attr__topics
stringclasses 3
values | attr__lewissplit
stringclasses 1
value | attr__cgisplit
stringclasses 1
value | attr__oldid
int64 1
19.9k
| attr__newid
int64 1
17.2k
| date
stringlengths 19
26
⌀ | topics
stringclasses 473
values | places
stringclasses 794
values | people
stringclasses 138
values | orgs
stringclasses 57
values | exchanges
stringclasses 47
values | companies
stringclasses 1
value | text__type
stringclasses 2
values | text__title
stringlengths 5
138
⌀ | text__dateline
stringlengths 6
66
⌀ | text__body
stringlengths 6
8.56k
⌀ | text
stringlengths 4
8.58k
⌀ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
YES | TRAIN | TRAINING-SET | 9,014 | 4,101 | 1987-03-12T06:16:36.480000 | ['carcass', 'livestock'] | ['australia', 'bahrain', 'uae', 'saudi-arabia', 'kuwait', 'iran'] | [] | ['ec'] | [] | [] | null | AUSTRALIA EXPECTS RISE IN MEAT EXPORTS TO MIDEAST | BAHRAIN, March 12 - | Australia expects meat and livestock
exports to the Middle East to maintain an upward trend this
year, managing director of the Australian Meat and Livestock
Corp, Peter Frawley, said.
He told Reuters an improvement in the economic climate and
less competition from the European Community should lead in the
Gulf area to higher beef sales, which dropped from 33,000
tonnes in 1980 to just 2,300 tonnes last year.
"In the last three to four months there has been a
resurgence of inquiries," he said.
Frawley is on a Gulf tour which will also take him to Saudi
Arabia, the United Arab Emirates and Kuwait to assess market
potential.
On beef exports, he said a 50 pct drop in European
Community intervention stock in the past 12 months would help
Australian sales.
The fall meant the EC was not as aggressive in these
markets, where the Australian trade was the natural source of
supply, and Australia was "now back in," Frawley said.
He said there was a debate in Australia as to whether the
Middle East market for livestock, which accounts for two-thirds
of meat export value to the area, would be maintained.
He believed the trade would remain with a continuing demand
for fresh meat.
The number of live sheep shipped last year to Saudi Arabia,
the biggest single market, was 3,214,159 compared with
2,939,226 in 1985. The numbers shipped to the United Arab
Emirates and Bahrain fell, however.
Frawley said the slackening in demand in the Gulf had been
offset by other Arab countries around the Mediterranean.
Other than livestock, Australia's overall meat sales to the
Middle East rose to 72,374 tonnes in 1986 from 52,403 tonnes
the previous year, largely due to the sale of 25,790 tonnes of
mutton and lamb to Iran.
Australia sold 9,824 tonnes to Iran in 1985 after being
virtually excluded by New Zealand competition for several
years. Frawley said the 1986 sale contract had included a
barter provision, but Iran had paid in full in cash.
Negotiations with the Iranians for 1987 shipments were
currently under way, with Iran again seeking credit and barter
provisions, he said.
Frawley said there had been a tremendous growth in demand
for chilled lamb in the last four to five years and he
predicted this would continue.
"The Middle East, and the Gulf in particular, is now
Australia's largest market for lamb, chilled and flown in.
Australia is in an ideal position to provide the supplies if
the market is willing to pay a premium for a fresh, young
product," he said.
REUTER
| Australia expects meat and livestock exports to the Middle East to maintain an upward trend this year, managing director of the Australian Meat and Livestock Corp, Peter Frawley, said.
He told Reuters an improvement in the economic climate and less competition from the European Community should lead in the Gulf area to higher beef sales, which dropped from 33,000 tonnes in 1980 to just 2,300 tonnes last year.
"In the last three to four months there has been a resurgence of inquiries," he said.
Frawley is on a Gulf tour which will also take him to Saudi Arabia, the United Arab Emirates and Kuwait to assess market potential.
On beef exports, he said a 50 pct drop in European Community intervention stock in the past 12 months would help Australian sales.
The fall meant the EC was not as aggressive in these markets, where the Australian trade was the natural source of supply, and Australia was "now back in," Frawley said.
He said there was a debate in Australia as to whether the Middle East market for livestock, which accounts for two-thirds of meat export value to the area, would be maintained.
He believed the trade would remain with a continuing demand for fresh meat.
The number of live sheep shipped last year to Saudi Arabia, the biggest single market, was 3,214,159 compared with 2,939,226 in 1985. The numbers shipped to the United Arab Emirates and Bahrain fell, however.
Frawley said the slackening in demand in the Gulf had been offset by other Arab countries around the Mediterranean.
Other than livestock, Australia's overall meat sales to the Middle East rose to 72,374 tonnes in 1986 from 52,403 tonnes the previous year, largely due to the sale of 25,790 tonnes of mutton and lamb to Iran.
Australia sold 9,824 tonnes to Iran in 1985 after being virtually excluded by New Zealand competition for several years. Frawley said the 1986 sale contract had included a barter provision, but Iran had paid in full in cash.
Negotiations with the Iranians for 1987 shipments were currently under way, with Iran again seeking credit and barter provisions, he said.
Frawley said there had been a tremendous growth in demand for chilled lamb in the last four to five years and he predicted this would continue.
"The Middle East, and the Gulf in particular, is now Australia's largest market for lamb, chilled and flown in. Australia is in an ideal position to provide the supplies if the market is willing to pay a premium for a fresh, young product," he said. |
YES | TRAIN | TRAINING-SET | 9,015 | 4,102 | 1987-03-12T06:29:53.030000 | [] | ['switzerland', 'belgium'] | [] | [] | [] | [] | null | BELGIUM PLACING 100 MLN SWISS FRANC NOTES | GENEVA, March 12 - | The Kingdom of Belgium is issuing 100
mln Swiss francs of 10-year bullet notes with a 4-3/4 pct
coupon and 100-3/4 issue price, lead manager Kredietbank
(Suisse) SA said.
Payment is due March 31.
Denominations are 50,000 francs.
REUTER
| The Kingdom of Belgium is issuing 100 mln Swiss francs of 10-year bullet notes with a 4-3/4 pct coupon and 100-3/4 issue price, lead manager Kredietbank (Suisse) SA said.
Payment is due March 31.
Denominations are 50,000 francs. |
YES | TRAIN | TRAINING-SET | 9,016 | 4,103 | 1987-03-12T06:32:30.320000 | ['cotton'] | ['india'] | [] | [] | [] | [] | null | INDIA 1986/87 COTTON EXPORT QUOTA UP 190,000 BALES | NEW DELHI, March 12 - | India's raw cotton export quota has
been raised by 190,000 170-kg bales to 600,000 bales in 1986/87
ending August, still well below the 1985/86 quota of 1.35 mln
bales, Minister of State for Textiles R.N. Mirdha said.
State and private agencies contracted to export 1.34 mln
bales in 1985/86, he told journalists. But only 433,000 bales
were shipped that year, with the rest to be delivered in
1986/87. About 758,000 bales from 1985/86 contracts were
shipped up to February 2 in 1986/87.
The government will export 600,000 bales of long and
extra- long staple cotton in the three years from 1986/87, he
said.
REUTER
| India's raw cotton export quota has been raised by 190,000 170-kg bales to 600,000 bales in 1986/87 ending August, still well below the 1985/86 quota of 1.35 mln bales, Minister of State for Textiles R.N. Mirdha said.
State and private agencies contracted to export 1.34 mln bales in 1985/86, he told journalists. But only 433,000 bales were shipped that year, with the rest to be delivered in 1986/87. About 758,000 bales from 1985/86 contracts were shipped up to February 2 in 1986/87.
The government will export 600,000 bales of long and extra- long staple cotton in the three years from 1986/87, he said. |
NO | TRAIN | TRAINING-SET | 9,017 | 4,104 | 1987-03-12T06:35:58.700000 | [] | ['norway', 'denmark', 'sweden', 'usa'] | [] | [] | [] | [] | null | SCANDINAVIA PROPOSES DEREGULATING U.S. AIR FARES | OSLO, March 12 - | Denmark, Norway and Sweden have jointly
proposed deregulating air fares between Scandinavia and the
U.S. In exchange for greater access to the domestic U.S.
Airline market, Norwegian officials said.
The proposal, handed to federal aviation authorities in
Washington by a delegation from the three countries' transport
ministries, was seen in the industry as a major concession to
demands by U.S. Airlines to deregulate air fares to
Scandinavia.
The scheme in return requests the <Scandinavian Airlines
System>, owned by Sweden, Denmark and Norway's governments, be
allowed to compete freely and fairly in the U.S. Market.
SAS, the only Scandinavian airline flying transatlantic
routes to the U.S., Is currently allowed to land at only four
U.S. Cities and has no commercial routes within the U.S.
SAS has long held that regulations allowing U.S. Airlines'
connecting flights from international to regional airports
within Scandinavia have given these companies an advantage
denied to SAS in the United States.
Initial U.S. Reaction to the proposal has been positive,
officials said. Industry sources added that if approved, the
scheme would likely lower air fares dramatically between
Scandinavia and the U.S.
REUTER
| Denmark, Norway and Sweden have jointly proposed deregulating air fares between Scandinavia and the U.S. In exchange for greater access to the domestic U.S. Airline market, Norwegian officials said.
The proposal, handed to federal aviation authorities in Washington by a delegation from the three countries' transport ministries, was seen in the industry as a major concession to demands by U.S. Airlines to deregulate air fares to Scandinavia.
The scheme in return requests the <Scandinavian Airlines System>, owned by Sweden, Denmark and Norway's governments, be allowed to compete freely and fairly in the U.S. Market.
SAS, the only Scandinavian airline flying transatlantic routes to the U.S., Is currently allowed to land at only four U.S. Cities and has no commercial routes within the U.S.
SAS has long held that regulations allowing U.S. Airlines' connecting flights from international to regional airports within Scandinavia have given these companies an advantage denied to SAS in the United States.
Initial U.S. Reaction to the proposal has been positive, officials said. Industry sources added that if approved, the scheme would likely lower air fares dramatically between Scandinavia and the U.S. |
YES | TRAIN | TRAINING-SET | 9,018 | 4,105 | 1987-03-12T06:36:30.980000 | ['earn'] | ['france'] | [] | [] | [] | [] | null | STE LYONNAISE DES EAUX <LYOE.PA> YEAR ENDED DEC 31 | PARIS, March 12 -
| Consolidated attributable net 1986 profit 360 mln francs vs
279.8 mln.
Parent company net profit 191 mln vs 150.9 mln.
REUTER
| Consolidated attributable net 1986 profit 360 mln francs vs 279.8 mln.
Parent company net profit 191 mln vs 150.9 mln. |
YES | TRAIN | TRAINING-SET | 9,019 | 4,106 | 1987-03-12T06:38:16.500000 | ['earn'] | ['france'] | [] | [] | [] | [] | null | LYONNAISE DES EAUX FORECASTS 1987 PROFIT RISE | PARIS, March 12 - | Consolidated attributable net profit of
Ste Lyonnaise des Eaux <LYOE.PA> is likely to rise by at least
10 pct this year from the 360 mln francs reported for 1986,
Chairman Jerome Monod told a news conference.
Group turnover should rise about seven pct from the 15.7
mln reported for this year, while group investments should
total around 1.8 billion francs, somewhat above the 1.3 billion
annual average of the past three years, he added.
Investments will be aimed mainly at developing the group's
leisure industry, health and communications activities, Monod
said.
In the leisure sector the group planned a joint development
with Club Mediterranee <CMI.PA>, Club Med, of a 200 hectare
pleasure park at Puisaye in the Yonne department of Eastern
Central France, he said.
Wholly-owned subsidiary Lyonnaise de Developpement
Touristique would carry out the construction work and financial
planning of the development which would be leased to Club Med
as operator of the complex, he said.
He gave no financial details but said leisure sector
investments would total about 100 mln francs over the next
three years.
Investments in the communications industry would go mainly
to develop the group's cable television activities and its 25
pct owned Metropole Television affiliate. Metropole recently
won the concession to operate a sixth television channel in
France.
Financing requirement of Metropole would be about 700 mln
francs over the next four years, of which Lyonaise des Eaux
would provide about 175 mln, Monod said.
Monod said Metropole aimed to win a 15 to 20 pct audience
share and to capture about 10 pct of the national television
advertising market.
Total investment by the group in the communications sector,
including cable activities, would be between 300 mln and 400
mln francs over the next five years, mainly concentrated in the
coming year.
Investment in cable operations would total between 150 mln
and 200 mln over the five years, with the aim of widening the
audience to 280,000 subscribers from 12,000, and boosting
turnover to around 450 mln francs a year from 10 mln.
REUTER
| Consolidated attributable net profit of Ste Lyonnaise des Eaux <LYOE.PA> is likely to rise by at least 10 pct this year from the 360 mln francs reported for 1986, Chairman Jerome Monod told a news conference.
Group turnover should rise about seven pct from the 15.7 mln reported for this year, while group investments should total around 1.8 billion francs, somewhat above the 1.3 billion annual average of the past three years, he added.
Investments will be aimed mainly at developing the group's leisure industry, health and communications activities, Monod said.
In the leisure sector the group planned a joint development with Club Mediterranee <CMI.PA>, Club Med, of a 200 hectare pleasure park at Puisaye in the Yonne department of Eastern Central France, he said.
Wholly-owned subsidiary Lyonnaise de Developpement Touristique would carry out the construction work and financial planning of the development which would be leased to Club Med as operator of the complex, he said.
He gave no financial details but said leisure sector investments would total about 100 mln francs over the next three years.
Investments in the communications industry would go mainly to develop the group's cable television activities and its 25 pct owned Metropole Television affiliate. Metropole recently won the concession to operate a sixth television channel in France.
Financing requirement of Metropole would be about 700 mln francs over the next four years, of which Lyonaise des Eaux would provide about 175 mln, Monod said.
Monod said Metropole aimed to win a 15 to 20 pct audience share and to capture about 10 pct of the national television advertising market.
Total investment by the group in the communications sector, including cable activities, would be between 300 mln and 400 mln francs over the next five years, mainly concentrated in the coming year.
Investment in cable operations would total between 150 mln and 200 mln over the five years, with the aim of widening the audience to 280,000 subscribers from 12,000, and boosting turnover to around 450 mln francs a year from 10 mln. |
YES | TRAIN | TRAINING-SET | 9,020 | 4,107 | 1987-03-12T06:38:22.460000 | ['acq'] | ['uk'] | [] | [] | [] | [] | null | GUS MAKES 8.2 MLN STG AGREED OFFER FOR PANTHERELLA | LONDON, March 12 - | Great Universal Stores Plc <GUS.L> said
it has made an agreed offer for <Pantherella Plc>, valuing the
company at 8.2 mln stg and each Pantherella ordinary share at
205 pence.
The offer is based on eight new "A" non voting ordinary
shares in GUS plus 95.16 stg for every 100 ordinary
Pantherella.
The new GUS shares will not receive the eight pence per
share interim dividend in respect of the year ending March
1987, the statement said.
GUS has received irrevocable undertakings to accept the
offer in respect of 39.1 pct of Pantherella shares from the
company's directors and their families.
The Pantherella board estimates the company, which
manufactures socks, will show a 1986 pretax profit of about
690,000 stg.
REUTER
| Great Universal Stores Plc <GUS.L> said it has made an agreed offer for <Pantherella Plc>, valuing the company at 8.2 mln stg and each Pantherella ordinary share at 205 pence.
The offer is based on eight new "A" non voting ordinary shares in GUS plus 95.16 stg for every 100 ordinary Pantherella.
The new GUS shares will not receive the eight pence per share interim dividend in respect of the year ending March 1987, the statement said.
GUS has received irrevocable undertakings to accept the offer in respect of 39.1 pct of Pantherella shares from the company's directors and their families.
The Pantherella board estimates the company, which manufactures socks, will show a 1986 pretax profit of about 690,000 stg. |
NO | TRAIN | TRAINING-SET | 9,021 | 4,108 | 1987-03-12T06:40:12.160000 | [] | ['west-germany'] | [] | [] | [] | [] | null | GERMAN IBM REPORTS NINE PCT DROP IN TURNOVER IN 1986 | STUTTGART, March 12 - | IBM Deutschland GmbH <IBM.F>, the
West German subsidiary of International Business Machines Corp
<IBM.N>, said its turnover fell nine pct to 12.0 billion marks
in 1986 as a result of currency factors, weaker demand in the
second half and stiff price competition.
IBM Deutschland planned to strengthen its software and
service activities in future to ensure growth remained at
desired levels in the medium term, managing board chairman
Hans-Olaf Henkel said. He gave no 1986 profit figures.
Domestic turnover fell 12.7 pct to 7.2 billion marks while
exports declined 3.2 pct to 4.8 billion.
Most of IBM Deutschland's exports go to IBM companies in
other countries.
Henkel said volume sales had been positive overall,
especially in the large computer and personal computer sectors.
However, at the same time, fierce international competition,
worldwide overcapacity and currency movements had reduced large
computer prices for IBM Deutschland by some 23 pct.
In January Henkel said the annual growth rate of the German
computer market may in the long term be less than 10 pct, well
below the 20 pct expansion originally forecast.
REUTER
| IBM Deutschland GmbH <IBM.F>, the West German subsidiary of International Business Machines Corp <IBM.N>, said its turnover fell nine pct to 12.0 billion marks in 1986 as a result of currency factors, weaker demand in the second half and stiff price competition.
IBM Deutschland planned to strengthen its software and service activities in future to ensure growth remained at desired levels in the medium term, managing board chairman Hans-Olaf Henkel said. He gave no 1986 profit figures.
Domestic turnover fell 12.7 pct to 7.2 billion marks while exports declined 3.2 pct to 4.8 billion.
Most of IBM Deutschland's exports go to IBM companies in other countries.
Henkel said volume sales had been positive overall, especially in the large computer and personal computer sectors. However, at the same time, fierce international competition, worldwide overcapacity and currency movements had reduced large computer prices for IBM Deutschland by some 23 pct.
In January Henkel said the annual growth rate of the German computer market may in the long term be less than 10 pct, well below the 20 pct expansion originally forecast. |
NO | TRAIN | TRAINING-SET | 9,022 | 4,109 | 1987-03-12T06:50:12.160000 | [] | ['japan'] | [] | [] | [] | [] | null | JAPAN READY TO DISCUSS BANK REGULATION | LONDON, March 12 - | Japan is ready to discuss bank
regulation and capital adequacy with western monetary
authorities but cannot say when or how joint rules can be
agreed, Japanese vice-minister of finance for international
affairs Toyoo Gyohten said.
He told a Nikkei conference on Tokyo financial markets that
Japan viewed a January outline agreement between the Bank of
England and U.S. Regulatory authorities as "significant."
The accord, setting joint rules on capital adequacy, was
criticised in financial markets for excluding Japan, thus
putting U.S. And U.K. Banks at a disadvantage to Japanese banks
"I am pleased to say that we are prepared to work with
British and American regulators," Gyohten said.
He added that preliminary contacts had already been made in
the margin of the Bank for International Settlements (BIS) in
Basle where central bank governors of western nations meet
every month.
