[ { "title": "TREASURY'S BAKER SAYS MACROECONOMIC INDICATORS NEED MORE PROMINENT ROLE\n", "date": " 9-APR-1987 16:55:59.00", "id": "16001" }, { "title": "HOSPITAL CORP SAYS IT RECEIVED 47 DLR A SHARE OFFER FROM INVESTOR GROUP\n", "date": " 9-APR-1987 16:56:03.23", "topics": [ "acq" ], "id": "16002" }, { "title": "BEVERLY ENTERPRISES SETS REGULAR DIVIDEND", "body": "Qtly div five cts vs five cts prior\n Pay July 13\n Record June 30\n Reuter\n\u0003", "date": " 9-APR-1987 16:56:14.45", "topics": [ "earn" ], "places": [ "usa" ], "id": "16003" }, { "title": "TREASURY'S BAKER SAYS FLOATING EXCHANGE RATE SYSTEM NEEDS GREATER STABILITY\n", "date": " 9-APR-1987 16:59:15.05", "topics": [ "money-fx" ], "id": "16004" }, { "title": "CRUDE OIL NETBACKS UP SHARPLY IN EUROPE, U.S.", "body": "Crude oil netback values in complex\nrefineries rose sharply in Europe and firmed in the U.S. last\nFriday from the previous week but fell sharply in Singapore,\naccording to calculations by Reuters Pipeline.\n The firmer tone to refining margins in Europe and the U.S.\nrelected higher prices for petroleum products, particularly\ngasoline, and support from crude oil prices.\n Netback values for crude oil refined in Northern Europe\nrose substantially following strong gains in gasoline prices\nthere. Brent is valued at 19.45 dlrs, up 56 cts a barrel or\nthree pct from the previous week.\n In the U.S. Gulf, sweet crudes rose in value by 14 cts to\n19.33 dlrs for West Texas Intermediate, up about 0.7 pct.\n Sour grades in the U.S. Gulf showed an increase of 33 cts a\nbarrel for Alaska North Slope, up 1.7 pct.\n But netbacks for crude oil refined in Singapore fell\nsharply, down 15 cts to as much as 68 cts a barrel as ample\ndistillate supplies weighed on petroleum product prices.\n Attaka in Singapore is valued at 18.55 dlrs, a decline of\n68 cts a barrel or 3.5 pct from the previous week.\n For refineries in the Mediterranean, netback values were\nmostly lower, with declines of seven to 14 cts. The value of\nKuwait crude fell 14 cts to 18.37 dlrs, while Iranian Light\nfell 11 cts to 19.14 dlrs.\n On the U.S. West Coast, netback values for ANS CIF L.A.\nalso jumped sharply, up 40 cts a barrel or 2.2 pct to 18.82\ndlrs on higher gasoline prices.\n Reuter\n\u0003", "date": " 9-APR-1987 17:03:06.18", "topics": [ "crude" ], "places": [ "usa" ], "id": "16005" }, { "title": "TREASURY'S BAKER SAYS SYSTEM NEEDS STABILITY", "body": "Treasury Secretary James Baker said\nthe floating exchange rate system has not been as effective as\nhad been hoped in promoting stability and preventing imbalances\nfrom emerging in the global economy.\n In remarks before the afternoon session of the\nInternational Monetary Fund's Interim Committee, Baker said he\nwas not suggesting that the system should be abandoned.\n \"But I do suggest,\" he said, \"that we need something to give\nit more stability and to keep it headed in the right direction\nwhen the wind shifts.\"\n He said that indicators can serve \"as a kind of compass\" but\nadded that structural indicators can help focus attention on\nsome policies.\n Baker, however, said the IMF \"needs to move beyond\nmacroeconomic indicators and find structural indicators that\ncan help focus attention on some of the policies of specific\nrelevance to the imbalances we face today.\"\n The Treasury Secretary said that indicators should be given\na more prominent role in the annual economic reviews -- Article\nIV consultations -- that the Fund performs.\n Baker also told the policy making group that it was time\nfor the IMF to adopt earlier recommendations making IMF\nsurveillance more relevant to national policymakers and the\npublic.\n \"In particular, we urge increased publicity for IMF\nappraisals developed in Article IV consultations, the use of\nfollow-up reports on country actions to implement IMF\nrecommendations, and greater use of special consultation\nprocedures,\" he said.\n Baker emphasized that indicators were a device \"for moving\nbeyond rhetoric to action.\"\n He said they provide \"more structure to the system, and\ninduce more discipline and peer pressure into the process of\npolicy coordination.\"\n He said the Fund's procedures for surveillance need to be\nreviewed and updated to reflect the use of indicators.\n \"This should be matter of priority for the executive board,\"\nhe said.\n Baker also urged the Fund to develop alternative\nmedium-term economic scenarios for countries that \"can help us\nfocus even more clearly on the most important imbalances, by\nidentifying options for addressing them and analyzing the\nimplications of these options.\"\n He said also that further work should be done on finding\npaths that lead toward possible medium-term objectives.\n \"If we are to take effective remedial action when there are\nsignificant deviations from an intended course, then we must\nhave more definitive ways of indentifying the right course for\nkey variables,\" he said.\n Reuter\n\u0003", "date": " 9-APR-1987 17:04:00.71", "topics": [ "money-fx" ], "organisations": [ "imf" ], "places": [ "usa" ], "id": "16006" }, { "title": "NERCI UNIT CLOSES OIL/GAS ACQUISITION", "body": "Nerco Inc said its oil and gas\nunit closed the acquisition of a 47 pct working interest in the\nBroussard oil and gas field from for about 22.5\nmln dlrs in cash.\n Nerco said it estimates the field's total proved developed\nand undeveloped reserves at 24 billion cubic feet, or\nequivalent, of natural gas, which more than doubles the\ncompany's previous reserves.\n The field is located in southern Louisiana.\n Reuter\n\u0003", "date": " 9-APR-1987 17:07:18.35", "topics": [ "acq", "crude", "nat-gas" ], "places": [ "usa" ], "id": "16007" }, { "title": "U.S. AND BRITAIN VETO SANCTIONS AGAINST S.AFRICA", "body": "For the second time in seven\nweeks, the United States and Britain vetoed a Security Council\nresolution to impose mandatory sanctions against South Africa.\n Nine of the Council's 15 members voted for the draft, aimed\nat forcing South Africa to implement an eight-year-old U.N.\nindependence plan for Namibia (South West Africa), a vast,\nsparsely populated territory rich in minerals.\n The U.S. and Britain were joined by West Germany in casting\nnegative votes. France, Italy and Japan abstained.\n The resolution called for comprehensive mandatory sanctions\nbecause Pretoria insists on making Namibian independence\nconditional on the withdrawal of more than 30,000 Cuban troops\nfrom neighbouring Angola.\n Reuter\n\u0003", "date": " 9-APR-1987 17:10:03.66", "organisations": [ "un" ], "places": [ "usa", "uk", "south-africa", "namibia" ], "id": "16008" }, { "title": "U.S. DOLLAR LOSSES PROPEL BROAD COMMODITY GAINS", "body": "Commodities from gold to grains to\ncotton posted solid gains in a flurry of buying today as losses\nin the U.S. dollar and rising interest rates kindled fears of\ninflation and economic instability.\n Gains were most pronounced on the Commodity Exchange in New\nYork, where gold jumped 12.40 dlrs and closed at 436.50 dlrs a\ntroy ounce, and silver 22.5 cents to 6.86 dlrs a troy ounce.\n A key factor behind the advance was anticipation that\ninflation will be the only way for the major industrial nations\nto halt the slide in the value of the U.S. dollar, said Steve\nChronowitz, director of commodity research with Smith Barney,\nHarris Upham and Co., in New York.\n The dollar tumbled one day after top finance officials from\nthe seven largest industrial nations reaffirmed their\ncommitment to support its value, and despite reports of\nintervention by the U.S. Federal Reserve Bank, traders said.\n Traders said it appears that the industrial nations, known\nas the Group of Seven, lack the ability to change the long-term\ndirection of the currency markets.\n \"Maybe they have some ideas or plans,\" said Chronowitz. \"If\nthey do, it's not evident.\"\n \"It looks like there's no cure but to let the free market\ntake values to where they should be.\n \"One way or another, we will force our major trading\npartners to stimulate their economies,\" as a measure to correct\nthe mounting U.S. trade deficit, Chronowitz said.\n \"I think the markets believe, and have believed for a long\ntime, that the only recourse is to reflate at some point. It's\ngoing to be a long and tedious process, but that's what's\nhappening,\" he said.\n The falling value of the dollar makes U.S. commodities\ncheaper for foreign buyers, stimulating demand.\n At the same time, traders who are holding stocks and bonds\nsaw the value of their investments falling and many are turning\nto commodities such as precious metals as a hedge, said Marty\nMcNeill, a metals analyst in New York with the trading house of\nDominick and Dominick.\n The reaction in the metal markets reverberated throughout\nthe commodities markets, as grains, livestock, and cotton\nposted broad gains.\n Traders at the Chicago Board of Trade said attention in the\ngrain markets has shifted from concern about burdensome\nsupplies to the outlook that a lower dollar will stimulate\nexport demand.\n After the close of trading, the Agriculture Department\nraised its estimate for grain imports by the Soviet Union by\ntwo mln tonnes from the month-earlier report.\n Live hogs and frozen pork bellies posted sharp gains on the\nChicago Mercantile Exchange, while live cattle were moderately\nhigher.\n Analysts said several factors boosted hog prices. They said\nhogs haven't been making the weight gains that are normal at\nthis time of year, and farmers have been too busy with field\nwork to market animals.\n Reuter\n\u0003", "date": " 9-APR-1987 17:14:55.93", "topics": [ "money-fx", "grain", "cotton", "livestock", "gold", "silver" ], "places": [ "usa" ], "id": "16009" }, { "title": "GENERAL MOTORS TO IDLE 9,800 WORKERS", "body": "General Motors Corp said it will\ntemporarily lay off 9,800 workers at two plants next week.\n The layoffs will bring to 11,900 the number of General\nMotors workers temporarily let go by the company.\n Indefinite layoffs remain unchanged at 37,000.\n General Motors said its Chevrolet-Pontiac-GM of Canada\nplant at Okalhoma City, Okla., will be shut down April 13\nthrough April 20 for inventory adjustment. Some 5,500 workers\nwill be idled at the plant.\n General Motors' Chevrolet-Pontiac-GM of Canada plant at\nDoraville, Ga., will be closed for the same period for\ninventory adjustment, with 4,300 workers affected.\n The company's Lakewood, Ga., plant has been shut since\nDecember, with 2,100 workers on temporary layoff.\n General Motors said it will have one car plant and five\ntruck plants working on on overtime Saturday, April 11.\n Reuter\n\u0003", "date": " 9-APR-1987 17:15:43.34", "places": [ "usa" ], "id": "16010" }, { "title": "TENNEX INDUSTRIES TO BUILD PLANT IN TENNESSEE", "body": ", a\nJapanese owned supplier of air cleaners for the automotive\nindustry, said it will build a seven mln dlr plant in\nMunfreesboro, Tenn.\n The company said the 37,500-square-foot plant will\ninitially supply parts to \nin nearby Smyna.\n The company said it hopes to eventually produce parts for\nother U.S. car makers.\n Reuter\n\u0003", "date": " 9-APR-1987 17:16:11.81", "places": [ "usa" ], "id": "16011" }, { "title": "EGYPT SEEKING 500,000 TONNES CORN - U.S. TRADERS", "body": "Egypt is expected to tender April 22\nfor 500,000 tonnes of corn for May through September shipments,\nprivate export sources said.\n Reuter\n\u0003", "date": " 9-APR-1987 17:16:58.84", "topics": [ "grain", "corn" ], "places": [ "usa", "egypt" ], "id": "16012" }, { "title": "TRUSTCORP INC 1ST QTR NET ", "body": "Shr 67 cts vs 62 cts\n Net 9,160,000 vs 7,722,000\n Assets 4.5 billion vs four billion\n Note: Shr and net data are before accounting change\nannounced in 1986, which added 30 cts a share to year-ago 1st\nqtr results.\n Reuter\n\u0003", "date": " 9-APR-1987 17:20:34.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "16013" }, { "date": " 9-APR-1987 17:28:02.76", "topics": [ "grain", "ship" ], "places": [ "usa" ], "id": "16014" }, { "title": "NAPA VALLEY BANCORP 1ST QTR NET", "body": "Shr 20 cts vs 25 cts\n Net 487,000 vs 435,000\n Reuter\n\u0003", "date": " 9-APR-1987 17:28:46.65", "topics": [ "earn" ], "places": [ "usa" ], "id": "16015" }, { "title": "INTERNATIONAL POWER MACHINES 4TH QTR LOSS", "body": "Shr loss 21 cts vs loss 28 cts\n Net loss 817,000 vs loss 1,058,000\n Revs 5,627,000 vs 7,397,000\n Year\n Shr loss 75 cts vs loss 1.36 dlrs\n Net loss 2,872,000 vs loss 5,200,000\n Revs 23.3 mln vs 21.1 mln\n Note: 1985 net includes 1,255,000 adjustment in inventory\nvaluations and 486,000 in cost-reduction expenses.\n Full name is International Power Machines Corp.\n Reuter\n\u0003", "date": " 9-APR-1987 17:29:59.20", "topics": [ "earn" ], "places": [ "usa" ], "id": "16016" }, { "title": "CBOE TO LIST NEW S AND P OPTIONS APRIL 20", "body": "The Chicago Board Options Exchange,\nCBOE, said it will list new Standard and Poor 500 stock index\noptions beginning April 20 that will trade side-by-side with\nthe existing S and P 500 options .\n The new S and P 500 option contract differs from the\nexisting contract in that settlement of the new contract will\nbe based on the opening value of the index on expiration\nFriday. Settlement of the existing contract is based on the\nclosing value of the index on expiration Friday.\n The new opening settlement S and P 500 options will be\noffered only in months in which there are S and P 500 futures.\n Initial months to be listed in the new options will be\nJune, September and December, the CBOE said.\n Dissemination of the settlement of price of the new options\nwill be made through a special ticker symbol -- , the\nexchange said.\n There will initially be seven series of strike prices for\neach contract month of the new options -- one strike price \"at\nthe money,\" or near to the actual spot index value, and three\nabove and three below the spot index.\n Position limits in any combination of both the new and\nexisting S and P 500 options will be 15,000 contracts.\n The exchange said in the rare event that a stock does not\nopen on expiration Friday, the previous day's closing price of\nthat stock will be used to calculate the settlement value of\nthe index.\n Reuter\n\u0003", "date": " 9-APR-1987 17:33:46.96", "places": [ "usa" ], "id": "16017" }, { "title": "EC WARNS AGAINST PASSAGE OF TEXTILE BILL", "body": "The European Community has told\nCongress that if textile legislation injuring EC interests is\napproved, there was no doubt the community would retaliate\nagainst U.S. exports.\n Roy Denmam, head of the EC delegation here, issued the\nwarning in a letter to Senator Lloyd Bentsen, chairman of the\nFinance Committee. A copy of the letter was provided Reuters.\n Denmam told Bentsen, a Texas Democrat, that if the textile\nlegislation passed on its own or was included in an omnibus\ntrade bill and injured EC interests, \"there should be no doubt\nthat the EC will retaliate against the United States.\"\n He added that \"at a time when U.S. textile exports to the EC\nare growing rapidly, one result of such retaliation would be a\nsubstantial reduction of U.S. exports and jobs.\"\n The textile legislation, backed strongly by the industry,\nhard hit by imports, and by senators from textile-producing\nstates would impose new tough global quotas on textile imports\nand for the first time include Europe in the quotas.\n Reagan Administration officials have also opposed the\ntextile legislation, saying that if it passed it would likely\nprompt a presidential veto.\n Denman made his comments on the textile issue in a general\nassessment of the Senate trade bill, titled S.490.\n He said he was concerned about provisions in the Senate\nbill that would limit, if not eliminate, the president's\ndiscretion if retaliating against nations for keeping their\nhome markets closed to foreign goods.\n U.S. Trade Representative Clayton Yeutter has also opposed\nthose provisions, arguing that presidential flexibility was\nneeded in order to be able to negotiate with countries to open\ntheir markets, with retaliation being retained as a final, but\ndiscretionary, weapon.\n The pending overall trade legislation would force the\nAdministration to consult often with Congress and seek its\napproval during step-by-step GATT negotiations.\n He said \"enactment of S. 490 would reduce the confidence of\nother governments in America's commitment to multinational\ntrade.\"\n Summing up the senate legislation, Denman said \"a number of\nprovisions of that bil may achieve the opposite of what is\nintended and lead to dangerous consequences for the world and\nthe U.S. economy.\"\n Reuter\n\u0003", "date": " 9-APR-1987 17:35:06.68", "organisations": [ "ec" ], "places": [ "usa" ], "id": "16018" }, { "title": "CBOE TO LIST NEW S AND P OPTIONS APRIL 20", "body": "The Chicago Board Options Exchange,\nCBOE, said it will list new Standard and Poor 500 stock index\noptions beginning April 20 that will trade side-by-side with\nthe existing S and P 500 options.\n The new S and P 500 option contract differs from the\nexisting contract in that settlement of the new contract will\nbe based on the opening value of the index on expiration\nFriday. Settlement of the existing contract is based on the\nclosing value of the index on expiration Friday.\n The new opening settlement S and P 500 options will be\noffered only in months in which there are S and P 500 futures.\n Initial months to be listed in the new options will be\nJune, September and December, the CBOE said.\n Dissemination of the settlement price of the new options\nwill be made through a special ticker symbol -- , the\nexchange said.\n There will initially be seven series of strike prices for\neach contract month of the new options -- one strike price \"at\nthe money,\" or near to the actual spot index value, and three\nabove and three below the spot index.\n Position limits in any combination of both the new and\nexisting S and P 500 options will be 15,000 contracts.\n The exchange said in the rare event that a stock does not\nopen on expiration Friday, the previous day's closing price of\nthat stock will be used to calculate the settlement value of\nthe index.\n Reuter\n\u0003", "date": " 9-APR-1987 17:39:34.36", "places": [ "usa" ], "id": "16019" }, { "title": "THREE TRADERS INDICTED FOR INSIDER TRADING", "body": "A Grand Jury in Manhattan Federal Court\nindicted three arbitrageurs, charging they swapped inside\ninformation between their firms, Goldman Sachs and Co and\nKidder Peabody and Co, court documents showed.\n Robert Freeman, head of risk arbitrage at Goldman\nSachs and Co, Richard Wigton, an employee of Kidder Peabody Co\nInc, and Timothy Tabor, also formerly with Kidder, were charged\nwith trading on inside information between June 1984 and\nJanuary 1986. They were arrested in February.\n The indictments also alledged that Goldman Sachs and\nFreeman made money on the insider trading scheme.\n According to the indictment, Freeman exchanged inside\ninformation with Martin Siegel, who at the time was a vice\npresident of Kidder Peabody.\n Siegel pleaded guilty last February 13 to charges he\nparticipated in the conspiracy. The indictment charged Siegel\npassed on non-public information to both Wigton and Tabor from\nFreeman.\n Reuter\n\u0003", "date": " 9-APR-1987 17:39:43.66", "places": [ "usa" ], "id": "16020" }, { "title": "GREAT AMERICAN MGMT HAS ATCOR STAKE", "body": "Great American Management and\nInvestment Inc told the Securities and Exchange Commission it\nacquired a 7.7 pct stake in Atcor Inc.\n Great American said it bought the stake for investment.\n It added that it has also considered--but not yet\ndecided--to buy additional Atcor shares, either in the open\nmarket, in private transactions, through a tender offer or\notherwise.\n Great American said it paid about 6.1 mln dlrs for its\n462,400 Atcor shares. It said its most recent purchases\nincluded 191,400 shares bought March 18-April 6.\n Reuter\n\u0003", "date": " 9-APR-1987 17:41:35.88", "topics": [ "acq" ], "places": [ "usa" ], "id": "16021" }, { "title": "RAI RESEARCH CORP 3RD QTR FEB 28 NET", "body": "Oper shr one ct vs 13 cts\n Oper net 17,806 vs 312,692\n Revs 1,318,165 vs 2,239,349\n Nine mths\n Oper shr 27 cts cs 28 cts\n Oper net 640,156 vs 671,291\n Revs 5,612,818 vs 5,632,044\n Note: Oper excludes gain from discontinued operations of\n15,598 for year-ago qtr and loss from discontinued operations\nof 49,040 for year-ago nine mths.\n Reuter\n\u0003", "date": " 9-APR-1987 17:42:26.40", "topics": [ "earn" ], "places": [ "usa" ], "id": "16022" }, { "title": "MOORE SEES SUBSTANTIAL 1987 PROFIT GAIN", "body": "Moore Corp Ltd expects 1987 profits from\ncontinuing operations will exceed 1986 results and recover to\n1985 levels when the company earned 152 mln U.S. dlrs or 1.70\ndlrs a share, president M. Keith Goodrich said.\n \"We'll have a substantial increase in earnings from\ncontinuing operations,\" he told reporters after the annual\nmeeting. He said he expected profits would recover last year's\nlost ground and reach 1985 results.\n In 1986, profits from continuing operations slumped to\n139.5 mln dlrs or 1.54 dlrs a share. The total excluded losses\nof 30 mln dlrs on discontinued operations.\n Goodrich said Moore is still actively looking for\nacquisitions related to its core areas of business forms\nmanufacturing or handling.\n \"We could do a large acquisition,\" he said when asked if\nthe company could raise as much as one billion dlrs for this\npurpose.\n Chairman Judson Sinclair, answering a shareholder's\nquestion, told the annual meeting that a special resolution\npassed by shareholders to create a new class of preferred\nshares would allow Moore to move quickly if it decided to\npursue an acquisition.\n \"If we were to make a major acquisition ... it means we can\nmove with a certain expediency,\" Sinclair said.\n Asked if the resolution was designed to give Moore\nprotection from a possible hostile takeover, Sinclair said\nonly, \"I know of no threat to the corporation at this time.\"\n \n Reuter\n\u0003", "date": " 9-APR-1987 17:42:36.85", "topics": [ "earn" ], "places": [ "canada" ], "id": "16023" }, { "title": "ARVIN RAISES NUMBER OF AUTHORIZED SHARES", "body": "Arvin Industries Inc said its\nshareholders at the annual meeting voted to increase authorized\ncommon shares to 50 mln from 30 mln.\n The company told shareholders that the offering of 1.7 mln\ncommon shares in January raised 50 mln dlrs, and the 500 shares\nof variable rated preferred stock offered in February also\nraised 50 mln dlrs. The company said it also placed 150 mln\ndlrs in long-term debt in March.\n Reuter\n\u0003", "date": " 9-APR-1987 17:47:39.74", "places": [ "usa" ], "id": "16024" }, { "title": "RAYTHEON WINS U.S. NAVY CONTRACT", "body": "Raytheon Co said the United\nStates Navy awarded it a 215.3 mln dlr contract to produce\n1,927 AIM/RIM-7M Sparrow Missile Guidance and Control Sections\nand associated hardware.\n Under the contract, the company said it will provide\nmissiles and associated hardware to the U.S. Navy and Air Force\nand to several U.S. allies.\n Raytheon said the contract represents the major share of\nthe fiscal 1987 competitive Sparrow missile procurement.\n Reuter\n\u0003", "date": " 9-APR-1987 17:49:07.93", "places": [ "usa" ], "id": "16025" }, { "title": "FIRM HAS 14.8 PCT OF DECISION/CAPITAL FUND", "body": "Gabelli Group Inc said it and two\nsubsidiaries held a total of 295,800 Decision/Capital Fund Inc\nshares or 14.8 pct of the total outstanding.\n It said the shares were held on behalf of investment\nclients and it said it had no intention of seeking control of\nthe fund.\n Gabelli said its most recent purchases of Decision/Capital\nFund stock included 95,800 shares bought April 3-6 on the\nPhiladelphia Stock Exchange.\n Gabelli is an investment firm headquartered in New York\nCity. Its Gabelli and Co subsidiary is a brokerage firm.\n Reuter\n\u0003", "date": " 9-APR-1987 17:50:16.86", "topics": [ "acq" ], "places": [ "usa" ], "id": "16026" }, { "title": "CONSUMERS POWER TO REDEEM BONDS", "body": "Consumers Power Co said it has 56\nmln dlrs available to be used to redeem at par any 15 pct\nseries first mortgage bonds that are not exchanged under an\noutstanding bond exchange program.\n The utility on March 17 offered to exchange its 15 pct\nfirst mortgage bonds due March 1, 1994 for a new series of\nfirst mortgage bonds, 9-1/4 pct due April 1, 1997. The offer\nwill expire April 14, 1987.\n Reuter\n\u0003", "date": " 9-APR-1987 17:51:34.88", "places": [ "usa" ], "id": "16027" }, { "title": "SEMICONDUCTOR BOOK TO BILL RATIO AT 1.21 PCT", "body": "The Semiconductor Industry\nAssociation put the three-month average book-to-bill ratio at\n1.21, which was above analysts' expectations and reflects the\nsixth straight increase in this indicator of computer industry\nactivity.\n Average booking in the three month period ended in March\ntotaled 910.8 mln dlrs, up 15.6 pct from a month ago and the\nhighest bookings since September, 1984. March billings, or\ncomputer chip sales in the month, totaled 912.1 mln dlrs, up\n34.6 pct from a month ago, the association said. The three\nmonth average billings totaled 751.3 mln dlrs, up 6.5 pct.\n March billings were the strongest recorded since November,\n1984, the association said. The book to bill ratio, at 1.21,\nwas the highest since May, 1984, it noted.\n Preliminary total solid state shipments for the first\nquarter of 1987 totaled 2.25 billion dlrs, up 4.9 pct from last\nquarter and up 15.9 pct from last year's first quarter.\n Semiconductor Industry Association President Andrew\nProcassini said the rise in the book to bill was due to a\nsubstantial increase in U.S. bookings during March.\n \"We believe that the bookings increase reflects growing\nconfidence by electronic equipment manufacturers that some\nend-equipment market segments have improved substantially\nduring the first quarter,\" Procassini said in a statement.\n The association also revised its book-to-bill ratio\nestimate for the three months ended in February to 1.12, from\n1.13 earlier. It further revised the January book-to-bill\nfigure to 1.09 from 1.12 estimated earlier.\n The three-month average book-to-bill ratio of 1.21 for\nMarch means for every 100 dlrs worth of product shipped,\ncomputer chip maker received 121 dlrs in new orders.\n Drexel Burnham Lambert Inc analyst Michael Gumport said\nassociation numbers indicate March orders were up 20 pct above\nthe normal seasonal level.\n The association does not break out March orders from its\nthree-month average, which it put at 910.8 mln dlrs.\n Gumport noted the three-month average bookings were well\nabove the 800-865 mln dlrs anticipated by the industry.\n He said semiconductor stock could rise five to ten pct on\nthe stock market open tomorrow, due to the positive numbers.\n \"Skeptics are going to have to have some pretty strong\nreasons not to like this group (of stocks),\" Gumport said.\n Kidder Peabody and Co analyst Michael Kubiak said the ratio\nindicates March orders at about one billion dlrs, which would\nbe the highest monthly order rate since April, 1984.\n He predicted at least a five pct rise in semiconductor\nstocks on the open, and said the stock group could soar as high\nas 15 pct during the session.\n \"One month does not a boom-time make, but this is very good\nnews,\" he said.\n Kubiak attributed the stong semiconductor orders to\nstrength in the personal computer market, inventory restocking\nand strong buying by distributors.\n Purchasing managers had been keeping computer chip\ninventories low, due to the overcapacity in the industry and\nthe slow growth of the economy in general, analysts noted.\n The semiconductor industry has been in a slump for the past\nthree years.\n The analysts said the March order and sales numbers are the\nstrongest evidence yet that the trend may be turning.\n Nevertheless, they do not expect the Administration to\nretreat from proposed sanctions against Japanese chip makers.\n They added, however, if the industry continues to improve,\nit could mean the sanctions will be short term.\n Jack Beedle, President of In-Stat, an electronics industry\nresearch firm, called the March numbers \"excellent\", but also\ncautioned against excessive optimism.\n \"I still believe caution should be the word, rather than\neuphoria,\" said Beedle, adding that he has yet to see strong\nindications from the general economy or the computer industry\nthat support a solid, long-term recovery.\n Beedle said while he thinks the semiconductor industry will\nhave a very good second quarter, he still thinks positive\nshifts in exports and industrial production are needed to\nsustain a recovery.\n Reuter\n\u0003", "date": " 9-APR-1987 17:52:21.04", "places": [ "usa" ], "id": "16028" }, { "title": "PARTNERSHIP BUYS IPCO STAKE OF 6.8 PCT", "body": "MP Co, a New York investment\npartnership, told the Securities and Exchange Commission it\nbought a 6.8 pct stake in IPCO Corp common stock.\n The partnership said it acquired 346,600 IPCO shares,\npaying 4.9 mln dlrs, because it believed the securities to be\n\"an attractive investment opportunity.\"\n It said it planned to regularly review its investment and\nmay in the future recommend business strategies or an\nextraordinary corporate transaction such as a merger,\nreorganization, liquidation or asset sale.\n The partnership is controlled by Marcus Schloss and Co Inc,\na New York brokerage firm, and Prime Medical Products Inc, a\nGreenwood, S.C., medical supplies firm.\n Reuter\n\u0003", "date": " 9-APR-1987 17:54:38.77", "topics": [ "acq" ], "places": [ "usa" ], "id": "16029" }, { "title": "DELMED INC YEAR LOSS", "body": "Oper shr loss 30 cts vs loss 1.27 dlrs\n Oper net loss 8,648,000 vs loss 25.6 mln\n Revs 27.4 mln vs 33.3 mln\n Avg shrs 29.1 mln vs 20.1 mln\n Note: Oper excludes loss on provision for discontinued\noperations of 971,000 vs 12.2 mln and loss from conversion of\ndebt 587,000 vs gain of 1,734,000.\n 1985 oper excludes loss from pension plan liquidation of\n631,000 and loss from discontinued operations of 1,015,000.\n\n Reuter\n\u0003", "date": " 9-APR-1987 17:56:18.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "16030" }, { "title": "MARCH TRUCK SALES SAID UP 16.4 PCT", "body": "Retail sales of trucks in March rose\n16.4 pct over the same month last year, said the Motor Vehicle\nManufacturers Association.\n The trade group said dealers sold 377,617 trucks in March,\nup from 324,327 last year.\n Year-to-date truck sales were up 3.6 pct at 934,074 from\n1986's 901,757.\n Reuter\n\u0003", "date": " 9-APR-1987 17:56:55.34", "places": [ "usa" ], "id": "16031" }, { "title": "DRUG INDUSTRY ATTACKED ON ASPIRIN ISSUE", "body": "Elements of the drug industry endangered\nthe lives of children by pressuring the government to delay a\nnow common warning on the link between aspirin and an often\nfatal disease, a doctor said.\n The warning involving Reye's Syndrome has since been\nrequired on aspirin products under a Food and Drug\nAdministration (FDA) directive of one year ago, and now appears\non the labels of aspirin and aspirin-containing products.\n The industry under government coaxing began voluntarily\nprinting warning labels in mid-1985.\n \n But in an editorial in this week's Journal of the\nAmerican Medical Association, Dr Edward Mortimer of Case\nWestern Reserve University in Cleveland said some aspirin\nmanufacturers misled physicians and acted irresponsibly in\nopposing the warning for several years before then.\n Mortimer's criticism was prompted by a new government study\npublished in the same issue of the Journal which said it had\nfound a \"strong association\" between aspirin and Reye's Syndrome.\n Reye's Syndrome, which kills about 20 per cent of its\nvictims, strikes following chicken pox, influenza and other \nillnesses. Symptoms include lethargy, belligerence and\nexcessive vomiting. Those who survive sometimes suffer brain\ndamage.\n \n Reuter\n\u0003", "date": " 9-APR-1987 18:01:43.61", "places": [ "usa" ], "id": "16032" }, { "title": "CADILLAC FAIRVIEW SAYS IT HAS RECEIVED SOME ACQUISITION PROPOSALS\n", "date": " 9-APR-1987 18:04:04.54", "topics": [ "acq" ], "id": "16033" }, { "title": "GM UNIT GETS BOEING CONTRACT", "body": "General Motors Corp's Hughes\nAircraft Co said it received a contract worth more than 20 mln\ndlrs from Boeing Co's Boeing Commercial Airplane Co.\n Hughes will supply a cabin entertainment and service system\nfor Boeing's new 747-4000 jumbo jetliners.\n Reuter\n\u0003", "date": " 9-APR-1987 18:04:24.13", "places": [ "usa" ], "id": "16034" }, { "title": "AUDEC IN PRIVATE PLACEMENT OF STOCK, WARRANTS", "body": " said it sold\nprivately 24 units, each consisting of 40,000 common shares and\n40,000 redeemable common share purchase warrants, for a total\nof 480,000 dlrs.\n Audec said the sale was part of its plan to place a total\nof 28 units at 20,000 dlrs each.\n Reuter\n\u0003", "date": " 9-APR-1987 18:05:37.57", "places": [ "usa" ], "id": "16035" }, { "title": "FRENCH PROPOSE NEW WORLD BANK DEBT FACILITY", "body": "The French government said it \nproposed the creation of a new facility for development and for\ndebt reduction under the framework of the World Bank.\n In a statement issued in conjunction with the meeting of\nthe International Monetary Fund's policy-making Interim\nCommittee, the French said the \"multilateral resources thus\ncollected would permit a partial refinancing on highly\nconcessional terms of previously rescheduled official debts.\"\n The statement said the \"French government believes it is\nnecessary to take new steps to deal with the issue of the\npoorest countries' debt.\"\n The French statement said that Paris club reschedulings\nshould have a lengthening of the repayment period up to between\n15 and 20 years instead of the current limit of 10 years.\n And grace periods would be extended.\n \"These measures would be confined to the poorest, heavily\nindebted countries and would be decided on a case-by-case\nbasis,\" it said.\n The French also called for making the IMF's compensatory\nfinancing facility for export shortfalls more concessional.\n Reuter\n\u0003", "date": " 9-APR-1987 18:09:50.90", "organisations": [ "worldbank", "imf" ], "places": [ "usa", "france" ], "id": "16036" }, { "title": "CADILLAC FAIRVIEW SAYS IT RECEIVED TAKEOVER BIDS", "body": " said it\nreceived proposals to acquire the company, following its\nannouncement last August that it had retained investment\ndealers to solicit offers for all outstanding common shares.\n Cadillac Fairview said the offers are subject to\nclarification and negotiation and offered no further details.\n Reuter\n\u0003", "date": " 9-APR-1987 18:10:34.32", "topics": [ "acq" ], "places": [ "canada" ], "id": "16037" }, { "title": "ONE CHRYSLER PLANT TO WORK OVERTIME", "body": "Chrysler Corp said one of its U.S. car\nand truck assembly plants will work overtime next week.\n Six of its seven U.S. facilities will work during the week.\nThe plant on overtime, both during the week and on Saturday,\nApril 11, is the company's Sterling Heights, Mich., factory.\n The company's U.S. plants and offices will be closed\nFriday, April 17, and Monday, April 20, for the Good Friday and\nMartin Luther King Jr. holidays.\n Reuter\n\u0003", "date": " 9-APR-1987 18:16:05.61", "places": [ "usa" ], "id": "16038" }, { "title": "EC WARNS AGAINST PASSAGE OF TEXTILE BILL", "body": "The European Community (EC) will\nretaliate against U.S. textile exports if Congress passes trade\nlegislation damaging European interests, an EC official warned\ntoday.\n Roy Denman, head of the EC delegation here, issued the\nwarning in a letter to Senator Lloyd Bentsen, chairman of the\nFinance Committee. A copy was provided to Reuters.\n The bill, backed by the textile industry and senators from\ntextile-producing states, would impose global quotas on textile\nimports and for the first time include Europe.\n Denman said he was concerned about provisions in the bill\nthat would limit, if not eliminate, the president's discretion\nin retaliating against nations that keep their home markets\nclosed to foreign goods.\n Reuter\n\u0003", "date": " 9-APR-1987 18:19:25.11", "organisations": [ "ec" ], "places": [ "usa" ], "id": "16039" }, { "date": " 9-APR-1987 18:20:35.91", "topics": [ "ship", "crude" ], "places": [ "usa" ], "id": "16040" }, { "title": "WINTERHALTER HOLDERS OKAY TAKEOVER", "body": "Winterhalter Inc said its\nshareholders approved the 525,000 dlr acquisition of\nWinterhalter by Interface Systems Inc .\n The acquisition would be for 15 cts per Winterhalter share.\n Reuter\n\u0003", "date": " 9-APR-1987 18:21:04.22", "topics": [ "acq" ], "places": [ "usa" ], "id": "16041" }, { "title": "LIBERTY FINANCIAL PRESIDENT TO RESIGN", "body": "Harold H. Kline, 48, will resign on\nMay one as president of Liberty Financial Group Inc and its\nLiberty Savings Bank unit to pursue other business\nopportunties, the company said.\n The company said Kline's post will be filled by Charles G.\nCheleden, chairman and chief executive officer.\n Kline will continue to serve on the boards of Liberty\nFinancial and Liberty Savings, the company added.\n Reuter\n\u0003", "date": " 9-APR-1987 18:24:01.68", "places": [ "usa" ], "id": "16042" }, { "title": "IMMUNOMEDICS TO SELL COMMON STOCK", "body": "Immunomedics Inc said it filed a\nregistration statement with the Securities and Exchange\nCommission for the proposed sale of 2,500,000 shares of common\nstock.\n The company said it will sell 2,100,000 shares and that\ncertain stockholders will sell the remaining 400,000 shares.\n Proceeds from the offering will be used for product\ndevelopment, basic research, staff expansion, prepayment of\ndebt, capital expenditures and working capital, the company\nsaid. The offering will be co-managed by E.F. Hutton and Co Inc\nand First Boston Corp, Immunomedics said.\n Reuter\n\u0003", "date": " 9-APR-1987 18:25:31.98", "places": [ "usa" ], "id": "16043" }, { "title": "MOBIL WILL NOT INCREASE BUDGET", "body": "Mobil Corp Chairman Allen E. Murray said\nthe company's exploration and production budget would not be\nincreased in the foreseeable future as it is \"operating on the\nassumption that (oil) prices will remain on the lower end of\nthe spectrum.\n \"Our budget is at about the same level as it was last year\nand I think it is the right amount,\" said Murray who was in\ntown for ceremonies celebrating the consolidation of Mobil's\ndomestic exploration and production operations into a new,\nlocally-based subsidiary.\n Last year, Mobil spent a total of 2.13 billion dlrs on\nexploration and production, 341 mln dlrs in the United States\nand 1.79 billion overseas.\n Murray said the new subsidiary, Mobil Exploration and\nProduction U.S. Inc., was not created as \"part of any cost\nsaving effort\" but instead to \"increase our efficiency and\nability to stay ahead of the pack.\"\n The consolidation will, however, save Mobil about 15 mln\ndlrs annually once relocation and reorganization costs have\nbeen absorbed, according to A.F. Stancell, vice president of\nU.S. producing operations for the company.\n Mobil, the nation's second largest oil company, responded\nto the collapse of oil prices last year -- from 30 dlrs a\nbarrel at end-1985 to as low as 10 dlrs in mid-1986 -- by\nlaying off 5,500 people and cutting its budget in midyear by 27\npercent, or 1.1 billion dlrs.\n Of that amount, more than 900 mln dlrs was eliminated from\nits exploration and spending spending plans.\n But the company reported an increase in profits in 1986\nover 1985 and a jump in per share earnings to 3.45 dlrs a share\nfrom 2.55 dlrs. \n Reuter\n\u0003", "date": " 9-APR-1987 18:29:26.90", "places": [ "usa" ], "id": "16044" }, { "title": " YEAR LOSS", "body": "Shr loss 10 cts vs profit 17 cts\n Net loss 1,546,000 vs profit 4,078,000\n Revs 22.6 mln vs 38.9 mln\n Reuter\n\u0003", "date": " 9-APR-1987 18:31:32.77", "topics": [ "earn" ], "places": [ "canada" ], "id": "16045" }, { "title": "TREASURY'S BAKER SAYS DEBTOR NATIONS NEED TIMELY DISBURSEMENTS\n", "date": " 9-APR-1987 18:33:20.67", "id": "16046" }, { "title": "GM'S HUGHES AIRCRAFT HAS BOEING CONTRACT", "body": "General Motors' Hughes Aircraft Co\nsaid it was awarded a contract worth more than 20 mln dlrs by\nBoeing's Boeing Commercial Airplane Co to provide an advanced\ncabin entertainment and service system for Boeing's new 747-400\nairliners.\n Hughes said the new system uses advanced digital electronic\ntechniques and also adds cabin lighting control, cabin advisory\nsigns and seat information.\n Hughes said the first 747-400 is scheduled to be completed \nin early 1988.\n\n Reuter\n\u0003", "date": " 9-APR-1987 18:36:11.47", "places": [ "usa" ], "id": "16047" }, { "title": "REAGAN HITS HOUSE-PASSED BUDGET", "body": "President Reagan criticized\nthe House-passed budget by saying the Democratic budget plan\nwas just business as usual.\n The budget cut defense by eight billion dlrs and called for\n18 billion dlrs in new taxes.\n He said the defense cut potentially theratened national\nsecurity and was asking the American taxpayers to pay for the\nDemocrats' excesses.\n Reuter\n\u0003", "date": " 9-APR-1987 18:36:43.22", "places": [ "usa" ], "id": "16048" }, { "title": "S/P DOWNGRADES ZENITH ELECTRONIC ", "body": "Standard and Poor's said it lowered its\nrating on 190 mln dlrs of Zenith Electronic Corp debt because\nof continued poor earnings results and increased debt leverage.\n Among the rating changes, the company's senior debt was\nlowered to BB-plus from BBB-plus.\n Reuter\n\u0003", "date": " 9-APR-1987 18:36:56.22", "places": [ "usa" ], "id": "16049" }, { "title": "MOODY'S DOWNGRADES REPUBLICBANK ", "body": "Moody's Investors Service said it\nlowered the ratings on 464 mln dlrs of long-term debt issued by\nRepublicBank Corp and its two principal subsidiaries but\nupgraded 451 mln dlrs of securities of Interfirst Corp .\n The rating adjustments are based on the likelihood that the\nproposed merger of the two Texas banks will be consummated.\nMoody's said Interfirst is considerably the weaker of the two\ninstitutions.\n Among the rating changes, RepublicBank's senior debt was\ndowngraded to BA-1 from BAA-1 while Interfirst's was raised to\nBA-1 from B-1.\n Reuter\n\u0003", "date": " 9-APR-1987 18:39:02.17", "places": [ "usa" ], "id": "16050" }, { "title": "TREASURY'S BAKER CALLS FOR MORE BANK FLEXIBILITY", "body": "Treasury Secretary James Baker said\nthat commercial banks need to develop more flexibility in their\nconcerted lending mechanisms \"to help assure continued\nparticipation in new money packages.\"\n He said that major debtor nations need to be able to count\non receiving timely disbursements on new loans essential to\nsupport well-conceived economic programs.\n His remarks were made to the afternoon session of the\nInternational Monetary Fund's policy making Interim Committee.\n Baker said, \"The sense of urgency and willingness to\ncooperate in support of a larger general interest that helped\nto carry us through the difficult crisis period of 1982 and\n1983 is now less evident.\"\n He said to address this problem, it is important for the\ncommercial banks to \"develop a menu of alternative new money \noptions from which all banks with debt exposure can choose in\nproviding continuing support for debtor reforms.\"\n He said the \"continued implementation of the debt strategy\nmay well rest on their doing so.\"\n Baker also said that growth prospects for the lowest income\ncountries remain an issue of \"critical concern to the United\nStates.\"\n He said that he intended to address the problem of poor\ncountry prospects in greater detail at tomorrow's meeting of\nthe joint IMF-World Bank Devlopment Committee.\n Baker said, however, that ministers should guard against\nwhat appear to be magical solutions to the complex debt\nproblem.\n \"I want to stress the need for all to guard against the\nephemeral attraction of magical solutions, which may appear as\ntantalizing alternatives to the rigorous realities of grappling\nwith our debt problems,\" he said.\n But he emphasized that the only lasting progress is to\napproach each situation on a case-by-case basis, \"bringing to\nbear the policies and financing needed to bring the economy\nback to sustained economic growth.\"\n Reuter\n\u0003", "date": " 9-APR-1987 18:39:51.11", "organisations": [ "imf" ], "places": [ "usa" ], "id": "16051" }, { "title": "CHILEAN TRADE SURPLUS NARROWS SLIGHTLY IN FEBRUARY", "body": "chile's trade surplus narrowed to 102.2\nmln dlrs in february, from 105.4 mln dlrs in the same month\nlast year, but it was above the 18.2-mln-dlr surplus recorded\nin january 1987, the central bank said.\n Exports in february totalled 379.4 mln dlrs, 17.2 pct above\nthe january figure. Imports fell 9.2 pct from the previous\nmonth to 277.2 mln dlrs. The figures for the same month last\nyear were 314 mln and 208.6 mln dlrs, respectively.\n The accumulated trade surplus over the first two months of\n1987 stands at 120.4 mln dlrs against 132.8 mln dlrs the\nprevious year.\n Reuter\n\u0003", "date": " 9-APR-1987 18:41:59.03", "topics": [ "trade" ], "places": [ "chile" ], "id": "16052" }, { "title": "ANALYSTS DOUBT FED FIRMED DESPITE BORROWING RISE", "body": "Economists said that they doubt the\nFederal Reserve is firming policy to aid the dollar, despite\nhigher discount window borrowings in the latest two-week\nstatement period and very heavy borrowings Wednesday.\n Data out today show net borrowings from the Fed averaged\n393 mln dlrs in the two weeks to Wednesday, up from 265 mln\ndlrs in the prior statement period. Wednesday borrowings were\n1.4 billion dlrs as Federal funds averaged a high 6.45 pct.\n \"One could make a case that the Fed is firming, but it\nprobably isn't,\" said William Sullivan of Dean Witter Reynolds.\n Sullivan said some may assume the Fed has firmed policy\nmodestly to support the dollar because net borrowings in the\ntwo-weeks to Wednesday were nearly 400 mln dlrs after averaging\naround 250 mln dlrs over the previous two months.\n However, the Dean Witter economist noted that the latest\ntwo-week period included a quarter end when seasonal demand\noften pushes up borrrowings.\n \"Some might argue that the Fed was firming policy, but it\nlooks like it tried to play catchup with reserve provisions\nlate in the statement period and didn't quite make it,\" said\nWard McCarthy of Merrill Lynch Capital Markets.\n A Fed spokesman told a press press conference today that\nthe Fed had no large net one-day miss of two billion dlrs or\nmore in its reserve projections in the week ended Wednesday.\n Still, McCarthy said it may have had a cumulative miss in\nits estimates over the week that caused it to add fewer\nreserves earlier in the week than were actually needed.\n The Fed took no market reserve management action last\nThursday and Friday, the first two days of the week. It added\ntemporary reserves indirectly on Monday via two billion dlrs of\ncustomer repurchase agreements and then supplied reserves\ndirectly via System repurchases on Tuesday and Wednesday.\n Based on Fed data out today, economists calculated that the\ntwo-day System repurchase agreements the Fed arrranged on\nTuesday totaled around 5.9 billion dlrs. They put Wednesday's\novernight System repos at approximately 3.4 billion dlrs.\n \"It is quite clear that the Fed is not firming policy at\nthis time,\" said Larry Leuzzi of S.G. Warburg and Co Inc.\n Citing the view shared by the other two economists, Leuzzi\nsaid the Fed cannot really afford to seriously lift interest\nrates to help the dollar because that would harm already weak\neconomies in the United States and abroad and add to the\nfinancial stress of developing countries and their lenders.\n \"Those who believe the Fed tightened policy in the latest\nstatement period have to explain why it acted before the dollar\ntumbled,\" said McCarthy of Merrill Lynch.\n He said the dollar staged a precipitous drop as a new\nstatement period began today on disappointment yesterday's\nWashington meetings of international monetary officials failed\nto produce anything that would offer substantive dollar aid.\n In fact, currency dealers said there was nothing in\nWednesday's G-7 communique to alter the prevailing view that\nthe yen needs to rise further to redress the huge trade\nimbalance between the United States and Japan.\n The economists generally agreed that the Fed is aiming for\nsteady policy now that should correspond to a weekly average\nFed funds rate between six and 6-1/8 pct. This is about where\nthe rate has been since early November.\n \"I'm not so sure that the Fed is engineering a tighter\npolicy to help the dollar, as some suspect,\" said Sullivan of\nDean Witter.\n If it is, however, he said that Fed probably has just\nnudged up its funds rate goal to around 6.25 to 6.35 pct from\nsix to 6.10 pct previously.\n Reuter\n\u0003", "date": " 9-APR-1987 18:42:19.11", "topics": [ "interest", "money-fx", "dlr" ], "places": [ "usa" ], "id": "16053" }, { "title": "PAKISTAN GETS 70 MLN DLR WORLD BANK LOAN", "body": "mln-dlr, 20-year loan to assist Pakistan in a project designed\nto improve power plant efficiency.\n Noting that a shortage of power constrains Pakistan's\neconomic development, the Bank said one objective of the\nproject is to provide at least 200 megawatts of additional\ngenerating capacity.\n Another objective is to improve the efficiency with which\nhydrocarbons are used by Pakistan's Water and Power Development\nAuthority (WAPDA) in power production, it said. One effect of\nthis would be reduced atmospheric pollution.\n Reuter\n\u0003", "date": " 9-APR-1987 18:45:25.86", "organisations": [ "worldbank" ], "places": [ "usa", "pakistan" ], "id": "16054" }, { "title": "VALEX PETROLEUM INC YEAR DEC 31", "body": "Shr loss six cts vs loss 84 cts\n Net loss 219,632 vs loss 16.3 mln\n Revs 1.4 mln vs 2.8 mln\n NOTE:1985 net includes 15.5 mln dlrs of writedowns and tax\nbenefit of 51,294.\n \n Reuter\n\u0003", "date": " 9-APR-1987 18:47:26.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "16055" }, { "title": "VALEX PETROLEUM RECLASSIFIES DEBT", "body": "Valex Petroleum Inc said its 1.3\nmln dlrs in long-term debt with a commercial bank was\nreclassified as a current liability, which resulted in its\nauditors giving it a qualified opinion.\n Earlier, Valex reported a net loss 219,632 for 1986.\n Reuter\n\u0003", "date": " 9-APR-1987 18:50:11.20", "places": [ "usa" ], "id": "16056" }, { "title": "DATA ARCHITECTS TO MAKE OFFERING", "body": "Data Architects inc said it\nintends to make a public offering of 850,000 shares of its\ncommon stock, of which 672,000 shares will be sold by the\ncompany and 178,000 by certain shareholders.\n Proceeds will be used for general corporate purposes.\n Reuter\n\u0003", "date": " 9-APR-1987 18:52:32.99", "places": [ "usa" ], "id": "16057" }, { "title": "FIVE DIRECTORS OF TERRAPET ENERGY RESIGN", "body": " said five\ndirectors resigned because they could not obtain directors and\nofficers liability insurance.\n It said the directors are Dean R. Fellows, Frederick B.\nHegi Jr, W.D. Masterson, Thomas Sturgess and John C. Thomas.\n Reuter\n\u0003", "date": " 9-APR-1987 18:58:51.24", "places": [ "usa" ], "id": "16058" }, { "title": "GOLDMAN, SACHS COMMENTS ON FREEMAN INDICTMENT", "body": "Goldman, Sachs and Co, responding to\nthe indictment earlier today of Robert M. Freeman, who remains\nhead of its risk arbitrage unit, said it believes the\n44-year-old executive did not violate insider trading laws.\n \"Based on all we now know, we continue to believe in him\nand to believe that he did not act illegally,\" the company said\nin a statement.\n Freeman was indicated by a federal grand jury along with\ntwo other top Wall Street executives, Richard Wigton and\nTimothy Tabor, for allegedly swapping insider information in a\nscheme that produced millions in illegal profits.\n The company said it based in belief in Freeman's innocence\non an investigation conducted by its independent outside\ncounsel after Freeman was arrested in February.\n Reuter\n\u0003", "date": " 9-APR-1987 19:03:16.01", "places": [ "usa" ], "id": "16059" }, { "title": "MAURITIUS GETS 25 MLN DLR WORLD BANK LOAN", "body": "The World Bank said it approved a 25\nmln dlr structural adjustment loan for Mauritius to aid that\ncountry's industrial sector.\n The Bank said the 17-year loan will support policy reforms\ndesigned to help increase the efficiency of the country's\nmanufacturing sector, develop export enterprises and encourage\nefficient use of resources.\n It added, \"The increased availability of foreign exchange\nfor imports is expected to help the expansion of industrial\noutput and exports.\"\n Reuter\n\u0003", "date": " 9-APR-1987 19:05:53.65", "organisations": [ "worldbank" ], "places": [ "usa", "mauritius" ], "id": "16060" }, { "title": "TORONTO FINANCIAL DISTRICT HIT BY POWER OUTAGE", "body": "Toronto's financial district, the\nbusiness heart of Canada, slowed to a near halt this afternoon\nafter being struck by a power blackout, utility and business\nofficials said.\n The blackout occurred around 1515 EDT in about an\neight-square-block section of the city's downtown core, home to\nmost of the city's skyscrapers, containing the headquarters of\nmany of Canada's major corporations and financial institutions.\n Ontario Hydro spokeswoman Christina Warren told Reuters the\nblackout occurred when a transformer cable went down during\nroutine maintenance at a downtown hydroelectricity station.\nPower was restored after 10 minutes.\n The power loss halted floor trading for 15 minutes on the\nToronto Stock Exchange, Canada's largest equity market,\nalthough computerized trading - accounting for about 20 per\ncent of the Exchange's normal volume - continued, Toronto Stock\nExchange official John Kolosky said.\n Bank operations were also affected. The headquarters or\nmajor offices of Canada's six major banks line a small section\nof Bay Street, the Wall Street of Canada.\n Bank of Montreal spokesman Brian Smith told Reuters the\nblackout shut down electronic banking machines and caused a\nminor slowdown in money trading operations, although \"all in all\nwe were not seriously affected.\"\n Officials at various downtown skyscrapers said the blackout\nalso briefly shut down elevators and disrupted business in the\ndowntown core's extensive network of underground shopping\nmalls.\n Workers at some of the buildings said several people were\nbriefly trapped on elevators, but police and firefighters\nreported no serious problems.\n Reuter\n\u0003", "date": " 9-APR-1987 19:24:29.96", "places": [ "canada" ], "id": "16061" }, { "title": "U.S. THRIFT OFFICIAL URGES MORE LENDER INSURANCE", "body": "The Administration's 15 billion dlr\nplan to recapitalize the Federal Savings and Loan Insurance\nCorporation is needed to ensure the future profitablity of the\nU.S. thrift industry, according to a top industry regulator.\n \"Today thrifts in overwhelming numbers are profitable,\" \nShannon Fairbanks, executive chief of staff of the Federal Home\nLoan Bank Board told a thrift industry conference.\n \"But every thrift is paying a market tax for the inabliity\nof regulators to deal with problems carried forward from the\npast,\" she said, referring to the premium that thrifts have to\npay in the marketplace to entice deposits away from banks.\n \"The industry wants to see a five billion dlr plan passed\nnow, and then to wait and see what happens,\" Fairbanks said.\n\"They're saying, 'we don't want to pay more right away.' The\nargument is that it's a drain on the industry.\"\n \"But the dollars paid out can be recaptured in the\nreduction in the market tax differential,\" she said. \"The cost\nof recapitalization to the industry would be recaptured in\nbottom line profitability.\"\n Fairbanks said that the public's confidence in thrift\ninstititutions eroded with the financial difficulties of\nsavings and loan associations in Ohio and Maryland in 1985.\n As thrift institutions in economically distressed areas\nlike Texas have continued to fall on hard times, this has\nincreased depositors' demand for a higher premium on deposits\nin savings and loans compared with premiums paid on deposits in\ncommercial banks, she said.\n Before 1983, thrift institutions paid a 25 basis point\nyield differential on savings deposits over that offered by\ncommercial banks as mandated by U.S. financial regulations.\n With the elimination in 1983 of regulations that had drawn\nstrict lines between savings and loans and commercial banks,\nthe gap widened to as much as 50 to 75 basis points as wary\ndepositors demanded a higher premium to place their funds in\nthrift institutions, Fairbanks said.\n \"The market tax paid by today's thrift industry is the most\nsignificant impediment to future profits,\" she said.\n Depositor confidence is also eroded by the existence of\nthrifts that are failing but manage to stay in business by\npaying deposit rates well above prevailing market rates.\n Presently, the FHLBB cannot afford to close failing\ninstitiutions \"because we can't afford it with the current\nFSLIC fund,\" she said.\n Fairbanks estimated that the high market tax differential\npaid by thrifts will drop by at least 10 to 20 basis points\nwith an adequate recapitalization of FSLIC because it will help\nrestore this lost confidence.\n Reuter\n\u0003", "date": " 9-APR-1987 19:36:34.99", "places": [ "usa" ], "id": "16062" }, { "title": "N.Z. TRADING BANK DEPOSIT GROWTH EASES SLIGHTLY", "body": "New Zealand's trading bank\nseasonally adjusted deposit growth rose 2.1 pct in February\ncompared with a 2.6 pct rise in January, the Reserve Bank said.\n Year-on-year total deposits rose 28.9 pct compared with a\n30.6 pct rise in January and 34.4 pct rise in February a year\nago period, the bank said in its weekly statistical release.\n Total deposits rose to 17.55 billion N.Z. Dlrs in February\ncompared with 17.18 billion in January and 13.61 billion in\nFebruary 1986.\n Reuter\n\u0003", "date": " 9-APR-1987 19:38:11.08", "topics": [ "money-supply" ], "places": [ "new-zealand" ], "id": "16063" }, { "title": "SENATE PASSES HOMELESS AID BILL", "body": "The Senate approved a 433 mln dlr\nbill to aid thousands of homeless people sleeping on streets\naround the country.\n The legislation was approved on an 85 to 12 vote but must\nbe reconciled with a similar House-passed bill differing in\nsome details.\n The bill passed after Senate leaders managed on a 68 to 29\nvote to break a filibuster that had blocked final action.\n The filibuster was led by Republican Senator Gordon\nHumphrey of New Hampshire who was trying to force an amendment\nto reverse a 12,100 dlr pay raise Congress approved earlier\nthis year that boosted the lawmakers' salaries to 89,500 dlrs\nannually.\n Reuter\n\u0003", "date": " 9-APR-1987 19:41:03.29", "places": [ "usa" ], "id": "16064" }, { "title": "IDA GRANTS SRI LANKA 18.6 MLN DLR CREDIT", "body": "The International Development\nAssociation said it approved a 18.6 mln dlr credit to Sri Lanka\nto help that country strengthen its agricultural research and\ndevelopment.\n IDA, the World Bank arm that makes interest free loans to\nthe poorest nations, said the credit will support changes\ndesigned to raise farm income by boosting production,\ndeveloping better crop varieties and improving farm systems.\n It said these goals will be accomplished through the\nestablishment of a Council of Agricultural Research which will\nformulate and institute an agricultural research strategy.\n Reuter\n\u0003", "date": " 9-APR-1987 19:41:34.39", "organisations": [ "ida", "worldbank" ], "places": [ "usa", "sri-lanka" ], "id": "16065" }, { "title": "BANK OF JAPAN INTERVENES TO BUY DOLLARS AROUND 143.70 YEN - DEALERS\n", "date": " 9-APR-1987 20:00:47.96", "topics": [ "money-fx", "dlr" ], "places": [ "japan" ], "id": "16066" }, { "title": "DOLLAR OPENS AT RECORD TOKYO LOW 143.75 YEN (PREVIOUS RECORD 144.70) - DEALERS\n", "date": " 9-APR-1987 20:06:38.01", "topics": [ "money-fx", "dlr" ], "places": [ "japan" ], "id": "16067" }, { "title": "DOLLAR OPENS AT TOKYO RECORD LOW OF 143.75 YEN", "body": "The dollar opened at a record Tokyo low\nof 143.75 yen despite aggressive Bank of Japan intervention,\ndealers said.\n The previous record low was 144.70 yen set on March 30. The\nopening compares with 143.90/144.00 yen at the close in New\nYork.\n The central bank bought dollars through Tokyo brokers just\nbefore and after the market opening, the dealers said.\n The intervention took place when the dollar fell to 143.20\nyen, one dealer said.\n The dollar opened at 1.8155/60 marks against 1.8187/97 in\nNew York.\n The dollar fell as low as 142.90 yen despite central bank\nintervention at 143.00 yen, dealers said.\n Selling pressure was strong from securities houses and\ninstitutional investors in hectic and nervous trading on\nunderlying bearish sentiment for the dollar, they said.\n Most dealers were surpised by the dollar's sharp fall\nagainst the yen in New York, although many had expected such a\ndrop to happen eventually.\n Institutional investors are expected to sell the dollar\naggressively if it rises to around 143.50 yen, dealers said.\n The U.S. Currency steadied well above 143.00 yen after Bank\nof Japan intervention and scattered short-covering, they said.\n The dollar opened at 1.5120/30 Swiss francs against\n1.5085/00 at the New York close.\n Sterling started at 1.6190/00 dlrs against 1.6195/05.\n REUTER\n\u0003", "date": " 9-APR-1987 20:30:24.29", "topics": [ "money-fx", "dlr" ], "places": [ "japan" ], "id": "16068" }, { "title": "DOLLAR FALLS BELOW 143 YEN IN TOKYO", "body": "The dollar fell below 143 yen in hectic\nearly Tokyo trading despite aggressive Bank of Japan\nintervention, dealers said.\n After opening at a Tokyo low of 143.75 yen, the dollar fell\nas low as 142.90 yen on heavy selling led by securities firms\nand institutional investors, they said.\n REUTER\n\u0003", "date": " 9-APR-1987 20:38:20.45", "topics": [ "money-fx", "dlr" ], "places": [ "japan" ], "id": "16069" }, { "title": "STOCKS PLUNGE IN EARLY TOKYO TRADE", "body": "Share prices plunged in early trade as an\nopening foreign exchange record low of 143.75 yen to the dollar\nand a weak stockmarket in New York withered investors'\nconfidence, brokers said.\n After 32 minutes' trade, the average plummetted 313.00 to\n22,609.20. Yesterday the market gained 9.21 to a record close.\n Brokers said the dollar's fall against the yen prompted a\nlarge selloff of export-related shares. But fears had spread\nthroughout the market, depressing almost all issues.\n REUTER\n\u0003", "date": " 9-APR-1987 20:49:27.15", "places": [ "japan" ], "id": "16070" }, { "title": "ARGENTINE GRAIN MARKET REVIEW", "body": "The Argentine grain market was\nquiet in the week to Wednesday, with prices rising slightly on\nincreased interest in wheat, millet and birdseed.\n Wheat for domestic consumption rose six Australs per tonne\nto 118.\n For export it rose eight to 108 per tonne from Bahia\nBlanca, increased 0.50 to 104 at Necochea and was unchanged at\nRosario at 108.30.\n Maize increased one to 90 per tonne at Buenos Aires, was\nunchanged at 82 in Bahia Blanca, increased 0.50 to 85 at\nNecochea and fell one to 88 at Parana River ports.\n Sorghum from Bahia Blanca increased 0.50 Australs to 76.50\nper tonne and dropped one to 75 at Rosario.\n It was quoted at 75 at Villa Constitucion, San Nicolas and\nPuerto Alvear.\n Oats were unchanged at 168 per tonne at Buenos Aires.\n Millet from Buenos Aires and Rosario rose five per tonne to\n140 and birdseed rose 15 to 205 at Buenos Aires.\n REUTER\n\u0003", "date": " 9-APR-1987 20:59:51.69", "topics": [ "grain", "wheat", "corn", "sorghum", "oat" ], "places": [ "argentina" ], "id": "16071" }, { "title": "U.S. MARKETS OFFER GLIMPSE OF VOLCKER NIGHTMARE", "body": "Today's turmoil in the U.S. Financial\nmarkets, with bond and stock prices tumbling in the dollar's\nwake, is evidence of a major shift in investor psychology that\nis likely to spell more turbulence ahead, economists said.\n For two years, the markets had hailed the dollar's decline\nas the cure-all for the U.S. Trade deficit. Interest rates fell\nsharply and Wall Street became a one-way street, up.\n But that confidence is now cracking as the financial\nmarkets suddenly believe Fed chairman Paul Volcker's\noften-repeated warnings about the risks of a dollar collapse.\n \"Volcker's been saying for a long time that a dollar\nfreefall would be extremely dangerous - now he's got it,\" said\nDavid Jones, economist at Aubrey G. Lanston and Co Inc.\n The dollar fell below 144 yen today for the first time in\n40 years as the Group of Seven finance ministers in Washington\nfailed to convince the foreign exchange market that they have a\ncredible strategy for redressing global trade imbalances, short\nof further depreciation of the dollar.\n Bonds suffered their biggest one-day drop in months amid\nworries that the dollar's slide will rekindle inflation, scare\naway foreign investors and force the Fed to tighten credit.\n The inflationary fears boosted gold bullion by more than 12\ndlrs to a 1987 high of 432.20/70 dlrs an ounce, while the spike\nin interest rates pulled the Dow Jones Industrial Average down\nby 33 points to 2339.\n Norman Robertson, Mellon Bank chief economist, called the\nmarkets' instability frightening. He believes economic\nfundamentals do not justify the bearishness but said that \"once\nyou start the ball rolling it's difficult to stop.\"\n \"There's a stark possibility that you could get a\ndestabilizing drop in the dollar that forces up interest rates\nand drives us into recession. The markets are in a panic.\"\n Stephen Marris of the Institute for International Economics\nin Washington, has been warning for a long time that the\ncontrolled decline of the dollar since peaks of 3.47 marks and\n264 yen in February 1985 could turn into a nightmare.\n \"We're still more or less on track for a hard landing... But\nthe agony may be fairly drawn out,\" Marris told Reuters.\n Marris does not expect the crisis to peak until later this\nyear, but he warned that the situation is so fragile that it\nwould take very little to touch off what he calls the second\nphase of the hard landing, whereby a loss of confidence in the\ndollar pushes up interest rates and leads to a recession.\n The stock market's reaction today and its sharp drop on\nMarch 30 shows how the loss of confidence could come about.\n The fact that it has not happened yet is consistent with\nhistorical experience, which teaches that domestic markets are\nnot affected until a currency is in the final stages of its\ndecline, Marris said. He has forecast a drop to about 125 yen.\n Marris felt that a major impetus for the dollar's latest\nweakness was the loss of credibility that central banks\nsuffered when they failed to prevent the dollar from falling\nbelow 150 yen, the floor that the market believes was set as\npart of the G-7 Paris agreement in February.\n Robertson at Mellon, by contrast, said the loss of\nconfidence was triggered last week when Washington announced\nplans to slap 300 mln dlrs of tariffs on Japanese electronic\nimports, raising the specter of a debilitating trade war.\n Many economists believe that long-run stability will not\nreturn to the markets until the root cause of the trade gap is\naddressed - excessive consumption in the U.S., Reflected in the\nmassive budget deficit.\n But in the short term, given the failure of the G-7 and of\ncentral bank intervention, some feel that the Fed will have no\nchoice but to tighten credit to restore faith in the dollar.\n \"The only thing that will stop the dollar falling is a\nsubstantial increase in the discount rate and a corresponding\ncut abroad, at least by Japan,\" said Lanston's Jones.\n Marris expects the Fed to act quickly to raise interest\nrates, even at the risk of increasing the debt burden for\nAmerican farmers, Latin American governments and others.\n But Robert Giordano, chief economist at Goldman Sachs and\nCo, scoffed at the notion. \"It's ridiculous to think the Federal\nReserve will raise interest rates when the dollar is weak\nagainst just one currency. This is yen strength, not dollar\nweakness,\" he said.\n Giordano said the market was ignoring the progress being\nmade toward reducing the U.S. Budget deficit.\n \"We're going to have one of the biggest reductions in the\nbudget deficit relative to GNP in history this year, and nobody\ncares,\" he said, noting that only the deficit cut in 1968-69\nwill have been greater.\n He said he does not expect the dollar to collapse and\nthinks interest rates are likely to fall back later this year.\n But for now, market psychology has changed so abruptly that\na further drop in the bond market cannot be ruled out. \"Put on\nyour helmets,\" Giordano said.\n REUTER\n\u0003", "date": " 9-APR-1987 21:41:33.32", "topics": [ "money-fx", "interest" ], "places": [ "usa" ], "id": "16072" }, { "title": "MIYAZAWA TO HOLD PRESS CONFERENCE LATER TODAY", "body": "Finance Minister Kiichi Miyazawa is\nexpected to hold a press conference later today after returning\nfrom Washington, a ministry spokesman told Reuters.\n Miyazawa is scheduled to arrive at 4.15 P.M. (0715 GMT) in\nTokyo. The earliest time for the press conference would be 6.30\nP.M. (0930 GMT).\n The minister attended a meeting of the Group of Seven (G-7)\nand other international monetary conferences in Washington. The\nG-7 -- Britain, Canada, France, Italy, Japan, the U.S. And West\nGermany -- reaffirmed that current exchange rates are in line\nwith economic fundamentals.\n REUTER\n\u0003", "date": " 9-APR-1987 22:07:44.87", "places": [ "japan" ], "id": "16073" }, { "title": "AVERAGE YEN CD RATES FALL IN LATEST WEEK", "body": "Average interest rates on yen\ncertificates of deposit (CD) fell to 4.13 pct in the week ended\nApril 8 from 4.33 pct the previous week, the Bank of Japan\nsaid.\n New rates (previous in brackets) -\n Average CD rates all banks 4.13 pct (4.33)\n Money Market Certificate (MMC) ceiling rates for week\nstarting from April 13 - 3.38 pct (3.58)\n Average CD rates of city, trust and long-term banks -\n Less than 60 days 4.15 pct (4.41)\n 60-90 days 4.14 pct (4.29)\n Average CD rates of city, trust and long-term banks -\n 90-120 days 4.12 pct (4.25)\n 120-150 days 4.12 pct (4.23)\n 150-180 days unquoted (4.03)\n 180-270 days 4.05 pct (4.05)\n Over 270 days 4.05 pct (unqtd)\n Average yen bankers acceptance rates of city, trust and\nlong-term banks -\n 30 to less than 60 days 3.98 pct (4.20)\n 60-90 days 4.03 pct (3.97)\n 90-120 days unquoted (unqtd)\n REUTER\n\u0003", "date": " 9-APR-1987 22:21:56.67", "topics": [ "interest" ], "places": [ "japan" ], "id": "16074" }, { "title": "JAPAN HAS NO PLANS TO CUT DISCOUNT RATE", "body": "Bank of Japan sources said the bank\nhas no plans to cut its discount rate.\n They told reporters that there was no pressure on Japan\nduring the Group of Seven (G-7) meeting here yesterday to lower\nits discount rate. They added that they themselves do not feel\nany need for a cut at all.\n Chancellor of the Exchequer Nigel Lawson told reporters\nearlier today that some countries - those with strong\ncurrencies - might have to cut interest rates.\n The Bank of Japan sources also said that it was too soon to\ncall the G-7 pact a failure.\n The central bank sources were commenting on the dollar's\nrenewed tumble in New York and Tokyo, which was sparked by\nremarks by U.S. Treasury Secretary James Baker that the\ndollar's fall had been orderly.\n They said the market must have misinterpreted Baker's\ncomments because he was referring to the dollar's fall since\nthe Plaza agreement in September 1985, over a long-time span,\nnot the currency's recent movements.\n They added that the foreign exchange markest seem to seize\non anything to use as an excuse to drive the dollar one way or\nthe other.\n The Bank of Japan sources said the U.S. Is putting more\nweight on the dollar/yen rate in terms of judging market\nstability than on other currencies.\n Throughout the G-7 meeting, Japan pointed to the dangers\nthat would arise from a further dollar fall because it would\nreduce the flow of Japanese capital to the U.S., Hurting the\nU.S. And world economies, they said.\n In February and in March of this year, Japanese investors\nreduced their purchases of U.S. Treasury bonds, the sources\nsaid.\n Each country in the G-7 - Britain, Canada, France, Italy,\nJapan, the U.S. And West Germany - has a different view about\ncurrency stability, the Bank of Japan sources said.\n This is because the overall foreign exchange market is a\ntriangle of dollar/yen, European currencies/yen and\ndollar/European currencies.\n At the time of the Louvre agreement, European countries did\nnot want the yen to weaken against their currencies so they did\nnot object to the yen strengthening, they said.\n REUTER\n\u0003", "date": " 9-APR-1987 22:51:00.04", "topics": [ "interest" ], "places": [ "japan", "usa" ], "id": "16075" }, { "title": "AUSTRALIAN UNIONS AND NSW GOVERNMENT REACH DEAL", "body": "Union and New South Wales government\nofficials have reached a compromise in a dispute over workers\ncompensation, averting increased industrial action in the\nstate, union sources said.\n But some unions, including those of building and mining\nworkers, said they were dissatisfied with the deal and would\ncontinue their strikes for a few more days.\n State officials said the government had agreed to revise\nits proposals to cut compensation and would allow slightly\nhigher cash benefits for injured workers.\n Under the original proposal, which sparked strikes and\nother industrial action in the state on April 7, workers'\ncompensation would have been cut by one third. Full details of\nthe compromise package are not yet known.\n The Labour Council, affiliated to the Australian Council of\nTrade Unions (ACTU), had threatened to paralyse New South Wales\nunless the government modified its pending legislation on the\nissue.\n State officials said the only sectors affected in the past\nthree days were some government building projects, railway\nfreight movement and cargo handling in Sydney's ports.\n REUTER\n\u0003", "date": " 9-APR-1987 23:01:02.20", "topics": [ "ship" ], "places": [ "australia" ], "id": "16076" }, { "title": "ECUADOR CRUDE OIL OUTPUT TO RESUME NEXT MONTH", "body": "Ecuador is due to resume limited crude oil\noutput on May 8 when a new 43 km pipeline to neighbouring\nColombia should be finished, an energy ministry spokesman said.\n Oil output was halted on March 5 by an earthquake which\ndamaged 50 km of the main pipeline linking jungle oilfields at\nLago Agrio to the Ecuadorean port of Balao on the Pacific.\n About 13 km of the new link, capable of carrying some\n50,000 barrels per day (bpd), has been built, he said.\n Ecuador pumped 245,000 to 250,000 bpd before the\nearthquake.\n The new link will connect Lago Agrio to Puerto Colon in\nColombia, the starting point of Columbia's pipeline to the\nPacific ocean port of Temuco.\n The government estimates it will take about four more\nmonths to repair the Lago Agrio to Balao pipeline and return\noutput to normal levels, the spokesman said.\n REUTER\n\u0003", "date": " 9-APR-1987 23:18:47.24", "topics": [ "crude" ], "places": [ "ecuador" ], "id": "16077" }, { "title": "JAPANESE GROUP WINS LOS ANGELES RAIL CAR ORDER", "body": "Sumitomo Corp and have won a joint order for 54 railway cars worth 69.60 mln\ndlrs from California's Los Angeles County Transportation\nCommission, a Nippon Sharyo spokesman said.\n He told Reuters components totalling 20 pct of the value of\nthe articulated light rail vehicles will be U.S.-made, and that\ndelivery is due between early 1989 and early 1990.\n The cars will be used for a Long Beach to Los Angeles\nservice due to start in May 1989.\n REUTER\n\u0003", "date": " 9-APR-1987 23:25:44.17", "places": [ "japan", "usa" ], "id": "16078" }, { "title": "THAI RICE EXPORTS FALL IN WEEK TO APRIL 7", "body": "Thailand exported 56,652 tonnes of rice\nin the week ended April 7, down from 75,160 tonnes the previous\nweek, the Commerce Ministry said.\n It said the government and private exporters shipped 41,607\nand 15,045 tonnes respectively.\n Private exporters concluded advance weekly sales for 48,062\ntonnes against 22,086 tonnes the previous week.\n Thailand exported 1.29 mln tonnes of rice so far in 1987,\ndown from 1.39 mln tonnes a year ago.\n It has commitments to export a further 353,045 tonnes this\nyear.\n REUTER\n\u0003", "date": " 9-APR-1987 23:26:59.11", "topics": [ "grain", "rice" ], "places": [ "thailand" ], "id": "16079" }, { "title": "JAPAN SEES MARGINAL RISE IN EDIBLE OIL DEMAND", "body": "The Agriculture Ministry estimates\nJapan's edible oil demand will rise 1.5 pct in calendar 1987 to\n1.68 mln tonnes from 1.65 mln in 1986.\n Domestic consumption will rise to 1.66 mln tonnes in 1987\nfrom 1.64 mln in 1986, while imports will rise to 77,000 tonnes\nfrom 70,000 and exports will be unchanged at 14,000.\n Edible oil supplies will total 1.75 mln tonnes in 1987\nagainst 1.73 mln last year, including domestic output of 1.60\nmln against 1.55 mln. Domestic supplies will comprise 725,000\nof soybean oil (706,000 in 1986), 638,000 of rapeseed oil\n(609,000) and 235,000 of other origin oils (231,000).\n REUTER\n\u0003", "date": " 9-APR-1987 23:31:53.62", "topics": [ "veg-oil", "soy-oil", "rape-oil" ], "places": [ "japan" ], "id": "16080" }, { "title": "FRANCE APPROVES LARGE DEFENCE SPENDING INCREASE", "body": "The French parliament has approved a\nsubstantial increase in defence spending to modernise the\ncountry's nuclear and conventional forces.\n The bill provides 474 billion francs for defence\nexpenditure over a five-year period starting next year, with 32\npct allocated to modernise the country's nuclear weapons\nsystems.\n The budget represents a six pct annual increase, starting\nnext year, well above the 3.5 pct NATO recommends for members\nof its military command. France is a member of NATO but does\nnot belong to its integrated military command.\n The budget will help finance three new types of nuclear\nweapons, a military reconnaissance satellite, a nuclear powered\naircraft carrier, the AMX Leclerc tank and the possible\ndevelopment of chemical weapons.\n The program also includes funds for design work on nuclear\nmissile submarines and the M-5 submarine-launched missile.\n REUTER\n\u0003", "date": " 9-APR-1987 23:36:26.43", "places": [ "france" ], "id": "16081" }, { "title": "SWISS BANKER SAYS COUNTRIES SEEK NEW DEBT ANSWERS", "body": "Countries meeting at the\nInternational Monetary Fund (IMF) this week are looking at a\nvariety of new ways to resolve the problem of third world debt,\nSwiss National Bank president Pierre Languetin said.\n Languetin said meetings of the Group of 10 and the IMF\nInterim Committee today reached a consensus that a rescheduling\nlike that of Mexico's debt must be the last of its kind. The\nMexico rescheduling has still not been finally resolved six\nmonths after it started. Various members suggested other\noptions to break the deadlock between debtor countries and\ntheir creditors, he said.\n Languetin said no recommendations were agreed, but he\nlisted some of the suggestions.\n One involved individual banking systems each resolving the\nproblem of small banks which refused to participate in\nreschedulings. It was this problem that had prevented\ncompletion of the Mexican rescheduling, he said.\n Debt-equity swaps could be expanded, as could 'on-lending',\nwhich some banks had proposed for Argentine debt. 'On-lending'\nallows banks to select customers for rescheduled amounts.\n Small banks which did not wish to reschedule might be\nforced to sign \"exit bonds,\" prohibiting them from lending to\nthat country again, he said.\n Languetin said none of these represented a general view.\nBut he added \"People are trying to get out of the corset.\"\n REUTER\n\u0003", "date": " 9-APR-1987 23:37:51.92", "organisations": [ "imf" ], "places": [ "usa", "switzerland" ], "id": "16082" }, { "title": "INTEREST RATE DIFFERENTIALS TOO SMALL, BANKER SAYS", "body": "Swiss National Bank President Pierre\nLanguetin said a wider interest rate differential between the\ndollar and stronger currencies was needed to brake the dollar's\nfall.\n At a news conference, he said Japan and West Germany could\ntry to stimulate their economies further by expanding money\nsupply, but he added \"I'm not so sure it would be desirable if\nmonetary policy became more expansive.\n \"But what would be useful is a greater differential in\ninterest rates,\" he said.\n REUTER\n\u0003", "date": " 9-APR-1987 23:46:07.85", "topics": [ "interest", "money-supply" ], "places": [ "usa", "switzerland" ], "id": "16083" }, { "title": "THIRTY MINERS KILLED IN SOUTH AFRICA, MINE OWNERS", "body": "Thirty South African coal miners\nhave been killed in an underground explosion at a colliery east\nof Johannesburg, mine owners said.\nreuter^M\n\u0003", "date": " 9-APR-1987 23:46:49.32", "places": [ "south-africa" ], "id": "16084" }, { "title": "PACIFIC DUNLOP SETS ONE-FOR-TEN ISSUE", "body": "Pacific Dunlop Ltd said it will make\na one-for-ten bonus issue from its asset revaluation reserve to\nshareholders registered June 15.\n The bonus involves the issue of about 45 mln shares, the\ndiversified rubber and plastics group said in a statement.\n The new shares will not rank for the deferred annual\ndividend of not less than 12.5 cts that Pacific Dunlop will pay\nin August, but will rank pari passu thereafter, it said.