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test/17837 | test/17837 |@title edelman:1 group:1 cut:1 burlington:1 bur:1 stake:1 |@word new:1 york:1 investor:1 asher:1 edelman:4 dominion:4 textile:1 inc:2 dtx:1 currently:1 seek:1 acquire:1 burlington:6 industries:1 hostile:2 tender:2 offer:2 say:4 lower:1 stake:2 company:2 filing:1 secrutie:1 exchange:1 commission:1 group:5 know:1 samjens:1 acqusition:1 corp:1 sell:1 option:2 buy:1 258:1 800:1 common:1 share:5 reduce:1 3:3 408:1 813:1 12:1 33:1 pct:2 667:1 313:1 13:1 sale:1 represent:1 make:1 may:1 28:1 8:1 7:1 mln:1 dlrs:3 last:1 week:1 sweeten:1 77:1 agree:1 leverage:1 buyout:1 morgan:3 stanley:3 co:1 back:1 76:1 litigation:1 pende:1 also:1 hold:1 talk:1 possibility:1 settlement:1 outstanding:1 matter:1 among:1 | EDELMAN GROUP CUTS BURLINGTON <BUR> STAKE
New York investor Asher Edelman and
Dominion Textile Inc <DTX.T>, who are currently seeking to
acquire Burlington Industries Inc in a hostile tender offer,
said they lowered their stake in the company.
In a filing with the Secruties and Exchange Commission, the
Edelman/Dominion group, known as Samjens Acqusition Corp, said
it sold options to buy 258,800 Burlington common shares,
reducing its stake in the company to 3,408,813 shares, or 12.33
pct, from 3,667,313 shares, or 13.3 pct.
The group said the sale, which represented all the
Burlington options it owned, was made May 28 for 8.7 mln dlrs.
The Edelman/Dominion group last week sweetened its hostile
tender offer to 77 dlrs a share, after Burlington agreed to a
leveraged buyout by a Morgan Stanley and Co-backed group for 76
dlrs a share.
But the Edelman/Dominion group, which has litigation
pending against Burlington, also said it has held talks with
Morgan Stanley about 'the possibility of settlement of
outstanding matters among' it, Morgan Stanley and Burlington.
|
test/17839 | test/17839 |@title entertainment:1 marketing:1 top:1 crazy:1 eddie:1 offer:1 |@word quickly:1 grow:1 texas:1 base:2 distributor:2 electronic:7 product:2 offer:5 240:1 mln:7 dlrs:9 crazy:12 eddie:13 inc:3 crzy:1 lead:1 new:4 york:3 city:3 retailer:4 one:2 dlr:4 per:1 share:10 founder:3 bid:3 8:2 entertainment:10 marketing:10 come:1 less:1 two:1 week:1 antar:5 firm:1 control:2 belzberg:4 canada:1 announce:2 take:2 32:1 store:1 chain:2 private:1 analyst:5 say:7 whose:3 revenue:2 profit:2 quadruple:1 1986:2 may:3 look:1 break:1 highly:1 competitive:1 retail:1 market:1 consumer:2 nation:1 big:1 time:1 fortune:1 sag:1 question:1 whether:1 houston:1 found:1 former:1 present:1 buinesse:1 primarily:2 wholesale:1 management:4 expertise:1 retailing:3 merely:1 try:2 drive:2 price:2 already:2 mix:1 feeling:1 dennis:1 telzrow:1 eppler:1 geurin:1 turner:1 dallas:1 brokerage:2 hand:2 probably:1 cheap:1 talent:1 run:2 people:1 leave:1 risky:1 strategy:1 eliot:1 laurence:2 wessel:1 arnold:1 henderson:1 minneapolis:1 concentrate:1 want:1 keep:1 place:1 since:4 4:2 3:4 percent:2 31:1 million:1 get:1 group:2 increase:1 7:2 jump:1 high:1 range:1 20:1 rise:2 another:1 50:3 cent:2 monday:2 375:1 counter:1 trading:1 reclusive:1 philadelphia:1 connecticut:1 area:1 last:2 month:1 14:1 spokesman:1 company:2 board:1 decision:1 worth:2 187:1 would:2 comment:1 sell:1 computer:1 disk:1 often:1 discount:1 electronics:1 good:1 southwest:1 directly:1 cable:1 television:1 fiscal:1 end:1 january:1 87:1 9:2 21:1 previous:1 year:1 net:1 go:1 2:1 750:1 000:1 1985:1 chief:1 executive:1 officer:1 elias:1 zinn:1 business:1 statement:1 commit:1 toward:1 purchase:1 retain:1 dean:1 witter:1 reynolds:1 assist:1 finance:1 balance:1 telzerow:1 estimate:1 borrow:1 100:1 complete:1 propose:1 buyout:1 cash:1 asset:1 amount:1 12:1 5:1 | ENTERTAINMENT MARKETING TOPS CRAZY EDDIE OFFER
A quickly growing Texas-based
distributor of electronics products offered 240 mln dlrs
for Crazy Eddie Inc <crzy>, the leading New York City
electronics retailer, or one dlr per share more than its
founder has bid.
The 8-dlr-a-share offer by Entertainment Marketing Inc <em>
for Crazy Eddie comes less than two weeks after founder Eddie
Antar and a firm controlled by the Belzbergs of Canada
announced a bid to take the 32-store Crazy Eddie chain private.
Analysts said Entertainment Marketing, whose revenues and
profits quadrupled in 1986, may be looking to break into the
highly competitive New York City retail market for consumer
electronics, the nation's biggest, at a time the fortunes of
electronics retailers have sagged.
The analysts questioned whether Houston-based Entertainment
Marketing, founded by a former electronics retailer but whose
present buinesses are primarily as wholesale distributors, had
the management expertise for retailing or was merely trying to
drive up the price of the Crazy Eddie shares it already owns.
'I have mixed feelings,' said analyst Dennis Telzrow of
Eppler, Geurin and Turner, a Dallas brokerage. 'On the one hand
it's probably a cheap price. On the other hand, does
Entertainment Marketing have the management talent to run it
and will the Crazy Eddie people leave?'
'It's a risky strategy for Entertainment Marketing,' said
analyst Eliot Laurence of Wessels Arnold and Henderson, a
Minneapolis brokerage. 'Electronics retailing is very management
concentrated; they'd want to keep Crazy Eddie's management in
place.'
Laurence said that, since Entertainment Marketing already
owns 4.3 percent of Crazy Eddie's 31.3 million shares, it may
be trying to get the Antar-Belzberg group to increase its
7-dlr-a-share offer.
Shares of Crazy Eddie, which have jumped from the high
4-dlr range to above 7 dlrs since the Antar-Belzberg bid was
announced May 20, rose another 50 cents Monday to 8.375 a share
in over-the- counter trading.
Antar, the reclusive founder of the chain in the New York
City, Philadelphia and Connecticut areas, said last month that
his group controlled 14 percent of Crazy Eddie's shares.
A Crazy Eddie spokesman said the company's board has taken
no decision on the Antar-Belzberg offer, worth some 187 mln dlrs
since they own more shares than Entertainment Marketing. He
would not comment on the new offer.
Entertainment Marketing sells computer products such as
disk drives and other, often discounted electronics goods to
retailers, primarily in the southwest, and directly to
consumers by cable television.
In fiscal 1986, ending last January, its revenues rose to
87.9 mln dlrs from 21.3 mln dlrs the previous year. Net profit
went to 3.2 mln dlrs from 750,000 dlrs in 1985.
Entertainment Marketing, whose chief executive officer,
Elias Zinn, once ran an electronics retailing business, said in
a statement it had committed 50 mln dlrs toward the purchase
of Crazy Eddie and had retained Dean Witter Reynolds Inc to
assist in financing the balance.
Analyst Telzerow estimated that the company would have to
borrow about 100 mln dlrs to complete the proposed buyout since
Crazy Eddie has cash and other assets worth about the same
amount.
Shares of Entertainment Marketing were up 12.5 cents Monday
to 9.50.
|
test/17847 | test/17847 |@title first:1 union:1 func:1 complete:1 acquisition:1 |@word first:1 union:1 corp:1 say:1 complete:1 acquisition:1 two:1 florida:1 base:3 banks:1 north:2 port:2 bank:2 city:1 commerical:1 sarasota:1 | FIRST UNION <FUNC.O> COMPLETES ACQUISITIONS
First Union Corp said it
completed the acquisition of two Florida-based banks, North
Port Bank, based in North Port, and City Commerical Bank, based
in Sarasota.
|
test/17848 | test/17848 |@title crop:2 genetic:1 international:1 4th:1 qtr:1 |@word 4th:1 qtr:1 end:1 march:1 31:1 shr:2 loss:7 24:1 ct:3 vs:6 19:1 net:2 751:1 900:1 569:1 000:1 revs:2 497:1 500:1 811:1 400:1 year:1 1:2 13:1 dlrs:1 70:1 3:1 472:1 700:1 990:1 300:2 2:2 484:1 100:1 498:1 | CROP GENETICS INTERNATIONAL <CROP.O> 4TH QTR
4th qtr ended March 31.
Shr loss 24 cts vs loss 19 cts
Net loss 751,900 vs loss 569,000
Revs 497,500 vs 811,400
Year
Shr loss 1.13 dlrs vs loss 70 cts
Net loss 3,472,700 vs 1,990,300
Revs 2,484,100 vs 2,498,300
|
test/17849 | test/17849 |@title investor:1 may:1 take:1 computerland:1 public:1 |@word investor:3 group:2 agree:2 buy:2 computerland:9 corp:3 likely:1 take:2 lead:2 personal:2 computer:2 retailer:2 public:1 sell:1 industry:2 analyst:3 say:6 good:1 time:1 joe:1 levy:2 international:2 data:1 bottom:1 way:1 earlier:1 today:1 closely:1 hold:1 large:1 pc:3 retailing:1 chain:2 country:1 e:4 warburg:4 pincus:1 co:1 new:1 york:1 neither:1 96:1 pct:2 founder:1 william:1 h:1 millard:2 money:2 management:2 venture:2 capital:2 firm:1 would:2 disclose:1 value:1 transaction:1 estimate:1 whose:1 800:1 store:2 generate:1 1:2 4:1 billion:3 dlrs:5 sale:3 last:1 year:1 fetch:1 150:1 mln:2 250:1 franchise:2 owner:2 pay:1 royalty:2 average:1 5:3 9:1 parent:1 company:3 official:2 refer:1 question:1 could:1 immediately:1 reach:1 comment:1 currently:1 manage:1 fund:1 past:1 investment:1 include:1 mattel:1 inc:2 mat:1 ingersoll:1 newspaper:1 also:1 manager:1 3:1 although:1 benefit:1 strong:1 upturn:1 must:1 make:1 key:1 change:1 fend:1 advance:1 rival:1 like:1 businessland:1 busl:1 tandy:1 tan:1 radio:1 shack:1 name:1 game:1 outbound:1 force:2 customer:2 service:1 support:1 datum:1 relation:1 mellow:1 recently:1 give:1 managment:1 control:1 1985:1 ed:1 faber:1 chairman:1 chief:1 executive:1 officer:1 revamp:1 plan:1 help:1 quell:1 much:1 franchisee:1 dissent:1 | INVESTORS MAY TAKE COMPUTERLAND PUBLIC
The investor group that has agreed to
buy <Computerland Corp> will likely take the leading personal
computer retailer public or sell it to other investors,
industry analysts said.
'Now's a good time,' said Joe Levy of International Data
Corp. 'The personal computer industry has bottomed out and is
on the way up again,' he said.
Earlier today, closely held Computerland, the largest PC
retailing chain in the country, said it agreed to be bought by
an investor group led by E.M. Warburg Pincus and Co, New York.
Neither Computerland, which is 96 pct owned by its founder,
William H. Millard, nor E.M. Warburg, a money management and
venture capital firm, would disclose the value of the
transaction.
Analysts estimated that Computerland, whose 800 stores
generated 1.4 billion dlrs in sales last year, would fetch 150
mln dlrs to 250 mln dlrs. Computerland franchise owners pay
royalties averaging 5.9 pct to the parent company.
Officials for E.M. Warburg referred all questions to
Computerland. Computerland officials could not immediately be
reached for comment.
E.M. Warburg currently manages 1.5 billion dlrs in venture
capital funds, and its past investments have included Mattel
Inc <MAT> and the Ingersoll newspaper chain. It is also a money
manager, with 3.5 billion dlrs under management.
Although the PC retailers are benefitting from the strong
upturn in PC sales, analysts said Computerland must make key
changes if it is to fend off advances from rivals like
Businessland Inc <BUSL.O> and Tandy Corp's <TAN> Radio Shack
stores. 'The name of the game now is outbound sales forces,
customer service and customer support,' said Levy of
International Data.
Relations between Computerland and its franchise owners
have mellowed recently after Millard was forced to give up
managment control of the company in 1985.
Ed Faber, who took over as chairman and chief executive
officer, revamped the company's royalty plan, which help quell
much of the franchisee dissent.
|
test/17853 | test/17853 |@title ladd:2 unit:1 complete:1 acquisition:1 |@word ladd:1 furniture:3 inc:2 clayton:1 marcus:1 subsidiary:1 say:1 complete:1 previously:1 announce:1 purchase:1 privately:1 hold:1 colony:1 house:1 undisclosed:1 amount:1 cash:1 note:1 | LADD <LADD.O> UNIT COMPLETES ACQUISITION
Ladd Furniture Inc's Clayton-Marcus
Furniture subsidiary said it completed the previously announced
purchase of privately-held Colony House Furniture Inc
for an undisclosed amount of cash and notes.
|
test/17857 | test/17857 |@title cis:2 cisif:1 agree:1 second:1 extension:1 |@word technologies:1 inc:1 say:2 swiss:1 reinsurance:1 co:1 zurich:1 switzerland:1 agree:1 second:1 extension:1 two:1 date:3 final:1 part:1 share:1 purchase:1 agreement:1 june:3 one:1 election:1 extend:1 15:1 30:1 closing:1 change:1 july:1 31:1 | CIS <CISIF.O> AGREES TO SECOND EXTENSION
CIS Technologies Inc said that it
and the Swiss Reinsurance Co of Zurich, Switzerland agreed to a
second extension of two dates for the final part of their share
purchase agreement.
It said the June one election date has been extended to
June 15 and the June 30 closing date has been changed to July
31.
|
test/17860 | test/17860 |@title waste:1 management:1 wmx:1 board:1 okay:1 modulaire:1 buy:1 |@word waste:4 management:4 inc:1 say:2 director:1 approve:1 may:1 10:1 accord:1 modulaire:6 industries:1 modx:1 would:2 acquire:1 agreement:1 stockholder:1 receive:2 16:1 dlrs:1 stock:2 share:1 schedule:1 special:1 shareholder:1 meeting:1 july:1 15:1 vote:2 merger:2 proxy:1 holder:1 49:1 6:1 pct:1 common:1 could:1 favor:1 hart:1 scott:1 rode:1 wait:1 period:1 takeover:1 expire:1 june:1 17:1 | WASTE MANAGEMENT <WMX> BOARD OKAYS MODULAIRE BUY
Waste Management Inc said its
directors approved a May 10 accord with Modulaire Industries
<MODX.O> under which Waste Management would acquire Modulaire.
Under the agreement, Modulaire stockholders would receive
16 dlrs in Waste Management stock for each Modulaire share.
Modulaire has scheduled a special shareholders meeting for
July 15 to vote on the merger. Waste Management said it has
received proxies from holders of 49.6 pct of Modulaire's common
stock that could be voted in favor of the merger.
The Hart-Scott-Roding waiting period on the takeover will
expire June 17.
|
test/17863 | test/17863 |@title burlington:1 bur:1 hearing:1 continue:1 tomorrow:1 u:1 |@word district:1 court:1 judge:1 eugene:1 gordon:2 say:13 plan:2 issue:1 decision:1 tomorrow:2 burlington:26 industries:1 inc:4 request:1 injunction:2 stop:1 samjens:1 acquisition:1 corp:1 takeover:7 bid:3 company:7 wall:1 street:1 source:1 outcome:1 case:2 could:3 pivotal:1 determine:1 winner:1 fierce:1 battle:1 large:3 u:1 textile:3 maker:2 preside:1 six:1 hour:1 argument:1 today:1 lawyer:14 samjen:10 partnership:1 form:1 dominion:10 new:2 york:1 investor:1 asher:1 edelman:6 hearing:1 schedule:1 continue:2 preliminary:1 would:6 hold:2 2:2 47:1 billion:2 dlr:4 offer:2 decide:2 previously:1 agree:1 44:1 buyout:1 morgan:1 stanley:1 group:2 ms:1 one:1 per:3 share:3 low:1 sweetened:1 77:1 make:2 last:1 week:1 respond:1 allege:2 lawsuit:2 use:1 illegally:1 obtain:2 confidential:1 information:7 attempt:2 provide:2 james:1 ammeen:7 former:1 executive:2 painewebber:9 pwj:1 work:2 23:1 year:1 many:1 12:1 division:1 50:1 pct:1 sale:1 report:1 leave:2 november:2 1985:1 sign:1 contract:1 promise:1 never:1 divulge:1 inside:2 shortly:1 begin:1 employee:1 hostile:1 dismember:1 displace:1 management:1 hubert:1 humphrey:2 acknowledge:1 receive:1 argue:1 public:3 either:1 texitle:1 industry:1 analyst:1 financial:2 statement:2 meet:3 couple:1 day:1 go:1 april:1 24:1 intention:1 take:1 claim:1 board:2 february:1 discussion:1 act:1 adviser:2 talk:1 break:1 satisfy:1 write:1 contend:3 withdraw:1 potential:1 chairman:1 frank:1 greenberg:1 call:1 threaten:1 legal:1 action:1 get:1 involve:1 effort:1 burlilgnton:1 ultimate:1 question:1 price:2 profit:1 rather:1 permissable:1 standard:1 conduct:1 american:1 also:2 manufacturer:1 denim:5 united:1 states:1 violation:1 anti:1 trust:1 law:1 acquire:1 canada:2 manufacturing:1 plant:1 georgia:1 reduce:1 competition:1 market:2 discount:1 concern:1 fragmented:1 ability:1 switch:1 light:1 weight:2 heavy:1 production:1 demand:1 dictate:1 point:1 file:1 consider:1 surely:1 sauce:2 goose:1 gander:1 sidney:1 rosdeitcher:1 | BURLINGTON <BUR> HEARING TO CONTINUE TOMORROW
U.S. District Court Judge Eugene
A. Gordon said he plans to issue a decision tomorrow on
Burlington Industries Inc's request for an injunction to stop
Samjens Acquisition Corp's takeover bid for the company.
Wall Street sources have said the outcome of the case could
be pivotal in determining the winner in the fierce takeover
battle for Burlington, the largest u.s. textile maker.
Gordon presided over six hours of argument today by lawyers
for Burlington and Samjens, a partnership formed by Dominion
Textile Inc and New York investor Asher Edelman.
Hearings are scheduled to continue tomorrow. A preliminary
injunction would hold up Samjens 2.47 billion dlr offer until
the case is decided.
Burlington had previously agreed to a 2.44 billion dlr
buyout from Morgan Stanley Group Inc <MS>, one dlr per share
lower than a sweetened 77 dlr per share bid made by Samjens
last week. Burlington has not responded to the new Samjens
offer.
Burlington has alleged in its lawsuit that Edelman and
Dominion used illegally obtained confidential information about
the company in making their takeover attempt.
That information, Burlington said, was provided by James
Ammeen, a former Burlington executive, through PaineWebber
Group Inc <PWJ>. Ammeen, who had worked for Burlington for 23
years, had as many as 12 divisions with 50 pct of Burlington's
sales reporting to him. When he left Burlington in November,
1985, Burlington said he signed a contract promising never to
divulge inside information about the company.
Burlington lawyers said shortly after he left he began
working with a PaineWebber employee on a hostile plan to
'takeover the company, dismember the company and displace its
management,' Burlington lawyer Hubert Humphrey said.
Samjens lawyers acknowledged it received information from
PaineWebber, but argued the information was public information
and could be obtained either from texitle industry analysts or
Burlington's public financial statements.
Burlington lawyers said PaineWebber and Ammeen met with
Edelman and Dominion in November and continued to meet with
them until a couple of days before Edelman and Dominion went
public April 24 with their intention to take over the company.
Burlington lawyers claim Dominion's board decided to attempt a
takeover of Burlington after Ammeen met with the board in
February.
Burlington lawyers said Edelman and Dominion held
discussions with PaineWebber and Ammeen about acting as
financial advisers to Samjens. But they allege talks broke off
because Painewebber and Ammeen could not satisfy Edelman and
dominion with a written statement that they did not provide
inside information.
Lawyers for Samjens contended that Painewebber and Ammeen
withdrew as potential advisers because Burlington chairman
Frank Greenberg had called a PaineWebber executive and
threatened legal action if PaineWebber got involved in an
effort to takeover Burlilgnton.
'The ultimate question is not the price per share or the
profit, but rather the permissable standards of conduct for
those who would takeover an American company,' said burlington
lawyer Humphrey.
Burlington lawyers also contended that Burlington, as the
largest manufacturer of denim in the United States, would be in
violation of anti-trust laws if it acquired Dominion, Canada's
largest textile maker. Dominion has denim manufacturing plants
in Georgia, which would reduce competition in the denim market,
the lawyers said.
Samjens' lawyers discounted the concern. They said the
market for denim is more fragmented than Burlington contends
and that Burlington has the ability to switch between light
weight and heavy weight denim production as demand and price
dictate.
Samjens lawyers also pointed to a lawsuit filed by
Burlington in Canada, in which it said it was considering a bid
for Dominion. 'Surely, what would have been sauce for the goose
would have been sauce for the gander,' said Sidney Rosdeitcher,
a Samjens lawyer.
|
test/17864 | test/17864 |@title edelman:1 details:1 burlington:1 bur:1 options:1 sale:1 |@word tender:3 offer:3 asher:1 edelman:2 dominion:1 textile:1 ltd:1 dtx:1 burlington:3 idustries:1 inc:1 affect:1 investor:2 sale:2 option:4 buy:2 stock:1 accord:1 associate:1 note:1 definitely:1 place:1 aide:1 say:2 prohibit:1 security:1 exchange:1 commission:1 regulation:1 exercise:1 long:1 open:1 due:1 expire:1 end:1 june:1 may:1 28:1 258:1 800:1 share:1 thus:1 non:1 event:1 | EDELMAN DETAILS BURLINGTON <BUR> OPTIONS SALE
A tender offer of Asher Edelman and
Dominion Textile Ltd <DTX.TO> for Burlington Idustries Inc is
not affected by the investors' sale of options to buy
Burlington stock, according to an associate of Edelman.
Noting that 'our tender offer is definitely in place' the
aide said the investors are prohibited by Securities and
Exchange Commission regulations from exercising options as long
as a tender offer is open. The options are due to expire at the
end of June.
He said the May 28 sale of options to buy 258,800
Burlington shares was thus a 'non-event.'
|
test/17866 | test/17866 |@title cont:1 l:1 material:1 cuo:1 end:1 consideration:1 bid:1 |@word continental:7 materials:1 corp:1 say:5 director:1 decide:1 give:1 consideration:1 business:1 combination:1 propose:1 stockholder:1 group:5 hold:1 5:1 2:1 pct:1 material:5 stock:1 offer:2 receive:1 associate:1 st:1 louis:1 businessman:1 accord:1 may:2 11:1 boost:1 stake:1 also:1 letter:1 last:1 week:1 company:1 financing:1 board:1 consider:1 official:1 spokeswoman:1 | CONT'L MATERIALS <CUO> ENDS CONSIDERATION OF BID
Continental Materials Corp said its
directors decided not to give further consideration to
'business combination' proposed by a stockholder group that
holds 5.2 pct of Continental Materials stock.
Continental Materials said the offer had been received from
Continental Associates, a group of St. Louis businessmen.
According to Continental Materials, the group said May 11 it
might boost its stake in Continental Materials. But the group
also said in a letter last week to the company that the group
had no financing. The board 'did not consider it an official
offer,' a Continental Materials spokeswoman said.
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test/17867 | test/17867 |@title ameribanc:1 ainv:1 cardinal:1 end:1 acquisition:1 |@word ameribanc:2 investor:1 group:1 cardinal:2 savings:1 loan:1 association:1 jointly:1 announce:1 propose:1 acquisition:1 terminate:1 mutual:1 agreement:1 | AMERIBANC <AINV.O>, CARDINAL END ACQUISITION
Ameribanc Investors Group and
Cardinal Savings and Loan Association jointly announced that
the proposed acquisition of Cardinal by Ameribanc has been
terminated by mutual agreement.
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test/17870 | test/17870 |@title venezuela:1 get:1 300:1 mln:1 dlrs:1 credit:1 aluminum:1 |@word venezuela:2 obtain:4 300:1 mln:5 dlrs:2 financing:3 industrial:2 project:2 increase:1 line:1 credit:9 import:1 finance:3 minister:1 manuel:1 azpurua:4 say:6 achieve:1 recuperation:1 overnight:1 television:1 interview:1 agreement:3 100:1 mark:3 sign:1 week:1 german:1 state:4 bank:2 kreditanstalt:1 fur:1 wiederaufbau:1 kfw:1 expansion:3 aluminum:2 company:2 venalum:1 divide:1 two:2 separate:1 one:2 85:1 interest:1 rate:1 6:2 13:1 pct:2 another:2 15:1 20:1 also:1 alcasa:1 steel:1 petrochemical:1 industry:1 yesterday:1 new:4 5:1 0:1 export:1 du:1 nord:1 france:1 britain:1 midland:1 venezuelan:2 government:1 criticise:1 home:1 fail:1 despite:1 insistence:1 repay:1 foreign:1 debt:1 accord:2 term:1 rescheduling:1 reach:1 last:1 february:1 recently:1 visit:1 tokyo:1 hope:1 acquire:1 clinch:1 japanese:1 official:1 refuse:1 allow:1 issue:1 bond:1 country:1 regain:1 triple:1 rating:1 | VENEZUELA GETS 300 MLN DLRS CREDIT FOR ALUMINUM
Venezuela has obtained more than 300 mln
dlrs in financing for industrial projects and increased its
lines of credit for import financing, finance minister Manuel
Azpurua said.
'We can say that we are achieving the recuperation of
credit, but that cannot be done overnight,' Azpurua said in a
television interview.
He said a credit agreement for 100 mln marks will be signed
this week with the German state bank Kreditanstalt fur
Wiederaufbau (KFW), to finance an expansion of the state
aluminum company Venalum.
The credit will be divided into two separate agreements,
one for 85 mln marks with an interest rate of 6.13 pct, and
another for 15 mln marks, at 6.20 pct.
