[ { "title": "ADVANCED MAGNETICS IN AGREEMENT", "body": "Advanced Magnetics Inc said it\nreached a four mln dlrs research and development agreement with\nML TEchnolgy Ventures LP, a limited partnership sponsored by\nMerrill LYnch Capital Markets.\n Under the agreement, Advanced Magnetics will develop and\nconducts clinical trials of its contrast agents for magnetic\nresonance imaging.\n The agreement includes a warrant permitting MLTV to buy up\nto 380,000 shares of Advanced Magnetics common stock through\nFebruary 1994 at 10.50 dlrs per sahre.\n Reuter\n\u0003", "date": "24-MAR-1987 15:59:17.10", "places": [ "usa" ], "id": "9001" }, { "title": "HEALTH RESEARCH FILES FOR BANKRUPTCY", "body": " said it has filed for protection under\nChapter 11 of the federal bankruptcy law.\n The company said it filed the petitions to reorganize debt\nand eliminate contingent liabilities it incurred while\nattempting to expand nationally.\n Health Research also said it owes about 750,000 dlrs of its\n1.1 mln dlrs in debt to , a former jont\nventure partner.\n The company added it has asked the Minnesota Department of\nCommerce to suspend trading of its common stock pending\ndissemination of current financial information.\n Also, the company said George Frisch has been elected\nchairman of the board, president and chief executive officer,\nreplacing Daniel Zismer, who resigned as chairman of the board\nand O. Frederick Kiel, who resigned as president and chief\nexecutive officer.\n Reuter\n\u0003", "date": "24-MAR-1987 15:59:39.63", "places": [ "usa" ], "id": "9002" }, { "title": "NUMEREX CORP 2ND QTR JAN 31 LOSS", "body": "Shr loss seven cts vs profit five cts\n Net loss 149,421 vs profit 103,120\n Sales 1,698,345 vs 1,920,010\n Six Mths\n Shr loss five cts vs profit nine cts\n Net loss 100,472 vs profit 191,614\n Sales 3,836,794 vs 3,650,322\n Reuter\n\u0003", "date": "24-MAR-1987 16:00:01.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "9003" }, { "title": "U.S. SELLING 12.8 BILLION DLRS OF 3 AND 6-MO BILLS MARCH 30 TO PAY DOWN 1.2 BILLION DLRS\n", "date": "24-MAR-1987 16:01:25.88", "id": "9004" }, { "title": "U.S. 2-YEAR NOTE AVERAGE YIELD 6.43 PCT, STOP 6.44 PCT, AWARDED AT HIGH YIELD 85 PCT\n", "date": "24-MAR-1987 16:02:17.95", "id": "9005" }, { "title": "COMMODORE , ATARI IN SETTLEMENT", "body": "Commodore International Ltd said it\nsettled and discontinued all pending litigation with Atari\nCorp.\n The company issued a statement which said the case had been\nsettled on terms satisfactory to both sides.\n Company officials were not immediately available for\ncomment.\n Reuter\n\u0003", "date": "24-MAR-1987 16:03:55.80", "places": [ "usa" ], "id": "9006" }, { "title": "BALDRIGE SUPPORTS NIC TALKS ON CURRENCIES", "body": "Commerce Secretary Malcolm Baldrige\nsaid he supported efforts to persuade newly-industrialized\ncountries (NICS) to revalue currencies that are tied to the\ndollar in order to help the United States cut its massive trade\ndeficit.\n \"We do need to do something with those currencies or we\nwill be substituting Japanese products for Taiwanese products,\"\nor those of other nations with currencies tied to the dollar,\nBaldrige told a House banking subcommittee.\n The U.S. dollar has declined in value against the Yen and\nEuropean currencies, but has changed very little against the\ncurrencies of some developing countries such as South Korea and\nTaiwan because they are linked to the value of the dollar.\n As a result, efforts to reduce the value of the dollar over\nthe past year and a half have done little to improve the trade\ndeficits with those countries.\n Baldrige told a House Banking subcommittee that the\nTreasury Department was attempting to persuade those countries\nto reach agreement with the United States on exchange rates.\n\n Reuter\n\u0003", "date": "24-MAR-1987 16:04:42.31", "topics": [ "trade", "money-fx" ], "places": [ "usa", "taiwan", "japan", "south-korea" ], "id": "9007" }, { "title": "TRIANGLE BEGINS EXCHANGE OFFER", "body": "Triangle Industries Inc said it began\na previously announced offer to exchange one share of Triangle\ncommon stock for each share of participating preferred stock.\n The offer will expire April 21.\n Triangle said that sales in 1987 will exceed four billion\ndlrs.\n For the year ended December 31, 1986, Triangle reported\nsales of 2.7 billion dlrs and net income of 47.6 mln dlrs.\n\n Reuter\n\u0003", "date": "24-MAR-1987 16:05:14.04", "places": [ "usa" ], "id": "9008" }, { "title": "SOUTHMARK UNIT IN PUBLIC OFFERING OF STOCK", "body": "Southmark Corp's National Heritage Inc\nsaid it has started the initial public offering of 2,000,000\nshares of common stock at 9.50 dlrs per share.\n It said all shares are being traded though NASDAQ under\nthe symbol .\n The lead underwriter for the offering is Drexel Burnham\nLambert Inc, with Bear, Stearns and Co Inc., and E.F. Hutton\nand Co Inc acting as co-underwriters, the company said.\n Proceeds will be used to augment working capital, complete\nscheduled renovations at some National Heritage leased\nfacilities and repay certain debts to Southmark, it said.\n Reuter\n\u0003", "date": "24-MAR-1987 16:05:42.34", "places": [ "usa" ], "id": "9009" }, { "title": "EASTMAN KODAK CO TO SELL HOLDINGS IN ICN PHARMACEUTICALS AND VIRATEK INC\n", "date": "24-MAR-1987 16:06:25.01", "topics": [ "acq" ], "id": "9010" }, { "title": "FEUD PERSISTS AT U.S. HOUSE BUDGET COMMITTTEE", "body": "A feud among Democrats and\nRepublicans persisted at the House Budget Committee, stalling\nthe writing of a fiscal 1988 U.S. budget plan.\n Republicans failed to appear at a drafting session called\nby Democratic committee chairman William Gray as a make-up\nmeeting to end bickering that has delayed budget activity for\na week and threatens the ability of Congress meeting an April\n15 deadline for completing the deficit-cutting budget.\n Republicans told Gray yesterday they would appear today and\nparticipate if the meeting was held behind closed doors.\n\n He said the Republicans were prepared to make a \"good faith\"\neffort to cooperate if the budget deliberations were held\nbehind closed doors and not in public as is the normal\nprocedure.\n However, they failed to appear today and Gray said he had\nbeen told they wanted House Speaker Jim Wright to answer a\nseries of budget questions posed by House Republican leader Bob\nMichel before they would cooperate in budget matters.\n The budget feuding led the Washington Post today to\neditorialize that it was childish, similar to an eraser fight\namong fourth grade students.\n Reuter\n\u0003", "date": "24-MAR-1987 16:07:44.11", "places": [ "usa" ], "id": "9011" }, { "title": "TREASURY BALANCES AT FED ROSE ON MARCH 23", "body": "Treasury balances at the Federal\nReserve rose on March 23 to 3.332 billion dlrs from 3.062\nbillion dlrs on the previous business day, the Treasury said in\nits latest budget statement.\n Balances in tax and loan note accounts fell to 15.513\nbillion dlrs from 17.257 billion dlrs on the same respective\ndays.\n The Treasury's operating cash balance totaled 18.845\nbillion dlrs on March 23 compared with 20.318 billion dlrs on\nMarch 20.\n Reuter\n\u0003", "date": "24-MAR-1987 16:07:51.39", "topics": [ "interest" ], "places": [ "usa" ], "id": "9012" }, { "title": "FARM CREDIT SYSTEM SEEN NEEDING 800 MLN DLRS AID", "body": "A member of the board which\nregulates the farm credit system said Congress should plan to\nprovide at least 800 mln dlrs in fiscal 1988 to bailout the\ntroubled system, but other members of the board differed.\n Jim Billington, Farm Credit Administration (FCA) board\nmember told a House Agriculture Appropriations subcommittee\nhearing \"I feel your subcommittee should plan on providing at\nleast 800 mln next year to assist the Farm Credit System.\"\n However, FCA board member Marvin Duncan differed, saying\n\"it is premature to talk about the cost of a solution until we\nknow what kind of solution.\"\n Chairman of the FCA board, Frank Naylor, said it might be\npossible to structure a rescue of the system with government\nguarantees or a line of credit which requires little or no\nupfront government money.\n However, Billington said Congress must provide help\nimmediately because \"this system needs some assurance that it\nwill get some help.\"\n The FCA estimates the system could lose up to 1.4 billion\ndlrs in 1987, exhausting the remainder of its working capital,\nNaylor said.\n The farm credit system is expected to present its own\nproposals for government aid to a Senate Agriculture\nsubcommittee hearing on Thursday.\n Naylor said the Treasury Department is continuing to refine\nReagan administration ideas on how a rescue should be\nstructured.\n Congressional sources said they hope to begin drafting a\nrescue bill for the farm credit system as early as next week.\n Reuter\n\u0003", "date": "24-MAR-1987 16:08:11.64", "places": [ "usa" ], "id": "9013" }, { "title": "USX USS UNIT RAISES PRICES", "body": "USX Corp's USS subsidiary said\nthat effective with shipments beginning July 1 prices for all\nleaded grades and 1200-series grades of hot rolled bar and\nsemi-finished products from its Lorain, Ohio, facility will be\nincreased by 15 dlrs a ton over the prices in effect June 1.\n It said the increase is being made to reflect current\nmarket conditions.\n Reuter\n\u0003", "date": "24-MAR-1987 16:09:09.08", "topics": [ "iron-steel" ], "places": [ "usa" ], "id": "9014" }, { "title": "UNIONIST URGES RETALIATION AGAINST JAPAN", "body": "William Bywater, president of the\nInternational Union of Electronic Workers, called on President\nReagan to retaliate against Japan for unfair practices in\nsemiconductor trade.\n He said in a statement a crash program was needed in the\nsemiconductor industry to prevent the United States from\nbecoming \"one of the world's industrial lightweights.\"\n Bywater's remarks came as the White House Economic Policy\nCouncil prepared for a Thursday meeting to decide what\nsanctions if any should be taken against Japan for alleged \nviolations of a U.S.-Japanese semiconductors agreement.\n The pact, agreed to last July, called for Tokyo to end\nselling semiconductors at below cost and to open its home\nmarket to U.S. goods. In return, Washington agreed to forego\nantidumping duties on Japanese semiconductors.\n But U.S. officials have said that while Japan has stopped\ndumping in the U.S. market, it has not ended third country\ndumping; nor has it opened its market to U.S. semiconductors.\n Japan yesterday, in an effort to ward off U.S. action,\nordered a cutback in semiconductors production as a way to\nforce prices up and end the dumping.\n Bywater, in his statement, said he backed a Defense Science\nBoard task force proposal to set up a consortium to develop new\nelectronic products and manufacturing processes and make the\nU.S. industory more competitive.\n But he added the industry could not wait for legislation to\npass and that action was required now to help the depressed\nelectronic industry.\n Bywater said, \"I urge the Reagan Administration to take full\nand severe action immediately against Japan by invoking the\nretaliatory steps that are permitted under U.S. law and GATT\n(General Agreement on Tariffs and Trade).\"\n Reuter\n\u0003", "date": "24-MAR-1987 16:10:06.45", "topics": [ "trade" ], "places": [ "japan", "usa" ], "id": "9015" }, { "title": "EXXON (XON) GETS 99.2 MLN DLR CONTRACT", "body": "Exxon Co USA of Houston has been\nawarded a 99.2 mln dlr contract for jet fuel, the Defense\nLogistics Agency said.\n Reuter\n\u0003", "date": "24-MAR-1987 16:12:10.73", "places": [ "usa" ], "id": "9016" }, { "title": "EATON (ETN) GETS 53.0 MLN DLR CONTRACT", "body": "Eaton Corp's AIL Division has\nreceived a 53.0 mln dlr contract for jamming system work for\nthe EA-6B electronic warfare aircraft, the Navy said.\n Reuter\n\u0003", "date": "24-MAR-1987 16:12:45.97", "places": [ "usa" ], "id": "9017" }, { "title": "ZAIRE AUTHORIZED TO BUY PL 480 RICE - USDA", "body": "Zaire has been authorized to\npurchase about 30,000 tonnes of U.S. rice under an existing PL\n480 agreement, the U.S. Agriculture Department said.\n It may buy the rice, valued at 5.5 mln dlrs, between March\n31 and August 31, 1987, and ship it from U.S. ports by\nSeptember 30, the department said.\n The purchase authorization covers the entire quantity of\nrice provided under the agreement.\n Reuter\n\u0003", "date": "24-MAR-1987 16:12:53.77", "topics": [ "grain", "rice" ], "places": [ "usa", "zaire" ], "id": "9018" }, { "title": "MCDONNELL DOUGLAS GETS 30.6 MLN DLR CONTRACT", "body": "McDonnell Douglas Corp (MD) has\nreceived a 30.6 mln dlr contract for work on development of the\nstandoff land attack missile (SLAM), the Navy said.\n REUTER\n\u0003", "date": "24-MAR-1987 16:13:26.14", "places": [ "usa" ], "id": "9019" }, { "title": "MIDIVEST ACQUIRES ASSETS OF BUSINESS AVIATION", "body": " said it acquired\nall the assets of of Sioux Falls, S.D.,\nfor an undisclosed amount of stock.\n Midivest said it expects to sell 10 to 20 of the renovated\nBeechcraft planes next year. It said management will also lease\nthese airborne intensive care units to hospitals and government\nsubdivisions through Metropolitan Leasing, a wholly-owned\nsubsidiary of Midivest.\n Reuter\n\u0003", "date": "24-MAR-1987 16:15:17.01", "topics": [ "acq" ], "places": [ "usa" ], "id": "9020" }, { "title": "U.S. WHEAT CREDITS FOR JORDAN SWITCHED", "body": "The Commodity Credit Corporation\n(CCC) has switched 25.0 mln dlrs in wheat credit guarantees to\nJordan under the Export Credit Guarantee Program to the\nIntermediate Export Credit Guarantee Program, the U.S.\nAgriculture Department said.\n The switch reduces the total value of GSM-102 guarantees\nfor the current fiscal year to 30.0 mln dlrs.\n The credit terms extended for export sales under the\nIntermediate Export Credit Guarantee Program (GSM-103) must be\nin excess of three years but not more than seven years.\n All sales must be registered and exports completed by\nSeptember 30, 1987, the department said.\n Reuter\n\u0003", "date": "24-MAR-1987 16:15:59.31", "topics": [ "grain", "wheat" ], "places": [ "usa", "jordan" ], "id": "9021" }, { "title": "DOLLAR EXPECTED TO FALL DESPITE INTERVENTION", "body": "Central bank intervention in the\nforeign exchange markets succeeded in staunching the dollar's\nlosses today, but senior dealers here believe the U.S. currency\nis headed for a further retreat.\n Although the intervention was widespread, dealers perceive\nthat the six major industrial nations have differing levels of\ncommitment to their recent accord to stabilize currencies.\n Moreover, hard economic realities hold greater sway over\nthe currency market than central bank intervention and these\nargue for a further dollar decline, dealers said.\n \"The market can be bigger than the central banks. And\neconomic fundamentals will always come to the fore,\" said a\ndealer at one major U.S. bank.\n As the dollar dropped to post-World War II lows against the\nyen today foreign exchange traders said the Bank of Japan,\nFederal Reserve Board and Bank of England intervened in the\nmarkets on behalf of the U.S. currency.\n Reports of the authorities' actions helped the dollar\nrecover to about 149.45 yen in New York this afternoon from\nthe post-war low of 148.20 yen in the Far East. But it still\nfailed to regain Monday's U.S. closing level of 150.00/05 yen.\n Tokyo dealers said the Bank of Japan bought one to 1.5\nbillion dlrs in Tokyo today and may also have purchased dollars\nyesterday in the U.S. via the Federal Reserve.\n Meanwhile, there were strong rumors in New York that the\nFed also bought a modest amount of dollars around 148.50 yen\ntoday. Talk also circulated that the Bank of England purchased\na small amount of dollars for yen.\n The Fed's last confirmed intervention was on January 28\nwhen it bought 50 mln dlrs in coordination with the Bank of\nJapan. But on March 11 the Fed also was rumored to have\nsignalled displeasure with a dollar surge above 1.87 marks.\n The authorities' actions appeared to back up the February\n22 Paris pact between the U.S., Japan, West Germany, Britain,\nFrance and Canada under which the nations agreed to cooperate\nto foster exchange rate stability around prevailing levels.\n But foreign exchange dealers were not overly impressed by\nthe authorities' intervention which they said can only soften\nextreme moves in the market.\n For one thing, some dealers believed that the Fed's\npurchases were done on behalf of the Bank of Japan rather than\nfor the U.S. central bank's own account, suggesting a rather \nwatered-down American commitment to the currency accord.\n The Bank of England's action also was thought to be\ncompleted on behalf of the Japanese central bank, reinforcing\nthe market's view that Japan is the most resolute of the six\nnations in its support of the currency pact.\n \"No-one doubts the Bank of Japan is serious. But the other\ntwo central banks seem to be making more token gestures than\nanything else,\" said Chris Bourdain of BankAmerica Corp.\n \"I'm not convinced the intervention was concerted,\" said\nEarl Johnson of Harris Trust and Savings Bank in Chicago. \n\"It's a yen problem more than anything else.\"\n Some dealers said a rising wave of trade protectionist\nsentiment in the U.S. limits the extent to which the American\nauthorities can endorse a stronger dollar against the yen.\n \"The dollar's break below the key 150 yen level ties the\nTreasury's hands behind its back. The U.S. cannot intervene on\nits own account because of the strength of protectionism here,\"\nsaid Albert Soria of Swiss Bank Corp.\n Such comments reflect the view that the currency markets\nare becoming increasingly politicized. Despite official\ndenials, some traders still feel the U.S. would countenance a\nlower dollar to help trim the nation's trade deficit.\n The majority of the 170 billion dlr merchandise trade\ndeficit in 1986 was with Japan.\n Indeed U.S. Treasury secretary James Baker's comment on\nSunday that the February currency pact had not established\ndollar targets was read by the market as a signal to sell the\nU.S. currency and kicked off the latest retreat.\n \"The dollar still has more room on the downside against the\nyen based on the frictions in trade and financial services. The\ncurrency market is becoming very political,\" said Natsuo Okada\nof Sumitomo Bank Ltd.\n Okada expects the dollar to trade between 148 and 150 yen\nthis week but sees the chance of a drop to 140 yen by the end\nof April or early May.\n Even if West Germany and Japan succeed in stimulating their\neconomies, it may not be enough to solve structural economic\nimbalances in the near future, dealers said.\n \"Even if Japan and West Germany do expand this year, it\nwon't be enough to help the trade situation much,\" said\nBourdain of BankAmerica, who also expects the dollar to drop to\n148 yen in the next couple of days.\n Reuter\n\u0003", "date": "24-MAR-1987 16:17:44.35", "topics": [ "money-fx", "dlr" ], "places": [ "usa", "japan", "uk" ], "id": "9022" }, { "title": "U.S. TO SELL 12.8 BILLION DLRS IN BILLS", "body": "The U.S. Treasury said it will sell\n12.8 billion dlrs of three and six-month bills at its regular\nauction next week.\n The March 30 sale, to be evenly divided between the three\nand six month issues, will result in a paydown of 1.2 billion\ndlrs as maturing bills total 13.99 billion dlrs.\n The bills will be issued April 2.\n Reuter\n\u0003", "date": "24-MAR-1987 16:17:58.20", "places": [ "usa" ], "id": "9023" }, { "title": "INLAND STEEL TO BUILD NEW PLANT IN INDIANA", "body": "Inland Steel Industries and\nGovernor Robert Orr of Indiana said the new joint venture cold-\nrolled steel plant between Inland Steel and Nippon Steel Corp\nwill be built on a site in St. Joseph County Indiana.\n Inland Steel said yesterday that the joint venture, to be\nnamed I/N Tek, will cost more than 400 mln dlrs and will employ\nover 200 people by the time the companies complete the project\nin 1990.\n Reuter\n\u0003", "date": "24-MAR-1987 16:22:32.09", "places": [ "usa" ], "id": "9024" }, { "title": "EASTMAN KODAK TO SELL HOLDINGS", "body": "Eastman Kodak Co said it plans\nto sell its 2.3 pct holding in ICN Pharmaceuticals and\npart of its nine pct holdings in Viratek .\n It said the purpose of the investments had been to lay the\ngroundwork for the creation of its Nucleic Acid Research\nInstitute.\n Since that has been achieved, there is no longer any reason\nto maintain the equity positions, Kodak said.\n Kodak holds 470,000 sahres of ICN, currently trading at\nabout 18-3/4 and 700,000 of Viratek, trading at 44.\n Reuter\n\u0003", "date": "24-MAR-1987 16:22:41.79", "topics": [ "acq" ], "places": [ "usa" ], "id": "9025" }, { "title": "GUINNESS SUES BOESKY IN FEDERAL COURT", "body": " has joined investors\nsuing former Wall Street speculator Ivan Boesky, alleging it\nwas deceived into putting money into his one billion dlr\ninvestment partnership in 1986.\n Guinness, the largest limited partner in Ivan F. Boeksy and\nCo. L.P., is the latest to file suit in federal court in\nManhattan against Boesky, court papers show.\n About 40 other investors have also filed suit over similar\nallegations, including that Boesky did not reveal his illegal\ninsider trading activities.\n Guinness is charging it was induced to join in the Boesky\npartnership through a prospectus that contained \"material untrue\nstatements and omissions.\"\n The suit also alleged that the Boesky Corporation, which\nbecame a part in the formation of the investment partnership,\nIvan F. Boesky and Co., L.P., \"had achieved its extraordinary\nrates of return as a result of trading on inside information\nand other violations of the securities laws.\"\n In addition, the suit charged that Boesky and other\ndefendants unlawfully \"schemed with and provided substantial\nassistance to one another to evade the registration provisions\"\nof securities law.\n Reuter\n\u0003", "date": "24-MAR-1987 16:23:12.76", "places": [ "usa" ], "id": "9026" }, { "title": "FIRM REDUCES SCEPTRE RESOURCES HOLDINGS", "body": "Montreal-based Noverco Inc told the\nSecurities and Exchange Commission it reduced its stake in\nSceptre Resources Ltd to 1,232,200 shares or 4.8 pct of the\ntotal outstanding.\n Noverco said it sold off 400,500 shares \"to reduce the\ninvestment of Noverco in Sceptre.\"\n \"Additional common shares of Sceptre may be sold or\npurchased by Noverco, depending upon market conditions,\" Noverco\nsaid.\n Reuter\n\u0003", "date": "24-MAR-1987 16:23:23.82", "topics": [ "acq" ], "places": [ "usa", "canada" ], "id": "9027" }, { "title": "GENCORP BOARD WITHDRAWS PROPOSALS TO STAGGER DIRECTORS TERMS\n", "date": "24-MAR-1987 16:23:35.03", "id": "9028" }, { "title": " 1ST QTR FEB 28 NET", "body": "Shr three cts vs 11 cts\n Net 126,000 vs 434,000\n Revs 84.0 mln vs 80.2 mln\n Avg shrs 4,948,731 vs 3,870,511\n Reuter\n\u0003", "date": "24-MAR-1987 16:26:21.04", "topics": [ "earn" ], "places": [ "canada" ], "id": "9029" }, { "title": "BULL AND BEAR GROUP A CUTS FUND PAYOUTS", "body": "Bull and Bear Group A said it lowered\nits monthly dividends on three of its funds.\n It said it lowered its Tax Free Income Fund to 10.3\ncts from 10.6 cts; its U.S. Government Guaranteed Securities\nFund to 11.5 cts from 11.8 cts; and its High Yield Fund\n to 14 cts from 14.2 cts.\n All dividends are payable March 31 to shareholders of\nrecord March 25, the company said.\n Reuter\n\u0003", "date": "24-MAR-1987 16:30:25.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "9030" }, { "title": "CALTEX TO RAISE BAHRAIN OIL PRODUCT PRICES", "body": "Caltex Petroleum Corp said it will\nraise\nposted prices for naphtha and several grades of residual fuel\nin Bahrain, effective March 25.\n Caltex, a joint venture of Chevron Corp and Texaco\nINC , said its naphtha posting is up four cts a gallon to\n43 cts. It said it is raising its marine diesel oil posting by\n30 cts a barrel to 20.24 dlrs a barrel.\n Light, medium, and heavy fuel oil postings are up 1.50 dlrs\na barrel, the company said. This will bring the light fuel oil\nprice to 16.90 dlrs, medium to 15.50 dlrs, and heavy to 14.60\ndlrs, the company said.\n Reuter\n\u0003", "date": "24-MAR-1987 16:30:42.93", "topics": [ "crude" ], "places": [ "usa" ], "id": "9031" }, { "title": "CHARTER CO TO COMPLETE REORGANIZATION", "body": "Charter Co, the huge\npetrochemical concern in bankruptcy proceedings stemming from\nhundreds of dioxin-related claims, said it and all of its\nsubsidiaries, except the Independent Petrochemical Corp, will\ncomplete their reorganization on March 31.\n It said that on that date, it will deposit with an escrow\nagent 288.8 mln dlrs in cash, 66.7 mln dlrs in notes and 31 mln\nshares of its common for distribution.\n Company officials were not immediately available for\ncomment.\n As previously reported, Charter settled dioxin-related\nclaims for about 1,200 individuals and the state of Missouri,\nresolving claims against it and all subsidiaries except\nIndependent Petrochemical.\n Charter said some of the settlements remain subject to\nappeals and final court approvals and resolve claims against\ncharter and its subsidiaries except Independent Petrochemical.\n It said about 500 individual claims against it and certain\nof its units remain pending as disputed claims in bankruptcy\ncourt. It said about 300 of these claims have been filed since\nconfirmation of the joint plan of reorganization.\n Charter said its two creditors, an equity committee in its\nbankruptcy proceedings and , which\nwill own 50.5 pct of its common after the reorganization, have\nwaived the requirement that Charter resolve all dioxin-related\nclaims against it prior to completing its reorganization.\n That requirement excludes claims against Independent\nPetrochemical. Charter also said a plan for liquidation of\nIndependent has been approved by the bankruptcy court and will\nbe completed after March 31.\n Earlier, Charter reported net income for the year of 153.2\nmln dlrs, which included a gain of 28.5 mln dlrs for\ndiscontinued operations and 114.8 mln dlrs for the settlement\nof claims in its reorganization proceedings.\n In 1985, it reported earnings of 1,274,000 dlrs, which\nincluded a loss of 36.3 mln dlrs for discontinued operations\nand 29.4 mln dlrs for extraordinary items.\n For the fourth quarter, it reported earnings of 118.8 mln\ndlrs, including a gain of 28.6 mln dlrs for discontinued\noperations and 90.5 mln dlrs mainly for claims settlements. In\nthe year-ago period, Charter reported a loss of 13 mln dlrs.\n Reuter\n\u0003", "date": "24-MAR-1987 16:31:01.12", "topics": [ "pet-chem" ], "places": [ "usa" ], "id": "9032" }, { "title": "NASHUA TO PURCHASE PRIVATE DISC MAKER", "body": "Nashua Corp said it signed a\nletter of intent to purchase , a private\nmanufacturer of high-capacity rigid discs for storage of\ncomputer data.\n Under the terms of the letter, Nashua said it will acquire\nall classes of Lin stock for 24 mln dlrs. In addition, it said\nit will loan Lin 1,200,000 dlrs to support its operations.\n The closing of the sale is set for the second quarter of\n1987, the company said.\n Reuter\n\u0003", "date": "24-MAR-1987 16:32:07.68", "topics": [ "acq" ], "places": [ "usa" ], "id": "9033" }, { "title": "ALTRON INC 4TH QTR JAN 3", "body": "Shr loss 56 cts vs loss five cts\n Net loss 1.9 mln vs loss 164,000\n revs 6.9 mln vs 5.4 mln\n Year\n Shr loss 1.15 dlrs vs profit 52 cts\n Net loss 3.8 mln vs profit 1.7 mln\n Revs 25.6 mln vs 29.8 mln\n NOTE: 1987 net loss includes loss 6.5 mln dlrs for\nnonrecurring reserve for closing costs of facility, writeoffs\nand sales of real estate.\n \n Reuter\n\u0003", "date": "24-MAR-1987 16:34:49.02", "topics": [ "earn" ], "places": [ "usa" ], "id": "9034" }, { "title": "COLLINS FOODS MOVES UP WARRANT CONVERSION", "body": "Collins Foods International Inc\nsaid it moved up the conversion date for its warrants to\npurchase common stock to April 24.\n There are currently 2,160,000 warrants outstanding, the\ncompany said. It said each warrant entitles the holder to buy\none Collins common share at 12.11 dlrs per share.\n Collins also said the warrants were originally scheduled to\nexpire on December 15, 1988.\n But the agreement under which the warrants were issued\npermits the company to accelerate the date if the closing price\nof its common stock equals or exceeds 21.78 dlrs per share for\n10 consecutive trading days, the company said.\n It also pointed out that the stock price closed at 22.75\ndlrs per share on March 23.\n Reuter\n\u0003", "date": "24-MAR-1987 16:38:19.15", "places": [ "usa" ], "id": "9035" }, { "title": "GENCORP PROPOSALS WITHDRAWN FROM MEETING", "body": "GenCorp Inc said it withdrew from\nconsideration at its annual meeting on March 31 proposals aimed\nat providing for a stock split and an increased dividend so\nthat it could focus its energies on responding to the takeover\noffer made last week by a partnership of AFG Industries Inc\n and Wagner and Brown.\n In addition to proposing an increase in the number of its\noutstanding common shares, GenCorp had suggested the adoption\nof a classified or \"staggered\" board and the elimination of\ncumulative voting.\n GenCorp said these proposals could \"distract energy and\nattention from the real task at hand -- to respond to the\ntender offer in a manner which is in the best interests of the\ncompany, its shareholders and its other constituencies.\"\n GenCorp said the proposal to increase its outstanding\nshares was made with the aim of declaring a stock split and a\ndividend increase.\n The other proposals, it said, would provide for greater\nlong-term stability and cohesiveness for the GenCorp board.\n The company did not indicate when it might resubmit the\nproposals for approval by its shareholders.\n Reuter\n\u0003", "date": "24-MAR-1987 16:38:34.38", "topics": [ "earn", "acq" ], "places": [ "usa" ], "id": "9036" }, { "title": "WEEKLY ELECTRIC OUTPUT UP 2.4 PCT FROM 1986", "body": "U.S. power companies generated a net\n47.47 billion kilowatt-hours of electrical energy in the week\nended March 21, up 2.4 pct from 46.36 billion a year earlier,\nthe Edison Electric Institute (EEI) said.\n In its weekly report on electric output, the electric\nutility trade association said electric output in the week\nended March 14 was 48.31 billion kilowatt-hours.\n The EEI said power production in the 52 weeks ended March\n21 was 2,557.44 billion kilowatt hours, up 2.1 pct from the\nyear-ago period.\n Electric output so far this year was 602.26 billion\nkilowatt hours, up 2.2 pct from 589.51 billion last year, the\nEEI said.\n Reuter\n\u0003", "date": "24-MAR-1987 16:39:39.76", "places": [ "usa" ], "id": "9037" }, { "title": "MONOLITHIC TO DROP GATE ARRAY LINE", "body": "Monolithic Memories Inc\nsaid it plans to discontinue marketing its gate array\nintegrated circuit product line and focus efforts on the market\nfor field-programmable products.\n It said the current market dynamics will hinder\nprofitability in the gate array market for some time.\n Monolithic also said it does not expect the move to have a\nnegative impact on earnings, adding, the company has estimated\nthat the gate array products would have contributed only one\npct of revenues in fiscal 1987.\n Reuter\n\u0003", "date": "24-MAR-1987 16:40:00.41", "places": [ "usa" ], "id": "9038" }, { "title": "API SAYS DISTILLATE STOCKS OFF 4.07 MLN BBLS, GASOLINE OFF 2.69 MLN, CRUDE UP 8.53 MLN\n", "date": "24-MAR-1987 16:40:32.83", "topics": [ "crude", "gas" ], "id": "9039" }, { "title": "VERMONT FINANCIAL SERVICES SETS PAYOUT", "body": "Vermont Financial Services\nCorp said its board approved a regular 20 cts per share cash\ndividend payable April 25 to shareholders of record March 26.\n Reuter\n\u0003", "date": "24-MAR-1987 16:41:16.33", "topics": [ "earn" ], "places": [ "usa" ], "id": "9040" }, { "title": "RESORTS INTERNATIONAL GETS BUYOUT PROPOSAL FROM KSZ CO INC\n", "date": "24-MAR-1987 16:41:51.89", "topics": [ "acq" ], "id": "9041" }, { "title": "VR BUSINESS BROKERS EXPANDS OPERATIONS", "body": " said it sold a\nmaster franchise license to one of the largest independent\ngroups of management consultants in the Caribbean.\n It said that under the master license the group will\noperate under the name VR Caribbean Inc and will cover\ncountries of the Caribbean basin and Central America and Dade\nCounty, Fla.\n Terms of the sale were not disclosed.\n Reuter\n\u0003", "date": "24-MAR-1987 16:42:09.41", "places": [ "usa" ], "id": "9042" }, { "title": "CORRECTED - ATT FORMS COMPUTER SALES GROUPS", "body": "American Telephone and Telegraph Co\nsaid it formed a 600-member sales force dedicated exclusively\nto its computers and other data systems products.\n Separately, ATT denied reports that it plans to buy back a\nlarge chunk of its stock. ATT's stock is up 1/4 points at\n25-1/8 in heavy trading.\n The company said it also created a separate 500-member team\nthat will educate the computer sales force and its other sales\ngroups on ATT's computer products. This group, ATT said,\nreports directly to Vittorio Cassoni, senior vice president of\nits computer unit. (Corrects sales support team size to 500)\n\nREUTER\n\u0003", "date": "24-MAR-1987 16:42:29.98", "places": [ "usa" ], "id": "9043" }, { "title": "GREAT ATLANTIC AND PACIFIC TEA CO INC DIV", "body": "Qtly div 10 cts vs 10 cts prior\n Payable May one\n Record April 15\n Reuter\n\u0003", "date": "24-MAR-1987 16:44:02.04", "topics": [ "earn" ], "places": [ "usa" ], "id": "9044" }, { "title": "GARTNER GROUP ACQUIRES COMTEC PROGRAM", "body": "Gartner Group Inc said it\nacquired sole ownership of the COMTEC Market Research Program.\n Gartner said its wholly-owned subsidiary purchased the\ninterests of its former partners for an aggregate price of\n1,125,000 plus a percentage of net sales proceeds on future\nsales of certain products.\n Prior to the acquisition, Gartner Group owned one-third in\nthe COMTEC partnership, it said.\n Reuter\n\u0003", "date": "24-MAR-1987 16:44:47.92", "topics": [ "acq" ], "places": [ "usa" ], "id": "9045" }, { "title": "U.S. CAR SALES DOWN 3.9 PCT IN MID-MARCH", "body": "Sales of U.S.-made cars during\nmid-March, the traditional start of the spring selling season,\ndropped 3.9 pct behind last year's level, analysts say.\n Automakers sold about 204,000 cars in the March 11-20\nselling period, 10,000 fewer than last year. Analysts said the\ndecline may auger poorly for the rest of the spring season.\n Buyers shied away from the showrooms of American Motors\nCorp , the target of a 1.5 billion dlr takeover bid from\nChrysler Corp . Analysts said consumers were anxious about\nthe whether Chrysler will retain some American Motors models,\ncausing a 62 pct drop in American Motors sales in mid-March.\n Chrysler's mid-March sales fell 3.6 pct.\n \"During the spring selling season, you usually look for\nsome kind of seasonal uplift in sales. It doesn't look like\nit's happening,\" said Joseph Philippi, analyst with E.F. Hutton\nand Co.\n \"There may be less bloom to the spring selling season this\nyear than last,\" one auto company official conceded.\n General Motors Corp , still working to regain consumer\ninterest in its cars, led the drop with a 14.8 pct decline.\n Ford Motor Co's sales increased 15.2 pct for the\nperiod. But analysts said the rise compares to a 1986 period\nfor Ford, leaving it down 10 pct in two years.\n \"The total industry (mid-March sales) was slightly less\nthan expected,\" the company official said.\n American Motors' decline caught analysts eye. \"American\nMotors took it on the chin--big,\" said Philippi.\n Given the prospective takeover by Chrysler, \"people might\nbe a little leary about going to (American Motors) dealers,\" he\nsaid.\n American Motors sold 790 domestic cars in the period,\nmeaning each of American Motors 1,050 dealers \"is selling a car\nabout every other day,\" Philippi said.\n Potential American Motors buyers are afraid their car\nmodels \"might disappear,\" he said.\n Chrysler, in its purchase agreement with American Motors'\nmajority stockholder , has agreed not to undercut\nsales of American Motors' new Medallion and Premier cars, made\nby Renault.\n On a company by company basis, sales of U.S. made cars from\nthe March 11 to 20 period were--GM 105,438, down 14.8 pct, Ford\n67,672, up 15.2 pct, Chrysler 30,909, down 3.6 pct, American\nMotors 790, down 6.2 pct, American Honda 7,447 compared with\n5,031, Nissan Motor Corp, 3,358, up 10.7 pct, Volkswagon U.S.\nInc 1,330, down 35 pct.\n Reuter\n\u0003", "date": "24-MAR-1987 16:48:46.78", "places": [ "usa" ], "id": "9046" }, { "title": "RESORTS INT'L RECEIVES TAKEOVER OFFER", "body": "Resorts International Inc\nsaid it received a proposal from under which\nholders of Resorts class B stock would receive 140 dlrs a share\nin cash and one share of common stock in a new company to be\nformed through the takeover.\n Under the offer, Resorts said holders of its class A shares\nwould receive 15 dlrs a share in cash and three shares of\ncommon stock in the new company.\n Resorts said the offer from KSZ calls for a merger of\nResorts with RI Acquisition Co Inc, a newly formed Delaware\ncorporation.\n Resorts said that prior to the merger, RI Acquisition would\nbe capitalized with about 100 mln dlrs of debt and about 220\nmln dlrs of equity.\n It said 200 mln dlrs of the equity would be in the form of\nspecial preferred stock.\n The KSZ offer, Resorts said, indicates that KSZ has a\ncommitment from to buy all of the special\npreferred stock.\n Resorts said the offer will expire at 1700 EST on March 27.\nIt said it asked its investment advisor, Bear, Stearns and Co,\nto advise its board on the offer.\n Earlier this month, the estate of James M. Crosby and\ncertian members of his family agreed to sell their class B\nshares to New York real estate tycoon Donald Trump for 135 dlrs\na share. The estate and family members hold 78 pct of the\n752,297 class B shares outstanding.\n Trump also agreed to pay 135 dlrs a share for the remaining\nclass B shares outstanding.\n Resorts also has about 5,680,000 shares of outstanding\nclass A stock. These shares carry one one-hundredth the voting\npower of the class B shares.\n Trump's offer beat out a rival bid of 135 dlrs a share made\nby Pratt Hotel Corp .\n Resorts said that under the proposal made by KSZ, existing\nclass A and class B shareholders would control about 96 pct of\nthe outstanding common of the new company formed to acquire\nResorts.\n Resorts said the new company, upon completion of the\nmerger, would hold the 220 mln dlrs of debt and that the\nspecial preferred stock would immediately be converted into\nexchangeable participating preferred of the new company.\n This preferred, Resorts said, would pay a dividend based on\nthe net cash flows from the new company's Paradise Island\noperations.\n A Resorts spokesman said the KSZ offer was made in a\ntwo-page letter and that Resorts could not comment on it\nbecause it did not contain enough information. Resorts has\nasked Bear, Sterns to obtain complete data, he said.\n The spokesman said Resorts is not familiar with KSZ but\nthat it believes the company is controlled by Marvin Davis, the\nDenver oilman.\n Calls to Davis were referred to Lee Solters, who handles\npublic relations for Davis. Solters, said to be travelling, was\nnot immediately available for comment.\n Donald Trump was also unavailable for comment, as was a\nspokesman for the Crosby estate.\n Reuter\n\u0003", "date": "24-MAR-1987 16:54:19.43", "topics": [ "acq" ], "places": [ "usa" ], "id": "9047" }, { "title": "CITICORP SEES DOUBLING IN RETAIL BANK NET", "body": "Citicorp expects net income in its\nindividual banking sector to top one billion dlrs by 1993,\ncompared with 462 mln dlrs in 1986, said Richard Braddock, head\nof Citicorp's individual banking division.\n \"We can double our earnings over the next five to seven\nyears,\" he told a banking analysts meeting, adding that this\nforecast may be on the conservative side.\n He said that bank card operations and the New York branch\nsystem would continue to turn in hefty profits but also picked\nout other developing areas, such as U.S. mortgage and\ninternational consumer, as major potential earners.\n Braddock and his sector heads made the following more\nspecific predictions:\n - Cost of funds and net credit loss levels in the U.S.\nbankcard unit will taper off in coming years from 1986's\nrelatively inflated levels.\n - Customer net revenue in the mortgage banking area will\nrise to 464.7 mln dlrs in 1987 from 374.3 mln in 1986.\n - The international consumer business will show 22 pct\ncompound annual growth in earnings between 1986 and 1992.\n - Private banking earnings will hit 100 mln dlrs in 1987\nand top 200 mln dlrs in 1992.\n Reuter\n\u0003", "date": "24-MAR-1987 16:56:59.34", "topics": [ "earn" ], "places": [ "usa" ], "id": "9048" }, { "title": "WD-40 CO 2ND QTR FEB 28 NET", "body": "Shr 35 cts vs 40 cts\n Net 2,642,000 vs 3,017,000\n Sales 19.1 mln vs 18.9 mln\n Six Mths\n Shr 69 cts vs 70 cts\n Net 5,178,000 vs 5,299,000\n Sales 35.6 mln vs 33.8 mln\n Reuter\n\u0003", "date": "24-MAR-1987 16:58:33.67", "topics": [ "earn" ], "places": [ "usa" ], "id": "9049" }, { "title": "NASD TO BEGIN SEARCH FOR NEW PRESIDENT", "body": "The National Association of Securities\nDealers, which will launch a search for a new president later\nthis week, will probably concentrate on candidates with an\nextensive background in the financial markets, officials of the\norganization said today.\n Gordon Macklin, 58, who has served as president for 17\nyears, today announced his decision to leave the organization\nof 6,658 broker-dealers. Macklin will join Hambrecht and Quist\nas chairman and co-chief executive officer.\n Association chairman Joseph Hardiman will appoint a search\ncommittee later this week.\n The committee will have its first meeting as early as next\nweek. The new president is expected to be someone knowledgable\nabout the over-the-counter markets and committed to the concept\nof self-regulation.\n Macklin joined the association as president in 1970,\nleaving a position at McDonald and Co.\n The National Association of Securities Dealers Automated\nQuotations System, which currently lists 5200 securities of\n4400 companies, was ushered in 10 months after Macklin's\narrival.\n Reuter\n\u0003", "date": "24-MAR-1987 16:59:02.01", "places": [ "usa" ], "id": "9050" }, { "title": "BRAZIL COMPUTER MARKET TO REMAIN CLOSED-MINISTER", "body": "Brazilian Science and Technology\nMinister Renato Archer said Brazil will keep its computer\nmarket closed to foreign goods in order to give its own infant\nindustry time to develop.\n \"Every country establishes laws to protect its interests.\nThe United States closed their borders at a certain stage to\nsome foreign goods and therefore protected its industrial\ndevelopment. Now it is time for Brazil to do likewise,\" Archer\nsaid at the opening of a national software conference.\n After several meetings, Brazil and the U.S. Have made no\nmajor progress in their computer row, which they have been\ntrying to resolve for the past 18 months.\n The Reagan administration has objected to Brazil protecting\nits computer industry from imports.\n Reuter\n\u0003", "date": "24-MAR-1987 17:00:51.46", "topics": [ "trade" ], "places": [ "brazil", "usa" ], "id": "9051" }, { "title": "METALBANC IN OFFERING", "body": "Metalbanc Corp said signed a letter of\nintent for a proposed public offering of one mln units,\nconsisting of four shares of common stock and stock purchase\nwarrants for two additional shares.\n The units are expected to be sold at between five dlrs and\n6.50 dlrs per unit.\n Reuter\n\u0003", "date": "24-MAR-1987 17:02:09.20", "places": [ "usa" ], "id": "9052" }, { "title": "NORTHERN INDIANA PUBLIC SVC AGAIN OMITS DIV", "body": "Northern Indiana Public Service\nCompany said it again omitted its quarterly common stock\ndividend which would have been payable in May.\n NIPSCO said it has not paid a qtly dividend since December\n1985 following an adverse decision by the Indiana Supreme Court\ndenying amortization of about 191 mln dlrs NIPSCO invested in\nits Bailly N-1 project.\n Reuter\n\u0003", "date": "24-MAR-1987 17:03:05.68", "topics": [ "earn" ], "places": [ "usa" ], "id": "9053" }, { "title": "FED'S JOHNSON SAYS DOLLAR STABILIZED AFTER FED TOOK APPROPRIATE ACTION\n", "date": "24-MAR-1987 17:03:18.88", "topics": [ "money-fx", "dlr" ], "id": "9054" }, { "title": "FED CHAIRMAN VOLCKER SAYS BANK PROPOSALS A WORRY", "body": "The chairman of the Federal Reserve\nBoard, Paul Volcker, has written to the chairman of the House\nBanking Committee to raise concerns about legislative proposals\nscheduled for consideration Wednesday.