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test/18336 | test/18336 |@title wicke:1 wix:1 complete:1 purchase:1 |@word wickes:1 cos:1 inc:1 say:1 complete:1 purchase:1 dura:2 corp:1 undisclosed:1 amount:1 supplier:1 automotive:1 equipment:1 annual:1 sale:1 100:1 mln:1 dlrs:1 | WICKES <WIX> COMPLETES PURCHASE
Wickes Cos Inc said it has
completed the purchase of Dura Corp for an undisclosed amount.
Dura, a supplier of automotive equipment, had annual sales
of over 100 mln dlrs.
|
test/18337 | test/18337 |@title cominco:1 clt:1 set:1 tentative:1 talk:1 strike:1 |@word cominco:2 ltd:1 say:2 set:2 tentative:1 talk:3 three:2 strike:2 union:1 local:4 reject:1 saturday:1 year:3 contract:2 offer:1 trail:5 kimberley:3 british:1 columbia:1 lead:2 zinc:2 operation:1 part:1 united:1 steelworkers:1 america:1 represent:2 2:3 600:2 production:2 maintenance:1 worker:2 date:1 spokesman:2 reply:1 query:1 still:1 ongoing:1 two:1 striking:1 office:1 technical:1 shut:1 since:1 start:1 may:1 9:1 five:1 separate:1 expire:1 april:1 30:1 main:1 issue:1 similar:1 smelter:2 produce:2 240:1 000:2 long:3 ton:3 110:1 last:2 sullivan:1 mine:1 mln:2 ore:1 process:1 revenue:1 total:1 356:1 canadian:1 dlrs:1 1986:1 | COMINCO <CLT> SETS TENTATIVE TALKS ON STRIKE
Cominco Ltd said it set
tentative talks with three striking union locals that rejected
on Saturday a three-year contract offer at Cominco's Trail and
Kimberley, British Columbia lead-zinc operations.
The locals, part of United Steelworkers of America,
represent 2,600 production and maintenance workers. No date has
been set for the talks, the spokesman replied to a query.
The spokesman said talks were still ongoing with the two
other striking locals, representing 600 office and technical
workers. Production at Trail and Kimberley has been shut down
since the strike started May 9.
Each of the five locals has a separate contract that
expired April 30, but the main issues are similar.
The Trail smelter produced 240,000 long tons of zinc and
110,000 long tons of lead last year, while the Sullivan mine at
Kimberley produced 2.2 mln long tons of ore last year, most for
processing at Trail.
Revenues from Trail's smelter totaled 356 mln Canadian dlrs
in 1986.
|
test/18339 | test/18339 |@title phelps:1 dodge:1 seek:1 diversify:1 copper:1 |@word phelps:2 dodge:2 corp:1 prepared:1 make:2 another:2 large:2 non:3 copper:6 acquisition:2 deal:1 could:2 strike:1 near:1 future:1 chairman:1 g:1 robert:1 durham:3 say:3 tell:1 reuters:1 company:2 examine:1 potential:1 candidate:1 yet:1 talk:1 must:1 different:1 economic:1 cycle:1 u:1 producer:1 last:1 year:1 pay:1 240:1 mln:5 dlrs:4 columbian:1 chemical:1 co:1 carbon:1 black:1 use:1 rubber:1 tire:1 purchase:1 part:1 strategic:1 plan:1 diversify:1 match:1 earning:1 operation:1 spend:1 250:1 500:1 buy:1 firm:1 cite:1 100:1 cash:1 580:1 untapped:1 bank:1 credit:1 | PHELPS DODGE SEEKS TO DIVERSIFY MORE FROM COPPER
Phelps Dodge Corp is prepared to make
another large non-copper acquisition and a deal could be struck
in the near future, chairman G. Robert Durham said.
Durham told Reuters the company was examining potential
candidates but not yet talking with any. Any acquisition must
have a different economic cycle to copper, he said.
Phelps Dodge, the largest U.S. copper producer, last year
paid 240 mln dlrs for Columbian Chemicals Co which makes carbon
black used in rubber and tires. The purchase was part of a
strategic plan to diversify and then match earnings between
copper and non-copper operations.
The company could spend between 250 mln and 500 mln dlrs to
buy another non-copper firm, Durham said, citing 100 mln dlrs
of cash and 580 mln dlrs of untapped bank credit.
|
test/18340 | test/18340 |@title ec:1 watch:1 gulf:1 war:1 development:1 |@word european:2 community:1 ec:6 watch:1 carefully:1 development:1 gulf:7 war:1 consequence:1 oil:8 market:2 energy:2 commissioner:1 nicolas:1 mosar:2 say:4 today:1 speak:1 two:1 week:1 u:2 warship:1 attack:1 warn:1 escalation:1 would:3 increase:1 tension:1 want:1 alarmist:1 tell:1 news:1 conference:1 minister:3 meeting:3 luxembourg:1 volume:1 import:3 decline:1 around:1 31:1 pct:2 total:1 first:1 three:1 month:1 1987:1 35:1 period:1 last:1 year:1 also:1 potential:1 source:1 supply:4 world:1 add:2 issue:1 discuss:2 committee:1 national:1 expert:1 call:1 group:1 bi:1 annual:1 june:1 19:1 major:1 decision:1 reserve:1 foreign:1 diplomat:1 west:1 nation:1 far:1 show:1 little:1 enthusiasm:1 back:1 plan:1 give:1 military:1 protection:1 merchant:1 ship:1 could:1 help:1 insure:1 safety:1 | EC WATCHING GULF WAR DEVELOPMENTS
The European Community (EC) should
watch very carefully for any developments in the Gulf War and
their consequences on the oil market, EC Energy Commissioner
Nicolas Mosar said today.
Speaking two weeks after a U.S. warship was attacked in the
Gulf, Mosar warned, 'An escalation in the Gulf would increase
tensions in the oil market.'
'But I do not want to be alarmist,' he told a news conference
after an EC energy ministers meeting in Luxembourg.
He said the volume of EC oil imports from the Gulf had
declined to around 31 pct of total oil imports in the first
three months of 1987 against 35 pct in the same period last
year. 'There are also other potential sources of supplies in the
world,' he added.
The issue of Gulf oil imports was not discussed at the
ministers' meeting, he added.
A EC committee of national experts in the so-called oil
supply group would discuss Gulf oil supplies at their bi-annual
meeting on June 19, he said.
But any major decisions would have to be reserved for EC
foreign ministers, diplomats said.
West European nations have so far shown little enthusiasm
for backing a U.S. plan to give military protection to merchant
ships in the Gulf which could help insure the safety of oil
supplies.
|
test/18342 | test/18342 |@title ball:1 corp:1 bll:1 complete:1 acquisition:1 |@word ball:2 corp:1 say:1 complete:1 purchase:1 privately:1 hold:1 verac:3 inc:1 san:2 diego:2 defense:1 system:1 software:1 development:1 company:1 term:1 acquisition:1 disclose:1 1986:1 sale:1 23:1 mln:1 dlrs:1 operate:1 part:1 technical:1 products:1 group:1 | BALL CORP <BLL> COMPLETES ACQUISITION
Ball Corp said it completed the
purchase of privately held <Verac Inc>, a San Diego defense
systems and software development company.
Terms of the acquisition were not disclosed. Verac had 1986
sales of about 23 mln dlrs.
Verac will operate in San Diego as part of Ball's technical
products group.
|
test/18345 | test/18345 |@title alberta:1 seed:1 virtually:1 complete:1 |@word ninety:1 six:1 pct:2 alberta:3 northeastern:1 british:1 columbia:1 crop:1 seed:1 week:1 ahead:1 10:1 year:5 average:1 accord:1 wheat:3 pool:2 report:1 hard:1 red:1 spring:1 account:1 acreage:2 6:1 0:1 mln:4 estimate:2 little:1 change:1 last:3 oat:1 1:1 95:1 unchanged:1 barley:1 area:4 5:1 9:1 also:1 similar:1 rapeseed:1 planting:1 3:1 24:1 expect:1 five:1 1986:1 south:2 central:2 lack:1 moisture:2 germination:1 patchy:1 good:3 growth:1 prospect:1 northern:1 generally:1 range:1 soil:1 well:1 north:1 peace:1 say:1 | ALBERTA SEEDING VIRTUALLY COMPLETE
Ninety-six pct of Alberta and
northeastern British Columbia crops have been seeded, about a
week ahead of the 10 year average, according to the Alberta
wheat pool report.
Hard red spring wheat accounts for most acreage with 6.0
mln estimated for this year, little changed from last year.
Oats acreage of 1.95 mln is unchanged on last year and barley
area of 5.9 mln is also similar to last year. Rapeseed planting
of an estimated 3.24 mln is expected five pct up on 1986. The
south and south central areas of Alberta lacked moisture with
germination patchy at best. Growth prospects in northern areas
are generally in the good to very good range.
Soil moisture is better in the north central and Peace
areas, the wheat pool said.
|
test/18347 | test/18347 |@title n:1 z:1 april:1 current:1 account:1 deficit:1 narrow:1 |@word new:1 zealand:1 current:2 account:2 deficit:9 narrow:1 76:2 mln:30 n:2 z:2 dlrs:24 april:9 revise:5 89:1 march:11 224:1 1986:9 smooth:3 seasonally:7 adjust:7 measurement:1 statistics:1 department:3 say:3 figure:7 69:1 statement:1 non:3 smoothed:3 show:6 99:1 230:1 totally:1 unadjusted:3 83:1 164:1 178:1 compare:1 262:1 series:1 surplus:6 merchandise:4 trade:3 145:1 135:1 30:1 132:1 148:1 dlr:5 14:1 151:1 5:1 0:1 10:1 31:1 invisible:3 234:2 236:1 255:1 240:1 229:1 245:1 158:1 168:1 231:1 export:1 import:1 available:1 continue:1 improvement:2 cause:1 mainly:1 balance:1 since:1 november:1 1985:1 | N.Z. APRIL CURRENT ACCOUNT DEFICIT NARROWS
New Zealand's current account deficit
narrowed to 76 mln N.Z. Dlrs in April from a revised 89 mln
dlrs in March, and 224 mln dlrs in April 1986, in a smoothed
seasonally-adjusted measurement, the Statistics Department
said.
The March figure was revised from 69 mln dlrs.
The department said in a statement seasonally adjusted, but
non-smoothed figures, showed a deficit of 99 mln dlrs against
76 mln dlrs in March and 230 mln dlrs in April 1986.
Totally unadjusted figures show a deficit of 83 mln dlrs
against 164 mln dlrs in March, revised from 178 mln dlrs, and
compared with 262 mln in April 1986.
The smoothed seasonally adjusted series shows a surplus on
merchandise trade of 145 mln dlrs against 135 mln dlrs in March
and 30 mln dlrs in April 1986.
Seasonally adjusted but non-smoothed figures show a
merchandise trade surplus of 132 mln dlrs against a 148 mln dlr
surplus in March and a 14 mln dlr surplus in April 1986.
Unadjusted merchandise figures show a surplus of 151 mln
dlrs against a 5.0 mln dlr (revised from 10 mln dlr) deficit in
March and a 31 mln dlr deficit in March 1986.
The smoothed seasonally adjusted deficit on invisibles was
234 mln N.Z. Dlrs against 236 mln dlrs in March and 255 in
April 1986.
The seasonally adjusted but non-smoothed deficit on
invisibles was 240 mln dlrs against 229 mln dlrs in March and
245 mln dlrs in April 1986. The unadjusted deficit on
invisibles was 234 mln dlrs against 158 mln dlrs, revised from
168 mln dlrs, in March and 231 mln dlrs in April 1986.
Seasonally adjusted export and import figures were not
available.
The department said these figures show a continuing
improvement in the current account deficit, caused mainly by an
improvement in the balance on merchandise trade which has now
being in surplus since november 1985.
|
test/18348 | test/18348 |@title strong:1 demand:1 peru:1 bismuth:1 jan:1 may:1 |@word strong:1 demand:1 market:1 include:1 recently:1 japan:1 result:1 peru:3 bismuth:3 export:3 show:2 impressive:1 increase:1 january:1 may:2 1987:2 state:1 mining:1 industry:1 marketing:1 arm:1 minpeco:4 say:4 statement:2 release:1 london:1 office:1 peruvian:1 customs:1 figure:2 first:1 five:1 month:1 574:1 8:2 tonne:5 compare:2 160:1 7:1 period:1 1986:3 483:1 4:4 whole:2 breakdown:1 296:1 u:2 jan:1 127:1 0:5 recipient:1 peoples:1 republic:1 china:1 110:1 100:2 holland:2 2:1 150:1 ussr:1 50:2 area:1 17:1 56:1 sale:1 k:1 west:1 germany:1 france:1 western:1 eastern:1 european:1 country:2 hide:1 head:1 sell:1 customer:1 stock:1 company:1 normally:1 hold:1 rotterdam:1 | STRONG DEMAND FOR PERU BISMUTH IN JAN/MAY
Very strong demand from all markets
including, recently, Japan has resulted in Peru's bismuth
exports showing an impressive increase in January/May 1987,
Peru's state owned mining industry's marketing arm Minpeco S.A.
Said.
In a statement released by its London office, Minpeco said
Peruvian customs figures for bismuth exports for the first five
months were 574.8 tonnes compared with 160.7 tonnes in the same
period of 1986 and 483.4 tonnes during the whole of 1986,
Minpeco said.
A breakdown of the figures showed Peru exported 296.4
tonnes of bismuth to the U.S. During Jan/May 1987 compared with
127.0 during the whole of 1986. Other recipients were Peoples
Republic of China 110.4 (100.0), Holland 100.2 (150.0), USSR
50.0 (50.0) and other areas 17.8 tonnes (56.4).
Sales to the U.K., West Germany, France and other Western
and Eastern European countries are hidden under the heading
Holland as Minpeco sells to customers in these countries from
stocks the company normally holds in Rotterdam, the statement
said.
|
test/18351 | test/18351 |@title freedom:1 frdm:1 recognize:1 gain:1 unit:1 sale:1 |@word freedom:3 savings:1 loan:1 association:1 say:3 record:1 net:1 gain:2 13:1 5:2 mln:2 dlrs:2 sale:2 certain:1 asset:1 mortgage:3 co:1 subsidiary:2 chase:2 home:1 corp:2 manhattan:1 cmb:1 also:1 complete:1 company:1 9:1 recnogize:1 quarter:1 end:1 june:1 30:1 remainder:1 derferre:1 recognize:1 remain:1 life:1 service:1 porfolio:1 | FREEDOM <FRDM> TO RECOGNIZE GAIN ON UNIT SALE
Freedom Savings and Loan Association
said it will record a net gain of 13.5 mln dlrs on the sale of
certain assets of its Freedom Mortgage Co subsidiary to Chase
Home Mortgage Corp, a subsidiary of Chase Manhattan Corp <CMB>.
Freedom also said it had completed the sale.
