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training/7534
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training/7534 |@title chinese:1 port:1 underuse:1 despite:1 congestion:1 nearby:1 |@word chinese:1 port:4 ningbo:4 work:1 well:2 capacity:2 despite:1 130:1 mile:1 shanghai:3 seriously:1 congest:1 official:2 say:4 jiang:3 feng:1 xiang:1 deep:1 china:2 handle:4 17:1 95:1 mln:4 tonne:5 cargo:3 last:1 year:2 10:1 44:1 1985:1 potential:1 32:1 100:1 1986:2 utilise:1 inadequate:1 facility:1 include:2 single:1 track:2 rail:2 line:2 link:1 hangzhou:2 join:1 national:1 network:1 crude:1 oil:2 export:1 transhipment:1 coal:1 north:1 south:1 import:1 fertiliser:1 soda:1 ash:1 iron:1 ore:1 brazil:1 australia:1 dock:1 ship:1 150:1 000:2 tanker:1 200:1 load:1 unload:1 harbour:1 infrastructure:1 build:1 since:1 1979:1 publication:1 show:1 container:1 berth:2 two:1 timber:1 three:1 general:1 add:2 current:1 90:1 five:1 plan:1 double:1 1995:1 2000:1 maybe:1 overtake:1
|
CHINESE PORT UNDERUSED DESPITE CONGESTION NEARBY
The Chinese port of Ningbo is
working well below capacity despite being only 130 miles from
Shanghai, which is seriously congested, a port official said.
Jiang Feng Xiang said the port -- the deepest in China --
handled 17.95 mln tonnes of cargo last year, up from 10.44 mln
in 1985, but well below its potential capacity of 32 mln
tonnes. Shanghai handled 100 mln tonnes of cargo in 1986.
Jiang said Ningbo is under-utilised because of its
inadequate facilities, including a single track rail line
linking it to Hangzhou, where it joins the national network.
Ningbo handles crude oil exports and transhipments of coal
from north to south China and imports include fertiliser and
soda ash and iron ore from Brazil and Australia. The docks can
handle ships of up to 150,000 tonnes and oil tankers of up to
200,000 tonnes can load and unload in the harbour.
Most of Ningbo's port infrastructure has been built since
1979, official publications show. A container berth and two
timber and three general cargo berths will be added during the
current 1986-90 five-year plan, Jiang said.
'The rail line to Hangzhou will be double tracked by 1995.
By 2000, maybe, we will overtake Shanghai,' he added.
|
training/7537
|
training/7537 |@title volcker:1 say:1 u:1 trade:1 deficit:1 major:1 challenge:1 |@word federal:1 reserve:1 board:1 chairman:1 paul:1 volcker:3 say:4 u:3 trade:4 deficit:3 challenge:3 equal:1 soviet:2 union:1 launching:1 sputnik:2 international:1 implicit:1 huge:1 become:1 1980:1 equivalent:1 launch:1 russians:1 1950:1 suddenly:1 fear:1 leave:1 wake:1 technological:1 achievement:1 address:1 florida:1 educator:2 problem:1 underscore:1 need:1 reform:1 educational:1 system:1 improve:1 economic:2 performance:1 commerce:1 department:1 report:1 last:1 week:1 nation:1 gap:1 calculate:1 balance:1 payment:1 basis:1 swell:1 record:2 38:1 37:1 billion:2 dlrs:2 fourth:1 quarter:1 bring:1 1986:1 147:1 71:1 call:1 stress:1 development:1 basic:1 reading:1 writing:1 mathematic:1 skill:1 urge:1 help:1 student:1 adapt:1 fast:1 change:1 climate:1 great:1 education:1 low:1 income:1 minority:1 group:1 black:1 hispanic:1
|
VOLCKER SAYS U.S. TRADE DEFICIT IS MAJOR CHALLENGE
Federal Reserve Board
Chairman Paul Volcker said the U.S. Trade deficit is a
challenge for the U.S. Equal to the Soviet Union launching of
Sputnik.
'The international challenge implicit in our huge trade
deficit has become the 1980s equivalent to the launch of
Sputnik by the Russians in the 1950s, when we suddenly feared
we were to be left in the wake of Soviet technological
achievement,' he said in an address to Florida educators.
He said the trade problem underscored the need to reform
the U.S. Educational system to improve economic performance.
The Commerce Department reported last week that the
nation's trade gap, calculated on a balance-of-payments basis,
swelled to a record 38.37 billion dlrs in the fourth quarter,
bringing the 1986 deficit to a record 147.71 billion dlrs.
Volcker called on educators to stress the development of
basic reading, writing and mathematics skills and urged them to
help students adapt to the fast-changing economic climate.
Volcker said the challenge was greatest in the education of
low-income minority groups such as blacks and Hispanics.
|
training/7538
|
training/7538 |@title short:1 term:1 yen:1 interest:1 rate:1 see:1 fall:1 soon:1 |@word japanese:1 short:2 term:2 interest:3 rate:13 buoy:1 recently:1 seasonal:1 factor:1 likely:1 fall:2 beginning:1 april:2 new:1 financial:2 year:2 begin:2 money:5 trader:3 say:6 bank:5 japan:1 expect:2 encourage:1 trend:1 follow:1 attempt:2 pressure:2 enhance:1 discount:3 cut:2 february:1 23:1 2:2 5:1 pct:6 three:4 actively:1 inject:1 fund:3 market:2 offset:1 rise:2 result:3 end:3 fiscal:2 surge:1 demand:1 institution:1 despite:1 dampen:1 measure:1 aggressive:1 commercial:2 bill:3 purchase:1 central:1 fail:1 remove:1 upward:1 attractive:1 offer:1 domestic:2 compete:1 time:2 deposit:4 600:2 mln:2 yen:4 underpin:1 decontrol:1 finance:1 ministry:1 last:1 september:1 17:1 830:1 billion:2 december:2 fold:1 increase:1 1985:1 level:1 banker:1 march:1 31:1 see:1 000:1 surplus:1 government:1 payment:1 1:1 predict:2 unconditional:1 call:1 3:4 5000:1 7500:2 today:2 one:1 month:3 drop:1 4:5 0635:1 slip:1 875:1 0000:1 certificate:1 slide:1 10:1 15:1 35:1 25:1
|
SHORT-TERM YEN INTEREST RATES SEEN FALLING SOON
Japanese short-term interest rates,
buoyed recently by seasonal factors, are likely to fall from
the beginning of April when the new financial year begins,
money traders said.
The Bank of Japan is expected to encourage the trend
following its attempts to pressure rates to enhance its
discount rate cut on February 23, they said.
The Bank cut the rate to 2.5 pct from three, and began
actively injecting funds into the money market to offset rate
rises resulting from the end-of-fiscal-year surge in demand for
funds from financial institutions.
Despite its attempts to dampen rates with measures such as
aggressive commercial bill purchases, the central bank has
failed to remove all upward pressure, money traders said.
Attractive interest rates offered by domestic banks to
compete for time deposits of more than 600 mln yen has
underpinned short-term rates, they said.
Interest rates on time deposits of more than 600 mln yen
were decontrolled by the Finance Ministry last September.
This resulted in such deposits with domestic banks rising
to 17,830 billion yen by the end-December, a three-fold
increase on end-December 1985 levels, bankers said.
On March 31, the money market expects to see a 2,000
billion yen surplus resulting from government payment of fiscal
funds, money traders said.
From April 1, they predict the unconditional call rate will
fall to 3.5000 pct from 3.7500 pct today and the one-month
commercial bill discount rate to drop to 3.7500 pct from 4.0635
pct.
They predict the three-month bill discount rate to slip to
3.875 pct from 4.0000 today and the three-month certificate of
deposit rate to slide to 4.10/4.15 from 4.35/25.
|
training/7539
|
training/7539 |@title krung:1 thai:1 bank:2 take:1 sayam:1 |@word state:3 krung:4 thai:4 bank:10 ltd:3 start:1 take:3 sayam:6 complete:1 process:1 year:1 finance:2 minister:2 suthee:1 singhasaneh:1 tell:2 press:1 conference:1 say:3 takeover:1 decision:1 make:1 week:1 stem:1 current:1 heavy:1 loss:2 avoid:1 competition:1 two:1 institution:1 exist:2 30:1 branch:1 merge:1 counterpart:1 continue:1 operate:1 name:2 since:1 august:1 1984:1 ministry:1 asia:1 trust:1 president:1 waree:2 havanonda:1 reporter:1 last:1 month:1 post:1 400:1 mln:1 baht:4 1986:1 end:1 1985:1 13:1 8:1 billion:3 asset:1 rank:1 12th:1 among:1 thailand:2 16:1 local:1 commercial:1 try:1 recall:1 six:1 seven:1 loan:1 extend:1 previous:1 private:1 management:1 legal:1 action:1 collect:1 another:1 four:1 five:1 doubtful:1 debt:1 third:1 large:1
|
KRUNG THAI BANK TO TAKE OVER SAYAM BANK
The state-owned Krung Thai Bank Ltd
will start taking over state-owned Sayam Bank Ltd and complete
the process in a year, Finance Minister Suthee Singhasaneh told
a press conference.
He said the takeover decision was made this week to stem
the current heavy losses of Sayam and to avoid competition
between the two state-owned institutions.
The minister said some of the existing 30 Sayam Bank
branches will be merged with their Krung Thai counterparts,
while others will continue operating but under Krung Thai's
name.
Sayam Bank has existed since August 1984 when the Finance
Ministry took over and re-named the Asia Trust Bank Ltd.
Sayam president Waree Havanonda told reporters last month
her bank posted a loss of more than 400 mln baht in 1986. At
the end of 1985 the bank, with 13.8 billion baht of assets, was
ranked 12th among Thailand's 16 local commercial banks.
Waree said Sayam Bank was trying to recall about six to
seven billion baht of loans extended by its previous private
management and was taking legal action to collect another four
to five billion baht of doubtful debts.
Krung Thai is Thailand's third largest bank.
|
training/754
|
training/754 |@title senior:1 delegate:1 pessimistic:1 ico:1 talk:1 |@word effort:1 break:1 impasse:1 coffee:3 export:1 import:1 country:1 regulate:1 world:1 market:2 face:1 fall:1 price:1 appear:1 fail:1 senior:1 delegate:1 say:2 contact:2 group:2 meet:2 full:1 ico:1 council:1 due:1 evening:1 president:1 brazilian:1 institute:1 ibc:1 jorio:1 dauster:2 tell:1 reuters:1 meeting:1 agreement:1 quota:1 consumer:1 try:1 dictate:1 share:1 rather:1 negotiate:1 plan:1 yet:1 renew:1 negotiation:1 later:1 date:1
|
SENIOR DELEGATES PESSIMISTIC ON ICO TALKS
Efforts to break an impasse between
coffee exporting and importing countries over regulating the
world coffee market in the face of falling prices appear to
have failed, senior delegates said after a contact group
meeting. The full ICO council is due to meet this evening.
President of the Brazilian Coffee Institute (IBC) Jorio
Dauster told Reuters after the contact group meeting there had
been no agreement on quotas as consumers had tried to dictate
market shares rather than negotiate them.
Dauster said there are no plans yet to renew negotiations
at a later date.
|
training/7541
|
training/7541 |@title komatsu:1 ltd:1 komt:1 year:1 1986:1 |@word group:2 shr:1 17:1 68:1 yen:1 vs:5 26:1 49:1 net:2 14:1 70:1 billion:10 21:1 92:1 pretax:1 35:1 76:1 48:1 85:1 operate:1 32:1 88:1 51:1 90:1 sale:2 788:1 73:1 796:1 24:1 note:1 company:1 forecast:1 current:1 year:1 15:1 50:1 800:1
|
KOMATSU LTD <KOMT.T> YEAR 1986
Group shr 17.68 yen vs 26.49
Net 14.70 billion vs 21.92 billion
Pretax 35.76 billion vs 48.85 billion
Operating 32.88 billion vs 51.90 billion
Sales 788.73 billion vs 796.24 billion
NOTE - Company forecast for current year is group net
15.50 billion on sales of 800 billion.
|
training/7543
|
training/7543 |@title korean:1 february:1 current:1 account:1 surplus:1 narrow:1 |@word south:1 korea:2 current:2 account:5 surplus:9 narrow:2 419:1 mln:25 dlrs:13 february:14 679:1 january:9 compare:3 deficit:5 112:1 last:3 year:6 provisional:1 bank:1 figure:1 show:1 two:1 month:1 swing:1 1:2 billion:7 494:1 1986:3 period:1 trade:2 235:1 582:1 98:1 ago:3 overall:1 balance:1 payment:2 rise:2 840:2 716:1 76:1 export:1 2:6 86:1 83:1 23:1 import:1 63:1 25:2 32:1 invisible:1 109:1 24:1 74:1 transfer:1 widen:1 75:1 73:1 60:1 long:1 term:2 capital:2 198:1 211:1 55:1 short:1 87:1 46:1 158:1 error:1 omission:1 leave:1 220:1
|
S. KOREAN FEBRUARY CURRENT ACCOUNT SURPLUS NARROWS
South Korea's current account surplus
narrowed to 419 mln dlrs in February from 679 mln in January
compared with a deficit of 112 mln dlrs in February last year,
provisional Bank of Korea figures show.
The current account in the two months of January and
February swung to a surplus of 1.1 billion dlrs from a deficit
of 494 mln dlrs in the same 1986 period.
The February trade surplus narrowed to 235 mln dlrs from
582 mln in January compared with a deficit of 98 mln dlrs a
year ago.
The overall balance of payments surplus rose to 840 mln
dlrs in February from 716 mln in January and 76 mln in February
1986.
Exports were 2.86 billion dlrs in February against 2.83
billion in January and 2.23 billion in February last year.
Imports were 2.63 billion against 2.25 billion and 2.32
billion.
The February invisible trade surplus rose to 109 mln dlrs
from 24 mln in January and compared with a deficit of 74 mln a
year ago.
The transfer payments surplus widened to 75 mln dlrs in
February from 73 mln in January and 60 mln a year ago.
The long-term capital account surplus was 198 mln dlrs in
February against 211 mln in January and 55 mln in February last
year. The short-term capital account surplus was 87 mln dlrs
against 46 mln and 158 mln.
The errors and omissions account left a surplus of 840 mln
dlrs in February against deficits of 220 mln in January and 25
mln in February 1986.
|
training/7544
|
training/7544 |@title kirin:1 brewery:1 co:1 ltd:1 knbw:1 year:1 january:1 31:1 |@word parent:2 shr:2 37:2 12:1 yen:5 vs:7 34:3 97:1 div:2 9:1 50:3 7:2 net:2 33:1 billion:11 31:1 05:1 current:3 79:1 30:1 73:1 32:1 operate:1 72:1 13:1 65:1 53:1 sale:2 1:3 222:1 211:1 outstanding:1 shrs:1 897:1 96:1 mln:2 887:1 76:1 note:1 1986:1 87:1 dividend:2 include:1 two:1 bonus:1 mark:1 80th:1 anniversary:1 company:1 forecast:1 year:1 86:1 81:1 250:1
|
KIRIN BREWERY CO LTD <KNBW.T> YEAR TO JANUARY 31
Parent shr 37.12 yen vs 34.97
Div 9.50 yen vs 7.50
Net 33.34 billion vs 31.05 billion
Current 79.30 billion vs 73.32 billion
Operating 72.13 billion vs 65.53 billion
Sales 1,222 billion vs 1,211 billion
Outstanding shrs 897.96 mln vs 887.76 mln
NOTE - 1986/87 dividend included two yen bonus dividend to
mark 80th anniversary. Company forecast for current year is
parent shr 37.86 yen, div 7.50 yen, net 34 billion, current 81
billion and sales 1,250 billion.
|
training/7545
|
training/7545 |@title economic:1 spotlight:1 asian:1 drought:1 |@word three:2 geographically:1 diverse:1 drought:8 asia:2 link:3 scientist:1 reintensification:1 complex:1 little:1 understand:2 el:7 nino:7 weather:9 pattern:3 accu:3 inc:2 commercial:1 forecasting:1 service:1 say:18 rice:2 wheat:5 farmer:2 china:4 sugarcane:2 grower:1 australia:6 tea:2 planters:1 sri:3 lanka:3 face:1 serious:1 loss:1 respective:1 harvest:1 unless:1 rain:7 arrive:2 time:1 break:1 offical:1 report:3 government:2 official:4 meteorologist:3 wen:2 wei:2 po:2 hong:1 kong:1 daily:2 close:1 peking:1 bad:1 20:3 year:4 province:3 without:1 adequate:1 rainfall:8 seven:1 month:1 planting:1 threaten:2 eight:1 add:3 key:1 farming:1 henan:1 sichuan:2 70:1 pct:4 average:4 february:2 low:3 figure:1 paper:1 dry:2 cut:1 stored:1 water:4 volume:1 compare:1 last:3 march:1 lower:1 level:4 many:3 river:1 result:1 reduced:1 hydro:1 electric:1 power:1 cause:3 shortage:1 industry:1 household:1 upper:1 reach:1 yangtze:1 century:1 ship:1 run:1 aground:1 unusually:1 high:4 temperature:3 also:1 across:3 media:1 people:1 record:1 degree:3 celsius:1 since:1 early:2 new:1 news:1 agency:1 december:3 harbin:1 northeast:1 six:1 14:1 1984:1 severe:1 affect:2 one:2 third:1 reduce:1 country:1 crop:3 ministry:1 plantation:1 industries:1 tell:1 reuters:1 concern:2 grow:1 part:1 belt:2 along:1 queensland:2 coast:2 western:1 local:1 meteorological:1 bureau:1 fear:1 present:2 yet:1 pose:1 major:2 threat:1 prospect:3 autumn:1 winter:1 season:3 stage:2 certainly:1 heighten:1 memory:1 1982:2 83:2 devastate:1 coincide:1 occurrence:2 barely:1 phenomenon:1 know:1 although:2 cautious:1 pacific:4 region:1 disrupt:2 single:1 role:1 closely:1 study:1 specialise:1 provide:2 datum:1 agriculture:1 shipping:1 interest:1 event:2 unique:1 always:1 produce:1 effect:3 much:1 less:2 pronounced:1 spanish:1 christ:1 child:1 appear:1 around:1 christmas:1 form:1 action:1 warm:2 air:1 bearing:1 cloud:2 shift:1 indonesian:1 archipelago:1 peru:3 mingle:1 cold:2 associate:1 current:2 return:1 trade:1 wind:3 strengthen:1 pump:1 raise:1 sea:2 indonesia:2 drop:1 ocean:1 seek:1 equilibrium:1 send:1 surge:1 back:1 collide:1 heat:1 exchange:1 deflect:1 bear:1 away:1 end:2 vary:1 area:3 receive:2 40:1 75:1 normal:2 wait:1 may:2 september:2 normally:1 striken:1 80:1 annual:1 coastal:1 strip:1 half:1 wet:1 increase:1 diminish:1 rainy:1 draw:1 come:1 maximum:1 secondary:1 usually:1 occur:1 april:1 june:1 possible:1 forecast:1 whether:1 usual:1
|
ECONOMIC SPOTLIGHT - ASIAN DROUGHTS
Three geographically diverse droughts
in Asia are being linked by some scientists to a
reintensification of the complex and little-understood El Nino
weather pattern, <Accu-Weather Inc>, a commercial weather
forecasting service, said.
Rice and wheat farmers in China, wheat and sugarcane
growers in Australia and tea planters in Sri Lanka all face
serious losses to their respective harvests unless rains arrive
in time to break the droughts, offical reports, government
officials and meteorologists said.