\n Volcker told committee chairman Fernand St. Germain a\nproposal to deny primary dealer status to firms from countries\nthat do not grant U.S. firms equal access to their government\ndebt markets might invite retaliation against U.S. firms\nabroad.\n He added, \"even Japan, against whom this proposal seems to\nbe particularly directed,\" has started opening its markets.\n In his letter, made available at the Treasury, Volcker also\nsaid a proposal to ease debt problems of developing countries\nby setting up a public facility to buy their debts owed to\ncommercial banks, was a problem.\n \"I believe that the prospect of debt relief would undermine\nthe difficult internal efforts of the borrowing countries to\nachieve the structural reform that is needed regardless of the\npolicies that are followed on servicing external debt,\" Volcker\nsaid.\n It might also cause private lenders to become reluctant to\nextend more credit to the borrowing countries, he said.\n Volcker said he endorsed comments by Treasury Secretary\nJames Baker \"about the inappropriateness of using public\nresources for purchasing private commercial bank debt, which we\nboth see as an inherent aspect of the proposed international\ndebt facility.\"\n He also said a proposal for establishing formal procedures\nfor international negotiations on currency exchange rates \"is\nunrealistic and could well have damaging effects.\"\n \"For example, the bill's directive to intitiate negotiations\nin order to achieve a competitive exchange rate for the dollar\n-- a matter upon which there can be considerable difference\namong analysts -- runs the risk of building up potentially\ndestabilizing market expectations,\" Volcker said.\n He recommended \"we should not lock ourselves into formalized\nprocedures for international negotiations\" on exchange rates but\ninstead use other, more flexible means like the recent mmeting\nin Paris between U.S. treasury and central bank representatives\nand those of major trade allies.\n Reuter\n\u0003", "date": "24-MAR-1987 17:05:30.74", "topics": [ "money-fx", "trade" ], "places": [ "usa", "japan" ], "id": "9055" }, { "title": "BORMAN'S INC DECLARES QTLY DIVIDEND", "body": "Qtly div five cts vs five cts prior\n Pay June 15\n Record May 18\n Reuter\n\u0003", "date": "24-MAR-1987 17:08:30.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "9056" }, { "title": "INTERLEUKIN-2 DETAILS WARRANT CONVERSION", "body": "Interleukin-2 Inc said the\nregistration of warrants became effective March 20 and that 3.5\nmln warrants will be convertible into 1.75 mln shares of the\ncompany's common stock, giving the company a maximum of 2.4 mln\ndlrs.\n The warrants must be exercised by June 22.\n Reuter\n\u0003", "date": "24-MAR-1987 17:08:39.15", "places": [ "usa" ], "id": "9057" }, { "title": "U.S. CORN ACREAGE SEEN NEAR RECORD LOW", "body": "U.S. corn acreage this year is \nlikely to drop to the lowest level since the unsurpassed\nacreage reductions of the 1983 PIK year and could rank as one\nof the lowest corn plantings in the United States in sixty\nyears, Agriculture Department officials said.\n USDA releases its official plantings report on March 31.\nAgriculture Department analysts said next week's figures will\nlikely show a sharp drop in acreage to as low as 65 mln acres,\ndown 22 pct from last year's plantings of 83.3 mln acres.\n Assuming an 18 mln acre drop in plantings, U.S. corn\nproduction will also decrease significantly. Analysts said 1987\ncorn production could drop by over one billion bushels to\naround seven billion bushels.\n Expected signup of up to 90 pct in the 1987 feed grains\nprogram, along with 1.9 mln acres enrolled in the conservation\nprogram, will cause acreage to plummet, Department feedgrain\nanalysts said.\n \"There's no question that there will be a sharp decrease in\ncorn acreage,\" one said. \"It's difficult for any farmer to not\ngo along with the program this year.\"\n Soybean acreage is also expected to decline this year but\nat a much slower rate of around four pct, USDA analysts said.\n Soybean plantings could drop to 59 mln acres or below, they\nsaid, compared to last year's level of 61.5 mln acres.\n If analysts' unofficial estimates prove correct then the\ndrop in u.s. corn acreage will be the largest since 1983 when\nfarmers idled 22 mln acres in the Payment-In-Kind program.\n Farmers planted only around 60 mln acres of corn in 1983. A\nsevere drought that summer in major producing states caused\nyields to tumble and final crop production to total only 4.2\nbillion bushels.\n Given normal weather conditions this year, USDA analysts\nsaid the 1987 corn crop could end up around seven billion\nbushels, down from last year's crop of 8.3 billion bushels.\n \"This kind of acreage reduction will mean a significant\nreduction in production,\" an analyst said.\n A crop of seven billion bushels is close to the annual U.S.\ncorn usage, so surplus stocks, while not decreasing, would not\nincrease significantly, a specialist said.\n High producing corn belt states are expected to show the\ngreatest acreage reductions, based upon historical\nparticipation in government programs, analysts said.\n In contrast, soybean acreage is likely to be cut the most\nin marginal producing areas of the southeast and the western\ncorn belt, a USDA soybean analyst said.\n \"Soybean acreage in the eastern corn belt will not budge,\"\nhe said. Neither does he expect any significant acreage cuts in\nhigher-producing delta areas.\n Soybean production could drop fractionally from last year's\n2.0 billion bushels to 1.8 to 1.9 billion, he said.\n U.S. soybean acreage, after soaring to 71.4 mln acres in\n1979 from only 52 mln acres five years prior to that, has\nsteadily declined in the 1980's.\n U.S. corn acreage, with the exception of 1983, has been in\nthe low to mid 80-mln acre range for the past 10 years. The\nhighest corn plantings reported in the 60 years that USDA has\nkept such records was in 1932 when farmers planted 113 mln\nacres and obtained average yields of 26.5 bushels per acre.\n Last year U.S. farmers obtained record corn yields\naveraging 119.3 bushels per acre.\n \"We have absolutely no trouble producing an eight billion\nbushel crop on only 80 mln acres or so,\" an analyst said.\n Corn acreage will probably level at around 65 mln acres as\nlong as government program provisions remain the same, analysts\nsaid.\n Currently farmers enrolling in the program are required to\nset aside 20 pct of their base acreage and then are eligible\nfor payments of two dlrs per bushel by idling an additional 15\npct of their acreage.\n \"To get to the PIK level of 60 mln acres, we would have to\nprovide more incentives,\" an analyst said.\n Reuter\n\u0003", "date": "24-MAR-1987 17:10:19.66", "topics": [ "grain", "corn", "oilseed", "soybean" ], "places": [ "usa" ], "id": "9058" }, { "title": "KIRSCHNER COMPLETES PURCHASE", "body": "Kirschner Medical corp said it\ncompleted the acquisition of Minnesota Mining and\nManufacturing's orthopedic metal implant line division.\n The acquisition price is 12.0 mln dlrs in cash, a six mln\ndlr three year note and 100,000 shares of Kirschner common\nstock.\n The division had sales of 11.3 mln dlrs in 1986.\n Reuter\n\u0003", "date": "24-MAR-1987 17:10:32.59", "topics": [ "acq" ], "places": [ "usa" ], "id": "9059" }, { "title": "U.S. SENATORS SEEK TO EXPAND USDA EXPORT BONUS", "body": "Leading U.S. farm state senators are\nseeking to insert into the Senate's omnibus trade bill a\nprovision that would broaden eligibility requirements under the\nU.S. Agriculture Department's export enhancement program, EEP,\nto include traditional buyers of U.S. farm products, including\nthe Soviet Union, Senate staff said.\n Under existing criteria, USDA can offer EEP subsidies to\nrecoup export markets lost to competing nations' unfair trading\npractices.\n Senate Agriculture Committee Chairman Patrick Leahy (D-Vt.)\nis leading a group of farm state senators in an effort to\nbroaden the criteria in such a way as to enable Moscow to be\neligible for the subsidies, sources said.\n The senators -- including Senate Finance Committee Chairman\nLloyd Bentsen (D-Tex.), Max Baucus (D-Mont.), David Pryor\n(D-Ark.), John Melcher (D-Mont.) and Thad Cochran (R-Miss.) --\nalso may fold into the trade bill a measure to shield pork\nproducers and processors from Canadian imports.\n The measure, sponsored by Sen. Charles Grassley (R-Iowa),\nwould clarify the definition of \"industry\" in determining whether\nor not imports were causing injury to U.S. producers.\n Grassley's bill stems from a 1985 decision by the\nInternational Trade Commission that imports from Canada of live\nswine -- but not fresh, chilled and frozen pork -- were harming\nU.S. producers.\n The bill's proponents have argued Canada has simply\nreplaced shipments of live hogs with fresh pork.\n Reuter\n\u0003", "date": "24-MAR-1987 17:10:45.15", "topics": [ "trade", "hog", "carcass", "livestock" ], "places": [ "usa", "ussr" ], "id": "9060" }, { "title": "FED'S JOHNSON SAYS FED ACTED TO STABILIZE DOLLAR", "body": "Federal Reserve Board Vice Chairman\nManuel Johnson said the dollar has stabilized against other\ncurrencies after action taken by the Fed.\n \"We have taken the appropriate action and the dollar has\nstabilized,\" Johnson said after testifying to a House Banking\nsubcommittee.\n He did not elaborate on the nature of the action nor when\nit was taken, but said that it was in the spirit of the\nagreement reached by six industrial nations in Paris recently.\n Johnson said the dollar's decline against other currencies\nsuch as the Japanese yen has been gradual.\n Since the accord by the United States, Britain, West\nGermany, Japan, France and Canada, foreign exchange markets\nhave been closely watching for indications of intervention by\ncentral banks to determine the committment by those nations to\ntheir agreement.\n The nations agreed that currency exchange rates were at\nabout the correct levels when the pact was signed earlier this\nyear.\n Reuter\n\u0003", "date": "24-MAR-1987 17:11:15.09", "topics": [ "money-fx", "dlr" ], "places": [ "usa" ], "id": "9061" }, { "title": "XOMA FILES FOR PUBLIC OFFERING", "body": "Xoma Corp said it filed a\nregistration statement with the Securities and Exchange\nCommission covering a proposed public offering of 1.3 mln\ncommon shares.\n Xoma, a biotechnology company which produces monoclonal\nantibody-based products to treat some forms of cancer, said\nproceeds will be used to fund research and product development,\nhuman clinical trials and the expansion of manufacturing\ncapacity and working capital.\n It said Dillon Read and Co Inc and Alex Brown and Sons Inc\nwill manage the underwriting.\n Reuter\n\u0003", "date": "24-MAR-1987 17:11:23.20", "places": [ "usa" ], "id": "9062" }, { "title": "REPUBLIC AMERICAN PLANS EXCHANGE OFFER", "body": "Republic American Corp said it\nbegan an offer to exchange a new issue of 9-1/2 pct\nsubordinated debentures due 2002 for a portion of its common\nstock.\n Republic said it is offering to acquire its stock at a rate\nof 17.50 dlrs principal amount of debentures per common share.\n The offering, which expires on April 27 unless extended, is\nfor up to 2,250,000 shares, with the company reserving the\nright to accept three mln shares, Republic also said.\n Reuter\n\u0003", "date": "24-MAR-1987 17:12:51.35", "places": [ "usa" ], "id": "9063" }, { "title": "MARYLAND NATIONAL SEES NEW NAME", "body": "Maryland National Corp, the parent of\nMaryland National Bank which earlier this month merged with\nAmerican Security Bank, said its shareholders will vote on a\nnew name for the regional bank holding company at its April 29\nannual meeting.\n It said MNC Financial Inc is the proposed new name for the\nparent company. The banks merged on March 16, and have combined\nassets of about 14 billion dlrs.\n Maryland said the new name only will be used for the parent\nand it does not plan to change the names of Maryland National\nBank, American Security Bank or non-bank affiliates.\n Reuter\n\u0003", "date": "24-MAR-1987 17:15:35.82", "topics": [ "acq" ], "places": [ "usa" ], "id": "9064" }, { "title": "VENEZUELA TO ANNOUCE PARTNER FOR COAL VENTURE", "body": "Petroleos de Venezuela S.A will\nannounce within two weeks the name of a foreign consortium it\nhas chosen to help exploit the coal deposits at Guasare in\nwestern Zulia state, PDVSA president Juan Chacin Guzman said.\n Chacin told reporters the foreign partner will provide\ncapital as well as technical and marketing expertise to the\nCarbozulia project, which the state oil company will manage.\n PDVSA officials said that among those who bid for the\npartnership is a consortium between Agip Carbone, a subsidiary\nof Italy's Ente Nazionale Idrocarburi (ENI), and Atlantic\nRichfield of the United States.\n Minister of Energy and Mines Arturo Hernandez Grisanti said\ndiscussions are currently taking place to finalize the terms of\nthe contract with the foreign partner.\n PDVSA vice-president Pablo Reimpell said last week the\nfirst shipment of coal from the Carbozulia project should be\nmade during the final quarter of 1987, and would measure\nbetween 100-150,000 metric tons.\n Plans call for production to eventually reach 500,000 mt\nannually. Reimpell said the original investment in the project\nwill be approximately 8 billion bolivars.\n Reuter\n\u0003", "date": "24-MAR-1987 17:19:19.43", "topics": [ "crude" ], "places": [ "venezuela", "usa" ], "id": "9065" }, { "title": "GOTTSCHALKS INC 4TH QTR NET", "body": "Shr 37 cts vs 50 cts\n Net 2,776,000 vs 2,756,000\n Sales 46.9 mln vs 38.8 mln\n Avg shrs 7,508,000 vs 5,550,000\n Year\n Shr 58 cts vs 55 cts\n Net 4,021,000 vs 3,005,000\n Sales 125.9 mln vs 112.8 mln\n Avg shrs 7,090,000 vs 5,500,000\n Reuter\n\u0003", "date": "24-MAR-1987 17:20:44.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "9066" }, { "title": "BORG-WARNER SAYS IT DISCUSSED POSSIBLE TAKEOVER WITH IRWIN JACOBS\n", "date": "24-MAR-1987 17:27:13.04", "topics": [ "acq" ], "places": [ "usa" ], "id": "9067" }, { "title": "CYCLOPS CORP SAYS CYACQ'S AMENDED OFFER RESTATES ORIGINAL CONDITIONS\n", "date": "24-MAR-1987 17:28:31.22", "topics": [ "acq" ], "places": [ "usa" ], "id": "9068" }, { "title": "U.S. SUGAR QUOTA MAY BE EASED, CONGRESSMAN SAYS", "body": "The United States may soon ease its\n1987 sugar import quota of one mln short tons by bringing\nforward to the third quarter some shipments scheduled for the\nfourth quarter of 1987, Jerry Huckaby, a leading Congressman\nrepresenting sugar growers told Reuters in an interview.\n Huckaby, a Louisiana Democrat and chairman of the House\nsubcommittee which deals with the sugar program, indicated the\neasing of the quota might be a way to calm the concern about\nthe impact of the severe cut in U.S. sugar imports this year.\n \"With imports coming down from 1.8 mln (last year) to one\nmln, there is legitimate concern about the impacts on Caribbean\ncountries and the Philippines,\" Huckaby said.\n By bringing forward to the third quarter some imports, the\nquota would effectively be eased by about 250,000 tons.\n Huckaby said by simply bringing forward to the third\nquarter of the year sugar imports scheduled for the September\nto December period \"we could get away without having to\nincrease the quota.\"\n He noted that some in the sugar industry believe an\nincrease in the quota is justified.\n Earlier this month, representatives of U.S. cane sugar\nrefiners met with U.S. Agriculture Department officials to\nrequest a quota increase of at least 200,000 tons. The refiners\nsaid the increase is needed because the quota is so restrictive\nthere could be some spot shortages of sugar in the U.S later\nthis year, a refiner spokesman said.\n However, the official slaid the USDA replied only that it\nwould consider the request.\n Following the refiners' request, representatives of the\nFlorida sugarcane producers met with USDA to express opposition\nto any quota expansion, industry sources said.\n The statement by Huckaby, who as a representative from a\nsugar growing district in Louisiana is a leading architect of\nthe current sugar program, indicates at least some grower\nofficials are concerned enough to support an easing of the\nimport quota, industry officials said.\n Any final decision on easing the quota must be made by the\nReagan administration's interagency sugar policy group.\n Asked about possible quota changes, A USDA official said\n\"As far as I know, changing the quota volume or the quota year\nis not under active consideration.\"\n Reuter\n\u0003", "date": "24-MAR-1987 17:28:58.09", "topics": [ "sugar" ], "places": [ "usa" ], "id": "9069" }, { "title": "MOBIL UNIT NAMES GROUP PRESIDENT", "body": "Montomgery Ward and Co, a subsidiary of\nMobil Corp, said it named John Weil as president of its Apparel\nGroup, replacing Richard Bourret, who has resigned.\n It said Weil has been a consultant to the company since\n1986.\n Reuter\n\u0003", "date": "24-MAR-1987 17:29:06.75", "places": [ "usa" ], "id": "9070" }, { "title": "SONY TO SHIP SAMPLE OPTICAL DISKS", "body": "Sony Corp said it plans to\nbegin shipping samples in the fall of a 130 millimeter erasable\nmagneto-optical disk system used for data storage. It said it\nestimates the cost of the sample drives will be one mln yen\nwith sample media costing 30,000 yen.\n Sony said it will ship samples to potential customers in\nJapan or overseas depending on demand.\n Sony said the product's development stems from continued\nprogress in key technologies such as newly structured recording\nlayers using a polycarbonate base and high power lasers with\nhigh-speed data transfers, among other things.\n Reuter\n\u0003", "date": "24-MAR-1987 17:30:14.91", "places": [ "usa" ], "id": "9071" }, { "title": "CALIFORNIA MICROWAVE TAKES 3RD QTR CHARGE", "body": "California Microwave Inc said\nit will take non-recurring charges of 9.7 mln dlrs to pre-tax\nearnings in the third quarter ended March 31.\n The company said earnings from operations in the second\nhalf, ending June 30, 1987, excluding the charges, are expected\nto be in the break-even range.\n In the second half of 1986 net earnings were 2,297,000\ndlrs, or 29 cts per share.\n The company said the charges relate to its\ntelecommunications products area and three other areas.\n California Microwave previously estimated the write-downs\nin the six to eight-mln-dlr range. It said it will add to that\na reserve for investment losses in Argo Communications Corp.\n Also to be included in the write-down are charges against\nits advances to an Arizona-based communications electronics\nfirm the company has an option to acquire, it said.\n In addition, accruals are being made for costs associated\nwith the company's reduction in its Sunnyvale work force.\n California Microwave said the write-downs should have a\nnominal cash impact, as the company already has paid for the\nassets being written down.\n Reuter\n\u0003", "date": "24-MAR-1987 17:30:27.09", "topics": [ "earn" ], "places": [ "usa" ], "id": "9072" }, { "title": "CRS SIRRINE PLANS MAJOR RESTRUCTURING, WRITE OFF OF UP 43 MLN DLRS\n", "date": "24-MAR-1987 17:31:33.86", "topics": [ "earn" ], "id": "9073" }, { "title": "H.F. AHMANSON AND CO QTLY DIVIDEND", "body": "Shr 22 cts vs 22 cts prior qtr\n Pay June one\n Record May 12\n Reuter\n\u0003", "date": "24-MAR-1987 17:33:02.73", "topics": [ "earn" ], "places": [ "usa" ], "id": "9074" }, { "title": "BORG-WARNER TELLS OF TALKS WITH JACOBS", "body": "Borg-Warner Corp said it has had\ndiscussions with Irwin Jacobs on his interest in the\npossibility of Minstar Inc , a Jacobs controlled company,\nbeing given access to certain non-public information about\nBorg-Warner.\n In late February, an investor group headed by Jacobs\noffered 44 dlrs a share, or 3.29 billion dlrs, to take over\nBorg-Warner.\n Borg-Warner said it advised Jacobs that before its board\nwould give Minstar access to company records Minstar would have\nto provide satisfactory evidence that sufficient financing was\ncommitted to carry out whatever transaction was proposed.\n A Borg-Warner spokesperson said the discussions with Jacobs\nand other Minstar officials focused on terms and conditions\nunder which the company would consider granting Minstar access\nto the information it was seeking.\n The Borg-Warner spokesperson said the company has not been\nable to reach an agreement with Minstar, and Borg-Warner has\nnot granted Minstar access to any records.\n There can be no assurance that there will be further\ndiscussions with Jacobs or that any agreement will be reached,\nthe company added.\n Reuter\n\u0003", "date": "24-MAR-1987 17:35:45.21", "topics": [ "acq" ], "places": [ "usa" ], "id": "9075" }, { "title": "CANADA VOWS TO FIGHT U.S. POTASH ACTION", "body": "External Affairs Minister Joe Clark\ntoday vowed to do everything possible to fight the U.S. action\nagainst Canadian potash exports, but also warned against\nraising the alarm too early in the dispute.\n In the latest flashpoint in Canadian-U.S. trade relations,\nthe U.S. International Trade Commission ruled unanimously\nMonday that Canadian potash shipments valued at 270 million\nU.S. dlrs last year were injuring the U.S. industry.\n \"We certainly intend to do everything we can to insure that\nCanadian interests are well protected,\" Clark told the House of\nCommons in the daily question period.\n But he said the opposition parties should be careful \"not\nto raise false alarms too early.\"\n The case now goes before the U.S. Commerce Department's\ntrade division to determine if a duty should be imposed. Potash\nproducers from New Mexico, claiming unfair government\nsubsidies, are seeking a 43 pct tariff on Canada's shipments.\n Canada, the world's largest potash producer, exported 9.8\nmln metric tonnes of potash last year, with nearly a third\ngoing to the U.S.\n Most of the potash, used in the production of fertilizer,\ncomes from provincially owned mines in Saskatchewan.\n In the Commons, Liberal member Lloyd Axworthy branded the\nruling as just another \"trade harrassment\" from the U.S. and\ncriticized Clark's assurances the country's interests would be\nprotected.\n \"We received exactly the same kind of assurances in the\nsoftwood lumber case that was totally fumbled and bumbled,\"\nAxworthy said.\n Canada's Progressive Conservative government agreed to\nimpose a 15 pct duty on its softwood lumber exports earlier\nthis year to end a long and bitter bilateral trade dispute with\nthe U.S.\n Axworthy urged the government to present Canada's case to\nworld trade authorities under the General Agreement on Tariffs \nand Trade.\n But Clark maintained the potash dispute was another example\nof why Canada needs to find a new way to settle bilateral\nirritants in the free trade negotiations under way with the\nU.S.\n \"What we are seeking to do is put in place a better\nsystem,\" Clark said.\n Meanwhile, Saskatchewan Trade Minister Bob Andrew expressed\nconfidence Canada would win its case, claiming the problem\nstems from low international commodity prices and not\ngovernment subsidies.\n \"The reality of the problem and the injury is caused\nworldwide,\" he said. \"It's caused by a downturn in the\ncommodity price for fertilizer, whether it's potash fertilizer,\nnitrogen fertilizer or whatever.\"\n Reuter\n\u0003", "date": "24-MAR-1987 17:39:44.56", "topics": [ "trade" ], "places": [ "usa", "canada" ], "id": "9076" }, { "title": "TRINTOC, UNION CARBIDE TO BUILD METHANOL PLANT", "body": "Trinidad and Tobago is\nfinalizing arrangements with Union Carbide of the United\nStates and Snamprogetti of Italy for the construction of a\n1,500 tonnes per day methanol plant, Energy Minister Kelvin\nRamnath said.\n Ramnath said the ministry is now holding talks with Union\nCarbide on the price of natural gas to be used in the plant,\nwhich will be constructed near the Trinidad and Tobago oil\ncompany (Trintoc) refinery at Point Fortin on the west coast.\n Snamprogetti built the first methanol refinery on trinidad\nfive years ago.\n Trintoc is likely to put up land, refinery plant and\nmachinery as equity. If negotiations go smoothly, ramnath said,\nconstruction could begin by next january.\n The government of prime minister A.N.R. Robinson is hoping\nto lue new investors to the twin-island state's petrochemical\nindustry, in order to make use of new findings of natural gas.\n Reuter\n\u0003", "date": "24-MAR-1987 17:41:52.68", "topics": [ "pet-chem", "nat-gas" ], "places": [ "trinidad-tobago" ], "id": "9077" }, { "title": "ORMAND INDUSTRIES UNIT TO REPAY DEBT", "body": "Ormand Industries INc said its\nGeneral Can Co Inc unit has finalized all transactions needed\nto repay about 3.3 mln dlrs of past-due accounts to its\nunsecured lenders.\n The plan calls for payment of about 1.5 mln dlrs in cash\nand the issuance of a new class of preferred stock by Ormand\nIndustries.\n The company said it anticipates full distribution to the\ncreditors during March.\n Reuter\n\u0003", "date": "24-MAR-1987 17:44:49.75", "places": [ "usa" ], "id": "9078" }, { "title": "VOLCKER CALLS DOLLAR SLIDE ENOUGH", "body": "Federal Reserve Board Chairman Paul\nVolcker said that the dollar's slide in currency markets has\nbeen enough, a Fed spokesman said.\n The spokesman confirmed that Volcker, who spoke to a group\nof financial analysts, said in answer to a question about the\ndollar's recent slide that \"enough is enough.\"\n Volcker has often expressed concern about the dollar\nfalling too rapidly in currency markets.\n Reuter\n\u0003", "date": "24-MAR-1987 17:48:26.93", "topics": [ "money-fx", "dlr" ], "places": [ "usa" ], "id": "9079" }, { "title": "NASDAQ MARCH SHORT INTEREST WAS 184.9 MLN SHRS VS 215.7 MLN SHARES IN FEBRUARY\n", "date": "24-MAR-1987 17:50:13.36", "id": "9080" }, { "title": "RB INDUSTRIES COMPLETES STORE SALES", "body": "RB Industries Inc said it completed\nthe sale of its W and J SLoane Division to Laurence Crink Jr\nand a group of investors.\n The definitive agreement provides for a closing on April 1,\n1987. The division consists of four W and J Sloane furniture\nstore in Los Angeles and Orange counties.\n RB Industries also said it recently secured a five-year\n8.573 pct secured 9.9-mln-dlr loan on its Irvine property from\na major institution. Proceeds will be used to retire existing\nbank debt, for working capital and to retire a portion of its\noutstanding 12 pct debentures.\n Reuter\n\u0003", "date": "24-MAR-1987 17:50:21.61", "topics": [ "acq" ], "places": [ "usa" ], "id": "9081" }, { "title": "TRAVELERS UNIT SELLS MORTGAGE CERTIFICATES", "body": "Travelers Mortgage Services Inc, a\nunit of Travelers Corp, is issuing nearly 75.2 mln dlrs of\nmortgage pass-through certificates, said sole manager Morgan\nStanely and Co Inc.\n The certificates have a 6-1/2 pct coupon and initial price\nof 89.6 for a bond equivalent yield of 8-1/2 pct. Morgan said\nthe certificates will be reoffered at various prices and have\nan average life of 9.6 years.\n Principal and interest will be payed each month beginning\nMay 25. Standard and Poor's is expected to rate the\ncertificates AA, Morgan said.\n \n Reuter\n\u0003", "date": "24-MAR-1987 17:53:11.46", "places": [ "usa" ], "id": "9082" }, { "title": "NASDAQ SHORT INTEREST IN MARCH FALLS", "body": "NASDAQ said short interest as of\nmid-march totaled 184.9 mln shares compared to 215.7 mln shares\nfor the month of February.\n NASDAQ said the mid-March figures are based on 3,983\nsecurities and the February figures are based on 3,842\nsecurities.\n \n Reuter\n\u0003", "date": "24-MAR-1987 17:54:44.54", "places": [ "usa" ], "id": "9083" }, { "title": "GOLDMAN SACHS SELLS SIGNET UNIT NOTES", "body": "Goldman, Sachs and Co, acting as lead\nmanager, said it is offering 100 mln dlrs of deposit notes due\n1992 that it purchased from Bank of Virginia Co, a unit of\nSignet Banking Corp.\n The notes have a 7-1/2 pct coupon and were priced at 99.75\nto yield 7.56 pct, or 74 basis points more than comparable\nTreasury securities.\n Non-callable to maturity, the issue is rated Aa-2 by\nMoody's Investors Service Inc. L.F. Rothschild co-managed the\ndeal.\n Reuter\n\u0003", "date": "24-MAR-1987 17:56:15.34", "places": [ "usa" ], "id": "9084" }, { "title": "NMS PHARMACEUTICAL SETS NEW BLOOD TEST", "body": "NMS Pharmaceuticals Inc\nsaid it has launched a new over-the-counter urinary blood test\nthat will be sold through drugstores soon.\n The test, called EZ Detect Urinary Blood Test, detects\nminute amounts of blood in the urine that cannot be detected by\nthe naked eye.\n It has been approved by the Food and Drug Administration.\n Reuter\n\u0003", "date": "24-MAR-1987 17:56:55.55", "places": [ "usa" ], "id": "9085" }, { "title": "AMERICAN CAN SELLS CONVERTIBLE EUROBONDS", "body": "American Can Co said it is issuing in\nthe Euromarkets 175 mln dlrs of convertible Eurodollar bonds\ndue 2002 with a 5-1/2 pct coupon and par pricing.\n The Eurobonds are convertible into the company's common\nstock at 66.75 dlrs per share, representing a premium of 27.5\npct over today's closing stock price, American Can said.\n Proceeds will be used for general corporate purposes, which\ncould include refinancing outstanding debt, business\nacquisitions or investments. The debt is being offered via a\nsyndicate managed by Morgan Stanley International, Credit\nSuisse First Boston and Salomon Brothers International.\n Reuter\n\u0003", "date": "24-MAR-1987 17:57:04.54", "places": [ "usa" ], "id": "9086" }, { "title": "GENCORP TAKEOVER GROUP CANCELS HEARING", "body": "The investor group seeking to acquire\nGenCorp Inc said it agreed to cancel a court hearing after\nGenCorp withdrew three proposals that, if approved, would have\nmade it more costly and difficult to acquire the Akron,\nOhio-based company.\n Earlier today GenCorp said it will not ask shareholders to\napprove an increase in the number of its outstanding shares,\nthe election of a staggered board of directors and the\nelimination of cumulative voting.\n However, the group said it will continue to try to block\nGenCorp's poison-pill provision.\n The group, a partnership of AFG Industries Inc and\n, was to go to court on March 27 to block\nGenCorp for having the three proposals voted on by shareholders\nat its annual meeting.\n GenCorp said it withdrew the proposals so that it could\nfocus its attention on the takeover offer.\n The takeover partnership said it has asked to meet with\nGenCorp to negotiate a repeal of the company's poison pill\nplan.\n Reuter\n\u0003", "date": "24-MAR-1987 18:01:26.87", "topics": [ "acq" ], "places": [ "usa" ], "id": "9087" }, { "title": "GENCORP FIXES RIGHTS SEPARATION DATE", "body": "Gencorp Inc said that because it is\ncontinuing to evaluate General Acquisition Inc's tender offer\nit has fixed April 3, subject to further extension, as the date\nthe rights to purchase preferred shares will trade separately\nfrom the common stock as a result of the tender offer.\n This extension of the expiration date is conditioned on no\nperson acquiring beneficial ownership of 20 pct or more of\nGencorp's common stock prior to April 3, it said.\n Gencorp said it could distribute the rights certificates to\nshareholders 10 to 30 days after the March 18 acquisition offer\nwas made.\n However, rather than leaving the expiration date in a\nrange, the board decided to set April 3 as the day it will\ndistribute the preferred share purchase rights.\n \n Reuter\n\u0003", "date": "24-MAR-1987 18:03:03.64", "topics": [ "acq" ], "places": [ "usa" ], "id": "9088" }, { "title": "CANADA ENERGY MINISTER TO MAKE STATEMENT", "body": "Canadian Energy Minister Marcel Masse\nwill hold a news conference at noon est Wednesday, following a\nmeeting with his Alberta counterpart, Neil Webber, his office\nannounced.\n Published reports in Canada, quoting government sources,\nsaid Masse will announce a major aid package for the province's\nstruggling energy industry.\n An unidentified Alberta member of Parliament said the plan\nwill include drilling incentives and tax measures.\n Reuter\n\u0003", "date": "24-MAR-1987 18:04:32.44", "places": [ "canada" ], "id": "9089" }, { "title": "AMERICAN INTERNATIONAL SELLS AFRICAN UNIT", "body": "American International Group Inc said\nit sold its South African subsidiary, American International\nInsurance Co Ltd, to Johannesburg Insurance Holdings Ltd, a\nholding company owned by a consortium of shareholders led by\nRand Merchant Bank.\n Terms were not disclosed and company officials were\nunavailable for comment.\n With the conclusion of the sale, American International has\nentirely divested itself of its holdings in South Africa.\n Reuter\n\u0003", "date": "24-MAR-1987 18:04:57.80", "topics": [ "acq" ], "places": [ "usa", "south-africa" ], "id": "9090" }, { "title": "OXFORD INDUSTRIES INC 3RD QTR FEB 27", "body": "Shr 25 cts vs 21 cts\n Net 2.8 mln vs 2.3 mln\n Revs 135.0 mln vs 119.0 mln\n Nine months\n Shr 80 cts vs 70 cts\n Net 8.9 mln vs 7.7 mln\n Revs 407.7 mln vs 403.7 mln\n Reuter\n\u0003", "date": "24-MAR-1987 18:07:01.66", "topics": [ "earn" ], "places": [ "usa" ], "id": "9091" }, { "title": "UNION TAKES AMERICAN AIRLINES TO COURT", "body": "The Association of Professional Flight\nAttendants announced today that it was seeking a court order\nprohibiting any additional actions by AMR Corp's American\nAirlines restricting the right of its members to communicate\nwith the public.\n Patt A. Gibbs, president of the 10,000-member APFA, said\nthe union took the action following the firing of 17 flight\nattendants who had been handing out information brochures at\nAmerican's terminals at the Dallas-Fort Worth airport.\n The union has been negotiating for a new contract with the\nAmerican Airlines for the past seven months. The union is\nseeking abolishment by the airline of a two-tier wage system\nfor flight attendants.\n Gibbs said at a press conference today that American had\nfired seven flight attendants \"on the spot\" last Sunday, and by\nMonday a total of 17 had been fired.\n Reuter\n\u0003", "date": "24-MAR-1987 18:09:40.16", "places": [ "usa" ], "id": "9092" }, { "title": "PORTUGAL MAY HAVE PURCHASED U.S. CORN", "body": "Portugal may have purchased a 30,000\ntonne cargo at its tender today for up to 43,000 tonnes of\nnumber two yellow corn (14.5 pct maximum moisture) for arrival\nby April 30, shipment via Gulf ports, U.S. exporters said.\n Reuter\n\u0003", "date": "24-MAR-1987 18:12:46.76", "topics": [ "grain", "corn" ], "places": [ "usa", "portugal" ], "id": "9093" }, { "title": "TAIWAN TENDERING THURSDAY FOR U.S. CORN", "body": "Taiwan will tender Thursday, March 26,\nfor a total of 356,000 tonnes of U.S. number two yellow corn\n(14.5 pct moisture) for various Sept/Dec shipments via Gulf or\nPacific Northwest ports, U.S. exporters said.\n Reuter\n\u0003", "date": "24-MAR-1987 18:13:15.39", "topics": [ "grain", "corn" ], "places": [ "usa", "taiwan" ], "id": "9094" }, { "title": "SRI LANKA TENDERING OVERNIGHT FOR WHEAT", "body": "Sri lanka will tender overnight for\n52,500 tonnes of U.S., Canadian and/or Australian wheats for\nApril 8/16 shipment, under the Export Enhancement Program if\nU.S. origin, U.S. exporters said.\n Reuter\n\u0003", "date": "24-MAR-1987 18:13:46.57", "topics": [ "grain", "wheat" ], "places": [ "usa", "sri-lanka" ], "id": "9095" }, { "title": "BRAZIL ANNOUNCES NEW PLANNING MINISTER", "body": "Brazil's new planning minister is\nAnibal Teixeira de Souza, the former head of a national welfare\nprogram, the government said.\n Teixeira replaces economist Joao Sayad, who last week\nbecame the latest victim of the turmoil in Brasilia over\ngovernment economic policy.\n Sayad disagreed with Finance Minister Dilson Funaro, the\nmost important minister for economic affairs, on a range of\npolicy issues and submitted his resignation.\n Reuter\n\u0003", "date": "24-MAR-1987 18:14:54.16", "places": [ "brazil" ], "id": "9096" }, { "title": " 4TH QTR OPER LOSS", "body": "Oper shr loss one ct vs loss seven cts\n Oper net loss 80,640 vs loss 787,738\n Revs 933,183 vs 3,346,627\n Avg shrs 6,122,378 vs 8,451,578\n Year\n Oper shr loss 75 cts vs loss 1.10 dlrs\n Oper net loss 5,120,206 vs loss 9,288,996\n Revs 5,846,962 vs 18,679,090\n Avg shrs 6,805,951 vs 8,387,802\n NOTE: Earnings exclude losses from discontinued operations\nof 178,437 dlrs, or three cts a share vs 154,767 dlrs, or two\ncts a share in the quarter and losses of 706,984 dlrs, or 10\ncts a share vs 572,100 dlrs, or seven cts a share for the year\n 1986 year earnings exclude gain from early extinguishment\nof debt of 11,318,289 dlrs, or 1.66 dlrs a share\n Reuter\n\u0003", "date": "24-MAR-1987 18:23:36.11", "topics": [ "earn" ], "places": [ "usa" ], "id": "9097" }, { "title": "BAYOU IN DEFINITIE MERGER AGREEMENT", "body": "Bayou Resources Inc said it reached an\ndefinite agreement to be acquired by Patrick Petroleum Co\nthrough a stock and cash transaction valued at six dlrs per\nBayou share.\n Bayou also reported net loss of three cts or 23,024 dlrs\nfor the fourth quarter compared with a net income of 10,128\ndlrs or one cts a year. Revenues fell to 532,807 dlrs from\n769,465 dlrs a year ago.\n For the year, Bayou reported a net loss of 14 cts or\n116,793 dlrs compared to a net income of 23 cts or 203,372\ndlrs. Revenues fell to 2.4 mln dlrs from 3.3 mln dlrs.\n Reuter\n\u0003", "date": "24-MAR-1987 18:24:24.58", "topics": [ "acq" ], "places": [ "usa" ], "id": "9098" }, { "title": "APACHE FILES FOR 100 MLN DLR OFFERING", "body": "Apache Corp said it filed with the\nSecurities Exchange Commission a 100 mln dlr convertible\nsubordinated debenture offering.\n It said the offering will be underwritten by Smith Barney,\nHarris Upham and Co Inc, E.F. Hutton and Co Inc, Morgan Stanley\nand Co Inc, Dean Witter Reynolds Inc and Piper, Jaffray and\nHopwood Inc and will provide a security convertible into Apache\nat any time prior to maturity in the year 2012 unless redeemed\nearlier by the company.\n In connection with the offering, Apache said preliminary\nresults for the first two months of 1987 reflected a loss of\nabout 600,000 dlrs, or three cts a share, on consolidated\nrevenues of 33 mln dlrs.\n Reuter\n\u0003", "date": "24-MAR-1987 18:26:30.73", "places": [ "usa" ], "id": "9099" }, { "title": "TRANSCONTINENTAL FILES NEW OFFER", "body": "Transcontinental Gas Pipe Line Corp\nsaid that it is not willing to accept the Federal Energy\nRegulatory Commission's conditioned approval of its proposed\noffer of settlement dated May 13.\n Transco said it filed a revised settlement proposal which\nwould permit it to become an open access transporter while\nrestructuring gas sales services.\n The new offer includes a gas supply inventory charge to\ncustomers who fail to buy 60 pct of their annual contract\nquantities and 35 pct of their summer contract quantities.\n Reuter\n\u0003", "date": "24-MAR-1987 18:27:41.18", "topics": [ "nat-gas" ], "places": [ "usa" ], "id": "9100" }, { "title": "COMPUTER IDENTICS CORP 4TH QTR", "body": "Shr loss 44 cts vs loss 20 cts\n Net loss 2.4 mln vs loss 880,000\n Revs 2.4 mln vs 2.6 mln\n Year\n Shr loss 87 cts vs loss 11 cts\n Net loss 4.3 mln vs loss 494,000\n Revs 9.0 mln vs 12.0 mln\n NOTE:1986 includes restructuring charges of 2.1 mln dlrs\nand loss of foreign affiliates of 2.0 mln dlrs. 1985 includes\nloss from foreign affiliates of 173,000 dlrs.\n Reuter\n\u0003", "date": "24-MAR-1987 18:43:53.98", "topics": [ "earn" ], "places": [ "usa" ], "id": "9101" }, { "title": "FLEET TO ACQUIRE ASSETS OF MARK IV UNIT", "body": "\nsaid it agreed in principle to acquire the assets and\noperations of the Engineered Magnetics division of Gulton\nIndustries Inc, a unit of Mark IV Industries Inc.\n Terms were undisclosed.\n Los Angeles-based Engineered Magnetics designs and produces\ncustom power conversion systems mainly for use in the defense\nand aerospace industries. Its revenues for the year ended\nFebruary 28 totaled about 20 mln Canadian dlrs.\n Reuter\n\u0003", "date": "24-MAR-1987 18:45:24.42", "topics": [ "acq" ], "places": [ "usa" ], "id": "9102" }, { "title": "MIKRON INSTRUMENT CO 1ST QTR JAN 31", "body": "Shr three cts vs four cts\n Net 30,969 vs 18,230\n Revs 956,971 vs 702,994\n Reuter\n\u0003", "date": "24-MAR-1987 18:45:39.15", "topics": [ "earn" ], "places": [ "usa" ], "id": "9103" }, { "title": "GOLDEN NORTH HAS ENCOURAGING DRILL RESULTS", "body": "Golden North\nResource Corp said said surface and underground drilling on the\nCanty project and Mascot fraction at its Nickel Plate Mountain\nproperty in British Columbia returned encouraging gold assays.\n It said one Canty hole encountered several mineralized\nintervals including 11 feet grading 0.342 ounce gold a short\nton from 86 to 97 feet and 17 feet grading 0.756 ounce gold ton\nfrom 170.5 feet to 187.5 feet.\n A Mascot fraction hole returned assays including 0.190\nounce gold ton over seven feet between 57 and 64 feet, it said.\n Reuter\n\u0003", "date": "24-MAR-1987 18:49:46.20", "topics": [ "gold" ], "places": [ "canada" ], "id": "9104" }, { "title": "UNISYS GETS ORDER FROM SWEDEN", "body": "Unisys Corp said it received a 4.5 mln\ndlrs computer order from Rikskatteverket, the Swedish\nequivalent of the U.S. Internal Revenue Service.\n The computer is planned for delivery in May this year and\nwill be installed in the agency's Stockholm headquarters.\n Reuter\n\u0003", "date": "24-MAR-1987 18:50:13.71", "places": [ "usa" ], "id": "9105" }, { "title": "HAWKEYE ISSUES PREFERENCE STOCK", "body": "Hawkeye Bancorp said it issued\n2,690,877 shares of preference stock to its institutional\ncreditors in payment of 32.3 mln dlrs of restructured debt.\n It said the new shares, which are convertible into common\nstock on a share-for-share basis at the option of the holders\nat any time, represent in the aggregate 25 pct of the equity of\nHawkeye on a fully diluted basis.\n Hawkeye also said it issued 233,983 shares of common stock\nin exchange for 14,766 shares of preferred upon completion of a\npreviously announced exchange offer to holders of preferred.\n As a result, the company said it has 6,922,949 shares of\ncommon, 155,009 shares of preference stock which are\nconvertible into 1,149,681 shares ov common and 2,690,877\nshares of preference stock convertible into a like number of\ncommon shares.\n Total common stock equivalents are 10,763,507.\n Reuter\n\u0003", "date": "24-MAR-1987 18:52:50.01", "places": [ "usa" ], "id": "9106" }, { "title": "AUSTN FEB ANNUAL M3 MONEY SUPPLY RISES 11.2 PCT", "body": "The annual growth of Australia's m3\nmoney supply rose by 11.2 pct in the year ended February\ncompared with January's 10.7 pct, the Reserve Bank said.\n This was down from 14.0 pct in February last year.\n In February m3 rose by 0.6 pct compared with 0.8 in January\nand a February 1986 rise of 0.1 pct.\n More\n\u0003", "date": "24-MAR-1987 18:56:31.28", "topics": [ "money-supply" ], "places": [ "australia" ], "id": "9107" }, { "title": "PS GROUP , USAIR MOVE UP DEADLINE", "body": "PS Group Inc said it and\nUSAir Group agreed to move up the completion date of USAir's\nacquisition of Pacific Southwest Airlines to April 30 from\nSeptember 30 originally.\n If the acquisition does not take place by April 30, either\nparty may terminate the agreement, the company said.\n The deadline has been moved up because the Department of\nTransportation and PS Group shareholders have already approved\nthe transaction, the company said.\n A Teamsters Union agreement to certain labor contract\nconditions remains to be resolved under the pact.\n Reuter\n\u0003", "date": "24-MAR-1987 18:57:22.82", "topics": [ "acq" ], "places": [ "usa" ], "id": "9108" }, { "title": "TANDON SAYS SEARS STILL CUSTOMER", "body": "Tandon Corp said Sears\nRoebuck, through its Sears Business Centers, continues to be a\ncustomer of Tandon for its products.\n The company said it was issuing the statement in response\nto a published report that quoted unidentified industry sources\nas saying Sears Business Centers will shortly discontinue\ncarrying Tandon computer products.\n Tandon noted, however, that while the Sears relationship is\nimportant, in the first quarter of 1987, ended December 28,\n1986, sales to Sears accounted for less than two pct of the\ncompany's total revenues of 76.44 mln dlrs.\n Reuter\n\u0003", "date": "24-MAR-1987 19:00:00.83", "places": [ "usa" ], "id": "9109" }, { "title": "MERGERS, PUBLIC OFFERS SEEN AMONG CAR DEALERS", "body": "Automobile dealerships have become\nlarge, multi-store operations, and the largest sell more than 1\nbillion dlrs a year worth of vehicles a year.\n Around the auto industry there is talk of mergers and\nbuyouts among dealerships, and there are rumors that the\nlargest are considering offering shares to the public, analysts\nsay.\n Retail car sales \"are at a point of transition. There's not\nmuch that's off the table in terms of creative thinking\" about\nways to sell cars, says David Cole, analyst with the University\nof Michigan's Transportation Research Institute.