\n As previously reported, it did not pay an interim dividend\nfor the first half to December 31 pending a review of the new\ndividend imputation legislation.\n REUTER\n\u0003", "date": " 9-APR-1987 23:48:18.25", "places": [ "australia" ], "id": "16085" }, { "title": "MOBIL AUSTRALIA REPORTS 38.6 MLN DLR 1986 LOSS", "body": "Wholly-owned Mobil Corp unit,\n, reported a 38.63 mln dlr net loss in\n1986, a turnaround from its 37.25 mln profit in 1985.\n The loss reflected a combination of strikes plus scheduled\nand unscheduled refinery shutdowns for maintenance and\ninventory losses caused by government controls on both crude\nand product prices, Mobil said in a statement.\n However, equity-accounting of associates' profits reduced\nthe loss to 24 mln dlrs against a 37 mln profit in 1985.\n Mobil said it was confident 1987 would see a return to\nprofit as it built further on its 1985 company restructuring.\n REUTER\n\u0003", "date": " 9-APR-1987 23:57:19.95", "topics": [ "earn" ], "places": [ "australia" ], "id": "16086" }, { "title": "COR TEXACO SAYS IT CAN'T POST MORE THAN 1 BILLION", "body": "Texaco Inc, in documents filed with a\nTexas state appeals court, said a ruling forcing it to post a\nbond of more than one billion dlrs as security for a 10.53\nbillion dlr judgment would halt its credit agreements and force\nthe company into bankruptcy.\n A hearing is scheduled Monday on Texaco's motion to reduce\nthe amount of bond required by Texas state law to secure a 1985\njudgment in favour of Pennzoil Co in a dispute over the\nacquisition of Getty Oil.\n Pennzoil today said it proposed to the court that Texaco\nsecure its bond with assets valued at about 50 pct of the bond.\n It said this would not force Texaco into bankruptcy.\n Richard Brinkman, Texaco's chief financial officer, said in\na newly filed affidavit that the company was willing to use its\n65 mln shares of as collateral for a letter\nof credit or loan to provide security to Pennzoil.\n The Canadian unit's stock, valued at about 1.8 billion\ndlrs, was returned to Texaco earlier this week after being held\nas security by a federal district court in New York while\nTexaco awaited a ruling by the U.S. Supreme Court. Brinkman\nestimated that Texaco could borrow no more than one billion\ndlrs using its Canadian subsidiary stock as collateral for a\nloan.\n Texaco, he said, was unwilling to pledge the stock of its\nother foreign subsidiary corporations as security because the\nstock is not widely traded and its market value was unclear.\n Brinkman also said the company had already lost access to a\nfour billion dlr revolving credit line since the initial jury\nverdict against Texaco.\n Texaco had been able to raise working capital by selling\nabout 700 mln dlrs in receivables to a group of banks since the\njudgment, he said. The banks earlier this week notified Texaco\nthat they would not purchase any additional receivables because\nof the company's uncertain status, Brinkman said.\n Four other credit agreements for 1.15 billion dlrs would\nalso be cut off if a judgment of more than four billion dlrs is\noutstanding against the company and it is unable to obtain a\nstay, Brinkman said.\n \"Since the Supreme Court decision on April 6, many other\nsuppliers to Texaco have notified Texaco that their dealings\nwith it are under review and a number have demanded cash\npayment or terminated their dealings with Texaco,\" he said.\n The Supreme Court overturned a lower federal court decision\nto cut Texaco's bond to one billion dlrs, saying the issue\nshould first be considered in Texas courts.\n In a separate affidavit, Managing\nDirector Donald Brennan also said Texaco would be forced into\nbankruptcy if the company were forced to provide Pennzoil with\nsecurity exceeding one billion dlrs.\n REUTER\n\u0003", "date": "11-APR-1987 01:23:09.83", "places": [ "usa", "canada" ], "id": "16087" }, { "title": "JAPAN WARNS U.S. IT MAY RETALIATE IN TRADE DISPUTE", "body": "Japan warned the United States it may\ntake retaliatory measures if the United States imposes its\nplanned trade sanctions on April 17, a senior government\nofficial said.\n Shinji Fukukawa, Vice Minister of the International Trade\nand Industry Ministry, said in a statement Japan would consider\nmeasures under the General Agreement on Tariffs and Trade and\nother actions if the United States imposes 100 pct tariffs on\nsome Japanese exports as planned next week.\n However, Fukukawa said Japan was ready to continue trade\ntalks with the United States despite its failure to convince\nAmerica to call off the threatened tariffs during two days of\nemergency talks which ended in Washington yesterday.\n Last month President Reagan announced the sanctions in\nretaliation for what he called Japan's failure to honour a July\n1986 agreement to stop dumping computer microchips in markets\noutside the United States and to open its home market to\nAmerican goods.\n Fukukawa said the United States had regrettably not\nlistened to Japan's explanation of its efforts to live up the\npact and said Washington had not given any detailed explanation\nof why it planned to impose the tariffs.\n REUTER\n\u0003", "date": "11-APR-1987 01:27:53.25", "topics": [ "trade" ], "places": [ "usa", "japan" ], "id": "16088" }, { "title": "JUDGE KEEPS JAL CRASH SUIT ALIVE IN U.S.", "body": "A judge ruled that questions of\nliability in the 1985 crash of a Japan Air Lines Boeing 747\nwhich killed 520 people near Tokyo will be decided in Seattle.\n But he left open the possibility that monetary damages\ncould be awarded in a Japanese court.\n The ruling, by King County Superior Court Judge Gary\nRittle, came in a hearing on lawsuits in which survivors of 77\nof the victims are seeking millions of dollars in compensation.\n Rittle said after the liability problems are settled, he\nwill examine the question of where damages will be decided.\n Lawyers for both the airline and the Seattle-based Boeing\nCo (BA.N> argued that the suits should be handled in a Japanese\ncourt, saying it would be more costly and time-consuming to\nhear them in an American court.\n But lawyers for the victims' survivors said the two\ncompanies were trying to evade the liability question and\nreduce the amount of compensation they may have to pay.\n Court officials said the case was likely to go to trial\nhere in eight to 10 months.\n A draft report by a Japanese Transport Ministry\ninvestigation team said faulty repairs in 1978 by Boeing and\ninadequate inspection by ministry inspectors had contributed to\nthe cause of the disaster.\n The report, obtained by Reuters this week, is expected to\nbe made public next month. Boeing has said it will probably not\ncomment on the report until it is officially released.\n REUTER\n\u0003", "date": "11-APR-1987 02:00:34.27", "places": [ "usa", "japan" ], "id": "16089" }, { "title": "TWO UTAH FINANCIAL INSTITUTIONS FAIL", "body": "Two Utah financial institutions, the\nBank of Iron County and Summit Savings and Loan Association,\nhave failed, official spokesmen said.\n The board of directors of the Federal Deposit Insurance\nCorporation (FDIC) has approved the assumption of the deposit\nliabilities of Bank of Iron County, Parowan, Utah, by Dixie\nState Bank, St George, Utah, an FDIC spokesman said.\n The bank, which had total assets of 20.1 mln dlrs, was the\nfirst bank in Utah to fail this year and the 59th nationwide.\n Its three offices will reopen Monday as branches of Dixie\nState Bank and its depositors will automatically become\ndepositors of the assuming bank.\n Dixie State Bank will assume about 19.9 mln dlrs in 6,300\ndeposit accounts and will purchase all of the failed bank's\nassets at a discount of 3.575 mln dlrs.\n The Federal Home Loan Bank Board closed Summit Savings and\nLoan Association, Park City, Utah, and directed the Federal\nSavings and Loan Insurance Corporation (FSLIC) to transfer an\nestimated 116.9 mln dlrs in insured deposits to United Savings\nand Loan Association, Ogden, Utah, an FSLIC spokesman said.\n Summit, a 120.8 mln dlr institution, was insolvent, the\nspokesman said. The bank board appointed the FSLIC as\nconservator for the association on April 14, 1986.\n Summit has since operated as part of the bank board's\nManagement Consignment Program. United Savings has 205 mln dlrs\nin assets and nine offices in Utah, and one in Idaho.\n REUTER\n\u0003", "date": "11-APR-1987 03:27:17.72", "places": [ "usa" ], "id": "16090" }, { "title": "KUWAIT INCREASES STAKE IN SIME DARBY", "body": "The Kuwait Investment Office (KIO)\nhas increased its stake in to 63.72 mln\nshares, representing 6.88 pct of Sime Darby's paid-up capital,\nfrom 60.7 mln shares, Malayan Banking Bhd said.\n Since last November, KIO has been aggressively in the open\nmarket buying shares in Sime Darby, a major corporation with\ninterests in insurance, property development, plantations and\nmanufacturing.\n The shares will be registered in the name of Malayan\nBanking subsidiary Mayban (Nominees) Sdn Bhd, with KIO as the\nbeneficial owner.\n REUTER\n\u0003", "date": "11-APR-1987 03:36:49.06", "topics": [ "acq" ], "places": [ "malaysia" ], "id": "16091" }, { "title": "IMF, WORLD BANK CRITICAL OF AGRICULTURE PROTECTION", "body": "A committee of the International\nMonetary Fund (IMF) and World Bank said protectionist\nagricultural policies of industrial countries were a major\ncause of depressed global commodity prices.\n The joint Development Committee, in a communique released\nfollowing day-long discussions, said an improved environment\nfor commodities was extremely important to the long-term\nviability of developing countries.\n The committee also criticised the slow-down in lending to\ndebtor nations.\n Poorer countries, which rely primarily on raw commodity\nsales to industrial nations to pay their debts, have been\nhighly critical of protectionist agricultural policies in the\nUnited States, Western Europe and Japan.\n \"Ministers identified protectionist agricultural policies as\na major cause of distortions including depressed commodity\nprices on world markets, of surplus production and of budgetary\ndrain,\" the communique said.\n The communique, delayed because of disputes over specific\nlanguage, was the final statement by the IMF and the bank after\nweek-long semi-annual meetings of the two lending agencies.\n Earlier, the IMF's powerful Interim Committee added its\nvoice to growing criticism of delays by commercial banks on\ncritically needed loan packages for debt-laden developing\ncountries.\n The committee said it welcomed the exploration of new\nprocedures and financing techniques that will help mobilise new\nfinancial support for indebted countries.\n On Thursday, U.S. Treasury Secretary James Baker, in a\nstatement to the policy-making committee, said commercial bank\nlending to debtor nations last year was disappointing and more\nflexibility in loan programs was needed.\n \"Doubts about financing can clearly undermine the resolve to\ncarry out needed reforms,\" Baker said.\n The Development Committee also joined in the criticism,\nnoting that there had been a declining flow of capital to the\ndeveloping countries that \"has been particularly significant in\nthe case of flows from commercial banks.\"\n A number of bank negotiations are bogged down over details\nincluding financial packages for Mexico, Nigeria and Argentina.\n The banks, acknowledging it has been difficult to complete\ndeals, say part of the blame goes to the developing countries\nfor not making sufficient reform to make them good credit\nrisks.\n REUTER\n\u0003", "date": "11-APR-1987 04:06:51.04", "organisations": [ "imf", "worldbank" ], "places": [ "usa" ], "id": "16092" }, { "title": "SMUGGLING BLAMED FOR CLOSURE OF HAITIAN SUGAR FIRM", "body": "A sugar mill which was this\nnation's second largest employer closed its doors yesterday,\nsaying it had been run out of business by sugar smuggled from\nMiami and the neighbouring Dominican Republic.\n The closure of the Haitian American Sugar Company (HASCO)\nwill idle 3,500 employees and affect as many as 30,000 to\n40,000 small sugar cane planters in regions around the capital,\nthe company said.\n \"Because of unprecedented and ever-growing smuggling, HASCO\nregrets ... It cannot continue to accept delivery of sugar cane\nafter April 10,\" the mill warned planters earlier this week.\n Since President Jean-Claude Duvalier fled Haiti fourteen\nmonths ago, widescale smuggling of basic goods such as cooking\noil, flour, rice, sugar and canned milk has lowered consumer\nprices but bankrupted several local manufacturers, throwing\nhundreds of thousands of Haitians out of work.\n At the HASCO compound, where grim-faced workers lined up to\nreceive their last pay, Spokesman Georges D. Rigaud showed a\nwarehouse stocked with an estimated 445,000 unsold 100-pound\n(45-kg) bags of sugar.\n \"We are closing because of our huge stock of unsold sugar.\nWe have no money left to continue operations,\" Rigaud said.\n He said the company owed 7.6 mln dlrs and had borrowed an\nadditional 1.5 mln dlrs in order to pay off workers.\n Rigaud blamed the mill's problems on an order by Duvalier\ntwo years ago forbidding HASCO from refining sugar.\n He said the government then began importing refined sugar\nat world market prices and reselling it at a huge profit and\nthe provisional military-civilian government that replaced\nDuvalier last year continued the policy.\n \"But now with all the smuggling even the state can't compete\nwith smuggled Dominican refined sugar,\" Rigaud said.\n HASCO workers earned 4.20 dlrs daily, considerably above\nthe usual minimum wage of three dlrs.\n It is generally estimated that every employed Haitian\nsupports at least six people. Rigaud said HASCO's closing at a\nminimum would affect 280,000 to 300,000 people.\n Laid-off workers were bitter about the closure. \"We're dead,\nand it's the government that's causing us to die,\" declared\nLucien Felix, 34, who has five dependents.\n REUTER\n\u0003", "date": "11-APR-1987 04:25:40.51", "topics": [ "sugar" ], "places": [ "haiti" ], "id": "16093" }, { "title": "TAIWAN ANNOUNCES NEW ROUND OF IMPORT TARIFF CUTS", "body": "Taiwan announced plans for another round\nof import tariff cuts on 862 foreign goods shortly before trade\ntalks with Washington which officials described as a move to\nhelp balance trade with the United States.\n Wang Der-Hwa, Deputy Director of the Finance Ministry's\nCustoms Administration Department, told reporters the list of\nproducts included 60 items asked by Washington.\n \"The move is part of our government efforts to encourage\nimports from our trading partners, particularly from the United\nStates,\" he said.\n He said the ministry sent a proposal today to the cabinet\nthat the tariffs on such products as cosmetics, bicycles,\napples, radios, garments, soybeans and television sets be cut\nby between five and 50 pct.\n The cabinet was expected to give its approval next Thursday\nand the new tariff cuts would be implemented possibly starting\non April 20, he added.\n Taiwan introduced a sweeping tariff cut on some 1,700\nforeign products last January aimed at helping reduce its\ngrowing trade surplus with the United States, the island's\nlargest trading partner.\n Washington however was not satisfied with the cuts and\npressed for more reductions as a way of cutting its huge trade\ndeficit with Taipei.\n Washington's deficit with Taipei rose to a record 13.6\nbillion U.S. Dlrs last year from 10.2 billion in 1985. It\nwidened to 3.61 billion in the first quarter of 1987 from 2.78\nbillion a year earlier, Taiwan's official figures show.\n Today's announcement came before a departure later today of\na 15-member Taiwan delegation for Washington for a series of\ntrade talks with U.S. Officials.\n The delegation's leader, Vincent Siew, told reporters last\nnight he was leaving with \"a heavy heart,\" meaning that he would\nface tough talks in Washington because of rising protectionist\nsentiments in the U.S. Congress. Taiwan's 1986 trade surplus\nwith Washington was the third largest, after Japan and Canada.\n Siew said the talks, starting on April 14, would cover U.S.\nCalls for Taiwan to open its market to American products,\npurchases of major U.S. Machinery and power plant equipment,\nimport tariff cuts and protection of intellectual property.\n \"I am afraid this time we have to give more than take from\nour talks with the U.S.,\" he said without elaborating.\n REUTER\n\u0003", "date": "11-APR-1987 04:56:12.21", "topics": [ "trade" ], "places": [ "taiwan", "usa" ], "id": "16094" }, { "title": "BRITISH MINISTER SAYS HE WARNED TOKYO OF SANCTIONS", "body": "A British minister said he had given the\nJapanese government a clear warning of sanctions against\nJapanese companies if Tokyo did not allow more access to its\ninternal markets \"and it was clearly understood.\"\n Corporate Affairs Minister Michael Howard said on his\nreturn from a visit to Japan he thought the Japanese were\nbeginning to appreciate the need to be \"fair and open\" about\naccess to their own markets.\n At an airport news conference Howard denied opposition\ncharges that his trip had been a failure because he had\nreturned empty-handed.\n \"I did what I set out to do. I was sent to deliver a clear\nmessage to the Japanese government, and I delivered it very\nclearly, and it has been clearly understood.\"\n Howard said that under the Financial Services Act the\ngovenment had considerable flexibility in taking sanctions\nagainst Japanese companies and finance houses operating in\nBritain.\n \"It is not simply a question of withdrawing or refusing\noperating licences. We can ban firms from certain countries\nfrom carrying out certain kinds of business, while allowing\nthem to carry out other kinds.\"\n \"I hope we don't have to use these powers, but I made it\nclear in Japan that if our timetable isn't met, we shall use\nthem.\"\n He said it would be unfortunate if Britain and Japan became\ninvolved in a tit-for-tat exchange, adding that Japan gained\nmore than anyone else from an open trading relationship.\n \"I think they are beginning to appreciate that if this\nrelationship is to continue, it is very important for them to\nbe fair and open about access to their own markets.\"\n On the question of the British firm Cable and Wireless Plc\n, which is trying to win a significant share of\ntelecommunications contracts in Japan, Howard said he had told\nthe Japanese this was being widely regarded as a test case.\n He said there were signs of movement on the case. Cable and\nWireless was due to take part in talks in Japan next Tuesday,\nhe said.\n Earlier this week British Prime Minister Margaret Thatcher\nsaid Britain could not go it alone on sanctions against Japan,\nbut would have to coordinate action with its European Community\npartners.\n Community sources said after a meeting of trade officials\nyesterday that the group might impose steep new tariffs on a\nrange of Japanese goods to prevent diversion from United States\nmarkets if Washington imposes trade sanctions against Tokyo as\nit has threatened.\n REUTER\n\u0003", "date": "11-APR-1987 05:22:24.80", "topics": [ "trade" ], "organisations": [ "ec" ], "places": [ "uk", "japan" ], "id": "16095" }, { "title": "YIELD RISES ON 30-DAY SAMA DEPOSITS", "body": "The yield on 30-day Bankers Security\nDeposit Accounts issued this week by the Saudi Arabian Monetary\nAgency (SAMA) rose by more than 1/8 point to 5.95913 pct from\n5.79348 a week ago, bankers said.\n SAMA decreased the offer price on the 900 mln riyal issue\nto 99.50586 from 99.51953 last Saturday. Like-dated interbank\ndeposits were quoted today at 6-3/8, 1/8 pct -- 1/8 point\nhigher than last Saturday.\n SAMA offers a total of 1.9 billion riyals in 30, 91 and\n180-day paper to banks in the kingdom each week.\n REUTER\n\u0003", "date": "11-APR-1987 06:53:16.93", "topics": [ "interest" ], "places": [ "bahrain", "saudi-arabia" ], "id": "16096" }, { "title": "UGANDA PULLS OUT OF COFFEE MARKET - TRADE SOURCES", "body": "Uganda's Coffee Marketing Board (CMB)\nhas stopped offering coffee on the international market because\nit is unhappy with current prices, coffee trade sources said.\n The board suspended offerings last week but because of its\nurgent need for cash it was not immediately clear how long it\ncould sustain, the sources added.\n Hundreds of Ugandan coffee farmers and processors have been\nwaiting several months for payment from the CMB, which has had\ntrouble finding enough railway wagons to move the coffee to the\nKenyan port of Mombasa.\n Foreign banks have contributed to the cash crisis by\nholding up remittance of Uganda's hard currency earnings from\ncoffee exports, the government newspaper New Vision said.\n The banks are holding up to seven mln dlrs in coffee money\nand President Yoweri Museveni is thinking of imposing a penalty\nfor such delays, it added.\n Banking sources said a third factor in the crisis was that\ncommercial banks have lent the board only 77 billion shillings\n-- the equivalent of 55 mln dlrs -- for crop finance in the\ncurrent coffee year, while the government had asked for 100\nbillion.\n The CMB has 455,000 60-kg bags of coffee, about 15 pct of\nannual production, stockpiled in Kampala awaiting shipment.\n The crop accounts for over 90 pct of Uganda's export\nearnings and the recent slide in prices to four-year lows is\nlikely to more than offset an expected increase in production.\n CMB officials have forecast that because the government has\nrestored law and order in important growing areas, Uganda will\nproduce over three mln bags of coffee in the year ending\nSeptember 30, about 25 pct more than in 1985/6.\n REUTER\n\u0003", "date": "11-APR-1987 07:23:30.81", "topics": [ "coffee" ], "places": [ "uganda" ], "id": "16097" }, { "title": "W.GERMAN COCOA GRIND UP 2.9 PCT IN FIRST QUARTER", "body": "The West German cocoa grind rose 2.9\npct to 55,190 tonnes in the first quarter of 1987 from 53,643\ntonnes in the same quarter of of 1986, the Bonn-based\nConfectionery Industry Association said in a statement.\n REUTER TAW\n\u0003", "date": "11-APR-1987 07:27:24.99", "topics": [ "cocoa" ], "places": [ "west-germany" ], "id": "16098" }, { "title": "DRY SPELL IN PHILIPPINES DAMAGES AGRICULTURE CROPS", "body": "A prolonged dry spell has damaged\n111,350 hectares of rice and corn plantations in 10 provinces\nin the central and southern Philippines, agriculture officials\nsaid.\n They said some 71,070 tonnes of agricultural produce\nestimated at about 250 mln pesos was lost to the lack of\nrainfall. They warned of a severe drought if the prevailing\nconditions continued until next month.\n Agriculture Secretary Carlos Dominguez said he hoped the\nlosses would be offset by the expected increase in output in\nother, normally more productive areas not affected by the dry\nspell.\n Affected were 14,030 hectares of palay (unmilled rice),\nrepresenting a production loss of 22,250 tonnes valued at 77.8\nmln pesos, Department of Agriculture reports said.\n About 48,820 tonnes of corn from 97,320 hectares valued at\n170.8 mln pesos have also been lost, they said.\n Officials said the hectarage planted to palay that has been\nhit by the drought accounted for only one pct of national total\nthus the damage is considered negligible.\n In the case of corn, they said the loss can be filled by\nproduction from non-traditional corn farms which diversified\ninto the cash crop from sugar two years ago.\n The Philippine Coconut Authority said coconut production\nin the major producing region of Bicol might drop by 25 pct to\n320,000 tonnes if the dry spell continued. There were no\nreports of actual damage.\n REUTER\n\u0003", "date": "11-APR-1987 07:34:49.42", "topics": [ "grain", "corn", "rice" ], "places": [ "philippines" ], "id": "16099" }, { "title": "SPANISH UNEMPLOYMENT FALLS SLIGHTLY IN MARCH", "body": "Spain's registered unemployment fell by\n10,465 people to 2.97 mln or 21.4 pct of the workforce in\nMarch, Labour Ministry figures show.\n Registered unemployment in February was 2.98 mln people, or\n21.5 pct of the workforce.\n The figures were nonetheless higher than those for March\n1986 -- 2.8 mln people and 21 pct of the workforce.\n REUTER\n\u0003", "date": "11-APR-1987 07:39:40.51", "topics": [ "jobs" ], "places": [ "spain" ], "id": "16100" }, { "title": "MITSUBISHI ELECTRIC TO SUPPLY PROCESSORS TO UNISYS", "body": "Mitsubishi Electric Corp said it\nis nearing an agreement with Unisys Corp of the U.S. To\nsupply central processing units for a medium-sized Unisys\nmainframe computer planned to succeed the System 80.\n A Mitsubishi Electric official declined to say how many\nprocessors would be involved, but said there are no plans to\nmarket the new Unisys computer in Japan.\n REUTER\n\u0003", "date": "13-APR-1987 00:02:38.90", "places": [ "japan", "usa" ], "id": "16101" }, { "title": "CANON, INTEL AGREE ON MICROCHIP TIE-UP", "body": "Canon Inc and Intel Corp \nof the U.S. Agreed to the joint development, production and\nimport of very large scale integrated circuits, a Canon\nspokesman said.\n He told Reuters Intel will make the chips and Canon will\nimport them for use in for use in photocopiers, printers and\nfacsimiles to be made and sold in Japan. Canon, which last week\nmade a similar pact with National Semiconductor Corp ,\nplans to raise its ratio of microchip imports this year to 28\npct from 24 pct last year to take advantage of the yen's rise\nand help quell mounting trade friction, he said.\n REUTER\n\u0003", "date": "13-APR-1987 00:04:04.91", "places": [ "japan", "usa" ], "id": "16102" }, { "title": "HUNGARY RAISES PRICES IN EFFORT TO CURB DEFICIT", "body": "Hungary has announced sharp price\nincreases for a range of food and consumer products as part of\nits efforts to curb a soaring budget deficit.\n The official MTI news agency said the government decided\nconsumer price subsidies had to be cut to reduce state\nspending. From today the price of meat will rise by an average\n18 pct and that of beer and spirits by 10 pct, MTI said.\n MTI said consumer goods will also become more expensive,\nwith the price of refrigerators rising some five pct. It also\nannounced a number of measures to ease hardship, including\nhigher pensions and family allowances.\n Statistics indicate the budget deficit tripled in 1986 to\n47 billion forints. Central banker Janos Fekete has said the\nFinance Ministry is trying to cut the 1987 shortfall to between\n30 and 35 billion from a planned 43.8 billion.\n A major tax reform, including the introduction of a\nWestern-style valued added tax, is planned for January 1988 in\nan effort to cure problems in state spending.\n But diplomats said the latest announcement shows the\nauthorities were forced to act quickly to keep this year's\ndeficit under control.\n The measures are also aimed at cooling an overheated\neconomy, and could help dampen Hungarians' appetite for\nimported Western goods which consume increasingly expensive\nhard currency, the diplomats said.\n The diplomats also said, however, that they did not expect\nthe kind of social unrest that followed sharp price rises in\nother East Bloc states, notably Poland.\n REUTER\n\u0003", "date": "13-APR-1987 00:06:20.19", "topics": [ "cpi" ], "places": [ "hungary" ], "id": "16103" }, { "title": "TOKYO STOCKMARKET INDEX PLUNGES 427.48 TO 22,789.11 AT 1343 LOCAL TIME - BROKERS\n", "date": "13-APR-1987 00:49:30.93", "places": [ "japan" ], "id": "16104" }, { "title": "TOKYO STOCKS PLUNGE IN MIDDAY TRADE", "body": "Tokyo's stockmarket index plunged sharply\nat the start of afternoon trade as investors took profits from\nlast week's four straight record closes, brokers said.\n The market index fell 427.48 points to 22,789.11 only 13\nminutes after afternoon trading began at 13:30 local time.\n Brokers said concern over weekend announcements of mounting\ntrade tension with Europe and the U.S. Sparked the heavy\nselloff.\n The average had risen 630.48 points in the last four\ntrading sessions of last week.\n REUTER\n\u0003", "date": "13-APR-1987 01:05:22.33", "places": [ "japan" ], "id": "16105" }, { "title": "BANK OF JAPAN ACTIVELY BUYING DOLLARS AT AROUND 142.20 YEN IN TOKYO - DEALERS\n", "date": "13-APR-1987 01:14:41.80", "topics": [ "dlr", "money-fx" ], "places": [ "japan" ], "id": "16106" }, { "title": "CHINA WANTS TO BUY 5,000 TONNES PAKISTANI COTTON", "body": "China is negotiating with Pakistan to\nbuy 5,000 tonnes of cotton this year, after importing the same\namount last year under a barter agreement, Chinese consulate\nsources said.\n Chinese ambassador Tian Ding told a meeting of Pakistani\nindustrialists on Thursday that China intended to increase\nimports from Pakistan to reduce a trade imbalance.\n Pakistani officials estimate the country's cotton output\nfrom the current crop at a record 7.6 mln bales (375 pounds\neach). Last year's output totalled 7.2 mln bales and domestic\nconsumption was just below three mln bales, they said.\n REUTER\n\u0003", "date": "13-APR-1987 01:15:24.76", "topics": [ "cotton" ], "places": [ "pakistan", "china" ], "id": "16107" }, { "title": "AUSTRALIAN GOVERNMENT MUST CUT SPENDING, ANZ SAYS", "body": "The government must announce harsh cuts\nin spending in its May 14 economic statement if it is to give\nan adequate response to Australia's economic problems, the ANZ\nBanking Group Ltd said.\n Cuts of two billion dlrs would be insufficient against the\nbackdrop of a 12 billion dlr government deficit and a 14\nbillion dlr current account deficit, it said in its monthly\nBusiness Indicators publication.\n \"For the past two years, the government has struggled with\nan economic reality that demands measures beyond those which it\nsees as politically practicable,\" it said.\n The political climate meant there would be a continued\nover-reliance on monetary policy to hold the exchange rate and\nmaintain confidence in economic management, ANZ said.\n \"The cost of this approach is that the much-needed revival\nof business investment will be further postponed,\" it said.\n The economy was now on a modest growth upswing boosted by\nexport and import-replacement industries which had created a\nfalse suggestion that the worst adjustments to the balance of\npayments crisis were past. \"Unfortunately, successful adjustment\nto Australia's deep-seated economic problems remains a\nlong-term process,\" it said.\n In its economic forecasts, ANZ said it expected moderate\noverall economic growth with gross domestic product (GDP)\nrising 2.7 pct this year and 2.4 pct in 1988.\n The current account deficit would narrow to five pct of GDP\nthis year and 4.3 pct in 1988 and net foreign debt would grow\nstrongly from 81 billion at the end of 1986 to 97.2 billion at\nend-1987 and 110.3 billion a year later.\n Inflation would fall to 8.5 pct in 1987 and 7.5 pct in 1988\nfrom 8.9 pct in 1986 and further falls in real wages were\nexpected, ANZ said.\n REUTER\n\u0003", "date": "13-APR-1987 01:16:21.23", "topics": [ "bop", "gnp", "cpi" ], "places": [ "australia" ], "id": "16108" }, { "title": "BELL RESOURCES TO ISSUE WARRANTS ON BHP GOLD MINES", "body": "Bell Resources Ltd said it will\nraise about 50.8 mln dlrs by issuing 135.6 mln warrants at 37.5\ncents each, entitling the holder to take up shares in BHP Gold\nMines Ltd at 1.60 dlrs each on or before December 15,\n1987.\n The non-renounceable entitlement will be on the basis of\none-for-three to holders of Bell Resources fully-paid shares\nand convertible preference shares registered on May 6, the\ncompany said in a statement. Other ratios will be one-for-five\nfor partly paid Series A shares, one-for-eight for partly-paid\nSeries B and C shares and one-for-10 for 1987 options.\n Bell said the security is similar in concept to the\nwarrants on the shares of BHP Gold Mine's parent company, The\nBroken Hill Pty Co Ltd (BHP), launched by Bell about\none year ago.\n BHP is currently floating BHP Gold Mines, the vehicle for\nits gold interests in Australia and other countries.\n The Bell Group Ltd will not take up its entitlement to the\nBHP Gold Mines warrants, but the family companies of its\nchairman Robert Holmes a Court will, Bell said.\n The warrants will be listed and stockbroker McCaughan Dyson\nand Co Ltd is underwriting the issue.\n REUTER\n\u0003", "date": "13-APR-1987 01:22:34.18", "places": [ "australia" ], "id": "16109" }, { "title": "ELECTROLYTIC REFINING LOWERS COPPER PRICE", "body": "The Electrolytic Refining and\nSmelting Co of Australia Pty Ltd said it lowered its ex-works\nPort Kembla Refinery Copper Price by 20 dlrs to 2,160 dlrs a\ntonne, effective today.\n REUTER\n\u0003", "date": "13-APR-1987 01:23:00.59", "topics": [ "copper" ], "places": [ "australia" ], "id": "16110" }, { "title": "JAPAN CENTRAL BANK ACTIVELY BUYS DOLLARS IN TOKYO", "body": "The Bank of Japan actively bought dollars\nhere in early afternoon trade at around 142.20 yen, dealers\nsaid.\n The central bank had placed buy orders at that level and\nprevented the dollar from falling when it came under heavy\nselling pressure from investment trusts and trading houses,\nthey said.\n However, the intervention failed to boost the U.S. Currency\nsignificantly from the 142.20 yen level, they added.\n The dollar was trading around its midday rate of 142.30\nyen. It had opened here at 141.85 yen.\n REUTER\n\u0003", "date": "13-APR-1987 01:28:17.44", "topics": [ "dlr", "money-fx" ], "places": [ "japan" ], "id": "16111" }, { "title": "TEXACO SEES BUSINESS LITTLE HIT BY BANKRUPTCY MOVE", "body": "Texaco Inc said its decision to\nfile for protection under Chapter 11 of the U.S. Bankruptcy\ncode will not affect the majority of its businesses.\n It said its subsidiaries, which account for 96 pct of its\n32.6 billion dlrs in revenues and 79 pct of its net property,\nplant and equipment, were free of the action.\n Only parent holding company, Texaco Inc, and operating\nsubsidiaries, Texaco Capital Inc and Texaco Capital N.V, are\naffected, it said.\n But the company said it was likely to suspend its 75 cents\nper share quarterly common stock dividend and halt repayments\non debts of some 6.8 billion dlrs.\n Texaco said it filed for Chaper 11 because suppliers were\ndemanding cash payments and banks were withholding loans as a\nresult of a legal dispute with Pennzoil Co .\n Texaco is fighting a Texas law requiring it to post a bond\nof more than 10 billion dlrs before it can appeal a 1985\njudgment that ruled it illegally interfered with Pennzoil's\n1984 acquisition of Getty Petroleum Corp . The bond almost\nmatches the damages awarded against Texaco.\n Should Texaco fail to place the bond, Pennzoil could begin\nto attach its assets to secure the judgment.\n Last Monday, the Supreme Court overturned a decision to cut\nTexaco's bond to one billion dlrs, and sent the issue back to\nthe Texas courts.\n Analysts said the bankruptcy filing effectively froze all\nTexaco's obligations while it continued to appeal the merits of\nthe Pennzoil lawsuit.\n \"Attempts last week to win a compromise on both the bond\nissue and the larger dispute failed,\" James Kinnear, Texaco's\npresident and chief executive officer, told reporters.\n Kinnear said Pennzoil's disclosure in court papers on\nFriday that it wanted to extend the bond issue hearing until\nthe end of April, pushed Texaco further towards Chapter 11.\n Pennzoil had asked Texaco to post a 5.6 billion dlr cash\nbond and to reduce its dividend to not more than 50 pct of\nearnings. Pennzoil also wanted assurances that Texaco would not\nsell any assets, Kinnear said.\n Texaco offered to put up one billion dlrs in a letter of\ncredit and agreed not to let the value of its assets fall under\n11.1 billion dlrs, he added.\n Joseph Jamail, a Houston attorney for Pennzoil, said the\ncompany had made its latest settlement offer to Texaco on\nSaturday and was taken by surprise when Texaco filed for\nbankruptcy.\n He declined to reveal the amount of the proposal, citing a\nconfidentiality agreement between the two companies. \"Texaco\ntold us they would get back to us but instead they chose to go\nto bankruptcy court,\" Jamail said.\n Attorneys for Pennzoil said they believed the company would\nprevail in court appeals, adding that Texaco's assets were\nample ultimately to pay the Pennzoil judgment in full.\n REUTER\n\u0003", "date": "13-APR-1987 01:35:42.35", "topics": [ "earn" ], "places": [ "usa" ], "id": "16112" }, { "title": "U.S. AUTO UNION WILL FIGHT TO STOP JOB/WAGE CUTS", "body": "The United Auto Workers union (UAW)\nvowed to fight wage and job cuts in a round of labour talks\nstarting in July that cover nearly 500,000 workers at General\nMotors Corp and Ford Motor Co .\n \"The UAW doesn't go around picking fights, but we don't run\naway from them when they're forced on us ... We want peace, but\npeace comes at a price,\" union president Owen Bieber said.\n \"And if it's war, the UAW will be ready for it,\" he said, in\nan address to 3,000 union leaders at the start of a four-day\nspecial convention.\n He said the Detroit carmakers had turned their backs on\nAmerica by the increasing use of imports that cost U.S. Jobs.\n He said the union was ready to strike for \"job and income\nguarantees,\" bans on shifting production to foreign and other\nnon-union sources, and increases in pay and profit-sharing.\n GM, under pressure from declining sales and profits, has\nsaid this year's talks will be difficult because it wants to\nlimit wage rises and shed parts-manufacturing operations\nconsidered uncompetitive.\n Contracts at both companies expire at midnight on September\n14.\n REUTER\n\u0003", "date": "13-APR-1987 01:48:48.93", "places": [ "usa" ], "id": "16113" }, { "title": "N.Z. PLANS EIGHT 250 MLN DLR 1987/88 BOND TENDERS", "body": "Finance Minister Roger Douglas said\neight bond tenders of 250 mln dlrs each are planned for the\nyear ending March 1988.\n Douglas said in a statement the June quarter borrowing\nprogram will not include a May tender, but a 250 mln dlr tender\nwill be held on June 11.\n Overfunding in 1986/87 has removed the need for a May\ntender, he said.\n Preliminary estimates put net public sector injections for\n1987/88 year at 2.1 billion dlrs.\n The fiscal deficit for 1987/88 is forecast at 2.2 billion\ndlrs compared with a forecast of 2.45 billion for 1986/87 and\n1.87 billion a year earlier.\n However, Douglas said the 1987/88 estimate is subject to\nuncertainties over the results of pre-budget spending reviews\nand tax forecasts and over the effect the program of\n\"corporatising\" certain government departments will have on\nliquidity.\n Douglas said whatever the outcome of these influences the\nnet public sector injections will continue to be fully funded\non a fiscal year basis.\n REUTER\n\u0003", "date": "13-APR-1987 01:53:38.48", "places": [ "new-zealand" ], "id": "16114" }, { "title": "PATON REPORTS U.S. GREEN COFFEE ROASTINGS HIGHER", "body": "U.S. roastings of green coffee in the\nweek ended April 4 were about 275,000 (60-kilo) bags, including\nthat used for soluble production, compared with 215,000 bags in\nthe corresponding week of last year and about 320,000 bags in\nthe week ended March 28, George Gordon Paton and Co Inc\nreported.\n It said cumulative roastings for calendar 1987 now total\n4,440,000 bags, compared with 4,540,000 bags by this time last\nyear.\n Reuter\n\u0003", "date": "13-APR-1987 02:00:16.84", "topics": [ "coffee" ], "places": [ "usa" ], "id": "16115" }, { "title": "AUSTRALIAN STOCKS CLOSE AT RECORD LEVELS", "body": "Australian share markets closed at\nrecord levels for the seventh consecutive session as strong\noverseas interest in gold stocks pushed the market higher,\nbrokers said.\n They said heavy trading in gold stocks in London on Friday\nnight provided the impetus for the local market.\n At the close of trading the all ordinaries index was 11.6\npoints higher above Friday's previous record close at 1,799.0,\nwhile the gold index had risen 176.8 points or 5.2 pct to a\nrecord 3,562.1.\n The all resources index added 23.9 points to 1,164.3 but\nthe all industrials index dropped 4.8 points to 2,631.9.\n National turnover was a high 228 mln shares worth 525 mln\ndlrs with rises outnumbering falls by four to three.\n Western Mining continued its run, jumping 1.04 dlrs to a\nrecord 10.30. Poseidon gained 3.00 to 16.00, Sons of Gwalia 90\ncents to 16.50 and Kidston 50 to 9.00.\n Placer Pacific rose 25 cents to 3.95 dlrs, Elders Resources\n17 to 3.20, CRA 36 to 8.70 and MIM 19 to 3.35.\n Market turnover was boosted substantially by the inclusion\nof about 180 mln dlrs in Australian Consolidated Minerals\nshares, understood to represent the sale of Western Mining's\nholding, brokers said. ACM shares finished 30 cents down at\n8.40 dlrs.\n Resources leader BHP closed 15 down at 11.40 in quiet\ntrading while Bell Resources rose eight to 5.70. Elders IXL\nlost 10 to 4.75.\n With most investors concentrating on mining stocks,\nindustrial stocks took a back seat.\n TNT dropped 10 cents to 4.75 dlrs and News Corp recovered\nto be steady at 23.00 after being down most of the day. ANZ\nBank dropped 10 to 5.60 and National four to 5.46.\n In the oil and gas sector Santos dropped 26 to 5.00 and\nBridge eight to 1.40, but Genoa gained 25 to 3.05.\n June share price index futures staged a late rally and\nfinished 24.0 points higher at 1,824.0.\n REUTER\n\u0003", "date": "13-APR-1987 02:03:38.10", "places": [ "australia" ], "id": "16116" }, { "title": "WESTERN MINING SELLS ACM STAKE", "body": "Western Mining Corp Holdings Ltd\n (WMC) said it sold its entire holding of 22.13 mln\nshares in the gold mining company (ACM).\n WMC gave no details, but stockbrokers said the sale was\nmade at eight dlrs a share on Friday to a number of U.S.,\nEuropean and Australian investors through WMC's usual brokers.\n The company purchased the 19.9 pct parcel in early March\nfrom Amax Inc at 6.32 dlrs a share ahead of a\none-for-three bonus issue when Amax sold its entire 47 pct\nstake in ACM to a number of local companies.\n REUTER\n\u0003", "date": "13-APR-1987 02:05:55.66", "topics": [ "acq" ], "places": [ "australia" ], "id": "16117" }, { "title": "YUGOSLAV ECONOMY WORSENED IN 1986, BANK DATA SHOWS", "body": "National Bank economic data for 1986\nshows that Yugoslavia's trade deficit grew, the inflation rate\nrose, wages were sharply higher, the money supply expanded and\nthe value of the dinar fell.\n The trade deficit for 1986 was 2.012 billion dlrs, 25.7 pct\nhigher than in 1985. The trend continued in the first three\nmonths of this year as exports dropped by 17.8 pct, in hard\ncurrency terms, to 2.124 billion dlrs.\n Yugoslavia this year started quoting trade figures in\ndinars based on current exchange rates, instead of dollars\nbased on a fixed exchange rate of 264.53 dinars per dollar.\n Yugoslavia's balance of payments surplus with the\nconvertible currency area fell to 245 mln dlrs in 1986 from 344\nmln in 1985. The National Bank said the drop was due to a\ndeterioration in trade. Exports to the convertible currency\narea rose 11.6 pct from 1985, while imports rose 17.8 pct.\n Retail prices rose an average of 88.1 pct in 1986 while\nindustrial producer prices rose by 70.6 pct, the bank's data\nshowed. The cost of living rose by 89.1 pct.\n Personal incomes rose by 109 pct in 1986.\n Prime Minister Branko Mikulic warned in February that wages\nwere too high given the level of productivity.\n Mikulic introduced a law cutting wages to the level of the\nlast quarter of 1986 and tying future rises to productivity.\n Bank statistics show the overall 1986 rise in M-1 money\nsupply was 109.1 pct with a year-end position of 3,895.9\nbillion dinars. Yugoslavs have 9.8 billion dlrs worth of\nforeign currency savings in the country and 20 billion dlrs\nabroad, mostly owned by workers employed in western Europe.\n The dinar fell by 73.1 pct against a basket of hard\ncurrencies in 1986. The highest depreciation was against the\nSwiss franc, 85.3 pct, and the lowest against the U.S. Dollar,\n46.2 pct.\n REUTER\n\u0003", "date": "13-APR-1987 03:07:45.33", "topics": [ "trade", "wpi", "cpi", "income", "retail" ], "places": [ "yugoslavia" ], "id": "16118" }, { "title": "ANZ BANK SETS ONE-FOR-TWO BONUS ISSUE", "body": "Australia and New Zealand Banking\nGroup Ltd said it will make a one-for-two bonus issue\nfrom its asset revaluation reserve to shareholders registered\nJune 2.\n The proposed bonus and an increase in authorised capital to\none billion one-dlr par shares from 600 mln will be put to\nshareholders for approval at an extraordinary general meeting\non May 26, the ANZ said in a statement.\n The issue will absorb about 230 mln dlrs of the 260.9 mln\nstanding in the asset revaluation reserve, it said.\n The bank said that by lowering the dividend rate it expects\nto maintain the value of dividend payout on the enlarged\ncapital at about the level of its last full year ended\nSeptember 30. The group paid 31 cents a share and 133.1 mln\ndlrs in all for that year.\n Shareholders will also be asked to approve changes in the\nbank's articles of association to allow it to offer shares in\nlieu of the interim dividend at a discount of five pct to the\nmarket price.\n The group is the latest to announce a tax-free bonus issue\nahead of dividend imputation, effective July 1.\n REUTER\n\u0003", "date": "13-APR-1987 03:11:17.00", "topics": [ "earn" ], "places": [ "australia" ], "id": "16119" }, { "title": "UAE CENTRAL BANK CD YIELDS RISE", "body": "Yields on certificates of deposit\n(CD) offered by the United Arab Emirates Central Bank were\nhigher than last Monday's offering, the bank said.\n The one-month CD rose 1/4 point to 6-3/8 pct, while the\ntwo, three and six-month maturities rose 5/16 point each to\n6-7/16, 6-1/2 and 6-5/8 pct respectively.\n REUTER\n\u0003", "date": "13-APR-1987 03:11:28.04", "topics": [ "interest" ], "places": [ "uae" ], "id": "16120" }, { "title": "CHINESE HOTEL RAISES 21 MLN DLR LOAN", "body": "A tourist hotel in Suzhou, Jiangsu\nprovince, is raising a 21 mln U.S. Dlr loan to cover its\nconstruction cost, lead manager said.\n The loan for the Suzhou Aster Hotel will mature in 10 years\nand is guaranteed by the provincial investment arm . The terms were not\nrevealed. The loan, to be signed by the end of the month, will\nbe provided by a number of banks on a club basis.\n The hotel is being developed on a contractual joint venture\nbasis between an unnamed Hong Kong Chinese investor and Suzhou\nmunicipal entities.\n REUTER\n\u0003", "date": "13-APR-1987 03:14:22.80", "places": [ "hong-kong", "china" ], "id": "16121" }, { "title": "CHINA SULPHUR-IRON MINE STARTS PRODUCTION", "body": "China's largest sulphur-iron mine has\nstarted trial production at Yunfu in the southern province of\nGuangdong, the China Daily said.\n It said the mine has an annual output capacity of three mln\ntonnes of sulphur-iron ore, which can be used without\nprocessing because of its high quality.\n REUTER\n\u0003", "date": "13-APR-1987 03:16:30.50", "topics": [ "iron-steel" ], "places": [ "china" ], "id": "16122" }, { "title": "CHINA, CHILE TO BUILD COPPER TUBE PLANT IN CHINA", "body": "China's state-owned Beijing Non-Ferrous\nMetals Industrial Corp and of Chile signed\na contract to jointly build a copper tube plant on the\noutskirts of Peking, the China Daily said.\n The Beijing-Santiago Copper Tube Co involves an investment\nof 9.93 mln dlrs and will, on completion, have a production\ncapacity of 5,000 tonnes of copper tubes a year, it said.\n It said Chile will supply copper at preferential rates to\nthe venture, whose equipment comes from of\nU.K.\n The agreement calls for joint Sino-Chilean management of\nthe venture for 15 years, the paper said.\n It said the venture is the first economic cooperation\nproject between China and Chile, but gave no more details.\n China is a major copper importer. Customs figures show it\nimported 171,118 tonnes of copper and alloy in calendar 1986,\ndown from 355,652 tonnes in 1985.\n REUTER\n\u0003", "date": "13-APR-1987 03:26:33.29", "topics": [ "copper" ], "places": [ "china", "chile" ], "id": "16123" }, { "title": "SAS UNIT, SKANSKA IN CHINA HOTEL JOINT VENTURE", "body": "The 's\nSAS International Hotels unit and Skanska AB of\nSweden are raising a 37 mln U.S. Dlr loan for their joint\nventure hotel in China, loan lead manager DnC Ltd said.\n It said the loan will finance part of the cost of the 46\nmln dlr SAS Grand Hotel Beijing in the Chinese capital. The\nthree other lead managers are DnC's parent company Den norske\nCreditbank, Scandinavian Far East Ltd and its parent\nSkandinaviska Enskilda Banken.\n Terms of the loan are being finalised and syndication is\nexpected to begin in about one month, DnC Ltd said.\n The recipient of the loan will be SAS Grand Hotel Beijing\nJoint Venture Co Ltd, which is owned 50 pct by the China\nInternational Exhibition Centre and 50 pct by the two Swedish\nfirms.\n Skanska will be responsible for the construction and SAS\nInternational Hotels for the management of the hotel, which is\npart of the International Exhibition Centre complex.\n Construction of the 400-room hotel will start after the\nloan is signed. It is due to be opened in late 1989.\n REUTER\n\u0003", "date": "13-APR-1987 03:32:56.24", "places": [ "china", "hong-kong", "sweden" ], "id": "16124" }, { "title": "SINGAPORE EXTERNAL TRADE GAINS 8.8 PCT IN QUARTER", "body": "Singapore's external trade grew 8.8\npct in first quarter 1987, against a 12.4 pct decline in the\nsame period last year and two pct growth in the previous\nquarter, the Trade Development Board said.\n It said exports over the period rose by 8.7 pct to 12.38\nbillion dlrs and imports by 8.9 pct to 14.64 billion for a\ntrade deficit of 2.26 billion, against a 2.06 billion deficit\nin the same 1986 period and 1.78 billion deficit previously.\n The growth was attributed to the strength of non-oil trade,\nespecially computers and computer parts, electronic components\nand garments, it said.\n REUTER\n\u0003", "date": "13-APR-1987 03:36:32.99", "topics": [ "trade" ], "places": [ "singapore" ], "id": "16125" }, { "title": "MALAYSIA'S 1986 MANUFACTURING EXPORTS RISE 24 PCT", "body": "Malaysia's manufacturing exports\nrose by 24.5 pct to 15.1 billion ringgit in 1986, chairman of\nthe Export Promotion Council Ahmad Sarji Abdul Hamind said.\n The improved export performance was led by electrical and\nelectronic products, textiles, footwear, clothing, processed\nfood, timber, chemical and rubber products, he told a news\nconference.\n However, total gross exports for the year declined by 5.6\npct to 35.9 billion ringgit from 38 billion in 1985 due to a\nfall in major commodity exports and weak prices, he said.\n REUTER\n\u0003", "date": "13-APR-1987 03:45:13.43", "topics": [ "trade" ], "places": [ "malaysia" ], "id": "16126" }, { "title": "SLIGHT DROP IN PHILIPPINE TREASURY BILL RATES", "body": "Rates for five billion pesos worth of\nPhilippine Treasury bills eased slightly at Friday's auction,\nwith tenders totaling 13.94 billion, the Central Bank said.\n It said 1.3 billion pesos of 91-day bills averaged 11.249\npct, down from 11.743 pct the previous week, 1.6 billion of\n182-day bills averaged 12.473 pct against 12.847 pct, and 2.1\nbillion of 364-day bills averaged 14.029 pct against 14.233.\n The bank said there would be no auction this week because\nof the Easter holiday.\n It also said T-bills and three-year T-note auctions totaled\n61.1 billion pesos in the first quarter of 1987.\n REUTER\n\u0003", "date": "13-APR-1987 03:49:40.58", "places": [ "philippines" ], "id": "16127" }, { "title": "GERMAN CAPITAL MARKET LIBERALIZATION STALLS", "body": "West Germany's capital market\nliberalization program has stalled and bankers are worried it\nmay take years for further reforms to be completed.\n Liberalization got underway in May 1985 when foreign banks\nreceived Bundesbank permission to lead-manage mark eurobonds.\n Further moves included introduction of mark-denominated\ncertificates of deposit last year. But other changes, including\nrevisions in the domestic options market and introduction of\nfutures contracts, need lengthy statutory changes and this may\ntake years, bankers and dealers say.\n Deutsche Bank AG co-chairman F. Wilhelm Christians called\nlast week for an enlargement of current capital market\ninstruments to include instruments already standard abroad.\n He said these are needed especially when prices fall,\nciting declines in West German share prices in the first two\nmonths of this year when stock indices fell about 20 pct.\n Others are more blunt. Securities dealers say the lack of\nviable hedging instruments for shares and bonds makes trading\nin domestic markets too risky.\n \"We need a stock index futures contract, and a futures\ncontract for recent government bonds,\" one dealer said.\n West Germany now has options contracts on about five pct of\nshares and bonds traded on exchanges here, covering only about\n30 pct of the average traded volume, stock market sources said.\n Options can only be written on the original 14 bonds\nselected when bond options were introduced last April. The most\nrecent bond on the list was issued in 1985.\n There are no futures exchanges in West Germany. German\nbanks may participate in futures exchanges through branches\nabroad but these are at least outwardly subject to stringent\nWest German rules requiring that every contract be secured on a\none-by-one basis with a separate hedge, to prevent speculation.\n Another problem is a lack of liquidity in the existing\nmarkets, owing to lack of private investor participation.\n Private individuals and corporations do not engage in\noptions trading now due to West Germany's civil and exchange\nlaws, which define losses made in futures and options business\nas gambling losses, which investors need not pay back.\n Options business has been hurt by lack of liquidity from\npension funds, which currently are forbidden to invest in these\ninstruments. But they are to be allowed to enter the business\nsoon as the European Community begins to harmonize rules\ngoverning funds.\n Manfred Laux, general secretary of the West German mutual\nfunds association in Frankfurt, said harmonized rules are to be\nadopted by October 1, 1989 at the latest.\n The push to adopt new instruments has not been great in the\npast, owing to wide-spread belief they are speculative, which\ngives them a bad name in West Germany. But pressure for their\nintroduction here is growing.\n The start-up of a Swiss futures exchange has some bankers\nconsidering if a similar exchange would be useful in West\nGermany. They say that without innovations, some business could\ndrift to London, which the Bundesbank vehemently opposes.\n An official at the London International Financial Futures\nExchange (LIFFE) said the exchange currently has no plans to\nintroduce more mark-denominated contracts beyond the existing\nmark-dollar contract. But he said the exchange is studying the\nfeasibility of other contracts, including one for three-month\nmark interest rates and possibly a government bond contract.\n A Bundesbank capital markets expert said the Bundesbank has\nno objections to hedging through futures but any liberalization\nin that sector is still in the early planning stages after\nearlier talks ended two years ago.\n Considerations about the futures business have been drawn\nout because of the large number of participants involved in\ntalks. They include parliament, the Bundesbank, the Federal\nBanking Supervisory Board, eight West German stock exchanges\nand their governing states, and the four West German banking\nassociations.\n Beyond options and futures, other changes being suggested\ninclude replacing the federal government's current bond\nconsortium with an auction procedure similar to one being\nconsidered in the U.K. And already in practice in the U.S.\n This would upset the existing market order providing German\nand foreign banks in the consortium with fixed quotas but it\nwould eliminate the misallocations some bankers say presently\narise within the fixed consortium quota system.\n In addition, some bankers would like the method of bond\ntrading on the West German stock exchange changed to a system\nof continuous price-setting from the current system in which\nevery bond price is fixed once a day.\n This would make trading more transparent if it reduced the\nproportion of off-floor interbank bond trading, now some 90 pct\nof the volume of bond transactions here, the bankers say.\n REUTER\n\u0003", "date": "13-APR-1987 04:00:17.66", "places": [ "west-germany" ], "id": "16128" }, { "title": "MALAYSIAN TREASURY BILL RISES AT LATEST TENDER", "body": "The central bank, Bank Negara,\nsaid yields on the 91-day Malaysian treasury bills rate rose\nslightly to 2.032 pct at this week's tender from 2.020 pct last\nweek.\n Accepted bids ranged between 1.951 and 2.060 pct compared\nwith 1.874 and 2.048 pct previously. Applications totalled 440\nmln ringgit for the 100 mln of bills on offer.\n The bank said it will offer 100 mln ringgit of 91-day bills\nand 150 mln of 182-days at a tender closing on April 20.\n REUTER\n\u0003", "date": "13-APR-1987 04:04:17.76", "places": [ "malaysia" ], "id": "16129" }, { "title": "OFFER FOR DOME MAY SHORT-CIRCUIT ITS DEBT TALKS", "body": "A 3.22 billion dlr offer for Dome\nPetroleum Ltd by TransCanada Pipelines Ltd \nmay short-circuit Dome's restructuring plan and open the door\nfor more takeover bids, oil analysts said.\n Dome is trying to get approval for a plan to refinance debt\nof more than 4.5 billion dlrs by July 1, 1987, when an interim\ndebt plan that allowed the Canadian oil and gas firm to defer\nsubstantial payments to creditors will expire.\n Analysts said TransCanada's bid signals Dome's debtholders\nthat an alternative exists to Dome's debt plan.\n Dome announced its plan to 56 major creditors as well as\npublic noteholders in March after several months of delicate\nnegotiations.\n TransCanada's proposal \"amounts to a quasi debt\nrestructuring,\" oil analyst Doug Gowland of Brown Baldwin Nisker\nLtd said from Toronto.\n Calgary-based Dome's restructuring plan would allow\ncreditors to convert debt to common shares under a formula yet\nto be negotiated. Payments on remaining debt would be linked to\ncash flow generated by assets pledged against the debt.\n \"The weakness of the whole debt-refinancing proposal is that\neven with approval of creditors, there is no assurance that\nDome will in fact be able to repay all of its debt obligations,\"\nsaid Wilf Gobert, an oil analyst for Peters and Co Ltd in\nCalgary.\n TransCanada's announcement came as a surprise since Dome\nwas waiting for responses from creditors on its proposed\nrefinancing packages, Gobert said.\n The TransCanada proposal could open the bidding for Dome\nsince other potential buyers were probably waiting for lenders\nto agree to a restructuring, he added.\n \"I would think that the debtholders would want to entertain\nany and all offers (for Dome),\" Gobert said.\n Dome spokesman David Annesley said in New York that\nTransCanada's announcement could be seen as an attempt to fix\nthe bidding price for Dome and an effort to preclude other\npossible buyers from making an offer. \"By drawing attention to\nus in our discussions, it means that others may be a little\nreluctant to come forward,\" he said.\n Dome does not consider TransCanada's proposal a formal\noffer because the pipeline utility's announcement breached a\nconfidential agreement between the two companies, he said.\n Dome responded to the statement by suspending discussions\nwith TransCanada in order to pursue talks with other\nunidentified parties. However, Dome said its management and\nfinancial advisers would evaluate all proposals, including\nTransCanada's.\n Gowland said TransCanada's offer is probably a fair price\nfor the company's 36.1 mln acres of oil and gas land holdings.\n However, he said not enough financial details are known\nabout Dome's debt restructuring to compare the value of\nTransCanada's proposed offer.\n REUTER\n\u0003", "date": "13-APR-1987 04:05:06.87", "topics": [ "acq" ], "places": [ "canada", "usa" ], "id": "16130" }, { "title": "CHINA AND PORTUGAL SIGN MACAO DEAL", "body": "Prime Ministers Zhao Ziyang of China and\nAnibal Cavaco Silva of Portugal signed an agreement to end more\nthan four centuries of Portuguese rule over the territory of\nMacao and return it to Chinese control in 1999.\n Macao will become a special administrative region on\nDecember 20, 1999, retaining a high degree of autonomy except\nin foreign affairs and defence. Its capitalist system is to\nremain intact for 50 years under an arrangement similar to the\none that will return Hong Kong to China from Britain in 1997.\n China hopes to win back the Nationalist-ruled island of\nTaiwan under the same \"one country, two systems\" formula.\n \"The successful settlement of the question of Macao has\nproven and will continue to prove that the concept of 'one\ncountry, two systems' is realistic and therefore definitely\nviable,\" Zhao said.\n Macao's population of 300,000 includes more than 40,000\nPortuguese passport holders.\n Peking has said Chinese nationals in this category will be\nable to use their Portuguese passports after 1999 but will not\nbe entitled to Portuguese consular protection in Macao or\nelsewhere in China.\n REUTER\n\u0003", "date": "13-APR-1987 04:21:41.84", "places": [ "china", "portugal" ], "id": "16131" }, { "title": "TEXACO EUROBONDS UNQUOTED AT MARKET OPENING", "body": "Eurobonds for Texaco Inc subsidiaries\nwere unquoted this morning as traders assessed the implications\nof the company's shock weekend decision to file for bankruptcy\nunder Chapter 11 of U.S. Bankruptcy laws, eurobond dealers\nsaid.\n The decision to file for bankruptcy follows a court\ndecision that it had to post an 11 billion dlr bond to continue\nits court battles with Pennzoil Co .\n One head trader at a U.S. Securities house said, \"I don't\nwant to be obstructive, but there genuinely is no market in\nTexaco bonds at the moment. Everyone is stunned by the decision\n(to file for bankruptcy) and can't really believe it.\"\n One dealer noted that Texaco subsidiaries have outstanding\neurobonds totalling over three billion dlrs out of total\nborrowings of some 6.8 billion dlrs.\n He added that many of the fixed interest eurobonds - dollar\nstraights - had been trading \"basis only\" for some time prior to\nthis weekend's news. This means traders could quote a two way\nprice for the bonds but would not be bound to trade them. Any\ntrades would be negotiated.\n He said that recently there appeared to have been some\nspeculative buying of the bonds from the U.S. But that European\ninvestors had been overall sellers.\n Dealers noted that under the Chapter 11 filing noteholders\nwill receive no interest payments.\n Texaco also has eurobonds outstanding which are convertible\ninto Texaco Inc common stock - known as convertibles. Trading\ndid not open in these issues either. One convertible dealer\nsaid, \"We're waiting to see the result of today's court hearing.\"\nTexaco is applying today in the Texas courts for relief from\nhaving to post the court bond.\n Texaco shares were being indicated by over the counter\nshare dealers here at around 26 to 28 dlrs compared with\nFriday's close in New York of 31-7/8 dlrs.\n Pennzoil shares were indicated at 85 to 87 dlrs compared\nwith Friday's New York finish of 92-1/4 dlrs.\n REUTER\n\u0003", "date": "13-APR-1987 04:33:05.29", "places": [ "uk", "usa" ], "id": "16132" }, { "title": "U.K. MONEY MARKET DEFICIT FORECAST AT 400 MLN STG", "body": "The Bank of England said it forecast a\nshortage of around 400 mln stg in the money market today.\n Among the main factors affecting liquidity, bills maturing\nin official hands and the take-up of treasury bills will drain\nsome 1.085 billion stg.\n Partly offsetting these outflows, a fall in note\ncirculation will add some 340 mln stg, exchequer transactions\naround 300 mln and bankers' balances above target about 50 mln.\n REUTER\n\u0003", "date": "13-APR-1987 04:53:55.42", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "16133" }, { "title": "BANGLADESH COST OF LIVING INDEX FALLS IN JANUARY", "body": "Bangladesh's cost of living index fell\n1.09 pct in January to 479, after a 1.6 pct decline to 484.28\nin December (1973-74 base 100), the Bureau of Statistics said.\n The cost of living index fell 0.14 pct to 434.49 in January\n1986.\n In the year to January, inflation ran at 10.24 pct after an\n11.3 pct rate a month earlier and 9.72 pct a year earlier.\n REUTER\n\u0003", "date": "13-APR-1987 04:59:56.18", "topics": [ "cpi" ], "places": [ "bangladesh" ], "id": "16134" }, { "title": "DEUTSCHE BANK FINANCE UNIT HAS AUSTRALIAN DLR BOND", "body": "Deutsche Bank Finance NV Curacao is\nissuing a 100 mln Australian dlr eurobond due May 14, 1990\npaying 14-1/8 pct and priced at 101-1/4 pct, lead manager\nDeutsche Bank Capital Markets Ltd said.\n The bond, guaranteed by parent Deutsche Bank AG, is\navailable in denominations of 1,000 and 10,000 dlrs and will be\nlisted in Luxembourg.\n Fees total 1-1/2 pct, comprising one pct selling concession\nand 1/2 pct management and underwriting combined.\n REUTER\n\u0003", "date": "13-APR-1987 05:07:16.30", "places": [ "uk" ], "id": "16135" }, { "title": "ROTHMANS DENIES SHARE SALE SPECULATION", "body": " said\nin a sttement there was \"no foundation\" to press speculation that\nit would sell its stake in Rothmans International Plc \nto Philip Morris Inc , or that it would buy Morris'\nstake.\n In the 1986 report, Rothmans International said RHT, which\nis controlled by , owned 18.25 mln\nordinary and 64.37 mln B ordinary shares, or 99.9 pct and 26.1\npct respectively.\n Morris owns 79.8 mln B ordinary shares, or 32.4 pct.\nRothmans B shares, which firmed on the speculation to close at\n273p from 241p on Friday, eased to 245.5p at 0838 GMT.\n REUTER\n\u0003", "date": "13-APR-1987 05:07:49.24", "topics": [ "acq" ], "places": [ "uk" ], "id": "16136" }, { "title": "NAKASONE'S PARTY SUFFERS SETBACKS IN LOCAL POLLS", "body": "Japanese Prime Minister Yasuhiro\nNakasone's unpopular plan to introduce a sales tax caused an\nelectoral setback for his ruling Liberal Democratic Party (LDP)\nin Sunday's local elections, political analysts said.\n The LDP retained its 11 prefectural governorships, but\nfailed to restore a governorship in Fukuoka it had placed much\nimportance on winning. In the prefectural assembly elections to\nfill 2,670 seats, the LDP has so far lost 92 of its previously\nheld 1,487 seats to the socialists and communists.\n Full election results should be available later today.\n Discussing the election results with reporters, Nakasone\nsaid, \"I wouldn't say the proposed five pct sales tax had no\neffect at all, but there were other factors, such as a low\nturnout and unusually cold weather.\"\n The Home Affairs Ministry said the average turnout for the\n13 gubernatorial elections was a record low 59.78 pct while the\nprefectural assembly polls drew an average of 66.66 pct, also a\nrecord low.\n Noboru Goto, president of the Japan Chamber of Commerce and\nIndustry and a longtime friend of Nakasone, told reporters the\nimpact of the sales tax on the LDP's setback was obvious.\n \"The government should take action (on the sales tax) in\nregard to the people's wishes,\" Goto said.\n Nakasone and other LDP leaders have already hinted at a\ndelay in the implementation of the tax, which had been\nscheduled for next January, and a possible cut in the rate.\n \"The most important thing now is to get parliamentary\napproval of the budget as soon as possible to arrest a rapid\nappreciation of the yen,\" Nakasone said. \"We must implement\nmeasures to prop up the economy.\"\n Opposition parties said the elections were a referendum on\nthe tax and they will continue to demand its retraction.\n REUTER\n\u0003", "date": "13-APR-1987 05:08:14.44", "places": [ "japan" ], "id": "16137" }, { "title": "UBS UNIT ISSUES 15 BILLION YEN EUROBOND", "body": "Union Bank of Switzerland NV is issuing\na 15 billion yen eurobond due June 1, 1992 paying 4-3/8 pct and\npriced at 101-3/8 pct, lead manager Union Bank of Switzerland\n(Securities) Ltd said.\n The issue has a call option and put option after four years\nat par and is guaranteed by Union Bank of Switzerland. The\nselling concession is one pct while management and underwriting\ncombined pays 5/8 pct.\n The issue is available in denominations of one mln yen and\nwill be listed in Luxembourg. The payment date is June 1.\n REUTER\n\u0003", "date": "13-APR-1987 05:10:02.41", "places": [ "uk", "switzerland" ], "id": "16138" }, { "title": "TRADE ISSUES STRAINING EC'S PATIENCE WITH JAPAN", "body": "Member states of the European\nCommunity are starting to run out of patience with Japan which\nthey believe has repeatedly promised major initiatives to open\nits market to imports, but as often made only minor moves.\n Diplomatic sources here said several recent actions by EC\ncountries bear witness to a new disillusionment with the\nwillingness, or at least the ability, of the Japanese\ngovernment to reduce its massive trade surplus with the EC.\n However, they said an all-out trade war may be far off, as\nEC states know they would suffer almost as much as Japan.\n Senior EC diplomats gave a generally favourable reaction to\nan EC executive commission proposal under which the EC could\nraise tariffs on a range of Japanese products if the U.S.\nCarries out a threat to make a similar move on April 17.\n The EC tariffs, which would involve renouncing obligations\nentered into with the world trade body GATT, would be designed\nto stop a diversion of exports to the EC market from that of\nthe U.S.\n The diplomats were meeting as Tokyo announced that the EC's\ntrade deficit with Japan reached a record 2.13 billion dlrs in\nMarch, up from 1.94 billion in February.\n In 1986, Japanese exports to the EC totalled 30.67 billion\ndlrs, up 4.5 pct from 1985, while EC exports to Japan fell one\npct to 12.43 billion dlrs.\n In Paris, trade minister Michel Noir said France has\ndecided to give Japan a taste of its own medicine.\n Burgeoning imports of microwave ovens and of frozen\nCoquilles St Jacques will be restricted by a strict application\nof French quality standards -- something EC states say often\nhappens to their own exports entering Japan.\n Britain has threatened to withdraw the licences of Japanese\nbanks and insurance companies to operate in the City of London,\nbecause the British Cable and Wireless company lost out in\ncompetition for a Japanese telecommucations contract.\n However, British officials in London have said that the\ngovernment may have gone too far in implying that it would take\nimmediate drastic action unless the contract was reopened.\n By contrast, West Germany, with the EC's most successful\neconomy, has never threatened Tokyo with sanctions, preferring\nto rely on firm diplomacy and encouragement of its own\nindustries to surmount obstacles to export to Japan.\n The EC Commission itself has switched its tactics in recent\nyears, substituting general calls for action by Japan to open\nits market with specific demands for moves in key areas.\n At present, it is, for instance, pressuring Japan to end\nallegedly discriminatory taxation of imported wines and\nspirits, to ensure EC companies have a chance to win contracts\nfor the building of a new international airport, and to\nsimplify certification and safety checks on imported cars.\n EC officials say these tactics yield some benefits, but\noften the Japanese announce modifications of their non-tariff\nbarriers which open the door to imports by only a token amount.\n They stress, however, that any action must be taken by the\nEC as a whole to stop beggar-my-neighbour action.\n One of the problems Britain could face if it were to\nwithdraw licences for Japanese banks would be that the bankers\nwould be welcomed with open arms in Frankfurt or Amsterdam,\nthey point out.\n REUTER\n\u0003", "date": "13-APR-1987 05:15:39.23", "topics": [ "trade" ], "organisations": [ "ec" ], "places": [ "belgium", "japan", "uk", "france" ], "id": "16139" }, { "title": "MORGAN CRUCIBLE SAYS PROSPECTS ARE ENCOURAGING", "body": "Morgan Crucible Co Plc said the\nprospects for 1987 were encouraging, with orders and sales\nsignificantly up on last year in all divisions.\n It said there were good opportunities for growth in both\nexisting and recently acquired businesses as well as for growth\nby acquisition in related areas.\n It earlier announced a 6.1 mln stg rise in pre-tax profit\nto 24.8 mln stg for the year to December 28. Turnover rose to\n242.1 mln from 211.5 mln.\n Most of its companies performed well despite a slowdown in\nthe U.S., U.K. And Australian economies in the first half.\n Currency fluctuations reduced pretax profit by around one\nmln stg, it noted.\n Morgan said although profits in the electronics sector\nimproved to 1.0 mln stg from 100,000 stg previously, results\nwere nonetheless disappointing.\n Sales were lower than expected, due mainly to delayed\ndefence orders and cancellations. However, it said it had taken\nthe necessary remedial action, obtained new business and was\nnow proceeding with the delivery of major delayed orders.\n Morgan shares firmed two pence to 318p at 0905 GMT from\n316p at Friday's close.\n REUTER\n\u0003", "date": "13-APR-1987 05:19:27.00", "topics": [ "earn" ], "places": [ "uk" ], "id": "16140" }, { "title": "MORGAN CRUCIBLE PRETAX PROFIT RISES 6.1 MLN STG", "body": "Year to December 28, 1986\n Shr 20.1p vs 17.6p\n Div 5.0p vs 4.6p making 9.2p vs 8.5p\n Turnover 242.1 mln stg vs 211.5 mln\n Pretax profit 24.8 mln vs 18.7 mln\n Tax 6.7 mln vs 5.8 mln\n Operating profit 28.3 mln vs 21.3 mln\n Investment income 1.0 mln vs 0.7 mln\n Net finance charges 4.5 mln vs 3.3 mln\n Company full name is Morgan Crucible Co Plc \n Minorities and provisions for preference dividends 0.7 mln\nvs 1.2 mln\n Extraordinary debit - 0.9 mln vs 1.3 mln credit\n Operating profit includes -\n Carbon 8.3 mln vs 7.0 mln\n Technical ceramics 7.0 mln vs 5.6 mln\n Thermal ceramics 7.6 mln vs 4.6 mln\n Speciality chemicals 4.4 mln vs 4.0 mln\n Electronics 1.0 mln vs 0.1 mln\nREUTER^M\n\u0003", "date": "13-APR-1987 05:20:41.03", "topics": [ "earn" ], "places": [ "uk" ], "id": "16141" }, { "title": "SWEDISH INDUSTRIAL PRODUCTION RISES SHARPLY", "body": "Swedish industrial production rose\n2.6 pct in February, after a 1.8 pct fall in January, showing a\n4.4 pct rise over February 1986 and reaching its highest level\never, the Central Bureau of Statistics said.\n The rise reflected recovery in almost all sectors after an\nexceptionally cold spell in January, the Bureau said, adding\nthat the highest rises were seen in the forest, chemical and\nmetal industries.\n REUTER\n\u0003", "date": "13-APR-1987 05:27:42.94", "topics": [ "ipi" ], "places": [ "sweden" ], "id": "16142" }, { "title": "KENYA DEVALUES SHILLING BY 0.6 PCT AGAINST SDR", "body": "Kenya devalued the shilling by 0.6 pct\nagainst the special drawing right (SDR) in response to the\ndecline of the dollar last last week, bankers said.\n The Central Bank of Kenya set the shilling at 20.7449 to\nthe SDR compared with the 20.6226 rate in force since the last\ndevaluation on March 31.\n The Kenyan shilling has lost 5.6 pct of its value against\nthe SDR this year in a series of devaluations designed to keep\nthe value of the dollar above 16 shillings.\n REUTER\n\u0003", "date": "13-APR-1987 05:29:48.83", "topics": [ "money-fx" ], "places": [ "kenya" ], "id": "16143" }, { "title": "AWB CHAIRMAN URGES FARMERS NOT TO CUT PLANTINGS", "body": "Australia could lose valuable wheat\nmarkets through lack of availability if plantings for the\ncoming 1987/88 season are significantly reduced, Australian\nWheat Board (AWB) chairman Clinton Condon said.\n \"If predictions of a 30 pct decrease in plantings prove\ntrue, Australia may not be able to supply wheat to some of its\nvaluable markets,\" he said in a statement.\n Condon did not say who had made the predictions, but an AWB\nspokesman said there was a general industry feeling that\nfarmers, hard hit by low prices and rising costs, could cut\nback plantings sharply. Wheat sowing normally begins in May.\n However, Condon said he did not believe plantings would be\ncut by as much as 30 pct although he realised many farmers were\nfacing enormous financial pressures.\n He said the AWB expects the area sown to be about 10.7 mln\nhectares, down from 11.3 mln in 1986/87 when the crop was about\n16 mln tonnes. Final crop estimates for 1986/87 and planting\nintentions for 1987/88 are not yet available.\n If the AWB is unable, because of a short-term cut in\nplantings, to meet the needs of the markets it has developed\nwith much time and effort, it may have great difficulty selling\nwheat to those markets in the future, Condon said.\n \"Markets which rely on a steady supply of Australian wheat\nunderstand a decrease in production due to drought but they\nwill have difficulty understanding a deliberate decision to\ndecrease production,\" Condon said.\n \"If Australia wants wheat to continue as a major export\nincome earner, governments and government authorities will need\nto closely examine ways of contributing to the continuing\nviability of the wheat industry,\" he added.\n Australia's leading wheat markets include China, Egypt,\nIran, Iraq, the Soviet Union and Japan.\n REUTER\n\u0003", "date": "13-APR-1987 05:30:08.83", "topics": [ "grain", "wheat" ], "places": [ "australia" ], "id": "16144" }, { "title": "WILLIAMS DETAILS ACCEPTANCES OF NORCROS OFFER", "body": " said that it had\nreceived acceptances for its offer for Norcros Plc \nfrom the holders of 233,448 Norcros ordinary shares, or 0.18\npct, and 180,240 preference shares, or 8.19 pct.\n Before the 568 mln stg contested bid was launched last\nmonth, Williams held 850,000 ordinary shares, or 0.67 pct and\nsince then it had acquired options to buy a further 1.99 mln or\n1.58 pct.\n The offer has been extended to April 15. Norcros shares\neased 26p to 410p on the announcement while Williams fell to\n767p from 785p.\n REUTER\n\u0003", "date": "13-APR-1987 05:32:13.66", "topics": [ "acq" ], "places": [ "uk" ], "id": "16145" }, { "title": "DUTCH FEED COMPOUNDER STARTS CASE AGAINST EC LEVY", "body": "A major animal feed producer, Cehave\nNV Veghel (CHV), has begun legal proceedings against the\napplication of the European Community grain co-responsibility\nlevy, with the full backing of the Dutch animal grain and feed\ntrade association, Het Comite, association chief executive\nPeter Pex told Reuters.\n Oral proceedings were held in the Hague on Friday and the\ncourt said it would give its verdict within six weeks. \"However,\nthat is the normal wording and we expect the Hague court to\nrefer questions on the interpretation and application of the\nlevy to the European Court of Justice in Luxembourg,\" Pex added.\n Het Comite claims the way the levy is applied does not take\naccount of currency cross-rates of exchange and can mean a\ncompounder in one country being asked to pay a higher levy in\nits own national currency than it received down the chain from\nthe original producer of the grain.\n \"We would like the Business Administration Court in the\nHague to ask the Luxembourg Court of Justice not only whether\nthe Dutch Grain Commodity Board, the levy collection agency,\nhas interpreted the levy regulations correctly, but also\nwhether the regulations themselves may contravene European law,\"\nPex said.\n \"It is only with great regret that we have taken this route,\nbut we have had no political help, and therefore have no option\neven though it could take years,\" Pex added.\n Het Comite asked CHV to act as a test case against the\ngrain levy because the bill the company received from the\ncommodity board included grain from a wide variety of origins\nand was therefore considered to be the best general basis for a\nlegal challenge to the levy, Pex noted.\n Het Comite's actions will run in tandem with questions on\nthe levy already posed to the Luxembourg Court in a case\nbrought by the Association of European Animal Feed\nManufacturers, FEFAC.\n REUTER\n\u0003", "date": "13-APR-1987 05:39:48.63", "topics": [ "meal-feed" ], "organisations": [ "ec" ], "places": [ "netherlands" ], "id": "16146" }, { "title": "CHINA RAISES GRAIN PURCHASE PRICES", "body": "China has raised the state purchase\nprices of corn, rice, cottonseed and shelled peanuts from April\n1 to encourage farmers to grow them, the official China\nCommercial Daily said.\n The paper said the price paid for corn from 14 northern\nprovinces, cities and regions has increased by one yuan per 50\nkg. A foreign agricultural expert said the rise will take the\nprice to 17 fen per jin (0.5 kg) from 16 fen.\n The paper said the price for long-grained rice from 10\nsouthern provinces and cities was raised by 1.5 yuan per 50 kg.\n The paper said the price for round-grained rice from 11\nprovinces, regions and cities in central, east and northwest\nChina has been increased by 1.75 yuan per 50 kg. It gave no\nmore price details.\n It said local authorities must inform farmers of the price\nincreases before farmers begin planting, to encourage\nproduction of grains and oilseeds.\n Chinese officials have said farmers are unwilling to grow\ngrain because they can earn more from other crops.\n REUTER\n\u0003", "date": "13-APR-1987 05:42:03.66", "topics": [ "grain", "corn", "rice", "oilseed", "cottonseed", "groundnut" ], "places": [ "china" ], "id": "16147" }, { "title": "WEST GERMAN COCOA GRINDINGS WITHIN EXPECTATIONS", "body": "West German first quarter cocoa\ngrindings, which rose 2.9 pct from the same 1986 quarter, were\nwithin expectations, trade sources said.