Wen Wei Po, a Hong Kong daily with close Peking links, said
the drought is the worst in over 20 years and some provinces
have been without adequate rainfall for more than seven months.
Rice planting is threatened in eight provinces, it added.
Rainfall in the key farming provinces of Henan and Sichuan
was 70 pct below average during February, the lowest figure for
over 20 years, the paper said.
The dry weather has cut stored water volumes by over 20 pct
compared with last March and lowered the water levels of many
rivers, it added.
This has resulted in reduced hydro-electric power, causing
shortages to industry and households. The upper reaches of the
Yangtze are at their lowest levels in a century, causing many
ships to run aground, Wen Wei Po said.
Unusually high temperatures have also been reported across
China, media reports said. The People's Daily said Sichuan has
recorded temperatures three degrees Celsius higher than average
since early February.
The New China News Agency said the average December
temperature in Harbin in the northeast was six degrees higher
than last December and 14 degrees higher than December 1984.
Severe drought is affecting about one-third of Sri Lanka
and threatens to reduce the country's tea crop, Ministry of
Plantation Industries officials told Reuters
In Australia, concern is growing about below-average
rainfall levels in parts of the sugarcane belt along the
Queensland coast and in Western Australia's wheat belt, local
Meteorological Bureau officials said.
For many farmers and government officials the fear is that
while the present low rainfall does not yet pose a major
threat, the prospect of a dry autumn/winter season when the
wheat crop is in its early stages certainly does, they added.
Concern is heightened by the memory of the 1982/83 drought
which devastated the wheat crop and coincided with the
occurrence of the barely understood weather phenomenon known as
El Nino, they said.
Although meteorologists are cautious about linking the
Asia-Pacific region's disrupted weather patterns to any single
cause, El Nino's role is being closely studied, they said.
Accu-Weather Inc, which specialises in providing data for
agriculture and shipping interests, said each El Nino 'event'
was unique.
The El Nino does not always produce the same effects and
the present occurrence is much less pronounced than the last
major event in 1982/83, it said.
El Nino, Spanish for 'Christ Child' because it appears around
Christmas, is formed by the action of warm air, bearing clouds
and rain, shifting from the Indonesian archipelago to the coast
of Peru, where it mingles with the cold waters associated with
the Peru current and returns across the Pacific as the trade
winds, meteorologists said.
The winds, strengthened by El Nino's 'pump' effect, raise the
sea level off Australia and Indonesia, they said.
When the winds drop, the ocean, seeking equilibrium, sends
a surge of warmer water back across the Pacific where it
collides with the cold seas off Peru, they said.
One effect of this heat exchange is to deflect the
rain-bearing clouds away from Australia and Indonesia into the
Pacific, where they further disrupt other weather patterns.
The prospects for an end to the droughts vary, Accu-Weather
said.
China, where the affected areas have received between 40
and 75 pct of normal rainfall, will have to wait for the
May-September rains, it said.
The May-September rains normally provide the
drought-striken areas with 80 pct of annual rainfall.
In Australia, areas of Queensland's coastal strip have
received less than half the normal rainfall during the current
wet season, but prospects for increased rains are diminishing
as the rainy season draws to an end.
In Sri Lanka, the drought has come when rainfall should be
at its maximum for the year. The year's secondary rains usually
occur between April and June, although it is not possible at
this stage to forecast whether they will arrive as usual.
|
training/7548
|
training/7548 |@title rainbow:1 equiticorp:1 place:1 ultramar:1 stake:1 |@word new:1 zealand:1 investment:1 companies:1 rainbow:1 corp:1 ltd:2 equiticorp:1 holdings:1 place:1 majority:1 joint:3 shareholding:1 oil:1 gas:1 conglomerate:1 ultramar:2 plc:1 umar:1 l:1 price:1 2:1 20:1 stg:1 per:1 share:2 company:3 say:4 statement:1 buy:1 4:1 9:1 pct:1 stake:1 total:1 50:1 mln:2 n:2 z:2 dlrs:2 venture:2 form:1 purpose:1 october:1 make:1 profit:1 15:1 deal:1 many:1 sell:1 detail:1 sale:1 available:1
|
RAINBOW AND EQUITICORP PLACE ULTRAMAR STAKE
New Zealand investment companies
<Rainbow Corp Ltd> and <Equiticorp Holdings Ltd> have placed
the majority of their joint shareholding in oil and gas
conglomerate Ultramar PLC <UMAR.L> at prices up to 2.20 stg per
share, the companies said in a statement.
The companies said they had bought their 4.9 pct stake in
Ultramar for a total of 50 mln N.Z. Dlrs through a joint
venture company formed for that purpose in October.
They said the joint venture made a profit of 15 mln N.Z.
Dlrs on the deal, but they did say how many shares they had
sold. No further details of the sale were available.
|
training/7552
|
training/7552 |@title philippine:1 copper:1 smelter:1 face:1 shipment:1 delay:1 |@word copper:3 shipment:3 likely:1 delay:3 power:1 problem:2 philippine:2 associated:1 smelting:1 refining:1 corp:1 pasar:4 country:1 smelter:2 company:1 official:1 say:6 ask:1 confirm:1 report:1 new:2 york:2 trade:2 source:2 marketing:1 manager:1 deogracias:1 madrid:3 tell:1 reuter:1 partly:1 correct:1 could:2 probable:1 decline:1 give:1 detail:1 production:3 export:1 figure:1 information:1 lead:1 speculation:1 central:1 province:1 leyte:1 customer:2 may:1 turn:1 london:1 metal:1 exchange:1 supply:1 commitment:1 would:1 like:1 comment:1 spokeswoman:1 chamber:1 mine:1 amount:1 222:1 644:1 tonne:4 1986:2 slightly:1 226:1 157:1 1985:1 first:1 two:1 month:1 1987:1 total:1 34:1 550:1 compare:1 36:1 462:1 period:1
|
PHILIPPINE COPPER SMELTER FACES SHIPMENT DELAYS
Copper shipments are likely to be
delayed because of power problems at <Philippine Associated
Smelting and Refining Corp> (PASAR), the country's only
smelter, a company official said.
Asked to confirm reports by New York copper trade sources
about PASAR's shipment problems, marketing manager Deogracias
Madrid told Reuters, 'They are partly correct. There could be a
probable delay.'
Madrid declined to give more details, or production and
export figures, saying the information could lead to
speculation.
PASAR's smelter is in the central province of Leyte.
The New York trade sources said if PASAR's shipments were
delayed, customers might have to turn to the London Metal
Exchange for supply.
'We have a commitment to our customers and I would not like
to comment on that,' Madrid said.
A spokeswoman for the Chamber of Mines said Philippine
copper production amounted to 222,644 tonnes in 1986, down
slightly from 226,157 tonnes in 1985. She said production in
the first two months of 1987 totalled 34,550 tonnes, compared
with 36,462 tonnes in the same 1986 period.
|
training/7554
|
training/7554 |@title |@word german:2 m3:2 rise:2 2:2 6:2 billion:4 mark:2 february:2 1:4 035:2 bundesbank:2
|
German M3 rose 2.6 billion marks in February to 1,035.1 billion - Bundesbank
German M3 rose 2.6 billion marks in February to 1,035.1 billion - Bundesbank
|
training/7555
|
training/7555 |@title german:1 m3:1 rise:1 2:1 6:1 billion:1 mark:1 february:1 |@word west:1 german:1 m3:1 money:1 supply:1 rise:3 seasonally:1 adjust:1 2:3 6:1 billion:4 mark:2 february:2 1:2 035:1 bundesbank:1 say:1 compare:1 revise:1 14:1 8:1 increase:1 january:1 1986:1
|
GERMAN M3 RISES 2.6 BILLION MARKS IN FEBRUARY
West German M3 money supply rose a
seasonally adjusted 2.6 billion marks in February to 1,035.1
billion, the Bundesbank said.
The rise compares with a revised 14.8 billion mark increase
in January and a 2.2 billion rise in February 1986.
|
training/7557
|
training/7557 |@title non:1 communist:1 steel:1 output:1 continue:1 fall:1 |@word steel:3 output:3 major:2 non:2 communist:2 produce:2 country:5 fall:2 sharply:1 february:3 continue:2 long:1 run:1 trend:1 international:1 iron:1 institute:2 figure:4 show:1 production:2 30:3 report:1 6:2 9:3 pct:7 1986:1 level:2 32:1 03:1 mln:6 tonne:4 united:1 states:1 18:1 5:4 japan:1 7:3 8:1 27:1 european:1 community:1 91:1 indicate:1 switch:1 away:1 traditional:1 advanced:1 develop:1 brazilian:1 rise:1 2:1 year:1 early:1 1:2 73:1 south:1 korea:1 17:1 cover:1 account:1 97:1 world:1 say:1
|
NON-COMMUNIST STEEL OUTPUT CONTINUES TO FALL
Steel output in the major
non-Communist producing countries fell sharply in February,
continuing a long-running trend, International Iron and Steel
Institute figures showed.
Production in the 30 countries which report their figures
to it was 6.9 pct below the February 1986 level at 32.03 mln
tonnes.
Output in the United States fell 18.5 pct to 5.30 mln
tonnes, that in Japan 7.8 pct to 7.27 mln and that in the
European Community 6.5 pct to 9.91 mln.
The figures continue to indicate a switch away from these
traditional major producing countries to the more advanced
developing countries.
Brazilian February output rose 9.2 pct from year-earlier
levels to 1.73 mln tonnes and that in South Korea was up 7.5
pct at 1.17 mln tonnes.
The 30 countries covered by the figures account for about
97 pct of world non-Communist steel production, the Institute
said.
|
training/7558
|
training/7558 |@title guinness:1 start:1 court:1 action:1 saunder:1 |@word guinness:5 plc:2 guin:1 l:1 say:3 start:1 court:2 proceeding:1 former:1 chairman:1 chief:1 executive:3 ernest:1 saunder:3 non:1 director:2 thomas:1 ward:5 recovery:1 5:1 2:1 mln:1 stg:1 money:1 pay:1 via:1 marketing:1 acquisition:1 consultants:1 ltd:1 jersey:2 earlier:2 would:1 propose:1 resolution:1 annual:1 meeting:1 may:1 remove:1 company:1 month:1 lawyer:1 tell:1 see:1 payment:2 reward:1 service:1 last:1 year:1 takeover:1 battle:2 distiller:2 co:1 man:1 breach:1 fiduciary:1 duty:1 authorise:1 resign:1 position:2 january:1 aftermath:1 government:1 enquiry:1 share:1 dealing:1 retain:1 board:1 spokesman:1 immediately:1 available:1 comment:1 statement:1
|
GUINNESS STARTS COURT ACTION AGAINST SAUNDERS
Guinness Plc <GUIN.L> said it has
started court proceedings against former chairman and chief
executive Ernest Saunders and non-executive director Thomas
Ward for recovery of 5.2 mln stg.
The money was paid to Ward via Marketing and Acquisition
Consultants Ltd in Jersey.
Guinness said earlier it would propose a resolution at the
annual meeting in May to remove Saunders and Ward as directors
of the company. Earlier this month, lawyers for Ward told a
Jersey court that Ward saw the payment as his reward for
services in last year's takeover battle for <Distillers Co
Plc>.
Guinness has said that both men breached their fiduciary
duty in authorising the payment.
Saunders resigned from his executive positions at Guinness
in January in the aftermath of a government enquiry into share
dealings during the battle for Distillers but retained his
position on the board.
No spokesman for Guinness was immediately available for
comment on the statement.
|
training/7559
|
training/7559 |@title new:1 dutch:1 advance:1 total:1 four:1 billion:1 guilde:1 |@word dutch:1 central:1 bank:1 say:1 accept:1 bid:1 total:2 4:1 00:1 billion:2 guilde:3 tender:1 morning:1 new:2 five:1 day:2 special:1 advance:2 5:2 3:1 pct:2 period:1 march:1 20:1 25:1 subscription:1 250:2 mln:2 fully:1 meet:1 amount:1 30:1 facility:1 replace:1 old:1 11:1 6:1 rate:1
|
NEW DUTCH ADVANCES TOTAL FOUR BILLION GUILDERS
The Dutch Central Bank said it has
accepted bids totalling 4.00 billion guilders at tender this
morning for new five-day special advances at 5.3 pct for the
period March 20 to 25.
Subscriptions to 250 mln guilders were fully met, amounts
above 250 mln at 30 pct.
The new facility replaces old 11-day advances totalling 6.5
billion guilders at the same rate.
|
training/756
|
training/756 |@title glamis:1 gold:1 ltd:1 glgvf:1 six:1 mth:1 dec:1 31:1 net:1 |@word shr:1 16:1 ct:2 vs:3 22:1 net:1 1:2 226:1 597:1 327:1 016:1 revs:1 6:1 598:1 580:1 5:1 921:1 828:1
|
GLAMIS GOLD LTD <GLGVF> SIX MTHS DEC 31 NET
Shr 16 cts vs 22 cts
Net 1,226,597 vs 1,327,016
Revs 6,598,580 vs 5,921,828
|
training/7562
|
training/7562 |@title u:1 k:1 money:1 market:1 offer:1 early:1 assistance:1 |@word bank:1 england:1 say:1 invite:1 early:1 round:1 bill:3 offer:1 discount:1 house:1 forecast:1 shortage:1 around:2 950:1 mln:4 stg:5 money:1 market:1 today:1 among:1 main:1 factor:1 affect:1 liquidity:1 mature:1 official:1 hand:1 take:2 treasury:1 drain:1 572:1 rise:1 note:1 circulation:1 wil:1 280:1 mlns:1 addition:1 exchequer:1 transaction:1 banker:1 balance:1 target:1 remove:1 85:1 15:1 system:1 respectively:1
|
U.K. MONEY MARKET OFFERED EARLY ASSISTANCE
The Bank of England said it had invited
an early round of bill offers from the discount houses after
forecasting a shortage of around 950 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
around 572 mln stg while a rise in note circulation wil take
out some 280 mlns stg.
In addition, exchequer transactions and bankers' balances
below target will remove some 85 mln stg and 15 mln stg for the
system respectively.
|
training/7564
|
training/7564 |@title |@word abbey:2 national:2 say:2 cut:2 u:2 k:2 mortgage:2 rate:2 1:2 125:2 pct:4 11:2 25:2
|
Abbey National said it cutting U.K. Mortgage rate by 1.125 pct to 11.25 pct
Abbey National said it cutting U.K. Mortgage rate by 1.125 pct to 11.25 pct
|
training/7565
|
training/7565 |@title india:1 details:1 rain:1 flood:1 damage:1 grain:1 1986:1 |@word rain:1 flood:1 india:2 last:1 year:1 damage:2 69:1 000:1 tonne:2 grain:4 intend:1 human:1 consumption:1 storage:1 transportation:1 food:3 civil:1 supply:1 minister:1 h:1 k:1 l:1 bhagat:2 tell:1 parliament:1 give:1 comparative:1 figure:1 say:2 government:2 corporation:1 fci:2 yet:1 decide:1 whether:1 could:1 use:1 cattle:1 feed:1 total:1 16:1 43:1 mln:1 warehouse:2 end:1 1986:1 ask:1 state:1 build:1 avoid:1
|
INDIA DETAILS RAIN/FLOOD DAMAGE TO GRAIN IN 1986
Rain and floods in India last year
damaged about 69,000 tonnes of grain intended for human
consumption during storage and transportation, food and civil
supplies minister H. K. L. Bhagat told Parliament.
He did not give comparative figures and said the
government-owned Food Corporation of India (FCI) had not yet
decided whether these grains could be used as cattle feed.
Bhagat said the FCI had a total of 16.43 mln tonnes of food
grains in its warehouses at the end of 1986. It had asked state
governments to build more warehouses to avoid damage to grains.
|
training/7566
|
training/7566 |@title tropical:1 forest:1 death:1 could:1 spark:1 new:1 debt:1 crisis:1 |@word death:1 world:6 tropical:4 rain:1 forest:8 could:1 trigger:1 new:1 debt:4 crisis:1 social:1 biological:1 disaster:1 scientist:2 ecologist:1 involve:1 international:1 timber:3 organisation:1 itto:2 say:15 stake:1 ability:1 develop:3 nation:4 include:1 brazil:3 mexico:1 philippines:4 service:2 loss:4 trade:2 worth:1 hundred:1 billion:8 dollar:1 important:1 sector:1 agriculture:1 pharmaceutical:1 expert:2 gather:1 ahead:1 meeting:1 consumer:1 producer:1 near:1 tokyo:1 next:2 week:1 problem:1 already:1 acute:1 offer:1 textbook:1 case:1 economic:2 danger:1 many:1 third:1 resource:1 delfin:1 ganapin:3 philippine:2 government:2 consultant:1 environmental:1 impact:1 1960:1 16:3 mln:8 hectare:3 commercial:1 one:1 around:1 10:2 year:6 profitable:1 logging:2 leave:1 26:1 dlr:3 log:1 foreign:1 exchange:1 earning:2 serious:1 14:1 people:1 depend:1 upland:2 area:2 denude:2 farmer:2 grow:2 crop:1 security:1 adviser:1 direct:2 result:1 likely:1 source:1 revolution:1 replanting:1 uneconomic:1 replanted:1 hardwood:1 less:2 50:1 pct:2 chance:2 survival:1 know:1 way:1 reproduce:1 wood:1 million:1 specie:1 within:1 replant:1 programme:1 successful:1 almy:1 hafild:1 indonesian:1 network:1 conservation:2 three:1 dlrs:5 would:2 need:1 two:2 alone:1 save:1 five:2 critically:1 land:1 without:1 major:2 initiative:1 development:2 bank:4 vicious:1 circle:1 continue:1 country:1 cut:1 help:1 short:1 term:2 cost:2 long:1 insolvency:1 yet:1 industry:1 necessarily:1 product:2 must:1 educate:1 best:1 farm:1 peter:1 kramer:1 wildlife:1 fund:1 wwf:2 director:1 four:1 annual:1 global:1 end:1 rattan:1 nuts:1 earn:1 u:3 pharmacologist:1 norman:1 farnsworth:1 calculate:1 25:1 prescription:1 owe:1 active:1 ingredient:1 high:1 plant:1 deforestation:1 wipe:1 discovery:1 force:1 corporation:1 research:1 produce:1 man:1 make:1 substitute:1 incalculable:1 2000:1 still:1 export:2 33:1 currently:1 drop:1 1980:2 peak:1 6:1 8:1 n:1 sponsor:1 survey:1 20:1 3:1 advance:1 inter:1 american:1 african:1 asian:1 84:1 100:1 go:1 forestry:1 project:1 statistic:1 show:1 half:1 vanish:1 since:1 1940:1 2:1 000:1 remain:1 destroy:1 destructive:1 practise:1 local:1
|
TROPICAL FOREST DEATH COULD SPARK NEW DEBT CRISIS
The death of the world's tropical rain
forests could trigger a new debt crisis and social and
biological disasters, scientists and ecologists involved with
the International Tropical Timber Organisation (ITTO) said.
At stake is the ability of developing nations, including
Brazil, Mexico and the Philippines, to service their debts and
the loss of trade worth hundreds of billions of dollars in
important sectors such as agriculture and pharmaceuticals, they
said.
The experts, gathering ahead of an ITTO meeting of
consumers and producers near Tokyo next week, said the problem
is already acute.
The Philippines offers a textbook case of the economic
dangers. 'For many third world nations, the loss of the forest
is not just a loss of resources,' said Delfin Ganapin, a
Philippine government consultant on environmental impact.