\n The retail car market is \"much more freeform now\" than it\nwas in 1956, the year things began to change, says Detroit\nanalyst Arvid Jauppi of Arvid Jauppi and Associates.\n Thirty years ago, in 1956, the situation was different.\nDealerships sold one kind of car--a \"Chevy\" or a Ford or a\nStudebaker. The average dealer had 17 employees and sold\n738,000 dlrs worth of vehicles, according to the National\nAutomobile Dealers Association.\n That year a tiny car from overseas--Germany's Volkswagen\nBeatle--began to gain popularity. The \"Bug\" caused \"a\nrebellion\" among dealers, who demanded greater freedom from\nrestrictions placed on them by the major American automakers,\nsays Jauppi.\n One of the most visible changes in retail car sales has\nbeen in the size of dealerships, auto analysts say. Last year,\nthe average dealership had 11.2 mln dlrs in sales--a 15-fold\nincrease from 1956--and employed 34 workers.\n \"I had one of these guys tell me he makes six, seven mln\ndlrs a year and didn't know what to do with all his money,\"\nsays Cole.\n \"There's a whole lot more rich guys who sell cars than that\nmake cars,\" he says.\n With the increase in size, large dealers have been buying\nup other dealerships, and auto analysts see few signs the trend\nwill let up.\n Donald Keithley, vice president, dealer services, for J.D.\nPower, a California-based market research firm, says that, by\n1990, 12,000 people will own dealerships compared to 16,800\nprincipal owners today.\n Many dealers are experimenting with owning several\nfranchises, some of which might compete against each other. \"It\nused to be a Chevrolet dealer was a Chevrolet dealer. Now a\nChevrolet dealer might handle several lines,\" Jauppi says.\n As dealers get bigger, industry officials are talking about\nthe possibility that some of them might become publicly-owned\nor open international operations.\n Offering shares to the public is an option large dealers,\n\"are obviously thinking of very seriously,\" says Cole.\n Although some say the franchise system might get in the way\nof a public offering, Jauppi says there are few obstacles to\ntrading in car dealer shares.\n \"Dealers are large enough now to go public. The only thing\nthe manufacturer cares about is that the dealer sells those\ncars. It could happen any time,\" Jauppi says.\n \"If you look at the whole merger mania, and look at the\nscale some of these dealers, it's going to be very hard to\nresist taking them public,\" said another analyst.\n And Jauppi says that dealerships can be expected to become\ninternational.\n \"We're going to have international dealers--dealer networks\nthat are worldwide,\" he says. U.S. dealers will be attracted\nparticularly to Europe, where the market will expand faster\nthan the U.S., he says.\n \"It's not totally off the wall,\" says Cole.\n Reuter\n\u0003", "date": "24-MAR-1987 19:01:07.62", "topics": [ "acq" ], "places": [ "usa" ], "id": "9110" }, { "title": "COMPREHENSIVE CARE CORP 3RD QTR NET", "body": "Qtr ended Feb 28\n Shr 17 cts vs 22 cts\n Net 2,041,000 vs 3,329,000\n Revs 46.6 mln vs 48.9 mln\n Nine mths\n Shr 65 cts vs 82 cts\n Net 9,290,000 vs 12.7 mln\n Revs 142.7 mln vs 139.8 mln\n Reuter\n\u0003", "date": "24-MAR-1987 19:05:22.61", "topics": [ "earn" ], "places": [ "usa" ], "id": "9111" }, { "title": "CHAPMAN IN RESTRUCTURING", "body": "Chapman Energy INc said it is launching\na major restructuring which, if not approved, it will have no\nalternative but to seek protection under Chapter 11.\n Under the plan, Chapman will exchange securities and cash\nfor all outstanding 12 pct senior subordinated debentures due\n2000 and will sell a controlling interest to Troon Partners\nLtd.\n The agreement with Troon requires Troon to advance 6.5 mln\ndlrs partially secured by a first mortgage lien on the\ncompany's interest in its natural gas pipeline partnership and\nTroon to tender 100,000 principal amount of debentures to\nChapman.\n Proceeds of the loan will be used for the cash portion of\nthe restructuring. Troon will acquire a majority stock interest\nand control of the board.\n In addition, Chapman and Troon will establish a 10 mln dlrs\nacquisition joint ventures, it said.\n The plan also contemplates establishing a restructured loan\nproviding for one master credit agreement having an aggregate\nbalance of 22.4 mln dlrs.\n The plan also contemplates the recapitalization of\npreferred stock whereby each share will be converted into three\nshares of common stock.\n Chapman also said it also plans to negotiate settelment and\ndischarge of a substantial portion of its accounts payable and\nsettlement of certain litigation.\n If approved by various creditors and shareholders, the\ncompany expects the plan to be completed by May 29.\n Chapman also repoted a loss of 43.4 mln dlrs for the year,\nincluding asset writedowns of 35.5 mln dlrs, compared to\nDecember 31, compared to a net income of 177,243 in 1985.\n The 1986 loss resulted in shareholders' deficiency of 15\nmln dlrs compared to shareholder's equity of 28.9 mln last\nyear.\n Total assets decreased to 35.6 mln dlrs from 81.8 mln dlrs.\n Reuter\n\u0003", "date": "24-MAR-1987 19:07:46.04", "topics": [ "earn", "acq" ], "places": [ "usa" ], "id": "9112" }, { "title": "VESTAR INC YEAR LOSS", "body": "Shr loss 98 cts vs loss 1.11 dlrs\n Net loss 3,863,000 vs loss 3,483,000\n Revs 1,081,000 vs 799,000\n Note: 4th qtr data not given.\n Reuter\n\u0003", "date": "24-MAR-1987 19:18:47.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "9113" }, { "title": "UNIVATION INC EXPANDS EUROPE DISTRIBUTION", "body": "Univation Inc said it has\nentered marketing agreements with eight major European\ndistributors in seven countries.\n The company said the agreements are expected to yield ten\nmln dlrs in sales in the next 18 months.\n Reuter\n\u0003", "date": "24-MAR-1987 19:21:34.71", "places": [ "usa" ], "id": "9114" }, { "title": " YEAR NET", "body": "Shr 1.13 dlrs vs 87 cts\n Net 1,064,489 ca 780,712\n Assets 106.8 mln vs 102.5 mln\n Note: 4th qtr data not given.\n Reuter\n\u0003", "date": "24-MAR-1987 19:21:53.45", "topics": [ "earn" ], "places": [ "usa" ], "id": "9115" }, { "title": "FIRST NEW HAMPSHIRE BANKS INC DIV", "body": "Qtly div 15 cts vs 15 cts prior\n Payable May one\n Record April 10\n Reuter\n\u0003", "date": "24-MAR-1987 19:22:01.19", "topics": [ "earn" ], "places": [ "usa" ], "id": "9116" }, { "title": "HOUSE OF FABRICS QUARTERLY DIVIDEND", "body": "Qtly div 12 cts vs 12 cts\n Pay July 1\n Record June 12\n Reuter\n\u0003", "date": "24-MAR-1987 19:23:15.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "9117" }, { "title": "Bank of Japan bought 200 to 300 mln dlrs this morning, dealers said.\n", "date": "24-MAR-1987 19:57:30.70", "topics": [ "money-fx", "dlr" ], "id": "9118" }, { "title": "MIAMI-Brazil and bank advisory committee agree to 60-day extension on credit lines\n", "date": "24-MAR-1987 20:03:50.68", "places": [ "usa", "brazil" ], "id": "9119" }, { "title": "JAPAN BUYS MODEST AMOUNT OF DOLLARS, DEALERS SAY", "body": "The Bank of Japan bought a modest amount\nof dollars this morning, possibly around 200 to 300 mln,\ndealers said.\n One dealer said the central bank bought about 200 mln dlrs\nthrough brokers and the rest through banks. The buying began\nwhen the dollar was at about 149.60 yen, and helped drive the\nU.S. Currency up to around 150, he said.\n Another said the central bank seemed to be trying to push\nthe dollar up above 150 yen. But heavy selling at around that\nlevel quickly pushed the dollar back down towards 149 yen,\ndealers said.\n REUTER\n\u0003", "date": "24-MAR-1987 20:06:00.50", "topics": [ "money-fx", "dlr" ], "places": [ "japan" ], "id": "9120" }, { "title": "Miami-Brazil says it expects to make no interest payments before March 31\n", "date": "24-MAR-1987 20:06:02.36", "places": [ "usa", "brazil" ], "id": "9121" }, { "title": "CORRECTED-MIAMI-Brazil, bank committee will transmit request for 60-day credit extension\n", "date": "24-MAR-1987 20:41:28.84", "places": [ "usa", "brazil" ], "id": "9122" }, { "title": "BRAZIL/BANK COMMITTEE AGREE ON CREDIT REQUEST", "body": "Brazil and its bank advisory committee\nagreed to transmit a request for an extension of short-term\ncredit lines totalling 16 billion dlrs for 60 days until May\n31, Brazilian Central Bank President Francisco Gros said.\n Speaking after talks with the committee here, Gros also\nsaid he did not expect to make interest payment to the banks at\nthis moment.\n He added that \"no one should expect any dramatic\ndevelopments before March 31.\"\n Brazil last month suspended interest payments on its 68\nbillion dlrs debt to commercial banks and froze short-term\ntrade and money market lines.\n Bankers said they would relay the Brazilian request for an\nextension but declined to say whether they were specifically\nendorsing it.\n Gros said the decision, which he called a \"standstill\"\narrangement, will be communicated to Brazil's 700 bank\ncreditors by telex tomorrow. Banks had been pressing Brazil to\nmake at least a token interest payment, but Gros said the\ngovernment was unable to comply for the moment.\n He stressed however that Brazil was willing to pay as soon\nas it could, but added that a payment of interest was not\nconnected with the extension of the credit lines.\n \"That would not be wise,\" he said.\n He said that the extension of the short-term lines would\nnot be carried out through \"an official instrument\" as there was\nnot time to complete the legal requirements.\n Gros said Brazil was likely to meet again with the 14-bank\nadvisory committee once Brazil had information to present on an\neconomic plan.\n REUTER\n\u0003", "date": "24-MAR-1987 20:46:44.27", "places": [ "usa", "brazil" ], "id": "9123" }, { "title": "JAPAN'S 1986/87 SUGAR CANE OUTPUT SEEN FALLING", "body": "An Agriculture Ministry survey has\nestimated the nation's 1986/87 crop sugar cane output at 2.14\nmln tonnes, down from 2.62 mln a year earlier.\n Ministry officials said the decline was due to bad weather\nand a reduction in the land under sugar cane this season, which\ntotals 34,800 hectares, down from 35,700 in 1985/86, they said.\n Harvesting stretches from December 1986 to April 1987\n Japan's final output will be announced at the beginning of\nJune, they said.\n REUTER\n\u0003", "date": "24-MAR-1987 21:23:11.10", "topics": [ "sugar" ], "places": [ "japan" ], "id": "9124" }, { "title": "INDIAN ROCKET LAUNCH FAILS", "body": "India's first intercontinental-range\nrocket fell into the Bay of Bengal two minutes after launch\nyesterday.\n \"Disaster struck the Indian space program today,\" the Press\nTrust of India (PTI) news agency reported of the failure of the\nrocket at Sriharikota in south India.\n Earlier, the news agency had reported that 460 seconds\nafter the blast-off the launch vehicle had placed a 145 kg\nsatellite payload in a 400 km earth orbit.\n REUTER\n\u0003", "date": "24-MAR-1987 21:50:50.68", "places": [ "india" ], "id": "9125" }, { "title": "AUSTRALIA'S OPPOSITION PARTY GAINING POPULARITY", "body": "Australia's opposition coalition of\nLiberal and National parties has closed the ruling Labour\nparty's three percentage point lead in the past month, a public\nopinion poll published today said.\n The Morgan Gallup Poll showed both sides were level on 45.5\npct in a nation-wide poll of about 2,000 voters.\n It also showed public support was growing for Andrew\nPeacock, who was dismissed as the opposition's foreign affairs\nspokesman two days ago, although the poll was conducted a week\nbefore he was removed.\n The survey, published in the Bulletin magazine, said 49 pct\nof the voters wanted Peacock while only 18 pct supported\nopposition leader John Howard.\n Peacock has said he may challenge Howard for the leadership\nbefore the next elections due before April, 1988.\n Howard sacked Peacock as shadow foreign minister after\naccusing him of undermining the leadership during a telephone\nconversation with another party member.\n The car-telephone conversation was picked up by an\nunidentified man using a radio scanner and published in the\nMelbourne Sun newspaper.\n REUTER\n\u0003", "date": "24-MAR-1987 23:22:41.08", "places": [ "australia" ], "id": "9126" }, { "title": "WEEKS PETROLEUM LTD CALENDAR 1986", "body": "Shr 16.7 cents vs 29.4\n Final div nil vs same making nil vs same\n Pre-tax profit 21.31 mln dlrs vs 26.42 mln\n Net 10.84 mln vs 19.15 mln\n Turnover 17.17 mln vs 25.94 mln\n Other income 101.99 mln vs 125.18 mln\n Shrs 65.13 mln vs same.\n NOTE - Net is after tax 10.47 mln vs 7.27 mln, interest\n2.58 mln vs 9.55 mln, depreciation 5.06 mln vs 7.61 mln and\nminorities nil vs same. Other income: 72.39 mln from sale of\ninvestments (103.04 mln 1985), interest 25.75 mln (21.49 mln),\nand dividends 1.64 mln (nil). Co is 93.7 pct owned by .\n Note - All figures in U.S. Dollars as the company is\nregistered in Bermuda.\n REUTER\n\u0003", "date": "24-MAR-1987 23:43:04.41", "topics": [ "earn" ], "places": [ "australia" ], "id": "9127" }, { "title": "Bank of Japan keeps intervening to hold dollar above 149 yen, brokers\n", "date": "25-MAR-1987 00:25:01.95", "topics": [ "money-fx", "dlr" ], "id": "9128" }, { "title": "JAPAN INTERVENING TO KEEP DOLLAR UP, BROKERS", "body": "The Bank of Japan is continuing to\nintervene in the Tokyo market, buying small amounts of dollars\nto hold the unit above 149 yen, brokers said.\n They said the Bank is coming in when the dollar is around\n149.05/10 yen, the same levels as New York's close yesterday\nand the midday close in Tokyo today.\n Dealers said the Bank of Japan is intervening in the market\nthrough both banks and brokers this afternoon.\n The central bank is checking selling orders through banks\nand placing matching buy orders, they said.\n The central bank started to intervene shortly after the\nmarket opened here in the afternoon, the dealers said.\n REUTER\n\u0003", "date": "25-MAR-1987 00:33:03.37", "topics": [ "money-fx", "dlr" ], "places": [ "japan" ], "id": "9129" }, { "title": "BELL GROUP ISSUING 200 MLN IN CONVERTIBLE BONDS", "body": "The Bell Group Ltd said it will\nmake two convertible bond issues totalling 200 mln dlrs.\n An issue of about 125 mln in convertible bonds, to be\nquoted on the Luxembourg Stock Exchange, would be offered in\nEurope through a syndicate led by , and , Bell Group said in a statement.\n Subject to shareholder approval, at a meeting on April 22,\na further 75 mln dlrs in convertible bonds would be subscribed\nby Bell Group chairman Robert Holmes a Court, it said.\n The funds would provide additional working capital.\n The bonds, maturing 10 years from the date of issue, would\ncarry a 10 pct per annum interest rate, payable annually in\narrears, Bell Group said.\n The bonds are convertible into ordinary shares of The Bell\nGroup Ltd at any time, with the issue price a premium in the\nrange of 20 to 25 pct above the market price of the ordinary\nshares at the date of issue of the bonds, it said.\n The bonds also carry the right for the issuer to redeem\nthem after two years if the share price is above 130 pct of the\nconversion price for more than 30 days. Bell Group made a\nsimilar 75 mln dlr bond issue in December 1985.\n REUTER\n\u0003", "date": "25-MAR-1987 00:33:36.27", "places": [ "australia" ], "id": "9130" }, { "title": "Current exchange rates almost within levels agreed by major nations - Sumita\n", "date": "25-MAR-1987 01:17:34.56", "topics": [ "money-fx" ], "id": "9131" }, { "title": "Sumita says major nations cooperated to stabilise currencies.\n", "date": "25-MAR-1987 01:18:36.74", "topics": [ "money-fx" ], "id": "9132" }, { "title": "THAILAND'S FOREIGN RESERVES FALL IN FEBRUARY", "body": "Thailand's foreign reserves of gold,\nspecial drawing rights and convertible currencies fell to 3.86\nbillion dlrs at end-February from 3.95 billion the previous\nmonth, but were above the 3.08 billion held at the same time\nlast year, the Bank of Thailand said.\n It said the reserves were equal to about five months' worth\nof imports.\n REUTER\n\u0003", "date": "25-MAR-1987 01:24:29.82", "topics": [ "reserves" ], "places": [ "thailand" ], "id": "9133" }, { "title": "EXCHANGE RATES ALMOST WITHIN G-6 LEVELS - SUMITA", "body": "Bank of Japan governor Satoshi Sumita\nsaid that current exchange rates are almost within the levels\nagreed to by six major nations last month in Paris.\n Asked whether a dollar/yen rate of 148 or 149 reflected\neconomic fundamentals, he said current rates almost reflect\nfundamentals.\n Sumita told reporters major nations have cooperated to\nbring about currency stability in line with the Paris\nagreement, which stipulated that they would closely cooperate\nto that end. He repeated the central bank will intervene if\nnecessary, adding he did not think a dollar free-fall was\nlikely.\n But Sumita said he could not say exactly what currency\nlevels would be considered in line with underlying economic\nfundamentals.\n In Paris on February 22, Britain, Canada, France, Japan,\nthe U.S. And West Germany agreed to cooperate to hold\ncurrencies around their then current levels.\n Sumita said he could not find any specific reasons behind\nthe fall of the dollar to a record low against the yen\nyesterday. But he said the market rushed to sell dollars as it\nnervously reacted to statements abroad and to developments\nsurrounding trade tensions.\n U.S. Treasury Secretary James Baker said over the weekend\nthat the Paris pact did not encompass fixed tragets for the\ndollar. U.S. Trade Representative Clayton Yeutter called\nU.S/Japan relations on certain key trade issues very strained.\n The market reacted nervously because the dollar has been\nmoving narrowly against the yen since mid-January, Sumita said.\nHe added he does not expect the yen/dollar exchange rate to\nremain unstable because the market is concerned about a sharp\nrise of the yen.\n The Bank of Japan will keep a close watch on exchange rates\nin line with the Paris accord, he added.\n REUTER\n\u0003", "date": "25-MAR-1987 01:27:53.76", "topics": [ "money-fx" ], "places": [ "japan" ], "id": "9134" }, { "title": "N.Z. TRADE SURPLUS 119.1 MLN DLRS IN FEBRUARY", "body": "Preliminary trade figures for\nFebruary show an excess of exports over imports of 119.1 mln\nN.Z. Dlrs, a Statistics Department statement said.\n This compares with a 3.3 mln dlr deficit (revised from 1.7\nmln) in January and a 36.1 mln dlr deficit in February 1986.\n Exports rose to 998.4 mln dlrs, from 889.2 mln (revised\nfrom 889.5) in January and 903.2 in February 1986. Imports\ndropped to an estimated 879.4 mln dlrs from 892.5 (revised from\n891.2) in January and 939.3 in February 1986. The deficit for\nthe eight months to the end of February was 15.3 mln dlrs, as\nagainst 1.057 billion dlrs in the same period a year ago.\n REUTER\n\u0003", "date": "25-MAR-1987 01:31:53.23", "topics": [ "trade" ], "places": [ "new-zealand" ], "id": "9135" }, { "title": "MATSUSHITA TO ISSUE 200 BILLION YEN CONVERTIBLE", "body": "Matsushita Electric Industrial Co Ltd\n said it will issue a 200 billion yen unsecured\nconvertible bond in the domestic capital market through public\nplacement with Yamaichi Securities Co Ltd, Nomura Securities Co\nLtd, Nikko Securities Co Ltd, Daiwa Securities Co Ltd and\nNational Securities Co Ltd as underwriters.\n Coupon and conversion price for the par-priced bond\nmaturing on September 30, 1996, will be set before payment on\nMay 2.\n This issue equals in size a record one by Toyota Motor Corp\nlast December.\n Matsushita's shares closed on the Tokyo Stock Exchange at\n1,640 yen, down 50 from yesterday.\n REUTER\n\u0003", "date": "25-MAR-1987 01:36:28.55", "places": [ "japan" ], "id": "9136" }, { "title": "Sumita says Bank of Japan has no intention of lowering its discount rate\n", "date": "25-MAR-1987 01:52:35.22", "topics": [ "interest" ], "id": "9137" }, { "title": "JAPAN DOES NOT INTEND TO CUT DISCOUNT RATE-SUMITA", "body": "Bank of Japan governor Satoshi Sumita\nsaid the central bank has no intention of cutting its discount\nrate again as a way of preventing the yen's rise.\n He told a press conference that the growth of Japanese\nmoney supply remains high.\n The bank will have to watch closely various developments\nresulting from its already eased monetary stance, such as the\nsharp rise in real estate and stock prices, he said.\n Although the yen's rise will have a greater deflationary\nimpact on the economy, the economy is not likely to slow down\nmuch further, Sumita said.\n \"I don't think we should change our economic outlook at the\nmoment,\" Sumita said.\n Sumita has said in the past that he expects the economy to\nshow a gradual upturn in the second half of the year.\n The governor said the six major industrial nations are\nexpected to review last month's pact on currency stability when\nthey meet next in April.\n Dealers said they expect the six - Britain, Canada, France,\nJapan, the U.S. Amd West Germany - to meet just before the\nIMF/World Bank interim committee meeting in Washington starting\non April 9.\n REUTER\n\u0003", "date": "25-MAR-1987 02:05:14.76", "topics": [ "interest", "money-fx" ], "places": [ "japan" ], "id": "9138" }, { "title": "JARDINE MATHESON PROFITS SEEN UP SHARPLY IN 1986", "body": "A strong performance by its retail\nbusinesses and affiliates will enable Jardine Matheson Holdings\nLtd to report on Friday a big leap in net profit in\n1986, stock analysts said.\n They told Reuters they expect the firm to show earnings of\nbetween 420 mln and 450 mln H.K. Dlrs last year against 157 mln\nin 1985.\n The analysts also said they expect Jardine Matheson to pay\na total dividend of 15 to 20 cents a share against 10 cents a\nshare in 1985.\n James Capel (Far East) Ltd estimates Jardine Matheson's\n1986 profits at 450 mln dlrs and attributes most of the income\nto retail sales.\n Analysts said the group's 7-Eleven retail stores and its\nfranchises, among them Canon cameras, Christian Dior luxury\ngoods and Mercedes Benz cars, produced a strong cash flow.\n Alan Hargreaves of Hoare Govett Asia Ltd also put Jardine\nMatheson's 1986 net profits at 450 mln dlrs and said he\nestimates pre-tax earnings from retail operations at about 465\nmln dlrs against 339 mln in 1985.\n But Hargreaves said Jardine Matheson's earnings from its 35\npct stake in Hong Kong Land Co Ltd will fall to\nabout 230 mln dlrs from 281 mln dlrs in 1985.\n The reduced contribution reflects the spin-off from Hong\nKong Land of last September.\n Jardine gained a direct holding of 35 pct of Dairy Farm as\na result of the spin-off. Analysts said Jardine will book\nrevenues from its Dairy Farm stake for the final months of the\nyear as part of its retail business, which will increase its\noverall retail income figures.\n Analysts said Jardine Matheson will also enjoy sharply\nincreased revenues from financial services, mainly its 50 pct\nshare of .\n Jardine Fleming yesterday reported record profits for 1986\nof 209.5 mln dlrs against 104.7 mln in 1985.\n Analysts said Jardine Matheson made net interest payments\nof about 200 mln dlrs last year, slightly below the 213 mln\ndlrs of 1985, while the company's term debt remained at about\nthe 1985 level of 2.7 billion dlrs.\n But Jardine was also subject to increased taxes of 340 mln\ndlrs last year against 292 mln in 1985, they said.\n Jardine Matheson is undergoing a series of reorganisations\nthat will in effect turn it into a holding company for its\ndiverse interests.\n It previously announced a plan to sell its stakes in both\nHong Kong Land and Dairy Farm to newly created in which it has a 41 pct interest.\n A company statement issued last month said the firm will\nuse the proceeds to repay all debt, leaving it with an\nadditional 500 mln dlrs in cash on hand.\n Though Jardine Matheson will be deprived of a direct stake\nin the high-yield Hong Kong Land and Dairy Farm units, it is\nlikely to develop its own business, analysts said.\n \"The future of the stock will depend on the firm's ability\nto creatively structure some new acquisitions,\" said Hargreaves\nof Hoare Govett.\n He noted the firm has suggested financial services as a key\nsector, and he said it may add some insurance firms to its\nexisting business.\n REUTER\n\u0003", "date": "25-MAR-1987 02:08:26.74", "topics": [ "earn" ], "places": [ "hong-kong" ], "id": "9139" }, { "title": "HU YAOBANG APPEARS AT CHINA PARLIAMENTARY SESSION", "body": "Former Chinese Communist Party chief Hu\nYaobang attended a parliamentary session in his first public\nappearance since his dismissal in January.\n Hu took his place on the platform of the auditorium of\nPeking's Great Hall of the People as 3,000 delegates gathered\nfor the opening meeting of the National People's Congress\nannual session.\n Hu was dismissed from the top Communist Party job after\nbeing accused of \"mistakes\" including a failure to combat Western\npolitical ideas.\n REUTER\n\u0003", "date": "25-MAR-1987 02:24:00.29", "places": [ "china" ], "id": "9140" }, { "title": "FOREIGN BROKERS GET MORE ACCESS TO JAPANESE BONDS", "body": "The Finance Ministry has accepted a\ndecision by the securities industry to expand the share of\nforeign brokers in the 10-year bond underwriting syndicate to\n5.73 pct from 1.19 pct now, a ministry spokesman said.\n Earlier this month, the ministry approved a plan to expand\nthe securities industry's share in the syndicate to 26.2 pct\nfrom 26 pct from April to allow six foreign securities firms to\nparticipate, he said.\n The banks' share in the syndicate will be cut to 73.8 pct\nfrom 74 pct from April.\n Each of the original 17 foreign brokers had a 0.07 pct\nshare, but the securities industry said in a report accepted by\nthe ministry that it decided to raise the share of some foreign\nfirms due to their commitment to the Japanese market.\n Salomon Brothers Asia Ltd will have one pct, while S.G.\nWarburg and Co Ltd, Goldman, Sachs International Corp, Jardine\nFleming (Securities) Ltd, First Boston Corp, Merrill Lynch\nSecurities Co and Morgan Stanley and Co Inc will each have 0.5\npct.\n Vickers da Costa Ltd and Smith Barney, Harris Upham\nInternational Inc will each have 0.3 pct. Kleinwort, Benson\nLtd, Kidder, Peabody and Co Ltd, Drexel Burnham Lambert Inc,\nDeutsche Bank AG and W.I. Carr, Sons and Co each get 0.1 pct.\n Bache Securities (Japan) Ltd, Hoare Govett (Far East) Ltd\nand J. Henry Schroeder Bank and Trust Co and the six new\nsyndicate members -- E.F. Hutton International Inc, Shearson\nLehman Brothers Asia Inc, Dresdner Bank AG, Swiss Bank Corp\nInternational Asia Inc, Sogen Security Corp and Swiss Union\nPhilips and Drew Ltd -- will each have a 0.07 pct share in the\nsecurities industry.\n REUTER\n\u0003", "date": "25-MAR-1987 02:34:14.69", "places": [ "japan" ], "id": "9141" }, { "title": "CHINA'S FIRST JOINT VENTURE BANK REPORTS PROFIT", "body": "China's first joint venture bank, Xiamen\nInternational Bank (XIB), reported a group net profit of about\n14 mln Hong Kong dlrs in 1986, the bank's first full year of\noperation.\n General manager Liu Shuxun declined to give a 1987 profit\nforecast, saying targets were under study.\n Assistant general manager Wang Hongshan said the group's\noutstanding loans at end-1986 totalled 620 mln Hong Kong dlrs,\nup from 530 mln at end-1985. Deposits and interbank borrowings\nrose to 680 mln dlrs from 550 mln, he told Reuters.\n Liu said most of the group's profit came from the parent\ncompany rather than its two wholly-owned subsidiaries in Hong Kong and in Macao.\n The joint venture bank began operating in September 1985\nbut did not officially open until March 1986.\n Liu said the share in the joint venture of the foreign\npartner, Hong Kong-listed , had been cut\nlast year to 49 pct from 60 pct. This was done because foreign\nbanks felt the XIB's reputation would be improved if the three\nChinese partners collectively held a majority stake, he said.\n Liu said news reports about problems concerning Panin were\nunfounded, but he did not elaborate. Panin Holdings reported a\nloss of 1.99 mln Hong Kong dlrs in 1986 after a net profit of\n268,000 dlrs in 1985.\n The Chinese partners are Industrial and Commercial Bank of\nChina, Fujian branch, whose share rose to 23.5 pct from 15,\nFujian Investment and Enterprise Corporation 17.5 pct (15) and\nXiamen Construction and Development Corporation 10 pct (10).\n One foreign banker said Xiamen International Bank faced the\nsame problems as foreign bank branches in trying to compete on\nunequal terms with state-owned banks.\n The foreign banking market in Xiamen is thin and almost\nsaturated, he added.\n Officials of the joint venture bank said they benefitted\nfrom contacts made through its three Chinese partners. But the\nforeign banker, who asked not to be named, said it faced\ninternal competition from the Industrial and Commercial Bank.\n Apart from Xiamen International Bank and the International\nAgricultural Development Bank planned by the World Bank and the\nstate-owned Agricultural Bank of China, Xiamen has eight\nforeign bank branches or representative offices, mostly of Hong\nKong or overseas Chinese banks.\n REUTER\n\u0003", "date": "25-MAR-1987 02:41:03.92", "topics": [ "earn" ], "places": [ "china" ], "id": "9142" }, { "title": "BANGLADESH'S PAYMENTS DEFICIT NARROWS IN OCTOBER", "body": "Bangladesh recorded an overall balance of\npayments deficit of 8.3 mln U.S. Dlrs in October against a\n10.33 mln deficit in September and a 6.67 mln surplus in\nOctober 1985, Central Bank officials said.\n The country's current account deficit narrowed to 10.69 mln\ndlrs in October from 79 mln in September and 11.75 mln in\nOctober 1985.\n The October trade deficit narrowed to 36.36 mln dlrs from\n160 mln in September and 83.79 mln in October 1985.\n REUTER\n\u0003", "date": "25-MAR-1987 02:45:23.46", "topics": [ "trade", "bop" ], "places": [ "bangladesh" ], "id": "9143" }, { "title": "PEKING FACES WATER RATIONING", "body": "Worsening drought conditions in Peking\nmay force the authorities to ration water for industry and\nfarming this summer, the New China news Agency said.\n The agency quoted city officials as saying rainfall last\nyear was 75 millimetres lower than in 1985, and its two main\nreservoirs are now only one-quarter full.\n Peking's underground water level is 60 centimetres lower\nthan last year, reducing daily supplies by 50,000 tons.\n The officials said daily water supplies in urban Peking\nwill fall 160,000 to 260,000 tons short of demand during the\nhottest days this summer.\n They called for stricter control of water consumption and\ngreater recycling of water, adding that there was no hope of\nalleviating the shortage until a new water mill starts up in\none year's time.\n REUTER\n\u0003", "date": "25-MAR-1987 02:49:33.16", "places": [ "china" ], "id": "9144" }, { "title": "U.S.-CHINA CIGARETTE FILTER JOINT VENTURE SET UP", "body": "Jiangsu Tobacco Corp and yesterday established China's first\ncigarette filter joint venture, the Nantong Cellulose Fibres\nCo, the China Daily said.\n The joint venture factory, due to start operations in 1989,\nwill be able to produce up to 10,000 tonnes of cellulose fibre\nannually, it said. Cellulose fibre is the main component of\ncigarette filters, which China has always imported.\n It said Celanese Fibres owns 30.68 pct of the Jiangsu\nprovince-based joint venture which has a total investment of\n35.17 mln dlrs.\n REUTER\n\u0003", "date": "25-MAR-1987 02:56:42.87", "places": [ "china", "usa" ], "id": "9145" }, { "title": "TWO JAPANESE STEELMAKERS TO CUT CAPITAL SPENDING", "body": "Nippon Steel Corp said it will\ncut its capital spending by 36.4 pct to 105 billion yen in the\nyear starting April 1 from a year earlier due to the\npostponement of furnace improvements.\n said it will spend 10.7 billion yen\nin 1987/88 for rationalisation and facility improvements, down\nfrom 32.1 billion a year earlier, after completion of large\nconstruction projects in 1986/87.\n But capital spending by Nippon Kokan K.K. to\nimprove and increase its production facilities will rise to\n94.90 billion yen from 64 billion, the company said.\n REUTER\n\u0003", "date": "25-MAR-1987 02:57:33.40", "topics": [ "iron-steel" ], "places": [ "japan" ], "id": "9146" }, { "title": "NISSAN AFFILIATE TO ACQUIRE U.S. AUTOPARTS MAKER", "body": " (KKK), a\nJapanese autoparts maker owned 25 pct by Nissan Motor Co Ltd\n, has exchanged a memorandum to acquire over 50 pct of\nU.S. Autoparts firm to avoid losses on U.S.\nSales caused by the yen's rise against the dollar, a KKK\nspokesman said.\n The final agreement should be signed this year when KKK\nforms the new company , he said.\n The new firm should supply all the U.S. Major car makers,\nincluding Ford Motor Co , General Motor Corp and\nChrysler Corp , he said.\n REUTER\n\u0003", "date": "25-MAR-1987 03:11:14.58", "topics": [ "acq" ], "places": [ "usa", "japan" ], "id": "9147" }, { "title": "DUTCH STATE LAUNCHES NEW EIGHT YEAR BULLET AT 6-1/4 PCT - OFFICIAL\n", "date": "25-MAR-1987 03:12:06.81", "id": "9148" }, { "title": "YEN MAY RISE TO 140 TO THE DOLLAR, NIKKEIREN SAYS", "body": "The yen could rise to 140 yen to the\ndollar, a leading Japanese businessman said.\n Bumpei Otsuki, president of the influential Japan\nFederation of Employers' Associations, (Nikkeiren), told\nreporters: \"The yen might rise as far as 140 (to the dollar).\nThe U.S. Economy is not good, and as long as the U.S. Economy\nis not good, the U.S. Will put various pressures (on Japan).\"\n \"The yen's level depends on the condition of the U.S.\nEconomy rather than Japan's economy, and as long as the\nAmerican situation is bad, the yen will continue to rise,\" he\nsaid.\n To cope with the negative impact of the strong yen,\nJapanese enterprises must strive to cut costs by all means,\nincluding holding down wages as much as possible, Otsuki said.\n He rejected recent calls from some government quarters for\nwage increases this year as a means of raising private\nconsumption and thus boosting domestic demand.\n \"We have to keep wages as low as possible,\" he said.\n He also said the yen's large and rapid rise is depressing\nthe outlook for the Japanese economy, noting that in addition\nto hurting exporters it is also damaging domestic market\nmanufacturers through cheap imports.\n Parts of the service sector are also threatened, Otsuki\nsaid.\n Tertiary industries provide services to manufacturers and a\ndownturn in manufacturing profits will adversely affect service\nindustries, he said.\n It is also doubtful whether the tertiary sector can fully\nemploy those put out of work in the manufacturing sector, he\nsaid.\n Profits of service sector companies are likely to fall in\nthe business year ending in March 1988, leading to a possible\nrecession in the Japanese economy, he said.\n Otsuki said economic growth is unlikely to pick up beyond\nlevels experienced in 1986.\n The government's Economic Planning Agency said last week\nthe economy grew at 2.5 pct in 1986, the worst performance\nsince 1974 when the economy shrank 1.4 pct due to the first oil\nprice crisis.\n In order to stimulate domestic demand and boost the\neconomy, tax reforms aimed at bringing down the cost of land\nand reforming the nation's housing stock are needed, along with\nsteps to bring down the high cost of commodities, he said.\n REUTER\n\u0003", "date": "25-MAR-1987 03:13:24.82", "topics": [ "money-fx", "yen" ], "places": [ "japan" ], "id": "9149" }, { "title": "SINGAPORE SECURITIES MARKET CONSIDERING CHANGES", "body": "The Stock Exchange of Singapore Ltd\nis looking at a new settlement and clearing system and a\ncorporate disclosure format that would make financial data more\nreadily available, George Teo, deputy chairman of the exchange,\nsaid.\n He told a conference organised by the Development Bank of\nSingapore Ltd that Singapore wants to develop the fixed rate\nsecurities market. He said a state securities market, along the\nsame lines as the U.S. Government securities market, will be\ndeveloped to provide a benchmark for corporate bonds.\n Teo said the fixed rate securities market will pave the way\nfor companies to raise fixed rate funds.\n Referring to a proposed change in the broking commission\nstructure, Teo said the exchange is likely to introduce a\nsliding scale structure instead of a negotiated commission\nstructure. He said the negotiated structure works against small\ninvestors, who play an important role in the market.\n The market capitalisation of the Stock Exchange of\nSingapore increased to 42 billion U.S. Dlrs in January 1987\nfrom 32 billion U.S. Dlrs in early 1986, he said.\n Teo said the government has picked 15 companies to\nparticipate in a privatisation program which strives to create\nopportunities for investors through the sale of 380 mln dlrs\nworth of shares a year. It will try to increase alternative\ninvestment available to investors, he said.\n He cautioned against problems in a more competitive\nsecurities market, adding that the possibility of insider\ntrading is increased when securities dealing, corporate finance\nand investment advisory functions are conducted under one roof.\nBut he said the future direction of Singapore's securities\nindustry will be dictated by international trends.\n REUTER\n\u0003", "date": "25-MAR-1987 03:18:18.47", "places": [ "singapore" ], "id": "9150" }, { "title": "NEW DUTCH BULLET STATE LOAN AT 6-1/4 PCT DUE 1995", "body": "The Dutch Ministry of Finance plans a\nnew fixed eight-year state loan at an unchanged 6-1/4 pct.\n The amount and issue price will be set at tender next\nTuesday, March 31. Payment is on May 1 and coupon date is May\n1.\n No early redemption will be permitted.\n The issue is the fourth for payment this year.\n REUTER\n\u0003", "date": "25-MAR-1987 03:19:48.26", "places": [ "netherlands" ], "id": "9151" }, { "title": " BRUSSELS - Ferruzzi says it will pay 630 mln dlrs to CPC International for European mills.\n", "date": "25-MAR-1987 03:30:42.64", "topics": [ "acq" ], "id": "9152" }, { "title": "VIETNAM TO RESETTLE 300,000 ON STATE FARMS IN 1987", "body": "Vietnam will resettle 300,000 people on\nstate farms known as new economic zones in 1987, to create jobs\nand grow more high-value export crops, the communist party\nnewspaper Nhan Dan said.\n Yesterday's edition, received here today, said Vietnam\nwould invest one billion dong, including the costs of\nrelocation, in 272 new economic zones. About one third of that\nsum would be spent on export crops such as coffee, tea, rubber\nand pepper in the Central Highlands, it said.\n Since 1975, Vietnam has resettled about three million\npeople from cities and crowded river deltas to the zones.\n REUTER\n\u0003", "date": "25-MAR-1987 03:34:24.89", "topics": [ "coffee", "tea", "rubber" ], "places": [ "vietnam" ], "id": "9153" }, { "title": "EC MINISTERS FAIL TO END DEADLOCK ON RESEARCH PLAN", "body": "The European Community (EC) has failed\nto agree on a high-technology research program because of\nopposition from Britain and West Germany, diplomats said.\n But Belgian Research Minister Guy Verhofstadt told\nreporters the two had been given just over a week to end their\nopposition or risk plunging EC research into a crisis.\n The so-called \"Framework Program\" proposed by the EC's\nExecutive Commission was designed to boost research in areas\nsuch as computers, biotechnology and telecommunications and\ncombat U.S. And Japanese domination in these fields.\n The five-year program was due to start at the beginning of\nthis year, but was delayed by calls from Britain, France and\nWest Germany for cuts in the proposed budget of 7.7 billion\nEuropean Currency Units (Ecus), diplomats said.\n The EC Commission had already cut the budget from 10.5\nbillion Ecus, but under EC law the program needs the approval\nof all member states before it can be launched.\n France has withdrawn its objections and backed a new\ncompromise budget proposed by Verhofstadt to trim spending.\n But Britain is continuing its demands for further, sharp\ncuts in the budget.\n West Germany, which yesterday appeared to be ready to\naccept the compromise, was also holding back.\n Verhofstadt, who chaired the lengthy meeting, said he had\ngiven the two states until April 3 to withdraw their\nopposition.\n But if one or both failed to do so, the EC would be left\nwithout a research program, leaving no money for schemes such\nas the EC's Esprit information technology drive.\n \"If that happened ... There would be a grave crisis in\nEurope's scientific and research policy,\" Verhofstadt said,\nadding it could mean research teams being disbanded.\n Diplomats said West Germany was close to agreeing to the\ncompromise, which would limit new spending to 5.4 billion Ecus\nby allowing for cash already set aside for future projects.\n The plan would also set aside at least 16 pct of the 5.4\nbillion Ecus for spending after the end of the five-year\nprogram, they said. But Britain still maintained the\nallocations were much too high.\n Britain's Research Minister Geoffrey Pattie faced a tough\nfight to convince his government colleagues they should accept\nan increase in spending beyond the 4.2 billion Ecu level so far\ndemanded by Britain, one diplomat added.\n REUTER\n\u0003", "date": "25-MAR-1987 03:35:25.78", "organisations": [ "ec" ], "places": [ "belgium", "uk", "west-germany", "usa", "japan" ], "id": "9154" }, { "title": "MADAGASCAR EXTENDS AMOCO OIL EXPLORATION AGREEMENT", "body": "Madagascar extended its oil\nexploration agreement with the U.S. Firm Amoco Corp for 17\nmonths to allow for further studies of the Morondava basin on\nthe southwest coast, a government statement said.\n It said the existing five-year agreement, due to expire\nthis July 24, was extended until the end of 1988 to allow for\nadditional geological and geophysical studies.\n Amoco has so far laid 7,100 km of seismic lines and sunk\nfive exploration wells in the Morondava basin. It may drill a\nfurther three wells before the end of the extended exploration\nperiod, the statement said.\n Madagascar has signed oil exploration agreements with four\nforeign oil companies since 1981. But despite promising\nindications of large reserves, no commercial production plans\nhave yet been announced.\n The foreign firms - Amoco, Occidental Petroleum Corp ,\nMobil Corp and a unit of -\nare working in partnership with the National Military Office\nfor Strategic Industries (OMNIS).\n Roland Ratsimandresy, the director general of OMNIS, said\nat a ceremenony to sign the extension of the Amoco agreement\nthat his department would intensify oil exploration with its\nexisting partners and would soon offer a new round of\nexploration licences.\n REUTER\n\u0003", "date": "25-MAR-1987 03:41:43.67", "topics": [ "crude" ], "places": [ "madagascar" ], "id": "9155" }, { "title": "FERRUZZI DEAL WITH CPC WORTH 630 MLN DLRS", "body": "The Ferruzzi Group's holding company\nAgricola Finanziara SpA will pay 630 mln dlrs for the European\ncorn wet milling business of CPC International Inc under the\nagreement reached in principle between the two companies, a\nstatement by Ferruzzi released by its Brussels office said.\n When CPC announced the agreement yesterday in New York, it\nsaid only that the price would be in excess of 600 mln dlrs.\n Ferruzzi said the deal is subject to agreement on several\nclauses of the contract and needs government authorisations.\n It said the deal would involve 13 starch factories\nemploying about 5,000 people in eight European Community\ncountries plus facilities and commercial operations in other EC\nstates.\n The factories have a capacity to produce the equivalent of\n1.6 mln tonnes of starch in starch and by-products a year, or\nabout one third of EC production, from about 2.7 mln tonnes of\ncereals.\n Ferruzzi said the acquisition of these assets would extend\nits presence in the European agro-industrial industry both\ngeographically and in terms of products.\n It said it is already the principal EC producer of sugar\nand of soya oil and cake, and the major cereal trader.\n It noted that EC output of isoglucose is subject to maximum\nquotas, of which CPC currently holds a 25 pct share, and said\nit foresaw an increase in other industrial uses of starch in\nthe future, notably in the production of ethanol for fuel.\n Raul Gardini, president of the Ferruzzi Group, said the\npresent management of the CPC milling business will be asked to\nremain in their posts.\n REUTER\n\u0003", "date": "25-MAR-1987 03:43:18.37", "topics": [ "acq" ], "organisations": [ "ec" ], "places": [ "belgium" ], "id": "9156" }, { "title": "AIRLINES CAN INCREASE HONG KONG/MANILA FLIGHTS", "body": "State-owned Philippine Airlines Ltd\n(PAL) said it has agreed with Cathay Pacific Airways Ltd\n to an increase in seat allocations on the busy\nManila-Hong Kong route.