[ { "title": "BAHIA COCOA REVIEW", "body": "Showers continued throughout the week in\nthe Bahia cocoa zone, alleviating the drought since early\nJanuary and improving prospects for the coming temporao,\nalthough normal humidity levels have not been restored,\nComissaria Smith said in its weekly review.\n The dry period means the temporao will be late this year.\n Arrivals for the week ended February 22 were 155,221 bags\nof 60 kilos making a cumulative total for the season of 5.93\nmln against 5.81 at the same stage last year. Again it seems\nthat cocoa delivered earlier on consignment was included in the\narrivals figures.\n Comissaria Smith said there is still some doubt as to how\nmuch old crop cocoa is still available as harvesting has\npractically come to an end. With total Bahia crop estimates\naround 6.4 mln bags and sales standing at almost 6.2 mln there\nare a few hundred thousand bags still in the hands of farmers,\nmiddlemen, exporters and processors.\n There are doubts as to how much of this cocoa would be fit\nfor export as shippers are now experiencing dificulties in\nobtaining +Bahia superior+ certificates.\n In view of the lower quality over recent weeks farmers have\nsold a good part of their cocoa held on consignment.\n Comissaria Smith said spot bean prices rose to 340 to 350\ncruzados per arroba of 15 kilos.\n Bean shippers were reluctant to offer nearby shipment and\nonly limited sales were booked for March shipment at 1,750 to\n1,780 dlrs per tonne to ports to be named.\n New crop sales were also light and all to open ports with\nJune/July going at 1,850 and 1,880 dlrs and at 35 and 45 dlrs\nunder New York july, Aug/Sept at 1,870, 1,875 and 1,880 dlrs\nper tonne FOB.\n Routine sales of butter were made. March/April sold at\n4,340, 4,345 and 4,350 dlrs.\n April/May butter went at 2.27 times New York May, June/July\nat 4,400 and 4,415 dlrs, Aug/Sept at 4,351 to 4,450 dlrs and at\n2.27 and 2.28 times New York Sept and Oct/Dec at 4,480 dlrs and\n2.27 times New York Dec, Comissaria Smith said.\n Destinations were the U.S., Covertible currency areas,\nUruguay and open ports.\n Cake sales were registered at 785 to 995 dlrs for\nMarch/April, 785 dlrs for May, 753 dlrs for Aug and 0.39 times\nNew York Dec for Oct/Dec.\n Buyers were the U.S., Argentina, Uruguay and convertible\ncurrency areas.\n Liquor sales were limited with March/April selling at 2,325\nand 2,380 dlrs, June/July at 2,375 dlrs and at 1.25 times New\nYork July, Aug/Sept at 2,400 dlrs and at 1.25 times New York\nSept and Oct/Dec at 1.25 times New York Dec, Comissaria Smith\nsaid.\n Total Bahia sales are currently estimated at 6.13 mln bags\nagainst the 1986/87 crop and 1.06 mln bags against the 1987/88\ncrop.\n Final figures for the period to February 28 are expected to\nbe published by the Brazilian Cocoa Trade Commission after\ncarnival which ends midday on February 27.\n Reuter\n\u0003", "date": "26-FEB-1987 15:01:01.79", "topics": [ "cocoa" ], "places": [ "el-salvador", "usa", "uruguay" ], "id": "1" }, { "title": "STANDARD OIL TO FORM FINANCIAL UNIT", "body": "Standard Oil Co and BP North America\nInc said they plan to form a venture to manage the money market\nborrowing and investment activities of both companies.\n BP North America is a subsidiary of British Petroleum Co\nPlc , which also owns a 55 pct interest in Standard Oil.\n The venture will be called BP/Standard Financial Trading\nand will be operated by Standard Oil under the oversight of a\njoint management committee.\n\n Reuter\n\u0003", "date": "26-FEB-1987 15:02:20.00", "places": [ "usa" ], "id": "2" }, { "title": "TEXAS COMMERCE BANCSHARES FILES PLAN", "body": "Texas Commerce Bancshares Inc's Texas\nCommerce Bank-Houston said it filed an application with the\nComptroller of the Currency in an effort to create the largest\nbanking network in Harris County.\n The bank said the network would link 31 banks having\n13.5 billion dlrs in assets and 7.5 billion dlrs in deposits.\n \n Reuter\n\u0003", "date": "26-FEB-1987 15:03:27.51", "places": [ "usa" ], "id": "3" }, { "title": "TALKING POINT/BANKAMERICA EQUITY OFFER", "body": "BankAmerica Corp is not under\npressure to act quickly on its proposed equity offering and\nwould do well to delay it because of the stock's recent poor\nperformance, banking analysts said.\n Some analysts said they have recommended BankAmerica delay\nits up to one-billion-dlr equity offering, which has yet to be\napproved by the Securities and Exchange Commission.\n BankAmerica stock fell this week, along with other banking\nissues, on the news that Brazil has suspended interest payments\non a large portion of its foreign debt.\n The stock traded around 12, down 1/8, this afternoon,\nafter falling to 11-1/2 earlier this week on the news.\n Banking analysts said that with the immediate threat of the\nFirst Interstate Bancorp takeover bid gone, BankAmerica is\nunder no pressure to sell the securities into a market that\nwill be nervous on bank stocks in the near term.\n BankAmerica filed the offer on January 26. It was seen as\none of the major factors leading the First Interstate\nwithdrawing its takeover bid on February 9.\n A BankAmerica spokesman said SEC approval is taking longer\nthan expected and market conditions must now be re-evaluated.\n \"The circumstances at the time will determine what we do,\"\nsaid Arthur Miller, BankAmerica's Vice President for Financial\nCommunications, when asked if BankAmerica would proceed with\nthe offer immediately after it receives SEC approval.\n \"I'd put it off as long as they conceivably could,\" said\nLawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and\nSmith.\n Cohn said the longer BankAmerica waits, the longer they\nhave to show the market an improved financial outlook.\n Although BankAmerica has yet to specify the types of\nequities it would offer, most analysts believed a convertible\npreferred stock would encompass at least part of it.\n Such an offering at a depressed stock price would mean a\nlower conversion price and more dilution to BankAmerica stock\nholders, noted Daniel Williams, analyst with Sutro Group.\n Several analysts said that while they believe the Brazilian\ndebt problem will continue to hang over the banking industry\nthrough the quarter, the initial shock reaction is likely to\nease over the coming weeks.\n Nevertheless, BankAmerica, which holds about 2.70 billion\ndlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the\ninterest rate is reduced on the debt, and as much as 200 mln\ndlrs if Brazil pays no interest for a year, said Joseph\nArsenio, analyst with Birr, Wilson and Co.\n He noted, however, that any potential losses would not show\nup in the current quarter.\n With other major banks standing to lose even more than\nBankAmerica if Brazil fails to service its debt, the analysts\nsaid they expect the debt will be restructured, similar to way\nMexico's debt was, minimizing losses to the creditor banks.\n Reuter\n\u0003", "date": "26-FEB-1987 15:07:13.72", "places": [ "usa", "brazil" ], "id": "4" }, { "title": "NATIONAL AVERAGE PRICES FOR FARMER-OWNED RESERVE", "body": "The U.S. Agriculture Department\nreported the farmer-owned reserve national five-day average\nprice through February 25 as follows (Dlrs/Bu-Sorghum Cwt) -\n Natl Loan Release Call\n Avge Rate-X Level Price Price\n Wheat 2.55 2.40 IV 4.65 --\n V 4.65 --\n VI 4.45 --\n Corn 1.35 1.92 IV 3.15 3.15\n V 3.25 --\n X - 1986 Rates.\n\n Natl Loan Release Call\n Avge Rate-X Level Price Price\n Oats 1.24 0.99 V 1.65 -- \n Barley n.a. 1.56 IV 2.55 2.55\n V 2.65 -- \n Sorghum 2.34 3.25-Y IV 5.36 5.36\n V 5.54 -- \n Reserves I, II and III have matured. Level IV reflects\ngrain entered after Oct 6, 1981 for feedgrain and after July\n23, 1981 for wheat. Level V wheat/barley after 5/14/82,\ncorn/sorghum after 7/1/82. Level VI covers wheat entered after\nJanuary 19, 1984. X-1986 rates. Y-dlrs per CWT (100 lbs).\nn.a.-not available.\n Reuter\n\u0003", "date": "26-FEB-1987 15:10:44.60", "topics": [ "grain", "wheat", "corn", "barley", "oat", "sorghum" ], "places": [ "usa" ], "id": "5" }, { "title": "ARGENTINE 1986/87 GRAIN/OILSEED REGISTRATIONS", "body": "Argentine grain board figures show\ncrop registrations of grains, oilseeds and their products to\nFebruary 11, in thousands of tonnes, showing those for futurE\nshipments month, 1986/87 total and 1985/86 total to February\n12, 1986, in brackets:\n Bread wheat prev 1,655.8, Feb 872.0, March 164.6, total\n2,692.4 (4,161.0).\n Maize Mar 48.0, total 48.0 (nil).\n Sorghum nil (nil)\n Oilseed export registrations were:\n Sunflowerseed total 15.0 (7.9)\n Soybean May 20.0, total 20.0 (nil)\n The board also detailed export registrations for\nsubproducts, as follows,\n SUBPRODUCTS\n Wheat prev 39.9, Feb 48.7, March 13.2, Apr 10.0, total\n111.8 (82.7) .\n Linseed prev 34.8, Feb 32.9, Mar 6.8, Apr 6.3, total 80.8\n(87.4).\n Soybean prev 100.9, Feb 45.1, MAr nil, Apr nil, May 20.0,\ntotal 166.1 (218.5).\n Sunflowerseed prev 48.6, Feb 61.5, Mar 25.1, Apr 14.5,\ntotal 149.8 (145.3).\n Vegetable oil registrations were : \n Sunoil prev 37.4, Feb 107.3, Mar 24.5, Apr 3.2, May nil,\nJun 10.0, total 182.4 (117.6). \n Linoil prev 15.9, Feb 23.6, Mar 20.4, Apr 2.0, total 61.8,\n(76.1). \n Soybean oil prev 3.7, Feb 21.1, Mar nil, Apr 2.0, May 9.0,\nJun 13.0, Jul 7.0, total 55.8 (33.7). REUTER\n\u0003", "date": "26-FEB-1987 15:14:36.41", "topics": [ "veg-oil", "linseed", "lin-oil", "soy-oil", "sun-oil", "soybean", "oilseed", "corn", "sunseed", "grain", "sorghum", "wheat" ], "places": [ "argentina" ], "id": "6" }, { "title": "RED LION INNS FILES PLANS OFFERING", "body": "Red Lion Inns Limited Partnership\nsaid it filed a registration statement with the Securities and\nExchange Commission covering a proposed offering of 4,790,000\nunits of limited partnership interests.\n The company said it expects the offering to be priced at 20\ndlrs per unit.\n It said proceeds from the offering, along with a 102.5 mln\ndlr mortgage loan, will be used to finance its planned\nacquisition of 10 Red Lion hotels.\n Reuter\n\u0003", "date": "26-FEB-1987 15:14:42.83", "places": [ "usa" ], "id": "7" }, { "title": "USX DEBT DOWGRADED BY MOODY'S", "body": "Moody's Investors Service Inc said it\nlowered the debt and preferred stock ratings of USX Corp and\nits units. About seven billion dlrs of securities is affected.\n Moody's said Marathon Oil Co's recent establishment of up\nto one billion dlrs in production payment facilities on its\nprolific Yates Field has significant negative implications for\nUSX's unsecured creditors.\n The company appears to have positioned its steel segment\nfor a return to profit by late 1987, Moody's added.\n Ratings lowered include those on USX's senior debt to BA-1\nfrom BAA-3.\n Reuter\n\u0003", "date": "26-FEB-1987 15:15:40.12", "places": [ "usa" ], "id": "8" }, { "title": "CHAMPION PRODUCTS APPROVES STOCK SPLIT", "body": "Champion Products Inc said its\nboard of directors approved a two-for-one stock split of its\ncommon shares for shareholders of record as of April 1, 1987.\n The company also said its board voted to recommend to\nshareholders at the annual meeting April 23 an increase in the\nauthorized capital stock from five mln to 25 mln shares.\n Reuter\n\u0003", "date": "26-FEB-1987 15:17:11.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "9" }, { "title": "COMPUTER TERMINAL SYSTEMS COMPLETES SALE", "body": "Computer Terminal Systems Inc said\nit has completed the sale of 200,000 shares of its common\nstock, and warrants to acquire an additional one mln shares, to\n of Lugano, Switzerland for 50,000 dlrs.\n The company said the warrants are exercisable for five\nyears at a purchase price of .125 dlrs per share.\n Computer Terminal said Sedio also has the right to buy\nadditional shares and increase its total holdings up to 40 pct\nof the Computer Terminal's outstanding common stock under\ncertain circumstances involving change of control at the\ncompany.\n The company said if the conditions occur the warrants would\nbe exercisable at a price equal to 75 pct of its common stock's\nmarket price at the time, not to exceed 1.50 dlrs per share.\n Computer Terminal also said it sold the technolgy rights to\nits Dot Matrix impact technology, including any future\nimprovements, to of Houston, Tex. for 200,000\ndlrs. But, it said it would continue to be the exclusive\nworldwide licensee of the technology for Woodco.\n The company said the moves were part of its reorganization\nplan and would help pay current operation costs and ensure\nproduct delivery.\n Computer Terminal makes computer generated labels, forms,\ntags and ticket printers and terminals.\n Reuter\n\u0003", "date": "26-FEB-1987 15:18:06.67", "topics": [ "acq" ], "places": [ "usa" ], "id": "10" }, { "title": "COBANCO INC YEAR NET", "body": "Shr 34 cts vs 1.19 dlrs\n Net 807,000 vs 2,858,000\n Assets 510.2 mln vs 479.7 mln\n Deposits 472.3 mln vs 440.3 mln\n Loans 299.2 mln vs 327.2 mln\n Note: 4th qtr not available. Year includes 1985\nextraordinary gain from tax carry forward of 132,000 dlrs, or\nfive cts per shr.\n Reuter\n\u0003", "date": "26-FEB-1987 15:18:59.34", "topics": [ "earn" ], "places": [ "usa" ], "id": "11" }, { "title": "OHIO MATTRESS MAY HAVE LOWER 1ST QTR NET", "body": "Ohio Mattress Co said its first\nquarter, ending February 28, profits may be below the 2.4 mln\ndlrs, or 15 cts a share, earned in the first quarter of fiscal\n1986.\n The company said any decline would be due to expenses\nrelated to the acquisitions in the middle of the current\nquarter of seven licensees of Sealy Inc, as well as 82 pct of\nthe outstanding capital stock of Sealy.\n Because of these acquisitions, it said, first quarter sales\nwill be substantially higher than last year's 67.1 mln dlrs.\n Noting that it typically reports first quarter results in\nlate march, said the report is likely to be issued in early\nApril this year.\n It said the delay is due to administrative considerations,\nincluding conducting appraisals, in connection with the\nacquisitions.\n Reuter\n\u0003", "date": "26-FEB-1987 15:19:15.45", "topics": [ "earn", "acq" ], "places": [ "usa" ], "id": "12" }, { "title": "AM INTERNATIONAL INC 2ND QTR JAN 31", "body": "Oper shr loss two cts vs profit seven cts\n Oper shr profit 442,000 vs profit 2,986,000\n Revs 291.8 mln vs 151.1 mln\n Avg shrs 51.7 mln vs 43.4 mln\n Six mths\n Oper shr profit nil vs profit 12 cts\n Oper net profit 3,376,000 vs profit 5,086,000\n Revs 569.3 mln vs 298.5 mln\n Avg shrs 51.6 mln vs 41.1 mln\n NOTE: Per shr calculated after payment of preferred\ndividends.\n Results exclude credits of 2,227,000 or four cts and\n4,841,000 or nine cts for 1986 qtr and six mths vs 2,285,000 or\nsix cts and 4,104,000 or 11 cts for prior periods from\noperating loss carryforwards.\n Reuter\n\u0003", "date": "26-FEB-1987 15:20:13.09", "topics": [ "earn" ], "places": [ "usa" ], "id": "13" }, { "title": "BROWN-FORMAN INC 4TH QTR NET", "body": "Shr one dlr vs 73 cts\n Net 12.6 mln vs 15.8 mln\n Revs 337.3 mln vs 315.2 mln\n Nine mths\n Shr 3.07 dlrs vs 3.08 dlrs\n Net 66 mln vs 66.2 mln\n Revs 1.59 billion vs 997.1 mln\n Reuter\n\u0003", "date": "26-FEB-1987 15:20:27.17", "topics": [ "earn" ], "places": [ "usa" ], "id": "14" }, { "title": "NATIONAL INTERGROUP TO OFFER PERMIAN UNITS", "body": "National Intergroup Inc said it plans\nto file a registration statement with the securities and\nexchange commission for an offering of cumulative convertible\npreferred partnership units in Permian Partners L.P.\n The Permian Partners L.P. was recently formed by National\nIntergroup to continue to business of Permian Corp, acquired by\nthe company in 1985.\n The company said Permian will continue to manage the\nbusiness as a general partner, retaining a 35 pct stake in the\npartnership in the form of common and general partnership\nunits.\n It did not say how many units would be offered or what the\nprice would be.\n Reuter\n\u0003", "date": "26-FEB-1987 15:20:48.43", "places": [ "usa" ], "id": "15" }, { "title": "ECONOMIC SPOTLIGHT - BANKAMERICA ", "body": "BankAmerica Corp is not under\npressure to act quickly on its proposed equity offering and\nwould do well to delay it because of the stock's recent poor\nperformance, banking analysts said.\n Some analysts said they have recommended BankAmerica delay\nits up to one-billion-dlr equity offering, which has yet to be\napproved by the Securities and Exchange Commission.\n BankAmerica stock fell this week, along with other banking\nissues, on the news that Brazil has suspended interest payments\non a large portion of its foreign debt.\n The stock traded around 12, down 1/8, this afternoon,\nafter falling to 11-1/2 earlier this week on the news.\n Banking analysts said that with the immediate threat of the\nFirst Interstate Bancorp takeover bid gone, BankAmerica is\nunder no pressure to sell the securities into a market that\nwill be nervous on bank stocks in the near term.\n BankAmerica filed the offer on January 26. It was seen as\none of the major factors leading the First Interstate\nwithdrawing its takeover bid on February 9.\n A BankAmerica spokesman said SEC approval is taking longer\nthan expected and market conditions must now be re-evaluated.\n \"The circumstances at the time will determine what we do,\"\nsaid Arthur Miller, BankAmerica's Vice President for Financial\nCommunications, when asked if BankAmerica would proceed with\nthe offer immediately after it receives SEC approval.\n \"I'd put it off as long as they conceivably could,\" said\nLawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and\nSmith.\n Cohn said the longer BankAmerica waits, the longer they\nhave to show the market an improved financial outlook.\n Although BankAmerica has yet to specify the types of\nequities it would offer, most analysts believed a convertible\npreferred stock would encompass at least part of it.\n Such an offering at a depressed stock price would mean a\nlower conversion price and more dilution to BankAmerica stock\nholders, noted Daniel Williams, analyst with Sutro Group.\n Several analysts said that while they believe the Brazilian\ndebt problem will continue to hang over the banking industry\nthrough the quarter, the initial shock reaction is likely to\nease over the coming weeks.\n Nevertheless, BankAmerica, which holds about 2.70 billion\ndlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the\ninterest rate is reduced on the debt, and as much as 200 mln\ndlrs if Brazil pays no interest for a year, said Joseph\nArsenio, analyst with Birr, Wilson and Co.\n He noted, however, that any potential losses would not show\nup in the current quarter.\n With other major banks standing to lose even more than\nBankAmerica if Brazil fails to service its debt, the analysts\nsaid they expect the debt will be restructured, similar to way\nMexico's debt was, minimizing losses to the creditor banks.\n Reuter\n\u0003", "date": "26-FEB-1987 15:21:16.13", "places": [ "usa", "brazil" ], "id": "16" }, { "title": "NATIONAL HEALTH ENHANCEMENT NEW PROGRAM", "body": "National Health Enhancement\nSystems Inc said it is offering a new health evaluation system\nto its line of fitness assessment programs.\n The company said the program, called The Health Test, will\nbe available in 60 days.\n Customers who use the program will receive a\ncomputer-generated report and recommendations for implementing\na program to improve their physical condition.\n Reuter\n\u0003", "date": "26-FEB-1987 15:24:48.56", "places": [ "usa" ], "id": "17" }, { "title": "DEAN FOODS SEES STRONG 4TH QTR EARNINGS", "body": "Dean Foods Co expects earnings for the\nfourth quarter ending May 30 to exceed those of the same\nyear-ago period, Chairman Kenneth Douglas told analysts.\n In the fiscal 1986 fourth quarter the food processor\nreported earnings of 40 cts a share.\n Douglas also said the year's sales should exceed 1.4\nbillion dlrs, up from 1.27 billion dlrs the prior year.\n He repeated an earlier projection that third-quarter\nearnings \"will probably be off slightly\" from last year's 40\ncts a share, falling in the range of 34 cts to 36 cts a share.\n Douglas said it was too early to project whether the\nanticipated fourth quarter performance would be \"enough for us\nto exceed the prior year's overall earnings\" of 1.53 dlrs a\nshare.\n In 1988, Douglas said Dean should experience \"a 20 pct\nimprovement in our bottom line from effects of the tax reform\nact alone.\"\n President Howard Dean said in fiscal 1988 the company will\nderive benefits of various dairy and frozen vegetable\nacquisitions from Ryan Milk to the Larsen Co.\n Dean also said the company will benefit from its\nacquisition in late December of Elgin Blenders Inc, West\nChicago.\n He said the company is a major shareholder of E.B.I. Foods\nLtd, a United Kingdom blender, and has licensing arrangements\nin Australia, Canada, Brazil and Japan.\n \"It provides ann entry to McDonalds Corp we've been\nafter for years,\" Douglas told analysts.\n Reuter\n\u0003", "date": "26-FEB-1987 15:26:26.78", "topics": [ "earn" ], "places": [ "usa" ], "id": "18" }, { "title": "BONUS WHEAT FLOUR FOR NORTH YEMEN -- USDA", "body": "The Commodity Credit Corporation, CCC,\nhas accepted an export bonus offer to cover the sale of 37,000\nlong tons of wheat flour to North Yemen, the U.S. Agriculture\nDepartment said.\n The wheat four is for shipment March-May and the bonus\nawarded was 119.05 dlrs per tonnes and will be paid in the form\nof commodities from the CCC inventory.\n The bonus was awarded to the Pillsbury Company.\n The wheat flour purchases complete the Export Enhancement\nProgram initiative announced in April, 1986, it said.\n Reuter\n\u0003", "date": "26-FEB-1987 15:26:54.12", "topics": [ "wheat", "grain" ], "places": [ "yemen-arab-republic", "usa" ], "id": "19" }, { "title": "CREDIT CARD DISCLOSURE BILLS INTRODUCED", "body": "Legislation to require disclosure of\ncredit card fees and interest rates before the cards are issued\nhave been introduced in the Senate and House.\n Sen. Chris Dodd, D-Conn, a co-sponsor of the bill, said\nmany banks and financial institutions do not disclose all the\ninformation about terms of their cards in promotional material\nsent to prospective customers.\n \"By requiring card issuers to disclose the terms and\nconditions of their cards at the time of solicitation, the\nlegislation is intended to arm consumers with enough\ninformation to shop around for the best deal,\" Dodd said in a\nstatement.\n Reuter\n\u0003", "date": "26-FEB-1987 15:32:03.12", "places": [ "usa" ], "id": "20" }, { "title": "HUGHES CAPITAL UNIT SIGNS PACT WITH BEAR STEARNS", "body": "Hughes/Conserdyne Corp, a\nunit of said it made Bear Stearns and Co\nInc its exclusive investment banker to develop and market\nfinancing for the design and installation of its micro-utility\nsystems for municipalities.\n The company said these systems are self-contained\nelectrical generating facilities using alternate power sources,\nsuch as photovoltaic cells, to replace public utility power\nsources.\n Reuter\n\u0003", "date": "26-FEB-1987 15:33:23.61", "places": [ "usa" ], "id": "21" }, { "title": "MAGMA LOWERS COPPER 0.75 CENT TO 66 CTS", "body": "Magma Copper Co, a subsidiary of Newmont\nMining Corp, said it is cutting its copper cathode price by\n0.75 cent to 66 cents a lb, effective immediately.\n Reuter\n\u0003", "date": "26-FEB-1987 15:34:07.03", "topics": [ "copper" ], "places": [ "usa" ], "id": "22" }, { "title": "BROWN-FORMAN SETS STOCK SPLIT, UPS PAYOUT", "body": "Brown-Forman Inc said its board\nhas approved a three-for-two stock split and a 35 pct increase\nin the company cash dividend.\n The company cited its improved earnings outlook and\ncontinued strong cash flow as reasons for raising the dividend.\n Brown-Forman said the split of its Class A and Class B\ncommon shares would be effective March 13.\n The company said directors declared a quarterly cash\ndividend on each new share of both classes of 28 cts, payable\nApril one to holders of record March 20. Prior to the split,\nthe company had paid 31 cts quarterly.\n Brown-Forman today reported a 37 pct increase in third \nquarter profits to 21.6 mln dlrs, or 1.00 dlr a share, on a\nseven pct increase in sales to a record 337 mln dlrs.\n Brown-Forman said nine month profits declined a bit to 66.0\nmln dlrs, or 3.07 dlrs a share, from 66.2 mln dlrs, or 3.08\ndlrs a share, a year earlier due to a second quarter charge of\n37 cts a share for restructuring its beverage operations.\n The company said lower corporate tax rates and the\nrestructuring \"are expected to substantially improve\nBrown-Forman's earnings and cash flow in fiscal 1988.\"\n Reuter\n\u0003", "date": "26-FEB-1987 15:34:16.30", "topics": [ "earn" ], "places": [ "usa" ], "id": "23" }, { "title": "ESQUIRE RADIO AND ELECTRONICS INC 4TH QTR", "body": "Shr profit 15 cts vs profit four cts\n Annual div 72 cts vs 72 cts prior yr\n Net profit 72,000 vs profit 16,000\n Revs 7,075,000 vs 2,330,000\n 12 mths\n Shr profit 42 cts vs loss 11 cts\n Net profit 203,000 vs loss 55,000\n Revs 16.1 mln vs 3,971,000\n NOTE: annual dividend payable April 10, 1987, to\nstockholders of record on March 27, 1987.\n Reuter\n\u0003", "date": "26-FEB-1987 15:35:16.67", "topics": [ "earn" ], "places": [ "usa" ], "id": "24" }, { "title": "SHEARSON LEHMAN NAMES NEW MANAGING DIRECTOR", "body": "Shearson Lehman Brothers, a unit of\nAmerican Express Co , said Robert Stearns has joined the\ncompany as managing director of its merger and acquisition\ndepartment.\n Shearson said Stearns formerly was part of Merrill Lynch\nPierce, Fenner and Smith Inc's merger and acquisitions\ndepartment.\n Reuter\n\u0003", "date": "26-FEB-1987 15:35:39.38", "places": [ "usa" ], "id": "25" }, { "title": "BANKERS REPORT BREAKTHROUGH ON VENEZUELAN DEBT", "body": "Venezuela and its bank advisory\ncommittee have agreed in principle on revisions to the terms of\na 21 billion dlr debt-rescheduling package signed last\nFebruary, bankers said.\n They declined to disclose details because two or three\nrepresentatives on the panel have still to obtain the approval\nof their senior management for the new terms.\n The committee was meeting in New York this afternoon and\ncould put its final stamp of approval of the deal later today,\nthe bankers said.\n \"A number of details have still to be finalized, but the\nbroad details of the new amortization schedules and interest\nrates are in place,\" one senior banker said.\n The interest rate on the rescheduling was originally set at\n1-1/8 pct over Eurodollar rates, but Venezuela requested easier\nterms because of a 40 pct drop in oil income last year.\n It also asked for a reduction in the repayments it was due\nto make in 1987, 1988 and 1989 - after an earlier request that\nit make no amortizations at all in those years was rebuffed -\nand sought a commitment from the banks to finance new\ninvestment in Venezuela.\n The breakthrough in the Venezuelan talks, which have been\ngoing on intermittently for several months, follows the\nannouncement earlier today of a 10.6 billion dlr debt\nrescheduling pact between Chile and its bank advisory panel.\n And last night Citibank said Mexico's financing package,\nincluding a 7.7 billion dlr loan, will be signed on March 20.\n While the sudden progress is to some extent coincidental,\nbankers acknowledge a desire to chalk up some quick successes\nafter the shock of Brazil's unilateral interest suspension last\nFriday. By striking swift deals, banks hope to reduce the\nincentive for other debtors to emulate Brazil.\n Reuter\n\u0003", "date": "26-FEB-1987 15:36:44.78", "places": [ "usa", "brazil", "venezuela" ], "id": "26" }, { "title": "UNITED PRESIDENTIAL CORP 4TH QTR NET", "body": "Shr 39 cts vs 50 cts\n Net 1,545,160 vs 2,188,933\n Revs 25.2 mln vs 19.5 mln\n Year\n Shr 1.53 dlrs vs 1.21 dlrs\n Net 6,635,318 vs 5,050,044\n Revs 92.2 mln vs 77.4 mln\n NOTE: Results include adjustment of 848,600 dlrs or 20 cts\nshr for 1986 year and both 1985 periods from improvement in\nresults of its universal life business than first estimated.\n Reuter\n\u0003", "date": "26-FEB-1987 15:36:53.42", "topics": [ "earn" ], "places": [ "usa" ], "id": "27" }, { "title": "TOWER REPORT DIMINISHES REAGAN'S HOPES OF REBOUND", "body": "The Tower Commission report, which\nsays President Reagan was ignorant about much of the Iran arms\ndeal, just about ends his prospects of regaining political\ndominance in Washington, political analysts said.\n \"This is certification of incompetence,\" private political\nanalyst Stephen Hess told Reuters in commenting on the Tower\nreport made public today.\n \"It's as if he went before a professional licensing board\nand was denied credentials.\"\n In one of the most direct criticisms, board chairman John\nTower, a longtime Reagan supporter and former Republican\nsenator from Texas, told a press conference, \"The president\nclearly did not understand the nature of this operation.\"\n The report, which lent credence to widespread opinion in\nWashington that Reagan is not in full command of the\ngovernment, was particularly damaging because it was prepared\nby a board of the Republican president's own choosing.\n The three-member panel made up of Tower, former National\nSecurity Adviser Brent Scowcroft and former Secretary of State\nEdmund Muskie, does not carry the partisan taint of criticism\nfrom a Congress controlled by the Democratic party.\n \"We're falling by our own hand,\" said one Republican\npolitical strategist. \"What can we say except 'we're sorry, we\nwon't do it again'?\"\n The strategist, who works for one of his party's top 1988\npresidential contenders and asked not to be identified, said\nthe report was like \"an anvil falling on us.\"\n Hess, with the Brookings Institution public policy study\ngroup, said the report is the final blow to Reagan's hopes of\nregaining the upper hand he once had in dealings with Congress,\nthe press and the Washington bureaucracy.\n The report may also undermine the standing of Defense\nSecretary Caspar Weinberger and Secretary of State George\nShultz, who the report suggests were more interested in keeping\ntheir own skirts clean than supporting the president.\n \"They protected the record as to their own positions on this\nissue. They were not energetic in attempting to protect the\npresident from the consequences,\" it said.\n White House chief of staff Donald Regan and former Central\nIntelligence Agency Director William Casey also received strong\ncriticism, but the blows were expected in their cases.\n Regan, expected to resign or be fired shortly, was savaged\nfor allegedly failing both to help Reagan conduct the Iran\ninitiative and to avoid \"chaos\" in the disclosure process.\n Casey, who underwent surgery for removal of a cancerous\nbrain tumor in December, had already resigned for health\nreasons last month.\n \"This is a story about people who came up somewhat short of\nbeing heroes,\" Tower told reporters.\n While Reagan retains considerable constitutional powers,\nincluding command of the armed forces and the right to veto\nlegislation, analysts say it will be difficult for him to\nretake control of the country's policy agenda -- particularly\nwith Congress controlled by the Democrats.\n The crucial remaining question, they said, is whether the\nman in the street will forsake Reagan over the affair.\n Although his job approval rating has fallen as much as\ntwenty percentage points in some opinion polls since the arms\ndeal with Iran became public last November, his personal\npopularity is still relatively high.\n A Los Angeles Times poll released earlier this week showed\nthat just 37 pct of those surveyed thought Reagan was in\ncontrol of the government, but 55 pct still thought he was\ndoing a good job as president.\n American Enterprise Institute analyst William Schneider, a\nDemocrat, says Reagan's loss of support among Washington power\nbrokers could be offset by continued backing of the public.\n \"In the past, he has been able to go around the power elite\nby appealing directly to the public,\" Schneider said.\n Reagan will again plead his case that way in a televised\naddress next week.\n But one top Republican strategist warned against expecting\na dramatic turnaround.\n \"The White House has to avoid building expectations that\ncannot be met,\" said the strategist, who requested anonymity.\n\"They have to recognize there is no quick fix.\"\n Analysts also point out that Reagan's personal popularity\nhas not always translated into public backing for his policies.\n They note he was dramatically rebuffed in last November's\nelections when voters rejected his appeals and restored control\nof the Senate to the Democrats.\n Reuter\n\u0003", "date": "26-FEB-1987 15:38:26.23", "places": [ "usa" ], "id": "28" }, { "title": "JANUARY HOUSING SALES DROP, REALTY GROUP SAYS", "body": "Sales of previously owned homes\ndropped 14.5 pct in January to a seasonally adjusted annual\nrate of 3.47 mln units, the National Association of Realtors\n(NAR) said.\n But the December rate of 4.06 mln units had been the\nhighest since the record 4.15 mln unit sales rate set in\nNovember 1978, the group said.\n \"The drop in January is not surprising considering that a\nsignificant portion of December's near-record pace was made up\nof sellers seeking to get favorable capital gains treatment\nunder the old tax laws,\" said the NAR's John Tuccillo.\n Reuter\n\u0003", "date": "26-FEB-1987 15:39:41.92", "topics": [ "housing" ], "places": [ "usa" ], "id": "29" }, { "title": "ASSETS OF MONEY MARKET MUTUAL FUNDS ROSE 720.4 MLN DLRS IN LATEST WEEK\n", "date": "26-FEB-1987 15:41:56.54", "topics": [ "money-supply" ], "id": "30" }, { "title": "U.S. TAX WRITERS SEEK ESTATE TAX CURBS, RAISING 6.7 BILLION DLRS THRU 1991\n", "date": "26-FEB-1987 15:43:14.36", "places": [ "usa" ], "id": "31" }, { "title": "SENATORS INTRODUCE EXPORT LICENSING REFORM BILL", "body": "Sens. Alan Cranston (D-Cal.) and\nDaniel Evans (R-Wash.) said they introduced export licensing\nreform legislation that could save U.S. companies hundreds of\nthousands of dollars annually.\n \"Our emphasis is two-fold: Decontrol and de-license items\nwhere such actions will not endanger our national security, and\neliminate the Department of Defense's de facto veto authority\nover the licensing process,\" Cranston said.\n \"Our reforms should reduce licensing requirements by 65 to\n70 pct,\" he told reporters. \"I am convinced that a more\nrational...licensing process will boost exports.\"\n U.S. export controls are intended to deny Eastern bloc\ncountries access to technology that could further their\nmilitary capabilities.\n \"By refocusing our control resources on higher levels of\ntechnology, technology that is truly critical, we will do a\nbetter job of preventing diversion of critical technology to\nour adversaries while promoting more exports,\" Cranston said.\n \"We cannot expect to continue to play a leading role in new\ntechnology development in the future if we unduly restrict the\nactivities of U.S. firms in the world market-place,\" Evans told\nreporters.\n Reuter\n\u0003", "date": "26-FEB-1987 15:43:59.53", "places": [ "usa" ], "id": "32" }, { "title": "EXCELAN INC SETS INITIAL STOCK OFFER", "body": "Excelan Inc said it is making an\ninitial public offering of 2,129,300 shares of common stock at\n12 dlrs per share.\n Excelan said 1.6 mln of the shares are being sold by the\ncompany and 529,300 shares are being sold by stockholders.\n Excelan designs and manufactures computer-related products.\n Reuter\n\u0003", "date": "26-FEB-1987 15:44:36.04", "places": [ "usa" ], "id": "33" }, { "title": "CCX NETWORK SECONDARY OFFERING UNDERWAY", "body": "CCX Network Inc said it was offering\n220,838 shares of stock at 15.75 dlrs a share though\nunderwriters Stephens Inc and Cazenove Inc.\n The company said it was selling the stock on behalf of some\nshareholders, including those who recently received shares\nin the company in exchange for their businesses.\n The company said it was receiving no proceeds from the\noffering.\n Reuter\n\u0003", "date": "26-FEB-1987 15:45:19.65", "places": [ "usa" ], "id": "34" }, { "title": "FIRST UNION FILES 100 MLN DLR NOTES ISSUE", "body": "First Union Corp said it has filed with\nthe Securities and Exchange Commission for a proposed offering\nof 100 mln dlrs of fixed rate subordinated notes due 1997.\n The notes will be sold nationwide through underwriters\nmanaged by Shearson Lehman Brothers Inc.\n Reuter\n\u0003", "date": "26-FEB-1987 15:45:26.55", "places": [ "usa" ], "id": "35" }, { "title": "OWENS AND MINOR INC RAISES QTLY DIVIDEND", "body": "Qtly div eights cts vs 7.5 cts prior\n Pay March 31\n Record March 13\n Reuter\n\u0003", "date": "26-FEB-1987 15:45:35.37", "topics": [ "earn" ], "places": [ "usa" ], "id": "36" }, { "title": "COMPUTER LANGUAGE RESEARCH IN 4TH QTR", "body": "Shr loss 22 cts vs loss 18 cts\n Net loss 3,035,000 vs loss 2,516,000\n Revs 20.9 mln vs 19.6 mln\n Qtly div three cts vs three cts prior\n Year\n Shr profit two cts vs profit 34 cts\n Net profit 215,000 vs profit 4,647,000\n Revs 93.4 mln vs 98.7 mln\n NOTE: Dividend payable April one to shareholders of record\nMarch 17.\n Reuter\n\u0003", "date": "26-FEB-1987 15:45:39.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "37" }, { "title": " 4TH QTR NET", "body": "Shr 45 cts vs 58 cts\n Net 1.1 mln vs 829,000\n Sales 7.9 mln vs 9.4 mln\n Avg shrs 2,332,397 vs 1,428,000\n Year\n Shr 1.22 dlrs vs 1.06 dlrs\n Net 2.9 mln vs 1.5 mln\n Sales 25.7 mln vs 22.2 mln\n Avg shrs 2,332,397 vs 1,428,000\n Reuter\n\u0003", "date": "26-FEB-1987 15:45:47.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "38" }, { "title": "DU PONT CO
LAUNCHES IMPROVED ARAMID FIBERS", "body": "The Du Pont Co said it has\ndevloped a new generation of high-strength aramid fibers which\nis stiffer and less absorbant than previous generations.\n Du Pont said the new product, Kevlar 149, is up to 40 pct\nstiffer than first generation aramids, and absorbs less than\nhalf the moister of other similar aramid fibers.\n Kevlar was invented by Du Pont in the late 1960s and is\nfive times stronger than steel and 10 times stronger than\naluminum on an equal wieght basis, and is used to replace\nmetals in a variety of products, according to the company.\n Reuter\n\u0003", "date": "26-FEB-1987 15:46:36.16", "places": [ "usa" ], "id": "39" }, { "title": "STANDARD TRUSTCO SEES BETTER YEAR", "body": "Standard Trustco said it expects earnings\nin 1987 to increase at least 15 to 20 pct from the 9,140,000\ndlrs, or 2.52 dlrs per share, recorded in 1986.\n \"Stable interest rates and a growing economy are expected to\nprovide favorable conditions for further growth in 1987,\"\npresident Brian O'Malley told shareholders at the annual\nmeeting.\n Standard Trustco previously reported assets of 1.28 billion\ndlrs in 1986, up from 1.10 billion dlrs in 1985. Return on\ncommon shareholders' equity was 18.6 pct last year, up from 15\npct in 1985.\n Reuter\n\u0003", "date": "26-FEB-1987 15:47:16.17", "topics": [ "earn" ], "places": [ "canada" ], "id": "40" }, { "title": "HANDY AND HARMAN 4TH QTR LOSS", "body": "Shr loss 51 cts vs loss three cts\n Net loss 7,041,000 vs loss 467,000\n Rev 138.9 mln vs 131.4 mln\n 12 months\n Shr loss 64 cts vs profit 46 cts\n Net loss 8,843,000 vs profit 6,306,0000\n Rev 558.9 mln vs 556.7 mln\n NOTE: Net loss for 4th qtr 1986 includes charge for\nrestructuring of 2.6 mln dlrs after tax, or 19 cts a share.\n 1986 net loss includes after tax special charge of 2.7 mln\ndlrs, or 20 cts a share.\n \n Reuter\n\u0003", "date": "26-FEB-1987 15:48:26.92", "topics": [ "earn" ], "places": [ "usa" ], "id": "41" }, { "title": "ICO PRODUCERS TO PRESENT NEW COFFEE PROPOSAL", "body": "International Coffee Organization, ICO,\nproducing countries will present a proposal for reintroducing\nexport quotas for 12 months from April 1 with a firm\nundertaking to try to negotiate up to September 30 any future\nquota distribution on a new basis, ICO delegates said.\n Distribution from April 1 would be on an unchanged basis as\nin an earlier producer proposal, which includes shortfall\nredistributions totalling 1.22 mln bags, they said.\n Resumption of an ICO contact group meeting with consumers,\nscheduled for this evening, has been postponed until tomorrow,\ndelegates said.\n Reuter\n\u0003", "date": "26-FEB-1987 15:49:27.16", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "uk" ], "id": "42" }, { "title": "SHULTZ SAYS NO RESIGNATION OVER IRAN REPORT", "body": "Secretary of State George\nShultz acknowledged failings in the Iran arms affair but\ndeclared he would not resign.\n His role in the scandal that has scarred the Reagan\nadministration attracted harsh criticism from the Tower\ncommission in its report on the affair published today.\n Shultz, travelling to China for a week-long visit, refused\nto comment directly on the report, published after he had left\nWashington. But he repeated -- as he has done since the crisis\nbroke last November -- that he was not going to resign.\n \"You can wipe that off your slate,\" he said.\n Reuter\n\u0003", "date": "26-FEB-1987 15:49:44.93", "places": [ "usa", "iran" ], "id": "43" }, { "title": "MCLEAN'S U.S. LINES SETS ASSET TRANSFER", "body": "McLean Industries Inc's United\nStates Lines Inc subsidiary said it has agreed in principle to\ntransfer its South American service by arranging for the\ntransfer of certain charters and assets to 's American Transport Lines Inc subsidiary.\n U.S. Lines said negotiations on the contract are expected\nto be completed within the next week. Terms and conditions of\nthe contract would be subject to approval of various regulatory\nbodies, including the U.S. Bankruptcy Court.\n Reuter\n\u0003", "date": "26-FEB-1987 15:49:56.01", "topics": [ "acq", "ship" ], "places": [ "usa" ], "id": "44" }, { "title": "CHEMLAWN RISES ON HOPES FOR HIGHER BIDS", "body": "ChemLawn Corp could attract a\nhigher bid than the 27 dlrs per share offered by Waste\nManagement Inc , Wall Street arbitrageurs said.\n Shares of ChemLawn shot up 11-5/8 to 29-3/8 in\nover-the-counter- trading with 3.8 mln of the company's 10.1\nmln shares changing hands by late afternoon.\n \"This company could go for 10 times cash flow or 30 dlrs,\nmaybe 32 dollars depending on whether there is a competing\nbidder,\" an arbitrageur said. Waste Management's tender offer,\nannounced before the opening today, expires March 25.\n \"This is totally by surprise,\" said Debra Strohmaier, a\nChemLawn spokeswoman. The company's board held a regularly\nscheduled meeting today and was discussing the Waste Management\nannouncement. She said a statement was expected but it was not\ncertain when it would be ready. \n She was unable to say if there had been any prior contact\nbetween Waste Management and ChemLawn officials.\n \"I think they will resist it,\" said Elliott Schlang,\nanalyst at Prescott, Ball and Turben Inc. \"Any company that\ndoesn't like a surprise attack would.\"\n Arbitrageurs pointed out it is difficult to resist tender\noffers for any and all shares for cash. Schlang said ChemLawn\ncould try to find a white knight if does not want to be\nacquired by Waste Management.\n Analyst Rosemarie Morbelli of Ingalls and Snyder said\nServiceMaster Companies L.P. or Rollins Inc were\nexamples of companies that could be interested.\n ChemLawn, with about two mln customers, is the largest U.S.\ncompany involved in application of fertilizers, pesticides and\nherbicides on lawns. Waste Management is involved in removal of\nwastes.\n Schlang said ChemLawn's customer base could be valuable to\nanother company that wants to capitalize on a strong\nresidential and commercial distribution system.\n Both Schlang and Morbelli noted that high growth rates had\ncatapulted ChemLawn's share price into the mid-30's in 1983 but\nthe stock languished as the rate of growth slowed.\n Schlang said the company's profits are concentrated in the\nfourth quarter. In 1986 ChemLawn earned 1.19 dlrs per share for\nthe full year, and 2.58 dlrs in the fourth quarter.\n Morbelli noted ChemLawn competes with thousands of\nindividual entrepreuers who offer lawn and garden care sevice.\n Reuter\n\u0003", "date": "26-FEB-1987 15:51:17.84", "topics": [ "acq" ], "places": [ "usa" ], "id": "45" }, { "title": "U.S. SUGAR IMPORTS DOWN IN WEEK - USDA", "body": "Sugar imports subject to the U.S.\nsugar import quota during the week ended January 9, the initial\nweek of the 1987 sugar quota year, totaled 5,988 short tons\nversus 46,254 tons the previous week, the Agriculture\nDepartment said.\n The sugar import quota for the 1987 quota year\n(January-December) has been set at 1,001,430 short tons\ncompared with 1,850,000 tons in the 1986 quota year, which was\nextended three months to December 31.\n The department said the Customs Service has reported that\nweekly and cumulative imports are reported on an actual weight\nbasis and when final polarizations are received, cumulative\nimport data are adjusted accordingly.\n Reuter\n\u0003", "date": "26-FEB-1987 15:51:28.42", "topics": [ "sugar" ], "places": [ "usa" ], "id": "46" }, { "title": "BRAZIL ANTI-INFLATION PLAN LIMPS TO ANNIVERSARY", "body": "inflation\nplan, initially hailed at home and abroad as the saviour of the\neconomy, is limping towards its first anniversary amid soaring\nprices, widespread shortages and a foreign payments crisis.\n Announced last February 28 the plan froze prices, fixed the\nvalue of the new Cruzado currency and ended widespread\nindexation of the economy in a bid to halt the country's 250\npct inflation rate.\n But within a year the plan has all but collapsed.\n \"The situation now is worse than it was. Although there was\ninflation, at least the economy worked,\" a leading bank\neconomist said.\n The crumbling of the plan has been accompanied by a\ndramatic reversal in the foreign trade account. In 1984 and\n1985 Brazil's annual trade surpluses had been sufficient to\ncover the 12 billion dlrs needed to service its 109 billion dlr\nforeign debt.\n For the first nine months of 1986 all seemed to be on\ntarget for a repeat, with monthly surpluses averaging one\nbillion dlrs. But as exports were diverted and imports\nincreased to avoid further domestic shortages the trade surplus\nplunged to 211 mln dlrs in October and since then has averaged\nunder 150 mln.\n Reuter\n\u0003", "date": "26-FEB-1987 15:51:51.24", "topics": [ "trade" ], "places": [ "brazil" ], "id": "47" }, { "title": "N.Z. OFFICIAL FOREIGN RESERVES FALL IN JANUARY", "body": "New Zealand's official foreign\nreserves fell to 7.15 billion N.Z. Dlrs in January from 7.20\nbillion dlrs in December and compared with 3.03 billion a year\nago period, the Reserve Bank said in its weekly statistical\nbulletin.\n Reuter\n\u0003", "date": "26-FEB-1987 15:52:15.10", "topics": [ "reserves" ], "places": [ "new-zealand" ], "id": "48" }, { "title": "AGENCY REPORTS 39 SHIPS WAITING AT PANAMA CANAL", "body": "The Panama Canal Commission, a U.S.\ngovernment agency, said in its daily operations report that\nthere was a backlog of 39 ships waiting to enter the canal\nearly today. Over the next two days it expects -- \n 2/26 2/27\n Due: 27 35\n Scheduled to Transit: 35 41\n End-Day Backlog: 31 25\n Average waiting time tomorrow --\n Super Tankers Regular Vessels\n North End: 13 hrs 15 hrs\n South End: 4 hrs 26 hrs\n Reuter\n\u0003", "date": "26-FEB-1987 15:52:25.60", "topics": [ "ship" ], "places": [ "usa", "panama" ], "id": "49" }, { "title": "AMERICA FIRST MORTGAGE SETS SPECIAL PAYOUT", "body": " said it is making a special distribution of\n71.6 cts per exchangeable unit, which includes 67.62 cts from\nreturn on capital and 3.98 cts from income gains.\n Reuter\n\u0003", "date": "26-FEB-1987 15:52:33.04", "topics": [ "earn" ], "places": [ "usa" ], "id": "50" }, { "title": "REPUBLICANS EYE BIGGER U.S. CONSERVATION RESERVE", "body": "A group of Republican governors and\nmembers of Congress said they intended to explore expanding the\nconservation reserve program by up to 20 mln acres.\n Under current law, between 40 and 45 mln acres of erodible\nland must be enrolled in the program by the end of fiscal 1990.\n The Republican Task Force on Farm and Rural America, headed\nby Senate Majority Leader Robert Dole (Kan.), said they would\nconsider drafting legislation to increase the reserve by\nbetween 15 and 20 mln acres.\n Sen. Charles Grassley (R-Iowa) told Reuters he would offer\na bill to expand the reserve to 67 mln acres.\n Reuter\n\u0003", "date": "26-FEB-1987 15:52:57.49", "places": [ "usa" ], "id": "51" }, { "title": "ARVIN INDS PROMOTES EVANS TO PRESIDENT", "body": "Arvin Industries Inc said L.K.\nEvans has been elected president, succeeding James Baker who\nremains chairman. Evans had been executive vice president.\n Reuter\n\u0003", "date": "26-FEB-1987 15:53:05.48", "places": [ "usa" ], "id": "52" }, { "title": "EMHART CORP QTLY DIVIDEND", "body": "Qtly div 35 cts vs 35 cts prior\n Payable March 31\n Record March nine\n\n Reuter\n\u0003", "date": "26-FEB-1987 15:53:54.56", "topics": [ "earn" ], "places": [ "usa" ], "id": "53" }, { "title": "U.S. DATA POINT TO CAPITAL SPENDING SLOWDOWN", "body": "A surprise 7.5 pct drop in U.S. January\ndurable goods orders points to a slowdown in capital spending\nthat could presage lackluster real growth in the U.S. economy\nin the first quarter of 1987, economists said.\n With total orders, excluding the volatile defense sector,\nfalling a record 9.9 pct, economists agreed that the report\npainted a bleak picture for the U.S. economy.\n But they stressed that the 1987 tax reform laws may be a\nprimary factor behind the drop in orders for business capital\ninvestment.\n \"It's a rather gloomy outlook for the economy, said David\nWyss of Data Resources Inc. \"I'm particularly impressed by the\n19.7 pct drop in non-defense capital goods orders because it\nmay be a sign that businesses are reacting more adversely to\ntax reform than we thought.\"\n The Commerce Department pointed out that a record 14.8 pct\ndecline in new orders for machinery was led by declines in\noffice and computing equipment orders.\n Economists said the drop in computer orders may have been a\nresponse to the lengthening of depreciation schedules and the\nend of the investment tax credit under the new tax laws.\n \"It's more expensive to invest than it used to be, so\npeople just aren't doing it as much,\" Wyss said.\n Increases in durable goods orders at year's end reinforced\nthe view that businesses anticipated the changing tax laws,\neconomists said.\n November durable goods orders rose 5.1 pct and December's\nincreased 1.5 pct, revised upwards from a previously reported\n0.9 pct.\n But most acknowledged that the huge January drop was caused\nby more than tax reform.\n \"The wash-out that took place in January was far greater\nthan the actual gains that took place in November and\nDecember,\" said Bill Sullivan of Dean Witter Reynolds Inc. \"The\neconomy has a weakening bent to it early in the year.\"\n \"The report definitely points to very sluggish capital\nspending over the next couple of quarters,\" said Donald Maude\nof Midland Montagu Capital Markets Inc.\n Maude pointed to a continuing decline in order backlogs as\nevidence that the outlook for new orders is not improving. In\nNovember, order backlogs rose 0.6 pct, but in December they\nfell 0.6 pct and in January 0.7 pct, he said.\n \"It suggests orders in the pipeline are depleting, which\nmay quickly translate to a drop in production,\" Midland\nMontagu's Maude said.\n Wyss cautioned that too much should not be made of\nJanuary's report, given that other reports have reflected\nstrength.\n But he acknowledged that the decline occurred despite a 51\npct rise in defense orders, compared with a 57.7 pct decline in\nDecember.\n He also noted that there was a 6.9 pct drop in January\nshipments, compared with a 5.4 pct rise in December.\n \"Given these numbers, there's no reason for the Fed to\ntighten,\" Data Resources' Wyss said.\n \"But there's no reason to ease unless we see more numbers\nlike this. The Fed will wait and see,\" he added.\n Sullivan predicted the Fed will ease by Easter. \"People\naren't talking recession or Fed easing now, but the Fed will\nhave to ease to ensure global growth.\"\n Reuter\n\u0003", "date": "26-FEB-1987 15:54:55.20", "places": [ "usa" ], "id": "54" }, { "title": "SENATORS INTRODUCE EXPORT LICENSING REFORM BILL", "body": "Sens. Alan Cranston (D-Cal.) and\nDaniel Evans (R-Wash.) said they introduced export licensing\nreform legislation that could save U.S. companies hundreds of\nthousands of dollars annually.\n \"Our emphasis is two-fold: Decontrol and de-license items\nwhere such actions will not endanger our national security, and\neliminate the Department of Defense's de facto veto authority\nover the licensing process,\" Cranston said.\n \"Our reforms should reduce licensing requirements by 65 to\n70 pct,\" he told reporters. \"I am convinced that a more\nrational...licensing process will boost exports.\"\n U.S. export controls are intended to deny Eastern bloc\ncountries access to technology that could further their\nmilitary capabilities.\n \"By refocusing our control resources on higher levels of\ntechnology, technology that is truly critical, we will do a\nbetter job of preventing diversion of critical technology to\nour adversaries while promoting more exports,\" Cranston said.\n \"We cannot expect to continue to play a leading role in new\ntechnology development in the future if we unduly restrict the\nactivities of U.S. firms in the world market-place,\" Evans told\nreporters.\n Reuter\n\u0003", "date": "26-FEB-1987 15:56:00.50", "places": [ "usa" ], "id": "55" }, { "title": "AM INTERNATIONAL CITES STRONG PROSPECTS", "body": "AM International Inc, reporting an\noperating loss for the January 31 second quarter, said\nprospects for the balance of the fiscal year remain good.\n It said orders at its Harris Graphics subsidiary, acquired\nin June 1986, \"continue to run at a strong pace.\" For the six\nmonths, orders rose 35 pct over the corresponding prior-year\nperiod, or on an annualized basis are running at about 630 mln\ndlrs.\n The backlog at Harris is up 30 pct from the beginning of\nthe fiscal year, AM said.\n AM International said its old division are expected to\nbenefit from recent new product introductions and the decline\nin the value of the dollar.\n \"Research, development and engineering expenditures in\nfiscal 1987 will be in the 45-50 mln dlr range, and the company\nsaid it has allocated another 30-40 mln dlrs for capital\nexpenditures.\n Earlier AM reported a fourth quarter operating loss of two\ncts a share compared to profits of seven cts a share a year\nago. Revenues rose to 291.8 mln dlrs from 151.1 mln dlrs.\n Reuter\n\u0003", "date": "26-FEB-1987 15:57:48.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "56" }, { "title": "CCC CREDITS FOR HONDURAS SWITCHED TO WHITE CORN", "body": "The Commodity Credit Corporation (CCC)\nannounced 1.5 mln dlrs in credit guarantees previously\nearmarked to cover sales of dry edible beans to Honduras have\nbeen switched to cover sales of white corn, the U.S.\nAgriculture Department said.\n The department said the action reduces coverage for sales\nof dry edible beans to 500,000 dlrs and creates the new line of\n1.5 mln dlrs for sales of white corn.\n All sales under the credit guarantee line must be\nregistered and shipped by September 30, 1987, it said.\n Reuter\n\u0003", "date": "26-FEB-1987 15:58:07.34", "topics": [ "grain", "corn" ], "places": [ "usa", "honduras" ], "id": "57" }, { "title": "ASSETS OF U.S. MONEY FUNDS ROSE IN WEEK", "body": "Assets of money market mutual funds\nincreased 720.4 mln dlrs in the week ended yesterday to 236.90\nbillion dlrs, the Investment Company Institute said.\n Assets of 91 institutional funds rose 356 mln dlrs to 66.19\nbillion dlrs, 198 general purpose funds rose 212.5 mln dlrs to\n62.94 billion dlrs and 92 broker-dealer funds rose 151.9 mln\ndlrs to 107.77 billion dlrs.\n Reuter\n\u0003", "date": "26-FEB-1987 15:58:19.46", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "58" }, { "title": "GULF BARGE FREIGHT RATES UP FURTHER ON CALL", "body": "Gulf barge freight rates firmed again on\nthe outlook for steady vessel loadings at the Gulf, increasing\nthe demand for barges to supply those ships, dealers said.\n No barges traded today on the St Louis Merchants' Exchange\ncall session, versus 29 yesterday.\n Quotes included -\n - Delivery this week on the Illinois River (Joliet) 135 pct of\ntariff bid/140 offered, with next week same river (ex Chicago)\nquoted the same - both up 2-1/2 percentage points.\n - Next week Mississippi River (St Louis) 120 pct bid/127-1/2\noffered - up five points.\n - Next week Ohio River (Owensboro/south) 125 pct bid/132-1/2\noffered - up 7-1/2 points.\n - On station Illinois River (south Chicago) 135 pct bid/140\noffered - no comparison.\n - March Illinois (ex Chicago) 132-1/2 pct bid/140 offered - up\n2-1/2 points.\n - March Ohio River bid at yesterday's traded level of 125 pct,\noffered at 132-1/2.\n - March lower Mississippi River (Memphis/Cairo) 112-1/2 pct\nbid/120 offered - no comparison.\n - May Illinois River (ex Chicago) 100 pct bid/107-1/2 offered\n- no comparison.\n - Sept/Nov Lower Mississippi River (Memphis/Cairo) 137-1/2 pct\nbid/145 offered, with Sept/Dec same section 125 pct bid/135\noffered - no comparison.\n Reuter\n\u0003", "date": "26-FEB-1987 15:58:47.73", "topics": [ "ship" ], "places": [ "usa" ], "id": "59" }, { "title": "ARGENTINA COULD SUSPEND DEBT PAYMENTS - DEPUTY", "body": "Argentina could suspend payments on\nits foreign debt if creditor banks reject a 2.15 billion dlr\nloan request to meet 1987 growth targets, ruling Radical Party\nDeputy Raul Baglini told a local radio station.\n \"Argentina does not discard the use of (a moratorium) if the\nnegotiations do not produce a result that guarantees the growth\nof the country,\" he added.\n Baglini, an observer at Argentina's negotiations in New\nYork with the steering committee for its 320 creditors banks,\ntold the Radio del Plata in a telephone interview that the\nbanks were divided on the loan request.\n Baglini said that as a result, today's scheduled second day\nof talks had been postponed.\n He said Argentina was prepared to follow the example of\nBrazil, which last week declared a moratorium on interest\npayments of a large portion of its 108 billion dlr foreign\ndebt.\n Argentina's prime objective in renegotiating the debt was\nto maintain growth, which has been targeted at four pct in\n1987, Baglini said.\n \"Debtor nations should not have to take from their own\npockets, that is their commercial balance, to meet interest\npayments,\" he added.\n Reuter\n\u0003", "date": "26-FEB-1987 16:03:15.46", "places": [ "argentina" ], "id": "60" }, { "title": "KEY U.S. TAX WRITERS SEEK ESTATE TAX CURBS", "body": "The chairmen and senior Republican\nmembers of the House and Senate tax writing committees proposed\nlegislation to curb estate tax deduction on sales of stock to\nan employee stock ownership plan.\n The proposal would raise federal revenues of 6.7 billion\ndlrs over the fiscal year period 1987 to 1991.\n If adopted by Congress it would effect all transactions\nafter Sept 26, 1987.\n The plan was proposed by House Ways and Means Committee\nChairman Dan Rostenkowski (D-Ill), Rep John Duncan (R-Tenn),\nSenate Finance Committee Chairman Lloyd Bentsen (D-Tex) and Sen\nBob Packwood (R-Ore).\n In a statement Rostenkowski said the estate tax deduction\nenacted last year as part of the tax reform bill was too broad\nand would have cost the governmet seven billion dlrs over four\nyears. The narrower deduction would cost the government less\nthan 300 mln dlrs for the same years.\n He said it was designed to avoid sham transactions which\nallowed estates to avoid taxes by transferring stock to ESOPs.\n Senate Finance Committee chairman Lloyd Bentsen said in a\nstatement, \"The Tax Reform Act contains a provision that allows\nmany wealthy individuals to avoid the federal estate tax\nentirely when they die.\"\n He added, \"The provision was intended to encourage estates\nto sell stock to employee stock ownership plans as a way of\npromoting worker ownership; however, the provision was not\nmeant to be broad enough to reduce federal revenues as much as\nis currently estimated.\"\n He added, \"The bill I have introduced today calls for the\nmodification of the provision in accordance with its intended\npurpose.\"\n Reuter\n\u0003", "date": "26-FEB-1987 16:04:05.90", "places": [ "usa" ], "id": "61" }, { "title": "TREASURY BALANCES AT FED ROSE ON FEB 25", "body": "Treasury balances at the Federal\nReserve rose on Feb 25 to 4.151 billion dlrs from 2.727 billion\ndlrs the previous business day, the Treasury said in its latest\nbudget statement.\n Balances in tax and loan note accounts fell to 25.137\nbillion dlrs from 25.780 billion dlrs on the same respective\ndays.\n The Treasury's operating cash balance totaled 29.289\nbillion dlrs on Feb 25 compared with 28.507 billion dlrs on Feb\n24.\n Reuter\n\u0003", "date": "26-FEB-1987 16:04:57.16", "places": [ "usa" ], "id": "62" }, { "title": "CANADA'S WILSON SEEKS TEMPORARY BORROWING", "body": "Canadian Finance Minister Michael Wilson\nsaid he will use temporary authority under the Financial\nAdministration act to borrow an additional 600 mln dlrs in next\nThursday's treasury bill auction.\n In a statement, Wilson said the action would permit the\ngovernment to proceed with its debt program during a period\nwhen there was not sufficient borrowing authority, which is\ngranted by Parliament, to cover the government's needs.\n Ottawa announced previously it was seeking Parliamentary\napproval for the additional authority to cover the financing of\nan increase in the government's foreign reserves.\n Reuter\n\u0003", "date": "26-FEB-1987 16:05:36.23", "places": [ "canada" ], "id": "63" }, { "title": "GULF APPLIED SELLS UNITS, SEES GAIN", "body": "Gulf Applied Technologies Inc said it\nsold its pipeline and terminal operations units for 12.2 mln\ndlrs and will record a gain of 2.9 mln dlrs in the first\nquarter.\n It added that any federal taxes owed on the transaction\nwill be offset by operating loss carryovers.\n Reuter\n\u0003", "date": "26-FEB-1987 16:06:36.68", "topics": [ "earn" ], "places": [ "usa" ], "id": "64" }, { "title": "FARMERS GROUP INC 4TH QTR NET", "body": "Shr 80 cts vs 72 cts\n Net 55,513,000 vs 48,741,000\n Revs 290.9 mln vs 264.2 mln\n Year\n Shr 3.09 dlrs vs 2.72 dlrs\n Net 213,470,000 vs 184,649,000\n Revs 1.12 billion vs 992.9 mln\n Avg shrs 69,127,000 vs 68,004,000\n Reuter\n\u0003", "date": "26-FEB-1987 16:07:14.07", "topics": [ "earn" ], "places": [ "usa" ], "id": "65" }, { "title": "POTOMAC ELECTRIC POWER CO JAN NET", "body": "Shr 27 cts vs 29 cts\n Net 13,555,000 vs 14,635,000\n Revs 104,606,000 vs 110,311,000\n Avg shrs 47.2 mln vs 47.1 mln\n 12 mths\n Shr 4.10 dlrs vs 3.66 dlrs\n Net 226,653,000 vs 186,790,000\n Revs 1.4 billion vs 1.3 billion\n Avg shr 47.1 mln vs 47.1 mln\n \n NOTE: latest 12 mths net includes gain 46 cts per share for\nsale of Virginia service territory to Dominion Resources Inc\n.\n Reuter\n\u0003", "date": "26-FEB-1987 16:07:27.81", "topics": [ "earn" ], "places": [ "usa" ], "id": "66" }, { "title": "SPRINGBOARD IN DEAL", "body": "Springboard Software INc said it\nsigned a contract under which International Technology\nDevelopment Corp will provide software designers, programmers,\nproject supervisors and technical support personnel to\nSpringboard.\n International Technology, based in San Francisco and\nShanghai, China, employs Chinese computer specialists.\n Reuter\n\u0003", "date": "26-FEB-1987 16:08:15.22", "places": [ "usa" ], "id": "67" }, { "title": " BUYS GULFEX FOR UNDISCLOSED AMOUNT", "body": "CoFAB Inc said it acquired ,\na Houston-based fabricator of custom high-pressure process\nvessels for the energy and petrochemical industries.\n CoFAB said its group of companies manufacture specialized\ncooling and lubricating systems for the oil and gas,\npetrochemical, utility, pulp and paper and marine industries.\n Reuter\n\u0003", "date": "26-FEB-1987 16:08:33.15", "topics": [ "acq" ], "places": [ "usa" ], "id": "68" }, { "title": "U.S. WEEKLY SOYBEAN CRUSH 21,782,929 BUSHELS", "body": "Reporting members of the National\nSoybean Processors Association (NSPA) crushed 21,782,929\nbushels of soybeans in the week ended Feb 25 compared with\n22,345,718 bushels in the previous week and 16,568,000 in the\nyear-ago week, the association said.\n It said total crushing capacity for members was 25,873,904\nbushels vs 25,873,904 last week and 25,459,238 bushels last\nyear.\n NSPA also said U.S. soybean meal exports in the week were\n117,866 tonnes vs 121,168 tonnes a week ago and compared with\n84,250 tonnes in the year-ago week.\n NSPA said the figures include only NSPA member firms.\n Reuter\n\u0003", "date": "26-FEB-1987 16:10:43.67", "topics": [ "veg-oil", "soybean", "oilseed", "meal-feed", "soy-meal" ], "places": [ "usa" ], "id": "69" }, { "title": "SCHULT HOMES OFFERING PRICED AT FIVE DLRS/UNIT", "body": "The underwriters said the initial\noffering of 833,334 Schult Homes Corp units is being made at\nfive dlrs per unit.\n The underwriters, managed by Janney Montgomey Scott Inc and\nWoolcott and Co Inc, said each unit consits of one common share\nand one warrant to purchase one-half a common share at 5.50\ndlrs per share until September one 1989 and thereafter at 6.50\ndlrs per share until March 1991. The underwriters were granted\nan over-allotment option of 125,000 units.\n They said the company will use its proceeds to pay a\nportion of its subordinated note payable to Inland Steel Urban\nDevelopment Corp issued in connection with the acquisition of\nSchult from Inland. Based in Elkhart, Ind., Schult is the\ncountry's oldest manufactured home producer.\n Reuter\n\u0003", "date": "26-FEB-1987 16:11:21.94", "places": [ "usa" ], "id": "70" }, { "title": "TULTEX CORP SETS QUARTERLY DIVIDEND", "body": "Qtly div eights cts vs eight cts prior\n Pay April one\n Record March 13\n Reuter\n\u0003", "date": "26-FEB-1987 16:12:01.46", "topics": [ "earn" ], "places": [ "usa" ], "id": "71" }, { "title": "BURLINGTON GETS 30.5 MLN DLR CONTRACT", "body": "Burlington Menswear of New York City,\na division of Burlington Industries Inc, has received a 30.5\nmln dlr defense contract for 3.69 mln yards of tropical cloth,\nthe Defense Logistics Agency said.\n reuter\n\u0003", "date": "26-FEB-1987 16:13:04.20", "places": [ "usa" ], "id": "72" }, { "title": "ROCKWELL GETS 28.3 MLN DLR B-1 CONTRACT", "body": "Rockwell International Corp has\nreceived a 28.3 mln dlr contract for work on the B-1B bomber in\nthe current fiscal year, the Air Force said.\n reuter\n\u0003", "date": "26-FEB-1987 16:13:36.47", "places": [ "usa" ], "id": "73" }, { "title": "ATICO FINANCIAL CORP 4TH QTR NET", "body": "Shr 30 cts vs 5.92 dlrs\n Net 1,142,000 vs 16.0 mln\n Revs 10.6 mln vs 24.2 mln\n Year\n Shr 90 cts vs 6.20 dlrs\n Net 3,320,000 vs 16.9 mln\n Revs 45.00 mln vs 26.2 mln\n NOTE: 1986 4th qtr and yr amounts include acquisition of\n98.8 pct of common of Atico, formerly Peninsula Federal Savings\nand Loan Association, on January 24, 1986.\n 1985 4th qtr and yr net include net gain of 15.9 mln dlrs\nor 5.86 dlrs per share on exchange of common of Pan America\nBanks Inc for common of NCNB Corp purusant to a merger of the\ncompanies.\n Reuter\n\u0003", "date": "26-FEB-1987 16:14:23.26", "topics": [ "earn" ], "places": [ "usa" ], "id": "74" }, { "title": "ICO EXPORTERS TO MODIFY NEW PROPOSAL", "body": "International Coffee Organization (ICO)\nexporters will modify their new proposal on quota resumption\nbefore presenting it to importers tomorrow, ICO delegates said.\n The change, which will be discussed tonight informally\namong producers, follows talks after the formal producer\nsession with the eight-member producer splinter group and will\naffect the proposed quota distribution for 12 months from April\none, they said.\n The proposed share-out would still include shortfall\ndeclarations, they said.\n Reuter\n\u0003", "date": "26-FEB-1987 16:15:51.34", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "uk" ], "id": "75" }, { "title": "U.S. COMMERCIAL PAPER FALLS 375 MLN DLRS IN FEB 18 WEEK, FED SAYS\n", "date": "26-FEB-1987 16:16:52.92", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "76" }, { "title": "N.Y. BUSINESS LOANS FALL 195 MLN DLRS IN FEB 18 WEEK, FED SAYS\n", "date": "26-FEB-1987 16:17:05.96", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "77" }, { "title": "NEW YORK BANK DISCOUNT WINDOW BORROWINGS 64 MLN DLRS IN FEB 25 WEEK\n", "date": "26-FEB-1987 16:17:21.41", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "78" }, { "title": "QUEBECOR HEAD SEES NEW VENTURES LIKELY", "body": "Quebecor Inc, one of Canada's largest\npublishing and printing companies, is likely to launch a new\ndaily newspaper in Montreal, probably this fall, president\nPierre Peladeau told Reuters in an interview.\n The company, which last week won a bid to buy the Quebec\ngovernment's 55 pct interest in pulp and paper company , will also likely go ahead with plans to build a new paper\nmill in Matane, Quebec, Peladeau said.\n \"I would say we will move (ahead with the daily).... This\nis not definite but i think we will,\" he said, adding that he\nplans to announce a decision early next week.\n Quebecor, which had revenues of 446 mln Canadian dlrs last\nyear and profit of 16.2 mln dlrs, already publishes three daily\nnewspapers, including the tabloid Le Journal de Montreal, the\nsecond-largest circulation paper in Canada.\n A new daily would give Montreal its second English-\nlanguage paper and its sixth daily newspaper, making the city\nthe most crowded metropolitan newspaper market in North\nAmerica, analysts have said.\n Peladeau said market studies have indicated a new English\nlanguage tabloid would have circulation of 50,000 within six\nmonths. He said he is waiting to determine whether the new\nventure would have the support of major advertisers.\n Peladeau, who together with family members owns about 55\npct of Quebecor, said he has recieved offers from the heads of\ntwo major Canadian companies who are interested in the project\nbut has not decided whether he would take partners in the\nnewspaper venture.\n He said he would consider launching the newspaper with one\nof the companies as a prelude to other joint ventures.\n \"It would be the possibility of doing something else in the\nshort term,\" Peladeau said.\n Peladeau said the joint acquisition of Donohue with Robert\nMaxwell's British Printing and Communications Corp plc \ndoes not mean Quebecor will have to hold off on other projects.\n Peladeau and Maxwell's companies teamed up to buy the stake\nin Donohue, which resulted in Quebecor buying 51 pct of the\ngovvernment's stake for about 165 mln Canadian dlrs and British\nprinting acquiring the other 49 pct.\n \"In 1976 or 77 there was a tremendous shortage of\nnewsprint. There were days when we didn't have enough paper to\nprint the paper,\" Peladeau said. \"When I lived that, I said to\nmyself...next time we'll be ready.\"\n Peladeau said most of Donohue's current total newsprint\ncapacity however, is already committed to other buyers.\n Quebecor uses about 100,000 metric tons of newsprint a year\nand Maxwell's company, which publishes Britain's Daily Mirror\nnewspaper, uses about 200,000 tonnes.\n Peladeau said even with a new 170 mln dlr paper machine, 49\npct owned by the New York Times, (NYT.A), adding to Donohue's\n540,000 metric tonne capacity this fall, the companies will\nhave to install another paper machine at Amos, Quebec, or build\nanother mill to meet their demands .\n He said a new mill, which would produce either newsprint or\nother types of paper, would cost 400-500 mln dlrs and could be\non stream in two years. He said a mill in Matane, a depressed\narea with high unemployment, would be heavily subsidized by the\ngovernment.\n Peladeau said he is interested in further joint ventures\nwith Maxwell's company, either in the newspaper market in\nFrance or in the U.S., where the company owns two large\nprinting plants and is looking to expand its newspaper empire.\n He said Maxwell's sons, who are French citizens, would\nprovide an entree into the French market, where foreigners are\nprevented from buying newspapers. Peladeau said he would\nconsider either buying into or starting daily newspapers in\nFrance or the U.S.\n Quebecor is also in the process of expanding its chain of\nabout 40 weekly newspapers, with the possible acquisition of\ntwo groups of weekly newspapers in the U.S., and is negotiating\nthe acquisition of two weekly newspaper chains in Canada,\nPeladeau said.