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training/5786
|
training/5786 |@title ec:1 warn:1 u:1 japan:1 trade:1 tension:1 |@word european:1 community:2 ec:11 yesterday:1 warn:1 japan:8 united:1 states:1 main:1 trading:1 partner:1 friction:1 trade:10 issue:2 affect:1 relation:3 country:2 foreign:1 minister:6 statement:4 deplore:2 continued:1 imbalance:2 appeal:1 make:1 great:1 effort:1 open:2 market:2 also:2 say:10 disturb:2 draft:1 bill:2 u:6 congress:1 would:4 impose:2 permanent:1 quota:1 textile:1 import:3 prepared:1 react:2 administration:1 already:1 distance:1 external:1 commissioner:1 willy:1 de:2 clercq:2 write:1 counterpart:1 representative:1 clayton:1 yeutter:1 outline:1 concern:2 move:2 towards:1 protectionism:1 adoption:1 measure:1 fail:1 negative:1 effect:1 process:1 multilateral:1 negotiation:1 start:1 well:1 bilateral:1 unilateral:1 leave:1 option:1 accord:1 law:1 general:1 agreement:1 tariffs:1 separate:1 continue:2 aggravation:1 expect:1 insist:1 boost:1 stimulate:1 domestic:1 demand:1 call:3 commission:2 prepare:1 report:2 japanese:3 july:1 year:1 enable:1 take:1 appropriate:1 action:1 necessary:1 one:1 diplomat:3 show:1 determine:1 let:1 question:1 drop:1 back:1 table:1 talk:1 journalist:1 meeting:1 certain:1 nervousness:1 grow:1 impatience:1 within:1 satisfied:1 inability:1 cut:1 surplus:1 adopt:1 tough:1 approach:1 good:1 photocopier:1 20:1 pct:1 anti:1 dumping:1 duty:1 keen:1 negotiate:1 tokyo:1 solve:1 problem:1 rather:1 embark:1 costly:1 damaging:1 war:1 cooperation:1 industry:1 research:1
|
EC WARNS U.S. AND JAPAN ON TRADE TENSIONS
The European Community (EC) yesterday
warned Japan and the United States, its main trading partners,
that friction over trade issues is affecting the EC's relations
with both countries.
EC foreign ministers issued a statement deploring Japan's
continued trade imbalance and appealed for the country to make
a greater effort to open up its markets. They also said they
were disturbed by a draft bill before the U.S. Congress that
would impose permanent quotas on textile imports and were
prepared to react. The U.S. Administration has already
distanced itself from the bill.
EC External Trade Commissioner Willy De Clercq has written
to his U.S. Counterpart, Trade Representative Clayton Yeutter,
outlining the EC's concerns.
The statement said ministers were very disturbed by U.S.
Moves towards protectionism. 'The adoption of such measures
would not fail to have a negative effect on the process of
multilateral negotiations just started, as well as on bilateral
relations,' it said.
Any unilateral U.S. Moves would leave the EC no option but
to react according to the laws of the General Agreement on
Tariffs and Trade, it said.
In a separate statement on Japan, the EC ministers said
they 'deplore the continued aggravation of the imbalance in
trade (and) expect Japan to open up its market more.'
The statement said the EC would continue to insist that
Japan boost imports and stimulate domestic demand.
Ministers also called on the EC Commission to prepare a
report on U.S.-Japanese trade for July this year to enable them
to take appropriate action where necessary.
One diplomat said the call for a report showed ministers
were determined not to let the Japanese question drop. 'It will
be back on the table again and again,' the diplomat said.
De Clercq, talking to journalists during the meeting, said,
'There is a certain nervousness, a growing impatience within the
Community concerning trade relations with Japan.'
The EC is not satisfied with Japan's inability to cut its
trade surplus, and the Commission has adopted a tough approach
on imports of goods such as Japanese photocopiers, where it has
imposed 20 pct anti-dumping duties.
But diplomats said the EC is keen to negotiate with Tokyo
to solve the problem rather than embark on a costly and
damaging trade war, and the ministers called for more
cooperation with Japan in industry and research.
|
training/5787
|
training/5787 |@title cathay:1 pacific:1 1986:1 profit:1 see:1 target:1 |@word buoy:1 low:2 fuel:7 price:8 favourable:1 currency:4 factor:4 cathay:10 pacific:2 airways:2 ltd:5 caph:1 hk:2 1986:3 profit:7 expect:3 surpass:1 airline:5 forecast:4 one:3 billion:5 h:1 k:1 dlrs:6 stock:1 analyst:6 say:13 show:2 net:2 earning:2 1:4 25:2 report:2 result:2 tomorrow:1 first:2 year:11 public:1 company:5 51:1 pct:14 swire:1 swpc:1 make:3 prospectus:4 flotation:2 may:2 last:7 pay:1 13:1 cent:3 final:1 dividend:1 total:1 19:2 poll:1 reuters:1 performance:2 improve:2 second:2 half:3 interim:2 503:1 mln:2 weakness:2 local:1 peg:1 7:3 80:1 u:2 dollar:3 move:1 favour:1 assumption:1 time:1 james:5 capel:5 far:1 east:1 estimate:3 average:1 industry:1 63:1 per:1 gallon:1 27:1 1985:3 level:2 movement:3 would:1 affect:2 10:1 set:1 conservative:1 reflect:1 margin:1 increase:3 frederick:1 tsang:2 mansion:1 house:1 securities:1 f:1 e:1 six:2 month:2 turnover:1 rise:5 8:2 early:1 69:1 oil:2 late:1 little:1 impact:1 bill:1 aviation:1 usually:1 lag:1 behind:1 crude:1 several:1 september:1 yen:1 54:1 hong:3 kong:3 end:2 mark:1 43:1 sterling:1 12:1 overall:1 major:1 trading:1 help:1 push:1 passenger:3 yield:2 2:2 continue:1 enable:1 6:1 strong:1 9:1 cash:1 management:1 also:1 general:1 improvement:1 air:2 traffic:1 contribute:2 revenue:1 load:3 decline:1 competition:3 expansion:1 fleet:1 services:1 kilometre:2 fly:3 freight:1 climb:1 17:1 though:1 probably:1 fall:1 68:1 70:1 add:1 new:2 plane:1 force:1 route:1 threat:1 dragon:2 fear:1 possible:1 fledgling:1 carrier:1 decision:1 resume:1 service:1 zealand:1
|
CATHAY PACIFIC 1986 PROFIT SEEN ABOVE TARGET
Buoyed by low fuel prices and
favourable currency factors, Cathay Pacific Airways Ltd's
<CAPH.HK> 1986 profits are expected to surpass the airline's
forecast of one billion H.K. Dlrs, stock analysts said.
Analysts said they expect the airline to show net earnings
of between 1.1 billion and 1.25 billion dlrs when it reports
results tomorrow for its first year as a public company.
Cathay, 51 pct owned by Swire Pacific Ltd <SWPC.HK>, made
its earnings forecast in the prospectus for its flotation in
May last year.
Cathay is expected to pay a 13-cent final dividend, making
a total of 19 cents for the year, as forecast in the
prospectus, analysts polled by Reuters said.
They said the airline's performance improved in the second
half of the year after it reported interim profits of 503 mln
dlrs.
The weakness of the local currency, pegged at 7.80 to one
U.S. Dollar, and low fuel prices moved further in the company's
favour from the assumptions made in the prospectus at the time
of the flotation, James Capel (Far East) Ltd said.
James Capel estimates average fuel prices for the airline
industry in 1986 at 63 U.S. Cents per gallon, 27 pct below the
1985 level. It said a one pct movement in fuel prices would
affect Cathay's net profits by 10 mln dlrs and forecast profits
of 1.25 billion dlrs.
Analysts said the company's estimates of fuel price and
currency movements set out in its prospectus were conservative.
'This is reflected in their interim results which showed
that profit margin has increased,' said Frederick Tsang of
Mansion House Securities (F.E.) Ltd.
Cathay's six-month turnover rose 19.8 pct from year-earlier
levels, but profits rose 69 pct.
The rise in oil prices in late 1986 had little impact on
the company's fuel oil bill last year, as aviation fuel prices
usually lag behind crude price movements by several months,
analysts said.
By last September the yen had risen some 54 pct against the
Hong Kong dollar from the end of 1985, the mark 43 pct and
sterling 12 pct.
'Overall the weakness of the Hong Kong dollar against
Cathay's major trading currencies helped push passenger yields
in the first half up 7.2 pct,' said James Capel. 'This should
continue through the second half to enable passenger yields to
end the year up 7.6 pct.'
A strong performance from the 2.9 billion dlrs in cash
under management also improved profits, James Capel said.
A general improvement in air traffic last year contributed
to Cathay's revenue increase, but the company's load factor
declined because of increased competition and an expansion of
its fleet and services.
James Capel estimated Cathay's passenger-kilometres flown
last year rose six pct from 1985 and freight-kilometres flown
climbed 17 pct, though the airline's load factor probably fell
to 68.8 pct from 70 pct.
'Cathay added new planes, and was forced to fly some routes
last year because of the threat of competition from Dragon Air,'
said Tsang. 'This affected its load factor.'
Fear of possible competition from fledgling carrier <Hong
Kong Dragon Airways Ltd> may have contributed to Cathay's
decision to resume service to New Zealand last year, analysts
said.
|
training/5788
|
training/5788 |@title renison:1 goldfield:1 extend:1 lyell:1 copper:1 mine:1 life:1 |@word renison:1 goldfield:1 consolidated:1 ltd:1 rgfj:1 rgc:6 mt:1 lyell:1 copper:4 mine:4 tasmania:3 stay:2 open:3 extra:1 five:1 year:2 follow:1 new:3 aid:3 package:3 state:1 government:1 say:4 statement:1 schedule:1 close:1 1989:1 40:1 series:2 stope:1 deep:2 50:1 60:2 play:1 probably:1 1994:1 australian:1 dollar:2 fall:1 since:2 1985:2 also:1 improve:1 local:1 price:1 make:1 company:1 profitable:1 justify:1 mining:1 reserve:1 grade:2 1:2 95:1 pct:2 firm:1 ore:1 output:2 cut:1 high:1 keep:2 contain:1 current:1 level:1 24:1 000:1 tonne:1 capital:1 expenditure:1 18:1 mln:3 dlrs:2 require:1 life:1 plan:1 late:1 third:1 1977:1 major:1 employer:1 queenstown:1 thinly:1 populate:1 west:1 coast:1 give:1 10:1 include:1 eight:1 dlr:1 advance:1 long:1 term:1 bond:1 rate:1 power:1 concession:1 defer:1 royalty:1 payroll:1 taxis:1
|
RENISON GOLDFIELDS EXTENDS LYELL COPPER MINE LIFE
The Renison Goldfields Consolidated Ltd
<RGFJ.S> (RGC) Mt Lyell copper mine in Tasmania will stay open
for an extra five years following a new aid package from the
state government, RGC said in a statement.
The mine had been scheduled to close in 1989 after the 40
series stopes were mined, but will now stay open until the
deeper 50 and 60 series have played out, probably in 1994.
The Australian dollar's fall since 1985 also improved the
local dollar copper price, making the company profitable and
justifying the mining of deeper reserves at a copper grade of
about 1.95 pct against about 1.60 pct now, the firm said.
Ore output will be cut, but the higher grades will keep
contained-copper output at current levels of about 24,000
tonnes a year, it said. Capital expenditure of about 18 mln
dlrs will be required over the life of the new plan, RGC said.
The latest aid package is the third since 1977 for RGC, a
major employer in Queenstown on the thinly populated west coast
of Tasmania.
The mine was kept open in 1985 after Tasmania gave RGC 10
mln dlrs in aid. The new package includes an eight mln dlr
advance to RGC at the long-term bond rate, power concessions
and deferred royalties and payroll taxes.
|
training/5789
|
training/5789 |@title new:1 zealand:1 press:1 group:1 buy:1 texas:1 newspaper:1 |@word independent:1 newspapers:2 ltd:3 inl:6 say:5 buy:2 two:2 community:3 newspaper:4 houston:4 texas:1 subsidiary:3 undisclosed:1 sum:1 statement:1 inc:2 south:2 west:1 advocate:3 bend:1 combine:2 circulation:1 74:1 000:2 copy:1 associate:1 asset:1 communications:1 corp:2 publish:1 wellington:1 morning:1 evening:1 well:1 new:1 zealand:1 provincial:1 daily:1 rhode:1 island:1 40:1 pct:1 news:2 australian:1 ncpa:1 production:1 administration:1 publication:1 would:2 transfer:1 company:1 exist:1 centre:1 acquisition:1 take:1 effect:1 march:1 1:1 chairman:1 alan:1 burnet:1 purchase:1 enable:1 offer:1 advertiser:1 distribution:1 nine:1 340:1 home:1 great:1 area:2 trading:1 condition:1 particularly:1 difficult:1 city:1 economy:1 depend:1 large:1 extent:1 fortune:1 petroleum:1 industry:1 situation:1 improve:1 medium:1 long:1 term:1 investment:1 prove:1 sound:1
|
NEW ZEALAND PRESS GROUP BUYS MORE TEXAS NEWSPAPERS
<Independent Newspapers Ltd> (INL)
said it bought two more community newspapers in Houston, Texas,
through a subsidiary there, for an undisclosed sum.
INL said in a statement <Houston Community Newspapers Inc>
bought the South West Advocate and the South Bend Advocate,
with combined circulation of 74,000 copies, and associated
assets, from <The Advocate Communications Corp Inc>.
INL publishes Wellington's morning and evening newspapers
as well as New Zealand provincial dailies and newspapers in
Rhode Island. Just under 40 pct of INL is owned by <News Ltd>,
an Australian subsidiary of News Corp Ltd <NCPA.S>.
Production and administration of the two publications would
be transferred to the company's existing centre in Houston. INL
said the acquisition took effect on March 1.
INL chairman Alan Burnet said the purchase would enable the
subsidiary to offer advertisers a combined distribution of nine
community newspapers to 340,000 homes in the greater Houston
area. Trading conditions in the area are particularly difficult
because the city's economy depends to a large extent on the
fortunes of the petroleum industry, but the situation should
improve in the medium to long term and the investment will
prove to be sound, he said.
|
training/5791
|
training/5791 |@title u:2 agriculture:1 secretary:1 warn:1 ec:1 soy:1 oil:1 tax:1 |@word agriculture:1 secretary:1 richard:1 lyng:2 warn:1 european:1 community:1 yesterday:1 face:1 serious:2 retaliation:1 enact:1 new:1 tax:3 product:1 u:3 soybean:1 oil:1 speak:1 news:1 conference:1 schedule:1 speech:1 say:2 think:1 still:1 discussion:1 stage:1 would:3 approve:1 take:1 retaliatory:1 action:1 implement:1 considerable:1 impact:1 farmer:1
|
U.S. AGRICULTURE SECRETARY WARNS EC ON SOY OIL TAX
U.S. Agriculture Secretary
Richard Lyng warned the European Community yesterday it will
face serious retaliation if it enacts a new tax on products
such as U.S. Soybean oil.
Speaking at a news conference before a scheduled speech,
Lyng said he did not think the tax, which is still in the
discussion stage, would be approved.
He said the U.S. Would take serious retaliatory action
because if implemented, the tax would have a considerable
impact on U.S. Farmers.
|
training/5792
|
training/5792 |@title kobe:1 rubber:1 exchange:1 extend:1 trading:1 hour:1 |@word kobe:4 rubber:5 exchange:9 say:5 extend:1 trading:4 hour:1 may:1 1:1 enable:2 operator:1 use:2 subject:1 ministry:2 international:1 trade:5 industry:4 approval:1 add:3 sixth:2 session:13 start:5 1700:1 local:2 time:3 close:1 account:2 new:3 follow:1 day:3 opening:2 call:1 0930:1 official:2 singapore:2 market:1 major:1 producer:1 price:5 indicator:1 japanese:2 end:2 user:1 usually:1 active:1 current:1 final:3 introduction:1 participant:1 overnight:3 take:1 broker:1 member:1 designate:1 allow:1 volume:1 next:1 auction:1 system:1 set:1 fix:2 contract:1 settle:1 source:1 expect:1 approve:1 plan:2 encourage:1 future:2 expand:1 internationalise:1 tokyo:1 commodity:1 tocom:2 also:2 japan:1 introduce:1 extra:1 five:1 four:1 15:1 minute:1 later:1
|
KOBE RUBBER EXCHANGE TO EXTEND TRADING HOURS
The Kobe Rubber Exchange said it will
extend its trading hours from May 1 to enable more operators to
use the exchange.
Subject to Ministry of International Trade and Industry
approval, the Exchange will add a sixth session starting at
1700 local time, and will close the account for trading at the
new session the following day before the opening call starts at
0930 local time, an Exchange official said.
Trading on the Singapore rubber market, a major producer
price indicator for Japanese end-users, is usually active after
the end of the current final session here.
The introduction of the new session will enable
participants to trade overnight after taking account of
Singapore rubber prices, because brokers and members who are
designated by the Kobe Exchange are allowed to add the volume
traded overnight to the new final session before the opening
session starts next day, the official said.
But because the Kobe Exchange uses the auction system which
sets a fixed price at each session, the price of contracts
traded overnight should be a fixed price settled at the sixth
session, he added.
Industry sources said they expected the Ministry to approve
the plan because it has encouraged the Japanese futures
industry to expand and internationalise.
The Tokyo Commodity Exchange for Industry, TOCOM, which
also trades rubber futures in Japan, said it has no plans to
introduce an extra session.
TOCOM also has five rubber trading sessions a day. Four
sessions start 15 minutes later than Kobe Exchange sessions,
but both Exchanges' final sessions start at the same time.
|
training/5793
|
training/5793 |@title coastal:1 cgp:1 seek:1 halt:1 billion:1 dlr:1 lawsuit:1 |@word coastal:7 corp:2 say:5 federal:1 bankruptcy:3 court:2 hear:1 request:1 today:1 restrain:1 order:1 stop:1 two:1 billion:6 dlr:2 lawsuit:4 transamerican:7 natural:5 gas:10 enter:1 chapter:1 11:1 proceeding:1 1983:1 reorganise:1 debt:2 file:1 block:1 take:1 control:1 spokesman:1 jim:1 bailey:1 confirm:1 company:4 unsecured:1 creditor:1 would:3 present:1 reorganisation:2 plan:2 buy:1 reserve:2 pipeline:3 system:1 texas:5 undisclosed:1 amount:1 lawyer:1 john:1 nabors:1 value:1 total:1 asset:1 include:1 unused:1 oil:1 refinery:1 one:3 dlrs:4 second:1 large:1 producer:2 1:3 2:1 trillion:1 cubic:1 foot:1 000:1 mile:1 gathering:2 line:1 80:1 pct:1 available:1 spot:1 market:2 sale:3 peak:1 demand:1 nabor:1 repay:1 770:1 mln:2 profit:2 seek:1 actual:1 damage:2 punitive:1 try:1 break:1 since:1 1979:1 force:1 sell:1 lo:1 vaca:1 co:1 settle:1 6:3 customer:1 face:1 abrupt:1 curtailment:1 supply:1 earn:1 71:1 7:1 1986:1 half:1 1985:1 due:1 slump:1 energy:1 price:1
|
COASTAL <CGP> SEEKS TO HALT BILLION DLR LAWSUIT
Coastal Corp said a federal bankruptcy
court will hear its request today for a restraining order to
stop a two billion dlr lawsuit against it by <TransAmerican
Natural Gas Corp>.
TransAmerican, which entered Chapter 11 bankruptcy
proceedings in 1983 to reorganise its debts, filed the lawsuit
to block Coastal from taking control.
Coastal spokesman Jim Bailey confirmed the company, which
is an unsecured creditor of TransAmerican, would present its
own reorganisation plan to the bankruptcy court.
Under the plan, Coastal would buy the natural gas reserves
and pipeline system owned by TransAmerican in Texas for an
undisclosed amount.
TransAmerican lawyer John Nabors said the company values
its total assets, including an unused oil refinery, at about
one billion dlrs.
The company, the second-largest natural gas producer in
Texas, said it has gas reserves of 1.2 trillion cubic feet and
over 1,000 miles of pipeline and gas gathering lines.
About 80 pct of TransAmerican's gas is available for spot
market sales in Texas during peak demand, it said.
Nabors said the TransAmerican reorganisation would repay
its 770 mln dlr debt with profits from natural gas sales. The
lawsuit seeks one billion dlrs in actual damages and one
billion in punitive damages from Coastal.
Coastal has been trying to break into the Texas gas market
since 1979, when it was forced to sell <Lo-Vaca Gas Gathering
Co> to settle over 1.6 billion dlrs in lawsuits by Texas
customers facing abrupt curtailment of supply.
