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YES | TRAIN | TRAINING-SET | 8,914 | 4,001 | 1987-03-11T18:04:17.590000 | [] | ['canada'] | [] | [] | [] | [] | null | INCO SEES NO MAJOR IMPACT FROM DOW REMOVAL | TORONTO, March 11 - | Inco Ltd said it did not expect its
earlier reported removal from the Dow Jones industrial index to
make a major impact on the company's stock.
"We don't think that individuals or institutions buy our
shares because we were one of the Dow Jones industrials,"
spokesman Ken Cherney said in reply to a query.
Inco closed 1-3/8 lower at 19-3/8 in second most active
trading on the Toronto Stock Exchange.
The Wall Street Journal, which selects the index, said Inco
was dropped to make the index more representative of the
market. Inco, the non-Communist world's largest nickel
producer, was a member of the index since 1928.
Replacing Inco and Owens-Illinois Inc will be Coca-Cola Co
and Boeing Co, effective tomorrow.
Nickel analyst Ilmar Martens at Walwyn Stodgell Cochran
Murray Ltd said Inco's removal from the index would likely
spark short-term selling pressure on the stock.
"Some investors who have Inco may suddenly say, 'well,
because it's not now a Dow stock, we should eliminate that
investment,'" said Martens, although he added the move was
unlikely to have a serious long-term impact on Inco stock.
Inco has struggled in recent years against sharply lower
nickel prices. Its net earnings fell to 200,000 U.S. dlrs in
1986 from 52.2 mln dlrs the previous year.
Reuter
| Inco Ltd said it did not expect its earlier reported removal from the Dow Jones industrial index to make a major impact on the company's stock.
"We don't think that individuals or institutions buy our shares because we were one of the Dow Jones industrials," spokesman Ken Cherney said in reply to a query.
Inco closed 1-3/8 lower at 19-3/8 in second most active trading on the Toronto Stock Exchange.
The Wall Street Journal, which selects the index, said Inco was dropped to make the index more representative of the market. Inco, the non-Communist world's largest nickel producer, was a member of the index since 1928.
Replacing Inco and Owens-Illinois Inc will be Coca-Cola Co and Boeing Co, effective tomorrow.
Nickel analyst Ilmar Martens at Walwyn Stodgell Cochran Murray Ltd said Inco's removal from the index would likely spark short-term selling pressure on the stock.
"Some investors who have Inco may suddenly say, 'well, because it's not now a Dow stock, we should eliminate that investment,'" said Martens, although he added the move was unlikely to have a serious long-term impact on Inco stock.
Inco has struggled in recent years against sharply lower nickel prices. Its net earnings fell to 200,000 U.S. dlrs in 1986 from 52.2 mln dlrs the previous year. |
YES | TRAIN | TRAINING-SET | 8,915 | 4,002 | 1987-03-11T18:06:47.220000 | [] | ['usa'] | [] | [] | [] | [] | null | FORMER EMPIRE OF CAROLINA <EMP> EXEC SENTENCED | NEW YORK, March 11 - | Mason Benson, former president and
chief operating officer of Empire of Carolina Inc, a toy maker,
today was sentenced in Manhattan federal court to a year and
one day in jail for his involvement in a kickback scheme.
Benson pleaded guilty to charges of conspiracy, tax
evasion, filing false corporate tax returns and defrauding the
company's shareholders. He was also fined 5,000 dlrs.
Benson was charged with demanding kickbacks from sales
representatives who were asked to turn over a portion of their
commisisons as a condition for doing business with Empire.
Reuter
| Mason Benson, former president and chief operating officer of Empire of Carolina Inc, a toy maker, today was sentenced in Manhattan federal court to a year and one day in jail for his involvement in a kickback scheme.
Benson pleaded guilty to charges of conspiracy, tax evasion, filing false corporate tax returns and defrauding the company's shareholders. He was also fined 5,000 dlrs.
Benson was charged with demanding kickbacks from sales representatives who were asked to turn over a portion of their commisisons as a condition for doing business with Empire. |
NO | TRAIN | TRAINING-SET | 8,916 | 4,003 | 1987-03-11T18:09:39.660000 | [] | ['usa'] | [] | [] | [] | [] | null | DOCTORS FIND LINK BETWEEN AIDS, SMALLPOX VIRUS | BOSTON, March 11 - | In a discovery that could complicate the
search for an AIDS vaccine, a team of U.S. Army doctors said
they have uncovered a potentially-fatal interaction between the
AIDS virus and a virus used to protect against smallpox.
Physicians at the Walter Reed Army Institute of Research
said a 19-year-old man, who apparently had been exposed to the
AIDS virus, developed a pox-like disease and died after
receiving the smallpox vaccine. The military now tests recruits
for AIDS before vaccinating them.
The findings, reported in The New England Journal of
Medicine, are significant because scientists have begun working
on an AIDS vaccine that relies on the smallpox vaccine.
"Our case report raises provocative questions concerning
the ultimate safety of such vaccines," said the group led by
Dr. Robert Redfield.
The report also throws into question the belief held by
some scientists that the smallpox vaccine, which exposes people
to a milder, protective form of the disease known as cowpox,
could be further modified to protect people against a host of
other diseases.
Reuter
| In a discovery that could complicate the search for an AIDS vaccine, a team of U.S. Army doctors said they have uncovered a potentially-fatal interaction between the AIDS virus and a virus used to protect against smallpox.
Physicians at the Walter Reed Army Institute of Research said a 19-year-old man, who apparently had been exposed to the AIDS virus, developed a pox-like disease and died after receiving the smallpox vaccine. The military now tests recruits for AIDS before vaccinating them.
The findings, reported in The New England Journal of Medicine, are significant because scientists have begun working on an AIDS vaccine that relies on the smallpox vaccine.
"Our case report raises provocative questions concerning the ultimate safety of such vaccines," said the group led by Dr. Robert Redfield.
The report also throws into question the belief held by some scientists that the smallpox vaccine, which exposes people to a milder, protective form of the disease known as cowpox, could be further modified to protect people against a host of other diseases. |
NO | TRAIN | TRAINING-SET | 8,917 | 4,004 | 1987-03-11T18:13:59.930000 | [] | ['usa'] | [] | [] | [] | [] | null | BIRTH CONTROL PILLS HELP PREVENT CANCER - STUDY | BOSTON, March 11 - | Doctors at the Centers for Disease
Control in Atlanta said they have new evidence that birth
control pills can help provide long-term protection from cancer
of the ovary, even if the pills are only taken for a few
months.
The study, reported in the New England Journal of
Medicine, also found that all the various types of oral
contraceptives on the market were equally effective in lowering
the rate of ovarian cancer.
The researchers estimated that the use of birth control
pills in this country probably prevented about 1,700 cases of
ovarian cancer in 1982.
As more and more women who have taken oral contraceptives
"move into the age groups that are at highest risk for
epithelial ovarian cancer we may witness a declining incidence
of this serious disease," they said.
Specifically, the team led by Dr. Howard Ory found that
"oral contraceptive use, even for a few months, reduces the
risk of epithelial ovarian cancer by 40 percent for women 20 to
54 years of age.
"The effect probably takes from five to ten years to
become apparent, but it persists long after the use of oral
contraceptives ends. Moreover, protection exists regardless of
the formulation of oral contraceptive used," they said.
Reuter
| Doctors at the Centers for Disease Control in Atlanta said they have new evidence that birth control pills can help provide long-term protection from cancer of the ovary, even if the pills are only taken for a few months.
The study, reported in the New England Journal of Medicine, also found that all the various types of oral contraceptives on the market were equally effective in lowering the rate of ovarian cancer.
The researchers estimated that the use of birth control pills in this country probably prevented about 1,700 cases of ovarian cancer in 1982.
As more and more women who have taken oral contraceptives "move into the age groups that are at highest risk for epithelial ovarian cancer we may witness a declining incidence of this serious disease," they said.
Specifically, the team led by Dr. Howard Ory found that "oral contraceptive use, even for a few months, reduces the risk of epithelial ovarian cancer by 40 percent for women 20 to 54 years of age.
"The effect probably takes from five to ten years to become apparent, but it persists long after the use of oral contraceptives ends. Moreover, protection exists regardless of the formulation of oral contraceptive used," they said. |
YES | TRAIN | TRAINING-SET | 8,918 | 4,005 | 1987-03-11T18:14:49.930000 | ['interest', 'retail', 'ipi'] | ['usa'] | [] | [] | [] | [] | null | U.S. ECONOMIC DATA KEY TO DEBT FUTURES OUTLOOK | CHICAGO, March 11 - | U.S. economic data this week could be
the key in determining whether U.S. interest rate futures break
out of a 3-1/2 month trading range, financial analysts said.
Although market expectations are for February U.S. retail
sales Thursday and industrial production Friday to show healthy
gains, figures within or slightly below expectations would be
positive for the market, the analysts said.
"You have to be impressed with the resiliency of bonds
right now," said Smith Barney Harris Upham analyst Craig
Sloane.
Treasury bond futures came under pressure today which
traders linked to a persistently firm federal funds rate and a
rise in oil prices. However, when sufficient selling interest
to break below chart support in the June contract failed to
materialize, participants who had sold bond futures early
quickly covered short positions, they said.
"Everyone is expecting strong numbers, and if they come in
as expected it won't be that bad for the market," Sloane said.
Sloane said the consensus estimate for the non-auto sector
of retail sales is for a rise of 0.6 to 0.7 pct.
Dean Witter analyst Karen Gibbs said a retail sales figure
below market forecasts would give a boost to debt futures, and
she put the range for the non-auto sector of retail sales at up
0.8 to 1.2 pct.
Industrial production and the producer price index Friday
both are expected to show increases of about 0.5 pct, she
added.
Retail sales "will tell us whether or not we will be able
to fill the gap," Gibbs said, referring to a chart gap in June
bonds between 100-26/32 and 101-3/32 created Friday. June bonds
closed at 100-4/32 today.
Also key to debt futures direction, in addition to the
federal funds rate, is the direction of crude oil prices, said
Carroll McEntee and McGinley Futures analyst Brian Singer.
"A higher fed funds rate and firm oil prices precluded the
market from breaking out of the trading range the last time the
market approached the top of the range," Singer said.
In order for bonds to break above the top of the range,
which is just below 102 in the June contract, "the crude oil
rally needs to run its course and pull back a little bit,"
Singer said. "Fed funds are already easing back down toward the
six pct level."
The recent surge in oil prices has also been a concern to
Manufacturers Hanover Futures analyst Jim Rozich, but the rally
may be nearing a top around 18.50 dlrs per barrel, he said.
Rozich said he is looking for the June bond contract to
ease to 99-6/32 and find support.
"I'm not quite ready to jump on the bullish bandwagon yet.
The jury is still out this week," Rozich said.
Reuter
| U.S. economic data this week could be the key in determining whether U.S. interest rate futures break out of a 3-1/2 month trading range, financial analysts said.
Although market expectations are for February U.S. retail sales Thursday and industrial production Friday to show healthy gains, figures within or slightly below expectations would be positive for the market, the analysts said.
"You have to be impressed with the resiliency of bonds right now," said Smith Barney Harris Upham analyst Craig Sloane.
Treasury bond futures came under pressure today which traders linked to a persistently firm federal funds rate and a rise in oil prices. However, when sufficient selling interest to break below chart support in the June contract failed to materialize, participants who had sold bond futures early quickly covered short positions, they said.
"Everyone is expecting strong numbers, and if they come in as expected it won't be that bad for the market," Sloane said.
Sloane said the consensus estimate for the non-auto sector of retail sales is for a rise of 0.6 to 0.7 pct.
Dean Witter analyst Karen Gibbs said a retail sales figure below market forecasts would give a boost to debt futures, and she put the range for the non-auto sector of retail sales at up 0.8 to 1.2 pct.
Industrial production and the producer price index Friday both are expected to show increases of about 0.5 pct, she added.
Retail sales "will tell us whether or not we will be able to fill the gap," Gibbs said, referring to a chart gap in June bonds between 100-26/32 and 101-3/32 created Friday. June bonds closed at 100-4/32 today.
Also key to debt futures direction, in addition to the federal funds rate, is the direction of crude oil prices, said Carroll McEntee and McGinley Futures analyst Brian Singer.
"A higher fed funds rate and firm oil prices precluded the market from breaking out of the trading range the last time the market approached the top of the range," Singer said.
In order for bonds to break above the top of the range, which is just below 102 in the June contract, "the crude oil rally needs to run its course and pull back a little bit," Singer said. "Fed funds are already easing back down toward the six pct level."
The recent surge in oil prices has also been a concern to Manufacturers Hanover Futures analyst Jim Rozich, but the rally may be nearing a top around 18.50 dlrs per barrel, he said.
Rozich said he is looking for the June bond contract to ease to 99-6/32 and find support.
"I'm not quite ready to jump on the bullish bandwagon yet. The jury is still out this week," Rozich said. |
NO | TRAIN | TRAINING-SET | 8,919 | 4,006 | 1987-03-11T18:15:09.970000 | [] | ['usa'] | [] | [] | [] | [] | null | U.S. "ACTION PROGRAM" FOR SUB-SAHARAN AFRICA | WASHINGTON, March 11 - | The Reagan administration,
responding to last year's United Nations special session on
Africa, today outlined a U.S. "action program" for sub-Saharan
Africa focusing heavily on economic reform and self-help.
A White House statement announced establishment of "a
long-term U.S. goal for all U.S. economic programs and policies
in sub-Saharan Africa: to end hunger in the region through
economic growth, policy reform and private sector development."
The statement said the "program of action" was recommended by
a White House task force set up last September.
In a series of recommendations, the task force called for
new efforts to address Africa's heavy debt burden and said U.S.
food aid should stress production incentives to reinforce
African nations' economic reform and productivity.
It also said better African access to world markets should
be promoted to reward good performance and enable African
nations to earn their way toward economic growth.
The U.S. private sector should be mobilized to provide
"private, voluntary and corporate involvement of a humanitarian
It said donor countries "should negotiate, through the
existing International Monetary Fund/World Bank coordination
process, framework agreements with each sub-Saharan African
country to establish long-term structural adjustment and reform
programs."
The task force called for a separate budget account for
U.S. bilateral aid "in order to focus better on rewarding
economic performance and increasing the flexibility of U.S.
assistance programs for incentive economic reforms and private
sector development."
Reuter
| The Reagan administration, responding to last year's United Nations special session on Africa, today outlined a U.S. "action program" for sub-Saharan Africa focusing heavily on economic reform and self-help.
A White House statement announced establishment of "a long-term U.S. goal for all U.S. economic programs and policies in sub-Saharan Africa: to end hunger in the region through economic growth, policy reform and private sector development."
The statement said the "program of action" was recommended by a White House task force set up last September.
In a series of recommendations, the task force called for new efforts to address Africa's heavy debt burden and said U.S. food aid should stress production incentives to reinforce African nations' economic reform and productivity.
It also said better African access to world markets should be promoted to reward good performance and enable African nations to earn their way toward economic growth.
The U.S. private sector should be mobilized to provide "private, voluntary and corporate involvement of a humanitarian
It said donor countries "should negotiate, through the existing International Monetary Fund/World Bank coordination process, framework agreements with each sub-Saharan African country to establish long-term structural adjustment and reform programs."
The task force called for a separate budget account for U.S. bilateral aid "in order to focus better on rewarding economic performance and increasing the flexibility of U.S. assistance programs for incentive economic reforms and private sector development." |
YES | TRAIN | TRAINING-SET | 8,920 | 4,007 | 1987-03-11T18:16:09.870000 | [] | ['usa'] | [] | [] | [] | [] | null | UNUSUAL TEXAS INSTRUMENTS <TXN> PREFERRED PRICED | NEW YORK, March 11 - | In a novel type of financing, Texas
Instruments Inc marketed a three-part, 225 mln dlr issue of
convertible money market preferred stock through Shearson
Lehman Brothers Inc as sole manager.
Shearson, which originated the new convertible concept,
said each of the three tranches totaled 75 mln dlrs. In the
first, a 2.85 pct dividend was set on the stock with a strike
price of 190 dlrs that represented a 15 pct premium over the
common stock price when terms were set.
Also included were 4.36 pct dividend preferred with a 220
dlr strike price and 33 pct premium and 4.49 pct dividend
preferred with a 235 dlr strike price and 42 pct premium.
Texas Instruments common closed at 167.25 dlrs, up 2-1/8.
Ronald Gallatin, managing director at Shearson, said that
"demand for the offering was unbelievable, especially for the
first tranche."
He said that Shearson originated the concept of auction
money market preferred stock three years ago. The conversion
feature of this issue is the new wrinkle.
Commenting on the first tranche, Gallatin noted that the
original pricing talk called for a dividend in the four to 4.20
pct area. This was gradually cut to 2.85 pct because of intense
demand, saving the issuer money in financing costs.
The Shearson official said that virtually all buyers of the
first tranche received less than they wanted. He said the
latter two tranches were less strongly oversubscribed.
Like non-convertible money market preferred stock, the new
version allows investors to redeem their holdings every seven
weeks. Investors then can maintain their holdings, sell them,
or offer to hold on to the securities if the auction
dividend is at least at a level they specify in advance.
Gallatin said the securities were sold to a broad range of
investors, including major insurance companies, banks, money
managers and pension funds.
Reuter
| In a novel type of financing, Texas Instruments Inc marketed a three-part, 225 mln dlr issue of convertible money market preferred stock through Shearson Lehman Brothers Inc as sole manager.
Shearson, which originated the new convertible concept, said each of the three tranches totaled 75 mln dlrs. In the first, a 2.85 pct dividend was set on the stock with a strike price of 190 dlrs that represented a 15 pct premium over the common stock price when terms were set.
Also included were 4.36 pct dividend preferred with a 220 dlr strike price and 33 pct premium and 4.49 pct dividend preferred with a 235 dlr strike price and 42 pct premium.
Texas Instruments common closed at 167.25 dlrs, up 2-1/8.
Ronald Gallatin, managing director at Shearson, said that "demand for the offering was unbelievable, especially for the first tranche."
He said that Shearson originated the concept of auction money market preferred stock three years ago. The conversion feature of this issue is the new wrinkle.
Commenting on the first tranche, Gallatin noted that the original pricing talk called for a dividend in the four to 4.20 pct area. This was gradually cut to 2.85 pct because of intense demand, saving the issuer money in financing costs.
The Shearson official said that virtually all buyers of the first tranche received less than they wanted. He said the latter two tranches were less strongly oversubscribed.
Like non-convertible money market preferred stock, the new version allows investors to redeem their holdings every seven weeks. Investors then can maintain their holdings, sell them, or offer to hold on to the securities if the auction dividend is at least at a level they specify in advance.
Gallatin said the securities were sold to a broad range of investors, including major insurance companies, banks, money managers and pension funds. |
NO | TRAIN | TRAINING-SET | 8,921 | 4,008 | 1987-03-11T18:21:00.310000 | [] | ['usa', 'canada'] | ['james-baker', 'reagan'] | [] | [] | [] | null | CLARK SAYS HE EXPECTS U.S. ACTION ON ACID RAIN | WASHINGTON, March 11 - | Canadian Foreign Secretary Joe
Clark, winding up a two-day visit to Washington, said he
expected the Reagan administration to take some action on
reducing acid rain.
"My impression is there will be some movement by the United
States administration on acid rain (but) how much movement I
can't judge or predict," he told reporters.
The meetings with American officials are part of a routine
U.S.-Canada consultation but are also expected to lay the
groundwork for a summit in Ottawa next month between President
Reagan and Prime Minister Brian Mulroney.
