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training/69
|
training/69 |@title u:1 weekly:1 soybean:1 crush:1 21:1 782:1 929:1 bushel:1 |@word report:1 member:3 national:1 soybean:3 processors:1 association:2 nspa:4 crush:2 21:1 782:1 929:1 bushel:4 week:7 end:1 feb:1 25:4 compare:2 22:1 345:1 718:1 previous:1 16:1 568:1 000:1 year:3 ago:3 say:4 total:1 capacity:1 873:2 904:2 vs:2 last:2 459:1 238:1 also:1 u:1 meal:1 export:1 117:1 866:1 tonne:3 121:1 168:1 84:1 250:1 figure:1 include:1 firm:1
|
U.S. WEEKLY SOYBEAN CRUSH 21,782,929 BUSHELS
Reporting members of the National
Soybean Processors Association (NSPA) crushed 21,782,929
bushels of soybeans in the week ended Feb 25 compared with
22,345,718 bushels in the previous week and 16,568,000 in the
year-ago week, the association said.
It said total crushing capacity for members was 25,873,904
bushels vs 25,873,904 last week and 25,459,238 bushels last
year.
NSPA also said U.S. soybean meal exports in the week were
117,866 tonnes vs 121,168 tonnes a week ago and compared with
84,250 tonnes in the year-ago week.
NSPA said the figures include only NSPA member firms.
|
training/690
|
training/690 |@title franklin:1 insure:1 tax:1 free:1 set:1 payout:1 |@word mthly:1 div:1 7:2 1:2 ct:2 vs:1 prior:1 pay:1 march:2 31:1 record:1 16:1 note:1 franklin:1 insure:1 tax:1 free:1 income:1 fund:1
|
FRANKLIN INSURED TAX-FREE SETS PAYOUT
Mthly div 7.1 cts vs 7.1 cts prior
Pay March 31
Record March 16
NOTE: Franklin Insured Tax-Free Income Fund.
|
training/6903
|
training/6903 |@title amstutz:1 see:1 bullish:1 wheat:1 outlook:1 1987:1 u:1 |@word agriculture:2 undersecretary:1 daniel:1 amstutz:3 indicate:1 world:3 wheat:3 supply:1 demand:1 situation:1 become:1 bullish:1 recently:1 development:1 market:1 increase:2 consumption:3 speak:1 house:1 appropriation:1 subcommittee:1 cite:2 three:1 factor:1 improve:1 outlook:1 say:3 20:1 mln:1 tonne:1 year:2 primarily:1 feed:1 use:1 also:1 report:2 australia:1 canada:1 argentina:1 planting:1 reduce:1 furthermore:1 great:1 normal:1 winterkill:1 soviet:1 union:1 seem:1 reasonable:1 expect:1 production:1 far:1 well:1 balance:1 ago:1
|
AMSTUTZ SEES MORE BULLISH WHEAT OUTLOOK IN 1987
U.S. Agriculture Undersecretary
Daniel Amstutz indicated the world wheat supply/demand
situation has become more bullish recently because of
developments in the world market and increased consumption.
Speaking to a House Agriculture Appropriations
subcommittee, Amstutz cited three factors which have improved
the wheat outlook.
He said world consumption of wheat is increasing by about
20 mln tonnes this year, primarily for feed use. There are also
reports from Australia, Canada and Argentina that plantings
have been reduced, he said. Furthermore, he cited reports of
greater than normal winterkill in the Soviet Union.
'It seems reasonable to expect production and consumption
to be in far better balance than a year ago,' Amstutz said.
|
training/6905
|
training/6905 |@title argentine:1 oil:1 gas:1 production:1 fall:1 february:1 |@word argentina:1 total:3 oil:3 gas:2 production:4 fall:2 9:1 4:1 pct:1 february:2 2:2 78:1 mln:6 cubic:6 metre:6 january:2 3:1 11:1 state:1 company:1 yacimientos:1 petroliferos:1 fiscales:1 ypf:3 report:1 statement:1 blame:1 drop:1 momentary:1 problem:1 owe:1 summer:1 season:1 give:1 detail:1 figure:2 slightly:1 short:1 target:1 90:1 1:4 76:1 last:1 month:1 natural:1 02:1 95:1 15:1 respectively:1
|
ARGENTINE OIL, GAS PRODUCTION FALL IN FEBRUARY
Argentina's total oil and gas
production fell 9.4 pct in February to 2.78 mln cubic metres
from January's total of 3.11 mln cubic metres, the state oil
company Yacimientos Petroliferos Fiscales (YPF) reported.
A YPF statement blamed the drop on momentary problems owing
to the summer season but gave no further details.
February's production figure fell slightly short of YPF's
target figure of 2.90 mln cubic metres.
Oil production totalled 1.76 mln cubic metres last month
and natural gas production 1.02 mln cubic metres, down from
1.95 and 1.15 mln cubic metres in January, respectively.
|
training/6906
|
training/6906 |@title u:1 soybean:1 competitive:1 problem:1 amstutz:1 |@word soybean:5 produce:3 united:1 states:1 face:1 competitive:1 price:2 problem:2 loan:2 rate:2 provision:1 1985:1 farm:2 bill:2 u:2 undersecretary:1 agriculture:3 daniel:1 amstutz:3 say:4 tell:1 house:1 appropriation:1 subcommittee:1 hearing:1 catch:1 squeeze:1 allow:1 steep:1 cut:1 grain:1 limit:1 reduction:1 result:1 compete:1 country:1 call:1 situation:2 dilemma:1 usda:1 spend:1 hour:1 ascs:1 stabilization:1 conservation:1 service:1 look:1 may:1 rectify:1
|
U.S. SOYBEANS HAVE COMPETITIVE PROBLEM - AMSTUTZ
Soybeans produced in the United
States face a competitive price problem because of the loan
rate provisions of the 1985 farm bill, U.S. Undersecretary of
Agriculture Daniel Amstutz said.
Amstutz told a House Agriculture Appropriations
subcommittee hearing that soybeans are caught in a 'squeeze'
because the Farm Bill allowed steep cuts in grain loan rates
while limiting the soybean reduction.
As a result, he said U.S.-produced soybeans 'have a price
problem' in competing with other soybean producing countries.
Amstutz called the situation a 'dilemma' for the USDA, and
said 'we have spent hours in ASCS (Agriculture Stabilization
and Conservation Service) looking at this.'
He did not say what may be done to rectify the situation.
|
training/6907
|
training/6907 |@title mitek:1 system:1 expect:1 loss:1 current:1 quarter:1 |@word mitek:3 systems:1 inc:1 say:4 expect:3 report:2 loss:2 current:1 quarter:3 end:1 march:1 31:1 due:1 primarily:1 government:1 buy:1 cycle:1 company:1 quantify:1 size:1 sale:2 profit:2 fiscal:1 1987:1 however:1 exceed:1 1986:2 five:1 mln:1 dlrs:2 net:1 14:1 000:1 al:1 introduce:1 line:1 15:1 page:1 per:1 minute:1 desk:1 top:1 laser:1 printer:1 limited:1 shipment:1 begin:1 next:1 full:1 production:1 plan:1 following:1
|
MITEK SYSTEMS EXPECTS LOSS IN CURRENT QUARTER
<Mitek Systems Inc> said it
expects to report a loss in the current quarter ending March
31, due primarily to the government buying cycle.
The company did not quantify the size of the expected loss.
It said it expects sales and profits for fiscal 1987, however,
to exceed those of 1986. In 1986 Mitek reported sales of five
mln dlrs and a net profit of 14,000 dlrs.
Mitek als said it has introduced a line of 15 page per
minute desk top laser printers.
Limited shipments will begin next quarter, with full
production planned for the following quarter, it said.
|
training/6908
|
training/6908 |@title echlin:1 ech:1 buy:1 stake:1 champion:1 part:1 creb:1 |@word champion:9 parts:1 rebuilders:1 inc:2 say:4 echlin:5 buy:3 20:2 pct:1 stake:1 acquire:1 600:1 000:3 newly:2 issue:2 share:10 warrant:1 another:1 300:1 9:1 dlrs:5 total:1 investment:1 5:1 400:1 raise:1 outstanding:1 3:1 113:1 074:1 vote:1 restriction:1 new:1 board:1 expand:1 include:1 two:1 three:1 independent:1 person:1 suggest:1 use:1 proceed:1 pay:1 long:1 term:1 debt:1 agree:1 limit:1 additional:1 ability:1 seek:1 control:1 next:1 seven:2 year:2 also:1 receive:2 protection:1 decline:1 price:2 stock:2 could:1 one:2 time:2 payment:1 option:1 cash:1 range:1 1989:1 four:1 1992:1 1994:1 extent:1 market:1 less:1 nine:1
|
ECHLIN <ECH> BUYS STAKE IN CHAMPION PARTS<CREB>
Champion Parts Rebuilders Inc
said Echlin Inc has bought a 20 pct stake in it by acquiring
600,000 newly issued shares and warrants to buy another 300,000
shares at 9.20 dlrs each, for a total investment of 5,400,000
dlrs.
The newly issued shares raises Champion's outstanding
shares to 3,113,074.
There are no voting restrictions on the new shares.
Champion's board will be expanded to include two or three
independent persons suggested by Echlin, it said.
Champion will use the proceeds to pay down long-term debt,
it said.
Echlin has agreed to limits on buying additional Champion
shares and its ability to seek control of Champion during the
next seven years, Champion said.
Echlin will also receive protection against the decline in
price of Champion's stock for seven years. Echlin could receive
a one-time payment, at its option in cash or stock, ranging
from up to one dlrs a share in 1989 to four dlrs a share in
1992 to 1994, to the extent the market price of Champion shares
is less than nine dlrs a share at those times.
|
training/6909
|
training/6909 |@title brazil:1 reject:1 offer:1 wheat:1 tender:1 |@word brazil:1 reject:1 offer:1 tonight:1 wheat:2 tender:2 brazilian:1 board:1 spokesman:1 say:2 date:1 set:1 next:1
|
BRAZIL REJECTS ALL OFFERS AT WHEAT TENDER
Brazil rejected all offers at
tonight's wheat tender, a Brazilian Wheat Board spokesman said.
He said no date had been set for the next tender.
|
training/691
|
training/691 |@title franklin:1 minnesota:1 insure:1 set:1 payout:1 |@word mthly:1 div:1 6:4 ct:2 vs:1 prior:1 pay:1 march:2 31:1 record:1 16:1 note:1 franklin:1 minneosta:1 insure:1 tax:1 free:1 income:1 fund:1
|
FRANKLIN MINNESOTA INSURED SETS PAYOUT
Mthly div 6.6 cts vs 6.6 cts prior
Pay March 31
Record March 16
NOTE: Franklin Minneosta Insured Tax-Free Income Fund.
|
training/6912
|
training/6912 |@title ibc:1 president:1 attend:1 managua:1 coffee:1 meeting:1 |@word brazilian:1 coffee:3 institute:1 ibc:1 president:1 jorio:1 dauster:1 say:2 attend:1 meeting:3 managua:1 weekend:1 tell:1 reuter:1 telephone:1 brasilia:1 involve:1 brazil:1 colombia:1 central:1 american:1 producer:1 strictly:1 review:1 market:1 situation:1 set:1 saturday:1 could:1 also:1 continue:1 sunday:1
|
IBC PRESIDENT TO ATTEND MANAGUA COFFEE MEETING
Brazilian Coffee Institute (IBC)
president Jorio Dauster said he will attend a meeting in
Managua this weekend.
He told Reuters by telephone from Brasilia that the
meeting, involving Brazil, Colombia and Central American coffee
producers, will be strictly to review the coffee market
situation.
'The meeting is set for Saturday but could also continue on
Sunday,' he said.
|
training/6913
|
training/6913 |@title canterra:1 energy:1 drill:1 well:1 nova:1 scotia:1 |@word canterra:3 energy:1 ltd:2 say:2 drill:2 exploratory:1 well:2 scotian:1 shelf:1 280:1 kilometer:1 east:1 southeast:1 halifax:1 nova:2 scotia:2 drilling:1 begin:1 late:1 april:1 1987:1 61:1 meter:2 water:1 total:1 depth:1 3:1 500:1 operate:1 39:1 pct:4 interest:1 petro:1 canada:1 inc:1 26:1 trillium:1 exploration:1 corp:1 20:1 resources:1 ventures:1 15:1
|
CANTERRA ENERGY TO DRILL WELL OFF NOVA SCOTIA
<Canterra Energy Ltd> said it
will drill an exploratory well on the Scotian shelf, about 280
kilometers east-southeast of Halifax, Nova Scotia.
Drilling will begin in late April 1987 in 61 meters of
water and will be drilled to a total depth of 3,500 meters,
Canterra said.
Canterra will operate the well and has a 39 pct interest in
it. <Petro-Canada Inc> has 26 pct, <Trillium Exploration Corp>
has 20 pct and <Nova Scotia Resources (Ventures) Ltd> has 15
pct.
|
training/6914
|
training/6914 |@title fleet:1 flt:1 aim:1 speed:1 merger:1 norstar:1 |@word fleet:17 financial:2 group:1 hope:1 propose:3 merger:14 norstar:9 bancorp:2 rank:1 large:2 u:3 banking:7 complete:1 beginning:1 1988:2 accord:2 executive:1 robert:1 lougee:4 director:1 corporate:1 communication:1 rhode:4 island:4 base:3 tell:1 reuters:1 company:3 explore:1 possiblity:1 seek:1 change:2 national:2 trigger:1 date:1 state:5 reciprocal:3 bank:6 law:5 jan:1 1:10 july:2 one:5 decision:1 legislature:2 plan:1 announce:4 midday:1 news:1 release:1 say:11 deal:5 worth:3 3:2 billion:6 dlrs:8 would:8 consummate:2 barrier:1 interstate:3 outside:1 new:7 england:3 come:1 earlier:1 well:1 concerned:1 good:1 knowledge:1 hardship:1 institution:1 optimstic:1 connecticut:3 permit:3 within:1 amend:2 first:1 time:1 option:3 spin:1 unit:1 repurchase:1 provision:1 exclude:1 york:4 means:1 protect:1 regional:2 gobble:1 money:1 center:1 giants:1 wall:1 street:1 analyst:3 albany:1 n:1 demonstrate:1 rapid:1 pace:1 since:1 begain:1 basis:2 supreme:1 court:1 decide:1 mid:1 1985:1 joint:1 statement:1 bill:1 partnership:1 two:3 continue:1 operate:3 exist:1 headquarter:1 holder:1 receive:1 2:4 share:5 follow:1 previously:1 split:1 close:1 today:2 59:1 8:1 give:1 indicate:1 value:5 top:2 los:1 angeles:1 security:2 pacific:2 corp:4 spc:1 seattle:1 rainier:1 bancorpartion:1 rban:1 west:1 coast:1 four:1 week:1 ago:1 estimate:1 chemical:1 chl:1 acquisition:1 texas:1 commerce:1 bancshares:1 last:2 year:2 make:1 similar:1 size:1 rainer:1 california:1 combination:1 wells:1 fargo:1 co:2 wfc:1 crocker:1 several:1 southeast:2 700:1 800:1 mln:1 dlr:1 range:1 equal:1 john:1 rooney:2 moseley:1 securities:1 book:2 end:1 1986:2 19:1 63:1 per:1 28:1 02:1 note:2 chairman:1 peter:1 kiernan:2 60:1 terrence:1 murray:2 late:1 40:1 probably:1 head:1 combine:2 retirement:1 could:1 assume:1 post:1 thaddeus:1 paluszek:1 merrill:1 lynch:1 earning:1 dilute:1 pct:2 term:1 teriffic:1 reputation:1 diversify:1 number:1 area:1 establish:1 consumer:1 know:1 innovator:1 securitization:1 mortgage:1 merge:1 asset:1 excess:1 25:2 city:1 point:1 future:1 operation:1 maine:1 agreement:1 include:1 lock:1 design:1 deter:1 acquirer:1 grant:1 purchase:1 authorize:1 unissued:1 amount:1 24:1 99:1 fully:1 diluted:1 outstanding:1
|
FLEET <FLT> AIMS TO SPEED MERGER WITH NORSTAR
Fleet Financial Group hopes its
proposed merger with Norstar Bancorp <NOR>, ranked as the
largest U.S. banking merger, can be completed by the beginning
of 1988, according to an executive of Fleet.
Robert Lougee, director of corporate communications for
Rhode Island-based Fleet, told Reuters the company is exploring
the possiblity of seeking a change in the national trigger date
for the state's reciprocal bank law to Jan 1, 1988 from July
one. The decision is up to the Rhode Island legislature.
The merger plan was announced in a midday news release that
said the deal, worth about 1.3 billion dlrs, would be
consummated July one when Rhode Island barriers to interstate
banking outside of New England come down. 'If we can consummate
the deal earlier that would be better for all concerned,'
Lougee said. He said to the best of his knowledge a change in
the Rhode Island law would not be a hardship for any other
banking institution in the state.
He said Fleet is optimstic Connecticut law, which only
permits interstate banking mergers within New England, can be
amended. Fleet owns First Connecticut Bancorp.
If the Connecticut law is not amended in time, Lougee said,
an option would be to spin off that unit with repurchase
provisions.
The New England reciprocal banking laws have excluded New
York as a means of protecting regional banks from being gobbled
up by the money center giants.
Wall Street analysts said the merger accord between Fleet
and Albany, N.Y.-based Norstar demonstrates the rapid pace of
interstate banking mergers since state legislatures begain
permitting regional mergers on a reciprocal basis. The U.S.
Supreme Court decided in mid-1985 to permit the mergers.
Fleet and Norstar in a joint statement billed the proposed
merger as 'a partnership of two companies.' Both will continue
to operate existing headquarters after the merger.
Norstar holders will receive 1.2 Fleet shares for each one
of theirs following Fleet's previously announced two-for-one
split. Fleet shares closed today at 59-1/2, up 1/8, giving the
deal an indicated value of 1.3 billion dlrs.
That topped the proposed merger of Los Angeles-based
Security Pacific Corp <SPC> and Seattle's Rainier Bancorpartion
<RBAN>. The West Coast deal, announced about four weeks ago, is
worth an estimated 1.2 billion dlrs.
Chemical New York Corp's <CHL> acquisition of Texas
Commerce Bancshares last year was valued at about 1.2 billion
dlrs, making it similar in size to the Security Pacific-Rainer
deal. The California combination of Wells Fargo and Co <WFC>
and Crocker National Corp last year was worth 1.1 billion dlrs
and there have been several bank mergers in the southeast
valued in the 700-800 mln dlr range.
'It's a merger of equals,' said analyst John Rooney of
Moseley Securities Corp. He said Norstar had a book value at
the end of 1986 of 19.63 dlrs per share, while Fleet's book
value was 28.02 dlrs.
Rooney noted that Norstar chairman Peter Kiernan is in his
60's while Fleet's Terrence Murray is in his late 40's. He said
Kiernan would probably head the combined company until his
retirement then Murray could assume the top post.
Analyst Thaddeus Paluszek of Merrill Lynch and Co said
Fleet's earnings would have been diluted about two pct in 1986
on the basis of the merger terms announced today.
He noted that Fleet has a 'teriffic reputation' after
having diversified in a number of financial areas. Fleet has
established consumer banks in the southeast and is known as an
innovator in securitization of mortgages.
The merged banks would have assets in excess of 25 billion
dlrs and be one of the 25 largest banks in the U.S. Norstar
operates in most of New York state but not in New York City.
Lougee said at some point in the future banking operations
that both Norstar and Fleet operate in the state of Maine would
be combined.
The agreement between Norstar and Fleet includes a
'lock-up' option designed to deter other acquirers. Each
granted the other an option to purchase authorized but unissued
shares amounting to 24.99 pct of the fully diluted shares
outstanding.
|
training/6917
|
training/6917 |@title tridel:1 enterprises:1 inc:1 set:1 initial:1 dividend:1 |@word qtly:1 div:1 five:1 ct:1 pay:1 april:1 1:1 record:1 march:1 27:1
|
<TRIDEL ENTERPRISES INC> SETS INITIAL DIVIDEND
Qtly div five cts
Pay April 1
Record March 27
|
training/692
|
training/692 |@title franklin:1 michigan:1 insure:1 set:1 payout:1 |@word mthly:1 div:1 6:2 9:2 ct:2 vs:1 prior:1 pay:1 march:2 31:1 record:1 16:1 note:1 franklin:1 michigan:1 insure:1 tax:1 free:1 income:1 fund:1
|
FRANKLIN MICHIGAN INSURED SETS PAYOUT
Mthly div 6.9 cts vs 6.9 cts prior
Pay March 31
Record March 16
NOTE: Franklin Michigan Insured Tax-Free Income Fund.
|
training/6920
|
training/6920 |@title brazilian:1 inflation:1 lower:1 february:1 |@word brazilian:2 consumer:2 price:2 rise:2 13:1 9:1 pct:3 february:2 compare:1 january:1 record:1 rate:1 16:1 8:1 geography:1 statistics:1 institute:1 say:1 statement:1 bring:1 increase:1 since:1 introduction:1 anti:1 inflation:1 cruzado:1 plan:1 year:1 ago:1 62:1 5:1
|
BRAZILIAN INFLATION LOWER IN FEBRUARY
Brazilian consumer prices rose
13.9 pct in February, compared to January's record rate of 16.8
pct, the Brazilian Geography and Statistics Institute said in a
statement.