\n A spokesman told Reuters a memorandum of understanding\nwould be signed later this week between the British and\nPhilippine governments to allow the current total of 32 flights\na week to be increased. \"There are no immediate plans for more\nflights but it gives us flexibility,\" he said.\n PAL said an agreement reached with British Airways would\nallow each carrier to keep three London-Manila flights weekly.\n REUTER\n\u0003", "date": "25-MAR-1987 03:50:41.41", "places": [ "philippines", "hong-kong" ], "id": "9157" }, { "title": "SWIRE PACIFIC LTD YEAR 1986", "body": "Shr \"A\" 138.9 H.K. Cents vs 97.4 (adjusted)\n Shr \"B\" 27.8 cents vs 19.5\n Final div \"A\" 44 cents vs 32.3, making 62 vs 47 (adjusted)\n Final div \"B\" 8.8 cents vs 6.5, making 12.4 vs 9.4\n Net 1.78 billion dlrs vs 1.23 billion\n Turnover 16.6 billion vs 13.7 billion\n Note - Net profits excluded extraordinary gains of 1.38\nbillion dlrs vs 59.1 mln. The non-recurrent earnings mainly\nderived from the firm's sale of a 15.75 pct stake in Cathay\nPacific Airways Ltd in April.\n Note - Earnings per share and dividends have been adjusted\nfor the firm's two-for-one bonus issue made in April.\n Note - Bonus issue one-for-five for both \"A\" and \"B\" shares\nagainst two-for-one.\n Note - Dividends payable June 2, books close April 16 to\n24.\n Note - Net asset value per \"A\" share 6.94 dlrs vs 4.81 and\nper \"B\" share 1.39 dlrs vs 0.96.\n REUTER\n\u0003", "date": "25-MAR-1987 04:00:43.62", "topics": [ "earn" ], "places": [ "hong-kong" ], "id": "9158" }, { "title": "BAT Industries 1986 pretax profit 1.39 billion stg vs 1.17 billion\n", "date": "25-MAR-1987 04:05:39.33", "topics": [ "earn" ], "id": "9159" }, { "title": "BAT INDUSTRIES PLC 1986 YEAR", "body": "Shr 53.51p vs 45.72p\n Div 8.8p vs 7.35p making 14.3p vs 12.1p\n Turnover 19.17 billion stg vs 17.05 billion\n Operating profit 1.48 billion vs 1.29 billion\n Pretax profit 1.39 billion vs 1.17 billion\n Tax 524 mln vs 430 mln\n NOTE - The company said shareholders would be given the\noption of receiving dividend in cash, ordinary shares or\ncombination of the two.\n Operating profit includes -\n Commercial activities 1.08 billion vs 988 mln\n Financial services 263 mln vs 135 mln\n Share of associated companies 139 mln vs 163 mln\n Investment income 150 mln vs 166 mln\n Interest paid 238 mln vs 286 mln\n Minorities 76 mln vs 63 mln\n Extraordinary credit 75 mln vs 34 mln debit\n Transfer to revaluation reserve 85 mln vs 106 mln\n Profit attributable 793 mln vs 673 mln\n Required inflation retention 77 mln vs 147 mln\n Trading profit 1.51 billion vs 1.29 billion\n Trading profit includes -\n Tobacco 764 mln vs 738 mln\n Retailing 211 mln vs 186 mln\n Paper 217 mln vs 168 mln\n Financial services 282 mln vs 135 mln\n REUTER\n\u0003", "date": "25-MAR-1987 04:11:21.19", "topics": [ "earn" ], "places": [ "uk" ], "id": "9160" }, { "title": "SWIRE PLANS BONUS ISSUE ON HIGHER 1986 PROFITS", "body": "Swire Pacific Ltd said it\nplans for a one-for-five bonus issue for both its \"A\" and \"B\"\nshares following an earlier report of a 44.7 pct jump in 1986\nnet profits to 1.78 billion H.K. Dlrs.\n The company also announced final dividends of 44 cents per\n\"A\" share and 8.8 cents per \"B\" share against 32.3 and 6.5 cents a\nyear ago.\n It recorded extraordinary gains of 1.38 billion dlrs which\nmainly derived from the sale in April of a 15.75 pct stake in\nCathay Pacific Airways Ltd in line with the\nfloatation of the airline.\n REUTER\n\u0003", "date": "25-MAR-1987 04:20:23.58", "topics": [ "earn" ], "places": [ "hong-kong" ], "id": "9161" }, { "title": "Japan Trade Ministry asks trade houses, exporters to reduce dlr sales, sources\n", "date": "25-MAR-1987 04:26:13.50", "topics": [ "money-fx", "dlr" ], "id": "9162" }, { "title": "SRI LANKAN GOVERNMENT TO STOP IMPORTING SUGAR", "body": "The Food Department will no longer\nimport sugar from April 1, senior officials of the Food and\nCooperatives Ministry and the Department told Reuters.\n They said the decision was taken after the Sugar Importers\nAssociation asked that the sugar trade be further liberalised.\n \"The Food Department will cease trading in sugar and will no\nlonger hold a buffer stock,\" a senior official said.\n He said the government has finalised an agreement with\nE.D.F.Man (Sugar) Ltd under which E.D.F.Man will hold a buffer\nstock on the government's behalf of 20,000 tonnes, against the\n45,000 tonne buffer stock usually held by the Department.\n Officials said the size of the buffer stock has been\nreduced because the private sector will hold its own stocks.\n The agreement with E.D.F. Man includes details such as\ntrigger pricing mechanisms, they said.\n Four months ago the Department allowed the private sector\nto import sugar without government clearance. The Department\nand the private sector each imported around 115,000 tonnes of\nsugar last year, when national consumption was 280,000 tonnes.\n An Importers Association official said that \"even if the\nDepartment no longer imports sugar, we would not necessarily\nbuy more.\"\n This is because the Association would still have to compete\nwith the Cooperatives Wholesale Establishment (CWE), he said.\n The CWE is a semi-government body and the official said\narrangements are being made for state cooperatives and holders\nof food subsidy stamps to draw their sugar from it, starting\nApril 1.\n Ministry officials said the CWE can either import sugar or\nbuy it from a local bonded warehousing scheme run by E.D.F. For\nthe past two years.\n REUTER\n\u0003", "date": "25-MAR-1987 04:29:11.28", "topics": [ "sugar" ], "places": [ "sri-lanka" ], "id": "9163" }, { "title": "NEW DUTCH SPECIAL ADVANCES TOTAL 4.2 BILLION", "body": "The Dutch Central Bank said it\nallocated 4.183 billion guilders at tender for the new 5.3 pct,\nnine-day special advances.\n Bids were fully met for the first 200 mln guilders and for\n40 pct above.\n The new advances for the period March 25 to April 4,\nreplace current 5.3 pct, five day advances totalling 4.003\nbillion guilders which expire today.\n Money brokers said yesterday they expected the Bank to\nallocate about 3.5 billion guilders.\n REUTER\n\u0003", "date": "25-MAR-1987 04:32:32.36", "topics": [ "money-fx", "interest" ], "places": [ "netherlands" ], "id": "9164" }, { "title": "DANISH FEBRUARY CONSUMER PRICES FALL 0.1 PCT", "body": "Consumer prices fell 0.1 pct in\nFebruary, after a rise of 0.2 pct in January and no change in\nFebruary 1986, the National Statistics Office said.\n The index, base 1980, fell to 154.5 in February from 154.6\nin January, against 147.4 in February 1986, giving a\nyear-on-year increase of 4.8 pct.\n REUTER\n\u0003", "date": "25-MAR-1987 04:35:12.91", "topics": [ "cpi" ], "places": [ "denmark" ], "id": "9165" }, { "title": "JAPAN ASKS TRADERS, EXPORTERS TO CUT DOLLAR SALES", "body": "The Ministry of International Trade and\nIndustry (MITI) has asked about 30 Japanese trading houses and\nexporters to refrain from excessive dollar selling, trading\nhouse officials said.\n The officials told Reuters MITI asked them to moderate\ntheir foreign exchange trading because the excessive rise in\nthe yen will have unfavourable effects on the economy. It made\nthe request by telephone.\n A MITI official said the ministry has conducted a survey of\nforeign exchange trading by trade houses and exporters. But he\nsaid it was not aimed at moderating dollar selling.\n The trading house officials said MITI had asked them to\nundertake foreign exchange transactions with due consideration\nto the adverse effects excessive exchange rate movements would\nhave on the economy.\n The MITI official said MITI undertakes such surveys when\nexchange rates fluctuate widely. A similiar survey was made\nwhen the currency fell to the previous record low of 149.98 on\nJanuary 19. It hit a new record low of 148.20 yen yesterday.\n He said the survey showed currency transactions by trade\nhouses and exporters contributed little to the dollar fall.\n REUTER\n\u0003", "date": "25-MAR-1987 04:39:07.53", "topics": [ "money-fx", "dlr" ], "places": [ "japan" ], "id": "9166" }, { "title": "BANK OF JAPAN TO SELL 300 BILLION YEN IN BILLS", "body": "The Bank of Japan will sell 300 billion\nyen of government financing bills tomorrow under a 29-day\nrepurchase accord maturing April 24 to soak up a projected\nmoney market surplus, market sources said.\n The surplus is estimated at 350 billion yen, due mainly to\nexcess bank holdings of yen funds after heavy dollar purchases\nin the foreign exchange market yesterday, money traders said.\n The yield on the bills for sales to banks and securities\nhouses from money houses will be 3.9495 pct against the 3.9375\npct discount rate for one-month commercial bills and the\n4.58/42 pct yield on one-month certificates of deposit today.\n The operation will put the outstanding bill supply at about\n1,900 billion yen, money traders said.\n REUTER\n\u0003", "date": "25-MAR-1987 04:40:19.97", "places": [ "japan" ], "id": "9167" }, { "title": "ABBEY NATIONAL HAS ONE BILLION DLR EURO CD PACT", "body": "Abbey National, the second largest\nbuilding society in the U.K., Said it has arranged a one\nbillion dlr euro-certificate of deposit program.\n It said this is the largest such program to date for a\nbuilding society and the first to be denominated in U.S.\nDollars.\n Citicorp Investment Bank Ltd is lead manager and arranger\nfor the program and will act as a dealer, along with Shearson\nLehman Brothers International, Swiss Bank Corp International\nLtd and S.G. Warburg and Co Ltd.\n Abbey National has been very active in the international\ncapital markets ever since building societies were permitted by\nlaw to tap the wholesale markets.\n The building society's general manager, finance, James\nTyrrell, said in a statement the program is part of Abbey's\nstrategy of spreading its funding option from what has recently\nbeen medium/long term into shorter term instruments.\n He said this also widens Abbey's investor base.\n REUTER\n\u0003", "date": "25-MAR-1987 04:47:50.97", "places": [ "uk" ], "id": "9168" }, { "title": "ENSERCH ISSUES 100 MLN DLR CONVERTIBLE BOND", "body": "Enserch Inc is issuing 100 mln dlrs of\nconvertible debt due October 4, 2002 carrying an indicated\ncoupon of six to 6-3/8 pct and priced at par, Salomon Brothers\nInternational said as lead manager.\n Enserch's stock closed at 22-1/2 last night on the New York\nStock Exchange. The conversion premium is indicated to be 20 to\n23 pct. The securities are non-callable for three years.\n There is a 1-1/2 pct selling concession and two pct\ncombined management and underwriting fee.\n REUTER\n\u0003", "date": "25-MAR-1987 05:00:43.91", "places": [ "uk" ], "id": "9169" }, { "title": "MIDDLE EAST CURRENCY MARKET SEES KEY CHANGES", "body": "Middle East currency dealers meet in\nAbu Dhabi this weekend at a time of fundamental change in their\nbusiness, which has seen a growing volume of trade shift from\nthe Arab world to London.\n The 14th congress of the Inter-Arab Cambiste Association\nalso comes at a time when the prospect of a unified Gulf\ncurrency system is more real that at any time this decade.\n Foreign exchange traders and bank treasurers said these\nissues, and the slide of the Lebanese pound, can be expected to\nbe major talking points.\n About 250 traders and treasurers from some 115 banks --\nincluding some in London and other major non-Arab financial\ncentres -- are expected to attend the conference which begins\non on Saturday.\n Bankers said it is hard to avoid the impression that a\ngrowing proportion of transactions in the Saudi riyal market,\nby far the largest in the region, is being carried out in\nLondon.\n The market had been dominated by Saudi Arabia's 11 banks,\nforeign exchange houses in the Kingdom and offshore banks in\nBahrain. But bankers said more and more Saudi and Bahrain-based\nbanks are boosting their treasury operations in London.\n As recession hit the Middle East and the need for trade\nfinance in the region declined, many offshore banks in Bahrain\nran down their currency operations. None of the four major U.K.\nClearing banks now has a dealing room on the island.\n The two major Bahrain-based international banks, and have increased\ntheir presence in London and Saudi banks are busy upgrading\nrepresentative offices to branch status to allow dealing.\n One economist said: \"It is cheaper to run a riyal book in\nLondon than staff an expensive offshore operation in Bahrain...\nThere is now the nucleus of a two-way market in London.\"\n Jeddah-based set up as a licensed deposit\ntaker in London in 1984, while its main rival in Saudi Arabia,\n (NCB) won a licence in November\n1986.\n The major market maker has traditionally been London-based\nconsortium bank but the kingdom\njoint-venture (SAMBA) also upgraded its\nLondon operation to deposit taker status in mid-February.\n One senior currency trader in Riyadh said: \"Inevitably the\nvolume of business in London has gained pace with the two new\nlicences for NCB and SAMBA, but there is no question that most\nof the liquidity still rests in Saudi Arabia.\"\n Currency traders said the shift to London in the Saudi\nriyal market is difficult to quantify.\n Bahrain Monetary Agency figures show regional currency\ndeposits held by offshore banks, most in Saudi riyals, dropped\nto the equivalent of 12.2 billion dlrs at end-September 1986\nfrom 13.4 billion at end-1985 and a 1983 peak of 15.0 billion.\n The shift has prompted changes in dealing habits. Riyal\ntrading in the Gulf on Saturdays and Sundays has become very\nquiet with London closed while some Saudi and Bahrain banks now\nstaff offices on Friday, the Gulf weekend. Traders also expect\n to step up London operations.\n Traders say it is difficult to foresee the riyal market\nmoving completely out of the region, partly because of local\ndemand and partly because of what is seen as the Saudi Arabian\nMonetary Agency's (SAMA) desire to moderate\ninternationalisation of the riyal and protect it from undue\nspeculation.\n There have been far fewer signs of the Kuwaiti dinar market\nshifting from its natural base of Kuwait and trading in Bahrain\nand London is still limited.\n But for the first time since the formation of the six\nnation Gulf Cooperation Council (GCC) in 1981 there are signs\nthat a much mooted currency union could come into force soon.\n Currency traders said it remains unclear what form a final\ncurrency union would take for the six states -- Saudi Arabia,\nKuwait, Bahrain, Oman, Qatar and the United Arab Emirates.\n But plans to link the six currencies in a European Monetary\nSystem style with a common peg have been discussed at high\nlevel and could be a topic on the GCC's annual summit expected\nto be held in Saudi Arabia late in the year.\n One dealer said: \"A lot of exposure is being given to\ndiscussions and plans appear to be quite advanced. But in the\nend a political decision has to be taken to give the go-ahead.\"\n One open question is that of a common peg for currencies.\n The idea of linking the six currencies has been debated\nsince the start of the GCC. The Kuwaiti dinar is currently\nlinked to a basket of currencies while the other five\ncurrencies are either officially or in practice linked to the\nU.S. Dollar.\n Some traders said a currency union could mean speculation\nagainst the Saudi riyal rubbing off on other Gulf currencies,\nbut plans call for a permitted divergence in the system of\n7-1/4 pct, large enough to avoid sudden strains.\n Another topic for debate is expected to be the continued\nslide of the Lebanese pound against the dollar and the\nundermining of the effective capital base of Lebanese banks.\n REUTER\n\u0003", "date": "25-MAR-1987 05:00:56.31", "topics": [ "money-fx", "saudriyal" ], "places": [ "bahrain", "uk", "saudi-arabia" ], "id": "9170" }, { "title": "BELGOLUX TRADE SWINGS INTO JANUARY DEFICIT", "body": "The Belgo-Luxembourg Economic Union\nrecorded a provisional trade deficit of 9.45 billion francs in\nJanuary after a December surplus of 15.32 billion francs,\nrevised upwards from a provisional surplus of 11.94 billion,\nthe National Statistics Office said.\n In January 1986, the union recorded a deficit of 23.31\nbillion francs.\n January imports fell to a provisional 228.86 billion francs\nfrom 240.24 billion in December and 281.65 billion a year\nearlier, but exports were also lower, at 219.41 billion francs\nagainst 255.56 billion and 258.34 billion respectively.\n REUTER\n\u0003", "date": "25-MAR-1987 05:02:55.15", "topics": [ "trade" ], "places": [ "belgium", "luxembourg" ], "id": "9171" }, { "title": "GUINNESS SEEKS U.K. INJUNCTION AGAINST SAUNDERS", "body": "Guinness Plc will seek an\ninjunction in the U.K. High Court today to freeze the assets of\nformer Chairman Ernest Saunders in its attempts to recover 5.2\nmln stg paid to a Jersey company as part of the company's\ntakeover battle for , a spokesman said.\n He said the court move aimed to freeze Saunders' assets up\nto the value of the sum it wanted to recover. It was uncertain\nwhether the court would reach any decision on the request\ntoday. Guinness said last week it planned to take legal action\nto recover the funds, paid to non-executive director Thomas\nWard via the Jersey company.\n Lawyers representing Ward have said he saw the funds as his\nreward for services performed during the takeover of\nDistillers.\n Guinness is also planning a resolution at the annual\nmeeting in May to remove both Saunders and Ward from the\ncompany's board.\n REUTER\n\u0003", "date": "25-MAR-1987 05:05:15.93", "topics": [ "acq" ], "places": [ "uk" ], "id": "9172" }, { "title": "CITIBANK LAUNCHES CURRENCY WARRANTS", "body": "Citibank NA is issuing up to 50,000\ncurrency warrants which give the holder a call right on U.S.\nDollars from marks or yen, Citicorp Investment Bank Ltd said as\nsole manager.\n Each warrant, priced at 47.50 dlrs, gives the holder the\nright to purchase a nominal sum of 500 dlrs for either 182.50\nmarks or 149.50 yen between March 31, 1987 and March 31, 1989.\n The warrants will be listed in Luxembourg and pay date is\nMarch 31. Exercise, requiring one day's notice, must be for a\nminimum of 100 warrants through one currency only.\n REUTER\n\u0003", "date": "25-MAR-1987 05:06:54.80", "places": [ "uk" ], "id": "9173" }, { "title": "MALAYSIA'S FOREIGN BORROWING HELD AT 1986 LEVEL", "body": "Malaysia's net external borrowings\nfor 1987 are expected to be maintained at around last year's\nlevels of about 1.45 billion ringgit, Zain Azraai, secretary\ngeneral to the Finance Ministry, told an investment seminar\nhere.\n Malaysia's debt service ratio will also be maintained at \"a\nlevel no higher than 20 pct,\" he said. \"This is well within the\ncapacity of the nation to service.\"\n Azraai said the 1986 foreign borrowing level and projected\nestimates of 1987 compared favourably with the peak of around\n5.5 billion ringgit in 1982.\n Malaysia's external debts total 48 to 49 billion ringgit\nand its debt service ratio exceeds 20 pct, the Development Bank\nof Singapore Ltd, one of Singapore's four major local banks,\nsaid in a report released this week.\n Azraai said: \"While the growth in debt has been rapid in\nrecent years, it is still within the limits of prudence and\nconscious efforts have been made and will continue to be made\nto decelerate and restrain external borrowings.\"\n He said the Malaysian government is urgently addressing the\ntwin deficits of the Federal Budget and the balance of payments\nwhich followed two recessions in the 1980s.\n Azraai said Malaysia's public sector deficit had risen due\nto the contraction in the government's resources as well as the\nrapid growth in public expenditures.\n With declining incomes and export earnings, the bases for\nresource generation became limited, and the government will not\nraise taxes because current tax margins are high compared to\nMalaysia's neighbours, he said.\n \"As such the remaining avenue for rationalising and\nconsolidating the budget is through expenditure reductions,\" he\nsaid.\n Azraai said the Malaysian government's development\nexpenditures were cut by about 25 pct in 1987, while those of\nstate enterprises were reduced by 41 pct.\n He said: \"A commitment has been undertaken to reduce the\nbudget deficit over time and to balance the Federal\ngovernment's budget current account deficit by 1989.\"\n Malaysian Finance Minister Daim Zainuddin presented a\nbudget for 1987 which foresees a deficit of 9.4 billion\nringgit, down from 11.6 billion in 1986, with federal spending\ntargetted at 27.4 billion, down from 30.8 billion, and revenue\nat 18 billion against 19.2 billion.\n Azraai said the government will cut the size of the public\nsector and privatize those operations which may be better run\nby the private sector. New measures have been introduced to\nboost the private sector and attract foreign investment.\n A higher proportion of foreign ownership, even up to 100\npct, is now possible for new investments in the manufacturing\nsector made between October 1986 and December 1990, he said.\n \"The long term prospects of the Malaysian economy are bright\n... Indications are already available to show that the economy\nis recovering and that growth will be positive and stronger\nthan originally expected,\" Azraai said.\n REUTER\n\u0003", "date": "25-MAR-1987 05:07:54.44", "places": [ "malaysia" ], "id": "9174" }, { "title": "BASF U.S. PROFIT,TURNOVER BOOSTED BY ACQUISITIONS", "body": "BASF AG \nsaid net profit of its U.S. Operating company, BASF Corp, rose\nlast calendar year to 105 mln dlrs from 39 mln in 1985.\n Turnover rose by by more than one billion dlrs to 3.6\nbillion, the parent company said in a statement. The rise,\nhowever, partly reflected the inclusion of the first full\nbusiness year of three acquisitions made in 1985. Excluding\nthese, BASF Corp turnover rose four pct from 1985.\n Acquisitions were the high-performance connecting materials\noperations of Celanese Corp, Inmont Corp bought from United\nTechnologies and American Enka bought from AKZO NV .\n BASF said it expected a U.S. Investment of 240 mln dlrs in\n1987, part of a five-year programme totalling one billion.\n U.S. Projects completed in 1986 included the second acrylic\nacid plant in Freeport, Texas, a technical centre in\nSouthfield, Michigan, in which paint lines from automotive\nplants can be refitted, and the new agricultural research\ncentre in Research Triangle Park in Durham, North Carolina.\n BASF said that work this year had begun in Geismar,\nLouisiana, on plants for production of special amines and\npolytetrahydrofuran, as well as for expansion of capacity for\nproducing tetrahydrofuran.\n REUTER\n\u0003", "date": "25-MAR-1987 05:09:22.90", "topics": [ "earn" ], "places": [ "west-germany", "usa" ], "id": "9175" }, { "title": "SWISS BANK NET FOREIGN ASSESTS UP IN 4TH QUARTER", "body": "Net foreign assets of Swiss banks rose\nby 3.5 billion Swiss francs to 71.2 billion francs in the\nfourth quarter of 1986, due to increased interbank business and\npurchases of foreign securities, the Swiss National Bank said.\n Assets rose 5.3 billion to 205.0 billion while liabilities\nclimbed 1.8 billion to 133.8 billion. For 1986 as a whole,\nassets rose by 11.9 billion and liabilities by 3.0 billion.\n The level of fiduciary funds invested abroad rose by 3.2\nbillion to 223.0 billion, the first rise since the third\nquarter of 1985. Funds invested in such accounts from abroad\nwere up by 3.2 billion to 180.7 billion.\n REUTER\n\u0003", "date": "25-MAR-1987 05:13:52.81", "places": [ "switzerland" ], "id": "9176" }, { "title": "BICC PLC 1986 YEAR", "body": "Shr 22.7p vs 20.3p.\n Final div 8.25p, making 11.75p vs 11p.\n Pre-tax profit 101 mln stg vs 92 mln.\n Attributable profit 45 mln vs 39 mln.\n Turnover 2.14 billion stg vs 2.11 billion.\n MORE\n\u0003", "date": "25-MAR-1987 05:14:21.93", "topics": [ "earn" ], "places": [ "uk" ], "id": "9177" }, { "title": "TAIWAN MONEY SUPPLY RISES 48.22 PCT IN YEAR", "body": "Taiwan's M-1B money supply rose a\nseasonally adjusted 48.22 pct in the year to end-February,\nafter rising 54.96 pct in the year to January, a central bank\nspokesman said.\n Month on month, M1-B fell 5.19 pct from January.\n Unadjusted February M1-B was 1,168 billion dlrs against\n1,232 billion in January and 788 billion in February 1986.\n Money supply grew faster in January because the central\nbank issued more currency for bonus payments made to workers at\nthe Lunar New Year, which fell on January 29 this year, banking\nsources said.\n REUTER\n\u0003", "date": "25-MAR-1987 05:15:27.75", "topics": [ "money-supply" ], "places": [ "taiwan" ], "id": "9178" }, { "title": "PAKISTAN SAYS AFGHAN AIR RAID KILLED ALMOST 150", "body": "Almost 150 people were killed when\nAfghan aircraft raided a number of Pakistani villages on\nMonday, Pakistani officials said.\n The toll in Teri Mangal in Kurram Agency rose to 81, about\n45 people were killed in Lwarai Mandi in North Waziristan\nTribal Agency and 23 died in Angur Adar, South Waziristan, the\nofficials said.\n The Soviet-backed Afghan government has not commented on\nthe reports.\n REUTER\n\u0003", "date": "25-MAR-1987 05:20:36.90", "places": [ "pakistan", "afghanistan" ], "id": "9179" }, { "title": "CHINA MUST CUT DEMAND, CONTINUE REFORMS, ZHAO SAYS", "body": "China must cut excess demand and capital\ninvestment in the face of budget and foreign exchange deficits\nbut will press ahead with wide-ranging economic reforms in\n1987, Premier Zhao Ziyang told parliament.\n Zhao told the annual meeting of the National People's\nCongress that while China cooled its overheated economy, cut\nits trade deficit and raised national living standards in 1986,\nserious imbalances remain.\n Zhao said total social demand exceeds total supply, and\ndemand for consumer goods, especially from state firms, is too\nhigh. \"(They) squander public funds to a serious extent ... (and\nissue) excessive wage and bonus increases,\" he said.\n Failure to cut this excess will \"result in reduced\naccumulation of funds...And serve to corrupt social morality,\"\nZhao said. He said there was a contradiction between low per\ncapita incomes and excessively high consumer demand.\n China needs to accumulate enormous funds for construction\nin its initial stage of socialist modernisation and consumption\nmust match the available resources, he said.\n Zhao said there was a deficit in state finances in 1986\nbecause of the sharp fall in world oil prices, the rising cost\nof foreign exchange earnings through exports, reduced income\nfrom customs duties and unreasonably heavy spending.\n Local authorities, departments and firms have been able to\nretain more revenue since economic reforms in 1979. \"(They)\nunjustifiably developed processing industries and\nnon-productive construction,\" Zhao said.\n He said that unless effective measures are taken to curb\nthis practice, financial and credit deficits are likely to\nincrease in the next few years.\n Zhao said that if such deficits become excessive and last\ntoo long, they will cause the over-issue of money, which in\nturn will cause \"disturbing inflation, a precipitous rise in\ncommodity prices and chaos in economic life.\"\n Another serious problem is that too many new construction\nprojects have been launched. Fixed asset investment outside the\nstate plan is over-extended and the pattern of such investment\nis highly irrational, he said.\n Investment in energy, transport, telecommunications and raw\nand semi-finished materials industries is inadequate and\ninvestment in non-productive projects is too large, he said.\n Zhao said some departments and local authorities have\nfailed to take prompt and effective measures to correct this\ninvestment imbalance, despite instructions to do so from the\nState Council earlier this year.\n He said China's per capita output of grain and other farm\nand sideline products is still very low and production of\ngrain, forestry, animal husbandry and fisheries rests on a\nrather weak foundation.\n China's countryside is still in the development stage and\nthere is vast potential to be tapped through deep reforms, he\nsaid, but did not elaborate.\n Zhao said the main task for reform in 1987 is to breathe\nlife into China's large and medium sized state firms, which\nstill do not have \"a satisfactory combination of\nresponsibilities, powers and benefits.\"\n \"We have yet to create conditions for giving the enterprises\nfull managerial authority and full responsibility for their own\nprofits and losses,\" he said.\n Currently, the firms are not responding rationally to\nmarket changes and doing all the state requires of them, he\nsaid. Their potential is not being fully tapped, he added.\n Zhao said that in 1987, China will speed up the reform of\nits financial system, diversify credit services, encourage\ncompetition among different financial institutions and promote\ninsurance services.\n He said the system of bank interest rates must be reformed,\nwith differential and floating rates being applied for\ndifferent periods of time.\n China must, under proper guidance, develop markets for the\ncirculation of funds in major cities and exploit the role of\nfinancial markets in pooling and regulating funds, he added.\n Zhao said China must also expand the market for capital\ngoods such as rolled steel, coal, cement and timber. The lack\nof such a market is the main reason why large state firms have\n\"yet to be fully invigorated,\" he said.\n He also promised a continuation of the labour contract\nsystem under which all firms hire workers for a fixed period\nand pay them according to their own methods, subject only to\nstate-set ceilings for wages and bonuses.\n REUTER\n\u0003", "date": "25-MAR-1987 05:23:51.11", "places": [ "china" ], "id": "9180" }, { "title": "NIPPON STEEL TO REDUCE DIVIDEND", "body": "Nippon Steel Corp plans to\nreduce its dividend to three yen in the year ending March 31\n1987 from the five yen of 1985/86, a company spokesman said.\n The company estimated parent company current losses at 15\nbillion yen in 1986/87, including a gain of 95 billion yen from\nthe sale of securities. This compares with a 36.07 billion yen\nprofit a year earlier.\n Sales in 1986/87 are seen at 2,150 billion yen, down from\n2,685 billion a year ago.\n Poor business prospects were attributed to the yen's rise\nand slow world steel demand. Nippon is expected to report\nparent company results in late May.\n Total 1986/87 crude steel production is estimated at 25.57\nmln tonnes, down from 27.98 mln a year earlier.\n Crude steel production is likely to be below 1986/87 output\nbut forecasts for profits and sales in the year starting April\n1 are unavailable yet, he said.\n REUTER\n\u0003", "date": "25-MAR-1987 05:24:23.31", "topics": [ "earn" ], "places": [ "japan" ], "id": "9181" }, { "title": "BAT SEES STRONG PERFORMANCE FROM ALL SECTORS", "body": "A strong performance from all BAT\nIndustries Plc's major sectors enabled the group's 1986\npretax profits to pass the one billion stg level for the third\nyear running, Chairman Patrick Sheehy said in a statement.\n The group earlier reported a 19 pct rise in profits to 1.39\nbillion, which Sheehy said was achieved without any help from\nexchange rate fluctuations or acquisitions.\n Good results were achieved by its Argos and Saks Fifth\nAvenue in retailing and by Wiggins Teape and Appleton in paper.\n Tobacco accounted for about 50 pct of profit with a four\npct gain to 764 mln stg and a two pct increase in world volume.\n The results were largely in line with analysts expectations\nand BAT shares firmed by two pence to 537p at 0955 GMT.\n BAT said the U.S. Brown and Williamson unit held most of\nits 1985 gains and increased profit 18 pct in dollar terms.\n Financial services saw profits double to 282 mln with both\nEagle Star and Allied Dunbar achieving further growth.\n Allied Dunbar reported a 51 pct rise in life annual\npremiums to 39 mln stg. BAT said it increased new business by\n38 pct in the last nine months after a relatively slow first\nquarter. Its permanent health insurance was now the market\nleader and its Unit Trust group was now the second largest in\nthe U.K.\n Eagle Star general premiums rose 32 pct to 1.03 billion.\nIts life activities also grew 39 pct with better underwriting\nresults in the second half.\n Cash flow was strong and the gross debt to equity ratio\ndropped to 41 pct from 51 pct. The net ratio, at 26 pct, left\nthe group strongly placed to pursue its further development.\n Profits from paper and pulp grew 29 pct to 217 mln stg,\nnearly three times the 1982 level, with Wiggins Teape's sales\nrising 36 pct to pass one billion stg.\n BAT said in 1986 it had sold 88 BATUS stores in the U.S.\nFor 644 mln dlrs and sold Grovewood Securities for 142 mln stg.\n REUTER\n\u0003", "date": "25-MAR-1987 05:24:46.68", "topics": [ "earn" ], "places": [ "uk" ], "id": "9182" }, { "title": "CHINA'S PREMIER ZHAO SAYS POLITICAL CRISIS OVER", "body": "Chinese Premier Zhao Ziyang said the\nthreat from western political ideas which caused widespread\nstudent demonstrations last December has been curbed.\n In an address at the opening session of China's parliament,\nthe National People's Congress, he accused unnamed party\nleaders of being weak and lax in their supervision of ideology\nand of failing to give full support to the promotion of\nMarxism.\n \"After several months of work since the end of last year we\nhave curbed bourgeois liberalisation, which was once quite\nwidespread,\" he said.\n REUTER\n\u0003", "date": "25-MAR-1987 05:30:25.72", "places": [ "china" ], "id": "9183" }, { "title": "TAIWAN SEES ITS INVESTMENT IN U.S. RISING SHARPLY", "body": "Taiwanese investment in the U.S. Is\nexpected to nearly double to 80 mln U.S. Dlrs in calendar 1987\nand rise to 400 mln dlrs a year by 1991, a five-year forecast\nby the Economic Ministry showed.\n Taiwanese investment in the U.S. Last year totalled 46 mln\ndlrs, the ministry document said. The investment was mainly in\nelectronics, trading, food and service industries.\n Lee Ming-Yi, deputy director of the ministry's Industrial\nDevelopment and Investment Centre, said the forecast rise is\ndue to planned government incentives and growing willingness\namong Taiwanese to invest abroad.\n Lee told Reuters the incentives, to be introduced in May or\nJune, include bank loans and a reduction in capitalisation\nrequirements for businesses seeking to invest in the U.S. To 10\nmln Taiwan dlrs from 20 mln.\n He said the moves to encourage investment in the U.S. Are\npart of Taiwan's efforts to cut its trade surplus with\nWashington, which rose to a record 13.6 billion U.S. Dlrs in\n1986 from 1985's 10.2 billion.\n Taiwanese manufacturers can create jobs for Americans and\navoid import quotas if they set up plants in the U.S., He\nadded.\n REUTER\n\u0003", "date": "25-MAR-1987 05:31:46.25", "topics": [ "trade" ], "places": [ "taiwan", "usa" ], "id": "9184" }, { "title": "BABCOCK UNIT WINS ORDER FOR VENEZUELAN POWER PLANT", "body": "Deutsche Babcock AG\n said its wholly-owned Borsig GmbH subsidiary has won a\n78 mln mark order to build a conventional power station block\nfor Venezuela's state-owned electricity company CADAFE.\n It said the installation, which can be powered by oil or\ngas, should go on stream at the end of 1988.\n REUTER\n\u0003", "date": "25-MAR-1987 05:35:05.82", "places": [ "west-germany", "venezuela" ], "id": "9185" }, { "title": "JARDINE TO JOIN CONSORTIUM FOR HK SECOND AIRPORT", "body": "The Bermuda registered has indicated it would participate in a\nlocal consortium led by Hopewell Holdings Ltd which\nhas proposed to build the second airport here, a Hopewell\nstatement said.\n Jardine Matheson will take up a five pct stake in the joint\nventure which has presented the government with a 25 billion\nH.K. Dlr infrastructure development plan for Hong Kong's\noffshore island of Lantau.\n The proposal includes an airport, a deep-water port and\nhighways linking with Southern China.\n Hopewell, which initiated the proposal, owns a 20 pct stake\nin the consortium. Chairman of the firm Gordon Wu said recently\nhe expects the airport to start operation by mid-1992 and the\nwhole project to be completed by 1993 if an approval for the\nproject is obtained within a year.\n Other partners of the joint venture comprise a combined 20\npct stake by Cheung Kong (Holdings) Ltd and\nHutchison Whampoa Ltd , while Wu said at that time\nthe remaining 60 pct will be taken up by other interested\nparties -- the public, and probably the Hong Kong and Chinese\ngovernments.\n REUTER\n\u0003", "date": "25-MAR-1987 05:43:48.03", "places": [ "hong-kong" ], "id": "9186" }, { "title": "BABCOCK INTERNATIONAL PLC YEAR 1986", "body": "Div 4.7p making 8.7, an increase of 13.9 pct\n Shr 16.3p vs 17.9p adjusted\n Pretax profit 37.09 mln stg vs 34.55 mln\n Net 22.12 mln vs 24.13 mln\n Interest payable 8.10 mln vs 5.35 mln\n Share of associated co's 6.88 mln vs 5.42 mln\n Turnover 1.22 billion stg vs 1.10 billion\n REUTER\n\u0003", "date": "25-MAR-1987 05:44:08.80", "topics": [ "earn" ], "places": [ "uk" ], "id": "9187" }, { "title": "VEBA PLACEMENT CONTINUES FOR SMALL SHAREHOLDERS", "body": "The placement of 10.1 mln government\nowned shares in Veba AG is still open for small\nshareholders but lead manager Deutsche Bank AG has\nalready closed its books for institutional investors, a\nDeutsche spokesman said in answer to queries.\n Under the terms of the placement which opened on Monday,\nsmall shareholders were given priority for three days so that\nthis privilege will not lapse until close of business today.\n Consortium banks set aside fixed amounts for small\nshareholders. The spokesman could not say how big these were,\nor whether other banks had closed books for institutions.\n REUTER\n\u0003", "date": "25-MAR-1987 05:46:06.54", "places": [ "west-germany" ], "id": "9188" }, { "title": "DELTA GROUP YEAR TO JAN 3.", "body": "Shr net basis 24.8p vs 24.5p\n Shr nil basis 22.7p vs 20.9p\n Div 5p making 7.6p vs 6.5p\n Pretax profit 57.78 mln stg vs 50.61 mln\n Net after tax 37.47 mln vs 36.49 mln\n Outside shareholders interests 1.75 mln vs 1.32 mln\n Extraordinary debit 370,000 vs 1.93 mln\n Turnover 533.59 mln vs 555.81 mln\n Profit breakdown by activity -\n Electrical equipment 28.59 mln stg vs 27.60 mln\n Engineering 10.75 mln vs 11.13 mln\n Industrial services 18.78 mln vs 16 mln\n Corporate finance 340,000 vs 4.12 mln\n Making total pre-tax profit 57.78 mln vs 50.61 mln.\n REUTER\n\u0003", "date": "25-MAR-1987 05:47:07.38", "topics": [ "earn" ], "places": [ "uk" ], "id": "9189" }, { "title": "PLACER PACIFIC SAYS BIG BELL GOLD STUDY EXPANDING", "body": " said it will\nundertake a full feasibility study of Western Australia's Big\nBell gold prospect.\n Results of an economic evaluation of the find, in which\nPlacer has an option with (ACM) to earn a 50 pct interest, were encouraging enough\nto warrant a full study, Placer said in a statement.\n Big Bell, in the Murchison goldfield 540 km north east of\nPerth, was founded in 1904. Between 1937 and 1955 it yielded\n22.8 tonnes of gold and 7.8 tonnes of silver while milling\nabout 30,000 tonnes of ore a month.\n Placer has said the prospect has an estimated 14 mln tonnes\nof ore with a three-gram-per-tonne concentration accessible by\nopen-pit mining and a further 4.5 mln tonnes with a\n4.4-gram-a-tonne concentration between 300 and 600 meters\nunderground.\n It said it was obliged to produce the feasibility study no\nlater than December 31 this year by which time it would have\nspent three mln dlrs on Big Bell.\n If the results are positive and a commitment to develop\nmade then construction would take about 12 months, Placer said.\n REUTER\n\u0003", "date": "25-MAR-1987 05:48:28.38", "topics": [ "gold" ], "places": [ "australia" ], "id": "9190" }, { "title": "BELGIAN PUBLIC DEBT RISES IN FEBRUARY", "body": "Belgian public debt rose a nominal\n89.5 billion francs in February to 5,591.1 billion francs, and\ncompared with 5,074.2 billion in February 1986, the finance\nministry said in its monthly statement.\n It said after taking into account operations with the\nInternational Monetary Fund and foreign exchange fluctuations,\nthe figure corresponding to the government's net financing\nrequirement in February was 86.0 billion francs.\n This is below the February 1986 figure of 91.1 billion\nfrancs.\n However in the first two 1987 months, the amount\ncorresponding to the net financing requirement was 184.2\nbillion francs against 183.9 billion in the same period of\n1986, the Ministry said.\n The Belgian government is aiming to cut the financing\nrequirement for the whole of 1987 to around 420 billion francs\nfrom 561 billion last year through a major spending cuts\nprogram.\n REUTER\n\u0003", "date": "25-MAR-1987 05:50:59.08", "places": [ "belgium" ], "id": "9191" }, { "title": "BABCOCK EXPECTS FURTHER PROGRESS IN 1987", "body": "Babcock International Plc said\nin a statement accompanying final results for 1986, showing\npretax profits up to 37.09 mln stg from 34.55 mln in 1985, that\noverall further progress is expected in 1987.\n The predicted slowdown of the U.S. Automobile industry is\naffecting the North American group although the improved\nperformance in the FATA European group during 1986 is expected\nto continue into this year.\n In the U.K. Overall profitability will improve when the\nCentral Electricity Generating Board's ordering programme for\nboth nuclear and fossil-fired fuels starts.\n REUTER\n\u0003", "date": "25-MAR-1987 05:51:21.34", "topics": [ "earn" ], "places": [ "uk" ], "id": "9192" }, { "title": "EGYPT BUYS 46,000 TONNES OF SUNFLOWERSEED OIL", "body": "Egypt purchased 46,000 tonnes of\noptional origin sunflowerseed oil at its import tender\nyesterday, all for May arrival, traders said.\n The business comprised 41,000 tonnes of crude sunflowerseed\noil in bulk at prices ranging from 344.25 to 348 dlrs and 5,000\ntonnes of refined oil in drums at from 517.50 to 522.50 dlrs\nper tonne, cost and freight Alexandria, delivered quality\nterms.\n REUTER\n\u0003", "date": "25-MAR-1987 05:59:13.34", "topics": [ "veg-oil", "sun-oil" ], "places": [ "uk", "egypt" ], "id": "9193" }, { "title": "CHINA TO TIGHTEN IMPORT CONTROL, CUT EXPORT COSTS", "body": "China should tighten imports of ordinary\ngoods and restrict or even forbid import of goods which can be\nmade domestically, Premier Zhao Ziyang said.\n He told the National People's Congress, China's parliament,\nthat the country's foreign exchange is limited and must be used\nwhere it is most needed.\n \"We should expand production of import substitutes and\nincrease their proportion,\" he said.\n On exports, China should increase its proportion of\nmanufactured goods, especially textiles, light industrial\ngoods, electronics and machinery, he said.\n Zhao said China should lower the cost of exports and\ncontrol the export of goods that incur too much loss. In 1986\nChina had a trade deficit of 11.9 billion dlrs, down from a\nrecord 14 billion in 1985.\n Zhao said China should work to provide a more favourable\ninvestment environment for foreign businessmen. It should use\nforeign funds for production and construction, with stress on\nfirms making goods for export or import substitutes.\n China should also earn more foreign exchange from tourists\nand contracted labour abroad, he added.\n REUTER\n\u0003", "date": "25-MAR-1987 06:18:55.81", "topics": [ "trade" ], "places": [ "china" ], "id": "9194" }, { "title": "WEST GERMANS TO MINT COMMUNITY ANNIVERSARY COIN", "body": "The West German Cabinet approved a plan to\nmint a special 10-mark coin commemorating the 30th anniversary\nof the European Community this year.\n The silver-copper alloy coin will be minted in an edition\nof 8.35 mln, a Finance Ministry statement said.\n REUTER\n\u0003", "date": "25-MAR-1987 06:19:48.07", "topics": [ "silver", "copper" ], "organisations": [ "ec" ], "places": [ "west-germany" ], "id": "9195" }, { "title": "SINGAPORE GDP TO GROW SIX PCT IN FIRST QUARTER", "body": "Singapore's gross domestic product\nwill grow six pct in the first quarter and five pct in the\nsecond quarter this year, with further growth expected in the\nsecond half, Trade and Industry Minister Lee Hsien Loong told\nparliament.\n The figures compared with 3.4 pct contraction and 1.2 pct\ngrowth respectively for the first and second quarters of 1986.\n The estimates were based on a tentative leading indicator\nincorporating new business orders, company inventories and\nshare prices used by his ministry, Lee said, without giving\nfurther details of the new indicator.\n Singapore's economy grew 1.9 pct last year, after shrinking\n1.8 pct in 1985. The government has forecast growth rate of\nthree to four pct for 1987.