Clark today held discussions with Treasury Secretary James
Baker and Democratic Sens. Patrick Moynihan of New York,
Christopher Dodd of Connecticut, Lloyd Bentsen of Texas and
George Mitchell of Maine.
Yesterday, he held talks with Vice President George Bush,
Secretary of State George Shultz and Commerce Secretary Malcolm
Baldrige.
Among its priorities, Canada is seeking evidence that
Reagan is prepared to live up to a commitment made last year to
implement in the United States a five-year 5 billion U.S. dlr
program to test cleaner ways of burning coal.
This issue was discussed at length with Baker and several
of the senators, including Mitchell who urged Canada to "keep
the heat on" the Reagan administration to force action, Canadian
officials said.
Also taken up with most of the senators and Baker were
trade issues, including the need for the United States and
Canada to establish a better mechanism for settling trade
disputes between the two countries, who are each other's major
trading partner, Canadian officials said.
Reuter
| Canadian Foreign Secretary Joe Clark, winding up a two-day visit to Washington, said he expected the Reagan administration to take some action on reducing acid rain.
"My impression is there will be some movement by the United States administration on acid rain (but) how much movement I can't judge or predict," he told reporters.
The meetings with American officials are part of a routine U.S.-Canada consultation but are also expected to lay the groundwork for a summit in Ottawa next month between President Reagan and Prime Minister Brian Mulroney.
Clark today held discussions with Treasury Secretary James Baker and Democratic Sens. Patrick Moynihan of New York, Christopher Dodd of Connecticut, Lloyd Bentsen of Texas and George Mitchell of Maine.
Yesterday, he held talks with Vice President George Bush, Secretary of State George Shultz and Commerce Secretary Malcolm Baldrige.
Among its priorities, Canada is seeking evidence that Reagan is prepared to live up to a commitment made last year to implement in the United States a five-year 5 billion U.S. dlr program to test cleaner ways of burning coal.
This issue was discussed at length with Baker and several of the senators, including Mitchell who urged Canada to "keep the heat on" the Reagan administration to force action, Canadian officials said.
Also taken up with most of the senators and Baker were trade issues, including the need for the United States and Canada to establish a better mechanism for settling trade disputes between the two countries, who are each other's major trading partner, Canadian officials said. |
YES | TRAIN | TRAINING-SET | 8,922 | 4,009 | 1987-03-11T18:22:58.570000 | [] | ['usa'] | [] | [] | [] | [] | null | FORD MOTOR <F> DISTRIBUTES PROFIT SHARING | DALLAS, March 11 - | Ford Motor COr said that profit-sharing
checks were distributed to employees in its U.S. facilities.
About 371 mln dlrs was distributed to 160,253 emplyees. The
average payment per employee was more than 2,100 dlrs compared
with 1,200 in 1985.
Reuter
| Ford Motor COr said that profit-sharing checks were distributed to employees in its U.S. facilities.
About 371 mln dlrs was distributed to 160,253 emplyees. The average payment per employee was more than 2,100 dlrs compared with 1,200 in 1985. |
NO | TRAIN | TRAINING-SET | 8,923 | 4,010 | 1987-03-11T18:24:57.400000 | [] | ['jamaica'] | [] | [] | [] | [] | null | JAMAICA PUTS CAP ON BORROWING | Kingston, march 11 - | jamaica has put a cap on its 3.5
billion dlr foreign debt and will reduce its obligations by 300
mln dlrs this year, prime minister edward seaga said today.
Speaking at a news conference, seaga said jamaica has
reached its "maximum stock of debt" and will not undertake any
more borrowing until it is justified by economic growth.
"this year we'll be reducing the stock of debt by 300
million dollars," he said.
He told reporters his government aims to reduce jamaica's
ratio of debt payments to foreign exchange earnings from the
current 50 pct to 25 pct within three years.
Debt payments this year are expected to total 287 mln
dollars, seaga said.
yesterday jamaica agreed with creditor banks to reschedule
over the next 12 years some 181 miln dlrs due in 1987-89.
The accord includes a grace period on principal payments
for eight and a half years and a reduction of interest rates
from 2.5 to 1.125 pct above libor.
Last week, jamaica obtained a 10-year rescheduling of 100
pct of principal and 85 pct of interest on 125 mln dollars of
debt to the paris club nations the debt would have fallen due
over the next two years.
Reuter
| jamaica has put a cap on its 3.5 billion dlr foreign debt and will reduce its obligations by 300 mln dlrs this year, prime minister edward seaga said today.
Speaking at a news conference, seaga said jamaica has reached its "maximum stock of debt" and will not undertake any more borrowing until it is justified by economic growth.
"this year we'll be reducing the stock of debt by 300 million dollars," he said.
He told reporters his government aims to reduce jamaica's ratio of debt payments to foreign exchange earnings from the current 50 pct to 25 pct within three years.
Debt payments this year are expected to total 287 mln dollars, seaga said.
yesterday jamaica agreed with creditor banks to reschedule over the next 12 years some 181 miln dlrs due in 1987-89.
The accord includes a grace period on principal payments for eight and a half years and a reduction of interest rates from 2.5 to 1.125 pct above libor.
Last week, jamaica obtained a 10-year rescheduling of 100 pct of principal and 85 pct of interest on 125 mln dollars of debt to the paris club nations the debt would have fallen due over the next two years. |
YES | TRAIN | TRAINING-SET | 8,924 | 4,011 | 1987-03-11T18:26:24.220000 | [] | ['usa'] | [] | [] | [] | [] | null | FASTER TEST FOR SICKLE CELL ANEMIA DEVELOPED | BOSTON, March 11 - | A team of California researchers said
that they have developed a better, faster test for detecting
sickle cell anemia in unborn children than existing procedures.
The test, developed by Cetus Corp <CTUS> researchers,
requires only a small amount of genetic material from a fetus
and produces a diagnosis within a day, unlike other tests that
require several days and can only be done in a few specialized
centers, they said.
Sickle cell anemia is a painful, inherited blood disease
that causes the normally-flexible red blood cells to stiffen
into a sickle-like shape. It is primarily found in blacks.
The researchers said in The New England Journal of Medicine
that their "procedure promises to be a rapid, sensitive and
reliable method for the prenatal diagnosis of sickle cell
disease."
In addition, they said, the technique might also be
adapted to detect other types of genetic disease.
Reuter
| A team of California researchers said that they have developed a better, faster test for detecting sickle cell anemia in unborn children than existing procedures.
The test, developed by Cetus Corp <CTUS> researchers, requires only a small amount of genetic material from a fetus and produces a diagnosis within a day, unlike other tests that require several days and can only be done in a few specialized centers, they said.
Sickle cell anemia is a painful, inherited blood disease that causes the normally-flexible red blood cells to stiffen into a sickle-like shape. It is primarily found in blacks.
The researchers said in The New England Journal of Medicine that their "procedure promises to be a rapid, sensitive and reliable method for the prenatal diagnosis of sickle cell disease."
In addition, they said, the technique might also be adapted to detect other types of genetic disease. |
YES | TRAIN | TRAINING-SET | 8,925 | 4,012 | 1987-03-11T18:36:05.150000 | ['earn'] | ['canada'] | [] | [] | [] | [] | null | BANK OF BRITISH COLUMBIA 1ST QTR JAN 31 NET | VANCOUVER, British Columbia, March 11 -
| Oper shr loss two cts vs profit three cts
Oper net profit 273,000 dlrs vs profit 1,710,000
YEAR - period ended October 31, 1986
Oper shr loss 23 cts vs profit 14 cts
Oper net loss 4,397,000 vs profit 7,527,000
Assets 2.67 billion vs 3.25 billion
Note: 1987 1st qtr net excludes extraordinary loss of 2.2
mln dlrs or six cts shr.
1986 yr net excludes extraordinary loss of 66 mln dlrs or
1.94 dlrs shr involving 22.1 mln dlrs of costs from sale of
bank assets to Hongkong Bank of Canada, eight mln dlrs for
contingent liabilities in respect of litigation and potential
tax reassessment by U.S. govt and 35.9 mln dlrs of deferred tax
debits.
Most bank assets sold to HongKong Bank of Canada, a unit of
<Hong Kong and Shanghai Banking Corp> in Nov, 1986.
Shr after preferred divs.
Reuter
| Oper shr loss two cts vs profit three cts
Oper net profit 273,000 dlrs vs profit 1,710,000
YEAR - period ended October 31, 1986
Oper shr loss 23 cts vs profit 14 cts
Oper net loss 4,397,000 vs profit 7,527,000
Assets 2.67 billion vs 3.25 billion
Note: 1987 1st qtr net excludes extraordinary loss of 2.2 mln dlrs or six cts shr.
1986 yr net excludes extraordinary loss of 66 mln dlrs or 1.94 dlrs shr involving 22.1 mln dlrs of costs from sale of bank assets to Hongkong Bank of Canada, eight mln dlrs for contingent liabilities in respect of litigation and potential tax reassessment by U.S. govt and 35.9 mln dlrs of deferred tax debits.
Most bank assets sold to HongKong Bank of Canada, a unit of <Hong Kong and Shanghai Banking Corp> in Nov, 1986.
Shr after preferred divs. |
NO | TRAIN | TRAINING-SET | 8,926 | 4,013 | 1987-03-11T18:37:48.600000 | [] | ['usa', 'iran'] | [] | [] | [] | [] | null | RAN SCANDAL PARTICIPANT TO GET IMMUNITY OFFER | WASHINGTON, March 11 - | Albert Hakim, an arms merchant, is
the first top-ranked player in the Iran arms scandal who may be
enticed into testifying by the promise of immunity,
investigators said.
The House Select committee probing the Iran arms scandal
has voted to grant limited immunity from criminal prosecution
to Hakim in return for his testimony.
Hakim, 51, was said deeply involved from the start in the
attempt to trade arms to Iran for help in freeing American
hostages in Lebanon and the diversion of funds and arms to
rebels in Nicaragua.
Reuter
| Albert Hakim, an arms merchant, is the first top-ranked player in the Iran arms scandal who may be enticed into testifying by the promise of immunity, investigators said.
The House Select committee probing the Iran arms scandal has voted to grant limited immunity from criminal prosecution to Hakim in return for his testimony.
Hakim, 51, was said deeply involved from the start in the attempt to trade arms to Iran for help in freeing American hostages in Lebanon and the diversion of funds and arms to rebels in Nicaragua. |
YES | TRAIN | TRAINING-SET | 8,927 | 4,014 | 1987-03-11T18:38:02.320000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | RESTAURANT ASSOCIATES INC <RA> 4TH QTR JAN 3 | NEW YORK, March 11 -
| Shr 25 cts vs 36 cts
Net 1.4 mln vs 1.4 mln
Revs 56.9 mln vs 35.1 mln
Year
Shr 86 cts vs 75 cts
Net 4.7 mln vs 3.0 mln
REvs 201.4 mln vs 140.0 mln
NOTE:1985 4th qtr includes 99,000 loss from carryforward.
Shares restated to give effect to 1.4 to one stock split in the
form a 40 pct class A dividend in August 1985.
Reuter
| Shr 25 cts vs 36 cts
Net 1.4 mln vs 1.4 mln
Revs 56.9 mln vs 35.1 mln
Year
Shr 86 cts vs 75 cts
Net 4.7 mln vs 3.0 mln
REvs 201.4 mln vs 140.0 mln
NOTE:1985 4th qtr includes 99,000 loss from carryforward. Shares restated to give effect to 1.4 to one stock split in the form a 40 pct class A dividend in August 1985. |
YES | TRAIN | TRAINING-SET | 8,928 | 4,015 | 1987-03-11T18:41:59.820000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | MICHIGAN GENERAL CORP <MGL> 4TH QTR | SADDLE BROOK, N.J., March 11 -
| Shr loss 1.02 dlrs vs 1.01 dlr
Net loss 18.1 mln vs 11.4 mln
Revs 96.0 mln vs 90.3 mln
Year
Shr loss 2.65 dlrs vs loss 3.06 dlrs
Net loss 39.3 mln vs 34.6 mln
Revs 386.0 mln vs 373.0 mln
NOTE:1986 4th qtr, year loss includes 14.4 mln dlrs, 4.6
mln dlrs respectively from discontinued. 1985 4th qtr and year
include loss of 13.1 mln, 1.9 mln dlr respectively.
Reuter
| Shr loss 1.02 dlrs vs 1.01 dlr
Net loss 18.1 mln vs 11.4 mln
Revs 96.0 mln vs 90.3 mln
Year
Shr loss 2.65 dlrs vs loss 3.06 dlrs
Net loss 39.3 mln vs 34.6 mln
Revs 386.0 mln vs 373.0 mln
NOTE:1986 4th qtr, year loss includes 14.4 mln dlrs, 4.6 mln dlrs respectively from discontinued. 1985 4th qtr and year include loss of 13.1 mln, 1.9 mln dlr respectively. |
YES | TRAIN | TRAINING-SET | 8,929 | 4,016 | 1987-03-11T18:45:36.660000 | ['crude', 'nat-gas', 'iron-steel'] | ['usa', 'libya'] | [] | [] | [] | [] | null | USX <X> PROVED OIL, GAS RESERVES FALL IN 1986 | NEW YORK, March 11 - | USX Corp said proved reserves of oil
and natural gas liquids fell 28 pct to 802.8 mln barrels at the
end of 1986 from 1.12 billion barrels at year-end 1985.
The figures, in USX's just-released 1986 annual report,
indicate much of the drop resulted from the exclusion of 293.7
mln barrels of Libyan reserves, after the U.S. government last
June directed U.S. oil companies to end Libyan operations.
USX, which owns Marathon Oil Co and Texas Oil and Gas Corp,
had 60 pct of its 1986 sales of 14.94 billion dlrs from its oil
and gas operations.
About 24 pct of total sales came from USX's USS steel unit
and 16 pct from diversified businesses, which include oilfield
services, raw materials, minerals, chemicals and real estate.
According to the report, domestic liquids reserves fell
slightly to 628.5 mln barrels from 628.9 mln and foreign
reserves fell to 174.3 mln from 486.4 mln barrels. The large
drop in foreign reserves was in the Middle East and Africa,
where they fell to about 9.3 mln barrels from 316.7 mln,
reflecting the exclusion of Libya.
Total natural gas reserves fell to 4.82 trillion cubic feet
at year-end 1986 from 5.18 trillion at the end of 1985.
Again, most of the drop came from the Middle East and
Africa, where reserves fell to zero from 71.9 billion cubic
feet, excluding Libyan reserves.
U.S. natural gas reserves fell to 3.44 trillion cubic feet
from 3.65 trillion and foreign reserves fell to 1.38 trillion
from 1.53 trillion.
In other areas, USX said total capital spending fell to 962
mln dlrs in 1986 from 1.78 billion dlrs in 1985. The 1986
audited figure is eight mln dlrs higher than the unaudited
figure the company reported on Jan 27.
USX also said it expects to record a gain of 150 mln dlrs
in 1988, representing 50 pct of previously existing investment
tax credits allowable under the new tax law. The loss of the
other half of the credits was reflected in the fourth quarter.
In a discussion of steel results, USX said plants that were
shut down last month and some previously idled plants may be
permanently closed. USX took a fourth quarter charge of 1.03
billion dlrs to restructure its steel operations. The charge
included the "indefinite idling" last month of four plants in
Utah, Pennsylvania and Texas.
Other plants or parts of plants in Pennsylvania, Indiana,
Alabama, Ohio and Chicago had been previously idled.
"These operations are not permanently shut down. Improved
market conditions for the products from these plants may make
it feasible to reopen some of them," USX said in the report.
"On the other hand, a lack of any future market improvement
may necessitate their permanent closing," it added.
Reuter
| USX Corp said proved reserves of oil and natural gas liquids fell 28 pct to 802.8 mln barrels at the end of 1986 from 1.12 billion barrels at year-end 1985.
The figures, in USX's just-released 1986 annual report, indicate much of the drop resulted from the exclusion of 293.7 mln barrels of Libyan reserves, after the U.S. government last June directed U.S. oil companies to end Libyan operations.
USX, which owns Marathon Oil Co and Texas Oil and Gas Corp, had 60 pct of its 1986 sales of 14.94 billion dlrs from its oil and gas operations.
About 24 pct of total sales came from USX's USS steel unit and 16 pct from diversified businesses, which include oilfield services, raw materials, minerals, chemicals and real estate.
According to the report, domestic liquids reserves fell slightly to 628.5 mln barrels from 628.9 mln and foreign reserves fell to 174.3 mln from 486.4 mln barrels. The large drop in foreign reserves was in the Middle East and Africa, where they fell to about 9.3 mln barrels from 316.7 mln, reflecting the exclusion of Libya.
Total natural gas reserves fell to 4.82 trillion cubic feet at year-end 1986 from 5.18 trillion at the end of 1985.
Again, most of the drop came from the Middle East and Africa, where reserves fell to zero from 71.9 billion cubic feet, excluding Libyan reserves.
U.S. natural gas reserves fell to 3.44 trillion cubic feet from 3.65 trillion and foreign reserves fell to 1.38 trillion from 1.53 trillion.
In other areas, USX said total capital spending fell to 962 mln dlrs in 1986 from 1.78 billion dlrs in 1985. The 1986 audited figure is eight mln dlrs higher than the unaudited figure the company reported on Jan 27.
USX also said it expects to record a gain of 150 mln dlrs in 1988, representing 50 pct of previously existing investment tax credits allowable under the new tax law. The loss of the other half of the credits was reflected in the fourth quarter.
In a discussion of steel results, USX said plants that were shut down last month and some previously idled plants may be permanently closed. USX took a fourth quarter charge of 1.03 billion dlrs to restructure its steel operations. The charge included the "indefinite idling" last month of four plants in Utah, Pennsylvania and Texas.
Other plants or parts of plants in Pennsylvania, Indiana, Alabama, Ohio and Chicago had been previously idled.
"These operations are not permanently shut down. Improved market conditions for the products from these plants may make it feasible to reopen some of them," USX said in the report.
"On the other hand, a lack of any future market improvement may necessitate their permanent closing," it added. |
YES | TRAIN | TRAINING-SET | 8,930 | 4,017 | 1987-03-11T18:50:05.960000 | [] | ['usa'] | [] | [] | [] | [] | null | PHILLIPS<P> SAYS STOCK UP ON STEPS TO PARE DEBT | NEW YORK, March 11 - | Phillips Petroleum Co Chairman C. J.
"Pete" Silas said his company's stock, ranked fourth on the
most active list of stocks traded today, rose partly because of
steps it took to pare its debt.
Silas told Reuters in an interview today, "part of this
strength results from the rise in oil prices and also because
some of the analysts have been happy with the steps we've taken
in 1986 to pare our debt."
Phillips stocks rose 1/4 to 14 dlrs a share following
recommendations by some oil analysts, a company source said.
Phillips debt stood at 5.9 billion dlrs in December 1986
down from a 1985 high of 8.6 billion dlrs, analysts said.
"At 14 dlrs a share, Phillips is priced closer to the actual
price of oil," he added.
Silas said, "if the analysts are right that oil prices will
rise to 20 dlrs or higher, then it seems to make sense to buy
Phillips." He is, however, more cautious about the strength in
crude prices, expecting the price to fluctuate between 16-18
dlrs a barrel for the year.
Oil industry analysts said one reason for the stock's
popularity of the stock is that it traded at a strong discount
to its appraised value and was attractively priced for small
investors.
Charles Andrew, an analyst who follows Phillips for John S.
Herold Inc of Greenwich, Conn said that the appraised value of
the company, based on available data is 34.25 dlrs.