\n He said the company may consider starting daily newspapers\nin two small Quebec cities and buying radio stations in the\nprovince.\n Peladeau said Quebecor may also consider trading in its\nlisting on the American stock exchange for a New York Stock\nExchange listing.\n Reuter\n\u0003", "date": "26-FEB-1987 16:18:41.47", "places": [ "canada" ], "id": "79" }, { "title": "NEW YORK BUSINESS LOANS FALL 195 MLN DLRS", "body": "Commercial and industrial loans on the\nbooks of the 10 major New York banks, excluding acceptances,\nfell 195 mln dlrs to 65.06 billion in the week ended February\n18, the Federal Reserve Bank of New York said.\n Including acceptances, loans declined 114 mln dlrs to 65.89\nbillion.\n Commercial paper outstanding nationally dropped 375 mln\ndlrs to 336.63 billion.\n National business loan data are scheduled to be released on\nFriday.\n Reuter\n\u0003", "date": "26-FEB-1987 16:20:06.60", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "80" }, { "title": "N.Y. BANK DISCOUNT BORROWINGS 64 MLN DLRS", "body": "The eight major New York City banks had\n64 mln dlrs in average borrowings from the Federal Reserve in\nthe week to Wednesday February 25, a Fed spokesman said.\n The week marked the second half of the two-week bank\nstatement period that ended on Wednesday. The banks had no\nborrowings in the prior week.\n Commenting on the latest week, a Fed spokesman said that\nall of the borrowing occurred yesterday and was done by fewer\nthan half of the banks.\n National data on discount window borrowings are due to be\nreleased at 1630 EST (2130 GMT).\n\n Reuter\n\u0003", "date": "26-FEB-1987 16:20:50.93", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "81" }, { "title": "PHILIPPINE LONG DISTANCE YEAR NET", "body": "Shr primary 95.30 pesos vs 29.71 pesos\n Shr diluted 61.11 pesos vs 18.49 pesos\n Qtly div 1.25 pesos vs 1.25 pesos\n Net 1.9 billion vs 779 mln\n Revs 6.1 billion vs 4.7 billion\n NOTE: Full name Philippine Long Distance Telephone Co.\n Figures quoted in Philippine Pesos.\n Dividend payable April 15 to holders or record March 13.\nExchange rate on day of dividend declaration was 20.792 pesos\nper dollar.\n Reuter\n\u0003", "date": "26-FEB-1987 16:23:47.79", "topics": [ "earn" ], "places": [ "usa", "philippines" ], "id": "82" }, { "title": "LIBERTY ALL-STAR EQUITY FUND INITIAL DIV", "body": "Qtly div five cts vs N.A.\n Payable April two\n Record March 20\n NOTE:1986 dividend includes special two cts per share for\nthe period beginning with the fund's commencement of operations\non Novebmer three through December 31, 1986.\n Reuter\n\u0003", "date": "26-FEB-1987 16:25:23.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "83" }, { "title": "COLUMBIA GAS SYSTEM INC REDEEMS DEBENTURES", "body": "The Columbia Gas Systems Inc said\nit will redeem 4.7 mln dlrs principal amount of its 9-1/8 pct\ndebentures, series due May 1, 1996, and five mln dlrs\nprincipal amount of its 10-1/4 pct debentures, series due May\n1, 1999.\n The company said it is redeeming the debentures to meet\nmandatory sinking fund requirements.\n In addition, Columbia said it will call for the optional\nsinking fund redemption on May 1, 1987, the 4.7 mln dlrs\nprincipal amount of the 9-1/8 debentures and 7.5 mln dlrs of\nthe 10-1/4 pct debentures.\n Reuter\n\u0003", "date": "26-FEB-1987 16:25:42.65", "places": [ "usa" ], "id": "84" }, { "title": "COMBUSTION ENGINEERING INC REGULAR DIV", "body": "Qtly div 25 cts vs 25 cts prior\n Pay April 30\n Record April 16\n Reuter\n\u0003", "date": "26-FEB-1987 16:26:09.46", "topics": [ "earn" ], "places": [ "usa" ], "id": "85" }, { "title": "TONKA CORP RAISES DIVIDEND", "body": "Qtly div two cts vs 1.7 cts\n Pay March 26\n Record March 12\n Reuter\n\u0003", "date": "26-FEB-1987 16:27:07.38", "topics": [ "earn" ], "places": [ "usa" ], "id": "86" }, { "title": "BDM INTERNATIONAL INCREASES QTRLY DIVS", "body": "Annual div Class A 14 cts vs 12 cts prior\n Annual div Class B 12.1 cts vs 10.4 cts prior\n Payable April one\n Record March 20\n NOTE: full name is BDM International Inc.\n Reuter\n\u0003", "date": "26-FEB-1987 16:29:15.25", "topics": [ "earn" ], "places": [ "usa" ], "id": "87" }, { "title": "SORG STOCKHOLDERS FORM GROUP", "body": "Sorg Inc said a group composed of\none-third of the stockholders in Sorg agreed not to sell their\nholdings without the consent of the entire group.\n Sorg said the group also agreed to vote as a body on any\nproposed merger or election of directors.\n The company further said it retained the First Boston Corp\nto act as its financial advisor.\n The company was not immediately available to provide\nfurther details on the group or its aims.\n Reuter\n\u0003", "date": "26-FEB-1987 16:29:19.68", "places": [ "usa" ], "id": "88" }, { "title": "SYSTEMATICS INC REGULAR PAYOUT", "body": "Qtly div three cts vs three cts prior\n Pay March 13\n Record February 27\n Reuter\n\u0003", "date": "26-FEB-1987 16:29:26.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "89" }, { "title": "TEXAS INSTRUMENTS DEVELOPS NEW CHIP", "body": "Texas Instruments Inc said it has\ndeveloped the first 32-bit computer chip designed specifically\nfor artificial intelligence applications.\n The company said the new microprocessor, measuring\none-centimeter square and containing 553,687 transistors, is\nthe densest chip ever made.\n The chip was designed, Texas Instruments said, for use with\nthe Lisp langugage, which is used widely by software\nprogrammers in the artificial intelligence field.\n The company added that it is working on a production\nversion of the chip.\n Reuter\n\u0003", "date": "26-FEB-1987 16:29:30.05", "places": [ "usa" ], "id": "90" }, { "title": "CONSOLIDATED GAS UNIT SAYS NO RULES BROKEN", "body": "Consolidated Natural Gas\nSystem's Consolidated Gas Transmission Corp said it is in\ncompliance with all federal regulations regarding the disposal\nof polychlorinated biphenyls, or PCBs.\n The company said it successfully cleaned up the only\nearthen pit at which PCBs were reported to be above\nEnvironmental Protection Agency standards.\n \n Reuter\n\u0003", "date": "26-FEB-1987 16:29:56.33", "places": [ "usa" ], "id": "91" }, { "title": "U.S. M-1 MONEY SUPPLY RISES 2.1 BILLION DLRS IN FEB 16 WEEK, FED SAYS\n", "date": "26-FEB-1987 16:31:34.18", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "92" }, { "title": " YEAR NET", "body": "Shr 1.11 dlrs vs 1.04 dlrs\n Net 44,092,000 vs 35,145,000\n Revs 1.94 billion vs 1.34 billion\n Note: 1986 results include extraordinary gain of 1,035,000\ndlrs or six cts a share from secondary share offering of Canron\nunit.\n Reuter\n\u0003", "date": "26-FEB-1987 16:31:44.49", "topics": [ "earn" ], "places": [ "canada" ], "id": "93" }, { "title": "U.S. BANK DISCOUNT BORROWINGS AVERAGE 310 MLN DLRS IN FEB 25 WEEK, FED SAYS\n", "date": "26-FEB-1987 16:31:54.04", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "94" }, { "title": "U.S. BANK NET FREE RESERVES 644 MLN DLRS IN TWO WEEKS TO FEB 25, FED SAYS\n", "date": "26-FEB-1987 16:32:04.32", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "95" }, { "title": "INVESTMENT FIRMS CUT CYCLOPS STAKE", "body": "A group of affiliated New York\ninvestment firms said they lowered their stake in Cyclops Corp\nto 260,500 shares, or 6.4 pct of the total outstanding common\nstock, from 370,500 shares, or 9.2 pct.\n In a filing with the Securities and Exchange Commission,\nthe group, led by Mutual Shares Corp, said it sold 110,000\nCyclops common shares on Feb 17 and 19 for 10.0 mln dlrs.\n Reuter\n\u0003", "date": "26-FEB-1987 16:32:37.30", "topics": [ "acq" ], "places": [ "usa" ], "id": "96" }, { "title": "ASCS TERMINAL MARKET VALUES FOR PIK GRAIN", "body": "The Agricultural Stabilization and\nConservation Service (ASCS) has established these unit values\nfor commodities offered from government stocks through\nredemption of Commodity Credit Corporation commodity\ncertificates, effective through the next business day.\n Price per bushel is in U.S. dollars. Sorghum is priced per\nCWT, corn yellow grade only.\n WHEAT HRW HRS SRW SWW DURUM\n Chicago -- 3.04 2.98 -- --\n Ill. Track -- -- 3.16 -- --\n Toledo -- 3.04 2.98 2.90 --\n Memphis -- -- 3.05 -- --\n Peoria -- -- 3.11 -- --\n Denver 2.62 2.63 -- -- --\n Evansville -- -- 2.99 -- --\n Cincinnati -- -- 2.96 -- --\n Minneapolis 2.65 2.71 -- -- 3.70\n Baltimore/\n Norf./Phil. -- -- 3.06 2.98 --\n Kansas City 2.87 -- 3.17 -- --\n St. Louis 3.03 -- 3.03 -- --\n Amarillo/\n Lubbock 2.64 -- -- -- --\n HRW HRS SRW SWW DURUM\n Lou. Gulf -- -- 3.16 -- --\n Portland/\n Seattle 3.07 3.08 -- 3.10 3.70\n Stockton 2.78 -- -- -- --\n L.A. 3.23 -- -- -- 4.05\n Duluth 2.65 2.71 -- -- 3.70\n Tex. Gulf 3.10 -- 3.16 -- --\n\n CORN BRLY OATS RYE SOYB SORG\n Chicago 1.47 -- -- -- 4.81 2.49\n Ill. Track 1.49 2.04 -- -- 4.85 2.52\n Toledo 1.41 2.04 1.50 -- 4.78 2.39\n Memphis 1.59 1.95 1.71 -- 4.90 2.86\n Peoria 1.51 --- -- -- 4.80 2.60\n Denver 1.56 1.56 -- -- -- 2.54\n Evnsvlle 1.54 2.04 1.50 2.17 4.90 2.61\n Cinci 1.52 2.04 1.50 2.17 4.85 2.58\n Mpls 1.34 1.75 1.50 1.85 4.68 --\n Balt/Nor/\n Phil 1.70 1.80 -- -- 4.98 3.12\n KC 1.49 1.56 1.64 -- 4.76 2.58\n St Lo 1.54 -- 1.66 -- 4.90 2.91\n Amarlo/\n Lubbck 1.84 1.40 -- -- 4.75 2.92\n Lou Gulf 1.73 -- -- -- 5.05 3.12\n Port/\n Seattle 1.87 2.10 1.68 -- -- --\n Stockton 2.18 2.23 2.10 -- -- 4.00\n LA 2.54 2.50 -- -- -- 4.38\n Duluth 1.34 1.75 1.50 1.85 4.68 --\n Tex Gulf 1.73 1.48 1.73 -- 5.05 3.12\n Reuter\n\u0003", "date": "26-FEB-1987 16:32:51.69", "topics": [ "grain", "wheat", "corn", "oat", "rye", "sorghum", "soybean", "oilseed" ], "places": [ "usa" ], "id": "97" }, { "title": "CORADIAN CORP 4TH QTR NET", "body": "Shr profit three cts vs loss three cts\n Net profit 363,000 vs loss 197,000\n Revs 3,761,000 vs 2,666,000\n Year\n Shr profit one cent vs loss 37 cts\n Net profit 129,000 vs loss 1,715,000\n Revs 11.4 mln vs 10.9 mln\n Avg shrs 10,694,081 vs 4,673,253\n Reuter\n\u0003", "date": "26-FEB-1987 16:33:15.81", "topics": [ "earn" ], "places": [ "usa" ], "id": "98" }, { "date": "26-FEB-1987 16:34:34.40", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "99" }, { "title": "N.Z. TRADING BANK DEPOSIT GROWTH RISES SLIGHTLY", "body": "New Zealand's trading bank seasonally\nadjusted deposit growth rose 2.6 pct in January compared with a\nrise of 9.4 pct in December, the Reserve Bank said.\n Year-on-year total deposits rose 30.6 pct compared with a\n26.3 pct increase in the December year and 34.5 pct rise a year\nago period, it said in its weekly statistical release.\n Total deposits rose to 17.18 billion N.Z. Dlrs in January\ncompared with 16.74 billion in December and 13.16 billion in\nJanuary 1986.\n Reuter\n\u0003", "date": "26-FEB-1987 16:35:16.02", "topics": [ "money-supply" ], "places": [ "new-zealand" ], "id": "100" }, { "date": "26-FEB-1987 16:35:24.57", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "101" }, { "date": "26-FEB-1987 16:36:26.90", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "102" }, { "date": "26-FEB-1987 16:36:54.20", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "103" }, { "title": "WORLD MARKET PRICE FOR UPLAND COTTON - USDA", "body": "The U.S. Agriculture Department\nannounced the prevailing world market price, adjusted to U.S.\nquality and location, for Strict Low Middling, 1-1/16 inch\nupland cotton at 52.69 cts per lb, to be in effect through\nmidnight March 5.\n The adjusted world price is at average U.S. producing\nlocations (near Lubbock, Texas) and will be further adjusted\nfor other qualities and locations. The price will be used in\ndetermining First Handler Cotton Certificate payment rates.\n Based on data for the week ended February 26, the adjusted\nworld price for upland cotton is determined as follows, in cts\nper lb --\n Northern European Price 66.32\n Adjustments --\n Average U.S. spot mkt location 10.42 \n SLM 1-1/16 inch cotton 1.80 \n Average U.S. location 0.53\n Sum of adjustments 12.75\n Adjusted world price 53.57\n Reuter\n\u0003", "date": "26-FEB-1987 16:38:46.25", "topics": [ "cotton" ], "places": [ "usa" ], "id": "104" }, { "title": "SUGAR QUOTA IMPORTS DETAILED -- USDA", "body": "The U.S. Agriculture Department said\ncumulative sugar imports from individual countries during the\n1987 quota year, which began January 1, 1987 and ends December\n31, 1987 were as follows, with quota allocations for the quota\nyear in short tons, raw value --\n CUMULATIVE QUOTA 1987\n IMPORTS ALLOCATIONS\n ARGENTINA nil 39,130\n AUSTRALIA nil 75,530\n BARBADOS nil 7,500\n BELIZE nil 10,010\n BOLIVIA nil 7,500\n BRAZIL nil 131,950\n CANADA nil 18,876\n QUOTA 1987\n IMPORTS ALLOCATIONS\n COLOMBIA 103 21,840\n CONGO nil 7,599\n COSTA RICA nil 17,583\n IVORY COAST nil 7,500\n DOM REP 5,848 160,160\n ECUADOR nil 10,010\n EL SALVADOR nil 26,019.8\n FIJI nil 25,190\n GABON nil 7,500\n QUOTA 1987\n IMPORTS ALLOCATIONS\n GUATEMALA nil 43,680\n GUYANA nil 10,920\n HAITI nil 7,500\n HONDURAS nil 15,917.2\n INDIA nil 7,500\n JAMAICA nil 10,010\n MADAGASCAR nil 7,500\n MALAWI nil 9,,100\n QUOTA 1987\n IMPORTS ALLOCATIONS\n MAURITIUS nil 10,920\n MEXICO 37 7,500\n MOZAMBIQUE nil 11,830\n PANAMA nil 26,390\n PAPUA NEW GUINEA nil 7,500\n PARAGUAY nil 7,500\n PERU nil 37,310\n PHILIPPINES nil 143,780\n ST.CHRISTOPHER-\n NEVIS nil 7,500\n QUOTA 1987\n IMPORTS ALLOCATIONS\n SWAZILAND nil 14,560\n TAIWAN nil 10,920\n THAILAND nil 12,740\n TRINIDAD-TOBAGO nil 7,500\n URUGUAY nil 7,500\n ZIMBABWE nil 10,920\n\n Reuter\n\u0003", "date": "26-FEB-1987 16:38:54.88", "topics": [ "sugar" ], "places": [ "usa" ], "id": "105" }, { "title": "GRAIN SHIPS LOADING AT PORTLAND", "body": "There were seven grain ships loading and\nsix ships were waiting to load at Portland, according to the\nPortland Merchants Exchange.\n Reuter\n\u0003", "date": "26-FEB-1987 16:39:03.54", "topics": [ "grain", "ship" ], "places": [ "usa" ], "id": "106" }, { "title": "IRAN ANNOUNCES END OF MAJOR OFFENSIVE IN GULF WAR", "body": "Iran announced tonight that its major\noffensive against Iraq in the Gulf war had ended after dealing\nsavage blows against the Baghdad government.\n The Iranian news agency IRNA, in a report received in\nLondon, said the operation code-named Karbala-5 launched into\nIraq on January 9 was now over.\n It quoted a joint statewment by the Iranian Army and\nRevolutionary Guards Corps as saying that their forces had\n\"dealt one of the severest blows on the Iraqi war machine in the\nhistory of the Iraq-imposed war.\"\n The statement by the Iranian High Command appeared to\nherald the close of an assault on the port city of Basra in\nsouthern Iraq.\n \"The operation was launched at a time when the Baghdad\ngovernment was spreading extensive propaganda on the resistance\npower of its army...,\" said the statement quoted by IRNA.\n It claimed massive victories in the seven-week offensive\nand called on supporters of Baghdad to \"come to their senses\" and\ndiscontinue support for what it called the tottering regime in\nIraq.\n Iran said its forces had \"liberated\" 155 square kilometers of\nenemy-occupied territory during the 1987 offensive and taken\nover islands, townships, rivers and part of a road leading into\nBasra.\n The Iranian forces \"are in full control of these areas,\" the\nstatement said.\n It said 81 Iraqi brigades and battalions were totally\ndestroyed, along with 700 tanks and 1,500 other vehicles. The\nvictory list also included 80 warplanes downed, 250 anti-\naircraft guns and 400 pieces of military hardware destroyed and\nthe seizure of 220 tanks and armoured personnel carriers.\n Reuter\n\u0003", "date": "26-FEB-1987 16:40:00.82", "places": [ "iran", "iraq" ], "id": "107" }, { "title": "MERIDIAN BANCORP INC SETS REGULAR PAYOUT", "body": "Qtly div 25 cts vs 25 cts prior\n Pay April one\n Record March 15\n Reuter\n\u0003", "date": "26-FEB-1987 16:40:34.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "108" }, { "title": "U.S. BANK DISCOUNT BORROWINGS 310 MLN DLRS", "body": "U.S. bank discount window borrowings\nless extended credits averaged 310 mln dlrs in the week to\nWednesday February 25, the Federal Reserve said.\n The Fed said that overall borrowings in the week fell 131\nmln dlrs to 614 mln dlrs, with extended credits up 10 mln dlrs\nat 304 mln dlrs. The week was the second half of a two-week\nstatement period. Net borrowings in the prior week averaged 451\nmln dlrs.\n Commenting on the two-week statement period ended February\n25, the Fed said that banks had average net free reserves of\n644 mln dlrs a day, down from 1.34 billion two weeks earlier.\n A Federal Reserve spokesman told a press briefing that\nthere were no large single day net misses in the Fed's reserve\nprojections in the week to Wednesday.\n He said that natural float had been \"acting a bit\nstrangely\" for this time of year, noting that there had been\npoor weather during the latest week.\n The spokesman said that natural float ranged from under 500\nmln dlrs on Friday, for which he could give no reason, to\nnearly one billion dlrs on both Thursday and Wednesday.\n The Fed spokeman could give no reason for Thursday's high\nfloat, but he said that about 750 mln dlrs of Wednesday's\nfloat figure was due to holdover and transportation float at\ntwo widely separated Fed districts.\n For the week as a whole, he said that float related as of\nadjustments were \"small,\" adding that they fell to a negative\n750 mln dlrs on Tuesday due to a number of corrections for\nunrelated cash letter errors in six districts around the\ncountry.\n The spokesman said that on both Tuesday and Wednesday, two\ndifferent clearing banks had system problems and the securities\nand Federal funds wires had to be held open until about 2000 or\n2100 EST on both days.\n However, he said that both problems were cleared up during\nboth afternoons and there was no evidence of any reserve\nimpact.\n During the week ended Wednesday, 45 pct of net discount\nwindow borrowings were made by the smallest banks, with 30 pct\nby the 14 large money center banks and 25 pct by large regional\ninstitutions.\n On Wednesday, 55 pct of the borrowing was accounted for by\nthe money center banks, with 30 pct by the large regionals and\n15 pct by the smallest banks.\n The Fed spokesman said the banking system had excess\nreserves on Thursday, Monday and Tuesday and a deficit on\nFriday and Wedndsday. That produced a small daily average\ndeficit for the week as a whole.\n For the two-week period, he said there were relatively high\nexcess reserves on a daily avearge, almost all of which were at\nthe smallest banks.\n Reuter\n\u0003", "date": "26-FEB-1987 16:41:34.44", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "109" }, { "title": "AMERICAN EXPRESS SEEN IN POSSIBLE SPINNOFF", "body": "American Express Co remained silent on\nmarket rumors it would spinoff all or part of its Shearson\nLehman Brothers Inc, but some analysts said the company may be\nconsidering such a move because it is unhappy with the market\nvalue of its stock.\n American Express stock got a lift from the rumor, as the\nmarket calculated a partially public Shearson may command a\ngood market value, thereby boosting the total value of American\nExpress. The rumor also was accompanied by talk the financial\nservices firm would split its stock and boost its dividend.\n American Express closed on the New York Stock Exchange at\n72-5/8, up 4-1/8 on heavy volume.\n American Express would not comment on the rumors or its\nstock activity.\n Analysts said comments by the company at an analysts'\nmeeting Tuesday helped fuel the rumors as did an announcement\nyesterday of management changes.\n At the meeting, company officials said American Express\nstock is undervalued and does not fully reflect the performance\nof Shearson, according to analysts.\n Yesterday, Shearson said it was elevating its chief\noperating officer, Jeffery Lane, to the added position of\npresident, which had been vacant. It also created four new\npositions for chairmen of its operating divisions.\n Analysts speculated a partial spinoff would make most\nsense, contrary to one variation on market rumors of a total\nspinoff.\n Some analysts, however, disagreed that any spinoff of\nShearson would be good since it is a strong profit center for\nAmerican Express, contributing about 20 pct of earnings last\nyear.\n \"I think it is highly unlikely that American Express is\ngoing to sell shearson,\" said Perrin Long of Lipper Analytical.\nHe questioned what would be a better investment than \"a very\nprofitable securities firm.\"\n Several analysts said American Express is not in need of\ncash, which might be the only reason to sell a part of a strong\nasset.\n But others believe the company could very well of\nconsidered the option of spinning out part of Shearson, and one\nrumor suggests selling about 20 pct of it in the market.\n Larry Eckenfelder of Prudential-Bache Securities said he\nbelieves American Express could have considered a partial\nspinoff in the past.\n \"Shearson being as profitable as it is would have fetched a\nbig premium in the market place. Shearson's book value is in\nthe 1.4 mln dlr range. Shearson in the market place would\nprobably be worth three to 3.5 bilion dlrs in terms of market\ncapitalization,\" said Eckenfelder.\n Some analysts said American Express could use capital since\nit plans to expand globally.\n \"They have enormous internal growth plans that takes\ncapital. You want your stock to reflect realistic valuations to\nenhance your ability to make all kinds of endeavors down the\nroad,\" said E.F. Hutton Group analyst Michael Lewis.\n \"They've outlined the fact that they're investing heavily\nin the future, which goes heavily into the international\narena,\" said Lewis. \"...That does not preclude acquisitions and\ndivestitures along the way,\" he said.\n Lewis said if American Express reduced its exposure to the\nbrokerage business by selling part of shearson, its stock might\nbetter reflect other assets, such as the travel related\nservices business.\n \"It could find its true water mark with a lesser exposure\nto brokerage. The value of the other components could command a\nhigher multiple because they constitute a higher percentage of\nthe total operating earnings of the company,\" he said.\n Lewis said Shearson contributed 316 mln in after-tax\noperating earnings, up from about 200 mln dlrs in 1985.\n \n Reuter\n\u0003", "date": "26-FEB-1987 16:43:13.65", "topics": [ "acq" ], "places": [ "usa" ], "id": "110" }, { "title": "U.S. M-1 MONEY SUPPLY ROSE 2.1 BILLION DLRS", "body": "U.S. M-1 money supply rose 2.1 billion\ndlrs to a seasonally adjusted 736.7 billion dlrs in the\nFebruary 16 week, the Federal Reserve said.\n The previous week's M-1 level was revised to 734.6 billion\ndlrs from 734.2 billion dlrs, while the four-week moving\naverage of M-1 rose to 735.0 billion dlrs from 733.5 billion.\n Economists polled by Reuters said that M-1 should be\nanywhere from down four billion dlrs to up 2.3 billion dlrs.\nThe average forecast called for a 300 mln dlr M-1 rise.\n Reuter\n\u0003", "date": "26-FEB-1987 16:44:35.29", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "111" }, { "title": "GENERAL BINDING IN MARKETING AGREEMENT", "body": "General Binding Corp said it reached\na marketing agreement with Varitronic Systems Inc, a\nmanufacturer and marketer of electronic lettering systems.\n Under terms of the agreement, General Binding will carry\nVaritronics' Merlin Express Presentation Lettering System, a\nportable, battery-operated lettering system which produces type\non adhesive-backed tape.\n Reuter\n\u0003", "date": "26-FEB-1987 16:45:08.59", "places": [ "usa" ], "id": "112" }, { "title": "LIBERTY ALL-STAR SETS INITIAL PAYOUT", "body": "Liberty All-Star Equity Fund said\nit declared an initial dividend of five cts per share, payable\nApril two to shareholders of record March 20.\n It said the dividend includes a quarterly dividend of three\ncts a share and a special payout of two cts a share, which\ncovers the period from November three, 1986, when the fund\nbegan operations, to December 31, 1986.\n The fund said its quarterly dividend rate may fluctuate in\nthe future.\n Reuter\n\u0003", "date": "26-FEB-1987 16:45:44.50", "topics": [ "earn" ], "places": [ "usa" ], "id": "113" }, { "title": "COCA COLA UNIT AND WORLD FILM IN VENTURE", "body": "Coca-Cola Co's Entertainment Business\nSector Inc unit said it formed a joint venture with an\naffiliate of World Film Services to acquire, produce and\ndistribute television programming around the world.\n World Film Services was formed by chairman John Heyman in\n1963 to produce films.\n \n Reuter\n\u0003", "date": "26-FEB-1987 16:47:45.09", "places": [ "usa" ], "id": "114" }, { "title": "FORD MOTOR CREDIT TO REDEEM DEBENTURES", "body": "Ford Motor Co said its Ford Motor\nCredit Co on April One will redeem 4.0 mln dlrs of its 8.70 pct\ndebentures due April 1, 1999.\n It said the debentures are redeemable at a price of 100 pct\nof the principal. Because April 1, 1987 is an interest payment\ndate on the debentures, no accrued interest will be payable on\nthe redemption date as part of the redemption proceeds.\n Debentures will be selected for redemption on a pro rata\nbasis, Ford said.\n\n Reuter\n\u0003", "date": "26-FEB-1987 16:47:53.20", "places": [ "usa" ], "id": "115" }, { "title": "STERLING SOFTWARE NOTE HOLDERS OK BUY", "body": "Sterling Software Inc said it received\nconsent of a majority of the holders of its eight pct\nconvertible sernior subordinated debentures required to\npurchase shares of its common.\n The company said it may now buy its stock at its discretion\ndepending on market conditions.\n Reuter\n\u0003", "date": "26-FEB-1987 16:48:02.07", "places": [ "usa" ], "id": "116" }, { "title": " MAKES INITIAL STOCK OFFER", "body": "Schult Homes Corp announced an initial\npublic offering of 833,334 units at five dlrs per unit, said\nJanney Montgomery Scott Inc and Woolcott and Co, managing\nunderwriters of the offering.\n They said each unit consists of one common share and one\nwarrant to buy one-half share of common.\n The warrant will entitle holders to buy one-half common\nshare at 5.50 dlrs per full share from March one, 1988, to\nSeptember one, 1989, and thereafter at 6.50 dlrs per full share\nuntil March 1991, they said.\n Reuter\n\u0003", "date": "26-FEB-1987 16:48:18.55", "places": [ "usa" ], "id": "117" }, { "title": "FLUOR UNIT GETS CONSTRUCTION CONTRACT", "body": "Fluor Corp said its Fluor Daniel\nunit received a contract from Union Carbide Corp covering\ndesign, procurement and construction of a 108 megawatt combined\ncycle cogeneration facility in Seadrift, Texas.\n The value of the contract was not disclosed.\n Reuter\n\u0003", "date": "26-FEB-1987 16:48:26.74", "places": [ "usa" ], "id": "118" }, { "title": "SUFFIELD FINANCIAL CORP SELLS STOCK", "body": "Suffield Financial Corp said \nJon Googel and Benjamin Sisti of Colonial Realty, West\nHartford, Conn., purchased 175,900 shares of its stock for\n3,416,624.\n The company said the purchase equals 5.2 pct of its\noutstanding shares.\n Reuter\n\u0003", "date": "26-FEB-1987 16:48:35.83", "places": [ "usa" ], "id": "119" }, { "title": " SETS OFFERING", "body": "\nsaid it filed a registration statement with the Securities and\nExchange Commission covering six mln dlrs principal amount of\nredeemable subordinated debentures due March one and\ncancellable mandatory stock purchase contracts requiring the\npurchase of 6.66 mln dlrs in common no later than March one.\n It said the offering will be underwritten by Ryan, Beck and\nCo, West Orange, N.J.\n Reuter\n\u0003", "date": "26-FEB-1987 16:48:40.42", "places": [ "usa" ], "id": "120" }, { "title": "CHINESE PORK OUTPUT SEEN LOWER -- USDA", "body": "High feed prices will cause the\nChinese to reduce hog herd growth and pork production this\nyear, the U.S. Agriculture Department said.\n In its World Production and Trade Report, the department\nsaid hog numbers at the start of 1987 were estimated at 331.6\nmln head, up slightly from 1986, and 10 mln head above earlier\nprojections for 1987.\n Pork production in 1986 was up 4.2 pct to 17.25 mln tonnes,\nslightly below earlier estimates, it said.\n For 1987, production is projected to fall to 17.05 mln\ntonnes.\n Feed prices at the end of January were reported 35 to 40\npct above year-ago levels, the department said.\n Reuter\n\u0003", "date": "26-FEB-1987 16:48:55.38", "topics": [ "carcass", "livestock" ], "places": [ "usa", "china" ], "id": "121" }, { "title": "LANDMARK BANCSHARES TO BE LISTED ON NYSE", "body": "Landmark Bancshares Corp said it\nexpects its stock to begin trading on March 26 on the New York\nStock Exchange.\n The company, whose stock has traded on the American Stock\nExchange since November 1984, said it will retain its symbol,\nLBC, when trading begins on the Big Board.\n Reuter\n\u0003", "date": "26-FEB-1987 16:50:26.50", "places": [ "usa" ], "id": "122" }, { "title": "IVACO SEES MINIMAL FIRST QUARTER EARNINGS", "body": "(Ivaco Inc) said price pressure on steel\nproducts, particularly in the U.S., and the recent increase in\nthe value of the Canadian dollar is expected to result in\n\"minimal\" first quarter earnings.\n It said subsequent quarters should show substantial\nimprovement from first quarter levels but 1987 earnings will\nnot reach 1986 levels as long as those conditions continue.\n Ivaco earlier reported 1986 profit rose to 44.1 mln dlrs,\nafter a one mln dlr extraordinary gain, from 35.1 mln dlrs the\nprevious year. It said demand for the company's products are\ncontinuing at high levels and sales are expected to show\nfurther growth. Revenues last year rose to 1.94 billion dlrs\nfrom 1.34 billion dlrs in 1985. \n Reuter\n\u0003", "date": "26-FEB-1987 16:57:27.21", "topics": [ "earn" ], "places": [ "canada" ], "id": "123" }, { "title": "U.S. GRAIN CARLOADINGS FALL IN WEEK", "body": "U.S. grain carloadings totaled 26,108\ncars in the week ended February 21, down 2.2 pct from the\nprevious week but 22.8 pct above the corresponding week a year\nago, the Association of American Railroads reported.\n Grain mill product loadings in the week totalled 11,382\ncars, down 1.8 pct from the previous week but 7.6 pct above the\nsame week a year earlier, the association said.\n Reuter\n\u0003", "date": "26-FEB-1987 16:58:09.48", "topics": [ "grain" ], "places": [ "usa" ], "id": "124" }, { "title": "HONG KONG FIRM UPS WRATHER STAKE TO 11 PCT", "body": "Industrial Equity (Pacific) Ltd, a\nHong Kong investment firm, said it raised its stake in Wrather\nCorp to 816,000 shares, or 11.3 pct of the total outstanding\ncommon stock, from 453,300 shares, or 6.3 pct.\n In a filing with the Securities and Exchange Commission,\nIndustrial Equity, which is principally owned by Brierley\nInvestments Ltd, a publicly held New Zealand company, said it\nbought 362,700 Wrather common shares between Feb 13 and 24 for\n6.6 mln dlrs.\n When it first disclosed its stake in Wrather earlier this\nmonth, it said it bought the stock for investment purposes.\n Reuter\n\u0003", "date": "26-FEB-1987 16:59:25.38", "topics": [ "acq" ], "places": [ "usa" ], "id": "125" }, { "title": "COLECO INDUSTRIES INC 4TH QTR", "body": "Shr loss 6.48 DLS VS PROFIT 23 CTS\n Net loss 110.6 mln vs profit 4.1 mln\n Revs 74.0 mln vs 152.0 mln\n Year\n Shr loss 6.52 dlrs vs profit 3.87 dlrs\n net loss 111.2 mln vs profit 64.2 mln\n Revs 501.0 mln vs 776.0 mln\n Reuter\n\u0003", "date": "26-FEB-1987 16:59:41.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "126" }, { "title": "DIAMOND SHAMROCK (DIA) CUTS CRUDE PRICES", "body": "Diamond Shamrock Corp said that\neffective today it had cut its contract prices for crude oil by\n1.50 dlrs a barrel.\n The reduction brings its posted price for West Texas\nIntermediate to 16.00 dlrs a barrel, the copany said.\n \"The price reduction today was made in the light of falling\noil product prices and a weak crude oil market,\" a company\nspokeswoman said.\n Diamond is the latest in a line of U.S. oil companies that\nhave cut its contract, or posted, prices over the last two days\nciting weak oil markets.\n Reuter\n\u0003", "date": "26-FEB-1987 17:00:56.04", "topics": [ "crude" ], "places": [ "usa" ], "id": "127" }, { "title": "LIEBERT CORP APPROVES MERGER", "body": "Liebert Corp said its shareholders\napproved the merger of a wholly-owned subsidiary of Emerson\nElectric Co .\n Under the terms of the merger, each Liebert shareholder\nwill receive .3322 shares of Emerson stock for each Liebert\nshare.\n Reuter\n\u0003", "date": "26-FEB-1987 17:01:28.10", "topics": [ "acq" ], "places": [ "usa" ], "id": "128" }, { "title": "NORTHERN TELECOM PROPOSES TWO-FOR-ONE STOCK SPLIT\n", "date": "26-FEB-1987 17:02:22.77", "topics": [ "earn" ], "id": "129" }, { "title": "COLECO INDUSTRIES SEES PROFIT IN 1987", "body": "Coleco Industries Inc said\nit expects to return to profitability in 1987.\n Earlier, Coleco reported a net loss of 111.2 mln dlrs for\nthe year ended December 31 compared to a profit of 64.2 mln\ndlrs in the year earlier.\n In a prepared statement, the company said the dramatic\nswing in operating results was due primarily to the steep\ndecline in sales of Cabbage Patch Kids products from 600 mln\ndlrs to 230 mln dlrs.\n Coleco said it changed from a single product company to a\nmore diversified organization through four major acquisitions\nlast year.\n Products from the new acquisitions and other new product\nintroductions are expected to enable it to return to\nprofitability, it said.\n At the annual Toy Fair earlier this month, vice president\nMorton Handel said analysts' 1987 projected earnings of 90 cts\na share on sales of 600 mln dlrs are reasonable.\n \n Reuter\n\u0003", "date": "26-FEB-1987 17:05:08.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "130" }, { "title": "OLIN CORP TO ELECT NEW CEO IN APRIL", "body": "Olin Corp said its board will\nelect in April John Johnstone Jr as its chief executive\nofficer.\n The company said he will succeed John M Henske, who is also\nchairman. It said Johnstone, 54, is now president and chief\noperating officer.\n Henske, 53, has served as CEO since 1978 and chairman since\n1980. He will continue as chairman until his retirement in June\n1988.\n Reuter\n\u0003", "date": "26-FEB-1987 17:06:06.68", "places": [ "usa" ], "id": "131" }, { "date": "26-FEB-1987 17:07:18.66", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "132" }, { "date": "26-FEB-1987 17:07:44.45", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "133" }, { "title": "GULF APPLIED TECHNOLOGIES SELLS UNITS", "body": "Gulf Applied Technologies Inc said it\nsold its subsidiaries engaged in pipeline and terminal\noperations for 12.2 mln dlrs.\n The company said the sale is subject to certain post\nclosing adjustments, which it did not explain.\n Reuter\n\u0003", "date": "26-FEB-1987 17:08:27.52", "topics": [ "acq" ], "places": [ "usa" ], "id": "134" }, { "title": "INVESTMENT GROUP RAISES ROBESON STAKE", "body": "A group of affiliated Miami-based\ninvestment firms led by Fundamental Management Corp said it\nraised its stake in Robeson Industries Corp to 238,000 shares,\nor 14.6 pct of the total, from 205,000 or 12.8 pct.\n In a filing with the Securities and Exchange Commission,\nthe group said it bought 32,800 Robeson common shares between\nJan 26 and Feb 9 for 175,691 dlrs.\n The group said it may buy more shares and plans to study\nRobeson's operations. Afterwards it may recommend that\nmanagement make changes in its operations. Fundamental\nManagement Chairman Carl Singer was recently elected to the\nRobeson board.\n Reuter\n\u0003", "date": "26-FEB-1987 17:09:47.78", "topics": [ "acq" ], "places": [ "usa" ], "id": "135" }, { "title": "GAO LIKELY TO SHOW CERTS MORE COSTLY THAN CASH", "body": "A study on grain certificates due out\nshortly from the Government Accounting Office (GAO) could show\nthat certificates cost the government 10 to 15 pct more than\ncash outlays, administration and industry sources said.\n Analysis that the GAO has obtained from the Agriculture\nDepartment and the Office of Management and Budget suggests\nthat certificates cost more than cash payments, a GAO official\ntold Reuters.\n GAO is preparing the certificate study at the specific\nrequest of Sen. Jesse Helms (R-N.C.), former chairman of the\nsenate agriculture committee.\n The report, which will focus on the cost of certificates\ncompared to cash, is scheduled to be released in mid March.\n The cost of certificates, said the GAO source, depends on\nthe program's impact on the USDA loan program.\n If GAO determines that certificates encourage more loan\nentries or cause more loan forfeitures, then the net cost of\nthe program would go up. However, if it is determined that\ncertificates have caused the government grain stockpile to\ndecrease, the cost effect of certificates would be less.\n GAO will not likely suggest whether the certificates\nprogram should be slowed or expanded, the GAO official said.\n But a negative report on certificates \"will fuel the fire\nagainst certificates and weigh heavily on at least an increase\nin the certificate program,\" an agricultural consultant said.\n The OMB is said to be against any expansion of the program,\nwhile USDA remains firmly committed to it.\n Reuter\n\u0003", "date": "26-FEB-1987 17:11:01.51", "topics": [ "grain" ], "places": [ "usa" ], "id": "136" }, { "title": "Venezuela seeks 'flexibility' from banks-azpurua", "body": "venezuela is seeking a 'constructive and\nflexible' attitude from its creditor banks in current talks to\nreschedule 21 billion dlrs in foreign debt, finance minister\nmanuel azpurua told a press conference.\n He declined to comment on meetings this week in new york\nbetween public finances director jorge marcano and venezuela's\n13-bank advisory committee except to say, \"they are\nprogressing.\"\n Azpurua said venezuela has shown solidarity with brazil's\ndecision to suspend payments, but each country must negotiate\naccording to its own interest.\n Asked to comment on chile's agreement with its creditors\ntoday, which includes an interest rate margin of one pct over\nlibor, azpurua said only, \"that is good news.\"\n According to banking sources, the banks' latest offer to\nvenezuela is also a one pct margin as against the last\nfebruary's 1-1/8 pct rescheduling accord and the 7/8 pct\nVenezuela wants.\n Azpurua said four basic elements are being negotiated with\nthe banks now: spread reduction, deferral of principal payments\ndue in 1987 and 1988, lenghtening the 12-1/2 year repayment\nschedule, and debt capitalization schemes.\n Azpurua said the governent plans to pay 2.1 billion dlrs in\npublic and private debt principal this year. It was due to\namortize 1.05 billion dlrs under the rescheduling, and pay 420\nmln dlrs in non-restructured principal, both public sector.\n He said venezuela's original proposal was to pay no\nprincipal on restructured debt this year, but is now insisting\nthat if it makes payments they be compensated by new bank\nloans.\n The banking sources said the committee has been prepared to\nlower amortizations to around 400 mln dlrs this year, but that\nno direct commitment was likely on new loans.\n \"debtors and bank creditors have a joint responsibility and\nthere will be no lasting solution unless a positive flow of\nfinancing is guaranteed,\" azpurua said.\n However, he appeared to discard earlier venezuelan\nproposals for a direct link between oil income and debt\npayments, \"because circumstances change too quickly.\"\n At the same time, he said the government is presently\nstudying possible mechanisms for capitlizing public and private\nsector foreign debt, based on experience in other countries.\nThe rules would be published by the finance ministry and the\ncentral bank.\n Reuter\n\u0003", "date": "26-FEB-1987 17:11:26.97", "places": [ "venezuela" ], "id": "137" }, { "title": "DAHLBERG INC 4TH QTR NET", "body": "Shr profit 10 cts vs loss seven cts\n Net profit 286,870 vs loss 156,124\n Revs 10.0 mln vs 7,577,207\n Year\n Shr profit five cts vs profit 42 cts\n Net profit 160,109 vs profit 906,034\n Revs 38.1 mln vs 31.2 mln\n Avg shrs 2.9 mln vs 2.2 mln\n NOTE: 1986 year includes 53 weeks.\n Reuter\n\u0003", "date": "26-FEB-1987 17:24:42.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "138" }, { "title": "CITY NATIONAL CORP RAISES DIVIDEND", "body": "Shr 16 cts vs 13 cts\n Pay April 15\n Record March 31\n Reuter\n\u0003", "date": "26-FEB-1987 17:32:15.34", "topics": [ "earn" ], "places": [ "usa" ], "id": "139" }, { "title": " YEAR LOSS", "body": "Shr loss 1.98 dlrs vs loss 5.24 dlrs\n Net loss 23.3 mln vs loss 44.8 mln\n Revs 13.6 mln vs 29.6 mln\n Note: 1986 net includes nine mln dlr extraordinary loss for\noil and gas writedowns and unrealized foreign exchange losses\nvs yr-ago loss of 32.5 mln dlrs.\n Reuter\n\u0003", "date": "26-FEB-1987 17:32:49.67", "topics": [ "earn" ], "places": [ "canada" ], "id": "140" }, { "title": "THOMSON MCKINNON UNIT'S CMO OFFERING PRICED", "body": "Thomson McKinnon Mortgage Assets Corp, a\nunit of Thomson McKinnon Inc, is offering 100 mln dlrs of\ncollateralized mortgage obligations in three tranches that\ninclude floating rate and inverse floating rate CMOS.\n The floating rate class amounts to 60 mln dlrs. It has an\naverage life of 7.11 years and matures 2018. The CMOs have an\ninitial coupon of 7.0375 pct, which will be reset 60 basis\npoints above LIBOR, said sole manager Thomson McKinnon.\n The inverse floater totals 4.8 mln dlrs. It has an average\nlife of 13.49 years and matures 2018. These CMOs were given an\ninitial coupon of 11-1/2 pct and priced at 104.40.\n Subsequent rates on the inverse floater will equal 11-1/2\npct minus the product of three times (LIBOR minus 6-1/2 pct).\n A Thomson officer explained that the coupon of the inverse\nfloating rate tranche would increase if LIBOR declined. \"The\nyield floats opposite of LIBOR,\" he said.\n The fixed-rate tranche totals 35.2 mln dlrs. It has an\naverage life of 3.5 years and matures 2016. The CMOs were\nassigned a 7.65 pct coupon and par pricing.\n The issue is rated AAA by Standard and Poor's and secured\nby Federal Home Loan Mortgage Corp, Freddie Mac, certificates.\n Reuter\n\u0003", "date": "26-FEB-1987 17:33:05.21", "places": [ "usa" ], "id": "141" }, { "title": "IDB COMMUNICATIONS GROUP INC YEAR NET", "body": "Period ended December 31.\n Shr 25 cts vs 20 cts\n Net 801,000 vs 703,000\n Revs 6,318,000 vs 3,926,000\n Reuter\n\u0003", "date": "26-FEB-1987 17:33:25.81", "topics": [ "earn" ], "places": [ "usa" ], "id": "142" }, { "title": "ARMOR ALL PRODUCTS CORP QUARTERLY DIV", "body": "Qtly div ten cts vs ten cts\n Pay April 1\n Record March 9\n Reuter\n\u0003", "date": "26-FEB-1987 17:33:29.55", "topics": [ "earn" ], "places": [ "usa" ], "id": "143" }, { "title": "OPEC MAY HAVE TO MEET TO FIRM PRICES - ANALYSTS", "body": "OPEC may be forced to meet before a\nscheduled June session to readdress its production cutting\nagreement if the organization wants to halt the current slide\nin oil prices, oil industry analysts said.\n \"The movement to higher oil prices was never to be as easy\nas OPEC thought. They may need an emergency meeting to sort out\nthe problems,\" said Daniel Yergin, director of Cambridge Energy\nResearch Associates, CERA.\n Analysts and oil industry sources said the problem OPEC\nfaces is excess oil supply in world oil markets.\n \"OPEC's problem is not a price problem but a production\nissue and must be addressed in that way,\" said Paul Mlotok, oil\nanalyst with Salomon Brothers Inc.\n He said the market's earlier optimism about OPEC and its\nability to keep production under control have given way to a\npessimistic outlook that the organization must address soon if\nit wishes to regain the initiative in oil prices.\n But some other analysts were uncertain that even an\nemergency meeting would address the problem of OPEC production\nabove the 15.8 mln bpd quota set last December.\n \"OPEC has to learn that in a buyers market you cannot have\ndeemed quotas, fixed prices and set differentials,\" said the\nregional manager for one of the major oil companies who spoke\non condition that he not be named. \"The market is now trying to\nteach them that lesson again,\" he added.\n David T. Mizrahi, editor of Mideast reports, expects OPEC\nto meet before June, although not immediately. However, he is\nnot optimistic that OPEC can address its principal problems.\n \"They will not meet now as they try to take advantage of the\nwinter demand to sell their oil, but in late March and April\nwhen demand slackens,\" Mizrahi said.\n But Mizrahi said that OPEC is unlikely to do anything more\nthan reiterate its agreement to keep output at 15.8 mln bpd.\"\n Analysts said that the next two months will be critical for\nOPEC's ability to hold together prices and output.\n \"OPEC must hold to its pact for the next six to eight weeks\nsince buyers will come back into the market then,\" said Dillard\nSpriggs of Petroleum Analysis Ltd in New York.\n But Bijan Moussavar-Rahmani of Harvard University's Energy\nand Environment Policy Center said that the demand for OPEC oil\nhas been rising through the first quarter and this may have\nprompted excesses in its production.\n \"Demand for their (OPEC) oil is clearly above 15.8 mln bpd\nand is probably closer to 17 mln bpd or higher now so what we\nare seeing characterized as cheating is OPEC meeting this\ndemand through current production,\" he told Reuters in a\ntelephone interview.\n Reuter\n\u0003", "date": "26-FEB-1987 17:34:11.89", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "usa" ], "id": "144" }, { "title": "CENERGY REPORTS 4TH QTR NET PROFIT", "body": "Cenergy Corp reported fourth quarter net\nincome of 790,000 dlrs or seven cts per share on revenues of\n7.7 mln dlrs.\n For the year it reported a net loss of 6.5 mln dlrs or 70\ncts per share as a result of writedowns in the book value of\nits oil and gas properties in the first two quarters. Revenues\nwere 37 mln dlrs.\n Following the company's fiscal year ended March 31, 1985,\nit changed to a calender year end.\n For the nine months ended Dec 31, 1985, it reported a loss\nof 63.4 mln dlrs or 6.54 dlrs per share on revenues of 47.6 mln\ndlrs, which it said was a result of noncash writedowns of oil\nand gas properties.\n For the year ended March 31, 1985, Cenergy reported net\nincome of 3,705,000 dlrs or 36 cts per share on revenues of 71\nmln dlrs.\n The company said its reserves during the year fell to five\nmln barrels from 6.4 mln barrels of oil and to 60.1 bilion\ncubic feet of gas from 63.7 BCF. It said these reserves did not\ndisappear but are available to produce as prices recover.\n Reuter\n\u0003", "date": "26-FEB-1987 17:34:23.04", "topics": [ "earn" ], "places": [ "usa" ], "id": "145" }, { "title": "NORTHERN TELECOM LTD DECLARES STOCK SPLIT", "body": "Two-for-one stock split\n Pay May 12\n Note: split is subject to approval of shareholders at April\n23 annual meeting.\n Company also said it will increase dividend on post-split\nshares to six cts from five cts.\n Reuter\n\u0003", "date": "26-FEB-1987 17:34:40.53", "topics": [ "earn" ], "places": [ "canada" ], "id": "146" }, { "title": "TORCHMARK AUTHORIZES STOCK REPURCHASE", "body": "Torchmark Corp said its board\nauthorized the purchase from time to time of a significant\nportion of its 7-3/4 pct convertible subordinated debentures.\nAs of February 25, it said there were outstanding 150 mln dlrs\nof the principal amount of debenures.\n The company also said it plans to redeem the debentures on\nJune eight.\n It also declared a regular quarterly dividend of 25 cts per\nshare on its common payable May one to shareholders of record\nApril 10.\n Reuter\n\u0003", "date": "26-FEB-1987 17:34:45.19", "topics": [ "earn" ], "places": [ "usa" ], "id": "147" }, { "title": "PAINEWEBBER GROUP TO REDEEM DEBENTURES", "body": "Painewebber Group Inc said it will\nredeem all its outstanding 8-1/4 pct convertible subordinated\ndebentures due 2008.\n It said it will redeem all the debentures for 1,060.50 dlrs\nplus accrued interest to the redemption date of March 30. The\nnotes can be converted into common stock at a price of 42.35\ndlrs per share.\n Reuter\n\u0003", "date": "26-FEB-1987 17:34:52.72", "places": [ "usa" ], "id": "148" }, { "title": "R.P. SCHERER SETS PREFERRED STOCK OFFER", "body": "R.P. Scherer Inc said it registered\nwith the Securities and Exchange Commission a proposed public\noffering of 1.2 mln shares of convertible exchangeable\npreferred stock at 25 dlrs a share.\n In addition, the company said it is offering 200,000\npreferred shares to Richard Manoogian, a Scherer director at 25\ndlrs a share. Manoogian said he will buy the 200,000 shares.\n Proceeds from the offering will be used to repay debt and\nto fund research and development, it said.\n Underwriters are led by Goldman, Sachs and Co.\n Reuter\n\u0003", "date": "26-FEB-1987 17:35:19.17", "places": [ "usa" ], "id": "149" }, { "title": "PARLUX FRAGRANCES COMPLETES INITIAL OFFERING", "body": " said it\ncompleted the offering of 420,000 unis at 10 dlrs each through\nunderwriters R.C. Stamm and Co and Rosenkrantz Lyon and Ross\nInc.\n Each unit consists of two shares of common stock and one\nredeemable warrant, which entitles the holder to buy an\nadditional common share for six dlrs between Feb 26, 1988 and\nFeb 26, 1992.\n The company creates and markets fragrances and beauty\nproducts, including the \"Anne Klein\" line, through department\nand specialty stores.\n Reuter\n\u0003", "date": "26-FEB-1987 17:35:52.41", "places": [ "usa" ], "id": "150" }, { "title": "TECHAMERICA GROUP INC 4TH QTR LOSS", "body": "Shr loss six cts vs not available\n Net loss 562,231 vs profit 10,253\n Revs 8,871,874 vs 9,549,308\n Year\n Shr loss 60 cts vs loss nine cts\n Net loss 5,058,145 vs loss 766,185\n Revs 34.3 mln vs 35.5 mln\n \n Reuter\n\u0003", "date": "26-FEB-1987 17:35:59.59", "topics": [ "earn" ], "places": [ "usa" ], "id": "151" }, { "title": "WILFRED AMERICAN EDUCATIONAL REGULAR DIV", "body": "Qtly div three cts vs three cts prior\n Pay April three\n Record March 13\n Reuter\n\u0003", "date": "26-FEB-1987 17:36:04.21", "topics": [ "earn" ], "places": [ "usa" ], "id": "152" }, { "title": "DREXEL OFFICIAL HAS STAKE IN EPSILON DATA ", "body": "A senior official of Drexel Burnham\nLambert Inc and his father told the Securities and Exchange\nCommission they have acquired 258,591 shares of Epsilon Data\nManagement Inc, or 9.4 pct of the total outstanding.\n Kenneth Thomas, senior vice president-investments at\nDrexel's Los Angeles office, and his father, retired university\nprofessor C.A. Thomas, said they bought the stake for 2.1 mln\ndlrs primarily for investment purposes.\n They said they may buy more stock or sell some or all of\ntheir stake, depending on market conditions, but have no plans\nto seek control of the company.\n Reuter\n\u0003", "date": "26-FEB-1987 17:36:22.14", "topics": [ "acq" ], "places": [ "usa" ], "id": "153" }, { "title": "PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC", "body": "The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n Bio-Technology General Corp - Offering of 25 mln\ndlrs of convertible senior subordinated notes due March 1997\nthrough Drexel Burnham Lambert Inc.\n Reuter\n\u0003", "date": "26-FEB-1987 17:36:45.13", "places": [ "usa" ], "id": "154" }, { "title": "VARIAN , SIEMENS FORM JOINT VENTURE", "body": "Varian Associates Inc and\n said they signed a letter of intent to form and\njointly operate a nuclear magnetic resonance imaging\nspectroscopy business in Fremont, Calif.\n The systems are smaller than magnetic resonance imaging\nequipment currently used in clinical examinations, the\ncompanies said.\n They also said the products resulting from the venture are\nintended for use in small animal research, certain limited\nmedical research and materials testing.\n Reuter\n\u0003", "date": "26-FEB-1987 17:37:22.69", "places": [ "usa" ], "id": "155" }, { "title": "DU PONT
WINS SUIT AGAINST PHILLIPS

", "body": "Du Pont Co said the U.S.\nDistrict Court for Delaware ruled that Phillips Petroleum Co\nhad infringed on its patent covering certain melt-processable\nethylene copolymer resins and polyethylene pipe systems.\n It also said the court ruled that Phillips infringed on\nvarious claims of its patent and enjoined Phillips from making,\nselling, or using any products covered by the patents.\n It said the court ordrered an accounting to determine\ndamages due for past infringement by Phillips.\n Reuter\n\u0003", "date": "26-FEB-1987 17:37:57.87", "places": [ "usa" ], "id": "156" }, { "title": " WINS GOVERNMENT OKAY FOR HUSKY DEAL", "body": "Nova, the Canadian company that\nowns 56 pct of Husky Oil Ltd, said it received government\napproval for a transaction under which would buy a 43 pct stake in Husky.\n Nova said the Minister of Regional and Industrial\nExpansion, Michel Cote, ruled that Union Faith's purchase of\nthe Husky stake would not result in Husky ceding control to a\nnon-Canadian company. It said this ruling was a key condition\nin completing the deal.\n Union Faith is equally owned by and\n.\n Under the agreement with Union Faith, Husky will become a\nprivate company with Union Faith and Nova each holding 43 pct\nof its stock.\n Nine pct of Husky would be owned by relatives of Li\nKa-Shing, chairman of Hutchison, and five pct by the Canadian\nImperial Bank of Commerice.\n Reuter\n\u0003", "date": "26-FEB-1987 17:38:47.04", "topics": [ "acq" ], "places": [ "canada" ], "id": "157" }, { "title": "PRESIDENTIAL AIRWAYS PACT APPROVED", "body": "Presidential Airways Inc said its\njoint marketing and services agreement with Texas Air Corp's\n Continental Airlines unit was approved by the U.S.\nDepartment of Justice.\n According to the agreement, Presidential Airways will\noperate scheduled service under the name \"Continental Express.\"\nThe company, however, will remain independent.\n \n Reuter\n\u0003", "date": "26-FEB-1987 17:41:08.82", "places": [ "usa" ], "id": "158" }, { "title": "ARMY TO RENEGOTIATE ITT RADIO CONTRACT", "body": "The Army said it will renegotiate a\n400 mln dlr contract with ITT Corp for jam-proof field radios\nafter recent tests indicated the radios will work properly.\n Full production of 44,600 of the Single Channel Ground and\nAirborne Radio System (SINCGARS) sets has been delayed since\nthe contract was let in 1983. The radios did not meet\nspecifications of operating for 1,250 hours before failing.\n The Army said recent tests have indicated better\nreliability and that the contract will be renegotiated.\n REUTERS\n\u0003", "date": "26-FEB-1987 17:42:11.10", "places": [ "usa" ], "id": "159" }, { "title": "POTOMAC ELECTRIC POWER CO JANUARY NET", "body": "Oper shr 27 cts vs 29 cts\n Oper net 13.5 mln vs 14.6 mln\n Revs 104.6 mln vs 110.3 mln\n 12 mths\n Oper shr 4.10 dlrs vs 3.66 dlrs\n Oper net 205 mln vs 186.8 mln\n Revs 1.4 billion vs 1.3 billion\n NOTE: 1986 12 mths oper net excludes extraordinary gain of\n21.7 mln dlrs or 46 cts per share from sale of Virginia service\nterritory to Virginia Power.\n Reuter\n\u0003", "date": "26-FEB-1987 17:43:30.51", "topics": [ "earn" ], "places": [ "usa" ], "id": "160" }, { "title": "TORCHMARK SELLS SINKING FUND DEBENTURES", "body": "Torchmark Corp is raising 200 mln dlrs\nthrough an offering of sinking fund debentures due 2017\nyielding 8.65 pct, said lead manager First Boston Corp.\n The debentures have an 8-5/8 pct coupon and were priced at\n99.73 to yield 100 basis points over the off-the-run 9-1/4 pct\nTreasury bonds of 2016.\n Non-refundable for 10 years, the issue is rated A-2 by\nMoody's and AA by Standard and Poor's.\n A sinking fund starts in 1998 to retire 76 pct of the\ndebentures by maturity, giving them an estimated maximum life\nof 22.4 years. Merrill Lynch co-managed the deal.\n Reuter\n\u0003", "date": "26-FEB-1987 17:43:44.41", "places": [ "usa" ], "id": "161" }, { "title": "SUFFIELD FINANCIAL GETS FED APPROVAL", "body": "Suffield Financial Corp said the\nFederal Reserve Board approved its application to acquire\nCoastal Bancorp , Portland, Me.\n Suffield said it still needs the approval of the\nsuperintendent of Maine's banking department.\n Reuter\n\u0003", "date": "26-FEB-1987 17:43:59.12", "topics": [ "acq" ], "places": [ "usa" ], "id": "162" }, { "title": "AFG INDUSTRIES INC QUARTERLY DIVIDEND", "body": "Qtly div four cts vs four cts\n Pay April 3\n Record March 23\n Reuter\n\u0003", "date": "26-FEB-1987 17:44:04.81", "topics": [ "earn" ], "places": [ "usa" ], "id": "163" }, { "title": " YEAR NET", "body": "Oper shr 2.16 dlrs vs 2.07 dlrs\n Oper net 8,037,000 vs 7,710,000\n Revs 136.4 mln vs 133.3 mln\n Note: 1986 net excludes extraordinary gain of 13 mln dlrs\nor 3.50 dlrs shr from sale of shares vs yr-ago loss\nof 4.3 mln dlrs or 1.14 dlrs shr.\n Reuter\n\u0003", "date": "26-FEB-1987 17:44:10.05", "topics": [ "earn" ], "places": [ "canada" ], "id": "164" }, { "title": "SANTA ANITA REALTY QUARTERLY DIVIDEND", "body": "Qtly div 51 cts vs 51 cts\n Pay April 9\n Record March 25\n (Santa Anita Realty Enterprises Inc)\n Reuter\n\u0003", "date": "26-FEB-1987 17:44:15.81", "topics": [ "earn" ], "places": [ "usa" ], "id": "165" }, { "title": "LIQUID AIR CORP QUARTERLY DIVIDEND", "body": "Qtly div 40 cts vs 40 cts\n Pay March 31\n Record March 16\n Reuter\n\u0003", "date": "26-FEB-1987 17:44:19.38", "topics": [ "earn" ], "places": [ "usa" ], "id": "166" }, { "title": "(MARSHALL STEEL LTD) YEAR NET", "body": "Oper shr five cts vs 36 cts\n Oper net 508,000 vs 3,450,000\n Revs 296.7 mln vs 298.0 mln\n Note: former name Marshall Drummond McCall Inc.\n Results include extraordinary gains of 952,000 dlrs or 11\ncts per share in 1986 and 2,569,000 dlrs or 29 cts in 1985 from\nincome tax reduction. \n Reuter\n\u0003", "date": "26-FEB-1987 17:44:33.62", "topics": [ "earn" ], "places": [ "canada" ], "id": "167" }, { "title": "MARSHALL STEEL DETAILS GAIN FROM UNIT SALE", "body": "(Marshall Steel Ltd), formerly Marshall\nDrummond McCall Inc, said it will report a 17 mln dlr net gain\nbefore taxes this year from the sale of its Drummond McCall\ndivision, which was sold effective January one. \n \n Reuter\n\u0003", "date": "26-FEB-1987 17:45:00.59", "topics": [ "earn" ], "places": [ "canada" ], "id": "168" }, { "title": "MAYFAIR INDUSTRIES INC 4TH QTR NET", "body": "Oper shr 21 cts vs 18 cts\n Oper net 659,000 vs 523,000\n Revs 7,866,000 vs 5,503,000\n Avg shrs 3,141,217 vs 2,925,294\n 12 mths\n Oper shr 70 cts vs 46 cts\n Oper net 2,075,000 vs 1,358,000\n Revs 25.9 mln vs 19.3 mln\n Avg shrs 2,980,247 vs 2,925,294\n Note: Excludes tax gain of 295,000 dlrs for qtr and year.\n Reuter\n\u0003", "date": "26-FEB-1987 17:45:27.43", "topics": [ "earn" ], "places": [ "usa" ], "id": "169" }, { "title": "(CORRECTED) - BANPONCE PLACES NOTES", "body": "BanPonce Corp said it privately placed\n30 mln dlrs of its 8.25 pct senior notes due 1992 through\nLincoln National Investment Management Co, New York Life\nInsurance Co and Dillon Read and Co Inc.\n It said proceeds will be used to increase working capital,\nfor general corporate purposes, and for possible future\nacquisitions.\n - Corrects dollar figure of notes placed in item appearing\nFeb 25.\n Reuter\n\u0003", "date": "26-FEB-1987 17:46:34.09", "places": [ "usa" ], "id": "170" }, { "title": "U.S. TREASURY SAYS IT WILL PARTICIPATE WITH OTHERS IN 500 MLN DLR BRIDGE LOAN TO ARGENTINA\n", "date": "26-FEB-1987 17:48:58.95", "places": [ "usa", "argentina" ], "id": "171" }, { "title": "U.S. REGULATOR CLOSES BANKS IN TEXAS, LOUISIANA", "body": "The Federal Deposit Insurance Corp\n(FDIC) said three troubled banks in Texas and Louisiana were\nmerged with healthy financial institutions.\n The FDIC said it subsidized the merger of Central Bank and\nTrust Co, Glenmora, La., with the healthy Peoples Bank and\nTrust Co, Natchitoches, La., after state regulators notified it\nthat Central was in danger of failing.\n Central had assets of 28.3 mln dlrs.\n The FDIC said the deposits of the failed Farmers State\nBank, Hart, Tex., were assumed by Hale County State Bank,\nPlainview, Tex.\n Farmers, with 9.6 mln dlrs in assets, was closed by Texas\nbank regulators.\n The deposits of the failed First National Bank of Crosby,\nCrosby, Tex., with total assets of 8.2 mln dlrs, were assumed\nby Central Bancshares of the South Inc, Birmingham, Ala., after\nFirst National was closed by federal bank regulators, the FDIC\nsaid.\n The number of federally insured banks to fail so far this\nyear now totals 32, the FDIC said.\n Reuter\n\u0003", "date": "26-FEB-1987 17:50:20.87", "places": [ "usa" ], "id": "172" }, { "title": "OLIN NAMES SUCCESSOR FOR CHIEF EXECUTIVE", "body": "Olin Corp said John W. Johnstone\nJr, 54, president and chief operating officer, will succeed\nJohn M. Henske as chief executive officer on April 30.\n Henske, 63, will continue as chairman until he retires in\nJune 1988, Olin said.\n Reuter\n\u0003", "date": "26-FEB-1987 17:51:17.75", "places": [ "usa" ], "id": "173" }, { "title": "DAEWOO MOTOR TO BOOST IMPORTS OF U.S. GOODS", "body": "Daewoo Motor Corp, the Korea-based\njoint venture between Daewoo Group and General Motors Corp\n, said it will boost its 1987 imports of U.S. goods to 200\nmln dlrs from 104 mln dlrs in 1986.\n The company said U.S. imports will account for about 35 pct\nof its total planned imports of 565 mln dlrs in 1987. Last\nyear, U.S. goods accounted for about 19 pct of the company's\nimports, up from 6.5 pct in 1985.\n The products slated for import include automobile and\nmachinery parts, catalytic converters, fuel injection systems\nand electronic emission testing systems, it said.\n Reuter\n\u0003", "date": "26-FEB-1987 17:51:29.26", "places": [ "usa" ], "id": "174" }, { "title": "BANKS EXPRESS GRAVE CONCERN ON BRAZIL DEBT MOVES", "body": "Brazil's 14-bank advisory committee\nexpressed \"grave concern\" to chief debt negotiator Antonio\nPadua de Seixas over the country's suspension of interest\npayments, according to a telex from committee chairman Citibank\nto creditor banks worldwide.\n Bankers said the diplomatic phrase belied the deep anger\nand frustration on the committee over Brazil's unilateral move\nlast Friday and its subsequent freeze on some 15 billion dlrs\nof short-term trade and interbank lines.\n Seixas, director of the Brazilian central bank's foreign\ndebt department, met the full panel on Tuesday and Wednesday.\n Seixas, who met again this morning with senior Citibank\nexecutive William Rhodes and representatives from committee\nvice-chairmen Morgan Guaranty Trust Co and Lloyds Bank Plc,\ntold the banks that the government was preparing a telex to\nexplain and clarify the freeze on short-term credits.\n The telex could be sent to creditors as early as today,\nbankers said.\n Despite the rising tempers, bankers said there are no plans\nfor Brazilian finance minister Dilson Funaro to meet commercial\nbankers during his trip to Washington on Friday and Saturday.\n Funaro will be explaining Brazil's actions to U.S. Treasury\nSecretary James Baker, Federal Reserve Board chairman Paul\nVolcker and International Monetary Fund managing director\nMichel Camdessus before travelling to Europe at the weekend.\n Meanwhile, bankers were to hear in New York this afternoon\nwhat impact Brazil's hard line would have on Argentina, with an\ninitial presentation from Argentine Treasury Secretary Mario\nBrodersohn on his country's request for 2.15 billion dlrs in\nnew loans and a multi-year rescheduling agreement. Argentina\nhas threatened to emulate Brazil's payments moratorium if the\nbanks do not grant its request.\n Reuter\n\u0003", "date": "26-FEB-1987 17:55:36.88", "places": [ "usa", "brazil" ], "id": "175" }, { "title": "LNG IMPORTS FROM ALGERIA UNLIKELY IN 1987", "body": "Liquefied natural gas imports from\nAlgeria are unlikely to happen in 1987 even though its\neconomically feasible, U.S. industry analysts sources said.\n Youcef Yousfi, director-general of Sonatrach, the Algerian\nstate petroleum agency, indicated in a television interview in\nAlgiers that such imports would be made this year.\n \"Contract negotiations, filing with the U.S. government and\nthe time required to restart mothballed terminals will delay\nthe import until 1988/1989,\" Daniel Tulis, a natural gas\nanalyst with Shearson Lehman Bros. said.\n Sonatrach is currently negotiating with two of its former\ncustomers, Panhandle Eastern and Distrigas, a subsidiary\nof Cabot Corp to resume LNG export, company officials\ntold Reuters. A third, El Paso Gas, a subsidiary of Burlington\nNorthern , has expressed no interest.\n Industry analysts said some imports of Algerian LNG were\nfeasible. \"On a marginal cost basis, the companies that have\nmade capital investment to handle LNG import can operate\nprofitably even in the current price environment,\" Frank\nSpadine, an energy economist with Bankers Trust, said.\n Analysts did not forsee a major impact from Algerian imports\non U.S. prices which are currently soft but expected to trend\nhigher by the end of 1987.\n A decline in gas drilling and the time lag to bring Gulf of\nMexico productions onstream will tighten gas supplies and firm\nprices, Shearson's Tulis said.\n In this context, Algerian LNG import would be a source of\nsupplemental supply to U.S. domestic production, he added.\n Company sources currently in talks with Algeria agree,\nsaying that Algerian LNG would only serve to meet peak demand.\n Company sources also said that any negotiations with\nAlgeria would emphasize looser arrangements which would relate\nvolumes to market requirements and prices to U.S. spot market\nvalues.\n Reuter\n\u0003", "date": "26-FEB-1987 17:57:05.23", "topics": [ "nat-gas" ], "places": [ "usa", "algeria" ], "id": "176" }, { "title": "U.S. FARM CREDIT RESCUE BILL SEEN BEFORE EASTER", "body": "The chairman of the Senate Agriculture\nsubcommittee on credit said the panel will consider a farm\ncredit rescue package by Easter even if the system and its\nregulator do not ask for help by then.\n \"We're going to have a bill to markup, I guarantee you,\nbefore the Easter recess,\" Sen. David Boren (D-Okla.) said.\n Senate Majority leader Robert Byrd (D-W.Va.) wants\nrecommendations on farm credit presented by April 11, when\nCongress is scheduled to break for Easter, Boren said.\n Boren urged the Farm Credit Administration (FCA), the\nsystem's regulator, to quickly make a formal request for aid.\n Under the 1985 Farm credit law passed by Congress, the FCA,\nas regulator, is to certify when the system has exhausted all\nits capital and needs federal government help.\n However, FCA chairman Frank Naylor said because much of the\nsystem's remaining capital is tied-up in legal action,\nhe could not technically certify a rescue is needed this year\nand perhaps not even in 1988. The other Republican member of\nthe three-man FCA board, Marvin Duncan, agreed.\n But Boren urged that even if FCA cannot technically certify\naid is needed, it should request help informally.\n \"We all know we need a capital infusion,\" Boren said.\n Boren and the FCA officials spoke at a hearing on the\nplight of the farm credit system. Also at the hearing, Brent\nBeesely, chief executive of the Farm Credit Council\nrepresenting the system, said that at the end of 1986 the\nsystem had only 1.5 billion dlrs in working capital remaining\nafter losses of 4.6 billion dlrs over the last two years.\n While he did not ask for government aid, Beesley indicated\nthe situation is serious in some of the 12 system districts.\n \"A significant number of banks and associations in the most\neconomically depressed areas have and will continue to suffer\nextraordinary losses,\" Beesley said.\n Jim Billington, Democratic member of the FCA board, said\nthe troubles of the system have encouraged the flight of some\none billion dlrs per month from the system as borrowers repay\nloans.\n The system's total portfolio shrank to 54.6 billion dlrs by\nthe end of last year from 66.6 billion the previous year.\n FCA board members said both borrowers and holders of bonds\nin the system need to be assured their money is safe. Naylor\nsuggested the need for a federal assurance to bondholders.\n \"The bondholders have no worry at this time,\" Billington\nsaid.\n Naylor said several proposals for revamping the farm credit\nsystem are circulating. The proposals range from consolidation\nof the system into a centralized national lender, to\nde-centralizing into semi-independent institutions.\n But He and the system spokesman Beesley were cautious about\nproposals for a secondary market on farm loans. Those\nproposals would package farm loans for resale to investors.\n Naylor and Beesley said a secondary market set-up outside\nthe farm credit system would hurt the system. But Beesley said\na secondary market with the farm credit system as its agent\ncould be developed without Congressional legislation.\n Reuter\n\u0003", "date": "26-FEB-1987 17:59:30.27", "places": [ "usa" ], "id": "177" }, { "title": "REPORT COULD BE FINAL BLOW FOR REGAN", "body": "The Tower Commission's scathing \ncomments on President Reagan's embattled chief of staff Donald\nRegan could signal the death knell to his White House tenure,\nbut the impact of its strong criticism on two other top\nofficials was less clear.\n Regan has come in for tough criticism for his handling of\nReagan's worst political crisis since details of the covert\narms sales to Iran and diversion of profits to Nicaraguan\nrebels first emerged last November.\n But criticism of the roles of Secretary of State George\nShultz and Defense Secretary Caspar Weinberger, who said they\nopposed the Iran arms initiative yet failed to end it, had been\nmuted until the release of the Tower Commission report.\n \"Their obligation was to give the president their full\nsupport and continued advice with respect to the program or, if\nthey could not in conscience do that, to so inform the\npresident,\" the report said after a three-month probe.\n \"Instead, they simply distanced themselves from the program.\nThey protected the record as to their own positions on this\nissue. They were not energetic in attempting to protect the\npresident from the consequences of his personal commitment to\nfreeing the hostages.\"\n The report saved some of its most scathing language for\nRegan, a gruff former Wall Street executive and close personal\nfriend of Reagan whose autocratic rule in the White House\nangered some top Reagan officials and, perhaps more\nimportantly, Reagan's wife Nancy.\n \"More than almost any chief of staff of recent memory, he\nasserted personal control over the White House staff and sought\nto extend this control to the national security adviser,\" said\nthe report.\n Washington analysts said Regan's departure now appeared to\nbe only a matter of timing. Many expected the president to\nannounce it when he addresses the nation on the Tower\nCommission's findings next week.\n With Regan's departure apparently imminent and Poindexter\nand other key figures in the scandal already out of office, the\nreport's tough criticism of Shultz and Weinberger could turn\nthe spotlight on their future.\n Senate Republican leader Robert Dole, a key Reagan ally,\ntold reporters the report disclosed \"colossal blunders\" and said\npeople who had not served the president well should step aside,\nbut he did not specify who should go.\n \"It would seem to me that if you don't protect the\npresident, you don't serve the president well, then you should\nmove on,\" the Kansas Republican, a likely presidential candidate\nnext year, said.\n One Republican strategist said he believed Regan would not\nbe the only White House official to leave in the near future.\n \n Reuter\n\u0003", "date": "26-FEB-1987 18:00:08.86", "places": [ "usa" ], "id": "178" }, { "title": "SWISS ECONOMY IN EXCELLENT CONDITION, OECD SAYS", "body": "Switzerland's economy, combining low\nunemployment, financial stability and a large external payments\nsurplus, is in excellent condition and faces a satisfactory\nfuture, the Organisation for Economic Cooperation and\nDevelopment, OECD, said.\n This reflected the success of stable and relatively tight\nfiscal and monetary policies followed by the government, it\nsaid.\n The OECD, in its annual report on Switzerland, picked out\nsome signs of a slowdown in activity and a slight pick-up in\ninflation this year, but said these gave no cause for concern.\n The study forecast a decline in Gross Domestic Product\ngrowth to 1.75 pct this year from an estimated two pct in 1986\nand a small rise in consumer price inflation to 1.25 pct after\nlast year's sharp fall to 0.75 pct from 3.6 pct in 1985.\n But it said job creation should continue to absorb a modest\nincrease in the workforce, leaving the unemployment rate\nunchanged at around one pct, the lowest in the 24-industrial\nnation OECD area.