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training/6299
|
training/6299 |@title gates:1 learjet:1 corp:1 glj:1 4th:1 qtr:1 loss:1 |@word shr:2 loss:8 12:1 ct:2 vs:6 99:1 net:2 1:3 476:1 000:4 11:1 965:1 sale:2 83:1 4:1 mln:4 110:1 9:1 year:1 79:1 dlrs:2 90:1 21:1 720:1 22:1 969:1 259:1 0:1 317:1 3:1
|
GATES LEARJET CORP <GLJ> 4TH QTR LOSS
Shr loss 12 cts vs loss 99 cts
Net loss 1,476,000 vs loss 11,965,000
Sales 83.4 mln vs 110.9 mln
Year
Shr loss 1.79 dlrs vs loss 1.90 dlrs
Net loss 21,720,000 vs loss 22,969,000
Sales 259.0 mln vs 317.3 mln
|
training/6301
|
training/6301 |@title api:1 say:1 distillate:1 gas:1 stock:1 week:1 |@word distillate:1 fuel:2 stock:4 hold:1 primary:1 storage:1 fall:3 7:2 35:3 mln:15 barrel:8 week:4 end:1 march:1 13:2 112:1 74:1 revise:6 120:1 09:1 previous:1 american:1 petroleum:1 institute:1 api:3 say:4 weekly:1 statistical:1 bulletin:1 oil:3 industry:1 trade:1 group:1 gasoline:1 2:2 89:1 248:1 44:1 251:1 33:1 crude:2 drop:1 4:1 39:1 325:1 329:1 52:1 residual:1 250:1 000:1 73:1 98:1 refinery:2 run:1 rise:2 11:2 80:1 per:1 day:1 bpd:2 70:1 use:1 operating:1 capacity:1 75:2 pct:2 0:1 import:1 3:1 66:1 67:1 add:1
|
API SAYS DISTILLATE, GAS STOCKS OFF IN WEEK
Distillate fuel stocks held in
primary storage fell by 7.35 mln barrels in the week ended
March 13 to 112.74 mln barrels from a revised 120.09 mln the
previous week, the American Petroleum Institute (API) said.
In its weekly statistical bulletin, the oil industry trade
group said gasoline stocks fell 2.89 mln barrels to 248.44 mln
barrels from a revised 251.33 mln, and crude oil stocks dropped
4.39 mln barrels to 325.13 mln from a revised 329.52 mln.
It said residual fuel stocks fell 250,000 barrels to 35.73
mln from 35.98 mln barrels.
API said refinery runs in the week rose to 11.80 mln
barrels per day (bpd) from a revised 11.70 mln and refinery use
of operating capacity was 75.7 pct, up from a revised 75.0 pct.
Crude oil imports in the week rose to 3.66 mln bpd from a
revised 2.67 mln, API added.
|
training/6305
|
training/6305 |@title cpc:2 international:1 inc:1 regular:1 dividend:1 |@word qtly:1 div:1 31:3 ct:2 vs:1 prior:1 pay:1 april:1 24:1 record:1 march:1
|
CPC INTERNATIONAL INC <CPC> REGULAR DIVIDEND
Qtly div 31 cts vs 31 cts prior
Pay April 24
Record March 31
|
training/6306
|
training/6306 |@title cimarron:1 petroleum:1 ltd:1 nine:1 mth:1 net:1 |@word shr:1 48:1 ct:2 vs:3 64:1 net:1 1:1 959:1 404:1 2:1 621:1 778:1 revs:1 5:1 132:1 626:1 8:1 167:1 401:1
|
<CIMARRON PETROLEUM LTD> NINE MTHS NET
Shr 48 cts vs 64 cts
Net 1,959,404 vs 2,621,778
Revs 5,132,626 vs 8,167,401
|
training/6309
|
training/6309 |@title electro:1 audio:1 dynamics:1 inc:1 ead:1 2nd:1 qtr:1 jan:1 31:1 |@word shr:2 profit:4 14:1 ct:4 vs:6 loss:6 55:1 net:3 864:1 000:5 2:5 1:2 mln:7 revs:2 24:1 5:2 six:2 month:2 seven:1 74:1 434:1 7:1 42:1 9:1 note:1 1986:2 2nd:1 qtr:1 include:2 600:1 dlrs:4 285:1 respectively:1 discontinue:1 operation:2 exclude:1 action:1 drug:1 co:1 inc:1 acquire:1 company:1 81:1 pct:1 subsidiary:1 technodyne:1 august:1 1987:1 gain:2 0:1 sale:1 building:1 extraordinary:1 411:1 tax:1 carryforward:1 share:1 earning:1 period:1 reflect:1 prefer:1 stock:1 dividend:1
|
ELECTRO AUDIO DYNAMICS INC <EAD> 2ND QTR JAN 31
Shr profit 14 cts vs loss 55 cts
Net profit 864,000 vs loss 2.1 mln
Revs 24.2 mln vs 1.5 mln
Six months
Shr profit seven cts vs loss 74 cts
Net profit 434,000 vs loss 2.7 mln
Revs 42.5 mln vs 2.9 mln
NOTE:1986 2nd qtr and six months includes loss of 600,000
dlrs and 285,000 dlrs respectively from discontinued operations
and exclude operations of Action DRug Co Inc acquired by
company's 81 pct owned subsidiary, Technodyne, in August 1986.
1987 net includes gain of 2.0 mln dlrs from sale of
building and extraordinary gain of 411,000 dlrs from tax loss
carryforward.
Share earnings for both periods reflect preferred stock
dividends.
|
training/6310
|
training/6310 |@title technodyne:1 inc:1 tnd:1 2nd:1 qtr:1 net:1 |@word shr:2 profit:4 14:1 ct:8 vs:6 loss:6 17:2 net:2 686:1 000:4 831:1 revs:2 24:1 2:2 mln:4 1:2 5:3 six:5 mth:1 22:1 062:1 812:1 42:1 9:1 note:1 quarter:3 end:1 january:1 31:1 1986:1 exclude:2 extraordinary:1 gain:1 per:1 share:2 10:1 month:2 1985:1 discontinue:1 operation:1 two:1 company:1 81:1 pct:1 electro:1 audio:1 dynamics:1 ead:1
|
TECHNODYNE INC <TND> 2ND QTR NET
Shr profit 14 cts vs loss 17 cts
Net profit 686,000 vs loss 831,000
Revs 24.2 mln vs 1.5 mln
Six mths
Shr profit 22 cts vs loss 17 cts
Net profit 1,062,000 vs loss 812,000
Revs 42.5 mln vs 2.9 mln
NOTE: Quarter ends January 31.
1986 excludes extraordinary gain of six cts per share in
the quarter and 10 cts in the six months. 1985 excludes
discontinued operations loss of six cts a share in the quarter
and loss of two cts in the six months.
Company is 81.5 pct owned by Electro Audio Dynamics <EAD>.
|
training/6311
|
training/6311 |@title sceptre:1 investment:1 counsel:1 ltd:1 1st:1 qtr:1 net:1 |@word period:1 end:1 january:1 31:1 shr:1 22:1 ct:2 vs:3 16:1 net:1 518:1 564:1 374:1 198:1 revs:1 2:1 090:1 724:1 1:1 614:1 079:1
|
<SCEPTRE INVESTMENT COUNSEL LTD> 1ST QTR NET
Period ended January 31
Shr 22 cts vs 16 cts
Net 518,564 vs 374,198
Revs 2,090,724 vs 1,614,079
|
training/6312
|
training/6312 |@title p:1 select:1 utility:1 dnp:1 hike:1 payout:1 |@word duff:2 phelps:2 selected:1 utilities:1 inc:1 say:1 approve:2 payment:2 high:1 monthly:2 dividend:2 closed:1 end:1 investment:1 company:1 4:1 5:3 ct:4 april:2 10:3 record:3 march:2 31:1 five:1 payable:2 may:2 11:1 30:1 june:1 29:1 first:1 four:1 pay:1 note:1
|
D/P SELECTED UTILITIES <DNP> HIKES PAYOUTS
Duff and Phelps Selected Utilities Inc
said it approved payment of higher monthly dividends.
The closed end-investment company approved payment of 4.5
cts on April 10, record March 31; of five cts, payable May 11,
record April 30; and of 5.5 cts, payable June 10, record May
29.
Duff and Phelps first monthly dividend of four cts was paid
on March 10, it noted.
|
training/6313
|
training/6313 |@title american:1 electromedics:1 corp:1 aeco:1 2nd:1 qtr:1 loss:1 |@word qtr:1 end:1 jan:1 31:1 shr:2 loss:8 three:1 ct:4 vs:6 six:2 net:2 93:1 000:8 191:1 revs:2 338:1 554:1 mth:1 four:1 seven:1 108:1 219:1 854:1 1:1 283:1 note:1 company:1 80:1 pct:1 technodyne:1 inc:2 tnd:1 subsidiary:1 electro:1 audio:1 dynamics:1 ead:1
|
AMERICAN ELECTROMEDICS CORP <AECO> 2ND QTR LOSS
Qtr ends Jan 31
Shr loss three cts vs loss six cts
Net loss 93,000 vs loss 191,000
Revs 338,000 vs 554,000
Six mths
Shr loss four cts vs loss seven cts
Net loss 108,000 vs loss 219,000
Revs 854,000 vs 1,283,000
NOTE: Company is 80 pct owned by Technodyne Inc <TND>, a
subsidiary of Electro Audio Dynamics Inc <EAD>.
|
training/6315
|
training/6315 |@title lennar:1 len:1 complete:1 acquisition:1 |@word lennar:2 corp:3 say:3 complete:1 previously:1 announce:1 acquisition:1 development:2 america:1 dca:1 consequently:1 american:1 stock:2 exchange:1 suspend:1 trading:1 common:1 10:1 pct:2 subordinate:2 debenture:3 due:2 1993:1 12:1 1994:1 continue:1 trade:1 counter:1
|
LENNAR <LEN> COMPLETES ACQUISITION
Lennar Corp said it completed the
previously announced acquisition of Development Corp of America
<DCA>.
Consequently, it said the American Stock Exchange suspended
trading of Development Corp's common stock, 10 pct subordinated
debentures due 1993 and 12 pct subordinated debentures due
1994.
Lennar said the debentures will continue to be traded
over-the-counter.
|
training/6317
|
training/6317 |@title ibp:1 oxy:1 plant:1 reopen:1 without:1 incident:1 |@word iowa:4 beef:5 processors:1 inc:1 say:5 hundred:1 employee:3 return:4 work:3 dakota:1 city:1 nebraska:1 processing:1 plant:4 without:1 incident:1 last:2 week:1 would:1 lift:1 lockout:1 effect:1 since:1 mid:1 december:1 affect:1 2:1 800:1 member:2 united:1 food:1 commercial:1 workers:1 union:3 non:1 meatpacker:1 agree:1 comply:1 contract:1 offer:1 start:1 go:1 well:1 today:1 operation:2 continue:2 pick:1 hire:1 accord:1 company:2 statement:1 picket:1 ufcwu:1 disrupt:1 spokesman:1 ask:1 8:1 unless:1 otherwise:1 notify:1 subsidiary:1 occidental:1 petroleum:1 corp:1 begin:1 take:1 application:1 permanent:1 position:1
|
IBP (OXY) PLANT REOPENS WITHOUT INCIDENT
Iowa Beef Processors Inc said
'hundreds' of its employees returned to work at its Dakota
City, Nebraska beef processing plant without incident.
Last week, Iowa Beef said it would lift a lockout in effect
at the plant since mid-December, which affected 2,800 members
of the United Food and Commercial Workers Union.
Both union and non-union meatpackers who returned to work,
agreed to comply with Iowa Beef's last contract offer.
'Start-up went well today and operations will continue to
pick up as employees return and others are hired,' according to
a company statement. Picketing UFCWU members at the plant did
not disrupt operations, a company spokesman said.
'Our employees are asked to continue to return to work at
8AM unless otherwise notified,' he said.
Iowa Beef, a subsidiary of Occidental Petroleum Corp, said
it is beginning to take applications for permanent positions at
the plant.
|
training/6323
|
training/6323 |@title php:1 healthcare:1 corp:1 phph:1 3rd:1 qtr:1 jan:1 31:1 net:1 |@word shr:2 10:2 ct:4 vs:10 net:3 358:1 941:1 299:1 838:1 rev:1 8:1 645:1 289:1 4:2 532:1 175:1 avg:2 shrs:2 3:2 446:1 752:1 2:1 921:1 173:1 nine:2 mth:2 23:1 12:1 705:1 799:1 491:2 076:1 revs:1 21:1 5:1 mln:2 11:1 0:1 093:1 068:1 000:3 note:1 include:1 tax:1 credit:1 164:1 dlrs:4 123:1 634:1 qtr:1 311:1 207:1 719:1
|
PHP HEALTHCARE CORP <PHPH> 3RD QTR JAN 31 NET
Shr 10 cts vs 10 cts
Net 358,941 vs 299,838
Revs 8,645,289 vs 4,532,175
Avg shrs 3,446,752 vs 2,921,173
Nine mths
Shr 23 cts vs 12 cts
Net 705,799 vs 491,076
Revs 21.5 mln vs 11.0 mln
Avg shrs 3,093,491 vs 4,068,000
Note: Net includes tax credits of 164,000 dlrs vs 123,634
dlrs for qtr and 311,000 dlrs vs 207,719 dlrs for nine mths.
|
training/6324
|
training/6324 |@title bankers:1 trust:1 new:1 york:1 corp:1 bt:1 qtly:1 dividend:1 |@word qtly:1 div:1 41:2 5:2 ct:2 vs:1 prior:1 pay:1 april:1 28:1 record:1 march:1 31:1
|
BANKERS TRUST NEW YORK CORP <BT> QTLY DIVIDEND
Qtly div 41.5 cts vs 41.5 cts prior
Pay April 28
Record March 31
|
training/6325
|
training/6325 |@title hallwood:1 group:1 inc:1 hwg:1 2nd:1 qtr:1 jan:1 31:1 loss:1 |@word shr:2 loss:3 nine:2 ct:4 vs:8 profit:6 23:1 net:2 418:2 000:12 1:2 037:1 revs:1 2:2 872:1 4:1 700:1 six:2 mth:1 52:1 365:2 rev:1 6:1 853:1 9:1 379:1 note:1 include:1 tax:1 carryforward:1 gain:2 164:1 dlrs:4 551:1 quarter:1 016:1 month:1
|
HALLWOOD GROUP INC <HWG> 2ND QTR JAN 31 LOSS
Shr loss nine cts vs profit 23 cts
Net loss 418,000 vs profit 1,037,000
Revs 2,872,000 vs 4,700,000
Six mths
Shr profit nine cts vs profit 52 cts
Net profit 418,000 vs profit 2,365,000
Revs 6,853,000 vs 9,379,000
NOTE: Includes tax loss carryforward gains of 164,000 dlrs
vs 551,000 dlrs in quarter, and gains of 365,000 dlrs vs
1,016,000 dlrs in the six months.
|
training/6326
|
training/6326 |@title lyng:1 say:1 comment:1 ussr:1 wheat:1 eep:1 u:1 |@word agriculture:3 secretary:3 richard:1 lyng:9 tell:2 representative:2 several:1 large:1 grain:3 export:2 firm:1 two:2 farm:1 organization:1 position:2 comment:1 request:2 reagan:1 administration:1 offer:5 subsidize:1 wheat:4 soviet:3 union:3 accord:1 participant:5 today:1 meeting:4 simply:1 talk:1 eep:4 enhancement:1 program:1 initiative:1 say:9 glen:1 hofer:3 vice:1 president:1 national:3 council:4 farmer:2 cooperative:3 another:1 ask:2 identify:2 unresponsive:1 group:2 include:1 cargill:1 inc:1 continental:1 co:1 louis:1 dreyfus:1 corp:1 equity:1 exchange:1 association:1 grower:1 among:1 deputy:1 peter:1 myers:1 daniel:1 amstutz:1 also:1 attend:1 30:1 minute:1 describe:1 sympathetic:1 noncommittal:1 think:1 detect:1 sense:1 frustration:1 part:1 able:1 respond:1 positively:1 urge:2 industry:1 puzzle:1 usda:1 apparent:1 reluctance:1 bring:1 cabinet:2 feeling:1 receptivity:1 idea:1 within:1 ever:1 official:3 refer:1 soviets:1 significant:1 amount:1 pressure:2 exert:1 lawmaker:2 make:1 moscow:1 remind:1 senate:1 committee:1 chairman:1 patrick:1 leahy:1 vt:1 write:1 letter:1 receive:1 virtually:1 phone:1 call:1 subject:1 important:1 matter:1 white:1 house:1 rather:1 absence:1 political:1 may:1 restrain:1
|
LYNG SAID TO HAVE NO COMMENT ON USSR WHEAT EEP
U.S. Agriculture Secretary Richard
Lyng told representatives of several of the largest grain
exporting firms and two farm organizations that he was not in a
position to comment on their request that the Reagan
administration offer subsidized wheat to the Soviet Union,
according to participants in today's meeting.
'He (Lyng) simply told us he was not in any position to talk
about an EEP (export enhancement program) initiative to the
Soviet Union,' said Glen Hofer, vice president of the National
Council of Farmer Cooperatives.
Another participant in the meeting, who asked not to be
identified, said Lyng was 'unresponsive' to the group's request.
Participants in the meeting included Cargill Inc,
Continental Grain Co, Louis Dreyfus Corp, Union Equity
Cooperative Exchange, the National Association of Wheat
Growers, the National Council of Farmer Cooperatives, among
others, participants said.
Deputy Agriculture Secretary Peter Myers and Under
Secretary Daniel Amstutz also attended the 30-minute meeting.
Hofer described Lyng as 'sympathetic but noncommittal,' and
said he thought he detected 'a sense of frustration' on Lyng's
part at not being able to respond more positively to the
group's urging.
A grain industry representative said some participants were
'puzzled' by USDA's apparent reluctance to bring before the
cabinet council an EEP wheat offer to the Soviets.
'There is a feeling that there is more receptivity (to the
idea) within the cabinet council now than there ever has been,'
this official, who asked not to be identified, said, referring
to an EEP wheat offer to the Soviets.
This official said there was not a significant amount of
pressure being exerted by lawmakers on Lyng to make an EEP
offer to Moscow.
Reminded that Senate Agriculture Committee Chairman Patrick
Leahy (D-Vt.) had written two letters to Lyng urging such an
offer, this official said Lyng had received virtually no phone
calls from lawmakers on the subject.
But Hofer said other important matters at the White House,
rather than an absence of political pressure, might have
restrained Lyng.
|
training/6331
|
training/6331 |@title paperboard:1 plan:1 bid:1 acquire:1 belkin:1 |@word paperboard:2 industries:1 corp:1 say:2 plan:1 make:1 unconditional:1 21:1 dlr:1 share:3 cash:1 offer:3 belkin:3 inc:1 7:1 6:1 mln:3 common:2 2:2 3:1 non:1 voting:1 balaclava:2 enterprises:1 ltd:1 morris:1 agree:1 tender:1 98:1 pct:1 add:1 case:1 compete:2 23:1 dlrs:2 right:1 match:2 could:1 accept:1 bid:1 two:1 company:1 manufacture:1 linerboard:1 boxboard:1 recycled:1 fibre:1 combine:1 revenue:1 500:1
|
PAPERBOARD PLANS BID TO ACQUIRE BELKIN
<Paperboard Industries Corp> said it
planned to make an unconditional 21 dlr a share cash offer for
<Belkin Inc>'s 7.6 mln common and 2.3 mln non-voting shares.
Paperboard said Balaclava Enterprises Ltd, owned by Morris
Belkin, agreed to tender 98.2 pct of Belkin's common shares.
It added that in case of a competing offer of more than 23
dlrs, it had the right to match it. If it did not match the
offer, Balaclava could accept the competing bid.
The two companies manufacture linerboard and boxboard from
recycled fibre. Their combined revenues are about 500 mln dlrs.
|
training/6333
|
training/6333 |@title cathay:2 pacific:2 airways:2 1986:2 net:2 profit:2 1:2 23:2 billion:2 h:2 k:2 dlrs:2 vs:2 777:2 5:2 mln:2 |@word
|
CATHAY PACIFIC AIRWAYS 1986 NET PROFIT 1.23 BILLION H.K. DLRS VS 777.5 MLN
CATHAY PACIFIC AIRWAYS 1986 NET PROFIT 1.23 BILLION H.K. DLRS VS 777.5 MLN
|
training/6335
|
training/6335 |@title cathay:1 pacific:1 airways:1 ltd:1 caph:1 hk:1 year:1 1986:1 |@word shr:1 46:1 5:3 h:1 k:1 cent:3 vs:3 29:2 3:1 final:1 div:1 14:1 make:1 20:1 comparison:1 net:1 1:1 23:2 billion:3 dlrs:2 777:1 mln:1 turnover:1 9:1 06:1 7:1 52:1 note:2 dividend:1 payable:1 may:2 book:1 close:1 11:1 22:1 company:1 float:1 april:1 1986:1 50:1 pct:3 swire:1 pacific:1 ltd:1 swpc:1 hk:2 16:1 43:1 hongkong:1 shanghai:1 banking:1 corp:2 hkbh:1 12:1 china:1 international:1 trust:1 investment:1
|
CATHAY PACIFIC AIRWAYS LTD <CAPH.HK> YEAR 1986
Shr 46.5 H.K. Cents vs 29.3
Final div 14 cents, making 20 cents (no comparison)
Net 1.23 billion dlrs vs 777.5 mln
Turnover 9.06 billion dlrs vs 7.52 billion
Note - Dividend payable May 29, books close May 11 to 22.