"The stock is trading at about 1/3 its appraised value. The
company has tremendous leverage and if it can get its act
together and if oil prices are steady to higher there is good
room for improvement," he said.
But, he added, "if oil prices turn lower, there will be a
lot of pressure on Phillips."
Phillips' shares fell as low as eight dlrs a share over the
last 52 weeks with a 1987 low of 11-3/4 dlrs in 1987.
Analysts say that the appraised value of the company could be
revised due to asset sales of their oil and gas reserves.
Silas told Reuters that the asset sales which amount to
about two billion dlrs for 1986 were completed and that none
were planned.
Reuter
| Phillips Petroleum Co Chairman C. J. "Pete" Silas said his company's stock, ranked fourth on the most active list of stocks traded today, rose partly because of steps it took to pare its debt.
Silas told Reuters in an interview today, "part of this strength results from the rise in oil prices and also because some of the analysts have been happy with the steps we've taken in 1986 to pare our debt."
Phillips stocks rose 1/4 to 14 dlrs a share following recommendations by some oil analysts, a company source said.
Phillips debt stood at 5.9 billion dlrs in December 1986 down from a 1985 high of 8.6 billion dlrs, analysts said.
"At 14 dlrs a share, Phillips is priced closer to the actual price of oil," he added.
Silas said, "if the analysts are right that oil prices will rise to 20 dlrs or higher, then it seems to make sense to buy Phillips." He is, however, more cautious about the strength in crude prices, expecting the price to fluctuate between 16-18 dlrs a barrel for the year.
Oil industry analysts said one reason for the stock's popularity of the stock is that it traded at a strong discount to its appraised value and was attractively priced for small investors.
Charles Andrew, an analyst who follows Phillips for John S. Herold Inc of Greenwich, Conn said that the appraised value of the company, based on available data is 34.25 dlrs.
"The stock is trading at about 1/3 its appraised value. The company has tremendous leverage and if it can get its act together and if oil prices are steady to higher there is good room for improvement," he said.
But, he added, "if oil prices turn lower, there will be a lot of pressure on Phillips."
Phillips' shares fell as low as eight dlrs a share over the last 52 weeks with a 1987 low of 11-3/4 dlrs in 1987. Analysts say that the appraised value of the company could be revised due to asset sales of their oil and gas reserves.
Silas told Reuters that the asset sales which amount to about two billion dlrs for 1986 were completed and that none were planned. |
YES | TRAIN | TRAINING-SET | 8,931 | 4,018 | 1987-03-11T18:50:57.360000 | [] | ['usa'] | [] | [] | [] | [] | null | MICHIGAN GENERAL <MGL> BEGINS EXCHANGE OFFER | SADDLE BROOK, N.J., march 11 - | Michigan General Corp said
it began an exchange offer for its 110 mln dlrs outstanding
principal amount of 10-3/4 pct senior subordinated debentures
due December 1, 1998.
Pursuant to the exchange offer, each 1,000 dlr principal
amount will receive 500 dlr principal amount of senior
subordinated notes due March 1, 1992, 200 dlr principal amount
of non-interest bearing convertible senior subordainted notes
due March 1, 1997 and 12 shares of delayed convertible
preferred stock, liquidation preference 25 dlrs per share.
The offer will expire April nine.
Michigan General said the exchange offer is crucial to is
attempt to restructure and reduce its risk from Chapter 11.
The principal purpose of the offer is to reduce its debt
service on the 10-3/4 pct debetures, increase stockholders'
equity and induce its lender to continue to fund.
Assuming a 90 pct acceptance of the offer, Michigan's
annual cash interest requirements will be reduced by about 10.6
mln dlrs, it said.
Completion is subject to the tender of at least 90 pct of
the debentures and its lender to waive it from default under
its loan agreements.
Reuter
| Michigan General Corp said it began an exchange offer for its 110 mln dlrs outstanding principal amount of 10-3/4 pct senior subordinated debentures due December 1, 1998.
Pursuant to the exchange offer, each 1,000 dlr principal amount will receive 500 dlr principal amount of senior subordinated notes due March 1, 1992, 200 dlr principal amount of non-interest bearing convertible senior subordainted notes due March 1, 1997 and 12 shares of delayed convertible preferred stock, liquidation preference 25 dlrs per share.
The offer will expire April nine.
Michigan General said the exchange offer is crucial to is attempt to restructure and reduce its risk from Chapter 11.
The principal purpose of the offer is to reduce its debt service on the 10-3/4 pct debetures, increase stockholders' equity and induce its lender to continue to fund.
Assuming a 90 pct acceptance of the offer, Michigan's annual cash interest requirements will be reduced by about 10.6 mln dlrs, it said.
Completion is subject to the tender of at least 90 pct of the debentures and its lender to waive it from default under its loan agreements. |
YES | TRAIN | TRAINING-SET | 8,932 | 4,019 | 1987-03-11T18:53:18.490000 | ['earn'] | ['canada'] | [] | [] | [] | [] | null | BANK OF B.C. REVISES SHARE PAYOUT ESTIMATE | VANCOUVER, British Columbia, March 11 - | Bank of British
Columbia said it revised its estimate of shareholder
distributions from last November's sale of most of the bank's
assets to HongKong Bank of Canada to between 65 cts and 1.15
dlrs a share from 55 cts to 1.20 dlrs a share.
The bank said the estimate could rise to between 1.30 dlrs
and 1.80 dlrs a share if the full pension surplus is obtained.
It said it did not know when distributions would be made.
It earlier reported that operating profit for first quarter
ended January 31 fell to 273,000 dlrs from 1.7 mln dlrs the
previous year.
For full-year 1986 ended October 31, the bank posted an
operating loss of 4.4 mln dlrs against year-earlier profit of
7.5 mln dlrs. The bank also posted a 66 mln dlr extraordinary
loss in fiscal 1986.
Bank of British Columbia sold most of its assets last
November to HongKong Bank Canada, a unit of <HongKong and
Shanghai Banking Corp>, of Hong Kong, for 63.5 mln dlrs.
It said efforts to wind up the bank's affairs were
proceeding as quickly as possible.
The bank said it expected to report positive earnings in
future periods, barring unforeseen circumstances.
Loan losses, which the bank previously said figured in its
move to sell off most of its assets, rose to 105.7 mln dlrs in
fiscal 1986 from year-earlier 36.1 mln dlrs. The bank said 31.1
mln dlrs of the 1986 total represented downward adjustments to
its portfolio of syndicated sovereign risk loans as required
under the sale to HongKong Bank.
Since November 27, the bank has confined activities to the
winding up of affairs, Bank of British Columbia said.
Reuter
| Bank of British Columbia said it revised its estimate of shareholder distributions from last November's sale of most of the bank's assets to HongKong Bank of Canada to between 65 cts and 1.15 dlrs a share from 55 cts to 1.20 dlrs a share.
The bank said the estimate could rise to between 1.30 dlrs and 1.80 dlrs a share if the full pension surplus is obtained. It said it did not know when distributions would be made.
It earlier reported that operating profit for first quarter ended January 31 fell to 273,000 dlrs from 1.7 mln dlrs the previous year.
For full-year 1986 ended October 31, the bank posted an operating loss of 4.4 mln dlrs against year-earlier profit of 7.5 mln dlrs. The bank also posted a 66 mln dlr extraordinary loss in fiscal 1986.
Bank of British Columbia sold most of its assets last November to HongKong Bank Canada, a unit of <HongKong and Shanghai Banking Corp>, of Hong Kong, for 63.5 mln dlrs.
It said efforts to wind up the bank's affairs were proceeding as quickly as possible.
The bank said it expected to report positive earnings in future periods, barring unforeseen circumstances.
Loan losses, which the bank previously said figured in its move to sell off most of its assets, rose to 105.7 mln dlrs in fiscal 1986 from year-earlier 36.1 mln dlrs. The bank said 31.1 mln dlrs of the 1986 total represented downward adjustments to its portfolio of syndicated sovereign risk loans as required under the sale to HongKong Bank.
Since November 27, the bank has confined activities to the winding up of affairs, Bank of British Columbia said. |
NO | TRAIN | TRAINING-SET | 8,933 | 4,020 | 1987-03-11T18:54:46.180000 | [] | ['usa'] | ['reagan'] | [] | [] | [] | null | HOUSE VOTES TO BLOCK CONTRA AID FOR SIX MONTHS | WASHINGTON, March 11 - | The House voted to block 40 mln dlrs
in military aid to the Nicaraguan rebels until President Reagan
accounts for past assistance, including money diverted from the
U.S. sale of arms to Iran.
The vote was seen as a temporary defeat for Reagan, who has
made aid to the "contras" a key initiative.
Congressional Democratic leaders have conceded that despite
today's vote, they can not muster a two-thirds majority to
override a certain Reagan veto. But they have said it is likely
they can win a battle expected this fall over 105 mln dlrs iin
new aid Reagan is requesting.
Reuter
| The House voted to block 40 mln dlrs in military aid to the Nicaraguan rebels until President Reagan accounts for past assistance, including money diverted from the U.S. sale of arms to Iran.
The vote was seen as a temporary defeat for Reagan, who has made aid to the "contras" a key initiative.
Congressional Democratic leaders have conceded that despite today's vote, they can not muster a two-thirds majority to override a certain Reagan veto. But they have said it is likely they can win a battle expected this fall over 105 mln dlrs iin new aid Reagan is requesting. |
YES | TRAIN | TRAINING-SET | 8,934 | 4,021 | 1987-03-11T18:56:34.210000 | ['earn'] | ['canada'] | [] | [] | [] | [] | null | <KIENA GOLD MINES LTD> 4TH QTR NET | TORONTO, March 11 -
| Shr 17 cts vs 16 cts
Net 1,019,000 vs 985,000
Revs 7,997,000 vs 7,492,000
YEAR
Shr 1.18 dlrs vs 64 cts
Net 6,959,000 vs 3,778,000
Revs 36.5 mln vs 29.8 mln
Reuter
| Shr 17 cts vs 16 cts
Net 1,019,000 vs 985,000
Revs 7,997,000 vs 7,492,000
YEAR
Shr 1.18 dlrs vs 64 cts
Net 6,959,000 vs 3,778,000
Revs 36.5 mln vs 29.8 mln |
YES | TRAIN | TRAINING-SET | 8,935 | 4,022 | 1987-03-11T18:56:43.550000 | ['carcass', 'livestock'] | ['argentina'] | [] | [] | [] | [] | null | ARGENTINE MEAT EXPORTS HIGHER IN JAN/FEB 1987 | BUENOS AIRES, March 11 - | Argentine meat exports during
Jan/Feb 1987 totalled 39,714 tonnes, against 36,594 tonnes
shipped in the same 1986 period, National Meat board said.
Shipments in tonnes with comparative figures for the 1986
period, in brackets, included: beef 26,945 (20,096), horse meat
3,257 (4,211) and beef offal 7,660 (10,502).
Argentine's meat exports totalled 20,243 tonnes in February
1987, against 19,217 tonnes shipped in the same 1986 month.
Shipments in tonnes, with comparative figures for February
1986, in brackets, included: beef 13,272 (11,464), horse meat
1,543 (2,083) and beef offal 4,476 (4,672), the board added.
Main destinations for refrigerated beef (bone in
equivalent) were as follows, in tonnes, with comparative
figures for 1986 in brackets -
EC 5,500 (7,900), Brazil 5,200 (unavailable), Israel 3,700
(3,000), Peru 2,500 (800), Singapore 500 (300), Switzerland 500
(400), Canary Islands 500 (300), Malta 500 (700), Aruba/Curazao
200 (300), Chile 100 (600).
Main destinations for canned meat and cooked beef (bone in
equivalent), in tonnes with comparative figures for Jan/Feb
1986, in brackets, were -
United States 11,200 (13,400), EC 4,700 (5,100).
Reuter
| Argentine meat exports during Jan/Feb 1987 totalled 39,714 tonnes, against 36,594 tonnes shipped in the same 1986 period, National Meat board said.
Shipments in tonnes with comparative figures for the 1986 period, in brackets, included: beef 26,945 (20,096), horse meat 3,257 (4,211) and beef offal 7,660 (10,502).
Argentine's meat exports totalled 20,243 tonnes in February 1987, against 19,217 tonnes shipped in the same 1986 month.
Shipments in tonnes, with comparative figures for February 1986, in brackets, included: beef 13,272 (11,464), horse meat 1,543 (2,083) and beef offal 4,476 (4,672), the board added.
Main destinations for refrigerated beef (bone in equivalent) were as follows, in tonnes, with comparative figures for 1986 in brackets -
EC 5,500 (7,900), Brazil 5,200 (unavailable), Israel 3,700 (3,000), Peru 2,500 (800), Singapore 500 (300), Switzerland 500 (400), Canary Islands 500 (300), Malta 500 (700), Aruba/Curazao 200 (300), Chile 100 (600).
Main destinations for canned meat and cooked beef (bone in equivalent), in tonnes with comparative figures for Jan/Feb 1986, in brackets, were -
United States 11,200 (13,400), EC 4,700 (5,100). |
YES | TRAIN | TRAINING-SET | 8,936 | 4,023 | 1987-03-11T19:02:33.140000 | ['earn'] | ['canada'] | [] | [] | [] | [] | null | KIENA PLANS TWO-FOR-ONE STOCK SPLIT | TORONTO, March 11 - | <Kiena Gold Mines Ltd> said it planned
a two-for-one common stock split, pending shareholder approval
on April 7.
It said approval would require 66-2/3 pct of votes cast.
Kiena said 57 pct-owner Campbell Red Lake Mines Ltd <CRK> was
expected to vote in favor of the split.
Reuter
| <Kiena Gold Mines Ltd> said it planned a two-for-one common stock split, pending shareholder approval on April 7.
It said approval would require 66-2/3 pct of votes cast. Kiena said 57 pct-owner Campbell Red Lake Mines Ltd <CRK> was expected to vote in favor of the split. |
YES | TRAIN | TRAINING-SET | 8,937 | 4,024 | 1987-03-11T19:04:31.390000 | [] | ['usa'] | [] | [] | [] | [] | null | VANZETTI <VANZ> INCREASE OF SHARES APPROVED | STOUGHTON, Mass, March 11 - | vanzetti Systems INc said its
shareholders approved increasing the number of authorized
shares to five mln from three mln.
Shareholders also approved increasing the number of shares
reserved for options to employees to 300,000 from 150,000
Reuter
| vanzetti Systems INc said its shareholders approved increasing the number of authorized shares to five mln from three mln.
Shareholders also approved increasing the number of shares reserved for options to employees to 300,000 from 150,000 |
YES | TRAIN | TRAINING-SET | 8,938 | 4,025 | 1987-03-11T19:04:38.260000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | ROWE FURNITURE CORP <ROWE> SETS QTLY DIVIDEND | SALEM, Va., March 11 -
| Qtly div four cts vs four cts prior
Pay April 15
Record March 20
Reuter
| Qtly div four cts vs four cts prior
Pay April 15
Record March 20 |
YES | TRAIN | TRAINING-SET | 8,939 | 4,026 | 1987-03-11T19:05:21.410000 | ['trade'] | ['usa'] | ['reagan', 'yeutter'] | [] | [] | [] | null | U.S. HOUSE PANEL TAKES FIRST TRADE BILL VOTES | WASHINGTON, March 11 - | House trade lawmakers took their
first votes on measures designed to toughen U.S. trade laws but
held over until tomorrow the most difficult votes on
controversial plans to protect American industries.
Meeting in closed session, the House Ways and Means Trade
Subcommittee failed to resolve one of the most sensitive issues
in the bill--whether they will force major foreign trading
partners to severely cut their trade surpluses with the United
States.
The subcommittee is considering a toned-down version of
Democratic-sponsored trade legislation that aims to open
foreign markets but which drops last year's effort to force
President Reagan to retaliate with quotas or tariffs.
Congressional aides who asked not to be identified said the
lawmakers intend to wrap up their proposals tomorrow and will
consider a proposal to mandate retaliation without setting
specific trade penalties.
The legislation faces another hurdle in the full Ways and
Means Committee next week before the full House votes on it.
Rep. Richard Gephardt, a Missouri Democrat who is seeking
his party's 1988 presidential nomination, said he may offer an
amendment to call for reductions in the trade surpluses of
those countries with barriers to imports of U.S. goods.
This would be a moderated version of his earlier plan to
force a mandatory ten per cent annual cut in the trade surplus
with the United States by Japan, South Korea, Taiwan, West
Germany and other countries with the largest trade imbalances.
"My criteria for a good amendment sets a standard for
getting the trade deficit down," he told reporters.
The trade law changes are to become part of a major
congressional and administration effort to turn around the
record U.S. trade deficit of 169 billion dlrs last year by
opening up foreign markets and making U.S. products more
competitive.
House Speaker James Wright, a Texas Democrat, said again
today he expects the full House will approve the trade bill by
May and that Reagan will accept the final congressional bill.
"I expect whatever is reported (by the Ways and Means
Committee) will pass. We will have a good bill and an effective
bill," he told reporters.
The comprehensive trade bill will include work by other
committees to ease export controls on high technology, to aid
U.S. workers displaced by foreign competition, to stimulate
research and development, to remove foreign trade barriers and
to improve education and worker training.
The lawmakers agreed that for the first time a U.S.
industry could charge foreign producers with unfair competition
if they deny basic worker rights such as collective bargaining,
safety rules and payment of a minimum wage appropriate to the
country's economic development.
They transferred to U.S. Trade Representative Clayton
Yeutter the powers now held by Reagan to decide whether to
retaliate against foreign violations of fair trade rules and
whether an injured industry deserves import relief.
They agreed to make it easier for a company to get
temporary relief from import competition but agreed the
industry should provide a plan to become competitive.
The administration has not announced its support but
Yeutter said yesterday, "I am cautiously optimistic," that the
Democratic-led House will come up with an acceptable bill.
Reuter
| House trade lawmakers took their first votes on measures designed to toughen U.S. trade laws but held over until tomorrow the most difficult votes on controversial plans to protect American industries.
Meeting in closed session, the House Ways and Means Trade Subcommittee failed to resolve one of the most sensitive issues in the bill--whether they will force major foreign trading partners to severely cut their trade surpluses with the United States.
The subcommittee is considering a toned-down version of Democratic-sponsored trade legislation that aims to open foreign markets but which drops last year's effort to force President Reagan to retaliate with quotas or tariffs.
Congressional aides who asked not to be identified said the lawmakers intend to wrap up their proposals tomorrow and will consider a proposal to mandate retaliation without setting specific trade penalties.
The legislation faces another hurdle in the full Ways and Means Committee next week before the full House votes on it.
Rep. Richard Gephardt, a Missouri Democrat who is seeking his party's 1988 presidential nomination, said he may offer an amendment to call for reductions in the trade surpluses of those countries with barriers to imports of U.S. goods.
This would be a moderated version of his earlier plan to force a mandatory ten per cent annual cut in the trade surplus with the United States by Japan, South Korea, Taiwan, West Germany and other countries with the largest trade imbalances.
"My criteria for a good amendment sets a standard for getting the trade deficit down," he told reporters.
The trade law changes are to become part of a major congressional and administration effort to turn around the record U.S. trade deficit of 169 billion dlrs last year by opening up foreign markets and making U.S. products more competitive.
House Speaker James Wright, a Texas Democrat, said again today he expects the full House will approve the trade bill by May and that Reagan will accept the final congressional bill.
"I expect whatever is reported (by the Ways and Means Committee) will pass. We will have a good bill and an effective bill," he told reporters.
The comprehensive trade bill will include work by other committees to ease export controls on high technology, to aid U.S. workers displaced by foreign competition, to stimulate research and development, to remove foreign trade barriers and to improve education and worker training.