'In the 1960s we had 16 mln hectares of commercial forest,
now we have one mln. We have only around 10 years of profitable
logging left. With a 26 billion dlr debt, the loss of logging
foreign exchange earnings is serious,' he said.
About 14 mln Philippine people depend on upland areas that
are now denuded and farmers cannot grow crops.
Government security advisers say that as a direct result,
the most likely source of revolution in the Philippines is in
the upland areas, said Ganapin.
Replanting is uneconomic and replanted tropical hardwoods
have less than a 50 pct chance of survival. There is no known
way to reproduce the wood, or the millions of species within.
'No replanting programme has been successful,' said Almy
Hafild from the Indonesian Network for Forest Conservation.
Ganapin said three billion dlrs would be needed in the next
two years alone to save five mln hectares of critically denuded
land in the Philippines.
The experts say that without a major initiative from the
development banks, the vicious circle will continue with
countries cutting more forest to help service short-term debts
at the cost of long-term insolvency.
Yet timber, a five billion dlr a year industry, is not
necessarily the most direct economic product of the forests,
and nations must be educated in how best to 'farm' them, said
Peter Kramer, World Wildlife Fund (WWF) conservation director.
There is a four billion dlr annual global trade in the end
products of rattan, and Brazil nuts earn Brazil 16 mln dlrs a
year, he said.
U.S. Pharmacologist Norman Farnsworth has calculated that
25 pct of all U.S. Prescriptions owe their active ingredients
to higher plants growing in the forests.
Deforestation would wipe out the chance of further
discoveries and force major corporations to research, develop
and produce man-made substitutes, at a cost which scientists
say is incalculable.
By the year 2000, only 10 developing nations will still be
exporting timber, from 33 currently, and their export earnings
will drop from a 1980 peak of 6.8 billion dlrs to less than two
billion, a World Bank and U.N. Sponsored survey said.
Of the 20.3 billion dlrs advanced by the World Bank,
Inter-American, African and Asian Development Banks in 1980-84,
only 100 mln dlrs went to forestry projects, it said.
WWF statistics show half of the world's tropical forests
have vanished since the 1940s. Of 2,000 mln hectares remaining,
up to 16 mln are destroyed each year by destructive logging
practises and by local farmers.
|
training/7568
|
training/7568 |@title bank:1 finland:1 announce:1 new:1 measure:1 |@word bank:4 finland:1 call:1 news:1 conference:1 1200:1 gmt:1 announce:2 new:1 measure:1 development:1 system:1 monetary:1 control:1 spokesman:1 decline:1 give:1 detail:1 banking:1 source:2 say:2 expect:1 actively:1 take:1 part:1 interbank:1 market:1 buy:1 sell:1 certificate:1 deposit:1 state:1 treasury:1 issue:2 government:1 paper:2 maturity:1 one:1 year:1 central:1 far:1
|
BANK OF FINLAND WILL ANNOUNCE NEW MEASURES
The Bank of Finland called a news
conference at 1200 GMT to announce new measures for the
'development of the system of monetary control.'
A spokesman for the Bank declined to give further details.
Banking sources said they expected the bank to announce it
will actively take part in the interbank market and buy and
sell certificates of deposit.
The state treasury issues government paper with a maturity
of up to one year. The central bank has so far not issued its
own paper, the sources said.
|
training/7569
|
training/7569 |@title japan:1 slightly:1 reduce:1 sugar:1 consumption:1 estimate:1 |@word agriculture:1 ministry:2 say:3 revise:6 april:1 june:1 sugar:5 consumption:2 estimate:8 623:1 300:1 tonne:9 refined:1 basis:1 637:1 800:2 end:2 december:1 domestically:2 produce:2 supply:2 period:1 190:1 400:1 early:4 195:1 100:1 import:2 402:1 000:3 435:1 2:1 53:1 mln:3 1986:3 87:3 year:2 september:1 30:1 881:1 863:1 1:2 642:1 645:1
|
JAPAN SLIGHTLY REDUCES SUGAR CONSUMPTION ESTIMATE
The Agriculture Ministry said it revised
its April-June sugar consumption estimate down to 623,300
tonnes on a refined basis, from 637,800 estimated at the end of
December.
It said the estimate for domestically produced sugar supply
for the same period was revised to 190,400 tonnes from the
earlier estimate of 195,100 tonnes, while imports were revised
to 402,000 tonnes from the earlier 435,800 tonnes.
It did not revise its sugar consumption estimate of 2.53
mln tonnes for the 1986/87 sugar year ending September 30.
The ministry said the estimate for the 1986/87 year's
supply of domestically produced sugar was revised to 881,000
tonnes, from the earlier estimate of 863,000.
The estimate for 1986/87 imports was revised to 1.642 mln
tonnes, from an earlier 1.645 mln tonnes.
|
training/757
|
training/757 |@title u:1 approve:1 buyout:1 coastal:1 bancorp:1 csbk:1 |@word coastal:2 bancorp:1 say:1 u:1 federal:1 reserve:1 board:1 approve:1 acquisition:2 suffield:1 financial:1 corp:1 ssbk:1 still:1 require:1 approval:1 banking:1 department:1 maine:1 company:1 note:1
|
U.S. APPROVES BUYOUT OF COASTAL BANCORP <CSBK>
Coastal Bancorp said the U.S.
Federal Reserve Board approved the acquisition of Coastal by
Suffield Financial Corp <SSBK>.
The acquisition still requires approval from the Banking
Department in Maine, the company noted.
|
training/7570
|
training/7570 |@title german:1 veba:1 placement:1 say:1 likely:1 early:1 next:1 week:1 |@word placement:1 german:1 federal:1 government:1 25:1 6:2 pct:1 stake:1 utility:1 veba:2 ag:1 vebg:1 f:1 would:1 probably:1 take:1 place:1 early:3 next:1 week:1 banking:2 source:2 say:3 share:3 dealer:1 speculation:1 arise:1 pre:1 bourse:1 market:1 announcement:2 could:1 come:1 today:3 one:1 though:1 confirm:1 detail:2 work:1 chance:1 nil:1 price:1 10:1 mln:1 offer:1 expect:1 bring:1 cash:1 call:1 germany:1 well:1 two:1 billion:1 mark:2 around:1 253:1 50:1 drop:1 252:1 yesterday:1
|
GERMAN VEBA PLACEMENT SAID LIKELY EARLY NEXT WEEK
The placement of the German federal
government's 25.6 pct stake in utility Veba AG <VEBG.F> would
probably take place early next week, banking sources said.
Share dealers said speculation had arisen in the early
pre-bourse market that the Veba announcement could come as
early as today. But one banking source, though confirming that
most of the details had been worked out, said the chances of an
announcement today were about nil. He had no price details.
The 10 mln shares on offer are expected to bring a cash
call in Germany for well over two billion marks. The share was
around 253 marks today after a 6.50 drop to 252 yesterday.
|
training/7571
|
training/7571 |@title u:1 k:1 money:1 market:1 give:1 728:1 mln:1 stg:1 early:1 help:1 |@word bank:4 england:1 say:1 provide:1 money:1 market:2 728:1 mln:6 stg:6 assistance:1 response:1 early:1 round:1 bill:3 offer:1 discount:1 house:1 earlier:1 estimate:1 shortage:1 system:1 today:1 950:1 central:1 purchase:1 625:1 resale:1 april:1 7:2 rate:1 interest:1 9:3 15:1 16:2 pct:4 10:1 also:1 buy:1 103:1 outright:1 comprise:1 65:1 band:2 one:1 8:1 38:1 two:1 13:1
|
U.K. MONEY MARKET GIVEN 728 MLN STG EARLY HELP
The Bank of England said it had provided
the money market with 728 mln stg assistance in response to an
early round of bill offers from the discount houses.
Earlier, the Bank had estimated the shortage in the system
today at 950 mln stg.
The central bank purchased 625 mln stg of bills for resale
to the market on April 7 at rates of interest between 9-15/16
pct and 10 pct.
It also bought 103 mln stg bank bills outright comprising
65 mln stg in band one at 9-7/8 pct and 38 mln stg in band two
at 9-13/16 pct.
|
training/7574
|
training/7574 |@title |@word feb:2 daily:2 ave:2 unwrought:2 aluminium:2 output:2 33:2 900:2 tonne:4 400:2 ipai:2
|
Feb daily ave unwrought aluminium output 33,900 tonnes, up 400 tonnes, IPAI.
Feb daily ave unwrought aluminium output 33,900 tonnes, up 400 tonnes, IPAI.
|
training/7576
|
training/7576 |@title standard:1 bank:1 unable:1 make:1 earning:1 forecast:1 |@word standard:4 bank:7 investment:1 corp:1 ltd:1 sprj:1 j:1 chairman:1 henri:1 de:2 villiers:2 say:4 could:1 predict:1 profit:1 year:3 south:4 africa:4 continue:1 political:4 unrest:1 also:1 warn:1 annual:2 report:3 fail:1 prompt:1 decisive:1 action:1 face:1 future:2 violent:1 deadlock:1 different:1 racial:1 grouping:1 economic:1 prospect:1 cloud:1 social:1 issue:1 absence:1 evidence:1 positively:1 address:1 unable:1 offer:1 earning:1 forecast:1 1987:1 39:1 pct:3 chartered:1 plc:1 stch:1 l:1 london:1 previously:1 1986:3 net:2 income:2 rise:2 13:1 8:2 209:1 0:1 mln:4 rand:4 bad:2 debt:2 loss:1 begin:1 decline:2 although:1 may:1 take:1 time:1 return:1 accept:1 industry:1 norm:1 show:1 charge:1 doubtful:1 187:1 6:1 162:1 1:1 prior:1 subsidiary:1 2:1 112:1 3:1 difficult:1 banking:1 environment:1 cause:1 mainly:1 low:1 credit:1 demand:1
|
STANDARD BANK UNABLE TO MAKE EARNINGS FORECAST
Standard Bank Investment Corp Ltd
(SPRJ.J) chairman Henri de Villiers said he could not predict
profits for the bank this year because of South Africa's
continuing political unrest.
De Villiers also warned in the annual report that 'failing
prompt and decisive political action, South Africa faces a
future of violent deadlock between different racial and
political groupings.'
He said South Africa's future economic prospects are
'clouded by political and social issues and in the absence of
evidence that these are being positively addressed I am unable
to offer an earnings forecast for 1987.'
Standard Bank, 39 pct owned by Standard Chartered PLC
<STCH.L>, London, previously reported that 1986 net income
rose by 13.8 pct to 209.0 mln rand.
The bank said its bad debt losses should begin to decline
this year 'although it may take some time before they return to
accepted industry norms.'
The annual report showed that the bank's charge for bad and
doubtful debts rose in 1986 to 187.6 mln rand from 162.1 mln
rand in the prior year.
The bank said net income of its Standard Bank of South
Africa subsidiary declined 8.2 pct in 1986 to 112.3 mln rand in
a difficult banking environment caused mainly by low credit
demand.
|
training/7577
|
training/7577 |@title non:1 communist:1 february:1 aluminium:1 output:1 ipai:1 |@word non:1 communist:1 daily:1 average:1 unwrought:2 aluminium:3 production:3 february:4 33:2 900:2 tonne:6 400:1 downwardly:2 revise:2 500:1 january:2 compare:2 32:1 1986:2 provisional:1 figure:1 international:1 primary:1 institute:1 ipai:2 show:1 total:1 28:1 day:2 949:1 000:2 1:1 038:1 mln:1 31:1 920:1 regional:1 breakdown:1 follow:1 thousand:1 say:1 feb:2 87:2 jan:1 86:1 africa:1 45:1 50:1 41:1 north:1 america:2 354:1 389:1 353:1 latin:1 115:1 121:1 98:1 east:1 asia:2 7:1 9:1 16:1 south:1 72:2 79:1 europe:1 268:1 293:1 256:1 oceania:1 88:1 97:1 84:1
|
NON-COMMUNIST FEBRUARY ALUMINIUM OUTPUT UP, IPAI
Non-Communist daily average unwrought
aluminium production in February was 33,900 tonnes, up 400
tonnes from a downwardly revised 33,500 tonnes in January and
compared with 32,900 tonnes in February 1986, provisional
figures from the International Primary Aluminium Institute
(IPAI) show.
Total production in February (28 days) was 949,000 tonnes
compared with a downwardly revised 1.038 mln in January (31
days) and 920,000 in February 1986.
The regional breakdown of unwrought aluminium production
was as follows (in thousands of tonnes) the IPAI said.
Feb'87 Jan'87 Feb'86
Africa 45 50 41
North America 354 389 353
Latin America 115 121 98
East Asia 7 9 16
South Asia 72 79 72
Europe 268 293 256
Oceania 88 97 84
|
training/7579
|
training/7579 |@title ec:1 approve:1 25:1 000:1 tonne:1 barley:1 export:1 |@word european:1 community:1 authorise:1 export:3 25:1 000:3 tonne:5 barley:1 yesterday:1 bring:1 cumulative:1 total:3 weekly:2 tender:2 since:2 series:2 start:1 last:1 june:1 3:3 33:1 mln:4 close:1 37:1 licence:2 year:3 ago:2 period:1 trader:1 say:1 bid:1 wheat:1 reject:1 however:1 date:1 5:1 06:1 still:1 substantially:1 03:1 80:1 french:1 maize:2 grant:1 move:1 135:1 open:1 february:1 facility:1 previous:1 grain:1
|
EC APPROVES 25,000 TONNES OF BARLEY EXPORTS
The European Community authorised the
export of 25,000 tonnes of barley yesterday, bringing the
cumulative total at weekly tenders since the series started
last June to 3.33 mln tonnes, close to the 3.37 mln under
licence in the same year ago period, traders said.
All bids for wheat were rejected. However, the total to
date of 5.06 mln tonnes is still substantially more than the
3.03 mln under licence a year ago. The 80,000 tonnes of French
maize granted for export moved the total to 135,000 tonnes
since the tender opened in February this year. There were no
facilities for maize in the previous weekly grain export
series.
|
training/758
|
training/758 |@title little:1 prince:1 productions:1 ltd:1 ltlp:1 1st:1 qtr:1 loss:1 |@word qtr:1 end:1 dec:1 31:1 shr:1 profit:2 nil:2 vs:3 loss:2 net:1 858:1 3:1 957:1 revs:1 7:1 372:1 1:1 500:1
|
LITTLE PRINCE PRODUCTIONS LTD<LTLP>1ST QTR LOSS
Qtr ended Dec 31
Shr profit nil vs loss nil
Net profit 858 vs loss 3,957
Revs 7,372 vs 1,500
|
training/7580
|
training/7580 |@title u:2 k:2 feb:2 retail:2 price:2 0:2 4:2 pct:4 base:2 revise:2 year:4 rise:2 3:2 9:2 official:2 |@word
|
U.K. FEB RETAIL PRICES UP 0.4 PCT, BASE REVISED, YEAR-ON-YEAR RISE 3.9 PCT - OFFICIAL
U.K. FEB RETAIL PRICES UP 0.4 PCT, BASE REVISED, YEAR-ON-YEAR RISE 3.9 PCT - OFFICIAL
|
training/7581
|
training/7581 |@title uk:2 average:2 gdp:2 rise:2 preliminary:2 2:2 6:2 pct:4 1986:2 0:2 7:2 4th:2 qtr:2 official:2 |@word
|
UK AVERAGE GDP RISES PRELIMINARY 2.6 PCT IN 1986, UP 0.7 PCT IN 4TH QTR - OFFICIAL
UK AVERAGE GDP RISES PRELIMINARY 2.6 PCT IN 1986, UP 0.7 PCT IN 4TH QTR - OFFICIAL
|
training/7583
|
training/7583 |@title u:1 k:1 average:1 gdp:1 rise:1 2:1 6:1 pct:1 1986:1 |@word britain:1 gross:1 domestic:1 product:1 gdp:13 average:4 basis:1 output:5 expenditure:6 income:3 rise:13 2:12 6:4 pct:22 1986:8 3:13 4:4 increase:1 year:12 early:1 central:1 statistical:1 office:1 cso:4 preliminary:1 figure:2 show:2 fourth:8 quarter:19 0:4 7:4 previous:3 1985:9 estimate:2 index:7 seasonally:2 adjust:1 base:5 1980:1 set:3 114:4 113:2 5:3 110:2 final:2 say:1 whole:2 1:3 measure:5 upward:1 revise:1 adjusted:1 9:4 give:2 third:4 8:4 ago:1 stand:1 115:1 111:3 respectively:1 112:1 109:2 earlier:2 three:2 ouptut:1 government:2 usually:1 consider:1 reliable:1 way:1 short:1 term:1 change:1 datum:1 production:1 industry:1 partial:1 information:1 rest:1 economy:1 forecast:1 would:1 calendar:1 budget:1 unveil:1 tuesday:1 foresaw:1 growth:1 1987:1 deflator:2 market:1 price:1
|
U.K. AVERAGE GDP RISES 2.6 PCT IN 1986
Britain's gross domestic product (GDP)
on the average basis of output, expenditure and income rose by
2.6 pct in 1986 after a 3.4 pct increase a year earlier,
Central Statistical Office (CSO) preliminary figures show.
In the fourth quarter, GDP rose 0.7 pct over the previous
quarter and was up 3.3 pct on the same 1985 quarter.
The average estimate index, seasonally-adjusted and based
1980, was set at 114.3 in the fourth quarter of 1986 against
113.5 in the previous quarter and 110.7 in the final quarter of
1985.
The CSO said the average GDP estimate index for 1986 as a
whole was 113.1, up 2.6 pct from 110.2 for 1985.
On the output measure, GDP rose an upward revised
seasonally adjusted 0.3 pct in the fourth quarter of 1986 to
114.9 on the output index from 114.5 in the previous quarter,
giving a 3.2 pct rise over the fourth 1985 quarter, the CSO
figures show.
On income-based GDP, the index in the fourth quarter rose
by 0.7 pct from the third quarter and was up 3.8 pct on the
year-ago quarter.
The indices stood at 115.3, 114.4 and 111.0 respectively.
Expenditure-based GDP rose 1.2 pct in the fourth quarter of
1986 from the third quarter and was up 2.9 pct from the same
1985 quarter.
The CSO set the expenditure index at 112.9 from 111.6 in
the third quarter of 1986 and 109.8 in the final 1985 quarter.
The year-on-year rise for expenditure GDP was 2.3 pct with
the expenditure index for the whole of 1986 set at 111.9
against 109.4 a year earlier.
For income GDP, the year-on-year rise was 2.6 pct against
against three pct a year earlier. The ouptut GDP measure rose
2.8 pct year-on-year, down from 3.8 pct in 1985.
The government usually considers the output measure the
most reliable way of measuring short-term GDP changes.
It is based on output data for production industry and
partial information for the rest of the economy.
The government had forecast that average measure GDP would
rise 2.5 pct in calendar 1986 after 3.3 pct in 1985. The budget
unveiled on Tuesday foresaw GDP growth in 1987 of three pct.
The GDP deflator, based on expenditure at market prices,
rose 1.2 pct in the fourth quarter from the third, to give a
2.4 pct rise over fourth quarter 1985. Year-on-year, the
deflator rose 3.7 pct.
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training/7584
|
training/7584 |@title u:1 k:1 retail:1 price:1 rise:1 0:1 4:1 pct:1 february:1 |@word retail:1 price:2 index:4 rpi:3 britain:1 measure:1 inflation:2 rise:8 0:5 4:5 pct:8 february:5 revise:1 basis:2 give:2 year:6 3:2 9:2 employment:2 department:2 say:3 january:3 previous:1 base:2 new:1 set:1 100:1 1987:1 1986:1 5:2 1:1 increase:1 old:1 datum:1 compare:1 market:1 forecast:1 yearly:1 four:1 economist:1 mainly:1 result:1 high:1 petrol:1 fresh:1 vegetable:1 car:2 maintenance:1
|
U.K. RETAIL PRICES RISE 0.4 PCT IN FEBRUARY
The Retail Price Index (RPI), Britain's
measure of inflation, rose 0.4 pct in February on a revised
basis, to give a year-on-year rise of 3.9 pct, the Employment
Department said.