But proper negotiations were still some way off. "We have to
start learning about the different situations in each country
before we can start working towards joint rules," he said.
"I can't predict when or how we will reach conclusions," he
added.
REUTER
| Japan is ready to discuss bank regulation and capital adequacy with western monetary authorities but cannot say when or how joint rules can be agreed, Japanese vice-minister of finance for international affairs Toyoo Gyohten said.
He told a Nikkei conference on Tokyo financial markets that Japan viewed a January outline agreement between the Bank of England and U.S. Regulatory authorities as "significant."
The accord, setting joint rules on capital adequacy, was criticised in financial markets for excluding Japan, thus putting U.S. And U.K. Banks at a disadvantage to Japanese banks
"I am pleased to say that we are prepared to work with British and American regulators," Gyohten said.
He added that preliminary contacts had already been made in the margin of the Bank for International Settlements (BIS) in Basle where central bank governors of western nations meet every month.
But proper negotiations were still some way off. "We have to start learning about the different situations in each country before we can start working towards joint rules," he said.
"I can't predict when or how we will reach conclusions," he added. |
NO | TRAIN | TRAINING-SET | 9,023 | 4,110 | 1987-03-12T06:54:29.330000 | [] | ['ussr'] | [] | [] | [] | [] | null | GEORGIAN AVALANCHES AND FLOODS BRING DEATHS | MOSCOW, March 12 - | Avalanches, landslides and floods have
killed almost 100 people since the start of the year in the
Soviet Transcaucasian republic of Georgia, the official daily
Sotsialisticheskaya Industriya said.
Some 16,000 people have been left homeless and 80,000
hectares of arable land and plantations rendered useless, the
newspaper said. The figures are still preliminary, but it
estimated total losses at over 300 mln roubles.
It said a large number of livestock and birds were killed
in the natural disaster and more than 1,800 km of roads needed
repairing.
REUTER
| Avalanches, landslides and floods have killed almost 100 people since the start of the year in the Soviet Transcaucasian republic of Georgia, the official daily Sotsialisticheskaya Industriya said.
Some 16,000 people have been left homeless and 80,000 hectares of arable land and plantations rendered useless, the newspaper said. The figures are still preliminary, but it estimated total losses at over 300 mln roubles.
It said a large number of livestock and birds were killed in the natural disaster and more than 1,800 km of roads needed repairing. |
YES | TRAIN | TRAINING-SET | 9,024 | 4,111 | 1987-03-12T07:00:12.590000 | ['earn'] | ['hong-kong'] | [] | [] | [] | [] | null | <BOND CORP INTERNATIONAL LTD> NINE MOS TO DEC 31 | HONG KONG, March 12 -
| Shr loss 17.4 H.K. Cents (no comparison)
Dividend nil (no comparison)
Net loss 11.49 mln dlrs.
Notes - Net excluded extraordinary losses 27.91 mln dlrs.
Property valuation reserve surplus 67 mln dlrs.
Results reflected trading in subsidiary <Humphreys Estate
Group> but excluded influence of a bulk of properties which the
firm bought late last year from Hongkong Land Co Ltd <HKLD.HK>
for 1.4 billion dlrs.
Company controlled by Bond Corp Holdings Ltd of Australia.
REUTER
| Shr loss 17.4 H.K. Cents (no comparison)
Dividend nil (no comparison)
Net loss 11.49 mln dlrs.
Notes - Net excluded extraordinary losses 27.91 mln dlrs. Property valuation reserve surplus 67 mln dlrs.
Results reflected trading in subsidiary <Humphreys Estate Group> but excluded influence of a bulk of properties which the firm bought late last year from Hongkong Land Co Ltd <HKLD.HK> for 1.4 billion dlrs.
Company controlled by Bond Corp Holdings Ltd of Australia. |
YES | TRAIN | TRAINING-SET | 9,025 | 4,112 | 1987-03-12T07:00:47.670000 | [] | ['uk'] | [] | [] | [] | [] | null | ROWNTREE ISSUES CONVERTIBLE EUROSTERLING BOND | LONDON, March 12 - | Rowntree Mackintosh Plc <RWNT.L> is
issuing a 55 mln stg eurobond due March 31, 2002, paying an
indicated coupon of 4-1/2 pct to five pct and priced at par,
lead manager J Henry Schroder Wagg and Co Ltd said.
Final terms on the issue will be fixed by March 16.
Denominations are 1,000 stg and listing will be London.
There is a put option on March 31, 1992, to yield 8-1/2 to
nine pct and the bond is also callable by the borrower until
March 31, 1988, at 106 pct, declining by one pct per annum
thereafter to par. However the call will not be before 1992.
REUTER
| Rowntree Mackintosh Plc <RWNT.L> is issuing a 55 mln stg eurobond due March 31, 2002, paying an indicated coupon of 4-1/2 pct to five pct and priced at par, lead manager J Henry Schroder Wagg and Co Ltd said.
Final terms on the issue will be fixed by March 16. Denominations are 1,000 stg and listing will be London.
There is a put option on March 31, 1992, to yield 8-1/2 to nine pct and the bond is also callable by the borrower until March 31, 1988, at 106 pct, declining by one pct per annum thereafter to par. However the call will not be before 1992. |
YES | TRAIN | TRAINING-SET | 9,026 | 4,113 | 1987-03-12T07:01:20.350000 | ['reserves'] | ['west-germany'] | [] | [] | [] | [] | null | GERMAN PUBLIC AUTHORITY BUNDESBANK HOLDINGS FALL | FRANKFURT, March 12 - | The net position of federal states
worsened in the first March week, cutting public authority net
holdings at the Bundesbank by 500 mln marks, the central bank
said.
States' cash deposits at the central bank fell to 800 mln
and they also drew down 1.2 billion marks in book credit, 900
mln marks more than in the prior week.
By contrast, however, the federal government was able to
reduce its credit drawdown at the central bank by 900 mln marks
to 900 mln.
Despite the stronger states' net needs in the week, their
cash position and other market dependent influences just about
balanced the outflow of liquidity from the money market through
an increase in cash in circulation, the Bundesbank said.
Cash in circulation rose by 1.4 billion marks in the week
to 122.9 billion.
Liquidity also came in through the maturing of short-term
treasury bills bought from the Bundesbank in the prior week.
Gross currency reserves rose in the week by 400 mln marks
to 109.9 billion. Foreign liabilities of the Bundesbank were
largely unchanged at 22.8 billion marks, giving a rise in net
currency reserves of 400 mln to 87.0 billion, it said.
The Bundesbank said its balance sheet total fell by 3.77
billion in the week to 218.45 billion.
REUTER
| The net position of federal states worsened in the first March week, cutting public authority net holdings at the Bundesbank by 500 mln marks, the central bank said.
States' cash deposits at the central bank fell to 800 mln and they also drew down 1.2 billion marks in book credit, 900 mln marks more than in the prior week.
By contrast, however, the federal government was able to reduce its credit drawdown at the central bank by 900 mln marks to 900 mln.
Despite the stronger states' net needs in the week, their cash position and other market dependent influences just about balanced the outflow of liquidity from the money market through an increase in cash in circulation, the Bundesbank said.
Cash in circulation rose by 1.4 billion marks in the week to 122.9 billion.
Liquidity also came in through the maturing of short-term treasury bills bought from the Bundesbank in the prior week.
Gross currency reserves rose in the week by 400 mln marks to 109.9 billion. Foreign liabilities of the Bundesbank were largely unchanged at 22.8 billion marks, giving a rise in net currency reserves of 400 mln to 87.0 billion, it said.
The Bundesbank said its balance sheet total fell by 3.77 billion in the week to 218.45 billion. |
YES | TRAIN | TRAINING-SET | 9,027 | 4,114 | 1987-03-12T07:07:47.870000 | ['trade'] | ['canada'] | [] | [] | [] | [] | BRIEF | CANADA JANUARY TRADE SURPLUS 533 MLN DLRS AFTER DECEMBER 965 MLN DLRS SURPLUS
| null | null | null |
YES | TRAIN | TRAINING-SET | 9,028 | 4,115 | 1987-03-12T07:09:26.650000 | ['trade'] | ['canada'] | [] | [] | [] | [] | null | CANADA JANUARY TRADE SURPLUS 533 MLN DLRS | OTTAWA, Mar 12 - | Canada had a trade surplus of 533 mln dlrs
in January compared with an upward revised 965 mln dlrs surplus
in December, Statistics Canada said.
The December surplus originally was reported at 964 mln
dlrs. The January surplus last year was 1.19 billion dlrs.
January exports, seasonally adjusted, were 9.72 billion
dlrs against 10.39 billion in December and 10.89 billion in
January, 1986.
January imports were 9.19 billion dlrs against 9.43 billion
in December and 9.71 billion in January 1986.
Reuter
| Canada had a trade surplus of 533 mln dlrs in January compared with an upward revised 965 mln dlrs surplus in December, Statistics Canada said.
The December surplus originally was reported at 964 mln dlrs. The January surplus last year was 1.19 billion dlrs.
January exports, seasonally adjusted, were 9.72 billion dlrs against 10.39 billion in December and 10.89 billion in January, 1986.
January imports were 9.19 billion dlrs against 9.43 billion in December and 9.71 billion in January 1986. |
YES | TRAIN | TRAINING-SET | 9,029 | 4,116 | 1987-03-12T07:10:33.830000 | [] | ['uk'] | [] | [] | [] | [] | null | TOYOTA MOTOR CREDIT ISSUES 23 BILLION YEN BOND | LONDON, March 12 - | Toyota Motor Credit Corp is issuing a 23
billion yen eurobond due April 10, 1992 paying 4-1/2 pct and
priced at 101-1/2 pct, lead manager Nomura International Ltd
said.
The bond is available in denominations of one mln yen and
will be listed in Luxembourg. Payment is April 10.
Fees comprise 1-1/4 pct selling concession and 5/8 pct for
management and underwriting combined.
REUTER
| Toyota Motor Credit Corp is issuing a 23 billion yen eurobond due April 10, 1992 paying 4-1/2 pct and priced at 101-1/2 pct, lead manager Nomura International Ltd said.
The bond is available in denominations of one mln yen and will be listed in Luxembourg. Payment is April 10.
Fees comprise 1-1/4 pct selling concession and 5/8 pct for management and underwriting combined. |
YES | TRAIN | TRAINING-SET | 9,030 | 4,117 | 1987-03-12T07:12:48.830000 | ['sugar'] | ['hungary'] | [] | [] | [] | [] | null | HUNGARIAN 1987 SUGAR BEET AREA LITTLE CHANGED | BUDAPEST, March 12 - | Hungary is to grow sugar beet on
105,000 hectares of land this year compared with some 95,000 in
1986, the official MTI news agency said.
Diplomats said this reflected Hungary's policy of keeping
the sugar beet area stable under the current five-year plan
(1985-89) and producing enough to cover only domestic demand
despite the recent rise of world prices to 10 month highs.
Drought cut the 1986 harvest to 3.58 mln tonnes from 4.07
mln in 1985. But a record yield of 130 kilos per tonne of beet
kept production at 454,000 tonnes, with 30,000 extra refined in
Yugoslavia from Hungarian beet. Output was 483,000 in 1985.
REUTER
| Hungary is to grow sugar beet on 105,000 hectares of land this year compared with some 95,000 in 1986, the official MTI news agency said.
Diplomats said this reflected Hungary's policy of keeping the sugar beet area stable under the current five-year plan (1985-89) and producing enough to cover only domestic demand despite the recent rise of world prices to 10 month highs.
Drought cut the 1986 harvest to 3.58 mln tonnes from 4.07 mln in 1985. But a record yield of 130 kilos per tonne of beet kept production at 454,000 tonnes, with 30,000 extra refined in Yugoslavia from Hungarian beet. Output was 483,000 in 1985. |
YES | TRAIN | TRAINING-SET | 9,031 | 4,118 | 1987-03-12T07:13:25.860000 | [] | ['uk'] | [] | [] | [] | [] | null | SALOMON RAISES SIZE OF CMO TO 350 MLN DLRS | London, March 12 - | Salomon Brothers international inc said
it has raised the size of its Collateralised Mortgage
Obligation TRUST 23 to 350 mln dlrs from the 228 mln dlrs
announced yesterday.
All other terms of the issue remain the same, Salomon said.
REUTER
| Salomon Brothers international inc said it has raised the size of its Collateralised Mortgage Obligation TRUST 23 to 350 mln dlrs from the 228 mln dlrs announced yesterday.
All other terms of the issue remain the same, Salomon said. |
YES | TRAIN | TRAINING-SET | 9,032 | 4,119 | 1987-03-12T07:15:50.830000 | [] | ['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 | 9,033 | 4,120 | 1987-03-12T07:16:20.360000 | ['earn'] | ['australia'] | [] | [] | [] | [] | null | KIDSTON SAYS HIGHER NET REFLECTS GOLD SALE RISE | BRISBANE, March 12 - | <Kidston Gold Mines Ltd> attributed
the rise in 1986 net profit to higher prices and an increase in
gold sales to 237,969 ounces from 206,467 ounces in 1985.
The <Placer Development Ltd> offshoot, which operates
Australia's largest gold mine, in North Queensland, earlier
reported net profit rose to 60.50 mln dlrs from 50.76 mln in
the 1985 period of 10 months from the start of production.
Sales of silver also rose to 165,968 ounces from 109,516.
Kidston said in a statement it will spend about 5.5 mln
dlrs to upgrade its mill grinding circuit to a mill-ball,
mill-crushing circuit to boost output by 25 pct from end-1987.
REUTER
| <Kidston Gold Mines Ltd> attributed the rise in 1986 net profit to higher prices and an increase in gold sales to 237,969 ounces from 206,467 ounces in 1985.
The <Placer Development Ltd> offshoot, which operates Australia's largest gold mine, in North Queensland, earlier reported net profit rose to 60.50 mln dlrs from 50.76 mln in the 1985 period of 10 months from the start of production.
Sales of silver also rose to 165,968 ounces from 109,516.
Kidston said in a statement it will spend about 5.5 mln dlrs to upgrade its mill grinding circuit to a mill-ball, mill-crushing circuit to boost output by 25 pct from end-1987. |
NO | TRAIN | TRAINING-SET | 9,034 | 4,121 | 1987-03-12T07:16:46.840000 | [] | ['sweden'] | [] | [] | [] | [] | null | SVENSKA HANDELSBANKEN TO START FUTURES TRADING | STOCKHOLM, March 12 - | Sweden's second largest bank Svenska
Handelsbanken <SHBS.S> said it will launch trading in share
futures with fixed maturity dates from March 19.
Trading will start in four stocks -- Svenska Cellulosa AB
<SCAB.S> (SCA), Forsakrings AB Skandia <SKDS.S>, AB Volvo
<VOLV.S> and Pharmacia AB <PHAB.S>. Each futures contract is
for 1,000 shares and with fixed terms of three and six months.
The bank did not say whether the futures instruments will
be open to foreign investors, who are only allowed to own
so-called unrestricted shares in Swedish companies.
The Swedish Central Bank last month gave the go-ahead for
foreigners to trade in share options, but said such approval
will only be given on an individual basis.
The Handelsbanken scheme, aimed at mainly institutional
investors, is only the latest of several novelties introduced
on Sweden's fast-growing financial markets in recent years.
The country's private options exchange is already the
world's fifth largest and tomorrow a rival market, the Sweden
Options and Futures Exchange (SOFE), will begin trading.
SOFE will also launch a market for share index futures this
spring.
REUTER
| Sweden's second largest bank Svenska Handelsbanken <SHBS.S> said it will launch trading in share futures with fixed maturity dates from March 19.
Trading will start in four stocks -- Svenska Cellulosa AB <SCAB.S> (SCA), Forsakrings AB Skandia <SKDS.S>, AB Volvo <VOLV.S> and Pharmacia AB <PHAB.S>. Each futures contract is for 1,000 shares and with fixed terms of three and six months.
The bank did not say whether the futures instruments will be open to foreign investors, who are only allowed to own so-called unrestricted shares in Swedish companies.
The Swedish Central Bank last month gave the go-ahead for foreigners to trade in share options, but said such approval will only be given on an individual basis.
The Handelsbanken scheme, aimed at mainly institutional investors, is only the latest of several novelties introduced on Sweden's fast-growing financial markets in recent years.
The country's private options exchange is already the world's fifth largest and tomorrow a rival market, the Sweden Options and Futures Exchange (SOFE), will begin trading.
SOFE will also launch a market for share index futures this spring. |
YES | TRAIN | TRAINING-SET | 9,035 | 4,122 | 1987-03-12T07:17:55.570000 | ['tin'] | ['malaysia'] | [] | [] | [] | [] | null | BULLETIN SAYS TIN PRICE MAY RISE TO 20 RINGGIT | KUALA LUMPUR, March 12 - | The tin price is likely to rise to
20 ringgit a kilo this year because of the producers' accord on
export quotas and the reluctance of brokers and banks to sell
the metal at lower prices, a Malaysian government bulletin
said.
The Malaysian Tin bulletin said it is in producers'
interest to keep to their quotas to limit total exports to
90,000 tonnes and to gradually deplete the 80,000 tonnes
overhang.
It said consumption by industrialised countries should stay
at 160,000 tonnes and that International Tin Council creditors
and brokers are not likely to dump their stocks excessively
unless there is a large and abrupt price jump.
The continued depreciation of the dollar could also help
push up the price of tin, the bulletin said.
A depreciation of the dollar means the depreciation of the
ringgit which is closely pegged to it, making the price of tin
cheaper in sterling terms, it added.
"Even in the absence of economic rationale in the tin
market, psychological optimism alone is sufficient to secure a
price recovery of up to 20 ringgit per kilo," the bulletin said.
REUTER
| The tin price is likely to rise to 20 ringgit a kilo this year because of the producers' accord on export quotas and the reluctance of brokers and banks to sell the metal at lower prices, a Malaysian government bulletin said.
The Malaysian Tin bulletin said it is in producers' interest to keep to their quotas to limit total exports to 90,000 tonnes and to gradually deplete the 80,000 tonnes overhang.
It said consumption by industrialised countries should stay at 160,000 tonnes and that International Tin Council creditors and brokers are not likely to dump their stocks excessively unless there is a large and abrupt price jump.
The continued depreciation of the dollar could also help push up the price of tin, the bulletin said.
A depreciation of the dollar means the depreciation of the ringgit which is closely pegged to it, making the price of tin cheaper in sterling terms, it added.
"Even in the absence of economic rationale in the tin market, psychological optimism alone is sufficient to secure a price recovery of up to 20 ringgit per kilo," the bulletin said. |
YES | TRAIN | TRAINING-SET | 9,036 | 4,123 | 1987-03-12T07:18:34.730000 | ['earn'] | ['australia'] | [] | [] | [] | [] | null | <KIDSTON GOLD MINES LTD> 1986 YEAR | BRISBANE, March 12 -
| Shr 48.4 cents vs 40.6
Yr div 37 cents vs 15
Net 60.50 mln dlrs vs 50.76 mln
Turnover 134.54 mln vs 100.63 mln
Other income 1.02 mln vs 920,000
Shrs 125 mln vs same.
