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training/522
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training/522 |@title fed:1 add:1 reserve:1 via:1 customer:1 repurchase:1 |@word federal:2 reserve:2 enter:1 u:1 government:1 security:1 market:1 arrange:1 1:1 5:1 billion:1 dlrs:1 customer:1 repurchase:1 agreement:1 fed:2 spokesman:1 say:2 dealer:1 fund:1 trade:1 6:1 3:1 16:1 pct:1 begin:1 temporary:1 indirect:1 supply:1 banking:1 system:1
|
FED ADDS RESERVES VIA CUSTOMER REPURCHASES
The Federal Reserve entered the U.S.
Government securities market to arrange 1.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
Dealers said Federal funds were trading at 6-3/16 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
|
training/5220
|
training/5220 |@title china:1 report:1 700:1 mln:1 dlr:1 two:1 month:1 trade:1 deficit:1 |@word china:3 trade:4 deficit:2 total:4 700:1 mln:1 dlrs:4 first:1 two:1 month:1 year:1 accord:1 figure:3 release:1 state:1 statistics:1 bureau:3 new:1 news:1 agency:1 quote:1 say:2 foreign:1 9:1 3:2 billion:3 period:2 export:2 worth:1 4:1 volume:1 2:1 5:1 pct:2 1986:2 18:1 1:1 give:1 comparative:1 12:1 official:1 show:1
|
CHINA REPORTS 700 MLN DLR TWO-MONTH TRADE DEFICIT
China's trade deficit totalled 700 mln
dlrs in the first two months of this year, according to figures
released by the State Statistics Bureau.
The New China News Agency quoted the Bureau as saying
foreign trade totalled 9.3 billion dlrs in the period, of which
exports were worth 4.3 billion dlrs.
The bureau said total trade volume was up 2.5 pct on the
same 1986 period, with exports up 18.1 pct, but it gave no
other comparative figures.
China's 1986 trade deficit totalled 12 billion dlrs,
official figures show.
|
training/5222
|
training/5222 |@title poclain:1 offer:1 par:1 right:1 issue:1 |@word french:1 machinery:1 maker:1 poclain:4 40:1 pct:1 tenneco:2 inc:1 say:1 raise:1 capital:3 791:1 mln:4 franc:4 91:2 100:1 13:2 right:1 offering:1 shareholder:2 price:1 par:1 10:2 share:2 offer:1 march:1 25:1 april:1 second:1 stage:2 restructuring:1 plan:1 announce:1 december:1 become:1 majority:1 first:1 reduce:2 455:1 nominal:1 value:1 50:1 trade:1 friday:1 paris:1 bourse:1 38:1 20:1
|
<POCLAIN> OFFERS PAR RIGHTS ISSUE
French machinery maker <Poclain>, 40 pct
owned by <Tenneco Inc>, said it will raise its capital to 791
mln francs from 91 mln by a 100 for 13 rights offering to
shareholders priced at par of 10 francs a share.
The offer, between March 25 and April 13, is the second
stage of a capital restructuring plan announced in December
under which Tenneco will become Poclain's majority shareholder.
In the first stage Poclain reduced its capital to 91 mln
from 455 mln by reducing the nominal value of its shares to 10
francs from 50.
Poclain traded Friday on the Paris Bourse at 38.20 francs.
|
training/5223
|
training/5223 |@title u:1 k:1 money:1 market:1 offer:1 early:1 assistance:1 |@word bank:1 england:1 say:1 invite:1 early:1 round:1 bill:3 offer:1 discount:1 house:1 forecast:1 shortage:1 system:2 1:2 05:1 billion:2 stg:5 among:1 main:1 factor:1 affect:1 liquidity:1 mature:1 official:1 hand:1 treasury:1 take:2 drain:1 07:1 exchequer:1 transaction:1 around:1 335:1 mln:3 banker:1 balance:1 target:1 five:1 partly:1 offset:1 outflow:1 fall:1 note:1 circulation:1 add:1 355:1 today:1
|
U.K. MONEY MARKET OFFERED EARLY ASSISTANCE
The Bank of England said it invited an
early round of bill offers from discount houses after
forecasting a shortage in the system of some 1.05 billion stg.
Among the main factors affecting liquidity, bills maturing
in official hands and treasury bill take-up will drain some
1.07 billion stg while exchequer transactions will take out
around 335 mln stg and bankers' balances below target five mln
stg.
Partly offseting these outflows, a fall in note circulation
will add some 355 mln stg to the system today.
|
training/5226
|
training/5226 |@title manila:1 government:1 take:1 san:1 miguel:1 board:1 |@word government:2 commission:2 control:2 51:1 pct:3 san:3 miguel:3 corp:1 smc:4 stock:4 increase:1 nominee:1 firm:1 15:1 member:1 board:1 nine:1 six:1 want:2 correct:2 business:1 practice:2 ramon:1 diaz:4 chairman:1 presidential:1 good:1 pcgg:4 tell:2 reuters:1 right:1 lot:1 company:4 keep:1 many:1 thing:1 shareholder:1 one:1 say:5 spokesman:1 decline:1 comment:1 new:1 york:1 investment:2 bank:1 allen:1 co:1 inc:1 interested:2 tender:1 outstanding:1 subsequent:1 dispersal:1 60:1 filipino:1 investor:1 comply:1 law:1 australian:1 businessman:1 brewer:1 alan:1 bond:1 brewing:2 elder:1 ixl:1 ltd:1 elxa:1 buy:1 40:1 add:1 foreign:2 input:1 would:1 allow:1 food:1 conglomerate:1 philippines:1 big:1 manufacture:1 concern:1 plan:1 remove:1 president:1 andres:1 soriano:1 family:1 tremendous:1 prestige:1 run:1 appreciate:1 management:1 certainly:1
|
MANILA GOVERNMENT TO TAKE OVER SAN MIGUEL BOARD
A government commission that controls 51
pct of <San Miguel Corp> (SMC) stock will increase its nominees
on the firm's 15-member board to nine from six.
'We want to correct business practices,' Ramon Diaz, chairman
of the Presidential Commission on Good Government (PCGG), told
Reuters.
'Right now there are a lot of companies that keep so many
things from their shareholders and one of them is San Miguel,'
he said.
A San Miguel spokesman declined comment.
Diaz said New York investment bank Allen and Co Inc told
the PCGG it was interested in tendering for all outstanding SMC
stock, with the subsequent dispersal of 60 pct of the stock to
Filipino investors to comply with investment laws.
He said Australian businessman and brewer Alan Bond and the
brewing company Elders IXL Ltd <ELXA.S> were interested in
buying 40 pct each of SMC stock.
He added that the PCGG wanted some foreign input but would
not allow foreign control of the brewing and food conglomerate,
the Philippines' biggest manufacturing concern.
Diaz said the PCGG did not plan to remove SMC president
Andres Soriano from his family company.
'He has tremendous prestige to run the company,' Diaz said.
'We appreciate his management, but certainly some practices have
to be corrected.'
|
training/5228
|
training/5228 |@title cie:1 bancaire:1 one:1 five:1 bonus:1 share:1 issue:1 |@word cie:3 bancaire:2 subsidiary:1 recently:1 privatise:1 banking:1 group:1 financiere:1 de:1 paribas:1 pari:1 pa:1 say:3 issue:1 2:1 35:1 mln:2 new:1 100:1 franc:3 nominal:1 share:1 basis:1 one:1 five:1 already:1 hold:1 operation:1 begin:1 march:1 31:1 spokesman:1 also:1 increase:1 capital:1 1:2 41:1 billion:2 17:1 incorporation:1 237:1 74:1 reserve:1
|
CIE BANCAIRE IN ONE-FOR-FIVE BONUS SHARE ISSUE
<Cie Bancaire>, a subsidiary of recently
privatised banking group Cie Financiere de Paribas <PARI.PA>,
said it is issuing 2.35 mln new 100 francs nominal shares on
the basis of one for five already held.
The operation will begin on March 31, a spokesman said.
Cie Bancaire also said it has increased its capital to 1.41
billion francs from 1.17 billion by the incorporation of 237.74
mln francs of reserves.
|
training/5231
|
training/5231 |@title israeli:1 inflation:1 rate:1 1:1 0:1 pct:1 february:1 |@word israel:1 inflation:2 rate:1 february:4 one:1 pct:5 compare:1 2:1 1:2 january:1 6:1 1986:1 spokesman:2 central:1 bureau:1 statistics:1 say:3 12:1 month:1 end:1 23:1 price:2 rise:1 mostly:1 housing:1 health:1 education:1 entertainment:1 transport:1 wage:1 control:2 force:1 since:1 august:1 1985:1 official:1 help:1 soften:1 effect:1 recent:1 10:1 devaluation:1 shekel:1
|
ISRAELI INFLATION RATE IS 1.0 PCT IN FEBRUARY
Israel's inflation rate for February
was one pct, compared to 2.1 pct in January and 1.6 pct in
February 1986, a spokesman for the Central Bureau of Statistics
said.
Inflation for the 12 months ending in February was 23 pct,
the spokesman said.
February price rises were mostly in housing, health,
education, entertainment and transport.
Wage and price controls have been in force since August
1985. Officials said the controls have helped soften the effect
of a recent 10 pct devaluation of the shekel.
|
training/5232
|
training/5232 |@title u:1 k:1 money:1 market:1 give:1 90:1 mln:1 stg:1 early:1 help:1 |@word bank:3 england:1 say:1 provide:1 money:1 market:2 assistance:1 worth:1 90:1 mln:1 stg:2 response:1 early:1 round:1 bill:2 offer:1 discount:1 house:1 earlier:1 estimate:1 shortage:1 system:1 today:1 1:2 05:1 billion:1 buy:1 resale:1 equal:1 amount:1 april:1 2:1 3:1 interest:1 rate:1 10:1 7:1 16:1 pct:1
|
U.K. MONEY MARKET GIVEN 90 MLN STG EARLY HELP
The Bank of England said it provided the
money market with assistance worth 90 mln stg in response to an
early round of bill offers from discount houses.
Earlier, the bank estimated the shortage in the system
today at some 1.05 billion stg.
The bank bought bills for resale to the market in equal
amounts on April 1, 2 and 3 at an interest rate of 10-7/16 pct.
|
training/5234
|
training/5234 |@title bond:1 defer:1 rights:1 issue:1 mulls:1 project:1 partner:1 |@word bond:9 corp:4 international:5 ltd:5 subsidiary:1 australian:1 base:1 holdings:1 bona:1 say:8 would:3 defer:1 planned:1 right:2 issue:4 still:2 want:2 make:1 july:1 31:1 date:1 set:1 announce:1 january:2 document:3 shareholders:1 delay:1 follow:1 receipt:1 240:2 mln:3 h:1 k:1 dlr:3 loan:2 parent:1 company:3 meet:1 first:1 payment:2 newly:1 acquire:1 centre:1 commercial:2 complex:3 central:1 hong:2 kong:2 also:3 outside:1 partner:1 take:1 50:1 pct:2 project:1 announcement:1 finance:2 1:3 4:2 billion:3 acquisition:1 23:1 77:1 stake:1 hk:6 tvb:3 tvbh:1 film:1 magnate:1 run:2 shaw:1 reach:1 agreement:1 consortium:1 lead:1 sino:2 land:3 co:2 buy:2 construction:1 9:1 dlrs:3 except:1 deal:1 internal:1 resource:1 sell:3 interest:2 building:2 must:1 complete:1 end:1 1987:1 several:1 residential:1 mid:1 level:1 district:1 total:1 68:1 35:1 statement:1 flat:1 among:1 property:2 last:1 year:1 hongkong:2 hkld:1 analyst:1 heavily:1 gear:1 rely:1 bank:1 borrowing:1 purchase:1 share:2 plan:1 hold:1 long:1 term:1 investment:1
|
BOND DEFERS RIGHTS ISSUE, MULLS PROJECT PARTNERS
<Bond Corp International Ltd>, a
subsidiary of the Australian-based Bond Corp Holdings Ltd
<BONA.S>, said it would defer its planned rights issue but
still wants the issue to be made before July 31.
No date has been set for the issue, announced in January.
In a document to shareholders, Bond Corp said the delay
follows its receipt of a 240 mln H.K. Dlr loan from its parent
company to meet the first payment on the newly acquired Bond
Centre commercial complex in central Hong Kong.
It also wants outside partners to take up to 50 pct in the
project, the company said.
The January announcement said the rights issue would
finance Bond Corp's 1.4 billion dlr acquisition of a 23.77 pct
stake in HK-TVB Ltd <TVBH.HK> from film magnate Run Run Shaw.
The company then reached an agreement with a consortium led
by Sino Land Co Ltd <SINO.HK> to buy a commercial complex that
is still under construction for 1.9 billion dlrs.
Bond International said in the document that except for the
240 mln dlr loan, the deal would be financed from internal
resources and by selling an interest in the building.
The payments must be completed by the end of 1987.
Bond International has also sold several residential
buildings in Hong Kong's mid-levels district for a total of
68.35 mln dlrs, the statement said.
The flats were among the properties it bought last year
from Hongkong Land Co Ltd <HKLD.HK> for 1.4 billion dlrs.
Analysts said Bond International is heavily geared as it
has relied on bank borrowings to purchase both the Hongkong
Land properties and the HK-TVB shares.
Bond International also said in the document that while it
plans to sell an interest in the complex it will hold the
HK-TVB shares as a long-term investment.
|
training/5235
|
training/5235 |@title philippines:1 see:1 1987:1 government:1 revenue:1 26:1 pct:1 |@word philippine:1 government:6 revenue:2 expect:2 rise:1 26:1 pct:4 99:1 9:3 billion:8 peso:4 year:5 79:1 1:3 1986:2 finance:3 secretary:1 jaime:1 ongpin:5 say:11 report:1 president:2 corazon:1 aquino:2 department:2 performance:1 end:2 february:2 28:1 least:1 15:1 accrue:1 new:1 tax:2 reform:4 measure:1 announce:1 last:2 goal:1 official:1 development:1 assistance:1 oda:2 two:1 dlrs:5 add:2 aid:2 donor:2 commit:1 inflow:1 7:2 1987:2 30:1 3:1 step:1 plan:3 provide:1 sound:1 base:1 include:1 value:1 vat:1 system:1 due:1 introduce:2 1988:1 give:1 detail:1 treasury:1 bill:1 maturities:1 interest:2 rate:2 level:1 volume:1 security:1 sell:1 private:1 sector:1 improve:1 significantly:1 particular:1 short:1 term:1 prime:1 go:1 40:1 1985:1 less:1 10:1 debt:1 equity:1 scheme:1 august:1 attract:1 276:1 mln:4 worth:1 application:1 selective:1 evaluation:1 result:1 approval:1 61:1 8:1 aim:2 accelerate:1 privatisation:1 program:2 sale:3 non:1 perform:1 asset:1 associate:1 former:1 ferdinand:1 marcos:1 achieve:1 target:1 four:1 would:2 help:1 land:4 earlier:1 month:1 24:1 hope:1 raise:1 fail:1 company:1 use:1 also:1 pursue:1 effort:1 obtain:1 500:1 concessional:1 funding:1 world:1 bank:1 lead:1 consultative:1 group:1 multilateral:1 bilateral:1 distribute:1 hectare:1 poor:1 peasant:1
|
PHILIPPINES SEES 1987 GOVERNMENT REVENUE UP 26 PCT
Philippine government revenue is
expected to rise 26 pct to 99.9 billion pesos this year from
79.1 billion in 1986, Finance Secretary Jaime Ongpin said.
In a report to President Corazon Aquino on his department's
performance during the year ended February 28, Ongpin said at
least 15.9 billion pesos were expected to accrue from new tax
reform measures announced last year.
He said the goal for official development assistance (ODA)
this year is two billion dlrs, adding that aid donors have
committed ODA inflows of 1.7 billion dlrs in 1987, up 30 pct
from 1.3 billion in 1986.
Ongpin said steps planned to provide a sound revenue base
included a value added tax (VAT) system due to be introduced in
1988. He gave no other details.
He said treasury bill maturities, interest rate levels and
the volume of government securities sold to the private sector
have improved significantly. 'In particular, short-term prime
interest rates which had gone over 40 pct in 1985, are now down
to less than 10 pct,' he said.
Ongpin said the government's debt-equity scheme, introduced
in August last year, had attracted more than 276 mln dlrs worth
of applications, but selective evaluation had resulted in
approvals of only 61.8 mln dlrs at end-February.
He said his department aims to accelerate its privatisation
program and the sale of non-performing assets owned by
associates of former President Ferdinand Marcos to achieve a
1987 sales target of four billion pesos which would help
finance land reform.
Aquino said earlier this month that all the 24 billion
pesos the government hopes to raise from the sale of the failed
companies will be used to finance the land reform plan.
Ongpin also said the government would pursue efforts to
obtain 500 mln dlrs in concessional funding for the program
from a World Bank-led consultative group of multilateral and
bilateral aid donors.
The government has said the land reform plan aims to
distribute 9.7 mln hectares of land to poor peasants.
|
training/5236
|
training/5236 |@title norway:1 trade:1 deficit:1 widen:1 february:1 |@word norway:1 trade:1 deficit:1 widen:1 february:4 957:1 mln:3 crown:5 80:1 january:3 492:1 last:2 year:2 central:1 bureau:1 statistics:1 say:1 export:2 drop:1 10:3 66:1 billion:6 month:1 compare:1 11:2 85:1 1986:1 add:1 crude:1 oil:1 natural:1 gas:1 total:1 4:1 56:1 5:2 36:1 ago:1
|
NORWAY'S TRADE DEFICIT WIDENS IN FEBRUARY
Norway's trade deficit widened in February
to 957 mln crowns from 80 mln crowns in January and 492 mln
crowns in February last year, the Central Bureau of Statistics
said.
Exports dropped to 10.66 billion crowns last month,
compared with 11.11 billion in January and 10.85 billion in
February 1986, it added.
Crude oil and natural gas exports totalled 4.56 billion
crowns in February, against 5.10 billion in January and 5.36
billion a year ago.
|
training/5237
|
training/5237 |@title uae:1 government:1 paper:1 yield:1 unchanged:1 |@word yield:2 certificate:1 deposit:1 issue:1 united:1 arab:1 emirates:1 central:1 bank:2 unchanged:1 6:1 1:1 8:1 pct:1 say:1 apply:1 maturity:1 one:1 two:1 three:1 six:1 month:1
|
UAE GOVERNMENT PAPER YIELDS UNCHANGED
Yields on certificates of deposit
issued by the United Arab Emirates Central Bank were unchanged
at 6-1/8 pct, the bank said.