Azpurua said financing has also been obtained for expansion
of Alcasa, another state aluminum company, and for projects in
the state steel and petrochemical industries.
Yesterday, he said Venezuela obtained two new credits of
5.0 mln dlrs each for export financing, one from Credit du Nord
of France and the other from Britain's Midland Bank.
The Venezuelan government has been criticised at home for
failing to obtain new credits, despite its insistence on
repaying foreign debt according to the terms of a rescheduling
accord reached last February.
Azpurua recently visited Tokyo hoping to acquire new
credits for industrial expansions but clinched no agreements.
Japanese officials refused to allow a new issue of Venezuelan
bonds until the country regains its 'Triple A' credit rating.
|
test/17871 | test/17871 |@title u:1 trade:1 datum:1 see:1 key:1 dollar:1 trend:1 |@word dollar:17 recent:1 sign:1 stability:1 raise:1 hope:1 27:2 month:3 decline:2 may:2 nearly:3 currency:2 analyst:4 refuse:1 commit:1 june:2 12:1 release:2 u:7 trade:8 datum:3 april:4 decide:1 factor:2 see:1 bottom:4 say:8 jim:1 mcgroarty:2 discount:2 corp:2 since:2 february:3 1985:1 halve:1 value:1 yen:7 mark:3 part:1 officially:1 orchestrate:1 campaign:1 make:3 good:1 competitive:1 world:2 market:2 redress:1 gape:1 imbalance:1 fall:3 40:1 year:4 low:1 137:1 25:1 enjoy:1 modest:1 recovery:1 last:4 week:3 top:1 145:2 today:2 first:2 time:1 two:1 many:1 economist:1 believe:1 far:1 enough:1 ease:1 deficit:2 drag:1 economy:2 gap:1 narrow:1 13:1 6:1 billion:3 dlrs:2 march:1 15:1 1:2 expect:3 show:1 continued:1 improvement:1 volume:2 real:1 term:4 keiichi:1 udagawa:1 bank:9 tokyo:4 new:3 york:3 progress:1 report:2 would:2 head:1 back:1 towards:2 150:1 grow:2 consensus:1 medium:1 add:2 tom:1 campbell:1 national:1 chicago:1 support:2 bullish:1 view:1 expectation:1 federal:2 reserve:2 chairman:1 paul:1 volcker:1 reappointe:1 third:1 four:2 august:1 japan:4 large:2 economic:4 stimulus:2 package:3 favorably:1 technical:1 chart:1 signal:1 also:3 aid:2 move:1 dampen:1 speculative:1 selling:1 active:1 central:1 intervention:2 monetary:1 authority:1 buy:1 period:1 amount:1 crisis:1 late:2 1970:1 describe:1 fed:1 impressive:1 james:1 neill:2 marine:2 midland:2 positive:1 however:1 yet:2 could:4 77:1 140:1 similarly:1 natsuo:1 okada:2 sumitomo:1 warn:3 think:1 although:2 rise:1 high:1 146:1 50:1 impatience:1 painstakingly:1 slow:1 lead:1 renew:1 pressure:2 unfavorable:1 reaction:1 seven:2 nation:1 summit:1 8:1 10:1 venice:1 likely:1 focus:1 implementation:1 previous:1 commitment:2 rather:1 yield:1 fresh:1 initiative:1 president:1 reagan:1 policy:1 decision:1 meeting:2 group:1 finance:1 minister:1 paris:1 washington:1 ignore:1 forget:1 need:1 translate:1 action:3 speech:1 celebrate:1 40th:1 anniversary:1 marshall:1 plan:1 europe:1 unveil:1 fiscal:1 bonn:1 rate:1 bear:1 brunt:1 call:1 build:1 germany:1 take:1 stimulative:1 like:1 japanese:3 dealer:2 hold:1 come:1 attack:1 seem:1 much:1 impact:1 surplus:1 reflect:1 long:1 uncertainty:1 trust:1 insurer:1 keep:1 short:2 positon:1 hedge:1 exchange:1 loss:1 foreign:1 portfolio:1 start:1 cover:1 position:1 | U.S. TRADE DATA SEEN AS KEY TO DOLLAR TREND
The dollar's recent signs of stability
have raised hopes that its 27-month decline may be nearly over,
but most currency analysts refuse to commit themselves until
after the June 12 release of U.S. trade data for April.
'The trade data will be a deciding factor to see if the
dollar has bottomed out,' said Jim McGroarty of Discount Corp.
Since February 1985, the dollar has nearly halved its value
against the yen and the mark as part of an officially
orchestrated campaign to make U.S. goods more competitive on
world markets and redress gaping world trade imbalances.
On April 27, the dollar fell to a 40-year low of 137.25 yen
but has enjoyed a modest recovery over the last few weeks,
topping 145 yen today for the first time in nearly two months.
Many economists now believe that the dollar has fallen far
enough to ease the trade deficit's drag on the U.S. economy.
The U.S. trade gap narrowed to 13.6 billion dlrs in March
from 15.1 billion in February and is expected to show continued
improvement in April in volume, if not in real, terms.
Keiichi Udagawa of Bank of Tokyo in New York said that if
further progress is reported, the dollar would head back up
towards 150 yen.
'There is growing consensus that the dollar has bottomed
out for the medium term,' added Tom Campbell of First National
Bank of Chicago.
Other factors supporting this bullish view were growing
expectations that Federal Reserve Chairman Paul Volcker would
be reappointed for a third four-year term in August, Japan's
larger-than-expected economic stimulus package last week and
more favorably technical chart signals, analysts said.
The dollar was also aided by Japan's moves to dampen
speculative selling in Tokyo and by reports of active central
bank intervention to support the dollar.
The Federal Reserve Bank of New York said last week that
the U.S. monetary authorities bought more than four billion
dlrs during the February-April period -- the largest amount
since the dollar crisis of the late 1970's.
Discount Corp's McGroarty described the Fed's intervention
volume as 'impressive'.
James O'Neill of Marine Midland Bank was not so positive,
however: 'the dollar has not yet bottomed out. After the trade
data are released, the dollar could fall towards 1.77 marks and
140 yen.'
Similarly, Natsuo Okada of Sumitomo Bank in New York
warned, 'I don't think the dollar has bottomed out yet.'
Although the dollar could rise as high as 146.50 yen, Okada
said market impatience about the painstakingly slow decline of
the U.S. trade deficit may lead to renewed pressure.
Currency analysts also warned about an unfavorable reaction
to the seven-nation economic Summit on June 8 to 10 in Venice,
which is likely to focus on the implementation of previous
commitments rather than yield any fresh initiatives.
President Reagan said today, 'economic policy decisions
made last year in Tokyo and at this year's meetings of Group of
Seven finance ministers in Paris and Washington cannot be
ignored or forgotten.'
'The commitments made at these meetings need to be
translated into action,' he added in a speech, celebrating the
40th anniversary of the Marshall aid plan for Europe.
Now that Tokyo has unveiled its fiscal stimulus package,
analysts expected Bonn and the dollar/mark rate to bear the
brunt of U.S. calls for further action.
Marine Midland's O'Neill said, 'pressure will build up on
Germany to take stimulative action like Japan.'
Some Japanese bank dealers warned that although the dollar
could hold above 145 yen for some months it could also come
under attack again if it seems the latest economic package is
not having much impact on Japan's economy and its trade
surplus. Reflecting a longer-term uncertainty, some some trust
banks and Japanese insurers are keeping their short dollar
positons hedged against exchange losses in their foreign
portfolios, while some others have started covering those short
positions, Japanese bank dealers said.
|
test/17872 | test/17872 |@title court:1 uphold:1 bank:1 building:1 bb:1 self:1 tender:1 |@word bank:5 building:5 equipment:1 corp:1 america:1 say:3 delaware:1 chancery:1 court:1 deny:1 stockholder:1 request:1 preliminary:1 injunction:1 offer:3 stock:3 make:1 company:2 employee:1 ownership:1 plan:1 trust:1 joint:1 780:1 300:1 share:2 14:1 dlrs:1 schedule:1 expire:1 midnight:1 edt:1 june:1 2:1 also:1 board:1 set:1 july:2 30:1 date:2 annual:1 meeting:1 record:1 six:1 | COURT UPHOLDS BANK BUILDING <BB> SELF-TENDER
Bank Building and Equipment Corp of
America said the Delaware Chancery Court denied a stockholder's
request for a preliminary injunction against an
offer for Bank Building stock made by the company and its
employee stock ownership plan and trust.
Bank Building said the joint offer is for 780,300 shares of
Bank Building stock at 14 dlrs a share. The offer is scheduled
to expire midnight (EDT) on June 2.
Bank Building also said its board set July 30 as the date
of the company's annual meeting, with a record date of July
six.
|
test/17873 | test/17873 |@title harcourt:1 hbj:1 debenture:1 may:1 trigger:1 suit:1 |@word holder:4 convertible:3 subordinated:2 debenture:4 harcourt:8 brace:1 jovanovich:1 inc:2 threaten:1 sue:1 company:4 get:2 information:2 investment:1 affect:1 propose:1 recapitalization:2 plan:1 none:1 willing:1 identify:1 say:4 although:1 urge:1 convert:2 share:3 common:2 stock:2 june:2 eight:2 record:2 date:2 special:3 dividend:3 unable:1 determine:1 may:3 well:1 continue:1 hold:1 rumor:1 various:1 house:1 bring:2 litigation:1 answer:1 wall:1 street:1 source:1 official:1 decline:1 comment:2 cite:1 suit:1 british:1 publisher:1 robert:1 maxwell:1 whose:1 try:1 acquire:1 executive:1 first:1 boston:1 financial:1 adviser:1 return:1 telephone:1 call:1 seek:1 announce:1 26:2 advise:1 6:1 3:1 8:1 pct:1 due:1 2011:1 pay:1 40:1 dlrs:3 per:2 cash:1 plus:1 security:2 worth:1 10:1 would:2 also:1 retain:1 recapitalized:1 firm:1 34:1 announcement:1 conversion:2 price:1 adjust:1 accord:1 indenture:1 cover:1 arbitrageur:1 formula:1 yield:1 negative:1 number:1 thus:1 need:1 | HARCOURT <HBJ> DEBENTURES MAY TRIGGER SUIT
Holders of convertible subordinated
debentures of Harcourt Brace Jovanovich Inc threatened to sue
the company if they do not get more information about how their
investment will be affected by the company's proposed
recapitalization plan.
The holders, none of whom was willing to be identified,
said although Harcourt has urged that they convert their shares
to common stock by the June eight record date for a special
dividend, they were unable to determine if it might be better
for them to continue holding the debentures.
'There are rumors that various houses will bring litigation
if we don't get answers,' said a Wall Street source. Officials
of Harcourt declined to comment, citing a suit brought by
British publisher Robert Maxwell whose has been trying to
acquire Harcourt.
Executives of First Boston Inc, Harcourt's financial
adviser, did not return a telephone call seeking comment.
When it announced its recapitalization May 26 Harcourt
advised holders of the 6-3/8 pct convertible subordinated
debentures due 2011 to convert into common by the June eight
record date for the company's special dividend.
Harcourt's special dividend pays 40 dlrs per share in cash
plus a security worth 10 dlrs. Holders would also retain stock
in the recapitalized firm.
The debentures had been convertible at 34 dlrs per share.
Harcourt's May 26 announcement said the conversion price would
be adjusted according to the indenture covering the securities.
Arbitrageurs said the conversion formula yielded a 'negative
number' and thus they needed further information from the
company.
|
test/17874 | test/17874 |@title venezuela:1 obtain:1 300:1 million:1 dlrs:1 credit:1 |@word venezuela:2 obtain:4 300:1 mln:5 dlrs:2 financing:3 industrial:2 project:2 also:3 increase:1 line:1 credit:9 import:1 finance:4 minister:2 manuel:1 azpurua:6 say:6 achieve:1 recuperation:1 overnight:1 television:1 interview:1 agreement:3 100:1 mark:3 sign:1 week:2 german:1 state:4 bank:2 kreditanstalt:1 fur:1 wiederaufbau:1 kfw:1 expansion:3 aluminum:2 company:2 venalum:1 divide:1 two:2 separate:1 one:2 85:1 interest:1 rate:1 6:2 13:1 pct:2 another:2 15:1 20:1 alcasa:1 well:1 steel:1 petrochemical:1 industry:1 provide:1 detail:1 yesterday:1 meeting:1 leader:1 rule:1 accion:1 democratica:1 party:1 new:4 five:1 export:1 du:1 nord:1 france:1 midland:1 great:1 britain:1 statement:1 come:1 government:1 sharp:1 criticism:1 fail:1 despite:1 insistence:1 repay:1 foreign:1 debt:2 accord:2 term:1 rescheduling:1 reach:2 last:2 february:1 senior:1 economic:1 offical:1 return:1 trip:1 tokyo:1 hope:1 acquire:1 japanese:1 official:1 refuse:1 allow:1 issue:1 venezuelan:1 bond:1 country:1 regain:1 triple:1 classification:1 | VENEZUELA OBTAINED 300 MILLION DLRS IN CREDITS
venezuela has obtained more than 300 mln
dlrs in financing for industrial projects and has also
increased its lines of credit for import financing, finance
minister manuel azpurua said.
'we can say that we are achieving the recuperation of
credit, but that cannot be done overnight,' azpurua said in a
television interview.
Azpurua said a credit agreement for 100 mln marks will be
signed this week with the german state bank kreditanstalt fur
wiederaufbau (kfw), to finance an expansion of the state
aluminum company venalum.
The credit will be divided into two separate agreements,
one for 85 mln marks with an interest rate of 6.13 pct, and
another for 15 mln marks, at 6.20 pct. Azpurua said financing
had also been obtained for the expansion of alcasa, another
state aluminum company, as well as for projects in the state
steel and petrochemical industries. He did not provide details.
Yesterday, after a meeting of leaders of the ruling accion
democratica party, azpurua said venezuela had obtained two new
credits of five mln dlrs each for export financing, one from
credit du nord of france and the other from the midland bank of
great britain.
The finance minister's statements came as the government is
under sharp criticism for failing to obtain new credits,
despite its insistence on repaying the foreign debt according
to the terms of a rescheduling accord reached last february.
Azpurua and other senior economic officals returned from a
trip to tokyo last week in which they hoped to acquire new
credits for industrial expansions, but no agreements were
reached.
Japanese officials also refused to allow a new issue of
venezuelan debt bonds because until the country regains its
'triple a' credit classification.
|
test/17875 | test/17875 |@title south:1 korea:1 increase:1 duty:1 crude:1 import:1 |@word south:1 korea:1 increase:1 duty:2 crude:3 oil:2 import:3 4:1 29:2 dlrs:5 barrel:2 3:1 effective:1 today:1 energy:2 ministry:2 say:2 raise:1 fund:1 special:1 project:1 adjust:1 average:1 price:1 rise:1 16:2 85:1 april:2 65:1 march:1 13:1 08:1 1986:1 official:1 separate:1 24:1 5:1 pct:1 tax:1 unchanged:1 | SOUTH KOREA INCREASES DUTY ON CRUDE IMPORTS
South Korea has increased its duty on crude
oil imports to 4.29 dlrs a barrel from 3.29 dlrs, effective
today, the energy ministry said.
The duty, to raise funds for special energy projects, was
adjusted after average crude import prices rose to 16.85 dlrs a
barrel in April, from 16.65 dlrs in March and 13.08 dlrs in
April 1986, ministry officials said.
A separate 24.5 pct import tax on crude oil is unchanged.
|
test/17876 | test/17876 |@title equiticorp:1 tasman:1 bid:1 monier:1 ltd:1 |@word equiticorp:1 tasman:1 ltd:4 etl:13 say:8 offer:7 4:1 15:1 dlrs:5 share:9 cash:3 issue:3 capital:2 monier:5 mnra:1 currently:1 subject:2 3:2 80:1 bid:7 csr:6 csra:1 alternatively:1 three:1 plus:1 82:1 cent:1 moni:7 statement:3 previously:2 report:2 move:2 market:1 last:2 week:2 take:2 stake:2 13:1 7:1 pct:4 friday:1 hold:1 14:1 99:1 maximum:1 allow:1 without:1 foreign:3 investment:3 review:1 board:1 firb:1 approval:1 classify:1 new:1 zealand:1 base:2 value:2 156:1 28:1 mln:3 649:1 593:1 current:1 price:1 1:2 05:1 alternative:1 worth:1 97:1 per:1 place:1 aproximate:1 diluted:1 asset:1 backing:1 march:2 31:1 minimum:1 acceptance:2 condition:1 australian:1 u:1 hart:1 scott:1 rodino:1 anti:1 trust:1 clearances:1 chairman:2 allan:1 hawkins:1 shareholding:1 long:1 term:1 feltex:1 international:1 associate:1 targette:1 building:1 product:1 sector:1 area:1 expansion:1 fit:1 well:1 aim:1 add:1 bill:1 locke:1 separate:1 independent:1 director:1 intend:1 recommend:1 absence:1 high:1 also:2 proceed:1 one:1 two:2 bonus:1 announce:1 interim:1 result:2 19:1 view:1 propose:1 takeover:1 involve:1 complex:1 put:1 call:1 option:2 deal:1 major:1 shareholder:1 redland:3 plc:1 rdld:1 l:1 give:1 choice:1 accept:1 49:1 8:1 50:1 within:1 six:1 month:1 closing:1 official:2 make:1 clear:1 see:1 second:1 company:2 run:1 joint:1 venture:1 intention:1 raise:1 intervention:1 become:1 public:1 | EQUITICORP TASMAN TO BID FOR MONIER LTD
<Equiticorp Tasman Ltd> (ETL) said it will
offer 4.15 dlrs a share cash for all the issued capital of
Monier Ltd <MNRA.S>, currently the subject of a 3.80 dlrs a
share bid by CSR Ltd <CSRA.S>.
Alternatively, ETL will offer three shares plus 82 cents
cash for each Monier share, it said in a statement.
As previously reported, ETL moved into the market for
Monier shares last week, taking its stake to 13.7 pct by
Friday.
It now holds 14.99 pct, the maximum allowed without Foreign
Investment Review Board (FIRB) approval. ETL is classified as
foreign because of its New Zealand base.
The ETL cash offer values Monier's issued capital of 156.28
mln shares at 649 mln dlrs, against 593 mln for the CSR bid.
Based on the current price of ETL shares of 1.05 dlrs, the
alternative is worth 3.97 dlrs per share, but ETL said the
value placed on its shares for the offer aproximates to the
diluted asset backing of ETL as at March 31.
ETL said the offer will have no minimum acceptance
conditions and will be subject to Australian foreign investment
and U.S. Hart-Scott-Rodino anti-trust clearances.
ETL chairman Allan Hawkins said in the statement that the
shareholding in Monier was a long term investment.
ETL and its <Feltex International Ltd> associate have
targetted the building products sector as an area of expansion
and Monier fits well with this aim, he added.
Monier chairman Bill Locke said in a separate statement
that the independent directors of Monier intend to recommend
acceptance of the ETL bid in the absence of a higher bid.
He also said Monier will not now proceed with the
one-for-two bonus issue announced with its interim results on
March 19 in view of the proposed takeover bids.
As previously reported, the CSR offer involves a complex
put and call option deal with Monier's major shareholder,
Redland Plc <RDLD.L>, which gives Redland the choice of
accepting the CSR offer for its 49.8 pct stake or moving to
50.1 pct within six months of the bid closing.
CSR officials have made it clear that they see Redland
taking the second option, resulting in the two companies
running Monier as a joint venture.
CSR officials have also said they had no intention of
raising the company's bid for Monier after ETL's intervention
became public last week.
|
test/17877 | test/17877 |@title venezuela:1 tighten:1 foreign:1 exchange:1 restriction:1 |@word venezuela:6 central:7 bank:11 order:1 venezuelan:4 exchange:6 house:3 cease:1 foreign:8 operation:2 broker:10 base:1 outside:3 country:1 accord:1 copy:1 telex:4 make:1 available:1 reuters:1 measure:2 confirm:1 brokerage:1 firm:3 effectively:1 cut:1 participation:1 volatile:1 currency:5 market:4 issue:2 may:1 19:1 sign:1 carlos:1 hernandez:1 delfino:1 manager:1 department:1 international:1 say:12 restriction:3 business:3 line:1 early:1 prohibit:2 sell:1 dollar:3 anyone:1 live:1 recent:1 week:1 government:1 deny:1 rumour:1 intend:1 impose:3 control:4 prop:1 weakening:1 bolivar:3 move:1 see:2 de:1 facto:1 definitely:1 sense:1 longer:1 complete:2 freedom:1 operate:1 one:1 gradually:1 direction:1 towards:1 request:1 anonymity:1 virtually:1 customer:1 stop:1 since:1 follow:1 telephone:1 call:1 volume:1 transaction:1 10:1 mln:1 dlrs:1 day:1 frenetic:1 really:1 quite:1 active:1 logical:1 explanation:1 prohibition:1 act:2 intermediary:1 buy:1 venezuelans:1 ridiculous:1 rampage:1 foreigner:1 note:1 two:1 month:1 ago:1 quietly:1 announce:1 would:2 respect:1 new:1 200:1 pct:1 reserve:2 requirement:1 february:1 also:1 trading:1 future:1 use:1 forward:1 small:1 miraculous:1 average:1 20:1 29:1 u:1 1986:1 continue:1 slip:1 current:1 range:1 28:2 35:1 50:1 rapidly:1 run:1 support:1 free:1 | VENEZUELA TIGHTENS FOREIGN EXCHANGE RESTRICTIONS
Venezuela's central bank has ordered
Venezuelan banks and exchange houses to cease foreign exchange
operations with brokers based outside the country, according to
a copy of a central bank telex made available to Reuters.
The measure, confirmed by a brokerage firm here, has
effectively cut off all foreign participation in Venezuela's
volatile currency market.
The telex, issued on May 19, was signed by Carlos Hernandez
Delfino, manager of the bank's department of international
operations.
The telex said the restriction on business with foreign
brokers is in line with an earlier measure prohibiting foreign
exchange houses from selling dollars or other foreign
currencies to anyone living outside Venezuela.
In recent weeks the Venezuelan government has denied
rumours that it intends to impose foreign exchange controls to
prop up the weakening bolivar.
But brokers said the central bank's move is seen as a de
facto currency control. 'It is definitely a control in the sense
that there's no longer complete freedom to operate,' one broker
here said.
'Gradually they're imposing restrictions and the direction
is towards complete control,' the broker said.
The broker, who requested anonymity, said virtually all his
Venezuelan customers had stopped doing business with him since
the central bank issued the telex and followed it up with
telephone calls.
He said that before the restriction was imposed the volume
of his firm's transactions with Venezuela was about 10 mln dlrs
a day. 'It was a frenetic market, it was really quite active,' he
said.
The broker said he saw no logical explanation for the
prohibition because his firm only acted act as an intermediary
between Venezuelan brokers, exchange houses and banks.
'We weren't buying dollars from Venezuelans, that's
ridiculous,' he said. 'They've been on a rampage against
foreigners.'
The broker noted that two months ago Venezuela's central
bank quietly announced that banks doing foreign exchange
business outside Venezuela would have to respect a new 200 pct
reserve requirement.
In February, the central bank also prohibited trading in
bolivar futures, the broker said.
'We used to have a forward market,' he said. 'For a small
currency it was miraculous.'
He said the bolivar, which averaged 20.29 to the U.S.
Dollar in 1986, would continue to slip from its current range
of 28.35 to 28.50 because the central bank was rapidly running
out of foreign reserves to support the currency on the free
market.
|
test/17878 | test/17878 |@title esso:1 raise:1 singapore:1 petrol:1 pump:1 price:1 |@word esso:1 singapore:5 pte:5 ltd:6 say:1 raise:1 pump:2 price:5 petrol:1 today:2 new:1 0:2 15:1 gm:1 lead:1 grade:1 97:3 cent:5 litre:1 octane:4 90:3 8:2 95:1 oil:2 company:1 announce:1 yesterday:1 would:1 revise:1 effective:1 shell:2 eastern:1 petroleum:2 mobil:2 caltex:2 asia:1 co:1 bp:2 96:1 92:1 2:1 spc:1 6:1 | ESSO RAISES SINGAPORE PETROL PUMP PRICES
Esso Singapore Pte Ltd said it raised
pump prices of petrol from today.
New prices for 0.15 gm lead grades are 97.0 cents/litre for
97 octane and 90.8 cents for 95 octane.
Other Singapore oil companies announced yesterday that they
would revise their pump prices effective today.
Shell Eastern Petroleum Pte Ltd, Mobil Oil Singapore Pte
Ltd, Caltex Asia Ltd, Singapore Petroleum Co Pte Ltd and BP
Singapore Pte Ltd are pricing 97 octane at 96.8 cents. Shell,
Mobil and Caltex are pricing 92 octane at 90.2 cents, and SPC
and BP at 90.6 cents.
|
test/17880 | test/17880 |@title south:1 korea:1 raise:1 naphtha:1 price:1 |@word south:1 korea:1 raise:1 pre:1 tax:1 ex:1 factory:1 naphtha:1 price:1 104:1 21:1 per:1 litre:1 103:1 97:1 win:1 effective:1 today:1 energy:1 ministry:1 official:1 say:1 | SOUTH KOREA RAISES NAPHTHA PRICE
South Korea raised its pre-tax ex-factory
naphtha price to 104.21 won per litre from 103.97 won,
effective today, energy ministry officials said.
|
test/17881 | test/17881 |@title |@word tokyo:2 bundesbank:2 schlesinger:2 see:2 reason:2 lower:2 interest:2 rate:2 | Tokyo - Bundesbank's Schlesinger sees no reason to lower interest rates
Tokyo - Bundesbank's Schlesinger sees no reason to lower interest rates
|
test/17883 | test/17883 |@title reason:1 cut:1 rate:1 bundesbank:1 schlesinger:1 |@word bundesbank:3 vice:1 president:1 helmut:1 schlesinger:8 say:19 see:6 reason:2 lower:1 interest:4 rate:6 money:6 supply:4 growth:6 show:1 sign:3 slow:2 may:4 dollar:8 stable:1 even:2 rise:4 mark:5 tell:1 reuters:1 convince:1 cut:1 need:1 economy:3 pick:2 contract:1 seasonally:1 adjust:1 1:6 2:3 one:4 pct:6 first:3 quarter:4 fourth:1 add:3 increase:1 gnp:1 start:1 second:1 interview:1 concern:1 downturn:1 u:2 press:1 west:3 germany:1 pump:1 boost:2 import:1 either:1 fiscal:1 monetary:2 policy:1 contraction:1 mainly:2 due:2 adverse:1 weather:1 condition:2 occur:1 1986:1 year:8 thus:1 two:2 estimate:1 economic:1 whole:1 would:5 probably:2 question:1 domestic:2 demand:1 grow:1 strongly:1 note:1 historically:1 low:1 level:2 fund:1 ample:1 central:3 bank:3 stock:1 recent:2 pace:1 7:1 eight:1 well:1 three:1 six:1 target:4 could:1 still:2 achieve:1 much:1 depend:2 direction:1 long:2 term:3 capital:1 flow:1 heavy:1 inflow:3 particularly:1 january:1 around:1 time:1 ems:1 revaluation:2 certain:1 hope:1 net:1 foreign:1 diminish:2 little:2 bit:2 reversed:1 major:1 market:3 conviction:1 head:1 higher:1 expectation:1 deutschemark:1 widening:1 differential:1 fact:1 fall:3 sharply:1 short:3 period:2 improvement:1 real:1 trade:1 balance:1 combine:1 towards:1 stabilize:1 ask:1 act:1 prevent:1 sharp:3 march:1 87:1 circumstance:1 midday:1 stand:1 8340:1 45:1 always:1 contact:1 fluctuation:2 give:1 answer:1 react:1 schelsinger:1 look:1 move:1 case:2 also:1 american:1 german:2 export:1 industry:1 hit:1 hard:1 like:1 correction:1 good:1 let:1 wait:1 strength:1 shock:1 couple:1 weak:1 price:2 key:2 commodity:2 oil:1 favourable:1 impact:1 inflation:4 although:1 recently:1 change:1 underlying:1 unchanged:1 problem:1 rapid:1 build:1 potential:1 possible:1 eventual:1 resurgence:1 past:1 16:1 month:1 prompt:1 discussion:1 usefulness:1 matter:1 take:1 mid:1 meeting:1 council:1 schlesigner:1 great:1 pressure:1 go:1 away:1 | NO REASON TO CUT RATES - BUNDESBANK'S SCHLESINGER
Bundesbank vice president Helmut
Schlesinger said he saw no reason to lower interest rates now.