\n Assuming an average exchange rate of 1.71 Swiss francs to\nthe dollar this year, against 1.69 in the second half of 1986,\nthe report forecast a 2.75 pct rise in exports and a 3.5 pct\nrise in imports this year after rises of 3.25 pct and 6.5 pct\nrespectively in 1986.\n The faster growth of imports compared with exports this\nyear and last, reflecting buoyant private consumption, meant\nthat the contribution of the foreign payments balance to GDP\nwould shrink in both years.\n But \"given Switzerland's large external surplus, there\nshould be no concern if domestic demand grows faster than\nGDP...Which, if only in a small way, would contribute to\nimproving international balances,\" the OECD said.\n Real private consumption appeared to have been unusually\nbuoyant last year, with a 3.25 pct growth rate, after several\nyears of relative weakness, it noted.\n In 1987 private consumption was expected to slow somewhat\nto a 2.25 pct growth rate, but should still outstrip overall\nGDP, it added.\n The outlook for investment in plant and machinery remained\nbright into 1987, and with capacity use at near record levels\nlast year there was scope for rationalisation and modernisation\nin both the industry and service sectors, it said.\n As a consequence, growth in machinery and equipment\ninvestment is likely to decelerate only slightly this year\nafter vigorous growth in 1986.\n But the report raised a questionmark over the prospects for\ntourism and the banking industry, two major service sector\nearners of foreign exchange.\n The long-term appreciation of the Swiss Franc, and the\naccelerating deregulation of foreign banking markets, could\nlead to a loss of international market share for both, it said.\n Particularly for the banks, \"recent developments in\ninternational financial markets give rise to the question\nwhether the Swiss financial system, which has shown substantial\nflexibility in the past, is adapting itself at the speed\nrequired ... To preserve its competitive position,\" it said.\n REUTER\n\u0003", "date": "26-FEB-1987 18:02:58.44", "topics": [ "cpi", "gnp" ], "organisations": [ "oecd" ], "places": [ "switzerland" ], "id": "179" }, { "title": "U.S. WHEAT BONUS TO SOVIET CALLED DORMANT", "body": "The U.S. Agriculture Department is not\nactively considering offering subsidized wheat to the Soviet\nUnion under the export enhancement program (EEP), senior USDA\nofficials said.\n However, grain trade analysts said the proposal has not\nbeen ruled out and that an offer might be made, though not in\nthe very near future.\n \"The grain companies are trying to get this fired up again,\"\nan aide to Agriculture Secretary Richard Lyng said. \"But there\njust isn't much talk about it, informally or formally.\"\n Most analysts interviewed by Reuters were more confident\nthan USDA officials that bonus wheat would be offered to the\nSoviets, even though U.S. officials did not make such an offer\nwhen they held grain talks with Soviet counterparts earlier\nthis week.\n But administration and private sources agreed that if the\nReagan administration did decide to offer subsidized wheat to\nMoscow, it could take several months.\n \"I just don't see any proposal like that sailing through any\ninteragency process,\" the aide to Lyng said.\n \"An export enhancement offer is not consummated overnight,\"\nsaid one former USDA official, who noted that the\nadministration took three months to decide in favor of selling\nChina wheat under the subsidy program.\n An official representing a large grain trade company said\ndeliberations within USDA might be nudged along by members of\nCongress, a number of whom urged USDA this week to make a wheat\nsubsidy offer to the Soviets.\n But Lyng's aide said that during a day-long visit to\nCapitol Hill yesterday, House members did not press the\nsecretary on the subsidy question a single time.\n The administration's interagency trade policy review group,\ncomprised of subcabinet-level officials, has not been asked to\nclear a request to offer Moscow wheat under the EEP, officials\nat the U.S. Trade Representative's Office said.\n In their talks this week, the two sides discussed the\nadministration's previous EEP offer but did not talk about any\nnew initiative. One USDA official who took part in the\nconsultations this week described them as an exchange of \"calm,\nbasic, factual economics.\"\n Another USDA official said there was \"not even an informal\nsuggestion or hint\" that the Soviets would live up to their\npledge to buy four mln tonnes of wheat this year if they were\ngranted more favorable terms.\n USDA and private sources agreed that consideration of an\nEEP initiative by interagency review groups likely would be\ndelayed because of disarray within the White House stemming\nfrom the Iran arms affair.\n Reuter\n\u0003", "date": "26-FEB-1987 18:04:52.91", "topics": [ "grain", "wheat" ], "places": [ "usa", "ussr" ], "id": "180" }, { "title": "U.S. TREASURY PART OF ARGENTINE BRIDGE LOAN", "body": "The U.S. Treasury said it was willing\nto participate with several other industrial countries in\nproviding a 500 mln-dlr short-term bridge loan to Argentina.\n The Treasury announcecement did not name the other\ncountries nor the amount of financing the United States was\nwilling to supply.\n Argentina announced a wage and price freeze on Wednesday\nnight and is negotiating with New York bankers for about 2.15\nbillion dlrs in new loans and other financing.\n \"Our willingness to participate in this multilateral\nshort-term financing indicates our support for Argentina's\neconomic program to achieve sustainable growth and a viable\nbalance of payments position,\" the Treassury statement said.\n In announcing a four-month wage and price freeze, Argentine\nofficials said the country needed \"a more serene climate\" to\ncarry out structural changes in the economy.\n But Argentina did not suspend interest payments on its\nforeign debts, as neighboring Brazil did last week.\n The Treasury said the U.S. share of bridge financing for\nArgentina would come from its Exchange Stabilization Fund.\n The one-page statement noted the International Monetary\nFund expressed confidence in Argentina's economic policies and\nprospects by approving a new stand-by financing arrangement for\nit on February 18.\n \"Argentina is expected to qualify for IMF\nbalance-of-payments financing which would enable Argentina to\nrepay a multilateral bridge loan and support the implementation\nof its economic program,\" the statement said.\n The latest Argentine action marked the second time in less\nthan two years its government has used a wage and price freeze\nto restrain inflation.\n The debt talks in New York are being headed by Argentine\nFinance Minister Mario Brodersohn and are expected to last for\nseveral days.\n Along with new financing, Argentina reportedly wants lower\ninterest rates on an existing total 53 billion dlrs in foreign\ndebt and elimination of foreign banks' control over how some of\nthe money is loaned in Argentina.\n Reuter\n\u0003", "date": "26-FEB-1987 18:07:18.31", "places": [ "usa", "argentina" ], "id": "181" }, { "title": "COMPANIES SET BID FOR CANADA HELICOPTER CONTRACT", "body": "(E.H. Industries (Canada) Inc) said it\nplans to bid its EH101 helicopter to replace Canada's fleet of\nSea King aircraft. It said it is joining with (Bell Textron of\nCanada), Canadian Marconi Co (CMW), (IMP Group), and (Paramax\nElectronics Inc) and is supported by (Augusta S.P.A.),\n(Sikorsky Aircraft), and (Westland Group) in the bid.\n The Eh101, aimed at detecting and engaging submarines, was\ndesigned for use by the British and Italian navies and is due\nto enter service in 1992, E.H. said. \n Reuter\n\u0003", "date": "26-FEB-1987 18:09:37.31", "places": [ "canada" ], "id": "182" }, { "title": "ALATENN RESOURCES INC 4TH QTR NET", "body": "Shr 75 cts vs 52 cts\n Net 1,699,124 vs 1,177,786\n Revs 45.6 mln vs 31.6 mln\n 12 mths\n Shr 2.22 dlrs vs 2.20 dlrs\n Net 5,057,292 vs 4,961,085\n Revs 130.2 mln vs 126.7 mln\n Reuter\n\u0003", "date": "26-FEB-1987 18:11:09.21", "topics": [ "earn" ], "places": [ "usa" ], "id": "183" }, { "title": "AMERICAN TRAVELLERS EXPANDS OPERATIONS", "body": "American Travellers Corp said its\nAmerican Travellers Life Insurance Co unit has expanded its\noperations.\n The company said the unit has begun marketing in Maryland,\nIdaho and the District of Columbia.\n Reuter\n\u0003", "date": "26-FEB-1987 18:12:10.87", "places": [ "usa" ], "id": "184" }, { "title": "VERSATILE TO SELL UNIT TO VICON", "body": " said\nit agreed in principle to sell its Alberta-based Versatile\nNoble Cultivators Co division to Vicon Inc, of Ontario, for\nundisclosed terms.\n The division manufactures tillage and spraying equipment.\n Reuter\n\u0003", "date": "26-FEB-1987 18:12:35.70", "topics": [ "acq" ], "places": [ "canada" ], "id": "185" }, { "title": "VIDEOTRON BUYS INTO EXHIBIT COMPANY", "body": "(Groupe Videotron Ltd) said it agreed to\nbuy 50 pct of (Groupe Promexpo Inc), a company which\nspecializes in product exhibits, for three mln dlrs. \n \n Reuter\n\u0003", "date": "26-FEB-1987 18:12:51.94", "topics": [ "acq" ], "places": [ "canada" ], "id": "186" }, { "title": " YEAR NET", "body": "Shr 81 cts vs 66 cts\n Net 5,011,000 vs 2,314,000\n Revs 57.3 mln vs 17.6 mln\n Note: results include extraordinary gains of 1,593,000 dlrs\nor 26 cts a share in 1986 and 451,000 dlrs or 13 cts a share in\n1985.\n Reuter\n\u0003", "date": "26-FEB-1987 18:13:30.91", "topics": [ "earn" ], "places": [ "canada" ], "id": "187" }, { "title": "ROHR INDUSTRIES SETTLES STRIKE", "body": "Rohr Industries Inc said it\nhas agreed on a three-year labor contract with the\nInternational Association of Machinists and Aerospace Workders,\nending a strike that began ten days ago.\n Under the pact, 4,600 union members at Rohr's Chula Vista\nand Riverside plants will receive lump sum payments of ten pct,\nsix pct and six pct annually, with the first payment going out\nin April.\n Rohr will also increase the pension benefit to 24 dlrs per\nmonth for each eligible year of service.\n Reuter\n\u0003", "date": "26-FEB-1987 18:14:26.62", "places": [ "usa" ], "id": "188" }, { "title": "TEXACO CANADA CUTS CRUDE PRICES 64 CANADIAN CTS/BBL, PAR GRADE TO 22.26 CANADIAN DLRS\n", "date": "26-FEB-1987 18:16:23.86", "topics": [ "crude" ], "id": "189" }, { "title": "BANKS EXPRESS GRAVE CONCERN ON BRAZIL DEBT MOVE", "body": "Brazil's 14-bank advisory committee\nexpressed \"grave concern\" to chief debt negotiator Antonio\nPadua de Seixas over the country's suspension of interest\npayments, according to a telex from committee chairman Citibank\nto creditor banks worldwide.\n Bankers said the diplomatic phrase belied the deep anger\nand frustration on the committee over Brazil's unilateral move\nlast Friday and its subsequent freeze on some 15 billion dlrs\nof short-term trade and interbank lines.\n Seixas, director of the Brazilian central bank's foreign\ndebt department, met the full panel on Tuesday and Wednesday.\n Seixas, who met again this morning with senior Citibank\nexecutive William Rhodes and representatives from committee\nvice-chairmen Morgan Guaranty Trust Co and Lloyds Bank Plc,\ntold the banks that the government was preparing a telex to\nexplain and clarify the freeze on short-term credits.\n The telex could be sent to creditors as early as today,\nbankers said.\n Despite the rising tempers, bankers said there are no plans\nfor Brazilian finance minister Dilson Funaro to meet commercial\nbankers during his trip to Washington on Friday and Saturday.\n Funaro will be explaining Brazil's actions to U.S. Treasury\nSecretary James Baker, Federal Reserve Board chairman Paul\nVolcker and International Monetary Fund managing director\nMichel Camdessus before travelling to Europe at the weekend.\n Meanwhile, bankers were to hear in New York this afternoon\nwhat impact Brazil's hard line would have on Argentina, with an\ninitial presentation from Argentine Treasury Secretary Mario\nBrodersohn on his country's request for 2.15 billion dlrs in\nnew loans and a multi-year rescheduling agreement. Argentina\nhas threatened to follow Brazil in declaring a payments\nmoratorium if the banks do not grant its request.\n Reuter\n\u0003", "date": "26-FEB-1987 18:16:27.92", "places": [ "usa", "brazil" ], "id": "190" }, { "title": "TEXACO CANADA LOWERS CRUDE POSTINGS", "body": "Texaco Canada said it lowered the\ncontract price it will pay for crude oil 64 Canadian cts a\nbarrel, effective today.\n The decrease brings the company's posted price for the\nbenchmark grade, Edmonton/Swann Hills Light Sweet, to 22.26\nCanadian dlrs a bbl.\n Texaco Canada last changed its crude oil postings on Feb\n19.\n Reuter\n\u0003", "date": "26-FEB-1987 18:18:00.84", "topics": [ "crude" ], "places": [ "canada" ], "id": "191" }, { "title": "JURY FINDS FOR DOW IN BIRTH DEFECT CASE", "body": "Dow Chemical Co's Merrell Dow\nPharmaceuticals Inc unit said a jury found that Bendectin did\nnot cause the birth defects of a seven-year old boy whose\nmother took the drug during pregnancy.\n The anti-nausea drug has been used to treat morning \nsickness and was discontinued in 1983 amid allegations that the\ndrug caused birth defects.\n Merrell said that to date there have been 12 other trials\ninvolving the drug, 10 in the U.S. and two in West Germany.\n It said verdicts or judgements in favor of the company were\nobtained in eight of the trials, one of which included about\n1,150 plaintiffs.\n In two trials, Merrell said, verdicts were in favor of the\nplaintiffs. In one, it said, the trial judge overruled the\njury's verdict and issued a judgement in favor of the company\nand a three judge panel of the Court of Appeals overturned the\ntrial judge's ruling. Merrell is now awaiting a rehearing of\nthis case by the full Court of Appeals.\n Of the remaining two trials, one ended in a mistrial and in\nthe other the jury was unable to reach a verdict.\n At one point about 1700 lawsuits had been filed alleging\nthe drug caused birth defects, said a company spokesman. He\nsaid about 300 lawsuits are pending.\n Bendectin was first introduced in the early 1950s, and the\nMerrell spokesman said a valid application to make and market\nthe drug is with the Food and Drug Administration should the\ncompany decide it wants to reintroduce it.\n\n Reuter\n\u0003", "date": "26-FEB-1987 18:19:17.65", "places": [ "usa" ], "id": "192" }, { "title": "USDA SAID UNLIKELY TO BROADEN CORN BONUS OFFER", "body": "The U.S. Agriculture Department\nprobably will not offer a two dlr per bushel bonus payment to\ncorn farmers for any erodible cropland they enrolled in the\nconservation reserve program last year, an aide to USDA\nSecretary Richard Lyng said.\n Sen. Charles Grassley (R-Iowa) said yesterday that Lyng had\nindicated he would consider giving those farmers the same two\ndlr bonus offered corn farmers who are signing up for the 1987\nprogram this month.\n But the aide to Lyng said it was doubtful that the\ndepartment would offer a retroactive bonus to farmers who\nenrolled land in the 10-year conservation reserve last year.\n \"How are you going to stop the tide,\" he said, referring to\ndemands that would follow from other commodity groups.\n Reuter\n\u0003", "date": "26-FEB-1987 18:20:06.58", "topics": [ "grain", "corn" ], "places": [ "usa" ], "id": "193" }, { "title": "MARATHON PETROLEUM REDUCES CRUDE POSTINGS", "body": "Marathon Petroleum Co said it reduced\nthe contract price it will pay for all grades of crude oil one\ndlr a barrel, effective today.\n The decrease brings Marathon's posted price for both West\nTexas Intermediate and West Texas Sour to 16.50 dlrs a bbl. The\nSouth Louisiana Sweet grade of crude was reduced to 16.85 dlrs\na bbl.\n The company last changed its crude postings on Jan 12.\n Reuter\n\u0003", "date": "26-FEB-1987 18:21:01.50", "topics": [ "crude" ], "places": [ "usa" ], "id": "194" }, { "title": "AGENCY VOTES TO END LOCAL NUCLEAR PLANT VETO", "body": "The Nuclear Regulatory Commission\n(NRC) proposed to ease evacuation standards for nuclear plants,\nwhich could lead the way to the licensing of controversial\nplants in New York and New Hampshire.\n The NRC voted 4-1 to offer the rule for 60 days of public\ncomment before it reconsidered it and set emergency evacuation\nstandards of its own.\n Local authorites at the plants at Shoreham, Long Island,\nN.Y., and Seabrook, N.H., had refused to take part in\nevacuation planning, as required under existing NRC rules.\n They had claimed the region was too populated for any safe\nevacuation plan, holding up the NRC's authority to issue full\npower licenses of the two multi-billon dollar plants.\n A group of prominent politicians, led by New York Governor\nMario Cuomo, charged at a public meeting on the proposed plan\non Tuesday that NRC members were more interested in protecting\nthe utilties'investments than protecting public safety.\n An NRC spokesman said after the meeting that the agency had\nnot yet scheduled a meeting to vote on the proposed plan.\n In a statement today announcing its vote, the commission\nsaid the proposed rule change would enable the NRC to act in\ncases where local authorities refused to take part in emergency\nevacuation planning.\n Reuter\n\u0003", "date": "26-FEB-1987 18:23:47.08", "places": [ "usa" ], "id": "195" }, { "title": " YEAR NET", "body": "Shr 2.31 dlrs vs 1.96 dlrs\n Net 119.0 mln vs 101.0 mln\n Revs 10.03 billion vs 8.88 billion\n Reuter\n\u0003", "date": "26-FEB-1987 18:24:04.23", "topics": [ "earn" ], "places": [ "canada" ], "id": "196" }, { "title": "RELIEF TO U.S. CORN/OATS GROWERS SAID LIKELY", "body": "U.S. farmers who in the past have\ngrown oats for their own use but failed to certify to the\ngovernment that they had done so probably will be allowed to\ncontinue planting that crop and be eligible for corn program\nbenefits, an aide to Agriculture Secretary Richard Lyng said.\n Currently a farmer, to be eligible for corn program\nbenefits, must restrict his plantings of other program crops to\nthe acreage base for that crop.\n Several members of Congress from Iowa have complained that\nfarmers who inadvertantly failed to certify that they had grown\noats for their own use in the past now are being asked to halt\noats production or lose corn program benefits.\n USDA likely will allow historic oats farmers to plant oats\nbut not extend the exemption to all farmers, Lyng's aide said.\n Reuter\n\u0003", "date": "26-FEB-1987 18:25:45.94", "topics": [ "grain", "corn", "oat" ], "places": [ "usa" ], "id": "197" }, { "title": "N.Z. MONEY SUPPLY RISES 3.6 PCT IN DECEMBER", "body": "New Zealand's broadly defined,\nseasonally adjusted M-3 money supply grew an estimated 3.6 pct\nin December after rising a revised 2.4 pct in November and 4.04\npct in December last year, the Reserve Bank said in a\nstatement.\n It said unadjusted M-3 increased to an estimated 30.07\nbillion N.Z. Dlrs from a revised 28.30 billion in November and\n25.53 billion in December 1985.\n Year-on-year M-3 rose 17.77 pct from a revised 15.34 pct in\nNovember and 20.50 pct in December 1985.\n Narrowly defined year-on-year M-1 growth was 15.89 pct\nagainst a revised 27.52 pct in November and 12.3 pct a year\nearlier.\n M-1 grew to an estimated 5.03 billion dlrs against a\nrevised 4.77 billion in November and 4.34 billion in December\n1985.\n Year-on-year private sector credit grew 30.68 pct in\nDecember against a revised 22.30 pct in November and 23.2 pct\nin December 1985. Private sector credit grew to 22.24 billion\ndlrs from a revised 20.92 billion in November and 17.01 billion\nin December 1985.\n Reuter\n\u0003", "date": "26-FEB-1987 18:27:09.26", "topics": [ "money-supply" ], "places": [ "new-zealand" ], "id": "198" }, { "title": "CIRCUIT SYSTEMS BUYS BOARD MAKER", "body": "Circuit Systems Inc said it has\nbought all of the stock of (Ionic Industries Inc) in exchange\nfor 3,677,272 shares of its common.\n Following the exchange there will be 4,969,643 shares of\nCircuit Systems stock outstanding. Ionic holders will own about\n74 pct of the outstanding stock of Circuit Systems, it said.\n Ionic, a maker of circuit boards, had revenues of 8.4 mln\ndlrs and pretax profits of 232,000 dlrs in 1986, up from\nrevenues of 5.9 mln and pretax profits of 204,000 dlrs in 1985,\nCircuit Systems said.\n Reuter\n\u0003", "date": "26-FEB-1987 18:27:56.14", "topics": [ "acq" ], "places": [ "usa" ], "id": "199" }, { "title": "FALLING SOYBEAN CRUSH RATIOS CUT OUTPUT", "body": "The sharp decline in soybean crush ratios\nseen in the last few weeks, accelerating in recent days, has\npushed margins below the cost of production at most soybean\nprocessing plants and prompted many to cut output of soybean\nmeal and oil.\n The weekly U.S. soybean crush rate was reported by the\nNational Soybean Processors Association this afternoon at 21.78\nmln bushels, down from the 22 mln bushel plus rate seen over\nthe past two months when crush margins surged to the best\nlevels seen in over a year.\n Active soymeal export loadings at the Gulf had pushed\nsoybean futures and premiums higher, prompting a pick-up in the\nweekly crush number.\n However, much of that export demand seems to have been met,\nwith most foreign meal users now waiting for the expected surge\nin shipments of new crop South American soymeal over the next\nfew months.\n U.S. processors are now finding domestic livestock feed\ndemand is very light for this time of year due to the milder\nthan normal winter, so they steadily dropped offering prices in\nan attempt to find buying interest, soyproduct dealers said.\n Soybean meal futures have also steadily declined in recent\nweeks, setting a new contract low of 139.70 dlrs per ton in the\nnearby March contract today.\n \"Many speculators down here bought March soymeal and sold\nMay, looking for no deliveries (on first notice day tomorrow,\nwhich would cause March to gain on deferreds),\" one CBT crush\ntrader said.\n \"But they've been bailing out this week because the March\nhas been acting like there will be a lot delivered, if not\ntomorrow, then later in the month,\" he added.\n As a result of the weakness in soymeal, the March crush\nratio (The value of soyproducts less the cost of the soybeans)\nfell from the mid 30s earlier this month to 22.6 cents per\nbushel today, dropping over five cents in just the last two\ndays.\n The May crush ended today just over 17 cents, so no\nprocessors will want to lock in a ratio at that unprofitable\nlevel, the trader said. Hopefully, they will now start to cut\nback production to get supplies in line with demand, he added.\n With futures down, processors are finding they must bid\npremiums for cash soybeans, further reducing crush margins.\n A central Illinois processor is only making about 30 cents\nfor every bushel of soybeans crushed at current prices, down\nsharply from levels just seen just a few weeks ago and below\nthe average cost of production, cash dealers said.\n Most soybean processing plants are still in operation, with\nlittle talk of taking temporary down-time, so far. But\nprocessors will start halting production in the next few weeks\nit they continue to face unprofitable margins, they added.\n Reuter\n\u0003", "date": "26-FEB-1987 18:28:33.66", "topics": [ "veg-oil", "oilseed", "meal-feed", "soybean", "soy-oil", "soy-meal" ], "places": [ "usa" ], "id": "200" }, { "title": "MAIL BOXES ETC 3RD QTR JAN 31 NET", "body": "Shr 23 cts vs 18 cts\n Net 509,144 vs 277,834\n Revs 2,258,341 vs 1,328,634\n Avg shrs 2,177,553 vs 1,564,605\n Nine mths\n Shr 55 cts vs 42 cts\n Net 1,150,633 vs 649,914\n Revs 6,169,168 vs 3,178,115\n Reuter\n\u0003", "date": "26-FEB-1987 18:31:34.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "201" }, { "title": "MUNSINGWEAR INC 4TH QTR JAN 3 LOSS", "body": "Shr loss 32 cts vs loss seven cts\n Net loss 1,566,000 vs loss 292,000\n Revs 39.4 mln vs 34.7 mln\n Year\n Shr profit 79 cts vs profit 74 cts\n Net profit 3,651,000 vs profit 3,020,000\n Revs 147.9 mln vs 114.2 mln\n Avg shrs 4,639,000 vs 4,059,000\n Note: Per shr adjusted for 3-for-2 stock split July 1986\nand 2-for-1 split May 1985.\n Reuter\n\u0003", "date": "26-FEB-1987 18:35:17.42", "topics": [ "earn" ], "places": [ "usa" ], "id": "202" }, { "title": "FED DATA SUGGEST STABLE U.S. MONETARY POLICY", "body": "Latest Federal Reserve data suggest that\nthe central bank voted to maintain the existing degree of\npressure on banking reserves at its regular policy-making\nmeeting two weeks ago, money market economists said.\n \"The numbers were a little disappointing, but I think we\ncan take Mr Volcker at his word when he said that nothing had\nchanged,\" said Bob Bannon of Security Pacific National Bank.\n Fed Chairman Paul Volcker told a Congressional committee\nlast Thursday that the Fed's policy \"has been unchanged up to\ntoday.\"\n Although Volcker's statement last Thursday allayed most\nfears that the Fed had marginally tightened its grip on\nreserves to help an ailing dollar, many economists still wanted\nconfirmation of a steady policy in today's data, which covered\nthe two-week bank statement period ended yesterday.\n This need for additional reassurance was made all the more\nacute by the Fed's decision yesterday to drain reserves from\nthe banking system by arranging overnight matched sale-purchase\nagreements for the first time since April of last year,\neconomists added.\n Today's data showed that the draining action was for a\nfairly large 3.9 billion dlrs, economists said.\n \"The one thing that caught my eye were the relatively\nsizeable matched sales on Wednesday,\" said Dana Johnson of\nFirst National Bank of Chicago. \"But there was a clearly\njustified need for them. There was nothing ominous.\"\n \"The Fed couldn't have waited until the start of the new\nstatement period today. If it had, it would have missed its\n(reserve) projections,\" added Security Pacific's Bannon.\n A Fed spokesman told reporters that there were no large\nsingle-day net miss in reserve projections in the latest week.\n Economists similarly shrugged off slightly higher-than-\nexpected adjusted bank borrowings from the Fed's discount\nwindow, which averaged 310 mln dlrs a day in the latest week,\ncompared with many economists' forecasts of about 200 mln.\n For the two-week bank statement period as a whole, the\ndaily borrowing average more than doubled to 381 mln dlrs from\n160 in the prior period.\n \"There were wire problems at two large banks on Tuesday and\nWednesday, so I am not too bothered about the borrowings,\" said\nScott Winningham of J.S. Winningham and Co. The Wednesday\naverage rose to 946 mln dlrs from 148 mln a week earlier.\n Lending further support to the stable policy view was a\nrelatively steady federal funds rate of about six pct in the\nlatest week and persistently high levels of excess reserves in\nthe banking system, economists said.\n \"For the time being, the Fed is following a neutral path,\nwith fed funds at about six to 6-1/8 pct,\" said Darwin Beck of\nFirst Boston Corp. \"I expect it to continue in that vein.\"\n \"Excess reserves fell but they are still over a billion\ndlrs,\" added First Chicago's Johnson. Banks' excess reserves\naveraged 1.03 billion dlrs a day in the latest statement\nperiod, down from 1.50 billion in the previous one.\n After the Fed declined to assign a 1987 target growth range\nto the wayward M-1 money supply measure last week, little\nattention was paid to a steeper-than-anticipated 2.1 billion\ndlr jump in the week ended February 16.\n Looking ahead, economists said the Fed will have to tread a\nfine line between the dollar's progress in the international\ncurrency markets and the development of the domestic economy.\n \"The market has perhaps exaggerated the dollar's effect on\nFed policy,\" said First Chicago's Johnson. \"Of course, it will\ntake the dollar into account in future policy decisions but if\nthe economy is weak, it won't pull back from easing.\"\n Reuter\n\u0003", "date": "26-FEB-1987 18:36:39.11", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "203" }, { "title": "FEDERAL INDUSTRIES LAUNCHES EUROBOND ISSUE", "body": " said\nit launched a 40 mln Canadian dlr Eurobond issue for five\nyears, bearing a coupon of 9-1/4 pct.\n Issue price is 100-5/8. Lead manager is Union Bank of\nSwitzerland.\n Proceeds will be used to reduce short-term debt.\n Reuter\n\u0003", "date": "26-FEB-1987 18:37:14.79", "places": [ "canada" ], "id": "204" }, { "title": "NYSE TO STUDY REGULATION OF SECURITY INDUSTRY", "body": "The New York Stock Exchange said it will\nbegin a review of regulation in the securities industry to\ndetermine what changes may be needed to maintain the integrity\nof the market and protect investors in coming years.\n The Exchange said the study is needed because of the rapid\nchanges taking place in the securities industry. Among the\nfactors it cited were the increase in trading volume, the\nproliferation of new trading instruments and the rise of\ncomputerized trading techniques.\n The Exchange did not mention, however, the insider trading\nscandal that has caught several top Wall Street executives.\n The NYSE said its study will be chaired by Richard R.\nShinn, executive vice chairman of the Exchange and former\nchairman and chief executive officer of \n Other members of the study committee include Charles F.\nBarbar, former chairman of Arsarco Inc , Roger Birk,\nchairman emeritus of Merrill Lynch and Co and Irwin\nGuttag, chairman of the NYSE special surveillance committee.\n The committee's report should be completed by the end of\nthe year, the Exchange said.\n Reuter\n\u0003", "date": "26-FEB-1987 18:39:22.63", "places": [ "usa" ], "id": "205" }, { "title": "KOREAN AIR ORDERS MCDONNELL DOUGLAS MD-11S", "body": "McDonnell Douglas Corp said Korean\nAir signed formal orders for four MD-11 jets with options to\nbuy four more.\n The company said if the options are exercised, the purchase\nwill total about one billion dlrs.\n McDonnell Douglas said on December 30 that Korean Air was\namong the initial 12 customers that placed orders and options\nfor 92 aircraft valued at about nine billion dlrs.\n Delivery of the first MD-11 is scheduled for the summer of\n1990.\n \n Korean Airlines currently operates four McDonnell Douglas\nDC-10 jets. In 1985, it ordered six MD-82s valued at about 150\nmln dlrs. Four of these are in service and two will be\ndelivered this year.\n Reuter\n\u0003", "date": "26-FEB-1987 18:40:00.38", "places": [ "south-korea", "usa" ], "id": "206" }, { "title": "DELTA ROCKET BLASTS OFF FROM CAPE CANAVERAL", "body": "An unmanned Delta rocket\ncarrying a 57 mln dlr hurricane-tracking satellite blasted off\nhere today in NASA's first successful launch of the year.\n The 116-foot (35.4-meter) Delta -- a reliable workhorse of\nthe U.S. rocket fleet -- lifted off at 1805 EST from Cape\nCanaveral Air Force Station in a crucial test of the space\nagency's ability to recover from the Challenger disaster and a\nstring of other failures.\n The launch came after two delays in two days. The first\npostponement was caused by fuel leak and the second by\nhigh-speed crosswinds that NASA officials say could have torn\nthe rocket apart during fiery ascent.\n Reuter\n\u0003", "date": "26-FEB-1987 18:45:03.70", "places": [ "usa" ], "id": "207" }, { "title": "JAPAN TO TRY TO OPEN MARKET TO U.S. CAR PARTS", "body": "Japan has pledged to try to increase\nits purchase of U.S. car parts and also to exchange data to\nmonitor the purchases, the Commerce Department said.\n U.S. negotiators opened talks last August with Japanese\nofficials to try to force open the Japanese market to\nAmerican-made parts in an effort to redress an estimated five\nbillion dlr deficit in car parts trade.\n Japan had agreed to try to increase purchases of U.S.-made\nparts by Japanese car makers and to begin long term contracts\nfor parts purchases, a Commerce department official said.\n He added that the agreement also said Japan agreed to try\nto devise a way to collect purchasing information in order to\nmonitor progress in stepping up Japanese orders.\n The Commerce Department said in a statement last year that\n\"statistics support the perception in the United States that\nAmerican auto parts suppliers are not welcome in the inner\ncircles of Japan's auto companies and their traditional\nsuppliers.\"\n It estimated that while Japan's car firms sold almost five\nbillion dlrs worth of parts in the United States in 1985, U.S.\nfirms sold only one per cent of Japan's 55 billion dlr market.\n reuter\n\u0003", "date": "26-FEB-1987 18:46:50.23", "places": [ "usa", "japan" ], "id": "208" }, { "title": "FRANCE FACES PRESSUE TO CHANGE POLICIES", "body": "France's right wing government is facing\ngrowing pressure to modify its economic policies after revising\ndown its 1987 growth targets and revising up its inflation\nforecasts for this year.\n Moving reluctantly into line with most private sector\nforecasts the government yesterday raised its 1987 inflation\nestimate a half percentage point to 2.5 per cent and cut its\neconomic growth estimate to between two and 2.8 per cent from a\n2.8 per cent target written into the annual budget last\nseptember.\n Finance Minister Edouard Balladur said the revised figures\nwould not push the government off its chosen mix of price\nderegulation, budget-cutting rigour and pay restraint.\n But Trade Union leaders served immediate notice they would\npush to protect the purchasing power of their members, raising\nthe spectre of a vicious spiral of wage and price rises.\n And bank economists contacted by Reuters said they believed\nPrime Minister Jacques Chirac could be forced by slow growth\nand rising unemployment to reflate the economy later this year,\nperhaps in the autumn, to boost his prospects in Presidential\nelections due by April 1988.\n \"The outlook is more worrying than it was a few weeks ago,\"\nsaid Societe Generale economist Alain Marais. \"We have the\nimpression it may be difficult to get even two per cent growth\nthis year.\"\n \"The big question is whether the government's policy of wage\nmoderation will be maintained,\" he added.\n The government has set public sector wage rises at aboout\n1.7 per cent this year, with a three per cent ceiling for rises\njustified by increased productivity.\n But the head of the socialist CFDT union federation, Edmond\nMaire, meeting with Chirac today, renewed union demands already\nrejected by the government for indexation clauses to be built\ninto future pay contracts to safeguard workers against higher\nprices.\n Calling the government's policies \"unbalanced and unjust,\" he\nalso demanded investment incentives to boost employment. He\nannounced after his meeting that Chirac had told him the\ngovernment would spend two billion francs on a series of\nmeasures to boost employment and training\n Andre Bergeron, a widely respected leader of the moderate\nForce Ouvriere labour group, put similar demands to Chirac\nearlier in the week while the Communist-led CGT, the largest of\nFrance's unions, declared the defence of its members earnings\nits top priority.\n But with unemployment nearing 11 per cent last month, and\nstill rising, government supporters and some economic analysts\nsaid they were confident Chirac could resist union pay demands.\n \"Salary indexation was ended by the previous Socialist\ngovernment and I dont think this administration is going to\nreverse that,\" commented Michel Develle, economist at\nrecently-privatised Banque Paribas.\n Damaging transport and electricity strikes over Christmas\nand the New Year, partly blamed by the government for higher\ninflation, had undermined the unions power and popularity, he\nsaid.\n Develle said Paribas expected inflation to rise even more\nthan the governments revised forecast, perhaps to 2.6 or 2.7\nper cent this year against last years 2.1 per cent.\n \"But that would still be an exceptional achievement\nconsidering that for the first time since the Second World War\nall french prices have been freed,\" he commented.\n Finance Ministry officials said that the governments\nabolition of price and rent controls last year was responsible\nfor nearly a quarter of a 0.9 per cent surge in January living\ncosts.\n But they claimed it was a once-off phenomenon that should\nhave no knock-on impact on the rest of the year.\n Both Marais and Develle said they agreed with that, so long\nas the government kept wages under control.\n Prices could rise 1.5 per cent in the first three months of\n1987 and two per cent in the first half year, fractionally more\nthan forecast this week by the National Statistics Institute,\nINSEE, Marais said. But the second half year should be better,\nhe added.\n Ironically, one side effect of higher inflation could be to\nhelp the government achieve its aim of cutting the state budget\ndeficit, several analysts said.\n So long as public sector wages are held down, higher Value\nAdded Tax receipts resulting from rising prices should offset a\nloss in revenues that otherwise would result from slower than\nexpected growth, they said.\n \n Reuter\n\u0003", "date": "26-FEB-1987 18:50:30.59", "topics": [ "cpi", "gnp" ], "places": [ "france" ], "id": "209" }, { "title": "GTI CORP 4TH QTR OPER NET", "body": "Oper shr profit six cts vs loss two cts\n Oper net profit 225,000 vs loss 91,000\n Revs 4,814,000 vs 3,339,000\n Year\n Oper shr profit 12 cts vs loss two cts\n Oper net profit 415,000 vs loss 73,000\n Revs 16.4 mln vs 16.9 mln\n Note: data does not include from discontinued operations,\n4th qtr 1986 gain of 632,000 dlrs, or 19 cts per shr; 4th qtr\n1985 loss of 250,000 dlrs, or seven cts per shr; 1986 year loss\nof 4,054,000 dlrs, or 1.17 dlrs per shr; and 1985 year loss of\n606,000 dlrs, or 17 cts per shr.\n Reuter\n\u0003", "date": "26-FEB-1987 19:00:16.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "210" }, { "title": "HOUSTON OIL RESERVES STUDY COMPLETED", "body": "Houston Oil Trust said that independent\npetroleum engineers completed an annual study that estimates\nthe trust's future net revenues from total proved reserves at\n88 mln dlrs and its discounted present value of the reserves at\n64 mln dlrs.\n Based on the estimate, the trust said there may be no money\navailable for cash distributions to unitholders for the\nremainder of the year.\n It said the estimates reflect a decrease of about 44 pct in\nnet reserve revenues and 39 pct in discounted present value\ncompared with the study made in 1985.\n Reuter\n\u0003", "date": "26-FEB-1987 19:00:57.33", "topics": [ "crude" ], "places": [ "usa" ], "id": "211" }, { "title": "FAMOUS RESTAURANTS INC 4TH QTR LOSS", "body": "Shr loss 2.07 dlrs vs loss eight cts\n Net loss 11,445,000 vs loss 501,000\n Revs 14.5 mln vs 11.0 mln\n Year\n Shr loss 1.91 dlrs vs profit four cts\n Net loss 12,427,000 vs profit 211,000\n Revs 60.8 mln vs 51.5 mln\n Note: includes non-recurring charges of 12,131,000 dlrs in\nthe 4th qtr and 12,500,000 dlrs in the year for reserve for\nunderperforming restaurants.\n Reuter\n\u0003", "date": "26-FEB-1987 19:07:11.11", "topics": [ "earn" ], "places": [ "usa" ], "id": "212" }, { "title": "JAPAN CONSUMER PRICES FALL 0.4 PCT IN JANUARY", "body": "Japan's unadjusted consumer price index\n(base 1985) fell 0.4 pct to 99.7 in January from the previous\nmonth, the government's Management and Coodination Agency said.\n The fall compares with a decline of 0.2 pct in December.\n The January index compared with a year earlier was down 1.1\npct, the first drop larger than 1.0 pct since it fell 1.3 pct\nin September 1958.\n Food costs rose in January from December but prices fell\nfor clothing, footwear and utilities, causing the overall\ndecline for the month.\n Housing, medical and educations costs increased in January\ncompared with a year earlier but the cost of utilities,\ngasoline and vegetables fell.\n The unadjusted consumer price index for the Tokyo area\n(base 1985) was down 0.1 pct in mid-February from a month\nearlier at 100.2, reflecting lower prices for food, clothing\nand footwear. Compared with a year earlier, the index was down\n0.7 pct due to lower vegetable, fuel oil and utility costs.\n REUTER\n\u0003", "date": "26-FEB-1987 19:07:28.91", "topics": [ "cpi" ], "places": [ "japan" ], "id": "213" }, { "title": "AVERY SETS TWO FOR ONE STOCK SPLIT", "body": "Avery said its board authorizerd\na two for one stock split, an increased in the quarterly\ndividend and plans to offer four mln shares of common stock.\n The company said the stock split is effective March 16 with\na distribution of one additional share to each shareholder of\nrecord March 9.\n It said the quarterly cash dividend of 10.5 cts per share\non the split shares, a 10.5 pct increase from the 19 cts per\nshare before the split.\n Avery said it will register with the Securities and\nExchange Commission shrortly to offer four mln additional\ncommon shares. It will use the proceeds to repay debt, finance\nrecent acquisitions and for other corporate purposes.\n Reuter\n\u0003", "date": "26-FEB-1987 19:16:39.70", "topics": [ "earn" ], "places": [ "usa" ], "id": "214" }, { "title": "MICROSOFT CORP HALTS MS-DOS IMPORTS", "body": "Microsoft Corp said it obtained a\nfederal court order to seize a shipment of over 15,000\nunauthorized copies of its MS-DOS operating system labeled\n\"Falcon MS-DOS\".\n Federal marshals made the seizure in San Francisco on Feb\n17.\n Microsoft said the U.S. District Court for the Northern\nDistrict of California also granted it a temporary restraning\norder against Wetex International, Quadrant Corp and other\npersons, prohibiting copyright infringement by reproducing\nMicrosoft software.\n Reuter\n\u0003", "date": "26-FEB-1987 19:21:09.73", "places": [ "usa" ], "id": "215" }, { "date": "26-FEB-1987 19:26:09.34", "topics": [ "money-supply" ], "id": "216" }, { "title": "JAPAN MARCH BOND COUPON SEEN UNCHANGED AT FIVE PCT", "body": "The Finance Ministry has proposed\ninformally to its bond underwriting syndicate that the coupon\non the January 10-year government bond remain unchanged from\nFebruary at five pct, underwriting sources said.\n They said the ministry wants a 0.50 yen raise in issue\nprice from February to 99.50 to yield a record low 5.075 pct.\n The 5.151 pct February bond issue yield was itself a record\nlow. The proposed issue volume is 475 billion yen against the\n600 billion in February.\n The underwriting syndicate is likely to accept the proposed\nterms immediately, the sources said.\n REUTER\n\u0003", "date": "26-FEB-1987 19:43:08.56", "places": [ "japan" ], "id": "217" }, { "title": "U.S. LAUNCHES WEATHER SATELLITE", "body": "An unmanned Delta rocket\ncarrying a 57 mln dlr weather observation satellite blasted off\nhere today in the first U.S. Space launch of the year.\n The 116-foot rocket lifted off at 1805 local time (2305\nGMT) and placed in orbit a 1,850 pound Geostationary\nOperational Environmental Satellite (GOES) to replace an\nidentical one that was destroyed last May when a Delta rocket\nexploded after liftoff.\n Weather forecasters have had only a single satellite to\ncover the entire U.S. Since another GOES failed in orbit in\nAugust 1984.\n \"We'll have both our weather eyes open again,\" said Thomas\nPyke, a spokesman for the National Oceanic and Atmospheric\nAdministration, which owns and operates the satellite.\n The smooth launching came after two delays in as many days.\nThe first was caused by a fuel leak and the second by powerful\ncrosswinds.\n The Delta was the first of six rockets scheduled for launch\nby the National Aeronautics and Space Administration this year.\nThe launch marked the third straight success for the space\nprogram which was battered by a series of failures in 1986,\nincluding the loss of the Challenger shuttle.\n REUTER\n\u0003", "date": "26-FEB-1987 20:43:17.89", "places": [ "usa" ], "id": "218" }, { "title": "ITALIAN COALITION MEETS AS GOVERNMENT CRISIS LOOMS", "body": "Leaders of Italy's five coalition parties\nhave agreed to meet today to try to settle their differences\nwhich are mainly between Prime Minister Bettino Craxi's\nSocialist Party and the majority Christian Democrats.\n Sources close to Deputy Prime Minister Arnaldo Forlani said\nCraxi told him he would announce his resignation next week,\nallowing negotiations on a new government leader.\n The conservative Christian Democrats demanded the meeting\nafter Craxi said a pact agreed during a government crisis last\nAugust, under which he was to hand over the prime minister's\njob next month, was unlikely to be fulfilled.\n Political sources said the Christian Democrats are likely\nto leave the coalition, which also includes Republicans, Social\nDemocrats and Liberals, unless they get the prime minister's\njob. They said Craxi's plans to resign show he has decided to\nstick to the pact but talks on a leader, a government program\nand sharing of ministries will not be easy.\n They said there is dissent among the partners and that\nForlani has been trying to mediate to avoid a crisis. They said\nthe five are likely to begin talks tomorrow on whether\nformation of a new government is feasible or early elections\nare inevitable. Elections are not due until 1988.\n REUTER\n\u0003", "date": "26-FEB-1987 20:50:44.04", "places": [ "italy" ], "id": "219" }, { "title": "N.Z. CENTRAL BANK SEES SLOWER MONEY, CREDIT GROWTH", "body": "Monetary and credit growth rates in\nNew Zealand are not expected to continue at current levels\nfollowing the Reserve Bank's move to tighten liquidity late\nlast year, Reserve Bank Governor Spencer Russell said.\n The monetary and credit growth figures for the December\nquarter were probably artifically inflated by unusually high\ngrowth in inter-institutional lending activity on the short\nterm money market, Russell said in a statement.\n The bank moved to tighten liquidity when the initial signs\nof the recent expansion became apparent in September and\nOctober last year, Russell said.\n Broadly defined M-3 figures released today showed growth of\n17.8 pct in the year ended December compared with 13.1 pct in\nthe year ended September.\n Annual growth of private sector credit in calendar 1986 was\n30.7 pct compared with 16.5 pct in the September year.\n \"Available evidence suggests that corporate customers,\nincluding non-bank financial institutions, have been exploiting\ndifferences between interest rates on overdrafts with trading\nbanks and rates in the call market,\" Russell said.\n REUTER\n\u0003", "date": "26-FEB-1987 21:01:31.16", "topics": [ "money-supply" ], "places": [ "new-zealand" ], "id": "220" }, { "title": "AVERAGE YEN CD RATES FALL IN LATEST WEEK", "body": "Average interest rates on yen certificates\nof deposit, CD, fell to 4.27 pct in the week ended February 25\nfrom 4.32 pct the previous week, the Bank of Japan said.\n New rates (previous in brackets), were -\n Average CD rates all banks 4.27 pct (4.32)\n Money Market Certificate, MMC, ceiling rates for the week\nstarting from March 2 3.52 pct (3.57)\n Average CD rates of city, trust and long-term banks\n Less than 60 days 4.33 pct (4.32)\n 60-90 days 4.13 pct (4.37)\n Average CD rates of city, trust and long-term banks\n 90-120 days 4.35 pct (4.30)\n 120-150 days 4.38 pct (4.29)\n 150-180 days unquoted (unquoted)\n 180-270 days 3.67 pct (unquoted)\n Over 270 days 4.01 pct (unquoted)\n Average yen bankers' acceptance rates of city, trust and\nlong-term banks\n 30 to less than 60 days unquoted (4.13)\n 60-90 days unquoted (unquoted)\n 90-120 days unquoted (unquoted)\n REUTER\n\u0003", "date": "26-FEB-1987 21:05:51.60", "topics": [ "money-fx", "interest" ], "places": [ "japan" ], "id": "221" }, { "title": "BRITAIN'S ALLIANCE OPPOSITION WINS BY-ELECTION", "body": "Britain's centrist Liberal-Social\nDemocratic Alliance won a surprise victory in a parliamentary\nby-election in the London borough of Greenwich, a seat held by\nthe main opposition Labour party for the past 50 years.\n Rosie Barnes, a Social Democratic member of the Alliance,\nwon with 18,287 votes, or 53 pct, and a majority of 6,611 seats\nover her nearest rival, Labour candidate Deirdre Wood.\n The Conservatives came third with 3,852 votes.\n The result is expected to play a key role in determining\nwhen Prime Minister Margaret Thatcher, leader of the ruling\nConservatives, might call a general election.\n REUTER\n\u0003", "date": "26-FEB-1987 21:08:04.81", "places": [ "uk" ], "id": "222" }, { "title": "ECONOMIC SPOTLIGHT - JAPAN EYEING FOREIGN STOCKS", "body": "Japanese life insurers, trust banks and\ncorporations, largely responsible for vitalising the U.S. Bond\nmarket in recent years, are now eyeing stockmarkets in the\nU.S., Britain, France and Hong Kong, fund managers said.\n After concentrating on U.S. Treasury bonds for years,\nJapanese institutions now see a risk in relying too much on\nsimilar types of investments, they said.\n Japan's net buying in overseas stockmarkets this year may\ndouble or triple to 15-20 billion dlrs from seven billion in\n1986, Shigeki Matsumoto of Nikko Securities Co Ltd, said.\n Matsumoto, who manages Nikko's investment research and\nstrategy, said there is evidence Japanese investors began\npoking around in foreign stockmarkets around July last year,\nbut few made firm commitments until December when net purchases\nsuddenly grew to 1.5 billion dlrs from around 500 mln in each\nof the previous five months.\n Net buying in 1985 totalled only 995 mln dlrs, he added.\n This sudden penchent for overseas stocks is likely to draw\nthe widest smiles from Wall Street because about 70 to 80 pct\nof funds will be invested in the U.S. Markets, Matsumoto said.\n \"The trend has been to head toward the U.S. Market, first\nbecause of its size and next because it has been successful\nover the last couple of years,\" said Eugene Atkinson, managing\ndirector of Goldman Sachs International Corp.\n Wall Street's massive turnover offers good liquidity,\nenabling institutions to easily move large volumes of money in\nand out of shares with the minimum of risk, he added.\n However, few see holdings in U.S. Treasuries dwindling.\nThey will remain a Japanese mainstay, fund managers said.\n Institutions, particularly life insurance companies which\nconcentrate on income rather than capital gains to cover\npayouts to policy holders, are unlikely to sell their U.S.\nTreasuries, but will put in less money, said Shinichi Kobuse,\nmanager of Yamaichi Securities Co Ltd's international fixed\nincome activities.\n There has been some selling of U.S. Bonds by short-term\ninvestors, but the selling is unlikely to amount to a\nsignificant chunk of Japanese bond holdings because the\nliquidity of the U.S. Bond market remains attractive, he added.\n Kobuse said investment managers are bullish on the U.S.\nEquity markets despite predictions by economists the U.S.\nEconomy will remain sluggish over the next couple of months.\n Interest in Wall Street has been spurred by recent reports\nof significant growth in earnings by major U.S. Corporations,\nhe added.\n Yutaka Hashimoto general manager of Nippon Life Insurance\nCo told an economic conference that insurance companies, which\nare responsible for 26 pct of Japanese funds in foreign\nsecurities, hold a lopsided proportion of U.S. Treasuries and\nintend to diversify into other instruments and currencies.\n Insurance companies have put the dominant portion of their\nfunds into the U.S., But will now invest in Britain, West\nGermany, France and other countries, Hashimoto said.\n Lower interest rates worldwide make the returns on stocks\nrelatively high in comparison with bonds and in light of the\nstrength in the yen, the growth in stock values is expected to\noffset currency risks, he added.\n One trust bank official said his bank aims for a 10 pct\nannual return on overseas investments but the recent decline in\nU.S. 30-year bond yields has caused a rethink in pension fund\ninvestment stategies.\n The bank is looking more at U.S. Equities and European\nbonds, he said.\n Japanese investments in British equities have already\nturned active and the pace is likely to increase, said Andrew\nSheaf, general manager of international equity activities at\nCounty Securities Japan.\n \"Last week was the busiest week we had,\" he said.\n Investments are being spurred by the growth in profits of\nBritish companies and the recent deregulation of government\ncontrolled firms, fund managers said.\n Deregulation in France is also attracting Japanese\ninterest, but stock investments there will be inhibited by\nworries about the French franc, they said.\n Investments in Hong Kong will be mostly short-term and\nspeculative due to uncertainty about the colony's long-term\npolitical stability, they added.\n Japanese investors are cautious about West Germany,\nparticularly as German firms, like their Japanese counterparts,\nare concerned about the recent dollar fall.\n Australia also poses some risks due to currency values,\nthey added.\n REUTER\n\u0003", "date": "26-FEB-1987 21:26:39.44", "places": [ "japan", "usa", "uk", "france", "hong-kong" ], "id": "223" }, { "title": "TAIWAN OFFSHORE BANKING ASSETS RISE IN JANUARY", "body": "The combined assets of Taiwan's offshore\nbanking units (obu) rose to 6.28 billion U.S. Dlrs at end-\nJanuary from 6.21 billion in December and 6.34 billion in\nJanuary 1986, the central bank said.\n A bank official told Reuters the increase came mainly from\nincreased local obu borrowings from their Asian counterparts.\n He said the assets, held by 15 foreign and local banks,\nwere mainly in U.S. Dollars with the remainder in certificates\nof deposit and bonds. About 90 pct of the assets came from Asia\nand the rest from North America and Europe, he added.\n REUTER\n\u0003", "date": "26-FEB-1987 22:06:38.85", "places": [ "taiwan" ], "id": "224" }, { "title": "JAPAN EXPECTED TO CUT BASE RATE FOR STATE BODIES", "body": "Japan is expected to cut the base lending\nrate for state financial institutions to 5.5 pct from 6.2 as\npart of the recent pact by major industrial nations in Paris,\nFinance Ministry sources said.\n They said the cut is based on a revision of the Trust Fund\nBureau Law, which should be approved by parliament on March 3,\nabolishing the 6.05 pct minimum interest rate on deposits with\nthe bureau.\n The bureau channels funds to government financial\ninstitutions for public works and other official uses, they\nsaid.\n The base lending rate for state bodies such as the Japan\nDevelopment Bank, People's Finance Corp and the finance\ncorporations of local public enterprises usually moves in\ntandem with long-term prime rates, the sources said.\n However, it was impossible for them to follow the last cut,\nto 5.8 pct from 6.2 pct on January 28, because the Trust Fund\nBureau rate was legally set at 6.05 pct.\n The ministry will abolish the minimum rate and introduce a\nmarket-related one to resolve the problem and stimulate the\ndomestic economy, they said.\n On Tuesday, the ministry allowed long-term bankers to cut\ntheir prime to a record low of 5.5 pct, effective February 28.\nThe move suggested it had reached agreement with depositors\nusing the bureau, the postal savings system of the Posts and\nTelecommunications Ministry and the Japan welfare annuity of\nthe Ministry of Health and Welfare, the sources said.\n These ministries are trying to determine which market rates\nshould be considered when setting the bureau's deposit rate,\nthe ministry sources said.\n Coupon rates on new 10-year government bonds, minus 0.1\npercentage points, is the likeliest choice, they added.\n REUTER\n\u0003", "date": "26-FEB-1987 22:22:02.97", "topics": [ "interest" ], "places": [ "japan" ], "id": "225" }, { "title": "JAPAN HOUSE BUDGET TALKS TO REOPEN NEXT WEEK", "body": "Japan's ruling and opposition parties\nagreed to reopen talks on the budget for the fiscal year ending\nMarch 31 1988 when the Lower House Budget Committee meets next\nTuesday, a parliamentary official said.\n He said officials of the ruling Liberal Democratic Party\nand the opposition parties agreed at a meeting of the\ncommittee's board of directors.\n Strong opposition objection to government tax reform\nproposals including a controversial sales tax has delayed\ndeliberation by the Lower House Budget Committee.\n REUTER\n\u0003", "date": "26-FEB-1987 22:50:01.31", "places": [ "japan" ], "id": "226" }, { "title": "AUSTRALIA'S KEATING CHANGES ECONOMIC FORECASTS", "body": "Domestic demand is now expected to make\nno contribution to Australian economic growth in fiscal\n1986/87, ending June 30, while net exports will account for all\nof the overall increase, Treasurer Paul Keating said here.\n However, he did not say in his speech to the Economic\nPlanning Advisory Council (EPAC) if the forecast 2.25 pct rise\nin gross domestic product (gdp) had been revised.\n But Keating said domestic demand could fall slightly this\nfinancial year and net export growth will provide the total\nsource of gdp growth.\n The August budget had forecast domestic demand would\ncontribute 0.75 percentage points to non-farm gdp growth of 2.5\npct while net exports would account for 1.75 points.\n Keating said the overall impact of the changed economic\nparameters is welcome as it appears to have contributed to a\nslightly more rapid correction in the current account deficit\nthan first anticipated.\n \"The government initially forecast a current account deficit\nfor 1986/87 of 14.75 billion -- our present expectation is that\nthe result will be somewhat lower, around 14 billion,\" he said.\n Partial indicators released since the last meeting of EPAC\nin December indicate that the 1986/87 budget strategy is\nbroadly on track, Keating said.\n \"They indicate that domestic demand has been a little more\nsluggish than was expected at budget time,\" he said.\n \"On the other hand, net exports seem to be expanding by more\nthan expected at budget time, and this is underpinning growth\nin domestic production and employment.\"\n Keating said it now seems likely that the 1986/87 inflation\nrate will exceed the budget forecast of eight pct.\n \"Nevertheless, there is likely to be a marked slowing in\ninflation over coming quarters as depreciation and budgetary\neffects wane,\" he said.\n Keating said the government expects economic growth to pick\nup moderately in 1987/88 due to a further significant rise in\nnet exports and a very moderate but positive contribution from\nprivate domestic demand.\n He said domestic demand growth will be due to a\nstrengthening in real household disposable income.\n The moderate rise in economic growth next financial year\nshould be sufficient to sustain employment growth at a level\nbroadly equivalent to that of the current fiscal year.\n \"The current account deficit will continue to show\nimprovement in 1987/88,\" Keating said.\n \"As the impact of the exchange rate depreciations of recent\nyears recede further, and given continued effective wage\nrestraint, inflation should moderate markedly in 1987/88,\" he\nsaid.\n REUTER\n\u0003", "date": "26-FEB-1987 22:54:22.27", "topics": [ "gnp", "bop" ], "places": [ "australia" ], "id": "227" }, { "title": "THAI RICE EXPORTS RISE IN WEEK ENDED FEBRUARY 24", "body": "Thailand exported 84,960 tonnes of rice\nin the week ended February 24, up from 80,498 the previous\nweek, the Commerce Ministry said.\n It said government and private exporters shipped 27,510 and\n57,450 tonnes respectively.\n Private exporters concluded advance weekly sales for 79,448\ntonnes against 79,014 the previous week.\n Thailand exported 689,038 tonnes of rice between the\nbeginning of January and February 24, up from 556,874 tonnes\nduring the same period last year. It has commitments to export\nanother 658,999 tonnes this year.\n REUTER\n\u0003", "date": "26-FEB-1987 23:06:45.13", "topics": [ "grain", "rice" ], "places": [ "thailand" ], "id": "228" }, { "title": "TOKYO GRAIN EXCHANGE TO RAISE MARGIN REQUIREMENTS", "body": "The Tokyo Grain Exchange said it will raise\nthe margin requirement on the spot and nearby month for U.S.\nAnd Chinese soybeans and red beans, effective March 2.\n Spot April U.S. Soybean contracts will increase to 90,000\nyen per 15 tonne lot from 70,000 now. Other months will stay\nunchanged at 70,000, except the new distant February\nrequirement, which will be set at 70,000 from March 2.\n Chinese spot March will be set at 110,000 yen per 15 tonne\nlot from 90,000. The exchange said it raised spot March\nrequirement to 130,000 yen on contracts outstanding at March\n13. Chinese nearby April rises to 90,000 yen from 70,000.\n Other months will remain unchanged at 70,000 yen except new\ndistant August, which will be set at 70,000 from March 2.\n The new margin for red bean spot March rises to 150,000 yen\nper 2.4 tonne lot from 120,000 and to 190,000 for outstanding\ncontracts as of March 13.\n The nearby April requirement for red beans will rise to\n100,000 yen from 60,000, effective March 2.\n The margin money for other red bean months will remain\nunchanged at 60,000 yen, except new distant August, for which\nthe requirement will also be set at 60,000 from March 2.\n REUTER\n\u0003", "date": "26-FEB-1987 23:36:10.22", "topics": [ "soybean", "red-bean", "oilseed" ], "places": [ "japan" ], "id": "229" }, { "title": "MANILA SAID TO OFFER DEBT BONDS TO BANKS", "body": "The Philippines will offer its commercial\nbank creditors an innovative pricing plan that will make debt\npayments through certificates of indebtedness as an alternative\nto cash, the authoritative Business Day newspaper said.\n Finance Secretary Jaime Ongpin told reporters yesterday the\nalternative proposal is designed to avoid an impasse when debt\nrescheduling talks reopen in New York on Tuesday.\n He did not give details but said, \"It is a very useful\nalternative and in the end will permit the banks to say that\nthey achieved their pricing target and will likewise permit the\nPhilippines to say exactly the same thing.\"\n Quoting negotiation documents to be presented to the\ncountry\"s 12-bank advisory committee, Business Day said the debt\ncertificates will carry maturities of five or six years.\n It said the certificates will be classified as zero-coupon\nbonds or promissory notes with no interest but priced at a\nconsiderable discount from their redemption price.\n It said the debt bonds will entitle holder banks to a\nguaranteed return on both interest and principal since no\npayment of any kind is made until the bond matures.\n It said a bank can sell the bonds on the secondary bond\nmarket for either dlrs or pesos depending on its requirement.\n The documents said peso proceeds can be invested in\nselected industries under the Philippines\" debt/equity program.\n Ongpin said Manila is sticking to its demand of a spread of\n5/8 percentage points over London Interbank Offered Rates\n(LIBOR) for restructuring 3.6 billion dlrs of debt repayments.\n \"(The proposal) will give the banks a choice of 5/8ths or\nthe alternative,\" Ongpin said. \"Our representatives have gone to\nWashington to the (International Monetary) Fund, the (World)\nBank, the Fed (Federal Reserve Board) and the (U.S.) Treasury\nto brief them in advance on this alternative and it has\ngenerally been positively received.\"\n \"We don\"t believe that there is going to be a problem on the\naccounting side,\" Ongpin said. \"We have run this alternative\nproposal to the accounting firms. Neither have the government\nregulators indicated that there will be a problem.\"\n REUTER\n\u0003", "date": "1-MAR-1987 01:30:29.50", "places": [ "philippines" ], "id": "230" }, { "title": "POLL MAJORITY DISAPPROVE OF REAGAN PRESIDENCY", "body": "A majority of Americans disapprove of\nthe way Ronald Reagan has handled the presidency and one-third\nbelieve he should resign, a new poll said.\n The poll conducted by Newsweek magazine said 53 pct of the\nrespondents gave Reagan a negative performance rating, nearly\ndouble his disapproval rating before the Iran/Contra scandal.\n The magazine said, however, that Reagan remained personally\npopular. By better than a three-to-one ratio, a majority of\nthose polled said they liked Reagan on a personal level.\n And Newsweek said 52 per cent of those questioned believed\nthe administration\"s accomplishments outweighed its failures.\n REUTER\n\u0003", "date": " 1-MAR-1987 01:41:26.47", "places": [ "usa" ], "id": "231" }, { "title": "PRODUCER SPLIT HEATS UP COFFEE QUOTA TALKS", "body": "Talks on the possibility of reintroducing\nglobal coffee export quotas have been extended into today, with\nsparks flying yesterday when a dissident group of exporters was\nnot included in a key negotiating forum.\n The special meeting of the International Coffee\nOrganization (ICO) council was called to find a way to stop a\nprolonged slide in coffee prices.\n However, delegates said no solution to the question of how\nto implement quotas was yet in sight.\n World coffee export quotas -- the major device used to\nregulate coffee prices under the International Coffee Agreement\n-- were suspended a year ago when prices soared in reaction to\na drought which cut Brazil\"s output by nearly two thirds.\n Brazil is the world\"s largest coffee producer and exporter.\n Producers and consumers now are facing off over the\nquestion of how quotas should be calculated under any future\nquota distribution scheme, delegates said.\n Tempers flared late Saturday when a minority group of eight\nproducing countries was not represented in a contact group of\nfive producer and five consumer delegates plus alternates which\nwas set up to facilitate debate.\n The big producers \"want to have the ball only in their court\nand it isn\"t fair,\" minority producer spokesman Luis Escalante of\nCosta Rica said.\n The majority producer group has proposed resuming quotas\nApril 1, using the previous ad hoc method of carving up quota\nshares, with a promise to try to negotiate basic quotas before\nSeptember 30, delegates said.\n Their plan would perpetuate the status quo, allowing Brazil\nto retain almost all of its current 30 pct share of the export\nmarket, Colombia 17 pct, Ivory Coast seven pct and Indonesia\nsix pct, with the rest divided among smaller exporters.\n But consuming countries and the dissident producer group\nhave tabled separate proposals requiring quotas be determined\nby availability, using a formula incorporating exportable\nproduction and stocks statistics.\n Their proposals would give Brazil a smaller quota share and\nColombia and Indonesia a larger share, and bring a new quota\ndistribution scheme into effect now rather than later.\n Brazil has so far been unwilling to accept any proposal\nthat would reduce its quota share, delegates said.\n Delegates would not speculate on prospects for agreement on\na quota package. \"Anything is possible at this phase,\" even\nadjournment of the meeting until March or April, one said.\n If the ICO does agree on quotas, the price of coffee on the\nsupermarket shelf is not likely to change sinnificantly as a\nresult, industry sources said.\n Retail coffee prices over the past year have remained about\nsteady even though coffee market prices have tumbled, so an\nupswing probably will not be passed onto the consumer either,\nthey said.\n REUTER\n\u0003", "date": " 1-MAR-1987 01:49:03.52", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "uk", "colombia" ], "id": "232" }, { "title": "ITALIAN TREASURY CUTS INTEREST ON CERTIFICATES", "body": "The Italian treasury said annual coupon\nrates payable March 1988 on two issues of long-term treasury\ncertificates (CCTs) would be cut by about four percentage\npoints compared with rates this March.\n Coupon rates on 10-year certificates maturing March 1995\nwill fall to 9.80 pct from 13.65 pct and rates on 10-year\nissues maturing in March 1996 would fall to 10.05 pct from\n14.30 pct.\n The Treasury also cut by 0.60 point six-monthly coupons\npayable this September on six issues maturing between September\n1988 and September 1991.\n The issues carry terms of between five and seven years and\nwill have coupon rates of between 4.85 and 5.65 pct in\nSeptember compared with 5.45 and 6.25 pct this March.\n REUTER\n\u0003", "date": " 1-MAR-1987 02:02:38.54", "topics": [ "interest" ], "places": [ "italy" ], "id": "233" }, { "title": "BRITISH CONSERVATIVES AHEAD OF LABOUR IN NEW POLLS", "body": "Britain\"s ruling Conservatives have\nenlarged their lead over the opposition Labour Party, according\nto results of two opinion polls released on Saturday.\n A Market & Opinion Research International (MORI) poll\nconducted for The Sunday Times showed the Conservatives with a\nsix point lead, while a poll by Telephone Surveys Limited for\nThe Sunday Express found them to be four points ahead.\n The Sunday Express poll is the first conducted since the\nSocial Democratic Party scored an upset victory on Thursday in\na parliamentary by-election in the former Labour stronghold of\nGreenwich, near London.\n The MORI poll, conducted in the six days leading up to the\nby-election, showed the Conservatives with 41 pct of the vote,\nLabour with 35 pct and the Alliance of Social Democrats and\nLiberals with 21 pct.\n The Sunday Express said its poll, conducted on Friday,\nfound the Conservatives ahead with 35.6 pct of the vote, Labour\nwith 31.9 pct and the Alliance with 31.4 pct.\n A Harris poll published in The Observer newspaper last\nSunday gave the Conservatives only a two-point lead over\nLabour. In that survey, the Conservatives had the support of 39\npct of the voters, Labour 37 pct and the Alliance 23 pct.\n REUTER\n\u0003", "date": " 1-MAR-1987 02:07:44.88", "places": [ "uk" ], "id": "234" }, { "title": "INDONESIAN AGRICULTURE GROWTH EXPECTED TO SLOW", "body": "Indonesia\"s agriculture sector will grow\nby just 1.0 pct in calendar 1987, against an estimated 2.4 pct\nin 1986 as the production of some commodities stagnates or\ndeclines, the U.S. Embassy said in a report.\n Production of Indonesia\"s staple food, rice, is forecast to\nfall to around 26.3 mln tonnes from an embassy estimate of\n26.58 mln tonnes in 1986, according to the annual report on\nIndonesia\"s agricultural performance.\n The government officially estimates 1986 rice production at\n26.7 mln tonnes, with a forecast 27.3 mln tonnes output in\n1987.\n The report says wheat imports are likely to fall to 1.5 mln\ntonnes in calendar 1987 from 1.69 mln tonnes in 1986 because of\na drawdown on stocks.\n \"Growth prospects for agriculture in 1987 do not look\npromising as rice production is forecast to decline and the\nproduction of sugarcane, rubber and copra show little or no\ngain,\" the report says.\n \"The modest overall increase which is expected will be due\nto significant gains in production of corn soybeans, palm oil\nand palm kernels.\"\n Constraints to significant overall increases in\nagricultural output include a shortage of disease resistant\nseeds, limited fertile land, insect pests and a reluctance by\nfarmers to shift from rice production to other crops, the\nreport underlines.\n The fall in rice production is caused by an outbreak of\npests known as \"wereng\" or brown plant hoppers in 1986 which\nlargely offset gains in yields.\n The outbreak has forced the government to ban the use of 57\ninsecticides on rice because it was believed the wereng are now\nresistant to these varieties, and to use lower-yielding, more\nresistant rice types.\n The government is depending on increased production of\nexport commodities such as coffee, tea, rubber, plywood and\npalm oil to offset revenue losses brought on by falling crude\noil prices.\n Palm oil production is expected to increase by over 7.0 pct\nin 1987 to 1.45 mln tonnes from 1.35 mln, with exports rising\nto an estimated 720,000 tonnes from 695,000 tonnes in 1986, the\nreport says.\n But while production of soybeans in 1987/88 (Oct-Sept) will\nrise to 1.075 mln tonnes from 980,000 in 1986/87, imports will\nalso rise to supply a new soybean crushing plant.\n The report says that imports of wheat, soybeans, soybean\nmeal and cotton are not likely to decline as a result of last\nSeptember\"s 31 pct devaluation of the rupiah because of a rise\nin domestic demand.\n The report said that Indonesia\"s overall economic\nperformance in calendar 1986 was about zero or even a slight\nnegative growth rate, the lowest rate of growth since the\nmid-1960s. It compares with 1.9 pct growth in 1985 and 6.7 pct\nin 1984.\n The dramatic fall in oil prices last year was responsible\nfor the slump.\n REUTER\n\u0003", "date": " 1-MAR-1987 03:09:07.13", "topics": [ "grain", "wheat", "rice", "veg-oil", "soybean", "sugar", "rubber", "copra-cake", "corn", "palm-oil", "palmkernel", "coffee", "tea", "plywood", "soy-meal", "cotton" ], "places": [ "indonesia" ], "id": "235" }, { "title": "KUWAIT SAYS NO PLANS FOR EMERGENCY OPEC TALKS", "body": "Kuwait\"s Oil Minister, in remarks\npublished today, said there were no plans for an emergency OPEC\nmeeting to review oil policies after recent weakness in world\noil prices.