Note - Company floated in April 1986 and is now 50.23 pct
owned by Swire Pacific Ltd <SWPC.HK>, 16.43 pct by Hongkong and
Shanghai Banking Corp <HKBH.HK> and 12.5 pct by <China
International Trust and Investment Corp>.
|
training/6337
|
training/6337 |@title paper:1 say:1 u:1 may:1 seek:1 curb:1 foreign:1 takeover:1 |@word reagan:2 administration:3 consider:1 curb:1 foreign:2 takeover:4 security:3 sensitive:2 industry:5 semiconductor:3 computer:4 new:2 york:2 times:2 say:8 quote:4 unnamed:1 senior:1 official:4 think:1 strong:1 sentiment:1 totally:1 grab:1 paper:1 two:1 visible:1 company:1 newspaper:2 central:1 figure:1 opposition:1 japan:2 fujitsu:2 ltd:2 itsu:1 bid:1 fairchild:3 corp:1 deal:1 abandon:1 monday:1 analyst:1 move:1 victory:1 drive:1 beat:1 back:1 japanese:1 competition:1 important:1 chip:1 manufacture:1 tell:1 reuters:1 last:1 week:1 commerce:1 secretary:3 malcolm:1 baldrige:4 defence:1 caspar:1 weinberger:2 fight:1 plan:1 sale:1 french:1 control:1 schlumberger:1 slb:1 large:1 maker:1 could:1 leave:1 u:1 military:1 dependent:1 source:1 vital:1 technology:1 time:1 come:1 limit:1 area:1 everybody:1 want:1 open:1 investment:1 policy:2 exception:1 national:2 interest:1 expect:1 bring:1 issue:1 top:1 level:1 interagency:1 policymaking:1 group:1 treasury:1 james:1 baker:1 economic:1 council:2 president:1
|
PAPER SAYS U.S. MAY SEEK TO CURB FOREIGN TAKEOVERS
The Reagan administration will
consider curbing foreign takeovers of security-sensitive
industries such as semiconductors and computers, the New York
Times said, quoting an unnamed senior administration official.
'I think there's a strong sentiment here that some
industries are not totally up for grabs,' the paper quoted the
official as saying.
'Two of the most visible (industries) are semiconductor and
computer companies,' said the official, who the newspaper said
was a central figure in the opposition to Japan's Fujitsu Ltd
<ITSU.T> takeover bid for <Fairchild Semiconductor Corp>.
The Fairchild-Fujitsu deal was abandoned on Monday, and
industry analysts said the move was a victory for the Reagan
administration in its drive to beat back Japanese competition
in the important computer chip manufacturing industry.
Officials told Reuters last week that Commerce Secretary
Malcolm Baldrige and Defence Secretary Caspar Weinberger fought
the planned sale of Fairchild by French-controlled Schlumberger
Ltd <SLB> to Japan's largest computer maker because it could
have left the U.S. Military dependent on foreign sources for
vital technology.
The New York Times quoted Baldrige as saying the time had
come to limit takeovers in security-sensitive areas.
'Everybody wants an open investment policy, but there have
to be some exceptions for the national interest,' Baldrige was
quoted as saying.
The newspaper said Baldrige and Weinberger are expected to
bring the takeover issue before a top-level interagency
policymaking group, such as Treasury Secretary James Baker's
Economic Policy Council or the president's National Security
Council.
|
training/6338
|
training/6338 |@title yen:1 usurps:1 godzilla:1 japan:1 favourite:1 horror:1 |@word endaka:4 strong:1 yen:5 usurp:1 godzilla:1 versus:1 sea:1 monster:1 japan:5 favourite:1 horror:1 story:1 40:3 pct:2 surge:1 dollar:1 last:2 two:3 year:4 frighten:1 foreigner:2 tale:1 dlr:2 melon:1 120:1 taxi:1 ride:1 airport:1 rent:2 15:2 000:3 dlrs:9 month:6 like:1 many:2 japanese:5 product:1 foreign:4 consumption:1 local:1 long:2 time:2 resident:3 say:8 really:1 expensive:2 pay:2 attention:1 cost:1 living:1 cheryl:1 richmond:2 25:1 old:2 canadian:1 teacher:2 english:3 tokyo:7 earn:1 1:1 635:1 chat:1 hour:2 week:1 hope:1 learn:1 language:1 326:1 sunny:2 quiet:1 room:2 flat:1 20:1 minute:1 train:1 shinjuku:1 one:2 prime:1 business:4 entertainment:1 district:2 manage:1 send:1 home:2 average:2 320:1 spend:5 less:1 6:1 50:1 day:4 food:1 despite:1 eat:3 lunch:1 buy:1 teishoku:2 daily:2 special:1 come:3 soba:1 buckwheat:1 noodle:1 pork:1 cutlet:1 pickle:1 miso:1 soup:1 rice:1 tea:1 although:1 take:1 coffee:1 breakfast:1 sandwich:1 dinner:1 argue:1 cheap:3 see:1 need:2 2:1 firm:1 house:3 executive:1 western:2 style:2 company:1 feel:1 otherwise:1 must:1 price:2 bring:1 good:1 people:2 back:2 push:1 increasingly:1 lucrative:1 market:1 expect:1 move:1 new:2 york:1 sydney:1 trade:1 reasonable:1 spokesman:1 international:1 machines:1 corp:1 ibm:1 support:1 lifestyle:1 350:1 world:1 city:1 traveller:1 survey:1 issue:1 employment:1 condition:1 abroad:1 find:2 businessman:2 visit:2 300:1 little:1 choice:1 tourist:3 especially:1 europe:1 opt:1 clime:1 southeast:1 asia:1 bureau:2 estimate:1 cause:1 11:1 5:1 drop:1 number:1 visitor:1 try:1 cut:1 expense:1 chiefly:1 curtail:1 shopping:1 help:1 combat:1 slump:1 tourism:1 prepare:1 pamphlet:1 economical:1 travel:1 give:1 budget:3 save:1 tip:1 medium:1 hotel:3 inn:1 sushi:1 public:1 bath:1 get:1 revealing:1 glimpse:1 life:1 okubo:2 transit:1 shin:1 love:1 offer:1 even:1 savvy:1 advice:1 9:1 80:1 night:1 scott:1 perry:2 23:1 bud:1 zealand:1 share:1 unheated:1 berth:1 sized:1 twin:1 flop:1 26:1 33:1 look:1 work:1 normally:1 400:1 sometimes:1 splurge:1 shakey:1 550:1 unlimited:1 pizza:1 least:1 still:1 extra:1 dent:1 600:1 today:1 dry:1 clean:1 suit:1 coat:1
|
YEN USURPS GODZILLA AS JAPAN'S FAVOURITE HORROR
'Endaka,' the strong yen, has usurped
'Godzilla Versus the Sea Monster' as Japan's favourite horror
story.
The yen's 40 pct surge against the dollar over the last two
years has frightened foreigners with tales of the 40 dlr melon,
the 120 dlr taxi ride from the airport and rents of 15,000 dlrs
a month.
But 'endaka,' like many Japanese products, is for foreign
consumption, locals and long-time foreign residents said.
'It's not really that expensive. I don't pay attention to
the cost of living,' said Cheryl Richmond, a 25-year-old
Canadian teacher of English in Tokyo.
Richmond said she earns 1,635 dlrs a month by 'chatting' 40
hours a week in English to Japanese who hope to learn the
language. For 326 dlrs a month she rents a sunny, quiet
two-room flat some 20 minutes by train from Shinjuku, one of
Tokyo's prime business and entertainment districts, and has
managed to send home an average of 320 dlrs a month.
She spends less than 6.50 dlrs a day on food despite eating
out once a day.
'For lunch I buy the teishoku (daily special) which comes
with soba (buckwheat noodles) or pork cutlet, pickles, miso
soup, rice and tea,' although she takes only coffee for
breakfast and a sandwich for dinner.
No one argues that Tokyo is cheap, but long-time residents
see no need to spend the 2,000 to 15,000 dlrs a month spent by
foreign firms to house executives in Western-style homes.
The companies feel otherwise. They say they must pay the
price to bring over the best people needed to back up their
push into Japan's increasingly lucrative markets.
'You can't expect people to move from New York or Sydney and
trade down. It's not reasonable,' said a spokesman for
International Business Machines Corp (IBM), which supports
Western lifestyles for more than 350 foreigners in Tokyo.
Tokyo is the world's most expensive city for business
travellers, a survey issued this month by Employment Conditions
Abroad said. It found that businessmen visiting Tokyo spend on
average more than 300 dlrs a day.
While the businessmen have little choice but to come here,
many tourists, especially those from Europe, are opting to
visit sunnier and cheaper climes in Southeast Asia.
The Japan Tourist Bureau estimates 'endaka' caused an 11.5
pct drop in the number of foreign visitors to Japan last year.
Those who came tried to cut back on expenses, chiefly by
curtailing shopping, it said.
To help combat 'endaka' and the slump in tourism, the Tourist
Bureau prepared a pamphlet, 'Economical Travel in Japan.'
It gives budget-saving tips on finding medium-priced
business hotels and Japanese-style inns, cheap sushi and public
baths while getting a 'revealing glimpse of Japanese in their
daily lives.'
Residents of Okubo House, a transit hotel in Tokyo's
Shin-Okubo love hotel district, offer even more savvy advice.
For 9.80 dlrs a night, Scott Perry, a 23-year-old budding
English teacher from New Zealand, shares an unheated,
berth-sized twin-room in the Japanese 'flop house.'
Perry has budgeted 26 to 33 dlrs a day while he looks for
work. 'Normally I eat 'teishoku' for 400 yen but sometimes I'll
splurge at Shakey's where for 550 yen you can eat unlimited
pizza for at least two hours.'
Still, there are the extras that dent the budget. 'I had to
spend 600 yen today to dry-clean my suit coat,' he said.
|
training/6339
|
training/6339 |@title bangladesh:1 purchase:1 wheat:1 confirm:1 |@word trade:1 source:1 confirm:1 early:1 tentative:1 report:1 bangladesh:1 buy:1 200:1 000:3 tonne:4 optional:1 origin:1 feed:1 wheat:2 late:1 last:1 week:1 weekend:1 say:1 continental:1 grain:1 co:1 united:1 states:1 win:1 contract:1 supply:3 ec:1 part:1 europe:1 100:2 rate:2 96:1 92:1 u:1 dlrs:2 first:1 consignment:1 april:2 7:1 remain:1 93:1 42:1 16:1
|
BANGLADESH PURCHASE OF WHEAT CONFIRMED
Trade sources here confirmed earlier
tentative reports that Bangladesh had bought 200,000 tonnes of
optional origin feed wheat late last week and over the weekend.
They said the Continental Grain Co, of the United States,
won the contract to supply the wheat from the EC and other
parts of Europe.
It will supply 100,000 tonnes at a rate of 96.92 U.S. Dlrs
a tonne as a first consignment by April 7. It will supply the
remaining 100,000 tonnes at a rate of 93.42 dlrs by April 16.
|
training/6340
|
training/6340 |@title philippines:1 social:1 security:1 buy:1 san:1 miguel:1 shrs:1 |@word philippines:1 social:1 security:1 system:1 sss:1 plan:1 buy:1 eight:1 mln:6 share:9 diversify:1 brewer:1 san:3 miguel:3 corp:3 smc:6 chief:1 financial:1 officer:1 ramon:1 del:3 rosario:3 say:4 tell:1 reporter:1 government:3 organisation:1 express:1 interest:1 one:1 seat:1 15:1 man:1 board:1 prepare:1 invest:1 800:1 pesos:2 assume:1 purchase:1 price:2 100:1 peso:1 involve:1 proposal:1 part:1 block:5 38:1 united:1 coconut:1 planters:1 bank:1 ucpb:3 sequester:2 split:1 class:2 b:2 stock:2 also:1 propose:1 sell:2 five:1 n:1 soriano:3 family:1 company:1 president:3 andres:1 worth:1 500:1 recent:1 14:1 open:1 foreign:2 ownership:1 would:2 probably:1 unidentified:1 purchaser:1 meet:1 later:1 week:1 try:1 resolve:1 dispute:1 pricing:1 corazon:1 aquino:1 earlier:1 month:1 establish:1 arbitration:1 panel:1 settle:1 row:1 disposal:1 initial:1 sale:1 hong:1 kong:1 unit:1 neptunia:1 presidential:1 commission:2 good:1 suspicion:1 real:1 owner:1 eduardo:1 cojuanco:1 former:2 chairman:1 close:1 associate:1 depose:1 ferdinand:1 marcos:1
|
PHILIPPINES SOCIAL SECURITY TO BUY SAN MIGUEL SHRS
The Philippines' Social Security System
(SSS) is planning to buy eight mln shares in diversified brewer
<San Miguel Corp> (SMC), SMC chief financial officer Ramon del
Rosario said.
He told reporters the government organisation had expressed
interest in one seat on SMC's 15-man board and was preparing to
invest 800 mln pesos, assuming a purchase price of 100 pesos a
share.
The shares involved in the proposal were part of the block
of 38 mln shares owned by the United Coconut Planters Bank
(UCPB) and sequestered by the government.
The block is split between class A and class B stock.
SMC also proposed to sell a further five mln shares to A.N.
Soriano Corp, the family company of San Miguel president Andres
Soriano, del Rosario said.
The shares are worth some 500 mln pesos at recent prices.
Del Rosario said the 14 mln B shares in the block which are
open to foreign ownership would probably be sold to
unidentified foreign purchasers.
He said SMC and UCPB would meet later this week to try to
resolve disputes over the pricing of the shares.
President Corazon Aquino earlier this month established an
arbitration panel to settle a row over the disposal of the
shares.
Their initial sale to Soriano through SMC Hong Kong unit
Neptunia Corp was blocked by the Presidential Commission on
Good Government.
The commission sequestered the stock on suspicion that the
real owner of the block was Eduardo Cojuanco, the former
chairman of San Miguel and the UCPB and a close associate of
deposed former president Ferdinand Marcos.
|
training/6341
|
training/6341 |@title sun:1 hung:1 kai:1 co:1 ltd:1 year:1 1986:1 |@word shr:1 21:1 6:2 h:1 k:1 cent:4 vs:6 12:1 final:1 div:1 six:1 three:1 make:1 nine:1 5:2 net:1 121:1 mln:4 dlrs:2 67:1 42:1 note:1 extraordinary:1 gain:1 72:1 2:1 7:1 special:1 bonus:1 four:1 nil:1 dividend:1 payable:1 may:2 25:1 book:1 close:1 april:1 28:1
|
<SUN HUNG KAI CO LTD> YEAR 1986
Shr 21.6 H.K. Cents vs 12
Final div six cents vs three, making nine cents vs 5.5
Net 121 mln dlrs vs 67.42 mln
Note - Extraordinary gains 72 mln dlrs vs 2.7 mln. Special
bonus four cents vs nil. Dividend payable May 25, books close
April 28 to May 6.
|
training/6342
|
training/6342 |@title |@word indonesia:2 import:2 palm:2 oil:2 counter:2 possible:2 may:2 shortage:2 trade:2 minister:2 say:2
|
Indonesia imports palm oil to counter possible May shortage, Trade Minister says
Indonesia imports palm oil to counter possible May shortage, Trade Minister says
|
training/6344
|
training/6344 |@title indonesia:1 import:1 palm:1 oil:1 fear:1 may:1 shortage:1 |@word indonesia:5 issue:2 licence:3 trader:2 import:5 palm:7 oil:8 avert:1 possible:1 shortage:3 cook:1 moslem:3 fast:2 month:2 ramadan:4 may:2 trade:1 minister:1 rachmat:1 saleh:3 tell:1 reuter:1 give:2 permission:1 small:1 amount:2 prevent:1 say:3 figure:2 would:1 come:1 malaysia:1 world:2 second:1 large:3 producer:1 earlier:1 deny:1 grant:1 reply:1 question:1 reuters:1 london:1 around:1 135:1 000:2 tonne:3 delivery:1 april:1 168:1 mln:1 people:1 country:1 day:1 meal:1 sunset:1 indonesian:1 crude:1 export:1 first:1 11:1 1986:1 469:1 100:1 accord:1 central:1 bank:1 652:1 whole:1 calendar:1 1985:1 expand:1 output:1 explain:1
|
INDONESIA TO IMPORT PALM OIL, FEARS MAY SHORTAGE
Indonesia has issued licences to
traders to import palm oil to avert a possible shortage of
cooking oil during the Moslem fasting month of Ramadan in May,
Trade Minister Rachmat Saleh told Reuters.
'We have given permission for a small amount of imports to
prevent a shortage during Ramadan,' he said. He gave no figures
for the amount of palm oil to be imported, but said it would
come from Malaysia.
Indonesia, the world's second largest palm oil producer,
earlier denied it had granted palm oil import licences.
Saleh was replying to a question from Reuters after traders
in London said Indonesia had issued licences to import around
135,000 tonnes of palm oil for delivery in April.
Indonesia, with 168 mln people, is the world's largest
Moslem country. During Ramadan Moslems fast during the day and
have large meals after sunset.
Indonesian crude palm oil exports in the first 11 months of
1986 were 469,100 tonnes, according to central bank figures,
against 652,000 tonnes in the whole of calendar 1985.
Indonesia is expanding palm oil output, and Saleh did not
explain why there might be a shortage during Ramadan.
|
training/6346
|
training/6346 |@title economic:1 spotlight:1 japan:1 buy:1 overseas:1 firm:1 |@word u:9 european:4 firm:5 fall:1 prey:1 japanese:22 corporation:2 bulge:1 cash:2 eager:1 extend:1 reach:1 overseas:7 accord:1 merger:2 acquisition:6 specialist:8 poll:1 reuters:1 already:3 rich:2 company:11 pounce:1 bank:5 steel:1 business:7 late:2 attempt:1 fujitsu:1 ltd:3 itsu:1 japan:4 big:3 computer:1 maker:4 unsuccessfully:1 bid:3 fairchild:1 semiconductor:1 corp:2 microchip:1 supply:1 component:1 supercomputer:1 nomura:1 securities:2 co:2 nmsc:1 daiwa:1 dsec:1 two:1 large:3 brokerage:2 seek:1 niche:1 security:1 market:3 country:1 huge:1 look:1 stronghold:1 takeover:5 say:13 major:1 trading:4 house:2 see:3 profit:1 evaporate:1 heat:1 increase:1 competition:1 merchandise:1 trade:2 foreign:3 shopping:1 list:1 among:3 manufacturer:1 car:1 part:1 pressure:1 buy:4 follow:1 auto:1 subcontract:1 move:2 offshore:1 timing:1 favourable:1 party:1 potential:2 especially:1 political:1 risk:1 minimal:1 one:4 become:3 world:1 series:1 boom:1 export:3 year:4 yen:2 climb:1 dollar:1 40:1 pct:1 past:1 18:1 month:1 strength:1 also:3 raise:1 cost:1 allow:1 asian:1 neighbour:1 traditional:1 freeze:1 corporate:1 growth:2 loom:1 friction:1 threaten:1 erect:1 barrier:1 way:2 avoid:1 gloomy:1 outlook:1 put:1 excess:1 work:1 domestic:1 interest:2 rate:1 record:1 low:1 offer:1 little:1 investment:1 opportunity:1 continuous:1 recent:1 economic:1 factor:1 drive:1 force:1 banking:1 industry:1 source:1 far:1 though:1 cautious:1 number:1 thousand:1 buyout:1 total:1 dozen:1 merchant:4 banker:4 another:1 flurry:1 activity:2 originally:1 expect:2 five:1 time:1 span:1 appear:1 long:2 aggressive:1 turning:1 point:1 seem:1 dainippon:3 ink:2 chemicals:1 inc:1 diac:1 sun:3 chemical:3 last:2 analyst:1 somewhat:1 hostile:2 add:2 graphic:2 art:2 group:1 550:1 mln:1 dlrs:1 earlier:1 unsolicited:1 whole:1 refuse:1 sell:1 entire:1 learn:1 plan:1 liquidate:1 related:1 consider:1 unethical:1 frown:1 upon:1 official:1 people:1 like:1 fight:1 prefer:1 peaceful:1 amicable:1 deal:4 experience:1 acquaint:1 local:1 practice:1 healthy:1 progression:1 however:1 expert:1 run:1 board:1 meeting:1 giant:1 concern:2 fully:1 confident:1 manage:1 expand:1 operation:1 gradually:1 typical:1 note:1 many:2 mega:1 leave:1 united:1 states:1 lot:1 medium:1 size:1 small:1 target:1 aim:1 new:1 high:1 technology:2 area:1 use:1 quality:1 get:1 unlikely:1 deviate:1 trend:1 watch:1 result:1 first:1 succeed:1 could:1 build:1 go:2 sit:1 back:1 wait:1 action:1 begin:1 term:1 credit:1 commercial:1 set:1 research:1 section:1 act:1 find:1 good:1
|
ECONOMIC SPOTLIGHT - JAPAN BUYING OVERSEAS FIRMS
More U.S. And European firms will be
falling prey to Japanese corporations bulging with cash and
eager to extend their reach further overseas, according to
merger and acquisitions specialists polled by Reuters.
Already, rich Japanese companies have pounced on U.S.
Banks, steel and other businesses.
In the latest attempt, Fujitsu Ltd <ITSU.T> -- Japan's
biggest computer maker -- unsuccessfully bid for <Fairchild
Semiconductor Corp>, a U.S. Microchip maker which supplies
components for supercomputers.
Nomura Securities Co Ltd <NMSC.T> and Daiwa Securities Co
Ltd <DSEC.T>, Japan's two largest brokerage firms, are seeking
a niche in the U.S. And European securities markets, while the
country's huge banks are looking for strongholds in overseas
banking, the takeover specialists said.
Major trading houses, which see their profits evaporating
in the heat of increased competition in merchandise trade, all
have foreign businesses on their shopping lists.
Among manufacturers, car parts makers are under the most
pressure to buy up overseas companies and follow the big auto
makers they subcontract for as these move offshore.