The lawmakers agreed that for the first time a U.S. industry could charge foreign producers with unfair competition if they deny basic worker rights such as collective bargaining, safety rules and payment of a minimum wage appropriate to the country's economic development.
They transferred to U.S. Trade Representative Clayton Yeutter the powers now held by Reagan to decide whether to retaliate against foreign violations of fair trade rules and whether an injured industry deserves import relief.
They agreed to make it easier for a company to get temporary relief from import competition but agreed the industry should provide a plan to become competitive.
The administration has not announced its support but Yeutter said yesterday, "I am cautiously optimistic," that the Democratic-led House will come up with an acceptable bill. |
YES | TRAIN | TRAINING-SET | 8,940 | 4,027 | 1987-03-11T19:06:36.560000 | ['trade'] | ['france', 'ussr'] | [] | [] | [] | [] | null | SOVIET MINISTER SAYS TRADE BOOST UP TO FRENCH | PARIS, March 11 - | Soviet first deputy prime minister
Vsevolod Murakhovsky said at the end of a brief visit here his
country wanted to boost joint business with France, but that a
reduction of France's trade deficit with the Soviet Union
depended on the French.
Murakhovsky, who is also chairman of the State
Agro-Industrial Committee (GOSAGROPROM), told a news conference
he had discussed a variety of possible deals with French
companies Rhone-Poulenc, Pechiney and Imec.
Declining to put figures on possible contracts he said he
had discussed plant protection and the processing of highly
sulphuric gas with Rhone-Poulenc, packaging technology for
agricultural products with Pechiney, and fruit and vegetable
juice processing with Imec.
An official for Pechiney said an agreement of intent on
packaging could be signed soon, but could not give any other
details. The other two companies were not immediately available
for comment.
Asked whether he foresaw a reduction this year of France's
trade shortfall, at 7.6 billion francs in the first 11 months
of 1986 against 5.1 billion for the whole of 1985, Murakhovsky
told Reuters: "It all depends on France."
At a meeting in Paris last January French and Soviet
foreign trade ministers said they were committed to increased
efforts to reduce the deficit. Estimates at the time showed a
French 190 mln franc surplus for December 1986.
Murakhovsky said the Soviet Union was prepared to talk with
anybody with "interesting" proposals offering latest technology
and assuring "a mutual advantage."
He said the Soviet Union had many tasks ahead of it and
would deal rapidly with proposals it considered interesting.
He encouraged companies to take advantage of new laws
guaranteeing "the interests of foreign partners" in joint
ventures.
But he said no agreements had yet been finalised under the
new joint venture laws.
He said concrete deals had not yet been finalised as a
result of a one billion dollar accord signed in Moscow last
month with French businessman Jean-Baptiste Doumeng.
He said Doumeng's Interagra company was preparing proposals
for further examination by the Soviet Union. Doumeng last month
said the agreement was to exchange one billion dollars worth of
goods.
Murakhovsky said the agreement was one of intent, and
designed primarily to renew and increase the Soviet Union's
food production capacity.
Reuter
| Soviet first deputy prime minister Vsevolod Murakhovsky said at the end of a brief visit here his country wanted to boost joint business with France, but that a reduction of France's trade deficit with the Soviet Union depended on the French.
Murakhovsky, who is also chairman of the State Agro-Industrial Committee (GOSAGROPROM), told a news conference he had discussed a variety of possible deals with French companies Rhone-Poulenc, Pechiney and Imec.
Declining to put figures on possible contracts he said he had discussed plant protection and the processing of highly sulphuric gas with Rhone-Poulenc, packaging technology for agricultural products with Pechiney, and fruit and vegetable juice processing with Imec.
An official for Pechiney said an agreement of intent on packaging could be signed soon, but could not give any other details. The other two companies were not immediately available for comment.
Asked whether he foresaw a reduction this year of France's trade shortfall, at 7.6 billion francs in the first 11 months of 1986 against 5.1 billion for the whole of 1985, Murakhovsky told Reuters: "It all depends on France."
At a meeting in Paris last January French and Soviet foreign trade ministers said they were committed to increased efforts to reduce the deficit. Estimates at the time showed a French 190 mln franc surplus for December 1986.
Murakhovsky said the Soviet Union was prepared to talk with anybody with "interesting" proposals offering latest technology and assuring "a mutual advantage."
He said the Soviet Union had many tasks ahead of it and would deal rapidly with proposals it considered interesting.
He encouraged companies to take advantage of new laws guaranteeing "the interests of foreign partners" in joint ventures.
But he said no agreements had yet been finalised under the new joint venture laws.
He said concrete deals had not yet been finalised as a result of a one billion dollar accord signed in Moscow last month with French businessman Jean-Baptiste Doumeng.
He said Doumeng's Interagra company was preparing proposals for further examination by the Soviet Union. Doumeng last month said the agreement was to exchange one billion dollars worth of goods.
Murakhovsky said the agreement was one of intent, and designed primarily to renew and increase the Soviet Union's food production capacity. |
YES | TRAIN | TRAINING-SET | 8,941 | 4,028 | 1987-03-11T19:09:27.770000 | ['crude'] | ['ecuador', 'venezuela'] | [] | [] | [] | [] | null | VENEZUELA TO LEND OIL TO ECUADOR FOR EXPORT | Caracas, march 11 - | venezuela will supply ecuador with an
as yet undetermined amount of crude oil to help it meet export
commitments, seriously affected by last week's earthquake,
energy and mines minister arturo hernandez grisanti said.
He gave few details about the deal, but said a crude oil
loan agreement will be made between state oil companies
petroleos de venezuela (pdvsa) and ecuador's cepe.
Ecuador was forced to suspend oil exports for an expected
four months after an earthquake damaged a pipeline. Oil
accounts for 60 per cent of its export income.
Hernandez was speaking to reporters at miraflores palace
on the results of talks with ecuador's deputy energy minister
fernando santos alvite, who arrived here last night.
"the volume lent to ecuador would be discounted from its
opec quota and would not affect venezuela's," he said. "we would
from august on produce our own quota and sell the additional
amounts that ecuador would be repaying us," he said.
He did not elaborate on the quota arrangements but did say
ecuador would notify opec by telex that venezuela would be
lending it a certain amount over so many days.
Venezuela's opec output quota is currently 1.495 million
barrels a day, and ecuador's has been set at 210,000 bpd.
Reuter
| venezuela will supply ecuador with an as yet undetermined amount of crude oil to help it meet export commitments, seriously affected by last week's earthquake, energy and mines minister arturo hernandez grisanti said.
He gave few details about the deal, but said a crude oil loan agreement will be made between state oil companies petroleos de venezuela (pdvsa) and ecuador's cepe.
Ecuador was forced to suspend oil exports for an expected four months after an earthquake damaged a pipeline. Oil accounts for 60 per cent of its export income.
Hernandez was speaking to reporters at miraflores palace on the results of talks with ecuador's deputy energy minister fernando santos alvite, who arrived here last night.
"the volume lent to ecuador would be discounted from its opec quota and would not affect venezuela's," he said. "we would from august on produce our own quota and sell the additional amounts that ecuador would be repaying us," he said.
He did not elaborate on the quota arrangements but did say ecuador would notify opec by telex that venezuela would be lending it a certain amount over so many days.
Venezuela's opec output quota is currently 1.495 million barrels a day, and ecuador's has been set at 210,000 bpd. |
YES | TRAIN | TRAINING-SET | 8,942 | 4,029 | 1987-03-11T19:10:26.950000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | EAGLE CLOTHES INC <EGL> 2nD QTR JAN 31 | NEW YORK, March 11 -
| Shr profit 17 cts vs profit 14 cts
Net profit 1.3 mln vs profit 901,000
Revs 36.9 mln vs 36.2 mln
Six months
Shr profit 18 cts vs loss 11 cts
Net profit 1.4 mln vs loss 716,000
Revs 63.6 mln vs 57.7 mln
NOTE:1986 six months includes increase in provision for
doubtful accounts to 1.5 mln dlrs. 1986 shares give effect to
issuance of 1.5 mln shares in exchange for outstanding Series 1
preferred shares.
Reuter
| Shr profit 17 cts vs profit 14 cts
Net profit 1.3 mln vs profit 901,000
Revs 36.9 mln vs 36.2 mln
Six months
Shr profit 18 cts vs loss 11 cts
Net profit 1.4 mln vs loss 716,000
Revs 63.6 mln vs 57.7 mln
NOTE:1986 six months includes increase in provision for doubtful accounts to 1.5 mln dlrs. 1986 shares give effect to issuance of 1.5 mln shares in exchange for outstanding Series 1 preferred shares. |
NO | TRAIN | TRAINING-SET | 8,943 | 4,030 | 1987-03-11T19:11:19.940000 | [] | ['iran', 'iraq'] | [] | [] | [] | [] | null | IRAQ SAYS IRAN ATTACK REPULSED ON SOUTHERN FRONT | BAGHDAD, March 11 - | Iraq said it had repelled an Iranian
attack on positions held by its fourth army corps east of the
southern Iraqi town of Amarah on the Baghdad-Basra highway.
A Baghdad war communique said an Iranian infantry brigade,
backed by tanks, launched the overnight attack and fierce
fighting raged for more than six hours before Iranian troops
fled the battlefield, leaving 220 men killed and many wounded.
No major battles have been reported fought by the fourth
army corps for more than a year in the area, mainly swamplands
of the Hawizah marshes running eastward to the southern port
city of Basra.
Reuter
| Iraq said it had repelled an Iranian attack on positions held by its fourth army corps east of the southern Iraqi town of Amarah on the Baghdad-Basra highway.
A Baghdad war communique said an Iranian infantry brigade, backed by tanks, launched the overnight attack and fierce fighting raged for more than six hours before Iranian troops fled the battlefield, leaving 220 men killed and many wounded.
No major battles have been reported fought by the fourth army corps for more than a year in the area, mainly swamplands of the Hawizah marshes running eastward to the southern port city of Basra. |
YES | TRAIN | TRAINING-SET | 8,944 | 4,031 | 1987-03-11T19:15:32.680000 | ['trade'] | ['uk', 'japan'] | [] | [] | [] | [] | null | BRITAIN CALLS ON JAPAN TO INCREASE IMPORTS | LONDON, March 11 - | Britain today called on Japan to
increase foreign imports or risk the rise of protectionism and
the harm it would bring to it and other trading nations.
British Trade and Industry Secretary Paul Channon said
Japan must heed a report issued by a Japanese government
advisory body in December calling for faster domestic demand to
help cut its trade surplus and restructure its economy.
"I recognise that the strong yen has brought problems to
Japan's domestic economy," he told a group of Japanese
businessmen in London.
"But these short term difficulties should not be allowed to
deflect Japan from the fundamental reforms necessary," he said.
"It is not just a domestic issue for Japan. If import
propensity does not expand very soon there is a real risk from
protectionist lobbies, particularly in the U.S. With whom Japan
has so massive a surplus," he said.
"They may well succeed in securing action by governments
which would be highly injurious to trading nations like Japan
and the U.K."
Channon said there had been substantial growth in the
volume of trade between Japan and Britain, amounting to 6.2
billion sterling (9.8 billion dlrs) last year.
But he added: "Regrettably too much of it was in one
direction, with the Japanese selling us 3.7 billion sterling
(5.8 billion dlrs) more than we sold them."
Reuter
| Britain today called on Japan to increase foreign imports or risk the rise of protectionism and the harm it would bring to it and other trading nations.
British Trade and Industry Secretary Paul Channon said Japan must heed a report issued by a Japanese government advisory body in December calling for faster domestic demand to help cut its trade surplus and restructure its economy.
"I recognise that the strong yen has brought problems to Japan's domestic economy," he told a group of Japanese businessmen in London.
"But these short term difficulties should not be allowed to deflect Japan from the fundamental reforms necessary," he said.
"It is not just a domestic issue for Japan. If import propensity does not expand very soon there is a real risk from protectionist lobbies, particularly in the U.S. With whom Japan has so massive a surplus," he said.
"They may well succeed in securing action by governments which would be highly injurious to trading nations like Japan and the U.K."
Channon said there had been substantial growth in the volume of trade between Japan and Britain, amounting to 6.2 billion sterling (9.8 billion dlrs) last year.
But he added: "Regrettably too much of it was in one direction, with the Japanese selling us 3.7 billion sterling (5.8 billion dlrs) more than we sold them." |
YES | TRAIN | TRAINING-SET | 8,945 | 4,032 | 1987-03-11T19:15:55.250000 | ['acq'] | [] | [] | [] | [] | [] | BRIEF | TAFT BROADCASTING REJECTS 145 DLR PER SHARE BUYOUT OFFER FROM THETA CORP
| null | null | null |
YES | TRAIN | TRAINING-SET | 8,946 | 4,033 | 1987-03-11T19:18:49.580000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | TAFT <TFB> REJECTS 145 DLR/SHR OFFER | Cincinnati, March 11 - | Taft Braodacasting Co said its board
of directors unanimously decided not to accept the pending
proposal of Theta Corp, an investor group led by Dudley Taft.
The decision was based on, among other things, the advise
of its financial advisors, goldman sachs and co, that the offer
of 145 dlrs per share was inadequate.
Taft said the board concluded that the offer failed to
recognize fully the future propsects of the company and
directed management to explore alternatives including possible
financial restructuring.
Reuter
| Taft Braodacasting Co said its board of directors unanimously decided not to accept the pending proposal of Theta Corp, an investor group led by Dudley Taft.
The decision was based on, among other things, the advise of its financial advisors, goldman sachs and co, that the offer of 145 dlrs per share was inadequate.
Taft said the board concluded that the offer failed to recognize fully the future propsects of the company and directed management to explore alternatives including possible financial restructuring. |
NO | TRAIN | TRAINING-SET | 8,947 | 4,034 | 1987-03-11T19:23:42.460000 | [] | ['ecuador'] | [] | [] | [] | [] | null | ECUADOR DEBT TO BE HONOURED AFTER QUAKE SURVIVAL | QUITO, March 11 - | Ecuador, stricken by a severe earthquake,
will honour its 8.16 billion dlr foreign debt but only after
ensuring the survival of the country after the tremor which
claimed at least 300 lives and caused 4,000 persons to
disappear.
"The government's position ... is to permit us to honour the
(debt) commitments but without sacrificing the country, because
first we have to survive and later we can comply," information
minister Marco Lara told reuters.
He said the nation would later announce definitive
measures on the foreign debt in the aftermath of the earthquake
which the government said will cause nearly a billion dlrs in
economic losses.
Reuter
| Ecuador, stricken by a severe earthquake, will honour its 8.16 billion dlr foreign debt but only after ensuring the survival of the country after the tremor which claimed at least 300 lives and caused 4,000 persons to disappear.
"The government's position ... is to permit us to honour the (debt) commitments but without sacrificing the country, because first we have to survive and later we can comply," information minister Marco Lara told reuters.
He said the nation would later announce definitive measures on the foreign debt in the aftermath of the earthquake which the government said will cause nearly a billion dlrs in economic losses. |
YES | TRAIN | TRAINING-SET | 8,948 | 4,035 | 1987-03-11T19:26:43.720000 | ['veg-oil'] | ['uk'] | [] | ['ec'] | [] | [] | null | BRITISH MINISTER CRITICISES PROPOSED EC OILS TAX | LONDON, March 11 - | A British minister said that a proposed
European Community tax on vegetable oils and fats would raise
the price of fish and chips and he pledged the government would
fight against it.
Lord Belstead, a junior agriculture minister, told the
House of Lords the tax would raise the price of raw materials
used in many processed foods by about 100 pct.
He said revenue should not be raised by taxing the consumer
and called the proposal "repugnant."
Reuter
| A British minister said that a proposed European Community tax on vegetable oils and fats would raise the price of fish and chips and he pledged the government would fight against it.
Lord Belstead, a junior agriculture minister, told the House of Lords the tax would raise the price of raw materials used in many processed foods by about 100 pct.
He said revenue should not be raised by taxing the consumer and called the proposal "repugnant." |
YES | TRAIN | TRAINING-SET | 8,949 | 4,036 | 1987-03-11T20:04:55.060000 | ['jobs'] | ['australia'] | [] | [] | [] | [] | null | AUSTRALIAN UNEMPLOYMENT EASES IN FEBRUARY | CANBERRA, March 12 - | Australia's seasonally-adjusted
unemployment rate eased to 8.2 pct of the estimated workforce
in February from 8.3 pct in January, compared with 7.9 pct a
year earlier, the Statistics Bureau said.
The number of unemployed declined to 632,100 from 638,300
in January, against 594,500 in February 1986, it said.
But unadjusted, the number of jobless rose to 699,800 or
9.1 pct of the workforce from 671,400 or 8.9 pct in January and
658,500 or 8.7 pct a year earlier.
REUTER
| Australia's seasonally-adjusted unemployment rate eased to 8.2 pct of the estimated workforce in February from 8.3 pct in January, compared with 7.9 pct a year earlier, the Statistics Bureau said.
The number of unemployed declined to 632,100 from 638,300 in January, against 594,500 in February 1986, it said.
But unadjusted, the number of jobless rose to 699,800 or 9.1 pct of the workforce from 671,400 or 8.9 pct in January and 658,500 or 8.7 pct a year earlier. |
NO | TRAIN | TRAINING-SET | 8,950 | 4,037 | 1987-03-11T21:02:16.570000 | [] | ['ecuador'] | [] | [] | [] | [] | null | ECUADOR SEEKS HALT TO PAYMENTS TO BANKS IN 1987 | QUITO, March 11 - | Ecuador, stricken by a severe earthquake,
is seeking through negotiations with private foreign banks to
postpone all payments due to them for the rest of the year,
Finance Minister Domingo Cordovez said.
He said in a statement, "The idea with the foreign banks is
to obtain from them the best terms to give the Ecuadorean
economy a complete relief in the period of deferral of payments
on the foreign debt during the present year."
The statement referred only to payments due to private
foreign banks, a senior government finance official told
Reuters.
These creditors hold two-thirds of Ecuador's foreign debt
which totals 8.16 billion dlrs.
It did not refer to debts maturing to foreign governments
and multilateral lending agencies, accounting for the remainder
of Ecuador's foreign debt, the official said.
He said Ecuador owed the private foreign banks between 450
and 500 mln dlrs in interest payments for the rest of 1987 and
about 66 mln in principal payments maturing this year.
Cordovez said Ecuador would seek new loans from
multilateral organisations. A World Bank mission was due here
soon to evaluate emergency loans, government officials said.
Ecuador has also appealed for emergency
aid from about 40 foreign governments.
Government officials have calculated losses to the 1987
budget from last Thursday's earthquake at 926 mln dlrs.
In 1986, Ecuador's total service on the foreign debt was
about 996 mln dlrs to all creditors.
The quake ruptured Ecuador's main oil pipeline, suspending
crude exports for five months until the line is repaired. Oil
accounts for up to two-thirds of its total exports and up to 60
pct of total revenues. Before the tremor, Ecuador suspended
interest payments on January 31 to private foreign banks.
Officials said they stopped interest payments due to a
cash-flow squeeze stemming from a slide in world oil prices,
which cut 1986 exports by about 25 pct to 2.18 billion dlrs.
Ecuadorean finance officials have been in telephone contact
every day this week with some of the banks who sit on its
14-bank advisory committee, the senior government finance
official said. The committee represents the country's 400 or so
private foreign bank creditors.
Cordovez also said in the statement, "The banks should
perceive that it is impossible at this moment to comply with
what was forseen."