With money supply growth showing no sign of slowing down in
May and the dollar stable or even rising against the mark,
Schlesinger told Reuters that he was not convinced that a
further cut in interest rates was needed.
The economy is picking up, after contracting by a
seasonally adjusted 1/2 to one pct in the first quarter from
the fourth, he added. 'We may have an increase in gnp starting
in the second quarter,' he said in an interview.
Concerned by the first quarter downturn, the U.S. Has been
pressing West Germany to pump up its economy and boost its
imports, either through fiscal or monetary policy.
Schlesinger said the contraction in the first quarter was
mainly due to adverse weather conditions, just as occured in
1986. Year-on-year growth was thus about two pct.
He estimated that economic growth for the year as a whole
would probably be between one and two pct.
'It is not a question of monetary conditions if domestic
demand does not grow strongly,' he said, noting that interest
rates are at historically low levels and funds are ample.
Schlesinger said he saw no signs that central bank money
stock growth was slowing down from its recent year-on-year pace
of 7-1/2 to eight pct, well above the Bundesbank's three to six
pct target.
He said the target could still be achieved but much will
depend on the direction of long-term capital flows. Heavy
inflows, particularly in January around the time of the EMS
revaluation, boosted domestic money supply.
'There is still a certain hope that the net inflow of
foreign money can be diminished or can even be a little bit
reversed,' Schlesinger said.
A major reason for the inflows was the market's conviction
that the mark was headed higher. 'As we can see from the market,
expectations for a further revaluation of the deutschemark have
diminished,' Schlesinger said.
The recent widening of interest rate differentials, the
fact that the dollar has fallen sharply in a very short period
and an improvement in real trade balances have all combined
towards stabilizing the dollar, he said.
Asked if central banks might act to prevent a sharp dollar
rise, as the U.S. Did in March when the dollar rose above 1.87
marks, he said this would depend on the circumstances.
At midday here, the dollar stood at 1.8340/45 marks.
'Central banks are always in contact about these
fluctuations but I cannot give any answer how they would react,'
Schelsinger said.
'One has to look at how it (the market) is moving,' he said,
adding, 'It is not only our own case, it is also the American
case.'
He said that the West German export industry has been hit
hard by the dollar's sharp fall and would probably like to see
some correction now. 'But it wouldn't be good to have short-term
fluctuations,' he said. 'Let us wait and see.'
'It is mainly the strength of the (dollar) fall in a very
short period which was a little bit of a shock, than the level
(of rates) as such,' Schlesinger said.
The sharp rise of the mark, coupled with weak prices of
such key commodities as oil, had a favourable impact on West
German inflation down year.
Although there have recently been signs of inflation
picking up, he said that this was due to changes in key
commodity prices. The underlying inflation rate this year would
be unchanged, at about one to 1-1/2 pct, he said.
Schlesinger said the problem of rapid money supply growth
was longer term, in that the economy was building up the
potential for a possible eventual resurgence of inflation.
The above-target growth of money supply over the past 16
months had prompted some discussion of the usefulness of
targets themselves, a matter which might be taken up at the
mid-year meeting of the Bundesbank's council, Schlesigner said.
But he added: 'I don't see any great pressure to go away
from it.'
|
test/17886 | test/17886 |@title japan:1 oil:1 industry:1 decontrol:1 may:1 lead:1 merger:1 |@word deregulation:5 japan:1 oil:11 industry:7 could:1 mean:2 hardship:1 small:2 firm:2 lead:1 merging:1 big:1 refining:4 marketing:2 group:4 source:5 say:12 relaxation:2 control:2 review:1 petroleum:2 council:5 advisory:1 panel:1 ministry:1 international:1 trade:1 miti:5 spokesman:3 major:3 would:2 bring:1 reorganization:1 product:3 free:1 competition:3 choice:1 accept:1 due:1 close:1 discussion:1 june:1 12:1 likely:2 tell:2 end:2 50:1 year:2 old:1 protection:1 cut:4 capacity:3 3:1 8:1 mln:1 barrel:1 per:1 day:1 75:1 pct:3 current:1 quota:1 crude:1 throughput:1 gasoline:1 output:1 tariff:1 abolish:1 vital:1 promote:1 efficiency:3 see:2 inevitable:1 take:1 place:1 everywhere:1 turn:1 survive:2 throat:1 one:1 japanese:3 company:5 refiner:1 hard:1 time:1 something:1 must:1 go:1 addition:1 streamline:3 program:1 division:1 exert:1 effort:1 towards:2 branch:1 line:1 real:1 estate:1 travel:1 agency:1 large:3 also:1 nippon:1 co:2 ltd:2 share:1 refined:1 sale:1 market:1 fiscal:2 1985:2 nine:1 1986:2 cosmo:1 third:1 seller:1 workforce:1 20:1 last:1 1984:1 recommendation:1 13:1 integrate:1 11:1 within:2 seven:2 improve:1 structure:1 five:2 business:1 urge:1 merge:1 build:1 muscle:1 official:1 reuters:1 rule:1 possibility:1 merger:1 event:1 decline:1 officially:1 confirm:1 deny:1 recommend:1 deregulatory:1 measure:1 principal:1 encourage:1 move:1 | JAPAN OIL INDUSTRY DECONTROL MAY LEAD TO MERGERS
Deregulation of Japan's oil industry could
mean hardship for smaller firms and lead to their merging into
bigger refining and marketing groups, industry sources said.
They said the relaxation of controls was now under review
by the Petroleum Council, an advisory panel to the Ministry of
International Trade and Industry (MITI).
A spokesman for a major firm said, 'Deregulation would bring
about a reorganization. If it's a by-product of freer
competition, we have no choice but to accept it.'
The Council is due to close its discussions on June 12.
The sources said the Council was likely to tell MITI it
should end its 50 year-old protection of the industry. It
should cut capacity to 3.8 mln barrels per day, about 75 pct of
current capacity. Quotas should end for crude throughput and
gasoline output, and oil tariffs should be abolished.
They said deregulation was vital to promote more
competition and efficiency, and most saw it as inevitable.
'Deregulation is taking place everywhere. Now it's our turn
to see if we can survive cut-throat competition,' said a source
at one major Japanese oil company.
A spokesman for a smaller refiner said, 'We'll have a hard
time surviving, but that's something we must go through.'
'In addition to our streamlining and efficiency programs for
the oil division, we will exert efforts towards branching out
further into other lines such as real estate and travel
agencies,' he said.
Larger companies are also streamlining. Nippon Oil Co Ltd
which had the largest share of refined products sales in the
Japanese market in fiscal 1985, cut nine pct of its refining
capacity in fiscal 1986.
Cosmo Oil Co Ltd, the third largest seller of oil products
in 1985, cut its workforce by some 20 pct last year, a
spokesman for the company said.
Between 1984 and 1986, on the recommendation of the
Council, 13 oil companies were integrated into 11 companies
within seven refining and marketing groups to improve the
efficiency of the industry.
Oil industry sources said this structure was now likely to
be streamlined further into five refining groups.
'MITI means business. It will urge the major seven groups to
merge into five to build up their muscles,' a source said.
A MITI official told Reuters he did not rule out the
possibility of further mergers within the Japanese oil industry
in the event of the relaxation of oil controls.
He declined to officially confirm or deny that the
Petroleum Council had recommended deregulatory measures but
said that in principal MITI would encourage a move towards
deregulation.
|
test/17887 | test/17887 |@title fujitsu:1 ltd:1 itsu:1 group:1 year:1 end:1 march:1 31:1 |@word group:1 shr:1 13:1 56:1 yen:1 vs:5 27:1 06:1 net:1 21:1 61:1 billion:8 38:1 93:1 current:1 37:2 66:1 46:1 70:1 operate:1 57:1 79:1 91:1 sale:1 1:2 789:1 692:1 | FUJITSU LTD <ITSU.T> GROUP YEAR ENDED MARCH 31
Group shr - 13.56 yen vs 27.06
Net - 21.61 billion vs 38.93 billion
Current - 37.66 billion vs 46.70 billion
Operating - 57.37 billion vs 79.91 billion
Sales - 1,789 billion vs 1,692 billion
|
test/17888 | test/17888 |@title japan:1 ready:1 use:1 diplomacy:1 gulf:1 security:1 |@word japan:5 ready:1 use:1 diplomacy:1 help:3 maintain:3 security:1 gulf:4 prime:1 minister:1 yasuhiro:1 nakasone:3 say:4 tell:1 reporter:1 cut:1 line:1 communication:1 iran:3 iraq:3 policy:1 take:1 broad:1 political:1 stance:1 official:1 foreign:1 ministry:1 good:1 relation:1 war:1 since:1 september:1 1980:1 last:1 week:2 rule:1 japanese:1 military:1 financial:1 patrol:1 water:1 60:1 pct:1 crude:1 oil:2 pass:1 waterway:1 president:1 reagan:2 yesterday:1 threat:1 route:1 attack:1 high:1 agenda:1 next:1 g:1 7:1 summit:1 venice:1 approve:1 plan:1 united:1 states:1 step:1 naval:1 presence:1 despite:1 congressional:1 expression:1 concern:1 call:1 u:1 ally:1 freedom:1 navigation:1 constitution:1 prevent:1 armed:1 force:1 deploy:1 overseas:1 washington:1 understand:1 problem:1 | JAPAN READY TO USE DIPLOMACY FOR GULF SECURITY
Japan was ready to use diplomacy to help
maintain the security of the Gulf, Prime Minister Yasuhiro
Nakasone said.
But he told reporters Japan should not cut its lines of
communication with Iran and Iraq because its policy was to take
a broad political stance. Officials of the foreign ministry
said Japan had maintained good relations with both Iran and
Iraq, which have been at war since September 1980.
Last week Nakasone ruled out Japanese military or financial
help to patrol the waters of the Gulf. About 60 pct of Japan's
crude oil passes through the waterway.
President Reagan said yesterday the threat to oil routes in
the Gulf from attacks by Iran and Iraq was high on the agenda
for next week's G-7 summit in Venice.
Reagan has approved plans for the United States to step up
its naval presence in the Gulf despite congressional
expressions of concern and he has called on U.S. Allies to help
maintain freedom of navigation.
Japan's constitution prevents its armed forces from being
deployed overseas. Nakasone has said that Washington
understands this problem.
|
test/17892 | test/17892 |@title mees:1 newsletter:1 say:1 oman:1 offer:1 oil:1 discount:1 |@word oman:2 grant:1 term:1 crude:1 oil:2 customer:1 retroactive:1 discount:1 official:2 price:4 30:1 38:1 cent:1 per:2 barrel:2 lifting:1 make:1 february:2 march:1 april:1 weekly:1 newsletter:1 middle:1 east:1 economic:1 survey:1 mees:2 say:2 adjustment:1 arrive:1 negotiation:1 omani:1 ministry:1 company:1 concern:1 design:1 compensate:1 difference:1 market:1 relate:1 17:1 63:1 dlrs:1 adopt:1 non:1 opec:1 since:1 | MEES NEWSLETTER SAYS OMAN OFFERS OIL DISCOUNTS
Oman has granted term crude oil
customers retroactive discounts from official prices of 30 to
38 cents per barrel on liftings made during February, March and
April, the weekly newsletter Middle East Economic Survey (MEES)
said.
MEES said the price adjustments, arrived at through
negotiations between the Omani oil ministry and companies
concerned, are designed to compensate for the difference
between market-related prices and the official price of 17.63
dlrs per barrel adopted by non-OPEC Oman since February.
|
test/17894 | test/17894 |@title malaysian:1 rubber:1 output:1 recover:1 wintering:1 |@word malaysian:2 rubber:2 production:2 return:1 normal:2 level:2 month:1 hard:1 wintering:1 season:1 exchange:1 licensing:1 board:1 say:3 late:1 review:2 packer:1 remiller:1 expect:1 recover:1 june:1 seller:1 remain:1 reserved:1 near:1 future:1 date:1 may:1 14:1 many:1 consumer:1 hold:1 wait:1 good:1 time:1 buy:1 market:1 mindful:1 approach:1 summer:1 holiday:1 industrial:1 country:1 air:1 uncertainty:1 beyond:1 july:1 give:1 figure:1 output:1 drop:1 | MALAYSIAN RUBBER OUTPUT RECOVERS FROM WINTERING
Malaysian rubber production should
return to normal levels this month after a hard wintering
season, the Malaysian Rubber Exchange and Licensing Board said
in its latest review. 'As packers and remillers expect
production to recover to normal levels in June, sellers will
remain reserved in the near future,' the review, dated May 14,
said. Many consumers are holding off, waiting for the best time
to buy.
The market is mindful of approaching summer holidays in
industrial countries and there is an air of uncertainty beyond
July, it said. It gave no figures for the output drop.
|
test/17896 | test/17896 |@title central:1 bank:1 head:1 say:1 philippine:1 growth:1 target:1 |@word philippines:3 first:6 quarter:7 growth:6 figure:2 release:1 yesterday:2 indicate:1 government:3 likely:1 achieve:2 1987:3 target:4 central:4 bank:4 governor:1 jose:1 fernandez:11 say:24 interview:1 national:2 economic:1 development:2 authority:1 neda:3 announce:1 gross:2 domestic:2 product:2 gdp:2 grow:3 5:3 78:1 pct:8 gnp:5 53:1 year:10 earlier:3 see:3 anything:1 horizon:1 cut:1 short:1 3:3 56:2 25:1 fourth:2 1986:3 last:4 put:1 0:1 13:1 revise:1 1:5 51:1 certainly:3 shortage:1 external:2 resource:2 continue:2 level:2 would:7 assume:1 fiscal:1 side:1 generate:1 stumble:1 block:1 think:3 even:1 come:1 simply:2 look:1 key:1 indicator:1 consumption:2 fuel:1 oil:1 power:1 show:1 economy:1 different:1 track:1 tend:1 heavy:2 second:2 dry:1 weather:1 could:1 drop:1 third:1 significant:1 sign:1 recovery:1 lie:1 manufacturing:1 sector:1 9:1 64:1 decline:1 1985:1 slow:1 turnaround:1 half:2 seasonal:1 thing:1 secular:1 meet:1 monetary:3 set:1 consultation:1 international:1 fund:1 imf:5 expect:1 draw:2 tranche:2 198:1 mln:3 sdr:1 stand:1 arrangement:2 soon:1 far:2 three:1 total:3 58:1 sdrs:1 expire:1 april:2 23:1 1988:1 mission:1 visit:1 july:1 august:1 review:1 performance:1 january:2 june:1 period:2 repayment:3 project:2 billion:8 dlrs:6 92:1 drawing:1 236:1 inevitable:1 many:1 country:4 find:1 net:2 rise:1 next:1 mean:1 since:1 drain:2 oda:1 official:1 assistance:1 account:1 commercial:2 banking:1 system:1 request:1 hold:1 line:1 internal:1 constraint:1 exist:1 debt:6 reschedule:2 10:1 28:1 dlr:1 foreign:3 march:2 bill:3 introduce:1 1984:1 mop:1 excess:1 liquidity:1 peak:1 43:1 peso:4 unwind:1 maturity:1 date:1 start:1 october:1 almost:1 complete:1 auction:1 treasury:2 whose:1 outstanding:1 touch:1 95:1 44:1 may:2 20:2 go:1 well:1 remain:1 basic:1 tool:1 comment:1 philippine:1 stock:1 loom:1 large:1 receipt:1 export:3 take:1 kind:1 leap:1 forward:1 suitable:1 reach:2 29:1 04:1 end:1 2:1 import:1 4:1 six:1 6:1 caution:2 high:1 yet:1 merit:1 argument:1 economist:1 currently:1 peg:2 50:1 dollar:2 ought:1 devalue:2 make:2 competitive:1 basket:1 basis:1 already:1 substantially:1 trading:1 partner:1 propose:1 omnibus:1 investment:2 code:3 oppose:1 clause:1 allow:1 unrestricted:1 repatriation:1 abroad:1 two:3 imposition:2 schedule:1 delay:1 objection:1 business:1 group:1 one:2 event:1 past:1 prudent:1 time:1 throw:1 wind:1 ideal:1 point:1 movement:1 capital:1 earning:1 free:1 reasonably:1 good:1 result:1 fairly:1 availability:1 service:1 | CENTRAL BANK HEAD SAYS PHILIPPINE GROWTH ON TARGET
The Philippines' first quarter growth
figures released yesterday indicated the government was likely
to achieve its 1987 targets, Central Bank governor Jose
Fernandez said in an interview.
The National Economic Development Authority (NEDA)
announced yesterday gross domestic product (GDP) grew 5.78 pct
and gross national product (GNP) 5.53 pct in the first quarter
from a year earlier.
'I don't see anything on the horizon that should cut it
(growth) short,' Fernandez said.
NEDA said GNP had grown 3.56 pct and GDP 3.25 pct in the
fourth quarter of 1986 from a year earlier. Last year's GNP
growth, put earlier at 0.13 pct, was revised to 1.51 pct.
'Certainly I do not see any shortage in external resources
and if GNP growth continues at this level I would assume that
domestic resources on the fiscal side would be generated and
would not be a stumbling block,' Fernandez said.
'I think even before the figures came out, simply looking at
key indicators, such as consumption of fuel oil and power,
showed that the economy was on a different track from last
year,' he said.
Fernandez said consumption tended to be heavier in the
first and second quarters because of the dry weather, and it
could drop off in the third quarter.
He said the most significant sign of recovery lay in the
manufacturing sector, which grew by 9.64 pct, after declines in
1985 and a slow turnaround in the second half of 1986.
'That is not a seasonal thing, it is secular,' he said.
He said the government had met all monetary targets set for
the first quarter in consultation with the International
Monetary Fund (IMF). It expected to draw down the fourth
tranche from its 198 mln SDR stand-by arrangement soon.
The Philippines has so far drawn three tranches totalling
58 mln SDRs from the arrangement expiring on April 23, 1988.
Fernandez said an IMF mission would visit here in July or
August to review performance in the January-June period.
He said IMF repayments were projected to total 1.56 billion
dlrs over the 1987-92 period and drawings only 236 mln dlrs.
Repayments were inevitable and many countries would find their
net repayments to the IMF rising in the next few years.
'It means that since there will be a net drain on ODA
(official development assistance) accounts the commercial
banking system will be requested to hold the line,' he said.
It is an internal constraint that exists because the IMF
debt cannot be rescheduled, Fernandez said.
The Philippines rescheduled 10.3 billion dlrs of its 28
billion dlr foreign commercial debt in March.
Fernandez said Central Bank bills, introduced in March 1984
to mop up excess liquidity, had peaked at 43.1 billion pesos in
April 1986. But their unwinding on maturity dates, started in
October last year, had almost been completed.
He said auctions of treasury bills, whose outstanding level
touched 95.44 billion pesos on May 20, were going well.
'Treasury bills will remain a basic monetary tool,' he said.
Commenting on the country's foreign debt Fernandez said, 'I
think the Philippine debt stock looms large because our own
receipts from exports have not taken the same kind of leap
forward as might have been suitable.'
The foreign debt is projected by the Central Bank to reach
29.04 billion dlrs by the end of 1987.
NEDA said exports totalled 1.2 billion dlrs in the first
quarter, while imports were 1.4 billion dlrs.
Fernandez said the government had targeted GNP growth of
between six and 6.5 pct this year. He cautioned that while
growth so far was high the targets had not yet been achieved.
Fernandez said he saw no merit in arguments by some
economists that the peso, currently pegged at 20.50 to the
dollar, ought to be devalued to make the country's exports more
competitive.
'By being pegged to the dollar on a basket basis the peso
has already substantially devalued against all of the country's
trading partners,' he said.
On the proposed Omnibus Investment Code, he said he was
opposed to a clause which would allow the unrestricted
repatriation abroad of investments made during the first two
years after the imposition of the Code.
The imposition of the Code, scheduled for last January, has
been delayed by objections from some business groups.
'I think any central bank, certainly this one after the
events of the past two or two and a half years, has to be
prudent. This is not the time to throw all caution to the winds
and I'm not about to do that,' Fernandez said.
'It would be ideal if we reach a point where movement of
capital and earnings can be free,' he said.
'We have had one year of reasonably good results. Certainly
we continue to have a fairly heavy drain on our external
availabilities simply by servicing our debts.'
|
test/17897 | test/17897 |@title belgian:1 february:1 industry:1 output:1 year:1 ago:1 |@word belgian:1 industrial:1 production:2 exclude:1 construction:1 adjust:1 seasonal:1 calendar:1 influence:1 provisionally:1 0:1 6:1 pct:2 lower:1 february:4 year:2 earlier:1 national:1 statistics:1 office:2 say:2 output:1 however:1 5:2 9:1 high:1 january:2 spokeswoman:1 index:2 base:1 1980:1 rise:1 provisional:2 108:1 8:2 102:2 7:1 slightly:1 revise:1 originally:1 estimate:1 last:1 stand:1 109:1 | BELGIAN FEBRUARY INDUSTRY OUTPUT DOWN ON YEAR AGO
Belgian industrial production, excluding
construction and adjusted for seasonal and calendar influences,
was provisionally 0.6 pct lower in February than a year
earlier, the National Statistics Office said.
Output in February was, however, 5.9 pct higher than in
January.
A spokeswoman for the office said the production index,
base 1980, rose to a provisional 108.8 in February from a
provisional 102.7 in January, slightly revised from the 102.8
originally estimated. In February last year the index stood at
109.5.
|
test/17899 | test/17899 |@title bundesbank:1 set:1 new:1 repurchase:1 tender:1 |@word bundesbank:1 set:1 new:1 tender:1 28:1 day:1 security:2 repurchase:2 agreement:1 offering:1 bank:4 liquidity:1 aid:1 minimum:1 bid:2 rate:1 3:1 50:1 pct:1 central:1 spokesman:1 say:1 must:2 make:1 1400:1 gmt:1 today:1 fund:1 allocate:1 credit:1 account:1 tomorrow:1 pledge:1 july:1 1:1 | BUNDESBANK SETS NEW REPURCHASE TENDER
The Bundesbank set a new tender for a
28-day securities repurchase agreement, offering banks
liquidity aid at a minimum bid rate of 3.50 pct, a central bank
spokesman said.