NOTE - Company paid total 37 cents in previously declared
quarterly divs vs 15. Net is after tax 173,000 dlrs vs 285,000,
interest 9.67 mln vs 8.05 mln and depreciation 11.76 mln vs
9.59 mln.
REUTER
| Shr 48.4 cents vs 40.6
Yr div 37 cents vs 15
Net 60.50 mln dlrs vs 50.76 mln
Turnover 134.54 mln vs 100.63 mln
Other income 1.02 mln vs 920,000
Shrs 125 mln vs same.
NOTE - Company paid total 37 cents in previously declared quarterly divs vs 15. Net is after tax 173,000 dlrs vs 285,000, interest 9.67 mln vs 8.05 mln and depreciation 11.76 mln vs 9.59 mln. |
NO | TRAIN | TRAINING-SET | 9,037 | 4,124 | 1987-03-12T07:19:07.410000 | [] | ['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 | 9,038 | 4,125 | 1987-03-12T07:20:31.830000 | ['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. |
YES | TRAIN | TRAINING-SET | 9,039 | 4,126 | 1987-03-12T07:22:10.470000 | [] | ['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 | 9,040 | 4,127 | 1987-03-12T07:26:54.300000 | ['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 | 9,041 | 4,128 | 1987-03-12T07:29:34.820000 | [] | ['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 | 9,042 | 4,129 | 1987-03-12T07:30:32.230000 | ['crude'] | ['ecuador'] | [] | ['opec'] | [] | [] | null | ECUADOR TO ASK OPEC TO RAISE EXPORT QUOTA | CARACAS, March 12 - | 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. |
NO | TRAIN | TRAINING-SET | 9,043 | 4,130 | 1987-03-12T07:34:26.590000 | [] | ['france'] | [] | [] | ['pse'] | [] | null | ECONOMIC SPOTLIGHT - PARIS BOURSE REFORM | PARIS, March 12 - | French stockbrokers will lose their
jealously guarded 180-year-old monopoly of share trading over
the next five years under reforms announced on Tuesday by
Finance Minister Edouard Balladur.
But with the prospect of fresh money flooding into their
seriously under-capitalised share trading business, there were
few signs of regret over the gradual passing of an era.
"It is a question of survival after London's Big Bang," said
private market analyst Edouard Cointreau.
Balladur said the long-expected reform of the Bourse
structure will progressively allow domestic and foreign banks
to buy stakes in stockbrokers' capital, while at the same time
brokers will be allowed access to the money markets.
The project foresees free access to the Bourse by January
1, 1992, the date set for the opening of a unified European
financial market.
The planned reform, expected to be put before Parliament
before the end of the Spring session, will open up the capital
of the 45 Paris and 15 regional stockbroker houses in three
stages beginning on January 1 next year.
The aim of the move, following the examples of Tokyo and
London in opening up their tightly-controlled membership, was
"to take up the challenge of European financial integration and
fierce international competition," Balladur announced.
Cointreau, founder and chairman of the private market
analysis company Centre d'Observation et de Prospective
Sociales (COPS), said the reform was a natural development.
"The Paris market is rising but that cannot go on for ever.
The brokers know it's a good time to sell part of their
business," he told Reuters.
The reform was inevitable given the European Community
directive, said Ben Williams of Paris brokerage house
Fauchier-Magnan. "From a French point of view one cannot be very
disappointed," he said, "but some brokers must be a bit worried
as it is not entirely evident that all brokerage houses are
worth a lot of money."
He said that with the expansion of the market generally
here quality brokerage staff would do very well out of the
reforms in salary terms. "But on the whole expertise is not very
deep and the banks already have a lot of such expertise."
Dealers agreed generally that by allowing brokers to
reinforce their equity capital, the reform was expected to
improve their ability to take large positions in stocks and
bolster the liquidity of the Paris market.
The French Banking Association, grouping domestic and
foreign banks operating here, welcomed the reforms. French
banks, which only won direct access to the bond markets last
September, have never been happy with the stockbrokers'
continuing monopoly on share trading.
Brokers said it was too soon to say what form links with
other foreign brokerage houses and banks might take. "Nobody is
willing to talk about this yet but one can be sure that
alliances have been formed over the past years," Williams said.
Some brokers said the opening up of their capital to banks
could pose questions such as whether the major banks might all
aim for stakes in the most prestigious and best-performing
brokerage houses, or whether the smaller houses might be
targetted for swallowing up to give banks an easy entry onto
the Bourse.
Individual banks were reticent over likely strategy with
their future partners. "Discussions will get underway soon but
no specific choice (of broker) has been made yet," a spokesman
for Credit Lyonnais who declined to be named said.
Balladur's project does not touch on dealing commissions
but many dealers said the question had to be addressed since
current bank commission was higher than that of brokers because
banks, who cannot deal directly in shares, have to pay a fee to
the broker they use for customer trading.
According to a study by the Bourse official watchdog body
COB in January, dealing fees on a transaction in shares for a
gross total of 1,000 francs were 14.86 pct if the order was
placed directly by a broker, against 20.79 pct for the same
order passed through a bank.
Xavier Dupont, Chairman of the Stockbrokers' Association,
said the reform would not mean an end to the fixed scale of
commissions. He said the overall reform would give the French
financial markets a "dynamic and efficient organisation." But as
both brokers and bankers commented, "let's wait and see."
REUTER
| French stockbrokers will lose their jealously guarded 180-year-old monopoly of share trading over the next five years under reforms announced on Tuesday by Finance Minister Edouard Balladur.
But with the prospect of fresh money flooding into their seriously under-capitalised share trading business, there were few signs of regret over the gradual passing of an era.
"It is a question of survival after London's Big Bang," said private market analyst Edouard Cointreau.
Balladur said the long-expected reform of the Bourse structure will progressively allow domestic and foreign banks to buy stakes in stockbrokers' capital, while at the same time brokers will be allowed access to the money markets.
The project foresees free access to the Bourse by January 1, 1992, the date set for the opening of a unified European financial market.
The planned reform, expected to be put before Parliament before the end of the Spring session, will open up the capital of the 45 Paris and 15 regional stockbroker houses in three stages beginning on January 1 next year.
The aim of the move, following the examples of Tokyo and London in opening up their tightly-controlled membership, was "to take up the challenge of European financial integration and fierce international competition," Balladur announced.
Cointreau, founder and chairman of the private market analysis company Centre d'Observation et de Prospective Sociales (COPS), said the reform was a natural development.
"The Paris market is rising but that cannot go on for ever. The brokers know it's a good time to sell part of their business," he told Reuters.
The reform was inevitable given the European Community directive, said Ben Williams of Paris brokerage house Fauchier-Magnan. "From a French point of view one cannot be very disappointed," he said, "but some brokers must be a bit worried as it is not entirely evident that all brokerage houses are worth a lot of money."
He said that with the expansion of the market generally here quality brokerage staff would do very well out of the reforms in salary terms. "But on the whole expertise is not very deep and the banks already have a lot of such expertise."
Dealers agreed generally that by allowing brokers to reinforce their equity capital, the reform was expected to improve their ability to take large positions in stocks and bolster the liquidity of the Paris market.
The French Banking Association, grouping domestic and foreign banks operating here, welcomed the reforms. French banks, which only won direct access to the bond markets last September, have never been happy with the stockbrokers' continuing monopoly on share trading.
Brokers said it was too soon to say what form links with other foreign brokerage houses and banks might take. "Nobody is willing to talk about this yet but one can be sure that alliances have been formed over the past years," Williams said.
Some brokers said the opening up of their capital to banks could pose questions such as whether the major banks might all aim for stakes in the most prestigious and best-performing brokerage houses, or whether the smaller houses might be targetted for swallowing up to give banks an easy entry onto the Bourse.
Individual banks were reticent over likely strategy with their future partners. "Discussions will get underway soon but no specific choice (of broker) has been made yet," a spokesman for Credit Lyonnais who declined to be named said.
Balladur's project does not touch on dealing commissions but many dealers said the question had to be addressed since current bank commission was higher than that of brokers because banks, who cannot deal directly in shares, have to pay a fee to the broker they use for customer trading.
According to a study by the Bourse official watchdog body COB in January, dealing fees on a transaction in shares for a gross total of 1,000 francs were 14.86 pct if the order was placed directly by a broker, against 20.79 pct for the same order passed through a bank.
Xavier Dupont, Chairman of the Stockbrokers' Association, said the reform would not mean an end to the fixed scale of commissions. He said the overall reform would give the French financial markets a "dynamic and efficient organisation." But as both brokers and bankers commented, "let's wait and see." |
YES | TRAIN | TRAINING-SET | 9,044 | 4,131 | 1987-03-12T07:40:17.270000 | ['money-fx', 'interest'] | ['uk'] | [] | [] | [] | [] | null | U.K. MONEY MARKET GIVEN FURTHER 442 MLN STG HELP | LONDON, March 12 - | The Bank of England said it provided the
market with a further 442 mln stg assistance during the morning
to offset a liquidity shortage it estimated at 1.60 billion
stg, revised up from 1.55 billion
The bank bought outright eight mln stg of band one treasury
bills and five mln stg of band one bank bills at 10-3/8 pct.
It bought a further 429 mln stg of bills for resale to the
discount houses on April 2 at an interest rate of 10-7/16 pct.
So far today, the bank has given the market assistance
worth a total of 1.501 billion stg.
REUTER
| The Bank of England said it provided the market with a further 442 mln stg assistance during the morning to offset a liquidity shortage it estimated at 1.60 billion stg, revised up from 1.55 billion
The bank bought outright eight mln stg of band one treasury bills and five mln stg of band one bank bills at 10-3/8 pct.
It bought a further 429 mln stg of bills for resale to the discount houses on April 2 at an interest rate of 10-7/16 pct.
So far today, the bank has given the market assistance worth a total of 1.501 billion stg. |
YES | TRAIN | TRAINING-SET | 9,045 | 4,132 | 1987-03-12T07:48:29.240000 | ['earn'] | ['switzerland'] | [] | [] | [] | [] | null | JACOBS SUCHARD EXPECTS ANOTHER EXCELLENT YEAR | ZURICH, March 12 - | Jacobs Suchard AG <JACZ.Z> hopes for
another excellent year in 1987 after a 27 pct increase in 1986
net profit. Results in the first few months show it heading in
the right direction, company president Klaus Jacobs said.
The group reported 1986 net profit of 190.9 mln Swiss
francs compared with 150.4 mln in 1985 and raised its dividend
per bearer share to 160 francs from 155 francs.
Jacobs said the increase in profit, which far exceeded the
company's target of five pct real annual growth, had been made
possible by restructuring measures introduced in January 1986
which had also made some major acquisitions possible last year.
Hermann Pohl, general director in charge of economic
affairs, said the 2.7 pct decline in group turnover to 5.24
billion francs was due to currency factors.
A 5.2 pct negative currency influence was partially offset
by growth in operations and by structural changes within the
group.
Turnover in the coffee business fell to 3.10 billion francs
from 3.56 billion in 1985 while turnover in the chocolate
sector rose to 2.14 billion francs from 1.82 billion. The
tonnage sold in both sectors declined due to higher prices and
lower consumer demand, especially in France and West Germany.
Jacobs Suchard increased its market share in West Germany
to 44.9 pct from 39.9 pct in 1985, largely as a result of
acquisitions. Market share in France was little changed at 25
pct against 25.3 pct.
Pohl said the group's average tax rate rose to 32.5 pct
from 28.8 pct because of the higher profits and despite
write-offs on the losses of new acquisitions. A further
increase in tax levels was expected in future.
Taxes jumped 51.3 pct to 92 mln francs in 1986 from 61 mln
the previous year.
REUTER
| Jacobs Suchard AG <JACZ.Z> hopes for another excellent year in 1987 after a 27 pct increase in 1986 net profit. Results in the first few months show it heading in the right direction, company president Klaus Jacobs said.
The group reported 1986 net profit of 190.9 mln Swiss francs compared with 150.4 mln in 1985 and raised its dividend per bearer share to 160 francs from 155 francs.
Jacobs said the increase in profit, which far exceeded the company's target of five pct real annual growth, had been made possible by restructuring measures introduced in January 1986 which had also made some major acquisitions possible last year.
Hermann Pohl, general director in charge of economic affairs, said the 2.7 pct decline in group turnover to 5.24 billion francs was due to currency factors.
A 5.2 pct negative currency influence was partially offset by growth in operations and by structural changes within the group.
Turnover in the coffee business fell to 3.10 billion francs from 3.56 billion in 1985 while turnover in the chocolate sector rose to 2.14 billion francs from 1.82 billion. The tonnage sold in both sectors declined due to higher prices and lower consumer demand, especially in France and West Germany.
Jacobs Suchard increased its market share in West Germany to 44.9 pct from 39.9 pct in 1985, largely as a result of acquisitions. Market share in France was little changed at 25 pct against 25.3 pct.
Pohl said the group's average tax rate rose to 32.5 pct from 28.8 pct because of the higher profits and despite write-offs on the losses of new acquisitions. A further increase in tax levels was expected in future.
Taxes jumped 51.3 pct to 92 mln francs in 1986 from 61 mln the previous year. |
YES | TRAIN | TRAINING-SET | 9,046 | 4,133 | 1987-03-12T07:50:16.210000 | ['grain', 'corn', 'rice', 'oilseed', 'soybean', 'orange'] | ['japan', 'usa'] | [] | [] | [] | [] | null | JAPAN FIRM PLANS TO SELL U.S. FARMLAND TO JAPANESE | MORIOKA, Japan, March 12 - | A Japanese real estate company
said it will launch a campaign to sell land in U.S. Farming
areas to rich Japanese.
Higashi Nippon House said it would offer around 2,200 acres
of land in Illinois, California, Florida and Indiana from early
April to gauge response. It set up International Farm Corp of
America in Chicago last September to oversee the operation.
American farmers would continue as working tenants and part
of the profits from harvests of rice, corn, soybean and oranges
would go to the Japanese investors as rental.
Japanese Agriculture Ministry officials told Reuters sales
were limited to farmers to keep land in agricultural use.
"Two years ago, I began to seek my own farmland in Japan,"
said Isao Nakamura, president of Higashi Nippon. "However, sale
of Japanese farmland is strictly controlled by the government,
so I began to look for the land in the U.S to make my dream to
own farm land come true."
Nakamura said hundreds of companies exist in the U.S. To
sell farmland to investors as more and more farmers face
difficulties due to the recession in U.S. Agriculture.
REUTER
| A Japanese real estate company said it will launch a campaign to sell land in U.S. Farming areas to rich Japanese.
Higashi Nippon House said it would offer around 2,200 acres of land in Illinois, California, Florida and Indiana from early April to gauge response. It set up International Farm Corp of America in Chicago last September to oversee the operation.
American farmers would continue as working tenants and part of the profits from harvests of rice, corn, soybean and oranges would go to the Japanese investors as rental.
Japanese Agriculture Ministry officials told Reuters sales were limited to farmers to keep land in agricultural use.
"Two years ago, I began to seek my own farmland in Japan," said Isao Nakamura, president of Higashi Nippon. "However, sale of Japanese farmland is strictly controlled by the government, so I began to look for the land in the U.S to make my dream to own farm land come true."
Nakamura said hundreds of companies exist in the U.S. To sell farmland to investors as more and more farmers face difficulties due to the recession in U.S. Agriculture. |
YES | TRAIN | TRAINING-SET | 9,047 | 4,134 | 1987-03-12T07:51:54.960000 | [] | ['italy'] | [] | [] | [] | [] | null | FIAT HAS NO COMMENT ON REPORTED BOND ISSUE PLAN | MILAN, March 12 - | Fiat SpA <FIAT.MI> declined to confirm or
deny an Italian newspaper report that it was studying the
possibility of issuing a convertible bond.
The Milan daily, Il Giornale, said a convertible bond issue
was under study but gave no details.
A Fiat spokesman contacted by Reuters said only that the
report was "one of the typical rumours which circulate on the
bourse."
Senior sources at the Milan investment bank Sige, which Il
Giornale said was involved in the planning along with
Mediobanca - Banca di Credito Finanziario SpA and IMI -
Istituto Mobiliare Italiano, said they were unaware of any such
project.
REUTER
| Fiat SpA <FIAT.MI> declined to confirm or deny an Italian newspaper report that it was studying the possibility of issuing a convertible bond.
The Milan daily, Il Giornale, said a convertible bond issue was under study but gave no details.
A Fiat spokesman contacted by Reuters said only that the report was "one of the typical rumours which circulate on the bourse."
Senior sources at the Milan investment bank Sige, which Il Giornale said was involved in the planning along with Mediobanca - Banca di Credito Finanziario SpA and IMI - Istituto Mobiliare Italiano, said they were unaware of any such project. |
YES | TRAIN | TRAINING-SET | 9,048 | 4,135 | 1987-03-12T08:06:42.750000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | TAFT <TFB> REJECTS 145 DLR/SHR OFFER | CINCINNATI, Ohio, March 12 - | Taft Broadacasting Co said its
board of directors unanimously decided not to accept the
pending buyout proposal of <Theta Corp>, an investor group led
by Dudley Taft.
The decision was based on, among other things, the advice
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 Broadacasting Co said its board of directors unanimously decided not to accept the pending buyout proposal of <Theta Corp>, an investor group led by Dudley Taft.
The decision was based on, among other things, the advice 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. |
YES | TRAIN | TRAINING-SET | 9,049 | 4,136 | 1987-03-12T08:09:13.330000 | [] | ['west-germany', 'brazil', 'mexico'] | [] | [] | [] | [] | null | DRESDNER BANK UNIT SAYS NOT WORRIED ON BRAZIL DEBT | HAMBURG, March 12 - | Deutsch-Suedamerikanische Bank AG, a
wholly owned subsidiary of Dresdner Bank AG <DRSD.F>, said it
was not worried about Brazil stopping its interest payments.
Board member Herbert Mittendorf told a news conference that
Brazil's example was unlikely to be followed by other Latin
American countries.
He pointed out that the region's debt rose by only 2.8 pct
last year to a total 396 billion dlrs. The countries' efforts
to further economic growth and to consolidate budgets were "not
unsuccessful." But the slump in oil prices and the decline in
commodity prices hampered these efforts, he said.
Latin American countries' exports fell last year by about
16 pct to 80 billion dlrs, with imports declining slightly to
around 65 billion dlrs, Mittendorf said.
The region's 1986 trade surplus was halved to an estimated
15 billion dlrs, he said. The cut in exchange earnings of oil
exporting countries was only partly offset by the advantages
gained by the region's oil importing states, he noted.
The region's principal debtors are Brazil and Mexico, each
owing about 100 billion dlrs at the end of last year, followed
by Argentina with around 49 billion dlrs, Venezuela with 33
billion and Chile with 20 billion dlrs debt.
Deutsch-Suedamerikanische Bank welcomed Mexico joining the
General Agreement on Tariffs and Trade (GATT) in mid 1986,
which it saw as an effort to integrate the country to a larger
extent into the world economy.
However, realistic exchange rates were needed if the debtor
countries were to compete in the world market, Mittendorf said.
In this respect an easing of protectionist barriers was
imperative, he said.
