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test/17039 | test/17039 |@title us:1 study:1 discusse:1 drop:1 comsat:1 contel:1 merger:1 |@word congressional:2 study:3 today:1 say:3 propose:4 apparently:1 abandon:1 merger:5 communications:2 satellite:2 corp:2 cq:1 contel:4 ctc:1 would:3 technically:2 legal:1 could:1 violate:2 spirt:1 law:4 set:2 comsat:5 two:1 week:1 ago:1 complete:1 announce:1 seek:1 terminate:1 non:1 partisan:1 research:2 service:2 crs:1 appear:1 comply:1 mandate:1 letter:1 statute:1 may:1 nevertheless:1 spirit:2 create:1 1962:1 act:1 congress:1 corporation:1 local:1 telephone:1 communication:2 firm:4 file:1 federal:1 commission:1 last:1 november:1 3:1 application:1 several:2 protest:1 analysis:1 issue:1 critical:1 comment:1 structure:1 new:1 apparent:1 domination:1 restructure:1 break:1 u:1 arm:1 intelstat:1 international:1 reuter:1 | US STUDY DISCUSSES DROPPED COMSAT-CONTEL MERGER
A congressional study today said the
proposed, but now apparently abandoned, merger of the
Communications Satellite Corp <CQ> and Contel Corp <CTC>
would technically be legal but could violate the spirt of the
law setting up COMSAT.
Two weeks ago before the study was completed, Contel
announced it would seek to terminate the proposed merger.
The study by the non partisan Congressional Research
Service (CRS) said 'the proposed merger appears to comply,
technically, with the mandates or letter of statutes, if may
nevertheless violate the spirit of the law.'
Comsat, created by a 1962 act of Congress, and Contel, a
corporation of local telephone and communications firms, filed
with the Federal Communications Commission last November 3 an
application for merger. Several firms had protested the
proposed merger.
In an analysis of the law, the research service issued
several critical comments about the structure of the new firm
and said apparent domination by Contel of a restructured COMSAT
would have broken the spirit of the law setting up
COMSAT.COMSAT is the U.S. arm of Intelstat, the international
satellite communications firm.
Reuter...^M
|
test/17041 | test/17041 |@title bank:1 japan:1 intervenes:1 tokyo:1 market:1 |@word bank:2 japan:1 intervene:1 tokyo:3 market:1 open:2 support:1 dollar:3 fall:1 140:4 00:2 yen:3 dealer:1 say:2 central:1 buy:1 moderate:1 amount:1 prevent:1 decline:1 amid:1 bearish:1 sentiment:1 u:1 currency:1 record:1 low:2 70:1 80:1 new:1 york:1 141:1 15:2 close:1 yesterday:1 previous:1 55:1 set:1 april:1 | BANK OF JAPAN INTERVENES IN TOKYO MARKET
The Bank of Japan intervened just after
the Tokyo market opened to support the dollar from falling
below 140.00 yen, dealers said.
The central bank bought a moderate amount of dollars to
prevent its decline amid bearish sentiment for the U.S.
Currency, they said.
The dollar opened at a record Tokyo low of 140.00 yen
against 140.70/80 in New York and 141.15 at the close here
yesterday. The previous Tokyo low was 140.55 yen set on April
15.
|
test/17042 | test/17042 |@title australia:1 3:1 money:1 supply:1 rise:1 1:1 5:1 pct:1 march:1 |@word australia:1 3:6 money:2 supply:2 growth:1 1:3 5:3 pct:5 march:5 11:3 12:1 month:1 reserve:3 bank:6 say:3 compare:2 revised:1 rise:1 0:1 february:3 year:1 end:1 datum:1 affect:1 start:1 operation:1 national:2 mutual:2 royal:2 savings:2 ltd:2 result:1 transfer:1 deposit:2 equivalent:1 around:1 united:1 permanent:1 building:1 society:1 110:1 77:1 billion:3 australian:1 dlrs:1 revise:1 109:1 99:1 48:1 1986:1 private:1 sector:1 hold:1 trading:1 saving:1 plus:1 holding:1 note:1 coin:1 | AUSTRALIA'S M-3 MONEY SUPPLY RISE 1.5 PCT IN MARCH
Australia's M-3 money supply growth was
1.5 pct in March and 11.3 pct in the 12 months to March, the
Reserve Bank said.
This compared with a revised rise of 0.5 pct in February
and 11.1 pct in the year to end-February.
The Reserve Bank said the M-3 data for March was affected
by the start of the operations of <National Mutual Royal
Savings Bank Ltd>, which has resulted in the transfer of
deposits (equivalent to around 1.5 pct of m-3) from the United
Permanent Building Society to National Mutual Royal Savings
Bank Ltd.
The Reserve Bank said M-3 money supply in March was 110.77
billion Australian dlrs compared with a revised 109.11 billion
in February and 99.48 billion in March, 1986.
M-3 is deposits of the private sector held by trading and
savings banks plus holdings of notes and coins.
|
test/17044 | test/17044 |@title |@word dollar:2 trade:2 post:2 war:2 low:2 139:2 50:2 yen:2 tokyo:2 broker:2 | Dollar trades at post-war low of 139.50 yen in Tokyo - brokers
Dollar trades at post-war low of 139.50 yen in Tokyo - brokers
|
test/17045 | test/17045 |@title |@word many:2 major:2 nation:2 yesterday:2 intervene:2 heavily:2 aid:2 dlr:2 miyazawa:2 | Many major nations yesterday intervened heavily to aid dlr - Miyazawa
Many major nations yesterday intervened heavily to aid dlr - Miyazawa
|
test/17046 | test/17046 |@title standard:2 oil:2 say:2 british:2 petroleum:2 share:2 tender:2 extend:2 may:2 4:2 |@word | STANDARD OIL SAYS BRITISH PETROLEUM SHARE TENDER EXTENDED UNTIL MAY 4
STANDARD OIL SAYS BRITISH PETROLEUM SHARE TENDER EXTENDED UNTIL MAY 4
|
test/17047 | test/17047 |@title japan:1 plan:1 new:1 measure:1 aid:1 dlr:1 |@word finance:1 minister:2 kiichi:1 miyazawa:3 say:6 japan:2 plan:1 take:2 new:2 emergency:1 measure:2 support:3 dollar:3 foreign:1 exchange:1 intervention:2 also:1 tell:1 reporter:1 many:1 major:1 nation:1 yesterday:4 intervene:1 heavily:1 yen:2 large:1 term:1 country:1 involve:1 amount:1 expend:1 continue:1 fall:1 0speculation:1 arise:1 currency:2 market:1 may:1 u:2 curb:1 capital:1 outflows:1 news:1 4:1 3:1 pct:1 rise:1 gnp:1 first:1 quarter:1 expect:2 although:1 growth:1 look:1 robust:1 surface:1 figure:1 reality:1 good:1 rule:1 liberal:1 democratic:1 party:1 ldp:1 come:1 final:1 set:1 recommendation:2 way:1 stimulate:1 japanese:1 economy:1 prime:1 yasuhiro:1 nakasone:2 leave:1 washington:1 next:1 week:1 comment:1 report:1 economic:1 restructuring:1 high:1 level:1 advisory:1 panel:2 important:1 put:1 effect:1 | JAPAN HAS NO PLANS FOR NEW MEASURES TO AID DLR
Finance Minister Kiichi Miyazawa said
Japan has no plans to take new emergency measures to support
the dollar, other than foreign exchange intervention.
He also told reporters that many major nations yesterday
intervened heavily to support the dollar against the yen.
Yesterday's intervention was large in terms of the
countries involved and the amounts expended, he said.
With the continued fall of the dollar against the yen,
0speculation had arisen in currency markets here that Japan
might take new measures to support the U.S. Currency, such as
curbing capital outflows.
Miyazawa said that yesterday's news of a 4.3 pct rise in
U.S. Gnp in the first quarter had been expected. Although the
growth looks robust on the surface, the figures in reality are
not that good, he said.
He said the ruling Liberal Democratic Party (LDP) is
expected to come up with a final set of recommendations of ways
to stimulate the Japanese economy before Prime Minister
Yasuhiro Nakasone leaves for Washington next week.
Commenting on yesterday's report on economic restructuring
by a high-level advisory panel to Nakasone, Miyazawa said it
was important to put the panel's recommendations into effect.
|
test/17048 | test/17048 |@title standard:1 oil:1 say:1 bp:1 extend:1 tender:1 |@word standard:7 oil:3 co:2 srd:1 say:4 brief:1 announcement:1 issue:1 meeting:3 board:1 director:3 british:1 petroleum:1 plc:1 bp:5 l:1 extend:1 70:1 dlr:1 per:1 share:3 tender:2 offer:4 midnight:2 may:1 4:1 45:1 pct:1 due:1 expire:1 april:1 28:1 discussion:2 concern:1 continue:3 provide:1 detail:1 long:1 recommendation:1 make:1 shareholder:1 regard:1 meet:1 company:1 cleveland:1 headquarters:1 thursday:1 regularly:1 schedule:1 spokesman:1 unable:1 would:1 friday:1 committee:1 independent:1 previously:1 obtain:1 opinion:1 first:1 boston:1 corp:1 worth:1 85:1 dlrs:2 15:1 | STANDARD OIL SAYS BP EXTENDS TENDER
Standard Oil Co <SRD> said in a brief
announcement issued after a meeting of its board of directors
that British Petroleum Co PLC <BP.L> (BP) has extended its 70
dlr per share tender offer until midnight May 4.
The offer for the 45 pct of Standard shares not owned by BP
had been due to expire midnight April 28.
Standard Oil said discussions with BP concerning the tender
were continuing but provided no further details.
'So long as those discussions continue, no recommendation
will be made to Standard Oil shareholders regarding the offer,'
Standard said.
Standard directors met at the company's Cleveland
headquarters on Thursday in a regularly scheduled meeting. The
spokesman was unable to say if the meeting would continue on
Friday.
A committee of independent directors previously obtained an
opinion from First Boston Corp that the Standard shares were
worth 85 dlrs each, 15 dlrs more than the BP offer.
|
test/17051 | test/17051 |@title japan:1 intend:1 ease:1 credit:1 official:1 |@word bank:5 japan:3 intend:1 ease:1 credit:1 policy:1 official:1 tell:1 reuter:1 respond:1 rumour:1 japanese:1 bond:1 market:1 central:1 plan:1 cut:2 2:1 5:1 pct:1 discount:1 rate:2 soon:1 possibly:1 prime:1 minister:1 yasuhiro:1 nakasone:1 leave:1 washington:1 april:3 29:2 governor:1 satoshi:1 sumita:1 osaka:1 western:1 27:1 28:1 annual:1 meeting:1 asian:1 development:1 make:1 announcement:1 early:1 next:1 week:1 virtual:1 impossibility:1 say:1 holiday:1 | JAPAN DOES NOT INTEND TO EASE CREDIT - OFFICIALS
The Bank of Japan does not intend to ease
credit policy further, bank officials told Reuters.
They were responding to rumours in the Japanese bond market
that the central bank was planning to cut its 2.5 pct discount
rate soon, possibly before Prime Minister Yasuhiro Nakasone
leaves for Washington on April 29.
Bank of Japan governor Satoshi Sumita will be in Osaka,
western Japan on April 27 and 28 for the annual meeting of the
Asian Development Bank, making a rate cut announcement early
next week a virtual impossibility, they said. April 29 is a
holiday here.
|
test/17052 | test/17052 |@title national:1 mutual:1 cut:1 australian:1 prime:1 17:1 75:1 pct:1 |@word national:1 mutual:1 royal:1 bank:1 ltd:1 say:1 would:1 cut:3 prime:2 rate:3 17:3 75:1 pct:4 18:2 25:2 effective:1 april:1 27:1 follow:1 trend:1 toward:1 low:2 start:1 last:1 month:1 accelerate:1 westpac:2 banking:1 corp:1 yesterday:1 50:2 prevailing:1 | NATIONAL MUTUAL CUTS AUSTRALIAN PRIME TO 17.75 PCT
National Mutual Royal Bank Ltd said
it would cut its prime rate to 17.75 pct from 18.25, effective
April 27.
The cut follows a trend toward lower rates started last
month and accelerated by Westpac Banking Corp, which yesterday
cut its prime to 17.50 pct from 18.25 pct. Westpac's 17.50 pct
is the lowest prevailing rate.
|
test/17053 | test/17053 |@title elder:1 purchase:1 canadian:1 brewer:1 approve:1 |@word elders:1 ixl:2 ltd:2 elxa:1 say:3 canadian:3 government:1 approve:1 bid:1 carle:2 keefe:1 elder:2 earlier:1 announce:1 buy:1 10:1 9:1 mln:1 share:3 50:1 1:1 pct:2 subsidiary:1 rothmans:1 international:1 plc:1 rot:1 l:1 18:1 dlrs:1 chairman:1 john:1 elliott:1 statement:1 offer:1 ordinary:1 close:1 april:1 23:1 acceptance:1 represent:1 93:1 outstanding:1 receive:1 holding:1 would:1 proceed:1 acquire:1 rest:1 compulsorily:1 | ELDERS PURCHASE OF CANADIAN BREWER APPROVED
Elders IXL Ltd <ELXA.S> said the
Canadian government approved its bid for <Carling O'Keefe Ltd>.
Elders earlier announced it was buying 10.9 mln shares, or
50.1 pct of Carling, from the Canadian subsidiary of Rothmans
International Plc <ROT.L> for 18 Canadian dlrs each.
Elders chairman John Elliott said in a statement when the
offer for the ordinary shares closed on April 23, that
acceptances representing over 93 pct of outstanding shares had
been received. <IXL Holdings> would proceed to acquire the rest
compulsorily, he said.
|
test/17054 | test/17054 |@title ecuador:1 use:1 colombia:1 oil:1 link:1 five:1 year:1 |@word ecuador:7 use:1 new:1 pipeline:4 link:5 colombia:2 export:3 crude:3 oil:4 next:3 five:3 year:4 colombian:2 mine:1 energy:2 minister:3 guillermo:1 perry:3 say:7 inaugurate:1 may:1 8:1 build:2 allow:1 resume:1 halt:1 march:1 5:2 earthquake:1 damage:1 lago:2 agrio:2 balao:1 repair:1 exceed:1 opec:2 quota:1 order:1 offset:1 lost:1 income:1 pay:1 debt:1 contract:1 venezuela:1 nigeria:1 since:1 quake:2 mines:1 javier:1 espinosa:4 two:2 speak:1 news:1 conference:1 sign:1 agreement:2 joint:1 exploration:1 exploitation:1 jungle:2 border:1 zone:1 nation:1 drilling:1 begin:1 september:1 transport:1 ecuadorean:2 emergency:1 period:1 possibility:1 extension:1 20:1 000:5 50:2 barrel:3 per:3 day:1 bpd:4 pump:3 along:1 plan:1 35:1 mln:3 cost:3 75:1 cent:1 first:1 43:1 km:3 maximum:1 capacity:1 run:2 centre:1 oilfield:1 exist:1 pacific:1 port:1 tumaco:1 32:1 stretch:1 side:1 10:1 dlrs:2 give:1 figure:1 11:1 segment:1 insignificant:1 compare:1 go:1 earn:1 member:1 around:1 250:1 lose:1 185:1 90:1 month:1 | ECUADOR TO USE COLOMBIA OIL LINK FOR FIVE YEARS
Ecuador will use a new pipeline link
with Colombia to export crude oil for the next five years,
Colombian mines and energy minister Guillermo Perry said.
The link will be inaugurated on May 8. It was built to
allow Ecuador to resume exports of crude oil halted on March 5
by earthquake damage to its Lago Agrio to Balao pipeline,
Once that pipeline is repaired, Ecuador will exceed its
OPEC quota in order to offset lost income and pay debts
contracted with Venezuela and Nigeria since the quake, Ecuador
mines and energy minister Javier Espinosa said.
The two ministers were speaking at a news conference after
signing an agreement for joint oil exploration and exploitation
of the jungle border zone between the two nations. Drilling
will begin in September.
'The agreement to transport Ecuadorean crude oil is not only
for this emergency period but for the next five years, with
possibility of an extension. Between 20,000 and 50,000 barrels
per day (bpd) will be pumped along it,' Perry said.
Espinosa said Ecuador planned to pump 35 mln barrels
through the link in the next five years, at a cost of 75 cents
per barrel during the first year.
The 43-km link, with a maximum capacity of 50,000 bpd, will
run from Lago Agrio, the centre of of Ecuador's jungle
oilfields, to an existing Colombian pipeline that runs to the
Pacific port of Tumaco.
Espinosa said the 32-km stretch of the link built on the
Ecuadorean side cost 10.5 mln dlrs. Perry gave no figures for
Colombia's 11 km segment but said it was 'insignificant compared
with what we are going to earn.'
OPEC member Ecuador was pumping around 250,000 bpd before
the quake. Lost exports of 185,000 bpd are costing it 90 mln
dlrs per month, Espinosa said.
|
test/17436 | test/17436 |@title iran:1 say:1 combat:1 gulf:1 intervention:1 |@word iranian:2 foreign:2 minister:1 ali:1 akbar:1 velayati:2 warn:1 iran:3 would:1 combat:1 superpower:2 intervention:1 gulf:4 powerful:1 country:1 allow:1 force:1 interfere:1 region:1 say:1 visit:1 united:1 arab:1 emirates:1 first:1 leg:1 tour:1 tell:1 reporter:1 capability:1 mean:1 prevent:1 interference:1 president:1 reagan:1 pledge:1 keep:1 sealane:1 open:1 protect:1 kuwaiti:1 tanker:1 possible:1 attack:1 | IRAN SAYS IT WILL COMBAT GULF INTERVENTION
Iranian foreign minister Ali Akbar
Velayati warned that Iran would combat any superpower
intervention in the Gulf.
'Iran, which is the most powerful (country) in the Gulf...
Will not allow the superpowers or any other foreign forces to
interfere in the region,' he said.
Velayati, visiting the United Arab Emirates on the first
leg of a Gulf tour, told reporters Iran had the 'capabilities
and means' to prevent any interference. President Reagan has
pledged to keep the Gulf sealanes open and to protect Kuwaiti
tankers from possible Iranian attack.
|
test/17440 | test/17440 |@title toshiba:1 corp:1 tsba:1 year:1 end:1 march:1 31:1 |@word group:1 shr:1 11:1 86:1 yen:1 vs:5 19:1 24:1 net:1 34:1 18:1 billion:8 59:1 44:1 pretax:1 78:1 02:1 130:1 52:1 operate:1 51:1 58:1 121:1 50:1 sale:1 3:2 308:1 373:1 | TOSHIBA CORP <TSBA.T> YEAR ENDED MARCH 31
Group shr 11.86 yen vs 19.24
Net 34.18 billion vs 59.44 billion
Pretax 78.02 billion vs 130.52 billion
Operating 51.58 billion vs 121.50 billion
Sales 3,308 billion vs 3,373 billion
|
test/17441 | test/17441 |@title singapore:1 oil:1 company:1 set:1 pump:1 price:1 |@word singapore:1 oil:3 company:3 set:1 petrol:3 diesel:1 price:5 pump:3 today:2 subject:1 ceiling:1 determine:1 individual:1 wholesale:2 ministry:2 trade:1 industry:1 say:2 previously:1 revise:1 announce:2 change:1 lead:2 content:1 cut:1 0:2 15:1 gm:2 litre:2 4:1 low:1 grade:2 expect:1 soon:1 1:1 3:2 cent:2 2:1 high:1 previous:1 | SINGAPORE OIL COMPANIES TO SET OWN PUMP PRICES
Singapore oil companies can set their
own petrol and diesel prices at the pump from today subject to
ceilings determined by their individual wholesale prices, The
Ministry of Trade and Industry said.
The ministry previously revised pump prices and announced
the changes for the oil companies.