Banks must make their bids by 1400 GMT today and funds
allocated will be credited to accounts tomorrow. Banks must
repurchase securities pledged on July 1.
|
test/17900 | test/17900 |@title storehouse:1 report:1 high:1 profit:1 1986:1 87:1 53:1 |@word week:1 april:1 4:2 1987:1 share:1 basic:1 22:1 2p:1 vs:10 21:2 6p:3 fully:1 dilute:1 19:1 9p:1 final:1 dividend:1 6:2 3p:1 5:3 7p:2 make:1 8:1 7:2 pretax:1 profit:3 129:1 2:1 mln:12 stg:6 116:1 0:2 turnover:1 1:4 088:1 968:1 retail:1 operation:1 133:1 3:1 115:1 tax:2 40:1 36:1 89:1 79:1 extraordinary:1 item:1 debit:2 24:1 note:1 full:1 name:1 storehouse:1 plc:1 sthl:1 l:1 | STOREHOUSE REPORTS HIGHER PROFITS IN 1986/87
53 weeks to April 4, 1987
Share - basic 22.2p vs 21.6p
- fully-diluted 21.6p vs 19.9p
Final dividend 6.3p vs 5.7p, making 8.6p vs 7.7p
Pretax profits 129.2 mln stg vs 116.0 mln
Turnover 1,088.1 mln stg vs 968.4 mln
Profit from retail operations 133.3 mln stg vs 115.6 mln
Tax 40.1 mln stg vs 36.5 mln
Profit after tax 89.1 mln stg vs 79.5 mln
Extraordinary items debit 0.7 mln stg vs debit 24 mln
NOTE - full name is Storehouse Plc <STHL.L>
|
test/17901 | test/17901 |@title norcros:1 profit:1 advance:1 1986:1 87:1 |@word year:1 march:1 31:1 shr:1 28:1 0p:1 vs:23 21:1 4p:1 final:1 dividend:1 9p:1 6:8 5p:1 make:1 12p:1 9:3 3p:1 pretax:1 profit:5 53:1 16:2 mln:37 stg:20 45:1 12:3 turnover:1 641:1 1:9 639:1 7:4 group:1 operating:3 57:1 63:1 49:1 06:1 share:1 associate:1 33:1 3:6 87:1 investment:1 income:1 59:1 2:3 19:1 interest:1 payable:1 38:1 10:2 01:1 tax:1 48:1 17:1 60:1 leave:1 36:1 68:1 27:1 51:2 minority:1 debit:3 58:1 39:1 extraordinary:1 item:1 credit:1 95:1 8:1 breakdown:2 class:1 business:2 building:1 material:1 manufacture:1 23:1 20:1 distribution:1 5:3 specialist:1 print:1 pack:1 international:1 0:1 head:1 office:1 property:1 4:5 discontinue:1 sell:1 589:1 000:2 geographic:1 britain:1 43:1 africa:1 australasia:1 854:1 north:1 america:1 note:1 full:1 name:1 norcros:1 plc:1 ncro:1 l:1 | NORCROS PROFITS ADVANCE IN 1986/87
Year to March 31
Shr 28.0p vs 21.4p
Final dividend 9p vs 6.5p making 12p vs 9.3p
Pretax profit 53.16 mln stg vs 45.12 mln
Turnover 641.1 mln stg vs 639.7 mln
Group operating profit 57.63 mln stg vs 49.06 mln
Share of associates' profits 1.33 mln stg vs 3.87 mln
Investment income 1.59 mln stg vs 2.19 mln
Interest payable 7.38 mln stg vs 10.01 mln
Tax 16.48 mln stg vs 17.60 mln
Leaving 36.68 mln vs 27.51
Minorities debit 1.58 mln stg vs debit 1.39 mln
Extraordinary items credit 2.95 mln stg vs debit 8.12 mln
Operating profits breakdown, by class of business,
- building materials manufacture 23.7 mln stg vs 20.9 mln
- distribution 10.1 mln stg vs 7.5 mln
- specialist print and pack 12.6 mln stg vs 9.6 mln
- international 6.0 mln stg vs 5.6 mln
- head office and property 4.6 mln stg vs 3.6 mln
- discontinued, sold businesses 589,000 stg vs 2.4 mln
Operating profits, geographic breakdown:
- Britain 51.4 mln stg vs 43.3 mln
- Africa 3.3 mln stg vs 3.4 mln
- Australasia 1.4 mln stg vs 854,000 stg
- North America 1.5 mln stg vs 1.6 mln
NOTE - full name is Norcros Plc <NCRO.L>.
|
test/17906 | test/17906 |@title german:1 gnp:1 figure:1 publication:1 delay:1 |@word figure:2 first:3 quarter:3 1987:3 west:5 german:5 gnp:3 publish:2 june:3 11:2 provisionally:1 schedule:1 4:2 official:5 federal:1 statistics:1 office:1 say:5 delay:1 gather:1 information:1 datum:1 expect:4 show:1 economy:2 contract:1 period:2 spokesman:1 economics:1 ministry:1 bonn:1 political:2 motivation:2 behind:1 day:1 venice:3 economic:3 summit:2 end:1 purely:1 technical:1 matter:1 add:1 government:4 come:1 pressure:1 u:1 european:1 partner:1 stimulate:1 domestic:3 demand:3 way:1 reduce:1 international:1 trade:1 imbalance:1 contribute:1 world:1 growth:4 however:1 rule:1 tax:1 reduction:1 package:1 supplement:1 major:1 program:1 stimulatory:1 fiscal:1 measure:2 already:2 underway:1 helmut:1 schlesinger:2 vice:1 president:1 central:1 bank:1 bundesbank:2 tokyo:1 today:2 wide:1 country:1 activity:1 fall:1 real:1 term:1 seasonally:1 adjust:1 1:1 2:2 one:1 pct:6 compare:1 fourth:1 1986:2 confirm:1 negative:1 year:4 two:3 repeat:1 reluctance:1 cut:1 interest:1 rate:2 key:1 discount:1 three:1 historical:1 low:1 likely:1 emphasise:1 draw:1 good:1 abroad:1 outstrip:1 export:2 performance:1 suffer:1 80:1 rise:2 mark:1 dollar:1 point:1 depressed:1 main:1 reason:1 current:1 weakness:1 later:1 strong:1 compensate:1 setback:1 whole:1 | GERMAN GNP FIGURES PUBLICATION DELAYED
Figures for first quarter 1987 West
German GNP will be published on June 11 after they were
provisionally scheduled for June 4, an official at the Federal
Statistics Office said.
The official said there had been a delay in gathering
information for the data, which are expected to show that the
West German economy contracted in the period.
A spokesman for the Economics Ministry in Bonn said there
was no political motivation behind publishing the figures on
June 11, the day after the Venice economic summit ends.
'There is no political motivation. It is a purely technical
matter,' he added.
The West German government is expected to come under
pressure in Venice from both the U.S. And its European partners
to stimulate domestic demand as a way of reducing international
trade imbalances and contributing to world economic growth.
However, government officials have ruled out any further
tax reduction packages to supplement a major program of
stimulatory fiscal measures already underway.
Helmut Schlesinger, vice-president of the West German
central bank, the Bundesbank, said in Tokyo today that GNP, the
widest measure of a country's economic activity, fell in real
terms by a seasonally adjusted 1/2 to one pct in the first
quarter compared with the fourth 1986 period.
The government has confirmed that growth was negative in
the first 1987 quarter. But year-on-year growth is expected to
be about two pct.
Schlesinger today repeated the Bundesbank's reluctance to
cut its official interest rates further. Its key discount rate,
at three pct, is just above historical lows.
West German officials are likely to emphasise at the Venice
summit that domestic demand, which draws in goods from abroad,
is already outstripping export performance, which has suffered
from an 80 pct rise of the mark against the dollar in just over
two years.
The government has pointed out that depressed exports are
the main reason for the current weakness in the economy, but
says that later in the year stronger domestic demand will
compensate for this setback.
It expects GNP growth for the whole of 1987 of just under
two pct, after a 2.4 pct rise in 1986.
|
test/17907 | test/17907 |@title stad:1 rotterdam:1 take:1 stake:1 swiss:1 insurer:1 |@word dutch:2 insurer:3 stad:3 rotterdam:3 anno:1 1720:1 n:2 v:2 asrn:1 say:4 july:1 1:2 20:2 pct:2 share:2 europeesche:4 verzekere:1 maatschappij:1 fully:1 unit:1 swiss:1 union:1 rueckversicherungs:1 gesellschaft:1 chairman:1 lucas:1 van:3 leeuwen:3 tell:1 reuters:1 may:1 raise:1 stake:2 majority:1 interest:1 two:1 company:2 find:1 sufficiently:1 compatible:1 due:1 partly:1 fact:1 make:3 loss:3 1985:2 1986:4 obtain:1 intrinsic:1 value:1 give:1 precise:1 sum:1 specialise:1 travel:1 recreation:1 insurance:1 premium:2 income:2 150:1 mln:3 guilde:4 17:1 billion:1 fifth:1 large:1 nine:1 narrow:1 4:1 5:1 course:1 independent:1 recovery:1 expect:1 reduce:1 1987:1 | STAD ROTTERDAM TAKES STAKE IN SWISS-OWNED INSURER
Dutch insurer Stad Rotterdam Anno 1720
N.V. <ASRN.AS> said from July 1 it will own 20 pct of the
shares of <Europeesche Verzekering Maatschappij N.V.>, a
fully-owned unit of Swiss insurer <Union
Rueckversicherungs-Gesellschaft>.
Stad Rotterdam chairman Lucas van Leeuwen told Reuters it
may raise its stake to a majority interest if the two companies
are found to be sufficiently compatible.
Van Leeuwen said that due partly to the fact Europeesche
made losses in 1985 and 1986, the 20 pct stake was obtained at
below the shares' intrinsic value. He gave no precise sum.
The Europeesche, which specialises in travel and recreation
insurance, had a premium income of 150 mln guilders in 1986.
Stad Rotterdam's premium income in 1986 was 1.17 billion
guilders, making it the fifth largest Dutch insurer.
Europeesche made a loss of nine mln guilders in 1985, which
narrowed to 4.5 mln guilders in 1986, van Leeuwen said.
He said the company was on course for independent recovery
and was expected to reduce its losses further in 1987.
|
test/17911 | test/17911 |@title duffour:1 igon:1 give:1 backing:1 aga:1 takeover:1 bid:1 |@word french:4 industrial:3 gas:4 group:4 duffour:6 et:6 igon:7 decide:1 back:2 takeover:3 bid:4 swedish:2 aga:10 ab:2 st:1 end:1 lengthy:1 battle:2 rival:2 bidder:2 france:4 spain:2 west:2 germany:2 chairman:1 jean:1 say:1 board:1 agree:2 late:2 last:1 night:1 advise:1 shareholder:2 accept:3 offer:5 4:5 410:4 franc:8 per:2 share:4 tell:1 reuters:1 main:1 union:3 carbide:3 corp:1 uk:2 subsidiary:1 linde:1 ag:1 ling:1 f:1 top:1 distribution:2 may:1 raise:1 000:1 carburos:1 metalicos:1 sa:2 sell:2 six:1 pct:5 stock:2 right:1 first:2 refusal:1 remain:1 nine:1 hold:1 also:1 win:1 midi:1 pyrenees:1 development:1 authority:1 20:1 stake:1 either:1 cash:1 exchange:1 one:2 bond:2 nominal:1 value:1 10:1 coupon:1 issue:2 guarantee:1 parent:1 toulouse:1 base:1 company:2 control:1 eight:1 market:1 begin:1 april:1 2:2 100:1 put:1 price:1 587:1 mln:1 close:1 june:1 24:1 result:1 announce:1 july:1 21:1 quote:1 yesterday:1 buyer:1 series:1 suspension:2 tussle:1 trade:1 856:1 january:1 9:1 | DUFFOUR IGON GIVES BACKING TO AGA TAKEOVER BID
French industrial gas group <Duffour et
Igon> has decided to back the takeover bid by Swedish
industrial gases group Aga AB <AGA.ST>, ending a lengthy battle
between rival bidders from France, Spain and West Germany,
Duffour et Igon Chairman Jean Igon said.
The board agreed late last night to back the Aga bid and
advise its shareholders to accept the Swedish group's latest
offer of 4,410 francs per share, he told Reuters.
The other main bidders were Union Carbide Corp's <UK.>
French subsidiary <Union Carbide France> and West Germany's
Linde AG <LING.F>.
Aga topped rival bids for the gases distribution group in
May by raising its offer to 4,410 francs from 4,000 francs.
This was accepted by Spain's <Carburos Metalicos SA> which
sold Aga six pct of Duffour et Igon's stock and the right of
first refusal on the remaining nine pct of stock it holds. It
also won over the French Midi-Pyrenees development authority
which agreed to sell Aga its 20 pct stake in Duffour et Igon.
Under Aga's offer, shareholders can either accept a cash
bid or exchange one share in Duffour et Igon for one bond of a
nominal value of 4,410 francs with a 10 pct coupon issue by Aga
France SA. The bond issue is guaranteed by the parent Aga AB.
The takeover battle for the Toulouse-based company, which
controls eight pct of the French industrial gas distribution
market, began on April 2 with an offer of 2,100 francs per
share from Union Carbide France <UK>.
Aga's offer, which puts a price of 587 mln francs on the
company, closes on June 24 and the results will be announced on
July 21.
Duffour et Igon shares were quoted yesterday at 4,410
francs, with no buyers, after a series of suspensions during
the takeover tussle. They traded at 856 francs on January 9
before the first suspension.
|
test/17913 | test/17913 |@title santo:1 acquire:1 total:1 exploration:1 australia:1 |@word santos:3 ltd:3 stos:1 say:5 would:1 buy:1 total:6 exploration:4 australia:2 pty:2 holding:1 wholly:1 subsidiary:1 cie:1 francaise:1 des:1 petrole:1 tpn:1 pa:1 interest:1 range:1 18:1 75:2 25:1 pct:2 four:2 block:2 permit:1 atp259p:2 south:2 west:1 queensland:1 statement:1 group:1 stake:1 rise:1 52:1 5:3 70:1 result:1 purchase:1 price:1 disclose:1 santo:2 number:1 oil:2 gas:2 field:1 discover:1 area:2 regard:1 good:1 prospect:1 discovery:1 reserve:1 amount:1 billion:1 cubic:1 foot:1 mln:1 barrel:1 condensate:1 promote:1 vigorous:1 program:2 rest:1 1987:1 future:1 acquisition:1 late:1 series:1 part:1 expand:1 origin:1 australian:1 cooper:1 basin:1 | SANTOS TO ACQUIRE TOTAL EXPLORATION AUSTRALIA
Santos Ltd <STOS.S> said it would buy
<Total Exploration Australia Pty Ltd> from <Total Holdings
(Australia) Pty Ltd, a wholly-owned subsidiary of Total-Cie
Francaise des Petroles <TPN.PA>.
Total Exploration had interests ranging from 18.75 to 25
pct in four blocks in permit ATP259P in south-west Queensland,
Santos said in a statement.
The Santos group stakes will rise to between 52.5 and 70
pct of the four ATP259P blocks as a result of the purchase. The
price was not disclosed.
Santos said a number of oil and gas fields have been
discovered in the Total Exploration areas and that it regards
them as having very good prospects for further discoveries.
Total's reserves amount to 75 billion cubic feet of gas and
5.5 mln barrels of oil and condensate, it said.
It said it will promote a vigorous exploration program in
the areas for the rest of 1987 and in the future.
The acquisition is the latest in a series by Santos as part
of a program to expand from its origins in the South Australian
Cooper Basin.
|
test/17915 | test/17915 |@title poehl:1 look:1 set:1 eight:1 year:1 bundesbank:1 |@word currency:5 dealers:1 karl:1 otto:1 poehl:19 scourge:1 speculator:3 banker:3 man:2 play:2 key:1 role:1 shape:1 world:1 financial:2 destiny:1 last:1 seven:2 year:6 germans:2 guardian:1 mark:4 president:1 powerful:1 independent:1 west:3 german:3 central:5 bank:3 bundesbank:6 likely:1 contract:1 renew:1 another:1 eight:1 expire:1 end:1 government:2 official:3 say:10 index:1 economic:2 spotlight:1 see:1 page:1 ecra:1 announcement:1 yet:1 make:4 raise:1 eyebrow:1 germany:2 business:2 community:1 ebullient:1 spend:1 bonn:1 top:2 ministerial:2 post:2 social:2 democrats:2 opposition:1 move:1 speculation:1 chancellor:3 helmut:2 kohl:3 would:5 try:1 replace:1 closer:1 christian:1 note:2 work:2 closely:1 successfully:1 finance:2 minister:2 gerhard:1 stoltenberg:1 since:2 take:2 office:1 1982:1 senior:1 apart:1 paul:1 volcker:1 united:3 states:3 enjoy:2 strong:2 international:1 reputation:1 newcomer:1 build:1 give:1 circumstance:1 probably:1 overlook:1 past:1 adviser:1 former:1 democrat:1 willy:1 brandt:1 aide:1 schmidt:2 bankers:1 appoint:1 present:1 job:1 1980:1 recent:1 month:1 rise:1 dollar:4 exchange:3 rate:5 concern:1 council:1 highly:1 conservative:1 institution:1 doggedly:1 pursue:1 monetary:3 policy:5 prevent:1 inflation:3 catch:1 hold:1 old:1 remember:1 two:1 bout:1 gallop:1 century:1 consumer:1 price:1 fall:1 much:1 1986:1 negligible:1 far:1 think:1 safe:1 relax:1 rein:1 little:1 concentrate:1 danger:1 economy:3 bloated:1 opinion:1 effort:2 stabilise:2 reach:1 high:1 priority:1 also:3 massive:1 revaluation:1 endanger:1 tell:1 journalist:2 frankfurt:1 recently:2 ute:1 geipel:1 head:1 research:1 citibank:1 ag:1 reappointment:1 guarantee:1 flexible:1 always:1 focus:1 rigidly:2 domestic:1 factor:1 external:1 economist:1 decline:1 identify:1 confirm:1 certainly:1 plus:1 pragmatic:1 course:1 orient:1 towards:1 money:1 supply:1 one:1 great:1 struggle:1 persuade:1 stop:1 talk:1 significance:1 february:1 louvre:2 accord:2 agree:1 join:1 greet:1 scepticism:1 dealer:3 soon:1 put:1 test:1 fact:1 relatively:1 stable:1 pact:1 market:3 know:2 perhaps:1 intervention:2 quickly:1 turn:1 round:1 position:1 worthless:1 bear:1 1929:1 1960:1 start:1 career:1 relaxed:1 sun:1 tan:1 figure:1 crack:1 joke:1 glass:1 beer:1 hardly:1 stereotype:1 keen:1 sportsman:1 like:1 watch:1 football:1 golf:1 substitute:1 correct:1 imbalance:1 achieve:1 enormous:1 effect:1 small:1 amount:1 strike:1 right:1 moment:1 professional:1 skilled:1 burn:1 finger:1 many:1 people:1 unlike:1 usually:1 profit:1 | POEHL LOOKS SET FOR EIGHT MORE YEARS AT BUNDESBANK
For currency dealers Karl Otto Poehl is
the scourge of speculators, for bankers he is the man who has
played a key role in shaping the world's financial destiny for
the last seven years, and for Germans he is the guardian of the
mark.
President of the powerful and independent West German
central bank, the Bundesbank, Poehl is likely to have his
contract renewed for another eight years when it expires at the
end of this year, government officials say.
(Index of economic spotlights, see page ECRA)
But no official announcement has yet been made, raising
eyebrows in West Germany's business community.
The ebullient Poehl spent seven years in Bonn in top
ministerial posts under the Social Democrats, now in
opposition, before he moved to the Bundesbank.
There has been speculation that Chancellor Helmut Kohl
would try to replace Poehl with a man closer to his own
Christian Democrats. But officials noted that Poehl has worked
closely and successfully with Finance Minister Gerhard
Stoltenberg since Kohl's government took office in 1982.
Poehl, the most senior central banker apart from Paul
Volcker of the United States, enjoys a strong international
reputation which it would take a newcomer years to build up.
Given these circumstances, Kohl will probably overlook
Poehl's past as an adviser to former Social Democrat Chancellor
Willy Brandt, and top aide to Helmut Schmidt when he was
Finance Minister, bankers said. It was Schmidt who, as
Chancellor, appointed Poehl to his present job in 1980.
In recent months, with the mark's strong rise against the
dollar, Poehl has made exchange rates the central concern of
the Bundesbank's council, a highly conservative institution
which has doggedly pursued monetary policies to prevent
inflation catching hold. Older Germans can remember two bouts
of galloping inflation this century.
But with consumer prices falling for much of 1986, and
inflation negligible so far this year, Poehl thinks it is safe
to relax the monetary reins a little and concentrate on the
dangers to the German economy of a bloated exchange rate.
'I am of the opinion that efforts to stabilise the
dollar/mark rate have reached a high priority, also for the
Bundesbank, because a further massive revaluation of the mark
would endanger the economy in West Germany,' he told business
journalists in Frankfurt recently.
Ute Geipel, head of research at Citibank AG, says that
Poehl's reappointment would guarantee flexible monetary policy.
'Poehl's policy has always been a policy which does not
focus so rigidly on domestic factors, but also on the external
economy,' she said.
An economist at a German bank, who declined to be
identified, said 'If Poehl is confirmed in his post, it will
certainly be a plus for the pragmatic course which is not so
rigidly oriented towards money supply.'
One of Poehl's great struggles recently has been to
persuade the United States to stop 'talking down' the dollar. For
Poehl, the significance of the February Louvre Accord was that
the United States agreed to join efforts to stabilise
currencies.
The Louvre Accord was greeted with scepticism by currency
dealers who said they would soon put it to the test. But in
fact the dollar has been relatively stable since the pact.
'This is because the markets know - or perhaps because they
don't know - what the central banks can do,' Poehl says of
intervention in currency markets which can quickly turn rates
round, making a speculator's position worthless.
Poehl was born in 1929 and worked as a financial journalist
in the 1960s before starting his ministerial career.
A relaxed sun-tanned figure who enjoys cracking jokes over
a glass of beer, he is hardly a stereotype central banker.
He is also a keen sportsman who likes to watch football and
play golf.
Poehl says currency market intervention cannot substitute
for correct economic policies if exchange rates are imbalanced.
'But you can achieve an enormous effect with a small amount
if you strike at the right moment,' he said. Bundesbank dealers
are very professional and skilled. 'They've burnt the fingers of
many people,' he said. And unlike the speculators, Poehl notes,
the Bundesbank dealers usually make a profit.
|
test/17916 | test/17916 |@title finland:1 current:1 account:1 deficit:1 1st:1 qtr:1 |@word finland:2 current:1 account:1 balance:1 payment:1 show:1 deficit:2 2:2 5:1 billion:2 markka:1 first:1 quarter:1 1987:1 3:1 period:1 last:1 year:1 bank:1 say:1 statement:1 | FINLAND'S CURRENT ACCOUNT IN DEFICIT IN 1ST QTR
Finland's current account balance of
payments showed a deficit of 2.5 billion markka in first
quarter 1987 against a deficit of 3.2 billion in the same
period last year, the Bank of Finland said in a statement.
|
test/17922 | test/17922 |@title de:1 la:1 rue:1 raise:1 annual:1 profit:1 12:1 7:1 pct:1 |@word year:1 end:1 march:1 31:1 1987:1 fin:1 div:1 9:2 25p:1 make:1 12p:1 vs:7 10:2 74p:1 shr:1 28:1 3p:1 27:1 5p:1 pretax:1 profit:2 55:1 63:1 mln:10 stg:1 49:1 36:1 net:2 38:1 80:1 33:1 64:2 turnover:1 444:1 309:1 85:1 interest:1 payable:1 3:2 50:1 79:1 share:2 related:1 company:1 7:1 62:1 note:1 de:1 la:1 rue:1 co:1 plc:1 dlar:1 l:1 propose:1 offer:1 ordinary:1 shareholder:1 opportunity:1 receive:1 dividend:1 form:1 new:1 alternative:1 cash:1 | DE LA RUE RAISES ANNUAL PROFITS BY 12.7 PCT
Year ended March 31, 1987
Fin div 9.25p making 12p vs 10.74p
Shr 28.3p vs 27.5p
Pretax profit 55.63 mln stg vs 49.36 mln
Net 38.80 mln vs 33.64 mln
Turnover 444.10 mln vs 309.85 mln
Net interest payable 3.50 mln vs 3.79 mln
Profit share of related companies 7.62 mln vs 9.64 mln
Note - The De La Rue Co. Plc <DLAR.L> proposes to offer
ordinary shareholders the opportunity to receive their
dividends in the form of new shares as an alternative to cash.
|
test/17923 | test/17923 |@title china:1 see:1 unlikely:1 raise:1 sugar:1 import:1 |@word china:11 increase:2 sugar:10 import:7 substantially:1 year:11 foreign:5 exchange:3 constraint:1 large:2 stock:4 despite:2 fall:6 production:3 rise:3 domestic:4 demand:5 trader:4 official:3 press:3 say:21 rapid:1 last:3 30:1 imbalance:1 supply:3 continue:1 extremely:1 serious:1 farmer:4 daily:4 1986:6 planting:1 due:1 removal:1 crop:4 incentive:1 could:2 earn:1 technical:1 seed:1 improvement:1 widely:1 disseminate:1 estimate:2 87:3 november:1 march:1 4:2 82:1 mln:9 tonne:8 5:1 2:2 earlier:2 consumption:1 six:1 yunnan:1 harvest:3 record:1 521:1 500:1 provincial:2 give:2 early:2 figure:3 output:2 guangxi:1 1:6 04:1 new:1 news:1 agency:1 without:1 nanfang:1 guangdong:3 province:2 92:2 96:1 area:4 drop:2 cane:2 inadequate:1 newspaper:1 processing:1 cost:1 economic:1 situation:3 nearly:1 mill:4 good:1 guarantee:1 major:4 problem:2 western:1 diplomat:4 also:1 n:1 fujian:2 south:2 fourth:1 producer:1 plant:1 rural:1 sector:1 wel:1 develop:1 enable:1 choose:1 accord:1 maximum:1 return:1 meaning:1 many:1 avoid:1 peasant:1 ortheast:1 heilongjiang:1 gross:1 108:1 yuan:2 one:5 mu:3 0:1 0667:1 hectare:1 soybean:1 112:1 corn:1 70:1 sugarbeet:1 paper:1 profit:1 margin:1 7:1 pct:3 11:1 1980:1 lack:2 capital:1 modernise:1 compete:1 raw:1 materialsx:1 add:2 result:1 utilisation:1 rate:1 big:1 mode:1 nise:1 price:2 change:1 20:1 custom:1 show:1 18:1 calendar:1 9:1 1985:1 end:1 august:1 37:1 accumulate:1 1982:1 85:1 authority:2 allow:1 practice:1 stop:1 central:1 government:2 resume:1 control:1 storage:1 much:2 store:1 qinghai:1 inner:1 mongolia:1 inland:1 transport:1 consumer:1 east:1 particularly:1 coal:1 priority:1 quickly:1 move:1 factor:2 determine:1 level:1 another:1 quality:1 cuba:1 supplier:1 barter:1 trade:2 buy:1 two:1 distress:1 cargo:1 week:1 152:1 153:1 dlrs:1 desperate:1 buyer:1 cuban:1 bad:1 go:1 open:1 market:1 japanese:1 peke:1 concern:1 regard:1 improve:1 restraint:1 persist:1 five:1 communist:1 well:1 position:1 regulate:1 capitalist:1 | CHINA SEEN UNLIKELY TO RAISE SUGAR IMPORTS
China will not increase sugar imports
substantially this year because of foreign exchange constraints
and large stocks, despite falling production and rising
domestic demand, traders and the official press said.
'Despite rapid increases in domestic production over the
last 30 years, imbalances between supply and demand continue to
be extremely serious,' the Farmers Daily said. It said 1986
plantings fell due to removal of crop incentives, because
farmers could earn more from other crops and because technical
and seed improvements had not been widely disseminated.
The official press had estimated the 1986/87 sugar crop
(November/March) at 4.82 mln tonnes, down from 5.2 mln a year
earlier, and domestic consumption at six mln tonnes a year.
The Yunnan 1986/87 sugar harvest was a record 521,500
tonnes, the provincial daily said. It gave no year-earlier
figure. Output in Guangxi was 1.04 mln tonnes, the New China
News Agency said without giving a year-earlier figure.
The Nanfang Daily said production in Guangdong province
fell to estimated 1.92 mln tonnes from 1.96 mln and that the
area under sugar was dropping.
'Supply of cane (in Guangdong) is inadequate,' the newspaper
said. Processing costs are rising and the economic situation of
nearly all the mills is not good. To guarantee supply of cane
is a major problem.'
A Western diplomat said sugar output also fell n Fujian,
south China's fourth major producer, where there was a drop in
area planted.
He said the rural sectors in Guangdong and Fujian were wel
developed, enabling farmers to choose crops according to the
maximum return, meaning that many had avoided sugar.
The Farmers Daily said a peasant in the ortheast province
of Heilongjiang could gross 108 yuan from one mu (0.0667
hectares) of soybeans and 112 yuan from one mu of corn but only
70 from one mu of sugarbeet.