The conversion of debt into equity was regarded as an
important additional step towards debt consolidation.
West German exports to Latin America declined by 4.1 pct in
1986 to 11 billion marks. Shipments to Mexico fell 19 pct to
1.9 billion marks and to Colombia by 15 pct to 600 mln marks,
Mittendorf said.
Exports to Bolivia, Chile, Ecuador and Central America were
also lower last year than in 1985, while shipments to Brazil
rose 11.5 pct to around two billion marks. Exports to Argentina
went up by over three pct to 1.5 billion marks and those to
Paraguay surged by 42 pct to 106 mln marks, he said.
Brazil was West Germany's main Latin American supplier, but
shipments fell to 4.4 billion marks from 6.4 billion in 1985.
REUTER
| Deutsch-Suedamerikanische Bank AG, a wholly owned subsidiary of Dresdner Bank AG <DRSD.F>, said it was not worried about Brazil stopping its interest payments.
Board member Herbert Mittendorf told a news conference that Brazil's example was unlikely to be followed by other Latin American countries.
He pointed out that the region's debt rose by only 2.8 pct last year to a total 396 billion dlrs. The countries' efforts to further economic growth and to consolidate budgets were "not unsuccessful." But the slump in oil prices and the decline in commodity prices hampered these efforts, he said.
Latin American countries' exports fell last year by about 16 pct to 80 billion dlrs, with imports declining slightly to around 65 billion dlrs, Mittendorf said.
The region's 1986 trade surplus was halved to an estimated 15 billion dlrs, he said. The cut in exchange earnings of oil exporting countries was only partly offset by the advantages gained by the region's oil importing states, he noted.
The region's principal debtors are Brazil and Mexico, each owing about 100 billion dlrs at the end of last year, followed by Argentina with around 49 billion dlrs, Venezuela with 33 billion and Chile with 20 billion dlrs debt.
Deutsch-Suedamerikanische Bank welcomed Mexico joining the General Agreement on Tariffs and Trade (GATT) in mid 1986, which it saw as an effort to integrate the country to a larger extent into the world economy.
However, realistic exchange rates were needed if the debtor countries were to compete in the world market, Mittendorf said.
In this respect an easing of protectionist barriers was imperative, he said.
The conversion of debt into equity was regarded as an important additional step towards debt consolidation.
West German exports to Latin America declined by 4.1 pct in 1986 to 11 billion marks. Shipments to Mexico fell 19 pct to 1.9 billion marks and to Colombia by 15 pct to 600 mln marks, Mittendorf said.
Exports to Bolivia, Chile, Ecuador and Central America were also lower last year than in 1985, while shipments to Brazil rose 11.5 pct to around two billion marks. Exports to Argentina went up by over three pct to 1.5 billion marks and those to Paraguay surged by 42 pct to 106 mln marks, he said.
Brazil was West Germany's main Latin American supplier, but shipments fell to 4.4 billion marks from 6.4 billion in 1985. |
YES | TRAIN | TRAINING-SET | 9,050 | 4,137 | 1987-03-12T08:15:55.790000 | [] | ['uk'] | [] | [] | ['lse'] | [] | null | U.K. GILT MARKET TURNOVER EASES IN FEBRUARY | LONDON, March 12 - | Turnover in the U.K. Government bond
(gilt) market in February slipped to 81.25 billion stg from
January's 83.37 billion, although it was 165 pct higher than
the 30.63 billion in February 1986, the Stock Exchange said.
The Stock Exchange noted, however, that turnover between
bond market-makers through the inter-dealer broker (IDB) screen
system, as distinct from business with outside clients, has
only been included from October 1986, meaning that prior data
is not strictly comparable with recent figures.
The contribution to overall February, 1987 volume from IDB
business was 43.10 billion stg, against 43.19 in January.
In the 20 trading days of February, the average daily
volume of business was 4.06 billion stg, against an average of
3.97 billion in January, which had 21 trading days.
Total Stock Exchange turnover for the month was 116.73
billion stg, marginally higher than the 116.65 billion recorded
in January but 129 pct more than the 50.92 billion of February
1986.
REUTER
| Turnover in the U.K. Government bond (gilt) market in February slipped to 81.25 billion stg from January's 83.37 billion, although it was 165 pct higher than the 30.63 billion in February 1986, the Stock Exchange said.
The Stock Exchange noted, however, that turnover between bond market-makers through the inter-dealer broker (IDB) screen system, as distinct from business with outside clients, has only been included from October 1986, meaning that prior data is not strictly comparable with recent figures.
The contribution to overall February, 1987 volume from IDB
business was 43.10 billion stg, against 43.19 in January.
In the 20 trading days of February, the average daily volume of business was 4.06 billion stg, against an average of 3.97 billion in January, which had 21 trading days.
Total Stock Exchange turnover for the month was 116.73 billion stg, marginally higher than the 116.65 billion recorded in January but 129 pct more than the 50.92 billion of February 1986. |
YES | TRAIN | TRAINING-SET | 9,051 | 4,138 | 1987-03-12T08:20:06.050000 | ['veg-oil', 'palm-oil'] | ['pakistan'] | [] | [] | [] | [] | null | PAKISTAN COULD IMPORT 100,000 TONNES OF PALM OIL | KARACHI, March 12 - | Pakistan is likely to import 100,000
tonnes of refined, bleached and deodorised palm oil between
April and June this year, vegetable oil dealers said.
They said the import would be financed by the Islamic
Development Bank (IDB) which signed an agreement with Pakistan
earlier this week in Jeddah, Saudi Arabia.
Pakistan had imported 600,000 tonnes of edible oil since
the beginning of the current financial year last July, they
added. The palm oil would come from Malaysia or Indonesia.
REUTER
| Pakistan is likely to import 100,000 tonnes of refined, bleached and deodorised palm oil between April and June this year, vegetable oil dealers said.
They said the import would be financed by the Islamic Development Bank (IDB) which signed an agreement with Pakistan earlier this week in Jeddah, Saudi Arabia.
Pakistan had imported 600,000 tonnes of edible oil since the beginning of the current financial year last July, they added. The palm oil would come from Malaysia or Indonesia. |
YES | TRAIN | TRAINING-SET | 9,052 | 4,139 | 1987-03-12T08:20:55.910000 | ['money-fx'] | ['usa'] | ['james-baker'] | [] | [] | [] | null | TREASURY SECRETARY BAKER DECLINES COMMENT ON G-6 | NEW YORK, March 12 - | 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. |
NO | TRAIN | TRAINING-SET | 9,053 | 4,140 | 1987-03-12T08:21:05.890000 | [] | ['usa'] | [] | [] | [] | [] | null | JENNIFER CONVERTIBLES <JENN>INITIAL OFFER STARTS | NEW YORK, March 12 - | Jennifer Convertibles Inc said an
initial public offering of 500,000 units is underway at eight
dlrs each through underwriters led by Evans and Co Inc.
Each unit consists of two common shares and one redeemable
Class A warrant enabling the holder to buy one common share at
five dlrs until March 11, 1992.
The shares and warrants are immediately separately
transferable.
Reuter
| Jennifer Convertibles Inc said an initial public offering of 500,000 units is underway at eight dlrs each through underwriters led by Evans and Co Inc.
Each unit consists of two common shares and one redeemable Class A warrant enabling the holder to buy one common share at five dlrs until March 11, 1992.
The shares and warrants are immediately separately transferable. |
YES | TRAIN | TRAINING-SET | 9,054 | 4,141 | 1987-03-12T08:21:21 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | BEL FUSE INC <BELF> 4TH QTR NET | JERSEY CITY, N.J., March 12 -
| Shr 22 cts vs 13 cts
Net 1,063,000 vs 639,000
Sales 7,489,000 vs 4,656,000
Year
Shr 55 cts vs 28 cts
Net 2,633,000 vs 1,343,000
Sales 23.3 mln vs 17.9 mln
Reuter
| Shr 22 cts vs 13 cts
Net 1,063,000 vs 639,000
Sales 7,489,000 vs 4,656,000
Year
Shr 55 cts vs 28 cts
Net 2,633,000 vs 1,343,000
Sales 23.3 mln vs 17.9 mln |
YES | TRAIN | TRAINING-SET | 9,055 | 4,142 | 1987-03-12T08:21:26.010000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | SOUTHWEST REALTY <SWL> YEAR LOSS | DALLAS, March 12 -
| Shr loss 44 cts vs profit 1.13 dlrs
Net loss 1,544,000 vs profit 3,912,000
NOTE: Cash flow 1,010,000 dlrs or 29 cts shr vs 2,835,000
dlrs or 82 cts shr.
Reuter
| Shr loss 44 cts vs profit 1.13 dlrs
Net loss 1,544,000 vs profit 3,912,000
NOTE: Cash flow 1,010,000 dlrs or 29 cts shr vs 2,835,000 dlrs or 82 cts shr. |
YES | TRAIN | TRAINING-SET | 9,056 | 4,143 | 1987-03-12T08:21:38.020000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | SOUTHWEST REALTY <SWL> HAS LIQUIDITY PROBLEMS | DALLAS, March 11 - | Southwest Realty Ltd said it believes it
could make all of its scheduled montly debt service payments
for 1987 despite the falloff in its rental operations, but
making the payments would probably severely impair its
liquidity and restrict its ability to maintain the quality of
its properties.
The company today reported a 1986 loss of 1,544,000 dlrs
compared with a 1985 profit of 3,912,000 dlrs.
Southwest said in addition to its monthly scheduyled debt
service payments, a 1,743,000 dlr loan on one of its Houston
properties is due to mature on April One.
Southwest said a commitment to reduce the interest rate and
extend the Houston loan for one year has been accepted.
It said talks are underway with lenders on other Houston
properties to obtain partial debt service moratoriums which, if
granted, would cut 1987 cash deficits from 1986 levels. The
loan renegotiations could involve bankruptcy or other
litigation connected with the specific properties involved and
could involve the suspension of interest and principal payments
to some of the lenders. Southwest said if the attempts to
restructure debt do not succeed, it could lose one or more of
the properties.
Southwest said the Houston properties made up about 10 pct
of its current value equity as of December 31 of 14.20 dlrs per
share, down from 16.68 dlrs a year before.
The company said depending on the success of the talks and
operating results for 1987, one or two more properties could
become subject to similar negotiations. The two additional
properties comprised about 11 pct of its current value equity
at year-end, Southwest said.
Reuter
| Southwest Realty Ltd said it believes it could make all of its scheduled montly debt service payments for 1987 despite the falloff in its rental operations, but making the payments would probably severely impair its liquidity and restrict its ability to maintain the quality of its properties.
The company today reported a 1986 loss of 1,544,000 dlrs compared with a 1985 profit of 3,912,000 dlrs.
Southwest said in addition to its monthly scheduyled debt service payments, a 1,743,000 dlr loan on one of its Houston properties is due to mature on April One.
Southwest said a commitment to reduce the interest rate and extend the Houston loan for one year has been accepted.
It said talks are underway with lenders on other Houston properties to obtain partial debt service moratoriums which, if granted, would cut 1987 cash deficits from 1986 levels. The loan renegotiations could involve bankruptcy or other litigation connected with the specific properties involved and could involve the suspension of interest and principal payments to some of the lenders. Southwest said if the attempts to restructure debt do not succeed, it could lose one or more of the properties.
Southwest said the Houston properties made up about 10 pct of its current value equity as of December 31 of 14.20 dlrs per share, down from 16.68 dlrs a year before.
The company said depending on the success of the talks and operating results for 1987, one or two more properties could become subject to similar negotiations. The two additional properties comprised about 11 pct of its current value equity at year-end, Southwest said. |
YES | TRAIN | TRAINING-SET | 9,057 | 4,144 | 1987-03-12T08:22:13.790000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | D.H. HOLMES CO LTD <HLME> SETS PAYOUT | NEW ORLEANS, March 12 -
| Qtly div 12-1/2 cts vs 12-1/2 cts prior
Pay April One
Record March 20
Reuter
| Qtly div 12-1/2 cts vs 12-1/2 cts prior
Pay April One
Record March 20 |
YES | TRAIN | TRAINING-SET | 9,058 | 4,145 | 1987-03-12T08:24:35.740000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | POPE EVANS <PER> REPURCHASES SHARES | NEW YORK, March 12 - | Pope, Evans and Robbins Inc said it
has repurchased 780,000 common shares from Putnam Mills Corp
principals Sidney and Peter Kaplan for 2.25 dlrs per share.
It said the purchase price will be applied against the
1,700,000 dlrs Putnam Mills currently owes Pope Evans for
merchandise. Pope Evans has about 7.6 mln shares outstanding.
The company also said it has agreed in principle to acquire
privately-held Pat Fashions Industries Inc for 18 mln dlrs in
cash and notes, with financing to come partly from bank
borrowings, subject to approval by the Pope Evans board and Pat
shareholders.
Pat Fashions imports apparel from the Far East and makes
apparel domestically as well. In the year ended November 30,
Pat earned 5,400,000 dlrs pretax on sales of 83.0 mln dlrs.
Reuter
| Pope, Evans and Robbins Inc said it has repurchased 780,000 common shares from Putnam Mills Corp principals Sidney and Peter Kaplan for 2.25 dlrs per share.
It said the purchase price will be applied against the 1,700,000 dlrs Putnam Mills currently owes Pope Evans for merchandise. Pope Evans has about 7.6 mln shares outstanding.
The company also said it has agreed in principle to acquire privately-held Pat Fashions Industries Inc for 18 mln dlrs in cash and notes, with financing to come partly from bank borrowings, subject to approval by the Pope Evans board and Pat shareholders.
Pat Fashions imports apparel from the Far East and makes apparel domestically as well. In the year ended November 30, Pat earned 5,400,000 dlrs pretax on sales of 83.0 mln dlrs. |
YES | TRAIN | TRAINING-SET | 9,059 | 4,146 | 1987-03-12T08:25:33.470000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | BAIRD <BATM> GETS TEMPORARY RESTRAINING ORDER | BOSTON, March 12 - | Baird Corp said the Massachusetts state
court for Suffolk county has granted it a temporary restraining
order prohibiting Mark IV Industries Inc <IV> from further
purchases of Baird stock until Mark IV complies with the
Massachusetts Anti-Takeover Statute.
The company said Mark IV currently owns at least 17.6 pct
of Baird stock and has indicated that it may attempt to acquire
Baird.
Baird said the U.S. District Court in Boston has denied
Mark IV's application for a temporary restraining order to
prevent enforcement of the Massachusetts takeover law.
Reuter
| Baird Corp said the Massachusetts state court for Suffolk county has granted it a temporary restraining order prohibiting Mark IV Industries Inc <IV> from further purchases of Baird stock until Mark IV complies with the Massachusetts Anti-Takeover Statute.
The company said Mark IV currently owns at least 17.6 pct of Baird stock and has indicated that it may attempt to acquire Baird.
Baird said the U.S. District Court in Boston has denied Mark IV's application for a temporary restraining order to prevent enforcement of the Massachusetts takeover law. |
YES | TRAIN | TRAINING-SET | 9,060 | 4,147 | 1987-03-12T08:25:44.410000 | ['cocoa', 'coffee'] | ['switzerland'] | [] | [] | [] | [] | null | JACOBS SUCHARD SEES 100,000 TONNE COCOA SURPLUS | ZURICH, March 12 - | Jacobs Suchard AG expects a world cocoa
surplus of around 100,000 tonnes in 1987 compared with a
104,000 tonne surplus in 1986, Jens Sroka, head of commodity
buying, told a news conference.
The company expects prices to remain at around current
levels despite the likelihood of agreement on buffer stock
rules at the forthcoming London cocoa talks, and believes
market intervention by the buffer stock manager would stabilise
prices.
Sroka said world coffee prices are expected to remain weak
if any international coffee talks fail to produce agreement.
Sroka said stagnating consumption and slight overproduction
will continue to weigh on coffee prices and he forecast a
continued build-up in stocks.
The recent failure of the London coffee talks had surprised
market observers.
Unless reason prevails and the major producers return to
the conference table, the world coffee market will remain free
and the consequences for some producers dependant on coffee for
their foreign exchange earnings would be catastrophic, Sroka
added.
REUTER
| Jacobs Suchard AG expects a world cocoa surplus of around 100,000 tonnes in 1987 compared with a 104,000 tonne surplus in 1986, Jens Sroka, head of commodity buying, told a news conference.
The company expects prices to remain at around current levels despite the likelihood of agreement on buffer stock rules at the forthcoming London cocoa talks, and believes market intervention by the buffer stock manager would stabilise prices.
Sroka said world coffee prices are expected to remain weak if any international coffee talks fail to produce agreement.
Sroka said stagnating consumption and slight overproduction will continue to weigh on coffee prices and he forecast a continued build-up in stocks.
The recent failure of the London coffee talks had surprised market observers.
Unless reason prevails and the major producers return to the conference table, the world coffee market will remain free and the consequences for some producers dependant on coffee for their foreign exchange earnings would be catastrophic, Sroka added. |
YES | TRAIN | TRAINING-SET | 9,061 | 4,148 | 1987-03-12T08:26:04.180000 | ['acq'] | [] | [] | [] | [] | [] | BRIEF | DUDLEY TAFT AND NARRAGANSETT CAPITAL TO PURSUE TAFT BROADCASTING BID
| null | null | null |
YES | TRAIN | TRAINING-SET | 9,062 | 4,149 | 1987-03-12T08:26:44.350000 | ['earn'] | ['south-africa'] | [] | [] | [] | [] | null | GENERAL MINING UNION CORP LTD (GENM.J) YEAR NET | JOHANNESBURG, March 12 -
| Shr 616 cts vs 481
Final div 150 cts vs 140, making 230 vs 195
Pre-tax 705.4 mln rand vs 485.2 mln
Net 591.7 mln vs 458.0 mln
Tax 79.2 mln vs 82.2 mln
Attrib to outside shareholders 123.7 mln vs 52.3 mln
Reuter
| Shr 616 cts vs 481
Final div 150 cts vs 140, making 230 vs 195
Pre-tax 705.4 mln rand vs 485.2 mln
Net 591.7 mln vs 458.0 mln
Tax 79.2 mln vs 82.2 mln
Attrib to outside shareholders 123.7 mln vs 52.3 mln |
YES | TRAIN | TRAINING-SET | 9,063 | 4,150 | 1987-03-12T08:31:00 | ['retail'] | ['usa'] | [] | [] | [] | [] | BRIEF | U.S. RETAIL SALES ROSE 4.1 PCT IN FEB, NON-AUTO SALES ROSE 1.5 PCT
| null | null | null |
NO | TRAIN | TRAINING-SET | 9,064 | 4,151 | 1987-03-12T08:31:27.610000 | [] | ['usa'] | [] | [] | [] | [] | null | CALIFORNIA WORKERS END LONG CANNERY STRIKE | WATSONVILLE, Calif, March 12 - | An 18-month strike against
Watsonville Canning and Frozen Foods, one of California's
largest food processors, ended with workers overwhelmingly
ratifying a new contract.
More than 1,000 workers walked off their jobs in September
1985 after Watsonville Canning cut their wages from 6.66 dlrs
an hour to 4.85 dlrs.