\n They described the results, announced Saturday, as normal\nand unspectacular, considering that the grind in the fourth\nquarter was rather high and some was carried over into the\nfirst quarter.\n Grindings rose to 55,190 tonnes from 53,643 in the first\n1986 quarter. A spokesman for the Confectionery Industry\nAssociation said that West German grindings are expected to\nstay relatively high in comparison to other West European\ncountries.\n REUTER\n\u0003", "date": "13-APR-1987 05:44:15.73", "topics": [ "cocoa" ], "places": [ "west-germany" ], "id": "16148" }, { "title": "ST.GOBAIN UNIT ISSUES ECU BOND WITH GOLD WARRANTS", "body": "St.Gobain Netherlands, guaranteed by Cie\nde St.Gobain, is issuing a 75 mln ECU bond with gold warrants\nattached, due May 6, 1992 carrying a 4-1/2 pct coupon and\npriced at par, lead manager Salomon Brothers International Ltd\nsaid.\n Fees comprise 1-1/4 pct selling concession with 5/8 pct for\nmanagement and underwriting combined. Listing is in Luxembourg.\n Each 1,000 ECU bond carries one gold warrant exercisable\nfrom May 6, 1987 until May 6, 1990 entitling the holder to\npurchase one ounce at an exercise price of 490 dlrs.\n REUTER\n\u0003", "date": "13-APR-1987 05:47:05.16", "topics": [ "gold" ], "places": [ "uk" ], "id": "16149" }, { "title": "COMMONWEALTH BANK CUTS AUSTRALIA PRIME TO 17.5 PCT", "body": "The Commonwealth Bank of Australia said\nit will lower its prime lending rate to 17.5 pct from 18.25,\neffective April 15.\n The bank's new rate will be the lowest of Australia's\ncurrent prime rates. They now range from 17.75 pct to 18.5\nafter a recent series of reductions since late March following\nan easier trend in short term money market rates.\n Two of the three other major trading banks now have prime\nrates of 18 pct and one of 18.25.\n The Commonwealth's move reverses an increase from 17.5 pct\nin early February.\n REUTER\n\u0003", "date": "13-APR-1987 05:47:33.41", "topics": [ "interest" ], "places": [ "australia" ], "id": "16150" }, { "title": "BOND SAYS HE IS AIMING FOR GLOBAL MEDIA GROUP", "body": "Bond Corp Holdings Ltd plans to\nuse its 1.05 billion dlr acquisition of Kerry Packer's\ntelevision and radio holdings as the springboard to a global\nmedia group, chairman Alan Bond said.\n Bond Corp's broadcasting float, , was\ngeared for international expansion as a company specialising in\nthe electronic media, he told a news conference here after a\npresentation on the new company to shareholders and analysts.\n \"It's intended that we will be a global media company in the\nfullness of time,\" Bond said.\n Bond Media will bring together Bond's existing broadcasting\ninterests and those recently acquired from Packer's\n.\n Bond Corp shareholders are being offered 50 pct of the new\ncompany at 1.55 dlrs a share on a three-for-four basis.\n A presentation by underwriters A C Goode and Co Ltd and\nRivkin James Capel Ltd forecast Bond Media's net profit at 41\nmln dlrs in 1987/88 ending June 30, rising to 72 mln in\n1989/90.\n REUTER\n\u0003", "date": "13-APR-1987 05:49:36.44", "places": [ "australia" ], "id": "16151" }, { "title": "HEPWORTH SELLS U.S. UNIT TO GLOBE MACHINE", "body": "Hepworth Ceramic Holdings Plc \nsaid it had agreed to sell its unit to\n for 16.25 mln dlrs cash.\n Western, which makes polystyrene foam and container\nproducts, has net assets of 19.3 mln dlrs and reported a 1986\npre-tax profit of 0.9 mln.\n The proceeds of the sale would be used to reduce borrowings\nand develop activities in the U.K.\n Hepworth shares eased 0.5p on the announcement to 227.5p.\n REUTER\n\u0003", "date": "13-APR-1987 05:50:56.08", "topics": [ "acq" ], "places": [ "uk" ], "id": "16152" }, { "title": "U.S. LAWMAKERS URGE JAPAN TO OPEN FINANCIAL MARKET", "body": "U.S. Legislators called on Japan to open\nits financial markets to more foreign participation and boost\nits efforts to head off growing U.S. Protectionism, a Foreign\nMinistry spokesman said.\n \"We have come to seek the opening of Japan's financial and\nbanking markets,\" Jake Garn, ranking Republican on the Senate\nBanking Committee, told Prime Minister Yasuhiro Nakasone.\n \"Japan's financial and banking market is very large and\nincreasingly sophisticated, but there is not yet true\nreciprocity between Japan and the United States in this market,\"\nthe ministry official quoted Garn as saying.\n Nakasone replied that some problems exist over providing\nmore seats on the Tokyo Stock Exchange for foreign firms, one\nof the main steps urged by the U.S. Delegation.\n \"But I promise to make Tokyo's markets as open as those of\nNew York,\" he told Garn and three other legislators.\n In separate talks with Finance Minister Kiichi Miyazawa,\nthe U.S. Group also urged Japan to give U.S. Financial\ninstitutions a bigger role in the underwriting of long-term\nJapanese government bonds, a Finance Ministry spokesman said.\n REUTER\n\u0003", "date": "13-APR-1987 05:51:35.80", "places": [ "japan", "usa" ], "id": "16153" }, { "title": "EURO-MEDIUM TERM NOTES POISED FOR GROWTH", "body": "Euro-medium term notes, a recent\nphenomenon in the international capital markets, are hardly\nattracting a flood of issuers but investment bankers are doing\ntheir best to breath life into the market.\n Medium term notes (MTNs) have met with staggering success\nin the U.S. Market where total outstandings have grown to\naround 50 billion dlrs since 1983, the year they took hold as a\nnew financing vehicle to bridge the gap between commercial\npaper and longer term bonds. Convinced they are here to stay,\ninvestment bankers are attempting to adapt MTNs for the\neuromarket.\n Ralph Bunche, a vice president of Morgan Stanley\nInternational, predicted at a recent Euromoney conference on\nMTNs here that they will become the predominant instrument for\nraising funds in the late 1980's and 1990's. \"It (the MTN\nmarket) will even surpass the bond market,\" he said.\n Other bankers took exception with the degree to which MTNs\nwill grow. But they generally agreed that these instruments\nprovide the borrower with greater flexibility and lower costs\nthan a traditional bond.\n The trick is in convincing European borrowers it is worth\narranging a program and, having accomplished that, to persaude\nEuropean investors -- whose preferences differ from their U.S.\nCounterparts -- to buy the securities.\n Discussions with bankers proved one thing. No one is\nexactly sure how to proceed with structuring and marketing\nthese issues.\n To date only 13 Euro-MTN programs have been announced but\nonly a few have been activated, such as those for a unit of\nPepsiCo Inc and another for AB Electrolux.\n Several firms have devised different structures for\nEuro-MTNs and defend their structures adamantly.\n The PepsiCo notes, for example, are sold on a continuously\noffered basis. This involves a small amount of new notes with\nsimilar maturities constantly on offer at current market rates.\n The Electrolux program uses multi-tranche tap notes devised\nby Merrill Lynch. Under this structure, an initial tranche of a\nminimum 50 mln dlrs has a fixed rate of interest and maturity.\nThe borrower then issues additional notes in this category up\nto a pre-determined maximum.\n Those who defend the continuously offered method, such as\nWendy Dietze, a Salomon Brothers Inc vice president, point to\nthe flexibility they offer in interest rate and maturity.\n Furthermore, she believes this structure offers the\nEuropean investor greater confidence in market liquidity -- a\nmajor concern for these buyers.\n Merrill Lynch Europe Ltd's Kevin Regan defends the\nmedium-tranche tap notes concept saying it offers comparable\nliquidity. But he also said that this structure may not be the\nright option for all borrowers.\n Peter Mortimer, a partner in the law firm Milbank, Tweed,\nHadley and McCloy, noted that legal requirements could well\ndetermine which structure is chosen.\n He noted that the tap system allows a more clearly defined\n\"lock-up\" period as each tranche has a specific maturity. In the\ncase of notes issued by U.S. Borrowers, the \"lock-up\" period is\nthe 90 days after the completion of a series during which time\na security cannot be sold back to the U.S. Or to U.S.\nInvestors.\n However, he said that the Securities and Exchange\nCommission is reviewing its current regulations on the\nownership of foreign securities by U.S. Citizens and that some\nsoftening in the rules could come in the not too distant\nfuture.\n For their part borrowers say they feel a bit like guinea\npigs.\n Petter Skouen, executive vice president of the Nordic\nInvestment Bank (NIB), noted that a few weeks ago NIB would\nhave said it was disappointed with its Euro-MTN program, but\nthat the success of a recent issue changed their minds.\n He conceded that in retrospect it would have been wiser to\nestablish separate programs for the euromarket and the U.S.\nDomestic market, rather than try to extend the U.S. Issue\nglobally. Under NIB's 200 mln dlr program, 100 mln has been\nsold in the U.S. And 25 mln in Europe.\n REUTER\n\u0003", "date": "13-APR-1987 05:52:26.73", "places": [ "uk" ], "id": "16154" }, { "title": "BOND CORP TO ACQUIRE 80 PCT OF MERLIN PETE", "body": "Bond Corp Holdings Ltd said it\nhas agreed to acquire an 80 pct stake in from for 90.8 mln U.S.\nDlrs.\n Of this total, 7.8 mln dlrs is due on exchange of contracts\non April 30 and 69 mln on July 7, subject to any regulatory\napprovals being obtained, Bond said in a statement.\n The balance of 14 mln dlrs will be paid as required by\nMerlin for its exploration and production commitments, it said.\n Bond said Merlin has a 6.25 pct working interest plus a 2.5\npct reversionary interest in the Papua New Guinea permit,\nPPL-17, the site of the Iagifu oil discovery.\n Merlin also has a 12.5 pct stake in the adjacent Papuan\nBasin permit, PPL-18, which contains the Juha gas and\ncondensate discovery.\n In addition to Papua New Guinea, Merlin has petroleum\nexploration and production interests in the U.S., Bond added.\n REUTER\n\u0003", "date": "13-APR-1987 05:59:38.56", "topics": [ "acq" ], "places": [ "australia" ], "id": "16155" }, { "title": "KYUSHU ELECTRIC TO ISSUE 20 BILLION YEN BOND", "body": "Kyushu Electric Power Co Inc will issue a\nseven-year 20 billion Euroyen bond on April 22, a company\nspokesman said.\n The straight bond, to be priced at 101.625, will carry a\n4.75 pct coupon to yield 4.445 pct.\n Lead manager is Nomura International Inc.\n Issue cost including fees will be 4.8 pct, or 0.9\npercentage point below the March issue rates for Japanese\nelectric power company bonds. These are normally between the\nrates on 10-year government bonds and private corporate bonds.\n REUTER\n\u0003", "date": "13-APR-1987 06:02:48.10", "places": [ "japan" ], "id": "16156" }, { "title": "MATSUSHITA TO LAUNCH PORTABLE COPIER", "body": "Matsushita Electric Industrial Co Ltd\n said it would launch the world's smallest and lightest\npersonal-use plain paper copier (PPC) on the domestic market in\nearly June.\n It said the 69,800 yen copier is 367 mm by 407 mm by 120\nmm, weighs six kilos, and can copy pictures from television and\nVCR's with an optional adaptor. The company plans to produce\n2,000 sets a month and will eventually export them, it said\nwithout providing further details.\n Total Japanese PPC output rose 12 pct to 560,000 units in\n1986 and is projected to rise to 610,000 this year, it said.\n REUTER\n\u0003", "date": "13-APR-1987 06:03:25.46", "places": [ "japan" ], "id": "16157" }, { "title": "INSTITUTES DIVIDED ON OUTLOOK FOR GERMAN ECONOMY", "body": "The five leading West German economic\nresearch institutes have failed to agree about how strongly the\ndomestic economy will expand this year but revised down\nforecasts contained in a report published six months ago.\n The three research groups of Kiel, Hamburg and Essen\npredicted in the institutes' joint spring report that gross\nnational product (GNP) would rise by two pct in 1987, compared\nwith 2.4 pct in 1986. The five institutes had jointly forecast\nthree pct 1987 growth in October last year.\n Taking a dissenting view, the DIW institute of West Berlin\nand Munich's Ifo institute predicted only one pct 1987 growth.\n The joint report said that the estimates of economic\ndevelopment made by the DIW and Ifo were \"markedly less\nfavourable\" than those of the other three.\n The DIW and Ifo forecast the economy would pick up after a\nslow start to the year. \"In the second half of 1987 there will,\nhowever, only be a weak upward movement,\" they said.\n The two institutes said external economic factors which\nwere currently damaging exports and pushing up imports would\ndominate the economic environment throughout the year. They saw\nexports falling by a real 2-1/2 pct in 1987 and predicted no\nmarked improvement in the course of the year.\n The other three institutes, however, wrote: \"The decline in\ndemand and production (seen) in the winter months does not\nindicate the beginning of a cyclical downswing.\"\n They said the sharp rise of the mark had led to corporate\nuncertainty and companies had not carried out investment plans.\nBut they expected that many investments had not been cancelled\nbut only put off. \"It can be presumed that the braking actions\n(on the economy) will diminish markedly this year.\"\n They added: \"The domestic prerequisites for a continuation\nof the economic uptrend are still favourable.\"\n These three institutes said diminishing external burdens\ncombined with favourable domestic conditions meant an upturn in\ndemand and production could be expected by the spring.\n However, this projection was clouded by risks including the\nfurther development of the mark against the dollar.\n Contrary to the DIW and Ifo, the three institutes said that\nwhile exports would continue to be the weak point of the\neconomy in 1987, \"there is good reason to believe that exports\nwill soon bottom out and that a slight rise will emerge during\nthe course of the year.\" They predicted an overall 0.5 pct fall\nin exports in 1987, the same as in 1986.\n The three more positive institutes saw private consumption\nrising by four pct in 1987, compared with 4.2 pct in 1986,\nwhile DIW and Ifo predicted a three pct increase.\n They saw the climate for equipment investment improving but\npredicted only a rise of four pct in 1987 against 4.6 pct in\n1986. Ifo and DIW saw these investments rising by only two pct.\n All the institutes predicted only a slight decline in\nunemployment. The Kiel, Hamburg and Essen institutes said the\njobless total would average 2.17 mln in 1987 compared with 2.23\nmln in 1986 and predicted a rise in the number of people in\nwork of about 200,000.\n These three institutes said new jobs would be created\nmainly in the private services sector and also by the state in\nthe context of job creation measures. The construction industry\nwas likely to engage new workers for the first time since 1980\nbut they predicted either no rise in employment in the\nmanufactured goods industry or only a slight expansion.\n The DIW and Ifo said rises in employment would occur only\nin the tertiary sector, while \"the number employed in the\nmanufacturing industry will decline.\"\n The DIW and Ifo said unemployment would only decline to\n2.20 mln in 1987 from 2.23 mln in 1986.\n They saw the current account surplus falling in 1987 to 58\nbillion marks from 78 billion in 1986. The other three saw a\ncurrent account surplus in 1987 of at least 60 billion marks\nand predicted that the trade surplus would fall to only around\n100 billion marks from 112 billion in 1986.\n The institutes agreed that consumer prices would start to\nrise in 1987, after they declined in 1986, and all five\npredicted an average increase over the year of 0.5 pct.\n REUTER\n\u0003", "date": "13-APR-1987 06:04:54.49", "topics": [ "gnp", "jobs", "bop", "cpi" ], "places": [ "west-germany" ], "id": "16158" }, { "title": "BLUE ARROW TO BUY U.S. RICHARDS COMPANIES", "body": " said it had agreed\nterms to acquire a group of U.S. Companies collectively known\nas the , which specialise in executive\nrecruitment and management consultancy on personnel matters.\n The total consideration will be 29 mln U.S. Dlrs of which\n50 pct will be payable in cash and 50 pct by the issue of 1.36\nmln new ordinary shares in Blue Arrow.\n The Richard Companies made a pre-tax profit of 3.6 mln dlrs\nin the year to end-1986, on turnover of 7.1 mln dlrs with net\ntangible assets at the end of 1986 of 3.4 mln dlrs.\n Blue Arrow shares were trading 9p lower at 670 this\nmorning.\n REUTER\n\u0003", "date": "13-APR-1987 06:10:03.00", "topics": [ "acq" ], "places": [ "uk", "usa" ], "id": "16159" }, { "title": "VICTORIA STATE BANK ISSUES 50 MLN AUS DLR EUROBOND", "body": "The State Bank of Victoria is raising\n50 mln Australian dlrs through a three-year bullet eurobond at\n14-1/2 pct and priced at 101-3/8, lead and sole manager\nCommerzbank AG said.\n The bond is due on May 15, 1990 and interest is paid on\nthat date annually. Payment date is also May 15.\n Denominations are 1,000 and 10,000 dlrs and listing is in\nLondon.\n Fees total 1-1/2 pct, with a half-point for management and\nunderwriting and one point for selling.\n REUTER\n\u0003", "date": "13-APR-1987 06:13:02.40", "places": [ "west-germany" ], "id": "16160" }, { "title": "SAUDI RIYAL DEPOSITS SURGE ON U.S. RATE RISE", "body": "Saudi riyal interbank deposit rates\nsurged across the board as banks tried to build long positions\nin anticipation of a further rise in U.S. Interest rates,\ndealers said.\n They said traders expected riyal deposits to follow the\nrecent strong rise in eurodollar rates sparked by fears of a\ntighter U.S. Monetary policy to halt the dollar's slide.\n \"There was a wave of panic buying early in the morning as\npeople tried to cover gaps and build long riyal positions,\" said\none dealer. As a result, riyal deposits were strongly bid and\ntraders scrambled for any available offers.\n One-way trade focused mainly on the fixed periods but short\ndates also rose, dealers said. Spot-next and one-week deposits\nclimbed to 6-5/8, 1/8 pct from 6-3/8, six on Sunday.\n One-month deposits rose to 6-1/2, 3/8 pct from 6-1/4, six\nand three-month deposits climbed to 6-3/4, 5/8 pct from 6-9/16,\n7/16. Six-month deposits also firmed to 7-1/8, seven pct from\n7-1/16, 6-7/8 on Sunday.\n The spot riyal was steady at 3.7500/03 to the dollar after\nquotes of 3.7498/7503 yesterday.\n REUTER\n\u0003", "date": "13-APR-1987 06:17:04.35", "topics": [ "interest", "money-fx" ], "places": [ "bahrain", "saudi-arabia" ], "id": "16161" }, { "title": "LONDON GOLD MORNING FIX HIGHEST SINCE OCTOBER", "body": "Gold bullion continued to move higher\nsupported by good general buying and was fixed this morning at\n436.50 dlrs, 268.368 stg, an ounce, up from Friday's close of\n432.00/50, dealers said.\n The setting was the highest since October 8 as gold built\non Friday's gains, which had been based on the weakness of the\ndollar and fears of a trade war between the United States and\nJapan.\n It opened slightly firmer at 433.50/434.00 and moved up\nsteadily during the morning supported by commission house and\ntrade buying, dealers said.\n Dealers said there was resistance around 440.00 but with\nsentiment still firm some traders believe the rally may even\ntake gold as high as 500 dlrs.\n Platinum was fixed this morning at 583.50 dlrs an ounce, up\nfrom Friday's close of 578.50/580.50, and also the highest\nsetting since October.\n REUTER\n\u0003", "date": "13-APR-1987 06:17:28.73", "topics": [ "gold", "platinum" ], "places": [ "uk" ], "id": "16162" }, { "title": "BORG-WARNER AGREES TO BUYOUT BY MERRILL LYNCH FIRM", "body": "Borg-Warner Corp, facing an\nunwanted offer from GAF Corp , agreed to a 4.23 billion\ndlr buyout offer from a company to be formed by .\n Borg-Warner and Merrill said yesterday they entered a\ndefinitive merger agreement, under which a subsidiary of the\nnew company, , will begin a 48.50 dlr per\nshare cash tender offer today for 77.6 mln shares or 89 pct of\nBorg-Warner common stock.\n The offer will be followed by a merger in which each\nremaining share will be converted into 19.75 dlrs cash and\n54.25 dlrs principal amount of AV Holdings junior subordinated\ndiscount debentures.\n As a result of the merger, Borg-Warner will become a wholly\nowned subsidiary of AV Holdings. A Borg-Warner spokeswoman said\nmembers of management do not plan to participate in the\ntransaction, but they will retain their positions with the\ncompany.\n A spokesman for GAF was unavailable for comment. GAF holds\n19.9 pct of Borg-Warner's shares.\n GAF had said it would offer 46 dlrs per share.\n Borg-Warner's spokeswoman said the company still plans to\nsell its financial services unit, which includes Wells Fargo\nsecurity guards, and the Chilton Corp, a credit rating service.\n Borg-Warner has been the focus of takeover speculation for\nabout a year. Corporate raider Irwin Jacobs last year proposed\na takeover of the firm and until recently held 10 pct of the\nstock. Following the GAF offer, analysts had calculated breakup\nvalues for the company in the low 50 dlrs per share range and\nspeculated an offer would have to be sweetened.\n In its statement, Borg-Warner said its board endorsed the\nMerrill offer and it recommended that shareholders tender their\nshares. The board received opinions on the offer from its\nadvisors, First Boston Corp and Goldman, Sachs and Co.\n James Burke, president of Merrill Lynch Capital Partners,\nsaid, \"We are very pleased to have entered into this transaction\nwith Borg-Warner. We are looking forward to working with the\nemployees of Borg-Warner and to Borg-Warner maintaining its\nstrong presence in the Chicago community.\"\n Merrill Lynch will be the dealer-manager for the offer,\nwhich expires at midnight EDT May 8 (0400 GMT, May 9), subject\nto conditions, including the completion of necessary financing\narrangements.\n The offer is also subject to a minimum 44.25 mln shares, or\n51 pct of the outstanding shares, being tendered.\n Merrill Lynch and certain affiliates have committed to\nprovide 200 mln dlrs in AV Holdings equity and 870 mln in\nsubordinated financing and forward underwriting commitments.\n Merrill Lynch said that following discussions with\ncommercial banks it is confident it can obtain the rest of the\nfinancing required to complete the transaction.\n The junior subordinated discount debentures to be issued in\nthe merger will carry a 13 pct coupon and will begin paying\ncash interest after five years.\n The debentures will be redeemable at the company's option\nfor the first six years at 105 pct, during the seventh year at\n102.5 pct and after that at 100 pct of the principal amount.\n The junior subordinated discount debentures have a maturity\nof 20 years and are entitled to a sinking fund commencing in\nthe 16th year designed to retire 60 pct of the issue before\nmaturity.\n Borg-Warner will also redeem all of its outstanding 4.50\ndlrs cumulative preferred stock, series A, for 100 dlrs per\nshare. Holders who wish to participate in the offer must first\nconvert their preferred stock into Borg-Warner common stock.\n The board of Borg-Warner has also taken steps to redeem its\npoison pill or share purchase rights for five cents per right,\neffective immediately.\n REUTER\n\u0003", "date": "13-APR-1987 06:34:20.34", "topics": [ "acq" ], "places": [ "usa" ], "id": "16163" }, { "title": "U.K. MARCH PRODUCER PRICES RISE 0.3 PCT", "body": "The price index for sales of\nmanufactured goods in the U.K. Rose a provisional, unadjusted\n0.3 pct in March after an identical rise in February,\nDepartment of Trade and Industry figures show.\n The index for materials and fuel purchased by manufacturing\nindustry fell a provisional and unadjusted 1.1 pct after a 1.7\npct fall in February.\n The Department said the year-on-year rise in producer\nprices in March was a provisional 3.7 pct, compared with a\nprovisional 4.2 pct increase in the year to end-February.\n The index for output prices, non-seasonally adjusted, was\nput at a provisional 149.7 in March after 149.3 in February.\n The index for input prices, also not seasonally adjusted,\nwas set at 128.2 in March after February's 129.6.\n The 1.1 pct fall in input prices between February and March\nwas mainly due to a seasonal fall in industrial electricity\ncosts and lower scheduled prices for petroleum products, the\nDepartment said.\n The Department said these falls were only partly offset by\na rise in prices of home-produced food manufacturing materials.\n The seasonally adjusted index for input prices showed a 0.2\npct rise between February and March.\n Year-on-year, the input price index was down 0.7 pct in\nMarch after a 2.8 pct drop in February.\n REUTER\n\u0003", "date": "13-APR-1987 06:35:35.76", "topics": [ "wpi" ], "places": [ "uk" ], "id": "16164" }, { "title": "SRI LANKA ORDERS BUDGET CUTS AS DEFENCE COSTS RISE", "body": "Sri Lanka's cabinet has ordered a 12\npct cut in budget spending by ministries this year to offset\nthe rising cost of the fight against Tamil guerrillas, Finance\nMinistry officials said.\n A senior economist at the Ministry, who declined to be\nnamed, told Reuters the cuts would not apply to defence-related\nMinistries and those involved in health and education.\n Defence expenditure, projected at 10 billion rupees this\nyear, is now forecast at 12 billion and is expected to exceed\nthis by the year-end.\n The economist said the cuts were part of a government plan\nto reduce spending to satisfy the International Monetary Fund\n(IMF) which has promised to lend Sri Lanka 6.5 billion rupees\nto help its balance of payments.\n The IMF has said previously Sri Lanaka must reduce its\nbudget and balance of payments deficits to satisfy loan\nconditions.\n He said World Bank and IMF teams were expected here next\nmonth. \"If approved the loan would be available only after\nNovember and would be part of the 1988 budget,\" he said.\n REUTER\n\u0003", "date": "13-APR-1987 06:36:58.70", "organisations": [ "imf", "worldbank" ], "places": [ "sri-lanka" ], "id": "16165" }, { "title": "STATOIL SEEKS SHARE IN THAI GAS FIELD", "body": "Norway's state oil company\nDen Norske Stats Oljeselskap A/S (Statoil) , has told\nThai authorities it is interested in taking a 30 pct share in a\nbig offshore Thailand gas field, Statoil said.\n The field, in the southern sector of the Gulf of Thailand,\nis currently operated by U.S. Oil company Texas Pacific Oil Co\nInc, a unit of Canada's Seagram Co Ltd . Thailand's state\noil company (PTT) also holds a\nmajor stake in the field.\n PTT wants to develop the field and has asked Statoil to\nconsider co-development if the field's licence is renewed.\n PTT, according to Statoil, is currently negotiating with\nTexas Pacific to buy back the Dallas-based oil company's\nholdings in the field.\n \"PTT must first sort out its problems with Texas Pacific.\nWhen this is done, we have said we are interested in taking\nover a 30 pct share in the field,\" Statoil spokesman Willy Olsen\ntold Reuters.\n Statoil, hired by PTT to carry out an independent appraisal\nof the field's reserves and propose a development plan, has\nestimated the field could be commercially developed at a cost\nof some 700 mln crowns.\n Industry sources said Texas Pacific has submitted lower\nreserve estimates for the field than Statoil and shown little\ninterest in its development. Statoil refused to disclose its\nupgraded reserve estimate for the field.\n The field's reserves could be sold domestically through\nThailand's gas distribution network or by converting the gas to\nelectricity, the sources said.\n Sources would not say which field Statoil is considering.\n REUTER\n\u0003", "date": "13-APR-1987 06:37:22.48", "topics": [ "nat-gas" ], "places": [ "norway", "thailand" ], "id": "16166" }, { "title": "TREASURY CORP OF NSW ISSUES AUSTRALIAN DLR BOND", "body": "The New South Wales Treasury Corporation\nis issuing a 100 mln Australian dlr eurobond due May 27, 1992\npaying 14-1/4 pct and priced at 101-7/8 pct, lead manager\nCounty Natwest Capital Markets said.\n The non-callable bond is guaranteed by the crown-in-right\nof New South Wales. The selling concession is 1-3/8 pct while\nmanagement and underwriting combined pays 5/8 pct.\n The issue is available in denominations of 1,000 and 10,000\nAustralian dlrs and will be listed in Luxembourg. The payment\ndate is May 27.\n REUTER\n\u0003", "date": "13-APR-1987 06:40:05.82", "places": [ "uk" ], "id": "16167" }, { "title": "ELECTION RESULT MAY DELAY JAPAN ECONOMIC STIMULUS", "body": "The ruling Liberal Democratic Party's\n(LDP) setback in Sunday's nationwide local elections may force\nthe government to water down its controversial proposal for a\nfive pct sales tax and undermine its commitment to stimulating\nthe economy, private economists said.\n The LDP's failure to win seats in some crucial local\nconstituencies will weaken the government's ability to push\nthrough its tax plan, and without a compromise tax proposal the\nbudget for fiscal 1987/88 ending March 31 is unlikely to be\npassed soon, they said.\n Without the budget, the government would also be\nhard-pressed to come up with an effective package to stimulate\nthe economy as pledged at Group of Seven meetings in Paris in\nlate February and in Washington last week, they said.\n Opposition protests against the sales tax have stalled\nparliamentary debate on the budget for weeks and forced the\ngovernment to enact a stop-gap 1987/88 budget that began early\nthis month.\n \"The LDP's election setback will have an enormous impact on\nthe already faltering economy,\" said Johsen Takahashi, chief\neconomist at Mitsubishi Research Institute.\n Takahashi said that behind the LDP's poor showing was\npublic discontent with the government's high-handed push for\ntax reform and its lack of effective policies to cope with\neconomic woes caused by the yen's appreciation.\n \"This explains why the LDP failed to regain governorships in\nthe most hotly contested constituencies of Fukuoka and\nHokkaido, where the shipbuilding and steel industries are\nsuffering heavily from the yen's extended rise,\" he said.\n Takahashi said the government should delay introduction of\nthe sales tax for one or two years beyond its original starting\ndate of January 1988 and implement tax cuts now.\n Sumitomo Bank Ltd chief economist Masahiko Koido also said\nhe favours watering down the proposed sales tax while\nsuggesting the government boost public works spending by\nmodifying its tight fiscal policies.\n \"The local election results were a signal the economy now\nneeds government action to take clear-cut fiscal measures,\" he\nsaid, adding that such moves would help the world economy as\nwell as Japan's.\n For the last five years or so, the government has stuck to\na tight fiscal policy in a bid to halt the issue of deficit\nfinancing bonds by fiscal 1990/91, economists said.\n If the LDP election setback leads to a scaled down sales\ntax proposal, the government would have to find other revenue\nsources to help finance the planned tax cuts and a package of\nmeasures to stimulate the economy, the economists said.\n Koido said the government could raise additional revenue by\nselling shares in public corporations such as Nippon Telegraph\nand Telephone Corp. But it should issue additional bonds to\nensure a more stable source of funds, he said.\n \"It may run counter to its avowed policy of balancing the\nbudget, but it can do so on a short-term basis,\" he said.\n Takahashi of Mitsubishi Research also agreed with the need\nfor the government to float more bonds to raise funds needed\nfor economic expansion.\n He said additional government borrowing would place no\nburden on the capital market because it has amassed huge excess\nfunds and government bond prices have risen to record levels\nlately.\n \"The market is just waiting for more new government bond\nissues,\" he said.\n REUTER\n\u0003", "date": "13-APR-1987 06:42:07.92", "places": [ "japan" ], "id": "16168" }, { "title": "SOME JAPAN OIL FIRMS MAY STOP TRADING WITH TEXACO", "body": "Japanese oil traders and refiners are\nconsidering whether to suspend further business with Texaco Inc\n, which yesterday filed for protection under Chapter 11 of\nthe U.S. Bankruptcy code, industry sources told Reuters.\n Texaco, the third biggest U.S. Oil company, said it filed\nto protect itself from creditors while it fights a legal battle\nwith Pennzoil Co over the purchase of Getty Petroleum\nCorp in 1984.\n Many Japanese trading houses decided to stop dealing with\nTexaco several months ago as rumours it was about to file for\nbankruptcy spread through the market, the sources said.\n \"We haven't dealt with them for six months,\" said one\nJapanese trader.\n Some Japanese trading houses with offices in the U.S. May\nask for letters of credit if they decide to continue trading\nwith Texaco, oil sources said.\n They said Texaco, which said its bankrupcty protection\nmeasure will not affect the majority of its businesses, may\nfind industry reaction stronger than anticipated.\n \"Texaco tried to buy substantial volumes of gasoline on the\nU.S. Gulf on Friday but no one offered to them,\" one trading\nhouse source said.\n One U.S. Major is reviewing its relationship with Texaco,\nand an international oil trading company, while continuing\nlimited transactions with Texaco, will send its lawyers to meet\nwith the company tonight in New York, oil sources said.\n But one Japanese oil company, which holds several joint\nventure oil exploration interests with Texaco, said business\nwould continue as usual pending the outcome of the dispute, a\ncompany spokesman said.\n REUTER\n\u0003", "date": "13-APR-1987 06:46:09.31", "places": [ "japan", "usa" ], "id": "16169" }, { "title": "CREDIT COMMERCIAL DE FRANCE SPLITS SHARES", "body": "French commercial bank Credit Commercial\nde France has split each of its shares into four to increase\nthe number of shares on offer when it is privatised at the end\nof this month, a company official said.\n He told Reuters a general assembly had passed a proposal\nsplitting 10.33 mln shares of 100 francs nominal into around\n41.32 mln shares of 25 francs nominal.\n Market sources have put the total value of CCF's selloff at\nbetween four and five billion francs. The bank said the share\nsale price was likely to be announced on April 24, before the\nlaunch of a public flotation offer on April 27.\n REUTER\n\u0003", "date": "13-APR-1987 06:51:32.94", "topics": [ "earn" ], "places": [ "france" ], "id": "16170" }, { "title": "WEST GERMAN INSTITUTES CALL FOR EARLY TAX CUTS", "body": "The five leading West German economic\nresearch institutes said the government should do more to\nstimulate economic growth and called for early introduction of\ntax cuts planned for 1990.\n In their joint spring report the institutes were divided\nabout 1987 growth forecasts, with three predicting two pct\nexpansion and the other two only one pct growth. Gross national\nproduct grew 2.4 pct last year.\n But the report said all the institutes believed that \"more\nmust be done to produce dynamic growth so that more additional\njobs can be created.\"\n The institutes said any step which improved basic economic\nconditions should be taken as quickly as possible. \"From this\npoint of view, the tax reform planned for 1990 should be\nbrought forward.\"\n The government plans gross tax reductions of 44 billion\nmarks as part of the major tax reform. The net tax relief from\nthe tax reform will amount to 25 billion marks.\n However, the institutes criticised the government, not only\nfor the timing of the reform, but also because the question of\nits financing had been left open.\n The government has not specified how the remaining 19\nbillion marks of the tax reduction package will be paid for,\nthough it has said it wants to cut state subsidies.\n The institutes said this lack of clarity from Bonn had\ncaused uncertainty among companies and households as to what\nexactly they would receive from the tax reform and urged a\nquick decision from the government.\n They also said the government should reduce tax\npreferences, which would simplify the fiscal system, urged a\nrestriction of state spending and called for no increase in\nvalue-added tax.\n The institutes also criticised Bonn for increasing\nsubsidies at a time further reductions had been pledged.\n They referred specifically to a doubling of special\nwritedowns for small and medium sized companies announced in a\npackage of tax adjustments planned for 1988 and described this\nas an increase in subsidies.\n The institutes said total subsidies, including tax\npreferences, had reached 80 billion marks in 1985 and risen\nfurther since then. Given the scope of these subsidies, it\nshould be possible \"despite ... Major political difficulties\" to\nfinance the tax reform by cutting state handouts.\n The institutes said that if the government raised value\nadded tax or other indirect taxes a large portion of the\npositive effects resulting from lower taxes would be lost.\n The report also noted that the government was progressing\nonly slowly with its plans to privatise state companies and\nsaid more deregulation was needed. The government had to aim\nfor more competition, it said.\n REUTER\n\u0003", "date": "13-APR-1987 06:52:21.21", "topics": [ "gnp" ], "places": [ "west-germany" ], "id": "16171" }, { "title": " Glaxo pre-tax profit 376 mln stg vs 260 mln in six months to end-December\n", "date": "13-APR-1987 07:02:16.07", "topics": [ "earn" ], "id": "16172" }, { "title": "HILLSDOWN BUYS BEDDING COMPANIES FOR 23 MLN DLRS", "body": "Hillsdown Holdings Plc said its\nChristie-Tyler Ltd unit would buy the European bedding making\ninterests of Simmons Co U.S.A., Owned by Gulf and Western\nIndustries Inc USA , for 23 mln dlrs.\n The acquisitions include in the U.K.,\n in France and in Italy.\n In 1986 the three businesses made pre-tax profit of around\n2.5 mln stg on sales of 39 mln stg. Net assets being acquired\ncome to around nine mln stg.\n Hillsdown shares were unchanged at 266p.\n REUTER\n\u0003", "date": "13-APR-1987 07:04:02.40", "topics": [ "acq" ], "places": [ "uk", "usa" ], "id": "16173" }, { "title": "EC COULD DECIDE ON JAPAN TRADE MOVES IN LATE MAY", "body": "The European Community (EC) has\neffectively given Japan six weeks to take moves to open its\nmarket to imports before it decides on possible tough\nretaliatory trade measures, EC diplomats said.\n They said EC foreign ministers will meet on May 25 and 26\nto review the state of trade relations between the two sides.\n The EC executive commission was asked by representatives of\nmember states on Friday to propose a renunciation of some EC\npledges to the world trade body, GATT, unless there are\n\"adequate and early measures to open the Japanese market.\"\n Such a renunciation would be the first step to imposing\nstiff increases in duties, or quantitative limits, on Japanese\nexports.\n The diplomats said it was unlikely that the issue would be\ndiscussed in detail at the next meeting of EC foreign ministers\non April 27 and 28 in Luxembourg as time was needed to prepare\nproposals for possible retaliatory action.\n They said the commission has powers to take some limited\naction before getting ministerial approval to prevent Japanese\nexports of electrical, photographic and other goods being\ndiverted to Europe in the wake of possible U.S. Tariff moves.\n In May, the ministers are also likely to discuss how to\nprevent Japan from getting an extra trading advantage as a\nresult of Spain and Portugal joining the bloc, which obliges\nthem gradually to reduce tariffs on many industrial goods.\n Meanwhile, Japan's trade surplus with the Community has\ngrown steadily, registering a record 2.13 billion dlrs in\nMarch.\n REUTER\n\u0003", "date": "13-APR-1987 07:07:37.34", "organisations": [ "ec" ], "places": [ "belgium", "japan" ], "id": "16174" }, { "title": "GLAXO PROFITS UP SHARPLY, DIVIDEND RAISED", "body": "Six months to end-December\n Shr 32.6p vs 22.3p\n Div 5.0p vs 4.0p\n Pre-tax profit 376 mln stg vs 260 mln\n Turnover 883 mln vs 686 mln\n Tax 133 mln vs 94 mln\n Note - company full name is Glaxo Holdings Plc .\n Trading profit 338 mln vs 233 mln\n Share of profits of associates 14 mln vs seven mln\n Investment income less interest payable 24 mln vs 20 mln\n Profit after tax 243 mln vs 166 mln\n Minority interests two mln vs one mln\n Extraordianry credit eight mln vs nil\n Turnover includes -\n Continuing activities 875 mln vs 647 mln\n Discontinued activities eight mln vs 39 mln\n U.K. 111 mln vs 91 mln\n Europe 299 mln vs 218 mln\n North America 334 mln vs 229 mln\n Central and South America 21 mln vs 20 mln\n Africa and Middle East 29 mln vs 23 mln\n South East Asia and Far East 57 mln vs 47 mln\n Australasia 24 mln vs 19 mln\n Anti-peptic ulcerants 414 mln vs 285 mln\n Systemic antibiotics 112 mln vs 82 mln\n Respiratory system 183 mln vs 141 mln\n REUTER\n\u0003", "date": "13-APR-1987 07:10:03.38", "topics": [ "earn" ], "places": [ "uk" ], "id": "16175" }, { "title": "TAKEOVER BATTLE FOR DOME PETROLEUM BEGINS", "body": "A takeover battle began today for\ndebt-burdened Dome Petroleum Ltd as TransCanada\nPipeLines Ltd announced a 4.3 billion dlr offer and\nDome said it is continuing talks with other possible buyers.\n Companies mentioned in market speculation as potential\nbuyers for Dome include Imperial Oil Ltd which is 70\npct owned by Exxon Corp , \nwhich is 87 pct owned by the conglomerate Canadian Pacific Ltd\n and British Petroleum Co Plc .\n Along with the TransCanada offer, Dome has had another\nproposal from \"a substantial company\" and discussions with a\nthird company which could lead to an offer, Dome said in a\nstatement.\n The statement confirmed Dome received TransCanada's bid,\nbut did not identify the companies involved in talks.\n TransCanada, Canada's largest natural gas pipeline\noperator, said it is offering Dome a package of cash, common\nand preferred shares, and shares in a new subsidiary which\nwould own and operate Dome's assets. TransCanada said the offer\nis to Dome management, not to shareholders.\n Dome has massive oil and gas landholdings in Canada,\ntotalling 36.1 mln acres of which 7.4 mln have been developed.\nIt also has tax credits worth about 2.5 billion dlrs.\n Dome's statement said the TransCanada announcement \"violated\nthe terms and spirit of a confidentiality agreement entered\ninto with prospective purchasers\" and was apparently timed to\nprevent Dome from considering other proposals.\n It said the TransCanada bid \"seems to require favourable and\nsubstantial taxation concessions from the federal and\nprovincial governments.\" But Dome added that its management and\nfinancial advisers will evaluate all proposals.\n TransCanada chief financial officer H. Neil Nichols said he\nwas surprised at the vehemence of Dome's statement and denied\nthat TransCanada was trying to usurp other bids. \"I find (Dome's\nstatement) very bothersome. Once the board made the decision to\nauthorise the proposal, it had a legal obligation to announce\nit,\" he said. Nichols said he did not know the identity of the\nother bidders, or the terms of other offers.\n Dome common shares closed at 1.13 dlrs on Friday on the\nToronto Stock Exchange. The preferred class A stock closed at\n5.00 dlrs. Common stock traded as high as 25.00 dlrs in 1981.\n REUTER\n\u0003", "date": "13-APR-1987 07:10:46.69", "topics": [ "acq" ], "places": [ "canada" ], "id": "16176" }, { "title": "BANK OF JAPAN TO SELL 800 BILLION YEN IN BILLS", "body": "The Bank of Japan will sell 800 billion\nyen in deficit financing bills today through 51-day repurchase\nagreements maturing June 3 to help absorb a projected money\nmarket surplus, money traders said.\n The operation will raise the outstanding supply of the\nbills to a record 4,800 billion yen.\n The yield on the bills for sale to banks and securities\nhouses from money houses will be 3.8999 pct compared with the\ntwo-month commercial bill discount rate today of 3.8750 pct and\nthe two-month certificate of deposit rate of 4.13/00 pct.\n The traders estimated the surplus today at about 1,800\nbillion yen.\n They said it is mainly due to 1,300 billion yen of\ngovernment tax allocations to local governments and public\nentities and to excessive banking system cash holdings due to\ncontinuous large central bank dollar purchases.\n REUTER\n\u0003", "date": "13-APR-1987 07:12:28.87", "topics": [ "money-fx" ], "places": [ "japan" ], "id": "16177" }, { "title": "ITALIAN BANKS TO SIGN ACCORD WITH SOVIET BANKS", "body": "Italian state-owned bank Banca\nCommerciale Italiana, BCI, said it and Mediocredito Centrale\nwill sign a joint venture pact with Soviet central bank Gosbank\nand Vneshtorgbank, the foreign trade financial institution.\n A BCI spokesman told Reuters the agreement involves the\nbanks providing financial services and taking equity stakes in\njoint Soviet-Italian industrial ventures.\n Under the agreement, the Italian banks will have a 50 pct\ninterest in a new firm to be formed by the four institutions.\nThe accord is expected to be signed today or tomorrow at a\nVenice conference on East West trade, the spokesman said.\n The spokesman said the joint venture company will operate\nprimarily in the corporate finance sector. Additional details\nabout the firm's activities were not available, he said.\n BCI is Italy's second largest bank, while Mediocredito\nprovides medium-term export financing.\n REUTER\n\u0003", "date": "13-APR-1987 07:18:10.85", "places": [ "italy", "ussr" ], "id": "16178" }, { "title": "LME CLARIFIES NEW ALUMINIUM CONTRACT DETAILS", "body": "The London Metal Exchange (LME) has\nissued a note clarifying details on its new high grade\naluminium contract, in response to questions from members\nfollowing the announcement of the contract, due to start June\n1.\n All deliverable shapes of aluminium under the high grade\nprimary aluminium contract (minimum 99.7 pct purity) will also\nbe deliverable against the standard primary aluminium contract\n(min 99.5 pct), the LME said.\n Sows will not constitute good delivery against the standard\ncontract until September 1, and 99.5 pct purity sows are not\ngood delivery and cannot be placed on LME warrant.\n The dollar quotation for the high grade contract will be in\nmultiples of one U.S. Dollar but carries may be made at 50\ncents for even tonnages only.\n Singapore, which is the first port warehouse outside Europe\nto be used as an LME delivery point, will be used for high\ngrade metal only and the rent imposed by owners Steinweg will\nbe 1.05 U.S. Dlr a tonne per week, the LME said.\n The LME Board, in response to representation from the\ntrade, agreed to annul from LME contracts the minimum weight\nrequirements of 450 kilos for T-bars and 250 kilos for sows,\neffective for high grade on June 1 and for standard on July 24.\n REUTER\n\u0003", "date": "13-APR-1987 07:20:24.17", "topics": [ "alum" ], "places": [ "uk" ], "id": "16179" }, { "title": "YIELD ON 91-DAY SAMA DEPOSITS RISES", "body": "The yield on 91-day bankers security\ndeposit accounts issued this week by the Saudi Arabian Monetary\nAgency (SAMA) rose to 6.43896 pct from 6.21563 a week ago,\nbankers said.\n SAMA lowered the offer price on the 500 mln riyal issue to\n98.39844 from 98.45313 last Monday. Like-dated interbank\ndeposits were quoted today at 6-3/4, 5/8 pct.\n SAMA offers a total of 1.9 billion riyals in 30, 91 and\n180-day accounts to banks in the Kingdom each week.\n REUTER\n\u0003", "date": "13-APR-1987 07:22:06.86", "topics": [ "money-fx", "interest" ], "places": [ "bahrain", "saudi-arabia" ], "id": "16180" }, { "title": "NAKASONE'S PARTY SUFFERS SETBACKS IN LOCAL POLLS", "body": "Japanese Prime Minister Yasuhiro\nNakasone's unpopular plan to introduce a sales tax caused an\nelectoral setback for his ruling Liberal Democratic Party (LDP)\nin Sunday's local elections, political analysts said.\n The LDP retained its 11 prefectural governorships, but\nfailed to restore a governorship in Fukuoka it had placed much\nimportance on winning. In the prefectural assembly elections to\nfill 2,670 seats, the LDP has so far lost 92 of its previously\nheld 1,487 seats to the socialists and communists.\n Full election results should be available later today.\n Discussing the election results with reporters, Nakasone\nsaid, \"I wouldn't say the proposed five pct sales tax had no\neffect at all, but there were other factors, such as a low\nturnout and unusually cold weather.\"\n The Home Affairs Ministry said the average turnout for the\n13 gubernatorial elections was a record low 59.78 pct while the\nprefectural assembly polls drew an average of 66.66 pct, also a\nrecord low.\n Noboru Goto, president of the Japan Chamber of Commerce and\nIndustry and a longtime friend of Nakasone, told reporters the\nimpact of the sales tax on the LDP's setback was obvious.\n \"The government should take action (on the sales tax) in\nregard to the people's wishes,\" Goto said.\n Nakasone and other LDP leaders have already hinted at a\ndelay in the implementation of the tax, which had been\nscheduled for next January, and a possible cut in the rate.\n \"The most important thing now is to get parliamentary\napproval of the budget as soon as possible to arrest a rapid\nappreciation of the yen,\" Nakasone said. \"We must implement\nmeasures to prop up the economy.\"\n Opposition parties said the elections were a referendum on\nthe tax and they will continue to demand its retraction.\n REUTER\n\u0003", "date": "13-APR-1987 07:22:46.11", "places": [ "japan" ], "id": "16181" }, { "title": "JAPAN DENIES REPORT IT MAY END CHIP PACT WITH U.S.", "body": "A Ministry of International Trade and\nIndustry (MITI) official denied a local news agency report that\nJapan will end its seven-month-old semiconductor agreement with\nthe U.S. If Washington imposes tariffs on 300 mln dlrs worth of\nJapanese electronic goods from April 17.\n Kyodo News Agency reported a high-ranking MITI official as\nsaying Japan would end the chip pact if the U.S. Implements the\npunitive tariffs.\n Nothing new has been decided, the official said. As MITI\nsaid on Saturday, Japan would only pursue its rights under the\nGeneral Agreement on Tariffs and Trade (GATT), he added.\n REUTER\n\u0003", "date": "13-APR-1987 07:25:36.22", "organisations": [ "gatt" ], "places": [ "japan", "usa" ], "id": "16182" }, { "title": "TEXACO EUROBONDS UNQUOTED AT MARKET OPENING", "body": "Eurobonds for Texaco Inc subsidiaries\nwere unquoted this morning as traders assessed the implications\nof the company's shock weekend decision to file for bankruptcy\nunder Chapter 11 of U.S. Bankruptcy laws, eurobond dealers\nsaid.\n The decision to file for bankruptcy follows a court\ndecision that it had to post an 11 billion dlr bond to continue\nits court battles with Pennzoil Co .\n One head trader at a U.S. Securities house said, \"I don't\nwant to be obstructive, but there genuinely is no market in\nTexaco bonds at the moment. Everyone is stunned by the decision\n(to file for bankruptcy) and can't really believe it.\"\n One dealer noted that Texaco subsidiaries have outstanding\neurobonds totalling over three billion dlrs out of total\nborrowings of some 6.8 billion dlrs.\n He added that many of the fixed interest eurobonds - dollar\nstraights - had been trading \"basis only\" for some time prior to\nthis weekend's news. This means traders could quote a two way\nprice for the bonds but would not be bound to trade them. Any\ntrades would be negotiated.\n He said that recently there appeared to have been some\nspeculative buying of the bonds from the U.S. But that European\ninvestors had been overall sellers.\n Dealers noted that under the Chapter 11 filing noteholders\nwill receive no interest payments.\n Texaco also has eurobonds outstanding which are convertible\ninto Texaco Inc common stock - known as convertibles. Trading\ndid not open in these issues either. One convertible dealer\nsaid, \"We're waiting to see the result of today's court hearing.\"\nTexaco is applying today in the Texas courts for relief from\nhaving to post the court bond.\n Texaco shares were being indicated by over the counter\nshare dealers here at around 26 to 28 dlrs compared with\nFriday's close in New York of 31-7/8 dlrs.\n Pennzoil shares were indicated at 85 to 87 dlrs compared\nwith Friday's New York finish of 92-1/4 dlrs.\n REUTER\n\u0003", "date": "13-APR-1987 07:25:45.30", "places": [ "uk", "usa" ], "id": "16183" }, { "title": "U.S. LAWMAKERS URGE JAPAN TO OPEN FINANCIAL MARKET", "body": "U.S. Legislators called on Japan to open\nits financial markets to more foreign participation and boost\nits efforts to head off growing U.S. Protectionism, a Foreign\nMinistry spokesman said.\n \"We have come to seek the opening of Japan's financial and\nbanking markets,\" Jake Garn, ranking Republican on the Senate\nBanking Committee, told Prime Minister Yasuhiro Nakasone.\n \"Japan's financial and banking market is very large and\nincreasingly sophisticated, but there is not yet true\nreciprocity between Japan and the United States in this market,\"\nthe ministry official quoted Garn as saying.\n Nakasone replied that some problems exist over providing\nmore seats on the Tokyo Stock Exchange for foreign firms, one\nof the main steps urged by the U.S. Delegation.\n \"But I promise to make Tokyo's markets as open as those of\nNew York,\" he told Garn and three other legislators.\n In separate talks with Finance Minister Kiichi Miyazawa,\nthe U.S. Group also urged Japan to give U.S. Financial\ninstitutions a bigger role in the underwriting of long-term\nJapanese government bonds, a Finance Ministry spokesman said.\n REUTER\n\u0003", "date": "13-APR-1987 07:29:36.33", "places": [ "japan", "usa" ], "id": "16184" }, { "title": "NORTH YEMEN BOUGHT WHITE SUGAR AT TENDER - TRADE", "body": "North Yemen at its weekend tender bought\nwhite sugar from a French operator acting on behalf of a Swiss\nhouse at 214.70 dlrs a tonne c and f, traders said.\n The amount bought was not immediately available, although\nthe country had sought 30,000 tonnes of June arrival whites,\nthey said.\n REUTER\n\u0003", "date": "13-APR-1987 07:30:51.35", "topics": [ "sugar" ], "places": [ "uk", "yemen-arab-republic" ], "id": "16185" }, { "title": "JAPAN DENIES REPORT IT MAY END CHIP PACT WITH U.S.", "body": "A Ministry of International Trade and\nIndustry (MITI) official denied a local news agency report that\nJapan will end its seven-month-old semiconductor agreement with\nthe U.S. If Washington imposes tariffs on 300 mln dlrs worth of\nJapanese electronic goods from April 17.\n Kyodo News Agency reported a high-ranking MITI official as\nsaying Japan would end the chip pact if the U.S. Implements the\npunitive tariffs.\n Nothing new has been decided, the official said. As MITI\nsaid on Saturday, Japan would only pursue its rights under the\nGeneral Agreement on Tariffs and Trade (GATT), he added.\n REUTER\n\u0003", "date": "13-APR-1987 07:32:20.41", "organisations": [ "gatt" ], "places": [ "japan", "usa" ], "id": "16186" }, { "title": "JAPAN WARNS U.S. IT MAY RETALIATE IN TRADE ROW", "body": "Japan warned the United States it may\ntake retaliatory measures if the U.S. imposes its planned trade\nsanctions on April 17, a senior government official said at the\nweekend.\n Shinji Fukukawa, Vice Minister of the International Trade\nand Industry Ministry, said in a statement that Japan would\nconsider measures under the General Agreement on Tariffs and\nTrade and other actions if the United States imposes 100 pct\ntariffs on some Japanese exports as planned next week.\n However, Fukukawa said Japan was ready to continue trade\ntalks with the United States despite its failure to convince\nAmerica to call off the threatened tariffs during two days of\nemergency talks which ended in Washington on Friday.\n In March President Reagan announced the sanctions in\nretaliation for what he called Japan's failure to honor a July\n1986 pact to stop dumping computer microchips in markets\noutside the U.S. and to open its home market to U.S. goods.\n Fukukawa said the U.S. had not listened to Japan's\nexplanation of its efforts to live up the pact. He saod the U.S\nhad not given detailed reasons of why it planned tariffs.\n Reuter\n\u0003", "date": "13-APR-1987 07:32:38.55", "organisations": [ "gatt" ], "places": [ "japan", "usa" ], "id": "16187" }, { "title": "U.K. MONEY MARKET GIVEN 75 MLN STG ASSISTANCE", "body": "The Bank of England said it had provided\nthe money market with 75 mln stg help in the morning session.\nThis compares with the Bank's estimate that the system would\nface a shortage of around 400 mln stg today.\n The central bank bought bank bills outright comprising two\nmln stg in band two at 9-13/16 pct, 15 mln stg in band three at\n9-3/4 pct and 58 mln stg in band three at 9-11/16 pct.\n REUTER\n\u0003", "date": "13-APR-1987 07:33:51.78", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "16188" }, { "title": "JAPAN CENTRAL BANK ACTIVELY BUYS DOLLARS IN TOKYO", "body": "The Bank of Japan actively bought dollars\nhere in early afternoon trade at around 142.20 yen, dealers\nsaid.\n The central bank had placed buy orders at that level and\nprevented the dollar from falling when it came under heavy\nselling pressure from investment trusts and trading houses,\nthey said.\n However, the intervention failed to boost the U.S. Currency\nsignificantly from the 142.20 yen level, they added.\n The dollar was trading around its midday rate of 142.30\nyen. It had opened here at 141.85 yen.\n REUTER\n\u0003", "date": "13-APR-1987 07:38:36.25", "topics": [ "dlr", "money-fx" ], "places": [ "japan" ], "id": "16189" }, { "title": "CURRENCY MOVES MAY BE HURTING WORLD TRADE", "body": "Japanese trade figures are seriously\nchallenging the entrenched view of policy makers of the Group\nof Seven industrialised nations that relative currency rates\nare the key to smoothing world trade problems.\n Senior Japanese, U.S. And European officials in Tokyo say\nthey are at a loss to fully explain the data, for if currencies\nare the key they ask, why then are are U.S. Exports to Japan\nshrinking?\n What if manipulating currencies and driving the dollar down\nmade world trade problems worse rather than solving them,\nfulfilling Federal Reserve chairman Paul Volcker's forecast of\nworld trade recession?\n U.S.-Japan trade has declined even after a 40 pct dollar\nfall against the yen since the September 1985 Group of Five\npact in New York.\n The lower dollar ought to have made U.S. Exports 40 pct\nmore competitive in Japan. The officials, most of them\neconomists, can offer no objective reason why they are not.\n Worse, how are European Community sales to Japan rising\nrapidly when the European Currency Unit has until now declined\nonly 11 pct against the yen.?\n Last week's G-7 meeting in Washington has been widely\ninterpreted as a sign from the policy makers that the dollar\nmust go lower. So worst of all, what if Volcker is correct?\n At a loss to give an objective explanation, officials can\nonly offer explanations which tend to be highly subjective.\n \"I don't know and I don't think anyone knows,\" said Hugh\nRichardson, acting head of the EC delegation in Tokyo.\n \"What I do know is that Community exporters are making a\nhell of an effort in this market. If you make an effort, there\nis money to be made in Japan,\" he added.\n But U.S. Officials and businessmen are convinced low U.S.\nExports to Japan are Japan's fault. They cite restrictive trade\npractices, protected Japanese trade sectors, such as\nagriculture, and non-tariff barriers, such as unreasonable\nchecking and customs procedures for car imports.\n Publicly, Japanese officials remain conciliatory in the\nface of what they see as U.S. Aggression. In private, they\nblame U.S. Industry for being uncompetitive.\n \"We see it that way, but we don't like to seem arrogant,\"\nsaid a senior official, who declined to be named. \"We like to\nrefrain from accusing them of not making enough effort.\"\n Industrialists such as Eishiro Saito, chairman of the\nKeidanren business group, and Sony Corp chairman Akio Morita\nrepeatedly accuse foreign firms of not making enough effort to\nunderstand Japan's markets, and some foreigners agree. \"The real\nissue is the inability of major sectors of American and\nEuropean industry to compete not only internationally but even\nin their home markets,\" Peter Huggler, President of Interallianz\nBank Zurich, told a recent conference in Switzerland.\nREUTER...^M\n\u0003", "date": "13-APR-1987 07:40:51.51", "topics": [ "money-fx", "trade" ], "organisations": [ "ec" ], "places": [ "japan", "usa" ], "id": "16190" }, { "title": "TURKEY TO APPLY FOR EC MEMBERSHIP", "body": "Turkey is to apply tomorrow for European\nCommunity membership, Foreign Ministry officials said.\n They told Reuters that Minister of State Ali Bozer would\nlodge the application in Brussels with Belgian Foreign Minister\nLeo Tindemans.\n Turkey would be the 13th member of the group, of which\nBelgium is current president.\n REUTER\n\u0003", "date": "13-APR-1987 07:41:32.60", "organisations": [ "ec" ], "places": [ "turkey" ], "id": "16191" }, { "title": "GERMAN METALWORKERS' WAGE TALKS BEGIN WEDNESDAY", "body": "Negotiations scheduled between the\nmetalworkers' IG Metall union and employers to resolve an\nimpasse over a new contract will start on Wednesday, the union\nsaid in a statement.\n IG Metall is demanding a 35-hour week, with a parallel\nincrease in wages of five pct. Employers Gesamtmetall have\noffered a half-hour shortening in the current working week, to\n38 hours, and an initial rise of 2.8 pct.\n IG Metall, under newly-elected leader Franz Steinkuehler,\nproposed the talks on Thursday, after regional negotiations in\nthe northern part of the state of Baden-Wuerttemberg collapsed.\n REUTER\n\u0003", "date": "13-APR-1987 07:50:34.07", "places": [ "west-germany" ], "id": "16192" }, { "title": "SAUDI ARABIA SEEKING RBD PALM OLEIN", "body": "Saudi Arabia is in the market for 4,000\ntonnes of refined bleached deodorised palm olein for June 1/10\nshipment, traders said.\n REUTER\n\u0003", "date": "13-APR-1987 07:58:05.84", "topics": [ "veg-oil", "palm-oil" ], "places": [ "uk", "saudi-arabia" ], "id": "16193" }, { "title": "METAL BULLETIN ZINC PRODUCER PRICE", "body": "The London based trade journal \"METAL\nBULLETIN'S\" average producer price of good ordinary brand zinc\nfor week ended April 10 is 790.00 dlrs per tonne.\n Reuter\n\u0003", "date": "13-APR-1987 08:01:31.65", "topics": [ "zinc" ], "places": [ "uk" ], "id": "16194" }, { "title": "U.K. PRODUCER PRICES SEEN MOVED BY TECHNICALITIES", "body": "U.K. Producer price data for March were\nroughly as expected after taking into account technical factors\nwhich affected the year-on-year outcome, economic analysts\nsaid.\n The figures showed a 0.3 pct provisional, non-seasonally\nadjusted rise in output prices in March, unchanged from\nFebruary and close to the average for the last six months.\n The year-on-year rise was put at 3.7 pct, down from 4.2 pct\nin February.\n But Chris Tinker, economist at brokerage house Phillips and\nDrew, said the drop in the year-on-year rate mainly reflected a\nrise in excise duties which affected the index in March last\nyear.\n He cautioned that it was dangerous to read too much into\nthe monthly figure, adding that a rise of only 0.2 pct in April\nwould take the year-on-year rise back above 4.2 pct.\n Analysts also noted that a drop in manufacturers' input\nprices was almost entirely due to anticipated seasonal factors\nsuch as a fall in industrial electricity costs.\n Duncan Squire of Lloyds Merchant Bank said the figures were\nslightly disappointing in that the strengthening of sterling\nhad not yet reduced input prices as much as expected.\n Both he and Tinker said this factor should help keep input\ncosts down over the next few months, although Tinker added that\nlast year's fall in oil prices is now about to drop out of the\nyear-on-year comparisons and is likely to lead to a return to\nrises in the index rather than falls.\n REUTER\n\u0003", "date": "13-APR-1987 08:02:05.70", "topics": [ "wpi" ], "places": [ "uk" ], "id": "16195" }, { "title": "BANGEMANN REJECTS CALL FOR EARLY TAX CUTS", "body": "West German Economics Minister Martin\nBangemann indirectly rejected a call from the country's leading\neconomic research institutes for early introduction of a major\ntax reform involving gross tax cuts of 44 billion marks.\n In a statement reacting to the five institutes' joint\nspring report, Bangemann said that as far as the call for\nbringing forward the 1990 tax reform was concerned --\n \"The government points out that the positive effects for\ngrowth of its policy of consolidation (cutting the budget\ndeficit) must not be allowed to be endangered.\"\n Bangemann also recalled that the scope of tax cuts planned\nfor 1988 had already been increased.\n Three institutes predicted two pct economic growth in 1987,\nwith exports falling by 0.5 pct. The other two saw only one pct\ngrowth and said exports would fall 2.5 pct.\n Bangemann said \"The government, agreeing with the majority,\nsees no reason for the extraordinarily pessimistic estimate for\nexports expressed by the minority.\"\n He said there was reason to believe that export demand\nwould start to rise in the course of the year, partly because\nof a further increase in world trade.\n REUTER\n\u0003", "date": "13-APR-1987 08:06:33.22", "topics": [ "gnp" ], "places": [ "west-germany" ], "id": "16196" }, { "title": "ITALIAN GDP ROSE 2.4 PCT IN 1986 FOURTH QUARTER", "body": "Italy's Gross Domestic Product, calculated\nat 1980 prices, rose 2.4 pct in the fourth quarter of 1986,\ncompared with the same period in 1985, National Statistics\nInstitute ISTAT said.\n ISTAT said in a statement that GDP growth in fourth quarter\n1986 was zero compared with the preceding quarter. Italy's\nbudget ministry said last month that 1986 GDP rose 2.7 pct in\nreal terms from 1985.\n Imports in the fourth quarter totalled 26,361 billion lire,\ndown 1.4 pct from the 1985 fourth quarter and down 6.6 pct from\nthe third 1986 quarter, ISTAT said.\n Istat said exports totaled 23,190 billion lire in the\nfourth quarter, down 4.1 pct from the comparable 1985 quarter\nand down 6.7 pct from the third quarter in 1986.\n Fixed investments were 23,438 billion lire in the fourth\nquarter, down 0.7 pct from the preceding quarter and up 1.1 pct\nfrom the comparable 1985 quarter.\n REUTER\n\u0003", "date": "13-APR-1987 08:07:53.89", "topics": [ "gnp" ], "places": [ "italy" ], "id": "16197" }, { "title": "FURTHER WEAKNESS SEEN IN TOKYO STOCKS IN NEAR TERM", "body": "Tokyo share prices are expected to weaken\nfurther for about a week, following a sharp drop which at one\ntime today saw the Nikkei Dow index down 571.01 points in\nmid-afternoon trading, brokers said.\n They said uncertainty caused by disputes between Japan and\nits main trading partners will continue to deter investors from\nequities.\n The market index, which closed the day 297.05 points down\nat 22,919.54, will probably end the present downturn at around\n22,300 points, brokers predicted.\n \"This is just a short-term correction and the market will\nprobably end up at about 22,300 in about a week's time,\" said a\nbroker at Nomura Securities Co.\n He said that today's late recovery from afternoon lows\nshowed that investors were still hunting bargains in\nanticipation of an upturn.\n Brokers reiterated expectations of an imminent cut in\nJapan's 2.5 pct discount rate, a factor seen to be diverting\nmoney from bank accounts into stocks and boosting the market.\n Securities company, bank and insurance issues, likely to\nbenefit from a rate cut, were bought in late trading.\n The Nomura broker said he expects the rate cut in May or\nJune, after Prime Minister Yasuhiro Nakasone's scheduled visit\nto Washington on April 29. Nakasone is expected to seek an end\nto Japanese-U.S. Trade disputes which are hurting investor\nconfidence.\n \"Until we see some concerted effort by the Japanese to halt\nthe yen's rise against the dollar and settle trade disputes,\nthe market will stay low,\" said head of equities at Jardine\nFleming Securities Co, Mario Malt.\n Malt said current talks between the countries were\ninflammatory and damaged stockmarket optimism.\n Brokers also said that Japan's ruling Liberal Democratic\nParty has to show it still rules, after Sunday's nationwide\nlocal elections showed dwindling support.\n \"It raises doubts on whether the LDP can push through the\nreforms it planned for this year,\" said one broker.\n Top policy priorities this year are deregulation of\nfinancial activities, stimulation of domestic demand to boost\nimports and removal of agricultural subsidies.\n If these policies are abandoned or scaled down, stockmarket\ninvestors will have few reasons to buy stocks, brokers said.\n REUTER\n\u0003", "date": "13-APR-1987 08:09:00.74", "places": [ "japan" ], "id": "16198" }, { "title": "TWO UTAH FINANCIAL INSTITUTIONS FAIL", "body": "Two Utah financial institutions, the\nBank of Iron County and Summit Savings and Loan Association,\nhave failed, official spokesmen said.\n The board of directors of the Federal Deposit Insurance\nCorporation (FDIC) has approved the assumption of the deposit\nliabilities of Bank of Iron County, Parowan, Utah, by Dixie\nState Bank, St George, Utah, an FDIC spokesman said.\n The bank, which had total assets of 20.1 mln dlrs, was the\nfirst bank in Utah to fail this year and the 59th nationwide.\n Its three offices will reopen today as branches of Dixie\nState Bank and its depositors will automatically become\ndepositors of the assuming bank.\n Dixie State Bank will assume about 19.9 mln dlrs in 6,300\ndeposit accounts and will purchase all of the failed bank's\nassets at a discount of 3.575 mln dlrs.\n The Federal Home Loan Bank Board closed Summit Savings and\nLoan Association, Park City, Utah, and directed the Federal\nSavings and Loan Insurance Corporation (FSLIC) to transfer an\nestimated 116.9 mln dlrs in insured deposits to United Savings\nand Loan Association, Ogden, Utah, an FSLIC spokesman said.\n Summit, a 120.8 mln dlr institution, was insolvent, the\nspokesman said. The bank board appointed the FSLIC as\nconservator for the association on April 14, 1986.\n Summit has since operated as part of the bank board's\nManagement Consignment Program. United Savings has 205 mln dlrs\nin assets and nine offices in Utah, and one in Idaho.\n REUTER\n\u0003", "date": "13-APR-1987 08:12:00.78", "places": [ "usa" ], "id": "16199" }, { "title": "G-7 SEEMS WORRIED MARKETS IGNORE COORDINATION", "body": "Top officials of leading industrial\nnations appear deeply worried that financial markets have\nignored their efforts to coordinate policies, which they\nbelieve they strengthened in talks last week.\n Monetary sources said officials were exasperated that the\nmarkets, which drove the dollar rapidly lower and severely\ndisrupted bond and stock markets too, did not take heed of the\npolicy commitments of the Group of Seven -- the United States,\nJapan, West Germany, France, Britain, Italy and Canada.\n Treasury Secretary James Baker went out of his way to\nreassure markets of his commitment to a stable dollar with a\nstatement, and French Finance Minister Edouard Balladur\nunderscored that by saying: \"I don't believe at all that the\nAmericans want a weaker dollar.\"\n West German Finance Minister Gerhard Stoltenberg said the\ndollar's latest rapid descent \"involves the risk -- now already\na tangible threat -- of a new strong surge of inflation,\nleading to a renewed rise in interest rates.\"\n But there were signs too, that while policymakers feared\nthe market uproar, they seemed to accept there was little they\ncould do until the economic picture changed, and currencies\nsettled into a stable pattern as a result.\n Nor did there seem to be any enthusiasm at last week's\nsemi-annual meetings of the IMF and the World Bank for higher\nU.S. Interest rates as the best way to curb the dollar's rapid\ndescent. That distaste stems in part from fears of recession.\n Outgoing Deputy Treasury Secretary Richard Darman told\ntelevision interviewers he did not think a policy of driving\nthe dollar down would solve the U.S. trade deficit.\n \"It would slow growth in Germany and Japan which would\nadversely affect our trade balance and ultimately it would\ndrive interest rates up here which would throw us, if not\n(into) recession, into slower growth,\" he said.\n Asked if higher U.S. Interest rates would stabilize the\ndollar, Balladur said: \"When a currency is maintained\nartificially high, by artificially high interest rates, it is\nnot healthy.\"\n And resorting to higher interest rates could lead to\nrecession, he said.\n Acknowledging the dollar's latest slide was now a fact of\nlife, Balladur said, \"there may be adjustments of course in one\nor other currencies, this is not a fixed rate system.\"\n But Federal Reserve Board chairman Paul Volcker said he\nmight rein in credit if the dollar's slide deepens.\n U.S. Monetary sources also said Washington wanted it\nunderstood by markets the seven's commitments were genuine.\n \"The United States and the six major industrial countries\nare fully committed to implementing our undertakings in these\nagreements,\" Baker told the meetings.\n Darman said Baker had been misinterpreted by markets which\nwrongly believed earlier remarks suggested he wanted a further\ndecline in the dollar. Baker, Darman said, was committed to\nstabilizing currencies at current levels.\n Last week's statement from the seven reaffirmed a February\n22 agreement in Paris in which the Reagan administration agreed\nto reach a budget deficit compromise with Congress and to fight\nprotectionism.\n West Germany and Japan, meanwhile, agreed to stimulate\ndomestic demand and lead a global upturn.\n Ministers believed the Paris pact was bolstered by Japan's\npromise of a 35 billion dlr supplementary budget.\n The sources said they believed Baker saw it as a major\naction. But the seven seem to accept their commitment to stable\ncurrencies applied to today's exchange rates and not those at\nthe time of the Paris agreement, when the dollar stood higher.\n The Paris accord said, \"currencies (are) within ranges\nbroadly consistent with underlying economic fundamentals, given\nthe policy commitments summarized in this statement.\"\n Now they accept the dollar's lower level, especially\nagainst the yen, as hard reality that is nonetheless consistent\nwith the agreement. \"The ministers and governors reaffirmed the\nview that around current levels their currencies are within\nranges broadly consistent with fundamentals,\" last week's\nstatement read.\n Monetary sources said policymakers understood markets were\nfocusing on instability created by the gap between the U.S.\nTrade deficit and the surpluses of West Germany and Japan\nrather than prospective policy changes. European monetary\nsources said Bonn was still unconvinced that Washington meant\nbusiness with its commitment to cut the budget deficit.\n Reuter\n\u0003", "date": "13-APR-1987 08:12:29.28", "topics": [ "dlr" ], "places": [ "uk", "usa", "france", "west-germany", "canada", "italy", "japan" ], "id": "16200" }, { "title": "INSTITUTES SEE NO WEST GERMAN RECESSION", "body": "The five leading West German economic\nresearch institutes, which have revised down their forecasts\nfor 1987 growth, do not predict a recession in West Germany,\ntheir spokesman, Hans-Juergen Schmahl said.\n The institutes were divided in their spring report on\nforecasts for 1987, with three predicting two pct growth and\ntwo seeing only one pct expansion. Growth was 2.4 pct in 1986.\n Schmahl, presenting the report at a news conference, said,\n\"None of the institutes reckons with a recession or with the\nbeginning of a recession.\" He added, however, that exports\nremained the weak point of the economy .\n Schmahl also said West Germany would have to expect further\nencroachments of foreign goods onto its markets.\n Arthur Krumper of Munich's Ifo institute, which with the\nDIW of West Berlin had presented the more pessimistic view of\nthe economy, said, \"The braking effects (on the economy)\nproduced by external factors will remain considerable for most\nof the year.\"\n REUTER\n\u0003", "date": "13-APR-1987 08:16:36.57", "topics": [ "gnp" ], "places": [ "west-germany" ], "id": "16201" }, { "title": "DEPOSIT GUARANTY CORP 1ST QTR NET", "body": "Shr 1.11 dlrs vs 1.10 dlrs\n Shr diluted 1.03 dlrs vs 1.02 dlrs\n Net 8,186,000 vs 8,114,000\n Reuter\n\u0003", "date": "13-APR-1987 08:16:56.93", "topics": [ "earn" ], "places": [ "usa" ], "id": "16202" }, { "title": "COMPUTER ASSOCIATES STARTS BPI BID", "body": "Computer Associates International Inc\nsaid it has started its previously-announced 1.92 dlr per share\ntender offer for all shares of BPI Systems Inc.\n In a newspaper advertisement, the company said the offer,\nwhich has been approved by the BPI board and is to be followed\nby a merger at the same price, is conditioned on receipt of at\nleast 1,813,742 shares. The offer and withdrawal rights expire\nMay 15 unless extended.\n In addition to shares sought in the tender, shareholders of\nBPI owning 1,951,720 shares or 34.6 pct have agreed to sell\ntheir shares to Computer Associates for the tender price.\n Reuter\n\u0003", "date": "13-APR-1987 08:17:05.88", "topics": [ "acq" ], "places": [ "usa" ], "id": "16203" }, { "title": "SAUNDERS DENIES \"PAPER SHREDDING\" ALLEGATIONS", "body": "Former Guinness Plc chairman\nErnest Saunders dismissed allegations he ordered the shredding\nof documents in the early stages of a U.K. Investigation as\n\"completely untrue,\" the Press Association news agency reported.\nThe allegations were made by his former personal assistant\nMargaret McGrath, in a statement to the High Court on Friday.\n Saunders' reply was read out by his lawyer at the start of\nthe fourth day of a hearing, on an application by Saunders and\nU.S. Lawyer Thomas Ward for the discharge of \"asset-freezing\"\norders obtained by Guinness on March 18.\n McGrath alleged that among the documents destroyed were\npapers from the files on the bid, as well\nas diaries, correspondence and an address book.\n The temporary orders froze property owned by the two men\nvalued about 5.2 mln stg, the sum paid by Guinness into a\nJersey bank last May during the Distillers takeover.\n They are also contesting orders requiring them to disclose\nthe whereabouts of the money and hand it back to Guinness\nlawyers.\n REUTER\n\u0003", "date": "13-APR-1987 08:17:25.06", "places": [ "uk" ], "id": "16204" }, { "title": "BANK BOARD CLOSES OREGON SAVINGS ASSOCIATION", "body": "The Federal Home Loan Bank Board\nsaid it had closed Future Savings and Loan Association of\nAlbany, Ore., and transferred its insured deposits to\nWilliamsburg Savings Bank of Salt Lake City, Utah.\n Future had 6,614 accounts with total deposits of 57.3 mln\ndlrs. On Monday, its five branches in Oregon will open as\nbranches of Williamsburg, which has 287 mln dlrs in assets and\n19 offices in Oregon, Washington state and Utah.\n The Bank Board said it closed Future because the\nassociation was insolvent.\n The Board said Future lost money on commercial real estate\nloans which were poorly underwritten and inadequately\nappraised. Future also violated regulations on the amount of\nmoney which could be loaned to one individual, the Board said.\n Accounts of up to 100,000 dlrs at Future are insured by the\nFederal Savings and Loan Insurance Corp (FSLIC). Depositors\nwith accounts of over 100,000 dlrs will share Future's assets\non a pro rata basis after the assets have been liquidated.\n Future was the ninth federal savings association to be\nclosed this year compared with 21 in 1986.\n Reuter\n\u0003", "date": "13-APR-1987 08:19:02.07", "places": [ "usa" ], "id": "16205" }, { "title": "KING WORLD PRODUCTIONS INC 2ND QTR FEB 28", "body": "Shr 21 cts vs eight cts\n Net 6,597,000 vs 2,602,000\n Revs 56.4 mln vs 23.2 mln\n 1st half\n Shr 57 cts vs 32 cts\n Net 17.6 mln vs 9,810,000\n Revs 137.7 mln vs 76.0 mln\n Reuter\n\u0003", "date": "13-APR-1987 08:19:22.51", "topics": [ "earn" ], "places": [ "usa" ], "id": "16206" }, { "title": "BLUE CIRCLE PROFITS, DIVIDEND RISE", "body": "Year to end-December Shr 76.7p vs 67.7p\n Div 17p making 23p vs 21p\n Pretax profit 127.0 mln stg vs 116.9 mln\n Turnover 1.10 billion vs 947.2 mln\n Tax 25.0 mln vs 26.3 mln\n Note - company full name is Blue Circle Industries Plc\n. Company said it proposes one-for-one capitalisation\nissue\n Gross profit 390.9 mln vs 321.6 mln\n Distribution costs 215.6 mln vs 177.6 mln\n Administrative expenses 65.1 mln vs 58.9 mln\n Other operating income 5.3 mln vs 11.0 mln\n Share of profits of related companies 50.0 mln vs 58.1 mln\n Operating profit 165.5 mln vs 154.2 mln\n Net interest payable 33.6 mln vs 32.2 mln\n Exceptional items 4.9 mln debit vs 5.1 mln debit\n Minorities 3.4 mln vs 6.9 mln\n Extraordinary items after tax 39.5 mln vs 4.2 mln\n Pretax profit includes -\n U.K. 37.7 mln vs 20.5 mln\n U.S. 27.5 mln vs 22.8 mln\n Mexico 15.0 mln vs 20.7 mln\n Australasia 15.7 mln vs 13.2 mln\n Africa 12.0 mln vs 12.6 mln\n REUTER\n\u0003", "date": "13-APR-1987 08:21:00.99", "topics": [ "earn" ], "places": [ "uk" ], "id": "16207" }, { "title": "SPANISH RAILWAY WORKERS CALL STRIKE", "body": "Railway cargo handlers yesterday called\na three-day strike starting April 19 to press for higher wages,\nunion sources said.