The February rise brought the increase in consumer prices
since the introduction of the anti-inflation Cruzado Plan a
year ago to 62.5 pct.
|
training/6922
|
training/6922 |@title volatility:1 likely:1 remain:1 low:1 debt:1 future:1 |@word financial:1 analyst:5 see:1 little:3 chance:1 u:3 interest:1 rate:1 future:4 break:3 narrow:1 range:3 low:2 volatility:3 remainder:1 week:1 get:2 wednesday:3 say:11 staley:1 commodities:1 international:1 jerome:1 lacey:2 moment:1 still:1 trading:2 even:3 unexpected:1 development:1 concern:1 growth:1 economy:2 may:3 enough:2 spur:1 market:5 sluggish:1 state:1 bond:5 yet:1 demonstrate:1 carroll:1 mcentee:1 mcginley:1 denis:1 karnosky:2 need:1 something:1 go:1 news:1 possibly:2 doldrum:1 participant:1 perceive:1 dollar:3 stabilize:1 federal:1 reserve:1 room:1 conduct:1 monetary:2 policy:2 fed:1 fund:2 six:1 pct:3 strong:1 oil:1 soft:1 side:1 attract:1 eager:1 seller:1 contract:1 approach:1 recent:1 high:1 addition:1 change:1 perception:1 golden:1 gate:1 futures:1 president:1 norman:1 quinn:4 beginning:2 april:2 could:2 bring:2 foreign:1 investor:1 back:1 marketplace:1 begin:1 feel:1 demand:1 fiscal:2 year:2 japan:2 1:2 echo:1 sentiment:1 many:1 large:1 amount:1 cash:2 wait:1 invest:1 japanese:1 investment:1 security:2 materialize:1 start:1 domestic:1 also:1 flow:1 stiff:1 rally:1 yield:2 long:1 seven:1 7:2 8:1 compare:1 current:1 5:1 meantime:1 prospect:1 new:1 supply:2 likely:1 move:2 treasury:1 announcement:1 15:1 billion:1 dlr:1 refund:1 operation:1 government:1 price:1 late:1 close:1 surprised:1 push:1
|
VOLATILITY LIKELY TO REMAIN LOW IN DEBT FUTURES
Financial analysts see little chance
that U.S. interest rate futures will break out of their narrow
ranges and low volatility during the remainder of the week.
'We got a little volatility Wednesday,' said Staley
Commodities International analyst Jerome Lacey. 'But for the
moment we're still in a trading range.'
Even unexpected developments concerning the growth of the
U.S. economy may not be enough to spur the market out of its
sluggish state, the analysts said.
'It (the bond market) has not yet demonstrated that it can
break out of its very low volatility,' said Carroll McEntee and
McGinley analyst Denis Karnosky. 'It needs something, but it's
not going to be news about the economy,' he said.
Karnosky said that the bond market will possibly break out
of the doldrums if participants perceive that the dollar has
stabilized and the Federal Reserve has more room to conduct
monetary policy.
But even Wednesday, when fed funds were below six pct, the
dollar strong and oil on the soft side, bond futures attracted
eager sellers when contracts approached recent highs, he said.
In addition to a changing perception about the dollar and
monetary policy, Golden Gate Futures president Norman Quinn
said the beginning of April could bring foreign investors back
into the marketplace.
'The market is beginning to feel there may be demand at the
beginning of the fiscal year in Japan on April 1,' Quinn said.
Quinn echoed the sentiment of many analysts that there are
large amounts of cash waiting to be invested. If Japanese
investment in U.S. securities does materialize at the start of
Japan's fiscal year, domestic funds may also flow into the bond
market, he said.
'We could get a stiff rally, possibly enough to bring
yields on long bonds down to seven to 7-1/8 pct,' compared to
the current yield of about 7.5 pct, Quinn said.
In the meantime, even the prospect of new supply is not
likely to move futures.
The Treasury's announcement of a 15 billion dlr refunding
operation did little to move cash government securities prices
late Wednesday after the close of futures.
'I'd be surprised if supply pushed us out of it (the
trading range),' Lacey said.
|
training/6926
|
training/6926 |@title u:1 house:1 panel:1 vote:1 ease:1 export:1 control:1 |@word key:1 house:7 panel:2 vote:4 greatly:1 ease:1 government:2 control:4 export:4 several:1 committee:3 move:1 rapidly:1 toward:1 approval:1 major:1 change:1 trade:5 law:2 hope:1 help:2 solve:1 u:13 woe:1 foreign:5 affairs:1 subcommittee:5 international:1 economic:2 policy:1 direct:1 administration:4 cut:1 list:1 40:1 per:1 cent:1 remove:1 item:1 longer:1 consider:3 important:1 military:1 security:3 industry:2 complain:2 lose:2 sale:1 competitor:1 allow:4 freely:1 product:5 company:5 could:2 sell:2 abroad:2 issue:1 subject:1 debate:1 commerce:3 department:2 hold:1 unnecessary:1 restriction:1 impede:1 defense:1 say:3 current:1 retain:1 better:1 administer:1 four:1 congressional:2 meet:2 today:1 portion:1 widerange:1 bill:2 intend:1 fight:1 unfair:1 practice:2 separate:1 proposal:2 conflict:1 weave:1 democratic:1 leader:1 final:1 full:1 late:1 april:1 spark:1 fujitsu:1 ltd:2 take:1 interest:2 schlumberger:1 fairchild:1 semiconductor:2 corp:1 energy:1 expand:1 reagan:3 authority:1 block:2 takeover:2 would:2 able:1 find:1 damaging:1 national:2 heart:1 chairman:1 james:1 florio:1 new:2 jersey:1 democrat:1 also:2 call:1 retaliation:2 japan:1 restrictive:1 procurement:1 trigger:1 requirement:1 investigate:1 whether:2 treat:1 unfairly:1 bar:2 bid:2 lucrative:1 public:1 work:1 project:1 eight:1 billion:1 dlr:1 kansai:1 airport:1 construction:2 firm:1 urging:1 record:1 agree:3 import:2 japanese:1 digital:1 audio:1 recorder:1 closed:1 session:1 ways:1 means:1 president:1 retaliate:1 country:1 refuse:1 open:1 market:1 telecommunications:1 aide:1 press:1 relief:1 counterfeit:1 make:1 violation:1 copyright:1 patent:1
|
U.S. HOUSE PANEL VOTES TO EASE EXPORT CONTROLS
A key House panel voted to greatly
ease government controls on exports as several House committees
moved rapidly toward approval of major changes in trade laws
they hope will help solve U.S. trade woes.
The House Foreign Affairs Subcommittee on International
Economic Policy voted to direct the administration to cut the
list of controlled exports by 40 per cent by removing items no
longer considered important to U.S. military security.
Industries had complained they were losing sales to foreign
competitors who were allowed to export freely products U.S.
companies could not sell abroad.
The issue has been the subject of administration debate.
The Commerce Department had held that unnecessary restrictions
impeded U.S. exports while the Defense Department said current
controls should be retained but better administered.
Four congressional panels met today to consider portions of
a wideranging trade bill that intends to help U.S. companies
sell more products abroad and to fight unfair foreign trade
practices.
Their separate proposals, some of them conflicting, will be
woven by House Democratic leaders into a final trade bill for a
vote by the full House in late April.
Sparked by the proposal of Fujitsu Ltd. to take controlling
interest in Schlumberger Ltd's Fairchild Semiconductor Corp.,
the House Energy and Commerce subcommittee on Commerce voted to
expand Reagan's authority to block foreign takeovers of U.S.
companies.
Reagan would be able to block any takeover found to be
damaging to U.S. economic or national security interests.
'We are losing our semiconductors which are at the heart of
our national security,' subcommittee chairman James Florio, a
New Jersey Democrat said.
The subcommittee also called for the administration to
consider retaliation against Japan for its restrictive
government procurement practices.
The retaliation could be triggered by a requirement that
the administration investigate whether U.S. companies were
treated unfairly and whether they have been barred from bids on
lucrative public works projects such as the eight billion dlr
Kansai airport construction. U.S. firms have complained they
were not allowed to bid on its construction.
At the urging of the U.S. recording industry, the
subcommittee agreed to bar imports of a new Japanese
product--digital audio recorders.
Meeting in closed session, the House Ways and Means
Committee agreed to allow President Reagan to retaliate against
foreign countries that refuse to open their markets to U.S.
telecommunications products.
Congressional aides said the committee also agreed U.S.
companies would be allowed to press for relief from imports of
counterfeit products made in violation of U.S. copyright and
patent laws.
|
training/6927
|
training/6927 |@title chilean:1 copper:1 worker:1 elect:1 leave:1 wing:1 leader:1 |@word chilean:2 left:3 wing:3 leader:4 elect:1 copper:6 worker:3 union:10 first:1 time:1 since:1 government:1 salvador:1 allende:1 overthrow:1 1973:1 coup:1 nicanor:1 araya:1 member:2 popular:1 democratic:2 movement:1 mdp:3 name:1 president:3 confederation:1 copperworker:1 ctc:1 group:1 22:1 000:1 employ:2 state:2 mines:1 official:1 say:2 include:1 communist:1 party:3 faction:1 socialist:1 take:1 five:2 principal:1 position:1 directorate:2 company:2 chile:3 codelco:4 produce:1 around:1 90:1 pct:2 country:1 output:1 one:1 mln:1 tonne:1 per:1 year:2 world:1 lead:1 exporter:1 sale:1 account:1 50:1 export:1 income:1 win:2 six:1 14:1 place:1 election:2 earlier:1 month:1 christian:3 holding:1 remainder:1 independent:1 leave:1 control:1 democrats:1 independents:1 fail:1 reach:1 agreement:1 joint:1 candidate:1 presidency:1 withdraw:1 negotiation:1 call:1 follow:2 resignation:1 former:1 rodolfo:1 seguel:3 last:1 october:1 democrat:1 best:1 know:1 force:1 step:1 repeat:1 court:1 action:1 bring:1 prevent:1 operate:1 labour:1 head:1 inter:1 national:1 workers:1 command:1 cnt:1 among:1 500:1 sack:1 strike:2 1983:1 industry:1 stoppage:1 stage:1 past:1 13:1 mark:1 start:1 wave:1 protest:1 military:1 rule:1 augusto:1 pinochet:1 argue:1 could:1 continue:1 longer:1
|
CHILEAN COPPER WORKERS ELECT LEFT-WING LEADERS
Chilean left-wing leaders were
elected by the copper workers union for the first time since
the left-wing government of Salvador Allende was overthrown in
a 1973 coup.
Nicanor Araya, a member of the Popular Democratic Movement
(MDP), was named president of the Chilean Confederation of
Copperworkers (CTC), which groups 22,000 workers employed in
the state-owned copper mines, union officials said.
Other members of the MDP, which includes the communist
party and a faction of the socialist party, took five of the
principal positions on the union's directorate.
The state-owned copper company of Chile (CODELCO) produces
around 90 pct of the country's copper output of some one mln
tonnes per year. Chile is the world's leading copper exporter
and sales account for just under 50 pct of its export income.
The MDP won six out of the 14 places on the union's
directorate in elections earlier this month, with the christian
democratic party holding five and the remainder being won by
independents.
But the left-wing was left in control of the union after
the christian democrats and independents failed to reach
agreement on a joint candidate for the presidency and withdrew
from negotiations.
Union elections were called following the resignation of
former president Rodolfo Seguel last October.
Seguel, a christian democrat and Chile's best-known union
leader, said he was forced to step down after repeated court
actions brought by CODELCO prevented the union from operating.
The labour leader, who now heads the inter-union national
workers command (CNT), was among 500 workers sacked by CODELCO
following a strike in 1983.
The strike, the only copper industry stoppage staged in the
past 13 years, marked the start of a wave of protests against
the military rule of President Augusto Pinochet.
CODELCO argued that Seguel could not continue as union
leader when no longer employed by the company.
|
training/6928
|
training/6928 |@title gencorp:1 gy:1 bidder:1 plan:1 sale:1 aerospace:1 unit:1 |@word general:10 partners:6 control:1 privately:1 hold:1 wagner:1 brown:1 afg:1 industries:1 inc:4 say:11 plan:3 sell:2 gencorp:10 aerospace:2 soft:1 drink:1 bottle:1 division:3 succeed:1 acquire:1 company:1 filing:2 securities:1 exchange:1 commission:2 proceed:1 sale:2 would:6 help:1 repay:1 debt:1 incur:1 100:1 dlr:1 share:2 cash:1 tender:3 offer:5 partner:4 launch:1 surprise:1 today:1 already:1 2:2 180:1 608:1 9:1 4:1 pct:1 total:2 outstanding:1 common:1 stock:1 estimate:1 cost:1 takeover:1 5:1 billion:3 dlrs:6 also:4 continue:2 policy:2 try:2 settle:1 federal:1 communications:1 charge:1 two:1 television:2 12:1 radio:1 station:3 license:1 new:1 york:1 area:1 wor:1 mca:2 387:1 mln:3 los:1 angeles:1 khj:1 walt:1 disney:1 co:1 dis:1 217:1 keep:1 headquarter:1 akron:1 ohio:1 maintain:1 plastic:1 industrial:1 product:2 well:1 tire:1 related:1 leave:1 open:1 may:1 make:1 change:1 operation:1 complete:1 merger:1 besides:1 use:1 250:1 equity:1 seek:2 one:1 secured:1 margin:1 facility:1 wells:1 fargo:1 bank:2 n:1 1:1 25:1 shearson:2 lehman:1 brothers:1 holdings:1 affiliate:1 senior:1 subordinated:1 promissory:1 note:1 march:1 18:1 letter:1 chairman:1 william:1 reynolds:1 include:1 sec:1 official:1 confident:1 ability:1 promptly:1 obtain:1 remain:1 funding:1 describe:1 material:1 reason:1 forsee:1 obstacle:1 prompt:1 consummation:1 transaction:1 dealer:1 manager:1
|
GENCORP <GY> BIDDER PLANS SALE OF AEROSPACE UNIT
<General Partners>, controlled by
privately-held Wagner and Brown and by AFG Industries Inc, said
plans to sell GenCorp Inc's aerospace and soft drink bottling
divisions if it succeeds in acquiring the company.
In a filing with the Securities and Exchange Commission,
General Partners said proceeds from the sale of GenCorp's
aerospace division would help it repay some of the debt it
would incur in the 100 dlr a share cash tender offer.
General Partners, which launched the surprise tender offer
today, said it already 2,180,608 shares of GenCorp, or 9.4 pct
of the total outstanding common stock.
General Partners, which estimated the total cost of the
takeover at 2.5 billion dlrs, also said it plans to continue
GenCorp's policy of trying to settle Federal Communications
Commission charges against two of its television and 12 radio
station licenses.
It said it would also continue GenCorp's policy of trying
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.
But General Partners said it plans to keep GenCorp's
headquarter in Akron, Ohio.
General Partners also said it would maintain GenCorp's
plastics and industrial products division as well as tires and
related products.
But it left open that it might make other changes in
GenCorp's operations after it completes the merger.
Besides using 250 mln dlrs of its own equity for the tender
offer, General Partners said it would seek one billion dlrs
under a secured margin facility from Wells Fargo Bank N.A.
and other banks. It also said it would seek 1.25 billion dlrs
from the sale to Shearson Lehman Brothers Holdings Inc or its
affiliates of senior subordinated promissory notes.
In a March 18 letter to GenCorp Chairman William Reynolds,
which was included in the SEC filing, General Partners
officials said they were 'confident of our ability to promptly
obtain the remaining funding as described in our offer
materials.'
'For this reason, we do not forsee any obstacles to a
prompt consummation of the transaction,' General Partners said.
Shearson is dealer manager of the General Partners offer
for GenCorp.
|
training/6929
|
training/6929 |@title monsanto:1 mtc:1 say:1 debt:1 cut:1 1986:1 |@word mondanto:1 co:2 say:4 pay:1 two:1 third:1 debt:2 2:1 8:1 billion:1 dlr:1 acquisition:1 g:1 searle:1 end:2 1986:2 lower:1 company:2 capitalization:1 ratio:1 45:1 pct:4 1985:1 35:1 also:1 chemical:3 sale:2 account:1 52:1 70:1 1981:1 underscore:1 strategy:1 shift:1 away:1 low:1 profit:1 commodity:1 mature:1 market:1 high:2 value:1 business:1 growth:1 area:1
|
MONSANTO <MTC> SAYS DEBT WAS CUT IN 1986
Mondanto Co said it has paid off
two-thirds of the debt from its 2.8 billion-dlr acquisition of
G.D. Searle and Co by the end of 1986.
This lowered the company's debt-to-capitalization ratio
from 45 pct at the end of 1985 to 35 pct, it said.
The company also said that chemical sales accounted for 52
pct of its sales in 1986, down from 70 pct in 1981. This
underscores its strategy of shifting away from low profit
commodity chemicals in mature markets into higher value
chemical businesses in high growth areas, it said.
|
training/693
|
training/693 |@title franklin:1 massachusetts:1 insured:1 cut:1 payout:1 |@word mthly:1 div:1 6:2 5:1 ct:2 vs:1 8:1 prior:1 pay:1 march:2 31:1 record:1 16:1 note:1 franklin:1 massachusetts:1 insure:1 tax:1 free:1 income:1 fund:1
|
FRANKLIN MASSACHUSETTS INSURED CUTS PAYOUT
Mthly div 6.5 cts vs 6.8 cts prior
Pay March 31
Record March 16
NOTE: Franklin Massachusetts Insured Tax-Free Income Fund.
|
training/6930
|
training/6930 |@title lifestyle:1 lif:1 bombay:1 amend:1 merger:1 agreement:1 |@word lifestyle:4 restaurants:2 inc:2 say:1 reduce:1 number:1 bombay:3 palace:1 common:1 share:4 receive:1 previously:1 announce:1 merger:1 agreement:1 amend:2 deal:1 shareholder:1 get:1 one:1 six:1 instead:1 five:1 offer:2 issue:1 900:1 000:1 currently:1 7:1 2:1 mln:1 dlrs:1 amendment:1 also:1 increase:1 cash:1 consideration:1 13:1 pct:3 convertible:1 subordinated:1 debenture:1 55:1 principal:1 amount:1 57:1 5:1
|
LIFESTYLE <LIF>, BOMBAY AMEND MERGER AGREEMENT
Lifestyle Restaurants Inc said it
reduced the number of Bombay Palace Restaurants inc common
shares to be received in its previously announced merger
agreement.
Under the amended deal, Lifestyle shareholders will get one
Bombay share for each six instead of five Lifestyle shares.
Under the amended offer, Bombay will issue about 900,000
shares, currently 7.2 mln dlrs.
The amendment also increases the cash consideration to be
offered on Lifestyle's 13 pct convertible subordinated
debentures from 55 pct of the principal amount to 57.5 pct.
|
training/6931
|
training/6931 |@title weisfield:1 inc:1 weis:1 quarterly:1 dividend:1 |@word qtly:1 div:1 12:2 1:2 2:3 ct:2 vs:1 pay:1 april:2 23:1 record:1
|
WEISFIELD'S INC <WEIS> QUARTERLY DIVIDEND
Qtly div 12-1/2 cts vs 12-1/2 cts
Pay April 23
Record April 2
|
training/6934
|
training/6934 |@title bolivian:1 tin:1 miner:1 start:1 hunger:1 strike:1 |@word 9:1 000:2 miner:5 employ:1 state:2 corporation:2 comibol:2 go:1 hunger:1 strike:3 press:2 high:1 wage:1 union:4 spokesman:1 say:1 victor:2 lopez:1 executive:1 secretary:1 tell:2 news:1 conference:1 striker:1 begin:1 fast:1 major:1 tin:2 mining:2 district:1 oruro:1 potosi:1 action:1 would:1 spread:1 tomorrow:1 la:1 paz:2 area:1 government:3 charge:1 cripple:1 massive:1 layoff:1 part:1 left:1 wing:1 destabilisation:1 plan:1 coincide:1 visit:1 west:1 german:1 president:2 richard:1 von:1 weizsaecker:1 arrive:1 four:1 day:1 official:1 tour:1 friday:1 miners:1 chief:1 simon:1 reyes:1 reporter:1 nothing:1 subversion:1 investment:1 estenssoro:1 streamline:1 deficit:1 ride:1 lay:1 20:1 two:1 third:1 workforce:1 follow:1 collapse:1 international:1 price:1 1985:1
|
BOLIVIAN TIN MINERS START HUNGER STRIKE
About 9,000 miners employed by the
state corporation Comibol went on hunger strike to press for
higher wages, a miners union spokesman said.