The yield applies to maturities of one, two, three and six
months.
|
training/5238
|
training/5238 |@title dutch:1 cost:1 living:1 fall:1 1:1 2:1 pct:1 february:1 |@word dutch:1 cost:1 live:1 index:2 base:1 1980:1 fall:3 1:2 2:2 pct:3 121:1 5:1 year:2 mid:2 february:3 3:1 january:2 1987:1 economics:1 ministry:2 say:1 0:1 clothing:1 shoe:1 vegetable:1 price:2 rise:1 coffee:1 heating:1 oil:1 car:1 fuel:1 add:1
|
DUTCH COST OF LIVING FALLS 1.2 PCT IN FEBRUARY
The Dutch cost of living index (base
1980) fell 1.2 pct to 121.5 in the year to mid-February after a
1.3 pct fall in the year to mid-January 1987, the Economics
Ministry said.
The February index was 0.2 pct up on January.
Clothing, shoe and vegetable prices rose in February while
prices of coffee, heating oil and most car fuels fell, the
Ministry added.
|
training/524
|
training/524 |@title japan:1 ntt:1 forecast:1 profit:1 fall:1 1987:1 88:1 |@word nippon:1 telegraph:1 telephone:1 corp:1 ntt:3 expect:2 profit:1 fall:1 328:2 billion:7 yen:3 year:4 end:1 march:1 31:1 1988:1 project:2 348:1 company:1 say:3 total:2 sale:1 period:1 rise:1 5:2 506:1 business:1 operation:1 plan:2 submit:1 post:1 telecommunications:1 ministry:1 make:1 capital:1 investment:1 1:2 770:1 1987:1 88:1 include:1 109:1 research:1 development:1 600:1
|
JAPAN'S NTT FORECASTS PROFITS FALL IN 1987/88
<Nippon Telegraph and Telephone Corp>
(NTT) expects its profits to fall to 328 billion yen in the
year ending March 31, 1988 from a projected 348 billion this
year, the company said.
Total sales for the same period are expected to rise to
5,506 billion yen from a projected 5,328 billion this year, NTT
said in a business operations plan submitted to the Post and
Telecommunications Ministry.
NTT said it plans to make capital investments of 1,770
billion yen in 1987/88, including 109 billion for research and
development, as against a total of 1,600 billion this year.
|
training/5240
|
training/5240 |@title swedish:1 industrial:1 production:1 fall:1 january:1 |@word sweden:1 industrial:1 production:2 fall:3 1:1 8:2 pct:2 january:2 compare:2 0:1 month:1 remain:1 unchanged:1 1986:1 accord:1 figure:1 central:1 bureau:2 statistics:1 attribute:1 long:1 christmas:1 break:1 particularly:1 cold:1 weather:1 lower:1 forestry:1 industry:1
|
SWEDISH INDUSTRIAL PRODUCTION FALLS IN JANUARY
Sweden's industrial production fell
1.8 pct during January compared with a fall of 0.8 pct the
month before and remains unchanged compared with January 1986,
according to figures from the Central Bureau of Statistics.
The bureau attributed the fall to a long Christmas break
and particularly cold weather, which lowered production in the
forestry industry.
|
training/5241
|
training/5241 |@title bundesbank:1 add:1 money:1 market:1 liquidity:1 |@word bundesbank:4 come:2 domestic:1 money:4 market:2 add:3 temporary:1 liquidity:4 federal:1 government:1 fund:2 call:3 rate:2 rise:4 4:3 0:4 pct:3 dealer:4 say:3 estimate:1 bulk:2 3:4 95:1 fall:1 90:2 move:2 80:1 friday:2 extend:1 begin:2 take:2 six:1 billion:9 mark:6 owe:1 european:2 central:1 bank:4 currency:1 intervention:1 framework:1 monetary:1 system:1 january:1 could:2 ease:1 trading:1 today:1 expect:2 later:1 week:3 pay:2 tax:2 payment:1 behalf:1 client:1 30:1 likely:3 leave:1 month:2 next:2 anticipation:1 drain:3 stock:1 reserve:5 thursday:1 minimum:1 holdings:1 decline:1 57:1 60:1 wednesday:1 well:1 53:1 2:1 hold:1 tuesday:1 daily:3 average:3 holding:2 slightly:1 54:2 7:1 5:1 level:1 around:1 51:1 need:1 require:1 heavy:1 march:1 remain:1 cautious:1 absolutely:1 necessary:1 however:1 new:1 security:1 repurchase:1 pact:1 replace:1 facility:1 expire:1 somewhat:1 offset:1 allocate:1 due:1 roll:1
|
BUNDESBANK ADDS MONEY MARKET LIQUIDITY
The Bundesbank came into the domestic
money market to add temporary liquidity through federal
government funds as call money rates rose above 4.0 pct,
dealers said.
They estimated that the bulk of liquidity was added at
about 3.95 pct. Call money fell to 3.90/4.0 pct after the move.
It had been 3.80/90 on Friday.
The move came as call money extended a rise begun Friday
after the Bundesbank took up some six billion marks owed to it
by other European central banks after currency interventions in
the framework of European Monetary System in January.
Rates could ease further in trading today but dealers
expect them to rise later in the week as banks begin paying out
funds for tax payments on behalf of clients.
Some 30 billion marks is likely to leave the market this
month, with the bulk being paid out next week.
In anticipation of this liquidity drain, banks have stocked
up reserves at the Bundesbank.
On Thursday, minimum reserve holdings declined to 57.0
billion marks from 60.0 billion on Wednesday but were well
above the 53.2 billion held on Tuesday. Daily average reserve
holdings rose slightly to 54.7 billion marks from 54.5 billion.
The daily average reserve holdings were above the level of
around 51 billion marks dealers said is needed for the required
daily average for the month.
With the heavy tax drain in March, banks are likely to
remain cautious about taking more liquidity out of reserves
than is absolutely necessary.
However, a new securities repurchase pact likely to be
added next week to replace a facility expiring then could
somewhat offset the drain.
The Bundesbank is expected to allocate more than the 3.4
billion marks which is due to be rolled over, dealers said.
|
training/5243
|
training/5243 |@title pechiney:1 sign:1 letter:1 intent:1 soviet:1 union:1 |@word pechiney:3 pukg:1 pa:1 say:4 sign:1 two:3 letter:1 intent:1 soviet:2 union:2 cover:1 setting:1 packaging:4 material:1 joint:1 venture:3 one:1 propose:1 would:2 produce:1 aluminium:1 food:1 cosmetic:1 envisaged:1 put:1 together:1 consortium:1 european:1 partner:1 set:1 equipment:1 manufacturing:1 unit:1 spokesman:1 work:1 group:1 prepare:1 detailed:1 project:1 next:1 three:1 month:1 soon:1 estimate:1 financial:1 value:1
|
PECHINEY SIGNS LETTERS OF INTENT WITH SOVIET UNION
Pechiney <PUKG.PA> said it signed two
letters of intent with the Soviet Union covering the setting up
of packaging and packaging materials joint ventures.
It said one proposed venture would produce aluminium
packaging for food and cosmetics. The other envisaged Pechiney
putting together a consortium of European partners to set up a
packaging and equipment manufacturing unit in the Soviet Union.
A Pechiney spokesman said two working groups would prepare
detailed projects over the next three months. He said it was
too soon to estimate the financial value of the two ventures.
|
training/5244
|
training/5244 |@title mees:1 say:1 second:1 week:1 march:1 opec:2 output:1 14:1 mln:1 bpd:1 |@word produce:2 14:1 mln:6 bpd:14 oil:5 second:2 week:3 march:4 1:2 8:1 ceiling:1 largely:1 pipeline:3 problem:1 turkey:2 ecuador:3 middle:1 east:1 economic:1 survey:1 mees:2 estimate:1 landslide:1 breach:1 iraq:2 one:2 6:1 earthquake:1 shut:1 export:3 four:1 five:1 month:1 opec:3 quota:2 210:1 000:9 mee:2 put:1 saudi:5 arabian:1 output:3 2:2 9:1 first:1 3:2 addition:1 neutral:2 zone:2 arabia:2 kuwait:1 say:8 pump:1 300:1 total:1 production:2 float:1 storage:1 minister:1 hisham:1 nazer:1 tell:2 reuters:1 television:1 news:1 agency:1 visnew:1 yesterday:1 include:1 around:1 three:1 cyprus:1 base:1 newsletter:2 also:2 authoritative:1 libyan:2 source:1 libya:2 850:1 compare:1 948:1 actual:1 lifting:1 much:1 low:1 major:1 equity:4 producer:2 partially:1 stop:1 lift:3 55:1 entitlement:2 insist:1 official:4 price:5 still:1 40:1 debt:1 crude:5 25:1 purchase:1 small:1 tripoli:1 could:1 send:1 telex:2 member:3 country:2 call:1 formation:1 committee:1 study:1 inequality:1 market:2 potential:1 among:1 various:1 iraqi:2 letter:1 indicate:1 baghdad:1 difficulty:1 sell:1 point:1 substantial:1 volume:1 subject:1 regulation:1 refined:1 product:1 margin:1 equivalent:1 covert:1 discount:1 form:1 hydrocarbon:1 package:1 deal:1
|
MEES SAYS SECOND WEEK MARCH OPEC OUTPUT 14 MLN BPD
OPEC produced only about 14 mln bpd of
oil in the second week of March -- 1.8 mln bpd below its
ceiling -- largely because of pipeline problems in Turkey and
Ecuador, the Middle East Economic Survey (MEES) estimated.
A landslide breached Iraq's one mln bpd pipeline through
Turkey on March 6 for a week, and earthquakes in Ecuador have
shut down its export pipeline for four to five months. Ecuador
has an OPEC quota of 210,000 bpd.
MEES put Saudi Arabian output at 2.9 mln bpd in the first
week of March and 3.1 mln bpd in the second, in addition to
output from the Neutral Zone between Saudi Arabia and Kuwait.
MEES said Saudi Arabia was pumping more than 300,000 bpd of
its total production into floating storage.
Saudi Oil Minister Hisham Nazer told Reuters and the
television news agency Visnews yesterday that Saudi output,
including Neutral Zone production, was around three mln bpd.
The Cyprus-based newsletter also said authoritative Libyan
oil sources said Libya was producing 850,000 bpd, compared with
its 948,000 bpd quota, and that actual liftings are much lower
than that.
It said one major Libyan equity producer had partially
stopped lifting its 55,000 bpd equity entitlement for March
because Libya was insisting on official prices, but is still
lifting 40,000 bpd of debt crude at official prices and a
further 25,000 bpd of 'purchase crude.'
It said small equity producers, with entitlements of only
2,000 to 3,000 bpd, had also told Tripoli they could not lift
at official prices.
MEES said Iraq had sent a telex to OPEC and member
countries calling for the formation of a committee to study
what it said were inequalities in marketing potential among
various members.
The newsletter said the Iraqi letter indicated Baghdad was
having difficulty selling crude at official prices.
The Iraqi telex pointed out that some member countries
export substantial volumes of oil that are not subject to OPEC
price regulations -- exports of refined products, equity crude
on which the margins are equivalent to covert discounts and
'other forms of hydrocarbons' which are marketed in package deals
with crude oil.
|
training/5245
|
training/5245 |@title finnish:1 inflation:1 fall:1 3:1 5:1 pct:1 february:1 |@word year:2 finnish:1 consumer:3 price:3 fall:1 3:3 5:2 pct:6 february:6 1986:2 7:2 january:3 4:1 6:1 1985:2 central:1 statistical:1 office:1 say:1 rise:2 0:2 one:1 index:1 base:1 1981:1 142:2 2:1 137:1 8:1
|
FINNISH INFLATION FALLS TO 3.5 PCT IN FEBRUARY
Year-on year Finnish consumer prices
fell to 3.5 pct in February 1986 from 3.7 pct in January and
4.6 pct in February 1985, the Central Statistical Office said.
Consumer prices rose 0.3 pct in February after rises of one
pct in January and 0.5 pct in February 1985.
The consumer price index, base 1981, was 142.7 in February,
142.2 in January and 137.8 in February 1986.
|
training/525
|
training/525 |@title ec:1 commission:1 give:1 plan:1 save:1 steel:1 industry:1 |@word european:1 community:1 steelmaker:1 present:2 executive:1 commission:2 controversial:1 plan:4 future:1 industry:6 diplomat:2 say:5 may:1 force:1 reluctantly:1 accept:1 steel:5 output:1 would:4 remain:1 subject:1 restrictive:1 quota:3 import:1 firmly:2 control:1 year:2 come:1 firm:2 undertake:1 massive:1 slimme:1 operation:1 adjust:1 capacity:3 lower:1 demand:1 commissioner:1 karl:1 heinz:1 narjes:3 propose:2 ending:1 system:2 december:1 1988:1 return:1 free:1 market:1 ec:4 law:1 suppose:1 exist:1 except:1 time:1 manifest:1 crisis:2 minister:2 meet:1 discuss:1 idea:1 march:1 19:1 argue:1 country:2 order:1 fall:1 customer:1 switch:1 alternative:1 product:1 account:1 red:1 major:1 produce:1 likely:1 shy:1 away:1 proposal:1 could:1 back:1 instead:1 hope:1 minimise:1 political:1 impact:1 plant:2 closure:2 source:1 steelmakers:1 lobby:1 group:1 eurofer:3 retain:1 production:2 least:1 end:1 1990:1 statement:1 consultant:1 work:1 identify:1 scope:1 close:1 voluntary:1 basis:1 reduce:2 15:1 26:1 mln:2 tonne:2 cut:1 still:1 insufficient:1 one:1 area:1 hot:1 roll:1 coil:1 talk:1 need:2 add:1 support:1 government:1 carry:1 program:1 particularly:1 social:1 cost:1 redundancy:1 payment:1 already:1 shed:1 240:1 000:1 job:1 decade:1 annual:1 31:1
|
EC COMMISSION GIVEN PLAN TO SAVE STEEL INDUSTRY
European Community steelmakers
presented the Executive Commission with a controversial plan
for the future of the industry which diplomats say it may be
forced reluctantly to accept.
Under the plan steel output would remain subject to
restrictive quotas and imports would be firmly controlled for
years to come while steel firms undertook a massive
slimming-down operation to adjust capacity to lower demand.
Industry Commissioner Karl-Heinz Narjes has proposed the
ending of the quota system by December 1988.
He has proposed a return to the free market, which under EC
law is supposed to exist except in times of 'manifest crisis.'
But diplomats said some ministers who meet to discuss this
idea on March 19 will argue that steel firms are in crisis in
their countries, with orders falling as customers switch to
alternative products and accounts firmly in the red.
Ministers from the EC's major steel producing countries are
likely to shy away from Narjes' proposals and could back the
industry's own plan instead, in the hope of minimising the
political impact of plant closures, they said.
Industry sources said the plan presented to Narjes by the
EC steelmakers' lobby group Eurofer would retain the quota
production system at least until the end of 1990.
Eurofer said in a statement consultants working for it
identified scope for closing plants on a 'voluntary' basis to
reduce capacity by 15.26 mln tonnes a year.
Cuts were still insufficient in one production area, that
of hot rolled coils, and further talks were needed.
Eurofer added the industry would need the support of the
Commission and governments in carrying out a closure program,
particularly with social costs such as redundancy payments.
The EC steel industry has already shed 240,000 jobs this
decade while reducing annual capacity by 31 mln tonnes.
|
training/5250
|
training/5250 |@title pearson:1 concentrate:1 four:1 sector:1 |@word pearson:3 plc:1 pson:1 l:1 say:3 recent:2 sale:3 fairey:1 engineering:1 company:2 51:1 5:1 mln:6 stg:3 management:1 buy:1 part:1 policy:1 concentrate:1 four:1 key:2 sector:3 statement:1 1986:2 result:1 information:1 entertainment:1 financial:1 times:1 ft:2 newspaper:1 record:2 profit:3 subject:1 70:1 investment:1 programme:1 printing:1 publishing:1 operation:2 move:1 new:1 plant:1 london:1 dockland:1 next:1 year:1 merchant:1 banking:1 oil:4 china:2 comment:1 camco:1 inc:1 service:1 subsidiary:2 believe:1 business:1 setback:1 temporary:1 group:1 acquire:1 property:1 u:1 britain:1 begin:1 make:1 significant:1 impact:1 1990:1 far:1 east:1 fine:1 royal:1 doulton:1 ltd:1 expand:1 wake:1 japan:1 add:1 report:1 pre:1 tax:1 121:1 1:1 109:1 3:1 1985:1 turnover:1 fall:1 953:1 970:1
|
PEARSON CONCENTRATES ON FOUR SECTORS
Pearson Plc <PSON.L> said the recent
sale of its Fairey Engineering companies, in a 51.5 mln stg
management buy-out, was part of its policy of concentrating on
four key sectors.
In a statement with its 1986 results, the company said its
information and entertainments sector's Financial Times, FT,
newspaper had record sales and profits.
The FT is subject to a 70 mln stg investment programme,
with the printing and publishing operation moving to a new
plant in the London docklands next year.
Its other key sectors are merchant banking, oil and china.
Commenting on its Camco Inc oil service subsidiary, Pearson
said it believes the oil business setback is only temporary.
The group has been acquiring oil properties in both the
U.S. And Britain which will begin to make a significant impact
on profits in the 1990s.
Far East operations of fine china subsidiary Royal Doulton
Ltd are being expanded in the wake of record recent sales in
Japan, it added.