\n Workers of the Contratas Ferroviarias franchise firm, which\nis also responsible for train and railway station maintenance,\nare asking for an eight pct wage rise. The company has offered\nfour pct.\n Reuter\n\u0003", "date": "13-APR-1987 08:21:23.43", "places": [ "spain" ], "id": "16208" }, { "title": "NORTHROP /EATON IN HELICOPTER PROGRAM", "body": "Northrop Corp said it and Eaton\nCorp have been selected by the McDonnell Douglas Corp/Textron\nInc team to codevelop the aircraft survivability equipment for\nthe U.S. Army's light helicopter experimental program.\n The Army is expected to pick contractors to produce the\nhelicopters in 1992.\n Reuter\n\u0003", "date": "13-APR-1987 08:23:44.97", "places": [ "usa" ], "id": "16209" }, { "title": "CRAZY EDDIE MAY MAKE ACQUISITION", "body": "Crazy Eddie Inc said it is\nnegotiating for the possible acquisition of Benel Distributors\nLtd, which operates Crazy Eddie Record and Tape Asylums in all\nCrazy Eddie stores.\n It said the acquisition would probably also include\naffiliate Disc-o-Mat Inc, which operates a number of record and\ntape stores in the New York metropolitan area.\n Other details were not disclosed.\n Reuter\n\u0003", "date": "13-APR-1987 08:25:05.26", "topics": [ "acq" ], "places": [ "usa" ], "id": "16210" }, { "title": "CRAZY EDDIE SETS DEFENSIVE RIGHTS", "body": "Crazy Eddie Inc said its board has\nadopted a defensive shareholder rights plan and said it has\nreceived \"friendly inquiries\" on its acquisition.\n It said under the plan, shareholdrs of record as of April\n21 will receive a right to purchase under certain circumstances\nat a price of 42 dlrs 0.01 preferred share for each common\nshare held. The rights will expire April Nine.\n The company said the rights would be exercisable 20\nbusiness days after a party were to acquire 20 pct or more of\nCrazy Eddie common stock or announce a tender or exchange offer\nthat would result in ownership of 30 pct or more.\n Crazy Eddie said if a party owning 20 pct or more of its\nstock were to merge into it or if a party were to acquire 40\npct or more of Crazy Eddie stock, right holders other than the\nacquiring party would be entitled to acquire common shares or\nother securities or assets with a market value equal to twice\nthe rights' exercise price.\n If after a party acquired 20 pct or more of its stock Crazy\nEddie were acquired or 50 pct of its earnings power or assets\nsold, rightholders other than the acquirer would be entitled to\nbuy shares of the acquirer's common stock worth twice the\nrights' exercise price, the company said.\n Crazy Eddie said if a party were to acquire 30 pct or more\nof its common stock and then fail to acquire Crazy Eddie within\n180 days thereafter, rightholders would be entitled to exchange\ntheir Crazy Eddie common stock for subordinated notes of Crazy\nEddie maturing either one year or, above a certain dollar limt,\nfive years after issuance.\n Crazy Eddie said adoption of the plan is not in response to\nany known effort to acquire control of it. But the company\nsaid it has become aware of some \"possible accumulations\" of\nits stock has has received some \"friendly inquiries.\"\n Reuter\n\u0003", "date": "13-APR-1987 08:25:18.85", "topics": [ "acq" ], "places": [ "usa" ], "id": "16211" }, { "title": "SIX KILLED IN SOUTH AFRICAN MINE", "body": "Six workers were killed and four\ninjured in an undeground rock fall at South Africa's second\nlargest gold mine today, the mine owners said.\n It was the third major mine accident in the country in less\nthan a week.\n Thirty four workers died in methane gas explosion at a coal\nmine last Thursday.\n Reuter\n\u0003", "date": "13-APR-1987 08:25:59.02", "topics": [ "gold" ], "places": [ "south-africa" ], "id": "16212" }, { "title": "ZAMBIA'S KWACHA FALLS AT WEEKLY AUCTION", "body": "The Zambian kwacha fell at this week's\nforeign exchange auction to 18.75 kwacha to the dollar from\nlast week's 16.95, the Bank of Zambia said.\n The rate was the lowest since the auctions resumed two\nweeks ago under a new two-tier exchange rate system worked out\nwith the World Bank and International Monetary Fund.\n The Bank of Zambia said it received 370 bids, ranging from\n13.00 to 20.75 kwacha, for the six mln dlrs on offer. One\nhundred and thirty-five bids were successful.\n A British High Commission spokesman said Britain would put\neight mln stg into the auction at a rate of one mln a week as\nsoon as Zambia reached a full agreement with the IMF.\n The money could be spent only on goods produced and\nsupplied by British firms, excluding luxuries and defence\nequipment, the spokesman added.\n Reuter\n\u0003", "date": "13-APR-1987 08:30:39.58", "topics": [ "money-fx" ], "places": [ "zambia" ], "id": "16213" }, { "title": "U.S. SENATE LEADER CALLS FOR INTEREST RATE CUTS", "body": "Senate Finance Committee Chairman\nLloyd Bentsen (D-Tex.) called on major industrial countries to\nmake a pledge at the coming economic summit in Venice to cut\ninterest rates.\n \"I think at the summit meeting in Venice what we ought to be\ntrying to do is to get the other major industrial nations that\nare involved to bring interest rates down, say, one pct,\"\nBentsen told NBC Television's \"Meet the Press.\"\n Bentsen said coordinated rate cuts could take \"billions off\nthe debt service of the Latin countries\" and help ease\nprotectionist pressures in the industrial countries.\n Bentsen also South Korea and Taiwan should be pressured to\nrevalue their currencies in relation to the U.S. dollar.\n \"You take the Taiwanese, with an enormous capital surplus,\nenormous trade surplus, and we've had very little cooperation\nthere,\" he said.\n Departing Deputy Treasury Secretary Richard Darman told the\nsame television network he agreed that the U.S. dollar had not\nfallen enough against the currencies of some countries.\n \"I think that more does have to be done there in\nnegotiations with the countries involved, the so-called NICs\n(newly industrialized countries),\" he said.\n Darman said such negotiations with newly industrialized\ncountries were underway privately.\n Bentsen predicted Congress and the White House would agree\non a fiscal 1988 budget that would raise between 18 and 22\nbillion dlrs in new revenues.\n The Texas senator said a series of excise taxes would be\nconsidered by Congress, including an extension of the telephone\ntax and new levies on liquor and cigarettes.\n Bentsen said he supported an oil import fee, but that it\nwould not happen without President Reagan's support.\n Darman called for a \"top level negotiation\" between the White\nHouse and Congress on a budget compromise that would include\nasset sales, some excise taxes, cuts in middle-class\nentitlement programs, \"a reasonable, steady rate of growth in\ndefense\" and reform of the budget process.\n Reuter\n\u0003", "date": "13-APR-1987 08:31:42.57", "topics": [ "interest" ], "places": [ "usa" ], "id": "16214" }, { "title": "OFFER FOR DOME MAY SHORT-CIRCUIT ITS DEBT TALKS", "body": "A 3.22 billion dlr offer for Dome\nPetroleum Ltd by TransCanada Pipelines Ltd \nmay short-circuit Dome's restructuring plan and open the door\nfor more takeover bids, oil analysts said.\n Dome is trying to get approval for a plan to refinance debt\nof more than 4.5 billion dlrs by July 1, 1987, when an interim\ndebt plan that allowed the Canadian oil and gas firm to defer\nsubstantial payments to creditors will expire.\n Analysts said TransCanada's bid signals Dome's debtholders\nthat an alternative exists to Dome's debt plan.\n Dome announced its plan to 56 major creditors as well as\npublic noteholders in March after several months of delicate\nnegotiations.\n TransCanada's proposal \"amounts to a quasi debt\nrestructuring,\" oil analyst Doug Gowland of Brown Baldwin Nisker\nLtd said from Toronto.\n Calgary-based Dome's restructuring plan would allow\ncreditors to convert debt to common shares under a formula yet\nto be negotiated. Payments on remaining debt would be linked to\ncash flow generated by assets pledged against the debt.\n \"The weakness of the whole debt-refinancing proposal is that\neven with approval of creditors, there is no assurance that\nDome will in fact be able to repay all of its debt obligations,\"\nsaid Wilf Gobert, an oil analyst for Peters and Co Ltd in\nCalgary.\n TransCanada's announcement came as a surprise since Dome\nwas waiting for responses from creditors on its proposed\nrefinancing packages, Gobert said.\n The TransCanada proposal could open the bidding for Dome\nsince other potential buyers were probably waiting for lenders\nto agree to a restructuring, he added.\n \"I would think that the debtholders would want to entertain\nany and all offers (for Dome),\" Gobert said.\n Dome spokesman David Annesley said in New York that\nTransCanada's announcement could be seen as an attempt to fix\nthe bidding price for Dome and an effort to preclude other\npossible buyers from making an offer. \"By drawing attention to\nus in our discussions, it means that others may be a little\nreluctant to come forward,\" he said.\n Dome does not consider TransCanada's proposal a formal\noffer because the pipeline utility's announcement breached a\nconfidential agreement between the two companies, he said.\n Dome responded to the statement by suspending discussions\nwith TransCanada in order to pursue talks with other\nunidentified parties. However, Dome said its management and\nfinancial advisers would evaluate all proposals, including\nTransCanada's.\n Gowland said TransCanada's offer is probably a fair price\nfor the company's 36.1 mln acres of oil and gas land holdings.\n However, he said not enough financial details are known\nabout Dome's debt restructuring to compare the value of\nTransCanada's proposed offer.\n Reuter\n\u0003", "date": "13-APR-1987 08:35:15.19", "topics": [ "acq" ], "places": [ "usa", "canada" ], "id": "16215" }, { "title": "SOSNOFF RAISES BID FOR CAESARS WORLD ", "body": "Investor Martin T. Sosnoff said he has\nraised his offer for Caesars World Inc shares to 32 dlrs each\nfrom 28 dlrs and has reduced the number of shares he is seeking\nto 29.1 mln from all those not already owned.\n In a newspaper advertisement, Sosnoff said the bid by his\nMTS Acquisition Corp, withdrawal rights and the proration\nperiod will now expire June 19 unless extended. The offer had\nbeen scheduled to expire May 15. In late March, Sosnoff said he\nhad received a \"negligible\" number of shares in response to the\noffer, which had been rejected by Caesars as inadequate.\n Sosnoff already owns about four mln of Caesars' 30 mln\ncommon shares now outstanding, or a 13.3 pct interest on a\nprimary basis.\n Last week, Caesars' board approved a recapitalization plan\nas an alternative to the Sosnoff offer under which shareholders\nwould receive a special dividend of 25 dlrs per share, subject\nto approval by shareholders at a special meeting to be held in\nJune.\n The company planned to borrow 200 mln dlrs and sell 800 mln\ndlrs in debt to finance the payout.\n Sosnoff said in the newspaper advertisement that the\namended offer is conditioned on receipt of enough shares to\ngive him a majority interest on a fully diluted basis and on\nthe arrangement of financing, as well as to approvals by New\nJersey and Nevada gaming authorities.\n He said the tender would be the first step in acquiring all\nof Caesars' shares and if successful would be followed by a\nmerger transaction.\n Sosnoff said later in a statement that the 29.1 mln shares\nhe is now seeking, together with the 4,217,675 shares he owns,\nwould give him a 92.4 pct interest on a fully diluted basis.\n He said he still has received only a \"negligible\" number of\nshares in response to his tender.\n In a letter to Caesars' chairman Henry Gluck included in\nthe statement, Sosnoff said Gluck had again refused, on April\n8, to meet with him, even though he had said he was willing to\nincrease the price of his offer.\n Sosnoff said the financing for the offer is almost fully in\nplace.\n Sosnoff said PaineWebber Group Inc has now delivered\nto him commitments to purchase up to 475 mln dlrs of increasing\ndividend cumulative exchangeable preferred stock of MTS Holding\nCorp, an indirect parent corporation of MTS Acquisition.\n He said Marine Midland Banks Inc , which leads a\nsyndicate that has provided commitments for a 500 mln dlr\nmargin facility, believes it will be able to arrange for\nfurther commitments under the margin facility to advance up to\nan additional 25 mln dlrs that may be needed to permit the\npurchase of shares under the offer.\n Sosnoff said under the merger that would follow his tender,\neach of the 2,750,000 Caesars shares not covered by the offer,\nor 7.6 pct on a fully diluted basis, would be converted into\nSeries A preferred stock valued at 32 dlrs per shareby an\nindependent investment baking firm.\n He said \"To the extent that fewer than 29,100,000 sdhares\nare purchased in the offer, the stockholders would receive a\ncombination of cash and Series A preferred stock having a value\nof 32 dlrs per share of Caesars.\"\n Sosnoff said he believes terms of his offer are superior to\nCaesars' recapitalization.\n Sosnoff said he will be meeting this week with gaming\nofficials in Nevada in an effort to expedite the investigatory\nprocess required for regulatory approval, a process that it\nalready underway in New Jersey.\n He said his offer has been extended based on the likely\nduration of the regulatory process.\n He said he intends to further extend the offer if the\napproval process is not completed by the expiration date.\n Reuter\n\u0003", "date": "13-APR-1987 08:36:48.84", "topics": [ "acq" ], "places": [ "usa" ], "id": "16216" }, { "title": "CRAZY EDDIE EXECUTIVE LEAVES BOARD", "body": "Crazy Eddie Inc executive vice\npresident and chief financial officer Sam Antar, who turns 66\nsoon, has resigned from its board and has been replaced by\nWilliam H. Saltzman, vice president and general counsel of\nSun/DIC Acquisition Corp.\n Sam Antar and other executive vice presidents Mitchell\nAntar and Isaac Kairey were named to an Office of the President\nthat took over the duties of chief executive officer from\nchairman Eddie Antar in January.\n Reuter\n\u0003", "date": "13-APR-1987 08:38:07.51", "places": [ "usa" ], "id": "16217" }, { "title": "SHULTZ BEGINS TALKS WITH SHEVARDNADZE", "body": "U.S. Secretary of State George Shultz\nand Soviet Foreign Minister Eduard Shevardnadze met today an in\nelegant Moscow mansion in pursuit of the first superpower arms\ncontrol agreement in nearly a decade.\n Shultz, accompanied by senior advisers and technical\nexperts, arrived from Helsinki aboard a U.S. Air Force plane\nand went straight into a closed-door meeting with Shevardnadze\nand Soviet negotiators.\n State Department spokesman Charles Redman told reporters\nthat U.S. Arms control advisers had been told not to discuss\nthe U.S. Proposals with the press.\n U.S. Officials have been optimistic about the possibility\nof progress at the talks, scheduled to end on Wednesday.\n Shultz has been more guarded, saying that if the Soviet\nofficials approached the talks in the same constructive spirit\nas the Americans \"we should be able to move the ball along in a\nvery positive way.\"\n Shultz is expected to protest about a spying network that\nhas come to light at the U.S. Embassy and which has cast a\nshadow over his talks. For its part the Soviet Union has said\nits diplomatic missions in the United States are subjected to\nsurveillance and has accused Washington of \"spy-mania.\"\n Shevardnadze met Shultz with a handshake at the door of the\nornate guest house built by a Russian merchant, now belonging\nto the Foreign Ministry. Later, in the white marble room where\nthe discussions were being held, they had to be prompted by\nphotographers to shake hands again.\n \"There was no instinctive warmth,\" an observer said.\n Reuter\n\u0003", "date": "13-APR-1987 08:38:17.58", "places": [ "ussr", "usa" ], "id": "16218" }, { "title": "COMPACT VIDEO INC YEAR LOSS", "body": "Shr loss 67 cts vs loss two cts\n Net loss 3,721,000 vs loss 107,000\n Revs 155.7 mln vs 24.2 mln\n NOTE: Results for 12 months ended Dec 31, 1986, and eight\nmonths ended Dec 31 1985. Because of the acquisition of Brooks\nDrug in September 1986 and the company's change of fiscal year,\nprior-year results are not comparable, Compact Video explained.\n Reuter\n\u0003", "date": "13-APR-1987 08:44:42.71", "topics": [ "earn" ], "places": [ "usa" ], "id": "16219" }, { "title": "UAW SAYS MAJOR WORK STOPPAGE POSSIBLE AT GM, FORD", "body": "Leaders of the nation's unionized\nautomobile workers have signaled their intent for a major work\nstoppage later this year if General Motors Corp. and Ford\nMotor Co. fail to satisfy demands for job security, pay\nraises and protection against shifting U.S. production to\nforeign sources.\n United Automobile Workers (UAW) president Owen Bieber was\nloudly cheered by some 3,000 local delegates at a special\nbargaining strategy convention yesterday when he declared the\n1.1 mln-member union is ready to go to \"war\" against the major\nauto makers in support of its goals.\n \"It takes two to make peace, but only one to make war ...\nand if it's war, the UAW will be ready for it. War against the\ninsecurity of layoff,\" the UAW chief said.\n The militant tone as the four-day convention opened\nunderscored the probability for bitter confrontation during the\nsummer's labor negotiations between the UAW and the auto\ncompanies over new contracts covering some 500,000 U.S. workers\nat G.M. and Ford.\n The current pacts expire September 14.\n GM Vice President and chief labor negotiator Alfred Warren\nrecently told Reuters that the 1987 bargaining round would\nlikely be the most difficult of the decade because of the\ncarmaker's drive to cut costs and shed uncompetitive\nparts-making operations employing thousands of workers.\n Job security has been the union's main theme for several\nyears. A master resolution stating UAW goals notes that the\nunion's membership working in the auto industry has fallen by\n200,000 since 1978 to a current level of about 690,000.\n GM was hit by a six-day selective national strike in 1984\nbefore signing its current labor agreement, which contains a\none billion dlr job security fund to protect workers whose jobs\nare threatened by new technology or moves to outside suppliers.\n At Ford, which has more than 8 billion dlrs in cash\nreserves and out-earned larger GM last year for the first time\nsince 1924, executives said they would oppose the UAW's demand\nfor a return to guaranteed percentage annual pay increases that\nwere dropped in the last recession.\n Ford has not been hit by a national strike since 1976,\nwhich has prompted some union analysts to suggest it is now\nFord's \"turn,\" to be the UAW strike target.\n Bieber yesterday described the UAW's situation in 1987 as\n\"crucial\" in view of the growing penetration of the U.S. market\nby imported cars and trucks as well as moves by the Detroit\nautomakers to use foreign and other non-union sources to secure\ncheaper vehicles and auto parts.\n He said the union will stress job security, annual general\npay raises, improved profit-sharing and limits on companies'\nability to transfer work.\n Reuter\n\u0003", "date": "13-APR-1987 08:50:40.36", "places": [ "usa" ], "id": "16220" }, { "title": "NEWORLD BANK FOR SAVINGS 1ST QTR NET", "body": "Oper shr 45 cts vs 26 cts\n Oper net 2,258,000 vs 1,166,000\n NOTE: 1986 net excludes 842,000 dlr tax credit.\n Reuter\n\u0003", "date": "13-APR-1987 08:51:02.79", "topics": [ "earn" ], "places": [ "usa" ], "id": "16221" }, { "title": "JANUARY NEWPAPER ADVERTISING INCOME UP 10.5 PCT", "body": "The Newspaper Advertising Bureau said\nits preliminary estimates show spending for newspaper\nadvertising in January totaled 2.06 billion dlrs, an increase\nof 10.5 pct from the year earlier month.\n The bureau said retail advertising for the month was up\n10.7 pct to 1.02 billion dlrs. National advertising was off 0.7\npct to 264 mln dlrs. Classified increased 14.7 pct to 777 mln\ndlrs.\n Reuter\n\u0003", "date": "13-APR-1987 08:51:25.30", "places": [ "usa" ], "id": "16222" }, { "title": "USAIR TO BUY 55 PCT OF 17.0 MLN PIEDMONT SHARES TENDERED\n", "date": "13-APR-1987 08:59:05.07", "topics": [ "acq" ], "id": "16223" }, { "title": "DEUTSCHE TEXACO NOT AFFECTED BY LEGAL DISPUTE", "body": "Deutsche Texaco AG, Texaco Inc's \n99.15 pct-owned West German subsidiary, will not be affected by\nthe legal dispute with the Pennzoil Company , managing\nboard chairman Armin Schram said.\n Schram told a news conference that Deutsche Texaco's\nbusiness will not be affected by the \"legal proceedings in the\nU.S. Our liquidity is more than sufficient to guarantee\nsupplies of crude oil and products to refineries and customers.\"\n Schram said West German law prohibited the parent company\nfrom \"touching our basic capital of 500 mln marks and reserves\nof 81 mln.\"\n REUTER\n\u0003", "date": "13-APR-1987 09:00:04.16", "places": [ "west-germany" ], "id": "16224" }, { "title": "PAKISTAN CONFIRMS KENYA TEA IMPORT INVESTIGATION", "body": "Pakistan's Corporate Law Authority,\nCLA, has begun an enquiry into imports of tea from Kenya and\nthe trade imbalance between the two countries, CLA chairman\nIrtiza Husain confirmed.\n He told Reuters by telephone that importers Liptons and\nBrooke Bond had been asked to supply data to the authority and\na hearing would be held.\n The CLA would then report back to the Commerce Ministry,\nwhich had requested the enquiry. Husain said no date had yet\nbeen set for the hearing and declined to give further details\nof the matter.\n Industry sources told Reuters reports that the companies'\ntea import licences had been suspended were incorrect.\n Reuter\n\u0003", "date": "13-APR-1987 09:02:18.10", "topics": [ "tea" ], "places": [ "pakistan", "kenya" ], "id": "16225" }, { "title": "PORTUGUESE ECONOMY REMAINS BUOYANT DESPITE CRISIS", "body": "Portugal's economy, which has been\nenjoying one of its most buoyant periods in more than a decade,\nmay now be strong enough to shrug off the country's latest\ngovernment crisis, analysts said.\n But the April 3 ousting of Prime Minister Anibal Cavaco\nSilva's government could slow economic reforms and investment\nas Portugal continues to adapt to membership in the European\nCommunity, which it joined in January last year, they said.\n Cavaco Silva's minority Social Democratic Party, PSD, was\ntoppled in a parliamentary censure vote by left-wing parties.\n The centre-right administration had made economic growth\nreform a priority in its 17 months in office.\n In 1986, Portugal's economy grew four pct, its current\naccount surplus swelled to more than one billion dlrs and\ninflation fell to 10 pct, from 20 pct in 1985.\n Analysts and businessmen said the prospects of instability\nwere worrying but they felt the foundations for continued\ngrowth had not been badly shaken.\n \"The economy has developed a certain self-confidence that is\nnow less dependent on the political situation,\" said Fritz\nHaser, economics professor at Universidade Livre, Lisbon.\n \"The market doesn't see this as a real crisis yet,\" economist\nJorge Braga de Macedo told Reuters.\n Businessmen have identified political instability over the\nlast 13 years as one of the biggest obstacles to lasting\neconomic progress.\n The PSD administration was the 16th formed since the 1974\nrevolution.\n Portugal's developing stock markets, however, remain\nbuoyant. Brokers and unit trust managers said the recent surge\nin economic confidence under the PSD rule was still largely\nunderpinned by continuing optimistic forecasts.\n Investment grew nearly 10 pct in 1986 and a Bank of\nPortugal forecast, released on the day the PSD government fell,\npredicted the pace of investment and overall economic growth\nwould remain at similar levels this year.\n But analysts said the crisis interrupted current policies\nand could slow economic development.\n Soares, who is expected to announce a decision by the end\nof the month, can either call early elections or form a new\ngovernment from parties in the existing left wing-dominated\nparliament.\n Many businessmen said they strongly favoured quick\nelections as the best solution. \"There is a good chance that a\nmajority government could result from early elections,\"\nConfederation of Portuguese Industry (CIP) president Pedro\nFerraz da Costa said.\n He said they were optimistic this could mean the\ncontinuation in the near future of liberalisation policies\nintroduced over the last year.\n The left-wing parties favour a parliamentary solution, but\nthe PSD said it wants an early election in which opinion polls\nsay they could win an overall majority.\n A PSD majority would also open the way for more\nwide-ranging reforms, such as relaxation of labour laws and\npossible denationalisation of industry, the analysts said.\n Cavaco Silva has accused the left-wing opposition parties\nof blocking key economic reforms.\n The left-wingers said Portugal's positive economic results\nwere more the product of favourable international conditions\nsuch as cheaper oil and raw material imports, than of PSD\npolicies.\n REUTER\n\u0003", "date": "13-APR-1987 09:02:34.57", "topics": [ "gnp", "bop", "cpi" ], "organisations": [ "ec" ], "places": [ "portugal" ], "id": "16226" }, { "title": "MALAYSIA CUTS FIVE YEAR PLAN BUDGET", "body": "Malaysia will reduce its budget\nfor the 1986-1990 development plan to 49 billion ringgit from\nits original 74 billion to limit expenditure, the Economic\nPlanning Unit (EPU) of the Prime Minister's Department said.\n EPU director-general Radin Soenarno was quoted by the\nnational news agency Bernama as saying this would be done by\nsuspending many projects which could only take off when the\nrecession-hit economy improved.\n Radin did not specify what projects would be suspended but\nsaid the Fifth Malaysian Plan will be reviewed annually instead\nof on a mid-term basis.\n REUTER\n\u0003", "date": "13-APR-1987 09:03:14.72", "places": [ "malaysia" ], "id": "16227" }, { "title": "MERRILL LYNCH FIRST QTR SHR ONE DLR VS 85 CTS\n", "date": "13-APR-1987 09:04:42.20", "topics": [ "earn" ], "id": "16228" }, { "title": "SHULTZ ARRIVES IN MOSCOW FOR ARMS TALKS", "body": "U.S. Secretary of State George Shultz\narrived in Moscow for talks with Soviet leaders likely to focus\non nuclear arms reductions.\n Shultz flew in from Helsinki and drove straight from the\nairport to a meeting with Soviet Foreign Minister Eduard\nShevardnadze.\n The three days of talks are overshadowed by an espionage\nrow between the two powers. Shultz has said he wants to discuss\nit but Soviet officials have indicated they expect him to\nconcentrate on disarmament issues.\n Reuter\n\u0003", "date": "13-APR-1987 09:06:02.68", "places": [ "ussr", "usa" ], "id": "16229" }, { "title": "MERRILL LYNCH AND CO 1ST QTR NET", "body": "Shr primary one dlr vs 85 cts\n Shr diluted 97 cts vs 81 cts\n Net 108.6 mln vs 86.8 mln\n Rev 2.70 billion vs 2.17 billion\n Reuter\n\u0003", "date": "13-APR-1987 09:09:05.81", "topics": [ "earn" ], "places": [ "usa" ], "id": "16230" }, { "title": "COOPER CANADA SETS SHARE CONSOLIDATION", "body": "Cooper Canada Ltd said it planned to\nconsolidate its common and class A non-voting shares into one\nclass of common shares, subject to shareholder approval on May\n1.\n Cooper Canada said the proposal would result in only voting\nshares being available to respond to Charan Industries Ltd\n's previously announced six dlr a share takeover bid.\n Reuter\n\u0003", "date": "13-APR-1987 09:09:14.26", "places": [ "canada" ], "id": "16231" }, { "title": "CORONA FAVORS ROYEX OFFER", "body": "International Corona Resources Ltd said\nits board of directors believes that terms of Royex Gold Mining\nCorp's previously announced offer are fair and reasonable, but\nit decided it will make no recommendation on the offer to its\nshareholders.\n Royex on March 31 offered to buy four mln Corona shares.\nFor each Corona share it offered four dlrs cash, one series B\nshare of Royex, one series C share of Royex and one share\npurchase warrant. It also bid for all Corona warrants expiring\nAug 31, 1987.\n\n Reuter\n\u0003", "date": "13-APR-1987 09:09:25.36", "topics": [ "acq" ], "places": [ "canada" ], "id": "16232" }, { "title": "S.ATLANTIC , INDEPENDENCE MERGE", "body": "South Atlantic Financial Corp\nsaid it has agreed in principle to merge with Independence\nHolding Co into a new company to be called SAFCO International\nLtd.\n It said each South Atlantic share would be exchanged for\none SAFCO share and each Independence share for 2.822 SAFCO\nshares.\n Independence now owns about 40 pct of South Atlantic's 9.8\nmln primary common shares.\n South Atlantic said said its chairman and chief executive\nofficer Sheldon S. Gordon would have the same posts with SAFCO\nand Independence president Ronald G. Strackbein would be\npresident of SAFCO.\n The company said the transaction is subject to execution of\ndefinitive agreements, the receipt of fairness opinions from\ninvestment banks and approval by boards and shareholders of\nboth companies. It said proxy materials are expected to be\nmaioled this quarter. Both South Atlantic and Independence\nare insurance companies.\n Reuter\n\u0003", "date": "13-APR-1987 09:11:25.12", "topics": [ "acq" ], "places": [ "usa" ], "id": "16233" }, { "title": "HOME FEDERAL UPPER EAST TENNESSEE 1ST QTR", "body": "Shr 47 cts vs not given\n Net 2,100,000 vs 1,277,000\n NOTE: Company went public in fourth quarter of 1986.\n Home Federal Savings and Loan Association of Upper East\nTennessee.\n Reuter\n\u0003", "date": "13-APR-1987 09:12:51.39", "topics": [ "earn" ], "places": [ "usa" ], "id": "16234" }, { "title": "STATEWEST EXPANDS SERVICE, ENTERS FARE AGREEMENT", "body": "StateWest Airlines Inc said it\nstarted service to Las Vegas, Nev., Tucson, Ariz., and San\nDiego, and entered into a joint fare agreement with Trans World\nAirlines .\n StateWest said the fare agreement will result in lower\nfares for StateWest passengers who continue to any one of Trans\nWorld's 50 U.S. destinations.\n The company also said the new destinations expand its daily\nflights to 49 and it added the company's fourth advanced Shorts\n360 to its fleet of aircraft.\n Reuter\n\u0003", "date": "13-APR-1987 09:14:20.02", "places": [ "usa" ], "id": "16235" }, { "title": "U.S. FEEDER STEER PRICE", "body": "The U.S. Feeder Steer Price, or USFSP,\nas posted by the CME is calculated by Cattle Fax and represents\nthe price used for cash settlement of the CME Feeder Cattle\ncontract.\n The USFSP is a seven-calendar-day average of feeder steer\nprices from 27 states, based on auction and direct country\nsales for feeder steers that weigh between 600 and 800 lbs and\nare estimated to grade between 60 and 80 pct choice when fed to\nslaughter weight.\n April 9 Previous quote\n 70.03 69.87\n Reuter\n\u0003", "date": "13-APR-1987 09:14:42.18", "topics": [ "f-cattle", "livestock" ], "places": [ "usa" ], "id": "16236" }, { "title": "NOVA TO REDEEM PREFERRED", "body": "Nova, An Alberta Corp said it\nwill redeem its 12 pct cumulative redeemable convertible second\npreferred shares on May 15, 1987 at the redemption price of\n26.25 dlrs per share.\n Holders may convert their shares into class A common shares\non the basis of 3.435 class A common shares for each 12 pct\nconvertible preferred share held, Nova said.\n Nova said it retained Burns Fry Ltd, Merrill Lynch Canada\nInc and Gordon Capital Corp to maintain a market bid of at\nleast 26-3/8 dlrs for the preferred shares until May 12, 1987.\n Nova said that if any 12 pct preferred shares are acquired\nby the broker group, the shares will be converted into class A\ncommon shares.\n Reuter\n\u0003", "date": "13-APR-1987 09:15:37.02", "places": [ "canada" ], "id": "16237" }, { "title": "COLUMBIA GAS SEEKS CONTRACT COST RECOVERY", "body": "Columbia Gas Transmission\ncorp said it made an abbreviated, streamlined filing with the\nFederal Energy Regulatory Commission to recover a portion if\nits costs of renegotiating high-cost gas purchase contracts.\n Recently, the Columbia Gas System Inc pipeline subsidiary\nsaid, FERC denied on procedural grounds and without prejudice a\nproposal to include these costs in the company's most recent\npurchased gas adjustment -- or PGA -- filing.\n Noting it has has asked for a rehearing on the denial\nruling, Columbia Gas said it would withdraw its alternative\nfiling if the commission grantes its request for a rehearing to\ninclude the contract renegotiation costs in its PGA or\nconsolidates this issue in the pipeline's general rate filing\nand permit recovery, subject to refund, effective April one.\n The company said the alternative filing seeks to recover\nabout 79 mln dlrs a year through the pipeline's non-gas sales\ncommodity rates. This annual amortization amount is based on\nrecovery of about 653 mln drls over an 8-1/4 year period,\nbeginning April 1, 1987.\n Columbia Gas said the filing would increase the pipeline\ncommodity rates by 15.74 cts per mln Btu to 2.95 dlrs per mln.\n The company said it orginially sought to include these\ncosts in its PGA since the payments to products resulted in\nalmost five billion dlrs in prospective price relief and were\nnot related to take-or-pay buyout costs.\n It explained this interpretation was based on FERC's April\n10, 1985, Statement of Policy which said that only take-or-pay\nbuyout costs must be recovered through a general rate filing\nunder the Natural Gas Act.\n As a result of renegotiating contracts for high-cost gas,\nColumbia Gas said, it has been able to reduce the average price\npaid for gas purchased from Southwest producers to 1.96 dlrs\nper mln Btu in December 1986 from 3.64 dlrs per mln in April\n1985.\n The pipeline said Southwestern producers account for 46 pct\nof its total available gas supply this year.\n Reuter\n\u0003", "date": "13-APR-1987 09:17:56.40", "topics": [ "nat-gas" ], "places": [ "usa" ], "id": "16238" }, { "title": "TURKEY TO APPLY FOR EC MEMBERSHIP", "body": "Turkey is to apply tomorrow for European\nCommunity membership, Foreign Ministry officials said.\n They told Reuters that Minister of State Ali Bozer would\nlodge the application in Brussels with Belgian Foreign Minister\nLeo Tindemans.\n Turkey would be the 13th member of the group, of which\nBelgium is current president.\n Reuter\n\u0003", "date": "13-APR-1987 09:20:54.90", "organisations": [ "ec" ], "places": [ "turkey" ], "id": "16239" }, { "title": "MELLON BANK CHAIRMAN RETIRES", "body": "Mellon Bank Corp said J. David\nBarnes has retired as chairman and chief executive officer and\nresigned from the board of the company and its Mellon Bank\nsubsidiary.\n The company said senior director Nathan W. Pearson will\nsucceed Barnes but also appointed a special search committee to\nreview all internal and external candidates for chairman.\n Mellon said \"Mr. Barnes felt a change of management at this\ntime would help the bank move more quickly and with less\nconstraint in meeting the needs of shareholders, customers and\nemployees.\"\n Pearson is 75 and is financial advisor to the Paul Mellon\nFamily Interests. Barnes is 57.\n On Friday Mellon reported a 59.8 mln dlr first quarter\nloss. It had placed 310 mln dlrs of Brazilian loans on a\nnonaccrual basis and said it would cut its quarterly dividend\nto 35 cts per share from 69 cts due to energy, foreign,\ncommercial real estate and heavy industry loans.\n Reuter\n\u0003", "date": "13-APR-1987 09:22:00.18", "places": [ "usa" ], "id": "16240" }, { "title": "HUNGARY RAISES PRICES IN EFFORT TO CURB DEFICIT", "body": "Hungary has announced sharp price\nincreases for a range of food and consumer products as part of\nits efforts to curb a soaring budget deficit.\n The official MTI news agency said the government decided\nconsumer price subsidies had to be cut to reduce state\nspending. From today the price of meat will rise by an average\n18 pct and that of beer and spirits by 10 pct, MTI said.\n The measures are also aimed at cooling an overheated\neconomy, and could help dampen Hungarians' appetite for\nimported Western goods which consume increasingly expensive\nhard currency, the diplomats said.\n The diplomats also said, however, that they did not expect\nthe kind of social unrest that followed sharp price rises in\nother East Bloc states, notably Poland.\n MTI said consumer goods will also become more expensive,\nwith the price of refrigerators rising some five pct. It also\nannounced a number of measures to ease hardship, including\nhigher pensions and family allowances.\n Reuter\n\u0003", "date": "13-APR-1987 09:22:25.18", "topics": [ "cpi" ], "places": [ "hungary" ], "id": "16241" }, { "title": "UAW CHEERS CALL FOR \"WAR\" ON GM AND FORD", "body": "Leaders of the nation's unionized\nautomobile workers have signalled their intent for a major work\nstoppage later this year if General Motors (GM) and Ford Motor\nCo., fail to satisfy demands for job security, pay raises and\nprotection against shifting U.S. production to foreign sources.\n United Automobile Workers (UAW) president Owen Bieber was\nloudly cheered by some 3,000 local delegates at a special\nbargaining strategy convention yesterday when he declared the\n1.1-mln-member union is ready to go to \"war\" against the major\nauto makers in support of its goals.\n \"It takes two to make peace, but only one to make war ...\nand if it's war, the UAW will be ready for it. War against the\ninsecurity of layoff,\" the UAW chief said.\n Reuter\n\u0003", "date": "13-APR-1987 09:23:06.03", "places": [ "usa" ], "id": "16242" }, { "title": "P.H. GLATFELTER CO SAYS IT WILL BUY ECUSTA CORP FOR 149 MLN DLRS IN CASH\n", "date": "13-APR-1987 09:23:42.70", "topics": [ "acq" ], "id": "16243" }, { "title": "FAMILY HEALTH SYSTEMS INC 2ND QTR FEB 28", "body": "Shr profit one ct vs nil\n Net profit 74,000 vs profit 10,000\n Revs 925,000 vs 112,000\n Avg shrs 10 mln vs nine mln\n Six mths\n Shr loss nil vs loss one ct\n Net loss 16,000 vs loss 90,000\n Revs 1,855,000 vs 333,000\n Reuter\n\u0003", "date": "13-APR-1987 09:24:44.66", "topics": [ "earn" ], "places": [ "usa" ], "id": "16244" }, { "title": "CBT NIGHT TRADING SESSION SEEN GETTING APPROVAL", "body": "The Commodity Futures Trading\nCommission, CFTC, is expected to accept the Chicago Board of\nTrade's, CBT, proposal to establish a night trading session\nwhen the commission meets Wednesday, CFTC officials said.\n CBT has proposed starting an evening trading session\nbetween 1800 and 2100 local time in Treasury bond and Treasury\nnote futures and options on the two futures contracts.\n The exchange hopes to launch the experiment April 30.\n While CFTC staff have raised numerous questions about how\nthe evening session will operate, they have not discovered any\nmajor obstacle to approval, CFTC sources said.\n \"We are not anticipating any problems with approval,\" a CBT\nofficial said.\n CBT President Thomas Donovan and CBT Chairman Karsten\nMahlmann have been in the Far East this month to drum up\nsupport for the night session.\n Reuter\n\u0003", "date": "13-APR-1987 09:26:41.77", "places": [ "usa" ], "id": "16245" }, { "title": "INTERNATIONAL BUSINESS MACHINES CORP NET", "body": "1st qtr\n Shr 1.30 dlrs vs 1.65 dlrs\n Net 785 mln vs 1.02 billion\n Gross income 10.68 billion vs 10.13 billion\n Avg shrs 604.6 mln vs 615.6 mln\n NOTE: Pretax net 1.34 billion vs 1.83 billion.\n Sales 6.50 billion vs 6.10 billion, maintenance gross\nincome 1.95 billion vs 1.77 billion, program products gross\nincome 1.40 billion vs 1.15 billion and rentals and other\nservices 825 mln vs 1.10 billion.\n Reuter\n\u0003", "date": "13-APR-1987 09:29:35.89", "topics": [ "earn" ], "places": [ "usa" ], "id": "16246" }, { "title": "USAIR REPORTS FINAL PRORATION FACTOR", "body": "USAir Group Inc said, in announcing\nthe final proration factor for its tender offer for Piedmont\nAviation Inc , that 17.0 mln shares, or 90 pct of the\nshares were validly tendered.\n USAir said it has purchased and will pay for 9.3 mln\nshares, representing about 55 pct of those tendered.\n Reuter\n\u0003", "date": "13-APR-1987 09:30:39.91", "topics": [ "acq" ], "places": [ "usa" ], "id": "16247" }, { "title": "MORE BRITISH GOLD ARTICLES HALLMARKED", "body": "The number of British gold articles\nhallmarked during the first quarter of this year rose by more\nthan 11 pct on the corresponding period last year, figures\nreleased by the Assay Offices of Great Britain show.\n More than 2.5 mln British items were hallmarked during the\nquarter, up 11.1 pct on the same year ago period. The four\nAssay Offices also marked 832,222 foreign gold articles, up 2.5\npct on last year.\n In weight terms the 7.19 mln grams of British gold assayed\nwas a 15.3 pct increase, while the 2.95 mln grams of foreign\ngold represented a rise of 3.1 pct.\n British silver goods assayed totalled 698,132, an increase\nof 6.2 pct but only 78,457 foreign items were marked, a fall of\n11.1 pct.\n A total of 10,968 kilos of silver were assayed, an 11.1 pct\nrise.\n The number of platinum items marked fell 12.5 pct to 1,785,\nwhile in weight terms the total slipped 8.1 pct to 9,849 grams.\n A spokesman for the Assay Offices of Great Britain said he\nwas particularly encouraged to see the percentage increase for\nBritish manufactured goods.\n Reuter\n\u0003", "date": "13-APR-1987 09:33:32.56", "topics": [ "gold", "silver", "platinum" ], "places": [ "uk" ], "id": "16248" }, { "title": "TEXACO USES BANKRUPTCY COURT TO BUY TIME", "body": "Texaco Inc.'s plunge into bankruptcy to\nshield it from posting a bond in its 10.53 billion dlr legal\nbattle with Pennzoil Co. is a strategy that will give it\nbreathing room until the fight over the 1984 acquisition of\nGetty Oil Co. winds its way up to the U.S. Supreme Court,\nanalysts said.\n Texaco, the nation's third-largest oil company, filed for\nprotection under Chapter 11 of the U.S. bankruptcy code earlier\ntoday, saying it had no choice because of Pennzoil's refusal to\nnegotiate a reasonable settlement.\n But unlike most Chapter 11 cases, the Texaco proceeding\nshould not result in a major reorganization of the company or\naffect its daily business operations, several experts said.\n \"This is another piece of financial history,\" Sanford\nMargoshes, an analyst with Shearson Lehman Brothers, said of\nthe bankruptcy filing. \"What Texaco is doing is buying time to\nfight its battle in the courts. They have high hopes they will\nbe upheld if the case goes all the way to the U.S. Supreme\nCourt.\"\n Margoshes said he did not anticipate any significant\nchanges in Texaco's oil exploration and production business\nbecause the bankruptcy filing affects only about four pct of\nthe giant oil company's 32.6 billion dlrs in annual revenues.\n Texaco executives said the bankruptcy filing would\neffectively halt payments of stock dividends and repayment of\nits 6.8 billion dlr debt, but added that the company's assets\nfar exceeded its liabilities.\n \"Texaco's cash flow is at a very respectable rate of about\n15 dlrs per share annually,\" Margoshes said. \"Obviously, the\npoint of Chapter 11 was not so much seeking protection from\ncreditors as it was seeking protection from the predator\nPennzoil.\"\n The two companies have been locked in an acrimonious\nstruggle since a Texas state court jury in November 1985\nordered Texaco to pay Pennzoil 10.53 billion dlrs for\nimproperly interfering with Pennzoil's planned acquisition of\nGetty Oil Co. In a major setback for Texaco last week, the U.S.\nSupreme Court said Texaco must abide by Texas state law that\nrequires posting a bond for the full amount of the judgment\nwhile the merits of the case were appealed.\n Although a Texas appeals court hearing was scheduled Monday\n(April 13) on Texaco's motion to reduce the amount of the bond\nrequired under state law, Texaco elected not to risk losing the\nimportant court ruling that could have required it to post more\nthan 10 billion dlrs in collateral.\n The bankruptcy filing, analysts said, effectively freezes\nall of Texaco's obligations while it continues to appeal the\nmerits of the Pennzoil lawsuit.\n \"This is a drastic measure,\" said Rosario Ilacqua, an\nanalyst with L.F. Rothschild in New York. \"But it's also an\nindictment of the legal system in this country in that Texaco\nwas forced to seek bankruptcy when it couldn't get a fair\nhearing.\"\n Ilacqua predicted that the Texas jury judgment would\nultimately be overturned or whittled down from its original\n10.53 billion dlrs, an amount that is increasing by about 2.5\nmln dlrs in interest accumulated daily. Texaco has contested\nthe ruling, insisting that Pennzoil did not have a valid\ncontract under New York state law to acquire Getty Oil.\n Suggestions by some experts that the Texaco bankruptcy\nmight be an incentive for Pennzoil to lower its settlement\ndemands, which are widely believed to be between 3 billion and\n5 billion dlrs, were discounted by indignant Pennzoil\nexecutives.\n \"I think it makes it much more difficult to settle,\" said\nBaine Kerr, Pennzoil's retired president who has acted as the\ncompany's chief negotiator in the Texaco litigation. \"I think\nthat's one of the main reasons they did it.\"\n Joseph Jamail, a Houston lawyer for Pennzoil, said the\ncompany had made its latest settlement offer to Texaco on\nSaturday and was taken by surprise when Texaco filed for\nbankruptcy. He declined to reveal the amount of the proposal,\nciting a confidentiality agreement between the two companies.\n \"Texaco told us they would get back to us but instead they\nchose to go to bankruptcy court,\" Jamail said. \"This was an\nirresponsible and unneeded move.\"\n Ilacqua also said the bankruptcy filing appeared to\neliminate any chance of settlement in the near-term.\n \"There have been some crazy numbers floating around in\nsettlement discussions,\" Ilacqua said. \"I think 1 billion dlr\nsettlement would be more than adequate for Pennzoil. I don't\nknow if that Texas jury really understood what money is. They\ngave Pennzoil an astronomical judgment.\"\n Analysts said they expected Texaco stock, which closed\nFriday at 31 and 7/8, to slip to about 25 when the New York\nStock Exchange opened Monday morning.\n Lawyers for Pennzoil said they believed the company would\nprevail in court appeals, adding that Texaco's assets were\nample enough to ultimately pay the Pennzoil judgment in full.\n Reuter\n\u0003", "date": "13-APR-1987 09:33:57.92", "places": [ "usa" ], "id": "16249" }, { "title": "SWISS SIGHT DEPOSITS FALL 4.64 BILLION FRANCS", "body": "Sight deposits of commercial banks at\nthe Swiss National Bank fell 4.64 billion Swiss francs to 7.88\nbillion in the first 10 days of April, the National Bank said.\n Foreign exchange reserves rose by 9.4 mln francs to 33.12\nbillion.\n Sight deposits are an important measure of money market\nliquidity in Switzerland.\n The National Bank said banks repaid around 5.8 billion\nfrancs of traditional central bank credit taken out to meet\ntheir end-of-quarter liquidity requirements. This was partially\noffset by new swap arrangements.\n Bank notes in circulation fell 440.2 mln francs to 24.48\nbillion while other deposits on call at the National Bank --\nmainly government funds -- fell 840.5 mln francs to 941.5 mln.\n REUTER\n\u0003", "date": "13-APR-1987 09:34:50.98", "topics": [ "reserves", "money-supply" ], "places": [ "switzerland" ], "id": "16250" }, { "title": "U.K. MONEY MARKET GIVEN FURTHER 68 MLN STG HELP", "body": "The Bank of England said it provided the\nmarket with a further 68 mln stg assistance this afternoon,\nbringing its total assistance on the day to 143 mln stg.\n Shortly before, the Bank said it had revised its estimate\nof the shortage up to 450 mln stg from the earlier forecast of\n400 mln.\n During the afternoon, the bank bought 22 mln stg of band\ntwo bank bills at 9-13/16 pct and two mln stg of local\nauthority bills plus 44 mln stg of bank bills in band four at\n9-11/16 pct. These rates were in all cases unchanged from\nprevious intervention levels.\n REUTER\n\u0003", "date": "13-APR-1987 09:35:03.92", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "16251" }, { "title": "GOODYEAR PREDICTS FIRST QUARTER NET", "body": "Goodyear Tire and Rubber Co said it\nexpects to report earnings from continuing operations of over\none dlr per share on 71.3 mln average shares outstanding.\n In last year's first quarter the company lost 60.0 mln dlrs\nor 55 cts per share on 108.4 mln shares outstanding, after a\n110.8 mln dlr writedown of oil reserves of its Celeron Corp\nunit.\n Goodyear said it will report first quarter results April 27.\n Goodyear chairman Robert E. Mercer also told the annual\nmeeting that unless there is a major downturn in the economy,\nit expects to work its debt down to normal levels in three\nyears through its restructuring and cash flow from improved\nmargins.\n The company set up its restructuring program to fend off a\nhostile takeover attempt by Sir James Goldsmith. As part of\nthe restructuring, Goodyear executed a major stock buyback\nprogram that resulted in an increase in its debt.\n Reuter\n\u0003", "date": "13-APR-1987 09:35:24.05", "topics": [ "earn" ], "places": [ "usa" ], "id": "16252" }, { "title": "TAIWAN ANNOUNCES NEW ROUND OF IMPORT TARIFF CUTS", "body": "Taiwan announced plans for another round\nof import tariff cuts on 862 foreign goods shortly before trade\ntalks with Washington which officials described as a move to\nhelp balance trade with the United States.\n Wang Der-Hwa, Deputy Director of the Finance Ministry's\nCustoms Administration Department, on Saturday told reporters\nthe list of products included 60 items asked by Washington.\n He said the ministry sent a proposal to the cabinet that\nthe tariffs on such products as cosmetics, bicycles, apples,\nradios, garments, soybeans and television sets be cut by\nbetween five and 50 pct.\n The cabinet was expected to give its approval next Thursday\nand the new tariff cuts would be implemented possibly starting\non April 20, he added.\n Reuter\n\u0003", "date": "13-APR-1987 09:36:10.14", "places": [ "taiwan", "usa" ], "id": "16253" }, { "title": "CHINA AND PORTUGAL SIGN MACAO DEAL", "body": "Prime Ministers Zhao Ziyang of China and\nAnibal Cavaco Silva of Portugal signed an agreement to end more\nthan four centuries of Portuguese rule over the territory of\nMacao and return it to Chinese control in 1999.\n Macao will become a special administrative region on\nDecember 20, 1999, retaining a high degree of autonomy except\nin foreign affairs and defence. Its capitalist system is to\nremain intact for 50 years under an arrangement similar to the\none that will return Hong Kong to China from Britain in 1997.\n China hopes to win back the Nationalist-ruled island of\nTaiwan under the same \"one country, two systems\" formula.\n Reuter\n\u0003", "date": "13-APR-1987 09:38:21.27", "places": [ "china", "portugal" ], "id": "16254" }, { "title": "HOG AND CATTLE SLAUGHTER GUESSTIMATES", "body": "Chicago Mercantile Exchange floor\ntraders and commission house representatives are guesstimating\ntoday's hog slaughter at about 280,000 to 300,000 head versus\n294,000 week ago and 303,000 a year ago.\n Cattle slaughter is guesstimated at about 120,000 to\n126,000 head versus 120,000 week ago and 124,000 a year ago.\n Reuter\n\u0003", "date": "13-APR-1987 09:40:41.34", "topics": [ "hog", "livestock" ], "places": [ "usa" ], "id": "16255" }, { "title": "TRADE ISSUES STRAINING EC'S PATIENCE WITH JAPAN", "body": "Member states of the European\nCommunity are starting to run out of patience with Japan which\nthey believe has repeatedly promised major initiatives to open\nits market to imports, but as often made only minor moves.\n Diplomatic sources here said several recent actions by EC\ncountries bear witness to a new disillusionment with the\nwillingness, or at least the ability, of the Japanese\ngovernment to reduce its massive trade surplus with the EC.\n However, they said an all-out trade war may be far off, as\nEC states know they would suffer almost as much as Japan.\n Senior EC diplomats gave a generally favourable reaction to\nan EC executive commission proposal under which the EC could\nraise tariffs on a range of Japanese products if the U.S.\nCarries out a threat to make a similar move on April 17.\n The EC tariffs, which would involve renouncing obligations\nentered into with the world trade body GATT, would be designed\nto stop a diversion of exports to the EC market from that of\nthe U.S.\n The diplomats were meeting as Tokyo announced that the EC's\ntrade deficit with Japan reached a record 2.13 billion dlrs in\nMarch, up from 1.94 billion in February.\n Reuter\n\u0003", "date": "13-APR-1987 09:41:11.29", "topics": [ "trade" ], "organisations": [ "ec" ], "places": [ "belgium", "japan" ], "id": "16256" }, { "title": "EC COULD DECIDE ON JAPAN TRADE MOVES IN LATE MAY", "body": "The European Community (EC) has\neffectively given Japan six weeks to take moves to open its\nmarket to imports before it decides on possible tough\nretaliatory trade measures, EC diplomats said.\n They said EC foreign ministers will meet on May 25 and 26\nto review the state of trade relations between the two sides.\n The EC executive commission was asked by representatives of\nmember states on Friday to propose a renunciation of some EC\npledges to the world trade body, GATT, unless there are\n\"adequate and early measures to open the Japanese market.\"\n Such a renunciation would be the first step to imposing\nstiff increases in duties, or quantitative limits, on Japanese\nexports.\n The diplomats said it was unlikely that the issue would be\ndiscussed in detail at the next meeting of EC foreign ministers\non April 27 and 28 in Luxembourg as time was needed to prepare\nproposals for possible retaliatory action.\n They said the commission has powers to take some limited\naction before getting ministerial approval to prevent Japanese\nexports of electrical, photographic and other goods being\ndiverted to Europe following of possible U.S. Tariff moves.\n In May, the ministers are also likely to discuss how to\nprevent Japan from getting an extra trading advantage as a\nresult of Spain and Portugal joining the bloc, which obliges\nthem gradually to reduce tariffs on many industrial goods.\n Japan's trade surplus with the Community has grown\nsteadily, registering a record 2.13 billion dlrs in March.\n Reuter\n\u0003", "date": "13-APR-1987 09:44:15.93", "topics": [ "trade" ], "organisations": [ "ec" ], "places": [ "belgium", "japan" ], "id": "16257" }, { "title": "P.H. GLATFELTER ACQUIRING ECUSTA", "body": "P.H. Glatfelter Co said it\nhas reached an agreement to acquire all the capital stock of \n for 149,177,857 dlrs in cash.\n Glatfelter, a printing and writing paper maker, said Ecusta\noperates an uncoded three sheet and light-weight specialty\npaper mill in Pisgah Forest, N.C. The mill produces and\nconverts paper products used by the doemstic and foreign\ntobacco industry.\n Glatfelter said it expects to close the deal by May 31.\n Reuter\n\u0003", "date": "13-APR-1987 09:45:24.99", "topics": [ "acq" ], "places": [ "usa" ], "id": "16258" }, { "title": "GREENWICH PHARMACEUTICALS COMPLETES PLACEMENT", "body": "Greenwhich Pharmaceuticals Inc\n said it has completed a private placement of its\ncommon stock, generating more than eight mln dlrs in net\nproceeds.\n These funds, together with the two mln dlrs in cash\ncurrently held by the company, will be used to complete its\nTherafectin rheumatoid arthritis drug development program and\nto develop other drugs, the company said.\n Reuter\n\u0003", "date": "13-APR-1987 09:46:37.92", "places": [ "usa" ], "id": "16259" }, { "title": "NCR CORP 1ST QTR SHR 65 CTS VS 51 CTS\n", "date": "13-APR-1987 09:46:44.99", "topics": [ "earn" ], "id": "16260" }, { "title": "BROWNING-FERRIS UNIT SEES EPA LAWSUIT", "body": "CECOS International Inc, a\nsubsidiary of Browning-Ferris Industries Inc, said it expects\nthe U.S. Environmental Protection Agency to sue the company,\nclaiming non-compliance with regulatory requirements at CECOS'\nLivingston, Louisiana hazardous waste treatment plant.\n CECOS said the EPA advised the company it intendend to seek\na penalty in the range of five mln dlrs to 10 mln dlrs.\n CECOS said it considered the proposed penalty to be \"grossly\nexcessive\" and has offered 125,000 dlrs in earlier negotiations\nto settle the disputed issues.\n CECOS said it believes strongly that the EPA's claims and\nproposed remedies concerning the Livingston waste disposal site\nare unreasonable.\n The company also said its 125,000 dlr settlement offer was\nconsistent with monetary penalties previously accepted by the\nEPA concerning disputes over other hazardous waste treatment,\nstorage and disposal operations.\n CECOS said major issues of the dispute include the\nLivingston waste site's analysis and operation plans,\ninspection records and freeboard limits of rainwawater holding\nimpoundments.\n Reuter\n\u0003", "date": "13-APR-1987 09:47:05.18", "places": [ "usa" ], "id": "16261" }, { "title": "FIRST MARATHON PLANS STOCK SPLIT", "body": "First Marathon Inc said it planned a\ntwo-for-one stock split, to be effective on shareholders'\napproval at the June 4 annual meeting.\n The financial services company said it also completed the\npreviously reported 29.6 mln dlr private placement of 1.5 mln\nnon-voting preferred shares convertible one-for-one into\nnon-voting class A shares.\n Reuter\n\u0003", "date": "13-APR-1987 09:47:12.32", "topics": [ "earn" ], "places": [ "canada" ], "id": "16262" }, { "title": "U.S. BANCORP 1ST QTR NET", "body": "Shr 66 cts vs 57 cts\n Net 20.0 mln vs 17.1 mln\n Avg shrs 30.3 mln vs 30.0 mln\n Reuter\n\u0003", "date": "13-APR-1987 09:47:21.31", "topics": [ "earn" ], "places": [ "usa" ], "id": "16263" }, { "title": "IBM HAS HIGHER SHIPMENTS, COSTS IN QTR", "body": "International Business Machines\nCorp said shipments and revenues were higher in the first\nquarter, but net earnings fell 22.8 pct in part due to higher\nexpenses.\n IBM said net income fell to 785 mln dlrs or 1.30 dlrs a\nshare from 1.02 billion dlrs or 1.65 dlrs on about 1.8 pct\nfewer shares outstanding.\n While total sales and income rose 5.5 pct to 10.68 billion\ndlrs from 10.13 billion dlrs, costs and expenses rose 12.1 pct\nto 9.61 billion dlrs from 8.57 billion in the quarter, the\ncomputer maker said.\n The company said it continues to take actions to make it\nmore competitive, including cost and expense reduction\nmeasures.\n \"Although the worldwide economic situation remains\nunsettled, there are some encouraging signs in our business,\"\nIBM said in a statement.\n \"In addition to the increase in first quarter shipments, we\nhave announced new offerings in our large processor and\npersonal computing product lines,\" it said.\n \"We have yet to fully benefit from our recent product\nannouncements, retirement incentives and other resource\nbalancing measures, and we expect these actions will have a\nmore significant impact as 1987 progresses,\" the company added.\n It said it expects more than 12,000 U.S. employees to take\nadvantage of the retirement incentives announced last year.\n Pretax earnings fell 27 pct to 1.34 billion dlrs from 1.83\nbillion, IBM said. Pretax margins slipped to 12.5 pct in 1987\nfrom 18.1 pct in 1986, it said.\n Reuter\n\u0003", "date": "13-APR-1987 09:47:32.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "16264" }, { "title": "ROTTERDAM GRAIN HANDLER SAYS PORT BALANCE ROSE", "body": "Graan Elevator Mij, GEM, said its\nbalance in port of grains, oilseeds and derivatives rose to\n146,000 tonnes on April 11 from 111,000 a week earlier after\narrivals of 404,000 tonnes and discharges of 369,000 tonnes\nlast week.\n The balance comprised 21,000 tonnes of grains plus oilseeds\nand 125,000 tonnes of derivatives.\n This week's estimated arrivals total 274,000 tonnes, of\nwhich 71,000 are grains/oilseeds and 203,000 derivatives.\n The figures cover around 95 pct of Rotterdam traffic in the\nproducts concerned.\n Reuter\n\u0003", "date": "13-APR-1987 09:47:47.17", "topics": [ "grain", "oilseed", "meal-feed" ], "places": [ "netherlands" ], "id": "16265" }, { "title": "LINDBERG CORP 1ST QTR NET", "body": "Shr 15 cts vs 15 cts\n Net 689,561 vs 784,088\n Sales 19.2 mln vs 19.8 mln\n Avg shrs 4.7 mln vs 5.3 mln\n NOTE: 1986 net includes a gain of 108,000 dlrs or two cts a\nshare from proceeds from the sale of property.\n Reuter\n\u0003", "date": "13-APR-1987 09:48:04.25", "topics": [ "earn" ], "places": [ "usa" ], "id": "16266" }, { "title": "BELGELECTRIC RAISES 300 MLN LUXEMBOURG FRANCS", "body": "Belgelectric Finance BV is raising\n300 mln Luxembourg francs through a five year, non-callable\nbullet bond carrying a 7-1/4 pct coupon at par, lead manager\nBanque Internationale a Luxembourg SA (BIL) said.\n The private placement for the Belgian utilities' finance\ncompany is for payment on May 26 and coupon payments are\nannually on May 27. Fees total 1-3/4 pct and the issue is\nguaranteed by the Belgian utilities, Intercom, Ebes and Unerg.\n REUTER\n\u0003", "date": "13-APR-1987 09:49:06.41", "places": [ "luxembourg" ], "id": "16267" }, { "title": "GERMAN INSTITUTES WARN ON MONEY SUPPLY", "body": "Four of West Germany's five leading\neconomic research institutes warned that excessive monetary\ngrowth threatened a resurgence of inflation.\n But in a dissenting view the DIW institute in West Berlin,\nechoing recent statements by leading Bundesbank officials, said\nthe expansion seen over the last 1-1/2 years did not\nnecessarily threaten stability.\n The five institutes issued a joint spring report, in which\nthree -- Kiel, Hamburg and Essen -- forecast a two pct rise in\nGNP in 1987, while West Berlin and Munich predicted one pct.\n The four institutes said an expansive policy was welcome in\nview of the slowdown in economic activity. But experience has\nshown that strong monetary growth eventually leads to a price\nrise which undoes the beneficial effects of monetary policy.\n Given virtual zero inflation in West Germany such fears may\nseem exaggerated, they said.\n \"But it has often turned out in the past that the price\nclimate can quickly deteriorate, forcing the central bank into\na restrictive policy,\" they said.\n The economic costs of a preventive stability policy are\nless than fighting inflation once it has taken hold, they said.\n The four institutes disputed the view that monetary\nexpansion would slow of its own accord in 1987 as domestic\ninvestors switch liquidity into longer term capital market\ninvestments following lower interest rates.\n \"Such redispositions may temporarily dampen the expansion of\ncentral bank money stock, but do not automatically lead to a\nsmaller expansion of money supply,\" they said.\n A return to growth and stability did not require\nspectacular central bank moves, but could be done quietly with\nopen market operations and repurchase pacts, which would avoid\nan interest rate rise by dampening inflationary expectations.\n The DIW institute said monetary policy should not be\nfocused simply on growth of production potential. Because of\nuncertainty about exchange rate developments and economic\nweakness other factors should be taken into account.\n Monetary policy should aim for further interest rate cuts\nand avoid rises to boost the economy and discourage revaluation\nspeculation. Recent strong monetary expansion was not a threat\nin itself to price stability.\n The 1979/81 inflation following strong 1977/78 money growth\nreflected other causes, such as rising oil prices and the\nfalling mark.\n REUTER\n\u0003", "date": "13-APR-1987 09:51:06.84", "topics": [ "money-supply", "cpi", "gnp" ], "places": [ "west-germany" ], "id": "16268" }, { "title": "NCR CORP 1ST QTR NET", "body": "Shr 65 cts vs 51 cts\n Net 61.5 mln vs 50.2 mln\n Revs 1.12 billion vs 960.8 mln\n Avg shrs 95.3 mln vs 99.4 mln\n Reuter\n\u0003", "date": "13-APR-1987 09:51:57.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "16269" }, { "title": "GERMAN PRODUCER PRICES FALL 0.1 PCT IN MARCH", "body": "West German producer prices fell 0.1\npct in March compared with February to stand 3.9 pct lower than\nin March last year, the Federal Statistics Office said.\n In February, producer prices fell 0.3 pct from January and\ndropped 4.2 pct from their levels a year earlier.\n The Statistics Office said producer prices for natural gas\nhad fallen 3.0 pct in March against February, heavy heating oil\nprices were 3.2 pct down, liquefied gas prices fell 14 pct and\ncoffee was 7.4 pct cheaper.\n REUTER\n\u0003", "date": "13-APR-1987 09:53:33.73", "topics": [ "wpi" ], "places": [ "west-germany" ], "id": "16270" }, { "title": "USDA CHANGES LOW PROTEIN WHEAT TERMINAL PRICES", "body": "The U.S. Agriculture Department has\nlowered its ASCS terminal prices for low protein hard red\nwinter and hard red spring wheat at a number of locations, a\nsenior USDA official said.\n USDA reduced the price of hard red winter wheat at Kansas\nCity and Texas by six cents, at Minneapolis and Duluth by 32\ncents and at St Louis by nine cents, Ralph Klopfenstein, deputy\nadministrator of commodity operations at the Agricultural\nStabilization and Conservation Service, said.\n The department also lowered the terminal price of hard red\nspring wheat at Minneapolis and Duluth by 32 cents, he said.\n In addition, USDA cut the Pacific Northwest price of hard\nred spring wheat by 31 cents, USDA officials who asked not to\nbe identified said.\n The officials said hard red spring wheat prices at Chicago,\nDenver and Toledo were adjusted by about the same amount as at\nPacific Northwest, Duluth and Minneapolis.\n The price changes should lead to a pickup of PIK and roll\nactivity, Klopfenstein said. The price change was decided upon\nlast week and will be effective today, he said.\n Klopfenstein also said the department raised the premiums\non high protein wheat to offset the drop in low protein wheat\nprices, meaning the net price on any wheat commanding a protein\npremium would remain unchanged.\n Reuter\n\u0003", "date": "13-APR-1987 09:55:07.99", "topics": [ "grain", "wheat" ], "places": [ "usa" ], "id": "16271" }, { "title": "ALCIDE SAYS TESTS ENCOURAGING", "body": "Alcide Corp said preliminary\nexperimental results obtained using a formulation it has\ndeveloped for the disinfection of blood platelets indicate\nfeasibility for the approach.\n The company notes there have been recent increases in\nreports of transmission of microbial infections in recipients\nof platelets, which are used in blood transfusions in patients\nundergoing cancer therapy.\n The company said related whole blood tests with baboon\nblood showed no significant loss of in vitro activities or\nsurvival.\n The company said as a followup to the studies on thje\nbacterial disinfection of platelets, it is planning to evaluate\nthe system for the inactivation of several viruses in the\npresence of platelets. The viruses include Herpes Simplex\nVirus Type I, cytomegalovirus and Human Immunodeficiency Virus,\nwhich is responsible for AIDS.\n Reuter\n\u0003", "date": "13-APR-1987 09:58:11.67", "places": [ "usa" ], "id": "16272" }, { "title": "TEXACO CANADA UNAFFECTED BY LEGAL MOVE", "body": "Texaco Canada Inc said its business\noperations, its plans and financial integrity are unaffected by\nyesterday's move by 78 pct-owner Texaco Inc to file for\nprotection under U.S. bankruptcy law.\n Texaco Canada chief executive Peter Bijur said in a\nstatement that \"it is business as usual for us on Monday\nmorning.\"\n Texaco Inc added in a statement that it \"has never operated\noutside the U.S., and relations with all foreign governments\nand activities of interest to them and their citizens are not\naffected\" by its legal dispute with Pennzoil Co .\n Reuter\n\u0003", "date": "13-APR-1987 09:58:41.79", "places": [ "canada", "usa" ], "id": "16273" }, { "title": "FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES", "body": "The Federal Home Loan Bank Board\nadjusted the rates on its short-term discount notes as follows:\n MATURITY NEW RATE OLD RATE MATURITY\n 30-140 days 5.00 pct 5.00 pct 30-179 days\n 141-160 days 6.13 pct 6.08 pct 180-200 days\n 161-182 days 5.00 pct 5.00 pct 201-274 days\n 183-200 days 6.17 pct 6.18 pct 275-290 days\n 201-360 days 5.00 pct 5.00 pct 291-360 days\n \n Reuter\n\u0003", "date": "13-APR-1987 09:58:49.29", "topics": [ "interest" ], "places": [ "usa" ], "id": "16274" }, { "title": "GALILEO ELECTRO-OPTICS CORP 2ND QTR", "body": "Shr 51 cts vs 40 cts\n Net 1.4 mln vs 851,000\n Revs 9.8 mln vs 6.5 mln\n Six months\n Shr 74 cts vs 50 cts\n Net 2.0 mln vs 1.1 mln\n Revs 17.7 mln vs 11.3 mln\n Avg shrs 2.7 mln vs 2.1 mln\n NOTE:Quarter ended March 31. 1987 six months includes\ncharge of 115,000 dlrs due to reversal of investment tax\ncredits.\n Reuter\n\u0003", "date": "13-APR-1987 09:58:56.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "16275" }, { "title": "GREAT LAKES FOREST PLANS 390 MLN DLR ONTARIO EXPANSION\n", "date": "13-APR-1987 09:59:27.06", "places": [ "canada" ], "id": "16276" }, { "title": "BOSTON FIVE , NEWORLD TO MERGE", "body": "Boston Five Cents Savings Bank said it\nand Neworld Bank for Savings have agreed to merge, forming a\nnew holding company, Boston Five Bancorp.\n Boston Five said the proposal calls for its holders to\nreceive 1.163 shares of the new company's stock for each share\nnow held and for Neworld Bank holders to recieve one share for\neach share held in a tax free exchange.\n Boston Five said the planned merger with Newworld Bank for\nSavings Will create the largest savings bank in Massachusetts\nand the third largest in New England with combined assets of\n3.1 billion dlrs.\n Boston Five chairman Robert J. Spiller said \"There is a\nnatural fit between both banks. We consider this to be a merger\nof equals.\"\n Spiller will become Chairman of Boston Five Bancorp and\nNeworld president James M. Oates will be president and chief\nexecutive officer. \n Boston Five said its President, Peter J. Blampied, will\nbecome vice chairman and chief operating officer of the holding\ncompany. The board of the holding company will have an equal\nnumber of directors from each institution.\n \"Unlike many recent combinations, this merger has no\nacquisition premium associated with it,\" Blampied said.\n Boston Five has assetsof 1.9 billion dlrs and 35 officers.\nNeworld has assets of 1.2 billion dlrs and 24 officers in\nMassachusetts. It also has a loan center in New Hampshire.\n Reuter\n\u0003", "date": "13-APR-1987 10:00:12.04", "topics": [ "acq" ], "places": [ "usa" ], "id": "16277" }, { "title": "COOPERVISION FORMS RECAPITALIZATION PLAN", "body": "Coopervision Inc said it is\npreparing a recapitalization plan, which includes a common\nstock repurchase program and an exchange of debt securities for\ncommon stock.\n The plan, along with a proposal to change its name to\nCooper Cos Inc, will be submitted for shareholders' approval at\nthe company's annual meeting on June 22.\n The meeting had been postponed from its original date of\nMay 14 in order to let management review recapitalization\noptions, it said.\n In addition, Coopervision said operating income in its\ncurrent fiscal quarter ending April 30 is expected to show an\nimprovement over its prior fiscal quarter's 82.5 mln dlrs and\nits year ago quarter.\n Income from continuing operations was not immediately\navailalbe for the prior year's second quarter in which it\nreported a net loss of 14.9 mln dlrs.\n At a Drexel Burnham Lambert Investor Conference,\nCoopervision chairman Parker Montgomery said, as previously\nannounced, he will listen to any bid that makes sense for\nshareholders.\n He also said Coopervision's stock fell in 1986 due to its\nsecond quarter loss, rumors of a liquidation at 30 dlrs and 35\ndlrs a share, and Ivan Boesky's subsequent sale of his\nposition.\n \"The stock dropped six dlrs in three days after Boesky sold\nhis position and has never recovered,\" Montgomery said. The\ncompany's stock is currently trading at 19-1/4.\n Montgomery further told the conference, \"Don't be an\ninvestor in the stock on the basis of any short term recovery\nin operating or net income in 1987 and 1988.\"\n \"Our concentration is on maintaining or increasing market\nshare in our core businesses this year and next, regardless of\nthe impact to the bottom line,\" he said.\n Reuter\n\u0003", "date": "13-APR-1987 10:00:46.12", "topics": [ "earn" ], "places": [ "usa" ], "id": "16278" }, { "title": "COLOMBIA JUNE COFFEE REGISTRATIONS OPENED", "body": "Colombia has opened coffee\nregistrations for June shipment with no limit set for private\nexporters, as in April and May, a National Coffee Growers'\nFederation official said.\n Colombia has sold an average of 900,000 bags per month\nsince the beginning of the calendar year.\n Reuter\n\u0003", "date": "13-APR-1987 10:05:52.85", "topics": [ "coffee" ], "places": [ "colombia" ], "id": "16279" }, { "title": "U.S. FEDERAL HOME LOAN BANKS SET OFFERING TOTALING 2.135 BILLION DLRS\n", "date": "13-APR-1987 10:07:38.07", "places": [ "usa" ], "id": "16280" }, { "title": "CANADA LEADING INDICATOR UP 0.4 PCT IN JANUARY AFTER 0.4 PCT DECEMBER RISE - OFFICIAL\n", "date": "13-APR-1987 10:07:58.33", "topics": [ "lei" ], "places": [ "canada" ], "id": "16281" }, { "title": "SPANISH MONEY SUPPLY GROWING AT DOUBLE TARGET PACE", "body": "Spain's principal measure of money\nsupply, the broad-based liquid assets in public hands (ALP),\ngrew at an annualised rate of 17.6 pct in March against 16.6\npct in February and 19.6 pct in March last year, provisional\nBank of Spain figures show.\n The bank's target range for this year is 6.5 to 9.5 pct,\nand Bank of Spain Governor Mariano Rubio said this month he was\naiming for the lower end of that range.\n ALP grew by 11.4 pct during 1986.\n REUTER\n\u0003", "date": "13-APR-1987 10:09:26.96", "topics": [ "money-supply" ], "places": [ "spain" ], "id": "16282" }, { "title": "REEBOK INTERNATIONAL LIMITED 1ST QTR", "body": "Shr 72 cts vs 52 cts\n Net 38.6 mln vs 25 mln\n Revs 281.8 mln vs 174.5 mln\n Avg shrs 53.5 mln vs 48.2 mln\n NOTE: 1987 1st quarter amounts do not includes sales of\nAVIA Group International Inc, acquired at the end of the first\nquarter. 1987 1st quarter revenues include Rockport revenues of\n31 mln dlrs. 1986 1st quarter amounts do not include Rockport,\nas Reebok acuqired that company in October 1986.\n Reuter\n\u0003", "date": "13-APR-1987 10:10:26.92", "topics": [ "earn" ], "places": [ "usa" ], "id": "16283" }, { "title": "BLOUNT INC 4TH QTR NET", "body": "Oper shr 16 cts vs three cts\n Oper net 1,930,000 vs 391,000\n Revs 313.9 mln vs 308.9 mln\n Avg shrs 11.9 mln vs 12.0 mln\n Year\n Oper shr 60 cts vs 27 cts\n Oper net 7,215,000 vs 3,340,000\n Revs 1.23 billion vs 1.16 billion\n Avg shrs 11.9 mln vs 12.0 mln\n NOTE: Prior year net excludes gains 4,896,000 dlrs in\nquarter and 8,873,000 dlrs in year from termination of\noverfunded pension plans.\n Backlog 1.0 billion dlrs vs 942 mln dlrs.\n Reuter\n\u0003", "date": "13-APR-1987 10:10:36.61", "topics": [ "earn" ], "places": [ "usa" ], "id": "16284" }, { "title": "U.K. MONEY MARKET GIVEN LATE HELP OF 210 MLN STG", "body": "The Bank of England said it gave the\nmarket late assistance of around 210 mln stg, bringing its\ntotal help on the day to some 353 mln stg.\n This compares with the Bank's estimate of the liquidity\nshortage of around 450 mln stg, raised from its early forecast\nof 400 mln stg.\n REUTER\n\u0003", "date": "13-APR-1987 10:11:55.28", "topics": [ "money-fx" ], "places": [ "uk" ], "id": "16285" }, { "title": "GIANT BAY IN IDAHO GOLD VENTURE", "body": "Giant Bay Resources\nLtd said it signed an agreement in principle with Hecla Mining\nCo for an operating joint venture on Hecla's Stibnite, Idaho,\ngold deposit.\n Giant Bay said if its bioleaching technology is used for\nore processing, it will have the right to acquire a working\ninterest in the property. It said it may spend as much as three\nmln U.S. dlrs, excluding capital costs to bring the mine into\nproduction. It said drilling has indicated substantial sulphide\nreserves with a gold grade of about 0.1 ounce a ton, and early\ntests show the gold ore responds to bioleaching.\n\n Reuter\n\u0003", "date": "13-APR-1987 10:12:19.47", "topics": [ "gold" ], "places": [ "canada", "usa" ], "id": "16286" }, { "title": "BLUE ARROW TO ACQUIRE RICHARDS CONSULTANTS", "body": "Blue Arrow PLC said it signed an\nagreement to acquire Richards Consultants Ltd for 29 mln dlrs\nin cash and securities.\n Richards is a privately-owned New York-based executive\nrecruitment firm.\n As part of the agreement, Blue Arrow said the four\nprincipal shareholders who manage Richards will enter into\nlong-term service contracts with it. The agreement is subject\nto approval of Blue Arrow shareholders.\n Reuter\n\u0003", "date": "13-APR-1987 10:12:37.49", "topics": [ "acq" ], "places": [ "usa" ], "id": "16287" }, { "title": "MERRY-GO-ROUND SETS STOCK SPLIT", "body": "Merry-Go-Round Enterprises Inc said\nits board declared a three-for-two stock split, payable May One\nto holders of record April 17.\n Reuter\n\u0003", "date": "13-APR-1987 10:12:41.61", "topics": [ "earn" ], "places": [ "usa" ], "id": "16288" }, { "title": "ASARCO UPS U.S. LEAD PRICE 0.50 CT TO 27 CTS", "body": "Asarco Inc said it is increasing its\nbase spot sales price for refined lead by one-half cent to 27.0\ncents a lb, FOB, delivered in carload lots, effective\nimmediately.\n Reuter\n\u0003", "date": "13-APR-1987 10:14:49.88", "topics": [ "lead" ], "places": [ "usa" ], "id": "16289" }, { "title": "ENEL ISSUES 15 BILLION YEN EUROBOND", "body": "Italy's state-owned Ente Nazionale per\nl'Energia Elettrica (ENEL) is issuing a 15 billion yen eurobond\ndue May 27, 1994 paying 4-3/4 pct and priced at 101-7/8 pct,\njoint-lead bookrunner IBJ International Ltd said. Morgan\nStanley International is the other joint-lead bookrunner and\nappears on the left in documentation.\n The non-callable bond is available in denominations of one\nmln yen and will be listed in Luxembourg. The selling\nconcession is 1-1/4 pct while management and underwriting\ncombined pays 5/8 pct. The payment date is May 27.\n REUTER\n\u0003", "date": "13-APR-1987 10:16:43.23", "places": [ "uk", "italy" ], "id": "16290" }, { "title": "IRVING BANK CORP 1ST QTR SHR 1.51 DLRS VS 1.62 DLRs\n", "date": "13-APR-1987 10:16:56.34", "topics": [ "earn" ], "id": "16291" }, { "title": "SAUDI ARABIA LIBERALISES BANKING SYSTEM", "body": "Saudi Arabia has speeded up reform of\nits financial system with a package of measures designed to\nboost the economy and open up the Kingdom to the lucrative\nworld of investment banking.\n Bankers in Saudi Arabia detect a fundamental shift in\npolicy stemming from a need to tackle the underlying\ncontradiction between an Islamic legal framework and western\nbanking system.\n One senior banker in Jeddah said: \"There is a new wind\nblowing... Saudi Arabia is moving on many fronts in a manner\nthat is extraordinarily aggressive.\"\n The speed of reform, begun last year but now gathering\npace, has surprised bankers who have had to contend with a\nfinancial system that restricted internationalisation of the\nriyal and a religious court system that made debt collecting\ndifficult.\n Saudi banks, once the most profitable in the world, have\ngenerally reported falling profits for 1986 -- the fourth\nsuccessive year of decline -- as loan loss provisions ate into\nalready dwindling earnings.\n Bankers say the Saudi Finance Ministry and Saudi Arabian\nMonetary Agency (SAMA) seem to have developed a new strategy\nalthough it remains to be seen how it will be implemented.\n Reform started in 1986 with measures to boost previously\ndormant stock trading, but took off in earnest this year.\n -- From January 1, SAMA liberalised the money market,\ngiving banks greater access to liquidity aid via repurchase\nagreements.\n -- From March 22, the Finance Ministry abolished\nwithholding tax on funds borrowed by Saudi banks abroad.\n -- From the same date, banks were notified of a new\ncommittee to be set up under the auspices of SAMA to hear bank\ndisputes with creditors over non-payment of loans.\n -- Also from the same date, banks were allowed to use\nmortgages as collateral for lending, banned since 1981.\n -- Within a few weeks, the Kingdom's first stock market\ntrading floor is expected to be opened.\n Housed in central Riyadh in the building of the Saudi\nIndustrial Development Fund, the floor will initially be used\nto trade shares on an auction system. Staff from each of the 11\ncommercial banks have been trained ahead of the launch and a\nnew computer network has been set up.\n One banker said: \"The abolition of withholding tax will give\nbanks the opportunity to participate in new instruments such as\ninterest rate or currency swaps. At last SAMA and the Finance\nMinistry are opening up markets for investment banking.\"\n Bankers say Saudi authorities appear to have been shocked\ninto reform by pressure from banks and alarm at bank reluctance\nto extend further loans to the private sector.\n Banks have lobbied hard for change, arguing that the\nreligious, or Sharia, legal framework was inconsistent with the\nKingdom's western banking system and made it nigh impossible\nfor them to collect interest on bad loans through the courts.