Lead content of petrol is further cut to 0.15 gm/litre from
0.4 gm from today. Pump prices of the lower lead petrol grades
are expected to be announced soon by the oil companies which
have said wholesale prices are between 1.3 cents/litre to 3.2
cents higher than previous grades.
|
test/17442 | test/17442 |@title peru:1 consumer:1 price:1 rise:1 5:1 9:1 pct:1 may:1 |@word peru:1 consumer:1 price:1 index:1 rise:1 5:2 9:1 pct:7 may:4 15:1 706:1 base:1 1979:1 compare:2 6:2 april:1 3:2 1986:3 national:1 statistics:1 institute:1 say:2 accumulate:1 inflation:2 first:1 five:1 month:1 year:3 33:1 8:2 24:1 1:1 period:1 end:2 1987:1 75:1 7:1 76:1 | PERU CONSUMER PRICES RISE 5.9 PCT IN MAY
Peru's consumer price index rose 5.9 pct in
May to 15,706.5 (base 1979) compared to 6.6 pct in April and
3.3 pct in May 1986, the National Statistics Institute said.
It said accumulated inflation for the first five months of
this year was 33.8 pct against 24.1 pct for the same period in
1986.
Inflation for the year ending May 1987 was 75.7 pct
compared to 76.8 pct for the year ending May 1986.
|
test/17443 | test/17443 |@title china:1 province:1 become:1 grain:1 importer:1 |@word south:1 china:4 province:2 guangdong:1 import:1 million:1 tonne:1 grain:6 year:2 overseas:1 part:3 farmer:3 switch:2 profitable:2 crop:4 peking:1 review:1 magazine:4 say:6 official:1 area:3 fall:1 4:2 33:1 mln:3 hectare:3 1985:1 5:1 7:2 1978:1 total:1 farmland:2 cash:2 sugarcane:1 bananas:1 orange:1 papaya:1 freshwater:1 fish:1 farm:2 supply:1 major:1 consumer:2 market:1 hong:1 kong:1 macao:1 give:1 1986:1 figure:1 aim:1 keep:1 80:1 pct:3 national:1 10:2 although:1 ratio:1 vary:1 place:2 primitive:1 cultivation:1 method:1 labour:1 intensity:1 low:1 productivity:1 make:1 least:1 commodity:1 one:1 central:1 region:1 0:1 1:1 earn:1 2:1 250:1 yuan:3 vegetable:1 375:1 450:1 cotton:1 225:1 add:1 price:1 foodgrain:1 adjust:1 gradually:1 reform:1 entire:1 pricing:1 system:1 | CHINA PROVINCE BECOMES GRAIN IMPORTER
The south China province of Guangdong is
importing millions of tonnes of grain a year from overseas and
other parts of China because farmers have switched from grain
to more profitable crops, the Peking Review magazine said.
The official magazine said the province's grain area fell
to 4.33 mln hectares in 1985 from 5.7 mln in 1978 out of a
total farmland area of 7.4 mln hectares.
Farmers have switched to cash crops such as sugarcane,
bananas, oranges, papaya and freshwater fish-farming, in part
to supply major consumer markets in Hong Kong and Macao, the
magazine said. It gave no 1986 area figures.
The magazine said China aims to keep 80 pct of national
farmland under grain, 10 pct under cash crops and 10 pct under
other crops, although the ratio will vary from place to place.
It said primitive cultivation methods, labour-intensity and
low productivity make grain the least profitable farm
commodity. Farmers in one central region of China can from 0.1
hectare earn 2,250 yuan a year from vegetables, 375-450 yuan
from cotton or 225 yuan from grain, it added.
It said consumer prices for foodgrain can be adjusted only
gradually as part of a reform of the entire pricing system.
|
test/17445 | test/17445 |@title |@word bundesbank:2 schlesinger:2 say:2 plan:2 cut:2 discount:2 rate:2 nihon:2 keizai:2 newspaper:2 | Bundesbank's Schlesinger says no plan to cut discount rate-Nihon Keizai newspaper
Bundesbank's Schlesinger says no plan to cut discount rate-Nihon Keizai newspaper
|
test/17446 | test/17446 |@title singapore:1 petroleum:1 co:1 revise:1 petrol:1 pump:1 price:1 |@word singapore:2 petroleum:1 co:1 pte:1 ltd:1 revise:1 pump:2 price:3 petrol:3 june:1 2:1 official:1 say:1 grade:3 97:1 octane:2 0:2 15:1 gm:2 lead:3 96:1 8:1 cent:3 litre:1 94:1 previously:2 4:1 92:1 90:1 6:2 87:1 spc:1 revision:1 follow:1 ministry:2 trade:1 industry:1 move:1 liberalise:1 pricing:1 allow:1 oil:1 company:1 set:1 new:1 low:1 content:1 sell:1 today:1 line:1 environment:1 regulation:1 | SINGAPORE PETROLEUM CO REVISES PETROL PUMP PRICES
Singapore Petroleum Co Pte Ltd will
revise pump prices of petrol from June 2, an official said.
Grade 97 octane with 0.15 gm/lead will be 96.8 cents/litre
against 94 cents previously for 0.4 gm lead. Grade 92 octane
will be 90.6 cents against 87.6 previously.
SPC's price revision follows the Ministry of Trade and
Industry's move to liberalise petrol pricing by allowing oil
companies to set their own pump prices.
New grades of petrol with lower lead content are sold in
Singapore from today in line with the Ministry of Environment's
regulations.
|
test/17448 | test/17448 |@title bundesbank:1 report:1 plan:1 rate:1 cut:1 |@word bundesbank:2 deputy:1 president:1 helmut:1 schlesinger:3 say:3 west:2 german:2 central:1 bank:2 plan:1 cut:1 three:1 pct:1 discount:1 rate:5 nihon:1 keizai:1 newspaper:2 report:1 financial:1 daily:1 quote:1 interview:1 would:2 try:1 maintain:2 current:2 interest:2 level:2 time:1 also:2 tell:2 see:1 need:1 large:1 scale:1 intervention:1 foreign:1 exchange:3 market:1 stable:1 early:1 press:1 conference:1 continue:1 policy:1 short:1 term:1 low:1 currency:1 stability:1 satisfied:1 dollar:1 mark:1 add:1 certain:1 ideal:1 economy:1 | BUNDESBANK REPORTED TO HAVE NO PLAN FOR RATE CUT
Bundesbank Deputy President Helmut
Schlesinger said the West German central bank had no plan to
cut its three pct discount rate, Nihon Keizai newspaper
reported.
The financial daily quoted Schlesinger as saying in an
interview that the bank would try to maintain current interest
rate levels for the time being.
He also told the newspaper he saw no need for large-scale
intervention in the foreign exchange market because exchange
rates are stable.
Earlier, Schlesinger told a press conference that the
Bundesbank would continue its policy of maintaining short-term
interest rates at a low level for currency stability.
He also said he was satisfied with the current dollar/mark
exchange rate but added that he was not certain if it was ideal
for the West German economy.
|
test/17449 | test/17449 |@title seoul:1 announce:1 tariff:1 cut:1 u:1 |@word south:3 korea:2 cut:5 import:3 taxis:2 50:1 item:3 include:2 construction:1 equipment:1 photographic:1 film:1 cigarette:1 pipe:1 tobacco:1 help:2 reduce:2 trade:4 surplus:4 united:2 states:2 finance:2 ministry:3 say:6 tariff:4 five:1 30:1 percentage:2 point:2 take:1 effect:1 july:1 1:1 bring:1 157:2 number:1 good:1 year:2 official:4 among:1 290:1 washington:1 ask:1 seoul:2 lower:1 add:1 today:1 announcement:1 follow:1 saturday:1 removal:1 curb:1 170:1 product:2 46:1 u:2 seek:1 free:1 access:1 korean:1 market:1 line:1 government:1 policy:1 limit:1 friction:1 two:1 country:1 rise:2 7:3 3:2 billion:3 dlrs:2 1986:1 4:1 1985:1 expect:1 widen:1 1987:1 would:3 try:1 hold:2 eight:1 later:1 month:1 53:1 acrylic:1 yarn:1 ethylene:1 average:1 order:1 check:1 inflation:1 contribute:1 wholesale:1 consumer:1 price:1 less:1 three:1 pct:1 | SEOUL ANNOUNCES MORE TARIFF CUTS FOR U.S.
South Korea will cut import taxes on 50
items, including construction equipment, photographic film,
cigarettes and pipe tobacco, to help reduce its trade surplus
with the United States, the finance ministry said.
The tariff cuts, of between five and 30 percentage points,
take effect on July 1.
This brings to 157 the number of goods on which import
taxes have been cut this year, a ministry official said.
The 157 are among about 290 items on which Washington has
asked Seoul to lower tariffs, he added.
Today's announcement follows Saturday's removal of import
curbs on 170 products. For 46 of those products, the U.S. Had
had sought free access to the South Korean market.
'This is in line with the government's policy to limit our
trade surplus with the United States to help reduce trade
friction between the two countries,' the official said.
South Korea's trade surplus with the U.S. Rose to 7.3
billion dlrs in 1986 from 4.3 billion in 1985. Officials said
the surplus was expected to widen further in 1987 but Seoul
would try to hold it below eight billion dlrs.
The finance ministry said tariffs would be cut later this
month on a further 53 items, including acrylic yarn and
ethylene, by an average 7.7 percentage points in order to check
inflation.
The officials said the tariff cuts would contribute to
holding wholesale and consumer price rises at less than three
pct this year.
|
test/17452 | test/17452 |@title u:1 study:1 say:1 tariff:1 quota:1 could:1 backfire:1 |@word use:1 tariff:1 quota:1 reduce:1 flow:1 foreign:6 good:2 united:1 states:1 little:3 cut:1 nation:1 swell:1 trade:11 deficit:8 government:4 study:5 say:8 fact:1 federal:1 commission:1 ftc:3 report:3 protectionist:1 policy:3 could:1 make:1 u:9 product:2 less:1 competitive:1 world:1 marketplace:1 raise:1 cost:3 import:2 export:2 different:1 form:1 much:1 likely:1 hurt:1 rather:1 help:1 productive:1 capability:1 economy:2 218:1 page:1 write:1 economist:1 john:1 hilke:1 philip:1 nelson:1 blame:3 rise:2 shortfall:1 climb:1 record:1 166:1 3:1 billion:1 dlrs:1 last:1 year:1 shift:3 currency:2 exchange:3 rate:3 grow:1 consumer:2 demand:3 factor:3 commonly:2 practice:1 deteriorate:1 industrial:1 competitiveness:3 high:2 labour:2 restriction:1 merger:1 add:1 problem:1 although:1 industry:7 affect:2 level:1 general:1 find:4 significant:1 specific:1 change:1 would:1 explain:1 increase:3 overall:1 extent:1 action:1 need:1 deal:1 focus:1 wide:1 phenomenon:1 relative:1 economic:3 growth:2 support:1 conclusion:1 broad:1 base:1 cause:1 nearly:1 lose:1 domestic:2 market:1 share:1 competitor:1 1980:1 also:1 fairly:1 direct:1 relationship:1 influence:1 service:1 outpace:1 examine:1 seven:1 subsidy:1 barrier:1 protect:1 lack:1 investment:1 decline:1 research:1 development:1 union:1 work:1 rule:1 oil:1 price:1 1970:1 antitrust:1 regulation:1 case:1 evidence:1 impact:1 | U.S. STUDY SAYS TARIFFS AND QUOTAS COULD BACKFIRE
The use of tariffs and quotas to
reduce the flow of foreign goods into the United States will do
little to cut the nation's swelling trade deficit, a government
study said.
In fact, the Federal Trade Commission (FTC) report said,
such protectionist policies could make U.S. Products less
competitive in the world marketplace by raising the cost of
imported products that are re-exported in different forms.
'Such policies are much more likely to hurt, rather than
help, the productive capabilities of the U.S. Economy,' it said.
The 218-page report, written by FTC economists John Hilke
and Philip Nelson, blamed the rising trade shortfall, which
climbed to a record 166.3 billion dlrs last year, on shifting
currency exchange rates and growing U.S consumer demand.
Other factors commonly blamed for the deficit, such as
foreign trade practices, deteriorating U.S. Industrial
competitiveness, high labour costs and government restrictions
on mergers, added little to the problem, it said.
'Although each industry's competitiveness affects the level
of imports and exports in that industry, in general we find
that there have been no significant industry-specific changes
affecting competitiveness that would explain the increase in
the overall trade deficit,' the study said.
'To the extent any government action is needed to deal with
the trade deficits, policies should focus on economy-wide
phenomena such as exchange rates and relative economic growth,'
the FTC study said.
Supporting its conclusion that broad-based economic shifts
were the cause of the increase in the trade deficit, the report
said it found that nearly all U.S. Industries lost some
domestic market share to foreign competitors in the 1980s.
It also said it found a 'fairly direct relationship' between
the increased trade deficit and the influence of shifting
currency exchange rates, U.S. Economic growth and domestic
demand for goods and services, which has outpaced foreign
consumer demand.
The study examined seven factors which have been commonly
blamed for the trade deficit: foreign government subsidies and
trade barriers to protect foreign industries, a lack of
investment in U.S. Industry, declining research and development
in U.S. Industry, high labour costs, union work rules, the oil
prices rises of the 1970s and U.S. Antitrust regulations.
In each case, the study found little or no evidence that
the factor had any impact on the trade deficit.
|
test/17455 | test/17455 |@title tokyo:1 exchange:1 allow:1 gold:1 rubber:1 broker:1 |@word tokyo:1 commodity:1 exchange:3 industry:2 tocom:1 say:1 allow:1 five:1 member:3 become:1 precious:1 metal:1 broker:3 take:1 total:2 54:1 four:1 broke:1 rubber:1 39:1 official:1 tell:1 reuters:1 ministry:1 international:1 trade:1 expect:1 approve:1 new:1 mid:1 june:1 move:1 study:1 since:1 early:1 may:1 response:1 request:1 non:1 | TOKYO EXCHANGE ALLOWS MORE GOLD AND RUBBER BROKERS
The Tokyo Commodity Exchange for Industry
(TOCOM) said it will allow five more members to become precious
metal brokers, taking the total to 54, and four more members to
broke rubber, for a total of 39.
An exchange official told Reuters the Ministry of
International Trade and Industry is expected to approve the the
new brokers by mid-June.
The move has been under study since early May in response
to requests by non-broker members of the exchange.
|
test/17457 | test/17457 |@title renison:1 gc:1 city:1 resource:1 set:1 png:1 gold:1 venture:1 |@word renison:1 goldfield:1 consolidated:1 ltd:3 rgfj:1 rgc:2 explorer:1 city:5 resources:1 agree:1 principle:1 joint:1 venture:1 examine:1 bulolo:5 alluvial:1 gold:4 field:4 papua:1 new:1 guinea:1 resource:4 say:5 would:1 progressively:1 earn:1 66:2 pct:1 prospect:1 authority:1 585:1 cover:1 spend:1 total:2 6:1 5:1 mln:3 kina:1 statement:1 believe:1 fully:1 exploit:1 past:1 note:1 literature:1 refer:1 heavy:1 loss:1 tailing:1 dredge:1 1931:1 1967:2 produce:1 2:1 1:1 ounce:1 also:1 previous:1 dredging:2 carry:1 depth:1 36:1 metre:4 high:1 grade:2 value:1 report:1 least:1 60:1 central:1 part:1 valley:1 possibly:1 deep:1 90:1 productive:1 life:1 recover:1 average:1 0:2 3:2 rpt:1 gram:1 tonne:1 207:1 cubic:1 gravel:1 act:1 operator:1 morobe:1 province:1 first:1 successful:1 mining:1 operation:1 placer:1 development:1 float:1 canada:1 1926:1 operate:1 cease:1 | RENISON GC AND CITY RESOURCES SET PNG GOLD VENTURE
Renison Goldfields Consolidated Ltd
<RGFJ.S> (RGC) and explorer <City Resources Ltd> have agreed in
principle on a joint venture to re-examine the Bulolo alluvial
gold field in Papua New Guinea, City Resources said.
City Resources would progressively earn up to 66.66 pct of
RGC's Prospecting Authority 585, which covers all the field, by
spending a total of 6.5 mln kina, it said in a statement.
It said it believed Bulolo was not fully exploited in the
past, noting the literature refers to heavy gold losses in
tailings during dredging from 1931 to 1967 which produced a
total of 2.1 mln ounces.
City Resources also said previous dredging was only carried
out to a depth of 36 metres and high grade gold values are
reported to at least 60 metres in the central part of the
Bulolo Valley and possibly as deep as 90 metres.
In its productive life, recovered average grade at Bulolo
was 0.3 rpt 0.3 grams a tonne from some 207 mln cubic metres of
gravel, it said. City Resources will act as operator.
The Bulolo field, in Morobe Province, was the first
successful gold mining operation of <Placer Development Ltd>
after it was floated in Canada in 1926. It operated the field
until dredging ceased in 1967.
|
test/17462 | test/17462 |@title moscow:1 say:1 retaliate:1 gulf:1 attack:1 |@word iranian:1 attack:2 soviet:5 ship:2 gulf:4 bring:1 forceful:1 violent:1 response:1 foreign:2 ministry:2 official:1 say:1 interview:1 publish:1 alexander:1 ivanov:2 head:1 desk:1 tell:1 al:2 rai:1 aam:1 newspaper:1 moscow:1 answer:1 back:1 force:1 violence:1 iran:2 attempt:1 tanker:2 hit:1 mine:1 last:1 month:1 also:1 accuse:1 united:1 states:1 step:1 regional:1 crisis:1 fail:1 exert:1 genuine:1 effort:1 end:1 iraq:1 war:1 | MOSCOW SAYS WILL RETALIATE AGAINST GULF ATTACKS
Any Iranian attack on Soviet ships in the
Gulf will bring a forceful and violent response, a Soviet
foreign ministry official said in an interview published here.
Alexander Ivanov, head of the Gulf desk at the Soviet
Foreign Ministry, told Al-Rai al-Aam newspaper Moscow 'will
answer back with force and violence if Iran attempts to attack
any Soviet ship or tanker in the Gulf.' A Soviet tanker hit a
mine in the Gulf last month.
Ivanov also accused the United States of stepping up the
regional crisis and of failing to exert genuine efforts to end
the Iran-Iraq war.
|
test/17463 | test/17463 |@title mobil:1 raise:1 singapore:1 petrol:1 pump:1 price:1 |@word mobil:1 oil:1 singapore:2 pte:1 lte:1 raise:1 pump:2 price:2 petrol:2 june:1 2:2 spokeswoman:1 say:1 grade:2 97:2 octane:3 0:3 15:2 gm:3 lead:3 96:2 8:2 cent:5 litre:1 94:1 previously:2 4:1 92:2 90:2 87:1 6:2 spc:1 earlier:1 announce:1 respectively:1 sell:1 today:1 line:1 ministry:1 environment:1 regulation:1 | MOBIL RAISES SINGAPORE PETROL PUMP PRICES
Mobil Oil Singapore Pte Lte will raise
pump prices of petrol from June 2, a spokeswoman said.
Grade 97 octane with 0.15 gm lead will be 96.8 cents/litre
against 94 cents previously for 0.4 gm lead. Grade 92 octane
will be 90.2 cents against 87.6 previously.