\n Sheikh Ali al-Khalifa al-Sabah was quoted by the local\ndaily al-Qabas as saying: \"None of the OPEC members has asked\nfor such a meeting.\"\n He denied Kuwait was pumping above its quota of 948,000\nbarrels of crude daily (bpd) set under self-imposed production\nlimits of the 13-nation organisation.\n Traders and analysts in international oil markets estimate\nOPEC is producing up to one mln bpd above a ceiling of 15.8 mln\nbpd agreed in Geneva last December.\n They named Kuwait and the United Arab Emirates, along with\nthe much smaller producer Ecuador, among those producing above\nquota. Kuwait, they said, was pumping 1.2 mln bpd.\n \"This rumour is baseless. It is based on reports which said\nKuwait has the ability to exceed its share. They suppose that\nbecause Kuwait has the ability, it will do so,\" the minister\nsaid.\n Sheikh Ali has said before that Kuwait had the ability to\nproduce up to 4.0 mln bpd.\n \"If we can sell more than our quota at official prices,\nwhile some countries are suffering difficulties marketing their\nshare, it means we in Kuwait are unusually clever,\" he said.\n He was referring apparently to the Gulf state of qatar,\nwhich industry sources said was selling less than 180,000 bpd\nof its 285,000 bpd quota, because buyers were resisting\nofficial prices restored by OPEC last month pegged to a marker\nof 18 dlrs per barrel.\n Prices in New York last week dropped to their lowest levels\nthis year and almost three dollars below a three-month high of\n19 dollars a barrel.\n Sheikh Ali also delivered \"a challenge to any international\noil company that declared Kuwait sold below official prices.\"\n Because it was charging its official price, of 16.67 dlrs a\nbarrel, it had lost custom, he said but did not elaborate.\n However, Kuwait had guaranteed markets for its oil because\nof its local and international refining facilities and its own\ndistribution network abroad, he added.\n He reaffirmed that the planned meeting March 7 of OPEC\"s\ndifferentials committee has been postponed until the start of\nApril at the request of certain of the body\"s members.\n Ecuador\"s deputy energy minister Fernando Santos Alvite said\nlast Wednesday his debt-burdened country wanted OPEC to assign\na lower official price for its crude, and was to seek this at\ntalks this month of opec\"s pricing committee.\n Referring to pressure by oil companies on OPEC members, in\napparent reference to difficulties faced by Qatar, he said: \"We\nexpected such pressure. It will continue through March and\nApril.\" But he expected the situation would later improve.\n REUTER\n\u0003", "date": " 1-MAR-1987 03:25:46.85", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "kuwait", "ecuador" ], "id": "236" }, { "title": "INDONESIA SEEN AT CROSSROADS OVER ECONOMIC CHANGE", "body": "Indonesia appears to be nearing a\npolitical crossroads over measures to deregulate its protected\neconomy, the U.S. Embassy says in a new report.\n To counter falling oil revenues, the government has\nlaunched a series of measures over the past nine months to\nboost exports outside the oil sector and attract new\ninvestment.\n Indonesia, the only Asian member of OPEC and a leading\nprimary commodity producer, has been severely hit by last year\"s\nfall in world oil prices, which forced it to devalue its\ncurrency by 31 pct in September.\n But the U.S. Embassy report says President Suharto\"s\ngovernment appears to be divided over what direction to lead\nthe economy.\n \"(It) appears to be nearing a crossroads with regard to\nderegulation, both as it pertains to investments and imports,\"\nthe report says. It primarily assesses Indonesia\"s agricultural\nsector, but also reviews the country\"s general economic\nperformance.\n It says that while many government officials and advisers\nare recommending further relaxation, \"there are equally strong\npressures being exerted to halt all such moves.\"\n \"This group strongly favours an import substitution economy,\"\nthe report says.\n Indonesia\"s economic changes have been welcomed by the World\nBank and international bankers as steps in the right direction,\nthough they say crucial areas of the economy like plastics and\nsteel remain highly protected, and virtual monopolies.\n Three sets of measures have been announced since last May,\nwhich broadened areas for foreign investment, reduced trade\nrestrictions and liberalised imports.\n The report says Indonesia\"s economic growth in calendar 1986\nwas probably about zero, and the economy may even have\ncontracted a bit. \"This is the lowest rate of growth since the\nmid-1960s,\" the report notes.\n Indonesia, the largest country in South-East Asia with a\npopulation of 168 million, is facing general elections in\nApril.\n But the report hold out little hope for swift improvement\nin the economic outlook. \"For 1987 early indications point to a\nslightly positive growth rate not exceeding one pct. Economic\nactivity continues to suffer due to the sharp fall in export\nearnings from the petroleum industry.\"\n \"Growth in the non-oil sector is low because of weak\ndomestic demand coupled with excessive plant capacity, real\ndeclines in construction and trade, and a reduced level of\ngrowth in agriculture,\" the report states.\n Bankers say continuation of present economic reforms is\ncrucial for the government to get the international lending its\nneeds.\n A new World Bank loan of 300 mln dlrs last month in balance\nof payments support was given partly to help the government\nmaintain the momentum of reform, the Bank said.\n REUTER\n\u0003", "date": " 1-MAR-1987 03:39:14.63", "topics": [ "crude" ], "organisations": [ "worldbank" ], "places": [ "indonesia", "usa" ], "id": "237" }, { "title": "INDIAN BUDGET COMES IN FOR WIDE CRITICISM", "body": "Opposition politicians, businessmen\nand newspapers criticised India\"s newly unveiled 1987/88 budget\nand large projected deficit of around 57 billion rupees.\n They said the budget failed to provide incentives for\neconomic growth and merely tinkered with tax reform.\n But few politicians were prepared to criticise a sharp rise\nin defence expenditure in the Hindu-majority nation where\nplaying on fear of aggression by Moslem Pakistan has proved a\nvote winner. The Indian Express, the country\"s biggest selling\npaper, said: \"The defence cow has never been holier.\"\n The Sunday Mail newspaper branded the budget \"shamelessly\npolitical.\" It said in a front page commentary the \"budget is bad\nfor growth, bad for prices, bad for the stock market and\nneutral in respect of everything else.\"\n Businessmen polled by Reuters said the budget had done\nlittle for them.\n Gandhi announced small increases in poverty alleviation and\neducation outlays but he ordered a hold-down on current\nexpenditure in an attempt to rein in the budget deficit. He\ntold ministries to curb spending and promised a review of\nmoney-losing public sector industries.\n Gandhi lowered import tariffs on some computer parts but\notherwise did little to extended the economic liberalisation\npolicy launched two years ago.\n Reaction in Bombay, India\"s business capital, was generally\nunfavourable.\n Businessmen and economists said the budget had no proposals\nfor closing the 1987/88 budget deficit. It also failed to boost\nindustrial investment and productivity needed to lift real\neconomic growth above the five pct a year envisaged by the\n1985-90 development plan.\n Nalin Vissanji, President of the Indian Merchants Chambers\nof Commerce said the budget gave no incentives to the capital\nmarket and had not fulfilled a government pledge to remove\nsurtax on corporate income.\n Shares on The Bombay Stock Exchange, India\"s biggest, fell\nin a post-budget session yesterday but brokers welcomed Gandhi\"s\nproposal to set up a regulatory board for the securities\nindustry.\n The exchange was shaken last year by several scandals and\ntrading was suspended several times.\n Brokers said trading volume may increase with the change in\ncapital gains tax on stock sales.\n Stockholders can now sell shares after one year instead of\nthree years without incurring capital gains tax.\n Stock Exchange President Ramdas Dalal said yesterday the\nfall in share prices after the budget came as profits were\ntaken and he expected to the market to firm in days to come.\n REUTER\n\u0003", "date": " 1-MAR-1987 04:00:48.22", "places": [ "india" ], "id": "238" }, { "title": "CHINA TO BORROW 390 MLN DLRS", "body": "China will receive loans totalling 390\nmln dlrs from Japan and the World Bank for investment in new\nhighways and port facilities.\n The Japan Overseas Economic Co-operation Fund is to provide\n260 mln dlrs towards China\"s plans to improve its road network,\nthe official New China News Agency reported.\n A 130 mln dlr World Bank loan will be used to build 12 new\nberths incorporating container handling systems at the\nnortheast China port of Tianjin, the agency said.\n It gave no details of the repayment terms of the loans.\n REUTER\n\u0003", "date": " 1-MAR-1987 04:33:10.87", "organisations": [ "worldbank" ], "places": [ "china", "japan" ], "id": "239" }, { "title": "MANILA SAID TO OFFER DEBT BONDS TO BANKS", "body": "The Philippines will offer its commercial\nbank creditors an innovative pricing plan that will make debt\npayments through certificates of indebtedness as an alternative\nto cash, the authoritative Business Day newspaper said.\n Finance Secretary Jaime Ongpin told reporters yesterday the\nalternative proposal is designed to avoid an impasse when debt\nrescheduling talks reopen in New York on Tuesday.\n He did not give details but said, \"It is a very useful\nalternative and in the end will permit the banks to say that\nthey achieved their pricing target and will likewise permit the\nPhilippines to say exactly the same thing.\"\n Quoting negotiation documents to be presented to the\ncountry's 12-bank advisory committee, Business Day said the\ndebt certificates will carry maturities of five or six years.\n It said the certificates will be classified as zero-coupon\nbonds or promissory notes with no interest but priced at a\nconsiderable discount from their redemption price.\n It said the debt bonds will entitle holder banks to a\nguaranteed return on both interest and principal since no\npayment of any kind is made until the bond matures.\n It said a bank can sell the bonds on the secondary bond\nmarket for either dlrs or pesos depending on its requirement.\n The documents said peso proceeds can be invested in\nselected industries under the Philippines' debt/equity program.\n Ongpin said Manila is sticking to its demand of a spread of\n5/8 percentage points over London Interbank Offered Rates\n(LIBOR) for restructuring 3.6 billion dlrs of debt repayments.\n \"(The proposal) will give the banks a choice of 5/8ths or\nthe alternative,\" Ongpin said. \"Our representatives have gone to\nWashington to the (International Monetary) Fund, the (World)\nBank, the Fed (Federal Reserve Board) and the (U.S.) Treasury\nto brief them in advance on this alternative and it has\ngenerally been positively received.\"\n \"We don't believe that there is going to be a problem on the\naccounting side,\" Ongpin said. \"We have run this alternative\nproposal to the accounting firms. Neither have the government\nregulators indicated that there will be a problem.\"\n REUTER\n\u0003", "date": " 1-MAR-1987 04:37:40.80", "places": [ "philippines" ], "id": "240" }, { "title": "CHINESE WHEAT CROP THREATENED BY PESTS, DISEASE", "body": "China's wheat crop this year is seriously\nthreatened by plant pests and diseases, the New China News\nAgency said.\n More than 5 mln hectares of wheat-producing land in North\nChina could be affected because relatively warm and dry weather\nhad allowed bacteria and insect eggs to survive the winter, the\nagency added.\n China\"s Ministry of Agriculture, Animal Husbandry and\nFisheries has called for measures including the timely supply\nof pesticides to farmers to combat the threat, it said.\n REUTER\n\u0003", "date": " 1-MAR-1987 04:39:39.95", "topics": [ "grain", "wheat" ], "places": [ "china" ], "id": "241" }, { "title": "SAUDI RIYAL DEPOSIT RATES REMAIN FIRM", "body": "Saudi riyal interbank deposits were\nsteady at yesterday's higher levels in a quiet market.\n Traders said they were reluctant to take out new positions\namidst uncertainty over whether OPEC will succeed in halting\nthe current decline in oil prices.\n Oil industry sources said yesterday several Gulf Arab\nproducers had had difficulty selling oil at official OPEC\nprices but Kuwait has said there are no plans for an emergency\nmeeting of the 13-member organisation.\n A traditional Sunday lull in trading due to the European\nweekend also contributed to the lack of market activity.\n Spot-next and one-week rates were put at 6-1/4, 5-3/4 pct\nafter quotes ranging between seven, six yesterday.\n One, three, and six-month deposits were quoted unchanged at\n6-5/8, 3/8, 7-1/8, 6-7/8 and 7-3/8, 1/8 pct respectively.\n The spot riyal was quietly firmer at 3.7495/98 to the\ndollar after quotes of 3.7500/03 yesterday.\n REUTER\n\u0003", "date": " 1-MAR-1987 05:27:27.17", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "bahrain", "saudi-arabia" ], "id": "242" }, { "title": "IRAN CLAIMS NEW VICTORIES NEAR BASRA", "body": "Iran said its forces had captured one of\nIraq's strongest fortifications east of Basra on the Gulf War\nsouthern front in a major battle overnight.\n The Iranian National News Agency, received here, said\nIranian forces smashed four Iraqi brigades, killed or wounded\n1,500 Iraqi soldiers and destroyed 45 enemy tanks and personnel\ncarriers.\n IRNA said the Iranian troops seized one of the strongest\nIraqi fortifications and breached Iraqi defence lines southwest\nof Fish Lake, 10 kilometres (six miles) east of Iraq's second\nlargest city of Basra.\n REUTER\n\u0003", "date": " 1-MAR-1987 05:34:32.47", "places": [ "uk", "iran", "iraq" ], "id": "243" }, { "title": "BANGLADESH MOVES AGAINST LOAN DEFAULTERS", "body": "Bangladesh police mounted a cross-country\nhunt for defaulters on bank loans, arresting four\nindustrialists and issuing arrest warrants against 50 others\nfor failure to repay overdue obligations. No names were given.\n Metropolitan police told reporters the four arrested, put\nunder six month pre-trial detention, owed nearly 50.7 mln taka\n-- the equivalent of about 1.7 mln dlrs -- to Bangladesh Shilpa\n(Industrial) Bank.\n President Hossain Mohammad Ershad has said non-payers are\ncrippling the industrial sector. But the Chamber of Commerce\nand industry said the crackdown would scare away entrepreneurs.\n REUTER\n\u0003", "date": " 1-MAR-1987 05:59:16.64", "places": [ "bangladesh" ], "id": "244" }, { "title": "IRAQ SAYS IT REPELS IRANIAN ATTACK", "body": "Iraq said its troops repelled an\novernight attack by three divisions of Iranian Revolutionary\nGuards near Basra in southern Iraq.\n A military communique said the Iranians in a \"perfidious\"\nattack rushed forward positions last night and this morning.\n A military spokesman later said the Iraqi Third Army Corps,\nwhose troops fought off the Iranians, had a new commander,\nrevealing for the first time that the previous general had been\nreplaced. He said Lieutenant General Dhiya'uldin Jamal, former\ncommander of the Fifth Army Corps, also positioned in the Basra\narea, had replaced Major General Tala' Khalil al-Douri.\n REUTER\n\u0003", "date": " 1-MAR-1987 07:05:40.66", "places": [ "iran", "iraq" ], "id": "245" }, { "title": "QATAR UNVEILS BUDGET FOR FISCAL 1987/88", "body": "The Gulf oil state of Qatar, recovering\nslightly from last year's decline in world oil prices,\nannounced its first budget since early 1985 and projected a\ndeficit of 5.472 billion riyals.\n The deficit compared with a shortfall of 7.3 billion riyals\nin the last published budget for 1985/86.\n In a statement outlining the budget for the fiscal year\n1987/88 beginning today, Finance and Petroleum Minister Sheikh\nAbdul-Aziz bin Khalifa al-Thani said the government expected to\nspend 12.217 billion riyals in the period.\n Projected expenditure in the 1985/86 budget had been 15.6\nbillion riyals.\n Sheikh Abdul-Aziz said government revenue would be about\n6.745 billion riyals, down by about 30 pct on the 1985/86\nprojected revenue of 9.7 billion.\n The government failed to publish a 1986/87 budget due to\nuncertainty surrounding oil revenues.\n Sheikh Abdul-Aziz said that during that year the government\ndecided to limit recurrent expenditure each month to\none-twelfth of the previous fiscal year's allocations minus 15\npct.\n He urged heads of government departments and public\ninstitutions to help the government rationalise expenditure. He\ndid not say how the 1987/88 budget shortfall would be covered.\n Sheikh Abdul-Aziz said plans to limit expenditure in\n1986/87 had been taken in order to relieve the burden placed on\nthe country's foreign reserves.\n He added in 1987/88 some 2.766 billion riyals had been\nallocated for major projects including housing and public\nbuildings, social services, health, education, transport and\ncommunications, electricity and water, industry and\nagriculture.\n No figure was revealed for expenditure on defence and\nsecurity. There was also no projection for oil revenue.\n Qatar, an OPEC member, has an output ceiling of 285,000\nbarrels per day.\n Sheikh Abdul-Aziz said: \"Our expectations of positive signs\nregarding (oil) price trends, foremost among them OPEC's\ndetermination to shoulder its responsibilites and protect its\nwealth, have helped us make reasonable estimates for the coming\nyear's revenue on the basis of our assigned quota.\"\n REUTER\n\u0003", "date": " 1-MAR-1987 08:22:30.94", "topics": [ "crude" ], "places": [ "qatar" ], "id": "246" }, { "title": "GULF BOND, STOCK MARKETS LAG BEHIND, GIB SAYS", "body": "Gulf money markets have grown reasonably\nwell during the past decade, but bond and stock markets remain\nto a large extent fragmented and lag behind, (GIB) said.\n The bank's economist Henry Azzam said in a review of Gulf\ncapital markets that investors have to relinquish traditional\ninvestment vehicles such as real estate, foreign currency bank\naccounts and precious metals.\n \"Greater financial sophistication is needed coupled with\nmore diversified capital market instruments and a change in the\ndisclosure requirements on company accounts,\" he said.\n The GIB study reviewed capital markets under three\ncategories -- money markets, stock and bond markets.\n Azzam said Gulf states had been making greater use of\nshort-term money market instruments and banks in the region had\nfloated various euronotes and underwriting facilities.\n \"Nevertheless, bond and stock markets remain, to a large\nextent, fragmented and lagging behind,\" he said.\n Most debt in the region is still raised by syndicated loans\nand bank facilities and very few companies had made use of\nstock or bond issues. Only Kuwait has an official stock\nexchange, while other Gulf nations have yet to establish\nexchanges.\n But with dwindling financial surpluses in the Gulf,\ngovernments are actively pursuing ways to develop capital\nmarkets and set up domestic stock exchanges, Azzam said.\n He said recession stemming from sliding oil prices had\n\"clearly had a negative impact on the development of capital\nmarkets in the region.\"\n In addition, family firms are reluctant to go public,\nfinancial awareness among investors is still lacking and\ninvestment analysis and corporate reporting standards lack\ndepth. A sharp fall in share prices in the early 1980s prompted\ninvestors to hold on to shares hoping for an eventual recovery.\n Azzam said the absence of proper commercial law in some\nGulf countries and authorities' apparent reluctance to adopt\nfinancial innovations had also hampered capital markets.\n He called for clearly defined laws governing incorporation\nof joint stock companies and the flotation of debt instruments.\n Azzam said capital market instruments should be made\navailable to all citizens and institutions of Gulf Cooperation\nCouncil (GCC) states -- Bahrain, Kuwait, Qatar, Oman, Saudi\nArabia and the United Arab Emirates (UAE). Some moves had been\ntaken in this direction, with Bahrain allowing GCC nationals to\nown up to 25 pct of locally incorporated companies.\n Azzam said Gulf money markets had received greater depth\nfrom the introduction of treasury bill offerings in Bahrain and\nthe expansion of securities repurchase regulations in Saudi\nArabia.\n But he added there is \"no bond market to speak of\" in Saudi\nArabia, Qatar, Oman or the UAE, with the last Saudi riyal\ndenominated bond issued in 1978.\n While Bahrain plans an official stock exchange and trading\nin Saudi Arabia has picked up, establishment of formal\nexchanges in Qatar, Oman and the UAE does not appear imminent,\nAzzam said.\n REUTER\n\u0003", "date": " 1-MAR-1987 09:41:37.88", "topics": [ "money-fx" ], "places": [ "bahrain", "kuwait", "oman", "saudi-arabia", "qatar", "uae" ], "id": "247" }, { "title": "SAUDI ARABIA REITERATES COMMITMENT TO OPEC PACT", "body": "Saudi Arabian Oil Minister Hisham Nazer\nreiterated the kingdom's commitment to last December's OPEC\naccord to boost world oil prices and stabilise the market, the\nofficial Saudi Press Agency SPA said.\n Asked by the agency about the recent fall in free market\noil prices, Nazer said Saudi Arabia \"is fully adhering by the\n... Accord and it will never sell its oil at prices below the\npronounced prices under any circumstance.\"\n Nazer, quoted by SPA, said recent pressure on free market\nprices \"may be because of the end of the (northern hemisphere)\nwinter season and the glut in the market.\"\n Saudi Arabia was a main architect of the December accord,\nunder which OPEC agreed to lower its total output ceiling by\n7.25 pct to 15.8 mln barrels per day (bpd) and return to fixed\nprices of around 18 dlrs a barrel.\n The agreement followed a year of turmoil on oil markets,\nwhich saw prices slump briefly to under 10 dlrs a barrel in\nmid-1986 from about 30 dlrs in late 1985. Free market prices\nare currently just over 16 dlrs.\n Nazer was quoted by the SPA as saying Saudi Arabia's\nadherence to the accord was shown clearly in the oil market.\n He said contacts among members of OPEC showed they all\nwanted to stick to the accord.\n In Jamaica, OPEC President Rilwanu Lukman, who is also\nNigerian Oil Minister, said the group planned to stick with the\npricing agreement.\n \"We are aware of the negative forces trying to manipulate\nthe operations of the market, but we are satisfied that the\nfundamentals exist for stable market conditions,\" he said.\n Kuwait's Oil Minister, Sheikh Ali al-Khalifa al-Sabah, said\nin remarks published in the emirate's daily Al-Qabas there were\nno plans for an emergency OPEC meeting to review prices.\n Traders and analysts in international oil markets estimate\nOPEC is producing up to one mln bpd above the 15.8 mln ceiling.\n They named Kuwait and the United Arab Emirates, along with\nthe much smaller producer Ecuador, among those producing above\nquota. Sheikh Ali denied that Kuwait was over-producing.\n REUTER\n\u0003", "date": " 1-MAR-1987 18:31:44.74", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "bahrain", "saudi-arabia" ], "id": "248" }, { "title": "COFFEE QUOTA TALKS CONTINUE, NO ACCORD SEEN LIKELY", "body": "The International Coffee Organization\n(ICO ) council talks on reintroducing export quotas continued\nwith an extended session lasting late into Sunday night, but\ndelegates said prospects for an accord between producers and\nconsumers were diminishing by the minute.\n The special meeting, called to stop the prolonged slide in\ncoffee prices, was likely to adjourn sometime tonight without\nagreement, delegates said.\n The council is expected to agree to reconvene either within\nthe next six weeks or in September, they said.\n The talks foundered on Sunday afternoon when it became\napparent consumers and producers could not compromise on the\nformula for calculating any future quota system, delegates\nsaid.\n Coffee export quotas were suspended a year ago when prices\nsoared in response to a drought which cut Brazil's crop by\nnearly two-thirds. Brazil is the world's largest coffee\nproducer and exporter.\n REUTER\n\u0003", "date": " 1-MAR-1987 20:35:44.69", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "uk", "brazil" ], "id": "249" }, { "title": "NEW ZEALAND CANCELS WEEKLY T-BILL TENDER", "body": "The Reserve Bank said it cancelled\nthe regular weekly treasury bill tender scheduled for March 3.\n It said in a statement it forecasts a net cash withdrawal\nfrom the system over the settlement week. Cash flows to the\ngovernment are expected to more than offset cash injections, it\nadded.\n The bank said it expects to conduct open market operations\nduring the week and after these, cash balances should fluctuate\naround 30 mln N.Z. Dlrs.\n REUTER\n\u0003", "date": " 1-MAR-1987 20:44:09.21", "places": [ "new-zealand" ], "id": "250" }, { "title": "SHARE TRADING IN CHEUNG KONG GROUP SUSPENDED", "body": "Trading in the shares of three of the\nCheung Kong group of companies will be suspended for two days\nat the request of the companies, the Stock Exchange of Hong\nKong said.\n The three are Cheung Kong (Holdings) Ltd ,\nHongkong Electric Holdings Ltd and Hutchison Whampoa\nLtd .\n They will announce their 1986 results later today, with\nmarket speculation of a major reorganisation within the group.\nCheung Kong rose 75 cents to 45.25 dlrs on Friday, Hk Electric\n60 to 16.00 and Hutchison 1.50 dlrs to 54.50.\n REUTER\n\u0003", "date": " 1-MAR-1987 20:57:29.58", "places": [ "hong-kong" ], "id": "251" }, { "title": "FEBRUARY U.S. PURCHASING MANAGER INDEX FALLS", "body": "The U.S. Economy continued to expand in\nFebruary but at a slower pace than in January, which saw a\nspurt of activity, the National Association of Purchasing\nManagement (NAPM) said in a report.\n The Association's composite survey index dropped to 51.9\npct in February from 55.8 pct in January, the NAPM said. It was\nthe seventh consecutive month in which this leading indicator\nwas over 50 pct.\n A reading above 50 pct generally indicates that the economy\nis in an expanding phase. One below 50 pct implies a declining\neconomy.\n The NAPM report, based on a survey of purchasing managers\nat 250 U.S. Industrial companies, also found that the growth\nrate in new orders and production slowed in February.\n But production remained vigorous, with more than three\ntimes as many members reporting it better rather than worse.\n Vendor deliveries improved slightly last month, but members\nreported that steel supplies were tight as USX Corp gradually\nresumed production.\n The same number of members reported inventories were higher\nas reported them lower. The NAPM said that had not happened\nsince August 1984.\n For a sixth straight month, more purchasers reported paying\nhigher rather than lower prices, this time by a ratio of nine\nto one.\n Robert Bretz, chairman of the NAPM's business survey\ncommittee, said: \"The economy continued to expand in February,\nbut at a more subdued rate than in January. The slowing of new\norders should not be significant enough to dampen prospects for\na respectable first quarter.\"\n The composite index is a seasonally adjusted figure, based\non five components of the NAPM business survey - new orders,\nproduction, vendor deliveries, inventories and employment.\n REUTER\n\u0003", "date": " 1-MAR-1987 21:00:57.15", "places": [ "usa" ], "id": "252" }, { "title": "CANADA-EGYPT WHEAT NEGOTIATIONS TO CONTINUE", "body": "Canadian and Egyptian wheat negotiators\nfailed to conclude an agreement on Canadian wheat exports to\nEgypt during talks last week, but the Canadian team will return\nto Cairo for further negotiations, Canadian embassy officials\nsaid.\n An embassy official declined to identify which issues\nremained to be resolved and when the talks would resume.\n In a five-year protocol signed in 1985, Cairo agreed to\npurchase 500,000 tonnes of Canadian wheat a year.\n REUTER\n\u0003", "date": " 1-MAR-1987 21:29:50.36", "topics": [ "grain", "wheat" ], "places": [ "egypt", "canada" ], "id": "253" }, { "title": "INDONESIAN WHEAT IMPORTS EXPECTED TO FALL IN 1987", "body": "Indonesia's wheat imports are expected\nto fall to 1.5 mln tonnes in calendar 1987 from 1.69 mln in\n1986, the U.S. Embassy's annual agriculture report said.\n It said the drop was expected, because there will be a\ndrawdown on stocks built up near the end of 1986.\n It said wheat stocks at the end of 1986 were 390,000\ntonnes, up from 223,000 at end-1985. It forecast end-1987\nstocks at around 290,000 tonnes.\n The main suppliers in 1986 were Australia (44 pct), the\nU.S. (29 pct), Canada (12 pct), Argentina (8 pct) and Saudi\nArabia (5 pct).\n REUTER\n\u0003", "date": " 1-MAR-1987 21:37:09.13", "topics": [ "grain", "wheat" ], "places": [ "indonesia", "usa" ], "id": "254" }, { "title": "SHULTZ LIKELY TO VISIT MOSCOW SOON", "body": "U.S. Secretary of State George Shultz is\nlikely to visit Moscow soon for talks following new Soviet arms\ncontrol proposals, U.S. Officials said.\n The officials told Reuters no decision had been reached on\nwhen the trip might take place, but it was likely to be within\na month.\n Kremlin leader Mikhail Gorbachev proposed on Saturday that\ntalks on medium range missiles be separated from other arms\nissues.\n Schultz is currently visiting Peking.\n REUTER\n\u0003", "date": " 1-MAR-1987 21:42:38.96", "places": [ "china", "usa", "ussr" ], "id": "255" }, { "title": "ZAMBIA TO RETAIN CURRENCY AUCTION, SAYS KAUNDA", "body": "Zambia will retain its foreign-exchange\nauction system despite the suspension of weekly auctions since\nJanuary 24, President Kenneth Kaunda said.\n \"We have not run away from the auction. It hasn't been\nabolished at all,\" he told Reuters in an interview.\n He said the system would be reintroduced after current\ntalks with the World Bank and the International Monetary Fund\nand, he hoped, would be backed by fresh foreign aid funds.\n Kaunda dismissed central bank statements the new auction\nsystem would be used to allocate foreign exchange to private\nbidders but not to fix the exchange rate.\n Kaunda said the auction system had faltered because of the\ngovernment's shortage of foreign exchange to meet demand.\n It was suspended when the kwacha's rapid devaluation and\nstrong fluctuations made economic planning almost impossible\nfor the government and the private sector, he said.\n Weekly foreign-exchange auctions began in October 1985. The\nkwacha fell from 2.20 to the dollar to about 15 in 16 months.\nIn January 1987 the government was more than two months in\narrears in paying foreign currency to successful bidders, and\nthe auction was suspended and replaced with a fixed exchange\nrate of nine kwacha to the dollar.\n REUTER\n\u0003", "date": " 1-MAR-1987 21:44:31.60", "topics": [ "money-fx" ], "places": [ "zambia" ], "id": "256" }, { "title": "POLISH BANKER PLEASED WITH WORLD BANK, IMF TALKS", "body": "Poland's talks in Washington with the\nWorld Bank and the International Monetary Fund (IMF) on the\ncountry's 33.5 billion dlr foreign debt were concrete, open and\nfrank, a senior Polish banker was quoted as saying.\n Wladyslaw Baka, head of Poland's National Bank, told the\nofficial news agency PAP yesterday the talks were a step\ntowards possible fresh credits or easier terms.\n \"Much attention was given to the Polish delegation and the\ntalks at both institutions involved displayed a lot of\nunderstanding for Poland's difficult economic position,\" PAP\nquoted Baka as saying.\n Baka said he stressed Poland would meet its financial\nobligations to the U.S., \"but not in a short time, and not\nwithout major changes in the Polish economy as well as a\ncooperative stand on the part of its foreign economic partners.\"\n Since Poland rejoined the IMF last June, after a 36-year\nabsence, IMF and World Bank teams have visited Warsaw on\nfact-finding missions on at least three occasions. A major\nreport is expected to be issued in Washington soon.\n Poland has said it will not be able to meet interest\nrepayments and debt principle falling due this year.\n REUTER\n\u0003", "date": " 1-MAR-1987 21:55:05.07", "organisations": [ "imf", "worldbank" ], "places": [ "poland", "usa" ], "id": "257" }, { "title": "RECORD N.Z. FUTURES VOLUMES TRADED IN FEBRUARY", "body": "The volume of contracts traded on the\nNew Zealand Futures Exchange (NZFE) reached a record 25,559\ncontracts in February, the International Commodities Clearing\nHouse (ICCH) said.\n The previous high was 22,583 contracts in December 1986.\n The ICCH said the value of the contracts traded in February\nwas 2.90 billion N.Z. Dlrs.\n The seven contracts currently traded on the NZFE are:\nfive-year government bonds, the share price index, 90-day bank\nbills, 90-day prime commercial paper, the U.S. Dollar,\ncrossbred wool, and wheat.\n REUTER\n\u0003", "date": " 1-MAR-1987 21:57:51.42", "places": [ "new-zealand" ], "id": "258" }, { "title": "INDONESIAN SUGAR OUTPUT SEEN SHORT OF TARGET", "body": "Indonesia's raw sugar output is likely\nto be 1.8 mln tonnes in calendar 1987, unchanged from 1986 and\nbelow the government's 1987 forecast of 2.5 mln, the U.S.\nEmbassy said in its agricultural outlook for 1987.\n Indonesia bought 162,500 tonnes of raw sugar on world\nmarkets in late 1986, the report said.\n The embassy estimated Indonesia's calendar 1986 raw sugar\nproduction at 1.8 mln tonnes, against a government estimate of\n1.99 mln.\n It said that Indonesia's move into sugar self-sufficiency\nin 1984 may have been short-lived.\n The report said, \"The government continues to promote\nsugarcane production through its smallholder intensification\nprogram and a relatively high guaranteed price to sugarcane\nproducers.\n \"However, there are considerable indications that farmers\nare reluctant to plant cane because its economic return is not\nas good as that of other crops.\"\n REUTER\n\u0003", "date": " 1-MAR-1987 22:12:53.59", "topics": [ "sugar" ], "places": [ "indonesia" ], "id": "259" }, { "title": "NIPPON KOKAN STEEL AFFILIATES CONSIDERING MERGER", "body": "Toshin Steel Co Ltd and , affiliates of Nippon Kokan KK , are\nconsidering a merger, company spokesmen said.\n Toshin Steel, owned 41.9 pct by Nippon Kokan, and Azuma\nSteel, owned 41.3 pct by Nippon Kokan, are expected to decide\nby the end of March, they said. Both firms have been struggling\nwith losses caused by the recession in the steel industry and\nthe yen's appreciation.\n Azuma Steel's current losses are estimated at 3.1 billion\nyen in the year ending March 31 against a 6.99 billion loss a\nyear earlier, a spokesman said. The firm employs 1,100 workers\n Toshin Steel, with 1,700 workers, has given no forecast for\nthe year ending March 31.\n But industry sources said they expected the company to show\ncurrent losses of about five billion yen or more in 1986/87\ncompared with a 2.98 billion loss in 1985/86.\n REUTER\n\u0003", "date": " 1-MAR-1987 22:20:43.45", "topics": [ "acq" ], "places": [ "japan" ], "id": "260" }, { "title": "Qantas Airways says will buy four Boeing 747-400's for one billion Australian\n", "date": " 1-MAR-1987 22:43:00.66", "id": "261" }, { "title": "EGYPT TO HOST NINE-NATION AFRICAN TALKS THIS MONTH", "body": "Representatives of nine African countries\nwill meet here on March 11 to discuss the African debt crisis,\nthe Chad political situation and other issues, Egypt's Minister\nof State for Foreign Affairs, Boutros Boutros Ghali, said.\n He told reporters on his return from Ethiopia and Djibouti\nthat the meeting and venue had been agreed by the Organisation\nof African Unity (OAU). He said Egypt, Zambia, Djibouti, Zaire,\nUganda, Sierra Leone, Congo, Algeria and Mali would be\nrepresented. Foreign Ministry sources said Congo President\nDenis Sassou-Nguesso would chair the meeting.\n REUTER\n\u0003", "date": " 1-MAR-1987 22:45:27.06", "places": [ "egypt", "congo" ], "id": "262" }, { "title": "EC MINISTERS CONSIDER BIG AGRICULTURE PRICE CUTS", "body": "European Community (EC) agriculture\nministers meet later today to consider a package of deep cuts\nin prices and subsidies after a week marked by strong protests\nby European farmers, Community officials said.\n The common target for the farmers' wrath is the EC's\nBrussels Commission, which for the fourth year running has\ncalled for radical changes in the price support system.\n EC Agriculture Commissioner Frans Andriessen says huge food\nsurpluses, which have alienated international trade partners\nand pushed the Community to the edge of bankruptcy, demand such\naction.\n With Community warehouses stocked with some 16 mln tonnes\nof unwanted cereals, over one mln tonnes of butter and huge\nstocks of wine and olive oil, Andriessen says bluntly the days\nof open-ended price guarantees must end.\n EC agriculture ministers try to fix the guaranteed prices\npaid to Community farmers before an April 1 deadline for the\nnew marketing year, an increasingly difficult task as EC\nmembers cut funds and demand greater budget discipline.\n Andriessen has proposed a freeze for most prices, coupled\nwith reductions in other support mechanisms, which could lead\nto price cuts of as much as eight pct for some products.\n A producer's right to sell into EC warehouses at a fixed\nguaranteed price when he finds no real market outlet is to be\nscaled back so it applies only in exceptional cases.\n The latest proposals are designed to keep expenditure on\nagriculture virtually stable. EC farm policies now swallow\ntwo-thirds of an annual budget of about 36 billion European\ncurrency units (Ecu) and are mainly responsible for an expected\nshortfall this year of about five billion Ecus.\n The most contentious aspects of the package are a new oils\nand fats tax and a change in the \"green\" exchange rate system,\nwhich translates EC farm prices into national currencies.\n The tax, of up to 330 Ecus per tonne, would be levied on\nimported and domestically produced oilseeds, but could trigger\na fresh trade dispute with the United States, which provides\nthe EC with the bulk of its soybeans.\n It would increase the cost of margarines and low-fat\nproducts in an attempt to increase both olive oil and butter\nconsumption.\n West Germany has flatly rejected green rate changes, which\nwould cause a fall in prices for producers as countries with\nweak and strong currencies were brought more into line.\n REUTER\n\u0003", "date": " 1-MAR-1987 22:52:21.31", "organisations": [ "ec" ], "places": [ "belgium" ], "id": "263" }, { "title": "QANTAS TO BUY FOUR 747-400'S FOR ONE BILLION DLRS", "body": " has placed a firm\norder with Boeing Co for four 747-400 aircraft at a cost\nof 250 mln Australian dlrs each, chairman Jim Leslie said.\n The first is due for delivery in April 1989 with the others\narriving in May, June and September of that year, he said in a\nstatement.\n The 400 series is the latest model of the Boeing 747\nfamily, he said.\n The purchase will take government-owned Qantas's 747 fleet\nto 28, he said.\n Leslie said Qantas is talking to three engine makers who\nare all offering engines for the Boeing 747-400 and it will\nannounce a decision on engine purchases later this year.\n He said they are United Technologies Corp unit , General Electric Co and Britain's .\n He said the 747-400, which incorporates new technology such\nas extended wings with six-feet high winglets and enhanced\nelectronics, should have its first flight next February. The\n400 series has a designed range of 12,500 kms, 2,140 kms\nfurther than the current Qantas 747-300's, he said.\n The aircraft will be financed by foreign borrowings and\nforeign exchange earnings, and Qantas believes they will pay\nfor themselves in four to five years, Leslie said.\n The 747-400 has a take-off weight of 870,000 pounds, up\nfrom 833,000 for the 300 series, and offers an eight pct fuel\nsaving, he said.\n The higher range and payload means they will first be used\non the route to Britain and Europe via Asia.\n They will also be used on non-stop flights between Sydney\nand Los Angeles.\n REUTER\n\u0003", "date": " 1-MAR-1987 22:55:05.21", "places": [ "australia", "uk" ], "id": "264" }, { "title": "IEL SETS 100 MLN DLR NOTE/COMMERCIAL PAPER ISSUE", "body": "Australian investment group (IEL) said it will raise 100 mln U.S. Dlrs by the\nissue of medium term notes and commercial paper in the U.S.\nDomestic market.\n IEL has mandated to arrange\na letter of credit (LOC) facility in support of the notes and\ncommercial paper, making this the first facility of its kind,\nthe company said in a statement.\n The notes will be issued by its unit.\n Merrill Lynch will be the note and paper dealer and\n will provide the LOC.\n The term of the LOC is five years with an evergreen feature\nwhich provides for annual reinstatement of the five-year term\nat the support banks' option, IEL said.\n The LOC will be underwritten by a group of banks which will\nreceive a facility fee of 20 basis points plus a utilisation\nfee of 25 basis points, it added.\n REUTER\n\u0003", "date": " 1-MAR-1987 23:29:49.33", "places": [ "australia", "usa" ], "id": "265" }, { "title": "AMERICAN EXPRESS STUDIES OPTIONS FOR SHEARSON", "body": "American Express Co , rumoured to\nbe considering a spinoff of part of , said it is studying ways to improve Shearson's access to\ncapital and help it meet stiffer international competition.\n In a joint statement, American Express and the brokerage\nunit said the actions under consideration are an integral part\nof American Express's worldwide financial services strategy.\nThe statement also said American Express and Shearson have been\nhaving both internal and external discussions on the matter,\nbut no final decision has been reached.\n American Express said in its statement it would not comment\non the rumours circulating on Wall Street last week.\n Analysts said there was speculation that American Express\nwould sell a stake of Shearson to a Japanese firm and also that\n20 pct of the profitable brokerage would be sold to the public.\nShearson contributed 316 mln dlrs of American Express's 1.25\nbillion dlrs net in 1986.\n American Express remained silent last Thursday and Friday\nas rumours drove its stock up a total of 5.50 dlrs in two days.\nIt closed Friday at 74.\n REUTER\n\u0003", "date": " 1-MAR-1987 23:43:44.86", "places": [ "usa" ], "id": "266" }, { "title": "INDONESIA UNLIKELY TO IMPORT PHILIPPINES COPRA", "body": "Indonesia is unlikely to import copra\nfrom the Philippines in 1987 after importing 30,000 tonnes in\n1986, the U.S. Embassy's annual agriculture report said.\n The report said the 31 pct devaluation of the Indonesian\nrupiah, an increase in import duties on copra and increases in\nthe price of Philippines copra have reduced the margin between\nprices in the two countries.\n Indonesia's copra production is forecast at 1.32 mln tonnes\nin calendar 1987, up from 1.30 mln tonnes in 1986.\n REUTER\n\u0003", "date": " 1-MAR-1987 23:58:46.85", "topics": [ "meal-feed", "copra-cake" ], "places": [ "indonesia", "philippines" ], "id": "267" }, { "title": "SRI LANKAN BANK OFFERS 250 MLN RUPEES T-BILLS", "body": "Sri Lanka's Central Bank offered 250 mln\nrupees worth of three-month treasury bills at its weekly tender\nclosing on March 6, a Bank spokesman said.\n REUTER\n\u0003", "date": " 1-MAR-1987 23:58:50.02", "places": [ "sri-lanka" ], "id": "268" }, { "title": "STRONG EARTHQUAKE HITS NEW ZEALAND", "body": "An earthquake measuring 6.5 on the\nRichter scale caused widespread damage in northern New Zealand\nand a civil defence emergency was declared in some areas,\nofficials and seismologists said.\n There were no immediate reports of casualties. The quake\njolted the Bay of Plenty and Waikato areas.\n The town of Whakatane was said by officials to be virtually\nisolated.\n A civil defence emergency was declared in Whakatane which\nhas about 16,000 people. Officials said many roads and bridges\nin the area had been damaged.\n No deaths were reported but one man was admitted to\nhospital in serious condition after his car was buried in a mud\nslip.\n Seismologists said Whakatane was hit by three earthquakes,\nthe strongest measuring 6.5 on the Richter scale. They were\nfollowed by a series of aftershocks.\n The quakes were felt across the Bay of Plenty and Waikato\nregions in the northeast of the North Island.\n Smaller tremors had been felt in the Bay of Plenty for more\nthan a week.\n Police said many districts lost power supplies and\ntelephone links.\n Energy Ministry officials ordered the release of water\nbehind the Matahina hydro-electric dam, 32 kilometres above\nWhakatane on the Rangitaiki river. The quake cracked the\nroadway and concrete abutment along the top of Matahina, the\nlargest earth dam in the North Island.\n REUTER\n\u0003", "date": " 2-MAR-1987 00:26:32.02", "places": [ "new-zealand" ], "id": "269" }, { "title": "PHILIPPINES HEADS CONFIDENTLY INTO DEBT TALKS", "body": "Philippine Finance Secretary Jaime Ongpin\nstarts negotiations with the country's 12-bank advisory\ncommittee in New York tomorrow, buoyed by an economy on the\nmend and political stability one year after President Corazon\nAquino took power, central bank officials said.\n The country now has foreign debt totalling 27.8 billion\ndlrs and faces debt repayments of 3.6 billion dlrs due between\nJanuary 1987 and December 1992. Manila also hopes to tack on\nanother 5.8 billion dlrs, rescheduled in a 1985 accord, to any\nnew agreement, the officials said.\n Chile's 15-1/2 year rescheduling accord at one percentage\npoint over London Interbank Offered Rates (LIBOR) and\nVenezuala's 21 billion dlr package at 7/8 point over LIBOR\nportend well for the Philippines, despite Brazil's repayment\nsuspension last week, the officials said.\n Manila, which has not made any principal repayments since\n1983, wants terms better than the 20-year repayments at 13/16\npercentage point over LIBOR offered in October to Mexico in a\n77 billion dlr rescue.\n Ongpin wants 5/8 point over the benchmark rate, which is\ncurrently hovering around 6-1/2 pct.\n The banks are said to be firm on the 1-1/8 points offered\nwhen the last round of negotiations collapsed on November 7.\n Ongpin said every 1/16 point over LIBOR meant an additional\n5.1 mln dlrs in annual interest payments.\n One banker said banks were wary of repeating a Mexico-type\naccord, which some 70 small creditor banks are still refusing\nto endorse five months after it was signed.\n In Manila's case, about 40 pct of the 15 billion dlrs\noutstanding to commercial banks is owed to the 12 large banks\non the advisory committee, while about 180 smaller banks have\naverage exposures of 20 mln dlrs each.\n REUTER\n\u0003", "date": " 2-MAR-1987 00:30:02.58", "places": [ "philippines" ], "id": "270" }, { "title": "JAPAN FEBRUARY INTERIM TRADE SURPLUS JUMPS", "body": "Japan's customs-cleared trade surplus in\nthe first 20 days of February jumped to 3.58 billion dlrs from\n1.94 billion a year earlier, the Finance Ministry said.\n The February interim surplus was sharply up from a 965.04\nmln dlr surplus in the same January period.\n FOB exports rose 14.6 pct from a year earlier in the first\n20 days of February to 10.91 billion, while CIF imports fell\n3.2 pct to 7.33 billion.\n The average dollar/yen rates were 152.32 for exports and\n152.31 for imports against 196.61 for exports and 196.27 for\nimports a year earlier.\n REUTER\n\u0003", "date": " 2-MAR-1987 00:44:03.70", "topics": [ "trade" ], "places": [ "japan" ], "id": "271" }, { "title": "NIPPON LIGHT METAL CONTINUES ALUMINIUM OUTPUT CUT", "body": "Nippon Light Metal Co Ltd , which\nhas annual capacity of 63,000 tonnes, will continue primary\naluminium production at a rate of 35,000 tonnes owing to low\ndomestic and world prices and low water supplies at its\nhydroelectric power plant, a company official said.\n Nippon, which has no plans to restore output to the 48,000\ntonnes a year at which it was working until late 1986, will\nbecome Japan's only smelter.\n will stop smelting in\nApril owing to high power costs and low prices, and has said it stopped smelting in February.\n REUTER\n\u0003", "date": " 2-MAR-1987 00:55:40.97", "topics": [ "alum" ], "places": [ "japan" ], "id": "272" }, { "title": "SAUDI FEBRUARY CRUDE OUTPUT PUT AT 3.5 MLN BPD", "body": "Saudi crude oil output last month fell\nto an average of 3.5 mln barrels per day (bpd) from 3.8 mln bpd\nin January, Gulf oil sources said.\n They said exports from the Ras Tanurah and Ju'aymah\nterminals in the Gulf fell to an average 1.9 mln bpd last month\nfrom 2.2 mln in January because of lower liftings by some\ncustomers.\n But the drop was much smaller than expected after Gulf\nexports rallied in the fourth week of February to 2.5 mln bpd\nfrom 1.2 mln in the third week, the sources said.\n The production figures include neutral zone output but not\nsales from floating storage, which are generally considered\npart of a country's output for Opec purposes.\n Saudi Arabia has an Opec quota of 4.133 mln bpd under a\nproduction restraint scheme approved by the 13-nation group\nlast December to back new official oil prices averaging 18 dlrs\na barrel.\n The sources said the two-fold jump in exports last week\nappeared to be the result of buyers rushing to lift February\nentitlements before the month-end.\n Last week's high export levels appeared to show continued\nsupport for official Opec prices from Saudi Arabia's main crude\ncustomers, the four ex-partners of Aramco, the sources said.\n The four -- Exxon Corp , Mobil Corp , Texaco Inc\n and Chevron Corp -- signed a long-term agreement\nlast month to buy Saudi crude for 17.52 dlrs a barrel.\n However the sources said the real test of Saudi Arabia's\nability to sell crude at official prices in a weak market will\ncome this month, when demand for petroleum products\ntraditionally tapers off. Spot prices have fallen in recent\nweeks to more than one dlr below Opec levels.\n Saudi Arabian oil minister Hisham Nazer yesterday\nreiterated the kingdom's commitment to the December OPEC accord\nand said it would never sell below official prices.\n The sources said total Saudi refinery throughput fell\nslightly in February to an average 1.1 mln bpd from 1.2 mln in\nJanuary because of cuts at the Yanbu and Jubail export\nrefineries.\n They put crude oil exports through Yanbu at 100,000 bpd\nlast month, compared to zero in January, while throughput at\nBahrain's refinery and neutral zone production remained steady\nat around 200,000 bpd each.\n REUTER\n\u0003", "date": " 2-MAR-1987 01:05:49.72", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "saudi-arabia", "uae" ], "id": "273" }, { "title": "INDONESIAN PALM OIL OUTPUT EXPECTED TO RISE", "body": "Indonesia's palm oil output is expected\nto rise and exports to increase, the U.S. Embassy said in its\nannual report on Indonesia's agriculture sector.\n The Indonesian government said crude palm oil (CPO) output\nis expected to rise to 1.56 mln tonnes in 1987 and 2.11 mln in\n1988, up from a projected 1.45 mln tonnes in 1986 and 1.26 mln\nin 1985.\n The 1986 projection of 1.45 mln tonnes is up from a\nprovisional figure of 1.3 mln tonnes.\n A U.S. Embassy assessment puts 1987 output at 1.45 mln\ntonnes, against 1.35 mln in 1986 and 1.208 mln in 1985.\n \"More realistic estimates indicate that 1988 production will\nbe between 1.5 and 1.6 mln tonnes,\" the report said.\n The report said the abolition of the five pct CPO export\ntax, the devaluation of the rupiah in September 1986 and higher\ninternational palm oil prices should lead to a modest increase\nin exports this year.\n Exports are forecast to rise to 720,000 tonnes against\n695,000 tonnes in 1986, the report added.\n REUTER\n\u0003", "date": " 2-MAR-1987 01:25:47.73", "topics": [ "veg-oil", "palm-oil" ], "places": [ "indonesia" ], "id": "274" }, { "title": "INDONESIAN TEA, COCOA EXPORTS SEEN UP, COFFEE DOWN", "body": "Indonesia's exports of tea and cocoa\nwill continue to rise in calendar 1987 but coffee exports are\nforecast to dip slightly in 1987/88 (April-March) as the\ngovernment tries to improve quality, the U.S. Embassy said.\n The embassy's annual report on Indonesian agriculture\nforecast coffee output in 1986/87 would be 5.77 mln bags of 60\nkilograms each. That is slightly less than the 5.8 mln bags\nproduced in 1985/86.\n In 1987/88 coffee production is forecast to rise again to\n5.8 mln bags, but exports to dip to 4.8 mln from around 5.0 mln\nin 1986/87. Exports in 1985/86 were 4.67 mln bags.\n The embassy report says coffee stocks will rise to 1.3 mln\ntonnes in 1987/88 from 1.15 mln in 1986/87. It bases this on a\nfall in exports as a result of the \"probable\" re-introduction of\nquotas by the International Coffee Organisation.\n Cocoa production and exports are forecast to rise steadily\nas the government develops cocoa plantations. Production of\ncocoa in Indonesia increased to 32,378 tonnes in calendar 1985\nfrom 10,284 tonnes in 1980. It is projected by the government\nto rise to more than 50,000 tonnes by 1988.\n Production in 1986 is estimated by the embassy at 35,000\ntonnes, as against 38,000 tonnes in 1987.\n The report forecasts cocoa exports to rise to 35,000 tonnes\nthis year, from 33,000 tonnes in 1986 and 31,000 in 1985.\n The Netherlands is at present the biggest importer of\nIndonesian cocoa beans.\n The report forecasts that in calendar 1987, Indonesia's CTC\n(crushed, torn and curled) tea exports will increase\nsignificantly with the coming on stream of at least eight new\nCTC processing plants.\n Indonesia plans to diversify its tea products by producing\nmore CTC tea, the main component of tea bags.\n Production of black and green teas is forecast in the\nembassy report to rise to 125,000 tonnes in calendar 1987 from\n123,000 tonnes in 1986.\n Exports of these teas are likely to rise to 95,000 tonnes\nin 1987 from 85,000 in 1986 and around 90,000 in 1985.\n The embassy noted the ministry of trade tightened quality\ncontrols on tea in October 1986 in an effort to become more\ncompetititve in the world market.\n REUTER\n\u0003", "date": " 2-MAR-1987 01:28:24.65", "topics": [ "tea", "cocoa", "coffee" ], "places": [ "indonesia" ], "id": "275" }, { "title": "SINGAPORE EXCHANGE SEEKING NASDAQ/LONDON LINK", "body": "The Stock Exchange of Singapore (SES)\nplans to introduce electronic trading of shares listed on the\nNational Association of Securities Dealers Automated Quotation\nSystem (NASDAQ) in the U.S. And on London's Stock Exchange\nAutomated Quotation System, banking sources said.\n The SES is discussing the idea with the London and New York\nauthorities. Gordon Macklin, president of the National\nAssociation of Securities Dealers in Washington, said he was\nvery optimistic about an early agreement, possibly by the end\nof this month.\n Monetary Authority of Singapore (MAS) sources told Reuters\nthey supported the proposed linking of computer trading systems\non the three exchanges, and the banking sources said local\nfinancial support for the plan existed.\n Macklin said if an agreement were reached it would move the\nthree exchanges towards 24-hour trading, with Singapore filling\na gap when no trading takes place.\n A small group of selected stocks would be used at the start\nof three-centre trading to determine investor interest.\n The Singapore, London and New York authorities have agreed\nin principle on how the three exchanges would trade and\ntransfer information among the different time zones, but some\ndetails still have to be worked out, a senior Singapore bank\ndirector said.\n Questions remain concerning investor willingness to deploy\nsufficient capital in Singapore to ensure adequate market\nliquidity and communication links to the other three centres.\n But if agreement is reached, Singapore will have a head\nstart over the other Asian financial centres in Hong Kong,\nToyko and Australia, he said.\n On February 18 the SES created the Stock Exchange of\nSingapore Dealing and Automated Quotation System (SESDAQ),\nmodelled on NASDAQ.\n At present SESDAQ is trading the shares of only one\ncompany, the government-owned Singapore National Printers Ltd\n(SNP), but its turnover has been fairly active, and other small\nfirms have said they plan to seek listings soon.\n Market sources expect the next few companies listed will\nalso be government-owned entities, which would have no problem\nmeeting the listing conditions. Approval for a listing of\nTrans-Island Bus Service Pte Ltd is expected soon, they said.\n SNP, previously wholly-owned by the government's Temasek\nHoldings (Pte) Ltd, issued seven mln 50-cent shares at one dlr\neach last month in a public offering oversubscribed 119 times.\n In SESDAQ trading, SNP shares have advanced from an initial\n1.87 dlrs to a Friday close of 2.32 after a 2.80 high. So far\nmore than 900,000 shares have traded.\n REUTER\n\u0003", "date": " 2-MAR-1987 01:41:24.21", "places": [ "singapore", "usa" ], "id": "276" }, { "title": "INDONESIA'S EXPORTS DROP IN CALENDAR 1986", "body": "The total value of Indonesia's exports\nfell in calendar 1986 to 15.995 billion dlrs from 18.762\nbillion in calendar 1985, according to the central bank's\nlatest report.\n The value of crude oil exports fell to 7.431 billion dlrs\nin 1986 from 8.976 billion in 1985, while liquefied natural gas\nexports dropped to 2.795 billion dlrs from 3.802 billion in\n1985.\n The value of Indonesia's non-oil exports also fell in\ncalendar 1986, to 5.768 billion dlrs from 5.983 billion in\n1985.\n REUTER\n\u0003", "date": " 2-MAR-1987 01:59:56.87", "places": [ "indonesia" ], "id": "277" }, { "title": "GERMAN EUROBOND MARKET EXPECTS BREATHING SPACE", "body": "After an onslaught of new paper, fewer\nmark eurobonds issues are expected this week, bankers said.\n Most managers said they were planning a low issue volume\nfor the Bundesbank's two-week bond calendar beginning today.\n \"We want to have a week's pause,\" one manager said.\n Last week borrowings totalled 1.775 billion marks,\nincluding a 300 mln mark private placement for Deutsche Bank.\nIssues for all of February rose to nearly five billion marks,\nfrom 3.6 billion in January.\n The heavy volume also meant most borrowers except the very\nbest addresses were having to accept higher coupons.\n \"I think the D-mark market is still good, but only if you\ncan give a good coupon,\" another manager said.\n But even some government borrowers were not getting the\nbest reception for bonds which would have been taken up more\nreadily under other conditions.\n Of the three mark eurobonds launched on Tuesday alone,\nbonds for Den Danske Bank and Iceland were trading outside fees\non Friday, although prices had recovered from initial lows.\n Den Danske's 5-3/4 1992 bond was quoted at midday on Friday\nat 97.35/65 compared with its par price, and Iceland's 6-1/2\npct 1997 bond traded at 97.25/75 against a 100-1/4 issue price.\n A 300 mln mark 6-1/8 pct 1997 issue for Nippon Telegraph\nand Telephone was also depressed, but traded Friday within fees\nat 98.15, 98.50 from its par price.\n Some shorter maturities did better. In contrast to the\n10-year NTT and Iceland issues, a five-year six pct bond for\nHoogovens, traded at 98.40/75 from its 99-1/2 price, thanks\nmainly to its shorter maturity, dealers said.\n The large amount of paper brought to the market in the last\ntwo months has also led many syndicate managers to complain\nabout the Bundesbank's present fixed calendar system, which\nthey say is too inflexible.\n Currently all mark denominated eurobonds have to be\nregistered with the Bundesbank in the week preceding the\ntwo-week issue period. A bank may decline to issue a bond on\nthe requested day in the calendar, but then has to wait for the\nnext calendar period to schedule the bond again.\n Some managers said they would prefer to abolish the system.\n The Bundesbank shortened the reporting period to two weeks\nfrom four weeks last July. But few expect the calendar to be\ncompletely abolished. \"I don't think the Bundesbank would give\nthat up,\" one banking analyst said.\n \"I wouldn't have anything against getting rid of the system,\"\nthe analyst said, adding banks were capable of regulating the\nvolume of new issues themselves.\n The Bundesbank plays a passive role in setting the calendar\nwithout trying to regulate the issues, but it needs the\nregistration to gauge the volume of mark bonds going through\nthe euromarket, he said.\n For this reason, few managers here foresee the Bundesbank\nsacrificing its present calendar system.\n Bond activity in West German bond trading and syndication\ndepartments is also expected to be quieter than normal owing to\nthe carnival holiday.\n Carnival will close banks in Duesseldorf all day on Monday.\nIn Frankfurt, banks will close on Tuesday in the afternoon.\n REUTER\n\u0003", "date": " 2-MAR-1987 02:01:55.38", "places": [ "west-germany" ], "id": "278" }, { "title": "JAPAN'S NTT FORECASTS PROFITS FALL IN 1987/88", "body": "\n(NTT) expects its profits to fall to 328 billion yen in the\nyear ending March 31, 1988 from a projected 348 billion this\nyear, the company said.\n Total sales for the same period are expected to rise to\n5,506 billion yen from a projected 5,328 billion this year, NTT\nsaid in a business operations plan submitted to the Post and\nTelecommunications Ministry.\n NTT said it plans to make capital investments of 1,770\nbillion yen in 1987/88, including 109 billion for research and\ndevelopment, as against a total of 1,600 billion this year.\n An NTT spokesman said increased competition from new\nentrants to the telecommunications field and the effect of a\nsales tax scheduled to be introduced next January, were the\nmajor factors behind the projected decrease in profits.\n The Japanese telecommunications industry was deregulated in\n1985.\n REUTER\n\u0003", "date": " 2-MAR-1987 02:04:30.58", "topics": [ "earn" ], "places": [ "japan" ], "id": "279" }, { "title": "SINO-U.S. VENTURE IN CHINA TO MAKE RINSING AGENTS", "body": " of the United States signed\na contract with North China Industrial Co to set up the first\nSino-U.S. Joint venture in China to make rinsing agents, the\nNew China News Agency said.\n It said total investment in the new venture, , is 2.4 mln dlrs. It said the venture\nwill be based in Shanghai and produce agents for use in hotels\nand industries.\n It gave no further details.\n REUTER\n\u0003", "date": " 2-MAR-1987 02:25:51.00", "places": [ "china", "usa" ], "id": "280" }, { "title": "CHINA SIGNS WORLD BANK LOAN FOR TIANJIN PORT", "body": "China has signed a 130 mln dlr loan\nagreement with the World Bank to partly finance 12 new berths\nwith an annual capacity of 6.28 mln tonnes at the 20 mln tonne\na year capacity Tianjin port, the New China News Agency said.\n China will provide 370 mln yuan for the project and a\nChinese company won a bid against 12 other firms from seven\ncountries to do the foundation work, it said.\n It said 11 of the new berths will be able to handle ships\nof more than 10,000 tonnes, three will handle containers and\nthe expansion will enable the port to handle coke, non-metal\nmineral ores and mining equipment for the first time.\n REUTER\n\u0003", "date": " 2-MAR-1987 02:27:06.29", "topics": [ "ship" ], "organisations": [ "worldbank" ], "places": [ "china" ], "id": "281" }, { "title": "THAI AIRWAYS INTERNATIONAL TO ALMOST DOUBLE FLEET", "body": "Thai Airways International plans to\nexpand its fleet to 58 from 30 aircraft by 1995, company\nofficials said.\n Thamnoon Wanglee, vice-president for finance, told a\nweekend marketing conference Thai would finance the expansion\nby borrowing, but he did not give details.\n He said the airline planned to reduce its yen borrowing to\n36.4 pct of overall debt by September 1992. It is currently\n64.3 pct of overall debt.\n He said dollar borrowing should rise to 56.2 pct of overall\ndebt in the same period, compared to 15.7 pct now.\n Other company officials said the state-owned airline had no\nplans to go private. They said the airline is studying a\ngovernment proposal for it to merge with Thai Airways Company,\nthe state-owned domestic carrier.\n A report presented to the conference showed the airline\nexpects passenger sales revenue to be 13 pct higher in 1987\nthan in 1986. This follows a 20 pct jump in passenger sales\nrevenue in the past four months.\n Executive vice president Chatrachai Bunya-ananta said the\ncurrent expansion of Bangkok airport would be completed this\nyear.\n REUTER\n\u0003", "date": " 2-MAR-1987 02:35:00.83", "places": [ "thailand" ], "id": "282" }, { "title": "Japan February external reserves record 51.73 billion dlrs (January 51.46 billion)\n", "date": " 2-MAR-1987 02:48:11.01", "topics": [ "reserves" ], "id": "283" }, { "title": "JAPAN FEBRUARY RESERVES RECORD 51.73 BILLION DLRS", "body": "Japan's external reserves rose to a record\n51.73 billion dlrs at the end of February from the previous\nrecord of 51.46 billion at end-January, the Finance Ministry\nsaid.\n End-February reserves last year were 27.58 billion dlrs.\n In January, the nation's foreign reserves showed the\nlargest-ever monthly increase at 9.22 billion dlrs due to\nmassive Bank of Japan dollar buying intervention during the\nmonth as the dollar fell briefly to an all-time low of 149.98\nyen on January 19, foreign exchange dealers said.\n REUTER\n\u0003", "date": " 2-MAR-1987 02:51:49.82", "topics": [ "reserves" ], "places": [ "japan" ], "id": "284" }, { "title": "SIMEX TRADING VOLUME HITS RECORD IN FEBRUARY", "body": "Trading volume on the Singapore\nInternational Monetary Exchange (Simex) hit a record 122,819\ncontracts in February, surpassing the previous record of\n116,767 in September last year, the exchange said in a\nstatement.\n Volume in the Eurodollar contract hit a peak of 78,546\ncontracts against the previous record of 70,306, also set last\nSeptember.\n Open interest in the Nikkei Stock Average contract passed\n2,000 contracts for the first time, to hit a record high 2,697\non February 26.\n REUTER\n\u0003", "date": " 2-MAR-1987 03:40:32.85", "places": [ "singapore" ], "id": "285" }, { "title": "SHULTZ VISIT TO MOSCOW POSSIBLE, SAY SOVIETS", "body": "A senior Soviet official said a visit to\nMoscow by U.S. Secretary of State George Shultz for arms\ndiscussions was under consideration.\n Deputy Foreign Minister Alexander Bessmertnykh told a news\nconference such a visit would be part of continuing contacts\nbetween the two powers \"in the framework of security questions.\"\n Earlier, U.S. Officials with Shultz in Peking said he was\nlikely to go to Moscow soon following Kremlin leader Mikhail\nGorbachev's weekend proposal for a separate agreement on\nwithdrawing Soviet and American medium-range missiles from\nEurope.\n\u0003", "date": " 2-MAR-1987 03:44:22.83", "places": [ "usa", "ussr" ], "id": "286" }, { "title": "JAPAN DISTRIBUTOR MAY IMPORT MAZDA U.S.-MADE CARS", "body": ", a distributor for Ford\nMotor Co in Japan, is considering importing cars made by\n, (MMUC), a wholly owned\nU.S. Subsidiary of Mazda Motor Corp , an Autorama\nspokesman said.\n Mazda, owned 24 pct by Ford, is due to begin production of\nthe 2,000-cc-engine cars at the Michigan plant in September at\nan annual rate of 240,000, of which between 60 and 70 pct will\ngo to Ford and the rest to Mazda's own U.S. Sales network.\n REUTER\n\u0003", "date": " 2-MAR-1987 03:45:48.48", "places": [ "japan", "usa" ], "id": "287" }, { "title": "IRAQ DEFERS PAYMENTS ON 500 MLN DLR EUROLOAN", "body": "Iraq has secured agreement to defer\noutstanding payments on a 500 mln dlr syndicated euroloan\nfollowing five months of negotiations with creditor banks.\n Banking sources said the rescheduling is part of Iraq's\ncontinuing effort to defer payments of foreign debt as its\neconomy comes under strain from the Gulf War and soft world\noil prices.\n Iraq informed the 37 banks in the loan syndicate last\nSeptember it could not meet the remaining four principal\nrepayments totalling 285 mln dlrs, and missed the first of\nthese for 71.25 mln due on September 29.\n The 500 mln dlr credit, under the lead management of\nParis-based Union de Banques Arabes et Francaises (UBAF), has a\nfive-year maturity and a margin of one percentage point over\nLondon Interbank Offered Rates (LIBOR).\n Banking sources said the agreement now worked out goes some\nway to meeting creditor bank demands that at least part of the\nfirst missing instalment of 71.25 mln dlrs be paid and not\ndeferred.\n One quarter or 17.8 mln dlrs will be paid on signature of\nthe accord, expected in late March, with the remainder in three\nmore instalments to be made every six months.\n The remaining three principal instalments - originally due\nin March 1987, September 1987 and March 1988 - will each be\ndeferred for two years from the due date, banking sources said.\n The margin for the loan remains unchanged and no penalty\ninterest is being imposed, the sources added.\n Bank reaction to Iraq's rescheduling request has been one\nof resignation, with many bankers seeing little alternative for\nBaghdad's economic planners. Iraq is estimated to have foreign\ndebt of about 50 billion dlrs, although about half is thought\nto be in the form of loans from its Gulf Arab allies,\nparticularly Saudi Arabia and Kuwait.\n The 500 mln dlr credit is in the name of the state-owned\nRafidain Bank. The only other major eurocredit, a 500 mln dlr\ndeal under the agency of Gulf International Bank, was signed in\nOctober, 1985 and is still in a two year grace period.\n The bulk of Iraq's commercial debt - excluding loans by its\nallies in the Gulf War - is in the form of trade financing.\n But Rafidain bank stopped paying debt due on letters of\ncredit last March and a series of negotiations with banks and\nwestern government export credit agencies has been underway.\nSome banks have agreed to a three-year deferrment of\nobligations due on letters of credit.\n REUTER\n\u0003", "date": " 2-MAR-1987 03:47:55.86", "places": [ "bahrain", "iraq" ], "id": "288" }, { "title": "TAIWAN CENTRAL BANK ISSUES CERTIFICATES OF DEPOSIT", "body": "The Central Bank issued 2.14 billion\nTaiwan dlrs of certificates of deposit (CD), bringing the total\nso far this year to 86.21 billion, a bank official told\nReuters.\n The new CD have maturities of six months and one and two\nyears and bear interest rates ranging from 3.9 pct to 5.15 pct.\n The issues are aimed at curbing the growth of M-1B money\nsupply, which is the result of large foreign exchange reserves,\nthe official said.\n REUTER\n\u0003", "date": " 2-MAR-1987 03:52:34.29", "places": [ "taiwan" ], "id": "289" }, { "title": "ICO TALKS ON COFFEE QUOTAS TO RESUME AT NOON", "body": "Talks on coffee export quotas at the\nInternational Coffee Organization (ICO) special council session\nwill resume at noon gmt today, following a last minute decision\ntaken early this morning to extend the meeting 24 hours, ICO\nofficials said.\n An 18 member contact group will meet at midday to examine\nnew ideas, and the full council is to convene at 1900gmt, they\nsaid.\n The extension resulted from a last ditch effort by Colombia\nto salvage the talks, which by late yesterday looked perilously\nclose to ending without agreement on quotas, delegates said.\n REUTER\n\u0003", "date": " 2-MAR-1987 03:56:09.65", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "uk" ], "id": "290" }, { "title": "CAECL ISSUES 12 BILLION YEN EUROBOND", "body": "Caisse d'Aide a l'Equipement des\nCollectives Locales (CAECL) is issuing a 12 billion yen\neurobond due March 31, 1994 paying 5-1/8 pct and priced at 102\npct, lead manager Mitsubishi Trust International Ltd said.\n The non-callable bond is available in denominations of one\nmln yen and will be listed in Luxembourg. The selling\nconcession is 1-1/4 pct while management and underwriting\ncombined pays 5/8 pct.\n The payment date is March 31.\n REUTER\n\u0003", "date": " 2-MAR-1987 03:57:24.13", "places": [ "uk" ], "id": "291" }, { "title": "CHINESE BANKS TO ISSUE MORE BONDS, OFFICIAL SAYS", "body": "China's state and collective firms do not\nhave enough cash to operate imported equipment, so banks will\nissue more bonds to raise funds, a Chinese bank official was\nquoted by the China Daily as saying.\n Xie was quoted as saying the present cash shortage means\nsome state firms do not run at full capacity and are\ninefficient. The central government does not have enough money\nto meet their needs.