The paper said the profit margin of mills in China fell to
4.7 pct last year from 11.87 pct in 1980.
Mills lacked the capital to modernise and they competed
with each other for raw materialsX, it added. This resulted in
falling utilisation rates at big, mode{nised mills.
The price of sugar had not changed in 20 years, the
official press has said.
Customs figures showed China imported 1.18 mln tonnes of
sugar in calendar 1986, down from 1.9 mln in 1985.
The diplomat said stocks at end-August 1986 were 2.37 mln
tonnes, up from 1.92 a year earlier.
A foreign trader here said China accumulated large stocks
in 1982-85 when provincial authorities were allowed to import
sugar on their own authority. This practice was stopped in 1986
when the central government resumed control of imports.
'As China lacked storage, much of these imports was stored
in Qinghai, Inner Mongolia and other inland areas,' the diplomat
said.
The trader said transporting stocks from these areas to
consumers in east and south China was a problem, particularly
as coal had priority. 'How quickly they can move the sugar is
one factor determining import levels,' he said.
Another factor was the quality of the harvest in Cuba,
China's major supplier through barter trade, he said.
'China bought two distress cargoes last week, for about
152/153 dlrs a tonne,' he added. 'China is not a desperate buyer
now. But if the Cuban harvest is bad, it will have to go into
the open market.'
A Japanese trader said Peking's major concern regarding
imports was price.
'While the foreign trade situation has improved this year,
foreign exchange restraints persist,' he said.
The diplomat said domestic demand was rising by about five
pct a year but 'a communist government is in a much better
position to regulate demand than a capitalist one, if the
foreign exchange situation demands it.'
|
test/17924 | test/17924 |@title uae:1 trade:1 current:1 account:1 surplus:1 narrow:1 |@word united:1 arab:1 emirates:1 record:1 1986:1 trade:1 surplus:4 12:1 2:5 billion:8 dirham:3 narrow:2 30:1 1985:4 central:3 bank:3 late:1 bulletin:1 show:2 say:1 low:1 mainly:1 due:1 decline:2 value:1 export:2 37:1 54:1 reflect:1 oil:2 price:1 last:1 year:1 difficulty:1 market:1 uae:1 add:1 current:1 account:1 6:2 8:2 25:1 5:1 overall:1 balance:1 4:1 | UAE TRADE, CURRENT ACCOUNT SURPLUSES NARROW
The United Arab Emirates recorded a
1986 trade surplus of 12.2 billion dirhams, narrowing from 30.2
billion in 1985, the central bank's latest bulletin shows.
The central bank said the lower surplus was mainly due to
the decline in the value of exports and re-exports to 37.2
billion dirhams from 54.2 billion in 1985. This reflected the
decline in oil prices last year and difficulties in marketing
UAE oil, the central bank added.
The surplus on the current account narrowed to 6.8 billion
dirhams from 25.5 billion in 1985. The overall balance showed a
surplus of 4.8 billion after 2.6 billion in 1985.
|
test/17925 | test/17925 |@title kuwait:1 reject:1 iranian:1 spy:1 boat:1 charge:1 |@word kuwait:6 target:1 iranian:6 anger:1 emirate:1 backing:1 iraq:3 gulf:3 war:1 today:3 reject:1 charge:3 fishing:4 vessel:6 seize:2 recently:2 iran:6 spy:2 boat:4 basis:1 truth:1 content:1 accusation:3 nature:1 operation:1 take:1 custody:1 fish:1 foreign:3 ministry:3 say:9 statement:3 affaire:1 mohammad:1 baqeri:1 summon:1 yesterday:1 confer:1 undersecretary:1 suleiman:1 majed:1 al:3 shaheen:2 news:2 agency:2 irna:1 sunday:1 seven:1 kuwaiti:3 speed:1 detain:1 crew:1 confess:1 cover:1 intercept:1 khur:1 abdullah:1 waterway:2 separate:1 faw:1 peninsula:1 head:1 capture:1 last:1 year:1 response:1 come:1 envoy:1 tour:1 arab:1 state:1 responsibility:1 security:1 stability:1 regional:1 matter:1 u:1 senate:1 team:1 schedule:1 meet:1 crown:1 prince:1 prime:1 minister:2 sheikh:1 saad:1 abdulla:1 sabah:1 defence:1 oil:1 carry:1 kuna:1 recent:1 detention:2 first:1 tehran:2 past:1 hold:2 back:1 number:1 seek:1 release:1 diplomatic:1 contact:1 however:1 perplex:1 time:1 accompany:1 undertake:1 espionage:1 activity:1 condemn:1 ask:1 free:1 sailor:1 | KUWAIT REJECTS IRANIAN SPY BOAT CHARGES
Kuwait, a target of Iranian anger over the
emirate's backing for Iraq in the Gulf war, today rejected
charges that fishing vessels seized recently by Iran were spy
boats.
'There are no bases of truth to the contents of the Iranian
accusation on the nature of the operations of the vessels
recently taken into custody by Iran. These vessels were out
fishing,' the Foreign Ministry said in a statement.
It said Iranian Charge d'Affaires Mohammad Baqeri was
summoned by the Ministry yesterday to confer with Foreign
Undersecretary Suleiman Majed al-Shaheen.
The Iranian News Agency IRNA said on Sunday Iran had seized
seven Kuwaiti speed boats and detained their crew, who
confessed to spying for Iraq under the cover of fishing.
It said the boats were intercepted in the Khur Abdullah
waterway which separates Kuwait and Iraq's Faw peninsula at the
head of the Gulf, captured by Iran last year.
The Kuwaiti response came as Iranian envoys toured Gulf
Arab states saying responsibility for security and stability in
the waterway was a regional matter. A U.S. Senate team was
scheduled today to meet Kuwait's Crown Prince and Prime
Minister Sheikh Saad al-Abdulla al-Sabah and the defence and
oil ministers.
Today's Foreign Ministry statement, carried by the Kuwait
News Agency KUNA, said the recent detention of Kuwaiti fishing
vessels by Iran was not the first.
Tehran in the past had held back a number of vessels Kuwait
had sought to release through diplomatic contacts, it said.
'However, Kuwait is perplexed that this time the Iranian
charges are accompanied by accusations that the vessels were
undertaking espionage activities,' it said.
Shaheen condemned the detentions and accusations, and asked
Tehran to free all fishing boats and sailors held by Iran, the
statement said.
|
test/17926 | test/17926 |@title uae:1 trade:1 current:1 account:1 surplus:1 narrow:1 |@word united:1 arab:1 emirates:1 uae:2 record:1 1986:1 trade:1 surplus:4 12:1 2:5 billion:8 dirham:3 narrow:2 30:1 1985:4 central:3 bank:3 late:1 bulletin:1 show:2 say:1 low:1 mainly:1 due:1 decline:2 value:1 export:1 reexport:1 37:1 54:1 reflect:1 oil:2 price:1 last:1 year:1 difficulty:1 market:1 add:1 current:1 account:1 6:2 8:2 25:1 5:1 overall:1 balance:1 4:1 | UAE TRADE, CURRENT ACCOUNT SURPLUSES NARROW
The United Arab Emirates (UAE) recorded
a 1986 trade surplus of 12.2 billion dirhams, narrowing from
30.2 billion in 1985, the central bank's latest bulletin shows.
The central bank said the lower surplus was mainly due to
the decline in the value of exports and reexports to 37.2
billion dirhams from 54.2 billion in 1985. This reflected the
decline in oil prices last year and difficulties in marketing
UAE oil, the central bank added.
The surplus on the current account narrowed to 6.8 billion
dirhams from 25.5 billion in 1985. The overall balance showed a
surplus of 4.8 billion after 2.6 billion in 1985.
|
test/17927 | test/17927 |@title bp:1 cut:1 north:1 sea:1 propane:1 price:1 butane:1 unchanged:1 |@word british:1 petroleum:2 lp:1 gas:2 international:1 say:2 cut:3 north:2 sea:2 lpg:2 liquify:1 post:2 price:4 propane:2 95:1 dlrs:6 110:1 tonne:4 effective:2 june:2 1:4 move:1 follow:1 similar:1 92:1 108:1 announce:1 shell:2 u:2 k:2 ltd:1 friday:1 also:1 fob:1 terminal:1 notice:1 company:1 leave:1 butane:1 unchanged:1 123:1 bp:2 statement:1 come:1 result:1 review:1 occasion:1 substantial:1 change:2 market:1 last:2 lower:1 175:1 march:1 113:1 may:1 | BP CUTS NORTH SEA PROPANE PRICE, BUTANE UNCHANGED
British Petroleum LP Gas International
said it cut its North Sea LPG (Liquified Petroleum Gas) posted
price for propane to 95 dlrs from 110 dlrs a tonne, effective
June 1.
The move follows a similar cut to 92 from 108 dlrs a tonne
announced by Shell U.K. Ltd Friday, also fob North Sea
terminals and effective June 1 until further notice. Both
companies left their butane prices unchanged at 123 dlrs a
tonne.
A BP statement said its cut came 'as a result of a price
review occasioned by substantial changes in the LPG market.' BP
last lowered its posted propane price from 175 dlrs a tonne on
March 1, and Shell U.K.'s last change was from 113 dlrs May 1.
|
test/17929 | test/17929 |@title saudi:1 arabia:1 agree:1 mad:1 oil:1 price:1 rise:1 |@word saudi:4 arabia:4 oil:4 minister:1 hisham:1 nazer:1 say:2 riyadh:2 would:4 agree:3 cut:2 price:6 accept:2 mad:2 increase:2 drive:2 consumer:2 away:2 tell:1 al:1 newspaper:1 follow:1 balanced:1 petroleum:1 policy:2 approve:1 decrease:1 current:4 level:1 also:1 make:1 try:1 find:1 alternative:1 source:1 energy:1 opec:2 last:2 december:1 production:4 world:1 hit:1 new:1 low:1 1986:1 pricing:2 system:1 aim:1 stabilise:1 market:1 around:1 18:2 dlrs:2 barrel:2 schedule:1 meet:1 vienna:1 june:1 25:1 review:1 king:1 fahd:1 month:1 want:1 remain:1 stable:1 next:1 two:1 year:1 architect:1 pact:2 back:1 kuwait:1 uae:1 set:1 ceiling:1 first:1 half:1 1987:1 15:1 8:1 mln:1 bpd:1 implement:1 fix:1 base:1 average:1 | SAUDI ARABIA WILL NOT AGREE 'MAD' OIL PRICE RISE
Saudi Arabia's Oil Minister Hisham Nazer
said Riyadh would not agree to a cut in oil prices and would
not accept a 'mad' increase that would drive consumers away.
He told al-Riyadh newspaper, 'Saudi Arabia follows a
balanced petroleum policy. It does not approve of a decrease in
prices from current levels and it also does not accept a mad
increase that would drive consumers away and make them try and
find alternative sources (for energy).'
OPEC agreed last December to cut production after world
prices hit new lows in 1986. They agreed on a pricing system
aimed to stabilise the market around 18 dlrs a barrel.
OPEC is scheduled to meet in Vienna on June 25, where it
will review its current oil price and production policy.
Saudi Arabia's King Fahd said last month that he wanted oil
prices to remain stable for the next two years.
Saudi Arabia is the architect of the current pricing and
production pact, which is backed by Kuwait and the UAE. The
current pact set a production ceiling for first half 1987 of
15.8 mln bpd, and implemented fixed prices based on an 18 dlrs
a barrel average.
|
test/17930 | test/17930 |@title taiwan:1 curbs:1 inflow:1 foreign:1 exchange:1 |@word taiwan:7 central:6 bank:10 announce:1 today:3 overseas:1 foreign:12 exchange:10 borrowing:2 local:6 would:4 freeze:1 level:1 reach:3 end:5 may:2 statement:1 add:2 measure:2 effective:1 july:2 banker:3 say:7 design:1 curb:3 inflow:2 slow:1 growth:1 money:5 supply:3 move:3 spark:1 record:3 single:1 day:1 plunge:2 stock:2 market:6 limit:1 ability:1 lend:1 importer:1 exporter:2 almost:2 12:1 billion:4 u:10 dlrs:4 april:3 accord:1 official:2 statistic:1 last:2 week:1 reduce:1 purchase:2 forward:3 dollar:9 40:1 pct:4 90:1 value:2 contract:1 need:1 distortion:1 nervous:1 appreciate:1 heavily:1 sell:2 interbank:1 avoid:1 rate:1 loss:1 figure:1 show:1 sale:1 six:1 5:1 9:1 earning:1 must:1 convert:1 boost:1 time:1 boom:1 export:1 rise:3 seasonally:1 adjust:1 51:1 86:1 year:2 raise:1 fear:1 high:1 inflation:1 march:1 clamp:1 tight:1 restriction:1 remittance:1 company:1 individual:1 speculative:2 economist:1 estimate:1 attract:1 ten:1 since:2 early:2 flow:1 mainly:1 hong:1 kong:1 japan:1 september:1 1985:1 22:1 government:1 effort:1 stabilise:1 prelude:1 lift:1 capital:1 outflow:1 control:1 drop:1 august:1 dealer:1 announcement:1 cause:1 jitter:1 make:1 heavy:1 30:1 mln:1 75:1 53:1 point:1 close:1 1:1 803:1 08:1 | TAIWAN CURBS INFLOWS OF FOREIGN EXCHANGE
Taiwan's central bank announced that as
from today the overseas foreign exchange borrowings of local
and foreign banks would be frozen at the level they reached at
the end of May.
The central bank's statement added that the measure would
be effective until the end of July.
Bankers said the measure is designed to curb the inflow of
foreign exchange and slow the growth of money supply. They
added that the move, which sparked a record single day plunge
of the local stock market, would limit their ability to lend
foreign exchange to importers and exporters.
Foreign exchange borrowings by local and foreign banks
reached almost 12 billion U.S. Dlrs by the end of April,
according to official statistics.
Last week the central bank said that from today it would
reduce its purchase of forward U.S. Dollars from banks to 40
pct from 90 pct of the value of the contract. It said the move
was needed because of 'distortions' in the foreign exchange
market.
Exporters, nervous about the appreciating Taiwan dollar,
have been heavily selling forward U.S. Dollars on the interbank
market to avoid exchange rate losses.
Official figures show that forward U.S. Dollar sales in May
reached a record of almost six billion U.S. Dlrs against 5.9
billion in April.
All Taiwan's foreign exchange earnings must be converted
into local dollars, boosting money supply at a time of booming
exports. Money supply rose a seasonally adjusted 51.86 pct in
the year to end-April, raising fears of higher inflation.
In March the central bank clamped tight restrictions on
remittances of foreign exchange by companies and individuals to
Taiwan in a move to curb inflows of speculative money.
Economists and bankers estimate that the rising value of
the local dollar has attracted about ten billion U.S. Dlrs of
speculative money into Taiwan since early last year. It has
flowed in mainly from Hong Kong, Japan and the U.S..
Since September 1985 the Taiwan dollar has risen by about
22 pct against the U.S. Dollar.
Bankers said the government's efforts to stabilise the
foreign exchange market were a prelude to lifting all curbs on
capital outflows. The central bank has said the controls will
be dropped by the end of July or early August.
Foreign exchange dealers said today's announcement caused
jitters in the market with foreign and local banks making heavy
purchases of U.S. Dollars. They said the central bank sold
about 30 mln U.S. Dlrs.
Taiwan's stock market plunged a record 75.53 points to
close at 1,803.08.
|
test/17932 | test/17932 |@title u:2 k:2 reserve:2 rise:2 underlie:2 4:2 8:2 billion:4 dlrs:2 may:2 2:2 9:2 april:2 official:2 |@word | U.K. RESERVES RISE UNDERLYING 4.8 BILLION DLRS IN MAY, (2.9 BILLION APRIL) - OFFICIAL
U.K. RESERVES RISE UNDERLYING 4.8 BILLION DLRS IN MAY, (2.9 BILLION APRIL) - OFFICIAL
|
test/17933 | test/17933 |@title u:1 k:1 reserve:1 show:1 record:1 underlie:1 rise:1 may:1 |@word britain:1 gold:1 currency:2 reserve:4 rise:5 record:2 underlie:3 4:2 76:1 billion:11 dlrs:10 may:3 follow:1 april:4 2:2 9:3 increase:4 treasury:2 say:1 trend:1 indicate:1 level:1 recent:1 bank:1 england:1 intervention:1 market:2 curb:1 sterling:1 strength:1 expectation:1 one:1 three:2 decline:1 comment:1 figure:1 actual:1 87:1 compare:2 8:1 total:1 value:1 34:1 68:1 29:1 81:1 end:1 borrowing:2 exchange:1 cover:1 scheme:2 238:1 mln:7 66:1 repayment:4 85:1 90:1 previously:1 capital:1 eight:1 last:1 month:1 government:1 debt:1 amount:1 33:1 net:1 large:1 previous:1 3:1 04:1 see:1 october:1 1977:1 represent:1 seventh:1 monthly:1 947:1 period:1 816:1 since:1 start:1 1987:1 | U.K. RESERVES SHOW RECORD UNDERLYING RISE IN MAY
Britain's gold and currency reserves rose
a record underlying 4.76 billion dlrs in May, following April's
2.9 billion dlrs increase, the Treasury said.
The underlying trend indicates the level of recent Bank of
England intervention on currency markets to curb sterling's
strength. It was above market expectations which had been for a
rise of between one billion and three billion dlrs.
The Treasury declined comment on the figures.
Actual reserves rose 4.87 billion dlrs in May, compared
with April's 2.8 billion increase, to a total value of 34.68
billion dlrs, compared with 29.81 billion at the end of April.
Borrowings under the exchange cover scheme were 238 mln
dlrs, against April's 66 mln. Repayments under the scheme were
85 mln dlrs, after 90 mln previously, with capital repayments
of eight mln, after three mln last month.
Repayments of government debt amounted to 33 mln dlrs.
The underlying reserves increase is net of borrowings and
repayments.
It was larger than the previous record 3.04 billion dlrs
rise seen in October 1977. The May increase represents the
seventh monthly rise, with reserves up 9.947 billion dlrs in
that period, and up 9.816 billion since the start of 1987.
|
test/17939 | test/17939 |@title |@word nakasone:2 sumita:2 agree:2 discount:2 rate:2 cut:2 appropriate:2 central:2 bank:2 source:2 | Nakasone, Sumita agree discount rate cut not appropriate now - central bank sources
Nakasone, Sumita agree discount rate cut not appropriate now - central bank sources
|
test/17943 | test/17943 |@title nakasone:1 sumita:1 agree:1 rate:1 cut:1 appropriate:1 |@word prime:1 minister:1 yasuhiro:1 nakasone:4 today:1 agree:1 bank:2 japan:2 governor:1 satoshi:1 sumita:3 cut:3 discount:1 rate:3 appropriate:2 present:1 central:1 source:2 say:2 tell:2 reuters:1 two:1 discuss:1 subject:1 routine:1 meeting:1 feel:1 express:1 understanding:1 currency:1 dealer:1 speculate:1 west:1 germany:1 may:1 come:1 pressure:1 next:1 week:1 venice:1 summit:2 interest:1 boost:1 economy:1 due:1 attend:1 | NAKASONE, SUMITA AGREE RATE CUT NOT APPROPRIATE
Prime Minister Yasuhiro Nakasone today
agreed with Bank of Japan governor Satoshi Sumita that a
further cut in the discount rate was not appropriate at
present, central bank sources said.
They told Reuters the two discussed the subject at a
routine meeting.
Sumita told Nakasone he did not feel a rate cut was
appropriate and Nakasone expressed his understanding, the
sources said.
Currency dealers have speculated that Japan and West
Germany might come under pressure at next week's Venice summit
to cut interest rates to boost their economies.
Nakasone, but not Sumita, is due to attend the summit.
|
test/17948 | test/17948 |@title japan:1 concern:1 ec:1 trade:1 threat:1 minister:1 |@word japan:3 disappoint:1 recent:1 threat:1 trade:6 retaliation:1 european:1 community:1 ec:6 situation:1 two:2 improve:2 japanese:3 industry:1 minister:2 hajime:1 tamura:3 say:3 deeply:1 concerned:1 move:1 take:1 harsh:1 line:1 toward:1 despite:1 tangible:1 improvement:1 speech:1 prepare:1 delivery:1 opening:1 new:1 centre:1 design:1 understanding:1 side:1 last:1 week:1 foreign:1 12:1 nation:1 agree:1 impose:1 tariff:1 range:1 unspecified:1 electrical:1 good:2 unless:1 tokyo:1 open:1 market:1 export:2 refer:1 55:1 pct:1 rise:1 import:2 manufacture:1 year:1 end:1 march:1 31:1 feel:1 strong:1 step:1 road:1 balance:1 expansion:1 deny:1 existence:1 deficit:1 believe:1 rectify:1 reduce:1 restriction:1 restraint:1 expand:1 overall:1 | JAPAN CONCERNED AT EC TRADE THREATS - MINISTER
Japan is disappointed at the recent threats
of trade retaliation from the European Community (EC) just as
the trade situation between the two is improving, Japanese
Trade and Industry Minister Hajime Tamura said.
'I am deeply concerned that the EC has moved to take a
harsher line toward Japan despite this tangible improvement,' he
said in a speech prepared for delivery at the opening of a new
centre designed to improve understanding between the two sides.
Last week, foreign ministers of the 12 EC nations agreed to
impose tariffs on a range of unspecified Japanese electrical
goods unless Tokyo opened its markets more to EC exports.
Tamura referred to a 55 pct rise in Japanese imports of EC
manufactured goods in the year ended March 31.
'I feel this is a strong step on the road to balance through
expansion.'
'While I do not deny the existence of the trade deficit
between Japan and the EC, I believe it should be rectified not
by reducing trade through import restrictions or export
restraints, but by expanding the (overall) trade,' Tamura said.
|
test/17950 | test/17950 |@title glynwe:1 buy:1 gallaher:1 unit:1 around:1 14:1 mln:1 stg:1 |@word glynwed:3 international:1 plc:1 glyn:1 l:1 say:1 buy:1 issue:1 share:3 two:1 company:3 belong:1 gallaher:5 ltd:2 subsidiary:2 american:1 brands:1 inc:1 amb:1 deal:1 worth:1 around:1 14:1 mln:2 stg:2 full:1 name:1 purchase:2 formatura:1 iniezione:1 polimeri:1 spa:1 genoa:1 fip:2 u:2 k:2 weybridge:1 consideration:1 base:1 net:1 asset:1 value:1 per:1 yet:1 finalise:1 nine:1 total:1 represent:1 debt:1 assume:1 glynwe:2 manufacturer:1 valve:1 pressure:1 pipe:1 fitting:1 thermoplastic:2 product:1 complementary:1 durapipe:1 philmac:1 acquisition:1 appreciably:1 develop:1 strengthen:1 strategic:1 position:1 pipework:1 system:1 market:1 sale:2 reflect:1 decision:1 dispose:1 peripheral:1 business:1 proceed:1 use:1 continue:1 expansion:1 group:1 5p:1 494:1 announcement:1 quote:1 london:1 stock:1 exchange:1 | GLYNWED BUYS GALLAHER UNITS FOR AROUND 14 MLN STG
Glynwed International Plc <GLYN.L> said it
had bought all the issued shares of two companies belonging to
Gallaher Ltd, a subsidiary of American Brands Inc <AMB>, in a
deal worth around 14 mln stg.
The full names of the companies purchased from Gallaher are
<Formatura Iniezione Polimeri Spa>, Genoa and <FIP U.K. Ltd>,
Weybridge.
Consideration for the purchases, which will be based on the
net asset values per share of the companies, has yet to be
finalised but some nine mln stg of the total represents debt
assumed by Glynwed.
FIP is a manufacturer of valves and other pressure pipe
fittings in thermoplastics. Its products are complementary to
those of Glynwed subsidiaries, Durapipe U.K. And Philmac.
The acquisitions appreciably develop and strengthen
Glynwed's strategic position in the thermoplastic pipework
systems market.
The sale by Gallaher reflects a decision to dispose of more
peripheral businesses. Proceeds of the sale will be used in the
continuing expansion of the Gallaher group. Glynwed shares were
up 5p to 494 after the announcement. Gallaher is not quoted on
the London Stock Exchange.
|
test/17952 | test/17952 |@title kuwaiti:1 dinar:1 rate:1 firm:1 aid:1 window:1 open:1 |@word interest:2 rate:4 kuwaiti:1 dinar:3 deposit:1 hold:1 firm:1 scatter:1 trading:1 despite:1 central:4 bank:5 decision:1 revive:1 limited:1 funding:1 line:1 dealer:6 say:4 last:1 tuesday:1 shut:1 daily:1 aid:1 window:1 lend:1 fund:4 one:7 year:3 reopen:1 facility:2 three:2 month:5 money:1 available:1 seven:6 pct:9 offer:3 swap:1 today:1 action:1 combine:1 sale:1 dollar:2 help:1 ease:2 recent:1 credit:1 squeeze:1 engineer:1 monetary:1 authority:1 stem:1 rush:1 u:2 currency:1 arise:1 attractive:1 gulf:1 tension:1 however:1 note:1 market:1 still:1 unsettle:1 overnight:2 bid:2 20:2 outset:1 business:1 trade:2 30:2 liquidity:1 drag:1 10:3 close:2 tomorrow:2 next:3 buy:1 sell:1 quote:3 start:1 end:1 14:1 eight:4 spot:2 indicate:1 8:2 1:5 2:5 open:1 week:1 early:1 9:1 7:1 level:1 6:2 3:1 4:1 six:2 report:1 offshore:1 towards:1 fix:1 exchange:1 steady:1 0:3 27933:1 67:1 yesterday:1 27939:1 73:1 27930:1 40:1 | KUWAITI DINAR RATES FIRM, AID WINDOW OPEN
Interest rates on Kuwaiti dinar deposits
held firm in scattered trading despite a Central Bank decision
to revive limited funding lines, dealers said.
The Central Bank, which last Tuesday shut a daily aid
window through which it lent funds of up to one year, reopened
the facility for three month money, which was available at
seven pct, they said.
It offered one month funds at seven pct through swap
facilities, dealers said.
Today's Central Bank action, combined with sales of dollars
by some banks, helped ease a recent credit squeeze engineered
by the monetary authority to stem a rush for the U.S. Currency
arising from attractive U.S. Interest rates and Gulf tension,
dealers said.
However, as one dealer noted: 'The market is still
unsettled.'
Overnight funds, bid at 20 pct at the outset of business,
traded up to 30 pct before easing as liquidity dragged offers
down to 10 pct by the close. Tomorrow-next, for which buy/sell
quotes started at 30, 20 pct, ended at 14, eight.