Coastal, a natural gas producer and pipeline company,
earned 71.6 mln dlrs on sales of 6.7 billion in 1986, about
half the its 1985 profits, due to slumping energy prices.
|
training/5796
|
training/5796 |@title study:1 predict:1 u:1 dependence:1 foreign:1 oil:1 |@word government:2 study:4 conclude:2 u:4 dependent:1 oil:10 middle:1 east:1 next:2 century:1 must:1 take:1 step:1 reduce:1 vulnerability:1 new:3 york:3 times:3 say:8 newspaper:3 inter:1 agency:1 find:1 serious:1 dependency:1 problem:1 due:1 steadily:1 fall:1 domestic:3 production:2 rise:1 demand:2 import:3 1995:1 rely:1 foreign:1 country:1 50:1 pct:5 peak:1 48:1 reach:1 1977:1 far:1 33:1 rate:1 1973:1 74:1 arab:1 embargo:1 38:1 need:1 27:1 year:1 ago:1 recommendation:1 send:1 white:1 house:1 energy:1 secretary:1 john:1 harrington:2 include:1 financial:1 incentive:1 raise:1 one:1 mln:2 barrel:3 day:2 current:1 8:1 4:1 administration:2 place:1 increase:2 emphasis:1 stockpile:1 reserve:2 view:1 hold:1 strategic:1 petroleum:1 tap:1 time:1 shortage:1 100:1 000:2 rather:1 35:1 call:1 1988:1 budget:1 may:1 propose:1 restore:1 depletion:1 allowance:1 major:1 producer:1 also:1 plan:1 renew:1 effort:1 repeal:2 windfall:1 profit:1 tax:1 remove:1 bar:1 drill:1 outer:1 continental:1 shelf:1 law:1 limit:1 use:1 natural:1 gas:1 industrial:1 utility:1 boiler:1 add:1 quote:1 senator:1 nickles:1 oklahoma:1 greatly:1 underestimate:1 potential:1 decade:1 overestimate:1 amount:1 would:1 produce:1
|
STUDY PREDICTS U.S. DEPENDENCE ON FOREIGN OIL
A government study has concluded the
U.S. Will be dependent on oil from the middle east into the
next century and must take steps to reduce its vulnerability,
the New York Times said.
The newspaper said the inter-agency government study found
a serious oil-dependency problem due to steadily falling
domestic production and rising demand for imported oil.
The study concluded that by 1995 the U.S. Will be relying
on foreign countries for 50 pct of its oil, more than the peak
of 48 pct reached in 1977 and far above the 33 pct rate during
the 1973-74 Arab oil embargo.
The U.S. Now imports about 38 pct of its oil needs, up from
27 pct a year ago, the New York Times said.
It said recommendations sent to the White House by Energy
Secretary John Harrington include financial incentives to raise
domestic oil production by one mln barrels a day from the
current 8.4 mln barrels.
The newspaper said the administration has placed increased
emphasis on stockpiling oil reserves. It said the view now held
is that the Strategic Petroleum Reserve to be tapped in times
of shortages, should be increased by 100,000 barrels a day,
rather than 35,000 as called for in the 1988 budget.
The newspaper said Harrington may propose restoring the
depletion allowance to major producers.
'The administration also plans to renew its efforts to
...Repeal the windfall profits tax, remove bars to drilling on
the outer continental shelf and repeal the law that limits the
use of natural gas in industrial and utility boilers,' it added.
The New York Times quoted Senator Don Nickles of Oklahoma
as saying the study greatly underestimated potential U.S.
Demand for imported oil in the next decade and overestimated
the amount of domestic oil which would be produced.
|
training/5797
|
training/5797 |@title japan:2 2:2 plus:2 cd:2 money:2 supply:2 rise:2 8:6 pct:2 year:2 february:2 jan:2 6:2 official:2 |@word
|
JAPAN M-2 PLUS CD MONEY SUPPLY ROSE 8.8 PCT IN YEAR TO FEBRUARY (JAN 8.6) - OFFICIAL
JAPAN M-2 PLUS CD MONEY SUPPLY ROSE 8.8 PCT IN YEAR TO FEBRUARY (JAN 8.6) - OFFICIAL
|
training/5798
|
training/5798 |@title japan:1 february:1 money:1 supply:1 rise:1 8:2 pct:1 |@word japan:2 broadly:1 define:1 money:1 supply:2 average:3 2:3 plus:3 certificate:1 deposit:1 cd:2 rise:3 preliminary:1 8:4 pct:3 february:3 year:1 earlier:1 compare:2 6:1 january:3 bank:1 say:2 seasonally:1 adjust:1 cds:1 0:1 unadjusted:1 stand:1 336:1 000:1 billion:2 yen:2 337:1 100:1
|
JAPAN FEBRUARY MONEY SUPPLY RISES 8.8 PCT
Japan's broadly defined money supply
average of M-2 plus certificate of deposits (CDs) rose a
preliminary 8.8 pct in February from a year earlier, compared
with an 8.6 pct rise in January, the Bank of Japan said.
The seasonally adjusted February average of M-2 plus CDs
supply rose 0.8 pct from January, it said.
Unadjusted M-2 plus CDs stood at an average 336,000 billion
yen in February compared with 337,100 billion yen in January.
|
training/58
|
training/58 |@title asset:1 u:1 money:1 fund:1 rise:1 week:1 |@word asset:2 money:1 market:1 mutual:1 fund:4 increase:1 720:1 4:1 mln:4 dlrs:8 week:1 end:1 yesterday:1 236:1 90:1 billion:4 investment:1 company:1 institute:1 say:1 91:1 institutional:1 rise:3 356:1 66:1 19:1 198:1 general:1 purpose:1 212:1 5:1 62:1 94:1 92:1 broker:1 dealer:1 151:1 9:1 107:1 77:1
|
ASSETS OF U.S. MONEY FUNDS ROSE IN WEEK
Assets of money market mutual funds
increased 720.4 mln dlrs in the week ended yesterday to 236.90
billion dlrs, the Investment Company Institute said.
Assets of 91 institutional funds rose 356 mln dlrs to 66.19
billion dlrs, 198 general purpose funds rose 212.5 mln dlrs to
62.94 billion dlrs and 92 broker-dealer funds rose 151.9 mln
dlrs to 107.77 billion dlrs.
|
training/5800
|
training/5800 |@title china:1 import:1 grain:1 1987:1 |@word china:6 grain:17 import:6 rise:6 1987:2 serious:2 drought:4 increase:1 demand:3 large:2 past:1 chinese:2 official:9 japanese:2 trader:3 tell:1 reuter:1 say:17 foreign:3 exchange:3 constraint:1 national:1 policy:2 would:2 allow:1 return:1 scale:1 peak:1 16:1 15:1 mln:11 tonne:6 1982:1 agricultural:2 shanghai:5 government:1 put:1 maximum:1 10:2 year:4 7:1 73:1 1986:3 5:1 97:1 1985:2 poor:1 harvest:3 domestic:2 remain:1 export:3 9:2 42:1 33:1 short:1 rely:1 even:1 current:2 low:3 world:2 price:4 major:2 disaster:1 become:1 importer:1 peking:1 fall:1 human:1 animal:1 consumption:1 lose:1 yuan:2 every:1 though:1 earn:1 badly:1 need:2 people:1 daily:2 last:3 saturday:1 affect:1 13:1 3:1 hectare:1 arable:1 land:3 reduce:2 summer:1 level:2 paper:1 add:2 leader:1 area:4 pay:3 enough:1 attention:2 agriculture:3 especially:2 make:2 difficult:1 achieve:1 output:5 target:1 405:1 391:1 must:1 spare:2 effort:1 raise:2 autumn:1 corn:1 sweet:1 potato:1 paddy:1 rice:1 high:1 yield:2 cash:1 crop:1 factory:3 production:3 may:1 provide:1 electricity:1 fight:1 since:1 january:1 press:1 devote:1 much:1 stress:1 growth:1 vital:1 economic:1 political:1 stability:1 farmer:2 east:1 repeatedly:1 stable:1 key:1 state:2 outline:1 measure:1 take:1 encourage:1 one:1 suburb:2 pct:1 pre:1 tax:1 profit:3 use:1 subsidise:2 rural:3 industry:3 also:2 set:2 aside:1 money:1 salary:1 70:1 000:1 worker:2 available:1 help:1 farmers:1 chu:1 jinfeng:1 fengbe:1 county:1 outside:1 get:1 60:1 month:2 three:1 unpaid:1 leave:1 grow:2 keep:2 pan:1 huashan:1 department:1 zhejiang:1 province:2 addition:1 basis:1 science:1 technology:1 farm:3 improve:1 supply:1 raw:1 material:1 road:1 infrastructure:1 resident:1 work:1 commerce:1 usually:1 time:1 let:1 family:1 member:1 case:1 lease:1 reach:1 425:1 450:1 1990:1 480:1 500:1 2000:1 profitable:1 advantage:1 promise:1 grower:1 actually:1 tangible:1 siphon:1 intermediate:1 agency:1 bureaucracy:1 corruption:1 boost:1 enthusiasm:1
|
CHINA TO IMPORT MORE GRAIN IN 1987
China's grain imports will rise
in 1987 because of a serious drought and increasing demand, but
will be not be as large as in the past, Chinese officials and
Japanese traders told Reuters.
They said foreign exchange constraints and national policy
would not allow a return to large-scale imports, which peaked
at 16.15 mln tonnes in 1982.
An agricultural official of the Shanghai government put
maximum imports at about 10 mln tonnes this year, against 7.73
mln in 1986 and 5.97 mln in 1985.
Officials said grain imports rose in 1986 because of a poor
harvest and rising domestic demand, but remained below exports,
which rose to 9.42 mln tonnes from 9.33 mln in 1985.
'China is short of foreign exchange,' the Shanghai official
said. 'We cannot rely on imports, even at current low world
prices. Only if there is a major disaster will we become a
major importer.'
A Japanese trader in Peking said Chinese grain imports
would rise and exports fall this year because of the drought,
low world prices and rising domestic demand for human and
animal consumption.
'At current prices, China loses yuan on every tonne of grain
it exports, though it earns foreign exchange which it badly
needs,' the trader said.
The People's Daily said last Saturday a serious drought is
affecting 13.3 mln hectares of arable land, which will reduce
the summer grain harvest from last year's level.
The paper added that leaders in some areas were not paying
enough attention to agriculture, especially grain, making it
difficult to achieve the 1987 grain output target of 405 mln
tonnes against 391 mln in 1986.
'All areas must spare no effort to raise the autumn harvest
area, especially of corn, sweet potatoes, paddy rice and
high-yield cash crops,' it said.
It added factory production might have to be reduced to
provide electricity for agriculture if it was needed to fight
the drought.
Since January, the press has devoted much attention to
grain, stressing that growth in output is vital to China's
economic and political stability and that prices paid to
farmers are too low.
Officials in east China have repeatedly said stable grain
production is a key state policy and outlined the measures
being taken in their areas to encourage output.
The Shanghai official said that in one suburb, 10 pct of
the pre-tax profits of factories are used to subsidise
agriculture. He said rural industries in other suburbs also set
aside money for grain and pay the salaries of some of the
70,000 workers available to help farmers.
Chu Jinfeng, an official of Fengbing county outside
Shanghai, said factory workers get 60 yuan a month and three
years unpaid leave to grow grain and can keep the profits.
Pan Huashan, an official of the agricultural department of
Zhejiang Province, said rural industry also subsidises grain
output in his province.
'In addition, we are setting up grain production bases,
raising the level of science and technology on the farms and
improving the supply of raw materials, roads and other
infrastructure,' he said.
The Shanghai official said rural residents who work in
industry or commerce usually keep their land to farm in their
spare time, or let other family members farm it. In some cases,
they lease the land to grain farmers.
The China Daily said last month that grain output should
reach between 425 and 450 mln tonnes by 1990 and between 480
and 500 mln by 2000. It said growing grain should be made
profitable.
'The advantages the state promises grain growers actually
yield tangible profits for them and are not siphoned off by
intermediate agencies because of bureaucracy or corruption.
Only this will boost enthusiasm,' it said.
|
training/5803
|
training/5803 |@title |@word japan:2 october:2 december:2 gnp:2 0:4 8:2 pct:2 july:2 sept:2 revise:2 7:2 rise:2 official:2
|
Japan October/December GNP up 0.8 pct (July/Sept revised 0.7 rise) - official
Japan October/December GNP up 0.8 pct (July/Sept revised 0.7 rise) - official
|
training/5804
|
training/5804 |@title |@word japan:2 gnp:2 rise:2 2:2 5:2 pct:4 calendar:2 1986:2 4:2 7:2 1985:2 official:2
|
Japan GNP rises 2.5 pct in calendar 1986 (4.7 pct in 1985) - official
Japan GNP rises 2.5 pct in calendar 1986 (4.7 pct in 1985) - official
|
training/5805
|
training/5805 |@title japan:1 october:1 december:1 gnp:1 rise:1 0:1 8:1 pct:1 |@word japan:1 gross:1 national:1 product:1 gnp:8 rise:5 real:3 0:19 8:1 pct:14 october:7 december:7 quarter:7 upwardly:1 revise:1 7:2 increase:4 previous:3 three:2 month:2 economic:1 planning:1 agency:3 epa:1 say:2 july:3 september:3 originally:1 put:1 6:2 annualize:1 growth:4 rate:1 accelerate:1 3:4 2:8 1986:1 calendar:1 year:2 5:4 4:6 1985:1 last:2 performance:1 bad:1 since:1 1974:1 fall:5 1:3 official:1 blame:1 strong:1 yen:1 depressing:1 export:3 manufacturing:1 industry:1 nominal:1 term:1 reflect:1 stable:1 price:1 one:3 domestic:4 demand:4 contribute:3 percentage:2 point:8 foreign:3 trade:3 add:1 figure:1 tally:1 exactly:1 due:1 round:1 knock:2 contribution:3 import:2 total:1 volume:1 also:1 9:1 private:2 sector:3 account:1 public:1 include:1 housebuilde:1 corporate:1 capital:1 outlay:1 stockbuilde:1 consumer:1 spending:1 negative:1 impact:1
|
JAPAN OCTOBER/DECEMBER GNP RISES 0.8 PCT
Japan's gross national product (GNP) rose
a real 0.8 pct in the October/December quarter after an
upwardly revised 0.7 pct increase the previous three months,
the Economic Planning Agency (EPA) said.
The rise in the July/September quarter had originally been
put at 0.6 pct. The annualized growth rate accelerated to 3.2
pct in October/December from 3.0 pct in July/September.
In the 1986 calendar year, GNP rose 2.5 pct, after a 4.7
pct increase in 1985. Last year's performance was the worst
since 1974, when GNP fell 1.4 pct. Agency officials blamed the
strong yen for depressing exports and manufacturing industry.
In nominal terms, GNP rose 0.5 pct in the October/December
quarter, reflecting stable prices, after a one pct increase in
the previous three months, the Agency said.
Domestic real demand increased 0.6 pct in October/December,
after a one pct rise the previous quarter.
Domestic demand contributed 0.5 percentage point to real
GNP growth in October/December, while foreign trade added 0.2.
The figures do not tally exactly due to rounding.
In July/September, domestic demand contributed one
percentage point to GNP growth while foreign trade knocked off
0.3 point.
Of the 0.2 point contribution of foreign trade to GNP last
quarter, falling exports knocked off 0.2 while falling imports
contributed 0.4 point.
Total export volume fell 1.2 pct quarter on quarter in
October/December. Imports also fell, by 2.9 pct.
Of the 0.5 point contribution of domestic demand to
October/December GNP growth, the private sector accounted for
0.4 point and the public sector, 0.2.
The private sector contribution included 0.3 point for
housebuilding, 0.4 for corporate capital outlays and 0.1 for
stockbuilding. Consumer spending had a 0.4 negative impact.
|
training/5807
|
training/5807 |@title japan:1 official:1 see:1 difficulty:1 hit:1 gnp:1 target:1 |@word government:2 find:1 difficult:1 achieve:2 new:1 gross:1 national:1 product:1 gnp:4 forecast:2 three:3 pct:6 growth:2 fiscal:1 year:1 end:1 march:2 31:1 economic:1 planning:1 agency:1 official:2 say:2 make:1 comment:1 reporter:1 news:1 rise:1 0:2 8:1 october:2 december:3 quarter:1 7:1 increase:1 previous:1 month:1 japan:1 1986:2 87:2 january:1 period:1 would:1 grow:1 2:1 6:1 lower:1 four:1 last:1
|
JAPAN OFFICIALS SEE DIFFICULTY HITTING GNP TARGET
The government will find it very
difficult to achieve its new gross national product (GNP)
forecast of three pct growth in the fiscal year ending March
31, Economic Planning Agency officials said.
They made the comment to reporters after news that GNP rose
0.8 pct in the October/December quarter, after a 0.7 pct
increase the previous three months.
For Japan to achieve three pct growth in 1986/87, GNP in
the January/March period would have to grow 2.6 pct from
October/December, the officials said. The government lowered
its GNP forecast for 1986/87 from four pct last December.
|
training/5808
|
training/5808 |@title fairchild:1 deal:1 failure:1 see:1 make:1 japanese:1 wary:1 |@word schlumberger:2 ltd:3 slb:1 n:1 decision:1 end:3 agreement:2 principle:1 fujitsu:10 itsu:1 buy:3 80:1 pct:2 fairchild:9 semiconductor:3 corp:1 political:4 furore:1 surround:1 propose:1 sale:5 make:2 japanese:9 company:1 cautious:1 effort:1 acquire:3 u:13 high:3 technology:5 firm:12 halt:1 attempt:2 industry:2 analyst:11 say:21 collapse:1 deal:4 critical:2 blow:1 boost:2 cost:1 future:1 expansion:1 poll:1 reuters:2 acquisition:3 essential:1 north:2 american:2 operation:1 would:4 great:1 james:1 capel:4 co:1 tom:1 murtha:3 french:1 control:2 yesterday:1 mount:1 controversy:1 unlikely:2 stake:2 could:4 complete:1 reasonable:1 time:1 oppose:1 commerce:1 department:2 defence:2 partly:1 national:1 security:1 ground:1 give:3 computer:1 maker:2 comprehensive:1 distribution:2 system:1 access:2 microprocessor:1 area:1 weak:1 also:1 14:1 additional:1 microchip:1 production:4 facility:2 worldwide:1 eight:1 report:1 entry:1 point:1 port:1 marketing:1 channel:1 thing:2 barclays:2 de:2 zoete:2 wedd:1 rick:1 may:5 several:3 purchase:1 simply:1 key:1 past:1 failure:2 blessing:1 disguise:1 spend:1 hundred:1 million:1 dollar:1 modernise:1 line:2 doubtless:1 encourage:1 take:2 low:1 profile:1 tech:1 stop:1 likely:2 go:3 costly:1 route:1 expand:2 although:1 use:1 estimate:1 200:1 mln:1 dlrs:1 set:1 aside:1 try:1 less:1 politically:2 symbolic:1 slow:2 pace:1 necessity:1 design:1 capacity:1 america:1 remain:1 continue:1 shop:1 bargain:1 hard:1 find:1 one:1 acceptable:1 favour:1 joint:1 venture:1 small:3 equity:1 avoid:1 backlash:1 block:2 piece:1 risk:1 already:1 10:1 30:1 share:1 super:1 minicomputer:1 opposition:1 sort:1 harm:1 undermine:1 trend:1 toward:1 multinational:1 tie:2 really:1 benefit:1 either:1 jardine:1 fleming:1 securities:1 nick:1 edwards:1 pooling:1 resource:1 positive:1 move:1 government:4 step:1 prevent:1 japan:1 minister:1 international:2 trade:1 hajime:1 tamura:2 tell:2 press:1 conference:1 interference:1 official:2 inappropriate:1 entirely:1 private:1 sector:1 matter:2 comment:1 think:1 improper:1 intervene:1 extent:1 spokesman:1 ministry:1 view:1 investment:1 flow:2 ought:1 free:1 increase:1 importance:1 grow:1 closeness:1 economic:1
|
FAIRCHILD DEAL FAILURE SEEN MAKING JAPANESE WARY
Schlumberger Ltd's <SLB.N> decision to
end an agreement in principle for Fujitsu Ltd <ITSU.T> to buy
80 pct of its <Fairchild Semiconductor Corp>, and the political
furore that surrounded the proposed sale, will make Japanese
companies more cautious in their efforts to acquire U.S. High
technology firms but will not halt such attempts, industry
analysts said.
The collapse of the deal will not be a critical blow to
Fujitsu but it will boost the cost of future U.S. Expansion by
the Japanese firm, said analysts polled by Reuters.
'The acquisition of Fairchild is not essential to Fujitsu's
North American operations, but it would have been a great
boost,' James Capel and Co analyst Tom Murtha said.
French-controlled Schlumberger said yesterday it was ending
the agreement because mounting political controversy in the
U.S. Made it unlikely that the sale of the Fairchild stake
could be completed in a reasonable time.
The sale was opposed by the U.S. Commerce Department and
Defence Department, partly on national security grounds.
Fujitsu's acquisition of Fairchild would have given the
Japanese computer maker control of a comprehensive North
American sales and distribution system and access to
microprocessor technology, an area where Fujitsu is weak,
analysts said.
The deal would also have given Fujitsu 14 additional
microchip production facilities worldwide, eight of them in the
U.S., A report by the Capel firm said.
'It was an entry point, a port for semiconductors and a
marketing channel for other things,' said Barclays de Zoete Wedd
analyst Rick May.
Several analysts said the purchase would not have given
Fujitsu access to critical defence technology.
'(Fairchild) simply doesn't have key technology -- that's a
thing of the past,' May said.
The failure could be a blessing in disguise for Fujitsu as
it might have had to spend several hundred million dollars to
modernise Fairchild's production lines, Capel's Murtha said.
The failure of the deal will doubtless encourage Japanese
firms to take a lower profile in attempts to acquire U.S. High
tech firms but they are unlikely to stop, analysts said.
Most analysts said Fujitsu was likely to go the more costly
route of expanding its own production and distribution
facilities in the U.S., Although some said it could use the
estimated 200 mln dlrs set aside for buying Fairchild to try to
acquire some less politically symbolic firm.
'It may slow the pace of Japanese acquisitions, but the
necessity of expanding their production and design capacity in
America remains,' said Capel's Murtha. 'The Japanese will
continue to shop for bargains, but it will be harder to find
ones that are politically acceptable.'