\n REUTER\n\u0003", "date": "25-MAR-1987 06:21:48.40", "topics": [ "gnp" ], "places": [ "singapore" ], "id": "9196" }, { "title": "CARGILL U.K. STRIKE TALKS TO RESUME THIS AFTERNOON", "body": "Talks between Cargill U.K. Ltd's\nmanagement and unions, aimed at ending the prolonged strike at\nits Seaforth oilseed processing plant, will resume this\nafternoon, a company spokesman said.\n Yesterday's session failed to reach a compromise but some\nprogress was made, he said.\n REUTER\n\u0003", "date": "25-MAR-1987 06:23:47.46", "topics": [ "oilseed" ], "places": [ "uk" ], "id": "9197" }, { "title": "NORWAY ISSUES 60 BILLION YEN EUROBOND", "body": "Norway is issuing a 60 billion yen\neurobond due April 22, 1992 paying 4-1/4 pct and priced at\n101-5/8 pct, lead manager Nomura International Ltd said.\n The non-callable issue will be available in denominations\nof one mln yen and will be listed in London.\n The fees comprise 1-1/4 pct selling concession with 5/8 pct\nmanagement and underwriting combined.\n REUTER\n\u0003", "date": "25-MAR-1987 06:29:43.94", "places": [ "uk", "norway" ], "id": "9198" }, { "title": "BROCKWAY AIR TO BUY FIVE SAAB PLANES", "body": "The U.S. Airline Brockway Air, a\nsubsidiary of , has signed an agreement with\nSaab-Scania AB to buy five 34-seater Saab SF340\naircraft for an undisclosed price, with an option on a further\nfive, Saab said.\n All five will be delivered to the Burlington,\nVermont-based airline this year for use on Brockway's 22-city\nservice system.\n Saab said it now had 103 firm orders for the regional\nSF340, 80 of which had already been delivered.\n REUTER\n\u0003", "date": "25-MAR-1987 06:37:40.26", "places": [ "sweden", "usa" ], "id": "9199" }, { "title": "SAAB-SCANIA LAUNCHES 100 MLN DLR EURO-CP PROGRAM", "body": "Saab-Scania AB is establishing a 100 mln\ndlr euro-commercial paper issuance program, Enskilda Securities\nsaid as arranger.\n Dealers will be Enskilda and Bankers Trust International\nLtd. Paper will be issued in discounted note form only and will\nhave maturities between seven and 365 days.\n Denominations will be 500,000 and one mln dlrs.\n Enskilda Securities said Saab-Scania hopes to activate the\nprogram soon.\n REUTER\n\u0003", "date": "25-MAR-1987 06:43:26.99", "places": [ "uk" ], "id": "9200" }, { "title": "BRITISH COMPOUND FEED PRODUCTION DETAILED", "body": "Feed compounds, balancers and\nconcentrates produced in Britain in the five weeks ended\nJanuary 31 totalled 973,400 tonnes, against 966,200 tonnes\nproduced in the same 1986 period, Ministry of Agriculture\nfigures show.\n However, cattle/calf feed output, the largest single\ncomponent, was 7.2 pct down at 435,900 tonnes against 469,900\ntonnes. Pig feed was 170,800 tonnes versus 171,600, and poultry\nfeed 287,600 compared with 256,600. Other smaller components\nincluded in the total all showed increases.\n REUTER\n\u0003", "date": "25-MAR-1987 06:46:02.57", "topics": [ "meal-feed" ], "places": [ "uk" ], "id": "9201" }, { "title": "KLOECKNER UND CO'S 1986 PROFIT FALLS ABOUT 20 PCT", "body": "Kloeckner & Co KGaA, the\ninternational trading group, said its 1986 domestic group net\nprofit fell by around 20 pct against 1985, adding that the\nprofit resulted largely from a writing back of reserves.\n The company, which gave no 1986 profit figures, posted a\ndomestic group net profit of 41 mln marks in 1985.\n It said the 1986 profit was made possible through a 40 mln\nmark write-back of reserves that had been created to cover\npossible price rises. These reserves were no longer necessary\nbecause of recent declines in raw material prices.\n Kloeckner attributed the profit decline to the fall in\nprices as well as the lower value of the dollar.\n It said it would pay an unchanged dividend on its ordinary\nshare capital, which is entirely in private hands and held\nlargely by family foundations.\n Kloeckner's nominal 100 mark profit-participation\ncertificates, issued in October 1986, will pay a likely yield\nof around 10 pct. Holders of the certificates are entitled to a\nquarter of the 1986 payment, or around 2.50 marks, the company\nadded.\n REUTER\n\u0003", "date": "25-MAR-1987 06:47:09.74", "topics": [ "earn" ], "places": [ "west-germany" ], "id": "9202" }, { "title": "MIXED ASIAN REACTION TO NEW RUBBER PACT", "body": "Governments of major Asian\nproducing countries have welcomed the conclusion of a new\nInternational Natural Rubber Agreement (INRA), but growers and\ntraders are unhappy with the development, according to views\npolled by Reuter correspondents.\n Officials in Malaysia, Indonesia and Thailand, which\nproduce the bulk of the world's rubber, said they expected the\nnew pact to continue to stabilise prices and help their rubber\nindustries remain viable in the long-term.\n But traders and growers said they were against the new pact\nbecause its buffer stock mechanism was likely to interefere\nwith free market forces and prevent sharp rubber price rises.\n The new INRA, to replace the current one which expires on\nOctober 22, was formally adopted by most of the world's\nproducers and consumers in Geneva last Friday.\n It will be open for signature at the U.N. Headquarters in\nNew York from May 1 to December 31 this year and will enter\ninto force provisionally when ratified by countries accounting\nfor 75 pct of world rubber exports and 75 pct of world imports.\n Malaysian Primary Industries Minister Lim Keng Yaik said\nthe formal adoption of a new pact had dispelled fears of\nliquidation of some 360,000 tonnes of INRA buffer stock rubber\nand a possible depression of prices.\n He expressed confidence that the new INRA would continue to\nkeep prices stable by selling or buying rubber as prices rose\nor fell through its buffer stock system.\n Malaysia was also happy that in the new INRA financing of\npurchases for the normal buffer stock of 400,000 tonnes and a\ncontingency buffer stock of 150,000 tonnes would be done\nthrough direct cash contributions from members, he said.\n Under the existing pact, members can borrow from banks to\nfinance INRA's buffer stock purchases. This has been viewed\nwith concern by some members who fear the INRA may become\nindebted and ultimately face collapse, like the International\nTin Agreement.\n \"This will ensure the buffer stock operation is carried out\nwithout any financial encumbrance,\" Lim said.\n Malaysia, the world's largest producer, was seeking\ncabinet approval to join the new INRA and hoped other producers\nand consumers would also become members, he said.\n Officials in Jakarta said the new pact would bring benefit\nto Indonesia's rubber industry's by stabilising prices.\n It was unlikely to collapse like the tin agreement because\nits new financial provisions had been tightened, they said.\n Thai officials told Reuters they were optimistic the new\npact was viable because it strictly limited the extent of debt\nthe INRA buffer stock manager might commit to his market\noperations.\n Malaysian growers, however, said they preferred a free\nrubber market because an INRA had a tendency to keep prices at\nlevels that were only acceptable to consumers.\n \"With the INRA's ability to keep prices at a certain stable\nlevel, consumers are assured of rubber at almost a fixed price,\nwhile producers may never see sharp price rises,\" a Malaysian\nRubber Producers Council source told Reuters.\n Producers also wanted a free rubber market without the\noverhang of a 360,000 tonne INRA buffer stock which had\npsychologically prevented price rises, he said.\n State plantation officials in Sri Lanka said prices had\nbeen depressed since INRA's inception and the creation of a\nbuffer stock, and they seemed unlikely to rise.\n Sri Lanka should not be a member of the INRA because it was\nexpensive to maintain a buffer stock, they added.\n Traders in the region, meanwhile, said prices might be\npressured by the new pact in the long term as its potential to\nstabilise prices and buffer stock capacity would spur producers\nto produce more.\n Most Malaysian and Singapore traders said the new pact's\nconclusion had little impact on prices and it was unlikely to\nallow sharp price fluctuations in future.\n \"The 360,000 tonnes in the INRA buffer stock must be\nliquidated and a free market returned,\" a Malaysian trader said.\n Japanese traders said the new pact had a chance for success\nas most world producers and consumers had adopted it, but they\nquestioned the ability of some financially-strapped producers\nto finance buffer stock operations.\n REUTER\n\u0003", "date": "25-MAR-1987 06:51:56.93", "topics": [ "rubber" ], "organisations": [ "inro" ], "places": [ "malaysia", "indonesia", "thailand", "sri-lanka" ], "id": "9203" }, { "title": "CIBA-GEIGY, PHILLIPS PETROLEUM IN JOINT VENTURE", "body": "Ciba-Geigy AG said it would\nestablish a joint venture with Phillips Petroleum Co. In Europe\nto manufacture a high performance engineering thermoplastic.\n Initially, the Swiss chemicals firm will manufacture\npolyphenylene sulfide compounds using resins from Phillips.\n The two firms will later set up a joint venture to produce\nthe polyphenylene resins and compounds, which will be marketed\nindependently under their respective trademarks. A Ciba-Geigy\nspokesman declined to say how much the venture would cost.\n Polyphenylene sulfide is widely used in the electronic,\nautomotive, and petroleum fields.\n REUTER\n\u0003", "date": "25-MAR-1987 06:52:09.01", "topics": [ "pet-chem" ], "places": [ "switzerland" ], "id": "9204" }, { "title": "KRUPP TO BUILD SOUTH KOREAN STEEL PLANT", "body": "Fried. Krupp GmbH said its\nKrupp Industrietechnik GmbH subsidiary has won a 130 mln marks\njoint order with Samsung Shipbuilding and Heavy Industries Co.\nLtd of Seoul for a steel works in Pohang, South Korea.\n It said the order, awarded by the Pohang Iron and Steel Co.\nLtd, involves a works due to go on stream in 1989 producing\n250,000 tonnes of non-corrosive quality steels annually.\n The consortium partners will supply the plant, supervise\nits construction and advise on product processing, with Krupp\nproviding a 100-tonne capacity arc furnace and a converter for\nsteel refining.\n The West German company will supply ladles, vehicles,\nelectrical and exhaust cooling apparatus and dust filters. It\nwill also fit out the plant's laboratory.\n Among other things Krupp said it will provide know-how for\nall production phases and train the Korean workforce.\n It said Samsung will take care of the Korean part of the\nengineering and electrical work, the water treatment and other\nmechanical equipment, according to Krupp basic engineering.\n Extruded ingots from the plant will be converted to sheet\nin an existing hot rolling mill. The sheet will be processed in\nfacilities which are to be erected, Krupp said.\n REUTER\n\u0003", "date": "25-MAR-1987 06:56:17.04", "topics": [ "iron-steel" ], "places": [ "west-germany", "south-korea" ], "id": "9205" }, { "title": "SWIRE EXPECTS CONTINUED GROWTH THIS YEAR", "body": "Swire Pacific Ltd expects\ncontinued growth in all divisions this year though it sees\nproblems in the marine sector, chairman Michael Miles said.\n He told reporters:\"1987 has started well for Cathay Pacific\nAirways which looks forward to another good year... Swire\nProperties expects further good results both from properties\nunder development for sale and from its investment property\nportfolio.\"\n He did not give any specific projections for earnings. The\ncompany earlier reported 46 pct higher 1986 net profits at 1.78\nbillion H.K. Dlrs from a year ago.\n Swire also had an extraordinary profit of 1.38 billion dlrs\nmainly from the sale of a 15.25 pct interest in Cathay Pacific\nAirways Ltd .\n Miles said the company will use the money to develop its\nbusiness, primarily in Hong Kong.\n Swire's stake in Cathay was first reduced to 54.25 pct from\n70 pct when Cathay was publicly floated, and then cut to 50.25\npct when Cathay issued new shares amounting to 12 pct of the\nenlarged capital to the state-owned . Cathay last week reported its 1986\nprofits rose to 1.23 billion dlrs from 777 mln a year ago.\n Miles said despite last year's rapid expansion in Cathay's\nflights and fleet, load factor is still holding up at 70 pct.\n He said Cathay's growth last year was the result of \"a\nmarginal increase in the revenue load factor coupled with\nsavings in fuel costs.\"\n \"At present fuel prices are stable and will remain stable\nfor the rest of this year,\" he said, \"though there might be a bit\nof increase later this year.''\n Miles said Swire is not abandoning its offshore oil service\noperations, even though the marine sector is generally\ndepressed. \"Obviously the marine industry is not getting any\nbetter,\" he said.\n The real estate market remained strong and Swire last year\nrevalued its property portfolio up 634 mln dlrs compared with\nan increase of 864.4 mln dlrs the previous year.\n Miles said he expects the property market to remain firm\nbut said the firm has no available land for a major housing\nproject such as its Taikoo Shing development on Hong Kong\nisland now near completion.\n He said the company's 50 pct unit is negotiating with the government for the development of\nan existing petroleum storage depot into a major housing\nestate. \"But it's not as big as Taikoo Shing,\" he said.\n REUTER\n\u0003", "date": "25-MAR-1987 07:00:38.78", "topics": [ "earn" ], "places": [ "hong-kong" ], "id": "9206" }, { "title": "UNCERTAINTY SURROUNDS EC SUGAR TENDER RESULT-TRADE", "body": "Considerable uncertainty surrounds the\noutcome of today's EC white sugar tender, traders here said,\nnoting it remains overshadowed by European operator threats to\nmove over 800,000 tonnes of sugar into intervention.\n They said that due to the dispute between the Commission\nand producers over the issue, it is not clear whether the\nCommission will authorise any exports at all or grant licences\non a large tonnage.\n The subsidy is seen being set above 45.00 Ecus per 100\nkilos, although traders are reluctant to predict a precise\nlevel after prices fell yesterday.\n Earlier, traders in Paris said they expected the Commission\nto award licences for around 50,000 tonnes of white sugar with\na maximum export rebate of 45.75 to 46.0 Ecus.\n Last week, the Commission granted licences to end August on\n60,500 tonnes of whites at a maximum rebate of 44.819.\n REUTER\n\u0003", "date": "25-MAR-1987 07:08:53.60", "topics": [ "sugar" ], "organisations": [ "ec" ], "places": [ "uk" ], "id": "9207" }, { "title": "ABU DHABI TO REOPEN GULF OILFIELD HIT IN 1986 RAID", "body": "Abu Dhabi's offshore Abu al-Bukhoosh\noilfield in the Gulf, shut since an aerial attack last\nNovember, will reopen when new anti-aircraft defences are\nready, and this could be in the next two months, oil industry\nsources said.\n They said the Abu Dhabi government and Compagnie Francaise\ndes Petroles (Total) , whose Total Abu al-Bukhoosh\nsubsidiary owns 51 pct of the field, have agreed on the\nreopening, but that a date has not been definitely fixed.\n Unidentified planes hit the field, 100 miles off Abu Dhabi,\nlast November 25.\n The raid killed eight workers and destroyed the main living\nquarters and a bridge linking a wellhead to the main production\nplatform.\n Western diplomats in the region say Iran was responsible\nbut Tehran has blamed its Gulf War enemy Iraq.\n Abu al-Bukhoosh was producing 57,000 barrels per day (bpd)\nat the time of the attack, but the sources said it would resume\nat a maximum of half that level because of reduced staff and\nthe fact only four of five wellheads were now operable.\n The sources said only 80 personnel can be housed in\nremaining accomodations, the sources said.\n Facilities being installed to protect the field include\naircraft detection equipment, anti-aircraft missiles, housing\nfor military personnel and helicopter landing pads, the sources\nsaid.\n Abu Dhabi is the largest oil producer in the United Arab\nEmirates, accounting for about 800,000 bpd of its total 1.15\nmln bpd production, the sources said.\n They also said Iran was working to reopen its Sassan field,\npart of the same reservoir as Abu al-Bukhoosh and located only\na few miles away. Sassan was heavily damaged by an Iraqi air\nraid only 10 days before Abu al-Bukhoosh was attacked.\n REUTER\n\u0003", "date": "25-MAR-1987 07:09:17.42", "topics": [ "crude" ], "places": [ "uae" ], "id": "9208" }, { "title": "CHAD SAYS TROOPS KILLED 1,200 LIBYANS IN BATTLE", "body": "Chad's military high command said\ntoday troops killed 1,269 Libyan soldiers in routing a\n5,000-strong force to capture Tripoli's major air base in\nnorthern Chad on Sunday.\n In its first published casualty list from the fierce battle\nfor Ouadi Doum air base, the high command said 438 Libyans were\ntaken prisoner, while 29 Chadian soldiers were killed and 58\nwounded.\n It said the prisoners included the regional commander,\nColonel Khalifa Abul-Gassim Hastar, while his deputy, Colonel\nGassim Ali Abu-Nawar, was among the dead.\n The Chadian army also captured substantial amounts of\nweaponry, including 11 Czechoslovak-made L-39 bombers, three\nSoviet MI-24 fighter helicopters and a large number of tanks,\nas well as hundreds of other vehicles armed with guns or\nanti-aircraft missiles.\n Following Sunday's battle, French officers said the fall of\nOuadi Doum deprived Libya of its only hard runway air base in\nChad. Its main strongpoint, Faya Largeau some 230 km (150\nmiles) north of the so-called \"red line\" along the 16th parallel,\nwas left increasingly exposed.\n The 16th parallel divides the central African country into\ngovernment-held zones in the south and mainly Libyan-controlled\nareas in the north.\n Reuter\n\u0003", "date": "25-MAR-1987 07:15:13.44", "places": [ "chad", "libya" ], "id": "9209" }, { "title": "RAINBOW LIFTS PROGRESSIVE STAKE TO 52 PCT", "body": " said it has\nlifted its stake in supermarket group to 52 pct from 44 pct.\n It said in a statement it has bought an extra 9.4 mln\nshares at prices ranging from 3.80 N.Z. Dlrs to 4.80.\n Progressive is currently the subject of both a proposed\nmerger with Rainbow and a full takeover bid from (BIL). The BIL bid, launched on Monday, is at\n4.20 dlrs a share. The Rainbow merger involves shareholders in\nboth Rainbow and Progressive being issued shares in a new\ncompany, , on a one-for-one basis.\n Rainbow chief executive Craig Heatley said, \"In our opinion\nBIL's actions over the last few days have been undertaken for\ntheir own strategic purposes which conflict with the desire of\nboth companies to merge their interests.\"\n BIL has said it is against the merger because it sees\nProgressive shares as being worth twice as as much as\nRainbow's.\n Progressive traded today at 4.42, Rainbow at 3.66 and BIL\nat 4.30 at the end of morning trading on the New Zealand Stock\nExchange.\n REUTER\n\u0003", "date": "25-MAR-1987 07:16:19.97", "topics": [ "acq" ], "places": [ "new-zealand" ], "id": "9210" }, { "title": "BANK OF THAILAND PLANS ITS FIRST BOND ISSUE", "body": "The Bank of Thailand is seeking Finance\nMinistry approval to issue its first bond, central bank sources\nsaid.\n The planned three billion baht issue would carry a term of\nsix months to one year as a short term move to mop up surplus\nfunds held by commercial banks.\n The issue would offer a coupon attractive to commercial\nbanks, which currently have an estimated 30 to 60 billion baht\nin funds invested in low-yield securities, the sources said.\n The central bank, charged with supervision of commercial\nbanks, has previously issued only Finance Ministry bonds.\n Private bankers said they are awaiting a central bank\ndecision on whether to allow commercial banks to continue\nholding up to 40 pct of their capital in foreign exchange or to\nreturn it to 20 pct as scheduled.\n The six month 40 pct ceiling expires April 6 but the banks\nwant it extended for six more months.\n They said a forced cut in foreign exchange positions would\nworsen the local liquidity problem as commercial banks would\nhave to convert about five billion baht worth of foreign\ncurrencies in their portfolios into baht.\n Senior central bank officials suggested to reporters last\nweek that the foreign exchange ceiling will be lowered to\ndiscourage banks' use of excess funds for currency speculation.\n Central bank sources said some commercial banks,\nanticipating such a central bank decision, have been converting\ntheir foreign currencies into baht this week and lending the\nadditional funds to the Bank of Thailand's short-term loan\nrepurchase facility.\n They said the Bank of Thailand's repurchase window\nyesterday received offers of about three billion baht of\ninvestment funds from commercial banks, three times its normal\ndaily amount.\n The repurchase window uses government bonds as an\ninstrument with which commercial banks can borrow from or lend\nto the state bank.\n The facility is sometimes used by the central bank to set a\nlocal short-term interest benchmark through fixing its bond\nrepurchase rates.\n REUTER\n\u0003", "date": "25-MAR-1987 07:16:54.27", "places": [ "thailand" ], "id": "9211" }, { "title": "FOREIGN BROKERS GET MORE ACCESS TO JAPANESE BONDS", "body": "The Finance Ministry has accepted a\ndecision by the securities industry to expand the share of\nforeign brokers in the 10-year bond underwriting syndicate to\n5.73 pct from 1.19 pct now, a ministry spokesman said.\n Earlier this month, the ministry approved a plan to expand\nthe securities industry's share in the syndicate to 26.2 pct\nfrom 26 pct from April to allow six foreign securities firms to\nparticipate, he said.\n The banks' share in the syndicate will be cut to 73.8 pct\nfrom 74 pct from April.\n Each of the original 17 foreign brokers had a 0.07 pct\nshare, but the securities industry said in a report accepted by\nthe ministry that it decided to raise the share of some foreign\nfirms due to their commitment to the Japanese market.\n Salomon Brothers Asia Ltd will have one pct, while S.G.\nWarburg and Co Ltd, Goldman, Sachs International Corp, Jardine\nFleming (Securities) Ltd, First Boston Corp, Merrill Lynch\nSecurities Co and Morgan Stanley and Co Inc will each have 0.5\npct.\n Vickers da Costa Ltd and Smith Barney, Harris Upham\nInternational Inc will each have 0.3 pct. Kleinwort, Benson\nLtd, Kidder, Peabody and Co Ltd, Drexel Burnham Lambert Inc,\nDeutsche Bank AG and W.I. Carr, Sons and Co each get 0.1 pct.\n Bache Securities (Japan) Ltd, Hoare Govett (Far East) Ltd\nand J. Henry Schroeder Bank and Trust Co and the six new\nsyndicate members -- E.F. Hutton International Inc, Shearson\nLehman Brothers Asia Inc, Dresdner Bank AG, Swiss Bank Corp\nInternational Asia Inc, Sogen Security Corp and Swiss Union\nPhilips and Drew Ltd -- will each have a 0.07 pct share in the\nsecurities industry.\n REUTER\n\u0003", "date": "25-MAR-1987 07:17:43.15", "places": [ "japan" ], "id": "9212" }, { "title": "YEN MAY RISE TO 140 TO THE DLR, NIKKEIREN SAYS", "body": "The yen could rise to 140 yen to the\ndollar, a leading Japanese businessman said.\n Bumpei Otsuki, president of the influential Japan\nFederation of Employers' Associations, (Nikkeiren), told\nreporters: \"The yen might rise as far as 140 (to the dollar).\nThe U.S. Economy is not good, and as long as the U.S. Economy\nis not good, the U.S. Will put various pressures (on Japan).\"\n \"The yen's level depends on the condition of the U.S.\nEconomy rather than Japan's economy, and as long as the\nAmerican situation is bad, the yen will continue to rise,\" he\nsaid.\n To cope with the negative impact of the strong yen,\nJapanese enterprises must strive to cut costs by all means,\nincluding holding down wages as much as possible, Otsuki said.\n He rejected recent calls from some government quarters for\nwage increases this year as a means of raising private\nconsumption and thus boosting domestic demand.\n \"We have to keep wages as low as possible,\" he said.\n He also said the yen's large and rapid rise is depressing\nthe outlook for the Japanese economy, noting that in addition\nto hurting exporters it is also damaging domestic market\nmanufacturers through cheap imports.\n Parts of the service sector are also threatened, Otsuki\nsaid.\n Tertiary industries provide services to manufacturers and a\ndownturn in manufacturing profits will adversely affect service\nindustries, he said.\n It is also doubtful whether the tertiary sector can fully\nemploy those put out of work in the manufacturing sector, he\nsaid.\n Profits of service sector companies are likely to fall in\nthe business year ending in March 1988, leading to a possible\nrecession in the Japanese economy, he said.\n Otsuki said economic growth is unlikely to pick up beyond\nlevels experienced in 1986.\n The government's Economic Planning Agency said last week\nthe economy grew at 2.5 pct in 1986, the worst performance\nsince 1974 when the economy shrank 1.4 pct due to the first oil\nprice crisis.\n In order to stimulate domestic demand and boost the\neconomy, tax reforms aimed at bringing down the cost of land\nand reforming the nation's housing stock are needed, along with\nsteps to bring down the high cost of commodities, he said.\n REUTER\n\u0003", "date": "25-MAR-1987 07:18:24.59", "topics": [ "money-fx", "dlr", "yen" ], "places": [ "japan" ], "id": "9213" }, { "title": "JAPAN BUYS MODEST AMOUNT OF DOLLARS, DEALERS SAY", "body": "The Bank of Japan bought a modest amount\nof dollars this morning, possibly around 200 to 300 mln,\ndealers said.\n One dealer said the central bank bought about 200 mln dlrs\nthrough brokers and the rest through banks. The buying began\nwhen the dollar was at about 149.60 yen, and helped drive the\nU.S. Currency up to around 150, he said.\n Another said the central bank seemed to be trying to push\nthe dollar up above 150 yen. But heavy selling at around that\nlevel quickly pushed the dollar back down towards 149 yen,\ndealers said.\n REUTER\n\u0003", "date": "25-MAR-1987 07:22:34.64", "topics": [ "money-fx", "dlr" ], "places": [ "japan" ], "id": "9214" }, { "title": "BRAZIL/BANK COMMITTEE AGREE ON CREDIT REQUEST", "body": "Brazil and its bank advisory committee\nagreed to transmit a request for an extension of short-term\ncredit lines totaling 16 billion dlrs for 60 days until May 31,\nBrazilian Central Bank President Francisco Gros said.\n Speaking after talks with the committee here, Gros also\nsaid he did not expect to make interest payment to the banks at\nthis moment.\n He added that \"no one should expect any dramatic\ndevelopments before March 31.\"\n Brazil last month suspended interest payments on its 68\nbillion dlrs debt to commercial banks and froze short-term\ntrade and money market lines.\n Bankers said they would relay the Brazilian request for an\nextension but declined to say whether they were specifically\nendorsing it.\n Gros said the decision, which he called a \"standstill\"\narrangement, will be communicated to Brazil's 700 bank\ncreditors by telex tomorrow. Banks had been pressing Brazil to\nmake at least a token interest payment, but Gros said the\ngovernment was unable to comply for the moment.\n He stressed however that Brazil was willing to pay as soon\nas it could, but added that a payment of interest was not\nconnected with the extension of the credit lines.\n \"That would not be wise,\" he said.\n He said that the extension of the short-term lines would\nnot be carried out through \"an official instrument\" as there was\nnot time to complete the legal requirements.\n Gros said Brazil was likely to meet again with the 14-bank\nadvisory committee once Brazil had information to present on an\neconomic plan.\n REUTER\n\u0003", "date": "25-MAR-1987 07:25:24.52", "places": [ "usa", "brazil" ], "id": "9215" }, { "title": "JAPAN DOES NOT INTEND TO CUT DISCOUNT RATE-SUMITA", "body": "Bank of Japan governor Satoshi Sumita\nsaid the central bank has no intention of cutting its discount\nrate again as a way of preventing the yen's rise.\n He told a press conference that the growth of Japanese\nmoney supply remains high.\n The bank will have to watch closely various developments\nresulting from its already eased monetary stance, such as the\nsharp rise in real estate and stock prices, he said.\n Although the yen's rise will have a greater deflationary\nimpact on the economy, the economy is not likely to slow down\nmuch further, Sumita said.\n \"I don't think we should change our economic outlook at the\nmoment,\" Sumita said.\n Sumita has said in the past that he expects the economy to\nshow a gradual upturn in the second half of the year.\n The governor said the six major industrial nations are\nexpected to review last month's pact on currency stability when\nthey meet next in April.\n Dealers said they expect the six - Britain, Canada, France,\nJapan, the U.S. Amd West Germany - to meet just before the\nIMF/World Bank interim committee meeting in Washington starting\non April 9.\n REUTER\n\u0003", "date": "25-MAR-1987 07:26:42.04", "topics": [ "interest", "money-fx" ], "places": [ "japan", "uk", "france", "uk", "canada", "west-germany" ], "id": "9216" }, { "title": "U.K. MONEY MARKET FORECAST REVISED TO SHOW SURPLUS", "body": "The Bank of England said it had revised\nits forecast of the liquidity position in the money market\ntoday to a surplus of 150 mln stg after it estimated a flat\nposition earlier this morning.\n REUTER\n\u0003", "date": "25-MAR-1987 07:27:18.76", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "9217" }, { "title": "BANK OF ENGLAND DOES NOT OPERATE IN MONEY MARKET", "body": "The Bank of England said it had not\noperated in the money market during the morning session.\n Earlier, the Bank revised its forecast of the liquidity\nposition in the system today to a surplus of 150 mln stg from\nits original estimate of a flat position.\n REUTER\n\u0003", "date": "25-MAR-1987 07:27:24.22", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "9218" }, { "title": "BANK OF JAPAN TO SELL 300 BILLION YEN IN BILLS", "body": "The Bank of Japan will sell 300 billion\nyen of government financing bills tomorrow under a 29-day\nrepurchase accord maturing April 24 to soak up a projected\nmoney market surplus, market sources said.\n The surplus is estimated at 350 billion yen, due mainly to\nexcess bank holdings of yen funds after heavy dollar purchases\nin the foreign exchange market yesterday, money traders said.\n The yield on the bills for sales to banks and securities\nhouses from money houses will be 3.9495 pct against the 3.9375\npct discount rate for one-month commercial bills and the\n4.58/42 pct yield on one-month certificates of deposit today.\n The operation will put the outstanding bill supply at about\n1,900 billion yen, money traders said.\n REUTER\n\u0003", "date": "25-MAR-1987 07:27:47.51", "places": [ "japan" ], "id": "9219" }, { "title": "EXCHANGE RATES ALMOST WITHIN G-6 LEVELS - SUMITA", "body": "Bank of Japan governor Satoshi Sumita\nsaid that current exchange rates are almost within the levels\nagreed to by six major nations last month in Paris.\n Asked whether a dollar/yen rate of 148 or 149 reflected\neconomic fundamentals, he said current rates almost reflect\nfundamentals.\n Sumita told reporters major nations have cooperated to\nbring about currency stability in line with the Paris\nagreement, which stipulated that they would closely cooperate\nto that end. He repeated the central bank will intervene if\nnecessary, adding he did not think a dollar free-fall was\nlikely.\n But Sumita said he could not say exactly what currency\nlevels would be considered in line with underlying economic\nfundamentals.\n In Paris on February 22, Britain, Canada, France, Japan,\nthe U.S. And West Germany agreed to cooperate to hold\ncurrencies around their then current levels.\n Sumita said he could not find any specific reasons behind\nthe fall of the dollar to a record low against the yen\nyesterday. But he said the market rushed to sell dollars as it\nnervously reacted to statements abroad and to developments\nsurrounding trade tensions.\n U.S. Treasury Secretary James Baker said over the weekend\nthat the Paris pact did not encompass fixed tragets for the\ndollar. U.S. Trade Representative Clayton Yeutter called\nU.S/Japan relations on certain key trade issues very strained.\n The market reacted nervously because the dollar has been\nmoving narrowly against the yen since mid-January, Sumita said.\nHe added he does not expect the yen/dollar exchange rate to\nremain unstable because the market is concerned about a sharp\nrise of the yen.\n The Bank of Japan will keep a close watch on exchange rates\nin line with the Paris accord, he added.\n REUTER\n\u0003", "date": "25-MAR-1987 07:28:52.81", "topics": [ "money-fx" ], "places": [ "japan" ], "id": "9220" }, { "title": "AFGHAN BOMBING TOLL ALMOST 150", "body": "Afghan warplanes killed almost 150\npeople in bombing raids into Pakistani territory last Monday,\nPakistani officials said.\n The death toll rose from a previously reported 85 as news\nemerged that a third village had been hit. About 45 people were\nkilled in Lwarai Mandi in North Waziristan Tribal Agency,\nofficials said.\n The death toll in Angur Adar in South Waziristan rose to 23\nand the toll in Teri Mangal in Kurram Agency rose to 81. The\nSoviet-backed Afghan government has not commented on the\nreports. \n Reuter\n\u0003", "date": "25-MAR-1987 07:30:09.92", "places": [ "pakistan", "afghanistan" ], "id": "9221" }, { "title": "JAPAN ASKS TRADERS, EXPORTERS TO CUT DOLLAR SALES", "body": "The Ministry of International Trade and\nIndustry (MITI) has asked about 30 Japanese trading houses and\nexporters to refrain from excessive dollar selling, trading\nhouse officials said.\n The officials told Reuters MITI asked them to moderate\ntheir foreign exchange trading because the excessive rise in\nthe yen will have unfavourable effects on the economy. It made\nthe request by telephone.\n A MITI official said the ministry has conducted a survey of\nforeign exchange trading by trade houses and exporters. But he\nsaid it was not aimed at moderating dollar selling.\n The trading house officials said MITI had asked them to\nundertake foreign exchange transactions with due consideration\nto the adverse effects excessive exchange rate movements would\nhave on the economy.\n The MITI official said MITI undertakes such surveys when\nexchange rates fluctuate widely. A similiar survey was made\nwhen the currency fell to the previous record low of 149.98 on\nJanuary 19. It hit a new record low of 148.20 yen yesterday.\n He said the survey showed currency transactions by trade\nhouses and exporters contributed little to the dollar fall.\n REUTER\n\u0003", "date": "25-MAR-1987 07:30:26.26", "topics": [ "money-fx", "dlr", "yen" ], "places": [ "japan" ], "id": "9222" }, { "title": "SWIRE UNCOMMITTED ON PROPOSED NEW H.K. AIRPORT", "body": "Swire Pacific Ltd and its\n50.25 pct unit Cathay Pacific Airways Ltd are still\nundecided whether they would participate in the proposed new\nairport for Hong Kong, chairman of both Michael Miles said.\n \"We don't want to jump the fence prematurely. We want to\nknow the government's position first,\" he told a press\nconference. \"The new airport is still a long way away. But if it\ndoes go ahead we will be involved.\" He declined to elaborate but\nnoted that no other company has more at stake in a Hong Kong\nairport than the Swire group, which controls .\n The idea for a second airport has been proposed for more\nthan a decade but in 1982 the government shelved the plan for\nbeing too expensive. Early this year a consortium led by\n presented the government with a 25\nbillion H.K. Dlr scheme of infrastructure development including\nan airport, a deep water port and highways to China.\n Hopewell said it will take a 20 pct stake in the project\nwhile Cheung Kong (Holdings) Ltd and Hutchison\nWhampoa Ltd will take a combined 20 pct. Earlier\ntoday Hopewell said will take a\nfive pct interest in the project.\n REUTER\n\u0003", "date": "25-MAR-1987 07:32:57.90", "places": [ "hong-kong" ], "id": "9223" }, { "title": "CENTRAL BANKS BUY DOLLARS FOR YEN IN LONDON", "body": "The Bank of Japan intervened to stem\nstrong yen rises against the dollar during London trading this\nmorning, dealers said.\n The Bank of Japan here declined comment.\n The Bank of England was also rumored to be buying dollars\nagainst the yen this morning but it also declined comment.\n Dealers said the intervention halted a sudden late morning\ndrop to a low of 148.65 yen, holding the dollar steady until\nmidsession at about 148.80.\n The Bank of England was strongly rumored to have intervened\non behalf of the dollar against the yen yesterday, but it gave\nno confirmation.\n Overnight reports from Tokyo said that the Bank of Japan\nwas aggressively supporting the dollar, but failed to push it\nback to the perceived target level of 150 yen.\n Selling during the London trading morning was largely\nattributed to Japanese institutions.\n Dealers here were loath to quantify the scale of Bank of\nJapan action this morning. One U.S. Bank trader said it could\nhave been up to 500 mln dlrs, but said this was largely a\nguess.\n REUTER\n\u0003", "date": "25-MAR-1987 07:33:34.64", "topics": [ "money-fx", "dlr" ], "places": [ "uk", "japan" ], "id": "9224" }, { "title": "BRAZIL, BANKS FAIL TO MAKE BREAKTHROUGH IN DEBT TALKS", "body": "Brazil and its bank creditors failed to\nachieve any breakthrough in debt talks here last night after\nBrazil refused to say when it would resume interest payments.\n Central Bank governor Francisco Gros said after a meeting\nwith a 14-bank advisory committee that Brazil cannot make any\ninterest payments at this time, though it would do so \"as soon\nas we can.\"\n The talks came as the annual meeting of the 44-nation\nInter-American Development Bank (IADB), in which both Gros and\nthe bankers had been taking part, moved toward a close here.\n Bankers leaving the meeting with Gros declined to discuss\ndetails of the talks, though some expressed satisfaction that\nBrazil had agreed to continue working with the committee.\n At the same time, Gros told reporters not to expect any\ndramatic developments before March 31, the date when some U.S.\nbanks have said they will take a decision whether to put Brazil\nloans on a non-performing basis.\n Brazil suspended interest payments on its 68 billion dlr\nforeign debt to commercial banks on February 20 and shortly\nafter announced it was freezing some 16 billion dlrs in\nshort-term credit lines.\n Banks are not obliged to declare these loans non-performing\nbefore 90 days have elapsed, but the move to announce a\npossible decision in this respect was viewed as a means of\nexerting pressure on Brazil.\n The bank committee, headed by Citibank, had been pressing\nBrazil to make at least a token payment of interest but Gros\nsaid this was not possible right now.\n \"We are not in a position to make a payment at this stage,\"\nGros said.\n At the same time, the two sides reached a stopgap\narrangement on the short-term trade and money-market credit\nlines, whereby the committee agreed to transmit a Brazilian\nrequest to extend the lines for 60 days until May 31.\n Banks have been indicating they will not renew credit lines\nin response to the Brazilian move.\n Reuter\n\u0003", "date": "25-MAR-1987 07:35:07.17", "places": [ "usa", "brazil" ], "id": "9225" }, { "title": "CHINA MUST REFORM IRRATIONAL PRICE SYSTEM, ZHAO", "body": "China's Premier Zhao Ziyang said the\ncountry must continue to reform its \"irrational\" price system\nalthough this will mean price rises and cause living standards\nfor some people to fall.\n Zhao said China's price system is irrational due to\n\"prolonged negligence of the law of value and due to the rigid\nand excessive state control.\"\n \"The prices of farm products, energy, raw and semi-finished\nmaterials and other primary products have long been too low and\nmany products have long been in short supply,\" he said.\n Price reforms are necessary to \"establish a new vigorous\nsocialist economic structure, to effectively promote production\nand commodity circulation and provide correct guidance to\nconsumption,\" Zhao added.\n Reforms are bound to lead to a rise in the general price\nlevel but will only be implemented after careful studies so as\nto keep the increase within the capacity of society and the\npeople \"to withstand the strain.\"\n He said the general price level will rise in 1987 less\nthan in 1986, with price increases of a very small number of\nproducts.\n REUTER\n\u0003", "date": "25-MAR-1987 07:39:41.83", "places": [ "china" ], "id": "9226" }, { "title": "SEVERE DROUGHT AFFECTS EAST, NORTHEAST THAILAND", "body": "A severe drought has affected 170,560\nhectares of farmlands in six eastern and northeastern\nprovinces, Interior Permanent Secretary Pisarn Mulasartsathorn\nsaid.\n He told reporters some 178,790 farming families in 45\ndistricts in Chaiyaphum, Korat, Phrae, Chainat, Rayong and Trat\nprovinces were seeking relief water from the government.\n The official did not say what crops have been damaged.\n Senior Interior Ministry officials said this week the worse\nthan average drought this year has affected 14 provinces and\nmay last until early May.\n REUTER\n\u0003", "date": "25-MAR-1987 07:43:05.88", "places": [ "thailand" ], "id": "9227" }, { "date": "25-MAR-1987 07:50:39.21", "topics": [ "earn" ], "places": [ "uk" ], "id": "9228" }, { "title": "OCEAN TRANSPORT AND TRADING PLC YEAR 1986", "body": "Shr net basis 21.4p vs 17.5p\n Div 6.1p making 9p vs 6.5p\n Pretax profit 37.2 mln stg vs 31.9 mln\n Net after tax 25.7 mln vs 20.3 mln\n Minority interest 700,000 vs 1.1 mln\n Extraordinary debit 1.9 mln vs 3.5 mln\n Turnover 827 mln vs 766.9 mln\n Note - The company said the sale of the minority holding in\nOCL in 1986 has transformed the balance sheet and enables it to\naccelerate development.\n REUTER\n\u0003", "date": "25-MAR-1987 08:03:02.71", "topics": [ "earn" ], "places": [ "uk" ], "id": "9229" }, { "title": "DART GROUP RAISES SUPERMARKETS GENERAL BID", "body": " said it has\nraised its offer to acquire Supermarkets General Corp to 42.00\ndlrs in cash and three dlrs in exchangeable preferred stock per\nSupermarkets General share from 41.75 dlrs per share in cash.\n The company said it would also be willing to negotiate a\nplan with the Supermarkets General board under which\nSupermarkets General shareholders would have a common stock\ninterest in the combined company. It said it remains willing\nto negotiate all terms of the proposed acquisition.\n The original bid was worth about 1.62 billion dlrs.\n Dart said the preferred stock in the new bid would be\nexchangeable for a new class of Supermarkets General debt\nsecurities that would be developed by Dart and Supermarkets.\n The new proposal would be subject to approval by the\nSupermarkets General board, it said. The new bid was contained\nin a letter to the Supermarkets General board.\n In Woodbridge, N.J., Supermarkets General -- responding to\na previous letter to its board by Dart -- said \"Your conduct\nindicates to us that no transaction involving trust and\nconfidence can be entered into with you. Your propaganda and\nmissstatements will not panic our board.\"\n Dart, in its previous letter, had alleged that Supermarkets\nGeneral executives were seeking millions of dollar in severance\nand tax payments from Dart.\n Reuter\n\u0003", "date": "25-MAR-1987 08:10:23.65", "topics": [ "acq" ], "places": [ "usa" ], "id": "9230" }, { "title": "OLSON INDUSTRIES INC 4TH QTR NET", "body": "Oper shr 28 cts vs 1.16 dlrs\n Oper net 194,000 vs 1,255,000\n Sales 27.5 mln vs 30.5 mln\n Year\n Oper shr 2.68 dlrs vs 63 cts\n Oper net 1,880,000 vs 684,000\n Sales 100.5 mln vs 115.6 mln\n Avg shrs 700,086 vs 1,079,165\n NOTE: 1986 net excludes tax credits of 1,042,000 dlrs in\nquarter and 1,603,000 dlrs in year.\n Net excludes discontinued operations gain 330,000 dlrs vs\nloss 385,000 dlrs in quarter and gain 485,000 dlrs vs loss\n2,692,000 dlrs in year.\n Reuter\n\u0003", "date": "25-MAR-1987 08:13:22.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "9231" }, { "title": "OLSON TO HAVE LOSS FROM EGG UNIT SALE", "body": "Olson Industries Inc said\nit is in final negotiations on the sale of its remaining egg\noperations and expects the sale to generate a charge of about\ntwo mln dlrs against 1987 net income.\n The company said, however, that the sale will generate\nsubstantial cash flow to pay off bank debt and improve working\ncapital, eliminate unmanageable effects on profits of the price\ninstability of the egg business and allow it to concentrate on\nits plastics packaging business.\n Reuter\n\u0003", "date": "25-MAR-1987 08:13:32.48", "topics": [ "earn" ], "places": [ "usa" ], "id": "9232" }, { "title": "JEFFERIES SETS SUPERMARKETS MARKET", "body": "Jefferies Group Inc said it is\nmaking a market in the stock of Supermarkets General Corp.