Watsonville declared bankruptcy last week and the cannery
was taken over by Norcal Frozen Foods Inc., a consortium of
growers. A spokeswoman for Teamsters Local 912 said the workers
voted 543-21 in favor of a new contract.
The Norcal offer provides a 5.85 dlrs-per-hour wage with no
additional benefits for most workers for up to three years.
Reuter
| An 18-month strike against Watsonville Canning and Frozen Foods, one of California's largest food processors, ended with workers overwhelmingly ratifying a new contract.
More than 1,000 workers walked off their jobs in September 1985 after Watsonville Canning cut their wages from 6.66 dlrs an hour to 4.85 dlrs.
Watsonville declared bankruptcy last week and the cannery was taken over by Norcal Frozen Foods Inc., a consortium of growers. A spokeswoman for Teamsters Local 912 said the workers voted 543-21 in favor of a new contract.
The Norcal offer provides a 5.85 dlrs-per-hour wage with no additional benefits for most workers for up to three years. |
YES | TRAIN | TRAINING-SET | 9,065 | 4,152 | 1987-03-12T08:37:47.840000 | ['retail'] | ['usa'] | [] | [] | [] | [] | null | U.S. RETAIL SALES RISE 4.1 PCT IN FEBRUARY | WASHINGTON, March 12 - | U.S. retail sales rose 4.77 billion
dlrs, or 4.1 pct, in February to a seasonally adjusted 122.29
billion dlrs, the Commerce Department said.
The increase came after a revised 7.4 pct drop in January
sales to a level of 117.52 billion dlrs. The department
previously reported January retail sales fell 5.8 pct.
Excluding autos, retail sales in February were up 1.5 pct
after falling by a revised 0.4 pct in January.
Department spokesmen said the major cause for the revision
downward in January sales was a weaker January auto dealer
sales figure than originally estimated.
Auto dealer sales were 26.91 billion dlrs in February, a
14.4 pct rise from January levels. But January sales dropped by
27.7 pct from December levels to 23.52 billion dlrs, more than
the 22.4 pct fall originally reported.
The expiration of the sales tax deduction under new tax
laws on January 1 was the main reason for the drop in January
sales, department spokesmen said.
Sales of durable goods rose in February by 8.8 pct to 46.72
billion dlrs after dropping by 17.7 pct in January.
Building materials rose 1.8 pct in February after falling
by 1.7 pct in January.
Non-durable goods sales rose by 1.3 pct to 75.58 billion
dlrs in February after falling by 0.2 pct in January, the
department said.
General merchandise stores rose 1.4 pct after increasing
sales by 1.6 pct in January, and department stores were up two
pct in February after rising 1.5 pct in January.
Food store sales increased 0.4 pct after declining by 1.0
pct in January, while grocery store sales increased 0.3 pct in
February after falling 0.6 pct in January.
Gasoline service station sales rose 2.0 pct in February
after a 1.9 pct January increase.
Apparel store sales were up 0.8 pct last month after
falling 3.0 pct in January, while sales at eating and drinking
places increased 1.5 pct after rising 0.5 pct in January.
February's retail sales were 4.4 pct above the year-ago
level of 117.09 billion dlrs, the department said.
Reuter
| U.S. retail sales rose 4.77 billion dlrs, or 4.1 pct, in February to a seasonally adjusted 122.29 billion dlrs, the Commerce Department said.
The increase came after a revised 7.4 pct drop in January sales to a level of 117.52 billion dlrs. The department previously reported January retail sales fell 5.8 pct.
Excluding autos, retail sales in February were up 1.5 pct after falling by a revised 0.4 pct in January.
Department spokesmen said the major cause for the revision downward in January sales was a weaker January auto dealer sales figure than originally estimated.
Auto dealer sales were 26.91 billion dlrs in February, a 14.4 pct rise from January levels. But January sales dropped by 27.7 pct from December levels to 23.52 billion dlrs, more than the 22.4 pct fall originally reported.
The expiration of the sales tax deduction under new tax laws on January 1 was the main reason for the drop in January sales, department spokesmen said.
Sales of durable goods rose in February by 8.8 pct to 46.72 billion dlrs after dropping by 17.7 pct in January.
Building materials rose 1.8 pct in February after falling by 1.7 pct in January.
Non-durable goods sales rose by 1.3 pct to 75.58 billion dlrs in February after falling by 0.2 pct in January, the department said.
General merchandise stores rose 1.4 pct after increasing sales by 1.6 pct in January, and department stores were up two pct in February after rising 1.5 pct in January.
Food store sales increased 0.4 pct after declining by 1.0 pct in January, while grocery store sales increased 0.3 pct in February after falling 0.6 pct in January.
Gasoline service station sales rose 2.0 pct in February after a 1.9 pct January increase.
Apparel store sales were up 0.8 pct last month after falling 3.0 pct in January, while sales at eating and drinking places increased 1.5 pct after rising 0.5 pct in January.
February's retail sales were 4.4 pct above the year-ago level of 117.09 billion dlrs, the department said. |
YES | TRAIN | TRAINING-SET | 9,066 | 4,153 | 1987-03-12T08:39:05.290000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | DUDLEY TAFT TO PURSUE TAFT BROADCAST <TFB> BID | CINCINNATI, March 12 - | Taft Broadcasting Co vice chairman
Dudley Taft and Narragansett Capital Inc <NARR> said they
intend to pursue their effort to acquire Taft Broadcasting
despite the rejection yesterday of their 145 dlr per share
offer by the Taft Broadcasting board.
Dudley Taft and Narragansett, in a joint statement, said
they intend to explore alternatives to achieve the acquisition,
including further talks with Taft Broadcasting.
They said they are confident that the Taft Broadcasting
board will conclude that the resolution of the company's
current "unstable situation" as quickly as possible is in the
best interests of all parties.
They said the Taft board did not conclude that their offer
was not fair to Taft shareholders. Taft Broadcasting
yesterday, however, said financial advisor Goldman, Sachs and
Co found the offer to be inadequate.
Reuter
| Taft Broadcasting Co vice chairman Dudley Taft and Narragansett Capital Inc <NARR> said they intend to pursue their effort to acquire Taft Broadcasting despite the rejection yesterday of their 145 dlr per share offer by the Taft Broadcasting board.
Dudley Taft and Narragansett, in a joint statement, said they intend to explore alternatives to achieve the acquisition, including further talks with Taft Broadcasting.
They said they are confident that the Taft Broadcasting board will conclude that the resolution of the company's current "unstable situation" as quickly as possible is in the best interests of all parties.
They said the Taft board did not conclude that their offer was not fair to Taft shareholders. Taft Broadcasting yesterday, however, said financial advisor Goldman, Sachs and Co found the offer to be inadequate. |
NO | TRAIN | TRAINING-SET | 9,067 | 4,154 | 1987-03-12T08:40:31.140000 | [] | ['usa'] | [] | [] | ['cbt'] | [] | null | CBT HEAD SAYS POSITION LIMITS HAVE NO PURPOSE | CHICAGO, March 12 - | The Commodity Futures Trading
Commission, CFTC, should increase speculative position limits
on agricultural futures and do away with them for financial
futures, Chicago Board of Trade, CBT, chairman Karsten Mahlmann
said.
Reporting to the CFTC Financial Products Advisory Committee
on the conclusions so far of an ad hoc CBT committee on
off-exchange trading issues, Mahlmann said, "We came to the
conclusion that no meaningful purpose is served by speculative
position limits."
Position limits were supposed to prevent market
manipulation, but "I would submit that the Exchange and the
CFTC currently have all the tools necessary to prevent market
manipulation, whether an account is speculative or a hedge,"
the CBT chairman said.
Malmann said the issue was of particular concern to the CBT
because the exchange faced increasing competition from foreign
markets, most of which did not have position limits.
He said the ad hoc committee, which he also chairs, had
agreed to propose that the definition of hedging be expanded to
include risk management as well as risk reduction.
Mahlmann said there was a danger that if a category of
trading was given a name such as "non-speculative hedging,"
insurance companies and pension funds might be held back from
engaging in it by the regulatory bodies that govern such
entities.
The ad hoc committee proposed the establishment of
"prudence guidelines" and a list of market activities that fell
within those lines which might be lengthened in the future, he
said.
The committee might also propose that CBT itself be allowed
to enforce position limits on agricultural futures, he added.
Reuter
| The Commodity Futures Trading Commission, CFTC, should increase speculative position limits on agricultural futures and do away with them for financial futures, Chicago Board of Trade, CBT, chairman Karsten Mahlmann said.
Reporting to the CFTC Financial Products Advisory Committee on the conclusions so far of an ad hoc CBT committee on off-exchange trading issues, Mahlmann said, "We came to the conclusion that no meaningful purpose is served by speculative position limits."
Position limits were supposed to prevent market manipulation, but "I would submit that the Exchange and the CFTC currently have all the tools necessary to prevent market manipulation, whether an account is speculative or a hedge," the CBT chairman said.
Malmann said the issue was of particular concern to the CBT because the exchange faced increasing competition from foreign markets, most of which did not have position limits.
He said the ad hoc committee, which he also chairs, had agreed to propose that the definition of hedging be expanded to include risk management as well as risk reduction.
Mahlmann said there was a danger that if a category of trading was given a name such as "non-speculative hedging," insurance companies and pension funds might be held back from engaging in it by the regulatory bodies that govern such entities.
The ad hoc committee proposed the establishment of "prudence guidelines" and a list of market activities that fell within those lines which might be lengthened in the future, he said.
The committee might also propose that CBT itself be allowed to enforce position limits on agricultural futures, he added. |
YES | TRAIN | TRAINING-SET | 9,068 | 4,155 | 1987-03-12T08:42:14.380000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | HARPER GROUP <HARG> 4TH QTR NET | SAN FRANCISCO, March 12 -
| Shr 24 cts vs 31 cts
Net 2,245,000 vs 2,885,000
Revs 50.7 mln vs 46.5 mln
Avg shrs 9,396,000 vs 9,270,000
Year
Oper shr 96 cts vs 99 cts
Oper net 8,994,000 vs 9,220,000
Revs 191.5 mln vs 174.7 mln
Avg shrs 9,394,000 vs 9,282,000
NOTE: 1985 year net excludes 1,360,000 dlr loss from
discontinued operations.
Share adjusted for three-for-two stock split.
Reuter
| Shr 24 cts vs 31 cts
Net 2,245,000 vs 2,885,000
Revs 50.7 mln vs 46.5 mln
Avg shrs 9,396,000 vs 9,270,000
Year
Oper shr 96 cts vs 99 cts
Oper net 8,994,000 vs 9,220,000
Revs 191.5 mln vs 174.7 mln
Avg shrs 9,394,000 vs 9,282,000
NOTE: 1985 year net excludes 1,360,000 dlr loss from discontinued operations.
Share adjusted for three-for-two stock split. |
YES | TRAIN | TRAINING-SET | 9,069 | 4,156 | 1987-03-12T08:50:08.100000 | ['trade'] | ['canada', 'usa'] | ['mulroney'] | [] | [] | [] | null | CANADA LEADERS FAIL TO SET PACT ON FREE TRADE | OTTAWA, March 12 - | Prime Minister Brian Mulroney said he
held "frank" discussions with the Canadian province premiers on
the pace of free trade talks with the United States, but the
longstanding issue of provincial ratification remains to be
settled.
Speaking to reporters after nearly five hours of meetings
with the 10 premiers, Mulroney said further discussions would
be held in June and September to discuss the role of the
provinces in approving any new trade deal.
But he maintained progress was being made in the sweeping
talks with the Unites States that got under nearly two years
ago.
"It appears reasonable progress is being made (in the
talks)," Mulroney said.
Alberta Premier Don Getty agreed, "Things are running pretty
quickly now."
The talks, launched by Mulroney's Progressive Conservative
government after concerns about protectionist sentiment in the
U.S., are aimed reducing the remaining barriers between the
world's largest trading partnership.
But the provinces are expected to play a major role in any
new trading arrangement, and some of the provincial leaders
complained of a lack of progress on reaching a ratification
formula.
"It's my view that we should be thinking about these things
right now, along with the questions of the substance of the
agreement," commented Ontario Premier David Peterson, who has
been highly critical of the talks in the past.
But Newfoundland Premier Brian Peckford said an agreement
was more likely to emerge by consensus and there would be no
need for a "hard and fast formula."
Peckford said it appears Canada is prepared to make
concessions to the United States on financial services in order
to make inroads on other bargaining areas, such as agriculture.
Canadian published reports, quoting government sources, say
the two countries are close to reaching a trade deal and it
will involve eliminating border tariffs and many non-tariff
barriers over the next 10 to 12 years.
A rough draft of the accord is expected to be presented to
the premiers at the June meeting while the finished document is
hoped to be presented to Congress in October.
"It's a very tight time frame," Ontario's Peterson said last
night. "But at this moment it is tough to say what will
transpire."
Reuter
| Prime Minister Brian Mulroney said he held "frank" discussions with the Canadian province premiers on the pace of free trade talks with the United States, but the longstanding issue of provincial ratification remains to be settled.
Speaking to reporters after nearly five hours of meetings with the 10 premiers, Mulroney said further discussions would be held in June and September to discuss the role of the provinces in approving any new trade deal.
But he maintained progress was being made in the sweeping talks with the Unites States that got under nearly two years ago.
"It appears reasonable progress is being made (in the talks)," Mulroney said.
Alberta Premier Don Getty agreed, "Things are running pretty quickly now."
The talks, launched by Mulroney's Progressive Conservative government after concerns about protectionist sentiment in the U.S., are aimed reducing the remaining barriers between the world's largest trading partnership.
But the provinces are expected to play a major role in any new trading arrangement, and some of the provincial leaders complained of a lack of progress on reaching a ratification formula.
"It's my view that we should be thinking about these things right now, along with the questions of the substance of the agreement," commented Ontario Premier David Peterson, who has been highly critical of the talks in the past.
But Newfoundland Premier Brian Peckford said an agreement was more likely to emerge by consensus and there would be no need for a "hard and fast formula."
Peckford said it appears Canada is prepared to make concessions to the United States on financial services in order to make inroads on other bargaining areas, such as agriculture.
Canadian published reports, quoting government sources, say the two countries are close to reaching a trade deal and it will involve eliminating border tariffs and many non-tariff barriers over the next 10 to 12 years.
A rough draft of the accord is expected to be presented to the premiers at the June meeting while the finished document is hoped to be presented to Congress in October.
"It's a very tight time frame," Ontario's Peterson said last night. "But at this moment it is tough to say what will transpire." |
YES | TRAIN | TRAINING-SET | 9,070 | 4,157 | 1987-03-12T08:51:25.730000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | HEALTHSOUTH REHABILITATION CORP <HSRC> 4TH QTR | BIRMINGHAM, Ala., March 12 -
| Shr profit eight cts vs loss 10 cts
Net profit 622,000 vs loss 564,000
Revs 7,508,000 vs 1,913,000
Year
Shr profit 15 cts vs loss 28 cts
Net profit 933,000 vs loss 1,548,000
Revs 19.8 mln vs 4,799,000
Reuter
| Shr profit eight cts vs loss 10 cts
Net profit 622,000 vs loss 564,000
Revs 7,508,000 vs 1,913,000
Year
Shr profit 15 cts vs loss 28 cts
Net profit 933,000 vs loss 1,548,000
Revs 19.8 mln vs 4,799,000 |
YES | TRAIN | TRAINING-SET | 9,071 | 4,158 | 1987-03-12T08:53:26.240000 | ['acq', 'trade'] | ['usa', 'japan'] | [] | [] | [] | [] | null | BALDRIGE OPPOSES JAPANESE PURCHASE OF FIRM | WASHINGTON, March 12 - | Commerce Secretary Malcolm Baldrige
has asked the White House to consider blocking the planned
Japanese acquisition of a major U.S. supercomputer and
semiconductor manufacturer for national security reasons, U.S.
officials said.
The officials, who asked not to be named, said yesterday
that Baldrige has "serious concerns" about the sale of Fairchild
Semiconductor Corp. to Fujitsu Ltd., another major electronics
firm.
The officials told Reuters that if the sale went through it
could leave the U.S. military overly dependent on a foreign
/ompany for vital high technology equipment used in its
advanced missiles, aircraft electronics and intelligence
gathering.
In addition, they said, the sale would also worsen the
already strained trade relations between the U.S. and Japan
stemming from the huge Japanese surplus.
The White House Economic Policy Council would consider the
sale in the coming weeks, they said.
Defense Secretary Caspar Weinberger's position was not
immediately known but in the past he has opposed the transfer
of high technology to foreign governments and companies.
Supercomputers made by Fairchild and other U.S.
manufacturers are widely used throughout the world, but none
have been sold to the Japanese government or to Japanese
government-run agencies and universities.
Reuter
| Commerce Secretary Malcolm Baldrige has asked the White House to consider blocking the planned Japanese acquisition of a major U.S. supercomputer and semiconductor manufacturer for national security reasons, U.S. officials said.
The officials, who asked not to be named, said yesterday that Baldrige has "serious concerns" about the sale of Fairchild Semiconductor Corp. to Fujitsu Ltd., another major electronics firm.
The officials told Reuters that if the sale went through it could leave the U.S. military overly dependent on a foreign /ompany for vital high technology equipment used in its advanced missiles, aircraft electronics and intelligence gathering.
In addition, they said, the sale would also worsen the already strained trade relations between the U.S. and Japan stemming from the huge Japanese surplus.
The White House Economic Policy Council would consider the sale in the coming weeks, they said.
Defense Secretary Caspar Weinberger's position was not immediately known but in the past he has opposed the transfer of high technology to foreign governments and companies.
Supercomputers made by Fairchild and other U.S. manufacturers are widely used throughout the world, but none have been sold to the Japanese government or to Japanese government-run agencies and universities. |
YES | TRAIN | TRAINING-SET | 9,072 | 4,159 | 1987-03-12T08:54:32.550000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | FIRST UNION <FUNC> ACQUISITION ADVANCES | JACKSONVILLE, Fla., March 12 - | First Union Corp said
shareholders of First North Port Bancorp of Northport, Fla.,
have approved a merger into First Union for 40 dlrs per share,
or about 5,100,000 dlrs.
The company said the acquisition is still subject to
regulatory approvals and is expected to be completed during the
second quarter.
Reuter
| First Union Corp said shareholders of First North Port Bancorp of Northport, Fla., have approved a merger into First Union for 40 dlrs per share, or about 5,100,000 dlrs.
The company said the acquisition is still subject to regulatory approvals and is expected to be completed during the second quarter. |
YES | TRAIN | TRAINING-SET | 9,073 | 4,160 | 1987-03-12T08:55:44.030000 | ['earn'] | ['canada'] | [] | [] | [] | [] | null | SAND TECHNOLOGY <SNDCF> MULLING REVERSE SPLIT | Toronto, March 11 - | Sand Technology Systems Inc said it is
considering a reverse stock split of at least one-for-10 and
expects to report a second-quarter profit, compared to a loss
last year.
The stock consolidation "is something we're discussing, but
it's not definite," Sand Technology president Jerry Shattner
told Reuters in an interview.