Pearson reported 1986 pre-tax profit of 121.1 mln stg, up
from 109.3 mln in 1985. Turnover fell to 953 mln from 970 mln.
|
training/5251
|
training/5251 |@title |@word german:2 february:2 central:2 bank:2 money:2 grow:2 annual:2 7:2 5:2 pct:2 january:2 prov:2 bundesbank:2 data:1 datum:1
|
German February central bank money grows annual 7.5 pct (January, same) - prov. Bundesbank data
German February central bank money grows annual 7.5 pct (January, same) - prov. Bundesbank data
|
training/5253
|
training/5253 |@title german:1 february:1 central:1 bank:1 money:1 growth:1 steady:1 |@word west:1 german:1 central:2 bank:2 money:2 stock:3 grow:3 annualize:4 7:3 5:3 pct:9 february:7 unchanged:1 report:1 january:6 provisional:1 datum:3 bundesbank:3 show:3 figure:1 thus:1 outside:1 three:1 six:5 range:1 set:1 1987:1 absolute:1 term:1 measure:1 rise:5 223:1 2:2 billion:6 mark:3 221:1 8:6 prior:1 month:5 6:2 slower:1 9:3 4:1 period:2 two:1 component:1 comprise:1 cash:1 circulation:1 111:2 110:2 give:1 3:1 10:1 increase:2 minimum:1 reserve:1 requirement:1 domestic:1 liability:1 yield:1 slightly:1
|
GERMAN FEBRUARY CENTRAL BANK MONEY GROWTH STEADY
West German central bank money stock
was growing at an annualized 7.5 pct in February, unchanged
from the 7.5 pct reported in January, provisional data from the
Bundesbank showed.
The figure was thus outside the three to six pct range set
by the Bundesbank for 1987.
In absolute terms, the measure rose to 223.2 billion marks
in February from 221.8 billion in the prior month.
The data showed that the stock grew at an annualized 8.6
pct over the six months to February, slower than the 9.4 pct
rise in the same period to January.
Of the two components comprising central bank money stock,
cash in circulation rose to 111.7 billion marks in February
from 110.9 billion in January, the Bundesbank data showed.
This gave an annualized 8.3 pct rise over the six months to
February, down from a 10.2 pct increase over the six months to
January.
Minimum reserve requirements on domestic liabilities grew
to 111.5 billion marks in February from 110.9 billion in
January.
This yielded an annualized 8.8 pct rise over the six month
to February, up slightly from an 8.6 pct increase over the same
period to January.
|
training/5254
|
training/5254 |@title uk:2 feb:2 retail:2 sale:2 rise:2 provisional:2 2:8 pct:4 jan:2 fall:2 official:2 |@word
|
UK FEB RETAIL SALES RISE PROVISIONAL 2.2 PCT (JAN FALL 2.2 PCT) - OFFICIAL
UK FEB RETAIL SALES RISE PROVISIONAL 2.2 PCT (JAN FALL 2.2 PCT) - OFFICIAL
|
training/5255
|
training/5255 |@title german:1 bank:1 see:1 high:1 gold:1 price:1 1987:1 |@word gold:4 expect:2 continue:1 rise:4 year:3 due:2 renew:1 inflationary:2 pressure:2 especially:1 u:3 hamburg:1 base:1 verein:1 und:1 westbank:1 ag:1 say:5 statement:1 stabilisation:1 crude:2 oil:2 price:3 organisation:1 petroleum:1 exporting:1 country:2 effort:1 achieve:1 firming:1 lead:2 grow:1 world:1 big:1 producer:1 money:1 supply:2 japan:1 west:1 germany:1 exceed:1 central:1 bank:2 limit:1 real:1 growth:1 gross:1 national:1 product:1 use:1 physical:1 increase:1 industrial:1 demand:2 high:1 coin:1 production:1 speculative:1 influence:1 future:1 market:1 also:1 factor:1 south:1 africa:1 unstable:1 political:1 situation:1 may:1 temporary:1 reduction:1 underline:1 firm:1 sentiment:1 however:1 australia:1 output:1 estimate:1 90:1 tonne:2 73:1 5:1 1986:1
|
GERMAN BANK SEES HIGHER GOLD PRICE FOR 1987
Gold is expected to continue its rise
this year due to renewed inflationary pressures, especially in
the U.S., Hamburg-based Vereins- und Westbank AG said.
It said in a statement the stabilisation of crude oil
prices and the Organisation of Petroleum Exporting Countries'
efforts to achieve further firming of the price led to growing
inflationary pressures in the U.S., The world's biggest crude
oil producer.
Money supplies in the U.S., Japan and West Germany exceed
the central banks' limits and real growth of their gross
national products, it said.
Use of physical gold should rise this year due to increased
industrial demand and higher expected coin production, the bank
said.
Speculative demand, which influences the gold price on
futures markets, has also risen. These factors and South
Africa's unstable political situation, which may lead to a
temporary reduction in gold supplies from that country,
underline the firmer sentiment, it said.
However, Australia's output is estimated to rise to 90
tonnes this year from 73.5 tonnes in 1986.
|
training/5256
|
training/5256 |@title u:1 k:1 retail:1 sale:1 rise:1 2:2 pct:1 february:1 |@word volume:1 u:1 k:1 retail:3 sale:5 rise:1 provisional:2 seasonally:2 adjust:2 2:4 pct:4 february:7 fall:1 final:3 january:3 figure:3 release:1 department:2 trade:1 industry:1 show:1 index:2 base:1 1980:1 put:1 preliminary:1 125:1 0:2 122:1 3:1 three:2 month:2 december:1 level:1 little:1 change:1 previous:1 nearly:1 six:1 high:2 year:3 ago:1 period:2 non:1 value:1 basis:1 9:1 earlier:1 note:1 late:1 similar:1 average:1 fourth:1 quarter:1 last:1 well:1 depress:1 effect:1 severe:1 weather:1 trading:1 comprise:1 four:1 week:1 1:1 28:1 publish:1 april:1 6:1
|
U.K. RETAIL SALES RISE 2.2 PCT IN FEBRUARY
The volume of U.K. Retail sales rose a
provisional, seasonally adjusted 2.2 pct in February after
falling a final 2.2 pct in January, figures released by the
Department of Trade and Industry show.
The February sales index, base 1980, was put at a
preliminary 125.0 after a final 122.3 in January.
In the three months from December to February, the level of
sales was little changed over the previous three months but was
nearly six pct higher than the same year ago period.
On a non-seasonally adjusted value basis, retail sales in
February were a provisional 9.0 pct higher than a year earlier.
The Department noted the latest figures were similar to the
average in the fourth quarter last year but well above the
January index, which was depressed by the effects of severe
weather.
The February trading period comprised the four weeks
February 1 to 28. Final February retail sales figures will be
published on April 6.
|
training/5257
|
training/5257 |@title transport:1 development:1 group:1 plc:1 tdgl:1 l:1 1986:1 year:1 |@word shr:2 17:1 15p:1 vs:10 12:1 37p:1 final:1 dividend:1 5:2 5p:2 make:1 7:2 6:2 2p:1 pre:1 tax:3 profit:3 39:1 4:2 mln:12 stg:3 29:1 turnover:1 543:1 2:4 481:1 operating:1 48:1 38:1 net:2 interest:2 8:2 9:1 14:1 3:1 11:1 25:1 1:1 18:1 minority:1 300:1 000:2 615:1 tangible:1 asset:1 per:1 ordinary:1 111:1 3p:1 101:1 6p:1
|
TRANSPORT DEVELOPMENT GROUP PLC <TDGL.L> 1986 YEAR
Shr 17.15p vs 12.37p
Final dividend 5.5p, making 7.5p vs 6.2p
Pre-tax profit 39.4 mln stg vs 29.7 mln.
Turnover 543.2 mln stg vs 481.5 mln
Operating profit 48.2 mln stg vs 38.2 mln
Net interest 8.9 mln vs 8.6 mln
Tax 14.3 mln vs 11.2 mln
Profit after tax 25.1 mln vs 18.4 mln
Minority interest 300,000 vs 615,000
Net tangible assets per ordinary shr 111.3p vs 101.6p
|
training/5258
|
training/5258 |@title cocoa:1 late:1 focus:1 commodity:1 pact:1 negotiator:1 |@word credibility:1 government:3 effort:1 stabilise:1 fluctuate:1 commodity:3 price:10 put:1 test:1 next:2 two:2 week:3 country:4 try:2 agree:4 buffer:13 stock:15 operate:4 cocoa:20 market:7 delegate:5 trade:8 expert:2 say:10 ago:1 world:1 coffee:4 slump:1 international:4 organization:2 member:6 fail:1 export:1 quota:2 calculate:1 many:1 gather:1 building:1 pact:6 reach:2 last:2 summer:1 work:1 still:2 unresolved:1 legal:1 wrangle:1 surround:1 tin:1 council:2 itc:2 loss:1 run:1 hundred:1 million:1 sterling:2 also:2 cast:1 shadow:1 negotiation:1 failure:1 restrict:1 negotiator:1 ability:1 compromise:2 want:3 involve:1 build:1 flaw:1 unlimited:1 liability:1 clear:2 line:1 draw:1 aid:1 hopeful:1 sign:2 cooperation:1 agreement:4 basic:1 element:1 new:1 natural:1 rubber:1 geneva:1 weekend:1 import:1 insist:1 icco:7 rule:3 must:3 muddy:1 type:3 subclause:1 may:1 dictate:1 buy:7 one:3 consumer:8 would:2 distort:1 support:2 industry:2 source:3 blame:1 uncertainty:2 destabilise:1 recent:2 collapse:1 make:3 trader:1 acutely:1 aware:1 founder:1 friday:3 help:2 push:1 london:3 future:3 eight:1 month:1 low:2 strength:1 contribute:1 slip:1 daily:1 average:1 fall:1 level:1 1:1 600:1 sdrs:1 tonne:5 designate:1 come:1 force:2 session:2 january:2 without:1 operation:2 producer:7 could:1 discretion:1 give:2 limit:2 physical:1 expressly:1 cash:1 balance:1 250:2 mln:1 dlrs:2 almost:1 100:1 000:2 enough:1 mount:1 large:1 buying:2 selling:1 carry:1 forward:2 previous:2 finance:1 45:1 levy:1 upper:1 key:2 argument:3 face:1 working:2 group:3 meet:4 today:1 tomorrow:1 non:4 differential:3 pay:1 different:3 another:1 schedule:1 wednesday:1 discuss:1 administrative:1 matter:1 full:1 thursday:1 far:1 maintain:1 fund:1 mop:1 surplus:1 produce:1 malaysia:1 cheap:1 rather:2 compete:1 chocolate:1 manufacturer:1 premium:1 high:3 quality:3 cocoas:1 closely:1 link:1 european:2 adviser:1 suggest:1 maximum:1 share:1 represent:1 use:1 exist:1 currently:2 good:1 west:1 african:1 tender:1 par:1 onto:1 discount:1 review:1 range:2 50:1 stg:1 brazilian:1 malaysian:1 reverse:1 sell:2 demand:1 talk:1 slow:1 split:2 inside:1 community:1 france:1 side:1 ec:2 representative:1 closed:1 brussels:1 attempt:1 common:1 ground:1 diplomatic:1 narrow:1 position:1 among:1 12:1 nation:1 look:1 flexibility:1 part:1 day:1 able:1 respond:1 describe:1 proposal:1 mean:2 less:1 back:1 concept:1 contrast:1 seem:1 technical:1 issue:1 outstanding:1 include:1 whether:1 single:1 announced:1 post:1 announce:1 accept:2 offer:3 either:1 case:1 opportunity:1 shipment:1 directly:1 way:1 competitive:1 spot:1 dealer:1
|
COCOA LATEST FOCUS FOR COMMODITY PACT NEGOTIATORS
The credibility of government efforts to
stabilise fluctuating commodity prices will again be put to the
test over the next two weeks as countries try to agree on how a
buffer stock should operate in the cocoa market, government
delegates and trade experts said.
Only two weeks ago, world coffee prices slumped when
International Coffee Organization members failed to agree on
how coffee export quotas should be calculated. This week, many
of the same experts gather in the same building here to try to
agree on how the cocoa pact reached last summer should work.
The still unresolved legal wrangle surrounding the
International Tin Council (ITC), which had buffer stock losses
running into hundreds of millions of sterling, is also casting
a shadow over commodity negotiations.
The ITC's failure has restricted negotiators' ability to
compromise as governments do not want to be involved in pacts
with built-in flaws or unlimited liability, but want clear
lines drawn between aid and trade.
A more hopeful sign of cooperation was agreement on basic
elements of a new International Natural Rubber Agreement in
Geneva at the weekend.
Some importing countries insist the International Cocoa
Organization (ICCO) buffer stock rules must not be muddied with
quota type subclauses which might dictate the type of cocoa to
be bought. One consumer country delegate said this would
'distort, not support' the market.
Trade and industry sources blame uncertainty about the ICCO
for destabilising the market as the recent collapse in coffee
prices has made traders acutely aware that commodity pacts can
founder. On Friday this uncertainty helped push London cocoa
futures down to eight month lows. The strength of sterling has
also contributed to the recent slip in prices.
The ICCO daily and average prices on Friday fell below the
'must buy' level of 1,600 SDRs a tonne designated in the pact,
which came into force at the last ICCO session in January but
without rules for the operation of the buffer stock.
Consumers and producers could not agree on how it should
operate and what discretion it should be given. The agreement
limits it to trading physical cocoa and expressly says it
cannot operate on futures markets.
A cash balance of some 250 mln dlrs and a stock of almost
100,000 tonnes of cocoa, enough to mount large buying or
selling operations, were carried forward from the previous
agreement.
Members finance the stock through a 45 dlrs a tonne levy on
all cocoa they trade. It has an upper limit of 250,000 tonnes.
The key arguments being faced by the ICCO working group on
buffer stock rules which is meeting today and tomorrow will be
over non-member cocoa and differentials the buffer stock should
pay when trading different types of cocoa. Another working
group is scheduled to meet Wednesday to discuss administrative
matters, and the full council meets on Thursday.
Producers have so far maintained that buffer stock funds
should not help mop up surplus cocoa produced in non-member
countries such as Malaysia.
Consumers say when this cocoa is the cheapest the buffer
stock should buy it rather than compete with chocolate
manufacturers for premium-priced high quality cocoas.
The argument over buying non-member cocoa is closely linked
to the one over differentials for different qualities.
European industry and trade advisers have suggested as a
compromise that the buffer stock have a maximum share that can
represent non-member cocoa and that it use the London futures
market's existing differentials for different qualities.
Currently, good West African cocoa is tendered at par onto
the London market.
Discounts, which are currently under review, range up to 50
stg a tonne for Brazilian and Malaysian cocoa.
Consumer delegates said the same arguments in reverse would
operate when prices are high - the buffer stock should sell the
highest priced cocoa in most demand, forcing all prices lower.
The January talks were slowed by a split inside the
European Community, a key ICCO consumer group, with France
siding with producers. EC representatives met in closed session
in Brussels on Friday in an attempt to reach a common ground
and, a diplomatic source said, narrowed the range of positions
among the 12 nations.
The source said the EC will be looking for signs of
flexibility on the part of producers in the next few days and
will be able to respond if they are there.
One ICCO delegate describing the producer/consumer split
said consumer proposals mean buying more cocoa for less and
backs the concept of the pact which is 'meant to support the
market where trade buying is not.'
In contrast, he said, producers seem to want to sell their
cocoa to the buffer stock rather than consumers.
Other, more technical, issues still outstanding include
whether the buffer stock should buy at a single announced
'posted price' as in the previous pact or by announcing it is
buying then accepting offers.
In either case, delegates said, it is accepted that
producers must be given a clear opportunity to make offers of
cocoa for forward shipment directly to the buffer stock in a
way that is competitive with spot offers made by dealers.
|
training/5260
|
training/5260 |@title yugoslav:1 february:1 inflation:1 rise:1 7:1 2:1 pct:1 |@word yugoslav:1 retail:3 price:3 february:4 rise:2 7:2 2:1 pct:8 january:6 stand:4 91:2 6:5 high:4 1986:4 federal:1 statistics:1 office:1 say:1 december:2 90:1 4:2 cost:2 live:1 index:1 include:1 service:1 utility:1 well:1 3:1 93:1 living:1 increase:1 8:1
|
YUGOSLAV FEBRUARY INFLATION RISES 7.2 PCT
Yugoslav retail prices in February
rose 7.2 pct from January to stand 91.6 pct higher than in
February 1986, the Federal Statistics Office said.
In January retail prices rose 6.6 pct from December to
stand 90.4 pct higher than in January 1986.
The cost of living, an index that includes services and
utilities as well as retail prices, was up 7.3 pct in February
from January and stood 93.6 pct higher than in February 1986.
In January the cost of living increased by 6.4 pct from
December and stood 91.8 pct higher than in January 1986.
|
training/5264
|
training/5264 |@title mai:1 plc:1 mlll:1 l:1 six:1 month:1 december:1 |@word shr:1 25:1 7p:1 vs:11 21:1 5p:1 div:1 6p:1 4p:1 pretax:2 profit:3 24:1 13:1 mln:11 stg:5 16:2 40:1 net:2 tax:2 15:2 08:1 10:2 52:1 extraordinary:2 credit:1 8:2 71:1 nil:1 turnover:1 140:1 96:1 55:1 note:1 item:1 comprise:2 less:2 loss:1 sale:1 certain:1 subsidiary:1 related:1 minority:1 interest:2 security:1 money:1 broke:1 44:1 75:1 personal:1 financial:1 service:1 3:3 6:1 735:1 000:4 medium:1 74:1 market:1 reserch:1 912:1 732:1 438:1 1:1 03:1
|
MAI PLC <MLLL.L> SIX MONTHS TO DECEMBER
Shr 25.7p vs 21.5p
Div 6p vs 4p
Pretax profit 24.13 mln stg vs 16.40 mln
Net after tax 15.08 mln vs 10.52
Extraordinary credit 8.71 mln stg vs nil
Turnover 140.8 mln vs 96.55
Note - The extraordinary item comprises profit less losses
on the sale of certain subsidiaries less related tax and
minority interests.
Pretax profit comprises -
Securities and money broking 15.44 mln stg vs 10.75 mln
Personal financial services 3.6 mln vs 735,000 stg
Media 3.74 mln vs 3.16 mln
Market reserch 912,000 stg vs 732,000
Net interest 438,000 vs 1.03 mln
|
training/5266
|
training/5266 |@title madagascar:1 rice:1 crop:1 estimate:1 higher:1 1987:1 |@word madagascar:1 vital:1 rice:3 crop:1 estimate:1 2:2 286:1 000:2 tonne:1 paddy:1 year:3 138:1 1986:1 ministry:3 agriculture:1 say:3 trade:1 import:2 quadruple:1 local:1 currency:1 value:1 first:2 nine:2 month:2 last:2 government:1 establish:1 buffer:1 stock:1 country:1 staple:1 food:1 increase:1 82:1 4:1 billion:2 malagasy:1 franc:1 20:1 period:1 1985:1 without:1 disclose:1 tonnage:1 involve:1
|
MADAGASCAR RICE CROP ESTIMATED HIGHER IN 1987
Madagascar's vital rice crop is
estimated at 2,286,000 tonnes of paddy this year, up from
2,138,000 in 1986, the Ministry of Agriculture said.