Spot-next was indicated at 8-1/2, seven after opening bids
of 10. Dealers quoted one-week at eight, seven against an early
9-1/2, 7-1/2.
One month rates were at the same level after trade at eight
then 8-1/2. Dealers quoted three months at seven, 6-3/4 pct and
six-month to one year funds at seven, six pct. They reported
offshore offers of overnight at 10, tomorrow-next at eight and
one year at 6-1/2 pct towards the close.
The Central Bank fixed its dinar exchange rate steady at
0.27933/67 to the dollar, against yesterday's 0.27939/73. The
spot dinar was 0.27930/40.
|
test/17955 | test/17955 |@title ship:1 prepare:1 load:1 wheat:1 fiji:1 geelong:1 |@word french:1 ship:1 capitaine:1 wallis:1 13:1 847:1 dwt:1 berth:1 port:2 geelong:1 victoria:1 today:1 load:2 8:1 000:1 tonne:1 urgently:1 need:1 wheat:3 fiji:1 australian:2 union:1 partly:1 lift:1 trade:1 embargo:1 shipping:1 source:1 say:2 expect:1 tomorrow:1 board:1 spokesman:1 | SHIP PREPARES TO LOAD WHEAT FOR FIJI AT GEELONG
The French ship Capitaine Wallis, 13,847
dwt, berthed at the port of Geelong in Victoria today to load
8,000 tonnes of urgently needed wheat for Fiji after Australian
port unions partly lifted a trade embargo, shipping sources
said.
The wheat is expected to be loaded tomorrow, an Australian
Wheat Board spokesman said.
|
test/17956 | test/17956 |@title boeing:1 ba:1 starts:1 argosystem:1 argi:1 bid:1 |@word boeing:5 co:1 say:6 start:1 37:2 dlr:1 per:1 share:10 tender:7 offer:5 argosystems:1 inc:1 announce:1 yesterday:1 morning:1 newspaper:1 advertisement:1 company:2 withdrawal:1 right:1 proration:1 deadline:1 expire:1 june:1 30:1 unless:1 extend:1 condition:1 receipt:1 minimum:1 number:1 least:1 90:4 pct:7 argosystem:5 buy:4 less:2 plan:1 49:1 purchase:2 along:1 exercise:1 option:4 hold:1 would:1 give:1 may:1 grant:2 boee:1 1:1 238:1 311:1 new:1 15:1 6:1 interest:1 dlrs:1 shareholder:1 597:1 885:1 price:2 8:1 9:1 outstanding:1 without:1 take:1 consideration:1 merger:1 approve:1 board:1 follow:1 | BOEING <BA> STARTS ARGOSYSTEMS <ARGI.O> BID
Boeing co said it has started the 37 dlr
per share tender offer for all shares of ARGOSystems Inc that
it announced yesterday morning.
In a newspaper advertisement, the company said the offer,
withdrawal rights and proration deadline all expire June 30
unless extended.
The offer is not conditioned on receipt of any minimum
number of shares, Boeing said. If at least 90 pct of
ARGOSystems' shares are tendered, it said it will buy all
shares, but if less than 90 pct are tendered, it said it plans
to buy only 49 pct in the offer.
Boeing said if less than 90 pct of ARGOSystems' shares are
tendered, but the purchase of all shares tendered along with
the exercise of options it holds would give it over 90 pct of
ARGOSystems, Boeing may buy all shares tendered.
ARGOSystems has granted Boeing an option to buy up to
1,238,311 new shares or a 15.6 pct interest at 37 dlrs each,
and shareholders have granted Boeing an option to purchase up
to 597,885 shares at the same price, or about 8.9 pct of those
now outstanding, without taking the company option into
consideration. A merger at the tender price that has been
approved by the ARGOSystems board is to follow the offer.
|
test/17957 | test/17957 |@title dumez:1 478:1 125:1 united:1 westburne:1 uwi:1 share:1 |@word dumez:4 investments:1 inc:1 say:2 accept:1 pay:1 478:2 125:2 share:3 united:1 westburne:2 industries:1 ltd:2 response:1 25:1 dlr:1 per:1 tender:2 offer:2 extend:1 june:1 26:1 70:1 pct:3 sa:1 dump:1 pa:1 30:1 unicorp:1 canada:1 corp:1 unia:1 represent:1 81:1 6:1 control:1 international:1 previously:1 acquire:1 | DUMEZ HAS 478,125 UNITED WESTBURNE<UWI.TO>SHARES
Dumez Investments Inc said it is
accepting and paying for 478,125 shares of United Westburne
Industries Ltd in response to its 25 dlr per share tender offer
and it has extended the offer until June 26.
Dumez, 70 pct owned by Dumez SA <DUMP.PA> and 30 pct by
Unicorp Canada Corp <UNIA.TO>, said the 478,125 shares
represent 81.6 pct of those not controlled by Westburne
International Ltd, which Dumez previously acquired in a tender.
|
test/17958 | test/17958 |@title italy:1 agip:1 petroli:1 buy:1 stake:1 u:1 company:1 |@word state:2 oil:2 firm:3 agip:2 petroli:2 spa:1 say:3 acquire:1 50:2 pct:2 stake:1 steuart:3 petroleum:2 co:2 independent:1 u:2 product:1 company:2 financial:1 term:1 disclose:1 subsidiary:1 energy:1 concern:1 ente:1 nazionali:1 idrocarburi:1 statement:1 remain:1 investment:1 hold:1 also:1 operate:2 sector:1 transportation:1 hotel:1 insurance:1 italian:1 primarily:1 east:1 coast:1 | ITALY'S AGIP PETROLI BUYS STAKE IN U.S. COMPANY
State oil firm Agip Petroli Spa said it has
acquired a 50 pct stake in Steuart Petroleum Co, an independent
U.S. Oil products company. Financial terms were not disclosed.
Agip Petroli, a subsidiary of state energy concern Ente
Nazionali Idrocarburi, said in a statement that the remaining
50 pct of the U.S. Firm is owned by Steuart Investment Co, a
holding company that also operates in the sectors of
transportation, hotels and insurance.
The Italian firm said Steuart Petroleum operates primarily
on the East Coast.
|
test/17960 | test/17960 |@title carolco:1 crc:1 may:1 bid:1 lieberman:1 lman:1 |@word lieberman:6 enterprises:1 inc:2 say:5 carolco:2 pictures:1 negotiate:1 acquisition:1 50:3 pct:2 share:2 hold:1 family:1 chairman:1 david:1 president:1 harold:1 okinow:1 20:1 dlrs:1 deal:1 conclude:2 public:2 shareholder:3 would:3 offer:3 price:1 bid:1 cash:1 could:1 security:1 alternative:1 occur:1 within:1 90:1 day:1 closing:1 sale:1 initial:1 stake:1 company:3 final:1 agreement:1 yet:1 reach:1 first:1 transaction:1 negotiation:1 expect:2 early:1 june:1 present:1 management:1 continue:1 operate:1 distribute:1 prerecord:1 music:1 video:1 movie:1 product:1 | CAROLCO <CRC> MAY BID FOR LIEBERMAN <LMAN.O>
Lieberman Enterprises Inc said
Carolco Pictures Inc is negotiating for the acquisition of the
50 pct of Lieberman shares held by the families of chairman
David Lieberman and president Harold Okinow at 20.50 dlrs each,
and if the deal were concluded, public shareholders would be
offered the same price for their shares.
Lieberman said the Carolco bid to its public shareholders
would be in cash or shareholders could be offered securities as
an alternative. The offer would occur within about 90 days
after the closing of the sale of the initial 50 pct stake, the
company said.
The company said a final agreement has not yet been reached
on the first transaction, but negotiations are expected to be
concluded in early June. Present management is expected to
continue to operate Lieberman, the company said. Lieberman
distributes prerecorded music, video movies and other products.
|
test/17962 | test/17962 |@title bomb:1 threat:1 strike:1 fiji:1 see:1 end:1 trade:1 ban:1 |@word fiji:2 today:2 welcome:2 ending:1 trade:1 ban:3 impose:2 australian:4 labor:1 union:2 supporter:1 country:2 oust:1 prime:1 minister:1 timoci:1 bavadra:4 renew:1 pressure:1 reinstatement:2 strike:1 shop:2 closure:1 government:3 decision:2 waterside:1 workers:1 federation:1 lift:1 shipment:2 support:2 whose:1 newly:1 elect:1 overthrow:1 military:1 coup:1 may:1 14:1 threaten:1 food:1 shortage:1 import:1 wheat:2 fresh:1 vegetable:1 medicine:1 direct:1 result:1 would:1 immediate:1 9:1 000:1 ton:1 rice:1 port:1 say:2 nadi:2 lautoka:1 center:1 sugar:1 industry:1 close:1 two:1 bomb:1 threat:1 force:1 evacuation:1 westpac:1 bank:1 police:1 turn:1 hoax:1 launch:1 campaign:1 civil:1 disobedience:1 press:1 | BOMB THREATS, STRIKES AS FIJI SEES END TRADE BAN
Fiji today welcomed the ending of a trade
ban imposed by Australian labor unions as supporters of the
country's ousted prime minister Timoci Bavadra renewed pressure
for his reinstatement with strikes and shop closures.
The government welcomed a decision by the Australian
Waterside Workers' Federation to lift its ban on shipments to
Fiji, imposed in support of Bavadra, whose newly-elected
government was overthrown in a military coup on May 14.
The ban had threatened food shortages of imported wheat,
fresh vegetables and medicines. A direct result of the union
decision would be the immediate shipment of 9,000 tons of rice
and wheat from an Australian port, the government said.
Shops in Nadi and Lautoka, center of the country's sugar
industry, closed again today in support of Bavadra.
In Nadi two bomb threats forced evacuation of the
Australian Westpac bank, but police said they turned out to be
a hoax. Bavadra has launched a campaign of civil disobedience
to press for his reinstatement.
|
test/17963 | test/17963 |@title saudi:1 arabia:1 oppose:1 drastic:1 change:1 oil:1 price:1 |@word saudi:4 arabia:4 oil:4 minister:1 hisham:1 nazer:1 say:2 riyadh:2 would:4 agree:3 cut:2 price:6 accept:2 mad:2 increase:2 drive:2 consumer:2 away:2 tell:1 al:1 newspaper:1 follow:1 balanced:1 petroleum:1 policy:2 approve:1 decrease:1 current:4 level:1 also:1 make:1 try:1 find:1 alternative:1 source:1 energy:1 opec:2 last:2 december:1 production:4 world:1 hit:1 new:1 low:1 1986:1 pricing:2 system:1 aim:1 stabilize:1 market:1 around:1 18:2 dlrs:2 barrel:2 schedule:1 meet:1 vienna:1 june:1 25:1 review:1 king:1 fahd:1 month:1 want:1 remain:1 stable:1 next:1 two:1 year:1 architect:1 pact:2 back:1 kuwait:1 uae:1 set:1 ceiling:1 first:1 half:1 1987:1 15:1 8:1 mln:1 bpd:1 implement:1 fix:1 base:1 average:1 | SAUDI ARABIA OPPOSES DRASTIC CHANGE IN OIL PRICE
Saudi Arabia's Oil Minister Hisham Nazer
said Riyadh would not agree to a cut in oil prices and would
not accept a 'mad' increase that would drive consumers away.
He told al-Riyadh newspaper, 'Saudi Arabia follows a
balanced petroleum policy. It does not approve of a decrease in
prices from current levels and it also does not accept a mad
increase that would drive consumers away and make them try and
find alternative sources (for energy).'
OPEC agreed last December to cut production after world
prices hit new lows in 1986. They agreed on a pricing system
aimed to stabilize the market around 18 dlrs a barrel.
OPEC is scheduled to meet in Vienna on June 25, where it
will review its current oil price and production policy.
Saudi Arabia's King Fahd said last month that he wanted oil
prices to remain stable for the next two years.
Saudi Arabia is the architect of the current pricing and
production pact, which is backed by Kuwait and the UAE. The
current pact set a production ceiling for first half 1987 of
15.8 mln bpd, and implemented fixed prices based on an 18 dlrs
a barrel average.
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test/17964 | test/17964 |@title hanson:1 trust:1 show:1 sharply:1 high:1 half:1 year:1 profit:1 |@word six:2 month:1 end:1 march:1 31:2 1987:2 share:1 6:1 0p:1 vs:15 4:1 1p:1 diluted:1 interim:1 dividend:1 1:3 4p:1 05p:1 pre:1 tax:1 profit:4 312:1 mln:21 stg:3 158:1 net:1 234:1 114:1 sale:1 3:1 47:1 billion:2 55:1 operate:2 296:1 164:1 interest:1 income:1 less:1 central:1 expense:1 credit:1 16:1 debit:1 company:1 full:1 name:1 hanson:1 trust:1 plc:1 hnsn:1 l:1 u:2 k:1 sector:2 consumer:2 good:2 123:1 32:1 building:2 product:2 26:1 industrial:1 14:1 food:2 20:2 nil:2 25:2 29:1 seven:1 two:1 business:1 1986:1 sell:1 nine:1 | HANSON TRUST SHOWS SHARPLY HIGHER HALF-YEAR PROFIT
Six months ended March 31, 1987
Share 6.0p vs 4.1p, diluted
Interim dividend 1.4p vs 1.05p
Pre-tax profit 312 mln stg vs 158 mln
Net profit 234 mln vs 114 mln
Sales 3.47 billion vs 1.55 billion
Operating profit 296 mln vs 164 mln
Interest and other income less central expenses credit 16
mln vs debit six mln
Company's full name is Hanson Trust Plc <HNSN.L>.
U.K. Operating profit by sector -
Consumer goods 123 mln stg vs 32 mln
Building products 31 mln vs 26 mln
Industrial 14 mln vs same
Food 20 mln vs nil.
U.S. Sectors -
Consumer goods 25 mln stg vs 20 mln
Building products 29 mln vs 25 mln
Food seven mln vs two mln
Businesses owned in 1986 and sold during 1987 nil vs nine
mln.
|
test/17965 | test/17965 |@title harnischfeger:1 industries:1 inc:1 hph:1 2nd:1 qtr:1 net:1 |@word april:1 30:2 end:1 oper:4 shr:2 20:1 ct:4 vs:15 19:1 net:4 4:1 625:1 000:10 6:5 781:1 sale:2 250:1 2:5 mln:19 150:1 9:3 order:3 351:1 5:5 122:1 1st:1 half:5 29:1 26:1 7:3 453:1 12:1 0:1 441:1 1:2 255:1 576:1 221:1 backlog:2 848:1 3:4 459:1 note:1 prior:1 year:1 exclude:3 loss:1 discontinue:1 operation:1 32:1 dlrs:11 quarter:5 35:1 tax:3 credit:3 540:1 reversal:1 300:1 500:1 nil:1 result:1 include:1 syscom:1 corp:2 december:1 1986:2 purchase:2 beloit:1 march:1 31:2 253:1 acquire:1 syscon:1 acquisition:1 january:1 747:1 average:1 share:1 21:1 13:2 18:1 income:1 provision:1 200:2 450:1 225:1 current:1 rate:1 27:1 pct:1 benefit:1 wisconsin:1 department:1 revenue:1 decision:1 company:1 say:1 | HARNISCHFEGER INDUSTRIES INC <HPH> 2ND QTR NET
April 30 end
Oper shr 20 cts vs 19 cts
Oper net 4,625,000 vs 6,781,000
Sales 250.2 mln vs 150.9 mln
Orders 351.5 mln vs 122.5 mln
1st half
Oper shr 29 cts vs 26 cts
Oper net 7,453,000 vs 12.0 mln
Sales 441.1 mln vs 255.6 mln
Orders 576.6 mln vs 221.1 mln
Backlog 848.3 mln vs 459.2 mln
NOTE: Prior year net excludes losses from discontinued
operations of 32.9 mln dlrs in quarter and 35.7 mln dlrs in
half.
Net excludes tax credit 2,540,000 dlrs vs credit reversal
2,300,000 dlrs in quarter, credit 5,500,000 dlrs vs nil half.
Results include Syscom Corp from December 30, 1986 purchase
and Beloit Corp from March 31, 1986 purchase. Orders exclude
253.6 mln dlrs acquired with Syscon acquisition.
Backlog at January 31 747 mln dlrs.
Average shares 21.5 mln vs 13.3 mln in quarter and 18.9 mln
vs 13.3 mln in half.
Income tax provisions 2,200,000 dlrs vs 3,450,000 dlrs in
quarter and 6,200,000 dlrs vs 7,225,000 dlrs in half. Current
quarter tax rate of 27.5 pct benefited from Wisconsin
Department of Revenue Decision, the company said.
|
test/17966 | test/17966 |@title u:1 k:1 reserve:1 lift:1 hope:1 base:1 rate:1 cut:1 |@word record:2 4:1 9:1 billion:5 dlrs:4 rise:6 u:11 k:10 reserve:9 may:5 total:2 34:1 7:1 lift:1 hope:4 cut:6 bank:4 base:2 lending:1 rate:7 june:1 11:1 general:1 election:7 market:10 analyst:6 say:12 sterling:4 would:2 much:2 well:1 expect:2 number:1 nerve:1 poll:3 outcome:1 weight:2 foreign:3 currency:2 gold:1 available:1 authority:2 support:1 pound:5 curb:1 tendency:1 panic:1 opinion:1 show:1 rule:2 conservative:3 party:1 lead:2 slip:1 add:3 intervene:1 great:1 extent:1 hitherto:1 chancellor:1 exchequer:1 nigel:1 lawson:1 news:4 conference:1 today:2 comment:2 put:1 intervention:4 context:1 louvre:1 accord:1 industrial:1 nation:1 stabilise:1 dollar:1 partly:1 direct:1 exchange:1 play:1 full:3 part:1 see:4 recent:1 upward:1 pressure:2 consequent:1 need:1 official:1 sale:2 damp:1 light:1 local:1 factor:1 steven:1 bell:4 chief:2 economist:4 morgan:2 grenfell:2 securities:2 corporate:1 money:3 flow:1 back:1 britain:1 amid:1 another:5 government:3 fear:1 last:1 autumn:1 labour:1 victory:2 send:1 flood:1 portfolio:1 investment:2 also:2 return:1 buyer:2 growth:2 propect:1 high:1 bond:2 yield:1 attractive:1 strong:2 asset:1 notably:1 equity:2 way:1 main:1 low:1 interest:3 try:1 reverse:1 loss:1 export:1 competitiveness:1 cause:1 however:1 hardly:1 move:1 dip:1 trade:1 index:1 basket:1 73:2 1:2 pct:3 1975:1 value:1 1000:1 gmt:2 0:1 1100:1 half:4 hour:1 figure:1 release:1 want:1 anything:1 big:1 several:1 dealer:1 forecast:3 one:1 three:2 overestimate:2 amount:2 likely:2 disguise:1 swap:1 arrangement:1 transaction:1 forward:1 seem:1 england:2 buy:1 end:1 smooth:1 sudden:1 downturn:1 report:1 probably:1 occur:1 april:1 key:1 month:2 interbank:1 ease:1 8:1 point:5 reflect:1 cautious:1 downtrend:1 revive:1 follow:1 price:1 initially:1 firm:1 mute:1 trader:1 worry:2 funding:1 implication:1 huge:1 current:1 nine:1 level:1 soon:1 long:1 projection:1 prove:1 accurate:1 later:1 justin:1 silverton:1 credit:1 suisse:1 buckmaster:1 moore:1 reduction:1 possible:1 hold:1 future:1 rather:1 active:1 predict:1 kevin:1 boakes:1 greenwell:1 montagu:1 gilt:1 edge:1 caution:1 optimistic:1 agree:1 look:1 virtually:1 worried:1 political:1 problem:1 campaign:1 signal:1 broad:1 robin:1 marshall:1 chase:1 manhattan:1 10:2 increase:1 past:1 seven:1 foreshadow:1 entry:1 european:1 monetary:1 system:1 like:1 15:1 join:1 unlike:1 many:1 doubt:1 go:1 | U.K. RESERVES LIFT HOPES OF FURTHER BASE RATE CUT
The record 4.9 billion dlrs rise in U.K.
Reserves in May to a total 34.7 billion has lifted hopes for a
further cut in bank base lending rates after the June 11
general election, market analysts said.
Sterling would have risen on the much better than expected
number but for market nerves about the poll outcome, they said.
But the weight of foreign currency and gold reserves now
available to the authorities to support the pound should curb
any market tendency to panic if U.K. Opinion polls show the
ruling Conservative Party's lead slipping, they added.
'We have been intervening to a very much greater extent than
we have done hitherto,' Chancellor of the Exchequer Nigel Lawson
said at a news conference today, commenting on the news of the
record reserves rise.
He put the U.K. Intervention in the context of the Louvre
accord between leading industrial nations to stabilise the
dollar, partly through direct intervention on foreign
exchanges. 'We have been playing a very full part ourselves,' he
said.
But market analysts see the recent upward pressure on
sterling, and consequent need for official sales to damp down
its rise, more in the light of local factors.
Steven Bell, chief economist at Morgan Grenfell Securities,
said that corporate money has been flowing back into Britain
amid hopes of another Conservative government, after fears last
autumn of a Labour election victory sent it flooding out.
U.K. Portfolio investment is also returning, while foreign
buyers see U.K. Growth propects and high bond yields as
attractive. They will be strong buyers of U.K. Assets, notably
equities, once the election is out of the way, Bell said.
Analysts see this pressure as the main hope for lower
interest rates, as the government is expected to try to reverse
the loss of export competitiveness caused by a strong pound.
Today, however, the pound hardly moved on the reserves
news, dipping on its trade-weighted index against a basket of
currencies from 73.1 pct of its 1975 value at 1000 GMT to 73.0
pct at 1100 GMT, half an hour after the figures were released.
'The market doesn't want to do anything because of the
election,' commented an economist at a big U.S. Investment bank.
Several dealers and analysts added that market forecasts of
a rise in reserves of between one and three billion dlrs had
overestimated the amount of pound sales that were likely to
have been disguised by swap arrangements or transactions on the
forward market.
The market also seemed to have overestimated the amount of
sterling the Bank of England bought at the end of May to smooth
the pound's sudden downturn, while some of the intervention
reported in May probably occurred in April, they said.
The key three months interbank money market rates eased
about 1/8 point, reflecting cautious hopes that the downtrend
in U.K. Interest rates will be revived following the reserves
news, analysts said.
Government bond prices initially firmed, but the market was
muted as traders worried about the funding implications of
another huge rise in reserves, they added.
Morgan Grenfell's Bell forecast a half point base rate cut
from the current nine pct level soon after the election, so
long as poll projections of another Conservative victory prove
accurate, with another half point later.
Justin Silverton, equity economist at Credit Suisse
Buckmaster and Moore, said a full point reduction might be
possible. 'Sterling will be held down by interest rate cuts in
future, rather than this active intervention,' he predicted.
Kevin Boakes of Greenwell Montagu Gilt-Edged cautioned
against over-optimistic forecasts, but agreed a half point cut
looked likely.
A cut before the election has been virtually ruled out.
'The Bank (of England) is both worried about the political
problem of cutting rates during an election campaign ... And
has signalled some worry about broad money (growth),' said Robin
Marshall, chief U.K. Economist at Chase Manhattan Securities.
He said the 10 billion dlrs increase in total reserves in
the past seven months may foreshadow full U.K. Entry into the
European Monetary System.
But Bell said the authorities would like to see another 10
or 15 billion dlrs in the reserves before joining, if they did
so. But, unlike many analysts, he doubted the U.K. Will go in.
|
test/17967 | test/17967 |@title seal:1 inc:1 sinc:1 2nd:1 qtr:1 april:1 30:1 net:1 |@word shr:2 profit:6 29:1 ct:4 vs:7 loss:2 six:1 net:2 645:1 000:7 118:1 sale:2 7:1 802:1 4:1 330:1 1st:1 half:1 58:1 10:1 1:1 255:1 212:1 14:1 5:1 mln:1 8:1 912:1 avg:1 shrs:1 2:2 183:1 150:1 072:1 779:1 | SEAL INC <SINC.O> 2ND QTR APRIL 30 NET
Shr profit 29 cts vs loss six cts
Net profit 645,000 vs loss 118,000
Sales 7,802,000 vs 4,330,000
1st half
Shr profit 58 cts vs profit 10 cts
Net profit 1,255,000 vs profit 212,000
Sales 14.5 mln vs 8,912,000
Avg shrs 2,183,150 vs 2,072,779
|
test/17968 | test/17968 |@title eni:1 unit:1 agip:1 petroli:1 buy:1 stake:1 u:1 company:1 |@word subsidiary:1 state:1 energy:1 concern:1 ente:1 nazionali:1 idrocarburi:1 entn:1 mi:1 eni:1 say:3 acquire:1 50:2 pct:2 stake:1 steuart:3 petroleum:2 co:2 independent:1 u:3 oil:1 product:1 company:2 financial:1 term:1 disclose:1 agip:1 petroli:1 spa:1 statement:1 remain:1 firm:2 investment:1 hold:1 also:1 interest:1 transportation:1 hotel:1 insurance:1 italian:1 operate:1 primarily:1 east:1 coast:1 | ENI UNIT AGIP PETROLI BUYS STAKE IN U.S. COMPANY
A subsidiary of state energy concern Ente
Nazionali Idrocarburi <ENTN.MI> (ENI) said it has acquired a 50
pct stake in <Steuart Petroleum Co>, an independent U.S. Oil
products company. Financial terms were not disclosed.
Agip Petroli Spa said in a statement that the remaining 50
pct of the U.S. Firm is owned by <Steuart Investment Co>, a
holding company which also has interests transportation, hotels
and insurance.