The company said about 9.5 mln dlrs of the gain will be
recnogized in the quarter ending June 30 with the remainder
derferred and recognized over the remaining life of the
serviced mortgage porfolio.
|
test/18352 | test/18352 |@title u:1 meat:1 industry:1 launch:1 campaign:1 japan:1 |@word u:12 meat:7 industry:2 launch:2 aggressive:1 promotion:2 campaign:2 japan:8 increase:4 consumer:3 awareness:1 beef:18 persuade:1 japanese:11 government:1 relax:1 current:2 import:5 quota:10 sale:1 currently:2 around:1 480:1 mln:3 dlrs:7 annually:1 could:3 two:1 billion:2 high:3 six:1 year:5 2000:1 remove:1 make:2 aware:1 attribute:1 official:5 export:5 federation:4 say:8 press:1 conference:1 today:1 partially:1 fund:1 6:1 5:1 dlr:1 award:1 agriculture:1 department:1 target:1 assistance:1 tea:1 program:1 five:1 april:2 promising:1 market:2 one:1 bright:1 spot:1 agricultural:1 philip:1 seng:3 asian:1 director:1 supply:1 buy:2 quality:1 like:1 want:1 point:1 system:1 limit:1 total:2 177:1 000:3 tonne:4 per:5 58:1 400:1 major:1 constraint:1 expand:1 shipment:1 implement:1 1977:1 time:1 heavy:1 foreign:1 agreement:1 expire:1 next:1 march:1 negotiation:1 set:1 get:1 underway:1 fall:1 reagan:1 administration:1 call:1 end:1 1988:1 would:1 liberalize:1 regardless:1 pressure:1 tell:1 reuter:1 expect:1 complete:1 lifting:1 hope:1 least:1 gradual:1 price:2 cause:1 protect:1 also:1 keep:1 consumption:3 modest:1 level:2 shopper:1 pay:1 average:3 27:1 14:1 tenderloin:1 steak:2 restaurant:2 47:1 42:1 produce:1 association:1 retail:1 striploin:1 sell:2 9:1 77:1 pound:1 28:1 51:1 lb:3 eat:1 less:1 10:1 compare:1 78:1 american:1 700:1 800:1 removal:1 decrease:1 3:1 2:1 | U.S. MEAT INDUSTRY LAUNCHES CAMPAIGN IN JAPAN
The U.S. meat industry has launched an
aggressive promotion campaign in Japan to increase consumer
awareness of U.S. beef and persuade the Japanese government to
relax current beef import quotas.
U.S. beef sales to Japan, currently around 480 mln dlrs
annually, could increase to over two billion dlrs and as high
as six billion dlrs by the year 2000 if Japanese quotas were
removed and the Japanese consumer were made more aware of the
attributes of U.S. beef, officials of the U.S. Meat Export
Federation said at a press conference today.
Partially funded with a 6.5 mln dlr award made through the
Agriculture Department's Targeted Export Assistance (TEA)
program, a five-year meat promotion campaign in Japan was
launched by the U.S. Meat Export Federation in April.
'The promising Japanese beef market could be one of the
bright spots for U.S. agricultural exports,' said Philip Seng,
Asian Director for the Federation. 'We supply and they (Japan)
buy a very high quality of beef. They like our beef and want to
buy more,' he said.
Seng pointed to Japan's beef quota system, which limits
total Japanese beef imports to 177,000 tonnes per year and U.S.
imports to 58,400 tonnes, as the major constraint in expanding
U.S. beef shipments to Japan.
The quotas were implemented in 1977 at a time of heavy
Japanese foreign beef imports. The current quota agreement
expires next March and beef quota negotiations are set to get
underway this fall.
The Reagan administration has called for an end to the
quotas by April, 1988, but Japanese officials have said they
would not liberalize imports regardless of the U.S. pressure.
Officials from the Meat Export Federation told Reuters that
they do not expect a complete lifting of the quota, but that
they hope for at least a gradual increase in the quota.
High beef prices in Japan caused by the protected market
has also kept beef consumption at modest levels, meat industry
officials said.
Japanese shoppers pay an average of 27.14 dlrs for a U.S.
tenderloin steak in a restaurant and an average of 47.42 dlrs
for a Japanese-produced restaurant steak, the meat association
said. At the retail level, U.S. striploin sells for 9.77 dlrs
per pound, while Japanese beef sells for 28.51 dlrs per lb.
Japanese consumers currently eat less than 10 lbs of beef
per year, compared to 78 lbs for the average American,
officials said.
Total beef consumption in Japan is now 700,000 to 800,000
tonnes per year, but Seng said with the removal of quotas and a
decrease in beef prices, consumption could increase to 3.2 mln
tonnes.
|
test/18354 | test/18354 |@title comp:1 u:1 card:1 international:1 inc:1 cucd:1 1st:1 qtr:1 |@word shr:1 18:1 ct:3 vs:3 15:1 net:2 3:2 mln:5 2:3 5:1 revs:1 45:1 26:1 8:1 note:1 1986:1 include:1 seven:1 1:1 dlrs:1 tax:1 loss:1 carryforward:1 | COMP-U-CARD INTERNATIONAL INC <CUCD.O> 1ST QTR
Shr 18 cts vs 15 cts
Net 3.3 mln vs 2.5 mln
Revs 45.2 mln vs 26.8 mln
NOTE:1986 net includes seven cts or 1.2 mln dlrs tax loss
carryforward.
|
test/18355 | test/18355 |@title merchants:1 mchn:1 report:1 2nd:1 qtr:1 loss:1 |@word merchants:1 national:1 corp:1 3:1 7:1 billion:1 dlrs:5 asset:1 say:3 report:3 loss:4 13:1 mln:4 second:2 quarter:2 due:2 decision:1 increase:3 provision:2 30:1 mainly:1 uncertainty:1 surround:1 latin:1 american:1 debt:1 last:1 year:1 merchant:1 net:2 income:1 6:1 2:2 68:1 ct:1 share:1 result:1 loan:3 bank:3 allowance:1 1:1 4:1 pct:2 5:1 total:1 expect:1 estimate:1 15:1 1987:1 | MERCHANTS <MCHN.O> TO REPORT 2ND QTR LOSS
Merchants National Corp, with 3.7
billion dlrs in assets, said it will report a loss of 13 mln
dlrs for the second quarter due to its decision to increase its
provision for losses by 30 mln dlrs, mainly due to
uncertainties surrounding Latin American debt.
In the second quarter last year, Merchants reported net
income of 6.2 mln dlrs or 68 cts a share.
As a result of the increased loan loss provision, the bank
said the allowance for loan losses will increase from 1.4 pct
to 2.5 pct of the bank's total loans. The bank said its expects
to report estimated net of over 15 mln dlrs for 1987.
|
test/18356 | test/18356 |@title venezuelan:1 aluminum:1 firm:1 credit:1 |@word venezuelan:1 state:2 aluminum:2 company:2 venalum:4 negotiate:2 total:1 123:1 9:3 mln:6 dlr:1 credit:4 abroad:1 plan:1 expansion:1 production:2 faciitie:1 finance:1 minister:1 manuel:1 azpurua:4 say:3 speak:1 reporter:1 meet:1 representative:1 kreditanstalt:1 fur:1 wiederaufbau:1 kfw:1 bank:2 germany:1 tommorrow:1 sign:1 agreement:2 grant:1 100:1 mark:1 54:1 dlrs:4 eight:1 one:2 half:1 year:1 term:1 fix:1 interest:1 rate:1 6:1 13:1 pct:1 14:2 swiss:1 corporation:1 mitsubishi:1 japan:1 40:1 eksportfinans:1 norway:1 prove:1 achieve:1 goal:1 reestablish:1 financial:1 flow:1 country:1 would:1 go:1 installation:1 fifth:1 line:1 three:1 produce:1 primarily:1 export:1 market:1 | VENEZUELAN ALUMINUM FIRM TO CREDITS
the venezuelan state aluminum company
venalum is negotiating a total of 123.9 mln dlr in credits from
abroad for a planned expansion of production faciities, finance
minister manuel azpurua said.
Azpurua spoke to reporters after meeting representatives of
the kreditanstalt fur wiederaufbau (kfw) bank of germany, who
tommorrow will sign a agreement to grant 100 mln marks (54.9
mln US dlrs) in credits to venalum.
The agreement will have an eight and one-half year term and
a fixed interest rate of 6.13 pct.
Azpurua said venalum is negotiating credits of 14.9 mln
dlrs from the swiss bank corporation, 14 mln dlrs from
mitsubishi of japan and 40 mln dlrs from eksportfinans of
norway.
'this proves we are achieving our goal of reestablishing
the financial flows to the country,' said azpurua.
The credits would go to the installation of a fifth
production line in venalum, one of three state aluminum
companies, which produces primarily for the export market.
|
test/18357 | test/18357 |@title u:1 house:1 pass:1 mideast:1 gulf:1 bill:1 |@word house:1 today:1 approve:1 bill:3 require:1 reagan:2 administration:1 report:1 congress:1 mideast:1 gulf:2 policy:3 restrict:1 action:1 vote:1 favor:1 despite:1 last:1 minute:1 revolt:1 alliance:1 liberal:1 democrats:1 conservative:2 republicans:2 seek:1 defeat:1 signal:1 grow:1 number:1 legislator:1 oppose:1 president:1 region:1 senate:2 lead:3 republican:1 senator:1 former:1 appropriations:1 committee:1 chairman:1 mark:1 hatfield:1 oregon:1 say:4 would:2 try:1 prevent:1 consideration:1 put:2 call:1 hold:1 find:1 whether:1 war:3 powers:1 act:1 apply:1 protect:1 kuwaiti:2 tanker:1 congressional:1 leader:1 complain:1 consult:1 plan:1 u:3 flag:1 ship:1 charge:1 could:2 iran:1 iraq:1 increase:1 military:1 obligation:1 place:1 impossible:1 burden:1 american:1 serviceman:1 equipment:1 warn:1 real:1 snake:1 pit:1 best:1 powder:1 keg:1 blow:1 sky:1 high:1 bad:1 wisconsin:1 rep:1 toby:1 roth:1 | U.S. HOUSE PASSES MIDEAST GULF BILL
The House today approved a bill
requiring the Reagan administration to report to Congress on
its Mideast Gulf policy but not restricting its actions.
The vote in favor was despite a last-minute revolt by an
alliance of liberal Democrats and conservative Republicans who
sought to defeat it as a signal that a growing number of
legislators oppose President Reagan's policies in the region.
In the Senate, a leading Republican senator, former Senate
Appropriations Committee Chairman Mark Hatfield of Oregon, said
he would try to prevent consideration of the bill.
He said he will put a so-called 'hold' on the bill until he
finds out whether the War Powers Act applies to protecting
Kuwaiti tankers.
Congressional leaders complain they were not consulted
about plans to put the U.S. flag on Kuwaiti ships and some
charged the policy could lead the U.S. into the Iran-Iraq war.
Conservative Republicans said increasing the U.S. military
obligation in the gulf would place impossible burdens on
American servicemen and equipment, and warned it could lead to
war.
'It is a real snake pit at best and a powder keg that will
blow sky-high at worst,' said Wisconsin Rep. Toby Roth.
|
test/18360 | test/18360 |@title near:1 term:1 strength:1 see:1 currency:1 future:1 |@word currency:6 future:5 likely:2 move:3 higher:1 follow:1 sharp:2 rally:1 today:4 president:2 reagan:1 announce:1 paul:1 volcker:3 would:3 accept:1 third:1 term:1 federal:1 reserve:1 chairman:1 alan:1 greenspan:4 nominate:1 replacement:1 analyst:7 say:14 contrary:1 prediction:1 resignation:1 call:2 high:3 price:1 june:1 8:1 venice:3 economic:1 summit:2 particular:1 uncertainty:1 attitude:1 dollar:6 could:4 undermine:1 sentiment:1 toward:2 u:5 appear:1 near:1 bottom:1 market:1 bear:1 mind:1 remark:1 chicago:1 last:1 week:2 recent:2 upward:1 technical:1 reaction:1 trade:1 significantly:1 low:1 disappointment:1 european:2 central:1 banker:1 appointment:3 use:1 opportunity:1 sell:1 lower:1 manufacturers:1 hanover:1 vice:1 carol:1 mackoff:2 international:1 community:1 like:1 suggest:2 possibility:1 budget:3 deficit:4 much:1 burden:1 monetary:1 policy:1 unable:1 get:1 commitment:2 seek:1 reduce:1 add:1 merrill:1 lynch:1 economics:1 david:1 horner:4 furthermore:1 name:1 two:3 month:1 ago:1 administration:1 first:1 choice:1 status:1 bridesmaid:1 decline:2 scenario:1 prior:1 throughout:1 meeting:1 mitigate:1 concrete:1 action:1 oppose:1 jawbone:1 g:3 7:3 finance:1 minister:1 judge:1 statement:1 may:1 impasse:1 japan:2 west:2 germany:2 reiterate:1 neither:1 plan:1 interest:1 rate:1 cut:3 despite:1 pressure:1 hand:1 urge:1 member:1 force:1 next:2 year:1 forestall:1 however:1 impact:1 nothing:2 change:1 smith:1 barney:1 harris:1 upham:1 co:1 craig:1 sloane:1 end:1 1987:1 range:2 advance:2 sloan:1 september:2 yen:1 0:4 007200:1 area:1 mark:1 close:1 5700:1 upside:1 target:1 swiss:1 franc:1 climb:1 6900:1 6950:1 | NEAR TERM STRENGTH SEEN FOR CURRENCY FUTURES
Currency futures are likely to move
higher following the sharp rally today after President Reagan
announced that Paul Volcker would not accept a third term as
Federal Reserve Chairman and that Alan Greenspan was nominated
as his replacement, currency analysts said.
Contrary to predictions before the Volcker resignation,
analysts are calling for higher currency futures prices between
now and the June 8 Venice economic summit.
In particular, uncertainty about Greenspan's attitude to
the dollar could undermine sentiment toward the U.S. currency,
analysts said.
Greenspan said today that the dollar appeared to be nearing
a bottom, but the market will bear in mind his remarks in
Chicago last week that the dollar's recent move upward was a
technical reaction and that it would trade significantly lower,
analysts said.
'Disappointment of European central bankers over the
appointment will be used as an opportunity to sell the dollar
lower,' said Manufacturers Hanover Futures vice president Carol
Mackoff.
'The international community will not like this
appointment,' as it suggests the possibility that the U.S.
budget deficit is too much of a burden on monetary policy and
that Volcker was unable to get the commitment he sought to
reduce the deficit, added Merrill Lynch Economics analyst David
Horner.
Furthermore, 'that Greenspan was not named two months ago
suggests that he was not the Administration's first choice --
and that the status of his appointment was as a bridesmaid,'
Horner said.
A declining dollar scenario with higher currency futures
prior to and throughout the Venice meetings would be mitigated
only by concrete action as opposed to 'jawboning' at the G-7
summit, he said.
But G-7 finance ministers, judged by recent statements, may
be at an impasse, analysts said.
Japan and West Germany today reiterated that neither
planned further interest rate cuts, despite pressure from the
U.S. to do so, Mackoff said.
The U.S., on the other hand, has not cut its budget deficit
as Japan and West Germany have urged, she said.
Should G-7 members force a U.S. commitment to cut its
budget deficit in the next two years, a further decline in the
dollar could be forestalled, Horner said.
However, 'the impact from Venice will be nothing if nothing
changes,' Horner said.
Smith Barney, Harris Upham and Co. analyst Craig Sloane
said European currencies will likely move to the higher end of
their 1987 ranges after today's sharp advance.
For the next two weeks, Sloan calls for September yen
futures to advance toward the 0.007200 area. He said September
marks could close in on 0.5700 as an upside target, while Swiss
francs could climb to a range between 0.6900 and 0.6950.
|
test/18362 | test/18362 |@title westpac:1 drop:1 new:1 zealand:1 indicator:1 lending:1 rate:1 |@word westpac:3 banking:2 corp:1 wstp:1 say:2 cut:1 indicator:1 lending:2 rate:6 22:2 pct:5 23:4 effective:1 june:3 15:2 statement:1 various:1 also:1 revise:1 downwards:1 move:1 follow:1 base:2 drop:2 new:4 zealand:4 trading:1 bank:3 recently:1 16:1 national:1 ltd:2 fall:1 21:1 50:1 australia:1 group:1 anza:1 remain:1 | WESTPAC DROPS NEW ZEALAND INDICATOR LENDING RATE
Westpac Banking Corp <WSTP.S> said it
is cutting its indicator lending rate to 22 pct from 23 pct
effective from June 15.