\n The paper said, \"Reliable sources disclosed that the country\nis running a budget deficit.\" It gave no figure.\n Xie said her bank sooner or later will have to punish the\nmany firms that have failed to repay loans made to them over\nthe past two years at high interest rates. The bank financed\nthe loans by issuing two billion yuan of bonds, but she gave no\nother details.\n REUTER\n\u0003", "date": " 2-MAR-1987 03:58:32.30", "places": [ "china" ], "id": "292" }, { "title": "INDIAN SUGAR OUTPUT RISES IN FIRST FOUR MONTHS", "body": "India's sugar output to January 31 in\nthe 1986/87 season (October/September) rose to 3.66 mln tonnes\nfrom 3.46 mln in the same 1985/86 period, the Indian Sugar\nMills Association said.\n Total offtake in the first four months of the current year\nwas 2.71 mln tonnes (including 241,000 tonnes imported) for\ndomestic use and 4,000 tonnes for export, against 2.81 mln\ntonnes (including 993,000 imported) for domestic use and 3,000\ntonnes for export in the corresponding period of 1985/86.\n Factory stocks at end-January were 3.05 mln tonnes (96,000\nimported) against 3.13 mln (96,000 imported) a year earlier.\n REUTER\n\u0003", "date": " 2-MAR-1987 04:08:48.28", "topics": [ "sugar" ], "places": [ "india" ], "id": "293" }, { "title": "INTERNATIONAL LEISURE NEGOIATING ON BOEING LEASE", "body": " said\nits subsidiary was in advanced negotiations with\nmanufacturers and banks for the lease of 10 and 13\n engines.\n The deal would be for the lease, with purchase options, of\nfive Boeing 757-200 planes and five 737-400s. The Rolls-Royce\nRB211-535E4 engines would be fitted to the Boeing 757s.\n Delivery would be in 1988 and 1989.\n REUTER\n\u0003", "date": " 2-MAR-1987 04:11:39.02", "places": [ "uk" ], "id": "294" }, { "title": "JAPAN PLANS MORE FLEXIBLE CORPORATE BOND ISSUES", "body": "Japanese securities houses will issue new\ncorporate bonds more quickly, accept issue requests throughout\nthe month instead of at month-end and introduce a competitive\nunderwriting method from April 1, to bring Japanese firms back\nto the Tokyo bond market, securities managers said.\n Domestic issues have slowed to a trickle as more and more\ncompanies turn to more flexible overseas markets for cash, but\nthe proposed moves are expected to pave the way for a review of\npublic bond issues, they said.\n \"Relaxation of issue rules would be better applied not only\nto straight corporate bonds, but also convertible bonds and\nwarrant bonds, to call back issuers effectively from overseas\nmarkets,\" a Nikko Securities house bond manager said.\n Securities houses will launch an issue about 10 days after\na corporate declaration of intent instead of 25 days as now,\nthe securities managers said.\n Underwriters are expected to abolish the lump-sum issuance\nsystem, in which all corporate bonds are issued at month-end,\nand accept issue requests during the month, they said.\n Securities houses also plan to introduce free competition\namong underwriters when negotiating with issuers over terms in\norder to better reflect the market, securities managers said.\n Market participants expect the new issue methods to be\napplied beginning in April, with the projected issue by .\n The so-called proposal method abolishes the practice of\ntaking lead-managership and enables more market-oriented\ndecisions on terms, securities sources said.\n The four major Japanese securities houses now take turns\nunderwriting corporate bonds.\n Setting issue terms using financial criteria prepared by\nsecurities houses and in reference to coupon rates on latest\npublic bonds is now almost automatic, they said.\n The new moves are based on wide-ranging proposals made in\nlate December by advisers to Finance Minister Kiichi Miyazawa.\nThey were aimed at revitalising the domestic corporate bond\nmarket, securities house managers said.\n The finance ministry, commissioned banks and securities\nhouses agreed in January to lower the eligibility ceiling for\ncompanies wanting to issue non-collateral straight and\nconvertible bonds from March 1, securities managers said.\n The cut will more than double the number of corporations\nable to make non-collateral issues from around 70 for straight\nbonds and 180 for convertibles now, securities managers said.\n The Bond Market Committee of the Securities Exchange\nCouncil also recommended introduction of a shelf registration\nsystem, more use of corporate ratings systems and\nsimplification of disclosure rules to help speed up the issuing\nprocess, securities sources said.\n It also called for a major review of the commissioned bank\nsystem, which increases the cost of issuing domestic bonds, and\nfor deregulation of private placements, they said.\n Some of these proposals are likely to take some time to put\ninto effect, the sources said. A shelf registration system\nwould need a revision of Japanese commercial law, expected in\n1988, the sources said.\n REUTER\n\u0003", "date": " 2-MAR-1987 04:15:24.58", "places": [ "japan" ], "id": "295" }, { "title": "NEW DUTCH ADVANCES TOTAL 4.8 BILLION GUILDERS", "body": "The Dutch Central Bank said it has\naccepted bids totalling 4.8 billion guilders at tender for new\nseven-day special advances at 5.3 pct covering the period March\n2 to 9 aimed at relieving money market tightness.\n Subscriptions to 300 mln guilders were met in full, amounts\nabove 300 mln at 50 pct.\n The new facility replaces old five-day advances worth 8.0\nbillion guilders at the same rate.\n Dealers expect this week's money market shortage to be\naround 12 billion guilders.\n Reuter\n\u0003", "date": " 2-MAR-1987 04:25:39.88", "topics": [ "money-fx", "interest" ], "places": [ "netherlands" ], "id": "296" }, { "title": "JAPAN BUYS SOME 95,000 TONNES SOYBEANS FROM CHINA", "body": "Japanese importers bought some 95,000\ntonnes of Chinese soybeans late last month for May to September\nshipment, under the semi-annual trade accords, trade sources\nsaid.\n The FOB premium rose to 13.50 dlrs per tonne, up 2.50 dlrs\nfrom the premium for the November to April shipment, but down\nfrom 13.80 for the last May to September shipment.\n Flat prices for Chinese beans are based on futures prices\nin Chicago plus the FOB premium.\n Japanese purchases of Chinese soybeans, including spot\nbuying, may have totalled 240,000 to 250,000 tonnes of the 1986\ncrop for November to April 1987 shipment, down from some\n300,000 tonnes the previous year, the sources said.\n Domestic demand for edible-use soybeans is expected to\nremain stable at about 240,000 to 250,000 tonnes a year, the\nsources said.\n In recent years Japanese importers have overbought Chinese\nedible-use soybeans and sold the surplus to domestic crushers,\nbut low 1986 U.S. Crop prices have discouraged the purchase of\nChinese origin beans for crushing, they said.\n REUTER\n\u0003", "date": " 2-MAR-1987 04:28:59.85", "topics": [ "oilseed", "soybean" ], "places": [ "japan", "china" ], "id": "297" }, { "title": "SHV SAYS IT MAKING TENDER OFFER FOR UP TO 33 MLN SHARES IN IC GAS\n", "date": " 2-MAR-1987 04:32:15.51", "topics": [ "acq" ], "id": "298" }, { "title": "CHEUNG KONG (HOLDINGS) LTD YEAR 1986", "body": "Shr 3.25 H.K. Dlrs vs 1.40\n Final div 52 cents vs 38, making 75 cents vs 57\n Net 1.28 billion dlrs vs 551.7 mln\n Note - Earnings excluded extraordinary gains of 983.6 mln\ndlrs vs 81.3 mln. Bonus issue one-for-four vs nil. Share split\nfour-for-one. Dividend payable June 3, books close May 11-21.\n REUTER\n\u0003", "date": " 2-MAR-1987 04:32:27.10", "topics": [ "earn" ], "places": [ "hong-kong" ], "id": "299" }, { "title": "TRADING DELAYED ON SINGAPORE'S NEW BILL MARKET", "body": "The start of trading on the new\nSingapore Government Securities Market has been postponed until\nlate March or early April because legislative amendments still\nneed parliamentary approval, banking sources said.\n The new bill market, intended to establish a base for a\nwider capital market and to encourage private bond issues in\nSingapore, was supposed to be launched today.\n William K.K. Wong, managing director of Indosuez Asia\n(Singapore) Ltd, said there is no real obstacle to prevent the\nnew market from taking off. Most dealers are optimistic it will\nprovide more liquidity for operators to trade, he said.\n Lawrence Yeo, director of Citicorp Investment Bank\n(Singapore) Ltd, said the market's success depends on domestic\nparticipation.\n The five primary dealers and the three registered dealers\nwill all be local companies.\n The primary dealers are ,\n, Oversea-Chinese Banking Corp Ltd\n, and United Overseas Bank\nLtd . They will underwrite the Monetary Authority of\nSingapore (MAS) auctions, maintain market liquidity and channel\nopen-market operations, MAS said.\n , and will\nbe recognised as registered dealers. They will act as market\nmakers but will not bid directly at auctions.\n MAS plans to launch trading by issuing taxable instruments\ngrossing seven billion dlrs in the first year and a gross 38\nbillion dlrs of paper over the first five years.\n Non-competitive bids from primary dealers prepared to\naccept average yield will be allocated first, to a maximum\n500,000 dlrs for notes and bonds and to an unlimited amount for\ntreasury bills.\n The remaining amount will be awarded to competitive bidders\nfrom the lowest yield upwards.\n In the secondary market, the standard lot traded between\ndealers will be one mln dlrs worth of treasury bills and\n500,000 dlrs worth of government notes and bonds.\n REUTER\n\u0003", "date": " 2-MAR-1987 04:37:30.88", "places": [ "singapore" ], "id": "300" }, { "title": "MERRILL LYNCH ISSUES 100 MLN ECU EUROBOND", "body": "Merrill Lynch and Co is issuing a 100\nmln Ecu eurobond due March 30, 1990, paying 7-3/8 pct and\npriced at 101 pct, lead manager Banque Paribas Capital Markets\nsaid.\n Merrill Lynch Capital Markets is co-lead manager.\n The issue is available in denominations of 1,000 and 10,00\nEcus and will be listed in Luxembourg. The payment date is\nMarch 30, 1990.\n The selling concession is 1-3/8 pct while management and\nunderwriting combined pays 1/2 pct.\n REUTER\n\u0003", "date": " 2-MAR-1987 04:40:56.03", "places": [ "uk" ], "id": "301" }, { "title": "WALLENBERGS FIGHT BID FOR SWEDISH MATCH STAKE", "body": "Sweden's Wallenberg group fought back\na bid by the London-based Swedish financier Erik Penser to\nsecure a large stake in Swedish Match , one of the\ncompanies at the core of their business empire.\n A statement issued by the Wallenberg holding companies AB\nInvestor and Forvaltnings AB Providentia said they had taken\nover an option held by Nobel Industrier Sweden AB to acquire 33\npct of the voting rights in Swedish Match.\n Thre Wallenbergs paid Nobel Industrier , in which\nPenser group has a 72 pct stake, about 20 pct over the market\nprice for the Swedish Match option, the statement said.\n Swedish Match's B shares open to foreign buyers closed at\n424 crowns on Friday. The A shares -- with increased voting\nrights -- closed at 450 crowns for the restricted and 455 for\nthe free shares.\n The statement said the deal increased Investor's stake to\n49.4 pct of the voting rights and 14.8 pct of the share capital\nwhile Providentia is left holding 34.1 pct of the voting rights\nand 14.5 pct of the share capital in Swedish Match.\n The Wallenbergs' stake in Swedish Match had previously\namounted to 52 pct of the voting rights in the company.\n The Swedish Match deal will cost the Wallenbergs about 400\nmln crowns, share analysts said, making it one of the most\nexpensise moves the group has undertaken in the last four years\nto defend its far-flung interests from outside predators.\n The Wallenbergs originally sold Nobel Industrier, an arms\nand chemicals group, to Penser in 1984 to pay for buying Volvo\n out of two other key group companies, Atlas Copco\n and Stora Koppabergs .\n Since then, the Wallenbergs were ousted as the largest\nshareholders in SKF (SKFR ST> by Skanska AB and\nFrederik Lundberg wrested control of Incentive AB from them.\n Lundberg, a Zurich-based Swedish property tycoon, also\nmanaged to acquire a 25 pct stake in another Wallenberg\ncompany, the diary equipment firm Alfa -Laval AB .\n During 1986, the Wallenbergs have been concentrating on\nbuilding up their stake in Investor and Providentia to prevent\nany raid on the heart of their business empire.\n But analysts say the Wallenbergs' position in the\nelectrical engineering firm ASEA AB is also too small\nat 12.6 pct of the voting rights and there has been growing\nspeculation that the group will be forced to sell off fringe\ninterests to protect its core activities.\n REUTER\n\u0003", "date": " 2-MAR-1987 04:45:57.78", "topics": [ "acq" ], "places": [ "sweden" ], "id": "302" }, { "title": "INDONESIAN SOYBEAN IMPORTS FORECAST TO RISE", "body": "Soybean imports are forecast to rise to\n425,000 tonnes in 1987/88 (October/September) from an estimated\n300,000 in 1986/87 and 375,000 in 1985/86, the U.S. Embassy\nsaid in its annual report on Indonesia's agriculture.\n It said Indonesia did not achieve its goal of\nself-sufficiency in soybean output in calendar 1986 because it\ndid not meet a planned increase in area planted and because\nyields have remained below target.\n Soybean meal imports are forecast to fall to around 190,000\ntonnes in 1987/88 from 270,000 tonnes in 1986/87 and 295,000\ntonnes in 1985/86.\n Domestic soybean production is forecast to rise steadily to\n1.08 mln tonnes in 1987/88 from 980,000 in the current year and\n890,000 in 1985/86, the report said.\n Imports are forecast to fall in the current year but to\nrise in 1987/88 because of a new soybean crushing plant due to\ncome on stream in early 1988.\n China is the main supplier with a 79 pct share, while the\nU.S. Provides the rest, it said.\n \"This pattern will likely continue during 1986/87 since\ndomestic soyfood processors prefer Chinese beans and are\nwilling to pay a premium for them,\" it said.\n Area planted is expected to increase by 10 pct in both\n1986/87 and 1987/88.\n \"Yield increases continue to be hampered by an insufficient\nsupply of quality seeds, along with pest and disease problems,\"\nthe report said.\n REUTER\n\u0003", "date": " 2-MAR-1987 04:51:21.76", "topics": [ "oilseed", "soybean", "meal-feed", "soy-meal" ], "places": [ "indonesia", "china" ], "id": "303" }, { "title": "SHV SAYS IT MAKING TENDER OFFER FOR IC GAS", "body": "\nsaid it was making a tender offer for up to 33 mln ordinary\nshares in Imperial Continental Gas Association..\n It said in a statement the offer was on the basis of 700p\nfor each IC Gas ordinary and 252p for every one stg nominal of\nIC Gas loan stock.\n SHV already holds 6.8 mln IC Gas ordinary stock units\nrepresenting around 4.9 pct of the current issued share\ncapital.\n Successful completion of the offer would increase SHV's\nstake in IC Gas to 39.8 mln shares, representing around 27.9\npct of issued share capital, it said.\n The offer capitalises IC Gas at around one billion stg.\n It said it was tendering for both ordinary stock and loan\nstock, which when fully converted, gave a total of 33 mln IC\nGas ordinary. It is making the tender offer through N.M.\nRothschilds.\n IC Gas said in a statement it noted the SHV tender offer\nand the terms were being considered.\n It said a further statement would be made as soon as\npossible.\n REUTER...\n\u0003", "date": " 2-MAR-1987 04:52:58.27", "topics": [ "acq" ], "places": [ "uk" ], "id": "304" }, { "title": "NOBEL/FINANCIERE ROBUR ISSUE FRENCH FRANC BONDS", "body": "Nobel and Financiere Robur are issuing\nFrench franc domestic bonds with share warrants, according to\nannouncements in the Official Bulletin (BALO).\n Nobel is issuing a 200 mln franc 10-year bond with a 5.5\npct coupon in 1,000 franc denominations, to which existing\nshareholders will have subscription rights in the ratio of one\nbond for every 120 shares held with a nominal 10 franc value.\n The bonds will each carry eight warrants, each giving the\nright to subscribe to one 100-franc Nobel share at 140 francs\nbetween June 1 1987 and May 31 1994. Payment date is April 28.\n In a second stage of the operation, the company will issue\n3.63 mln new 100-franc nominal shares at a price of 120 francs,\nin the ratio of three new shares for 20 existing 10-franc\nnominal shares.\n This will take the company's capital to 677.6 mln francs\nfrom the present 242 mln.\n In a separate operation, Financiere Robur is issuing a\n147.73 mln French franc eight-year bond with a six pct coupon,\ndenominated in 1,100 franc units and priced at par.\n Payment date will be April 13 and existing shareholders\nwill have a preferential right to subscribe to the issue in the\nratio of one bond for every 10 shares held, between March 9 and\nMarch 30 1987.\n Each bond will carry two warrants, each giving the right to\nsubscribe between January 1 1988 and March 31 1992 to one\nFinanciere Robur share at a price of 210 francs.\n REUTER\n\u0003", "date": " 2-MAR-1987 05:00:35.83", "places": [ "france" ], "id": "305" }, { "title": "JAPANESE BANKS COOL ON NIGERIAN DEBT TALKS", "body": "Japanese banks are expected to give\nNigerian debt negotiators a cool response when they arrive here\ntomorrow for talks, banking sources said.\n \"We're not very enthusiastic about Nigeria's debt\nrescheduling,\" said a senior official at a leading Japanese\nbank.\n A team of Nigerian officials will meet with Japanese\ncreditor banks here later this week to seek Japanese support\nfor a proposed refinancing of part of Nigeria's 19 billion dlr\nforeign debt, bankers said.\n The senior bank official said a majority of Japanese bank\ncreditors are unwilling to provide any new credits to Nigeria\nalthough about 80 pct have reluctantly agreed to accept\nrescheduling of part of their existing loans.\n \"The problem is Nigeria has so far neglected us Japanese\ncreditors and we have yet to receive a clear-cut picture of the\nnation's debt situation,\" said another Japanese bank official.\n He said Japanese bankers were unaware of the exact extent\nof Western commercial bank exposure to Nigeria and were\nuncertain about the proposed refinancing package details.\n Some 21 Japanese banks have loans outstanding to Nigeria,\nrepresenting about four pct of the credit extended by Western\ncommercial institutions, banking sources said.\n They said Nigeria would probably request about 320 mln dlrs\nin fresh private bank money and rescheduling of some 1.4 to 1.5\nbillion dlrs in existing loans due in 1986 and 1987. Japanese\nbanks want Nigeria to make clear its debt repayment scheme as\nwell as its economic reconstruction plans during the two-day\nmeeting here, the sources added.\n \"Otherwise, our response will be very negative,\" the senior\nofficial said.\n Banking sources said some 80 pct of international creditor\nbanks involved have responded positively to the Nigerian debt\nproposal.\n Bank of Japan officials said they hope Japanese commercial\nbanks will help Nigeria overcome its debt problems.\n Barclays Bank plc has the most exposure to\nNigeria's debt and is chairing a bank steering committee\nlooking at the problem, the banking sources said. BankAmerica\nCorp is coordinating private bank creditors in the Far\nEast and representing them on the committee, they added.\n REUTER\n\u0003", "date": " 2-MAR-1987 05:07:13.58", "places": [ "japan", "nigeria" ], "id": "306" }, { "title": "U.K. MONEY MARKET DEFICIT FORECAST AT 800 MLN STG", "body": "The Bank of England said it forecast a\nshortage of around 800 mln stg in the money market today.\n Among the main factors affecting liquidity, bills maturing\nin official hands and the take-up of treasury bills will drain\nsome 1.61 billion stg.\n Partly offsetting this outflow, exchequer transactions and\na fall in note circulation will add around 425 mln stg and 360\nmln stg respectively. In addition, bankers' balances above\ntarget will add some 20 mln stg to the system today.\n REUTER\n\u0003", "date": " 2-MAR-1987 05:10:17.36", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "307" }, { "title": "JAPAN SALES TAX MAY FORCE NAKASONE OUT OF OFFICE", "body": "Prime Minister Yasuhiro Nakasone is likely\nto leave office this summer amid opposition to his\ncontroversial tax-reform package, political analysts said.\n They said Nakasone's reputation as a skilled politician has\nsuffered irreparable damage from his support of a five pct\nsales tax planned for January 1988.\n \"Nakasone is trying to carry out a drastic tax reform at the\nend of his administration, which is not only impossible but\nalso is very irresponsible as a politican,\" Rei Shiratori,\nprofessor of politics at Dokkyo University, told Reuters.\n \"Nakasone will almost certainly step down as soon as\nparliament approves the sales tax, probably in the summer,\"\nShiratori said.\n Some ruling Liberal Democratic Party (LDP) members of\nparliament have spoken against the tax, which Nakasone says is\nneeded to balance planned cuts in income and corporate taxes.\n Nakasone today called for disciplinary action against LDP\nmembers who oppose the tax. \"There are some who are objecting\nbecause of their constituencies,\" he told a meeting of\ngovernment and party leaders. \"If the party discipline is\nbroken, I would like to see punishment considered.\"\n \"A proposed sales tax has become a political issue, partly\nbecause Nakasone breached his election pledge against\nintroducing it,\" Shiratori said.\n \"Moreover, the tax is being introduced when the public feels\nuncertainty about the sluggish economy stemming from the yen's\nappreciation and about the future when the Japanese society is\nrapidly aging,\" he said.\n Political analysts said the controversial tax could affect\nthe more than 2,500 local elections scheduled for April,\ninvolving governors, mayors, town and village heads and\nassemblies at all levels.\n But the situation is complicated, since opposition parties\nexcluding the communists sometimes put up joint candidates with\nthe LDP, the political analysts added.\n Shiratori said, \"In the worst case, implementation of the\nsales tax, now scheduled for next January, may be put off for\nsome time before the government makes a final decision.\n \"Another alternative is to modify the planned five pct to\nperhaps three pct.\n \"A third alternative for the government is to ram through\nthe bills only with the attendance of LDP MPs,\" he said.\n Seizaburo Sato, professor of politics at Tokyo University,\nthought the last possibility most likely. \"I think the LDP alone\nwill take a vote on the tax bills,\" he said.\n The LDP now holds 304 seats in the 512-seat Lower House and\n143 in the 252-seat Upper House.\n To lure opposition parties back to parliament after the LDP\npushes through the tax bills, the Nakasone cabinet will have to\nresign, Sato said.\n \"Boycotting opposition members will be more willing to\nreturn to parliament if a new cabinet has been formed,\" he said.\n REUTER\n\u0003", "date": " 2-MAR-1987 05:16:36.39", "places": [ "japan" ], "id": "308" }, { "title": "BLACK MINERS SUPPORT S. AFRICAN MINES TAKEOVER", "body": "Thousands of black\nmineworkers roared support for a union proposal to seize\ncontrol of South Africa's gold, uranium, platinum and coal\nmines if the owners refuse to improve conditions for migrant\nblack workers.\n About 15,000 miners attended a rally here to endorse moves\nproposed by last week's annual meeting of the 200,000 strong\nNational Union of Mineworkers (NUM).\n They also supported a proposal for a national strike at the\nend of this month if the owners refused to begin negotiations.\n Migrant workers from surrounding countries make up more\nthan half of the labour force in the mines.\n It was not stated how the union would \"seize control.\"\n The miners' leaders also demanded an end to the system of\nsingle sex hostels for migrant workers, to be replaced by\nhousing schemes so that workers could live with their families.\n The crowd, one of the largest to attend a meeting since\nSouth Africa declared a state of emergency last June, also\nshouted approval of a proposal to work closely with\nanti-apartheid movements such as the United Democratic Front\n(UDF) which claims two mln members. They also shouted their\nsupport for a demand that jailed black nationalist leader\nNelson Mandela be released.\n REUTER\n\u0003", "date": " 2-MAR-1987 05:29:46.13", "topics": [ "gold", "platinum", "strategic-metal" ], "places": [ "south-africa" ], "id": "309" }, { "title": "THAILAND ANNOUNCES THIRD TAPIOCA QUOTA FOR EC", "body": "Thailand's Commerce Ministry announced a\nnew tapioca export quota of 737,987 tonnes for the European\nCommunity against 762,860 tonnes for the previous allocation.\n The ministry said the fresh allocation, for the February\n27-July 7 shipment period, is the third under a maximum 5.5 mln\ntonne overall quota that Thailand obtained from the EC for\ncalendar 1987.\n It said the quota allocation was based on a national\ntapioca pellet stock of 4.34 mln tonnes surveyed last week, up\nfrom 3.05 mln in mid-January.\n REUTER\n\u0003", "date": " 2-MAR-1987 05:37:03.78", "topics": [ "meal-feed", "tapioca" ], "places": [ "thailand" ], "id": "310" }, { "title": "ATPC MEMBERS FIND WAYS TO CURB TIN EXPORTS", "body": "Mine and industry officials from\nmost member states of the Association of Tin Producing\nCountries (ATPC) say they have found ways to limit group\nexports to 96,000 tonnes in the year started March 1, according\nto views polled by Reuter correspondents.\n The plan to curb exports, agreed in January, is aimed at\ncutting the world surplus to 50,000 tonnes from 70,000 now and\nboosting prices to about 19 ringgit a kilo from just over 16.\n Members of the seven-member Kuala Lumpur-based ATPC account\nfor some 65 pct of the world's tin output.\n Under the ATPC plan, Malaysia has been allocated an export\nquota of 28,526 tonnes, Indonesia 24,516, Thailand 19,000,\nBolivia 13,761, Zaire 1,736 and Nigeria 1,461.\n Australia has said it is not setting any export quota.\nHowever, the tonnage allocated to it, 7,000 tonnes, is roughly\nequal to its expected output this year.\n Comment from officials in Zaire was unavailable.\n Mine officials in Malaysia, the world's leading producer,\nsaid only 188 mines will be allowed to operate to ensure that\noutput is limited to around 31,500 tonnes in the year started\nMarch 1.\n Chief Inspector of Mines Redzuan Sumun told Reuters that\nexcess output of some 3,000 tonnes after exports of 28,500 in\nthe one-year quota period would be kept in the national stock.\n Mine owners in Malaysia have welcomed the ATPC export curb\nand asked the government not to issue new mining licences. More\nthan 100 applications for licences are pending.\n Redzuan said the Mines Department would approve new mining\nlicences only if a six-month review of production trends showed\nthat local mines were not overproducing.\n ATPC chairman and Indonesia's Mining and Energy Minister\nSubroto has pledged his country's support for the export curb.\n A spokesman for the state-owned tin mining company PT\nTambang Timah told Reuters it would be easy for Indonesia to\nstick to an export quota of 24,516 tonnes because this was\nclose to exports in calendar 1986 of 24,636.\n In Bangkok, Thai Industry Minister Pramual Sabhavasu said\nThailand would keep to its 19,000 tonne quota and added this\nwould not cause the local industry hardship at current prices.\n To insure adherence, the industry ministry and sole tin\nexporter Thailand Smelting and Refining Co would encourage\nbigger stockpiles, and income tax exemptions would be\npermitted, he said.\n The Thai Mineral Resources Department is expected to\ndisallow new tin mines opening this year to prevent excessive\nproduction, industry sources said.\n But Mining Industry Council President Dam Teutong told\nReuters that if the tin price rose above 18 ringgit a kilo,\nThai miners would press for the opening of more new mines.\n Thailand exported 18,367 tonnes in 1986, up from 17,359 in\n1985, Pramual said.\n Bolivia said it expects to export less tin this year than\nits allocated 13,761 tonne quota.\n Mining Minister Jaimie Villalobos told Reuters in La Paz\nthat Bolivia expected to export about 9,000 tonnes of tin in\ncalendar 1987.\n He said this was due to the sacking after the tin crisis of\nOctober 1985 of about 20,000 of the 28,000 workers at the state\nmining company Comibol, which produces more than 80 pct of\nBolivia's total exports.\n He said there were risks in the ATPC plan to cut exports\nbut added he was confident the goals set by the plan would be\nachieved. He did not elaborate.\n Mines, Power and Steel Minister Bunu Sheriff Musa said in\nLagos that Nigeria would have no difficulty keeping within its\nATPC quota of 1,461 tonnes because its metals output had\ndeclined due to poor demand and high production costs.\n Industry sources told Reuters that Nigeria's output was\nless than 1,000 tonnes last year.\n ATPC officials said they would monitor member countries'\nexport figures every three months using customs documents and\nmake projections from such data to see if quotas were likely to\nbe breached within the year-long quota period.\n The ATPC officials said members that appeared likely to\nbreach their quotas would be told to take remedial measures.\n They added that if member countries were unable to fulfil\ntheir quotas their extra tonnage would be reallocated to other\nmembers at the ATPC's discretion.\n The ATPC would have produced and exported an estimated\n106,000 tonnes of tin in 1987 without the plan.\n Non-members Brazil and China have pledged to cooperate with\nthe ATPC and limit their exports to 21,000 and 7,000 tonnes\nrespectively during the quota period.\n REUTER\n\u0003", "date": " 2-MAR-1987 05:38:49.15", "topics": [ "tin" ], "organisations": [ "atpc" ], "places": [ "malaysia", "indonesia", "thailand", "zaire", "bolivia", "nigeria", "australia", "brazil", "china" ], "id": "311" }, { "title": "SOUTH KOREA TO HOLD CURRENT ACCOUNT SURPLUS DOWN", "body": "South Korea plans to take steps to keep\nits 1987 current account surplus below five billion dlrs,\nEconomic Planning Board Minister Kim Mahn-je said.\n Kim told reporters the government would repay loans ahead\nof schedule and encourage firms to increase imports and\ninvestment abroad to prevent the current account surplus from\nrising too quickly.\n Last year South Korea's current account surplus was 4.65\nbillion dlrs. It widened to 622 mln dlrs in January from 484\nmln in December and compared with a deficit of 334 mln in\nJanuary 1986, Bank of Korea figures show.\n REUTER\n\u0003", "date": " 2-MAR-1987 05:43:24.77", "topics": [ "trade", "bop" ], "places": [ "south-korea" ], "id": "312" }, { "title": "DUTCH OILSEEDS/FATS IMPORTS ROSE IN 1986", "body": "and oil-bearing\nraw materials, fats and oils rose to 2.16 mln tonnes on a\nfat/oil basis in 1986 from 2.12 mln tonnes in 1985, the\nCommodity Board for Margarine, Fats and Oils said.\n Exports of the same commodities fell to 1.35 mln tonnes\nfrom 1.38 mln on a fat-oil basis.\n Fat- and oil-bearing raw materials imports rose to 760,000\nfrom 709,200 tonnes on a fat/oil basis and to 3.47 mln tonnes\nactual weight from 3.32 mln.\n Soyabeans were the main component, with imports rising to\n2.82 mln tonnes actual weight from 2.75 mln. Sunflowerseed\nimports fell to 308,200 from 342,900 tonnes while rapeseed\nimports rose to 292,000 from 201,400 tonnes.\n Exports of fat- and oil-bearing raw materials rose to\n28,700 tonnes from 19,800 on a fat/oil basis and to 137,200\nfrom 89,900 tonnes actual weight.\n Soyabean exports rose to 119,400 tonnes actual weight from\n73,200 tonnes.\n Imports of vegetable fats, including palm oil, rose to\n445,400 tonnes from 362,500 and exports to 151,500 from\n139,800.\n Vegetable oil imports fell to 227,500 tonnes in 1986 from\n286,300 in 1985, and exports to 661,400 from 683,400 tonnes.\n Soyabean oil imports were 32,000 (48,200), sunflower oil\n61,600 (92,800), rape oil 82,900 (94,900) and groundnut oil\n9,300 (12,200). Exports of soybean oil were 325,900 (338,800),\nsun oil 172,100 (189,800), rape oil 114,300 (103,400) and\ngroundnut oil 7,000 (10,400).\n Animal fat imports rose to 371,700 from 345,800 tonnes and\nexports to 124,100 tonnes from 113,000. Fishoil imports fell to\n190,600 from 265,600 and exports to 56,500 from 85,500 tonnes.\n reuter...\n\u0003", "date": " 2-MAR-1987 05:43:35.46", "topics": [ "oilseed", "sunseed", "soybean", "rapeseed", "veg-oil", "soy-oil", "palm-oil", "groundnut-oil" ], "places": [ "netherlands" ], "id": "313" }, { "title": "CHINA'S HEILONGJIANG PROVINCE BOOSTS GOLD OUTPUT", "body": "Gold output in the northeast China\nprovince of Heilongjiang rose 22.7 pct in 1986 from 1985's\nlevel, the New China News Agency said. It gave no figures.\n It said the province, China's second largest gold producer\nafter Shandong, plans to double gold output by 1990 from the\n1986 level. China does not publish gold production figures.\n However, industry sources estimate output at about 65\ntonnes a year, with exports put between 11 and 31 tonnes.\n China is selling more gold abroad to offset large trade\ndeficits in recent years, western diplomats said.\n REUTER\n\u0003", "date": " 2-MAR-1987 05:44:39.87", "topics": [ "gold" ], "places": [ "china" ], "id": "314" }, { "title": "SALE TILNEY BUYS STAKE IN U.S. INSURANCE BROKER", "body": " said it has purchased\n80 pct of the ordinary share capital of , a U.S. Insurance broker, for 5.6 mln dlrs.\n Sale is paying 3.6 mln dlrs in cash on completion, with the\nbalance plus interest to be paid in equal instalments over the\nnext six years.\n B and R posted pretax profit of 855,000 dlrs in the year to\nDec 31, 1986 when it had net tangible assets of 563,000 dlrs.\n REUTER\n\u0003", "date": " 2-MAR-1987 05:48:46.98", "topics": [ "acq" ], "places": [ "usa", "uk" ], "id": "315" }, { "title": "SAN MIGUEL BOARD APPOINTMENT MAY MEAN CHANGES", "body": "Disagreement over management of (SMC) may follow the Philippine government's\nappointment of a well-known banker to the SMC board, investment\nanalysts said.\n They told Reuters the presence of (UCPB) president Ramon Sy to the board of SMC may mean\nchanges in SMC management, which for decades was controlled by\nthe family of its president, Andres Soriano.\n Sy was appointed by a government commission that controls\n51 pct of San Miguel's stock, after another nominee resigned.\n The Presidential Commission on Good Government (PCGG) holds\nsix seats on the 15-member SMC board, which represent 33.13 mln\nsequestered shares.\n The stocks were seized on suspicion that they were owned by\nEduardo Cojuangco, then chairman of UCPB and San Miguel. He was\na close associate of deposed president Ferdinand Marcos, and he\nleft the country after Marcos's fall.\n Before the seizure, Soriano led a 3.3 billion peso bid for\nthe shares, paying UCPB a 500 mln peso deposit.\n The bid valued the shares at about 100 pesos. They traded\nat 93 pesos today, down from 95.50 at Friday's close.\n Finance Secretary Jaime Ongpin told reporters on Saturday\nthat Sy would definitely sit on the SMC board despite the\nobjections of some directors associated with Soriano.\n \"I don't think there is a conflict of interest as such,\" he\nsaid.\n \"I was potentially concerned with seeing a situation where\nyou have a contentious atmosphere on the board. But Sy has\nassured (the government) that he does not intend to behave in a\ncontentious manner,\" Ongpin added.\n The Soriano group cited conflict of interest in opposing\nSy's directorship. Its lawyer said in a letter to the PCGG that\na pending suit seeking forfeiture of SMC's 500 mln peso deposit\nand major undisclosed damages against the brewery represented a\nclear conflict.\n UCPB, however, sought board representation before Sy's\nappointment, petitioning the PCGG \"so that the interests of the\nowners of the 33 mln shares would be adequately protected.\"\n Investment analysts polled by Reuters said the UCPB had a\nright to a slot on the SMC board as trustee for coconut farmers\nwho claim ownership of the disputed shares.\n The analysts said Sy, backed by the government, would\nprobably suggest replacements for PCGG nominees expected to\nresign soon in keeping with a new law prohibiting government\nofficials from working for private companies. SMC's annual\nelection is scheduled for May.\n A UCPB spokesman declined to comment, saying it was up to\nthe PCGG to decide whom to appoint.\n One analyst said objections were understandable from the\nfamily that founded the company 97 years ago.\n \"It is a natural instinct of self-preservation for Soriano,\"\nhe said.\n SMC posted a net income of 448.8 mln pesos in 1985 on net\nsales of 10.99 billion pesos against 422.3 mln in 1984 on sales\nof 10.36 billion.\n REUTER\n\u0003", "date": " 2-MAR-1987 05:51:40.18", "places": [ "philippines" ], "id": "316" }, { "title": "ESTIMATED DROP IN JAPAN CORPORATE PROFITS TRIMMED", "body": "The combined profits of Japan's major\ncorporations, excluding financial institutions, are forecast to\nfall 19.2 pct in the 1986/87 year ending March 31, compared to\nthe 19.9 pct decline projected in late November, Wako Research\nInstitute of Economics said.\n The private research body also said in a statement that 437\nof the 1,084 firms listed on the first section of the Tokyo\nStock Exchange foresee an 11.6 pct fall in sales in the year\nagainst an 11.4 pct fall estimated last November.\n Current profits are projected to fall 4.4 pct in 1987/88 on\nsales seen increasing by 4.2 pct, it said.\n Rationalisation measures taken by manufacturing industries\nto cope with the yen's sharp rise are beginning to brighten\ntheir business outlook, the institute said.\n It said lower interest rates, which are expected to reduce\ncorporate borrowing costs, are also behind the improved\nperformance outlook.\n Earnings performance in the non-manufacturing sector will\nbe supported by firm demand in the real estate and construction\nbusinesses, it said.\n The forecast was based on average exchange rate estimates\nof 160 yen to the dollar in 1986/87 and 155 yen in 1987/88.\n REUTER\n\u0003", "date": " 2-MAR-1987 05:57:58.95", "topics": [ "earn" ], "places": [ "japan" ], "id": "317" }, { "title": "LEBANESE PRESIDENT AGREES NEW PEACE MOVES", "body": "Lebanese President Amin Gemayel has\nagreed to three key points in a new Syrian-brokered plan aimed\nat ending civil war in Lebanon, official sources said.\n They said the Maronite Christian leader has agreed to give\nup Cabinet voting rights, to ensure that the Prime Minister is\nelected by parliament and to the abolition in principle of\nLebanon's current power-sharing system.\n Gemayel had agreed to the proposals in two months of\nindirect negotiations with Syrian leaders, the sources said.\nREUTER\n\u0003", "date": " 2-MAR-1987 06:03:43.86", "places": [ "lebanon", "syria" ], "id": "318" }, { "title": "INDIAN BUDGET DEFICIT SEEN FUELING INFLATION", "body": "Prime Minister Rajiv Gandhi's fiscal\n1987/88 budget has sparked speculation that a large deficit\nwill push up India's moderate inflation rate and that the\ncountry's stock markets will experience prolonged uncertainty,\neconomists, politicians and stockbrokers told Reuters.\n The projected deficit for fiscal 1987/88, ending March, is\n56.88 billion rupees, down from an upwardly revised estimate of\na record 82.85 billion in fiscal 1986/87.\n The projected inflation rate for fiscal 1986/87, based on\nwholesale prices, is 6.5 pct against 3.8 pct in 1985/86.\n Economists pointed out that the government itself had\nexpressed concern about inflation in its most recent 1986/87\neconomic survey report published last week.\n Presenting the budget to parliament on Saturday, Prime\nMinister Gandhi said a cabinet committee would be appointed to\ntrim large non-development expenditures. The deficit for\n1987/88 will not be allowed to exceed the budgeted figure, he\nsaid.\n But few analysts have taken Gandhi's assurance seriously.\nThey say the deficit more than doubled in 1986/87 from an\ninitial estimate of 36.5 billion rupees.\n Lal Krishna Advani, president of the opposition Bharatiya\nJanata party, said Gandhi's failure to mention specific\nmeasures to cut non-development expenses will push up prices.\n Economists said increased liquidity in the economy, as\nreflected by expansion of the M3 aggregate money supply, may\ncause prices to rise. The survey report showed the M3 rose by\n15.7 pct or 185.78 billion rupees in the first nine months of\n1986/87 against 13.37 pct or 136.42 billion in the same 1985/86\nperiod.\n Economists also said uncertain monsoon rain prospects,\nafter bad weather last year, may strain prices further.\n Economists said the deficit would also cause the government\nto rely increasingly on internal borrowing. Market loans and\nbonds were projected at 981.50 billion rupees for 1987/88, up\nfrom the 1986/87 estimate of 852.13 billion.\n No reduction has been proposed in personal income taxes,\nwhich will discourage savings, economists said.\n Avinash Purulkar, chief manager of the state-owned Union\nBank of India, said the annual inflation rate may double to\naround 15 pct in 1987/88 as the government prints more currency\nnotes to cover the deficit.\n Brokers said stock market investors have started selling\nlong-term portfolios to take advantage of a proposal in the\nbudget that reduces the holding period required to claim\nexemption from the capital gains tax to one year from three.\n Delhi stockbroker B. D. Aggarwal said, \"There is uncertainty\nin the market. There is going to be growing selling pressure.\"\n But Bombay broker Dinesh Walji said the present hectic\nselling of shares will slow when more buyers appear on the\nscene. \"Just now there is acute nervousness in the market,\" he\nsaid.\n Brokers said proposals to set up a mutual fund to help\nsmall investors buy equity shares and relaxations in the\ncapital gains tax will inject further buoyancy into the market\non a long-term basis.\n New equity and debenture issues, both convertible and\nnon-convertible, rose to an officially estimated 50.70 billion\nrupees in April/January 1986/87 from an estimated 36.95 billion\nin all 1985/86 and 20 billion in all 1984/85.\n REUTER\n\u0003", "date": " 2-MAR-1987 06:08:25.53", "places": [ "india" ], "id": "319" }, { "title": "INDIA BUYS 46,000 TONNES OF VEGETABLE OILS", "body": "The Indian State Trading Corporation\npurchased 46,000 tonnes of vegetable oils at its import tender\non Friday, market sources said.\n The business was for April shipments and comprised 20,000\ntonnes of European rapeseed oil at 318 dlrs, 20,000 tonnes of\nsoyoil, believed South American origin, at 314, and 6,000\ntonnes of Malaysian rbd palm olein at 347 dlrs, all per tonne\ncif.\n Palm oil sellers were disappointed at the light purchase of\nrbd olein and early trading saw the market ease nearly 10 dlrs\nunder Malaysian refiner and dealer selling. April shipments\ntraded down to 326 dlrs per tonne, fob.\n REUTER\n\u0003", "date": " 2-MAR-1987 06:18:21.95", "topics": [ "veg-oil", "rape-oil", "palm-oil" ], "places": [ "uk", "india" ], "id": "320" }, { "title": "BEECHAM UNIT LAUNCHES ARTHRITIS DRUG", "body": "Beecham Group Plc said its\nsubsidiary launched a new once-a-day,\nprescription only medicine for the reduction of pain and\ninflammation caused by rheumatoid and osteoarthritis. The\nlaunch took place simultaneously in the U.K. And West Germany.\n The drug, which has the approved name Nabumetone, will be\nintroduced to doctors in the U.K. Under the brand name of\nRelifex and will be known as Arthaxan in West Germany.\n REUTER\n\u0003", "date": " 2-MAR-1987 06:18:48.35", "places": [ "uk" ], "id": "321" }, { "title": "JAPAN TO PROMOTE INTEREST RATE LIBERALISATION", "body": "The Bank of Japan decided at a policy\nboard meeting to promote further interest rate liberalisation\nby lowering the minimum denomination of regulation-free large\ndeposits and by raising the interest rate ceiling on money\nmarket certificates (MMCs), a central bank official said.\n The new guideline will go into effect on April 6, the bank\nsaid.\n Under the guideline, the minimum denomination of\nregulation-free large deposits will be lowered to 100 mln yen\nfrom 300 mln.\n The interest rate ceiling of MMCs with maturities of\nbetween one year and two years will be set at 0.5 percentage\npoint below the prevailing certificate of deposit rate, the\nbank said.\n But the ceiling on MMCs with maturities of one year or less\nwill remain the same, or 0.75 percentage point below the CD\nrates.\n The minimum denomination of MMCs will be lowered to 10 mln\nyen from 30 mln.\n The bank also said time deposit rates will be lowered by\n0.37 point, effective March 16, in line with the half-point cut\nin the official discount rate on February 23.\n New interest rates on two-year and one-year deposits at\nbanks, for example, will be 3.64 pct and 3.39 pct per annum,\nrespectively.\n Demand deposit rates, however, will remain the same.\n REUTER\n\u0003", "date": " 2-MAR-1987 06:25:55.11", "topics": [ "interest" ], "places": [ "japan" ], "id": "322" }, { "title": "TAIWAN POWER FIRM PLANS MORE FOREIGN DEBT CUTS", "body": "State-owned (Taiwan Power co) will boost\nits domestic borrowings to further cut its foreign debt in line\nwith a government policy to trim the island's huge foreign\nexchange reserves, a company official said.\n The company's foreign debt, mainly from the Japanese and\nU.S. Banks, was cut nearly by half to 66.2 billion taiwan dlrs\nequivalent in calendar 1986 from 124.6 billion in 1985, he\nsaid.\n Its domestic borrowings however rose to 105.2 billion\ntaiwan dlrs from 80.6 billion in the same period, he added.\n Taiwan's foreign exchange reserves now stood at 50 billion\nU.S. Dlrs, due to its 1986 record trade surplus of 15.6\nbillion.\n REUTER\n\u0003", "date": " 2-MAR-1987 06:27:11.46", "topics": [ "reserves" ], "places": [ "taiwan", "usa", "japan" ], "id": "323" }, { "title": "CREDITORS ALLOW TECK HOCK TO FULFIL CONTRACTS", "body": "The nine creditor banks of\ninternational coffee trader met\ntoday to discuss ways of letting it fulfil profitable contracts\nwhich would help it balance earlier losses, a creditor bank\nofficial said.\n No statement was made after the meeting and officials\ndeclined to comment on any decisions made.\n An unidentified foreign commodities company is pursuing its\noffer to buy the company and a subsidiary , banking sources said.\n The nine creditor banks have the buyer's detailed proposals\ncovering the injection of new capital and payment of some\noutstanding debt to the creditor banks and are now discussing\nindividual bank counterproposals to increase debt repayments.\n Teck Hock owes over 100 mln Singapore dlrs and the nine\nbanks have been extending debt repayments since December 23.\n They are Oversea-Chinese Banking Corp Ltd , United\nOverseas Bank Ltd , , , , , Algemene\nBank Nederland NV , Banque Nationale De Paris \nand .\n REUTER\n\u0003", "date": " 2-MAR-1987 06:33:07.11", "places": [ "singapore" ], "id": "324" }, { "title": "TESCO ISSUES 100 MLN STG CONVERTIBLE BOND", "body": "Tesco Plc is issuing a 100 mln\nstg convertible eurobond due February 20, 2002 paying an\nindicated coupon of four to 4-1/4 pct and priced at par, lead\nmanager Credit Suisse First Boston Ltd said.\n The issue is callable after 90 days at 106 pct declining by\none pct per annum to par thereafter. It is not callable until\n1992 unless the share price exceeds 130 pct of the conversion\nprice. Final terms will be set on, or before, March 9.\n The deal has an investor put option after five years, which\nwill be priced to give the investor an annual yield to the put\nof 8-3/4 to nine pct.\n The selling concession is 1-1/2 pct while management and\nunderwriting each pay 1/2 pct. The payment date is March 25 and\nthere will be a short first coupon period.\n The issue is available in denominations of 1,000 and 5,000\nstg and will be listed in London.\n REUTER\n\u0003", "date": " 2-MAR-1987 06:39:53.79", "places": [ "uk" ], "id": "325" }, { "title": "SNCF ISSUING THREE BILLION FRANC DOMESTIC BOND", "body": "The French state railway company, the Ste\nNationale des Chemins de Fer Francaise (SNCF), is issuing a\nthree billion French franc domestic bond in two tranches, the\nbond issuing committee said.\n Details of the issue will be announced later and it will be\nlisted in the Official Bulletin (BALO) of March 9.\n The issue will be co-led by Banque Nationale de Paris,\nCaisse Nationale de Credit Agricole and the Societe\nMarseillaise de Credit.\n REUTER\n\u0003", "date": " 2-MAR-1987 06:41:06.17", "places": [ "france" ], "id": "326" }, { "title": "DUTCH ANIMAL FEED USAGE DOWN IN FIRST HALF SEASON", "body": "Dutch animal feed usage in the first\nhalf of the current season from July through December 1986 fell\n7.6 pct to 6.5 mln tonnes from 7.1 mln in the same period of\n1985, figures in the latest newsletter from the co-operative\nCebeco-Handelsraad show.\n Tapioca usage fell 9.1 pct to 1.4 mln tonnes from 1.6 mln\nin the first half of the 1985/86 season.\n Grain usage fell 6.1 pct to 1.1 mln tonnes from 1.2 mln,\nwhile soymeal usage fell 10 pct to 967,000 tonnes from 1.1 mln.\n Cornglutenfeed usage fell 17.8 pct to 729,000 tonnes from\n887,000, but cornfeedmeal usage nearly doubled to 399,000\ntonnes from 201,000.\n Citruspulp usage dropped 62.8 pct to 149,000 tonnes from\n400,000 tonnes, while rapeseed and meal usage rose 9.6 pct to\n217,000 tonnes from 198,000 and sunmeal rose 25.6 pct to\n216,000 tonnes from 172,000 tonnes.\n During the whole of the season from July 1985 to June 1986,\nDutch soymeal usage fell 12 pct to 1.9 mln tonnes from 2.1 mln\nthe previous season, while sunmeal usage rose 25 pct to 408,000\ntonnes from 325,000.\n Rapeseed and meal usage during the season also rose 14 pct\nto 409,000 tonnes from 360,000, but citruspulp fell 37 pct to\n516,000 tonnes from 826,000.\n Meanwhile, the value of exports of agricultural products\nfrom the Netherlands in calendar 1986 fell 5.4 pct to 48.7\nbillion guilders from 51.5 billion in calendar 1985, figures\nfrom the Ministry of Agriculture show.\n During the same period imports of agricultural products\ndropped 13.1 pct to 31.2 billion guilders from 35.8 billion.\n REUTER\n\u0003", "date": " 2-MAR-1987 06:41:42.20", "topics": [ "meal-feed", "soy-meal", "tapioca", "grain", "corn", "cornglutenfeed", "citruspulp", "oilseed", "rapeseed", "rape-meal" ], "places": [ "netherlands" ], "id": "327" }, { "title": "REUTERS TO CARRY JIJI FINANCIAL SERVICES", "body": "Reuters Holdings Plc said it\nwould display an English language financial news service\nprovided by the Japanese Jiji Press from the second quarter of\n1987.\n The service, which will be provided through the Reuter\nMonitor and Composite Information Service (CIS), will offer\n24-hour reports on Japanese economic and political developments\nas well as specialised news on money markets and rates,\nsecurities and technology.\n Another Jiji service, offering information on Japanese\nequity, bond and money markets, is also available on CIS.\n REUTER\n\u0003", "date": " 2-MAR-1987 06:43:05.58", "places": [ "uk", "japan" ], "id": "328" }, { "title": "FIAT UNIT ISSUES 100 MLN DLR BOND AND WARRANTS", "body": "Fiat Finance and Trade Ltd is issuing a\n100 mln dlr eurobond due April 2, 1991 at 7-1/4 pct and 101-1/8\npct, lead manager Morgan Stanley International said.\n The issue is guaranteed by Internazionale Fiat Holding SA\nand is accompanied by a 200,000 currency warrant package.\n The bond is available in denominations of 5,000 dlrs and\nwill be listed in Luxembourg. Payment date for bond and\nwarrants is April 2, 1987. The selling concession is 1-1/8 pct\nwhile management and underwriting combined pays 1/2 pct.\n The warrants indicated at 45 dlrs entitle the holder to buy\na minimum of 500 dlrs at a rate of 1.79 marks per dlr.\n The warrants are exercisable from the April 2 payment date\nuntil March 2, 1989. A minimum of 200 warrants must be\nexercised. They will also be listed in Luxembourg.\n REUTER\n\u0003", "date": " 2-MAR-1987 06:46:08.57", "places": [ "uk" ], "id": "329" }, { "title": "U.K. CONFIRMS JANUARY STERLING M3 RISE", "body": "The Bank of England said the broad\nmeasure of U.K. Money supply, Sterling M3, rose a seasonally\nadjusted 1.1 pct in January after a 0.2 pct rise in December.\n The unadjusted year-on-year rise was 17.6 pct after 18.1\npct in the year to December.\n The narrow measure of money supply, M0, fell by a\nseasonally adjusted 0.6 pct in January, and rose by a\nnon-adjusted 4.1 pct year-on-year, the Bank said.\n The figures confirm provisional data issued by the Bank two\nweks ago.\n In December, M0 grew by a seasonally adjusted 1.4 pct and\nby a non-seasonally adjusted 5.2 pct year-on-year.\n The Bank said sterling bank lending grew by a\nnon-seasonally adjusted 1.75 billion stg in January. This also\nconfirmed provisional figures issued in February.\n The measure of private sector liquidity, PSL2, fell 0.2 pct\nin January, but after seasonal adjustment rose 0.6 pct, the\nBank said.\n The Bank said the public sector contribution to the growth\nin Sterling M3 was contractionary by about 2.3 billion stg.\n Within this, the Public Sector Borrowing Requirement (PSBR)\nshowed a repayment of 3.7 billion stg, while the non-bank\nprivate sector's holdings of government debt fell by about 1.1\nbillion stg.\n There was a fall of 290 mln stg in notes and coin in\nJanuary, a fall of 1.5 billion stg in non-interest bearing\nsight deposits, and a rise of 1.6 billion stg in interest\nbearing sight deposits, the Bank said.\n REUTER\n\u0003", "date": " 2-MAR-1987 06:50:18.66", "topics": [ "money-supply" ], "places": [ "uk" ], "id": "330" }, { "title": "EXCO BUYS U.S. GOVERNMENT SECURITIES BROKER", "body": ", a subsidiary of\nBritish and Commonwealth Shipping Co Plc , said it had\nagreed in principle to buy an 80 pct stake in for about 79 mln dlrs.\n Exco Chairman Richard Lacy told Reuters the acquisition was\nbeing made from Bank of New York Co Inc , which currently\nholds a 50.1 pct, and from RMJ partners who hold the remainder.\n Bank of New York and the partners will retain about 10 pct\neach and these stakes will be bought over the next six years.\n RMJ is the holding company of RMJ Securities, one of the\nlargest U.S. Government securities brokers.\n It is also involved in broking notes, obligations and other\ninstruments sponsored by U.S. Federal agencies.\n Lacy said Exco had been considering buying a U.S.\nGovernment securities broker for the past four years and had\nmade an offer for RMJ when it was sold by Security Pacific Corp\n in 1985. RMJ was then valued at about 50 mln dlrs.\n B and C managing director Peter Goldie said RMJ would be\nbought at about the same multiple as Exco, suggesting net\nincome of around 16 mln dlrs.\n The company's earnings had not been hit by the halving of\nbrokerage fees some 14 months ago as volumes had since doubled.\n Lacy said that RMJ employed some 300 people, with 200 in\nthe brokerage business and about 70 in its unit, which\nprovided computer software for the financial services\ncommunity.\n RMJ Securities had offices in New York, where total market\nturnover of U.S. Government securities was 110 billion dlrs a\nday, and in London where it has 15 billion.\n It was also given permission last week to open an office in\nTokyo where total market turnover had lifted rapidly to about\nfive billion dlrs a day.\n The acquisition would contribute between five and 10 pct of\nB and C's share earnings in 1987 on a proforma basis.\n REUTER\n\u0003", "date": " 2-MAR-1987 06:54:19.43", "topics": [ "acq" ], "places": [ "uk", "usa" ], "id": "331" }, { "title": "PAKISTAN TO TENDER FOR RBD PALM OIL", "body": "Pakistan will hold an import tender\ntomorrow for 6,000 tonnes of refined bleached deodorised palm\noil for second half March shipments, traders said.\n REUTER\n\u0003", "date": " 2-MAR-1987 06:57:06.79", "topics": [ "veg-oil", "palm-oil" ], "places": [ "uk", "pakistan" ], "id": "332" }, { "title": "HOECHST TO RESEARCH DISCS WITH U.S., JAPAN FIRMS", "body": "Hoechst AG , ,\nBoulder, Colorado, and , Tokyo, have agreed to\npool their research and development on magneto-optical memory\ndiscs, Hoechst said in a statement.\n Research will be carried out at each company and Hoechst\nwill start to produce the discs by mid-1988 and distribute them\nworldwide under the brand name Ozadisc.\n A Hoechst spokesman said an eventual joint venture was\nlikely but could give no details.\n REUTER\n\u0003", "date": " 2-MAR-1987 06:57:36.55", "places": [ "west-germany", "japan", "usa" ], "id": "333" }, { "title": "COLOROLL AGREES TO BUY U.S. WALLCOVERINGS COMPANY", "body": " said it has entered\ninto a conditional agreement to acquire the business and assets\nof and related companies for 14.5 mln dlrs.\n Miami-based Wallco manufactures and distributes\nwallcoverings and showed a pretax profit of 1.5 mln dlrs on\nturnover of 37 mln in the year ending June 1986. The total U.S.\nMarket was estimated to be worth 840 mln dlrs in 1986, having\ngrown by 47 pct in the previous five years, Coloroll said.\n The combined sales and profit of the enlarged Coloroll U.S.\nBusiness would be 67 mln and four mln dlrs respectively.\n REUTER\n\u0003", "date": " 2-MAR-1987 06:58:00.68", "topics": [ "acq" ], "places": [ "usa", "uk" ], "id": "334" }, { "title": "ECONOMIC SPOTLIGHT - AUSTERITY MEASURES IN HUNGARY", "body": "Hungary is to embark on a new series of\nausterity measures to tackle a budget deficit which tripled\nlast year after quadrupling in 1985.\n The target deficit in the 1987 budget approved by\nParliament last December was 43.8 billion forints.\n But Zoltan Boesze, chief of the Finance Ministry's budget\nfinancing division, told Reuters the government now saw this as\ntoo high and had decided \"quite severe\" measures were needed.\n \"All the organizations of economic management have been\ncharged with elaborating further (savings) measures,\" he said.\n Asked if these measures were being taken under pressure\nfrom the International Monetary Fund (IMF), Boesze said: \"The\nFund suggested it would be good to improve monetary results,\nand of course the Fund would support these efforts.\"\n IMF teams spent several weeks in Budapest late last year.\n Boesze said preliminary figures showed that Hungary's state\nbudget deficit rose to a preliminary 47 billion forints last\nyear from 15.8 billion in 1985 and 3.7 billion in 1984.\n The economy overshot a target deficit of 23 billion forints\nbecause of poor performance by state firms, which needed\nsubsidies and tax incentives to export and earn hard currency.\n The exact extent and nature of savings are still under\ndiscussion but subsidies to state enterprises -- the largest\nbudget item -- must definitely fall, Boesze said.\n Subsidies to state firms, including grants to maintain low\nconsumer prices, exceeded the plan by nine billion to reach 164\nbillion forints in 1986, up from 152.9 billion in 1985.\nParliament approved 1987 subsidies of 170 billion forints.\n \"I think that in 1987 it is quite impossible to keep up the\nformer situation and we will be obliged to reduce subsidies,\"\nBoesze said. \"The central administration must be hard. ... If we\nare not hard then we will not be successful.\"\n Boesze said the budget could also make savings from reserve\nprovisions of two billion forints for central expenditure and\n800 mln forints for transfers to local authorities. \"I believe\nthese reserves should not be used at all,\" he said.\n Wage growth last year outstripped that of gross domestic\nproduct, which expanded one pct instead of a planned 2.5 pct.\n The authorities had already signalled a small fall in real\nwages for 1987, but Boesze said firms will suffer severe tax\npenalties if they award nominal rises of over one or two pct.\n This would mean a severe cut in living standards, as retail\nprice inflation is forecast at seven pct after 5.3 pct in 1986.\n A four-month basic wage freeze expires on April 1.\n About 40 pct of the 1986 subsidies to state enterprises and\n33 pct in 1985 were made to maintain low consumer prices.\n Boesze said pure economic policy would dictate significant\ncuts in price subsidies, but that social considerations made\nthis difficult.\n But he added: \"I think ultimately we will be able to make\ncurtailments in subsidies in this area as well.\"\n He said Hungary plans to introduce price reform at the\nbeginning of 1988 at the same time as personal taxation and\nvalue added tax. The IMF supports these aims.\n Hungary introduced a bankrupcty law last September in an\nattempt to shake out surplus labour from inefficient firms.\n Between 100,000 and 150,000 workers are expected to be\nunemployed at least temporarily by 1990. Labour discipline is\nbeing tightened and firms may fire workers more easily.\n Boesze said the per capita employment tax paid to the state\nby firms was being raised this year to encourage enterprises to\nshed labour. He gave no exact figures.\n Istvan Nagy, a senior Finance Ministry official responsible\nfor drafting the bankrupcy law, told Reuters last year he hoped\nthe law would cut state subsidies to enterprises by 50 pct.\n After subsidies to state enterprises, the largest single\nbudget items are social insurance (153 billion forints approved\nfor 1987) and transfers to local councils (80 billion).\n Interest payments on international debt are set to rise to\nmore than 10 billion forints in 1987 from between six and seven\nbillion in 1986, Boesze said.\n Hungary's net hard currency debt leapt by 54 pct last year\nto 7.7 billion dlrs, according to provisional figures, while\ntrade with Western countries plunged into a deficit of more\nthan 400 mln dlrs from a 1.2 billion dlr surplus just two years\nearlier.\n Boesze said last year's budget deficit was financed 90 pct\nby credits from the National Bank, mostly from abroad, and 10\npct by the issue of domestic state bonds.\n Deputy Prime Minister Frigyes Berecz told Hungarian\neconomists in a speech this month that the country's economy\nwas in a \"very difficult\" situation, but not in crisis.\n There would have to be a turnround with tangible results\nthis year, however, and borrowing must be used more\neffectively.\n \"Any rise in our present loans may prove to be dangerous,\"\nBerecz said.\n REUTER\n\u0003", "date": " 2-MAR-1987 07:11:48.84", "organisations": [ "imf" ], "places": [ "hungary" ], "id": "335" }, { "title": "U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN", "body": "The Bank of England said it revised its\nforecast of the shortage in the money market down to around 700\nmln stg from its original estimate of 800 mln.\n REUTER\n\u0003", "date": " 2-MAR-1987 07:18:18.32", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "336" }, { "title": "ALASKA HOUSING HAS 150 MLN DLR SYNDICATED LOAN", "body": "Alaska Housing Finance Corp, a local U.S.\nGovernment agency, has become the first municipal entity to tap\nthe syndicated loan market, receiving a 150 mln dlr, seven-year\nrevolving loan, said Merrill Lynch Capital Markets as arranger.\n Merrill said the loan is a back-up to a proposed\neuro-commercial paper program.\n The syndicated loan, which is unsecured, carries a\ncommitment fee of 0.10 pct per year. Advances will be priced at\n31-1/4 basis points over the London Interbank Offered Rate\nwhile notes, which need only be purchased by banks if third\nparty investors agree to buy them as well, will be priced at\noffering.\n Alaska Housing Finance was established by the legislature\nof the state of Alaska in 1971, and has so far acquired 6.1\nbillion dlrs of mortgages originated in Alaska.\n REUTER\n\u0003", "date": " 2-MAR-1987 07:18:46.98", "places": [ "uk", "usa" ], "id": "337" }, { "title": "SWEDEN TO GO AHEAD WITH S. AFRICAN TRADE SANCTIONS", "body": "Sweden's ruling Social Democratic\nParty gave full power to the government to decree unilateral\ntrade sanctions against South Africa, Prime Minister Ingvar\nCalrsson said.\n Carlsson told a news conference the party decided the fight\nagainst apartheid took priority over Sweden's traditional\npolicy of only adopting sanctions with the backing of the U.N.\nSecurity Council.\n The government will decide later what form the trade\nboycott will take and when it will come into force.\n REUTER\n\u0003", "date": " 2-MAR-1987 07:19:13.49", "topics": [ "trade" ], "places": [ "sweden", "south-africa" ], "id": "338" }, { "title": "DIGITAL AUDIO TAPE PLAYERS GO ON SALE IN JAPAN", "body": "Japanese consumers hesitated about buying\nthe controversial digital audio tape player (DAT) as it went on\nsale in Tokyo today, but said the DAT player's near-perfect\nsound will make it a success once it becomes cheaper.\n \"The sound is great, but I'll wait until more machines hit\nthe market and prices fall to about 100,000 yen before buying\none,\" said Terumi Fujitsuka, 35, a steel firm employee.\n Aiwa, Sharp and Matsushita displayed their DAT players\ntoday although delivery will take about two weeks, retailers\nsaid. Aiwa's machine, the cheapest, is listed at 188,000 yen.\n Machines by Sony, Hitachi, Toshiba and others will appear\nas early as the end of March, industry sources said.\n DAT players can play back and record with fidelity superior\nto even a compact disc. They use a cassette half the size of\nthe standard audio cassette and unlike conventional analogue\nmachines, they can make copies an infinite number of times with\nalmost no loss of sound quality.\n This aroused fears in the music industry of widespread tape\npiracy and loss of royalties. In negotiations that delayed the\nDAT player's debut, the industry demanded anti-piracy circuitry\nbe built into the machines.\n Machines sold in Japan are fitted with a computer chip to\nprevent copying through a digital signal. But copies can still\nbe made if the signal is routed through a regular amplifier.\n\"Nobody can tell the difference,\" one salesman said.\n DAT players have been kept off Western markets and some\ncountries are considering banning them or imposing heavy duties\nunless tougher anti-piracy circuitry is added. But Japanese\nhardware makers, hard pressed for profits in the era of the\nhigh yen and growing competition, are eager to carve out a\nprofitable niche.\n Prices of DAT players will probably fall quickly, possibly\nto around 70,000 yen by next year as other makers put their\nproducts on the market, industry analysts said.\n They said by 1990, sales could reach six mln units per\nyear.\n Philips of the Netherlands has said it will launch its DAT\nplayer on the world market later this year.\n REUTER\n\u0003", "date": " 2-MAR-1987 07:20:13.63", "places": [ "japan" ], "id": "339" }, { "title": "ECONOMIC SPOTLIGHT - ITALIAN BOOM", "body": "Italy's strong economic revival has led\nsome observers to talk of miracles and created euphoria in some\nquarters about future growth prospects, but many Italian\nexperts warn that the current wave of optimism is excessive.\n \"I think all this foreign interest in the so-called Italian\nmiracle is really exaggerated...Foreign observers always\noscillate in the case of Italy between complete pessimism and\nunwarranted optimism,\" says Luigi Spaventa, one of Italy's\nleading economists and a professor at Rome University.\n According to Spaventa, these violent swings of mood have\nbeen occurring for the last 15 years, with Italy one minute\nseen as the \"bad boy of Europe\" and unable to raise a dollar and\nthe next a worker of miracles and basking in admiration,\n \"I think there's a lot of exaggeration...Once it used to be\nthe underground economy and all the correspondents of foreign\nnewspapers flocked to Italy to study this. That was another\nstory about nothing - like writing about a black cat in a dark\nroom.\"\n Spaventa, in tune with other economists and industrialists\nhere, stress Italy's recent achievements, particularly the\ndramatic and solid recovery in the fortunes of industrial\nenterprises, but warns that the economy is still vulnerable.\n Profits of private sector firms such as Fiat S.P.A.,\n and are booming, the\nmajor state industries are back in the black after years of\nlosses, inflation has nosedived and the trade and balance of\npayments deficits have been slashed. Expectations by some\nexperts that Italy is poised to replace Britain as the world's\nfifth largest economy have also boosted optimism.\n Italy itself has made it clear it is not happy with what it\nfeels to be its second-rate status among the major\nindustrialised countries.\n Only this week, it angrily demanded clarification of this\nstatus after being excluded from a meeting of finance ministers\nfrom the Group of Five (G-5) - comprising the United States,\nJapan, West Germany, France and Britain.\n Italy said its exclusion from the meeting violated an\nagreement reached in Tokyo last year to let Italy and Canada\nattend meetings held by the five whenever discussions concerned\nmanaging the international monetary system.\n But Italy needs first to tackle some fundamental problems\nstill facing its economy, economists and industrialists say.\n \"We must not forget that ours is still a vulnerable economy,\"\nwarns Fiat managing director Cesare Romiti.\n He says that while Italy's recent achievements are indeed\ncause for satisfaction and optimism, the focus now should be on\nthe problems still remaining rather than those already solved.\n The country's huge state sector deficit, high unemployment\nand a heavy dependence on imported oil are among the most\nworrying problems, experts say.\n The size of the state spending deficit -- estimated at\n109,561 billion lire in 1986 and targetted at 100,000 billion\nlire this year -- means there is a risk inflation could spiral\nagain, says Carlo Scognamiglio, head of the private Luiss\nuniversity in Rome.\n Inflation fell into single digits for the first time in a\ndecade in September 1984 and by January this year was running\nat 4.5 pct, but it is still not low enough to guarantee\ninternational competiveness, economists and industrialists say.\n And unemployment was running at 11.6 pct nationally last\nOctober according to the latest official data.\n Recent official data showed that of a total 2.77 million\npeople seeking work in October 1986, almost 73 pct were aged\nbetween 14 and 29. Unemployment in the south was running at\n17.7 pct, more than double that in the industrial north.\n The Organisation for Economic Cooperation and Development\n(OECD) recently forecast that Italian gross domestic product\n(GDP) would rise rise three pct in 1987 after expanding 2.5 pct\nin 1986. But it warned that growth was unlikely to be enough to\ncheck rising unemployment.\n Another problem is Italy's reliance on imported raw\nmaterials. The country imports around 80 pct of its fuel needs.\n This factor actually worked sharply in Italy's favour last\nyear, when lower energy costs helped slash the country's trade\ndeficit to 3,717 billion lire by year end from 23,085 billion\nlire in 1985.\n But economists say the improvement owes little to any\nstructural change in the Italian economy and that any reversal\nof the trend in costs could have serious consequences.\n If Italy truly wants to be counted among the world's top\nindustrialised nations, it also needs to tighten up stockmarket\noperating procedures and encourage firms to supply more quality\ninformation about their activities, economists say.\n Italy has no controls on insider trading.\n The country also needs to shed its rigid capital movements\ncontrols -- a European Community directive calls for these to\nbe dismantled by 1992 -- but this too will require a less\nblinkered attitude and a change in traditional operating\nprocedures, economists say.\n \"Even today, if I wanted to invest in the Tokyo bourse, I\ndoubt I'd find the expertise in a brokerage firm or in banks\nwhich would allow me to do that,\" says Spaventa.\n REUTER\n\u0003", "date": " 2-MAR-1987 07:20:20.88", "places": [ "italy" ], "id": "340" }, { "title": "U.K. MONEY MARKET RECEIVES 37 MLN STG ASSISTANCE", "body": "The Bank of England said it had provided\nthe money market with 37 mln stg assistance in the morning\nsession. This compares with the Bank's downward revised\nestimate of the shortfall in the system today of around 700 mln\nstg.\n The central bank purchased bank bills outright comprising\nfour mln stg in band one at 10-7/8 pct and 33 mln stg in band\ntwo at 10-13/16 pct.\n REUTER\n\u0003", "date": " 2-MAR-1987 07:23:29.84", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "341" }, { "title": "JAPAN, U.S. SET TO BEGIN HIGH-LEVEL TRADE TALKS", "body": "Japan and the U.S. Kick off top-level\ntrade talks tomorrow amid signs officials from both sides are\ngrowing increasingly irritated with each other.