Japanese firms are likely to favour joint ventures or
smaller equity stakes in firms to avoid the political backlash
that blocked the Fairchild sale, analysts said. 'They're not
going to slow up, they're just going to buy smaller pieces ...
Because of the political risk,' said Barclays de Zoete's May.
Several Japanese firms have already taken 10 to 30 pct
shares in smaller U.S. High technology firms such as super
minicomputer makers, he said.
Opposition of the sort that blocked Fujitsu could end up
harming U.S. Firms and undermining a trend toward multinational
tie-ups, some analysts said.
'This is not really of benefit to U.S. Firms either,' said
Jardine Fleming (Securities) Ltd analyst Nick Edwards. 'The
pooling of resources in semiconductors is a positive move --
why should the government step in to prevent it?'
Japan's Minister of International Trade and Industry Hajime
Tamura told a press conference that interference by U.S.
Government officials in the Fairchild deal was inappropriate.
'This is entirely a private sector matter and not a matter
for governments' comment,' Tamura said. 'I think it was improper
for U.S. Government officials to intervene to the extent they
did,' he said.
A spokesman told Reuters the ministry's view is that
international investment flows ought to be free and that such
flows are of increasing importance in line with the growing
closeness of U.S.-Japanese economic ties.
|
training/5810
|
training/5810 |@title korea:1 say:1 japan:1 complain:1 gatt:1 trade:1 plan:1 |@word japan:7 complain:1 secretariat:1 general:1 agreement:1 tariffs:1 trade:7 gatt:2 south:6 korea:5 five:1 year:1 plan:5 cut:1 deficit:4 breaks:1 rules:1 ministry:1 official:2 say:4 submit:1 report:1 earlier:1 month:2 allege:1 import:3 less:1 u:1 elsewhere:1 tantamount:1 create:1 non:1 tariff:1 barrier:1 unveil:1 november:1 hope:1 narrow:1 two:2 billion:2 dlrs:3 1991:1 record:1 5:1 45:1 1986:2 rise:1 752:1 mln:2 first:1 1987:1 727:1 period:1 envisage:1 give:1 incentive:1 importer:1 japanese:2 good:2 exporter:1 sell:1 believe:1 action:1 one:1 step:1 short:1 file:1 suit:1 design:1 bring:1 negotiating:1 table:1 stop:1 seoul:1 government:1 want:1 tokyo:1 ease:1 various:1 restriction:1 simplify:1 custom:1 inspection:1 korean:1 help:1 reduce:1
|
S.KOREA SAYS JAPAN COMPLAINS TO GATT ON TRADE PLAN
Japan has complained to the secretariat
of the General Agreement on Tariffs and Trade (GATT) that South
Korea's five-year plan to cut its trade deficit with Japan
breaks GATT rules, Trade Ministry officials here said.
They said Japan submitted a report earlier this month
alleging South Korea's plan to import less from Japan and more
from the U.S. And elsewhere was tantamount to creating
non-tariff trade barriers.
South Korea unveiled the plan in November. It said it hoped
to narrow its trade deficit with Japan to two billion dlrs by
1991.
South Korea's trade deficit with Japan was a record 5.45
billion dlrs in 1986, and rose to 752 mln dlrs in the first two
months of 1987 from 727 mln in the same 1986 period.
The plan envisages giving incentives to importers not to
import Japanese goods, and to exporters to sell more to Japan.
The officials said they believed the Japanese action, one
step short of filing a suit, was designed to bring South Korea
to the negotiating table and stop the plan.
The Seoul government wants Tokyo to ease various import
restrictions and simplify customs inspections for South Korean
goods to help reduce the trade deficit.
|
training/5811
|
training/5811 |@title australian:1 currency:1 trading:1 set:1 record:1 january:1 |@word spot:1 volume:2 australian:2 foreign:1 exchange:1 market:1 jump:1 record:2 22:1 63:1 billion:11 dlrs:4 day:3 january:1 16:1 18:1 december:2 8:2 27:2 year:2 earlier:2 reserve:1 bank:2 say:2 monthly:1 bulletin:1 previous:1 17:2 51:1 last:1 august:1 peak:1 break:1 steady:1 trading:1 trend:1 15:1 see:1 second:1 half:1 1986:1 include:1 forward:1 deal:1 total:1 deliverable:1 01:1 13:1 43:1 dollar:1 19:1 56:1 48:1 9:1 92:1 5:1 88:1
|
AUSTRALIAN CURRENCY TRADING SET RECORD IN JANUARY
Spot volume in the Australian foreign
exchange market jumped to a record 22.63 billion dlrs a day in
January from 16.18 billion in December and 8.27 billion a year
earlier, the Reserve Bank said in its monthly bulletin.
The previous record was 17.51 billion dlrs last August.
The peak broke a steady trading trend of 15 to 17 billion
dlrs a day seen in the second half of 1986.
Including forward deals, total deliverable volume was 27.01
billion dlrs a day (13.43 billion against the Australian
dollar) against 19.56 billion (8.48 billion) in December and
9.92 billion (5.88 billion) a year earlier, the bank said.
|
training/5812
|
training/5812 |@title japan:1 see:1 reduce:1 beef:1 pork:1 intervention:1 price:1 |@word agriculture:2 ministry:3 expect:1 reduce:2 official:3 intervention:3 price:16 beef:11 pork:4 1987:2 88:2 start:1 april:1 cutback:1 ratio:1 set:5 yet:1 industry:2 source:2 say:7 production:1 basis:1 fall:1 decline:1 compound:1 feed:1 due:1 low:1 coarse:1 grain:1 import:4 last:1 november:1 advisory:2 panel:2 urge:1 government:4 work:1 officially:1 high:1 farm:1 product:1 level:1 closer:1 international:1 value:1 add:1 japan:2 maintain:1 stabilisation:3 zone:4 system:1 support:1 domestic:4 producer:1 keep:1 semi:2 livestock:1 promotion:1 corp:1 lipc:1 buffer:1 stock:1 operation:1 wholesale:1 market:2 end:1 march:2 recommend:1 meeting:1 25:1 present:1 standard:4 bottom:1 castrate:1 wagyu:1 know:1 marble:1 1:4 400:1 yen:3 per:3 kilo:3 ceiling:3 820:1 mainly:1 produce:1 dairy:1 steer:1 090:1 420:1 540:1 760:1 influence:1 sell:1 annual:1 quota:1 body:1 release:1 wholesaler:1 processor:1 line:1 category:1 attempt:1 avoid:1 jeoparadise:1
|
JAPAN SEEN REDUCING BEEF, PORK INTERVENTION PRICES
The Agriculture Ministry is expected to
reduce official intervention prices for beef and pork in
1987/88 starting in April, but the cutback ratio has not been
set yet, industry sources said.
Production prices, the basis for setting intervention
prices, have been falling because of declining compound feed
prices due to low coarse grain import prices, they said.
Last November an advisory panel urged the government to
work on reducing officially set high farm product prices to
levels closer to international values, the sources added.
In Japan the government maintains a price stabilisation
zone system for beef and pork to support domestic producers.
The stabilisation zone is kept by the semi-government
Livestock Industry Promotion Corp (LIPC) through a buffer stock
operation in the wholesale market.
The 1987/88 beef and pork price stabilisation zone will be
set by the end of March after an advisory panel to the
Agriculture Ministry recommends the price zone at a meeting on
March 25, ministry officials said. At present, the standard or
bottom price of castrated wagyu beef, known as marbled beef, is
1,400 yen per kilo, while its ceiling is 1,820, they said.
The standard price of other beef, mainly produced from
dairy steers, is now 1,090 yen per kilo and the ceiling is
1,420, the officials said. The pork standard price is now 540
yen per kilo and the ceiling 760.
They said the domestic beef intervention price influences
imported beef selling prices on the domestic market.
Japan sets an annual beef import quota. A semi-government
body imports most of this and releases it to wholesalers or
processors in line with the standard price of other beef
categories in an attempt to avoid jeoparadising domestic beef
prices, they said.
|
training/5814
|
training/5814 |@title |@word danish:2 central:2 bank:2 cut:2 overnight:2 money:2 market:2 interest:2 rate:2 10:2 5:2 pct:4 11:2 official:2
|
Danish central bank cuts overnight money market interest rate to 10.5 pct from 11 pct - official
Danish central bank cuts overnight money market interest rate to 10.5 pct from 11 pct - official
|
training/5815
|
training/5815 |@title mitsubishi:1 chemical:1 industries:1 ltd:1 mcit:1 year:1 |@word year:2 end:1 january:1 31:1 parent:2 shr:1 5:2 73:1 yen:3 vs:6 80:1 div:2 five:2 net:2 7:1 01:1 billion:11 6:1 77:1 current:3 24:2 06:1 23:1 76:1 operate:1 37:1 62:1 45:1 26:1 sale:2 630:1 08:1 810:1 89:1 note:1 company:1 forecast:1 seven:1 eight:1 610:1
|
MITSUBISHI CHEMICAL INDUSTRIES LTD <MCIT.T> YEAR
Year ended January 31
Parent shr 5.73 yen vs 5.80
Div five yen vs same
Net 7.01 billion vs 6.77 billion
Current 24.06 billion vs 23.76 billion
Operating 37.62 billion vs 45.26 billion
Sales 630.08 billion vs 810.89 billion
NOTE - Company forecast for current year parent div five
yen, net seven to eight billion, current 24 billion, sales 610
billion.
|
training/5818
|
training/5818 |@title japan:1 foreign:1 shipbuilding:1 order:1 rise:1 february:1 |@word new:1 foreign:1 shipbuilding:1 order:2 receive:1 japanese:1 yard:1 february:2 rise:1 six:2 vessel:2 total:1 329:1 999:1 gross:3 ton:4 three:1 ship:5 79:1 499:1 january:1 japan:1 exporters:1 association:3 say:3 compare:1 125:1 150:1 year:2 earlier:3 official:2 backlog:1 end:1 157:1 4:2 41:1 mln:3 161:1 39:1 month:1 265:1 6:1 81:1
|
JAPAN FOREIGN SHIPBUILDING ORDERS RISE IN FEBRUARY
New foreign shipbuilding orders received
by Japanese yards in February rose to six vessels totalling
329,999 gross tons from three ships of 79,499 tons in January,
the Japan Ship Exporters Association said.
This compared with six ships of 125,150 gross tons a year
earlier, an association official said.
The backlog of orders at end-February was 157 ships of 4.41
mln gross tons against 161 ships of 4.39 mln a month earlier
and 265 vessels of 6.81 mln a year earlier, an association
official said.
|
training/5819
|
training/5819 |@title u:1 k:1 money:1 market:1 deficit:1 forecast:1 450:1 mln:1 stg:1 |@word bank:1 england:1 say:1 forecast:1 shortage:1 around:2 450:1 mln:5 stg:5 money:1 market:1 today:1 among:1 main:1 factor:1 affect:1 liquidity:1 bill:2 mature:1 official:1 hand:1 take:2 treasury:1 drain:1 650:1 banker:1 balance:1 target:1 50:2 partly:1 offset:1 outflow:1 exchequ:1 transaction:1 fall:1 note:1 circulation:1 add:1 200:1 system:1 respectively:1
|
U.K. MONEY MARKET DEFICIT FORECAST AT 450 MLN STG
The Bank of England said it forecast a
shortage of around 450 mln stg in the money market today.
Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
some 650 mln stg while banker's balances below target will take
out around 50 mln stg.
Partly offsetting these outflows, exchequer transactions
and a fall in note circulation will add some 200 mln stg and 50
mln stg to the system respectively.
|
training/5822
|
training/5822 |@title ccic:1 finance:1 ltd:1 year:1 dec:1 31:1 |@word net:1 profit:1 16:1 66:1 mln:4 h:1 k:1 dlrs:1 vs:2 11:1 28:1 total:1 divs:1 shareholder:1 7:1 5:1 nil:1 note:1 firm:1 underwrote:1 23:1 capital:1 market:1 issue:1 1986:1 next:1 industrial:2 transaction:1 may:1 syndication:1 35:1 u:1 dlr:1 loan:1 shanghai:1 ta:1 chun:1 tyre:1 project:1 company:1 joint:1 venture:1 merchant:1 bank:4 china:1 first:1 national:1 chicago:1 japan:1 ibjt:1
|
CCIC FINANCE LTD - YEAR TO DEC 31
Net profit 16.66 mln H.K. Dlrs vs 11.28 mln
Total divs to shareholders 7.5 mln vs nil
Note - Firm underwrote 23 capital market issues in 1986.
Next industrial transaction in May is syndication of a 35 mln
U.S. Dlr loan to the Shanghai Ta Chun Tyre Project. The company
is a joint venture merchant bank between the <Bank of China>,
<First National Bank of Chicago> and the Industrial Bank of
Japan <IBJT.T>
|
training/5826
|
training/5826 |@title southeast:1 china:1 crop:1 save:1 heavy:1 rain:1 |@word heavy:1 rain:2 seven:1 month:1 believe:1 save:1 one:1 mln:1 hectare:1 drought:3 threaten:1 crop:1 southeast:1 china:3 official:1 new:1 news:1 agency:2 say:2 week:1 alleviate:1 condition:1 guangdong:1 province:1 warn:1 year:1 harvest:1 affect:1 many:1 area:1
|
SOUTHEAST CHINA CROPS SAVED BY HEAVY RAIN
The heaviest rains for seven months are
believed to have saved more than one mln hectares of
drought-threatened crops in southeast China, the official New
China News Agency said.
This week's rains have alleviated drought conditions in
Guangdong Province, the agency said.
China has warned that this year's harvest will be affected
by drought in many areas.
|
training/5827
|
training/5827 |@title zambia:1 stop:1 send:1 copper:1 south:1 africa:1 |@word zambia:10 stop:1 send:1 copper:8 export:9 south:5 africa:5 official:3 times:1 say:8 newspaper:1 yesterday:1 quote:1 highly:1 place:1 source:2 state:2 consolidated:1 mine:3 zccm:2 divert:1 mineral:6 away:1 alternative:1 route:5 use:1 decline:1 comment:1 report:3 standwell:1 mapara:3 general:1 manager:1 tanzania:1 railway:1 authority:1 tazara:5 tell:3 reuters:3 recently:1 virtually:1 zambian:5 channel:2 along:1 line:2 dar:3 es:3 salaam:3 last:5 three:1 month:2 period:2 ship:1 zimbabwe:1 mozambican:1 port:4 beira:2 available:1 avoid:2 december:1 carry:1 36:1 000:3 tonne:3 ore:1 record:1 one:2 add:2 cobalt:1 account:1 95:1 98:1 pct:3 foreign:1 exchange:1 earning:1 president:1 kenneth:1 kaunda:3 recent:1 interview:2 vital:1 country:2 assure:1 new:1 outlet:1 traditional:1 refer:1 preparation:2 possible:1 cut:1 economic:1 link:1 march:1 1:4 main:1 concern:1 course:1 whatever:1 happen:1 must:1 continue:1 run:2 accord:1 handle:4 mln:2 freight:1 year:3 still:1 work:1 well:1 present:2 4:1 capacity:2 complete:1 evacuate:1 safe:1 dependable:1 government:1 would:2 look:1 increase:1 usage:1 type:1 cargo:1 1986:1 annual:1 metal:2 marketing:1 corporation:1 81:1 versus:1 79:1 1985:2 production:1 fall:1 463:1 526:1 despite:1 optimism:1 diversify:1 diplomatic:1 lusaka:1 express:1 reservation:1 even:1 could:2 haul:1 train:1 two:2 way:1 form:1 huge:1 western:1 diplomat:1 serious:1 disruption:1 movement:1 market:1 bring:1 pile:1 lack:1 facility:1 space:1 tonnage:1
|
ZAMBIA STOPS SENDING COPPER THROUGH SOUTH AFRICA
Zambia has stopped sending its copper
exports through South Africa, the official Times of Zambia
said.
The newspaper yesterday quoted highly placed sources as
saying the state-owned Zambia Consolidated Copper Mines (ZCCM)
was diverting its mineral exports away from South Africa, but
it did not say which alternative routes were being used.
ZCCM officials declined to comment on the report, but
Standwell Mapara, general manager of the Tanzania-Zambia
Railway Authority (TAZARA), told Reuters recently virtually all
Zambian mineral exports had been channelled along the TAZARA
line to Dar es Salaam for the last three months.
During that period no Zambian copper had been shipped
through Zimbabwe to the Mozambican port of Beira - the only
other available route which avoids South Africa, Mapara said.
Last December TAZARA carried 36,000 tonnes of Zambian
mineral ore, the line's record for any one month period, he
added.
Copper, cobalt and other mineral exports account for 95 to
98 pct of Zambia's foreign exchange earnings and President
Kenneth Kaunda told Reuters in a recent interview it was vital
for his country to assure new outlets for them, avoiding the
traditional route through South Africa.
Referring to Zambia's preparations for a possible cut in
economic links with South Africa, Kaunda told Reuters in an
interview on March 1, 'My main concern, of course, is the mines
because whatever happens we must continue to run the mines.'
According to Mapara, TAZARA handled 1.1 mln tonnes of
freight last year and is still working well below its present
1.4 mln capacity. Kaunda said that once preparations had been
completed for evacuating Zambia's mineral exports on safe and
dependable routes his government would look to increase its
usage of TAZARA for other types of cargo.
The 1986 annual report of Zambia's state-run Metal
Marketing Corporation said 81 pct of the country's metal
exports were channelled through Dar es Salaam last year, versus
79 pct in 1985. The report said Zambian copper production fell
to 463,000 tonnes last year from 526,000 in 1985.
Despite the official optimism about diversifying Zambia's
export routes, diplomatic sources in Lusaka expressed
reservations about the capacity of Dar es Salaam and Beira
ports to handle all of Zambia's mineral exports, even if they
could be hauled there by train.
'The two ports cannot in any way and in their present form
handle the huge exports of Zambian copper,' one western diplomat
said.
'A serious disruption in copper movement to the markets
could be brought about as it would pile up at the two ports
which lack the facilities and space to handle the copper
tonnage,' he added.
|
training/5830
|
training/5830 |@title oecd:1 january:1 annual:1 inflation:1 steady:1 2:1 1:1 pct:1 |@word inflation:3 24:1 industrialise:2 nation:2 organisation:1 economic:1 cooperation:1 development:1 2:2 1:3 pct:14 year:3 january:7 unchanged:2 december:2 oecd:7 say:3 monthly:1 throughout:1 average:1 0:5 4:5 rise:3 compare:1 last:1 quarter:1 retail:2 energy:3 price:5 strongly:1 reflect:1 firming:1 world:1 oil:1 state:1 increase:2 7:1 level:1 still:1 11:1 6:1 low:1 earlier:1 consumer:2 exclude:1 food:1 whole:1 area:1 four:1 previous:1 month:1 3:4 5:2 unadjusted:1 annual:1 seven:1 lead:1 run:1 italy:1 9:1 britain:1 canada:1 three:1 france:1 u:1 minus:2 8:1 west:1 germany:1 japan:1
|
OECD JANUARY ANNUAL INFLATION STEADY AT 2.1 PCT
Inflation in the 24 industrialised
nations of the Organisation for Economic Cooperation and
Development was 2.1 pct in the year to January, unchanged from
December, the OECD said.
But monthly inflation throughout the OECD was an average
0.4 pct in January, a rise compared to the 0.2 pct in the last
quarter.
Retail energy prices rose strongly in January, reflecting
the firming of world oil prices. For OECD states the increase
was 0.7 pct but the January level of retail energy prices was
still 11.6 pct lower than a year earlier, the OECD said.
The increase in consumer prices excluding food and energy,
at 0.4 pct in January for the whole OECD area, was unchanged on
the four previous months, but over the year to January OECD
consumer prices rose by 3.5 pct, against 3.3 pct in December.
Unadjusted annual inflation for the seven leading
industrialised nations in January was running at 4.4 pct in
Italy, 3.9 pct in Britain and Canada, three pct in France, 1.4
pct in the U.S., Minus 0.8 pct in West Germany and minus 1.5
pct in Japan, the OECD said.
|
training/5833
|
training/5833 |@title cargill:1 strike:1 talk:1 continue:1 today:1 |@word talk:2 hold:1 morning:1 cargill:1 u:1 k:1 ltd:1 oilseed:1 processing:1 plant:1 seaforth:1 yesterday:1 meeting:1 management:1 union:1 fail:1 produce:1 solution:1 end:1 three:1 month:1 old:1 strike:1 company:1 spokesman:1 say:2 extend:1 tomorrow:1 breakthrough:1 today:1 session:1
|
CARGILL STRIKE TALKS CONTINUING TODAY
Further talks will be held this morning
at Cargill U.K. Ltd's oilseed processing plant at Seaforth,
after yesterday's meeting between management and unions failed
to produce a solution to end the three month old strike, a
company spokesman said.
Talks will be extended to tomorrow if there is no
breakthrough in today's session, he said.
|
training/5835
|
training/5835 |@title indonesian:1 sugar:1 output:1 forecast:1 rise:1 1987:1 |@word indonesian:1 sugar:4 output:2 forecast:2 government:1 reach:1 2:3 126:1 mln:5 tonne:8 calendar:1 1987:4 project:1 consumption:2 039:1 agriculture:2 minister:2 achmad:1 affandi:2 say:5 production:2 1986:2 indonesia:4 force:1 import:2 officially:1 estimate:2 016:1 1:2 728:1 1985:1 u:1 embassy:1 annual:1 report:1 grow:1 sign:1 actual:1 low:3 official:1 figure:1 8:1 little:1 change:1 162:1 000:3 towards:1 end:1 last:1 year:1 early:1 boost:1 stock:3 tell:1 reporter:1 fel:1 159:1 beginning:1 industry:1 source:1 represent:1 one:1 month:3 hold:1 three:1 supply:1 510:1 spokesman:1 national:1 logistics:1 bureau:1 distribute:1 store:1 489:1 437:1 harvesting:1 season:1 begin:1 april:1
|
INDONESIAN SUGAR OUTPUT FORECAST TO RISE IN 1987
Indonesian sugar output is forecast by
the government to reach 2.126 mln tonnes in calendar 1987
against projected consumption of 2.039 mln tonnes, Agriculture
Minister Achmad Affandi said.