Victor Lopez, executive secretary of the miners union,
told a news conference the strikers began to fast in the major
tin mining districts of oruro and potosi and the action would
spread tomorrow to la paz and other areas.
The government has charged that the strike by the miners
union, crippled by massive layoffs, is part of a left-wing
destabilisation plan to coincide with the visit of West German
president Richard von Weizsaecker, who arrives on a four-day
official tour on Friday.
But miners union chief Simon Reyes told reporters the
strike had nothing to do with subversion and was to press for
more government investment in Comibol.
The government of president Victor Paz Estenssoro has
streamlined the deficit-ridden state mining corporation laying
off about 20,000 miners, two-thirds of the workforce, following
a collapse of the international tin price in 1985.
|
training/6935
|
training/6935 |@title czarnikow:1 expect:1 low:1 european:1 sugar:1 output:1 |@word european:2 sugar:1 output:1 basis:1 three:2 year:5 average:1 yield:3 half:1 mln:1 tonne:1 white:2 value:2 last:2 although:1 vary:1 widely:1 broker:2 c:1 czarnikow:3 say:2 market:1 review:1 community:1 sowing:2 likely:1 compare:1 suggestion:1 may:1 respond:1 recent:1 upsurge:1 world:1 price:1 sort:1 fact:1 easily:1 become:1 know:1 base:1 forecast:1 licht:1 planting:1 estimate:1 put:1 w:3 germany:2 netherlands:1 ussr:2 low:1 hungary:1 romania:1 poland:2 turkey:1 yugoslavia:1 high:1 projection:1 mlns:1 tonnes:1 differ:1 include:1 87:3 88:2 max:1 aver:1 min:1 1986:1 france:1 3:6 57:1 42:1 28:2 44:2 08:2 2:3 64:1 19:1 ec:1 13:6 82:1 01:1 12:3 76:1 europe:3 17:1 71:3 16:2 45:1 14:2 98:1 02:1 1:3 80:1 74:1 8:2 65:1 7:1 60:1 5:1 05:1 e:1 9:1 31:1 58:2 24:1 06:1 29:1 15:1
|
CZARNIKOW EXPECTS LOWER EUROPEAN SUGAR OUTPUT
European sugar output on the basis of
three year average yields will be over half a mln tonnes white
value down on last year although yields do vary widely from
year to year, broker C Czarnikow said in its market review.
European Community sowings are likely to be down compared
with last year. There have been suggestions these sowings might
respond to the recent upsurge in world prices, but Czarnikow
said 'it is not the sort of fact that easily becomes known.'
The broker bases its forecasts on Licht planting estimates
which put W Germany, the Netherlands and USSR lower but
Hungary, Romania, Poland, Turkey and Yugoslavia higher.
Czarnikow's projections in mlns tonnes white value and
three differing yields include
'87/88 max aver min 1986/87
France 3.57 3.42 3.28 3.44
W Germany 3.08 2.88 2.64 3.19
EC 13.82 13.01 12.13 13.76
W Europe 17.71 16.45 14.98 16.71
Poland 2.02 1.80 1.13 1.74
USSR 8.65 7.60 5.71 8.05
E Europe 13.87 12.14 9.08 12.44
All Europe 31.58 28.58 24.06 29.15
|
training/6939
|
training/6939 |@title cuban:1 sugar:1 output:1 see:1 7:1 5:1 mln:1 tonne:1 |@word cuban:1 sugar:2 output:1 season:1 1986:2 87:2 put:1 around:3 7:3 5:1 mln:8 tonne:7 raw:2 value:2 broker:1 c:1 czarnikow:4 monthly:1 market:2 review:1 allow:1 700:1 000:1 current:1 year:1 domestic:2 usage:1 would:1 leave:2 6:1 8:2 export:2 estimate:3 3:2 take:1 ussr:2 1:2 530:1 socialist:2 country:1 remainder:1 delivery:1 non:1 bloc:1 destination:1 also:1 production:1 75:2 add:1 import:1 cuba:1 set:1 need:1 14:1 2:1 gap:1 acquire:1 world:1 soviet:1 purchase:1 date:1 may:1 far:1 short:1 quantity:1 say:1
|
CUBAN SUGAR OUTPUT SEEN AT 7.5 MLN TONNES
Cuban sugar output this season (1986/87)
is put at around 7.5 mln tonnes raw value by broker C.Czarnikow
in its monthly sugar market review.
Allowing for around 700,000 tonnes for the current year's
domestic usage it would leave around 6.8 mln tonnes for export
of which, Czarnikow estimates, about 3.7 mln tonnes will be
taken by the USSR, 1.530 mln by other socialist countries and
the remainder for delivery to non-socialist bloc destinations.
Czarnikow also estimated USSR 1986/87 production at 8.75
mln tonnes raw value which when added to the 3.7 mln imports
from Cuba and set against its estimated domestic and export
needs of 14.2 mln tonnes will leave a gap of 1.75 mln tonnes to
be acquired from the world market. Soviet purchases to date may
not be far short of that quantity, Czarnikow said.
|
training/694
|
training/694 |@title u:2 export:2 inspection:2 thous:2 bushel:2 soybean:2 20:2 349:2 wheat:2 14:2 070:2 corn:2 21:2 989:2 |@word
|
U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS SOYBEANS 20,349 WHEAT 14,070 CORN 21,989
U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS SOYBEANS 20,349 WHEAT 14,070 CORN 21,989
|
training/6941
|
training/6941 |@title u:1 cargo:1 preference:1 funding:1 accord:1 see:1 near:1 |@word u:7 department:3 agriculture:2 transportation:4 close:1 agreement:2 fund:2 increase:3 share:1 food:3 aid:3 ship:1 flag:2 vessel:4 1985:2 farm:5 bill:2 provision:2 cargo:6 preference:6 melvin:1 sim:1 usda:6 general:1 sale:1 manager:1 tell:1 house:1 appropriation:1 subcommittee:1 hear:1 two:2 negotiate:1 memorandum:1 understand:1 percentage:1 shipment:2 carry:2 gradually:1 three:1 year:1 75:1 pct:1 1988:1 cost:1 use:1 instead:1 however:1 official:2 say:5 far:1 contribute:1 money:1 expect:1 resolve:1 matter:1 tom:1 kay:2 administrator:1 foreign:1 agricultural:1 service:1 yesterday:1 requirement:1 difficult:1 meet:2 tonnage:1 require:1 go:2 hard:2 state:1 congressmen:1 pat:1 roberts:1 r:1 kan:1 glenn:1 english:1 okla:1 make:1 export:1 program:2 costly:1 eliminate:1 past:1 interest:2 oppose:1 defeat:1 congress:1 maritime:1 view:1 vital:1 shipping:1 fleet:1
|
U.S. CARGO PREFERENCE FUNDING ACCORD SEEN NEAR
The U.S. Departments of Agriculture
and Transportation are close to agreement on how to fund the
increasing share of food aid to be shipped on U.S. flag vessels
under a 1985 farm bill provision on cargo preference.
Melvin Sims, USDA's general sales manager told a House
Agriculture Appropriations subcommittee hearing that the two
departments are negotiating a 'memorandum of understanding' on
cargo preference.
Under a 1985 farm bill provision, the percentage of food
aid shipments carried on U.S. flag vessels was to gradually
increase over three years to 75 pct in 1988. The increased cost
of using U.S. vessels was to be funded by the Transportation
Department instead of USDA. However, USDA officials said
Transportation has so far contributed no money.
The agreement between USDA and Transportation is expected
to resolve the matter, USDA officials said.
Tom Kay, administrator of the USDA's Foreign Agricultural
Service said yesterday the requirement that more food aid
shipments be carried on U.S. vessels has been difficult to
meet.
'As the tonnage (required under cargo preference) goes up,
its going to be harder and harder to meet,' Kay said.
Two farm state Congressmen, Pat Roberts (R-Kan.) and Glenn
English (D-Okla.) said cargo preference makes U.S. farm export
programs more costly and the program should be eliminated.
In the past, farm interests opposed to cargo preference
have been defeated in Congress by the maritime interests who
view cargo preference as vital to the U.S. shipping fleet.
|
training/6942
|
training/6942 |@title australian:2 fourth:2 qtr:4 gdp:2 rise:4 1:4 pct:4 0:2 2:2 third:2 official:2 |@word
|
AUSTRALIAN FOURTH QTR GDP RISES 1.1 PCT, AFTER 0.2 PCT THIRD QTR RISE - OFFICIAL.
AUSTRALIAN FOURTH QTR GDP RISES 1.1 PCT, AFTER 0.2 PCT THIRD QTR RISE - OFFICIAL.
|
training/6943
|
training/6943 |@title australian:1 gdp:1 rise:1 1:2 pct:1 fourth:1 quarter:1 |@word australia:1 seasonally:2 adjust:2 real:2 gross:4 domestic:1 product:3 gdp:4 rise:12 1:8 pct:18 fourth:5 quarter:14 1986:1 0:8 2:5 third:6 statistic:1 bureau:4 say:1 compare:5 fall:5 1985:2 year:5 early:3 also:1 figure:4 show:3 annual:3 3:4 4:2 period:2 non:1 farm:2 9:2 zero:1 growth:2 earlier:2 make:2 8:2 6:4 element:1 include:1 private:1 government:1 final:1 consumption:1 expenditure:3 respectively:1 fix:1 capital:1 export:1 good:1 service:1 13:1 import:1 average:1 1979:1 80:1 price:1 36:2 67:1 billion:2 dlrs:1 26:1 subject:1 revision:1 long:1
|
AUSTRALIAN GDP RISES 1.1 PCT IN FOURTH QUARTER
Australia's seasonally adjusted real
gross domestic product (GDP) rose 1.1 pct in the fourth quarter
of 1986 after rising 0.2 pct in the third quarter, the
Statistics Bureau said.
This compares with a 1.1 pct fall in the fourth quarter of
1985.
Compared with the year-earlier quarter, GDP also rose 1.1
pct, the Bureau figures show.
The annual rise compares with a 0.3 pct fall in the third
quarter compared with the 1985 third quarter and a 4.3 pct rise
in the year-earlier period, the Bureau figures show.
Real non-farm gross product rose 0.9 pct in the fourth
quarter after zero growth in the third quarter and a 1.3 pct
fall a year earlier, making an annual rise of 0.8 pct.
Gross farm product rose 4.3 pct compared with rises of 2.6
pct in the third quarter and 2.8 pct a year earlier, making
annual growth of 6.6 pct.
Elements in the fourth quarter GDP rise included falls of
0.6 pct and 0.2 pct in private and government final consumption
expenditure respectively, the Bureau figures show.
Gross fixed capital expenditure fell 0.1 pct in the quarter
while exports of goods and services rose 13.0 pct and imports
2.9 pct.
Seasonally-adjusted expenditure on GDP at average 1979/80
prices rose to 36.67 billion dlrs in the fourth quarter from
36.26 billion in both the third quarter and the year-earlier
quarter.
The figures are subject to revision over a long period.
|
training/6944
|
training/6944 |@title nippon:1 life:1 seek:1 tie:1 u:1 securities:1 house:1 |@word nippon:2 life:3 insurance:1 co:2 purse:1 possible:1 link:1 american:2 security:1 house:1 expand:1 overseas:2 investment:5 portfolio:1 company:4 spokesman:2 say:4 decline:2 comment:1 rumour:1 would:1 take:1 10:1 pct:1 stake:1 shearson:1 lehman:1 brothers:1 banking:1 unit:2 express:1 axp:1 firm:3 start:1 sound:1 several:1 u:2 bank:1 capital:1 participation:1 18:1 month:2 ago:1 narrow:1 number:1 prospect:1 set:2 sight:1 one:1 japan:1 large:1 insurer:1 also:1 plan:1 wholly:1 nissei:1 international:1 america:1 new:1 york:1 next:1 subsidiary:1 canada:1 singapore:1 cayman:1 islands:1 jersey:1 year:1 move:1 line:1 long:1 term:1 strategy:1 put:1 emphasis:1 management:1 opportunity:1 home:1 asset:1 grow:1 especially:1 attract:1 scale:1 depth:1 money:1 credit:1 market:1 want:1 establish:1 foothold:1 add:1
|
NIPPON LIFE SEEKING TIE WITH U.S. SECURITIES HOUSE
<Nippon Life Insurance Co> is pursing a
possible link with an American securities house to expand its
overseas investment portfolio, a company spokesman said.
But he declined to comment on rumours the company would
take a 10 pct stake in <Shearson Lehman Brothers>, an
investment banking unit of American Express Co <AXP>.
He said the firm started to sound out several U.S.
Investment banks on capital participation about 18 months ago
and was narrowing the number of prospects, but he did not say
if it had set its sights on one firm.
Nippon Life, Japan's largest life insurer, also plans to
set up a wholly owned investment unit, <Nissei International
America>, in New York next month and subsidiaries in Canada,
Singapore, the Cayman Islands and Jersey this year, he said.
These moves are in line with its long-term strategy to put
more emphasis on overseas investment management as
opportunities at home are declining while the company's assets
are growing.
The company is especially attracted by the scale and depth
of U.S. Money and credit markets and wants to establish a firm
foothold there, the spokesman added.
|
training/6945
|
training/6945 |@title former:1 n:1 z:1 premier:1 call:1 cheap:1 currency:1 |@word former:1 prime:1 minister:1 robert:1 muldoon:3 outspoken:1 advocate:1 manage:3 float:5 n:1 z:1 dollar:4 say:4 currency:2 least:1 10:3 pct:2 overvalue:1 speech:1 last:1 night:1 exchange:2 rate:2 around:2 48:2 u:1 cent:4 instead:1 current:1 57:1 reasonable:1 value:1 new:1 zealand:1 would:1 15:2 less:1 nearer:1 perhaps:1 labour:1 party:3 government:2 remove:1 control:1 two:1 year:1 ago:1 worth:1 44:1 rank:1 opposition:1 national:1 leader:1 eye:1 general:1 election:1 hold:1 september:1 reject:1 call:1 high:1 grossly:1 excessive:1 interest:1 stock:1 know:1 country:1 implement:1 free:1 policy:1 add:1 widespread:1 agreement:1 internationally:1 alternative:1 short:1 medium:1 term:1 need:1 effective:1 method:1 limit:1 volatility:1 cause:1 much:1 concern:1 damage:1
|
FORMER N.Z. PREMIER CALLS FOR CHEAPER CURRENCY
Former Prime Minister Robert
Muldoon, an outspoken advocate of a managed float for the N.Z.
Dollar, said the currency is at least 10 pct overvalued.
Muldoon said in a speech last night the exchange rate
should be around 48 U.S. Cents instead of the current 57 cents.
'A reasonable value for the New Zealand dollar would be
between 10 and 15 pct less and nearer 15 than 10. Perhaps
around about 48 cents,' he said.
The Labour Party government removed exchange controls and
floated the dollar two years ago when it was worth 44 cents.
Muldoon has no rank in the opposition National Party, and
party leaders, with an eye to general elections to be held by
September, have rejected his calls for a managed float.
He said the dollar was high because of 'grossly excessive'
interest rates for government stock.
'I know of no other country which is implementing such a
free floating policy,' he added. 'There is widespread agreement
internationally that we have no alternative to floating
currencies in the short to medium term. But we need more
effective methods of managing them so as to limit the
volatility which has caused so much concern and damage.'
|
training/6946
|
training/6946 |@title taiwan:1 set:1 1987:1 canadian:1 wheat:1 import:1 target:1 |@word taiwan:3 flour:1 mills:1 association:2 import:4 81:1 000:2 tonne:2 wheat:3 canada:1 calendar:1 1987:1 unchanged:1 1986:1 level:1 spokesman:2 tell:1 reuters:1 say:3 total:2 deliver:1 three:1 shipment:1 first:1 ship:1 march:1 20:2 april:1 two:1 make:1 later:1 year:3 target:1 set:1 700:1 actual:1 758:1 770:1 last:1 come:1 u:1
|
TAIWAN SETS 1987 CANADIAN WHEAT IMPORT TARGET
The Taiwan Flour Mills Association will
import 81,000 tonnes of wheat from Canada in calendar 1987,
unchanged from the 1986 level, an association spokesman told
Reuters.
He said the total will be delivered in three shipments. The
first will be shipped to Taiwan between March 20 and April 20
and the other two will be made later this year, he said.
The total wheat import target this year has been set at
700,000 tonnes, down from actual imports of 758,770 last year.
Most of Taiwan's wheat imports come from the U.S., The
spokesman said.
|
training/695
|
training/695 |@title franklin:1 california:1 tax:1 free:1 sets:1 payout:1 |@word mthly:1 div:1 6:2 5:2 ct:2 vs:1 prior:1 pay:1 march:2 31:1 record:1 16:1 note:1 franklin:1 california:1 insure:1 tax:1 free:1 income:1 fund:1
|
FRANKLIN CALIFORNIA TAX-FREE SETS PAYOUT
Mthly div 6.5 cts vs 6.5 cts prior
Pay March 31
Record March 16
NOTE: Franklin California Insured Tax-Free Income Fund.
|
training/6951
|
training/6951 |@title new:1 zealand:1 unemployment:1 fall:1 february:1 |@word new:1 zealand:1 unemployment:1 rate:1 fall:2 6:2 0:1 pct:3 workforce:1 end:1 february:3 1:1 january:2 4:1 3:1 level:1 1986:2 labour:1 department:1 say:2 number:1 unemployed:1 78:1 711:1 81:1 558:1 compare:1 57:1 103:1
|
NEW ZEALAND UNEMPLOYMENT FALLS IN FEBRUARY
New Zealand's unemployment rate fell
to 6.0 pct of the workforce at the end of February from 6.1 pct
in January but was above the 4.3 pct level of February 1986,
the labour department said.
It said the number of unemployed fell to 78,711 from 81,558
in January, and compared with 57,103 in February 1986.
|
training/6952
|
training/6952 |@title japan:1 march:1 interim:1 trade:1 surplus:1 fall:1 |@word japan:1 customs:1 clear:1 trade:1 surplus:4 fall:1 1:3 89:1 billion:5 dlrs:2 first:2 10:2 day:2 march:3 91:1 year:3 earlier:3 ministry:1 finance:1 say:1 interim:1 compare:1 70:1 dlr:1 february:1 period:1 fob:1 export:1 rise:2 5:2 8:1 pct:2 50:1 cif:1 import:1 9:1 7:1 3:1 61:1 average:1 yen:2 dollar:1 rate:1 use:1 statistic:1 153:1 67:1 181:1 23:1
|
JAPAN MARCH INTERIM TRADE SURPLUS FALLS
Japan's customs-cleared trade surplus
fell to 1.89 billion dlrs in the first 10 days of March from a
1.91 billion surplus a year earlier, the Ministry of Finance
said.
The March interim surplus compared with a 1.70 billion dlr
surplus in the same February period.
FOB exports in the first 10 days of March rose 5.8 pct
from a year earlier to 5.50 billion dlrs and CIF imports rose
9.7 pct to 3.61 billion.
The average yen/dollar rate used for the statistics was
153.67 yen against 181.23 a year earlier.
|
training/6953
|
training/6953 |@title mitsui:1 co:1 buy:1 stake:1 imatron:1 |@word mitsui:4 co:4 mit:1 spokesman:2 say:3 subsidiary:1 usa:2 inc:2 buy:1 two:1 mln:2 dlrs:2 newly:1 issue:1 share:2 imatron:4 unlisted:1 california:1 base:1 medical:1 equipment:2 manufacturer:1 fifth:1 large:1 shareholder:1 3:1 1:1 pct:1 firm:1 outstanding:1 capitalise:1 32:1 76:1 intend:1 import:1 computerise:1 diagnostic:1 japan:1
|
MITSUI AND CO BUYS STAKE IN IMATRON
A Mitsui and Co <MITS.T> spokesman said
its subsidiary <Mitsui and Co USA Inc> bought two mln dlrs of
newly-issued shares in <Imatron Inc>, an unlisted
California-based medical equipment manufacturer.
Mitsui and Co USA is now Imatron's fifth-largest
shareholder with 3.1 pct of the firm's outstanding shares.
Imatron is capitalised at 32.76 mln dlrs, the spokesman said.