\n As a result, many banks had virtually stopped new lending,\nbut found themselves cut off from world investment banking by a\nseries of restrictions. Withholding tax made it punitively\nexpensive to take part in interest rate or currency swaps.\n The private sector's frustration at the virtual standstill\nin bank lending overflowed at a businessmen's conference in the\nmountain resort in Abha last month and some powerful merchant\nfamilies also called for change, bankers said.\n \"Banks lobbied hard and had the ultimate weapon to force\nchange -- they stopped lending,\" another banker said. \"That was\nstifling growth of the economy.\"\n It is still unclear whether the new committee that will be\nset up to hear bank disputes with creditors will prove any more\nefficient than another non-Sharia system already in force, the\nCommittees for the Settlement of Commercial Disputes (CSCDs).\n Some bankers believe the new committee, yet to be formed,\nwill simply delay pending cases and force banks into a series\nof private deals with creditors.\n Nor is it clear what stance the new committee will take on\ninterest payments, generally not recognised under Islamic law.\n But other bankers say the move is clear recognition by SAMA\nand the Finance Ministry that Sharia courts and the CSCDs were\nnot the correct bodies for hearing bank disputes.\n Other reforms have been taken or are in the pipeline.\nFinance Minister Mohammed Ali Abal-Khail said in March that a\nnew body would examine late government payments to contractors.\n In addition, further moves are under way to align business\nlife to the Gregorian calendar year, with companies being urged\nto adopt it as their financial year.\n A black list of borrowers, started more than two years ago\nby banks, has recently been effectively sanctioned by SAMA,\nbankers say.\n Banks are now not permitted to lend or engage in securities\ntransactions with any party on the list.\n REUTER\n\u0003", "date": "13-APR-1987 10:19:08.15", "places": [ "saudi-arabia" ], "id": "16292" }, { "title": "GENERAL NUTRITION FILES FOR SECONDARY OFFERING OF EIGHT MLN COMMON SHARES\n", "date": "13-APR-1987 10:25:09.97", "id": "16293" }, { "title": "IRVING BANK CORP 1ST QTR NET", "body": "Shr 1.51 dlr vs 1.62 dlr\n Net 28.6 mln vs 30.4 mln\n Assets 23.8 billion vs 20.9 billion\n Deposits 15.5 billion vs 14 billion\n Loans 13.8 billion vs 12 billion\n Reuter\n\u0003", "date": "13-APR-1987 10:28:07.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "16294" }, { "title": "GENERAL NUTRITION FILES FOR OFFERING", "body": "General Nutrition Inc filed a\nregistration statement with the Securities and Exchange\nCommission for a secondary offering of eight mln common shares.\n All the shares are being sold by the estate of David\nShakarian, the founder of the company. Kidder, Peabody and Co\nInc will be the sole manager of the underwriting.\n The Shakarian estate owns 25.6 mln shares of General\nNutrition. There are 33.1 mln shares outstanding.\n Reuter\n\u0003", "date": "13-APR-1987 10:29:40.43", "places": [ "usa" ], "id": "16295" }, { "title": "TEXACO NOT REQUIRED TO POST BOND IN APPEAL OF PENNZOIL JUDGMENT, COURT SAYS\n", "date": "13-APR-1987 10:30:12.57", "id": "16296" }, { "title": "O'SULLIVAN CORP 1ST QTR NET", "body": "Shr 28 cts vs 32 cts\n Net 2,823,000 vs 3,216,000\n Rev 47.9 mln vs 42.9 mln\n NOTE: The 1986 earnings per share adjusted for a four for\nthree stock distribution paid May 1986.\n Reuter\n\u0003", "date": "13-APR-1987 10:30:34.14", "topics": [ "earn" ], "places": [ "usa" ], "id": "16297" }, { "title": "FRENCH 13-WEEK T-BILL AVERAGE RATE RISES TO 7.39 PCT FROM 7.36 PCT - OFFICIAL\n", "date": "13-APR-1987 10:30:47.13", "topics": [ "interest" ], "places": [ "france" ], "id": "16298" }, { "title": "PARK COMMUNICATIONS INC 1ST QTR NET", "body": "Shr 15 cts vs 14 cts\n Net 2,028,000 vs 1,879,000\n Revs 32.1 mln vs 29.5 mln\n Reuter\n\u0003", "date": "13-APR-1987 10:31:21.46", "topics": [ "earn" ], "places": [ "usa" ], "id": "16299" }, { "title": "NVHOMES SETS SPLIT PAYMENT DATE", "body": "NVHomes LP said April 30 will be\nthe distribution date for new units as a result of its\npreviously-announced two-for-one split to unitholders of record\nApril 20.\n Reuter\n\u0003", "date": "13-APR-1987 10:31:27.03", "topics": [ "earn" ], "places": [ "usa" ], "id": "16300" }, { "date": "13-APR-1987 10:31:45.39", "topics": [ "earn" ], "places": [ "usa" ], "id": "16301" }, { "title": "DILLARD DEPARTMENT STORES AGREES TO BUY TWO ALLIED STORES UNITS FOR 255 MLN DLRS CASH\n", "date": "13-APR-1987 10:32:05.60", "topics": [ "acq" ], "id": "16302" }, { "title": "CHEMICAL NEW YORK CORP 1ST QTR SHR 1.58 DLRS VS 1.93 DLRS\n", "date": "13-APR-1987 10:33:54.58", "topics": [ "earn" ], "places": [ "usa" ], "id": "16303" }, { "title": "BANKERS TRUST RAISES BROKER LOAN RATE", "body": "Bankers Trust Co said it is raising\nits broker loan rate to 7-1/2 pct from 7-1/4 pct, effective\nimmediately.\n U.S. Trust Co, the only other bank to publicize its broker\nrate, was already posting 7-1/2 pct.\n Reuter\n\u0003", "date": "13-APR-1987 10:34:16.19", "topics": [ "interest" ], "places": [ "usa" ], "id": "16304" }, { "title": "MOODY'S MAY DOWNGRADE IRVING BANK CORP, AFFECTS 950 MLN DLRS OF DEBT\n", "date": "13-APR-1987 10:35:45.84", "id": "16305" }, { "title": "PENNZOIL TO CONTEST TEXACO BANKRUPTCY", "body": "Pennzoil Co lawyers said they plan to\nfile documents challenging Texaco Inc's Chapter 11 bankruptcy\nproceedings in the Southern District of New York.\n John Jeffers, a Houston lawyer representing Pennzoil in its\n10.53 billion dlr dispute with Texaco over the acquisition of\nGetty Oil Co, said he expected the challenge to be filed\nsometime this week.\n \"We'll challenge it as a bad faith filing,\" Jeffers told\nReuters following a brief hearing before a Texas State Court of\nAppeals.\n The court had been scheduled to hear arguments on a Texaco\nmotion to reduce the amount of bond required for it to appeal\nthe judgement.\n Instead, the court agreed with Texaco lawyers that the\nissue was moot because of Texaco's bankruptcy petition filed\nyesterday that stays all of its debts and obligations.\n \"We think they abused the process,\" Jeffers said, referring\nto Texaco's bankruptcy filing.\n D. J. Baker, a lawyer representing Texaco, told reporters\nthat the nation's third largest oil company was forced to seek\nbankruptcy protection because of its precarious fianncial\ncondition and problems with suplliers and bankers stemming from\nthe 10.53 billion dlr judgement.\n \"All activity after the filing can be conducted on normal\nbusiness terms,\" Baker said.\n He said Texaco would seek permission from the court to\ncontinue its appeal in Texas courts of the Pennzoil judgement.\n \"There will be no bond required because all state court\nlitigation has been stayed,\" Baker said.\n When asked whether Texaco's reorganization plan would\ninclude major restructuring of the company, Baker declined to\nsay what the eventual plan might include.\n \"I think Texaco will succesfully complete its Chapter 11\nproceedings and have a reorganization plan approved by the\ncourt,\" he said.\n Baker said Texaco expected Pennzoil to seek a seat on a\ncreditors' committee to be appointed by the bankruptcy courts\nbut added he did not know whether Texaco would oppose such an\nattempt.\n Lawyers for both sides also said that each company\ncontinued to be interested in a possible settlement, but\ndeclined to say whether any negotiations were scheduled between\nthe two companies.\n \"Texaco has tried to settle and will continue and try and\nsettle,\" Baker said.\n The two companies reportedly remain far apart in what each\nconsiders to be a fair settlement, with Pennzoil seeking\nbetween three and five billion dlrs, while Texaco has\nmaintained it cannot pay more than about one billion dlrs,\naccording to analysts.\n Reuter\n\u0003", "date": "13-APR-1987 10:36:11.97", "places": [ "usa" ], "id": "16306" }, { "title": "PENTLAND TO REDUCE REEBOK HOLDINGS", "body": "Pentland Industries PLC said it report\na substantial capital gain from the sale of part of its\nholdings in Reebok International Limited, which will cut its\nstake in Reebok to 32.2 pct from 36.7 pct.\n It said Reebok filed a registration statement with the\nSecurities and Exchange Commission for the offering of six mln\nshares of Reebok common. Reebok will sell three mln shares and\nPentland will sell 1,404,866 shares, reducing its stake in\nReebok to 18.1 mln from 19.5 mln shares.\n After the offering, Reebok will have 56.1 mln shares shares\noutstanding.\n Pentland said the amount of the capital gain from the sale\ndepends on the offering price for the Reebok shares to be\nnegotiated between it, Reebok, and the other selling\nstockholders who will offer about 1.6 mln shares of Reebok\ncommon, and the underwriters.\n Pentland said proceeds from the offering will be used by\nReebok to retire bank debt incurred in its acquisition of AVIA\nGroup for about 180 mln dlrs. Is said that afterwards, Reebok\nwill have bank credit lines available for general corporate\npurposes, including possible acquisitions.\n Reebok's stock was selling at 45-1/2, up 1/8. At that\nprice, the 1.4 mln Reebok shares Pentland will sell are worth\nabout 64 mln dlrs and the three mln shares Reebok will sell are\nworth about 136.5 mln dlrs.\n Pentland said it will use proceeds to fund growth and\npossible acquisitions.\n Pentland said 4,500,000 shares of Rebbok will be offered in\nthe U.S. by a syndicate led by Kidder, Peabody and Co Inc and\n1,500,000 shares will be offered outside the U.S. by an\ninternational syndicate led by Kidder.\n It said the U.S. underwriters have been granted an option\nto buy from certain selling stockholders up to an additional\n900,000 shares to cover overallotments. Pentland said it has\nnot chosen to participate in this over allotment.\n Pentland said that as soon as the date and price of the\noffering have been determined it will release further details.\n It said it expects the offering to close in May.\n Reuter\n\u0003", "date": "13-APR-1987 10:37:20.29", "topics": [ "acq" ], "places": [ "usa" ], "id": "16307" }, { "title": "SEARS ROEBUCK SAID IT WILL REDEEM ALL ADJUSTABLE RATE PREFERRED SHARES, FIRST SERIES\n", "date": "13-APR-1987 10:37:32.31", "id": "16308" }, { "title": "U.S. HOME LOAN BANKS SET 2.135 BILLION DLR OFFER", "body": "The Office of Finance of the Federal\nHome Loan Banks announced a debt offering totalling 2.135\nbillion dlrs consisting of three issues.\n The issues are 1.2 billion dlrs maturing April 25, 1989;\n635 mln dlrs maturing April 27, 1992; and 300 mln dlrs maturing\nApril 25, 1994.\n The office said the issues will be priced and offered for\nsale tomorrow. Secondary trading will occur April 15.\n The issues are for settlement April 27, the office said.\n The office said 120 mln dlrs of the 1989 issue, 63.5 mln\ndlrs of the 1992 issue and 30 mln dlrs of the 1994 issue will\nbe reserved for the Federal Reserve System for its own or\ncustomer accounts.\n It said the bonds are available in book entry form only in\nincrements of 10,000 dlrs and 5,000 dlrs thereafter. No\ndefinitive bonds will be available.\n Reuter\n\u0003", "date": "13-APR-1987 10:38:49.68", "places": [ "usa" ], "id": "16309" }, { "title": "CANADA JANUARY LEADING INDICATOR UP 0.4 PCT", "body": "Canada's leading composite indicator\nrose 0.4 pct in January with eight of the 10 major components\nposting gains, the most widespread monthly advance in the past\nyear, Statistics Canada said.\n The index also gained 0.4 pct in the preceeding month. The\nunfiltered index, however, fell 0.1 pct in January after rising\n1.0 pct in December.\n The gain was led by the residential construction index\nwhile the manufacturing groups continued to improve and the\nstock market index turned up, the federal agency reported.\n Reuter\n\u0003", "date": "13-APR-1987 10:39:40.04", "topics": [ "lei" ], "places": [ "canada" ], "id": "16310" }, { "title": " 1ST QTR NET", "body": "Net 17.7 mln vs 15.3 mln\n NOTE: subsidiary.\n Loan loss provision 13.8 mln vs 13.0 mln\n Investment securitiesd gaons 2,003,000 dlrs vs 169,000\ndlrs.\n Figures in dollars.\n Reuter\n\u0003", "date": "13-APR-1987 10:40:44.61", "topics": [ "earn" ], "places": [ "usa" ], "id": "16311" }, { "title": "IRVING BANK CITES LOANS IN EARNING DECLINE", "body": "Irving Bank Corp said the decline in\nits first quarter earnings to 28.6 mln dlrs from 30.4 mln dlrs\nin the year-ago period were due to the placement on a\nnon-accrual basis of 215 mln dlrs and 33 mln dlrs of medium and\nlong-term loans to borrowers in Brazil and Equador.\n Excluding the impact of the non-accrual loans, Irving said\nits first quarter net income would have rose 8.4 pct to 32.9\nmln and per share amounts would have risen eight pct to 1.75\ndlr. In the first quarter the bank reported earnings per share\nof 1.51 dlr compared to 1.62 dlr in the same period last year.\n Reuter\n\u0003", "date": "13-APR-1987 10:40:53.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "16312" }, { "title": "SEARS TO REDEEM ADJUSTABLE RATE PREFERRED", "body": "Sears, Roebuck and Co said it will\nredeem all its outstanding adjustable rate preferred shares,\nfirst series. The redemption price is 103.79 dlrs a share,\nwhich includes accrued and unpaid dividends from April 1, 1987,\nto the date of redemption of 79 cts a share.\n Of the 50 mln shares authorized, 2.5 mln were issued, the\ncompany said.\n It said no dividends will accrue on the shares after May\n15, 1987.\n Reuter\n\u0003", "date": "13-APR-1987 10:42:50.14", "places": [ "usa" ], "id": "16313" }, { "title": "GLOBAL LOWERS HEAVY FUELS PRICES", "body": "Global Petroleum corp said today it\nlowered the posted cargo prices for number six fuel in the new\nyork harbor 45 to 75 cts a barrel, effective today.\n The decrease brings the prices for one pct sulphur to 20.75\ndlrs, down 45 cts, two pct sulphur 20.10 dlrs, down 75 cts, 2.2\npct sulphur 19.75 dlrs, down 75 cts and 2.5 pct sulphur 19.50\ndlrs, down 75 cts.\n Prices for 0.3 pct and 0.5 pct sulphur remained unchanged\nat 22.50 and 21.85 dlrs, it said.\n Reuter\n\u0003", "date": "13-APR-1987 10:43:31.53", "topics": [ "fuel" ], "places": [ "usa" ], "id": "16314" }, { "title": "CHEMICAL NEW YORK CORP 1ST QTR NET", "body": "shr 1.58 dlrs vs 1.93 dlrs\n net 86,220,000 vs 102,629,000\n avg shrs 50,831,512 vs 49,156,828\n assets 61.04 billion vs 57.95 billion\n loans 38.76 billion vs 39.68 billion\n deposits 38.20 billion vs 33.14 billion\n return on assets 0.57 pct vs 0.71 pct\n return on common equity 11.47 pct vs 15.19 pct\n NOTE: 1987 qtr net reduced by 12 mln dlrs because 1.04\nbillion dlrs of Brazil loans were placed on non-accrual\n Reuter\n\u0003", "date": "13-APR-1987 10:43:42.82", "topics": [ "earn" ], "places": [ "usa" ], "id": "16315" }, { "title": "CCC ACCEPTS BONUS ON CATTLE TO CANARY ISLANDS", "body": "The Commodity Credit Corporation\n(CCC) has accepted a bid for an export bonus to cover the sale\nof 2,750 head of dairy cattle to the Canary Islands, the U.S.\nAgriculture Department said.\n The cattle are for delivery May, 1987-October, 1988, it\nsaid.\n The bonus was 1,379.00 dlrs per head and was made to\nHolstein-Friesian, Inc and will be paid in the form of\ncommodities from the CCC inventory.\n An additional 175 headed of dairy cattle for still\navailable to the Canary Islands under the Export Enhancement\nProgram initiative announced July 28, 1986, it said.\n Reuter\n\u0003", "date": "13-APR-1987 10:46:40.29", "topics": [ "livestock" ], "places": [ "usa" ], "id": "16316" }, { "title": "AFG INDUSTRIES INC 1ST QTR NET", "body": "Shr primary 54 cts vs 41 cts\n Shr diluted 51 cts vs 38 cts\n Net 9,098,000 vs 5.924,000\n Revs 111.7 mln vs 85.0 mln\n Avg shrs primary 16,889,254 vs 14,500,737\n Reuter\n\u0003", "date": "13-APR-1987 10:46:45.49", "topics": [ "earn" ], "places": [ "usa" ], "id": "16317" }, { "title": "WORK ON GREEK ALUMINA PLANT TO START END MAY", "body": "Preparatory work for construction of a\n450 mln dlr alumina plant near the village of Aghia Efthymia in\nthe Greek province of Fokida will begin at the end of next\nmonth and the plant will be operational by 1992, Industry\nUndersecretary George Petsos said.\n Greece yesterday signed contracts with the Soviet Union for\nthe joint venture project, the biggest investment in the\ncountry for 20 years.\n Petsos said the Soviet Union, which had initially agreed to\nbuy 380,000 tonnes, would now purchase the plant's entire\noutput of 600,000 tonnes a year.\n Reuter\n\u0003", "date": "13-APR-1987 10:47:19.49", "topics": [ "alum" ], "places": [ "greece", "ussr" ], "id": "16318" }, { "title": " 1ST QTR NET", "body": "Shr 62 cts vs 26 cts\n Net 2,312,000 vs 944,000\n NOTE: 1987 includes five ct shr charge from loan loss\nprovision.\n Reuter\n\u0003", "date": "13-APR-1987 10:47:55.93", "topics": [ "earn" ], "places": [ "usa" ], "id": "16319" }, { "title": "COMMONWEALTH ALUMINUM PUTS PLANT ON THE BLOCK", "body": "Commonwealth Aluminum\n(Comalco) said it put its Goldendale, Wash., smelter back on\nthe market after would-be buyer, Columbia Aluminum Corp, of\nHermiston, Ore., failed to pull together financing by an April\none deadline.\n The plant, which has an asking price of 18.7 mln dlrs plus\nseveral mln more dlrs for inventory, it said. Commonwealth said\nit is continuing talks with Columbia, but has also opened talks\nwith other interested parties.\n Commonwealth bought the plant in January 1985 and closed it\nFeb 15, 1987, leaving about 400 workers jobless.\n \n Reuter\n\u0003", "date": "13-APR-1987 10:50:19.55", "topics": [ "acq", "alum" ], "places": [ "usa" ], "id": "16320" }, { "title": "ALZA CORP ISSUES 75 MLN DLR CONVERTIBLE BOND", "body": "Alza Corp , a U.S. Pharmaceutical\nproducts concern, is issuing a 75 mln dlr convertible eurobond\ndue May 8, 2002 with an indicated coupon of 5-1/2 to 5-3/4 pct\nand par pricing, lead manager Merrill Lynch Capital Markets\nsaid.\n The bond is available in denominations of 1,000 and 10,000\ndlrs and will be listed in Luxembourg.\n Fees comprise 1-1/2 pct selling concession and 1/2 pct\nmanagement and underwriting combined. The conversion premium is\nindicated at 17 to 22 pct. Final terms will be fixed before\nApril 21.\n REUTER\n\u0003", "date": "13-APR-1987 10:50:54.08", "places": [ "uk", "usa" ], "id": "16321" }, { "title": "INTERFINCO SETS 50 MLN SFR FIVE-YEAR CONVERTIBLE", "body": "Interfinco S.A. Of Luxembourg is\nlaunching a 50 mln Swiss franc five-year convertible bond with\nan indicated coupon of 2-1/2 pct, lead manager S.G. Warburg\nSoditic SA said.\n The issue, guaranteed by Cofide-Compagnia Finanziaria de\nBenedetti SpA of Turin, Italy, is convertible into shares of\n at an indicated\npremium of five pct.\n REUTER\n\u0003", "date": "13-APR-1987 10:52:07.05", "places": [ "switzerland", "italy" ], "id": "16322" }, { "title": "S/P DOWNGRADES TEXACO'S DEBT TO 'D'", "body": "Standard and Poor's Corp said it\ndowngraded to D about 8.4 billion dlrs of debt of Texaco Inc\nand the oil company's subsidiaries.\n The rating agency cited Texaco's filing over the weekend\nfor protection under Chapter 11 of the Bankruptcy Code while\nTexaco seeks judicial relief from an 8.5 billion dlr, plus\ninterest and costs, judgement against it in the suit brought by\nPennzoil Co .\n S and P uses the D rating grade for securities issued by\ncompanies in Chapter 11 reorganization, the agency said.\n Reduced to D from B were the senior debt of Texaco, Getty\nOil Co, Getty Oil International (Caribbean) N.V., Pembroke\nCapital Co Inc, Reserve Oil and Gas Co, Texaco Capital Inc,\nTexaco Capital N.V., Texaco Convent Refining Inc, Tidewater Oil\nCo and Loop Inc.\n Cut to D from C were MAGEC Finance Co and from CCC the\nsubordinated debt of Texaco Capital N.V.\n Reuter\n\u0003", "date": "13-APR-1987 10:52:30.00", "places": [ "usa" ], "id": "16323" }, { "title": "H.F. AHMANSON AND CO 1ST QTR NET", "body": "Shr 84 cts vs 80 cts\n Net 82,416,000 vs 67,819,000\n Revs 703.9 mln vs 759.7 mln\n Avg shrs 98,369,307 vs 84,807,498\n Loans 19.06 billion vs 19.51 billion\n Deposits 21.60 billion vs 19.86 billion\n Assets 27.16 billion vs 27.15 billion\n Note: Prior qtr per shr figure adjusted for three-for-one\nstock split of May 1986.\n Reuter\n\u0003", "date": "13-APR-1987 10:54:46.76", "topics": [ "earn" ], "places": [ "usa" ], "id": "16324" }, { "title": "DU PONT
UNIT TO REDEEM NOTES", "body": "Du Pont Overseas Capital N.V., a unit\nof Du Pont Co, said it will redeem on May 15 all 189 mln dlrs\nof its outstanding 13-3/4 pct guaranteed retractable notes due\n1997.\n It will buy back the notes at par value plus accrued\ninterest, Du Pont Overseas said.\n Reuter\n\u0003", "date": "13-APR-1987 10:56:28.49", "places": [ "usa" ], "id": "16325" }, { "title": "BERKEY ELECTS CHAIRMAN, RAISES 4 MLN DLRS", "body": "Berkey Inc said it elected\nJonathan Taplin as its chairman, replacing A. Michael Victory,\nwho will remain as a company director.\n Taplin was formerly a director of the company, Berkey said.\n In addition, the company said it will raise four mln dlrs\nthrough a privately-placed convertible preferred stock offering\nand other securities.\n It said the offering will give holders upon exercise the\nright to acquire approximately 1.5 mln shares of the company's\ncommon stock.\n Reuter\n\u0003", "date": "13-APR-1987 10:57:23.51", "places": [ "usa" ], "id": "16326" }, { "title": "PAKISTAN REPORTEDLY BOUGHT WHITE SUGAR AT TENDER", "body": "Pakistan is reported to have bought\n100,000 tonnes of white sugar at its weekend tender from a\nNorth Korean operator, traders said.\n The purchase, believed priced around 210 dlrs a tonne cost\nand freight for fine/medium grain, was due to be shipped for\narrival in May (30,000 tonnes), in June (45,000) and in July\n(25,000 tonnes), they said.\n Reuter\n\u0003", "date": "13-APR-1987 10:57:41.71", "topics": [ "sugar" ], "places": [ "uk", "pakistan" ], "id": "16327" }, { "title": " bank of england to auction up to 3.25 billion stg in gilts, first auction in mid-may\n", "date": "13-APR-1987 10:57:43.98", "places": [ "uk" ], "id": "16328" }, { "title": "EKN BANK SETS 25 MLN SWISS FRANC WARRANT BOND", "body": "EKN Bank of Nidwalden is launching a 25\nmln Swiss franc 2-1/2 pct 10-year bond with warrants at par,\nlead manager Bank Leu AG said.\n Each 1,000-franc bond carries a warrant entitling the\nholder to buy one 200-franc nominal EKN bearer share for 510\nfrancs.\n Subscriptions close April 24.\n REUTER\n\u0003", "date": "13-APR-1987 10:58:31.71", "places": [ "switzerland" ], "id": "16329" }, { "title": "MOODY'S MAY DOWNGRADE THREE FRENCH BANKS", "body": "Moody's Investors Service Inc said it\nmay downgrade the top-flight Aaa ratings of Societe Generale,\nBanque Nationale de Paris and Credit Lyonnais.\n The rating agency cited the ongoing deregulation of the\nFrench banking industry and financial markets. Moody's said it\nanticipates increasing competition and reduced profitability of\nthe banks' core businesses.\n The senior debt and certificates of deposit of the three\nbanks are rated Aaa. However, their Prime-1 commercial paper\nratings are not under review. Issues supported by long-term\nletters of credit of the banks may also be affected.\n Reuter\n\u0003", "date": "13-APR-1987 11:00:47.15", "places": [ "usa", "france" ], "id": "16330" }, { "title": "FED EXPECTED TO SET THREE-DAY REPURCHASE PACTS", "body": "The Federal Reserve is expected to\nenter the U.S. Government securities market to add temporary\nreserves directly by arranging three-day System repurchase\nagreements, economists said.\n They said the Fed may add the reserves indirectly instead\nvia a large round, two billion dlrs or more, of customer\nrepurchase agreements.\n Federal funds, which averaged a high 6.35 pct on Friday,\nopened at 6-7/16 pct and traded between there and 6-1/2 pct.\n Reuter\n\u0003", "date": "13-APR-1987 11:04:04.46", "topics": [ "money-fx" ], "places": [ "usa" ], "id": "16331" }, { "title": "ALLIED STORES SELLS DILLARD TWO UNITS", "body": "Dillard Department Stores Inc, based\nin Little Rock, Ark., and Allied Stores Corp jointly said they\nentered a definitive purchase agreement for the sale to Dillard\nof the Joske's and the Cain-Sloan divisions of Allied for 255\nmln dlrs cash, subject to certain closing adjustments.\n The sale excludes certain real estate assets of Joske's and\nCain-Sloan, which Allied estimates have an aggregate value of\n30 mln dlrs based on current market conditions.\n Joske's has 26 stores in Texas and one in Arizona.\nCain-Sloan has four stores in Nashville. Joske's is the largest\nunit Allied has slated for sale in its restructuring.\n Allied Stores Corp, a subsidiary of Campeau Corp, was\nacquired by acquired by the Canadian developer last year.\n Robert Campeau, chairman of Allied, said \"this is a\nterrific start to our disposition program which is proceeding\nwell ahead of schedule. This sale will fulfill the requirements\nunder our bank agreements to sell certain assets by June 30 and\ngive us additional flexibility in the disposal of the remaining\ndivisions being sold.\"\n Allied Stores is required to pay 200 mln dlrs in bank debt\nby June 30. There had been some doubts on Wall Street that the\ncompany could meet the payment.\n A Campeau source said, \"We believe this cash sale puts us\nin a very strong negotiating position to maximize the proceeds\nAllied can receive from its other divisions.\"\n \"Allied was able to put itself in a position where it knows\nit will be able to meet the June 30 payment schedules,\" the\nsource said.\n About 1.1 bilion dlrs in Allied assets had been targeted\nfor sale by Dec. 31, 1988 to pay for the aquisition of Allied\nby Campeau.\n Allied will be taking bids for its other divisions.\nTargeted for sale are Bonwit Tellers, Garfinckel's, Dey's,\nDonaldson's, Herpolsheimer's, Heer's, Miller's, Miller and\nRhoads, Pomeroy's, Catherine's, Plymouth Shops, and Jerry\nLeonard. The divisions provided 38.4 pct of Allied net sales\nand 11.8 pct of store profit in fiscal 1985.\n Reuter\n\u0003", "date": "13-APR-1987 11:05:08.29", "topics": [ "acq" ], "places": [ "usa" ], "id": "16332" }, { "title": "TEXACO NOT REQUIRED TO POST BOND", "body": "A Texas State Court of Appeal agreed\nthat Texaco Inc's bankruptcy petition effectively stays the\ncompany's obligation under Texas law to post a bond in its\n10.53 billion dlr litigation against Pennzoil Co .\n In a brief hearing before a three-judge appeals court,\nTexaco attorney James Sales said the company's motion to reduce\nthe amount of bond required to appeal the case was moot because\nTexaco's Chapter 11 petition protects the company from all\npreviously existing debts and obligations.\n Lawyers for Pennzoil, which won the 10.53 billion dlr\njudgment in a struggle over Texaco's acquisition of Getty Oil\nCo, did not object.\n Texaco lawyers said they planned to pursue the appeal in\nTexas courts and in Federal courts, if necessary.\n The Texaco lawyers said the company would seek permission\nfrom the bankruptcy court in the Southern District of New York\nto pursue the Pennzoil litigation.\n Reuter\n\u0003", "date": "13-APR-1987 11:06:44.77", "places": [ "usa" ], "id": "16333" }, { "title": "CBT MMI STOCK INDEX FUTURES TO EXPIRE THURSDAY", "body": "The Chicago Board of Trade's (CBT)\nApril Major Market Index (MMI) stock index futures will expire\n1515 CDT Thursday instead of Friday because of the Good Friday\nholiday, the exchange said.\n The Chicago Board Options Exchange said April options on\nthe Standard and Poor's 100 and 500 stock indexes, currency\noptions and about one-third of the listed individual equity\noptions will expire at their normal time Saturday, April 18,\nalthough the last day of trading will be Thursday in those\ncontracts.\n Reuter\n\u0003", "date": "13-APR-1987 11:08:07.60", "places": [ "usa" ], "id": "16334" }, { "title": "HUGHES' U.S. RIG COUNT DOWN THREE THIS WEEK", "body": "U.S. drilling activity slowed\nmarginally in the week ended today as the number of active\nrotary rigs fell by three to 749 against 917 one year ago,\nHughes Tool Co said.\n The latest total included 662 working land rigs, 70\noffshore rigs and 17 in inland waters.\n Among individual states, California dropped by three,\nColorado by six , Wyoming by one, West Virginia by six.\nDrilling increases were reported in Kansas where five rigs were\nadded, in Michigan three, in Louisiana one and Oklahoma 11. Rig\ncounts were unchanged in New Mexico and Texas.\n Reuter\n\u0003", "date": "13-APR-1987 11:08:58.96", "places": [ "usa" ], "id": "16335" }, { "title": "NCR CONTINUES TO EXPECT EARNINGS GROWTH", "body": "NCR Corp, earlier reporting higher\nfirst quarter profit, said it continues to expect that it will\nreport record earnings and revenue for all of 1987.\n \"Our optimism is based on our incoming order rates and the\nstrength of our product lines,\" the company said.\n NCR Corp plans additional new product announcements this\nyear, it said without elaborating.\n NCR earlier said first quarter profit increased to 61.5 mln\ndlrs or 65 cts share from 50.2 mln dlrs or 51 cts share in the\nprior year. NCR's 1986 full-year earnings rose to 336.5 mln\ndlrs from 315.2 mln dlrs in the prior year.\n NCR said the increase in first quarter profit resulted from\nstrong revenue growth, which was particularly strong in Europe\nand Pacific marketing groups.\n Growth in U.S. revenues also improved, the company said.\nFirst quarter revenues increased to 1.12 billion dlrs from\n960.8 mln dlrs in the prior year.\n NCR's U.S. dollar value of 1987 first quarter worldwide\nincoming orders posted a very substantial gain over the prior\nyear first quarter, NCR also said without giving specific\nfigures. Order growth was broad based across NCR's product\nlines, with the greatest growth coming from U.S., it said.\n Reuter\n\u0003", "date": "13-APR-1987 11:09:07.61", "topics": [ "earn" ], "places": [ "usa" ], "id": "16336" }, { "title": "GENETICS INSTITUTE INC 1ST QTR LOSS", "body": "Period ended February 28\n Shr loss 11 cts vs loss 11 cts\n Net loss 1,309,000 vs loss 937,000\n Revs 5,271,000 vs 4,417,000\n Avg shrs 11,690,000 vs 8,724,000\n Reuter\n\u0003", "date": "13-APR-1987 11:09:22.90", "topics": [ "earn" ], "places": [ "usa" ], "id": "16337" }, { "title": "PRIME COMPUTER TO INTRODUCE NEW MACHINES", "body": "Prime Computer Inc said tomorrow\nit will introduce two new high-end superminicomputers.\n The company said the machines will significantly expand the\nperformance of its 50 Series product line. It gave no further\ndetails.\n Reuter\n\u0003", "date": "13-APR-1987 11:09:32.23", "places": [ "usa" ], "id": "16338" }, { "title": "ENTRE COMPUTER CLOSING OVERSEAS UNITS", "body": "Entre Computer Centers Inc said it\nis discontinuing its European and Australian operations.\n The company today reported a loss for the second quarter\nended February 28 of 2,733,000 dlrs, after a 6,705,000 dlr\npretax provision for the shutdown of the overseas units and a\n2,511,000 dlr tax credit. A year earlier it earned 911,000\ndlrs.\n It said the overseas operations lost 400,000 dlrs in the\nsecond quarter and did not appear strong enough to provide for\nfuture growth.\n Reuter\n\u0003", "date": "13-APR-1987 11:10:01.27", "topics": [ "earn" ], "places": [ "usa" ], "id": "16339" }, { "title": "MOODY'S MAY DOWNGRADE IRVING DEBT", "body": "Moody's Investors Service Inc said it\nmay downgrade 950 mln dlrs of debt of Irving Bank Corp and lead\nbank Irving Trust Co.\n The rating agency said it will assess Irving's ability to\nsubstantially improve operating results in increasingly\ncompetitive markets. The review will also focus on Irving's\nshifting risk profile in light of its modest capital base.\n Moody's cited the bank's significant exposure to less\ndeveloped countries. Under review are the parent's Aa-3 senior\ndebt, A-1 subordinated debt and Aa-3 preferred stock and Irving\nTrust's Aa-1 long-term desposits and letters of credit.\n Reuter\n\u0003", "date": "13-APR-1987 11:10:50.70", "places": [ "usa" ], "id": "16340" }, { "title": "ITALY'S BANCA COMMERCIALE TO LAUNCH EUROLIRE BONDS", "body": "State bank Banca Commerciale Italiana\n(BCI) said it is launching a 50 billion lire eurobond on behalf\nof Merrill Lynch & Co. Due May 26, 1992 paying 10 pct and\npriced at 100 -1/2 pct.\n BCI said in a statement that it is leading an international\nunderwriting consortium of 25 banks and financial institutions.\nThe bank said Merrill Lynch International and Co is co-lead\nmanager.\n The non-callable bond is available in denominations of two\nmln lire and will be listed in Luxembourg, BCI said.\n REUTER\n\u0003", "date": "13-APR-1987 11:11:53.75", "places": [ "italy" ], "id": "16341" }, { "title": "ENTRE COMPUTER CENTERS INC 2ND QTR LOSS", "body": "Shr loss 29 cts vs profit 10 cts\n Net loss 2,733,000 vs profit 911,000\n Revs 21.5 mln vs 18.5 mln\n 1st half\n Shr loss 23 cts vs profit 26 cts\n Net loss 2,154,000 vs profit 2,445,000\n Revs 37.8 mln vs 37.7 mln\n NOTE: Current year net both periods includes 6,705,000 dlr\npretax provision for closing overseas operations and tax\ncredits 2,511,000 dlrs in quarter and 1,977,000 dlrs in half.\n Reuter\n\u0003", "date": "13-APR-1987 11:12:30.36", "topics": [ "earn" ], "places": [ "usa" ], "id": "16342" }, { "title": "MERRILL LYNCH INVESTMENT REVENUES UP", "body": "Merrill Lynch and Co said investment\nbanking revenues were strong in the first quarter, rising to\n257.4 mln dlrs from 152.9 mln in the first quarter 1986.\n \"We have made steady progress in a period of market\nactivity which has been marked by unprecedented activity,\"\nWilliam Schreyer, chairman and cheif executive officer, and\nDaniel Tully, president and chief operating officer, said.\n Earlier, the company reported first quarter net income of\n108.6 mln dlrs, or one dlr per share, up from 86.8 mln dlrs, or\n85 cts per share, in 1986's first quarter.\n Merrill Lynch said its insurance revenues made the biggest\ngains in the first quarter, rising to 242.3 mln dlrs in the\nthis first quarter, from 68.3 mln dlrs in last year's first\nquarter.\n Reuter\n\u0003", "date": "13-APR-1987 11:13:04.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "16343" }, { "title": "DSC COMMUNICATIONS AMENDS SUPPLY PACT", "body": "DSC Communications Corp said it amended\nan existing long term supply contract with MCI Communications\nCorp for deliveries of a new tandem switch.\n Deliveries of the switch, the DEX 600E, are scheduled to\nbegin in third quarter of 1988 and end by year-end 1989, the\ntelecommunications systems company said.\n The new switch increases the port capacity of DSC's\nexisting 600 switches, it said.\n Under the amended agreement, DSC will also deliver signal\npoint transfer products to MCI.\n Reuter\n\u0003", "date": "13-APR-1987 11:13:37.25", "places": [ "usa" ], "id": "16344" }, { "title": "WOODWARD AND LOTHROP PRESIDENT RESIGNS", "body": "Woodward and Lothrop Inc said\npresident David Mullen resigned, and will be replaced by Tom\nRoach effective April 20, 1987.\n Woodward and Lothrop, a privately held retailer, said\nMullen has stated his desire to pursure other business\ninterests.\n Roach joined J.W. Robinson Inc of Los Angeles as chairman\nin March, 1986, resigning shortly after parent company\nAssociated Dry Goods was acquired by May Co.\n Reuter\n\u0003", "date": "13-APR-1987 11:13:44.69", "places": [ "usa" ], "id": "16345" }, { "title": "STANDARD MICROSYSTEMS CORP 4TH QTR NET", "body": "Feb 28 end\n Shr profit four cts vs loss nil\n Net profit 448,000 vs loss 28,000\n Revs 15.1 mln vs 11.5 mln\n Avg shrs 11.2 mln vs 11.1 mln\n Year\n Shr profit four cts vs profit nil\n Net profit 459,000 vs profit 51,000\n Revs 53.2 mln vs 44.5 mln\n Avg shrs 11.2 mln vs 11.1 mln\n NOTE: Net includes tax credits of 53,000 dlrs vs 1,023,000\ndlrs in quarter and 48,000 dlrs vs 2,557,000 dlrs in year.\n Reuter\n\u0003", "date": "13-APR-1987 11:13:51.46", "topics": [ "earn" ], "places": [ "usa" ], "id": "16346" }, { "title": "PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ", "body": "Oper shr 39 cts vs 47 cts\n Oper net 2,104,462 vs 2,452,420\n Revs 4,675,904 vs 4,744,248\n Avg shrs 5,427,561 vs 5,139,415\n 1st half\n Oper shr 82 cts vs 93 cts\n Oper net 4,418,718 vs 4,609,613\n Revs 9,346,483 vs 9,338,590\n Avg shrs 5,427,486 vs 4,943,966\n NOTE: Current year net excludes gains on sale of real\nestate of 470,778 dlrs in quarter and 1,533,273 dlrs in half.\n Period ended February 28.\n Reuter\n\u0003", "date": "13-APR-1987 11:14:04.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "16347" }, { "title": "ALLWASTE INC 2ND QTR FEB 28", "body": "Shr profit four cts vs loss one cts\n Net profit 172,000 vs loss 180,000\n Revs 4.2 mln vs 883,000\n Six months\n Shr profit nine cts vs loss four cts\n Net profit 315,000 vs loss 107,000\n Revs 7.4 mln vs 1.8 mln\n Avg shrs 4.4 mln vs 2.6 mln\n Reuter\n\u0003", "date": "13-APR-1987 11:14:13.31", "topics": [ "earn" ], "places": [ "usa" ], "id": "16348" }, { "title": "COMBUSTION ENGINEERING IN SYSTEMS PACT", "body": "Combustion Engineering Inc said\nits C-E Environmental Systems and Services Inc unit agreed to\nwork with Keeler/Dorr-Oliver, a unit of Standard Oil Co ,\nto develop systems to destroy hazardous wastes.\n Under the teaming arrangement, Keeler/Dorr-Oliver will\nsupply fluid bed technology, equipment and services. C-E\nEnvironmental will provide environmental consulting and site\ninvestigations, engineering and construction services and\noperation, maintenance and training services.\n Reuter\n\u0003", "date": "13-APR-1987 11:14:21.05", "places": [ "usa" ], "id": "16349" }, { "title": "SCOTT AND STRINGFELLOW 3RD QTR MAR 31", "body": "Shr 37 cts vs 37 cts\n Net 687,888 vs 441,659\n Revs 7.9 mln vs 6.8 mln\n Nine months\n Shr 1.12 dlrs vs 1.07 dlrs\n Net 1.8 mln vs 1.3 mln\n Revs 23.2 mln vs 19.7 mln\n Avg shrs 1.6 mln vs 1.2 mln\n NOTE:Full name is Scott and Stringfellow Financial Corp.\n Reuter\n\u0003", "date": "13-APR-1987 11:14:25.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "16350" }, { "title": "GENERAL NUTRITION SHARES TO BE SOLD", "body": "General Nutrition Inc said it has\nfiled for a secondary offering of eight mln common shares.\n It said all the shares are being sold by the estate of\nfounder David B. Shakarian. Lead underwriter will be Kidder,\nPeabody and Co Inc.\n General Nutrition has about 33.0 mln shares outstanding.\n Reuter\n\u0003", "date": "13-APR-1987 11:15:00.92", "places": [ "usa" ], "id": "16351" }, { "title": "WALL STREET STOCKS/TEXACO , PENNZOIL ", "body": "Texaco Inc's decision to file for\nprotection under the bankruptcy code had a chilling effect on\nits stock, and sent Pennzoil Co's shares sharply lower as well,\ntraders said.\n Texaco dropped 3-1/2 to 28-3/8 and Pennzoil fell 12-7/8 to\n79-3/8.\n \"A lot of people had bid up Pennzoil, expecting a\nsettlement of two to five billion dlrs in this case,\" energy\nanalyst Rosario Ilacqua of L.F. Rothschild said, \"and now\nnobody knows where this is going to settle out.\"\n \"It seems to me that the hope of an out of court settlement\nin this long running court case had a greater relative impact\non Pennzoil's stock then on Texaco's,\" analyst Sanford\nMargoshes of Shearson Lehman Brothers said, citing the sharper\ndecline in Pennzoil this morning.\n The litigation arose when Pennzoil sued Texaco for\ninterfering in its 1984 agreement to acquire Getty Oil. In\n1985, a Texas state court ruled in favor of Pennzoil and\nordered Texaco to pay 10.53 billion dlrs in damages.\n Citing the burden of the court case and a Supreme Court\nruling last week in favor of Pennzoil concerning the amount\nTexaco must put up as a bond while appealing the case, Texaco\nfiled for the Chapter 11 protection on Sunday.\n \"That decision puts Pennzoil in the unsecured creditor\ncatagory and that means they have lost their preferred\nposition, which is causing the most damage to the stock today,\"\nMargoshes said. \"They will only be able to collect payment\nafter secured creditors have collected,\" he said.\n \"From the standpoint of the attractiveness of Texaco's\nstock,\" Margoshes said, \"I have turned quite bullish.\"\n \"I think there is an overreaction in the downside of the\n(Texaco) stock today, with some investors believing that Texaco\ncannot effectively conduct its business. But only Texaco Inc\nand two subsidiaries are under protection, and there is no\nindication that they will not be able to proceed adequately,\"\nMargoshes said. In addition, he noted, \"there are insitutions\nthat just cannot legally--according to their own\nregulations--hold a stock that is in bankruptcy. That caused\nmuch of the selling at the opening,\" he said.\n L.F. Rothschild's Ilacqua said \"you have to wonder if an\ninterim settlement can be reached between the two or if this\nthing is going to go the full legal route, and that is what\ninvestment decisions hinge on.\"\n He said \"if this whole thing settles with Texaco owing a\nlot less than the 10 billion dlrs, speculating in Texaco stock\ncould be quite interesting.\" He expects the stock to trade 25\ndlr to 30 dlr a share range for as long as it takes for a\ndecision to made in the case.\n Reuter\n\u0003", "date": "13-APR-1987 11:15:47.79", "places": [ "usa" ], "id": "16352" }, { "title": "JOHN MOWLEM ARRANGES 50 MLN STERLING CP PROGRAM", "body": "John Mowlem Plc, the U.K. Building and\nconstruction company, has arranged a 50 mln stg commercial\npaper program, with an option to issue notes in U.S. Dollars,\nMowlem treasurer Philip Ridal said.\n He said the company hopes to make the first drawings in May\nto take advantage of lower borrowing costs and the greater\nflexibility afforded by this program. It also should increase\nthe company's arbitrage opportunities, he added.\n The program was arranged by Kleinwort Benson Ltd, which\nwill act as a dealer along with Morgan Grenfell and Co Ltd and\nSwiss Bank Corp International Ltd.\n The sterling notes will be sold in denominations of one mln\nand 500,000 stg and will have maturities of seven to 364 days.\n Ridal said the new program will complement a note issuance\nfacility the company arranged last year and also increase the\ninvestor base.\n REUTER\n\u0003", "date": "13-APR-1987 11:16:14.91", "places": [ "uk" ], "id": "16353" }, { "title": "FOSTER UNIT AUDIT REVEALS DISCREPANCIES", "body": "Foster Wheeler Corp said an\naudit of its Stearns Airport Equiment Co Inc unit, revealed\n\"substantial discrepancies\" in Stearns accounts that may\nrequire material adjustments to previously announce\nconsolidated results of the company and its subsidiaries.\n Foster said certain Stearn officers and senior management\nmade Stearn's operations appear more profitable than they were\nby improperly recording job costs. It said Stearn's president\nand controller had resigned. A Foster spokesman said he did not\nknow the names of the president and controller, and could not\nimmediately comment on the release.\n Foster said the amount involved in the \"discrepancy\" is\nabout 13.7 mln dlrs before taxes or about 8.2 mln dlrs net\nafter tax due to an \"improper recording of job costs over a\nperiod of several years and continuing through part of the\nfirst quarter of 1987.\"\n Stearns is a unit of Foster's Conergic Corp subsidiary.\nThe company said the impact on its results for 1987 was not\n\"likely to be significant\" but the amount to be charged to\nprior periods had not been determined.\n Foster reported after tax earnings of 28 mln dlrs, 26 mln\ndlrs and 35.4 mln dlrs for 1986, 1985, and 1984, respectively.\n Stearns, based in Crowley, Texas, makes airport baggage\nconveyor equipment and passenger loading bridges.\n Foster, a diversified international concern with 27\nsubsidiaries operating worldwide, is based in Livingston, New\nJersey. Its reported revenues for the period ended December 26,\n1986 of 1.3 billion dlrs.\n The company said a detailed audit and investigation is\ncontinuing. A company spokesman declined to comment further on\nthe investigation.\n Reuter\n\u0003", "date": "13-APR-1987 11:16:42.72", "topics": [ "earn" ], "places": [ "usa" ], "id": "16354" }, { "title": "THE HAGUE LAUNCHES SECOND TRANCHE OF CP PROGRAM", "body": "Bank Mees en Hope NV, a fully-owned\nsubsidiary of Algemene Bank Nederland NV, said it launched the\nsecond tranche of a 100 mln guilders commercial paper program\nfor the city of The Hague.\n Mees en Hope declined to comment on the size of the second\ntranche but said the first tranche, ended March 10, was for 50\nmln guilders.\n The second tranche is for the period April 14 to July 14.\nDenominations are one mln guilders and the issue price, on a\ndiscount to yield basis, is to be set tomorrow at 1000 hours\nlocal.\n Clearing and delivery of the program will be via the short\nterm paper clearing institute of the Dutch Central Bank.\n The Hague was the first Dutch city to start a commercial\npaper program, allowed on the Dutch capital markets since\nJanuary 1986.\n Rotterdam and Amsterdam have since followed with programs\nof 400 mln and 300 mln guilders respectively.\n REUTER\n\u0003", "date": "13-APR-1987 11:17:03.46", "places": [ "netherlands" ], "id": "16355" }, { "title": "HUGHES' CANADA RIG COUNT DOWN 19 THIS WEEK", "body": "Drilling activity slowed down\nsubstantially in Canada. The number of active rotary rigs fell\nby 19 in the week ended today, Hughes Tool Co reported.\n A total of 66 rigs were working during the week, compared\nwith 71 one year ago, it said.\n Reuter\n\u0003", "date": "13-APR-1987 11:17:26.46", "places": [ "canada" ], "id": "16356" }, { "title": "TAIWAN ANNOUNCES NEW ROUND OF IMPORT TARIFF CUTS", "body": "Taiwan announced plans for another round\nof import tariff cuts on 862 foreign goods shortly before trade\ntalks with Washington which officials described as a move to\nhelp balance trade with the United States.\n Wang Der-Hwa, Deputy Director of the Finance Ministry's\nCustoms Administration Department, told reporters the list of\nproducts included 60 items asked by Washington.\n \"The move is part of our government efforts to encourage\nimports from our trading partners, particularly from the United\nStates,\" he said.\n He said the ministry sent a proposal today to the cabinet\nthat the tariffs on such products as cosmetics, bicycles,\napples, radios, garments, soybeans and television sets be cut\nby between five and 50 pct.\n The cabinet was expected to give its approval next Thursday\nand the new tariff cuts would be implemented possibly starting\non April 20, he added.\n Taiwan introduced a sweeping tariff cut on some 1,700\nforeign products last January aimed at helping reduce its\ngrowing trade surplus with the United States, the island's\nlargest trading partner.\n Washington however was not satisfied with the cuts and\npressed for more reductions as a way of cutting its huge trade\ndeficit with Taipei.\n Washington's deficit with Taipei rose to a record 13.6\nbillion U.S. Dlrs last year from 10.2 billion in 1985. It\nwidened to 3.61 billion in the first quarter of 1987 from 2.78\nbillion a year earlier, Taiwan's official figures show.\n Today's announcement came before a departure later today of\na 15-member Taiwan delegation for Washington for a series of\ntrade talks with U.S. Officials.\n The delegation's leader, Vincent Siew, told reporters last\nnight he was leaving with \"a heavy heart,\" meaning that he would\nface tough talks in Washington because of rising protectionist\nsentiments in the U.S. Congress. Taiwan's 1986 trade surplus\nwith Washington was the third largest, after Japan and Canada.\n Siew said the talks, starting on April 14, would cover U.S.\nCalls for Taiwan to open its market to American products,\npurchases of major U.S. Machinery and power plant equipment,\nimport tariff cuts and protection of intellectual property.\n \"I am afraid this time we have to give more than take from\nour talks with the U.S.,\" he said without elaborating.\n REUTER\n\u0003", "date": "13-APR-1987 11:18:05.22", "topics": [ "trade" ], "places": [ "taiwan", "usa" ], "id": "16357" }, { "title": "U.S. JUNK BONDS UNAFFECTED BY TEXACO FILING", "body": "Despite a sharp early fall in Texaco\nInc bonds, the 125 billion dlr U.S. junk bond market was\nlargely unaffected by Texaco's weekend filing for protection\nunder Chapter 11 of the Bankruptcy Code, analysts said.\n \"Texaco's filing had little, if any, effect on junk bond\nprices this morning. It should not spill over to the overall\nmarket like LTV Corp's bankruptcy filing did last\nsummer,\" said one analyst.\n Traders said some Texaco debt issues fell over 30 points\nthis morning in thin trading, but recouped about half that.\n \"Because of the Texaco filing, some investors bid down its\npaper to the mid-60 area (around 650 dlrs per 1,000 dlr face\nvalue) from around 95 Friday,\" said a dealer in high-yield, low\nrated bonds.\n \"But sellers could not be found at those levels and the\nbids soon rebounded to the 75 to 85 area,\" he added, referring\nto such issues as Texaco's 13 pct notes of 1991, the 13-1/4s of\n1999 and 13-5/8s of 1994. All were in the mid-90s Friday.\n The rebound occurred after Standard and Poor's Corp\ndowngraded the debt ratings of 8.4 billion dlrs of debt of\nTexaco and its subsidiaries to D, traders noted.\n S and P cited the weekend bankruptcy filing. The agency\nsaid it uses the D grade for securities issued by companies in\nChapter 11 reorganization.\n Moody's Investors Service Inc followed suit, cutting most\nof the debt of Texaco and its units to Caa.\n The junk bond market experienced a short-lived downturn\nlast summer when LTV's bankruptcy filing sparked worries that\ncredit conditions of other steel companies would also worsen.\n \"This is clearly not the case with Texaco,\" said one\ntrader. Because of their high yields, junk bonds have lately\noutperformed investment grade corporates, he and others said.\n Analysts and portfolio managers said they viewed Texaco's\nbankruptcy filing as a defensive move.\n Indeed, a Texas State Court of Appeal this morning said the\nbankruptcy petition effectively stays Texaco's obligation under\nTexas law to post a bond in its 10.53 billion dlr litigation\nagainst Pennzoil Co .\n \"The filing was not the result of credit weakness. The\ncompany got through the oil crisis alright,\" said one portfolio\nmanager.\n Others who run junk bond portfolios agreed with that\nassessment and said they would still buy high-yield issues.\n Reuter\n\u0003", "date": "13-APR-1987 11:18:16.68", "places": [ "usa" ], "id": "16358" }, { "title": "BULGARIA, ROMANIA GRAIN CROP SEEN LESS FAVORABLE", "body": "Current prospects for this year's\ngrain crop in Bulgaria and Romania appear less favorable than\nin 1986, the U.S. Agriculture Department's officer in Belgrade\nsaid in a field report.\n The report said the assessment was based on travel in the\ntwo countries from March 30 to April 4.\n It said crop conditions were better than earlier expected\nfollowing the extreme dry conditions last fall and the\nprolonged winter temperatures this spring.\n However, in general plant development was at least three\nweeks or more behind normal this spring, and conditions varied\ngreatly by regions, the report said.\n Fields seeded during the optimum period last fall, and\nespecially those receiving supplemental irrigation water (about\n65 pct of the fields observed), appeared to be in good\ncondition, with little evidence of winterkill, while others\nvaried considerably, the report said.\n Fields lacking adequate moisture last fall showed weak and\nuneven stands. Spotty germination and winterkill in those\nfields averaged 10 to 30 pct, it said.\n Reuter\n\u0003", "date": "13-APR-1987 11:19:05.84", "topics": [ "grain" ], "places": [ "bulgaria", "romania", "usa" ], "id": "16359" }, { "title": "ELCOR CORP 3RD QTR MARCH 31", "body": "Shr 21 cts vs eight cts\n Net 1.5 mln vs 536,000\n Revs 26.6 mln vs 17.7 mln\n Nine months\n Shr 1.11 dlrs vs 43 cts\n Net 7.8 mln vs 3.0 mln\n Revs 86.9 mln vs 82.9 mln\n NOTE:Shares adjusted for 2-for-1 stock split payable May\n28, 1987 to holders of record May 14, 1987.\n 1987 3rd qtr and nine months includes tax loss carryforward\ngain of 695,000 dlrs and 3.6 mln dlrs, respectively.\n 1986 3rd qtr nine months includes tax loss carryforward\ngains of 260,000 dlrs and 1.4 mln dlrs, respectively.\n Reuter\n\u0003", "date": "13-APR-1987 11:19:46.99", "topics": [ "earn" ], "places": [ "usa" ], "id": "16360" }, { "title": "CAPITAL MARKET BORROWING FALLS IN MARCH, OECD SAYS", "body": "Borrowing on the international capital\nmarkets contracted significantly in March with 23.1 billion\ndlrs of medium and long-term funds raised, down 3.4 billion\nfrom February and about nine billion dlrs less than in March\n1986, the Organisation for Economic Cooperation and Development\nsaid in its latest monthly report.\n Borrowing on external bond markets totalled 19.7 billion\ndlrs, some 1.1 billion below the February figure.\n The market for floating rate notes saw further setbacks and\nthe volume of new offerings fell to only 800 mln dlrs from 1.4\nbillion in February.\n For the first quarter as a whole, the OECD said, funds\nraised on the floating rate bond market totalled three billion\ndlrs, the lowest figure since the third quarter of 1982.\n Activity on the straight bond market was also less buoyant\nthan in previous months while equity-related offerings\ncontinued to benefit from the good performance of major stock\nmarkets.\n Exchange rate uncertainties continued to have a major\nimpact on the currency composition of new bonds. Dollar issues\ntotalled 6.8 billion dlrs, accounting for only 35 pct of total\nofferings, but borrowing was particularly heavy on the euroyen\nmarket (3.3 billion dlrs) and in sterling (2.8 billion dlrs).\n Offerings of mark bonds declined to 1.3 billion dlrs from\naround three billion dlrs in the two previous months, whilst\nstrong advances were recorded in the euro-Australian and\neuro-Canadian dollar sectors, where new offerings exceeded one\nbillion dlrs, the OECD said.\n In the syndicated credit market, the volume of new loans\nfell to 2.4 billion dlrs in March from 4.2 billion in February.\nSimilarly, activity on the market for note issuance and other\nback-up facilities fell to one billion dlrs from 1.5 billion.\n In March, OECD borrowers accounted for over 90 pct of total\nborrowing. Japan was the largest fund-raiser with 4.5 billion\ndlrs, followed by the U.S. With 3.9 billion and Britain with\n2.4 billion dlrs.\n France, West Germany and Norway raised funds of over one\nbillion dlrs each.\n Borrowing by developing countries totalled one billion\ndlrs, about the same amount as in February. But borrowing by\neast European countries fell to 300 mln dlrs from 600 mln in\nFebruary, the OECD added.\n REUTER\n\u0003", "date": "13-APR-1987 11:19:54.97", "organisations": [ "oecd" ], "places": [ "france" ], "id": "16361" }, { "title": "SAUDI ARABIA BUYS RBD PALM OLEIN", "body": "Saudi Arabia bought 4,000 tonnes of\nMalaysian refined bleached deodorised palm olein for June 1/10\nshipment at around 356 dlrs per tonne cost and freight Jeddah,\ntraders said.\n Reuter\n\u0003", "date": "13-APR-1987 11:19:58.81", "topics": [ "veg-oil", "palm-oil" ], "places": [ "uk", "saudi-arabia" ], "id": "16362" }, { "title": "ABINGTON SAVINGS BANK 1ST QTR NET", "body": "Shr 27 cts vs not given\n Net 617,000 vs 550,000\n Loans 92.8 mln vs 84.7 mln\n Deposits 121.9 mln vs 119.4 mln\n Assets 155.4 mln vs 152.4 mln\n Note: prior share not given due to June 18, 1986 conversion\nto stock ownserhip\n Reuter\n\u0003", "date": "13-APR-1987 11:20:25.64", "topics": [ "earn" ], "places": [ "usa" ], "id": "16363" }, { "title": "GREAT LAKES IN 390 MLN DLR EXPANSION", "body": "Great Lakes Forest Products Ltd said it\nplans a 390 mln dlr modernization and expansion of its fine\npaper and newsprint operations in northwestern Ontario over the\nnext five years.\n It will install a 175 mln dlr fine paper machine at Dryden\nand a 215 mln dlr newsprint machine at Thunder Bay to replace\ntwo aging machines. The Dryden machine will have capacity to\nproduce 175,000 metric tons of fine papers annually when it\nstarts up in the 1989 third quarter, while the Thunder Bay\nmachine will have design capacity of 240,000 metric tons\nannually and is expected to be in operation by early 1991.\n Great Lakes said it expects to pay for the program mainly\nwith internally generated cash flow, but external financing\nwill be available to support peak spending periods.\n It said the expansion's effect on company employment levels\nwill be minimal.\n Great Lakes said a decision on a joint venture with five\npublisher-partners to construct a newsprint mill in\nnortheastern Washington State should be coming from the\npartners in the near future. Great Lakes' capital investment in\nthis project would be about 60 mln dlrs.\n Reuter\n\u0003", "date": "13-APR-1987 11:21:40.05", "places": [ "canada" ], "id": "16364" }, { "title": "BANKING CENTER 1ST QTR NET", "body": "Shr 29 cts vs not given\n Net 3,508,000 vs 2,483,000\n NOTE: Company went public in August 1986.\n 1986 figures restated.\n Net includes loan loss provision 550,000 dlrs vs 203,000\ndlrs, gain on sale of securities of 309,000 dlrs vs 638,000\ndlrs and gain on sale of loans 403,000 dlrs vs 553,000 dlrs.\n Reuter\n\u0003", "date": "13-APR-1987 11:23:12.75", "topics": [ "earn" ], "places": [ "usa" ], "id": "16365" }, { "title": "SOVIET TANKERS SET TO CARRY KUWAITI OIL", "body": "Kuwait has agreed to charter tankers\nfrom the Soviet Union in a move to protect its oil exports\nthrough the Mideast Gulf, diplomatic sources said.\n They said the agreement followed months of talks with the\nSoviet Union and the U.S. On ways to secure its oil exports\nafter Iran started to attack Kuwaiti-connected vessels in\nretaliation for Kuwait's backing for Iran's war enemy Iraq.\n Diplomats said they expect three Soviet tankers initially\nto reinforce other flags already supporting Kuwait's 22-tanker\nfleet.\n The diplomats said they knew of no deal for Moscow to\nprovide a naval escort for its own vessels, but \"the idea of\nprotection is implicit,\" one said.\n They said Soviet cargo ships bound for Kuwait in the past\nto unload arms and materiel for road delivery to Iraq were\nknown to have sailed under escort. So far, none of the Soviet\nships are known to have been attacked by Iran. Diplomats said\nthey expected the chartered Soviet tankers to sail between\nKuwait and Khor Fakkan on the United Arab Emirates (UAE) coast\na short way outside the Strait of Hormuz at the mouth of the\nGulf.\n Reuter\n\u0003", "date": "13-APR-1987 11:27:56.34", "topics": [ "crude", "ship" ], "places": [ "ussr", "kuwait", "usa" ], "id": "16366" }, { "title": "CHEMICAL NET HURT BY BRAZIL, EXPENSES", "body": "Chemical New York Corp said its\nfirst-quarter profits fell by 16 pct, largely because it placed\n1.04 billion dlrs of loans to Brazil on non-accrual.\n Chemical reported first-quarter net income of 86.2 mln\ndlrs, down from 102.6 mln a year earlier, but declaring the\nBrazilian loans non-performing cost Chemical 21 mln dlrs in\nlost interest income, or 12 mln dlrs after-tax.\n A 13.3 pct jump in non-interest expense to 471.3 mln dlrs\nfrom 415.9 mln also hit the bottom line. It said the rise was\nmainly due to staff costs associated with continued growth in\nconsumer, capital markets and investment banking activities.\n Excluding the effect of placing Brazil on non-accrual,\nChemical said its net income would have been 98.2 mln dlrs, or\n4.3 pct below 1986 earnings.\n Brazil suspended interest payments on 68 billion dlrs of\nmedium- and long-term debt on February 20. If they are not\nresumed by year's end, Chemical said its after-tax net for the\nwhole of 1987 will be reduced by about 51 mln dlrs.\n Chemical also placed 52 mln dlrs of loans to Ecuador on\nnon-accrual because the Quito government also suspended\ninterest payments on its foreign debt. This reduced interest\nincome by 1.5 mln dlrs.\n Chemical said net interest income fell to 476.4 mln dlrs\nfrom 488.9 mln and its net spread narrowed to 3.61 pct from\n3.96 pct.\n This reflected the reclassification of Brazilian loans, a\nreduced federal income tax rate (which affected the calculation\nof the taxabale-equivalent adjustment on tax-exempt assets) and\na narrowing of the spread between the prime rate and Chemical's\ncost of funds.\n Foreign exchange trading profits rose to 37.9 mln dlrs from\n27.0 mln, but bond trading profits dropped to 21.9 mln dlrs\nfrom 26.2 mln.\n Fees from trust and other banking services rose to 146.5\nmln dlrs from 129.3 mln a year earlier, Chemical said.\n The provision for loan losses was 87.2 mln dlrs, compared\nwith 83.8 mln. Net loan charge-offs were 86.5 mln, up from 60.7\nmln, leaving the allowance for loan losses at 672.6 mln dlrs at\nquarter's end, or 1.74 pct of loans outstanding, compared with\n594.3 mln, or 1.50 pct, a year earlier.\n Non-accruing loans at the end of March were 2.39 billion\ndlrs (1.35 billion excluding Brazil), compared with 1.35\nbillion at the end of 1986 and 1.22 billion at the end of\nMarch, 1986.\n Reuter\n\u0003", "date": "13-APR-1987 11:34:27.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "16367" }, { "title": "CAPITAL MARKET BORROWING FALLS IN MARCH, OECD SAYS", "body": "Borrowing on the international capital\nmarkets contracted significantly in March with 23.1 billion\ndlrs of medium and long-term funds raised, down 3.4 billion\nfrom February and about nine billion dlrs less than in March\n1986, the Organisation for Economic Cooperation and Development\nsaid in its latest monthly report.\n Borrowing on external bond markets totalled 19.7 billion\ndlrs, some 1.1 billion below the February figure.\n The market for floating rate notes saw further setbacks and\nthe volume of new offerings fell to only 800 mln dlrs from 1.4\nbillion in February.\n Reuter\n\u0003", "date": "13-APR-1987 11:34:35.50", "organisations": [ "oecd" ], "places": [ "france" ], "id": "16368" }, { "title": "GENETICS SEES HIGHER 87 LOSSES", "body": "Genetics Institute Inc,\nearlier reporting an increased first quarter net loss, said it\nexpects to incur losses in fiscal 1987 \"that are somewhat higher\nthan those reported in fiscal 1986.\"\n It had a loss of 4,504,000 dlrs for fiscal 1986 ended\nNovember 30, compared to a fiscal 1985 loss of 1,732,00 dlrs.\n The company said the losses result from its strategic\ndecision to invest prudent levels of equity in development of\nproducts the company can manufacture and bring to market.\n Genetics earlier said first quarter ended February 28\nlosses rose to 1,309,000 dlrs from year-ago loss of 937,000\ndlrs.\n Reuter\n\u0003", "date": "13-APR-1987 11:36:44.95", "topics": [ "earn" ], "places": [ "usa" ], "id": "16369" }, { "title": "INVESTOR BOOSTS TRANS-LUX STAKE", "body": "Investor Albert Kahn said in a statement\nthat a group he heads increased its stake in Trans-Lux Corp to\n8.9 pct from 8.1 pct on a fully diluted basis.\n Kahn said he indicated in a filing with the Securities and\nExchange Commission that his group bought an additional 7,300\nTrans-Lux common shares and 100,000 dlrs of nine pct\nconvertible subordinated debentures due 2005, convertible into\nan additional 6,803 shares.\n Kahn said he is considering seeking representation on the\nTrans-Lux board and starting a proxy contest in connection with\nthe upcoming annual meeting.\n Kahn also said he is seeking an examination of the\nTrans-Lux shareholder list and corporate books and records\nunder Delaware law.\n Trans-Lux is a Connecticut concern that leases teleprinters\nand display units in brokerage offices, airports and other\npublic places.\n Kahn is a Miami insurance executive and investor.\n Reuter\n\u0003", "date": "13-APR-1987 11:36:57.63", "topics": [ "acq" ], "places": [ "usa" ], "id": "16370" }, { "title": "SOLITRON DEVICES INC 4TH QTR NET", "body": "Period ended February 28\n Shr 40 cts vs 15 cts\n Net 1,747,000 vs 775,000\n Revs 13.2 mln vs 13.3 mln\n Avg shrs 4,321,376 vs 5,148,318\n Year\n Shr 67 cts vs 67 cts\n Net 3,300,000 vs 3,299,000\n Revs 49.5 mln vs 50.2 mln\n Avg shrs 4,895,788 vs 4,951,177\n Note: 1986 year after 819,000 dlr tax provision and 660,000\ndlr tax credit\n 1985 year after 559,000 dlr credit for anticipated income\ntax settlement for 1970 and 331,000 dlr tax provision\n Reuter\n\u0003", "date": "13-APR-1987 11:38:24.16", "topics": [ "earn" ], "places": [ "usa" ], "id": "16371" }, { "title": "U.S. TRUST CORP FIRST QTR SHR 88 CTS VS 83 CTS\n", "date": "13-APR-1987 11:38:28.28", "topics": [ "earn" ], "places": [ "usa" ], "id": "16372" }, { "title": "NATIONAL COMPUTER TO BUY SHARES", "body": "National Computer Systems Inc said\nits board authorized the company to repurchase up to 2.0 mln\nshares of its common stock in the open market.\n The company currently has about 19 mln shares outstanding.\n It said the shares will be retained for use in the employee\nstock purchase plan, stock option plans and for general\ncorporate use.\n Reuter\n\u0003", "date": "13-APR-1987 11:38:41.49", "places": [ "usa" ], "id": "16373" }, { "title": "PEOPLES HERITAGE BANK 1ST QTR NET", "body": "Shr 51 cts vs not given\n Net 4,661,000 vs 2,499,000\n NOTE: Net includes securities gains of 663,000 dlrs vs\n1,173,000 dlrs.\n Company went public in December 1986.\n Reuter\n\u0003", "date": "13-APR-1987 11:39:16.90", "topics": [ "earn" ], "places": [ "usa" ], "id": "16374" }, { "title": "AMERITECH MICHIGAN UNIT TO LOWER RATES", "body": "The Michigan Attorney General\nsaid it reached a settlement with Michigan Bell Telephone Co, a\nsubsidiary of American Information Technologies Corp, which\nwill reduce rates, resulting in 79.6 mln dlrs lower revenues to\nMichigan Bell.\n The settlement reflects Michigan Bell's reduced federal\nincome taxes resulting from tax reform legislation, and will be\nsubmitted for approval to the Public Service Commission, the\nAttorney General's office said.\n The lower rates are expected to become effective July one,\nwhen Michigan Bell's tax rate falls to 34 pct from 46 pct.\n Reuter\n\u0003", "date": "13-APR-1987 11:39:33.93", "places": [ "usa" ], "id": "16375" }, { "title": "STUART HALL CO INC 1ST QTR FEB 28 NET", "body": "Shr 11 cts vs 12 cts\n Net 301,820 vs 248,419\n Revs 12.1 mln vs 10.2 mln\n Avg shrs 2,855,966 vs 2,033,881\n Reuter\n\u0003", "date": "13-APR-1987 11:39:37.26", "topics": [ "earn" ], "places": [ "usa" ], "id": "16376" }, { "title": "CLAYTON HOMES INC 3RD QTR MARCH 31 NET", "body": "Shr 21 cts vs 18 cts\n Net 2,256,000 vs 1,915,000\n Revs 38.2 mln vs 35.3 mln\n Nine mths\n Shr 62 cts vs 56 cts\n Net 6,474,000 vs 5,808,000\n Revs 125.9 mln vs 112.3 mln\n Backlog nine mln vs six mln\n NOTE: Share adjusted for five-for-four stock split in June\n1986.\n Reuter\n\u0003", "date": "13-APR-1987 11:39:42.68", "topics": [ "earn" ], "places": [ "usa" ], "id": "16377" }, { "title": "COMMAND AIRWAYS MARCH LOAD FACTOR RISES", "body": "Command Airways Inc said\nits March load factor rose to 44.6 pct from 40.8 pct in March\n1986.\n Revenue passenger miles rose 43.2 pct in March to 4,573,200\nfrom 3,192,700 and 34.3 pct year-to-date to 41.6 mln from 30.9\nmln, the company said.\n Available seat miles increased 30.8 pct in March to 10.2\nmln from 7,832,800 and 25.9 pct in the 10 months to 101.4 mln\nfrom 80.6 mln.\n Year-to-date load factor rose to 41 pct from 38.4 pct, it\nsaid.\n Reuter\n\u0003", "date": "13-APR-1987 11:39:51.19", "places": [ "usa" ], "id": "16378" }, { "title": "SWIFT TO SELL SOUTH DAKOTA PORK PLANT", "body": "Swift Independent Packing Co said it\nagreed in principle to sell its Huron, South Dakota, pork plant\nto Huron Dressed Beef, for undisclosed terms.\n Completion of the proposed transaction is subject to\nHuron's ability to hire an experienced work force at\ncompetitive rates, and receive government approval of the\npurchase and operation of the plant, Swift said.\n Reuter\n\u0003", "date": "13-APR-1987 11:40:34.72", "topics": [ "acq", "livestock", "carcass" ], "places": [ "usa" ], "id": "16379" }, { "title": "U.S. TRUST CORP 1ST QTR NET", "body": "Shr primary 88 cts vs 83 cts\n Shr diluted 84 cts vs 78 cts\n Net 8,869,000 vs 8,176,000\n Avg Assets 2.62 billion vs 2.42 billion\n Deposits 2.06 billion vs 1.80 billion\n \n Reuter\n\u0003", "date": "13-APR-1987 11:42:21.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "16380" }, { "title": "PRIMARY GILTS DEALERS NEED NOT BUY AT AUCTIONS", "body": "Primary dealers in U.K. Government gilts\nwill not be required to underwrite the government's offering of\nits securities when the first auctions begin in Mid-May, the\nBank of England said.\n In an official notice released today, the Bank said \"There\nwill be no formal or informal underwriting arrangement for the\nauctions but the Bank encourages all gilt-edged market makers,\nas part of their commitment to the market, to participate\nactively in the auction process.\"\n The Bank was originally believed to have favoured requiring\nthe dealers to underwrite auctions, which are patterned after\nthose in the U.S. Treasury market.\n However, the Treasury was believed to have baulked at the\nrequest by the 27 market makers for an allotment commission\nwhich would discourage the largest institutional investors from\nplacing orders for new stock directly through the Bank of\nEngland, thus denying primary dealers some of their best\ncustomers. Commission would have been passed along to customers\nwho did place orders via the primary dealers, making it less\nexpensive to buy through them than to go directly to the Bank.\n Market sources said the Bank had, in its discussions with\nthe dealers about the upcoming auctions, agreed that the\nallotment commission was reasonable if the dealers had a\nconcurrent commitment to buy at the auction regardless of\nmarket conditions.\n Indeed, the Bank and the gilts dealers are believed to be\ndisappointed that the Treasury has not agreed to go along with\nthe plan. However, in its paper, the Bank suggested that any\nconditions applied for the first few auctions may be abandoned\nor modified in future sales of gilts if they prove inefficient\nor unwieldy.\n Among other items in the document, the Bank said its first\nauction will consist of up to 1.25 billion stg in conventional\nshort-dated stock and have a maturity of seven years or less.\n Subsequent auctions to be held in the 1987-88 financial\nyear would first be of up to one billion stg of long-dated\nstock having a maturity of 15 years or longer and then of up to\none billion stg of medium dated stock of seven to 15 years in\nmaturity.\n The remainder of the gilt-edged funding program would be\nmet by traditional tap offerings of stock via the government\nbroker.\n To protect the buyers of the newly auctioned stock, the\nBank has agreed to establish a so-called fallow period, a\n28-day period during which it agrees not to issue any new stock\nof the same type, and it will not necessarily resume selling\nthe stock once the fallow period expires.\n In the event that prices offered for the stock to be sold\nare substantially out of line with market conditions, the Bank\nwill agree to take the stock onto its own books.\n The bank would then be free to sell the stock during the\nfallow period but not at a price below the minimum tender\nprice.\n The Bank also said that at least initially, auctions will\nbe alloted on a bid price basis, a system under which bidders\nare allotted stock at the price which they bid.\n However, the Bank said it reserves the right to limit any\nmoney market maker from buying more than 25 pct of a single\nauction. The Bank is widely believed to be concerned about\npreventing a single market maker from cornering a stock to\ndrive the price up.\n The Bank has repeatedly signalled its intention to prevent\ndealers from cornering the market in a stock, issuing\nadditional stock, on occasion, to end a market shortage.\n The Bank has also agreed to publish information about the\nauction results as soon as possible after the sale is complete,\nwhich is widely expected to be on the same day.\n Information to be released will include the amount of stock\nallotted in terms of both competitive and non-competitive bids,\nand the highest, lowest and average price of the successful\nbids.\n REUTER\n\u0003", "date": "13-APR-1987 11:43:44.30", "places": [ "uk" ], "id": "16381" }, { "title": "GULF OF MEXICO RIG COUNT DOWN SLIGHTLY THIS WEEK", "body": "Utilization of offshore mobile rigs in\nthe Gulf of Mexico fell about 0.5 percentage point to 35.0 pct\nthis week, with a total of 82 working and 152 idled, Offshore\nData Services said.\n In the European-Mediterranean area, utilization remained\nabout unchanged at 46.1 pct, after rising four percentage\npoints in the previous two weeks. Out of a total of 154 rigs,\n71 were working and 83 idled, it said.\n Worldwide utilization of offshore rigs was steady at 53.8\npct, reflecting 391 rigs working and 336 idled.\n \n Reuter\n\u0003", "date": "13-APR-1987 11:44:07.30", "places": [ "usa" ], "id": "16382" }, { "title": "FED ADDS RESERVES VIA CUSTOMER REPURCHASES", "body": "The Federal Reserve entered the U.S.\nGovernment securities market to arrange 1.5 billion dlrs of\ncustomer repurchase agreements, a Fed spokesman said.\n Dealers said Federal funds were trading at 6-1/2 pct when\nthe Fed began its temporary and indirect supply of reserves to\nthe banking system.\n Most had expected the Fed to supply reserves directly via\nSystem repurchase agreements or to add them indirectly through\ntwo billion dlrs or more of customer repurchase agreements.\nSome believe the Fed is adding fewer reserves than are needed\nto keep upward pressure on rates and so help the dollar.\n Reuter\n\u0003", "date": "13-APR-1987 11:48:02.67", "topics": [ "money-fx", "interest" ], "places": [ "usa" ], "id": "16383" }, { "title": "BURROUGHS-WELLCOME SETS RESEARCH SPENDING", "body": "(Burroughs-Wellcome Inc) said it plans\nto invest 10 mln dlrs in research and development-related\nactivities over the next five years if changes planned to\nCanada's patent act become law.\n The company said it would increase its commitment to\nclinical research if the patent act is changed to provide\nfurther protection for patent rights, as planned.\n Reuter\n\u0003", "date": "13-APR-1987 11:48:29.41", "places": [ "canada" ], "id": "16384" }, { "title": "DESPTP OMC 1ST QTR NET", "body": "Shr 54 cts vs 51 cts\n Net 2,151,000 vs 2,439,000\n Sales 90.3 mln vs 96.8 mln\n Avg shrs 3,960,000 vs 4,782,000\n Reuter\n\u0003", "date": "13-APR-1987 11:48:51.50", "topics": [ "earn" ], "places": [ "usa" ], "id": "16385" }, { "title": "PARK COMMUNICATIONS INC 1ST QTR MAR 31", "body": "Shr 15 cts vs 14 cts\n Net 2,028,000 vs 1,879,000\n Revs 32.1 mln vs 29.5 mln\n Reuter\n\u0003", "date": "13-APR-1987 11:50:33.45", "topics": [ "earn" ], "places": [ "usa" ], "id": "16386" }, { "title": "SOFTWARE SERVICES EXTENDS WARRANTS", "body": "Software Services of America\nInc said its board has extended the expiration date of its\nwarrants until August 31 from April 30.\n Reuter\n\u0003", "date": "13-APR-1987 11:50:46.76", "places": [ "usa" ], "id": "16387" }, { "title": "FEDERAL GUARANTEE CORP 1ST QTR NET", "body": "Shr 34 cts vs 32 cts\n Net 2,891,844 vs 2,666,278\n Revs 13.7 mln vs 12.7 mln\n Reuter\n\u0003", "date": "13-APR-1987 11:50:55.25", "topics": [ "earn" ], "places": [ "usa" ], "id": "16388" }, { "title": "BACHE SECURITIES SETS NAME CHANGE, EXPANSION", "body": "Bache Securities Inc, 80 pct-owned by\nPrudential-Bache Securities Inc, a unit of Prudential Insurance\nCo of America, said it would change its name on April 15 to\nPrudential-Bache Securities Canada Ltd as the first part of a\nmajor expansion in Canada.\n The investment dealer said the expansion would involve\nincreased research and retail staff, three new Canadian\nbranches by year-end and enhanced corporate financing ability.\n Bache chief executive George McGough told a news conference\nthat Bache might expand its 20 mln Canadian dlr capital base by\nup to seven times over the next several years.\n McGough said the move resulted from the proposed June 30\nderegulation of Ontario's securities industry, which will lift\nexisting restrictions on the growth of foreign dealers such as\nBache and allow it access to its U.S. parent's 134 billion U.S.\ndlrs of capital and products offered by Prudential Insurance Co\nof Canada, also owned by Bache's U.S. parent.\n Stressing that company growth would be internal, McGough\ntold reporters \"that our game plan does not call for an\nacquisition,\" saying Bache recently rejected merger overtures\nfrom three other investment dealers in Canada.\n McGough declined to identify the names of the three dealers\nthat approached Bache.\n He said that Bache hoped to rank in the top five Canadian\ninvestment dealers within the next few years. It now ranks\nabout 14th.\n McGough voiced confidence that Bache's plans would be\nunaffected by any delay past June 30 in the implementation of\nfinancial deregulation resulting from an ongoing dispute\nbetween the Canadian and Ontario governments over regulatory\njusisdiction. He said regulators had already approved the name\nchange and indicated they would approve Bache's expansion.\n Reuter\n\u0003", "date": "13-APR-1987 11:51:49.49", "places": [ "usa", "canada" ], "id": "16389" }, { "title": "ANGELL CARE MASTER LP RAISES QUARTERLY", "body": "Shr 38 cts vs 36 cts prior\n Pay July 31\n Record June 23\n Reuter\n\u0003", "date": "13-APR-1987 11:52:34.74", "topics": [ "earn" ], "places": [ "usa" ], "id": "16390" }, { "title": "CHARTERHOUSE GETS 310 MLN DLRS IN NEW CAPITAL", "body": ",\nwhich specializes in leveraged buyouts and purchasing troubled\ncompanies, said it has raised 310 mln dlrs in new capital to\nhelp it compete in the acquisition market for U.S. companies.\n Charterhouse said that it has formed Charterhouse Mezzanine\nPartners, a limited partnership capitalizaed at 152 mln dlrs,\nto provide subordinated financing in leveraged buyout\ntransactions.\n Charterhouse also said it recently received an infusion of\n100 mln dlrs of new capital from its shareholders.\n In addition, the company said it has completed forming the\nRecovery Group, a limited partnership established to invest in\ndistressed companies.\n Then Recovery Group, to be co-managed by Charterhouse and\ntwo investors, Jay Goldsmith and Harry Freund, is capitalized\nat 58 mln dlrs from investors in Europe and America, the\ncompany said.\n Charterhouse said the group will acquire equity or debt\nsecurities of distressed companies.\n Reuter\n\u0003", "date": "13-APR-1987 11:53:00.90", "places": [ "usa" ], "id": "16391" }, { "title": "FRANKLIN MICHIGAN INSURED SETS LOWER PAYOUT", "body": "Mthly div 6.6 cts vs 6.9 cts prior\n Pay April 30\n Record April 15\n NOTE: Franklin michigan Insured Tax-Free Income Fund.\n Reuter\n\u0003", "date": "13-APR-1987 11:53:06.40", "topics": [ "earn" ], "places": [ "usa" ], "id": "16392" }, { "title": "FRANKLIN HIGH YIELD SETS HIGHER PAYOUT", "body": "Mthly div eight cts vs 7.1 cts prior\n Pay April 30\n Record April 15\n NOTE: Franklin High Yield Tax-Free Income Fund.\n Reuter\n\u0003", "date": "13-APR-1987 11:53:13.80", "topics": [ "earn" ], "places": [ "usa" ], "id": "16393" }, { "title": "FRANKLIN PENNSYLVANIA TAX-FREE IN INITIAL PAYOUT", "body": "Franklin Pennsylvania\nTax-Free Income Fund said its board declared an initial monthly\ndividend of six cts per share, payable April 30 to holders of\nrecord April 15.\n Reuter\n\u0003", "date": "13-APR-1987 11:53:22.16", "topics": [ "earn" ], "places": [ "usa" ], "id": "16394" }, { "title": "GENERAL PARTNERS SELLS GENCORP STAKE", "body": "General Partners, a Texas\npartnership that recently ended its bid to take over GenCorp\nInc, told the Securities and Exchange Commission it sold nearly\nall of its remaining 8.6 pct stake in the company.\n General Partners said it sold 1,930,500 shares of GenCorp\non April 10 at 118.25 dlrs a share in an open market\ntransaction on the New York Stock Exchange.\n It said the sale leaves it with 108 GenCorp common shares.\n The partnership, which includes Wagner and Brown of Midland\nTexas and Irvine, Calif.-based AFG Industries Inc, last week\ndropped its 100 dlr a share hostile tender offer.\n Reuter\n\u0003", "date": "13-APR-1987 11:53:56.08", "topics": [ "acq" ], "places": [ "usa" ], "id": "16395" }, { "title": "FRANKLIN PENNSYLVANIA U.S. SETS INITIAL PAYOUT", "body": "Franklin Pennsylvania\nInvestors U.S. Government Securities Fund Fund said its board\ndeclared an initial monthly dividend of 7.8 cts per share,\npayable April 30 to holders of record April 15.\n Reuter\n\u0003", "date": "13-APR-1987 11:54:06.24", "topics": [ "earn" ], "places": [ "usa" ], "id": "16396" }, { "title": "DUFF/PHELPS DOWNGRADES MELLON BANK CORP ", "body": "Duff and Phelps today lowered the\nsenior debt rating of Mellon Bank Corp. to D&P-8 (High BBB)\nfrom D&P-6 (middle A) and lowered the preferred stock rating to\nD&P-9 (middle BBB) from D&P-7 (low A).\n These rating changes affect approximately 607 mln dlrs of\nsecurities.\n In addition, the certificate of deposit rating of Mellon\nBank has been lowered to Duff one minus from Duff one. The\nrating affects approximately 2.7 bln dlrs on CDs.\n \"A sharp deterioration in asset quality,\" resulting in a\n\"significant\" first-quarter loss were cited in the change.\n Reuter\n\u0003", "date": "13-APR-1987 11:54:20.97", "places": [ "usa" ], "id": "16397" }, { "title": "GAF STUDYING BORG-WARNER PLAN", "body": "GAF Corp is studying an agreement\nunder which Merrill Lynch Capital Partners will take\nBorg-Warner Corp private in a 4.23 billion dlr transaction, a\nGAF spokesman said.