A private placement recently brought the number of
outstanding shares to 106 mln, up from 97.1 mln shares on July
31, 1986, the fiscal yearend.
"The company has always had the aura of a penny stock,"
Shattner said, adding that Sand plans, at some time, to apply
for listing on the Montreal Stock Exchange.
Shattner said the company expects to report a profit of
five pct, or about 350,000 dlrs, on sales of seven mln dlrs,
for the second quarter ended January 31. Results for the third
quarter should be about the same as the second, he added.
Last year, Sand lost 243,064 dlrs on revenues of 7,012,195
dlrs in the second quarter.
After "a disastrous first quarter," Sand hopes to break even
in the current fiscal year, Shattner said. The company has
scaled back its sales forecast to about 25 mln dlrs, from the
33.5 mln dlrs projected in December.
The rapid appreciation of the Japanese yen against U.S. and
Canadian dollars last year led to Sand's loss of 2.1 mln dlrs,
or two cts per share, on sales of 24.9 mln dlrs.
In the first fiscal quarter this year, the company lost
1,350,387 dlrs, or one ct per share, on sales of 3,570,585
dlrs.
Shattner believes the company will post better results this
year due to several factors.
"Last year, one of our biggest problems was we were buying
products in Japanese yen. We now buy some products from Hitachi
in U.S. dollars and the results are starting to show up in the
second quarter," he said.
Sand Technology sells, under its trademark, computer
accessories such as disk drives, solid-state memory enhancement
devices and printers manufactured by Hitachi Ltd <HIT> of
Japan.
Shattner said Sand's affiliate in Detroit, ST Systems Inc,
is developing software that lets large maniframe computers
handle large databases and share them between applications.
It is also distributing a new product called Sapiens, which
is artificial intelligence computer language for use by major
corporations.
The company has also reduced costs through some staff
cutting and a switch to profit sharing plans for sales staff
instead of straight commissions, Shattner said.
And Sand plans to market a laser printer in the fourth
fiscal quarter, Shattner said.
Reuter
| Sand Technology Systems Inc said it is considering a reverse stock split of at least one-for-10 and expects to report a second-quarter profit, compared to a loss last year.
The stock consolidation "is something we're discussing, but it's not definite," Sand Technology president Jerry Shattner told Reuters in an interview.
A private placement recently brought the number of outstanding shares to 106 mln, up from 97.1 mln shares on July 31, 1986, the fiscal yearend.
"The company has always had the aura of a penny stock," Shattner said, adding that Sand plans, at some time, to apply for listing on the Montreal Stock Exchange.
Shattner said the company expects to report a profit of five pct, or about 350,000 dlrs, on sales of seven mln dlrs, for the second quarter ended January 31. Results for the third quarter should be about the same as the second, he added.
Last year, Sand lost 243,064 dlrs on revenues of 7,012,195 dlrs in the second quarter.
After "a disastrous first quarter," Sand hopes to break even in the current fiscal year, Shattner said. The company has scaled back its sales forecast to about 25 mln dlrs, from the 33.5 mln dlrs projected in December.
The rapid appreciation of the Japanese yen against U.S. and Canadian dollars last year led to Sand's loss of 2.1 mln dlrs, or two cts per share, on sales of 24.9 mln dlrs.
In the first fiscal quarter this year, the company lost 1,350,387 dlrs, or one ct per share, on sales of 3,570,585 dlrs.
Shattner believes the company will post better results this year due to several factors.
"Last year, one of our biggest problems was we were buying products in Japanese yen. We now buy some products from Hitachi in U.S. dollars and the results are starting to show up in the second quarter," he said.
Sand Technology sells, under its trademark, computer accessories such as disk drives, solid-state memory enhancement devices and printers manufactured by Hitachi Ltd <HIT> of Japan.
Shattner said Sand's affiliate in Detroit, ST Systems Inc, is developing software that lets large maniframe computers handle large databases and share them between applications.
It is also distributing a new product called Sapiens, which is artificial intelligence computer language for use by major corporations.
The company has also reduced costs through some staff cutting and a switch to profit sharing plans for sales staff instead of straight commissions, Shattner said.
And Sand plans to market a laser printer in the fourth fiscal quarter, Shattner said. |
YES | TRAIN | TRAINING-SET | 9,074 | 4,161 | 1987-03-12T08:56:15.010000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | <CONCORDE VENTURES INC> IN MERGER AGREEMENT | DENVER, March 12 - | Concorde Ventures Inc said it has signed
a letter of intent to acquire Englewood, Colo., homebuilder
Winley Inc for 12 mln common shares.
The investment company said after the merger the combined
company will have 15 mln shares outstanding.
For the year ended January 31, Winley earned 116,000 dlrs
pretax on revenues of 11.7 mln dlrs.
Reuter
| Concorde Ventures Inc said it has signed a letter of intent to acquire Englewood, Colo., homebuilder Winley Inc for 12 mln common shares.
The investment company said after the merger the combined company will have 15 mln shares outstanding.
For the year ended January 31, Winley earned 116,000 dlrs pretax on revenues of 11.7 mln dlrs. |
YES | TRAIN | TRAINING-SET | 9,075 | 4,162 | 1987-03-12T08:56:38.500000 | ['crude', 'nat-gas'] | ['usa'] | [] | [] | [] | [] | null | DUNE RESOURCES <DNLAF> RESERVES ROSE IN 1986 | OKLAHOMA CITY, March 11 - | Dune Resources Ltd said its oil
reserves increased 225 pct during 1986 while its natural gas
reserves were up six pct.
The company said its proven oil reserves were estimated at
605,682 barrels on December 31, up from 186,655 barrels a year
earlier boosted by discoveries during the year put at 423,659
barrels.
It said gas reserves rose to 8.8 mln cubic feet from 8.3
mln on Dec 31, 1985, as discoveries of nearly 1.3 mln cubic
feet were partialy offset by production of 287,391 cubic feet
and downward revisions of previous estimates totaling 491,694
cubic feet.
Reuter
| Dune Resources Ltd said its oil reserves increased 225 pct during 1986 while its natural gas reserves were up six pct.
The company said its proven oil reserves were estimated at 605,682 barrels on December 31, up from 186,655 barrels a year earlier boosted by discoveries during the year put at 423,659 barrels.
It said gas reserves rose to 8.8 mln cubic feet from 8.3 mln on Dec 31, 1985, as discoveries of nearly 1.3 mln cubic feet were partialy offset by production of 287,391 cubic feet and downward revisions of previous estimates totaling 491,694 cubic feet. |
NO | TRAIN | TRAINING-SET | 9,076 | 4,163 | 1987-03-12T08:58:38.290000 | [] | ['west-germany'] | [] | [] | [] | [] | null | DEUTSCHE BABCOCK, KWU SHARE BILLION MARK CONTRACT | OBERHAUSEN, West Germany, March 12 - | Deutsche Babcock AG
<DBCG.F> said it and Siemens AG <SIEG.F> subsidiary Kraftwerk
Union AG <KAWG.F>, KWU, have won an order from the city of
Munich for an electricity and heating-generating plant which
company sources said was worth slightly more than one billion
marks.
A Babcock statement said its share of the order alone was
worth 800 mln marks, the largest domestic contract it has ever
received.
It gave no figure for KWU's share but company sources said
the total order was worth slightly more than one billion marks.
Reuter
| Deutsche Babcock AG <DBCG.F> said it and Siemens AG <SIEG.F> subsidiary Kraftwerk Union AG <KAWG.F>, KWU, have won an order from the city of Munich for an electricity and heating-generating plant which company sources said was worth slightly more than one billion marks.
A Babcock statement said its share of the order alone was worth 800 mln marks, the largest domestic contract it has ever received.
It gave no figure for KWU's share but company sources said the total order was worth slightly more than one billion marks. |
YES | TRAIN | TRAINING-SET | 9,077 | 4,164 | 1987-03-12T08:59:23.910000 | ['acq'] | [] | [] | [] | [] | [] | BRIEF | BORG-WARNER TO SELL INDUSTRIAL PRODUCTS BUSINESS FOR ABOUT 240 MLN DLRS
| null | null | null |
YES | TRAIN | TRAINING-SET | 9,078 | 4,165 | 1987-03-12T09:01:08.510000 | ['gnp'] | ['japan'] | [] | [] | [] | [] | null | JAPAN ECONOMY MAY BE NEAR BOTTOM, ECONOMISTS SAY | TOKYO, March 12 - | The worst may be just about over for
Japan's battered economy but economists said they do not expect
a vigorous recovery anytime soon. Japanese bank economists
polled by Reuters said the economy's 18 month-old slowdown is
likely to end in the first half of this year, helped by rising
exports, stepped-up government spending and falling prices. "The
economy will bottom out in the middle of the year," said
Sumitomo Bank Ltd chief economist, Masahiko Koido.
Industrial Bank of Japan Ltd senior economist Susumu
Taketomi agreed. "It (the bottom) is in the offing," he said.
But he added that the recovery will be slow. Growth in the
fiscal year beginning next month will only pick-up 2.2 pct,
from two pct in the current year, he said.
Signs that the economy has just about weathered the worst
are increasing.
The volume of exports in the first two months of the year
rose slightly on a year-on-year basis, after declining toward
the end of last year.
Although this may be due to extraordinary factors such as a
sharp rise in car exports to rebuild depleted European stocks,
several economists said it could mark the beginning of a
recovery.
Industrial production fell 0.7 pct in January, much smaller
than expected, and is forecast by the government to rise 0.3
pct in February and 2.6 pct in March. A Bank of Japan survey
released last week showed that the decline in Japanese
corporate earnings may be nearing its end.
And the Paris currency accord last month has fostered hopes
the rapid yen rise has come to the end, they said.
Six nations - the U.K., Canada, France, Japan, the U.S. And
West Germany - pledged in Paris last month to stabilise
currencies around current levels.
The yen's 40 pct climb against the dollar over the last two
years has hit the export-driven economy hard, by forcing its
companies to raise prices and lose sales in the U.S. Market.
"The important thing is the exchange rate," Taketomi said.
If it stabilises firms will grow more confident and raise
investment in plant and equipment, although there are no signs
of that yet, economists said.
A stable yen would also help exporters regain some of their
competitive edge just as the U.S economy may be starting to
recover, economists said.
Domestically, the economy may get a boost from some
loosening of the government's tight fiscal policy said Haruo
Muto, manager of national economics at the Bank of Tokyo Ltd.
The next reading of the economy's health should come early
next week with the release of gnp figures for the last quarter,
1986.
Most private economists expect a rise of about 0.5 pct from
the previous quarter. In the third quarter, GNP rose 0.6 pct.
But a senior government official said the fourth quarter
figures could surprise by showing a rise of more than one point
quarter-on-quarter. But he added that would be a statistical
aberration and not a significant shift in economic activity.
To maintain year-on-year growth of around 2.5 pct, the
economy would have had to rise about 1.2 pct in the fourth
quarter as the final quarter of 1985 was strong.
The rise in the fourth quarter of 1985 was probably a
statistical anomaly that was repeated in the final months of
1986, the official said.
Economists said the fourth quarter figures were also
distorted by the government's sale of gold coins in the second
half of 1986.
Because the coins were classified as legal tender, their
purchase did not show up in the statistics on consumer
expenditure. Consumer spending also tailed off in December
because of bad weather and smaller-than-normal end-year
bonuses, they said.
As the government had to buy back some of the coins from
retailers because they were unsold, the government's
contribution to the economy in the fourth quarter may have been
boosted, economists said.
Taketomi said it may have received a further boost from
government buying of farm products as the domestic crop last
year was good.
The senior government official said the fourth quarter
performance of the domestic sector was probably worse than
generally expected, while that of the external sector was
better.
REUTER
| The worst may be just about over for Japan's battered economy but economists said they do not expect a vigorous recovery anytime soon. Japanese bank economists polled by Reuters said the economy's 18 month-old slowdown is likely to end in the first half of this year, helped by rising exports, stepped-up government spending and falling prices. "The economy will bottom out in the middle of the year," said Sumitomo Bank Ltd chief economist, Masahiko Koido.
Industrial Bank of Japan Ltd senior economist Susumu Taketomi agreed. "It (the bottom) is in the offing," he said.
But he added that the recovery will be slow. Growth in the fiscal year beginning next month will only pick-up 2.2 pct, from two pct in the current year, he said.
Signs that the economy has just about weathered the worst are increasing.
The volume of exports in the first two months of the year rose slightly on a year-on-year basis, after declining toward the end of last year.
Although this may be due to extraordinary factors such as a sharp rise in car exports to rebuild depleted European stocks, several economists said it could mark the beginning of a recovery.
Industrial production fell 0.7 pct in January, much smaller than expected, and is forecast by the government to rise 0.3 pct in February and 2.6 pct in March. A Bank of Japan survey released last week showed that the decline in Japanese corporate earnings may be nearing its end.
And the Paris currency accord last month has fostered hopes the rapid yen rise has come to the end, they said.
Six nations - the U.K., Canada, France, Japan, the U.S. And West Germany - pledged in Paris last month to stabilise currencies around current levels.
The yen's 40 pct climb against the dollar over the last two years has hit the export-driven economy hard, by forcing its companies to raise prices and lose sales in the U.S. Market.
"The important thing is the exchange rate," Taketomi said.
If it stabilises firms will grow more confident and raise investment in plant and equipment, although there are no signs of that yet, economists said.
A stable yen would also help exporters regain some of their competitive edge just as the U.S economy may be starting to recover, economists said.
Domestically, the economy may get a boost from some loosening of the government's tight fiscal policy said Haruo Muto, manager of national economics at the Bank of Tokyo Ltd.
The next reading of the economy's health should come early next week with the release of gnp figures for the last quarter, 1986.
Most private economists expect a rise of about 0.5 pct from the previous quarter. In the third quarter, GNP rose 0.6 pct.
But a senior government official said the fourth quarter figures could surprise by showing a rise of more than one point quarter-on-quarter. But he added that would be a statistical aberration and not a significant shift in economic activity.
To maintain year-on-year growth of around 2.5 pct, the economy would have had to rise about 1.2 pct in the fourth quarter as the final quarter of 1985 was strong.
The rise in the fourth quarter of 1985 was probably a statistical anomaly that was repeated in the final months of 1986, the official said.
Economists said the fourth quarter figures were also distorted by the government's sale of gold coins in the second half of 1986.
Because the coins were classified as legal tender, their purchase did not show up in the statistics on consumer expenditure. Consumer spending also tailed off in December because of bad weather and smaller-than-normal end-year bonuses, they said.
As the government had to buy back some of the coins from retailers because they were unsold, the government's contribution to the economy in the fourth quarter may have been boosted, economists said.
Taketomi said it may have received a further boost from government buying of farm products as the domestic crop last year was good.
The senior government official said the fourth quarter performance of the domestic sector was probably worse than generally expected, while that of the external sector was better. |
NO | TRAIN | TRAINING-SET | 9,079 | 4,166 | 1987-03-12T09:05:29 | [] | ['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. |
YES | TRAIN | TRAINING-SET | 9,080 | 4,167 | 1987-03-12T09:05:55.130000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | QINTEX EXTENDS PRINCEVILLE <PVDC> OFFER | NEW YORK, March 12 - | <Qintex America Ltd> said it is again
extending its offer of 13 dlrs a share for 3.3 mln Princeville
Development Corp shares until today from yesterday.
As reported yesterday, Qintex said, about seven mln
Princeville shares had been tendered in response to the offer.
Qintex said it is extending the offer to allow Princeville
to comply with federal law restricting the ownership of U.S.
airlines by non-U.S. citizens and to finalize the terms and
conditions of the letter of credit or bank guarantee required
under the previously announced acquisition agreement.
Reuter
| <Qintex America Ltd> said it is again extending its offer of 13 dlrs a share for 3.3 mln Princeville Development Corp shares until today from yesterday.
As reported yesterday, Qintex said, about seven mln Princeville shares had been tendered in response to the offer.
Qintex said it is extending the offer to allow Princeville to comply with federal law restricting the ownership of U.S. airlines by non-U.S. citizens and to finalize the terms and conditions of the letter of credit or bank guarantee required under the previously announced acquisition agreement. |
NO | TRAIN | TRAINING-SET | 9,081 | 4,168 | 1987-03-12T09:06:37.770000 | [] | ['sweden'] | [] | [] | ['stse'] | [] | null | JM BYGGNADS SHARES SUSPENDED ON STOCKHOLM BOURSE | STOCKHOLM, March 12 - | Shares in building firm <JM Byggnads
och Fastighets AB> were suspended on the Stockholm bourse at
the company's own request, the bourse said.
The suspension will last until the end of trading on
Friday, the bourse added in a statement, but gave no further
details.
JM is half-owned by Skanska AB <SKBS ST>, which has offered
to buy out the remaining stock, but analysts said JM could have
been approached with a rival bid.
Reuter
| Shares in building firm <JM Byggnads och Fastighets AB> were suspended on the Stockholm bourse at the company's own request, the bourse said.
The suspension will last until the end of trading on Friday, the bourse added in a statement, but gave no further details.
JM is half-owned by Skanska AB <SKBS ST>, which has offered to buy out the remaining stock, but analysts said JM could have been approached with a rival bid. |
YES | TRAIN | TRAINING-SET | 9,082 | 4,169 | 1987-03-12T09:07:47.090000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | CORRECTED-NETWORK VIDEO INC <NVID> 3RD QTR | SARASOTA, Fla., March 12 - | Feb 28 end
Shr five cts vs one ct
Net 161,019 vs 50,745
Revs 1,048,543 vs 478,700
Avg shrs 3,217,500 vs 4,350,000
Nine mths
Shr 12 cts vs four cts
Net 390,179 vs 169,275
Revs 2,658,692 vs 1,478,066
Avg shrs 3,217,500 vs 4,350,000
NOTE: Corrects reversed figures in March 11 item.
Reuter
| Feb 28 end
Shr five cts vs one ct
Net 161,019 vs 50,745
Revs 1,048,543 vs 478,700
Avg shrs 3,217,500 vs 4,350,000
Nine mths
Shr 12 cts vs four cts
Net 390,179 vs 169,275
Revs 2,658,692 vs 1,478,066
Avg shrs 3,217,500 vs 4,350,000
NOTE: Corrects reversed figures in March 11 item. |
YES | TRAIN | TRAINING-SET | 9,083 | 4,170 | 1987-03-12T09:09:49.420000 | ['money-fx'] | ['taiwan'] | [] | [] | [] | [] | null | BANKERS OPPOSE STRICT TAIWAN CURRENCY CONTROLS | TAIPEI, March 12 - | Taiwan imposed currency controls today
in what bankers called a desperate move to prevent speculation
as the Taiwan dollar appreciated against the U.S. currency.
The strict controls will require proof that large
remittances to Taiwan are connected to commercial transactions
rather than currency speculation.
Bankers attacked the controls as ineffective, saying they
were a panic reaction to pressure from Washington for faster
appreciation of the Taiwan currency against the U.S. dollar,
which would slow exports to the United States.
Remittances exceeding one mln dlrs earned through exports,
shipping, insurance or bank lending will now need government
approval, along with remittances of more than 10,000 dlrs from
any other source.