Production in 1986, when Indonesia was forced to import
sugar, is officially estimated at 2.016 mln tonnes against
1.728 mln in 1985.
The U.S. Embassy said in its annual Agriculture Report on
Indonesia there were growing signs that actual output was lower
than official figures. It estimated 1986 production at 1.8 mln
tonnes and forecast little change for 1987.
Indonesia imported 162,000 tonnes of sugar towards the end
of last year and in early 1987 to boost low stocks.
Affandi told reporters stocks fel to as low as 159,000
tonnes at the beginning of 1987. Industry sources said this
represented under one month's consumption.
The minister said Indonesia should hold three months'
supply, or 510,000 tonnes.
A spokesman for the National Logistics Bureau, which
distributes and stores sugar, said stocks this month were
489,437 tonnes. The harvesting season begins in April.
|
training/5836
|
training/5836 |@title taiwan:1 issue:1 certificate:1 deposit:1 |@word taiwan:2 central:1 bank:2 issue:4 12:2 billion:4 dlrs:3 worth:1 certificate:1 deposit:1 six:2 yesterday:1 bring:1 cd:2 far:1 year:3 115:1 47:1 official:1 tell:1 reuters:1 new:1 maturity:1 month:1 one:1 two:1 bear:1 interest:1 rate:1 range:1 4:1 07:1 pct:2 5:1 say:1 aim:1 help:1 curb:1 growth:1 1b:1 money:1 supply:1 result:1 large:1 foreign:1 exchange:1 reserve:2 total:1 51:1 u:1
|
TAIWAN ISSUES MORE CERTIFICATES OF DEPOSIT
Taiwan's central bank issued 12 billion
Taiwan dlrs worth of certificates of deposit after issuing six
billion yesterday, bringing CD issues so far this year to
115.47 billion dlrs, a bank official told Reuters.
The new CDs have maturities of six months, one year and two
years and bear interest rates ranging from 4.07 pct to 5.12
pct, he said.
The issues are aimed at helping curb the growth of M-1b
money supply, which is the result of large foreign exchange
reserves. The reserves now total more than 51 billion U.S.
Dlrs.
|
training/5838
|
training/5838 |@title french:2 january:2 payment:2 surplus:4 0:2 3:4 billion:4 franc:2 8:2 december:2 official:2 |@word
|
FRENCH JANUARY PAYMENTS SURPLUS 0.3 BILLION FRANCS (3.8 BILLION DECEMBER SURPLUS)-OFFICIAL
FRENCH JANUARY PAYMENTS SURPLUS 0.3 BILLION FRANCS (3.8 BILLION DECEMBER SURPLUS)-OFFICIAL
|
training/5839
|
training/5839 |@title italian:1 wholesale:1 price:1 1:2 pct:1 january:1 |@word wholesale:1 price:1 index:2 rise:1 1:3 pct:4 month:2 january:4 1987:2 increase:1 0:1 3:1 december:3 1986:3 national:1 statistics:1 institute:1 istat:1 say:1 base:1 1980:1 equal:1 100:1 register:1 172:1 8:1 compare:1 170:1 9:1 figure:1 represent:1 fall:1 7:1 year:2 decrease:1 2:1 5:1
|
ITALIAN WHOLESALE PRICES UP 1.1 PCT IN JANUARY
The wholesale price index rose 1.1 pct
month-on-month in January 1987 after increasing by 0.3 pct in
December 1986, the national statistics institute Istat said.
The index, base 1980 equals 100, registered 172.8 in
January compared with 170.9 in December.
The January 1987 figure represents a fall over January 1986
of 1.7 pct after a year-on-year decrease in December 1986 of
2.5 pct.
|
training/5841
|
training/5841 |@title taiwan:1 say:1 consider:1 currency:1 liberalisation:1 |@word taiwan:4 central:4 bank:7 consider:2 proposal:2 ease:2 currency:3 restriction:2 reduce:1 foreign:7 exchange:5 reserve:2 51:1 billion:3 u:4 dlrs:2 local:3 newspaper:1 report:2 today:1 china:2 times:1 close:1 tie:1 government:5 quote:2 governor:1 chang:2 chi:1 cheng:1 say:5 agree:1 principle:1 liberalise:1 financial:1 allow:1 firm:2 individual:2 hold:1 invest:2 stock:1 first:1 time:1 must:1 hand:1 may:1 bond:1 treasury:1 bill:1 certificate:1 deposit:1 official:1 available:1 comment:1 economist:2 likely:1 would:1 control:1 gradually:1 vast:1 earn:1 mainly:1 huge:1 trade:2 surplus:2 united:1 states:1 make:1 target:1 protectionism:1 rise:1 13:1 6:1 last:1 year:1 compare:1 10:1 2:1 1985:1 go:1 direction:1 su:1 han:1 min:1 chief:1 international:1 commercial:1 quicken:1 pace:1 washington:1 could:1 retaliate:1 really:1 damage:1
|
TAIWAN SAID CONSIDERING CURRENCY LIBERALISATION
Taiwan's central bank is considering
proposals to ease currency restrictions to reduce foreign
exchange reserves of 51 billion U.S. Dlrs, a local newspaper
reported today.
The China Times, which has close ties with the government,
quoted central bank governor Chang Chi-cheng as saying the
government had agreed in principle to liberalise financial
restrictions.
The bank was considering proposals to allow firms and
individuals to hold foreign exchange and invest in foreign
stocks for the first time, Chang was quoted as saying.
All foreign exchange must now be handed to local banks and
exchanged for local currency. Firms and individuals may only
invest in foreign government bonds, treasury bills and
certificates of deposit.
Central bank and other government officials were not
available to comment on the report.
Economists said it was likely that the government would
ease foreign exchange controls, but only gradually.
They said vast foreign currency reserves, earned mainly
from huge trade surpluses with the United States, made Taiwan a
target for U.S. Protectionism.
Taiwan's trade surplus with the U.S. Rose to 13.6 billion
U.S. Dlrs last year compared with 10.2 billion in 1985.
'The central bank has to go in this direction,' said Su
Han-min, chief economist with the International Commercial Bank
of China. 'If they don't quicken the pace, Washington could
retaliate and really damage Taiwan.'
|
training/5842
|
training/5842 |@title french:1 payment:1 surplus:1 shrink:1 january:1 |@word france:1 current:3 account:3 payment:3 surplus:8 slip:1 provisional:3 300:1 mln:1 franc:6 seasonally:1 adjust:1 january:4 downward:1 revise:4 3:2 8:5 billion:11 december:4 finance:1 ministry:2 say:2 figure:1 4:1 report:2 month:2 ago:1 unadjusted:4 basis:1 show:5 5:1 2:2 deficit:4 7:3 1:4 trade:1 measure:1 balance:1 criterion:1 service:1 item:1 mainly:1 include:1 unilateral:1 transfer:1 adjusted:1 6:1 last:2 year:2 one:1 full:1 1986:1 25:1
|
FRENCH PAYMENTS SURPLUS SHRINKS IN JANUARY
France's current account payments surplus
slipped to a provisional 300 mln francs, seasonally adjusted,
in January from a downward revised surplus of 3.8 billion in
December, the Finance Ministry said.
The December figure was revised from a provisional 4.8
billion franc surplus reported a month ago.
On an unadjusted basis, January payments showed a 5.2
billion franc deficit after a revised 7.1 billion December
surplus. The December unadjusted surplus was revised down from
a provisional 8.2 billion.
The Ministry said trade, measured on balance of payments
criteria, showed an unadjusted 7.1 billion franc January
deficit while services showed a 3.7 billion surplus.
Other items, mainly including unilateral transfers, showed
a 1.8 billion deficit.
The current account showed an adjusted surplus of 6.1
billion francs in January last year, and an unadjusted deficit
of one billion.
The full year 1986 current account surplus was reported
last month at 25.8 billion francs.
|
training/5845
|
training/5845 |@title u:2 k:2 jan:2 industrial:2 output:2 rise:2 0:2 4:2 pct:4 manufacture:2 2:2 3:2 official:2 |@word
|
U.K. JAN INDUSTRIAL OUTPUT RISES 0.4 PCT, MANUFACTURING DOWN 2.3 PCT - OFFICIAL
U.K. JAN INDUSTRIAL OUTPUT RISES 0.4 PCT, MANUFACTURING DOWN 2.3 PCT - OFFICIAL
|
training/5847
|
training/5847 |@title zimbabwe:1 maize:1 output:1 fall:1 65:1 pct:1 |@word maize:7 delivery:4 zimbabwe:3 state:1 grain:1 marketing:1 board:1 gmb:2 fall:1 65:1 pct:4 year:5 follow:1 prolonged:1 dry:1 spell:1 agricultural:1 industry:1 source:3 say:4 1987:1 expect:1 decline:1 around:2 520:1 000:6 tonne:8 1:2 6:1 mln:2 last:2 60:1 deliver:1 large:1 scale:2 commercial:1 farmer:1 balance:1 small:1 peasant:1 producer:1 although:1 low:2 level:1 since:1 1980:1 danger:1 food:1 shortage:1 annual:1 consumption:1 estimate:1 750:1 stockpile:1 currently:1 8:1 mean:1 even:1 sharply:1 reduce:1 production:2 enough:1 next:1 three:1 crop:1 would:1 offset:1 25:1 increase:1 cotton:1 315:1 248:1 rise:1 20:1 soybean:1 100:1 84:1 1986:1
|
ZIMBABWE MAIZE OUTPUT TO FALL 65 PCT
Maize deliveries to Zimbabwe's
state-owned Grain Marketing Board (GMB) will fall by over 65
pct this year, following a prolonged dry spell, agricultural
industry sources said.
They said 1987 maize deliveries are expected to decline to
around 520,000 tonnes from 1.6 mln tonnes last year. About 60
pct of the maize will be delivered by large-scale commercial
farmers and the balance by small-scale peasant producers.
Although this will be the lowest level of maize deliveries
since 1980, the sources said there is no danger of a food
shortage in Zimbabwe.
While annual maize consumption is estimated at 750,000
tonnes, the GMB stockpile is currently around 1.8 mln tonnes,
which means that even with the sharply reduced production this
year Zimbabwe has enough maize for the next three years.
The sources said the lower maize crop would be offset by a
25 pct increase in cotton production to 315,000 tonnes from
248,000 tonnes last year, and by a rise of 20 pct in soybean
deliveries to 100,000 tonnes from 84,000 tonnes in 1986.
|
training/5848
|
training/5848 |@title u:2 k:2 industrial:1 output:1 rise:1 january:1 |@word industrial:4 production:6 rise:6 provisional:2 0:8 4:3 pct:18 january:6 6:4 decline:1 december:4 1986:2 figure:2 central:1 statistical:1 office:2 show:2 index:4 base:3 1980:3 set:1 seasonally:1 adjust:1 109:2 8:1 compare:2 108:1 2:4 year:4 early:1 output:8 manufacturing:1 industry:4 fall:5 3:4 last:1 manufacture:4 103:1 9:2 106:1 102:1 earlier:3 cso:1 say:2 three:6 month:6 provisionally:1 estimate:1 7:2 level:1 previous:2 5:4 period:5 1:3 high:1 two:4 higher:1 within:1 metal:1 six:1 engineering:1 ally:1 one:2 late:3 chemical:1 textile:1 mineral:1 investment:1 good:3 consumer:1 increase:1 intermediate:1 energy:2 126:1 117:1 124:1 comprise:1 oil:1 natural:1 gas:1 coal:1 quarter:1
|
U.K. INDUSTRIAL OUTPUT RISES IN JANUARY
U.K. Industrial production rose a
provisional 0.4 pct in January after a 0.6 pct decline in
December 1986, figures from the Central Statistical Office
show.
The index for industrial production, base 1980, was set at
a seasonally adjusted 109.8 in January after December's 109.4
and compared with 108.2 a year earlier.
Output of manufacturing industries fell a provisional 2.3
pct in January after a 0.2 pct rise last December.
The index for manufacturing, base 1980, fell to 103.9 from
106.3, and compared with 102.3 a year earlier.
The CSO said industrial production in the three months to
January was provisionally estimated to have fallen by 0.7 pct
from the level of the previous three months, while
manufacturing output rose by 0.5 pct in the same period.
In the three months, industrial production was 1.5 pct
higher than in the same period a year earlier, while
manufacturing output was two pct higher.
Within manufacturing, output of the metals industry rose by
six pct and that of engineering and allied industries by one
pct between the two latest three month periods. Output of
chemicals and textiles fell by one pct and minerals by two pct.
The Office said output of the investment goods industries
rose 0.1 pct while consumer goods output increased 0.6 pct.
Output of intermediate goods fell 1.6 pct between the two
latest three-month periods.
The figures showed the energy production index, base 1980,
rose 7.2 pct in January to 126.4 from December's 117.9 and from
124.6 in January 1986.
In the latest three months, the energy index, which
comprises oil, natural gas and coal production, was down 3.5
pct on the previous quarter and 0.5 pct below the same period a
year earlier.
|
training/5849
|
training/5849 |@title zimbabwe:1 gdp:1 rise:1 0:1 2:1 pct:1 1986:1 |@word zimbabwe:2 real:3 gross:1 domestic:1 product:1 increase:2 0:1 2:3 pct:8 1986:4 accord:1 preliminary:1 figure:1 publish:1 central:1 statistical:1 office:1 cso:2 contrast:1 rise:2 nine:1 1985:1 main:1 reason:1 slow:1 rate:1 economic:1 growth:2 drop:1 value:1 agricultural:1 output:3 decline:1 12:3 follow:1 24:1 improvement:1 previous:1 year:1 mining:1 fall:1 one:1 manufacture:1 production:1 1:1 4:1 say:1 current:1 price:1 gdp:2 7:1 8:1 billion:1 dlrs:1 inflation:1 measure:1 deflator:1 estimate:1 virtually:1
|
ZIMBABWE GDP RISES 0.2 PCT IN 1986
Zimbabwe's real gross domestic product
increased 0.2 pct in 1986, according to preliminary figures
published by the Central Statistical Office (CSO). This
contrasts with a rise of more than nine pct in 1985.
The main reason for the slower rate of economic growth was
a drop in the real value of agricultural output. This declined
12 pct in 1986 following a 24 pct improvement the previous
year. Mining output fell one pct in 1986 but manufacturing
production increased 1.4 pct.
The CSO said that at current prices GDP rose 12.7 pct to
8.2 billion Zimbabwe dlrs, but inflation, measured by the GDP
deflator, was estimated at 12.2 pct, so there was virtually no
growth in real output during 1986.
|
training/5850
|
training/5850 |@title japan:2 say:1 u:1 microchip:1 pact:1 work:1 |@word japanese:7 official:3 seek:1 convince:1 u:7 japan:4 pact:5 microchip:2 trade:3 work:1 ahead:1 april:1 1:1 deadline:1 set:1 prove:1 case:1 implement:1 agreement:2 good:1 faith:1 situation:1 run:1 counter:1 osamu:1 watanabe:3 director:2 ministry:2 international:1 industry:1 miti:5 americas:1 oceanic:1 division:2 tell:1 foreign:1 reporter:1 effect:1 measure:1 take:3 emerge:1 market:6 place:1 say:6 repeatedly:1 accuse:1 maker:2 violate:1 continue:1 sell:2 cost:2 outside:1 united:2 states:2 sign:1 last:2 september:1 aim:1 halt:1 predatory:1 pricing:1 policy:1 increase:1 semiconductor:2 firm:1 access:1 comment:1 follow:1 call:2 prime:1 minsiter:1 yasuhiro:1 nakasone:1 clear:1 misunderstanding:1 side:1 yukio:1 honda:3 industrial:1 electronics:1 deny:1 chipmaker:1 third:1 country:1 chip:4 month:1 cut:1 production:2 key:1 memory:1 first:2 quarter:3 year:1 begin:1 dry:1 source:1 cheap:2 sale:1 non:1 regulated:1 grey:2 export:2 shrink:1 contrast:1 south:1 korean:1 company:1 expand:1 share:1 price:1 plan:1 step:1 reduce:1 excess:1 supply:3 inexpensive:1 develop:1 form:1 slump:1 add:2 soon:1 release:1 demand:2 guideline:1 second:1 suggest:1 volume:1 likely:1 low:1 despite:1 businessman:1 ingenuity:1 find:1 way:1 around:1 artificial:1 control:1 regulation:1 bring:1 positive:1 result:1 optimistic:1
|
JAPAN SAYS U.S.-JAPAN MICROCHIP PACT WORKING
Japanese officials sought to convince the
U.S. That a U.S.-Japan pact on microchip trade is working ahead
of an April 1 deadline set by the U.S. For them to prove their
case.
'We are implementing the agreement in good faith and the
situation does not run counter to the pact,' Osamu Watanabe,
Director of the Ministry of International Trade and Industry's
(MITI) Americas and Oceanic Division, told foreign reporters.
'The effects of the measures we have taken and are taking
are emerging in the market place,' he said.
U.S. Trade officials have repeatedly accused Japanese
microchip makers of violating the pact by continuing to sell at
below cost in markets outside Japan and the United States.
The agreement, signed last September, aimed at halting
predatory Japanese pricing policies and increasing U.S.
Semiconductor firms' access to the Japanese market.
The comments by MITI officials followed a call by Prime
Minsiter Yasuhiro Nakasone to clear up any misunderstandings on
the U.S. Side about the pact, Watanabe said.
Yukio Honda, director of MITI's Industrial Electronics
Division, denied that Japanese chipmakers were selling at below
cost in third countries.
MITI's call to Japanese chip makers last month to cut
production of key memory chips in the first quarter of this
year has begun to dry up the source of cheap chips for sale in
the non-regulated grey market, Honda said.
'The grey market exports from Japan are shrinking now, but
in contrast U.S. And South Korean companies are expanding
market share because of their cheaper prices,' Honda said.
MITI plans to take further steps to reduce the excess
supply of inexpensive chips which developed in Japan after the
pact was formed because of a slump in Japanese semiconductor
exports to the United States, he added.
The ministry will soon release its supply-demand guidelines
for the second quarter and suggested production volumes are
likely to be lower than that for the first quarter, he said.
Despite businessmen's ingenuity in finding ways around any
artificial controls, regulation of supply and demand should
bring positive results, Watanabe said. 'I am optimistic,' he
added.
|
training/5852
|
training/5852 |@title loophole:1 tanker:1 norway:1 africa:1 ban:1 |@word norway:1 parliament:1 approve:1 extensive:1 trade:5 ban:1 south:6 africa:6 leave:2 shipowner:1 key:1 loophole:1 controversial:1 oil:4 shipment:3 norwegian:4 tanker:3 may:1 continue:1 government:1 official:2 say:4 unilateral:1 boycott:3 give:1 domestic:1 company:1 late:2 september:1 cut:1 tie:1 namibia:1 although:1 forbidding:1 crude:2 make:1 crucial:1 exception:1 ship:1 whose:1 final:1 destination:1 decide:1 sea:1 cargo:2 often:1 resold:1 load:1 critic:1 door:1 open:1 continued:1 supply:1 30:1 pct:3 import:2 early:1 1980s:1 drop:2 sharply:1 one:1 last:1 three:1 month:2 ministry:1 figure:2 show:1 36:1 160:1 mln:2 crown:2 first:1 eight:1 1986:1 export:1 plunge:1 52:1 265:1 year:1 ago:1 legislation:1 go:1 upper:1 house:1 formal:1 ratification:1 later:1 week:1 parliamentarian:1
|
LOOPHOLE FOR TANKERS IN NORWAY'S S. AFRICA BAN
Norway's parliament has approved an
extensive trade ban against South Africa but left shipowners a
key loophole through which controversial oil shipments on
Norwegian tankers may continue, government officials said.
The unilateral boycott gives domestic companies until late
September to cut trade ties with South Africa and Namibia.
Although forbidding crude oil shipments to South Africa on
Norwegian-owned tankers, the boycott makes a crucial exception
for ships whose final destination is decided while at sea. As
oil cargoes are often resold after loading, critics said the
door will be left open for continued shipments to South Africa.
Norwegian tankers supplied South Africa with about 30 pct
of its crude oil imports during the early 1980s, but the trade
has dropped sharply to just one cargo in the last three months,
trade ministry officials said.
The latest trade figures show Norwegian imports from South
Africa dropped 36 pct to 160 mln crowns during the first eight
months of 1986, while exports plunged 52 pct to 265 mln crowns
from the year-ago figure.
The boycott legislation now goes to the upper house for
formal ratification later this week, parliamentarians said.
|
training/5854
|
training/5854 |@title hanson:1 sell:1 finlays:1 unit:1 16:1 9:1 mln:1 stg:1 |@word hanson:2 trust:1 plc:3 hnsn:1 l:1 say:1 sell:1 finlay:2 confectionery:1 tobacco:1 newsagent:1 business:1 specially:1 form:1 company:1 estimate:1 16:1 9:1 mln:1 stg:1 cash:1 chain:1 store:1 acquire:1 take:1 imperial:1 group:1 last:1 year:1
|
HANSON SELLS FINLAYS UNIT FOR 16.9 MLN STG
Hanson Trust Plc <HNSN.L> said it will
sell its Finlays confectionery, tobacco and newsagent business
to a specially formed company, <Finlays Plc> for an estimated
16.9 mln stg cash.