Cordovez added, Ecuador must make a new proposal in line
with the reality since the earthquake by seeking better options
of deferment and of softening the negotiation conditions."
Interest payments fall due at least monthly to private
foreign banks.
Ecuador's initial proposal earlier this year was to make
only one semi-annual or one annual interest payment this year.
Under this proposal, it sought to defer interest payments
until June at the earliest, foreign bankers and government
officials here said.
Ecuadorean officials held their last formal meeting with
the advisory committee in New York in January, but the
negotiations were suspended on January 16 due to the 12-hour
kidnapping of President Leon Febres Cordero by air force
paratroopers.
The Red Cross says that least 300 people died and at least
4,000 are missing due to the earthquake.
REUTER
| Ecuador, stricken by a severe earthquake, is seeking through negotiations with private foreign banks to postpone all payments due to them for the rest of the year, Finance Minister Domingo Cordovez said.
He said in a statement, "The idea with the foreign banks is to obtain from them the best terms to give the Ecuadorean economy a complete relief in the period of deferral of payments on the foreign debt during the present year."
The statement referred only to payments due to private foreign banks, a senior government finance official told Reuters.
These creditors hold two-thirds of Ecuador's foreign debt which totals 8.16 billion dlrs.
It did not refer to debts maturing to foreign governments and multilateral lending agencies, accounting for the remainder of Ecuador's foreign debt, the official said.
He said Ecuador owed the private foreign banks between 450 and 500 mln dlrs in interest payments for the rest of 1987 and about 66 mln in principal payments maturing this year.
Cordovez said Ecuador would seek new loans from multilateral organisations. A World Bank mission was due here soon to evaluate emergency loans, government officials said.
Ecuador has also appealed for emergency aid from about 40 foreign governments.
Government officials have calculated losses to the 1987 budget from last Thursday's earthquake at 926 mln dlrs.
In 1986, Ecuador's total service on the foreign debt was about 996 mln dlrs to all creditors.
The quake ruptured Ecuador's main oil pipeline, suspending crude exports for five months until the line is repaired. Oil accounts for up to two-thirds of its total exports and up to 60 pct of total revenues. Before the tremor, Ecuador suspended interest payments on January 31 to private foreign banks.
Officials said they stopped interest payments due to a cash-flow squeeze stemming from a slide in world oil prices, which cut 1986 exports by about 25 pct to 2.18 billion dlrs.
Ecuadorean finance officials have been in telephone contact every day this week with some of the banks who sit on its 14-bank advisory committee, the senior government finance official said. The committee represents the country's 400 or so private foreign bank creditors.
Cordovez also said in the statement, "The banks should perceive that it is impossible at this moment to comply with what was forseen."
Cordovez added, Ecuador must make a new proposal in line with the reality since the earthquake by seeking better options of deferment and of softening the negotiation conditions."
Interest payments fall due at least monthly to private foreign banks.
Ecuador's initial proposal earlier this year was to make only one semi-annual or one annual interest payment this year.
Under this proposal, it sought to defer interest payments until June at the earliest, foreign bankers and government officials here said.
Ecuadorean officials held their last formal meeting with the advisory committee in New York in January, but the negotiations were suspended on January 16 due to the 12-hour kidnapping of President Leon Febres Cordero by air force paratroopers.
The Red Cross says that least 300 people died and at least 4,000 are missing due to the earthquake. |
YES | TRAIN | TRAINING-SET | 8,951 | 4,038 | 1987-03-11T21:06:50.500000 | ['money-fx'] | ['usa'] | ['james-baker'] | [] | [] | [] | null | TREASURY SECRETARY BAKER DECLINES COMMENT ON G-6 | NEW YORK, March 11 - | U.S. Treasury Secretary James Baker
declined comment on the February 22 Paris accord between the
six major industrial nations under which they agreed to foster
exchange rate stability.
Asked by reporters after a speech before the National
Fitness Foundation banquet what, if any, currency intervention
levels had been set in Paris, Baker replied: "We never talk
about intervention."
Baker also declined to comment on his views about the
foreign exchange markets' reaction to the accord.
REUTER
| U.S. Treasury Secretary James Baker declined comment on the February 22 Paris accord between the six major industrial nations under which they agreed to foster exchange rate stability.
Asked by reporters after a speech before the National Fitness Foundation banquet what, if any, currency intervention levels had been set in Paris, Baker replied: "We never talk about intervention."
Baker also declined to comment on his views about the foreign exchange markets' reaction to the accord. |
YES | TRAIN | TRAINING-SET | 8,952 | 4,039 | 1987-03-11T21:32:41.130000 | ['crude'] | ['venezuela', 'ecuador'] | [] | ['opec'] | [] | [] | null | ECUADOR TO ASK OPEC TO RAISE EXPORT QUOTA | CARACAS, March 11 - | Ecuador will ask OPEC to raise its oil
export quota by 100,000 barrels per day to 310,000 to
compensate for lost output due to last week's earthquake,
deputy Energy Minister Fernando Santos Alvite said.
Santos Alvite, who arrived in Caracas last night to discuss
an aid plan for Ecuador, did not say when the Organisation of
Petroleum Exporting Countries (OPEC) would be approached.
The additional output would be related to plans now under
discussion for Venezuela and Mexico to lend Ecuador crude while
it repairs a pipeline damaged by the quake.
Earlier, Venezuelan Energy and Mines Minister Aturo
Hernandez Grisanti said his country would supply an unspecified
part of Ecuador's export commitments.
But Santos Alvite told reporters he hoped a first cargo of
300,000 barrels could leave Maracaibo this weekend to supply
refineries near Guayaquil. He added Ecuador also wanted to make
up for 50,000 bpd it shipped to Caribbean destinations. Mexico
might supply Ecuador's South Korean market.
Ecuador may be unable to export oil for up to five months
due to extensive damage to a 25 mile stretch of pipeline
linking jungle oilfields to the Pacific port of Balao.
REUTER
| Ecuador will ask OPEC to raise its oil export quota by 100,000 barrels per day to 310,000 to compensate for lost output due to last week's earthquake, deputy Energy Minister Fernando Santos Alvite said.
Santos Alvite, who arrived in Caracas last night to discuss an aid plan for Ecuador, did not say when the Organisation of Petroleum Exporting Countries (OPEC) would be approached.
The additional output would be related to plans now under discussion for Venezuela and Mexico to lend Ecuador crude while it repairs a pipeline damaged by the quake.
Earlier, Venezuelan Energy and Mines Minister Aturo Hernandez Grisanti said his country would supply an unspecified part of Ecuador's export commitments.
But Santos Alvite told reporters he hoped a first cargo of 300,000 barrels could leave Maracaibo this weekend to supply refineries near Guayaquil. He added Ecuador also wanted to make up for 50,000 bpd it shipped to Caribbean destinations. Mexico might supply Ecuador's South Korean market.
Ecuador may be unable to export oil for up to five months due to extensive damage to a 25 mile stretch of pipeline linking jungle oilfields to the Pacific port of Balao. |
YES | TRAIN | TRAINING-SET | 8,953 | 4,040 | 1987-03-11T21:37:18.460000 | ['oilseed', 'rapeseed'] | ['china'] | [] | [] | [] | [] | null | CHINA'S RAPESEED CROP DAMAGED BY STORMS | PEKING, March 12 - | The yield on 46,000 hectares (ha) of
rapeseed in central China will be cut by up to 70 pct by
hailstorms and tornadoes that swept across nearly 100,000 ha of
crops on March 6, the New China News Agency said today.
The storm, which lashed the Huai and Yangtze rivers and
eastern Anhui province, left two people dead and 800 others
injured. Some 800 houses were flattened and 19 boats sunk, it
said.
The Anhui provincial government has sent emergency relief
to the 19 counties affected, the news agency said.
REUTER
| The yield on 46,000 hectares (ha) of rapeseed in central China will be cut by up to 70 pct by hailstorms and tornadoes that swept across nearly 100,000 ha of crops on March 6, the New China News Agency said today.
The storm, which lashed the Huai and Yangtze rivers and eastern Anhui province, left two people dead and 800 others injured. Some 800 houses were flattened and 19 boats sunk, it said.
The Anhui provincial government has sent emergency relief to the 19 counties affected, the news agency said. |
YES | TRAIN | TRAINING-SET | 8,954 | 4,041 | 1987-03-11T22:25:49.200000 | ['crude'] | ['china'] | [] | [] | [] | [] | null | CHINA CLOSES SECOND ROUND OF OFFSHORE OIL BIDS | PEKING, March 12 - | China has closed the second round of
bidding by foreign firms for offshore oil exploration rights,
the China Daily has reported.
It quoted a spokesman for the China National Offshore Oil
Corp (CNOOC) as saying China signed eight contracts with 15
foreign firms for blocks in the Pearl River mouth and south
Yellow Sea covering a total area of 44,913 sq km.
Second round bidding began at the end of 1984 and only one
well has so far produced results -- Lufeng 13-1-1, 250 km
south-east of Shenzhen, with an output of 6,770 barrels a day.
The well was drilled by a group of Japanese companies.
The spokesman added CNOOC was ready to enter into contracts
for offshore blocks before third round bidding began. He did
not say when this would be, but added the contracts would not
be bound by restrictions imposed during the second round.
China has signed 36 oil contracts and agreements with 37
companies from 10 countries since 1979, when offshore
exploration was open to foreigners. Eleven contracts were
terminated after no oil was discovered.
Foreign firms have invested 2.1 billion dlrs on offshore
China since 1979.
REUTER
| China has closed the second round of bidding by foreign firms for offshore oil exploration rights, the China Daily has reported.
It quoted a spokesman for the China National Offshore Oil Corp (CNOOC) as saying China signed eight contracts with 15 foreign firms for blocks in the Pearl River mouth and south Yellow Sea covering a total area of 44,913 sq km.
Second round bidding began at the end of 1984 and only one well has so far produced results -- Lufeng 13-1-1, 250 km south-east of Shenzhen, with an output of 6,770 barrels a day. The well was drilled by a group of Japanese companies.
The spokesman added CNOOC was ready to enter into contracts for offshore blocks before third round bidding began. He did not say when this would be, but added the contracts would not be bound by restrictions imposed during the second round.
China has signed 36 oil contracts and agreements with 37 companies from 10 countries since 1979, when offshore exploration was open to foreigners. Eleven contracts were terminated after no oil was discovered.
Foreign firms have invested 2.1 billion dlrs on offshore China since 1979. |
NO | TRAIN | TRAINING-SET | 8,955 | 4,042 | 1987-03-11T22:42:47.980000 | [] | ['japan'] | [] | [] | [] | [] | null | JAPAN RELAXES RULES ON SECURITIES COMPANY OUTLETS | TOKYO, March 12 - | Japan has relaxed its limit on the
establishment of securities company outlets in order to service
a growing number of individual investors, the Finance Ministry
said.
Japanese securities companies can now set up as many as 21
new outlets in the two years before March 31, 1989, against the
previous maximum of 13.
The rules apply to outlets in department stores,
supermarkets and other locations convenient for individuals.
Foreign securities firms are not affected by the ruling, it
said.
REUTER
| Japan has relaxed its limit on the establishment of securities company outlets in order to service a growing number of individual investors, the Finance Ministry said.
Japanese securities companies can now set up as many as 21 new outlets in the two years before March 31, 1989, against the previous maximum of 13.
The rules apply to outlets in department stores, supermarkets and other locations convenient for individuals.
Foreign securities firms are not affected by the ruling, it said. |
YES | TRAIN | TRAINING-SET | 8,956 | 4,043 | 1987-03-11T22:56:45.090000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | AMC IMPOSES HIRING FREEZE DUE TO TAKEOVER BID | DETROIT, March 11 - | American Motors Corp <AMO> management
has ordered a hiring freeze in view of Chrysler Corp's <C> 1.5
billion dlr takeover bid, a spokesman for AMC said.
Analysts said the merger is virtually certain to go ahead.
American Motors directors met for five hours Wednesday to
review the takeover proposal. "The board ... Expects to be
meeting periodically over the next several weeks on the
Chrysler proposal," AMC said in its first formal statement since
it acknowledged the Chrysler proposal on Monday.
Chrysler, the number three U.S. Automaker, has said the
merger is motivated principally by its desire to acquire AMC's
profitable Jeep business and dealers, as well as a new modern
car assembly plant in Bramalea, Ontario.
That means a guaranteed future for much of AMC, but it
leaves in question the fate of many of its 19,000-plus
employees, according to industry analysts. AMC's Toledo, Ohio
Jeep plant has 1,850 hourly workers on indefinite layoff while
its Kenosha, Wisconsin, car plant has another 2,250 on layoff.
REUTER
| American Motors Corp <AMO> management has ordered a hiring freeze in view of Chrysler Corp's <C> 1.5 billion dlr takeover bid, a spokesman for AMC said.
Analysts said the merger is virtually certain to go ahead.
American Motors directors met for five hours Wednesday to review the takeover proposal. "The board ... Expects to be meeting periodically over the next several weeks on the Chrysler proposal," AMC said in its first formal statement since it acknowledged the Chrysler proposal on Monday.
Chrysler, the number three U.S. Automaker, has said the merger is motivated principally by its desire to acquire AMC's profitable Jeep business and dealers, as well as a new modern car assembly plant in Bramalea, Ontario.
That means a guaranteed future for much of AMC, but it leaves in question the fate of many of its 19,000-plus employees, according to industry analysts. AMC's Toledo, Ohio Jeep plant has 1,850 hourly workers on indefinite layoff while its Kenosha, Wisconsin, car plant has another 2,250 on layoff. |
YES | TRAIN | TRAINING-SET | 8,957 | 4,044 | 1987-03-11T22:57:31.320000 | [] | ['china'] | [] | [] | [] | [] | null | ROTHMANS CLOSE TO JOINT VENTURE IN CHINA | PEKING, March 12 - | Rothmans International plc <ROT.L> aims
to set up a joint venture with Jinan cigarette factory in
Shandong, China to produce high quality cigarettes, some for
export, Chinese newspapers said.
The China Daily said the factory has produced high-quality
"General" brand cigarettes using advanced machinery and technical
assistance worth 2.5 mln dlrs donated by Rothmans under a
co-operation agreement signed in 1985.
The Economic Daily newspaper said the high quality "General"
will help China's cigarettes enter the international market.
The two papers gave no more details.
REUTER
| Rothmans International plc <ROT.L> aims to set up a joint venture with Jinan cigarette factory in Shandong, China to produce high quality cigarettes, some for export, Chinese newspapers said.
The China Daily said the factory has produced high-quality "General" brand cigarettes using advanced machinery and technical assistance worth 2.5 mln dlrs donated by Rothmans under a co-operation agreement signed in 1985.
The Economic Daily newspaper said the high quality "General" will help China's cigarettes enter the international market. The two papers gave no more details. |
YES | TRAIN | TRAINING-SET | 8,958 | 4,045 | 1987-03-11T23:00:56.200000 | ['bop'] | ['australia'] | [] | [] | [] | [] | null | FOREIGN INVESTMENT IN AUSTRALIA JUMPS IN LAST QTR | CANBERRA, March 12 - | The net inflow of foreign investment
into Australia jumped to 7.3 billion dlrs in the fourth quarter
of 1986 from 4.32 billion in the third quarter and 4.55 billion
a year earlier, the Statistics Bureau said.
The Bureau attributed the increase to a turnaround of 2.08
billion dlrs in official sector transactions and a 1.09 billion
turnaround in direct investment.
The turnaround in official transactions to a 1.52 billion
inflow from a 555 mln outflow in the third quarter, against a
520 mln inflow a year earlier, was largely on account of
government foreign currency borrowings, it said.
Direct investment recorded a turnaround to a 1.04 billion
dlr inflow in the fourth quarter from a 57 mln withdrawal in
the third quarter, against a 546 mln inflow in the fourth
quarter of 1985, the Bureau said.
It said the major part of the turnaround reflected an
injection of funds, estimated at around 700 mln dlrs,
associated with the previously reported restructuring of the
Australian operations of General Motors Corp <GM>.
GM used the funds to pay out or take over certain
Australian liabilities of its local unit <General
Motors-Holden's Ltd>, it said.
However, net borrowings remained the major part of total
inflow, accounting for 6.16 billion dlrs in the fourth quarter
against 3.88 billion in the third quarter and 4.03 billion a
year earlier, the Bureau said.
Net official borrowings comprised 1.52 billion dlrs against
a net outflow of 548 mln in the third quarter and a 516 mln
inflow a year earlier.
Total private and semi-public authority net borrowings rose
to 4.64 billion dlrs from 4.42 billion in the third quarter and
3.51 billion a year earlier.
REUTER
| The net inflow of foreign investment into Australia jumped to 7.3 billion dlrs in the fourth quarter of 1986 from 4.32 billion in the third quarter and 4.55 billion a year earlier, the Statistics Bureau said.
The Bureau attributed the increase to a turnaround of 2.08 billion dlrs in official sector transactions and a 1.09 billion turnaround in direct investment.
The turnaround in official transactions to a 1.52 billion inflow from a 555 mln outflow in the third quarter, against a 520 mln inflow a year earlier, was largely on account of government foreign currency borrowings, it said.
Direct investment recorded a turnaround to a 1.04 billion dlr inflow in the fourth quarter from a 57 mln withdrawal in the third quarter, against a 546 mln inflow in the fourth quarter of 1985, the Bureau said.
It said the major part of the turnaround reflected an injection of funds, estimated at around 700 mln dlrs, associated with the previously reported restructuring of the Australian operations of General Motors Corp <GM>.
GM used the funds to pay out or take over certain Australian liabilities of its local unit <General Motors-Holden's Ltd>, it said.
However, net borrowings remained the major part of total inflow, accounting for 6.16 billion dlrs in the fourth quarter against 3.88 billion in the third quarter and 4.03 billion a year earlier, the Bureau said.
Net official borrowings comprised 1.52 billion dlrs against a net outflow of 548 mln in the third quarter and a 516 mln inflow a year earlier.
Total private and semi-public authority net borrowings rose to 4.64 billion dlrs from 4.42 billion in the third quarter and 3.51 billion a year earlier. |
NO | TRAIN | TRAINING-SET | 8,959 | 4,046 | 1987-03-11T23:06:27.890000 | [] | ['uk', 'ussr'] | [] | [] | [] | [] | null | MOSCOW CARRIES OUT NUCLEAR TEST | LONDON, March 12 - | The Soviet Union carried out a nuclear
test early today, the official Tass news agency reported.
According to the report, monitored by the British
Broadcasting Corporation, the explosion was at 0200 gmt.
A blast on February 26 ended a 19-month unilateral test
moratorium declared by the Soviet Union. Moscow blamed the end
of the freeze on U.S. Refusal to join a total test ban.
Tass said the latest explosion, with a power of up to 20
kilotonnes, had "the aim of improving military equipment."
REUTER
| The Soviet Union carried out a nuclear test early today, the official Tass news agency reported.
According to the report, monitored by the British Broadcasting Corporation, the explosion was at 0200 gmt.
A blast on February 26 ended a 19-month unilateral test moratorium declared by the Soviet Union. Moscow blamed the end of the freeze on U.S. Refusal to join a total test ban.
Tass said the latest explosion, with a power of up to 20 kilotonnes, had "the aim of improving military equipment." |
YES | TRAIN | TRAINING-SET | 8,960 | 4,047 | 1987-03-11T23:06:44.140000 | ['grain', 'corn'] | ['taiwan'] | [] | [] | [] | [] | null | TAIWAN'S FIRST QUARTER MAIZE IMPORTS SEEN RISING | TAIPEI, March 12 - | Taiwan's maize import commitments are
expected to rise to 970,000 tonnes in the first four months of
1987 from 870,000 tonnes a year earlier, a spokesman for the
Joint Committee of Maize Importers told Reuters.