'The timing is favourable for Japanese parties to buy up
potential overseas businesses, especially in the U.S. --
Japan's largest market and where political risks are minimal,' a
takeover specialist at one trading company said.
Japanese companies have become among the world's richest
after a series of boom export years and as the yen has climbed
against the dollar by some 40 pct in the past 18 months.
But the yen's strength, which has also raised the costs of
Japan's exports and allowed its Asian neighbours to move into
its traditional markets, has frozen Japanese corporate growth,
the specialists said.
Looming trade friction is also threatening to erect more
barriers against Japanese exports.
Japanese firms see overseas acquisitions as a way to avoid
the gloomy growth outlook and put their excess cash to work.
Domestic interest rates, now at record lows, offer little
investment opportunity.
'Japanese interest in acquisitions has been continuous, but
the recent economic factors have become a driving force,' said a
banking industry source.
So far, though, the Japanese are being cautious.
While mergers and acquisitions among U.S. Firms number in
the thousands, Japanese buyouts of overseas companies have
totalled just a few dozen, one merchant banker said.
Another merchant banker said that a flurry of Japanese
acquisition activity was originally expected five years from
now, but that time span appeared now to be too long.
Japanese firms are becoming more aggressive now, he said.
A turning point seemed to be Dainippon Ink and Chemicals
Inc's <DIAC.T> takeover bid for <Sun Chemical Corp> of the U.S.
Last year, which some analysts saw as somewhat hostile, he
added.
Dainippon Ink bought Sun Chemical's graphic arts group for
550 mln dlrs late last year, after an earlier unsolicited bid
for the whole company. Sun Chemical refused to sell its entire
business after learning that Dainippon planned to liquidate all
but its graphic arts-related businesses.
Hostile takeovers are considered unethical and frowned upon
by the Japanese, the trading company official says. 'Japanese
people don't like fighting. They prefer peaceful amicable
deals.' But now after some experience overseas, Japanese
companies are acquainted with local practice, he adds. 'This is
a healthy progression.'
However, the experts do not expect the Japanese to run the
board meetings of any giant U.S. Or European concerns.
'Japanese companies are not fully confident in managing a
large U.S. Or European corporation,' one banker said. 'They will
expand their operations only gradually, a typical way for
Japanese business.'
A foreign merchant banker also noted, 'There are not many
mega-deals left to do in the United States. A lot of the big
deals there have already been done.'
But medium-size and small concerns are potential targets of
Japanese companies, the specialists said.
Japanese will be aiming for new businesses in
high-technology areas. 'Japanese companies had used technology
and quality to get where they are and are unlikely to deviate
from that trend,' one takeover specialist said.
Many are watching the results of the first acquisitions. If
these succeed, activity could build, the specialists said.
But few such specialists are going to sit back and wait
until the action begins. Already, they said, Japanese trading
houses, long-term credit and commercial banks, brokerages and
foreign merchant banks have set up research sections to act as
go-betweens in deals or find good buys for themselves.
|
training/6347
|
training/6347 |@title |@word united:2 biscuit:2 pretax:2 profit:2 125:2 2:4 mln:4 stg:2 vs:2 102:2 53:2 wk:2 jan:2 3:2
|
United Biscuits pretax profit 125.2 mln stg vs 102.2 mln in 53 wks to Jan 3
United Biscuits pretax profit 125.2 mln stg vs 102.2 mln in 53 wks to Jan 3
|
training/6348
|
training/6348 |@title kuwait:1 say:1 opec:1 member:1 violate:1 output:1 quota:1 |@word kuwaiti:1 oil:6 minister:1 sheikh:2 ali:2 al:3 khalifa:1 sabah:1 say:3 newspaper:1 interview:1 opec:4 member:1 exceed:1 production:2 quota:5 allocate:2 13:1 nation:1 group:1 tell:1 kuwait:1 daily:1 anba:1 state:2 without:1 exception:1 produce:3 within:1 less:1 industry:1 source:2 united:1 arab:1 emirates:1 generally:1 since:1 return:1 quotas:1 last:1 september:1 still:1 pump:1 allot:1 amount:1 first:2 month:3 year:2 ecuador:1 also:1 publicly:1 earthquake:1 early:1 stop:1 iraq:1 reject:1 may:1 problem:1 market:1 official:1 price:2 want:1 sell:1 agree:1 december:1 cut:1 overall:1 7:1 25:1 pct:1 15:1 8:1 mln:1 barrel:2 per:1 day:1 bpd:1 six:1 abide:1 fix:1 around:1 18:1 dlrs:1 february:1 1:1
|
KUWAIT SAYS NO OPEC MEMBER VIOLATING OUTPUT QUOTA
Kuwaiti Oil Minister Sheikh Ali
al-Khalifa al-Sabah said in a newspaper interview that no OPEC
member was exceeding oil production quotas allocated by the
13-nation group.
Sheikh Ali told Kuwait's daily al-Anba 'All OPEC states,
without exception, are producing within the quotas allocated to
them. Some of them are producing less.'
Some oil industry sources had said the United Arab
Emirates, which had been generally been producing over its
quota since OPEC returned to quotas last September, was still
pumping more than its allotted amount in the first months of
this year.
Ecuador had also publicly stated it was over its quota, but
an earthquake early this month stopped that. Iraq has rejected
its quota, but oil sources say it may be having problems
marketing at official prices all the oil it wants to sell.
OPEC agreed in December to cut overall oil production by
7.25 pct to 15.8 mln barrels per day (bpd) for the first six
months of this year and abide by fixed prices around 18 dlrs a
barrel from February 1.
|
training/6349
|
training/6349 |@title united:1 biscuits:1 ubis:1 l:1 53:1 week:1 january:1 3:1 |@word shr:1 20:2 3p:1 vs:17 19:2 1p:1 div:1 6:4 0p:2 5:4 15p:1 make:1 9:3 5p:1 8:6 turnover:1 1:5 93:1 billion:2 stg:1 91:1 pretax:1 profit:3 125:1 2:2 mln:22 102:1 tax:1 42:1 31:1 trading:2 138:1 0:2 122:1 7:3 include:2 ub:3 food:2 europe:1 88:1 78:1 4:2 restaurant:1 10:1 3:4 u:1 43:1 39:1 unallocated:1 cost:2 interest:2 12:1 note:1 full:1 name:1 company:1 united:1 biscuits:1 holdings:1 plc:2 minority:1 extraordinary:2 charge:2 14:1 credit:1 surplus:1 bid:1 imperial:1 group:1 nil:2 philadelphia:1 bakery:1 closure:1
|
UNITED BISCUITS <UBIS.L> 53 WEEKS TO JANUARY 3
Shr 20.3p vs 19.1p
Div 6.0p vs 5.15p making 9.5p vs 8.0p
Turnover 1.93 billion stg vs 1.91 billion
Pretax profit 125.2 mln vs 102.2 mln
Tax 42.5 mln vs 31.1 mln
Trading profit 138.0 mln vs 122.7 mln
Trading profit includes -
UB Foods Europe 88.7 mln vs 78.4 mln
UB Restaurants 10.3 mln vs same
UB Foods U.S. 43.8 mln vs 39.1 mln
Other 3.9 mln vs 3.5 mln
Unallocated costs 8.7 mln vs 8.6 mln
Interest 12.8 mln vs 20.5 mln
Note - full name of company is United Biscuits (Holdings)
Plc
Minority interests 0.1 mln vs same
Extraordinary charges 6.8 mln vs 14.3 mln
Extraordinary charges and credits include -
Surplus on bid for Imperial Group Plc 4.9 mln vs nil
Costs of Philadelphia bakery closure nil vs 19.6 mln
|
training/6350
|
training/6350 |@title lawson:1 expect:1 interest:1 rate:1 fall:1 soon:1 u:1 k:1 |@word chancellor:1 exchequer:1 nigel:1 lawson:3 say:4 expect:1 british:2 interest:2 rate:4 fall:5 soon:1 response:1 fiscal:2 1987:2 88:2 budget:1 much:2 would:1 surprised:1 early:2 radio:1 interview:1 analyst:1 foresaw:1 u:1 k:1 base:2 today:1 one:1 full:1 percentage:2 point:2 announcement:1 yesterday:1 public:1 sector:1 borrowing:1 requirement:1 1988:1 89:1 1:1 0:1 pct:2 gdp:1 four:1 billion:1 stg:1 bank:1 lending:1 half:1 march:1 9:1 current:1 10:1 5:1
|
LAWSON EXPECTS INTEREST RATE FALL SOON
U.K. Chancellor of the Exchequer Nigel
Lawson said he expected British interest rates to fall soon in
response to his fiscal 1987/88 budget, but he did not say by
how much.
'I would be very surprised if there is not a very early
further fall in interest rates,' Lawson said in a radio
interview.
Analysts said they foresaw U.K. Base rates falling as early
as today by as much as one full percentage point after Lawson's
announcement yesterday that the public sector borrowing
requirement in fiscal 1987/88 and 1988/89 was to fall to 1.0
pct of GDP, or some four billion stg.
British banks' base lending rates fell a half percentage
point on March 9 to the current 10.5 pct.
|
training/6352
|
training/6352 |@title thai:1 bank:1 weigh:1 new:1 interest:1 rate:1 cut:1 |@word official:1 five:3 thai:9 commercial:2 bank:14 expect:2 meet:1 tomorrow:1 seek:1 agreement:1 cut:6 interest:4 rate:8 banking:3 source:2 say:8 opt:1 spur:1 domestic:1 loan:5 demand:3 help:1 reduce:3 persistent:1 high:2 liquidity:4 money:4 market:5 many:4 banker:4 urge:1 average:1 half:1 percentage:2 point:4 deposit:4 one:2 lending:2 six:1 major:2 minimum:2 overdraft:1 0:2 50:2 75:1 february:1 16:1 move:1 substantially:1 increase:1 excess:1 hit:1 profit:2 since:1 early:1 last:2 year:5 despite:1 1986:2 current:1 gross:1 7:1 25:1 pct:6 fix:1 11:1 5:1 low:1 decade:1 system:2 saddle:1 40:2 billion:2 baht:2 surplus:2 fund:2 create:1 problem:2 manage:1 effectively:1 fall:1 sharply:1 partly:1 mismatch:1 growth:1 thailand:3 estimate:1 overall:1 grow:2 3:2 8:1 12:1 expansion:1 report:1 possible:1 new:2 round:1 buoy:1 stock:2 week:1 securities:1 exchange:3 set:1 index:1 monday:1 record:1 big:1 daily:1 advance:1 recent:1 shoot:1 4:1 57:1 seven:1 223:1 02:1 broker:1 analyst:1 register:1 gain:1 long:1 remain:1 foreign:3 extend:2 permission:1 local:2 hold:1 position:1 capital:1 regulation:1 beyond:1 april:1 expiry:1 date:1 holding:1 maximum:1 20:1 could:1 add:1 another:1
|
THAI BANKS WEIGH NEW INTEREST RATE CUT
Officials of five Thai commercial banks
are expected to meet tomorrow to seek agreement on cutting
interest rates, banking sources said.
They said they expect Thai banks to opt for a cut to spur
domestic loan demand to help reduce persistent high liquidity
on the money market.
Many bankers have been urging an average half percentage
point cut in deposit rates and a one point cut in lending
rates, they said.
Six major Thai major banks reduced minimum loan and
overdraft rates by 0.50 to 0.75 percentage point on February 16
but the move has not substantially increased loan demand, the
sources said.
Excess liquidity has been hitting bank profits since early
last year despite five interest rate cuts in 1986. The current
gross 7.25 pct interest rate for one-year fixed bank deposit
and the 11.5 pct minimum loan rate are the lowest in a decade.
Bankers said the Thai banking system is saddled with about
40 to 50 billion baht of surplus funds which have created
problems for many banks in managing their money effectively.
Profits of many Thai banks fell sharply last year partly
because of a mismatch of loan demand and bank deposit growth.
The Bank of Thailand estimated overall lending by the Thai
banking system grew 3.8 pct in 1986 against a 12 pct expansion
in bank deposits.
Reports of a possible new round of interest rate cuts have
further buoyed the Thai stock market this week.
The Securities Exchange of Thailand (SET) Index on Monday
recorded its biggest daily advance in recent years, shooting up
4.57 points to a new seven-year high of 223.02.
Brokers and market analysts said Thai stocks will register
more gains as long as liquidity remains in the money market.
Thai and foreign bankers said the liquidity problem will
grow if the Bank of Thailand does not extend permission for
local banks to hold foreign exchange positions up to 40 pct of
bank capital.
If the regulation is not extended beyond its April 3 expiry
date, many commercial banks will have to reduce foreign
exchange holdings to a maximum 20 pct.
Bankers said such that could add another five billion baht
of surplus funds to the local money market.
|
training/6353
|
training/6353 |@title cathay:1 pacific:1 forecast:1 good:1 1987:1 performance:1 |@word cathay:4 pacific:5 airways:1 ltd:2 caph:1 hk:3 forecast:1 another:1 good:3 year:7 1987:2 view:1 growth:2 passenger:5 cargo:2 traffic:1 volume:1 early:3 period:1 airline:3 quantify:1 performance:1 say:2 would:1 take:2 delivery:2 one:2 boeing:2 co:1 ba:1 n:1 747:3 freighter:1 300:2 plane:1 september:1 november:1 respectively:1 last:3 month:1 earlier:1 report:1 58:1 7:1 pct:8 increase:2 1986:3 net:2 profit:1 1:3 23:2 billion:4 h:1 k:1 dlrs:5 announce:1 final:1 dividend:1 14:2 cent:1 share:2 record:2 sharp:1 finance:1 charge:1 124:1 9:2 mln:3 44:1 4:3 spokesman:1 firm:1 link:1 rise:3 two:1 aircraft:1 however:1 company:1 statement:1 return:1 fund:1 place:1 investment:2 manager:1 partly:1 offset:1 high:1 interest:1 cost:1 result:1 additional:1 lease:1 financing:1 borrowing:1 add:1 also:1 see:1 aviation:1 fuel:1 price:1 fall:1 average:1 59:1 gallon:1 6:1 76:1 1985:2 carry:1 total:2 2:1 3:1 85:1 kilometre:1 travel:1 02:1 12:2 56:1 load:1 factor:1 69:1 71:1 0:1 operation:1 21:1 tonnage:1 previous:1 35:1 revenue:1 79:1 float:1 april:1 50:1 swire:1 swpc:1 16:1 43:1 hongkong:1 shanghai:1 banking:1 corp:2 hkbh:1 5:1 china:1 international:1 trust:1
|
CATHAY PACIFIC FORECASTS GOOD 1987 PERFORMANCE
Cathay Pacific Airways Ltd <CAPH.HK>
forecast another good year in 1987 in view of good growth in
both passenger and cargo traffic volumes early this year over
the year-earlier period.
The airline did not quantify its performance in early 1987
but said it would take delivery of one Boeing Co <BA.N> 747
freighter and one Boeing 747-300 passenger plane in September
and November respectively after it took a 747-300 last month.
It earlier reported a 58.7 pct increase in 1986 net profit
to 1.23 billion H.K. Dlrs and announced a final dividend of 14
cents a share.
But Cathay Pacific recorded sharp increases in net finance
charges to 124.9 mln dlrs from 44.4 mln a year.
A spokesman for the firm linked the rise to two aircraft
deliveries in 1986.
However, the company said in a statement good returns from
funds placed with investment managers had partly offset higher
interest costs resulting from additional lease financing and
other borrowing.
It added that the airline last year also saw aviation fuel
prices fall to an average 4.59 dlrs a gallon from 6.76 dlrs in
1985.
Passengers carried by Cathay Pacific totalled 4.2 mln last
year, up from 3.85 in 1985, with the passengers kilometre
travelled rising to 14.02 billion from 12.56 billion. But
passenger load factor was down to 69.1 pct from 71.0 pct.
The airline's cargo operations recorded growth of 21 pct in
total tonnage over the previous year and a 35.9 pct rise in
revenue to 1.79 billion dlrs.
Cathay Pacific floated its shares in April, 1986 and is now
50.23 pct owned by Swire Pacific Ltd <SWPC.HK>, 16.43 pct by
Hongkong and Shanghai Banking Corp <HKBH.HK> and 12.5 pct by
<China International Trust and Investment Corp>.
|
training/6354
|
training/6354 |@title malaysian:1 palm:1 kernel:1 output:1 fall:1 february:1 |@word malaysian:1 palm:3 kernel:2 output:1 fall:1 estimate:2 80:1 500:1 tonne:2 february:4 revise:2 83:2 231:1 originally:1 700:1 january:2 98:1 393:1 1986:1 oil:1 registration:1 licensing:1 authority:1 say:2 stock:1 drop:1 45:1 870:1 55:1 693:1 65:1 100:1 85:1 595:1 last:1 year:1
|
MALAYSIAN PALM KERNEL OUTPUT FALLS IN FEBRUARY
Malaysian palm kernel output fell
to an estimated 80,500 tonnes in February from a revised 83,231
(originally 83,700) in January and 98,393 in February 1986, the
Palm Oil Registration and Licensing Authority said.
Palm kernel stocks dropped to an estimated 45,870 tonnes in
February from a revised 55,693 (65,100) in January and 85,595
in February last year, it said.
|
training/6355
|
training/6355 |@title |@word morgan:2 grenfell:2 1986:2 pretax:2 profit:2 82:4 19:2 mln:4 stg:2 vs:2 68:2
|
Morgan Grenfell 1986 pretax profit 82.19 mln stg vs 68.82 mln
Morgan Grenfell 1986 pretax profit 82.19 mln stg vs 68.82 mln
|
training/6356
|
training/6356 |@title morgan:1 grenfell:1 group:1 plc:1 1986:1 year:1 |@word shr:2 basic:1 39:1 2p:2 vs:7 36:1 0p:2 fully:1 dilute:1 37:1 34:1 3p:1 div:1 7:1 make:1 10:1 5p:2 8:1 pretax:1 profit:1 82:2 19:1 mln:4 stg:1 68:1 tax:1 27:2 25:1 42:1 minority:1 interest:1 986:1 000:4 debit:2 124:1 credit:2 extraordinary:1 item:1 411:1 219:1
|
<MORGAN GRENFELL GROUP PLC> 1986 YEAR
Shr basic 39.2p vs 36.0p
Shr fully diluted 37.2p vs 34.3p
Div 7.0p making 10.5p vs 8.5p
Pretax profit 82.19 mln stg vs 68.82 mln
Tax 27.25 mln vs 27.42 mln
Minority interest 986,000 debit vs 124,000 credit
Extraordinary items 411,000 credit vs 219,000 debit
|
training/6357
|
training/6357 |@title global:1 trading:1 yen:1 bond:1 future:1 expect:1 soon:1 |@word global:2 trading:7 yen:21 bond:28 future:13 around:2 corner:1 expect:4 list:1 soon:1 london:8 international:1 financial:1 futures:1 exchange:2 liffe:8 chicago:3 board:1 trade:3 cbot:4 manager:10 say:17 internationalisation:2 expansion:1 overseas:3 portfolio:1 asset:1 key:2 success:1 katsuyuki:1 okayasu:1 general:3 yamaichi:1 securities:6 co:5 ltd:5 division:2 tokyo:2 base:1 order:1 necessary:1 primary:1 stimulus:1 market:10 tetsuya:1 dezuka:2 deputy:2 money:1 section:1 new:3 japan:4 one:2 active:1 broker:4 healthy:1 growth:2 depend:1 basically:1 substantial:3 liquidity:2 cash:6 become:1 attractive:1 trader:1 dealer:3 outstanding:2 worldwide:1 stand:2 140:1 000:1 billion:3 hold:1 agreement:1 early:4 february:1 mutual:1 settlement:1 link:2 u:5 treasury:1 enable:1 continuous:1 12:1 hour:1 session:2 add:1 move:1 make:2 mind:1 prepare:1 listing:2 receive:1 approval:1 finance:2 ministry:3 last:1 december:3 never:1 take:1 root:1 unless:1 back:1 daily:1 transaction:2 200:1 300:1 extent:1 investor:1 unknown:1 security:6 japanese:3 corporation:1 actively:1 set:2 financing:1 company:1 suggest:1 increasingly:1 engage:1 fund:1 raising:1 management:1 steep:1 increase:2 number:2 branch:1 house:2 grow:1 k:1 come:1 help:1 also:2 likely:2 promote:1 york:2 later:1 year:1 recent:1 removal:1 regulatory:1 obstacle:3 commission:2 allow:1 apply:1 commodity:1 contract:1 ruling:1 remove:1 regulation:1 prohibit:1 designate:1 foreign:1 government:1 debt:1 locate:1 issue:4 country:1 fundamental:1 brokers:1 inc:1 major:2 decide:1 launch:1 broke:1 display:1 system:1 april:3 start:2 evening:1 plan:1 end:1 multiply:1 nomura:1 still:1 problem:1 concern:1 delivery:4 clearing:2 launching:1 koki:1 chiyojima:1 nikko:2 administration:1 big:1 four:1 responsible:1 correspond:1 matter:1 coupon:3 payment:2 either:1 march:1 september:1 june:2 1:1 match:2 month:3 pay:1 january:1 july:1 20:1 pct:1 withhold:1 tax:1 impose:1 interest:2 earn:1 non:1 resident:1 holder:1 deterrent:1 wait:1 amount:1 matching:1 several:1 use:1 cheap:1 deliverable:2 due:1 low:1 rate:1 participant:1 organisation:1 time:1 probable:1 latter:1 half:1 1987:1
|
GLOBAL TRADING IN YEN BOND FUTURES EXPECTED SOON
Global trading of yen bond futures is
just around the corner and they are expected to be listed soon
on the London International Financial Futures Exchange (LIFFE)
and the Chicago Board of Trade (CBOT), bond managers said.
'Internationalisation of the yen through expansion of
overseas portfolios in yen assets is the key to the success of
global trading of yen bond futures,' said Katsuyuki Okayasu,
general manager of Yamaichi Securities Co Ltd's bond division.