The Trade Ministry said rice imports quadrupled in local
currency value during the first nine months of last year as the
government established a buffer stock of the country's staple
food.
Rice imports increased to 82.4 billion Malagasy francs
during the first nine months of last year from 20 billion in
the same period of 1985, the ministry said, without disclosing
the tonnages involved.
|
training/5268
|
training/5268 |@title ecuador:1 say:1 pay:1 debt:1 |@word president:3 leon:1 febres:1 cordero:2 say:7 ecuador:4 would:10 honour:2 debt:4 capacity:1 make:1 payment:2 foreign:4 bank:4 calculate:2 oil:3 25:2 dlrs:5 barrel:4 meet:2 commitment:3 friday:1 last:1 week:1 earthquake:2 force:1 reaffirm:1 early:1 decision:1 base:1 slide:1 world:2 price:4 suspend:1 private:2 hold:1 two:1 third:1 8:1 16:1 billion:1 dlr:1 legitimate:1 visit:1 quake:1 zone:1 government:2 sovereign:1 entity:1 dignity:1 prestige:1 maintain:1 least:2 quito:1 able:1 febre:1 add:1 ecuadorean:1 crude:1 sell:2 15:1 17:1 many:1 month:1 12:1 low:1 seven:1 meanwhile:1 announce:1 austerity:1 program:1 freeze:3 key:1 consumer:2 good:1 result:1 kill:1 300:1 people:1 presidency:1 minister:1 patricio:1 quevedo:1 budget:1 cut:1 five:1 10:1 pct:3 hiring:1 salary:1 top:1 official:1 include:1 cabinet:1 reduce:1 also:2 impose:1 20:2 basic:1 item:1 mainly:1 food:1 staple:1 gasoline:2 rise:2 69:1 80:1 bus:1 fare:1 supply:1 limit:1
|
ECUADOR SAYS IT WILL PAY DEBT WHEN IT CAN
President Leon Febres Cordero said
Ecuador would honour its debt when it had the capacity to make
payments, but said foreign banks had calculated oil would have
to be 25 dlrs a barrel for Ecuador to meet its commitments.
Ecuador said on Friday that last week's earthquake was
forcing it to reaffirm an earlier decision -- based on the
slide in world oil prices -- to suspend debt payments to
private foreign banks, which hold two-thirds of its 8.16
billion dlr foreign debt.
'All legitimate debt is a commitment of honour,' the
president said during a visit to the quake zone. 'A government
as a sovereign entity has dignity and prestige to maintain.'
Private foreign banks and the World Bank had calculated oil
would have to be at least 25 dlrs a barrel for Quito to be able
to meet its commitments, Febres Cordero said.
He added that Ecuadorean crude was now selling for 15 to 17
dlrs a barrel after having been sold for many months at 12 dlrs
a barrel and as low as seven dlrs before that.
Meanwhile, Ecuador announced an austerity program and a
price freeze on key consumer goods as a result of the
earthquake, which killed at least 300 people.
Presidency Minister Patricio Quevedo said 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
gasoline would rise by between 69 and 80 pct and bus fares
would rise by 20 pct. Gasoline supplies would also be limited.
|
training/5269
|
training/5269 |@title u:1 k:1 money:1 market:1 deficit:1 forecast:1 revise:1 upwards:1 |@word bank:2 england:1 say:1 revise:1 estimate:1 shortage:1 money:1 market:1 today:1 1:2 15:1 billion:2 stg:3 take:1 account:1 early:2 operation:1 earlier:1 forecast:1 deficit:1 05:1 give:1 90:1 mln:1 assistance:1 round:1 bill:1 offer:1
|
U.K. MONEY MARKET DEFICIT FORECAST REVISED UPWARDS
The Bank of England said it had revised
its estimate of the shortage in the money market today up to
1.15 billion stg before taking account of its early operations.
Earlier, the bank forecast the deficit at 1.05 billion stg
and gave 90 mln stg assistance at an early round of bill
offers.
|
training/5270
|
training/5270 |@title paribas:1 seek:1 adjust:1 ecuador:1 oil:1 facility:1 |@word banque:1 paribas:2 arrange:1 220:1 mln:3 dlr:1 loan:3 ecuador:5 last:2 year:1 pre:1 finance:1 oil:4 export:3 want:1 adjust:1 term:2 facility:4 help:1 country:1 recover:1 devastating:1 earthquake:1 banker:4 say:3 french:1 bank:5 plan:1 would:3 effectively:1 postpone:1 repayment:1 30:1 dlrs:3 several:1 month:3 run:1 stiff:1 resistance:1 many:3 52:1 member:1 syndicate:1 pipeline:1 carry:1 rupture:1 march:1 5:1 tremor:1 take:1 five:1 repair:2 cost:1 150:1 president:1 leon:1 febre:1 cordero:1 friday:1 estimate:1 total:1 damage:1 cause:1 quake:1 one:3 billion:1 result:1 maintain:1 january:2 suspension:1 interest:1 payment:2 foreign:1 commercial:2 debt:2 halt:1 drop:1 price:1 account:1 nearly:1 two:1 third:1 earning:1 60:1 pct:1 government:1 revenue:1 although:1 sympathetic:1 plight:1 feel:3 emergency:1 financial:2 relief:1 job:1 international:1 organization:1 18:1 financing:1 sign:1 october:1 28:1 purely:1 voluntary:2 credit:1 latin:2 american:1 nation:1 since:1 region:1 crisis:1 erupt:1 august:1 1982:1 deal:1 strongly:1 orginal:1 must:1 adhere:1 otherwise:1 fear:1 gradual:1 establishment:1 normal:1 market:1 condition:1 borrower:1 set:1 back:1 lot:1 reluctance:1 different:1 kind:1 suggestion:1 restructuring:1 look:1 bad:1 comment:1
|
PARIBAS SEEKING TO ADJUST ECUADOR OIL FACILITY
Banque Paribas, which arranged a 220
mln dlr loan for Ecuador last year to pre-finance oil exports,
wants to adjust the terms of the facility to help the country
recover from a devastating earthquake, bankers said.
But the French bank's plan, which would effectively
postpone repayment of about 30 mln dlrs of the loan for several
months, is running into stiff resistance from many of the 52
members of the loan syndicate.
The pipeline that carries all Ecuador's oil exports was
ruptured in the March 5 tremor and will take some five months
to repair at a cost of about 150 mln dlrs to repair.
President Leon Febres Cordero on Friday estimated total
damages caused by the quake at one billion dlrs and said that
Ecuador as a result would maintain January's suspension of
interest payments on its foreign commercial bank debt.
Payments were halted in January because of the drop in the
price of oil, which accounts for nearly two-thirds of Ecuador's
export earnings and 60 pct of government revenue.
Although sympathetic to Ecuador's plight, many banks in the
Paribas facility feel that emergency financial relief is a job
for international financial organizations and not for
commercial banks, bankers said.
The 18-month oil-financing facility, which was signed last
October 28, is one of the few purely voluntary credits for a
Latin American nation since the region's debt crisis erupted in
August 1982.
Because it was a voluntary deal, many bankers feel strongly
that the orginal terms must be adhered to. Otherwise, they
fear, the gradual re-establishment of normal market conditions
for Latin borrowers will be set back.
'There's a lot of reluctance by the other banks. They feel
it's a different facility, and so any kind of suggestion of a
restructuring would look bad,' one banker commented.
|
training/5271
|
training/5271 |@title bank:1 japan:1 satisfy:1 yen:1 current:1 range:1 |@word bank:11 japan:5 satisfied:1 yen:2 around:2 current:3 range:2 senior:4 central:4 official:7 tell:2 reporter:1 say:11 pledge:1 major:1 industrial:1 nation:1 paris:1 last:2 month:1 cooperate:1 hold:1 exchange:4 rate:3 apply:1 direction:1 dollar:4 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:1 west:1 germany:1 resumption:1 comment:1 government:1 seek:1 talk:1 expect:2 gross:1 national:1 product:1 gnp:2 grow:2 three:1 pct:2 slightly:1 fiscal:2 year:3 begin:1 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:1 one:1 percentage:1 point:1 virtually:1 room:1 monetary:2 action:1 boost:1 future:2 much:1 depend:1 add:2 already:1 part:1 stimulate:1 cut:1 discount:1 five:1 half:1 although:1 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
|
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.
|
training/5272
|
training/5272 |@title bank:1 china:1 take:1 stake:1 baii:1 holding:1 |@word bank:1 china:1 take:1 stake:2 luxembourg:1 base:1 finance:1 company:1 baii:3 holdings:1 sa:1 spokesman:2 say:2 three:1 five:1 pct:2 detail:1 deal:1 announce:1 simultaneously:1 paris:1 london:1 hong:2 kong:2 immediately:1 available:1 50:1 arab:1 look:1 expand:1 activity:1 far:1 east:1 recently:1 establish:1 wholly:1 merchant:1 banking:1 subsidiary:1 group:1 earning:1 15:1 4:1 mln:1 dlrs:1 1985:1
|
BANK OF CHINA TAKES STAKE IN BAII HOLDINGS
Bank of China has taken a stake in
Luxembourg-based finance company BAII Holdings SA, a spokesman
for BAII said.
The stake was between three and five pct but no further
details of the deal, which was announced simultaneously in
Paris, London and Hong Kong, were immediately available.
BAII, which is 50 pct Arab owned, is looking to expand its
activities in the Far East and recently established a
wholly-owned merchant banking subsidiary in Hong Kong, the
spokesman said.
The group had earnings of 15.4 mln dlrs in 1985.
|
training/5273
|
training/5273 |@title saudi:1 oil:1 minister:1 see:1 need:1 alter:1 pact:1 |@word saudi:9 arabian:1 oil:9 minister:1 hisham:1 nazer:12 say:19 opec:23 december:4 agreement:3 stabilize:1 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 stabilise: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 PACT
Saudi Arabian Oil Minister Hisham Nazer
said OPEC's December agreement to stabilize 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/5274
|
training/5274 |@title turkish:1 trade:1 deficit:1 widen:1 1986:1 |@word turkey:2 trade:3 deficit:2 rise:2 3:4 65:2 billion:14 dlrs:6 1986:1 39:1 1985:4 follow:1 increase:1 import:4 western:1 country:2 figure:1 state:1 statistics:1 institute:1 show:1 export:3 6:1 pct:3 7:2 45:1 compare:3 95:1 2:3 1:3 11:3 10:1 34:1 total:1 mid:1 east:1 gulf:1 states:1 fall:1 40:1 due:1 low:1 oil:1 price:1 55:2 74:1 72:1 organisation:1 economic:1 cooperation:1 development:1 4:3 29:1 56:1 december:2 narrow:1 216:1 mln:3 340:1 november:1 277:1
|
TURKISH TRADE DEFICIT WIDENS IN 1986
Turkey's trade deficit rose to 3.65
billion dlrs in 1986 from 3.39 billion in 1985 following
increased imports from Western countries, figures from the
State Statistics Institute show.
Exports were down 6.3 pct at 7.45 billion dlrs, compared
with 7.95 billion in 1985, while imports were down 2.1 pct at
11.10 billion dlrs from 11.34 billion.
Total trade with Mid-East Gulf states fell some 40 pct due
to lower oil prices, with imports at 1.55 billion dlrs,
compared with 2.74 billion, and exports at 1.65 billion after
2.72 billion.
Exports to Organisation for Economic Cooperation and
Development countries rose to 4.29 billion dlrs from 4.11
billion in 1985, while imports were 4.56 billion after 3.55
billion.
Turkey's trade deficit in December narrowed to 216 mln dlrs
from 340 mln in November, and compared with 277 mln in December
1985.
|
training/5276
|
training/5276 |@title alusuisse:1 share:1 fall:1 capital:1 cut:1 news:1 |@word bearer:2 share:2 schweizerische:1 aluminium:1 ag:1 aluz:1 z:1 alusuisse:2 fall:2 sharply:1 trading:1 resume:1 one:1 day:1 suspension:1 friday:1 firm:1 disclose:1 plan:1 capital:2 cut:2 hold:1 mainly:1 foreign:1 investor:1 drop:1 30:1 swiss:1 franc:3 460:1 volume:1 particularly:1 heavy:1 registered:1 less:1 affect:1 slip:1 five:1 165:1 participation:1 certificate:1 43:1 45:1 50:2 make:1 net:1 loss:2 688:1 mln:2 restate:1 756:1 1985:1 set:1 pct:1 company:1 say:1 could:1 break:1 even:1 year:1
|
ALUSUISSE SHARES FALL AFTER CAPITAL CUT NEWS
Bearer shares of Schweizerische
Aluminium AG <ALUZ.Z> (Alusuisse) fell sharply as trading
resumed after a one-day suspension on Friday, when the firm
disclosed plans for a capital cut.
The bearers, held mainly by foreign investors, dropped 30
Swiss francs to 460. But volume was not particularly heavy.
Registered shares were less affected, slipping five to 165. The
participation certificates fell to 43 francs from 45.50.
Alusuisse made a net loss of 688 mln francs, after a
restated 756 mln loss in 1985, and set a 50 pct capital cut.
The company said it could break even this year.
|
training/5277
|
training/5277 |@title u:1 k:1 money:1 market:1 give:1 30:1 mln:1 stg:1 help:1 |@word bank:3 england:1 say:1 provide:1 money:1 market:2 30:1 mln:2 stg:3 assistance:1 bring:1 total:1 help:1 far:1 today:1 120:1 compare:1 upward:1 revise:1 estimate:1 system:1 would:1 face:1 shortage:1 1:2 15:1 billon:1 central:1 buy:1 bill:1 resale:1 equal:1 amount:1 april:1 2:1 3:1 interest:1 rate:1 10:1 7:1 16:1 pct:1
|
U.K. MONEY MARKET GIVEN FURTHER 30 MLN STG HELP
The Bank of England said it provided the
money market with a further 30 mln stg assistance.
This brings the Bank's total help so far today to 120 mln
stg and compares with its upward revised estimate that the
system would face a shortage of some 1.15 billon stg.
The central bank bought bills for resale to the market in
equal amounts on April 1, 2 and 3 at an interest rate of
10-7/16 pct.
|
training/5278
|
training/5278 |@title egypt:1 soviet:1 renegotiate:1 arm:1 debt:1 term:1 |@word egypt:5 soviet:6 union:2 expect:1 sign:1 agreement:2 moscow:6 next:1 week:1 settle:2 cairo:2 three:1 billion:1 dlr:1 military:2 debt:5 egyptian:3 official:7 say:5 one:3 ask:1 remain:1 anonymous:1 tell:1 reuters:1 draft:1 would:3 reduce:1 zero:1 two:1 pct:2 future:1 interest:1 payable:1 10:1 year:3 old:1 set:2 25:1 repayment:1 term:1 talk:1 due:1 begin:1 wednesday:1 economy:1 minister:1 youssri:1 mustapha:1 leave:1 tuesday:1 meet:1 president:2 hosni:1 mubarak:1 ambassador:1 salah:1 bassiouni:1 discuss:1 issue:1 propose:1 new:2 exchange:1 rate:3 trade:1 current:1 commerce:1 base:1 1960:1 0:1 38:1 pound:2 dollar:2 see:1 unreasonable:1 fluctuating:1 1:1 36:1 part:2 pay:1 export:1 good:1 textile:1 leather:1 furniture:1 want:2 problem:1 partly:1 open:1 door:1 cooperation:1 mainly:1 modernise:1 build:1 steel:1 aluminium:1 fertiliser:1 plant:1 five:1 development:1 plan:1 end:1 june:1 30:1 1992:1 already:1 import:1 coal:1 wood:1 newsprint:1 glass:1 also:1 deal:1 allow:1 purchase:2 currently:1 block:1 spare:1 age:1 hardware:1 estimate:1 65:1 arsenal:1 still:1 make:1 supplied:1 equipment:1 stop:1 repay:1 arm:1 1977:1 anwar:1 sadat:1 break:1 long:1 standing:1 ally:1 turn:1 u:1
|
EGYPT, SOVIETS TO RENEGOTIATE ARMS DEBT TERMS
Egypt and the Soviet Union are expected
to sign an agreement in Moscow next week settling Cairo's three
billion dlr military debt, Egyptian officials said.
One official, who asked to remain anonymous, told Reuters a
draft agreement would reduce to zero from two pct future
interest payable on the 10 year-old debt, and set a 25 year
repayment term.
Talks are due to begin in Moscow on Wednesday.
Economy Minister Youssri Mustapha, who leaves for Moscow on
Tuesday, met President Hosni Mubarak and Egyptian ambassador to
Moscow Salah Bassiouni to discuss the issue.
One official said Egypt would propose a new exchange rate
for trade with the Soviet Union. Current commerce is based on a
rate set in the 1960s of 0.38 Egyptian pounds to the dollar
which Moscow sees as unreasonable. The fluctuating official
rate is about 1.36 pounds to the dollar.
The officials said part of the debt would be paid in
exports of goods such as textiles, leather and furniture.
Egypt wants to settle the debt problem partly to open the
door for new cooperation, mainly in modernising Soviet-built
steel, aluminium and fertiliser plants under a five-year
development plan ending June 30 1992.
Egypt, which already imports Soviet coal, wood, newsprint
and glass, also wanted a debt deal to allow purchases of
currently blocked spare parts for its ageing Soviet military
hardware, the officials said.
An estimated 65 pct of Egypt's arsenal is still made up of
Soviet-supplied equipment, one official said.