Reuter
| Taiwan imposed currency controls today in what bankers called a desperate move to prevent speculation as the Taiwan dollar appreciated against the U.S. currency.
The strict controls will require proof that large remittances to Taiwan are connected to commercial transactions rather than currency speculation.
Bankers attacked the controls as ineffective, saying they were a panic reaction to pressure from Washington for faster appreciation of the Taiwan currency against the U.S. dollar, which would slow exports to the United States.
Remittances exceeding one mln dlrs earned through exports, shipping, insurance or bank lending will now need government approval, along with remittances of more than 10,000 dlrs from any other source. |
YES | TRAIN | TRAINING-SET | 9,084 | 4,171 | 1987-03-12T09:14:06.670000 | ['ship', 'crude'] | ['uk', 'saudi-arabia', 'iran', 'uae'] | [] | [] | [] | [] | null | SAUDI SUPERTANKER REPORTED HIT BY IRAN OFF UAE | LONDON, March 12 - | Iran attacked the Saudi Arabian
supertanker Arabian Sea off the United Arab Emirates last night
but the vessel was able to proceed after the incident, Lloyds
Shipping Intelligence reported.
The 315,695-dwt Arabian Sea had set sail on Tuesday after
loading oil at the Saudi port of Ras Tannurah. Lloyds said the
attack occurred at about 2200 hrs local time (1800 GMT).
Reuter
| Iran attacked the Saudi Arabian supertanker Arabian Sea off the United Arab Emirates last night but the vessel was able to proceed after the incident, Lloyds Shipping Intelligence reported.
The 315,695-dwt Arabian Sea had set sail on Tuesday after loading oil at the Saudi port of Ras Tannurah. Lloyds said the attack occurred at about 2200 hrs local time (1800 GMT). |
YES | TRAIN | TRAINING-SET | 9,085 | 4,172 | 1987-03-12T09:14:16.780000 | ['trade'] | ['taiwan', 'usa'] | [] | [] | [] | [] | null | TAIWAN TO RELAX IMPORT CURBS ON MORE GOODS | TAIPEI, March 12 - | Taiwan will relax import controls on
more foreign goods, a government spokesman said today.
The move was to allow greater access to Taiwan markets by
overseas trading partners, especially the United States, an
official of the Council for Economic Planning and Development
told Reuters.
Import curbs on about 400 foreign goods, including
stationery and books, would soon be relaxed, he said.
Taiwan announced it would ease curbs on some 600 farming
and industrial products last month.
The official said the moves were intended to balance trade
between Taiwan and the United States and other trading
partners. Taiwan's trade surplus reached a record 15.6 billion
dlrs last year, up from 10.62 billion in 1985.
Reuter
| Taiwan will relax import controls on more foreign goods, a government spokesman said today.
The move was to allow greater access to Taiwan markets by overseas trading partners, especially the United States, an official of the Council for Economic Planning and Development told Reuters.
Import curbs on about 400 foreign goods, including stationery and books, would soon be relaxed, he said.
Taiwan announced it would ease curbs on some 600 farming and industrial products last month.
The official said the moves were intended to balance trade between Taiwan and the United States and other trading partners. Taiwan's trade surplus reached a record 15.6 billion dlrs last year, up from 10.62 billion in 1985. |
YES | TRAIN | TRAINING-SET | 9,086 | 4,173 | 1987-03-12T09:16:01.550000 | ['retail'] | ['uk'] | [] | [] | [] | [] | null | U.K. RETAILERS SEE GROWTH IN CONSUMER SPENDING | LONDON, March 12 - | U.K. Retailers expect consumer spending
to accelerate in March after a disappointing increase in
February, according to a monthly survey by the Confederation of
British Industry (CBI).
Fifty-nine pct of the 325 retailers questioned for the
latest Distributive Trades Survey expected sales to be higher
in March than they were in March 1986, with only six pct
expecting lower sales.
The chairman of the Distributive Trades Survey Panel, Nigel
Whittaker, said a favourable Budget next week would further
help sales during the summer.
Figures released earlier this week showed retail sales in
January fell 2.2 pct, mainly due to exceptionally cold weather.
"Sales did not recover in February as much as retailers had
expected, and they are now looking for better business in
March," today's survey said.
It reported clothing stores were the most optimistic, with
80 pct expecting sales in March to be higher than a year ago.
Wholesalers also expected stronger sales in March, while
both retailers and wholesalers reported slower growth in import
penetration, it said.
REUTER
| U.K. Retailers expect consumer spending to accelerate in March after a disappointing increase in February, according to a monthly survey by the Confederation of British Industry (CBI).
Fifty-nine pct of the 325 retailers questioned for the latest Distributive Trades Survey expected sales to be higher in March than they were in March 1986, with only six pct expecting lower sales.
The chairman of the Distributive Trades Survey Panel, Nigel Whittaker, said a favourable Budget next week would further help sales during the summer.
Figures released earlier this week showed retail sales in January fell 2.2 pct, mainly due to exceptionally cold weather.
"Sales did not recover in February as much as retailers had expected, and they are now looking for better business in March," today's survey said.
It reported clothing stores were the most optimistic, with 80 pct expecting sales in March to be higher than a year ago.
Wholesalers also expected stronger sales in March, while both retailers and wholesalers reported slower growth in import penetration, it said. |
YES | TRAIN | TRAINING-SET | 9,087 | 4,174 | 1987-03-12T09:19:05.290000 | ['crude'] | ['japan', 'iran'] | [] | ['opec'] | [] | [] | null | MOST JAPAN FIRMS NOT RENEWING IRAN TERM CONTRACTS | TOKYO, March 12 - | Most Japanese companies have decided not
to renew term contracts to lift Iranian crude oil because spot
prices remain considerably lower than OPEC's official levels,
industry sources said.
They said a cargo of the Mideast benchmark crude Dubai
traded yesterday at 16.50 dlrs a barrel, compared to its
official price of 17.42 dlrs.
Only one Japanese company has renewed its term contract for
Iranian crude oil for the second quarter, the sources said.
The sources said Japanese companies had been lifting a
total of about 185,000 barrels per day (bpd) of Iranian crude
under term contracts, but only one firm has agreed to lift in
the second quarter. It is lifting just 10,000 to 15,000 bpd.
They said this move could inspire Iran to offer discounts
on cargoes loading in April, but the likelihood of discounts
depended largely on the levels of spot prices.
"If the spot price of Dubai goes above 17.30 dlrs we would
probably buy Iranian crude at the official price," one Japanese
refiner said.
"We don't intend to put pressure on them," he added.
Buyers have little incentive to renew contracts to lift oil
at official OPEC prices while spot prices on all grades are
considerably lower, oil traders said.
They said if spot prices move higher there will be no
problem finding OPEC crude to purchase at the official prices.
Qatar has chartered floating storage for its crude oil after
finding no buyers at official prices in March. The problem is
likely to recur in April, adding to that country's surplus.
The traders added that Iraq had dissociated itself from
OPEC's December production agreement, while agreeing to the
fixed prices.
But oil analysts said if OPEC keeps group output close to
its first-half 1987 ceiling of 15.8 mln bpd, supply and demand
would be balanced by the end of the second quarter.
They also said if OPEC holds its official price structure
based on a reference price of 18 dlrs, spot price fluctuations
should be limited to a 16.50 to 17.20 dlrs range for Dubai and
a 17 to 18 dlrs range for the North Sea's Brent blend.
One Japanese refiner said, "At the moment there's a lot of
pressure on OPEC, particularly on Qatar. But if they hold out
there will be no problem, and I'm beginning to trust their
ability."
Nigerian oil minister and OPEC president Rilwanu Lukman
told a news conference in Lagos yesterday, "Nigeria and all
member countries of OPEC remain determined to uphold the
December agreement by adhering strictly to their various quotas
and official selling prices."
He said OPEC believed consumers had drawn heavily on stocks
of both crude oil and refined products, reducing them to levels
well below this time last year. He said consumers would soon
return to the market in search of crude.
A Japanese refiner said, "The European and U.S. Markets are
beginning to look better so OPEC might be quite lucky."
| Most Japanese companies have decided not to renew term contracts to lift Iranian crude oil because spot prices remain considerably lower than OPEC's official levels, industry sources said.
They said a cargo of the Mideast benchmark crude Dubai traded yesterday at 16.50 dlrs a barrel, compared to its official price of 17.42 dlrs.
Only one Japanese company has renewed its term contract for Iranian crude oil for the second quarter, the sources said.
The sources said Japanese companies had been lifting a total of about 185,000 barrels per day (bpd) of Iranian crude under term contracts, but only one firm has agreed to lift in the second quarter. It is lifting just 10,000 to 15,000 bpd.
They said this move could inspire Iran to offer discounts on cargoes loading in April, but the likelihood of discounts depended largely on the levels of spot prices.
"If the spot price of Dubai goes above 17.30 dlrs we would probably buy Iranian crude at the official price," one Japanese refiner said.
"We don't intend to put pressure on them," he added.
Buyers have little incentive to renew contracts to lift oil at official OPEC prices while spot prices on all grades are considerably lower, oil traders said.
They said if spot prices move higher there will be no problem finding OPEC crude to purchase at the official prices. Qatar has chartered floating storage for its crude oil after finding no buyers at official prices in March. The problem is likely to recur in April, adding to that country's surplus.
The traders added that Iraq had dissociated itself from OPEC's December production agreement, while agreeing to the fixed prices.
But oil analysts said if OPEC keeps group output close to its first-half 1987 ceiling of 15.8 mln bpd, supply and demand would be balanced by the end of the second quarter.
They also said if OPEC holds its official price structure based on a reference price of 18 dlrs, spot price fluctuations should be limited to a 16.50 to 17.20 dlrs range for Dubai and a 17 to 18 dlrs range for the North Sea's Brent blend.
One Japanese refiner said, "At the moment there's a lot of pressure on OPEC, particularly on Qatar. But if they hold out there will be no problem, and I'm beginning to trust their ability."
Nigerian oil minister and OPEC president Rilwanu Lukman told a news conference in Lagos yesterday, "Nigeria and all member countries of OPEC remain determined to uphold the December agreement by adhering strictly to their various quotas and official selling prices."
He said OPEC believed consumers had drawn heavily on stocks of both crude oil and refined products, reducing them to levels well below this time last year. He said consumers would soon return to the market in search of crude. |
YES | TRAIN | TRAINING-SET | 9,088 | 4,175 | 1987-03-12T09:19:23.400000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | POSSIS <POSS> VOTES 100 PCT STOCK DIVIDEND | MINNEAPOLIS, March 12 - | Possis Corp said its board approved
a 100 pct stock dividend payable May One, record March 27.
At the company's annual meeting Wednesday, Possis said
shareholders approved a proposal to increase the authorized
common shares to 20 mln from eight mln. The company currently
has about 3.9 mln shares outstanding.
Reuter
| Possis Corp said its board approved a 100 pct stock dividend payable May One, record March 27.
At the company's annual meeting Wednesday, Possis said shareholders approved a proposal to increase the authorized common shares to 20 mln from eight mln. The company currently has about 3.9 mln shares outstanding. |
YES | TRAIN | TRAINING-SET | 9,089 | 4,176 | 1987-03-12T09:19:47.410000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | SEAL INC <SINC> 1ST QTR JAN 31 NET | NAUGATUCK, Conn., March 12 -
| Shr 29 cts vs 16 cts
Net 610,000 vs 329,000
Sales 6,714,000 vs 4,582,000
Reuter
| Shr 29 cts vs 16 cts
Net 610,000 vs 329,000
Sales 6,714,000 vs 4,582,000 |
YES | TRAIN | TRAINING-SET | 9,090 | 4,177 | 1987-03-12T09:20:00.200000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | DOW CHEMICAL CO <DOW> REGULAR DIVIDEND | MIDLAND, MICH., March 12 -
| Qtly div 50 cts vs 50 cts prior
Pay April 30
Record March 31
Reuter
| Qtly div 50 cts vs 50 cts prior
Pay April 30
Record March 31 |
YES | TRAIN | TRAINING-SET | 9,091 | 4,178 | 1987-03-12T09:20:41.390000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | TELCO <TELC> DELAYS DEFENSIVE RIGHTS OFFERING | NORWOOD, Mass., March 12 - | Telco Systems Inc said its plan
to distribute a dividend of common stock purchase rights to
shareholders of record on March 16 has been delayed pending the
completion of necessary regulatory approvals.
Reuter
| Telco Systems Inc said its plan to distribute a dividend of common stock purchase rights to shareholders of record on March 16 has been delayed pending the completion of necessary regulatory approvals. |
YES | TRAIN | TRAINING-SET | 9,092 | 4,179 | 1987-03-12T09:21:40.820000 | [] | ['jamaica'] | [] | [] | [] | [] | null | JAMAICA PUTS CAP ON BORROWING | KINGSTON, Jamaica, March 12 - | 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.
Seaga yesterday said Jamaica has reached its "maximum stock
of debt" and will not undertake any more borrowing until it was
justified by economic growth. "This year we'll be reducing the
stock of debt by 300 mln dlrs," he said.
He said his government aims to get Jamaica's ratio of debt
payments to foreign exchange earnings down from the current
level of 50 pct to 25 pct over the next two to three years.
Debt payments this year are expected to total 287 mln dlrs,
Seaga said. Seaga yesterday concluded an agreement with
Jamaica's creditor banks to reschedule some 181 mln dlrs due in
1987-89 over the next 12 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.
Seaga yesterday said Jamaica has reached its "maximum stock of debt" and will not undertake any more borrowing until it was justified by economic growth. "This year we'll be reducing the stock of debt by 300 mln dlrs," he said.
He said his government aims to get Jamaica's ratio of debt payments to foreign exchange earnings down from the current level of 50 pct to 25 pct over the next two to three years. Debt payments this year are expected to total 287 mln dlrs, Seaga said. Seaga yesterday concluded an agreement with Jamaica's creditor banks to reschedule some 181 mln dlrs due in 1987-89 over the next 12 years. |
NO | TRAIN | TRAINING-SET | 9,093 | 4,180 | 1987-03-12T09:25:15.140000 | [] | ['usa', 'china'] | [] | [] | [] | [] | null | SYNERGETICS <SYNG> GETS CHINESE ORDER | BOULDER, Colo., March 12 - | Synergetics International Inc
said it has received its first order from China, a 250,000 dlr
order for a flood management system to be used in the Daning
and Yuzixi river basins of the Yangtse River.
The company also said it has received Japanese government
certification for its satellite transmitter products, allowing
users of Synergetics' remote computer systems to transmit a
variety of hydrological and meteorological data via the Japan
Space Agency's GMS satellite.
In addition, it said it has appointed Vaisala KK of
Helsinki as exclkusive distributor of its products throughout
Japan and has awarded Sierra/Misco Inc expanded distribution
rights, in the Philippines, Malaysia, Sumatra, Nepal, India,
Bengal, Thailand, Singapore and Indonesia.
Reuter
| Synergetics International Inc said it has received its first order from China, a 250,000 dlr order for a flood management system to be used in the Daning and Yuzixi river basins of the Yangtse River.
The company also said it has received Japanese government certification for its satellite transmitter products, allowing users of Synergetics' remote computer systems to transmit a variety of hydrological and meteorological data via the Japan Space Agency's GMS satellite.
In addition, it said it has appointed Vaisala KK of Helsinki as exclkusive distributor of its products throughout Japan and has awarded Sierra/Misco Inc expanded distribution rights, in the Philippines, Malaysia, Sumatra, Nepal, India, Bengal, Thailand, Singapore and Indonesia. |
NO | TRAIN | TRAINING-SET | 9,094 | 4,181 | 1987-03-12T09:26:01.540000 | [] | ['usa', 'uk'] | [] | [] | [] | [] | null | BRITISH CALEDONIAN SEEKS LONGER AMERICAN FLIGHTS | LOS ANGELES, March 12 - | <British Caledonian Airways> said
it filed an application with Britain's Civil Aviation Authority
for authority to operate the only direct flights between the
United Kingdom and Mexico City.
The airline said it will submit an application March 17 to
provide direct service between the United Kingdom and Phoenix.
Earlier this week it applied for the license to serve San Diego.
Reuter
| <British Caledonian Airways> said it filed an application with Britain's Civil Aviation Authority for authority to operate the only direct flights between the United Kingdom and Mexico City.
The airline said it will submit an application March 17 to provide direct service between the United Kingdom and Phoenix. Earlier this week it applied for the license to serve San Diego. |
YES | TRAIN | TRAINING-SET | 9,095 | 4,182 | 1987-03-12T09:26:49.790000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | CLAYTON AND DUBILIER NEW JOINT UNIT TO BUY FIRM | NEW YORK, March 12 - | Clayton and Dubilier Inc and senior
management of a unit of Borg-Warner Corp <BOR> said it will
form a new company to buy Borg-Warner's industrial products
group for about 240 mln dlrs.
Borg-Warner industrial products has sales of about 300 mln
dlrs from three divisions, which provide advanced technology
fluid transfer and control equipment, systems and
services worldwide, Clayton said.
The new company will have 3,000 employees and be
headquartered in Long Beach, Calif., the company said.
Peter Valli, vice president of Borg-Warner Corp and
president of its industrial products division, will become
president and chief executive officer of the new company,
according to Clayton.
Clayton, a private investment firm, said this was the third
mangement buyout of a divestiture completed by them since
December 1986.
Reuter
| Clayton and Dubilier Inc and senior management of a unit of Borg-Warner Corp <BOR> said it will form a new company to buy Borg-Warner's industrial products group for about 240 mln dlrs.
Borg-Warner industrial products has sales of about 300 mln dlrs from three divisions, which provide advanced technology fluid transfer and control equipment, systems and services worldwide, Clayton said.
The new company will have 3,000 employees and be headquartered in Long Beach, Calif., the company said.
Peter Valli, vice president of Borg-Warner Corp and president of its industrial products division, will become president and chief executive officer of the new company, according to Clayton.
Clayton, a private investment firm, said this was the third mangement buyout of a divestiture completed by them since December 1986. |
NO | TRAIN | TRAINING-SET | 9,096 | 4,183 | 1987-03-12T09:27:01.630000 | [] | ['usa', 'thailand'] | [] | [] | [] | [] | null | COMBUSTION ENGINEERING <CSP> GETS THAI ORDER | STAMFORD, Conn., March 12 - | Combustion Engineering Inc said
the Electricity Generating Authority of Thailand has exercised
an option to purchase a 300 megawatt coal-fired steam generator
from CEMAR, a consortium of Combustion Engineering Canada Inc
and Japan's Marubeni Corp.
Combustion Engineering said the project is valued at about
30 mln dlrs.
The new steam generator, which will burn local lignite,
will be manufactured in Canada and installed as Unit Nine at
the Mae Moh power station in Lampang, Thailand. The unit is
expected to go into commercial operation in 1990.
Reuter
| Combustion Engineering Inc said the Electricity Generating Authority of Thailand has exercised an option to purchase a 300 megawatt coal-fired steam generator from CEMAR, a consortium of Combustion Engineering Canada Inc and Japan's Marubeni Corp.
Combustion Engineering said the project is valued at about 30 mln dlrs.