SPC earlier announced its pump prices of 96.8 cents and
90.6 cents for 97 and 92 octane, respectively, for 0.15 gm lead
petrol which is being sold in Singapore from today in line with
the Ministry of Environment's regulations.
|
test/17470 | test/17470 |@title window:1 bank:1 aid:1 kuwait:1 remain:1 shut:1 |@word kuwait:1 central:3 bank:5 keep:1 window:1 fund:4 domestic:1 interbank:1 deposit:2 market:4 shut:1 return:1 four:2 day:2 holiday:2 dealer:1 say:1 move:3 drive:2 short:1 term:1 interest:2 rate:4 sharply:1 higher:1 overnight:1 tomorrow:1 next:1 double:1 last:1 wednesday:2 hit:1 20:1 pct:2 offer:1 tight:1 trader:1 scramble:1 available:1 one:3 month:2 year:1 indicate:1 point:1 high:1 eight:1 seven:1 little:1 activity:1 long:1 end:2 banker:1 see:1 suspension:1 aid:1 deliberate:1 kuwaiti:1 dinar:2 stem:1 flow:1 country:1 nervousness:1 increase:1 grow:1 tension:1 gulf:1 combine:1 steady:1 cut:1 exchange:1 today:1 reduce:1 0:2 27939:1 73:1 dollar:1 27758:1 92:1 celebrate:1 fast:1 ramadan:1 | WINDOW FOR BANK AID IN KUWAIT REMAINS SHUT
The Kuwait Central Bank kept its window
for funds to the domestic interbank deposit market shut as
banks returned from a four day holiday, dealers said.
The move drove short-term interest rates sharply higher,
with overnight and tomorrow-next funds more than doubling from
last Wednesday and hitting 20 pct.
There were few offers in a tight market and traders
scrambled for any available funds. One-month to one-year
deposits were indicated one point higher at eight, seven pct
but there was little activity at the longer end of the market.
Bankers see the suspension of central bank aid as a
deliberate move to drive up Kuwaiti dinar interest rates and
stem a flow of funds out of the country, where market
nervousness is increasing over the growing tension in the Gulf.
The central bank's move has been combined with a steady cut
in the dinar exchange rate.
Today's rate was reduced to 0.27939/73 to the dollar from
0.27758/92 on Wednesday before the four day bank holiday that
celebrated the end of the fasting month of Ramadan.
|
test/17472 | test/17472 |@title shell:1 caltex:1 bp:1 revise:1 singapore:1 petrol:1 price:1 |@word shell:2 eastern:1 pte:2 ltd:3 revise:2 pump:2 price:4 petrol:1 2300:1 hour:1 local:1 caltex:2 asia:1 bp:2 singapore:1 midnight:1 tonight:1 company:1 official:1 say:1 set:2 0:2 15:1 gm:2 lead:2 96:2 8:2 cent:6 litre:2 97:2 octane:4 90:2 2:1 92:2 6:2 respectively:1 previous:1 industry:1 4:1 94:1 87:1 | SHELL, CALTEX, BP REVISE SINGAPORE PETROL PRICES
Shell Eastern Pte Ltd will revise pump
prices of petrol from 2300 hours local while Caltex Asia Ltd
and BP Singapore Pte Ltd will revise theirs at midnight
tonight, company officials said.
Caltex and Shell will set prices of 0.15 gm lead at 96.8
cents/litre for 97 octane and 90.2 cents for 92 octane. BP will
set prices at 96.8 cents/litre and 90.6 cents, respectively.
Previous industry pump prices for 0.4 gm lead were 94 cents for
97 octane and 87.6 cents for 92 octane.
|
test/17473 | test/17473 |@title bangladesh:1 import:1 60:1 000:1 ton:1 diesel:1 ussr:1 |@word bangladesh:3 import:1 60:1 000:1 ton:1 high:1 speed:1 diesel:1 oil:2 soviet:2 union:2 barter:1 agreement:1 sign:1 last:1 week:1 petroleum:1 corporation:1 official:1 say:2 worth:1 10:1 mln:1 u:1 dlrs:1 ship:1 december:1 year:1 add:1 would:1 sell:1 return:1 | BANGLADESH TO IMPORT 60,000 TONS OF DIESEL FROM USSR
Bangladesh will import 60,000 tons of high
speed diesel oil from the Soviet Union under a barter agreement
signed here last week, Bangladesh petroleum Corporation
officials said.
The oil worth about 10 mln U.S. Dlrs will be shipped by
December this year, they added but did not say what Bangladesh
would sell in return to the Soviet Union.
|
test/17477 | test/17477 |@title philippine:1 coconut:1 chief:1 lobby:1 ec:1 tax:1 |@word philippine:2 coconut:15 authority:1 pca:2 chairman:1 jose:1 romero:11 say:24 would:6 visit:3 brussels:2 later:1 month:1 lobby:1 propose:3 100:2 pct:4 european:1 community:1 ec:7 levy:2 vegetable:1 oil:6 import:1 intend:1 talk:1 whoever:1 put:1 devilish:1 scheme:1 impoverish:1 third:2 world:1 country:5 like:2 philippines:3 interview:1 know:1 much:2 support:1 within:1 believe:1 originally:1 oppose:2 tax:2 pressure:1 change:2 position:1 group:1 member:1 lead:1 west:1 germany:1 netherlands:1 denmark:1 norway:1 danger:1 persuade:1 side:1 happen:2 opposition:1 could:1 crumble:1 another:1 threat:1 export:5 lie:1 warning:1 copra:7 meal:5 cake:2 use:1 livestock:1 feed:1 contain:2 dangerous:1 level:5 aflatoxin:5 carcinogenic:1 chemical:2 standard:2 0:1 02:1 part:2 per:1 million:1 ask:1 apply:1 october:1 1988:1 rigid:1 high:2 come:1 mould:1 develop:1 properly:1 dry:2 grind:1 tell:1 big:1 buyer:1 london:1 good:3 meet:1 also:2 try:1 eliminate:1 totally:1 likely:1 take:1 several:1 year:6 research:1 817:1 641:1 tonne:1 35:1 total:2 1986:2 worth:1 73:1 5:1 mln:2 dlrs:1 oxford:1 university:1 department:1 agricultural:3 economic:1 discuss:1 way:3 avoid:1 process:5 altogether:1 produce:1 product:4 outside:1 fresh:1 without:1 meat:1 sun:1 wet:1 food:2 non:1 go:1 root:1 tendency:1 become:1 protectionist:1 expect:2 price:4 drop:1 long:1 term:1 get:1 less:3 production:6 comfortable:1 indonesia:1 malaysia:1 step:1 palm:3 substitute:1 output:2 rise:2 nearly:1 70:1 since:1 1971:1 add:3 u:1 soybean:1 association:1 spend:1 billion:1 dollar:1 discredit:1 polysaturate:1 fat:1 bad:1 heart:1 stay:1 rest:1 probably:1 touch:1 20:1 cent:3 pound:1 current:1 18:1 59:1 sharp:1 ago:1 10:2 50:1 end:1 five:1 cycle:1 show:2 tend:1 fall:2 two:1 successive:1 harvest:2 1985:1 drought:1 affect:1 trader:1 stock:1 overbought:1 start:1 decline:1 sure:1 keep:1 stable:1 value:1 farmer:2 encourage:1 intercrop:1 plant:2 cash:1 crop:1 tree:2 typical:1 farm:1 may:1 150:1 sit:1 000:1 square:1 metre:1 land:5 lot:1 space:1 government:1 reform:2 program:1 exclude:1 75:1 seven:1 hectare:2 idea:1 increase:1 income:1 employment:1 win:1 figure:1 one:2 population:1 dependent:1 industry:1 3:1 2:1 fourth:1 | PHILIPPINE COCONUT CHIEF TO LOBBY AGAINST EC TAX
Philippine Coconut Authority (PCA)
chairman Jose Romero said he would visit Brussels later this
month to lobby against a proposed 100 pct European Community
(EC) levy on vegetable oil imports.
'I intend to visit Brussels and talk to whoever is putting
up this devilish scheme to impoverish third world countries
like the Philippines,' Romero said in an interview.
He said he did not know how much support the levy had
within the EC but he said he believed those originally opposed
to the tax were under pressure to change their position.
Romero said a group of EC members led by West Germany, the
Netherlands, Denmark and Norway were opposed to the tax. But
there was a danger some of them would be persuaded to change
sides, and if that happened opposition could crumble.
Romero said another threat to exports lay in an EC warning
that copra meal cake used in livestock feeds contained
dangerous levels of aflatoxin, a carcinogenic chemical.
He said the EC standard of 0.02 parts of aflatoxin per
million parts of meal, which EC countries had been asked to
apply by October 1988, was too rigid. He said Philippine copra
cake contained much higher levels of aflatoxin.
Aflatoxin comes from moulds which develop in copra when it
is not properly dried or ground.
Romero said he would tell big buyers of copra meal in
London that the Philippines was doing its best to meet EC
standards. It was also trying to eliminate aflatoxin totally,
but this was likely to take several years of research.
Copra meal exports were 817,641 tonnes or 35 pct of total
coconut exports in 1986. The meal was worth 73.5 mln dlrs.
Romero said he would also visit Oxford University's
department of agricultural economics to discuss ways of
avoiding the copra process altogether.
'There are ways of producing coconut products outside of
copra,' Romero said. 'We can process fresh coconut without drying
the meat in the sun. Through the wet process we can process
coconuts into other food or non-food products, or we can go to
the chemical root.'
He said there was a tendency for agricultural countries to
become more protectionist and he expected export prices of
coconut products to drop.
'In the long term we will be getting less and less for more
and more production, and I'm not comfortable with that,' he
said.
With countries like Indonesia and Malaysia stepping up
production of palm oil, a coconut oil substitute, palm oil
output had risen nearly 70 pct since 1971, Romero said.
'To add to that the U.S. Soybean Association is spending
billions of dollars to discredit palm oil and coconut oil by
saying that they are polysaturated fats and bad for the heart,'
he said.
Romero said he expected coconut product export prices to
stay up for the rest of the year. They would probably touch a
high of 20 cents/pound from the current level of 18.59 cents,
and a sharp rise from year-ago levels of 10.50 cents.
Romero said the Philippines was at the end of a five-year
coconut production cycle which showed production tended to fall
after two successive years of good harvests.
He said 1985 and 1986 were good harvests and this year, to
add to the production fall, drought had affected output.
'Traders are stocking up and when they have overbought the
prices will start declining again. The only sure way to keep
prices stable is by processing, adding more value,' he said.
Coconut farmers were being encouraged to intercrop by
planting other cash crops between coconut trees, he said.
'A typical farm may have from 100 to 150 trees sitting on
10,000 square metres of land. That's a lot of space,' Romero
said. He said the government's proposed land reform program
would exclude about 75 pct of the coconut farmers because they
had less than the proposed seven-hectares of land.
'If the idea of land reform is to increase income levels,
production and employment then it won't happen,' he said.
PCA figures show about one-third of the country's
population is dependent on the coconut industry.
Coconuts are planted on about 3.2 mln hectares or
one-fourth of total agricultural land.
|
test/17478 | test/17478 |@title pemex:1 official:1 say:1 opec:1 output:1 critical:1 price:1 |@word crude:1 oil:5 price:6 could:1 remain:4 around:2 18:3 dlrs:4 barrel:2 end:1 year:2 opec:5 decision:2 output:6 next:1 meeting:1 would:3 critical:1 factor:1 official:1 mexico:1 state:1 company:1 petroleos:1 mexicanos:1 pemex:2 tell:1 group:1 japanese:1 businessman:1 adrian:1 lajous:3 executive:1 vice:1 president:1 international:1 trade:1 say:8 current:1 already:1 appear:1 near:1 16:1 6:1 mln:1 per:1 day:1 level:3 set:1 third:2 quarter:2 production:3 surge:1 ahead:1 originally:2 plan:1 demand:1 grow:1 slowly:1 envisage:2 month:2 ago:1 look:1 carefully:1 effectively:1 sustain:1 increase:2 may:1 soften:1 13:1 member:1 cartel:1 schedule:1 meet:1 june:1 25:1 vienna:1 review:1 december:1 accord:1 hope:2 follow:1 conservative:1 attitude:1 term:1 volume:1 repetition:1 happen:1 last:2 boost:1 send:1 tumble:1 10:1 always:1 possibility:1 never:1 go:1 trauma:1 1986:1 expect:1 exporter:1 learn:1 lesson:1 discipline:1 maintain:1 still:1 excess:1 supply:1 long:2 tendency:1 instability:1 market:1 19:1 1987:1 control:1 saudi:1 king:1 fahd:1 remarks:1 important:1 income:1 affect:1 relevant:1 welcome:1 powerful:1 producer:1 | PEMEX OFFICIAL SAYS OPEC OUTPUT CRITICAL TO PRICE
Crude oil prices could remain around 18
dlrs a barrel until the end of the year, but OPEC's decision on
output at its next meeting would be the critical factor, an
official of Mexico's state oil company, Petroleos Mexicanos
(Pemex), told a group of Japanese businessmen.
Adrian Lajous, Pemex' executive vice president of
international trade, said current OPEC output already appeared
to be very near the 16.6 mln barrel per day level it set itself
for the third quarter. 'Production is surging ahead of what was
originally planned, while demand is growing more slowly than
envisaged a few months ago,' he said.
He said OPEC had to look very carefully at what level of
production in the third quarter would effectively sustain the
18 dlrs price, and that an increase to what had originally been
envisaged might soften price levels.
The 13-member cartel is scheduled to meet on June 25 in
Vienna to review its December accord on prices and output.
'I hope OPEC will follow a very conservative attitude in
terms of volume decisions,' Lajous said.
A repetition of what happened last year, when OPEC boosted
output and sent oil prices tumbling down below 10 dlrs, is
always there as a possibility, he said.
'I hope never again to go through the trauma of 1986. I
expect other oil exporters have learned their lessons and
discipline will be maintained,' he said.
Lajous said there was still excess supply and as long as
this remains there will be a tendency to instability in oil
markets, but prices should remain around 18 to 19 dlrs during
1987 if output remains under control.
He said Saudi King Fahd's remarks last month, that
increased production was not so important as long as incomes
would not be affected by the output, were 'very relevant and
welcome from such a powerful producer.'
|
test/17479 | test/17479 |@title coniston:1 group:1 continue:1 bid:1 allegis:1 aeg:1 |@word investor:1 group:4 lead:1 coniston:4 partner:1 say:5 plan:2 continue:1 effort:1 gain:1 control:1 allegis:9 corp:1 despite:1 defensive:2 maneuver:1 announce:1 last:1 week:1 would:3 borrow:1 three:1 billion:1 dlrs:2 pay:1 shareholder:2 dividend:1 60:1 per:1 share:1 lower:1 company:1 net:1 worth:1 13:2 pct:1 stock:1 seek:1 consent:1 remove:1 16:1 director:1 consider:1 break:1 airline:1 hotel:1 vehicle:1 rental:1 component:1 succeed:1 expect:2 make:1 announcement:1 today:1 wall:1 street:1 analyst:1 trader:1 abandon:1 pursuit:1 result:1 measure:1 allegi:1 official:1 unavailable:1 comment:1 | CONISTON GROUP TO CONTINUE BID FOR ALLEGIS <AEG>
An investor group led by Coniston
Partners said it plans to continue its effort to gain control
of Allegis Corp despite the defensive maneuvers Allegis
announced last week.
Allegis said then that it would borrow three billion dlrs
and pay shareholders a dividend of 60 dlrs per share, lowering
the company's net worth. The Coniston group, which owns 13 pct
of Allegis stock, has said that it would seek shareholder
consents to remove 13 of the 16 Allegis directors. The group
had said it would consider breaking up Allegis into its
airline, hotel and vehicle rental components if it succeeded.
The Coniston group said it expects to make a further
announcement today on its plans for Allegis.
Wall Street analysts and traders had not expected Coniston
to abandon its pursuit of Allegis as a result of the Allegis
defensive measures.
Allegis officials were unavailable for comment.
|
test/17480 | test/17480 |@title cominco:1 lead:1 zinc:1 union:1 reject:1 contract:1 |@word three:5 united:1 steelworkers:1 america:1 local:5 strike:3 cominco:5 ltd:1 reject:1 tentative:1 year:6 contract:6 union:3 representative:2 say:4 vote:2 1:2 229:1 54:1 5:2 pct:4 028:1 45:1 eighty:1 one:1 membership:1 pact:1 offer:1 cost:1 living:1 increase:3 design:1 keep:1 pace:1 inflation:1 contain:1 wage:2 bargaining:1 committee:1 expect:1 meet:1 prepare:1 reopen:1 negotiation:1 cover:1 2:3 600:2 production:2 maintenance:2 worker:4 trail:4 smelter:6 kimberley:2 b:1 c:1 lead:2 zinc:2 mine:2 output:1 site:1 shut:1 since:2 along:1 office:2 technical:2 go:1 may:3 9:1 two:2 steelworker:1 represent:1 negotiate:1 21:1 cause:1 declare:1 force:1 majeure:1 mean:1 company:1 able:1 honor:1 product:1 five:1 separate:1 expire:1 april:1 30:1 main:1 issue:1 similar:1 request:1 press:1 loosening:1 rule:1 job:1 classification:1 400:1 mile:2 east:2 vancouver:2 produce:3 240:1 000:2 long:3 ton:3 110:1 last:2 sullivan:1 450:1 mln:2 ore:1 process:1 also:1 cadmium:1 bismuth:1 indium:1 revenue:1 total:1 356:1 canadian:1 dlrs:1 1986:1 | COMINCO LEAD/ZINC UNION REJECTS CONTRACT
Three United Steelworkers
of America locals on strike at Cominco Ltd rejected a tentative
three-year contract, a union representative said.
'The vote was 1,229, or 54.5 pct, against, and 1,028, or
45.5 pct, for the contract. Eighty-one pct of the membership
voted,' he said.
The union representative said that the pact offered cost of
living increases designed to keep pace with inflation, but
contained no wage increase.
The locals' bargaining committees are expected to meet and
prepare for the reopening of negotiations with Cominco, he
said.
The three locals cover about 2,600 production and
maintenance workers at Cominco's Trail smelter and Kimberley,
B.C. lead-zinc mine.
Output at both sites has been shut down since the
production and maintenance workers, along with about 600 office
and technical workers, went on strike May 9.
The two Steelworkers locals representing the office and
technical workers have not negotiated since May 21.
The strike caused Cominco to declare force majeure, which
means the company may not be able to honor contracts for
products from the smelter and mine.
Each of the five locals have separate contracts, all of
which expired April 30, but the main issues are similar.
The union had requested a three pct wage increase in each
year of a two-year contract. Cominco had pressed for a
three-year contract and some loosening of the rules on job
classifications.
The Trail smelter, about 400 miles east of Vancouver,
produced 240,000 long tons of zinc and 110,000 long tons of
lead last year. The Sullivan mine at Kimberley, about 450 miles
east of Vancouver, produced 2.2 mln long tons of ore last year,
most for processing at the Trail smelter.
The smelter also produced cadmium, bismuth and indium.
Revenues from the Trail smelter totalled 356 mln Canadian
dlrs in 1986.
|
test/17481 | test/17481 |@title spectra:2 physics:2 reject:1 ciba:2 geigy:2 tender:2 offer:2 rejects:1 |@word | SPECTRA-PHYSICS REJECTS CIBA-GEIGY TENDER OFFER
SPECTRA-PHYSICS REJECTS CIBA-GEIGY TENDER OFFER
|
test/17484 | test/17484 |@title first:2 city:2 industry:2 sell:2 yale:2 nutone:2 unit:2 400:2 mln:2 dlrs:2 security:2 |@word | FIRST CITY INDUSTRIES SELLS YALE AND NUTONE UNITS FOR 400 MLN DLRS AND SECURITIES
FIRST CITY INDUSTRIES SELLS YALE AND NUTONE UNITS FOR 400 MLN DLRS AND SECURITIES
|
test/17486 | test/17486 |@title cominco:1 clt:1 union:1 reject:1 contract:1 |@word three:5 united:1 steelworkers:1 america:1 local:5 strike:3 cominco:5 ltd:1 reject:1 tentative:1 year:6 contract:6 union:3 representative:2 say:4 vote:2 1:2 229:1 54:1 5:2 pct:4 028:1 45:1 eighty:1 one:1 membership:1 pact:1 offer:1 cost:1 living:1 increase:3 design:1 keep:1 pace:1 inflation:1 contain:1 wage:2 bargaining:1 committee:1 expect:1 meet:1 prepare:1 reopen:1 negotiation:1 cover:1 2:3 600:2 production:2 maintenance:2 worker:4 trail:4 smelter:6 kimberley:2 b:1 c:1 lead:2 zinc:2 mine:2 output:1 site:1 shut:1 since:2 along:1 office:2 technical:2 go:1 may:3 nine:1 two:2 steelworker:1 represent:1 negotiate:1 21:1 cause:1 declare:1 force:1 majeire:1 mean:1 company:1 able:1 honor:1 product:1 five:1 separate:1 expire:1 april:1 30:1 main:1 issue:1 similar:1 request:1 press:1 loosening:1 rule:1 job:1 classification:1 400:1 mile:2 east:2 vancouver:2 produce:3 240:1 000:2 long:3 ton:3 110:1 last:2 sullivan:1 450:1 mln:2 ore:1 process:1 also:1 cadmium:1 bismuth:1 indium:1 revenue:1 total:1 356:1 canadian:1 dlrs:1 1986:1 | COMINCO <CLT.TO> UNION REJECTS CONTRACT
Three United
Steelworkers of America locals on strike at Cominco Ltd
rejected a tentative three-year contract, a union
representative said.
