:2 capacity:2 concentrate:1 dar:1 es:1 salaam:1 arusha:1 north:1 iringa:2 central:1 addition:1 450:1 flat:1 add:1 government:1 plan:1 build:1 new:1 main:1 produce:1 area:1 mbeya:1 ruvuma:1 rukwa:1
|
TANZANIA WANTS TO EXPORT 200,000 TONNES OF MAIZE
Tanzania seeks to export a
surplus of 200,000 tonnes of maize from last year's bumper
harvest, agriculture minister Paul Bomani said yesterday.
The 1986 maize crop was officially estimated at 2.1 mln
tonnes, but only a fraction of this was marketed, with most
grain consumed by the farmers who grew it.
The state-owned National Milling Corp (NMC) meanwhile said
it is trying to sell 190,742 tonnes of maize stored in
different parts of the country.
NMC acting general manager John Rubibira said Tanzania has
only 56,000 tonnes of silo storage capacity, concentrated in
Dar es Salaam, Arusha in the north and Iringa in central
Tanzania.
In addition, the country has 450,000 tonnes of flat storage
capacity, he added.
Rubibira said the government is planning to build new silos
in the main maize producing areas of Iringa, Mbeya, Ruvuma and
Rukwa.
|
training/5188
|
training/5188 |@title national:1 bank:1 new:1 zealand:1 ltd:1 |@word year:1 december:1 31:1 1986:1 net:1 profit:3 78:1 mln:5 n:2 z:2 dlrs:2 vs:3 45:1 pre:2 tax:2 147:1 88:1 total:1 asset:1 7:2 billion:2 6:1 4:1 note:1 company:1 100:1 pct:1 lloyds:2 bank:2 plc:1 lloy:1 l:1 result:1 include:1 time:1 first:1 11:1 australian:1 unit:1 nza:1 ltd:1
|
<THE NATIONAL BANK OF NEW ZEALAND LTD>
Year to December 31, 1986
Net profit 78 mln N.Z. Dlrs vs 45 mln
Pre-tax profit 147 mln vs 88 mln
Total assets 7.7 billion vs 6.4 billion
Notes - The company is 100 pct owned by Lloyds Bank Plc
<LLOY.L>. Results include for the time first a pre-tax profit,
of 11 mln N.Z. Dlrs, from Australian unit <Lloyds Bank NZA
Ltd>.
|
training/5189
|
training/5189 |@title australian:1 current:1 account:1 deficit:1 see:1 narrow:1 |@word australia:1 current:3 account:4 deficit:4 february:4 expect:1 narrow:1 range:1 700:1 mln:2 one:2 billion:3 dlrs:4 unrevised:1 january:3 level:2 1:1 29:1 market:1 economist:3 poll:1 reuters:1 say:5 statistics:1 bureau:1 figure:2 tomorrow:1 key:1 element:1 narrowing:1 would:1 reversal:1 drop:2 export:2 take:1 place:1 sharp:1 rise:2 december:1 598:1 example:1 quote:1 wheat:1 volume:1 30:1 pct:1 much:1 lack:1 aircraft:1 import:1 also:1 contribute:1 trade:1 although:1 still:1 likely:1 remain:1 positive:1 influence:1 balance:1 decline:1 invisible:1 follow:1 seasonal:1 fall:1 interest:1 payment:2 dropping:1 certain:1 official:1 aid:1 australian:1 dollar:1 last:1 week:1 touch:1 eight:1 month:1 high:1 0:2 6900:1 u:1 around:1 6800:1 react:1 adversely:1 unless:1 shortfall:1 top:1
|
AUSTRALIAN CURRENT ACCOUNT DEFICIT SEEN NARROWING
Australia's current account deficit for
February is expected to narrow to a range of between 700 mln
and one billion dlrs, from the unrevised January level of 1.29
billion, market economists polled by Reuters said.
Statistics Bureau February figures are out tomorrow.
The economists said a key element in the narrowing would be
a reversal of the drop in exports which took place in January,
after a sharp rise in December when the deficit was only 598
mln dlrs.
As an example they quoted wheat export volume, which rose
about 30 pct in February after dropping as much in January.
A lack of aircraft imports in February should also
contribute on the trade account although it is still likely to
remain in deficit, the economists said.
Other positive influences on the current account balance
should be a decline in the invisibles deficit following a
seasonal fall in interest payments and the dropping out of
certain official aid payments, they said.
They said the Australian dollar, which last week touched an
eight-month high of 0.6900 U.S. Dlrs but is now around the
0.6800 level, should not react adversely to the figures unless
the current account shortfall tops one billion dlrs.
|
training/519
|
training/519 |@title fed:4 set:2 1:2 5:2 billion:2 dlr:2 customer:2 repurchase:2 say:2 |@word
|
FED SETS 1.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS
FED SETS 1.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS
|
training/5190
|
training/5190 |@title zambia:1 imf:1 talk:1 hit:1 problem:1 food:1 subsidy:1 |@word zambia:6 talk:4 world:4 bank:5 international:1 monetary:1 fund:1 imf:7 financial:1 rescue:1 package:1 run:2 difficulty:1 issue:2 food:2 subsidy:4 official:2 newspaper:1 say:4 time:3 ruling:1 united:1 national:1 independence:1 party:1 unip:1 quote:1 source:2 refuse:1 continue:1 finance:1 press:1 government:5 explain:1 propose:2 pay:1 president:1 kenneth:1 kaunda:1 try:1 abolish:1 maize:2 last:1 december:1 line:1 recommendation:1 move:2 cause:1 meal:1 price:1 double:1 overnight:1 lead:2 riot:1 15:2 people:1 kill:1 immediately:1 restore:1 part:1 quell:1 disturbance:1 estimate:1 cost:1 500:1 mln:1 kwacha:3 per:4 year:1 another:1 major:1 current:1 remodelling:1 foreign:2 exchange:3 auction:4 central:1 weekly:1 private:1 sector:1 suspend:1 since:2 end:2 january:2 pende:1 modification:1 slow:1 rate:3 devaluation:2 dampen:1 fluctuation:1 slide:1 around:1 dollar:3 system:1 lose:1 85:1 pct:1 value:1 16:1 month:1 however:1 revalue:1 fix:1 nine:1 banking:1 persuade:1 lift:1 ceiling:1 12:1 50:1 currency:1 restart:1 accord:1 team:1 assistant:1 director:1 africa:1 paul:1 acquah:1 due:1 conclude:1 schedule:1 march:1 23:1 mission:1 arrive:1 lusaka:1 february:1 26:1 take:1 longer:1 expect:1
|
ZAMBIA, IMF TALKS HIT PROBLEMS OVER FOOD SUBSIDIES
Zambia's talks with the World Bank and
International Monetary Fund (IMF) on a financial rescue package
have run into difficulties on the issue of food subsidies, an
official newspaper said.
The Times of Zambia, which is run by the ruling United
National Independence Party (UNIP), quoted official sources as
saying the IMF and World Bank had refused to continue financing
food subsidies and were pressing the government to explain how
it proposes to pay for them.
President Kenneth Kaunda tried to abolish maize subsidies
last December, in line with IMF recommendations, but the move
caused maize meal prices to double overnight and led to riots
in which 15 people were killed.