\n The talks, held annually at sub-cabinet level to review the\nwhole gamut of U.S./Japan economic relations, will pave the way\nfor American Secretary of State George Schultz's one day\nstop-over here at end-week on his way home from China.\n Faced with growing Congressional protectionist pressure,\nthe U.S. Administration is pressing Japan for speedy action to\nreduce its still huge trade surplus, U.S. Officials said.\n \"We appreciate their frustration,\" a senior Japanese\ngovernment official said. \"But we are also frustrated.\"\n The official said the 40 pct rise of the yen over the last\n18 months has hit Japan hard, forcing exporters to slash\nspending and lay off workers to make up for lost sales abroad.\nThat has not yet shown up in dollar-based statistics on trade,\nbut it will, he said.\n He said the U.S. Administration was ignoring the progress\nthat has been made and instead emphasizing the problems that\nremain when it talks with Congress.\n \"It would only take five minutes to list their\naccomplishments,\" a senior U.S. Official replied.\n The talks begin tomorrow with high-level discussions on the\neconomic structures of both countries and how they affect the\nbilateral trade imbalance, which last year amounted to 51.48\nbillion dlrs in Japan's favour.\n On the following two days, the topics will range from\nmultilateral trade talks under the auspices of the General\nAgreement on Tariffs and Trade (GATT) to such bilateral trade\nproblems as super computers.\n The structural talks are intended to be free-wheeling\ndiscussions among senior officials. Tomorrow's topics include\nsavings and investment issues such as consumer credit and\nhousing, and the implications of government budget deficits.\n These talks come at a particularly delicate time for the\nJapanese government, which is facing increasing domestic\npressure to abandon its tight-fisted fiscal policy and\nstimulate the sagging economy by spending more.\n Some U.S. Officials complained Japan has no intention of\nboosting domestic demand and imports, as Washington wants.\n Japanese officials in turn pointed the finger at the huge\nU.S. Budget deficit as one of the main culprits for the trade\nimbalance. That budget deficit has meant that the U.S. Is\nbuying more imports.\n Japan seems particularly peeved at being singled in a draft\ntrade bill before the Senate as a nation following adverserial\ntrade practices. \"It condemns Japan without due process,\" one\nJapanese official said.\n That reference spoils what is otherwise a well-thought-out\nbill introduced by Democratic Senator Lloyd Bentsen, he said.\n Japan is also not totally happy with the administration's\ntrade bill, particularly its proposal to establish reciprocal\naccess to foreign markets as one criteria for retaliatory trade\naction by the U.S., Officials said.\n Nevertheless, Japanese officials said they remain in a weak\nbargaining position, especially with the threat of a trade bill\noverhanging them.\n \"We have no leverage,\" one official admitted.\n As a result, Tokyo is striving to meet U.S. Complaints\nabout its trade practices in a variety of fields, including\nsuper computers.\n The U.S. Is pressing for greater access to the Japanese\nsuper computer market.\n The Japanese government has sent a long questionnaire to\npublic institutions like universities which buy the\nsophisticated machines in hopes of eventually setting up\ninformal bidding procedures easily understood by all potential\nsellers, officials said.\n REUTER\n\u0003", "date": " 2-MAR-1987 07:27:19.76", "topics": [ "trade" ], "organisations": [ "gatt" ], "places": [ "japan", "usa" ], "id": "342" }, { "title": "INDIA TO HOLD WHITE SUGAR BUYING TENDER", "body": "India will hold a buying tender on\nWednesday, March 4, for two to three cargoes of white sugar for\nMarch/April shipment, traders said.\n REUTER\n\u0003", "date": " 2-MAR-1987 07:30:12.41", "topics": [ "sugar" ], "places": [ "uk", "india" ], "id": "343" }, { "title": "QANTAS TO BUY FOUR 747-400'S FOR ONE BILLION DLRS", "body": " has placed a firm\norder with Boeing Co for four 747-400 aircraft at a cost\nof 250 mln Australian dlrs each, chairman Jim Leslie said.\n The first is due for delivery in April 1989 with the others\narriving in May, June and September of that year, he said in a\nstatement.\n The 400 series is the latest model of the Boeing 747\nfamily, he said.\n The purchase will take government-owned Qantas's 747 fleet\nto 28, he said.\n Leslie said Qantas is talking to three engine makers who\nare all offering engines for the Boeing 747-400 and it will\nannounce a decision on engine purchases later this year.\n He said they are and General Electric\nCo , a unit of United Technologies Corp , and\nBritain's .\n He said the 747-400, which incorporates new technology such\nas extended wings with six-feet high winglets and enhanced\nelectronics, should have its first flight next February. The\n400 series has a designed range of 12,500 kms, 2,140 kms\nfurther than the current Qantas 747-300's, he said.\n The aircraft will be financed by foreign borrowings and\nforeign exchange earnings, and Qantas believes they will pay\nfor themselves in four to five years, Leslie said.\n The 747-400 has a take-off weight of 870,000 pounds, up\nfrom 833,000 for the 300 series, and offers an eight pct fuel\nsaving, he said.\n The higher range and payload means they will first be used\non the route to Britain and Europe via Asia.\n They will also be used on non-stop flights between Sydney\nand Los Angeles.\n REUTER\n\u0003", "date": " 2-MAR-1987 07:31:00.79", "places": [ "australia" ], "id": "344" }, { "title": "CARLTON COMMUNICATIONS OPTIMISTIC FOR 1987", "body": " has started\nthe current financial year well, with accounts for the first\nfour months showing a healthy increase on the same period last\nyear, and Chairman M.P. Green told the annual meeting he looked\nforward to 1987 with optimism.\n The issue of 4.6 mln shares in ADR form had now been\nsuccessfully completed, he added.\n Carlton intended to increase its presence in the U.S. Which\nrepresented 50 pct of the world television market. Conditions\nworldwide in the television industry continued to look buoyant,\nthe Chairman noted.\n REUTER\n\u0003", "date": " 2-MAR-1987 07:32:06.66", "topics": [ "earn" ], "places": [ "uk" ], "id": "345" }, { "title": "EC OPENS ANTI-DUMPING ENQUIRY INTO SOVIET MERCURY", "body": "The European Community Commission said\nit has opened an enquiry into allegations that the Soviet Union\nis dumping mercury on the European market at below-cost prices.\n The Commission said its decision follows a complaint from\nEC non-ferrous metals producers that the sales of Soviet\nmercury were harming their business and threatening jobs in the\nEuropean industry.\n According to the complaint, Soviet mercury sales in the EC\nhad risen from zero in recent years to 100 tonnes between\nAugust and October last year and threaten to capture 25 pct of\nthe EC market if they continue at the same pace.\n The industry said the mercury was being sold at more than\n40 pct below prices charged by EC producers, forcing them to\ncut their prices to levels that no longer covered costs. The\nimports had caused producers heavy financial losses, it said.\n The Commission said the industry would probably be unable\nto hold prices at current levels and that any increase would\nresult in loss of sales and jobs.\n The so-called anti-dumping procedure opened by the\nCommission will allow all interested parties to state their\ncases to the authority.\n REUTER\n\u0003", "date": " 2-MAR-1987 07:34:32.08", "topics": [ "strategic-metal" ], "organisations": [ "ec" ], "places": [ "belgium", "ussr" ], "id": "346" }, { "title": "MANILA SAID TO OFFER DEBT BONDS TO BANKS", "body": "The Philippines will offer commercial\nbank creditors an innovative pricing plan that will make debt\npayments through certificates of indebtedness instead of cash,\nthe authoritative Business Day newspaper said.\n Finance Secretary Jaime Ongpin told reporters Saturday that\nthe alternative proposal is designed to avoid an impasse when\ndebt rescheduling talks reopen in New York on Tuesday.\n He did not give details but said, \"It is a very useful\nalternative and in the end will permit the banks to say that\nthey achieved their pricing target and will likewise permit the\nPhilippines to say exactly the same thing.\"\n Quoting negotiation documents to be presented to the\ncountry's 12-bank advisory committee, Business Day said the\ndebt certificates will carry maturities of five or six years.\n It said the certificates will be classified as zero-coupon\nbonds or promissory notes with no interest but priced at a\nconsiderable discount from their redemption price.\n It said the debt bonds will entitle holder banks to a\nguaranteed return on both interest and principal since no\npayment of any kind is made until the bond matures.\n It said a bank can sell the bonds on the secondary bond\nmarket for either dlrs or pesos depending on its requirement.\n The peso proceeds can be invested in selected industries\nunder the Philippines' debt/equity program. Ongpin said Manila\nis sticking to its demand of a spread of 5/8 percentage points\nover London interbank offered Rates (LIBOR) for restructuring\n3.6 billion dlrs of debt repayments.\n \"(The proposal) will give the banks a choice of 5/8ths or\nthe alternative,\" Ongpin said. \"Our representatives have gone\nto Washington to the (International Monetary) Fund, the (World)\nBank, the Fed (Federal Reserve Board) and the (U.S.) Treasury\nto brief them in advance on this alternative and it has\ngenerally been positively received.\"\n \"We don't believe that there is going to be a problem on\nthe accounting side,\" Ongpin said. \"We have run this\nalternative proposal to the accounting firms. Neither have the\ngovernment regulators indicated that there will be a problem.\"\n Reuter\n\u0003", "date": " 2-MAR-1987 07:37:23.81", "places": [ "philippines" ], "id": "347" }, { "title": "ARGENTINE DEBT NEGOTIATOR CONFIDENT OF ACCORD", "body": "Argentina's chief debt negotiator\nsaid he was confident of a prompt accord with international\ncreditor banks for rescheduling the country's foreign debt.\n \"I'm quite optimistic about carrying out a serious and\nquick negotiation,\" Treasury Secretary Mario Brodersohn said on\nreturn from talks in New York with leading U.S. and world\nfinancial officials.\n Argentina is currently negotiating terms with the steering\ncommittee for its creditor banks that will allow it to meet\nfour pct economic growth targets in 1987. It has also asked for\na reduction in interest rates and fresh credit.\n Brodersohn said the growth targets were not negotiable, but\nArgentina did not want to follow Brazil in suspending payments\non its foreign debt.\n He said Argentina was seeking 2.15 billion dlrs credit to\nmeet the targets, adding that the banks' attitude had improved\nfollowing Brazil's decision.\n The United States and a group of other industrial nations\non Thursday granted Argentina a 500 mln dlr bridge loan.\n Brodersohn held talks in New York with U.S. Treasury\nSecretary James Baker, Federal Reserve chief Paul Volcker and\nInternational Monetary Fund (IMF) head Michel Camdessus.\n Reuter\n\u0003", "date": " 2-MAR-1987 07:39:01.67", "organisations": [ "imf" ], "places": [ "argentina", "usa" ], "id": "348" }, { "title": "GULF ARAB DEPUTY OIL MINISTERS TO MEET IN BAHRAIN", "body": "Deputy oil ministers from six Gulf\nArab states will meet in Bahrain today to discuss coordination\nof crude oil marketing, the official Emirates news agency WAM\nreported.\n WAM said the officials would be discussing implementation\nof last Sunday's agreement in Doha by Gulf Cooperation Council\n(GCC) oil ministers to help each other market their crude oil.\n Four of the GCC states - Saudi Arabia, the United Arab\nEmirates (UAE), Kuwait and Qatar - are members of the\nOrganiaation of Petroleum Exporting Countries (OPEC) and some\nface stiff buyer resistance to official OPEC prices.\n Reuter\n\u0003", "date": " 2-MAR-1987 07:39:23.30", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "uae", "bahrain", "saudi-arabia", "kuwait", "qatar" ], "id": "349" }, { "title": "MANILA OFFICIALS SPLIT OVER DEBT STRATEGY", "body": "A rift has occured among Philippine\nofficials over debt talks opening tomorrow in New York with\nEconomic Planning Secretary Solita Monsod accusing the chief\nnegotiator of softening his stand to gain a quick agreement.\n Monsod told Reuters Finance Secretary Jaime Ongpin had\ndecided not to insist on Manila's creditor banks pledging to\nfund half of a projected 1988/92 financing gap of seven billion\ndlrs.\n \"He (Ongpin) wants to finish the negotiations as fast as\npossible. I'm saying that's very short-sighted,\" Monsod said.\n Monsod said any pricing agreement on rescheduling 3.6\nbillion dlrs of the Philippines' total foreign debt of 27.8\nbillion dlrs would ignore a looming 14 billion dlr net resource\ntransfer in the same period.\n Manila is seeking a spread of 5/8 percentage points over\nthe London Interbank Offered Rates (LIBOR).\n Monsod said, \"Right now we are saying to the banks, let's\nshare the financing burden.\"\n Ongpin said last month the country's consultative group of\nmultilateral and bilateral aid donors had endorsed a growth\nfacility to bridge the funding gap.\n He said the government and the consultative group would\nmeet annually to gauge financing needs for each year. The aid\ndonors and commercial bank creditors would then be asked to\nfinance any gap on a shared basis.\n He told reporters on Saturday it would be unwise to try to\npin the banks down on Monsod's proposed growth facility.\n Ongpin acknowledged there was a dispute over tactics.\n\"Secretary Monsod and I get along famously,\" he said. \"She talks\nand I listen but I don't necessarily agree.\"\n Monsod said a firm commitment from the banks on bridging\nthe financing gap would have aided the government's\npump-priming program and 1987/92 medium-term development plan.\n She said if private sector investment continued to be held\nback by the fear of a balance of payments crisis and rising\ninterest rates, the country would fail to achieve its gross\nnational product (GNP) growth target of an average 6.5 pct over\nthe next six years.\n \"If you don't get those seven billion dlrs there is no plan.\nHow can there be a program if there is no finance?\" she said,\nadding Ongpin's stand was not good for the economy.\n \"It (Ongpin's stand) is going to make it much more difficult\nfor the economy to attain its growth targets,\" Monsod said.\n \"Considering what the Philippine negotiating team is going\nto press for there is absolutely no reason why they should not\nbe able to come back (from New York) in a day,\" she said.\n Monsod, the government's chief economic planner, stressed\nManila's policy was growth before debt.\n She said if the banks refused to lend the new money, the\nPhilippines should copy Brazil's action last week in freezing\nall debt repayments.\n \"If the banks do not cooperate by lending you back some of\nthe money that you are sending abroad, then of course you have\nan option,\" Monsod said. \"You just don't send it abroad. You do a\nBrazil.\"\n REUTER\n\u0003", "date": " 2-MAR-1987 07:39:34.16", "places": [ "philippines" ], "id": "350" }, { "title": "OECD SAYS JAPAN RESOLVED TO STIMULATE DEMAND", "body": "Japan appears resolved to encourage\ndomestic demand for its goods instead of relying on exports to\nsupport its economy, Jean-Claude Paye, Director General of the\nOrganization for Economic Cooperation and Development (OECD),\ntold a news conference.\n Paye has been in Japan exchanging views on problems\nconfronting the world economy and the role of the OECD.\n He met with Prime Minister Yasuhiro Nakasone, Foreign\nMinister Tadashi Kuranari, Bank of Japan Governor Satoshi\nSumita and other high-ranking Japanese officials.\n Reuter\n\u0003", "date": " 2-MAR-1987 07:39:41.35", "organisations": [ "oecd" ], "places": [ "japan" ], "id": "351" }, { "title": "SAUDI ARABIA REITERATES COMMITMENT TO OPEC ACCORD", "body": "Saudi Arabian Oil Minister Hisham Nazer\nreiterated the kingdom's commitment to last December's OPEC\naccord to boost world oil prices and stabilize the market, the\nofficial Saudi Press Agency SPA said.\n Asked by the agency about the recent fall in free market\noil prices, Nazer said Saudi Arabia \"is fully adhering by the\n... accord and it will never sell its oil at prices below the\npronounced prices under any circumstance.\"\n Saudi Arabia was a main architect of December pact under\nwhich OPEC agreed to cut its total oil output ceiling by 7.25\npct and return to fixed prices of around 18 dollars a barrel.\n Reuter\n\u0003", "date": " 2-MAR-1987 07:43:22.81", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "saudi-arabia", "bahrain" ], "id": "352" }, { "title": "KUWAIT MINISTER SAYS NO EMERGENCY OPEC TALKS SET", "body": "Kuwait's oil minister said in a newspaper\ninterview that there were no plans for an emergency OPEC\nmeeting after the recent weakness in world oil prices.\n Sheikh Ali al-Khalifa al-Sabah was quoted by the local\ndaily al-Qabas as saying that \"none of the OPEC members has\nasked for such a meeting.\"\n He also denied that Kuwait was pumping above its OPEC quota\nof 948,000 barrels of crude daily (bpd).\n Crude oil prices fell sharply last week as international\noil traders and analysts estimated the 13-nation OPEC was\npumping up to one million bpd over its self-imposed limits.\n Reuter\n\u0003", "date": " 2-MAR-1987 07:43:41.57", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "kuwait" ], "id": "353" }, { "title": "TAIWAN PLANS NEW TARIFF CUTS", "body": "Taiwan plans another round of deep tariff\ncuts this year to help narrow its trade surplus with the U.S.,\nA senior economic planner said.\n Wang Chao-Ming, vice-chairman of the council for economic\nplanning and development, told Reuters Taiwan would further\nreduce import tariffs on 1,700 products sometime in the second\nhalf of this year.\n Cuts of up to 50 pct on those items were made last year and\nWang said further cuts would go much deeper.\n \"We have to speed up liberalisation and cut import tariffs\nfaster and more substantially,\" he said.\n The United States, Taiwan's main trading partner, has said\nthe island's import tariffs, still ranging from a high of\nalmost 60 pct, were unacceptable. It has criticised the cuts as\ntoo selective.\n Taiwan's trade surplus with the United States hit 13.6\nbillion dlrs last year. The surplus has boosted foreign\nexchange reserves to 50 billion dlrs, which Wang said made\nTaiwan a target for U.S. Protectionism.\n Wang said the trade surplus and the reserves weakened\nTaiwan's position in talks with Washington over export quotas,\nparticularly for shoes, textiles and machine tools which are\namong the island's main export-earners.\n A special Taiwanese trade delegation leaves for Washington\ntomorrow to try to renegotiate an agreement signed last year\nlimiting exports of Taiwan textiles.\n Under the accord, Taiwan's textile export growth was\nlimited to 0.5 pct each year until 1988. Taipei has said it is\nlosing markets to South Korea and Hong Kong which were given\nmore generous terms.\n REUTER...\n\u0003", "date": " 2-MAR-1987 07:49:14.27", "topics": [ "trade" ], "places": [ "usa", "taiwan", "south-korea", "hong-kong" ], "id": "354" }, { "title": "RHONE-POULENC TO LAUNCH INVESTMENT CERTIFICATES", "body": "French state-owned chemicals group\nRhone-Poulenc said it will increase its capital with\na 2.5 billion franc issue of preferential investment\ncertificates on March 9.\n Company chairman Jean-Rene Fourtou said 500 mln francs of\nthe issue will be placed in the U.S. Details of the issue will\nbe announced by Finance Minister Edouard Balladur on March 6.\n The group, due to be privatised at an unspecified date,\nsaid in January it was planning a capital increase to pursue\nits development strategy and make further acquisitions.\n Rhone-Poulenc shares were suspended from trading on the\nParis Bourse last Thursday ahead of the capital increase. The\ngroup's capital currently stands at 4.03 billion francs.\n Fourtou, speaking at a news conference, did not give\ndetails of acquisitions the company planned for 1987.\n He said acquisitions in 1987 would complement an industrial\ninvestment program of around five billion francs, and research\nspending of about 3.5 billion francs. Rhone-Poulenc spent 5.5\nbillion francs on acquisitions last year.\n \"Chemistry is on the move and we face opportunities that\nmust be seized,\" Fourtou said.\n REUTER\n\u0003", "date": " 2-MAR-1987 07:55:10.77", "places": [ "france" ], "id": "355" }, { "title": "HUTCHISON SEES HIGHER PAYOUT, SATISFACTORY PROFITS", "body": "Hutchison Whampoa Ltd \nexpects satisfactory profits in 1987 and will pay a higher\ndividend for the year, chairman Li Ka-shing said.\n He did not make any specific projections for the company's\nearnings this year but he said the firm will pay a dividend of\nnot less than 32.5 cents per share after a proposed\nfour-for-one stock split and a one-for-four bonus issue.\n It paid total dividends of 1.30 dlrs per share last year,\nequal to 26 cents per share, adjusting for the bonus and share\nsplit.\n Hutchison, which has operations ranging from trading to\nproperty and container terminals, earlier reported after-tax\nprofits of 1.62 billion dlrs against 1.19 billion dlrs in 1985.\n The 1986 total excluded extraordinary gains of 563 mln\ndlrs, partly from the sale of some of its stake in the South\nChina Morning Post, the leading English language newspaper,\ncompared with 369 mln dlrs the previous year. It said it\nexpects another 277 mln dlr gain in 1987 from the sale of the\nremaining shares.\n Li said Hong Kong's property market remains strong while\nits economy is performing better than forecast with its largely\nexport-led growth.\n Gross domestic product grew by nearly nine pct last year\nagainst an initial government projection of 4.5 pct.\n But he said Hong Kong's large trade deficit with the U.S.\nMay result in protectionist measures that will adversely affect\nthe British colony.\n He said all of the company's major operations showed\nimproved results in 1986.\n Hutchison said earlier it will sell its entire 23.5 pct\ninterest in Hongkong Electric Holdings Ltd to\n, itself a spin-off from\nHongkong Electric.\n Under a reorganisation announced separately, Hongkong\nElectric will spin off all its non-electricity related\nactivities into Cavendish, which will be listed on the local\nstock exchange. Hongkong Electric shareholders will receive one\nshare in Cavendish for every Hongkong Electric share.\n Cavendish will buy the 348.2 mln Hongkong Electric shares\nfrom Hutchison by issuing 975 mln new shares.\n The spin-off and the sale of Hongkong Electric shares will\ngive Hutchison a 53 pct stake in Cavendish.\n Li said the decision to spin-off Cavendish is to relieve\nHongkong Electric of public criticism of the power company for\nmaking risky investments. But he denied there was pressure from\nthe government for the spin-off.\n He said Cavendish will have seven billion dlrs of assets\nand will be almost debt free, with 340 mln dlrs of liabilites.\nIts major assets are the Hong Kong Hilton Hotel, property\ndevelopment, and interests in Husky Oil Ltd of Canada\nand Pearson Plc of Britain.\n REUTER\n\u0003", "date": " 2-MAR-1987 08:04:31.50", "topics": [ "earn" ], "places": [ "hong-kong" ], "id": "356" }, { "title": "BALLADUR EXPECTS IMPROVED FEBRUARY INFLATION DATA", "body": "The French inflation rate is expected to\nshow a substantial improvement in February after January's very\nhigh 0.9 pct monthly rate, Finance Minister Edouard Balladur\nsaid.\n He told a French television interviewer that half of the\nhigh January rise, which took year on year inflation that month\nto three pct, was due to higher oil prices.\n \"Now, taking account of this inflation index, our forecast\nfor price rises this year is two and a half pct,\" he said.\n Balladur said the upward revision of the inflation target,\nwhich the government had initially set at two pct for this\nyear, should not affect wage expectations for this year.\n \"There is no reason to envisage a change in our wage policy,\"\nhe said, referring to the government's aim of holding public\nsector wage increases to three pct this year.\n Price inflation last year fell to 2.1 pct from 4.7 pct in\n1985.\n REUTER\n\u0003", "date": " 2-MAR-1987 08:05:24.65", "places": [ "france" ], "id": "357" }, { "title": "FEBRUARY U.S. PURCHASING MANAGER INDEX FALLS", "body": "The U.S. economy continued to expand in\nFebruary, but at a slower pace than in January which saw a\nspurt of activity, the National Association of Purchasing\nManagement (NAPM) said in a report.\n The Association's composite survey index declined to 51.9\npct in February from 55.8 pct in January, the NAPM said. It was\nthe seventh consecutive month in which this leading indicator\nwas over 50 pct.\n A reading above 50 pct generally indicates that the economy\nis in an expanding phase. One below 50 pct implies a declining\neconomy.\n The report, based on questions asked of purchasing managers\nat 250 U.S. industrial companies, also found that the growth\nrate in new orders and production slowed in February.\n However, production remained vigorous as more than three\ntimes as many members reported it better rather than worse.\n Vendor deliveries improved slightly last month, but members\nreported that steel supplies were tight as U.S. Steel \ngradually resumed production.\n An equal number of members reported inventories were higher\nand lower. The NAPM said that had not happened since August\n1984.\n For a sixth month, more purchasers reported paying higher\nrather than lower prices, this time by a ratio of nine to one.\n Robert Bretz, chairman of the NAPM's business survey\ncommittee and director of materials management at Pitney Bowes\nInc said \"the economy continued to expand in February,\nbut at a more subdued rate than in January. The slowing of new\norders should not be significant enough to dampen prospects for\na respectable first quarter.\"\n The composite index is a seasonally adjusted figure, based\non five components of the NAPM business survey - new orders,\nproduction, vendor deliveries, inventories and employment.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:14:24.53", "places": [ "usa" ], "id": "358" }, { "title": "FUNARO SAYS BRAZIL NEEDS MORE, FASTER FINANCE", "body": "Brazil would not have suspended\npayments on debt owed to foreign banks if it had received more\nand faster financing from official lending agencies, Finance\nMinister Dilson Funaro said.\n He said he would not seek more money from the International\nMonetary Fund to which Brazil paid 922 mln dlrs last year and\nsaid Brazil's problems could not be solved by IMF intervention.\n \"It's a question of why the official lending agencies don't\nfinance a little bit more quickly and easily,\" Funaro told\nreporters at the Brazilian Embassy.\n Asked if Brazil would have continued making payments of\nmonthly interest to its foreign commercial bank lenders if\nofficial lending agencies had provided more funds, he replied,\n\"Yes, because our country did not receive financing from these\nagencies.\"\n Asked how long the payment suspension would last, Funaro\nsaid \"It all depends on what kind of financing we are going to\nreceive from the other side.\"\n Brazil, with foreign debt totaling 108 billion dlrs,\nstunned the banking community last week by suspending payments\non some 68 billion dlrs owed to private banks.\n Funaro said Brazil had paid 44 billion dollars to the World\nBank and other lending agencies and commercial banks in the\npast four years and got only 11 billion dlrs in loans.\n He said the net transfer was hurting the country's\ncontinued growth and capacity to import goods.\n \"Something is wrong with the system. Some mechanism has to\nbe found to finance a country like Brazil,\" Funaro said.\n He did not specify what steps he had in mind but said he\nwould like to see \"automatic\" official lending when needed so\nthat Brazil would not have to dip into its dwindling reserves,\nnow reported to be below four billion dlrs.\n Funaro said Brazil had the world's third-largest trade\nsurplus and estimated the 1987 surplus would be at least eight\nbillion dlrs.\n But he said that without increased and faster lending from\nofficial institutions, the nation could not rely on its export\nearnings to finance development and imports and also service\nits debt.\n \"We must find an equilibrium between foreign adjustment and\ninternal adjustment,\" Funaro said.\n He complained that official lending agencies had imposed\ntight control on credit over the past four years, leaving\ncommercial bank refinancing as the only credit available.\n Funaro said U.S officials understand his position \"but they\ndon't like it.\" Later he left Washington for a tour of Europe\nand debt discussions with officials in Britain, West Germany,\nFrance, Switzerland and Italy.\n Brazil's central cank President Francisco Gros said he sent\na telex to creditor banks Friday to clarify confusion over\nBrazil's request that banks expedite procedures for renewal of\nshort-term interbank credit and trade credit lines.\n \n Reuter\n\u0003", "date": " 2-MAR-1987 08:15:10.94", "organisations": [ "imf" ], "places": [ "usa", "brazil" ], "id": "359" }, { "title": "AMERICAN MOTORS BREAKS OFF TALKS ON PLANT", "body": "American Motors Corp said that it broke\noff talks aimed at extending the life of its only U.S. car\nassembly plant after the union rejected its final proposal for\nwage concessions.\n Negotiations, which continued past a midnight Friday\ndeadline, ended Saturday after United Auto Workers negotiators\nvoted to reject the unspecified concessions, an AMC spokesman\nsaid by telephone from Milwaukee, site of the talks.\n Without a new agreement containing lower labor costs, AMC\nsaid it would phase out vehicle production at the complex in\nKenosha, Wisconsin, by 1989.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:16:08.88", "places": [ "usa" ], "id": "360" }, { "title": "SCIENTIFIC MICRO SYSTEMS ACUIRES SUPERMAC", "body": "Scientific Micro Systems Inc said it\nhas acquired Supermac Technology, a rapidly growing supplier of\nenhancement products and disc drive subsystems for the Apple\npersonal computer market.\n Scientific Micro said it acquired all the common stock of\nSupermac in exchange for 1.05 mln shares of its own common\nstock. The stock closed at 5.50 dlrs bid on Friday.\n Supermac, a privately held firm based in Mountain View,\nCalifornia, as is Scientific Micro, reported a net profit of\n300,000 dlrs on revenue of 9.5 mln dlrs in fiscal 1986. It\nexpects its revenue to approximately double in 1987.\n\n Reuter\n\u0003", "date": " 2-MAR-1987 08:16:59.80", "topics": [ "acq" ], "places": [ "usa" ], "id": "361" }, { "title": "AMERICAN EXPRESS VIEWING SHEARSON OPTIONS", "body": "American Express Co, rumored to be\nconsidering a spinoff of part of Shearson Lehman Brothers Inc,\nsaid it is studying a range of options for its brokerage unit\nthat could improve Shearon's access to capital and help it meet\nbroadening international competition.\n In a joint statement, American Express and Shearson said\nthe actions under consideration are an integral part of\nAmerican Express' worldwide financial services strategy and\nthat the two companies have been having both internal and\nexternal discussions on the matters.\n American Express said no decision has been reached on the\nstrategic options and that it and Shearson could ultimately\ndecide to follow growth plans already in place.\n Last week, rumors circulated on Wall Street that the\nfinancial services giant was considering a spinoff of part of\nShearson and there was speculation it may be considering\nselling a stake to a Japanese firm. Analysts said the\nspeculation also focused on American Express selling 20 pct of\nthe profitable brokerage firm to the public.\n There was some speculation that American Express had also\nconsidered a total spinoff of Shearson, but the plan was\nconsidered highly unlikely, analysts said.\n American Express said in the statement on Sunday that it\nwill not comment on rumors and speculation and a spokesman\nwould not go beyond the statement. The company also remained\nsilent last Thursday and Friday, as rumors drove American\nExpress stock up a total of 5-1/2 dlrs in two days to bring it\nto a Friday close at 74.\n It said it issued the statement on Sunday because a\nsimilar statement was being circulated to employees.\n Analysts have been divided on whether it makes sense for\nAmerican Express to give up a stake in the wholly-owned\nbrokerage, which improved its after-tax earnings by about 50\npct in the last year.\n Some analysts said American Express may consider spinning\noff part of Shearson because it is concerned that its stock\nprice does not fully reflect the value of the brokerage firm.\n Shearson contributed 316 mln dlrs of American Express'\n1.25 billion dlr net in 1986.\n American Express' ambitious plans for international growth\nmay be also enhanced by the added cash that spinning out part\nof Shearson would bring. Analysts speculated that all of\nShearson would have a market value of about 3.5 billion dlrs.\n To some however, the need for added capital is puzzling.\n\"(American) Express is in a position where they can raise\ncapital if they need to,\" said Larry Eckenfelder of\nPrudential-Bache Securities.\n Analysts said rumors were fed by the reorganization of\nShearson management Wednesday. Chief operating officer Jeffrey\nLane got the added, previously vacant, post of president.\n The reorganization also created four new positions for\nchairmen of Shearson's operating divisions, a move analysts\nspeculated would allow Shearson to be a stand alone company.\n Analysts, contacted on Sunday said the statement does\nlittle to clarify last week's market speculation. It does\nconfirm, however, that the financial services firm, which\nunsuccessfully attempted to expand Shearson with a major\nacquisition last year, is looking beyond its own walls for\ngrowth and positioning in the global market competition.\n Late last year, Shearson's takeover offer to the E.F.\nHutton Group Inc was rejected by Hutton, and analysts said\nthere had been speculation that Shearson also was rebuffed when\nit approached another major Wall Street brokerage. \n Reuter\n\u0003", "date": " 2-MAR-1987 08:17:56.66", "topics": [ "acq" ], "places": [ "usa" ], "id": "362" }, { "title": "SPANISH FARMERS PROTEST, THEN CALL TRUCE", "body": "Spanish farmers demanding a better deal\nfrom the European Community blocked roads and staged protest\nrallies this weekend before their leaders announced a truce to\nnegotiate with the government.\n Spain joined the community at the start of last year and\nfarmers say they have suffered competition from EC imports\nwithout sufficient compensation.\n Leaders of three of the farmers' organisations announced at\na press conference in Madrid yesterday they were suspending\nprotests to allow time for negotiations with the government on\ntheir grievances.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:19:37.17", "organisations": [ "ec" ], "places": [ "spain" ], "id": "363" }, { "title": "SWISS HAVE NET GAIN IN 1985 GOVERNMENT FINANCES", "body": "Switzerland recorded last year its first\noverall surplus in government finances since 1974, ending with\na net gain worth 905 mln Swiss francs, the Finance Ministry\nsaid.\n The surplus, including cash transactions and long-term\ninvestments, contrasted with the 1985 shortfall of 1.06 billion\nfrancs and the 297 mln franc deficit proposed in the 1986\nbudget.\n All categories of revenues were higher than forecast, and\nexpenditures were 433 mln francs under forecast.\n The Finance Ministry said expenditures totalled 23.18\nbillion francs against 22.88 billion in 1985 and the 23.61\nbillion proposed in the original 1986 budget.\n Tax receipts, at 25.11 billion, were well above the 1985\nfigure of 22.19 billion and the forecast for 1986 of 23.71\nbillion. This left a surplus on cash transactions totalling\n1.94 billion francs against a forecast 102 mln and the 1985\ndeficit of 696 mln.\n Income and wealth taxes ended 749 mln francs above\nforecast, 378 mln of which came from higher than expected\nreceipts on the stamp duty on financial market transactions.\n Taxes on comsumption brought in 638 mln francs more than\nplanned and other taxes 16 mln francs more, the ministry said.\n The ministry said the improvement in the overall account\nreflected years of efforts by the government and parliament to\nintroduce saving and the acceptance by people of necessary tax\nincreases. But economic factors, including the low rate of\ninflation, the weak dollar, falling interest rates and low oil\nprices were also important factors.\n A spokesman for the ministry said the government had used\nits improved cash position to retire about one billion francs\nof government debt, which accounted for the difference between\nthe 1.94 billion surplus on cash transactions and the 905 mln\nfranc overall surplus.\n REUTER\n\u0003", "date": " 2-MAR-1987 08:21:05.74", "places": [ "switzerland" ], "id": "364" }, { "title": "TWO S/L FAILURES RAISE U.S. 1987 TOLL TO 10", "body": "The Federal Home Loan Bank Board\n(FHLBB) announced savings and loan association failures in\nKansas and Colorado, raising the U.S. 1987 total to 10.\n The FHLBB said it closed the First Federal Savings and Loan\nAssociation of Beloit, Kansas, and transferred its desposits\nand some other assets to Home Savings Association.\nIt said First Federal, with 82.9 mln dlrs in assets, was closed\nbecause he was insolvent\n The FHLBB said that, due to insolvency, it put Key S and L\nof Englewood, Colo, into receivorship and replaced it with a\nnew Key Savings and Loan Association with new management.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:22:05.03", "places": [ "usa" ], "id": "365" }, { "title": "ROPAK HAS 34 PCT OF BUCKHORN ", "body": "Ropak Corp said it received\nand accepted about 456,968 common shares and 527,035 Series A\nconvertible preferred shares of Buckhorn Inc at four dlrs and\n5.75 dlrs each respectively in response to its tender offer\nthat expired Friday, and it now owns 34.4 pct of Buckhorn\nvoting power.\n The company had owned 63,000 common and 25,100 preferred\nshares before starting the hostile tender. Ropak said it is\nborrowing the funds needed to buy the Buckhorn shares from its\nbank lender and will not need to use any funds that another\nbank had committed to provide under a margin loan.\n Ropak said it waived minimum acceptance requirements to buy\nthe shares and intends to evaluate a number of possible ways of\ncompleting an acquisition of Buckhorn. It said it hopes that\nBuckhorn's board will reevaluate its position and enter into\nmeaningful negotiations.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:22:40.30", "topics": [ "acq" ], "places": [ "usa" ], "id": "366" }, { "title": "APPLE COMPUTER UPGRADES MACINTOSH LINE", "body": "Apple Computer Inc today will\nannounce the addition of two new machines to its profitable\nMacintosh line of personal computers, both aimed at the\nbusiness market.\n The Macintosh was first introduced in January 1984 and has\nbeen upgraded several times since then. Both of the new\nmachines, the Macintosh SE and the Macintosh II, will be faster\nand more versatile, but considerably more expensive than\nearlier models.\n The Mac SE (SE stands for \"system expansion\"), which Apple\nsays will operate 15-20 pct faster than its current Mac Plus,\ngoes on sale today. It carries a suggested retail price ranging\nfrom 2,899 to 3,699 dlrs depending on its features.\n The Mac II, designed to run about four times faster than\nthe Mac Plus, is to be ready for shipping in May and priced\nbetween 4,798 and 6,998 dlrs.\n Mac Plus, which went on the market one year ago, sells for\nabout 2,200 dlrs.\n Both new computers are to be unveiled at the AppleWorld\nConference in Los Angeles.\n Company officials expressed high hopes for both computers\nat a press briefing on Friday, especially the high-performance\nMac II which is designed to give Apple an entree to the\nexpanding market for science and engineering workstations.\n John Sculley, Apple chairman and chief executive officer,\ndeclined to estimate anticipated sales, but he said the Mac SE\nshould contribute significantly to Apple's bottom line this\nyear. He said it would appeal to the mainstream of PC users.\n \"I believe the Mac SE will be the product of choice for\nmost people,\" he said. \"My sense is that it will be a real\npower product for revenue.\"\n Bruce Lupatkin, senior technology analyst with Hambrecht &\nQuist in San Francisco, said he had not seen the new computers\nbut expected the new products to do well.\n \"Apple has recognized the need for a convergence of\ncomputer functions into one general all-purpose workstation,\"\nhe told Reuters. \"The graphics interface on the Mac products is\nsignificantly better than anything IBM has to date.\"\n International Business Machines is expected to announce\nupdated personal computers this spring.\n The Mac II uses the new Motorola 68020 microprocessor, an\n\"open architecture\" that allows for the addition of numerous\nperipheral devices, a built-in hard disk and one megabyte of\nmemory, expandable to eight megabytes. It can be equipped with\na 12-inch monochrome or a 13-inch color monitor.\n In a demonstration of its speed and power, company\nexecutives said they thought the Mac II would push the\ndevelopment of software for Apple computers in new directions\nthat could include sophisticated video editing, electronic mail\nsystems and sound reproduction suitable for studio use.\n The Mac II can be upgraded so that its monitor displays 256\ncolors or shades of gray.\n The Mac SE is built around the 68000 microprocessor and\nwill be shipped with one megabyte RAM, expandable to four\nmegabytes, and a nine-inch monochrome screen.\n Both new computers have two optional keyboards, a new\nfeature in the Apple line of products. \n Reuter\n\u0003", "date": " 2-MAR-1987 08:24:07.74", "places": [ "usa" ], "id": "367" }, { "title": "PHILADELPHIA PORT CLOSED BY TANKER CRASH", "body": "The port of Philadelphia was closed\nwhen a Cypriot oil tanker, Seapride II, ran aground after\nhitting a 200-foot tower supporting power lines across the\nriver, a Coast Guard spokesman said.\n He said there was no oil spill but the ship is lodged on\nrocks opposite the Hope Creek nuclear power plant in New\nJersey.\n He said the port would be closed until today when they\nhoped to refloat the ship on the high tide.\n After delivering oil to a refinery in Paulsboro, New\nJersey, the ship apparently lost its steering and hit the power\ntransmission line carrying power from the nuclear plant to the\nstate of Delaware.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:25:42.14", "topics": [ "crude", "ship" ], "places": [ "usa" ], "id": "368" }, { "title": "PENRIL SEEKS TO SELL TWO UNITS", "body": "Penril Corp said it is seeking to\nsell its Triplett Electrical Instrument Corp subsidiary in\nBluffton, Ohio, and Triplett's Alltest division in Hoffman\nEstates, Ill., as part of a plan to concentrate on its three\nprofitable division and reduce its debt load.\n The company also said it is evaluating a plan to satisfy\nits obligations under its 10-7/8 pct subordinated notes but\ngave no details. Interest on the notes is due today.\n Penril further said director Clifford L. Alexander Jr. has\nresigned from the board. It gave no reason.\n Penril said shareholders at the annual meeting approved the\nlimitation of directors' liability. \n Reuter\n\u0003", "date": " 2-MAR-1987 08:25:56.49", "topics": [ "acq" ], "places": [ "usa" ], "id": "369" }, { "title": "LL/E ROYALTY REVENUES MAY BE ESCROWED", "body": "LL and E Royalty Trust said Louisiana\nLand and Exploration Co , the working interest owner for\nits oil and natural gas properties, is entitled to start\nplacing all or part of the revenues that would otherwise accrue\nto the trust.\n LL and E said Louisiana Land has not yet escrowed any\namounts and will monitor the siutuation to determine the\nnecessity of doing so. The trust said \"If the working interest\nowner does begin to escrow funds, the effect on the royalties\npaid to the trust would be significant.\" Royalties from the\nproperties are the trust's only source of income.\n The trust said independent petroleum engineers' preliminary\nannual estimates of future net revenues and the discounted\npresent value of future net revenues from proved oil and\nnatural gas reserves attributable to properties in which the\ntrust has an interest are off 64 pct and 56 pct respectively\nfrom those estimated in 1986 due to the drop in oil and natural\ngas prices.\n It said, however, that oil and natural gas reserves have\nactually increased in physical amount. The cost estimates\nreflect prices and costs only through September 30.\n The trust said using the September figures, the engineers\ndetermined estimated future net revenues to the trust from\ntotal proved reserves of about 57 mln dlrs. Usingprices\nreceived in January 1987, however, it said the estimate would\nhave been about 87 mln dlrs. LL and E noted that there has\nbeen some weakening in prices since January.\n The trust said the most significant portion of the drop in\nestimated future revenues cale from the Jay Field in Alabama\nand Florida, a fall to seven mln dlrs from 92 mln dlrs in 1986,\nas prices recieved from Jay in September were near production\ncosts after expenses of nitrogen injection.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:26:22.18", "places": [ "usa" ], "id": "370" }, { "title": " FACES DAMAGE CLAIM", "body": "Dale Burdett Inc said it\nfaces damages claims totalling about 420,000 dlrs from the\nformer owners of Burdett Publications Inc.\n The company said on February 20, 1986, its predecessor\nNolex Development Inc acquired Burdett Publications Inc in an\nexchange of 17 mln common shares for all Burdett Publications\nshares, but the transaction was not qualified with the\nCalifornia Department of Corporations.\n As a result, it said, the former Burdett Publications\nowners have a claim for damages against Dale Burdett as\nsuccessor to Nolex for one yuear starting January 21, 1987,\nwith the damages measured by the difference in values of shares\nexchanged plus interest from February 20, 1986.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:26:35.85", "topics": [ "acq" ], "places": [ "usa" ], "id": "371" }, { "title": "PUROLATOR IN BUYOUT WITH HUTTON ", "body": "New Jersey-based overnight messenger\nPurolator Courier Corp said it has agreed to be acquired for\nabout 265 mln dlrs by a company formed by E.F. Hutton LBO Inc\nand certain managers of Purolator's U.S. courier business.\n Analysts have said that Purolator has been for sale for\nsome time. Purolator announced earlier it was mulling a\ntakeover bid, but analysts wrongly predicted the offer was from\nanother courier company.\n Hutton LBO, a wholly owned subsidiary of E.F. Hutton Group\nInc, will be majority owner of the company.\n Hutton said the acquiring company, PC Acquisition Inc, is\npaying 35 dlrs cash per share for 83 pct of Purolator's stock\nin a tender offer to begin Thursday. The rest of the shares\nwill be purchased for securities and warrants to buy stock in a\nsubsidiary of PC Acquisition, containing Purolator's U.S.\ncourier operations.\n If all the shares of Purolator are tendered, shareholders\nwould receive for each share 29 dlrs cash, six dlrs in\ndebentures, and a warrant to buy shares in a subsidiary of PC\nAcquisition containing the U.S. courier operations.\n Hutton said in the merger shareholders would get 46 mln\ndlrs aggregate amount of guaranteed debentures due 2002 of PC\nAcquisition and warrants to buy 15 pct of the common stock of\nthe PC courier subsidiary. Hutton said the company has valued\nthe warrants at two to three dlrs per share.\n Purolator's stock price closed at 35.125 dlrs on Friday.\nWhile some analysts estimated the company was worth in the mid\n30s, at least one said it would be worth 38 to 42 dlrs.\n This follows sales of two other Purolator units. It agreed\nrecently to sell its Canadian Courier unit to Onex Capital for\n170 mln dlrs, and previously sold its auto filters business.\n Purolator retains its Stant division, which makes closure\ncaps for radiators and gas tanks. A Hutton spokesman said the\nfirm is reviewing its options on Stant.\n Purolator's courier business has been lagging that of its\nU.S. rivals because of the high price it paid in the past\nseveral years to add air delivery to its ground fleet.\n E.F. Hutton will provide 279 mln dlrs of its funds to\ncomplete the transaction. This so-called \"bridge\" financing\nwill be replaced later with long-term debt most likely in the\nform of bank loans, Hutton said. Hutton LBO is committed to\nkeeping the courier business, its president Warren Idsal said.\n \"Purolator lost 120 mln dlrs over the last two years\nlargely due to U.S. courier operations, which we believe the\nmanagement is turning around. We belive it will be a very\nserious competitor in the future,\" said Idsal.\n William Taggart, chief executive officer of U.S. Courier\ndivision, will be chief executive officer of the new company.\n The tender offer will be conditioned on a minimum of two\nthirds of the common stock being tendered and not withdrawn to\nthe expiration of the offer as well as certain other conditions.\n The offer will begin Thursday, subject to clearances from\nthe staff of the Interstate Commerce Commission and will expire\n20 business days after commencement unless extended.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:29:05.15", "topics": [ "acq" ], "places": [ "usa" ], "id": "372" }, { "title": "NCR SIGNS LICENSE AGREEMENT", "body": " of Rotterdam\nsaid it has licensed NCR Corp to produce and sell products and\nservices using token ring technology.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:38:57.06", "places": [ "usa" ], "id": "373" }, { "title": "PAKISTAN COTTON OUTPUT REACHES 7.7 MLN BALES", "body": "Pakistan cotton production during the\ncurrent crop season (Sept/March) reached 7.7 mln bales of 375\npounds each, up 500,000 from last season, Shafi Niaz, Chairman\nof the Agricultural Prices Commission, said.\n Official sources said Pakistan was likely to use 3.4 mln\nbales of cotton during the current financial year ending June\nafter 2.96 mln in 1985/86 and 2.70 mln in 1984/85.\n They said consumption would increase due to a rise in\ndemand for cotton yarn in domestic markets and abroad. Pakistan\nproduced 540 mln kilos of yarn in fiscal year 1985/86 and\nexported 157 mln.\n The State-owned cotton export corporation was likely to\nexport 3.8 mln bales of cotton during the current fiscal year\ncompared with 3.86 mln last year, cotton traders said.\n The traders said there would be 1.3 mln bales of cotton\ncarryover this fiscal year compared with just over a mln bales\nlast year.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:40:10.61", "topics": [ "cotton" ], "places": [ "pakistan" ], "id": "374" }, { "title": "IMPERIAL CHEMICAL FORMS NEW UNIT", "body": "Imperial Chemical Industries PLC said\nit is forming a new U.S. pharmaceuticals unit called ICI\nPharma.\n Combined sales of Imperial's existing Stuart\nPharmaceuticals unit and the new ICI Pharma are projected to be\n1.1 billion dlrs in 1990, the company said. Stuart had 1986\nsales of 582 mln dlrs.\n Imperial said it plans to introduce several new drugs,\nincluding diprivan, an anaesthetic, and zestril, a heart drug,\nover the next three years. ICI Pharma and Stuart will operate\nas separate units of ICI Pharmaceuticals Group, it said.\n Stuart Pharmaceuticals and ICI Pharma will have 1987 sales\nof approximately 700 mln dlrs, about 450 mln dlrs from the new\nICI Pharma and 250 mln dlrs from Stuart, officials said.\n The combined sales force of about 900 sales people, split\nabout equally between the two units, will be slightly larger\nthan the existing sales force at Stuart.\n Regulatory approval for the annesthetic diprivan is\nexpected in late 1987, while zestril, a hypertension and heart\ndrug, should be approved in mid or late 1988, company officials\nsaid.\n Approval for oth new drugs, including, statil, a treatment\nfor diabetic complications, is not expected until 1989 and\n1990, the officials said.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:40:58.33", "places": [ "usa" ], "id": "375" }, { "title": "FINANCIAL SANTA BARBARA TO MAKE PURCHASE", "body": "Financial Corp of Santa\nBarbara said it has signed a definitive agreement to purchase\nStanwell Financial, the lending operations unit of mortgage\nbanking company , for undisclosed terms.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:41:41.32", "topics": [ "acq" ], "places": [ "usa" ], "id": "376" }, { "title": "ALCAN TO CLOSE WEST GERMAN ALUMINIUM SMELTER", "body": ", a subsidiary of Alcan Aluminium Ltd of Canada,\nsaid it plans to close its aluminium smelter in Ludwigshafen at\nthe end of June.\n A spokesman said Alcan was closing the smelter, with annual\ncapacity of 44,000 tonnes and 320 employees, because of high\nelectricity costs and the low world market price of aluminium.\n Alkan had said earlier this year it would close half the\nplant's capacity but decided to shut down completely when talks\nwith potential cooperation partners failed, the spokesman said.\nHe declined to name the other companies involved in the talks.\n REUTER\n\u0003", "date": " 2-MAR-1987 08:42:00.68", "topics": [ "alum" ], "places": [ "west-germany", "canada" ], "id": "377" }, { "title": "BBC AG BROWN BOVERI UND CIE 1986 YEAR", "body": "Parent Company net profit 12.8 mln Swiss francs vs 7.5 mln.\n Orders received 2.21 billion francs vs 2.61 billion.\n Sales 2.25 billion francs vs 2.49 billion.\n Group sales 13.83 billion francs vs 13.88 billion.\n Group orders 11.03 billion francs vs 13.00 billion.\n REUTE\n\u0003", "date": " 2-MAR-1987 08:43:02.74", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "378" }, { "title": "MARRIOTT TO SELL HOTEL", "body": " said it and of Chicago have agreed to purchase the Santa\nBarbara Biltmore Hotel from Marriott Corp for an undisclosed\namount.\n It said the venture will rename the hotel the Four Seasons\nBiltmore at Santa Barbara and invest over 13 mln dlrs in\nimprovements on the 228-room property.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:43:25.91", "topics": [ "acq" ], "places": [ "usa" ], "id": "379" }, { "title": "DH TECHNOLOGY CHAIRMAN SELLS SHARES", "body": "DH Technology Inc said it has\nrepurchased 500,000 of its shares from cofounder Helmut Falk at\n4.25 dlrs each and Falks has sold another 500,000 shares to\nventure capital firm TA Associates at the same price.\n The company said Falk has resigned as chairman of DHL and\nnow owns 213,567 shares. It said TA now owns 928,0000 shares.\n The company said Falk, who will remain on the board, has\nagreed to sell no more than 75,000 of his remaining shares in\nthe next year without company consent. It said president and\nchief executive officer William H. Gibb has assumed the added\npost of chairman.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:43:41.94", "places": [ "usa" ], "id": "380" }, { "title": "BROWN BOVERI OMITS DIVIDEND, PLANS WARRANT BOND", "body": "BBC AG Brown Boveri und Cie\n said it will omit dividend in 1986 for the second\nconsecutive year.\n It said it planned to invite shareholders and non-voting\nstockholders to subscribe to a warrant bond issue of around 150\nmln Swiss francs to be made after the June 2 annual meeting.\n The value of the stock subscription rights should\ncorrespond roughly to the dividend of 30 francs per share paid\nin 1984. The company also plans to issue participation\ncertificates with a par value of 70 mln Swiss francs, from\nwhich existing shareholders are excluded.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:43:56.94", "topics": [ "earn" ], "places": [ "switzerland" ], "id": "381" }, { "title": "U.S. CORPORATE FINANCE - ASSET-BACK MARKET GROWS", "body": "The U.S. asset-backed debt securities\nmarket, which grew explosively last year, is broadening and\ninvestment bankers say 1987 could see a variety of issuers.\n \"It is interesting to note that the first two asset-backed\ndeals of the year were done by commercial banks,\" said Anthony\nDub, who heads First Boston Corp's asset-backed group.\n BankAmerica Corp's Bank of America unit last week\nissued 400 mln dlrs of securities backed by credit card\nreceivables via sole manager First Boston. Dub said the\noffering sold out quickly, mostly to institutional investors.\n The Bank of America offering followed a January 16 issue of\n200 mln dlrs of similar debt by RepublicBank Corp's \nRepublicBank Delaware unit. Goldman, Sachs and Co ran the books\non that deal, with First Boston acting as co-manager.\n However, Dub said the Bank of America securities were more\nclosely related to the so-called \"cars deals\" that raced to\nmarket last year than were the RepublicBank securities.\n \"The RepublicBank issue was secured by credit card\nreceivables. In contrast, the Bank of America deal was the\nfirst public offering of credit card receivables because we\nused a grantor trust vehicle,\" he said.\n In a grantor trust, investors buy asset-backed certificates\nthat represent a specified percentage of an undivided interest\nin the trust, analysts explained.\n The Bank of America certificates were issued by California\nCredit Card Trust A, which the bank established for that single\npurpose, investment bankers pointed out.\n The debt has an average life of 1.79 years and matures in\n1992. First Boston gave the issue a 6.90 pct coupon and priced\nit at 99.8125 to yield 6.95 pct, or 65 basis points over\ncomparable Treasury securities. Non-callable for life, the deal\nwas rated AAA by both Moody's and Standard and Poor's.\n Underwriters away from the syndicate said they believed the\nBank of America deal was priced too aggressively. \"AAA-rated\nauto paper was trading about 75 basis points over Treasuries\nwhen First Boston priced the deal,\" one said.\n However, Dub said the offering sold out quickly anyway.\n The First Boston executive attributed this to the deal's\ntop-flight rating by both agencies, unlike many of last year's\ncars deals, which were rated by S and P alone.\n \"Investors receive interest only payments for the first 18\nmonths and then interest and principal payments for the\nremaining five to seven months,\" Dub detailed.\n Investment bankers pointed out that because the Bank of\nAmerica deal did not pay principal for a year and a half, the\nissue had a longer average life than some of the cars deals\nthat were brought to market late last year.\n The collateral for the trust includes a pool of VISA credit\ncard receivables, backed by a letter of credit. Bank of America\nhas about four billion dlrs of credit card receivables, making\nit one of the biggest in the U.S., analysts said.\n Last week's deal was Bank of America's second foray into\nthe young asset-backed securities market, analysts noted.\n In mid-December 1986 Bank of America sold, via California\nCars Grantor Trust 1986-A, 514 mln dlrs of certificates backed\nby automobile receivables through Salomon Brothers Inc.\n Upcoming asset-backed issues include 200 mln dlrs of notes\nbacked by the car leases of Volvo 1986 Lease Finance Corp, a\nunit of Volvo Finance North America Inc, via First Boston, and\n450 mln dlrs of notes secured by sales contracts of Mack Trucks\nReceivables Corp, a unit of Mack Trucks Inc , via\nShearson Lehmand Brothers Inc.\n The asset backed market, which began in March 1985, totals\nan estimated 11.9 billion dlrs.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:47:06.03", "places": [ "usa" ], "id": "382" }, { "title": "VIACOM SAID IT HAS NEW NATIONAL AMUSEMENTS, MCV HOLDINGS BIDS\n", "date": " 2-MAR-1987 08:50:09.11", "topics": [ "acq" ], "id": "383" }, { "title": "ILC TECHNOLOGY OFFICER REMOVED", "body": "ILC Technology Inc said\nRaymond Montoya, vice president of finance, has been removed as\nan officer and terminated as an employee of the company, and\nILC has filed a civil action against him to recover alleged\nimproprer disbursements of company funds.\n The company said Montoya has been arrested by police in\nHawthorne, Calif., and charged with grand theft and\nembezzlement.\n It said the extent of the disbursements has not yet been\ndetermined. In independent auditor is helping assess the\nalleged irregularities, the company said.\n Reuter\n\u0003", "date": " 2-MAR-1987 08:55:29.53", "places": [ "usa" ], "id": "384" }, { "title": "APPLE COMPUTER HAS NEW MACINTOSH MODELS", "body": "Apple Computer Inc said it has\nintroduced two new models of its Macintosh personal computer,\nthe Macintosh II and SE, offering users the ability to flexibly\nconfigure systems to suit their needs or expand the systems as\ntheir needs grow.\n Apple said the Macintosh II features high-performance, open\narchitecture designed for advanced applications.\n The Macintosh II, which is priced from 3,898 dlrs to 5,498\ndlrs, also has six internal printed circuit card slots for\nadding multiple functions, including an optional color display,\nnetwork connections and MS-DOS compatibility, the company said.\n Apple said the Macintosh SE, priced from 2,898 dlrs to\n3,698 dlrs, has internal storage capacity and an additional\nslot for added functions.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:01:31.06", "places": [ "usa" ], "id": "385" }, { "title": "REAGAN AND BAKER BEGIN TASK OF REBUILDING", "body": "After a week that left his presidency\nshaken and his popularity at a new low, Ronald Reagan and his\nnew chief of staff today begin trying to revive an\nadministration tattered by the Iran-contra arms scandal.\n Reagan and former Senate Republican leader Howard Baker,\nwhose appointment as White House chief of staff won bipartisan\npraise, will begin mapping strategy to deal with scathing\ncriticism by a report on his failed bid to trade U.S. arms with\nIran for help in freeing Ameican hostages in Lebanon.\n Among the chores facing Reagan's new inner circle is\nassessing the damage the 300-page Tower commission report has\ndone to the nomination of Robert Gates to succeed William Casey\nas the new head of the Central Intelligence Agency.\n White House officials are checking to see how much support\nGates, a 43-year old career spy agency bureaucrat, would have\nif his nomination is submitted to the full Senate for a vote,\nSenate Republican leader Robert Dole said.\n Appearing on the NBC News program, \"Meet the Press,\" the\nKansas senator said the Gates nomination \"could be in some\ndifficulty.\"\n Aides said that Gates' future would be given high priority\nby Baker.\n Even though he was not deeply implicated in the arms sale\nscandal, lawmakers said Senate confirmation of the Gates\nnomination is not assured and, even if won, would come only\nafter months of congressional probes into the affair.\n \"He has the smell of Iran on him,\" said former Nevada Sen.\nand Reagan confidant Paul Laxalt. \"He is a victim.\"\n Laxalt, appearing on the ABC News program, \"This Week With\nDavid Brinkley,\" bluntly admitted \"the Gates nomination is in\ntrouble.\" Senate Armed Services Committee Chairman Sam Nunn said\nthe odds are now slightly against confirmation of Gates.\n When asked on the syndicated television program, \"John\nMcLaughlin: One on One,\" if he thought Gates would be confirmed,\nthe Georgia Democrat shot back: \"I wouldn't bet any money on it.\n \"I think this report hurts that,\" Nunn said. \"It indicates\nthat the National Security Council had policy-type influence\nover intelligence-type activities and we're going to go into\nthat with Mr. Gates.\n Only a day after it was issued last week, the Tower report\nprompted the abrupt exit of Donald Regan as White House chief\nof staff.\n Regan, the former Wall Street executive and Treasury\nsecretary who has been the president's top aide for the past\ntwo years, was assigned the lion's share of the blame for the\nbotched handling of the Iran arms sale.\n The report blamed Regan for the \"chaos that descended on the\nWhite House\" since it was first revealed last November that\nprofits from the Iran arms sales had been diverted to contra\nrebels fighting the leftist Nicaraguan government.\n The two other victims of the scandal are former National\nSecurity Adviser Vice Adm. John Poindexter who resigned and\nMarine Lt. Col. Oliver North who was fired after it was\ndisclosed last November 23 that profits from the Iran arms sale\nwere diverted to the contras. The two, pictured by the Tower\ncommission as the key operators of the Iran arms deal, have\nrefused to testify.\n Reagan, who freely admits disliking details, is portrayed\nin the Tower report as a befuddled chief executive whose\ninattention let his aides run away with his foreign policy.\n That perception has wrecked Reagan's popularity and\nthreatened to condemn him to lame duck status until he leaves\noffice in January 1989. A recent Newsweek magazine poll found\nthat just 40 pct of Americans approved of Reagan's leadership,\na record low, and a third believed he should consider\nresignation.\n After meeting with aides over the weekend and poring over\nthe meaty report of the commission headed by former Texas Sen.\nJohn Tower, Reagan is now preparing for a nationwide television\naddress this week to respond to the criticisms of his\npresidency.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:02:11.51", "places": [ "usa", "iran", "lebanon" ], "id": "386" }, { "title": "LAROCHE STARTS BID FOR NECO SHARES", "body": "Investor David F. La Roche of North\nKingstown, R.I., said he is offering to purchase 170,000 common\nshares of NECO Enterprises Inc at 26 dlrs each.\n He said the successful completion of the offer, plus shares\nhe already owns, would give him 50.5 pct of NECO's 962,016\ncommon shares.\n La Roche said he may buy more, and possible all NECO\nshares. He said the offer and withdrawal rights will expire at\n1630 EST/2130 gmt, March 30, 1987.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:02:51.89", "topics": [ "acq" ], "places": [ "usa" ], "id": "387" }, { "title": " NINE MTHS LOSS", "body": "Period ended December 31, 1986\n Oper shr loss 1.08 dlrs vs loss 84 cts\n Oper loss 7,700,000 vs loss 1,700,000\n Revs 11,800,000 vs 9,800,000\n Note: Current shr and net exclude extraordinary gain of\n300,000 dlrs or five cts shr, versus extraordinary gain of\n200,000 dlrs or four cts shr\n Reuter\n\u0003", "date": " 2-MAR-1987 09:03:08.11", "topics": [ "earn" ], "places": [ "canada" ], "id": "388" }, { "title": "SENIOR ENGINEERING MAKES 12.5 MLN DLR US PURCHASE", "body": " said it\nreached agreement with to acquire the\nwhole share capital of for 12.5\nmln dlrs cash. This sum is being financed by a term loan.\n South Western is one of the U.S.'s leading manufacturers of\nheat transfer equipment, with a turnover of 54.86 mln dlrs and\npre-tax profits of 1.72 mln in 1986.\n Completion of the deal is conditional on approval under\nU.S. Hart-Scott-Rodino regulations which is expected within 30\ndays. Some 350,000 dlrs is payable immediately, 12 mln dlrs\npayable on completion with the balance due by June 30, 1987.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:03:18.94", "topics": [ "acq" ], "places": [ "uk", "usa" ], "id": "389" }, { "title": "CHEUNG KONG CHAIRMAN SEES STRONG RESULTS IN 1987", "body": "Cheung Kong (Holdings) Ltd \nis expecting strong results this year after reporting better\nthan expected profits in 1986, chairman Li Ka-shing said.\n He did not give a specific earnings projection but he told\nreporters the firm will pay total dividends of not less than 19\ncents a share this year after a one-for-four bonus issue and a\nfour-for-one stock split.\n The company earlier declared total dividends equal to 15\ncents a share for 1986, adjusting for the stock split and bonus\nissue.\n Cheung Kong's earnings rose to 1.28 billion H.K. Dlrs in\n1986, well above market expectations of 920 mln to one billion\ndlrs. They compared with profits of 551.7 mln dlrs in 1985.\n Cheung Kong also reported extraordinary gains of 983.6 mln\ndlrs mainly from the firm's sale of the Hong Kong Hilton Hotel\nto Hongkong Electric Holdings Ltd for one billion\ndlrs. It had gains of 81.3 mln dlrs in 1985.\n Li attributed the surge in 1986 earnings to a buoyant local\nproperty market and substantial increases in contributions from\nassociated companies.\n \"Looking ahead, 1987 should be another year of stability for\nthe property market,\" Li said. \"The growth in (Hong Kong's)\nexports is expected to stimulate the demand for industrial\nbuildings.\"\n Cheung Kong is cash rich and is looking for new projects in\nthe British colony, Li said, noting the firm is interested in a\nland reclamation project along the Hong Kong harbour and is\nexchanging views with the government on a proposal to build a\nsecond airport.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:03:35.84", "topics": [ "earn" ], "places": [ "hong-kong" ], "id": "390" }, { "title": "OCCIDENTAL UNIT TO REDEEM DEBENTURES", "body": "Occidental Petroleum Corp said its\nMidCon Corp subsidiary will redeem on March 31 all 269,000 dlrs\nof its outstanding 10-1/4 pct convertible subordinated\ndebentures due 2009 at 107.18 pct of par.\n It said interest payable March 31 will be paid in the usual\nmanner to holders of record on March 15. The debentures\nconvert to common stock at 14.168319 dlrs per share, or 70.58\nshares per 1,000 dlrs principal amount, through March 31.\nHolders converting through March 17 will be entitled to receive\nOccidental's regular quarterly dividend of 62-1/2 cts per share\non common stock that is payable April 15.\n The company said any holders surrendering debentures for\nconversion after March 15, other than those surrendering for\nconversion on March 31, will be required to pay to the\nconversion agent an amount equal to the interest paytable on\nthe debentures on March 31.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:04:40.79", "places": [ "usa" ], "id": "391" }, { "title": "WHITTAKER CORP 1ST QTR OPER SHR 17 CTS VS 25 CTS\n", "date": " 2-MAR-1987 09:15:11.93", "topics": [ "earn" ], "id": "392" }, { "title": "VIACOM RECEIVES TWO REVISED OFFERS", "body": "Viacom International Inc said it\nreceived revised merger offers from \nand .\n The company said the special committee plans to meet later\ntoday to review both offers.\n Viacom said National Amusements' Arsenal Holdings Inc\nraised the value of its offer for the Viacom shares not held by\nNational Amusements in three areas. National Amusements holds\n19.6 pct of Viacom's stock.\n The cash value of the offer was raised to 42.00 dlrs from\nthe 40.50 dlrs a Viacom share offered February 23 while the\nvalue of the fraction of a share of exchangeable preferred\nbeing offered was increased to 7.50 dlrs a share from six dlrs.\nThe interest rate to be used to increase the cash value of the\nmerger, if delayed beyond April 30, was raised to nine pct from\neight pct and 12 pct after May 31.\n A Viacom spokesman said the Arsenal Holdings's offer\ncontinues to include a 20 pct interest in Arsenal for present\nViacom shareholders.\n Viacom said MCV Holdings, a group which includes the\ncompany's senior management and the Equitable Life Assurance\nSociety of the United States, raised the value of its offer by\nincreasing the value of the preferred being offered to 8.50\ndlrs from 8.00 dlrs a share and raising the ownership in the\nnew company to be held by present Viacom shareholders to 45 pct\nfrom 25 pct. MCV called its previous offer, made February 26,\nthe \"final\" proposed revision of its agreement with Viacom.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:16:08.70", "topics": [ "acq" ], "places": [ "usa" ], "id": "393" }, { "title": "DOW TO OFFER 130 MLN DLRS IN SWISS NOTES", "body": "Dow Chemical Co said it will issue\n200 mln Swiss franc-denominated bonds worth about 130 mln dlrs\nU.S. at current exchange rates.\n The 12-year bonds will carry a coupon of 4-3/4 pct and will\nbe sold primarily to European investors for 100.25 pct of face\nvalue, Dow said.\n Proceeds from the offering will be used to refinance\nexisting debt, it said.\n Underwriters are led by Union Bank of Switzerland. The\nbonds will be listed on stock exchanges in Basle, Berne,\nGeneva, Lausanne and Zurich.