The chain of stores was acquired when Hanson took over
<Imperial Group Plc> last year.
|
training/5858
|
training/5858 |@title dollar:1 see:1 fall:1 unless:1 japan:1 spur:1 economy:1 |@word underlie:1 dollar:16 sentiment:3 bearish:2 operator:2 may:5 push:2 currency:3 new:2 low:1 unless:1 japan:2 take:2 step:3 stimulate:2 economy:1 pledge:1 paris:4 accord:3 foreign:3 exchange:1 analyst:1 poll:1 reuters:1 say:15 expect:1 try:1 psychological:1 barrier:1 150:1 00:2 yen:3 fall:2 even:2 level:1 senior:2 dealer:9 one:1 lead:2 bank:8 ease:1 week:1 remain:2 stable:1 around:2 151:1 50:1 six:1 major:1 industrial:1 country:1 agree:1 meeting:1 february:1 foster:1 stability:1 decline:3 long:1 term:1 drastic:2 unlikely:1 u:11 fear:3 renew:1 inflation:1 reduce:2 japanese:3 purchase:2 treasury:2 security:1 need:1 finance:1 deficit:1 generally:1 doubt:2 whether:1 economic:3 package:3 could:2 adopt:1 soon:1 would:3 effective:1 enough:1 trade:2 surplus:2 significantly:1 measure:2 probably:1 invite:1 weaken:1 tokyo:3 promise:1 fiscal:2 1987:1 budget:2 pass:1 boost:1 domestic:1 demand:1 increase:1 import:1 cut:1 debate:1 delay:1 opposition:1 boycott:1 parliamentary:1 business:1 propose:1 imposition:1 five:1 pct:1 sale:1 tax:1 government:1 slim:1 chance:2 produce:1 meaningful:1 near:2 future:1 protectionist:1 congress:1 grow:1 put:1 great:1 downward:1 pressure:1 factor:1 affect:1 change:1 since:1 add:1 underlying:1 due:1 still:1 sluggish:1 outlook:1 international:1 debt:2 crisis:1 trigger:1 brazil:1 unilateral:1 suspension:1 interest:2 payment:1 reduced:1 clout:1 reagan:1 administration:1 result:1 iran:1 contra:1 arm:1 scandal:1 trust:1 possibility:1 140:1 end:3 year:2 chemical:1 branch:2 vice:1 president:1 yukuo:1 takahashi:1 find:1 hard:1 either:1 way:1 possible:1 concerted:1 central:2 intervention:3 widespread:1 rumour:1 federal:1 reserve:1 telephone:1 york:1 ask:1 quote:1 last:1 wednesday:2 intervene:1 sell:3 rise:1 1:2 87:1 mark:1 england:1 also:1 apparently:1 sterling:1 london:1 60:1 dlrs:1 efficacy:1 many:1 likely:1 await:1 buying:1 however:1 first:1 national:1 chicago:1 assistant:1 manager:1 hiroshi:1 mochizuki:1 show:1 movement:1 least:1 march:2 seem:1 unwilling:1 see:1 strong:1 swing:1 company:1 close:1 book:1 31:1 weak:1 give:1 institutional:1 investor:1 paper:1 loss:1 holding:1 make:2 lose:1 securities:1 monetary:1 official:1 refrain:1 comment:1 month:1 avoid:1 influence:1 rate:1
|
DOLLAR SEEN FALLING UNLESS JAPAN SPURS ECONOMY
Underlying dollar sentiment is bearish,
and operators may push the currency to a new low unless Japan
takes steps to stimulate its economy as pledged in the Paris
accord, foreign exchange analysts polled by Reuters said here.
'The dollar is expected to try its psychological barrier of
150.00 yen and to fall even below that level,' a senior dealer
at one leading bank said.
The dollar has eased this week, but remains stable at
around 151.50 yen. Six major industrial countries agreed at a
meeting in Paris in February to foster currency stability.
Some dealers said the dollar may decline in the long term,
but a drastic fall is unlikely because of U.S. Fears of renewed
inflation and fears of reduced Japanese purchases of U.S.
Treasury securities, needed to finance the U.S. Deficit.
Dealers generally doubted whether any economic package
Japan could adopt soon would be effective enough to reduce its
trade surplus significantly, and said such measures would
probably invite further U.S. Steps to weaken the dollar.
Under the Paris accord, Tokyo promised a package of
measures after the fiscal 1987 budget was passed to boost
domestic demand, increase imports and cut its trade surplus.
But debate on the budget has been delayed by an opposition
boycott of Parliamentary business over the proposed imposition
of a five pct sales tax, and the government has only a slim
chance of producing a meaningful economic package in the near
future, the dealers said.
If no such steps are taken, protectionist sentiment in the
U.S. Congress will grow, putting greater downward pressure on
the dollar, they said.
The factors affecting the U.S. Currency have not changed
since before the Paris accord, they added.
'Underlying sentiment for the dollar remains bearish due to
a still-sluggish U.S. Economic outlook, the international debt
crisis triggered by Brazil's unilateral suspension of interest
payments on its foreign debts and the reduced clout of the
Reagan administration as a result of the Iran/Contra arms
scandal,' said a senior dealer at a leading trust bank.
'There is a possibility that the dollar may decline to
around 140.00 yen by the end of this year,' said Chemical Bank
Tokyo branch vice president Yukuo Takahashi.
But operators find it hard to push the dollar either way
for fear of possible concerted central bank intervention.
Dealers said there were widespread rumours that the U.S.
Federal Reserve telephoned some banks in New York to ask for
quotes last Wednesday, and even intervened to sell the dollar
when it rose to 1.87 marks.
The Bank of England also apparently sold sterling in London
when it neared 1.60 dlrs on Wednesday, they said.
But other dealers said they doubted the efficacy of central
bank intervention, saying it may stimulate the dollar's decline
because many dealers are likely to await such dollar buying
intervention as a chance to sell dollars.
However, First National Bank of Chicago Tokyo Branch
assistant manager Hiroshi Mochizuki said 'The dollar will not
show drastic movement at least to the end of March.'
Other dealers said the U.S. Seems unwilling to see any
strong dollar swing until Japanese companies close their books
for the fiscal year ending on March 31, because a weak dollar
would give Japanese institutional investors paper losses on
their foreign holdings, which could make them lose interest in
purchases of U.S. Treasury securities.
U.S. Monetary officials may refrain from making any
comments this month to avoid influencing rates, they said.
|
training/5861
|
training/5861 |@title u:1 k:1 money:1 market:1 receive:1 morning:1 assistance:1 |@word bank:2 england:1 say:1 operate:1 money:1 market:1 morning:1 session:1 earlier:1 central:1 estimate:1 deficit:1 system:1 today:1 450:1 mln:1 stg:1
|
U.K. MONEY MARKET RECEIVES NO MORNING ASSISTANCE
The Bank of England said it did not
operate in the money market in the morning session.
Earlier, the central bank had estimated the deficit in the
system today at some 450 mln stg.
|
training/5866
|
training/5866 |@title iran:1 say:1 attack:1 cypriot:1 tanker:1 |@word cypriot:1 tanker:3 set:1 ablaze:1 persian:1 gulf:1 yesterday:1 iranian:2 gunboat:2 fire:2 missile:1 shipping:1 source:2 quote:1 report:1 japanese:1 say:2 today:1 casualty:1 see:1 pivot:2 laden:1 crude:1 oil:1 tow:1 towards:1 dubai:1 tug:1 put:1 usually:1 check:1 ship:1 nationality:1 cargo:1 attack:1 hit:1 near:1 bu:1 musa:1 island:1 without:1 warn:1 add:1
|
IRAN SAID TO ATTACK CYPRIOT TANKER
A Cypriot tanker was set ablaze in the
Persian Gulf yesterday after an Iranian gunboat fired missiles
at it, shipping sources quoting reports from Japanese tankers
said today.
No casualties were seen and the tanker Pivot, laden with
crude oil, was towed towards Dubai by tugs after they put out
the fire, the sources said.
Iranian gunboats usually check a ship's nationality and
cargo before attacking but the Pivot was hit near Bu Musa
island without warning, they added.
|
training/5868
|
training/5868 |@title billiton:1 seek:1 change:1 surinam:1 policy:1 |@word billiton:5 international:1 metals:1 b:1 v:1 dutch:2 mining:2 company:3 urge:2 surinam:4 change:1 policy:1 say:4 cause:1 heavy:1 loss:3 bauxite:3 operation:1 spokesman:3 tell:1 reuters:1 fully:1 royal:1 shell:1 rd:1 subsidiary:1 present:1 demand:1 henk:1 heidweiler:2 top:1 aide:1 military:1 leader:1 desi:1 bouterse:1 visit:1 netherlands:1 last:1 week:1 official:1 talk:1 suralco:2 u:1 conglomerate:1 alcoa:1 aa:1 want:1 devaluation:1 low:1 wage:1 welfare:1 contribution:1 taxis:1 energy:1 price:1 two:1 firm:1 big:1 private:1 sector:1 employer:1 also:1 improve:1 safety:1 employee:1 campaign:1 jungle:1 guerilla:1 group:1 add:2 rebel:1 fighting:1 since:1 july:1 1986:1 depressed:1 production:1 plant:2 high:1 voltage:1 cable:1 power:1 afobakka:1 cut:1 mine:1 moengo:1 shut:1 already:1 make:1 vast:1 expect:1 remain:1 operate:1
|
BILLITON SEEKS CHANGE IN SURINAM POLICIES
<Billiton
International Metals B.V.>, the Dutch mining company, has urged
Surinam to change policies it says are causing heavy losses on
bauxite mining operations there, a company spokesman said.
He told Reuters that Billiton, a fully-owned Royal
Dutch/Shell <RD.AS> subsidiary, presented the demands to Henk
Heidweiler, a top aide to Surinam military leader Desi
Bouterse, who visited the Netherlands last week for official
talks.
Billiton and <Suralco>, owned by U.S. Conglomerate Alcoa
<AA.S>, both want devaluation, and lower wages, welfare
contributions, taxes on bauxite and energy prices.
The two firms are the biggest private sector employers in
Surinam. Billiton also urged Heidweiler to improve the safety
of its employees in the campaign against a jungle guerilla
group, the spokesman said, adding rebel fighting since July
1986 had depressed production at Billiton and Suralco plants.
High voltage cables from the power plant of Afobakka have
been cut, and a bauxite mine at Moengo has been shut, he added.
'We are already making vast losses in Surinam and you can't
expect any company to remain operating with losses,' the
spokesman said.
|
training/5870
|
training/5870 |@title dutch:1 port:1 employer:1 resume:1 lie:1 plan:1 |@word employer:7 rotterdam:1 troubled:1 general:2 cargo:2 sector:4 decide:1 restart:1 stall:1 redundancy:4 procedure:3 within:1 week:3 organisation:1 labour:1 relations:1 manager:1 gerard:1 zeebregts:3 tell:1 reuters:1 port:2 transport:1 union:1 spokesman:1 bert:1 duim:1 say:3 decision:1 would:3 lead:1 immediate:1 resumption:1 eight:1 strike:4 action:1 call:1 friday:1 interim:1 court:3 injunction:1 plan:3 350:2 year:2 amsterdam:1 rule:1 last:1 make:1 error:1 complicated:1 obtain:1 permission:1 therefore:1 could:1 proceed:1 final:1 ruling:2 may:3 7:2 initiation:1 new:1 well:1 take:1 two:1 month:1 prepare:1 simply:1 sit:1 wait:1 chance:1 start:2 case:1 afford:1 continue:1 already:1 cost:1 lot:1 money:1 damaged:1 business:1 delay:1 even:1 damage:1 campaign:1 lightning:1 begin:1 january:1 19:1 protest:1 800:1 4:1 000:1 strong:1 workforce:1 1990:1
|
DUTCH PORT EMPLOYERS RESUME LAY-OFF PLANS
Employers in Rotterdam's troubled
general cargo sector have decided to restart stalled redundancy
procedures within a week, employers' organisation labour
relations manager Gerard Zeebregts told Reuters.
Port and transport union spokesman Bert Duim said the
employers' decision would not lead to the immediate resumption
of eight weeks of strikes in the sector.
The strike action was called off on Friday after an interim
court injunction against the employers' plans for 350
redundancies this year.
A court in Amsterdam ruled last week the employers had made
an error in the complicated procedure for obtaining permission
for the redundancies and therefore could not proceed until a
final ruling on May 7.
Zeebregts said the initiation of new procedure might well
take up to two months, but the employers were not prepared
simply to sit and wait for the May 7 court ruling with the
chance they would have to start all over again in any case.
'We cannot afford not to continue with our plans. The
strikes have already cost a lot of money and damaged business,
and further delays would do even more damage,' Zeebregts said.
The campaign of lightning strikes in the port's general
cargo sector began on January 19 in protest at employers' plans
for 800 redundancies from the sector's 4,000 strong workforce
by 1990, starting with 350 this year.
|
training/5873
|
training/5873 |@title commercial:1 international:1 cmmc:1 make:1 purchase:1 |@word commercial:2 international:2 corp:2 say:3 complete:1 previously:1 announce:1 acquisition:1 asset:2 grower:3 distribute:1 table:1 grape:1 marketer:1 undisclosed:1 amount:1 entire:1 purchase:1 price:1 payable:1 three:1 year:1 period:1 base:1 percentage:1 pre:1 tax:1 earning:1 acquire:2 operation:1 company:1 option:1 cold:1 storage:1 facility:1 related:1 tulare:1 county:1 calif:1 chairman:1 sid:1 schuman:1 jr:2 director:1 arnold:1 cattani:1
|
COMMERCIAL INTERNATIONAL <CMMC> MAKES PURCHASE
Commercial International Corp said
it has completed the previously-announced acquisition of most
of the assets of Growers Distributing International Corp, a
table grape marketer, for an undisclosed amount.
It said the entire purchase price will be payable over a
three-year period and based on a percentage of pre-tax earnings
of the acquired operation.
The company said it has an option to acquire Growers' cold
storage facility and related assets in Tulare County, Calif.
Growers is owned by Commercial chairman Sid Schuman Jr. and
director Arnold T. Cattani Jr.
|
training/5875
|
training/5875 |@title timex:1 corp:1 sells:1 unit:1 |@word swiss:2 corp:4 microelectronic:1 watchmaking:1 industry:1 say:1 acquire:1 international:2 time:2 privately:1 hold:1 timex:1 undisclosed:1 term:1 exclusive:1 distributor:1 tissot:1 watch:1 u:1
|
<TIMEX CORP> SELLS UNIT
<Swiss Corp for Microelectronics and
Watchmaking Industries> said it has acquired International time
corp from privately-held Timex corp for undisclosed terms.
International Time is exclusive distributor of Swiss Corp's
Tissot watches in the U.S.
|
training/5876
|
training/5876 |@title wavehill:1 international:1 inc:1 make:1 purchse:1 |@word wavehill:1 international:1 ventures:1 inc:1 say:1 complete:1 previously:1 announce:1 acquisition:1 personal:2 computer:2 rental:1 corp:1 500:1 000:1 restrict:1 common:1 share:1 give:1 former:1 shareholder:1 25:1 pct:1 interest:1 combine:1 company:1
|
<WAVEHILL INTERNATIONAL INC> MAKES PURCHSE
Wavehill International Ventures Inc
said it has completed the previously-announced acquisition of
Personal Computer Rental corp for 500,000 restricted common
shares, giving former shareholders of Personal Computer a 25
pct interest in the combined company.
|
training/5879
|
training/5879 |@title economist:1 see:1 sluggish:1 japanese:1 economy:1 ahead:1 |@word japanese:1 economy:3 remain:3 sluggish:2 month:2 ahead:1 turn:1 bad:2 performance:2 12:2 year:5 1986:3 private:3 economist:6 say:18 consumer:7 spend:2 main:1 drive:1 force:1 domestic:1 demand:1 likely:2 lacklustre:1 although:1 brisk:2 housing:1 business:1 investment:1 would:3 help:1 sustain:1 shock:1 economic:3 planning:1 agency:3 report:2 today:1 spending:9 fall:2 0:5 7:4 pct:10 oct:5 dec:5 quarter:5 first:2 time:1 japan:2 gross:1 national:1 product:1 rise:4 real:3 8:2 revise:1 increase:3 previous:1 gnp:2 growth:3 2:1 5:1 4:3 1985:1 official:2 since:1 1974:1 contract:2 1:3 wake:1 oil:1 crisis:1 express:1 concern:1 decline:1 final:1 temporary:1 exceptionally:2 warm:2 winter:3 weather:1 depress:1 retail:1 sale:2 disagree:1 pessimistic:1 coming:1 see:1 income:2 level:2 sure:1 may:3 less:1 clothe:1 heating:1 apparatus:1 become:1 even:1 uneasy:1 future:1 pay:2 shoji:1 saito:2 general:1 manager:1 mitsui:1 bank:2 research:2 division:1 outlook:1 gloomy:1 employment:1 many:1 industry:1 particularly:1 hit:1 hard:1 yen:1 masao:1 suzaki:1 senior:1 tokyo:1 weaken:1 confidence:1 worrying:1 factor:2 without:2 hardly:1 achieve:1 domestically:1 generate:1 government:3 put:1 lid:1 fiscal:1 measure:1 register:1 inflate:1 special:1 include:1 heavy:1 public:4 sector:3 johsen:1 takahashi:3 chief:1 mitsubishi:1 institute:1 14:1 result:1 issue:2 gold:1 coin:1 one:1 shot:1 expect:1 high:1 consumption:1 following:1 mark:1 60:1 emperor:1 hirohito:1 reign:1 current:1 give:1 lack:1 additional:1 significant:1 effective:1 action:1 tax:2 cut:1 postponement:1 beyond:1 next:1 january:1 propose:1 controversial:1
|
ECONOMISTS SEE SLUGGISH JAPANESE ECONOMY AHEAD
The Japanese economy will remain sluggish
in the months ahead after turning in its worst performance for
12 years in 1986, private economists said.
Consumer spending, a main driving force of domestic demand,
was likely to remain lacklustre although brisk housing and
business investment would help sustain the economy this year,
the economists said.
They said they were shocked by an Economic Planning Agency
report today that private spending fell 0.7 pct in the Oct/Dec
quarter for the first time in 12 years.
The report said Japan's gross national product rose a real
0.8 pct in Oct/Dec after a revised 0.7 pct increase in the
previous quarter.
It said GNP growth for 1986 was a real 2.5 pct, down from
4.7 pct in 1985. Agency officials said this was the worst
performance since 1974 when GNP contracted 1.4 pct in the wake
of the first oil crisis.
They expressed concern about the 0.7 pct decline in
consumer spending in the final quarter of 1986 but said it was
only temporary as exceptionally warm winter weather had
depressed retail sales.
But most private economists disagreed and said consumers
were likely to remain pessimistic in coming months as they saw
their real income level off.
'Sure, consumers may have spent less on winter clothes or
heating apparatus because of the warm winter this year, but
they have done so because they have become even more uneasy
about their future pay rises,' said Shoji Saito, general manager
of Mitsui Bank's economic research division.
He said the outlook for pay increases was gloomy because of
falling employment in many industries, particularly those hit
hard by the yen's rise.
Masao Suzaki, senior economist at the Bank of Tokyo, said
weakened consumer confidence was the most worrying factor.
Without brisk consumer spending, Japan can hardly achieve
domestically generated economic growth as the government has
put a lid on fiscal measures, he said.
Other economists said the 0.8 pct growth registered in
Oct/Dec may have been inflated by special factors, including
exceptionally heavy spending in the public sector. Johsen
Takahashi, chief economist at Mitsubishi Research Institute,
said the 14.4 pct increase in public sector spending in Oct/Dec
resulted from an issue of gold coins.
'This is just a one-shot spending and we can't expect that
high level of public-sector consumption in the following
quarter,' Takahashi said. Agency officials said public spending
would have risen 1.1 pct in Oct/Dec without the issue, which
marked 60 years of Emperor Hirohito's reign.
Takahashi said the economy might contract in the current
quarter given the lack of additional significant government
spending and sluggish consumer spending.
Saito said the most effective government action would be
income tax cuts and the postponement beyond next January of a
proposed controversial sales tax.
|
training/5880
|
training/5880 |@title cocoa:1 working:1 group:1 meeting:1 delay:1 |@word international:1 cocoa:1 organization:1 icco:3 buffer:2 stock:2 working:2 group:2 meeting:2 set:1 1130:1 gmt:1 today:1 reschedule:1 1430:1 delegate:2 say:2 delay:1 draft:1 compromise:1 proposal:1 rule:1 could:1 complete:1 executive:1 director:1 kobena:1 erbynn:1 prepare:1 plan:1 consultation:1 presentation:1 full:1 add:1
|
COCOA WORKING GROUP MEETING DELAYED
The International Cocoa Organization
(ICCO) buffer stock working group meeting set for 1130 GMT
today was rescheduled for 1430, ICCO delegates said.
The meeting was delayed so a draft compromise proposal on
buffer stock rules could be completed, they said.