Westpac said in a statement various other lending rates are
also being revised downwards. The Westpac move follows base
rate drops by other New Zealand trading banks recently. <Bank
of New Zealand's> base rate drops to 22 pct from 23 on June 16
and <National Bank of New Zealand Ltd's> rate falls to 21.50
pct from 23 on June 15. The Australia and New Zealand Banking
Group Ltd <ANZA.S> rate remains at 23 pct.
|
test/18363 | test/18363 |@title |@word bank:2 japan:2 intervene:2 buy:2 small:2 amount:2 dollar:2 142:2 85:2 yen:2 dealer:2 | Bank of Japan intervened buying small amount of dollars at 142.85 yen - dealers
Bank of Japan intervened buying small amount of dollars at 142.85 yen - dealers
|
test/18366 | test/18366 |@title korean:1 wholesale:1 price:1 0:1 4:1 pct:1 may:1 |@word south:1 korea:2 wholesale:2 price:4 index:2 base:2 1980:1 rise:7 0:4 4:2 pct:8 127:1 may:3 1:5 april:2 5:2 high:1 1986:2 bank:2 say:2 consumer:2 149:1 3:3 gain:1 year:2 2:2 first:1 five:1 month:1 official:1 due:1 strong:1 yen:1 make:1 import:1 japanese:1 part:1 raw:1 intermediary:1 material:1 expensive:1 | S. KOREAN WHOLESALE PRICES UP 0.4 PCT IN MAY
South Korea's wholesale price index, base
1980, rose 0.4 pct to 127.0 in May after a 1.1 pct rise in
April and was 1.5 pct higher than in May 1986, the Bank of
Korea said.
The May consumer price index, which has the same base, rose
1.4 pct to 149.1 after a 0.3 pct gain in April, for a
year-on-year rise of 3.5 pct.
Wholesale prices rose 2.0 pct in the first five months of
1986, while consumer prices rose by 3.2 pct. Bank officials
said the rises were due to a strong yen which made imports of
Japanese parts, raw and intermediary materials more expensive.
|
test/18367 | test/18367 |@title ess0:1 lowers:1 premium:1 petrol:1 pump:1 price:1 |@word esso:2 singapore:1 pte:1 ltd:1 lower:1 pump:1 price:5 premium:1 97:2 octane:2 petrol:1 96:1 8:2 cent:3 litre:1 effective:1 midnight:1 tonight:1 spokeswoman:1 say:1 new:1 similar:1 oil:1 company:1 grade:1 95:1 remain:1 unchanged:1 90:1 | ESS0 LOWERS PREMIUM PETROL PUMP PRICE
Esso Singapore Pte Ltd will lower the
pump price of its premium 97 octane petrol price to 96.8
cents/litre from 97 cents effective midnight tonight, a
spokeswoman said.
The new price is similar to other oil companies' price for
the same grade.
Esso's price for 95 octane remains unchanged at 90.8 cents.
|
test/18370 | test/18370 |@title nakasone:1 say:1 dollar:1 fall:1 temporary:1 |@word prime:1 minister:1 yasuhiro:1 nakasone:2 say:1 dollar:2 sharp:1 fall:1 yen:1 overnight:1 temporary:1 drop:1 sharply:1 new:1 york:1 news:1 paul:1 volcker:2 would:1 step:2 chairman:1 u:2 federal:1 reserve:1 tell:1 reporter:1 expect:1 policy:1 change:1 | NAKASONE SAYS DOLLAR FALL ONLY TEMPORARY
Prime Minister Yasuhiro Nakasone said the
dollar's sharp fall against the yen overnight was only
temporary.
The dollar dropped sharply in New York after news that Paul
Volcker would step down as chairman of the U.S. Federal
Reserve.
Nakasone told reporters he did not expect U.S. Policy to
change after Volcker steps down.
|
test/18465 | test/18465 |@title citibank:1 lower:1 australian:1 prime:1 rate:1 16:1 pct:1 |@word citibank:2 ltd:1 say:2 would:1 lower:1 australian:3 prime:3 rate:3 16:3 pct:3 5:2 effective:1 tomorrow:1 new:1 unmatche:1 bank:2 low:1 among:1 trading:1 range:1 25:1 17:1 retreat:1 recent:1 peak:1 19:1 october:1 line:1 decline:2 money:1 market:1 level:1 reduction:1 reflect:1 | CITIBANK LOWERS AUSTRALIAN PRIME RATE TO 16 PCT
Citibank Ltd said it would lower its
Australian prime rate to 16 pct from 16.5, effective tomorrow.
The new rate, if unmatched by other banks, will be the
lowest among Australian trading banks. Other primes range from
16.25 to 17.5 pct.
Australian prime rates have now retreated from a recent
peak of 19 pct in October in line with declining money market
levels. Citibank said its reduction reflected the decline.
|
test/18466 | test/18466 |@title china:1 move:1 stabilise:1 world:1 tungsten:1 price:1 |@word china:4 move:1 stabilise:1 world:4 price:5 tungsten:3 fluctuate:1 year:2 affect:1 country:2 export:4 earning:1 daily:1 say:3 paper:1 quote:1 industry:1 official:1 would:1 fix:1 basis:1 market:1 stop:1 smuggle:1 encourage:1 producer:1 reduce:1 current:1 range:1 49:1 55:1 dlrs:2 per:1 tonne:1 unit:1 suffer:1 heavy:1 loss:1 slump:1 39:1 earlier:1 45:1 pct:1 come:1 import:1 high:1 grade:1 product:1 | CHINA MOVES TO STABILISE WORLD TUNGSTEN PRICES
China is moving to stabilise world prices
of tungsten after fluctuating prices this year affected the
country's export earnings, the China Daily said.
The paper quoted industry officials as saying they would
fix export prices on the basis of the world market, stop
smuggling and encourage producers to reduce exports.
Current world prices range from 49 to 55 dlrs per tonne
unit, but China suffered heavy losses when the price slumped to
39 dlrs earlier this year, it said.
Some 45 pct of world tungsten exports come from China, but
the country imports high-grade tungsten products.
|
test/18467 | test/18467 |@title australia:1 ansett:1 take:1 20:1 pct:1 america:1 west:1 |@word australia:2 ansett:8 airlines:3 exercise:2 option:2 acquire:1 20:3 pct:3 america:5 west:5 inc:1 awal:1 31:1 5:1 mln:2 u:2 dlrs:2 transport:3 industries:1 ltd:3 manage:1 director:1 peter:1 abele:2 say:6 involve:1 purchase:1 three:1 new:1 share:2 10:1 50:3 schedule:1 finalise:1 july:1 august:1 statement:1 would:4 become:1 large:1 single:1 shareholder:1 fastest:1 grow:1 airline:2 united:1 states:1 base:1 phoenix:1 arizona:1 term:1 agreement:1 right:2 maintain:1 position:1 event:1 future:1 stock:1 sale:2 could:1 go:1 beyond:1 unless:1 request:1 abeles:2 retain:1 first:1 refusal:1 offer:1 addition:1 gain:1 one:2 board:1 seat:1 industry:1 wholly:1 two:1 major:1 domestic:1 turn:1 international:1 group:1 tnt:1 tnta:1 rupert:1 murdoch:1 news:1 corp:1 ncpa:1 | AUSTRALIA'S ANSETT TO TAKE 20 PCT OF AMERICA WEST
Australia's <Ansett Airlines> will
exercise an option to acquire 20 pct of America West Airlines
Inc <AWAL.O> for about 31.5 mln U.S. Dlrs, <Ansett Transport
Industries Ltd> managing director Peter Abeles said.
Exercise, involving the purchase of about three mln new
America West shares for 10.50 U.S. Dlrs each, was scheduled to
be finalised in July or August, he said in a statement.
Abeles said Ansett would become the largest single
shareholder in what he said was the fastest growing airline in
the United States. America West is based in Phoenix, Arizona.
Under the terms of the option agreement, Ansett would have
the right to maintain its 20 pct position in the event of
future stock sales, but could not go beyond 20 pct unless so
requested by America West, Abeles said.
America West would retain the right of first refusal if
Ansett offered any of the shares for sale.
In addition, Ansett would gain one board seat, he said.
Ansett Transport Industries wholly owns Ansett Airlines,
one of Australia's two major domestic airlines, and is in turn
owned 50/50 by Abeles' international transport group TNT Ltd
<TNTA.S> and Rupert Murdoch's News Corp Ltd <NCPA.S>.
|
test/18470 | test/18470 |@title japan:1 foreign:1 shipbuilding:1 order:1 fall:1 may:1 |@word new:1 foreign:1 shipbuilding:1 order:3 receive:1 japanese:1 yard:1 may:3 fall:1 five:1 vessel:1 total:1 188:1 900:1 gross:1 ton:1 eight:1 ship:7 314:1 000:1 april:2 four:1 104:1 500:1 year:2 earlier:1 japan:1 exporters:1 association:2 say:3 backlog:1 end:2 122:1 3:2 70:1 mln:3 125:1 73:1 233:1 5:1 99:1 ago:1 official:1 world:1 recession:1 yen:1 appreciation:1 dollar:1 depress:1 | JAPAN FOREIGN SHIPBUILDING ORDERS FALL IN MAY
New foreign shipbuilding orders received
by Japanese yards in May fell to five vessels totalling 188,900
gross tons (gt) from eight ships of 314,000 gt in April,
against four ships of 104,500 gt a year earlier, the Japan Ship
Exporters Association said.
The backlog of orders at end-May was 122 ships of 3.70 mln
gt against 125 ships of 3.73 mln at end-April and 233 ships of
5.99 mln a year ago, an association official said.
The world shipping recession and the yen's appreciation
against the dollar depressed May orders, he said.
|
test/18472 | test/18472 |@title shultz:1 predict:1 rapid:1 narrowing:1 u:1 trade:1 gap:1 |@word secretary:1 state:1 george:1 shultz:3 say:3 u:3 would:1 erase:1 large:1 foreign:2 trade:3 deficit:4 faster:1 many:2 predict:2 consequence:1 partner:2 may:1 traumatic:2 economy:1 inevitably:1 make:1 adjustment:1 necessary:1 move:1 surplus:2 balance:1 order:1 service:1 grow:1 debt:1 tell:2 conference:1 attend:1 six:1 member:1 association:1 southeast:1 asian:1 nation:1 lead:3 western:1 friend:1 view:1 happen:1 rapidly:1 observer:1 universal:1 strategy:2 aggressive:1 export:2 growth:2 become:1 less:1 effective:1 arithmetically:1 possible:1 every:1 country:1 world:1 net:1 exporter:1 time:1 decry:1 sense:1 place:1 everyone:1 go:1 huge:1 japan:2 west:1 germany:1 feed:1 something:1 give:1 possibly:1 experience:1 add:1 must:2 keep:1 pressure:1 eschew:1 protectionist:1 policy:1 act:1 well:1 job:1 convince:1 congress:1 leave:1 door:2 open:2 import:1 trading:1 wider:1 group:1 include:1 representative:1 australia:1 canada:1 new:1 zealand:1 european:1 community:1 | SHULTZ PREDICTS RAPID NARROWING OF U.S. TRADE GAP
Secretary of State George Shultz said
the U.S. Would erase its large foreign trade deficit faster
than many predicted, and the consequences for its trade
partners might be traumatic.
'The U.S. Economy will inevitably make the adjustment
necessary to move from a deficit to a surplus trade balance in
order to service our growing foreign debt,' he told a conference
attended by the six members of the Association of Southeast
Asian Nations and their leading Western friends.
'In my view, this will happen more rapidly than many
observers now predict.'
'The universal strategy of aggressive export-led growth is
becoming less effective,' Shultz said.
'It is not arithmetically possible for every country in the
world to be a net exporter at the same time. The U.S. Deficit,
which we all decry, has been in a sense the place into which
everyone's export-led strategy for growth has gone.'
'The huge surpluses of Japan and (West) Germany have fed on
this deficit, so something will have to give and it will be
possibly a traumatic experience,' he added.
'While you must keep up the pressure on us to eschew
protectionist policies, you must act too,' Shultz said.
'I can do a better job of convincing the Congress to leave
our door open to imports if more of our trading partners open
their doors wider,' he told the group, which included
representatives from Australia, Canada, Japan, New Zealand and
the European Community.
|
test/18476 | test/18476 |@title hong:2 kong:2 dairy:2 farm:2 say:2 bid:2 22:2 pct:2 kwik:2 save:2 146:2 6:2 mln:2 stg:2 |@word | HONG KONG'S DAIRY FARM SAYS IT BIDS FOR 22 PCT OF KWIK
SAVE FOR 146.6 MLN STG
HONG KONG'S DAIRY FARM SAYS IT BIDS FOR 22 PCT OF KWIK
SAVE FOR 146.6 MLN STG
|
test/18479 | test/18479 |@title dairy:1 farm:1 bid:1 146:1 6:1 mln:1 stg:1 22:1 pct:1 kwik:1 save:1 |@word dairy:6 farm:6 international:1 holdings:2 ltd:2 say:7 statement:1 make:1 tender:2 offer:6 22:1 pct:6 kwik:6 save:5 discount:1 group:1 plc:1 l:1 britain:1 total:2 146:1 6:1 mln:6 stg:2 buy:1 32:1 58:1 share:5 4:1 50:1 bring:2 stake:3 25:2 present:1 3:2 5:3 begin:1 monday:1 end:1 june:1 30:1 require:1 least:1 15:1 finance:2 acquisition:1 place:1 89:1 affiliate:1 jardine:2 strategic:3 jars:1 hk:2 10:1 h:2 k:3 dlrs:4 454:1 placement:2 raise:3 39:1 75:1 current:1 35:1 purchase:1 also:1 loan:2 hongkong:1 shanghai:1 banking:1 corp:1 hkbh:1 give:1 size:1 would:2 net:1 bank:2 borrowing:2 maximum:1 2:2 billion:1 reduce:1 proceed:1 previously:1 announce:1 sale:1 office:1 building:1 sydney:1 625:1 consider:1 additional:1 capital:1 probably:1 convertible:1 preference:1 euromarket:1 add:1 company:1 chairman:1 simon:1 keswick:1 u:1 market:1 attractive:1 opportunity:2 competitively:1 price:1 food:1 retailer:1 investment:1 good:1 vehicle:1 pursue:1 | DAIRY FARM BIDS 146.6 MLN STG FOR 22 PCT KWIK SAVE
<Dairy Farm International Holdings
Ltd> said in a statement it is making a tender offer for 22 pct
of Kwik Save Discount Group Plc <KWIK.L> of Britain for a total
146.6 mln stg.
Dairy Farm said it will offer to buy up to 32.58 mln Kwik
Save shares at 4.50 stg each.
The offer will bring Dairy Farm's stake in Kwik Save to 25
pct from the present 3.5 pct, or 5.25 mln shares.
The offer, which will begin on Monday and ends June 30,
requires that the shares tendered will bring its stake to at
least 15 pct.
Dairy Farm said it will finance the acquisition by placing
89 mln shares with affiliate Jardine Strategic Holdings Ltd
<JARS.HK> at 5.10 H.K. Dlrs each for a total of 454 mln dlrs.
The placement will raise Jardine Strategic's stake in Dairy
Farm to 39.75 pct from the current 35.3 pct.
It said the Kwik Save purchase will also be financed with a
loan from the Hongkong and Shanghai Banking Corp <HKBH.HK>. It
did not give the size of the loan but it said it would raise
its net bank borrowings to a maximum of 2.2 billion H.K. Dlrs.
Dairy Farm said it would reduce its bank borrowings by the
proceeds from the previously announced sale of its office
building in Sydney for 625 mln dlrs.
It will consider raising additional capital, most probably
through a placement of convertible preference shares in the
Euromarket, it added.