'The vote was 1,229, or 54.5 pct, against, and 1,028, or
45.5 pct, for the contract. Eighty-one pct of the membership
voted,' he said.
The union representative said that the pact offered cost
of living increases designed to keep pace with inflation, but
contained no wage increase.
The locals' bargaining committees are expected to meet and
prepare for the reopening of negotiations with Cominco, he
said.
The three locals cover about 2,600 production and
maintenance workers at Cominco's Trail smelter and Kimberley,
B.C. lead-zinc mine.
Output at both sites has been shut down since the
production and maintenance workers, along with about 600 office
and technical workers, went on strike May nine.
The two Steelworkers locals representing the office and
technical workers have not negotiated since May 21.
The strike caused Cominco to declare force majeire, which
means the company may not be able to honor contracts for
products from the smelter and mine.
Each of the five locals have separate contracts, all of
which expired April 30, but the main issues are similar.
The union had requested a three pct wage increase in each
year of a two-year contract. Cominco had pressed for a
three-year contract and some loosening of the rules on job
classifications.
The Trail smelter, about 400 miles east of Vancouver,
produced 240,000 long tons of zinc and 110,000 long tons of
lead last year. The Sullivan mine at Kimberley, about 450 miles
east of Vancouver, produced 2.2 mln long tons of ore last year,
most for processing at the Trail smelter.
The smelter also produced cadmium, bismuth and indium.
Revenues from the Trail smelter totalled 356 mln Canadian
dlrs in 1986.
|
test/17487 | test/17487 |@title boeing:2 co:2 acquire:2 argosystem:2 37:2 dlrs:2 share:2 |@word | BOEING CO TO ACQUIRE ARGOSYSTEMS FOR 37 DLRS A SHARE
BOEING CO TO ACQUIRE ARGOSYSTEMS FOR 37 DLRS A SHARE
|
test/17488 | test/17488 |@title first:1 city:1 fcy:1 sell:1 yale:1 nutone:1 unit:1 |@word first:2 city:2 industries:1 inc:1 say:5 reach:1 definitive:1 agreement:1 sell:1 nuton:1 yale:3 security:2 subsidiary:2 valor:6 plc:1 400:1 mln:4 dlrs:3 warrant:1 purchase:1 two:1 ordinary:2 share:3 addition:1 company:2 recieve:1 special:1 dividend:1 60:1 nutone:2 agree:1 buy:1 35:1 convertible:2 preference:2 seek:1 increase:1 shareholder:2 value:2 improve:1 realize:1 inherent:1 operating:1 transaction:1 subject:1 approval:1 expect:1 complete:1 within:1 40:1 day:1 arrange:1 financing:1 issue:1 underwrite:1 hoare:1 govette:1 ltd:2 barclays:1 de:1 zoete:1 wedd:1 make:3 build:1 electric:1 product:3 housing:1 market:1 door:1 lock:1 electronic:1 home:1 | FIRST CITY <FCY> SELLS YALE, NUTONE UNITS
First City Industries Inc
said it has reached a definitive agreement to sell its Nuton
and Yale security subsidiaries to Valor PLC for 400 mln dlrs
and warrants to purchase two mln Valor ordinary shares.
In addition, the company said it will recieve a special
dividend of 60 mln dlrs from Nutone and Yale and it has agreed
to buy 35 mln dlrs of Valor convertible preference shares.
First City said it is seeking to increase shareholder
values by improving and realizing the values inherent in its
operating subsidiaries.
The company said the transaction is subject to approval by
shareholders of Valor and is expected to be completed within 40
days.
It said Valor has arranged financing through an issue of
ordinary and convertible preference shares underwritten by
Hoare Govette Ltd and Barclays de Zoete Wedd Ltd.
Nutone makes built-in electric products for the housing
market and Yale makes door locks and electronic security
products.
Valor makes home products.
|
test/17489 | test/17489 |@title genovese:1 drug:1 stores:1 inc:1 gdxa:1 1st:1 qtr:1 may:1 22:1 |@word shr:1 23:1 ct:2 vs:3 seven:1 net:1 911:1 000:2 293:1 sale:1 88:1 1:1 mln:2 74:1 8:1 | GENOVESE DRUG STORES INC <GDXA.O> 1ST QTR MAY 22
Shr 23 cts vs seven cts
Net 911,000 vs 293,000
Sales 88.1 mln vs 74.8 mln
|
test/17491 | test/17491 |@title national:1 security:1 nsic:1 stake:1 acquire:1 |@word national:1 security:1 insurance:4 co:3 say:3 group:1 investor:1 acquire:1 226:1 243:1 common:1 share:3 22:1 2:1 pct:2 interest:2 27:1 50:1 dlrs:1 per:1 company:1 acquisition:1 portion:1 five:1 subject:1 approval:1 alabama:1 department:1 seller:1 include:1 atlantic:1 american:1 corp:1 aame:1 bankers:1 fidelity:1 life:1 georgia:1 casualty:1 | NATIONAL SECURITY <NSIC.O> STAKE ACQUIRED
National Security Insurance Co said a
group of investors has acquired 226,243 common shares, or a
22.2 pct, interest, for 27.50 dlrs per share.
The company said the acquisition of the portion of the
shares over a five pct interest is subject to approval by the
Alabama Department of Insurance.
It said the sellers included Atlantic American Corp
<AAME.O>, Bankers Fidelity Life Insurance Co and Georgia
Casualty Insurance Co.
|
test/17492 | test/17492 |@title gas:1 carrier:1 escape:1 gulf:1 attack:1 last:1 week:1 lloyds:1 |@word panamanian:1 liquified:1 gas:1 carrier:1 nyhammer:1 48:1 772:1 dwt:1 attack:1 iranian:1 gunboat:1 may:2 24:1 lloyds:1 shipping:1 intelligence:1 say:1 one:1 rocket:1 fire:1 miss:1 vessel:1 subsequently:1 arrive:1 destination:1 ras:1 tanura:1 25:1 leave:1 morning:1 | GAS CARRIER ESCAPED GULF ATTACK LAST WEEK - LLOYDS
The Panamanian liquified gas carrier
Nyhammer, 48,772 dwt, was attacked by an Iranian gunboat on May
24, Lloyds Shipping Intelligence said.
One rocket was fired but missed.
The vessel subsequently arrived at its destination of Ras
Tanura on May 25 and left this morning.
|
test/17493 | test/17493 |@title computer:2 associates:2 acquire:2 uccel:2 corp:2 800:2 mln:2 dlrs:2 |@word | COMPUTER ASSOCIATES TO ACQUIRE UCCEL CORP FOR ABOUT 800 MLN DLRS
COMPUTER ASSOCIATES TO ACQUIRE UCCEL CORP FOR ABOUT 800 MLN DLRS
|
test/17494 | test/17494 |@title sri:1 lankan:1 tea:1 worker:1 launch:1 one:1 day:1 protest:1 |@word thousand:1 tea:1 worker:1 indian:1 origin:1 go:1 strike:2 today:2 press:1 demand:1 citizenship:2 voting:1 right:1 sri:1 lanka:1 union:1 statement:1 say:4 ceylon:1 workers:1 congress:1 cwc:2 400:1 000:1 member:1 launch:1 prayer:1 campaign:2 temple:1 place:1 non:1 violent:1 protest:1 get:1 authority:1 expedite:1 procedure:2 spokesman:1 three:1 day:1 suspend:1 cabinet:1 committee:1 promise:1 speed:1 new:1 set:1 regulation:1 trade:1 source:1 affect:1 production:1 colombo:1 auction:1 | SRI LANKAN TEA WORKERS LAUNCH ONE-DAY PROTEST
Thousands of tea workers of Indian origin
went on strike today to press demands for citizenship and
voting rights in Sri Lanka, a union statement said.
The Ceylon Workers Congress (CWC) said its 400,000 members
launched a prayer campaign at temples and other places in a
non-violent protest to get the authorities to expedite
citizenship procedures.
A CWC spokesman said a three-day campaign was suspended
after a Cabinet committee promised to speed up procedures under
a new set of regulations. Trade sources said the strike did not
affect production or today's Colombo auction.
|
test/17499 | test/17499 |@title dutch:1 cocoa:1 processor:1 unhappy:1 icco:1 buffer:1 |@word dutch:1 cocoa:6 processor:3 unhappy:1 intermittent:1 buying:5 activity:1 international:1 organization:1 buffer:3 stock:3 manager:6 industry:1 source:1 tell:1 reuter:1 way:2 operate:1 moment:2 almost:1 nothing:1 support:2 market:6 fact:1 could:1 say:5 actively:1 depress:2 one:3 company:1 spokesman:1 include:1 3:1 000:4 tonne:5 acquire:1 friday:1 total:2 amount:1 buy:4 since:1 recently:1 begin:1 operation:2 21:1 despite:1 price:3 well:1 1:2 600:2 special:1 drawing:1 right:1 sdrs:1 level:2 bsm:1 oblige:1 even:1 start:1 trader:1 estimate:1 would:2 need:1 least:1 75:2 maximum:1 move:2 sdr:1 yet:1 appear:1 reluctant:1 manufacturer:2 hope:1 fairly:1 short:1 period:1 simply:1 step:1 back:2 add:2 nibble:1 edge:1 actually:1 sentiment:1 everyone:1 hold:1 sell:1 wait:1 see:2 next:1 long:1 tactic:1 remain:1 likely:1 stay:1 doldrum:1 indication:1 alter:1 method:1 chocolate:1 consumer:1 product:1 unlikely:1 affect:1 time:1 come:1 | DUTCH COCOA PROCESSORS UNHAPPY WITH ICCO BUFFER
Dutch cocoa processors are unhappy with
the intermittent buying activities of the International Cocoa
Organization's buffer stock manager, industry sources told
Reuters.
'The way he is operating at the moment is doing almost
nothing to support the market. In fact he could be said to be
actively depressing it,' one company spokesman said.
Including the 3,000 tonnes he acquired on Friday, the total
amount of cocoa bought by the buffer stock manager since he
recently began support operations totals 21,000 tonnes.
Despite this buying, the price of cocoa is well under the
1,600 Special Drawing Rights, SDRs, a tonne level below which
the bsm is obliged to buy cocoa off the market.
'Even before he started operations, traders estimated the
manager would need to buy at least up to his 75,000 tonnes
maximum before prices moved up to or above the 1,600 SDR level,
and yet he appears reluctant to do so,' one manufacturer said.
'We all hoped the manager would move into the market to buy
up to 75,000 tonnes in a fairly short period, and then simply
step back,' he added.
'The way the manager is only nibbling at the edge of the
market at the moment is actually depressing sentiment and the
market because everyone is holding back from both buying and
selling waiting to see what the manager will do next,' one
processor said.
'As long as his buying tactics remain the same the market is
likely to stay in the doldrums, and I see no indication he is
about to alter his methods,' he added.
Processors and chocolate manufacturers said consumer prices
for cocoa products were unlikely to be affected by buffer stock
buying for some time to come.
|
test/17501 | test/17501 |@title entertainment:2 marketing:2 seek:2 buy:2 crazy:2 eddie:2 eight:2 dlrs:2 share:2 |@word | ENTERTAINMENT MARKETING SEEKS TO BUY CRAZY EDDIE FOR EIGHT DLRS A SHARE
ENTERTAINMENT MARKETING SEEKS TO BUY CRAZY EDDIE FOR EIGHT DLRS A SHARE
|
test/17502 | test/17502 |@title spectra:1 physics:1 spy:1 board:1 reject:1 tender:1 offer:1 |@word spectra:9 physics:9 inc:2 say:7 board:6 reject:2 32:1 dlrs:1 per:1 share:1 unsolicited:2 tender:1 offer:5 company:2 stock:3 ciba:5 geigy:5 ltd:1 cigz:1 z:1 already:1 hold:1 18:1 8:1 pct:1 also:2 file:1 lawsuit:1 delaware:1 federal:2 court:1 morning:1 seek:1 enjoin:1 allege:1 among:1 thing:1 vilate:1 security:1 law:1 certain:1 agreement:1 fiduciary:1 duty:1 two:1 designess:1 present:1 yesterday:1 special:2 meeting:1 vote:1 financially:1 inadequate:1 unfair:1 good:1 interest:2 stockholder:3 authorize:1 committee:1 outside:1 director:1 take:1 whatever:1 step:1 deem:1 necessary:1 protect:1 investigate:1 alternative:1 maximize:1 value:1 include:1 talk:1 third:1 party:1 letter:2 communicate:1 recommendation:1 reason:1 therefore:1 mail:1 robert:1 bruce:1 reliance:1 group:1 holdings:1 rel:1 designee:1 resign:1 position:1 may:1 29:1 resignation:1 action:1 alleviate:1 state:1 justification:1 make:2 contemplate:1 another:1 significant:1 investor:1 representation:1 investment:1 | SPECTRA-PHYSICS <SPY> BOARD REJECTS TENDER OFFER
Spectra-Physics Inc said its
board rejected a 32 dlrs per share unsolicited tender offer for
the company's stock from Ciba-Geigy Ltd <CIGZ.Z>, which already
holds 18.8 pct of the stock.
Spectra-Physics said it also filed a lawsuit in Delaware
federal court this morning seeking to enjoin the offer and
alleging, among other things, that the offer vilates federal
securities laws, certain agreements between Ciba-Geigy and
Spectra-Physics, and Ciba-Geigy's fiduciary duties.
Spectra-Physics said the two Ciba-Geigy designess to its
board were not present at yesterday's special meeting which
voted to reject the offer as financially inadequate, unfair and
not in the best interests of Spectra-Physics or its
stockholders.
The company said the board also authorized a special
committee of outside directors to take whatever steps it deems
necessary to protect the interests of Spectra-Physics and its
stockholders and to investigate all alternatives to maximize
the value of the stock, including talks with third parties.
Spectra-Physics said a letter communicating the board's
recommendation and reasons therefore is being mailed to
stockholders.
It said Robert Bruce, Reliance Group Holdings Inc's <REL>
designee on Spectra-Physics' board, resigned his position on
May 29. His letter of resignation said the action was to
alleviate Ciba-Geigy's stated justification for making the
unsolicited offer that it had not contemplated another
significant investor having representation on the board when
its Spectra-Physics' investment was made.
|
test/17503 | test/17503 |@title french:1 say:1 wheat:1 stock:1 forecast:1 surprise:1 |@word u:1 department:1 agriculture:2 forecast:6 french:5 end:3 season:2 soft:4 wheat:6 stock:3 almost:1 double:1 1987:9 88:9 premature:2 would:3 surprising:2 accord:1 cereal:3 organisation:1 official:6 intervention:1 board:1 onic:4 producers:2 association:2 national:1 union:1 agricultural:1 cooperative:1 yet:1 export:3 however:2 say:7 usda:2 figure:1 5:4 03:1 mln:10 tonne:6 1986:6 87:8 2:1 give:2 record:2 high:3 yield:4 april:2 feed:1 cereals:1 research:1 institute:1 itcf:1 mid:1 average:1 6:5 58:1 per:1 hectare:4 compare:1 1984:1 result:1 harvest:1 around:1 31:1 25:1 ministry:1 estimate:4 area:1 plant:2 4:2 66:1 61:1 first:1 preliminary:1 campaign:1 release:1 beginning:1 september:1 extremely:1 difficult:1 stage:1 within:1 european:1 community:1 non:1 ec:1 country:3 among:1 france:1 could:1 increase:1 egypt:1 maghreb:1 morocco:1 algeria:1 tunisia:1 11:2 65:1 maize:4 crop:1 48:1 line:1 agpm:3 planting:2 expect:1 1:2 73:1 seven:1 pct:1 | FRENCH SAY WHEAT STOCKS FORECAST NO SURPRISE
The U.S. Department of Agriculture's
forecast that French end-of-season soft wheat stocks will
almost double in 1987/88 is premature but would not be
surprising, according to French cereal organisation officials.
The Cereals Intervention Board, ONIC, Wheat Producers'
Association and the National Union of Agricultural and Cereal
Cooperatives have not yet forecast 1987/88 exports or
end-of-season stocks.
However, the officials said the USDA's figure of end
1987/88 stocks at 5.03 mln tonnes against 1986/87's 2.87 mln
was not surprising given a record high yield forecast in April.
The French Feed Cereals Research Institute, ITCF, forecast
in mid-April an average yield of 6.58 tonnes per hectare for
soft wheat in 1987/88 compared with 5.6 tonnes in 1986/87 and
the record high yield of 6.5/6.6 tonnes in 1984.
This would result in a French soft wheat harvest of around
31 mln tonnes against 25.5 mln in 1986/87, given a Ministry of
Agriculture estimate of area planted of 4.66 mln hectares
against 4.61 mln in 1986/87.
ONIC's first preliminary forecast of the 1987/88 campaign
will be released at the beginning of September, an ONIC
official said.
Soft wheat exports in 1987/88 were extremely difficult to
estimate at this stage, both within the European Community and
to non-EC countries, an ONIC official said.
He said, however, that among countries to which France
could increase its wheat exports were Egypt and the Maghreb
countries (Morocco, Algeria and Tunisia), he said.
The USDA's forecast of an 11.65 mln tonne maize crop in
1987/88 against 11.48 mln in 1986/87, while again premature,
was not out of line with estimates of the French Maize
Producers Association, AGPM, an AGPM official said.
Maize plantings would be down in 1987/88 but yields were
expected to be higher, the AGPM official said.
It estimated 1987/88 maize plantings of 1.73 mln hectares,
down seven pct from the 1.87 mln hectares planted in 1986/87.
|
test/17506 | test/17506 |@title boeing:1 ba:1 acquire:1 defense:1 electronics:1 firm:1 |@word boeing:7 co:2 argosystem:10 inc:1 argi:1 say:9 reach:1 agreement:2 acquire:1 sunnyvale:1 calif:1 defense:2 electronics:2 firm:1 275:1 mln:7 dlrs:9 board:1 company:6 approve:1 merger:3 accomplish:1 tender:5 offer:5 subsidiary:3 37:3 share:8 cash:1 tbc:1 holdings:1 corp:1 begin:1 promptly:1 least:1 90:1 pct:6 prorate:1 49:1 grant:2 boee:1 option:2 buy:2 1:3 238:1 311:1 18:1 5:2 outstanding:2 stock:2 also:1 bill:1 may:1 chairman:1 three:1 officer:1 another:1 8:1 9:2 make:1 equipment:2 monitor:2 analyze:1 military:1 communication:1 signal:3 electronic:1 warfare:1 jam:1 radar:1 processing:1 system:1 nine:1 month:1 end:2 march:1 31:1 1987:1 report:1 earning:1 double:1 6:1 3:2 95:1 ct:2 46:1 year:2 ago:1 period:2 include:1 2:2 dlr:1 charge:1 writedown:1 security:1 sale:2 rise:1 23:1 70:1 expect:1 exceed:1 100:1 fiscal:1 june:1 30:2 joint:1 statement:2 backlog:1 currently:1 180:1 200:1 employee:1 business:1 come:1 international:1 customer:1 clear:1 leader:1 field:1 association:1 expand:1 overall:1 activity:1 significantly:1 enhance:1 ability:1 compete:1 area:1 president:1 frank:1 shrontz:1 operate:1 wholly:1 follow:1 subject:2 approval:1 shareholder:1 customary:1 condition:1 expiration:1 hart:1 scott:1 rodino:1 notification:1 wait:1 | BOEING <BA> TO ACQUIRE DEFENSE ELECTRONICS FIRM
Boeing Co and ARGOSystems Inc <ARGI.O>
said they reached an agreement for Boeing to acquire the
Sunnyvale, Calif., defense electronics firm for about 275 mln
dlrs.