The subsidies were immediately restored as part of moves to
quell the disturbances, but they are estimated to cost the
government about 500 mln kwacha per year.
The Times of Zambia said another major issue in the
government's current talks with the IMF and World Bank was the
remodelling of Zambia's foreign exchange auction.
The central bank's weekly auction of foreign exchange to
the private sector has been suspended since the end of January,
pending modifications to slow down the rate of devaluation and
dampen fluctuations in the exchange rate.
The kwacha slid to around 15 per dollar under the auction
system, losing 85 pct of its value in 16 months. However, since
the end of January it has been revalued to a fixed rate of nine
per dollar.
Banking sources said Zambia was persuaded by the World Bank
and IMF to lift its proposed ceiling of 12.50 kwacha per dollar
on the currency's devaluation once the auctions restart.
According to the Times of Zambia, the IMF team, led by
assistant director for Africa Paul Acquah, is due to conclude
its talks with the government on schedule on March 23.
The IMF mission arrived in Lusaka on February 26 and its
talks with the government have taken longer than expected.
|
training/5191
|
training/5191 |@title japan:1 line:1 sell:1 tanker:1 bulker:1 |@word major:1 tanker:2 operator:1 japan:4 line:2 ltd:1 jlit:1 sell:1 20:1 vlccs:1 several:1 bulk:1 carrier:1 scrap:1 trading:1 industry:1 source:1 say:2 disposal:1 include:1 orchid:1 231:1 722:1 dwt:6 lupinus:1 233:2 641:1 sovereign:1 313:1 rosebay:1 274:1 531:1 saffron:1 268:1 038:1 cattleya:1 267:1 807:1 report:1 london:1 sale:1 purchase:1 market:1 refuse:1 give:1 detail:1 official:1 decline:1 comment:1
|
JAPAN LINE SELLING TANKERS AND BULKERS
Major tanker operator, Japan Line Ltd
<JLIT.T>, is selling 20 VLCCs and several bulk carriers for
scrap or further trading, industry sources said.
The tanker disposals include Japan Orchid (231,722 dwt),
Japan Lupinus (233,641 dwt), Sovereign (233,313 dwt), Rosebay
(274,531 dwt), Saffron (268,038 dwt) and Cattleya (267,807
dwt), all of which have been reported on the London sale and
purchase market, they said, but refused to give further
details.
Japan Line officials declined to comment.
|
training/5192
|
training/5192 |@title corrected:1 ivory:1 coast:1 confirm:1 presence:1 talk:1 |@word senior:2 ivory:3 coast:3 agriculture:2 ministry:1 official:4 confirm:1 country:2 backing:1 new:3 international:3 cocoa:6 pact:4 say:4 ivorian:5 delegate:3 would:3 present:2 talk:4 buffer:2 stock:2 start:1 week:2 tell:1 reuter:1 minister:1 denis:1 bra:4 kanon:4 attend:1 opening:1 convene:1 organization:1 icco:3 london:2 monday:1 due:1 return:1 home:1 funeral:1 ceremony:1 sister:1 president:1 felix:1 houphouet:1 boigny:1 schedule:2 hold:1 capital:1 yamoussoukro:1 march:2 19:1 22:1 throughout:1 chairman:2 council:2 rumour:1 may:1 delay:1 public:1 mourning:1 west:1 african:1 nation:1 help:1 depress:1 already:1 low:1 world:3 price:2 friday:1 continue:1 support:2 agree:1 principle:1 last:2 year:1 exporter:1 consumer:1 also:1 fulfil:1 duty:1 end:1 27:1 meeting:1 aim:1 set:1 rule:1 operation:1 producer:1 hope:2 boost:1 market:1 hit:1 successive:1 surplus:1 participate:1 decision:1 join:1 accord:1 spark:1 successful:1
|
(CORRECTED)-IVORY COAST CONFIRMS PRESENCE AT TALKS
A senior Ivory Coast Agriculture
Ministry official confirmed his country's backing for a new
international cocoa pact and said Ivorian delegates would be
present at talks on its buffer stock starting this week.
The official told Reuters that Ivorian Agriculture Minister
Denis Bra Kanon would attend the opening of the talks, convened
by the International Cocoa Organization (ICCO), in London on
Monday.
While Bra Kanon is due to return home this week for funeral
ceremonies for a sister of Ivorian President Felix
Houphouet-Boigny, scheduled to be held in the country's capital
Yamoussoukro between March 19-22, senior Ivorian delegates will
be present throughout the London talks, the official said.
Bra Kanon is chairman of the ICCO Council and rumours that
he or Ivorian delegates might be delayed because of public
mourning in the West African nation helped depress already low
world cocoa prices Friday.
The official said Ivory Coast continued to support the new
pact, which was agreed in principle last year by most of the
world's cocoa exporters and consumers.
He also said Bra Kanon would fulfil his duties as ICCO
Council chairman during the talks, scheduled to end on March
27.
The meeting aims to set rules for the operation of the
pact's buffer stock which producers hope will boost a market
hit by successive world cocoa surpluses.
Ivory Coast did not participate in the last international
cocoa pact and its decision to join the new accord has sparked
hopes that it will be more successful in supporting prices.
|
training/5193
|
training/5193 |@title treasury:1 foreign:1 reserve:1 jordan:1 priority:1 |@word jordan:4 key:1 economic:1 priority:2 sound:2 national:2 treasury:2 adequate:1 foreign:3 exchange:2 reserve:2 prime:2 minister:2 zeid:1 al:1 rifa:3 say:5 first:1 shape:1 deal:1 public:1 country:1 credibility:1 preserve:2 television:1 interview:1 saturday:1 second:1 maintain:1 acceptable:1 level:1 provide:1 stability:2 confidence:1 need:1 government:2 meet:2 commitment:1 outstanding:2 guarantee:1 commercial:1 loan:2 total:2 902:1 mln:1 dinar:4 debt:1 service:1 ratio:1 14:1 9:1 pct:1 figure:2 sharply:1 low:2 1:2 02:1 billion:2 end:1 september:1 accord:1 late:1 central:1 bank:1 dismiss:1 view:1 banker:1 economist:1 peg:1 basket:1 currency:1 overvalue:1 strong:1 stable:1 intend:1 hope:1 next:1 arab:2 summit:1 would:1 tackle:1 question:1 continue:1 financial:1 aid:1 10:1 year:1 agreement:1 reach:1 1978:1 receive:1 25:1 dlrs:1 annually:1 algeria:1 iraq:1 kuwait:1 libya:1 qatar:1 saudi:2 arabia:2 united:1 emirates:1 help:1 resist:1 israel:1 obligation:1 fail:1 fall:1 income:1 due:1 oil:1 price:1
|
TREASURY, FOREIGN RESERVES ARE JORDAN'S PRIORITIES
Jordan's key economic priorities are
having a sound national treasury and adequate foreign exchange
reserves, Prime Minister Zeid al-Rifa'i said.
'First, the national treasury should be in sound shape when
dealing with the public and other countries so that its
credibility is preserved,' he said in a television interview
Saturday.
'The second priority is to maintain an acceptable level of
foreign exchange reserves to provide (the) stability and
confidence needed by the government to meet foreign
commitments.'