Company chairman Simon Keswick said the U.K. Market 'offers
attractive opportunities for competitively priced food
retailers' and that 'a strategic investment in Kwik Save offers
the best vehicle to pursue those opportunities.'
|
test/18480 | test/18480 |@title singapore:1 petroleum:1 co:1 raise:1 oil:1 product:1 posting:1 |@word singapore:1 petroleum:1 co:1 pte:1 ltd:1 say:1 raise:1 post:1 price:2 product:1 june:1 19:1 one:2 cent:4 gallon:2 lpg:2 naphtha:2 gasoline:1 two:1 gas:2 oil:4 60:1 barrel:2 marine:2 diesel:2 new:1 36:1 0:6 chemical:1 47:1 unleaded:1 reformate:1 65:1 8:1 4:1 gm:2 lead:2 97:2 octane:7 61:1 3:3 95:1 59:1 92:2 55:1 5:9 85:2 49:1 125:1 64:1 58:1 52:3 jet:1 kerosene:4 51:2 50:1 premium:1 54:1 dual:1 purpose:1 pct:2 sulphur:2 21:1 20:1 dlrs:1 | SINGAPORE PETROLEUM CO RAISES OIL PRODUCT POSTINGS
Singapore Petroleum Co Pte Ltd said it
will raise posted prices for its products from June 19, by one
cent/gallon for lpg, naphtha and gasoline, two cents for gas
oil and by 60 cents/barrel for marine diesel oil.
New prices are - lpg 36.0 cents/gallon, chemical naphtha
47, unleaded reformate 65.8, 0.4 gm lead 97 octane 61.3, 95
octane 59.3, 92 octane 55.5, 85 octane 49.5, 0.125 gm lead 97
octane 64.3, 92 octane 58.5, 85 octane 52.5, jet kerosene 51.5,
kerosene 50.5, premium kerosene 54.5, dual purpose kerosene
52.5, 0.5 pct sulphur gas oil 52.0, one pct sulphur 51.0 and
marine diesel oil 21.20 dlrs/barrel.
|
test/18481 | test/18481 |@title mazda:1 motor:1 corp:1 mazt:1 |@word six:1 month:1 end:1 april:1 30:1 parent:1 shr:1 1:2 66:1 yen:2 vs:6 7:1 28:1 div:1 3:1 50:1 net:1 59:1 billion:6 6:1 88:1 current:1 5:1 03:2 16:1 sale:1 804:1 02:1 839:1 20:1 oustande:1 shrs:1 955:1 00:1 mln:2 944:1 15:1 | MAZDA MOTOR CORP <MAZT.T>
Six months ended April 30
Parent shr 1.66 yen vs 7.28
Div 3.50 yen vs same
Net 1.59 billion vs 6.88 billion
Current 5.03 billion vs 16.03 billion
Sales 804.02 billion vs 839.20 billion
Oustanding shrs 955.00 mln vs 944.15 mln
|
test/18482 | test/18482 |@title japan:1 1986:1 87:1 compound:1 feed:1 output:1 2:1 3:1 pct:1 |@word japanese:1 compound:2 feed:4 output:2 rise:7 2:7 3:2 pct:9 25:3 80:2 mln:10 tonne:7 1986:6 87:6 end:2 march:2 31:1 23:1 year:6 earlier:3 agriculture:1 ministry:2 say:4 marginal:1 reflect:1 slight:1 growth:1 demand:2 poultry:1 raising:1 moderate:1 increase:2 beef:1 cattle:1 raise:1 official:3 sale:1 total:1 26:1 01:1 40:1 ago:1 stock:1 217:1 554:1 224:1 101:1 corn:4 use:6 11:2 71:1 02:1 due:2 low:1 import:3 price:3 world:1 surplus:1 yen:1 strength:1 dollar:1 reduce:1 chicago:1 compounding:4 ratio:4 45:1 43:1 4:3 early:1 sorghum:2 marginally:1 79:1 fall:2 18:2 5:1 9:1 great:1 high:1 poor:1 harvest:1 last:1 major:1 produce:1 nation:1 argentina:1 make:1 maker:1 reluctant:1 soybean:2 meal:3 58:1 63:1 decline:1 10:2 0:1 drop:1 consumption:2 result:1 cheap:1 rapeseed:2 563:1 889:1 528:1 152:1 1:1 | JAPAN 1986/87 COMPOUND FEED OUTPUT UP 2.3 PCT
Japanese compound feed output rose 2.3 pct
to 25.80 mln tonnes in 1986/87 ended March 31 from 25.23 mln a
year earlier, the Agriculture Ministry said.
The marginal rise reflected slight growth in demand for
poultry raising and a moderate increase in demand for beef
cattle raising, Ministry officials said.
Compound feed sales totalled 26.01 mln tonnes in 1986/87
against 25.40 mln a year ago, while end-March stocks were
217,554 tonnes against 224,101.
Corn use in feed output in 1986/87 rose to 11.71 mln tonnes
from 11.02 mln a year earlier due to low import prices.
The officials said corn imports rose because the world
surplus and the yen's strength against the dollar reduced
Chicago prices. The corn compounding ratio rose to 45.2 pct in
1986/87 from 43.4 pct a year earlier.
Sorghum use rose marginally to 4.80 mln tonnes in 1986/87
from 4.79 mln, but the compounding ratio fell to 18.5 pct from
18.9 pct because of greater corn use. Higher import prices due
to poor harvests last year in major producing nations such as
Argentina made feed makers reluctant to use sorghum.
Soybean meal use fell to 2.58 mln tonnes from 2.63 mln and
the compounding ratio declined to 10.0 pct from 10.3 pct.
The drop in soybean meal consumption resulted from
increased use of cheaper rapeseed meal, the officials said.
Rapeseed consumption in 1986/87 was 563,889 tonnes against
528,152 a year earlier. The compounding ratio rose to 2.2 pct
from 2.1 pct.
|
test/18483 | test/18483 |@title berisford:1 lift:1 first:1 half:1 profit:1 2:1 5:1 mln:1 stg:1 |@word six:1 month:1 march:1 31:1 shr:1 16:1 25p:1 vs:8 15:1 61p:1 div:1 4:2 0p:1 3:4 5p:1 turnover:1 6:3 12:1 billion:2 89:1 interest:1 25:1 2:3 mln:9 37:1 pretax:1 profit:1 42:1 7:1 40:1 tax:1 10:1 9:2 minority:1 1:2 439:1 000:1 extraordinary:1 item:1 credit:1 debit:1 note:1 company:1 name:1 w:1 berisford:1 plc:1 brfd:1 l:1 | BERISFORD LIFTS FIRST HALF PROFIT 2.5 MLN STG
six months to March 31
Shr 16.25p vs 15.61p
Div 4.0p vs 3.5p
Turnover 6.12 billion vs 4.89 billion
Interest 25.2 mln vs 37.6 mln
Pretax profit 42.7 mln vs 40.3 mln
Tax 10.3 mln vs 9.9 mln
Minorities 1.3 mln vs 439,000
Extraordinary items 2.6 mln credit vs 1.2 mln debit
Note - company name is S and W Berisford Plc <BRFD.L>
|
test/18487 | test/18487 |@title south:1 african:1 3:1 april:1 growth:1 revise:1 upward:1 |@word south:1 african:1 year:7 broadly:1 define:1 3:4 money:1 supply:1 growth:1 revise:4 upward:1 10:4 37:1 pct:10 april:5 preliminary:3 08:1 69:2 march:4 reserve:1 bank:1 figure:3 show:3 rise:7 82:2 38:1 billion:12 rand:4 17:1 81:1 39:1 last:1 stand:1 74:1 64:1 may:2 83:1 24:2 97:3 75:1 01:1 1986:1 1a:1 15:1 12:1 14:2 22:1 72:1 13:1 m1:1 49:1 27:1 92:1 20:1 increase:1 26:1 2:1 8:1 28:1 58:1 71:1 6:1 47:1 57:1 52:1 | SOUTH AFRICAN M-3 APRIL GROWTH REVISED UPWARD
South African year-on-year broadly
defined M-3 money supply growth was revised upward to 10.37 pct
for April from a preliminary 10.08 pct, but was down from a
revised 10.69 pct in March, Reserve Bank figures show.
M-3 rose to a revised 82.38 billion rand in April from a
preliminary 82.17 billion and March's revised 81.39 billion. In
April last year M-3 stood at 74.64 billion rand.
Preliminary figures for May show M-3 at 83.24 billion rand
for a year-on-year rise of 10.97 pct from 75.01 billion in May
1986.
April M-1A rose a year-on-year 15.12 pct to 14.22 billion
rand after rising 14.72 pct to 13.97 billion in March while M1
rose 24.49 pct to 27.92 billion after a 20.69 pct increase to
26.97 billion, the figures showed.
M-2 rose 8.28 pct to 58.71 billion in April after rising
6.47 pct to 57.52 billion in March.
|
test/18488 | test/18488 |@title commonwealth:1 bank:1 cut:1 australian:1 split:1 prime:1 |@word commonwealth:1 bank:4 australia:1 say:2 lower:1 reference:4 rate:9 loan:2 15:1 75:2 pct:5 16:4 25:2 overdraft:2 effective:1 june:1 24:1 official:1 regard:1 base:2 short:1 term:2 trend:2 key:1 prime:3 lending:1 corporate:1 customer:1 long:1 late:1 cut:1 recent:1 day:1 follow:1 continue:1 decline:1 market:1 range:1 17:1 5:1 | COMMONWEALTH BANK CUTS AUSTRALIAN SPLIT PRIME
The Commonwealth Bank of Australia said
it will lower its reference rate for loans to 15.75 pct from
16.25 pct and its overdraft reference rate to 16.25 pct from
16.75, effective June 24.
Bank officials have said the bank regards the overdraft
reference rate, based on short-term rate trends, as its key
prime lending rate to corporate customers. The loan reference
rate is based on longer term trends.
The bank is the latest to cut prime rates in recent days
following a continuing decline in market rates. Other prime
rates now range from 16 pct to 17.5 pct.
|
test/18489 | test/18489 |@title australia:1 produce:1 silver:1 platinum:1 coin:1 |@word australian:4 government:2 give:1 support:1 principle:1 production:1 platinum:2 silver:2 bullion:2 coin:5 perth:2 mint:2 treasurer:1 paul:1 keating:1 say:4 follow:1 success:1 nugget:2 gold:1 launch:1 year:1 statement:1 would:4 legal:1 tender:1 make:1 four:1 weight:2 one:1 ounce:1 detailed:1 arrangement:1 issue:1 finalise:1 talk:1 federal:1 authority:1 western:1 owner:1 | AUSTRALIA TO PRODUCE SILVER AND PLATINUM COINS
The Australian government has given
support in principle to the production of platinum and silver
bullion coins at the Perth Mint, Treasurer Paul Keating said.
This followed the success of the Australian Nugget gold
bullion coins launched this year, he said in a statement.
He said that, as with the Australian nuggets, the coins
would be legal tender. The platinum coins would be made in four
weights but the silver coin would be of one ounce weight.
He said detailed arrangements for their issue would be
finalised after talks between the Federal authorities and the
Western Australian government, owner of the Perth Mint.
|
test/18490 | test/18490 |@title korea:1 see:1 gnp:1 growth:1 10:1 pct:1 year:1 |@word south:2 korea:3 gross:1 national:1 product:1 gnp:5 exceed:1 10:1 pct:7 real:1 growth:2 year:4 rise:4 long:1 current:2 account:2 surplus:2 continue:1 widen:1 deputy:1 prime:1 minister:3 chun:1 yong:1 tell:2 reporter:1 chung:1 also:1 economic:3 planning:1 say:3 estimate:1 base:1 assumption:1 economy:1 remain:1 stable:1 official:1 target:1 1987:2 eight:1 15:1 6:3 first:2 quarter:1 1986:4 accord:1 provisional:1 bank:2 figure:1 12:1 5:2 calendar:1 four:1 month:2 swing:1 2:1 billion:1 dlrs:2 deficit:1 294:1 mln:1 period:1 imply:1 major:1 policy:1 change:1 ministry:1 spokesman:1 reuters:1 try:1 urge:1 business:1 circle:1 prepare:1 forseeable:1 future:1 high:1 era:1 korean:1 manufacturer:1 insist:1 seven:1 plan:1 ask:1 government:1 slow:1 appreciation:1 dollar:3 today:1 quote:1 unchanged:1 812:1 05:1 02:1 gain:1 far:1 compare:1 3:1 34:1 increase:1 whole:1 strengthen:1 60:1 win:1 three:1 day:1 earlier:1 international:1 monetary:1 fund:1 team:1 hold:1 talk:1 discuss:1 revaluation:1 | S.KOREA SEES GNP GROWTH MORE THAN 10 PCT THIS YEAR
South Korea's gross national product (GNP)
will exceed 10 pct real growth this year and the won will rise
further as long as the current account surplus continues to
widen, Deputy Prime Minister Chun In-Yong told reporters.
Chung, who is also Minister of Economic Planning, said his
GNP estimate was based on the assumption that the economy will
remain stable.
The official target for 1987 GNP growth is eight pct.
GNP rose 15.6 pct between the first quarters of 1987 and
1986, according to provisional Bank of Korea figures.
GNP rose 12.5 pct in calendar 1986.
In the first four months of this year, the current account
swung to a surplus of 2.5 billion dlrs from a deficit of 294
mln dlrs in the same 1986 period.
'What the Minister said does not imply any major economic
policy change,' a Ministry spokesman told Reuters. 'But he tried
to urge business circles to prepare for the forseeable economic
(future) ... A high won era.'
South Korean manufacturers, who have insisted the won
should not rise more than seven pct this year, have said they
plan to ask the government to slow down its appreciation
against the dollar.
The Bank of Korea today quoted the won unchanged at 812.05
against the dollar, a 6.02 pct gain so far this year compared
with a 3.34 pct increase for the whole of 1986.
The won strengthened by 6.60 won to the dollar in three
days earlier this month while an International Monetary Fund
team held talks here to discuss revaluation.
|
test/18493 | test/18493 |@title australian:1 crude:1 output:1 fall:1 first:1 nine:1 month:1 |@word australian:1 crude:1 oil:2 condensate:1 output:2 fall:1 7:1 6:2 pct:1 23:1 480:1 megalitre:2 147:1 mln:1 barrel:2 first:1 nine:2 month:2 fiscal:2 1986:1 87:1 end:2 june:1 30:1 department:2 resources:1 energy:2 say:1 decline:1 production:1 march:1 reflect:1 mainly:1 sharp:1 dip:1 early:1 year:1 low:1 price:1 high:1 marginal:1 excise:1 rate:1 lead:1 reduction:1 bass:1 strait:1 figure:1 major:1 statistic:1 publication:1 show:1 290:1 | AUSTRALIAN CRUDE OUTPUT FALLS IN FIRST NINE MONTHS
Australian crude oil and condensate
output fell 7.6 pct to 23,480 megalitres, or about 147 mln
barrels, in the first nine months of fiscal 1986/87 ending June
30, the Department of Resources and Energy said.
The decline in production in the nine months to end-March
reflected mainly a sharp dip early in the fiscal year, when low
oil prices and high marginal excise rates led to a reduction of
output from Bass Strait, department figures in its Major Energy
Statistics publication show.
A megalitre is 6,290 barrels.
|
test/18495 | test/18495 |@title british:1 telecom:1 raise:1 1986:1 87:1 profit:1 11:1 7:1 pct:1 |@word year:1 end:1 march:1 shr:1 20:1 9p:1 22:1 3:1 pct:7 rise:4 div:1 5:1 1p:1 make:1 8:2 45p:1 vs:2 7:3 5p:1 turnover:2 9:2 42:2 billion:4 12:2 4:2 increase:3 operating:2 profit:4 2:3 35:1 10:1 pretax:2 07:1 11:2 fourth:1 quarter:1 1987:1 629:1 0:2 mln:2 1:1 555:1 | BRITISH TELECOM RAISES 1986/87 PROFIT 11.7 PCT
Year to end-March
Shr 20.9p, a 22.3 pct rise
Div 5.1p making 8.45p vs vs 7.5p
Turnover 9.42 billion, a 12.4 pct increase
Operating profit 2.35 billion, a 10.9 pct increase
Pretax profit 2.07 billion, a 11.7 pct rise
Fourth quarter 1987
Turnover 2.42 billion, a 8.4 pct rise
Operating profit 629.0 mln, a 12.1 pct increase
Pretax profit 555.0 mln, a 11.7 pct rise.
|
test/18496 | test/18496 |@title austrian:1 current:1 surplus:1 grow:1 four:1 month:1 |@word austria:1 current:2 account:2 surplus:2 grow:1 11:1 0:1 billion:7 schilling:3 first:2 four:2 month:2 year:3 8:1 2:1 period:2 last:2 national:1 bank:2 say:2 april:4 record:1 deficit:4 300:1 mln:3 compare:2 800:2 march:2 1986:2 statement:1 trade:1 fall:1 16:1 4:2 17:1 5:1 1:1 6:2 9:1 3:1 | AUSTRIAN CURRENT SURPLUS GROWS IN FOUR MONTHS
Austria's current account surplus grew to
11.0 billion schillings in the first four months this year from
8.2 billion in the same period last year, the National Bank
said.