The boards of both companies have approved the merger,
which will be accomplished through a tender offer by a Boeing
subsidiary of 37 dlrs a share cash for all of ARGOSystems'
shares, the companies said.
Under the agreement, the Boeing subsidiary, TBC Holdings
Corp, will begin the tender offer promptly. If at least 90 pct
of the shares are not tendered, the offer will be prorated to
49 pct, the companies said.
ARGOSystems has granted Boeing an option to buy 1,238,311
shares or 18.5 pct of the outstanding stock for 37 dlrs a
share, they said.
Also, Bill May, chairman of ARGOSystems, and three other
officers have granted Boeing an option to buy their shares,
another 8.9 pct of the outstanding stock, for 37 dlrs a share.
ARGOSystems makes equipment to monitor and analyze military
communications signals, electronic warfare equipment to monitor
and jam radar signals and signal processing systems.
For the nine months ended March 31, 1987, ARGOSystems
reported earnings more than doubled to 6.3 mln dlrs or 95 cts a
share from 3.1 mln dlrs or 46 cts. The year-ago period included
a 2.2 mln dlr charge from a writedown of securities. Sales rose
23.5 pct to 70.9 mln dlrs.
Sales are expected to exceed 100 mln dlrs for the fiscal
year ending June 30, the companies said in a joint statement.
The company's backlog is currently more than 180 mln dlrs,
they said. It has about 1,200 employees.
About 30 pct of ARGOSystems' business comes from
international customers.
'ARGOSystems is a clear leader in its field. This
association will expand our overall activities and
significantly enhance our ability to compete in the defense
electronics area,' Boeing president Frank Shrontz said in a
statement.
ARGOSystems will operate as a wholly owned subsidiary of
Boeing Co.
The merger following the tender offer will be subject to
approval by ARGOSystems shareholders, the companies said.
The tender offer and merger are subject to customary
conditions and expiration of the Hart-Scott-Rodino notification
waiting period, they said.
|
test/17507 | test/17507 |@title computer:1 associates:1 ca:1 uccel:1 set:1 merger:1 |@word computer:5 associates:3 international:2 inc:2 uccel:5 corp:1 uce:1 say:5 sign:1 definitive:1 merger:1 agreement:2 associate:1 pay:1 800:1 mln:2 dlrs:2 stock:3 outstanding:2 share:4 company:7 term:1 shareholder:1 receive:1 1:1 69:1 common:1 approximately:1 17:1 accord:1 would:1 amount:1 47:1 50:1 per:1 base:1 may:1 29:1 new:2 york:1 exchange:1 closing:1 price:1 close:1 transaction:1 anticipate:1 august:1 result:1 wil:1 retain:1 name:1 additionally:1 charles:1 wang:1 currently:1 chairman:2 chief:1 executive:1 continue:1 | COMPUTER ASSOCIATES <CA>, UCCEL SET MERGER
Computer Associates International Inc
and UCCEL Corp <UCE> said they have signed a definitive merger
agreement under which Computer Associates will pay about 800
mln dlrs in stock for all outstanding UCCEL shares.
The companies said under the terms of the agreement, all
UCCEL shareholders will receive about 1.69 shares of Computer
common stock for each of the approximately 17 mln UCCEL shares
outstanding.
According to the companies, this would amount to about
47.50 dlrs per UCCEL share, based on May 29 New York Stock
Exchange closing prices.
Closing of the transaction is anticipated in August, the
companies said. The companies said the resulting company wil
retain the name Computer Associates International Inc.
Additionally, the companies said Charles Wang, currently
Computer Associates chairman and chief executive, will continue
as chairman of the new company.
|
test/17509 | test/17509 |@title zambia:1 cut:1 price:1 troop:1 patrol:1 copperbelt:1 |@word zambian:1 government:3 today:2 announce:1 minor:1 price:4 cut:3 essential:1 commodity:1 part:2 new:2 economic:2 strategy:2 police:2 troop:2 patrol:1 northern:1 copperbelt:4 prevent:1 outbreak:1 rioting:1 however:1 staple:1 food:3 bread:1 sugar:1 maize:2 meal:1 affect:1 many:1 people:2 say:3 could:1 provoke:1 trouble:1 disgruntle:1 element:1 expect:1 sweeping:1 reduction:2 observer:1 capital:1 express:1 disillusionment:1 small:1 extent:1 range:1 10:1 pct:1 item:1 blanket:1 soap:1 detergent:1 baby:1 resident:1 contact:1 telephone:1 force:1 set:1 roadblock:1 around:1 main:1 town:1 lusaka:1 business:1 go:2 usual:1 sign:1 reinforcement:1 street:1 president:1 kaunda:2 order:1 take:2 account:1 low:1 import:1 cost:1 follow:1 revaluation:2 kwacha:1 fix:1 rate:1 eight:1 per:1 dlr:1 21:1 may:1 1:1 form:2 alone:1 adopt:1 replace:1 zambia:1 imf:1 austerity:1 program:1 labour:1 leader:1 last:2 week:1 gang:1 unemployed:1 youth:1 politically:1 volatile:1 region:1 action:1 shop:1 reduce:1 deadline:1 fifteen:1 kill:1 riot:1 december:1 try:1 lift:1 subsidy:1 | ZAMBIA CUTS PRICES AS TROOPS PATROL COPPERBELT
The Zambian government today announced
minor price cuts for essential commodities as part of its new
economic strategy, while police and troops patrolled the
northern Copperbelt to prevent any outbreaks of rioting.
However, staple foods, such as bread, sugar and maize meal,
were not affected by the cuts and many people said this could
provoke trouble from disgruntled elements who had expected more
sweeping reductions.
Observers in the capital expressed disillusionment with the
small extent of the price cuts, which ranged up to 10 pct on
items such as blankets, soap, detergents and baby food.
Residents in the Copperbelt contacted by telephone said
government forces had set up roadblocks around the main towns.
In Lusaka, business went on as usual and there was no sign
of troops or police reinforcements on the streets.
President Kaunda had ordered the price reductions to take
account of lower import costs following the revaluation of the
kwacha to a fixed rate of eight per dlr from 21 on May 1.
The revaluation formed part of a new go-it-alone economic
strategy which Kaunda adopted to replace Zambia's IMF austerity
program.
Labour leaders in the Copperbelt said last week gangs of
unemployed youths were being formed in the politically volatile
region to take action against shops that did not reduce their
prices after today's deadline. Fifteen people were killed in
the Copperbelt during food riots last December after the
government tried to lift maize subsidies.
|
test/17511 | test/17511 |@title seoul:1 announce:1 tariff:1 cut:1 u:1 |@word south:2 korea:2 cut:2 import:1 taxis:1 50:1 good:2 include:1 construction:1 equipment:1 cigarette:1 tobacco:1 help:2 reduce:2 trade:4 surplus:3 united:2 states:2 finance:1 ministry:2 say:3 today:2 tariff:2 five:1 30:1 pct:1 take:2 effect:1 july:1 1:1 run:1 7:1 3:2 billion:2 dlrs:1 washington:2 1986:1 sharply:1 4:1 1985:1 announcement:1 bring:1 157:2 number:1 similar:1 measure:1 year:1 official:2 among:1 290:1 item:1 ask:1 seoul:1 lower:1 line:1 government:1 policy:1 limit:1 friction:1 two:1 country:1 | SEOUL ANNOUNCES MORE TARIFF CUTS FOR U.S.
South Korea will cut import taxes on 50
goods, including construction equipment, cigarettes and
tobacco, to help reduce its trade surplus with the United
States, the Finance Ministry said today. The tariff cuts of
between five and 30 pct will take effect on July 1.
South Korea ran a trade surplus of 7.3 billion dlrs with
Washington in 1986, sharply up from 4.3 billion in 1985.
Today's announcement brings to 157 the number of goods for
which similar measures were taken this year, a ministry
official said. The 157 are among about 290 items on which
Washington has asked Seoul to lower tariffs.
'This is in line with the government's policy to limit our
trade surplus with the United States to help reduce trade
friction between the two countries,' said the official.
|
test/17513 | test/17513 |@title entertainment:1 make:1 buyout:1 offer:1 crazy:1 eddie:1 |@word entertainment:4 marketing:2 inc:5 say:5 make:1 offer:3 board:2 crazy:5 eddie:5 acquire:1 outstanding:2 share:4 eight:1 dlrs:2 cash:1 would:2 conduct:1 negotiate:2 merger:1 new:1 corporation:1 form:1 entertaiment:1 request:1 early:1 meeting:1 commit:1 50:1 mln:1 toward:1 purchase:2 include:1 already:1 company:3 also:1 retain:1 dean:1 witter:1 reynolds:1 assist:1 raise:1 balance:1 financing:1 accord:1 chairman:1 4:1 3:1 pct:1 currently:1 additionally:1 willing:2 aspect:1 consider:1 transaction:1 tax:1 free:1 shareholder:1 | ENTERTAINMENT MAKES BUYOUT OFFER TO CRAZY EDDIE
Entertainment Marketing Inc <EM>
said it has made an offer to the board of Crazy Eddie Inc to
acquire all outstanding shares of Crazy Eddie Inc for eight
dlrs a share in cash.
Entertainment said the offer would be conducted through a
negotiated merger with a new corporation to be formed by
Entertainment Marketing.
Entertaiment said it has requested an early meeting with
Crazy Eddie Inc's board and that it has committed 50 mln dlrs
toward the purchase of the shares including those already
purchased.
The company also said it has retained Dean Witter Reynolds
Inc to assist in raising the balance of the financing.
According to Entertainment, its company and its chairman
own about 4.3 pct of Crazy Eddie's currently outstanding
shares.
Additionally, the company said it is willing to negotiate
all aspects of its offer and is willing to consider a
transaction which would be tax free to Crazy Eddie's
shareholders.
|
test/17516 | test/17516 |@title india:1 plan:1 bombay:1 offshore:1 oil:1 well:1 |@word india:2 state:1 oil:6 natural:1 gas:4 commission:1 ongc:4 plan:1 drill:3 well:5 bombay:7 offshore:3 area:3 spud:2 february:1 year:4 give:1 spokesman:1 say:2 exploratory:1 depth:1 2:2 140:1 metre:2 yield:1 000:3 barrel:2 180:1 cubic:1 per:2 day:2 one:1 four:1 structure:1 80:1 km:1 north:1 west:1 indicate:1 good:1 prospect:1 decide:1 least:1 three:1 start:1 production:3 commercial:1 scale:1 high:3 part:1 field:1 stabilise:1 around:2 500:1 last:1 two:1 produce:1 27:2 85:1 mln:3 tonne:3 crude:1 1986:1 87:1 end:1 march:1 51:1 previous:1 account:1 20:2 61:1 marginally:1 10:1 total:1 output:1 30:1 explore:1 develop:1 since:1 late:1 1970:1 reach:1 plateau:1 | INDIA PLANS MORE BOMBAY OFFSHORE OIL WELLS
India's state-owned Oil and Natural Gas
Commission (ONGC) plans to drill more wells in the Bombay
offshore area, where a well spudded in February this year gave
both oil and gas, an ONGC spokesman said.
The exploratory well, spudded at a depth of 2,140 metres,
yielded 2,000 barrels of oil and 180,000 cubic metres of gas
per day, he said.
'The well, one of the four structures drilled in the area 80
km north-west of Bombay, indicates good prospects of both oil
and gas. We've decided to drill at least three more wells in
there before starting production on a commercial scale.'
Production of Bombay High, part of the Bombay offshore
field, has stabilised at around 500,000 barrels per day for the
last two years.
ONGC produced 27.85 mln tonnes of crude in 1986/87 ending
March, up from 27.51 the previous year. Bombay High accounted
for 20.61 mln tonnes, marginally up from 20.10 the year before.
India's total oil output is around 30 mln tonnes.
ONGC has been exploring the Bombay offshore area, developed
since the late 1970s, for more oil as production from Bombay
High has reached a plateau.
|
test/17518 | test/17518 |@title society:1 savings:1 socs:1 form:1 parent:1 |@word society:2 savings:1 bancorp:1 inc:1 say:1 complete:1 previously:1 announce:1 plan:1 acquisition:1 make:1 new:1 delaware:1 charter:2 bank:1 hold:1 company:1 parent:1 conneticut:1 saving:1 | SOCIETY FOR SAVINGS <SOCS.O> FORMS PARENT
Society for Savings Bancorp Inc
said it has completed its previously announced plan of
acquisition making a new Delaware-chartered bank holding
company the parent of Conneticut chartered Society for Savings.
|
test/17519 | test/17519 |@title saudi:1 renegotiation:1 aramco:1 deal:1 move:1 along:1 |@word saudi:5 arabia:3 renegotiation:5 collective:2 agreement:6 aramco:4 purchase:2 oil:2 latter:1 ex:2 partner:3 move:2 along:2 lead:1 fundamental:1 structural:1 change:1 contract:5 industry:3 source:1 say:7 petroleum:2 intelligence:1 weekly:1 monday:1 edition:1 negotiation:2 adjustment:1 1:2 34:2 mln:2 bpd:5 joint:1 long:3 term:2 official:1 price:2 volume:2 may:1 rearrange:1 sign:1 january:2 month:1 february:1 june:1 four:2 allocate:1 among:1 exxon:3 corp:8 xon:2 440:1 000:3 texaco:3 inc:4 tx:2 350:1 mobil:2 mob:2 chevron:2 chv:2 550:1 overlifting:1 first:1 quarter:1 allow:1 company:4 like:1 underlift:1 obligation:1 piw:1 one:3 alternative:1 consideration:1 revert:1 individual:1 rather:2 agrement:1 john:1 lichtblau:2 director:1 research:1 foundation:1 pact:1 formality:1 saudis:1 separate:2 schedule:1 although:2 would:2 favor:1 ensure:1 lifting:1 occur:1 probably:1 follow:1 want:2 within:1 limit:1 antagonize:1 haul:1 likely:1 concentrate:1 displeasure:1 note:1 april:1 publication:1 seek:1 fact:1 later:1 confirm:1 reuters:1 formerly:1 buy:1 asset:1 various:1 | SAUDI RENEGOTIATION OF ARAMCO DEAL MOVING ALONG
Saudi Arabia's renegotiation of its
collective agreement with Aramco to purchase oil for the
latter's ex-partners is moving along and should lead to a
fundamental structural change in the contract, oil industry
sources said.
Petroleum Intelligence Weekly, in this Monday's edition,
said negotiations are moving along for adjustment of the 1.34
mln bpd joint long term agreement at official prices and
volumes and other terms may be rearranged.
The agreement signed in January for the months from
February to June is up for renegotiation.
Under the January contract Aramco was to purchase 1.34 mln
bpd for the four partners allocated among them as Exxon Corp
<XON> 440,000 bpd, Texaco Inc <TX> 350,000 bpd, Mobil Corp
<MOB> and Chevron Corp <CHV> 550,000 bpd between them.
But an overlifting by Texaco Inc in the first quarter
allowed other companies like Exxon Corp to underlift its
obligations under the contract
PIW said that that one alternative under consideration is
to revert to four individual contracts rather than a collective
agrement.
John Lichtblau, director of the Petroleum Industry Research
Foundation Inc said that renegotiation of the pact was more of
a formality as the Saudis have each company on a separate
schedule although separate agreements with the companies would
favor one on one negotiations and ensure that contracted
liftings occur .
'The companies will probably follow the Saudi wants within
limits as they do not want to antagonize them for the long
haul,' he said.
Lichtblau said that the renegotiations would most likely
concentrate on volume rather than price.
Saudi displeasure with the agreement has long been noted
and in April industry publications said that renegotiation were
being sought, a fact later confirmed by Reuters with Aramco.
Aramco Corp was formerly owned by Chevron Corp <CHV>, Exxon
Corp <XON>, Mobil Corp <MOB> and Texaco Inc <TX> but is now
owned by Saudi Arabia which bought its assets although the
ex-partners have various agreements with Saudi Arabia.
|
test/17521 | test/17521 |@title oklahoma:1 clean:1 week:1 flood:1 rain:1 |@word resident:2 central:2 oklahoma:2 return:2 home:4 weekend:1 week:2 heavy:1 rain:2 severe:1 flooding:2 leave:1 two:2 dead:1 cause:1 20:1 mln:1 dlrs:1 damage:3 official:3 say:3 900:1 people:1 evacuate:1 flood:2 last:1 civil:1 defense:1 many:1 shelter:1 set:1 throughout:1 state:1 area:2 threaten:1 except:1 near:2 washita:1 red:1 river:1 close:1 farmer:1 expect:2 record:1 wheat:1 crop:1 year:1 see:1 one:1 large:1 loss:1 decades:1 gov:1 henry:1 bellmon:1 thursday:1 declare:1 emergency:1 ask:1 president:1 reagan:1 federal:1 disaster:1 relief:1 northern:1 texas:1 report:2 several:1 tornado:1 friday:1 twister:1 lubbock:1 yesterday:1 six:1 mobile:1 house:1 injury:1 | OKLAHOMA CLEANING UP AFTER WEEK OF FLOODS, RAINS
Residents of central Oklahoma
returned to their homes over the weekend after a week of heavy
rains and severe flooding that left two dead and caused more
than 20 mln dlrs in damage, officials said.
Some 900 people were evacuated from their homes during the
rains and flooding last week, civil defense officials said.
Many of the shelters set up throughout the state in areas
threatened by flooding, except those near the Washita and Red
Rivers, closed as residents returned to their damaged homes.
Farmers who had expected a near-record wheat crop now say
this year will see one of the largest losses in decades.
Gov. Henry Bellmon, who on Thursday declared a flooding
emergency for central Oklahoma, was expected to ask President
Reagan for federal disaster relief for the area.
In northern Texas, officials reported several tornadoes on
Friday. A twister in Lubbock yesterday damaged six mobile homes
and two houses. No injuries were reported.
|
test/17523 | test/17523 |@title u:1 k:1 money:1 market:1 give:1 25:1 mln:1 stg:1 late:1 assistance:1 |@word bank:2 england:1 say:1 provide:1 money:1 market:1 late:2 assistance:1 around:1 25:1 mln:3 stg:3 take:1 total:1 help:1 today:1 137:1 compare:1 forecast:1 150:1 shortage:1 | U.K. MONEY MARKET GIVEN 25 MLN STG LATE ASSISTANCE
The Bank of England said it provided the
money market with late assistance of around 25 mln stg.