Rifa'i said Jordan's outstanding government-guaranteed and
commercial loans total 902 mln dinars with a debt service ratio
of 14.9 pct.
The figure was sharply lower than the 1.02 billion dinars
in outstanding loans at the end of September, according to
latest Central Bank figures.
Rifa'i dismissed the view of some bankers and economists
here that the dinar, which is pegged to a basket of currencies,
is overvalued.
'The dinar is strong and stable and we intend to preserve
its stability,' he said.
The prime minister said he hoped the next Arab summit would
tackle the question of continuing financial aid to Jordan.
Under a 10-year agreement reached in 1978, Jordan was to
receive a total of 1.25 billion dlrs annually from Algeria,
Iraq, Kuwait, Libya, Qatar, Saudi Arabia and the United Arab
Emirates to help it resist Israel.
But only Saudi Arabia met its obligations, while the others
failed because of falling income due to lower oil prices.
|
training/5194
|
training/5194 |@title lange:1 predict:1 n:1 z:1 inflation:1 fall:1 8:1 10:1 pct:1 |@word new:1 zealand:1 inflation:1 rate:2 could:1 fall:1 eight:3 pct:3 come:1 year:1 prime:1 minister:1 david:1 lange:2 say:2 forecast:1 release:1 soon:1 research:1 group:2 would:2 predict:2 around:1 nine:1 12:1 month:1 end:1 march:1 1988:1 18:1 2:1 calendar:1 1986:1 something:1 10:1 per:1 cent:1 tell:1 news:1 conference:1 name:1 forecasting:1
|
LANGE PREDICTS N.Z. INFLATION TO FALL TO 8-10 PCT
New Zealand's inflation rate could
fall to eight pct in the coming year, Prime Minister David
Lange said.
He said forecasts to be released soon by research groups
would predict a rate of around eight or nine pct in the 12
months to the end of March 1988, against 18.2 pct in calendar
1986.
'I predict it will be something between eight and 10 per
cent,' he told a news conference.
Lange would not name the forecasting groups.
|
training/5195
|
training/5195 |@title malaysia:1 welcome:1 accord:1 new:1 rubber:1 pact:1 |@word malaysian:2 primary:1 industries:1 minister:1 lim:1 keng:1 yaik:1 welcome:1 basic:2 accord:1 reach:1 weekend:1 geneva:1 producer:3 consumer:1 new:6 international:1 natural:1 rubber:3 agreement:1 inra:3 good:1 development:1 pact:5 adopt:3 week:2 augur:1 well:1 industry:1 price:3 long:1 term:2 tell:1 reuters:1 negotiator:1 united:1 nations:1 conference:2 resolve:1 difference:1 agree:1 last:1 saturday:1 element:1 replace:1 current:1 one:1 expire:1 october:1 chairman:1 manaspas:1 xuto:1 say:3 legal:1 drafting:1 begin:2 expect:3 formally:1 40:1 country:1 march:2 20:1 malaysia:1 world:1 top:1 act:1 spokesman:1 talk:1 9:1 trader:1 firm:2 cent:1 news:1 also:1 short:1 370:1 000:1 tonne:1 hold:1 buffer:1 stock:1 liquidate:1 sight:1
|
MALAYSIA WELCOMES ACCORD ON NEW RUBBER PACT
Malaysian Primary Industries
Minister Lim Keng Yaik welcomed the basic accord reached over
the weekend in Geneva between producers and consumers on a new
International Natural Rubber Agreement (INRA).
'This is a good development and if a new pact is adopted
this week it will augur well for the rubber industry and prices
in the long term,' he told Reuters here.
Negotiators at a United Nations conference on a new INRA
resolved differences and agreed last Saturday on basic elements
for a new pact to replace the current one, which expires in
October.
Conference Chairman Manaspas Xuto said legal drafting of
the new pact will begin this week and it is expected to be
formally adopted by some 40 countries on March 20.
Malaysia, the world's top producer, acted as spokesman for
producers at the talks, which began on March 9.
Malaysian traders said they expected prices to firm by a
few cents on the news that a pact is expected to be adopted.
Prices will also firm in the short term because some
370,000 tonnes of rubber held in INRA buffer stock will not be
liquidated with a new pact in sight, they said.
|
training/5196
|
training/5196 |@title japan:1 january:1 industrial:1 production:1 revise:1 |@word japan:1 january:5 seasonally:1 adjust:4 industrial:1 production:1 index:9 base:3 1980:3 revise:5 upwards:1 122:2 3:4 preliminary:3 0:6 ministry:1 international:1 trade:1 industry:1 say:1 revised:1 5:2 pct:12 december:6 rise:6 6:1 month:2 earlier:5 unadjusted:2 year:9 one:1 producer:2 shipment:1 upward:1 117:2 7:2 4:2 three:1 1:5 inventory:1 finished:1 good:1 unchanged:1 105:1 9:1 unadjuste:1 2:2 drop:1
|
JAPAN JANUARY INDUSTRIAL PRODUCTION REVISED UP
Japan's January seasonally adjusted
industrial production index (base 1980) was revised upwards to
122.3 from a preliminary 122.0, the Ministry of International
Trade and Industry said.
The revised adjusted January index was down 0.5 pct from
December when it rose 3.6 pct from a month earlier.
The revised unadjusted January index rose 0.5 pct from a
year earlier, after a one pct year-on-year December rise.
The adjusted producers' shipment index (base 1980) for
January was revised upward to 117.7 from a preliminary 117.4.
The index was down 0.7 pct from December when it rose three
pct from a month earlier. The revised unadjusted index was up
1.0 pct from a year earlier after a 1.4 pct year-on-year
December rise.
The adjusted index of producers' inventories of finished
goods (base 1980) for January was unchanged from a preliminary
105.9. The index was down 0.3 pct from December when it rose
1.1 pct. Unadjusted, the revised index was down 2.3 pct from a
year earlier after a 2.1 pct year-on-year drop in December.