Mitsui and Co intends to import Imatron's computerised
diagnostic equipment into Japan, he said.
|
training/6954
|
training/6954 |@title indonesia:1 see:1 limited:1 choice:1 economy:1 |@word indonesia:4 spend:1 way:1 recession:1 limited:1 economic:2 option:1 due:1 low:1 world:1 oil:3 price:3 central:1 bank:1 governor:1 arifin:1 siregar:2 quote:2 say:4 official:1 antara:3 news:1 agency:2 spur:1 growth:1 much:1 expansionary:1 monetary:1 budgetary:1 policy:1 may:1 create:1 negative:1 effect:1 increase:1 also:1 balance:1 payment:1 tell:1 banker:1 businessman:1 north:1 sumatran:1 city:1 medan:1 rely:2 export:4 drive:1 help:2 narrow:1 trade:1 deficit:2 report:1 government:1 want:1 boost:1 rubber:1 palm:1 industry:1 center:1 sumatra:2 see:1 great:2 potential:1 plantation:1 sector:1 family:1 unit:1 employ:1 number:1 accord:1 gas:1 70:1 pct:1 revenue:1 last:1 year:2 fall:1 crude:1 project:1 current:2 account:1 widen:1 four:1 billion:2 dlrs:1 financial:1 end:1 march:1 31:1 1:1 8:1 1985:1 86:1
|
INDONESIA SEES LIMITED CHOICES ON ECONOMY
Indonesia cannot spend its way out of
recession and has very limited economic options due to lower
world oil prices, Central Bank governor Arifin Siregar was
quoted as saying by the official Antara news agency.
'If Indonesia spurs its economic growth too much, such as
through expansionary monetary and budgetary policies, it might
create negative effects not only on price increases, but also
on the balance of payments,' he told bankers and businessmen in
the North Sumatran city of Medan.
Antara quoted him as saying Indonesia is relying on its
export drive to help narrow its trade deficit.
Antara reported that Siregar said the government wanted to
help boost exports from the rubber and palm oil industries,
which are centered in Sumatra.
'I see Sumatra has great potential, as in the plantation
sector in which family units are employed in great number,' he
said, according to the agency.
Indonesia relied on oil and gas exports for 70 pct of its
export revenue until last year's fall in crude prices.
It has projected its current account deficit will widen to
over four billion dlrs in the current financial year ending
March 31 from 1.8 billion in 1985/86.
|
training/6955
|
training/6955 |@title new:1 zealand:1 retail:1 sale:1 slow:1 january:1 |@word seasonally:1 adjust:1 retail:3 sale:3 rise:2 0:2 1:4 pct:5 january:3 compare:3 increase:2 5:2 7:1 december:1 year:4 earlier:2 statistic:1 department:1 say:2 statement:1 actual:1 fall:1 87:1 billion:3 n:1 z:1 dlrs:1 2:1 42:1 month:1 78:1 1986:1 3:1 9:1 6:1 early:1 period:1
|
NEW ZEALAND RETAIL SALES SLOW IN JANUARY
Seasonally adjusted retail sales
rose by 0.1 pct in January, compared with increases of 5.7 pct
in December and 1.0 pct a year earlier, the Statistics
Department said.
It said in a statement actual retail sales fell to 1.87
billion N.Z. Dlrs in January against 2.42 billion a month
earlier and compared with 1.78 billion in January 1986.
Year-on-year retail sales rose 5.3 pct compared with a 9.6
pct increase in the year-earlier period.
|
training/6957
|
training/6957 |@title 7:1 000:1 south:1 african:1 miner:1 return:1 work:1 |@word 7:1 000:3 black:1 worker:2 return:2 work:2 stage:1 one:1 day:1 strike:2 two:1 mine:4 monday:1 national:1 union:4 mineworkers:1 company:1 say:4 6:1 miner:2 resume:1 grootvlei:1 gold:1 east:1 johannesburg:2 protest:2 transfer:1 colleague:1 job:2 owner:1 general:1 mining:1 corp:2 ltd:2 genm:1 j:2 1:1 mineworker:1 new:1 coal:1 facility:1 anglo:2 american:1 south:3 africa:1 angl:1 also:1 tuesday:1 vaal:1 colliery:1 allege:1 refusal:1 official:1 african:1 homeland:2 transkei:1 allow:1 attend:1 funeral:1 spokesman:1
|
SOME 7,000 SOUTH AFRICAN MINERS RETURN TO WORK
Some 7,000 black workers returned
to work after staging one-day strikes at two mines on Monday,
the National Union of Mineworkers and the companies that own
the mines said.
About 6,000 miners resumed work at the Grootvlei gold mine
east of Johannesburg after protesting the transfer of
colleagues to other jobs at the same mine, owners General
Mining Union Corp Ltd <GENM.J> said.
The union said about 1,000 mineworkers at a new coal
facility owned by Anglo American Corp of South Africa Ltd
<ANGL.J> also returned to their jobs on Tuesday.
The workers at Anglo's Vaal Colliery south of Johannesburg
had struck to protest the alleged refusal of officials of the
South African homeland of Transkei to allow miners to attend a
funeral in the homeland, a union spokesman said.
|
training/6959
|
training/6959 |@title australian:1 export:1 help:1 boost:1 gdp:1 |@word strong:2 contribution:1 export:6 growth:5 australia:5 gross:1 domestic:2 product:1 gdp:3 fourth:3 quarter:5 1986:2 significant:2 welcome:1 feature:1 data:1 private:2 economist:2 poll:1 reuters:1 say:6 real:1 rise:5 1:4 pct:7 0:3 2:3 third:1 fall:2 year:1 earlier:1 equally:1 decline:3 government:3 spending:4 good:1 service:1 13:1 import:3 9:1 statistics:1 bureau:1 figure:2 show:2 consumer:1 6:1 bob:1 edgar:1 new:1 zealand:1 banking:1 group:1 ltd:2 aim:1 reduce:1 current:2 account:3 deficit:2 boost:1 lower:1 consumption:1 cut:1 appear:1 work:1 however:1 caution:1 care:1 must:1 take:1 keep:1 restrain:1 accelerate:1 fast:1 would:1 increase:2 worsen:1 balance:1 payment:1 andre:1 morony:1 bankers:1 trust:1 add:2 result:1 positive:1 drive:1 come:1 surprise:1 give:1 disclose:1 statistic:1 comment:1 echo:1 treasurer:1 paul:1 keating:2 statement:1 issue:1 canberra:1 encouraging:1 trend:1 reduction:1 notably:1 demand:1 3:1 5:1 term:1 trade:1 underscore:1 need:1 continue:2 restraint:1 wage:1 price:1 public:1 sector:1 borrowing:1 improve:1 competitiveness:1 clear:1 application:1 strategy:1 make:1 necessary:1 adjustment:1 external:1 return:1 sustainable:1 pattern:1
|
AUSTRALIAN EXPORTS HELPING TO BOOST GDP
The strong contribution of exports to
the growth in Australia's gross domestic product (GDP) in the
fourth quarter of 1986 was a significant and welcome feature of
the data, private economists polled by Reuters said.
Real GDP rose 1.1 pct in the fourth quarter of 1986, after
rising 0.2 pct in the third quarter and falling 1.1 pct a year
earlier.
Equally significant was the decline in both private and
government spending, they said.
Exports of goods and services rose 13 pct in the fourth
quarter, while imports rose only 2.9 pct, Statistics Bureau
figures show. Consumer spending declined 0.6 pct and government
spending by 0.2.
Bob Edgar of the Australia and New Zealand Banking Group
Ltd said the government's aim of reducing the current account
deficit by boosting exports and lowering consumption to cut
imports appeared to be working.
However, he cautioned that care must be taken to keep
growth restrained because if it accelerated too fast imports
would increase and worsen the balance of payments.
Andre Morony of Bankers Trust Australia Ltd added the
result was positive because growth was export-driven.
But he said the GDP rise came as no surprise given the
growth in exports disclosed in other statistics.
The economists' comments were echoed by Treasurer Paul
Keating in a statement issued in Canberra.
Keating said the figures showed encouraging trends for a
reduction in the current account deficit, notably the decline
in domestic demand and the strong increase in exports.
A further 3.5 pct fall in the terms of trade in the quarter
underscored the need to continue restraint in wages, prices and
public sector spending and borrowing to improve Australia's
competitiveness, he said.
'It is clear that through the continued application of that
strategy Australia will make the necessary adjustments in its
external accounts and return to a more sustainable growth
pattern,' he added.
|
training/696
|
training/696 |@title diagnostic:1 product:1 dpcz:1 see:1 earning:1 growth:1 |@word diagnostic:3 products:1 corp:1 president:1 chief:1 executive:1 officer:1 sigi:1 ziering:5 say:6 expect:5 maintain:1 compound:2 average:2 annal:1 net:5 income:5 growth:5 1987:2 company:5 past:3 five:4 year:5 performance:1 next:1 ziere:1 32:1 pct:4 annually:1 27:1 per:4 earning:3 share:3 1986:1 6:1 3:2 mln:2 dlrs:3 1:1 07:1 vs:1 9:1 73:1 ct:1 1985:1 manufacture:1 medical:1 immunological:1 test:2 kit:2 result:2 positive:1 effect:1 weak:1 dollar:1 export:1 sale:1 well:1 accelerated:1 market:1 penetration:1 food:1 drug:2 administration:1 approve:1 three:1 abuse:1 end:1 depend:1 approval:1 also:1 help:1 new:1 tax:1 law:1 taxis:1 decrease:1 31:1
|
DIAGNOSTIC PRODUCTS <DPCZ> SEES EARNINGS GROWTH
Diagnostic Products Corp president and
chief executive officer Sigi Ziering said he expects to
maintain the same compound average annal net income growth in
1987 as the company has for the past five years.
'We expect the same performance in net income over the next
five years as we have had in the past,' Ziering said.
Over the past five years Ziering said the company has had
average compound net income growth of 32 pct annually with a 27
pct per year growth in earnings per share. For 1986 the company
had net income of 6.3 mln dlrs, or 1.07 dlrs per share, vs 3.9
mln dlrs, or 73 cts per share in 1985.
Diagnostic manufactures medical immunological diagnostic
test kits.
Ziering said he expects the earnings growth to result from
positive effect of the weaker dollar on the company's exports
sales as well as accelerated market penetration. Ziering said
he expected the Food and Drug Administration to approve three
more of its drug abuse test kits by the end of the year, which,
depending on approval, should also help earnings growth.
Ziering said as a result of the new tax laws he expected
the company's taxes to decrease by five pct to 31 pct of net
income in 1987.
|
training/6960
|
training/6960 |@title australian:1 wheat:1 board:1 renews:1 japan:1 supply:1 pact:1 |@word australian:1 wheat:3 board:2 awb:3 expect:1 sell:3 900:1 000:1 tonne:2 japanese:1 food:2 agency:2 year:2 renew:1 annual:1 supply:1 agreement:2 general:1 manager:1 ron:1 paice:1 say:2 make:1 available:1 regular:1 tender:1 statement:1 note:1 three:2 mln:1 japan:1 past:1
|
AUSTRALIAN WHEAT BOARD RENEWS JAPAN SUPPLY PACT
The Australian Wheat Board (AWB)
expects to sell about 900,000 tonnes of wheat to the Japanese
Food Agency this year after renewing its annual supply
agreement, AWB general manager Ron Paice said.
Under the agreement, the AWB makes the wheat available and
sells into the Food Agency's regular tenders, he said in a
statement.
He noted that the Board has sold more than three mln tonnes
to Japan in the past three years.
|
training/6961
|
training/6961 |@title sanwa:1 bank:2 acquire:1 small:1 stake:1 portuguese:1 |@word sanwa:4 bank:7 ltd:1 anwa:1 agree:2 buy:2 two:1 pct:2 stake:3 oporto:2 based:1 banco:2 portugues:1 de:1 investmento:1 sarl:1 bpi:3 portugal:2 large:1 merchant:2 official:2 say:4 purchase:1 share:1 international:1 finance:1 corp:1 shareholder:2 sister:1 organisation:1 world:1 351:1 mln:1 yen:1 acquisition:1 complete:1 month:1 japanese:3 portuguse:1 government:1 expect:1 give:1 permission:1 soon:1 first:1 time:1 portuguese:1 plan:1 increase:1 four:1 ceiling:1 foreign:1 also:1 portugue:1 atlantico:1 state:1 exchange:1 information:1 customer:1 help:1 accelerate:1 investment:1 technological:1 transfer:1
|
SANWA BANK ACQUIRES SMALL STAKE IN PORTUGUESE BANK
Sanwa Bank Ltd <ANWA.T> has agreed to buy
a two pct stake in Oporto-based <Banco Portugues de Investmento
Sarl> (BPI), Portugal's largest merchant bank, a Sanwa official
said.
Sanwa will purchase the shares from International Finance
Corp, a BPI shareholder and sister organisation of the World
Bank, for 351 mln yen, he said.
The acquisition will be completed this month as both the
Japanese and Portuguse governments are expected to give
permission soon. This is the first time a Japanese bank has
bought a stake in a Portuguese bank.
Sanwa plans to increase its stake in BPI to four pct, the
ceiling for foreign shareholders, the official said.
The bank has also agreed with <Banco Portugues do
Atlantico>, a state-owned merchant bank in Oporto, to exchange
information on customers and help accelerate Japanese
investment and technological transfers to Portugal, he said.
|
training/6964
|
training/6964 |@title india:1 trade:1 deficit:1 fall:1 |@word india:1 trade:2 deficit:2 provisionally:2 estimate:3 58:1 34:1 billion:9 rupee:3 first:1 10:1 month:2 fiscal:1 1986:2 87:3 end:1 march:1 compare:1 70:2 62:1 year:2 ago:1 period:3 commerce:2 ministry:1 say:1 export:1 rise:1 late:1 100:1 75:1 early:1 86:2 09:2 import:1 159:1 156:1 71:1 figure:1 show:1 around:1 record:1 47:1 1985:1 actual:1 53:1 18:1 1984:1 85:1 minister:1 p:1 shiv:1 shanker:1 tell:1 reporter:1 last:1
|
INDIA TRADE DEFICIT FALLS
India's trade deficit is
provisionally estimated at 58.34 billion rupees in the first 10
months of fiscal 1986/87 ending March, compared with 70.62
billion in the year ago period, the Commerce Ministry said.
Exports rose in the latest period to 100.75 billion rupees
from the a year earlier 86.09 billion and imports to 159.09
billion from 156.71 billion in the period, the figures show.
The trade deficit for all of 1986/87 is provisionally
estimated at around 70 billion rupees from an estimated record
87.47 billion in 1985/86 and actual 53.18 billion in 1984/85,
Commerce Minister P. Shiv Shanker told reporters last month .
|
training/6965
|
training/6965 |@title sweden:1 revise:1 january:1 inflation:1 figure:1 |@word sweden:1 rate:3 inflation:3 january:4 revise:2 downwards:1 fault:1 make:1 calculate:1 figure:2 central:1 bureau:5 statistics:1 say:4 rise:4 consumer:2 price:4 1:4 0:3 pct:8 instead:1 previously:1 announce:1 3:6 without:1 explain:1 error:1 arise:1 february:5 compare:1 last:1 year:6 total:1 far:1 therefore:1 allow:1 add:2 4:2 revised:1 2:1 5:1 1986:1 slowdown:1 mainly:1 due:1 government:1 impose:1 freeze:1 come:1 force:1
|
SWEDEN REVISES DOWN JANUARY'S INFLATION FIGURE
Sweden's rate of inflation during
January has been revised downwards after a fault was made in
calculating the figures, the Central Bureau of Statistics said.
The January rise in consumer prices was 1.0 pct instead of
the previously announced 1.3 pct, the bureau said, without
explaining how the error arose.
Consumer prices in February rose 0.3 pct compared with 0.1
pct in February last year, the bureau said. The total inflation
rate so far this year is therefore 1.3 pct, allowing for
January's revised figures, it added.
Year-on-year inflation rose to 3.4 pct in February, against
a revised 3.2 pct in January and a year-on-year rate of 5.3 pct
in February 1986, the bureau said.
The slowdown in price rises was mainly due to a government
imposed price freeze which came into force on February 4, the
bureau added.
|
training/6968
|
training/6968 |@title taiwan:1 steel:1 firm:1 see:1 low:1 export:1 output:1 |@word state:1 china:1 steel:3 corp:1 say:4 export:3 drop:1 600:1 000:2 tonne:3 year:2 end:1 june:1 30:1 1987:1 810:1 1985:1 86:1 production:2 company:4 taiwan:3 large:1 maker:1 expect:1 rise:2 3:3 33:1 mln:3 27:1 spokesman:3 tell:1 reuters:1 attribute:1 decline:1 dollar:1 erode:1 competitiveness:1 product:2 south:1 korea:1 undergo:1 expansion:1 project:2 call:1 boost:1 5:1 65:1 current:1 level:1 cost:1 52:1 billion:1 dlrs:1 complete:1 april:1 1988:1 two:1 month:1 ahead:1 targette:1 date:1 japan:1 southeast:1 asia:1 hong:1 kong:1 u:1 middle:1 east:1 africa:1
|
TAIWAN STEEL FIRM SEES LOWER EXPORTS, MORE OUTPUT
State-owned <China Steel Corp> said its
steel exports will drop to some 600,000 tonnes in the year
ending June 30, 1987 from more than 810,000 in 1985/86.
Production by the company, Taiwan's largest steel maker, is
expected to rise to 3.33 mln tonnes from 3.27 mln, a spokesman
told Reuters.
He attributed the export decline to the rise in the Taiwan
dollar, which has eroded the competitiveness of the company's
products against those from South Korea.
The spokesman said the company is undergoing an expansion
project which calls for a boost in production to 5.65 mln
tonnes a year from the current level. The project, costing 52.3
billion Taiwan dlrs, will be completed by April 1988, two
months ahead of the targetted date, he said.
The spokesman said the company exports its products to
Japan, Southeast Asia, Hong Kong, the U.S., The Middle East and
Africa.
|
training/6969
|
training/6969 |@title swissair:2 1986:2 net:2 64:2 5:4 mln:4 swiss:2 franc:4 vs:4 68:2 div:2 33:2 38:2 |@word
|
SWISSAIR 1986 NET 64.5 MLN SWISS FRANC VS 68.5 MLN, DIV 33 FRANCS VS 38
SWISSAIR 1986 NET 64.5 MLN SWISS FRANC VS 68.5 MLN, DIV 33 FRANCS VS 38
|
training/697
|
training/697 |@title currency:1 could:1 influence:1 bullion:1 montagu:1 |@word currency:1 fluctuation:1 may:2 reassert:1 influence:1 bullion:2 market:3 near:1 future:1 banker:1 samuel:1 montagu:2 co:1 ltd:1 say:4 report:1 firm:1 silver:1 lag:1 behind:1 gold:1 reaction:1 movement:1 foreign:1 exchange:1 opec:1 failure:1 address:1 recent:1 decline:1 oil:1 price:1 remain:1 worrying:1 factor:1 however:1 balance:1 appear:1 approach:1 cautiously:1 bank:1 us:1 economy:1 show:1 noticeable:1 long:1 term:1 improvement:1 latin:1 american:1 debt:1 iranian:1 arm:1 affair:1 could:1 undermine:1 confidence:1 dollar:1
|
CURRENCIES COULD INFLUENCE BULLION AGAIN-MONTAGU
Currency fluctuations may reassert their
influence on the bullion market in the near future, bullion
bankers Samuel Montagu and Co Ltd said in a market report.
But the firm said silver may lag behind gold in any
reactions to movements on foreign exchanges.
'OPEC's failure to address the recent decline in oil prices
remains a worrying factor however, and on balance it appears
that the market should be approached cautiously,' Montagu said.
The bank said the US economy has shown no noticeable
long-term improvement and that both Latin American debt and the
Iranian arms affair could undermine confidence in the dollar.
|
training/6970
|
training/6970 |@title philippines:1 liquidity:1 rise:1 loan:1 demand:1 fall:1 |@word liquidity:1 philippines:1 rise:8 december:12 loan:2 demand:2 short:2 term:2 lending:2 rate:2 fall:2 central:1 bank:8 say:8 official:5 3:3 9:2 72:2 pct:11 provisional:4 149:1 80:1 billion:17 peso:7 end:15 month:5 earlier:5 year:4 gain:1 12:1 annualise:1 13:2 88:3 14:1 58:2 19:4 82:1 1985:7 poor:1 illustrate:1 commercial:3 reserve:4 22:1 require:1 21:1 59:1 surplus:1 597:1 mln:2 pesos:2 compare:1 deficit:2 390:1 1:3 64:2 reflect:1 political:1 uncertainty:1 last:1 quarter:1 1986:3 money:3 total:1 available:1 monetary:1 authority:1 52:2 5:1 49:1 98:1 november:1 41:2 85:1 37:1 09:1 note:2 include:1 supply:2 plus:2 saving:2 time:2 deposit:4 substitute:1 132:1 17:1 42:1 86:1 36:1 35:2 83:2 broad:1 2:1 measure:2 coin:1 circulation:1 7:1 140:1 128:1 124:1 27:1 banking:1 system:1 118:1 107:1 89:1 92:1 1984:1
|
PHILIPPINES' LIQUIDITY RISES, LOAN DEMAND FALLS
Liquidity in the Philippines rose in
December while loan demand and short-term lending rates fell,
the Central Bank said.