ICCO Executive Director Kobena Erbynn was preparing the
plan in consultation with other delegates for presentation to
the full working group, they added.
|
training/5883
|
training/5883 |@title u:2 feb:2 housing:2 start:2 rise:4 2:2 6:2 pct:4 1:4 851:2 mln:4 permit:2 4:4 764:2 |@word
|
U.S. FEB HOUSING STARTS ROSE 2.6 PCT TO 1.851 MLN, PERMITS ROSE 4.4 PCT TO 1.764 MLN
U.S. FEB HOUSING STARTS ROSE 2.6 PCT TO 1.851 MLN, PERMITS ROSE 4.4 PCT TO 1.764 MLN
|
training/5886
|
training/5886 |@title u:2 housing:1 start:1 rise:1 2:1 6:1 pct:1 february:1 |@word housing:3 start:3 rise:3 2:1 6:4 pct:10 february:5 seasonally:4 adjust:3 annual:1 rate:2 1:9 851:1 000:10 unit:11 commerce:1 department:3 say:3 january:4 fall:7 revised:1 0:2 5:2 804:1 previously:1 permit:4 issue:1 future:1 construction:1 4:3 764:1 11:2 52:1 690:1 single:3 family:6 house:2 091:1 number:1 multi:3 7:1 529:2 19:1 3:1 include:1 317:1 home:1 534:1 adjusted:1 total:1 235:1
|
U.S. HOUSING STARTS ROSE 2.6 PCT IN FEBRUARY
U.S. housing starts rose 2.6 pct in
February to a seasonally adjusted annual rate of 1,851,000
units, the Commerce Department said.
In January, housing starts fell a revised 0.5 pct to
1,804,000 units. The department previously said they fell 0.1
pct.
The rate at which permits were issued for future
construction rose in February by 4.4 pct to a seasonally
adjusted 1,764,000 units after falling 11.52 pct to 1,690,000
units in January.
Permits for single-family houses fell in January by 6.6 pct
to 1,091,000.
The number of permits for multi-family houses fell in
February by 11.7 pct to 529,000 units after falling in January
by 19.3 pct, the department said.
Housing starts in February included a seasonally adjusted
5.6 pct rise in single family units to 1,317,000 units and a
4.1 pct fall in multi-family homes to 534,000 units.
The seasonally adjusted permits total in February for
single family units was 1,235,000 and for multi-family units
was 529,000 units.
|
training/5887
|
training/5887 |@title south:1 american:1 fish:1 meal:1 production:1 record:1 high:1 |@word production:4 fish:8 meal:6 three:1 south:2 american:1 producer:1 chile:4 peru:4 equador:1 last:2 year:2 reach:1 2:1 5:1 mln:1 tonne:4 equal:1 record:1 output:1 1970:1 international:1 association:1 manufacturer:1 iafmm:4 say:3 however:1 statement:2 expect:1 chilean:1 peruvian:1 first:1 quarter:2 1987:1 much:1 low:1 651:1 000:1 produce:2 1986:4 due:2 ban:1 sardine:1 month:2 february:1 adverse:1 fishing:1 condition:1 add:2 technical:1 market:1 promotion:1 energetic:1 sale:1 stock:1 position:1 end:1 remain:2 reasonable:1 outside:1 america:1 decrease:1 slightly:1 fall:2 114:1 400:1 111:1 100:1 consumption:2 rise:1 west:1 germany:1 scandinavian:1 country:1 eastern:1 europe:1 far:1 east:1 u:5 static:1 k:2 suffer:1 competition:1 feed:1 grade:1 tallow:1 skimmed:1 milk:1 powder:1 figure:1 oil:1 main:1 nation:1 thousand:1 oct:1 dec:2 jan:1 1985:2 22:1 8:2 109:1 76:1 56:1 28:1 238:1 104:1 norway:1 14:2 97:1 130:1 iceland:1 44:1 52:1 102:1 118:1 denmark:1 20:1 18:1 88:1 77:1 10:1 152:1 129:1 japan:1 67:1 91:1 213:1 249:1
|
SOUTH AMERICAN FISH MEAL PRODUCTION AT RECORD HIGH
Production of fish meal by the three
South American producers -- Chile, Peru and Equador -- last
year reached 2.5 mln tonnes, equalling the record output of
1970, the International Association of Fish Meal Manufacturers
(IAFMM) said.
However, IAFMM said in a statement that it expected Chilean
and Peruvian fish meal production in the first quarter of 1987
to be much lower than the 651,000 tonnes produced in the last
quarter of 1986, due to a ban on sardine fishing in Chile for
the month of February and to adverse fishing conditions in Peru
in the same month.
The statement added that, due to technical market promotion
and energetic sales by Chile and Peru, the stock position at
the end of the year remained reasonable.
Fish meal production outside South America decreased
slightly, falling from 114,400 to 111,100 tonnes.
The IAFMM said fish meal consumption in 1986 rose in West
Germany, Scandinavian countries, Eastern Europe and the Far
East, but fell in the U.S. And remained static in the U.K.
It added that fish meal consumption had suffered from
competition with feed grade tallow in the U.S. And with skimmed
milk powder in the U.K.
IAFMM figures for fish oil production in the main producing
nations, in thousands of tonnes, were -
Oct/Dec Jan/Dec
1986 1985 1986 1985
CHILE 22 8 109 76
PERU 56 28 238 104
NORWAY 14 14 97 130
ICELAND 44 52 102 118
DENMARK 20 18 88 77
U.S. 10 8 152 129
JAPAN 67 91 213 249
|
training/5888
|
training/5888 |@title talk:1 point:1 copper:1 stock:1 |@word copper:12 share:3 lag:1 behind:1 market:2 pick:2 steam:1 year:4 strong:2 demand:1 improve:1 price:7 metal:2 analyst:5 say:15 move:2 next:4 four:2 six:1 quarter:1 daniel:1 roling:4 merrill:3 lynch:2 co:4 mer:1 see:7 average:1 70:3 ct:5 pound:2 1988:7 around:3 63:1 64:1 base:1 tight:1 supply:1 continued:1 world:1 economic:1 growth:2 range:1 65:1 68:1 73:1 phelps:7 dodge:4 corp:2 pd:1 performer:1 large:1 u:1 producer:1 asarco:3 inc:4 ar:1 45:3 pct:4 total:1 sale:1 newmont:7 mining:3 nem:1 also:2 potential:1 winner:1 spin:1 85:2 operation:5 shareholder:1 theory:1 good:1 stock:5 pure:1 play:1 benefit:2 high:2 one:3 william:1 siedenburg:3 smith:2 barney:2 harris:1 upham:1 lower:1 cost:3 streamline:1 accomplish:1 great:1 deal:1 company:1 carbon:1 black:1 product:1 use:1 tire:1 provide:1 steady:1 earning:4 although:1 rapid:1 hedge:1 downturn:1 estimate:1 phelp:2 earn:4 2:3 dlrs:15 1987:5 4:1 include:3 tax:1 versus:2 1:4 79:1 1986:3 clarence:1 morrison:4 dean:2 witter:2 reynolds:1 recommend:2 project:2 3:4 25:3 role:1 75:3 50:1 go:1 mid:1 30:2 current:3 level:3 climb:1 40:2 low:1 need:1 make:1 lot:1 money:1 vahid:1 fathi:3 prescott:2 ball:2 turben:1 outperform:1 18:1 month:2 nick:1 toufexis:3 prudential:1 bache:1 securities:1 attractive:1 investment:1 rather:1 place:1 bet:1 way:1 slice:1 significant:1 premium:1 spinoff:1 close:1 gold:2 95:1 ngc:1 15:1 stake:1 unit:1 energy:1 note:1 three:2 buy:2 90:1 last:1 week:1 rise:1 sharply:1 near:1 probably:1 worth:1 108:1 like:1 cutting:1 restructure:1 loss:1 dlr:1 cyprus:4 mineral:2 cypm:1 addition:1 interest:1 coal:1 aside:1 think:1 overprice:1 would:1 willing:1 sell:1
|
TALKING POINT/COPPER STOCKS
Copper shares, which have lagged
behind the market, should pick up steam this year on stronger
demand and improving prices for the metal, analysts said.
'Copper prices should move up over the next four to six
quarters,' said Daniel Roling of Merrill Lynch and Co <MER>. 'I
see average copper prices at 70 cts a pound in 1988, up from
around 63 or 64 cts, based on tight supply and continued world
economic growth.'
Other analysts see metal prices ranging from 65 to 68 cts a
pound this year and 70 to 73 cts in 1988.
Analysts said Phelps Dodge Corp <PD> will be a strong
performer because it is the largest U.S. copper producer.
But Asarco Inc <AR>, with about 45 pct of total sales from
copper, and Newmont Mining Corp <NEM> are also potential
winners, they said. Newmont is spinning off 85 pct of its
copper operations to its shareholders.
'In theory, Phelps is the best stock. It's the purest play
and benefits most from higher copper prices,' one said.
William Siedenburg of Smith Barney Harris Upham and Co,
said Phelps has lowered costs and streamlined mining
operations. 'They've accomplished a great deal,' he said.
The company's move into carbon black, a product used in
tires, should provide steady earnings, although not rapid
growth, as a hedge against a copper downturn, Siedenburg said.
He estimates Phelps will earn 2.45 dlrs in 1987 and 4.45 dlrs
in 1988, including tax benefits, versus 1.79 dlrs in 1986.
Other analysts, including Clarence Morrison of Dean Witter
Reynolds Inc and Merrill's Roling, also recommend Phelps.
Morrison projects Phelps will earn 3.25 dlrs in 1987 and
four dlrs in 1988, while Roling sees earnings at 2.75 dlrs this
year and around 3.50 dlrs next year.
'The stock can go to the mid 30s,' Roling said, from its
current level of around 30. But others see it climbing to 40.
'Their (Phelps Dodge) costs are so low, they don't need
copper prices higher than 70 cts to make a lot of money,' said
Vahid Fathi of Prescott Ball and Turben Inc. 'The shares will
outperform the market over the next 18 months,' he said.
But Nick Toufexis of Prudential-Bache Securities Inc says
Newmont Mining is a more attractive investment. 'We'd rather
place our bets with Newmont. Any way you slice it, I see a
significant premium to the current stock price,' he said.
After the spinoff, which closes next month, Newmont will
have gold operations, including 95 pct of Newmont Gold Co
<NGC>, a 15 pct stake in its copper unit and energy operations,
Toufexis noted.
Analysts see Newmont earning 2.85 dlrs to three dlrs in
1987 and about 3.75 dlrs in 1988, versus earnings of about 1.40
dlrs from operations in 1986.
'I'd be buying up to 90,' Toufexis said last week, when the
stock rose sharply to near that level. 'But the shares are
probably worth about 108 dlrs (each).'
Dean Witter's Morrison and Fathi of Prescott Ball like
Asarco, because of cost cutting and restructuring. Morrison
sees 1987 earnings at 1.25 dlrs and 1988 at 1.75 against losses
in 1986. Fathi projects Asarco will earn one dlr in 1987 and
from three dlrs to 3.25 dlrs in 1988.
Roling of Merrill Lynch is recommending Cyprus Minerals Co
<CYPM> in addition to Phelps Dodge. Cyprus has interests in
coal and other minerals aside from copper.
But Siedenburg of Smith Barney thinks Cyprus is overpriced
at current levels. 'I would be willing to sell Cyprus and buy
Phelps Dodge if I were picking one copper stock,' he said.
|
training/5889
|
training/5889 |@title kohlberg:1 kravis:1 96:1 pct:1 owens:1 illinois:1 oi:1 oii:1 |@word holdings:1 corp:1 company:2 form:1 kohlberg:1 kravis:1 roberts:1 co:1 say:3 receive:2 purchase:1 58:1 3:1 mln:1 share:5 96:1 pct:2 owens:3 illinois:2 inc:1 common:3 stock:2 50:2 275:1 4:1 75:1 dlr:1 cumulative:1 convertible:1 preference:3 83:1 tender:2 offer:2 expire:1 last:1 night:1 merge:1 subsidiary:1 oii:1 holding:1 march:1 24:1 buy:1 convert:1 right:1 60:1 dlrs:1 per:1 cash:1 price:1 call:1
|
KOHLBERG KRAVIS HAS 96 PCT OWENS-ILLINOIS <OI>
OII Holdings Corp, a company formed by
Kohlberg Kravis Roberts and Co, said it received and purchased
about 58.3 mln shares or 96 pct of Owens-Illinois Inc common
stock and 50,275 of 4.75 dlr cumulative convertible preference
shares of Owens, or about 83 pct.
The company said its tender offer for all common and
preference shares expired last night. It said Owens-Illinois
will be merged into a subsidiary of OII Holdings on March 24.
Common shares not bought in the offer will be converted into
the right to receive 60.50 dlrs per share in cash, the tender
price. The preference stock has been called.
|
training/5894
|
training/5894 |@title macgregor:1 sporting:1 goods:1 inc:1 mgs:1 2nd:1 qtr:1 jan:1 31:1 |@word shr:2 one:3 cent:3 vs:8 nine:1 ct:5 net:3 51:1 057:1 554:1 878:1 sale:2 24:1 5:1 mln:4 21:1 3:1 first:1 half:2 15:1 five:1 1:1 026:1 479:1 313:1 676:1 48:1 4:2 37:1 note:1 include:1 gain:1 28:1 000:4 dlrs:4 share:4 61:2 seven:2 quarter:1 453:1 tax:1 loss:1 carryforward:1
|
MACGREGOR SPORTING GOODS INC <MGS>2ND QTR JAN 31
Shr one cent vs nine cts
Net 51,057 vs 554,878
Sales 24.5 mln vs 21.3 mln
First half
Shr 15 cts vs five cts
Net 1,026,479 vs 313,676
Sales 48.4 mln vs 37.4 mln
NOTE: Net includes gains of 28,000 dlrs, or one cent a
share, vs 61,000 dlrs, or seven cts a share, in quarter and
453,000 dlrs, or seven cts a share, vs 61,000 dlrs, or one cent
a share, in half from tax loss carryforward
|
training/5895
|
training/5895 |@title ec:1 warn:1 u:1 japan:1 trade:1 tension:1 |@word european:1 community:2 ec:10 yesterday:1 warn:1 japan:7 united:1 states:1 main:1 trading:1 partner:1 friction:1 trade:9 issue:2 affect:1 relation:3 country:2 foreign:1 minister:6 statement:4 deplore:2 continued:1 imbalance:2 appeal:1 make:1 great:1 effort:1 open:2 market:2 also:2 say:10 disturb:2 draft:1 bill:2 u:6 congress:1 would:4 impose:1 permanent:1 quota:1 textile:1 import:2 prepared:1 react:2 administration:1 already:1 distance:1 external:1 commissioner:1 willy:1 de:2 clercq:2 write:1 counterpart:1 representative:1 clayton:1 yeutter:1 outline:1 concern:2 move:2 towards:1 protectionism:1 adoption:1 measure:1 fail:1 negative:1 effect:1 process:1 multilateral:1 negotiation:1 start:1 well:1 bilateral:1 unilateral:1 leave:1 option:1 accord:1 law:1 general:1 agreement:1 tariffs:1 separate:1 continue:2 aggravation:1 expect:1 insist:1 boost:1 stimulate:1 domestic:1 demand:1 call:3 commission:1 prepare:1 report:2 japanese:2 july:1 year:1 enable:1 take:1 appropriate:1 action:1 necessary:1 one:1 diplomat:3 show:1 determine:1 let:1 question:1 drop:1 back:1 table:1 talk:1 journalist:1 meeting:1 certain:1 nervousness:1 grow:1 impatience:1 within:1 keen:1 negotiate:1 tokyo:1 solve:1 problem:1 rather:1 embark:1 costly:1 damaging:1 war:1 cooperation:1 industry:1 research:1
|
EC WARNS U.S. AND JAPAN ON TRADE TENSIONS
The European Community (EC) yesterday
warned Japan and the United States, its main trading partners,
that friction over trade issues is affecting the EC's relations
with both countries.
EC foreign ministers issued a statement deploring Japan's
continued trade imbalance and appealed for the country to make
a greater effort to open up its markets. They also said they
were disturbed by a draft bill before the U.S. Congress that
would impose permanent quotas on textile imports and were
prepared to react. The U.S. Administration has already
distanced itself from the bill.
EC External Trade Commissioner Willy De Clercq has written
to his U.S. Counterpart, Trade Representative Clayton Yeutter,
outlining the EC's concerns.
The statement said ministers were very disturbed by U.S.
Moves towards protectionism. 'The adoption of such measures
would not fail to have a negative effect on the process of
multilateral negotiations just started, as well as on bilateral
relations,' it said.
Any unilateral U.S. Moves would leave the EC no option but
to react according to the laws of the General Agreement on
Tariffs and Trade, it said.
In a separate statement on Japan, the EC ministers said
they 'deplore the continued aggravation of the imbalance in
trade (and) expect Japan to open up its market more.'
The statement said the EC would continue to insist that
Japan boost imports and stimulate domestic demand.
Ministers also called on the EC Commission to prepare a
report on U.S.-Japanese trade for July this year to enable them
to take appropriate action where necessary.
One diplomat said the call for a report showed ministers
were determined not to let the Japanese question drop. 'It will
be back on the table again and again,' the diplomat said.
De Clercq, talking to journalists during the meeting, said,
'There is a certain nervousness, a growing impatience within the
Community concerning trade relations with Japan.'
But diplomats said the EC is keen to negotiate with Tokyo
to solve the problem rather than embark on a costly and
damaging trade war, and the ministers called for more
cooperation with Japan in industry and research.
|
training/5896
|
training/5896 |@title renew:1 bull:1 spread:1 likely:1 cattle:1 report:1 |@word livestock:2 analyst:7 expect:4 renew:1 bull:1 spread:1 live:2 cattle:7 future:3 follow:1 yesterday:1 usda:2 7:1 state:1 feed:3 report:5 high:2 placement:4 february:2 may:4 weigh:1 back:1 month:4 meanwhile:1 continue:1 strong:3 marketing:9 support:3 april:2 contract:2 june:2 delivery:1 forward:1 could:1 open:2 25:1 50:1 cent:1 low:1 likely:1 steady:1 say:8 cheap:1 corn:1 still:1 main:1 incentive:1 put:1 accord:1 smith:1 barney:1 tom:1 hare:1 place:1 send:1 grain:1 daily:1 fundamental:1 add:3 nearby:2 current:2 discount:1 deferred:1 cash:2 market:3 offset:1 much:1 effect:1 overshadow:1 robin:1 fuller:1 agri:1 analysis:1 even:1 though:1 come:1 average:1 trade:1 guess:1 many:1 trader:1 negative:1 especially:1 since:2 technical:1 correction:1 august:1 last:1 week:1 gh:1 miller:1 jerry:1 gidel:2 posture:1 provide:1 feedlot:3 run:2 heavy:1 pace:2 chuck:1 levitt:3 shearson:1 lehman:1 number:1 five:1 pct:5 beginning:1 year:3 three:1 decline:2 january:1 show:1 101:1 ago:2 100:2 note:2 far:1 see:1 operator:1 intend:1 first:1 quarter:1 bullish:1 development:1 also:1 early:1 part:1 march:1 ahead:1 fall:1 behind:1 hold:1
|
RENEWED BULL SPREADING LIKELY ON CATTLE REPORT
Livestock analysts expect renewed bull
spreading in live cattle futures following yesterday's USDA
7-state cattle on feed report.
The USDA reported high placements in February, which may
weigh on back months of cattle futures. Meanwhile, continued
strong marketings during the month will support the April
contract.
Contracts for June delivery forward could open 25 to 50
cents lower while April will likely open about steady, analysts
said.
Cheap corn is still the main incentive for putting cattle
on feed, according to Smith Barney livestock analyst Tom
O'Hare. 'They have no place to send the grain,' he said.
Strong daily fundamentals may add to nearby support while
the current discount of deferred months to the cash market may
offset much of the effect of the report, analysts said.
'The cash market is strong and may overshadow the report,'
said Robin Fuller, analyst for Agri Analysis. She added that
even though placements came in above the average trade guess,
many traders had expected high placements.
Placements are not that negative, especially since the
technical correction in June and August live cattle futures
since last week, GH Miller analyst Jerry Gidel said.
He said the current marketing posture will provide added
support to the nearby month. Feedlot marketings have been
running at a heavier than expected pace.
Chuck Levitt, analyst for Shearson Lehman said that with
the number of cattle on feed down five pct at the beginning of
the year, a three pct decline in marketings was expected. But
the report for January showed marketings at 101 pct of a year
ago and in February marketings were at 100 pct, Levitt noted.
'So far we haven't seen any decline in marketings. They
(feedlot operators) are marketing more cattle than they had
intended for the first quarter, which is a bullish
development,' Levitt said.
Gidel also noted that marketings for the early part of
March are running ahead of a year ago. Feedlots are not falling
behind and are holding that 100 pct marketing pace.
|
training/5898
|
training/5898 |@title microbilt:1 corp:1 bilt:1 4th:1 qtr:1 jan:1 31:1 net:1 |@word shr:2 15:2 ct:4 vs:8 14:1 net:2 614:1 000:10 449:1 revs:2 4:3 186:1 124:1 avg:2 shrs:2 131:1 3:3 321:1 year:1 47:1 42:1 1:2 768:1 394:1 0:1 mln:2 12:1 5:1 799:1 324:1
|
MICROBILT CORP <BILT> 4TH QTR JAN 31 NET
Shr 15 cts vs 14 cts
Net 614,000 vs 449,000
Revs 4,186,000 vs 4,124,000
Avg shrs 4,131,000 vs 3,321,000
Year
Shr 47 cts vs 42 cts
Net 1,768,000 vs 1,394,000
Revs 15.0 mln vs 12.5 mln
Avg shrs 3,799,000 vs 3,324,000
|
training/5899
|
training/5899 |@title shamrock:1 holdings:1 unit:1 aquire:1 software:1 company:1 |@word shamrock:5 holdings:1 inc:2 say:4 subsidiary:1 holding:2 california:1 acquire:1 control:2 interest:1 dbms:3 purchase:2 575:1 000:1 share:3 preferred:2 stock:4 company:3 undisclosed:1 amount:1 unnamed:1 group:1 investor:1 raymond:1 nawara:3 former:1 executive:1 vice:1 president:2 privately:1 hold:1 software:1 also:2 grant:1 option:1 vote:2 right:1 major:1 portion:1 common:2 combination:1 permit:1 exercise:1 approximately:1 53:1 pct:1 elect:1 one:1 director:1
|
SHAMROCK HOLDINGS UNIT AQUIRES SOFTWARE COMPANY
<Shamrock Holdings Inc> said
its subsidiary, Shamrock Holdings of California, acquired
controlling interest in <DBMS Inc> through the purchase of
575,000 shares of its preferred stock.