'But Tokyo-based orders are necessary for a primary stimulus
for the LIFFE yen bond futures market,' said Tetsuya Dezuka,
deputy general manager of the money market section of New Japan
Securities Co Ltd, one of the most active yen bond brokers in
London.
Healthy growth of yen bond futures markets depends
basically on substantial liquidity in cash yen bond markets
overseas and on the yen becoming attractive to traders there,
dealers said.
Outstanding yen cash bonds worldwide stand at around
140,000 billion yen, with most held in Japan, they said.
An agreement between CBOT and LIFFE in early February on
mutual settlements is expected to link U.S. Treasury bond
futures trading in London and Chicago, enabling a continuous
12-hour session, bond managers here said, adding the move was
made with yen bond futures trading in mind.
LIFFE is preparing for an early listing of yen bond futures
after receiving approval from Japan's Finance Ministry last
December.
But futures markets will never take root unless they are
backed by substantial liquidity in cash bond markets, dealers
said.
Daily transactions in the London yen cash bond market now
stand at 200 to 300 billion yen, but the extent of investor-
linked transactions is unknown, securities bond managers said.
'Japanese corporations have been actively setting up their
financing companies in London, suggesting they increasingly are
engaging in, not only fund raising, but management there,'
Dezuka said.
The steep increase in the number of branches of Japanese
securities houses in London and the growing numbers of U.S. And
U.K. Brokers coming to Tokyo has helped the London market's
growth, dealers said.
Internationalisation of the yen is also likely to be
promoted by yen bond trading in Chicago and New York later this
year, securities managers said.
The recent removal of a key regulatory obstacle by the U.S.
Securities and Exchange Commission will allow the CBOT to apply
to the Commodity Futures Trading Commission for a yen bond
futures contract, they said.
The ruling removed a regulation which prohibited trading
futures of designated foreign government debt securities not
located in the issuing country.
Fundamental Brokers Inc, a major U.S. Brokers' broker, has
decided to launch yen bond broking on its display system in New
York as early as April.
CBOT's start of an evening session, planned for the end of
April, will also multiply yen bond futures trading, a Nomura
Securities Co Ltd bond manager said. But there are still
obstacles to trading on the London market.
'Problems concerning cash bond delivery and clearing are
major obstacles for an early launching at LIFFE,' said Koki
Chiyojima, deputy general manager of Nikko Securities Co Ltd's
bond administration division.
Nikko Securities Co Ltd, one of the big four Japanese
securities houses, is responsible for corresponding with LIFFE
on these matters.
Japan's Finance Ministry will start issuing bonds with
coupon payment of either March and September, or June and
December from April 1, matching futures delivery months.
The ministry now pays coupons in January, June, July and
December. When delivery months and coupon payments do not
match, a 20 pct withholding tax is imposed on interest earned
by non-resident bond holders, a deterrent to LIFFE, securities
managers said.
LIFFE is likely to wait until the outstanding amount of
bonds with matching months increases to over several billion
yen, bond managers said.
These bonds will be used for deliveries, as they are
expected to be the cheapest deliverable issues due to low
interest rates, they said.
Market participants here expect a clearing organisation to
be set up by the time they have substantial deliverable cash
issues, making overseas listings probable in the latter half of
1987.
|
training/6358
|
training/6358 |@title henderson:1 land:1 development:1 co:1 ltd:1 hndh:1 hk:1 |@word six:1 month:1 dec:1 31:1 shr:1 16:1 h:1 k:1 cent:2 vs:4 11:1 interim:1 div:1 seven:1 five:1 net:1 211:1 03:1 mln:4 dlrs:2 138:1 69:1 turnover:1 583:1 83:1 441:1 04:1 note:1 dividend:1 payable:1 may:1 4:1 book:1 close:1 april:1 21:1 27:1
|
HENDERSON LAND DEVELOPMENT CO LTD <HNDH.HK>
Six months to Dec 31.
Shr 16 H.K. Cents vs 11
Interim div seven cents vs five
Net 211.03 mln dlrs vs 138.69 mln
Turnover 583.83 mln dlrs vs 441.04 mln
Note - Dividend payable May 4, books close April 21 to 27.
|
training/6359
|
training/6359 |@title u:1 k:1 money:1 market:1 offer:1 early:1 assistance:1 |@word bank:2 england:1 say:1 invite:1 early:1 round:1 bill:3 offer:1 discount:2 house:1 forecast:1 shortage:1 system:2 around:2 1:3 billion:3 stg:6 money:1 market:2 dealer:1 speculate:1 central:1 could:1 take:3 opportunity:1 signal:1 reduction:1 u:2 k:2 base:2 lending:1 rate:3 cut:2 intervene:1 operator:1 expect:1 today:2 possibly:1 one:1 point:1 follow:1 yesterday:1 budget:1 public:1 sector:1 borrowing:1 target:2 1987:1 88:1 slash:1 three:1 among:1 main:1 factor:1 affect:1 liquidity:1 mature:1 official:1 hand:1 treasury:1 drain:1 11:1 rise:1 note:1 circulation:1 banker:1 balance:1 120:1 mln:3 20:1 respectively:1 partly:1 offset:1 outflow:1 exchequ:1 transaction:1 add:1 140:1
|
U.K. MONEY MARKET OFFERED EARLY ASSISTANCE
The Bank of England said it had invited
an early round of bill offers from the discount houses after
forecasting a shortage in the system of around 1.1 billion stg.
Money market dealers speculated that the central bank could
be taking the opportunity to signal a reduction in U.K. Base
lending rates by cutting the rates at which it intervenes in
the discount market.
Most operators are expecting a base rate cut today,
possibly of one point, following yesterday's budget in which
the U.K. Public sector borrowing target for 1987/88 was slashed
by three billion stg.
Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
some 1.11 billion stg while a rise in note circulation and
bankers' balances below target will take out around 120 mln stg
and 20 mln stg respectively.
Partly offsetting these outflows, exchequer transactions
will add some 140 mln stg to the system today.
|
training/6361
|
training/6361 |@title singapore:1 government:1 take:1 goodwood:1 share:1 |@word singapore:1 government:2 take:1 82:1 mln:2 dlrs:3 worth:1 goodwood:6 park:1 hotel:1 ltd:1 share:1 loan:2 stock:1 certificate:1 belong:1 company:1 chairman:1 khoo:3 teck:1 puat:1 banking:3 source:3 say:3 major:1 shareholder:2 national:1 bank:2 brunei:3 bhd:1 nbb:3 close:1 november:2 authority:1 allege:1 90:1 pct:1 1:1 3:2 billion:1 extend:1 related:1 firm:1 without:1 documentation:1 guarantee:1 security:1 hold:1 commercial:1 affairs:1 investigation:1 department:2 decline:1 comment:1 move:1 aim:1 protect:1 minority:1 secure:1 deposit:2 total:1 87:1 fix:1 balance:1 accrue:1 interest:1 due:1 last:1 accord:1 annual:1 report:1
|
SINGAPORE GOVERNMENT TAKES OVER GOODWOOD SHARES
The Singapore government has taken
over 82 mln dlrs worth of Goodwood Park Hotel Ltd shares and
loan stock certificates belonging to the company's chairman,
Khoo Teck Puat, banking sources said.
Khoo is a major shareholder of the <National Bank of Brunei
Bhd> (NBB), which closed in November after the Brunei
authorities alleged 90 pct of its loans of 1.3 billion Brunei
dlrs had been extended to Khoo-related firms without
documentation or guarantee.
The Goodwood securities are now held by the Commercial
Affairs Investigation Department, the banking sources said. The
department declined to comment.
The government move is aimed at protecting Goodwood's
minority shareholders and securing Goodwood deposits at the
NBB, the banking sources said.
Goodwood had a total of 87.3 mln dlrs in fixed deposits,
bank balances and accrued interest due from NBB as of last
November, according to Goodwood's annual report.
|
training/6362
|
training/6362 |@title bank:2 england:2 signal:2 half:2 point:2 cut:2 short:2 term:2 rate:2 dealers:1 dealer:1 |@word
|
BANK OF ENGLAND SIGNALS HALF POINT CUT IN SHORT TERM RATES - DEALERS
BANK OF ENGLAND SIGNALS HALF POINT CUT IN SHORT TERM RATES - DEALERS
|
training/6364
|
training/6364 |@title bank:2 england:2 say:2 invite:2 borrowing:2 10:2 pct:2 later:2 today:2 |@word
|
BANK OF ENGLAND SAID IT INVITED BORROWINGS AT 10 PCT LATER TODAY
BANK OF ENGLAND SAID IT INVITED BORROWINGS AT 10 PCT LATER TODAY
|
training/6365
|
training/6365 |@title barclays:2 bank:2 say:2 cutting:2 base:2 lending:2 rate:2 10:4 pct:6 5:2 |@word
|
BARCLAYS BANK SAID ITS CUTTING BASE LENDING RATE TO 10 PCT PCT FROM 10.5 PCT.
BARCLAYS BANK SAID ITS CUTTING BASE LENDING RATE TO 10 PCT PCT FROM 10.5 PCT.
|
training/6366
|
training/6366 |@title national:2 westminster:2 bank:2 say:2 cut:2 base:2 rate:2 10:4 pct:4 5:2 |@word
|
NATIONAL WESTMINSTER BANK SAID IT CUTTING BASE RATE TO 10 PCT FROM 10.5 PCT.
NATIONAL WESTMINSTER BANK SAID IT CUTTING BASE RATE TO 10 PCT FROM 10.5 PCT.
|
training/6368
|
training/6368 |@title toyota:1 motors:1 sign:1 purchase:1 agreement:1 pnb:1 |@word state:2 philippine:3 national:1 bank:3 pnb:2 fund:1 toyota:4 motor:2 corp:2 toyo:1 plan:2 purchase:1 bankrupt:1 former:1 local:3 partner:3 manufacturing:1 facility:1 least:1 193:1 mln:3 pesos:3 official:2 tell:1 reporter:1 inform:1 government:2 produce:1 car:2 joint:1 venture:1 propose:1 invest:1 400:1 manufacture:1 spare:1 part:1 item:1 generate:1 100:1 export:1 earning:1 five:1 year:2 banker:1 say:2 today:1 letter:1 intent:1 sign:1 three:1 week:1 ago:1 sale:1 require:1 approval:1 agency:1 charge:1 sell:1 private:1 sector:1 asset:2 take:1 source:1 application:1 likely:1 approve:1 sever:1 tie:1 20:1 delta:2 1984:1 company:1 suffer:1 financial:1 difficulty:1 later:1 foreclose:1
|
TOYOTA MOTORS SIGNS PURCHASE AGREEMENT WITH PNB
The state-owned Philippine National Bank
(PNB) will fund Toyota Motor Corp's <TOYO.T> planned purchase
of its bankrupt former local partner's manufacturing facilities
for at least 193 mln pesos, a bank official told reporters.
Toyota has informed the Philippine government it plans to
produce cars again here in joint venture with a local partner.
It proposes to invest about 400 mln pesos in the
manufacture of car spare parts and other items, and generate
about 100 mln pesos in export earnings over five years.
The banker said today a letter of intent was signed three
weeks ago but the sale requires approval from government
agencies charged with selling private sector assets taken over
by state-owned banks.
Official sources said Toyota's application was likely to be
approved.
Toyota severed ties with its Philippine partner of 20
years, <Delta Motor Corp>, in 1984 because the local company
was suffering financial difficulties. PNB later foreclosed on
Delta's assets.
|
training/6369
|
training/6369 |@title bank:1 england:1 invite:1 borrow:1 10:1 pct:1 |@word bank:5 england:2 say:2 invite:1 discount:1 house:1 wish:1 use:1 borrowing:2 facility:1 1430:1 gmt:1 today:2 rate:5 10:4 pct:4 14:1 day:1 compare:1 present:1 band:1 one:2 deal:1 3:1 8:1 announcement:1 quickly:1 follow:2 barclays:1 national:1 westminster:1 announce:2 half:1 point:2 cut:3 base:3 1:1 2:1 dealer:2 lowering:1 widely:1 expect:2 yesterday:1 u:1 k:1 budget:1 chancellor:1 exchequer:1 nigel:1 lawson:1 three:1 billion:2 stg:2 government:1 public:1 sector:1 target:1 1987:1 88:1 four:1 many:1 market:1 full:1 surprise:1 authority:1 caution:1 add:1
|
BANK OF ENGLAND INVITES BORROWING AT 10 PCT
The Bank of England said it had invited
those discount houses wishing to use borrowing facilities to do
so at 1430 GMT today at a rate of 10 pct for 14 days.
This compares with the Bank's present band one dealing rate
of 10-3/8 pct.
The Bank of England's announcement was quickly followed by
Barclays Bank and National Westminster Bank which announced a
half-point cut in their base rates to 10 pct from 10-1/2 pct.
Dealers said the lowering in base rates had been widely
expected following yesterday's U.K. Budget in which Chancellor
of the Exchequer Nigel Lawson announced a three billion stg cut
in the Government's public sector borrowing target for 1987/88
to four billion stg.
Many in the market had expected a full one point cut in
base rates today but some were not surprised by the
authorities' caution, dealers added.
|
training/6371
|
training/6371 |@title german:1 producer:1 price:1 fall:1 0:1 3:1 pct:1 february:1 |@word west:1 german:1 producer:3 price:5 fall:3 0:2 3:1 pct:6 february:3 january:3 4:3 2:2 last:1 year:2 federal:1 statistics:1 office:2 say:2 rise:2 december:1 first:1 monthly:1 since:1 october:1 1985:1 earlier:1 statistic:1 light:1 heating:2 oil:2 22:1 heavy:1 24:1
|
GERMAN PRODUCER PRICES FALL 0.3 PCT IN FEBRUARY
West German producer prices fell 0.3
pct in February from January and were 4.2 pct below prices in
February last year, the Federal Statistics Office said.
In January, producer prices rose 0.2 pct from December, the
first monthly rise since October 1985, but they were down 4.4
pct from a year earlier.
The Statistics Office said light heating oil producer
prices fell 22 pct in February from January while heavy heating
oil prices fell 24 pct.
|
training/6372
|
training/6372 |@title holzstoff:1 ag:1 ghoz:1 bs:1 1986:1 year:1 |@word net:1 profit:1 25:1 5:1 mln:6 swiss:1 franc:3 vs:4 22:1 2:1 turnover:1 717:1 739:1 cash:1 flow:1 75:1 4:1 58:1 1:1 propose:1 dividend:1 70:1 note:1 company:1 plan:1 one:1 two:1 right:1 issue:1 40:1 000:1 participation:1 certificate:1 nominal:1 50:1 condition:1 yet:1 set:1
|
HOLZSTOFF AG <GHOZ.BS> 1986 YEAR
Net profit 25.5 mln Swiss francs vs 22.2
mln
Turnover 717 mln vs 739 mln
Cash flow 75.4 mln vs 58.1 mln
Proposed dividend 70 francs vs same
Note - Company plans one for two rights issue of 40,000
participation certificates of nominal 50 francs. Conditions not
yet set.
|
training/6373
|
training/6373 |@title veba:1 share:1 placement:1 still:1 expect:1 month:1 |@word sale:3 government:3 25:1 55:1 pct:1 stake:2 veba:5 ag:2 vebg:1 f:2 still:2 expect:1 month:1 banking:1 source:1 closely:1 link:1 transaction:1 say:5 spokesman:1 finance:2 ministry:1 exact:1 date:1 yet:1 set:1 privatisation:1 table:1 second:2 half:2 march:2 however:1 add:2 scandal:2 volkswagen:1 vowg:1 vw:3 currency:2 loss:1 nothing:2 timing:1 minister:1 gerhard:1 stoltenberg:1 federal:1 originally:1 schedule:1 later:1 year:1 may:1 delay:1 affair:1 banker:2 involve:1 placement:2 change:1 planning:1 presume:1 take:1 place:1 would:1 reason:1 postpone:1 issue:1 10:1 mln:1 share:2 day:1 consortium:1 arrange:1 deal:1 complete:1 preparatory:1 work:1 although:1 price:1 decide:1 weak:1 ahead:1 west:1 german:1 stock:1 generally:1 bearish:1 news:1 last:1 week:1 put:1 pressure:1 market:1
|
VEBA SHARE PLACEMENT STILL EXPECTED THIS MONTH
The sale of the government's 25.55 pct
stake in VEBA AG <VEBG.F> is still expected this month, banking
sources closely linked with the transaction said.
A spokesman for the Finance Ministry said no exact date had
yet been set for the privatisation, which the government has
tabled for the second half of March. However, he added a
scandal at Volkswagen AG <VOWG.F>, VW, over currency losses 'has
nothing to do' with the timing of the VEBA sale.
Finance Minister Gerhard Stoltenberg has said the sale of
the Federal government's stake in VW, originally scheduled for
later this year, may be delayed because of the currency affair.
A banker involved in the VEBA placement said 'Nothing has
changed in the planning. I still presume that it will take
place in the second half of March.'
This banker said there would be no reason to postpone the
issue of the 10 mln VEBA shares for a few days. He added that
the consortium which is arranging the deal had completed its
preparatory work, although the price had not been decided.
The VEBA share has been weaker ahead of the placement but
West German stocks have been generally bearish and news of the
VW scandal last week put further pressure on the market.
|
training/6375
|
training/6375 |@title soviet:1 economist:1 say:1 production:1 figure:1 pad:1 |@word lead:1 soviet:4 economist:2 say:4 practice:1 padding:4 figure:4 significantly:2 inflate:1 country:1 industrial:2 production:3 datum:1 accord:1 information:1 state:1 monitoring:1 organ:1 make:1 one:1 half:1 three:1 per:1 cent:1 volume:1 alexei:1 sergeyev:3 tell:1 official:1 newspaper:1 sovetskaya:1 rossiya:1 opinion:1 high:1 work:2 economics:1 institute:1 union:2 academy:1 sciences:1 western:1 year:2 allow:1 certain:1 analyse:1 statistic:1 600:1 mln:1 rouble:2 lose:1 annually:1 raw:1 material:1 industry:1 pay:2 wage:1 bonus:1 fact:1 perform:1 elimination:1 malpractice:1 would:2 save:1 billion:1 social:1 development:1 program:1 2000:1
|
SOVIET ECONOMIST SAYS PRODUCTION FIGURES PADDED
A leading Soviet economist said the
practice of padding figures was significantly inflating the
country's industrial production data.
'According to the information of state monitoring organs,
the padding of figures makes up one-and-a-half to three per
cent of the volume of production,' Alexei Sergeyev told the
official newspaper Sovetskaya Rossiya.
'In my opinion, it is significantly higher,' Sergeyev, who
works at the Economics Institute of the Soviet Union's Academy
of Sciences, said.
Most Western economists have for years allowed for a
certain padding of figures when analysing Soviet statistics for
industrial production.
Sergeyev said about 600 mln roubles was lost annually in
raw material industries by paying wages and bonuses for work
which was not in fact performed.
He said the elimination of figure-padding and other
malpractices would save billions of roubles and would pay for
the Soviet Union's social development program up to the year
2000.
|
training/6376
|
training/6376 |@title sony:1 foresee:1 continue:1 slump:1 earning:1 |@word sony:3 corp:1 sne:1 group:4 net:4 income:2 expect:1 65:2 pct:13 five:4 month:7 end:5 march:3 31:6 period:5 year:11 ago:1 around:2 10:1 billion:9 yen:9 yendollar:1 rate:1 remain:1 present:2 level:2 managing:1 director:1 tsunao:1 hashimoto:4 tell:1 press:1 conference:1 irregular:1 business:1 term:1 financial:2 change:1 run:1 april:2 1:4 current:2 october:1 sale:15 estimate:2 550:1 earlier:7 say:4 company:3 report:1 7:2 three:4 january:1 59:1 2:3 343:1 06:1 6:3 3:2 gloomy:1 profit:4 result:1 recent:1 appreciation:1 dollar:2 sharp:1 drop:1 market:1 price:1 due:2 severe:1 competition:1 home:1 abroad:1 rise:3 26:1 average:1 159:1 reduce:1 total:4 40:1 8:2 mm:2 video:2 camera:1 recorder:2 300:3 000:6 unit:1 unchanged:1 beta:2 format:2 tape:1 vtrs:3 fall:2 350:1 compact:1 disc:1 player:1 450:1 walkman:1 25:1 mln:3 30:1 colour:1 television:1 950:1 one:1 low:1 export:1 china:1 already:1 exceed:1 since:1 beginning:1 fiscal:1 1986:2 overseas:2 account:2 68:1 compare:1 71:1 production:2 35:1 1990:1 20:1 also:1 parent:1 17:1 33:1 400:1 12:1 hope:1 retain:1 least:1 1985:1 86:1 new:1 start:1 1987:1 add:1 make:1 41:1 9:1 november:1 42:1 325:1
|
SONY FORESEES CONTINUED SLUMP IN EARNINGS
Sony Corp <SNE.T> group net income is
expected to be down 65 pct for the five months ending March 31
from the same period a year ago at around 10 billion yen, if
the yendollar rate remains at the present level, managing
director Tsunao Hashimoto told a press conference.
Sony will have an irregular five-month business term ending
March 31, as its financial year will be changed to run from
April 1 to March 31 from the current October 31 year end.
Group sales in the same period are estimated at about 550
billion yen, down five pct from a year earlier, he said.
The company earlier reported net income of 7.65 billion yen
in the three month period ended January 31, down 59.2 pct from
a year earlier, on sales of 343.06 billion, down 6.3 pct.
The gloomy profits and sales resulted from the yen's recent
appreciation against the dollar and a sharp drop in market
prices due to severe sales competition at home and abroad.
The yen rose 26 pct to an average of 159 yen to the dollar,
reducing the company's total sales in the three month period by
40 billion yen, Hashimoto said.