Cairo stopped repaying Moscow for arms purchases in 1977
when then-president Anwar Sadat broke with its long-standing
ally and turned to the U.S..
|
training/5279
|
training/5279 |@title peru:1 begin:1 foreign:1 exchange:1 rationing:1 |@word peru:2 put:1 effect:1 today:1 foreign:7 exchange:5 ration:1 system:3 import:1 design:1 stop:1 slide:1 country:1 international:2 reserve:3 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:4 compare:1 1:3 54:1 billion:4 year:2 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:1 due:1 drop:2 surplus:1 five:1 1986:1 1985:2 accord:1 preliminary:1 estimate:1 export:1 2:2 50:1 last:1 97:1
|
PERU BEGINS FOREIGN EXCHANGE RATIONING
Peru will put into effect today 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.
|
training/528
|
training/528 |@title duro:1 test:1 corp:1 dur:1 2nd:1 qtr:1 jan:1 31:1 net:1 |@word shr:2 10:1 ct:4 vs:5 14:1 net:2 531:1 896:1 727:1 781:1 revs:2 16:2 0:1 mln:4 8:1 six:1 mth:1 30:1 39:1 1:1 532:1 431:1 2:1 000:1 732:1 32:1 7:1 34:1 5:1
|
DURO-TEST CORP <DUR> 2ND QTR JAN 31 NET
Shr 10 cts vs 14 cts
Net 531,896 vs 727,781
Revs 16.0 mln 16.8 mln
Six mths
Shr 30 cts vs 39 cts
Net 1,532,431 vs 2,000,732
Revs 32.7 mln vs 34.5 mln
|
training/5280
|
training/5280 |@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/5281
|
training/5281 |@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, 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 was part of a contract signed in February for
the Saudis to supply Brazil with 125,000 barrels per day until
June.
|
training/5283
|
training/5283 |@title bsi:1 raise:1 50:1 mln:1 swiss:1 franc:1 via:1 right:1 issue:1 |@word banca:1 della:1 svizzera:1 italiana:1 bisz:1 z:1 say:1 plan:1 one:2 12:1 right:3 issue:3 300:2 pct:1 nominal:2 value:3 raise:1 50:1 mln:1 franc:6 new:3 capital:1 would:5 theoretical:1 shareholder:3 140:1 swiss:1 per:2 bearer:2 share:4 45:1 registered:2 bsi:1 also:1 seek:1 authorization:1 200:1 000:1 participation:1 certificate:3 100:1 without:1 back:1 future:1 convertible:1 warrant:1 bond:1 purpose:1 exist:2 500:2 b:1 tranche:1 split:2 five:1 improve:1 marketability:1 chief:1 executive:1 giorgio:1 ghiringhelli:1 tell:1 news:1 conference:1 price:3 1:1 compare:1 closing:1 last:1 friday:1 3:1 325:1 zurich:1 stock:1 exchange:1 market:1 900:1
|
BSI RAISING 50 MLN SWISS FRANCS VIA RIGHTS ISSUE
Banca della Svizzera Italiana <BISZ.Z>
said it planned a one-for-12 rights issue at 300 pct of nominal
value to raise about 50 mln francs new capital.
The rights issue would have a theoretical value to
shareholders of 140 Swiss francs per bearer share and 45 per
registered share.
BSI was also seeking shareholder authorization for 200,000
new participation certificates of a nominal value of 100 francs
without rights for shareholders, to back future convertible or
warrant bonds or for other purposes. Existing 500-franc 'B'
tranche certificates would be split five-for-one.
The split would improve the marketability of the existing
certificates, chief executive Giorgio Ghiringhelli told a news
conference.
The new bearer shares would be priced at 1,500 francs,
compared with a closing price last Friday of 3,325 on the
Zurich Stock Exchange, while the registered shares would be
issued at 300 francs against a market price of 900.
|
training/5284
|
training/5284 |@title pepsico:2 offer:2 acquire:2 calny:2 inc:2 11:2 50:2 dlrs:2 share:2 |@word
|
PEPSICO OFFERS TO ACQUIRE CALNY INC FOR 11.50 DLRS A SHARE
PEPSICO OFFERS TO ACQUIRE CALNY INC FOR 11.50 DLRS A SHARE
|
training/5285
|
training/5285 |@title u:1 k:1 germany:1 lead:1 attack:1 ec:1 farm:1 reform:1 |@word britain:4 west:4 germany:4 tell:1 european:1 community:1 partner:1 would:3 strongly:1 oppose:2 major:1 element:1 proposal:6 rid:1 ec:11 farm:4 surplus:1 meeting:2 foreign:4 minister:3 call:1 full:1 debate:1 propose:3 tax:4 edible:1 oil:4 fat:4 already:1 anger:1 consumer:1 group:1 unleash:1 washington:1 lead:1 protest:2 exporter:2 diplomat:4 say:5 also:2 advise:1 formally:1 later:2 today:2 countenance:1 could:3 hit:2 german:3 farmer:2 add:3 objection:2 put:2 letter:1 weekend:1 chancellor:1 helmut:1 kohl:3 jacques:1 delors:1 president:1 executive:1 commission:1 forward:1 last:1 month:2 bid:1 avoid:2 new:1 cash:1 crisis:1 reiterate:1 cereal:1 production:1 curb:1 reserve:1 harsh:1 criticism:1 dismantling:1 monetary:1 compensatory:1 amount:1 mcas:2 system:1 cross:1 border:1 subsidy:1 taxis:1 level:1 exchange:1 fluctuation:1 export:2 make:2 clear:2 dismantle:1 mainly:1 without:1 find:1 much:1 difficult:1 weak:1 currency:1 state:2 mean:1 virtually:1 11:1 initiate:1 discussion:2 impose:1 hefty:1 domestic:1 import:1 seriously:1 damage:1 trade:3 relation:1 united:1 states:1 outspoken:1 among:1 critic:1 describe:1 breach:1 obligation:1 world:1 body:1 gatt:1 come:2 senegal:1 malaysia:1 indonesia:1 brazil:1 argentina:1 iceland:1 norway:1 often:1 line:1 reform:1 issue:1 past:1 keen:1 measure:1 spark:1 damaging:1 war:1 u:1 unlikely:1 take:1 decision:1 either:1 mca:1 neither:1 chance:1 survive:1 substantive:1 consideration:1
|
U.K. AND GERMANY LEAD ATTACK ON EC FARM REFORMS
Britain and West Germany told their
European Community partners they would strongly oppose major
elements of proposals to rid the EC of its farm surpluses.
At a meeting of EC foreign ministers, Britain called for a
full debate on a proposed tax on edible oils and fats that has
already angered EC consumer groups and unleashed Washington-led
protests from exporters to the EC, diplomats said.
West Germany, also opposed to the oils and fats tax, will
advise the meeting formally later today it cannot countenance
other proposals that could hit German farmers, they added.
They said West Germany's objections were put in a letter
this weekend from Chancellor Helmut Kohl to Jacques Delors, the
president of the EC's Executive Commission which had put
forward the proposals last month in a bid to avoid a new EC
cash crisis.
Kohl reiterated German objections to proposed cereals
production curbs but reserved his harshest criticism for a
proposed dismantling of Monetary Compensatory Amounts (MCAs) -
a system of cross-border subsidies and taxes which level out
foreign exchange fluctuations for farm exports.
Kohl made clear the dismantling would mainly hit German
farmers who, without MCAs, would find it much more difficult to
export to weaker currency states, which means virtually all
other 11 EC states, diplomats said.
Britain initiated the discussion on the proposal to impose
a hefty tax on domestic and imported oils and fats because it
could seriously damage EC trade relations.
The diplomats said the United States had been the most
outspoken among foreign critics of the proposal, describing it
as a breach of the EC's obligations under the world trade body
GATT.
But protests had also come from other exporters to the EC,
such as Senegal, Malaysia, Indonesia, Brazil, Argentina,
Iceland and Norway, they added.
Britain has often lined up against West Germany on the farm
reform issue in the past but is keen to avoid measures that
could spark a damaging trade war with the U.S.
Foreign ministers were unlikely to take a decision on
either the oils and fats tax or the MCA proposals today,
diplomats said. But their discussion should make clear that
neither has a chance of surviving when it comes up for
substantive consideration by EC farm ministers later this
month, they added.
|
training/5286
|
training/5286 |@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 carefully:2 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 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 order:1 create:1 class:1 different:1 votinmg: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 carefully considering the two offers at a meeting on
Friday, the Harpers 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 in order to create two classes
of shares with different votinmg rights.
|
training/5287
|
training/5287 |@title fail:1 washington:1 state:1 l:1 acquire:1 |@word federal:2 home:4 loan:2 bank:2 board:1 fhlbb:2 announce:1 acquisition: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
|
FAILING WASHINGTON STATE S/L IS ACQUIRED
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/5288
|
training/5288 |@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 weekend: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 penalize: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
|
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 weekend 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 penalize
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.'
|
training/529
|
training/529 |@title franklin:1 utilities:1 fund:1 set:1 payout:1 |@word qtly:1 div:1 14:2 ct:2 vs:1 prior:1 pay:1 march:2 13:1 record:1 two:1
|
<FRANKLIN UTILITIES FUND> SETS PAYOUT
Qtly div 14 cts vs 14 cts prior
Pay March 13
Record March Two
|
training/5290
|
training/5290 |@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:3 currency:6 stability:5 u:4 official:10 say:13 financial:3 market:6 convince:1 country:3 live:1 commitment:2 speed:1 economic:8 growth:4 narrow:1 movement:1 recent:1 week:2 strongly:1 suggest:2 six:3 tame:1 normally:1 unruly:1 talk:3 seem:1 likely:1 build:1 reagan:2 administration:4 paris:6 agreement:7 last:2 main:1 reason:1 calm:1 interview:1 also:3 understand:2 conclude:1 measure:2 take:2 period:1 time:3 future:2 foster:2 exchange:1 rate:3 around:2 current:2 level:2 fact:1 happen:1 since:2 monetary:3 analyst:2 help:2 part:2 decision:1 bury:1 hatchet:1 cease:1 quarrel:1 short:2 term:4 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:2 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:2 major:2 within:1 range:4 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:7 strengthen:2 position:1 international:5 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:2 europeans:1 crucial:1 curb:2 instability:1 believe:1 set:2 specific:2 defend:1 band:2 intervention:1 source:3 1:3 60:1 90:1 mark:2 dollar:4 140:1 155:1 yen:1 confirmation:1 although:1 use:1 first:1 state:1 cooperate:1 closely:1 dealer:1 federal:1 reserve:1 intervene:2 stop:1 rise:1 breach:1 86:1 british:1 authority:1 sterling:1 strength:1 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
|
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.
Currency analysts believe the Paris agreement set secret
short-term target ranges for their currencies with a specific
agreement to defend those bands with intervention.
According to market sources, the ranges agreed were 1.60 to
1.90 marks to the dollar, and 140 to 155 yen to the dollar.
There is no official confirmation that specific bands were
set, although the agreement used the term 'ranges', for the first
time in an international economic agreement.
The Paris accord stated the six would cooperate closely to
foster currency stability around current levels.
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.
|
training/5291
|
training/5291 |@title calny:1 clny:1 get:1 bid:1 pepsico:1 pep:1 |@word calny:9 inc:3 say:2 receive:1 offer:4 acquire:2 pepsico:3 already:1 9:2 pct:2 stock:2 11:2 50:2 dlrs:4 per:2 share:2 subject:2 approval:1 board:2 shareholder:1 company:1 intendsd:1 schedule:1 meeting:1 near:1 future:1 review:1 proposal:1 ask:1 oppenheimer:1 co:1 assist:1 evaluate:1 advise:1 alternative:1 large:1 franchisee:1 taco:1 bell:1 restaurant:1 operate:1 143:1 california:1 oregon:1 texas:1 washington:1 well:1 15:1 la:1 petite:1 boulangerie:1 bakery:1 seattle:1 earn:1 1:1 192:1 000:1 sale:1 56:1 2:1 mln:1 nine:1 month:1 end:1 november:1 four:2 december:1 reject:1 inadequate:1 investor:1 group:2 lead:1 former:1 president:1 chairman:1 robert:1 larive:1 second:1 bid:1 inadeuqate:1 many:1 contingency:1 one:1 dlr:1 10:1 prefer:1
|
CALNY <CLNY> GETS BID FROM PEPSICO <PEP>
Calny Inc said it has
received an offer to be acquired by PepsiCo Inc, which already
owns 9.9 pct of Calny stock, for 11.50 dlrs per share, subject
to approval by PepsiCo and Calny boards and Calny shareholders.
The company said its board intendsd to schedule a meeting
in the near future to review the proposal and it has asked
<Oppenheimer and Co Inc> to assist it in evaluating the offer
and advise Calny on its alternatives.
Calny is the largest franchisee of PepsiCo's Taco Bell
restaurants, operating 143 in California, Oregon, Texas and
Washington as well as 15 La Petite Boulangerie bakeries in
Seattle.
Calny earned 1,192,000 dlrs on sales of 56.2 mln dlrs for
the nine months ended November Four.
On December Four, Calny rejected as inadequate an investor
group led by former president and chairman Robert A. Larive's
second offer to acquire it because the bid was inadeuqate and
subject to too many contingencies. The group offered 11.50
dlrs and one dlr of 10 pct preferred stock per Calny share.
|
training/5292
|
training/5292 |@title indonesia:1 plan:1 build:1 palm:1 oil:1 terminal:1 |@word indonesia:1 build:1 crude:2 palm:2 oil:2 terminal:3 new:2 port:2 batam:1 island:1 south:1 singapore:1 research:1 technology:1 minister:1 yusuf:1 habibie:2 say:3 able:1 handle:1 2:1 1:1 mln:1 tonne:1 plantation:1 northern:1 sumatra:1 western:1 kalimantan:1 borneo:1 tender:1 engineering:1 work:1 asia:1 project:1 offer:1 mid:1 year:1 expect:1 operational:1
|
INDONESIA PLANS TO BUILD PALM OIL TERMINAL
Indonesia will build a crude palm oil
terminal at a new port on Batam island, south of Singapore,
Research and Technology Minister Yusuf Habibie said.
The terminal will be able to handle 2.1 mln tonnes of crude
palm oil from new plantations in northern Sumatra and western
Kalimantan (Borneo), he said.
A tender for engineering work on the Asia Port project will
be offered mid-year. Habibie did not say when the terminal was
expected to be operational.
|
training/5293
|
training/5293 |@title warburg:1 pincus:1 start:1 symbion:1 symb:1 bid:1 |@word warburg:3 pincus:1 capital:1 corp:1 say:6 start:1 tender:1 offer:4 2:3 500:3 000:4 common:1 share:5 symbion:4 inc:1 3:2 50:1 dlrs:1 newspaper:1 advertisement:1 firm:2 opffer:1 condition:2 receipt:2 minimum:1 number:1 holder:1 400:1 sharesseeke:1 receive:1 fair:1 value:1 provision:1 utah:1 business:1 corporation:1 act:1 would:1 raise:1 interest:1 59:1 pct:2 25:1 8:1 currently:1 give:1 control:1 reserve:1 right:2 buy:1 oversubscribed:1 present:1 intention:1 ask:1 provide:1 shareholder:1 list:1 help:1 disseminate:1 proration:1 period:1 withdrawal:1 expire:1 april:1 22:1 unless:1 extend:1
|
WARBURG PINCUS STARTS SYMBION <SYMB> BID
<Warburg, Pincus Capital Corp> said it
has started a tender offer for up to 2,500,000 common shares of
Symbion Inc at 3.50 dlrs each.
In a newspaper advertisement, The firm said the opffer is
not conditioned on receipt of any minimum number of shares but
is conditioned on holders of nor more than 400,000 Symbion
sharesseeking to receive the fair value of their shares under
provisions of the Utah Business Corporation Act. Warburg said
receipt of 2,500,000 shares would raise its interest in Symbion
to about 59.3 pct from 25.8 pct currently and give it control.
Warburg said it reserves the right to buy more than
2,500,000 shares if the offer is oversubscribed but has no
present intention of doing so. It said it has asked Symbion to
provide its shareholder list to help in disseminating the
offer.
The firm said the offer, proration period and withdrawal
rights expire April 22 unless extended.
|
training/5295
|
training/5295 |@title zim:2 energy:1 zimr:1 sell:1 share:1 privately:1 |@word energy:2 corp:4 say:8 enter:1 agreement:2 group:2 consist:1 strategy:1 development:1 inc:2 norsk:1 vikingolje:1 oslo:1 mis:1 gas:2 already:1 one:2 third:1 zim:6 buy:2 15:1 20:2 mln:3 new:1 common:1 share:2 ct:1 association:1 polo:1 jaguar:1 petroleum:1 company:3 investor:1 also:1 6:1 3:2 management:1 james:1 mitchell:1 william:1 richardson:1 steven:1 duin:1 resign:1 officer:1 director:1 chemclear:2 cmcl:1 unilaterally:1 cancel:1 merge:1 board:2 study:1 possiblity:1 claim:1 expect:1 report:1 loss:1 year:1 125:1 000:1 dlrs:2 due:1 low:1 oil:1 natural:1 price:1 unsuccessful:1 well:1 workover:1 program:1 excessive:1 overhead:2 corporate:1 expense:1 plan:1 dramatic:1 reduction:1 cost:1 improve:1 result:1 michel:1 billard:1 name:2 chairman:1 robert:1 berckmans:1 president:1 chief:1 executive:1 berckman:1 two:1 join:1 agree:1 acquire:1 remain:1 interest:1 buccaneer:1 blue:1 dolphin:1 pipeline:1 affiliate:1 cash:1 stock:1 give:1 detail:1
|
ZIM ENERGY <ZIMR> TO SELL SHARES PRIVATELY
ZIM Energy Corp said it has entered
into an agreement for a group consisting of <Strategy and
Development Inc>, <Norsk Vikingolje A/S> of Oslo and MIS Gas
Corp -- which already owns one third of ZIM -- to buy 15 to 20
mln new common shares at 20 cts each in association with <Polo
Energy Corp> and <Jaguar Petroleum Corp>.
The company said the investor group also bought about 6.3
mln shares from ZIM management. It said James Mitchell, William
Richardson and Steven Duin have resigned as officers and
directors.
ZIM said Chemclear Inc <CMCL> has unilaterally canceled an
agreement to merge with ZIM, and ZIM's board is studying the
possiblity of a claim against Chemclear.
The company said it expects to report a loss for the year
of about 3,125,000 dlrs due to lower oil and natural gas
prices, unsuccessful well workover programs and excessive
overhead and corporate expenses. It said it plans a dramatic
reduction in overhead costs that should improve results.
The company said Michel Billard has been named chairman and
Robert Berckmans has been named president and chief executive,
and Berckmans and two others have joined the board.