The Italian firm said Steuart Petroleum operates primarily
on the East Coast of the U.S.
|
test/17970 | test/17970 |@title africa:1 expect:1 unveil:1 expansionary:1 budget:1 |@word south:6 africa:3 expect:4 unveil:1 tomorrow:1 expansionary:2 budget:14 second:1 consecutive:1 year:9 bid:1 boost:2 nation:2 flag:1 economic:5 growth:6 rate:3 analyst:7 say:6 face:2 compete:1 demand:1 increase:5 military:1 police:1 spending:8 press:1 need:2 fund:1 black:2 housing:1 education:1 finance:2 minister:1 barend:1 du:4 plessis:4 raise:2 significantly:1 government:7 overall:1 expenditure:4 target:5 present:2 parliament:1 provide:1 rise:4 state:3 least:1 equal:1 16:1 pct:8 inflation:3 financial:1 start:1 april:1 1:2 ignore:1 plea:1 private:3 sector:3 stimulate:1 cut:2 taxis:1 fiscal:1 policy:2 become:1 gradually:1 simply:1 deficit:3 inflationary:1 form:1 stimulation:1 rob:1 lee:2 chief:1 economist:4 african:3 mutual:2 life:1 assurance:1 co:1 adjust:1 gdp:4 three:2 last:1 less:2 one:2 past:2 decade:2 average:1 5:5 unemployment:1 among:1 spiral:1 30:1 estimate:4 47:1 billion:6 rand:4 revenue:1 around:3 40:1 would:1 leave:2 borrowing:1 seven:1 four:1 consistently:1 overshot:1 also:1 credibility:1 crisis:2 figure:2 outline:1 invariably:1 optimistic:1 standard:1 bank:3 ltd:1 preview:1 many:1 pay:1 attention:1 use:1 draw:1 conclusion:1 money:1 capital:1 market:1 believe:2 exceed:1 49:1 compare:1 limit:2 suggest:2 imf:3 obviously:1 go:1 abandon:1 predict:1 note:1 move:1 steadily:1 away:1 austerity:1 measure:1 recommend:1 two:1 shift:1 follow:1 dramatic:1 deterioration:1 political:1 situation:1 onset:1 trigger:1 refusal:1 major:4 foreign:2 roll:1 loan:1 country:2 september:1 1985:1 background:1 western:1 sanction:1 fall:1 per:1 capita:1 income:1 joblessness:1 high:1 official:1 prime:1 objective:1 caution:1 ability:1 promote:1 constrain:1 maintain:1 large:1 surplus:2 current:1 account:1 balance:1 payment:1 2:1 dlrs:1 swallow:1 repayment:1 23:1 dlr:1 debt:1 term:1 arrangement:1 reach:1 earlier:2 international:1 creditor:1 within:1 constraint:1 little:1 room:1 manoeuvre:1 argue:1 recent:1 civil:1 service:2 salary:1 post:1 office:1 transport:1 tax:2 concession:2 individual:1 corporation:1 unlikely:1 announce:1 small:1 taxpayer:1 mini:1 may:1 6:1 white:1 election:2 poll:1 delay:1 presentation:1 national:1 exciting:1 comment:1 harry:1 schwarz:1 spokesman:1 liberal:1 progressive:1 federal:1 party:1 sweet:1 give:1 | S.AFRICA EXPECTED TO UNVEIL EXPANSIONARY BUDGET
South Africa is expected to unveil
tomorrow an expansionary budget for the second consecutive year
in a bid to boost the nation's flagging economic growth rate,
economic analysts said.
Faced with competing demands for increased military and
police spending and the pressing need for more funds for black
housing and education, Finance Minister Barend Du Plessis is
expected to raise significantly the government's overall
expenditure targets when he presents the budget to parliament,
the analysts said.
Analysts expect Du Plessis to provide for a rise in state
spending at least equal to the 16 pct inflation rate for the
financial year that started on April 1, while ignoring pleas
from the private sector to stimulate growth by cutting taxes.
'Fiscal policy has become gradually more expansionary, but
simply raising government spending and increasing the budget
deficit is an inflationary form of stimulation,' said Rob Lee,
chief economist at South African Mutual Life Assurance Co.
South Africa this year is targeting inflation-adjusted
growth in GDP of three pct against an increase last year of
less than one pct.
Growth in GDP over the past decade has averaged about 1.5
pct, while the unemployment rate among blacks has spiralled to
over 30 pct.
Economists estimate that the government's spending target
will rise to about 47 billion rand, with revenue budgeted at
around 40 billion rand. This would leave a budget deficit
before borrowing of about seven billion rand, or four pct of
GDP.
The government, having consistently overshot its own
spending targets for more than a decade, also faces a
credibility crisis over expenditure figures outlined in the
budget, analysts said.
'The budget is invariably too optimistic on expenditure,'
said Standard Bank Ltd in a budget preview.
Many analysts in the private sector are now paying less
attention to the figures presented in the budget and are using
their own estimates of expenditure to draw conclusions for the
money and capital markets.
South African Mutual's Lee believes government spending
will again exceed the budget target and increase to around 49
billion rand this year, leaving a deficit of between 5 and 5.5
pct of GDP, compared with a three pct limit suggested by the
IMF.
'The IMF limit is obviously going to be abandoned,' predicted
one analyst, noting that South Africa has moved steadily away
from austerity measures recommended by the IMF over the past
two years.
The policy shift followed a dramatic deterioration in the
political situation and the onset of an economic crisis
triggered by the refusal of major foreign banks to roll over
loans to the country in September 1985.
Against a background of Western economic sanctions, falling
per capita incomes, rising joblessness and high inflation,
government officials say economic growth is the prime
objective.
But private-sector economists caution that the government's
ability to promote growth by boosting state spending is
constrained by the need to maintain a large surplus on the
current account of the country's balance of payments.
Most of that surplus, this year estimated at around 2.5
billion dlrs, will be swallowed up by repayments on the
nation's estimated 23 billion dlr foreign debt in terms of an
arrangement reached earlier this year with major international
creditor banks.
Within these constraints, economists believe Du Plessis has
little room to manoeuvre.
Analysts argue recent rises in civil service salaries and
budgeted spending increases for the state-owned Post Office and
South African Transport Services suggest that major tax
concessions to individuals or corporations are unlikely.
Du Plessis earlier this year announced small concessions
for taxpayers in a mini-budget before the May 6 whites-only
election. The poll delayed presentation of the national budget.
'This will not be a very exciting budget,' commented Harry
Schwarz, spokesman on finance for the liberal Progressive
Federal Party. 'I do not expect any major tax cuts as all the
sweets were given out before the election.'
|
test/17972 | test/17972 |@title del:1 e:1 webb:1 investment:1 properties:1 inc:1 dwpa:1 |@word 1st:1 qtr:1 shr:1 seven:1 ct:2 vs:3 nine:1 net:1 166:1 000:4 201:1 revs:1 801:1 687:1 | DEL E. WEBB INVESTMENT PROPERTIES INC <DWPA.O>
1st qtr
Shr seven cts vs nine cts
Net 166,000 vs 201,000
Revs 801,000 vs 687,000
|
test/17973 | test/17973 |@title basix:2 corp:1 bas:1 sell:1 unit:1 cubic:1 cub:1 |@word corp:2 say:3 agree:1 principle:1 sell:1 stock:1 automatic:2 toll:2 systems:1 inc:1 subsidiary:1 cubic:1 26:1 mln:2 dlrs:2 company:2 would:1 retain:1 asset:1 worth:1 nine:1 dispose:1 time:1 completion:1 transaction:1 subject:1 approval:1 board:1 basix:1 bank:1 expiration:1 hart:1 scott:1 rodino:1 waiting:1 period:1 | BASIX CORP <BAS> TO SELL UNIT TO CUBIC <CUB>
BASIX Corp said it has agreed in
principle to sell the stock of its Automatic Toll Systems Inc
subsidiary to Cubic Corp for about 26 mln dlrs.
The company said it would retain Automatic Toll assets
worth about nine mln dlrs to dispose of over time.
The company said completion of the transaction is subject
to approval by both boards and BASIX's banks and the expiration
of the Hart-Scott-Rodino waiting period.
|
test/17975 | test/17975 |@title oncor:1 inc:1 oncr:1 1st:1 qtr:1 loss:1 |@word shr:1 loss:4 12:1 ct:2 vs:3 five:1 net:1 347:1 849:1 103:1 489:1 sale:1 222:1 697:1 150:1 534:1 | ONCOR INC <ONCR.O> 1ST QTR LOSS
Shr loss 12 cts vs loss five cts
Net loss 347,849 vs loss 103,489
Sales 222,697 vs 150,534
|
test/17978 | test/17978 |@title resdel:1 rsdl:1 san:1 bar:1 sbar:1 merger:1 deal:1 |@word resdel:1 industries:1 inc:1 say:2 agree:1 acquire:1 san:5 bar:5 corp:2 share:4 exchange:1 distribute:1 shgare:1 break:1 free:1 subsidiary:1 shareholder:1 basis:1 company:1 also:1 merger:1 would:1 barry:1 k:1 hallamore:2 lloyd:1 g:1 director:1 corporate:1 development:1 1:2 312:1 500:2 dlrs:2 087:1 respectviely:1 agreement:1 enter:1 october:1 1983:1 | RESDEL <RSDL.O>, SAN/BAR <SBAR.O> IN MERGER DEAL
Resdel Industries Inc said
it has agreed to acquire San/Bar Corp in a share-for-share
exchange, after San/Bar distributes all shgares of its
Break-Free Corp subsidiary to San/Bar shareholders on a
share-for-share basis.
The company said also before the merger, San/Bar would
Barry K. Hallamore and Lloyd G. Hallamore, San/Bar's director
of corporate development, 1,312,500 dlrs and 1,087,500 dlrs
respectviely under agreements entered into in October 1983.
|
test/17979 | test/17979 |@title colombo:1 defend:1 water:1 india:1 ready:1 flotilla:1 |@word sri:3 lanka:3 today:1 order:2 armed:1 force:2 defend:1 island:2 territorial:3 water:2 india:2 prepare:1 send:2 flotilla:2 relief:1 supply:2 colombo:2 say:3 want:1 tamil:3 jaffna:2 peninsula:1 sudden:1 crisis:1 giant:1 neighbour:1 deepen:1 prime:1 minister:1 ranasinghe:1 premadasa:2 tell:1 parliament:1 limit:1 nobody:1 allow:1 trespass:1 president:1 junius:1 jayewardene:1 army:1 navy:1 air:1 protect:1 round:1 applause:1 house:1 new:1 delhi:1 indian:1 spokesman:1 plan:1 20:1 small:1 unarmed:1 boat:1 red:1 cross:1 tomorrow:1 would:1 go:1 ahead:1 despite:1 objection:1 confrontation:1 late:1 result:1 long:1 bitter:1 conflict:1 buddhist:1 sinhalese:1 majority:1 hindu:1 minority:1 strong:1 ethnic:1 cultural:1 link:1 50:1 mln:1 | COLOMBO TO DEFEND WATERS, INDIA READIES FLOTILLA
Sri Lanka today ordered its armed forces
to defend the island's territorial waters as India prepared to
send a flotilla with relief supplies that Colombo says it does
not want for the Tamils in the Jaffna peninsula.
The sudden crisis between Sri Lanka and its giant neighbour
deepened as Prime Minister Ranasinghe Premadasa told
parliament: 'We have our territorial limits and nobody can be
allowed to trespass there ...
'President (Junius) Jayewardene has ordered the army, navy
and air force to protect the island and its territorial waters,'
Premadasa said to a round of applause from the house.
In New Delhi an Indian spokesman said the plan to send a
flotilla of 20 small unarmed boats with Red Cross supplies to
Jaffna tomorrow would go ahead despite Colombo's objections.
The confrontation was the latest result of the long and
bitter conflict between Sri Lanka's Buddhist Sinhalese majority
and the Hindu Tamil minority, which has strong ethnic and
cultural links with India's 50 mln Tamils.
|
test/17980 | test/17980 |@title lawson:1 say:1 louvre:1 currency:1 accord:1 satisfactory:1 |@word louvre:3 agreement:2 group:2 seven:2 finance:1 minister:2 central:2 banker:1 stabilise:1 currency:2 work:2 well:1 need:3 fundamental:1 strengthening:1 economic:7 summit:6 venice:3 june:1 8:2 10:1 u:5 k:3 chancellor:1 exchequer:1 nigel:1 lawson:10 say:17 preview:1 expect:2 would:9 produce:2 major:1 new:1 initiative:1 tell:1 reporter:1 remain:1 improve:1 condition:1 last:2 world:4 growth:3 üside:1 measure:3 boost:1 think:2 possible:1 may:3 scope:1 reduction:2 interest:2 rate:5 germany:2 add:2 stress:1 indication:1 move:3 likely:1 make:3 mention:1 japanese:3 embark:1 gradual:1 fiscal:1 deficit:2 next:2 two:1 three:3 year:3 february:1 22:1 accord:2 satisfactory:1 exchange:4 stability:2 part:3 thank:1 heavy:1 coordinated:1 intervention:1 bank:7 content:1 sterling:1 point:2 record:1 4:1 billion:2 stg:1 rise:1 reserve:1 announce:2 today:1 play:1 full:1 intervene:1 much:2 great:1 extent:2 hitherto:1 risk:1 falter:2 member:1 state:1 implement:2 macro:1 commitment:2 underlie:1 certainly:1 difficult:1 maintain:1 country:2 see:1 paris:2 respect:2 budget:1 important:1 note:1 6:1 000:1 yen:1 package:3 prime:1 yasuhiro:1 nakasone:2 week:1 really:1 japan:3 increase:3 merchandise:1 import:1 supply:1 side:1 critical:1 specific:1 range:1 consumer:1 agricultural:1 good:1 extremely:1 restrictive:1 regime:1 wholly:1 unjustified:1 doubt:1 tokyo:2 partner:1 indulge:1 bash:1 especially:1 stimulation:2 announcement:1 plan:4 development:1 aid:1 flexible:1 stance:1 stock:1 membership:1 also:3 help:1 deflect:1 criticism:1 west:1 instead:1 come:1 pressure:1 adopt:1 similar:1 jack:1 hope:2 bonn:2 bring:1 forward:1 january:1 1988:1 agree:1 tax:1 cut:1 schedule:1 1990:1 call:1 push:2 ahead:1 privatisation:1 german:1 national:1 industry:1 debt:3 british:1 alleviate:1 burden:1 poor:1 sub:1 saharan:1 progress:1 involve:1 concessional:1 rescheduling:1 sovereign:1 club:1 first:2 propose:1 imf:2 meeting:2 washington:1 earlier:1 seek:1 consolidate:1 political:1 backing:1 programme:1 finalise:1 autumn:1 welcome:1 recent:1 citicorp:2 chase:1 manhattan:1 sharply:1 third:1 provision:3 blow:1 realism:1 second:1 market:1 response:1 show:1 less:1 fear:1 sort:1 feel:1 follow:1 england:1 recommendation:1 strengthen:1 balance:1 sheet:1 determine:1 appropriate:1 size:1 dismantling:1 farm:1 subsidy:1 discuss:1 consensus:1 | LAWSON SAYS LOUVRE CURRENCY ACCORD SATISFACTORY
The Louvre agreement by the Group of Seven
finance ministers and central bankers to stabilise currencies
has worked well and needs no fundamental strengthening at the
economic summit in Venice on June 8-10, U.K. Chancellor of the
Exchequer Nigel Lawson said.
Previewing the summit, which he expected would not produce
any major new economic initiatives, Lawson told reporters work
remained to be done on improving the conditions for lasting
world economic growth.üside measures to boost growth, he said.
'I think it is possible that there may be scope for a
further reduction in interest rates in Germany,' he added, but
stressed that he had had no indication that such a move was
likely. He made no mention of Japanese interest rates.
Lawson said the U.S. Should embark on 'a gradual reduction
of its fiscal deficits over the next two or three years.'
He said the February 22 Louvre accord had produced
'satisfactory exchange rate stability,' in part thanks to heavy
coordinated intervention of Group of Seven central banks, and
he was 'content' with sterling's exchange rate.
Pointing to the record 4.8 billion stg rise in U.K. May
currency reserves announced today he said, 'we have been playing
a very full part ourselves ... We have been intervening to a
very much greater extent than we had done hitherto.'
Lawson said there was a risk that the Louvre agreement may
falter if member states did not implement the macro-economic
commitments underlying the accord.
'Certainly it would be more difficult to maintain exchange
rate stability if countries are seen not to implement their
commitments in Paris ... In this respect.' He said the U.S.
Budget deficit was 'very important.'
Noting the 6,000 billion yen economic package announced by
Japanese Prime Minister Yasuhiro Nakasone last week Lawson
said, 'what is really needed in Japan is an increase in
merchandise imports. Supply side measures are critical.'
'There is a specific range of consumer and agricultural
goods where they have an extremely restrictive regime which is
wholly unjustified,' he said.
Lawson doubted that Tokyo's partners would indulge in 'Japan
bashing' at the summit especially after the economic stimulation
package and the announcement of Nakasone's plans to increase
Japanese development aid over the next three years.
Japan's more flexible stance on Tokyo stock exchange
membership would also help deflect criticism, he said.
He said he thought West Germany would instead come under
pressure at the summit to adopt similar stimulation measures to
jack up faltering economic growth.
In this respect Lawson said he hoped Bonn would bring
forward to January 1988 part of its agreed package of tax cuts
scheduled for 1990. He also called on Bonn to push ahead with
the privatisation of German national industries.
On debt, Lawson said he expected a three point British plan
to alleviate the burden of the poorest sub-saharan countries to
make progress in Venice.
The plan, involving concessional rescheduling of sovereign
debt in the Paris Club, was first proposed at the IMF and World
Bank meetings in Washington earlier this year.
Lawson said he would seek 'to consolidate political backing
for the plan at the Venice summit' and hoped the programme would
be finalised at the Autumn meetings of the IMF and World Bank.
He welcomed the recent moves by Citicorp and Chase
Manhattan to increase sharply their Third World debt
provisions.
'First, it is a blow for realism. Second, because the market
response has shown that banks have much less to fear from this
sort of move than they felt before Citicorp,' he said.
U.K. Banks should follow Bank of England recommendations,
strengthening their balance sheets and making more provisions.
'They have done it to some extent, they need to do it more,'
Lawson said, adding it was up to the banks themselves to
determine the appropriate size of provisions.
He also said the dismantling of farm subsidies would be
discussed at the summit. 'There is a consensus, which we have to
push further.'
|
test/17981 | test/17981 |@title centel:1 cnt:1 complete:1 sale:1 |@word centel:1 corp:1 say:1 complete:1 sale:1 water:1 property:1 serve:1 8:1 000:1 customer:1 four:1 southwestern:1 kansas:2 community:1 central:1 utility:1 co:1 columbia:1 mo:1 term:1 disclose:1 | CENTEL <CNT> COMPLETES SALE
Centel Corp said it completed the sale of
its water properties serving 8,000 customers in four
southwestern Kansas communities to Central Kansas Utility Co of
Columbia, Mo.
Terms were not disclosed.
|
test/17984 | test/17984 |@title w:2 r:2 grace:1 gra:1 berisford:1 plan:1 cocoa:1 venture:1 |@word grace:5 co:1 say:5 agree:1 combine:1 cocoa:4 processing:2 business:1 w:1 berisford:4 plc:1 joint:1 venture:1 68:1 4:1 pct:2 31:1 6:1 would:3 annual:1 sale:1 1987:1 700:1 mln:1 dlrs:1 transaction:2 involve:1 combination:1 product:1 division:1 two:1 unit:1 operate:1 management:1 company:1 contribute:1 dutch:1 west:1 german:1 subsidiary:1 issue:1 new:1 ordinary:1 share:1 connection:1 closing:1 expect:1 early:1 fall:1 subject:1 regulatory:1 approval:1 | W.R. GRACE <GRA>, BERISFORD PLAN COCOA VENTURE
W.R. Grace and Co said it has agreed to
combine its cocoa processing businesses with those of S. and W.
Berisford PLC.
It said the joint venture, to be 68.4 pct owned by Grace
and 31.6 pct by Berisford, would have annual sales in 1987 of
over 700 mln dlrs.
Grace said the transaction involves the combination of its
cocoa products division and two Berisford cocoa processing
units, which would be operated under Grace management.
The company said Berisford would contribute its Dutch and
West German cocoa subsidiaries and issue new ordinary shares to
Grace in connection with the transaction. It said closing is
expected by early fall, subject to regulatory approvals.
|
test/17986 | test/17986 |@title csr:2 say:1 proceed:1 offer:1 moni:1 |@word ltd:4 csra:1 intend:1 proceed:1 plan:2 bid:12 building:3 material:3 group:2 monier:9 mnra:1 despite:1 counter:1 equiticorp:1 tasman:1 etl:12 csr:15 executive:1 director:2 gene:1 herbert:6 tell:2 reuters:1 say:14 today:2 would:6 offer:3 4:1 15:1 dlrs:3 issue:1 capital:1 156:1 28:1 mln:2 share:7 plus:1 alternative:2 compare:1 3:3 80:2 dlr:2 cash:2 element:1 propose:2 control:1 new:1 zealand:1 entrepreneur:1 allan:1 hawkins:2 come:1 build:3 14:1 99:1 pct:3 stake:2 95:1 raid:1 recent:1 day:1 britain:1 redland:9 plc:1 rdld:1 l:1 hold:2 50:3 still:2 support:1 seller:1 want:1 maintain:1 operation:1 australia:1 u:1 strong:1 presence:1 notably:1 roof:1 tile:1 manufacture:1 contain:1 put:1 call:1 option:2 agreement:1 enable:1 accept:2 within:1 six:1 month:1 close:2 lift:1 1:1 period:1 run:2 moni:6 joint:1 venture:1 take:1 second:1 decline:1 intervene:1 beyond:1 describe:1 long:1 term:1 investment:2 bring:1 synergy:1 unlike:1 leader:1 fit:1 better:1 concentrate:1 development:1 core:1 business:1 sugar:1 move:1 energy:1 several:1 year:2 ago:1 ask:1 think:2 seek:1 achieve:1 puzzle:1 strategy:1 one:1 wonder:1 main:1 target:1 raise:1 high:1 price:2 difficult:1 justify:1 fundamental:1 trade:1 2:1 launch:1 original:1 16:1 8:1 time:1 earning:1 late:1 april:1 90:1 25:1 cent:1 yesterday:1 withdraw:1 reach:1 top:1 foreign:2 shareholding:1 level:1 permit:1 without:1 review:1 board:1 firb:2 approval:2 subject:1 also:1 institution:1 likely:1 judge:1 respective:1 value:1 third:1 become:1 involved:1 possible:2 acquisition:1 discussion:1 takeover:1 emerge:1 negotiation:1 founder:1 analyst:1 reason:1 intervention:1 flush:1 full:1 although:1 ultimate:1 fate:1 rest:1 hand:1 drive:1 seat:1 tim:1 cohen:1 ord:1 minnett:1 add:1 happy:1 partner:1 independent:1 recommend:1 | CSR SAYS IT IS PROCEEDING WITH OFFER FOR MONIER
CSR Ltd <CSRA.S> intends to proceed with
its planned bid for building materials group Monier Ltd
<MNRA.S> despite the counter-bid from <Equiticorp Tasman Ltd>
(ETL), CSR executive director Gene Herbert told Reuters.
ETL said today it would offer 4.15 dlrs each for Monier's
issued capital of 156.28 mln shares, plus a share alternative.
This compares with a 3.80 dlr cash element in CSR's proposed
bid.
The proposed offer by ETL, controlled by New Zealand
entrepreneur Allan Hawkins, came after it built up a 14.99 pct
stake in Monier in a 95 mln dlr share raid in recent days.
Herbert said Britain's Redland Plc <RDLD.L>, which holds
just under 50 pct of Monier, still supported the CSR bid and
had told CSR it is not a seller.
He said Redland wanted to maintain and build on its
operations in Australia and the U.S., Where Monier has built up
a strong presence, notably in roofing tile manufacture.
The CSR offer contains a put and call option agreement with
Redland. This enables Redland to accept the CSR bid within six
months of its close or to lift its stake to 50.1 pct in the
same period and to run Monier as a joint venture with CSR.
CSR has said that Redland will take up the second option.
ETL has declined to say why it intervened in Monier, beyond
describing it as a long term investment.
ETL would bring no synergies to Monier, unlike CSR which is
a leader in building materials, Herbert said.
'We fit better with Monier,' he said.
CSR has said that it will concentrate development on its
core businesses of sugar and building materials after its moves
into energy several years ago.
Asked what he thought ETL's bid sought to achieve, Herbert
said: 'I'm puzzled as to what Hawkins' strategy is. One has to
wonder if Monier is the main target.'
Herbert said CSR had no plans to raise its bid, and said a
higher price would be difficult to justify on fundamentals.
Monier was trading at 2.80 dlrs when CSR launched its
original bid of 3.50, or 16.8 times earnings, in late April.
The shares closed at 3.90 dlrs today, down 25 cents on
yesterday, after ETL withdrew on reaching the top foreign
shareholding level permitted without Foreign Investment Review
Board (FIRB) approval. Its bid is subject to FIRB approval.
Herbert also said that institutions, which are more likely
to accept a share alternative than cash, would have to judge
the respective values of ETL and CSR shares.
ETL is the third group to become involved in a possible
acquisition of Monier this year. Redland held discussions on a
possible takeover before the CSR bid emerged but the
negotiations foundered on the price.
Share analysts said that for this reason, they did not
think ETL's intervention would flush out a full Redland bid
although Monier's ultimate fate rests in its hands.
'Redland is still in the driving seat,' said Tim Cohen of
<Ord Minnett Ltd>, adding that Redland would be happier having
CSR as a partner in running Monier than ETL.
Monier's independent directors have recommended ETL's bid.
|
test/17988 | test/17988 |@title comp:1 u:1 card:1 international:1 inc:1 cucd:1 1st:1 qtr:1 |@word periods:1 end:1 april:1 30:1 shr:1 18:2 ct:3 vs:4 15:1 net:2 3:1 309:1 000:3 2:2 539:1 revs:1 45:1 mln:4 26:1 8:2 avg:1 shrs:1 7:1 16:1 note:1 1986:1 include:1 gain:1 1:1 197:1 dlrs:1 seven:1 share:1 tax:1 loss:1 carryforward:1 | COMP-U-CARD INTERNATIONAL INC <CUCD.O> 1ST QTR
Periods ended April 30
Shr 18 cts vs 15 cts
Net 3,309,000 vs 2,539,000
Revs 45.2 mln vs 26.8 mln
Avg shrs 18.7 mln vs 16.8 mln
NOTE: 1986 net includes gain of 1,197,000 dlrs, or seven
cts a share, from tax loss carryforwards
|
test/17993 | test/17993 |@title montrose:1 hold:1 acquire:1 virginia:1 federal:1 |@word virginia:9 federal:8 savings:1 loan:2 association:3 say:6 sign:1 definitive:1 agreement:3 acquire:1 montrose:5 holding:1 co:1 affiliate:1 capital:2 corp:1 20:2 mln:3 dlrs:3 provide:2 conversion:2 mutual:1 stock:2 purchase:1 100:1 pct:1 accord:1 company:5 700:1 asset:1 operate:1 16:1 branch:1 proceed:1 would:2 enable:2 increased:1 mortgage:1 lending:1 service:1 compete:1 effectively:1 market:1 subject:1 home:1 bank:1 board:2 approval:1 expect:2 later:1 year:1 additionally:1 converted:1 manage:1 director:2 consist:1 six:1 current:1 two:1 representative:1 hold:1 senior:1 management:1 continue:1 office:1 | MONTROSE HOLDING TO ACQUIRE VIRGINIA FEDERAL
<Virginia Federal Savings and Loan
Association> said it has signed a definitive agreement to be
acquired by <Montrose Holding Co>, an affiliate of <Montrose
Capital Corp> for 20 mln dlrs.