\n It said the current bid is 45 dlrs bid, 46 dlrs offered.\n Reuter\n\u0003", "date": "25-MAR-1987 08:14:49.51", "places": [ "usa" ], "id": "9233" }, { "title": "E.D. And F. MAN TO BUY INTO HONG KONG FIRM", "body": "The U.K. Based commodity house E.D.\nAnd F. Man Ltd and Singapore's Yeo Hiap Seng Ltd jointly\nannounced that Man will buy a substantial stake in Yeo's 71.1\npct held unit, Yeo Hiap Seng Enterprises Ltd.\n Man will develop the locally listed soft drinks\nmanufacturer into a securities and commodities brokerage arm\nand will rename the firm Man Pacific (Holdings) Ltd.\n REUTER\n\u0003", "date": "25-MAR-1987 08:20:42.04", "topics": [ "acq" ], "places": [ "hong-kong" ], "id": "9234" }, { "title": "ORACLE CORP 3RD QTR FEB 28 NET", "body": "Shr 16 cts vs eight cts\n Net 4,834,000 vs 2,052,000\n Revs 34.9 mln vs 16.0 mln\n Avg shrs 31.1 mln vs 26.8 mln\n Nine mths\n Shr 26 cts vs 13 cts\n Net 8,006,000 vs 3,310,000\n Revs 80.9 mln vs 34.5 mln\n Avg shrs 30.8 mln vs 26.3 mln\n NOTE: Share adjusted for two for one stock split.\n Current year net includes capitalized software costs of\n1,295,000 dlrs in quarter and 3,701,000 dlrs in nine mths.\n Reuter\n\u0003", "date": "25-MAR-1987 08:24:17.92", "topics": [ "earn" ], "places": [ "usa" ], "id": "9235" }, { "title": "DISNEY OPENING EXPERIMENTAL RETAIL OUTLET", "body": "Walt Disney Co said it will\nopen its first non-tourist retail operation on March 28 at the\nGalleria shopping mall in Glendale, Calif.\n The company said the 2,400 square foot store will test\nconsumer response to a retail outlet featuring all Disney\ncharacter merchandise.\n Reuter\n\u0003", "date": "25-MAR-1987 08:24:40.66", "places": [ "usa" ], "id": "9236" }, { "title": "ENTERRA CORP 4TH QTR LOSS", "body": "Shr loss 4.14 dlrs vs loss 19 cts\n Net loss 37.1 mln vs loss 1,712,000\n Revs 27.3 mln vs 33.4 mln\n Year\n Shr loss 5.51 dlrs vs loss 73 cts\n Net loss 49.3 mln vs loss 6,544,000\n Revs 109.0 mln vs 141.9 mln\n NOTE: 1986 net both periods includes 34.8 mln dlr\nweritedown of assets of services segment and Southeast Asian\njoint venture.\n Reuter\n\u0003", "date": "25-MAR-1987 08:24:56.16", "topics": [ "earn" ], "places": [ "usa" ], "id": "9237" }, { "title": "JOHNSTOWN/CONSOLIDATED REALTY TRUST NET", "body": "4th qtr\n Shr 15 cts vs eight cts\n Net 1,800,000 vs one mln\n Year\n Shr 51 cts vs 1.10 dlrs\n Net 6,200,000 vs 13.2 mln\n NOTE: Net includes loan loss provisions of 14 cts shr vs 18\ncts in quarter and 24 cts shr vs 36 cts in year.\n Reuter\n\u0003", "date": "25-MAR-1987 08:25:20.82", "topics": [ "earn" ], "places": [ "usa" ], "id": "9238" }, { "title": "DURIRON COMPLETES VALTEK PURCHASE", "body": "Duriron Co Inc said it has\ncompleted the acquisition of Valtek Inc for 11.75 dlrs per\nshare following Valtek shareholder approval yesterday.\n Reuter\n\u0003", "date": "25-MAR-1987 08:25:56.56", "topics": [ "acq" ], "places": [ "usa" ], "id": "9239" }, { "title": "WASHINGTON FEDERAL SAVINGS QUARTERLY DIV", "body": "Qtly div 17 cts vs 17 cts\n Pay April 24\n Record April 7\n Note: year ago adjusted to reflect March 19 three-for-two\nstock split.\n (Washington Federal Savings and Loans Association)\n Reuter\n\u0003", "date": "25-MAR-1987 08:26:17.61", "topics": [ "earn" ], "places": [ "usa" ], "id": "9240" }, { "title": "SINGER GETS TEXAS AIR CONTRACT", "body": "Singer Co said it has signed a\n12-year contract with Texas Air Corp's Continental Airlines Inc\nunit to lease Continental an aircraft simulator for flight crew\ntraining.\n Singer said it will also market training on the simulator\nto other airlines.\n The company said initially it will provide a simulator for\nMcDonnell Douglas Corp's MD-80 but will replace that simulator\nin 1988 with one for the MD-82.\n Reuter\n\u0003", "date": "25-MAR-1987 08:27:16.19", "places": [ "usa" ], "id": "9241" }, { "title": "ROWLEY-SCHER TO HAVE LOSS FOR YEAR", "body": "Rowley-Scher Reprographics Inc\nsaid it expects to report an operating loss and a loss from the\nsale of its Mid South Repro subsidiary for the year ending\nMArch 31.\n Last year, the company reported earnings of 977,000 dlrs.\n Rowley-Scher did not disclose details of the sale of Mid\nSouth Repro.\n It said the sale has eliminated an unprofitable operation.\n The company also said it will open two new reprographic\ncenters in the Washington/Baltimore area within the next three\nweeks, brining the total there to 11, and a new downtown Boston\nlocation in the same time period, brining the number in the\nBoston area to four.\n Reuter\n\u0003", "date": "25-MAR-1987 08:30:38.10", "topics": [ "earn" ], "places": [ "usa" ], "id": "9242" }, { "title": "DIXONS SAID IT GOT AND ACCEPTED ONLY 20 PCT OF CYCLOPS SHARES IN TENDER\n", "date": "25-MAR-1987 08:32:45.43", "topics": [ "acq" ], "id": "9243" }, { "title": "LONDON ON RISE AS TRADING CENTRE IN U.S. DEBT", "body": "London's rise as a trading centre for\nU.S. Government debt has been spurred by the increasing use of\ninterest rate swaps, which are now arranged for most new issues\nin the eurobond markets, traders and analysts said.\n Indeed, eurobond traders estimate that about 80 pct of all\nnew debt issued here last year -- over 186 billion dlrs worth\n-- was part of either an interest rate or currency swap.\n \"The U.S. Treasuries market here is swap-driven,\" said David\nJones, vice president at Goldman Sachs and Co international and\nhead of its U.S. Government bond trading desk.\n \"It is commonplace to have trades of 100 mln dlrs or more in\n10-years, seven years or five years, all related to an interest\nrate swap or hedging of a eurobond deal,\" Jones said at a recent\nconference on the U.S. Treasuries market.\n Just a year or so ago, he said, trades of that size going\nthrough brokers screens in London were unthinkable.\n Traders said that over the past two weeks, while trading in\nU.S. Treasuries has been almost frozen by indecision over the\ndirection of interest rates, swap-related deals have provided\nthe sole source of new business.\n Dealers said that last week, a 260 mln dlr trade involving\ntwo and 10-year Treasuries was transacted on brokers' screens.\n The trade, they said, was swap related.\n There are no firm figures on exactly how much U.S. Treasury\ndebt is traded here and estimates vary widely.\n But Wrightson Economics, a U.S.-based research firm which\ndrew its data from U.S. Treasury reports, estimated that gross\ntransactions in U.S. Government securities in London rose to\n341 billion dlrs in the first nine months of 1986 alone,\nagainst 188 billion in all of 1985.\n Wrightson estimates that about 20 pct of all U.S. Treasury\ntrading is transacted outside the U.S., With Tokyo forming the\nthird major centre.\n And while figures are not yet available for the last\nquarter, the anecdotal evidence suggests that the trend\ncontinued, traders say.\n Richard Lacy, chief executive at Exco International, put\naverage daily Treasuries trading volume in London at about 15\nbillion dlrs. Exco recently purchased an 80 pct interest in RMJ\nSecurities inc, one of the four major brokers in U.S.\nGovernment bonds which has offices in London, New York and\nTokyo.\n But Dick Van Splinter, president of RMJ's competitor,\nFundamental Brokers Inc's London operations, estimates average\ndaily turnover is no more than four to five billion dlrs.\n But even at the low range of estimates, Treasuries trading\nvolume is at least equal to that in the U.K.'s own government\nbonds, known as gilts.\n Jeremy Ford, vice president at Bankers Trust International\nLtd, explained that U.S. Treasuries are used by intermediaries\nin swap transactions to lock in the \"spread,\" the difference\nbetween the interest rate the borrower has to pay and the rate\nthat the counterparty is obliged to pay.\n But even beyond swap-related activity, dealers said the\nnature of trading in London has changed.\n \"The interesting thing our figures show is the transition in\nLondon from a marketing effort to a trading effort,\" said Louis\nCrandall, an economist at Wrightson who has been collecting the\ndata.\n Crandall said that previously, firms' activities were\nlimited to trying to sell U.S. Securities to European\ninvestors. Now, however, they appear increasingly willing act\nas principal in transactions rather than acting on behalf of\ntheir New York offices.\n Increasingly, traders say, firms maintain separate profit\nand loss sheets for their London operations so that trading\ndecisions can be made independently from the U.S. Headquarters.\n Many of the major U.S. Firms, including Merrill Lynch and\nCo, Shearson Lehman Brothers Inc and Chemical Bank trade for\ntheir own accounts here.\n Also, traders point out, the number of U.S. Firms operating\nin London has increased sharply over the past year, as has the\nnumber of European and Asian banks which trade U.S. Government\nsecurities.\n Within the past few months, National\nWestminster Bank Plc's County Bank subsidiary and Swiss Bank\nCorp have applied to the Federal Reserve Bank of New York to\nbecome primary dealers in U.S. Government securities and their\nLondon offices have just recently received direct-dealing\nbrokers screens.\n And Donaldson Lufkin Jenrette, already a primary dealer, is\npreparing to open a U.S. Treasuries trading desk in London.\n Dick Van Splinter, president of Fundamental Brokers Inc,\nthe largest of the four major government bond brokers here,\nsaid he now has 45 firms using direct-dealing screens, up from\n35 a year ago.\n REUTER\n\u0003", "date": "25-MAR-1987 08:34:10.95", "places": [ "uk", "usa" ], "id": "9244" }, { "title": "MATSUSHITA TO ISSUE 200 BILLION YEN CONVERTIBLE", "body": "Matsushita Electric Industrial Co Ltd\n said it will issue a 200 billion yen unsecured\nconvertible bond in the domestic capital market through public\nplacement with Yamaichi Securities Co Ltd, Nomura Securities Co\nLtd, Nikko Securities Co Ltd, Daiwa Securities Co Ltd and\nNational Securities Co Ltd as underwriters.\n Coupon and conversion price for the par-priced bond\nmaturing on September 30, 1996, will be set before payment on\nMay 2.\n This issue equals in size a record one by Toyota Motor Corp\nlast December.\n Matsushita's shares closed on the Tokyo Stock Exchange at\n1,640 yen, down 50 from yesterday.\n REUTER\n\u0003", "date": "25-MAR-1987 08:36:41.34", "places": [ "japan" ], "id": "9245" }, { "title": "DIXONS GETS ONLY 20 PCT OF CYCLOPS IN BID", "body": " said only about\n852,000 shares of Cyclops Corp common stock, or 20 pct on a\nfully diluted basis, were tendered and not withdrawn under its\nbid for all shares that expired yesterday, but the companmy has\nstill decided to accept all shares validly tendered.\n The company said it now has about 22 pct ownership of\nCyclops on a fully diluted basis and expects to proceeds toward\ncompletion of its proposed acquisition of Cyclops.\n Last week, before extending its Cyclops offer for one week\nat the request of the Securities and Exchange Commission,\nDixons had reported that 54 pct of Cyclops' stock had been\ntendered in response to its 90.25 dlrs per share offer which\nexpired at 2400 EST yesterday.\n Yesterday, CAYACQ Corp dropped certain conditions of its\n92.50 dlrs a share offer for Cyclops and firmed up the\nfinancing for the proposed transaction. CAYACQ, an investor\ngroup led by Audio/Video Affiliates Inc and Citicorp, raised\nthe value of its offer from 80 dlrs per Cyclops share on Friday.\n Reuter\n\u0003", "date": "25-MAR-1987 08:38:10.55", "topics": [ "acq" ], "places": [ "usa" ], "id": "9246" }, { "title": "OPPOSITION SAYS UK GOV'T GAVE ARMS TO CONTRAS", "body": "A leading member of Britain's opposition\nLabour Party said there was strong evidence Prime Minister\nMargaret Thatcher approved the sale of anti- aircraft missiles\nto Nicaraguan Contra rebels during talks last year with U.S.\nOfficials involved in the Iran arms scandal.\n Labour foreign affairs spokesman George Foulkes told\nparliament the U.S. Tower Commission report on the sale of arms\nto Iran showed Colonel Oliver North had tried to obtain 20\nBlowpipe missiles and 10 launchers through a South American\ncountry from a Belfast-based company, Short Brothers, which\nmanufactures the missiles.\n Short Brothers is owned by the British Government.\n Junior Foreign Officer Minister Timothy Eggar dismissed the\nclaims as \"wild and fanciful allegations\" with no foundation.\n Foulkes said North testified he was seeking the help of \"a\nhead of an allied government\" in obtaining the Blowpipes and\nsuggested the supply of missiles was discussed during two\nmeetings which he said took place between North, the then head\nof the CIA William Casey and Thatcher in 1986.\n \"We need to know what happened at those meetings between Mr\nCasey, Colonel North and the Prime Minister last year. What\nwere they talking about if it were not the supply of Blowpipe\nmissiles to the Contra terrorists?\" Foulkes said.\n Reuter\n\u0003", "date": "25-MAR-1987 08:48:54.11", "places": [ "uk", "usa", "nicaragua" ], "id": "9247" }, { "title": "BRAZIL ANNOUNCES NEW PLANNING MINISTER", "body": "Brazil's new Planning Minister is\nAnibal Teixeira de Souza, the former head of a national welfare\nprogram, the government said.\n Teixeira replaces economist Joao Sayad, who last week\nbecame the latest victim of the turmoil in Brasilia over\ngovernment economic policy.\n Sayad disagreed with Finance Minister Dilson Funaro on a\nrange of policy issues and submitted his resignation.\n Reuter\n\u0003", "date": "25-MAR-1987 08:49:32.28", "places": [ "brazil" ], "id": "9248" }, { "title": "CITIBANK LAUNCHES CURRENCY WARRANTS", "body": "Citibank NA is issuing up to 50,000\ncurrency warrants that give the holder a call right on U.S.\nDollars from marks or yen, Citicorp Investment Bank Ltd said as\nsole manager.\n Each warrant, priced at 47.50 dlrs, gives the holder the\nright to purchase a nominal sum of 500 dlrs for either 182.50\nmarks or 149.50 yen between March 31, 1987 and March 31, 1989.\n The warrants will be listed in Luxembourg and pay date is\nMarch 31. Exercise, requiring one day's notice, must be for a\nminimum of 100 warrants through one currency only.\n REUTER\n\u0003", "date": "25-MAR-1987 08:50:07.38", "places": [ "uk" ], "id": "9249" }, { "title": "KAUFMAN AND BROAD HOME CORP 1ST QTR FEB 28", "body": "Shr 17 cts vs seven cts\n Net 4,678,000 vs 1,856,000\n Revs 110.5 mln vs 61.7 mln\n Avg shrs 27.0 mln vs 25.0 mln\n Reuter\n\u0003", "date": "25-MAR-1987 08:50:40.31", "topics": [ "earn" ], "places": [ "usa" ], "id": "9250" }, { "title": "METRO CABLE TO SELL PARTNERSHIP", "body": "Metro Cable Corp said it has\nentered into a letter of intent for the sale of limited\npartnership Intermountain Cable Associates for about 3,250,000\ndlrs.\n Metro and DMN Cable Investors are co-general partners for\nIntermountain. The name of the buyer was not disclosed.\n Metro said it has also transfered its northwest Iowa and\neastern Colorado cablevision systems into a new wholly-owned\nsubsidiary called MCC Cablevision. \n Metro said the new unit received 2,700,000 dlrs in\nfinancing from Bank of Boston Corp which was used to\nretire Metro Cable's outstanding debt to and for working capital.\n Reuter\n\u0003", "date": "25-MAR-1987 08:51:04.57", "places": [ "usa" ], "id": "9251" }, { "title": "RENOUF HAS 93.4 PCT OF BENEQUITY UNITS", "body": " said it\nnow owns 93.4 pct of Benequity Holdings a California Limited\nPartnership.\n Renouf said it has accepted for payment all 3,914,968\nunits of Benequity Holdings tendered in response to its 31 dlrs\nper unit offer. Along with the 1,449,550 units already held by\nRenouf, it now owns 93.4 pct of the 5,745,706 units outstanding.\n Reuter\n\u0003", "date": "25-MAR-1987 08:51:19.67", "topics": [ "acq" ], "places": [ "usa" ], "id": "9252" }, { "title": "OIL ANALYST SEES PAPUA NEW GUINEA AS GOOD PROSPECT", "body": "Papua New Guinea\n(PNG) provides the most exciting new prospect in the\nAsia-Pacific region for oil production, energy analyst Fereidun\nFesharaki said here.\n The recent successful find at Iagifu is likely to put PNG\non the list of major oil exporters by the early 1990s, he told\nthe Australian Petroleum Exploration Association annual\nconference.\n Fesharaki, leader of the Energy Program at the East-West\nCenter in Honolulu, Hawaii, was speaking on the Asia-Pacific\npetroleum outlook.\n With domestic demand of around 12,000 barrels per day (bpd)\nand prospects of production of over 100,000 bpd by late 1991,\nPNG would become an Ecuador-level crude exporter, Fesharaki\nsaid.\n The Iagifu wells in the Papuan Basin have recorded the best\noil flows in more than 60 years of exploration in PNG.\n The PNG government's Geological Survey in a paper\ndistributed at the conference estimates Iagifu reserves at\nabout 500 mln barrels.\n PNG enjoys the most liberal tax regime in the region with\nno secondary taxes, Fesharaki said.\n \"We expect a much larger oil search in Papua New Guinea, and\ndiscovery of much larger volumes of oil, similar in quality to\n(light) Bass Strait crude,\" Fesharaki said.\n There are also large pockets of high quality condensates to\nbe produced, notably in the Juha field near Iagifu which is\ncapable of producing 30,000 to 40,000 bpd, he said.\n But prices should be somewhat higher than the present\nlevels to justify development of the Juha field, he said.\n The PNG Geological Survey paper noted there are five large\nprospective but little-explored sedimentary basins in PNG.\n REUTER\n\u0003", "date": "25-MAR-1987 08:51:32.15", "topics": [ "crude" ], "places": [ "australia", "papua-new-guinea" ], "id": "9253" }, { "title": "CHINA TO TIGHTEN IMPORT CONTROL, CUT EXPORT COST", "body": "China should tighten imports of ordinary\ngoods and restrict or even forbid import of goods which can be\nmade domestically, Premier Zhao Ziyang said.\n He told the National People's Congress, China's parliament,\nthat the country's foreign exchange is limited and must be used\nwhere it is most needed. \"We should expand production of import\nsubstitutes and increase their proportion,\" he said. On exports,\nChina should increase its proportion of manufactured goods,\nespecially textiles, light industrial goods, electronics and\nmachinery, he said.\n Zhao said China should lower the cost of exports and\ncontrol the export of goods that incur too much loss.\n Zhao said China should work to provide a more favourable\ninvestment environment for foreign businessmen.\n Reuter\n\u0003", "date": "25-MAR-1987 08:52:36.78", "places": [ "china" ], "id": "9254" }, { "title": "USAIR GROUP INC SETS QUARTERLY", "body": "Qtly div three cts vs three cts prior\n Pay April 30\n Record April 16\n Reuter\n\u0003", "date": "25-MAR-1987 08:56:32.23", "topics": [ "earn" ], "places": [ "usa" ], "id": "9255" }, { "title": "CHINA MUST CUT DEMAND, CONTINUE REFORMS: ZHAO", "body": "China must cut excess demand and capital\ninvestment in the face of budget and foreign exchange deficits\nbut will press ahead with wide-ranging economic reforms in\n1987, Premier Zhao Ziyang told parliament.\n Zhao told the annual meeting of the National People's\nCongress that while China cooled its overheated economy, cut\nits trade deficit and raised national living standards in 1986,\nserious imbalances remain.\n Zhao said total social demand exceeds total supply, and\ndemand for consumer goods, especially from state firms, is too\nhigh. \"(They) squander public funds to a serious extent ... (and\nissue) excessive wage and bonus increases,\" he said.\n Failure to cut this excess will \"result in reduced\naccumulation of funds...And serve to corrupt social morality,\"\nZhao said. He said there was a contradiction between low per\ncapita incomes and excessively high consumer demand.\n China needs to accumulate enormous funds for construction\nin its initial stage of socialist modernisation and consumption\nmust match the available resources, he said.\n Zhao said there was a deficit in state finances in 1986\nbecause of the sharp fall in world oil prices, the rising cost\nof foreign exchange earnings through exports, reduced income\nfrom customs duties and unreasonably heavy spending.\n Investment in energy, transport, telecommunications and raw\nand semi-finished materials industries is inadequate and\ninvestment in non-productive projects is too large, he said.\n Reuter\n\u0003", "date": "25-MAR-1987 09:02:05.94", "places": [ "china" ], "id": "9256" }, { "title": "YUGOSLAVIA SEEKS 600 MLN ECU LOAN FROM EC", "body": "Yugoslavia is seeking a loan of 600\nmln ECUs from the European Community for transport system\nmodernisation, Deputy Finance Minister Boris Skapin was quoted\nby the official Tanjug news agency.\n The community has offered Yugoslavia only 380 mln ECUs, he\nsaid. The loan is to help finance completion of Yugoslavia's\nnorth-south motorway, railway modernisation and export-oriented\nindustrial projects.\n Skapin told reporters in Brussels yesterday the requested\nloan accounted for only 10 pct of total funds needed for these\nprojects, Tanjug said.\n REUTER\n\u0003", "date": "25-MAR-1987 09:05:42.07", "organisations": [ "ec" ], "places": [ "yugoslavia" ], "id": "9257" }, { "title": "MCFARLAND TO BUY PETROMINERALS ", "body": "McFarland Energy Inc\nsaid its board and that of Petrominerals Corp have approved a\ndefinitive agreement for McFarland to acquire Petrominerals in\nan exchange of stock.\n McFarland said it would exchange one common share for each\n5.4 Petrominerals shares. McFarland said former holders of\nPetrominerals will have a 25 pct interest in the combined\ncompany.\n The merger is still subject to approval by shareholders of\nboth companies.\n Reuter\n\u0003", "date": "25-MAR-1987 09:07:44.32", "topics": [ "acq" ], "places": [ "usa" ], "id": "9258" }, { "title": "TIMMINCO ACQUIRES UNIVERSAL ADHESIVES", "body": " said it acquired\nUniversal Adhesives Inc, of Memphis, for undisclosed terms, in\na move to expand Timminco's operations into the United States.\n The company said Universal Adhesives, with five U.S.\nplants, has annual sales of 12 mln U.S. dlrs, which will double\nTimminco's presence in the North American adhesives market.\n Timminco said Universal Adhesives will complement the\ncompany's Canadian-based industrial adhesives division and is a\nkey step in its long-term goal for expansion in the specialty\nchemical field.\n Reuter\n\u0003", "date": "25-MAR-1987 09:07:56.19", "topics": [ "acq" ], "places": [ "canada" ], "id": "9259" }, { "title": " YEAR NET", "body": "Shr 32 cts vs 29 cts\n Net 3,320,206 vs 2,990,695\n Revs 13.5 mln vs 14.9 mln\n Reuter\n\u0003", "date": "25-MAR-1987 09:08:01.76", "topics": [ "earn" ], "places": [ "canada" ], "id": "9260" }, { "title": "U.K. MONEY MARKET SURPLUS REVISED TO 250 MLN STG", "body": "The Bank of England said it revised up\nits forecast of today's surplus in the money markets to 250 mln\nstg from its earlier estimate of a 150 mln.\n The central bank has not operated in the market today.\n REUTER\n\u0003", "date": "25-MAR-1987 09:11:08.30", "topics": [ "money-fx", "interest" ], "places": [ "uk" ], "id": "9261" }, { "title": " GETS FDA APPROVAL FOR DRUG", "body": "Technimed Corp said it has received\nU.S. Food and Drug Administration approval to market its\nproprietary whole blood glucose test.\n The company said the test is the first home diagnostic\nglucose test to be approved by the FDA that uses simpler\nno-wipe technology. It is designed for use by diabetics in\nmanaging insulin therapy.\n Technimed said it has entered into talks with \"several\nmajor pharmaceutical companies\" on the marketing of the test.\n Reuter\n\u0003", "date": "25-MAR-1987 09:11:17.08", "places": [ "usa" ], "id": "9262" }, { "title": " YEAR NET", "body": "Shr five cts vs 51 cts\n Net 2,300,000 vs 22,500,000\n Revs not given\n Note: Prior shr and net include 20.3 mln U.S. dlr gain on\nsale of equity holdings\n Results in U.S. funds\n Reuter\n\u0003", "date": "25-MAR-1987 09:11:21.47", "topics": [ "earn" ], "places": [ "canada" ], "id": "9263" }, { "title": "WASTE MANAGEMENT ENDS TENDER OFFER FOR CHEMLAWN\n", "date": "25-MAR-1987 09:18:18.45", "topics": [ "acq" ], "id": "9264" }, { "title": "WEST GERMAN JAN COFFEE IMPORTS DOWN ON YEAR-AGO", "body": "West German gross green coffee imports\nin January fell sharply to 38,616 tonnes from 54,576 in January\nlast year, figures from the Federal Statistics Office show.\n Imports of decaffeinated unroasted coffee were 396 tonnes\nagainst nil a year earlier.\n Reuter\n\u0003", "date": "25-MAR-1987 09:21:01.23", "topics": [ "coffee" ], "places": [ "west-germany" ], "id": "9265" }, { "title": "ONE VALLEY BANCORP RAISES QUARTERLY", "body": "Qtly div 26 cts vs 25 cts prior\n Pay April 15\n Record March 31\n NOTE: One Valley Bancorp of West Virginia Inc.\n Reuter\n\u0003", "date": "25-MAR-1987 09:21:26.36", "topics": [ "earn" ], "places": [ "usa" ], "id": "9266" }, { "title": "NATIONAL DATA CORP 3RD QTR FEB 28 NET", "body": "Shr 31 cts vs 26 cts\n Net 3,516,000 vs 2,972,000\n Revs 40.0 mln vs 36.3 mln\n Avg shrs 11.4 mln vs 11.2 mln\n Nine mths\n Shr 89 cts vs 73 cts\n Net 10.0 mln vs 8,146,000\n Revs 116.8 mln vs 105.0 mln\n Avg shrs 11.3 mln vs 11.1 mln\n Reuter\n\u0003", "date": "25-MAR-1987 09:21:39.02", "topics": [ "earn" ], "places": [ "usa" ], "id": "9267" }, { "title": "NVHOMES SETS TWO-FOR-ONE SPLIT", "body": "NVHomes LP said its board declared\na two-for-one split of Class A units, payable to shareholders\nof record on April 20.\n It said certificates will be distributed about two weeks\nafter the record date.\n Reuter\n\u0003", "date": "25-MAR-1987 09:21:53.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "9268" }, { "title": "AMERICAN RESOURCE SETS RIGHTS OFFERING", "body": " said the\nboard approved a rights offering to class A non-voting\nshareholders to be made on a one-for-one basis and expected to\nraise between 80 mln and 100 mln dlrs.\n The company said a preliminary prospectus will be filed in\nCanada later this week and final terms for the rights offering\nwill not be set until a final prospectus is filed.\n American Resource intends to use proceeds to expand its\ninvestment and merchant banking activities mainly in the United\nStates, it said.\n Underwriters for the rights offering are Merrill Lynch\nCanada Inc, Loewen, Ondaatje, McCutcheon and Co Ltd, Burns Fry\nLtd and Richardson Greenshields of Canada Ltd, American\nResource said.\n The company also said Peter Gottsegen, formerly managing\ndirector of international corporate finance activities at\nSalomon Brothers Inc, was appointed to the board.\n American Resource said it will invest in a U.S. company to\nbe owned by it and Gottsegen. Gottsegen will be chief executive\nof the new company, which will engage in investment and\nmerchant banking activities in the United States.\n Reuter\n\u0003", "date": "25-MAR-1987 09:22:43.14", "places": [ "canada" ], "id": "9269" }, { "title": "VANGUARD TECHNOLOGIES INTERNATIONAL INC ", "body": "Shr 19 cts vs 10 cts\n Net 653,464 vs 287,606\n Revs 10.6 mln vs 7,600,000\n Year\n Shr 68 cts vs 46 cts\n Net 2,309,181 vs 1,408,813\n Revs 38.4 mln vs 26.0 mln\n Reuter\n\u0003", "date": "25-MAR-1987 09:23:22.52", "topics": [ "earn" ], "places": [ "usa" ], "id": "9270" }, { "title": "THOMSON MCKINNON U.S. GOVERNMENT FUND DIVIDEND", "body": "Mthly div 7.3 cts vs 7.5 cts in prior month\n Payable April six\n Record Marcxh 30\n Reuter\n\u0003", "date": "25-MAR-1987 09:23:26.54", "topics": [ "earn" ], "places": [ "usa" ], "id": "9271" }, { "title": "THOMSON MCKINNON INCOME FUND DIVIDEND", "body": "Mthly div 8.5 cts vs 9.2 cts in prior month\n Payable April six\n Record Marcxh 30\n Reuter\n\u0003", "date": "25-MAR-1987 09:23:29.98", "topics": [ "earn" ], "places": [ "usa" ], "id": "9272" }, { "title": "(OAKRIDGE HOLDINGS INC) 2ND QTR DEC 31 NET", "body": "Shr 48 cts vs four cts\n Net 882,000 vs 82,000\n Sales 968,000 vs 784,000\n Six mths\n Shr 53 cts vs 11 cts\n Net 970,000 vs 202,000\n Sales 2,001,000 vs 1,521,000\n NOTE: 1986 net includes a gain of 26 cts a share from the\nsale of a funeral home, and tax credits of 20 cts. 1985 net\nincludes tax credits of one cent in the quarter and 3.7 cts in\nthe six months period.\n Reuter\n\u0003", "date": "25-MAR-1987 09:23:34.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "9273" }, { "title": "GENERAL COMPUTER CORP 3RD QTR FEB 28 NET", "body": "Shr 10 cts vs 20 cts\n Net 146,000 vs 230,000\n Revs 3,766,000 vs 3,271,000\n Avg shrs 1,458,000 vs 1,125,000\n Nine mths\n Shr 15 cts vs 58 cts\n Net 212,000 vs 653,000\n Revs 10.6 mln vs 9,561,000\n Avg shrs 1,458,000 vs 1,125,000\n Reuter\n\u0003", "date": "25-MAR-1987 09:24:21.56", "topics": [ "earn" ], "places": [ "usa" ], "id": "9274" }, { "title": "UK EQUITIES SEEN DUE FOR DOWNWARD CORRECTION", "body": "The chances of U.K. Stocks continuing\nrecent rises as budget euphoria gives way to the uncertainties\nof a probable election are small, and market analysts say there\nwill probably be a downwards correction in the next few weeks.\n The U.K. Market has managed a dizzy rise since the New\nYear, with the FT-SE index of 100 leading shares lifting 22.5\npct since January 2 to current levels around 2050.\n \"Over the next month or two the odds are that the index will\ndrop back to around 1,900,\" said John Goldschmidt, head of\nequities research at Chase Manhattan Securities.\n \"A five to 10 pct drop is likely. There was a six pct fall\nbefore the 1983 election when the Conservatives were further\nahead in the polls and the market was on a multiple of only 14\ninstead of 18 now,\" noted Nick Knight of brokers James Capel.\n \"The old adage is \"sell in May and go away'. That's likely to\napply this year but will probably start in April,\" he added.\n But few analysts believed a correction would spell the end\nof the bull run that has now lasted for some six years.\n \"As long as corporate profits and earnings keep on growing\nthen the pressure for continued rises will be there. There\nseems little prospect of the growth stopping in 1987/1988,\" one\nsaid.\n Much of the recent enthusiasm has stemmed from the belief,\nalready virtually discounted, that the ruling Conservatives\nwill call an election in the next few months - probably June -\nand sweep home to a third term in office.\n Even if this does happen, however, pre-election nerves are\nlikely to produce the traditional effect of damping down the\nmarket until the result is clear.\n \"It's likely there will be one or two hiccups of confidence\nabout the Tories winning an overall majority,\" Goldschmidt said.\n \"It would be quite out of character for the market to\ncontinue to sail serenely upwards right through the election\nand beyond,\" added brokers Phillips and Drew in a recent report.\n The belief that the government itself is worried about the\nimpact of the Alliance party disrupting the usual two-corner\nfight of Conservative and Labour with unpredictable results, is\nnot likely to give reassurance, one analyst noted.\n Other factors also indicate that the market is vulnerable\nto a downwards correction. U.K. Stocks had ridden up partly on\nthe back of record rises in New York and Japan and a pause in\neither suggests that London would inevitably follow suit.\n There would also be little new encouragement provided by\ngeneral economic factors as much of the recent optimistic news,\nincluding this month's half point cut in base rates to 10 pct,\nis already built into prices.\n \"The economy is looking okay, but it can't support 20 pct\nincreases every three months indefinitely,\" one said.\n Also, market liquidity, a powerful driving force behind the\nrecent rises, shows signs of drying up under the pressure of\nthe government's privatisation campaign.\n The next few months will see cash calls for second tranche\npayments on British Gas Plc and British Airways Plc\n as well as the proposed sale of and\nthe as-yet untimetabled sale of the government's 31.7 pct stake\nin British Petroleum Co Plc .\n On top of that, there will be calls from the gilt market\neven though last week's budget limited the projected 1987/88\nborrowing requirement to four billion stg.\n \"We are looking for a squeeze on cash flow, and that's not\nincluding rights issues which have been low so far this year\nand may pick up in the second quarter,\" Knight said.\n Reuter\n\u0003", "date": "25-MAR-1987 09:24:38.25", "places": [ "uk" ], "id": "9275" }, { "title": "ENSERCH ISSUES 100 MLN DLR CONVERTIBLE BOND", "body": "Enserch Inc is issuing 100 mln dlrs of\nconvertible debt due October 4, 2002 carrying an indicated\ncoupon of six to 6-3/8 pct and priced at par, Salomon Brothers\nInternational said as lead manager.\n Enserch's stock closed at 22-1/2 last night on the New York\nStock Exchange. The conversion premium is indicated to be 20 to\n23 pct. The securities are non-callable for three years.\n There is a 1-1/2 pct selling concession and two pct\ncombined management and underwriting fee.\n REUTER\n\u0003", "date": "25-MAR-1987 09:27:56.77", "places": [ "uk" ], "id": "9276" }, { "title": "BRIERLEY OFFER FOR PROGRESSIVE STILL VALID", "body": ", (BIL),\nsaid its offer of 4.20 N.Z. Dlrs per share for supermarket\ngroup still stands, although\n said today it has 52 pct of Progressive.\n BIL said in a statement it will review events on a daily\nbasis.\n Rainbow announced earlier that it had increased its stake\nin Progressive to 52 pct from 44 pct through the purchase of\n9.4 mln shares at between 3.80 and 4.80 N.Z. Dlrs per share.\n BIL chief executive Paul Collins said: \"All Rainbow has done\nis to outlay a substantial amount of cash to purchase shares\nfrom parties who presumably were supportive of the merger.\"\n Rainbow has proposed a merger with Progressive to form a\nnew company, . Under the merger,\nshareholders in both Progressive and Rainbow will be issued\nshares in the new company on a one-for-one basis.\n \"Quite simply, Rainbow should now bid for the balance of\nProgressive Enterprises at 4.80 N.Z. Dlrs per share,\" Collins\nsaid.\n Reuter\n\u0003", "date": "25-MAR-1987 09:28:11.83", "topics": [ "acq" ], "places": [ "new-zealand" ], "id": "9277" }, { "title": "AVATAR HOLDINGS INC YEAR NET", "body": "Oper shr 32 cts vs seven cts\n Oper net 2,599,000 vs 550,000\n Revs 94.4 mln vs 69.4 mln\n NOTE: Net excludes tax credits of 1,405,000 dlrs vs\n3,538,000 dlrs.\n Reuter\n\u0003", "date": "25-MAR-1987 09:28:34.70", "topics": [ "earn" ], "places": [ "usa" ], "id": "9278" }, { "title": "NORWAY OFFERS 11TH LICENCE ROUND OFFSHORE BLOCKS", "body": "Norway has offered 10 new offshore blocks\nto foreign and domestic applicants in the first phase of the\ncountry's eleventh concession round, government officials said.\n Company shares in each of the licences proposed by the Oil\nand Energy Ministry are not final. The ministry has given the\ncompanies 10 days to accept or decline the proposed shares.\n French companies Ste Nationale Elf Aquitaine and\nTotal Cie Francaise des Petroles , which were expected\nto receive operatorships following France's agreement last\nautumn to purchase gas from Norway's Troll field, were not\noffered operatorships in this round, industry sources said.\n Three eleventh round blocks were awarded in the\nHaltenbanken exploration tract off central Norway, including\nthe Smoerbukk West field where Den Norske Stats Oljeselskap A/S\n (Statoil) was appointed operator.\n Statoil will share the licence with subsidiaries of U.S.\nOil companies Tenneco Inc and Texas Eastern Corp\n and the Italian oil company 's Norwegian\nsubsidiary.\n E.I. Du Pont de Nemours subsidiary Conoco Norway Inc\nwas named operator on Haltenbanken block 6406/8 and will share\nthe licence with Statoil.\n Norsk Hydro A/S will operate nearby block 6407/10\nwith partners Statoil, Norsk Agip A/S, Royal Dutch/Shell\nGroup's A/S Norske Shell and unit Deminex\n(Norge) A/S.\n Statoil has been offered the operatorship on a new block in\nthe relatively unexplored Moere South exploration area south of\nHaltenbanken, with A/S Norske Shell, Texas Eastern and\n (Petrobras) also offered stakes in the\nblock.\n Norwegian companies landed operatorships on all six blocks\nopened in the Barents Sea area off northern Norway. The blocks\nwere awarded in three licenses, each covering two blocks.\n Statoil will head exploration on blocks 7224/7 and 7224/8,\nsharing the licence with Exxon Corp's Norwegian\nsubsidiary Esso Norge A/S, The British Petroleum Co PLC's\n BP Petroleum Development (Norway) Ltd, Shell, Norsk\nHydro and Saga Petroleum A/S .\n Blocks 7219/9 and 7220/7 were awarded to Norsk Hydro, the\noperator, Statoil, Mobil Corp's Mobil Exploration\nNorway, Petrofina SA's Norske Fina A/S and BP.\n The third Barents Sea licence, covering blocks 7124/3 and\n7125/1, went to Saga Petroleum A/S, the operator, Statoil,\nAtlantic Richfield Co's Arco Norge A/S, Total Marine\nNorge A/S and Amerada Hess Corp .\n The oil ministry withheld awards on four strategic blocks\nincluded in the eleventh round's second phase.\n The ministry is accepting applications for phase two blocks\nuntil early April and the awards will likely be announced this\nsummer, officials said.\n REUTER\n\u0003", "date": "25-MAR-1987 09:30:05.51", "topics": [ "crude" ], "places": [ "norway" ], "id": "9279" }, { "title": "PERCEPTION TECHNOLOGY TO TAKE CHARGE", "body": "Perception Technology Corp said\nit expects to take a charge of about 686,000 dlrs or 19 cts per\nshare against earnings for the second quarter ended March 31\ndue to the bankruptcy proceeding of customer T.C. of New York\nInc.\n Perception said it has outstanding lease receivables from\nT.C. of about 2,480,000 dlrs.\n It said the exact amnount of the charge will depend on the\nextent of recovery of the leased equipment involved and on\narrangements that might be made with the bankruptcy court on\nthe equipment.\n Reuter\n\u0003", "date": "25-MAR-1987 09:31:48.94", "topics": [ "earn" ], "places": [ "usa" ], "id": "9280" }, { "title": "INSPECTORATE ISSUES 200 MLN MARK EQUITY EUROBOND", "body": "A unit of Inspectorate International\nAG is raising 200 mln marks through an equity warrant\neurobond package with a two pct coupon priced at par, lead\nmanager Schweizerische Bankverein (Deutschland) AG said.\n The five-year bond, for Inspectorate International Finance\nNV, gives investors options on two separate warrant series \"A\"\nand \"B\" exercisable into participation certificates in parent and\nguarantor Inspectorate International AG.\n The first \"A\" series carries warrants for four participation\ncertificates. Upon exercising the \"A\" warrants, investors also\nget two warrants for the \"B\" series.\n The \"A\" exercise period runs from May 7, 1987, to August 6,\n1987. The exercise price is 543 Swiss francs.\n Of the two \"B\" warrants, one entitles investors to purchase\none participation certificate in Inspectorate International AG\nand the other provides seven warrants.\n Investors may pay for \"B\" participation certificates by\nredeeming the bond issued today. In this case, the bond, issued\nin denominations of 5,000 marks, will be valued at a fixed\nprice of 4,200 Swiss francs, or 119.05 francs per 100 marks.\n Participation certificates acquired with \"B\" warrants will be\npriced at 597 francs, equalling the price of the first tranche,\nplus a 10 pct premium. The exercise period for the \"B\" series is\nfrom August 8, 1987 to May 5, 1991.\n Fees for the bond total 2-1/4 pct, with 1-1/2 points for\nselling, and 1-3/4 for management and underwriting combined.\n Investors will pay for the bond on April 8, and the bond\npays annual interest on the same day. It matures on April 8,\n1992. The bond and warrants will be listed in Frankfurt.\n If all participation share warrants are exercised, the\ncompany will obtain some 300 mln marks in new equity.\n The construction allows Inspectorate to borrow at lower\ncost than a comparable convertible bond and will give the\nInspectorate equity through issues of participation\ncertificates in West Germany, a Swiss Bank Corp spokesman said.\n Inspectorate requires funding to finance its purchase of a\n51 pct stake in Harpener AG, a diversified West German group,\nand other recent acquisitions.\n REUTER\n\u0003", "date": "25-MAR-1987 09:34:52.92", "places": [ "west-germany" ], "id": "9281" }, { "title": " Bundesbank buys dollars for yen - Frankfurt dealers\n", "date": "25-MAR-1987 09:35:22.27", "topics": [ "money-fx", "dlr" ], "id": "9282" }, { "title": "REUTERS TO BUY I P SHARP OF CANADA", "body": "Reuters Holdings Plc said it\nhad agreed in principle to buy of\nToronto for 30.4 mln stg.\n Sharp is a time-sharing network and database company\nspecialising in finance, economics, energy and aviation. It\noperates a global packet-switching network and global limits\nsystems for foreign exchange trading.\n Sharp shareholders will be offered cash, shares or a\nmixture of the two in settlement. The acquisition, which is\nsubject to Canadian government approval, would be through\namalgamation into a specially-created company.\n Reuters said it had been given options by a number of Sharp\nshareholders covering 67 pct of the common stock pending\ncompletion of a Reuters review of the company.\n Sharp operates 38 offices in 20 countries. In 1986 it\nreported revenue of 55 mln Canadian dlrs with a pretax loss of\n1.6 mln compared with a 1.9 mln profit in 1985.\n However, Sharp said that internal accounts showed the\ncompany was in profit in the first two months of 1987.\n End-1986 net assets totalled 11.85 mln dlrs.\n A Reuters statement said the acquisition would fit\nperfectly into its package for the banking and securities\nindustries.\n REUTER\n\u0003", "date": "25-MAR-1987 09:37:07.26", "topics": [ "acq" ], "places": [ "uk", "canada" ], "id": "9283" }, { "title": "HORIZON BANK SETS STOCK SPLIT", "body": "Horizon Bank said its board\ndeclared a three-for-two stock split, payable April 21 to\nholders of record April Seven.\n Reuter\n\u0003", "date": "25-MAR-1987 09:40:04.86", "topics": [ "earn" ], "places": [ "usa" ], "id": "9284" }, { "title": "WASTE ENDS OFFER FOR CHEMLAWN ", "body": "Waste Management Inc said its\nwholly owned subsidiary, WMX Acquisition Corp, ended its tender\noffer to buy shares of ChemLawn Corp at 35 dlrs a share.\n All shares tendered to Waste Management will be returned to\nshareholders as soon as practical, it said.\n Earlier this week, ChemLawn agreed to accept a merger\nproposal at 36.50 dlrs a share from Ecolab Inc in a transaction\nvalued at about 370 mln dlrs.\n Reuter\n\u0003", "date": "25-MAR-1987 09:41:35.10", "topics": [ "acq" ], "places": [ "usa" ], "id": "9285" }, { "title": "CORE-MARK INTERNATIONAL NAMES ACTING CHAIRMAN", "body": "Core-Mark\nInternational Inc said vice-chairman Edward Stanton will become\nacting chairman until the company's annual meeting following\nthe previously announced resignation of David Gillespie as\nchairman and chief executive.\n Board member Anthony Regensburg will will become acting\nchief executive and Daniel Gillespie will continue as president\nand chief operating officer.\n Reuter\n\u0003", "date": "25-MAR-1987 09:41:58.21", "places": [ "canada" ], "id": "9286" }, { "title": " YEAR LOSS", "body": "Shr loss 1.44 dlrs vs loss 1.50 dlrs\n Net loss 10.1 mln vs loss 8,866,000\n Revs 122.3 mln vs 112.5 mln\n Avg shrs 7,671,855 vs 6,520,928\n Reuter\n\u0003", "date": "25-MAR-1987 09:42:27.21", "topics": [ "earn" ], "places": [ "usa" ], "id": "9287" }, { "title": "UNITED MEDICAL TO SELL UNIT", "body": "United Medical Corp said it\nhas reached a definitive agreement to sell its hospital\ndistribution unit to for undisclosed terms,\nwith closing expected in the next several weeks.\n Reuter\n\u0003", "date": "25-MAR-1987 09:42:42.51", "topics": [ "acq" ], "places": [ "usa" ], "id": "9288" }, { "title": "REXNORD TO CUT STAFF TO 50 FROM 112", "body": "Rexnord Inc said it will\nreduce to 50 from 112 its corporate staff at its headquarters\nhere by the end of May, 1987.\n The staff reductions are part of the company's announced\nrestructuring program and planned acquisition by Banner\nIndustries Inc .\n Affected Rexnord employees will receive severance pay based\non length of service, job placement counseling, it said.\n Banner completed a tender offer for Rexnord common shares in\nlate February. The companies are expected to combine within\nabout two months, Rexnord said.\n Reuter\n\u0003", "date": "25-MAR-1987 09:42:50.70", "places": [ "usa" ], "id": "9289" }, { "title": "CCC ACCEPTS BONUS BID ON CATTLE FOR EGYPT - USDA", "body": "The Commodity Credit Corporation has\naccepted a bid for an export bonus to cover the sale of 760\nhead of dairy cattle to Egypt, the U.S. Agriculture Department\nsaid.\n The delivery period for the cattle is April, 1987-June,\n1988, it said.