In January, the index rose 0.4 pct for a 3.9 pct
year-on-year rise on both the previous base and the new index.
The February RPI was set at 100.4, base January 1987. In
February 1986, the RPI rose 0.4 pct, giving a 5.1 pct
year-on-year increase on the old basis.
The inflation data compares with market forecasts for a
rise of 0.4 - 0.5 pct in February and a yearly rise of about
four pct, economists said.
The Employment Department said the rise in the index
between January and February was mainly the result of higher
prices for petrol, fresh vegetables, cars and car maintenance.
|
training/7585
|
training/7585 |@title danish:1 wholesale:1 price:1 fall:1 0:1 5:1 pct:1 february:1 |@word denmark:1 wholesale:1 price:1 index:2 fall:3 0:1 5:1 pct:2 february:3 give:1 year:2 4:1 9:1 national:1 statistics:1 office:1 say:1 base:1 1980:1 stand:1 135:1 one:1 point:1 compare:1 january:1 142:1 1986:1
|
DANISH WHOLESALE PRICES FALL 0.5 PCT IN FEBRUARY
Denmark's wholesale price index fell
0.5 pct in February, giving a year-on-year fall of 4.9 pct, the
National Statistics Office said.
The index, base 1980, stood at 135 in February, a fall of
one point compared to January, against 142 in February 1986.
|
training/7587
|
training/7587 |@title bank:1 spain:1 suspend:1 assistance:1 drain:1 fund:1 |@word bank:4 spain:1 suspend:1 daily:1 money:4 market:3 assistance:4 offer:1 drain:1 fund:4 three:1 seven:1 day:2 repurchase:1 agreement:1 12:1 1:3 2:3 pct:3 source:4 say:4 measure:1 attempt:1 rein:1 supply:1 likely:3 force:1 institution:2 scramble:1 10:1 accounting:1 period:1 reserve:1 requirement:1 close:1 monday:1 raise:1 rate:1 ordinary:2 overnight:2 13:2 3:1 4:1 wednesday:1 open:2 special:2 borrowing:2 facility:2 14:1 need:1 return:1 tomorrow:1 rarely:1 invite:1 application:1 saturday:1
|
BANK OF SPAIN SUSPENDS ASSISTANCE, DRAINS FUNDS
The Bank of Spain suspended its daily
money market assistance and offered to drain funds with three-
and seven-day repurchase agreements at 12-1/2 pct, money market
sources said.
The sources said the measures were a further attempt to
rein in money supply and were likely to force some institutions
to scramble for funds before the 10-day accounting period for
reserve requirements closes on Monday.
The bank, which raised its rate for ordinary overnight
assistance to 13-3/4 from 13-1/2 pct on Wednesday, opened its
special borrowing facility for overnight funds at 14-1/2 pct.
Money market sources said institutions in need of funds
were likely to have to return to the bank tomorrow for further
assistance.
The bank rarely invites applications for ordinary
assistance on a Saturday and the sources said it was more
likely to open its special borrowing facility again.
|
training/7590
|
training/7590 |@title canada:4 consumer:2 price:2 index:2 rise:2 0:2 4:2 pct:2 february:2 statistics:2 say:2 |@word
|
CANADA CONSUMER PRICE INDEX ROSE 0.4 PCT IN FEBRUARY, STATISTICS CANADA SAID
CANADA CONSUMER PRICE INDEX ROSE 0.4 PCT IN FEBRUARY, STATISTICS CANADA SAID
|
training/7591
|
training/7591 |@title canada:1 february:1 consumer:1 price:1 0:1 4:1 pct:1 |@word canadian:1 consumer:1 price:1 index:1 rise:5 0:4 4:3 pct:5 february:3 135:1 8:1 base:1 1981:1 compare:2 2:1 january:2 last:1 year:3 statistics:1 canada:1 say:1 one:1 3:1 9:1 r:1
|
CANADA FEBRUARY CONSUMER PRICES UP 0.4 PCT
The Canadian consumer price index rose
0.4 pct in February, to 135.8, base 1981, compared with a 0.2
pct rise in January and a 0.4 pct rise in February last year,
Statistics Canada said.
The February year-one year rise was 4.0 pct compared with a
3.9 pct rise in January.R
|
training/7592
|
training/7592 |@title bolivian:1 miner:1 call:1 general:1 strike:1 |@word 9:1 000:2 miner:4 employ:1 state:1 corporation:2 comibol:2 declare:1 general:1 strike:4 midnight:1 0400:1 gmt:1 press:1 high:1 salary:1 statement:2 federation:1 bolivian:1 mine:1 workers:1 say:4 call:1 defend:1 nationalise:1 mining:1 industry:1 willing:1 negotiate:1 government:3 president:2 victor:1 paz:1 estenssoro:1 show:1 intention:1 meet:1 striker:1 demand:1 design:1 cause:1 embarrassment:1 four:1 day:1 visit:1 west:1 german:1 richard:1 von:1 weizsaecker:1 start:1 friday:1 police:1 violently:1 evict:1 office:1 worker:1 city:1 oruro:1 begin:1 hunger:1 yesterday:1 sack:1 20:1 deficit:1 ride:1 since:1 collapse:1 international:1 price:1 tin:1 lay:1 represent:1 two:1 third:1 original:1 workforce:1
|
BOLIVIAN MINERS CALL GENERAL STRIKE
About 9,000 miners employed by the
state corporation, Comibol, declared a general strike as from
midnight (0400 gmt) to press for higher salaries, a statement
by the federation for Bolivian mine workers said.
It said the strike was called to defend the nationalised
mining industry. The miners were willing to negotiate with the
government of President Victor Paz Estenssoro, but only if it
showed an intention to meet the strikers' demands.
The government said the strike was designed to cause it
embarrassment during the four-day visit of West German
President Richard Von Weizsaecker, which starts on Friday.
The miners statement said police had violently evicted
Comibol office workers in the city of Oruro after they began a
hunger strike yesterday.
The government has sacked about 20,000 miners from its
deficit-ridden corporation since the collapse in the
international price of tin. The lay-offs represent about
two-thirds of the original workforce.
|
training/7593
|
training/7593 |@title klm:2 expand:1 talk:1 british:1 commonwealth:1 |@word royal:1 dutch:5 airways:1 klm:7 say:6 agree:2 take:2 full:1 control:1 partially:1 base:2 parcel:1 delivery:3 service:3 offer:2 minority:3 stake:5 british:5 commonwealth:5 shipping:1 plc:1 bcom:1 l:1 seek:1 strengthen:1 market:2 position:1 fast:2 grow:1 door:4 retailer:1 vendex:2 international:1 venn:1 50:1 pct:2 jointly:1 courier:4 xp:5 system:2 vof:1 ownership:1 bring:1 talk:2 start:1 last:2 week:2 one:1 third:1 latter:2 iml:4 air:2 services:1 group:1 ltd:2 announce:1 negotiation:2 buy:1 could:1 involve:1 convertible:1 loan:1 issue:1 spokeswoman:1 flag:1 carrier:1 would:2 decline:1 elaborate:1 financial:1 aspect:1 like:1 two:1 cooperate:1 future:2 exclude:1 merger:1 combine:1 strong:1 world:1 wide:1 network:1 mainly:1 european:1 activity:2 southern:1 airport:1 maastricht:1 annual:1 turnover:1 100:1 mln:1 guilde:1 also:1 negotiate:1 15:1 regional:1 airline:1 u:1 k:1 see:1 substantially:1 growth:1 traditional:1 cargo:1
|
KLM EXPANDS TALKS WITH BRITISH AND COMMONWEALTH
KLM Royal Dutch Airways <KLM.AS> said
it agreed to take full control of a partially owned Dutch-based
parcel delivery service and will offer a minority stake in it
to British and Commonwealth Shipping Plc <BCOM.L>
KLM, seeking to strengthen its market position in the fast
growing door-to-door delivery market, said it agreed with Dutch
retailer Vendex International <VENN.AS> to take over Vendex's
50-pct in their jointly-owned courier, <XP System VOF>.
Ownership of XP will now be brought into the talks started
by KLM last week with British and Commonwealth for a one-third
stake in the latter's <IML Air Services Group Ltd> courier.
When announcing the negotiations with British and
Commonwealth last week, KLM said buying a minority stake in IML
could involve a convertible loan issue.
A KLM spokeswoman said the Dutch flag carrier would now
offer a minority stake in XP to British and Commonwealth in the
negotiations on IML, but declined to elaborate on financial
aspects of the talks.
She said KLM would like the two courier services to
cooperate in future and did not exclude a future merger between
them to combine IML's strong world-wide network with XP's
mainly European activities.
XP System is based in the southern Dutch airport of
Maastricht and has an annual turnover of 100 mln guilders.
KLM, which is also negotiating with British and
Commonwealth for a 15-pct stake in the latter's regional
airline <Air U.K. Ltd>, says door-to-door delivery courier
services are seeing substantially faster growth than
traditional cargo activities.
|
training/7596
|
training/7596 |@title rainbow:1 say:1 brierley:1 upsetting:1 progressive:1 merger:1 |@word rainbow:7 corp:2 ltd:4 say:7 brierley:1 investments:1 bil:5 try:2 disrupt:1 plan:1 merger:7 progressive:6 enterprises:1 chairman:1 allan:1 hawkins:4 statement:2 opinion:2 deliberately:1 create:1 anomaly:1 market:3 price:1 share:5 since:1 announce:2 february:1 involve:1 formation:1 new:1 company:1 astral:1 pacific:1 shareholder:3 enter:1 one:2 basis:1 board:1 approve:1 mystery:1 bidder:1 behind:1 recent:1 stand:2 three:1 mln:1 simply:1 regard:1 enterprise:1 worth:1 approximately:1 twice:1 much:1 think:1 propose:1 soundly:1 base:1 chief:1 executive:1 paul:1 collins:1 interview:1 weekly:1 national:1 business:1 review:1 newspaper:1 publish:1 today:1 collin:1 immediately:1 available:1 respond:1 directly:1 assess:1 independent:1 consultant:1 declare:1 fair:1 respect:1 benefit:2 go:1 party:1 distort:1 picture:1 strategic:1 purpose:1 distract:1 away:1 real:1 action:1 clearly:1 design:1 long:1 term:1 interest:1 either:1
|
RAINBOW SAYS BRIERLEY UPSETTING PROGRESSIVE MERGER
<Rainbow Corp Ltd> said <Brierley
Investments Ltd> (BIL) is trying to disrupt Rainbow's planned
merger with <Progressive Enterprises Ltd>.
Rainbow chairman Allan Hawkins said in a statement, 'In our
opinion BIL have deliberately tried to create anomalies in the
market prices of Rainbow and Progressive shares since the
merger was announced.'
The merger, announced in February, involves the formation
of a new company, <Astral Pacific Corp Ltd>, which Rainbow and
Progressive shareholders will enter into on a one-for-one share
basis. Both boards have approved the merger.
BIL has said it was the mystery bidder behind a recent
stand in the market for three mln Progressive shares.
'We simply regard Progressive Enterprises shares to be worth
approximately twice as much as Rainbow shares and do not think
the merger, as proposed, is soundly based,' BIL chief executive
Paul Collins said in an interview in the weekly National
Business Review newspaper published today.
Collins was not immediately available to respond directly
to Hawkins' statement.
Hawkins said the merger has been assessed by independent
consultants and declared fair in all respects, with benefits to
all shareholders.
'We are not going to stand by while other parties distort
the picture for their own strategic purposes and distract the
market away from the real benefits of the merger,' he said.
'In our opinion, BIL's actions are clearly not designed to
be in the long term interests of either Progressive or Rainbow
shareholders,' Hawkins said.
|
training/7599
|
training/7599 |@title u:1 k:1 money:1 market:1 give:1 31:1 mln:1 stg:1 help:1 |@word bank:4 england:1 say:1 give:1 money:2 market:2 another:1 31:2 mln:4 stg:5 assistance:1 morning:1 session:1 bring:1 total:1 help:1 today:1 759:1 compare:1 estimate:1 1:1 05:1 billion:1 shortage:1 earlier:1 revise:1 950:1 central:1 buy:1 bill:1 outright:1 band:1 two:1 9:1 13:1 16:1 pct:1
|
U.K. MONEY MARKET GIVEN FURTHER 31 MLN STG HELP
The Bank of England said it gave the
money market another 31 mln stg in assistance in the morning
session.
This brings the Bank's total help today to 759 mln stg and
compares with its estimate of a 1.05 billion stg money market
shortage which it earlier revised up from 950 mln stg.
The central bank bought 31 mln stg of bank bills outright
in band two at 9-13/16 pct.
|
training/76
|
training/76 |@title u:2 commercial:2 paper:2 fall:2 375:2 mln:2 dlrs:2 feb:2 18:2 week:2 fed:2 say:2 |@word
|
U.S. COMMERCIAL PAPER FALLS 375 MLN DLRS IN FEB 18 WEEK, FED SAYS
U.S. COMMERCIAL PAPER FALLS 375 MLN DLRS IN FEB 18 WEEK, FED SAYS
|
training/7600
|
training/7600 |@title taiwan:1 plan:1 mission:1 close:1 trade:1 gap:1 u:1 |@word taiwan:3 lead:1 industrial:4 organisation:1 say:3 send:3 first:1 buying:3 mission:4 u:6 later:2 year:4 effort:1 reduce:1 country:1 trade:3 surplus:2 washington:1 spokesman:2 chinese:1 national:1 federation:3 industries:1 tell:2 reuters:2 part:1 broad:1 plan:1 switch:1 large:1 purchase:2 japan:2 group:1 major:1 association:1 last:2 member:2 4:1 5:1 billion:4 dlrs:2 worth:1 product:2 1:1 8:1 discuss:1 volume:1 business:1 could:2 transfer:1 america:2 draw:1 list:1 80:1 would:3 shop:1 september:1 give:1 figure:1 much:1 spend:1 board:1 foreign:1 official:1 government:1 two:1 june:1 july:1 may:1 rise:1 record:1 13:1 6:1 10:1 2:1 1985:1
|
TAIWAN PLANS MISSION TO CLOSE TRADE GAP WITH U.S.
Taiwan's leading industrial organisation
said it will send its first buying mission to the U.S. Later
this year in an effort to reduce the country's trade surplus
with Washington.
A spokesman for the Chinese National Federation of
Industries told Reuters the mission was part of a broader plan
to switch large purchases to the U.S. From Japan.
The Federation groups all of Taiwan's major industrial
associations. Last year its members purchased about 4.5 billion
U.S. Dlrs worth of industrial products from Japan and about 1.8
billion from the U.S.
The spokesman said Federation members were now discussing
the volume of business they could transfer to America.
He said they had drawn up a list of about 80 industrial
products they would be shopping for in the U.S. During the
buying mission in September, but he could give no figure on how
much would be spent.
A Board of Foreign Trade official told Reuters the
government would send two buying missions to America between
June and July this year and might send others later.
Taiwan's trade surplus with the U.S. Rose to a record 13.6
billion dlrs last year from 10.2 billion in 1985.
|
training/7602
|
training/7602 |@title 20:2 mar:2 1987:2 |@word
|
20-MAR-1987
20-MAR-1987
|
training/7603
|
training/7603 |@title newman:1 hawker:1 discuss:1 electric:1 motor:1 merger:1 |@word newman:3 industries:1 plc:2 say:2 discuss:1 possible:1 merger:1 electric:2 motor:2 operation:2 hawker:2 siddeley:1 group:1 hsid:1 l:1 brook:1 crompton:1 parkinson:1 motors:1 ltd:1 unit:1 u:1 k:1 australia:1 company:1 give:1 detail:1 statement:1 would:1 make:1 shortly:1 share:1 ease:1 one:1 penny:2 announcement:1 43p:1 unchanged:1 528p:1 three:1 high:1 last:1 night:1 close:1
|
NEWMAN, HAWKER DISCUSS ELECTRIC MOTOR MERGER
<Newman Industries Plc> said it was
discussing the possible merger of its electric motor operations
with Hawker Siddeley Group Plc's <HSID.L> <Brook Crompton
Parkinson Motors Ltd> unit.
Newman has electric motor operations in the U.K. And
Australia. The company gave no further details but said a
further statement would be made shortly.
Newman shares eased one penny on the announcement to 43p
while Hawker was unchanged at 528p, three pence higher on last
night's close.
|
training/7604
|
training/7604 |@title akzo:1 buy:1 rhone:1 poulenc:1 household:1 unit:1 |@word dutch:1 chemical:1 group:2 akzo:5 n:1 v:1 say:2 agree:1 take:1 household:2 product:3 subsidiary:1 french:3 rhone:2 poulenc:2 rhon:1 pa:1 undisclosed:1 sum:1 agreement:1 acquire:1 activity:3 lyon:1 base:2 rhodic:1 remalard:1 buhler:1 fontaine:1 unit:1 together:1 account:1 180:1 mln:1 franc:1 annual:1 sale:1 employ:1 170:1 integrate:1 firm:1 partially:1 join:1 consumer:1 division:1
|
AKZO BUYS RHONE-POULENC HOUSEHOLD UNITS
Dutch chemical group Akzo
N.V. <AKZO.AS> said it agreed to take over household product
subsidiaries of French group Rhone-Poulenc <RHON.PA> for an
undisclosed sum.
Under the agreement, Akzo will acquire the household
product activities of the Lyons-based <Rhodic> and
Remalard-based <Buhler-Fontaine> units of Rhone Poulenc.
Together, these activities account for over 180 mln French
francs in annual sales and employ 170, Akzo said.
Akzo will integrate the firms, to be partially joined with
its own French activities, in its consumer products division.
|
training/7605
|
training/7605 |@title swiss:1 banker:1 want:1 bond:1 rating:1 share:1 disclosure:1 |@word top:1 swiss:4 banker:2 call:1 obligatory:2 continuous:1 rating:3 franc:2 bond:1 say:6 believe:2 anyone:1 buy:2 five:2 pct:2 company:4 make:4 declare:2 share:7 comment:1 news:1 conference:1 vontobel:4 holding:1 ag:2 chairman:1 hans:1 bank:2 self:1 regulating:1 body:2 admission:1 board:1 take:2 action:1 governmental:1 step:1 decline:1 average:1 quality:1 borrower:2 market:3 debate:1 use:1 registered:3 prevent:1 takeover:2 major:2 issue:4 among:1 note:2 many:1 already:1 come:1 u:1 agency:1 readily:1 available:1 professional:1 specialised:1 information:1 system:1 classification:1 publish:1 place:1 easily:1 accessible:1 lay:1 people:2 quick:1 change:1 nature:1 financial:1 mean:1 also:3 continually:1 update:1 recent:2 year:1 see:1 worry:1 increasingly:1 participation:2 certificate:2 rather:1 bearer:1 however:1 type:1 drawback:1 attempt:1 jacobs:1 suchard:1 jacz:1 z:2 hero:1 conserven:1 lenzburg:1 herz:1 show:1 limit:1 1961:1 pledge:1 sell:1 someone:1 eligible:1 accord:1 statute:1 excessive:1 carry:1 voting:1 right:1 would:1 contrary:1 principle:1 great:1 democracy:1 new:1 law:1 parliament:1 example:1 purchase:1
|
SWISS BANKER WANTS BOND RATINGS, SHARE DISCLOSURE
A top Swiss banker called for an
obligatory, continuous rating for all Swiss franc bonds and
said he believed anyone buying more than five pct of a company
should be made to declare their share.