|
training/5201
|
training/5201 |@title german:1 banking:1 authority:1 weigh:1 swap:1 regulation:1 |@word german:5 banking:11 authority:6 weigh:1 rule:3 bank:10 balance:3 sheet:3 activity:1 attempt:1 cope:1 grow:2 volume:1 sophisticated:1 capital:2 market:3 instrument:2 source:8 say:10 interest:5 rate:3 currency:9 swap:8 option:2 close:1 scrutiny:1 revision:2 make:1 may:3 resemble:1 regulation:2 jointly:1 propose:1 u:11 k:4 japan:1 juergen:1 becker:1 director:1 bundesbank:2 division:1 law:4 credit:3 supervision:1 british:3 proposal:5 interesting:1 decline:1 elaborate:1 west:2 germany:3 likely:3 produce:1 conclusion:1 adopt:1 foreign:7 formal:1 plan:1 yet:1 talk:2 latter:1 stage:1 one:2 representative:1 association:2 cologne:1 banker:1 expect:1 change:3 year:2 alteration:1 must:1 approve:1 four:1 major:1 federal:1 supervisory:1 office:1 slow:1 fact:2 fundamental:1 would:1 require:2 effect:1 since:2 1934:1 favour:1 reinterpret:1 fit:1 present:1 circumstance:1 order:2 avoid:1 long:2 parliamentary:1 political:1 process:1 beginning:1 1984:1 limit:1 lend:1 18:1 time:1 shareholder:1 equity:3 plus:1 reserve:1 consolidated:1 basis:1 lending:4 ratio:3 extend:2 several:1 new:2 spot:1 forward:2 contract:1 commercial:1 paper:1 program:1 future:1 various:1 innovative:1 type:2 hedge:1 main:1 value:2 lie:1 differentiate:1 different:2 risk:4 factor:1 instance:2 place:1 great:1 weight:1 even:1 agree:1 assessment:1 disagree:1 find:1 equivalent:1 include:3 complicated:1 series:1 formula:1 assess:1 stream:1 payment:1 involve:2 whose:1 ultimate:1 bear:1 financial:1 intermediary:1 especially:1 counterpartie:1 remain:1 anonymous:1 call:1 consider:1 much:1 complex:1 base:1 evaluation:1 instead:1 schedule:1 rating:1 assign:1 accord:1 creditworthiness:1 borrower:2 weighting:1 also:2 security:1 portfolio:1 zero:1 public:1 20:1 pct:3 domestic:1 50:1 100:1 non:1 complication:1 flexible:1 definition:2 allow:1 put:1 competitive:1 disadvantage:1 strict:1 mean:1 use:1 version:1 could:2 far:1 exceed:1 intent:1 specialist:1 dresdner:1 ag:1 date:1 exchange:1 transaction:2 bring:1 cross:1 despite:1 entirely:1 affect:1 uncertain:1 many:1 convert:1 full:2 subsidiary:1 status:1 apply:1 licence:1 last:1 two:1 lead:1 manage:1 mark:1 eurobond:1 fairly:1 small:1 tight:1 severely:1 hamper:1 freedom:1 movement:1 particularly:1 business:1 add:1
|
GERMAN BANKING AUTHORITIES WEIGH SWAP REGULATIONS
German banking authorities are
weighing rules for banks' off-balance sheet activities in an
attempt to cope with the growing volume of sophisticated
capital market instruments, banking sources said.
Interest rate and currency swaps and currency options are
under closest scrutiny, and if revisions are made they may
resemble regulation jointly proposed by the U.S. And U.K. To
Japan. Juergen Becker, director of the Bundesbank's division of
banking law and credit supervision, said the U.S.-British
proposals were interesting, but declined to elaborate.
But banking sources said West Germany was more likely to
produce its own conclusions than to adopt foreign proposals.
'There is no formal plan yet, but talks are in the latter
stages,' one representative of the German Banking Association in
Cologne said. Bankers expect rule changes this year.
All alterations must be approved by the Bundesbank, West
Germany's four major banking associations and the Federal
Banking Supervisory Office.
Talks have been slowed by the fact that fundamental changes
would require a revision of Germany's credit law, which has
been in effect since 1934.
Authorities favour reinterpreting the credit law to fit
present circumstances in order to avoid the long parliamentary
political process of changing it, banking sources said.
Since the beginning of 1984 the banking law has limited
banks' lending to 18 times shareholders' equity plus reserves,
on a consolidated basis.
But lending ratios do not extend to several newer
instruments such as spot and forward currency contracts,
currency and interest swaps, commercial paper programs,
currency options, interest rate futures in foreign currencies
and various innovative types of interest rate hedges.
The sources said the main value of the U.S.-U.K. Proposals
lay in differentiating between different types of risk factor,
and, for instance, in placing greater weight on currency swaps
than interest swaps. But even if German banking authorities
agree with some of the assessments of swaps, they disagree on
how to find balance sheet equivalents for the risk.
U.S.-British proposals include a complicated series of
formulae for assessing the stream of payments involved in
swaps, whose ultimate risk is borne by the financial
intermediary, especially when counterparties remain anonymous.
This is the so-called market-to-market value.
But German authorities are likely to consider this much too
complex and to base their evaluation instead on a schedule of
lending ratings assigned according to the creditworthiness of
the borrowers involved, the sources said.
The weightings, also likely if lending ratios are extended
to include banks' securities portfolios, are zero for public
authorities, 20 pct for domestic banks, 50 pct for foreign
banks and 100 pct for other foreign and non-bank borrowers.
A further complication is that the more flexible
definitions of equity allowed in the U.S. And the U.K. May put
German banks at a competitive disadvantage, the sources said.
Stricter definitions here also mean the use of a version of
the U.S.-U.K. Proposals could far exceed the intent of the U.S.
And British authorities, the sources said.
One specialist for Dresdner Bank AG said a long-dated
foreign exchange forward transaction could, for instance, be
brought under the same rule as a cross-currency swap, despite
the fact that the risk may be entirely different.
How new regulations will affect foreign banks here was
uncertain. Many have converted to full subsidiary status and
applied for a full banking licence over the last two years in
order to lead-manage mark eurobonds.
But as their equity capital is fairly small, tight lending
ratios will severely hamper foreign banks' freedom of movement,
particularly in the growing business of currency swaps, if they
are required to include more transactions in the balance sheet,
the sources added.
|
training/5203
|
training/5203 |@title bhp:2 merge:1 mineral:1 utah:1 international:1 |@word broken:1 hill:1 pty:2 co:2 ltd:2 brkn:1 say:4 merge:1 bhp:11 mineral:3 division:1 utah:7 international:6 inc:2 single:1 business:1 unit:1 common:1 management:2 structure:2 merger:1 effective:1 june:1 1:1 coincide:1 retirement:1 chairman:1 chief:2 executive:4 bud:1 wilson:1 statement:1 new:2 minerals:1 group:1 head:1 jim:1 curry:2 general:2 manager:1 officer:1 currently:1 vice:1 president:1 petroleum:3 americas:1 formerly:1 part:1 become:1 subsidiary:1 rename:1 company:1 also:1 bring:1 queensland:2 coal:4 operation:3 one:1 consolidate:1 marketing:1 sale:1 office:1 various:1 market:1 throughout:1 world:1 acquire:1 electric:1 ge:1 1984:1 asset:2 include:2 stake:1 40:1 25:2 52:1 pct:6 seven:1 large:1 central:1 coke:1 mine:6 49:1 samarco:1 iron:2 ore:2 brazil:1 60:1 la:1 escondida:1 copper:3 deposit:1 chile:1 island:1 port:1 hardy:1 canada:1 70:1 30:2 gold:2 south:1 africa:1 u:1 wholly:1 partly:1 mines:1 manganese:1 base:1 metal:1 prospect:1 ok:1 tedi:1 project:1 papua:1 guinea:1
|
BHP TO MERGE BHP MINERALS AND UTAH INTERNATIONAL
The Broken Hill Pty Co Ltd <BRKN.S>
said it will merge its BHP Minerals division and <Utah
International Inc> into a single business unit under a common
management structure.
The merger will be effective June 1, coinciding with the
retirement of Utah International chairman and chief executive
Bud Wilson, BHP said in a statement.
The new BHP-Utah Minerals International Group will be
headed by Jim Curry as executive general manager and chief
executive officer. Curry is currently executive vice-president
of Utah International, BHP said.