ZIM said it has agreed to acquire the remaining interest in
its Buccaneer and Blue Dolphin Pipeline affiliates for about
one mln dlrs in cash and stock. It gave no further details.
|
training/5296
|
training/5296 |@title bluefield:1 supply:1 bfld:1 liquidate:1 payout:1 |@word bluefield:1 supply:1 co:1 say:1 board:1 declare:1 second:1 liquidating:2 dividend:2 1:1 71:1 dlrs:2 per:2 share:2 payable:1 march:2 16:1 shareholder:1 record:1 13:1 company:1 pay:1 initial:1 15:1 75:1 january:1 eight:1
|
BLUEFIELD SUPPLY <BFLD> IN LIQUIDATING PAYOUT
Bluefield Supply Co said its
board declared its second liquidating dividend of 1.71 dlrs per
share, payable March 16 to shareholders of record March 13.
The company paid an initial liquidating dividend of 15.75
dlrs per share on January Eight.
|
training/5297
|
training/5297 |@title bergen:1 brunswig:1 corp:1 bbca:1 2nd:1 qtr:1 feb:1 28:1 net:1 |@word shr:4 33:2 ct:8 vs:8 48:1 dilute:2 44:1 net:2 4:1 435:1 000:3 6:2 410:1 revs:2 839:1 3:1 mln:3 751:1 8:1 1st:1 half:1 55:2 94:1 88:1 7:1 374:1 12:1 1:2 68:1 billion:2 51:1
|
BERGEN BRUNSWIG CORP <BBCA> 2ND QTR FEB 28 NET
Shr 33 cts vs 48 cts
Shr diluted 33 cts vs 44 cts
Net 4,435,000 vs 6,410,000
Revs 839.3 mln vs 751.8 mln
1st half
Shr 55 cts vs 94 cts
Shr diluted 55 cts vs 88 cts
Net 7,374,000 vs 12.6 mln
Revs 1.68 billion vs 1.51 billion
|
training/5299
|
training/5299 |@title dixon:1 sell:1 8:1 3:1 mln:1 woolworth:1 share:1 |@word dixons:1 group:1 plc:2 dxns:1 l:2 sell:1 8:1 3:1 mln:3 share:6 woolworth:5 holdings:1 wlth:1 salomon:2 brothers:1 u:1 k:1 equity:1 ltd:1 statement:1 say:3 place:1 45:1 50:1 institution:1 europe:1 far:1 east:1 dixon:5 retain:2 one:2 spokesman:2 add:1 industry:1 source:1 acquire:1 connection:1 unsuccessful:1 bid:1 company:1 last:1 year:1 pay:1 average:1 price:1 695p:1 per:1 compare:1 819p:1 today:1 close:1 froday:1 833p:1 decision:1 reflect:1 buoyant:1 prospect:1
|
DIXONS SELLS 8.3 MLN WOOLWORTH SHARES
Dixons Group Plc <DXNS.L> has sold 8.3
mln shares in Woolworth Holdings Plc <WLTH.L> through Salomon
Brothers U.K. Equity Ltd, a statement from Salomon said.
The shares were placed with about 45 to 50 institutions in
Europe and the Far East. Dixons retains one mln Woolworth
shares, a Dixons spokesman added.
Industry sources said Dixons acquired the Woolworth shares
in connection with its unsuccessful bid for the company last
year.
Dixons paid an average price of 695p per share which
compares with 819p today. Woolworth closed on Froday at 833p.
A Dixons spokesman said the decision to retain one mln
shares reflected Woolworth's buoyant prospects.
|
training/53
|
training/53 |@title emhart:1 corp:1 emh:1 qtly:1 dividend:1 |@word qtly:1 div:1 35:2 ct:2 vs:1 prior:1 payable:1 march:2 31:1 record:1 nine:1
|
EMHART CORP <EMH> QTLY DIVIDEND
Qtly div 35 cts vs 35 cts prior
Payable March 31
Record March nine
|
training/530
|
training/530 |@title gelco:1 corp:1 gel:1 2nd:1 qtr:1 jan:1 31:1 net:1 |@word shr:2 67:1 ct:5 vs:8 23:1 net:3 5:3 220:1 000:4 3:2 143:1 revs:2 236:1 1:1 mln:11 256:1 2:1 avg:2 shrs:2 7:3 8:4 13:2 six:3 mth:1 85:1 59:1 cs:1 919:1 158:1 483:1 515:1 10:1 4:2 note:1 fiscal:2 1987:1 second:2 quarter:3 first:2 half:2 earning:1 include:1 gain:1 dlrs:3 exclude:1 prefer:1 dividend:1 requirement:1 five:1 6:1 1986:1 reduce:1 currency:1 loss:1 equal:2 share:1 nine:1 month:1
|
GELCO CORP <GEL> 2ND QTR JAN 31 NET
Shr 67 cts vs 23 cts
Net 5,220,000 vs 3,143,000
Revs 236.1 mln vs 256.2 mln
Avg shrs 7.8 mln vs 13.7 mln
Six Mths
Shr 85 cts vs 59 cs
Net 8,919,000 vs 8,158,000
Revs 483.8 mln vs 515.5 mln
Avg shrs 10.4 mln vs 13.7 mln
NOTE: Fiscal 1987 second quarter and first half earnings
include a gain of 3.4 mln dlrs and exclude preferred dividend
requirements of five mln dlrs in the quarter and 5.6 mln dlrs
in the first half.
Fiscal 1986 net reduced by currency losses equal to six cts
a share in the second quarter and equal to nine cts in the six
months.
|
training/5300
|
training/5300 |@title joule:1 inc:1 joul:1 set:1 stock:1 split:1 |@word joule:1 inc:1 say:1 board:1 declare:1 three:1 two:1 stock:1 split:1 payable:1 april:1 30:1 record:1 march:1 31:1
|
JOULE' INC <JOUL> SETS STOCK SPLIT
Joule' Inc said its board declared
a three-for-two stock split, payable April 30, record March 31.
|
training/5303
|
training/5303 |@title whippany:1 paper:1 board:1 co:1 inc:1 merger:1 approve:1 |@word whippany:2 paper:1 board:1 co:1 inc:2 say:1 shareholder:1 special:1 meeting:1 approve:1 merger:1 npn:2 2:1 50:1 dlrs:1 per:1 share:1 acquire:1 control:1 recent:1 tender:1 offer:1
|
<WHIPPANY PAPER BOARD CO INC> MERGER APPROVED
Whippany Paper Board Co Inc said
shareholders at a special meeting approved a merger into NPN
Inc for 2.50 dlrs per share.
NPN acquired control of Whippany in a recent tender offer.
|
training/5304
|
training/5304 |@title northern:1 air:1 freight:1 nafi:1 get:1 reject:1 bid:1 |@word privately:1 hold:1 pilot:1 air:2 freight:2 say:1 meet:1 official:1 northern:4 inc:1 try:1 negotiate:1 friendly:1 acquisition:1 management:1 interest:1 proposal:1 annual:1 revenue:1 60:1 mln:1 dlrs:1 base:1 seattle:1
|
NORTHERN AIR FREIGHT <NAFI> GETS, REJECTS, BID
Privately-held <Pilot Air Freight>
said it met with officials of Northern Air Freight Inc to try
to negotiate a friendly acquisition of Northern, but Northern's
management had no interest in the proposal.
Northern has annual revenues of about 60 mln dlrs and is
based in Seattle.
|
training/5308
|
training/5308 |@title american:1 building:1 maintenance:1 abm:1 1st:1 qtr:1 net:1 |@word shr:1 35:1 ct:2 vs:3 44:1 net:1 1:2 311:1 000:2 619:1 revs:1 125:1 2:2 mln:2 117:1 note:1 american:1 building:1 maintenance:1 industries:1 inc:1
|
AMERICAN BUILDING MAINTENANCE <ABM> 1ST QTR NET
Shr 35 cts vs 44 cts
Net 1,311,000 vs 1,619,000
Revs 125.2 mln vs 117.2 mln
NOTE: American Building Maintenance Industries Inc.
|
training/5309
|
training/5309 |@title renouf:1 extend:1 benequity:1 holding:1 bh:1 offer:1 |@word renouf:3 corp:1 international:1 say:2 extend:1 expiration:1 offer:2 pay:1 31:1 dlrs:1 unit:4 buy:1 outstanding:2 benequity:2 holding:1 california:1 limited:1 partnership:1 march:3 24:1 13:2 3:1 847:1 375:1 tender:1 point:1 exceed:1 minimum:1 number:1 seek:1 statement:1 give:1 reason:1 extention:1 5:1 7:1 mln:1
|
RENOUF EXTENDS BENEQUITY HOLDINGS <BH> OFFER
Renouf Corp International said it has
extended the expiration of its offer to pay 31 dlrs a unit to
buy all outstanding units of Benequity Holdings a California
Limited Partnership to March 24 from March 13.
As of March 13, Renouf said, about 3,847,375 units had been
tendered.
Renouf pointed out this exceeds the minimum number sought
in the offer, but its statement gave no reason for the
extention. Benequity has 5.7 mln units outstanding.
|
training/531
|
training/531 |@title internchange:1 financial:1 services:1 isbj:1 payout:1 |@word qtly:1 div:1 10:1 ct:2 vs:1 8:1 1:1 3:1 prior:1 pay:1 april:1 21:1 record:1 march:1 20:1 note:1 interchange:1 financial:1 services:1 corp:1
|
INTERNCHANGE FINANCIAL SERVICES <ISBJ> PAYOUT UP
Qtly div 10 cts vs 8-1/3 cts prior
Pay April 21
Record March 20
NOTE: Interchange Financial Services Corp.
|
training/5312
|
training/5312 |@title new:1 world:1 pictures:1 ltd:1 nwp:1 4th:1 qtr:1 net:1 |@word shr:2 32:1 ct:4 vs:8 21:1 net:3 4:3 717:1 000:4 2:2 587:1 revs:2 72:1 9:3 mln:9 37:1 avg:2 shrs:2 14:2 7:2 12:1 6:2 year:2 oper:2 75:1 41:1 10:1 642:1 188:1 106:1 1:1 note:1 1985:1 exclude:1 495:1 dlr:1 tax:1 credit:1
|
NEW WORLD PICTURES LTD <NWP> 4TH QTR NET
Shr 32 cts vs 21 cts
Net 4,717,000 vs 2,587,000
Revs 72.9 mln vs 37.9 mln
Avg shrs 14.7 mln vs 12.6 mln
Year
Oper shr 75 cts vs 41 cts
Oper net 10.7 mln vs 4,642,000
Revs 188.9 mln vs 106.6 mln
Avg shrs 14.2 mln vs 1.4 mln
NOTE: 1985 year net excludes 495,000 dlr tax credit.
|
training/5313
|
training/5313 |@title lowrance:1 electronics:1 inc:1 leix:1 2nd:1 qtr:1 jan:1 31:1 |@word shr:2 profit:6 17:1 ct:4 vs:6 loss:2 two:1 net:2 520:1 000:5 51:1 sale:2 11:1 1:1 mln:3 6:2 897:1 1st:1 half:1 34:1 12:1 951:1 320:1 20:1 14:1 9:1
|
LOWRANCE ELECTRONICS INC <LEIX> 2ND QTR JAN 31
Shr profit 17 cts vs loss two cts
Net profit 520,000 vs loss 51,000
Sales 11.1 mln vs 6,897,000
1st half
Shr profit 34 cts vs profit 12 cts
Net profit 951,000 vs profit 320,000
Sales 20.6 mln vs 14.9 mln
|
training/5314
|
training/5314 |@title commtron:1 corp:1 cmr:1 2nd:1 qtr:1 feb:1 28:1 net:1 |@word shr:2 16:1 ct:4 vs:8 22:1 net:2 1:3 574:1 000:4 725:1 sale:2 104:1 2:2 mln:8 116:1 0:2 avg:2 shrs:2 10:2 eight:2 1st:1 half:1 37:2 3:1 675:1 925:1 244:1 5:1 230:1 6:1
|
COMMTRON CORP <CMR> 2ND QTR FEB 28 NET
Shr 16 cts vs 22 cts
Net 1,574,000 vs 1,725,000
Sales 104.2 mln vs 116.0 mln
Avg shrs 10.1 mln vs eight mln
1st half
Shr 37 cts vs 37 cts
Net 3,675,000 vs 2,925,000
Sales 244.5 mln vs 230.6 mln
Avg shrs 10.0 mln vs eight mln
|
training/5315
|
training/5315 |@title indonesia:1 import:1 palm:1 oil:1 trader:1 say:1 |@word indonesia:7 import:4 palm:8 oil:9 year:4 likely:1 take:1 trade:3 source:1 say:8 comment:1 weekend:1 jakarta:1 report:1 quote:1 ministry:2 spokesman:1 saying:1 issue:4 licence:3 commodity:1 also:1 sign:1 shortage:1 major:1 dealer:1 ship:1 malaysian:1 february:1 additional:1 vessel:2 load:1 month:1 earmark:1 april:2 operator:1 claim:1 book:1 would:1 disclose:1 tonnage:1 trader:2 production:1 expectation:1 current:1 stock:1 low:1 start:1 crude:1 subsequently:1 revise:1 include:2 rbd:2 olein:1 last:1 week:1 rumour:1 european:1 market:1 around:1 135:1 000:1 tonne:1 delivery:1 commence:1 indonesian:1 official:1 incorrect:1 total:1 could:2 earlier:1 application:1 yet:1 grant:1
|
INDONESIA HAS IMPORTED PALM OIL, TRADERS SAY
Indonesia has imported palm oil this
year and is likely to take more, trade sources said.
They were commenting on a weekend Jakarta report quoting a
Ministry of Trade spokesman as saying Indonesia had not issued
licences to import the commodity. He also said there was no
sign of a shortage of palm oil in Indonesia.
A major palm oil dealer said he shipped Malaysian palm oil
to Indonesia in February, additional vessels were loading this
month and other vessels had been earmarked for April.
Other operators claimed they had palm oil booked for
Indonesia but would not disclose tonnages.
Traders said palm oil production in Indonesia this year had
been below expectations and current stocks were low. They said
licences were issued at the start of the year to import crude
palm oil but were subsequently revised to include RBD olein and
RBD oil.
Last week there were rumours in European markets that
Indonesia had issued licences to import around 135,000 tonnes
of palm oil for deliveries commencing April. An Indonesian
Ministry of Trade official said this was incorrect.
Some traders here said the total could be more. Others said
they could include those issued earlier this year and
applications not yet granted.
|
training/5316
|
training/5316 |@title wholesale:1 club:1 inc:1 whls:1 4th:1 qtr:1 jan:1 31:1 net:1 |@word shr:2 profit:2 two:1 ct:4 vs:8 loss:6 16:1 net:2 558:1 000:8 580:1 sale:2 66:1 2:3 mln:4 29:1 5:1 avg:2 shrs:2 4:3 476:1 3:2 615:1 year:1 61:1 79:1 1:1 760:1 180:1 158:1 76:1 475:1 751:1
|
WHOLESALE CLUB INC <WHLS> 4TH QTR JAN 31 NET
Shr profit two cts vs loss 16 cts
Net profit 558,000 vs loss 580,000
Sales 66.2 mln vs 29.5 mln
Avg shrs 4,476,000 vs 3,615,000
Year
Shr loss 61 cts vs loss 79 cts
Net loss 1,760,000 vs loss 2,180,000
Sales 158.4 mln vs 76.3 mln
Avg shrs 4,475,000 vs 2,751,000
|
training/5317
|
training/5317 |@title msa:1 realty:1 corp:1 sss:1 4th:1 qtr:1 net:1 |@word shr:2 profit:4 four:2 ct:5 vs:8 loss:5 two:1 net:2 247:1 970:1 57:1 341:1 revs:2 2:4 393:1 622:1 627:1 612:1 avg:2 shrs:2 5:1 958:1 423:1 440:2 100:1 year:2 71:1 35:1 3:1 213:1 310:1 849:1 180:1 14:1 571:1 434:1 9:1 099:1 767:1 6:1 177:1 666:1 083:1 note:1 1986:1 earning:1 include:1 carryforward:1 investment:1 tax:1 credit:1 85:1 000:2 dlrs:2 quarter:1 gain:1 250:1 share:1
|
MSA REALTY CORP <SSS> 4TH QTR NET
Shr profit four cts vs loss two cts
Net profit 247,970 vs loss 57,341
Revs 2,393,622 vs 2,627,612
Avg shrs 5,958,423 vs 2,440,100
Year
Shr profit 71 cts vs loss 35 cts
Net profit 3,213,310 vs loss 849,180
Revs 14,571,434 vs 9,099,767
Avg shrs 6,177,666 vs 2,440,083
NOTE: 1986 earnings include a loss from carryforward of
investment tax credits of 85,000 dlrs in the quarter and a gain
of 250,000 dlrs, or four cts a share for the year
|
training/5318
|
training/5318 |@title economic:2 spotlight:1 france:1 await:1 lift:1 |@word year:12 squeeze:1 power:2 narrow:1 bare:1 coalition:1 majority:1 gaullist:1 prime:1 minister:3 jacques:1 chirac:2 sweep:1 away:1 cobweb:1 control:6 regulation:2 choke:1 french:9 economy:4 france:2 still:1 wait:2 promise:1 industrial:5 recovery:1 government:9 say:9 follow:1 free:3 market:5 policy:2 company:2 profit:1 stock:2 rise:3 unemployment:1 growth:4 stagnant:1 two:3 pct:10 outlook:1 inflation:3 hold:1 20:1 low:1 2:5 1:2 1986:2 uncertain:1 force:4 last:5 month:1 cut:2 1987:2 target:2 raise:1 estimate:1 finance:1 edouard:1 balladur:2 rule:1 action:1 stimulate:1 supporter:1 fear:2 time:2 economic:6 miracle:1 may:4 run:1 political:1 clock:1 tick:1 towards:1 presidential:1 election:1 due:1 april:1 next:1 performance:1 lead:1 mixed:2 cast:1 right:1 wing:1 socialist:1 president:1 win:1 review:1 non:1 partisan:1 analyst:2 michel:1 develle:3 director:1 study:1 newly:1 privatise:1 banque:1 paribas:3 outstanding:1 achievement:2 launch:2 veritable:1 intellectual:1 revolution:1 break:1 staid:1 habit:1 form:1 century:1 state:7 figure:1 look:1 mediocre:1 neither:1 good:3 bad:1 set:1 context:1 structural:1 reform:1 excellent:1 chief:2 architect:1 pursue:1 mirage:1 belief:1 liberalism:2 produce:2 explosion:1 ideological:1 indosuez:2 economist:2 jean:1 cheval:2 personally:1 think:1 illusion:2 dirigisme:1 direction:1 basic:1 fact:1 system:1 school:1 onwards:1 ultra:1 impossible:1 push:1 vision:1 hard:1 past:2 foreign:2 exchange:1 consumer:2 price:6 largely:1 abolish:2 labour:1 prune:1 ease:1 sacking:1 redundant:1 worker:1 hugely:1 popular:1 programme:1 sell:1 bank:1 industry:2 private:1 investor:2 since:4 december:2 nearly:1 five:2 mln:1 buy:1 share:1 cie:2 financiere:1 de:2 pari:1 pa:2 glass:1 maker:1 saint:1 gobain:1 sa:1 sgep:1 first:2 bring:1 300:2 billion:4 franc:4 privatisation:1 plan:1 encourage:1 amnesty:1 illegal:1 export:1 capital:1 lifting:1 currency:1 money:1 flood:1 paris:1 stockmarket:1 abroad:1 help:1 lift:1 57:1 another:1 12:1 5:4 end:2 exist:1 42:1 service:1 car:1 repair:1 hairdresse:1 freeing:1 intervention:1 small:1 business:1 account:1 60:1 immediate:1 result:2 0:1 9:1 january:2 partly:1 responsible:1 revision:1 official:1 forecast:1 less:1 even:1 would:1 fantastic:1 consider:1 1945:1 comment:1 include:2 major:1 reduction:1 debt:1 budget:1 deficit:1 141:1 153:1 3:1 1985:1 despite:2 healthy:1 balance:1 payment:1 surplus:1 gradual:1 improvement:1 productivity:1 speculator:1 humiliating:1 three:1 devaluation:1 west:2 german:1 mark:1 second:1 take:2 recent:1 report:4 organisation:1 cooperation:1 development:1 pillory:1 fail:2 potential:1 customer:1 want:1 outside:1 mainly:1 high:1 technology:1 sector:1 increasingly:1 ill:1 adapt:1 demand:1 agree:1 one:1 assumption:1 give:1 freedom:2 employer:1 invest:1 modernise:1 nine:1 ten:1 yes:1 like:2 tell:1 way:1 go:1 investment:1 introduction:1 special:1 incentive:1 boost:1 youth:1 employment:1 number:1 jobless:1 record:1 7:1 million:1 000:1 earlier:1 problem:1 little:1 prod:1 fast:1 producer:1 advantage:1 oil:1 fall:1 hope:1 rest:1 shaky:1 prospect:1 expansion:1 country:1 germany:1 japan:1 reuter:1
|
ECONOMIC SPOTLIGHT -FRANCE AWAITS ECONOMIC LIFT
A year after squeezing to power with a
narrow bare coalition majority, Gaullist Prime minister Jacques
Chirac has swept away a cobweb of controls and regulations
choking the French economy.