In April, the current account recorded a deficit of 300 mln
schillings compared with an 800 mln surplus in March and an 800
mln deficit in April, 1986, the bank said in a statement.
The trade deficit in the first four months fell to 16.4
billion schillings from 17.5 billion in the same period last
year while in April the deficit was 4.1 billion compared with
6.9 billion in March and 3.6 billion in April, 1986.
|
test/18497 | test/18497 |@title johnson:1 matthey:1 raise:1 pretax:1 profit:1 67:1 8:1 pct:1 |@word year:1 march:1 31:1 fin:1 div:1 3:2 5p:3 make:1 5:2 vs:6 2:2 shr:1 25:1 2p:1 14:1 7p:1 pretax:1 profit:1 50:1 mln:6 stg:1 30:1 1:3 net:1 tax:1 36:1 0:1 21:1 6:1 turnover:1 22:1 billion:2 16:1 extraordinary:1 dbt:1 10:1 8:1 note:1 full:1 company:1 name:1 johnson:1 matthey:1 plc:1 | JOHNSON MATTHEY RAISE PRETAX PROFITS BY 67.8 PCT
Year to March 31
Fin div 3.5p making 5.5p vs 2.5p
Shr 25.2p vs 14.7p
Pretax profit 50.5 mln stg vs 30.1 mln
Net after tax 36.0 mln vs 21.6 mln
Turnover 1.22 billion vs 1.16 billion
Extraordinary dbt 10.3 mln vs 8.2 mln
Note - Full company name is <Johnson-Matthey Plc>.
|
test/18504 | test/18504 |@title government:1 sell:1 25:1 pct:1 air:1 new:1 zealand:1 |@word new:10 zealand:9 government:4 sell:3 25:1 pct:2 state:2 air:4 ltd:5 public:2 civil:1 aviation:1 minister:1 richard:1 prebble:6 say:10 statement:1 would:3 appoint:1 adviser:1 help:1 decide:1 share:3 timing:1 sale:2 price:1 clearly:1 need:1 gauge:1 effect:1 propose:1 issue:1 enter:1 market:1 good:1 opportunity:1 particular:1 rush:1 aim:1 maximise:1 benefit:1 taxpayer:1 mean:1 wait:1 expect:1 release:1 result:1 soon:1 year:1 march:2 31:1 1987:1 confident:1 post:1 excellent:1 profit:1 successful:1 ability:2 prosper:1 future:1 hamper:1 wholly:1 status:1 access:1 source:1 capital:2 increase:1 expand:1 develop:1 announcement:1 follow:1 float:2 around:1 13:1 bank:1 also:1 part:1 operation:1 include:1 dfc:1 formerly:1 development:1 finance:1 corp:2 petroleum:1 | GOVERNMENT TO SELL 25 PCT OF AIR NEW ZEALAND
The New Zealand Government will sell
25 pct of state-owned <Air New Zealand Ltd> to the public,
Civil Aviation minister Richard Prebble said.
Prebble said in a statement the government would appoint an
adviser to help it decide how the shares should be sold, the
timing of any sales and the price.
'Clearly there will be a need to gauge the effect of other
proposed share issues so as to enter the market at the best
opportunity,' Prebble said.
'We are in no particular rush to sell our shares in Air New
Zealand,' he said.
'Our aim is to maximise the benefit to the taxpayer. If that
means waiting for a while, then so be it,' Prebble said.
He said Air New Zealand expects to release its results soon
for the year to March 31 1987. He said he was confident it
would post an excellent profit.
Prebble said Air New Zealand was successful but its ability
to prosper in future was hampered by its
wholly-government-owned status.
Prebble said access to new sources of capital would
increase its ability to expand and develop.
This sale announcement follows the public float in March of
around 13 pct of the <Bank of New Zealand Ltd>.
The government has said it will also float part of the
capital of other state-owned operations, including <DFC New
Zealand Ltd>, formerly Development Finance Corp of New Zealand
Ltd, and Petroleum Corp of New Zealand Ltd.
|
test/18509 | test/18509 |@title african:1 producer:1 price:1 inflation:1 rise:1 april:1 |@word south:1 african:1 year:3 producer:1 price:1 inflation:1 rise:2 16:1 1:4 pct:4 april:2 15:1 8:1 march:2 central:1 statistics:1 office:1 figure:1 show:1 item:1 index:1 base:1 1980:1 monthly:1 2:1 242:1 5:1 increase:1 239:1 6:1 stand:1 208:1 9:1 earlier:1 | S. AFRICAN PRODUCER PRICE INFLATION RISES IN APRIL
South African year-on-year producer
price inflation rose to 16.1 pct in April against 15.8 pct in
March, Central Statistics Office figures show.
The all items index (base 1980) rose a monthly 1.2 pct to
242.5 in April after increasing 1.1 pct to 239.6 in March and
standing at 208.9 a year earlier.
|
test/18514 | test/18514 |@title london:1 international:1 raise:1 profit:1 3:1 05:1 mln:1 |@word year:2 march:1 31:1 final:1 dividend:1 3:2 65p:1 vs:6 1p:1 make:1 5:1 4p:1 4:1 6p:1 share:1 14:1 11p:1 12:2 13p:1 pre:1 tax:1 profit:2 27:1 11:2 mln:6 stg:1 24:1 06:1 net:1 18:1 15:1 21:1 turnover:1 252:1 225:1 29:1 note:1 london:1 international:1 group:1 plc:1 lonl:1 l:1 say:1 sharply:1 increase:1 sale:1 condom:1 lead:1 particularly:1 strong:1 start:1 considerable:1 confidence:1 future:1 reuter:1 | LONDON INTERNATIONAL RAISE PROFITS BY 3.05 MLN
Year to March 31
Final dividend 3.65p vs 3.1p making 5.4p vs 4.6p
Share 14.11p vs 12.13p
Pre-tax profit 27.11 mln stg vs 24.06 mln
Net profit 18.12 mln vs 15.21 mln
Turnover 252.11 mln vs 225.29 mln
Note - London International Group Plc <LONL.L> said that
sharply increased sales of condoms had led to a particularly
strong start to the year and it had considerable confidence for
the future. REUTER
|
test/18519 | test/18519 |@title toshiba:1 sharp:1 restrain:1 lap:1 top:1 pc:1 export:1 ec:1 |@word toshiba:3 corp:2 tsba:1 sharp:4 shrp:1 decide:1 maintain:1 export:3 lap:3 top:3 personal:4 computer:6 european:2 community:1 ec:5 last:3 year:3 level:2 despite:1 halt:1 shipment:1 u:1 company:1 spokesman:2 tell:1 reuters:1 say:4 voluntary:1 restraint:1 aim:1 avert:1 sanction:1 urge:1 maker:1 europeans:1 fear:1 japanese:1 would:3 flood:1 market:2 washington:2 impose:2 100:1 pct:2 tariff:2 april:1 together:1 control:1 40:1 t1100:1 t3100:1 continue:2 5:1 000:3 unit:2 month:1 time:1 pc:1 7000:1 series:1 12:1 16:1 japan:1 alleged:1 failure:1 uphold:1 1986:1 agreement:1 semiconductor:1 trade:1 | TOSHIBA, SHARP RESTRAIN LAP-TOP PC EXPORTS TO EC
Toshiba Corp <TSBA.T> and Sharp Corp
<SHRP.T> decided to maintain exports of lap-top personal
computers to the European Community (EC) at last year's levels,
despite the halt of shipments to the U.S., Company spokesmen
told Reuters.
They said the voluntary restraints were aimed at averting
EC sanctions urged by European computer makers. The Europeans
feared Japanese personal computers would flood EC markets after
Washington imposed 100 pct tariffs last April.
Toshiba and Sharp together control about 40 pct of the
personal computer market in the EC, the Sharp spokesman said.
Toshiba said exports of T1100 and T3100 lap-top computers
would continue at 5,000 units a month for the time being.
Sharp said exports to the EC of PC 7000 series lap-top
personal computers would continue at last year's level of
12,000 to 16,000 units a year.
Washington imposed the tariffs because of Japan's alleged
failure to uphold a 1986 agreement on semiconductor trade.
|
test/18520 | test/18520 |@title belgium:1 cut:1 treasury:1 certificate:1 rate:1 |@word belgian:1 national:3 bank:6 say:4 cut:5 one:3 two:3 three:4 month:6 treasury:2 certificate:3 rate:12 0:2 10:2 point:2 effective:1 immediately:1 take:1 6:3 75:1 pct:4 80:1 key:1 85:1 central:1 telex:1 spokesman:1 modest:1 make:1 decline:1 domestic:1 money:1 market:2 yesterday:1 expect:1 follow:1 7:1 60:1 discount:2 short:1 term:1 especially:1 main:1 monetary:1 policy:1 instrument:1 last:2 year:1 penalty:1 rather:1 guide:1 since:1 1985:1 advance:1 currently:1 little:1 use:1 liquidity:1 ample:1 economist:1 june:1 5:1 also:1 | BELGIUM CUTS TREASURY CERTIFICATE RATES
The Belgian National Bank said it cut
one, two, and three month treasury certificate rates, all by
0.10 points, effective immediately.
The cuts take the one month rate to 6.75 pct, the two month
rate to 6.80 pct and the key three month rate to 6.85 pct, the
central bank said in a telex.
A National Bank spokesman said the modest cut was made
after a decline in domestic money market rates yesterday, and
was not expected to be followed by a cut in the 7.60 pct
discount rate.
The short-term treasury certificate rates, and especially
the three-month rate, have been the National Bank's main
monetary policy instrument for the last two years.
The discount rate has been the market's penalty rate rather
than a guiding rate since 1985, and its advances are currently
little used as liquidity is ample, bank economists said.
The bank last cut one- to three-month certificate rates on
June 5, also by 0.10 points.
|
test/18521 | test/18521 |@title arab:1 heavy:1 term:1 crude:1 supply:1 japan:1 july:1 |@word aramco:2 corp:1 accept:1 japanese:3 nomination:1 lift:1 high:1 proportion:1 arab:3 heavy:5 crude:4 oil:3 term:2 contract:2 july:1 industry:1 source:2 say:2 company:1 request:1 ratio:2 80:1 pct:4 20:1 light:2 agreement:1 100:1 000:1 barrel:1 per:1 day:1 contractual:1 30:1 70:1 demand:1 increase:1 substantially:1 since:1 japan:1 seaman:1 union:1 cease:1 sailing:1 northern:1 mideast:1 gulf:1 last:1 month:1 cause:1 problem:1 lifting:1 kuwait:1 khafji:1 | ARAB HEAVY TERM CRUDE SUPPLIES TO JAPAN UP IN JULY
<Aramco Corp> has accepted Japanese
nominations to lift a higher proportion of Arab Heavy crude oil
under term contracts in July, oil industry sources said.
Japanese companies requested a ratio of 80 pct Arab Heavy
to 20 pct Arab Light under a term contract agreement with
Aramco for 100,000 barrels per day, the sources said. The
contractual ratio is 30 pct heavy crude to 70 pct light.
Japanese demand for heavy crude oil has increased
substantially since the All Japan Seaman's Union ceased sailing
into the northern Mideast gulf last month, causing problems
with liftings of heavy Kuwait and Khafji crudes.
|
test/18523 | test/18523 |@title indonesia:1 cut:1 july:1 crude:1 supply:1 japan:1 |@word indonesia:3 state:1 oil:3 company:3 pertamina:1 inform:1 affiliate:2 japanese:1 crude:2 supply:2 40:1 pct:4 less:1 contractual:3 volume:3 july:2 spokesman:1 say:5 allocation:2 line:1 production:3 ceiling:2 current:1 opec:2 quota:1 may:1 increase:1 ratify:1 rise:1 next:1 week:1 main:1 trade:4 minas:2 cut:2 50:1 duri:2 38:1 last:1 month:1 30:1 assume:1 trader:1 indonesian:1 grade:1 already:1 official:1 sell:1 price:1 osp:2 spot:1 market:1 due:1 strong:1 demand:1 japan:1 u:1 tight:1 cargo:1 loading:1 reportedly:1 yesterday:1 70:1 cent:2 15:1 60:1 dlrs:1 per:1 barrel:1 20:1 higher:1 | INDONESIA CUTS JULY CRUDE SUPPLIES TO JAPAN
Indonesia's state oil company, Pertamina,
has informed its affiliated Japanese companies that crude oil
supplies will be 40 pct less than contractual volumes in July,
a spokesman for an affiliated company said.
He said the allocations were in line with Indonesia's
production ceiling under its current OPEC quota, so they might
be increased if OPEC ratifies a production rise next week.
Allocations of Indonesia's main traded crude, Minas, had
been cut by 50 pct and Duri by 38 pct, he said.
Last month contractual volumes were cut by 30 pct.
Contractual volumes assume no production ceiling.
Oil traders said Indonesian grades were already trading
above their official selling prices (osp) on the spot market
due to strong demand from Japan and the U.S. And tight
supplies.
A cargo of Duri loading in July was reportedly traded
yesterday at 70 cents over its osp of 15.60 dlrs per barrel and
Minas is trading about 20 cents higher, they said.
|
test/18524 | test/18524 |@title french:2 official:4 reserve:2 420:4 50:2 billion:4 franc:2 may:2 vs:2 24:2 april:2 |@word | FRENCH OFFICIAL RESERVES 420.50 BILLION FRANCS IN MAY VS
420.24 BILLION APRIL - OFFICIAL
FRENCH OFFICIAL RESERVES 420.50 BILLION FRANCS IN MAY VS
420.24 BILLION APRIL - OFFICIAL
|
test/18527 | test/18527 |@title french:1 official:1 reserve:1 rise:1 may:1 |@word french:1 official:1 reserve:2 rise:4 258:1 mln:4 franc:11 may:2 420:2 50:1 billion:11 24:1 end:1 april:1 finance:1 ministry:2 say:2 slight:1 partly:1 reflect:2 repayment:2 last:1 month:1 france:4 outstanding:1 11:1 95:1 debt:2 owe:2 european:1 monetary:1 cooperation:1 fund:3 fecom:2 also:1 negative:1 314:1 position:2 exchange:1 stabilisation:2 intervention:1 purchase:1 10:1 6:1 foreign:1 currency:1 holding:4 fall:2 7:1 28:1 124:1 58:2 ecu:1 5:1 55:1 52:1 due:1 part:1 operation:1 claim:1 imf:2 1:1 14:1 18:1 97:1 include:1 385:1 increase:1 751:1 special:1 drawing:1 right:1 gold:1 unchanged:1 218:1 46:1 | FRENCH OFFICIAL RESERVES RISE IN MAY
French official reserves rose 258 mln
francs in May to 420.50 billion francs from 420.24 billion at
the end of April, the Finance Ministry said.
The slight rise partly reflected the repayment last month
of France's outstanding 11.95 billion francs of debt owed to
the European Monetary Cooperation Fund (FECOM).
It also reflected a negative 314 mln franc position with
France's Exchange Stabilisation Fund after intervention
purchases of 10.6 billion francs during May.
Foreign currency holdings fell 7.28 billion francs to
124.58 billion while ECU holdings fell by 5.55 billion francs
to 58.52 billion due to the repayment of part of France's debt
owed to the FECOM and Stabilisation Fund operations, the
ministry said.