<BHP Petroleum (Americas) Inc>, formerly part of Utah
International, will become a subsidiary of BHP's renamed <BHP
Petroleum International>, now <BHP Petroleum Pty Ltd>, the
company said.
BHP will also bring its Queensland coal operations under
one management structure and consolidate minerals marketing and
sales offices in various markets throughout the world.
BHP acquired Utah from General Electric Co <GE> in 1984.
Utah's assets include stakes of 40.25 to 52.25 pct in seven
large Central Queensland coking mines, 49 pct of the Samarco
iron ore operation in Brazil, 60 pct of La Escondida copper
deposit in Chile, the Island Copper mine at Port Hardy in
Canada, 70 pct of a coal mine and 30 pct of a gold mine in
South Africa and coal and other mines in the U.S.
BHP Minerals' assets include wholly and partly-owned iron
ore mines, coal mines, manganese and base-metal operations or
prospects and 30 pct of the Ok Tedi gold-copper project in
Papua New Guinea.
|
training/5204
|
training/5204 |@title |@word bank:4 japan:2 satisfy:2 yen:2 around:2 current:2 range:2 senior:2 official:2 say:2
|
Bank of Japan satisfied with yen around current range, senior bank official says
Bank of Japan satisfied with yen around current range, senior bank official says
|
training/5205
|
training/5205 |@title german:1 retail:1 turnover:1 rise:1 one:1 pct:1 january:1 |@word west:1 german:1 retail:2 turnover:2 rise:2 real:1 one:1 pct:3 january:3 compare:2 month:2 year:3 earlier:1 accord:1 provisional:1 datum:1 federal:1 statistic:3 office:3 26:1 shopping:1 day:1 1986:1 statement:1 say:1 official:1 add:1 7:2 6:1 december:1 ago:1 slight:1 upward:1 revision:1 5:1 increase:1 provisionally:1 post:1
|
GERMAN RETAIL TURNOVER RISES ONE PCT IN JANUARY
West German retail turnover rose a
real one pct in January compared with the same month a year
earlier, according to provisional data from the Federal
Statistics Office.
There were 26 shopping days in January this year, the same
as in January 1986, a Statistics Office statement said.
A Statistics Office official added retail turnover had
risen by 7.6 pct in December compared with the year-ago month,
a slight upward revision from the 7.5 pct increase
provisionally posted.
|
training/5206
|
training/5206 |@title bank:1 japan:1 satisfy:1 yen:1 current:1 range:1 |@word bank:12 japan:6 satisfied:1 yen:2 around:2 current:4 range:2 senior:5 central:4 official:10 tell:2 reporter:1 say:15 pledge:1 major:1 industrial:1 nation:1 paris:1 last:2 month:1 cooperate:1 hold:1 exchange:5 rate:4 apply:1 direction:1 dollar:5 fall:1 rise:1 unilateral:1 intervention:2 ensure:1 currency:2 stability:2 useful:1 coordinate:1 policy:4 rather:1 confident:1 continue:2 time:2 decline:1 specific:1 finance:1 minister:1 kiichi:1 miyazawa:1 parliament:1 friday:1 necessarily:1 satisfactory:1 japanese:1 economy:5 ask:1 factor:1 may:4 destabilize:1 market:2 cite:1 lessening:1 fear:1 completely:1 unexpected:1 change:2 u:2 west:1 germany:1 resumption:1 comment:1 government:1 seek:1 talk:1 expect:4 gross:1 national:1 product:1 gnp:2 grow:2 three:1 pct:2 slightly:1 fiscal:2 year:4 begin:3 april:1 would:1 little:1 performance:2 domestic:1 demand:1 nearly:2 four:1 1987:1 88:1 external:1 sector:2 negative:1 impact:3 one:1 percentage:1 point:1 virtually:1 room:1 monetary:2 action:1 boost:1 future:2 much:1 depend:1 add:3 already:1 part:1 stimulate:1 cut:1 discount:1 five:1 half:1 although:2 see:1 imminent:1 risk:1 inflation:1 could:1 problem:1 sit:1 barrel:1 powder:1 fortunately:1 still:1 wet:1 liquidity:2 among:1 private:1 household:1 especially:1 corporate:1 increase:1 substantially:1 reason:1 recent:1 boom:1 stock:2 price:1 inflow:1 fund:1 occur:1 also:1 country:1 hope:1 federal:1 reserve:1 chairman:1 paul:1 volcker:1 appoint:1 term:1 expire:1 later:1 great:1 man:1 people:1 reappointment:1 turn:1 substantial:1 drop:1 effect:1 reduce:1 imbalance:1 world:1 trade:2 even:2 though:1 take:1 longer:1 show:1 position:1 feel:1 far:1 strong:1
|
BANK OF JAPAN SATISFIED WITH YEN AT CURRENT RANGE
The Bank of Japan is satisfied with the
yen around its current range, a senior central bank official
told reporters.
He said the pledge by major industrial nations in Paris
last month to cooperate to hold exchange rates around current
ranges applied in both directions, a dollar fall or a dollar
rise.
Unilateral intervention itself cannot ensure currency
stability, but it can be useful when coordinated with other
policies and with other central banks, he said.
The Bank of Japan is rather confident currency stability
will continue for some time, the senior bank official said, but
declined to be more specific.
Finance Minister Kiichi Miyazawa told parliament on Friday
the current dollar/yen exchange rate is not necessarily
satisfactory for the Japanese economy.
Asked what factors might destabilize the markets, the
official cited a lessening of market fear about intervention, a
completely unexpected change in the economy of Japan, the U.S.
Or West Germany, or resumption of comments by government
officials seeking to talk the dollar up or down.
The senior bank official said he expects Japan's gross
national product (GNP) to grow three pct or slightly more in
the fiscal year beginning in April. That would be little
changed from the performance expected this year.
Domestic demand may grow nearly four pct in 1987/88, but
the external sector will have a negative impact on GNP of
nearly one percentage point, he said.
He said there was virtually no room for further monetary
policy action to boost the economy. The economy's performance
in the future very much depends on fiscal policy, he added.
The central bank's monetary policy has already done its
part in stimulating the economy, the senior bank official said.
The Bank of Japan has cut its discount rate five times over the
last year and a half.
Although the central bank does not see any imminent risk of
inflation, there could be some problems in the future, he said.
'We are sitting on a barrel of powder, but fortunately it may
still be wet,' he added.
Liquidity among private households and especially the
corporate sector has increased substantially, he said.
The liquidity is the reason for the recent boom of stock
exchange prices, the bank official said. This inflow of funds
into the stock exchange, occurring also in other countries, may
continue, he said.
The senior official said the Bank of Japan is hoping
Federal Reserve chairman Paul Volcker will be re-appointed when
his current term expires later this year.
'He's a great man,' the official said, adding that more and
more people expect his reappointment.