Sales of 8-mm video camera/recorders totalled 300,000 units
in the three months, unchanged from a year earlier, while
Beta-format video tape recorders (vtrs) sales fell to 300,000
from 350,000. Sales of compact disc players rose to 450,000
from 300,000 and those of the Walkman rose to 2.25 mln from
1.30 mln but colour television sales fell to 950,000 from one
mln due to lower exports to China.
Sales of 8-mm vtrs had already exceeded Beta-format vtrs
sales since the beginning of fiscal 1986, Hashimoto said.
Overseas sales accounted for 68.2 pct of the total in the three
months compared with 71.3 pct a year earlier.
Overseas production will account for 35 pct of its total
production in 1990 from the present 20 pct.
Hashimoto also said parent current profit in the five-month
period is estimated at around 17 billion yen, down 33 pct from
a year earlier, on sales of 400 billion, down 12 pct.
Sony is hoping to retain at least 1985/86 levels of group
net profits and sales in the new financial year starting April
1 1987, he added. The company made 41.9 billion yen group net
profit in the year ended November 31 1986, down 42.6 pct from a
year earlier, on sales of 1,325 billion, down 6.7 pct.
|
training/6382
|
training/6382 |@title klm:2 deny:1 press:1 report:1 air:1 atlanta:1 takeover:1 nv:1 |@word royal:1 dutch:2 airlines:1 klm:5 absolutely:1 negotiate:2 takeover:1 u:4 regional:1 carrier:1 air:3 atlanta:2 spokeswoman:3 say:6 comment:1 article:1 lead:1 evening:1 paper:1 nrc:2 handelsblad:2 law:1 require:1 least:1 75:1 pct:1 share:1 airline:1 american:1 firm:1 person:1 add:1 newspaper:1 fly:1 11:1 city:1 fleet:1 five:1 boeing:1 jet:1 passenger:1 capacity:1 110:1 employ:1 400:1 people:1 make:2 loss:1 start:1 talk:2 vendex:3 international:1 nv:1 venn:1 jointly:1 courier:2 service:2 xp:2 express:1 parcel:1 system:1 decline:1 confirm:1 report:1 want:1 buy:1 stake:2 last:1 week:2 minority:1 british:2 iml:1 services:1 group:1 ltd:1 subsidiary:1 commonwealth:1 shipping:1 plc:1 bcom:1 l:1 strengthen:1 position:1 fast:1 grow:1 worldwide:1 door:2 delivery:1 market:1 expect:1 announcement:1 early:1 next:1
|
KLM DENIES PRESS REPORT OF AIR ATLANTA TAKEOVER
NV KLM Royal Dutch Airlines <KLM.AS>
is 'absolutely not' negotiating a takeover of U.S. Regional
carrier Air Atlanta, a KLM spokeswoman said in a comment on an
article in the leading Dutch evening paper NRC Handelsblad.
'U.S. Law requires that at least 75 pct of shares in a U.S.
Airline be owned by American firms or persons,' the spokeswoman
added.
The newspaper said that Air Atlanta, which flies to 11 U.S.
Cities, has a fleet of five Boeing jets with passenger capacity
of 110 and employs 400 people, is making losses.
She said KLM had started talks with Vendex International NV
<VENN.AS> on their jointly owned courier service XP Express
Parcel Systems, but declined to confirm an NRC Handelsblad
report saying it wanted to buy the Vendex stake in XP.
KLM said last week it is negotiating a minority stake in
British courier service <IML Air Services Group Ltd>, a
subsidiary of British and Commonwealth Shipping Plc <BCOM.L>,
to strengthen its position in the fast-growing worldwide
door-to-door delivery market.
The KLM spokeswoman said she expected further announcements
about the talks with Vendex to be made early next week.
|
training/6384
|
training/6384 |@title belgian:1 bank:1 say:1 see:1 slow:1 growth:1 |@word internal:1 report:2 produce:2 belgian:1 national:3 bank:2 foresee:1 country:1 gross:1 product:1 growth:2 fall:1 1987:1 1:1 0:2 pct:3 2:1 3:1 1986:1 independent:1 newspaper:2 le:1 soir:1 say:2 spokesman:1 article:1 basically:1 correct:1 six:1 week:1 ago:1 figure:1 therefore:1 extent:1 date:1 government:1 planning:1 bureau:1 predict:1 9:1 year:1 study:1 publish:1 last:1 month:1
|
BELGIAN BANK SAID TO SEE SLOWER GROWTH
An internal report produced by the
Belgian National Bank foresees the country's gross national
product growth falling in 1987 to 1.0 pct from 2.3 pct in 1986,
the independent newspaper Le Soir said.
A National Bank spokesman said the newspaper article was
basically correct, but that the report was produced six weeks
ago and figures were therefore to some extent out of date.
The government's planning bureau predicted growth of 0.9
pct this year in a study published last month.
|
training/6385
|
training/6385 |@title spain:1 inflation:1 rise:1 0:1 4:1 pct:1 february:1 |@word spain:1 consumer:1 price:1 index:1 rise:2 0:3 4:2 pct:6 february:2 increase:1 7:1 previous:1 month:1 last:2 year:4 national:1 statistics:1 institute:1 figure:1 show:1 inflation:1 six:1 compare:1 government:1 five:1 target:1 1987:1 8:1 3:1
|
SPAIN'S INFLATION RISES 0.4 PCT IN FEBRUARY
Spain's consumer price index rose 0.4
pct in February after increases of 0.7 pct the previous month
and 0.4 pct in February last year, National Statistics
Institute figures show.
Year-on-year inflation was six pct compared with the
government five pct target for 1987. It rose 8.3 pct last year.
|
training/6386
|
training/6386 |@title taiwan:1 buy:1 462:1 000:1 tonne:1 u:1 maize:1 |@word joint:1 committee:2 taiwan:5 maize:2 importer:1 award:1 contract:3 five:1 u:6 company:1 supply:2 total:4 462:1 000:6 tonne:10 delivery:6 may:3 10:8 october:2 spokesman:1 say:1 cigra:1 inc:3 win:2 cargo:1 56:1 price:4 79:1 41:1 dlrs:5 per:4 fob:1 pacific:1 northwest:1 port:1 july:3 5:2 20:2 continental:1 grain:3 co:2 new:2 york:1 receive:2 three:2 shipment:3 143:1 range:1 90:2 95:2 75:1 c:4 f:4 cargill:1 minnesota:1 take:1 two:2 83:1 92:4 00:1 93:3 september:2 25:1 united:1 corp:1 oregon:1 32:1 19:1 30:1 garnac:1 jersey:1 87:1 88:1 29:1 august:1
|
TAIWAN BUYS 462,000 TONNES OF U.S. MAIZE
The joint committee of Taiwan's maize
importers awarded contracts to five U.S. Companies to supply a
total of 462,000 tonnes of maize for delivery between May 10
and October 10, a committee spokesman said.
Cigra Inc won a contract for a cargo of 56,000 tonnes,
priced at 79.41 U.S. Dlrs per tonne fob pacific northwest port,
for delivery on July 5 and 20.
Continental Grain Co of New York received three shipments,
totalling 143,000 tonnes, price ranging from 90.95 to 95.75
U.S. Dlrs per tonne c and f Taiwan for delivery between May 10
and October 10.
Cargill Inc of Minnesota took two shipments, totalling
83,000 tonnes priced between 92.00 and 92.93 U.S. Dlrs per
tonne c and f Taiwan for September 5-20/September 10-25
delivery. United Grain Corp of Oregon won three contracts to
supply 93,000 tonnes priced from 92.32 to 93.19 U.S. Dlrs per
tonne c and f Taiwan for delivery between May 10 and July 30.
Garnac Grain Co Inc of New Jersey received two shipments,
totalling 87,000 tonnes at 88.90 to 92.29 U.S dlrs c and f
Taiwan for delivery between July 10 and August 10.
|
training/6394
|
training/6394 |@title lawson:2 say:2 content:2 current:2 sterling:2 exchange:2 rate:2 |@word
|
LAWSON SAYS HE IS CONTENT WITH CURRENT STERLING EXCHANGE RATE
LAWSON SAYS HE IS CONTENT WITH CURRENT STERLING EXCHANGE RATE
|
training/6398
|
training/6398 |@title lawson:2 say:2 favour:2 gradual:2 approach:2 cut:2 u:2 k:2 interest:2 rate:2 |@word
|
LAWSON SAYS HE FAVOURS GRADUAL APPROACH TO CUTS IN U.K. INTEREST RATES
LAWSON SAYS HE FAVOURS GRADUAL APPROACH TO CUTS IN U.K. INTEREST RATES
|
training/6399
|
training/6399 |@title u:1 k:1 money:1 market:1 shortage:1 forecast:1 revise:1 |@word bank:2 england:1 say:1 revise:1 estimate:1 deficit:1 system:1 today:3 1:3 3:1 billion:2 stg:1 provide:1 assistance:1 market:1 far:1 earlier:1 invite:1 discount:1 house:1 use:1 borrowing:1 facility:1 1430:1 gmt:1 set:1 term:1 10:1 pct:1 14:1 day:1
|
U.K. MONEY MARKET SHORTAGE FORECAST REVISED UP
The Bank of England said it revised up
its estimate of the deficit in the system today to 1.3 billion
stg from 1.1 billion.
The Bank has not provided any assistance to the market so
far today but earlier invited the discount houses to use their
borrowing facilities at 1430 GMT today and set the terms at 10
pct for 14 days.
|
training/64
|
training/64 |@title gulf:1 applied:1 gats:1 sell:1 unit:1 see:1 gain:1 |@word gulf:1 applied:1 technologies:1 inc:1 say:1 sell:1 pipeline:1 terminal:1 operation:1 unit:1 12:1 2:2 mln:2 dlrs:2 record:1 gain:1 9:1 first:1 quarter:1 add:1 federal:1 taxis:1 owe:1 transaction:1 offset:1 operate:1 loss:1 carryover:1
|
GULF APPLIED <GATS> SELLS UNITS, SEES GAIN
Gulf Applied Technologies Inc said it
sold its pipeline and terminal operations units for 12.2 mln
dlrs and will record a gain of 2.9 mln dlrs in the first
quarter.
It added that any federal taxes owed on the transaction
will be offset by operating loss carryovers.
|
training/6400
|
training/6400 |@title lawson:1 happy:1 sterling:1 back:1 late:1 rate:1 cut:1 |@word chancellor:1 exchequer:1 nigel:1 lawson:14 say:18 content:1 current:2 level:6 sterling:3 welcome:1 today:3 announcement:1 half:2 point:2 cut:3 british:1 bank:1 base:2 lending:1 rate:12 10:1 pct:4 however:1 want:1 see:1 gradual:1 approach:1 decline:2 domestic:2 u:4 k:3 interest:8 although:2 optimism:1 financial:4 market:2 may:2 push:1 big:1 move:4 quickly:1 tell:2 briefing:1 economic:2 journalist:2 think:2 rush:1 anything:1 stress:2 theme:1 gradualism:1 steadiness:1 policy:2 acknowledge:1 fall:2 response:1 budget:2 fiscal:1 1987:3 88:3 unveil:1 yesterday:1 parliament:1 set:3 low:2 target:3 key:1 public:1 sector:1 borrowing:3 requirement:1 psbr:2 1:2 0:1 gdp:1 two:4 recent:1 make:1 month:1 form:1 percentage:1 perfectly:1 consistent:1 monetary:2 condition:2 britain:7 support:2 narrow:1 m0:1 money:1 supply:1 aggregate:1 safely:1 inside:1 flucuation:1 band:1 six:1 1986:2 87:2 explicit:1 range:1 broad:1 m3:1 turn:1 question:1 eventually:1 join:2 exchange:1 mechanism:1 european:1 system:1 ems:3 repeat:1 unlikely:1 enter:1 next:1 election:6 keep:1 subject:1 full:3 membership:1 constant:1 review:1 would:3 indicate:1 chief:1 consideration:1 government:6 prime:1 minister:1 margaret:1 thatcher:1 late:1 last:1 year:2 decision:3 whether:1 depend:2 strength:1 economy:1 later:1 country:2 scrap:1 residual:1 capital:1 control:2 denounce:1 wave:1 fever:1 add:2 likely:1 early:2 clear:1 air:1 ideally:1 term:2 event:1 could:2 force:1 premature:1 poll:1 power:1 since:1 1979:1 must:1 call:1 june:2 1988:1 speculation:1 rise:1 either:1 autumn:1 political:3 source:1 basic:1 tax:3 penny:2 right:1 balance:1 economically:1 politically:1 restrict:1 standard:1 surprise:2 many:1 analyst:2 predict:1 treasurys:1 coffer:1 revenue:1 allow:1 reach:1 goal:1 25:1 one:1 praise:1 shrewd:1 advance:1 towards:1 aim:1 seize:1 upon:1 opposition:2 party:2 overtly:1 try:1 bribe:1 electorate:1 much:1 undershoot:1 original:1 assumption:1 7:1 billion:2 stg:2 three:2 return:1 change:2 objective:1 instrument:1 consequently:1 treasury:1 precise:1 consequence:1 relatively:1 high:3 real:2 hurt:1 investment:1 create:1 london:2 role:1 lead:1 centre:2 cause:3 factor:1 relative:1 first:1 credit:1 rest:1 alone:1 due:1 freedom:1 second:1 reason:1 uncertainty:1 propose:1 spending:1 plan:1 labour:1 thirdly:1 long:1 track:1 record:1 inflation:1 japan:1 west:1 germany:1 foresaw:1 become:1 world:1 pre:1 eminent:1 international:1 character:1 favourably:1 place:1 time:1 zone:1 new:1 york:1 tokyo:1
|
LAWSON HAPPY WITH STERLING, BACKS LATEST RATE CUT
Chancellor of the Exchequer Nigel Lawson
said he was content with the current level of sterling and
welcomed today's announcement of a further half point cut in
British bank base lending rates to 10 pct.
However, he said he wanted to see a gradual approach to
declines in domestic U.K. Interest rates, although optimism in
financial markets might push for big moves quickly.
He told a briefing of economic journalists that 'I don't
think we should rush anything.' Lawson stressed the themes of
'gradualism and steadiness' as economic policy.
Lawson acknowledged that today's fall in interest rates
were in response to his budget for fiscal 1987/88, unveiled
yesterday to Parliament and which set a lower target for the
key Public Sector Borrowing Requirement (PSBR) of 1.0 pct of
GDP.
Lawson said the two recent cuts in base rates, both made
this month in the form of half percentage point declines, were
'perfectly consistent' with monetary conditions now in Britain.
He supported that by saying the narrow M0 money supply
aggregate was 'safely inside' its flucuation band of two to six
pct set for both 1986/87 and 1987/88. In his budget, Lawson set
no explicit target range for the broader sterling M3.
Turning to the question of Britain eventually joining the
exchange rate mechanism of the European Monetary System (EMS),
Lawson repeated that 'it is most unlikely we will enter before
the next election.'
He said Britain was keeping the subject of full EMS
membership under constant review. But he would not indicate
what the chief considerations for this were for the government.
Prime Minister Margaret Thatcher late last year said a
decision on whether or not to join depended on the strength of
the U.K. Economy. But she later said such a move depended on
other EMS countries scrapping residual capital controls.
Although Lawson denounced what he said was 'the current wave
of election fever' in Britain, he added: 'It is more likely that
there will be an election this year' than not.
He said he supported an early election only because it
would clear the air. 'Ideally, we (the government) should have a
full term,' but events could force a premature poll, Lawson
said.
The government, which has been in power since 1979, must
call an election by June 1988. Speculation is rising for either
a June or an early autumn election, political sources said.
The decision to cut basic tax by only two pence in 1987/88
'was the right balance, economically and politically,' he said.
Lawson's decision to restrict the fall in the standard rate
of tax to two-pence surprised many analysts, who had predicted
that with Treasurys coffers full of tax revenue would have
allowed the government to reach its goal of 25 pct in one move.
But it was being praised today by political analysts as a
shrewd move which, while advancing towards that aim, could not
be seized upon by opposition parties as overtly trying to bribe
the electorate.
Lawson told journalists he had been surprised by how much
the PSBR had undershot his original assumption of 7.1 billion
stg for 1986/87 -- by some three billion stg.
Returning to changing levels of interest rates, Lawson
stressed that 'they are not an objective (for the government) -
they are an instrument of policy.' Consequently the Treasury had
no precise target for domestic borrowing levels, he said.
But 'there may be interest rate consequences' from changes in
the level of government borrowing, he added.
Lawson said he did not think that the U.K.'s relatively
high level of real interest rates had hurt investment in
Britain.
He said conditions created by London's role as a leading
financial centre had caused sterling interest rates to be
higher in real terms than in other countries.
Three factors had caused the higher level in relative
interest rates in Britain, Lawson said.
First, control of credit in Britain rested on interest
rates alone, due to the freedom of its financial markets.
He said the second reason was political uncertainty caused
by proposed spending plans of the opposition Labour Party.
Thirdly, he said 'we do not have as long a track record of
low inflation' as did the U.S., Japan and West Germany.
Lawson foresaw London becoming the world's pre-eminent
financial centre, because it was more international in
character and more favourably placed in time zones than New
York or Tokyo.
|
training/6402
|
training/6402 |@title dixon:1 56:1 pct:1 cyclops:1 corp:1 |@word dixons:1 group:2 plc:2 dxns:1 l:2 say:4 tender:2 offer:4 common:2 share:10 cyclops:1 corp:2 u:2 expire:2 midnight:1 yesterday:1 accept:1 approximately:1 2:1 3:1 mln:3 company:2 90:2 25:2 dlrs:4 represent:1 54:1 pct:3 outstanding:3 fully:3 dilute:1 basis:1 include:1 already:1 dixon:7 hold:1 total:2 56:1 diluted:2 entitle:1 subscribe:1 authorise:1 unissued:1 unreserved:1 stock:2 cyclop:4 5:1 4:1 waive:1 condition:1 80:2 validly:1 withdraw:1 launch:1 agree:1 384:1 dlr:1 february:1 17:1 year:1 wake:1 unsuccessful:1 battle:1 take:1 k:1 retail:1 store:1 chain:1 woolworth:1 holdings:1 wluk:1 last:2 quote:1 390p:1 night:1 close:1 380p:1 friday:1 cyacq:1 investor:1 form:1 audio:2 video:2 affiliates:1 inc:1 ava:1 citicorp:1 cci:1 would:3 increase:1 price:1 92:1 50:1 00:1 provide:1 confidential:1 information:1 give:1 satisfied:1 right:1 may:1 recover:1 fee:1 expense:1 buy:1 rescind:1 prove:1 invalid:1 schedule:1 march:1 20:1
|
DIXONS HAS 56 PCT OF CYCLOPS CORP
Dixons Group Plc <DXNS.L> said its
tender offer for all of the common shares in <Cyclops Corp> of
the U.S. Expired at midnight yesterday and that it had accepted
approximately 2.3 mln shares in the company at 90.25 dlrs each.
This represents just over 54 pct of the outstanding shares
on a fully diluted basis. But including shares already owned,
Dixons now holds a total of 56 pct of the fully diluted
outstanding shares.
The company said it is now entitled to subscribe for all
the authorised but unissued and unreserved shares of common
stock of Cyclops, which total some 5.4 mln shares, at 90.25
dlrs each.
Dixons said it has waived its condition that 80 pct of the
fully diluted outstanding shares be validly tendered and not
withdrawn.
Dixons launched the agreed 384 mln dlr offer on February 17
this year in the wake of its unsuccessful battle to take over
the U.K. Retail store chain Woolworth Holdings Plc <WLUK.L>.
Dixons shares were last quoted at 390p, up on last night's
close of 380p.
On Friday, <CYACQ Corp>, an investor group formed by
Audio/Video Affiliates Inc <AVA> and Citicorp <CCI>, said it
would increase the price it was offering for all Cyclops shares
to 92.50 dlrs from 80.00 dlrs each if Cyclops would provide it
with confidential information given to Dixons and if it were
satisfied that any rights Dixon might have to recover fees or
expenses from Dixons or to buy Cyclops stock would be rescinded
or proved invalid.
Audio/Video's offer is scheduled to expire March 20.
|
training/6404
|
training/6404 |@title iraq:1 say:1 attack:1 two:1 ship:1 gulf:1 |@word iraq:2 say:2 warplane:1 hit:3 two:1 ship:3 iranian:3 coast:1 attack:3 last:2 night:1 early:1 today:1 plane:1 deal:1 accurate:1 effective:1 blow:1 maritime:2 target:1 return:1 safely:1 base:1 military:1 spokesman:1 tell:1 iraqi:2 new:1 agency:1 ina:1 immediate:1 confirmation:1 persian:1 gulf:3 shipping:3 source:2 confirm:1 march:1 8:1 tanker:1 missile:2 south:1 iran:2 kharg:1 island:1 oil:1 export:1 terminal:1 yesterday:1 report:1 warship:1 set:1 cypriot:1 supertanker:1 pivot:2 fire:2 injury:1 board:1 head:1 emirate:1 fujairah:1 power:1 put:1 18th:1 year:2 extension:1 6:1 1:1 2:1 old:1 war:1
|
IRAQ SAYS IT ATTACKS TWO SHIPS IN GULF
Iraq said its warplanes hit two ships
off the Iranian coast in attacks last night and early today.
The planes 'dealt accurate and effective blows to both
maritime targets before they returned safely to base,' a
military spokesman told the Iraqi new agency INA.
There was no immediate confirmation of the attacks from
Persian Gulf shipping sources.
The last confirmed Iraqi attack on shipping was on March 8,
when an Iranian tanker was hit by a missile south of Iran's
Kharg island oil export terminal.
Gulf shipping sources yesterday reported an Iranian warship
had set the Cypriot supertanker Pivot on fire with a missile.
They said there were no injuries on board and the ship
headed for the Gulf Emirate of Fujairah under its own power
after the fire was put out.