In comments at a news conference of <Vontobel Holding AG>,
chairman Hans Vontobel said he believed it was up to the banks'
own self-regulating bodies, such as the Swiss Admissions Board,
to take such action before governmental bodies stepped in.
A decline in the average quality of borrowers on the Swiss
franc market and a debate on the use of registered shares to
prevent takeovers have made both major issues among bankers.
Vontobel noted that many borrowers already came to the
market with ratings from the major U.S. Agencies, which were
readily available to professionals through specialised
information systems.
'We should make this classification obligatory and publish
it in places that are easily accessible to lay people,' he said.
The quick changing nature of the financial market meant these
ratings should also be continually updated, he said.
Vontobel also noted that recent years had seen companies,
worried about takeovers, increasingly issuing registered shares
and participation certificates rather than bearer shares.
However, both types of issue had a drawback, he said. The
recent attempt by Jacobs Suchard AG <JACZ.Z> to take over Hero
Conserven Lenzburg <HERZ.Z> had shown the limits of a 1961
pledge by the banks not to sell registered shares to someone
who was not eligible according to the company's statutes.
Excessive issue of participation certificates, which do not
carry voting rights, would also be contrary to the principle of
greater democracy in the new share law before Parliament.
'People buying, for example, more than five pct of a
company's shares should be made to declare their purchase,' he
said.
|
training/7606
|
training/7606 |@title italian:1 january:1 industrial:1 output:1 fall:1 3:1 4:1 pct:1 |@word italian:1 industrial:3 production:3 fall:3 3:2 4:3 pct:4 january:5 compare:2 month:3 last:2 year:6 national:1 statistics:1 institute:1 istat:5 say:4 rise:2 follow:1 increase:1 december:3 1986:2 5:1 index:1 base:2 1980:1 seasonally:1 adjust:1 register:1 93:1 96:1 6:1 20:1 work:1 day:1 one:1 reflect:1 poor:1 performance:1 footwear:1 clothing:1 textile:1 chemical:1 metal:1 industry:1 office:1 machinery:1 datum:1 sector:1 wood:1 furniture:1 precision:1 mechanic:1 oil:1 electricity:1 show:2 improve:1 activity:1 calculation:1 figure:1 2:1 basis:1 12:1 0:1 november:1
|
ITALIAN JANUARY INDUSTRIAL OUTPUT FALLS 3.4 PCT
Italian industrial production fell 3.4 pct
in January, compared with the same month last year, the
national statistics institute Istat said.
The rise follows a year-on-year increase in December 1986
of 4.5 pct.
Istat's industrial production index, base 1980, not
seasonally adjusted, registered 93.3, compared with 96.6 in
January 1986.
Istat said there were 20 working days in January, the same
as December, but one fewer than January last year.
Istat said the year-on-year fall reflected poorer
performances in the footwear, clothing, textiles, chemicals and
metals industries.
It said office machinery and data sectors, wood and
furniture, precision mechanics, oil and electricity showed
improved activity.
Calculations based on Istat figures showed industrial
production rose 2.4 pct in January, on a month-on-month basis,
after falling 12.0 pct in December over November.
|
training/7609
|
training/7609 |@title berliner:1 bank:1 suffer:1 loss:1 stuttgart:1 loan:1 |@word berliner:3 bank:4 ag:1 suffer:1 loss:2 10:1 100:1 mln:1 mark:1 credit:1 grant:1 stuttgart:2 branch:3 official:1 exceed:2 power:2 spokesman:2 say:2 answer:1 query:1 decline:1 exactly:1 large:1 suspend:1 three:1 manager:1 continue:1 investigation:1 case:1 state:1 prosecutor:1 also:1 participate:1 fact:1 emerge:1 routine:1 check:1 city:1 west:1 berlin:1 74:1 pct:1 rest:1 hold:1 small:1 shareholder:1
|
BERLINER BANK SUFFERS LOSSES ON STUTTGART LOANS
<Berliner Bank AG> has suffered
losses of between 10 and 100 mln marks through credits granted
by its Stuttgart branch by officials there exceeding their
powers, a bank spokesman said in answer to queries.
The spokesman declined to say exactly how large the losses
were. Berliner Bank has suspended the three managers of its
Stuttgart branch and is continuing an investigation into the
case, in which state prosecutors are also participating.
The fact that powers had been exceeded emerged in a routine
check at the branch. The City of West Berlin owns 74 pct of
Berliner Bank and the rest is held by small shareholders.
|
training/7611
|
training/7611 |@title reagan:1 say:1 u:1 need:1 lessen:1 oil:1 import:1 |@word president:2 reagan:4 say:5 united:1 states:1 must:1 lessen:1 reliance:3 import:2 oil:4 nationally:1 televise:1 news:1 conference:1 rise:2 u:2 foreign:2 problem:1 administration:3 study:2 increase:1 strategic:1 petroleum:1 reserve:1 already:1 propose:1 deregulate:1 natural:1 gas:1 eliminate:1 windfall:1 profit:1 tax:1 crude:1 production:2 however:1 complain:1 congress:1 yet:1 approve:1 measure:1 department:1 energy:1 earlier:1 week:1 release:1 report:1 warn:1 time:1 domestic:1 decline:1 suggest:1 option:1 consider:1 make:1 specific:1 recommendation:1
|
REAGAN SAYS U.S. NEEDS TO LESSEN OIL IMPORTS
President Reagan said the United
States must do more to lessen its reliance on imported oil.
President Reagan said during a nationally televised news
conference that the rising U.S. reliance on foreign oil is a
problem that the administration is studying.
'We have to study this more,' Reagan said. 'This is why we
increased the Strategic (Petroleum) Reserve, but we have to do
more,' he said.
Reagan said his administration has already proposed
deregulating natural gas and eliminating the windfall profits
tax on crude oil production.
However, he complained that Congress had not yet approved
those measures.
The Department of Energy earlier this week released a
report that warned of rising U.S. reliance on foreign oil
imports at a time when domestic production is declining. It
suggested options for the administration to consider, but made
no specific recommendations.
|
training/7614
|
training/7614 |@title bank:1 spain:1 suspend:1 assistance:1 drain:1 fund:1 |@word bank:4 spain:1 suspend:1 daily:1 money:4 market:3 assistance:4 offer:1 drain:1 fund:4 three:1 seven:1 day:2 repurchase:1 agreement:1 12:1 1:3 2:3 pct:3 source:4 say:4 measure:1 attempt:1 rein:1 supply:1 likely:3 force:1 institution:2 scramble:1 10:1 accounting:1 period:1 reserve:1 requirement:1 close:1 monday:1 raise:1 rate:1 ordinary:2 overnight:2 13:2 3:1 4:1 wednesday:1 open:2 special:2 borrowing:2 facility:2 14:1 need:1 return:1 tomorrow:1 rarely:1 invite:1 application:1 saturday:1
|
BANK OF SPAIN SUSPENDS ASSISTANCE, DRAINS FUNDS
The Bank of Spain suspended its daily
money market assistance and offered to drain funds with three-
and seven-day repurchase agreements at 12-1/2 pct, money market
sources said.
The sources said the measures were a further attempt to
rein in money supply and were likely to force some institutions
to scramble for funds before the 10-day accounting period for
reserve requirements closes on Monday.
The bank, which raised its rate for ordinary overnight
assistance to 13-3/4 from 13-1/2 pct on Wednesday, opened its
special borrowing facility for overnight funds at 14-1/2 pct.
Money market sources said institutions in need of funds
were likely to have to return to the bank tomorrow for further
assistance.
The bank rarely invites applications for ordinary
assistance on a Saturday and the sources said it was more
likely to open its special borrowing facility again.
|
training/7618
|
training/7618 |@title trico:1 tro:1 get:1 chinese:1 contract:1 |@word trico:1 industries:1 inc:1 say:2 receive:1 six:1 mln:1 dlr:1 contract:1 supply:1 hydraulic:1 lift:1 equipment:2 heavy:1 crude:1 oil:1 production:1 chinese:1 ministry:1 petroleum:1 industry:1 company:1 use:1 laiohe:1 oilfield:1 350:1 mile:1 northeast:1 peke:1 equip:1 140:1 well:1 program:1
|
TRICO <TRO> GETS CHINESE CONTRACT
Trico Industries Inc said it has
received a six mln dlr contract to supply hydraulic lift
equipment for heavy crude oil production for the Chinese
Ministry of Petroleum Industry.
The company said the equipment is for use in the Laiohe
oilfield 350 miles northeast of Peking and will equip a
140-well program.
|
training/762
|
training/762 |@title amca:2 ail:1 sell:1 dominion:1 bridge:1 asset:1 |@word international:1 ltd:2 say:3 finalize:1 agreement:1 sell:1 certain:2 asset:2 inventory:2 dominion:1 bridge:1 steel:3 service:2 center:2 operation:2 federal:1 industries:1 russelsteel:1 inc:1 unit:1 term:1 undisclose:1 sale:2 involved:1 general:1 line:1 toronto:1 edmonton:1 alberta:1 closed:1 amca:1 branch:1 company:1 part:1 previously:1 announce:1 restructure:1 program:1 allow:1 focus:1 core:1 business:1 generate:1 cash:1 cut:1 debt:1
|
AMCA <AIL> TO SELL SOME DOMINION BRIDGE ASSETS
AMCA International Ltd said it finalized
agreement to sell certain assets and inventories of its
Dominion Bridge steel service center operations to <Federal
Industries Ltd>'s Russelsteel Inc unit. Terms were undisclosed.
It said the sale involved assets and operations of the
general line of steel service centers in Toronto and Edmonton,
Alberta and steel from inventories of closed AMCA branches.
The company said the sale was part of a previously
announced restructuring program to allow it to focus on certain
core businesses and generate cash to cut debt.
|
training/7620
|
training/7620 |@title micron:1 technology:1 inc:1 dram:1 2nd:1 qtr:1 march:1 five:1 |@word shr:2 loss:7 46:1 ct:3 vs:8 51:1 net:2 10:1 9:4 mln:10 782:1 818:1 revs:2 20:2 1:2 437:1 270:1 avg:2 shrs:2 23:1 5:2 19:2 3:1 1st:1 half:1 90:1 11:1 dlrs:1 6:1 21:1 4:1 38:1 14:1 22:1 8:1 2:1
|
MICRON TECHNOLOGY INC <DRAM> 2ND QTR MARCH FIVE
Shr loss 46 cts vs loss 51 cts
Net loss 10.9 mln vs loss 9,782,818
Revs 20.1 mln vs 9,437,270
Avg shrs 23.5 mln vs 19.3 mln
1st half
Shr loss 90 cts vs loss 1.11 dlrs
Net loss 20.6 mln vs 21.4 mln
Revs 38.9 mln vs 14.5 mln
Avg shrs 22.8 mln vs 19.2 mln
|
training/7621
|
training/7621 |@title biosearch:1 medical:1 products:1 inc:1 bpmi:1 4th:1 qtr:1 |@word shr:2 loss:8 seven:1 ct:4 vs:6 23:1 net:2 381:1 000:6 1:2 071:1 sale:2 4:3 531:1 409:1 year:1 21:1 98:1 098:1 658:1 17:2 8:1 mln:2 3:1
|
BIOSEARCH MEDICAL PRODUCTS INC <BPMI> 4TH QTR
Shr loss seven cts vs loss 23 cts
Net loss 381,000 vs loss 1,071,000
Sales 4,531,000 vs 4,409,000
Year
Shr loss 21 cts vs loss 98 cts
Net loss 1,098,000 vs loss 4,658,000
Sales 17.8 mln vs 17.3 mln
|
training/7622
|
training/7622 |@title moore:1 financial:1 group:1 inc:1 mfgi:1 sets:1 payout:1 |@word qtly:1 div:1 30:2 ct:2 vs:1 prior:1 pay:1 april:2 16:1 record:1 three:1
|
MOORE FINANCIAL GROUP INC <MFGI> SETS PAYOUT
Qtly div 30 cts vs 30 cts prior
Pay April 16
Record April Three
|
training/7623
|
training/7623 |@title dutch:1 january:1 industrial:1 production:1 rise:1 4:1 8:1 pct:1 |@word industrial:3 production:3 rise:3 4:1 8:3 pct:4 seasonally:1 adjust:1 basis:1 january:4 compare:3 december:5 2:3 last:2 year:2 central:1 bureau:1 statistic:1 figure:1 show:1 fall:1 november:1 9:1 1985:2 index:2 base:1 1980:1 stand:2 109:1 downward:1 revise:1 104:1 initially:1 put:1 105:1 106:1 101:1
|
DUTCH JANUARY INDUSTRIAL PRODUCTION RISES 4.8 PCT
Industrial production rose 4.8 pct on
a seasonally-adjusted basis in January compared with December
while rising 2.8 pct from January last year, Central Bureau of
Statistics figures show.
In December, industrial production fell by 2.8 pct from
November while rising 2.9 pct compared with December 1985.
The industrial production index, base 1980, stood at 109 in
January compared with a downward revised 104 in December, which
was initially put at 105. In January last year, the index stood
at 106 and in December 1985 at 101.
|
training/7625
|
training/7625 |@title bonn:1 express:1 support:1 u:1 ec:1 veg:1 oil:1 tax:1 |@word west:2 german:1 government:2 express:1 support:1 u:5 position:1 oppose:1 propose:2 european:2 community:2 tax:3 vegetable:1 oil:1 fat:1 embassy:1 spokesman:4 say:5 speak:1 bonn:2 good:1 reason:2 think:1 germany:1 hold:1 resistance:1 several:2 top:2 official:1 tell:1 american:2 soybean:2 association:2 national:1 processors:1 delegation:2 producer:1 processor:1 pay:1 ec:2 agriculture:2 face:1 severe:1 problem:1 work:1 closely:1 within:1 framework:1 provide:1 general:1 agreement:1 tariffs:1 trade:1 continue:1 level:1 meeting:1 today:1 issue:2 statement:1 return:1 weekend:1 realise:1 would:2 stay:1 agenda:1 month:1 indication:1 side:1 prepare:1 tough:1 negotiation:1
|
BONN EXPRESSES SUPPORT FOR U.S. ON EC VEG OIL TAX
The West German government expressed
support for the U.S. Position in opposing the proposed European
Community tax on vegetable oils and fats, a U.S. Embassy
spokesman said.
The spokesman, speaking from Bonn, said, 'We have good
reason to think West Germany holds to its resistance to the
proposed tax.'
Several top government officials told the American Soybean
Association and the National Soybean Processors Association
delegations there was no reason for American producers and
processors to pay for EC agriculture, the spokesman said.
European agriculture was facing severe problems, but both
the Community and the U.S. Should work closely within the
framework provided by the General Agreement on Tariffs and
Trade, he said.
The delegations will continue their top level meetings in
Bonn today but will not issue a statement before returning to
the U.S. At the weekend.
The EC and the U.S. Realised the tax issue would stay on
the agenda for several months and there were indications that
both sides would have to prepare for some tough negotiations,
the spokesman said.
|
training/7626
|
training/7626 |@title senate:1 want:1 japan:1 semiconducter:1 pact:1 enforce:1 |@word u:2 senate:8 unanimously:1 call:1 president:1 reagan:3 immediately:1 force:2 japan:6 live:1 pledge:1 stop:1 dump:1 microchip:1 open:1 market:1 chipmaker:1 vote:1 93:1 0:1 urge:1 impose:1 penalty:1 japanese:1 high:1 technology:1 product:1 contain:1 semiconductor:2 retaliation:2 see:1 violation:2 pact:1 measure:2 bind:1 action:1 leader:2 say:1 adoption:1 would:3 warn:1 stiffer:1 legislation:1 consider:1 continue:1 want:1 send:1 message:1 let:1 know:1 feel:1 matter:1 democratic:1 robert:1 byrd:1 tell:2 finance:1 committee:1 chairman:1 lloyd:1 bentsen:1 aim:1 correct:1 unfair:1 trade:3 practice:1 key:1 house:1 lawmaker:1 representative:1 richard:1 gephardt:1 also:1 announce:1 seek:1 country:1 huge:1 surplus:2 slash:1 10:1 pct:1 year:2 three:1
|
SENATE WANTS JAPAN SEMICONDUCTER PACT ENFORCED
The U.S. Senate has unanimously
called for President Reagan immediately to force Japan to live
up to a pledge to stop dumping its microchips and open its
markets to U.S. Chipmakers.
The Senate voted 93 to 0 to urge Reagan to impose penalties
on Japanese high-technology products containing semiconductors
in retaliation for what it sees as Japan's violations of the
semiconductor pact.
While the measure does not bind Reagan to any action,
Senate leaders said its adoption would warn Japan stiffer
legislation would be considered if the violations continue.
'We want to send a message to Japan to let it know how the
Senate feels about this matter,' Senate Democratic Leader Robert
Byrd told the Senate.
Senate Finance Committee chairman Lloyd Bentsen told the
Senate the measure was not aimed at retaliation but at
correcting Japan's unfair trade practices.
A key House trade lawmaker, Representative Richard Gephardt
also announced he would seek to force Japan and other countries
with huge trade surpluses to slash their surplus by 10 pct a
year for three years.
|
training/7627
|
training/7627 |@title fleet:1 flt:1 could:1 face:1 connecticut:1 divestiture:1 |@word fleet:6 financial:1 group:1 say:2 may:1 sell:1 first:3 connecticut:6 corp:1 subsidiary:1 result:1 propose:1 1:2 3:1 billion:3 dlr:1 acquisition:2 norstar:3 bancorp:1 banking:2 law:3 new:2 england:2 base:3 bank:2 hold:1 company:2 allow:3 operate:1 merge:1 outside:2 region:1 albany:1 n:1 asset:2 two:1 dlrs:2 total:1 21:1 seek:1 amend:1 retain:1 hartford:1 expect:1 complete:1 around:1 july:1 1988:1 change:1 home:1 state:1 rhode:1 island:1 interstate:1 go:1 effect:1
|
FLEET <FLT> COULD FACE CONNECTICUT DIVESTITURE
Fleet Financial Group said it might
have to sell its First Connecticut Corp subsidiary as a result
of its proposed 1.3 billion dlr acquisition of Norstar Bancorp
<NOR>.
Under Connecticut banking law, New England based bank
holding companies such as Fleet are not allowed to operate
Connecticut banks if they merge with companies from outside the
region. Norstar is based in Albany, N.Y.
First Connecticut has assets of about two billion dlrs.
Fleet has total assets of about 21 billion dlrs.
Fleet said it will seek to have the Connecticut law amended
to allow it to retain First Connecticut, which is based in
Hartford.