\n The bonus of 1,870.00 dlrs per head was made to Esmah\nNevada Inc and will be paid in the form of commodities from the\nCCC inventory.\n An additional 7,199 head of dairy cattle are still\navailable to Egypt under the Export Enhancement Program\ninitiative announced September 12, 1986, the department said.\n Reuter\n\u0003", "date": "25-MAR-1987 09:43:33.15", "topics": [ "livestock" ], "places": [ "usa", "egypt" ], "id": "9290" }, { "title": "INTEL UNIT SELLS NOTES AT 8.18 PCT", "body": "Intel Overseas Corp, a unit of Intel\nCorp, is raising 110 mln dlrs through an offering of notes due\n1997 yielding 8.18 pct, said lead manager Shearson Lehman\nBrothers Inc.\n The notes have an 8-1/8 pct and were priced at 99.63 to\nyield 93 basis points more than comparable Treasury securities.\n Non-callable for seven years, the issue is rated A-2 by\nMoody's Investors Service Inc and A by Standard and Poor's\nCorp. Salomon Brothers and L.F. Rothschild co-managed the deal.\n Reuter\n\u0003", "date": "25-MAR-1987 09:45:46.93", "places": [ "usa" ], "id": "9291" }, { "title": "SPAIN'S SOCIALIST TRADE UNION PUSHES FOR WAGE HIKE", "body": "Spain's General Union of Workers (UGT),\nthe trade union arm of the Socialist party, will keep pressing\nfor salary rises of seven pct despite government\nrecommendations for a five pct ceiling, a UGT spokesman said.\n Trade union sources said coal mines in Asturias remained\nclosed by protests against planned job cuts. A 24-hour stoppage\nat the state railways RENFE, coinciding with strikes at two\nairlines next Friday, was virtually certain to be confirmed.\nThey said construction workers would start a five-day strike\nnext week.\n Prime Minister Felipe Gonzalez last night sought support\nfor his call to limit wage rises in an effort to cut inflation\nto five pct from 8.3 pct last year. He told a press conference\nthe Socialist government could not meet all demands and would\nnot yield to demagogy.\n Antonio Hernandez Mancha, leader of the main opposition\nright-wing Popular Alliance (AP) party which tabled a motion of\nno confidence against the government, said Gonzalez had run out\nof imagination. But political sources said the government,\nholding an absolute majority in parliament, is sure to survive\nthe no confidence debate opening tomorrow.\n REUTER\n\u0003", "date": "25-MAR-1987 09:48:39.35", "places": [ "spain" ], "id": "9292" }, { "title": "THATCHER DEFENDS UK OIL POLICY IN SAUDI INTERVIEW", "body": "British Prime Minister Margaret Thatcher\ndenied in an interview published in Saudi Arabia today that her\ngovernment's oil policy contributed to weakness in world oil\nprices.\n She said the government was determined not to intervene to\ninfluence production decisions by oil companies operating in\nthe North Sea.\n \"We believe these must be a matter for the commercial\njudgment of the oil companies,\" she told the Arabic language\ndaily al-Sharq al-Awsat in an interview coinciding with a visit\nto London by King Fahd of Saudi Arabia.\n Thatcher said this policy had not contributed to the fall\nin oil prices as North Sea production was now about the same as\nin 1984 when prices were close to 30 dlrs a barrel.\n British production was on a plateau and was unlikely to\nincrease in the future, she said.\n \"We naturally share the concern of Saudi Arabia and other\nOPEC members about the harmful effects of oil market volatility\nfor both producer and consumer countries,\" Thatcher said.\n \"On our part, we are careful to avoid any actions which\nmight add to such volatility.\"\n REUTER\n\u0003", "date": "25-MAR-1987 09:50:17.02", "topics": [ "crude" ], "places": [ "uk", "saudi-arabia" ], "id": "9293" }, { "title": "MARCH PRICES FELL IN GERMAN STATE ON YEAR-AGO", "body": "The cost of living in North\nRhine-Westphalia, Germany's most populous state, fell 0.1 pct\nin the month to mid-March to stand 0.5 pct lower than at the\nsame time a year earlier, the regional statistics office said.\n Prices had risen 0.3 pct in the month to mid-February but\nhad fallen 0.7 pct year-on-year.\n The regional figures are considered a good guide to\nnational inflation trends. The Federal Statistics Office is due\nto publish provisional national figures for March by the end of\nthis month.\n REUTER\n\u0003", "date": "25-MAR-1987 09:51:38.05", "topics": [ "cpi" ], "places": [ "west-germany" ], "id": "9294" }, { "title": "BUNDESBANK BUYS DOLLARS IN FRANKFURT - DEALERS", "body": "The Bundesbank bought large amounts\nof dollars for yen in an apparent attempt to hold the dollar\nabove 149 yen, dealers said.\n The dollar intervention was in concert with some other\ncentral banks, they said.\n Dealers said the Bank of Japan and Bank of England\nsupported the dollar against the yen earlier today and that\nthese two banks and the U.S. Federal Reserve were also active\nyesterday.\n The Bundesbank declined to comment on the dealers' remarks.\n Dealers said the intervention underlined the determination\nof central banks to keep currencies within recent ranges\nfollowing last month's agreement in Paris by six leading\ncountries to foster currency stability.\n One dealer said he had been repeatedly in contact with the\nBundesbank during the morning to see if it wanted to buy\ndollars after the Japanese and U.K. Central bank moves.\n He said the Bundesbank told him it was observing the\nsituation to see if it should intervene in consultation with\nother central banks.\n Since the Paris agreement on February 22 the dollar had\nuntil yesterday traded in a 1.8150-1.8700 mark range, and above\n150 yen, with traders reluctant to push the dollar down to test\ncentral banks' resolve to defend currency stability.\n But the test came this week with the dollar falling below\n1.81 marks and 150 yen. Dealers said a reviving trade dispute\nbetween Washington and Tokyo and growing sentiment that the\ndollar would have to fall further to narrow the obstinate U.S.\nTrade deficit were behind the weakness.\n This week's intervention showed central banks were prepared\nto cooperate to defend the Paris pact, dealers said.\n Dealers said it was significant the West German and British\ncentral banks were supporting the dollar against the yen.\n That showed the pact involved multilateral cooperation by\ncentral banks to foster currency stability, they said.\n But it was unclear how such cooperation was being arranged\nand how frequent consultations between central banks were.\n REUTER\n\u0003", "date": "25-MAR-1987 09:53:07.03", "topics": [ "money-fx", "dlr" ], "places": [ "west-germany" ], "id": "9295" }, { "title": "CROSSLAND SAVINGS ACQUIRES WESTERN SAVINGS", "body": "CrossLand Savings FSB said it has\nacquired Western Savings and Loand Co with the assistance of\nthe Federal Savings and Loan Insurance Corp.\n CrossLand said Salt Lake City based Western has been\ncombined with its two Florida-based thrift subsidiaries. The\nparent company contributed 50 mln dlrs in cash to the resulting\n1.7 billion dlr asset subsidiary which will operate under the\nname CrossLand Savings FSB with headquarters in Salt Lake City.\n CrossLand said Western, with assets of 400 mln dlrs,\noperated 13 branch offices in the states of California, Oregon,\nUtah and Washington.\n To facilitate the acquisition, CrossLand said, Western was\nconverted from a mutual to a stock association in a voluntary\nsupervisory conversion. Crossland and the FSLIC executived an\nassistance agreement indemnifying CrossLand from certain losses\nthat could occur in connection with Western's loan portfolio.\n The company said James J. Heagerty, chairman and chief\nexecutive officer of CrossLand Savings FSLA in Bradenton, Fla.,\nwill serve in that capacity for the new subsidiary resulting\nfrom the merger.\n Western's president, Christopher J. Sumner, will be\npresident of the combined unit, CrossLand said.\n Reuter\n\u0003", "date": "25-MAR-1987 09:53:14.83", "topics": [ "acq" ], "places": [ "usa" ], "id": "9296" }, { "title": "GENERAL ELECTRIC SELLS RIGHTS TO TECHNIQUE", "body": "General Electric Co said obtained its rights to an experimental\ntechnique for analyzing blood samples to detect disease\nantibodies.\n General Electric said BioReactor will attempt to develop\ntest market kits from the advances made by General Electric.\n General Electric said it granted the rights to BioReactor\nbecause the innovation, first announced in 1972, did not fit\ninto the company's long-range product plans.\n In exchange for the patent, GE said it will receive an\nunspecified interest in the company.\n \n Reuter\n\u0003", "date": "25-MAR-1987 09:53:22.38", "places": [ "usa" ], "id": "9297" }, { "title": "CPC EXPECTS EUROPEAN SALE TO CUT DEBT", "body": "CPC International Inc officials said\nthe sale of the company's European corn wet milling business\nwill remove about 700 mln dlrs of debt and liabilities from\nCPC's balance sheet.\n They told analysts the deal, expected to close in\nSeptember, and cash flow from other operations will reduced\ntotal debt by about one-third this year. At the end of 1986,\nCPC's debt totaled about 1.5 billion dlrs.\n The officials also said the company has no current plans to\nsell its U.S. or North American corn wet milling businesses.\n CPC's 1987 capital spending is budgeted at about 250 mln\ndlrs, down from about 361 mln dlrs last year, the officials\ntold analysts.\n They said the planned sale of the European corn wet milling\nbusiness, which is subject to reaching a definitive agreement,\nwill not result in much of change in this year's spending\nplans.\n CPC is continuing to reduce corporate overhead costs by\nstreamlining operations in Latin America, its technical\nlaboratory operations in the U.S., and by completing the start\nup of a new plant in Argo, Ill., they added.\n Reuter\n\u0003", "date": "25-MAR-1987 09:53:42.52", "places": [ "usa" ], "id": "9298" }, { "title": "BANK OF ENGLAND DRAINS MONEY MARKET LIQUIDITY", "body": "The Bank of England said it drained\nliquidity from the money market when it sold 167 mln stg of\ntreasury bills due March 27 at rates between 9-9/16 and 10 pct.\n Earlier, the bank estimated a surplus of around 250 mln stg\nin the system today.\n REUTER\n\u0003", "date": "25-MAR-1987 09:55:29.61", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "9299" }, { "title": "H.K. OFFICIAL DEFENDS NON-PROSECUTION OF BOND", "body": "Hong Kong's Attorney General Michael\nThomas said he decided not to prosecute Alan Bond, chairman of\n (BCIL), for giving misleading\ninformation about the firm because the case was weak.\n He told the Legislative Council there had been widespread\nmisunderstanding, speculation and unfair distortion of the\nreasons for the decision.\n \"Even if there is evidence that tends to prove the necessary\ningredients of an offence, a bare prima facie case is,\ngenerally speaking, not enough to warrant a prosecution,\" added\nThomas.\n The Attorney General's office said last month it will not\nprosecute Bond for his statements that the net asset value per\nshare of properties owned by BCIL should be 2.60 H.K. Dlrs\ninstead of 1.10 dlrs stated in the firm's prospectus.\n The decision followed a public apology by Bond that his\nremarks were misleading about BCIL, owned 66.2 pct by the\nAustralia based Bond Corp (Holdings) Ltd .\n Thomas dismissed a suggestion that he had compromised not\nto prosecute Bond if an apology was published but added: \"its\npublication ultimately was a factor I took into account when\nsubsequently I decided not to prosecute.\"\n Reuter\n\u0003", "date": "25-MAR-1987 09:56:20.55", "places": [ "hong-kong" ], "id": "9300" }, { "title": "VICORP RESTAURANTS INC 1ST QTR FEB 15 NET", "body": "Shr profit 1.17 dlrs vs loss 12 cts\n Net profit 11.3 mln vs loss 1,038,000\n Revs 104.6 mln vs 128.7 mln\n NOTE: Current year net includes gain 9,500,000 dlrs from\nthe sale of its specialty restaurants unit, charge 1,200,000\ndlrs from addition to insurance reserves, 4,600,000 dlr tax\ncredit and 660,000 dlr charge from debt repayment.\n Reuter\n\u0003", "date": "25-MAR-1987 09:56:38.26", "topics": [ "earn" ], "places": [ "usa" ], "id": "9301" }, { "title": "COMMERZBANK TO ACQUIRE AND FLOAT LINOTYPE", "body": "Commerzbank AG said it will\nacquire , Europe's largest manufacturer of\ntype-setting and printing communications technology from Allied\nSignal Inc and float off the shares in the company.\n Commerzbank declined to say how much it had paid for\nLinotype.\n Linotype's group turnover in 1986 rose 15 pct to more than\n500 mln marks, the bank said. The group's net return on capital\nwas seven pct.\n Reuter\n\u0003", "date": "25-MAR-1987 09:57:02.99", "topics": [ "acq" ], "places": [ "west-germany" ], "id": "9302" }, { "title": "VICORP ENDS SALE/LEASEBACK DEAL", "body": "VICORP Restaurants Inc said by mutual\nagreement with United Trust Fund it has terminated the sale and\nleaseback of 29 Bakers Square restaurant properties.\n The company completed a sale/leaseback of 31 Baker Street's\nwith United Trust in December, raising 26.5 mln dlrs. VICORP\nsaid it does not feel it necessary to proceed with the\nremainder of the sale/leasebacks due to improvement in its\nfinancial condition.\n Reuter\n\u0003", "date": "25-MAR-1987 09:57:29.92", "places": [ "usa" ], "id": "9303" }, { "title": "EC EXPORT LICENCES FOR 59,000 TONNES WHITE SUGAR AT REBATE 45.678 ECUS - FRENCH TRADERS\n", "date": "25-MAR-1987 09:57:55.13", "topics": [ "sugar" ], "id": "9304" }, { "title": "U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES", "body": "A total 59,000 tonnes of current series\nwhite sugar received export rebates of a maximum 45.678\nEuropean Currency Units (Ecus) per 100 kilos at today's\nEuropean Community (EC) tender, the U.K. Intervention Board\nsaid.\n Out of this, traders in West Germany received 34,750\ntonnes, in the U.K. 13,000, in Denmark 7,250 and in France\n4,000 tonnes, it added.\n Earlier today, London traders had expected the subsidy for\nthe current season whites campaign for licences to end-Aug to\nbe more than 45.00 Ecus per 100 kilos but Paris traders were\nmore precise by forecasting a rebate level of 45.75 to 46.0\nEcus.\n London traders were also reluctant earlier to predict the\nlikely tonnage to be authorised for export in view of the\non-going dispute between the Commission and European producers\nover the threatened action by the producers to move over\n800,000 tonnes to intervention.\n Last week saw 60,500 tonnes whites athuorised for export at\na maximum rebate of 44.819 Ecus per 100 kilos.\n REUTER\n\u0003", "date": "25-MAR-1987 09:58:02.47", "topics": [ "sugar" ], "organisations": [ "ec" ], "places": [ "uk" ], "id": "9305" }, { "title": "PIONEER-STANDARD ELECTRONICS INC PAYOUT", "body": "Qtly div three cts vs three cts prior\n Pay May One\n Record April Eight\n Reuter\n\u0003", "date": "25-MAR-1987 10:00:47.50", "topics": [ "earn" ], "places": [ "usa" ], "id": "9306" }, { "title": "AMSTERDAM EXCHANGE ANNOUNCES MODERNISATION DRIVE", "body": "The Amsterdam Stock Exchange, engaged\nin a reform program to boost competitiveness, said it is\nlaunching a modernisation drive of its operational systems.\n The move, announced one day after news of a first step\ntoward integration of financial market supervision in the\nNetherlands, will involve new transaction and clearing and\nsettlement systems.\n In addition, the bourse's Amsterdam Interprofessional\nMarket (AIM) information system will be updated in short term\nwith software provided by the Chicago Midwest Stock Exchange.\n The Amsterdam bourse is also studying the possible\nacquisition of Midwest Exchange software for a new\norder-routing system, a statement said, noting the market here\nremains firmly committed to the preservation of a trading\nfloor.\n \"The Bourse management feels that, despite the discussions\ntriggered by the intended closure of the trading floor in\nLondon, preparations for an overhaul of the trading floor in\nAmsterdam have to continue,\" the statement said.\n The operational modernisation of the Amsterdam Stock\nExchange follows several liberalisation measures aimed at\nstemming the flow of business to markets abroad.\n The liberalisation, particularly the introduction of\noff-floor trading in stocks and bonds on a net-basis under the\nAIM system, has been described by bourse officials as\nAmsterdam's \"little bang,\" a reference to sweeping reforms last\nOctober on the London Stock Exchange known as Big Bang.\n AIM, started in a trial run early last year and officially\nin force from January 1 this year, is already credited with\nhalting the growth in Dutch stocks traded abroad, mainly\nLondon.\n Amsterdam, which feels an on-floor facility with fees is\nvital for smaller investors, said it needs to overhaul the\nfloor to accommodate new technology and new members.\n A new floor layout and order-routing system should be ready\nsometime next year, the statement said.\n It said it was also planning a new on-screen Central\nSecurities information System with prices from international\nexchanges, including the U.S. And Japan, stock information and\ncompany news.\n Yesterday, the bourse announced it would start coordinating\nthis summer market supervision with the options and futures\ntrade in the Netherlands as a first step toward a unified\nfinancial markets watchdog. In addition, the bourse, options\nand gold futures price lists will be merged this April.\n Transactions in Amsterdam are still processed with a now\noutdated punch card system while price information stemming\nfrom the larger off-floor deals done through AIM are not yet\nintegrated in the bourse's big board.\n A bourse spokesman said the exchange hoped to launch its\nscreen information service by 1989, but added this service did\nnot have first priority.\n At present, bourse price information and company\ninformation announced by the bourse are published by a printer\nservice while a select number of prices is available via\nteletext.\n REUTER\n\u0003", "date": "25-MAR-1987 10:04:05.70", "places": [ "netherlands" ], "id": "9307" }, { "title": "HOUSE WAYS AND MEANS CMTE FINISHES WORK ON BILL TO TOUGHEN TRADE LAWS\n", "date": "25-MAR-1987 10:04:32.09", "topics": [ "trade" ], "id": "9308" }, { "title": "CHEROKEE GROUP FILES TO OFFER SHARES", "body": "Cherokee Group said it\nhas filed for an offering of 2,500,000 common shares, including\n700,000 to be sold by shareholders, through underwriters First\nBoston Inc and American Express Co unit Shearson\nLehman Brothers Inc.\n It said it will use its proceeds to repay bank debt, for\ncapital spending and for general corporate purposes including\npossible acquisitions.\n Reuter\n\u0003", "date": "25-MAR-1987 10:06:50.82", "places": [ "usa" ], "id": "9309" }, { "title": "SOUTH AFRICA PROBLEMS REMAIN DESPITE DEBT PACT", "body": "South Africa's new foreign debt\nagreement sparked a rally in local financial markets, but\nbankers and economists said the pact only removes one source of\nanxiety from a still depressed economy.\n \"We have not gone from \"no confidence\" to \"full confidence\" yet,\"\ncommented one banker, who saw the agreement as having marginal\ninfluence on fundamental economic problems.\n Money market analysts cited the debt renegotiation as the\nmain impetus behind increases today in both the commercial and\nfinancial rand.\n The commercial rand, used for current account transactions,\nrose 0.5 cts to 49 U.S. Cts while the financial rand jumped\nnearly two cts to 33 U.S. Cts.\n All equity and fixed investment flows of foreigners take\nplace through the financial rand, which is considered the main\nbarometer of South Africa's attractiveness to overseas\ninvestors.\n Analysts predicted the debt arrangement plus further gains\nin the gold price could push the commercial rand over 50 U.S.\nCts and the financial rand to 35 cents in the next few weeks.\n They said the financial rand in particular was being driven\nby a tentative provision in the new debt agreement that could\nfavourably affect the currency.\n Foreign creditors may get permission to convert loan\nbalances and short-term claims into equity investments in South\nAfrica.\n Finance Minister Barend du Plessis said the Reserve Bank\nwas \"investigating the implications of such conversions in light\nof terms and restrictions of the financial rand system.\"\n Du Plessis in disclosing the new agreement last night said\nthe recent sharp rise in the financial rand was an example that\n\"some foreign investors are again taking a more realistic view\nof South Africa.\"\n Terms of the debt agreement call for South Africa to repay\n1.42 billion dlrs of 13 billion dlrs of frozen debt over the\nnext three years. The agreement extends a standstill\narrangement, expiring June 30, that has been in place since\nAugust, 1985.\n Bankers said the repayment amounts essentially confirmed\ntheir private estimates and could be comfortably met by the\nmonetary authorities.\n \"They (creditors) asked for the maximum amount and we\noffered the minimum,\" said one banking source, reacting to\nreports from London that creditors were hoping for larger\nrepayments.\n Reserve Bank governor Gerhard de Kock said South Africa\nshould have \"no difficulty whatsoever\" with the terms.\n Economists said the debt agreement would have no\nsignificant impact on economic problems continuing to face\nSouth Africa including high rates of inflation and\nunemployment, labour unrest and political uncertainty.\n Johannesburg Stock Exchange president Tony Norton, speaking\nyesterday before the debt agreement, said the economy was \"in\nbad shape\" and there was \"an awful lot of talk but little action\"\nto cure serious problems.\n REUTER\n\u0003", "date": "25-MAR-1987 10:07:13.90", "places": [ "south-africa" ], "id": "9310" }, { "title": "FABRI-CENTERS 4TH QTR ENDS JAN 31 NET", "body": "Shr 40 cts vs 41 cts\n Net 1,979,000 vs 2,101,000\n Revs 67.7 mln vs 63.6 mln\n 12 mths\n Shr 36 cts vs 20 cts\n Net 1,798,000 vs 1,034,000\n Revs 239.4 mln vs 233.2 mln\n Reuter\n\u0003", "date": "25-MAR-1987 10:07:19.43", "topics": [ "earn" ], "places": [ "usa" ], "id": "9311" }, { "title": "TSENG LABORATORIES INC 4TH QTR NET", "body": "Shr profit one ct vs loss nil\n Net profit 200,052 vs loss 56,782\n Revs 2,394,198 vs 706,393\n Avg shrs 17.8 mln vs 19.8 mln\n Year\n Shr profit one ct vs profit one ct\n Net profit 258,125 vs profit 164,553\n Revs 4,225,731 vs 3,027,892\n Avg shrs 17.9 mln vs 19.5 mln\n Reuter\n\u0003", "date": "25-MAR-1987 10:07:29.90", "topics": [ "earn" ], "places": [ "usa" ], "id": "9312" }, { "title": "PARK ELECTROCHEMICAL CORP SETS PAYOUT", "body": "Qtly div three cts vs three cts prior\n Pay May 20\n Record April 20\n Reuter\n\u0003", "date": "25-MAR-1987 10:07:32.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "9313" }, { "title": "BRAZIL SEAMEN SAY STRIKE NEAR END", "body": "About half of Brazil's 40,000 seamen\nhave returned to work after accords with 22 companies, and the\nnational strike which began on February 27 looks close to\nending, a union spokesman said.\n The spokesman, speaking from strike headquarters in Rio de\nJaneiro, estimated that 80 ships were strike-bound.\n The seamen have settled for 120 pct pay increases with the\nindividual companies but are still discussing the issue of\novertime payments with the shipowners' association, Syndarma.\n REUTER\n\u0003", "date": "25-MAR-1987 10:09:36.10", "topics": [ "ship" ], "places": [ "brazil" ], "id": "9314" }, { "title": "KEY U.S. HOUSE PANEL FINISHES MAJOR TRADE BILL", "body": "The House Ways and Means Committee\ncompleted action on legislation to toughen U.S. trade laws,\nchairman Dan Rostenkowski said.\n The committee's consideration of one of the most\ncontroversial provisions, a plan to force major trade surplus\ncountries to cut their trade imbalance with the United States,\nwas deferred until the full House considers the trade bill, its\nsponsor Rep. Richard Gephardt said.\n Gephardt, a Missouri Democrat, told Reuters he was not\ncertain the exact form his trade surplus reduction proposal\nwould take. Last year the House approved his plan to force a 10\npct surplus cutback each year for four years, by countries such\nas Japan.\n The Ways and Means Committess' trade bill forces President\nReagan to retaliate against unfair trade practices that violate\ninternational trade agreements but it allows him to wave\nretaliatory tariffs or quotas if the action would hurt the U.S.\neconomy.\n The trade bill gives U.S. Trade Representative Clayton\nYeutter more authority in trade negotiations and in decisions\nto grant domestic industries import relief.\n It also gives him authority to decide whether foreign trade\npractices are unfair and violate U.S. trading rights. These\npowers are currently held by President Reagan.\n The administration has strongly objected to this transfer\nof authority from Reagan to Yeutter.\n The bill also extends U.S. authority to negotiate\nmultilateral trade agreements. The bill will be wrapped into\nother trade legislation and voted on in the House in April.\n Reuter\n\u0003", "date": "25-MAR-1987 10:11:13.53", "topics": [ "trade" ], "places": [ "usa" ], "id": "9315" }, { "title": "RUSS TOGS INC 4TH QTR JAN 31 NET", "body": "Shr 82 cts vs 76 cts\n Net 4,200,000 vs 3,954,000\n Sales 58.7 mln vs 60.6 mln\n Year\n Oper shr 2.68 dlrs vs 2.47 dlrs\n Oper net 13.8 mln vs 13.0 mln\n Sales 274.3 mln vs 276.8 mln\n NOTE: Prior year net excludes loss 1,120,000 dlrs from\ndiscontinued operations and loss on disposal of 922,000 dlrs.\n Reuter\n\u0003", "date": "25-MAR-1987 10:12:00.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "9316" }, { "title": "JOHNSTOWN AMERICAN COS 2ND QTR FEB 28 NET", "body": "Shr six cts vs five cts\n Shr diluted four cts vs four cts\n Net 654,000 vs 532,000\n Revs 32.5 mln vs 35.2 mln\n 1st half\n Shr 11 cts vs nine cts\n Shr diluted eight cts vs six cts\n Net 1,181,000 vs 953,000\n Revs 62.7 mln vs 74.6 mln\n Reuter\n\u0003", "date": "25-MAR-1987 10:12:04.85", "id": "9317" }, { "title": "EASCO OFFERS INITIAL SALE OF SECURITIES", "body": "Easco Hand Tools Inc of Hunt Valley,\nMd., filed with the Securities and Exchange Commission for the\nsale of 67,275,000 dlrs in common stock, its first public stock\noffering.\n It said proceeds would be used to reduce indebtedness.\n PaineWebber Inc was named underwriter.\n Reuter\n\u0003", "date": "25-MAR-1987 10:20:28.40", "places": [ "usa" ], "id": "9318" }, { "title": "KEIHIN ELECTRIC EXPRESS ISSUES 150 MLN DLR BOND", "body": "Keihin Electric Express Railway Co Ltd\nis issuing a 150 mln dlr eurobond with equity warrants due\nApril 22, 1992 with an indicated coupon of 2-3/8 pct and priced\nat par, lead manager Yamaichi International (Europe) Ltd said.\n The non-callable bonds are guaranteed by Fuji Bank Ltd.\n Pricing will take place on April 1 and the exercise period\nis between May 18, 1987 and April 15, 1992. The indicated\npremium is 2-1/2 pct.\n Total fees of 2-1/4 pct comprise 1-1/2 pct for selling and\n3/4 pct for management and underwriting. The bonds will be\nissued in 5,000 dlr denominations and listed in Luxembourg.\n REUTER\n\u0003", "date": "25-MAR-1987 10:21:29.63", "places": [ "uk" ], "id": "9319" }, { "title": "BRISTOL AND WEST BUILDING SOCIETY ISSUES CDS", "body": "The Bristol and West Building Society is\nissuing a 250 mln dlr multi-currency certificate of deposit\nfacility, said Kleinwort, Benson Ltd, one of the appointed\ndealers.\n The other dealers will be Samuel Montagu and Co Ltd and Morgan\nGuaranty Ltd.\n The maturities range from 28 to 364 days and denominations\nwill be 500,000 and one mln dlrs.\n REUTER\n\u0003", "date": "25-MAR-1987 10:21:58.89", "places": [ "uk" ], "id": "9320" }, { "title": "WOOLWICH BUILDING SOCIETY ISSUING 50 MLN STG BOND", "body": "The Woolwich and Equitable Building\nSociety is issuing a 50 mln stg eurobond due April 27, 1992\npaying 9-1/2 pct and priced at 101-5/8 pct, lead manager Chase\nInvestment Bank Ltd said.\n The non-callable issue is available in denominations of\n5,000 stg and will be listed in London.\n Fees comprise 1-1/4 pct selling concession with 5/8 pct\nmanagement and underwriting combined.\n REUTER\n\u0003", "date": "25-MAR-1987 10:22:22.15", "places": [ "uk" ], "id": "9321" }, { "title": "ITT UNIT FILES FOR PREFERRED STOCK SALE", "body": "The Hartford Fire Insurance Co, a\nunit of ITT Corp, filed with the Securities and Exchange\nCommission for the shelf sale of 210 mln dlrs in class c and d\npreferred stock.\n It said proceeds would be used to redeem class a stock.\n The First Boston Corp and Merrill Lynch Capital Markets\nwere named underwriters.\n Reuter\n\u0003", "date": "25-MAR-1987 10:22:28.52", "places": [ "usa" ], "id": "9322" }, { "title": "CPC EXPECTS EUROPEAN SALE TO CUT DEBT", "body": "CPC International Inc officials said\nthe sale of the company's European corn wet milling business\nwill remove about 700 mln dlrs of debt and liabilities from\nCPC's balance sheet.\n They told analysts the deal, expected to close in\nSeptember, and cash flow from other operations will reduce\ntotal debt by about one-third this year. At the end of 1986,\nCPC's debt totaled about 1.5 billion dlrs.\n The officials also said the company has no current plans to\nsell its U.S. or North American corn wet milling businesses.\n CPC's 1987 capital spending is budgeted at about 250 mln\ndlrs, down from about 361 mln dlrs last year, the officials\ntold analysts.\n Reuter\n\u0003", "date": "25-MAR-1987 10:23:24.61", "topics": [ "grain", "corn" ], "places": [ "usa", "usa" ], "id": "9323" }, { "title": "THERMO PROCESS ACQUISITION TERMINATED", "body": "Thermo Process Systems Inc said\nits proposed acquisition of the Surface Combustion Division of\nprivately-held has been terminated because\nmutually satisfactory terms could not be established.\n Reuter\n\u0003", "date": "25-MAR-1987 10:24:15.81", "topics": [ "acq" ], "places": [ "usa" ], "id": "9324" }, { "title": "CHRYSLER FINANCE ISSUING STERLING EUROBOND", "body": "Chrysler Financial Corp is issuing a 50\nmln stg eurobond due April 30, 1992 paying 9-1/2 pct and priced\nat 101-1/8 pct, lead manager Union Bank Of Switzerland\nSecurities said.\n The bond is available in denominations of 1,000 and 10,000\nstg and will be listed in Luxembourg.\n Fees comprise 1-1/4 pct selling concession and 5/8 pct for\nmanagement and underwriting combined.\n REUTER\n\u0003", "date": "25-MAR-1987 10:25:32.24", "places": [ "uk" ], "id": "9325" }, { "title": "NORANDA RAISES PRIMARY ALUMINUM PRICES", "body": "Noranda Aluminum Inc. said it has\nincreased its primary aluminum prices by two cents a lb,\neffective with new orders as of March 25 and all shipments\nbeginning May 1.\n The new price for unalloyed ingot will be 64.5 cents a lb\nwhile the new price for extrusion billet will be 72.5 cents a\nlb.\n Reuter\n\u0003", "date": "25-MAR-1987 10:26:54.25", "topics": [ "alum" ], "places": [ "usa" ], "id": "9326" }, { "title": "SOVIET PAPER DETAILS GEORGIAN FLOOD DAMAGE", "body": "Floods and avalanches killed 110 people\nand caused around 350 mln roubles worth of damage in the\nsouthern Soviet republic of Georgia earlier this year, the\ngovernment daily Izvestia said.\n Some 80,000 hectares of agricultural land and gardens had\nbeen inundated, damaging tea plantations and orange groves, the\nnewspaper said. It added that spring sowing in southern parts\nof the country was some two weeks behind schedule because of\nthe late thaw but gave no precise crop estimates.\n In the most detailed report to date on the heavy snows in\nJanuary and floods in February, Izvestia said 8,200 people had\nbeen evacuated from mountain areas, 4,500 houses had been\ndamaged and hundreds of kilometres of roads and power lines had\nbeen destroyed.\n A separate article in the daily warned that a sudden thaw\nwas expected shortly in the Ukraine and southern parts of\nRussia, which experienced record snows this winter.\n Preventive measures have already been taken in some areas\nincluding the evacuation of cattle.\n Reuter\n\u0003", "date": "25-MAR-1987 10:33:21.91", "topics": [ "tea", "orange" ], "places": [ "ussr" ], "id": "9327" }, { "title": "UTILICORP SEES HIGHER 1987 FIRST QUARTER", "body": "Utilicorp United Corp\nsaid it expects to report 1987 first quarter earnings of about\n12 mln dlrs or about 1.12 dlrs a share and revenues of about\n190 mln dlrs.\n In the comparable quarter a year ago, Utilicorp earned 8.5\nmln dlrs or 87 cts on revenues of 203 mln dlrs.\n There are 9.6 mln shares outstanding this year, up from the\n8.5 mln shares in 1986, Utilicorp's president Richard Green\ntold financial analysts here.\n First quarter 1987 results include one month contribution\nof West Virginia Power, which became a division on March 1,\n1987, Green said in remarks prepared for delivery to analysts.\n Higher earnings for the period reflected reduced operating\nand maintenenace expenses and about 10 mln dlrs in rate\nincreases in Iowa, Minnesota, Kansas and Colorado, he said.\n However, Utilicorp's Missouri Public Service division is\nexperiencing the effect of a 5.9 pct rate reduction authorized\nin September 1986, he noted.\n Of Utilicorp's total revenues expected for the 1987 first\nquarter, about 43 mln dlrs will be derived from electric\noperations and about 147 mln dlrs will come from gas\noperations, he said.\n Operating income derived from electric operations in the\nfirst three months of 1987 is estimated to be eight mln dlrs,\nwhile the contribution from gas operations will be about 10 mln\ndlrs, Green said.\n Green told analysts that Utilicorp received regulatory\napproval from various states and the Federal Energy Regulatory\nCommission to reincorporate in Delaware, effective April one.\n Utilicorp signed an agreement with Cominco Ltd of Vancouver\nto extend the deadline to May 31, 1987, for completion of the\ncompany's purchase of West Kootenay Power and Light of British\nColumbia, due to a longer than expected regulatory approval\nprocess, he said.\n Hearings were completed in February and a decision by the\nBritish Columbia Utilities Commission on the 60 mln dlrs\npurchase by Utilicorp is pending, he said.\n Reuter\n\u0003", "date": "25-MAR-1987 10:35:21.35", "topics": [ "earn" ], "places": [ "usa" ], "id": "9328" }, { "title": " INITIAL OFFERING UNDERWAY", "body": "Lead underwriters Salomon Inc and\nCowen anbd Co said an initial public offering of 1,089,300\nshares of Xylogics Inc is underway at 16 dlrs per share.\n The company is selling 750,000 shares and shareholders the\nrest. The company has granted underwriters an overallotment\noption to buy up to 150,000 more shares.\n Reuter\n\u0003", "date": "25-MAR-1987 10:35:46.64", "places": [ "usa" ], "id": "9329" }, { "title": "TSENG SEES SALES INCREASE FIRST QTR 1987", "body": "Tseng Laboratories Inc said it\nexpects first quarter 1987 sales to exceed total sales for the\nentire 1986 year, and said it expects earnings for the quarter\nto grow at a faster rate than sales.\n Tseng posted total revenues for 1986 of 4,255,731, and net\nincome of 258,125, or 14 cts per share.\n Jack Tseng, president of the company, attributed the high\nexpectations to increased orders from major costomers, as well\nas accelerated business from its growing reseller network.\n Tseng posted first quarter 1986 sales of 549,950, and net\nincome of 19,163, the company said.\n Reuter\n\u0003", "date": "25-MAR-1987 10:35:57.67", "topics": [ "earn" ], "places": [ "usa" ], "id": "9330" }, { "title": "MINNTECH GETS MORE CASH FOR DEVELOPMENT", "body": "Minntech Corp, a medical\ndevice manufacturer, said it has received an additional 175,000\ndlrs from C.R. Bard to develop and market an advanced\nmembrane oxygenator for use in open heart surgery.\n Minntech said Bard paid it the money on top of the 825,000\ndlrs in non-refundable contract revenues Bard already paid as\npart of a development agreement. The company said it received\nthe money after it delivered oxygenator units for animal\ntesting to the Utah Biological Testing Laboratories.\n Minntech also said it will receive additional milestone\npayments as the project development progresses, adding that\nBard has agreed to buy some oxygenators following project\ncompletion and Food and Drug Administration approval.\n Minntech President Louis Cosentino said the animal testing\nwas successful and the company can now file for FDA approval\nand equip its oxygenator manufacturing facility.\n Reuter\n\u0003", "date": "25-MAR-1987 10:37:00.32", "places": [ "usa" ], "id": "9331" }, { "title": "STOCKHOLDER SYSTEMS MAKES ACQUISITION", "body": "Stockholder Systems Inc said it has\nagreed in principle to acquire privately-held Software Concepts\nInc, which provides software for check processing, mortgage\napplication processing and safe deposit box accounting, for\nundisclosed terms.\n Software Concepts had revenues of about 3,200,000 dlrs for\nthe year ended June 30.\n Reuter\n\u0003", "date": "25-MAR-1987 10:37:20.33", "topics": [ "acq" ], "places": [ "usa" ], "id": "9332" }, { "title": "CONCEPT INC 2ND QTR FEB 28 NET", "body": "Shr 11 cts vs five cts\n Net 656,000 vs 314,000\n Sales 8,868,000 vs 6,499,000\n Avg shrs 5,823,000 vs 5,705,000\n 1st half\n Shr 22 cts vs 13 cts\n Net 1,296,000 vs 795,000\n Sales 17.3 mln vs 13.5 mln\n Avg shrs 5,809,000 vs 5,973,000\n NOTE: Share adjusted for five-for-four split in February\n1987.\n Reuter\n\u0003", "date": "25-MAR-1987 10:37:26.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "9333" }, { "title": "LIFE OF INDIANA CORP 4TH QTR LOSS", "body": "Shr loss two cts vs profit six cts\n Net loss 103,000 vs profit 319,000\n Revs 4,357,000 vs 6,494,000\n Avg shrs 5,415,185 vs 5,646,185\n Year\n Shr profit 22 cts vs profit 10 cts\n Net profit 1,236,000 vs profit 570,000\n Revs 22.2 mln vs 24.8 mln\n Avg shrs 5,638,596 vs 5,646,185\n NOTE: 1986 net includes tax credits of 30,400 dlrs in\nquartger and 58,000 dlrs in year.\n Reuter\n\u0003", "date": "25-MAR-1987 10:37:49.76", "topics": [ "earn" ], "places": [ "usa" ], "id": "9334" }, { "title": "B.F. SAUL REAL ESTATE INVESTMENT PAYOUT", "body": "Qtly div five cts vs five cts prior\n Pay April 30\n Record April 10\n NOTE: B.F. Saul Real Estate Investment Trust.\n Reuter\n\u0003", "date": "25-MAR-1987 10:38:10.89", "topics": [ "earn" ], "places": [ "usa" ], "id": "9335" }, { "title": "SOUTH AFRICA PROBLEMS REMAIN DESPITE DEBT PACT", "body": "South Africa's new foreign debt\nagreement sparked a rally in local financial markets, but\nbankers and economists said the pact removes only one source of\nanxiety from a still depressed economy.\n \"We have not gone from 'no confidence' to 'full confidence'\nyet,\" commented one banker, who saw the agreement as having\nmarginal influence on fundamental economic problems.\n Money market analysts cited the debt renegotiation as the\nmain impetus behind increases today in both the commercial and\nfinancial rand.\n The commercial rand, used for current account transactions,\nrose 0.5 cts to 49 U.S. Cts while the financial rand jumped\nnearly two cts to 33 U.S. Cts.\n All equity and fixed investment flows of foreigners take\nplace through the financial rand, which is considered the main\nbarometer of South Africa's attractiveness to overseas\ninvestors.\n Analysts predicted the debt arrangement plus further gains\nin the gold price could push the commercial rand over 50 U.S.\nCts and the financial rand to 35 cents in the next few weeks.\n They said the financial rand in particular was being driven\nby a tentative provision in the new debt agreement that could\nfavorably affect the currency.\n Foreign creditors may get permission to convert loan\nbalances and short-term claims into equity investments in South\nAfrica.\n Finance Minister Barend du Plessis said the Reserve Bank\nwas \"investigating the implications of such conversions in light\nof terms and restrictions of the financial rand system.\"\n Du Plessis in disclosing the new agreement last night said\nthe recent sharp rise in the financial rand was an example that\n\"some foreign investors are again taking a more realistic view\nof South Africa.\"\n Terms of the debt agreement call for South Africa to repay\n1.42 billion dlrs of 13 billion dlrs of frozen debt over the\nnext three years. The agreement extends a standstill\narrangement, expiring June 30, that has been in place since\nAugust, 1985.\n Bankers said the repayment amounts essentially confirmed\ntheir private estimates and could be comfortably met by the\nmonetary authorities.\n \"They (creditors) asked for the maximum amount and we\noffered the minimum,\" said one banking source, reacting to\nreports from London that creditors were hoping for larger\nrepayments.\n Reserve Bank governor Gerhard de Kock said South Africa\nshould have \"no difficulty whatsoever\" with the terms.\n Economists said the debt agreement would have no\nsignificant impact on economic problems continuing to face\nSouth Africa including high rates of inflation and\nunemployment, labour unrest and political uncertainty.\n Johannesburg Stock Exchange president Tony Norton, speaking\nyesterday before the debt agreement, said the economy was \"in\nbad shape\" and there was \"an awful lot of talk but little action\"\nto cure serious problems.\n REUTER\n\u0003", "date": "25-MAR-1987 10:38:29.21", "topics": [ "rand" ], "places": [ "south-africa" ], "id": "9336" }, { "title": "MAYTAG SEES CAPITAL SPENDING UP IN 1987", "body": "Maytag Co said it expects capital\nspending in 1987 to increase to about 60 mln dlrs from 49 mln\ndlrs in 1986.\n Maytag chairman and chief executive officer Daniel Krumm\nsaid the company plans a \"significant\" investment at its\nAdmiral refrigerator plant in Galesburg, Ill., as well as\ncontinued spending for product improvement and increased\nefficiency at other Maytag facilities.\n Earlier, the company reported 1986 net income of 111.2 mln\ndlrs, or 2.57 per share, versus net income of 124.9 mln dlrs,\nor 2.89 dlrs a share, in 1985.\n Reuter\n\u0003", "date": "25-MAR-1987 10:40:36.85", "topics": [ "earn" ], "places": [ "usa" ], "id": "9337" }, { "title": "TRAVELERS UNIT TO BUY REALTY DIVISIONS", "body": "The Travelers Corp's Travelers\nMortgage Services said it signed a letter of intent to buy two\nsubsidiaries of the privately-held \n The company said it plans to acquire the Equitable\nRelocation Management Corp and the Equitable Realty Network\nInc.\n The company said the acquisitions will give it broader\ndistribution of its corporate relocation service and mortgage\nprograms.\n Reuter\n\u0003", "date": "25-MAR-1987 10:40:57.98", "topics": [ "acq" ], "places": [ "usa" ], "id": "9338" }, { "title": "COMMUNICATIONS AND CABLE INC 1ST QTR NET", "body": "Oper shr seven cts vs loss nil\n Oper net 988,000 vs loss 52,000\n Revs 2,267,000 vs 791,000\n NOTE: Net excludes gains from discontinued operations of\n65,000 dlrs vs 75,000 dlrs.\n Current year net includes gain 1,025,000 dlrs from sale of\ncellular telephone investment.\n Prior year figures restated for discontinued operations.\n Reuter\n\u0003", "date": "25-MAR-1987 10:41:04.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "9339" }, { "title": "BEN EQUITY HOLDINGS SUSPENDED ON NYSE", "body": "The New York Stock Exchange said\ntrading in the units of BenEquity Holdings, a California\nLimited Partnership, was suspended before the opening and an\napplication will be made to the Securities and Exchange\nCommission to delist the issue.\n The Exchange said it normally considers suspending and\nremoving from its list the securities of a company when fewer\nthan 600,000 units are held by the public.\n As a result of a tender offer by , which expired March 24, 1987, fewer than\n600,000 units of BenEquity remained publicly held.\n \n Reuter\n\u0003", "date": "25-MAR-1987 10:41:53.91", "places": [ "usa" ], "id": "9340" }, { "title": "ESCAGEN CORP INITIAL OFFERING STARTS", "body": "Escagen Corp said an initial\noffering of two mln common shares is underway at nine dlrs each\nthrough underwriters led by .\n The company is purchasing the assets and business of\nInternational Plant Research Institute and will apply plant\nbiotechnology to developing food products and planting\nmaterials.\n Reuter\n\u0003", "date": "25-MAR-1987 10:43:01.28", "places": [ "usa" ], "id": "9341" }, { "title": "BRISTOL-MYERS FILES AIDS VACCINE WITH FDA", "body": "Bristol-Myers Co said it has filed an\ninvestigational new drug application with the U.S. Food and\nDrug Administration requesting the agency to allow it to begin\ntesting its AIDS vaccine in humans.\n The company said it filed the application on behalf of its\nOncogen subsidiary, which developed the vaccine. It did not\nname the drug.\n Bristol-Myers, the third largest drug company in the U.S.,\nsaid that \"considerable work remains to be done before it is\ndetermined whether a new drug application will be develpoed for\nsubmission to FDA.