But France is still waiting for a promised industrial
recovery the government says will follow from its free market
policies. Company profits and the stock market are rising. But
so is unemployment. Growth is stagnant at about two pct a year
and the outlook for inflation, held to a 20-year low of 2.1 pct
in 1986, is uncertain.
Forced last month to cut the government's 1987 growth
target and raise its inflation estimate, Finance Minister
Edouard Balladur ruled out action to stimulate the economy. But
some government supporters say they fear time for an economic
miracle may be running out.
The political clock is ticking towards Presidential
elections due by April next year.
France's economic performance, led by a mixed cast of
right-wing ministers and a socialist President, has won mixed
reviews from non-partisan analysts.
For Michel Develle, Director of Economic Studies at
newly-privatised Banque Paribas, the government's outstanding
achievement has been to launch 'a veritable intellectual
revolution' breaking the staid habits formed by centuries of
state control.
'The figures may look mediocre -- neither good nor bad --
but set in their context of structural reforms, they are
excellent,' Develle said.
But some analysts say they fear that Balladur, chief
architect of the government's free market policies, may be
pursuing a mirage.
'The belief that economic liberalism will produce an
explosion of economic forces is ideological' said Indosuez chief
economist Jean Cheval. 'Personally I think it's an illusion.
Dirigisme (direction) is a basic fact of the French system,
from school onwards. Ultra-liberalism is impossible.'
Illusion or not, the government has pushed its vision hard.
Over the past year foreign exchange and consumer price controls
have been largely abolished, labour regulations have been
pruned to ease the sacking of redundant workers and a hugely
popular programme has been launched to sell state-owned banks
and industries to private investors.
Since December, nearly five mln French investors have
bought shares in Cie Financiere de Paribas <PARI.PA> and glass
maker Cie de Saint-Gobain SA <SGEP.PA>, the first two state
companies brought to the stock market under the 300 billion
franc five-year privatisation plan.
Encouraged by an amnesty for past illegal exports of
capital, and the lifting of most currency controls, money has
flooded into the Paris stockmarket from abroad, helping to lift
the market 57 pct last year and another 12.5 pct since
December.
At the end of last year the government abolished price
controls that had existed for 42 years on services such as car
repairs and hairdressing, freeing from state intervention small
businesses which account for some 60 pct of the French economy.
The immediate result was a 0.9 pct rise in consumer prices
in January, partly responsible for a forced revision in the
official 1987 inflation forecast, to 2.5 pct from two pct or
less.
'But even 2.5 pct would be a fantastic result, when you
consider that prices are now free for the first time since
1945,' commented Develle of Paribas.
Other achievements include a major reduction in the state's
foreign debts, and a cut in the state budget deficit to 141.1
billion francs last year, 2.5 billion francs below target and
down from 153.3 billion in 1985.
But despite a healthy balance of payments surplus and a
gradual improvement in industrial productivity, the French
franc was forced by speculators in January into a humiliating
three pct devaluation against the West German mark, its second
since Chirac took power.
A recent report by the Organisation for Economic
Cooperation and Development pilloried French industry for
failing to produce the goods that its potential customers
wanted.
Outside the mainly state-controlled high technology
sectors, French industrial goods were 'increasingly ill-adapted
to demand' and over-priced, the report said.
French economists, including Cheval at Indosuez, agreed
with the report. 'One of the assumptions of the government is
that if you give them freedom, the employers will invest and
modernise....But nine out of ten will say yes, they like
freedom, and then wait to be told which way to go,' he said.
And despite rising industrial investment and the
introduction of special incentives to boost youth employment,
the end-1986 number of jobless was reported at a record 2.7
million, some 300,000 more than a year earlier.
The problem for the government is that there may be little
more it can do to prod the economy into faster growth.
French producers failed more than most to take advantage of
last year's oil price falls and growth hopes now rest on the
shaky prospects of expansion in other industrial countries like
West Germany and Japan, they say.
REUTER...
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training/532
|
training/532 |@title kapok:1 corp:1 kpk:1 technical:1 default:1 |@word kapok:1 corp:2 say:3 techical:1 default:1 loan:2 southeast:1 banking:1 stb:1 murray:1 steinfeld:1 negotiate:1 lender:1 neither:1 declare:1 due:1 company:1 agree:1 sell:1 peter:1 pan:1 restaurant:1 urbana:1 md:1 1:1 100:1 000:1 dlrs:2 one:1 mln:1 payment:1 expense:1
|
KAPOK CORP <KPK> IN TECHNICAL DEFAULT
Kapok Corp said it is in
techical default of its loans from Southeast Banking Corp <STB>
and Murray Steinfeld but is negotiating with the lenders.
It said neither has declared the loans due.
The company said it has agreed to sell the Peter Pan
Restaurant in Urbana, Md., for 1,100,000 dlrs, or one mln dlrs
after the payment of expenses.
|
training/5320
|
training/5320 |@title becor:2 western:2 get:2 offer:2 acquire:2 new:2 group:2 15:2 50:2 dlrs:2 share:2 |@word
|
BECOR WESTERN GETS OFFER TO BE ACQUIRED BY NEW GROUP FOR 15.50 DLRS SHARE
BECOR WESTERN GETS OFFER TO BE ACQUIRED BY NEW GROUP FOR 15.50 DLRS SHARE
|
training/5321
|
training/5321 |@title everest:1 jennings:1 international:1 eja:1 4th:1 qtr:1 |@word shr:2 profit:4 nine:1 ct:3 vs:6 loss:4 58:1 net:5 738:1 000:7 4:3 643:1 sale:4 50:2 9:2 mln:5 43:1 8:1 year:3 1:3 dlrs:4 61:1 12:1 875:1 195:1 3:1 174:1 2:1 note:1 1985:2 period:1 include:3 952:1 dlr:1 provision:1 plant:1 closing:1 gain:2 west:2 los:2 angeles:2 real:2 estate:2 650:1 quarter:1 471:1 1986:1 903:1
|
EVEREST AND JENNINGS INTERNATIONAL <EJA> 4TH QTR
Shr profit nine cts vs loss 58 cts
Net profit 738,000 vs loss 4,643,000
Sales 50.9 mln vs 43.8 mln
Year
Shr profit 1.50 dlrs vs loss 61 cts
Net profit 12.1 mln vs loss 4,875,000
Sales 195.3 mln vs 174.2 mln
NOTE: 1985 net both periods includes 4,952,000 dlr
provision for plant closing.
1985 net includes gains on sale of West Los Angeles real
estate of 650,000 dlrs in quarter and 1,471,000 dlrs in year.
1986 year net includes gains on sale of West Los Angeles
real estate of 9,903,000 dlrs.
|
training/5323
|
training/5323 |@title german:1 bank:1 see:1 high:1 gold:1 price:1 1987:1 |@word gold:4 expect:2 continue:1 rise:4 year:3 due:2 renew:1 inflationary:2 pressure:2 especially:1 u:3 hamburg:1 base:1 verein:1 und:1 westbank:1 ag:1 say:5 statement:1 stabilisation:1 crude:1 oil:1 price:3 organisation:1 petroleum:1 exporting:1 country:2 effort:1 achieve:1 firm:2 lead:2 grow:1 money:1 supply:2 japan:1 west:1 germany:1 exceed:1 central:1 bank:3 limit:1 real:1 growth:1 gross:1 national:1 product:1 add:1 use:1 physical:1 increase:1 industrial:1 demand:2 high:1 coin:1 production:1 speculative:1 influence:1 future:1 market:1 also:1 factor:1 south:1 africa:1 unstable:1 political:1 situation:1 may:1 temporary:1 reduction:1 underscore:1 sentiment:1 however:1 australia:1 output:1 estimate:1 90:1 tonne:2 73:1 5:1 1986:1
|
GERMAN BANK SEES HIGHER GOLD PRICE FOR 1987
Gold is expected to continue its rise
this year due to renewed inflationary pressures, especially in
the U.S., Hamburg-based Vereins- und Westbank AG said.
It said in a statement the stabilisation of crude oil
prices and the Organisation of Petroleum Exporting Countries'
efforts to achieve further firming of the price has led to
growing inflationary pressures in the U.S.
Money supplies in the U.S., Japan and West Germany exceed
central bank limits and real growth of their gross national
products, it added.
Use of physical gold should rise this year due to increased
industrial demand and higher expected coin production, the bank
said.
Speculative demand, which influences the gold price on
futures markets, has also risen, the bank said.
These factors and South Africa's unstable political
situation, which may lead to a temporary reduction in gold
supplies from that country, underscore the firmer sentiment, it
said.
However, Australia's output is estimated to rise to 90
tonnes this year from 73.5 tonnes in 1986.
|
training/5326
|
training/5326 |@title endotronic:1 see:2 heavy:2 loss:2 qtr:2 withdrawal:2 japan:2 distributor:2 endotronics:1 |@word
|
ENDOTRONICS SEES HEAVY LOSSES IN QTR FROM WITHDRAWAL OF JAPAN DISTRIBUTOR
ENDOTRONICS SEES HEAVY LOSSES IN QTR FROM WITHDRAWAL OF JAPAN DISTRIBUTOR
|
training/5327
|
training/5327 |@title alpine:1 group:1 inc:1 agi:1 3rd:1 qtr:1 jan:1 31:1 net:1 |@word shr:2 profit:7 seven:1 ct:6 vs:7 loss:3 five:1 net:2 303:1 000:9 205:1 revs:2 16:1 945:1 7:1 695:1 nine:2 mth:1 27:1 19:1 1:1 161:1 787:1 39:1 2:1 mln:2 22:1 8:1 note:1 include:1 gain:1 130:1 dlrs:3 three:1 share:3 quarter:1 490:1 11:1 52:1 one:1 cent:1 month:1 tax:1 carryforward:1
|
ALPINE GROUP INC <AGI> 3RD QTR JAN 31 NET
Shr profit seven cts vs loss five cts
Net profit 303,000 vs loss 205,000
Revs 16,945,000 vs 7,695,000
Nine mths
Shr profit 27 cts vs profit 19 cts
Net profit 1,161,000 vs profit 787,000
Revs 39.2 mln vs 22.8 mln
NOTE: Profits include gains of 130,000 dlrs, or three cts a
share, in quarter and 490,000 dlrs, or 11 cts a share, vs
52,000 dlrs, or one cent a share, in nine months from tax loss
carryforward
|
training/5328
|
training/5328 |@title bsi:1 say:1 expect:1 another:1 good:1 year:1 1987:1 |@word banca:1 della:1 svizzera:1 italiana:1 bisz:1 z:1 say:2 expect:2 business:2 good:1 year:2 1986:1 15:1 2:1 pct:1 increase:1 net:1 profit:1 42:1 mln:1 swiss:1 franc:1 chief:1 executive:1 giorgio:1 ghiringhelli:2 tell:1 reporter:1 almost:1 important:2 sector:1 expand:2 well:1 1987:1 exception:1 would:2 security:1 grow:1 slowly:1 also:1 bank:1 plan:1 convert:1 representation:1 london:1 subsidiary:2 end:1 activity:1 new:1 york:1 particularly:1 private:1 banking:1
|
BSI SAYS EXPECTS ANOTHER GOOD YEAR IN 1987
Banca della Svizzera Italiana <BISZ.Z>
said it expected business to be good again this year after
1986's 15.2 pct increase in net profit to 42 mln Swiss francs.
Chief Executive Giorgio Ghiringhelli told reporters he
expected almost all important sectors to expand well in 1987.
An important exception would be its securities business, which
would grow more slowly.
Ghiringhelli also said the bank planned to convert its
representation in London into a subsidiary at the end of this
year and further expand activities at its New York subsidiary,
particularly in private banking.
|
training/5329
|
training/5329 |@title diamond:2 shamrock:2 set:2 27:2 pct:2 proration:2 factor:2 tendered:2 share:2 |@word
|
DIAMOND SHAMROCK SETS 27 PCT PRORATION FACTOR FOR TENDERED SHARES
DIAMOND SHAMROCK SETS 27 PCT PRORATION FACTOR FOR TENDERED SHARES
|
training/533
|
training/533 |@title newport:1 corp:1 nesp:1 2nd:1 qtr:1 jan:1 31:1 net:1 |@word shr:2 11:1 ct:4 vs:6 13:1 net:2 1:3 037:1 690:1 270:1 460:1 sale:2 10:1 mln:3 9:2 215:1 836:1 six:1 mth:1 25:1 31:1 2:3 319:1 376:1 930:1 507:1 21:1 18:1
|
NEWPORT CORP <NESP> 2ND QTR JAN 31 NET
Shr 11 cts vs 13 cts
Net 1,037,690 vs 1,270,460
Sales 10.1 mln vs 9,215,836
Six Mths
Shr 25 cts vs 31 cts
Net 2,319,376 vs 2,930,507
Sales 21.2 mln vs 18.9 mln
|
training/5330
|
training/5330 |@title brazilian:1 bank:1 worker:1 decide:1 national:1 strike:1 |@word brazilian:1 bank:4 worker:4 vote:3 launch:1 nationwide:1 strike:2 month:1 compound:1 labour:1 unrest:1 arise:1 failure:1 government:1 anti:1 inflation:1 plan:1 rally:1 city:1 100:2 km:1 northwest:1 sao:1 paulo:1 5:1 000:3 march:1 24:1 unless:1 demand:1 pct:1 pay:1 rise:1 meet:1 wilson:1 gomes:1 de:1 moura:1 president:1 national:1 confederation:1 group:1 employee:1 152:1 union:1 represent:1 700:1 tell:1 reuters:1 indefinite:1 stoppage:2 would:1 affect:1 come:1 seaman:1 enter:1 third:1 week:1 55:1 oil:1 threaten:1 action:1 state:1 petroleum:1 company:1 petrobra: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.
|
training/5331
|
training/5331 |@title becor:1 western:1 bcw:1 get:1 offer:1 acquire:1 |@word becor:8 western:3 inc:2 say:2 investment:1 limited:1 partnership:1 greenwich:1 conn:1 randolph:1 w:1 lenz:1 offer:1 acquire:2 15:1 50:1 dlrs:5 per:2 share:2 subject:2 receipt:1 least:2 110:2 mln:2 propose:1 sale:1 gear:2 corp:1 subsidiary:1 also:1 receive:1 expression:1 interest:1 party:1 seek:1 information:1 previously:1 agree:1 sell:1 bcw:2 acquisition:1 10:1 45:1 cash:1 four:1 debenture:1 form:1 executives:1 goldman:1 sachs:1 co:1 deal:1 shareholder:1 approval:1
|
BECOR WESTERN <BCW> GETS OFFER TO BE ACQUIRED
Becor Western Inc said <Investment
Limited Partnership> of Greenwich, conn., and Randolph W. Lenz
are offering to acquire Becor for 15.50 dlrs per share, subject
to Becor's receipt of at least 110 mln dlrs from the proposed
sale of its Western Gear Corp subsidiary.
Becor said it has also received expressions of interest
from other parties seeking information about Becor.
Becor had previously agreed to sell Western Gear for at
least 110 mln dlrs and to be acquired by BCW Acquisition Inc
for 10.45 dlrs in cash and four dlrs in debentures per Becor
share. BCW was formed by Becor executives and <Goldman, Sachs
and Co>. Both deals are subject to shareholder approval.
|
training/5332
|
training/5332 |@title clark:1 equipment:1 ckl:1 stake:1 acquire:1 |@word clark:3 equipment:1 co:1 say:2 inform:1 arthur:1 goldberg:2 act:1 behalf:1 group:2 investor:1 accumulate:1 1:1 262:1 200:1 share:2 6:1 7:1 pct:1 outstanding:1 common:1 stock:1 recently:1 approach:1 repurchase:2 however:1 negotiation:1 block:1 unsuccessful:1 terminate:1
|
CLARK EQUIPMENT <CKL> STAKE ACQUIRED
Clark Equipment Co said it was
informed by Arthur M. Goldberg acting on behalf of a group of
investors that the group had accumulated 1,262,200 shares, or
about 6.7 pct of Clark's outstanding common stock.