Fleet's acquisition of Norstar is now expected to be
completed around July 1, 1988, when a change in laws in Fleet's
home state of Rhode Island allowing interstate banking outside
New England will go into effect.
|
training/7628
|
training/7628 |@title japan:1 attack:1 trade:1 surplus:1 |@word japan:8 economic:3 policy:3 face:1 fierce:1 international:3 attack:3 hope:3 fade:1 substantial:1 drop:2 trade:3 surplus:3 monetary:4 source:3 say:13 meeting:3 week:1 paris:3 senior:1 government:3 official:5 major:1 nation:1 consider:2 organisation:1 cooperation:1 development:1 oecd:4 staff:3 report:1 forecast:3 continue:1 large:1 japanese:5 though:1 export:2 become:1 expensive:1 yen:11 sharp:1 rise:5 dollar:6 still:1 tend:1 surge:1 growth:3 pick:1 accord:1 solution:1 urge:1 redirect:1 drive:1 economy:4 boost:2 domestic:2 demand:1 import:1 adopt:1 flexible:1 fiscal:3 recommendation:1 echo:1 call:1 make:1 recently:3 secret:1 fund:1 executive:1 board:2 criticize:2 meet:1 country:1 annual:1 consultation:1 hold:3 member:1 united:3 states:3 reluctant:1 stance:1 join:1 imf:2 also:4 cast:1 doubt:1 3:1 5:1 pct:2 year:3 begin:1 april:1 1:2 independent:1 forecaster:1 include:2 believe:1 calendar:1 1987:1 three:1 finance:2 ministry:1 particularly:1 sensitive:1 criticism:1 already:2 mount:1 pressure:1 hard:1 hit:1 climb:1 lose:1 exporter:1 sale:1 profit:1 huge:1 american:1 market:2 tokyo:1 eager:1 avoid:1 suggestion:2 may:1 need:1 cut:1 last:2 amount:1 record:1 93:1 billion:1 dlrs:1 tolerate:1 foreign:1 minister:2 tadashi:1 kuranari:1 close:1 today:1 151:1 53:1 politician:1 kiichi:1 miyazawa:2 clearly:2 weaken:2 month:3 britain:1 canada:1 france:1 west:1 germany:1 agree:1 cooperate:1 currency:2 around:1 current:2 level:2 wording:1 represent:1 compromise:1 agreement:2 stable:1 later:1 want:2 communique:1 imply:1 high:1 value:1 perhaps:2 substitute:1 word:2 recent:2 point:2 weak:1 use:1 present:1 lead:1 february:1 22:1 10:1 seek:1 discredit:1 u:2 action:1 prevent:1 87:1 mark:1 153:1 155:1 ceiling:1 take:2 account:1 structural:1 change:1 trigger:1 strong:1 sign:1 company:1 announce:1 plan:1 move:1 production:1 facility:1 offshore:1 advantage:1 cheap:1 cost:1 abroad:1
|
JAPAN UNDER ATTACK OVER TRADE SURPLUS
Japan's economic policies face fierce
international attack as hopes fade of a substantial drop in its
trade surplus, international monetary sources said.
At a meeting this week in Paris, senior government
officials from major nations are considering an Organisation
for Economic Cooperation and Development (OECD) staff report
that forecasts a continuing large Japanese trade surplus, they
said.
Though Japanese exports have become more expensive with the
yen's sharp rise against the dollar, they still tend to surge
when growth picks up, according to the OECD.
As a solution, the OECD staff has urged Japan to redirect
its export-driven economy, boosting domestic demand and imports
by adopting a more flexible fiscal policy, they said.
That recommendation echoes calls made recently at secret
meetings of the International Monetary Fund's executive board.
The monetary sources said Japan's policy was criticized
when the board met to consider the country's economy under the
annual consultations it holds with each of its members.
The United States, which until recently has been reluctant
to criticize Japan's fiscal stance, joined in the attack, he
said.
The IMF staff has also cast doubt on the Japanese
government's forecast of 3.5 pct economic growth in the fiscal
year beginning April 1. Most independent forecasters, including
the IMF, believe that growth in calendar 1987 will be below
three pct, monetary sources said.
The Finance Ministry has been particularly sensitive to
such criticism because it is already under mounting domestic
pressure to boost an economy hard-hit by the yen's rise. The
yen's climb has lost exporters sales and profits in the huge
American market.
Tokyo is also eager to avoid any suggestion that a further
yen rise might be needed to cut its trade surplus, which last
year amounted to a record 93 billion dlrs.
Japan cannot tolerate a further rise of the yen, Foreign
Minister Tadashi Kuranari said recently. The yen closed here
today at 151.53 to the dollar. Most Japanese politicians,
including Finance Minister Kiichi Miyazawa, are clearly hoping
the yen will weaken, government officials said.
At a meeting in Paris last month, Britain, Canada, France,
Japan, the United States and West Germany, agreed to cooperate
to hold currencies at around current levels.
Officials said that wording represented a compromise.
Miyazawa hopes the agreement will hold the yen stable for a few
months, before it weakens later in the year.
Japan wanted the Paris communique to imply a higher value
for the dollar, perhaps by substituting the word 'recent' for
'current,' while the United States wanted it to more clearly
point to the dollar's weaker levels now, perhaps by use of the
word 'present,' they said.
In the months leading up the February 22 agreement, the
dollar dropped some 10 yen.
The officials also sought to discredit suggestions in the
market that recent U.S. Action to prevent the dollar from
rising above 1.87 marks pointed to a 153 to 155 yen ceiling for
the U.S. Currency.
Japan has also attacked OECD forecasts, which it says do
not take account of the structural changes in the Japanese
economy that will be triggered by the strong yen.
Officials said there are already signs of that. More and
more companies have announced plans to move production
facilities offshore to take advantage of cheaper costs abroad,
they said.
|
training/7629
|
training/7629 |@title geodome:1 goedf:1 start:1 mine:1 construction:1 |@word geodome:4 resources:1 ltd:1 say:9 follow:1 receipt:1 feasibility:3 study:4 raytheon:1 co:1 rtn:1 stearns:1 catalytic:1 unit:1 proceed:1 construction:1 pre:1 production:2 strip:1 sunbeam:1 mine:7 custer:1 county:1 idaho:1 quickly:1 possible:1 company:2 find:1 prove:1 ore:4 reserve:3 3:2 302:1 000:7 short:1 ton:6 grade:4 0:2 077:1 ounce:7 gold:6 per:5 operate:2 rate:1 626:1 year:7 high:1 first:3 three:3 rapid:1 payback:1 capital:2 cost:3 call:1 average:3 41:1 life:3 50:1 99:1 silver:2 produce:1 miune:1 would:2 22:1 mln:2 dlrs:4 new:2 equipment:2 500:1 one:1 less:1 used:1 contract:1 miner:1 associate:1 mill:2 zone:1 discover:1 last:1 summer:1 include:1 calculation:1 eight:1 nine:1 hole:1 drill:1 046:1 2:1 1:2 also:1 exclude:1 400:1 low:1 material:1 could:1 profitably:1 425:1 use:1 350:1 dlr:2 price:1 operating:1 201:1 171:1 constant:1 dollar:1
|
GEODOME <GOEDF> TO START MINE CONSTRUCTION
Geodome Resources Ltd said
following receipt of a feasibility study from Raytheon Co's
<RTN> Stearns Catalytic unit, it will proceed with construction
and pre-production stripping at its Sunbeam Mine in Custer
County, Idaho, as quickly as possible.
The company said the study found proven ore reserves of
3,302,000 short tons grading 0.077 ounce of gold per ton. It
said the mine will operate at a rate of 626,000 tons of ore per
year, with higher-grade ore being mined in the first three
years for a rapid payback of capital costs.
The company said the feasibility study calls for gold
production averaging 41,000 ounces a year for the life of the
mine and 50,000 ounces a year over the first three years, with
99,000 ounces of silver per year being produced over the miune
life.
Capital costs would be 22.3 mln dlrs with all-new equipment
and 500,000 to one mln dlrs less with used equipment, it said.
It said the mine would be operated by a contract miner but the
associated mill by Geodome.
Geodome said a new ore zone discovered last summer is not
included in reserve calculations. It said eight of the nine
holes drilled there have an average grade of 0.046 ounce of
gold and 2.1 ounces of silver per ton. Also excluded are
reserves of 1,400,000 tons of low-grade material that could be
milled profitably at 425 dlrs a ton for gold. The feasibility
study used a 350 dlr gold price.
Geodome said operating costs of the mine will average 201
dlr per ounce of gold for the mine life and 171 dlrs for the
first three years, in constant dollars.
|
training/7631
|
training/7631 |@title c:2 asset:1 investor:1 mir:1 initial:1 payout:1 |@word asset:1 investors:1 inc:1 recently:1 go:1 public:1 say:1 board:1 declare:1 initial:1 quarterly:1 dividend:1 45:1 ct:1 per:1 share:1 payable:1 april:2 15:1 holder:1 record:1 one:1
|
M.D.C. ASSET INVESTORS <MIR> IN INITIAL PAYOUT
M.D.C. Asset Investors Inc, which
recently went public, said its board declared an initial
quarterly dividend of 45 cts per share, payable April 15 to
holders of record April One.
|
training/7632
|
training/7632 |@title japan:1 say:1 oecd:1 study:1 subsidy:1 still:1 ongoing:1 |@word japanese:2 agriculture:6 ministry:3 official:3 say:11 study:9 subsidy:6 organisation:1 economic:1 cooperation:1 development:1 oecd:2 still:1 way:1 complete:1 sometime:1 next:1 month:1 inaccurate:1 far:2 japan:7 would:3 comment:1 final:2 result:1 reuter:1 report:1 washington:1 yesterday:1 find:1 high:2 world:2 dairy:1 farmer:1 benefit:1 commodity:1 producer:1 officially:1 release:3 due:1 objection:2 country:2 withdraw:1 decide:1 accept:1 director:1 expect:1 approve:1 meeting:1 mid:1 may:1 one:1 source:2 base:1 year:1 1979:1 81:1 drop:1 sharply:1 since:1 partly:1 tight:1 budgetary:1 policy:2 foreign:2 currency:1 factor:1 also:1 change:1 unfair:1 unacceptable:1 take:1 account:1 various:1 difference:1 farm:3 condition:1 geography:1 highly:1 likely:1 show:1 increase:1 pressure:1 open:1 market:1 little:1 impact:1 without:1 give:1 detail:1 main:1 purpose:1 clarify:1 export:2 major:2 nation:1 like:1 united:1 states:1 european:1 community:1 importer:1
|
JAPAN SAYS OECD STUDY ON SUBSIDIES STILL ONGOING
Japanese Agriculture Ministry officials
said a study of agriculture subsidies by the Organisation for
Economic Cooperation and Development, OECD, is still under way
and will be completed sometime next month.
The officials said the study has been inaccurate so far,
and they said Japan would comment on the final results.
A Reuter report from Washington yesterday said the study
has found that Japan has the highest agriculture subsidies in
the world and that dairy farmers benefit more than any other
commodity producers from subsidies. The study has not been
officially released due to objections from some countries.
Japan has withdrawn its objection and decided to accept the
release of the study, the agriculture ministry officials said.
OECD directors are expected to approve the release at a meeting
in mid-May.
One agriculture ministry source said the study so far was
based on the years 1979-81. Japanese subsidies have dropped
sharply since then, partly because of tight budgetary policy,
and foreign currency factors have also changed, he said.
'The study is ... Unfair and unacceptable because it does
not take account of various differences in farming conditions
in each country, such as geography,' the source said.
He said it is highly likely that the final study will show
Japan has the highest farm subsidies in the world.
'This would increase foreign pressure to open Japan's farm
market further, but this would have little impact on Japan's
agriculture policy,' he said, without giving further details.
A main purpose of the study is to clarify export subsidies
by major exporting nations like the United States and the
European Community, but Japan is a major importer, he said.
|
training/7633
|
training/7633 |@title volcker:1 say:1 trade:1 deficit:1 major:1 challenge:1 |@word federal:1 reserve:1 board:1 chairman:1 paul:1 volcker:3 say:4 u:3 trade:4 deficit:3 challenge:3 equal:1 soviet:2 union:1 launching:1 sputnik:2 international:1 implicit:1 huge:1 become:1 1980:1 equivalent:1 launch:1 russians:1 1950:1 suddenly:1 fear:1 leave:1 wake:1 technological:1 achievement:1 address:1 florida:1 educator:2 problem:1 underscore:1 need:1 reform:1 educational:1 system:1 improve:1 economic:2 performance:1 commerce:1 department:1 report:1 last:1 week:1 nation:1 gap:1 calculate:1 balance:1 payment:1 basis:1 swell:1 record:2 38:1 37:1 billion:2 dlrs:2 fourth:1 quarter:1 bring:1 1986:1 147:1 71:1 call:1 stress:1 development:1 basic:1 reading:1 writing:1 mathematic:1 skill:1 urge:1 help:1 student:1 adapt:1 fast:1 change:1 climate:1 great:1 education:1 low:1 income:1 minority:1 group:1 black:1 hispanic:1
|
VOLCKER SAYS TRADE DEFICIT IS MAJOR CHALLENGE
Federal Reserve Board
Chairman Paul Volcker said the U.S. Trade deficit is a
challenge for the U.S. Equal to the Soviet Union launching of
Sputnik.
'The international challenge implicit in our huge trade
deficit has become the 1980s equivalent to the launch of
Sputnik by the Russians in the 1950s, when we suddenly feared
we were to be left in the wake of Soviet technological
achievement,' he said in an address to Florida educators.
He said the trade problem underscored the need to reform
the U.S. Educational system to improve economic performance.
The Commerce Department reported last week that the
nation's trade gap, calculated on a balance-of-payments basis,
swelled to a record 38.37 billion dlrs in the fourth quarter,
bringing the 1986 deficit to a record 147.71 billion dlrs.
Volcker called on educators to stress the development of
basic reading, writing and mathematics skills and urged them to
help students adapt to the fast-changing economic climate.
Volcker said the challenge was greatest in the education of
low-income minority groups such as blacks and Hispanics.
|
training/7634
|
training/7634 |@title correct:1 micropro:1 international:1 corp:1 mpro:1 net:1 |@word 2nd:1 qtr:1 shr:2 four:2 ct:4 vs:6 seven:1 net:2 500:2 000:5 900:1 revs:2 9:1 200:1 10:1 5:1 mln:3 1st:1 half:1 12:1 600:1 1:1 17:1 6:1 20:1 8:1 note:1 period:2 end:1 february:1 28:1 company:1 correct:1 march:1 19:1 item:1
|
(CORRECTED)-MICROPRO INTERNATIONAL CORP <MPRO> NET
2nd qtr
Shr four cts vs seven cts
Net 500,000 vs 900,000
Revs 9,200,000 vs 10.5 mln
1st half
Shr four cts vs 12 cts
Net 600,000 vs 1,500,000
Revs 17.6 mln vs 20.8 mln
NOTE: Period ended February 28.
Company corrects period in March 19 item
|
training/7635
|
training/7635 |@title c:2 b:2 cmco:1 acquire:1 rest:1 cable:1 value:1 |@word co:1 say:6 board:1 approve:1 proposal:2 acquire:1 50:3 pct:3 cable:4 value:1 network:1 hold:1 television:1 industry:1 partner:3 exchange:2 warrant:4 c:4 b:4 common:1 company:2 already:1 cvn:4 plan:1 change:1 name:1 call:1 receive:1 eight:1 mln:2 five:1 year:1 interest:1 commit:1 long:1 term:1 affiliation:1 agreement:2 carry:2 programming:1 propose:1 would:2 exercise:1 price:1 18:2 125:1 dlrs:1 share:2 7:1 869:1 353:1 originally:1 offer:1 continue:1 vest:1 pre:1 agree:1 schedule:1 1:1 outstanding:1 transaction:1 subject:2 party:1 enter:1 approval:1 shareholder:1 regulatory:1 agency:1
|
C.O.M.B. <CMCO> TO ACQUIRE REST OF CABLE VALUE
C.O.M.B. Co said its board has
approved a proposal to acquire the 50 pct of Cable Value
Network held by its cable television industry partners in
exchange for warrants for C.O.M.B. common.
The company, which already owns the other 50 pct of CVN,
said it plans to change its name to CVN.
C.O.M.B. said the proposal calls for its cable partners to
receive about eight mln five year warrants in exchange for
their 50 pct interest in CVN and commit to a long-term
affiliation agreement to carry CVN programming.
C.O.M.B. said the proposed warrants would carry an exercise
price of 18.125 dlrs a share.
It said the 7,869,353 warrants originally offered to cable
partners will continue to vest on the pre-agreed schedule. The
company now has about 18.1 mln shares outstanding.
C.O.M.B. said the transaction is subject to the parties
entering into an agreement which would be subject to approval
by its shareholders and regulatory agencies.
|
training/7636
|
training/7636 |@title home:1 savings:1 durham:1 hsld:1 set:1 stock:1 dividend:1 |@word home:1 savings:1 loan:1 association:1 inc:1 durham:1 n:1 c:1 say:1 board:1 declare:1 20:1 pct:1 stock:1 dividend:1 payable:1 april:2 28:1 holder:1 record:1 three:1
|
HOME SAVINGS DURHAM <HSLD> SETS STOCK DIVIDEND
Home Savings and Loan Association
Inc of Durham, N.C., said its board declared a 20 pct stock
dividend, payable April 28 to holders of record April Three.
|
training/7637
|
training/7637 |@title twa:2 legal:2 stipulation:2 pursue:2 acquisition:2 usair:2 |@word
|
TWA IN LEGAL STIPULATION NOT TO PURSUE THE ACQUISITION OF USAIR
TWA IN LEGAL STIPULATION NOT TO PURSUE THE ACQUISITION OF USAIR
|
training/7638
|
training/7638 |@title |@word top:2 discount:2 rate:2 u:2 k:2 bill:2 tender:2 fall:2 9:2 1250:2 pct:2
|
Top discount rate at U.K. Bill tender falls to 9.1250 pct
Top discount rate at U.K. Bill tender falls to 9.1250 pct
|
training/7639
|
training/7639 |@title canada:1 northwest:1 sell:1 preferred:1 share:1 |@word canada:1 northwest:1 energy:1 ltd:1 say:1 reach:1 agreement:1 principle:1 sell:1 one:2 mln:2 preferred:2 share:7 way:1 private:1 placement:1 raise:1 32:2 5:2 dlrs:3 oil:1 gas:1 exploration:1 4:1 pct:1 cumulative:1 redeemable:2 convertible:2 series:1 flow:1 entitle:1 holder:1 tax:1 deduction:1 claim:1 company:2 anytime:1 issue:1 common:1 equivalent:1 conversion:1 price:1 50:1 year:1 time:1 25:1 plus:1 accrue:1 dividend:1
|
CANADA NORTHWEST TO SELL PREFERRED SHARES
<Canada Northwest Energy Ltd>
said it reached agreement in principle to sell one mln
preferred shares by way of private placement to raise 32.5 mln
dlrs for oil and gas exploration.
The 5.4 pct cumulative redeemable convertible series D
preferred shares will be flow-through shares entitling holders
to tax deductions not claimed by the company.
The shares will be convertible anytime after issue into
common shares at an equivalent conversion price of 32.50 dlrs a
share. After one year, they will be redeemable at any time by
the company at 25 dlrs a share plus accrued dividends.
|
training/764
|
training/764 |@title scott:1 hospitality:1 acquire:1 capital:1 food:1 |@word scott:2 hospitality:1 inc:1 say:2 acquire:1 capital:3 food:3 services:1 ltd:1 ottawa:1 large:1 catering:1 service:1 company:1 undisclosed:1 term:1 would:1 operate:1 separate:1 unit:1 current:1 name:1 management:1
|
SCOTT'S HOSPITALITY ACQUIRES CAPITAL FOOD
<Scott's Hospitality Inc> said it
acquired Capital Food Services Ltd, Ottawa's largest catering
and food service company, for undisclosed terms.