\"\n An investigational new drug application is the first step\nin testing an agent. After clinical studies establish the\nsafety and efficacy of an agent, a company then submits a new\ndrug application to the FDA. It may take three to five years\nbefore a new drug application is submitted and another two to\nthree years before the FDA approves a drug for marketing.\n Earlier this month, Bristol-Myers said the vaccine produced\nantibodies to the AIDS virus in mice and monkeys. The vaccine\nuses a live smallpox vaccine to carry two protein on the AIDS\nvirus that may, in theory, prod the immune system to produce\nneutralizaing antibodies against AIDS.\n The company is the second U.S. organization that has sought\npremission for human testing of an AIDS vaccine. At team headed\nby Allan Goldstein of George Washington University in\nWashington was the first.\n Repligen Corp has said it plans to seek regulatory\npermission to test its AIDS vaccine by the beginning of the\nsummer. And Genentech Inc has also said it plans to ask\nthe FDA to approve human testing of its AIDS vaccine later this\nyear.\n Reuter\n\u0003", "date": "25-MAR-1987 10:47:32.28", "places": [ "usa" ], "id": "9342" }, { "title": "DALLAS INVESTOR CUTS STAKE IN MCDERMOTT (MDR)", "body": "A group led by Dallas investor\nHarold Simmons told the Securities and Exchange Commission it\nhad reduced its stake in McDermott International Inc by one\npct, to under five pct.\n The group had said in a March 10 filing, announcing\nacquisition of 5.4 pct of the firm's stock, that it might\nconsider seeking control of the company.\n Reuter\n\u0003", "date": "25-MAR-1987 10:47:45.04", "topics": [ "acq" ], "places": [ "usa" ], "id": "9343" }, { "title": "FED ADOPTS REDEPOSIT SERVICE FOR BOUNCED CHECKS", "body": "The Federal Reserve Board\nunanimously approved a proposal to allow Federal Reserve banks\nto offer a redeposit service for bounced checks.\n The service would allow a commercial bank that sends checks\nto a reserve bank for collection to instruct the reserve bank\nto redeposit a bounced check rather than return it.\n The reserve banks would be required to charge a fee for the\nredeposit service that would cover its costs.\n The plan would leave it to each reserve bank to set a\ndollar cutoff for eligible returns.\n The Fed acted after industry studies showed that nearly\ntwo-thirds of bounced checks cleared the second time around.\n The Fed said studies show that fewer than one pct of the\nmore than 40 billion checks written each year in the United\nStates are returned unpaid.\n Of those returned, about half are written for less than 100\ndlrs.\n The Fed said many commercial banks already routinely\nredeposit low-dlr-value checks returned to them for\ninsufficient funds.\n Reuter\n\u0003", "date": "25-MAR-1987 10:49:09.51", "places": [ "usa" ], "id": "9344" }, { "title": "INTN'L PLATINUM, DEGUSSA IN JOINT VENTURE TALKS", "body": "International Platinum Corp said it\nsigned a letter of intent to enter into further negotiations on\na joint venture exploration agreement with Degussa A.G., of\nWest Germany, regarding several North American platinum\nproperties.\n Conclusion of the agreement is subject to completion of\nfurther detailed examination by Degussa, as well as board and\nregulatory approvals.\n Under terms of the letter of intent, Degussa would\ncontribute substantially to a three year exploration budget of\n4.5 mln dlrs in return for a 50 pct interest in the venture.\n Degussa's contribution to the exploration budget will be\nbased on it matching International Platinum's past exploration\nand acquisition costs, estimated at about two mln dlrs, and\nthen contributing on a pro rata basis, International Platinum\nsaid.\n Degussa's contribution would provide a major portion of\nInternational Platinum's exploration budget, especially during\nthe first and second year of the proposed joint venture, the\ncompany said.\n Reuter\n\u0003", "date": "25-MAR-1987 10:51:19.33", "topics": [ "platinum" ], "places": [ "canada", "west-germany" ], "id": "9345" }, { "title": "WESTWOOD ONE INC 1ST QWTR FEB 28 NET", "body": "Shr 12 cts vs eight cts\n Net 1,440,000 vs 830,000\n Revs 15.9 mln vs 11.2 mln\n Avg shrs 12,342,000 vs 10,826,000\n Reuter\n\u0003", "date": "25-MAR-1987 10:51:26.04", "topics": [ "earn" ], "places": [ "usa" ], "id": "9346" }, { "title": "REAGAN OPPOSES NEW TAXES, SEEKS BUDGET", "body": "President Reagan opposed new taxes\nas he urged the Democratic controlled Congress to come up with\na budget that meets the Gramm-Rudman deficit target of 108\nbillion dlrs for fiscal 1988.\n He told reporters before meeting with House Republicans in\nCongress that for six years he had proposed a \"a sound, solid\nbudget\" but alleged that Democrats had only come forth with a\nso-called continuing resolution, a catch-all spending bill,\neach year.\n Asked about taxes, he said \"they're not going to get those\neither.\"\n Reagan's appearance with Republicans coincided with a\ndispute among House Budget Committee Democrats and Republicans.\nRepublicans have boycotted budget drafting sessions.\n \"I'm still trying to get a budget that meets the\nGramm-Rudman target,\" Reagan said. \"The Democrats have refused to\npresent a budget of their own.\"\n House Budget Committee Chairman William Gray told reporters\nafter Reagan's remarks that \"They (Republicans) don't want to\nparticipate. The President is up there bashing our brains while\nRepublicans won't give us a markup (drafting meeting). It's an\ninteresting combination.\"\n Reuter\n\u0003", "date": "25-MAR-1987 10:53:11.83", "places": [ "usa" ], "id": "9347" }, { "title": "IRAN SAYS HAS BETTER WEAPONS THAN SILKWORM", "body": "Iranian Prime Minister Mir-Hossein\nMousavi said Iran had \"more effective\" missiles at its disposal\nthan the shore-to-sea missiles which had provoked U.S. Concern,\nTehran Radio reported.\n A U.S. State Department spokesman said last week Iran had\nacquired Chinese-made Silkworm missiles which posed a greater\nthreat to shipping in the Gulf than the weapons previously\nused.\n Tehran Radio, monitored by the British Broadcasting Corp,\nquoted Mousavi as saying that Tehran officially announced after\nits forces overran southern Iraq's Faw peninsula in February\nlast year that it had shore-to-sea missiles.\n \"The fact that the Americans, after so much delay, are now\nthinking of expressing their concern with panic is because\nReagan needs this sensation now,\" said Mousavi, speaking after a\ncabinet meeting in Tehran.\n \"We also announce today that these missiles are not the\nlimit of our war capabilities in the Gulf,\" he added.\n Mousavi said the security of the Gulf region had nothing to\ndo with the U.S. But Iran would resort to any action to defend\nthe Gulf, \"even those actions which are not thought probable by\nWesterners.\"\n Reuter\n\u0003", "date": "25-MAR-1987 10:55:08.47", "topics": [ "ship" ], "places": [ "iran", "usa", "iraq" ], "id": "9348" }, { "title": "EC COMMISSION DETAILS SUGAR TENDER", "body": "The European Community Commission\nconfirmed it granted export licences for 59,000 tonnes of\ncurrent series white sugar at a maximum export rebate of 45.678\nEuropean Currency Units (ECUs) per 100 kilos.\n Out of this, traders in West Germany received 34,750\ntonnes, in the U.K. 13,000, in Denmark 7,250 tonnes and in\nFrance 4,000 tonnes.\n REUTER\n\u0003", "date": "25-MAR-1987 10:56:01.72", "topics": [ "sugar" ], "organisations": [ "ec" ], "places": [ "belgium", "west-germany", "denmark", "uk", "france" ], "id": "9349" }, { "title": "INLAND STEEL PREFERRED OFFERED", "body": "Lead underwriters and First Boston Inc said an offering of two mln\nSeries C 3.625 dlr cumulative convertible exchangeable\npreferred shares of Inland Steel Industries Inc is underway at\n50 dlrs per share.\n The preferred shares are convertible at any time into\ncommon stock at 1.667 common shares per preferred share and are\nexchangeable at the company's option on any dividend payment\ndate starting May 1, 1989 for 7.25 pct convertible subordinated\ndebentures due May 1, 2012.\n The underwriters said the preferred shares are not\nredeemable before May 1, 1989 and thereafter are redeemable for\ncash at the company's option at prices declining to par on May\n1, 1997.\n Reuter\n\u0003", "date": "25-MAR-1987 10:56:47.60", "places": [ "usa" ], "id": "9350" }, { "title": "ADVANCED MICRO PREFERRED OFFERED", "body": "Lead underwriters and Salomon Inc said an offering of three\nmln shares of Advanced Micro Devices Inc depositary convertible\nexchangeable preferred shares is under way at 50 dlrs per\nshare.\n Underwriters have been granted an option to buy another\n450,000 depositary shares to cover overallotments.\n Each depositary share bears an annual dividend of three\ndlrs per share and represents 0.1 30 dlr convertible\nexchangeable preferred share.\n The underwriters said the preferred shares are convertible\ninto common stock at 25.16 dlrs per share initially and are\nexchangeable at the company's option for six pct convertible\nsubordinated debentures due 2012. The preferred shares are not\nredeemable before March 15, 1990 unless the market price of the\ncommon stock equals or exceeds 150 pct of the conversion price\nfor specified periods.\n Reuter\n\u0003", "date": "25-MAR-1987 10:57:07.58", "places": [ "usa" ], "id": "9351" }, { "title": "TRICENTROL TO CONCENTRATE ON PROVEN RESERVES", "body": "Tricentrol Plc said it will\nconcentrate most of its efforts this year on its proven oil and\ngas reserves in order to maximise benefits to shareholders in\nthe mid to long-term.\n It said in a statement \"We are confident that substantial\ndevelopment funds will be available to Tricentrol and that we\nwill be able to minimise further disposal of our interests.\"\n Tricentrol wrote off 57.5 mln stg on the reorganisation of\nits North American operations last year, when oil prices\nplunged. The group incurred a 1986 net loss of 3.7 mln stg\nagainst a 25.4 mln profit the previous year.\n Reuter\n\u0003", "date": "25-MAR-1987 10:57:32.16", "topics": [ "earn" ], "places": [ "uk" ], "id": "9352" }, { "title": "ROLLS-ROYCE SIGNS NEW ENGINE DEAL WITH BOEING", "body": " said it signed an\nagreement with the Boeing Company to install its RB\n211-524 D4D engine on the B767 family of aircraft.\n The engine, currently under development, will be ready for\nservice by early 1990, the company said in a statement.\n Boeing 747s are also powered with the engine, and its use\nin B767 craft too could bring significant operating benefits,\nRolls-Royce said.\n Reuter\n\u0003", "date": "25-MAR-1987 10:58:09.03", "places": [ "uk" ], "id": "9353" }, { "title": "BROOKLYN UNION GAS CO SETS PAYOUT", "body": "Qtrly div 41.5 cts vs 41.5 cts prior\n Pay May One\n Record April 6\n Reuter\n\u0003", "date": "25-MAR-1987 11:03:26.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "9354" }, { "title": "UNISYS INTRODUCES NEW PRODUCTS", "body": "Unisys Corp introduced two new\nmainframe computers, new workstations, and other products.\n The company said the V510 and V530 large-scale computers\noffer up to a four-fold increase in performance over existing V\nseries.\n Customer deliveries of the new models, aimed at business,\ngovernment and financial markets, are planned for the fourth\nquarter of 1987 and the first quarter of 1988.\n Base price of the V510 system is 950,000 dlrs and the V530\nsystem is based priced at 1,775,000 dlrs, the company said.\n Speaking at a press conference, Joseph Kroger, Unisys vice\nchairman, said the new product introductions are the first\nconcrete examples of the increased resources of the merged\nBurroughs and Sperry.\n He said the company had exceeded its goal of cutting costs\nby 150 mln dlrs in the first year after the merger, and reduced\ndebt by nearly two billion dlrs, more than the originally\nexpected 1.5 billion dlrs.\n In addition to the mainframes, Unisys introduced an\naddition to its B25 family of desktop computer systems. The new\nsystem, the B38, will make greater use of its Intel Corp \nmicroprocessor using available software.\n The B38 is available for immediate delivery with a base\nconfiguration price of 8,375 dlrs.\n The company also introduced new software products,\ninterconnect capabilities, and a laser printer.\n Reuter\n\u0003", "date": "25-MAR-1987 11:06:42.78", "places": [ "usa" ], "id": "9355" }, { "title": "ARGENTINE PORT WORKERS TAKE INDUSTRIAL ACTION", "body": "Argentine port workers began an\nindefinite protest against safety conditions at the port of\nBuenos Aires, stopping work for one hour per shift, a press\nspokesman said.\n He said three port workers had died over the last month in\naccidents. He said the decision to take action was made after a\nport worker died yesterday after being electrocuted.\n Reuter\n\u0003", "date": "25-MAR-1987 11:07:17.85", "topics": [ "ship" ], "places": [ "argentina" ], "id": "9356" }, { "title": "NOVAMIN SAYS IT RECEIVED PROPOSED TAKEOVER BID FROM BREAKWATER\n", "date": "25-MAR-1987 11:07:20.75", "topics": [ "acq" ], "id": "9357" }, { "title": "NYFE SEAT SELLS FOR 200 DLRS", "body": "The New York Stock Exchange said a\nseat on the New York Futures Exchange sold for 200 dlrs,\nunchanged from the previous sale on Tuesday.\n The Exchange said the current bid is 100 dlrs and the offer\nis 200 dlrs.\n Reuter\n\u0003", "date": "25-MAR-1987 11:07:27.66", "places": [ "usa" ], "id": "9358" }, { "title": "NEC CORP HAS 150 MLN DLR EURO-CP PROGRAM", "body": "NEC Corp is establishing a 150 mln dlr\neuro-commercial paper program with a sterling option, Morgan\nGuaranty Ltd said as arranger.\n Paper will be issued by NEC Industries Netherlands BV under\nthe guarantee of NEC Corp.\n Dealers will be Morgan Guaranty, Chase Investment Bank Ltd,\nShearson Lehman Brothers International and Swiss Bank Corp\nInternational Ltd. Issuing and paying agent will be Chase\nManhattan Bank NA, London.\n REUTER\n\u0003", "date": "25-MAR-1987 11:08:25.68", "places": [ "uk" ], "id": "9359" }, { "title": "FRANCE SETS FOUR BILLION FRANC T-BILL TENDER", "body": "The Bank of France said it will offer\nfour billion francs worth of negotiable Treasury bills at its\nnext weekly tender on March 30.\n The total includes 1.5 billion francs worth of 13-week\nbills and 2.5 billion francs of 24-week bills.\n At this week's tender on Monday the Bank sold a total of\n2.98 billion francs worth of 13-week bills, 3.19 billion francs\nworth of five-year bills and 2.69 billion francs worth of\ntwo-year bills.\n REUTER\n\u0003", "date": "25-MAR-1987 11:08:58.65", "places": [ "france" ], "id": "9360" }, { "title": "FED EXPECTED TO ADD RESERVES IN MARKET", "body": "The Federal Reserve will probably\nintervene in the government securities market to add reserves\ntoday, economists said.\n They expected the Fed will supply temporary reserves\nindirectly via 1.5 to two billion dlrs of customer repurchase\nagreements.\n Fed funds hovered at a relatively high 6-1/4 pct this\nmorning after averaging 6.14 pct on Tuesday.\n Early this afternoon the Fed also is expected to supply\nreserves permanently, effective Thursday, by offering to buy\nall maturities of Treasury bills.\n Reuter\n\u0003", "date": "25-MAR-1987 11:14:10.28", "topics": [ "interest", "money-fx" ], "places": [ "usa" ], "id": "9361" }, { "title": "INDIA REPORTED BUYING TWO WHITE SUGAR CARGOES", "body": "India is reported to have bought two\nwhite sugar cargoes for April/May shipment at its tender today\nnear 227 dlrs a tonne cost and freight and could be seeking a\nthird cargo, traders said.\n A British operator is believed to have sold one of the\ncargoes, while an Austrian concern is thought to have featured\nin the second cargo sale, they said.\n Reuter\n\u0003", "date": "25-MAR-1987 11:17:45.61", "topics": [ "sugar", "ship" ], "places": [ "uk", "india" ], "id": "9362" }, { "title": "NOVAMIN IN PROPOSED BUYOUT BY BREAWATER ", "body": " said it received a\nproposed takeover offer from Breakwater Resources Ltd involving\na swap of one Breakwater share for two Novamin common shares.\n It said the proposal also called for conversion of\noutstanding Novamin warrants into Breakwater common shares on\nthe same basis, provided the exercise price was paid by the\nwarrant holders.\n Novamin, a mineral exploration company, said directors\nwould meet next Tuesday to deal with the proposal, which, it\nsaid, was subject to approval by Breakwater directors.\n Reuter\n\u0003", "date": "25-MAR-1987 11:19:15.95", "topics": [ "acq" ], "places": [ "canada" ], "id": "9363" }, { "title": "LILLY INDUSTRIAL COATINGS INC 1ST QTR", "body": "Feb 28 end\n Shr 18 cts vs 13 cts\n Net 1,541,000 vs 1,122,000\n Sales 36.7 mln vs 33.5 mln\n Avg shrs 8,517,000 vs 8,441,000\n NOTE: Share adjusted for five pct stock dividend in August\n1986.\n Reuter\n\u0003", "date": "25-MAR-1987 11:20:55.15", "topics": [ "earn" ], "places": [ "usa" ], "id": "9364" }, { "title": "COMMONWEALTY REALTY , BAY END TALKS", "body": "Commonwealth Realty Trust said\npreliminary merger talks with Bay Financial Corp have been\nterminated due to a failure to agree on terms.\n Reuter\n\u0003", "date": "25-MAR-1987 11:22:15.22", "topics": [ "acq" ], "places": [ "usa" ], "id": "9365" }, { "title": "MET-PRO CORP 4TH QTR ENDS JAN 31 NET", "body": "Shr 19 cts vs 18 cts\n Net 362,692 vs 347,868\n Revs 6,311,808 vs 5,827,538\n 12 mths\n Shr 60 cts vs 80 cts\n Net 1,152,746 vs 1,534,503\n Revs 24.7 mln vs 25.2 mln\n Reuter\n\u0003", "date": "25-MAR-1987 11:22:26.37", "topics": [ "earn" ], "places": [ "usa" ], "id": "9366" }, { "title": "EDO TO BUY BACK ADDITIONAL 500,000 SHARES", "body": "EDO Corp said its board approved the\nrepurchase of an additional 500,000 shares of its common on the\nopen market, or through privately negotiated transactions.\n EDO said the authorization is in addition to the 2,690,000\nshares announced previously.\n Since 1983, Edo said it has purchased over 2.1 mln shares\nof its common, leaving about 560,000 shares authorized for\npurchase prior to today's action.\n Reuter\n\u0003", "date": "25-MAR-1987 11:22:36.47", "places": [ "usa" ], "id": "9367" }, { "title": "VISTA FORMS OFFICE OF THE PRESIDENT", "body": "Vista Organization Ltd said its board\nhas formed an office of the president.\n The company said the office includes Mark S. Germain, who\nis primarily responsible for administration and corporate\npolicy, Herb Jaffe, who heads motion picture operations, and\nGabriel Katzka, who is in charge of television operations.\n Reuter\n\u0003", "date": "25-MAR-1987 11:22:50.73", "places": [ "usa" ], "id": "9368" }, { "title": "CENTRAL MAINE POWER CO SETS QUARTERLY", "body": "Qtly div 35 cts vs 35 cts prior\n Pay April 30\n Record April 10\n Reuter\n\u0003", "date": "25-MAR-1987 11:22:54.54", "topics": [ "earn" ], "places": [ "usa" ], "id": "9369" }, { "title": "SOME FIRMS CURB COMMODITIES BUSINESS WITH DREXEL", "body": " said\nsome Wall Street firms have limited their commodities trading\nbusiness with Drexel.\n Rumors circulated in financial and commodity markets\nyesterday that units of , Salomon\nInc and had restricted commodities\nbusiness with Drexel because of its involvement in the\ngovernment's insider trading probe.\n In response to questions, a Drexel spokesman said, \"Any\nquestions raised about our credit conditions are ridiculous as\nthose few competitors who have instituted restrictions for\nwhatever their motives well know.\"\n Securities industry sources said the three firms were\nrestricting their business with Drexel particularly in oil and\nprecious metals. The firms have restricted business in some\nareas, but not others, the sources said.\n All three firms declined to comment, and the Drexel\nspokesman did not identify the companies by name.\n Drexel and some officials, including Michael Milken, head\nof its \"junk bond\" department, were subpoenaed following the\ngovernment's settlement of insider trading charges against\narbitrager Ivan Boesky.\n Securities industry sources said the three firms were\nrestricting their business with Drexel particularly in oil and\nprecious metals. The firms have restricted business in some\nareas, but not others, the sources said.\n All three firms declined to comment, and the Drexel\nspokesman did not identify the companies by name.\n Drexel and some officials, including Michael Milken, head\nof its \"junk bond\" department, were subpoenaed following the\ngovernment's settlement of insider trading charges against\narbitrager Ivan Boesky.\n \"Our commodity trading group, , is\noperating normally and very profitably. It has had absolutely\nno disruption in its trading and operation,\" a Drexel spokesman\nsaid.\n He added, \"the financial picture of the firm as a whole has\nnever been healthier. We have capital of 1.9 billion dlrs, the\nfourth largest on Wall Street, equity of 1.3 billion dlrs, and\nexcess net capital of one billion dlrs.\"\n \"People who invent and circulate rumors about any financial\ninstitution, including Drexel Burnham, are doing a serious,\ngrave disservice to the investing public and marketplace,\" the\nspokesman said.\n Reuter\n\u0003", "date": "25-MAR-1987 11:27:09.65", "places": [ "usa" ], "id": "9370" }, { "title": "PEP BOYS SETS SPLIT, RAISES QUARTERLY", "body": "Manny, Moe and Jack Inc\nsaid its board declared a three-for-one stock split and raised\nthe quarterly dividend to six cts presplit from 5-1/2 cts.\n Both are payable July 27 to holders of record July One and\nthe\n The split is subject to shareholder approval at the May 18\nannual meeting of an increase in authorized common shares to\n500 mln from 40 mln, the company said.\n Reuter\n\u0003", "date": "25-MAR-1987 11:29:00.82", "topics": [ "earn" ], "places": [ "usa" ], "id": "9371" }, { "title": "PEP BOYS - MANNY, MOE AND JACK INC 4TH QTR", "body": "Jan 31 end\n Shr 45 cts vs 37 cts\n Net 8,349,000 vs 6,187,000\n Sales 126.7 mln vs 103.7 mln\n Year\n Shr 1.55 dlrs vs 1.29 dlrs\n Net 28.1 mln vs 21.1 mln\n Sales 485.9 mln vs 388.9 mln\n NOTE: Latest year net includes three cts shr gain from sale\nof assets.\n Reuter\n\u0003", "date": "25-MAR-1987 11:29:16.39", "topics": [ "earn" ], "places": [ "usa" ], "id": "9372" }, { "title": "HOVNANIAN ENTERPRISES EARNINGS TO RISE", "body": "Hovnanian Enterprises Inc said the\ncompany's earnings for year would exceed the 1.65 dlrs a share\npreviously announced and could go as high as 1.75 dlrs for\nfiscal year ended Feb 28, 1987.\n The company posted net earnings of 11.5 mln dlrs, or 1.72\ndlrs per share, on revenues of 199.3 mln dlrs for fiscal year\n1986. These figures reflect two three-for-two stock splits in\nMarch and August 1986.\n At the Annual Drexel Burnham Lambert Construction\nConference here, Hovnanian executive vice presidnt Ara\nHovnanian said the company expects an earnings range of between\n2.35 dlrs and 2.55 dlrs per share for fiscal 1988.\n Total revenues for the year ending Feb 29, 1988, should be\nbetween 320 mln and 350 mln, he said.\n Reuter\n\u0003", "date": "25-MAR-1987 11:29:34.99", "topics": [ "earn" ], "places": [ "usa" ], "id": "9373" }, { "title": "NY TRADERS SAY TURKEY MADE LARGE SUGAR PURCHASE", "body": "Turkey bought an estimated 100,000\ntonnes of white sugar from three trade houses today for April\nto June shipment, according to trade sources.\n They said a large U.K. trade house sold 50,000 tonnes, a\nU.S. house traded 25,000 tonnes, and a Swiss-based dealer house\n25,000 tonnes.\n Price details were unclear but reports this morning\nsuggested that Turkey was offered sugar at prices ranging down\nto 212 dlrs a tonne, c and f basis.\n Reuter\n\u0003", "date": "25-MAR-1987 11:31:46.79", "topics": [ "sugar" ], "places": [ "usa", "turkey" ], "id": "9374" }, { "title": "NORFOLK UNIT SELLS EQUIPMENT CERTIFICATES", "body": "Southern Railway Co, a unit of Norfolk\nSouthern Corp, is raising 20.6 mln dlrs through an offering of\nequipment trust certificates due 1988 to 2002, said lead\nmanager Morgan Stanley and Co Inc.\n Morgan headed a syndicate that won the certificates in\ncompetitive bidding. It bid them at 98.252 and set a 7-1/4 pct\ncoupon and various reoffering prices for the maturities. Yields\nrange from 6.20 to 7-3/4 pct.\n Non-callable for life, the certificates are rated a\ntop-flight AAA by both Moody's and Standard and Poor's. Kidder\nPeabody is co-managing the issue.\n Reuter\n\u0003", "date": "25-MAR-1987 11:32:14.96", "places": [ "usa" ], "id": "9375" }, { "title": "ANHEUSER-BUSCH OFFICER RESIGNS", "body": "Anheuser-Busch Cos Inc said\nDennis Long, vice president and group executive of the company,\nand president of its beer subsidiary, Anheuser-Busch Inc, is\nresigning from the company.\n The company said it accepted his resignation at a regular\nmeeting of the board of directors.\n He will be replaced as president of the unit by August\nBusch III, chairman and president of the company, and chairman\nand chief executive officer of the unit, the company said.\n Long said in a statement referring to his resignation: \"I\nhave great respect for Anheuser-Busch and its management team.\nAs president of Anheuser-Busch Inc I assume full responsibility\nfor the actions if its officers and employees and have chosen\nto resign in the best interest of the company.\"\n Published reports have said Long is under investigation by\nthe company concerning charges of improper conduct by certain\nemployees and suppliers. A spokesman for the company would not\ncomment further about Long's resignation.\n The company's stock was down 1-1/8 to 34-3/4 this morning.\n Reuter\n\u0003", "date": "25-MAR-1987 11:33:04.15", "places": [ "usa" ], "id": "9376" }, { "title": "JOHNSON SAYS FED'S ACTIONS YESTERDAY MEANT TO STABILIZE DOLLAR AT CURRENT LEVELS\n", "date": "25-MAR-1987 11:40:15.99", "topics": [ "money-fx", "dlr" ], "id": "9377" }, { "title": "SUNSTAR FOODS INC 2ND QTR FEB 28 NET", "body": "Shr 23 cts vs not reported\n Net 282,000 vs 1,000\n Sales 18.6 mln vs 18.7 mln\n Six mths\n Shr 48 cts vs 17 cts\n Net 583,000 vs 213,000\n Sales 37.8 mln vs 37.5 mln\n NOTE: 1987 six months net includes a loss from discontinued\noperations equal to two cts a share.\n 1986 net includes losses from discontinued operations of\nfour cts in the quarter and six cts in the six months.\n Reuter\n\u0003", "date": "25-MAR-1987 11:40:26.79", "topics": [ "earn" ], "places": [ "usa" ], "id": "9378" }, { "title": "PHOENIX RE INITIAL OFFERING UNDER WAY", "body": "Phoenix Re Corp said an initial public\noffering of 2,500,000 common shares is under way at 13 dlrs\neach through underwriters led by American Express Co's \nShearson Lehman Brothers Inc subsidiary and Advest Group Inc\n.\n Phoenix Re was formed by Phoenix Mutual Life Insurance Co.\n Reuter\n\u0003", "date": "25-MAR-1987 11:43:29.88", "places": [ "usa" ], "id": "9379" }, { "title": "NIPPON SIGNAL TO ISSUE 50 MLN SWISS FRANC NOTES", "body": "Nippon Signal Co Ltd is planning to\nissue 50 mln Swiss franc notes with warrants, lead manager\nMorgan Stanley and Co Inc said.\n It said details would be released tomorrow.\n REUTER\n\u0003", "date": "25-MAR-1987 11:45:55.48", "places": [ "switzerland" ], "id": "9380" }, { "title": "HADSON TO ACQUIRE 85 PCT OF SEAXE ", "body": "Hadson Corp said it has signed a\ndefinitive agreement to acquire 85 pct of the outstanding\ncommon stock of Seaxe Energy Corp.\n The company said it will buy the 85 pct interest in Seaxe\nfrom shareholders owning restricted or controlled shares for\nless than 200,000 Hadson common shares.\n It said closing is subject to the approval of title\nassignments by the French government. Seaxe is involved in oil\nand natural gas exploration and development in the Paris Basin\nof France.\n Reuter\n\u0003", "date": "25-MAR-1987 11:48:22.40", "topics": [ "acq" ], "places": [ "usa" ], "id": "9381" }, { "title": "REUTERS TO BUY I P SHARP OF CANADA", "body": "Reuters Holdings Plc said it\nhad agreed in principle to buy of\nToronto for 30.4 mln stg.\n Sharp is a time-sharing network and database company\nspecialising in finance, economics, energy and aviation. It\noperates a global packet-switching network and global limits\nsystems for foreign exchange trading.\n Sharp shareholders will be offered cash, shares or a\nmixture of the two in settlement. The acquisition, which is\nsubject to Canadian government approval, would be through\namalgamation into a specially-created company.\n Reuters said it had been given options by a number of Sharp\nshareholders covering 67 pct of the common stock pending\ncompletion of a Reuters review of the company.\n Sharp operates 38 offices in 20 countries. In 1986 it\nreported revenue of 55 mln Canadian dlrs with a pretax loss of\n1.6 mln compared with a 1.9 mln profit in 1985.\n However, Sharp said that internal accounts showed the\ncompany was in profit in the first two months of 1987.\n End-1986 net assets totalled 11.85 mln dlrs.\n A Reuters statement said the acquisition would fit\nperfectly into its package for the banking and securities\nindustries.\n Reuter\n\u0003", "date": "25-MAR-1987 11:48:37.67", "topics": [ "acq" ], "places": [ "uk", "canada" ], "id": "9382" }, { "title": "TCBY ENTERPRISES SPLITS STOCK", "body": "TCBY Enterprises Inc said its\nboard has approved a three-for-two split of its common stock\nwith a distribution to be made on April 24 to stockholders of\nrecord on April 9.\n The split will increase the number of outstanding shares to\nover 26 mln from about 17.3 mln shares now, the company said.\n TCBY Enetrprises is a franchisor and operator of retail\nstores specializing in frozen yogurt-related treats.\n Reuter\n\u0003", "date": "25-MAR-1987 11:49:28.79", "topics": [ "earn" ], "places": [ "usa" ], "id": "9383" }, { "title": "FIRST INTERSTATE SELLS CAPITAL NOTES", "body": "First Interstate Bancorp is offering\n200 mln dlrs of subordinated capital notes due 1999 with an\n8-5/8 pct coupon and par pricing, said lead manager Goldman,\nSachs and Co.\n That is 140 basis points more than the yield of comparable\nTreasury securities.\n Non-callable to maturity, the issue is rated A-1 by Moody's\nInvestors Service Inc and A-plus by Standard and Poor's Corp.\nFirst Boston, Salomon Brothers and Shearson Lehman co-managed\nthe deal.\n Reuter\n\u0003", "date": "25-MAR-1987 11:49:35.80", "places": [ "usa" ], "id": "9384" }, { "title": "RAYTHEON CO SETS QUARTERLY", "body": "Qtly div 45 cts vs 45 cts prior\n Pay April 30\n Record April 10\n Reuter\n\u0003", "date": "25-MAR-1987 11:49:47.53", "topics": [ "earn" ], "places": [ "usa" ], "id": "9385" }, { "title": "FIAT MAY ISSUE BOND FOR LIBYAN STAKE, PAPER SAYS", "body": "Fiat Spa is considering\nissuing a eurobond of up to 384 mln dlrs, convertible or with\nwarrants attached for exercise into its shares still with banks\nafter the placement of the Libyan stake last autumn, the\nfinancial daily Handelsblatt reported, quoting bourse sources.\n The newspaper gave no other details. But dealers said\nshares of Deutsche Bank AG had been strong in recent\ndays, partly on hopes that the issue would allow the bank to\nplace its Fiat quota with investors at a reasonable price.\n Deutsche was lead underwriter for the 2.13 billion dlr Fiat\nplacement, announced on September 23.\n In Milan, a Fiat spokesman had no comment on the reports.\n A Deutsche Bank spokesman here said he had no knowledge of\na possible equity-linked Fiat bond. But German banking sources\nsaid concern the bank had to take a hefty writedown for its\nunplaced Fiat stock had weighed heavily on its share price.\n Milan share dealers also said Fiat stock had been under\npressure since the placement. Ordinary shares rose 20 lire to\n12,880 today, but were well down from 16,600 on September 23.\n Sources close to Italian state-owned investment bank IMI\nsaid earlier this month that a convertible issue was being\nconsidered, but gave no details of the amount involved.\n REUTER\n\u0003", "date": "25-MAR-1987 11:50:00.26", "places": [ "west-germany" ], "id": "9386" }, { "title": "ITALY'S STET FORMS TELECOMMUNICATIONS FIRM", "body": "State holding company (STET) said it was forming a new\ntelecommunications company, that intends to offer\nelectronic mail systems among its services.\n Teleo plans initial investments of 18 billion lire and\nestimates annual sales could reach 90 billion lire within five\nyears, STET officials said at a news conference.\n STET will have a 10 pct stake in the new firm, with the\nremaining share capital held by two STET subsidiaries.\n Reuter\n\u0003", "date": "25-MAR-1987 11:50:17.79", "places": [ "italy" ], "id": "9387" }, { "title": "P.H. GLATFELTER CO INCREASES DIVIDEND", "body": "P.H. Glatfelter said its\nboard increased its quarterly dividend on its common stock to\n14 cts per share, from 12.5 cts per share the prior quarter.\n It said the dividend is payable May 1, 1987, to\nshareholders of record April 15, 1987.\n In addition, the company said it authorized the repurchase\nof up to an additional one mln shares of its common stock.\n On March 27, 1985, the board had authorized the repurchase\nof up to two mln shares, as adjusted for a two-for-one split,\neffected in April 1986, the company said.\n The company said 521,508 shares may still be repurchased\nunder the 1985 authorization. It added any shares repurchased\nwould be added to the treasury and will be available for future\nissuance.\n The company said it has no present plans to issue any of\nthe shares which may be repurchased. The company said it\npresently has 24,614,352 common shares outstanding.\n Reuter\n\u0003", "date": "25-MAR-1987 11:50:53.44", "topics": [ "earn" ], "places": [ "usa" ], "id": "9388" }, { "title": "LIFE OF INDIANA CORP 4TH QTR LOSS", "body": "Shr loss 19 cts vs profit 57 cts\n Net loss 103,005 vs profit 319,344\n Year\n Shr profit 22 cts vs profit 10 cts\n Net profit 1,236,347 vs profit 570,222\n Reuter\n\u0003", "date": "25-MAR-1987 11:51:06.81", "topics": [ "earn" ], "places": [ "usa" ], "id": "9389" }, { "title": "(CORRECTED) - TSENG SEES SALES INCREASE", "body": "Tseng Laboratories Inc said it\nexpects first quarter 1987 sales to exceed total sales for the\nentire 1986 year, and said it expects earnings for the quarter\nto grow at a faster rate than sales.\n Tseng posted total revenues for 1986 of 4,255,731, and net\nincome of 258,125, or 1.4 cts per share.\n Jack Tseng, president of the company, attributed the high\nexpectations to increased orders from major costomers, as well\nas accelerated business from its growing reseller network.\n Tseng posted first quarter 1986 sales of 549,950, and net\nincome of 19,163, the company said. (corrects cts per share)\n Reuter\n\u0003", "date": "25-MAR-1987 11:51:30.21", "places": [ "usa" ], "id": "9390" }, { "title": "BRAZILIAN BANK STRIKE SPREADS, UNION SAYS", "body": "A nationwide bank strike launched\nyesterday by Brazilian bank workers gained more support today\nwith the closure of the \n(Banespa) in Sao Paulo, a union spokesman said.\n The spokesman said about 530,000 of Brazil's 700,000 bank\nworkers were on strike. He said the chief development since\nyesterday was the decision by the city's 20,000 Banespa workers\nto come out on strike. Banespa is the Sao Paulo state bank.\n State-controlled , with over 3,000\nbranches throughout the country, closed down yesterday.\n Bank industry sources say the closure of the Banco do\nBrasil will soon force the shutdown of the many private banks\nwhich are not strike-bound.\n The bankworkers are seeking an immediate pay rise of 100\npct and monthly salary adjustments.\n A spokesman for the National Federation of Banks, Adilson\nLorente, said that yesterday only 30 pct of private banks'\nbranches were strike-bound. He had no estimate of how many\nworkers were on strike or any information on the percentage of\nbranches open today.\n REUTER E\n\u0003", "date": "25-MAR-1987 11:54:07.16", "places": [ "brazil" ], "id": "9391" }, { "title": "CONSOLIDATED NOREX TO ACQUIRE TRIWEB RESOURCES", "body": " said it agreed to acquire all issued and outstanding\nshares of Triweb Resources Ltd, a privately held oil and gas\ncompany with land holdings and production base in Alberta and\nSaskatchewan.\n The company said specific details relating to purchase\nprice and other terms will be released on closing of the\ntransaction, expected by May 15.\n Reuter\n\u0003", "date": "25-MAR-1987 11:54:46.68", "topics": [ "acq" ], "places": [ "canada" ], "id": "9392" }, { "title": "THAI SUGAR PRODUCTION CONTINUES HIGH IN FEB", "body": "Thai sugar production continued at a\nhigh level in February, latest figures received by the\nInternational Sugar Organization (ISO) show.\n The figures show stocks at end-February of 2.49 mln tonnes\nraw value against 2.33 mln a year earlier. Analysts said this\nwas a new peak for the date.\n Production in February was 961,000 tonnes against 888,000\nin February 1986 and took the Nov/Feb total for the current\ncrop to 2.25 mln tonnes. Production normally tails off sharply\nafter March, but in recent years production from March to the\nend of the crop has been over 500,000 tonnes, analysts said.\n Thailand's exports in February were 32,800 tonnes and\nconsumption 57,800.\n Last month the Thai Agriculture Ministry said 1986/87\nproduction was expected to fall to 2.3 mln tonnes from 2.48 mln\nin 1985/86.\n Reuter\n\u0003", "date": "25-MAR-1987 11:55:26.46", "topics": [ "sugar" ], "places": [ "uk", "thailand" ], "id": "9393" }, { "title": "SWEDISH EXPORT CREDIT ISSUES NEW ZEALAND DLR BOND", "body": "Swedish Export Credit is issuing 75 mln\nNew Zealand dlr eurobonds due April 28, 1989, paying 19 pct and\npriced at 101-1/4 pct, lead manager Credit Suisse First Boston\nsaid.\n The bond is available in denominations of 1,000 and 5,000\ndlrs and will be listed in Luxembourg. Fees comprise 7/8 pct\nselling concession and 3/8 pct management and underwriting.\n REUTER\n\u0003", "date": "25-MAR-1987 11:55:50.84", "places": [ "uk" ], "id": "9394" }, { "title": "APOLLO COMPUTER IN JOINT MARKETING PACT", "body": "Apollo Computer Inc said it\nentered into a joint marketing agreement with to distribute an artificial intelligence software\npackage.\n Apollo said it will market the Palladian Management\nAdvisor, formerly known as the Financial Advisor, on Apollo\nworkstations.\n Apollo said the agreement signals the first time a general\nbusiness expert system is available for professional\nworkstations.\n Reuter\n\u0003", "date": "25-MAR-1987 11:56:10.84", "places": [ "usa" ], "id": "9395" }, { "title": "ACCUGRAPH IN ASIA MARKETING PACT WITH TRIO-TECH", "body": " said it named\nTrio-Tech International Pte Ltd, of Singapore, as exclusive\ndistributor of Accugraph's computer-aided design and\nmanufacturing software for Singapore, the Philippines,\nThailand, Malaysia, Indonesia and Brunei.\n Financial terms were undisclosed.\n Reuter\n\u0003", "date": "25-MAR-1987 12:00:04.53", "places": [ "canada", "singapore", "philippines", "indonesia", "thailand", "brunei" ], "id": "9396" }, { "title": "REICHHOLD CHEMICALS INC EXPLORING POSSIBLE SALE OF EUROPEAN SUBSIDIARY\n", "date": "25-MAR-1987 12:03:35.87", "topics": [ "acq" ], "id": "9397" }, { "title": "NY TRADERS EXPECT CHINA TO STEP UP SUGAR BUYING", "body": "Trade house sources said China is\nexpected to step up its sugar purchases following yesterday's\nsteep drop in world sugar prices.\n The consensus is that the Chinese will buy between 200,000\nand 400,000 tonnes of raw sugar.\n \"China is short of foreign exchange and a drop in prices is\nusually taken as a buying opportunity by Peking,\" one trader\nsaid.\n Yesterday, prices on the New York world sugar market\nplummeted by 0.58 to 0.50 cent on heavy liquidation by\nspeculators, disenchanted over the market's lack of rallying\npower.\n Speculation is that China will need the sugar for the\nMay/July period.\n Reuter\n\u0003", "date": "25-MAR-1987 12:05:57.34", "topics": [ "sugar" ], "places": [ "usa", "china" ], "id": "9398" }, { "title": "ROSS STORES INC 4TH QTR JAN 31 LOSS", "body": "Shr loss 1.30 dlrs vs profit 29 cts\n Net loss 33.4 mln vs profit 7,386,000\n Sales 168.2 mln vs 128.4 mln\n Year\n Shr loss 1.61 dlrs vs profit 30 cts\n Net loss 41.4 mln vs profit 7,055,000\n Sales 527.5 mln vs 366.7 mln\n NOTE: Latest year net both periods includes 39.4 mln dlr\nprovision for closing 25 underperforming stores.\n Reuter\n\u0003", "date": "25-MAR-1987 12:06:05.30", "topics": [ "earn" ], "places": [ "usa" ], "id": "9399" }, { "title": "ITALIAN TREASURY BILL OFFER HAS MIXED RESPONSE", "body": "Market response to the Treasury's 24,500\nbillion lire offer of short-term treasury bills was mixed, with\nthree-month paper in strong demand but six and 12-month bills\nundersubscribed, Bank of Italy figures show.\n Rates were unchanged on those indicated at the time the\noffer was announced.\n The market was assigned all of the 3,500 billion lire of\nthree-month bills on offer after requesting a total of 4,695\nbillion. Effective net annualised compound yield on the bills\nis 9.87 pct, down from 9.98 pct on the previous issue of\nthree-month paper.\n Of the 9,500 billion lire of six-month paper offered,\noperators requested and were assigned 7,098 billion lire at a\nnet annualised compound rate of 9.24 pct, down from 9.30 pct\npreviously.\n The market requested and was assigned 8,584 billion lire of\nthe 11,500 billion lire of 12-month bills offered at a net\nannual rate of 9.02 pct, down from 9.05 pct previously.\n The Bank of Italy took up a total 4,200 billion lire of the\nremaining six and 12-month paper, leaving 1,118 billion lire\nunassigned.\n The bills replace maturing paper worth 23,442 billion lire,\nof which 20,321 billion lire is in the hands of market\noperators and the remainder with the Bank of Italy.\n REUTER\n\u0003", "date": "25-MAR-1987 12:06:25.70", "places": [ "italy" ], "id": "9400" }, { "title": "AFG EXPANDS INTO AUTO GLASS REPLACEMENT", "body": "AFG Industries Inc said it is\nentering the automobile replacement glass market with the\nacquisition of A-1 Quality Glass, of Salt Lake City, and Tempo\nAuto Glass, of Tacoma, Wash.\n Terms of the acquisitions were not disclosed.\n AFG also said that if the offer it has made as part of a\npartnership with Wagner and Brown to acquire GenCorp Inc \nis successful, it will consider establishing autoglass stores\nin GenCorp's retail tire outlets.\n AFG said that in addition to the two acquisitions, it has\nbeen operating eight stores through its American Slat Glass\ndistribution group.\n It said a a newly formed subsidiary, AFG Auto Glass Inc,\nwill be looking for additional acquisitions as well as opening\nnew outlets.\n A-1 Quality Glass operates a central wholesale autoglass\ndistribution center and 23 stores in Utah, Arizona, and other\nwestern states. Tempo operates four stores in the Pacific\nnorthwest region.\n Reuter\n\u0003", "date": "25-MAR-1987 12:09:13.68", "places": [ "usa" ], "id": "9401" }, { "title": "GREENWOOD RESOURCES SAYS BANKS COULD FORECLOSE", "body": " \nsaid if it is unsuccessful in gaining shareholder approval for\na debt refinancing with Colorado National Bankshares Inc\n, the bank will have the right to foreclose on\nGreenwood's assets.\n On January 28, Greenwood's board approved an agreement with\nColorado National calling for the sale of 4,300,000 shares of\nNew London Oil owned by Greenwood for 1,700,000 dlrs and\ncalling for a restructuring and recapitalizing of Greenwood,\nsubject to shareholder approval.\n As a result of declines in the value of oil and natural gas\nproperties brought on by the fall in prices for those fuels,\nGreenwood started facing substantial bank debt prepayment\nrequirements in 1986.\n The New London shares are to be sold to a party in London.\n On February 1, Colorado National released to the company\nall cash flow from oil and natural gas operations and reduced\nits debt in return for the payment of 1,700,000 dlrs from the\nsale of the New London stock and other considerations. Eighty\npct of Greenwood's cash flow from oil and gas operations had\nbeen allocated to servicing debt to the bank.\n Under the deal with Colorado National, existing preferred\nand common stocks would be converted into a new common stock,\nsubject to shareholder approval.\n The company said it expects to file proxy materials for the\nspecial meeting of shareholders at which the matter will be\nconsidered by the first week of April, mail material to\nshareholders by early May and schedule the meeting for about 30\ndays thereafter.\n It said its 1985 audit -- not conducted at the end of that\nyear due to lack of funds -- is being conducted now, along with\nthe 1986 audit, by Touche Ross and Co.\n Greenwood said as soon as its 1985 audit is completed, it\nwill apply for readmission to the NASDAQ system, from which it\nwas delisted last year.\n It also said it probably plans to change its name to\nGreenwood Holdings due to its planned redirection from natural\nresources.\n Reuter\n\u0003", "date": "25-MAR-1987 12:10:38.98", "places": [ "usa" ], "id": "9402" }, { "title": "NAVISTAR