A bank official said M-3 rose 9.72 pct to a provisional
149.80 billion pesos at the end of December from a month
earlier for a year-on-year gain of 12.72 pct.
She said short-term bank lending rates fell to an
annualised 13.88 pct at the end of December, from 14.58 pct a
month earlier and 19.82 pct at the end of December 1985.
Poor loan demand was illustrated by a rise in commercial
bank reserves, the official said.
The bank official said commercial bank reserves were 22.19
billion pesos at the end of December, when reserves required
were 21.59 billion.
She said the surplus of 597 mln pesos, compared with a
deficit of 390 mln pesos a month earlier and a deficit of 1.64
billion at the end of 1985, reflected political uncertainty in
the last quarter of 1986.
Reserve money, the total available to monetary authorities,
was a provisional 52.58 billion pesos at the end of 1986. This
was 5.19 pct up from 49.98 billion at the end of November and
41.85 pct up from 37.09 billion in December 1985.
The bank official noted M-3, which includes M-1 money
supply, plus savings, time deposits and deposit substitutes.
Was 132.88 billion pesos at the end of December 1985.
M-1 money supply rose a provisional 17.3 pct to 42.86
billion pesos at the end of December 1986 from 36.52 billion a
month earlier. The year-on-year rise was 19.64 pct, up from
35.83 billion at the end of December 1985.
The bank official said the broader M-2 measure, which
measures notes and coins in circulation plus savings and time
deposits, rose a provisional 9.7 pct to 140.88 billion pesos at
the end of December from 128.41 billion a month earlier. It
rose 13.35 pct from 124.27 billion at the end of December 1985.
She said deposits with the commercial banking system rose
to just over 118 billion pesos at the end of December from
107.89 billion at the end of 1985 and 92.83 billion at the end
of 1984.
|
training/6972
|
training/6972 |@title swissair:1 swsz:1 z:1 year:1 1986:1 |@word net:1 64:1 5:2 mln:2 swiss:1 franc:2 vs:3 68:1 div:1 33:1 per:1 share:1 38:1 turnover:1 4:2 03:1 billion:2 35:1
|
SWISSAIR <SWSZ.Z> YEAR 1986
Net 64.5 mln Swiss francs vs 68.5 mln
Div 33 francs per share vs 38
Turnover 4.03 billion vs 4.35 billion.
|
training/6975
|
training/6975 |@title finnish:1 wholesale:1 price:1 rise:1 0:1 2:1 pct:1 february:1 |@word finnish:1 wholesale:3 price:3 rise:2 0:1 2:3 pct:6 february:6 one:1 january:3 drop:2 1:3 1986:2 central:1 statistical:1 office:1 say:1 year:3 fall:1 9:1 3:3 8:1 index:1 base:1 1980:1 136:2 5:1 139:1 last:1
|
FINNISH WHOLESALE PRICES RISE 0.2 PCT IN FEBRUARY
Finnish wholesale prices rose 0.2 pct
in February after a rise of one pct in January and a drop of
1.2 pct in February 1986, the Central Statistical Office said.
Year-on-year wholesale prices fell 1.9 pct in February
after drops of 3.3 pct in January and 1.8 pct in February 1986.
The wholesale price index, base 1980, was 136.5 in
February, 136.3 in January and 139.2 in February last year.
|
training/6976
|
training/6976 |@title china:1 taiwan:1 trade:1 via:1 hong:1 kong:1 fall:1 1986:1 |@word value:1 trade:3 china:6 taiwan:4 via:1 hong:5 kong:5 fall:2 13:1 pct:1 7:2 45:1 billion:5 h:1 k:1 dlrs:5 1986:1 8:1 59:1 1985:2 census:1 statistics:1 department:1 say:1 export:3 6:1 33:1 last:1 year:1 69:1 rise:1 1:1 12:1 904:1 mln:1 economist:1 tell:1 reuters:1 control:1 scarce:1 foreign:1 currency:1 hurt:1 import:1 taiwanese:1 consumer:1 good:1 electric:1 fan:1 television:1 set:1 herbal:1 medicine:1 textile:1 among:1 chief:1 allow:1 direct:1 indirect:1 route:1 mainly:1
|
CHINA, TAIWAN TRADE VIA HONG KONG FELL IN 1986
The value of trade between China and
Taiwan via Hong Kong fell 13 pct to 7.45 billion H.K. Dlrs in
1986 from 8.59 billion dlrs in 1985, Hong Kong's Census and
Statistics Department said.
Taiwan's exports to China through Hong Kong fell to 6.33
billion dlrs last year from 7.69 billion in 1985, while China's
exports rose to 1.12 billion dlrs from 904 mln dlrs.
Economists in Hong Kong told Reuters that China's controls
on scarce foreign currency hurt its imports of Taiwanese
consumer goods, such as electric fans and television sets.
Herbal medicine and textiles were among China's chief
exports to Taiwan.
Taiwan does not allow direct trade with China and indirect
trade is routed mainly through Hong Kong.
|
training/698
|
training/698 |@title dunkin:1 donuts:1 inc:1 dunk:1 1st:1 qtr:1 jan:1 24:1 net:1 |@word shr:1 46:1 ct:2 vs:3 42:1 net:1 3:2 418:1 000:2 129:1 rev:1 24:1 7:1 mln:2 26:1 2:1
|
DUNKIN' DONUTS INC <DUNK> 1ST QTR JAN 24 NET
Shr 46 cts vs 42 cts
Net 3,418,000 vs 3,129,000
Revs 24.7 mln vs 26.2 mln
|
training/6981
|
training/6981 |@title u:1 k:1 money:1 market:1 deficit:1 forecast:1 450:1 mln:1 stg:1 |@word bank:1 england:1 say:1 forecast:1 shortage:1 around:2 450:1 mln:5 stg:5 money:1 market:1 today:1 among:1 main:1 factor:1 affect:1 liquidity:1 bill:2 mature:1 official:1 hand:1 take:2 treasury:1 drain:1 650:1 rise:1 note:1 circulation:1 30:1 partly:1 offset:1 outflow:1 banker:1 balance:1 target:1 exchequer:1 transaction:1 add:1 200:1 35:1 system:1 respectively:1
|
U.K. MONEY MARKET DEFICIT FORECAST AT 450 MLN STG
The Bank of England said it forecast a
shortage of around 450 mln stg in the money market today.
Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
some 650 mln stg while a rise in note circulation will take out
around 30 mln stg.
Partly offsetting these outflows, bankers' balances above
target and exchequer transactions will add some 200 mln stg and
35 mln stg to the system respectively.
|
training/6982
|
training/6982 |@title brazilian:1 monthly:1 inflation:1 dip:1 slightly:1 |@word brazilian:2 consumer:2 price:2 rise:2 13:1 9:1 pct:3 february:2 compare:1 january:1 record:1 rate:1 16:1 8:1 geography:1 statistics:1 institute:1 ibge:1 say:1 statement:1 bring:1 increase:1 since:1 introduction:1 anti:1 inflation:1 cruzado:1 plan:1 year:1 ago:1 62:1 5:1
|
BRAZILIAN MONTHLY INFLATION DIPS SLIGHTLY
Brazilian consumer prices rose
13.9 pct in February, compared with January's record rate of
16.8 pct, the Brazilian Geography and Statistics Institute
(IBGE) said in a statement.
The February rise brought the increase in consumer prices
since the introduction of the anti-inflation Cruzado Plan a
year ago to 62.5 pct.
|
training/6983
|
training/6983 |@title |@word german:2 net:2 currency:2 reserve:2 fall:2 5:2 4:2 billion:4 mark:2 81:2 7:2 bundesbank:2
|
German net currency reserves fall 5.4 billion marks to 81.7 billion - Bundesbank
German net currency reserves fall 5.4 billion marks to 81.7 billion - Bundesbank
|
training/6985
|
training/6985 |@title north:1 korea:1 resurrect:1 gold:1 repay:1 debt:1 |@word pyongyang:4 group:1 tokyo:1 base:1 north:4 korean:2 businessman:1 plan:1 resurrect:1 goldmine:1 boost:1 annual:1 output:2 almost:1 one:2 tonne:3 within:2 two:1 year:2 600:1 pound:1 present:1 say:4 li:4 sangsu:1 spokesman:1 unzan:2 mine:5 development:1 co:1 venture:1 partner:1 work:1 begin:1 april:1 3:1 company:3 aim:1 increase:2 10:1 decade:1 pay:2 70:1 billion:2 yen:2 debt:3 30:1 japanese:2 add:1 expect:1 worth:1 2:1 000:1 gold:2 deposit:1 start:1 1896:1 u:1 six:1 seven:1 virtually:1 untapped:1 area:1 94:1 mile:1 modern:1 equipment:2 advanced:1 technology:1 would:1 yield:1 mining:1 antiquated:1 method:1 basic:1 scheme:1 late:1 series:1 move:1 korea:1 clear:1 creditor:1 earlier:1 try:1 fail:1 part:1 several:1 fish:1
|
NORTH KOREA TO RESURRECT GOLD MINE TO REPAY DEBT
Pyongyang and a group of Tokyo-based
North Korean businessmen plan to resurrect a North Korean
goldmine and boost annual output to almost one tonne within two
years from 600 pounds at present, said Li Sangsu, a spokesman
for <Unzan Mine Development Co>, the venture partner.
Work will begin on April 3 and the company aims to increase
output to 10 tonnes within a decade to pay off Pyongyang's 70
billion yen debt to 30 Japanese companies, Li added.
'We expect this mine to be worth about 2,000 billion yen in
gold deposits,' he said.
The mine, started in 1896 by a U.S. Company, is one of six
or seven virtually untapped mines in the Unzan area, 94 miles
north of Pyongyang, Li said.
Li said modern equipment and advanced technology would
increase yields. 'Up to now, the mining was done with antiquated
methods and basic equipment.'
The gold mine scheme is the latest in a series of moves by
North Korea to clear its debts to Japanese creditors.
Earlier this year, Pyongyang tried and failed to pay off
part of its debt with several tonnes of fish.
|
training/6986
|
training/6986 |@title |@word legal:2 general:2 group:2 1986:2 pre:2 tax:2 profit:2 83:2 2:2 mln:4 stg:2 vs:2 31:2 5:2
|
Legal and General Group 1986 pre-tax profit 83.2 mln stg vs 31.5 mln.
Legal and General Group 1986 pre-tax profit 83.2 mln stg vs 31.5 mln.
|
training/699
|
training/699 |@title ccr:1 video:1 corp:1 cccr:1 1st:1 qtr:1 nov:1 30:1 net:1 |@word shr:1 profit:2 two:1 ct:2 vs:3 loss:2 12:1 net:1 156:1 726:1 776:1 000:1 revs:1 1:1 157:1 883:1 890:1 138:1
|
CCR VIDEO CORP <CCCR> 1ST QTR NOV 30 NET
Shr profit two cts vs loss 12 cts
Net profit 156,726 vs loss 776,000
Revs 1,157,883 vs 890,138
|
training/6993
|
training/6993 |@title cargill:1 u:1 k:1 strike:1 talk:1 resume:1 tuesday:1 |@word three:2 consecutive:1 day:1 talk:2 management:1 union:1 aim:1 end:2 month:1 old:1 strike:1 cargill:1 u:1 k:1 ltd:1 oilseed:1 processing:1 plant:1 seaforth:1 yesterday:1 without:1 resolve:1 situation:1 although:1 progress:1 make:1 company:1 spokesman:1 say:2 fresh:1 schedule:1 next:1 tuesday:1
|
CARGILL U.K. STRIKE TALKS TO RESUME TUESDAY
Three consecutive days of talks between
management and unions aimed at ending the three month old
strike at Cargill U.K. Ltd's oilseed processing plant at
Seaforth, ended yesterday without resolving the situation,
although some progress was made, a company spokesman said.
Fresh talks have been scheduled for next Tuesday, he said.
|
training/6994
|
training/6994 |@title ec:1 farm:1 lobby:1 back:1 oil:1 fat:1 tax:1 plan:1 |@word european:1 community:1 ec:6 farmer:2 farm:1 cooperative:1 lobby:1 copa:1 cogeca:1 back:1 commission:2 plan:1 oil:5 fat:3 price:6 stabilisation:2 mechanism:4 claim:1 would:5 harm:1 consumer:1 letter:2 belgian:1 foreign:1 minister:2 leo:1 tindemans:1 current:1 president:1 council:1 say:2 often:1 refer:1 tax:3 fact:1 subsidise:1 circumstance:1 case:1 may:1 1984:1 soya:2 cif:1 rotterdam:1 stand:1 914:1 dlrs:1 tonne:2 note:1 implement:1 one:1 suffer:1 income:1 financial:1 consequence:1 make:1 available:1 journalist:1 proposal:1 initially:1 result:1 330:1 ecus:1 import:1 produce:1 marine:1 provide:1 reduce:1 possibly:1 become:1 subsidy:1 world:1 rise:1 present:1 level:1
|
EC FARM LOBBIES BACK OILS AND FATS 'TAX' PLAN
The European Community (EC) farmers'
and farm cooperatives lobbies, Copa and Cogeca, have backed the
EC Commission plan for an oils and fats price stabilisation
mechanism, claiming it would not harm consumers.
In a letter to Belgian Foreign Minister Leo Tindemans,
current president of the EC Council of Ministers, they said the
mechanism, often referred to as a tax, would in fact subsidise
oils and fats prices in the EC under some circumstances.
This would have been the case in May 1984, when soya oil
prices cif Rotterdam stood at 914 dlrs a tonne, they noted.
If such price stabilisation is not implemented, EC farmers
should not be the ones to suffer through their prices and
incomes from the financial consequences, the letter, made
available to journalists, said.
Under the Commission proposal the mechanism would initially
result in a tax of 330 Ecus a tonne on both imported and EC
produced oils and marine fats.
The mechanism would provide for this tax to be reduced, and
possibly to become a subsidy, as world soya oil prices rose
from present levels.
|
training/6995
|
training/6995 |@title oecd:1 europe:1 zinc:1 stock:1 rise:1 january:1 |@word producer:1 zinc:2 stock:1 organization:1 economic:1 co:1 operation:1 development:1 oecd:1 european:1 country:1 rise:1 159:1 732:1 tonne:1 january:2 151:1 171:1 december:1 127:1 725:1 1986:1 late:1 international:1 lead:1 study:1 group:1 ilzsg:1 figure:2 show:1 jan:2 87:1 dec:1 86:2 refined:2 production:1 155:1 980:1 164:1 243:1 166:1 968:1 delivery:1 131:1 910:1 122:1 364:1 136:1 727:1 mine:1 output:1 metal:1 content:1 77:1 120:1 70:1 560:1 81:1 356:1
|
OECD EUROPE ZINC STOCKS RISE IN JANUARY
Producers zinc stocks in Organization
for Economic Co-operation and Development (OECD) European
countries rose to 159,732 tonnes in January from 151,171 in
December and 127,725 in January 1986, latest International Lead
and Zinc Study Group (ILZSG) figures show. Other figures were -
JAN'87 DEC'86 JAN'86
Refined production 155,980 164,243 166,968
Refined deliveries 131,910 122,364 136,727
Mine output (metal
content) 77,120 70,560 81,356
|
training/6996
|
training/6996 |@title economic:1 spotlight:1 saudi:1 arabia:1 reshape:1 economy:1 |@word high:4 world:3 oil:10 price:6 couple:1 new:4 realism:1 usher:1 austerity:2 could:4 lift:1 saudi:10 arabia:8 economy:6 five:2 year:6 fall:3 revenue:4 grow:2 budget:5 deficit:3 banker:3 diplomat:5 say:7 month:1 ahead:1 prove:1 critical:1 government:5 attempt:2 balance:1 act:1 defend:4 foster:1 recovery:1 big:2 role:2 private:5 sector:6 economist:3 earning:1 recover:1 20:1 billion:6 dlrs:4 nominal:1 gross:2 domestic:2 product:2 three:2 pct:4 first:2 rise:1 since:1 1982:1 possible:1 organisation:1 petroleum:1 exporting:1 countries:1 opec:4 succeed:1 force:2 curtail:1 output:2 long:2 keep:1 production:1 newly:1 establish:1 18:1 dlr:1 barrel:3 benchmark:1 minister:2 hisham:1 nazer:1 tell:2 reuters:1 run:1 mln:2 per:2 day:2 bpd:1 well:2 quota:1 4:1 13:1 set:1 half:1 1987:2 king:1 fahd:1 stamp:1 personal:2 authority:1 find:1 determination:1 move:2 western:1 believe:1 underline:1 kingdom:4 need:3 secure:1 stable:1 source:1 income:1 still:4 large:1 exporter:1 hugely:1 wealthy:1 country:1 past:1 decline:2 take:3 toll:1 estimate:1 10:2 last:3 8:2 6:1 1985:1 briefly:1 dip:2 probably:1 total:2 17:1 5:1 compare:1 peak:1 101:1 1981:1 watchword:1 allow:1 recession:2 saudis:1 afford:1 draw:4 reserve:6 temporarily:1 offset:1 bad:1 effect:1 short:2 term:3 lessen:1 impact:1 low:1 gape:1 foreign:3 put:1 around:1 100:1 policy:2 pursue:1 indefinitely:1 would:1 amount:1 fiscal:1 recklessness:1 also:1 increase:1 dominance:1 public:3 time:1 publicly:1 urge:1 enterprise:1 lead:1 aware:1 risk:1 attach:1 determined:1 tough:1 front:1 even:1 mean:1 depletion:1 targette:1 huge:2 52:1 7:1 riyal:2 31:1 outlay:1 explicitly:1 recognise:1 borrowing:1 rule:1 commerce:1 suleiman:1 abdulaziz:1 al:1 salim:1 businessman:2 week:1 carefully:1 consider:1 stimulate:1 plan:1 late:3 therefore:1 bold:1 step:1 withdraw:1 50:1 pump:1 build:1 1970:1 early:1 1980:1 breakneck:1 pace:1 construction:1 tale:1 spending:1 become:2 legendary:1 shrink:1 work:1 change:1 fabric:1 poor:1 management:1 go:1 unpunished:1 easy:1 boom:1 modern:1 technique:1 cost:1 control:1 introduce:1 market:1 expand:1 outsize:1 labour:1 inventory:1 cut:1 back:1 expatriate:1 workforce:1 sharply:1 number:1 bankruptcy:1 appear:1 bank:2 hit:1 hard:1 non:1 perform:1 loan:1 corporate:1 highly:1 selective:1 extend:1 credit:1 encourage:1 lending:1 investigate:1 company:1 complaint:1 contract:1 payment:1 boost:1 confidence:1 slow:1 nation:1 industrialisation:1 program:1 discourage:1 investment:1 wealth:1 report:1 cash:1 place:1 deposit:1 shift:1 weight:1 economic:1 development:1 one:1 task:1 convince:1 channel:1 saving:1 industrial:1 project:1 within:1 refrain:1 temptation:1 invest:1 abroad:1
|
ECONOMIC SPOTLIGHT - SAUDI ARABIA RESHAPES ECONOMY
Higher world oil prices, coupled with a
new realism ushered in by austerity, could lift Saudi Arabia's
economy after five years of falling revenue and growing budget
deficits, bankers and diplomats said.
The months ahead will prove critical as the government
attempts a balancing act between defending higher oil prices
and fostering recovery through a bigger role for the private
sector.
Economists said oil earnings could recover this year to
about 20 billion dlrs and nominal gross domestic product could
grow by about three pct, the first rise since 1982.
But the economists said this will be possible only if the
Organisation of Petroleum Exporting Countries (OPEC) succeeds
in defending world oil prices and if Saudi Arabia is not forced
to curtail output for too long.
Saudi Arabia is now keeping production down to defend
OPEC's newly-established 18 dlr a barrel benchmark price.
Oil Minister Hisham Nazer told Reuters output is running at
about three mln barrels per day (bpd), well down on Saudi
Arabia's OPEC quota of 4.13 mln set for the first half of 1987.