He said more than 75 pct of the imports come from the U.S.
And the rest from South Africa.
The maize import target for calendar 1987 is set at well
over 3.4 mln tonnes compared with an actual 3.07 mln in 1985,
he added.
REUTER
| Taiwan's maize import commitments are expected to rise to 970,000 tonnes in the first four months of 1987 from 870,000 tonnes a year earlier, a spokesman for the Joint Committee of Maize Importers told Reuters.
He said more than 75 pct of the imports come from the U.S. And the rest from South Africa.
The maize import target for calendar 1987 is set at well over 3.4 mln tonnes compared with an actual 3.07 mln in 1985, he added. |
YES | TRAIN | TRAINING-SET | 8,961 | 4,048 | 1987-03-11T23:46:55.840000 | ['trade'] | ['taiwan'] | [] | [] | [] | [] | null | TAIWAN FURTHER RELAXES FOREIGN GOODS IMPORT CURBS | TAIPEI, March 12 - | Taiwan said it would soon relax import
controls on some 400 foreign items, including stationery and
books, in a further effort to allow trading partners,
especially the U.S., Greater access to its markets.
Taiwan announced the easing of import curbs on some 600
farm and industrial products last month, a Council for Economic
Planning and Development spokesman told Reuters.
He said the new move was intended to balance trade between
Taiwan and its trading partners. The island's trade surplus
reached a record 15.6 billion U.S. Dlrs last year, up from
10.62 billion in 1985.
In January, Taiwan cut import tariffs on some 1,700 foreign
products and allowed imports of U.S. Wine, beer and cigarettes.
"We hope the measures will help reduce our trade surplus
this year, especially with that of the U.S.," the spokesman
said.
Washington is pressing Taiwan to open its markets wider as
a way of cutting its trade deficit with the island, which rose
to 2.35 billion U.S. Dlrs in the first two months of 1987 from
1.87 billion in the year-earlier period.
REUTER
| Taiwan said it would soon relax import controls on some 400 foreign items, including stationery and books, in a further effort to allow trading partners, especially the U.S., Greater access to its markets.
Taiwan announced the easing of import curbs on some 600 farm and industrial products last month, a Council for Economic Planning and Development spokesman told Reuters.
He said the new move was intended to balance trade between Taiwan and its trading partners. The island's trade surplus reached a record 15.6 billion U.S. Dlrs last year, up from 10.62 billion in 1985.
In January, Taiwan cut import tariffs on some 1,700 foreign products and allowed imports of U.S. Wine, beer and cigarettes.
"We hope the measures will help reduce our trade surplus this year, especially with that of the U.S.," the spokesman said.
Washington is pressing Taiwan to open its markets wider as a way of cutting its trade deficit with the island, which rose to 2.35 billion U.S. Dlrs in the first two months of 1987 from 1.87 billion in the year-earlier period. |
YES | TRAIN | TRAINING-SET | 8,962 | 4,049 | 1987-03-12T00:06:25.870000 | ['ship', 'iron-steel'] | ['japan', 'usa'] | [] | [] | [] | [] | null | ECONOMIC SPOTLIGHT - MITSUBISHI HEAVY FIGHTS BACK | TOKYO, March 12 - | International efforts to redirect Japan's
export-driven economy toward domestic consumption face heavy
going if the country's largest defence contractor and world's
biggest shipbuilder is anything to go by.
Mitsubishi Heavy Industries Ltd <MITH.T> (MHI), which began
making ships and iron goods for Japan's military rulers 130
years ago, is responding to the strong yen by redoubling its
efforts to maintain its share of export markets.
"If we sell the best quality and the cheapest products,
everyone will buy them," MHI president Yotaro Iida said.
Although two of MHI's main businesses, shipbuilding and
power plant construction, have been hit hard by the yen's 40
pct rise against the dollar, the company has no plans to
abandon them, Iida told Reuters in an interview.
Its other big activity, aircraft component manufacture, has
performed so well that MHI now accounts for half of the money
Tokyo spends on defence procurement each year.
"We have made the utmost efforts among the world's
manufacturers to improve productivity," he said. "You may be
surprised if you come to see our plants. The outside is old but
the inside is ultra-modern, with robots and computers."
Securities analysts at major securities houses agreed that
MHI has pared costs more quickly than its competitors. The
company has slashed its workforce to 47,000 from 86,000 in
1976.
Despite its cost-cutting, MHI expects profits to drop 40
pct to 30 billion yen in the current fiscal year ending March
31, from 1985/86's record 50.14 billion.
And that includes gains from the sale of MHI's stake in
Mitsubishi Motors Corp <MIMT.T> for 49 billion yen.
Iida is optimistic about the future, however. He said a
resurgence of demand from the Middle East following the recent
recovery in oil prices coupled with persistent demand for power
plants in developing countries will help MHI restore its
exports-to-sales ratio to the past decade's average of 30 pct.
MHI's exports-to-sales ratio fell to 25.9 pct in the
half-year ended last September, from 35 to 36 pct five years
ago.
China is the most promising market, although MHI also
considers other non-oil-producing developing countries as major
customers.
"Our customers are all seen as being in trouble due to a
lack of foreign currency," Iida said. But he added that he felt
MHI could sell to those markets with Japanese government
financial support.
It can also finance the plants itself and recover its
investment through product sales, a strategy Iida said could
prove popular in the future.
In shipping, MHI is fighting back against low-priced South
Korean competition by building more technologically advanced
carriers to carry liquefied natural gas and other products
difficult to transport.
Shipbuilders Association officials told Reuters MHI is the
world's largest shipbuilder in terms of orders and capacity.
Domestically, MHI is involved in 12 national projects,
including development of nuclear fusion reactors and launch
vehicles for man-made satellites.
It has been the biggest contractor for the Japan Defence
Agency's F-15 and F-14 jet fighters and missiles, although all
of these have been built under licence from U.S. Firms.
MHI is now heading up five Japanese companies seeking to
develop the country's own fighter plane to replace the
currently used F-1 support fighters in the late 1990s.
Military experts said Washington is putting strong pressure
on Tokyo to buy a U.S. Plane, either the McDonnell Douglas Corp
F-18 or General Dynamics Corp F-16, to reduce Japan's huge
trade surplus with the U.S.
"It might be a good idea to jointly produce planes with U.S.
Makers as Japan is supported by the U.S. Defence umbrella," Iida
said.
MHI also plans to cooperate with the U.S. In its Strategic
Defence Initiative space defence program by participating in
the project when it moves from the research stage, he said.
The U.S. Has been seeking Japan's technological support.
In fiscal 1985/86, aircraft accounted for 17.1 pct of MHI's
sales, shipbuilding 17 pct and power plants 27.9 pct. Iida said
the ideal ratio is power plants 30 pct, aircraft and special
vehicles 25 pct and shipbuilding 15 pct.
As for the remaining 30 pct, Iida said he wanted to shift
the domestic focus away from heavy machinery sold to
manufacturers and towards household goods, but he declined to
specify which products.
"By the end of this year, you may find our brand name on
your daily products, although this does not mean we will run
away from our mainstream business," he said.
REUTER
| International efforts to redirect Japan's export-driven economy toward domestic consumption face heavy going if the country's largest defence contractor and world's biggest shipbuilder is anything to go by.
Mitsubishi Heavy Industries Ltd <MITH.T> (MHI), which began making ships and iron goods for Japan's military rulers 130 years ago, is responding to the strong yen by redoubling its efforts to maintain its share of export markets.
"If we sell the best quality and the cheapest products, everyone will buy them," MHI president Yotaro Iida said.
Although two of MHI's main businesses, shipbuilding and power plant construction, have been hit hard by the yen's 40 pct rise against the dollar, the company has no plans to abandon them, Iida told Reuters in an interview.
Its other big activity, aircraft component manufacture, has performed so well that MHI now accounts for half of the money Tokyo spends on defence procurement each year.
"We have made the utmost efforts among the world's manufacturers to improve productivity," he said. "You may be surprised if you come to see our plants. The outside is old but the inside is ultra-modern, with robots and computers."
Securities analysts at major securities houses agreed that MHI has pared costs more quickly than its competitors. The company has slashed its workforce to 47,000 from 86,000 in 1976.
Despite its cost-cutting, MHI expects profits to drop 40 pct to 30 billion yen in the current fiscal year ending March 31, from 1985/86's record 50.14 billion.
And that includes gains from the sale of MHI's stake in Mitsubishi Motors Corp <MIMT.T> for 49 billion yen.
Iida is optimistic about the future, however. He said a resurgence of demand from the Middle East following the recent recovery in oil prices coupled with persistent demand for power plants in developing countries will help MHI restore its exports-to-sales ratio to the past decade's average of 30 pct.
MHI's exports-to-sales ratio fell to 25.9 pct in the half-year ended last September, from 35 to 36 pct five years ago.
China is the most promising market, although MHI also considers other non-oil-producing developing countries as major customers.
"Our customers are all seen as being in trouble due to a lack of foreign currency," Iida said. But he added that he felt MHI could sell to those markets with Japanese government financial support.
It can also finance the plants itself and recover its investment through product sales, a strategy Iida said could prove popular in the future.
In shipping, MHI is fighting back against low-priced South Korean competition by building more technologically advanced carriers to carry liquefied natural gas and other products difficult to transport.
Shipbuilders Association officials told Reuters MHI is the world's largest shipbuilder in terms of orders and capacity.
Domestically, MHI is involved in 12 national projects, including development of nuclear fusion reactors and launch vehicles for man-made satellites.
It has been the biggest contractor for the Japan Defence Agency's F-15 and F-14 jet fighters and missiles, although all of these have been built under licence from U.S. Firms.
MHI is now heading up five Japanese companies seeking to develop the country's own fighter plane to replace the currently used F-1 support fighters in the late 1990s.
Military experts said Washington is putting strong pressure on Tokyo to buy a U.S. Plane, either the McDonnell Douglas Corp F-18 or General Dynamics Corp F-16, to reduce Japan's huge trade surplus with the U.S.
"It might be a good idea to jointly produce planes with U.S. Makers as Japan is supported by the U.S. Defence umbrella," Iida said.
MHI also plans to cooperate with the U.S. In its Strategic Defence Initiative space defence program by participating in the project when it moves from the research stage, he said.
The U.S. Has been seeking Japan's technological support.
In fiscal 1985/86, aircraft accounted for 17.1 pct of MHI's sales, shipbuilding 17 pct and power plants 27.9 pct. Iida said the ideal ratio is power plants 30 pct, aircraft and special vehicles 25 pct and shipbuilding 15 pct.
As for the remaining 30 pct, Iida said he wanted to shift the domestic focus away from heavy machinery sold to manufacturers and towards household goods, but he declined to specify which products.
"By the end of this year, you may find our brand name on your daily products, although this does not mean we will run away from our mainstream business," he said. |
NO | TRAIN | TRAINING-SET | 8,963 | 4,050 | 1987-03-12T00:37:11.960000 | [] | ['japan'] | [] | [] | [] | [] | null | JAPANESE BANKRUPTCIES DECLINE IN FEBRUARY | TOKYO, March 12 - | Japan's corporate bankruptcies in
February fell 10.8 pct from January to 1,071 cases and total
debts dropped 49.4 pct to 149.40 billion yen, the Tokyo
Commerce and Industry Research Co said.
February bankruptcies fell 14.9 pct from a year earlier,
the 26th straight monthly decline, and debts fell 54.3 pct.
The lower number of bankruptcies in February reflected a
relaxation of money market conditions and reduced bill
settlements due to fewer operating days, it said.
Bankruptcies caused by the strength of the yen against the
dollar totalled 69, or 6.4 pct of those in February, with debts
of 25.52 billion yen, the research firm said.
This compared with 64 with debts of 125.59 billion yen in
January, it said.
Currency-linked bankruptcies since November 1985, when the
dollar's depreciation against the yen began to affect Japanese
export-linked firms, totalled 772, with cumulative debts of
660.53 billion yen, it said.
The value of the yen against the dollar rose to an average
153.49 yen per dollar in February from 184.62 a year earlier.
Bankruptcies usually decline in the first quarter of the
year due to fewer operating days and for seasonal reasons.
Bankruptcies are expected to increase in the quarter
starting April 1 due to expectations of slow consumer spending,
low wage increases for the 1987/88 fiscal year which starts in
April, and slow capital spending by manufacturers, the company
said.
Bankrupcties among export-linked subcontractors will rise
due to a recent shift by major manufacturers to overseas
production, it added.
REUTER
| Japan's corporate bankruptcies in February fell 10.8 pct from January to 1,071 cases and total debts dropped 49.4 pct to 149.40 billion yen, the Tokyo Commerce and Industry Research Co said.
February bankruptcies fell 14.9 pct from a year earlier, the 26th straight monthly decline, and debts fell 54.3 pct.
The lower number of bankruptcies in February reflected a relaxation of money market conditions and reduced bill settlements due to fewer operating days, it said.
Bankruptcies caused by the strength of the yen against the dollar totalled 69, or 6.4 pct of those in February, with debts of 25.52 billion yen, the research firm said.
This compared with 64 with debts of 125.59 billion yen in January, it said.
Currency-linked bankruptcies since November 1985, when the dollar's depreciation against the yen began to affect Japanese export-linked firms, totalled 772, with cumulative debts of 660.53 billion yen, it said.
The value of the yen against the dollar rose to an average 153.49 yen per dollar in February from 184.62 a year earlier.
Bankruptcies usually decline in the first quarter of the year due to fewer operating days and for seasonal reasons.
Bankruptcies are expected to increase in the quarter starting April 1 due to expectations of slow consumer spending, low wage increases for the 1987/88 fiscal year which starts in April, and slow capital spending by manufacturers, the company said.
Bankrupcties among export-linked subcontractors will rise due to a recent shift by major manufacturers to overseas production, it added. |
YES | TRAIN | TRAINING-SET | 8,964 | 4,051 | 1987-03-12T00:55:57.870000 | ['ship'] | ['bangladesh'] | [] | [] | [] | [] | null | BANGLADESH PORT WORKERS END STRIKE | CHITTAGONG, March 12 - | Cargo handling resumed at
Bangladesh's Chittagong port today after 7,000 workers ended
their three day walk-out triggered by a pay dispute, port
officials said.
Loading and unloading of 14 ships stranded by the strike
started this morning and will be completed as quickly as
possible, they said.
The strikers returned to work after an agreement was
reached last night between port authorities and the Port
Workers Association, they said without giving details.
REUTER
| Cargo handling resumed at Bangladesh's Chittagong port today after 7,000 workers ended their three day walk-out triggered by a pay dispute, port officials said.
Loading and unloading of 14 ships stranded by the strike started this morning and will be completed as quickly as possible, they said.
The strikers returned to work after an agreement was reached last night between port authorities and the Port Workers Association, they said without giving details. |
YES | TRAIN | TRAINING-SET | 8,965 | 4,052 | 1987-03-12T01:01:34.130000 | ['acq'] | ['uk'] | ['leigh-pemberton'] | [] | [] | [] | null | LEIGH-PEMBERTON OPPOSES TAKEOVER PROTECTION RULES | LONDON, March 11 - | The Bank of England does not favour the
introduction of rules to shield companies from hostile takeover
attempts, its governor, Robin Leigh-Pemberton, said.
Instead, merchant banks advising bidding companies must
show restraint and responsibility to avoid the excesses that
have marred recent takeovers, he told the Yorkshire and
Humberside Regional Confederation of British Industries' annual
dinner.
Leigh-Pemberton also called on companies to improve ties
with institutional investors, suggesting representatives of
those institutions be granted seats on the boards of directors
of companies they invest in.
"Boards cannot expect protection from unwelcome predators,
for that is but a short step from saying that they should be
protected from their own shareholders -- who are, after all,
the proprietors of the company," Leigh-Pemberton said.
He added takeovers and mergers had an important role to
play in furthering economies of scale, integration and more
efficient market penetration. "The degree of success or failure
(of a takeover) has not in my experience depended on whether or
not the takeover was contested," he said.
Leigh-Pemberton noted there had been excesses in takeover
activity in the recent past. "The aim is to pressurise a
company's management into action dedicated solely to a
favourable impact on the share price in the short-term, partly
or even primarily at the expense of the future," he said.
Such bids "often depend for their success on creating a
highly-charged and artificial situation in the share market,
and give rise to temptations, on both sides of the battle, to
engage in aggressive, even manipulative tactics that are
immensely damaging to the interest of the shareholders," he
said.
In a clear reference recent events, he said "those in the
City who act for companies or individuals .. Must, I suggest,
be ready to accept a full measure of responsibility -- even if
it entails opprobrium -- for the transactions that may result."
They "should exercise the most careful judgment at the
outset with respect to the clients for whom they act and the
activities contenplated. Those who sow wind cannot expect the
whirlwind to visit elsewhere," he added.
REUTER
| The Bank of England does not favour the introduction of rules to shield companies from hostile takeover attempts, its governor, Robin Leigh-Pemberton, said.
Instead, merchant banks advising bidding companies must show restraint and responsibility to avoid the excesses that have marred recent takeovers, he told the Yorkshire and Humberside Regional Confederation of British Industries' annual dinner.
Leigh-Pemberton also called on companies to improve ties with institutional investors, suggesting representatives of those institutions be granted seats on the boards of directors of companies they invest in.
"Boards cannot expect protection from unwelcome predators, for that is but a short step from saying that they should be protected from their own shareholders -- who are, after all, the proprietors of the company," Leigh-Pemberton said.
He added takeovers and mergers had an important role to play in furthering economies of scale, integration and more efficient market penetration. "The degree of success or failure (of a takeover) has not in my experience depended on whether or not the takeover was contested," he said.
Leigh-Pemberton noted there had been excesses in takeover activity in the recent past. "The aim is to pressurise a company's management into action dedicated solely to a favourable impact on the share price in the short-term, partly or even primarily at the expense of the future," he said.
Such bids "often depend for their success on creating a highly-charged and artificial situation in the share market, and give rise to temptations, on both sides of the battle, to engage in aggressive, even manipulative tactics that are immensely damaging to the interest of the shareholders," he said.
In a clear reference recent events, he said "those in the City who act for companies or individuals .. Must, I suggest, be ready to accept a full measure of responsibility -- even if it entails opprobrium -- for the transactions that may result."
They "should exercise the most careful judgment at the outset with respect to the clients for whom they act and the activities contenplated. Those who sow wind cannot expect the whirlwind to visit elsewhere," he added. |
NO | TRAIN | TRAINING-SET | 8,966 | 4,053 | 1987-03-12T01:26:07.060000 | [] | [] | [] | [] | [] | [] | BRIEF | Tokyo stock index rises 157.20 to third straight record close of 21,470.20
| null | null | null |
YES | TRAIN | TRAINING-SET | 8,967 | 4,054 | 1987-03-12T01:45:37.550000 | ['pet-chem'] | ['japan'] | [] | [] | [] | [] | null | TONEN SEKIYU AND EXXON UNIT STUDYING RESIN PROJECT | TOKYO, March 12 - | <Tonen Sekiyukagaku KK> and <Exxon
Chemical Co>, a petrochemical division of Exxon Corp <XON>,
said they agreed to accelerate a study to set up an
equally-owned joint venture to make waterwhite resin in Japan.
Details of the venture, to be based on Exxon Chemical
technology, will be set later, the companies said.
Waterwhite resins are widely used in adhesive applications
for baby nappies, medical tapes, and other bonding agents.