This takes the Bank's total help today to some 137 mln stg
and compares with its latest forecast of a 150 mln stg
shortage.
|
test/17529 | test/17529 |@title cpc:3 international:1 complete:1 asian:1 sale:1 |@word international:1 inc:2 say:4 complete:1 previously:1 announce:1 transaction:1 involve:1 grocery:1 product:1 business:1 four:1 asian:1 country:2 ajinomoto:3 co:2 ajin:1 raise:1 300:1 mln:2 dlrs:2 receive:1 40:1 later:1 mostly:2 month:1 closing:1 expect:1 three:1 proceed:1 use:2 debt:1 reduction:1 cpc:4 purchase:2 equity:1 knorr:1 foods:1 ltd:1 joint:1 venture:1 japan:1 two:1 company:1 get:1 fee:1 trademark:1 technology:1 also:1 50:1 pct:1 interest:1 wholly:1 subsidiary:1 hong:1 kong:1 malaysia:1 philippines:1 singapore:1 taiwan:1 thailand:1 | CPC INTERNATIONAL <CPC> COMPLETES ASIAN SALE
CPC International Inc said
it has completed previously-announced transactions involving
its grocery products businesses in four Asian countries with
Ajinomoto Co Inc <AJIN.T>, raising about 300 mln dlrs.
It said it will receive about 40 mln dlrs more later,
mostly this month, when closings are expected in three more
countries. Proceeds will be used mostly for debt reduction.
CPC said Ajinomoto has purchased its equity in Knorr Foods
Co Ltd, a joint venture in Japan between the two companies,
with CPC to get fees for trademark and technology use.
CPC said Ajinomoto is also purchasing 50 pct interests in
CPC's wholly-owned subsidiaries in Hong Kong, Malaysia, the
Philippines, Singapore, Taiwan and Thailand.
|
test/17534 | test/17534 |@title borden:2 acquire:2 prince:2 co:2 180:2 mln:2 dlrs:2 |@word | BORDEN TO ACQUIRE PRINCE CO FOR ABOUT 180 MLN DLRS
BORDEN TO ACQUIRE PRINCE CO FOR ABOUT 180 MLN DLRS
|
test/17538 | test/17538 |@title porex:1 porx:1 merge:1 medco:1 mccs:1 |@word porex:6 technologies:1 corp:1 say:4 agree:1 merge:1 partly:1 subsidiary:1 medco:6 containment:1 services:1 inc:1 deal:2 worth:1 380:1 mln:3 dlrs:3 cash:3 common:1 stock:2 shareholder:1 company:3 agreement:1 prex:1 holder:1 would:1 receive:1 new:1 share:7 represent:1 pro:2 rata:2 9:2 159:1 552:1 plus:1 value:2 asset:1 estimate:1 60:1 subject:2 adjustment:1 16:1 outstanding:1 exact:1 term:1 may:1 determine:1 transaction:1 become:1 effective:1 expect:1 exchange:1 0:1 82:1 5:1 38:1 approval:1 sharehoilder:1 part:1 split:1 five:1 two:1 merger:1 account:1 corporate:1 reorganization:1 record:1 historical:1 book:1 | POREX <PORX.O> TO MERGE WITH MEDCO <MCCS.O>
Porex Technologies Corp said it
has agreed to merge with its partly-owned subsidiary Medco
Containment Services Inc in a deal worth about 380 mln dlrs in
cash and common stock to Porex shareholders.
The company said under the agreement, Prex holders would
receive new Medco shares representing a pro rata share of the
9,159,552 Medco shares now owned by Porex plus a pro rata
shares of the cash value of other porex assets, which is
estimated at 60 mln dlrs subject to adjustment.
Medco now has 16.9 mln shares outstanding.
While exact terms may not be determined until the
transaction becomes effective, Porex said each Porex share is
expected to be exchanged for 0.82 Medco share and 5.38 dlrs in
cash, subject to approval by sharehoilders of both companies.
As part of the deal, Medco will split its stock five for two.
The company said the merger will be accounted for as a
corporate reorganization and be recorded at historical book
values.
|
test/17540 | test/17540 |@title colt:1 industry:1 cot:1 sell:1 british:1 unit:1 |@word colt:1 industries:1 inc:1 say:3 sign:1 conditional:1 agreement:1 sell:1 woodville:2 polymer:1 engineering:1 ltd:1 subsidiary:1 great:1 britain:1 dowty:1 group:1 plc:1 gloucestershire:1 england:1 35:1 9:1 mln:2 stg:2 deal:1 schedule:1 close:1 end:1 june:1 company:1 make:1 high:1 technology:1 precision:1 product:1 aerospace:1 automotive:1 industry:1 1986:1 sale:1 24:1 | COLT INDUSTRIES <COT> TO SELL BRITISH UNIT
Colt Industries Inc said it signed a
conditional agreement to sell its Woodville Polymer Engineering
Ltd subsidiary in Great Britain to the Dowty Group PLC of
Gloucestershire, England, for 35.9 mln stg.
The deal is scheduled to close by the end of June, the
company said.
Woodville, which makes high technology precision products
for aerospace, automotive and other industries, had 1986 sales
of about 24 mln stg, it said.
|
test/17543 | test/17543 |@title advanced:1 systems:1 inc:1 asy:1 2nd:1 qtr:1 april:1 30:1 net:1 |@word shr:2 32:1 ct:4 vs:8 22:1 net:2 2:3 022:1 000:8 1:2 355:1 revs:2 16:1 0:2 mln:4 13:1 avg:2 shrs:2 6:4 237:1 052:1 six:1 mth:1 58:1 42:1 3:1 561:1 525:1 30:1 26:1 180:1 017:1 | ADVANCED SYSTEMS INC<ASY> 2ND QTR APRIL 30 NET
Shr 32 cts vs 22 cts
Net 2,022,000 vs 1,355,000
Revs 16.0 mln vs 13.2 mln
Avg shrs 6,237,000 vs 6,052,000
Six mths
Shr 58 cts vs 42 cts
Net 3,561,000 vs 2,525,000
Revs 30.0 mln vs 26.1 mln
Avg shrs 6,180,000 vs 6,017,000
|
test/17544 | test/17544 |@title mannville:1 oil:1 gas:1 ltd:1 mog:1 1st:1 qtr:1 net:1 |@word shr:1 two:1 ct:2 vs:3 seven:1 net:1 164:1 000:4 417:1 revs:1 1:1 345:1 2:1 021:1 | MANNVILLE OIL AND GAS LTD <MOG.TO> 1ST QTR NET
Shr two cts vs seven cts
Net 164,000 vs 417,000
Revs 1,345,000 vs 2,021,000
|
test/17545 | test/17545 |@title house:1 fabrics:1 inc:1 hf:1 1st:1 qtr:1 net:1 april:1 30:1 |@word shr:1 27:1 ct:2 vs:3 18:1 net:1 1:2 757:1 000:2 201:1 revs:1 73:1 5:1 mln:2 71:1 2:1 | HOUSE OF FABRICS INC <HF> 1ST QTR NET APRIL 30
Shr 27 cts vs 18 cts
Net 1,757,000 vs 1,201,000
Revs 73.5 mln vs 71.2 mln
|
test/17547 | test/17547 |@title orbit:1 oil:1 gas:1 ltd:1 orb:1 1st:1 qtr:1 net:1 |@word shr:1 three:2 ct:2 vs:4 net:1 421:1 000:6 333:1 revs:1 2:2 103:1 287:1 avg:1 shrs:1 16:1 068:1 12:1 041:1 | ORBIT OIL AND GAS LTD <ORB.TO> 1ST QTR NET
Shr three cts vs three cts
Net 421,000 vs 333,000
Revs 2,103,000 vs 2,287,000
Avg shrs 16,068,000 vs 12,041,000
|
test/17551 | test/17551 |@title video:1 juke:1 buy:1 president:1 share:1 |@word video:5 jukebox:1 network:1 inc:4 say:7 sign:1 letter:2 intent:2 purchase:2 3:1 5:1 mln:2 share:4 four:1 company:3 common:2 stock:2 founder:1 president:4 steven:1 peters:2 louis:1 wolfson:1 iii:1 senior:1 vice:1 venture:1 w:1 national:1 brands:1 j:1 patrick:1 michael:2 jr:1 cea:2 investors:1 partnership:3 ii:2 currently:1 7:2 525:1 000:1 outstanding:1 go:1 public:1 earlier:1 year:1 current:1 ask:1 price:1 1:1 8:1 investor:1 plan:1 operate:1 chairman:2 communications:1 equity:1 associates:1 medium:1 brokerage:1 firm:1 term:2 propose:1 transaction:1 disclose:1 continue:1 party:1 june:1 29:1 agree:1 | VIDEO <JUKE.O> TO BUY PRESIDENT'S SHARES
Video Jukebox Network inc said it signed a
letter of intent to purchase up to 3.5 mln shares of the four
mln shares of the company's common stock from its founder and
president, Steven Peters.
Video said the shares are to be purchased by Louis Wolfson
III, senior vice president of <Venture W Inc>, <National Brands
Inc>, J. Patrick Michaels Jr and <CEA Investors Partnership
II>.
Video said it currently has 7,525,000 shares of common
stock outstanding. The company said it went public earlier this
year and its current ask price was 1-7/8.
CEA Investors Partnership II has planned the partnership to
be operated by Michaels, who is chairman and president of
<Communications Equity Associates Inc>, a media brokerage firm,
Video said.
The terms of the proposed transaction were not disclosed.
Video said Peters will continue as chairman and president
of the company.
It said the parties have until June 29 to agree to all
terms of the letter of intent.
|
test/17554 | test/17554 |@title berkshire:1 gas:1 co:1 bgas:1 raise:1 payout:1 |@word qtly:1 div:1 30:2 1:2 2:2 ct:2 vs:1 28:1 prior:1 pay:1 july:1 15:1 record:1 june:1 | BERKSHIRE GAS CO <BGAS.O> RAISES PAYOUT
Qtly div 30-1/2 cts vs 28-1/2 cts prior
Pay July 15
Record June 30
|
test/17556 | test/17556 |@title marcade:1 group:1 inc:1 mar:1 1st:1 qtr:1 may:1 2:1 net:1 |@word shr:2 four:1 ct:4 vs:6 10:2 dilute:2 two:1 net:1 1:2 841:1 000:6 978:1 revs:1 36:1 mln:2 20:1 5:1 avg:2 shrs:2 25:1 734:1 9:2 200:2 48:1 878:1 | MARCADE GROUP INC <MAR> 1ST QTR MAY 2 NET
Shr four cts vs 10 cts
Shr diluted two cts vs 10 cts
Net 1,841,000 vs 978,000
Revs 36.1 mln vs 20.5 mln
Avg shrs 25,734,000 vs 9,200,000
Avg shrs diluted 48,878,000 vs 9,200,000
|
test/17558 | test/17558 |@title greenman:1 bros:1 inc:1 gmn:1 1st:1 qtr:1 may:1 2:1 loss:1 |@word shr:1 loss:4 52:1 ct:2 vs:3 49:1 net:1 3:1 142:1 000:2 2:1 936:1 sale:1 40:2 9:1 mln:2 1:1 note:1 year:1 ago:1 share:1 result:1 adjust:1 five:1 four:1 stock:1 split:1 august:1 1986:1 | GREENMAN BROS INC <GMN> 1ST QTR MAY 2 LOSS
Shr loss 52 cts vs loss 49 cts
Net loss 3,142,000 vs loss 2,936,000
Sales 40.9 mln vs 40.1 mln
NOTE: Year ago share results adjusted for five-for-four
stock split in August 1986
|
test/17559 | test/17559 |@title marcade:1 group:1 mar:1 plan:1 acquisition:1 |@word marcade:3 group:1 inc:1 say:2 agree:1 principle:1 acquire:2 prominent:1 privately:1 hold:1 maker:1 lady:1 sport:1 wear:1 cash:1 share:1 option:1 purchase:1 common:1 value:1 20:1 mln:3 dlrs:3 fiscal:1 year:1 recently:1 end:1 company:1 five:1 u:1 manufacturing:1 facility:1 one:1 offshore:1 revenue:1 60:1 pretax:1 earning:1 four:1 | MARCADE GROUP <MAR> PLANS ACQUISITION
Marcade Group Inc said it has agreed in
principle to acquire a prominent, privately-held maker of
ladies' sports wear for an cash, shares and options to purchase
Marcade common valued at about 20 mln dlrs.
In its fiscal year recently ended, Marcade said, the
company to be acquired which owns five U.S. manufacturing
facilities and one offshore had revenues of over 60 mln dlrs
and pretax earnings of about four mln dlrs.
|
test/17562 | test/17562 |@title pennsylvania:1 enterprises:1 pen:1 bid:1 stand:1 |@word utilities:1 investment:1 inc:2 say:4 still:1 offer:3 acquire:1 pennsylvania:4 enterprises:4 55:1 dlrs:1 per:1 share:1 prepared:1 negotiate:1 board:1 reject:1 two:1 week:1 ago:1 inadequate:1 utility:1 financial:1 commitment:1 require:1 ensure:1 facility:1 would:1 upgrade:1 insure:1 adequate:1 supply:1 safe:1 drinking:1 water:1 representative:1 attend:1 annual:1 meeting:1 tomorrow:1 wilkes:1 barre:1 pa:1 | PENNSYLVANIA ENTERPRISES <PENT.O> BID STANDS
Utilities Investment Inc said
it still is offering to acquire Pennsylvania Enterprises Inc
for 55 dlrs per share.
It said it is prepared to negotiate its offer.
The Pennsylvania Enterprises board rejected the offer two
weeks ago as being inadequate.
Utilities said it has the financial commitments required to
ensure that Pennsylvania Enterprises' facilities would be
upgraded to insure an adequate supply of safe drinking water.
It said its representatives will be attending Pennsylvania
Enterprises' annual meeting tomorrow in Wilkes-Barre, Pa.
|
test/17563 | test/17563 |@title dow:2 chemical:1 increase:1 price:1 |@word dow:2 chemical:1 u:1 midland:1 co:1 say:2 increase:2 price:2 high:1 performance:1 thermal:1 fluid:1 bulk:2 drum:1 effective:1 july:1 one:1 contract:1 spot:1 customer:1 list:1 diphenyl:1 oxide:1 technical:2 refined:2 grade:1 raise:1 five:1 pct:1 1:2 26:1 dlrs:6 per:6 pound:1 36:1 include:1 dowtherm:4 g:1 21:1 92:1 gallon:4 ht:1 20:1 94:1 j:1 14:1 96:1 lf:1 18:1 68:1 | DOW CHEMICAL <DOW> TO INCREASE PRICES
Dow Chemical U.S.A. Midland Co
said it will increase prices of its high performance thermal
fluids, in bulk and drums, effective July One, for contract and
spot customers.
The bulk list prices for diphenyl oxide, in both technical
and refined grades, will be raised five pct to 1.26 dlrs per
pound for technical and 1.36 dlrs per for refined, Dow said.
Other increases include Dowtherm G to 21.92 dlrs per
gallon; Dowtherm HT to 20.94 dlrs per gallon; Dowtherm J to
14.96 dlrs per gallon, and Dowtherm LF to 18.68 dlrs per
gallon.
|
test/17567 | test/17567 |@title merrill:2 lynch:2 say:2 proration:2 factor:2 supermarket:2 tender:2 85:2 66:2 pct:2 |@word | MERRILL LYNCH SAYS PRORATION FACTOR FOR SUPERMARKETS TENDER IS 85.66 PCT
MERRILL LYNCH SAYS PRORATION FACTOR FOR SUPERMARKETS TENDER IS 85.66 PCT
|
test/17568 | test/17568 |@title brazil:1 sell:1 cocoa:1 buffer:1 stock:1 trade:1 |@word brazil:1 sell:1 cocoa:3 bean:4 international:2 organization:1 icco:2 buffer:2 stock:2 spot:1 price:2 interior:1 area:1 20:1 25:1 pct:1 high:1 level:2 would:2 pay:1 manager:1 trade:2 source:2 major:1 produce:1 state:1 bahia:1 say:2 scarcity:1 effect:1 drought:1 current:1 temporao:1 harvest:1 push:1 well:1 note:1 buyer:1 exporter:1 local:1 processor:1 cover:1 previously:1 contract:1 commitment:1 add:1 sale:1 make:1 execute:1 individual:1 export:1 company:1 member:1 brazilian:1 commission:1 | BRAZIL NOT SELLING TO COCOA BUFFER STOCK - TRADE
Brazil is not selling cocoa beans
to the International Cocoa Organization, ICCO, buffer stock, as
spot prices for beans in the interior area are 20 to 25 pct
higher than levels which would be paid by the ICCO buffer stock
manager, trade sources in the major producing state Bahia said.
The scarcity of beans because of the effects of drought on
the current temporao harvest has pushed prices well above
international levels, the sources noted.
The only buyers are bean exporters or local processors
covering previously contracted commitments, they added.
If sales were made they would be executed by individual
exporting companies which are members of the Brazilian Cocoa
Trade Commission, they said.
|
test/17569 | test/17569 |@title raven:1 industry:1 rav:1 buy:1 truck:1 body:1 business:1 |@word raven:3 industries:2 inc:4 say:2 purchase:1 utility:2 truck:2 body:2 business:1 astoria:3 fibra:1 steel:1 cash:1 detail:1 transaction:1 disclose:1 product:1 line:1 annual:1 sale:1 2:1 5:1 mln:1 dlrs:1 manufacture:2 sell:2 newly:1 form:1 subsidiary:2 glasstite:1 also:1 | RAVEN INDUSTRIES <RAV> BUYS TRUCK BODY BUSINESS
Raven Industries Inc said it
purchased the utility truck body business of (Astoria
Fibra-Steel, Inc) for cash.
Details of the transaction were not disclosed.
The Astoria product line, which has annual sales of about
2.5 mln dlrs, will be manufactured and sold by Raven's newly
formed subsidiary, Astoria Industries Inc, Raven said. Its
Glasstite Inc subsidiary also manufactures and sells utility
truck bodies.
|
test/17573 | test/17573 |@title pay:1 n:1 pak:1 pnp:1 get:1 two:1 offer:1 company:1 |@word pay:8 n:6 pak:6 stores:1 inc:1 say:10 receive:3 two:1 proposal:8 response:1 previously:1 announce:1 solicitation:1 potential:1 buyer:1 company:8 evaluate:1 paul:1 bilzerian:5 third:1 party:3 active:1 leveraged:1 buyout:1 field:1 decline:1 identify:1 call:1 shareholder:1 blended:1 basis:1 16:1 67:1 dlrs:4 cash:3 3:1 30:2 liquidation:3 value:3 cumulative:2 exchangeable:1 redeemable:1 preferred:1 stock:1 common:1 share:2 second:5 structure:1 merger:1 holder:1 would:6 combination:1 17:1 50:2 2:2 13:2 1:1 pct:1 prefer:8 dividend:3 offer:4 set:1 opinion:1 financial:2 advisor:2 trade:1 public:1 market:1 could:1 option:2 survive:1 corporation:1 additional:2 first:2 five:1 year:3 add:2 subject:2 physical:1 inventory:1 merchandise:1 june:1 provide:1 detail:1 respect:1 financing:5 condition:2 three:1 redeem:1 12:1 contingent:1 arrangement:2 make:1 confident:1 ability:1 obtain:1 balance:1 upon:1 satisfactory:1 agreement:1 management:1 regard:1 equity:1 participation:1 new:1 anticipate:1 execute:1 letter:1 intent:1 deliver:1 commitment:1 board:1 incorporate:1 expense:1 reinbursement:1 | PAY N' PAK <PNP> GETS TWO OFFERS FOR COMPANY
Pay N' Pak Stores Inc said it received
two proposals in response to its previously announced
solicitation of potential buyers for the company.
The company said it is evaluating the proposals from Paul
Bilzerian and from a third party which is active in the
leveraged buyout field but which Pay N' Pak declined to
identify.
It said the Bilzerian proposal calls for shareholders to
receive on a blended basis 16.67 dlrs in cash and 3.30 dlrs in
liquidation value of cumulative exchangeable redeemable
preferred stock for each common share.
Pay N' Pak said the second proposal is structured as a
merger in which each holder would receive a combination of
17.50 dlrs in cash and 2.50 dlrs in liquidation value of 13-1/2
pct cumulative preferred.