King Fahd has stamped his personal authority on OPEC's
new-found determination to defend prices in a move Western
diplomats believe underlines the kingdom's need to secure a
stable source of income for its economy.
Saudi Arabia, still the world's largest oil exporter, is a
hugely wealthy country. But the past five years of declining
revenue have taken their toll. Economists estimate gross
domestic product fell 10 pct last year and 8.6 pct in 1985.
Oil revenue last year, when prices briefly dipped below 10
dlrs per barrel, probably totalled no more than 17.5 billion
dlrs, compared to a peak 101.8 billion in 1981.
'Austerity is still the watchword, but Saudi Arabia will not
be allowed to dip further into recession ... The Saudis can
afford to draw down reserves temporarily to offset the worst
effects,' a diplomat said.
In the short-term, the kingdom can lessen the impact of
lower oil revenues and a gaping budget deficit by drawing on
foreign reserves, still put at around 100 billion dlrs.
But such a policy cannot be pursued indefinitely. Bankers
and diplomats said it would amount to fiscal recklessness in
the longer term.
It also increases the dominance of the public sector at a
time when the government is publicly urging private enterprise
to take over the lead role in the economy.
Bankers and diplomats said the government is well aware of
the risks attached to this policy but is determined to 'tough it
out' on the oil front even if that means a short-term depletion
of reserves.
The 1987 budget deficit is targetted at a huge 52.7 billion
riyals or 31 pct of total outlay. The budget explicitly
recognises the need to draw down reserves while foreign
borrowing has been ruled out.
Commerce Minister Suleiman Abdulaziz al-Salim told Saudi
businessmen this week the government had carefully considered
the need to stimulate the economy when drawing up its budget
plans late last year.
'It therefore took the bold step of withdrawing more than 50
billion riyals from its reserves and pumping it into the
economy,' he said.
Reserves were built up during the late 1970's and early
1980's when Saudi Arabia's breakneck pace of construction and
tales of high spending became legendary.
The shrinking economy has wrought huge changes in the
fabric of the Kingdom's private sector where poor management
had gone unpunished in the easy days of the oil boom.
Modern techniques of cost control have been introduced,
markets expanded and outsized labour forces and inventories cut
back. The expatriate workforce has fallen sharply.
The number of new bankruptcies appears to be declining but
Saudi banks, hit hard by non-performing loans to the corporate
sector, have become highly selective in extending new credit.
Government moves to encourage lending and investigate
company complaints about late public sector contract payments
could boost confidence but recession has slowed the nation's
industrialisation program and discouraged foreign investment.
Private wealth is still very high and banks report more and
more cash being placed on deposit.
As Saudi Arabia attempts to shift the weight of economic
development from the public to the private sector, one of the
biggest tasks will be to convince businessmen to channel
personal savings into industrial projects within the kingdom
and refrain from the temptation to invest abroad.
|
training/6998
|
training/6998 |@title ec:1 sugar:1 tender:1 see:1 concession:1 producer:1 |@word rebate:4 grant:1 yesterday:1 ec:2 sugar:5 tender:2 represent:1 concession:1 producer:5 complaint:1 lose:1 money:1 export:1 outside:1 bloc:1 commission:4 official:7 say:9 maximum:1 44:1 819:1 european:1 currency:1 unit:1 ecus:3 per:2 100:2 kilo:2 1:3 3:1 need:2 obtain:1 equivalent:1 price:2 offer:5 sale:3 intervention:4 last:1 week:2 2:1 5:1 short:1 level:1 negotiate:1 total:1 854:1 000:1 tonne:1 apparent:1 attempt:1 persuade:1 high:1 french:1 german:1 involve:1 unable:1 withdraw:2 april:2 officially:2 enter:1 store:1 payment:2 due:1 five:1 later:1 open:1 time:1 date:1 take:1 ownership:1 buy:1 determined:1 immediately:1 resell:1 move:1 would:2 drive:1 market:1 express:1 hope:1 operator:1 eventually:1 go:2 plan:1 think:1 realise:1 far:1 one:1
|
EC SUGAR TENDER SEEN AS CONCESSION TO PRODUCERS
The rebate granted at yesterday's EC
sugar tender represents some concession to producers'
complaints that they are losing money on exports outside the
bloc, EC Commission officials said.
The maximum rebate of 44.819 European currency units (Ecus)
per 100 kilos was 1.3 Ecus below what producers say is needed
to obtain the equivalent price to that offered for sales into
intervention.
The rebate at last week's tender was 2.5 Ecus per 100 kilos
short of the level producers said was needed, the officials
said.
The officials said the Commission is not negotiating with
producers who have offered a total of 854,000 tonnes of sugar
for sale into intervention in an apparent attempt to persuade
it to offer higher rebates.
They said the French and German producers involved are now
unable to withdraw this offer before April 1 when the sugar
will officially enter intervention stores.
Payment for it is due five weeks later, and it will be open
to them to withdraw their offers at any time between April 1
and the official payment date when the Commission officially
takes ownership of the sugar, the officials said.
The officials said if the Commission has to buy the sugar,
it is determined to immediately resell it, a move which would
drive down market prices further.
They expressed some hope that the operators would not
eventually go through with their plan for intervention sales.
'We think they realise they have gone too far,' one official
said.
|
training/6999
|
training/6999 |@title john:1 fairfax:1 ltd:1 ffxa:1 first:1 half:1 26:1 |@word week:1 end:1 dec:1 28:3 net:4 shr:1 25:3 9:1 cent:2 vs:12 2:1 int:1 div:2 5:3 0:1 pre:1 tax:2 48:2 30:1 mln:17 dlrs:3 44:1 29:1 94:1 35:2 turnover:1 453:1 407:1 income:1 4:1 3:1 18:2 shrs:1 100:1 90:1 note:1 pay:1 may:1 8:2 reg:1 april:1 14:1 22:1 09:1 60:2 interest:1 11:1 13:1 92:1 depreciation:1 52:1 7:1 06:1 minority:1 267:1 000:2 346:1 extraordinary:1 profit:1 89:2 32:2 rpt:1 nil:1
|
JOHN FAIRFAX LTD <FFXA.S> FIRST HALF
26 weeks ended Dec 28
Net shr 25.9 cents vs 28.2
Int div 5.5 cents vs 5.0
Pre-tax 48.30 mln dlrs vs 44.29 mln
Net 25.94 mln vs 25.35 mln
Turnover 453.28 mln vs 407.35 mln
Other income 4.48 mln vs 3.18 mln
Shrs 100 mln vs 90 mln.
NOTE - Div pay May 8. Reg April 14.
Net is after tax 22.09 mln dlrs vs 18.60 mln, interest
11.60 mln vs 13.92 mln, depreciation 8.52 mln vs 7.06 mln and
minorities 267,000 vs 346,000 but before net extraordinary
profit 89.32 rpt 89.32 mln dlrs vs nil.
|
training/700
|
training/700 |@title franklin:1 puerto:1 rico:1 tax:1 free:1 set:1 payout:1 |@word mthly:1 div:1 7:2 1:2 ct:2 vs:1 prior:1 pay:1 march:2 31:1 record:1 16:1 note:1 franklin:1 puerto:1 rico:1 tax:1 free:1 income:1 fund:1
|
FRANKLIN PUERTO RICO TAX-FREE SETS PAYOUT
Mthly div 7.1 cts vs 7.1 cts prior
Pay March 31
Record March 16
NOTE: Franklin Puerto Rico Tax-Free Income Fund.
|
training/7000
|
training/7000 |@title |@word britoil:2 plc:2 1986:2 pre:2 tax:2 profit:2 134:2 mln:4 stg:2 vs:2 759:2
|
Britoil Plc 1986 pre-tax profit 134 mln stg vs 759 mln.
Britoil Plc 1986 pre-tax profit 134 mln stg vs 759 mln.
|
training/7001
|
training/7001 |@title fairfax:1 say:1 high:1 tax:1 hit:1 first:1 half:1 earning:1 |@word media:1 group:2 john:1 fairfax:6 ltd:2 ffxa:1 say:7 flat:2 first:2 half:2 net:5 profit:3 partly:1 reflect:1 impact:1 change:1 australian:3 tax:4 system:1 earlier:2 report:1 earning:4 edge:1 2:1 3:1 pct:6 25:2 94:1 mln:7 dlrs:1 26:1 week:1 end:1 december:1 28:1 35:1 year:2 although:1 pre:1 rise:4 9:2 1:2 48:1 30:1 44:1 29:1 would:1 10:1 increase:2 company:2 49:1 46:1 imposition:1 fringe:1 benefit:1 pay:1 employer:1 recipient:1 statement:1 also:3 point:1 cyclical:1 downturn:1 revenue:2 growth:1 television:3 industry:1 another:1 reason:1 consider:1 result:2 satisfactory:2 view:1 factor:1 flagship:1 dailie:1 sydney:2 morning:1 herald:1 melbourne:2 age:1 boost:1 advertising:1 volume:1 financial:1 review:1 post:1 extremely:1 performance:1 magazine:1 perform:1 strongly:1 8:1 cost:2 outweigh:1 4:1 0:1 fall:1 interest:1 contribute:1 borrowing:2 reduce:1 follow:1 receipt:1 96:1 11:1 dlr:3 capital:1 dividend:1 associated:1 press:1 pty:1 aap:2 sale:1 b:1 share:1 reuters:1 holdings:1 plc:1 rtrs:1 l:1 account:1 89:1 32:1 extraordinary:1 early:1 predict:1 full:1 recent:1 320:1 acquisition:1 hsv:1 seven:2 station:1 hit:1 network:1 channel:1 brisbane:1 produce:1 offset:1 saving:1
|
FAIRFAX SAYS HIGHER TAX HITS FIRST HALF EARNINGS
Media group John Fairfax Ltd <FFXA.S>
said that its flat first half net profit partly reflected the
impact of changes in the Australian tax system.
Fairfax earlier reported net earnings edged up 2.3 pct to
25.94 mln dlrs in the 26 weeks ended December 28 from 25.35 mln
a year earlier although pre-tax profit rose 9.1 pct to 48.30
mln from 44.29 mln.
Net would have risen 10.1 pct but for the increase in
company tax to 49 pct from 46 and the imposition of the tax on
fringe benefits, paid by employers and not the recipients, the
company said in a statement.
Fairfax also pointed to the cyclical downturn in revenue
growth in the television industry as another reason for the
flat first half earnings.
It said it considered the result satisfactory in view of
these factors.
Fairfax said its flagship dailies, The Sydney Morning
Herald and the Melbourne Age, boosted advertising volume, as
did the Australian Financial Review, and posted extremely
satisfactory performances. Magazines also performed strongly.
But an 8.9 pct rise in television costs outweighed a 4.0
pct rise in revenue, it said.
Fairfax said a fall in net interest also contributed to net
earnings because group borrowings were reduced following the
receipt of a 96.11 mln dlr capital dividend from <Australian
Associated Press Pty Ltd> (AAP) after the sale of AAP's 'B'
shares in Reuters Holdings Plc <RTRS.L>.
This accounted for the 89.32 mln dlr extraordinary profit.
Fairfax said it is too early to predict results for the
full year. Increased borrowings after the recent 320 mln dlr
acquisition of the HSV-Seven television station in Melbourne
will hit earnings but networking with the Channel Sevens in
Sydney and Brisbane will produce some offsetting cost savings.
|
training/7003
|
training/7003 |@title britoil:1 plc:1 btol:1 l:1 1986:1 yr:1 |@word shr:1 6:1 56p:1 vs:10 50:3 31p:1 final:1 div:1 6p:1 make:1 8p:1 13p:1 pre:1 tax:5 profit:4 134:1 mln:16 stg:5 759:1 net:2 33:1 253:1 turnover:1 978:1 1:1 80:1 billion:1 extraordinary:2 debit:3 nil:2 operate:1 149:1 756:1 exceptional:1 rationalisation:1 programme:1 12:1 petroleum:1 revenue:1 77:1 319:1 u:2 k:1 corporation:1 overseas:1 24:1 187:1 note:1 effect:1 account:1 change:1 1986:1 reduce:1 47:1 retain:1 earning:1 prior:1 year:1 increase:1 209:1 relate:1 decision:1 seek:1 buyer:1 company:1 asset:1
|
BRITOIL PLC <BTOL.L> 1986 YR
Shr 6.56p vs 50.31p
Final div 6p, making 8p vs 13p.
Pre-tax profit 134 mln stg vs 759 mln.
Net profit 33 mln vs 253 mln.
Turnover 978 mln stg vs 1.80 billion.
Extraordinary debit 50 mln vs nil.
Operating profit 149 mln stg vs 756 mln.
Exceptional debit on rationalisation programme 12 mln vs
nil
Petroleum Revenue Taxes 77 mln vs 319 mln,
U.K. Corporation tax and overseas tax 24 mln vs 187 mln,
Note - The net effect of accounting changes in 1986 was to
reduce after tax profits by 47 mln stg. Retained earnings for
prior years were increased by 209 mln.
Extraordinary debit of 50 mln stg related to the decision
to seek a buyer for the company's U.S. Assets.
|
training/7004
|
training/7004 |@title 19:2 mar:2 1987:2 |@word
|
19-MAR-1987
19-MAR-1987
|
training/7005
|
training/7005 |@title uk:2 unit:2 wage:2 labour:2 cost:2 rise:2 3:4 pct:2 three:2 month:2 end:2 jan:2 official:2 |@word
|
UK UNIT WAGE/LABOUR COSTS ROSE 3.3 PCT IN THREE MONTHS ENDING JAN - OFFICIAL
UK UNIT WAGE/LABOUR COSTS ROSE 3.3 PCT IN THREE MONTHS ENDING JAN - OFFICIAL
|
training/7006
|
training/7006 |@title uk:2 average:2 earning:2 rise:4 7:4 6:2 pct:4 january:2 underlie:2 5:2 official:2 |@word
|
UK AVERAGE EARNINGS ROSE 7.6 PCT IN JANUARY, UNDERLYING RISE 7.5 PCT - OFFICIAL
UK AVERAGE EARNINGS ROSE 7.6 PCT IN JANUARY, UNDERLYING RISE 7.5 PCT - OFFICIAL
|
training/7007
|
training/7007 |@title u:2 k:2 february:2 adjust:2 sterling:2 m3:2 rise:2 2:2 1:2 4:4 pct:4 m0:2 3:2 one:2 official:2 |@word
|
U.K. FEBRUARY ADJUSTED STERLING M3 RISES 2-1/4 PCT, M0 DOWN 3/4 TO ONE PCT - OFFICIAL
U.K. FEBRUARY ADJUSTED STERLING M3 RISES 2-1/4 PCT, M0 DOWN 3/4 TO ONE PCT - OFFICIAL
|
training/7008
|
training/7008 |@title legal:1 general:1 group:1 plc:1 year:1 1986:1 |@word shr:1 14:1 58p:1 vs:11 7:4 86p:1 div:1 6:4 5p:1 make:1 9:4 75p:1 increase:1 19:1 4:5 pct:1 pretax:2 profit:3 83:2 2:3 mln:19 stg:4 31:2 5:4 net:1 tax:1 68:1 37:1 consist:1 long:3 term:4 business:4 45:1 43:1 8:3 u:1 fund:1 management:1 short:1 loss:1 29:1 0:5 associate:1 company:1 shareholder:1 income:1 outgoing:1 debit:1 credit:1 exceptional:1 21:1 nil:1
|
LEGAL AND GENERAL GROUP PLC YEAR 1986
Shr 14.58p vs 7.86p
Div 6.5p making 9.75p, an increase of 19.4 pct
Pretax profit 83.2 mln stg vs 31.5 mln
Net after tax 68.6 mln stg vs 37.7 mln
Pretax profit 83.2 mln stg vs 31.5
mln, consists of -
Long term business 45.9 mln stg vs 43.8 mln
U.S. Long term business 6.2 mln vs 8.9 mln
Fund management 4.7 mln vs 6.5 mln
Short term business 4.7 mln vs loss 29.0 mln
Associate companies 0.9 mln vs 0.8 mln
Shareholders other income and outgoings 0.4 mln debit vs
0.5 mln credit
Exceptional long-term business profit 21.4 mln vs nil
|
training/7009
|
training/7009 |@title feb:2 sterling:2 bank:2 lend:2 2:2 9:2 billion:2 stg:2 1:2 75:2 rise:2 jan:2 official:2 |@word
|
FEB STERLING BANK LENDING UP 2.9 BILLION STG AFTER 1.75 RISE IN JAN - OFFICIAL
FEB STERLING BANK LENDING UP 2.9 BILLION STG AFTER 1.75 RISE IN JAN - OFFICIAL
|
training/701
|
training/701 |@title franklin:1 ohio:1 insure:1 tax:1 free:1 set:1 payout:1 |@word mthly:1 div:1 6:2 1:2 ct:2 vs:1 prior:1 pay:1 march:2 31:1 record:1 16:1 note:1 franklin:1 ohio:1 insure:1 tax:1 free:1 income:1 fund:1
|
FRANKLIN OHIO INSURED TAX-FREE SETS PAYOUT
Mthly div 6.1 cts vs 6.1 cts prior
Pay March 31
Record March 16
NOTE: Franklin Ohio Insured Tax-Free Income Fund.
|
training/7010
|
training/7010 |@title uk:2 feb:2 adjusted:2 unemployment:2 fall:2 44:2 100:2 total:2 3:2 07:2 mln:2 11:2 1:2 pct:2 official:2 |@word
|
UK FEB ADJUSTED UNEMPLOYMENT FELL 44,100 TOTAL 3.07 MLN OR 11.1 PCT - OFFICIAL
UK FEB ADJUSTED UNEMPLOYMENT FELL 44,100 TOTAL 3.07 MLN OR 11.1 PCT - OFFICIAL
|
training/7011
|
training/7011 |@title japan:1 ask:1 chip:1 maker:1 slash:1 output:1 |@word ministry:3 international:1 trade:2 industry:1 ask:2 japanese:5 computer:1 microchip:1 maker:5 slash:2 output:3 second:3 quarter:5 effort:1 save:1 semiconductor:3 pact:4 united:2 states:2 miti:4 official:2 say:3 accuse:1 japan:3 renege:1 fail:1 stop:2 flow:1 cut:2 price:3 chip:8 asian:1 market:3 washington:1 threaten:1 take:1 retaliatory:1 action:1 april:1 1:1 agree:1 last:2 year:2 call:1 sell:1 world:1 increase:1 import:1 american:1 reduce:4 huge:1 surplus:1 anxious:1 salvage:1 bilateral:1 agreement:1 press:1 limit:1 production:3 hope:1 boost:1 domestic:1 incentive:1 export:1 month:2 first:3 10:2 pct:3 meet:1 request:1 20:1 final:1 six:1 week:1 level:1 maintain:1 end:1 june:1 would:1 come:1 three:1 decline:1 identify:1 yet:1 decide:1 extent:1 cutback:1 one:1 lose:1 ground:1 asia:1 south:1 korean:1 u:2 competition:1 pick:1 criticize:1 privately:1 see:1 heavy:1 handed:1 attempt:1 ensure:1 success:1
|
JAPAN TO ASK CHIP MAKERS TO SLASH OUTPUT FURTHER
The Ministry of International Trade and
Industry will ask Japanese computer microchip makers to further
slash output in the second quarter in an effort to save its
semiconductor pact with the United States, MITI officials said.
The United States has accused Japan of reneging on the
semiconductor pact by failing to stop the flow of cut-price
Japanese chips to Asian markets. Washington has threatened to
take retaliatory action after April 1.
The pact, agreed last year, calls on Japan to stop selling
cut-price chips in world markets and to increase its imports of
American chips to reduce some of its huge trade surplus.
MITI, anxious to salvage the bilateral agreement, has been
pressing chip makers to limit production in the hope that will
boost domestic chip prices and reduce the incentive to export.
Last month, the ministry asked Japanese chip makers to
reduce first quarter output by 10 pct. To meet that request,
they had to slash production by 20 pct over the final six weeks
of the first quarter.
If that reduced production level were maintained through to
the end of June, second quarter output would come in 10 pct
below that of the first three months of the year.
MITI officials, who declined to be identified, said the
ministry has not yet decided on the extent of the second
quarter cutback.
One said that Japanese chip makers are losing ground in
Asia to South Korean and U.S. Competition just as markets there
are picking up.