Turning to exchange rates, the official said the
substantial drop in the dollar is beginning to have an effect
on reducing the imbalance in world trade, even though the
impact has taken longer than expected to show through. Even the
U.S. Trade position has begun to feel the impact, although so
far it has not been very strong, he said.
|
training/5207
|
training/5207 |@title bangladesh:1 money:1 supply:1 rise:1 december:1 |@word bangladesh:1 broad:1 base:2 m2:2 money:1 supply:1 rise:6 6:1 95:1 pct:10 132:1 79:1 billion:6 taka:2 december:6 0:2 51:2 124:1 16:3 november:3 3:2 07:1 114:1 22:1 1985:3 central:1 bank:1 say:1 year:4 basis:1 25:1 12:2 month:1 04:1 narrowly:1 m1:2 9:2 55:1 50:1 fall:1 45:3 64:1 03:1 add:1 86:1
|
BANGLADESH MONEY SUPPLY RISES IN DECEMBER
Bangladesh's broad-based M2 money supply
rose 6.95 pct to 132.79 billion taka in December after rising
0.51 pct to 124.16 billion in November and 3.07 pct to 114.22
billion in December 1985, the Central Bank said.
On a year on year basis, M2 rose 16.25 pct in the 12 months
to December, 12.04 pct to November and 16 pct to December 1985.
Narrowly-based M1 rose 9.55 pct to 50 billion taka against
a fall of 0.45 pct to 45.64 billion in November and a 3.03 pct
rise to 45.51 billion to December 1985, it added.
Year on year, M1 rose 9.86 pct in December.
|
training/5209
|
training/5209 |@title japan:1 dowa:1 mining:1 produce:1 gold:1 april:1 |@word dowa:1 mining:1 co:1 ltd:1 say:3 start:1 commercial:1 production:1 gold:6 copper:2 lead:2 zinc:2 nurukawa:1 mine:2 northern:1 japan:1 april:1 company:2 spokesman:1 monthly:1 output:1 expect:1 consist:2 1:1 300:1 tonne:4 ore:6 3:2 700:1 black:2 survey:1 show:1 contain:1 13:1 gram:1 per:1 prove:1 reserve:2 amount:1 50:1 000:1 estimate:1 total:1 one:1 mln:1 add:1
|
JAPAN'S DOWA MINING TO PRODUCE GOLD FROM APRIL
<Dowa Mining Co Ltd> said it will start
commercial production of gold, copper, lead and zinc from its
Nurukawa Mine in northern Japan in April.
A company spokesman said the mine's monthly output is
expected to consist of 1,300 tonnes of gold ore and 3,700 of
black ore, which consists of copper, lead and zinc ores.
A company survey shows the gold ore contains up to 13.3
grams of gold per tonne, he said.
Proven gold ore reserves amount to 50,000 tonnes while
estimated reserves of gold and black ores total one mln tonnes,
he added.
|
training/521
|
training/521 |@title jim:1 walter:1 corp:1 jwc:1 set:1 payout:1 |@word qtly:1 div:1 35:2 ct:2 vs:1 prior:1 pay:1 april:1 one:1 record:1 march:1 14:1
|
JIM WALTER CORP <JWC> SETS PAYOUT
Qtly div 35 cts vs 35 cts prior
Pay April One
Record March 14
|
training/5210
|
training/5210 |@title japan:1 business:1 decline:1 see:1 bottom:1 |@word extended:1 decline:1 japan:1 overall:3 business:1 performance:1 likely:1 bottom:1 current:1 january:1 march:2 quarter:1 finance:2 ministry:1 say:6 improve:1 corporate:3 earning:5 well:1 prospect:1 stability:1 yen:3 make:1 company:3 optimistic:1 carry:1 quarterly:1 survey:4 conduct:1 february:1 base:1 questionnaire:1 return:1 8:3 328:1 large:1 small:1 firm:2 sector:1 except:1 insurance:1 industry:1 expect:1 turn:1 positive:1 estimate:2 0:1 4:2 pct:7 year:4 increase:1 second:3 half:7 fiscal:6 1986:3 end:1 31:1 5:1 decrease:1 first:4 grow:2 1987:3 rise:4 10:2 7:4 add:1 manufacturer:1 hit:1 hard:1 steady:1 dollar:1 fall:1 non:1 manufacturing:1 11:1 9:1 figure:1 bolster:1 profit:1 electric:1 power:1 gas:1 benefit:1 appreciation:1
|
JAPAN BUSINESS DECLINE SEEN BOTTOMING OUT
The extended decline in Japan's overall
business performance was likely to bottom out in the current
January-March quarter, the Finance Ministry said.
Improved corporate earnings and better prospects for the
stability of the yen had made companies more optimistic, it
said after carrying out a quarterly survey.
The survey, conducted in February, was based on
questionnaires returned by 8,328 large and small firms in all
sectors except the finance and insurance industries.
The survey said overall corporate earnings were expected to
turn positive with an estimated 0.4 pct year on year increase
in the second half of fiscal 1986 ending on March 31 after a
5.4 pct decrease in the first half.
Corporate earnings will grow further in the first half of
fiscal 1987, rising an estimated 10.7 pct, it added.
Manufacturers' earnings, hit hard by the yen's steady rise
against the dollar, will rise 7.7 pct in first-half fiscal 1987
after falling 10.7 pct in the second half of fiscal 1986, it
said.
Overall earnings of non-manufacturing companies will rise
11.8 pct year on year in the first half of fiscal 1987 after
growing 9.8 pct in the second half of fiscal 1986, the survey
said.
It said this figure was bolstered by profits of firms such
as electric power and gas companies which have benefitted from
the yen's appreciation.
|
training/5212
|
training/5212 |@title carlton:1 buy:1 stake:1 central:1 independent:1 tv:1 |@word carlton:2 communications:1 plc:2 ccml:1 l:2 say:2 statement:1 purchase:1 20:1 pct:2 stake:1 5:2 1:1 mln:4 share:3 central:2 independent:1 television:1 ladbroke:1 group:1 ladb:1 578p:1 per:1 consideration:1 29:1 stg:3 meet:1 18:2 2:1 cash:1 issue:1 one:1 million:1 ordinary:1 show:1 pretax:1 profit:1 57:1 8:1 year:1 end:1 30:1 september:1 1986:1
|
CARLTON BUYS STAKE IN CENTRAL INDEPENDENT TV
Carlton Communications Plc <CCML.L> said
in a statement it had purchased a 20 pct stake or some 5.1 mln
shares in Central Independent Television from Ladbroke Group
Plc <LADB.L> at 578p per share.
The consideration of 29.5 mln stg will be met with 18.2 mln
stg in cash and the issue of one million ordinary Carlton
shares, it said.