Claims on the IMF rose 1.14 billion francs to 18.97
billion, including a 385 mln franc increase in France's reserve
position with the IMF and a 751 mln franc rise in holdings of
Special Drawing Rights.
Gold holdings were unchanged at 218.46 billion francs.
|
test/18530 | test/18530 |@title french:1 state:1 sell:1 raise:1 52:1 billion:1 franc:1 |@word french:2 government:4 privatisation:2 program:2 begin:3 late:1 last:3 year:1 earn:1 state:2 52:1 billion:2 franc:1 date:1 finance:2 ministry:3 say:5 source:1 close:1 minister:1 edouard:1 balladur:2 revenue:1 raise:1 would:2 use:1 priority:1 pay:1 public:2 debt:1 stand:1 398:1 2:1 end:1 1986:1 communique:1 return:1 include:1 banking:3 group:3 societe:1 generale:2 sgen:1 pa:3 two:1 week:1 flotation:3 monday:1 carry:1 eight:1 well:1 private:2 sale:1 telephone:1 cie:2 de:2 constructions:1 telephonique:1 cgct:1 since:1 denationalisation:1 scheme:1 december:1 sell:3 glass:1 maker:1 saint:1 gobain:1 sgep:1 add:1 pledge:1 privatise:1 66:1 industrial:1 insurance:1 company:3 1991:1 sector:1 near:1 future:1 television:1 network:1 tf:2 1:2 later:1 month:2 financiere:1 suez:1 fspp:1 autumn:1 forthcoming:1 mean:1 third:1 programme:1 complete:1 less:1 nine:1 sunday:1 reject:1 press:1 opposition:1 charge:1 share:3 price:2 privatised:1 pitch:1 low:1 average:1 premium:2 trade:1 bourse:1 15:1 30:1 pct:2 offer:1 compare:1 60:1 80:1 similar:1 britain:1 | FRENCH STATE SELL-OFFS RAISE 52 BILLION FRANCS
The French government's privatisation
program, which began late last year, has earned the French
State about 52 billion francs to date, the Finance Ministry
said.
Sources close to Finance Minister Edouard Balladur said the
revenues raised from the privatisation program would be used in
priority to pay off public debt, which stood at 398.2 billion
at the end of 1986.
The Ministry said in a communique that the returns included
banking group Societe Generale <SGEN.PA>, which began its
two-week public flotation last Monday.
The government has carried out eight flotations, as well as
the private sale of telephone group <Cie Generale de
Constructions Telephoniques> (CGCT) since its denationalisation
scheme began last December with the sell-off of glass makers
Saint-Gobain <SGEP.PA>, it added.
The government has pledged to privatise 66 state-owned
industrial, banking and insurance companies by 1991.
Other companies to be sold to the private sector in the
near future are television network TF-1 later this month and
banking group Cie Financiere de Suez <FSPP.PA> in the autumn.
The ministry said TF-1's forthcoming sell-off meant that a
third of the government's programme would have been completed
in less than nine months.
Balladur on Sunday rejected press and opposition charges
that the share prices for privatised companies had been pitched
too low.
He said that the average premium of shares trading on the
Bourse was between 15 and 30 pct over their offer price. This
compared with premiums of between 60 and 80 pct on similar
share flotations in Britain.
|
test/18531 | test/18531 |@title fiji:1 make:1 sugar:1 payment:1 get:1 harvest:1 start:1 |@word fiji:7 sugar:7 farmer:3 receive:2 interim:2 payment:8 1986:4 crop:7 four:1 month:3 ahead:1 schedule:2 move:1 aim:1 get:1 harvesting:3 drought:1 hit:1 1987:4 way:1 governor:2 general:2 ratu:1 sir:1 penaia:1 ganilau:6 say:10 industry:2 source:1 late:1 forecast:3 indicate:2 output:1 360:1 000:2 tonne:5 well:1 record:2 501:1 800:1 tel:1 quel:1 production:1 may:2 december:2 year:1 previous:1 set:1 1982:1 produce:1 486:1 790:1 past:1 delay:1 harvest:3 pende:1 response:2 demand:3 follow:1 14:3 coup:1 statement:1 corp:2 would:5 make:3 five:1 dlrs:4 per:2 final:1 understanding:1 preparation:2 grower:5 commencement:2 complete:1 mill:4 june:4 23:3 crush:2 commence:2 labasa:1 penang:1 lautoka:1 rarawai:1 30:3 full:2 amount:1 share:1 proceed:1 date:2 balance:2 pay:3 october:1 also:1 call:1 price:2 50:1 cane:8 cash:1 delivery:2 reject:2 state:1 control:1 however:2 addition:1 10:2 additional:1 sum:1 2:1 35:1 pct:1 15:1 november:1 least:1 one:1 advance:1 expect:1 second:2 six:1 week:1 end:1 crushing:1 another:1 22:1 small:1 estimate:1 mln:1 dlr:1 loan:2 development:1 bank:2 fdb:2 1983:1 rehabilitation:1 programme:1 write:1 request:2 prepared:1 carefully:1 consider:1 reschedule:1 repayment:1 case:3 hardship:1 basis:1 soldier:1 remove:1 grow:1 area:2 army:1 restrict:1 presence:1 direct:1 authority:1 issue:1 permit:1 gang:1 trade:1 union:1 hold:1 necessary:1 meeting:1 senior:1 representative:1 desire:1 soon:1 possible:1 add:1 | FIJI MAKES SUGAR PAYMENT TO GET HARVEST STARTED
Fiji sugar farmers will receive an interim
payment on the 1986 crop, four months ahead of schedule, in a
move aimed at getting harvesting of the drought-hit 1987 crop
under way, Governor-general Ratu Sir Penaia Ganilau said.
Industry sources said latest forecasts for the 1987 crop
indicated output of 360,000 tonnes, well down on the record
501,800 tonne tel quel production in the 1986 (May-December)
crop year.
The previous record was set in 1982 when Fiji produced
486,790 tonnes.
For the past month Fiji sugar farmers have delayed
harvesting the 1987 crop pending a response from the
Governor-general to demands following the May 14 coup.
Ganilau said in a statement the Fiji Sugar Corp would make
a payment of five dlrs per tonne against the final payment for
the 1986 crop on the understanding that preparations by growers
for commencement of harvesting would be completed at all mills
by June 23.
Crushing would commence at Labasa and Penang mills on June
23 and at Lautoka and Rarawai mills on June 30, he said.
The interim payment, to be made on or about June 30, is the
full amount of the grower's share of 1986 sugar proceeds
received to-date. The balance will be paid in October.
Growers had also called for the full 1987 forecast price of
23.50 dlrs per tonne of cane to be paid in cash on delivery to
the mill, but this has been rejected by the state controlled
Fiji Sugar Corp, Ganilau said.
However, in addition to the scheduled delivery payment of
14.10 dlrs, an additional sum of 2.35 dlrs, or 10 pct of the
forecast price, would be paid on December 15, on all cane
harvested by November 30, he said.
Ganilau said, 'This will be at least one month in advance of
the expected date of payment of the second payment of cane. The
balance of the second payment will be made six weeks after the
end of crushing.'
Another demand of Fiji's 22,000 small farmers was that an
estimated 14 mln dlr loan from the Fiji Development Bank (FDB)
for the 1983 cane crop rehabilitation programme be written off.
The FDB rejected this request.
Ganilau said, however, 'The bank is prepared to carefully
consider requests for rescheduling loan repayments in cases of
hardship on a case-by-case basis.'
In response to a further demand that all soldiers be
removed from the cane growing areas, Ganilau said the army
would restrict its presence in the cane areas.
He said he had directed the authorities to issue permits to
harvesting gangs, cane growers and sugar industry trade unions
to hold the necessary meetings in preparation for the
commencement of harvest.
Senior representatives of the sugar cane growers had
indicated a desire to commence the crush as soon as possible,
he added.
|
test/18533 | test/18533 |@title uk:2 may:2 adjust:2 unemployment:2 fall:2 record:2 64:2 300:2 2:2 95:2 mln:2 10:2 6:2 pct:2 official:2 |@word | UK MAY ADJUSTED UNEMPLOYMENT FALLS RECORD 64,300 TO 2.95
MLN OR 10.6 PCT - OFFICIAL
UK MAY ADJUSTED UNEMPLOYMENT FALLS RECORD 64,300 TO 2.95
MLN OR 10.6 PCT - OFFICIAL
|
test/18534 | test/18534 |@title uk:2 average:2 earning:2 rise:4 6:2 5:2 pct:4 year:2 april:2 underlie:2 7:2 75:2 official:2 |@word | UK AVERAGE EARNINGS ROSE 6.5 PCT IN YEAR TO APRIL,
UNDERLYING RISE 7.75 PCT - OFFICIAL
UK AVERAGE EARNINGS ROSE 6.5 PCT IN YEAR TO APRIL,
UNDERLYING RISE 7.75 PCT - OFFICIAL
|
test/18536 | test/18536 |@title u:2 k:2 april:2 industrial:2 output:2 rise:2 0:4 3:2 pct:4 manufacture:2 55:2 official:2 |@word | U.K. APRIL INDUSTRIAL OUTPUT RISES 0.3 PCT, MANUFACTURING
UP 0.55 PCT - OFFICIAL
U.K. APRIL INDUSTRIAL OUTPUT RISES 0.3 PCT, MANUFACTURING
UP 0.55 PCT - OFFICIAL
|
test/18537 | test/18537 |@title u:2 k:2 may:2 adjust:2 m3:2 rise:2 provisional:2 2:2 1:2 pct:4 m0:2 0:2 5:2 bank:2 england:2 |@word | U.K. MAY ADJUSTED M3 RISES PROVISIONAL 2.1 PCT, M0 UP 0.5
PCT - BANK OF ENGLAND
U.K. MAY ADJUSTED M3 RISES PROVISIONAL 2.1 PCT, M0 UP 0.5
PCT - BANK OF ENGLAND
|
test/18538 | test/18538 |@title may:2 ajuste:2 sterling:2 bank:2 lend:2 2:2 7:2 billion:4 stg:2 1:2 5:2 april:2 official:2 |@word | MAY AJUSTED STERLING BANK LENDING UP 2.7 BILLION STG
AFTER 1.5 BILLION IN APRIL - OFFICIAL
MAY AJUSTED STERLING BANK LENDING UP 2.7 BILLION STG
AFTER 1.5 BILLION IN APRIL - OFFICIAL
|
test/18539 | test/18539 |@title u:2 k:2 unemployment:1 fall:1 three:1 mln:1 may:1 |@word unemployment:4 fall:6 record:3 provisional:1 seasonally:2 adjust:3 64:2 300:1 may:4 total:4 2:3 95:1 mln:6 10:3 6:2 pct:5 workforce:1 employment:3 department:2 say:4 april:2 upwardly:1 revise:1 21:1 600:1 3:2 02:1 9:1 unadjusted:2 jobless:1 include:1 school:1 leaver:1 alos:1 121:1 000:2 99:1 8:1 11:3 eleventh:1 successive:1 decline:1 peak:1 last:3 summer:1 three:3 first:2 time:2 year:2 large:1 drop:1 since:1 keep:1 1948:1 minister:1 norman:1 fowler:1 region:1 see:1 average:1 long:1 term:1 past:1 add:1 unemployed:1 july:1 1984:1 level:1 june:1 1983:1 | U.K. UNEMPLOYMENT FALLS BELOW THREE MLN IN MAY
U.K. Unemployment fell a record
provisional, seasonally-adjusted 64,300 in May to a total 2.95
mln or 10.6 pct of the workforce, the Employment Department
said.
In April, seasonally-adjusted unemployment fell by an
upwardly revised 21,600 to 3.02 mln or 10.9 pct, it said.
The unadjusted jobless total in May, including school
leavers, alos fell a record 121,000 to 2.99 mln or 10.8 pct
from April's 3.11 mln, 11.2 pct.
May was the eleventh successive decline from a peak last
summer of 11.6 pct, the Employment Department said.
'Unemployment has fallen to under three mln for the first
time in over three years. The May fall of 64,000 was the
largest drop since records were first kept (in 1948),'
Employment Minister Norman Fowler said.
All regions have seen above average falls in long term
unemployment during the past year, he added.
The last time the adjusted total of unemployed was below
three mln was July 1984, while the unadjusted total was last
below this level in June 1983.
|
test/18540 | test/18540 |@title u:2 k:2 earning:1 underlie:1 7:1 75:1 pct:1 april:1 |@word average:1 earning:1 rise:6 seasonally:2 adjusted:1 6:6 5:2 pct:12 year:6 end:2 april:5 increase:3 7:4 annually:1 march:6 employment:2 department:2 say:1 index:1 base:1 1980:1 set:1 provisional:1 adjust:2 197:1 3:1 194:1 8:2 underlying:2 75:1 0:3 25:1 back:2 level:1 see:1 late:1 last:2 factor:1 pay:1 time:1 variation:1 unit:1 wage:1 cost:2 u:1 k:1 manufacturing:2 industry:1 one:1 upward:1 revise:2 period:2 add:1 three:3 month:3 9:1 high:2 compare:1 1:2 2:1 manufacture:1 productivity:2 ago:1 downward:1 first:1 quarter:1 | U.K. EARNINGS UP UNDERLYING 7.75 PCT IN APRIL
U.K. Average earnings rose a seasonally
adjusted 6.5 pct in the year to end-April, after increasing by
6.7 pct annually in March, the Employment Department said.
The April index, base 1980, was set at a provisional,
seasonally-adjusted 197.3, up from 194.8 in March.
But the underlying rise was 7.75 pct, up 0.25 pct from
March and back to the same level seen late last year.
The underlying rise is adjusted for factors such as
back-pay and timing variations.
Unit wage costs in U.K. Manufacturing industry rose one pct
in the year to April, after an upward revised rise of 0.7 pct
in the period to March, the Department of Employment added.
In the three months to end-April, such costs were 0.9 pct
higher, year-on-year, compared with a rise of 1.2 pct in the
three months to March.
Manufacturing productivity in April was 6.1 pct higher than
a year ago after a downward revised 6.8 pct increase in March.
In the last three months period manufacturing productivity was
up 6.7 pct, having increased 6.5 pct in the first quarter.
|
test/18544 | test/18544 |@title taiwan:1 reopen:1 tender:1 u:1 soybean:1 |@word joint:1 committee:4 taiwan:1 soybean:2 importer:1 reopen:2 tender:3 tomorrow:2 two:1 shipment:2 54:1 000:6 66:1 tonne:3 u:2 spokesman:1 tell:1 reuters:1 reject:1 today:1 cargo:1 27:2 33:2 ground:1 price:1 offer:1 supplier:1 high:1 say:1 seek:1 add:1 | TAIWAN TO REOPEN TENDER FOR U.S. SOYBEANS
The joint committee of Taiwan's soybean
importers will reopen a tender tomorrow for two shipments of
54,000 to 66,000 tonnes of U.S. Soybeans, a committee spokesman
told Reuters.
The committee rejected a tender today for a cargo of
27,000 to 33,000 tonnes on the grounds the prices offered by
the U.S. Suppliers were too high, he said.
The committee will be seeking a further shipment of between
27,000 and 33,000 tonnes when it reopens the tender tomorrow,
he added.
|
test/18549 | test/18549 |@title citibank:1 lower:1 australian:1 prime:1 rate:1 16:1 pct:1 |@word citibank:2 ltd:1 say:2 would:1 lower:1 australian:3 prime:3 rate:3 16:3 pct:3 5:2 effective:1 tomorrow:1 new:1 unmatche:1 bank:2 low:1 among:1 trading:1 range:1 25:1 17:1 retreat:1 recent:1 peak:1 19:1 october:1 line:1 decline:2 money:1 market:1 level:1 reduction:1 reflect:1 | CITIBANK LOWERS AUSTRALIAN PRIME RATE TO 16 PCT
Citibank Ltd said it would lower its
Australian prime rate to 16 pct from 16.5, effective tomorrow.