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:19:07.47", "places": [ "usa" ], "id": "394" }, { "title": "FRENCH ESTIMATE 86/87 WHEAT DELIVERIES UNCHANGED", "body": "The French Cereals Intervention Board,\nONIC, left its estimate of French 1986/87 (July/June) soft\nwheat deliveries unchanged from its last forecast at 21.98 mln\ntonnes.\n This compared with deliveries of 24.38 mln tonnes in\n1985/86 (August/July).\n Estimated 1986/87 maize deliveries were also left unchanged\nfrom ONIC's previous forecast at the beginning of February at\n9.91 mln tonnes against 10.77 mln the previous season.\n Barley deliveries were also unchanged at 6.62 mln tonnes\nagainst 7.7 mln in 1985/86.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:19:23.20", "topics": [ "grain", "wheat", "corn", "barley" ], "places": [ "france" ], "id": "395" }, { "title": "WASTE MANAGEMENT CORP VOTES TWO FOR ONE STOCK SPLIT AND BOOSTS QTLY DIVIDEND TO 18 CTS\n", "date": " 2-MAR-1987 09:20:19.86", "topics": [ "earn" ], "id": "396" }, { "title": "WRITERS GUILD OF AMERICA STRIKES TWO NETWORKS", "body": "The Writers Guild of America said its\nmembers have struck the news staffs of CBS Inc and\nCapital Cities/ABC Inc this morning after negotiations\nfor a new contract broke down.\n The guild said there had been extensions prior to the\nstrike deadline this morning, but said the strike was called\nafter the companies refused to negotiate.\n The guild said the companies failed to put a final offer on\nthe table, made no money offer at all, and did not deviate\nsubstantially from their original proposals, which, the guild\nsaid, would have gutted the union contract.\n The guild said the networks demanded the right to terminate\nemployees at will and lay them off without the arbitration,\nand the hiring of temporary employees to replace staffer\nemployees.\n The guild represents newswriters, editors, desk assistants,\nresearchers, production assistants, promotion writers and\ngraphic artists.\n The strike affects unions in New York, Chicago, Washington\nand Los Angeles. Picketing will commence at corporate\nheadquarters in New York and other locations, the guild said.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:21:31.84", "places": [ "usa" ], "id": "397" }, { "title": "PITTSTON AGREES TO ACQUIRE WTC INTERNATIONAL IN EXCHANGE OF STOCK\n", "date": " 2-MAR-1987 09:24:13.35", "topics": [ "acq" ], "id": "398" }, { "title": "TUESDAY MORNING INC 4TH QTR NET", "body": "Shr 1.19 dlrs vs 1.46 dlrs\n Net 3,150,185 vs 2,665,284\n Revs 27.9 mln vs 24.1 mln\n Avg shrs 2,653,646 vs 1,826,858\n Year\n Shr 1.45 dlrs vs 1.37 dlrs\n Net 3,611,802 vs 2,502,443\n Sales 62.2 mln vs 52.8 mln\n Avg shrs 2,489,978 vs 1,826,858\n Reuter\n\u0003", "date": " 2-MAR-1987 09:24:34.15", "topics": [ "earn" ], "places": [ "usa" ], "id": "399" }, { "title": "DIAGNOSTIC/RETRIEVAL SYSTEMS INC MAKES 53 MLN DLR BID FOR ROSPATCH CORP\n", "date": " 2-MAR-1987 09:25:42.34", "topics": [ "acq" ], "id": "400" }, { "title": "MILLER TABAK HAS 91.8 PCT OF PENN TRAFFIC ", "body": " said it\nhas received an accepted 3,424,729 common shares of Penn\nTraffic Co in response to its 31.60 dlr per share tender offer\nthat expired Friday, and together with the 380,728 shares it\nalready owned, it now has about 91.8 pct of Penn Traffic.\n The company said Penn Traffic is expected to hold a special\nshareholders' meeting later this month to approve a merger into\nMiller Tabak at the tender price.\n It said two Miller Tabak representatives will be named to\nthe Penn Traffic board on March Four to serve as the only\ndirectors with Penn Traffic president and chief executive\nofficer Guido Malacarne.\n The company said it received financing for the transaction\nfrom First National Bank of Minneapolis and Salomon Inc .\n Reuter\n\u0003", "date": " 2-MAR-1987 09:28:21.66", "topics": [ "acq" ], "places": [ "usa" ], "id": "401" }, { "title": "COFFEE QUOTA TALKS CONTINUE BUT NO AGREEMENT YET", "body": "Coffee quota talks at the International\nCoffee Organization council meeting here continued this\nafternoon, but producers and consumers still had not reached\ncommon ground on the key issue of how to estimate export\nquotas, delegates said.\n The 54 member contact group was examining a Colombian\nproposal to resume quotas April 1 under the ad hoc system used\nhistorically, with a pledge to meet again in September to\ndiscuss how quotas would be worked out in the future, they\nsaid.\n Delegates would not speculate on the prospects for\nagreement at this time.\n \"Anything could happen,\" one delegate said.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:28:48.30", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "uk" ], "id": "402" }, { "title": "FEDERAL INDUSTRIES SETS COMMERCIAL PAPER ISSUE", "body": " said\nit introduced a commercial paper program with an authorization\nof 440 mln dlrs through agents , and Wood Gundy Inc.\n Net proceeds from the sale of notes will be used for\ngeneral corporate purposes and will replace existing\noutstanding debt, the company said.\n It did not elaborate on financial terms of the issue.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:28:54.43", "places": [ "usa" ], "id": "403" }, { "title": "WASTE MANAGEMENT VOTES SPLIT, UPS PAYOUT", "body": "Waste Management Corp said its\nboard voted a two-for-one stock split payable April 21, record\nMarch 30.\n In other action, Waste Management directors approved an\nincrease in the quarterly dividend to 18 cts from 14 cts,\npayable April three, record March 18.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:31:07.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "404" }, { "title": "POREX TECHNOLOGIES SETS INITIAL DIVIDEND", "body": "Porex Technologies Corp said its\nboard declared an initial annual dividend of 10 cts per share,\nits first payout, payable March 26 to holders of record March\n12.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:31:27.97", "topics": [ "earn" ], "places": [ "usa" ], "id": "405" }, { "title": "DAVIS WATER DECLARES STOCK DIVIDEND", "body": "Davis Water and Waste\nIndustries Inc said its board declared a 33-1/3 pct stock\ndividend, payable March 23 to holders of record March 12.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:31:36.26", "topics": [ "earn" ], "places": [ "usa" ], "id": "406" }, { "title": "MEDCO CONTAINMENT SETS INITIAL PAYOUT", "body": "Medco Containment Services\nInc said its board declared an initial annual dividend of 10\ncts per share, its first payout, payable March 19 to holders of\nrecord March 12.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:31:58.00", "topics": [ "earn" ], "places": [ "usa" ], "id": "407" }, { "title": "PITTSTON AGREES TO ACQUIRE WTC ", "body": "Pittston Co said it has\ntentatively agreed to acquire WTC International N.V. in a\ntax-free exchange of stock.\n Pittston said it agreed to exchange 0.523 common share for\neach of the about 8,612,000 WTC common shares outstanding.\n Pittston said WTC's three principal shareholders, who own\n62 pct of its stock, are parties to this agreement. They have\ngranted Pittston the right of first refusal to their shares.\n WTC has granted Pittston an option to buy WTC shares equal\nto 18.5 poct of its outstanding stock. The agreement is subject\nto approval of both boards and WTC shareholders.\n Pittston said described WTC as a fast growing air freight\nforwarding company with operations throughout the world. Its\nrevenues totaled nearly 200 mln dlrs in the year ended November\n30 and for the quarter ended on that date it earned 1.3 mln\ndlrs on revenues of 55.8 mln dlrs.\n Pittston said its Burlington Air Express subsidiary\ngenerates about two-thirds of its 450 mln dlrs in annual\nrevenes with its domestic air freight services.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:33:32.93", "topics": [ "acq" ], "places": [ "usa" ], "id": "408" }, { "title": "SDC SYDNEY COST REVIEW MAY ELIMINATE PRODUCTS", "body": ", earlier reporting an increased nine month\noperating loss, said a cost control review now underway may\nresult in cost reduction and elimination of unprofitable and\nnon-strategic products and services.\n The company's operating loss for the nine months ended\nDecember 31, 1986 increased to 7.7 mln dlrs from a loss of 1.7\nmln dlrs in the prior year, it said earlier.\n Revenues increased by 20 pct to 11.8 mln dlrs from\nyear-earlier 9.8 mln dlrs.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:34:10.64", "topics": [ "earn" ], "places": [ "canada" ], "id": "409" }, { "title": " SIX MTHS DEC 31 LOSS", "body": "Shr loss 11 cts\n Loss 739,146\n Revs 11,754,251\n Note: initial public listing December, 1986\n Reuter\n\u0003", "date": " 2-MAR-1987 09:35:01.76", "topics": [ "earn" ], "places": [ "usa" ], "id": "410" }, { "title": "U.K. MONEY MARKET OFFERED BORROWING FACILTIES", "body": "The Bank of England said it had offered\nborrowing facilities to those discount houses wishing to use\nthem at 1430 GMT.\n The Bank also said it provided the money market 456 mln stg\nassistance in the afternoon session bringing its total help so\nfar today to 493 mln stg. This compares with its forecast of a\nshortage in the system today of around 700 mln stg.\n The central bank purchased bank bills outright comprising\n41 mln stg in band one at 10-7/8 pct 361 mln stg in band two at\n10-13/16 pct and 54 mln stg in band three at 10-3/4 pct.\n Money market dealers said the Bank of England has recently\nused the offer of borrowing facilities to signal that it does\nnot want to see an early reduction in U.K. Base lending rates.\n The Bank does this by lending to the discount houses at\nrates of interest higher than its prevailing money market\ndealing rates.\n REUTER\n\u0003", "date": " 2-MAR-1987 09:35:41.47", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "411" }, { "title": "ELECTRONIC MAIL FINANCING ATTEMPT FAILS", "body": "Electronic Mail Corp of\nAmerica said its efforts to secure additional financing for\nexpansion have fallen through.\n The company said that there are no immediate prospects for\nfinancing through other sources, though efforts will continue.\nThe company said operations wil continue while further efforts\nare made.\n Negotiations with an undisclosed company had been onging\nfor four months, the company said.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:36:05.24", "places": [ "usa" ], "id": "412" }, { "title": "NETHERLANDS GRANTS 47 MLN DLRS TO BANGLADESH", "body": "Bangladesh will receive a grant equivalent\nto 47 mln U.S. Dlrs from the Netherlands during 1987 under an\nagreement signed here Saturday, officials said.\n This raised the amount of Dutch grants to Bangladesh to 759\nmln dlrs since 1972, used mainly for commodity imports and\nimplementing development projects, they said.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:36:46.03", "places": [ "bangladesh", "netherlands" ], "id": "413" }, { "title": "QUEBEC'S CAISSE DES JARDINS ISSUES YEN EUROBOND", "body": "Caisse Centrale Desjardins du Quebec is\nissuing a 10 billion yen step-up eurobond maturing on March 25,\n1992 and priced at 101-3/4 pct, joint-bookrunner Warburg\nSecurities said.\n The issues pays a coupon of one pct in years one and two\nand then pays a coupon of 7-7/8 pct in years three, four and\nfive. The selling concession is 1-1/4 pct while management and\nunderwriting combined pays 5/8 pct.\n The payment date is March 25 while the issue will be listed\nin Luxembourg. The borrower is the wholesale financing arm of a\nmajor group of credit unions in the Province of Quebec.\n REUTER\n\u0003", "date": " 2-MAR-1987 09:37:12.60", "places": [ "uk" ], "id": "414" }, { "title": "DOW CHEMICAL LAUNCHES 200 MLN SWISS FRANC BOND", "body": "Dow Chemical Co has launched a 200 mln\nSwiss franc, 12-year bond with a 4-3/4 pct coupon priced at\n100-1/4 pct, lead manager Union Bank of Switzerland said.\n The issue carries a call option from 1993 at 102 pct,\ndeclining thereafter by 1/2 percentage point per year.\n Subscriptions close March 18 and payment date is April 2.\n REUTER\n\u0003", "date": " 2-MAR-1987 09:38:05.80", "places": [ "switzerland" ], "id": "415" }, { "title": "SWISS SIGHT DEPOSITS RISE 3.10 BILLION FRANCS", "body": "Sight deposits by commercial banks at the\nSwiss National Bank rose by 3.10 billion Swiss francs to 10.53\nbillion in the last 10 days of February, the National Bank\nsaid.\n Foreign exchange reserves fell 3.06 billion francs to 30.64\nbillion.\n Sight deposits are an important measure of Swiss money\nmarket liquidity.\n The decline in foreign exchange reserves reflected the\ndismantling of swap arrangements, the National Bank said.\n Banknotes in circulation rose by 834 mln francs to 24.79\nbillion while other deposits on call - mainly government funds\n- fell 1.60 billion francs to 1.04 billion.\n REUTER\n\u0003", "date": " 2-MAR-1987 09:38:13.72", "topics": [ "reserves" ], "places": [ "switzerland" ], "id": "416" }, { "date": " 2-MAR-1987 09:39:50.97", "topics": [ "grain", "oat" ], "places": [ "usa" ], "id": "417" }, { "title": "CONSOLIDATED TVX SAYS IT WILL ISSUE SHARES TO BUY STAKES IN THREE BRAZIL MINING FIRMS\n", "date": " 2-MAR-1987 09:42:34.14", "topics": [ "acq" ], "id": "418" }, { "title": "BRAZIL CRITICISES ADVISORY COMMITTEE STRUCTURE", "body": "Brazil is not happy with the existing\nstructure of the 14-bank advisory committee which coordinates\nits commercial bank debt, Finance Minister Dilson Funaro said.\n U.S. Banks have 50 pct representation on the committee\nwhile holding only 35 pct of Brazil's debt to banks, he said,\nadding \"This is not fair with the European and Japanese banks.\"\nThe committee had played a useful role in 1982 and 1983,\nhowever.\n Noting the often different reactions of U.S., Japanese and\nEuropean banks, Funaro told journalists that Brazil might adopt\nan approach involving separate discussions with the regions.\n Since debtor nations' problems were normally treated on a\ncase-by-case basis, \"Perhaps the same principle should apply to\ncreditors,\" central bank president Francisco Gros said.\n Brazil on February 20 suspended indefinitely interest\npayments on 68 billion dlrs owed to commercial banks, followed\nlast week by a freeze on bank and trade credit lines deposited\nby foreign banks and institutions, worth some 15 billion dlrs.\n Funaro and Gros spent two days at the end of last week in\nWashington talking to government officials and international\nagencies and will this week visit Britain, France, West\nGermany, Switzerland and Italy for discussions with\ngovernments.\n Funaro and Gros are today meeting British Chancellor of the\nExchequer Nigel Lawson, Foreign Secretary Geoffrey Howe and\nGovernor of the Bank of England Robin Leigh-Pemberton.\n Bankers have estimated that Brazil owes U.K. Banks around\n8.5 billion dlrs in long and medium term loans, giving the U.K.\nThe third largest exposure after the U.S. And Japan.\n The crisis began when Brazil's trade surplus, its chief\nmeans of servicing its foreign debt, started to decline sharply\nand the problem was compounded by a renewed surge in the\ncountry'sate of inflation. Reserves were reported to have\ndropped below four billion dlrs.\n Funaro envisaged that any eventual solution to problems\nwith Brazil's 108 billion dlr foreign debt would involve only\npartial servicing of the debt.\n \"What we propose is to arrive at a mechanism of refinance\nfor part of the service, because we cannot service all that,\" he\nsaid. \"I really think we have to change the old rules.\"\n Asked why Brazil was first approaching governments, rather\nthan the commercial banks themselves in its search for a\nsolution to the crisis, Funaro said \"We must first talk to the\ngovernments and then we can talk to the banks, because the\nbanks have some limits.\"\n \"It is a political discussion from our point of view,\" he\nsaid.\n Funaro said he hoped next week to travel to talk to\nJapanese and Canadian government officials. He would then talk\nto the commercial banks \"If I've got some solution from the\ngovernments. I can't take the burden only to the banks.\" He was\nnot sure how long it would take to reach a solution.\n  In discussions with governments Brazil would review the\nmechanisms whereby finance was made available to nations in\nneed. Finance from official lending agencies had been virtually\nclosed since 1982. \"You must open these mechanisms,\" he said.\n He said that while the U.S. Officials had been disturbed by\nBrazil's suspension of interest payments, they understood\nBrazil had no other choice, as it had to protect its reserves.\n Also the financing mechanisms had to be discussed \"because\nwe can't stay as we were the last few years.\"\n \"I'm trying to put the problem on the table.... All of us\nwould like to have a kind of equilibrium.\" he said. Although\nBrazil has rejected a substantive role for the International\nMonetary Fund (IMF) in managing its economy, Funaro paid a call\nin Washington to IMF Managing Director Michel Camdessus and to\nWorld Bank President Barber Conable.\n Funaro noted that inflation in February had started to\ndecline again and he expected Brazil to achieve a minimum eight\nbillion dlr trade surplus in 1987.\n Banking sources noted that Brazil's monthly surplus had\ndeclined to some 150 mln dlrs in the final three months of last\nyear, against a monthly one billion in the first nine months.\n Brazil had the third largest trade surplus in the world,\nFunaro said, although its share of international trade was only\none pct. \"The solution is linked with growth, not recession,\" he\nsaid, noting an IMF program would involve promoting exports and\ninducing an internal recession in order to service debt.\n Banking sources said Brazil's debts to foreign governments,\nas opposed to commercial banks, now benefit from a sounder\nstructure following last month's rescheduling by the Paris Club\nof creditor nations of 4.12 billion dlrs of official debt.\n REUTER\n\u0003", "date": " 2-MAR-1987 09:43:38.51", "organisations": [ "imf", "worldbank" ], "places": [ "uk", "brazil", "usa", "japan" ], "id": "419" }, { "title": "WHITTAKER CORP 1ST QTR JAN 31 NET", "body": "Oper shr 17 cts vs 25 cts\n Qtly div 15 cts vs 15 cts prior\n Oper net 1,522,000 vs 3,501,000\n Sales 98.0 mln vs 86.3 mln\n NOTE: Prior year net excludes loss from discontinued\noperations of 1,817,000 dlrs.\n Company said common shares outstanding down significantly\nto 7,814,000, reflecting retirement of about 5,200,000 shares\nsince start of restructurining in August 1986.\n Dividend pay April 30, record April 16.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:43:47.96", "topics": [ "earn" ], "places": [ "usa" ], "id": "420" }, { "title": "QUEBEC'S CAISSE DES JARDINS ISSUES YEN EUROBOND", "body": "Caisse Centrale Desjardins du Quebec is\nissuing a 10 billion yen step-up eurobond maturing on March 25,\n1992 and priced at 101-3/4 pct, joint-bookrunner Warburg\nSecurities said.\n The issues pays a coupon of one pct in years one and two\nand then pays a coupon of 7-7/8 pct in years three, four and\nfive. The selling concession is 1-1/4 pct while management and\nunderwriting combined pays 5/8 pct.\n The payment date is March 25 while the issue will be listed\nin Luxembourg. The borrower is the wholesale financing arm of a\nmajor group of credit unions in the Province of Quebec.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:47:04.97", "places": [ "uk" ], "id": "421" }, { "title": "STOP AND SHOP COS INC 4TH QTR JAN 31 NET", "body": "Oper shr 1.80 dlrs vs 1.46 dlrs\n Oper net 25.0 mln vs 20.2 mln\n Sales 1.09 billion vs 996.4 mln\n Avg shrs 13.9 mln vs 13.8 mln\n Year\n Oper shr 3.20 dlrs vs 2.57 dlrs\n Oper net 44.4 mln vs 35.4 mln\n Sales 3.87 billion vs 3.43 billion\n Avg shrs 13.9 mln vs 13.8 mln\n NOTES: Operating net excludes losses of 12.1 mln dlrs, or\n87 cts a share, vs 321,000 dlrs, or two cts a share, in quarter\nand 6.0 mln dlrs, or 43 cts a share, vs 5.1 mln dlrs, or 37 cts\na share, from discontinued operations. This includes provision\nin latest quarter of 12.2 mln dlrs for closing of Almys\nDepartment Store Co.\n Operating net in latest quarter and year includes 750,000\ndlrs charge for restructuring announced in early January\n Reuter\n\u0003", "date": " 2-MAR-1987 09:48:03.02", "topics": [ "earn" ], "places": [ "usa" ], "id": "422" }, { "title": "JIM WALTER CORP REGULAR DIVIDEND", "body": "Qtly div 35 cts vs 35 cts in prior qtr\n Payable April one\n Record March 14\n Reuter\n\u0003", "date": " 2-MAR-1987 09:49:36.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "423" }, { "title": "DIAGNOSTIC MAKES A BID FOR ROSPATCH ", "body": "Diagnostic Retrieval Systems Inc\nsaid it has made an offer to acquire, through a wholly owned\nunit, all outstanding shares of Rospatch Corp's common stock\nfor 22 dlrs a share cash, or about 53 mln dlrs.\n DRS, a warfare systems producer, said it would make the\ntransaction through a cash tender offer for all, but not less\nthan 51 pct, of Rospatch's outstanding common stock followed by\na merger with Rospatch, a labels, high technology and wood\nproducer, at the same purchase price per share.\n DRS said the deal is subject to approval by the Rospatch\nboard, and the tender offer expires on March 6, 1986.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:49:48.14", "topics": [ "acq" ], "places": [ "usa" ], "id": "424" }, { "title": "RECORD N.Z. FUTURES VOLUMES TRADED IN FEBRUARY", "body": "The volume of contracts traded on the\nNew Zealand Futures Exchange (NZFE) reached a record 25,559\ncontracts in February, the International Commodities Clearing\nHouse (ICCH) said.\n The previous high was 22,583 contracts in December 1986.\n The ICCH said the value of the contracts traded in February\nwas 2.90 billion N.Z. Dlrs.\n The seven contracts currently traded on the NZFE are:\nfive-year government bonds, the share price index, 90-day bank\nbills, 90-day prime commercial paper, the U.S. Dollar,\ncrossbred wool, and wheat.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:52:30.13", "topics": [ "grain", "wheat", "wool", "dlr" ], "places": [ "new-zealand" ], "id": "425" }, { "title": "AIR FORCE EXERCISES OPTION FOR AAR ORDER", "body": "AAR Corp said that the\nU.S. Air force exercised an option valued at about eight mln\ndlrs with its Brooks and Perkins Cadillac manufacturing\nsubsidiary in Michigan, for cargo pallet maintenence and\noverhaul.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:52:48.60", "places": [ "usa" ], "id": "426" }, { "title": "DOW CHEMICAL LAUNCHES 200 MLN SWISS FRANC BOND", "body": "Dow Chemical Co has launched a 200 mln\nSwiss franc, 12-year bond with a 4-3/4 pct coupon priced at\n100-1/4 pct, lead manager Union Bank of Switzerland said.\n The issue carries a call option from 1993 at 102 pct,\ndeclining thereafter by 1/2 percentage point per year.\n Subscriptions close March 18 and payment date is April 2.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:54:01.45", "places": [ "switzerland" ], "id": "427" }, { "title": "TANZANIA SAYS NO NEED FOR NEW ECONOMIC MEASURES", "body": "Tanzania's ruling Chama cha\nMapinduzi (CCM) party has endorsed the government's economic\nreform programme but said it did not think more changes, such\nas a further devaluation of the shilling, would be needed.\n Tanzania has devalued the shilling more than 65 pct in less\nthan a year and has started to overhaul inefficient government\nfirms in line with a package agreed with the IMF.\n The CCM's national executive committee said it was\nsatisfied with government efforts to implement IMF conditions.\n\"Measures taken so far are satisfactory and there is no need to\ntake other ones -- the devaluation of the shilling included,\" it\nsaid.\n The committee's statement was in response to a government\nreport on the IMF package submitted last Thursday.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:55:14.04", "organisations": [ "imf" ], "places": [ "tanzania" ], "id": "428" }, { "title": "TAIWAN TO SEEK HIGHER TEXTILE EXPORTS TO U.S.", "body": "A Taiwan mission will leave next week for\nWashington to renegotiate an agreement severely limiting the\ngrowth of the island's textile exports, a Board of Foreign\nTrade official said.\n Under the agreement signed last July, Taiwan's textile\nexport growth was limited to 0.5 pct each year until 1988,\nbased on the value of 1985 exports.\n The official said the pact was unfair because the United\nStates had signed more favourable agreements with Hong Kong and\nSouth Korea. They were each given about one pct growth until\n1991.\n He said Taiwan now found it difficult to compete with its\ntwo main rivals and the problem had been made worse because of\nthe surging value of the Taiwan dollar.\n Reuter\n\u0003", "date": " 2-MAR-1987 09:57:01.54", "places": [ "taiwan", "usa", "hong-kong", "south-korea" ], "id": "429" }, { "title": "U.S. JAN CONSTRUCTION SPENDING ROSE 1.0 PCT AFTER REVISED 0.9 PCT DEC DROP\n", "date": " 2-MAR-1987 10:01:38.70", "id": "430" }, { "title": "U.S. NON-FARM PRODUCTIVITY FELL REVISED 2.2 PCT IN 4TH QTR INSTEAD OF 1.7 PCT\n", "date": " 2-MAR-1987 10:01:42.80", "id": "431" }, { "title": "U.S. NON-FARM PRODUCTIVITY FELL 2.2 PCT IN QTR", "body": "Productivity in the non-farm business\nsector fell at a seasonally adjusted, revised annual rate of\n2.2 pct in the fourth quarter last year, the Labor department\nsaid.\n Previously, the department said productivity fell 1.7 pct\nin the fourth quarter.\n The decline followed a 0.3 pct drop in the third quarter.\n For all of 1986, productivity increased 0.7 pct from 1985,\nreflecting rises of 4.3 pct in the first quarter and 0.5 pct in\nthe second quarter.\n Non-farm productivity in 1985 increased 0.5 pct, the\ndepartment said.\n For the fourth quarter, output rose 1.9 pct while hours of\nall persons increased 4.3 pct.\n Hourly compensation rose 2.7 pct but effectively was zero\nwhen the increase in CPI-U is taken into account. Unit labor\ncosts rose 5.1 pct.\n The implicit price deflator for non-farm business fell 0.4\npct following a 3.6 pct increase in the third quarter.\n Manufacturng productivity declined 0.1 pct after a 3.6 pct\nincrease in the third quarter.\n Manufacturing output rose 3.3 pct in the fourth quarter and\nas hours gained 3.4 pct and compensation per hour 2.1 pct, the\ndepartment said.\n Real compensation per hour in manufacturing fell 0.6 pct in\nthe fourth quarter when inflation was taken into account.\n Business productivity, including farms, fell 2.8 pct in the\nfourth quarter after a 0.4 pct third-quarter decline but was\n0.7 pct higher overall in 1986 than in 1985.\n Hourly compensation increased three pct overall in 1986 in\nthe non-farm business sector, the smal.0 pct.e since 1919.\n In 1985, hourly compensation rose 4.0 pct.\n The implicit price deflator for non-farm business rose 2.2\npct in 1986 after a 3.3 pct rise a year earlier and was the\nsmallest increase since 1965.\n Unit labor costs were up 2.3 pct in 1986 after rising 3.5\npct in 1985.\n Productivity in manufacturing rose 2.7 pct last year after\na 1985 rise of 4.4 pct, the department said.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:02:26.35", "places": [ "usa" ], "id": "432" }, { "title": " FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.69 PCT FROM 7.82 PCT\n", "date": " 2-MAR-1987 10:02:31.29", "id": "433" }, { "title": "U.S. CONSTRUCTION SPENDING ROSE 1.0 PCT IN JAN", "body": "U.S. construction spending rose 3.6\nbillion dlrs, or 1.0 pct, in January to a seasonally adjusted\nrate of 378.5 billion dlrs, the Commerce Department said.\n Spending in December fell a revised 3.5 billion dlrs, or\n0.9 pct, to 374.9 billion dlrs, the department said.\n Previously, it said spending fell 0.5 pct in December.\n The department said the value of all new construction in\n1986 was 376.9 billion dlrs, or six pct more than the 355.6\nbillion dlrs of building put in place in 1985.\n The department said January construction spending was 5.1\nbillion dlrs, or 1.4 pct, above the January, 1986 total of\n373.4 billion dlrs.\n Residential construction spending rose in January to an\nannual rate of 180.7 billion dlrs from 178.6 billion dlrs in\nDecember.\n Public construction outlays rose for a third successive\nmonth to 75.2 billion dlrs in January from 71.2 billion dlrs in\nDecember, and were 7.2 billion dlrs, or 10.6 pct, higher than\nthe January, 1986 estimate of 68.0 billion dlrs, the department\nsaid.\n The department said a big increase in public spending\noccurred on highway construction, where outlays rose in January\nto 23.8 billion dlrs from 18.9 billion dlrs in December.\n In constant dlrs, January construction outlays rose 3.6\nbillion dlrs, or 1.1 pct from December levels, the department\nsaid.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:04:24.87", "places": [ "usa" ], "id": "434" }, { "title": "WHITTAKER TO HAVE GAINS FROM SALES", "body": "Whittaker Corp said it will have a\ngain on the sale of discontinued businesses after any operating\nlosses from the businesses up until the dates of disposition,\nbut it will defer reporting the gain until its restructuring\nprogram hsa been substantially completed.\n The company said in the first quarter ended January 31,m it\ncompleted the divestiture of its health maintenance\norganization operations to Travelers Corp , sold its\nWhittar Steel Strip operations to and sold its\nequity investment in Bertram-Trojan Inc to an affiliate of\n.\n The company said it has entered into definitive agreements\nto sell Whittaker General Medical Corp, Bennes MArrel SA of\nFrance and Juster Steel Corp as well.\n The company said to date it has received proceeds of about\n90 mln dlrs from divestitures and has used the funds to reduce\ndebt incurred in the repurchase of its common shares.\n Whittaker today reported first quarter earnings from\ncontinuing operations fell to 1,522,000 dlrs from 3,501,000\ndlrs a year before. The year-earlier figure excluded a\n1,817,000 dlr loss from discontinued operations.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:04:49.78", "topics": [ "earn" ], "places": [ "usa" ], "id": "435" }, { "title": "THE JAPAN FUND GETS BUYOUT OFFER", "body": "The Japan Fund Inc said it has received\nan unsolicited offer from , acting together with certain other persons and entities,\nto purchase all the assets of the fund at five pct below its\naggregate net asset value.\n The Japan Find said tne deal is subject to obtaining\nsatisfactory financing and a due diligence review.\n It added that the proposal has been referred to its Board\nof Directors for consideration.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:06:32.63", "topics": [ "acq" ], "places": [ "usa" ], "id": "436" }, { "title": "STANSBURY MINING GETS FUNDING FOR MINE", "body": "Stansbury Mining Corp said it has\narranged the financing it needs to bring its vermiculite mine\ninto operation later this year.\n The company said New York investment banking firm Matthews\nand Wright has arranged 7,300,000 dlrs in tax-free industrial\nrevenue bonds and 4,700,000 dlrs in conventional bonds.\n It said it expects to produce saleable ore from the mine\nbefore year-end.\n The company said it has also signed an agreement for Wright\nEngineers Ltd of British Columbia to recoup the cost of its\nservices to Stansbury by converting warrants.\n The company said Wright Engineers would convert the\nwarrants to Stansbury common on a monthly basis at the monthly\nmarket value as the 1,700,000 dlrs of engineering work is\ncompleted. It said it does not expect more than 400,000\nwarrants to be converted over the next 12 months.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:12:12.79", "places": [ "usa" ], "id": "437" }, { "title": " CALENDAR 1986", "body": "Div 50 won vs 50 won\n Net profit 6.91 billion won vs 6.10 billion\n Sales 4,275.4 billion vs 3,801,7 billion\n Note - Company has set 1987 sales target of 4,800 billion\nwon.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:13:07.54", "topics": [ "earn" ], "places": [ "south-korea" ], "id": "438" }, { "title": " CALENDAR 1986", "body": "Div 50 won vs 50 won\n Net profit 35.4 billion won vs 34.2 billion\n Sales 4,214.9 billion won vs 3,779.2 bilion\n Note - company has set 1987 sales target of 5,200 billion.\n REUTER\n\u0003", "date": " 2-MAR-1987 10:13:14.78", "topics": [ "earn" ], "places": [ "south-korea" ], "id": "439" }, { "title": "CORNING TO OFFER 0.5165 SHARE FOR EACH HAZLETON SHARE UNDER EARLIER AGREEMENT\n", "date": " 2-MAR-1987 10:17:14.61", "topics": [ "acq" ], "id": "440" }, { "title": "BANK OF NEW YORK TO HAVE GAIN ON UNIT SALE", "body": "Bank of New York Co said it and the\nmanagement of RMJ Securities Corp have agreed to sell 80 pct of\ntheir interests in RMJ Holding Corp to and Bank of New York expects to\nrealize a substantial gain on the transaction.\n RMJ Holding is the holding company for RMJ Securities, a\nlarge broker of U.S. government securities and agency\nobligations Bank of New York owns a majority interest in RMJ\nHolding and management of RMJ Securities the remainder.\n Bank of New York said the sale is expected to be completed\nduring the second quarter.\n It said it and RMJ Securities management will continue to\nown 20 pct of RMJ Holding for now, but the agreement provides\nfor the sale of that remaining interest to British and\nCommonwealth over the next six years.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:20:41.80", "topics": [ "acq" ], "places": [ "usa" ], "id": "441" }, { "title": "CORNING , HAZLETON SET EXCAHNGE RATIO", "body": "Corning Glass Works said the\nexchange ratio for its previously announced acquisition of\nHazleton Laboratories Corp has been established at 0.5165\nCorning common share for each Hazleton common share.\n Corning said the prospectus regarding the merger is\nexpected to be mailed tomorrow to all Hazleton holders of\nrecord February 18. Hazleton shareholders will vote on the\nproposed merger at a special meeting on March 31.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:29:07.31", "topics": [ "acq" ], "places": [ "usa" ], "id": "442" }, { "title": "HEALTH EXPERTS URGE ERADICATION OF RINDERPEST", "body": "World animal health experts called for a\ncampaign to eradicate the lethal cattle disease Rinderpest in\nBangladesh, Bhutan, India, Nepal and Pakistan, a statement from\na Food and Agriculture Organization (FAO) meeting here said.\n Some 230 mln dlrs is needed over two years to vaccinate the\nentire susceptible cattle population in Bangladesh and Pakistan\nand high-risk areas of the other three countries. In India some\n240 mln cattle are estimated to be at risk from the disease.\n The experts recommended the campaign be funded mostly by\nthe governments of the five nations, with help from the FAO.\nSimilar campaigns are needed in Egypt, Yemen, Iraq and Iran.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:30:23.83", "topics": [ "livestock", "l-cattle" ], "organisations": [ "fao" ], "places": [ "italy", "bangladesh", "bhutan", "india", "nepal", "pakistan", "egypt", "yemen-arab-republic", "yemen-demo-republic", "iran", "iraq" ], "id": "443" }, { "title": "TURKISH RETAIL PRICES RISE 2.7 PCT IN FEBRUARY", "body": "Turkish retail prices rose 2.7 pct in\nFebruary after 2.9 pct in January and 1.7 pct in February 1986,\nthe State Statistics Institute said.\n Prices in the year to February rose 31.6 pct, compared with\n30.3 pct in the year to January and 38.8 pct in the 12 months\nto February 1986.\n The index (base 1978/79), covering 14 towns and five\nregions, was 1,886.8 in February, 1,837.2 in January and\n1,434.0 in February 1986.\n REUTER\n\u0003", "date": " 2-MAR-1987 10:31:49.20", "topics": [ "retail" ], "places": [ "turkey" ], "id": "444" }, { "title": " bank of england announces creation of further one billion stg of nine pct 2002 exchequer stock\n", "date": " 2-MAR-1987 10:34:38.00", "id": "445" }, { "title": "XEROX CORP ADDS CAPACITY TO SYSTEM", "body": "Xerox Corp said it has added a\nsystem that can handle more than 3,000 calls per hour and store\nup to 526 hours of messages to its Voice Message Exchange\nproduct line.\n Available with 12 to 64 ports, the new System V is designed\nto serve 800 to 10,000 users, the company said. It is\ncompatible with the company's entire voice message exchange\nline, it added.\n Xerox said the system may be rented annually, with an\noption to purchase, starting at 4,700 dlrs per month, or\npurchased for 123,000 dlrs.\n\n Reuter\n\u0003", "date": " 2-MAR-1987 10:35:55.65", "places": [ "usa" ], "id": "446" }, { "title": "BALLY COMPLETES PURCHASE OF GOLDEN NUGGET", "body": "Bally Manufacturing Corp said it\ncompleted the acquisition of the Golden Nugget Casino Hotel in\nAtlantic City, New Jersey from Golden Nugget Inc.\n Bally also acquired from Golden Nugget various parcels of\nreal estate in Atlantic City, it noted.\n The transaction included 140 mln dlrs in cash and stock and\nthe assumption of a 299 mln dlrs mortgage.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:36:04.57", "topics": [ "acq" ], "places": [ "usa" ], "id": "447" }, { "title": "CONSOLIDATED TVX TO BUY BRAZIL GOLD MINE STAKES", "body": " said it\nagreed to issue 7.8 mln treasury shares to acquire interests in\nthree gold mining companies in Brazil and an option to increase\nthe company's interest in a platinum property.\n The company said the transactions will bring immediate\nproduction and earnings to Consolidated TVX, enhance its\nprecious metal potential and is expected to improve cash flow\nand earnings on a per share basis. The company did not give\nspecific figures.\n Consolidated TVX said it will acquire 29 pct of CMP, a\npublic gold mining company in which TVX already holds a 15 pct\ninterest, making TVX the largest single shareholder.\n The company also agreed to acquire a 19 pct stake in Novo\nAstro, a private company, and a 16 pct interest in Teles Pires\nMining, increasing the TVX's ownership to 51 pct.\n In addition, Consolidated TVX said it will acquire the\nright to add a 10 pct interest to a platinum property in which\nit already owns a 29.4 pct stake.\n CMP earned 11 mln Canadian dlrs in 1986 and expects to\nproduce 42,000 ounces of gold in 1987 at a cost of 160 U.S.\ndlrs an ounce, Consolidated TVX said.\n Novo Astro operates Brazil's richest gold mine located in\nAmapa State, with an average grade of 0.8 ounces of gold a ton\nin a hardrock quartz vein, Consolidated TVX said. Mining of\neluvial surface material produced 25,000 ounces in 1986 and is\nexpected to produce 60,000 ounces in 1987.\n It also said Teles Pires Mining controls rights to a 350\nkilometer section of the Teles Pires River, where one dredge is\nexpected to produce 10,000 ounces of gold in 1987.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:36:13.53", "topics": [ "gold", "acq", "platinum" ], "places": [ "canada", "brazil" ], "id": "448" }, { "title": "WARWICK INSURANCE MANAGERS INC 4TH QTR", "body": "Oper shr 17 cts vs 19 cts\n Oper net 636,000 vs 358,000\n Revs 10.6 mln vs 7,024,000\n Avg shrs 3,808,000 vs 1,924,000\n Year\n Oper shr 73 cts vs 65 cts\n Oper net 2,467,000 vs 1,199,000\n Revs 31.5 mln vs 22.9 mln\n Avg shrs 3,372,000 vs 1,785,000\n NOTE: Net excludes investment gains 20,000 dlrs vs 86,000\ndlrs in quarter and 586,000 dlrs vs 195,000 dlrs in year.\n 1985 year net excludes 304,000 dlr tax credit.\n Share adjusted for one-for-two reverse split in November\n1985.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:36:32.92", "topics": [ "earn" ], "places": [ "usa" ], "id": "449" }, { "title": "CANADA INDUSTRIAL PRICES UP 0.2 PCT IN MONTH", "body": "Canada's industrial product price index\nrose 0.2 pct in January after falling 0.2 pct in each of the\ntwo previous months, Statistics Canada said.\n The rise was led by price gains for papers, pharmaceuticals\nand petroleum and coal products. Price declines were recorded\nfor meat products, lumber and motor vehicles.\n On a year over year basis, the federal agency said the\nindex fell 0.9 pct in January, the largest yearly decline on\nrecord.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:39:16.09", "topics": [ "ipi" ], "places": [ "canada" ], "id": "450" }, { "title": "OLIVER'S STORES FILES CHAPTER 11", "body": "Oliver's Stores Inc said it has\ndecided to reorganize under Chapter 11 of the federal\nbankruptcy laws and will file a petition by the end of this\nweek.\n The company said it has failed to reach agreement with\nprimary lenders Manufacturers Hanover Corp and Midlantic\nCorp on a debt restructuring.\n It said Manufacturers has declared the company in default\nand demanded repayment of about six mln dlrs in debt.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:39:20.23", "places": [ "usa" ], "id": "451" }, { "title": "HOWE OWNERS FEDERAL HOLDERS OK MORE STOCK", "body": "Howen Owners Federal Savings and Loan\nAssociation said its stockholders have approved an amendment to\nits charter increasing the number of authorized common to 32\nmln shares from eight mln and the number of authorized\npreferred shares to eight mln from two mln.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:39:41.75", "places": [ "usa" ], "id": "452" }, { "title": "COMMERZBANK UNIT ISSUES STERLING EUROBOND", "body": "Commerzbank Overseas Finance NV is\nissuing a 50 mln stg eurobond due March 31, 1992 paying 9-5/8\npct and priced at 101-1/4 pct, joint-lead manager Samuel\nMontagu and Co Ltd said. Commerzbank AG is the other\njoint-lead.\n The non-callable bond is available in denominations of\n1,000 and 10,000 stg and will be listed in London. The selling\nconcession is 1-1/4 pct while management and underwriting\ncombined pays 5/8 pct.\n The payment date is March 31.\n REUTER\n\u0003", "date": " 2-MAR-1987 10:39:58.92", "places": [ "uk" ], "id": "453" }, { "title": "NUCLEAR DATA GETS EXTENSIONS ON LOANS", "body": "Nuclear Data Inc said its bank lenders\nagreed to extend its secured loan agreement through June 30,\n1987.\n The agreement, which covers about 9.5 mln dlrs in short\nterm debt, had been scheduled to expire February 28.\n Terms of the extension require Nuclear Data to obtain\nreplacement financing from outside sources before June 30, it\nsaid.\n If the company is unable to or fails to achieve certain\nprojected operating results in the meantime, it will be\nrequired to divest enough assets to retire its debt, it said.\n For the first nine months of its fiscal 1987 year ended\nNovember 30, 1986, Nuclear Data reported a loss of almost nine\nmln dlrs or 4.98 dlrs a share on revenues of 32.6 mln dlrs.\n Nuclear Data cited improvement in printed circuit board\nsales and said it is confident it will obtain replacement\nfinancing.\n In other action, Nuclear Data said it set up a 1.25 mln\ndlrs reserve to cover the revaluation of certain domestic\nmedical inventory and the redirection of its U.S. medical sales\nefforts.\n The reserve was taken to offset a decline in the U.S.\ndollar against the Danish Kroner and other factors adversely\naffecting sales of its Danish manufactured medical products in\nthe U.S. market, Nuclear Data said.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:40:44.23", "places": [ "usa" ], "id": "454" }, { "title": "GELCO CORP 2ND QTR SHR 67 CTS VS 23 CTS\n", "date": " 2-MAR-1987 10:40:46.58", "topics": [ "earn" ], "places": [ "usa" ], "id": "455" }, { "title": "STROBER ORGANIZATION INC 4TH QTR NET", "body": "Shr 22 cts vs 17 cts\n Net 1,232,000 vs 834,000\n Sales 24.1 mln vs 20.9 mln\n Avg shrs 5,609,000 vs five mln\n Year\n Shr 97 cts vs 69 cts\n Net 4,985,000 vs 3,426,000\n Sales 92.4 mln vs 77.9 mln\n Avg shrs 5,153,000 vs five mln\n Reuter\n\u0003", "date": " 2-MAR-1987 10:44:16.31", "topics": [ "earn" ], "places": [ "usa" ], "id": "456" }, { "title": "JUDGE RULES IN FAVOR OF DOW CHEM UNIT", "body": "Dow Chemical Co said a judge on\nthe New Jersey Superior Court for Monmouth County granted its\nMerrell Dow Pharmaceuticals Inc unit a motion for a directed\nverdict in its favor in a case alleging its morning sickness\ndrug, Bendectin, caused a child's birth defects.\n Merrell Dow said after plaintiffs had completed their\npresentation of evidence, Judge Marshall Selikoff granted the\ncompany's motion and discharged the jury on grounds tha\nplaintiffs did not present evidence showing the drug caused the\nchild' problems.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:44:32.03", "places": [ "usa" ], "id": "457" }, { "title": "U.K. SAYS HAS NO ROLE IN BRAZIL MORATORIUM TALKS", "body": "U.K. Chancellor of the Exchequer Nigel\nLawson has told Brazil's Finance Minister Dilson Funaro that\nnegotiations on Brazil's debt to commercial banks are a matter\nfor the commercial banks themselves, a Treasury spokesman said.\n The spokesman said the Chancellor had emphasised in talks\nthis morning with Funaro the need for the Brazilian authorities\nto be able to present a convincing economic program to the\ncountry's creditors. He added an accord with the International\nMonetary Fund (IMF) could be a very helpful support.\n Brazil on February 20 suspended interest payments on 68\nbillion dlrs of its debts to commercial banks.\n Lawson's attitude was interpreted by banking sources as a\nclear rebuff to Brazilian hopes of obtaining official\ncooperation in resolving its external debt crisis.\n Funaro, accompanied by central bank president Francisco\nGros, is on the first leg of a tour of European capitals in an\nattempt to explain to governments Brazil's indefinite\nsuspension of interest payments earlier this month.\n Brazil has in the past rejected a substantial role for the\nIMF in managing its economy, arguing that an IMF austerity\nprogram by promoting exports and dampening domestic consumption\nwould lead to recession and threaten democracy.\n Funaro and Gros last week visited Washington as part of\ntheir trip to enlist support from governments for its attempts\nto change the means by which developing countries finance\ngrowth.\n Funaro said on Saturday in Washington that Brazil would not\nhave suspended payment on its debt if it had received more and\nfaster financing from international agencies.\n He said earlier today that Brazil was first approaching\ngovernments before talking to the commercial banks themselves\nabout the interest payment moratorium \"because the banks have\nsome limits.... It's a political discussion from our point of\nview.\"\n Funaro said on Friday that his talks with U.S. Officials\nhad resulted in no new financial arrangement to help resolve\nBrazil's debt crisis, describing the meeting as an initial\ncontact.\n He had earlier met Federal Reserve Board Chairman Paul\nVolcker and U.S. Treasury Secretary James Baker.\n The Treasury spokesman pointed out that today's talks had\nbeen at Funaro's request.\n After travelling this week to France, Germany, Switzerland\nand Italy, Funaro hopes to visit Canada and Japan next week\nbefore starting negotiations with banks.\n REUTER\n\u0003", "date": " 2-MAR-1987 10:44:46.86", "organisations": [ "imf" ], "places": [ "uk", "brazil", "france", "west-germany", "switzerland", "italy", "canada", "japan" ], "id": "458" }, { "title": "SHELL CANADA CUTS CRUDE OIL PRICES BY UP TO 1.27 CANADIAN DLRS/BBL EFFECTIVE MARCH ONE\n", "date": " 2-MAR-1987 10:44:49.67", "topics": [ "crude" ], "id": "459" }, { "title": "BANK OF ENGLAND ANNOUNCES ONE BILLION STG TAP", "body": "The Bank of Enlgand said it was creating\nand taking onto its own books a one stg tranche of the nine pct\nExchequer stock due 2002.\n The issue is part paid with 20 stg pct payable on issue and\nthe 76 stg pct balance due on April 27. First dealings will\ntake place this Wednesday, March 4.\n The initial reaction among dealers was to mark prices\naround 1/8 point easier. The market had been untapped prior to\nthis announcement.\n REUTER\n\u0003", "date": " 2-MAR-1987 10:45:08.29", "places": [ "uk" ], "id": "460" }, { "title": "BRENCO INC DECLARES QTLY DIVIDEND", "body": "Qtly div three cts vs three cts prior\n Pay April six\n Record March 20\n Reuter\n\u0003", "date": " 2-MAR-1987 10:45:36.41", "topics": [ "earn" ], "places": [ "usa" ], "id": "461" }, { "title": "BLACK SOUTH AFRICAN MINERS SEEK WAGE RISE", "body": "The National Union of Mineworkers,\nNUM, said it will demand a 55 pct annual wage increase in\nupcoming negotiations with South Africa's mining companies.\n The union, representing some 360,000 black workers at about\n118 mines, last year sought a 45 pct boost in salaries and\nsettled for 23.5 pct.\n NUM General Secretary Cyril Ramaphosa told a news\nconference the miners were \"very angry at low wages...And are\nprepared to press their struggle for as long as it takes to get\ntheir demands met.\"\n Salaries for black miners currently range from a low of 195\nrand or 94 dlrs a month to 800 rand, or 384 dlrs, with an\naverage monthly wage of 345 rand or 165 dlrs, Ramaphosa said.\n He also said the union has asked the mining companies to\nbegin new contract talks on April one instead of the usual May\none starting time. The current one-year contract expires at the\nend of June.\n REUTER\n\u0003", "date": " 2-MAR-1987 10:47:27.01", "places": [ "south-africa" ], "id": "462" }, { "title": "PRIME COMPUTER UNVEILS PC SOFTWARE", "body": "Prime Computer Inc said it has\nintroduced the Prime Medusa/pc software, a two dimensional\nversion of its Prime Medusa computer-aided-design software.\n Prime said Prime Medusa/pc is for use on an International\nBusiness Machines Corp PC/AT operating within a Prime 50\nSeries minicomputer environment.\n The company said the software is available immediately to\ncustomers who have or are currently ordering a Prime Medusa\nlicense on one of Prime's 50 series systems.\n Prime added the software costs 5,000 dlrs per license with\nmonthly maintenance of 65 dlrs.\n Prime said it also unveiled the Prime Medusa Revision 4.0\nsystem with a new feature for developing applications that\nalows users to associate non-graphic information with graphic\nelements on a drawing sheet.\n The Prime Medusa Revision 4.0 is available immediately,\nPrime said.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:48:41.45", "places": [ "usa" ], "id": "463" }, { "title": "MASSACHUSETTS INVESTORS GROWTH STOCK FUND PAYOUT", "body": "Qtly div from income 5.1 cts vs 3.035 dlrs in prior qtr\nincluding capital gains of 2.978 dlrs\n Payable March 27\n Record February 27\n Reuter\n\u0003", "date": " 2-MAR-1987 10:49:30.79", "topics": [ "earn" ], "places": [ "usa" ], "id": "464" }, { "title": "FEDERAL INDUSTRIES PAPER ISSUE JUST IN CANADA", "body": "Federal Industries Ltd's\nearlier announced commercial paper issue of up to 440 mln dlrs,\nwill be made only in Canada, a company spokesman said.\n The issue currently underway is expected to be completed\nwithin the next few weeks.\n The final amount of the issue depends on market conditions,\nbut will likely be close to 400 mln dlrs, the spokesman said.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:49:46.90", "places": [ "canada" ], "id": "465" }, { "title": " 4TH QTR NET", "body": "Shr 35 cts vs 25 cts\n Net 1,590,000 vs 1,140,000\n Revs 32.2 mln vs 23.0 mln\n YEAR\n Shr 1.16 dlrs vs 68 cts\n Net 5,300,000 vs 3,100,000\n Revs 110.0 mln vs 85.4 mln\n Reuter\n\u0003", "date": " 2-MAR-1987 10:50:28.00", "topics": [ "earn" ], "places": [ "canada" ], "id": "466" }, { "title": "AMERICAN NURSERY BUYS FLORIDA NURSERY", "body": "American Nursery Products Inc\nsaid it purchased Miami-based Heinl's Nursery Inc, for\nundisclosed terms.\n Heinl's Nursery has sales of about 4.5 mln dlrs and owns\n100 acres, of which 75 are in shade houses and about 58,300\nsquare feet cover greenhouses, shipping and office facilities.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:50:34.12", "topics": [ "acq" ], "places": [ "usa" ], "id": "467" }, { "title": "JUTLAND TELEPHONE SETS 75 MLN SWISS FRANC BOND", "body": "Jutland Telephone Co plans to issue a 75\nmln Swiss franc, 4-3/4 pct bond with a par price and a maximum\n10-year maturity, lead manager Union Bank of Switzerland said.\n The bond may be retired between 1991 and 1996 if the\nsecondary price does not exceed par.\n It may be called starting in 1992 at 101, with declining\npremiums thereafter, or for tax reasons beginning in 1988 at\n102 with declining premiums thereafter.\n REUTER\n\u0003", "date": " 2-MAR-1987 10:52:37.95", "places": [ "switzerland" ], "id": "468" }, { "title": "REGENCY CRUISES INC ELECTS NEW CHAIRMAN", "body": "Regency Cruises Inc said its board\nelected William Schanz as its chairman and chief executive\nofficer. He replaces Anastasios Kyriakides, who resigned in\nDecember.\n Schantz has served as president, treasurer, and a director\nsince its inception in 1984.\n The company also elected three directors. They are Paul\nHermann, John Clive Bayley and Costas Galetakis. The company\nsaid they replace Paul Wells and Douglas MacGarvey, who also\nresigned in December. One new director's post has been added,\nRegency said.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:54:08.40", "places": [ "usa" ], "id": "469" }, { "title": "MFS MANAGED SECTORS TRUST DIVIDEND INCREASED", "body": "Semi-annual div from income of 7.3 cts vs 1.0 cent in prior\nperiod\n Payable March 27\n Record February 27\n Reuter\n\u0003", "date": " 2-MAR-1987 10:54:21.31", "topics": [ "earn" ], "places": [ "usa" ], "id": "470" }, { "title": "UNOCAL PLANS LUBE CENTERS AT TRUCKSTOPS", "body": "Unocal Corp said it plans to introduce\ntruck lube centers at most of the 148 Unocal 76 Auto/TruckStops\nalong the nation's interstate highways.\n The company said the centers will be the first national\nprogram to offer over-the-road trucks a convenient and complete\nlube-and-oil-change service. The centers will offer a 20-point\nlubrication and oil change at a suggested price of 99.95 dlrs\nfor most trucks.\n Unocal said the price will be the same or lower than\ncommercial grages and truckstops now charge in most areas.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:54:29.30", "places": [ "usa" ], "id": "471" }, { "title": ", PFIZER UNIT IN JOINT VENTURE", "body": "Genzyme Corp said it and Howmedica, a\nRutherford, N.J.-based company owned by Pfizer Inc, have agreed\nto an initial joint research and development program.\n The company said the venture will focus on using Genzyme's\nproprietary technologies to procued hyaluronic acid-based\nproducts for use in orthopedic surgery.\n Hyaluronic acid is a natural water retaining and\nlubricating component in the body's soft tissue, and a key part\nof certain body fluids.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:54:36.46", "places": [ "usa" ], "id": "472" }, { "title": "MULTI-STEP TO SELL LADDER UNIT, CANCEL SHARES", "body": ", earlier\nreporting an initial six month loss, said it agreed to sell\nwholly owned Multi-Step Manufacturing Inc for 100,000 dlrs\ncash, subject to shareholder and regulatory approval.\n Multi-Step also said it will pay 900,000 dlrs to cancel\n711,192 of its own shares, which will be acquired from Michael\nPenhale and his benficiaries. Penhale will control and manage\nMulti-Step Manufacturing, following the transactions.\n Multi-Step had a 739,146 dlr loss for the six months ended\nDecember 31. The company received its initial public listing in\nDecember.\n The company said its ladder-making unit has been losing\n300,000 dlrs quarterly.\n The sale, expected to close in April, also calls for\nretirement of the unit's 400,000 dlr bank debt, Multi-Step\nsaid. The unit also has agreed to pay a debt of 400,000 dlrs to\nTarxien Company Ltd, which is 40 pct owned by Multi-Step.\n Multi-Step previously said it agreed to acquire the\nremaining 60 pct of Tarxien it does not already own.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:59:16.80", "topics": [ "earn", "acq" ], "id": "473" }, { "title": "ESSELTE BUSINESS UNIT BUYS ANTONSON UNIT", "body": "Esselte Business Systems Inc's\nEsselte Meto division said it has acquired the Antonson America\nCo, a subsidiary of , of Sweden.\n Esselte said the Antonson unit, based in LaPorte, Indiana,\nmanufactures scales and label printers. The company said the\npurchase is part of a plan to increase the range of retail\nelectronic scales being offered by Esselte in the U.S.\n It said the acquisition will enble Esselte to increase its\ndistribution base in its effort to grow in the U.S.\n Reuter\n\u0003", "date": " 2-MAR-1987 10:59:28.36", "topics": [ "acq" ], "places": [ "usa", "sweden" ], "id": "474" }, { "title": "FED EXPECTED TO ADD TEMPORARY RESERVES", "body": "The Federal Reserve is expected to\nenter the U.S. Government securities market to add temporary\nreserves, economists said.\n They expect it to supply the reserves indirectly by\narranging a fairly large round, two billion dlrs or more, of\ncustomer repurchase agreements. The Fed may add the reserves\ndirectly instead via System repurchases.\n Federal funds, which averaged 6.02 pct on Friday, opened at\n6-1/8 pct and traded between there and 6-1/16 pct. Funds are\nunder upward pressure from settlement of recently sold two-year\nnotes and from a Treasury tax and loan call on banks.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:03:46.46", "topics": [ "money-fx", "interest" ], "places": [ "usa" ], "id": "475" }, { "title": "REUTER DEALING SERVICE INTRODUCED IN CHINA", "body": "Reuters Holdings Plc said it had\nits first subscriber installation in China of its foreign\nexchange dealing service.\n The subscriber is the banking department of the China\nInternational Trust and Investment Corp's (CITIC) head office\nin Beijing.\n The service is also due to be connected soon at the Bank of\nChina's new headquarters in Beijing, Reuters said.\n REUTER\n\u0003", "date": " 2-MAR-1987 11:04:07.61", "places": [ "uk", "china" ], "id": "476" }, { "title": "CAMBRIDGE MEDICAL IN DEAL ON AIDS TEST", "body": "Cambridge Medical Technology\ncorp said it has signed a letter of intent with Panbaxy\nLaboratories to jointly make a new AIDS test.\n The company said it will have the exclusive right to market\nthe product worldwide. The new test will be used to detect\nspecific viral antigens in serum and whole blood samples.\n It said it hopes to design a simplified test for home use.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:08:38.38", "places": [ "usa" ], "id": "477" }, { "title": "FOUR SEASONS BUYING MARRIOTT HOTEL", "body": " and VMS Realty\nPartners said they agreed to acquire the Santa Barbara Biltmore\nHotel in California from Marriott Corp, for undisclosed terms.\n Closing was expected by March 31, they added.\n The companies said they would jointly own the hotel and\nrename it the Four Seasons Biltmore at Santa Barbara. They said\nthey would spend more than 13 mln U.S. dlrs \"to enhance the\nBiltmore's position as one of the finest resort hotels in North\nAmerica.\" Chicago-based VMS Realty is a real estate and\ndevelopment firm.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:09:06.82", "topics": [ "acq" ], "places": [ "canada" ], "id": "478" }, { "title": "QUAKER OATS FILES SHELF REGISTRATION", "body": "Quaker Oats Co said it filed a shelf\nregistration with the Securities and Exchange Commission\ncovering up to 250 mln dlrs in debt securities.\n The company said it may offer the securites in one or more\nissues, from time to time, over the next two years.\n Proceeds will be used to repay short term debt issued in\nconnection with Quaker Oats' recent acquisitions and for other\ncorporate purposes, it said.\n Underwriters may include Salomon Brothers Inc and Goldman,\nSachs and Co.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:09:13.77", "places": [ "usa" ], "id": "479" }, { "title": "STONE SPLITS STOCK, RAISES PAYOUT", "body": "Stone Container Corp said it is\nsplitting its common stock 2-for-1 and increasing its dividend\n33-1/3 pct.\n The dividend of 20 cts a share, an increase of five cts\nover the prior 15 cts a share on pre-split shares, is payable\nJune 12 to holders of record May 22.\n The stock split also is payable June 12 to holders of\nrecord May 22.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:09:35.98", "topics": [ "earn" ], "places": [ "usa" ], "id": "480" }, { "title": "TEMPLE INLAND/INT'L PAPER UP ON RAISED OPINION", "body": "Shares of Temple Inland Inc and\nInternational Paper Co rose sharply this morning following\na recommendation by Prudential Bache Securities, traders said.\n Temple Inland jumped 2-7/8 to 73 and International Paper \n1-1/4 to 91-1/4.\n Prudential Bache analyst Mark Rogers was not available for\ncomment. Traders said he raised his recommendation of Temple\nInland to a \"buy\" to support his earnings outlook of 5.85 dlrs\na share in 1987 and nine dlrs a share in 1988. The company\nearned 3.30 dlrs a share in 1986.\n Traders also said that Rogers reiterated a recommendation\nof International Paper, another forest products company that\nscored large gains in January as the dollar floundered. Rogers\nexpects the company to earn 7.50 dlrs a share in 1987 and 10\ndlrs a share in 1988. Last year the company earned 5.28 dlrs a\nshare.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:10:22.72", "places": [ "usa" ], "id": "481" }, { "title": "PRESIDENTIAL AIR TO START NEW SERVICE", "body": "Presidential Airways Inc said it will\nserve 12 cities when it starts operating Continental Express\nunder a joint marketing agreement with Texas Air Corp's \nContinental Airlines on March 23.\n From its base at Dulles Airport in Washington, Presidential\nwill serve Albany, N.Y., Birmingham and Huntsville in Alabama,\nColumbus, Ohio, Daytona Beach, Melbourne and Sarasota, all in\nFlorida, Indianapolis, New York's Kennedy Airport,\nPhiladelphia, Portland, Me., and Savannah, Ga.\n Under the agreement, Presidential will continue as a\nseparate company but its mileage plan and other services will\nbe combined with those of Continental Airlines.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:10:36.96", "places": [ "usa" ], "id": "482" }, { "title": "S-K-I LTD 2ND QTR JAN 25 NET", "body": "Shr 81 cts vs 57 cts\n Net 3,660,273 vs 2,437,914\n Rev 28.5 mln vs 23.1 mln\n Six months\n Shr 29 cts vs 12 cts\n Net 1,325,755 vs 483,559\n Rev 31.7 mln vs 26.4 mln\n Reuter\n\u0003", "date": " 2-MAR-1987 11:10:41.60", "topics": [ "earn" ], "places": [ "usa" ], "id": "483" }, { "title": "KAPOK CORP YEAR SEPT 30 LOSS", "body": "Shr loss 20 cts vs profit 96 cts\n Net loss 499,000 vs profit 2,369,000\n Revs 11.5 mln vs 10.3 mln\n NOTE: Prior year net includes gain on sale of property of\n4,557,000 dlrs.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:10:45.64", "topics": [ "earn" ], "places": [ "usa" ], "id": "484" }, { "title": "COUPON REDUCED ON BEST DENKI WARRANT BOND", "body": "The coupon on the 70 mln dlr equity\nwarrant eurobond for Best Denki Co Ltd has been set at three\npct compared with the indicated 3-1/8 pct, lead manager Nikko\nSecurities Co (Europe) Ltd said.\n The exercise price was set 1,640 yen per share,\nrepresenting a premium of 2-1/2 pct over today's closing price\nof 1,600 yen. The foreign exchange rate was set at 154.40 yen\nto the U.S. Dollar.\n The five-year deal is priced at par.\n REUTER\n\u0003", "date": " 2-MAR-1987 11:17:05.35", "places": [ "uk" ], "id": "485" }, { "title": "CARGILL U.K. STRIKE TALKS POSTPONED", "body": "Talks due today between management and\nunions to try to end the strike at Cargill U.K. Ltd's Seaforth\noilseed crushing plant have been rescheduled for Thursday, a\ncompany spokesman said.\n Oilseed processing at the plant has been halted since\nDecember 19 when mill workers walked out in protest at new\ncontract manning levels.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:17:27.95", "topics": [ "oilseed" ], "places": [ "uk" ], "id": "486" }, { "title": "LOTUS INTRODUCES NEW SOFTWARE", "body": "Lotus Development Corp said it\nhas unveiled a new software product, named Galaxy, to\ncomplement the newly introduced Apple Computer Inc \nMacintosh II and Macintosh SE.\n Lotus said Galaxy will be formally introduced over the\nsummer.\n Lotus said Galaxy will include Command language and\ndynamically linked modules, unlike any other software product\ncurrently available for the Macintosh product family, which\nenables the user to execute a series of commands with a single\nlearned keystroke.\n \n Reuter\n\u0003", "date": " 2-MAR-1987 11:19:06.23", "places": [ "usa" ], "id": "487" }, { "title": "AMAX IN GOLD, SILVER FIND", "body": "AMAX Incx said it has identified\nadditional gold and silver ore reserves at its AMAX Sleeper\nMine near Winnemucca, Nev..\n It said as a result of recent drilling, reserves at thhe\nmine are now estimated at 2,470,000 short tons of ore grading\n0.24 ounce of gold and 0.50 ounce of silver per ton that is\ntreatable by conventional milling techniques.\n AMAX said additional reserves amenable to heap leaching are\nestimated at 38.3 mln tons averaging 0.025 ounce gold and 0.24\nounce silver per ton. Further drilling is being conducted, it\nsaid.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:19:44.98", "topics": [ "gold", "silver" ], "places": [ "usa" ], "id": "488" }, { "title": "STUDY GROUP URGES INCREASED U.S. OIL RESERVES", "body": "A study group said the United States\nshould increase its strategic petroleum reserve to one mln\nbarrels as one way to deal with the present and future impact\nof low oil prices on the domestic oil industry.\n U.S. policy now is to raise the strategic reserve to 750\nmln barrels, from its present 500 mln, to help protect the\neconomy from an overseas embargo or a sharp price rise.\n The Aspen Institute for Humanistic Studies, a private\ngroup, also called for new research for oil exploration and\ndevelopment techniques.\n It predicted prices would remain at about 15-18 dlrs a\nbarrel for several years and then rise to the mid 20s, with\nimports at about 30 pct of U.S. consumption.\n It said instead that such moves as increasing oil reserves\nand more exploration and development research would help to\nguard against or mitigate the risks of increased imports.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:20:05.52", "topics": [ "crude" ], "places": [ "usa" ], "id": "489" }, { "title": "K-TRON INTERNATIONAL INC 4TH QTR NET", "body": "Oper shr profit 36 cts vs loss 1.48 dlrs\n Oper net profit 1,353,000 vs loss 5,551,000\n Revs 11.3 mln vs 8,142,000\n Year\n Oper shr profit 31 cts vs loss 1.58 dlrs\n Oper net profit 1,165,000 vs loss 5,919,000\n Revs 38.0 mln vs 31.6 mln\n NOTE: Net includes pretax unusual gain 64,000 dlrs vs loss\n4,744,000 dlrs in quarter and losses 3,0077,000 dlrs vs\n4,744,000 dlrs in year. 1986 items include settlement of\npatent suit and provision for investment writeoff and 1985 item\nprovision for loss on sale of scale business.\n 1986 net both periods excludes 400,000 dlr tax credit.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:20:13.54", "topics": [ "earn" ], "places": [ "usa" ], "id": "490" }, { "title": "FORD INCREASES 2ND QTR OUTPUT PLANS -REPORT", "body": "Ford Motor Co has increased its U.S.\nproduction schedule for the second quarter by 52,000 cars and\n32,000 trucks from previous plans, the trade paper Ward's\nAutomotive Reports said.\n The paper, which tracks industry production, said Ford\nplans to build 485,000 cars in the April-June period, compared\nwith 497,000 a year ago.\n Ford's new production schedule represents a 12 pct increase\nfrom previous production plans for cars and 10 pct for trucks,\nWard's said.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:20:39.84", "places": [ "usa" ], "id": "491" }, { "title": "FNMA ARRANGES MORTGAGE SECURITIES SWAP", "body": "The Federal National Mortgage\nAssociation said it arranged a swap of 250-350 mln dlrs in\nstripped mortgage-backed securities with Shearson Lehman\nBrothers Inc.\n The exact amount of the swap will be determined later, it\nsaid. Fannie Mae said the swap includes 15-year mortgages for\nFannie Mae stripped mortgage-back securities that bear a nine\npct coupon.\n The stripped securities consist of two classes. One\nreceives all the principal payments from the underlying pool of\nmortgages and the other receives all the interest.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:20:53.95", "places": [ "usa" ], "id": "492" }, { "title": "MCI GETS PENNEY CONTRACT", "body": "MCI Communications Corp said it\nhas received a contract to provide telecommunications services\nto J.C. Penney Co Inc to accomodate much of Penney's nationwide\nvboice and information transfer requirements, via a privatge\nsatellite network.\n It said video teleconferencing will be provided at five\nlocations, data will be transmitted among seven locations and\nvoice service will be provided to 350 locations. The company\nsaid Penney's use of the services is expected top exceed four\nmln call minutes per month of voice traffic.\n Value was not disclosed.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:21:31.19", "places": [ "usa" ], "id": "493" }, { "title": "PRESIDENTIAL REALTY CORP ANNUAL NET", "body": "Shr 1.65 dlrs vs 1.50 dlrs\n Net 5,370,000 vs 4,901,000\n Rev 8.4 mln vs 7.8 mln\n NOTE: 1986 net gain from property investments 717,000 dlrs,\nor 22 cts per share, vs 721,000 dlrs, or 22 cts per share.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:21:58.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "494" }, { "title": "FORD INCREASES 2ND QTR OUTPUT PLANS, REPORT SAYS", "body": "Ford Motor Co has increased its U.S.\nproduction schedule for the second quarter by 52,000 cars and\n32,000 trucks from previous plans, the trade paper Ward's\nAutomotive Reports said.\n The paper, which tracks industry production, said Ford\nplans to build 485,000 cars in the April-June period, compared\nwith 497,000 a year ago.\n Ford's new production schedule represents a 12 pct increase\nfrom previous production plans for cars and 10 pct for trucks,\nWard's said.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:23:10.34", "places": [ "usa" ], "id": "495" }, { "title": "REDSTONE DETAILS SWEETENED VIACOM OFFER", "body": "Investor Sumner Redstone, who leads\none of the two groups vying for control of Viacom International\nInc, offered to sweeten his bid for the company by 1.50 dlrs a\nshare cash and 1.50 dlrs in securities.\n In a filing with the Securities and Exchange Commission,\nRedstone, who controls Dedham, Mass.,-based National Amusements\nInc, a theater chain operator, offered to raise the cash\nportion of its Viacom offer to 42 dlrs a share from 40.50 dlrs.\n Redstone also raised the face value of the preferred stock\nhe is offering to 7.50 dlrs from six dlrs.\n The Redstone offer, which is being made through Arsenal\nHoldings Inc, a National Amusements subsidiary set up for that\npurpose, which also give Viacom shareholders one-fifth of a\nshare of Arsenal common stock after the takeover.\n Viacom said earlier today it received revised takeover bids\nfrom Redstone and MCV Holdings Inc, a group led by Viacom\nmanagement which is competing with Redstone for control of the\ncompany and already has a formal merger agreement with Viacom.\n The company did not disclose the details of the revised\noffers, but said a special committee of its board would review\nthem later today.\n The Redstone group, which has a 19.5 pct stake in Viacom,\nand the management group, which has a 5.4 pct stake, have both\nagreed not to buy more shares of the company until a merger is\ncompleted, unless the purchases are part of a tender offer for\nat least half of the outstanding stock.\n The two rivals also signed confidentiality agreements,\nwhich give them access to Viacom's financial records provided\nthey keep the information secret.\n In his SEC filing, Redstone, who estimated his cost of\ncompleting the takeover at 2.95 billion dlrs, said Bank of\nAmerica is confident it can raise 2.275 billion dlrs.\n Besides the financing it would raise through a bank\nsyndicate, Bank of America has also agreed to provide a\nseparate 25 mln dlr for the limited purpose of partial\nfinancing and has committed to provide another 592 mln dlrs,\nRedstone said.\n Merrill Lynch, Pierce Fenner and Smith Inc has increased\nits underwriting commitment to 175 mln dlrs of subordinated\nfinancing debt for the Viacom takeover, from the 150 mln dlrs\nit agreed to underwrite earlier, Redstone said.\n Redstone said his group would contribute more than 475 mln\ndlrs in equity toward the takeover.\n The Redstone equity contribution to the takeover would\nconsist of all of his group's 6,881,800 Viacom common shares\nand at least 118 mln dlrs cash, he said.\n The new offer, the second sweetened deal Redstone has\nproposed in his month-long bidding war with management, also\ncontains newly drawn up proposed merger documents, he said.