Tonen is a wholly-owned subsidiary of Toa Nenryo Kogyo KK
<TNEN.T> which is owned 25 pct by Exxon Corp.
REUTER
| <Tonen Sekiyukagaku KK> and <Exxon Chemical Co>, a petrochemical division of Exxon Corp <XON>, said they agreed to accelerate a study to set up an equally-owned joint venture to make waterwhite resin in Japan.
Details of the venture, to be based on Exxon Chemical technology, will be set later, the companies said.
Waterwhite resins are widely used in adhesive applications for baby nappies, medical tapes, and other bonding agents.
Tonen is a wholly-owned subsidiary of Toa Nenryo Kogyo KK <TNEN.T> which is owned 25 pct by Exxon Corp. |
YES | TRAIN | TRAINING-SET | 8,968 | 4,055 | 1987-03-12T02:20:30.270000 | ['acq'] | ['usa', 'japan'] | [] | [] | [] | [] | null | JAPANESE PURCHASE OF U.S. HIGH-TECH FIRM OPPOSED | WASHINGTON, March 12 - | Commerce Secretary Malcolm Baldrige
has asked the White House to consider blocking the planned
Japanese acquisition of a major U.S. Computer and semiconductor
maker, U.S. Officials said yesterday.
The officials told reporters Baldrige had serious concerns
on national security grounds about the sale of Schlumberger Ltd
<SLB> unit <Fairchild Semiconductor Inc> to Fujitsu Ltd
<ITSU.T>. The officials said the sale could leave the United
States overly dependent on a foreign company for equipment used
in advanced missiles, aircraft electronics and intelligence
gathering.
The U.S. Officials added the sale would also worsen the
strained relations between the two countries stemming from the
huge Japanese trade surplus.
The White House Economic Policy Council would consider the
sale in the coming weeks, they said.
Defence Secretary Caspar Weinberger's position was not
known, but in the past, he has opposed the transfer of high
technology to foreign governments or companies.
Computers made by U.S. Manufacturers are widely used in the
world, but Tokyo told U.S. Negotiators recently it prefers
local manufacturers and would not buy U.S. Supercomputers.
REUTER
| Commerce Secretary Malcolm Baldrige has asked the White House to consider blocking the planned Japanese acquisition of a major U.S. Computer and semiconductor maker, U.S. Officials said yesterday.
The officials told reporters Baldrige had serious concerns on national security grounds about the sale of Schlumberger Ltd <SLB> unit <Fairchild Semiconductor Inc> to Fujitsu Ltd <ITSU.T>. The officials said the sale could leave the United States overly dependent on a foreign company for equipment used in advanced missiles, aircraft electronics and intelligence gathering.
The U.S. Officials added the sale would also worsen the strained relations between the two countries stemming from the huge Japanese trade surplus.
The White House Economic Policy Council would consider the sale in the coming weeks, they said.
Defence Secretary Caspar Weinberger's position was not known, but in the past, he has opposed the transfer of high technology to foreign governments or companies.
Computers made by U.S. Manufacturers are widely used in the world, but Tokyo told U.S. Negotiators recently it prefers local manufacturers and would not buy U.S. Supercomputers. |
YES | TRAIN | TRAINING-SET | 8,969 | 4,056 | 1987-03-12T02:53:25.140000 | ['cotton'] | ['south-korea', 'usa'] | [] | [] | [] | [] | null | S.KOREA TO BUY MORE COTTON, ESPECIALLY U.S. COTTON | SEOUL, March 12 - | South Korea plans to import about 387,000
tonnes of cotton this year compared to 225,000 tonnes in 1986,
trade ministry officials said.
More than three quarters of the total, some 290,000 tonnes,
will come from the United States. That will be a 93.7 pct
increase on 1986 when U.S. Imports totalled 150,000 tonnes, an
official said.
He said the U.S. Increase is due partly to the
competitiveness of American cotton and partly to efforts by
Seoul to reduce its trade surplus with Washington. South Korea
is the second largest importer of U.S. Cotton after Japan.
REUTER
| South Korea plans to import about 387,000 tonnes of cotton this year compared to 225,000 tonnes in 1986, trade ministry officials said.
More than three quarters of the total, some 290,000 tonnes, will come from the United States. That will be a 93.7 pct increase on 1986 when U.S. Imports totalled 150,000 tonnes, an official said.
He said the U.S. Increase is due partly to the competitiveness of American cotton and partly to efforts by Seoul to reduce its trade surplus with Washington. South Korea is the second largest importer of U.S. Cotton after Japan. |
YES | TRAIN | TRAINING-SET | 8,970 | 4,057 | 1987-03-12T02:55:47.220000 | ['grain', 'wheat'] | ['australia'] | [] | [] | [] | [] | null | AWB SAYS AUSTRALIAN WHEAT SALES OVER 10 MLN TONNES | MELBOURNE, March 12 - | The Australian Wheat Board's (AWB)
1986/87 export program is well advanced with over 10 mln tonnes
already sold, AWB general manager Ron Paice said.
"We are certainly within reach of our 15 mln tonne export
target for the year," he said in a statement.
He did not detail the commitments already made, but an AWB
spokesman said they include sales to Egypt, China, Iran, the
Soviet Union and Iraq.
In the 1985/86 wheat year ended September 30, the AWB
exported a record 15.96 mln tonnes.
Paice also said the 1986/87 Australian wheat harvest has
ended after a long, cool summer with 15.14 mln tonnes delivered
to the AWB.
The season produced another good crop, with only 0.2 pct of
receivals being downgraded to feed quality, he said.
However, it is likely that some weather-damaged grain was
still being held on farms and further milling and feed wheat
may be delivered following the recent announcement of the final
Guaranteed Minimum Price for 1986/87, he said.
Paice did not give a crop estimate, but the AWB's February
Wheat Australia publication put the crop at 16.7 mln tonnes.
But the AWB spokesman said it is likely this estimate could
turn out to be too high, based on the receivals level, and the
final crop figure would probably be nearer to 16.2 mln tonnes.
The official estimate is not yet available.
In the 1985/86 season, the AWB received 15.08 mln tonnes of
the 16.13 mln tonne crop.
Another 422,000 tonnes was retained on-farm and 620,000
sold under the permit system introduced in 1984/85 to allow
farmers to sell feed wheat to the grain trade outside the AWB's
receival system, according to Bureau of Agricultural Economics
data.
REUTER
| The Australian Wheat Board's (AWB) 1986/87 export program is well advanced with over 10 mln tonnes already sold, AWB general manager Ron Paice said.
"We are certainly within reach of our 15 mln tonne export target for the year," he said in a statement.
He did not detail the commitments already made, but an AWB spokesman said they include sales to Egypt, China, Iran, the Soviet Union and Iraq.
In the 1985/86 wheat year ended September 30, the AWB exported a record 15.96 mln tonnes.
Paice also said the 1986/87 Australian wheat harvest has ended after a long, cool summer with 15.14 mln tonnes delivered to the AWB.
The season produced another good crop, with only 0.2 pct of receivals being downgraded to feed quality, he said.
However, it is likely that some weather-damaged grain was still being held on farms and further milling and feed wheat may be delivered following the recent announcement of the final Guaranteed Minimum Price for 1986/87, he said.
Paice did not give a crop estimate, but the AWB's February Wheat Australia publication put the crop at 16.7 mln tonnes.
But the AWB spokesman said it is likely this estimate could turn out to be too high, based on the receivals level, and the final crop figure would probably be nearer to 16.2 mln tonnes. The official estimate is not yet available.
In the 1985/86 season, the AWB received 15.08 mln tonnes of the 16.13 mln tonne crop.
Another 422,000 tonnes was retained on-farm and 620,000 sold under the permit system introduced in 1984/85 to allow farmers to sell feed wheat to the grain trade outside the AWB's receival system, according to Bureau of Agricultural Economics data. |
YES | TRAIN | TRAINING-SET | 8,971 | 4,058 | 1987-03-12T03:05:34.830000 | ['acq', 'gold'] | ['australia'] | [] | [] | [] | [] | null | NORTH BH SETS ONE-FOR-FIVE OFFER FOR NORGOLD FLOAT | MELBOURNE, March 12 - | North Broken Hill Holdings Ltd
<NBHA.ME> (NBH) said it will offer one <Norgold Ltd> share for
every five NBH shares in the float of its newly created gold
offshoot.
The 20 cent par-value shares will be offered at 22 cents to
shareholders registered April 3, NBH said in a statement.
Norgold's issued capital will be 240.5 mln shares, of which
63 pct will be held by NBH after 89 mln are issued to
shareholders to raise 19.6 mln dlrs, it said.
Norgold will take control of a portfolio of precious metal
exploration and pre-development interests held by NBH.
The major gold deposit to be acquired by Norgold is 100 pct
of the Bottle Creek deposit, west of Leonora in Western
Australia, NBH said.
Production of gold from the project, at an annual rate of
35,000 ounces, is scheduled to begin early in 1988.
Norgold will also have a 10 pct stake in the Coronation
Hill gold/platinum project in the Northern Territory and 43 pct
of the Poona copper/gold project in South Australia.
Other gold exploration interests to be acquired by Norgold
are in Western Australia, Queensland, New South Wales and
Tasmania, NBH said.
REUTER
| North Broken Hill Holdings Ltd <NBHA.ME> (NBH) said it will offer one <Norgold Ltd> share for every five NBH shares in the float of its newly created gold offshoot.
The 20 cent par-value shares will be offered at 22 cents to shareholders registered April 3, NBH said in a statement.
Norgold's issued capital will be 240.5 mln shares, of which 63 pct will be held by NBH after 89 mln are issued to shareholders to raise 19.6 mln dlrs, it said.
Norgold will take control of a portfolio of precious metal exploration and pre-development interests held by NBH.
The major gold deposit to be acquired by Norgold is 100 pct of the Bottle Creek deposit, west of Leonora in Western Australia, NBH said.
Production of gold from the project, at an annual rate of 35,000 ounces, is scheduled to begin early in 1988.
Norgold will also have a 10 pct stake in the Coronation Hill gold/platinum project in the Northern Territory and 43 pct of the Poona copper/gold project in South Australia.
Other gold exploration interests to be acquired by Norgold are in Western Australia, Queensland, New South Wales and Tasmania, NBH said. |
YES | TRAIN | TRAINING-SET | 8,972 | 4,059 | 1987-03-12T03:13:36.350000 | [] | ['japan'] | [] | [] | ['tse'] | [] | null | CONVERTIBLE YEN BOND BROKERAGE FEE MAY BE CUT | TOKYO, March 12 - | The Tokyo Stock Exchange said in a
statement it is considering reducing brokerage fees on yen
convertible bonds.
The cut would be in response to a planned increase in
securities transaction tax to 26 yen per 10,000 yen from 4.5 as
part of the government's proposed tax reform bills, securities
house managers said.
Under the current system, investors must also pay 0.6 pct
of face value as brokerage fee to securities houses for
transactions involving principal over 30 mln yen.
The exchange's draft revision sets brokerage fee percentage
rates in inverse proportion to the size of amounts transacted,
market sources said.
Details of rates on transactions under 30 mln yen have yet
to be worked out, an exchange spokesman said.
The news had little immediate impact on the convertible
bond market because participants are unsure when the new rates
will be introduced and because the timing of parliamentary
approval of the tax reform bills is uncertain due to opposition
to them, securities dealers said.
REUTER
| The Tokyo Stock Exchange said in a statement it is considering reducing brokerage fees on yen convertible bonds.
The cut would be in response to a planned increase in securities transaction tax to 26 yen per 10,000 yen from 4.5 as part of the government's proposed tax reform bills, securities house managers said.
Under the current system, investors must also pay 0.6 pct of face value as brokerage fee to securities houses for transactions involving principal over 30 mln yen.
The exchange's draft revision sets brokerage fee percentage rates in inverse proportion to the size of amounts transacted, market sources said.
Details of rates on transactions under 30 mln yen have yet to be worked out, an exchange spokesman said.
The news had little immediate impact on the convertible bond market because participants are unsure when the new rates will be introduced and because the timing of parliamentary approval of the tax reform bills is uncertain due to opposition to them, securities dealers said. |
NO | TRAIN | TRAINING-SET | 8,973 | 4,060 | 1987-03-12T03:15:32.570000 | [] | ['japan'] | [] | [] | [] | [] | null | JAPAN'S OVERSEAS OUTPUT FORECAST TO RISE 26 PCT | TOKYO, March 12 - | The overseas production in yen terms of
Japanese firms should rise 26 pct in 1987/88 ending March after
a four pct fall in 1986/87, a Ministry of International Trade
and Industry survey said.
It attributed the rise to companies moving production
overseas to avoid losses due to the strong yen. The survey
covered 122 major firms in 17 sectors.
The survey called for bold moves to stimulate domestic
demand to achieve the government's goal of 3.5 pct gross
national product growth in 1987/88. A package of economic
measures to boost the economy is expected next month.
The survey said Japanese car output in the United States
and Canada would jump to two mln vehicles in fiscal 1990 from
617,000 in 1986 and worldwide electronic appliance output would
rise 31.7 pct. Domestic unemployment is likely to reach four
pct, or about 2.5 mln jobless, in fiscal 1990 from three pct
now if current trends continue.
Recruitment in the car industry is expected to fall by 35
pct in 1987/88 and by 40 pct in the electronics sector.
The steel industry plans to cut its 150,000 workforce by 27
pct by the end of 1990/91 and the shipbuilding, coal and
non-ferrous metal industries all plan big cuts in 1987/88.
REUTER
| The overseas production in yen terms of Japanese firms should rise 26 pct in 1987/88 ending March after a four pct fall in 1986/87, a Ministry of International Trade and Industry survey said.
It attributed the rise to companies moving production overseas to avoid losses due to the strong yen. The survey covered 122 major firms in 17 sectors.
The survey called for bold moves to stimulate domestic demand to achieve the government's goal of 3.5 pct gross national product growth in 1987/88. A package of economic measures to boost the economy is expected next month.
The survey said Japanese car output in the United States and Canada would jump to two mln vehicles in fiscal 1990 from 617,000 in 1986 and worldwide electronic appliance output would rise 31.7 pct. Domestic unemployment is likely to reach four pct, or about 2.5 mln jobless, in fiscal 1990 from three pct now if current trends continue.
Recruitment in the car industry is expected to fall by 35 pct in 1987/88 and by 40 pct in the electronics sector.
The steel industry plans to cut its 150,000 workforce by 27 pct by the end of 1990/91 and the shipbuilding, coal and non-ferrous metal industries all plan big cuts in 1987/88. |
YES | TRAIN | TRAINING-SET | 8,974 | 4,061 | 1987-03-12T03:24:08.770000 | ['ship'] | ['brazil'] | [] | [] | [] | [] | null | STRIKING BRAZIL SEAMEN THREATEN MASS RESIGNATION | SANTOS, Brazil, March 12 - | Striking seamen said they would
offer their collective resignation rather than end their
13-day-old national strike on management's terms.
The seamen said they were spurred to their decision after
marines occupied the ship Docemarte in Santos harbour Tuesday
night. They said seamen on the vessel were being forced to work
under duress.
President Jose Sarney's government despatched troops to
Brazil's ports and oil installations on Tuesday.
Seamen in Santos, Brazil's main port, are in defiant mood.
One of their leaders, Orlando dos Santos, told Reuters that
most of the 1,100 seamen in the port offered their resignations
on Wednesday. The national strike headquarters in Rio de
Janeiro said seamen were offering to resign in all the
country's main ports.
The strike by 40,000 seamen comes as Brazil faces a serious
debt crisis brought on by a sharp deterioration in its trade
balance. The country needs all the foreign exchange it can get,
and shipowners have been quick to denounce seamen for the harm
the strike is doing to exports.
An advertisement placed in the newspapers by the Shipowners
Association read, "The seamen's strike is illegal, irrational
and unpatriotic."
The seamen respond that they cannot live on their present
salaries. According to officical pay lists available in the
union's office, the basic pay for ordinary seamen is 1,977
cruzados a month, while various allowances can bring their
total pay up to 4,000 cruzados a month.
At the other end of the scale, captains earn 7,993 cruzados
a month basic pay, which is brought up to 15,229 cruzados with
allowances.
"Brazil's seamen are the second worst paid in the world,
after Ghana's," dos Santos said. He said the seamen had not
received a pay increase since February 1986, and prices have
doubled since then with the collapse of the government's
Cruzado Plan price freeze.
Talks in Rio de Janeiro Wednesday involving Labour Minister
Almir Pazzionotto, seamen and employers failed to resolve the
dispute. The seamen are demanding pay raises of about 200 pct
but have been offered less than half that.
REUTER
| Striking seamen said they would offer their collective resignation rather than end their 13-day-old national strike on management's terms.
The seamen said they were spurred to their decision after marines occupied the ship Docemarte in Santos harbour Tuesday night. They said seamen on the vessel were being forced to work under duress.
President Jose Sarney's government despatched troops to Brazil's ports and oil installations on Tuesday.
Seamen in Santos, Brazil's main port, are in defiant mood. One of their leaders, Orlando dos Santos, told Reuters that most of the 1,100 seamen in the port offered their resignations on Wednesday. The national strike headquarters in Rio de Janeiro said seamen were offering to resign in all the country's main ports.
The strike by 40,000 seamen comes as Brazil faces a serious debt crisis brought on by a sharp deterioration in its trade balance. The country needs all the foreign exchange it can get, and shipowners have been quick to denounce seamen for the harm the strike is doing to exports.
An advertisement placed in the newspapers by the Shipowners Association read, "The seamen's strike is illegal, irrational and unpatriotic."
The seamen respond that they cannot live on their present salaries. According to officical pay lists available in the union's office, the basic pay for ordinary seamen is 1,977 cruzados a month, while various allowances can bring their total pay up to 4,000 cruzados a month.
At the other end of the scale, captains earn 7,993 cruzados a month basic pay, which is brought up to 15,229 cruzados with allowances.
"Brazil's seamen are the second worst paid in the world, after Ghana's," dos Santos said. He said the seamen had not received a pay increase since February 1986, and prices have doubled since then with the collapse of the government's Cruzado Plan price freeze.
Talks in Rio de Janeiro Wednesday involving Labour Minister Almir Pazzionotto, seamen and employers failed to resolve the dispute. The seamen are demanding pay raises of about 200 pct but have been offered less than half that. |
YES | TRAIN | TRAINING-SET | 8,975 | 4,062 | 1987-03-12T03:29:02.580000 | ['reserves'] | ['west-germany'] | [] | [] | [] | [] | BRIEF | German net currency reserves rise 400 mln marks to 87.0 billion - Bundesbank
| null | null | null |
YES | TRAIN | TRAINING-SET | 8,976 | 4,063 | 1987-03-12T03:33:11.390000 | ['coffee'] | ['indonesia'] | [] | [] | [] | [] | null | INDONESIAN COFFEE PRODUCTION MAY FALL THIS YEAR | JAKARTA, March 12 - | Indonesia's coffee production in
1986/87 ending September 30 may fall slightly from last year's
level of 360,000 tonnes, Dharyono Kertosastro, chairman of the
Association of Indonesian Coffee Exporters told Reuters.
He said shade trees had been damaged by pests and this may
have affected the crop, though it remains to be seen how
seriously. Indonesia's main crop is harvested next month.
He gave no figure for expected output, except to say it
would probably be down a little from 1985/86. He said stocks
were about normal at 90,000 tonnes.
Kertosastro predicted that exports were unlikely to rise
much from last year's level of 320,000 tonnes. "I expect exports
will be a bit more, maybe 330,000 tonnes, but not above that,"
he said. Exports in 1985/86 were valued at 944 mln U.S. Dlrs,
but the value could fall by 30 pct this year because of low
prices, he added.