The new rate, if unmatched by other banks, will be the
lowest among Australian trading banks. Other primes range from
16.25 to 17.5 pct.
Australian prime rates have now retreated from a recent
peak of 19 pct in October in line with declining money market
levels. Citibank said its reduction reflected the decline.
|
test/18554 | test/18554 |@title u:1 senators:1 propose:1 ban:1 toshiba:1 import:1 |@word three:1 u:1 senator:2 say:3 propose:1 temporary:1 ban:1 import:1 toshiba:1 product:1 due:1 company:2 illegal:1 sale:1 sensitive:1 high:1 technology:1 good:1 soviet:1 union:1 jake:1 garn:2 john:1 heinz:1 richard:1 selby:1 hearing:1 senate:2 banking:1 committee:1 export:1 control:1 offer:1 proposal:1 part:1 major:1 trade:1 bill:1 bring:1 summer:1 utah:1 republican:1 talk:1 specific:1 retribution:1 endanger:1 security:1 country:1 | U.S. SENATORS PROPOSE BAN ON TOSHIBA IMPORTS
Three U.S. Senators said they will
propose a temporary ban on imports of all Toshiba products due
to the company's illegal sales of sensitive high-technology
goods to the Soviet Union.
Senator Jake Garn, John Heinz and Richard Selby said at a
hearing of the senate banking committee on export control, they
will offer the proposal as part of a major trade bill when it
is brought before the senate this summer.
Garn, a Utah Republican, said 'I am talking about specific
retribution on a company that endangers the security of their
own country and ours.'
|
test/18557 | test/18557 |@title four:1 sugar:1 cargo:1 sell:1 china:1 yesterday:1 trade:1 |@word four:1 cargo:1 raw:1 sugar:3 sell:2 china:2 yesterday:1 via:1 london:1 trade:1 supplement:1 country:1 current:1 nearby:1 buy:1 programme:1 trader:3 say:5 report:1 around:1 160:1 dlrs:1 tonne:2 c:1 f:1 july:1 august:1 shipment:1 arrival:1 september:1 recent:1 chinese:1 purchase:1 could:1 total:1 much:1 300:1 000:1 agree:1 heavy:1 volume:1 take:1 amount:1 less:1 figure:1 involve:1 still:1 believe:1 market:1 | FOUR SUGAR CARGOES SOLD TO CHINA YESTERDAY -TRADE
Four cargoes of raw sugar were sold to
China yesterday via the London trade to supplement the
country's current nearby buying programme, traders said.
The sugar was reported sold at around 160 dlrs a tonne c
and f for July/August shipment or arrival in September, they
said.
Some traders said recent Chinese purchases could total as
much as 300,000 tonnes, but others, while agreeing a heavy
volume had been taken, said an amount less than that figure was
involved.
China was still believed to be in the market for more
sugar, traders said.
|
test/18563 | test/18563 |@title james:1 hardie:1 industries:1 ltd:1 haha:1 yr:1 march:1 |@word yr:2 end:1 march:1 31:2 shr:1 37:1 8:1 cent:2 vs:12 30:1 7:1 final:1 div:3 13:1 11:1 make:1 24:1 22:1 net:2 60:1 58:1 mln:16 dlrs:2 47:1 42:1 turnover:1 1:3 50:1 billion:2 56:1 income:1 16:2 84:1 3:1 73:1 shrs:1 161:1 71:1 154:1 19:1 note:1 pay:1 aug:1 6:1 reg:1 july:1 17:1 unfranked:1 thus:1 tax:2 free:1 dividend:1 imputation:1 28:2 39:1 29:2 93:1 depreciation:1 32:1 05:2 34:1 59:1 interest:1 45:1 74:1 minority:1 35:1 9:1 89:1 extraordinary:1 profit:1 2:1 loss:1 | JAMES HARDIE INDUSTRIES LTD <HAHA.S> YR TO MARCH
Yr ended March 31
Shr 37.8 cents vs 30.7
Final div 13 cents vs 11, making yr 24 vs 22
Net 60.58 mln dlrs vs 47.42 mln
Turnover 1.50 billion vs 1.56 billion
Other income 16.84 mln vs 3.73 mln
Shrs 161.71 mln vs 154.19 mln.
NOTE - Div pay Aug 6. Reg July 17. Div is unfranked and
thus will not be tax-free under dividend imputation.
Net is after tax 28.39 mln dlrs vs 29.93 mln, depreciation
32.05 mln vs 34.59 mln, interest 29.16 mln vs 45.74 mln and
minorities 1.35 mln vs 9.89 mln but before extraordinary profit
2.28 mln vs loss 31.05 mln.
|
test/18564 | test/18564 |@title commonwealth:1 bank:1 cut:1 australian:1 split:1 prime:1 |@word commonwealth:1 bank:4 australia:1 say:2 lower:1 reference:4 rate:9 loan:2 15:1 75:2 pct:5 16:4 25:2 overdraft:2 effective:1 june:1 24:1 official:1 regard:1 base:2 short:1 term:2 trend:2 key:1 prime:3 lending:1 corporate:1 customer:1 long:1 late:1 cut:1 recent:1 day:1 follow:1 continue:1 decline:1 market:1 range:1 17:1 5:1 | COMMONWEALTH BANK CUTS AUSTRALIAN SPLIT PRIME
The Commonwealth Bank of Australia said
it will lower its reference rate for loans to 15.75 pct from
16.25 pct and its overdraft reference rate to 16.25 pct from
16.75, effective June 24.
Bank officials have said the bank regards the overdraft
reference rate, based on short-term rate trends, as its key
prime lending rate to corporate customers. The loan reference
rate is based on longer term trends.
The bank is the latest to cut prime rates in recent days
following a continuing decline in market rates. Other prime
rates now range from 16 pct to 17.5 pct.
|
test/18565 | test/18565 |@title dutch:1 parliament:1 back:1 stand:1 oil:1 tax:1 |@word dutch:1 parliamentary:1 party:1 affirm:1 support:1 government:3 opposition:3 propose:2 european:1 community:1 tax:5 oil:1 fat:1 parliamentarian:1 say:3 broad:1 cross:1 section:1 member:2 parliament:1 voice:1 debate:1 low:1 house:1 yesterday:1 basis:1 possible:1 retaliation:1 u:1 potentially:1 damaging:1 effect:1 third:1 world:1 country:1 state:1 secretary:1 foreign:1 affairs:1 rene:1 van:2 der:2 linden:2 although:1 note:1 deepen:1 ec:2 financial:1 difficulty:1 difficult:1 extra:1 finance:1 make:1 choice:1 however:1 deny:1 drop:1 alter:1 position:1 | DUTCH PARLIAMENT BACKS STAND AGAINST OILS TAX
Dutch parliamentary parties have
re-affirmed their support for the government's opposition to
the proposed European Community tax on oils and fats,
parliamentarians said.
A broad cross-section of members of parliament voiced their
opposition to the tax during a debate in the lower house
yesterday on the basis of possible retaliation from the U.S.
And on the potentially damaging effect on Third World
countries.
State Secretary for Foreign Affairs Rene Van Der Linden
said the government was against the tax although it noted
deepening EC financial difficulties.
'It is difficult to be against the tax and against extra
finance. The EC members have to make a choice,' Van Der Linden
said.
However, he denied the government had dropped its
opposition to the proposed tax or altered its position.
|
test/18566 | test/18566 |@title csr:2 declare:1 pioneer:1 sugar:1 bid:1 unconditional:1 |@word ltd:3 csra:1 say:2 declare:1 unconditional:1 takeover:1 bid:2 pioneer:7 sugar:1 mills:1 follow:2 recommendation:1 shareholder:2 accept:1 mean:1 would:1 pay:1 share:5 tender:1 within:1 14:1 day:1 csr:4 statement:2 industrial:1 equity:1 inea:1 disclosure:1 yesterday:1 build:1 9:1 8:1 pct:2 stake:1 2:3 54:1 dlrs:2 top:1 cash:2 50:1 also:1 offer:1 one:1 currently:1 worth:1 4:1 04:1 plus:1 1:1 20:1 every:1 two:1 value:1 62:1 per:1 hold:1 33:1 | CSR DECLARES PIONEER SUGAR BID UNCONDITIONAL
CSR Ltd <CSRA.S> said it had declared
unconditional its takeover bid for <Pioneer Sugar Mills Ltd>
following Pioneer's recommendation that shareholders accept.
This meant Pioneer shareholders would be paid for all
shares tendered within 14 days, CSR said in a statement.
CSR's statement follows Industrial Equity Ltd's <INEA.S>
disclosure yesterday that it had built up a 9.8 pct stake in
Pioneer at 2.54 dlrs a share, topping CSR's cash bid of 2.50.
CSR is also offering one share, currently worth 4.04 dlrs,
plus 1.20 cash, for every two Pioneer shares, which values
Pioneer at 2.62 per share. It holds about 33 pct of Pioneer.
|
test/18567 | test/18567 |@title sandvik:1 diamant:1 boart:1 finalise:1 drill:1 merger:1 |@word sweden:1 sandvik:2 ab:1 svik:1 st:1 diamant:3 boart:3 sa:2 belgium:1 societe:1 generale:1 de:1 belgique:1 belb:1 br:1 hold:1 indirect:1 52:1 pct:1 stake:1 finalise:1 negotiation:1 merge:2 oil:5 gas:2 drilling:2 tool:1 activity:3 official:2 company:2 say:6 staffan:1 paue:3 president:1 new:1 brussels:1 base:1 joint:1 venture:1 stratabit:1 dbs:2 tell:1 news:1 conference:1 firm:3 would:1 able:1 offer:1 product:1 type:1 operation:3 already:1 sign:1 slow:1 recovery:1 recession:1 way:1 industry:1 stability:1 price:2 lead:2 renew:1 investment:1 begin:1 today:1 bring:1 together:1 wholly:1 u:1 subsidiary:1 strata:1 bit:1 corp:1 houston:1 petroleum:1 europe:1 north:1 america:1 middle:1 far:1 east:1 africa:1 paues:1 merger:1 direct:1 result:1 sharp:1 fall:1 18:1 month:1 ago:1 cut:1 back:1 exploration:1 complementary:1 character:1 two:1 reason:1 | SANDVIK, DIAMANT BOART FINALISE DRILLS MERGER
Sweden's Sandvik AB <SVIK.ST> and
Diamant Boart SA of Belgium, in which Societe Generale de
Belgique <BELB.BR> holds an indirect 52 pct stake, have
finalised negotiations on merging oil and gas drilling tool
activities, officials of both companies said.
Staffan Paues, President of the new Brussels-based joint
venture company Diamant Boart Stratabit SA (DBS), told a news
conference that the merged firm would be able to offer products
for all types of drilling operations.
He said there were already signs that a slow recovery from
recession was under way in the oil and gas industries.
'Stability in oil prices should lead to renewed investment'
Paues said.
DBS, which Paues said began operations today, brings
together Sandvik's wholly-owned U.S. Subsidiary Strata Bit Corp
of Houston and Diamant Boart's petroleum activities in Europe,
North America, the Middle and Far East and Africa.
Paues said the merger was a direct result of the sharp fall
in oil prices 18 months ago which led oil firms to cut back
exploration activities. Officials said the complementary
character of the two firms' operations was a further reason.
|
test/18569 | test/18569 |@title thomson:4 grand:2 public:2 take:2 thorn:2 emi:2 audiovisual:2 division:2 |@word | THOMSON GRAND PUBLIC TAKES OVER THORN EMI'S AUDIOVISUAL
DIVISION - THOMSON
THOMSON GRAND PUBLIC TAKES OVER THORN EMI'S AUDIOVISUAL
DIVISION - THOMSON
|
test/18570 | test/18570 |@title thomson:1 take:1 thorn:1 emi:1 audiovisual:1 |@word thomson:5 grand:2 public:2 subsidiary:1 sa:1 thmp:1 pa:1 take:1 audiovisual:2 consumer:1 good:1 division:1 british:2 group:1 thorn:2 emi:2 chairman:1 pierre:1 garcin:2 say:2 cost:1 deal:1 sign:1 late:1 yesterday:1 around:1 90:1 mln:3 stg:2 finance:1 50:1 equity:1 leader:1 market:1 turnover:2 last:1 year:1 300:1 new:1 acquisition:1 would:1 substantially:1 increase:1 sector:1 | THOMSON TAKES OVER THORN EMI AUDIOVISUAL
Thomson Grand Public, the subsidiary of
Thomson SA <THMP.PA>, has taken over the audiovisual consumer
goods division of British group Thorn EMI, Thomson Grand Public
chairman Pierre Garcin said.
The cost of the deal, signed late yesterday, is around 90
mln stg and Thomson will finance 50 mln of this from its
equity.
Thorn EMI is a leader in the British audiovisual market
with a turnover last year of 300 mln stg.
Garcin said the new acquisition would substantially
increase Thomson's turnover in the sector.
|
test/18571 | test/18571 |@title vessel:1 lose:1 pacific:1 carry:1 lead:1 |@word 37:1 635:1 deadweight:1 tonne:4 bulk:1 carrier:1 cumberlande:1 sink:1 south:2 pacific:1 last:1 friday:1 carry:2 cargo:1 include:1 lead:4 well:1 magnesium:1 ore:1 lloyds:1 shipping:1 intelligence:1 spokesman:1 say:4 unable:1 confirm:1 tonnage:1 involve:1 trade:2 report:1 circulate:1 london:1 metal:2 exchange:1 vessel:1 en:1 route:1 new:2 orleans:1 newcastle:1 wales:1 10:2 000:3 concentrate:3 trader:1 push:1 price:1 higher:1 early:1 morning:1 trading:1 market:1 currently:2 sensitive:1 fundamental:1 news:1 due:1 finely:1 balanced:1 supply:3 demand:1 position:1 low:1 stock:1 source:1 could:2 convert:1 around:1 5:1 although:1 depend:1 quality:1 loss:1 size:1 cause:1 gap:1 pipeline:1 particularly:1 north:1 america:1 note:1 tight:1 year:1 strike:1 one:1 major:1 producer:1 cominco:1 labour:1 talk:1 hold:1 another:1 noranda:1 subsidiary:1 brunswick:1 mining:1 smelting:1 ltd:1 | VESSEL LOST IN PACIFIC WAS CARRYING LEAD
The 37,635 deadweight tonnes bulk carrier
Cumberlande, which sank in the South Pacific last Friday, was
carrying a cargo which included lead as well as magnesium ore,
a Lloyds Shipping Intelligence spokesman said.
He was unable to confirm the tonnages involved.
Trade reports circulating the London Metal Exchange said
the vessel, en route to New Orleans from Newcastle, New South
Wales, had been carrying 10,000 tonnes of lead concentrates.
Traders said this pushed lead prices higher in early morning
trading as the market is currently sensitive to any fundamental
news due to its finely balanced supply/demand position and low
stocks.
Trade sources said that 10,000 tonnes of lead concentrates
could convert to around 5,000 tonnes of metal, although this
depended on the quality of the concentrates.
A loss of this size could cause a gap in the supply
pipeline, particularly in North America, they noted. Supplies
there have been very tight this year and there is a strike at
one major producer, Cominco, and labour talks currently being
held at another, Noranda subsidiary Brunswick Mining and
Smelting Ltd.
|
test/18575 | test/18575 |@title jwt:3 group:2 sue:1 wpp:1 plc:1 |@word group:5 inc:1 say:5 file:2 suit:3 wpp:2 plc:1 enjoin:2 company:5 continue:1 tender:1 offer:1 charge:1 former:1 jwt:6 unit:2 executive:1 john:1 peters:1 breach:1 fiduciary:1 duty:1 disclose:1 confidential:3 information:3 client:2 new:1 york:1 state:1 supreme:1 court:3 seek:1 halt:1 ongoing:1 misuse:1 misappropriation:1 highly:1 proprietary:2 concern:1 defendant:2 peter:1 january:1 29:1 director:1 j:1 walter:1 thompson:1 co:1 main:1 subsidiary:1 president:1 chief:1 operating:1 officer:1 ask:2 acquire:1 stock:1 make:1 return:1 disgorge:1 profit:1 gain:1 also:1 award:1 unspecified:1 damage:1 | JWT GROUP <JWT> SUES WPP GROUP PLC
JWT Group Inc said it filed a suit
against <WPP Group Plc> to enjoin the company from continuing
its tender offer.