\n The spokesman had no further comment.\n Analysts said there was speculation GAF would make a new\noffer for the Chicago-based plastics and automobile parts\ncompany. Borg-Warner's stock rose 7/8 to 49-1/4, above the\nMerrill Lynch 48.50 dlrs per share tender offer price.\n Merrill Lynch Capital Partners, a unit of Merrill Lynch and\nCo, is tendering for 89 pct of Borg-Warner and offering a\npackage of cash and securities for the balance of the shares.\n GAF had offered 46 dlrs per share previously. It holds 19.9\npct of Borg-Warner's stock.\n Reuter\n\u0003", "date": "13-APR-1987 11:54:49.93", "topics": [ "acq" ], "places": [ "usa" ], "id": "16398" }, { "title": "NATIONAL WESTMINSTER BANK USA 1ST-QTR NET RISES", "body": "National Westminster Bank USA said\nhigher loans and core deposit volumes as well as a substantial\nincrease in net interest income contributed to a 16 pct rise in\nfirst-quarter earnings to 17.7 mln dlrs from 15.3 mln reported\na year earlier.\n The earnings gain came despite a 1.5 mln dlr reduction of\nincome as a result of placing Brazilian loans on non-accrual.\n Net interest income totalled 92.5 mln dlrs compared with\n91.7 mln dlrs in the same 1986 period as loans, mostly to\nmiddle market businesses, increased by 896 mln dlrs. But some\nof these gains were offset by low levels of interest rates.\n Provision for loan losses rose to 13.8 mln dlrs from 13.0\nmln a year earlier. At March 31, the allowance for loan losses\nwas 114.2 mln dlrs versus 94.8 mln at end of March 1986.\n Non-accrual loans rose to 286 mln dlrs from 132 mln at the\nend of the first quarter of 1986, largely because 119 mln dlrs\nof loans to Brazil were put on non-accrual status.\n The bank said that if these loans remain on non-accrual for\nthe remainder of the year net income for 1987 would be reduced\nby about 4.9 mln dlrs.\n National Westminster Bank USA is a wholly-owned subsidiary\nof National Westminster Bank PLC.\n\n Reuter\n\u0003", "date": "13-APR-1987 11:55:09.50", "topics": [ "earn" ], "places": [ "usa" ], "id": "16399" }, { "title": "LASER PHOTONICS INC 4TH QTR DEC 31", "body": "Shr loss 26 cts vs loss one cts\n Net loss 699,000 vs loss 20,617\n Revs 883,000 vs 1.1 mln\n Year\n Shr loss 62 cts vs loss eight cts\n Net loss 1.7 mln vs loss 185,003\n Revs 3.6 mln vs 4.5 mln\n Reuter\n\u0003", "date": "13-APR-1987 11:56:09.65", "topics": [ "earn" ], "places": [ "usa" ], "id": "16400" }, { "title": "EASTERN UTILITIES ASSOCIATES UPS PAYOUT", "body": "Qtly div 57-1/2 cts vs 54-1/2 cts prior qtr\n Pay May 15\n Record May 1\n Reuter\n\u0003", "date": "13-APR-1987 11:59:44.18", "topics": [ "earn" ], "places": [ "usa" ], "id": "16401" }, { "title": "ITALY'S BUITONI ACQUIRES VISMARA FOOD GROUP", "body": "Carlo De Benedetti's food\ncompany Industrie Buitoni Perugina Spa said it has acquired the\nItalian food group Vismara.\n Buitoni said in a statement that Vismara had 1986 sales of\n181 billion lire and net profit of 11 billion lire, employs 950\npeople and has four subsidaries.\n Buitoni did not disclose financial details about the\nacquisition. De Benedetti said last week that his group was\nnegotiating a purchase of an unidentified Italian food firm.\n Vismara primarily produces a variety of pork products. \"The\nacquisition represents a diversification in a market sector\nwith annual consumption of 8,500 billion lire,\" Buitoni said.\n Buitoni also said its consolidated revenue during the first\nquarter of this year was 429 billion lire, up 51 pct from the\ncomparable 1986 period.\n As reported, Buitoni's consolidated revenue rose last year\nto 1,623 billion lire from 1,177 billion in 1985. Net profit\nrose to 18.5 billion lire from 448 mln lire in 1985.\n Reuter\n\u0003", "date": "13-APR-1987 12:00:00.98", "topics": [ "acq", "earn" ], "places": [ "italy" ], "id": "16402" }, { "title": "MCGRAW-HILL DIVESTS SOUTH AFRICAN UNIT", "body": "McGraw-Hill Inc said it has sold its\nMcGraw-Hill Book Co South Africa Pty Ltd subsidiary to a local\nmanagement group for an undisclosed amount of cash and halted\nthe sale of all products and services to South Africa.\n The company said the divestiture follows a resolution of\nits board in February that cited increased political and social\nunrest within South Africa and the refusal of the South African\ngovernment to abolish the apartheid system.\n Reuter\n\u0003", "date": "13-APR-1987 12:01:41.53", "topics": [ "acq" ], "places": [ "usa", "south-africa" ], "id": "16403" }, { "title": "OAK ONDUSTRIES TO BUY ELECTRONICS FIRM", "body": "Oak Industries Inc said it\nagreed to buy the stock of Electronic Technologies Inc of New\nYork for an undisclosed amount of cash.\n Electronic Technologies manufactures quartz crystal\ncomponents, Oak said.\n It said the acquisition is part of its ongoing stategy to\nrestructure its core businesses through cost reduction programs\nand the purchase of compatible companies.\n Reuter\n\u0003", "date": "13-APR-1987 12:02:01.58", "topics": [ "acq" ], "places": [ "usa" ], "id": "16404" }, { "title": "PEOPLES HERITAGE BANK 1ST QTR NET", "body": "Shr 51 cts vs not given\n Net 4,661,000 vs 2,499,000\n NOTE: Includes net securities gains of 663,000 dlrs vs 1.2\nmln dlrs from.\n Company converted to stock ownership in December 1986.\n Reuter\n\u0003", "date": "13-APR-1987 12:03:39.01", "topics": [ "earn" ], "places": [ "usa" ], "id": "16405" }, { "title": "REVLON GROUP AGREES TO MERGE WITH MACANDREWS AND FORBES GROUP FOR 20.10 DLRS/SHR CASH\n", "date": "13-APR-1987 12:05:54.02", "topics": [ "acq" ], "id": "16406" }, { "title": "U.S. TRUST CO RAISES BROKER LOAN RATE", "body": "U.S. Trust Co said it raised its\nbroker loan rate to 7-3/4 pct from 7-1/2 pct, effective\nimmediately.\n Bankers Trust Co , which also quotes its broker loan\nrate publicly, raised its rate to 7-1/2 pct earlier today.\n Reuter\n\u0003", "date": "13-APR-1987 12:06:16.90", "topics": [ "interest" ], "places": [ "usa" ], "id": "16407" }, { "title": "FIRESTONE IN AGREEMENT WITH CHAIRMAN", "body": "Firestone Tire and Rubber Co said\nChairman John Nevin entered into a new employment agreement\nallowing him to continue as an executive or consultant with the\ncompany until he becomes 65 years old in February 1992.\n Firestone said Nevin has agreed to remain as chief\nexecutive officer until its board elects a successor. The\ncompany was not immediately available for comment.\n In the release, Firestone said while Nevin serves as chief\nexecutive, he will be paid his current salary and will continue\nto be eligible for supplemental compensation.\n Firestone said Nevin will serve as a consultant to the\ncompany after a new chief executive is found and until Nevin\nbecomes 65. Firestone said it agreed that during this period,\nNevin will be paid a fee not less than the pension which he\nwould have been entitled to if he retired.\n It also said Nevin agreed not to engage in a competitive\nbusiness until he becomes 67.\n On February 17, Firestone granted Nevin an option to buy\n100,000 shares of the company's common at 34.19 dlrs a share.\n Reuter\n\u0003", "date": "13-APR-1987 12:07:52.96", "places": [ "usa" ], "id": "16408" }, { "title": "(CORRECTED)-CRAZY EDDIE SETS RIGHTS", "body": "Crazy Eddie Inc said its board has\nadopted a defensive shareholder rights plan and said it has\nreacived inquiries on a friendly merger.\n It said under the plan, shareholders of record as of April\n21 will receive a right to purchase under certain circumstances\nat a price of 42 dlrs 0.01 preferred share for each common\nshare held. The rights expire April 9, 1997.\n The company said the rights would be exercisable 20\nbusiness days after a party were to acquire 20 pct or more of\nCrazy Eddie common stock or announce a bid for 30 pct or more.\n Adds dropped year of rights expiration.\n Reuter\n\u0003", "date": "13-APR-1987 12:08:12.07", "topics": [ "acq" ], "places": [ "usa" ], "id": "16409" }, { "title": "BIOTECH ELECTRONICS INC 3RD QTR NET", "body": "Shr eight cts vs one-half ct\n Net 508,000 vs 21,000\n Revs 7.2 mln vs 7.4 mln\n Nine mths\n Shr 28 cts vs 11 cts\n Net 1,523,000 vs 567,000\n Revs 26.2 mln vs 22.6 mln\n Note: period ended February 28.\nREUTER\n Reuter\n\u0003", "date": "13-APR-1987 12:09:02.61", "topics": [ "earn" ], "places": [ "canada" ], "id": "16410" }, { "title": "TEXSCAN TO FILE REORGANIZATION PLAN", "body": " said it reached an\nagreement in principle with its major creditors on a\nreorganization plan to lift it out of bankruptcy.\n The plan proposes Texcan to pay its bank debt partially\nthrough a 15 mln dlr secured obligation, to pay its general\ntrade debt of two mln dlrs, and to satisfy subordinate\ndebenture holders through issuance of 45 pct of the stock of\nthe reorganized corporation, it said.\n Texcan said its bank debt will be paid to United Bancorp of\nArizona's United Bank of Arizona and Security Pacific's\nCorp's Security Pacific Bank.\n Subordinated bondholders also will have the right to\nsubscribe to buy an additional 40 pct of the common stock of\nthe reorganized corporation for three mln dlrs under an\narrangement to be announced in a few weeks, Texscan said.\n Total debt claims have been filed in the Chapter 11\nproceeding of 110 mln dlrs, it said.\n Texscan said its existing stock will be extinguished under\nthe proposed reorganization plan. The company said it filed for\nreorganization Nov 22, 1985.\n Reuter\n\u0003", "date": "13-APR-1987 12:09:21.18", "places": [ "usa" ], "id": "16411" }, { "title": "NOMURA REPACKAGES DANISH ISSUE AS ZERO-COUPON BOND", "body": "Nomura International Ltd said it is\nusing a special purpose issuing vehicle, \"Lives 2 Ltd,\" to\nrepackage part of the Denmark's 7-1/8 pct dollar straight issue\nlaunched by Nomura on January 8 this year and due 1992, into a\nzero coupon 17 billion yen bond priced at 82-1/4 pct.\n The notes and swap agreement are secured by a charge on 97\nmln dlrs of the Denmark bond. The new bond is due March 5,\n1992.\n Payment date on the issue, which will be listed in\nLuxembourg, is April 24 and the first coupon will be short.\n Fees comprise 85 basis points for selling with 70 for\nmanagement and underwriting. Denominations are 10 mln yen.\n REUTER\n\u0003", "date": "13-APR-1987 12:09:32.55", "places": [ "uk", "denmark" ], "id": "16412" }, { "title": "RHONE-POULENC PLANS DRUG RESEARCH SPENDING", "body": "(Rhone Poulenc Pharma Inc) said it\nplans to spend 29 mln dlrs over the next five years for\nresearch and development in Canada. It said the investment\ndepends upon passage of a federal government bill which\nproposes greater protection for holders of drug patents.\n The company said it will spend 7.9 mln dlrs to upgrade its\nMontreal operations.\n It said the new patent law would give drug companies \nreasonable protection from generic drug copying of new\ncompounds.\n Reuter\n\u0003", "date": "13-APR-1987 12:10:04.42", "places": [ "canada" ], "id": "16413" }, { "title": "TEXACO NETHERLANDS UNAFFECTED BY CHAPTER 11 FILING", "body": "Texaco Petroleum Maatschaapij\n(Netherlands) BV said its operations were unaffected by\nyesterday's move by Texaco Inc to file for protection\nunder Chapter 11 of the U.S. Bankruptcy code.\n A Texaco spokesman said the Dutch unit, wholly owned by\nTexaco Inc through holding companies, had its own financial\nrelationship with banks, its own distribution facilities and\nrefinery, and bought its own crude oil and products.\n There had been no negative reaction from trading partners\nto the U.S. Move, although there was some negative influence on\npublicity, he said.\n \"The Dutch operations are not dependent on the U.S. For\nmoney or products. We are informing our customers that our\nbusiness is not affected in any way,\" the spokesman said.\n He said trading partners had not made demands for stricter\ncredit terms than was normal in the international oil markets.\n Spot market traders at Dutch arms of other major companies\nsaid they were acting as usual towards Texaco so far, but some\nwere maintaining contact with their headquarters' credit\ncontrol offices. One trader said his company hoped to meet\nrepresentatives of Texaco personally to clarify the position.\n Reuter\n\u0003", "date": "13-APR-1987 12:10:34.82", "places": [ "netherlands", "usa" ], "id": "16414" }, { "title": "PORTUGUESE CONSUMER PRICES UP 1.4 PCT IN MARCH", "body": "Portugal's consumer prices rose 1.4 pct\nin March after a one pct increase in February and a 1.2 pct\nrise in March 1986, the National Statistics Institute said.\n The consumer price index (base 100 for 1976) rose to 772.0\nfrom 761.3 in February and compared with 703.4 in March 1986.\n This gave a year-on-year March inflation rate of 9.8 pct\nagainst 9.5 pct in February and 12.2 pct in March 1986.\n Measured as an annual average rate, inflation in March was\n10.9 pct compared with 11.1 pct in February. The government\nforecasts annual inflation of about eight pct this year.\n REUTER\n\u0003", "date": "13-APR-1987 12:10:47.88", "topics": [ "cpi" ], "places": [ "portugal" ], "id": "16415" }, { "title": "DEST EXPECTS HIGHER 4TH QTR SALES", "body": "Dest Corp said it expects a 17\npct increase in revenues for its fourth quarter ended March 31\ncompared with the 4.8 mln dlrs reported for the same quarter a\nyear earlier.\n The company said the increase is due to increased demand\nfor its PC Scan product family.\n The scanning products are used with desktop publishing\nsystems, Dest also said.\n Reuter\n\u0003", "date": "13-APR-1987 12:10:59.22", "places": [ "usa" ], "id": "16416" }, { "title": "MYERS INDUSTRIES INC 1ST QTR NET", "body": "Shr 22 cts vs 18 cts\n Net 803,708 vs 642,534\n Sales 21.0 ln vs 18.8 mln\n NOTE: Per share figures adjusted for ten pct stock dividend\npaid August 1986.\n Reuter\n\u0003", "date": "13-APR-1987 12:11:04.15", "topics": [ "earn" ], "places": [ "usa" ], "id": "16417" }, { "title": "GTE CORP 1ST QTR SHR 78 CTS VS 86 CTS\n", "date": "13-APR-1987 12:11:13.28", "topics": [ "earn" ], "id": "16418" }, { "title": "RESDEL TO MERGE WITH SAN/BAR ", "body": "Resdel Industries said it\nand San/Bar Corp has agreed to merge San/Bar into Resdel.\n The arrangement calls for San/Bar to spin-off assets of its\nBreak-Free division to shareholders then exchange its own\nshares for Resdel stock at a ratio of one Resdel share for each\nSan/Bar share held, Resdel said.\n Reuter\n\u0003", "date": "13-APR-1987 12:11:26.74", "topics": [ "acq" ], "places": [ "usa" ], "id": "16419" }, { "title": "MIDLANTIC TO ACQUIRE COUNTY BANCORP", "body": "Midlantic Corp said it agreed to\nacquire County Bancorp for about 23 mln dlrs in an agreement\ncalling for County Trust Co, a County Bancorp subsidiary, to\nmerge into Midlantic National Bank/North.\n Midlantic said it will pay 83.73 dlrs a share in cash, or\n2.36 times County Bancorp's March 31 book value, for each of\nCounty's about 276,0000 shares outstanding. It said it received\nan option from three principal shareholders for 40 pct of\nCounty's outstanding.\n The acquisition is expected in the third quarter of 1987\nand is subject to regulatory and shareholder approvals.\n Reuter\n\u0003", "date": "13-APR-1987 12:11:35.90", "topics": [ "acq" ], "places": [ "usa" ], "id": "16420" }, { "title": "PEOPLE'S SAVINGS BANK OF BROCKTON ", "body": "Net 646,000 vs 470,000\n Assets 173.0 mln vs 152.9 mln\n NOTE:Quarter ended March 31. The company completed\nconversion from mutual to stock form in October 1986, raising\n14.1 mln dlrs in net proceeds through the sale of 2.3 mln\nshares of common stock.\n Reuter\n\u0003", "date": "13-APR-1987 12:12:31.00", "topics": [ "earn" ], "places": [ "usa" ], "id": "16421" }, { "title": "MICRO GENERAL CORP 4TH QTR LOSS", "body": "Period ended December 28.\n Shr nil vs loss six cts\n Net loss 6,319 vs loss 265,651\n Revs 1,117,778 vs 1,090,001\n Avg shrs 6,874,383 vs 4,323,614\n Year\n Shr nil vs loss 10 cts\n Net profit 4,323 vs loss 432,458\n Revs 4,711,350 vs 4,256,708\n Avg shrs 6,837,871 vs 4,322,816\n Reuter\n\u0003", "date": "13-APR-1987 12:12:36.40", "topics": [ "earn" ], "places": [ "usa" ], "id": "16422" }, { "title": "U.S. AUTOWORKERS SET FOR TOUGH BARGAINING ROUND", "body": "The United Automobile Workers Union,\nUAW, is asking local leaders to back a renewed drive for higher\nwages in upcoming bargaining with the car and other major\nindustries while acknowledging that futher job losses are\ninevitable as traditional U.S. manufacturing shrinks.\n The UAW will begin bargaining this summer on new contracts\ncovering some 380,000 members at General Motors Corp, the\nworld's largest corporation, and nearly 110,000 members at Ford\nMotor Co, the number two U.S. automaker.\n National UAW labor contracts at both companies expire at\nmidnight September 14.\n The union is expected to chose one of the companies as a\npossible strike target in early September to concentrate its\nefforts.\n UAW president Owen Bieber was loudly cheered by some 3,000\nlocal delegates at a special bargaining strategy convention\nyesterday when he declared the union is ready to go to \"war\"\nagainst the major auto makers in support of its goals.\n \"It takes two to make peace, but only one to make war ...\nand if it's war, the UAW will be ready for it. War against the\ninsecurity of layoff,\" the UAW chief said.\n In a 101-page document proposing its 1987 collective\nbargaining program, the leadership of the 1.1 mln member union\nurged \"full resumption of our traditional wage formula\" as \"a\ntop priority in this round of bargaining.\"\n But the union concedes that increased foreign competition,\nnew technology and shifts to low-cost offshore production by\nU.S. manufacturers will continue to cut the number of workers\nin the motor vehicle and agricultural equipment industries.\n Union leaders told Reuters the 1987 round of bargaining\nwith GM and Ford will be one of the most difficult in the\n51-year history of the union in view of GM's announced goal to\nclose plants it deems non-competitive and to increase its\npurchase of parts from outside suppliers as part of a massive\nprogram to reduce its costs by 10 billion dlrs and reverse the\nprofits decline it suffered the last two years.\n At Ford, where a record 3.3 billion dlrs in profits last\nyear swelled its cash reserves past eight billion dlrs,\nanalysts say the company's healthy position could make it a\ntempting target for the union in its drive to increase wages.\n Labor executives for both GM and Ford have said they will\noppose any attempt to return to annual general wage increases\nthat were dropped in 1982 when the Detroit-based industry was\nmired in a deep recession.\n But the UAW, pointing to a three pct pay increase to be\nimplemented later this year in the contract it negotiated with\nChrysler Corp after a 1985 strike, said it intends to seek full\nreinstatement of annual percentage wage increases in this\nyear's bargaining with GM and Ford.\n Reuter\n\u0003", "date": "13-APR-1987 12:12:46.45", "places": [ "usa" ], "id": "16423" }, { "title": "GTE CORP 1ST QTR MAR 31", "body": "Shr 78 cts vs 86 cts\n Net 265.0 mln vs 283.0 mln\n Revs 3.7 billion vs 3.6 billion\n Avg shrs 329.0 mln vs 319.0 mln\n \n Reuter\n\u0003", "date": "13-APR-1987 12:14:07.22", "topics": [ "earn" ], "places": [ "usa" ], "id": "16424" }, { "title": "MITEL HAS TWO NEW PRODUCTS", "body": "Mitel Corp said it introduced two new\ndigital telephone switching systems and additional applications\nsoftware for its current product line.\n The new SX-2000s digital private branch exchange is a\nsmaller version of the SX-2000, directed at line capacities of\n100 to 500 telephone extensions. The other new product is the\neven smaller SX-50 for 30 to 100 telephones, with software\nspecifications designed for the hotel and motel industry.\n Mitel said it has developed new software packages to\n\"extend the data capabilities of the SX-2000 to high speed\napplications found in an IBM-type environment.\"\n \n Reuter\n\u0003", "date": "13-APR-1987 12:16:22.58", "places": [ "canada" ], "id": "16425" }, { "title": "GTE POSTS PRE-TAX LOSS OF 121 MLN DLRS IN 1ST QTR FOR 50 PCT SHARE OF US SPRINT\n", "date": "13-APR-1987 12:17:41.78", "topics": [ "earn" ], "places": [ "usa" ], "id": "16426" }, { "title": "GROUP RAISES SCANDINAVIA FUND STAKE", "body": "A shareholder group consisting of\nforeign investment firms and investors said it raised its stake\nin Scandinavia Fund Inc to 2,607,900 shares, or 40.0 pct of the\ntotal outstanding from 2,309,700 shares, or 35.4 pct.\n In a filing with the Securities and Exchange Commission,\nthe group also said it is considering an informal offer made by\nScandinavia Fund President Bjorn Carlson on March 31 which\nwould grant it representation on the company's board.\n The group includes VBI Corp, a Turks and Caicos Islands\ninvestment firm, and Ingemar Rydin Industritillbehor AB, a\nSwedish investment firm, and Erik Martin Vik, a Norwegian\ninvestor, and Vik's son, Alexander.\n The group said VBI and the elder Vik bought a combined\n298,200 Scandinavia Fund common shares since March 13 at prices\nranging from 9.500 to 10.000 dlrs a share.\n Reuter\n\u0003", "date": "13-APR-1987 12:18:34.20", "topics": [ "acq" ], "places": [ "usa" ], "id": "16427" }, { "title": "SQUARE D CORP 1ST QTR NET", "body": "Shr 79 cts vs 73 cts\n Net 22,901,000 vs 21,042,000\n Sales 336.1 mln vs 334.1 mln\n Reuter\n\u0003", "date": "13-APR-1987 12:19:07.93", "topics": [ "earn" ], "places": [ "usa" ], "id": "16428" }, { "title": "TRITON SAYS PARIS BASIN RESERVES UP 39 PCT", "body": "Triton Energy Corp said proven reserves\nof the Villespedue oil field in France's Paris Basin were\nestimated at a total of 67.5 mln barrels on March one, up 39\npct from 48.7 mln barrels on May 31, 1986.\n Triton said its 60 pct owned subsidiary\nhas a 50 pct interest in the field which is located 50 miles\neast of Paris. The other 50 pct is held by , the field's operator.\n Reuter\n\u0003", "date": "13-APR-1987 12:20:24.05", "topics": [ "crude" ], "places": [ "usa", "france" ], "id": "16429" }, { "title": "TALKING POINT/IBM ", "body": "International Business Machines Corp\nhas started the year aggressively, but industry analysts said\nthe company still faces some tough rounds in its fight to stop\na two-year earnings slump.\n \"I am more impressed with what's happening at IBM than I\nhave been in a long time,\" said PaineWebber analyst Stephen\nSmith.\n \"But they're not out of the woods yet,\" he added.\n At 1.30 dlrs a share, IBM's first-quarter net income easily\ntopped most estimates on Wall Street, which had ranged from an\neven dollar to 1.20 dlrs.\n Most analysts said they were pleasantly surprised by IBM's\nperformance. But they indicated that IBM's chances for a full\nrecovery hinged on several key factors whose impact will not be\nfelt until later in the year.\n These include the success of IBM's new personal computer\nline, introduced two weeks ago, and its 9370 minicomputers,\nwhich will begin volume shipments in July.\n In addition, IBM has said the full benefits of its\nearly-retirement program and other cost-cutting moves will\nemerge as the year progresses.\n Analysts noted that IBM chairman John F. Akers was\nrelatively more upbeat in assessing the company's outlook than\nhe has been for nearly a year.\n \"Although the worldwide economic situation remains\nunsettled, there are some encouraging signs in our business,\"\nAkers said, pointing to, among other things, higher\nfirst-quarter shipments. \"We remain optimistic about the\nprospects for both the industry and IBM,\" he said.\n \"Akers was most encouraging,\" said PaineWebber's Smith.\n A weak dollar, a lower tax rate and strong mainframe\ncomputer sales all contributed to the better-than-expected\nfirst-quarter results, analysts said.\n \"Shipments of the 3090 mainframes were very strong in\nMarch,\" after a weak January and February, said Ulric Weil of\nWashington-based Weil and Associates.\n Sales of the top-of-the-line mainframes, commonly called\nthe Sierras, \"bailed out the whole quarter,\" Weil said, adding,\n\"If this continues, it augers well for the rest of the year.\"\nREUTER...^M\n\u0003", "date": "13-APR-1987 12:21:11.85", "topics": [ "earn" ], "places": [ "usa" ], "id": "16430" }, { "title": "SUNCOOK BANK MEETING ENJOINED BY COURT ORDER", "body": "BankEast Corp said a state\nSuperior Court enjoined from delivering any\nnotices of shareholder meetings until it produces a shareholder\nlist.\n The order effectively prevents Suncook from holding any\nshareholder meetings until BankEast has a copy of its\nshareholder list, BankEast said.\n The order also gives BankEast, which is eyeing a takeover\nof the bank, 30 days to communicate with its shareholders of\nSuncook, it said.\n BankEast, which said it is a substantial stockholder in\nSuncook Bank, said the order came from the Merrimack County\nSuperior Court.\n At the same time, it said the Bank of New Hampshire Corp's \n Bank of New Hampshire also has made a bid for Suncook\nBank.\n Reuter\n\u0003", "date": "13-APR-1987 12:22:30.54", "places": [ "usa" ], "id": "16431" }, { "title": "MICRO MASK INC 2ND QTR MAR 31 OPER LOSS", "body": "Oper shr loss 20 cts vs loss 63 cts\n Oper net loss 439,000 vs loss 1,347,000\n Sales 6,303,000 vs 5,062,000\n Six mths\n Oper shr loss 43 cts vs loss 1.02 dlrs\n Oper net loss 934,000 vs loss 2,333,000\n Sales 12.1 mln vs 9,878,000\n Note: oper data does not include 1986 losses from\ndiscontinued operations of 60,000 dlrs, or three cts per shr,\nin qtr and 151,000 dlrs, or seven cts per shr, in six mths.\n Reuter\n\u0003", "date": "13-APR-1987 12:23:45.89", "topics": [ "earn" ], "places": [ "usa" ], "id": "16432" }, { "title": "JAPANESE CRUSHERS BUY CANADIAN RAPESEEED", "body": "Japanese crushers bought 3,000 to\n4,000 tonnes of Canadian rapeseed in export business overnight\nfor last half May/first half June shipment, trade sources said.\n Reuter\n\u0003", "date": "13-APR-1987 12:24:13.49", "topics": [ "oilseed", "rapeseed" ], "places": [ "canada", "japan" ], "id": "16433" }, { "title": "IRVING BANK 1ST-QTR NET HURT BY BRAZIL", "body": "Irving Bank Corp said a six pct drop\nin first-quarter net income from a year earlier was largely the\nresult of placing medium- and long-term loans to borrowers in\nBrazil and Ecuador on non-accrual status.\n Income in the first three months fell to 28.60 mln dlrs\nfrom 30.43 mln in the same 1986 period. Earnings per share\ndropped to 1.51 dlrs from 1.62.\n Irving put 215 mln dlrs of Brazilian and 33 mln dlrs of\nEcuadorean loans on non-accrual, reducing first-quarter net\nincome by a total of 4.4 mln dlrs after tax.\n Irving estimates full year net would be reduced by 15.3 mln\ndlrs after tax if no cash interest payments are received on\nthese loans during the remainder of 1987.\n Also adversely affecting earnings were losses on the\ntrading of securities and higher non-interest expenses,\nalthough these were partly offset by increased trust income,\nprofits from foreign exchange trading and investment securities\ngains, the bank said.\n The allowance for loan losses was 224.8 mln dlrs, up from\n185.2 mln a year earlier. The provision for loan losses was\n21.8 mln versus 19.5 mln in the first quarter of 1986.\n Reuter\n\u0003", "date": "13-APR-1987 12:24:27.23", "topics": [ "earn" ], "places": [ "usa" ], "id": "16434" }, { "title": "ALZA PLANS DEBENTURE OFFERING", "body": "Alza Corp said it plans to\nmake an offering in Europe of 75 mln dlrs principal amount of\n15-year convertible subordinated debentures.\n The company said it expects the annual coupon rate of the\nbonds to be between 5-1/2 pct and 5-3/4 pct.\n It said the bonds will be convertible into Alza common\nstock at an expected premium of between 17 and 22 pct of the\nshare price on the pricing date.\n Alza also said it expects the debentures will be listed on\nthe Luxembourg Stock Exchange.\n Reuter\n\u0003", "date": "13-APR-1987 12:24:47.39", "places": [ "usa" ], "id": "16435" }, { "title": "MORGAN STANLEY ISSUES WARRANTS INTO JAPANESE FIRM", "body": "Morgan Stanley (Jersey) Ltd is issuing\n45,000 covered equity warrants exercisable into shares of Japan\nSynthetic Rubber Co Ltd at an issue price of 212 Swiss francs\nper warrant, lead manager Morgan Stanley SA said.\n The initial exercise price is 494 yen per share and final\nmaturity is February 4, 1992. The issue price represents a\npremium of 6.57 pct over the stock's closing price of 653 yen.\n Each warrant is exercisable into 100 shares of common stock\nof Japan Synthetic Rubber.\n The exercise period is June 5, 1987 to February 4, 1992.\n REUTER\n\u0003", "date": "13-APR-1987 12:25:30.97", "places": [ "switzerland", "japan" ], "id": "16436" }, { "title": "ALLEGHENY/WESTERN ENERGY UPS PAYOUT", "body": "Qtly div 7-1/2 cts vs six cts prior\n Pay June 3\n Record May 15\n NOTE: Full name Allegheny and Western Energy Corp.\n Reuter\n\u0003", "date": "13-APR-1987 12:26:12.15", "topics": [ "earn" ], "places": [ "usa" ], "id": "16437" }, { "title": "STANDARD ,MOBIL PLAN OFFSHORE PLATFORM", "body": "Standard Oil Co said a contract has\nbeen awarded to for a drilling and\nproduction platform to be installed in Ewing Bank Block 826 in\nthe Gulf of Mexico where Standard and Mobil Corp each own a 40\npct interest.\n Standard said its Standard Oil Production Co subsidiary\nwill operate the platform which is being designed to produce\n15,000 barrels of oil and 50 mln cubic feet of gas daily. The\nplatform is now expected to be installed in the summer of 1988.\nOther owners are Kerr-McGee Corp with 16.66 pct and\n with 3.34 pct.\n Reuter\n\u0003", "date": "13-APR-1987 12:26:24.17", "topics": [ "crude", "nat-gas" ], "places": [ "usa" ], "id": "16438" }, { "title": "MOODY'S DOWNGRADES TEXACO'S 8.2 BILLION DLRS OF DEBT TO 'CAA'\n", "date": "13-APR-1987 12:28:36.11", "id": "16439" }, { "title": "UNITED TELECOMMUNICATIONS INC 1ST QTR SHR 13 CTS VS 47 CTS\n", "date": "13-APR-1987 12:29:05.18", "topics": [ "earn" ], "id": "16440" }, { "title": " 1ST QTR NET", "body": "Shr profit one ct vs loss 28 cts\n Net profit 23,000 vs loss 725,000\n Sales 20.6 mln vs 18.5 mln\n Avg shrs 3,959,011 vs 2,608,571\n Reuter\n\u0003", "date": "13-APR-1987 12:30:00.41", "topics": [ "earn" ], "places": [ "usa" ], "id": "16441" }, { "title": "U.S. FEBRUARY TRADE TO BE REPORTED ON NEW BASIS", "body": "The February monthly merchandise\ntrade figures to be reported Tuesday by the Commerce Department\nwill be on a new basis reflecting more recent data, so avoiding\nfuture revisions of the monthly figure, Commerce officials\nsaid.\n The overall January deficit of 14.8 billion dlrs will be\nrevised, but the February figure will be a final one, officials\nsaid.\n Previously, the initial monthly figure has had to be\nrevised in subsequent months because of the time lag between\nthe report and the compiling of final estimates on imports and\nexports.\n The reporting of the February trade data was delayed\nseveral weeks to permit gathering latest figures on imports and\nexports to give a clearer picture of the monthly trade balance.\n Reuter\n\u0003", "date": "13-APR-1987 12:31:50.36", "topics": [ "trade" ], "places": [ "usa" ], "id": "16442" }, { "title": "REVLON AND MACANDREWS AND FORBES TO MERGE", "body": " and\nRevlon Group Inc said that they have entered into a\ndefinitive mergewr agreement where MacAndrews will acquire\nRevlon at 20.10 dlrs per common share in cash.\n MacAndrews said it increased its offer to purchase all\nRevlon common shares to 20.10 dlrs a share, from its April 1\noffer of 18.50 dlrs a share.\n Following consummation of the offer, a unit of MacAndrews\nwill merge into Revlon and each remaining share will be\nconverted into the right to receive 20.10 dlrs per share in\ncash, the companies said.\n Revlon said its board of directors unanimously approved the\nmerger agreement.\n MacAndrews and Revlon also said they have reached a\nsettlement with the plaintiff in the pending litigation\nchallenging acquisition of the shares by MacAnrews.\n The companies said the tender offer and withdrawal rights\nwill expireon Tuesday April 28, unless extended.\n MacAndrews said it will promptly file revised tender offer\nmaterial with the Securities and Exchange Commission. Drexel\nBurnham Lambert Inc is acting as dealer-manager for the offer,\nthe companies said.\n Revlon currently has about 42 mln shares outstanding. The\ncurrent offer price is about 782 mln dlrs, a company spokesman\nsaid, up from the previous offer of 720 mln dlrs.\n On April 1, MacAndrews and Forbes, owned by Ronald\nPerelman, offered 18.50 dlrs a share for the 63 pct of Revlon\nshares he did not already own.\n Since the offer was made over a dozen shareholder lawsuits\nwere brought against Revlon alleging the original offer was too\nlow.\n But, the companies said these lawsuits have been settled in\nthe amended offer.\n Reuter\n\u0003", "date": "13-APR-1987 12:32:33.66", "topics": [ "acq" ], "places": [ "usa" ], "id": "16443" }, { "title": "REAL ESTATE FIRM CUTS INTERMAGNETICS STAKE", "body": "Roland International Corp, a Coconut\nGrove, Fla., real estate development company, said it cut its\nstake in Intermagnetics General Corp to 308,400 shares, or 4.8\npct of the total outstanding, from 358,400 shares, or 5.6 pct.\n In a filing with the Securities and Exchange Commission,\nRoland said it sold 50,000 shares on Feb 4 at 5.13 dlrs each.\n As long as Roland's stake in Intermagnetics General is\nbelow five pct, it is not required to report any further\ndealings in the company's stock.\n Reuter\n\u0003", "date": "13-APR-1987 12:34:38.25", "topics": [ "acq" ], "places": [ "usa" ], "id": "16444" }, { "title": "DATA TECHNOLOGY SETS INITIAL STOCK OFFERING", "body": "Data Technology Corp said\nit registered with the Securities and Exchange Commission to\nmake an initial public offering of 1,700,000 shares of common\nstock.\n It said all the shares will be offered by the company at an\nanticipated price of between eight and ten dlrs per share.\n The offering will be managed by Hambrecht and Quist Inc and\nSmith Barney, Harris Upham and Co Inc.\n Data Technology designs, develops and markets intelligent\nstorage controllers and chips sets, primarily for use in\nIBM-compatible personal computers.\n Reuter\n\u0003", "date": "13-APR-1987 12:35:39.14", "places": [ "usa" ], "id": "16445" }, { "title": "DHL WORLDWIDE EXPRESS BROADENS NETWORK", "body": "\nadded 35 overseas and 10 domestic service centers to its\ndelivery network.\n The private air express company said one of the additions\nincludes the German Democratic Republic (East Germany),\nbringing to eight the number of Eastern Bloc countries it\nserves.\n \n Reuter\n\u0003", "date": "13-APR-1987 12:36:04.86", "places": [ "east-germany", "usa" ], "id": "16446" }, { "title": "USG TO ASK INCREASE IN AUTHORIZED SHARES", "body": "USG Corp in a proxy for its May 13\nannual meeting said it will ask shareholders to increase the\nauthorized common shares to 300 mln from 100 mln and the\npreferred shares to 36 mln from 12 mln.\n The company said it there were insufficient shares\navailable for a two-for-one stock split, although it said there\nwere no plans to take such action.\n It said the availability of additional shares could\ndiscourage an attempt to obtain control of the company. But USG\nsaid it is unaware of any pending takeover attempt.\n As of April 1, 1987, USG said there were 51,128,191 shares\nof its common stock outstanding. It said 784,350 shares were\nreserved for issuance under various stock option plans.\n Of the 12 mln authorized shares of preferred stock, it said\n124,641 shares of 1.80 dlrs Convertible Preferred Stock was\nissued and outstanding and an additional 6,800,000 shares were\nreserved for issuance as Junior Participating Preferred Stock,\nSeries A, 1.00 dlr par value a share.\n USG also said shareholders will be asked to approve an\namendment to its restated certificate of incorporation that\nincludes staggered election of directors and the requirement of\nan 80 pct vote on certain mergers and asset sales or leases.\n The company also is asking shareholders to approve an\namendment limiting the liability of directors.\n Reuter\n\u0003", "date": "13-APR-1987 12:36:17.25", "places": [ "usa" ], "id": "16447" }, { "title": "FIRST COMMERCE CORP 1ST QTR NET", "body": "Shr 40 cts vs 31 cts\n Net 5,151,000 vs 4,078,000\n Reuter\n\u0003", "date": "13-APR-1987 12:36:21.03", "topics": [ "earn" ], "places": [ "usa" ], "id": "16448" }, { "title": "DATAPRODUCTS TO BUY IMAGING SOLUTIONS", "body": "Dataproducts Corp said\nit signed a letter of intent to acquire the Imaging Solutions\nInc unit of Reliance Electric Co under undisclosed terms.\n This acquisition will give it all rights to proprietary\nsolid and liquid ink technologies which had been developed by a\njoint venture operated by it and Exxon Corp , Dataproducts\nsaid.\n It said Imaging Solutions, formerly named Exxon Printing\nSystems Inc, had been a Reliance Electric Co subsidiary.\n But Reliance recently became an independent company as the\nresult of a leveraged buyout from its former owner, Exxon.\n Reuter\n\u0003", "date": "13-APR-1987 12:36:32.12", "topics": [ "acq" ], "places": [ "usa" ], "id": "16449" }, { "title": "JANNOCK ACQUIRES HALF-STAKE IN PRINTER", "body": "Jannock Ltd said its Jannock Imaging Co\nLtd unit acquired a 50 pct stake in Arthurs-Jones Lithographing\nLtd, of Toronto, for undisclosed terms.\n It said the acquisition would lift Jannock Imaging revenues\nto 50 mln dlrs this year. It did not specify Arthurs-Jones'\n1986 revenues.\n Reuter\n\u0003", "date": "13-APR-1987 12:36:50.63", "topics": [ "acq" ], "places": [ "canada" ], "id": "16450" }, { "title": "PRESIDENTIAL AIRWAYS UNIT ADDS SERVICE", "body": "Presidential Airways said its\nContinental Jet Express will begin daily non-stop service\nbetween Dulles International Airport here and Akron/Canton,\nOhio, and the Lexington/Frankfort area of Kentucky.\n Presidential reiterated its marketing agreement with Texas\nAir Corp's Continental Airlines on Jan 12 which calls for\nPresidential to do business as Continental Jet Express.\n Reuter\n\u0003", "date": "13-APR-1987 12:36:57.62", "places": [ "usa" ], "id": "16451" }, { "title": "NORTHERN TRUST FILES SHELF", "body": "Northern Trust Corp said it filed with\nthe Securities and Exchange Commission to offer up to 150 mln\ndlrs of debt securities.\n The company said it may sell the securities through\nunderwriters, who may include Goldman Sachs and Co, or directly\nto other purchasers.\n Proceeds will be used for general purposes, which may\ninclude possible acquisitions, refunding outstanding securities\nand repaying short-term debt, the bank holding company said.\n Reuter\n\u0003", "date": "13-APR-1987 12:37:06.17", "places": [ "usa" ], "id": "16452" }, { "title": "NORTHERN TRUST FILES FOR SHELF DEBT", "body": "Northern Trust Corp said it filed with\nthe Securities and Exchange Commission a shelf registration\nstatement covering up to 150 mln dlrs of debt.\n Proceeds will be used for possible future acquisitions, the\nrepayment of outstanding debt and general corporate purposes.\n The company said Goldman, Sachs and Co may underwrite the\ndeal.\n Reuter\n\u0003", "date": "13-APR-1987 12:37:24.68", "places": [ "usa" ], "id": "16453" }, { "title": "MARK IV INDUSTRIES INC 4TH QTR FEB 28 NET", "body": "Shr 30 cts vs 17 cts\n Net 2,526,000 vs 1,452,000\n Revs 71.9 mln vs 25.2 mln\n Year\n Shr 1.20 dlrs vs 68 cts\n Net 10.2 mln vs 4,738,000\n Revs 291.5 mln vs 83.0 mln\n Avg shrs 8,511,000 vs 6,983,000\n NOTE: Current periods include gain of 299,000 dlrs in qtr\nand 1.2 mln dlrs in year from changes in pension accounting.\n Year-ago shr figures restated for 3-for-2 splits paid June\n1986 and January 1987.\n Reuter\n\u0003", "date": "13-APR-1987 12:37:32.01", "topics": [ "earn" ], "places": [ "usa" ], "id": "16454" }, { "title": "PACIFIC NUCLEAR SYSTEMS WINS CONTRACT", "body": "Pacific Nuclear Systems Inc\nsaid its Nuclear Packaging Inc unit won a contract with the\nU.S. Department of Energy worth up to 2.3 mln dlrs.\n The company said the initial phase of the contract was\nawarded for 1.2 mln dlrs, with an optional second phase for 1.1\nmln dlrs.\n Under the pact, Pacific Nuclear will design, license and\nfabricate two truck casks and trailers for defense program\nwastes.\n The contract wil begin immediately, with the first cask\ndelivery planned for May, 1989.\n Reuter\n\u0003", "date": "13-APR-1987 12:37:50.34", "places": [ "usa" ], "id": "16455" }, { "title": "AEQUITRON WRONGFUL DEATH SUIT DISMISSED", "body": "Aequitron Medical Inc said\nthat a wrongful death suit in which the company was named as a\ndefendant has been voluntarily dismissed with prejudice by the\nplaintiffs.\n The suit, asking one mln dlrs in damages, was originally\nfiled in U.S. district court in Atlanta in August 1986, it\nsaid. It alleged that the defective performance of an Aequitron\nrespiration and heart rate monitor resulted in the death of an\ninfant in October 1985.\n Under terms of the settlement, the plaintiffs released\ntheir rights to any further legal proceedings against\nAequitron, it said.\n In return, Aequitron said it agreed to release the\nplaintiffs from any claims for costs or attorneys fees.\n \"The dismissal with prejudice, and the plaintiffs'\nretraction of all claims against Aequitron, support our\noriginal contention that this suit was without merit,\" the\ncompany said.\n Reuter\n\u0003", "date": "13-APR-1987 12:38:05.84", "places": [ "usa" ], "id": "16456" }, { "title": "ELECTROHOME TO SELL UNIT", "body": "Electrohome Ltd said it\nagreed to sell certain assets of the computer service sector of\nits AABEX service division to Canadian General Electric Co Ltd\n.\n Terms were not disclosed. The closing date is expected to\nbe May 1, 1987.\n Reuter\n\u0003", "date": "13-APR-1987 12:38:28.56", "topics": [ "acq" ], "places": [ "canada" ], "id": "16457" }, { "title": "SALICK HEALTH CARE INC 2ND QTR NET", "body": "Period ended February 28.\n Shr 14 cts vs 10 cts\n Net 741,000 vs 510,000\n Revs 5,980,000 vs 4,836,000\n Six Mths\n Shr 29 cts vs 20 cts\n Net 1,556,000 vs 1,080,000\n Revs 12.2 mln vs 9,214,000\n Reuter\n\u0003", "date": "13-APR-1987 12:38:41.27", "topics": [ "earn" ], "places": [ "usa" ], "id": "16458" }, { "title": "LASER PHOTONICS INC CLOSES SALE", "body": "Laser Photonics Inc said it\ncompleted a previously announced sale of 615,385 shares, or 18\npct, of its common stock to a group of investors for one mln\ndlrs.\n A 400,000 dlrs loan made by the investors was repaid out of\nthe proceeds, it said.\n It also said it restructured its board to include three\nmembers designated by the investors, including Pierre\nSchoenheimer, Roger Kirk and Leonard Lichter.\n Reuter\n\u0003", "date": "13-APR-1987 12:38:51.83", "topics": [ "acq" ], "places": [ "usa" ], "id": "16459" }, { "title": "AMSOUTH BANCORP SETS EXCHANGE RATIO", "body": "AmSouth Bancorp said it will\nissue about 3,166,000 shares of stock to acquire First\nTuskaloosa Corp.\n Under a previously announced merger agreement, Amsouth\noffered 66 dlrs a share in Amsouth stock for First Tuskaloosa.\n The company said First Tuskaloosa shareholders will receive\n1.978825 shares of Amsouth stock for each First Tuskaloosa\nshare held when the merger is effected April 17.\n First Tuskaloosa has assets of more than 425 mln dlrs.\nAmsouth's assets are about six billion dlrs.\n Reuter\n\u0003", "date": "13-APR-1987 12:39:03.26", "topics": [ "acq" ], "places": [ "usa" ], "id": "16460" }, { "title": "VOPLEX CORP 1ST QTR MAR 31", "body": "Shr 25 cts vs 23 cts\n Net 670,105 vs 599,107\n Revs 21.4 mln vs 20.1 mln\n Reuter\n\u0003", "date": "13-APR-1987 12:39:08.30", "topics": [ "earn" ], "places": [ "usa" ], "id": "16461" }, { "title": "ROYAL PALM SAVINGS NAMES PRESIDENT", "body": "Royal Palm Savings said it\nnamed Joseph Burgoon as president, a position which has been\nvacant since Jay Rosen left it in December 1985 to pursue other\nbusiness ventures.\n Burgoon most recently served as executive vice president\nand chief operating officer of Cardinal Federal Savings Bank of\nCleveland.\n Reuter\n\u0003", "date": "13-APR-1987 12:39:23.60", "places": [ "usa" ], "id": "16462" }, { "title": "HADSON CORP COMPLETES ACQUISITION", "body": "Hadson Corp said it\ncompleted the acquisition of 85 pct of the Seaxe Energy Corp's\n common stock for 182,415 shares of Hadson's stock.\n Seaxe is engaged in international oil and gas exploration\nand development primarily in the Paris basin of France.\n Reuter\n\u0003", "date": "13-APR-1987 12:39:28.51", "topics": [ "acq" ], "places": [ "usa" ], "id": "16463" }, { "title": "HUGH KEITH COMPLETES ACQUISITION", "body": "Hugh Keith Mobile Enterprises\nLtd said it completed the acquisition of 59 acres of land\nadjacent to its mobile home park near Stuart, Fla., for 850,000\ndlrs in cash and notes.\n Reuter\n\u0003", "date": "13-APR-1987 12:39:33.41", "places": [ "usa" ], "id": "16464" }, { "title": "ARRAYS COMPLETES MERGER", "body": "Arrays Inc said it completed\nits merger with Haba Systems Inc.\n Terms of the merger called for each share of Arrays to be\nexchange for a share of Haba in a transaction valued at 4.1 mln\ndlrs, the company said.\n Both companies produce and market microcomputer software.\n Reuter\n\u0003", "date": "13-APR-1987 12:39:39.48", "topics": [ "acq" ], "places": [ "usa" ], "id": "16465" }, { "title": "CONSUL EXTENDS EXCHANGE DEADLINE", "body": "Consul Restaurant Corp said it\nextended the deadline of its exchange offer for its 13 pct\nconvertible debentures due 1992 to 1700 CDT April 24.\n The offer originally was scheduled to expire April 13.\n It said investor response to the offer has been favorable,\nbut a higher exchange level is needed if the company is to meet\nits 90 pct acceptance level. On March 16 Consul offered to\nexchange each 1,000 dlr face value of bonds for 10 shares of\npreferred stock, convertible after Dec 1, 1987 into a total of\n500 shares of common stock. In addition, tendering and\nnon-tendering investors will receive the bonds' May One\ninterest payment in common stock.\n Reuter\n\u0003", "date": "13-APR-1987 12:39:49.07", "places": [ "usa" ], "id": "16466" }, { "title": "MICHAEL FOODS NAMES PRESIDENT", "body": "Michael Foods Inc, a newly formed\nmulti-regional food processing and distribution company, said\nit named Richard Olson as president and chief executive\nofficer.\n Olson, a former vice president of food service for\nPillsbury Co , most recently was president of Fil-Mor\nExpress Inc, a transportation company.\n Michael Foods' three subsidiaries in 1986 had combined\nsales of 153.3 mln dlrs.\n Reuter\n\u0003", "date": "13-APR-1987 12:40:20.85", "places": [ "usa" ], "id": "16467" }, { "title": "FRANKLIN MASSACHUSETTS SETS MONTHLY PAYOUT", "body": "Mthly div 6.5 cts vs 6.5 cts prior\n Pay April 30\n Reord April 15\n NOTE: Franklin Massachusetts Insured Tax-Free Income Fund.\n Reuter\n\u0003", "date": "13-APR-1987 12:40:31.07", "topics": [ "earn" ], "places": [ "usa" ], "id": "16468" }, { "title": "FRANKLIN MINNESOTA SETS MONTHLY PAYOUT", "body": "Mthly div 6.6 cts vs 6.6 cts prior\n Pay April 30\n Reord April 15\n NOTE: Franklin Minnesota Insured Tax-Free Income Fund.\n Reuter\n\u0003", "date": "13-APR-1987 12:40:35.94", "topics": [ "earn" ], "places": [ "usa" ], "id": "16469" }, { "title": "FRANKLIN INSURED SETS MONTHLY PAYOUT", "body": "Mthly div 7.1 cts vs 7.1 cts prior\n Pay April 30\n Reord April 15\n NOTE: Franklin Insured Tax-Free Income Fund.\n Reuter\n\u0003", "date": "13-APR-1987 12:40:39.33", "topics": [ "earn" ], "places": [ "usa" ], "id": "16470" }, { "title": "FRANKLIN OHIO SETS MONTHLY PAYOUT", "body": "Mthly div 6.1 cts vs 6.1 cts prior\n Pay April 30\n Reord April 15\n NOTE: Franklin Ohio Insured Tax-Free Income Fund.\n Reuter\n\u0003", "date": "13-APR-1987 12:40:42.82", "topics": [ "earn" ], "places": [ "usa" ], "id": "16471" }, { "title": "FRANKLIN PUERTO RICO SETS MONTHLY PAYOUT", "body": "Mthly div 7.1 cts vs 7.1 cts prior\n Pay April 30\n Reord April 15\n NOTE: Franklin Puerto Rico Tax-Free Income Fund.\n Reuter\n\u0003", "date": "13-APR-1987 12:40:47.69", "topics": [ "earn" ], "places": [ "usa" ], "id": "16472" }, { "title": "FRANKLIN CALIFORNIA SETS MONTHLY PAYOUT", "body": "Mthly div 6.5 cts vs 6.5 cts prior\n Pay April 30\n Reord April 15\n NOTE: Franklin California Insured Tax-Free Income Fund.\n Reuter\n\u0003", "date": "13-APR-1987 12:40:51.39", "topics": [ "earn" ], "places": [ "usa" ], "id": "16473" }, { "title": "BANK OF ENGLAND TO MONITOR WHEN-ISSUED TRADING", "body": "The Bank of England will step up\nreporting requirements for primary dealers in U.K. Government\ngilts during the when-issued trading period in between the date\nan auction is announced and the date the sale is actually held.\n In its document on the auctions, the Bank said \"The Bank is\ncontent for such (when-issued) trading to cevelop subject to\ncertain conditions, in particular for predential supervision of\nthe credit risk to which the gilt-edged market makers and\nInter-dealer brokers may become exposed.\"\n The Bank is widely expected to require dealers to report\nwehn-issued trading positions on a daily basis.\n When-issued trading presents certain unusual risks because\ndealers are buying and selling a security that technically does\nnot exist although there is no uncertainty about when it will\nbe issued.\n Still, the fact there is no physical delivery possible\npresents certain credit risks as well.\n The Bank is widely expected to expand its reporting\nrequiremenmts for unsettled trades, requiring firms to report\nunsettled when-issued trades one day after they occur.\nNormally, unsettled trades must be reported three days after\nthey occur.\n REUTER\n\u0003", "date": "13-APR-1987 12:42:20.17", "places": [ "uk" ], "id": "16474" }, { "title": "CANADA STOCKS/DOME PETROLEUM LTD ", "body": "Dome Petroleum Ltd shares moved higher\nin the U.S. and Canada after TransCanada PipeLines Ltd \nmade a 4.3 billion Canadian dlr bid for Dome and Dome said it\nis in talks with two other unidentified companies.\n Market speculation is that the other two potential bidders\nare not Canadian companies and DuPont's
Conoco and\nAtlantic Richfield Co are mentioned as possibilities,\nWilf Gobert of Peters and Co Ltd said.\n Dome rose 1/4 to 1-1/8 on the American Stock Exchange.\nTransCanada PipeLines was down 1/4 at 15-3/4 on the New York\nStock Exchange.\n Dome was the most active stock on the Toronto exchange at\n1.50 dlrs per share, up 37 cts.\n Gobert characterized the market action in Dome as \"awfully\noptimistic\" but said investors are hoping for a competing offer\nto the shareholders.\n TransCanada PipeLines' offer is to Dome management, not to\nshareholders. However, it proposes issuing new equity in a\nsubsidiary that would operate Dome assets. Current Dome\nshareholders would own 20 pct of the new subsidiary.\n Reuter\n\u0003", "date": "13-APR-1987 12:43:38.42", "topics": [ "acq" ], "places": [ "canada" ], "id": "16475" }, { "title": "UNITED TELECOMMUNICATIONS INC 1ST QTR NET", "body": "Shr 13 cts vs 47 cts\n Net 13,492,000 vs 46,417,000\n Revs 720.2 mln vs 793.6 mln\n Avg shrs 99,085,000 vs 96,804,000\n NOTE: Per-share results reflect payment of preferred\ndividend requirements\n Reuter\n\u0003", "date": "13-APR-1987 12:44:55.97", "topics": [ "earn" ], "places": [ "usa" ], "id": "16476" }, { "title": "HOECHST PLANS OFFERING TO FINANCE MERGER DEBT", "body": "Hoechst Celanese Corp, a recently\nformed subsidiary of Hoechst AG of Frankfurt, West Germany,\nfiled with the Securities and Exchange Commission for a 500 mln\ndlr debt offering to repay part of its merger debt.\n Hoechst, which acquired Celanese Corp on Feb 27, said it\nplans to offer 200 mln dlrs of notes due 1997 and 300 mln dlrs\nof debentures due 2017 to repay part of the debt incurred in\nthe takeover.\n A group led by First Boston Corp will underwrite the\noffering, the company said.\n Reuter\n\u0003", "date": "13-APR-1987 12:45:59.60", "places": [ "usa", "west-germany" ], "id": "16477" }, { "title": "FIRST PENNSYLVANIA CORP 1ST QTR NET", "body": "Shr 15 cts vs 13 cts\n Net 8,753,000 vs 7,804,000\n Avg shrs 32.6 mln vs 23.2 mln\n NOTE: Includes gains of 4.1 mln dlrs or 12 cts vs 3.3 mln\ndlrs or 15 cts from tax loss carryforwards.\n Reuter\n\u0003", "date": "13-APR-1987 12:48:39.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "16478" }, { "title": " BUYS W. GERMAN STAKE", "body": "Clark Copy\nInternational Corp said it acquired a majority interest in\nDatagraph GMBH of Lich, West Germany.\n The acquisition was made through Clark Copy's majority\nowned subsidiary Interactive Computer Aids of Norway.\n No price was disclosed for the acquisition.\n Clark Copy said worldwide sales for Datagraph, which makes\ncolor graphics workstations, were 10 mln dlrs for the year\nended Dec. 31, 1986.\n Reuter\n\u0003", "date": "13-APR-1987 12:49:05.53", "topics": [ "acq" ], "places": [ "usa", "west-germany" ], "id": "16479" }, { "title": "ENTRE COMPUTER CENTERS INC 2ND QTR LOSS", "body": "Ended Feb 28\n Shr loss 29 cts vs profit 10 cts\n Net loss 2,733,000 vs profit 911,000\n Revs 21.5 mln vs 18.5 mln\n Six mths\n Shr loss 23 cts vs profit 26 cts\n Net loss 2,154,000 vs profit 2,445,000\n Revs 37.8 mln vs 37.7 mln\n Reuter\n\u0003", "date": "13-APR-1987 12:50:29.46", "topics": [ "earn" ], "places": [ "usa" ], "id": "16480" }, { "title": "GTE CITES LOSS OF SPRINT", "body": "GTE Corp said the decline in its\nfirst quarter net income reflects a 121 mln dlr loss from its\n50 pct share ownership of U.S. Sprint's operations.\n This loss is an increase from the 60 mln dlrs loss reported\non operations GTE owned a year ago quarter and prior to\nentering a joint venture with United Telecommunications in\nJuly 1986. Under the joint venture, each company owns 50 pct of\nSprint.\n Earlier, the company reported net income declined to 265.0\nmln dlrs from 283.0 mln dlrs in the first quarter a year ago.\n Theodore Brophy, chairman of GTE said, \"we expect US\nSprint's losses to diminish later this year as customer traffic\nmigrates to the new fiber-optic network for long distance\ntelecommunications.\n The reason for the higher losses reflect lower prices as\nwell as higher operating costs related, in part, to the\nfraudalent use of the network.\n Operating income of its telephone operations, which account\nfor 91 pct of the total, rose eight pct to 736.0 mln dlrs. \nRevenues from telephone operations rose eight pct to 2.9\nbillion dlrs.\n Reuter\n\u0003", "date": "13-APR-1987 12:50:43.49", "topics": [ "earn" ], "places": [ "usa" ], "id": "16481" }, { "title": "PENN PACIFIC TO SELL DEBT OUTSIDE U.S.", "body": "Penn Pacific Corp said it\nplans to place about two mln dlrs of convertible debentures\nwith persons outside the U.S. through Euro Continental\nSecurities.\n The offering will not be registered within the U.S., the\ncompany said. It also said it is discussing placing additional\nconvertible debentures with London-based financial\ninstitutions.\n Reuter\n\u0003", "date": "13-APR-1987 12:51:55.40", "places": [ "usa" ], "id": "16482" }, { "title": "GOODYEAR TO SELL CELERON", "body": "Goodyear Tire and Rubber Co said it\nexpects to sell its Celeron Corp oil and gas subsidiary for\nabout two billion dlrs in about two months.\n After the company's annual meeting, Rober Mercer,\nGoodyear's chairman and chief executive officer, also said \nGoodyear expects to report a profit of more than one dlr a\nshare from continuing operations in the first quarter. In the\nsame year-ago period, Goodyear reported a loss of 64 cents a\nshare from continuing operations.\n Mercer said about seven companies are interested in buying\nCeleron and they may form a consortium to buy the unit.\n Celeron consists of oil and gas reserves and an almost\ncomplete pipeline linking drilling operations in Santa Barbara,\nCalif., to Texas refineries. Mercer said Celeron's reserves\nwould not be sold separately from the pipeline.\n Concerning speculation that two billion dlr price tag for\nCeleron was too high, Mercer said \"There is no fire sale going\non here and we can continue to keep Celeron as a profitable\noperation throughout the year.\"\n Mercer said the expected 1st quarter operating profit was\nbased on the new share total after Goodyear's share repurchase\nlast year to fend off Sir James Goldsmith's hostile takeover\nbid.\n Reuter\n\u0003", "date": "13-APR-1987 12:52:23.12", "topics": [ "acq", "earn" ], "places": [ "usa" ], "id": "16483" }, { "title": "PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC", "body": "The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n Northern Trust Corp - Shelf offering of up to 150\nmln dlrs of debt securities, including senior and subordinated\nsecurities, on terms to be determined at the time of the sale\nthrough Goldman, Sachs and Co.\n GardenAmerica Corp - Secondary offering of 489,764\nshares of common stock through Montgomery Securities.\n Reuter\n\u0003", "date": "13-APR-1987 12:52:31.42", "places": [ "usa" ], "id": "16484" }, { "title": "BANKAMERICA NAMES NEW GROUP VICE CHAIRMAN", "body": "BankAmerica Corp said it named\nRichard Rosenberg as vice chairman and head of a newly\ndesignated California Banking Group.\n Rosenberg had been president and chief operating officer of\nBankAmerica's Seafirst Corp. Seafirst Chairman Richard Cooley\nwill resume the additional duties of president.\n Rosenberg will report directly to BankAmerica Chairman A.W.\nClausen. He will be responsible for BankAmerica's California\nbanking activities and will serve on the bank's Managing\nCommittee and on its Money and Loan Policy Committee.\n BankAmerica said the creation of the California Banking\nGroup is a refinement of what had been called the Retail Bank\nand is intended to improve the development and delivery of\nservices and products in California.\n BankAmerica President and Chief Operating Officer Thomas\nCooper had been acting as head of California Operations\npreviously.\n BankAmerica said Cooper will continue to lead its\naggressive cost reduction and operating improvements program.\n Before joining Seafirst, Rosenberg had been vice chairman\nof Crocker National bank and before that of Wells Fargo Bank.\n Reuter\n\u0003", "date": "13-APR-1987 12:53:02.75", "places": [ "usa" ], "id": "16485" }, { "title": "NEW ENGLAND SAVINGS BANK 1ST QTR NET", "body": "Shr 44 cts vs not given\n Net 3,499,000 vs 2,295,000\n NOTE: Converted to stock ownership Aug 1, 1986.\n Reuter\n\u0003", "date": "13-APR-1987 12:53:56.56", "topics": [ "earn" ], "places": [ "usa" ], "id": "16486" }, { "title": "AMERICAN NATIONAL CORP 1ST QTR NET", "body": "Net 12.8 mln vs 12.2 mln\n Loans 2.8 billion vs 2.5 billion\n Deposits 3.2 billion vs 2.9 billion\n Assets 4.5 billion vs 3.8 billion\n NOTE: American National Corp is a wholly-owned subsidiary\nof First Chicago Corp.\n Reuter\n\u0003", "date": "13-APR-1987 12:55:12.90", "topics": [ "earn" ], "places": [ "usa" ], "id": "16487" }, { "title": "AB ASTRA SHARE SPLIT TO WIDEN FOREIGN OWNERSHIP", "body": "AB Astra said it was\nproposing a two-for-one share split and the issue in June of a\nnew series of foreign-targeted shares with lower voting rights\nas part of a strategy to internationalise the company.\n The deal, which requires Swedish government approval, will\nraise the percentage of foreign voting rights allowed in the\nmedical group to 22.5 pct from 20 pct, Astra said.\n An extraordinary meeting of Astra's board proposed the\ncreation of B free shares open to foreign buyers with one tenth\nof a voting right per share. At present, Astra stock consists\nof one series of restricted shares and one of free shares.\n Reuter\n\u0003", "date": "13-APR-1987 12:55:47.80", "topics": [ "earn" ], "places": [ "sweden" ], "id": "16488" }, { "title": "CHAMBERS DEVELOPMENT SIGNS PACT", "body": "Chambers Development Co Inc said it\nsigned an easment and license agreement with the Passaic County\nUtilities Authority for the disposal of nonhazardous solid\nwaste from Passaic County, N.J.\n Chambers said it expects the agreement to generate 12 mln\ndlrs a year throughout its term.\n The company said according to the agreement it will accept\nmunicipal waste generated in Passaic County for disposal until\nthe county's planned waste-to-energy facility is operational\nwithin the next five years.\n Chambers said it and the Passaic Authority also entered\ninto agreements with who will transport the waste\nto Chambers' landfills.\n The company said all agreements are sunbject to approval of\nthe New Jersey Board of Public Utilities and the New Jersey\nDepartment of Environmental Protection.\n Reuter\n\u0003", "date": "13-APR-1987 12:56:12.51", "places": [ "usa" ], "id": "16489" }, { "title": "CORRECTED-1ST QTR", "body": "Net 17.7 mln vs 15.3 mln\n NOTE: subsidiary.\n Loan loss provision 13.8 mln vs 13.0 mln\n Investment securities gains 2,003,000 dlrs vs 169,000 dlrs.\n Figures in dollars.\n Corrects name to subsidiary from parent.\n Reuter\n\u0003", "date": "13-APR-1987 12:58:50.27", "topics": [ "earn" ], "places": [ "usa" ], "id": "16490" }, { "title": "TURKEY SEEN UNLIKELY TO JOIN EC THIS CENTURY", "body": "Turkey, which tomorrow will formally\napply to join the European Community, faces major obstacles in\nits bid and is unlikely to become the bloc's 13th member before\nthe year 2,000, EC officials said.\n Turkey's move comes as no surprise, but some officials said\nthe application from a relatively poor country with most of its\nterritory in Asia rather than Europe was likely to spark a long\nprocess of soul-searching among the EC's current members about\nwhat kind of European Community they wanted in the long term.\n Officials echoed the view of diplomats in Ankara that\nTurkey's move put the EC in the dilemma of wanting to make\nclear it values Ankara as an ally in the NATO alliance, but\nsees huge problems in accepting it as a fellow EC member.\n They said industrialised Community members have tried to\ndissuade Turkey from making the long-discussed formal\napplication until the EC had had more time to digest the\naccession of Spain and Portugal last year.\n Several also feel Ankara and the EC should first fully\nimplement a 23-year-old association agreement between them\nbefore Turkey becomes a full member.\n REUTER\n\u0003", "date": "13-APR-1987 12:59:16.14", "organisations": [ "ec" ], "places": [ "turkey", "belgium" ], "id": "16491" }, { "title": "THE ONE BANCORP 1ST QTR NET", "body": "Shr 76 cts vs 51 cts\n Net 5,952,000 vs 4,374,000\n Avg shrs 7,837,511 vs 7,446,356\n NOTE: Includes gains of 1.3 mln dlrs vs 239,000 dlrs from\nbenefit of tax loss carryforwards.\n Includes operations of Bank of Hartford, acquired Feb 23.\n Year-ago shr figures reflect 2-for-1 split on April 15,\n1986.\n Reuter\n\u0003", "date": "13-APR-1987 12:59:37.76", "topics": [ "earn" ], "places": [ "usa" ], "id": "16492" }, { "title": "NOR-QUEST MAKES BID FOR NORTHAIR ", "body": "Nor-Quest Resources\nInc said it will make a takeover offer to acquire all shares of\nNorthair Mines Ltd on the basis of one Nor-Quest share plus one\ndlr for two shares of Northair.\n Nor-Quest said it plans to bring Northair's Willa Mine in\nthe Nelson area of British Columbia into production using\nNor-Quest's recently acquired 1200-ton per day mill located in\nthe area.\n Reuter\n\u0003", "date": "13-APR-1987 12:59:55.29", "topics": [ "acq" ], "places": [ "canada" ], "id": "16493" }, { "title": "MORGAN STANLEY ISSUES WARRANTS INTO JAPANESE FIRM", "body": "Morgan Stanley (Jersey) Ltd is issuing\n45,000 covered equity warrants exercisable into shares of Japan\nSynthetic Rubber Co Ltd at an issue price of 212 Swiss francs\nper warrant, lead manager Morgan Stanley SA said.\n The initial exercise price is 494 yen per share and\nmaturity is February 4, 1992. The issue price represents a\npremium of 6.57 pct over the stock's closing price of 653 yen.\n Each warrant is exercisable into 100 shares of common stock\nof Japan Synthetic Rubber.\n The exercise period is June 5, 1987 to February 4, 1992.\n REUTER\n\u0003", "date": "13-APR-1987 13:00:15.45", "places": [ "switzerland", "japan" ], "id": "16494" }, { "title": "ARISTECH SAYS 1ST QTR SHR ESTIMATE RIGHT", "body": "Aristech Chemical Corp chairman and\nchief executive officer Thomas Marshall said analysts'\nestimates of its 1987 fiscal year earnings of 2.25 dlrs to 2.50\ndlrs per share are about right.\n Addressing a gathering of analysts and institutional\ninvestors, Marshall also said that analysts' estimates of its\nfirst qtr earnings - 50 cts to 55 cts per share - were \"in the\nballpark.\"\n Marshall said the full year estimates represent more than a\n32 pct increase over 1986's fiscal year net of 1.70 dlrs per\nshare.\n He also said the first quarter estimates were 70 pct higher\nthan 1986's first quarter net of 29 cts per share.\nMarshall attributibuted the first quarter earnings growth to\nseveral factors, including sustained demand in Aristech's major\ndomestic markets and continued growth in exports.\n Aristech plans to spend approximately 200 mln dlrs over in\ncapital investments over the next three years, Marshall added.\n Reuter\n\u0003", "date": "13-APR-1987 13:00:27.97", "topics": [ "earn" ], "places": [ "usa" ], "id": "16495" }, { "title": "UNITED TELECOM REPORTS US SPRINT LOSS", "body": "United Telecommunications Inc\nsaid its lower first quarter earnings included a loss of\n63,055,000 dlrs from its equity in US Sprint.\n US Sprint was formed July 1, 1986, as a partnership which\ncombined United Telecommunications' long distance voice and\ndata operations with those of GTE Corp .\n Earlier, United Telecommunications reported first-quarter\nearnings of 12.6 mln dlrs, or 13 cts a share compared to 46.4\nmln dlrs, or 47 cts a share a year ago. Revenues declined to\n720.2 mln dlrs from 793.6 mln dlrs.\n United Telecommunications said the transition of US\nSprint's nationwide fiberoptic network is proceeding ahead of\nschedule.\n It said the transition to the fiber network from interim\nnetworks would not only reduce operating costs in the second\nhalf of 1987, but also assist in controlling unauthorized\nnetwork use.\n Reuter\n\u0003", "date": "13-APR-1987 13:01:58.62", "topics": [ "earn" ], "places": [ "usa" ], "id": "16496" }, { "title": "ITALY'S BNL SIGNS ACCORD WITH TWO SOVIET BANKS", "body": "State bank Banca Nazionale Del Lavoro,\nBNL, said it signed a joint venture accord with the Bank for\nForeign Trade of the USSR and the State Bank of the USSR in the\nfinancial services field.\n BNL said in a statement that the banks will provide a broad\nrange of corporate finance services for joint Italian-Soviet\nindustrial ventures. The bank said it is studying the formation\nof a jointly owned company with the Soviet banks.\n Earlier today, state bank Banca Commerciale Italiana, BCI,\nsaid it and Mediocredito Centrale will sign a financial\nservices joint venture with Soviet banks Gosbank and\nVneshtorgbank.\n REUTER\n\u0003", "date": "13-APR-1987 13:02:45.70", "places": [ "italy", "ussr" ], "id": "16497" }, { "title": "APOLLO COMPUTER IN PACT WITH INFERENCE", "body": "Apollo Computer Inc said it\nhas entered into a joint marketing agreement with whereby Apollo will join with Inference to market\nInference's Automated Reasoning Tool software on Apollo\nworkstations.\n \n Reuter\n\u0003", "date": "13-APR-1987 13:03:40.34", "places": [ "usa" ], "id": "16498" }, { "title": "CANADA APPROVES U.S. GAS EXPORTS BY PROGAS", "body": "ProGas Ltd was issued an export licence\nto sell 10.3 billion cubic meters of natural gas to Ocean State\nPower Co of Burrillville, Rhode Island, the federal energy\ndepartment said.\n The sale, covering a 20 year period beginning May 1, 1989,\nwas previously recommended by the National Energy Board.\n Contract terms were not released.\n Reuter\n\u0003", "date": "13-APR-1987 13:05:47.28", "topics": [ "nat-gas" ], "places": [ "canada", "usa" ], "id": "16499" }, { "title": "TEXACO'S DEBT DOWNGRADED TO CAA BY MOODY'S", "body": "Moody's Investors Services Inc said it\ndowngraded about 8.2 billion dlrs of debt of Texaco Inc and its\nunits.\n Moody's cited Texaco's filing under Chapter 11 of the\nBankruptcy Code on Sunday. The filing was made in the names of\nTexaco Inc, Texaco Capital Inc and Texaco Capital N.V., Moody's\nnoted.\n The ratings downgraded to Caa from Ba-1 included Texaco's\nsenior unsecured debt, Texaco Capital Inc's and Texaco Capital\nN.V.'s senior unsecured debt and industrial revenue and\npollution control bonds.\n Moody's reduced to Caa from Ba-3 Texaco Capital N.V.'s\nconvertible subordinated Eurodebentures. The agency said they\nalso lowered to Caa from Ba-1 the ratings on Getty Oil Co's\nnotes and Getty Oil International N.V.'s Eurobonds.\n Pembroke Capital Co Inc's debt remains under review.\n Moody's noted that Texaco guaranteed these debt issues when\nthey were first brought to market.\n Reuter\n\u0003", "date": "13-APR-1987 13:12:00.69", "places": [ "usa" ], "id": "16500" }, { "title": "DOLLAR STRAIGHT BONDS END LOWER, TEXACO UNTRADED", "body": "The dollar straight sector of the\neurobond market ended lower after another nervous day's\ntrading, with many operators keeping to the sidelines ahead of\ntomorrow's U.S. Trade figures for February, dealers said.\nPrices of longer dated issues ended 1/2 or 5/8 point lower,\nwhile short dates were 1/8 to 3/8 point easier.\n Bonds for Texaco Inc units hardly traded during the day\nfollowing the weekend news that the company filed for Chapter\n11 bankruptcy protection in another twist to its long running\ndispute with Pennzoil Co, dealers added.\n The Chapter 11 filing means that Texaco will not be paying\ninterest on its eurobonds. Dealers in the straight bonds noted\nthat the market in them had been basis only for some time prior\nto the weekend's news. \"It wasn't a true market, someone asked\nyou a price and you just gave them an idea,\" one said.\n However, the company's convertible bonds had been trading\nsince the company's share price provided a benchmark to which\ndealers could establish a proper price level. The company has\ntwo actively traded convertibles outstanding, a 500 mln dlr\nbond due 1994 which pays 11-3/4 pct and a one billion dlr deal,\nalso due 1994, paying 11-7/8 pct.\n Traders even disagreed about last week's closing levels for\nthe convertible bonds, but a median appeared to be around 97 to\n99 pct. Today, one trader said they were indicated initially at\n65 to 70 pct before ending at some 79 83 pct.\n But he added, \"That's only an idea. There's no real market\ntoday. I've dealt once during the day, I'm not going to say at\nwhat level.\" Other dealers were reluctant even to give an\nindication of the bonds' levels.\n Dealers said the market in all Texaco deals will almost\ncertainly remain on an indicated, or negotiated, basis until\nthe events of the weekend are further clarified.\n The primary market had a steady day, with the Australian\ndollar and the yen sectors again seeing the most activity,\ndealers said. Deutsche Bank Finance NV Curacao became the first\nof three issuers in the Australian dollar market during the\nmorning with a 100 mln dlr bond due 1990 paying 14-1/8 pct and\npriced at 100-1/4 pct.\n The issue was lead managed by Deutsche Bank Capital Markets\n(DBCM) and guaranteed by Deutsche Bank itself. A DBCM official\nsaid the firm had placed 60 mln Australian dlrs of the issue\nitself and quoted the deal at less one less 7/8 pct,\ncomfortably inside the 1-1/2 pct total fees.\n The State Bank of Victoria issued a 50 mln Australian dlr\nbond paying 14-1/2 pct over three years and priced at 101-3/8\npct. Commerzbank AG was sole manager for the deal, which was\noffered on one broker screen at less 1-1/2 pct.\n The day's other borrower in this sector was the New South\nWales Treasury Corporation guaranteed by the crown-in-right of\nNew South Wales. The five year bond pays 14-1/4 pct and was\npriced at 101-7/8 pct.\n Lead manager was County Natwest Capital Markets. It was\nquoted at less 1-7/8 less 1-3/4 pct, inside the two pct total\nfees.\n Secondary market Australian dlr bonds ended little changed\non the day, with dealers saying that operators are awaiting the\nAustralian trade figures for March. A deficit of some 800 mln\nto one billion dlrs was expected by one house active in the\nsector.\n Union Bank of Switzerland (Securities) Ltd lead managed a\n15 billion yen bond for Union Bank of Switzerland NV. The five\nyear deal pays 4-3/8 pct and features a put and call option at\npar after four years.\n Priced at 101-5/8 pct, the issue was quoted at less 1-1/4\npct bid on the grey market compared with the total fees of\n1-5/8 pct.\n Ente Nazionale per l'Energia Elettrica issued a 15 billion\nyen bond due 1994 at 4-3/4 pct and priced at 101-7/8 pct. The\ndeal was quoted on the 1-7/8 pct total fees.\n Elsewhere, Alza Corp issued a 75 mln dlr convertible bond\ndue 2002 through Merrill Lynch Capital Markets. The par priced\nissue has an indicated coupon of between 5-1/2 and 5-3/4 pct.\n REUTER\n\u0003", "date": "13-APR-1987 13:13:13.09", "places": [ "uk" ], "id": "16501" }, { "title": "BRAND COMPANIES SEES FIRST QUARTER LOSS", "body": "Brand Companies Inc said it expects to\nreport a 1987 first quarter loss of 15 to 17 cts a share on\nrevenues of 20 to 22 mln dlrs.\n In the 1986 first quarter, Brand reported earnings of 21\ncts on revenues of 28.5 mln dlrs.\n No reason was given for the expected loss.\n Final quarterly results will be reported toward the end of\nthe month or the beginning of May, a company spokesman said.\n Reuter\n\u0003", "date": "13-APR-1987 13:13:20.86", "topics": [ "earn" ], "places": [ "usa" ], "id": "16502" }, { "title": "CANADA POPULATION GROWTH SLOWEST IN 25 YEARS", "body": "Canada's population increased 4.2 pct to\n25.4 mln between 1981 and 1986, the lowest growth rate in any\nfive year period for the past 25 years, according to final\ncensus figures released by Statistics Canada.\n Lower immigration levels and a falling birth rate were\nbehind the slower growth, the federal agency said. Canada's\ngrowth rate peaked at 9.7 pct in the 1961-1966 period.\n Ontario, the most populous province with 9,113,515, led the\nprovinces with a 5.7 pct increase. Newfoundland trailed with a\n0.1 pct rise to 159,917 people. \n Reuter\n\u0003", "date": "13-APR-1987 13:14:55.78", "places": [ "canada" ], "id": "16503" }, { "title": "TURKEY SEEN UNLIKELY TO JOIN EC THIS CENTURY", "body": "Turkey, which tomorrow will formally\napply to join the European Community, faces major obstacles in\nits bid and is unlikely to become the bloc's 13th member before\nthe year 2000, EC officials said.\n Turkey's move comes as no surprise, but some officials said\nthe application from a relatively poor country with most of its\nterritory in Asia rather than Europe was likely to spark a long\nprocess of soul-searching among the EC's current members about\nwhat kind of European Community they wanted in the long term.\n Officials echoed the view of diplomats in Ankara that\nTurkey's move put the EC in the dilemma of wanting to make\nclear it values Ankara as an ally in the NATO alliance, but\nsees huge problems in accepting it as a fellow EC member.\n They said industrialised Community members have tried to\ndissuade Turkey from making the long-discussed formal\napplication until the EC had had more time to digest the\naccession of Spain and Portugal last year.\n Several also feel Ankara and the EC should first fully\nimplement a 23-year-old association agreement between them\nbefore Turkey becomes a full member.\n Reuter\n\u0003", "date": "13-APR-1987 13:15:12.63", "organisations": [ "ec" ], "places": [ "turkey", "belgium" ], "id": "16504" }, { "title": "U.S. FEBRUARY TRADE TO BE REPORTED ON NEW BASIS", "body": "The February monthly merchandise\ntrade figures to be reported Tuesday by the Commerce Department\nwill be on a new basis reflecting more recent data, so avoiding\nfuture revisions of the monthly figure, Commerce officials\nsaid.\n The overall January deficit of 14.8 billion dlrs will be\nrevised, but the February figure will be a final one, officials\nsaid.\n Previously, the initial monthly figure has had to be\nrevised in subsequent months because of the time lag between\nthe report and the compiling of final estimates on imports and\nexports.\n The reporting of the February trade data was delayed\nseveral weeks to permit gathering latest figures on imports and\nexports to give a clearer picture of the monthly trade balance.\n Reuter\n\u0003", "date": "13-APR-1987 13:19:38.07", "topics": [ "trade" ], "places": [ "usa" ], "id": "16505" }, { "title": "FISCHER-WATTS, HORIZON GOLD TEST MINE", "body": " said it \nand Horizon Gold Shares Inc have begun sampling their\njointlyl-held Rich Hill Placer Prospect mine in Yavapai County,\nArizona.\n The 60-day sampling program begins today and will consist\nof over 2,000 cubic yards of placer gravels taken from over 40\nsample sites.\n Reuter\n\u0003", "date": "13-APR-1987 13:21:50.24", "places": [ "usa" ], "id": "16506" }, { "title": "GATT STAFF STRIKE OVER PAY AND PENSION LOSSES", "body": "Some 340 General Agreement on Tariffs\nand Trade (GATT) secretariat staff staged a half-day strike in\nprotest against what they said was a sharp decline in salaries\nand pensions.\n The stoppage forced postponement until tomorrow of a\nscheduled meeting to check progress in a global round of\nnegotiations to liberalise world commerce launched last\nSeptember.\n Pickets at the entrance to the GATT offices said all but\nseven or eight staff members took part in the strike.\n REUTER\n\u0003", "date": "13-APR-1987 13:22:30.14", "organisations": [ "gatt" ], "places": [ "switzerland" ], "id": "16507" }, { "title": "EUROCAPITAL SEEKS TO MARKET CONDOMS", "body": "Eurocapital Corp said its\n affiliate has submitted four\napplications to the U.S. Food and Drug Administration for\napproval to market in the U.S. three condom products to be made\nby of Barcelona.\n The company said one is for approval to market a condom\ncontaining spermicide monoxynol-9, a second for the same condom\nwithout the spermicide and the third and fourth for marketing\nof a condom with a diffierent spermicide it did not identify\nthat is said is effective in reducing the risk of sexual\ntransmission of the AIDS virus.\n The company said the approval process on the last two\napplications may be lengthy.\n It also said it has increased its ownership of\nEuropharmaceutical to 51 pct from 45 pct.\n It said Europharmaceutical's obligation to pay Inkey for\nexclusive distribution rights to all Inkey products has been\ncut to 500,000 dlrs from two mln dlrs and payment has been\nextended to 180 days after FDA approval to market any of the\ncondom products from 30 days. It said Europharmaceutical is\nnow obligated to pay Inkey two cts for each condom distributed\nand Inkey will ship to Europharmaceutical on open account.\n Reuter\n\u0003", "date": "13-APR-1987 13:22:37.77", "places": [ "usa" ], "id": "16508" }, { "title": "MARYLAND NATIONAL FILES TO OFFER NOTES", "body": "Maryland National Corp said it filed\nwith the Securities and Exchange Commission a registration\nstatement covering a 125 mln dlr issue of subordinated capital\nnotes due 1999.\n Proceeds will be used for general corporate purposes,\nMaryland National said.\n The firm named Goldman, Sachs and Co and Merrill Lynch\nCapital Markets as managers of the offering.\n Reuter\n\u0003", "date": "13-APR-1987 13:22:45.41", "places": [ "usa" ], "id": "16509" }, { "title": "BOOTHE MAKES ACQUISITION", "body": "Boothe Financial Corp, a\ndiversified holding company, said it has acquired the franchises in New England, including four\noffices in Boston and Eastern Massachusetts and one office in\nProvidence, R.I.\n Boothe said it previously announced the purchase of the franchisor of the Robert Half and\nAccountemps offices in the U.S.\n The company said the aggregate purchase price it paid for\nRobert Half International and the franchises was about 59 mln\ndlrs.\n Reuter\n\u0003", "date": "13-APR-1987 13:24:15.24", "topics": [ "acq" ], "places": [ "usa" ], "id": "16510" }, { "title": "GATT STAFF STRIKE OVER PAY AND PENSION LOSSES", "body": "Some 340 General Agreement on Tariffs\nand Trade (GATT) secretariat staff staged a half-day strike in\nprotest against what they said was a sharp decline in salaries\nand pensions.\n The stoppage forced postponement until tomorrow of a\nscheduled meeting to check progress in a global round of\nnegotiations to liberalise world commerce launched last\nSeptember.\n Pickets at the entrance to the GATT offices said all but\nseven or eight staff members took part in the strike.\n Reuter\n\u0003", "date": "13-APR-1987 13:24:22.89", "organisations": [ "gatt" ], "places": [ "switzerland" ], "id": "16511" }, { "title": "ATLANTIC FINANCIAL TO ACQUIRE S AND L", "body": "Atlantic Financial said it\nsigned a definitive agreement to acquire .\n Atlantic did not disclose the purchase price.\n Atlantic said it originally announced its intention to\nacquire Centurion, located in Los Angeles, on Feb 23, 1987.\n Centurion has assets of 105 mln dlrs, Atlantic said.\n Reuter\n\u0003", "date": "13-APR-1987 13:24:43.43", "topics": [ "acq" ], "places": [ "usa" ], "id": "16512" }, { "title": "GAF SEEN RAISING BORG-WARNER BID", "body": "GAF Corp, set on acquiring Borg-Warner\nCorp's valuable plastics business, is believed by analysts to\nbe preparing an increased offer for the Chicago-based company.\n Yesterday, Borg-Warner said it agreed to be acquired for\n4.23 billion dlrs by a company to be formed by Merrill Lynch\nCapital Partners. Merrill offered 48.50 dlrs cash per share for\n89 pct of Borg-Warner's common stock, and a package of cash and\nsecurities for the balance.