\n Last week, the management group submitted what it called\nits last offer for the company, valued at 3.1 mln dlrs and\nconsisting of 38.50 dlrs a share cash, preferred stock valued\nat eight dlrs a share and equity in the new company. Redstone's\nprevious offer had been valued at 3.2 billion dlrs.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:23:31.27", "topics": [ "acq" ], "places": [ "usa" ], "id": "496" }, { "title": "MONTEDISON CONCLUDES TALKS WITH ANTIBIOTICOS", "body": "Montedison Spa said it has\nconcluded its negotiations with Spanish pharmaceuticals company\n.\n A company spokesman told Reuters \"We have concluded the\ntalks and we are now awaiting authorization from Spanish\nauthorities.\" He declined to comment further.\n Earlier today the Italian company postponed a scheduled\npress conference on its talks with Antibioticos. An Italian\npress report today said Montedison has agreed to acquire\nAntibioticos for 500 billion lire.\n REUTER\n\u0003", "date": " 2-MAR-1987 11:23:45.24", "topics": [ "acq" ], "places": [ "italy", "spain" ], "id": "497" }, { "title": "UTILICORP COMPLETES ACQUISITION", "body": "UtiliCorp United Inc said it\ncompleted the acquisition of West Virginia Power from Dominion\nResources for about 21 mln dlrs.\n The sale was approved by the West Virginia Public Service\nCommission in January and became effective March one. West\nVirginia's management will continue to be responsible for\noperating the utility, it said.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:24:06.09", "topics": [ "acq" ], "places": [ "usa" ], "id": "498" }, { "title": "ARMCO CHANGES EUROPEAN MARKETING UNIT", "body": "Armco Inc said its former European\nSteel Mill Merchandising department has become a unit of the\nparent's specialty steels division based in Butler.\n The unit, newly named Specialty Steels-Europe is based in\nCologne, West Germany. It will market and sell in Europe the\ndivision's U.S.-made products and specialty products made in\nEurope.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:24:11.76", "places": [ "usa" ], "id": "499" }, { "title": "FAA FINES DELTA 140,400 DLRS ON SAFETY", "body": "The Federal Aviation Administration\nfined Delta Air Lines Inc 140,400 dlrs for alleged violations\nof federal air safety rules, FAA officials said.\n The FAA had reviewed Delta safety and maintenance\noperations early last year as part of a series of special\ninspections of U.S. air carriers.\n The Delta fine is the smallest to come out of the special\ninspections, the officials said.\n As a result of the inspections, Eastern Air Lines was fined\na record 9.5 mln dlrs, American Airlines was penalized 1.5 mln\ndlrs and Pan American World Airways 1.95 million dlrs.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:25:38.57", "places": [ "usa" ], "id": "500" }, { "title": "TRADERS DETAIL FRENCH CEREAL EXPORT REQUESTS", "body": "French operators last Friday requested\nlicences to export 10,500 tonnes of free market maize, 11,950\ntonnes of free market barley and 13,000 of soft wheat flour to\nnon-EC countries, at prefixed daily (droit commun) rebates,\nFrench trade sources said.\n The latest requests for the maize were for export to\nSwitzerland, Austria and Lichtenstein at a maximum daily rebate\nprefixed last Friday at 141 Ecus a tonne against a previous 20\nEcu daily rebate.\n The special daily rebate for maize was set in the context\nof a Commission commitment to grant this season rebates for the\nexport of 500,000 tonnes of French maize to non-EC countries,\nin compensation for concessions to the U.S. in the recent\ndispute over grain sales to Spain.\n If the latest French requests are accepted as expected,\nthis will bring the total of French maize exported in this\ncontext to 25,500 tonnes.\n The Commission last Thursday granted weekly rebates for the\nsale of 15,000 tonnes of free market maize to non-EC countries.\n Requests for barley were for export to Switzerland, Austria\nand Lichtenstein, Ceuta and Melilla at an unchanged pre-fixed\nrestitution of 125 Ecus a tonne, while requests for soft wheat\nflour were for export to various non-EC countries at an\nunchanged 178 Ecus a tonne.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:26:14.33", "topics": [ "grain", "corn", "wheat", "barley" ], "places": [ "france", "switzerland", "austria", "liechtenstein", "usa", "spain" ], "id": "501" }, { "title": "STUDY GROUP URGES INCREASED U.S. OIL RESERVES", "body": "A study group said the United States\nshould increase its strategic petroleum reserve to one mln\nbarrels as one way to deal with the present and future impact\nof low oil prices on the domestic oil industry.\n U.S. policy now is to raise the strategic reserve to 750\nmln barrels, from its present 500 mln, to help protect the\neconomy from an overseas embargo or a sharp price rise.\n The Aspen Institute for Humanistic Studies, a private\ngroup, also called for new research for oil exploration and\ndevelopment techniques.\n It predicted prices would remain at about 15-18 dlrs a\nbarrel for several years and then rise to the mid 20s, with\nimports at about 30 pct of U.S. consumption.\n The study cited two basic policy paths for the nation: to\nprotect the U.S. industry through an import fee or other such\ndevice or to accept the full economic benefits of cheap oil.\n But the group did not strongly back either option, saying\nthere were benefits and drawbacks to both.\n It said instead that such moves as increasing oil reserves\nand more exploration and development research would help to\nguard against or mitigate the risks of increased imports.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:28:26.03", "topics": [ "crude" ], "places": [ "usa" ], "id": "502" }, { "title": "NCR CORP UNIT SIGNS DISTRIBUTION PACT", "body": "NCR Corp's Personal Computer\ndivision said it signed an agreement to distrubute its personal\ncomputer products to 544 stores in the U.S.\n The company said the agreement covers its entire PC line,\nwhich will be sold by Computerland franchises, Computerland\nStores Inc, and for major corporate bids, through the\nComputerland National Accounts Program.\n Computerland said it is planning a direct mail campaign and\nother publicity on its private satellite network to promote the\nNCR line.\n The primary products to be sold by Computerland stores\ninclude the PC8 AT-compatible unit, the PC6 dual-speed model\nand the 2114/PC Retail Management System, according to NCR.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:28:55.29", "places": [ "usa" ], "id": "503" }, { "title": "CARBIDE LOOKS TO ACQUISITIONS FOR GROWTH", "body": "Union Carbide Corp is looking to\nacquisitions and joint ventures to aid its chemicals and\nplastics growth, according the H.W. Lichtenberger, president of\nChemicals and Plastics.\n Describing this as a major departure in the company's\napproach to commercial development, he told the annual new\nbusiness forum of the Commercial Development Association \"We\nare looking to acquisitions and joint ventures when they look\nlike the fastest and most promising routes to the growth\nmarkets we've identified.\"\n Not very long ago Union Carbide had the attitude \"that if\nwe couldn't do it ourselves, it wasn't worth doing. Or, if it\nwas worth doing, we had to go it alone,\" Lichtenberger\nexplained.\n He said \"there are times when exploiting a profitable\nmarket is done best with a partner. Nor do we see any need to\nplow resources into a technology we may not have if we can link\nup profitably with someone who is already there.\"\n He said Carbide has extended its catalyst business that way\nand is now extending its specialty chemicals business in the\nsame way.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:29:26.84", "topics": [ "acq" ], "places": [ "usa" ], "id": "504" }, { "title": "CORRECTED - BANKAMERICA NEGOTIATING SALE OF UNITS", "body": "Bank of America NT and SA's\n West German branch said it is negotiating the sale of\nBankhaus Centrale Credit AG, a small local West German bank it\nacquired in 1965, and of its West German Visa credit card\noperation.\n Michael Seibel, Bank of America vice-president and regional\nmanager, said the negotiations were proceeding well. He\ndeclined to give further details.\n Bank of America's West German branch lost some 32 mln marks\nin 1985. The result includes profit and loss transfers from\nBankhaus Centrale Credit and the Visa organisation. The sale of\nthe units is part of the bank's worldwide restructuring plan.\n REUTER\n\u0003", "date": " 2-MAR-1987 11:30:19.81", "topics": [ "acq" ], "places": [ "west-germany" ], "id": "505" }, { "title": " CUTS DIVIDEND", "body": "Semi div 13 cts vs 18 cts prior\n Pay March 13\n Record March Two\n Reuter\n\u0003", "date": " 2-MAR-1987 11:30:44.04", "topics": [ "earn" ], "places": [ "usa" ], "id": "506" }, { "title": "COLUMBIA GAS FORMS ERIE PIPELINE SUBIDIARY", "body": "Columbia Gas System Inc said it\nhas formed Columbia Erie Pipeline Corp as a subsidiary to\nparticipate with Coastal Corp's ANR Pipeline Co in\nconstruction and operation of the Erie Pipeline System.\n As previously announced, Columbia Gas and ANR Pipeline\nsigned a letter of intent to form a partnership to construct\nand operate the Erie system, which will run from ANR's\nfacilities in Defiance County, Ohio, to Clinton, County, Pa.\n Columbia said specific terms of participation are to be\nspelled out in a partnership agreement to be negotiated within\nthe next 60 days.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:32:35.88", "places": [ "usa" ], "id": "507" }, { "title": "PAYOUT", "body": "Mthly div 4.5 cts vs 4.5 cts prior\n Pay March 13\n Record March Two\n Reuter\n\u0003", "date": " 2-MAR-1987 11:33:17.43", "topics": [ "earn" ], "places": [ "usa" ], "id": "508" }, { "title": " SETS PAYOUT", "body": "Mthly div 3.6 cts vs 3.6 cts prior\n Pay March 13\n Record March Two\n Reuter\n\u0003", "date": " 2-MAR-1987 11:34:52.00", "topics": [ "earn" ], "places": [ "usa" ], "id": "509" }, { "title": "R.J.R. NABISCO UNIT FORMS OVERSEEING COMMITTEE", "body": "R.J. Reynolds Tobacco Co, a\nunit of R.J.R. Nabisco Inc , said it has formed an\nexecutive management committee to oversee the company's\nworldwide tobacco operations.\n Reynolds Tobacco said the committee's members will be\nsenior managers of Reynolds Tobacco Co, R.J. Reynolds Tobacco\nUSA, and R.J. Reynolds International Inc.\n R.J.R. Nabisco is reportedly attempting to form a master\nlimited partnership out of its tobacco unit, part of which will\nbe sold to the public.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:36:19.06", "places": [ "usa" ], "id": "510" }, { "title": "PETRO-CANADA CUT CRUDE PRICES BY 1.43 CANADIAN DLRS/BBL EFFECTIVE MARCH ONE\n", "date": " 2-MAR-1987 11:37:24.38", "topics": [ "crude" ], "id": "511" }, { "title": " PAYOUT", "body": "Mthly div 7.7 cts vs 7.7 cts prior\n Pay March 13\n Record March Two\n Reuter\n\u0003", "date": " 2-MAR-1987 11:38:51.73", "topics": [ "earn" ], "places": [ "usa" ], "id": "512" }, { "title": " PAYOUT", "body": "Mthly div 7.3 cts vs 7.3 cts prior\n Pay March 13\n Record March Two\n Reuter\n\u0003", "date": " 2-MAR-1987 11:38:56.02", "topics": [ "earn" ], "places": [ "usa" ], "id": "513" }, { "title": "PAYOUT", "body": "Mthly div six cts vs six cts prior\n Pay March 13\n Record March Two\n Reuter\n\u0003", "date": " 2-MAR-1987 11:39:00.38", "topics": [ "earn" ], "places": [ "usa" ], "id": "514" }, { "title": "GM UNIT TO OFFER PRE-APPROVED CREDIT", "body": "General Motors Corp's GMAC Financial\nServices said it plans to offer 25 billion dlrs in pre-approved\ncredit to more than two mln \"preferred customers\" in a\nnationwide direct mail campaign.\n The GM unit said the program is the largest automotive\ncredit offer of its kind in history.\n GMAC Financial Services said the mailing will be completed\nby early March. Selected current GMAC customers will receive\noffers of pre-approved credit equal to the cash selling price\nof the vehicles they are currently financing, rounded up to the\nnext 1,000 dlrs.\n Within this group, Buick owners will also receive a special\ndiscount of 300 dlrs that would be provided by GM's Buick motor\ndivision if they accept GMAC's offer to finance or lease a new\nBuick.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:40:25.88", "places": [ "usa" ], "id": "515" }, { "title": "CANADA RULING ON U.S. CORN INJURY DUE THIS WEEK", "body": "The Canadian government is expected\nto announce later this week its final ruling whether U.S. corn\nexports to Canada have injured Ontario corn growers, U.S.\ngovernment and farm group representatives said.\n The deadline for a final determination is March 7.\n U.S. officials said they are encouraged by the outcome in a\nsimilar case covering European pasta imports. In that case,\nCanada decided pasta imports, which take about ten pct of the\nCanadian market, did not injure domestic producers. U.S. corn\nexports represent only about five pct of the Canadian market.\n Canada slapped a 1.05 dlrs per bushel duty on U.S. corn\nimports in November 1986, but reduced the duty to 85 cts last\nmonth because the Canadian government said U.S. subsidies to \ncorn producers were less than Canada earlier estimated.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:40:59.07", "topics": [ "grain", "corn" ], "places": [ "usa", "canada" ], "id": "516" }, { "title": "FIRST MISSISSIPPI CORP SETS PAYOUT", "body": "Qtly div six cts vs six cts prior\n Pay April 28\n Record March 31\n Reuter\n\u0003", "date": " 2-MAR-1987 11:41:35.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "517" }, { "title": "ROTTERDAM PORT UNION AND EMPLOYERS TO MEET", "body": "Dutch port and transport union, FNV,\nagreed to an employers' request to reconvene abandoned peace\ntalks tonight to try to end strikes that have disrupted\nRotterdam's general cargo sector for the past six weeks, a\nunion spokesman said.\n Talks broke down Thursday when the union walked out after\nemployers tabled their final offer to end the strikes which\nstarted January 19 in protest at planned redundancies of 800\nfrom the sector's 4,000 workforce, starting with 350 this year.\n The employers' invitation to restart the talks comes on the\nday a deadline set by Minister of Social Affairs Louw de Graaf\nfor a resolution of the dispute expires.\n De Graaf said if the dispute had not ended by today he\nwould withdraw the 10 mln guilder annual labour subsidy to the\nsector.\n No comment was immediately available from the employers'\norganization.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:41:56.31", "topics": [ "ship" ], "places": [ "netherlands" ], "id": "518" }, { "title": "FED SETS 1.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS\n", "date": " 2-MAR-1987 11:42:05.20", "topics": [ "money-fx", "interest" ], "id": "519" }, { "title": "AIRGAS DECLINES TO COMMENT ON STOCK MOVES", "body": "The New York Stock Exchange said Airgas\nInc declined to comment on its stock activity after a request\nfor an explanation by the exchange.\n The company's stock was up 1-1/8 points to 11 dlrs.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:42:14.82", "places": [ "usa" ], "id": "520" }, { "title": "JIM WALTER CORP SETS PAYOUT", "body": "Qtly div 35 cts vs 35 cts prior\n Pay April One\n Record March 14\n Reuter\n\u0003", "date": " 2-MAR-1987 11:43:22.42", "topics": [ "earn" ], "places": [ "usa" ], "id": "521" }, { "title": "FED ADDS RESERVES VIA CUSTOMER REPURCHASES", "body": "The Federal Reserve entered the U.S.\nGovernment securities market to arrange 1.5 billion dlrs of\ncustomer repurchase agreements, a Fed spokesman said.\n Dealers said Federal funds were trading at 6-3/16 pct when\nthe Fed began its temporary and indirect supply of reserves to\nthe banking system.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:44:41.93", "topics": [ "money-fx", "interest" ], "places": [ "usa" ], "id": "522" }, { "title": "SONY TO EXPAND U.K. TELEVISION OUTPUT", "body": "Sony (U.K.) Ltd said it would be doubling\ncapacity at its Bridgend, Wales, television and components\nfactory over the next three years in a 30 mln stg expansion.\n The expansion, backed by Welsh office grants, would make\nBridgend Sony's biggest tv manufacturing plant in Europe with\noutput of about 500,000 tv sets per year, a spokesman said.\n The move will add 300 jobs at Bridgend, bringing the total\nworkforce to 1,500 at the end of the three-year period.\n The expansion is part of a wider move by Sony Corp \nto locate more production capacity nearer its markets, a\nspokesman said.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:49:17.45", "places": [ "uk" ], "id": "523" }, { "title": "JAPAN'S NTT FORECASTS PROFITS FALL IN 1987/88", "body": "\n(NTT) expects its profits to fall to 328 billion yen in the\nyear ending March 31, 1988 from a projected 348 billion this\nyear, the company said.\n Total sales for the same period are expected to rise to\n5,506 billion yen from a projected 5,328 billion this year, NTT\nsaid in a business operations plan submitted to the Post and\nTelecommunications Ministry.\n NTT said it plans to make capital investments of 1,770\nbillion yen in 1987/88, including 109 billion for research and\ndevelopment, as against a total of 1,600 billion this year.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:52:24.47", "topics": [ "earn" ], "places": [ "japan" ], "id": "524" }, { "title": "EC COMMISSION GIVEN PLAN TO SAVE STEEL INDUSTRY", "body": "European Community steelmakers\npresented the Executive Commission with a controversial plan\nfor the future of the industry which diplomats say it may be\nforced reluctantly to accept.\n Under the plan steel output would remain subject to\nrestrictive quotas and imports would be firmly controlled for\nyears to come while steel firms undertook a massive\nslimming-down operation to adjust capacity to lower demand.\n Industry Commissioner Karl-Heinz Narjes has proposed the\nending of the quota system by December 1988.\n He has proposed a return to the free market, which under EC\nlaw is supposed to exist except in times of \"manifest crisis.\"\n But diplomats said some ministers who meet to discuss this\nidea on March 19 will argue that steel firms are in crisis in\ntheir countries, with orders falling as customers switch to\nalternative products and accounts firmly in the red.\n Ministers from the EC's major steel producing countries are\nlikely to shy away from Narjes' proposals and could back the\nindustry's own plan instead, in the hope of minimising the\npolitical impact of plant closures, they said.\n Industry sources said the plan presented to Narjes by the\nEC steelmakers' lobby group Eurofer would retain the quota\nproduction system at least until the end of 1990.\n Eurofer said in a statement consultants working for it\nidentified scope for closing plants on a \"voluntary\" basis to\nreduce capacity by 15.26 mln tonnes a year.\n Cuts were still insufficient in one production area, that\nof hot rolled coils, and further talks were needed.\n Eurofer added the industry would need the support of the\nCommission and governments in carrying out a closure program,\nparticularly with social costs such as redundancy payments.\n The EC steel industry has already shed 240,000 jobs this\ndecade while reducing annual capacity by 31 mln tonnes.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:53:16.43", "topics": [ "iron-steel" ], "organisations": [ "ec" ], "places": [ "belgium" ], "id": "525" }, { "title": "LONDON STOCK EXCHANGE TO CLOSE TRADING FLOOR", "body": "The London Stock Exchange said its ruling\ncouncil has decided to close the trading floor for government\nbonds (gilts) and equities in due course because most of the\nbusiness is now done between brokers' offices.\n A trading floor for traded options will be retained.\n Dwindling activity on the exchange floor reflects the\nintroduction of the new dealing system, known as SEAQ, which\nwas part of the Big Bang restructuring of the market last\nOctober. Since then, brokers and market-makers have been\ndealing on the basis of competing share quotes displayed on\nscreens.\n REUTER\n\u0003", "date": " 2-MAR-1987 11:53:24.26", "places": [ "uk" ], "id": "526" }, { "title": "EAGLE TELEPHONICS SELLS TELEPHONES", "body": "Eagle Telephonics Inc said it\nsigned a two-year agreement under which Pacific Telesis Group's\n Pacific Bell unit will buy its Eagle line of electronic\nkey telephone systems for internal use.\n Terms of the contract were not disclosed.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:53:38.63", "places": [ "usa" ], "id": "527" }, { "title": "DURO-TEST CORP 2ND QTR JAN 31 NET", "body": "Shr 10 cts vs 14 cts\n Net 531,896 vs 727,781\n Revs 16.0 mln 16.8 mln\n Six mths\n Shr 30 cts vs 39 cts\n Net 1,532,431 vs 2,000,732\n Revs 32.7 mln vs 34.5 mln\n Reuter\n\u0003", "date": " 2-MAR-1987 11:58:00.63", "topics": [ "earn" ], "places": [ "usa" ], "id": "528" }, { "title": " SETS PAYOUT", "body": "Qtly div 14 cts vs 14 cts prior\n Pay March 13\n Record March Two\n Reuter\n\u0003", "date": " 2-MAR-1987 11:58:12.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "529" }, { "title": "GELCO CORP 2ND QTR JAN 31 NET", "body": "Shr 67 cts vs 23 cts\n Net 5,220,000 vs 3,143,000\n Revs 236.1 mln vs 256.2 mln\n Avg shrs 7.8 mln vs 13.7 mln\n Six Mths\n Shr 85 cts vs 59 cs\n Net 8,919,000 vs 8,158,000\n Revs 483.8 mln vs 515.5 mln\n Avg shrs 10.4 mln vs 13.7 mln\n NOTE: Fiscal 1987 second quarter and first half earnings\ninclude a gain of 3.4 mln dlrs and exclude preferred dividend\nrequirements of five mln dlrs in the quarter and 5.6 mln dlrs\nin the first half.\n Fiscal 1986 net reduced by currency losses equal to six cts\na share in the second quarter and equal to nine cts in the six\nmonths.\n \n Reuter\n\u0003", "date": " 2-MAR-1987 11:58:29.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "530" }, { "title": "INTERNCHANGE FINANCIAL SERVICES PAYOUT UP", "body": "Qtly div 10 cts vs 8-1/3 cts prior\n Pay April 21\n Record March 20\n NOTE: Interchange Financial Services Corp.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:59:18.60", "topics": [ "earn" ], "places": [ "usa" ], "id": "531" }, { "title": "KAPOK CORP IN TECHNICAL DEFAULT", "body": "Kapok Corp said it is in\ntechical default of its loans from Southeast Banking Corp \nand Murray Steinfeld but is negotiating with the lenders.\n It said neither has declared the loans due.\n The company said it has agreed to sell the Peter Pan\nRestaurant in Urbana, Md., for 1,100,000 dlrs, or one mln dlrs\nafter the payment of expenses.\n Reuter\n\u0003", "date": " 2-MAR-1987 11:59:34.49", "topics": [ "acq" ], "places": [ "usa" ], "id": "532" }, { "title": "NEWPORT CORP 2ND QTR JAN 31 NET", "body": "Shr 11 cts vs 13 cts\n Net 1,037,690 vs 1,270,460\n Sales 10.1 mln vs 9,215,836\n Six Mths\n Shr 25 cts vs 31 cts\n Net 2,319,376 vs 2,930,507\n Sales 21.2 mln vs 18.9 mln\n Reuter\n\u0003", "date": " 2-MAR-1987 11:59:42.98", "topics": [ "earn" ], "places": [ "usa" ], "id": "533" }, { "title": "KAPOK CORP 1ST QTR DEC 31 LOSS", "body": "Shr loss 14 cts vs loss 21 cts\n Net loss 353,000 vs loss 541,000\n Revs 2,668,000 vs 2,525,000\n Avg shrs 2,452,3000 vs 2,552,300\n Reuter\n\u0003", "date": " 2-MAR-1987 11:59:47.00", "topics": [ "earn" ], "places": [ "usa" ], "id": "534" }, { "title": "PREFERRED HEALTHCARE LTD 4TH QTR NET", "body": "Shr six cts vs four cts\n Net 383,189 vs 241,857\n Revs 1,506,756 vs 793,459\n 12 mths\n Shr 24 cts vs 15 cts\n Net 1,520,797 vs 929,017\n Revs 5,268,486 vs 2,617,995\n Reuter\n\u0003", "date": " 2-MAR-1987 11:59:53.24", "topics": [ "earn" ], "places": [ "usa" ], "id": "535" }, { "title": "TRANZONIC COS SETS QUARTERLY", "body": "Qtly div 11 cts vs 11 cts prior\n Pay April 17\n Record March 20\n Reuter\n\u0003", "date": " 2-MAR-1987 12:03:42.65", "topics": [ "earn" ], "places": [ "usa" ], "id": "536" }, { "title": "NUEUTROGENA TO BUY BACK STOCK", "body": "Neutrogena Corp said it may purchase\nup to 100,000 shares of its outstanding common stock from time\nto time in the open market to reduce dilution from the future\nissue of employee stock options.\n The company said it currently has 9.2 mln shares\noutstanding.\n It said the shares that may be purchased and those\ncurrently outstanding will be adjusted to reflect a\nthree-for-two stock split effective March two.\n \n Reuter\n\u0003", "date": " 2-MAR-1987 12:03:50.97", "places": [ "usa" ], "id": "537" }, { "title": "CRONUS INDUSTRIES INC 4TH QTR LOSS", "body": "Oper Shr loss 40 cts vs loss 10 cts\n Oper net loss 2,136,000 vs loss 467,000\n Revs 21.9 mln vs 12.9 mln\n 12 mths\n Oper shr loss 63 cts vs loss 30 cts\n Oper net loss 3,499,000 vs loss 1,756,000\n Revs 82.0 mln vs 54.5 mln\n NOTE: Excludes income from discontinued operations of\n1,478,000 vs 952,000 for qtr, and 31.2 mln vs 6,500,000 for\nyear.\n Excludes extraordinary charge of 2,503,000 for current qtr,\nand 4,744,000 for year.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:03:58.46", "topics": [ "earn" ], "places": [ "usa" ], "id": "538" }, { "title": "MERCURY ENTERTAINMENT CORP YEAR NOV 30", "body": "Shr loss four cts vs loss one ct\n Net loss 413,021 vs loss 163,932\n Revs 600,971 vs 665,800\n Reuter\n\u0003", "date": " 2-MAR-1987 12:04:04.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "539" }, { "title": "CME PLANS RULE CHANGES TIGHTENING S/P TRADING", "body": "Directors of the Chicago Mercantile\nExchange will meet Wednesday to consider a membership petition\nasking the exchange to tighten rules covering trading\nactivities in the widely-popular Standard and Poor's 500 Stock\nIndex futures pit, an exchange executive said.\n The petition calls for elimination of dual trading, a legal\npractice where traders execute customer orders as well as trade\nfor their own account.\n But exchange officials noted this practice also provides an\nopportunity for a trader to engage in what is called\n\"front-running\", where traders enter orders for their own account\nbefore executing orders for their customers.\n Leo Melamed, CME special counsel, said directors will rule\non the petition on Wednesday, but added that a special S and P\nAdvisory Committee has been studying S and P 500 futures\ntrading conditions for the last six months and is expected to\nsubmit a complete list of recommendations within 30 days.\n In addition to a recommendation on dual trading, Melamed\nsaid the special committee will also make suggestions about a\npossible automatic order entry and execution system for S and P\n500 futures and futures-options and rule changes that would\nalleviate congested conditions in the trading pit.\n Melamed said directors are likely to approve the\nrecommendations of the special committee because \"most actions\nof the board are in line with committee recommendations.\"\n CME senior vice president Gerald Beyer said if the board\naccepts the member's petition this week, a rule change will be\nsubmitted to the Commodity Futures Trading Commission for\napproval.\n If the board does nothing, or rejects the petition request,\na rule change must then be submitted to the exchange membership\nfor a vote within 15 days, Beyer said.\n Melamed also added that if the petition must be ruled on\nbefore the recommendations from the special committee are made\n\"it will confuse the issue.\"\n Not all traders agree on the need to eliminiate or restrict\ndual trading.\n Although Jonathan Wolff, senior vice president at Donaldson\nLufkin and Jenrette, noted dual trading is evident on most\nexchanges.\n \"It's a question of the integrity of the person you do\nbusiness with,\" Wolff said.\n Futures traders who act as brokers, however, maintain that\ntrading for their own accounts is necessary in order to make up\nfor errors they inevitably make when filling customer orders in\nchaotic futures trading pits.\n \"To have an absolute ban on dual trading makes it difficult\nfor a broker to function because of his errors,\" said John\nMichael, vice president at First Options of Chicago.\n \"What it comes down to is the ethics of the people involved,\"\nhe said.\n Furthermore, the competitive nature of futures brokerage\nmakes front-running risky to a broker's livelihood, he said.\n \"If I ever discovered a broker doing it (front-running), or\neven suspected him of doing it, I would cut him off,\" Michael\nsaid.\n An average broker in the Treasury bond futures pit, for\ninstance, will fill orders for 5,000 to 10,000 contracts a day\nat 1.25 dlrs per contract, floor sources said. Even figuring\nwhat is considered a typical 25 pct loss for errors such\nbrokerage can be lucrative.\n Front-running by brokers not only runs the market risk of\nan adverse price move, but also the risk of losing the\nbrokerage business, Michael said.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:08:11.99", "places": [ "usa" ], "id": "540" }, { "title": "BENGUET CORP CALENDAR 1986", "body": "Net income 154.7 mln pesos vs 127.5 mln\n Operating revenues 4.42 billion vs 3.3 billion\n Operating profit 621.2 mln vs 203.4 mln\n Earnings per share 4.80 vs 3.95\n NOTE: Company statement said gold operations contributed 74\npct of consolidated earnings.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:10:44.85", "topics": [ "earn" ], "places": [ "philippines" ], "id": "541" }, { "title": "POGO CONSOLIDATES TWO DIVISIONS", "body": "Pogo Producing Co said it has\nconsolidated its onshore and offshore Gulf Coast divisions into\na Southern Division responsible for its onshore and offshore\noil and gas exploration and development activities in the Gulf\nCoast and Gulf of Mexico areas.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:12:21.39", "places": [ "usa" ], "id": "542" }, { "title": "UNOCAL UNIT CUTS CRUDE OIL POSTED PRICES", "body": "Unocal Corp's Union Oil Co said it\nlowered its posted prices for crude oil one to 1.50 dlrs a\nbarrel in the eastern region of the U.S., effective Feb 26.\n Union said a 1.50 dlrs cut brings its posted price for the\nU.S. benchmark grade, West Texas Intermediate, to 16 dlrs.\nLouisiana Sweet also was lowered 1.50 dlrs to 16.35 dlrs, the\ncompany said.\n No changes were made in Union's posted prices for West\nCoast grades of crude oil, the company said.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:13:46.82", "topics": [ "crude" ], "places": [ "usa" ], "id": "543" }, { "title": "PANHANDLE'S TRUNKLINE REDUCES GAS RATES", "body": "Panhandle Eastern Corp's Trunkline Gas\nCo pipeline subsidiary said it is reducing the commodity\ncomponent of its wholesale natural gas rate four pct, effective\nimmediately.\n In a filing with the Federal Energy Regulatory Commission,\nTrunkline said, it is reducing its commodity rate -- the\nportion of the total rate based on the price of gas -- to 2.58\ndlrs per mln Btu from 2.69 dlrs per mln Btu.\n The company said the lower rate results from a reduction in\nthe average price the pipeline is paying for gas, adding this\nreflects contract reformation agreemats with producers.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:14:30.82", "topics": [ "nat-gas" ], "places": [ "usa" ], "id": "544" }, { "title": "INVESTOR GROUP HAS TALKS WITH PESCH ON AMI ", "body": "WEDGE Group Inc, a Houston investment\nfirm with a 5.5 pct stake in American Medical International\nInc, said it has had talks with Pesch and Co, which is seeking\ncontrol of the company.\n In a filing with the Securities and Exchange Commission,\nWEDGE, which is owned by Issam Fares, a Lebanese citizen living\nin Switzerland, also said it discussed the possibility of\njoining with others in its own bid to seek control of AMI.\n WEDGE stressed that it has no current plans to seek control\nof AMI, but refused to rule out a takeover try in the future.\n WEDGE said it has had discussions with AMI management,\nPesch, the closely held health care and investment concern\ncontrolled by Chicago physician LeRoy Pesch, and other AMI\nshareholders.\n It did not specify in its SEC filing which issues --\nselling its AMI stake or joining with others in a takeover try\n-- were discussed with which group. But it said the talks did\nnot produce any agreements or understandings.\n WEDGE said it believes that \"some form of restructuring of\nAMI and its business would be highly desirable and appropriate\nat this time.\"\n WEDGE, which holds 4.8 mln shares of AMI common stock, said\nit plans to hold further talks with company management, Pesch\nand other shareholders.\n Pesch last week sweetened his bid for the company to 22\ndlrs a share in cash and securties, or 1.91 billion dlrs based\non AMI's total outstanding, from an all-cash 20 dlr a share\nbid, which the company rejected.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:18:36.20", "topics": [ "acq" ], "places": [ "usa" ], "id": "545" }, { "title": "I.M.S. INTERNATIONAL INC SETS QUARTERLY", "body": "Qtly div four cts vs four cts prior\n Pay March 27\n Record March 13\n Reuter\n\u0003", "date": " 2-MAR-1987 12:21:38.25", "topics": [ "earn" ], "places": [ "usa" ], "id": "546" }, { "title": "BANNER COMPLETES TENDER FOR REXNORD ", "body": "Banner Industries Inc said 19.8 mln of\nthe outstanding 20 mln shares in Rexnord Inc were tendered\npursuant to its 26.25 dlr a share offer that closed at midnight\nEST Feb 27.\n Together with the five mln Rexnard shares it already owns,\nthe company said it now holds a 97 pct stake in the company.\n It said the completion of the deal is subject to approval\nby Rexnard holders and to other closing conditions. It expects\nthe deal to close in about 60 days.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:22:01.82", "topics": [ "acq" ], "places": [ "usa" ], "id": "547" }, { "title": "MUTUAL OF OMAHA INTEREST SHARES QTLY DIV", "body": "Qtly div 36 cts vs 36 cts prior\n Pay April one\n Record March 13\n Reuter\n\u0003", "date": " 2-MAR-1987 12:23:07.04", "topics": [ "earn" ], "places": [ "usa" ], "id": "548" }, { "title": "MOBIL UNIT TO PRODUCE FOOD PACKAGING", "body": "Mobil Corp's Mobil Chemical Co's\nsubsidiary, the world's largest producer of disposable plastic\nproducts, said it will enter the food packaging market.\n Mobil said it will begin making clear container food\npackaging for supermarkets and institutions in March and will\nsharply raise production in the fall to an annual rate of more\nthan 20 mln pounds of finished products.\n It said industry demand for the products is projected to\nrise 15 pct annually over the next five years, and it is\nprepared to boost production substantially with future plant\nadditions.\n Mobil's Chemical's Plastic Packaging Division, which will\nmake and sell the new product line, operates nine plants in the\nU.S. and one in Canada.\n It also said the clear containers, seen in packaging for\ncookies, candy and bakery trays, grocery sald bar items, and\nother items, will be made from oriented polystyrene at the\ncompany's Canandiagua, N.Y., plant.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:26:00.07", "places": [ "usa" ], "id": "549" }, { "title": "CORRECTED - BANKAMERICA NEGOTIATING UNITS SALE", "body": "Bank of America NT and SA's \nWest German branch said it is negotiating the sale of Bankhaus\nCentrale Credit AG, a small local West German bank it acquired\nin 1965, and of its West German Visa credit card operation.\n Michael Seibel, Bank of America vice-president and regional\nmanager, said the negotiations were proceeding well. He\ndeclined to give further details.\n Bank of America's West German branch lost some 32 mln marks\nin 1985. The result includes profit and loss transfers from\nBankhaus Centrale Credit and the Visa organisation. The sale of\nthe units is part of the bank's worldwide restructuring plan.\n-- corrects year of loss in third paragraph in item which\noriginally ran February 27.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:27:27.54", "topics": [ "acq" ], "places": [ "west-germany" ], "id": "550" }, { "title": "OSR TO MAKE ACQUISITION", "body": "OSR Corp said it has agreed\nto acquire the properties and assets of Telcom International\nGroup for 10.5 mln common shares, which would give former\nTelcom owners an 84 pct interest in the combined company.\n Telcom is an international film and television distributor.\n The assets being acquired consist mostly of distribution\nrights to films valued at over one mln dlrs, the company said.\n OSR said as part of the acquisition agreement is is\nrequired to sell its 80 pct interest in Standard Knickerbocker\nLtd, which makes jeans in Canada.\n OSR said it expects to net about 150,000 dlrs on the sale\nof Standard Knickerbocker.\n The company said both transactions are subject to approval\nby shareholders at a meeting to be held in April or May, it\nsaid.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:28:20.58", "topics": [ "acq" ], "places": [ "usa" ], "id": "551" }, { "title": "MERCURY ENTERTAINMENT SEES BETTER RESULTS", "body": "Mercury Entertainment Corp said it\nexpects improved results in 1987.\n The company today reported a loss for the year ended\nNovember 30 of 413,021 dlrs on revenues of 600,971 dlrs,\ncompared with a loss of 163,932 dlrs on revenues of 665,800\ndlrs a year before.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:28:27.30", "topics": [ "earn" ], "places": [ "usa" ], "id": "552" }, { "title": "CRONUS INDUSTRIES INC SELLS UNIT", "body": "Cronus Industries Inc said it agreed to\nsell its heat transfer equipment business, Southwestern\nEngineering Co, for a slight premium over book value, plus a\nrelease of Cronus from liability on approximately three mln\ndlrs of subsidiary indebtedness.\n The company said the sale to a subsidiary of Senior\nEngineering Group PLC, a British company, will take place this\nmonth.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:28:34.05", "topics": [ "acq" ], "places": [ "usa" ], "id": "553" }, { "title": "UNISYS CORP SETS QUARTERLY", "body": "Qtly div 65 cts vs 65 cts prior\n Pay May Seven\n Record April Seven\n Reuter\n\u0003", "date": " 2-MAR-1987 12:28:40.39", "topics": [ "earn" ], "places": [ "usa" ], "id": "554" }, { "title": "JACOBSON VOTES SPLIT, INCREASES PAYOUT", "body": "Jacobson Stores Inc said its\nboard voted a three-for-two stock split, payble March 30,\nrecord March 13.\n In other action, Jacobson's directors approved an increase\nin its quarterly dividend to 11 cts on a post split basis\npayable April 14, record March 30.\n The new dividend rate represents a 32 pct increase over the\n12-1/2 cts paid quarterly on a pre-split basis.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:29:31.43", "topics": [ "earn" ], "places": [ "usa" ], "id": "555" }, { "title": "AW COMPUTER IN SUPPLY AGREEMENT", "body": "AW Computer Systems Inc said\nit signed an 850,000 dlr agreement with TEC America Inc \nto develop and supply intelligent cash register controllers.\n Under terms of the agreement, AW Computer said it will\ndesign and manufacture intelligent controllers for resale by\nTEC worldwide.\n The company said the controller will allow TEC's new FT-70\npoint-of-sale terminal system to communicate with IBM PC/AT\npersonal computers and compatibles.\n The controller will be ready for shipment by October, the\ncompany said.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:29:45.60", "places": [ "usa" ], "id": "556" }, { "title": "HARLEY-DAVIDSON INC 4TH QTR NET", "body": "Oper shr 18 cts vs 51 cts\n Oper net 1,048,000 vs 1,870,000\n Revs 72.2 mln vs 73.5 mln\n Avg shrs 5,910,000 vs 3,680,000\n Year\n Oper shr 82 cts vs 72 cts\n Oper net 4,307,000 vs 2,637,000\n Revs 295.3 mln vs 287.5 mln\n Avg shrs 5,235,000 vs 3,680,000\n NOTE: Results exclude one-time gains of 223,000 or four cts\nand 564,000 or 11 cts for 1986 qtr and year vs gains of\n6,359,000 or 1.73 dlrs and 7,318,000 or 1.99 dlrs for prior\nperiods.\n \n Reuter\n\u0003", "date": " 2-MAR-1987 12:30:15.90", "topics": [ "earn" ], "places": [ "usa" ], "id": "557" }, { "title": " COMPLETES CELANESE ACQUISITION", "body": "Hoechst AG of West Germany said\nit has completed the acquisition of Celanese Corp.\n Hoechst acquired a majority of Celanese shares in a recent\ntender offer at 245 dlrs per common share.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:30:22.84", "topics": [ "acq" ], "places": [ "west-germany", "usa" ], "id": "558" }, { "title": "AMERICUS TRUST EXTENDS DEADLINE", "body": "Americus Trust for American Home\nProducts Shares said it extended its deadline for accepting\ntendered shares until November 26, an extension of nine months.\n The trust, which will accept up to 7.5 mln shares of\nAmerican Home Products , said it has already received\ntenders for about four mln shares.\n The trust is managed by Alex. Brown and Sons Inc and\nwas formed November 26, 1986.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:30:29.21", "topics": [ "acq" ], "places": [ "usa" ], "id": "559" }, { "title": "MORSE SHOE INC 4TH QTR NET", "body": "Shr 59 cts vs 48 cts\n Net 3,244,000 vs 2,584,000\n Revs 169.3 mln vs 156.0 mln\n 12 mths\n Shr 1.78 dlrs vs 1.32 dlrs\n Net 9,733,000 vs 7,164,000\n Revs 585.6 mln vs 541.0\n Reuter\n\u0003", "date": " 2-MAR-1987 12:30:53.35", "topics": [ "earn" ], "places": [ "usa" ], "id": "560" }, { "title": "BENETTON IN FINANCIAL SERVICES JOINT VENTURE", "body": "Benetton Group Spa said\nit reached agreement with textiles concern GFT-Gruppo\nFinanziario Tessile Spa for a joint venture in the financial\nservices sector.\n A Benetton spokeswoman said details of the accord would be\noutlined at a news conference on Thursday in Milan. The Italian\nclothing group has targeted financial services as a sector in\nwhich to expand its activities.\n In January, Benetton acquired a large minority stake in the\nItalian unit of the U.K. Financial services group Prudential\nCorp PLC [PRUL.L].\n Reuter\n\u0003", "date": " 2-MAR-1987 12:33:08.74", "places": [ "italy" ], "id": "561" }, { "title": "ICO QUOTA TALKS CONTINUE, OUTCOME HARD TO GAUGE", "body": "Talks at the extended special meeting of\nthe International Coffee Organization (ICO) on the\nreintroduction of export quotas continued, but chances of\nsuccess were still almost impossible to gauge, delegates said.\n Producer delegates were meeting to examine a Colombian\nproposal to resume historical quotas from April 1 to September,\nwith a promise to define specific new criteria by which a new\nquota system would be calculated in September for the new crop\nyear, they said.\n Opinions among delegates over the potential for reaching a\nquota agreement varied widely.\n Some consumers said the mood of the meeting seemed slightly\nmore optimistic. But Brazil's unwillingness to concede any of\nits traditional 30.55 pct of its export market share looks\nlikely to preclude any accord, other delegates said.\n No fresh proposals other than the Colombian initiative had\nbeen tabled formally today, delegates said.\n A full council meeting was set for 1900 hours for a\nprogress report, delegates said.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:34:30.65", "topics": [ "coffee" ], "organisations": [ "ico-coffee" ], "places": [ "uk", "brazil", "colombia" ], "id": "562" }, { "title": "SEC STAFF ADVISES FRAUD CHARGES AGAINST WPPSS", "body": "The staff of the federal Securities\nand Exchange Commission (SEC) plans to recommend that the\nWashington Public Power Supply System (WPPSS) be charged with\nsecurities fraud in connection with its July 1983 default on\n2.25 billion dlrs of bonds, a WPPSS official told Reuters.\n WPPSS attorney Ron English said the system was advised by\nSEC staff attorneys that the five SEC commissioners would be\nasked to charge WPPSS in connection with its official\nstatements about its plans to build its No. 3 and No. 4 nuclear\npower plants in the Pacific Northwest at the time it was\nselling the bonds.\n English, in a telephone interview, said the SEC staff\nplanned to allege that WPPSS had overstated the demand for\npower in the region and had understated the cost of the plants,\nwhich were to built with the bonds' proceeds.\n English denied the allegations. He said WPPSS had made no\npublic forecasts of power demand in connection with the bond\nsale and had never understated the cost of the plants.\n \"We at all times told the public everything we knew about\nthe costs,\" he said.\n English said WPPSS had no indication when the SEC might\nmeet on the staff's recommendations.\n The SEC, as a matter of policy, never comments on its\nenforcement activities.\n The SEC's WPPSS investigation began in late 1983 and the\nagency's slow pace on the probe has been publicly criticized on\nseveral occasions since then by Rep. John Dingell, the Michigan\nDemocrat who chairs the House panel responsible for the SEC's\nbudget and operations.\n Of the five nuclear plants originally envisioned by WPPSS,\none has been completed, two remain under construction, and two\nothers--those for which the defaulted bonds were sold-- have\nbeen terminated.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:37:46.47", "places": [ "usa" ], "id": "563" }, { "title": "PACIFIC WESTERN FUSES MANAGEMENT WITH CP AIR", "body": "\nsaid it integrated the senior management of Pacific Western and\nrecently acquired Canadian Pacific Air Lines Ltd in preparation\nfor the companies' merger this summer.\n Pacific Western said it appointed president and chief\nexecutive Rhys Eaton as chairman and chief executive in the new\nmanagement structure, and Murray Sigler as president. Sigler\nwas previously president of Pacific Western's airline unit,\nPacific Western Airlines Ltd.\n Pacific Western acquired Canadian Pacific Air Lines for 300\nmln dlrs last December from Canadian Pacific Ltd .\n Canadian Pacific Air Lines said president and chief\nexecutive Donald Carty and four senior vice-presidents resigned\nlast week. Carty said in a company memorandum that he accepted\nanother senior post in commercial aviation and that some of the\nvice-presidents were taking early retirment and others were\nresigning for personal reasons.\n Pacific Western said the new management structure \"will\nfacilitate our objective of proceeding quickly to successfully\nposition ourselves in the marketplace as a single airline\nnetwork beginning this summer.\"\n Reuter\n\u0003", "date": " 2-MAR-1987 12:39:51.02", "id": "564" }, { "title": "AMGEN TO FORM PARTNERSHIP", "body": "Amgen Inc said it signed a\nletter of intent for an estimated 75 mln dlr research and\ndevelopment limited partnership to fund the clinical\ninvestigation of certain pharmaceutical products currently\nunder development.\n Neither terms of the arrangement nor the products covered\nby the partnership were disclosed, but Amgen said the limited\npartnership units will include warrants to purchase Amgen\ncommon stock.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:39:56.89", "id": "565" }, { "title": "BENETTON IN FINANCIAL SERVICES JOINT VENTURE", "body": "Benetton Group Spa [BTOM.MI] said\nit reached agreement with textiles concern [GFT-Gruppo\nFinanziario Tessile Spa] for a joint venture in the financial\nservices sector.\n A Benetton spokeswoman said details of the accord would be\noutlined at a news conference on Thursday in Milan. The Italian\nclothing group has targeted financial services as a sector in\nwhich to expand its activities.\n In January, Benetton acquired a large minority stake in the\nItalian unit of the U.K. Financial services group Prudential\nCorp PLC [PRUL.L].\n Reuter\n\u0003", "date": " 2-MAR-1987 12:40:09.75", "id": "566" }, { "title": "AIBD, CEDEL, EUROCLEAR JOIN IN TRADE MATCH SYSTEM", "body": "The Association of International Bond\nDealers, AIBD, said it will cooperate with major clearing\nagencies Cedel and Euroclear on a eurobond trade confirmation\nand matching system to come into force by September this year.\n The system, designed to give market participants a fast and\nreliable way of checking whether transactions are matched, will\ninitially cover reporting of confirmed and mismatched trades.\n It will include recording additional trade data, checking,\ncomparison and matching any new elements but will only apply\ninitially to delivery against payment transactions, AIBD said.\n The AIBD said in a statement it would be responsible for\ndeveloping suitable rules to back up the two clearing systems\nwhen they introduce their new matching matching facilities and\nconfirmation systems by September this year.\n Euroclear and Cedel intend to bring a \"trade date-plus-one\"\nmatching capacity, reporting on a given day on trades entered\nby 1000 London time, designed to work with a planned AIBD rule\nrequiring the entry of previous day's trades by that time.\n The confirmation system covering critical trade data is\ndesigned to aid the trader and the settlements department and\nalso reduce trading risks in volatile markets, AIBD said.\n REUTER\n\u0003", "date": " 2-MAR-1987 12:40:44.04", "id": "567" }, { "title": "ZAPATA WON'T PAY INTEREST ON DEBENTURES", "body": "Zapata Corp said it does not intend to\npay the interest due March 15 on its 10-1/4 pct subordinated\ndebentures due 1997 or the interest due May One on its 10-7/8\npct subordinated debentures due 2001.\n Zapata said the results of continuing discussions with its\nbank lenders and the company's future financial position will\ndetermine Zapata's ability to meet its obligations to holders\nof the subordinated debentures.\n The company said deferrals of payment obligations and\ncovenant waivers provided by all of its bank lenders, which\nwere scheduled to expire February 28, have been extended\nthrough April 30.\n Zapata stopped paying interest on the debentures in April\n1986.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:42:29.11", "id": "568" }, { "title": "HARNISCHFEGER INDUSTRIES INC 1ST QTR NET", "body": "Shr 24 cts vs 1.20 dlrs\n Net 5.8 mln vs 20.2 mln\n Revs 193.5 mln vs 107.0 mln\n Avg shrs 16.4 mln vs 12.3 mln\n NOTE: 1987 net includes tax credits equal to 18 cts.\n 1986 net includes tax credits of 17 cts and a gain of 1.16\ndlrs from a change in accounting for pensions.\n Periods end January 31, 1987 and 1986, respectively.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:45:15.72", "id": "569" }, { "title": "IRISH OIL CONCERN HAS 8.5 PCT OF CYNERGY ", "body": "Bryson Oil and Gas Plc, a Belfast,\nNorthern Ireland, oil company, said it has acquired an 8.5 pct\nstake in Cynergy Corp and took steps to help it consider the\npossibility of seeking control or influencing the company.\n In a filing with the Securities and Exchange Commission in\nwhich it disclosed its stake, Bryson said it also asked Cynergy\nfor a list shareholder list in case it decided to communicate\nwith the holders.\n Shareholder information would be vital to anyone planning a\ntender offer and is commonly requested by individuals or groups\nmulling takeover attempts.\n Bryson told the SEC it may review the feasibility of trying\nto influence the management policies of Cynergy, or of trying\nto gain control of the company through representation on its\nboard of directors.\n A shareholder list would also be necessary for a group\ntrying to mount a campaign for the election of directors.\n Bryson, which said it has retained D.F. King and Co Inc to\nwork on its Cynergy dealings, said it bought 841,887 Cynergy\ncommon shares for 5.4 mln dlrs to gain an \"equity position\" in\nthe company. Last week, Texas developer James Sowell told the\nSEC he sold his entire 823,387-share stake in the company.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:47:25.91", "id": "570" }, { "title": "ALCAN ALUMINIUM LTD SETS THREE FOR TWO STOCK SPLIT\n", "date": " 2-MAR-1987 12:48:50.97", "id": "571" }, { "title": "ALBERTSON'S INC 4TH QTR JAN 29 NET", "body": "Shr 92 cts vs 83 cts\n Net 30.8 mln vs 27.5 mln\n Sales 1.40 billion vs 1.32 billion\n Year\n Shr 3.00 dlrs vs 2.57 dlrs\n Net 184.8 mln vs 154.8 mln\n Sales 5.38 billion vs 5.06 billion\n Reuter\n\u0003", "date": " 2-MAR-1987 12:49:41.30", "id": "572" }, { "title": "U.S. INTEC INC 4TH QTR NET", "body": "Qtly div six cts vs five cts\n Net 188,000 vs 130,000\n Sales 12.2 mln vs 10.1 mln\n Avg shrs 3,029,930 vs 2,764,544\n Year\n Shr 81 cts vs 1.45 dlrs\n Net 2,463,000 vs 3,718,000\n Sales 52.4 mln vs 47.5 mln\n Avg shrs 3,029,930 vs 2,566,680\n NOTE: 1985 year net includes gain 500,000 dlrs frol life\ninsurance on deceased director.\n 1985 quarter net includes 150,000 dlr tax credit.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:50:07.90", "id": "573" }, { "title": "FRANKLIN RESOURCES FORMS THREE FUNDS", "body": "Franklin Resources Inc said it\nformed three mutual funds that free Pennsylvania residents of\ntaxes levied by the state's counties on stocks, bonds and\nmutual fund shares.\n The funds include the Franklin Pennsylvania Investors U.S.\nGovernment Securities Fund, which invests in Ginnie Mae\nsecurities, and the Franklin Pennsylvania Investors High Income\nFund, investing in high-yield corporate bonds. Both funds pay\nmonthly dividends.\n The Franklin Pennsylvania Investors Equity Fund invests in\nstocks of U.S. companies and pays semi-annual dividends.\n\n Reuter\n\u0003", "date": " 2-MAR-1987 12:51:30.71", "id": "574" }, { "title": "CINCINNATI BELL INC RAISES QUARTERLY", "body": "Qtly div 48 cts vs 44 cts prior\n Pay May One\n Record April One\n Reuter\n\u0003", "date": " 2-MAR-1987 12:51:34.27", "id": "575" }, { "title": "CINCINNATI BELL SETS STOCK SPLIT", "body": "Cincinnati Bell Inc said its board\ndeclared a two-for-one stock split, subject to two thirds\napproval at the annual meeting on April 20 of an increase in\nauthorized common shares to 120 mln from 60 mln.\n It said the split would be payable May 20 to holders of\nrecord May Five.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:52:26.32", "id": "576" }, { "title": "BRT REALTY TRUST RAISES QUARTERLY PAYOUT", "body": "BRT Realty Trust said it raised\nits quarterly dividend to 50 cts a share from the 42 cts paid\nin the previous quarter.\n It said the dividend is payable March 31 to shareholders of\nrecord March 17.\n BRT also said it filed a registration statement with the\nSecurities and Exchange Commission for the public offering of\n1.2 mln shares of common stock.\n BRT, which has about 3.3 mln common shares currently\noutstanding, said Merrill Lynch Capital Markets will be the\nsole manager of the offering.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:52:57.90", "id": "577" }, { "title": "UNIVERSAL HEALTH REALTY IN INITIAL PAYOUT", "body": "Universal Health Realty\nIncome Trust, which recently went public, said its board has\ndeclared an initial quarterly dividednd of 33 cts per share,\npayable MArch 31 to holders of record March 16.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:53:03.20", "id": "578" }, { "title": "QED EXPLORATION INC 2ND QTR JAN 31 NET", "body": "Shr six cts vs 12 cts\n Net 132,151 vs 261,560\n Revs 622,909 vs 968,4287\n 1st half\n Shr nine cts vs 24 cts\n Net 204,765 vsd 539,769\n Revs 1,181,424 vs 1,867,892\n Reuter\n\u0003", "date": " 2-MAR-1987 12:53:08.20", "id": "579" }, { "title": "PREFERRED HEALTH CARE LTD YEAR DEC 31 NET", "body": "Shr 24 cts vs 15 cts\n Net 1,520,797 vs 929,017\n Revs 5,268,486 vs 2,617,995\n Reuter\n\u0003", "date": " 2-MAR-1987 12:53:17.45", "id": "580" }, { "title": "AOI COAL CO 4TH QTR NET", "body": "Oper shr one ct vs one ct\n Oper net 147,000 vs 40,000\n Revs 13.5 mln vs 14.1 mln\n Year\n Oper shr five cts vs 20 cts\n Oper net 621,000 vs 2,274,000\n Revs 54.3 mln vs 56.0 mln\n NOTE: 1986 net excludes tax credits of 60,000 dlrs in\nquarter and 218,000 dlrs in year.\n Results reflect acceleration of depreciation on certain\nclasses of mining equipment that resulted in the assets being\nfully depreciated in 1986.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:53:55.25", "id": "581" }, { "title": "AIBD, CEDEL, EUROCLEAR JOIN IN TRADE MATCH SYSTEM", "body": "The Association of International Bond\nDealers, AIBD, said it will cooperate with major clearing\nagencies Cedel and Euroclear on a eurobond trade confirmation\nand matching system to come into force by September this year.\n The system, designed to give market participants a fast and\nreliable way of checking whether transactions are matched, will\ninitially cover reporting of confirmed and mismatched trades.\n It will include recording additional trade data, checking,\ncomparison and matching any new elements but will only apply\ninitially to delivery against payment transactions, AIBD said.\n The AIBD said in a statement it would be responsible for\ndeveloping suitable rules to back up the two clearing systems\nwhen they introduce their new matching matching facilities and\nconfirmation systems by September this year.\n Euroclear and Cedel intend to bring a \"trade date-plus-one\"\nmatching capacity, reporting on a given day on trades entered\nby 1000 London time, designed to work with a planned AIBD rule\nrequiring the entry of previous day's trades by that time.\n The confirmation system covering critical trade data is\ndesigned to aid the trader and the settlements department and\nalso reduce trading risks in volatile markets, AIBD said.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:54:03.77", "id": "582" }, { "title": "WESTERN DIGITAL ADDS E-MAIL PACKAGE", "body": "Western Digital Corp said it\nsigned a licensing agreement under which it will sell an\nelectronic mail software package from ,\nGilroy, Calif.\n Western Digital said the software package, named Network\nCourier, allows computer users operating on a local area\nnetwork to exchange messages and files without having to exit\ntheir current applications.\n Western Digital said the agreement marks its intention to\nwiden the market for local area network products by selling\nspecific applications rather than components.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:54:17.76", "id": "583" }, { "title": "MIDWAY TO EXPAND SERVICE", "body": "Midway Airlines Inc said will begin to\nserve several new cities in the United States this year,\nstarting April five with new flights to Atlanta from Chicago.\n The carrier will fly three daily Atlanta flights out of\nChicago's Midway Airport using two new airplanes and aircraft\nacquired from KLM.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:54:45.73", "id": "584" }, { "title": "FOOTHILL ARRANGES DEBT PLACEMENT", "body": "Foothill Group Inc said its Foothill\nCapital Corp unit arranged the private placement of 23 mln dlrs\nin senior debt and 27 mln in senior subordinated debt.\n The senior and senior subordinated debt was purchased by\ninstitutional lenders and will bear interest at 9.4 pct and\n10.15 pct, respectively, Foothill said.\n It said completion of the transaction will increase the\ncompany's capital funds to 138 mln dlrs.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:55:35.01", "id": "585" }, { "title": "KEVEX CORP 2ND QTR JAN 31 NET", "body": "Shr eight cts vs one ct\n Net 399,000 vs 44,000\n Sales 9,603,000 vs 7,107,000\n Six Mths\n Shr 10 cts vs one ct\n Net 503,000 vs 69,000\n Sales 17.3 mln vs 13.8 mln\n Reuter\n\u0003", "date": " 2-MAR-1987 12:56:32.74", "id": "586" }, { "title": "WESTERN UNION NAMES NEW PRESIDENT", "body": "Western Union said John\nPope Jr has been elected president of the telegraph company and\nexecutive vice president of the corporation.\n Western Union said Pope, formerly the executive vice\npresident of the company, succeeds Robert Leventhal.\n The company said Leventhal will remain chairman and chief\nexecutive officer of the corporation and company, the prinipal\nsubsidiary of Western Union Corp.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:57:28.06", "id": "587" }, { "title": "NORTH ATLANTIC INDUSTRIES INC YEAR NET", "body": "Shr 40 cts vs 30 cts\n Net 1,408,000 vs 1,038,000\n Sales 35.2 mln vs 31.6 mln\n NOTE: Results restated for change to FIFO inventory\naccounting from LIFO, which reduced 1985 net 192,000 dlrs or\nfive cts a share.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:58:08.53", "id": "588" }, { "title": "CHURCHILL TO MARKET WESTERN UNION SERVICES", "body": " said it\nsigned an agreement under which it will sell and service\nWestern Union Corp's telex, electronic mail and long distance\nservices to customers not directly assigned to Western Union\nrepresentatives.\n Churchill, a privately held firm that processes electronic\nmail services, said the agreement extends for two years, with\noptions for renewal.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:58:40.13", "id": "589" }, { "title": "COMBUSTION ENGINEERING SETS CHINA PACT", "body": "Combustion Engineering Inc said\nit won a contract worth more than 50 mln dlrs for parts and\nservices for a 600 megawatt coal-fired power plant run by the\nChina National Technical Import Corp.\n It said it will supply plant engineering, steam generator\ncomponents and air quality control systems. Initial delivery is\nset for early 1988.\n Reuter\n\u0003", "date": " 2-MAR-1987 12:59:20.22", "id": "590" }, { "title": "ALCAN ALUMINIUM LTD SETS STOCK SPLIT", "body": "Alcan Aluminium Ltd said its board\ndeclared a three-for-two stock split, subject to shareholder\napproval at the April 23 annual meeting.\n The company said the split would be payable to shareholders\nof record on May Five and the split would take effect at the\nclose of business on that date. New certificates will be issued\naround June Five.\n Reuter\n\u0003", "date": " 2-MAR-1987 13:05:01.81", "id": "591" }, { "title": "BUFFETS INC 4TH QTR NET", "body": "Shr 10 cts vs nine cts\n Net 388,000 vs 328,000\n Sales 7.1 mln vs 4.1 mln\n Avg shrs 4,066,309 vs 3,688,890\n Year\n Shr 37 cts vs 30 cts\n Net 1,415,000 vs 955,000\n Sales 27 mln vs 13.1 mln\n Avg shrs 3,849,659 vs 3,133,446\n Reuter\n\u0003", "date": " 2-MAR-1987 13:06:34.00", "id": "592" }, { "title": "STANDARD OIL SETS 154 MLN SWISS FRANC NOTE WITH 3-1/4 PCT COUPON AND CURRENCY WARRANTS\n", "date": " 2-MAR-1987 13:09:31.56", "id": "593" }, { "title": "STANDARD MOTORS PRODUCTS INC 4TH QTR NET", "body": "Shr 38 cts vs 26 cts\n Net 4,955,000 vs 3,444,000\n Revs 81.7 mln vs 59.3 mln\n 12 mths\n Shr 1.41 dlrs vs 80 cts\n Net 18.6 mln vs 10.5 mln\n Revs 286.4 mln vs 242.8 mln\n Reuter\n\u0003", "date": " 2-MAR-1987 13:10:50.38", "id": "594" }, { "title": "COMMERCIAL CREDIT TO HAVE GAIN ON SALE", "body": "Commercial Credit Co said it has\ncompleted the sale of its domestic vehicle leasing unit,\nMcCullagh Leasing Inc, the New England Merchants Leasing Corp\nfor an after-tax gain of 17 mln dlrs.\n Commercial Credit said it received 68 mln dlrs and the\nrepayment of 250 mln dlrs in debt for McCullagh. It said its\nCanadian vehicle leasing unit, Commercial Credit Corp Ltd, will\nalso be sold to New England Merchants, with closing expected in\nMarch subject to Canadian regulatory approval.\n Reuter\n\u0003", "date": " 2-MAR-1987 13:11:04.01", "id": "595" }, { "title": "AIR WIS SERVICES INC 4TH QTR NET", "body": "Shr 32 cts vs five cts\n Net 2,362,000 vs 384,000\n Revs 29.5 mln vs 31.2 mln\n Year\n Shr 66 cts vs 18 cts\n Net 4,869,000 vs 1,336,000\n Revs 119.2 mln vs 120.2 mln\n NOTE: Net includes tax credits of 963,000 dlrs vs 720,000\ndlrs in quarter and 613,000 dlrs vs 1,460,000 dlrs in year.\n Year net includes gains on sale of assets of 35 cts shr vs\n14 cts shr.\n Reuter\n\u0003", "date": " 2-MAR-1987 13:11:18.53", "id": "596" }, { "title": "OPEC PRESIDENT SAYS OIL MARKET BEING MANIPULATED", "body": "OPEC president Rilwanu Lukman accused\n\"oil market manipulators\" of drawing down their own stocks and\nspreading rumours to give the impression OPEC was breaking its\n15.8 mln barrels per day output ceiling, set last December.\n Lukman told reporters the aim was to pull prices below the\n18 dlrs per barrel reference level set by OPEC.\n \"People are playing a waiting game to test the will of OPEC\nby drawing down more on their stock than normal, and this is\nhaving the effect of giving an apparent excess supply on the\nmarket which we know is not real,\" Lukman said.\n Lukman, Nigeria's oil minister, said that despite probable\n\"minor deviations\" by one or two member countries, \"basically OPEC\nis producing around what it said it would produce.\"\n After OPEC's price and production accord last December, the\nmarket firmed steadily but spot prices fell in the last week to\naround 16 dlrs. Industry reports estimated the organization was\nproducing up to one mln bpd above its ceiling during February.\n But Lukman was confident OPEC would maintain its\ndiscipline, in view of past experience. \"We have the experience\nof what happened in 1986 behind us, when violations of\nagreements led to the collapse of the market,\" he said.\n Lukman was in Kingston as a guest of the state-owned\nPetroleum Corp of Jamaica.\n REUTER\n\u0003", "date": " 2-MAR-1987 13:11:47.94", "id": "597" }, { "title": "ARBOR DRUGS INC 2ND QTR JAN 31 NET", "body": "Shr 30 cts vs 36 cts\n Net 1,914,388 vs 1,906,095\n Sales 58.7 mln vs 40.6 mln\n Six mths\n Shr 47 cts vs 53 cts\n Net 2,961,718 vs 2,817,439\n Sales 107.6 mln vs 74.9 mln\n Avg shrs 6,342,353 vs 5,342,353\n Reuter\n\u0003", "date": " 2-MAR-1987 13:12:04.50", "id": "598" }, { "title": "EPITOPE SETS THREE FOR ONE STOCK SPLIT", "body": "Epitope Inc said its board of\ndirectors has authorized a three-for-one common stock split for\nwhich shareholder approval is expected in the next two weeks.\n The company announced a two-for-one split last week, but\nsaid the board reconvened and agreed to change it to a\nthree-for-one split.\n Epitope is involved in the production of monoclonal\nantibodies for diagnostic and therapeutic use in AIDS and other\nimmunological diseases.\n Reuter\n\u0003", "date": " 2-MAR-1987 13:12:43.17", "id": "599" }, { "title": "AMC SAYS STEPS BEING TAKEN TO BUILD NEW JEEP AT ALTERNATE SITE AFTER UAW TALKS FAIL\n", "date": " 2-MAR-1987 13:13:07.75", "id": "600" }, { "title": "CITIZENS FINANCIAL CORP 4TH QTR NET", "body": "Shr 17 cts vs 18 cts\n Net 339,000 vs 351,000\n Revs 2,917,000 vs 2,735,000\n 12 mths\n Shr 62 cts vs 64 cts\n Net 1,268,000 vs 1,356,000\n Revs 11.1 mln vs 10.5 mln\n Reuter\n\u0003", "date": " 2-MAR-1987 13:13:19.07", "id": "601" }, { "title": "PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC", "body": "The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n Rockwell International Corp - Shelf offering of up to\n200 mln dlrs of debt securities on terms to be determined at\nthe time of the sale, in addition to another 300 mln dlrs of\ndebt securities already registered with the SEC but unsold.\n Pennsylvania Power and Light Co - Shelf offering of\nup to 500,000 shares of series preferred stock on terms yet to\nbe determined through an underwriting group led by First Boston\nCorp.\n Rollins Environmental Service Inc - Offering of\n900,00 shares of common stock through Merrill Lynch Capital\nMarkets.\n Quaker Oats Co - Shelf offering of up to 250 mln dlrs\nof debt securities on terms to be set at the time of the sale\nthrough Goldman, Sachs and Co and Salomon Brothers Inc.\n Paine Webber Group Inc - Offering of 3.6 mln shares\nof convertible exchangeable preferred stock through and\nunderwriting group led by its PaineWebbber Inc subsdiary.\n Reuter\n\u0003", "date": " 2-MAR-1987 13:13:49.58", "id": "602" }, { "title": "INTERNATIONAL HYDRON CORP 4TH QTR NET", "body": "Oper shr profit six cts vs loss 20 cts\n Oper net profit 634,000 vs loss 2,312,000\n Sales 16.8 mln vs 13.9 mln\n Year\n Oper shr profit 30 cts vs profit three cts\n Oper net profit 3,342,000 vs profit 318,000\n Sales 67.5 mln vs 52.6 mln\n NOTE: Operating net excludes loss of 41,000 dlrs vs profit\n7,000 dlrs in quarter and profit 247,000 dlrs, or two cts a\nshare, vs profit 88,000 dlrs, or one cent a share, in year from\nnet operating loss carryforwards\n Reuter\n\u0003", "date": " 2-MAR-1987 13:14:23.92", "id": "603" }, { "title": "SNET COMPLETES PRATT/WHITNEY ORDER", "body": "Southern New England\nTelecommunications Inc said it completed the installation of a\nmulti-million dlr telecommunications system for United\nTechnologies Corp's Pratt and Whitney unit.\n The company said the system is built around the American\nTelephone and Telegraph Co 5ESS switch, which has the\ncapacity to provide telephone service to a medium sized city.\n Reuter\n\u0003", "date": " 2-MAR-1987 13:14:52.64", "id": "604" }, { "title": "COGNITIVE SYSTEMS INC 4TH QTR NOV 30 LOSS", "body": "Shr loss eight cts vs loss three cts\n Net loss 213,000 vs loss 49,000\n Revs 636,000 vs 445,0000\n Year\n Shr loss 11 cts vs loss 38 cts\n Net loss 235,000 vs loss 611,0000\n Revs 2,389,000 vs 1,287,000\n \n Reuter\n\u0003", "date": " 2-MAR-1987 13:15:29.32", "id": "605" }, { "title": "POLYMERIC RESOURCES CORP 2ND QTR DEC 31", "body": "Shr nine cts vs nine cts\n Net 98,0000 vs 97,000\n Sales 3,945,000 vs 2,106,000\n 1st half\n Shr 17 cts vs 18 cts\n Net 194,000 vs 203,000\n Sales 7,535,000 vs 4,136,000\n Reuter\n\u0003", "date": " 2-MAR-1987 13:15:55.26", "id": "606" }, { "title": "CONT'L ILLINOIS RECHARACTERIZES 425 MLN DLRS IN BAD LOANS FROM 1984, SAYS DOESN'T AFFECT NET\n", "date": " 2-MAR-1987 13:16:40.05", "id": "607" }, { "title": "FLUOR CORP DOWNGRADED BY MOODY'S, AFFECTS 390 MLN DLRS OF DEBT\n", "date": " 2-MAR-1987 13:19:32.52", "id": "608" }, { "title": "INTRERFACE FLOORING FILES FOR OFFERING", "body": "Interface Flooring Systems Inc\nsaid it has filed for an offering of 2,800,000 Class A common\nshares through underwriters led by Robinson-Humphrey Co Inc and\nPaineWebber Group Inc .\n The company said as previously announced, it will use\nproceeds to finance a tender offer to acquire the 50 pct of\nDebron Investments PLC it does not already own and to repay\ndebt. It said if it acquires all of Debron, it will repurchase\n900,000 Class A shares now owned by Debron and hold them in its\ntreasury.\n Reuter\n\u0003", "date": " 2-MAR-1987 13:20:13.15", "id": "609" }, { "title": "HEALTH-MOR INC 4TH QTR NET", "body": "Shr 27 cts vs 39 cts\n Net 481,189 vs 697,381\n Revs 6.1 mln vs 6.4 mln\n Year\n Shr 1.04 dlrs vs 1.35 dlrs\n Net 1,846,670 vs 2,391,638\n Revs 25.6 mln vs 28.6 mln\n Reuter\n\u0003", "date": " 2-MAR-1987 13:20:26.04", "id": "610" }, { "date": " 2-MAR-1987 13:21:04.91", "id": "611" }, { "title": "SCOTTY'S SALES UP FIVE PCT IN FEBRUARY", "body": "Scotty's Inc said sales for\nthe four weeks ended February 21 rose five pct, to 41.7 mln\ndlrs, from 39.8 mln dlrs for the corresponding period last\nyear.\n Scotty's said sales for the 34 weeks ended February 21\ntotaled 323.2 mln dlrs, up six pct over sales of 305.7 mln dlrs\nfor the same period in 1986.\n The company, which operates 137 stores, said sales were up\nin both the consumer \"do-it-yourself\" and professional builders\nmarkets.\n Reuter\n\u0003", "date": " 2-MAR-1987 13:21:22.32", "id": "612" }, { "title": "STANDARD OIL TO ISSUE SWISS FRANC NOTE", "body": "Standard Oil Co said it will\nissue at par 154 mln Swiss francs of non-callable 10-year notes\nwith an annual coupon of 3-1/4 pct and detachable currency\nwarrants.\n Credit Suisse will lead manage the issue. Payment date is\nMarch 19.\n Each 50,000 Swiss franc note will carry a warrant entitling\nthe holder to sell 50,000 francs for dollars at an exchange\nrate of 1.5930 per dollar. The warrants are exercisable weekly\nfrom March 27, 1987, until March 19, 1990. The dollar was\ntrading today between 1.5340 and 1.5475 francs.\n Reuter\n\u0003", "date": " 2-MAR-1987 13:21:33.40", "id": "613" }, { "title": "TFC TELESERVICES CORP YEAR NOV 30 LOSS", "body": "Shr loss 54 cts vs 16.18 dlrs\n Net loss 1,429,226 vs loss 153,680\n Revs 202,628 vs 282\n Avg shrs 2,883,812 vs 9,500\n Note: 1986 net includes loss from discontinued operations\nof 114,887 or four cts a share.\n Reuter\n\u0003", "date": " 2-MAR-1987 13:21:38.62", "id": "614" }, { "title": "(CORRECTED) - YEAR NET", "body": "Shr 81 cts vs 2.78 dlrs\n Net 53.5 mln vs 180.9 mln\n Revs 915.5 mln vs 836.0 mln\n Note: 1986 net includes 125 mln dlr or 1.90 dlr shr\nwritedown of investment in vs\nyr-ago extraordinary loss of 17 cts shr (net fig not given).\n Reuter\n\u0003", "date": " 2-MAR-1987 13:22:31.66", "id": "615" }, { "title": "ALBERTSON'S TO INCREASE NEW STORE OPENINGS", "body": "Albertson's said it plans to open\n33 to 35 new stores during 1987 and remodel about 20-25 stores.\n This compares to 21 new store openings in 1986 and 17\nremodelings.\n Albertson's, a grocery chain, said total capital\nexpenditures for these projects will be in excess of 200 mln\ndlrs in 1987.\n Reuter\n\u0003", "date": " 2-MAR-1987 13:24:14.25", "id": "616" }, { "title": "PALL CORP SECOND QUARTER SALES, ORDERS UP", "body": "Pall Corp said sales for the second\nquarter ended January 31 were up 17.5 pct to 94.0 mln dlrs from\n80.0 mln dlrs a year before and orders were up 15.5 pct to\n101.1 mln from 87.4 mln.\n For the first half, it said sales were up 16.0 pct to 174.6\nmln dlrs from 150.3 mln dlrs a year before, with orders up*\n13.0 pct to 189.6 mln from 167.7 mln.\n Reuter\n\u0003", "date": " 2-MAR-1987 13:24:35.44", "id": "617" }, { "title": "NAVISTAR