The Pivot was the 18th ship hit this year in the maritime
extension of the 6-1/2 year-old Iran-Iraq war.
|
training/6405
|
training/6405 |@title icco:1 |@word delegate:2 accept:2 principle:2 buffer:2 stock:2 compromise:2 negotiation:2 base:2 icco:1
|
ICCO delegates accept principles of buffer stock compromise as negotiation base
ICCO delegates accept principles of buffer stock compromise as negotiation base
|
training/6406
|
training/6406 |@title new:1 zealand:1 economy:1 forecast:1 improve:1 1987:1 88:1 |@word new:3 zealand:2 inflation:4 interest:4 rate:7 decline:2 balance:4 payment:4 improve:2 significantly:1 fiscal:3 year:4 end:1 march:4 1988:1 institute:2 economic:1 research:1 nzier:5 say:8 independent:1 quarterly:1 issue:1 also:2 revise:1 1987:5 real:2 gross:1 domestic:1 product:1 gdp:3 forecast:8 fall:6 0:1 5:5 pct:15 one:1 drop:1 december:1 government:4 figure:2 show:1 grow:1 annual:2 1:3 8:2 quarter:4 september:2 3:2 4:3 june:3 sharp:1 improvement:3 due:1 mainly:1 tax:2 structure:1 introduction:1 10:1 value:1 add:1 good:1 service:1 expect:7 continue:2 second:2 half:2 1986:6 87:6 tight:1 position:1 change:1 measure:1 consumer:1 price:1 index:3 nine:1 next:2 18:3 2:7 calendar:1 likely:1 give:1 significant:2 scope:1 reduction:1 nominal:1 ease:1 albeit:1 slightly:1 deficit:5 hence:1 call:1 overseas:1 capital:1 away:1 short:1 term:2 remain:1 20:1 25:1 88:4 16:2 long:1 14:1 five:1 bond:1 currently:1 40:2 key:1 indicator:1 30:1 day:1 bank:2 bill:1 26:1 53:1 local:1 dollar:1 depreciate:1 steadily:1 early:2 part:1 come:1 reach:1 57:1 reserve:1 trade:1 weight:1 base:1 basket:1 currency:1 stand:1 around:1 66:1 mark:1 current:2 account:2 7:1 1985:3 86:3 shrink:1 32:1 billion:8 n:1 z:1 dlrs:3 33:1 budget:1 9:1 compare:1 92:1 45:1 condition:1 coming:1 sufficiently:1 subdue:1 contribute:1 marked:1 overall:1 gain:1 economy:1 upon:1 bode:1 well:1 future:1 prospect:1
|
NEW ZEALAND ECONOMY FORECAST TO IMPROVE IN 1987/88
New Zealand's inflation and interest
rates should decline and the balance of payments improve
significantly in the fiscal year to the end of March 1988, the
Institute of Economic Research (NZIER) said.
The independent institute said in its quarterly March issue
that it was also revising its fiscal 1987 real gross domestic
product (GDP) forecast to a fall of 0.5 pct against the one pct
drop forecast in December.
Government figures show GDP grew at an annual 1.8 pct in
the quarter to September and 3.4 pct in the June quarter.
The NZIER said the sharp improvement in the June and
September quarters was due mainly to a new tax structure and
the introduction of a 10 pct value-added goods and services tax
and is not expected to continue in the second half of 1986/87.
The government's tight fiscal position is not expected to
change, it said.
Annual inflation, measured by the consumer price index, is
forecast to fall to nine pct by next March from 18.2 pct in
calendar 1986, it said.
'Falling inflation is likely to give significant scope for
reductions in nominal interest rates; real interest rates are
also expected to ease (albeit slightly) as the balance of
payments deficit and hence the call on overseas capital, falls
away,' the NZIER said.
Short-term interest rates are forecast to remain between 20
and 25 pct until the June quarter, but will decline over the
second half of 1987/88 to between 16 and 18 pct. Long-term
rates are expected to fall to between 14 and 16 pct.
Five year government bond rates are currently 18.40 pct and
the key indicator 30-day bank bills 26.53 pct.
The local dollar is expected to depreciate steadily in the
early part of the coming year and, by next March, reach 57.5 on
the Reserve Bank's trade weighted index, which is based on a
basket of currencies. The index now stands at around 66.4.
'A marked improvement in the balance of payments is
forecast,' the NZIER said. 'The current account deficit is
expected to fall from 7.5 pct of GDP in 1985/86 to 4.5 pct in
1986/87 and 2.5 pct in 1987/88.'
The current account deficit is forecast to shrink to 1.32
billion N.Z. Dlrs in 1987/88 from 2.40 billion in 1986/87 and
3.33 billion in 1985/86.
The 1987/88 budget deficit is forecast to be 2.8 billion
dlrs against an expected 2.9 billion dlrs in 1986/87 and 1.87
billion in 1985/86.
This compares with the government's 1986/87 deficit figure
of 2.92 billion against an earlier forecast of 2.45 billion.
'Conditions in the coming year are sufficiently subdued to
contribute to marked improvements in both the balance of
payments and the rate of inflation ...,' the NZIER said.
'Overall, these are significant gains for the New Zealand
economy and, if they continue to be improved upon, bode well
for future prospects.'
|
training/6407
|
training/6407 |@title icco:1 member:1 accept:1 buffer:1 stock:1 principle:1 |@word international:1 cocoa:3 organization:1 icco:3 producer:2 consumer:2 accept:1 principle:3 compromise:2 proposal:3 buffer:6 stock:6 rule:4 basis:1 negotiation:1 delegate:7 say:7 work:1 group:6 ask:1 executive:1 director:1 kobena:1 erbynn:3 write:1 draft:2 flesh:2 detail:4 assistance:1 representative:1 working:2 break:1 day:1 small:1 five:2 discuss:1 administrative:1 head:1 hammer:1 many:1 difference:1 opinion:1 still:1 iron:1 whenever:1 start:1 get:1 cloud:1 gather:1 one:1 likely:1 present:1 early:1 tomorrow:1 include:1 establish:1 offer:1 system:2 purchase:1 rather:1 post:1 price:1 limit:1 amount:1 non:1 member:1 buy:1 differential:1 pay:1 different:1 variety:1 comprise:1
|
ICCO MEMBERS ACCEPT BUFFER STOCK PRINCIPLES
International Cocoa Organization (ICCO)
producers and consumers accepted the principles of a compromise
proposal on buffer stock rules as a basis for further
negotiation, delegates said.
The buffer stock working group then asked ICCO Executive
Director Kobena Erbynn, who wrote up the draft compromise, to
flesh out details of the principles with the assistance of a
representative group of delegates, they said.
The working group broke up for the day, into a smaller
group of five producers and five consumers to discuss
administrative rules and into the group headed by Erbynn to
hammer out buffer stock rules details, delegates said.
Delegates said many differences of opinion still have to be
ironed out. 'Whenever we start getting into details the clouds
gather,' one delegate said.
Erbynn is likely to present fleshed out details of the
buffer stock rules proposal to the working group early
tomorrow, delegates said.
The principles of the draft proposal included establishing
an offer system for buffer stock purchases rather than a posted
price system, a limit to the amount of non-ICCO member cocoa
that can be bought, and differentials to be paid for different
varieties of cocoa comprising the buffer stock, delegates said.
|
training/6410
|
training/6410 |@title afg:2 wagner:1 brown:1 bid:1 gencorp:1 gy:1 |@word general:8 partners:4 control:2 privately:1 hold:1 wagner:2 brown:2 afg:2 industries:1 inc:4 say:8 start:1 tender:1 offer:10 common:2 share:8 gencorp:12 associate:1 defensive:2 preferred:1 purchase:1 right:4 100:1 dlrs:11 stock:1 close:1 yesterday:1 composite:1 tape:1 trading:1 90:1 50:1 two:3 day:1 newspaper:1 advertisement:1 withdrawal:1 expire:1 april:1 14:1 unless:1 extend:1 condition:3 receipt:2 sufficient:1 financing:1 buy:1 fully:2 diluted:1 basis:1 enough:1 give:1 partner:4 least:1 51:1 pct:1 voting:3 power:1 dilute:1 also:2 redeem:1 satisfied:1 invalidate:1 obtain:1 federal:1 communications:1 commission:1 special:1 temporary:1 authorization:1 allow:1 completion:1 acquisition:2 shares:1 would:3 set:1 trust:1 arrangement:1 pende:1 review:1 long:1 form:1 application:1 fcc:2 approval:1 broadcasting:1 subsidiary:1 partnership:1 management:1 withdraw:2 proposal:1 amend:1 company:3 article:1 incorporation:1 code:1 regulation:1 provide:1 increase:1 authorized:1 classified:1 board:1 director:2 elimination:1 cumulative:1 latter:1 change:1 make:2 harder:1 minority:1 shareholder:2 elect:1 ask:1 list:1 help:1 disseminate:1 22:1 3:2 mln:5 outstanding:1 value:1 2:1 23:1 billion:4 last:1 fall:1 acquire:1 lear:2 siegler:2 1:2 44:1 high:1 bid:2 emerge:1 due:1 complication:1 tax:1 reform:1 act:1 1986:1 eventually:1 go:1 private:1 66:1 involve:1 tire:1 plasticmaking:1 aerospace:1 well:1 broadcast:1 face:1 challenge:2 television:2 12:1 radio:1 station:3 license:2 partly:1 becuase:1 fail:1 inform:1 allegedly:1 improper:1 foreign:1 payment:1 political:1 contribution:1 agree:1 sell:1 new:1 york:1 area:1 wor:1 mca:2 387:1 los:2 angeles:2 khj:1 walt:1 disney:2 co:1 dis:1 217:1 investor:1 group:1 receive:1 103:1 year:1 end:1 november:1 30:1 earn:1 130:1 sale:1 10:1 spokesman:1 come:1 surprise:1 yet:1 position:1 comment:1
|
AFG <AFG>, WAGNER/BROWN BID FOR GENCORP <GY>
<General Partners>, controlled by
privately-held Wagner and Brown and by AFG Industries Inc, said
it has started a tender offer for all common shares of GenCorp
Inc and associated defensive preferred share purchase rights
for 100 dlrs a share.
GenCorp stock closed yesterday in composite tape trading at
90.50 dlrs a share, up two dlrs on the day.
In a newspaper advertisement, General Partners said the
offer and withdrawal rights expire April 14 unless extended.
General Partners said the offer is conditioned on receipt
of sufficient financing to buy all shares on a fully diluted
basis and receipt of enough shares to give General Partners at
least 51 pct voting power, again fully diluted.
It said the offer is also conditioned on GenCorp redeeming
the defensive rights or General Partners being satisfied that
the rights have been invalidated and General Partners obtaining
from the Federal Communications Commission a special temporary
authorization allowing completion of the acquisition of GenCorp
shares.
General Partners said it would set up voting trust
arrangements pending review of its long-form application for
FCC approval of its acquisition of control of GenCorp's
broadcasting subsidiary.
The partnership said the offer is further conditioned on
GenCorp management withdrawing its proposals to amend the
company's articles of incorporation and code of regulations to
provide for an increase in authorized common shares, a
classified board of directors and the elimination of cumulative
voting. The latter two changes would make it harder for
minority shareholders to elect directors.
General Partners said it is asking GenCorp for its
shareholder lists for help in disseminating the offer.
GenCorp has about 22.3 mln shares outstanding, making the
value of the offer about 2.23 billion dlrs.
Last fall, AFG and Wagner and Brown offered to acquire
<Lear Siegler Inc> for about 1.44 billion dlrs but withdrew the
offer when higher bids emerged and due to complications of the
Tax Reform Act of 1986. Lear Siegler eventually went private
for 1.66 billion dlrs.
GenCorp is involved in tire and plasticmaking and aerospace
as well as broadcasting. The company faces challenges to its
two television and 12 radio station licenses, partly becuase it
failed to inform the FCC about allegedly improper foreign
payments and political contributions.
GenCorp has agreed to sell its New York-area television
station WOR to MCA Inc <MCA> for 387 mln dlrs and its Los
Angeles station KHJ to Walt Disney Co <DIS> for 217 mln dlrs.
An investor group challenging the Los Angeles license would
also receive 103 mln dlrs from Disney.
For the year ended November 30, GenCorp earned 130 mln dlrs
on sales of 3.10 billion dlrs.
A GenCorp spokesman said the offer came as a surprise and
the company was not yet in a position to comment on the bid.
|
training/6412
|
training/6412 |@title egypt:1 reject:1 veg:1 oil:1 offer:1 retender:1 |@word egypt:2 reject:2 offer:4 vegetable:1 oil:3 import:1 tender:1 yesterday:1 unspecified:1 amount:1 sunflowerseed:1 cottonseed:1 trader:1 say:2 ask:1 renewal:1 march:1 24:1 exporter:1 prepared:1 material:1 new:1 landed:1 contract:2 term:2 include:1 clause:1 free:1 radioactive:1 contamination:1 submit:1 old:1
|
EGYPT REJECTS VEG OIL OFFERS, TO RETENDER
Egypt rejected all offers at a vegetable
oil import tender yesterday for unspecified amounts of
sunflowerseed oil and/or cottonseed oil, traders said. It has
asked for a renewal of offers on March 24.
Exporters said they were not prepared to offer material on
Egypt's new landed contract terms which include a clause, 'free
from radioactive contamination.' Offers submitted were on old
contract terms, all of which were rejected.
|
training/6413
|
training/6413 |@title texaco:1 tx:1 cease:1 post:1 texas:1 oil:1 price:1 |@word texaco:5 refining:1 market:2 operate:1 subsidiary:1 inc:2 say:4 would:2 cease:1 post:2 crude:4 oil:3 price:2 west:1 texas:1 end:1 month:1 follow:1 decision:1 discontinue:1 purchase:2 lease:3 spokesman:2 houston:1 continue:3 quantity:1 u:1 foreign:1 use:1 refinery:1 system:1 add:1 also:1 trading:1 transport:1 acquire:1 production:2 well:1 company:1 louisiana:1
|
TEXACO <TX> TO CEASE POSTING TEXAS OIL PRICE
Texaco Refining and Marketing, an
operating subsidiary of Texaco Inc, said it would cease to post
crude oil prices for West Texas crudes at the end of this month
following a decision to discontinue purchase of crude oil from
leases, a Texaco spokesman in Houston said.
But it will continue to purchase quantities of U.S. and
foreign crude oil for use in its refinery system, he added.
The spokesman also said Texaco Trading and Transport Inc
would continue to acquire and market Texaco lease production as
well as other lease production. The company will continue to
post a Louisiana price, it said.
|
training/6414
|
training/6414 |@title ivory:1 coast:1 minister:1 delay:1 cocoa:1 talk:1 |@word ivorian:4 agriculture:1 minister:1 denis:2 bra:2 kanon:2 chairman:2 international:1 cocoa:1 organization:1 icco:4 council:3 able:1 open:1 session:2 tomorrow:1 delegate:3 tell:1 reuters:1 arrive:1 sometime:1 later:1 meeting:1 say:3 chair:1 instead:1 vice:1 sir:1 henry:1 grenada:1 official:2 last:1 week:1 due:1 return:1 home:1 funeral:1 ceremony:1 sister:1 president:1 felix:1 houphouet:1 boigny:1 march:1 19:1 22:1
|
IVORY COAST MINISTER DELAYED FOR COCOA TALKS
Ivorian Agriculture Minister Denis Bra
Kanon, chairman of the International Cocoa Organization (ICCO)
council, will not be able to open the council session here
tomorrow, an Ivorian ICCO delegate told Reuters.
He will arrive sometime later during the meetings here, the
delegate said. The council session will be chaired instead by
ICCO vice chairman Sir Denis Henry, the delegate from Grenada,
ICCO officials said.
Ivorian officials last week said Bra Kanon was due to
return home for funeral ceremonies for a sister of Ivorian
President Felix Houphouet-Boigny March 19-22.
|
training/6416
|
training/6416 |@title u:2 real:2 gnp:2 rise:4 revise:2 1:6 pct:4 4th:2 qtr:2 instead:2 3:2 |@word
|
U.S. REAL GNP ROSE REVISED 1.1 PCT IN 4TH QTR INSTEAD OF 1.3 PCT RISE
U.S. REAL GNP ROSE REVISED 1.1 PCT IN 4TH QTR INSTEAD OF 1.3 PCT RISE
|
training/6417
|
training/6417 |@title u:2 gnp:2 price:2 deflator:2 rise:2 0:2 7:2 pct:2 4th:2 qtr:2 unchanged:2 |@word
|
U.S. GNP PRICE DEFLATOR ROSE 0.7 PCT IN 4TH QTR, UNCHANGED
U.S. GNP PRICE DEFLATOR ROSE 0.7 PCT IN 4TH QTR, UNCHANGED
|
training/6419
|
training/6419 |@title matrix:1 science:1 mtrx:1 set:1 stock:1 split:1 |@word matrix:1 science:1 corp:1 say:2 board:1 declare:1 two:1 one:1 stock:3 split:3 six:1 cent:1 per:3 share:3 pre:1 dividend:4 payable:1 may:1 7:1 stockholder:1 record:1 april:1 16:1 company:1 addition:1 ten:1 ct:2 pay:1 january:1 2:1 1987:1 make:1 post:1 annual:1 eight:1
|
MATRIX SCIENCE <MTRX> SETS STOCK SPLIT
Matrix Science Corp said its
board declared a two-for-one stock split and a six-cent per
share (pre stock split) dividend, payable May 7 to stockholders
of record April 16.
The company said the dividend is in addition to the ten cts
per share dividend paid January 2, 1987, making the post stock
split annual dividend eight cts per share.
|
training/6420
|
training/6420 |@title sea:1 galley:1 stores:1 inc:1 seag:1 4th:1 qtr:1 dec:1 28:1 loss:1 |@word shr:2 loss:8 69:1 ct:2 vs:6 1:3 45:1 dlrs:2 net:2 2:1 015:1 000:4 4:2 268:1 revs:2 16:2 6:1 mln:4 9:1 year:1 21:1 59:1 3:1 514:1 839:1 58:1 8:1 61:1
|
SEA GALLEY STORES INC <SEAG> 4TH QTR DEC 28 LOSS
Shr loss 69 cts vs loss 1.45 dlrs
Net loss 2,015,000 vs loss 4,268,000
Revs 16.6 mln vs 16.9 mln
Year
Shr loss 1.21 dlrs vs loss 59 cts
Net loss 3,514,000 vs loss 1,839,000
Revs 58.8 mln vs 61.4 mln
|
training/6421
|
training/6421 |@title coconut:1 oil:1 contract:1 change:1 dutch:1 trader:1 |@word contract:2 term:1 trade:2 coconut:2 oil:5 change:2 long:1 ton:1 tonne:2 effect:1 aug:2 sep:1 onwards:1 dutch:1 vegetable:2 trader:2 say:2 operator:1 already:1 start:1 take:1 account:1 expect:1 report:1 least:1 one:1 sept:1 shipment:1 yesterday:1 federation:1 seed:1 fat:1 association:1 fosfa:1 london:1 previously:1 advise:1 adopt:1 metric:1 system:1 transaction:1 bring:1 commodity:1 line:1
|
COCONUT OIL CONTRACT TO CHANGE - DUTCH TRADERS
Contract terms for trade in coconut
oil are to be changed from long tons to tonnes with effect from
the Aug/Sep contract onwards, Dutch vegetable oil traders said.
Operators have already started to take account of the
expected change and reported at least one trade in tonnes for
Aug/Sept shipment yesterday.
The Federation of Oils Seeds and Fats Associations, FOSFA,
in London said it had previously advised traders to adopt the
metric system for coconut oil transactions to bring the
commodity into line with other vegetable oils.
|
training/6422
|
training/6422 |@title far:1 west:1 financial:1 fwfp:1 buy:1 progressive:1 |@word far:3 west:3 financial:1 corp:1 say:2 saving:3 loan:2 association:2 unit:1 reach:1 agreement:1 principle:1 acquire:1 outstanding:1 stock:1 progressive:2 prsl:1 expect:1 cost:1 transaction:1 exceed:1 15:1 mln:2 dlrs:2 ten:1 branch:1 southern:1 california:1 500:1 asset:1
|
FAR WEST FINANCIAL <FWFP> TO BUY PROGRESSIVE
Far West Financial Corp
said its Far West Savings and Loan Association unit has reached
an agreement in principle to acquire all the outstanding stock
of Progressive Savings and Loan Association <PRSL>.
Far West said it does not expect the cost of the
transaction to exceed 15 mln dlrs.
Progressive Savings has ten branches in Southern California
and about 500 mln dlrs in assets.
|
training/6425
|
training/6425 |@title coastal:1 cgp:1 say:1 transamerican:1 suit:1 frivolous:1 |@word coastal:3 corp:2 say:2 belive:1 two:1 billion:1 dlr:1 suit:2 transamerican:8 natural:2 gas:2 texas:2 state:1 court:6 frivolous:1 without:1 merit:1 company:1 intend:1 toi:1 proceed:1 file:2 reorganization:2 plan:2 u:1 bankruptcy:5 houston:1 yesterday:2 afternoon:1 issue:1 temporary:1 restraining:1 order:1 prohibit:1 take:1 action:1 would:1 interfere:1 jurisdiction:1 ruling:1 affirm:1 right:1 creditor:1 allege:1 coastla:1 attempt:1 unlawfully:1 gain:1 control:1 reserve:1 pipeline:1 system:1 proceeding:1 begin:1 1983:1
|
COASTAL <CGP> SAYS TRANSAMERICAN SUIT FRIVOLOUS
Coastal Corp said it belives the two
billion dlr suit against it by <TransAmerican Natural Gas Corp>
in Texas state court is frivolous and without merit.
The company said it intends toi proceed with filing a
reorganization plan for TransAmerican with the U.S. Bankruptcy
Court in Houston.