MITI has been criticized privately by some Japanese
semiconductor makers for what they see as heavy-handed attempts
to ensure the success of the Japan/U.S. Chip pact.
|
training/7012
|
training/7012 |@title u:1 k:1 clearing:1 bank:1 lending:1 rise:1 1:1 6:1 billion:1 stg:1 |@word clearing:1 bank:1 sterling:1 lending:3 u:1 k:1 private:2 sector:3 february:4 estimate:1 rise:7 underlie:1 seasonally:2 adjust:2 1:8 6:2 billion:7 stg:14 2:1 january:2 banking:4 information:4 service:4 say:4 unadjusted:2 31:1 compare:1 813:1 mln:8 increase:2 adjusted:1 well:1 recent:1 monthly:1 average:1 0:1 297:1 account:1 personal:1 take:1 entirely:1 lend:3 home:1 purchase:1 consumption:1 fall:2 around:1 17:1 182:1 credit:1 card:1 debt:1 repay:1 month:1 manufacturing:1 industry:2 370:1 lease:1 company:1 308:1 within:1 governmemnt:1 tax:2 season:1 much:1 probably:1 result:1 need:1 pay:1 bill:1 deposit:3 75:1 public:1 185:1 overseas:1 resident:1 43:1
|
U.K. CLEARING BANK LENDING RISES 1.6 BILLION STG
Clearing bank sterling lending to the
U.K. Private sector in February is estimated to have risen by
an underlying, seasonally-adjusted 1.6 billion stg after a 1.2
billion stg rise in January, the Banking Information Service
said.
The unadjusted rise was 1.31 billion stg, compared with an
813 mln stg increase in January.
The Banking Information Service said the adjusted rise of
1.6 billion stg was well above the recent monthly average of
about 1.0 billion stg.
Of the increase, 297 mln stg was accounted for by personal
lending, which the Banking Information Service said was taken
up entirely by lending for home purchases.
Lending for consumption fell around 17 mln stg while about
182 mln stg of credit card debt was repaid during the month.
Lending to the manufacturing industry was up 370 mln stg,
and to leasing companies by 308 mln stg.
The Banking Information Service said February fell within
the governmemnt tax season, so much of the lending was probably
the result of industry's need to pay its tax bills.
Deposits by the private sector rose an unadjusted 1.1
billion stg in February and by a seasonally-adjusted 1.75
billion stg.
Deposits from the public sector rose 185 mln stg in
February while deposits from overseas residents rose by 43 mln.
|
training/7013
|
training/7013 |@title u:1 k:1 unemployment:1 fall:1 february:1 |@word unemployment:3 u:1 k:1 fall:7 provisional:1 seasonally:3 adjust:3 44:1 100:2 february:4 total:2 3:4 07:1 mln:3 11:5 1:2 pct:5 workforce:1 employment:2 department:2 say:5 january:4 revise:1 initially:1 position:1 report:1 flat:2 unadjusted:1 jobless:1 include:1 school:1 leaver:1 23:1 7:2 30:1 9:1 seventh:1 successive:1 month:2 register:1 peak:1 last:1 summer:1 lord:1 young:1 minister:1 appear:1 little:1 doubt:1 monthly:1 run:1 20:1 000:1 continue:2 spokesman:1 sharp:1 reflect:1 compensation:1 figure:1 downward:1 trend:1 see:1 past:1 six:1 spread:1 throughout:1 country:1 among:1 man:1 woman:1
|
U.K. UNEMPLOYMENT FALLS IN FEBRUARY
Unemployment in the U.K. Fell a
provisional seasonally-adjusted 44,100 in February, to total
3.07 mln or 11.1 pct of the workforce, the Employment
Department said.
In January, seasonally adjusted unemployment fell by a
revised 1,100 to 11.3 pct, it said. Initially the January
position was reported as flat.
The unadjusted jobless total, including school leavers,
fell to 3.23 mln, or 11.7 pct, from 3.30 mln, 11.9 pct, in
January.
February was the seventh successive month that seasonally
adjusted unemployment registered a fall.
It was at a peak of 11.7 pct last summer.
Lord Young, the Employment Minister, said there appeared
little doubt the monthly fall, which has been running at about
20,000, will continue.
A Department spokesman said the sharp fall in February
reflected some compensation for the flat figure in January and
continued the downward trend seen in the past six months.
He said the February fall was spread throughout the country
and among men and women.
|
training/7014
|
training/7014 |@title sterling:1 m3:1 2:1 1:1 4:1 pct:1 february:1 m0:1 |@word main:1 measure:2 u:1 k:1 broad:1 money:1 sterling:7 m3:6 grow:2 provisional:2 seasonally:3 adjust:4 2:8 1:13 4:7 pct:12 february:7 rise:8 january:12 bank:13 england:1 say:9 narrow:1 m0:2 fall:3 3:6 one:1 0:2 6:5 drop:3 unadjusted:4 annual:1 growth:2 18:1 19:1 12:1 month:3 17:1 four:1 5:2 lending:3 9:2 billion:10 stg:14 75:1 counterpart:2 private:3 sector:9 expand:2 public:6 borrowing:1 requirement:1 psbr:2 contract:1 300:4 mln:7 contraction:1 7:1 fund:1 debt:3 sale:2 non:2 external:2 flow:2 central:1 government:1 expansionary:1 400:2 expansion:2 figure:3 show:2 two:1 8:1 basis:1 mo:1 sharp:1 would:1 publish:1 full:1 final:1 march:1 30:1 holding:1 100:1 combine:1 net:1 repayment:1 contribution:1 therefore:1 flat:1 compare:1 average:1 precede:1 six:1
|
STERLING M3 UP 2-1/4 PCT IN FEBRUARY, M0 DOWN
The main measure of U.K. Broad money,
sterling M3, grew a provisional, seasonally adjusted 2-1/4 pct
in February after a rise of 1.1 pct in January, the Bank of
England said.
The narrow measure, M0, fell a provisional adjusted 3/4 to
one pct after a 0.6 pct drop in January, the Bank said.
Unadjusted annual growth in sterling M3 was 18-3/4 to 19
pct in the 12 months to February against 17.6 pct in January
while M0 rose four to 4-1/4 pct after a 5.2 pct rise in
January.
Seasonally adjusted, sterling bank lending grew 2.9 billion
stg after a January rise of 1.75 billion.
Of the unadjusted counterparts to sterling M3, bank lending
to the private sector expanded 2.6 billion stg after a 1.4
billion rise in January, the Bank said.
The public sector borrowing requirement (PSBR) contracted
by 300 mln stg after a contraction of 3.7 billion stg in
January.
Funding - debt sales to the non-bank private sector and
external flows to the public sector - rose by 300 mln stg after
a 1.5 billion stg rise in January. Of this, central government
debt sales to the public sector were expansionary by 400 mln
stg after a 1.3 billion expansion in January, the Bank said.
Other unadjusted counterparts to sterling M3 expanded by
300 mln stg in February after an expansion of 1.3 billion stg
in January, the Bank said.
Unadjusted figures showed a rise in sterling M3 by 1-3/4 to
two pct in February after a drop of 0.8 pct in January.
On the same basis, the figures showed a drop of about 1-1/2
pct in MO in February after a sharp 6-1/2 pct fall in January.
The Bank said it would publish full, final figures on March
30.
The Bank said non-bank private sector holdings of public
sector debt fell by about 400 mln stg in February while
external flows to the public sector were about 100 mln stg.
Combined with a net PSBR repayment of about 300 mln stg,
the public sector contribution to the growth in sterling M3 was
therefore about flat, the Bank said.
It said seasonally adjusted bank lending, at about 2.9
billion stg in February, compared with an average of about 2.6
billion stg a month over the preceding six months.
|
training/7015
|
training/7015 |@title u:2 k:2 earning:1 rise:1 7:1 6:1 pct:1 year:1 january:1 |@word average:1 earning:2 rise:9 seasonally:2 adjusted:1 7:5 6:2 pct:8 year:4 end:3 january:6 4:3 december:6 department:3 employment:2 say:3 underlying:3 5:2 75:1 index:1 base:1 1980:1 set:1 provisional:1 adjust:2 190:1 193:1 factor:1 back:1 pay:2 timing:1 variation:1 steady:1 october:2 1985:1 1986:1 unit:2 wage:2 cost:1 u:1 k:1 manufacturing:2 industry:2 3:4 three:2 month:2 basis:1 1:1 unchanged:1 decline:1 rate:1 reflect:2 reduced:1 significance:1 bonus:1 payment:1 compare:1 actual:1 increase:1 teacher:1 settlement:1 industrial:1 action:1 transport:1 communication:1 sector:1 1987:1
|
U.K. EARNINGS RISE 7.6 PCT IN YEAR TO JANUARY
U.K. Average earnings rose a seasonally
adjusted 7.6 pct in the year to end-January after a 7.4 pct
rise in the year to December, the Department of Employment
said.
The underlying rise was 7.5 pct after 7.75 pct in December.
The January index, base 1980, was set at a provisional
seasonally adjusted 190.4, down from 193.4 in December.
The underlying rise, adjusted for factors such as back-pay
and timing variations, had been steady at 7.5 pct from October
1985 to October 1986.
Unit wage costs in U.K. Manufacturing industry rose 3.3 pct
in the three months to end January, on a year-on-year basis,
after a 3.1 pct rise in the three months to end December, the
Department of Employment said.
In January, the unit wage rise in manufacturing industries
was 3.6 pct, unchanged from the December rise.
The Department said the decline in the underlying rate of
rise in earnings reflected the reduced significance of bonus
payments in January compared with December.
The actual increase reflected teacher pay settlements and
industrial action in the transport and communications sectors
in January 1987.
|
training/702
|
training/702 |@title franklin:1 high:1 yield:1 tax:1 free:1 set:1 payout:1 |@word mthly:1 div:1 7:2 1:2 ct:2 vs:1 prior:1 pay:1 march:2 31:1 record:1 16:1 note:1 franklin:1 high:1 yield:1 insure:1 tax:1 free:1 income:1 fund:1
|
FRANKLIN HIGH-YIELD TAX-FREE SETS PAYOUT
Mthly div 7.1 cts vs 7.1 cts prior
Pay March 31
Record March 16
NOTE: Franklin High-Yield Insured Tax-Free Income Fund.
|
training/7020
|
training/7020 |@title u:1 k:1 money:1 market:1 shortage:1 forecast:1 revise:1 |@word bank:1 england:1 say:1 revise:1 estimate:1 deficit:1 system:1 today:1 400:1 mln:2 stg:1 450:1
|
U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN
The Bank of England said it revised down
its estimate of the deficit in the system today to 400 mln stg
from 450 mln.
|
training/7023
|
training/7023 |@title 7:1 000:1 south:1 african:1 miner:1 return:1 work:1 |@word 7:1 000:3 black:1 worker:2 return:2 work:2 stage:1 one:1 day:1 strike:2 two:1 mine:4 monday:1 national:1 union:4 mineworkers:1 company:1 say:4 6:1 miner:2 resume:1 grootvlei:1 gold:1 east:1 johannesburg:2 protest:2 transfer:1 colleague:1 job:2 owner:1 general:1 mining:1 corp:2 ltd:2 genm:1 j:2 1:1 mineworker:1 new:1 coal:1 facility:1 anglo:2 american:1 south:3 africa:1 angl:1 also:1 tuesday:1 vaal:1 colliery:1 allege:1 refusal:1 official:1 african:1 homeland:2 transkei:1 allow:1 attend:1 funeral:1 spokesman:1
|
SOME 7,000 SOUTH AFRICAN MINERS RETURN TO WORK
Some 7,000 black workers returned
to work after staging one-day strikes at two mines on Monday,
the National Union of Mineworkers and the companies that own
the mines said.
About 6,000 miners resumed work at the Grootvlei gold mine
east of Johannesburg after protesting the transfer of
colleagues to other jobs at the same mine, owners General
Mining Union Corp Ltd <GENM.J> said.
The union said about 1,000 mineworkers at a new coal
facility owned by Anglo American Corp of South Africa Ltd
<ANGL.J> also returned to their jobs on Tuesday.
The workers at Anglo's Vaal Colliery south of Johannesburg
had struck to protest the alleged refusal of officials of the
South African homeland of Transkei to allow miners to attend a
funeral in the homeland, a union spokesman said.
|
training/7024
|
training/7024 |@title nippon:1 life:1 seek:1 tie:1 u:1 securities:1 house:1 |@word nippon:2 life:3 insurance:1 co:2 purse:1 possible:1 link:1 american:2 security:1 house:1 expand:1 overseas:2 investment:5 portfolio:1 company:4 spokesman:2 say:4 decline:2 comment:1 rumour:1 would:1 take:1 10:1 pct:1 stake:1 shearson:1 lehman:1 brothers:1 banking:1 unit:2 express:1 axp:1 firm:3 start:1 sound:1 several:1 u:2 bank:1 capital:1 participation:1 18:1 month:2 ago:1 narrow:1 number:1 prospect:1 set:2 sight:1 one:1 japan:1 large:1 insurer:1 also:1 plan:1 wholly:1 nissei:1 international:1 america:1 new:1 york:1 next:1 subsidiary:1 canada:1 singapore:1 cayman:1 islands:1 jersey:1 year:1 move:1 line:1 long:1 term:1 strategy:1 put:1 emphasis:1 management:1 opportunity:1 home:1 asset:1 grow:1 especially:1 attract:1 scale:1 depth:1 money:1 credit:1 market:1 want:1 establish:1 foothold:1 add:1
|
NIPPON LIFE SEEKING TIE WITH U.S. SECURITIES HOUSE
<Nippon Life Insurance Co> is pursing a
possible link with an American securities house to expand its
overseas investment portfolio, a company spokesman said.
But he declined to comment on rumours the company would
take a 10 pct stake in <Shearson Lehman Brothers>, an
investment banking unit of American Express Co <AXP>.
He said the firm started to sound out several U.S.
Investment banks on capital participation about 18 months ago
and was narrowing the number of prospects, but he did not say
if it had set its sights on one firm.
Nippon Life, Japan's largest life insurer, also plans to
set up a wholly owned investment unit, <Nissei International
America>, in New York next month and subsidiaries in Canada,
Singapore, the Cayman Islands and Jersey this year, he said.
These moves are in line with its long-term strategy to put
more emphasis on overseas investment management as
opportunities at home are declining while the company's assets
are growing.
The company is especially attracted by the scale and depth
of U.S. Money and credit markets and wants to establish a firm
foothold there, the spokesman added.
|
training/7027
|
training/7027 |@title u:1 k:1 money:1 market:1 give:1 181:1 mln:1 stg:1 assistance:1 |@word bank:4 england:1 say:1 provide:1 money:1 market:1 181:1 mln:5 stg:5 assistance:1 morning:1 compare:1 revise:1 shortage:1 forecast:1 around:1 400:1 central:1 purchase:1 bill:1 outright:1 new:1 deal:1 rate:1 establish:1 yesterday:1 comprise:1 65:1 band:3 one:1 9:3 7:1 8:1 pct:3 114:1 two:2 13:1 16:1 three:1 3:1 4:1
|
U.K. MONEY MARKET GIVEN 181 MLN STG ASSISTANCE
The Bank of England said it provided the
money market with 181 mln stg in assistance this morning.
This compares with the Bank's revised shortage forecast of
around 400 mln stg.
The central bank purchased bank bills outright at the new
dealing rates established yesterday.
These comprised 65 mln stg in band one at 9-7/8 pct, 114
mln stg in band two at 9-13/16 pct and two mln stg in band
three at 9-3/4 pct.
|
training/7029
|
training/7029 |@title philippines:1 liquidity:1 rise:1 loan:1 demand:1 fall:1 |@word liquidity:1 philippines:1 rise:5 december:9 loan:2 demand:2 short:2 term:2 lending:2 rate:2 fall:2 central:1 bank:7 say:6 official:4 3:3 9:1 72:2 pct:9 provisional:3 149:1 80:1 billion:11 peso:5 end:10 month:4 earlier:4 year:4 gain:1 12:1 annualise:1 13:1 88:2 14:1 58:2 19:4 82:1 1985:5 poor:1 illustrate:1 commercial:2 reserve:4 22:1 require:1 21:1 59:1 surplus:1 597:1 mln:2 pesos:2 compare:1 deficit:2 390:1 1:3 64:2 reflect:1 political:1 uncertainty:1 last:1 quarter:1 1986:3 money:3 total:1 available:1 monetary:1 authority:1 52:2 5:1 49:1 98:1 november:1 41:1 85:1 37:1 09:1 note:1 include:1 supply:2 plus:1 saving:1 time:1 deposit:2 substitute:1 132:1 17:1 42:1 86:1 36:1 35:1 83:1
|
PHILIPPINES' LIQUIDITY RISES, LOAN DEMAND FALLS
Liquidity in the Philippines rose in
December while loan demand and short-term lending rates fell,
the Central Bank said.
A bank official said M-3 rose 9.72 pct to a provisional
149.80 billion pesos at the end of December from a month
earlier for a year-on-year gain of 12.72 pct.
She said short-term bank lending rates fell to an
annualised 13.88 pct at the end of December, from 14.58 pct a
month earlier and 19.82 pct at the end of December 1985.
Poor loan demand was illustrated by a rise in commercial
bank reserves, the official said.
The bank official said commercial bank reserves were 22.19
billion pesos at the end of December, when reserves required
were 21.59 billion.
She said the surplus of 597 mln pesos, compared with a
deficit of 390 mln pesos a month earlier and a deficit of 1.64
billion at the end of 1985, reflected political uncertainty in
the last quarter of 1986.
Reserve money, the total available to monetary authorities,
was a provisional 52.58 billion pesos at the end of 1986. This
was 5.19 pct up from 49.98 billion at the end of November and
41.85 pct up from 37.09 billion in December 1985.
The bank official noted M-3, which includes M-1 money
supply, plus savings, time deposits and deposit substitutes.
Was 132.88 billion pesos at the end of December 1985.
M-1 money supply rose a provisional 17.3 pct to 42.86
billion pesos at the end of December 1986 from 36.52 billion a
month earlier. The year-on-year rise was 19.64 pct, up from
35.83 billion at the end of December 1985.
|
training/703
|
training/703 |@title convergent:1 technology:1 cvgt:1 buy:1 oakleaf:1 |@word convergent:1 technologies:1 inc:1 say:2 reach:1 agreement:2 principle:1 buy:1 oakleaf:3 corp:1 supply:1 finance:1 insurance:1 lease:1 computer:1 auto:1 dealer:1 transaction:1 involve:1 exchange:1 stock:1 cash:1 debt:1 subject:1 definitive:1 companys:1 term:1 disclose:1 1986:1 sale:1 26:1 mln:1 dlrs:1
|
CONVERGENT TECHNOLOGIES <CVGT> TO BUY OAKLEAF
Convergent Technologies Inc
said it has reached an agreement in principle to buy Oakleaf
Corp, which supplies finance, insurance and leasing computers
to auto dealers.
The transaction will involve an exchange of Oakleaf stock
for cash and debt and is subject to a definitive agreement, the
companys said. No other terms were disclosed.
Oakleaf had 1986 sales of about 26 mln dlrs.
|
training/7030
|
training/7030 |@title sanwa:1 bank:2 acquire:1 small:1 stake:1 portuguese:1 |@word sanwa:4 bank:7 ltd:1 anwa:1 agree:2 buy:2 two:1 pct:2 stake:3 oporto:2 based:1 banco:2 portugues:1 de:1 investmento:1 sarl:1 bpi:3 portugal:2 large:1 merchant:2 official:2 say:4 purchase:1 share:1 international:1 finance:1 corp:1 shareholder:2 sister:1 organisation:1 world:1 351:1 mln:1 yen:1 acquisition:1 complete:1 month:1 japanese:3 portuguse:1 government:1 expect:1 give:1 permission:1 soon:1 first:1 time:1 portuguese:1 plan:1 increase:1 four:1 ceiling:1 foreign:1 also:1 portugue:1 atlantico:1 state:1 exchange:1 information:1 customer:1 help:1 accelerate:1 investment:1 technological:1 transfer:1
|
SANWA BANK ACQUIRES SMALL STAKE IN PORTUGUESE BANK
Sanwa Bank Ltd <ANWA.T> has agreed to buy
a two pct stake in Oporto-based <Banco Portugues de Investmento
Sarl> (BPI), Portugal's largest merchant bank, a Sanwa official
said.
Sanwa will purchase the shares from International Finance
Corp, a BPI shareholder and sister organisation of the World
Bank, for 351 mln yen, he said.
The acquisition will be completed this month as both the
Japanese and Portuguse governments are expected to give
permission soon. This is the first time a Japanese bank has
bought a stake in a Portuguese bank.
Sanwa plans to increase its stake in BPI to four pct, the
ceiling for foreign shareholders, the official said.