Dharyono said production was behind a five year plan target
of 420,000 tonnes for the current year, but Indonesia is trying
to boost output through introduction of higher yielding seeds,
better training for farmers and increased use of fertilizers.
REUTER
| Indonesia's coffee production in 1986/87 ending September 30 may fall slightly from last year's level of 360,000 tonnes, Dharyono Kertosastro, chairman of the Association of Indonesian Coffee Exporters told Reuters.
He said shade trees had been damaged by pests and this may have affected the crop, though it remains to be seen how seriously. Indonesia's main crop is harvested next month.
He gave no figure for expected output, except to say it would probably be down a little from 1985/86. He said stocks were about normal at 90,000 tonnes.
Kertosastro predicted that exports were unlikely to rise much from last year's level of 320,000 tonnes. "I expect exports will be a bit more, maybe 330,000 tonnes, but not above that," he said. Exports in 1985/86 were valued at 944 mln U.S. Dlrs, but the value could fall by 30 pct this year because of low prices, he added.
Dharyono said production was behind a five year plan target of 420,000 tonnes for the current year, but Indonesia is trying to boost output through introduction of higher yielding seeds, better training for farmers and increased use of fertilizers. |
YES | TRAIN | TRAINING-SET | 8,977 | 4,064 | 1987-03-12T03:35:55.060000 | ['acq'] | ['new-zealand'] | [] | [] | [] | [] | null | RENOUF SELLS 10.83 PCT NZI STAKE TO BRIERLEY | WELLINGTON, March 12 - | <Renouf Corp Ltd> said it sold its
10.83 pct stake in <NZI Corp Ltd> to <Brierley Investments
Ltd>, (BIL), for 207.7 mln N.Z. Dlrs.
Renouf managing director Mike Cashin said in a statement it
had been Renouf's intention to build up a long-term strategic
position in NZI. "But it became clear to us that it was in the
best interests of both NZI and ourselves for Brierley
Investments to acquire our holding," he said.
He said Renouf built up its NZI holding over the past six
months. The sale comprised 74.9 mln shares at 2.725 N.Z. Dlrs a
share and 2,095 warrants at 1,709 dlrs each.
The warrants are attached to a 150 mln Swiss franc note
issue. Each bond of 5,000 francs carries a detachable warrant
entitling the bearer to 2,486 NZI shares.
In its 1986 annual report BIL reported that it held a 19
pct stake in NZI.
NZI has 673.4 mln ordinary shares on issue. Total capital
including shares attached to warrants is 678.8 mln shares.
Cashin said the sale will result in a significant profit
and places Renouf in a good position to consolidate on recent
transactions and pursue other opportunities.
NZI shares were at 2.18 N.Z. Dlrs, BIL at 4.08 and Renouf
at 6.15 at the close of trading.
BIL executives were unavailable for comment.
REUTER
| <Renouf Corp Ltd> said it sold its 10.83 pct stake in <NZI Corp Ltd> to <Brierley Investments Ltd>, (BIL), for 207.7 mln N.Z. Dlrs.
Renouf managing director Mike Cashin said in a statement it had been Renouf's intention to build up a long-term strategic position in NZI. "But it became clear to us that it was in the best interests of both NZI and ourselves for Brierley Investments to acquire our holding," he said.
He said Renouf built up its NZI holding over the past six months. The sale comprised 74.9 mln shares at 2.725 N.Z. Dlrs a share and 2,095 warrants at 1,709 dlrs each.
The warrants are attached to a 150 mln Swiss franc note issue. Each bond of 5,000 francs carries a detachable warrant entitling the bearer to 2,486 NZI shares.
In its 1986 annual report BIL reported that it held a 19 pct stake in NZI.
NZI has 673.4 mln ordinary shares on issue. Total capital including shares attached to warrants is 678.8 mln shares.
Cashin said the sale will result in a significant profit and places Renouf in a good position to consolidate on recent transactions and pursue other opportunities.
NZI shares were at 2.18 N.Z. Dlrs, BIL at 4.08 and Renouf at 6.15 at the close of trading.
BIL executives were unavailable for comment. |
YES | TRAIN | TRAINING-SET | 8,978 | 4,065 | 1987-03-12T03:41:22.870000 | ['earn'] | ['sweden'] | [] | [] | [] | [] | null | BOLIDEN AB <BLDS ST> 1986 RESULTS | STOCKHOLM, Mar 12 -
| Group loss after financial income and expenses 1.08
Billion vs loss 71 mln crowns
Sales - 12.38 billion crowns vs 6.16 billion.
No proposed dividend vs 10 crowns.
Note - The company this year consolidated wholesale and
investment conglomerate Ahlsell AB.
REUTER
| Group loss after financial income and expenses 1.08
Billion vs loss 71 mln crowns
Sales - 12.38 billion crowns vs 6.16 billion.
No proposed dividend vs 10 crowns.
Note - The company this year consolidated wholesale and investment conglomerate Ahlsell AB. |
YES | TRAIN | TRAINING-SET | 8,979 | 4,066 | 1987-03-12T03:43:21.650000 | ['gold'] | ['uk'] | [] | [] | [] | [] | null | BRITAIN TO MINT NEW "BRITANNIA" GOLD COIN | LONDON, March 12 - | Britain will from next autumn mint and
market a new bullion coin called the "Britannia" containing one
ounce of 24 carat gold, together with bullion coins of smaller
denominations, a Treasury official said.
The new investment coin, to be sold worldwide, will
fluctuate in price according to the international price of
gold.
The smaller coins will be in denominations of a half ounce,
a quarter ounce and a tenth of an ounce. REUTER
| Britain will from next autumn mint and market a new bullion coin called the "Britannia" containing one ounce of 24 carat gold, together with bullion coins of smaller denominations, a Treasury official said.
The new investment coin, to be sold worldwide, will fluctuate in price according to the international price of gold. |
YES | TRAIN | TRAINING-SET | 8,980 | 4,067 | 1987-03-12T03:46:15.910000 | ['earn'] | ['saudi-arabia'] | [] | [] | [] | [] | null | SAUDI BANKS FACE FURTHER LEAN PERIOD | RIYADH, March 12 - | Saudi Arabia's 11 commercial banks are
reporting a further decline in profits for 1986 as increasing
provisions have to be set aside to cover the burden of non-
performing loans.
Bankers in the Saudi capital said the need to build
reserves for bad and doubtful debts may start to decline a
little this year.
But the kingdom's still sluggish economy and legal problems
hampering traditional lending operations mean earnings will
remain vulnerable.
One senior bank credit officer said "The work is largely
done in terms of identifying bad loans and making provisions,
but banks are still going to face difficulties earning money."
The sudden decline of Saudi Arabia's corporate sector in
1983 - culminating in a number of debt reschedulings - has
taken a heavy toll of bank profits, with first results now
appearing for 1986 showing a fourth successive year of broad
decline.
The cumulative net 1985 earnings of the kingdom's banks had
sunk to 827.9 mln riyals from 2.66 billion in 1982 before world
oil prices tumbled.
Of the kingdom's nine joint-venture banks which operate on
the Gregorian calendar year, four have already reported and
revealed a further profits decline - or net loss - for 1986 at
the expense of increased provisions.
The newest and smallest of the joint ventures, <United Saudi
Commercial Bank> (USCB) reported a 1986 net loss of 15.9 mln
riyals, marginally less than 1985's shortfall of 17.0 mln.
Profits before provisions were sharply higher, in part
reflecting an 18 pct staff cut last year. But the bank nearly
trebled the amount set aside against bad and doubtful loans to
60 mln riyals from 22 mln in 1985.
Other results released so far show <Saudi American Bank>
(SAMBA) reporting a 53.8 pct fall in 1986 net profit to 80.7
mln riyals, while <Al Bank Al Saudi Al Fransi>, known as Saudi
French, slid 14 pct to 94.9 mln riyals.
Both Saudi American, owned 40 pct by Citicorp's <CCI.N>
Citibank NA and Saudi French, 40 pct owned by Banque Indosuez,
increased provisions sharply.
<Arab National Bank>'s net profit fell 17.8 pct to 152.1
mln riyals and provisions were more than doubled to 86.6 mln
riyals.
Bankers said there are first signs that the number of non-
performing loans has stopped growing as the decline in the
Saudi economy bottoms out.
Few are willing to predict a sharp upturn in economic
activity, but one banker said "The top 50 pct of the Saudi banks
are now at or close to international levels on provisions."
From 1982 to 1985, the kingdom's largest bank <National
Commercial Bank> (NCB) stashed away 1.7 billion riyals in
provisions or 8.9 pct of its total loans and advances to the
private sector, bankers calculated.
Between 1982 and 1985, <Riyad Bank>, NCB's rival as the
second biggest of the two all-Saudi shareholding banks, had
covered 12.8 pct of its loans and advances. Both banks operate
on an Islamic year that does not coincide with the other nine.
Although the Saudi Arabian Monetary Agency (SAMA) has been
tightening supervision, there is still no standardised rule for
declaring loans as non-performing.
Bankers say this makes comparison of profit figures
difficult because some banks still book non-accruing interest
as revenue while others follow more conservative practices in
force in major world financial centres.
Bankers generally said NCB, Riyad Bank and the
joint-ventures SAMBA, Saudi French and Arab National Bank rank
as the strongest earners.
Other banks such as <Saudi British Bank>, 40 pct owned by
the <British Bank of the Middle East>, are disadvantaged by a
relatively low deposit base.
Saudi British slashed 1985 profit 91 pct to just 9.1 mln
riyals and 1986 accounts due soon are expected to show another
low figure. But the bank has traditionally been one of the most
conservative in making provisions.
Bankers said SAMA has proved it is not prepared to see a
Saudi bank go under and not only supported <Saudi Cairo Bank>
after its troubled 1985 accounts came to light but also made
available cheap deposits to <Saudi Investment Bank> and USCB.
The banks can on-lend these to generate profit, but
generally banks are awash with liquidity since they are
unwilling to risk incurring fresh non-performing loans.
And while banks in more liberal financial markets can
attempt to diversify away from traditional lending,
conservatism in Saudi banking has made it difficult to generate
fee income from new investment banking products.
One banker said "Operating earnings in the Kingdom are not
good."
Reflecting the caution in new lending, the amount of
advances is showing a declining trend, while the days when
banks had ample funds in interest-free current accounts to
invest are disappearing as Saudi customers seek a better return
on their money.
In 1979, the ratio of interest-bearing accounts to current
accounts was 27 to 73 pct. Today, only about 40 pct of customer
funds are held on current account.
REUTER
| Saudi Arabia's 11 commercial banks are reporting a further decline in profits for 1986 as increasing provisions have to be set aside to cover the burden of non- performing loans.
Bankers in the Saudi capital said the need to build reserves for bad and doubtful debts may start to decline a little this year.
But the kingdom's still sluggish economy and legal problems hampering traditional lending operations mean earnings will remain vulnerable.
One senior bank credit officer said "The work is largely done in terms of identifying bad loans and making provisions, but banks are still going to face difficulties earning money."
The sudden decline of Saudi Arabia's corporate sector in 1983 - culminating in a number of debt reschedulings - has taken a heavy toll of bank profits, with first results now appearing for 1986 showing a fourth successive year of broad decline.
The cumulative net 1985 earnings of the kingdom's banks had sunk to 827.9 mln riyals from 2.66 billion in 1982 before world oil prices tumbled.
Of the kingdom's nine joint-venture banks which operate on the Gregorian calendar year, four have already reported and revealed a further profits decline - or net loss - for 1986 at the expense of increased provisions.
The newest and smallest of the joint ventures, <United Saudi Commercial Bank> (USCB) reported a 1986 net loss of 15.9 mln riyals, marginally less than 1985's shortfall of 17.0 mln.
Profits before provisions were sharply higher, in part reflecting an 18 pct staff cut last year. But the bank nearly trebled the amount set aside against bad and doubtful loans to 60 mln riyals from 22 mln in 1985.
Other results released so far show <Saudi American Bank> (SAMBA) reporting a 53.8 pct fall in 1986 net profit to 80.7 mln riyals, while <Al Bank Al Saudi Al Fransi>, known as Saudi French, slid 14 pct to 94.9 mln riyals.
Both Saudi American, owned 40 pct by Citicorp's <CCI.N> Citibank NA and Saudi French, 40 pct owned by Banque Indosuez, increased provisions sharply.
<Arab National Bank>'s net profit fell 17.8 pct to 152.1 mln riyals and provisions were more than doubled to 86.6 mln riyals.
Bankers said there are first signs that the number of non- performing loans has stopped growing as the decline in the Saudi economy bottoms out.
Few are willing to predict a sharp upturn in economic activity, but one banker said "The top 50 pct of the Saudi banks are now at or close to international levels on provisions."
From 1982 to 1985, the kingdom's largest bank <National Commercial Bank> (NCB) stashed away 1.7 billion riyals in provisions or 8.9 pct of its total loans and advances to the private sector, bankers calculated.
Between 1982 and 1985, <Riyad Bank>, NCB's rival as the second biggest of the two all-Saudi shareholding banks, had covered 12.8 pct of its loans and advances. Both banks operate on an Islamic year that does not coincide with the other nine.
Although the Saudi Arabian Monetary Agency (SAMA) has been tightening supervision, there is still no standardised rule for declaring loans as non-performing.
Bankers say this makes comparison of profit figures difficult because some banks still book non-accruing interest as revenue while others follow more conservative practices in force in major world financial centres.
Bankers generally said NCB, Riyad Bank and the joint-ventures SAMBA, Saudi French and Arab National Bank rank as the strongest earners.
Other banks such as <Saudi British Bank>, 40 pct owned by the <British Bank of the Middle East>, are disadvantaged by a relatively low deposit base.
Saudi British slashed 1985 profit 91 pct to just 9.1 mln riyals and 1986 accounts due soon are expected to show another low figure. But the bank has traditionally been one of the most conservative in making provisions.
Bankers said SAMA has proved it is not prepared to see a Saudi bank go under and not only supported <Saudi Cairo Bank> after its troubled 1985 accounts came to light but also made available cheap deposits to <Saudi Investment Bank> and USCB.
The banks can on-lend these to generate profit, but generally banks are awash with liquidity since they are unwilling to risk incurring fresh non-performing loans.
And while banks in more liberal financial markets can attempt to diversify away from traditional lending, conservatism in Saudi banking has made it difficult to generate fee income from new investment banking products.
One banker said "Operating earnings in the Kingdom are not good."
Reflecting the caution in new lending, the amount of advances is showing a declining trend, while the days when banks had ample funds in interest-free current accounts to invest are disappearing as Saudi customers seek a better return on their money.
In 1979, the ratio of interest-bearing accounts to current accounts was 27 to 73 pct. Today, only about 40 pct of customer funds are held on current account. |
YES | TRAIN | TRAINING-SET | 8,981 | 4,068 | 1987-03-12T03:46:26.270000 | [] | ['japan'] | [] | [] | [] | [] | null | JAPAN TO SELL 200 BILLION YEN IN BILLS, TRADERS | TOKYO, March 12 - | The Bank of Japan will sell tomorrow 200
billion yen of financing bills under a 50-day repurchase
agreement maturing on May 2, to help absorb a projected money
market surplus due largely to distribution of local allocation
tax ahead of the March 31 fiscal year-end, money traders said.
The yield on the bills for sales to banks and securities
houses from money houses will be 3.9496 pct against the 3.9375
pct discount rate for two-month commercial bills and the
4.46/37 pct yield today on two-month certificates of deposit.
The operation will put outstanding bill supply at about
1,500 billion yen.
REUTER
| The Bank of Japan will sell tomorrow 200 billion yen of financing bills under a 50-day repurchase agreement maturing on May 2, to help absorb a projected money market surplus due largely to distribution of local allocation tax ahead of the March 31 fiscal year-end, money traders said.
The yield on the bills for sales to banks and securities houses from money houses will be 3.9496 pct against the 3.9375 pct discount rate for two-month commercial bills and the 4.46/37 pct yield today on two-month certificates of deposit.
The operation will put outstanding bill supply at about 1,500 billion yen. |
YES | TRAIN | TRAINING-SET | 8,982 | 4,069 | 1987-03-12T03:50:55.440000 | ['acq'] | ['usa', 'uk'] | [] | [] | [] | [] | null | GUINNESS CHALLENGES 5.2 MLN STG PAYMENT TO LAWYER | ST HELIER, Jersey, March 12 - | Guinness Plc <GUIN.L> , the
brewing group, has challenged a 5.2 mln stg payment to a U.S.
Lawyer who says he organised its controversial takeover of
Scotch whisky maker <The Distillers Co Plc>.
But attorneys for lawyer Thomas Ward, a member of the
Guinness board, told a court yesterday in the Channel Island of
Jersey that Ward saw the payment as his reward for services in
last year's 2.7 billion stg takeover.
Britain's Department of Trade and Industry is investigating
the takeover.
Guinness says its former chairman Ernest Saunders and Ward
"breached their fiduciary duty" in authorising the payment to
Ward, via a Jersey-based company, Marketing and Acquisitions
Consultants and has gone to the Jersey court to recover it.
MAC said in defence documents that Ward was the main
negotiator in the battle for Distillers against rival bidder
Argyll <AYLL.L> Group Plc.
"The bid would not have been successful but for the ...
Services of Mr Ward," MAC attorneys said in the documents
submitted in court. "The payment was, in all the circumstances,
reasonable, proper and fully earned."
REUTER
| Guinness Plc <GUIN.L> , the brewing group, has challenged a 5.2 mln stg payment to a U.S. Lawyer who says he organised its controversial takeover of Scotch whisky maker <The Distillers Co Plc>.
But attorneys for lawyer Thomas Ward, a member of the Guinness board, told a court yesterday in the Channel Island of Jersey that Ward saw the payment as his reward for services in last year's 2.7 billion stg takeover.
Britain's Department of Trade and Industry is investigating the takeover.
Guinness says its former chairman Ernest Saunders and Ward "breached their fiduciary duty" in authorising the payment to Ward, via a Jersey-based company, Marketing and Acquisitions Consultants and has gone to the Jersey court to recover it.
MAC said in defence documents that Ward was the main negotiator in the battle for Distillers against rival bidder Argyll <AYLL.L> Group Plc.
"The bid would not have been successful but for the ... Services of Mr Ward," MAC attorneys said in the documents submitted in court. "The payment was, in all the circumstances, reasonable, proper and fully earned." |
NO | TRAIN | TRAINING-SET | 8,983 | 4,070 | 1987-03-12T03:54:53.320000 | [] | ['uk'] | [] | [] | [] | [] | null | NEW U.K. POLL SAYS TORIES HAVE SIX-POINT LEAD | LONDON, March 12 - | Britain's ruling Conservatives have
moved into a six-point lead over the main opposition Labour
Party, a Marplan poll published in today's Guardian newspaper
reports.
The Conservatives are shown with a 38 pct share of the vote
against 32 pct for Labour and 27 pct for the centrist
Social-Democratic/Liberal Alliance. Prime Minister Margaret
Thatcher has until June, 1988 to call a general election, but
most political analysts expect her to go to the country some
time this year.
REUTER
| Britain's ruling Conservatives have moved into a six-point lead over the main opposition Labour Party, a Marplan poll published in today's Guardian newspaper reports.
The Conservatives are shown with a 38 pct share of the vote against 32 pct for Labour and 27 pct for the centrist Social-Democratic/Liberal Alliance. Prime Minister Margaret Thatcher has until June, 1988 to call a general election, but most political analysts expect her to go to the country some time this year. |
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