The company said the stock was purchased for an undisclosed
amount from an unnamed group of investors.
Shamrock said Raymond Nawara, a former executive vice
president of DBMS, a privately-held software company, also
granted it options and voting rights on a major portion of his
shares of common stock.
The combination of preferred and common stock holdings
permit Shamrock and Nawara to exercise voting control over
approximately 53 pct of the shares of the company.
Shamrock also said Nawara has been elected president of
DBMS and one of its directors.
|
training/59
|
training/59 |@title gulf:1 barge:1 freight:1 rate:1 call:1 |@word gulf:2 barge:3 freight:1 rate:1 firm:1 outlook:1 steady:1 vessel:1 loading:1 increase:1 demand:1 supply:1 ship:1 dealer:1 say:1 trade:2 today:1 st:2 louis:2 merchants:1 exchange:1 call:1 session:1 versus:1 29:1 yesterday:2 quote:2 include:1 delivery:1 week:4 illinois:4 river:9 joliet:1 135:3 pct:10 tariff:1 bid:10 140:3 offer:10 next:3 ex:3 chicago:4 2:12 1:10 percentage:1 point:4 mississippi:3 120:2 127:1 five:1 ohio:2 owensboro:1 south:2 125:3 132:3 7:1 station:1 comparison:4 march:3 level:1 low:2 memphis:2 cairo:2 112:1 may:1 100:1 107:1 sept:2 nov:1 137:1 145:1 dec:1 section:1
|
GULF BARGE FREIGHT RATES UP FURTHER ON CALL
Gulf barge freight rates firmed again on
the outlook for steady vessel loadings at the Gulf, increasing
the demand for barges to supply those ships, dealers said.
No barges traded today on the St Louis Merchants' Exchange
call session, versus 29 yesterday.
Quotes included -
- Delivery this week on the Illinois River (Joliet) 135 pct of
tariff bid/140 offered, with next week same river (ex Chicago)
quoted the same - both up 2-1/2 percentage points.
- Next week Mississippi River (St Louis) 120 pct bid/127-1/2
offered - up five points.
- Next week Ohio River (Owensboro/south) 125 pct bid/132-1/2
offered - up 7-1/2 points.
- On station Illinois River (south Chicago) 135 pct bid/140
offered - no comparison.
- March Illinois (ex Chicago) 132-1/2 pct bid/140 offered - up
2-1/2 points.
- March Ohio River bid at yesterday's traded level of 125 pct,
offered at 132-1/2.
- March lower Mississippi River (Memphis/Cairo) 112-1/2 pct
bid/120 offered - no comparison.
- May Illinois River (ex Chicago) 100 pct bid/107-1/2 offered
- no comparison.
- Sept/Nov Lower Mississippi River (Memphis/Cairo) 137-1/2 pct
bid/145 offered, with Sept/Dec same section 125 pct bid/135
offered - no comparison.
|
training/5900
|
training/5900 |@title credit:1 agricole:1 replace:1 bnp:1 hachette:1 tv:1 bid:1 |@word french:1 state:2 agricultural:1 bank:2 caisse:1 nationale:2 du:1 credit:2 agricole:2 join:1 group:1 lead:1 publish:1 house:1 hachette:3 bid:1 control:1 television:1 station:1 tf1:2 replace:1 banque:1 de:1 paris:1 withdraw:1 say:1 statement:1 stake:1 consortium:2 3:1 5:1 pct:1 last:1 week:1 broadcasting:1 supervisory:1 board:1 ask:1 remove:1 bnp:1 act:1 adviser:1 government:1 imminent:1 privatisation:1
|
CREDIT AGRICOLE REPLACES BNP IN HACHETTE TV BID
French state agricultural bank <Caisse
Nationale du Credit Agricole> has joined the group led by
publishing house <Hachette> which is bidding for control of the
state television station TF1, replacing <Banque Nationale de
Paris> which has withdrawn, Hachette said in a statement.
Credit Agricole's stake in the consortium will be 3.5 pct.
Last week the broadcasting supervisory board asked Hachette
to remove BNP from the consortium because the bank had acted as
adviser to the government for the imminent privatisation of
TF1.
|
training/5901
|
training/5901 |@title payless:1 cashway:1 inc:1 pci:1 1st:1 qtr:1 feb:1 28:1 net:1 |@word shr:1 10:1 ct:4 vs:4 seven:1 net:1 3:1 501:1 000:2 2:1 420:1 sale:1 332:1 7:1 mln:2 274:1 9:1 qtly:1 div:1 four:2 prior:1 pay:1 april:1 six:2 record:1 march:1
|
PAYLESS CASHWAYS INC <PCI> 1ST QTR FEB 28 NET
Shr 10 cts vs seven cts
Net 3,501,000 vs 2,420,000
Sales 332.7 mln vs 274.9 mln
Qtly div four cts vs four cts prior
Pay April Six
Record March Six
|
training/5902
|
training/5902 |@title france:1 approve:1 waterman:1 acquisition:1 gillette:1 |@word gillette:5 co:1 gs:1 exercise:1 option:1 take:1 51:2 2:2 pct:2 stake:1 french:3 pen:1 firm:1 waterman:4 previously:1 authorise:1 government:1 stockbrokers:1 association:1 csac:1 say:1 give:1 undertaking:1 intervene:1 bourse:1 april:1 7:1 prevent:1 share:3 fall:1 650:1 franc:4 add:1 compare:1 yesterday:1 rate:1 625:1 agreement:1 conclude:1 last:1 november:1 owner:1 francine:1 grace:1 le:1 foyer:1 gomez:1 alice:1 lundgren:1 group:1 agree:1 acquire:1 capital:1 700:1 buy:1 total:1 180:1 000:1 value:1 deal:1 126:1 mln:1
|
FRANCE APPROVES WATERMAN ACQUISITION BY GILLETTE
Gillette Co <GS> exercised an option to
take a 51.2 pct stake in the French pen firm Waterman which it
had previously been authorised to do by the French government,
the French stockbrokers' association (CSAC) said.
Gillette has given an undertaking to intervene on the
Bourse until April 7 to prevent Waterman shares from falling
below 650 francs, it added.
This compares with yesterday's rate of 625 francs.
Under the agreement concluded last November between
Waterman owners Francine and Grace Le Foyer-Gomez and Alice
Lundgren and the Gillette group, Gillette agreed to acquire
51.2 pct of the capital of Waterman at 700 francs a share.
Gillette is buying a total 180,000 shares, valuing the deal
at 126 mln francs.
|
training/5905
|
training/5905 |@title u:1 k:1 money:1 market:1 shortage:1 forecast:1 revise:1 |@word bank:1 england:1 say:1 revise:1 forecast:1 shortage:1 money:1 market:1 today:1 400:1 mln:2 stg:2 450:1
|
U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN
The Bank of England said it had revised
its forecast of the shortage in the money market today down to
400 mln stg from 450 mln stg.
|
training/5906
|
training/5906 |@title noel:1 industries:1 inc:1 nol:1 1st:1 qtr:1 jan:1 31:1 loss:1 |@word shr:1 loss:4 26:1 ct:2 vs:3 12:1 net:1 289:1 649:1 138:1 372:1 rev:1 5:2 944:1 286:1 902:1 074:1
|
NOEL INDUSTRIES INC <NOL> 1ST QTR JAN 31 LOSS
Shr loss 26 cts vs loss 12 cts
Net loss 289,649 vs loss 138,372
Revs 5,944,286 vs 5,902,074
|
training/5908
|
training/5908 |@title japan:1 alerts:1 gatt:1 south:1 korea:1 import:1 plan:1 |@word japan:4 tell:1 general:1 agreement:1 tariffs:1 trade:3 south:3 korea:3 five:2 year:3 import:3 diversification:1 plan:3 violate:1 spirit:1 world:1 govern:1 body:1 foreign:1 ministry:1 spokesman:3 say:3 notification:2 come:2 answer:1 recent:1 gatt:2 questionnaire:1 unfair:1 practice:1 start:1 aim:1 reduce:1 dependency:1 source:1 good:1 increase:1 u:1 europe:1 move:1 several:1 unsuccessful:1 bilateral:1 negotiation:1 represent:1 anything:1 resemble:1 formal:1 complaint:1 intend:1 pressure:1 routine:1 procedure:1 follow:1 member:1 state:1
|
JAPAN ALERTS GATT TO SOUTH KOREA IMPORT PLAN
Japan told the General Agreement on
Tariffs and Trade that South Korea's five-year import
diversification plan violated the spirit of the world trade
governing body, a Foreign Ministry spokesman said.
The notification came in Japan's answer to a recent GATT
questionnaire on unfair trade practices, the spokesman said.
In the five-year plan, which starts this year, South Korea
aims to reduce its dependency on Japan as a source of imported
goods and to increase imports from the U.S. And Europe.
Japan's move came after several unsuccessful bilateral
negotiations on the plan, the spokesman said. 'The notification
does not represent anything resembling a formal complaint, nor
is it intended to pressure South Korea. It is a routine
procedure followed by all other GATT member states.'
|
training/5909
|
training/5909 |@title u:1 k:1 money:1 market:1 receive:1 16:1 mln:1 stg:1 assistance:1 |@word bank:4 england:1 say:1 provide:1 money:1 market:2 16:1 mln:5 stg:4 help:1 afternoon:1 session:1 operate:1 morning:1 earlier:1 revise:1 estimate:1 shortage:1 system:1 today:1 400:1 450:1 central:1 purchase:1 bill:3 outright:1 band:1 one:1 10:1 3:1 8:1 pct:1 comprise:1 two:1 local:1 authority:1 14:1
|
U.K. MONEY MARKET RECEIVES 16 MLN STG ASSISTANCE
The Bank of England said it had provided
the money market with 16 mln stg help in the afternoon session.
The Bank did not operate in the market in the morning and
earlier revised its estimate of the shortage in the system
today down to 400 mln stg from 450 mln.
The central bank purchased bills outright in band one at
10-3/8 pct comprising two mln stg of local authority bills and
14 mln stg of bank bills.
|
training/5910
|
training/5910 |@title atico:1 financial:1 atfc:1 make:1 acquisition:1 |@word atico:4 financial:1 corp:1 say:3 execute:1 definitive:1 agreement:1 acquire:1 93:1 5:1 pct:1 intercontinental:3 bank:5 dade:1 county:1 fla:1 holding:1 co:1 undisclosed:1 amount:1 cash:1 common:1 stock:1 closing:1 subject:1 regulatory:1 approval:1 connection:1 acquisition:1 apply:1 become:1 registered:1 hold:1 company:1 convert:1 99:1 npct:1 savings:1 subsidiary:1 state:1 charter:1 commercial:1 year:2 end:2 asset:2 487:1 mln:2 dlrs:2 534:1
|
ATICO FINANCIAL <ATFC> TO MAKE ACQUISITION
Atico Financial Corp said it has executed
a definitive agreement to acquire 93.5 pct of Intercontinental
Bank of Dade County, Fla., from Intercontinental Bank Holding
Co for an undisclosed amount of cash and common stock.
It said closing is subject to regulatory approval.
Atico said in connection with the acquisition it will apply
to become a registered bank holding company and convert its 99
npct owned Atico Savings Bank subsidiary to a state-chartered
commercial bank.
Intercontinental had year-end assets of about 487 mln dlrs.
Atico had year-end assets of about 534 mln dlrs.
|
training/5911
|
training/5911 |@title clothestime:1 inc:1 ctme:1 4th:1 qtr:1 net:1 |@word shr:2 12:2 ct:4 vs:6 10:2 net:2 1:2 683:1 000:2 407:1 rev:1 42:1 2:1 mln:6 28:1 8:1 mth:1 83:1 70:1 11:1 9:1 0:1 revs:1 160:1 3:1 126:1 5:1 note:1 prior:1 qtr:1 yr:1 end:1 jan:1 26:1
|
CLOTHESTIME INC <CTME> 4TH QTR NET
Shr 12 cts vs 10 cts
Net 1,683,000 vs 1,407,000
Revs 42.2 mln vs 28.8 mln
12 mths
Shr 83 cts vs 70 cts
Net 11.9 mln vs 10.0 mln
Revs 160.3 mln vs 126.5 mln
NOTE: prior qtr and yr ended Jan 26.
|
training/5912
|
training/5912 |@title charter:1 crellin:1 inc:1 crtr:1 year:1 net:1 |@word shr:1 1:5 40:1 dlrs:2 vs:4 38:1 net:1 928:1 800:2 485:1 600:1 sale:1 35:1 2:1 mln:3 33:1 5:1 avg:1 shrs:1 350:1 one:1
|
CHARTER-CRELLIN INC <CRTR> YEAR NET
Shr 1.40 dlrs vs 1.38 dlrs
Net 1,928,800 vs 1,485,600
Sales 35.2 mln vs 33.5 mln
Avg shrs 1,350,800 vs one mln
|
training/5913
|
training/5913 |@title sensormatic:1 canada:1 ltd:1 year:1 net:1 |@word shr:1 26:1 ct:2 vs:3 18:1 net:1 879:1 000:4 615:1 revs:1 6:1 394:1 5:1 561:1
|
<SENSORMATIC CANADA LTD> YEAR NET
Shr 26 cts vs 18 cts
Net 879,000 vs 615,000
Revs 6,394,000 vs 5,561,000
|
training/5914
|
training/5914 |@title dime:1 savings:1 bank:1 wallingford:1 dibk:1 payout:1 |@word qtly:1 div:1 10:2 ct:2 vs:1 prior:1 pay:1 april:2 30:1 record:1 three:1
|
DIME SAVINGS BANK OF WALLINGFORD <DIBK> PAYOUT
Qtly div 10 cts vs 10 cts prior
Pay April 30
Record April Three
|
training/5915
|
training/5915 |@title baker:2 international:2 sell:2 electric:2 submersible:2 oilwell:2 pump:2 unit:2 |@word
|
BAKER INTERNATIONAL TO SELL ELECTRIC SUBMERSIBLE OILWELL PUMP UNIT
BAKER INTERNATIONAL TO SELL ELECTRIC SUBMERSIBLE OILWELL PUMP UNIT
|
training/5919
|
training/5919 |@title baker:1 bko:1 sell:1 oilwell:1 pump:1 unit:1 |@word baker:6 international:1 corp:1 say:3 sign:1 definitive:1 agreement:1 sell:1 asset:1 business:1 electric:1 submersible:1 oilwell:1 pump:1 product:2 line:2 continental:1 u:2 oil:1 tools:1 inc:2 subsidiary:1 trico:2 industries:1 tro:1 undisclosed:1 amount:1 cash:1 consideration:1 company:1 transaction:2 subject:2 hughes:2 tool:1 co:1 ht:1 shareholder:1 approval:3 hughe:1 merger:2 justice:2 department:2 announce:1 require:1 divestiture:1 board:1
|
BAKER <BKO> TO SELL OILWELL PUMP UNIT
Baker International Corp said it has
signed a definitive agreement to sell the assets and business
of the electric submersible oilwell pump product line in the
continental U.S. of its Baker Oil Tools Inc subsidiary to Trico
Industries Inc <TRO> for an undisclosed amount of cash and
other consideration.
The company said the transaction is subject to Hughes Tool
Co <HT> and Baker shareholder approval of the Baker/Hughes
merger. The U.S. Justice Department has announced that it will
require divestiture of the product line for approval of the
merger.
Baker said the transaction is subject to approval by the
Justice Department and the boards of Baker, Hughes and Trico.
|
training/5922
|
training/5922 |@title canadian:1 foremost:1 ltd:1 year:1 net:1 |@word shr:1 38:1 ct:2 vs:3 92:1 net:1 1:1 042:1 000:2 2:1 510:1 revs:1 20:1 6:2 mln:2 29:1
|
<CANADIAN FOREMOST LTD> YEAR NET
Shr 38 cts vs 92 cts
Net 1,042,000 vs 2,510,000
Revs 20.6 mln vs 29.6 mln
|
training/5925
|
training/5925 |@title immunogenetics:1 inc:1 igen:1 year:1 net:1 |@word oper:2 shr:1 profit:2 eight:2 ct:2 vs:4 loss:3 net:4 604:1 996:1 615:1 345:1 sale:1 18:1 4:1 mln:2 17:1 8:1 note:1 exclude:2 discontinue:1 operation:1 156:1 098:1 dlrs:4 732:1 924:1 1986:1 tax:1 credit:1 271:1 538:1 1985:1 include:1 gain:1 480:1 0009:1 reversl:1 recapture:1 taxis:1
|
IMMUNOGENETICS INC <IGEN> YEAR NET
Oper shr profit eight cts vs loss eight cts
Oper net profit 604,996 vs loss 615,345
Sales 18.4 mln vs 17.8 mln
NOTE: Net excludes losses from discontinued operations of
156,098 dlrs vs 732,924 dlrs.
1986 net excludes tax credits of 271,538 dlrs.
1985 net includes gain 480,0009 dlrs from reversl of
recapture taxes.
|
training/5926
|
training/5926 |@title scurry:1 rainbow:1 oil:1 ltd:1 1st:1 qtr:1 dec:1 31:1 net:1 |@word shr:1 31:1 ct:2 vs:3 53:1 net:1 4:1 2:2 mln:4 7:1 1:2 revs:1 16:1 27:1
|
<SCURRY-RAINBOW OIL LTD> 1ST QTR DEC 31 NET
Shr 31 cts vs 53 cts
Net 4.2 mln vs 7.1 mln
Revs 16.1 mln vs 27.2 mln
|
training/5930
|
training/5930 |@title mcrae:1 industries:1 inc:1 mri:1 b:1 2nd:1 qtr:1 jan:1 31:1 net:1 |@word shr:2 19:1 ct:4 vs:6 three:1 net:2 515:1 000:7 87:1 revs:2 6:1 830:1 4:1 107:1 six:1 mth:1 36:1 12:1 955:1 327:1 14:1 2:1 mln:1 9:1 755:1
|
MCRAE INDUSTRIES INC <MRI.B> 2ND QTR JAN 31 NET
Shr 19 cts vs three cts
Net 515,000 vs 87,000
Revs 6,830,000 vs 4,107,000
Six mths
Shr 36 cts vs 12 cts
Net 955,000 vs 327,000
Revs 14.2 mln vs 9,755,000
|
training/5931
|
training/5931 |@title frontier:1 texas:1 corp:1 2nd:1 qtr:1 nov:1 30:1 net:1 |@word oper:4 shr:2 profit:4 one:1 ct:3 vs:8 loss:4 four:1 net:3 104:1 386:1 196:1 265:1 rev:1 8:1 174:1 652:1 2:1 309:1 979:1 avg:2 shrs:2 6:1 285:1 714:1 5:4 500:2 000:2 1st:1 half:1 nil:1 eight:1 26:1 541:1 419:1 758:1 revs:1 12:1 0:1 mln:1 088:1 134:1 836:1 735:1 note:1 current:1 year:1 period:1 exclude:1 tax:1 credit:1 107:1 370:1 dlrs:1
|
<FRONTIER TEXAS CORP> 2ND QTR NOV 30 NET
Oper shr profit one ct vs loss four cts
Oper net profit 104,386 vs loss 196,265
Revs 8,174,652 vs 2,309,979
Avg shrs 6,285,714 vs 5,500,000
1st half
Oper shr profit nil vs loss eight cts
Oper net profit 26,541 vs loss 419,758
Revs 12.0 mln vs 5,088,134
Avg shrs 5,836,735 vs 5,500,000
NOTE: Current year net both periods excludes tax credit of
107,370 dlrs.
|
training/5932
|
training/5932 |@title viceroy:1 resource:1 corp:1 details:1 gold:1 assay:1 |@word viceroy:1 resource:1 corp:1 say:1 recent:1 drilling:1 lesley:1 ann:1 deposit:1 extend:1 high:1 grade:1 mineralization:1 width:1 600:1 foot:5 assay:1 range:1 0:1 35:1 ounce:2 gold:2 per:2 ton:2 150:1 interval:2 depth:2 350:1 500:1 1:2 65:1 200:1 410:1
|
<VICEROY RESOURCE CORP> DETAILS GOLD ASSAYS
Viceroy Resource
Corp said recent drilling on the Lesley Ann deposit extended
the high-grade mineralization over a width of 600 feet.