The bank has also agreed with <Banco Portugues do
Atlantico>, a state-owned merchant bank in Oporto, to exchange
information on customers and help accelerate Japanese
investment and technological transfers to Portugal, he said.
|
training/7031
|
training/7031 |@title bundesbank:1 leave:1 credit:1 policy:1 unchanged:1 |@word bundesbank:1 leave:1 credit:1 policy:1 unchanged:1 today:1 regular:1 meeting:1 council:1 spokesman:1 say:1 answer:1 enquiry:1 west:1 german:1 discount:1 rate:2 remain:1 3:1 0:2 pct:2 lombard:1 emergency:1 financing:1 5:1
|
BUNDESBANK LEAVES CREDIT POLICIES UNCHANGED
The Bundesbank left credit policies
unchanged after today's regular meeting of its council, a
spokesman said in answer to enquiries.
The West German discount rate remains at 3.0 pct, and the
Lombard emergency financing rate at 5.0 pct.
|
training/7032
|
training/7032 |@title french:1 reflation:1 source:1 close:1 balladur:1 say:1 |@word question:1 stimulate:1 consumption:1 rely:1 systematic:1 budget:1 deficit:1 reflationary:2 policy:2 boost:1 french:1 economy:4 source:4 close:1 finance:3 minister:3 edouard:1 balladur:1 say:6 comment:1 follow:1 remark:1 prime:1 jacques:1 chirac:1 spokesman:1 denis:1 baudouin:1 monday:1 agree:1 desirability:1 relaunche:1 spark:1 speculation:1 government:3 prepare:1 u:1 turn:1 ministry:1 immediately:1 rule:1 move:1 today:1 remain:1 one:1 recovery:1 sound:1 great:1 efficiency:1 8:1 6:1 billion:6 30:2 franc:4 revenue:2 expect:3 1987:2 sweeping:1 privatisation:2 program:1 go:2 provide:1 public:2 company:2 fresh:1 capital:1 21:1 4:1 two:1 third:1 toward:1 pay:1 national:2 debt:3 year:4 would:1 distribute:1 repayment:1 internal:2 similar:1 proportion:1 add:1 absurd:1 talk:1 reflation:1 country:1 grow:5 10:1 pct:3 1:1 300:1 1986:1 twice:1 fast:1 gross:1 domestic:1 product:1 nominal:1 gdp:2 roughly:2 five:1 5:2 000:1 last:1 broadly:1 line:2 early:1 forecast:1 real:1 2:1 france:1 economic:1 target:1 main:1 trading:1 partner:1 intention:1 push:1 artificial:1 pace:1 step:1 neighbouring:1
|
NO FRENCH REFLATION, SOURCES CLOSE TO BALLADUR SAY
There is no question of stimulating
consumption or relying on a systematic budget deficit or other
reflationary policies to boost the French economy, sources
close to finance minister Edouard Balladur said.
Their comments followed remarks by prime minister Jacques
Chirac's spokesman Denis Baudouin, who said on Monday ministers
were agreed on the desirability of 'relaunching' the economy.
This sparked speculation the government was preparing for a
reflationary U-turn, but the finance ministry immediately ruled
out any such move.
The sources today said the government's policy remained one
of 'recovery,' or sound finances and greater efficiency.
They said that while 8.6 billion of the 30 billion franc
revenues expected for 1987 from a sweeping privatisation
program will go to providing public companies with fresh
capital, 21.4 billion francs, or two-thirds, will go toward
paying off national debt.
Any further privatisation revenue this year above the 30
billion would be distributed between repayment of national
internal debt and public companies in similar proportions, they
added.
The sources said it was absurd to talk of reflation when
the country's internal debt, expected to grow by 10 pct this
year from 1,300 billion francs in 1986 was growing twice as
fast as gross domestic product.
Nominal GDP is expected to grow by roughly five pct this
year from 5,000 billion francs last year, broadly in line with
earlier forecasts. Real GDP will grow by up to 2.5 pct.
The sources said that with France's economic targets for
1987 roughly in line with its main trading partners, the
government had no intention of pushing the economy to grow at
an artificial pace out of step with neighbouring economies.
|
training/7036
|
training/7036 |@title u:1 credit:1 market:1 outlook:1 spend:1 1:1 |@word brisk:1 increase:3 personal:2 income:3 consumption:3 appear:1 february:3 datum:3 release:2 today:1 bond:6 market:5 recent:1 sluggishness:1 suggest:1 major:1 price:2 reaction:1 unless:1 rise:5 much:2 large:1 expect:3 economist:1 say:4 forecast:1 0:3 6:3 8:1 pct:11 compare:1 change:1 january:2 expenditure:1 project:1 1:4 4:1 reverse:1 two:1 drop:1 record:1 money:1 supply:1 march:1 9:1 week:1 also:1 2:1 3:1 billion:1 dlrs:1 peter:1 greenbaum:1 smith:1 barney:1 harris:1 upham:1 co:2 inc:3 one:1 lead:1 strong:2 gain:1 wage:2 salary:1 disbursement:1 nonfarm:1 payroll:1 expand:1 337:1 000:1 job:1 average:1 workweek:1 lengthen:1 hourly:1 four:2 ct:1 note:1 report:2 vigorous:1 spending:1 durable:1 good:1 last:1 month:1 especially:1 car:1 foreshadow:1 least:1 5:4 add:1 prospect:1 bearish:1 trouble:1 yesterday:2 30:1 year:1 treasury:1 slip:1 7:3 32:2 99:1 28:1 yield:2 51:1 analyst:1 still:1 trap:1 narrow:1 range:1 desperately:1 seek:1 direction:1 seasonally:1 adjust:1 already:1 december:1 quip:1 robert:1 brusca:1 nikko:1 securities:1 international:1 paul:1 boltz:2 rowe:1 associates:1 steadiness:1 long:2 around:1 despite:1 sign:1 economy:1 probably:1 reflect:1 expectation:1 inflation:3 remain:1 subdued:1 warn:1 assumption:1 may:2 justify:1 take:1 see:2 return:1 double:1 digit:1 learn:1 lesson:1 little:1 slow:1 five:1 real:1 possibility:1 ahead:1 trade:1 late:1 15:2 16:2 fed:1 fund:1 indicate:1 broker:1 open:1 comfortably:1 six:1
|
U.S. CREDIT MARKET OUTLOOK - SPENDING, M-1
Brisk increases in personal income and
consumption are to appear in February data released today, but
the bond market's recent sluggishness suggests there will be no
major price reaction unless the rises are much larger than
expected, economists said.
Personal income is forecast to rise by 0.6 to 0.8 pct,
compared with no change in January, while consumption
expenditures are projected to increase 1.4 to 1.6 pct,
reversing most of the two pct drop recorded in January.
M-1 money supply data for the March 9 week will also be
released. An increase of some 2.3 billion dlrs is expected.
Peter Greenbaum of Smith Barney, Harris Upham and Co Inc
expects a one pct rise in income, led by a strong gain in wage
and salary disbursements in February.
Nonfarm payrolls expanded by 337,000 jobs in February, the
average workweek lengthened by 0.6 pct and hourly wages rose by
four cts, he noted in a report. Vigorous spending on durable
goods last month, especially cars, foreshadow a rise of at
least 1.5 pct in consumption, he added.
The prospect of bearish data did not trouble the bond
market much yesterday, with the 30-year Treasury bond slipping
just 7/32 to 99-28/32 for a yield of 7.51 pct.
Analysts said the market is still trapped in a narrow
range, desperately seeking direction.
'Seasonally adjusted, it's already December in the bond
market,' quipped Robert Brusca of Nikko Securities Co
International Inc.
Paul Boltz of T. Rowe Price Associates Inc said the
steadiness of long bond yields around 7.5 pct, despite some
signs of a stronger economy, probably reflects expectations
that inflation will remain subdued.
But he warned that this assumption might not be justified.
'It took the bond market a long while to see that inflation
was not returning to double digits, and now that it has learned
that lesson, it may be a little slow to see that a four to five
pct inflation is a real possibility ahead,' Boltz said in a
report.
After trading late yesterday at 5-15/16 pct, Fed funds were
indicated by brokers to open comfortably at 5-15/16, six pct.
|
training/7037
|
training/7037 |@title u:1 delegation:1 hope:1 veg:1 oil:1 tax:1 defeat:1 |@word american:2 soybean:5 producer:2 processor:2 hope:1 propose:2 ec:4 tax:6 vegetable:1 oil:1 fat:1 impose:2 say:8 u:7 prepared:1 retaliate:2 introduce:2 wayne:1 bennett:3 association:2 first:1 vice:1 president:1 tell:1 news:1 conference:1 administration:2 would:6 hesitate:1 try:1 solve:1 issue:2 negotiation:1 secretary:1 agriculture:1 richard:1 lyng:1 letter:1 official:2 retaliatory:1 measure:1 cover:1 agricultural:1 product:2 asa:1 national:1 processors:1 nspa:2 delegation:1 meet:1 top:1 west:2 german:1 government:1 today:1 tomorrow:1 lobby:1 support:1 germany:1 britain:1 netherlands:1 denmark:1 portugal:1 oppose:1 italy:1 belgium:1 seem:1 take:1 hardline:1 view:2 europeans:1 favour:1 advantage:1 economically:1 correct:1 hit:1 back:1 chairman:1 jack:1 reed:2 step:1 expensive:1 one:1 emerge:1 winner:1 point:1 industry:1 proposal:1 violate:2 general:1 agreement:1 tariffs:1 trade:1 also:1 zero:2 duty:3 binding:2 agree:1 1962:1 pact:1 export:1 community:1 free:1
|
U.S. DELEGATION HOPES FOR VEG OILS TAX DEFEAT
American soybean producers and processors
are hoping the proposed EC tax on vegetable oils and fats will
not be imposed, but say the U.S. Is prepared to retaliate if it
is introduced.
Wayne Bennett, the American Soybean Association's first
vice president, told a news conference the U.S. Administration
would not hesitate to retaliate, but both producers and
processors were trying to solve the issue through negotiation.
U.S. Secretary of Agriculture Richard Lyng said in a letter
to EC officials that U.S. Retaliatory measures would cover more
than agricultural products if the tax was imposed, Bennett
said.
The ASA and National Soybean Processors Association (NSPA)
delegations will meet top West German government officials
today and tomorrow to lobby for support.
Bennett said West Germany, Britain, the Netherlands,
Denmark and Portugal oppose the tax, but Italy and Belgium seem
to have taken a hardline view on the issue.
'Europeans in favour of the tax say it would be to their
advantage economically, but that is not correct because we
would hit back,' NSPA chairman Jack Reed said.
This step would be very expensive for all and no one would
emerge as a winner if the tax were introduced, he said.
Reed pointed out the U.S. Administration and the soybean
industry view the EC proposal as violating the General
Agreement on Tariffs and Trade.
The proposed tax also violates the zero duty bindings
agreed between the EC and U.S. In 1962, he said.
Under the zero duty bindings pact U.S. Soybeans and
products can be exported to the Community duty-free.
|
training/7039
|
training/7039 |@title american:2 express:2 say:2 hold:2 talk:2 sale:2 shearson:2 stake:2 nippon:2 life:2 |@word
|
AMERICAN EXPRESS SAYS IT'S HOLDING TALKS ON SALE OF SHEARSON STAKE TO NIPPON LIFE
AMERICAN EXPRESS SAYS IT'S HOLDING TALKS ON SALE OF SHEARSON STAKE TO NIPPON LIFE
|
training/704
|
training/704 |@title nymex:1 expand:1 hour:1 trading:1 april:1 one:1 |@word new:3 york:1 mercantile:1 exchange:6 set:1 april:2 one:4 debut:1 procedure:1 energy:4 complex:1 increase:2 use:1 future:8 worldwide:1 nymex:7 allow:1 oil:3 trader:4 hold:3 position:3 initiate:1 close:2 transaction:4 subsequently:1 hedge:2 market:3 accord:4 spokeswoman:2 change:4 way:1 transact:1 real:1 world:1 say:4 thomas:1 mckiernan:3 co:1 chairman:1 foreign:1 able:1 trade:1 price:3 open:2 negotiate:1 differential:1 explain:1 expand:1 program:1 serve:1 industry:1 frank:1 capozza:1 secretary:1 century:1 resources:1 inc:1 rule:3 already:1 take:1 effect:2 platinum:1 expect:1 interest:1 liquidity:1 u:1 analyst:1 currently:1 least:1 call:1 physical:1 efp:3 must:1 enter:2 arrangement:1 neither:1 party:2 offset:1 cash:1 contract:1 next:1 day:1 official:1 announce:1 propose:1 december:1 president:1 rosemary:1 mcfadden:1 expansion:1 provision:1 add:1 globalization:1 provide:1 24:1 hour:1 trading:2 commodity:1 futures:1 commission:1 approve:1 february:1 cftc:1
|
NYMEX WILL EXPAND OFF-HOUR TRADING APRIL ONE
The New York Mercantile Exchange set
April one for the debut of a new procedure in the energy
complex that will increase the use of energy futures worldwide.
On April one, NYMEX will allow oil traders that do not
hold a futures position to initiate, after the exchange closes,
a transaction that can subsequently be hedged in the futures
market, according to an exchange spokeswoman.
'This will change the way oil is transacted in the real
world,' said said Thomas McKiernan, McKiernan and Co chairman.
Foreign traders will be able to hedge trades against NYMEX
prices before the exchange opens and negotiate prices at a
differential to NYMEX prices, McKiernan explained.
The expanded program 'will serve the industry because the
oil market does not close when NYMEX does,' said Frank Capozza,
secretary of Century Resources Inc.
The rule change, which has already taken effect for
platinum futures on NYMEX, is expected to increase the open
interest and liquidity in U.S. energy futures, according to
traders and analysts.
Currently, at least one trader in this transaction, called
an exchange for physical or EFP, must hold a futures position
before entering into the transaction.
Under the new arrangement, neither party has to hold a
futures position before entering into an EFP and one or both
parties can offset their cash transaction with a futures
contract the next day, according to exchange officials.
When NYMEX announced its proposed rule change in December,
NYMEX President Rosemary McFadden, said, 'Expansion of the EFP
provision will add to globalization of the energy markets by
providing for, in effect, 24-hour trading.'
The Commodity Futures Trading Commission approved the rule
change in February, according to a CFTC spokeswoman.
|
training/7041
|
training/7041 |@title american:1 express:1 axp:1 may:1 sell:1 shearson:1 stake:1 |@word american:5 express:5 co:2 say:7 shearson:7 lehman:6 brothers:1 inc:1 subsidiary:1 hold:1 talk:1 possible:2 equity:2 investment:4 nippon:4 life:4 insurance:1 japan:1 company:4 discussion:1 lead:1 general:1 understanding:1 would:2 purchase:1 13:1 pct:1 approximately:1 530:1 mln:1 dlrs:1 explore:1 mutually:1 advantageous:1 nonexclusive:1 business:1 opportunity:1 definitive:1 agreement:1 matter:1 subject:1 number:1 condition:1 include:1 approval:1 board:2 japanese:1 ministry:1 finance:1 schedule:1 meet:2 march:1 27:1 regular:1 monthly:1 session:1 continue:2 evaluate:1 various:1 course:2 action:2 strategic:1 importance:1 addition:1 option:1 range:1 expand:1 capacity:1 international:1 competition:1 broaden:1 access:1 capital:1 also:1 study:1 reflect:1 integral:1 role:1 worldwide:1 financial:1 service:1 strategy:1
|
AMERICAN EXPRESS <AXP> MAY SELL SHEARSON STAKE
American Express Co said it and its
Shearson Lehman Brothers Inc subsidiary have been holding talks
on the possible equity investment in Shearson Lehman by <Nippon
Life Insurance Co> of Japan.
The company said, 'The discussions have led to a general
understanding by which Nippon Life would purchase a 13 pct
equity investment in Shearson Lehman for approximately 530 mln
dlrs and American Express, Shearson Lehman and Nippon Life
would explore mutually advantageous, nonexclusive business and
investment opportunities.'
The company said a definitive agreement on the matter is
subject to a number of conditions, including approval of the
American Express board and the Japanese Ministry of Finance.
The company said its board is scheduled to meet March 27
for its regular monthly sessions.
American Express said it is continuing to evaluate various
courses of action of strategic importance to Shearson Lehman in
addition to the possible investment by Nippon Life.
It said the options range from expanding Shearson's
capacity to meet international competition, to broadening
further its access to capital.
The company also said, 'All the courses of action under
study reflect the continuing integral role of Shearson Lehman
in American Express' worldwide financial services strategy.'
|
training/7043
|
training/7043 |@title africa:1 financial:1 rand:1 see:1 head:1 higher:1 |@word financial:6 rand:8 widely:1 view:1 direct:1 reflection:1 foreign:1 investor:2 confidence:1 south:3 africa:3 appear:2 head:1 30:4 u:1 cent:7 dealer:5 bank:3 economist:3 say:8 currency:2 rise:5 25:1 pct:2 past:1 three:1 month:1 current:1 rate:1 29:1 50:1 due:1 partly:2 sign:1 possible:1 power:2 shift:2 appearance:1 number:1 independent:2 candidate:1 white:1 election:1 may:1 6:1 add:2 two:1 week:2 alone:1 another:1 factor:1 london:1 main:1 market:1 base:1 go:1 long:2 general:1 feeling:2 future:1 one:3 describe:1 psychological:1 barrier:1 expect:1 break:1 soon:1 brief:1 consolidation:1 phase:1 recent:1 gain:1 reach:1 chance:1 appreciation:1 32:1 next:1 several:1 widespread:1 commercial:2 hold:1 stable:1 48:1 stay:1 firm:2 banking:1 source:1 barclays:1 national:2 executive:1 ask:1 identify:1 indicative:1 potential:1 party:1 create:1 favourable:1 sentiment:1 overseas:1 grow:1 business:1 interest:2 west:1 germany:1 switzerland:1 behind:1 foreigner:1 also:1 attract:1 term:1 government:2 bond:1 semi:1 gilt:1 security:1 many:1 yield:1 high:1 could:1 purchase:1 pay:1 definite:1 influence:1 form:1 present:1 demand:1 slightly:1 excess:1 supply:1 reintroduce:1 september:1 1985:1 help:1 end:1 capital:1 flight:1 period:1 severe:1 political:1 unrest:1 country:1
|
S.AFRICA'S FINANCIAL RAND SEEN HEADED HIGHER
The financial rand, widely viewed
as a direct reflection of foreign investor confidence in South
Africa, appears headed above 30 U.S. Cents, dealers and bank
economists said.
The currency has risen about 25 pct in the past three
months to its current rate of 29.50 cents, due partly to signs
of a possible power shift with the appearance of a number of
independent candidates in the whites-only election on May 6,
they added.
It has risen about two cents this week alone.
'Another factor is that banks in London, where the main
market is based, are going long in the currency because of a
general feeling that it will rise in the future,' one economist
said.
Dealers described 30 cents as a psychological barrier that
was expected to be broken soon after a brief consolidation
phase from recent gains.
After reaching 30 cents, 'There is a chance of appreciation
to 32 cents in the next several weeks,' one dealer said.
There was a widespread feeling that both the commercial
rand, holding stable at 48 cents, and the financial rand were
staying firm, banking sources said.
A Barclays National Bank executive who asked not to be
identified said: 'The rise of the independents appears to be
indicative of a potential shift of power in the National Party
and has created a favourable sentiment overseas.'
One dealer said growing business and investor interest from
West Germany and Switzerland were behind the financial rand's
rise.
Economists said foreigners also were being attracted by
South Africa's long-term government bonds and 'semi-gilts' or
securities in partly government-owned firms, many with yields
as high as 30 pct. They could be purchased with financial rands
with interest paid in commercial rands.
'This has had a definite influence on the financial form of
the rand,' a dealer said, adding that at present demand is
slightly in excess of supply.
The financial rand was reintroduced in September 1985 to
help end capital flight from South Africa during a period of
severe political unrest in the country.
|
training/7045
|
training/7045 |@title fi:1 tek:1 corp:1 make:1 acquisition:1 |@word fi:1 tek:1 corp:1 say:3 sign:1 letter:1 intent:1 acquire:1 voice:2 system:5 services:2 inc:2 undisclosed:1 amount:1 stock:1 completion:1 acquisition:1 would:1 change:1 name:1 vboice:1 receive:1 3:1 600:1 000:1 dlr:1 contract:2 provide:2 flp:1 communication:2 dallas:1 voicemail:2 service:1 bureau:1 locate:1 throughout:1 u:1 also:1 administration:1
|
<FI-TEK CORP> TO MAKE ACQUISITION
Fi-Tek Corp said it has signed a letter
of intent to acquire <Voice Systems and Services Inc> for an
undisclosed amount of stock.
It said on completion of the acquisition it would change
its name to Voice Systems and Services Inc. It said VBoice
Systems has received a 3,600,000 dlr contract to provide FLP
Communications of Dallas with voicemail systems through service
bureaus located throughout the U.S. and has also contracted to
provide voicemail systems and administration to M and S
Communications.
|
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