Scott's said it would operate Capital Food as a separate
unit under Capital's current name and management.
|
training/7640
|
training/7640 |@title india:1 australia:1 agree:1 improve:1 two:1 way:1 trade:1 |@word indian:2 australian:2 businessman:1 sign:1 memorandum:1 understanding:1 boost:1 two:1 way:1 trade:2 joint:1 industrial:1 venture:1 country:1 spokesman:1 indo:1 australia:4 business:1 council:2 tell:1 reporter:1 say:1 hope:1 india:3 export:1 would:1 improve:1 next:1 month:1 reduce:1 balance:1 heavily:1 favour:1 1986:1 sell:1 428:1 mln:2 dlrs:1 worth:2 good:1 include:2 steel:1 coke:1 coal:1 buy:1 170:1 5:1 item:1 cotton:1 textile:1
|
INDIA, AUSTRALIA AGREE TO IMPROVE TWO-WAY TRADE
Indian and Australian businessmen
signed a memorandum of understanding to boost two-way trade and
joint industrial ventures in both countries, spokesmen of the
Indo-Australia Business Council told reporters.
The Indian Council said it hoped India's exports to
Australia would improve in the next few months and reduce the
trade balance which is heavily in Australia's favour.
In 1986 Australia sold 428 mln Australian dlrs' worth of
goods, including steel and coking coal, to India and bought
170.5 mln worth of items, including cotton textiles, from India.
|
training/7641
|
training/7641 |@title ohio:2 edison:2 sell:2 30:2 pct:2 nuclear:2 interest:2 509:2 mln:2 dlrs:2 |@word
|
OHIO EDISON SELLS 30 PCT OF NUCLEAR INTEREST FOR 509 MLN DLRS
OHIO EDISON SELLS 30 PCT OF NUCLEAR INTEREST FOR 509 MLN DLRS
|
training/7642
|
training/7642 |@title high:1 wind:1 keep:1 vessel:1 trap:1 baltic:1 ice:1 |@word strong:1 south:1 easterly:1 wind:2 keep:2 many:2 vessel:2 trap:1 ice:3 finnish:2 swedish:2 coast:1 one:2 bad:2 icy:3 period:1 baltic:3 year:2 board:1 navigation:1 say:7 finland:2 sweden:3 50:1 report:1 stick:1 even:1 large:1 assist:1 icebreaker:1 difficulty:1 break:1 stranded:1 ship:2 coastguard:2 official:4 however:1 condition:2 southern:1 soviet:1 oil:1 port:1 ventspil:1 klaipeda:1 ease:2 weather:2 neighbour:1 30:1 fight:1 lose:1 battle:1 move:1 coastal:1 stretch:1 gulf:1 bothnia:1 divide:1 metre:2 thick:1 drift:1 current:1 pack:1 almost:1 impenetrable:1 wall:1 three:1 high:1 forecast:1 may:1 weekend:1 drop:1 temperature:1 could:1 bring:1 shipping:1 standstill:1
|
HIGH WINDS KEEP VESSELS TRAPPED IN BALTIC ICE
Strong south-easterly winds were
keeping many vessels trapped in the ice off the Finnish and
Swedish coasts in one of the worst icy periods in the Baltic
for many years, the Finnish Board of Navigation said.
In Finland and Sweden up to 50 vessels were reported to be
stuck in the ice, and even the largest of the assisting
icebreakers were having difficulties in breaking through to the
stranded ships, coastguard officials said.
However, icy conditions in the southern Baltic at the
Soviet oil ports of Ventspils and Klaipeda had eased, they said.
Weather officials in neighbouring Sweden said the icy
conditions in the Baltic were the worst for 30 years, with
ships fighting a losing battle to keep moving.
In the coastal stretches of the Gulf of Bothnia, which
divides Finland and Sweden, the ice is up to one metre thick,
with drifts and currents packing it into almost impenetrable
walls three metres high, Swedish coastguard officials said.
Weather forecasts say winds may ease during the weekend but
a further drop in temperature could bring shipping to a
standstill, the officials said.
|
training/7643
|
training/7643 |@title ec:1 comecon:1 end:1 talk:1 progress:1 |@word european:2 community:4 ec:12 soviet:3 lead:1 comecon:10 end:1 talk:5 make:3 progress:3 set:3 formal:1 trade:3 relation:4 breakthrough:1 refusal:1 recognise:2 west:6 berlin:5 part:5 delegate:1 say:6 negotiator:2 try:1 reach:1 agreement:3 draft:3 joint:3 declaration:3 official:2 30:1 year:3 mutual:1 non:2 recognition:2 john:1 maslen:1 head:2 delegation:2 tell:2 reuters:2 emerge:1 final:1 session:2 call:1 another:2 meeting:2 ask:2 name:1 team:1 refuse:1 accept:2 clause:4 would:5 12:1 nation:1 1957:1 treaty:1 rome:1 contract:1 sign:1 must:1 contain:2 territorial:2 stipulate:2 integral:1 take:1 three:1 day:1 want:1 statement:1 issue:1 towards:1 clarify:1 position:1 necessary:1 complete:1 work:1 decision:1 principle:1 require:1 approval:1 council:1 ministers:1 executive:1 committee:1 zdzislaw:1 kuroski:1 deputy:1 director:1 east:2 bloc:1 ahead:1 today:1 narrow:1 difference:1 range:1 question:3 whether:1 insistence:1 reply:1 side:1 present:1 german:1 diplomat:1 insist:1 include:1 follow:1 early:1 round:1 two:1 trading:1 blocs:1 last:2 september:1 first:1 ever:1 direct:1 union:1 establish:1 diplomatic:1 january:1 individual:1 member:1 state:2 despite:1 five:1 billion:1 dlr:1 deficit:2 half:1 previous:1 due:1 drop:1 price:1 oil:1 import:1
|
EC AND COMECON ENDS TALKS WITH PROGRESS
The European Community (EC) and
Soviet-led Comecon ended talks here, having made progress on
setting up formal trade relations, but no breakthrough because
of Comecon's refusal to recognise West Berlin as part of the
EC, delegates said.
Negotiators were trying to reach agreement on the draft of
a joint declaration setting up official relations after 30
years of mutual non-recognition. John Maslen, head of the EC
delegation, told Reuters as he emerged from the final session:
'We made some progress, but we have called for another meeting.'
Officials, who asked not to be named, said the Comecon team
had refused to accept a clause in the draft declaration which
would recognise West Berlin as part of the 12-nation EC.
Under the 1957 Treaty of Rome all contracts and agreements
signed by the Community must contain this territorial clause
stipulating West Berlin is an integral part of the EC. An EC
negotiator taking part in the three-day talks said: 'We wanted
the territorial clause in, but Comecon said no.'
A joint statement issued after the talks said progress was
made towards clarifying positions, but another meeting would be
necessary to complete the work.
Any decision in principle to set up relations would require
approval by the Community's Council of Ministers and by the
executive committee of Comecon.
Zdzislaw Kuroski, deputy director of Comecon, who heads the
East bloc delegation, told Reuters ahead of today's session: 'We
have narrowed our differences on a range of questions, but not
on all questions.'
Asked whether Comecon would accept EC insistence that any
joint declaration stipulate West Berlin as part of the
Community, he replied: 'This question is not contained in the
draft which our side presented.'
West German diplomats said they would insist on including
the clause on West Berlin in any EC-Comecon agreement.
The talks followed an earlier round between the two trading
blocs here last September and the first-ever direct talks
between the EC and the Soviet Union on establishing diplomatic
relations in January.
The EC trades with individual Comecon member states despite
non-recognition of Comecon. Last year, the EC had a five
billion dlr trade deficit with East European states, about half
the deficit of the previous year, due to a drop in the price of
Soviet oil imported by the EC.
|
training/7644
|
training/7644 |@title ohio:1 edison:1 oec:1 sell:1 30:1 pct:1 nuclear:1 interest:1 |@word ohio:4 edison:3 co:1 say:6 complete:1 sale:2 leaseback:2 30:2 pct:2 interest:4 unit:1 one:1 perry:3 nuclear:1 power:1 plant:2 receive:1 509:1 mln:2 dlrs:2 utility:3 share:1 1:1 205:1 megawatt:1 generating:1 sell:1 group:1 institutional:1 investor:2 lease:3 back:1 company:2 period:1 29:1 year:2 negotiate:1 payment:3 rate:2 proceed:1 use:1 finance:1 rest:1 1987:1 construction:1 program:1 repay:1 bank:1 loan:1 incur:1 retirement:1 high:1 long:1 term:1 debt:1 detail:1 reduce:2 amount:2 revenue:2 need:2 cover:1 investment:1 translate:1 saving:1 customer:1 project:1 financing:1 could:3 annual:1 20:1 plan:1 file:1 application:1 public:1 utilities:1 commission:1 recover:1 cost:1 later:1 attractive:1 take:1 quick:1 advantage:1 tax:1 benefit:1
|
OHIO EDISON <OEC> SELLS 30 PCT OF NUCLEAR INTEREST
Ohio Edison Co said it has
completed the sale and leaseback of 30 pct of its 30 pct
interest in Unit One of the Perry Nuclear Power Plant,
receiving 509 mln dlrs for the interest.
The utility said the share of its interest in the 1,205
megawatt generating plant was sold to a group of institutional
investors which leased it back to the company for a period of
about 29 years at a negotiated lease payment rate.
Ohio Edison said the proceeds will be used to finance the
rest of its 1987 construction program and repay bank loans
incurred for the retirement of high-interest long-term debt.
Ohio Edison did not detail the lease payments, but it said
the 'payments will reduce the amount of revenue the company
will need to cover our investment in Perry, which translates
into savings for our customers.'
The utility said it projects the financing could reduce the
amount of annual revenue needed by about 20 mln dlrs. It plans
on filing a rate application with the Public Utilities
Commission of Ohio to recover the Perry costs later this year.
It said the sale and leaseback was attractive to the
investors because they could take quicker advantage of tax
benefits than the utility could.
|
training/7645
|
training/7645 |@title geodome:1 sets:1 idaho:1 gold:1 silver:1 mine:1 construction:1 |@word geodome:4 resources:1 ltd:1 say:9 follow:1 receipt:1 feasibility:3 study:4 raytheon:1 co:1 stearns:1 catalytic:1 unit:1 proceed:1 construction:1 pre:1 production:2 strip:1 sunbeam:1 mine:8 custer:1 county:1 idaho:1 quickly:1 possible:1 company:1 find:1 prove:1 ore:4 reserve:3 3:2 302:1 000:7 short:1 ton:6 grade:4 0:2 077:1 ounce:7 gold:6 per:5 operate:2 rate:1 626:1 year:7 high:1 first:3 three:3 rapid:1 payback:1 capital:2 cost:3 call:1 average:3 41:1 life:3 50:1 99:1 silver:2 produce:1 would:2 22:1 mln:2 dlrs:4 new:2 equipment:2 500:1 one:1 less:1 use:2 firm:1 contract:1 miner:1 associate:1 mill:2 zone:1 discover:1 last:1 summer:1 include:1 calculation:1 eight:1 nine:1 hole:1 drill:1 046:1 2:1 1:2 also:1 exclude:1 400:1 low:1 material:1 could:1 profitably:1 425:1 350:1 dlr:2 price:1 operating:1 201:1 171:1 constant:1 dollar:1
|
GEODOME SETS IDAHO GOLD/SILVER MINE CONSTRUCTION
Geodome Resources Ltd said
following receipt of a feasibility study from Raytheon Co's
Stearns Catalytic unit it will proceed with construction and
pre-production stripping at its Sunbeam Mine in Custer County,
Idaho, as quickly as possible.
The company said the study found proven ore reserves of
3,302,000 short tons grading 0.077 ounce of gold per ton. It
said the mine will operate at a rate of 626,000 tons of ore per
year, with higher-grade ore being mined in the first three
years for a rapid payback of capital costs.
It said the feasibility study calls for gold production
averaging 41,000 ounces a year for the life of the mine and
50,000 ounces a year over the first three years, with 99,000
ounces of silver per year being produced over the mine life.
Capital costs would be 22.3 mln dlrs with all-new equipment
and 500,000 to one mln dlrs less with used equipment, the firm
said. It said the mine would be operated by a contract miner
but the associated mill by Geodome.
Geodome said a new ore zone discovered last summer is not
included in reserve calculations. It said eight of the nine
holes drilled there have an average grade of 0.046 ounce of
gold and 2.1 ounces of silver per ton.
Also excluded are reserves of 1,400,000 tons of low-grade
material that could be milled profitably at 425 dlrs a ton for
gold. The feasibility study used a 350 dlr gold price.
Geodome said operating costs of the mine will average 201
dlr per ounce of gold for the mine life and 171 dlrs for the
first three years, in constant dollars.
|
training/7647
|
training/7647 |@title stanley:1 interior:1 sthf:1 say:1 result:1 reduce:1 |@word stanley:2 interiors:1 corp:1 say:3 first:5 quarter:6 shipment:2 operating:2 income:4 low:1 expect:1 due:1 snowstorm:1 january:1 february:1 force:1 closing:1 manufacturing:1 facility:1 six:1 day:1 however:1 reduction:1 offset:1 reduce:1 interest:1 expense:1 net:2 flat:1 1986:1 14:1 ct:1 share:1 286:1 000:1 dlrs:1 stanely:1 also:1 sale:1 loss:1 would:1 make:1 second:1
|
STANLEY INTERIORS <STHF> SAYS RESULTS REDUCED
Stanley Interiors Corp said
its first quarter shipments and operating income were lower
than expected due to snowstorms in January and February that
forced the closing of some of its manufacturing facilities for
up to six days.
Stanley said, however, that any reduction in first quarter
operating income will be offset by reduced interest expense and
that first quarter net income will be about flat with first
quarter 1986 net income of 14 cts a share, or 286,000 dlrs.
Stanely also said the first quarter's sales losses would be
made up by shipments in the second quarter.
|
training/7650
|
training/7650 |@title twa:2 court:1 settlement:1 usair:1 u:1 |@word trans:1 world:1 airlines:1 inc:3 say:5 reach:1 agreement:6 yesterday:1 federal:1 court:3 usair:11 group:1 prevent:2 twa:9 buy:2 additional:2 share:4 hold:1 15:1 pct:1 stock:2 april:2 23:2 date:1 without:1 give:1 14:1 day:1 notice:1 also:3 agree:2 would:1 knowingly:1 willingly:1 interfere:1 consummation:1 merger:2 piedmont:2 aviation:1 pie:1 confirm:1 previous:2 announcement:1 company:2 filing:1 securities:1 exchange:1 commission:1 presently:1 intend:1 seek:1 control:2 acquire:1 common:1 result:1 remove:1 temporary:1 restraining:1 order:1 litigation:1 pittsburgh:1 delaware:1 stay:1 comment:1 regulatory:1 agency:1 separate:1 statement:1 include:1 provision:1 currently:1 chairman:1 carl:1 icahn:2 vote:2 voting:1 trust:1 proportion:1
|
TWA <TWA> IN COURT SETTLEMENT WITH USAIR <U>
Trans World Airlines Inc said it
reached an agreement yesterday in federal court with USAir
Group Inc that prevents TWA from buying additional shares of
USAir.
Under the agreement, TWA, which holds about 15 pct of USAir
stock, will not buy more USAir shares before April 23 and will
not do so after that date without giving 14 days notice to
USAir.
TWA also agreed that it would not knowingly and willingly
interfere with the consummation of the merger between USAir and
Piedmont Aviation Inc <PIE>.
TWA said the court agreement confirms previous
announcements by the company, in filings with the Securities
and Exchange Commission, that it does not presently intend to
seek control of USAir or to acquire additional common stock.
As a result of the agreement, the court removed a previous
temporary restraining order against TWA, the company said.
TWA and USAir have also agreed that all litigation between
them in Pittsburgh and Delaware will be stayed until April 23.
TWA said the agreement does not prevent it from commenting to
regulatory agencies on the USAir, Piedmont merger.
In a separate statement, USAir said the agreement also
included a provision that all USAir shares currently owned by
TWA and its chairman, Carl Icahn, will be voted through a
voting trust in proportion to the votes of other shares not
controlled by TWA or Icahn.
|
training/7652
|
training/7652 |@title u:1 k:1 money:1 market:1 get:1 186:1 mln:1 stg:1 afternoon:1 help:1 |@word bank:4 england:1 say:1 give:1 money:1 market:1 186:1 mln:4 stg:5 assistance:1 afternoon:1 session:1 bring:1 total:1 help:1 far:1 today:1 945:1 compare:1 revise:1 forecast:1 one:2 billion:1 deficit:1 central:1 buy:1 bill:1 outright:1 comprise:1 51:1 band:2 9:2 7:1 8:1 pct:2 135:1 two:1 13:1 16:1
|
U.K. MONEY MARKET GETS 186 MLN STG AFTERNOON HELP
The Bank of England said it had given
the money market a further 186 mln stg assistance in the
afternoon session. This brings the Bank's total help so far
today to 945 mln stg and compares with its revised forecast of
a one billion stg deficit.
The central bank bought bank bills outright comprising 51
mln stg in band one at 9-7/8 pct and 135 mln stg in band two at
9-13/16 pct.
|
training/7657
|
training/7657 |@title cri:1 insure:1 mortgage:1 investment:1 lp:1 crm:1 payout:1 |@word mthly:1 div:1 16:2 1:2 2:2 ct:2 vs:1 prior:1 pay:1 may:1 15:1 record:1 march:1 31:1
|
CRI INSURED MORTGAGE INVESTMENTS LP <CRM> PAYOUT
Mthly div 16-1/2 cts vs 16-1/2 cts prior
Pay May 15
Record March 31
|
training/7659
|
training/7659 |@title american:1 motors:1 amo:1 board:1 meet:1 takeover:1 |@word american:4 motors:3 corp:2 board:3 director:1 meet:1 morning:1 new:1 york:1 consider:1 chrysler:5 c:1 1:1 5:1 billion:1 dlr:1 takeover:1 offer:4 spokesman:5 say:4 reiterate:1 statement:2 make:2 earlier:2 week:2 regularly:1 schedule:1 meeting:5 hold:1 would:2 comment:1 recur:1 speculation:1 may:1 receive:2 high:2 analyst:1 fact:1 motor:1 stock:1 remain:1 four:1 dlrs:1 share:1 could:1 lead:1 large:1 company:1 raise:1 bid:2 see:1 indication:1 although:1 add:1 know:1 conversation:1 repeat:1 automaker:1 today:1 probably:1 result:1 final:1 decision:1 first:1 apprise:1 proposal:1 11th:1 march:1 suspect:1 several:1 expect:1 go:1 early:1 afternoon:1
|
AMERICAN MOTORS <AMO> BOARD MEETING ON TAKEOVER
American Motors Corp's board of
directors is meeting this morning in New York to consider
Chrysler Corp's <C> 1.5 billion dlr takeover offer, an American
Motors spokesman said.
The spokesman reiterated statements made earlier in the
week that the regularly scheduled meeting was being held.
The spokesman would not comment on recurring speculation
that the board might receive a higher offer from Chrysler.
Analysts have said the fact that American Motors' stock has
remained above the four dlrs a share Chrysler offer could lead
the larger company to raise its bid.
The American Motors spokesman said he had not seen any
indication that a higher offer would be received from Chrysler,
although he added, 'I don't know what the conversation is in
the meeting.'
He repeated statements made earlier in the week by the
automaker that today's meeting will probably not result in a
final decision on the Chrysler bid.
'The board first apprised the proposal on the 11th (of
March). I suspect there will be several more (meetings) after
this,' the spokesman said.