Virginia Federal and Montrose Capital said the agreement
provides for the conversion of Virginia Federal from a mutual
to a stock association and the purchase of 100 pct of its stock
for 20 mln dlrs by Montrose.
According to the companies, Virginia Federal has over 700
mln dlrs in assets and operates 16 branches in Virginia.
Virginia Federal said the proceeds would enable it to
provide increased mortgage and lending services and enable the
company to compete more effectively in the Virginia market.
The companies said the agreement is subject to Federal Home
Loan Bank Board approval, expected later this year.
Additionally, the companies said the converted association
would be managed by a board of directors consisting of the six
current Virginia Federal directors and two representatives of
Montrose Holding.
The senior management of Virginia Federal was expected to
continue in office after the conversion, the companies said.
|
test/18001 | test/18001 |@title brazil:1 sarney:1 renew:1 call:1 war:1 inflation:1 |@word president:1 jose:1 sarney:2 today:1 declare:1 war:1 without:1 quarter:1 inflation:3 say:1 government:1 would:1 watch:1 every:1 cent:1 public:1 expenditure:1 address:1 cabinet:1 live:1 television:1 also:1 reiterate:1 intend:1 remain:1 power:1 five:1 year:1 1990:1 long:2 run:1 political:1 debate:1 mandate:1 brazil:1 currently:1 suffer:1 bad:1 history:1 april:1 monthly:1 reach:1 21:1 pct:1 | BRAZIL'S SARNEY RENEWS CALL FOR WAR ON INFLATION
President Jose Sarney today declared 'a
war without quarter' on inflation and said the government would
watch every cent of public expenditure.
Sarney, addressing his cabinet live on television, also
reiterated that he intended to remain in power for five years,
until 1990. There has been a long-running political debate
about how long his mandate should be.
Brazil is currently suffering from the worst inflation of
its history. In April monthly inflation reached 21 pct.
|
test/18009 | test/18009 |@title pakistan:1 say:1 good:1 economic:1 growth:1 continue:1 |@word pakistan:1 say:9 economy:1 continue:2 recent:2 outstanding:1 performance:2 financial:1 year:3 1986:1 87:1 end:2 june:1 30:1 area:1 like:1 balance:2 payment:2 investment:2 energy:1 cause:1 concern:1 gdp:3 grow:1 line:1 average:1 growth:3 rate:4 since:2 1980:1 inflation:1 low:1 1969:1 70:1 accord:1 government:2 economic:3 survey:4 reform:1 regulation:1 gather:1 momentum:1 impressive:1 five:2 point:1 program:1 rural:1 uplift:1 education:1 poverty:1 alleviation:1 ministry:1 adviser:1 qazi:1 alimullah:2 tell:1 news:1 conference:1 unseasonal:1 rain:1 hailstorm:1 damage:1 wheat:1 crop:1 calculate:1 7:2 04:1 pct:7 compare:1 25:1 1985:4 86:4 figure:1 may:2 slide:1 little:1 around:2 6:2 8:1 9:2 monetary:1 expansion:1 estimate:1 nine:1 date:1 rise:2 12:1 export:3 18:1 3:2 5:1 billion:6 dlrs:5 2:4 time:1 home:2 remittance:2 pakistanis:1 abroad:1 drop:1 level:1 595:1 improvement:1 situation:1 require:2 overcome:1 decline:1 trend:1 trade:1 deficit:1 expect:1 fall:1 4:1 three:1 boost:1 national:1 small:1 poor:1 saving:2 14:1 maintain:1 possibly:1 step:1 present:1 finance:1 country:1 seventh:1 development:1 plan:1 launch:1 july:1 1988:1 | PAKISTAN SAYS GOOD ECONOMIC GROWTH CONTINUES
Pakistan says its economy has continued
its recent outstanding performance during the financial year
1986/87 ending on June 30 but areas like balance of payments,
investments and energy were causing concern.
GDP grew in line with the average growth rate since 1980
and the inflation rate was the lowest since 1969/70, according
to a government economic survey.
The reform of economic regulation had gathered momentum
and there was an impressive performance in a five point
government program for rural uplift, education and poverty
alleviation, said the survey.
Ministry Economic Adviser Qazi Alimullah told a news
conference that before recent unseasonal rains and hailstorms
damaged the wheat crop, GDP growth was calculated at 7.04 pct
compared to 7.25 pct in 1985/86.He said the figure might now
slide down a little to around 6.8 or 6.9 pct.
The survey said monetary expansion was estimated to be nine
pct to date but might rise to around 12 pct by the year-end.
Alimullah said exports rose 18 pct to 3.5 billion dlrs from
2.9 billion dlrs in 1985/86. But the at the same time, home
remittances by Pakistanis abroad dropped to 2.3 billion dlrs
from the 1985/86 level of 2.595 billion.
More exports and an improvement in the balance of payments
situation will be required to overcome this declining trend in
home remittances, he said.
The survey said the trade deficit was expected to fall to
2.4 billion dlrs from three billion dlrs in 1985/86 because of
the boost in exports.
He said national investment continued to be small because
of a poor rate of savings, about 14 pct of GDP. He said more
savings were required to maintain or possibly step up the
present growth rate and to finance the country's seventh
five-year development plan to be launched in July 1988.
|
test/18010 | test/18010 |@title greenspan:2 say:2 evidence:2 dollar:2 bottom:2 |@word | GREENSPAN SAYS THERE IS EVIDENCE DOLLAR HAS BOTTOMED OUT
GREENSPAN SAYS THERE IS EVIDENCE DOLLAR HAS BOTTOMED OUT
|
test/18011 | test/18011 |@title bank:2 france:2 leave:2 intervention:2 rate:2 unchanged:2 7:2 3:2 4:2 pct:2 official:2 |@word | BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL
BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL
|
test/18012 | test/18012 |@title greenspan:1 see:1 evidence:1 dollar:1 fall:1 |@word newly:1 nominate:1 federal:1 reserve:1 board:1 chairman:1 alan:1 greenspan:2 say:1 evidence:2 dollar:2 finally:1 bottom:2 white:1 house:1 briefing:1 ask:1 reporter:1 think:1 certainly:1 direction:1 reply:1 | GREENSPAN SEES EVIDENCE DOLLAR FALL OVER
Newly-nominated Federal Reserve Board
chairman Alan Greenspan said there was evidence the dollar
finally had bottomed out.
In a White House briefing Greenspan was asked by reporters
if he thought the dollar had bottomed out.
'There certainly is evidence in that direction,' he replied.
|
test/18013 | test/18013 |@title u:2 gold:2 silver:2 platinum:2 soar:2 volcker:2 rejection:2 3rd:2 term:2 |@word | U.S. GOLD, SILVER, PLATINUM SOAR ON VOLCKER REJECTION OF 3RD TERM
U.S. GOLD, SILVER, PLATINUM SOAR ON VOLCKER REJECTION OF 3RD TERM
|
test/18014 | test/18014 |@title icco:1 buy:1 5:1 000:1 tonne:1 cocoa:1 buffer:1 stock:1 |@word international:1 cocoa:3 organization:1 icco:1 buffer:3 stock:3 manager:1 buy:1 5:1 000:2 tonne:2 today:1 trader:1 say:1 believe:1 entirely:1 make:1 second:1 hand:1 material:1 add:1 purchase:2 would:1 bring:1 cumulative:1 26:1 | ICCO BUYS 5,000 TONNES COCOA FOR BUFFER STOCK
The International Cocoa Organization
(ICCO) buffer stock manager bought 5,000 tonnes of cocoa today
for the buffer stock, traders said.
The cocoa is believed to have been entirely made up of
second hand material, they added.
Such a purchase would bring cumulative buffer stock
purchases to 26,000 tonnes.
|
test/18017 | test/18017 |@title acme:1 precision:1 acl:1 buyout:1 bid:1 drop:1 |@word acme:3 precision:2 products:1 inc:1 say:3 management:4 group:4 withdraw:1 six:2 dlr:2 per:2 share:2 leverage:1 buyout:1 offer:1 drop:1 bid:1 due:1 continued:1 weakness:1 machine:1 tool:1 industry:1 operating:1 result:1 inability:1 obtain:1 modification:1 term:1 financing:1 commitment:1 effect:1 factor:1 lead:1 conclude:1 price:1 excessive:1 current:1 condition:1 | ACME PRECISION <ACL> BUYOUT BID DROPPED
Acme Precision Products Inc said a
management group has withdrawn a six dlr per share leveraged
buyout offer.
Acme said the management group dropped its bid due to
continued weakness in the machine tool industry and in Acme
Precision's operating results and to the inability of the
management group to obtain modifications to terms of its
financing commitment.
It said, 'The effect of these factors led the management
group to conclude that the six dlr per share price was
excessive under current conditions.'
|
test/18024 | test/18024 |@title italian:1 barley:1 crop:1 report:1 good:1 condition:1 |@word italy:1 barley:2 crop:2 generally:1 good:1 condition:1 harvesting:1 expect:4 begin:1 shortly:1 agricultural:1 marketing:1 information:1 research:1 board:1 irvam:2 say:3 first:1 consignment:1 available:1 around:3 mid:1 june:1 excellent:1 weather:2 characterise:1 alternate:1 period:1 sunshine:1 rain:1 encourage:1 growth:1 except:1 sardinia:1 lose:1 large:1 part:1 extreme:1 dryness:1 yield:3 high:2 last:1 year:1 low:1 level:1 favourable:1 continue:1 next:1 week:1 give:1 average:1 3:2 5:1 tonne:4 per:2 hectare:2 national:1 production:2 would:2 two:1 pct:2 previous:1 season:1 1:2 6:1 mln:2 reach:1 record:1 78:1 achieve:1 1984:1 75:1 increase:1 11:1 compare:1 1986:1 | ITALIAN BARLEY CROP REPORTED IN GOOD CONDITION
Italy's barley crop is generally in good
condition and harvesting is expected to begin shortly, the
agricultural marketing information and research board Irvam
said.
First consignments were expected to be available around
mid-June.
Excellent weather, characterised by alternating periods of
sunshine and rain, has encouraged growth except in Sardinia,
which was expected to lose a large part of its barley crop
because of extreme dryness.
Irvam said yields are expected higher than last year's low
levels if favourable weather continues in the next few weeks.
Given an average yield of 3.5 tonnes per hectare, national
production would be around two pct higher than in the previous
season at just above 1.6 mln tonnes, it said.
If yields reach the record 3.78 tonnes per hectare achieved
in 1984, production would be around 1.75 mln tonnes, an
increase of 11 pct compared to 1986.
|
test/18028 | test/18028 |@title pep:1 boys:1 manny:1 moe:1 jack:1 inc:1 pby:1 1st:1 qtr:1 |@word may:1 two:1 net:2 shr:1 11:1 ct:2 vs:3 eight:1 5:2 895:1 000:2 3:2 896:1 sale:1 127:1 mln:2 110:1 note:1 share:1 adjust:1 three:1 one:2 stock:1 split:1 payable:1 july:2 27:1 holder:1 record:1 | PEP BOYS - MANNY, MOE AND JACK INC <PBY> 1ST QTR
May Two net
Shr 11 cts vs eight cts
Net 5,895,000 vs 3,896,000
Sales 127.3 mln vs 110.5 mln
NOTE: Share adjusted for three-for-one stock split payable
July 27 to holders of record July One.
|
test/18029 | test/18029 |@title elder:1 happy:1 leave:1 carling:1 share:1 outstanding:1 |@word elders:1 ixl:1 ltd:2 elxa:1 say:3 happy:1 leave:2 preference:1 share:9 brewer:1 carle:8 keefe:1 outstanding:4 undisclosed:1 bidder:3 make:1 offer:2 acquire:2 preferred:6 stock:1 elder:3 100:1 pct:1 common:1 previously:2 propose:1 redeem:3 433:1 745:1 series:7 33:1 50:2 canadian:1 dlrs:4 386:1 662:1 b:4 40:2 carry:1 vote:1 dividend:1 pay:1 neither:1 know:1 identity:1 may:1 29:1 carling:1 prefer:3 36:1 affect:1 ongoing:1 plan:1 company:1 shareholder:2 reject:1 proposal:1 meeting:1 adjourn:1 june:1 12:1 | ELDERS HAPPY TO LEAVE CARLING SHARES OUTSTANDING
Elders IXL Ltd <ELXA.S> says it is happy
to leave preferences shares of brewer Carling O'Keefe Ltd
outstanding after an undisclosed bidder made an offer to
acquire all of Carling's outstanding preferred stock.
Elders, which owns 100 pct of Carling's outstanding common
shares, previously proposed to redeem the 433,745 Carling
series A preferred shares at 33.50 Canadian dlrs each and
redeem the 386,662 series B preferreds at 40 dlrs a share.
The series A and B preferred shares carry no vote while
dividends are paid.
Elders says neither it nor Carling knows the identity of
the bidder for Carling's preferred shares.
On May 29, the bidder offered to acquire the Carling
preferred for 36 dlrs for each series A and 40.50 dlrs for each
series B share.
Elders said leaving the Carling preferred shares
outstanding will not affect ongoing plans of the company.
Series B preferred shareholders had previously rejected
Carling's proposal to redeem the shares and a series A
preferred shareholders meeting was adjourned to June 12.
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test/18034 | test/18034 |@title chicken:1 main:1 salmonella:1 cause:1 official:1 say:1 |@word representative:1 poultry:4 industry:4 say:6 statistic:1 show:2 chicken:7 less:1 frequently:1 cause:3 salmonella:2 poisoning:2 beef:2 dairy:2 product:2 salad:2 mixed:2 food:4 kenneth:1 may:4 president:1 holly:1 farm:1 director:2 national:1 broiler:1 council:1 tell:1 house:1 agriculture:1 subcommittee:1 incidence:1 increase:2 recent:1 year:1 neither:1 major:1 source:1 bacterial:2 outbreak:4 disease:2 center:1 control:1 figure:1 1978:1 1982:1 involve:1 four:1 pct:3 u:1 salmonellosis:1 account:1 ten:1 six:1 remain:1 turkey:1 seafood:1 pork:1 egg:1 favor:1 move:1 away:1 bird:4 inspection:3 procedure:2 risk:1 assessment:1 system:1 better:1 able:1 identify:1 microbial:1 contamination:1 however:1 ellen:1 haas:2 executive:1 public:1 voice:1 health:1 policy:1 retain:1 label:1 attach:1 ready:1 cook:1 remind:1 consumer:1 preparation:1 necessary:1 avoid:1 illness:1 also:1 call:1 review:1 present:1 method:1 worsen:1 hazard:1 | CHICKEN NOT MAIN SALMONELLA CAUSE, OFFICIAL SAYS
A representative of the poultry
industry said statistics showed that chicken is less frequently
the cause of salmonella poisoning than beef, dairy products or
salads and other mixed foods.
Kenneth May, President of Holly Farms Poultry Industries
and a director of the National Broiler Council, told a House
Agriculture subcommittee the incidence of salmonella in chicken
has not increased in recent years and that chicken is neither
the major source of the bacterial poisoning nor the cause of an
increase in outbreaks of the disease.
May said the Center for Disease Control figures showed that
between 1978 and 1982, chicken was involved in four pct of all
U.S. salmonellosis outbreaks, while beef accounted for ten pct
of outbreaks and dairy products six pct.
May said the remaining outbreaks were caused by salads and
mixed food, turkey, seafood, pork, eggs and other foods.
May said the chicken industry favored moving away from
bird-by-bird inspection procedures to a risk assessment system
better able to identify microbial and bacterial contamination
of poultry.
However, Ellen Haas, executive director of Public Voice for
Food and Health Policy, said bird-by-bird inspection should be
retained and labels should be attached to each ready-to-cook
chicken to remind consumers about preparation procedures
necessary to avoid illness.
Haas also called for a review of present chicken industry
inspection methods that she said can worsen poultry hazards.
|
test/18035 | test/18035 |@title u:1 house:1 panel:1 vote:1 speed:1 corn:1 payment:1 |@word house:2 agriculture:1 committee:1 vote:2 make:2 approximately:1 2:2 8:2 billion:2 dlrs:2 feedgrain:2 deficiency:1 payment:3 immediately:2 instead:1 late:2 fall:1 similar:1 measure:2 decisively:1 defeat:1 senate:1 floor:1 last:1 week:1 bill:2 pass:1 voice:1 would:3 allow:1 call:1 findley:1 rather:1 year:1 1987:2 90:1 crop:1 change:1 move:1 spending:1 fiscal:2 1988:1 expect:1 meet:1 stiff:1 resistance:1 full:1 | U.S. HOUSE PANEL VOTES TO SPEED UP CORN PAYMENTS
The House Agriculture Committee voted
to make approximately 2.8 billion dlrs of feedgrains deficiency
payments immediately instead of in the late fall.
A similar measure was decisively defeated on the Senate
floor last week.
The bill, which passed by a voice vote, would allow
so-called Findley payments to be made immediately rather than
late this year. Payments for 1987-90 feedgrains crops would not
be changed.
Because the bill would move 2.8 billion dlrs of spending
into fiscal 1987 from fiscal 1988, the measure is expected to
meet stiff resistance in the full House.
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test/18036 | test/18036 |@title jones:1 vine:1 jnsv:1 starts:1 bid:1 share:1 |@word jones:2 vining:1 inc:2 say:6 start:2 tender:5 offer:2 share:3 five:1 dlrs:1 per:2 company:3 hold:1 special:2 meeting:2 july:2 10:2 vote:1 approval:2 merger:3 price:2 pay:1 could:1 reduce:1 fee:2 expense:1 court:3 may:1 award:1 counsel:2 plaintiff:1 class:1 action:1 suit:2 bring:1 delaware:1 chancery:1 ronda:1 plaintfiffs:1 seek:1 ct:1 vine:1 schedule:1 hearing:1 propose:1 settlement:3 eight:1 calling:1 condition:2 completion:1 final:1 | JONES AND VINING <JNSV.O> STARTS BID FOR SHARES
Jones and Vining Inc said it has
started a tender offer for all of its own shares at five dlrs
per share.
The company said it will hold a special meeting on July 10
for a vote on approval of a merger at the tender price.
It said the price to be paid in the tender and merger could
be reduced by any fees and expenses the court may award to
counsel for the plaintiffs in the class action suit brought
against it in Delaware Chancery Court by Ronda Inc. The
plaintfiffs' counsel are seeking fees of up to 10 cts per
share, Jones and Vining said.
The company said the court has scheduled a hearing on the
proposed settlement of the suit for July Eight.
The company said the start of the tender offer and the
calling of the special meeting are conditions of the
settlement, and completion of the tender and merger are
conditioned on final approval of the settlement.
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test/18037 | test/18037 |@title healthsouth:2 hsrc:1 make:1 acquisition:1 |@word rehabilitation:2 corp:1 say:1 acquire:1 pine:1 island:1 sports:1 medicine:1 center:2 fort:2 lauderdale:2 fla:1 incorporate:1 facility:1 healthsouth:1 construction:1 operation:1 mid:1 summer:1 term:1 disclose:1 | HEALTHSOUTH <HSRC.O> MAKES ACQUISITION
HEALTHSOUTH Rehabilitation Corp
said it has acquired Pine Island Sports Medicine Center in Fort
Lauderdale, Fla., and will incorporate the facility into its
HEALTHSOUTH Rehabilitation Center of Fort Lauderdale, which is
now under construction and should be in operation by
mid-summer.
Terms were not disclosed.
|
test/18038 | test/18038 |@title banc:1 one:2 make:1 indiana:1 acquisition:1 |@word banc:1 one:1 corp:1 say:1 complete:1 acquisition:1 first:1 national:1 bank:1 bloomington:1 ind:1 asset:1 271:1 mln:1 dlrs:1 | BANC ONE <ONE> MAKES INDIANA ACQUISITION
Banc One Corp said it has
completed the acquisition of First National Bank of
Bloomington, Ind, which has assets of 271 mln dlrs.
|
test/18040 | test/18040 |@title orion:1 broadcast:1 obgi:1 buy:1 ford:1 f:1 unit:1 |@word orion:2 broadcast:1 group:1 inc:2 say:2 majority:1 financial:1 services:2 corp:1 subsidiary:1 agree:1 purchase:1 fn:2 realty:1 ford:1 motor:1 co:1 1:2 200:1 000:2 500:1 dlrs:1 cash:1 note:1 closing:1 expect:1 within:1 45:1 day:1 receipt:1 regulatory:1 approval:1 provide:1 loan:1 collection:1 accounting:1 datum:1 processing:1 administrative:1 service:1 real:1 estate:1 industry:1 | ORION BROADCAST <OBGI.O> BUYS FORD <F> UNIT
Orion Broadcast Group Inc said its
majority-owned Orion Financial Services Corp subsidiary has
agreed to purchase FN Realty Services Inc from Ford Motor Co
for 1,200,000 to 1,500,000 dlrs in cash and notes.
It said closing is expected within 45 days after receipt of
regulatory approvals.
FN provides loan collection, accounting, data processing
and administrative services to the real estate industry.
|
test/18048 | test/18048 |@title phh:2 group:1 inc:1 4th:1 qtr:1 april:1 30:1 net:1 |@word shr:2 71:1 ct:2 vs:6 47:1 net:2 12:2 1:3 mln:6 7:1 8:2 revs:2 369:1 307:1 9:1 mth:1 2:2 35:1 dlrs:2 33:1 39:2 5:1 36:1 billion:2 24:1 note:1 prior:1 year:2 restate:1 reflect:1 result:1 current:1 acquisition:1 | PHH GROUP INC <PHH> 4TH QTR APRIL 30 NET
Shr 71 cts vs 47 cts
Net 12.1 mln vs 7.8 mln
Revs 369.8 mln vs 307.9 mln
12 mths
Shr 2.35 dlrs vs 2.33 dlrs
Net 39.5 mln vs 39 mln
Revs 1.36 billion vs 1.24 billion
NOTE: Prior year restated to reflect results from current
year acquisitions.
|
test/18050 | test/18050 |@title lawson:1 call:1 intervention:1 proof:1 stability:1 goal:1 |@word scale:2 foreign:2 exchange:4 intervention:6 bank:2 england:1 carry:1 recently:1 clear:1 proof:1 britain:1 determination:1 stabilise:1 rate:6 agree:2 group:1 seven:1 industrialise:1 country:1 paris:2 february:1 chancellor:1 exchequer:1 nigel:1 lawson:6 say:8 content:1 sterling:3 current:1 value:1 tell:1 reporter:1 want:1 maintain:1 stability:5 sign:1 decline:1 favour:1 rise:3 fall:1 present:1 level:1 may:1 currency:3 reserve:3 today:1 show:1 record:1 4:1 8:1 billion:2 stg:2 point:2 massive:1 april:1 hefty:1 2:1 9:1 data:1 play:1 full:1 part:1 meet:1 commitment:1 toward:1 wish:1 see:1 continue:1 add:2 ask:1 technique:1 available:1 preserve:1 central:1 interest:2 change:1 could:1 use:1 tackle:1 market:4 pressure:1 time:3 objective:1 sense:1 move:1 expect:1 sterilise:2 drain:1 excess:1 liquidity:1 new:1 issue:1 government:1 security:1 sale:1 allow:1 would:1 limit:1 inflationary:1 impact:1 sterilisation:1 dictate:1 tactic:1 necessarily:1 month:1 occur:1 confident:1 | LAWSON CALLS INTERVENTION PROOF OF STABILITY GOAL
The scale of foreign exchange intervention
the Bank of England has carried out recently is clear proof of
Britain's determination to stabilise exchange rates as agreed
between the Group of Seven industrialised countries in Paris in
February, Chancellor of the Exchequer Nigel Lawson said.
Saying he was 'content' with sterling's current value, Lawson
told reporters he wanted 'to maintain the exchange rate
stability we have all signed up for.' He declined to say if he
favoured a rise or a fall from present sterling levels.
May currency reserves, out today, showed a record 4.8 billion
stg rise, pointing to massive currency intervention.
In April, reserves rose a hefty 2.9 billion stg.
Pointing to the reserves data, Lawson said, 'We have been
playing a very full part ourselves' in meeting our commitments
toward exchange rate stability as agreed in Paris.
'We wish to see it (stability) continuing,' he added.
Asked which techniques were available to preserve
stability, Lawson said both central bank intervention and
interest rate changes could be used to tackle 'the market
pressures there are from time to time.'
'Interest rate stability is not an objective in that
sense...Rates have to be moved up and down at times,' he added.
Lawson said he expected intervention to be 'sterilised' by
draining excess sterling liquidity from the market through new
issues of government securities and foreign currency sales,
when the market allowed.
This would limit the inflationary impact of intervention,
he said.
'Sterilisation will be dictated by market tactics...Not
necessarily in the month in which intervention occurs,' Lawson
said. 'I am confident that we can sterilise on this scale.'
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test/18051 | test/18051 |@title fed:1 expect:1 take:1 money:1 market:1 action:1 |@word federal:2 reserve:3 expect:1 intervene:1 government:1 security:1 market:1 add:1 drain:1 usual:1 intervention:1 time:1 morning:1 economist:2 say:2 fund:1 rate:1 trading:1 comfortably:1 6:2 9:1 16:1 pct:2 yesterday:1 74:1 average:1 fed:1 need:1 take:1 management:1 action:1 today:1 | FED NOT EXPECTED TO TAKE MONEY MARKET ACTION
The Federal Reserve is not expected to
intervene in the government securities market to add or drain
reserves at its usual intervention time this morning,
economists said.
With the Federal funds rate trading comfortably at 6-9/16
pct, down from yesterday's 6.74 pct average, economists said
the Fed did not need to take reserve management action today.
|
test/18052 | test/18052 |@title gulf:1 western:1 inc:1 gw:1 2nd:1 qtr:1 april:1 30:1 net:1 |@word shr:2 86:1 ct:2 vs:6 73:1 net:2 52:1 7:2 mln:6 45:1 revs:2 989:1 9:3 863:1 six:1 mth:1 1:3 97:1 dlrs:2 28:1 122:1 79:1 2:1 078:1 billion:2 726:1 | GULF AND WESTERN INC <GW> 2ND QTR APRIL 30 NET
Shr 86 cts vs 73 cts
Net 52.7 mln vs 45.7 mln
Revs 989.9 mln vs 863.9 mln
Six mths
Shr 1.97 dlrs vs 1.28 dlrs
Net 122 mln vs 79.9 mln
Revs 2.078 billion vs 1.726 billion
|
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