Central showed pretax profits up by 57 pct to 18.8 mln stg
for the year ended 30 September 1986.
|
training/5214
|
training/5214 |@title european:1 beet:1 planting:1 see:1 little:1 change:1 |@word european:4 sugar:24 beet:13 planting:12 expect:4 show:2 little:2 change:2 last:15 year:19 despite:2 recent:4 firmness:1 world:7 price:12 analyst:4 industry:3 source:2 say:20 reuter:1 survey:3 intention:3 far:1 community:1 ec:9 grower:1 plan:4 unchanged:4 lower:1 area:11 increase:2 eastern:1 nations:1 trade:1 private:1 report:1 give:3 similar:1 result:2 differ:1 significantly:1 first:2 estimate:3 stagnant:1 1987:3 make:3 week:3 west:3 german:2 statistician:1 f:1 licht:3 may:1 slightly:2 low:5 agricultural:2 expert:2 steady:2 rise:5 yield:8 improve:2 seed:2 variety:1 well:1 farming:1 technique:1 could:3 offset:1 good:1 autumn:1 weather:1 late:2 boost:1 disappointing:1 start:1 grow:4 season:2 reflect:1 extent:1 producer:4 call:1 c:4 unsubsidised:1 sale:1 market:5 produce:2 excess:1 basic:3 need:1 meet:2 b:4 quota:7 receive:1 full:1 partial:1 support:1 respectively:1 open:1 row:1 break:2 commission:1 export:2 policy:2 serious:1 implication:1 future:2 output:5 threaten:1 effectively:1 dump:1 nearly:1 one:1 mln:12 tonne:14 white:7 intervention:2 stock:1 feel:1 subsidy:1 compensate:1 gap:1 high:8 internal:1 however:1 budget:1 stretch:1 point:1 treasury:1 minister:1 extra:1 resolve:1 resist:1 guaranteed:1 build:1 case:1 cut:3 add:1 france:2 large:3 non:1 board:1 firs:2 indicate:1 421:1 000:15 hectare:4 nine:1 pct:2 previous:2 trend:1 towards:1 stability:1 spokesman:5 unlike:1 raw:1 dollar:1 french:1 franc:1 particularly:1 encourage:1 level:2 3:3 37:2 average:4 8:4 00:1 per:1 ha:8 apart:1 netherlands:2 52:1 five:1 11:1 germany:2 alter:2 since:1 decision:1 take:1 month:1 ago:1 farm:1 ministry:2 december:1 still:2 valid:1 trim:1 four:1 1986:6 reduce:1 385:1 399:1 british:2 plc:2 monopoly:1 processor:2 sign:2 u:1 k:1 farmer:3 1:7 25:1 crop:1 equal:1 second:2 ever:1 32:1 total:1 144:1 due:2 consistent:1 disease:1 resistant:1 type:1 polish:2 wincenty:1 nowicki:2 deputy:1 director:1 cukropol:1 amalgamated:1 enterprise:1 production:3 cost:1 way:1 convince:1 already:1 contract:1 national:2 set:1 begin:1 put:2 460:1 425:1 74:1 less:1 impact:1 italy:1 traditionally:1 exporter:1 gear:1 domestic:3 official:2 growers:1 association:1 italian:1 sowing:3 yet:1 complete:1 suggest:1 drop:1 270:1 especially:1 north:1 switch:1 soya:1 15:1 5:1 72:1 dutch:2 fall:1 130:1 record:2 137:1 600:2 new:2 self:1 impose:1 system:2 come:1 force:1 centrale:1 suik:1 aim:1 around:1 915:1 2:1 combine:1 872:1 would:1 much:1 recently:1 planned:1 really:1 worthwhile:1 western:1 moscow:1 soviet:2 likely:1 40:1 44:1 hungary:1 expand:1 105:1 95:1 mti:1 news:1 agency:1 diplomat:1 balance:1 supply:1 demand:2 spanish:1 agriculture:1 180:1 denmark:1 concern:1 de:1 danske:1 sukkerfabrikker:1 target:2 365:1 60:1 sweden:1 plant:1 see:1 changed:1 51:2 300:1 accord:1 company:1 svenska:1 sockerfabriks:1 ab:1 irish:2 10:1 state:1 run:1 equivalent:1 36:1 400:1
|
EUROPEAN BEET PLANTINGS SEEN LITTLE CHANGED
European sugar beet plantings are
expected to show little change from last year, despite recent
firmness in world prices, analysts and industry sources said.
A Reuter survey of planting intentions showed that while,
so far, European Community (EC) growers plan unchanged to lower
areas, increases are expected in some Eastern European nations.
Trade analysts said their private reports give similar
results and do not differ significantly from the first estimate
of stagnant 1987 European beet plantings made last week by West
German sugar statistician F. O. Licht.
Areas may be slightly lower but analysts and agricultural
experts said the steady rise in yields resulting from improved
seed varieties and better farming techniques could offset this.
In recent years, good autumn weather has given yields a late
boost, making up for lower areas despite some disappointing
starts to growing seasons.
Changes in EC areas reflect the extent to which producers
will grow so-called 'C' sugar for unsubsidised sale to the world
market. This is what is produced in excess of the basic area
needed to meet the EC 'A' and 'B' quotas, which receive full and
partial price support, respectively.
Some analysts said the open row that broke out last week
between producers and the EC commission over its export policy
could have serious implications for future sugar output.
Beet producers have threatened to effectively dump nearly
one mln tonnes of white sugar into EC intervention stocks as
they feel export subsidies have been too low to compensate for
the gap between high EC internal and low world market prices.
However, with the EC budget stretched to breaking point,
this could give treasury ministers extra resolve in resisting
higher guaranteed sugar prices and build a case for a future
cut in the basic 'A' and 'B' quotas, they added.
In France, the largest producer of EC quota and non quota
sugar, the sugar market intervention board FIRS said first
planting intentions indicate an area about the same as last
year's 421,000 hectares, nine pct below the previous year.
'The basic trend is towards stability,' a FIRS spokesman
said. Unlike world market raw sugar prices in dollars, white
sugar French franc prices are not particularly high and are not
encouraging higher planting levels, he said. Beet sugar output
last year was 3.37 mln tonnes, with an average yield of 8.00
tonnes per ha, the highest in the EC apart from the Netherlands
but below 8.52 the previous year and a five year average 8.11.
In West Germany, recent price rises have not altered plans,
since planting decisions were taken a few months ago, industry
sources said. The farm ministry said a December survey is still
valid and plantings should be cut slightly after being trimmed
by just under four pct in 1986 when yields were above average.
Licht last week estimated West German plantings at a
reduced 385,000 hectares against 399,000 last year.
British Sugar Plc, the monopoly beet processor, has signed
up U.K. Farmers to grow 8.1 mln tonnes of beet. This should
yield about 1.25 mln tonnes of whites. Last year's crop
equalled the second highest ever at 1.32 mln tonnes.
British Sugar has 'A' and 'B' quotas totalling 1.144 mln tonnes
of whites and its 'C' output is due to improved yields from more
consistent disease-resistant seed types.
Recent price rises have not altered Polish plans, Wincenty
Nowicki, a deputy director of Cukropol, the Amalgamated Sugar
Industry Enterprises, said. World prices are still below Polish
production costs and there is no way to convince farmers to
increase the area above the already signed contracted level.
The national plan, set before prices began to rise, put
plantings this year at 460,000 hectares, against 425,000 in
1986, Nowicki said. Last year production was 1.74 mln tonnes.
World prices have less impact in Italy than in France or
Germany as it is traditionally not an exporter but is geared to
the domestic market, an official at the national beet growers'
association said. Italian sowings are not yet complete but
surveys suggest a drop from last year's 270,000 ha, especially
in the north where some farmers have switched to soya.
Beet output last season of 15.5 mln tonnes yielded a higher
than expected 1.72 mln tonnes of white sugar.
Dutch plantings are expected to fall to 130,000 ha from a
record 137,600 in 1986 as a new self-imposed quota system comes
into force, a spokesman for Centrale Suiker, the second largest
Dutch sugar processor, said.