It said Goldberg recently approached Clark to repurchase
the shares. However, negotiations for the block repurchase were
unsuccessful and have been terminated.
|
training/5333
|
training/5333 |@title hog:1 cattle:1 slaughter:1 guesstimate:1 |@word chicago:1 mercantile:1 exchange:1 floor:1 trader:1 commission:1 house:1 representative:1 guesstimate:2 today:1 hog:1 slaughter:2 295:1 000:8 302:1 head:2 versus:2 293:1 week:2 ago:4 309:1 year:2 cattle:1 123:2 126:1 121:1
|
HOG AND CATTLE SLAUGHTER GUESSTIMATES
Chicago Mercantile Exchange floor
traders and commission house representatives are guesstimating
today's hog slaughter at about 295,000 to 302,000 head versus
293,000 week ago and 309,000 a year ago.
Cattle slaughter is guesstimated at about 123,000 to
126,000 head versus 123,000 week ago and 121,000 a year ago.
|
training/5334
|
training/5334 |@title paton:1 report:1 u:2 green:1 coffee:1 roasting:1 high:1 |@word roasting:2 green:1 coffee:1 week:3 end:2 march:1 7:1 325:1 000:5 60:1 kilo:1 bag:5 include:1 use:1 soluble:1 production:1 compare:2 290:1 corresponding:1 last:2 year:2 315:1 february:1 28:1 george:1 gordon:1 paton:1 co:1 inc:1 report:1 say:1 cumulative:1 calendar:1 1987:1 total:1 3:2 295:1 620:1 time:1
|
PATON REPORTS U.S. GREEN COFFEE ROASTINGS HIGHER
U.S. roastings of green coffee in the
week ended March 7 were about 325,000 (60-kilo) bags, including
that used for soluble production, compared with 290,000 bags in
the corresponding week of last year and about 315,000 bags in
the week ended February 28, George Gordon Paton and Co Inc
reported.
It said cumulative roastings for calendar 1987 now total a
3,295,000 bags, compared with 3,620,000 bags by this time last
year.
|
training/5335
|
training/5335 |@title avia:1 stockholder:1 seek:1 block:1 sale:1 reebok:1 |@word avia:12 group:2 international:2 inc:1 stockholders:1 file:2 class:1 action:3 suit:3 multnomah:1 county:1 circuit:1 court:3 seek:2 halt:1 sale:1 reebok:5 ltd:1 rbok:1 stockholder:3 also:3 receive:1 compensation:1 defendant:2 include:1 director:1 accord:2 paper:2 grow:1 meeting:1 several:1 dozen:1 dissatisfy:1 minority:1 follow:2 announcement:3 propose:1 acquisition:2 sudden:1 drop:1 price:3 stock:4 complaint:3 behalf:1 clem:1 eischen:2 portland:2 area:2 resident:1 500:1 share:4 robert:1 withers:1 954:1 individual:1 hold:1 time:2 jury:1 trial:2 request:2 small:1 contral:1 hurt:1 little:1 guy:1 say:3 statement:1 organize:1 steering:1 committee:1 review:1 march:1 1986:1 note:1 plaintifs:1 purchase:1 19:1 dlrs:4 25:1 per:1 fall:1 24:1 16:1 50:1 ask:1 enjoin:1 proceed:1 damage:1 determine:1 see:1 comment:1
|
AVIA STOCKHOLDERS SEEK TO BLOCK SALE TO REEBOK
<Avia Group International Inc>
stockholders filed a class a action suit in Multnomah County
Circuit court seeking to halt the sale of Avia to Reebok
International Ltd <RBOK>.
Avia stockholders also seek to receive compensation from
the defendants, who include most of Avia directors, according
to court papers.
The suit grew out a meeting of several dozen dissatisfied
minority stockholders of Avia following the announcement of
Reebok's proposed acquisition of Avia and the sudden drop in
the price of Avia stock.
The complaint was filed on behalf of Clem Eischen, a
Portland-area resident, who owns 500 shares of Avia, and Robert
Withers, also of the Portland-area, who owns 954 shares, and
other individuals who held stock at the time of Reebok's
announcement. A jury trial has been requested.
'The actions of the small group that contral Avia have hurt
the little guy,' said Eischen.
The stockholders, according to a statement, have organized
a steering committee.
The complaint reviews the price action of Avia stock from
March 1986 and noted the plaintifs who purchased stock between
19 dlrs and 25 dlrs per share. The price fell from 24 dlrs to
16.50 dlrs a share following the Reebok announcement.
The complaint asked the defendants be enjoined from
proceeding with the Reebok acquisition of Avia. It also
requests damages to be determined at the time of trial.
Avia said it had not seen the court papers and said it had
no comment on the suit.
|
training/5336
|
training/5336 |@title 16:2 mar:2 1987:2 |@word
|
16-MAR-1987
16-MAR-1987
|
training/5338
|
training/5338 |@title zambia:1 imf:1 talk:1 stall:1 food:1 subsidy:1 |@word zambia:5 talk:2 world:4 bank:5 international:1 monetary:1 fund:1 imf:5 financial:1 rescue:1 package:1 run:2 difficulty:1 issue:2 food:2 subsidy:4 official:2 newspaper:1 say:4 time:2 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:2 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:1 riot:1 immediately:1 restore:1 part:1 quell:1 disturbance: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 kwacha:2 slide:1 around:1 15:1 per:3 dollar:3 lose:1 85:1 pct:1 value:1 16:1 month:1 revalue:1 fix:1 nine:1 banking:1 persuade:1 lift:1 ceiling:1 12:1 50:1 currency:1 restart:1
|
ZAMBIA, IMF TALKS STALL ON 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.
The subsidies were immediately restored as part of moves to
quell the disturbances.
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,
losing 85 pct of its value in 16 months, but since the end of
January 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.
|
training/5339
|
training/5339 |@title dwg:2 corp:1 3rd:1 qtr:1 jan:1 31:1 net:1 |@word oper:4 shr:2 profit:8 17:2 ct:4 vs:16 10:1 net:8 5:4 146:1 000:21 2:3 691:1 revs:2 269:1 mln:9 274:1 4:4 avg:2 shrs:2 20:2 0:2 nine:6 mth:6 14:1 loss:6 45:1 131:1 7:1 148:1 802:1 8:1 766:1 16:1 9:1 note:1 exclude:3 discontinue:1 operation:1 1:4 667:1 dlrs:17 42:1 quarter:4 123:1 334:1 gain:2 insurance:1 recovery:3 54:1 91:1 289:1 218:1 prior:3 year:2 103:1 dlr:1 change:2 accounting:1 textile:2 inventory:2 result:1 discontinuance:1 apparel:1 segment:1 account:1 share:1 adjust:1 stock:1 dividend:1 include:3 pretax:2 unrealized:1 provision:3 relate:1 marketable:2 security:2 580:1 824:1 640:1 366:1 sale:1 493:1 tax:1 credit:2 738:1 494:1 194:1 11:1
|
DWG CORP <DWG> 3RD QTR JAN 31 NET
Oper shr profit 17 cts vs profit 10 cts
Oper net profit 5,146,000 vs profit 2,691,000
Revs 269.5 mln vs 274.4 mln
Avg shrs 20.5 mln vs 17.0 mln
Nine mths
Oper shr profit 14 cts vs loss 45 cts
Oper net profit 4,131,000 vs loss 7,148,000
Revs 802.8 mln vs 766.0 mln
Avg shrs 20.4 mln vs 16.9 mln
NOTE: Net excludes discontinued operations loss 1,667,000
dlrs vs profit 42,000 dlrs in quarter and loss 2,123,000 dlrs
vs profit 1,334,000 dlrs in nine mths.
Net excludes gains on insurance recovery of 54,000 dlrs vs
91,000 dlrs in quarter and 1,289,000 dlrs vs 218,000 dlrs in
nine mths.
Prior year net excludes 1,103,000 dlr loss from change in
accounting for textiles inventories.
Prior year results for discontinuance of apparel segment
and change in accounting for textile inventories.
Share adjusted for stock dividends.
Net includes pretax unrealized loss provision recoveries
related to marketable securities of 580,000 dlrs vs 824,000
dlrs in quarter and recovery 640,000 dlrs vs provision 366,000
dlrs in nine mths.
Prior nine mths net includes pretax gain on sale of
marketable securities of 493,000 dlrs.
Net includes tax credits 5,738,000 dlrs vs 494,000 dlrs in
quarter and credit 4,194,000 dlrs vs provision 11.2 mln dlrs in
nine mths.
|
training/534
|
training/534 |@title kapok:1 corp:1 kpk:1 1st:1 qtr:1 dec:1 31:1 loss:1 |@word shr:1 loss:4 14:1 ct:2 vs:4 21:1 net:1 353:1 000:4 541:1 revs:1 2:4 668:1 525:1 avg:1 shrs:1 452:1 3000:1 552:1 300:1
|
KAPOK CORP <KPK> 1ST QTR DEC 31 LOSS
Shr loss 14 cts vs loss 21 cts
Net loss 353,000 vs loss 541,000
Revs 2,668,000 vs 2,525,000
Avg shrs 2,452,3000 vs 2,552,300
|
training/5340
|
training/5340 |@title diamond:1 shamrock:1 dia:1 set:1 proration:1 factor:1 |@word diamond:1 shamrock:1 corp:1 say:2 accept:1 27:1 pct:1 73:1 653:1 000:1 share:5 common:1 stock:1 tender:1 response:1 company:2 offer:1 pay:1 17:1 dlrs:1 20:2 mln:2 expect:1 mail:1 check:1 represent:1 purchase:2 price:1 later:1 week:1 return:1 unpurchased:1 shortly:1 thereafter:1
|
DIAMOND SHAMROCK <DIA> SETS PRORATION FACTOR
Diamond Shamrock Corp said it will
accept about 27 pct of the 73,653,000 shares of its common
stock tendered in response to the company's offer to pay 17
dlrs a share for 20 mln shares.
The company said it expects to mail checks representing the
purchase price of the 20 mln shares purchased later this week
and will be returning unpurchased shares shortly thereafter.
|
training/5342
|
training/5342 |@title bralorne:1 resources:1 ltd:1 year:1 loss:1 |@word shr:1 loss:5 2:1 70:1 dlrs:2 vs:3 25:1 ct:1 net:1 60:1 6:1 mln:4 3:1 122:1 000:1 revs:1 101:1 0:1 167:1 7:1 note:1 1986:1 include:1 charge:1 44:1 1:1 due:1 writedown:2 oil:1 gas:1 interest:1 writeoff:1 goodwill:1 patent:1 provision:1 disposal:2 surplus:1 inventory:1 disposition:1 operating:1 unit:1 asset:1 hold:1
|
<BRALORNE RESOURCES LTD> YEAR LOSS
Shr loss 2.70 dlrs vs loss 25 cts
Net loss 60.6 mln vs loss 3,122,000
Revs 101.0 mln vs 167.7 mln
Note: 1986 includes charge of 44.1 mln dlrs due to
writedown of oil and gas interests, writeoff of goodwill and
patents, provision against disposal of surplus inventory,
losses on disposition of operating units and writedown of
assets held for disposal.
|
training/5344
|
training/5344 |@title bank:2 france:2 leave:2 money:2 market:2 intervention:2 rate:2 unchanged:2 7:2 3:2 4:2 pct:2 official:2 |@word
|
BANK OF FRANCE LEAVES MONEY MARKET INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL
BANK OF FRANCE LEAVES MONEY MARKET INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL
|
training/5345
|
training/5345 |@title h:1 r:1 block:1 hrb:1 see:1 gain:1 tax:1 reform:1 |@word april:2 15:1 tax:20 return:7 deadline:1 less:1 month:1 away:1 confused:1 taxpayer:2 converge:1 h:1 r:1 block:14 inc:1 office:2 interpret:1 new:2 code:1 financial:1 result:2 nation:1 large:2 preparer:3 expect:4 good:2 fiscal:5 1987:4 next:4 year:8 could:4 bonanza:2 analyst:3 say:13 short:1 term:2 key:1 word:1 confusion:3 vice:1 president:1 tom:1 bloch:5 interview:1 congress:1 drastically:1 change:3 law:1 benefit:3 take:2 form:6 place:1 side:2 compare:1 people:1 throw:1 hand:1 go:1 get:2 help:2 look:1 different:1 add:1 kidder:1 peabody:1 herbert:1 buchbinder:2 end:1 30:1 show:2 gain:2 1986:3 earning:2 60:1 1:2 mln:5 dlrs:7 2:3 41:1 share:1 revenue:2 606:1 7:1 estimate:5 75:1 80:1 base:1 work:1 force:1 five:1 pct:3 prepare:2 season:7 9:1 215:1 300:1 u:2 5:1 previous:1 internal:1 service:1 100:1 individual:1 income:2 file:3 last:3 94:1 professional:1 account:1 43:1 million:1 accord:1 irs:4 long:1 continue:1 bring:1 client:1 8:1 866:1 preparation:1 worldwide:2 act:1 negative:2 effect:1 concede:1 certain:1 requirement:1 shorten:1 case:1 simplify:1 note:2 addition:1 low:3 wage:1 earner:1 roll:1 currently:1 analyze:1 price:1 structure:1 try:1 offset:1 average:1 cost:2 amount:1 48:1 05:1 45:1 73:1 rate:4 three:1 four:1 line:1 inflation:1 expansion:1 electronic:1 filing:2 system:1 directly:2 feed:1 speed:1 refund:1 process:1 choose:1 much:1 want:1 expand:1 seven:1 city:2 make:1 available:1 direct:1 90:1 000:2 26:1 inject:1 first:1 kansas:1 jonathan:1 braatz:2 greatly:1 1988:1 advertising:1 budget:1 bit:1 television:1 ad:1 may:1 little:1 bang:1 buck:1 150:1 cash:1 balance:1 sheet:2 interest:1 rise:1 great:1
|
H AND R BLOCK <HRB> SEES GAINS FROM TAX REFORM
With the April 15 tax return deadline
less than a month away, confused taxpayers will be converging
on H and R Block Inc's offices to interpret the new tax codes.
Financial results for the nation's largest tax preparer are
expected to be good in fiscal 1987 but next year could be a
'bonanza,' analysts say.
'For the short term the key word is confusion, Block Vice
President Tom Bloch said in an interview. 'When Congress
drastically changes laws, confusion results and tax preparers
benefit,' Bloch said.
'Next year, when taxpayers take the new forms and place
them side by side to compare them, more people will throw their
hands up and say 'I'm going to get help,'' he said.
'Tax forms will look very different next year,' he added.
Kidder Peabody analyst Herbert Buchbinder expects Block's
fiscal 1987 year (to end April 30) to show good gains over
fiscal 1986 earnings of 60.1 mln dlrs or 2.41 dlrs a share on
revenues of 606.7 mln dlrs. He estimates Block's fiscal 1987
earnings at 2.75 to 2.80 dlrs.
'Next year, Block could have a bonanza,' Buchbinder said.
Based on estimates of a larger work force, Block could show a
gain of more than five pct in tax forms prepared, he said. In
the 1986 tax season, Block prepared 9,215,300 U.S. tax returns,
up 1.5 pct over the previous year.
The Internal Revenue Service estimates about 100 mln
individual income tax returns will be filed for the 1987 tax
season, up from last year's 94 mln forms. Professional tax
preparers accounted for just over 43 million forms, according
to the IRS.
For the longer term, while confusion will continue to bring
clients into Block's 8,866 tax preparation offices worldwide,
there are some changes in the act that will have a negative
effect, Bloch conceded.
Certain changes in filing requirements will shorten the tax
return, and in some cases, simplify the form, he noted. In
addition, some low income wage earners will be taken off the
tax rolls, he said.
Block is currently analyzing its price structure to try to
offset some of the negatives. Last tax season, the average cost
for each return in the U.S. amounted to 48.05 dlrs and 45.73
dlrs worldwide, Bloch said. This tax season, rates will be up
about three or four pct, in line with the inflation rate, he
said.
Block expects 'some expansion' this tax season of its
electronic filing system which directly feeds into the IRS and
can speed up the refund process. Block can choose where and by
how much it wants to expand into the seven cities made
available for the direct filing by the IRS, Bloch noted.
The IRS estimates about 90,000 returns will be directly
filed this tax season, up from the 26,000 returns injected in
the 1986 tax season.
First Kansas City analyst Jonathan Braatz said that Block
will benefit greatly from lower tax rates in fiscal 1988.
Braatz expects Block's advertising budget to be about the
same as last year which will be helped a bit by lower costs for
television ads. 'They may get a little more bang for their
buck,' he said.
He estimates Block has about 150 mln dlrs cash on its
balance sheet sheet, and says if interest rates rise it could
be of great benefit to them.
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training/5346
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training/5346 |@title ausimont:1 compo:1 nv:1 aus:1 raise:1 quarterly:1 |@word qtly:1 div:1 eight:1 ct:2 vs:1 five:1 prior:1 pay:1 april:2 24:1 record:1 three:1
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AUSIMONT COMPO NV <AUS> RAISES QUARTERLY
Qtly div eight cts vs five cts prior
Pay April 24
Record April Three
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training/5349
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training/5349 |@title aldershot:1 agree:1 acquire:1 intracoastal:1 refining:1 |@word aldershot:2 resources:1 ltd:1 say:1 sign:1 interim:1 agreement:2 acquire:1 100:1 pct:1 outstanding:1 share:3 intracoastal:1 refining:1 inc:1 conroe:1 texas:1 pay:1 certain:1 number:1 common:1 stock:1 base:1 book:1 value:1 maximum:1 one:1 mln:1 formula:1 link:1 next:1 five:1 year:1 pre:1 tax:1 net:1 revenue:1 transaction:1 subject:1 completion:1 definitive:1 regulatory:1 approval:1
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ALDERSHOT AGREES TO ACQUIRE INTRACOASTAL REFINING
Aldershot Resources Ltd said
it signed an interim agreement to acquire 100 pct of the
outstanding shares of Intracoastal Refining Inc of Conroe,
Texas.
Aldershot will pay a certain number of shares of common
stock based on book value, and up to a maximum of one mln
shares under a formula linked to the next five years' pre-tax
net revenues.
The transaction is subject to completion of a definitive
agreement and to regulatory approval.
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