Yesterday afternoon, the bankruptcy court issued a
temporary restraining order prohibiting TransAmerican and
Coastal from taking any action in any court that would
interfere with the jurisdiction of the bankruptcy court.
Yesterday's bankruptcy court ruling affirmed Coastal's
rights as a TransAmerican creditor to file a reorganization
plan for TransAmerican.
TransAmerican's suit alleges that Coastla attempted to
unlawfully gain control of TransAmerican's Texas natural gas
reserves and pipeline system.
TransAmerican's bankruptcy proceedings began in 1983.
|
training/6426
|
training/6426 |@title bundesbank:1 see:1 steer:1 steady:1 monetary:1 course:1 |@word bundesbank:6 likely:5 steer:1 steady:2 monetary:1 course:1 next:1 week:3 change:4 credit:5 policy:4 expect:5 tomorrow:1 regular:1 central:5 bank:10 council:2 meeting:1 economist:7 dealer:6 say:15 need:1 action:1 hermann:1 remsperger:2 chief:1 berliner:1 handel:1 frankfurter:1 bhf:1 note:1 exchange:1 rate:12 stable:3 last:3 month:3 group:1 six:2 agreement:2 paris:2 money:14 stock:6 growth:5 still:1 well:3 three:1 pct:5 target:3 zone:1 could:2 rule:1 one:3 market:4 comment:1 president:1 karl:1 otto:1 poehl:2 private:1 seminar:1 duesseldorf:1 two:1 ago:1 hint:1 another:1 interest:3 cut:4 indicate:2 may:1 act:1 condition:1 u:2 pressure:1 west:2 germany:2 ease:1 recede:1 since:1 pact:2 demand:2 emerge:1 fail:1 stimulate:1 economy:1 enough:1 affect:1 massive:1 trade:1 deficit:1 continue:1 strong:1 supply:4 also:2 preclude:1 official:1 grow:1 annualize:1 7:3 5:2 february:1 unchanged:1 january:1 18:1 member:1 worry:1 continued:1 overshoot:1 bind:1 resist:1 move:1 play:1 risk:1 inflation:1 fact:1 remain:4 success:1 return:1 within:1 range:1 later:1 year:2 special:1 factor:1 boost:1 disappear:1 75:2 increase:2 1986:1 cause:1 sharp:1 rise:1 inflow:1 foreign:1 fund:2 trend:1 reverse:1 recently:1 domestic:1 level:1 narrow:1 medium:2 term:2 development:1 scope:1 period:2 little:1 changed:1 call:4 decline:1 3:3 80:2 90:1 95:1 yesterday:1 liquidity:2 soft:1 tax:2 payment:3 behalf:1 customer:1 less:1 far:1 tighten:1 soon:1 full:1 effect:1 major:1 feel:1 federal:1 railways:1 bond:1 burden:1 inject:2 via:1 security:2 repurchase:2 counter:1 tightening:1 monday:2 government:1 recent:1 show:1 clearly:1 want:2 low:1 would:1 first:2 drive:1 relatively:1 minimum:2 reserve:2 asset:1 hold:1 52:1 9:1 billion:3 mark:2 average:1 53:1 16:1 day:1 march:1 requirement:1 around:1 51:1
|
BUNDESBANK SEEN STEERING STEADY MONETARY COURSE
The Bundesbank is likely to steer a
steady monetary course over the next few weeks and a change in
credit policies is not expected at tomorrow's regular central
bank council meeting, bank economists and dealers said.
'There is no need for action,' Hermann Remsperger, chief
economist of Berliner Handels- and Frankfurter Bank (BHF) said.
Others noted that exchange rates are stable after last
month's Group of Six agreement in Paris and central bank money
stock growth is still well above the three to six pct target
zone, so a change in credit policies could be ruled out.
One money market dealer said comments by Bundesbank
President Karl Otto Poehl at a private seminar in Duesseldorf
two weeks ago hinting at another interest rate cut only
indicated the Bundesbank might act if conditions changed.
Bank economists said U.S. Pressure on West Germany to
further ease credit policies had receded since the Paris pact.
But such demands could re-emerge if West Germany failed to
stimulate its economy enough to affect the massive U.S. Trade
deficit.
Remsperger said continued strong money supply growth also
precluded a further cut in official interest rates.
Central bank money stock was growing at an annualized 7.5
pct in February, unchanged from the 7.5 pct in January.
Economists said some of the 18 members of the central bank
council were worried about the continued overshoot in the money
supply target and were bound to resist any moves to cut rates.
But Poehl played down the risk of inflation.
Economists said the fact that money stock growth remained
stable last month was a success. Some said it was likely to
return to within the target range later this year.
'The special factors which boosted money supply growth last
year are disappearing,' one economist said.
He said some 75 pct of the money supply increase in 1986
was caused by a sharp rise in the inflow of foreign funds.
This trend had been reversed recently and with domestic
credit demand likely to remain at steady levels, money stock
growth was expected to narrow in the medium-term.
These developments were increasing the Bundesbank's scope
for a rate cut in the medium-term, economists said.
Money market dealers said period rates remained little
changed, indicating no change in credit policy was expected.
Call money rates declined to 3.75/80 pct from 3.90/95
yesterday, with the market well stocked with liquidity.
Dealers said call money was soft because tax payments on
behalf of customers had been less than expected so far. But
rates were likely to tighten again as soon as the full effect
of this month's major tax payment period is felt. Payments for
the federal railways bond are also likely to burden the market.
The Bundesbank did not inject liquidity via a securities
repurchase agreement this week, but countered a tightening in
rates on Monday by injecting funds through government-owned
banks.
Dealers said recent securities repurchase pacts had shown
the Bundesbank clearly wanted call money rates stable at 3.80.
One dealer said, 'If the central bank wanted lower interest
rates, it would first of all drive call money rates down.'
Banks remained relatively well stocked with minimum reserve
assets. They held 52.9 billion marks in minimum reserves on
Monday, averaging 53.7 billion marks over the first 16 days of
March. A requirement of around 51 billion is expected.
|
training/6427
|
training/6427 |@title u:1 real:1 gnp:1 rise:1 1:2 pct:1 fourth:1 quarter:1 |@word u:1 gross:1 national:1 product:1 remove:1 impact:1 inflation:1 increase:4 revise:2 annual:1 rate:1 1:4 pct:4 fourth:6 quarter:10 commerce:1 department:2 say:2 early:1 preliminary:1 3:2 rise:3 estimate:3 month:1 ago:1 2:4 1985:2 final:2 revision:3 however:1 leave:1 unchanged:1 previous:1 5:2 gnp:2 1986:1 partly:1 reflect:1 downward:1 inventory:1 total:1 decrease:3 28:1 billion:6 dlrs:7 also:1 indicate:1 personal:1 consumption:1 spending:1 39:1 6:1 third:3 export:1 good:1 service:1 15:1 decline:1 9:2 4:1 import:1 700:1 mln:1 contrast:1 20:1
|
U.S. REAL GNP ROSE 1.1 PCT IN FOURTH QUARTER
The U.S. Gross National Product,
after removing the impact of inflation, increased at a revised
annual rate of 1.1 pct in the fourth quarter, the Commerce
Department said.
That was down from an earlier preliminary 1.3 pct rise
estimated a month ago and down from the 2.1 pct rise in the
fourth quarter of 1985.
The final fourth quarter revision, however, left unchanged
the previous estimate of a 2.5 pct increase in GNP for all of
1986 over 1985.
The revised estimate for fourth quarter GNP partly
reflected a downward revision in inventories to a total
decrease of 28.5 billion dlrs in the fourth quarter, the
department said.
The revisions also indicated personal consumption spending
decreased 2.2 billion dlrs in the fourth quarter after an
increase of 39.6 billion dlrs in the third quarter.
Exports of goods and services rose 15.3 billion dlrs after
a decline of 9.4 billion dlrs in the third quarter. Imports
decreased 700 mln dlrs in the final quarter, in contrast to an
increase of 20.9 billion dlrs in the third quarter.
|
training/6428
|
training/6428 |@title japan:1 telecom:1 merger:1 could:1 involve:1 u:2 k:1 firm:1 |@word cable:3 wireless:3 plc:1 cawl:1 l:1 pacific:2 telesis:2 group:2 pac:1 n:2 may:2 take:1 part:1 propose:1 merger:2 two:5 rival:2 firm:4 seek:1 enter:2 japan:2 international:3 telecommunications:2 market:4 senior:1 industry:2 official:1 say:4 fumio:1 watanabe:3 head:2 telecommunication:1 committee:1 federation:1 economic:1 organisation:1 keidanren:1 tell:1 news:1 conference:1 japanese:4 shareholder:2 consortium:5 agree:2 u:1 british:1 company:3 invite:1 participate:1 new:1 merged:1 plan:1 linkup:1 satisfy:1 tokyo:1 request:1 one:3 private:2 digital:1 communications:1 planning:1 inc:2 idc:2 telecom:1 itj:2 set:1 1986:1 compete:1 monopoly:1 kokusai:1 denshin:1 denwa:1 co:3 kdd:1 deregulate:1 1985:1 post:1 ministry:1 want:1 competitor:1 time:1 size:1 telcommunication:1 foreign:2 investor:1 allow:1 hold:2 minority:1 stake:2 estimate:1 share:1 merge:1 less:1 three:1 pct:4 add:2 even:1 large:1 could:1 five:1 trading:2 house:2 c:1 itoh:1 20:1 merrill:1 lynch:1 mer:1 jointly:1 13:1 several:1 include:1 toyota:1 motor:1 corp:1 toyo:1 belong:1 progress:1 make:1 towards:1 agreement:1 government:1 invest:1 excessive:1 amount:1 talk:1 amp:1 continue:1 week:1
|
JAPAN TELECOM MERGER COULD INVOLVE U.K.,U.S. FIRMS
Cable and Wireless PLC <CAWL.L> and the
Pacific Telesis group <PAC.N> may take part in a proposed
merger of two rival firms seeking to enter Japan's
international telecommunications market, a senior industry
official said.
Fumio Watanabe, head of a telecommunications committee with
the Federation of Economic Organisations (Keidanren), told a
news conference Japanese shareholders in the two consortiums
agreed that the U.S. And British companies will be invited to
participate in the new merged firm.
The planned linkup will satisfy Tokyo's request that only
one private company should enter the market.
The two consortiums, <International Digital Communications
Planning Inc> (IDC) and <International Telecom Japan> (ITJ),
were set up in 1986 to compete with monopoly <Kokusai Denshin
Denwa Co> (KDD) after the market was deregulated in 1985.
Watanabe said the Post and Telecommunications Ministry
wanted only one competitor for the time being because of the
size of the Japanese telcommunications market and that foreign
investors will only be allowed to hold a minority stake.
He estimated the two foreign firms' share in the merged
consortium at less than three pct and added that even the
largest shareholders could own only some five pct .
Cable and Wireless and Japanese trading house <C. Itoh and
Co.> each have a 20 pct stake in the IDC consortium while
Pacific Telesis and Merrill Lynch and Co. Inc. <MER.N> jointly
hold 13 pct .
ITJ is headed by a rival group of trading houses. Several
firms including Toyota Motor Corp. <TOYO.T> belong to both.
Watanabe said progress was being made towards a merger
agreement and added that Japanese industry agreed with the
government on having only one private consortium as two
companies might invest 'excessive' amounts.
He said talks with Cable & Wireless will continue this
week.
|
training/6430
|
training/6430 |@title ferruzzi:1 negotiate:1 european:1 acquisition:1 |@word italy:1 gruppo:1 ferruzzi:5 advanced:1 stage:1 negotiation:1 could:1 result:1 acquisition:1 worth:1 hundred:1 billion:1 lira:1 european:2 agro:1 industrial:1 sector:1 company:4 spokesman:5 tell:2 reuters:2 decline:1 identify:1 party:2 involve:1 talk:2 whether:1 complete:1 takeover:1 discussion:1 say:3 italian:2 newspaper:1 report:2 study:1 possibility:2 advance:1 offer:1 13:1 cereal:1 processing:1 plant:2 u:2 group:1 cpc:3 international:1 inc:1 n:1 incorrect:1 evaluate:1 attention:1 moment:1 decisively:1 another:1 direction:1 respond:1 economic:1 daily:1 il:1 sole:1 24:1 ore:1 consider:1 possible:1 bid:2 hope:1 conclude:1 currently:1 underway:1 couple:1 month:2 since:1 k:1 government:1 last:1 block:1 acquire:1 british:1 sugar:1 plc:1 look:1 investment:1 opportunity:1
|
FERRUZZI NEGOTIATING EUROPEAN ACQUISITION
Italy's <Gruppo Ferruzzi> is in the
advanced stages of negotiations that could result in an
acquisition worth 'some hundreds of billions of lire' in the
European agro-industrial sector, a company spokesman told
Reuters.
The spokesman declined to identify the other party or
parties involved in talks, or whether a complete takeover was
under discussion, but said an Italian newspaper report that
Ferruzzi was studying the possibility of advancing an offer for
13 European cereal processing plants owned by the U.S. Group
CPC International Inc <CPC.N> was incorrect.
The spokesman said that possibility had been evaluated by
Ferruzzi but that the company's attention at the moment was
'decisively in another direction.'
The spokesman, responding to a report in the Italian
economic daily Il Sole-24 Ore that Ferruzzi was considering a
possible bid for the CPC plants, told Reuters his company hoped
to conclude the talks currently underway in a couple of months.
The spokesman said that since the U.K. Government last
month blocked Ferruzzi's bid to acquire <British Sugar Plc>,
the company had been looking at other investment opportunities.
|
training/6432
|
training/6432 |@title malaysia:1 cut:1 oil:1 output:1 trader:1 say:1 |@word malaysia:7 state:1 oil:3 company:1 petronas:3 cut:3 production:4 420:1 000:4 barrel:2 per:1 day:1 bpd:3 may:1 1:1 trade:1 source:4 say:9 510:2 target:2 output:4 10:3 pct:3 last:1 september:1 support:1 opec:1 move:1 boost:1 price:4 late:1 would:3 reduce:4 17:1 5:1 1986:1 level:1 february:1 maintain:2 cutback:3 mid:1 1987:3 however:2 finance:1 ministry:2 annual:1 report:1 crude:4 expect:1 rise:2 average:2 forecast:1 assume:1 13:1 dlrs:3 bbl:4 enough:1 permit:1 benchmark:1 tapis:1 blend:1 fetch:1 18:1 year:1 low:1 50:1 july:1 trader:1 reduction:1 add:1 tight:1 spot:2 availability:2 asian:1 grade:1 cause:1 indonesian:1 chinese:1 also:1 help:1 concern:1 buyer:1 want:1 term:2 purchase:1 due:1 cheap:1 alternative:1 addition:1 sale:2 offer:1 two:1 three:1 400:1 cargo:1 malaysian:1 month:1 tender:1 practice:1 likely:1 dwindle:1 give:1 scale:1
|
MALAYSIA TO CUT OIL OUTPUT FURTHER, TRADERS SAY
Malaysia's state oil company Petronas
will cut oil production to 420,000 barrels per day (bpd) from
May 1, trade sources said.
Malaysia cut its 510,000 bpd target output by 10 pct last
September to support Opec moves to boost prices, and the latest
cut would reduce output by 17.5 pct from 1986's target level.
Petronas said in February that Malaysia would maintain its
10 pct production cutback until mid-1987.
However, the Finance Ministry said in its annual report
that Malaysia's crude oil output was expected to rise to an
average 510,000 bpd in 1987.
The ministry's forecast assumed average 1987 crude prices
at 13 dlrs/barrel (bbl), but prices have risen enough to permit
further production cutbacks, the sources said.
Malaysia's benchmark Tapis blend fetched above 18 dlrs/bbl
this year against a low of 10.50 dlrs/bbl in July, they said.
Traders said further reductions by Malaysia would add to
the tight spot availabilities of Asian grades caused by reduced
Indonesian and Chinese crude output.
The cutback will also help Malaysia maintain prices, as
there is concern some buyers want to reduce term purchases due
to the availability of cheaper alternatives, the sources said.
In addition to term sales, Petronas has been offering two
to three 400,000 bbl spot cargoes of Malaysian crude each month
for sale through tender, the sources said.
However, this practice is likely to dwindle given the
reduced scale of production, they said.
|
training/6433
|
training/6433 |@title intercare:1 care:1 say:1 acquisition:1 terminate:1 |@word intercare:3 inc:2 say:5 agree:1 terminate:1 propose:3 acquisition:1 universal:2 care:2 first:1 jersey:1 securities:1 withdraw:1 underwriter:1 offering:3 security:1 company:2 raise:1 7:1 500:2 000:5 dlrs:4 work:2 capital:3 sale:1 equity:1 debt:2 would:2 also:1 finance:1 1:2 897:1 dlr:1 cash:1 portion:1 purchase:1 price:1 addition:1 700:1 use:1 repay:1 date:1 incur:1 expense:2 connection:1 improve:1 position:1 plan:1 reduce:1 operating:1 decrease:1 hour:1 operation:1 workforce:1 sell:1 asset:1 october:1 31:1 copmpany:1 working:1 deficit:1 2:1 301:1 pro:1 forma:1 basis:1 include:1 recently:1 acquire:1 u:1 medical:1 enterprises:1
|
INTERCARE <CARE> SAYS ACQUISITION TERMINATED
InterCare Inc said it has
agreed to terminate the proposed acquisition of <Universal
Care> because <First Jersey Securities> has withdrawn as
underwriter for a proposed offering of InterCare securities.
The company said the offering was to have raised 7,500,000
dlrs for working capital through the sale of equity and debt
and would have also financed the 1,897,000 dlr cash portion of
the Universal Care purchase price. In addition, 1,700,000 dlrs
would have been used to repay debt.
InterCare said to date it has incurred about 500,000 dlrs
in expenses in connection with the proposed offering.
The company said to improve its working capital position,
it plans to reduce operating expenses by decreasing hours of
operation and its workforce and selling some assets.
As of October 31, the copmpany said it had a working
capital deficit of 2,301,000 dlrs, on a pro forma basis to
include recently acquired U.S. Medical Enterprises Inc.
|
training/6434
|
training/6434 |@title rank:1 organisation:1 current:1 trading:1 satisfactory:1 |@word rank:7 organisation:1 plc:1 l:1 say:4 trading:2 current:1 year:2 continue:2 satisfactorily:1 take:1 account:1 seasonal:1 fluctuations:1 association:1 company:1 xerox:1 ltd:1 indicate:1 improved:1 performance:1 statement:1 issue:1 annual:1 meeting:1 plan:1 spend:2 15:1 mln:4 stg:2 refurbish:1 odeon:1 cinema:1 chain:1 film:2 distributor:1 unit:1 commit:1 20:1 secure:1 international:1 distribution:1 right:1 investment:1 new:1 activity:1 1987:1 relatively:1 high:1 level:1 exploit:1 opportunity:1 growth:1 exclude:1 possibility:1 make:1 large:1 well:1 small:1 acquisition:1 end:1 october:1 report:1 rise:1 pretax:1 profit:1 164:1 1:1 136:1 0:1 previously:1 share:1 firm:1 morning:1 quote:1 712p:1 1320:1 gmt:1 697p:1 last:1 night:1 close:1
|
RANK ORGANISATION CURRENT TRADING SATISFACTORY
Rank Organisation Plc <RANK.L> said
trading in the current year had continued satisfactorily taking
into account seasonal fluctuations.
Association companies, such as <Rank-Xerox Ltd>, indicated
an improved performance, a statement issued at the annual
meeting said.
It said it planned to spend some 15 mln stg on refurbishing
its Odeon cinema chain and the Rank Film Distributors unit was
committed to spending 20 mln to secure international
distribution rights of films.
Investment in new activities in 1987 should continue at a
relatively high level to exploit opportunities for growth. Rank
said it did not exclude the possibility of making large as well
as small acquisitions.
In the year to end-October, Rank reported a rise in pretax
profits to 164.1 mln stg from 136.0 mln previously.
Rank shares firmed in morning trading to be quoted at 712p
at 1320 GMT after 697p at last night's close.
|
training/6435
|
training/6435 |@title harcourt:2 brace:2 set:2 march:2 30:2 deadline:2 harper:2 row:2 bid:2 |@word
|
HARCOURT BRACE SETS MARCH 30 DEADLINE IN HARPER AND ROW BID
HARCOURT BRACE SETS MARCH 30 DEADLINE IN HARPER AND ROW BID
|
training/6436
|
training/6436 |@title ship:1 hold:1 calcutta:1 |@word 10:1 indian:1 ship:4 hold:1 calcutta:2 port:2 four:1 day:1 industrial:1 action:2 local:2 seaman:1 spokesman:2 shipowners:1 association:1 insa:1 say:4 dispute:2 prevent:1 crewman:1 sign:1 affect:1 foreign:2 international:1 crew:1 docking:1 export:1 tea:1 jute:1 import:1 machinery:1 crude:1 oil:1 petroleum:1 product:1 may:1 also:1 suffer:1 dock:1 worker:1 join:1 shipping:1 corporation:1 india:2 sci:1 ask:1 avoid:1 national:1 union:1 seafarers:1 president:1 leo:1 barne:1
|
SHIPS HELD UP AT CALCUTTA
Some 10 Indian ships have been held up
at Calcutta port after four days of industrial action by local
seamen, a spokesman for the shipowners' association INSA said.
The dispute has prevented local crewmen signing on and off,
but has not affected foreign ships with international crews
docking at Calcutta, which exports tea and jute and imports
machinery, crude oil and petroleum products, the spokesman
said.