\n Borg-Warner stock rose 1-3/8 to 49-5/8.\n \"I think it's (the stock price) telling us GAF is coming in\nwith another bid,\" said one analyst, who values the company at\n51 or 52 dlrs per share.\n GAF has offered 46 dlrs per share. It holds 19.9 pct of\nBorg-Warner's stock.\n \"You're in a cat and mouse game on how you're going to up\nthe price. Obviously, nobody wants to pay more than you have\nto. I think GAF is looking at the company the way we're looking\nat it - that it's worth more,\" Pershing and Co analyst Richard\nHenderson said.\n Henderson estimated it is worth abouth 55 dlrs per share.\n GAF has only said it was reviewing the situation. Merrill\nLynch officials did not return phone calls.\n Analysts have said they believe GAF Chairman Samuel Heyman\nsought Borg-Warner because of its chemicals and plastics\nbusiness. The rigid plastics are used in such things as\ntelephones, computer terminals, and appliances.\n \"Where the heck can you buy a world class chemical\noperation these days,\" said Henderson.\n \"He's (Heyman's) got the bucks. He's a heavy hitter, and he\ndoes not like to get pushed around,\" said Henderson.\n GAF, a roofing and chemicals concern, attempted a takeover\nof the much larger Union Carbide Corp two years ago. While GAF\ndid not win the company, it made a substantial gain on its\ninvestment in Carbide.\n Analysts said GAF already has a large profit built into its\nBorg-Warner holdings. They said even if GAF raises its offer\nand does not succeed, a higher bid from another company would\ngive GAF millions of dollars in profits on its stock.\n \"It's a win-win situation,\" said one analyst.\n One analyst speculated an offer from GAF would be\nforthcoming shortly.\n \"I think we are finally down to the final paragraph in this\nbook,\" he said.\n Borg-Warner's other businesses include automotive parts,\nprotective services, which includes Wells Fargo security\nguards, and Chilton Corp, a credit rating service.\n Charles Rose, an Oppenheimer and Co analyst who follows\nGAF, said if GAF were to sell into the Merrill Lynch offer, it\nwould realize about 125 mln dlrs net profit, or about 3.50 per\nshare.\n \"I think there's a probability he goes up in price,\" said\nRose.\n Rose said, however, he could not really predict what Heyman\nwould do. \"Sam's a low-risk, high-return player.\"\n \"Is he trying to build a major industrial chemical\nenterprise, or is he trying to be an investment bank,\" Rose\nsaid.\n Analysts said Borg-Warner's chemical business would add\nearnings momentum to GAF. \"I worked out that paying as much as\n50 dlrs per share would still be additive to GAF in time, if\nthey sold off most of the non-chemical facilities,\" said John\nHenry of E.F. Hutton.\n Borg-Warner's chemical and plastics business provided 1986\noperating profits of 153.3 mln dlrs on revenues of 1.04 billion\ndlrs. Total operating profits were 349.7 mln dlrs, and net\nearnings were 206.3 mln dlrs for 1986.\n \"The Borg chemical business is great,\" said Rose, adding\nits only U.S. competitors are Monsanto Co and Dow\nChemical Co .\n Reuter\n\u0003", "date": "13-APR-1987 13:24:54.31", "topics": [ "acq" ], "places": [ "usa" ], "id": "16513" }, { "title": "AMEX STARTS TRADING AMERICAN BUSINESSPHONES ", "body": "The said it\nhas started trading American Businessphones Inc's common\nshares, which had traded on the NASDAQ system.\n Reuter\n\u0003", "date": "13-APR-1987 13:25:01.31", "places": [ "usa" ], "id": "16514" }, { "title": "FOOTHILL GROUP COMPLETES DEBT PLACEMENT", "body": "The Foothill Group Inc said its\nFoothill Captial Corp unit completed the placement of 23 mln\ndlrs in senior debt and 27 mln dlrs in senior subordinated\ndebt.\n Goldman, Sachs and Co privately placed the debt with a\ngroup of institutional lenders, the company said.\n It said the senior debt will bear a 9.4 pct interest rate\nand the senior subordinated debt will bear 10.15 pct.\n \n Reuter\n\u0003", "date": "13-APR-1987 13:25:22.44", "places": [ "usa" ], "id": "16515" }, { "title": "OSICOM TECHNOLOGIES IN INITIAL PUBLIC OFFERING", "body": " said it filed for an initial public offering of one\nmillion shares of common stock.\n Osicom said it filed the registration statement on April 10\nwith the Securities and Exchange Commission.\n Sherwood Securities Corp proposes to act as the managing\nunderwriter for the offering, Osicom said.\n The company is a distributor of products used primarily to\nincrease data storage capacity of microcomputers, it said.\n A spokeswoman for the company said she expects the stock to\nbe traded on the Nasdaq exchange under the symbol .\n\n Reuter\n\u0003", "date": "13-APR-1987 13:26:02.76", "places": [ "usa" ], "id": "16516" }, { "title": "PERSONAL COMPUTER PRODUCTS PLACES DEBT", "body": "Personal Computer Products\nInc said it completed a 4.2-mln-dlr, five pct convertible\npreferred stock issue to private investors.\n Net proceeds of about 3.8 mln dlrs will be used to expand\nmarketing, sales and research and development efforts, to\nsupplement working capital, and to repay the company's entire\nbank debt of about 650,000 dlrs.\n Reuter\n\u0003", "date": "13-APR-1987 13:26:28.68", "places": [ "usa" ], "id": "16517" }, { "title": "PUEBLO INTERNATIONAL INC SETS PAYOUT", "body": "Qtly div five cts vs five cts prior\n Pay June Two\n Record April 27\n Reuter\n\u0003", "date": "13-APR-1987 13:26:32.28", "topics": [ "earn" ], "places": [ "usa" ], "id": "16518" }, { "title": "SWIFT TO SELL SOUTH DAKOTA PORK PLANT", "body": "Swift Independent Packing Co said it\nagreed in principle to sell its Huron, South Dakota pork plant\nto Huron Dressed Beef, for undisclosed terms.\n Completion of the proposed transaction is subject to\nHuron's ability to hire an experienced work force at\ncompetitive rates, and receive government approval of the\npurchase and operation of the plant, Swift said.\n Reuter\n\u0003", "date": "13-APR-1987 13:26:47.50", "topics": [ "acq", "livestock" ], "places": [ "usa" ], "id": "16519" }, { "title": "SIMMONS MARCH LOAD FACTOR DECLINES", "body": "Simmons Airlines Inc said its load\nfactor for March declined to 42.2 pct from 46.1 pct a year\nearlier.\n It said revenue passenger miles increased to 16.5 mln from\n12.7 mln, and available seat miles rose to 39.1 mln from 27.5\nmln\n Year to date, Simmons said its load factor fell to 41.5 pct\nfrom 45 pct. It said revenue passenger miles rose to 45.8 mln\nfrom 36.3 mln, and available seat miles gained to 110.3 mln\nfrom 80.6 mln.\n Reuter\n\u0003", "date": "13-APR-1987 13:27:21.89", "places": [ "usa" ], "id": "16520" }, { "title": " ACQUIRES PRIVATE FIRM", "body": "Gen Term Corp said it entered\ninto escrow for the 5.2 mln dlr purchase of Lewis-Westco and\nCo, a privately-held bottler and distributor of wines and\ndistilled spirits.\n Lewis-Westco had sales of more than 45 mln dlrs for its\nfiscal year ended June 30, Gen Term also said.\n Separately, Gen Term, which trades over-the-counter, said\nit plans to apply for NASDAQ listing after it completes the\nacquisition.\n Reuter\n\u0003", "date": "13-APR-1987 13:27:28.81", "topics": [ "acq" ], "places": [ "usa" ], "id": "16521" }, { "title": " JAN 31 YEAR NET", "body": "Shr 1.46 dlrs vs 66 cts\n Net 1,514,312 vs 714,670\n Sales 62.1 mln vs 57.2 mln\n Reuter\n\u0003", "date": "13-APR-1987 13:27:37.91", "topics": [ "earn" ], "places": [ "usa" ], "id": "16522" }, { "title": "CCX NETWORK TO MAKE ACQUISITION", "body": "CCX Network Inc said it has\nentered into a letter of intent to acquire privately-held\n and its affiliate for about\n3,200,000 dlrs in common stock.\n The company said Modern Mailers had revenues of 8,600,000\ndlrs for the year ended October 31 and provides computer\nservice, computer printing and lettershop facilities.\n Reuter\n\u0003", "date": "13-APR-1987 13:27:58.16", "topics": [ "acq" ], "places": [ "usa" ], "id": "16523" }, { "title": "MEDICAL IMAGING L.P. PLANS OFFER", "body": "Medical Imaging Centers of\nAmerica Inc said Shared Imaging Partners L.P., a Delaware\nlimited partnership, filed a registration statement with the\nSecurities and Exchange Commission covering a planned offering\nof partnership units.\n SI Management Corp, a wholly-owned Medical Imaging\nsubsidiary, is the general partner of Shared Imaging.\n The company said the partnership intends to offer between\n7.5 mln dlrs and 18.5 mln dlrs of limited partnership interests\nat a price of 1,000 dlrs per unit.\n Reuter\n\u0003", "date": "13-APR-1987 13:28:20.43", "places": [ "usa" ], "id": "16524" }, { "title": "U.S. CORN EXPORTS SEEN WELL AHEAD OF LAST YEAR", "body": "Grain traders and analysts expect\ntoday's weekly U.S. corn export inspection figure to be well\nabove last year, with wheat slightly better and soybeans about\nthe same.\n Corn export inspection guesses ranged from 40.0 to 44.0 mln\nbushels for the week ended April 9, compared up 46.6 mln\ninspected a week earlier and 15.2 mln in the year-ago week.\n Soybean export estimates ranged from 12.0 to 15.0 mln\nbushels versus 10.8 mln exported last week and 13.2 mln last\nyear.\n Export guesses for all wheat ranged from 16.0 to 20.0 mln\nbushels, compared with 16.4 mln last week and 11.2 mln last\nyear.\n Reuter\n\u0003", "date": "13-APR-1987 13:29:05.73", "topics": [ "grain", "corn", "wheat", "oilseed", "soybean" ], "places": [ "usa" ], "id": "16525" }, { "title": "NWA AIRLINE ADDS TRANSPACIFIC FLIGHT", "body": "NWA Inc said its Northwest\nAirlines unit will add a nonstop Detroit to Tokyo flight April\n17.\n The new flight will operate three times a week until June\none, when it will fly seven days a week.\n Reuter\n\u0003", "date": "13-APR-1987 13:30:08.57", "places": [ "usa" ], "id": "16526" }, { "title": "PERSONAL COMPUTER PRODUCTS EXPECTS LOSS", "body": "Personal Computer Products\nInc said it expects to report a loss of about 195,000 dlrs in\nits third quarter ended March 31, compared to a year ago loss\nin the quarter of 169,000 dlrs.\n It said revenues in the quarter are expected to be about\n1,200,000 dlrs, compared to 564,000 dlrs a year earlier.\n For the nine months ended March 31, Personal Computer\nexpects a net loss of about 325,000 dlrs, compared to a loss of\n584,000 dlrs the previous year. Revenues in the nine months are\nexpected to be about 3,880,000 dlrs, compared to 1,828,000 a\nyear ago. The company said it will report its earnings soon.\n Reuter\n\u0003", "date": "13-APR-1987 13:30:46.25", "topics": [ "earn" ], "places": [ "usa" ], "id": "16527" }, { "title": "FLEXIBLE IN GENERAL DYNAMICS ORDER", "body": "Flexible Computer Corp said it has\nreceived a 418,000 dlr order from General Dynamics Corp for a\nFLEX/32 multicomputer.\n Reuter\n\u0003", "date": "13-APR-1987 13:31:56.21", "places": [ "usa" ], "id": "16528" }, { "title": "IN MCDONNELL DOUGLAS PACT", "body": "Scan-Graphics Inc said it has\nreceived about 500,000 dlrs in orders for its new CF1000\nScanner and RAVE software, a document scanning and vectorizing\nsystem, from McDonnell Douglas Corp.\n Reuter\n\u0003", "date": "13-APR-1987 13:33:13.14", "places": [ "usa" ], "id": "16529" }, { "title": "GREAT NORTHERN NEKOOSA FIRST QTR SHR 1.59 DLRS VS 54 CTS\n", "date": "13-APR-1987 13:33:51.40", "topics": [ "earn" ], "id": "16530" }, { "title": "GANDER BUYS WESTERN WEAR RETAILER", "body": "Gander Mountain Inc said it\nacquired the privately held Western Ranchman Outfitters, a\ncatalog and point-of-purchase retailer of western apparel based\nin Cheyenne, Wyo.\n It said Western Ranchman had sales for the year ended Jan\n31, 1987 of about 2.2 mln dlrs.\n The purchase was made for an undisclosed amount of cast.\n Reuter\n\u0003", "date": "13-APR-1987 13:38:58.71", "topics": [ "acq" ], "places": [ "usa" ], "id": "16531" }, { "title": "PAULEY PETROLEUM NAMES NEWGARD PRESIDENT", "body": "Pauley Petroleum Inc said it\nappointed Mark Newgard president and chief operating officer.\n Newgard, 42, had been president of privately-held Edgington\nOil Co.\n He succeeds William Pagen, Pauley's chairman, who had also\nbeen serving as president, the company said.\n Reuter\n\u0003", "date": "13-APR-1987 13:39:13.85", "places": [ "usa" ], "id": "16532" }, { "title": "GREAT NORTHERN NEKOOSA 1ST QTR NET", "body": "Shr 1.59 dlrs vs 54 cts\n Net 43.3 mln vs 13.9 mln\n Revs 566.7 mln vs 487.8 mln\n Avg shrs 27.2 mln vs 25.9 mln\n NOTE: 1986 figures restated for adoption of financial\naccounting standards board statement 87 \"employer's accounting\nfor pensions.\" \n Net 1986 and 1987 includes 900,000 dlrs of investment tax\ncredits in 1987, and 3.1 mln dlrs in 1986.\n Reuter\n\u0003", "date": "13-APR-1987 13:39:41.35", "topics": [ "earn" ], "places": [ "usa" ], "id": "16533" }, { "title": "AIRSHIP GETS JAPANESE CONTRACT", "body": "Airship Industries Ltd said it has\nreceived a six mln stg contract from a Japanese advertising\nagency it did not name for a 12-month lease of one of its 600\nClass airships equipped with a nightsign, with a 12-month\nrenewal option.\n The company said the contract will start by October One and\ncontribute significantly to profits.\n Reuter\n\u0003", "date": "13-APR-1987 13:39:57.88", "places": [ "usa", "japan" ], "id": "16534" }, { "title": "DIGILOG GETS BELLSOUTH ORDERS", "body": "Digilog Inc said it has\nreceived 669,000 dlrs in orders from BellSouth Corp for network\nmonitoring and management equipment that is to be delivered\nthis month.\n Reuter\n\u0003", "date": "13-APR-1987 13:41:24.32", "places": [ "usa" ], "id": "16535" }, { "title": "TRACOR GETS LOCKHEED CONTRACT", "body": "Tracor Inc said it has received a\nresearch contract worth over one mln dlrs from Lockheed Corp\nfor the development of exploding foil initiated ordnance\ndevices for the Exoatmospheric Reentry Interceptor Susbystem,\nor ERIS, Functional Technology Validation Interceptor Vehicle.\n Reuter\n\u0003", "date": "13-APR-1987 13:42:05.46", "places": [ "usa" ], "id": "16536" }, { "title": "BELL ATLANTIC UNIT IN DISTRIBUTION DEAL", "body": "Bell Atlantic Corp's CompuShop\nsubsidiary said it has been named an authorized reseller of\nXerox Corp's Xerox Ventura Publisher desktop publishing\nsoftware for International Business Machines Corp's XT\nand AT personal computers and compatibles.\n Reuter\n\u0003", "date": "13-APR-1987 13:42:57.62", "places": [ "usa" ], "id": "16537" }, { "title": "AMERICAN HEALTH PROPERTIES INC 1ST QTR", "body": "Shr 18 cts\n Net 1,948,000\n Revs 3,397,000\n Note: Company began operating on February 20, 1987.\n Reuter\n\u0003", "date": "13-APR-1987 13:43:16.88", "topics": [ "earn" ], "places": [ "usa" ], "id": "16538" }, { "title": "WELLS FARGO AND CO 1ST QTR SHR 1.36 DLRS VS 1.13 DLRS\n", "date": "13-APR-1987 13:43:38.66", "topics": [ "earn" ], "id": "16539" }, { "title": "WORLD BANK PRESIDENT OPPOSES DEBT FORGIVENESS", "body": "World Bank President Barber Conable\nsaid he opposed forgiving developing countries' debt because\nthe proposal, if adopted, would lead to a cutoff in lending to\nthe indebted countries.\n \"I think (debt) forgiveness will simply create an\nenvironment in which no more money will go into development and\na lot of the world will be consigned to poverty and to\ninstability indefinitely,\" he told ABC Television on Sunday.\n A number of bills have been introduced in Congress that\nwould require commercial banks to forgive a least a portion of\nthe debt owed them by cash-starved developing countries.\n \"I think we've got to find ways of encouraging continuous\nimprovement in policies, of wise use of money in short, rather\nthan trying to turn everybody off,\" Conable said.\n Conable told ABC's \"Business World\" he supported Treasury\nSecretary James Baker's debt plan as an \"andidote to debt.\"\n Baker has said the best way to reduce the developing\ncountries' debt burden is to boost their growth rates through\nreformed domestic policies and increased commercial bank\nlending.\n Reuter\n\u0003", "date": "13-APR-1987 13:51:17.56", "organisations": [ "worldbank" ], "places": [ "usa" ], "id": "16540" }, { "title": "CBT T-NOTE OPTIONS SET VOLUME RECORD", "body": "The Chicago Board of Trade, CBT,\nachieved record volume in trading of 10-year U.S. Treasury note\nfutures-options April 10.\n Volume reached 38,402 contracts, up from the previous\nrecord of 16,349 contracts set April 9.\n Reuter\n\u0003", "date": "13-APR-1987 13:51:39.36", "places": [ "usa" ], "id": "16541" }, { "title": "IRAN SAYS IT ACHIEVED OBJECTIVE IN BASRA OFFENSIVE", "body": "Iran said it had achieved its\nobjectives in heavy fighting against Iraq since launching an\noffensive near the southern Iraqi city of Basra last Tuesday.\n Baghdad said on Saturday its forces had routed the Iranians\nfrom the few footholds they initially gained. But an Iranian\nfield commander said on Sunday the Iranians are now entrenched\nwest of the Jasim River and the Fish canal, about 10 km east of\nBasra.\n The unnamed commander, quoted by the Iranian news agency\nIRNA, said foreign reporters could now visit Iranian\nstrongholds in the region.\n REUTER\n\u0003", "date": "13-APR-1987 13:52:36.63", "places": [ "bahrain", "iran", "iraq" ], "id": "16542" }, { "title": "ARGENTINA SAYS NEAR DEAL WITH CREDITOR BANKS", "body": "Argentine Treasury Secretary Mario\nBrodersohn said the country is near accord with creditor banks\non refinancing about 30 billion dlrs of foreign debt.\n Brodersohn, in an interview from Washington with Argentine\ntelevision, said Saturday the major obstacles to an agreement\nwith creditor banks had been overcome. \"Only details remain to\nbe resolved,\" he said.\n Economy Minister Juan Sourrouille on Thursday in a speech\nat the IMF accused creditor banks of standing in the way of an\naccord by demanding conditions incompatible with Argentina's\nIMF standby program.\n Brodersohn said that since there \"has been progress. I'd\nsay that we are now working on the fine print of the\nagreement.\"\n Negotiations between Argentina and the banks have been\nstuck over differences on the question of capitalisation of the\ndebt as well as on-lending programs.\n Argentina has resisted a renewal of on-lending programs and\nsought an agreement whereby creditor banks would invest a fresh\ndollar for every dollar of debt capitalised.\n Reuter\n\u0003", "date": "13-APR-1987 13:52:48.56", "organisations": [ "imf" ], "places": [ "argentina", "usa" ], "id": "16543" }, { "title": "ELECTION RESULT MAY DELAY JAPAN ECONOMIC STIMULUS", "body": "The ruling Liberal Democratic Party's\n(LDP) setback in Sunday's nationwide local elections may force\nthe government to water down its controversial proposal for a\nfive pct sales tax and undermine its commitment to stimulating\nthe economy, private economists said.\n The LDP's failure to win seats in some crucial local\nconstituencies will weaken the government's ability to push\nthrough its tax plan, and without a compromise tax proposal the\nbudget for fiscal 1987/88 ending March 31 is unlikely to be\npassed soon, they said.\n Without the budget, the government would also be\nhard-pressed to come up with an effective package to stimulate\nthe economy as pledged at Group of Seven meetings in Paris in\nlate February and in Washington last week, they said.\n Opposition protests against the sales tax have stalled\nparliamentary debate on the budget for weeks and forced the\ngovernment to enact a stop-gap 1987/88 budget that began early\nthis month.\n \"The LDP's election setback will have an enormous impact on\nthe already faltering economy,\" said Johsen Takahashi, chief\neconomist at Mitsubishi Research Institute.\n Takahashi said that behind the LDP's poor showing was\npublic discontent with the government's high-handed push for\ntax reform and its lack of effective policies to cope with\neconomic woes caused by the yen's appreciation.\n \"This explains why the LDP failed to regain governorships in\nthe most hotly contested constituencies of Fukuoka and\nHokkaido, where the shipbuilding and steel industries are\nsuffering heavily from the yen's extended rise,\" he said.\n Takahashi said the government should delay introduction of\nthe sales tax for one or two years beyond its original starting\ndate of January 1988 and implement tax cuts now.\n Reuter\n\u0003", "date": "13-APR-1987 13:54:49.75", "places": [ "japan" ], "id": "16544" }, { "title": "WELLS FARGO AND CO 1ST QTR NET", "body": "Shr 1.36 dlrs vs 1.13 dlrs\n Net 78.3 mln vs 51.6 mln\n Avg shrs 53,698,000 vs 43,449,000\n Loans 35.89 billion vs 24.66 billion\n Deposits 31.71 billion vs 19.64 billion\n Assets 43.98 billion vs 28.60 billion\n Reuter\n\u0003", "date": "13-APR-1987 13:54:54.75", "topics": [ "earn" ], "places": [ "usa" ], "id": "16545" }, { "title": "COMERICA INC 1ST QTR NET", "body": "Shr 1.78 dlrs vs 1.12 dlrs\n Shr diluted 1.72 dlrs vs 1.08 dlrs\n Net 20,029,000 vs 13,059,000\n Avg shrs 10,598,481 vs 10,430,649\n Loans 843.4 mln vs 727.5 mln\n Deposits 8.30 billion vs 7.82 billion\n Assets 9.89 billion vs 9.27 billion\n NOTE: Per-share results reflect payment of preferred\ndividends\n Reuter\n\u0003", "date": "13-APR-1987 13:59:12.51", "topics": [ "earn" ], "places": [ "usa" ], "id": "16546" }, { "title": "UNICLUB IN JOINT VENTURE", "body": "Uniclub Inc said it has agreed to form\nan equally-owned joint venture called Uniclub Marketing Inc\nwith Goodway Marketing Inc.\n The company said Uniclub Marketing will use narrowcast\ncable television, including Goodway's Video Shopping Mall\ntelevision shopping program, to sell Uniclub memberships, add\nnew participating merchants and sell Uniclob licenses and\nfranchises.\n The company said it expects the new program will give it\nenough cardholders, merchants and fee income to make Uniclub\nsolidly profitable by year-end. Uniclub markets a consumer\ncharge card that gives members a 15 pct reduction on monthly\nbilling for all retail purchases.\n Reuter\n\u0003", "date": "13-APR-1987 13:59:49.09", "places": [ "usa" ], "id": "16547" }, { "title": "WORLD AIRWAYS LAYS OFF 103 MORE EMPLOYEES", "body": "World Airways said it laid off\nan additional 103 employees in its contract maintenance\noperation at Oakland.\n Over the past five weeks, the company previously laid off\n274 maintenance employees.\n The layoffs resulted from declines in current and projected\nmaintenance work, which the company provides principally for\nother air carriers.\n World Airways said it cannot rule out additional layoffs,\nas it explores a range of alternative for its contract\nmaintenance operation.\n Reuter\n\u0003", "date": "13-APR-1987 14:00:05.83", "places": [ "usa" ], "id": "16548" }, { "title": "CHAMPION PRODUCTS SETS PAY DATE FOR SPLIT", "body": "Champion Products Inc said the\ntwo-for-one stock split it declared February 26 will be payable\nApril 24 to shareholders of record April One.\n Reuter\n\u0003", "date": "13-APR-1987 14:00:10.68", "topics": [ "earn" ], "places": [ "usa" ], "id": "16549" }, { "title": "SHULTZ BEGINS ARMS TALKS WITH SHEVARDNADZE", "body": "U.S. Secretary of State George Shultz\nwas holding several hours of talks with Soviet Foreign Minister\nEduard Shevardnadze today in pursuit of the first superpower\narms control agreement in nearly a decade.\n Shultz, accompanied by a panoply of senior advisers and\ntechnical experts, went directly into a closed-door meeting\nwith Shevardnadze and the Soviet delegation after arriving in\nMoscow from Helsinki aboard a U.S. Air Force jet.\n State Department spokesman Charles Redman told reporters\ntraveling with the secretary that as the crucial talks got\nunder way, U.S. Arms control advisers were instructed not to\ndiscuss the substance of the American proposals with the press.\n It has been reported previously that some of the proposals\n-- such as those dealing with President Ronald Reagan's \"Star\nWars\" space shield against enemy missiles -- represent a\nhardening of the U.S. Position.\n Nevertheless, U.S. Officials have been optimistic about the\npossibility of progress on arms control during the talks, which\nare scheduled to end Wednesday.\n Reagan, who is believed to want an agreement before he\nleaves office in 1989, said last week that a breakthrough on an\naccord eliminating intermediate-range missiles (INF) in Europe\nwas a distinct possibility.\n Reuter\n\u0003", "date": "13-APR-1987 14:00:31.73", "places": [ "ussr", "usa" ], "id": "16550" }, { "title": "SPEARHEAD INDUSTRIES INC 3RD QTR NET", "body": "Periods ended Feb 28\n Shr 22 cts vs 30 cts\n Net 549,000 vs 747,000\n Sales 8.4 mln vs nine mln\n Avg shrs 2,550,784 vs 2,468,964\n Nine mths\n Shr 69 cts vs 63 cts\n Net 1,749,000 vs 1,554,000\n Sales 23.6 mln vs 21.3 mln\n Avg shrs 2,543,711 vs 2,453,520\n Reuter\n\u0003", "date": "13-APR-1987 14:01:47.08", "topics": [ "earn" ], "places": [ "usa" ], "id": "16551" }, { "title": "AMEX STARTS TRADING LAWRENCE INSURANCE ", "body": "The said it\nhas started trading the common stock of Lawrence Insurance\nGroup Inc, which went public today.\n Reuter\n\u0003", "date": "13-APR-1987 14:02:42.95", "places": [ "usa" ], "id": "16552" }, { "title": "GUY F. ATKINSON CO UNIT WINS CONTRACT", "body": "Guy F. Atkinson Co said its Guy\nF. Atkinson Construction Co won a multi-million-dlr contract to\nconstruct a station for the Metro Rail Project in Los Angeles.\n Construction on the proposed station wil begin this month,\nwith completion scheduled for February, 1990.\n Reuter\n\u0003", "date": "13-APR-1987 14:02:54.05", "places": [ "usa" ], "id": "16553" }, { "title": "KDI CORP 1ST QTR MARCH 31", "body": "Shr 18 cts vs six cts\n Net 1.7 mln vs 610,000\n Revs 68.7 mln vs 63.5 mln\n Reuter\n\u0003", "date": "13-APR-1987 14:03:16.77", "topics": [ "earn" ], "places": [ "usa" ], "id": "16554" }, { "title": "RJ NABISCO'S UNIT SELLS CIGAR BUSINESS", "body": "RJR Nabisco Inc's RJ\nReynolds Tobacco USA unit said it reached a definitive\nagreement to sell Winchester Little Cigar Business to Tobacco\nExporters International USA Ltd of Atlanta, the U.S. subsidiary\nof Rothman's International PLC.\n Terms were not disclosed. \n Last week, RJ Reynolds announced the sale of four smoking\ntobacco brands. These brands and Winchester represent less than\none pct of Rj Reynolds Tobacco USA's total sales, which were\n4.7 billion dlrs in 1986.\n Reynolds said the sale is expected to be completed on April\n24.\n The company said it planned to concentrate its resources on\nthe manufacture and sale of cigarettes.\n Reynolds said that Winchester, introduced in 1971, was a\ndominant brand in the little cigar market.\n Reuter\n\u0003", "date": "13-APR-1987 14:08:13.23", "topics": [ "acq" ], "places": [ "usa" ], "id": "16555" }, { "title": "(CORRECTED)-CRAZY EDDIE EXECUTIVE OFF BOARD", "body": "Crazy Eddie Inc said executive\nvice president Sam Antar, who turns 66 soon, has resigned from\nits board and has been replaced by William H. Saltzman, vice\npresident and general counsel of Sun/DIC Acquisition Corp.\n The company said Antar remains an executive vice president.\n Corrects to delete references to Antar being chief\nfinancial officer and a member of the Office of the President.\n Reuter\n\u0003", "date": "13-APR-1987 14:10:34.65", "places": [ "usa" ], "id": "16556" }, { "title": "GUINNESS PEAT ORDERS CFM ENGINES FOR AIRBUS A320", "body": ", an affiliate of\nIrish aircraft leasing company , a Guinness Peat\n subsidiary, said it had placed a 320 mln dlr order\nwith Franco-U.S. Group to supply the\nengines for the 25 Airbus A320 it has on order.\n A spokeswoman said the final choice was between the CFM56-5\nengine and the V2500 being developed by the five-nation\nInternational Aero Engine consortium. CFM is a joint company of\nU.S. General Electric Co and France's .\n She said GPA had not decided which engine should power the\n25 further A320 aircraft on which it has an option.\n GPA Airbus 320 chairman Peter Swift said in a statement, \"We\nreceived innovative and attractive proposals from both\nmanufacturers. We are confident our choice will prove\nattractive to the many airlines which will be leasing our A320\nfleet as it is delivered from 1990 onwards..\"\n GPA Airbus 320 is a joint venture company, owned half by\nGPA Group with holding a 25\npct stake, Airbus Industrie a 17.5 stake and Banque\nParibas holding a 7.5 pct share.\n The company, based in Shannon, Ireland, is managed by GPA\nGroup.\n Reuter\n\u0003", "date": "13-APR-1987 14:11:42.00", "places": [ "uk", "ireland", "usa", "france" ], "id": "16557" }, { "title": "FIRMS ASK EXEMPTIONS FROM JAPANESE TARIFFS", "body": "Nearly 50 manufacturers and trade\ngroups asked the Reagan Administration for exclusions from the\ntariffs it is to impose on Japanese exports Friday.\n Several police agencies also told a special screening panel\nthey wanted a Japanese-made fingerprinting system to be\nexcluded because it was vital for crime-fighting.\n Another 25 firms are to testify tomorrow.\n President Reagan announced the tariffs on March 27 to\nretaliate for Japan's failure to honor an agreement to stop\ndumping semiconductors in world markets outside the United\nStates at below cost and to open its own market to U.S. goods.\n U.S. semiconductor makers had complained they were being\ninjured by Japan's unfair trade practices.\n The tariffs of 100 pct - up from about five pct - are to be\napplied to 300 mln dlrs worth of Japanese exports including\npower tools, television sets, computer parts and audio\nequipment, in addition to the fingerprinting equipment.\n Reagan issued a list of several dozen products that could\nbe subject to the tariffs, and businessmen, lobbyists and\nothers asked for the exclusions in the two days of public\ntestimony that began today at the Commerce Department.\n He said \"action should be taken in such a manner that\nefforts to help the semiconductor industry do not inflict\nextensive economic damage on the highly successful information\ntechnology industry.\"\n A spokesman for Amdahl Corp , a computer maker, said\nit would be hit hard by tariffs on Fujitsu Ltd equipment\nbecause Fujitsu was its only supplier of key electronic\ncomponents.\n Makita U.S.A., Inc, a maker of hand-held electric power\ntools, said if tariffs were imposed on its goods it would have\nto close its U.S. manufacturing operation in Buford, Ga., and\nlayoff its entire U.S. workforce of 600 people.\n The U.S. Trade Representative's Office, which is conducting\nthe hearings, said the products to be assessed the higher\ntariffs will be made public on Thursday or Friday.\n It said it would base its judgment on the impact of the\ntariffs on the companies hit as well as on the buying public.\n Some of the tariffs would double the price of imports.\n Law officers from California, Illinois, Alaska and\nelsewhere said they relied on NEC Corp of Japan's advanced\nfingerprinting system and asked it be exempt from the new\ntariffs.\n Fred Wynbrandt, representing the California attorney\ngeneral's office, said the tariffs would double California\nstate and local costs for fingerprinting operations.\n Many of those testifying backed the idea of retaliatory\ntariffs but not on some goods that would hit their business.\n Vico Henriques, president of the Computer and Business\nEquipment Manufacturers Association, called for exemptions for\ncomponents that U.S. firms bought in Japan and for goods made\nin Japan under a U.S. license or by a joint venture.\n more\n\u0003", "date": "13-APR-1987 14:12:41.37", "places": [ "japan", "usa" ], "id": "16558" }, { "title": "CENTRAL BANKERS HOLDS REGULAR BIS MONTHLY MEETING", "body": "Leading central bank\ngovernors held their routine monthly meeting at the Bank for\nInternational Settlements (BIS) here today, monetary sources\nsaid.\n There was no indication of subjects discussed. No\nstatements were planned.\n Reuter\n\u0003", "date": "13-APR-1987 14:13:32.03", "organisations": [ "bis" ], "places": [ "switzerland" ], "id": "16559" }, { "title": "DIGITAL EQUIPMENT TO REDEEM DEBENTURES", "body": "Digital Equipment Corp said it will\nredeem on May 14 all 75 mln dlrs of its outstanding 9-3/8 pct\nsinking fund debentures of 2000.\n It will buy back the debentures at 1,052.86 dlrs for each\n1,000 dlr principal amount, including interest, Digital said.\n The firm will redeem the debentures with funds generated\nfrom operations. Its capital structure will be strengthened and\ninterest expense reduced as a result, the company noted.\n Reuter\n\u0003", "date": "13-APR-1987 14:15:31.79", "places": [ "usa" ], "id": "16560" }, { "title": "SOFTWARE SERVICES OF AMERICA INC NET", "body": "3rd qtr Feb 28\n Shr profit 14 cts vs loss four cts\n Net profit 311,994 vs loss 66,858\n Revs 2,229,273 vs 645,753\n Nine mths\n Shr profit 51 cts vs profit two cts\n Net profit 1,126,673 vs profit 42,718\n Revs 7,277,340 vs 1,378,372\n Reuter\n\u0003", "date": "13-APR-1987 14:16:47.13", "topics": [ "earn" ], "places": [ "usa" ], "id": "16561" }, { "title": "TECHNOLOGY/COMPETITION FOR SATELLITE", "body": "Some of the United States' largest\naerospace firms are competing with some of the world's most\npowerful nations for a chance to cash in on the coming\ncommercialization of space.\n The newest space race is for contracts to launch\nprivately owned satellites into orbit - a business expected to\nbe worth two billion to five billion dlrs annually in a few\nyears.\n The growing opportunities to make money in space will be\nhighlighted this month when the U.S. National Oceanic\nAtmospheric Administration seeks lucrative commercial bids to\nlauch future weather satellites, ending its long-standing\ndependence on the National Aeronautics and Space\nAdministration.\n Companies and countries with established satellite\nlaunching operations may also get a jump on eventually\nproviding other space-based services, particularly if the\nproposed international manned space station is launched as\nplanned in the early 1990s.\n The 12 billion dlr space station, first proposed by\nPresident Reagan in 1984, could require as many as 16 cargo\ndeliveries a year, many delivered by private firms. The\npartners in the space station are currently slated to be\nCanada, Japan, and the 13-nation European Space Agency, the\nlatter two of which also have or are developing their own\ncommercial space programs.\n Until the Challenger explosion in January 1986, NASA had a\nvirtual lock on the world's commercial space cargo.\n But after a re-evaluation of the shuttle program, President\nReagan declared last August that future U.S. shuttle flights\nwill no longer carry commercial payloads.\n The administration's decision left Arianespace, a\nFrench-led European consortium, the only option available to\nsatellite owners and the concern quickly sold out all its\nplanned flights through 1989.\n The company also raised its prices, from 30,000 dlrs a\nlaunch to 50,000 dlrs, but even the larger price tag did not\ndampen demand. Arianespace sighned 18 new contracts last year,\ncompared with 11 in 1985.\n Those kind of tariffs have caused even non-capitalist\ncountries to try and get a piece of the action.\n China, the Soviet Union and Japan have all announced\nsatellite launch programs and several U.S. firms, including\nMcDonnell Douglas Corp, General Dynamics Corp and Martin\nMarietta promised to spend mlns of dollars over the next three\nyears to develop their own satellite launch capabilities.\n There will be some tremendous pent-up demand for satellite\nlaunches by then, analysts said. Without Challenger, there were\nonly three satellite launches last year, 15 fewer than in 1985\nand the lowest since 1980, when only two were sent up.\n Ariane expects to launch from six to eight satellites a\nyear for the next three years, about 75 pct of the world's\nsatellite launches during that period.\n McDonnell Douglas scored the biggest coup of the U.S.\nfirms in January when it won a 734 mln dlr U.S. Air Force pact\nfor up to 20 unmanned rockets to launch military satellites.\nThe contract is expected to underwrite the company's efforts to\nbuild rockets for private satellite launches.\n Martin Marietta, however, was the first U.S. company to\nsign up a client, Federal Express Co. Marietta plans to launch\nan ExpressStar communications satellite in 1989.\n Marietta said it will also build a version of its Titan\nrockets used by the Air Force to other private companies that\nwant to get into the satellite launch buisiness.\n Arianespace director Charles Bigot said the U.S. companies\nwill probably become the European firm's biggest competitors\nfor satellite launching. He does not expect the national space\nprograms to become commercially viable until the late 1990s.\n Japan has expanded its space program, launching 38\ngovernment-owned satellites in the last 16 years. But most of\nthem were small and it was only in February it launched its\nfirst satellite that circles the earth over the poles.\n Japan also has yet to design and build its own rockets. The\nsatellite launched in February was placed in orbit by a\nMcDonnell Douglas-designed Delta rocket assembled by the\nJapanese under license.\n Tsugo Tadakawa, director of the Washington office of\nJapan's National Space Development Agency (NASDA), said Japan\nplans to launch seven of its H-1 rockets, an American Japanese\nhybrid that replaces the Delta, through 1991. Its much larger\nsucessor, the H-II, should be ready by 1992, he said.\n NASDA's annual budget is only about 800 mln dlrs, Tadakawa\nsaid, about 10 pct the size of NASA's yearly spending.\n Still, NASDA is free from private competition at home and\nhas the full support of the government, since aerospace was\nchosen by the Ministry of Trade and Information as one of the\ncountry's new industries for the next decade.\n Surprisingly, the People's Republic of China, a relative\nnewcomer to aerospace, is so far the most successful competitor\nto Ariane.\n The country's Great Wall Industry Corp is the only national\nprogram besides the European consortium to win a private\nsatellite contract. It will launch a Westar communications\nsatellite for New-York based Terasat in 1988.\n Reuter\n\u0003", "date": "13-APR-1987 14:17:16.75", "places": [ "usa", "china", "france", "japan", "canada" ], "id": "16562" }, { "title": "GANDER MOUNTAIN BUYS WESTERN WEAR FIRM", "body": "Gander Mountain Inc said it\nacquired privately held Western Ranchman Outfitters, a\nCheyenne, Wyo., retailer and catalog seller of western apparel.\n Terms were not disclosed.\n Western Ranchman had sales of about 2.2 mln dlrs for the\nyear ended Jan 31, 1987, the company said.\n Gander Mountain sells brand name hunting, fishing and\noutdoor gear through catalogs.\n Reuter\n\u0003", "date": "13-APR-1987 14:19:47.85", "topics": [ "acq" ], "places": [ "usa" ], "id": "16563" }, { "title": "EC MEAT DIRECTIVE DEADLINE SEEN FLEXIBLE", "body": "U.S. officials said they held out\nlittle hope the European Community, EC, would withdraw a\ncontroversial meat inspection requirement, due to go into\neffect April 30 and which U.S. meat producers claim will cut\noff their exports.\n But the officials said they expect the EC to allow U.S.\nplants to continue shipping meat through the end of the year\nprovided they submit a plant improvement program with the U.S.\nAgriculture Department.\n The EC's so-called Third Country Meat Directive will\nrequire foreign meat processing plants to comply fully with EC\ninspection standards beginning April 30.\n The U.S. meat industry has prepared a petition requesting\nthe Reagan administration to retaliate against the EC rule.\n At issue are U.S. meat exports to the EC valued at 132 mln\ndlrs in 1985.\n The EC rule would require all U.S. plants to make changes\nin their inspection methods, ranging from veterinary staffing\nto use of wood.\n Last December, the EC determined that only one U.S. cattle,\none hog and one sheep slaughtering facility could be approved\nwithout further review. USDA would have to certify that the\nplants had corrected the deficiencies.\n All remaining plants with a history or potential of\nshipping to the EC -- totaling nearly 400 -- would require more\nsignificant changes in plant constructions or procedures before\nfurther EC review.\n Robert Hibbert, general counsel for the American Meat\nInstitute, said the meat industry expected to submit a formal\ntrade retaliation petition by April 30.\n An interagency committee is reviewing the industry's draft\npetition.\n An official at the U.S. Trade Representative's Office said\nU.S. officials continued to press the EC to withdraw the rule,\nbut that \"the chances of that are not too good at this time.\"\n However, there is the \"expectation\" in U.S. government and\nmeat industry circles that the EC will continue to allow\nshipments, at least through the end of the calendar year, from\nU.S. plants that submit to USDA a plan on how they will bring\ntheir operations into conformity with the EC regulation, the\nUSTR official said.\n Reuter\n\u0003", "date": "13-APR-1987 14:20:56.97", "topics": [ "carcass", "livestock" ], "organisations": [ "ec" ], "places": [ "usa" ], "id": "16564" }, { "title": "U.S. BANKS LIKELY TO LIFT PRIME RATES AGAIN SOON", "body": "Major U.S. banks may lift prime\nlending rates again within days due to recent increases in\ntheir borrowing costs and speculation the Federal Reserve is\nnudging up interest rates to help the dollar, economists said.\n In what was the first prime rate boost since mid-1984, most\nbanks in early April lifted their rates a quarter point to\n7-3/4 pct, citing a reduced gap between the prime and their own\ncost of money. That spread has narrowed again.\n \"A prime rate increase could happen as soon as tonight,\"\nsaid Robert Brusca of Nikko Securities Co International Inc.\n Brusca said a quarter-point prime rate rise to eight pct is\njustified because the spread between banks' cost of funds and\nthe prime rate has narrowed to less than three quarters of a\npercentage point.\n He said that spread had averaged around 1.4 percentage\npoints since last October until it fell below one point and\ntriggered the April prime rate rise at most banks.\n \"We could easily have another prime rate increase as soon\nas this week,\" said David Jones of Aubrey G. Lanston and Co.\n \"We've got a fairly good chance of a prime rate rise in the\nnear future,\" said Allan Leslie of Discount Corp.\n \"Based on the spread between the prime rate and funding\ncosts, you would ordinarily see a prime rate increase now,\"\nsaid Harold Nathan, economist at Wells Fargo Bank.\n However, he said banks may be reluctant to lift the prime\nbecause that would dampen already fairly weak business loan\ndemand and because some are not sure the Fed will maintain\nrecent upward pressure on money market interest rates.\n Nathan believes the Fed has let market pressures lift\nshort-term rates in recent days to help the ailing dollar. He\nsaid \"if there is widespread belief money market rates will\nstay high, a prime rate rise could occur at any time.\"\n Fed officials have long expressed concern that too steep a\ndollar drop could help rekindle U.S. inflation. As the dollar\nfell to a 40-year low against the yen Friday, currency traders\nsaid the Fed and other central banks supported the dollar.\n In addition to buying dollars outright, another way to\nstabilize the U.S. currency would be for the Fed to push U.S.\ninterest rates higher relative to overseas rates.\n Based particularly on the Fed's reserve management actions\non Friday and today, Nathan of Wells Fargo said \"it has become\nclear that the Fed is not fully resisting upward rate pressure\nin the market. It is supplying fewer reserves than are needed.\"\n Bank funding costs and other short and long-term interest\nrates rose sharply Friday and today on heightened speculation\nthat the Fed is gently firming monetary policy.\n That was because the Fed supplied far fewer reserves in the\nmarket than most economists had expected.\n On Friday, the Fed added reserves indirectly and in small\namounts via one billion dlrs of customer repurchase agreements\nwith the Federal funds rate at which banks lend to one another\nhigh at 6-5/16 pct. With funds trading even higher at 6-1/2 pct\ntoday, the Fed arranged only a slightly larger 1.5 billion dlr\nround of customer repurchase agreements.\n \"The Fed's actions on Friday and today show that it is\noffering only token resistance to upward funds rate pressures,\"\nsaid Jones of Lanston.\n \"The Fed is focusing its policy attention mainly on the\nneed to defend the dollar,\" Jones said. He believes it is\nmerely shading policy toward restraint now, \"but to have a\nmajor impact on the dollar, the Fed will have to tighten policy\novertly at some point.\"\n Jones expects the Fed to foster higher market rates by\nbecoming more restrictive in supplying reserves and, within\nfour to six weeks, to raise its discount rate from 5-1/2 pct.\n Jones said a U.S. discount rate increase to six pct might\nwell be accompanied by West German and Japanese rate cuts to\nfurther aid the dollar.\n Given likely Fed policy firming, he said both the yield on\n30-year Treasury bonds (about 8.30 pct now) and the prime rate\nmay be at 8-1/2 pct at end-June and nine pct by year's end.\n \"The jury is still out on whether the Fed is tightening\npolicy to defend the dollar,\" said Leslie of Discount Corp. He\nsaid tax-date pressures have been pushing up Fed funds lately.\nLeslie said Fed actions and reserve data once these pressures\nabate will show whether or not it is firming policy. \n Reuter\n\u0003", "date": "13-APR-1987 14:23:42.44", "topics": [ "interest", "money-fx" ], "places": [ "usa" ], "id": "16565" }, { "title": "BANKAMERICA SETS NEW BANKING SERVICE", "body": "BankAmerica Corp said it has\nintroduced an electronic information and transaction service\nfor small businesses in California.\n The bank holding company said the service, called Business\nConnection, allows customers to use personal computers to\ntransefer money between accounts, check account balances in\nBank of America business checking, savings and credit card\naccounts, and to call up checking account statements.\n The service also allows businesses to use electronic mail\nto stop payments on checks, access commercial credit lines for\nadvancements and repayments, and to pay bills.\n Reuter\n\u0003", "date": "13-APR-1987 14:25:07.12", "places": [ "usa" ], "id": "16566" }, { "title": "U.S. OFFICIALS SAY NO PROGRESS ON JAPAN DISPUTE", "body": "White House officials\nsaid no progress had been made in talks with Japan on a dispute\non Japanese microchip sales.\n President Reagan's National Security Adviser Frank Carlucci\ntold reporters \"it looks like a very difficult situation at this\npoint.\"\n The Reagan administration is due to slap 100 pct tariffs on\na range of Japanese products on Friday in retaliation for\nJapan's alleged failure to honor an agreement to stop dumping\nsemiconductors in world markets outside the U.S. and failure to\nopen its own market to U.S. goods.\n White House chief of staff Howard Baker said that talks\nwith the Japanese had failed to provide any reason to prevent\nthe publication of a proclamation on Friday putting the new\nduties in effect.\n \"I assume that there will be a proclamation on Friday,\" Baker\nsaid. Carlucci said that the evidence of Japanese microchip\ndumping at below production costs in third countries had been\nfairly conclusive. He said that in U.S.-Japanese talks that\nconcluded last Friday, Japanese officials presented statistics\nto show that Japan had made its market more open to American\nproducts.\n \"Our statistics do not confirm this, indeed they tend to go\nin the other direction,\" Carlucci said.\n Baker and Carlucci appeared before White House reporters as\nReagan enjoyed a vacation at his mountaintop ranch near Santa\nBarbara.\n Reuter\n\u0003", "date": "13-APR-1987 14:25:41.42", "places": [ "usa", "japan" ], "id": "16567" }, { "title": "HEALTH AND REHABILITATION SETS FIRST DIVI", "body": "Health and Rehabilitation\nProperties Trust said it declared its initial dividend of 55\ncts per share for the quarter ending March 31, 1987.\n The dividend is payable May 20 to shareholders of record\nApril 20, 1987, it said.\n The dividend includes five cts attributable to the period\nbetween Dec 23 and 31, 1986, and 50 cts attributable to the\nfirst quarter of 1987, ending March 31, 1987.\n\n Reuter\n\u0003", "date": "13-APR-1987 14:26:11.07", "topics": [ "earn" ], "places": [ "usa" ], "id": "16568" }, { "title": "UTAH POWER AND LIGHT CO 1ST QTR NET", "body": "Shr 46 cts vs 58 cts\n Net 29.0 mln vs 37.9 mln\n Revs 251.2 mln vs 254.2 mln\n Avg shrs 57.9 mln vs 56.0 mln\n 12 mths\n Shr 1.36 dlrs vs 2.37 dlrs\n Net 93.7 mln vs 152.3 mln\n Revs 981.9 mln vs 1.03 billion\n Avg shrs 57.2 mln vs 55.3 mln\n NOTE: 1987 12 mth net includes 43.7 mln dlr charge due to\nDecember 1986 provision for coal mining operations refund.\n Reuter\n\u0003", "date": "13-APR-1987 14:26:27.09", "topics": [ "earn" ], "places": [ "usa" ], "id": "16569" }, { "title": "ERICSSON TO BUY REST OF SPANISH UNIT", "body": "L.M. Ericsson of Sweden said it agreed\nin principle to buy the 49 pct of Intelsa, its Spanish unit,\nthat it does not already own from , Spain's\ntelecommunications administration.\n Terms of the agreement were not disclosed.\n Ericsson said Intelsa, which controls about 40 pct of the\nSpanish telephone switch market, has 2,400 employees and annual\nsales of 800 mln crowns, or 117 mln dlrs.\n \"The purchase will not affect the close working\nrelationship between Telefonica and Intelsa,\" Ericsson said.\n Reuter\n\u0003", "date": "13-APR-1987 14:26:44.91", "topics": [ "acq" ], "places": [ "usa", "sweden", "spain" ], "id": "16570" }, { "title": "ITS DEVELOPS INTERACTIVE VIDEO SYSTEMS", "body": " said it has completed\ndevelopment of two interactive video systems for under a two mln dlr development agreement.\n ITS said the systems are integrated, interactive marketing\nand training programs designed for the insurance industry.\n Reuter\n\u0003", "date": "13-APR-1987 14:27:04.64", "places": [ "usa" ], "id": "16571" }, { "title": "INSITUFORM RAISES WARRANT EXERCISE PRICE", "body": "Insituform Group Ltd said the exercise\nprice of its publicly-held warrants will increase 38 cts to\n2.76 dlrs per share on April 25 and will increase 38 cts on\neach succeeding April 25 until their April 25, 1990 expiration.\n Reuter\n\u0003", "date": "13-APR-1987 14:27:34.92", "places": [ "usa" ], "id": "16572" }, { "title": "PICTEL CORP CHANGES NAME", "body": "PicTel Corp said it has changed\nits name to PictureTel Corp, effective immediately.\n It said Pacific Telesis Grouyp had threatened legal\naction if it did not cease the use of the name PicTel, alleging\nthat it conflicted with Telesis' trademark PACTEL.\n The company said Telesis will reimburse it for some\nexpenses of the name change, which was approved by shareholders\nat the annual meeting last week.\n Reuter\n\u0003", "date": "13-APR-1987 14:27:43.27", "places": [ "usa" ], "id": "16573" }, { "title": "COMPUTRAC SEES LOWER FIRST QUARTER NET", "body": "CompuTrac Inc said it expects first\nquarter earnings to be down 50 to 60 pct from a year ago.\n In last year's first quarter ended April 30, CompuTrac\nearned 379,000 dlrs on revenues of 2.4 mln dlrs.\n The company said sales commitments on hand are about 50 pct\nabove those of a year ago, but system sales revenues are\nrecognized at shipment, and only 30 to 40 pct of sales\ncommitments in hand will ship during the period.\n It said its outlook for the year remains unchanged.\n Reuter\n\u0003", "date": "13-APR-1987 14:27:50.66", "topics": [ "earn" ], "places": [ "usa" ], "id": "16574" }, { "title": "DATAPOINT NAMES NEW EXECUTIVES", "body": "Datapoint Corp said it named\nJohn Novak to the newly-created position of senior vice\npresident of operations, and John Peter as chief financial\nofficer.\n Peter replaces Stewart Paperin, who also held the\ntreasurer's post, the company said. Datapoint named Stephen\nBaum as its treasurer and vice president of financial planning.\n Also named to vice president positions were George Beason,\nof customer sales and development, who replaced Charles McCoy.\n Gordon Cardigan, of communications, and Charles Temple, of\nhuman resources and corporate administration, filled vacancies,\nthe company said.\n Novak was formerly vice president and general manager of\nmanufacturing and support operations, the company said. Peter\nwas vice president and corporate controller, it added.\n \n Reuter\n\u0003", "date": "13-APR-1987 14:28:14.52", "places": [ "usa" ], "id": "16575" }, { "title": " WINS JUDGMENT", "body": "Hitech Engineering Co said it won\nlitigation brought against it by Coldwell Banker Commercial\nServices Group, a unit of Sears, Roebuck and Co .\n In the lawsuit, tried in U.S. District Court for the\nEastern District of Virginia, Coldwell had claimed that Hitech\nimproperly canceled a lease for additional office space and\nsought damages of 350,000 dlrs.\n The company said the plaintiff has the right to appeal but\nthat no appeal has been filed to date. Hitech's legal counsel\nis confident that the verdict will not be overturned, it added.\n Reuter\n\u0003", "date": "13-APR-1987 14:30:05.18", "places": [ "usa" ], "id": "16576" }, { "title": "NOVA NOT PLANNING DOME BID", "body": "Nova, an Alberta Corp, chief executive\nRobert Blair expressed hope that Dome Petroleum Ltd \nremains under Canadian ownership, but added that his company\nplans no bid of its own for debt-troubled Dome.\n \"We've no plan to bid,\" Blair told reporters after a speech\nto a business group, although he stressed that Nova and 57\npct-owned Husky Oil Ltd were interested in Dome's\nextensive Western Canadian energy holdings.\n \"But being interested can sometimes be different from\nmaking a bid,\" Blair said.\n TransCanada PipeLines Ltd yesterday bid 4.30 billion\ndlrs for Dome, but Dome said it was discontinuing talks with\nTransCanada and was considering a proposal from another company\nand was also talking with another possible buyer, both rumored\nto be offshore.\n Asked by reporters if Dome should remain in Canadian hands,\nBlair replied, \"Yes. I think that we still need to be building\nas much Canadian position in this industry as we can and I\nthink it would be best if Dome ends up in the hands of Canadian\nmanagement.\"\n He said he did not know who other possible bidders were.\n Blair said that any move to put Dome's financial house in\norder \"will remove one of the general problems of attitude that\nhave hung over Western Canadian industry.\"\n He added, however, that the energy industry still faced \"a\ncouple of tough, tough additional years.\"\n Asked about Nova's 1987 prospects, Blair predicted that\nNova's net profit would rise this year to more than 150 mln\ndlrs from last year's net profit of 100.2 mln dlrs due to\nimproved product prices and continued cost-cutting.\n Reuter\n\u0003", "date": "13-APR-1987 14:30:23.53", "topics": [ "acq" ], "places": [ "canada" ], "id": "16577" }, { "title": "FEDERAL COURT DISMISSES FMC CORP'S INSIDER TRADING SUIT AGAINST IVAN BOESKY, COURT CLERK SAYS\n", "date": "13-APR-1987 14:31:23.52", "id": "16578" }, { "title": "DONALDSON LUFKIN JENRETTE SUED BY SWISS FIRM", "body": "\nsaid its Swiss subsidiary, , sued\n, the New York investment\nbank, for 65 mln dlrs.\n The amount reflects the unsatisfied portion of a judgment\nissued in February by a London court against ACLI Metals\n(London) Ltd, a unit of DLJ, the company said.\n A London Commercial court found that a DLJ managing\ndirector and ACLI employees fraudulently misappropriated Metal\nund Rohstoff collateral in 1983 to cover deficits in aluminum\ntrading accounts, it said.\n The court awarded 76 mln dlrs plus costs to Metall und\nRohstoff, which received about 10 mln dlrs from ACLI.\n The new lawsuit alleges that DLJ management misappropriated\ncollateral and also charges it with breach of trust and abuse\nof the legal process.\n In addition, Metall und Rohstoff has filed a petition in\nLondon seeking the compulsory involuntary bankruptcy of ACLI\nLondon. It is expected that a liquidator will be named shortly,\nAssociated said.\n DLJ is owned by \n Reuter\n\u0003", "date": "13-APR-1987 14:32:21.74", "places": [ "usa", "switzerland", "uk" ], "id": "16579" }, { "title": "PIEDMONT AVIATION FREIGHT TRAFFIC UP", "body": "Piedmont Aviation Inc said\nMarch cargo ton miles, includiung U.S. mail and air express\nservices, were up 27.2 pct to 4,763,432 from 3,744,535.\n For the year to date, it said cargo ton miles were up 26.7\npct to 13.3 mln from 10.5 mln a year before.\n Reuter\n\u0003", "date": "13-APR-1987 14:34:19.85", "places": [ "usa" ], "id": "16580" }, { "title": "EXXON EXTENDS MID-GRADE UNLEADED MARKETING", "body": "Exxon Co U.S.A. said it is expanding\nmarketing of its mid-grade unleaded gasoline along the U.S.\nEast Coast.\n The Exxon Corp subsidiary said the changeover to the\n89-octane unleaded fuel will begin late this month and early\nnext in major markets in Virginia, Maryland, Florida, and the\nDistrict of Columbia. The product was introduced in New York,\nNew Jersey, Delaware, Connecticut, Rhode Island, Massachusetts,\nNew Hampshire and the Philadelphia area late last year.\n \n Reuter\n\u0003", "date": "13-APR-1987 14:34:27.43", "topics": [ "gas" ], "places": [ "usa" ], "id": "16581" }, { "title": "FIBERCOM TO INSTALL FIBER-OPTIC DATA NETWORK", "body": " said it signed a\ncontract with , Mjoendalen, Norway, to\ninstall a data communications network based on fiber optics.\n Under terms of the 3.5 mln dlr agreement, the company said\nit will supply Computer Connection with 6,000 transceivers and\nits WhisperNet local area network, which employs the Ethernet\nstandard.\n FiberCom said the network will connected 125 of Norway's\nlargest banks. It said the network will be the largest\nfiber-optic based data network in the world.\n Reuter\n\u0003", "date": "13-APR-1987 14:34:40.88", "places": [ "usa", "norway" ], "id": "16582" }, { "title": " IN MERGER DEAL", "body": "First Montauk Securities Corp\nsaid it has reached a preliminary merger agreement with\nMCC-Presidential Inc.\n The company said MCC shareholders would have a 25 pct stake\nin the combined company and would receive a cash distribution\nof about 35 cts per share.\n Reuter\n\u0003", "date": "13-APR-1987 14:38:13.25", "topics": [ "acq" ], "places": [ "usa" ], "id": "16583" }, { "title": "BARNETT BANKS OF FLORIDA INC 1ST QTR NET", "body": "Shr 82 cts vs 72 cts\n Net 44.6 mln vs 38.9 mln\n Avg shrs 54.3 mln vs 52.8 mln\n Reuter\n\u0003", "date": "13-APR-1987 14:38:54.15", "topics": [ "earn" ], "places": [ "usa" ], "id": "16584" }, { "title": "GOLDEN WEST FINANCIAL CORP 1ST QTR NET", "body": "Shr 1.35 dlrs vs 1.53 dlrs\n Net 42,137,000 vs 47,792,000\n Loans 10.26 billion vs 9.97 billion\n Deposits 7.65 billion vs 7.63 billion\n Assets 11.84 billion vs 12.00 billion\n Note: Current qtr figures include 3.3 mln dlr charge \nresulting from penalties for prepayment of FHLB borrowings.\n Reuter\n\u0003", "date": "13-APR-1987 14:41:16.43", "topics": [ "earn" ], "places": [ "usa" ], "id": "16585" }, { "title": "S/P KEEPS BORG-WARNER ON CREDITWATCH", "body": "Standard and Poor's Corp said it is\nkeeping Borg-Warner Corp's 400 mln dlrs of debt on creditwatch\nwith negative implications.\n Under review are the company's A-plus senior debt and A-1\ncommercial paper.\n S and P cited an offer by a Merrill Lynch and Co-backed\ninvestment group's offer to acquire Borg-Warner for 3.76\nbillion dlrs.\n The purchase would increase Borg-Warner's financial risk\nand impair its earnings and cash flow protection, resulting in\na debt leverage rise to a very high level, S and P said.\n Reuter\n\u0003", "date": "13-APR-1987 14:50:04.76", "places": [ "usa" ], "id": "16586" }, { "title": "HONEYWELL INC 1ST QTR OPER NET", "body": "Oper shr 96 cts vs 79 cts\n Oper net 43.7 mln vs 36.4 mln\n Sales 1.48 billion vs 1.15 billion\n NOTE: 1987 sales includes operations of Sperry Aerospace.\n 1986 operating net excludes a charge from discontinued\noperations of 10.2 mln dlrs or 22 cts a share.\n Reuter\n\u0003", "date": "13-APR-1987 14:53:50.63", "topics": [ "earn" ], "places": [ "usa" ], "id": "16587" }, { "title": "WALL STREET STOCKS/BROWNING FERRIS ", "body": "The Environmental Protection Agency's\nfive to 10 mln dlr suit against a Browning-Ferris Industries\nInc unit, CECOS International Inc, caused the stock to\ndrop today, analysts said.\n The stock has fallen 2-1/4 to 56-1/8 so far today, after\nthe news about the suit was released this morning.\n \"It's potentially a big suit and investors feel that its\nnot good to go against regulators,\" Kenneth Ch'u-K'ai Leung, a\nSmith Barney analyst said.\n \"What investors are actually saying by selling off some BFI\nshares is the cloud over this industry is the threat that the\nEPA will get tough on waste management companies,\" Willard\nBrown, senior analyst for First Albany Corp.\n \"Investors are saying to themselves that waste management\ncompanies have that kind of exposure to regulatory suits,\"\nBrown said. Brown said if the suit were settled for 10 mln dlrs\nit would have an impact on Browning Ferris earnings.\n Leung said, however, that Browning-Ferris has adequate cash\nreserves to cover the fine. \"It would have no impact on\nearnings whatsoever,\" he said.\n Reuter\n\u0003", "date": "13-APR-1987 14:54:33.87", "topics": [ "earn" ], "places": [ "usa" ], "id": "16588" }, { "title": "HOMESTAKE MULLS BUYING ORE RESERVES", "body": "Homestake Mining Co is considering\nacquiring more gold ore reserves in addition to the company's\nexploration efforts, chief executive Harry Conger told Reuters\nin an interview.\n \"We are looking at more options to acquire more reserves\nrather than just exploration,\" Conger said adding, \"the move to\nconsider acquisitions represents a change in the company's\nacquisitions policy.\"\n Conger said all of Homestake's current cash position of 120\nmln dlrs would be available to acquire reserves. In addition,\nHomestake has two lines of credit totaling 150 mln dlrs which\nhave not been drawn on today and could be used to finance an\nacquisition, he said.\n Conger said he anticipates 1987 exploration budget will be\nabout the same as 1986 spending of 27.3 mln dlrs. Conger said\nexploration for precious metals may be slightly higher than\nlast year's spending of 17.7 mln dlrs while oil and gas\nexploration spending will be slightly less than last year's 9.6\npct.\n Conger said he sees Homestake's 1987 gold production about\nthe same as 1986 gold production of 669,594 ounces.\n However, 1987 first quarter production from its McLaughlin\nreserve will be about 10 pct lower than last year's 45,400\nounces due to start-up production problems.\n He said he believes gold prices will hold above the 400\nU.S. dlr an ounce level for the rest of 1987.\n IN 1986, company earnings were based an average market\nprice for gold of 368 dlrs an ounce.\n Conger said a three pct change in gold prices represents a\n12 cts a share impact on earnings but he declined to give a\nspecific forecast for 1987's first quarter, due to be released\nin 10 days, or for full year 1987 results.\n Reuter\n\u0003", "date": "13-APR-1987 14:55:59.33", "topics": [ "gold" ], "places": [ "usa" ], "id": "16589" }, { "title": "CHRONAR CORP YEAR LOSS", "body": "Shr loss 95 cts vs loss nine cts\n Net loss 6,882,497 vs loss 513,153\n Revs 11.3 mln vs 10.0 mln\n Avg shrs 7,251,000 vs 6,017,000\n NOTE: 1986 net includes 1,600,000 dlrs in increased\nprovisions for uncollectible receivables from affiliates, lower\nrecoverable value of inventories and writeoffs of capitalized\ncosts on discontinued projects, 1,700,000 dlr provision for\nresolution of shareholder class action suit and gain 1,300,000\ndlrs from repurchase of manufacturing equipment.\n\n Reuter\n\u0003", "date": "13-APR-1987 14:56:09.83", "topics": [ "earn" ], "places": [ "usa" ], "id": "16590" }, { "title": "EMPIRE TO BUY SOBEYS STOCK", "body": "Empire Co Ltd said it will acquire all\nshares of Sobeys Stores Ltd it does not already own under an\narrangement approved by directors of both companies.\n Holders of Sobeys class A non-voting shares and class B\ncommon shares may elect to receive either 1.6 non-voting class\nA Empire shares or one non-voting class A Empire share and\none-half of an eight pct redeemable retractable preferred\nshare. The preferred share has a par value of 25 dlrs and is\nretractable at the holder's option on May 1, 1994.\n\n Reuter\n\u0003", "date": "13-APR-1987 14:57:33.83", "topics": [ "acq" ], "places": [ "canada" ], "id": "16591" }, { "title": "INTERNATIONAL RESEARCH 1ST QTR NET", "body": "Shr six cts vs three cts\n Net 152,360 vs 94,141\n Revs 4,073,911 vs 4,116,333\n NOTE: International Research and Development Corp is full\nname of company.\n Reuter\n\u0003", "date": "13-APR-1987 14:57:46.09", "topics": [ "earn" ], "places": [ "usa" ], "id": "16592" }, { "title": "BROOKLYN UNION'S UNIT TO EXPAND DRILLING", "body": "Brooklyn Union Gas Co's Brooklyn\nUnion Exploration Co Inc unit said it entered a 200 mln dlr\nthree-year gas and oil exploration and development venture with\nSmith Offshore Exploration Co.\n The agreement calls for drilling of 10 to 12 offshore wells\nper year, primarily in the Gulf of Mexico area off the Texas\nand Louisiana coasts and 30 to 40 onshore Texas and Louisiana\nGulf Coast wells.\n \n Reuter\n\u0003", "date": "13-APR-1987 14:58:31.72", "topics": [ "crude", "nat-gas" ], "places": [ "usa" ], "id": "16593" }, { "title": "MOODY'S MAY UPGRADE BELL ATLANTIC UNIT", "body": "Moody's Investors Service Inc said it\nmay upgrade 1.28 billion dlrs of debt of New Jersey Bell\nTelephone Co, a unit of Bell Atlantic Corp.\n The agency will evaluate New Jersey Bell's ability to\nsustain its improved financial performance, including interest\ncoverage, capital structure and profitability. Moody's will\nalso assess the likelihood of continued constructive regulatory\ntreatment.\n New Jersey Bell currently carries Aa-1 debentures. Its\nPrime-1 commercial paper rating is not under review. Moody's\nalso cited a strong New Jersey economy.\n Reuter\n\u0003", "date": "13-APR-1987 14:59:59.14", "places": [ "usa" ], "id": "16594" }, { "title": "CANADA PLANS THREE-PART, ONE BILLION DLR BOND ISSUE TUESDAY - OFFICIAL\n", "date": "13-APR-1987 15:03:05.13", "places": [ "canada" ], "id": "16595" }, { "title": "COURT DISMISSES FMC SUIT AGAINST BOESKY", "body": "FMC Corp's 225 mln dlr insider trading\ncase against Wall Street arbitrageur Ivan Boesky was dismissed\nby a federal court, a court clerk said.\n Federal Judge Ann C. Williams, in an oral ruling, said FMC\nhad not been harmed by trading in FMC stock by Boesky and other\ntraders prior to FMC's two-billion dlr recapitalization last\nyear.\n FMC had claimed insider trading by Boesky had forced it to\nincrease the value of the recapitalization to 80 dlrs a share\nfrom 70 dlrs a share.\n FMC had charged that Boesky received confidential\ninformation about FMC's planned recapitalization from Dennis\nLevine, a former merger specialist with Drexel Burnham Lambert\nInc.\n An FMC spokeswoman said in response to an inquiry that FMC\nmight appeal the ruling, made in the U.S. District Court for\nthe Northern District of Illinois, once a formal written\ndecision is received. The written ruling is expected April 15.\n The spokeswoman said FMC might appeal alleged contract\nviolations involved in the dispute. That part of the case,\ninvolving a contract between FMC and Goldman Sachs and Co,\nwould be appealed to an Illinois state court, she said.\n Goldman Sachs was FMC's investment banker in its planned\nrestructuring. A FMC spokeswoman said the contract was a\nstandard contract under which Goldman Sachs advised FMC on the\nrestructuring.\n \"We are certainly taking a look at appealing\" the ruling in\nIllinois state court, the FMC spokeswoman said in response to\nan inquiry.\n The suit claimed that Boesky bought 95,300 FMC shares\nbetween February 18 and February 21, 1986, selling those shares\nfor a profit of 975,000 dlrs on February 21, the day FMC first\nsaid it was considering a recapitalization.\n Also, the suit said Boesky bought a further 1,922,000 FMC\nshares between March 12 and April four, acknowledging the\npurchase of a 7.5 pct stake in the company in a 13-D filing\nwith the Securities and Exchange Commission on April seven.\n \"We alleged his actions kept the stock price artificially\nhigh and put pressure on FMC to increase the terms of the\nrecapitalization,\" the FMC spokeswoman said.\n The increase to 80 dlrs from 70 dlrs a share was announced\nApril 26.\n Reuter\n\u0003", "date": "13-APR-1987 15:04:48.70", "places": [ "usa" ], "id": "16596" }, { "title": "(CORRECTED) - GOODYEAR TO SELL CELERON", "body": "Goodyear Tire and Rubber Co said it\nexpects to sell its Celeron Corp oil and gas subsidiary for\nabout two billion dlrs in about two months.\n After the company's annual meeting, Rober Mercer,\nGoodyear's chairman and chief executive officer, also said \nGoodyear expects to report a profit of more than one dlr a\nshare from continuing operations in the first quarter. In the\nsame year-ago period, Goodyear reported a loss of 59 cents a\nshare from continuing operations.\n Mercer said about seven companies are interested in buying\nCeleron and they may form a consortium to buy the unit.\n \n Reuter\n\u0003", "date": "13-APR-1987 15:05:50.37", "topics": [ "acq" ], "places": [ "usa" ], "id": "16597" }, { "title": "INT'L RESEARCH/DEVELOPMENT 1ST QTR NET", "body": "Shr six cts vs three cts\n Net 152,360 vs 94,141\n Revs 4,073,911 vs 4,116,333\n Note: Full name is International Research and Development\nCorp.\n Reuter\n\u0003", "date": "13-APR-1987 15:06:11.05", "topics": [ "earn" ], "places": [ "usa" ], "id": "16598" }, { "title": "BANK OF NEW ENGLAND CORP 1ST QTR SHR 1.04 DLRS VS 83 CTS\n", "date": "13-APR-1987 15:07:28.87", "topics": [ "earn" ], "id": "16599" }, { "title": "HONEYWELL CITES COST CUTTING FOR GAIN", "body": "Honeywell Inc said a gain of\n20.1 pct in its 1987 first quarter operating earnings was the\nresult of cost cutting efforts which began last year.\n Honeywell reported 1987 first quarter operating earnings\nrose to 43.7 mln dlrs or 96 cts a share from 36.4 mln dlrs or\n79 cts in the same period a year ago.\n Better operating results in each of the company's three \nsectors offset higher interest costs in the first quarter due\nto financing the December acquisition of Sperry Aerospace and\nthe sharing of the Federal Systems subsidiary pre-tax profit\nwith Honeywell Bull Inc, Honeywell said.\n \"Our first quarter results show clear benefits of our\nrestructuring,\" chairman Edson Spencer said. \"All of our\nbusinesses are producing better results than last year, even\nthough we do not see significant improvement in the external\nmarket environment,\" he said.\n Total orders in the first quarter were up substantially,\nwith a sharp increase in aerospace and defense orders in\naddition to those of the new Sperry Aerospace group, it said.\n Domestic industrial automation and control orders were\nmodestly higher than the same period in 1986, it said.\n Orders in Honeywell's home and building automation and\ncontrol business were flat in the U.S. and up in international\nmarkets, it said.\n International orders increased, with the greatest strength\nin Europe, Honeywell said.\n The company said that by year-end 1987, it intends to\ncomplete the repurchase of 3.3 mln shares remaining of a five\nmln share buyback program which began in 1986.\n Reuter\n\u0003", "date": "13-APR-1987 15:07:45.96", "topics": [ "earn" ], "places": [ "usa" ], "id": "16600" }, { "title": "CCC CREDIT GUARANTEES FOR RICE TO ALGERIA - USDA", "body": "The Commodity Credit Corporation,\nCCC, has authorized 3.0 mln dlrs in credit guarantees for sales\nof U.S. rice to Algeria for fiscal year 1987 under the Export\nCredit Guarantee Program, GSM-102, the U.S. Agriculture\nDepartment said.\n The additional guarantees increase the cumulative fiscal\nyear 1987 program for sales of U.S. agricultural products to\nAlgeria to 469.0 mln dlrs.\n To be eligible for the credit guarantee coverage, all sales\nunder the new line must be registered and exported by September\n30, 1987, the department aid.\n Reuter\n\u0003", "date": "13-APR-1987 15:08:56.81", "topics": [ "grain", "rice" ], "places": [ "usa", "algeria" ], "id": "16601" }, { "title": "MGM/UA COMMUNICATIONS 2ND QTR FEB 28 LOSS", "body": "Shr loss 34 cts\n Net loss 17.1 mln vs profit 10.1 mln\n Revs 106.2 mln vs 101.2 mln\n Six mths\n Shr loss 28 cts\n Net loss 14.4 mln vs profit 11.6 mln\n Revs 237.2 mln vs 179.5 mln\n Note: Company said year ago per share not given as not\ncomparable due to certain allocations of expenses from the\nTurner Entertainment Group, not made in subsequent periods.\n1987 results reflect the TBS merger agreement and operations of\nthe company as independent agent. 1986 data includes\nextraordinary tax loss carryforward gains of 1,185,000 dlrs in\nqtr and six mths.\n Reuter\n\u0003", "date": "13-APR-1987 15:09:58.53", "topics": [ "earn" ], "places": [ "usa" ], "id": "16602" }, { "title": " SUES CHASE MANHATTAN ", "body": "Spencer Cos Inc said it sued two Chase\nManhattan Corp units for forcing Spencer and its subsidiaries\nto seek protection from creditors under Chapter 11 of the U.S.\nBankruptcy Code.\n The lawsuit, filed in the U.S. District Court for the\nDistrict of Massachusetts, seeks 100 mln dlrs in actual\ndamages, 300 mln dlrs in additional damages and recovery of\nattorney's fees. In the nine-count complaint, Spencer contends\nthat Chase Manhattan Bank, while purporting to negotiate\nadditional financing, inflated Spencer's accounts, dishonored\nits checks and seized 600,000 dlrs from its accounts without\nnotification.\n The company said Chase then demanded immediate repayment of\nits 3.2 mln dlrs unsecured loan.\n The suit also names Chase National Corporate Services Inc\nas a defendant.\n The damages sought include a loss of about 40 mln dlrs on\nthe liquidation of Spencer's Happy Legs Inc subsidiary, the\nfootwear retailer said.\n Spencer said it has recovered more than 500,000 dlrs of the\nfunds seized by Chase and has obtained financing from a leading\nBoston bank.\n Boston-based Spencer filed for Chapter 11 on Nov 19, 1986.\n Reuter\n\u0003", "date": "13-APR-1987 15:11:00.97", "places": [ "usa" ], "id": "16603" }, { "title": "HOMESTAKE MULLS BUYING ORE RESERVES", "body": "Homestake Mining Co is considering\nacquiring more gold ore reserves in addition to the company's\nexploration efforts, chief executive Harry Conger told Reuters\nin an interview.\n Conger said, \"the move to consider acquisitions represents\na change in the company's acquistions policy.\"\n Conger said all of Homestake's current cash position of 120\nmln dlrs would be available to acquire reserves. In addition,\nHomestake has two lines of credit totaling 150 mln dlrs which\nhave not been drawn on and could be used to finance an\nacquisition, he said.\n Conger said he anticipates 1987 exploration budget will be\nabout the same as 1986 spending of 27.3 mln dlrs.\n Conger said exploration for precious metals may be slightly\nhigher than last year's spending of 17.7 mln dlrs while oil and\ngas exploration spending will be slightly less than last year's\n9.6 pct.\n Conger said he sees Homestake's 1987 gold production about\nthe same as 1986 gold production of 669,594 ounces.\n However, 1987 first quarter production from its McLaughlin\nreserve will be about 10 pct lower than last year's 45,400\nounces due to start-up production problems.\n He said he believes gold prices will hold above the 400\nU.S. dlr an ounce level for the rest of 1987.\n Reuter\n\u0003", "date": "13-APR-1987 15:11:51.21", "topics": [ "gold" ], "places": [ "usa" ], "id": "16604" }, { "title": "BELL ATLANTIC UNIT TO SELL SERVICES, GEAR", "body": "Bell Atlantic Corp's Bell of\nPennsylvania unit said federal regulators granted it interim\npermission to sell regulated telecommunications network\nservices along with equipment provided by an unregulated Bell\nAtlantic unit.\n In January, the Federal Communications Commission ruled\nthat Bell telephone companies could sell their telephone\nservices in tandem with equipment provided by their unregulated\nequipment units.\n But the FCC stipulated that the Bell companies must comply\nwith new accounting rules that separate the costs of regulated\ntelephone service from those of unregulated businesses.\n Bell of Pennsylvnia said the FCC gave it interim relief to\njointly market services and equipment until its accounting plan\nis approved by the commission.\n Reuter\n\u0003", "date": "13-APR-1987 15:12:34.14", "places": [ "usa" ], "id": "16605" }, { "title": "INTERFIRST CORP 1ST QTR LOSS 28 CTS VS PROFIT THREE CTS\n", "date": "13-APR-1987 15:12:37.59", "topics": [ "earn" ], "id": "16606" }, { "title": "KUWAITI DAILY SAYS OPEC CREDIBILITY AT STAKE", "body": "OPEC's credibility faces fresh scrutiny\nin coming weeks amid signs of a significant rise in supplies of\noil to international oil markets, the Kuwait daily al-Qabas\nsaid.\n In an article headlined, \"Gulf oil sources say Middle East\nproduction up 1.4 mln bpd,\" it warned OPEC's official prices\ncould face fresh pressure from international oil companies\nseeking cheaper supplies.\n It did not say whether only OPEC or both OPEC and other\nproducers were behind the reported rise in Mideast output. Nor\ndid it specify if the sources were official or other contacts. \n \"The sources said the credibility of OPEC would come under\nfresh scrutiny from today (Monday), with activity in the\nEuropean and American markets,\" the daily said.\n The sources were quoted as saying that after OPEC had in\nMarch demonstrated its commitment to quota agreements, some\nmembers had raised output last week. It gave no details.\n \"Dealers in oil markets were now waiting to see if Opec was\nable to control production, or whether the days of cheating and\nproducing over quotas has begun anew,\" it said.\n The sources warned that \"maybe the (price of a) barrel of\noil will fall below 18, perhaps 17.80 dlrs this week or next if\nthere is no control on supplies,\" it said.\n \"The sources believed a return of oil below 18 dlrs a barrel\nmay open the doors for international oil companies to pressure\nOPEC over contract prices, similar to the struggle last March,\"\nit said, apparently referring to resistance by buyers to lift\nfrom Qatar unless it gave price discounts.\n \"More than one official has warned OPEC would find its\nsolidarity under scrutiny by the end of April or start of May,\"\nit said, noting demand usually fell with the onset of summer.\n Reuter\n\u0003", "date": "13-APR-1987 15:13:23.45", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "kuwait" ], "id": "16607" }, { "title": "WILLAMETTE INDUSTRIES 4TH QTR NET", "body": "Shr 90 cts vs 30 cts\n Net 22.9 mln vs 7,567,000\n Sales 323.0 mln vs 272.1 mln\n Note: per share figures reflect April 25, 1986\nfive-to-three stock split. Full year figures not available.\n Reuter\n\u0003", "date": "13-APR-1987 15:14:59.56", "topics": [ "earn" ], "places": [ "usa" ], "id": "16608" }, { "title": "HUTTON NAMES PERAS SENIOR VP", "body": "E.F. Hutton said it named Steven \nPeras, formerly vice president in charge of all spot trading\nfor Irving Bank's Irving Trust Co, senior vice president\nfor worldwide foreign exchange trading.\n Peras, 30, will direct Hutton's foreign corporate and\nindividual foreign exchange account development, and\nmarket-making in currencies for the firm on a worldwide basis,\nHutton said. Hutton has foreign exchange trading operations in\nLondon and New York.\n Reuter\n\u0003", "date": "13-APR-1987 15:15:39.70", "places": [ "usa" ], "id": "16609" }, { "title": "MARINE MIDLAND BANKS INC 1ST QTR 1.74 DLRS VS 1.89 DLRS\n", "date": "13-APR-1987 15:16:10.28", "topics": [ "earn" ], "id": "16610" }, { "title": "AMERICAN CENTURY RESTATES EARNINGS", "body": "American Century Corp said it\nhas restated its earnings for the fiscal year ended June 30,\n1986 to provide an additional five mln dlrs to its loan loss\nallowance, causing a restated year-end net loss of 14,937,000\ndlrs, instead of 9,937,000 dlrs.\n The company said the change came after talks with the\nSecurities and Exchange Commission on the company's judgement\nin considering the five mln dlrs collectible.\n In the note to its 1986 financial statement, American\nCentury said it considered the five mln dlrs collectible,\nmaking its loan loss provision less than required.\n The company said in spite of the SEC decision, it still\nfeels its allowance for possible loan losses at June 30, 1986\nwas adequate and that it has considered all relevant\ninformation to determine the collectibility of the five mln dlr\nreceivable.\n But, it said continued disagreement with the SEC staff\nwould not be in its best interest.\n Reuter\n\u0003", "date": "13-APR-1987 15:16:41.68", "topics": [ "earn" ], "places": [ "usa" ], "id": "16611" }, { "title": "CANADA PLANS ONE BILLION DLR BOND ISSUE", "body": "Canada plans a three part, one billion\ndlr issue Tuesday, which will be dated and delivered May 1, the\nfinance department said. The bonds will be issued as follows.\n - 8-1/2 pct bonds due March 1, 1992,\n - 8-3/4 pct bonds due June 1, 1996,\n - 9 pct bonds due March 1, 2011.\n The nine pct bonds will be issued to a maximum of 325 mln\ndlrs. The Bank of Canada will buy a minimum of 100 mln dlrs of\nthe new issue, including five mln dlrs of the 2011 maturity.\n Reuter\n\u0003", "date": "13-APR-1987 15:19:45.28", "places": [ "canada" ], "id": "16612" }, { "title": "CANADIAN IMPERIAL CONSIDERS BRAZIL LOAN STATUS", "body": "(Canadian Imperial Bank of Commerce)\nis considering classifying its 1.2 Canadian billion dlrs in\nloans to Brazil as non-accrual and will decide whether it will\ndo so in June, bank chairman R. Donald Fullerton told reporters\nafter a business speech here.