The new steam generator, which will burn local lignite, will be manufactured in Canada and installed as Unit Nine at the Mae Moh power station in Lampang, Thailand. The unit is expected to go into commercial operation in 1990. |
YES | TRAIN | TRAINING-SET | 9,097 | 4,184 | 1987-03-12T09:27:07.860000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | U.S. HEALTH INC <USHI> 2ND QTR JAN 31 NET | BALTIMORE, March 12 -
| Shr 10 cts vs seven cts
Net 1,541,000 vs 1,056,000
Revs 20.1 mln vs 17.0 mln
1st half
Shr 19 cts vs 11 cts
Net 2,945,000 vs 1,742,000
Revs 38.2 mln vs 35.2 mln
Reuter
| Shr 10 cts vs seven cts
Net 1,541,000 vs 1,056,000
Revs 20.1 mln vs 17.0 mln
1st half
Shr 19 cts vs 11 cts
Net 2,945,000 vs 1,742,000
Revs 38.2 mln vs 35.2 mln |
YES | TRAIN | TRAINING-SET | 9,098 | 4,185 | 1987-03-12T09:28:13.340000 | ['earn'] | [] | [] | [] | [] | [] | BRIEF | K MART CORP 4TH QTR SHR 2.11 DLRS VS NINE CTS
| null | null | null |
NO | TRAIN | TRAINING-SET | 9,099 | 4,186 | 1987-03-12T09:29:02.460000 | [] | ['usa'] | [] | [] | [] | [] | null | FIRST AMERI-CABLE <FATV> FILES OFFERING | COLUMBUS, Ohio, March 12 - | First Ameri-Cable Corp said that
First Ameri-Cable Income Fund Ltd filed a registration
statement with the Securities and Exchange Commission to raise
from one mln dlrs to 50 mln dlrs on a best efforts basis.
First Ameri-Cable said it acts as general partner for First
Ameri-Cable Income Fund.
First Ameri-Cable said First Ameri-Cable Income Fund
intends to use the funds to buy existing cable systems or
ownership interest in existing cable systems from third parties
or from First Ameri-Cable Corp.
First Ameri-Cable Income Fund intends to operate the
systems it purchases, First Ameri-Cable said.
The company said the offering will be made in two series,
with the Series A units priced at 29.20 dlrs each, and the
Series B units priced at 20 dlrs each.
First Ameri-Cable said the minimum purchase allowed is 25
units in any combination of series A and B.
The selling agent for the offering is First Cable
Securities Corp, a wholly owned unit of First Amer-Cable Corp,
the company said.
Reuter
| First Ameri-Cable Corp said that First Ameri-Cable Income Fund Ltd filed a registration statement with the Securities and Exchange Commission to raise from one mln dlrs to 50 mln dlrs on a best efforts basis.
First Ameri-Cable said it acts as general partner for First Ameri-Cable Income Fund.
First Ameri-Cable said First Ameri-Cable Income Fund intends to use the funds to buy existing cable systems or ownership interest in existing cable systems from third parties or from First Ameri-Cable Corp.
First Ameri-Cable Income Fund intends to operate the systems it purchases, First Ameri-Cable said.
The company said the offering will be made in two series, with the Series A units priced at 29.20 dlrs each, and the Series B units priced at 20 dlrs each.
First Ameri-Cable said the minimum purchase allowed is 25 units in any combination of series A and B.
The selling agent for the offering is First Cable Securities Corp, a wholly owned unit of First Amer-Cable Corp, the company said. |
NO | TRAIN | TRAINING-SET | 9,100 | 4,187 | 1987-03-12T09:29:21.560000 | [] | ['canada'] | [] | [] | [] | [] | null | CONSOLIDATED FIVE STAR RESOURCES ISSUES STOCK | EDMONTON, Alberta, March 11 - | <Consolidated Five Star
Resources Ltd> said it agreed to issue 1.25 mln dlrs of common
stock and 10.75 mln dlrs of convertible preferred stock in a
private placement.
The three-year 7-1/2 pct preferred shares are convertible
into common shares at 60 cts a share, and exchangeable into
1,650,000 common shares of <Cancapital Corp> owned by
Consolidated Five Star. Proceeds will be used to retire bank
debt, with the balance added to working capital.
Consolidated Five Star previously said it borrowed 10.75
mln dlrs from a bank to acquire <Chaffinch Ltd>.
Reuter
| <Consolidated Five Star Resources Ltd> said it agreed to issue 1.25 mln dlrs of common stock and 10.75 mln dlrs of convertible preferred stock in a private placement.
The three-year 7-1/2 pct preferred shares are convertible into common shares at 60 cts a share, and exchangeable into 1,650,000 common shares of <Cancapital Corp> owned by Consolidated Five Star. Proceeds will be used to retire bank debt, with the balance added to working capital.
Consolidated Five Star previously said it borrowed 10.75 mln dlrs from a bank to acquire <Chaffinch Ltd>. |
YES | TRAIN | TRAINING-SET | 9,101 | 4,188 | 1987-03-12T09:29:52.880000 | ['money-fx', 'interest'] | ['uk'] | [] | [] | [] | [] | null | UK MONEY MARKET GIVEN FURTHER TWO MLN STG HELP | LONDON, March 12 - | The Bank of England said it gave the
market further assistance of two mln stg during the afternoon,
buying that amount of band two bank bills at 10-5/16 pct.
The bank has given the market assistance worth 1.503
billion stg today to offset a shortage it estimated at a
revised 1.60 billion.
REUTER
| The Bank of England said it gave the market further assistance of two mln stg during the afternoon, buying that amount of band two bank bills at 10-5/16 pct.
The bank has given the market assistance worth 1.503 billion stg today to offset a shortage it estimated at a revised 1.60 billion. |
YES | TRAIN | TRAINING-SET | 9,102 | 4,189 | 1987-03-12T09:30:22.780000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | ENVIRONMENTAL SYSTEMS CO <ESC> 1ST QTR JAN 31 | LITTLE ROCK, Ark., March 12 -
| Shr 13 cts vs 15 cts
Net 2,193,000 vs 1,918,000
Revs 18.2 mln vs 15.2 mln
NOTE: Share after preferred dividends.
Reuter
| Shr 13 cts vs 15 cts
Net 2,193,000 vs 1,918,000
Revs 18.2 mln vs 15.2 mln
NOTE: Share after preferred dividends. |
NO | TRAIN | TRAINING-SET | 9,103 | 4,190 | 1987-03-12T09:30:48.300000 | [] | ['sweden'] | [] | [] | [] | [] | null | SWEDISH VIROLOGIST UNVEILS NEW AIDS BLOOD TEST | ZURICH, March 12 - | A Swedish virologist unveiled a new AIDS
blood test using synthetic antigens, or substances which
combine with antibodies to make them detectable, which would be
much cheaper and more reliable than existing tests.
Anders Vahlne said the test, developed at Gothenburg
University, was accurate enough to eliminate the need for a
second test usually carried out to double-check those found to
be "AIDS positive," that is with AIDS antibodies in their blood.
Vahlne said the test could be on the market in between four
and eight months. A small Swiss firm, Virovahl S.A., Helped
finance it.
REUTER
| A Swedish virologist unveiled a new AIDS blood test using synthetic antigens, or substances which combine with antibodies to make them detectable, which would be much cheaper and more reliable than existing tests.
Anders Vahlne said the test, developed at Gothenburg University, was accurate enough to eliminate the need for a second test usually carried out to double-check those found to be "AIDS positive," that is with AIDS antibodies in their blood.
Vahlne said the test could be on the market in between four and eight months. A small Swiss firm, Virovahl S.A., Helped finance it. |
NO | TRAIN | TRAINING-SET | 9,104 | 4,191 | 1987-03-12T09:31:00.750000 | [] | ['usa'] | [] | [] | ['cme'] | [] | null | CME CONTINUES DELIBERATION ON DUAL TRADING BAN | CHICAGO, March 12 - | Directors of the Chicago Mercantile
Exchange (CME) adjourned a meeting late last night without
reaching a decision on a petition to ban dual trading in
Standard and Poor's 500 stock index futures, an exchange
official said.
CME president Bill Brodsky told Reuters that the CME board
would meet again today and probably reach a decision either
late today or tomorrow.
Dual trading involves the right of members to trade for
their own account as well filling orders for customers.
The petition, signed by several hundred exchange members
when it was circulated on the floor of the CME two weeks ago,
calls for the elimination of dual trading in the S and P pit.
Some industry watchers believe that if the CME eliminates the
practice other exchanges will have to consider such a move.
The practice has drawn criticism from some sectors in that
it provides an opportunity for abusive practices in which
customer orders are not executed at the best possible price.
One practice, know as "front-running," involves a broker
trading ahead of a large customer order and then profiting by
the impact on the market of the customer order.
Reuter
| Directors of the Chicago Mercantile Exchange (CME) adjourned a meeting late last night without reaching a decision on a petition to ban dual trading in Standard and Poor's 500 stock index futures, an exchange official said.
CME president Bill Brodsky told Reuters that the CME board would meet again today and probably reach a decision either late today or tomorrow.
Dual trading involves the right of members to trade for their own account as well filling orders for customers.
The petition, signed by several hundred exchange members when it was circulated on the floor of the CME two weeks ago, calls for the elimination of dual trading in the S and P pit. Some industry watchers believe that if the CME eliminates the practice other exchanges will have to consider such a move.
The practice has drawn criticism from some sectors in that it provides an opportunity for abusive practices in which customer orders are not executed at the best possible price.
One practice, know as "front-running," involves a broker trading ahead of a large customer order and then profiting by the impact on the market of the customer order. |
YES | TRAIN | TRAINING-SET | 9,105 | 4,192 | 1987-03-12T09:31:38.920000 | ['earn'] | ['south-africa'] | [] | [] | [] | [] | null | GENERAL MINING (GENM.J) CAUTIONS ON 1987 PROFITS | JOHANNESBURG, March 12 - | General Mining Union Corp Ltd
chairman Derek Keys cautioned that profits may not rise this
year if the rand stays at its current level of 48 U.S. Cents.
"We would do well to repeat last year's results if the rand
stays depressed," Keys said.
The level of the dividend, however, "ought not to be
affected," he added, discussing the 1987 outlook.
General Mining earlier reported that 1986 per share
earnings rose 28 pct to 616 cts.
Reuter
| General Mining Union Corp Ltd chairman Derek Keys cautioned that profits may not rise this year if the rand stays at its current level of 48 U.S. Cents.
"We would do well to repeat last year's results if the rand stays depressed," Keys said.
The level of the dividend, however, "ought not to be affected," he added, discussing the 1987 outlook.
General Mining earlier reported that 1986 per share earnings rose 28 pct to 616 cts. |
YES | TRAIN | TRAINING-SET | 9,106 | 4,193 | 1987-03-12T09:31:57.700000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | COLGATE-PALMOLIVE CO <CL> SETS PAYOUT | NEW YORK, March 12 -
| Qtrly div 34 cts vs 34 cts
Pay May 15
Record April 24
Reuter
| Qtrly div 34 cts vs 34 cts
Pay May 15
Record April 24 |
YES | TRAIN | TRAINING-SET | 9,107 | 4,194 | 1987-03-12T09:33:40.010000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | ISCO INC <ISKO> 2ND QTR ENDS JAN 30 NET | LINCOLN, Neb., March 12 -
| Shr 12 cts vs 13 cts
Net 414,968 vs 449,533
Revs 5,726,722 vs 5,276,627
Six mths
Shr 23 cts vs 33 cts
Net 779,981 vs 1,116,857
Revs 11.3 mln vs 11.3 mln
Reuter
| Shr 12 cts vs 13 cts
Net 414,968 vs 449,533
Revs 5,726,722 vs 5,276,627
Six mths
Shr 23 cts vs 33 cts
Net 779,981 vs 1,116,857
Revs 11.3 mln vs 11.3 mln |
NO | TRAIN | TRAINING-SET | 9,108 | 4,195 | 1987-03-12T09:33:46.070000 | [] | ['usa'] | [] | [] | [] | [] | null | MARKITSTAR <MARK> NAMES SALES REPRESENTATIVE | NEW YORK, March 12 - | MarkitStar Inc said it has signed an
agreement for Orimedia of Paris to become a sales
representative for MarkitStar products and services in the
European Community.
Reuter
| MarkitStar Inc said it has signed an agreement for Orimedia of Paris to become a sales representative for MarkitStar products and services in the European Community. |
NO | TRAIN | TRAINING-SET | 9,109 | 4,196 | 1987-03-12T09:33:56.030000 | [] | ['uk'] | [] | [] | ['lse'] | [] | null | U.K. EQUITY TURNOVER SETS NEW RECORD IN FEBRUARY | LONDON, March 12 - | Turnover in U.K. Equities soared to a
record 31.05 billion stg in February, a 12 pct increase on the
previous month's 27.83 billion, the London Stock Exchange said.
February turnover was also 96 pct higher than the 15.84
billion stg total posted in the same month a year ago.
A monthly fact sheet from the Stock Exchange showed eight
new companies were admitted to listing in February, six of
which were U.K. Firms.
The largest of these was British Airways, which was
privatised in February and whose share offer raised over 900
mln stg, it said.
The Stock Exchange also said six rights issues during the
month raised 223.6 mln stg compared with 129.5 mln from nine
issues in Febuary 1986.
Daily average equity turnover in the 20 business days in
February was 1.55 billion stg after 1.33 billion in the 21
trading days in January, an increase of 17 pct.
Total Stock Exchange turnover of both gilts and equities
was 116.73 billion stg, marginally higher than the 116.65
billion recorded in January but 129 pct more than the 50.92
billion of February 1986.
REUTER
| Turnover in U.K. Equities soared to a record 31.05 billion stg in February, a 12 pct increase on the previous month's 27.83 billion, the London Stock Exchange said.
February turnover was also 96 pct higher than the 15.84 billion stg total posted in the same month a year ago.
A monthly fact sheet from the Stock Exchange showed eight new companies were admitted to listing in February, six of which were U.K. Firms.
The largest of these was British Airways, which was privatised in February and whose share offer raised over 900 mln stg, it said.
The Stock Exchange also said six rights issues during the month raised 223.6 mln stg compared with 129.5 mln from nine issues in Febuary 1986.
Daily average equity turnover in the 20 business days in February was 1.55 billion stg after 1.33 billion in the 21 trading days in January, an increase of 17 pct.
Total Stock Exchange turnover of both gilts and equities was 116.73 billion stg, marginally higher than the 116.65 billion recorded in January but 129 pct more than the 50.92 billion of February 1986. |
NO | TRAIN | TRAINING-SET | 9,110 | 4,197 | 1987-03-12T09:34:06.610000 | [] | ['usa'] | [] | [] | [] | [] | null | SOUTHWEST AIR <LUV> FEBRUARY LOAD FACTOR OFF | DALLAS, March 12 - | Southwest Airlines Co said its February
load factor fell to 51.2 pct from 54.5 pct in February 1986.
Revenue passenger miles increased 14.1 pct in February to
538.9 mln from 472.3 mln and 22.3 pct year-to-date to 1.15
billion from 944.1 mln, the company said.
Available seat miles grew 21.6 pct in February to 1.05
billion from 866.2 mln and 21.3 pct in the two months to 2.20
billion from 1.81 billion.
Load factor, the percentage of seats filled, rose to 52.5
pct from 52.1 pct in the two months, Southwest said. Traffic
results include Southwest and its Transtar Airlines unit.
The carrier also said it opened a new Phoenix reservation
center on March one.
Reuter
| Southwest Airlines Co said its February load factor fell to 51.2 pct from 54.5 pct in February 1986.
Revenue passenger miles increased 14.1 pct in February to 538.9 mln from 472.3 mln and 22.3 pct year-to-date to 1.15 billion from 944.1 mln, the company said.
Available seat miles grew 21.6 pct in February to 1.05 billion from 866.2 mln and 21.3 pct in the two months to 2.20 billion from 1.81 billion.
Load factor, the percentage of seats filled, rose to 52.5 pct from 52.1 pct in the two months, Southwest said. Traffic results include Southwest and its Transtar Airlines unit.
The carrier also said it opened a new Phoenix reservation center on March one. |
NO | TRAIN | TRAINING-SET | 9,111 | 4,198 | 1987-03-12T09:34:49.160000 | [] | ['usa'] | [] | [] | [] | [] | null | <TECHNIMED CORP> HAS CHOLESTEROL TEST PRODUCT | NEW YORK, March 12 - | Technimed Corp said it has completed
development of a home cholesterol testing product and will
start clinical testing of its whole blood cholesterol test
strip shortly.
The company said the strip is inexpensive and is simpler
than lab tests now being used. A drop of blood is applied to
the strip and within about 30 seconds a simple color change
allows the user to determine his own cholesterol level.
It said it expects to be the first to market a home
cholesterol test and the test should contribute substantially
to future earnings.
Reuter
| Technimed Corp said it has completed development of a home cholesterol testing product and will start clinical testing of its whole blood cholesterol test strip shortly.
The company said the strip is inexpensive and is simpler than lab tests now being used. A drop of blood is applied to the strip and within about 30 seconds a simple color change allows the user to determine his own cholesterol level.
It said it expects to be the first to market a home cholesterol test and the test should contribute substantially to future earnings. |
YES | TRAIN | TRAINING-SET | 9,112 | 4,199 | 1987-03-12T09:35:08.870000 | ['veg-oil'] | ['usa', 'el-salvador'] | [] | [] | [] | [] | null | CCC REALLOCATES CREDIT GUARANTEES TO EL SALVADOR | WASHINGTON, March 12 - | The Commodity Credit Corporation,
CCC, has reallocated two mln dlrs in credit gurantees
previously earmarked for sales of U.S. protein meals to cover
sales of vegetable oil and tallow to El Salvador, the U.S.
Agriculture Department said.
The action reduces coverage for sales of protein meals to
14 mln dlrs from 16 mln dlrs and creates new lines of one mln
dlrs for tallow and/or greases and one mln dlrs for vegetable
oils, the department said.
All sales under the credit guarantee lines must be
registered and exported by Sepember 30, 1987, it said.
The guarantee rates include a charge to provide for a
yearly interest rate coverage of up to 4.5 pct on the
guaranteed value, the department said.
Reuter
| The Commodity Credit Corporation, CCC, has reallocated two mln dlrs in credit gurantees previously earmarked for sales of U.S. protein meals to cover sales of vegetable oil and tallow to El Salvador, the U.S. Agriculture Department said.
The action reduces coverage for sales of protein meals to 14 mln dlrs from 16 mln dlrs and creates new lines of one mln dlrs for tallow and/or greases and one mln dlrs for vegetable oils, the department said.
All sales under the credit guarantee lines must be registered and exported by Sepember 30, 1987, it said.
The guarantee rates include a charge to provide for a yearly interest rate coverage of up to 4.5 pct on the guaranteed value, the department said. |
NO | TRAIN | TRAINING-SET | 9,113 | 4,200 | 1987-03-12T09:37:10.300000 | [] | ['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. |
Subsets and Splits
No saved queries yet
Save your SQL queries to embed, download, and access them later. Queries will appear here once saved.