The meeting is expected to go through early afternoon.
|
training/7662
|
training/7662 |@title keating:1 see:1 low:1 australian:1 current:1 deficit:1 |@word australian:2 treasurer:1 paul:1 keating:6 say:7 expect:1 country:1 1986:1 87:1 current:4 account:4 deficit:4 one:1 billion:7 dlrs:1 low:2 14:3 7:1 forecast:2 august:1 budget:2 tell:1 financier:1 dinner:1 february:1 750:1 mln:1 dlr:3 january:1 1:1 23:1 groove:1 government:3 expectation:1 probably:2 bring:1 year:2 think:1 dollar:2 less:1 sure:1 see:1 next:1 fall:1 proportion:1 gdp:1 australia:2 post:1 13:1 82:1 1985:1 86:1 late:1 monthly:1 figure:1 show:1 encourage:1 trend:1 would:3 maintain:1 responsible:1 economic:2 management:1 regardless:1 whether:1 draw:1 election:1 take:1 time:1 stabilise:1 80:1 foreign:1 debt:1 build:1 import:1 compete:1 sector:1 back:1 try:2 rebuild:2 capital:1 structure:1 culture:1 productivity:1 manufacturing:1 foundation:1 transition:1 economy:1 lay:1 floating:1 continue:1 wage:1 restraint:1 deregulation:1 follow:1 spending:1 cut:1 statement:1 may:1
|
KEATING SEES LOWER AUSTRALIAN CURRENT DEFICIT
Australian Treasurer Paul Keating said
he expects the country's 1986/87 current account deficit to be
one billion dlrs lower than the 14.7 billion forecast in the
August budget. Keating told a financiers' dinner that
February's 750 mln dlr deficit, against January's 1.23 billion,
was 'in the groove' of the government's expectations.
'We will probably bring the current account this year under
14 billion, I think, which will probably be about a billion
dollars less than we forecast in the budget,' Keating said. 'I am
sure we will see a lower current account deficit for next year
... And a fall as proportion of GDP.'
Australia posted a 13.82 billion dlr current account
deficit in 1985/86 and Keating said the latest monthly figures
showed an encouraging trend.
Keating said the government would maintain responsible
economic management regardless of whether it was drawn into an
election, because it would take time to stabilise Australia's
80 billion dlr foreign debt.
'We have to build the import competing sector back,' he said.
'We are now trying to rebuild our capital structure. We are
trying to rebuild the culture of productivity and
manufacturing.'
Keating said the foundation for a transition of the economy
had been laid with the floating of the Australian dollar and
continued with wage restraint and deregulation.
The Government would follow with spending cuts in its
economic statement on May 14, he said.
|
training/7669
|
training/7669 |@title treasury:1 baker:1 support:1 feed:1 monetary:1 policy:1 |@word treasury:1 secretary:1 james:1 baker:7 say:6 newspaper:3 interview:5 support:2 current:3 course:2 federal:1 reserve:1 board:1 monetary:1 policy:2 fed:1 quite:1 adequate:1 far:1 concern:1 new:1 york:1 times:1 decline:1 comment:1 recent:1 paris:2 accord:1 among:1 six:1 lead:1 industrialize:1 democracy:1 ask:1 u:2 agree:2 stabilize:1 dollar:3 level:3 trade:1 deficit:1 hit:1 record:1 last:1 year:1 subject:1 prefer:1 talk:1 explain:2 help:1 maintain:1 would:1 necessity:1 end:1 get:1 private:1 agreement:2 optimistic:1 brazil:1 stop:1 interest:1 payment:1 much:1 outstanding:1 debt:4 foreign:1 commercial:2 bank:2 pay:2 time:2 service:1 principal:1 official:1 reschedule:1 club:1 brazilian:1 repreentative:1 intente:1 full:1 need:1
|
TREASURY'S BAKER SUPPORTS FED MONETARY POLICY
Treasury Secretary James Baker said
in a newspaper interview that he supports the current course of
Federal Reserve Board monetary policy.
'The course of Fed policy is quite adequate as far as we are
concerned,' Baker said in an interview with the New York Times.
In the interview, Baker declined to comment about the
recent Paris accord among the six leading industrialized
democracies when he was asked why the U.S. agreed to stabilize
the dollar at current levels when the trade deficit hit a
record level last year.
Baker said in the newspaper interview that it was 'a subject
I prefer not to talk about.'
He said that if he explained why the U.S. agreed to help
maintain the dollar at current levels 'I would of necessity end
up getting into some of the private agreements that support
such and agreement' on the dollar.
Baker was optimistic about Brazil, which has stopped
interest payments on much of its outstanding debt with foreign
commercial banks.
'They are, after all, paying on time all the debt service
and principal on their official debts, having just rescheduled
with the Paris Club,' Baker said in the newspaper interview.
Baker said that Brazilian repreentatives had explained they
intented to pay their commercial bank debts in full but needed
time.
|
training/767
|
training/767 |@title union:1 national:1 unbc:1 sign:1 definitive:1 pact:1 |@word union:2 national:5 corp:1 say:1 sign:1 definitive:1 agreement:2 first:1 bank:2 trust:1 co:1 washington:1 unit:1 merge:1 second:2 masontown:1 previously:1 announce:1 merger:1 share:2 common:2 stock:1 convert:1 25:1
|
UNION NATIONAL <UNBC> SIGNS DEFINITIVE PACT
Union National Corp said it
signed a definitive agreement under which its First National
Bank and Trust Co of Washington unit will merge with <Second
National Bank of Masontown>.
Under a previously announced merger agreement, each share
of Second National's common stock will be converted into 25
shares of Union National common.
|
training/7670
|
training/7670 |@title universal:1 resource:1 uvr:1 vote:1 merger:1 |@word universal:2 resources:1 corp:2 say:2 hold:1 special:1 shareholder:1 meet:1 morning:2 vote:2 previously:1 propose:1 merger:1 questar:1 str:1 whose:1 stock:2 delay:1 american:1 exchange:1 release:1 statement:1 later:1 day:1
|
UNIVERSAL RESOURCES <UVR> TO VOTE ON MERGER
Universal Resources Corp said it
is holding a special shareholders meeting this morning to vote
on the previously-proposed merger between it and Questar Corp
<STR>.
Universal, whose stock was delayed this morning on the
American Stock Exchange, said it will release a statement later
in the day on the vote.
|
training/7671
|
training/7671 |@title sonex:1 research:1 sonx:1 custom:1 auto:1 use:1 gas:1 |@word sonex:3 research:1 inc:1 say:5 modify:1 1986:1 british:1 ford:1 escort:1 pass:1 european:3 emission:2 test:1 report:1 engine:3 consume:1 35:1 pct:1 fuel:4 stock:1 equip:1 catalytic:1 converter:1 use:1 exhaust:1 gas:1 recirculation:1 air:1 pump:1 company:3 expect:1 realize:1 reduce:1 economy:1 work:1 improve:1 consumption:1 install:1 new:1 system:1 retest:1 automobile:1 separate:1 announcement:1 receive:1 confirmation:1 patent:2 office:1 successfully:1 defend:1 beta:1 competitor:1
|
SONEX RESEARCH <SONX> CUSTOM AUTO USES MORE GAS
Sonex Research Inc said its
modified 1986 British Ford Escort passed the European emissions
test, but reported the engine consumed 35 pct more fuel than
the stock engine.
Sonex said its engine is not equipped with a catalytic
converter and does not use exhaust gas recirculation or an
emission air pump. It said the company expected to realize a
reduced fuel economy, but is working on improving fuel
consumption.
The company said after it installs the new fuel system, it
will retest the automobile.
In a separate announcement, the company said it received
confirmation from the European Patent Office that Sonex
successfully defended its BETA European Patent from a
competitor.
|
training/7672
|
training/7672 |@title louisiana:1 pacific:1 lpx:1 buy:1 oregon:1 sawmill:1 |@word louisiana:2 pacific:2 corp:1 agree:1 pay:1 3:1 475:1 000:1 dlrs:1 bankrupt:1 harris:1 pine:1 sawmill:2 pendleton:1 ore:1 mill:3 bankruptcy:3 trustee:3 say:3 refuse:1 indicate:1 whether:1 would:1 repoen:1 lumber:2 close:1 seventh:1 day:1 adventist:1 church:1 file:1 petition:1 portland:1 federal:1 court:1 december:1 company:1 outbid:1 wtd:1 industries:1 inc:1 harvest:2 log:1 contract:1 timber:1 national:1 forest:1 outbidhell:1
|
LOUISIANA PACIFIC <LPX> BUYS OREGON SAWMILL
Louisiana Pacific Corp has
agreed to pay 3,475,000 dlrs for the bankrupt Harris Pine
Sawmill in Pendleton, Ore., the mill's bankruptcy trustee said.
Louisiana Pacific refused to indicate whether it would
repoen the lumber mill which was closed after the sawmill owned
by the Seventh Day Adventist Church filed a bankruptcy petition
in Portland federal court in December.
The trustee said the company outbid WTD Industries Inc for
the lumber mill, harvested logs and contracts to harvest timber
in the national forest. It outbidhell bankruptcy trustee said.
|
training/7673
|
training/7673 |@title international:1 pagurian:1 five:1 month:1 profit:1 |@word international:1 pagurian:1 corp:1 ltd:1 say:2 net:2 profit:1 3:2 mln:5 dlrs:3 three:1 ct:1 share:3 period:2 august:3 15:3 december:2 31:2 1986:3 base:1 55:1 2:1 outstanding:1 revenue:1 full:1 year:3 end:2 5:3 asset:1 317:1 company:2 disclose:1 earning:1 prior:2 result:2 spokesman:1 comparable:1 due:1 issue:1 30:1 common:1
|
INTERNATIONAL PAGURIAN HAS FIVE MONTH PROFIT
<International Pagurian Corp Ltd> said
it had net profit of 3.3 mln dlrs or three cts a share for the
period August 15 to December 31, 1986, based on 55.2 mln shares
outstanding.
Revenues for the full year ended December 31, 1986 were 5.5
mln dlrs and net assets at year end were 317.5 mln dlrs.
The company did not disclose earnings for the 1986 period
before August 15 or prior year results. A company spokesman
said prior results were not comparable due to its August 15
issue of 30 mln common shares.
|
training/7674
|
training/7674 |@title african:1 3:1 money:1 growth:1 slow:1 january:1 |@word south:1 african:1 year:4 broadly:1 define:1 3:3 money:1 supply:1 growth:1 slow:1 8:1 62:1 pct:9 january:3 9:1 32:1 december:3 reserve:1 bank:1 figure:2 show:3 fall:1 77:1 98:1 billion:6 rand:4 79:3 31:1 preliminary:1 february:1 42:1 rise:2 10:1 63:1 2:1 5:2 09:1 55:1 68:1 4:1 30:2 1:1 16:1 72:1 12:2 80:1 1a:1 22:1 14:1 20:1 54:1
|
S. AFRICAN M-3 MONEY GROWTH SLOWS IN JANUARY
South African year-on-year broadly
defined M-3 money supply growth slowed to 8.62 pct in January
from 9.32 pct in December, Reserve Bank figures show.
M-3 fell to 77.98 billion rand in January from 79.31
billion in December, while preliminary February figures show
M-3 at 79.42 billion rand for a year-on-year rise of 10.63 pct.
M-2 showed a rise of 5.09 pct for January at 55.68 billion
rand after 4.30 pct in December, M-1 16.72 pct at 5.12 billion
after 12.80 pct and M-1A 22.79 pct at 14.30 billion rand after
20.54 pct.
|
training/7676
|
training/7676 |@title compuscan:1 inc:1 cscn:1 3rd:1 qtr:1 feb:1 28:1 net:1 |@word shr:2 loss:7 eight:1 ct:4 vs:6 20:1 net:2 469:1 000:7 1:3 104:1 revs:2 3:2 093:1 056:1 nine:1 mth:1 19:1 29:1 098:1 646:1 9:1 562:1 12:1 2:1 mln:1
|
COMPUSCAN INC <CSCN> 3RD QTR FEB 28 NET
Shr loss eight cts vs loss 20 cts
Net loss 469,000 vs loss 1,104,000
Revs 3,093,000 vs 3,056,000
Nine mths
Shr loss 19 cts vs loss 29 cts
Net loss 1,098,000 vs 1,646,000
Revs 9,562,000 vs 12.2 mln
|
training/7678
|
training/7678 |@title first:1 federal:1 ffbn:1 merge:1 bankeast:1 benh:1 |@word first:6 federal:6 bank:1 fsb:1 say:3 enter:1 letter:1 intent:1 merge:1 bankeast:3 corp:1 60:1 dlrs:1 per:1 share:4 common:3 stock:2 subject:2 certain:1 adjustment:1 include:1 earning:1 prior:1 close:1 deal:1 shall:1 convert:1 less:1 2:1 9:1 3:1 5:1 propose:1 move:1 also:1 execution:1 definitive:1 agreement:1 regulatory:1 approval:2 shareholder:1
|
FIRST FEDERAL <FFBN> MERGING INTO BANKEAST <BENH>
First Federal Bank FSB said it has
entered into a letter of intent to merge into BankEast Corp for
60 dlrs per First Federal share in BankEast common stock.
First Federal said, subject to certain adjustments,
including First Federal's earnings prior to the close of the
deal, each share of its common stock shall not be converted
into less than 2.9 shares or more than 3.5 shares of BankEast
common.
First Federal said the proposed move is also subject to
execution of a definitive agreement, regulatory approval and
the approval of First Federal shareholders.
|
training/7679
|
training/7679 |@title illinois:1 tool:1 work:1 itw:1 sell:1 two:1 division:1 |@word illinois:1 tool:1 works:1 inc:2 say:1 complete:1 sale:1 drill:1 end:1 mill:1 division:2 pine:1 bluff:1 arkansas:1 eclipse:2 counterbore:1 detroit:1 newly:1 form:1 industrial:1 pruducts:1 base:1 st:1 louis:1 term:1 disclose:1 employee:1 location:1 retain:1 add:1
|
ILLINOIS TOOL WORKS <ITW> SELLS TWO DIVISIONS
Illinois Tool Works Inc said it
completed the sale of its Drill and End Mill division, Pine
Bluff, Arkansas and Eclipse Counterbore division, Detroit, to
newly-formed Eclipse Industrial Pruducts Inc, based in St.
Louis. Terms were not disclosed.
All employees at both locations will be retained, it added.
|
training/768
|
training/768 |@title analyst:1 see:1 bidder:1 purolator:1 pcc:1 |@word several:1 analyst:5 say:4 believe:2 another:3 suitor:1 top:1 265:1 mln:1 dlr:2 bid:1 purolator:7 courier:3 corp:1 e:1 f:1 hutton:9 lbo:1 inc:2 management:1 group:1 division:1 speculation:1 offer:4 may:3 forthcoming:1 mostly:1 35:3 dlrs:6 per:4 share:6 price:1 pay:2 manager:1 pc:2 acquisition:2 fully:1 value:2 wall:3 street:3 source:4 doubt:2 bidder:2 would:5 emerge:2 since:3 sale:2 sometime:2 deal:2 strike:2 friday:4 stock:2 slip:1 3:2 8:1 today:2 close:1 34:1 4:1 trade:1 slightly:1 high:1 least:1 one:1 speculate:1 company:2 fetch:1 38:1 42:1 competitive:1 talk:1 adviser:1 dillon:1 read:1 co:1 late:1 december:1 spokesman:1 cash:2 83:1 pct:1 tender:1 shareholder:1 receive:1 29:1 six:1 debenture:1 warrant:2 subsidiary:1 contain:1 u:1 operation:1 two:1 three:1 also:1 rival:1 discourage:1 breakup:1 fee:2 end:1 agreement:1 reveal:1 amount:1 note:1 document:1 transaction:1 make:1 public:1 later:1 week:1
|
ANALYSTS SEE NO OTHER BIDDER FOR PUROLATOR<PCC>
Several analysts said they do not
believe another suitor will top the 265 mln dlr bid for
Purolator Courier Corp by E.F. Hutton LBO Inc and a management
group from Purolator's courier division.
There had been speculation another offer might be
forthcoming, but analysts mostly believe the 35 dlrs per share
price being paid by Hutton and the managers' PC Acquisition Inc
is fully valued.
Analysts and some Wall Street sources said they doubted
another bidder would emerge since Purolator had been for sale
for sometime before a deal was struck with Hutton Friday.
Purolator's stock slipped 3/8 today to close at 34-3/4. It
had been trading slightly higher than the 35 dlr offer on
Friday. At least one analyst Friday speculated the company
might fetch 38 to 42 dlrs per share.
analysts and wall street sources doubted a competitive
offer would emerge since the company has been for sale for
sometime before the deal with Hutton was struck Friday.
Hutton had been in talks with Purolator's adviser, Dillon,
Read and Co since late December, a Hutton spokesman said.
Hutton is offering 35 dlrs cash per share for 83 pct of the
shares. If all shares are tendered, shareholders would receive
29 dlrs cash, six dlrs in debentures, and warrants for stock in
a subsidiary of PC Acquisition containing the Purolator U.S.
courier operation. Hutton values the warrants at two to three
dlrs per share.
Wall Street sources also said today that a rival bidder
might be discouraged by a breakup fee Purolator would have to
pay if it ends its agreement with Hutton. The sources would not
reveal the amount of the fee, which will be noted in documents
on the transaction to be made public later this week.
|
training/7681
|
training/7681 |@title national:1 patent:1 development:1 corp:1 npd:1 payout:1 |@word qtly:1 div:1 2:4 1:2 ct:2 vs:1 prior:1 pay:1 may:1 one:2 record:1 april:1
|
NATIONAL PATENT DEVELOPMENT CORP <NPD> IN PAYOUT
Qtly div 2-1/2 cts vs 2-1/2 cts prior
Pay May One
Record April One
|
training/7682
|
training/7682 |@title thompson:1 medical:1 co:1 inc:1 tm:1 set:1 quarterly:1 |@word qtly:1 div:1 10:2 ct:2 vs:1 prior:1 pay:1 april:1 15:1 record:1 march:1 30:1
|
THOMPSON MEDICAL CO INC <TM> SETS QUARTERLY
Qtly div 10 cts vs 10 cts prior
Pay April 15
Record March 30
|
training/7684
|
training/7684 |@title gulf:1 canada:1 goc:1 assert:1 damage:1 spill:1 |@word gulf:4 canada:2 corp:1 say:4 discharge:6 material:5 amauligak:1 drilling:2 site:1 beaufort:1 sea:2 cause:1 danger:1 environment:1 yesterday:1 federal:1 department:1 energy:1 charge:3 eight:1 count:2 illegal:1 dumping:1 powdered:1 cement:1 mud:1 september:1 23:1 30:1 last:1 year:1 carry:1 maximum:1 50:1 000:1 dlr:1 fine:1 government:2 relate:1 without:1 permit:1 environmental:1 damage:1 result:1 action:1 voluntarily:1 inform:1 appropriate:1 official:1 company:1 also:1 none:1 within:1 12:1 mile:1 close:1 shoreline:1 add:1 one:1 cite:1 barite:1 naturally:1 occur:1 mineral:1 routinely:1 drill:1 operation:1
|
GULF CANADA <GOC> ASSERTS NO DAMAGE FROM SPILL
Gulf Canada Corp said a
discharge of material at its Amauligak drilling site in the
Beaufort Sea caused no danger to the environment.
Yesterday, the federal department of energy charged Gulf
Canada with eight counts of illegal dumping for discharging
powdered cement and drilling mud between September 23 and 30
last year.
The charges carry a maximum 50,000 dlr fine on each count.
Gulf said the government's charges relate to discharging
materials without a permit, not to environmental damage
resulting from the action.
Gulf said it voluntarily informed appropriate government
officials when the material was discharged.
The company also said none of the material was discharged
within 12 miles of the closest shoreline. It added that one of
the materials cited, barite, is a naturally occurring mineral
routinely discharged into the sea during drilling operations.
|
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