The company said the dividend on the preferred offered by
Bilzerian would be set so that in the opinion his financial
advisor and the company's financial advisor the preferred would
trade in the public market at its liquidation value.
Dividends on the preferred could be paid at the option of
the surviving corporation in cash or additional shares of
preferred for the first five years, it added..
Pay N' Pak said Bilzerian's proposal is subject to a
physical inventory of merchandise at June 30. Bilzerian did not
provide details with respect to financing of his proposal,
which is not subject to a financing condition.
The company said dividends on the preferred being offered
in the second proposal would be paid in additional preferred in
the first three years and the preferred would be redeemed in
years 12 and 13.
It said the second offer is contingent on the arrangement
of financing, adding the party making the offer is confident of
its ability to obtain the balance of the financing.
Pay N' Pak said the second proposal is conditioned upon a
satisfactory agreement with the company's management regarding
its equity participation in the new company.
The second party anticipates executing a letter of intent
when it delivers its financing commitment to the Pay N' Pak
board that would incorporate an expense reinbursement and
option arrangement, the company said.
|
test/17574 | test/17574 |@title maxwell:1 file:1 suit:1 stop:1 harcourt:1 hbj:1 |@word publisher:1 robert:1 maxwell:1 british:8 printing:7 communicaton:1 corp:4 plc:1 say:5 file:3 lawsuit:3 u:1 district:1 court:1 harcourt:16 brace:1 jovanovich:1 inc:1 director:2 adviser:2 stop:1 among:1 thing:1 payment:2 special:4 dividend:7 pay:2 part:1 recapitalization:2 suit:5 manhattan:1 also:6 name:1 first:5 boston:5 fbc:1 seek:1 void:1 issue:3 40:2 000:3 share:9 super:2 vote:3 prefer:4 stock:4 securities:2 convertible:4 voting:3 4:1 700:1 employee:2 ownership:1 plan:4 preferred:1 8:3 160:1 bring:1 derivatively:1 behalf:1 individually:1 capacity:1 substantial:1 holder:2 common:3 6:3 3:2 pct:2 debenture:5 allege:5 exceed:1 one:2 billion:2 dlrs:3 harcout:1 surplus:1 available:1 new:1 york:1 law:1 contstitute:1 fraudulent:1 conveyance:1 fail:2 disclose:2 consequence:1 term:1 illegal:2 shareholder:1 liable:1 repay:1 last:2 week:2 would:1 per:2 stockholder:1 announce:1 extensive:1 analyst:1 aim:1 thwart:1 takeover:1 effort:1 print:1 withdraw:1 44:1 dlr:2 two:1 offer:1 recapitalizaton:1 time:1 review:1 alternative:1 consultation:1 effect:2 enormous:1 increase:1 effective:1 june:1 eight:1 record:2 date:3 number:1 issuable:1 upon:1 conversion:2 charge:1 unlawfully:1 coerce:1 convert:1 denbenture:1 may:1 enough:1 authorize:1 honor:1 hold:1 460:1 600:1 5:1 mln:2 worth:1 management:1 board:1 engage:1 scheme:1 entrenchment:1 combination:1 sell:1 bargain:1 price:1 grant:1 company:1 six:1 open:1 market:1 repurchase:1 program:1 manner:1 financing:1 structure:1 | MAXWELL FILES SUIT TO STOP HARCOURT <HBJ>
Publisher Robert Maxwell's British
Printing and Communicaton Corp PLC said it filed a lawsuit in
U.S. district court against Harcourt Brace Jovanovich Inc, its
directors and advisers to stop, among other things, payment of
the special dividend Harcourt is paying as part of its
recapitalization.
The suit, filed in Manhattan, also names First Boston Corp
<FBC> and seeks to void the issue by Harcourt of 40,000 shares
of super voting preferred stock to First Boston Securities Corp
and the issue of convertible voting preferred stock with
4,700,000 votes in the Harcourt employee stock ownership plan.
The preferred shares to be issued to First Boston have
8,160,000 votes. The suit, brought derivatively on behalf of
Harcourt and individually in British Printing's capacity as a
substantial holder of Harcourt common shares and 6-3/8 pct
convertible debentures.
The suit alleges Harcourt's special dividend exceeds by
more than one billion dlrs Harcout's surplus available for
dividends under New York law and contstitutes a fraudulent
conveyance.
The lawsuit also alleges that Harcourt failed to disclose
that one consequence of the payment of the dividend, which it
terms illegal, will be that shareholders will be liable to
repay it.
Harcourt last week said it would pay 40 dlrs per share to
stockholders as a special dividend. Harcourt also announced an
extensive recapitalization plan, which analysts said was aimed
at thwarting a takeover effort by British Printing.
British Printing last week withdrew its 44 dlr per share,
or two billion dlr offer for Harcourt because of the
recapitalizaton plan. At the time, it said it was reviewing its
alternatives.
British Printing said it filed the suit after consultation
with its advisers. Its lawsuit also alleges that Harcourt
failed to disclose the effect of the special dividend on
Harcourt 6-3/8 pct convertible debentures.
British Printing alleges the effect will be an enormous
increase effective on the June eight record date for the
dividend in the number of Harcourt common shares issuable upon
conversion of the debentures. British Printing also charged
Harcourt is unlawfully coercing debenture holders to convert
denbentures before the record date because Harcourt may not
have enough authorized common shares to honor conversion after
the date.
British Printing holds 460,600 shares and 5.6 mln dlrs
worth of debentures.
The suit also alleges that management, the board of
directors, and First Boston engaged in an illegal scheme of
entrenchment through a combination of selling to First Boston
Securities Corp the super voting preferred at a bargain price,
the grant to the company employee stock plan of convertible
voting preferred, the six mln share open market repurchase
program and the manner in which its financing has been
structured.
|
test/17576 | test/17576 |@title steinberg:1 group:1 five:1 pct:1 pizza:1 inn:1 pza:1 |@word group:4 control:1 new:1 york:1 investor:1 saul:1 steinberg:2 tell:1 securities:1 exchange:1 commission:1 acquire:1 168:1 500:1 share:2 pizza:1 inn:1 inc:2 5:1 02:1 pct:1 total:1 outstanding:1 common:1 stock:3 include:1 reliance:2 financial:1 serivces:1 corp:1 subsidiary:1 holdings:1 rel:1 say:3 buy:2 investment:1 may:2 add:1 stake:1 sell:1 1:1 75:1 mln:1 dlrs:2 open:1 market:1 purchase:1 april:1 13:2 19:1 price:1 range:1 625:1 14:1 2661:1 | STEINBERG GROUP HAS FIVE PCT OF PIZZA INN <PZA>
A group controlled by New York
investor Saul Steinberg told the Securities and Exchange
Commission it has acquired 168,500 shares of Pizza Inn Inc, or
5.02 pct of the total outstanding common stock.
The group, which includes Reliance Financial Serivces Corp,
a subsidiary of Reliance Group Holdings Inc <REL>, said it
bought the stock as an investment. It said it might add to its
stake or sell some or all of it.
The Steinberg group said it bought the stock for 1.75 mln
dlrs in open market purchases between April 13 and May 19 at
prices ranging from 13.625 to 14.2661 dlrs a share.
|
test/17577 | test/17577 |@title fed:1 expect:1 set:1 customer:1 repurchase:1 |@word federal:1 reserve:3 expect:1 add:2 u:1 banking:1 system:1 arrange:1 round:1 customer:1 repurchase:1 agreement:1 morning:1 intervention:1 period:2 several:1 economist:1 say:1 however:1 judge:1 fed:2 almost:1 complete:1 requirement:1 statement:1 end:1 wednesday:1 need:1 operate:1 today:1 fund:1 trade:1 6:2 11:1 16:1 pct:2 compare:1 friday:1 average:1 63:1 | FED EXPECTED TO SET CUSTOMER REPURCHASES
The Federal Reserve is expected to add
reserves to the U.S. banking system by arranging a round of
customer repurchase agreements during this morning's
intervention period, several economists said.
Some others, however, judged that the Fed has almost
completed its reserve-adding requirement for the statement
period ending on Wednesday and will not need to operate today.
Fed funds were trading at 6-11/16 pct, compared with
Friday's average of 6.63 pct.
|
test/17579 | test/17579 |@title supermarkets:1 general:1 sgl:1 tender:1 expire:1 smg:1 |@word acquisition:1 corp:2 subsidiary:1 merrill:2 lynch:2 capital:1 partners:1 inc:1 say:3 38:1 3:1 mln:2 share:5 supermarkets:1 general:2 validly:2 tender:3 midnight:1 friday:1 expiration:1 result:1 preliminary:1 proration:2 factor:2 85:1 66:1 pct:2 expect:1 announce:1 final:1 within:1 10:1 business:1 day:1 begin:1 payment:1 immediately:1 thereafter:1 represent:1 98:1 75:2 outstanding:1 supermarket:1 announcement:1 cash:1 offer:1 32:1 8:1 46:1 dlrs:1 net:1 per:1 | SUPERMARKETS GENERAL <SGL> TENDER EXPIRES
SMG Acquisition Corp, a subsidiary of
Merrill Lynch Capital Partners Inc, said 38.3 mln shares of
Supermarkets General Corp were validly tendered by the midnight
Friday expiration, resulting in a preliminary proration factor
of 85.66 pct.
Merrill Lynch said it expects to announce the final
proration factor within 10 business days and begin payment
immediately thereafter. Shares validly tendered represented
about 98.75 pct of the outstanding shares of Supermarkets
General, the announcement said. The cash tender offer was for
up to 32.8 mln shares at 46.75 dlrs net per share.
|
test/17580 | test/17580 |@title monsanto:1 buy:1 rhone:1 poulenc:1 polyphenyl:1 business:1 |@word monsanto:5 chemical:2 company:1 unit:2 co:2 mtc:1 n:1 acquire:1 polyphenyls:2 business:1 rhone:2 poulenc:2 chimie:1 rhon:1 pa:1 say:2 statement:2 issue:1 european:1 headquarters:1 disclose:1 financial:1 detail:1 gustaaf:1 francx:1 general:1 manager:1 europe:1 africa:1 acquisition:1 would:1 help:1 expand:1 customer:1 base:1 use:1 component:1 high:1 temperature:1 heat:1 transfer:1 fluid:1 | MONSANTO TO BUY RHONE-POULENC POLYPHENYL BUSINESS
Monsanto Chemical Company, a unit of
Monsanto Co <MTC.N>, is to acquire the polyphenyls business of
Rhone-Poulenc Chimie, a unit of Rhone-Poulenc <RHON.PA>,
Monsanto said in a statement issued from its European
headquarters.
The statement did not disclose financial details.
Gustaaf Francx, general manager of Monsanto Chemical Co
Europe-Africa, said the acquisition would help Monsanto to
expand its customer base for polyphenyls, which are used as
components for high temperature heat transfer fluids.
|
test/17584 | test/17584 |@title 1:2 jun:2 1987:2 11:2 14:2 25:2 82:2 |@word | 1-JUN-1987 11:14:25.82
1-JUN-1987 11:14:25.82
|
test/17585 | test/17585 |@title borden:1 bn:1 acquire:1 major:1 pasta:1 maker:1 |@word borden:6 inc:4 say:8 acquire:2 prince:2 co:2 three:3 company:3 produce:2 grocery:1 product:2 180:1 mln:6 dlrs:6 four:1 expect:4 1987:1 sale:4 total:2 230:1 lowell:1 mass:1 producer:3 pasta:2 italian:1 food:1 sauce:1 account:1 210:1 year:2 13:1 regional:1 brand:2 premium:1 creamette:1 distribute:1 nearly:2 national:1 basis:1 toal:1 285:1 steero:1 bouillon:1 jersey:1 city:1 n:1 j:1 blue:1 channel:1 beaufort:1 c:1 canned:1 crabmeat:1 shrimp:1 line:1 dejean:1 packing:1 biloxi:1 miss:1 also:1 divestment:2 operation:1 50:1 45:1 cash:1 use:1 toward:1 purchase:1 new:1 business:1 polyco:1 cincinnati:1 ohio:1 make:1 polyvinyl:1 acetate:1 emulsion:1 rohm:1 haas:1 roh:1 announce:1 buyer:1 last:1 month:1 two:1 toy:1 model:1 hobby:1 item:1 heller:1 france:1 humbrol:1 england:1 process:1 | BORDEN <BN> TO ACQUIRE MAJOR PASTA MAKER
Borden Inc said it is acquiring <Prince
Co Inc> and three companies producing grocery products for 180
mln dlrs.
Borden said the four companies are expected to have 1987
sales totaling 230 mln dlrs.
It said Prince, a Lowell, Mass., producer of pasta and
Italian food sauces, is expected to account for 210 mln dlrs of
this total. This year's sales of Borden pasta -- by the 13
regional brands and the premium Creamette brand distributed on
a nearly national basis -- are expected to toal 285 mln dlrs,
it said.
Borden said the other three companies being acquired are
Steero Bouillon of Jersey City, N.J., Blue Channel Inc, a
Beaufort, S.C., producer of canned crabmeat, and the canned
shrimp products line of DeJean Packing Inc of Biloxi, Miss.
Borden also said the divestment of three operations with
about 50 mln dlrs a year in sales is expected to produce nearly
45 mln dlrs in cash for use toward the purchase of new
businesses.
It said the sale of Polyco of Cincinnati, Ohio, which makes
polyvinyl acetate emulsions, to Rohm and Haas Co <ROH> was
announced by the buyer last month.
Borden said the divestment of two producers of toy models
and hobby items -- Heller in France and Humbrol in England --
is in process.
|
test/17589 | test/17589 |@title suburban:1 bancorp:2 woodstock:1 merge:1 |@word suburban:4 bancorp:3 inc:2 woodstock:4 state:2 say:1 agree:1 merger:3 purchase:1 share:2 total:2 18:1 mln:3 dlrs:2 cash:1 hold:1 company:1 110:1 dlr:1 bank:2 bring:1 asset:1 661:1 13:1 subject:1 regulatory:1 shareholder:1 approval:1 | (SUBURBAN BANCORP), (WOODSTOCK BANCORP) TO MERGE
(Suburban Bancorp Inc) and
(Woodstock State Bancorp Inc) said they agreed to a merger
under which Suburban will purchase Woodstock's shares for a
total of more than 18 mln dlrs in cash and Suburban Bancorp
shares.
Woodstock is the holding company for the 110 mln dlr State
Bank of Woodstock. The merger will bring Suburban's assets to
661 mln dlrs and its total banks to 13.
The merger is subject to regulatory and shareholder
approval.
|
test/17593 | test/17593 |@title u:1 k:1 banker:1 consider:1 new:1 ecgd:1 financing:1 plan:1 |@word representative:1 major:1 u:1 k:1 base:1 bank:6 meet:1 today:1 consider:1 new:1 plan:5 reduce:2 cost:2 finance:1 british:1 export:2 guarantee:2 credit:5 department:1 ecgd:6 senior:1 banking:1 source:1 say:3 develop:1 conjunction:1 england:2 neither:1 would:5 comment:1 however:1 banker:2 one:1 main:1 point:1 discussion:1 refinance:3 bulk:1 medium:1 term:1 portfolio:1 international:1 capital:2 market:2 proposal:1 involve:1 introduce:1 set:1 interest:1 margin:3 back:2 debt:1 5:1 16:3 7:2 8:1 pct:3 depend:1 size:1 maturity:1 currency:1 likely:1 push:1 high:1 rate:1 return:1 still:1 propose:1 year:1 ago:1 government:2 attempt:1 unsuccessfully:1 initiate:1 another:1 reduction:1 time:1 expect:1 allow:1 realise:1 additional:1 saving:1 exist:1 original:1 lender:1 receive:1 residual:1 loan:1 10:1 mln:1 stg:1 3:1 large:1 transaction:1 | U.K. BANKERS CONSIDER NEW ECGD FINANCING PLAN
Representatives of major U.K. Based banks
are meeting here today to consider a new plan for reducing the
cost of financing British exports guaranteed by the Export
Credits Guarantee Department (ECGD), senior banking sources
said.
The plan is being developed in conjunction with the ECGD
and the Bank of England.
Neither the ECGD nor the Bank of England would comment on
the plan. However, bankers said one of the main points under
discussion is a plan to refinance the bulk of the ECGD's medium
term credit portfolio in the international capital markets.
The proposals involve introducing a set of interest margins
on ECGD backed debt of 5/16 to 7/8 pct, depending on the size
and maturity of the credit and the currency.
The banks are likely to push for a higher margin. Bankers
said that while these rates would reduce a bank's return they
would still be more than those proposed about a year ago when
the government attempted unsuccessfully to initiate another
cost reduction plan.
At the same time, the banks would be expected to allow the
ECGD to realise additional savings by refinancing existing
government backed credit in the capital markets.
On credits that are refinanced an original lender would
receive a residual margin of 7/16 pct for loans up to 10 mln
stg and 3/16 pct on larger transactions.
|
test/17595 | test/17595 |@title coke:2 consolidated:1 sell:1 canada:1 unit:1 |@word coca:3 cola:3 bottling:1 co:2 consolidated:1 say:2 agree:1 principle:1 sell:1 vancouver:1 base:1 canadian:1 bottle:1 subsidiary:1 ko:1 undisclosed:1 term:2 closing:1 expect:1 within:1 60:1 day:1 subject:1 regulatroy:1 approval:1 company:1 sale:1 previously:1 announce:1 agreement:1 buy:1 1:1 600:1 000:1 coke:1 consolidate:1 common:1 share:1 operate:1 cash:1 flow:1 allow:1 reduce:1 long:1 debvt:1 200:1 nmln:1 dlrs:2 325:1 mln:1 end:1 first:1 quarter:1 | COKE CONSOLIDATED <COKE.O> TO SELL CANADA UNIT
Coca-Cola Bottling Co
Consolidated said it has agreed in principle to sell its
Vancouver-based Canadian bottling subsidiary to Coca-Cola Co
<KO> for undisclosed terms, with closing expected within 60
days subject to regulatroy approvals.
The company said the sale, a previously-announced agreement
for Coca-Cola to buy 1,600,000 Coke Consolidated common shares
and operating cash flow should allow it to reduce its long-term
debvt to about 200 nmln dlrs from 325 mln dlrs at the end of
the first quarter.
|
test/17596 | test/17596 |@title campeau:1 cmp:1 unit:1 sell:1 garfinckel:1 |@word campeau:3 corp:3 say:5 allied:3 stores:1 enter:1 definitive:1 agreement:2 sell:3 garfinckel:2 division:2 raleigh:1 stories:1 95:1 mln:2 dlrs:2 transaction:1 expect:2 close:1 july:1 company:3 net:1 sale:1 fiscal:1 1986:1 111:1 9:1 remain:1 near:1 future:1 announce:1 first:1 unit:1 april:1 | CAMPEAU <CMP.T> UNIT TO SELL GARFINCKEL'S
Campeau Corp said its Allied Stores Corp
entered into a definitive agreement to sell its Garfinckel's
division to <Raleigh Stories Corp> for 95 mln dlrs.
The transaction is expected to close in July, the company
said.
Garfinckel's net sales for fiscal 1986 were 111.9 mln dlrs,
the company said.