Foreign ships may also suffer if dock workers join the
action, he said. The Shipping Corporation of India (SCI) has
asked its ships to avoid the port until the dispute is over,
National Union of Seafarers in India president Leo Barnes said.
|
training/6437
|
training/6437 |@title coopervision:1 inc:1 eye:1 1st:1 qtr:1 jan:1 31:1 net:1 |@word shr:1 3:1 65:1 dlrs:3 vs:4 33:1 ct:1 net:3 82:1 5:1 mln:7 7:2 300:1 000:2 sale:2 94:1 4:2 85:1 avg:1 shrs:1 22:1 6:1 21:1 note:1 current:1 year:2 include:2 pretax:1 gain:1 175:1 2:1 ophthalmic:1 business:1 loss:2 17:1 9:1 posttax:1 repurchase:1 debt:1 prior:1 120:1 dlr:1 discontinue:1 operation:1
|
COOPERVISION INC <EYE> 1ST QTR JAN 31 NET
Shr 3.65 dlrs vs 33 cts
Net 82.5 mln vs 7,300,000
Sales 94.4 mln vs 85.4 mln
Avg shrs 22.6 mln vs 21.7 mln
NOTE: Current year net includes pretax gain 175.2 mln dlrs
on sale of ophthalmic business and loss 17.9 mln dlrs posttax
from repurchase of debt.
Prior year net includes 120,000 dlr loss from discontinued
operations.
|
training/6438
|
training/6438 |@title coopervision:1 eye:1 delay:1 annual:1 meeting:1 |@word coopervision:3 inc:1 say:3 delay:1 annual:1 meeting:2 june:1 22:1 may:1 14:1 allow:1 board:1 review:1 possible:2 recapitalization:2 option:1 today:1 report:1 first:1 quarter:1 net:3 income:4 64:1 6:1 mln:6 dlrs:5 175:1 2:1 dlr:3 pretax:1 gain:1 sale:5 ophthalmic:2 business:4 johnson:4 jnj:1 260:1 cash:2 17:1 9:1 posttax:1 charge:1 debt:1 repurchase:1 94:1 4:2 year:2 earlier:1 earn:1 7:1 300:1 000:2 120:1 loss:2 discontinue:1 operation:1 85:1 company:2 aggressive:1 program:1 investment:1 spending:1 maintain:1 increase:2 market:1 share:1 two:1 core:1 accelerate:1 growth:1 hold:2 back:2 operate:1 near:1 future:1 furthermore:1 entire:1 proceed:1 recent:1 several:1 employ:2 reduce:1 indebtedness:1 make:1 strategic:1 acquisition:1 otherwise:1 relation:1 recovery:1 particularly:1 tax:1 pharmaceutical:1 sell:1
|
COOPERVISION <EYE> DELAYS ANNUAL MEETING
CooperVision Inc said it has
delayed its annual meeting to June 22 from May 14 to allow its
board to review possible recapitalization options before the
meeting.
CooperVision today reported first quarter net income of
64.6 mln dlrs, after a 175.2 mln dlr pretax gain from the sale
of its ophthalmic business to Johnson and Johnson <JNJ> for 260
mln dlrs in cash and a 17.9 mln dlr posttax charge from a debt
repurchase. Sales were 94.4 mln dlrs. A year earlier it
earned 7,300,000 dlrs after a 120,000 dlr loss from
discontinued operations, on sales of 85.4 mln dlrs.
The company said an aggressive program of investment
spending to maintain or increase market shares its its two core
businesses will accelerate sales growth this year but hold back
increases in operating income in the near future.
CooperVision said 'Furthermore, until the entire net cash
proceeds from the recent sales of several of our businesses are
employed to reduce indebtedness, make strategic acquisitions
and/or are otherwise employed in relation to a possible
recapitalization of the company, recovery of net income will be
held back by the loss, particularly of the tax income, of the
(ophthalmic) pharmaceutical business sold to Johnson and
Johnson.'
|
training/6440
|
training/6440 |@title great:2 atlantic:2 pacific:2 tea:2 co:2 4th:2 qtr:2 oper:2 shr:2 55:2 ct:4 vs:2 36:2 |@word
|
GREAT ATLANTIC AND PACIFIC TEA CO 4TH QTR OPER SHR 55 CTS VS 36 CTS
GREAT ATLANTIC AND PACIFIC TEA CO 4TH QTR OPER SHR 55 CTS VS 36 CTS
|
training/6441
|
training/6441 |@title mobex:1 say:1 87:1 pct:1 grant:1 gtx:1 tender:1 |@word mobex:2 corp:1 say:2 2:2 088:1 461:1 grant:1 industries:1 inc:1 common:1 share:2 87:1 pct:1 4:1 mln:1 outstanding:1 tender:1 response:1 offer:2 company:1 7:1 75:1 dlrs:1 stock:1 extend:1 2000:1 est:1 march:2 23:1 2400:1 17:1
|
MOBEX SAYS ABOUT 87 PCT OF GRANT <GTX> TENDERED
Mobex Corp said 2,088,461 Grant
Industries Inc common shares, about 87 pct of the 2.4 mln
outstanding, have been tendered in response to Mobex's offer.
The company said its offer of 7.75 dlrs a share for the
stock has been extended to 2000 EST March 23 from 2400 March 17.
|
training/6442
|
training/6442 |@title harcourt:1 brace:1 hbj:1 set:1 harper:1 hpr:1 deadline:1 |@word harcourt:5 brace:4 jovanovich:1 inc:2 say:4 tell:1 harper:8 row:8 publishers:1 representative:1 intend:1 withdraw:1 proposal:1 acquire:2 50:1 dlrs:2 per:2 share:2 cash:1 party:1 make:1 satisfactory:2 progress:1 discussion:1 close:1 business:1 march:1 30:1 wish:1 put:1 undue:1 pressure:1 also:1 fairness:1 shareholder:1 allow:1 offer:4 magnitude:1 lie:1 table:1 long:1 three:1 senior:1 officer:1 investment:2 banker:2 meet:1 yesterday:1 discuss:2 pursue:1 acquisition:1 mutually:1 merger:2 agreement:1 negotiate:1 last:1 week:1 group:2 form:1 theodore:1 cross:1 34:1 hold:1 six:1 pct:2 addition:1 new:1 world:1 pictures:1 ltd:1 nwp:1 holder:1 4:1 5:1
|
HARCOURT BRACE <HBJ> SETS HARPER <HPR> DEADLINE
Harcourt Brace Jovanovich Inc
said it has told Harper and Row Publishers Inc representatives
that it intends to withdraw its proposal to acquire Harper and
Row for 50 dlrs per share in cash if the parties have not made
satisfactory progress in discussions by the close of business
on March 30.
Harcourt Brace said, 'We do not wish to put undue pressure
on Harper and Row, but we also, in fairness to our own
shareholders, cannot allow an offer of such magnitude to lie on
the table too long.'
Harcourt said three of its senior officers and its
investment bankers met yesterday with investment bankers for
Harper and Row to discuss the Harcourt Brace offer.
Harcourt Brace said it will only pursue the acquisition if
a mutually-satisfactory merger agreement can be negotiated.
Last week, a group formed by Theodore Cross offered to
acquire Harper and Row for 34 dlrs per share. The group held
about six pct of Harper and Row.
In addition, New World Pictures Ltd <NWP>, holder of 4.5
pct of Harper and Row, had offered to discuss a merger with
Harper and Row.
|
training/6443
|
training/6443 |@title dixons:1 group:2 say:2 accept:2 54:2 pct:2 cyclop:2 share:2 tender:2 dixon:1 |@word
|
DIXONS GROUP SAID IT ACCEPTS 54 PCT OF CYCLOPS SHARES IN TENDER
DIXONS GROUP SAID IT ACCEPTS 54 PCT OF CYCLOPS SHARES IN TENDER
|
training/6445
|
training/6445 |@title bankers:1 trust:1 issue:1 stg:1 dlr:1 currency:1 warrant:1 |@word bankers:2 trust:2 international:1 ltd:1 say:1 issue:2 200:1 000:1 stg:3 call:1 dlr:2 put:1 currency:1 warrant:5 initial:1 offer:1 price:1 31:1 25:1 dlrs:2 per:1 guarantee:1 new:1 york:1 corp:1 entitle:1 holder:1 exchange:1 500:1 rate:1 1:1 60:1 minimum:1 number:1 exercisable:1 tradeable:1 100:1 exercise:1 period:1 run:1 april:2 22:1 1987:2 march:1 17:1 1989:1 payment:1 due:1 15:1
|
BANKERS TRUST ISSUING STG/DLR CURRENCY WARRANTS
Bankers Trust International Ltd said it
is issuing 200,000 stg call/dlr put currency warrants at an
initial offer price of 31.25 dlrs per warrant.
The issue is guaranteed by Bankers Trust New York Corp.
Each warrant entitles the holder to exchange 500 dlrs for
stg at a rate of 1.60 stg/dlr and the minimum number of
warrants exercisable or tradeable is 100.
Exercise period for the warrants will run from April 22,
1987 until March 17, 1989. Payment is due April 15, 1987.
|
training/6447
|
training/6447 |@title great:1 atlantic:1 pacific:1 tea:1 co:1 gap:1 4th:1 qtr:1 |@word oper:4 shr:2 55:1 ct:5 vs:11 36:1 net:3 20:1 7:3 mln:11 13:2 6:2 sale:2 2:2 34:1 billion:4 1:7 58:1 avg:2 shrs:2 38:2 37:2 year:4 82:1 dlrs:5 48:1 69:1 0:3 56:1 83:1 62:1 8:1 note:1 result:1 53:1 week:2 period:2 end:3 feb:2 28:1 1987:1 12:1 52:1 22:1 1986:1 operate:1 exclude:1 credit:1 tax:1 loss:1 carryforward:1 none:1 5:1 3:1 14:1 share:3 quarter:1 26:1 68:1 32:1 85:1 company:1 200:1 store:1 inoperation:1 045:1 earlier:1
|
GREAT ATLANTIC AND PACIFIC TEA CO <GAP> 4TH QTR
Oper shr 55 cts vs 36 cts
Oper net 20.7 mln vs 13.6 mln
Sales 2.34 billion vs 1.58 billion
Avg shrs 38.1 mln vs 37.7 mln
Year
Oper shr 1.82 dlrs vs 1.48 dlrs
Oper net 69.0 mln vs 56.1 mln
Sales 7.83 billion vs 6.62 billion
Avg shrs 38.0 mln vs 37.8 mln
NOTES: Results for 13 and 53 week periods ended Feb 28,
1987, and 12 and 52 week periods ended Feb 22, 1986
Operating net excludes credits from tax loss carryforwards
of none vs 5.3 mln dlrs, or 14 cts a share in quarter and 26.0
mln dlrs, or 68 cts a share, vs 32.2 mln dlrs, or 85 cts a
share, in year
Company had 1,200 stores inoperation at year end vs 1,045 a
year earlier
|
training/6449
|
training/6449 |@title group:2 tender:2 gencorp:4 say:2 hold:2 9:2 8:2 pct:2 common:2 |@word
|
GROUP TENDERING FOR GENCORP SAYS IT HOLDS ABOUT 9.8 PCT OF GENCORP COMMON
GROUP TENDERING FOR GENCORP SAYS IT HOLDS ABOUT 9.8 PCT OF GENCORP COMMON
|
training/6450
|
training/6450 |@title rotterdam:1 sign:1 cooperation:1 agreement:1 tokyo:1 |@word city:1 rotterdam:3 today:1 sign:2 agreement:2 principle:1 cooperate:1 aomi:2 cargo:2 distribution:2 centre:1 tokyo:2 acting:1 mayor:1 roel:1 den:1 dunnen:1 say:1 cooperation:1 private:1 public:1 entity:1 area:1 fruitful:1 exchange:1 information:1 favourable:1 influence:1 flow:1 good:1 service:1 two:1 country:1 center:1 start:1 operate:1 october:1 year:1 similar:1 twin:1 port:1 seattle:1 last:1 september:1
|
ROTTERDAM SIGNS COOPERATION AGREEMENT WITH TOKYO
The city of Rotterdam today signed an
agreement in principle to cooperate with the AOMI Cargo
Distribution Centre in Tokyo.
Acting Mayor Roel den Dunnen said that cooperation between
private and public entities in the Tokyo and Rotterdam area,
and a fruitful exchange of information have a favourable
influence on the flow of goods and services between the two
countries.
The AOMI Cargo Distribution Center, which will start
operating in October this year, signed a similar agreement with
Rotterdam's twinned-port of Seattle last September.
|
training/6451
|
training/6451 |@title davy:1 corp:1 unit:1 win:1 india:1 smelter:1 contract:1 |@word davy:2 mckee:1 ltd:2 subsidiary:1 u:1 k:1 engineering:1 contruction:1 company:2 corp:1 plc:1 award:1 contract:2 worth:1 around:1 15:1 mln:4 stg:4 design:2 zinc:4 lead:2 smelter:1 india:5 spokesman:1 say:3 fund:1 britain:2 overseas:1 development:4 administration:1 part:2 total:3 grant:4 73:1 65:1 state:1 hindustan:1 major:1 mine:1 associated:1 smelting:1 complex:1 rajastan:1 north:1 west:1 agency:3 project:1 expect:1 account:1 44:1 pct:1 production:1 55:1 allocate:1 supply:1 good:1 service:1 come:1 package:1 announce:1 march:1 13:1 indian:1 mineral:1 also:1 pay:1 31:1 coal:2 sector:1 expansion:1 indigenous:1 programme:1 use:1 british:1 longwall:1 technology:1
|
DAVY CORP UNIT WINS INDIA SMELTER CONTRACT
Davy McKee Ltd, a subsidiary of U.K.
Engineering and contruction company Davy Corp Plc, has been
awarded a contract worth around 15 mln stg for the design of a
zinc and lead smelter in India, a spokesman for the company
said.
The contract is being funded by Britain's Overseas
Development Administration as part of a total grant of 73.65
mln stg to India's state-owned Hindustan Zinc Ltd.
The grant is for the development of a major zinc and lead
mine and associated smelting complex in Rajastan, North West
India, the agency said.
The agency said the project was expected to account for 44
pct of India's total production of zinc.
A total 55 mln stg of the grant is allocated for the supply
of goods and services from Britain. The grant comes as part of
package announced on March 13 for Indian mineral development.
The agency is also paying a further 31 mln stg to India's
coal sector, for the expansion of its indigenous coal
development programme, using British-designed longwall
technology.
|
training/6452
|
training/6452 |@title u:1 k:1 money:1 market:1 give:1 15:1 mln:1 stg:1 afternoon:1 help:1 |@word bank:4 england:1 say:1 provide:1 money:1 market:1 15:1 mln:4 stg:5 assistance:1 bring:1 total:1 help:1 far:1 today:1 344:1 compare:1 estimate:1 shortage:1 around:1 1:1 3:1 billion:1 central:1 purchase:1 bill:1 outright:1 low:1 deal:1 rate:1 establish:1 morning:1 comprise:1 one:2 band:2 9:2 7:1 8:1 pct:2 14:1 two:1 13:1 16:1
|
U.K. MONEY MARKET GIVEN 15 MLN STG AFTERNOON HELP
The Bank of England said it had provided
the money market with a further 15 mln stg assistance. This
brings the Bank's total help so far today to 344 mln stg and
compares with the estimated shortage of around 1.3 billion stg.
The central bank purchased bank bills outright, at the
lower dealing rates established this morning, comprising one
mln stg in band one at 9-7/8 pct and 14 mln stg in band two at
9-13/16 pct.
|
training/6453
|
training/6453 |@title west:1 german:1 bank:1 slowly:1 cut:1 key:1 saving:1 rate:1 |@word west:1 german:2 commercial:2 bank:9 cautiously:1 cut:4 key:1 saving:6 lending:3 rate:9 banking:2 source:2 say:5 follow:1 nearly:1 two:2 month:1 bundesbank:2 reduce:4 lead:2 interest:1 far:2 longer:2 usual:1 interim:1 period:1 deutsche:1 ag:4 dbkg:1 f:4 spokesman:1 private:2 customer:6 regional:2 basis:1 0:2 5:3 percentage:1 point:1 pct:4 dresdner:1 drsd:1 commerzbank:1 cbkg:1 initiate:1 similar:2 move:3 fuer:1 gemeinwirtschaft:1 bkfg:1 generally:1 delay:1 partly:1 due:1 desire:1 gauge:1 reaction:1 fall:1 low:2 could:1 cheap:1 refinancing:1 available:1 force:1 draw:1 relatively:2 expensive:1 fund:4 one:1 economist:1 association:1 volume:1 may:2 substantially:1 undercut:1 many:1 park:1 savings:1 account:1 hope:1 reinvest:1 high:1 yield:1 future:1 conflict:1 aim:1 short:1 term:1 deposit:1 date:1 security:1 strong:1 growth:3 central:1 money:1 supply:1 aggregate:2 show:1 annualize:1 provisional:1 7:1 february:1 fourth:1 quarter:1 last:1 year:1 unchanged:1 january:1 outside:1 expand:1 target:1 range:1 three:1 six:1 though:1 corporate:1 begin:1 decline:1
|
WEST GERMAN BANKS SLOWLY CUTTING KEY SAVINGS RATES
West German commercial banks are
cautiously cutting key savings and lending rates, banking
sources said. The cuts follow nearly two months after the
Bundesbank reduced leading interest rates, far longer than the
usual interim period.
A Deutsche Bank AG <DBKG.F> spokesman said it is cutting
leading savings rate for private customers on a regional basis
by 0.5 percentage points to two pct. Dresdner Bank AG <DRSD.F>
and Commerzbank AG <CBKG.F> have initiated similar moves. Bank
fuer Gemeinwirtschaft AG <BKFG.F> cut rates 0.5 pct generally.
The delay was partly due to commercial banks' desire to
gauge customer reaction to a similar move by regional savings
banks.
A fall in customer savings because of lower rates could
reduce cheap refinancing available to banks, forcing them to
draw down relatively expensive funds from other sources, one
economist at the German Banking Association said.
But the volume of savings funds may not be substantially
undercut by lower savings rates because many customers are
parking funds in savings accounts in the hope they can reinvest
them at higher yields in the future, he said.
He said this may conflict with Bundesbank aims to move more
funds from relatively short-term deposits to longer-dated
securities to reduce strong growth in its central bank money
supply aggregate.
The aggregate showed annualized growth of a provisional 7.5
pct in February against the fourth quarter of last year,
unchanged from January. The growth rate was outside the
expanded target range of three to six pct.
Few banks have so far reduced lending rates to private
customers, though lending rates for corporate customers are
beginning to decline.
|
training/6454
|
training/6454 |@title toys:1 r:1 us:1 inc:1 toy:1 4th:1 qtr:1 feb:1 one:1 net:1 |@word shr:2 89:1 ct:3 vs:6 68:1 net:3 116:1 0:2 mln:5 88:1 1:4 revs:2 17:2 billion:3 924:1 12:1 mth:1 dlrs:1 93:1 152:1 2:2 119:1 8:1 44:1 97:1 note:1 1986:2 restate:1 reflect:1 three:1 two:1 stock:1 split:1 june:1 27:1
|
TOYS 'R' US INC <TOY> 4TH QTR FEB ONE NET
Shr 89 cts vs 68 cts
Net 116.0 mln vs 88.1 mln
Revs 1.17 billion vs 924.0 mln
12 mths
Shr 1.17 dlrs vs 93 cts
Net 152.2 mln vs 119.8 mln
Revs 2.44 billion vs 1.97 billion
NOTE: net 1986 were restated to reflect three-for-two stock
split on June 27, 1986.
|
training/6455
|
training/6455 |@title measurex:1 corp:1 mx:1 1st:1 qtr:1 net:1 |@word shr:1 34:1 ct:4 vs:5 27:1 qtrly:1 div:1 six:1 4:2 5:1 prior:1 net:1 6:1 448:1 000:2 969:1 rev:1 51:1 1:2 mln:4 44:1 7:2 avg:1 shrs:1 19:1 18:1 note:1 pay:1 dividend:1 march:1 11:1 shareholder:1 record:1 feb:1 20:1
|
MEASUREX CORP <MX> 1ST QTR NET
Shr 34 cts vs 27 cts
Qtrly div six cts vs 4.5 cts prior
Net 6,448,000 vs 4,969,000
Revs 51.1 mln vs 44.7 mln
Avg shrs 19.1 mln vs 18.7 mln
NOTE: pay for dividend was March 11 to shareholders of
record on Feb 20.
|
training/6456
|
training/6456 |@title palmer:1 lewis:1 co:1 inc:1 lwis:1 4th:1 qtr:1 net:1 |@word qtr:1 end:1 jan:1 31:1 shr:2 three:1 ct:5 vs:7 one:3 cent:1 qtrly:1 div:1 seven:2 prior:1 net:2 106:1 185:1 28:1 871:1 rev:1 46:1 9:1 mln:4 30:1 3:1 12:1 mth:1 33:1 23:1 1:1 306:1 595:1 878:1 484:1 revs:1 187:1 2:1 140:1 8:1 note:1 effective:1 july:2 1986:2 company:1 acquire:1 outstanding:1 stock:1 western:2 american:1 forest:1 product:1 inc:1 cash:1 convertible:1 debenture:1 acqustion:1 account:1 purchase:1 consolidated:1 statement:1 include:1 result:1 operation:1 payout:1 dividend:1 may:1 six:1 stockholder:1 record:1 april:1 13:1
|
PALMER LEWIS CO INC <LWIS> 4TH QTR NET
Qtr ends Jan 31
Shr three cts vs one cent
Qtrly div seven cts vs seven cts prior
Net 106,185 vs 28,871
Revs 46.9 mln vs 30.3 mln
12 mths
Shr 33 cts vs 23 cts
Net 1,306,595 vs 878,484
Revs 187.2 mln vs 140.8 mln
NOTE: effective July One, 1986, the company acquired the
outstanding stock of Western American Forest Product Inc for
cash and convertible debentures. the acqustion is accounted for
as a purchase and consolidated statements include Western's
results of operations from July One, 1986.
payout for dividend is may six to stockholders of record on
April 13.
|
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