\n Fullerton said the loans would be listed as non-accrual in\nfinancial results for the second quarter ending April 30.\n (Bank of Montreal), which has loaned about two billion\nCanadian dlrs to Brazil, the largest amount of any Canadian\nbank, previously said it is also considering declaring the\nloans as non-accrual in second quarter results.\n Under Canadian guidlines, loans are classified as\nnon-accrual when there are indications the bank will lose\ninterest or principal on the loan or when it believes it will\nbe difficult to fully settle the account within a reasonable\nperiod.\n Several U.S. banks have already announced they plan to\nplace their loans to Brazil on non-accrual lists.\n Fullerton also said Canadian Imperial still plans to enter\nthe brokerage business this year after the federal government\nintroduces laws that will let banks expand their actitivities.\n \"We'll be looking at anything in the Canadian market at\nthis point in time--from the very biggest (brokerage company)\nto the very smallest,\" Fullerton told reporters.\n Fullerton said he considers buying seats on stock exchanges\n\"a sensible move\".\n Fullerton declined to comment on TransCanada Pipelines Ltd\n(TRP)'s bid for Dome Petroleum Ltd (DMP). Canadian Imperial has\nabout 900 mln Canadian dlrs in outstanding loans to Dome,\nmaking it one of the oil company's two largest Canadian\ncreditors. The bank has a joint director on Dome's management\nboard, Fullerton said. \n Fullerton said he did not have enough information on the\nbid to evaluate its effect on Dome or its debt restructuring\ntalks.\n Fullerton called in a prepared speech for full reciprocity\nin any free-trade agreement with the U.S. involving financial\nservices.\n \"There are strong indications that financial services are\nbeing bargained away in the current free trade negotiations\nbetween Canada and the United States with no requirement of\nfull reciprocity,\" Fullerton said. \n He said U.S. banks given equal privileges with Canadian\nbanks here would be able to operate throughout the country\nwhile Canadian banks in the U.S. would be subject to approval\nand regulation by each state.\n Reuter\n\u0003", "date": "13-APR-1987 15:20:23.30", "places": [ "canada", "brazil" ], "id": "16613" }, { "title": "SOUTHERN UNIT RATINGS AFFIRMED BY MOODY'S", "body": "Moody's Investors Services Inc said it\naffirmed the ratings on 5.3 billion dlrs of debt of Georgia\nPower Co, a unit of The Southern Co.\n Affirmed were the Baa-1 first mortgage bonds, secured\npollution control revenue bonds and cumulative preferred stock,\nand the Baa-2 unsecured pollution control revenue bonds.\n Moody's said, however, that it may review the company's\ndebt ratings pending a rate decision by the Georgia Public\nService Commission due by October. If the rate order is\nunconstructive, Moody's review would have negative implications\nat that time, the agency noted.\n Reuter\n\u0003", "date": "13-APR-1987 15:21:03.67", "places": [ "usa" ], "id": "16614" }, { "title": "INTERFIRST CORP 1ST QTR LOSS", "body": "Shr loss 28 cts vs profit three cts\n Net loss 18.9 mln vs profit 2.1 mln\n Assets 16.7 billion vs 19.8 billion\n Deposits 14.1 billion vs 16.2 billion\n Loans 12.2 billion vs 14.4 billion\n Note: Net includes securities gains of 20.4 mln vs 13.1\nmln. Net charge-offs totaled 41.9 mln vs 42.2 mln, while\nprovisions for loan losses was 56.6 mln vs 52.2 mln.\nNon-performing assets totaled 1.24 billion vs 799 mln.\n Reuter\n\u0003", "date": "13-APR-1987 15:21:38.82", "topics": [ "earn" ], "places": [ "usa" ], "id": "16615" }, { "title": "COMPUTER FOUNDER RESIGNS", "body": "Computer Telephone Corp\nsaid Stephen Ide, its founder and president, resigned for\npersonal reasons, but will remain a consultant with the\ncompany.\n It said James Mahon, executive vice president, has been\nelected president effective immediately.\n Reuter\n\u0003", "date": "13-APR-1987 15:22:02.36", "places": [ "usa" ], "id": "16616" }, { "title": "AMERICAN EXCHANGE ELECTS 10 BOARD MEMBERS", "body": "The American Stock Exchange said 10\ngovernors were elected to its 25-member board of governors at\nthe annual membership meeting today.\n The exchange said there were eight new members, including\nfive from the public sector, among the ten elected to the\nboard.\n Elected to three-year terms from the public sector were\nErnst and Whinney Chairman Ray J. Groves, Hasbro Inc Chairman\nStephen D. Hassenfeld, Bowery Savings Bank Chairman Richard\nRavitch, and Phelps-Stokes Fund President Franklin H. Williams.\n Elected to a two-year term from the public sector was James\nR. Jones, a former congressman anda partner in Dickstein\nShapiro and Morin.\n The Amex said Greenberg Securities Co President Mark D.\nGreenberg and Jacee Securities Inc President Joel L. Lovett\nwere the industry representatives elected to three year terms\non the board and Johnson Lane Space Smith and Co Inc President\nDavid T. Johnson was elected to a one year term as an industry\nrepresentative.\n It said two industry representatives were returned to the\nboard for three year terms -- Rotan Mosle Inc President R. John\nStanton Jr. and Smith Barney Harris Upham and Co Inc President\nsGeorge A. Vonder Linden.\n Reuter\n\u0003", "date": "13-APR-1987 15:24:26.79", "places": [ "usa" ], "id": "16617" }, { "title": "CLEVITE has refused to pay it 9.5 mln dlrs in\nconnection with J.P. Industries' acquisition of the company's\nformer Engine Parts Division.\n The amount results from a disputed post-closing adjustment\nof the division's purchase price.\n Clevite sold the division to J.P. Industries in February\n1987, subject to a final audit after the closing.\n Clevite said J.P. Industries held back a portion of the\npurchase price at the time of the sale. It said a preliminary\naudit showed J.P. Industries owed Clevite 14 mln dlrs, of which\n4.5 mln dlrs has been paid.\n It said J.P. Industries disputed the balance. Clevite said\nit would pursue all possible means to collect the amount owed.\n On April Eight, Clevite said it received a 13.50 dlr a\nshare offer, valued at about 96 mln dlrs, for all of its\noutstanding shares from J.P. Industries. A Clevite\nmanagement-led group also is seeking a leveraged buyout of the\ncompany at 11.50 dlrs a share.\n Reuter\n\u0003", "date": "13-APR-1987 15:25:00.21", "places": [ "usa" ], "id": "16618" }, { "title": "MARINE MIDLAND BANKS INC 1ST QTR NET", "body": "Shr 1.74 dlrs vs 1.89 dlrs\n Net 35.3 mln vs 38.2 mln\n Assets 24.5 billion vs 21.8 billion\n Deposits 16.9 billion vs 16.1 billion\n Loans 18.9 billion vs 16.0 billion\n NOTE: Qtr includes pre-tax provision of 9.7 mln dlrs,\nresulting in 5.7 mln dlrs after-tax loss, for reserve against\ninterest due on medium- and long-term Brazilian loans.\n Net investment gains for the qtr were 2.2 mln dlrs versus a\ngain of 15.5 mln in last year's first quarter.\n Provision for loan losses in the quarter was 35.3 mln dlrs\nvs 44.1 mln dlrs the prior first quarter.\n\n Reuter\n\u0003", "date": "13-APR-1987 15:27:28.33", "topics": [ "earn" ], "places": [ "usa" ], "id": "16619" }, { "title": "NL INDUSTRIES NAMES PRESIDENT", "body": "NL Industries Inc said it named J.\nLandis Martin as president and chief executive officer,\nsucceeding Harold Simmons, who will continue as chairman.\n The company said Martin, 41, was also named chairman and\nchief executive of its NL Chemicals Inc unit.\n Reuter\n\u0003", "date": "13-APR-1987 15:28:03.58", "places": [ "usa" ], "id": "16620" }, { "title": " STAKE ACQUIRED", "body": "Fourth National Corp said an\ninvestor group led by management has acquired a 73 pct stake in\nthe company from Interfirst Corp , a Dallas bank holding\nfirm.\n A Fourth National spokesman said the deal was for cash but\nwould not disclose the amount.\n Fourth National, a bank holding company with about 500 mln\ndlrs in assets, said in a statement that it will continue to\noperate its four subsidiaries and retain its employees.\n Reuter\n\u0003", "date": "13-APR-1987 15:28:29.59", "topics": [ "acq" ], "places": [ "usa" ], "id": "16621" }, { "title": "DEL WEBB UNIT SELLS JOINT VENTURE STAKE", "body": "Del E. Webb Corp said its Del E.\nWebb Properties Corp unit sold one-half of its interest in the\n224-acre Towne Meadows mixed-use development near Mesa and\nGilbert, Ariz., to Klukwan Inc, an Alaskan native cooperative.\n Terms of the sale were not disclosed.\n Webb said it had a one-half interest in the venture.\n Reuter\n\u0003", "date": "13-APR-1987 15:28:37.18", "topics": [ "acq" ], "places": [ "usa" ], "id": "16622" }, { "title": "BANK OF NEW ENGLAND CORP 1ST QTR", "body": "Shr 1.04 dlrs vs 83 cts\n Net 51.7 mln vs 39.4 mln\n \n Reuter\n\u0003", "date": "13-APR-1987 15:30:49.19", "topics": [ "earn" ], "places": [ "usa" ], "id": "16623" }, { "title": "U.S. EXPORTERS REPORT 350,000 TONNES CORN SOLD TO UNKNOWN DESTINATIONS FOR 1986/87\n", "date": "13-APR-1987 15:31:00.57", "topics": [ "grain", "corn" ], "places": [ "usa" ], "id": "16624" }, { "title": "CANANDAIGUA WINE CO INC 2ND QTR NET", "body": "Qtr ended Feb 28\n Shr 35 cts vs 38 cts\n Net 1,682,047 vs 1,817,820\n Revs 36.1 mln vs 29.9 mln\n Six mths\n Shr 73 cts vs 75 cts\n Net 3,518,515 vs 3,606,689\n Revs 74.1 mln vs 62.7 mln\n Reuter\n\u0003", "date": "13-APR-1987 15:32:21.72", "topics": [ "earn" ], "places": [ "usa" ], "id": "16625" }, { "date": "13-APR-1987 15:34:08.19", "topics": [ "earn" ], "id": "16626" }, { "title": "U.S. TRADE PANEL RULES AGAINST BRAZILIAN ORANGE JUICE IMPORTS, WILL IMPOSE DUTUES\n", "date": "13-APR-1987 15:34:11.07", "topics": [ "orange" ], "places": [ "usa", "brazil" ], "id": "16627" }, { "title": "FLORIDA PROGRESS CORP 1ST QTR NET", "body": "Shr 83 cts vs 94 cts\n Net 41.2 mln vs 45.5 mln\n Revs 428.4 mln vs 429.6\n Avg shrs 49.8 mln vs 48.1 mln\n 12 months\n Shr 3.59 dlrs vs 3.53 dlrs\n Net 176.9 mln vs 164.4 mln\n Revs 1.87 billion vs 1.70 billion\n Avg shrs 49.3 mln vs 46.6\n NOTE: 1986 first quarter profits restated down one cent a\nshare as a result of previously reported pooling of interests\nmerger with Mid-Continent Life Insurance Co.\n Reuter\n\u0003", "date": "13-APR-1987 15:34:29.41", "topics": [ "earn" ], "places": [ "usa" ], "id": "16628" }, { "title": "TRIBUNE TO BUY HOLLYWOOD PROPERTY", "body": "Tribune Co said it agreed to buy from\nGene Autry and the Autry Foundation certain properties located\nin Hollywood, California. Terms were not disclosed.\n The properties include broadcast and studio facilities on\n10.1 acres of land located at Sunset Boulevard and Van Ness\nAvenue in Hollywood.\n Also included in the agreement are three additional parcels\nof land on Sunset Boulevard totaling 2.3 acres, it said.\n \n Reuter\n\u0003", "date": "13-APR-1987 15:35:02.92", "places": [ "usa" ], "id": "16629" }, { "title": "U.S. AGENCY RULES AGAINST BRAZIL ORANGE JUICE", "body": "The U.S. International Trade\nCommission, ITC, voted to authorize the Commerce Department to\nimpose anti-dumping duties on imports of Brazilian frozen\nconcentrated orange juice.\n The ITC voted 3-2 in favor of the anti-dumping petition in\nits final ruling on the matter.\n Today's ITC ruling was consistent with the Commerce\nDepartment's final ruling of March 9, and activates an\nanti-dumping duty of 1.96 pct on imports of Brazilian frozen\nconcentrated orange juice, Stephen Vastagh, ITC investigator\nsaid.\n The ITC found that Brazilian orange juice imports have\ninjured U.S. producers. The Commerce Department had already\nruled that the imports were unfairly priced, and lowered to\n1.96 pct the anti-dumping margin that in a preliminary decision\nlast fall had been set at 8.5 pct, Vastagh said.\n The U.S. government has been requiring bond to be posted on\nimports of Brazilian frozen concentrated orange juice since\nCommerce's preliminary ruling of last October 23, he said.\n Commerce had ruled that one major Brazilian producer --\nCutrale -- would be excluded from the anti-dumping duty.\n Brazilian imports account for about 40 pct of total U.S.\nsupply, Vastagh said. Between December 1985 and November 1986,\nthe United States imported the equivalent of 546 mln gallons of\nBrazilian orange juice worth 622 mln dlrs, he said.\n Currently, the United States requires a 35-cent per gallon\ntariff on orange juice imports, Vastagh said.\n An ITC spokesman said the agency would forward its final\nreport on the anti-dumping case to Commerce by April 22.\n Commerce then will process the anti-dumping order and\ntransmit it to U.S Customs, which will liquidate bond entries\ndating from Commerce's preliminary ruling and begin assessing\nduties, Vastagh said.\n He said about 12 Brazilian orange juice exporters,\nincluding three major shippers, would be affected by the\ndecision.\n Reuter\n\u0003", "date": "13-APR-1987 15:35:08.07", "topics": [ "orange" ], "places": [ "usa", "brazil" ], "id": "16630" }, { "title": "TALKS FAIL TO HEAD OFF CHIP SHOWDOWN WITH JAPAN", "body": "Talks between the United States\nand Japan on alleged Japanese dumping of computer microchips\nhave failed to head off U.S. imposition of retaliatory tariffs,\ntwo senior White House officials said.\n President Reagan's chief of staff, Howard Baker told\nreporters here that he saw no developments that that would\ncause the president to back away from his plan to issue a\nproclamation on Friday slapping 100 per cent tariffs on a range\nof Japanese electronic products.\n \"I assume that there will be a proclamation on Friday,\"\nBaker said.\n Reagan's National Security Adviser, Frank Carlucci added,\n\"It looks like a very difficult situation at this point.\"\n Carlucci said that evidence of Japanese \"dumping\" of\nmicrochips had been \"fairly conclusive.\" The alleged dumping --\nselling abroad at below the cost of manufacture -- is said to\nhave undercut the technologically important U.S. microchip\nindustry.\n Carlucci also said that although Japanese officials had\npresented statistics designed to show that Japan was opening\nits markets to American producers of microchips, \"our\nstatistics do not confirm this.\"\n \"Indeed, they tend to go in the other direction,\"Carlucci\nsaid.\n President Reagan announced on March 27 that he planned to\nraise tariffs on as much as 300 mln dlrs in Japanese exports to\nthe United States.\n He accused Japan of failing to enforce major provisions of\na September 1986 agreement on preventing microchip dumping and\nproviding American industry with fair trade opportunities.\n He said he would be prepared to lift the sanctions when\nJapan took corrective action on these two issues.\n The dispute has soured U.S.-Jpanese relations as Japanese\nPrime Minister Yasuhiro Nakasone prepares to visit Washington\nat the end of the month for talks with Reagan.\n Last Friday Reagan, answering questions following a speech\nto the Los Angeles World Affairs Council, said Nakasone had\nendangered his political standing at home because of his\nwillingess to try to eliminate trade barriers against U.S.\ngoods.\n He said he was looking forward to his talks with Nakasone\nand \"he has been most helpful.\"\n Today Reagan was vacationing at his ranch near here.\n Reuter\n\u0003", "date": "13-APR-1987 15:37:38.69", "places": [ "usa", "japan" ], "id": "16631" }, { "title": "BIONUTRONICS MAY CEASE OPERATIONS", "body": "Bio-Nutronics Inc said that if it is\nunable in the \"very near future\" to substantially increase its\nrevenues or otherwise raise additional funds, it may be\nrequired to cease operations.\n Reuter\n\u0003", "date": "13-APR-1987 15:40:53.49", "places": [ "usa" ], "id": "16632" }, { "title": "NATIONAL CITY BANCORP 1ST QTR NET", "body": "Shr 37 cts vs 27 cts\n Net 1,194,000 vs 870,000\n Reuter\n\u0003", "date": "13-APR-1987 15:42:40.08", "topics": [ "earn" ], "places": [ "usa" ], "id": "16633" }, { "title": "MORTON THIOKOL WANTS PAPERS MADE PUBLIC", "body": "Lawyers for Morton Thiokol Inc asked\na federal judge to unseal all papers filed in court here in\nconnection with a lawsuit against it by a former employee.\n U.S. District Judge Harold Greene held a hearing this\nmorning on the company's request but took no immediate action,\naccording to a clerk.\n The company's motion was opposed by lawyers for the U.S.\nDepartment of Justice.\n The lawsuit filed by the former employee, engineer Roger\nBoisjoly, alleged criminal responsibility by Thiokol in the\ndeaths of the seven Challenger astronauts in January 1986.\n Justice Department sources told Reuters earlier this month\nthat the Federal Bureau of Investigation has launched a\ncriminal investigation of Thiokol, which made the booster\nrocket blamed for the loss of the Challenger space shuttle.\n The sources said the probe stemmed from the suit by\nBoisjoly, who is now on medical disability.\n Boisjoly is seeking damages from the company for allegedly\ndefaming his professional reputation by transferring him to a\nless important job after he testified to a presidential\ncommission about the Challenger explosion.\n\n Reuter\n\u0003", "date": "13-APR-1987 15:43:13.88", "places": [ "usa" ], "id": "16634" }, { "title": "ONEOK INC 2ND QTR FEB 28 NET", "body": "Shr 1.21 dlrs vs 1.80 dlrs\n Net 16.9 mln vs 24.6 mln\n Revs 230.9 mln vs 289.6 mln\n 12 mths\n Shr 1.97 dlrs vs 2.37 dlrs\n Net 27.6 mln vs 32.4 mln\n Revs 648.6 mln vs 875.7 mln\n NOTE: company reports earnings qtrly and includes the\nprevious 12 mths figures.\n Reuter\n\u0003", "date": "13-APR-1987 15:43:24.76", "topics": [ "earn" ], "places": [ "usa" ], "id": "16635" }, { "title": "TEXACO SAYS SOME OIL FLOWS RE-ESTABLISHED", "body": "Texaco Inc has re-established some key\noil supply lines following yesterday's court filing for\nprotection under Chapter 11 of the U.S. bankrupcty code, said\nElton Yates, Texaco's coordinator of worldwide operations.\n \"Several companies say they are willing to start trading,\"\nYates told Reuters in an interview.\n The company last week had stated that a number of domestic\nand international oil suppliers were demanding cash for oil\nshipments, and in some cases, had cut supplies altogether.\nBanks had also cut credit lines, it said in court filings.\n Manufacturers Hanover Corp and other banks told\nTexaco it would cut off a one billion dlr credit line, Texaco\nsaid in the court filing. Chase Manhattan Corp and J.P.\nMorgan Co's Morgan Guaranty Trust Co asked for deposits\nto cover transactions, it said.\n The severe conditions with suppliers and creditors arose\nfrom an unfavorable ruling last Monday by the U.S. Supreme\nCourt in Texaco's ongoing dispute with Pennzoil Co over\nthe acquisition of Getty Oil Co in 1984.\n The High Court said Texas Courts must consider Texaco's\nplea to cut its 10.3 billion dlr bond while appealing the case.\n \"Most of the suppliers stayed with us as long as they\ncould,\" Elton said. But following Monday's Supreme Court\nruling, Texaco's suppliers began demanding cash and halting\nsupplies.\n \"It wasn't until last Wednesday that it turned into an\navalanche,\" he said. \"Supplies were cut to the point where we\ncould not run the system at anywhere near capacity.\"\n He said less than half of Texaco's oil supplies had been in\njeapordy, but the cut off would have produced severe shortages\nby mid-May. Now the situation appears much less severe, Elton\nsaid.\n It said that Sonatrach, the Algerian national oil company,\ncanceled future deliveries of crude oil and natural gas,\nOccidental Petroleum Co demanded cash for crude, and\nAtlantic Richfield Co asked for special safeguards.\n The company also said British Petroleum Co PLC last\nweek refused to accept an order for fuel oil. But Yates today\nsaid, \"a big U.K. company has in fact said they would go on\nsupplying. They had cancelled last week.\"\n He declined to identify the company.\n , the Venezuelan state oil\ncompany that supplies a large portion of Texaco's oil, also\nhalted shipments two weeks ago, Yates said.\n But he added that Texaco expected to meet with the\nVenezuelans later today in an attempt to reestablish that key\nsupply line. Talks were also expected to take place with the\nAlgerians, he added.\n Bankruptcy specialists said it was likely Texaco's chapter\n11 filing would allow the company to secure its credit lines\nand oil supplies that are key to the company's business.\n \"It will be business as usual for Texaco,\" said Martin\nKlein, a bankruptcy attorney at the New York law firm Dreyer\nand Traub.\n \"Creditors are a nervous bunch of people,\" he said. \"But\nwhen the dust settles they will reevaluate the situation and\nwill likely extend credit to the chapter 11 company.\"\n But other officials at Texaco were not immediately\navailable to say whether discussions were being held with its\nbanks, or whether credit lines had been reestablished.\n Reuter\n\u0003", "date": "13-APR-1987 15:43:59.05", "topics": [ "crude" ], "places": [ "usa", "algeria", "venezuela", "uk" ], "id": "16636" }, { "title": "TEXAS AIR UNIT HIKES SERVICE FROM DENVER", "body": "Texas Air Corp's Continental Airlines\nsaid it will add flights in May to three destinations it\nalready serves from Denver, raising its total daily departures\nto 264 from 261 at Stapleton International Airport.\n The company said that beginning May 4 it will add a fourth\ndaily nonstop to Des Moines, Iowa and a third nonstop to\nSpokane, Wash.\n Meanwhile, on May 21 it will add a fourth daily nonstop to\nNew York/Laguardia International Airport.\n Reuter\n\u0003", "date": "13-APR-1987 15:44:09.87", "places": [ "usa" ], "id": "16637" }, { "title": "NATIONAL CITY BANCORP 10 PCT DIVIDEND", "body": "National City Bancorp said\ndirectors at the annual meeting declared a 10 pct stock\ndividend payable May 22, record April 24.\n Reuter\n\u0003", "date": "13-APR-1987 15:44:15.92", "topics": [ "earn" ], "places": [ "usa" ], "id": "16638" }, { "title": "GAMING AND TECHNOLOGY PRESIDENT RESIGN", "body": "Gaming and Technology Inc said\nStan Fulton has resigned as president of the company.\n Chairman Alfred Wilms said he will assume the additional\nposition of president.\n Fulton will remain a director of the company and will work\non special projects, a Gaming and Technology spokeswoman said.\n Reuter\n\u0003", "date": "13-APR-1987 15:44:21.88", "places": [ "usa" ], "id": "16639" }, { "title": "MOODY'S MAY DOWNGRADE TRANSCANADA PIPELINE ", "body": "Moody's Investors Service Inc said it\nmay downgrade 500 mln dlrs of Eurodebt of TransCanada Pipelines\nLtd.\n The agency cited TransCanada's 4.3 billion Can dlr offer\nfor the assets of Dome Petroleum Ltd . The offer entails a\ncash payment of 3.87 billion Can dlrs to Dome's creditors and\nthe exchange of about 20 pct of the common stock of a new\nTransCanada subsidiary for Dome's common and preferred.\n Moody's will examine the financing of the proposed\ntransaction and resulting capital structure. TransCanada has\nA-3 Euro mortgage bonds and Baa-1 Eurodebt.\n Reuter\n\u0003", "date": "13-APR-1987 15:44:30.84", "places": [ "usa" ], "id": "16640" }, { "title": "FLAGLER BANK CORP 1ST QTR NET", "body": "Shr 25 cts vs 23 cts\n Net 488,000 vs 443,000\n Assets 289.3 mln vs 213.9 mln\n Deposits 254 mln vs 188.5 mln\n Loans 156.4 mln vs 123.4 mln\n NOTE: Per share amounts adjusted for stock dividends.\n Reuter\n\u0003", "date": "13-APR-1987 15:44:42.51", "topics": [ "earn" ], "places": [ "usa" ], "id": "16641" }, { "title": "NATIONAL CITY CORP 1ST QTR NET", "body": "Shr primary 87 cts vs 83 cts\n Shr diluted 85 cts vs 74 cts\n Net 35.9 mln vs 30.6 mln\n Avg shrs 41.0 mln vs 34.2 mln\n Assets 13.95 billion vs 12.34 billion\n Deposits 10.21 billion vs 9.24 billion\n Loans 9.22 billion vs 7.89 billion\n Return on assets 1.07 pct vs 1.05 pct\n Note: Net includes securities gains of seven cts a shr vs\ntwo cts.\n Net includes loan loss provision of 20.2 mln vs 12.6 mln.\n Net charge-offs totaled 15.6 mln, brining the loan loss\nreserve at the end of the qtr to 120.5 mln.\n Reuter\n\u0003", "date": "13-APR-1987 15:45:01.68", "topics": [ "earn" ], "places": [ "usa" ], "id": "16642" }, { "title": "RULES CHANGE RAISES CHRYSLER PENSION COSTS", "body": "Chrysler Corp's pension expense is\nexpected to increase by more than 50 pct this year due to new\npension accounting standards, its annual report said.\n It said implementation of Statement of Financial Accounting\nStandards Number 87 issued by the Financial Accounting\nStandards Board in December 1985 this year is expected to\nincrease Chrysler's pension expense by more than 50 pct when\ncompared to pension expense calulated under the prevsious\nstandards.\n Last year, the report said, the company's pension expense\nwas 236.3 mln dlrs, up from 219.8 mln dlrs in 1985.\n A Chrysler spokeswoman said the exact amount of the\nincrease caused by the accounting change will be reported when\nthe company reports first quarter earnings late this month.\n The report also said Chrysler is continuing its program,\nannounced in December 1984, of buying up to 56.25 mln shares --\nadjusted to reflect two three-for-two stock splits since then.\n The company had acquired about 42.3 mln shares by the end\nof 1986, the report said, adding there is no target set for\ncompletion of the program.\n Reuter\n\u0003", "date": "13-APR-1987 15:45:52.62", "places": [ "usa" ], "id": "16643" }, { "title": "BANK OF NEW ENGLAND POST PRO FORMA NET", "body": "Bank of New England Corp reported\nthat pro forma first quarter earnings, which reflect its \ncombined operations under a pending merger with the Conifer\nGroup, rose to 60 mln dlrs, or 89 cts a share, from 49 mln\ndlrs, or 75 cts a share in 1986.\n The merger is expected to close on April 22.\n Earlier, Bank of New England reported first quarter net\nincome, not taking the merger into account, rose to 1.04 dlrs\nfrom 83 cts a share.\n NOTE:First quarter of 1986 does not include restatement\nfrom recent acquisitions. After restatement, net income was\n39.8 mln dlrs.\n The 1987 pro forma first quarter results include\nnonrecurring merger expenses of 4.7 mln dlrs.\n Excluding these expenses, growth in operating expenses of\nthe combined companies was reduced from 14 pct to 12 pct during\nthe first quarter.\n Loans and leases increased 34 pct to 19.5 billion dlrs and\ndeposits grew 14 pct to 19.6 billion dlrs.\n The provision for possible credit losses was 14.4 mln dlrs\nin the first quarter compared with 19.7 mln dlrs last year.\n Net charge-offs were 10.9 mln dlrs, down from 12.8 mln dlrs\nin 1986.\n Reuter\n\u0003", "date": "13-APR-1987 15:46:55.70", "topics": [ "earn" ], "places": [ "usa" ], "id": "16644" }, { "title": "BURNHAM AMERICAN PROPOERTIES 2ND QTR", "body": "Qtr ended March 31\n Net 268,760 vs 235,274\n Revs 721,882 vs 575,806\n Six mths\n Net 472,642 vs 464,042\n Revs 1,372,453 vs 1,059,462\n Note: per share data not given, as not comparable to net\nfigures, which are before depreciation.\n Reuter\n\u0003", "date": "13-APR-1987 15:51:16.43", "topics": [ "earn" ], "places": [ "usa" ], "id": "16645" }, { "title": "CANADA'S WILSON HAS NO COMMENT ON DOME (DMP)", "body": "Finance Minister Michael Wilson said it\nwas too early to comment on the tax implications of TransCanada\nPipeLines Ltd's 4.3 billion dlr offer for Dome Petroleum Ltd.\n \"The specific offer by TransCanada is just in the course of\nbeing made and we don't have the details of all the elements of\nthe proposal,\" Wilson told the House of Commons daily question\nperiod.\n Opposition parties were questioning Wilson about a possible\nloss of tax revenue if the takeover was completed because of\nthe large tax credits held by Dome. \n Reuter\n\u0003", "date": "13-APR-1987 15:53:01.76", "topics": [ "acq" ], "places": [ "canada" ], "id": "16646" }, { "title": "INTERNATIONAL TELECHARGE LAUNCHES SERVICE", "body": "International Telecharge Inc said it\nintroduced a new international inbound long-distance service\nfrom Europe called \"Quick Call USA.\"\n The three-minute call will be available from seven European\ncountries. The call, placed by dialing a local country access\nnumber, will be answered by an International Telecharge\noperator and sent to any phone in the U.S., it said.\n The caller has the option of calling collect or billing to\na major credit card at a flat rate of 10.65 dlrs, expect for\ncalls from the U.K. which will be billed at a rate of 8.53\ndlrs, the company said.\n\n Reuter\n\u0003", "date": "13-APR-1987 15:53:55.16", "places": [ "usa" ], "id": "16647" }, { "title": "DAUPHIN DEPOSIT TO ACQUIRE COLONIAL", "body": "Dauphin Deposit Corp said it\nsigned a definitive agreement to acquire .\n The agreement calls for Colonial to be merged into Dauphin\nDeposit Corp, and Colonial's subsidiary, New Holland Farmers\nNational Bank, to be merged into Dauphin Deposit Bank and Trust\nCo, the lead bank of Dauphin Deposit Corp, the company said.\n Shareholders of Colonial will receive between 3.6 and 4.4\nshares of Dauphin common stock for each share of Colonial,\ndepending on Dauphin's current market value, it said.\n As of Dec 31, 1986, Colonia Bancorp had assets of 150 mln\ndlrs, Dauphin said.\n Reuter\n\u0003", "date": "13-APR-1987 15:54:42.71", "topics": [ "acq" ], "places": [ "usa" ], "id": "16648" }, { "title": "KUWAITI DAILY SAYS OPEC CREDIBILITY AT STAKE", "body": "OPEC's credibility faces fresh scrutiny\nin coming weeks amid signs of a significant rise in supplies of\noil to international oil markets, the Kuwait daily al-Qabas\nsaid.\n In an article headlined \"Gulf oil sources say Middle East\nproduction up 1.4 mln bpd\" and \"Markets witness new surplus amid\nwhispers of return to cheating days,\" it warned OPEC's official\nprices could face fresh pressure from international oil\ncompanies seeking cheaper supplies.\n It did not say whether only OPEC or Opec and other\nproducers were behind the reported rise in Mideast output. Nor\ndid it specify if the sources were official or other contacts.\n \"The sources said the credibility of OPEC would come under\nfresh scrutiny from Monday, with activity in the European and\nAmerican markets,\" it said.\n The sources were quoted as saying that after Opec had in\nMarch demonstrated its commitment to quota agreements, some\nmembers had raised output last week. It gave no details.\n \"Dealers in oil markets were now waiting to see if Opec was\nable to control production, or whether the days of cheating and\nproducing over quotas has begun anew,\" it reported.\n \"The sources warned that maybe the (price of a) barrel of oil\nwill fall below 18, perhaps 17.80 dlrs this week or next if\nthere is no control on supplies.\n \"The sources believed a return of oil below 18 dlrs a barrel\nmay open the doors for international oil companies to pressure\nOpec over contract prices, similar to the struggle last March,\"\nit said, apparently referring to resistance by buyers to lift\nfrom Qatar unless it gave price discounts.\n \"More than one official has warned Opec would find its\nsolidarity under scrutiny by the end of April or start of May,\"\nit said, noting demand usually fell with the onset of summer.\n\n Reuter\n\u0003", "date": "13-APR-1987 15:57:04.03", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "kuwait" ], "id": "16649" }, { "title": "TREASURY BALANCES AT FED FELL ON APRIL 9", "body": "Treasury balances at the Federal\nReserve fell on April 10 to 3.373 billion dlrs from 3.523\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 11.645\nbillion dlrs from 11.869 billion dlrs on the same respective\ndays.\n The Treasury's operating cash balance totaled 15.018\nbillion dlrs compared with 15.392 billion dlrs on April 9.\n Reuter\n\u0003", "date": "13-APR-1987 16:03:10.83", "topics": [ "money-supply" ], "places": [ "usa" ], "id": "16650" }, { "title": "DOE RESOLVES ISSUES WITH ROYAL DUTCH UNIT", "body": "The Energy Department said it had\napproved in final form an agreement that resolves all remaining\nissues with Shell Oil Co over oil pricing and allocation\ncontrols that ended in 1981.\n Under the agreement, The Royal Dutch/Shell Group unit \nagreed to pay 20 mln dlrs to settle refiner pricing issues and\n160 mln dlrs to settle crude oil pricing issues, DOE said.\n DOE said that before making the pact final, it modified it\nto reflect Shell's compliance with the Tertiary Incentive\nProgram, a provision not in the version published last Dec 31.\n reuter\n\u0003", "date": "13-APR-1987 16:04:26.94", "topics": [ "crude" ], "places": [ "usa" ], "id": "16651" }, { "title": "CELLULAR COMMUNICATIONS CLOSES BUYOUT", "body": "Cellular Communications Inc said that\na unit purchased a 6.99 pct interest in the Cincinnati\nnon-wireline cellular system.\n As a result of the transaction, the company said it now\nowns 100 pct of the system in Cincinnati.\n Reuter\n\u0003", "date": "13-APR-1987 16:05:39.92", "topics": [ "acq" ], "places": [ "usa" ], "id": "16652" }, { "title": "ATHLONE INDUSTRIES INC SETS QTLY DIVIDEND", "body": "Qtly div 40 cts vs 40 cts prior\n Pay May 15\n Record May one.\n Reuter\n\u0003", "date": "13-APR-1987 16:06:00.31", "topics": [ "earn" ], "places": [ "usa" ], "id": "16653" }, { "title": "FIRST FEDERAL SAVINGS BANK 2ND QTR NET", "body": "Qtr ended March 31\n Shr 88 cts\n Net 973,000 vs 713,000\n Six mths\n Shr 1.35 dlrs\n Net 1,497,000 vs 1,464,000\n Note: Bank went public on Dec 29, 1986.\n Reuter\n\u0003", "date": "13-APR-1987 16:08:09.76", "topics": [ "earn" ], "places": [ "usa" ], "id": "16654" }, { "title": "PLANTRONICS INC 3RD QTR MARCH 28 NET", "body": "Shr 39 cts vs 32 cts\n Net 2,524,000 vs 2,046,00\n Sales 28.5 mln vs 23.5 mln\n Nine Mths\n Shr 1.01 dlrs vs 1.09 dlrs\n Net 6,323,000 vs 6,990,000\n Sales 80.6 mln vs 68.8 mln\n Note: Current qtr and nine mth net include 447,000 dlr gain\non asset sales.\n Prior nine mth net includes 3.4 mln dlr asset sale gain.\n Reuter\n\u0003", "date": "13-APR-1987 16:09:13.39", "topics": [ "earn" ], "places": [ "usa" ], "id": "16655" }, { "title": "GAF SEEKS INFORMATION ON BORG-WARNER", "body": "GAF Corp said it is exploring its\noptions in response to Merrill Lynch Capital Partners' 4.23\nbillion dlr offer for Borg-Warner Corp, and it has asked for\nall information that was supplied to Merrill Lynch.\n A GAF spokesman said the company asked for the information\nin order to enable GAF to fully evaluate its alternatives.\n The spokesman also confirmed that GAF did raise its bid to\n48 dlrs cash from 46 dlrs per share on Friday.\n Merrill is offering 48.50 dlrs per share cash for 89 pct of\nBorg-Warner, and a package of cash and securities for the\nbalance.\n The transaction with Merrill Lynch will take Borg-Warner\nprivate in the form of a leveraged buyout. Merrill Lynch does\nnot intend to sell Borg-Warner assets, but it may be forced to\ndo so in financing the deal, said sources familiar with the\ntransaction.\n Borg-Warner has said its management is not a participant\nin the transaction, but managers will retain their positions.\n The investors involved with Merrill include pension funds,\ninsurance companies and other institutional investors, sources\nsaid.\n Analysts believe GAF, which owns 19.9 pct of Borg-Warner,\nwill raise its offer.\n That speculation drove Borg-warner stock up 1-3/8 to 49-5/8\nin heavy trading. GAF closed at 49-5/8, off 3/4.\n \n Reuter\n\u0003", "date": "13-APR-1987 16:11:11.30", "topics": [ "acq" ], "places": [ "usa" ], "id": "16656" }, { "title": "BELL ATLANTIC UNIT HAS MARKETING APPROVAL", "body": "New Jersey Bell, wholly owned by\nBell Atlantic Corp, said the Federal Communications Commission\nwill allow it to market its network service with equipment\nprovided by Bell Atlanticom Systems, an unregulated company\nalso wholly owned by Bell Atlantic.\n New Jersey Bell said the FCC ruling gives it interim relief\nfrom current accounting restrictions until the company's plans\nfor complying with new accounting rules are approved by the\nFCC.\n New Jersey Bell said the FCC ordered January one that\ntelephone companies could offer equipment as long as they\ncomplied with new accounting rules that separate costs of\nregulated service from unregulated activities.\n New Jersey Bell said the joint marketing program between it\nand Bell Atlanticom Systems will apply initially to New Jersey\nBell's largest business customers.\n Reuter\n\u0003", "date": "13-APR-1987 16:11:25.48", "places": [ "usa" ], "id": "16657" }, { "title": "ABU DHABI MARKETING SAID NOT BREACHING OPEC PACT", "body": "A senior Abu Dhabi oil official said\nin remarks published today the emirate, largest producer in the\nUnited Arab Emirates (UAE), was succeeding in marketing its\ncrude oil without breaching OPEC accords.\n Khalaf al-Oteiba, Marketing Director at the Abu Dhabi\nNational Oil Co (ADNOC), told the company's Petroleum Community\nmagazine ADNOC was also keen to keep good customer relations.\n\"The company will maintain its dialogue with and care for its\ncustomers in accordance with market conditions...And take\nnecessary steps to guarantee marketing its production,\" he said.\n \"The present oil marketing policy of ADNOC is based on\nadherence to OPEC decisions of December 1986 to control\nproduction and establish a new pricing system in an attempt to\nstabilize the market,\" he added.\n OPEC agreed last December to limit production to 15.8 mln\nbpd and return to fixed prices averaging 18 dlrs a barrel.\n Oteiba said stabilization of the oil market in the future\ndepended on how much discipline OPEC showed.\n Oteiba said last year, when world oil prices dropped, was\nADNOC's most difficult ever but \"a practical and flexible\npricing policy was implemented to relate to the changed market\nenvironment.\"\n He said crude oil sales last year jumped to an average\n609,000 bpd of which 73 pct was exported. Refined product sales\ntotalled eight mln metric tonnes, of which 67 pct was exported.\n In 1985, ADNOC marketed a total of 476,000 bpd of crude oil\nand 7.2 mln tonnes of refined products.\n Reuter\n\u0003", "date": "13-APR-1987 16:16:17.23", "topics": [ "crude" ], "organisations": [ "opec" ], "places": [ "uae" ], "id": "16658" }, { "title": "UNITED TECHNOLOGIES GETS 502.1 MLN DLR CONTRACT", "body": "The Pratt and Whitney Government\nProducts Division of United Technologies Corp is being\nawarded a 502.1 mln dlr increase to an Air Force contract for\nalternate fighter engine and support equipment, the Defense\nDepartment said.\n It said the contract, which funds work related to\nF100-FW-220 engines, combines purchases for the U.S. Air Force,\nKorea, Singapore, Thailand, Egypt and the Netherlands under the\nForeign Military Sales program.\n Work on the contract is expected to be completed December\n1988, the department said.\n Reuter\n\u0003", "date": "13-APR-1987 16:17:01.32", "places": [ "usa", "south-korea", "singapore", "thailand", "egypt", "netherlands" ], "id": "16659" }, { "title": "LOCKHEED UNIT GETS 275 MLN DLR CONTRACT", "body": "Lockheed Corp's Lockheed Missiles\nand Space Co is being awarded a 275 mln dlr modification to a\nNavy contract for development and production of Trident II\nmissiles, the Defense Department said.\n It said work on the contract is expected to be completed in\nMarch 1990.\n\n Reuter\n\u0003", "date": "13-APR-1987 16:17:24.53", "places": [ "usa" ], "id": "16660" }, { "title": "CORE-MARK SEES PROBLEM CORRECTION", "body": "Core-Mark\nInternational Inc said it was vigorously addressing its\nproblems and would correct them in the near term.\n The packaged goods distributor said that its statement\nfollowed \"a number of apparently confusing statements\nconcerning the company that may have given rise to uncertainty\nas to the company's current operative condition and future.\"\n Core-Mark previously said that former chief executive D.E.\nGillespie resigned due to family problems and declining health,\nand added that negotiations for sale of his majority stake to\ntwo unnamed investor groups were a growing possibility.\n Core-Mark's interim chief executive Anthony Regensburg said\nthe sudden earnings deterioration in late fourth quarter \"took\neveryone by surprise and directors along with management are\nurgently addressing these problems.\n \"Speculation as to the company's future has been less than\nhelpful and has provoked and heightened anxieties and diverted\nmanagement's time and attention to address them,\" Regensburg\nsaid in a statement.\n Reuter\n\u0003", "date": "13-APR-1987 16:18:31.52", "places": [ "canada" ], "id": "16661" }, { "title": "RHNB CORP 1ST QTR NET", "body": "Shr 61 cts vs 55 cts\n Net 695,252 vs 633,329\n Loans 125.2 mln vs 89.9 mln\n Deposits 209.2 mln vs 172.9 mln\n Assets 245.5 mln vs 207.5 mln\n Reuter\n\u0003", "date": "13-APR-1987 16:19:09.95", "topics": [ "earn" ], "places": [ "usa" ], "id": "16662" }, { "title": "KRAFT COMPLETES ACQUISITION", "body": "Kraft Inc said it completed the\nacquisition of Holleb and Co, a foodservice distributor based\nin Bensenville, Ill.\n Terms were withheld.\n It said Holleb's 1986 sales were about 85 mln dlrs.\n Reuter\n\u0003", "date": "13-APR-1987 16:19:22.06", "topics": [ "acq" ], "places": [ "usa" ], "id": "16663" }, { "title": "FIRST OF AMERICA BANK INC 1ST QTR NET", "body": "Shr 1.12 dlrs vs 1.27 dlrs\n Net 15,000,000 vs 11,900,000\n Avg shrs 9,642,403 vs 8,322,245\n Loans 4.57 billion vs 3.29 billion\n Deposits 6.80 billion vs 4.75 billion\n Assets 7.75 billion vs 5.37 billion\n Reuter\n\u0003", "date": "13-APR-1987 16:19:35.97", "topics": [ "earn" ], "places": [ "usa" ], "id": "16664" }, { "title": "LOMAK PETROLEUM INC YEAR LOSS", "body": "Shr loss 10 cts vs loss 19 cts\n Net loss 1,348,000 vs loss 2,410,000\n Revs 11.2 mln vs 22.3 mln\n Acg shrs 13.8 mln vs 12.9 mln\n Reuter\n\u0003", "date": "13-APR-1987 16:19:41.52", "topics": [ "earn" ], "places": [ "usa" ], "id": "16665" }, { "title": "U.S. SELLS 3-MO BILLS AT 5.98 PCT, STOP 5.99 PCT, 6-MO 6.08 PCT, STOP 6.10 PCT\n", "date": "13-APR-1987 16:21:05.75", "places": [ "usa" ], "id": "16666" }, { "title": "NEWMONT STAKE IN DU PONT
DECLINES", "body": "Newmont Mining Corp held 5,250,376 Du\nPont Co shares, or about 2.2 pct of those outstanding, at the\nend of 1986, down from the 5,970,141 shares, or 2.5 pct of\nthose outstanding, it held a year earlier, Newmont's annual\nreport said.\n --Corrects March 30 item to show holdings decreased.\n Reuter\n\u0003", "date": "13-APR-1987 16:21:38.77", "topics": [ "acq" ], "places": [ "usa" ], "id": "16667" }, { "title": "BANKEAST CORP 1ST QTR NET", "body": "Shr 35 cts vs 29 cts\n Net 3,732,000 vs 3,131,000\n Assets 1.09 billion vs 861.2 mln\n Deposits 817.7 mlnvs 705.7 mln\n Loans 704.1 mln vs 553.4 mln\n Note: 1986 results restated to reflect acquisition of\nUnited Banks Corp.\n Reuter\n\u0003", "date": "13-APR-1987 16:22:09.67", "topics": [ "earn" ], "places": [ "usa" ], "id": "16668" }, { "title": "GENERAL MOTORS GETS 97 MLN DLR CONTRACT", "body": "General Motors Corp is being awarded\na 97 mln dlr Air Force contract for 176 turboprop engines in\nthree separate designs, the Defense Department said.\n It said the contract, which combines purchases for the U.S.\nNavy, the U.S. Air Force Reserves, Japan and Norway under the\nForeign Military Sales program, is expected to be completed in\nDecember 1987.\n Reuter\n\u0003", "date": "13-APR-1987 16:26:28.59", "places": [ "usa", "japan", "norway" ], "id": "16669" }, { "title": "UST CORP 1ST QTR NET", "body": "Shr 41 cts vs 31 cts\n Net 4,568,656 vs 3,461,674\n Assets 1.7 billion vs 1.4 billion\n Deposits 1.46 billion vs 1.19 billion\n Note: 1986 results restated to reflect a 100 pct stock\ndividend.\n Reuter\n\u0003", "date": "13-APR-1987 16:27:16.29", "topics": [ "earn" ], "places": [ "usa" ], "id": "16670" }, { "title": "FARM EQUIPMENT SALES DECLINE IN MARCH", "body": "Domestic sales of farm wheel tractors\nin March declined 9.2 pct to 7,654 units from 8,434 in the same\nyear-ago period, the Farm and Industrial Equipment Institute\nsaid.\n Year to date, it said sales declined 16.9 pct to 18,003\nfrom 21,665 in the same 1986 period.\n It said in the two-wheel drive 40 horsepower and under\nsegment, 4,747 vehicles were sold in March compared to 5,473 a\nyear ago. In the 40 and under to 100 horsepower, 2,238 vehicles\nwere sold, up from 1,995 the previous March.\n Reuter\n\u0003", "date": "13-APR-1987 16:27:27.51", "places": [ "usa" ], "id": "16671" }, { "title": "CENTRAL ILL PUBLIC SERVICE 1ST QTR NET", "body": "Shr 28 cts vs 29 cts\n Net 10,978,000 vs 11,916,000\n Revs 153.5 mln vs 163.4 mln\n NOTE: Full name is Central Illinois Public Service Co\n Per-share results reflect payment of preferred dividends\n Reuter\n\u0003", "date": "13-APR-1987 16:29:50.14", "topics": [ "earn" ], "places": [ "usa" ], "id": "16672" }, { "title": "VERSAR HAS U.S. AIR FORCE CONTRACT", "body": "Versar Inc said it received a\nfour year contract from the U.S. Air Force with a maximum value\nof 9.5 mln dlrs for carrying out work including radioactive and\ntoxic contamination studies.\n Versar said work under the contract with the Air Force\nOccupational Health Laboratory, Aerospace Medical Division, at\nBrooks Air Force Base in Texas, will be done in and around air\nforce installations worldwide.\n Reuter\n\u0003", "date": "13-APR-1987 16:30:11.67", "places": [ "usa" ], "id": "16673" }, { "title": "BRASCAN LTD TO REDEEM PREFERREDS", "body": "Brascan Ltd said it planned to redeem on\nMay 15 all outstanding 1981 series A preferred shares at 26\ndlrs a share plus accrued and unpaid dividends.\n Reuter\n\u0003", "date": "13-APR-1987 16:30:20.73", "places": [ "canada" ], "id": "16674" }, { "title": " TO ACQUIRE CUSHING", "body": "Thera-Care Inc said it agreed\nto acquire Cushing and Associates of Glendale, Calif., in\nexchange for 1,480,000 Thera-Care shares.\n Reuter\n\u0003", "date": "13-APR-1987 16:30:43.10", "topics": [ "acq" ], "places": [ "usa" ], "id": "16675" }, { "title": "INTERCO COMPLETES LANE ACQUISITION", "body": "Interco Inc said its shareholders and\nthose of Lane Co approved a merger of the two companies at\nspecial meetings.\n As previously announced, Lane's shareholders will receive\n1.5 shares of Interco common stock for each share of Lane stock\nheld.\n Interco said the merger becomes effective April 14.\n Reuter\n\u0003", "date": "13-APR-1987 16:30:48.18", "topics": [ "acq" ], "places": [ "usa" ], "id": "16676" }, { "title": "HMO AMERICA AGREES TO BE ACQUIRED", "body": "HMO America Inc said it signed a letter\nof intent with Mount Sinai Medical Center here and an\naffiliate, providing that all of its common and preferred stock\nbe acquired by a new not-for-profit company to be controlled by\nMount Sinai and other Chicago area not-for-profit hospitals who\nmay elect to participate in the acquisition.\n The form of the transaction has not yet been determined, it\nsaid.\n According to terms, HMO's shareholders would receive a\ncombination of cash and debt securities to be issued by the\nbuyer in exchange for their outstanding shares of common and\npreferred stock, it said.\n The amount of cash per share has not yet been determined,\nit added.\n Arrangements for financing have not yet been made and there\ncan be no assurance that any financing will be received, HMO\nsaid.\n Closing of the proposed transaction, if it is completed, is\nexpected on or before November 2, 1987, it said.\n Reuter\n\u0003", "date": "13-APR-1987 16:31:16.12", "topics": [ "acq" ], "places": [ "usa" ], "id": "16677" }, { "title": "EVEREST AND JENNINGS QTLY DIVIDEND", "body": "Shr five cts vs five cts prior qtr\n Pay May 15\n Record April 22\n Reuter\n\u0003", "date": "13-APR-1987 16:31:43.25", "topics": [ "earn" ], "places": [ "usa" ], "id": "16678" }, { "title": "PS GROUP INC QTLY DIVIDEND", "body": "Shr 15 cts vs 15 cts prior qtr\n Pay May 18\n Record April 27\n Reuter\n\u0003", "date": "13-APR-1987 16:31:48.32", "topics": [ "earn" ], "places": [ "usa" ], "id": "16679" }, { "title": "DOME BENEFITS FROM TAKEOVER SPECULATION", "body": "Shares of Dome Petroleum Ltd posted\ntheir biggest gain in months in the U.S. and Canada as stock\nmarkets foresaw a takeover tug-of-war beginning for the\ndebt-heavy company.\n Dome rose 1/4 to 1-1/8 on the American Stock Exchange and\ngained 31 cents to 1.44 Canadian dlrs on the Toronto Stock\nExchange, where it was the most active stock. It rose as high\nas 1.50 dlrs in Toronto during the day. In recent months, Dome\nhas normally moved by only a few cents per day.\n TransCanada PipeLines yesterday announced a 4.3 billion dlr\nCanadian (3.22 billion U.S.) bid for all of Dome's assets, but\nDome, which is based in Calgary, Alberta, said it is also still\ntalking with two other companies, which it refuses to identify.\n Market analysts today said the other two firms are believed\nto be foreign oil companies, noting that TransCanada yesterday\nstressed that its bid is \"a Canadian solution to the financial\ndifficulties of Dome Petroleum.\"\n \"The talk is about Conoco, which is controlled by DuPont\n
, and Atlantic Richfield Co , which sold its Canadian\ninterest in 1975 and could be getting back in,\" said Wilf Gobert\nof Peters and Co Ltd.\n David Bryson of Moss Lawson and Co also noted that British\nPetroleum PLC is mentioned as a possible buyer, despite\nBP's 70 U.S. dlr per share bid two weeks ago for the 45 percent\nof Standard Oil Co it does not already own.\n Calgary-based independent analyst James Hamilton has said\nin recent reports that Amoco Corp has also been in talks\nwith Dome.\n Representatives of Atlantic Richfield, British Petroleum,\nConoco and Amoco were not immediately available for comment.\n Gobert characterized the market action in Dome today as \"awfully\noptimistic,\" given TransCanada's offer to give current Dome\nshareholders stock in a new subsidiary, which it valued at 1.10\ndlrs Canadian per common share.\n Under the offer, current Dome common and preferred\nshareholders would own 20 pct of the new subsidiary, which\nwould own and operate all Dome's former assets. TransCanada\nwould own 80 pct.\n However, Bryson said the market may be looking at the\npotential for shares in a publicly-traded subsidiary. \"The\nTransCanada offer has quite a bit of upside potential for Dome,\"\nhe said.\n Gobert said he believes the TransCanada offer is \"at the\nupper end of what I thought somebody would pay for Dome.\"\n The TransCanada proposal would pay Dome's creditors 3.87\nbillion Canadian dlrs (2.90 billion U.S. dlrs), with another\none billion Canadian dlrs (750 mln U.S. dlrs) available to\nsecured creditors if the Dome subsidiary earns profits above a\ncertain level. TransCanada would not detail the profit level.\n Dome currently is seeking to restructure about six billion\nCanadian dlrs (4.5 billion U.S. dlrs) in debt, which it took on\nseveral years ago when oil prices were high and the company\nwanted to expand.\n \"There has been speculation that Dome's assets are capable\nof supporting debt of three to four billion dlrs, so on that\nbasis, the TransCanada offer would be at the upper end of that,\"\nGobert said.\n Dome's debt troubles have often obscured the fact that it\nis a major player in the Canadian oil and gas field. It holds\nreserves of about 176 mln barrels of crude oil and 3.9 billion\ncubic feet of natural gas.\n The company also owns or has an interest in 14.2 mln acres\nof oil and gas exploration land in the province of Alberta, the\nheart of Canada's oil industry.\n Dome owns or has an interest in a total of 36.1 mln acres of\nland across Canada.\n The company also has tax credits of about 2.5 billion dlrs\nCanadian (1.9 billion dlrs U.S.). It reported a 1986 loss of\n2.2 billion dlrs (1.65 billion dlrs U.S.), believed to be the\nlargest ever by a Canadian company.\n \n Reuter\n\u0003", "date": "13-APR-1987 16:33:03.09", "topics": [ "acq" ], "places": [ "canada", "usa" ], "id": "16680" }, { "title": "U.S. BILL AUCTION RATES AVERAGE 5.98, 6.08 PCT", "body": "The U.S. Treasury said its weekly\nauction of three-month bills produced an average rate of 5.98\npct, with a 6.08 pct rate on six-month bills.\n These rates compared with averages of 5.53 pct for the\nthree- and 5.63 pct for the six-month bills sold last week.\n The bond-equivalent yield on three-month bills was 6.17\npct. Accepted bids ranges from 5.92 to 5.99 pct and 60 pct of\nthe bids at the high, or stopout rate, were taken. For six\nmonths, the yield was 6.38 pct and the bids ranged from 5.98\npct to 6.10 pct with 48 pct of the bids accepted.\n The Treasury said it received 25.99 billion dlrs of bids\nfor the three-month bills, including 1.2 billion dlrs in\nnon-competitive bids from the public. It accepted 6.6 billion\ndlrs of bids, including 2.1 billion dlrs from the Federal\nReserve and 180 mln dlrs from foreign and international\nmonetary authorities.\n Some 24.7 billion dlrs in bids for six-month bills were\nreceived, including 832 mln dlrs in non-competitives. The\nTreasury accepted 6.6 billion dlrs, including 1.8 billion dlrs\nfrom the Fed and 1.2 billion dlrs from foreign and\ninternational authorities.\n The average price for the three-month bills was 98.488 and\nprices ranged from 98.504 to 98.486. The average price for the\nsix-months bills was 96.926, and prices ranged from 96.977 to\n96.916.\n The average yield on the three-month bills was the highest\nsince 5.99 pct on June 30, 1986. The average yield on the\nsix-month bills was the highest since 6.13 pct on June 23,\n1986.\n Reuter\n\u0003", "date": "13-APR-1987 16:36:45.94", "topics": [ "interest" ], "places": [ "usa" ], "id": "16681" }, { "title": "ANDOVER WAGES HBO PROXY WAR", "body": "Andover Group, a Virginia general\npartnership, said it mailed proxies soliciting votes for a\nslate of nominees to HBO and Co's board of directors.\n Last week, HBO and Co sent a letter urging shareholders\nagainst the proxies.\n Andover said HBO has consistently refused to provide it\nwith internal financial information it considers essential to\nformulate an acquisition offer. If its nominees are elected,\nAndover said it will make a proposal to buy HBO on terms and\nconditions to be determined at that time.\n The annual meeting is scheduled for April 30.\n Reuter\n\u0003", "date": "13-APR-1987 16:41:17.82", "places": [ "usa" ], "id": "16682" }, { "title": "UNITED TECHNOLOGIES IN JOINT PACT", "body": "United Technologies Corp said it\njoined with two other companies to form a partnership in\nproposing a defense system for the U.S. Army.\n United Technologies said it joined forces with FMC Corp\n and to form .\n Together, they proposed the \"Tracked Rapier\" defense system\nto meet Army requirements for defending American divisions in\nEurope from low flying helicopters and tactical aircraft.\n \n Reuter\n\u0003", "date": "13-APR-1987 16:42:11.26", "places": [ "usa" ], "id": "16683" }, { "title": "GROUP RAISES COMPUTER MEMORIES STAKE", "body": "A shareholder group led by Far\nHills, N.J., investor Natalie Koether said it raised its stake\nin Computer Memories Inc to 573,300 shares, or 5.1 pct of the\ntotal outstanding, from 542,000 shares, or 4.8 pct.\n In a filing with the Securities and Exchange Commission,\nthe group, which includes Sun Equities Corp, an investment\nfirm, said it bought a net 31,300 Computer Memories common\nshares since March 31 at prices ranging from three to 3-5/16\ndlrs a share for \"capital appreciation.\"\n The group had earlier abandoned plans to seek control of\nthe company and lowered its stake to less than five pct.\n Reuter\n\u0003", "date": "13-APR-1987 16:44:59.19", "topics": [ "acq" ], "places": [ "usa" ], "id": "16684" }, { "title": "HONG KONG FIRM HAS 5.1 PCT OF MCGILL ", "body": "Industrial Equity (Pacific) Ltd told\nthe Securities and Exchange Commission it has acquired 72,600\nshares of McGill Manufacturing Co Inc, or 5.1 pct of the total\noutstanding common stock.\n Industrial Equity, which is principally owned by Brierley\nInvestments Ltd, a publicly held New Zealand firm, said it\nbought the stake for 2.3 mln dlrs for investment purposes.\n It said it may add to its stake, or sell some or all of it,\nbut has no plans to seek control of the company.\n Reuter\n\u0003", "date": "13-APR-1987 16:47:00.58", "topics": [ "acq" ], "places": [ "usa", "hong-kong", "new-zealand" ], "id": "16685" }, { "title": "RAMADA SELLS SUBORDINATED NOTES", "body": "Ramada Inc is raising 100 mln dlrs\nthrough an offering of subordinated notes due 1999 yielding\n11.703 pct, said sole manager Salomon Brothers Inc.\n The notes have an 11-5/8 pct coupon and were priced at\n99.50, Salomon said.\n Non-callable for three years and non-refundable for five,\nthe issue is rated B-2 by Moody's Investors Service Inc and\nB-minus by Standard and Poor's Corp.\n Reuter\n\u0003", "date": "13-APR-1987 16:47:52.20", "places": [ "usa" ], "id": "16686" }, { "title": "MONTGOMERY STREET INCOME 1ST QTR NET", "body": "Shr 49 cts vs 50 cts\n Net 3,922,533 vs 3,979,580\n Note: Full name Montgomery Street Income Securities Inc.\n Reuter\n\u0003", "date": "13-APR-1987 16:48:21.70", "topics": [ "earn" ], "places": [ "usa" ], "id": "16687" }, { "title": "NORTHAIR OPPOSING NORQUEST BID", "body": "Northair Mines Ltd\nsaid it would oppose Nor-Quest Resources Inc's earlier reported\nproposed takeover bid \"with every means at its disposal,\"\nsaying \"this attempt at a property grab is an insult to the\nintelligence of our shareholders.\"\n It said Nor-Quest's offer to swap one Nor-Quest share plus\none dlr for two Northair shares would seriously dilute\nNorthair's equity in its Willa mine in British Columbia.\n \"Our company is in sound financial position and production\nfinancing can be readily arranged when required. We're not\nlooking for a partner and if we were, it certainly wouldn't be\nthese guys,\" Northair said.\n Reuter\n\u0003", "date": "13-APR-1987 16:48:31.63", "topics": [ "acq" ], "places": [ "canada" ], "id": "16688" }, { "title": "VISTA CHEMICAL IN PUBLIC OFFERING", "body": "Vista Chemical Co said it plans to file\na registration statement with the Securities and Exchange\nCommission in early covering the sale of about 4.5 mln shares\nof its common stock to the public.\n The shares will be sold by institutional investors who\npartially financed the company upon its formation in 1984 and\nby the trustee of its savings and investment plan on behalf of\nemployee participants.\n None of the shares will be sold by the company, it said.\n Reuter\n\u0003", "date": "13-APR-1987 16:51:42.50", "places": [ "usa" ], "id": "16689" }, { "title": "HARMON INDUSTRIES IN PACT WITH AMTRAK", "body": "Harmon Industries said it\nsigned a contract worth more than three mln dlrs with the\nNational Railroad Passenger Corp (Amtrak).\n Harmon Industries said the contract includes the design,\nengineering, manufacturing, delivery and system integration for\nsignalling equipment along Amtrak's 55-mile Philadelphia to\nAtlantic City, N.J., line.\n Reuter\n\u0003", "date": "13-APR-1987 16:51:49.77", "places": [ "usa" ], "id": "16690" }, { "title": "GE VENTURE WINS JET ENGINE ORDER", "body": "CFM International, a joint\nventure of of France and General Electric Co said it\nreceived an order for its CFM56-5 engines worth 320 mln dlrs\nfrom said it\nexpects the Food and Drug Administration to soon approve the\ncompany's application to begin limited tests of its potential\ntherapy against AIDS using a combination of ozone and oxygen.\n The company said that once it receives FDA approval, 20\npatients with AIDS-related complex will start the treatment at\nMount Sinai Medical Center in New York.\n Dr Joseph Latino, director of research at Medizone said the\ntherapy, which he likened to a process, uses a combination of\noxygen and ozone injected into a patient's owns blood outside\nof the body, and then reinfused back into the body.\n \"We are guardedly optimistic that this treatment may work,\"\nsaid Latino, who said the process has been used to treat viral\nillneses, including AIDS, in Europe with varying degrees of\nsuccess.\n He said ozone can kill viruses and is used to kill viruses\nin waste water treatments. He said the treatment should not be\ncompared to inhaling ozone, which is toxic.\n Latino said the company is prepared to fund the trial, which\nwill cost about 250,000 dlrs.\n \n Reuter\n\u0003", "date": "13-APR-1987 16:52:16.71", "places": [ "usa" ], "id": "16692" }, { "title": "TEXTRON VICE-CHAIRMAN RESIGNS", "body": "Textron Inc said E. Paul Casey\nresigned as vice-chairman and a director to pursue other\ninterests.\n Casey assumed his duties at Textron in October, 1986,\nfollowing acquisition of Ex-Cell-O Corp by Textron. Casey was\nformerly chairman, president and chief executive of Ex-Cell-O.\n Reuter\n\u0003", "date": "13-APR-1987 16:53:37.35", "places": [ "usa" ], "id": "16693" }, { "title": "SEC TO PROBE TWO CONVICTED OF SECURITIES FRAUD", "body": "The Securities and Exchange Commission\nsaid it began a disciplinary review of two men who were\npreviously convicted of fraud for violations of U.S.\nsecurities laws.\n The SEC said Robert and Albert D'Elia were convicted\nfollowing allegations that they traded upon information\nmisappropriated from a financial printer in 1980 and 1981. The\nD'Elias were officers and shareholders of Rad Securities Inc, a\nPhiladelphia broker-dealer.\n A hearing will be scheduled at a later date, the SEC said.\n Reuter\n\u0003", "date": "13-APR-1987 16:56:24.85", "places": [ "usa" ], "id": "16694" }, { "title": "TEXAS AIR UNIT COMPLETES SYSTEM SALE", "body": "Texas Air Corp's Eastern Airlines said it\ncompleted its previously announced plan to sell its travel\nagency automation system, SystemOne Direct Access Inc, and its\ncomputer and communications support unit, EAL Automation\nSystems Inc, to SystemOne Corp, a wholly-owned subsidiary of\nTexas Air Corp.\n Reuter\n\u0003", "date": "13-APR-1987 16:57:53.61", "topics": [ "acq" ], "places": [ "usa" ], "id": "16695" }, { "title": "AANCOR UNIT SELLS PRIORITY SUBORDINATED NOTES", "body": "National Gypsum Co, a unit of Aancor\nHoldings Inc, said it is offering 300 mln dlrs of priority\nsenior subordinated notes due 1997 with an 11-3/8 pct coupon\nand par pricing.\n Non-redeemable for five years, the issue is rated B-2 by\nMoody's Investors Service Inc and B by Standard and Poor's\nCorp.\n A sinking fund starts in 1994 to retire 75 pct of the notes\nby maturity. Proceeds will be used to terminate the company's\ncurrent revolving credit facility. Goldman, Sachs and Co and\nMerrill Lynch Capital Markets underwrote the deal.\n Reuter\n\u0003", "date": "13-APR-1987 16:58:02.14", "places": [ "usa" ], "id": "16696" }, { "title": "MOODY'S DOWNGRADES MICHIGAN GENERAL DEBT", "body": "Moody's Investors Service Inc said it\ndowngraded 110 mln dlrs of debt of Michigan General Corp.\n Reduced were the company's 10-3/4 pct senior subordinated\ndebentures of 1998 to Caa from B-3.\n Moody's cited Michigan's ongoing losses which have impaired\nliquidity, weakened financial flexibility and lessened the\nlikelihood for operating performance to improve.\n Michigan's principal business, lumber and housebuilding\nproducts sales, operates in a cyclical and highly competitve\nenvironment so that even debt restructuring would probably not\nimprove earnings, Moody's pointed out.\n Reuter\n\u0003", "date": "13-APR-1987 16:58:55.17", "places": [ "usa" ], "id": "16697" }, { "title": "NCNB CORP 1ST QTR NET", "body": "Shr 68 cts vs 68 cts\n Net 53.9 mln vs 53.2 mln\n Assets 26.5 billion vs 22.2 billion\n Loans 15.7 billion vs vs 13.3 billion\n Deposits 13.8 billion vs vs 11.6 billion\n Reuter\n\u0003", "date": "13-APR-1987 16:59:00.84", "topics": [ "earn" ], "places": [ "usa" ], "id": "16698" }, { "title": "AIR CANADA SETS SERVICE TO EGYPT", "body": "Air Canada, the state-owned airline,\nsaid it plans to begin flights to Egypt next year following a\nbilateral air trade agreement signed between the Egyptian and\nCanadian governments.\n \"Egypt has a healthy passenger and cargo air market in\nwhich Air Canada can be a powerful competitor,\" executive\nvice-president Roger Linder said.\n The airline said it would like to link the service with one\nof its European stops.\n It said it plans further expansion with destinations in the\nMiddle East and Asia and a trans-Pacific route from Canada to\nthe Far East.\n Reuter\n\u0003", "date": "13-APR-1987 17:06:35.88", "places": [ "canada", "egypt" ], "id": "16699" }, { "title": "INVESTMENT FIRM HAS 5.3 PCT OF BLASIUS ", "body": "Fidelity International Ltd, a\nBermuda-based investment advisory firm, and an affiliated\ninvestment firm, American Values III N.V., said they have\nacquired 208,000 share of Blasius Industries Inc.\n In a filing with the Securities and Exchange Commission,\nthe group said it bought the stake, which amounts to 5.3 pct of\nthe total outstanding common stock, to acquire an equity\ninterest in the company for investment purposes.\n The group said it may raise its stake or sell some or all\nof it, and has no plans to seek control of the company.\n Reuter\n\u0003", "date": "13-APR-1987 17:07:25.37", "topics": [ "acq" ], "places": [ "usa" ], "id": "16700" }, { "title": "CANADA MINISTER SETS REVIEW OF ENERGY OPTIONS", "body": "Energy Minister Marcel Masse announced a\nseries of conferences will be held across Canada to review the\ncountry's policy options in the energy sector.\n \"It is planned as a comprehensive review of Canadian energy\nissues, an examination of the present energy situation, an\nattempt to identify and evaluate our options for the future,\"\nMasse said in a speech at a luncheon in Toronto that was made\navailable here.\n The meetings, which will be chaired by Tom Kierans,\nPresident of McLeod, Young Weir Ltd, will begin in June in\nCalgary, Alberta and conclude in December in Montreal.\n The energy minister did not elaborate on what, if any,\nfederal legislation would result from the process.\n A final report would be issued at the end of the conference\nsessions and Masse said he would be in a position to respond to\nthe report at that time.\n In his speech, however, Masse said he would prefer to see\nthe government's energy policies retain a market base, but\nadded government intervention was sometimes necessary.\n \"I believe most of us accept the importance of allowing the\nmarket to function with the greatest possible freedom and\nflexibility,\" he said.\n \"However, because of intervention of all kinds, a market as\nperfect as we would like to have does not exist in this\nimperfect world,\" Masses said.\n Reuter\n\u0003", "date": "13-APR-1987 17:08:39.83", "places": [ "canada" ], "id": "16701" }, { "title": "DUPONT'S
CONOCO SAYS NO INTEREST IN DOME", "body": "Conoco, a unit of DuPont Co, said it is\nnot interested in buying Dome Petroleum Ltd , the Canadian\noil company which has said it is in discussions with two\nunidentified companies.\n \"To my knowledge, there is no interest on our part,\" Conoco\nspokesman Sondra Fowler said.\n Houston-based Conoco has been mentioned in market\nspeculation on the identity of the two companies. Yesterday,\nDome also received a 4.3 billion Canadian dlr offer for all its\nassets from TransCanada PipeLines Ltd .\n Reuter\n\u0003", "date": "13-APR-1987 17:11:00.17", "places": [ "canada" ], "id": "16702" }, { "title": "FIRST FAMILY GROUP SALES INCREASE", "body": "First Family Group Inc said sales\nfor March increased 27 pct over a year ago the same month to\n4.4 mln dlrs from 3.5 mln dlrs.\n The company also reported third quarter sales increased 35\npct to 14.5 mln dlrs from 10.6 mln dlrs.\n First Family Group also reported sales for the first nine\nmonths of fiscal 1987. It said sales were 54.5 mln dlrs,\ncompared to 52.7 mln dlrs a year ago.\n Reuter\n\u0003", "date": "13-APR-1987 17:11:26.18", "places": [ "usa" ], "id": "16703" }, { "title": "BECHTEL INC SETS UTLITY DESIGN CONTRACT", "body": "Bechtel said it signed aa\ncontract with the Lewis County Public Utility District and\nstarted preliminary design of the 100-mln-dlr Cowlitz Falls\nHydroelectric Project in Washington.\n The 70-megawatt project will generate about 250 mln\nkilowatt hours annually, serving the 21,000 residents of Lewis.\n Bechtel said it will use anew power generation concept\ncalled hydrocombine, which may save 15 pct on the cost of the\nproject.\n Reuter\n\u0003", "date": "13-APR-1987 17:12:38.98", "places": [ "usa" ], "id": "16704" }, { "title": "ISC SYSTEMS 3RD QTR MARCH 27 NET", "body": "Shr seven cts vs 24 cts\n Net 1,114,000 vs 3,676,000\n Revs 43.6 mln vs 41.2 mln\n Nine mths\n Shr 25 cts vs 64 cts\n Net 3,952,000 vs 9,614,000\n Revs 118.6 mln vs 119.9 mln\n Reuter\n\u0003", "date": "13-APR-1987 17:12:56.73", "topics": [ "earn" ], "places": [ "usa" ], "id": "16705" }, { "title": "SLATER PLANS U.S. MODERNIZATION", "body": "Slater Industries Inc said it planned a\n15 mln dlr modernization of its Slater Steels Corp Fort Wayne\nspecialty bar division in Indiana.\n It said the modernization would involve replacement of the\nexisting bar mill with a high-speed, quick-change continuous\nmill. The new facility will lower labor and mill costs and\nenhance product quality and range, Slater said.\n Completion date of the new mill was undisclosed.\n Reuter\n\u0003", "date": "13-APR-1987 17:13:22.59", "topics": [ "iron-steel" ], "places": [ "canada", "usa" ], "id": "16706" }, { "title": "ADAMS-RUSSELL TO ACQUIRE CABLE SYSTEMS", "body": "Adams-Russell Co Inc said it\nagreed to acquire cable television systems serving about 7,000\ncustomers in New York State from Sammons Communications Inc for\nundisclosed terms.\n Adams-Russell said the systems operate in Wellsville,\nAmity, Andover, Scio, Willing, Belmont, Milo, Jerusalem, Benton\nand Penn Yan, N.Y.\n Reuter\n\u0003", "date": "13-APR-1987 17:13:35.76", "topics": [ "acq" ], "places": [ "usa" ], "id": "16707" }, { "title": "INDEPENDENT BANK CORP 1ST QTR NET", "body": "Shr 27 cts vs shr 18 cts\n Net 477,000 vs 305,000\n Reuter\n\u0003", "date": "13-APR-1987 17:13:48.52", "topics": [ "earn" ], "places": [ "usa" ], "id": "16708" }, { "title": "MEDI-RX NAMED IN ARBRITRATION REQUEST", "body": " said it\nfiled a demand for arbitration against Medi-Rx America Inc that\nseeks damages of more than five mln dlrs.\n The company said that its demand alleges breach of\ncontract, tortious interference with contractual relationships\nand fraud.\n The company said it signed a contract with Medi-Rx to sell\nmail order prescription services and prescribed medical\nproducts for Medi-Rx. The company said that Medi-Rx violated\nterms of the contract and failed to pay commissions as provided\nfor under the agreement.\n Reuter\n\u0003", "date": "13-APR-1987 17:16:00.64", "places": [ "usa" ], "id": "16709" }, { "title": "GULF CANADA ACQUIRES SUEZ OIL STAKE", "body": "Gulf Canada Corp said it\nacquired a 25 pct working interest in the Gulf of Suez oil\nconcession for undisclosed terms.\n The company said its agreement with operator Conoco\nHurghada Inc and Hispanoil covered the 168,374-acre East\nHurghada offshore concession. It said a 15.6 mln U.S. dlr\nfour-well program was planned for 1987.\n After the acquisition, which is subject to Egyptian\ngovernment approval, working interests in the Hurghada block\nwill be Conoco Hurghada at 45 pct, Hispanoil 30 pct and Gulf\nCanada the balance.\n Reuter\n\u0003", "date": "13-APR-1987 17:19:41.69", "topics": [ "crude" ], "places": [ "canada", "egypt" ], "id": "16710" }, { "title": "CONVERGENT TECHNOLOGIES SEES QTR LOSS", "body": "Convergent Technologies Inc\nsaid it expects to report in the first quarter a loss more than\ntwice the size of the 4.8-mln-dlr loss reported in the fourth\nquarter of 1986.\n Convergent reported a first quarter 1986 profit of\n2,100,000 dlrs, or five cts per share.\n The company said results declined in the quarter both in\nits traditional OEM business and its business systems group.\n The anticipated loss reflects lower than expected operating\nmargins, start-up costs for new product manufacturing and\nhigher than planned expenses.\n Reuter\n\u0003", "date": "13-APR-1987 17:20:31.30", "topics": [ "earn" ], "places": [ "usa" ], "id": "16711" }, { "title": "HEILEMAN ACQUIRING C. SCHMIDT TRADEMARKS", "body": "G. Heileman Brewing Co Inc said\nit agreed to acquire the trademarks of Philadelphia-based C.\nSchmidt which produces a line of malt beverage products,\nincluding Schmidt, Rheingold, Duquesne and Ortlieb.\n In 1986, Schmidt sold about 1.6 mln barrels.\n Under terms of the proposed agreement, Heileman said it\nwill enter a trademark transfer agreement which provides for\nroyalties to be paid to Schmidt over a specified period of time\non beverage products produced under the C. Schmidt labels.\n\n Reuter\n\u0003", "date": "13-APR-1987 17:20:52.08", "places": [ "usa" ], "id": "16712" }, { "title": "TEXACO LESS WILLING TO SETTLE - ANALYSTS", "body": "Texaco Inc told securities analysts at\na meeting today that any settlement offers to Pennzoil Co \nwould now be far less than what it offered before, according to\nanalysts who attended the meeting.\n \"The message was they were far less likely to settle\nfollowing the bankruptcy filing,\" said Richard Pzena of Sanford\nC. Bernstein and Co, who attended the meeting.\n Texaco yesterday filed Chapter 11 bankrupcty to protect\nitself from the 10.3 billion dlr judgement awarded to Pennzoil\nfor Texaco's illegal takeover of Getty Oil Co.\n Texaco spokesmen said they could not comment on the\nanalysts meeting.\n The company's bankruptcy filing freed Texaco from posting a\nbond for the judgment pending appeal of the case in Texas\nCourts. Pennzoil said it would oppose the Chapter 11 filing.\n \"They are ready and willing to talk settlement,\" said one\nanalyst who attended the Texaco meeting but declined to be\nnamed. \"But a settlement would be for less now,\" he added.\n The analysts, a number of whom said they were recommending\nTexaco, said the stock was so cheap that it might open up the\ncompany up to a takeover bid. Texaco declined 3-1/8 to close at\n28-1/2 today.\n Pzena said company officials were asked at the meeting if\nit would agree to a takeover, but offered \"no comment\" in\nreply. He said the company said that takeover talks were not\nbeing held.\n \"It would make a lot of sense for Royal Dutch/Shell or\nExxon Corp to go out and do it,\" Pzena said. \"But they\nwouldn't make a hostile offer.\"\n \"This thing has opened them up to a possible acquisition,\"\nsaid Alan Edgar of Prudential Bache Capital Funding in Dallas.\n\"There's a lot of volume (in their stock) and that tells me\nsomeone's messing around,\" he added.\n Texaco was the most actively traded issue on the New York\nStock Exchange with just under 13 mln shares changing hands.\n \"I wouldn't rule anything out right now,\" said John Olson,\nan analyst with Drexel Burnham Lambert Inc.\n Pennzoil's stock, also on the NYSE's most active list, fell\n15-1/4 points to close at 77. Many analysts said the bankruptcy\nfiling was unfavorable to Pennzoil.\n Reuter\n\u0003", "date": "13-APR-1987 17:24:54.08", "places": [ "usa" ], "id": "16713" }, { "title": "INTERCO SHAREHOLDERS APPROVE MERGER", "body": "INTERCO Inc said its\nshareholders and shareholders of the Lane Co approved\nthe merger of the two companies.\n In the merger, Lane's stockholders will receive 1.5 shares\nof INTERCO common stock for each outstanding share of Lane\ncommon stock, INTERCO said.\n Reuter\n\u0003", "date": "13-APR-1987 17:36:36.52", "topics": [ "acq" ], "places": [ "usa" ], "id": "16714" }, { "title": "JOHN H. HARLAND CO 1ST QTR NET", "body": "Shr 30 cts vs 25 cts\n Net 10.5 mln vs 8,697,589\n Revs 71.9 mln vs 64.9 mln\n Reuter\n\u0003", "date": "13-APR-1987 17:41:53.84", "topics": [ "earn" ], "places": [ "usa" ], "id": "16715" }, { "title": "PACIFICORP REDEEMS PREFERRED STOCK", "body": "PacifiCorp said on May 15 it is\nredeeming 2.4 mln shares of its preferred stock.\n The company said it is fully redeeming its 2.29-dlr no par\nserial preferred and its 2.48-dlr no par serial preferred and\npartially redeeming its 9.15 pct serial preferred.\n The 993,383 shares of 2.29-dlr will be redeemed at 26.72\ndlrs per share, plus accumulated dividend of 0.0565 dlrs.\n The 976,352 shares of 2.48-dlr preferred will be redeemed\nat 26.24 dlrs per share, plus dividend of 0.0612 dlrs.\n Pacificorp will redeem 87.5 pct of its 500,000 shares of \n9.15 pct preferred at 105.78 dlrs, plus 0.2257 dlrs dividend.\n Reuter\n\u0003", "date": "13-APR-1987 17:42:03.35", "places": [ "usa" ], "id": "16716" }, { "title": " 1ST QTR NET", "body": "Shr 32 cts vs 38 cts\n Qtrly div 35 cts vs 35 cts prior\n Net 731,055 vs 865,117\n NOTE: dividend payable May 20 to shareholders of record\nApril 24.\n \n Reuter\n\u0003", "date": "13-APR-1987 17:42:07.90", "topics": [ "earn" ], "places": [ "usa" ], "id": "16717" }, { "title": "DOTRONIX INC TO BUY
CONOCO FINDS OIL OFFSHORE CONGO", "body": "Du Pont Co's Conoco Inc said the Viodo\nMarine Number one exploratory well offshore the People's\nRepublic of the Congo produced up to 1,135 barrels of 26.55\ndegree gravity oil daily in tests through a 3/4 inch choke.\n The company said the well, in 202 feet of water about 10\nmiles west of Pointe-Noire, Congo, was drilled to a depth of\n11,527 feet and tested between 7,204 feet and 11,300 feet.\n The well is located on the Marine II block, a 260,000 acre\noffshore permit acquired in May 1985, where Conoco is operator\nwith a 42.5 pct interest. owns 7.5\npct and Hydro Congo, the state oil company, 50 pct.\n Reuter\n\u0003", "date": "21-APR-1987 11:08:25.63", "topics": [ "crude" ], "places": [ "usa", "congo" ], "id": "16997" }, { "title": "FALCONBRIDGE SEES IMPROVED RESULTS", "body": "Falconbridge Ltd said it expected\nresults for the rest of 1987 to improve from the earlier\nreported first quarter operating loss of 15.4 mln dlrs.\n Chief executive William James told reporters after the\nannual meeting that \"I would hope that the loss for the year\ncertainly wouldn't be a high as the loss for the first quarter.\nIn other words we are going to make money from here on in.\"\n Falconbridge last year made a first quarter operating loss\nof 17.1 mln dlrs and a full-year operating loss of 15.5 mln\ndlrs.\n James said currency losses tied to the stronger Canadian\ndollar resulted for about eight mln dlrs of the first quarter\noperating loss. Falconbridge records its cash and accounts\nreceivable in U.S. dollars, with the Canadian dollar equivalent\ndecreasing as the U.S. dollar falls.\n He said the first quarter loss also stemmed from weaker\nnickel and ferronickel prices and lower production at the\ncompany's Sudbury, Ontario nickel operations and at some Kidd\nCreek operations. Falconbridge anticipates higher production\nthrough the rest of the year and higher average prices this\nyear for precious metals, James added, without elaborating.\n Falconbridge has no immediate plans for further\ndivestments, James said in reply to reporters' inquiries. The\ncompany sold several mining subsidiaries last year to help pay\ndown debt from its January, 1986 acquisition of Kidd Creek\nMines Ltd from Canada Development Corp .\n He said Falconbridge's debt now totaled about one billion\ndlrs, down from 1.37 billion dlrs at the time of the Kidd Creek\nbuy.\n James said he could not assess the impact of Amoco Corp\n's proposed acquisition of Dome Petroleum Ltd . Dome's\n23 pct-owned Dome Mines Ltd owns 21 pct of Falconbridge.\n Asked by reporters if Falconbridge preferred competing Dome\nbidder, Calgary, Alberta-based TransCanada PipeLines Ltd to\nChicago-based Amoco, James replied, \"It makes no difference to\nme...whoever takes it over is fine by us.\"\n He told shareholders that Falconbridges' planned capital\nexpenditures this year would decline to 134 mln dlrs from 160\nmln dlrs last year.\n Reuter\n\u0003", "date": "21-APR-1987 11:15:26.91", "topics": [ "nickel", "acq" ], "places": [ "canada" ], "id": "16998" }, { "title": "SYMBOL TECHNOLOGIES FILES SHARE OFFER", "body": "Symbol Technologies Inc said it\nfiled with the Securities and Exchange Commission to offer two\nmln shares of common stock through Shearson Lehman Brothers Inc\nand L.F. Rothschild Unterberg Towbin Inc.\n The shares offered do not include shares issuable under an\nover-allotment and 48,075 shares to be sold by selling\nshareholders, the maker of bar-code reading equipment said.\n Reuter\n\u0003", "date": "21-APR-1987 11:17:03.62", "places": [ "usa" ], "id": "16999" }, { "title": "TRANSCANADA DENIES REPORTS OF NEW BID", "body": "TransCanada PipeLines Ltd denied\nreports that it raised its offer for Dome Petroleum Ltd \nto 5.5 billion Canadian dlrs from 4.3 billion.\n A report on the Canadian Broadcasting Corp (CBC) late last\nnight said TransCanada's new bid was rejected by Dome, which\nhas accepted a 5.1 billion dlr bid from Amoco Corp .\n \"We still want to acquire Dome's assets and are prepared to\nnegotiate. However, we have not presented a new proposal to the\ncompany since April 16 and Dome has refused to negotiate with\nTransCanada since that date,\" said TransCanada president Gerald\nMaier.\n TransCanada said its proposal consists of two parts -- 4.5\nbillion dlrs in cash and securities and one billion dlrs of\npayments to creditors based on future profits.\n Last week, TransCanada valued the first part of its offer\nat 4.3 billion dlrs, but a spokesman today said the company\nincreased the estimated value of that part to 4.5 billion dlrs\nafter the recent gain in Dome's stock.\n Dome was halted today on the Toronto Stock Exchange pending\nclarification of TransCanada's offer. It last traded at 1.70\ndlrs per share. Two weeks ago, before TransCanada's offer, Dome\ntraded at about 1.10 dlrs per share.\n Reuter\n\u0003", "date": "21-APR-1987 11:24:34.83", "topics": [ "acq" ], "places": [ "canada" ], "id": "17000" } ]