Campeau said it expects to sell its remaining Allied
divisions in the near future. Campeau announced its first
agreement to sell an Allied unit in April, the company said.
|
test/17597 | test/17597 |@title wallace:1 computer:1 wcs:1 buy:1 office:1 product:1 firm:1 |@word wallace:1 computer:1 services:1 inc:2 say:1 acquire:1 12:1 mln:1 dlrs:1 cash:1 industrial:1 revenue:1 bond:1 certain:1 asset:1 rockwell:1 barnes:1 chicago:1 base:1 office:1 product:1 company:1 | WALLACE COMPUTER <WCS> BUY OFFICE PRODUCTS FIRM
Wallace Computer Services Inc said
it acquired for 12 mln dlrs in cash and industrial revenue
bonds, certain assets of Rockwell-Barnes Inc, a Chicago-based
office products company.
|
test/17601 | test/17601 |@title sun:2 acquire:1 wyome:1 field:1 |@word wolverine:2 exploration:1 co:2 say:2 substantially:1 material:1 aspect:1 agreement:1 sell:2 8:1 95:1 pct:2 work:2 interest:3 luckey:1 ditch:1 unit:2 unita:1 county:1 wyo:1 sun:2 inc:1 satisfy:1 closing:1 transaction:1 schedule:1 june:1 eight:1 company:1 agree:1 7:1 250:1 000:1 dlrs:1 subject:1 downward:1 adjustment:1 certain:1 title:1 state:1 requirement:1 already:1 44:1 | SUN <SUN> TO ACQUIRE MORE OF WYOMING FIELD
<Wolverine Exploration Co> said
substantially all the material aspects of the agreement to sell
its 8.95 pct working interest in the Luckey Ditch unit in Unita
County, Wyo., to Sun Co Inc have been satisfied.
Closing of the transaction is scheduled for June eight,
Wolverine said. The company agreed to sell its interest for
7,250,000 dlrs, subject to downward adjustment for certain
title and state requirements. Sun already owns a 44 pct working
interest in the unit.
|
test/17607 | test/17607 |@title consolidated:1 professor:1 cpf:1 1st:1 qtr:1 net:1 |@word shr:1 profit:2 one:1 ct:1 vs:3 nil:1 net:1 163:1 016:1 loss:1 23:1 527:1 revs:1 250:1 469:1 48:1 473:1 note:1 full:1 name:1 consolidated:1 professor:1 mines:1 ltd:1 | CONSOLIDATED PROFESSOR <CPF.TO> 1ST QTR NET
Shr profit one ct vs nil
Net profit 163,016 vs loss 23,527
Revs 250,469 vs 48,473
Note: Full name Consolidated Professor Mines Ltd.
|
test/17612 | test/17612 |@title geodyne:1 geod:1 set:1 warrant:1 acquisition:1 |@word geodyne:10 resources:1 inc:2 say:6 iit:1 file:2 registration:2 securities:1 exchange:2 commission:1 cover:1 plan:1 offering:1 3:1 6:2 mln:3 warrant:6 buy:2 common:2 company:5 also:2 board:3 evaluate:2 proposal:1 acquire:1 closely:1 hold:1 snyder:6 exploration:1 co:1 one:4 share:3 member:2 senior:2 management:2 serve:1 painewebber:5 group:1 pwj:1 40:1 pct:3 12:1 outstanding:1 substantial:1 equity:1 interest:1 acquisition:1 employ:1 affiliate:1 subject:1 approval:1 series:1 c:1 prefer:1 shareholder:1 resource:1 relate:1 stock:2 sec:1 yet:1 become:1 effective:1 owner:1 painwebber:1 president:2 michael:1 w:1 tomasso:1 executive:2 vice:1 james:1 offer:1 solely:1 investor:3 energy:1 income:1 program:3 ii:1 every:2 100:1 dlrs:2 invest:1 entitle:2 purchase:1 price:5 equal:2 120:1 average:2 closing:1 15:2 trading:1 day:2 prior:1 formation:1 partnership:1 subscribe:1 adddition:1 investment:1 market:1 receive:1 500:1 subcription:1 generate:1 four:1 year:1 vest:1 period:1 would:1 exercise:1 150:1 currently:1 25:1 ct:1 suject:1 evaluation:1 independent:1 underwriter:1 | GEODYNE <GEOD.O> SETS WARRANTS, ACQUISITION
Geodyne Resources Inc said iit filed a
registration with the Securities and Exchange Commission
covering a planned offering of 3.6 mln warrants to buy its
common.
The company also said its board is evaluating a proposal to
acquire closely-held <Snyder Exploration Co> for one mln
Geodyne shares. Members of Geodyne's senior management also
serve as senior management at Snyder and PaineWebber Group Inc
<PWJ>, which owns 40 pct of Geodyne's 12.6 mln outstanding
shares, has a substantial equity interest in Snyder.
The acquisition is being evaluated by Geodyne board members
not employed by the company, PaineWebber or any company
affiliated with PaineWebber. It will be subject to approval by
the board and series C preferred shareholders.
Geodyne Resources said a registration related to the stock
to be exchanged for Snyder has been filed with the SEC but has
not yet become effective.
The Snyder owners other than PainWebber are Geodyne's
president, Michael W. Tomasso, and its executive vice
president, James D. Snyder.
The company said the warrants will be offered solely to
investors in the PaineWebber/Geodyne Energy Income Program II.
For every 100 dlrs invested in the program, an investor will be
entitled to buy one warrant to purchase one Geodyne common
share at a price equal to 120 pct of the average closing price
of the stock for the 15 trading days prior to formation of the
partnership to which the investor subscribes.
In adddition, Geodyne said, PaineWebber investment
executives who market the program will be entitled to receive
one warrant for every 500 dlrs in subcriptions generated after
a four-year vesting period. These warrants would have an
exercise price equal to 150 pct of the 15-day average.
The company said the warrants are currently priced at 25
cts each, but this price is suject to further evaluation by an
independent underwriter.
|
test/17616 | test/17616 |@title detection:1 systems:1 detc:1 year:1 end:1 march:1 31:1 |@word shr:1 36:1 ct:1 vs:3 nil:1 net:1 713:1 000:2 1:1 500:1 rev:1 13:1 mln:1 9:1 328:1 | DETECTION SYSTEMS <DETC.O> YEAR END MARCH 31
Shr 36 cts vs nil
Net 713,000 vs 1,500
Revs 13 mln vs 9,328,000
|
test/17617 | test/17617 |@title j:1 bildner:1 sons:1 inc:1 jbil:1 1st:1 qtr:1 |@word shr:1 one:1 ct:1 vs:3 nil:1 net:1 32:1 345:1 3:1 772:1 revs:1 9:1 946:1 578:1 5:1 939:1 252:1 | J. BILDNER AND SONS INC <JBIL.O> 1ST QTR
Shr one ct vs nil
Net 32,345 vs 3,772
Revs 9,946,578 vs 5,939,252
|
test/17618 | test/17618 |@title compromise:1 see:1 likely:1 conoco:1 statoil:1 dispute:1 |@word norway:3 expect:1 seek:1 compromise:1 solution:2 defuse:1 row:1 den:1 norske:1 stat:2 oljeselskap:1 old:1 statoil:3 conoco:4 norge:1 firm:1 operate:1 heidrun:6 oil:3 field:4 government:6 source:3 say:2 ask:1 name:1 likely:2 recommend:1 allow:2 continue:1 operator:2 development:2 phase:1 take:2 production:1 start:1 early:1 1990s:1 minister:1 arne:1 oeien:1 tell:1 reuters:1 today:1 discuse:1 matter:1 final:1 decision:2 several:1 question:1 remain:1 unresolved:1 unlikely:1 would:2 announce:1 operatorship:1 thursday:1 cabinet:1 meeting:1 discuss:1 propose:1 company:2 add:1 spring:1 state:1 exercise:1 option:1 exploration:2 license:1 approve:1 relieve:1 move:1 sharply:1 criticise:1 often:1 cite:1 industry:1 candidate:1 first:1 project:1 haltenbanken:1 tract:1 central:1 | COMPROMISE SEEN LIKELY OVER CONOCO-STATOIL DISPUTE
Norway is expected to seek a compromise
solution to defuse a row between Den Norske Stats Oljeselskap
A/S <STAT.OL> (Statoil) and Conoco Norge A/S over which firm
will operate the Heidrun oil field, government sources said.
The sources, who asked not to be named, said the government
will likely recommend that Conoco be allowed to continue as the
field's operator through the development phase, with Statoil
taking over only after production starts in the early 1990s.
Oil Minister Arne Oeien told Reuters the government had
today discused the Heidrun matter but that no final decision
had been taken and several questions remained unresolved.
It was unlikely the government would announce its decision
on Heidrun operatorship until after Thursday's cabinet meeting
and after discussing a proposed solution with both companies,
the sources added.
This spring Norway's state-owned oil company Statoil
exercised an option in the Heidrun field exploration license
that, if approved by the government, would allow it to relieve
Conoco as Heidrun operator, a move sharply criticised by
Conoco.
Heidrun is often cited by the government and industry as
the most likely candidate for the first field development
project on the Haltenbanken exploration tract off central
Norway.
|
test/17619 | test/17619 |@title fiat:1 unit:1 fidis:1 report:1 sharply:1 high:1 1986:1 profit:1 |@word year:1 1986:1 net:1 profit:1 132:1 billion:4 lira:3 vs:2 82:1 ordinary:1 share:2 dividend:1 500:1 400:1 note:1 finanziaria:1 di:1 sviluppo:1 spa:2 financial:1 service:1 subsidiary:1 fiat:2 mi:1 say:1 statement:1 shareholder:1 approve:1 previously:1 announce:1 nominal:1 capital:1 increase:1 125:1 250:1 | FIAT UNIT FIDIS REPORTS SHARPLY HIGHER 1986 PROFIT
Year 1986
Net profit 132 billion lire vs 82 billion
Ordinary share dividend 500 lire vs 400
Note - <Finanziaria Di Sviluppo Spa>, a financial services
subsidiary of Fiat Spa <FIAT.MI>, said in a statement that
shareholders approved a previously announced nominal share
capital increase from 125 billion lire to 250 billion.
|
test/17620 | test/17620 |@title dutch:1 official:1 rate:1 cut:1 see:1 still:1 likely:1 |@word cut:5 half:2 percentage:1 point:2 dutch:7 official:6 interest:4 rate:23 still:1 prospect:1 although:1 economist:4 say:12 timing:1 would:7 depend:2 bundesbank:5 moves:1 speculation:1 rife:1 central:7 bank:12 encourage:1 strong:2 guilder:5 mark:4 relationship:2 wide:1 premium:1 money:6 capital:2 market:6 german:4 may:1 lower:4 without:1 move:2 first:1 last:2 month:2 special:4 advance:4 5:7 1:2 pct:16 25:3 drop:1 repurchase:2 tender:1 3:4 55:1 8:1 remain:1 force:2 hold:1 five:2 secure:2 loan:4 govern:1 commercial:1 borrowing:1 give:1 fall:3 west:5 repo:1 trigger:2 low:3 tariff:2 analyst:4 february:1 discount:1 three:2 remove:1 surcharge:1 lending:2 credit:2 quota:2 since:2 however:2 finance:2 ministry:2 make:1 clear:1 favour:1 april:1 president:1 wim:1 duisenberg:1 follow:1 week:1 express:1 satisfaction:1 raise:2 2:1 billion:1 guilde:3 six:1 coupon:1 state:1 price:1 100:3 10:2 effective:1 yield:2 98:1 1965:1 technically:1 difference:1 secured:1 apply:1 add:1 extra:1 liquidity:1 dealer:2 security:1 pact:1 result:1 ease:3 provide:1 permit:2 aim:1 keep:1 stable:1 around:3 parity:1 value:1 within:1 european:1 monetary:1 system:1 112:2 673:1 per:2 today:1 foreign:1 exchange:1 buying:2 push:2 cent:1 705:1 fix:1 level:1 change:1 differential:1 germany:2 netherlands:2 abn:2 expect:2 short:1 term:2 new:1 wage:2 agreement:2 inflation:5 expectation:1 put:1 upward:1 pressure:1 long:1 outlook:1 1987:1 nil:1 even:1 negative:1 late:1 economic:2 forecast:1 growth:2 outcome:1 collective:1 negotiation:1 whether:1 could:5 cost:1 supply:1 run:2 4:1 january:1 also:1 contribute:1 amro:1 lead:1 two:1 next:1 year:2 currently:2 average:1 6:2 stop:1 second:1 stabilize:1 spree:1 bond:1 bring:1 probably:1 temporarily:1 period:1 trade:1 12:1 | DUTCH OFFICIAL RATE CUT SEEN STILL LIKELY
A cut of about half a percentage point
in Dutch official interest rates is still in prospect, although
economists said the timing would depend on Bundesbank moves.
Speculation has been rife that the Dutch Central Bank,
encouraged by a strong guilder/mark relationship and wide
premiums for Dutch money and capital market rates over German,
might lower rates without the Bundesbank moving first.
Last month, the Central Bank lowered its special advances
rate to 5.1 pct from 5.25 pct after the Bundesbank dropped its
repurchase tender rate to 3.55 pct from 3.8 pct.
That rate has remained in force, just holding above the
five pct official secured loans rate which governs commercial
bank borrowings.
Given a strong guilder, a further fall in the West German
repo rate would trigger a lower special advances tariff,
forcing an official Dutch rate cut, analysts said.
In February, when the Bundesbank cut its discount rate to
three pct from 3.5 pct, the Central Bank only lowered money
market rates and removed a surcharge over the secured loans
rate on lending under its three month credit quota.
Since then, however, both the Central Bank and Finance
Ministry have made it clear they favour lower official rates.
In April, Central Bank President Wim Duisenberg said he
would follow any Bundesbank cut, and last week the Finance
Ministry expressed satisfaction when it raised 2.25 billion
guilders with a six pct coupon state loan priced at 100.10 pct
for an effective yield of 5.98 pct, the lowest since 1965.
Technically, analysts said, there has to be a difference
between the secured loans rate which applies to lending under
the credit quota, and the tariff on special advances which add
extra liquidity to the money market.
Bank economists and dealers said a West German move to
further lower the rate on securities repurchase pacts would
result in the Central Bank easing the special advance rate,
provided the guilder/mark relationship permitted.
The Central Bank aims to keep the guilder stable around its
parity value within the European Monetary System of 112.673
guilders per 100 marks.
Today, foreign exchange buying pushed the mark up 10
guilder cents to 112.705 guilders per 100 at the fix, a level
that would not permit a change in the interest rate
differential between West Germany and the Netherlands, dealers
said.
An economist at ABN Bank said he expected West German and
Dutch interest rates to ease in the short term. However, he
said new wage agreements in West Germany had raised inflation
expectations which would put upward pressure on interest rates
in the longer term.
In the Netherlands, the inflation outlook for 1987 is nil,
or even negative, while the latest official economic forecasts
point to a falling rate of economic growth.
'It will depend on the outcome of collective wage agreement
negotiations here whether there could be cost push inflation,'
the ABN economist said.
He said Dutch money supply growth, which ran at 3.4 pct in
January, could also contribute to some inflation.
At Amro Bank, a leading analyst said inflation could run to
two pct next year. The bank expects Dutch capital market rates,
currently averaging around 6.1 pct, to stop easing in the
second half of this year and stabilize around 5.6 pct.
Analysts said an official rate cut could trigger a buying
spree on the bond market which would bring yields down,
probably only temporarily, while money rates could fall below
five pct.
Currently, all periods are traded at 5.12 to 5.25 pct in
the money market.
|
test/17622 | test/17622 |@title northgate:1 quebec:1 gold:1 worker:1 end:1 strike:1 |@word northgate:2 exploration:1 ltd:1 say:3 hourly:1 pay:2 worker:2 two:1 chibougamau:2 quebec:1 mine:2 vote:1 weekend:1 accept:1 new:2 three:1 year:2 contract:2 offer:1 return:1 work:1 today:1 one:1 month:1 strike:2 represent:1 united:1 steelworkers:1 america:1 would:1 receive:1 1:1 21:1 dlr:1 hour:1 raise:1 life:1 improve:1 benefit:1 produce:2 23:1 400:1 ounce:2 gold:2 first:1 quarter:1 slow:1 production:1 still:1 look:1 forward:1 satisfactory:1 performance:1 81:1 500:1 last:1 | NORTHGATE QUEBEC GOLD WORKERS END STRIKE
Northgate Exploration Ltd said
hourly-paid workers at its two Chibougamau, Quebec mines voted
on the weekend to accept a new three-year contract offer and
returned to work today after a one-month strike.
It said the workers, represented by United Steelworkers of
America, would receive a 1.21 dlr an hour pay raise over the
life of the new contract and improved benefits.
Northgate, which produced 23,400 ounces of gold in first
quarter, said that while the strike slowed production, 'We are
still looking forward to a very satisfactory performance.'
The Chibougamau mines produced 81,500 ounces of gold last
year.
|
test/17625 | test/17625 |@title royal:1 gold:1 rgld:1 agree:1 make:1 acquisition:1 |@word royal:4 gold:3 inc:1 say:3 sign:1 two:2 agreement:2 principle:1 acquire:2 stock:2 transwestern:2 mining:1 co:1 unit:2 1:2 mln:1 share:2 common:1 asset:1 mostly:1 property:1 add:1 expect:1 close:1 deal:2 june:1 18:1 19:1 subject:2 standard:1 closing:2 condition:1 include:1 title:1 environmental:1 approval:1 definitive:1 issue:1 registration:1 right:1 | ROYAL GOLD <RGLD.O> AGREES TO MAKE ACQUISITION
Royal Gold Inc said it has signed two
agreements in principle to acquire the stock of two
<Transwestern Mining Co> units for 1.1 mln shares of Royal Gold
common stock.
Royal said the assets of the units it will acquire from
Transwestern are mostly gold properties.
It added it expects to close the deals on June 18 and 19,
subject to standard closing conditions, including title and
environmental approval and closing of a definitive agreement.
Royal said the shares issued in the deal will be subject to
registration rights.
|
test/17630 | test/17630 |@title hawkins:1 chemical:1 inc:1 hwkn:1 2nd:1 qtr:1 mar:1 31:1 net:1 |@word shr:2 12:1 ct:4 vs:6 six:2 net:2 398:1 318:1 211:1 801:1 sale:2 7:2 385:1 107:1 275:1 162:1 mth:1 22:1 13:1 736:1 219:1 446:1 288:1 14:2 3:1 mln:2 2:1 note:1 per:1 share:1 earning:1 adjust:1 ten:1 pct:1 stock:1 dividend:1 pay:1 february:1 1987:1 | HAWKINS CHEMICAL INC<HWKN.O> 2ND QTR MAR 31 NET
Shr 12 cts vs six cts
Net 398,318 vs 211,801
Sales 7,385,107 vs 7,275,162
Six Mths
Shr 22 cts vs 13 cts
Net 736,219 vs 446,288
Sales 14.3 mln vs 14.2 mln
NOTE: Per share earnings adjusted for ten pct stock
dividend paid February 1987.
|
test/17632 | test/17632 |@title northgate:1 ngx:1 quebec:1 workers:1 end:1 strike:1 |@word northgate:2 exploration:1 ltd:1 say:3 hourly:1 pay:2 worker:2 two:1 chibougamau:2 quebec:1 mine:2 vote:1 weekend:1 accept:1 three:1 year:2 contract:2 offer:1 return:1 work:1 today:1 one:1 month:1 strike:2 represent:1 united:1 steelworkers:1 america:1 would:1 receive:1 1:1 21:1 dlr:1 hour:1 raise:1 life:1 new:1 improve:1 benefit:1 produce:2 23:1 400:1 ounce:2 gold:2 first:1 quarter:1 slow:1 production:1 still:1 look:1 forward:1 satisfactory:1 performance:1 81:1 500:1 last:1 | NORTHGATE <NGX> QUEBEC WORKERS END STRIKE
Northgate Exploration Ltd said
hourly-paid workers at its two Chibougamau, Quebec, mines voted
on the weekend to accept a three-year contract offer and
returned to work today after a one-month strike.
It said the workers, represented by United Steelworkers of
America, would receive a 1.21-dlr-an-hour pay raise over the
life of the new contract and improved benefits.
Northgate, which produced 23,400 ounces of gold in first
quarter, said that while the strike slowed production, 'We are
still looking forward to a very satisfactory performance.' The
Chibougamau mines produced 81,500 ounces of gold last year.
|
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