Assays ranged from 0.35 ounces of gold per ton over a
150-foot interval at a depth of 350 to 500 feet to 1.1 ounces
of gold per ton over a 65-foot interval at a depth of 200 to
410 feet.
|
training/5933
|
training/5933 |@title taiwan:1 tender:1 450:1 000:1 tonne:1 u:1 corn:1 |@word taiwan:1 schedule:1 tender:2 tonight:1 450:1 000:2 475:1 tonne:1 u:1 corn:1 export:1 source:1 say:2 call:1 11:1 cargo:1 delivery:1 april:1 october:1 early:1 shipment:1 fob:1 pacific:1 northwest:1
|
TAIWAN TO TENDER FOR 450,000 TONNES U.S. CORN
Taiwan is scheduled to tender tonight
for 450,000 to 475,000 tonnes U.S. corn, export sources said.
The tender calls for 11 cargoes for delivery from April
through October with early shipments FOB or Pacific Northwest,
they said.
|
training/5934
|
training/5934 |@title clabir:1 clg:1 unit:1 agre:1 buy:1 popsicle:1 canada:1 |@word clabir:3 corp:3 say:2 86:1 pct:1 affiliate:1 ambrit:1 inc:1 abi:1 agree:1 acquire:1 popsicle:2 industries:1 division:1 sara:2 lee:2 canada:3 ltd:1 37:1 mln:2 canadian:2 dlrs:2 cash:1 purchase:1 sle:1 subsidiary:1 worht:1 28:1 u:1 agreement:1 subject:1 regulatory:1 approval:1 19:1 licensee:1 large:1 maker:1 distributor:1 frozen:1 novelty:1 product:1 add:1
|
CLABIR <CLG> UNIT AGRES TO BUY POPSICLE CANADA
Clabir Corp said its 86 pct
owned affiliate, Ambrit Inc <ABI>, has agreed to acquire the
Popsicle Industries division of <Sara Lee Corp of Canada Ltd>
for about 37 mln Canadian dlrs in cash.
Clabir said the purchase from the Sara Lee Corp <SLE>
subsidiary is worht about 28 mln U.S. dlrs.
The agreement is subject to Canadian regulatory approval.
Popsicle Canada, through its 19 licensees, is the largest
maker and distributor of frozen novelty products in Canada,
Clabir added.
|
training/5935
|
training/5935 |@title st:1 jude:1 medical:1 stjm:1 vote:1 dividend:1 right:1 |@word st:4 jude:4 medical:2 inc:1 say:3 board:1 declare:1 special:1 dividend:1 one:2 right:3 outstanding:1 share:2 hold:1 company:3 common:2 stock:3 payable:1 holder:2 record:1 april:1 six:1 entitle:1 buy:1 tenth:1 prefer:1 exercise:2 price:1 100:1 dlrs:1 may:1 10:1 day:1 follow:1 acquisition:1 commencement:1 tender:1 offer:1 least:1 20:1 pct:1 add:1 reason:1 believe:1 takeover:1 target:1
|
ST. JUDE MEDICAL <STJM> VOTES DIVIDEND RIGHTS
St. Jude Medical Inc said its board
declared a special dividend of one right for each outstanding
share held of the company's common stock, payable to holders of
record April Six.
It said each right entitles the holder to buy one-tenth of
a share of preferred stock of St. Jude at an exercise price of
100 dlrs.
St. Jude said the rights may be exercised only after 10
days following the acquisition of, or commencement of a tender
offer for, at least 20 pct of the company's common stock.
The company added that it has no reason to believe St. Jude
Medical is a takeover target.
|
training/5937
|
training/5937 |@title adams:1 russell:1 electronics:1 aare:1 purchase:1 |@word adams:1 russell:1 electronics:1 co:1 inc:1 say:2 acquire:1 hermetronics:1 plc:1 maker:1 hermetic:1 integrated:1 circuit:1 package:1 600:1 000:2 dlrs:2 company:1 hermetronic:1 expect:1 sale:1 800:1 year:1 end:1 month:1
|
ADAMS-RUSSELL ELECTRONICS <AARE> IN PURCHASE
Adams-Russell Electronics Co Inc
said it has acquired Hermetronics PLC, a maker of hermetic
integrated circuit packages, for about 600,000 dlrs.
The company said HErmetronics is expected to have sales of
over 800,000 dlrs for the year ending this month.
|
training/5938
|
training/5938 |@title mesa:1 limited:1 partnership:1 mlp:1 set:1 payout:1 |@word qtly:1 div:1 50:2 ct:2 vs:1 prior:1 pay:1 may:1 15:1 record:1 april:1 seven:1 note:1 partnership:1 say:1 holder:1 common:1 preference:1 unit:1 1987:1 expect:1 net:1 taxable:1 income:1
|
MESA LIMITED PARTNERSHIP <MLP> SETS PAYOUT
Qtly div 50 cts vs 50 cts prior
Pay May 15
Record April Seven
NOTE: Partnership said holders of common and preference
units for all of 1987 are expected to have no net taxable
income.
|
training/5939
|
training/5939 |@title u:2 current:2 account:2 deficit:2 record:2 36:2 84:2 billion:2 dlrs:2 4th:2 qtr:2 1986:2 |@word
|
U.S. CURRENT ACCOUNT DEFICIT RECORD 36.84 BILLION DLRS IN 4TH QTR 1986
U.S. CURRENT ACCOUNT DEFICIT RECORD 36.84 BILLION DLRS IN 4TH QTR 1986
|
training/5941
|
training/5941 |@title u:1 current:1 account:1 deficit:1 36:1 84:1 billion:1 dlrs:1 |@word u:10 current:3 account:3 deficit:7 widen:1 record:4 36:2 84:1 billion:34 dlrs:33 balance:1 payment:1 basis:1 october:3 december:3 fourth:7 quarter:22 1986:6 revise:1 35:2 29:2 third:12 commerce:2 department:8 say:9 previously:1 28:1 full:3 year:5 broad:1 measure:1 trade:4 performance:1 140:1 57:1 117:1 68:1 dlr:3 1985:6 increase:5 merchandise:3 38:1 4:8 37:1 1:3 main:1 reason:1 worsen:1 net:5 service:3 receipt:2 decline:1 5:4 final:1 six:1 include:1 well:1 financial:1 transaction:1 rest:1 world:1 grow:3 147:1 7:6 124:1 22:1 3:4 compare:3 21:1 unilateral:1 transfer:1 last:1 cover:1 foreign:10 aid:1 government:2 pension:1 9:4 2:4 grant:1 mideast:1 country:1 liability:2 foreigner:3 report:2 bank:3 rise:5 30:1 77:1 40:1 inflow:1 boost:1 international:1 activity:1 japanese:1 strong:1 demand:1 within:1 united:3 states:3 finance:1 acquisition:2 sale:2 treasury:3 security:6 purchase:3 500:1 mln:3 11:1 8:1 17:1 exclude:1 70:1 surpass:1 previous:2 50:1 total:1 claim:1 19:1 300:1 sharp:1 selloff:1 stock:1 bond:1 outflow:1 direct:2 investment:2 abroad:1 fall:2 eight:1 14:1 6:1 step:1 official:2 asset:2 800:1 15:1 33:1 decrease:1 monetary:1 authority:1 intervene:1 heavily:1 exchange:1 market:1 late:1 dollar:1
|
U.S. CURRENT ACCOUNT DEFICIT 36.84 BILLION DLRS
The U.S. current account deficit
widened to a record 36.84 billion dlrs on a balance of payments
basis in the October-December fourth quarter of 1986 from a
revised 35.29 billion dlrs in the third quarter, the Commerce
Department said.
Previously, the department said the third-quarter deficit
was 36.28 billion dlrs.
For the full year 1986, the current account, a broad
measure of trade performance, was in deficit a record 140.57
billion dlrs after a 117.68 billion dlr deficit in 1985.
The department said an increase in the merchandise trade
deficit during the fourth quarter to 38.4 billion dlrs from
37.1 billion dlrs in the third quarter was the main reason for
the worsening deficit.
Net service receipts declined to 5.5 billion dlrs in the
final quarter from six billion dlrs in the third quarter.
The current account includes trade in merchandise and
services as well as U.S. financial transactions with the rest
of the world.
The department said the merchandise trade deficit for all
of 1986 grew to 147.7 billion from 124.4 billion dlrs in 1985.
Net service receipts were 22.3 billion dlrs in 1986,
compared with 21.7 billion dlrs in 1985, the department said.
Net unilateral transfers during the fourth quarter last
year, covering foreign aid and government pensions, were down
to 3.9 billion dlrs from 4.2 billion dlrs in the third quarter
because of fewer U.S. government grants to Mideast countries.
Liabilities to foreigners reported by U.S. banks rose 35.3
billion dlrs between October and December after increasing 30.1
billion dlrs in the third quarter.
For the full year, these liabilities grew 77.4 billion dlrs
after rising by 40.4 billion dlrs in 1985.
The department said inflows were boosted in the fourth
quarter by international activities of Japanese banks and
strong demand within the United States to finance acquisitions.
Net foreign sales of U.S. Treasury securities by foreigners
were 2.7 billion dlrs in the quarter after purchases of 500 mln
dlrs in the third quarter.
Net foreign purchases of securities other than U.S.
Treasury securities in the fourth quarter were 11.8 billion
dlrs, compared with 17.2 billion dlrs in the third quarter.
For all 1986, foreign purchases of securities excluding
U.S. Treasury securities were a record 70.7 billion dlrs,
surpassing the previous record 50.9 billion dlr total in 1985.
Claims on foreigners reported by U.S. banks in the fourth
quarter rose 29.9 billion dlrs after a 19.3 billion dlr
third-quarter increase.
U.S. sales of foreign securities rose to 2.7 billion dlrs
from 300 mln dlrs in the third quarter because of a sharp
selloff of foreign stocks and bonds, the department said.
Outflows for U.S. direct investment abroad fell to 5.7
billion dlrs from eight billion dlrs in the third quarter.
Foreign direct investment in the United States increased
14.4 billion dlrs in the fourth quarter, compared with 5.6
billion dlrs in the previous quarter, because of stepped-up
acquisitions, the department said.
Foreign official assets in the United States increased 800
mln dlrs between October and December after rising 15.4 billion
dlrs in the third quarter.
For the full year 1986, foreign official assets grew 33.4
billion dlrs after a 1985 decrease of 1.9 billion dlrs as
foreign monetary authorities intervened heavily in exchange
markets late in the year as the dollar fell, commerce said.
|
training/5945
|
training/5945 |@title u:1 k:1 money:1 market:1 give:1 120:1 mln:1 stg:1 late:1 help:1 |@word bank:2 england:1 say:1 provide:1 money:1 market:1 late:1 assistance:1 around:1 120:1 mln:3 stg:3 bring:1 total:1 help:1 today:1 136:1 compare:1 forecast:1 400:1 shortage:1 system:1
|
U.K. MONEY MARKET GIVEN 120 MLN STG LATE HELP
The Bank of England said it provided the
money market with late assistance of around 120 mln stg.
This brings the bank's total help today to some 136 mln stg
and compares with its forecast of a 400 mln stg shortage in the
system.
|
training/5946
|
training/5946 |@title memory:1 protection:1 mpdi:1 see:1 bogen:1 closing:1 |@word memory:2 protection:2 devices:1 inc:2 say:2 expect:1 close:1 previously:1 announce:1 acquisition:2 asset:1 liability:1 bogen:1 division:1 lear:1 siegler:1 april:1 one:1 device:1 receive:1 senior:1 loan:1 commitment:1 letter:1 well:1 requisite:1 waiver:1 new:1 jersey:1 environmental:1 control:1 reclamation:1 act:1 necessary:1 complete:1 decline:1 provide:1 detail:1
|
MEMORY PROTECTION <MPDI> SEES BOGEN CLOSING
Memory Protection Devices Inc said it
expects to close the previously announced acquisition of the
assets and liabilities of Bogen, a division of <Lear Siegler
Inc>, on April one.
Memory Protection Devices said it received a senior loan
commitment letter as well as the requisite waiver under the New
Jersey Environmental Control Reclamation Act, both of which are
necessary to complete the acquisition. It declined to provide
further details.
|
training/5947
|
training/5947 |@title canadian:1 foremost:1 continue:1 macedon:1 sale:1 talk:1 |@word canadian:1 foremost:3 ltd:2 earlier:2 report:1 low:2 1986:3 net:1 profit:1 say:4 negotiation:1 continue:2 concern:1 previously:1 announce:1 sale:2 company:2 49:1 pct:1 interest:1 macedon:1 resources:1 conclude:1 would:1 refelecte:1 1987:2 result:1 without:1 elaborate:1 also:1 revenue:1 last:1 half:1 expect:1 strong:1 cash:1 work:1 capital:1 position:1 enable:1 go:1 develop:1 traditional:1 new:1 market:1 earning:1 fall:1 1:1 042:1 000:2 dlrs:2 year:1 ago:1 2:1 510:1
|
CANADIAN FOREMOST CONTINUES MACEDON SALE TALKS
<Canadian Foremost Ltd>,
earlier reporting lower 1986 net profit, said negotiations are
continuing concerning the previously announced sale of the
company's 49 pct interest in <Macedon Resources Ltd>.
If concluded, the sale would be refelected in the company's
1987 results, Foremost said without elaborating.
It also said lower revenues from the last half of 1986 are
expected to continue during 1987, but a strong cash and working
capital position will enable Foremost to go on developing
traditional and new markets. It earlier said 1986 earnings fell
to 1,042,000 dlrs from year-ago 2,510,000 dlrs.
|
training/5949
|
training/5949 |@title texas:1 international:1 tei:1 complete:1 reserve:1 sale:1 |@word texas:1 international:1 co:1 say:2 complete:1 previously:1 announce:1 120:1 mln:2 dlr:1 sale:1 domestic:1 oil:1 natural:1 gas:1 reserve:1 total:1 compagnie:1 francaise:1 des:1 petrole:1 close:1 use:2 part:1 proceed:1 retire:1 100:1 dlrs:1 u:2 bank:1 senior:1 debt:1 rest:1 general:1 corporate:1 purpose:1
|
TEXAS INTERNATIONAL <TEI> COMPLETES RESERVE SALE
Texas International Co said it
has completed the previously-announced 120 mln dlr sale of its
domestic oil and natural gas reserves to <Total Compagnie
Francaise des Petroles>.
It said on closing it used part of the proceeds to retire
all 100 mln dlrs of its U.S. bank and U.S. senior debt and the
rest will be used for general corporate purposes.
|
training/5950
|
training/5950 |@title trans:1 world:1 music:1 corp:1 twmc:1 4th:1 qtr:1 jan:1 31:1 net:1 |@word shr:2 70:1 ct:3 vs:8 47:1 net:2 4:2 185:1 000:9 2:1 433:1 sale:2 52:1 9:1 mln:4 35:1 7:1 avg:2 shrs:2 6:2 5:3 200:2 year:1 1:1 20:1 dlrs:1 71:1 759:1 3:2 717:1 130:1 85:1 622:1
|
TRANS WORLD MUSIC CORP <TWMC> 4TH QTR JAN 31 NET
Shr 70 cts vs 47 cts
Net 4,185,000 vs 2,433,000
Sales 52.9 mln vs 35.7 mln
Avg shrs 6,000,000 vs 5,200,000
Year
Shr 1.20 dlrs vs 71 cts
Net 6,759,000 vs 3,717,000
Sales 130.4 mln vs 85.3 mln
Avg shrs 5,622,000 vs 5,200,000
|
training/5951
|
training/5951 |@title gruen:1 marketing:1 gmc:1 see:1 year:1 net:1 |@word gruen:1 marketing:1 corp:1 say:2 expect:1 report:1 earning:1 year:3 end:1 january:1 31:1 60:1 65:1 ct:2 per:1 share:3 7:1 309:1 000:2 average:1 78:1 6:1 545:1 sale:1 fall:1 10:1 pct:1 earlier:1 104:1 9:1 mln:1 dlrs:1
|
GRUEN MARKETING <GMC> SEES YEAR NET OFF
Gruen Marketing Corp said it
expects to report earnings for the year ended January 31 of 60
to 65 cts per share on about 7,309,000 average shares, down
from 78 cts on 6,545,000 shares a year before.
It said sales fell about 10 pct from the year-earlier 104.9
mln dlrs.
|
training/5954
|
training/5954 |@title dutch:1 official:1 warn:1 trade:1 conflict:1 |@word already:1 strain:1 relation:1 u:1 european:1 community:1 ec:4 likely:1 get:3 bad:1 well:2 director:1 general:1 dutch:1 economics:1 ministry:1 foreign:1 affairs:1 division:1 fran:1 engere:3 say:3 speak:1 american:2 chamber:1 commerce:1 lunch:1 hague:1 note:2 develop:1 history:1 crisis:2 steel:1 citrus:1 pasta:1 warn:1 come:1 consider:1 strident:1 tone:1 us:3 declaration:1 airbus:1 ill:1 advise:1 fat:1 oil:1 tax:1 proposal:1 dangerous:1 provocation:1 feel:1 shall:1 probably:2 deal:1 quite:1 foreseeable:1 future:1 congress:2 clearly:1 determined:1 balance:1 payment:1 shape:1 risk:1 brinkmanship:1 great:1 constraint:1 meet:1 outside:1 pressure:2 ask:1 whether:1 perhaps:1 inevitable:1 keep:1 push:1 brink:1 actual:1 trade:1 war:1 think:1 answer:1 yes:1 order:1 reduce:1 tension:1 decision:1 make:1 must:1 become:1 less:1 self:1 centre:1 administration:1 exercise:1 authority:1 convince:1 group:1 need:1 accommodation:1 add:1
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DUTCH OFFICIAL WARNS OF MORE TRADE CONFLICTS
Already strained relations between
the U.S. And the European Community (EC) are likely to get
worse before they get better, director general of the Dutch
Economics Ministry's foreign affairs division Frans Engering
said.
Speaking at an American Chamber of Commerce lunch in The
Hague, Engering noted the developing history of crises over
steel, citrus and pasta, and warned of more to come.
'I consider the strident tone of US declarations on Airbus
ill-advised, and the EC fats and oils tax proposal a dangerous
provocation,' he said. 'I feel that we shall probably have to
deal with quite a few more crises in the foreseeable future.'
Not only is the US Congress clearly very determined to get
the American balance of payments into better shape, but the
risks of brinkmanship are all the greater because the EC has
its own constraints in meeting outside pressure, Engering
noted.
'If we ask ourselves whether it is perhaps inevitable that
we keep pushing each other to the brink of actual trade war,
then I think the answer is probably yes,' he said.
In order to reduce these tensions, decision-making in the
EC must become less self-centred, and the US Administration
will have to exercise the authority to convince Congress and
pressure groups of the need for accommodation, he added.
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training/5955
|
training/5955 |@title qintex:1 extend:1 princeville:1 pvdc:1 offer:1 |@word qintex:3 america:1 ltd:1 say:3 offer:4 3:2 mln:2 princeville:4 development:1 corp:1 share:2 extend:2 march:3 19:1 18:1 yesterday:1 7:2 060:1 197:1 tender:1 response:1 withdraw:1 2:1 10:1 allow:1 shareholder:1 assess:1 sale:1 announce:1 last:1 week:1 airways:1 inc:2 aloha:2 alo:1 add:1 supplement:1 quintex:1 detail:1 agreement:1 distribute:1 later:1 today:1
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QINTEX AGAIN EXTENDS PRINCEVILLE <PVDC> OFFER
<Qintex America Ltd> said its offer
for 3.3 mln Princeville Development Corp shares has been
extended to March 19 from March 18.
As of yesterday, Qintex said, 7,060,197 Princeville shares
had been tendered in response to the offer and not withdrawn,
down from over 7.2 mln on March 10.
Qintex said it is extending the offer to allow Princeville
shareholders to assess the sale announced last week of
Princeville Airways Inc to Aloha Inc <ALO>, adding a supplement
to the Quintex offer further detailing the agreement with Aloha
will be distributed later today.
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training/5957
|
training/5957 |@title negotiator:1 draft:1 detail:1 next:1 rubber:1 pact:1 |@word rubber:3 producer:1 consumer:1 agree:1 last:1 week:1 central:1 element:1 new:2 international:2 natural:2 pact:2 start:1 work:1 legal:1 drafting:1 future:1 accord:2 delegate:1 say:1 compromise:1 issue:1 block:1 agreement:2 reach:1 united:1 nations:1 conference:1 replace:1 current:1 expire:1 october:1 inra:1 expect:1 formally:1 adopt:1 friday:1
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NEGOTIATORS DRAFT DETAILS OF NEXT RUBBER PACT
Rubber producers and consumers, who
agreed last week on the central elements of a new international
natural rubber pact, have started work on the legal drafting of
a future accord, delegates said.
Compromise on issues blocking an agreement was reached at a
United Nations conference on an accord to replace the current
pact, which expires in October.
The new International Natural Rubber Agreement (INRA) is
expected to be formally adopted on Friday.
|
training/5958
|
training/5958 |@title viceroy:1 resource:1 corp:1 details:1 gold:1 assay:1 |@word viceroy:1 resource:1 corp:1 say:1 recent:1 drilling:1 lesley:1 ann:1 deposit:1 extend:1 high:1 grade:1 mineralization:1 width:1 600:1 foot:5 assay:1 range:1 0:1 35:1 ounce:2 gold:2 per:2 short:1 ton:2 150:1 interval:2 depth:2 350:1 500:1 1:2 65:1 200:1 410:1
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VICEROY RESOURCE CORP DETAILS GOLD ASSAYS
Viceroy Resource
Corp said recent drilling on the Lesley Ann deposit extended
the high-grade mineralization over a width of 600 feet.
Assays ranged from about 0.35 ounces of gold per short ton
over a 150-foot interval at a depth of 350 to 500 feet to about
1.1 ounces of gold per ton over a 65-foot interval at a depth
of 200 to 410 feet.
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