The new system aims for an average of around 915,000 tonnes
of white sugar and to cut output of 'C' sugar. Last year, the
Netherlands produced a record 1.2 mln tonnes of white sugar
against a combined 'A' and 'B' quota of only 872,000 tonnes.
'The world price of sugar would have to rise much higher
than it has done recently to make planned production of 'C' sugar
really worthwhile,' the spokesman said.
Western agricultural experts in Moscow said Soviet planting
intentions are likely to be unchanged. Licht put this year's
Soviet beet area at 3.40 mln ha, against 3.44 mln last year.
Hungary is expanding its beet area to 105,000 ha from some
95,000 in 1986, the official MTI news agency said, but
diplomats said policy is to balance supply with domestic
demand.
The Spanish ministry of agriculture said beet sowings are
estimated unchanged at 180,000 ha this year.
A spokesman for Denmark's largest beet concern, De Danske
Sukkerfabrikker A/S, said its 1987 sugar target was unchanged
from 1986 at 365,000 tonnes from a steady area of 60,000 ha.
In Sweden, where beet is grown just to meet domestic
demand, the planted area is seen little changed at 51,000 ha
against 51,300 last year, according to a spokesman for sugar
company Svenska Sockerfabriks AB.
Last year, Irish yields were the lowest for 10 years due to
late sowings and the state-run Irish Sugar Plc said the 1987
plantings target is the equivalent of 36,400 hectares, down
from 37,600 in 1986.
|
training/5215
|
training/5215 |@title swiss:1 unemployment:1 fall:1 0:1 9:1 pct:1 february:1 |@word swiss:1 unemployment:2 edge:1 0:1 9:1 pct:2 work:2 population:1 one:1 january:2 february:1 1986:1 federal:1 office:2 industry:1 trade:1 labour:1 say:1 seasonally:1 adjust:1 however:1 slight:1 rise:1 number:2 fall:1 28:1 439:1 1:1 142:1 compare:1 previous:1 month:1 vacant:1 position:1 register:1 employment:1 stand:1 11:1 968:1 10:1 694:1
|
SWISS UNEMPLOYMENT FALLS TO 0.9 PCT IN FEBRUARY
Swiss unemployment edged down to 0.9 pct
of the working population from one pct in January and in
February 1986, the Federal Office of Industry, Trade and Labour
said.
Seasonally adjusted, however, there was a slight rise in
unemployment.
The number out of work fell to 28,439, down 1,142 compared
with the previous month. The number of vacant positions
registered with employment offices stood at 11,968 against
10,694 in January.
|
training/5216
|
training/5216 |@title malaysia:1 gold:1 foreign:1 exchange:1 reserve:1 rise:1 |@word malaysia:3 gold:1 foreign:1 exchange:1 reserve:1 rise:2 16:1 07:2 billion:11 ringgit:5 february:11 15:1 73:1 january:4 12:1 23:1 1986:3 bank:3 negara:1 say:3 central:1 cumulative:1 asset:1 end:6 fall:2 20:2 02:1 68:1 17:1 last:2 year:3 holding:1 federal:1 government:1 security:1 drop:1 876:1 mln:6 1:1 70:1 month:2 earlier:2 2:1 30:1 special:1 drawing:1 right:1 355:1 352:1 286:1 imf:1 position:1 unchanged:1 507:1 422:1 ago:1 currency:1 circulation:1 7:2 43:1 8:1 32:1 18:1
|
MALAYSIA'S GOLD AND FOREIGN EXCHANGE RESERVES RISE
Malaysia's gold and foreign
exchange reserves rose to 16.07 billion ringgit in February
from 15.73 billion in January and 12.23 billion in February
1986, Bank Negara Malaysia said.
The central bank said cumulative assets at end-February
fell to 20.02 billion ringgit from 20.68 billion at end-January
but were up from 17.07 billion at end-February last year.
Holdings of federal government securities dropped to 876
mln ringgit in February from 1.70 billion a month earlier and
2.30 billion in February 1986.
Malaysia's special drawing rights rose to 355 mln ringgit
at end-February from 352 mln at end-January and 286 mln at
end-February 1986, the bank said.
The IMF position was unchanged from January at 507 mln but
was above the 422 mln in February a year ago.
Currency in circulation in February fell to 7.43 billion
ringgit from 8.32 billion a month earlier but was up from 7.18
billion in February last year.
|
training/5218
|
training/5218 |@title malaysian:1 crude:1 palm:1 oil:1 output:1 fall:1 february:1 |@word malaysian:1 crude:1 palm:3 oil:3 cpo:2 production:1 fall:3 estimate:4 270:1 400:1 tonne:4 february:7 273:1 300:1 january:4 332:1 995:1 1986:2 registration:1 license:1 authority:1 porla:1 say:1 stock:2 286:1 440:1 287:1 940:1 653:1 411:1 last:1 year:1 process:1 193:1 060:2 205:1 225:1 576:1 figure:1 subject:1 revision:1
|
MALAYSIAN CRUDE PALM OIL OUTPUT FALLS IN FEBRUARY
Malaysian crude palm oil (cpo)
production fell to an estimated 270,400 tonnes in February from
an estimated 273,300 tonnes in January and 332,995 in February
1986, the Palm Oil Registration and Licensing Authority (PORLA)
said.
Cpo stocks fell to an estimated 286,440 tonnes in February
from 287,940 in January and 653,411 in February last year.
Processed palm oil stocks in February fell to an estimated
193,060 tonnes from 205,060 in January and 225,576 in February
1986.
The January and February figures are subject to revision.
|
training/5219
|
training/5219 |@title pearson:1 plc:1 pson:1 l:1 yr:1 end:1 dec:1 31:1 |@word shr:1 37:1 4p:1 vs:10 30p:1 final:1 div:1 7p:1 make:1 12p:1 10p:1 pre:2 tax:2 profit:3 121:1 1:5 mln:16 stg:2 109:1 3:3 net:2 minority:2 76:1 6:3 62:1 8:1 turnover:1 952:1 970:1 interest:3 132:1 124:1 11:2 15:1 44:1 5:4 46:1 2:1 extraordinary:2 debit:2 9:1 credit:1 note:1 reflect:1 full:1 provision:1 discontinue:1 financial:1 time:1 print:1 operation:1 bracken:1 house:1 1988:1 partly:1 offset:1 gain:1 disposal:1
|
PEARSON PLC <PSON.L> YR ENDED DEC 31
Shr 37.4p vs 30p.
Final div 7p, making 12p vs 10p.
Pre-tax profit 121.1 mln stg vs 109.3 mln.
Net profit before minorities 76.6 mln stg vs 62.8 mln.
Turnover 952.6 mln vs 970.1 mln.
Pre-interest profit 132.1 mln vs 124.6 mln.
Net interest 11 mln vs 15.3 mln.
Tax 44.5 mln vs 46.5 mln.
Minority interests 3.1 mln vs 5.2 mln.
Extraordinary debit 9.1 mln vs credit 11.5 mln.
Note - Extraordinary debit reflected full provision for
discontinuing the Financial Times's printing operations at
Bracken House in 1988, partly offset by gains on disposals.
|
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