The company said it charged that former JWT Group unit
executive John Peters has breached his fiduciary duty by
disclosing confidential information about the company and its
clients.
The company said the suit, filed in New York State Supreme
Court, seeks to halt the 'ongoing misuse and misappropriation
of highly confidential and proprietary information concerning
JWT and its clients.
The defendants in the suit are WPP Group and its units and
Peters, who until January 29 was a director of J. Walter
Thompson Co, JWT Group's main subsidiary and its president and
chief operating officer.
JWT said it asked the court to enjoin the defendants from
acquiring any further JWT stock, make them return all
confidential and proprietary information and to disgorge all
profits or other gains.
The company said it also asked the court to award JWT
unspecified damages.
|
test/18576 | test/18576 |@title jwt:3 group:1 grants:1 golden:1 parachutes:1 |@word group:1 inc:1 disclose:2 filing:1 securities:1 exchange:1 commission:1 award:1 call:1 golden:1 parachute:1 26:1 top:1 officer:1 company:4 say:1 grant:2 special:1 bonus:1 take:1 effect:1 executive:1 fire:2 within:1 two:1 year:2 successful:1 takeover:3 june:1 8:1 25:1 official:2 severance:2 payment:3 three:1 time:1 annual:2 compensation:3 chairman:1 johnston:1 limit:1 twice:1 jwt:1 approve:1 additional:1 lump:1 sum:1 one:1 unspecified:1 number:1 highly:1 pay:1 also:1 alter:1 employee:2 retirement:2 stock:2 incentive:1 plan:2 assure:1 continued:1 protection:1 benefit:1 event:1 hostile:1 cost:1 change:1 make:1 | JWT GROUP <JWT> GRANTS GOLDEN PARACHUTES
JWT Group Inc disclosed in a filing
with the Securities and Exchange Commission that it awarded
so-called 'golden parachutes' to 26 top officers.
The company said it granted the special bonuses, which take
effect only if an executive is fired within two years of a
successful takeover, on June 8.
It granted 25 of the officials a severance payment of just
under three times their annual compensation if they are fired
after a takeover. For chairman Don Johnston, the payment was
limited to twice his annual compensation.
JWT approved additional lump-sum payments of one year's
compensation to an unspecified number of other highly paid
company officials.
The company also altered its employee retirement and stock
incentive plans, to assure continued protection and benefits
for employees in the event of a hostile takeover.
The company did not disclose the cost of the changes made
in the severance, retirement or stock plans.
|
test/18577 | test/18577 |@title unilever:1 decline:1 comment:1 gillette:1 bid:1 rumour:1 |@word spokesman:1 unilever:3 plc:1 un:1 decline:1 comment:2 market:3 rumour:4 may:1 consider:1 bid:3 u:2 health:1 care:1 group:2 gillette:5 co:1 gs:1 n:1 share:2 trade:1 counter:1 london:1 morning:1 stand:1 one:2 dollar:1 high:1 38:1 dlrs:1 response:1 speculation:1 dip:1 33p:1 3:1 275:1 generally:1 depress:1 k:1 analyst:1 dismiss:1 say:1 old:1 story:1 utter:1 rubbish:1 add:1 think:1 would:1 interested:1 rise:1 sharply:1 beginning:1 month:1 wall:1 street:1 sir:1 james:1 goldsmith:1 build:1 stake:1 company:2 subject:1 repeat:1 since:1 ronald:1 perelman:1 chairman:1 revlon:1 inc:1 rev:1 make:1 unsuccessful:1 last:1 year:1 | UNILEVER DECLINES COMMENT ON GILLETTE BID RUMOURS
A spokesman for Unilever Plc <UN.AS>
declined to comment on market rumours that it may be
considering a bid for the U.S. Health care group The Gillette
Co <GS.N>.
Gillette shares are traded on the over-the-counter market
in London and this morning stood one dollar higher at 38 dlrs
in response to the bid speculation. Unilever dipped 33p to
3,275 in a generally depressed U.K. Market.
Most analysts dismissed the rumours saying it was an old
story, and one commented that it was 'utter rubbish,' adding he
thought Unilever would not be interested in Gillette.
Gillette shares rose sharply at the beginning of the month
on Wall Street rumours that Sir James Goldsmith was building a
stake in the company.
Gillette has been the subject of repeated rumours since
Ronald Perelman, chairman of the Revlon Group Inc <REV>, made
an unsuccessful bid for the company last year.
|
test/18585 | test/18585 |@title service:1 resource:1 src:1 end:1 sorg:1 srg:1 bid:1 |@word service:1 resources:1 corp:1 say:2 withdraw:1 terminate:1 23:1 dlr:1 per:1 share:2 takeover:1 offer:2 sorg:5 inc:1 fail:1 respond:1 bid:1 large:1 single:1 shareholder:1 evaluate:1 option:1 include:1 make:1 dispose:1 | SERVICE RESOURCES <SRC> ENDS SORG <SRG> BID
Service Resources Corp said it has
withdrawn and terminated its 23 dlr per share takeover offer to
Sorg Inc because Sorg failed to respond to the bid.
It said, as Sorg's largest single shareholder, it will
evaluate all its options, including making a further offer to
Sorg or disposing of some or all of its Sorg shares.
|
test/18590 | test/18590 |@title halcyon:1 stake:1 research:1 cottrell:1 rc:1 |@word halcyon:2 investments:1 new:1 york:1 firm:1 report:1 6:1 9:1 pct:1 stake:1 research:3 cottrell:3 inc:2 alan:1 slifka:1 partner:1 tell:1 reuters:1 share:2 purchase:1 investment:1 purpose:1 decline:1 comment:1 june:1 8:1 say:1 enter:1 definitive:1 agreement:1 acquire:1 r:1 c:1 acquisitions:1 43:1 dlrs:1 per:1 close:2 44:1 1:1 4:1 today:1 unchanged:1 previous:1 | HALCYON HAS STAKE IN RESEARCH-COTTRELL <RC>
Halcyon Investments, a New York firm,
reported a 6.9 pct stake in Research-Cottrell Inc.
Alan Slifka, a partner in Halcyon, told Reuters the shares
were purchased for investment purposes but declined further
comment.
On June 8, Research-Cottrell said it had entered into a
definitive agreement to be acquired by R-C Acquisitions Inc for
43 dlrs per share. Research-Cottrell closed at 44-1/4 today,
unchanged from the previous close.
|
test/18591 | test/18591 |@title cullinet:1 software:1 inc:1 cul:1 4th:1 qtr:1 earning:1 |@word april:2 30:2 end:1 shr:4 loss:4 13:2 ct:5 vs:8 profit:4 12:2 net:4 4:1 116:1 000:6 3:2 672:1 revs:2 61:1 1:1 mln:7 55:1 5:1 avg:2 shrs:2 32:2 263:1 31:1 640:1 month:1 86:1 42:1 27:1 6:1 174:1 9:1 189:1 184:1 938:1 note:1 1987:3 1986:1 figure:1 restate:1 reflect:1 21:1 acquisition:1 distribution:1 management:1 systems:1 inc:1 account:1 pooling:1 interest:1 result:1 include:1 first:1 quarter:1 non:1 recurring:1 charge:1 7:1 dlrs:1 tax:1 impact:1 11:1 per:1 share:1 attributable:1 write:1 remain:1 asset:1 acqurie:1 computer:1 pictures:1 corp:1 november:1 1982:1 | CULLINET SOFTWARE INC <CUL> 4TH QTR EARNINGS
April 30 end
Shr loss 13 cts vs shr profit 12 cts
Net loss 4,116,000 vs net profit 3,672,000
Revs 61.1 mln vs 55.5 mln
Avg shrs 32,263,000 vs 31,640,000
12 months
Shr loss 86 cts vs shr profit 42 cts
Net loss 27.6 mln vs net profit 13 mln
Revs 174.9 mln vs 189.3 mln
Avg shrs 32,184,000 vs 30,938,000
NOTE: Both 1987 and 1986 figures restated to reflect April
21, 1987 acquisition of Distribution Management Systems Inc,
accounted for as a pooling of interests.
1987 results include a first quarter non-recurring charge
of 7 mln dlrs with an after-tax impact of 11 cts per share
attributable to the write-off of the remaining assets acquried
from Computer Pictures Corp in November 1982.
|
test/18592 | test/18592 |@title allegis:1 aeg:1 meet:1 united:1 employees:1 group:1 |@word spokesman:2 group:2 united:4 airlines:1 employee:3 oppose:1 attempt:1 takeover:1 airline:1 pilots:1 association:1 say:2 meet:1 new:1 chairman:1 allegis:2 frank:1 olson:2 william:1 palmer:1 claim:1 speak:1 thousand:1 meeting:2 positive:1 friendly:1 future:1 date:1 set:1 april:1 pilot:1 union:1 offer:1 buy:1 subsidiary:1 stock:1 ownership:1 plan:1 | ALLEGIS <AEG> MEETS WITH UNITED EMPLOYEES GROUP
A spokesman for a group of United
Airlines employees, who oppose the attempted takeover of United
by the Airline Pilots Association, said he met with the new
chairman of Allegis, Frank Olson.
William Palmer, the group's spokesman, which claims to
speak for thousands of United employees, said the meeting with
Olson was 'positive and friendly,' but no future meeting dates
were set.
In April the pilots union offered to buy out United, an
Allegis subsidiary, through an employee stock ownership plan.
|
test/18595 | test/18595 |@title nat:1 west:1 cut:1 mortgage:1 rate:1 new:1 borrower:1 |@word national:1 westminster:1 bank:1 plc:1 nwbl:1 l:1 announce:1 0:1 75:1 pct:4 reduction:1 mortgage:5 interest:1 rate:3 applicable:1 new:2 take:1 june:1 19:1 1987:1 10:1 5:1 apr:1 annual:1 percentage:1 11:2 2:1 include:2 fee:2 normal:1 repayment:1 1:1 endowment:1 pension:1 spokesman:1 nat:1 west:1 say:1 position:1 exist:1 keep:1 active:1 review:1 light:1 market:1 condition:1 announcement:1 make:1 soon:1 possible:1 | NAT WEST CUTS MORTGAGE RATE FOR NEW BORROWERS
National Westminster Bank Plc <NWBL.L>
announced a 0.75 pct reduction in the mortgage interest rate
applicable to new mortgages taken out from June 19, 1987.
The new rate is 10.5 pct (APR - Annual Percentage Rate -
11.2 pct including fees for normal repayment mortgages, and
11.1 pct including fees for endowment and pension mortgages).
A spokesman for Nat West said the position for existing
mortgages is being kept under active review in the light of
market conditions, and an announcement will be made as soon as
possible.
|
test/18599 | test/18599 |@title rpt:1 opposition:1 ec:1 oil:1 tax:1 intact:1 minister:1 |@word minority:1 group:1 european:1 community:1 country:2 strong:1 enough:1 block:1 adoption:1 tax:2 vegetable:1 marine:1 oil:1 fat:1 still:1 intact:1 ec:1 commission:2 propose:2 change:1 proposal:1 earlier:1 today:1 british:1 agriculture:1 minister:1 john:1 macgregor:1 tell:1 journalist:1 say:1 britain:1 west:1 germany:1 netherlands:1 denmark:1 continue:1 oppose:1 make:1 temporary:1 promising:1 compensation:1 third:1 whose:1 export:1 suffer:1 | RPT - OPPOSITION TO EC OILS TAX INTACT - MINISTER
A minority group of European
Community countries strong enough to block the adoption of a
tax on vegetable and marine oils and fats is still intact after
the EC Commission proposed changes to its proposals earlier
today, British agriculture minister John MacGregor told
journalists.
He said Britain, West Germany, the Netherlands and Denmark
continue to oppose the tax after the Commission proposed making
it temporary and promising compensation to any third countries
whose exports suffered.
|
test/18600 | test/18600 |@title harcourt:1 brace:1 hbj:1 call:1 special:1 meeting:1 |@word harcourt:2 brace:1 jovanovich:1 inc:1 say:2 call:1 special:3 meeting:2 july:2 23:1 vote:1 increase:2 authorized:1 common:2 share:3 100:1 mln:3 50:1 preferred:2 150:1 2:1 500:1 000:1 provision:1 allow:1 payment:1 dividend:3 stock:3 property:1 well:1 cash:2 company:1 june:1 29:1 record:1 date:1 fight:1 takeover:1 bid:1 british:1 printing:1 communication:1 corp:1 plc:1 declare:1 40:1 dlrs:2 12:1 pct:1 prefer:1 market:1 value:1 10:1 per:1 pay:1 27:1 | HARCOURT BRACE <HBJ> CALLS SPECIAL MEETING
Harcourt Brace Jovanovich Inc said
it has called a special meeting for July 23 for a vote on an
increase in authorized common shares to 100 mln from 50 mln, an
increase in preferred shares to 150 mln from 2,500,000 and a
provision allowing the payment of preferred dividends in stock
or property as well as cash.
The company said June 29 will be the record date for the
meeting. Harcourt which is fighting off a takeover bid from
<British Printing and Communication Corp PLC>, has declared a
special dividend on common stock of 40 dlrs in cash and 12 pct
preferred stock with a market value of 10 dlrs per share.
The special dividend is to be paid July 27.
|
test/18602 | test/18602 |@title penwest:1 inc:1 penw:1 3rd:1 qtr:1 may:1 31:1 net:1 |@word shr:2 1:2 08:1 dlrs:2 vs:8 37:1 ct:2 net:2 3:3 025:1 000:4 188:1 sale:2 35:2 2:5 mln:4 4:1 avg:2 shrs:2 794:2 298:2 187:1 051:1 nine:1 mth:1 43:1 83:1 6:1 781:1 576:1 101:1 0:1 99:1 7:1 115:1 499:1 | PENWEST INC <PENW.O> 3RD QTR MAY 31 NET
Shr 1.08 dlrs vs 37 cts
Net 3,025,000 vs 1,188,000
Sales 35.2 mln vs 35.4 mln
Avg shrs 2,794,298 vs 3,187,051
Nine mths
Shr 2.43 dlrs vs 83 cts
Net 6,781,000 vs 2,576,000
Sales 101.0 mln vs 99.7 mln
Avg shrs 2,794,298 vs 3,115,499
|
test/18604 | test/18604 |@title rpt:1 european:1 trade:1 may:1 propose:1 new:1 ico:1 formula:1 |@word european:4 coffee:7 trader:7 roaster:4 may:1 propose:1 new:4 formula:4 calculate:1 international:2 organization:1 ico:4 quota:12 end:3 meeting:4 week:3 official:4 tell:1 reuter:1 although:1 unwilling:1 reveal:2 detail:1 possible:1 say:10 would:2 give:2 brazil:4 world:1 big:1 producer:4 unchanged:1 next:2 two:1 year:2 could:2 basis:2 renegotiation:1 main:2 sticking:1 point:1 attitude:2 compromise:3 solution:1 one:4 however:3 trade:2 federation:1 begin:1 today:1 continue:1 gap:1 position:5 introduce:1 whole:1 side:5 introduction:3 generally:2 favour:3 single:1 proviso:1 allocate:2 share:1 among:1 produce:1 country:2 fairly:1 close:1 problem:1 government:2 germany:2 italy:1 cite:1 extreme:2 polarized:1 fence:1 source:1 italians:1 nevertheless:1 expect:1 find:1 enough:1 common:2 ground:1 least:3 present:2 community:1 ec:1 view:1 consumer:4 member:1 agreement:1 ica:1 july:1 hope:2 proposal:1 accept:1 learn:1 live:1 without:1 suspend:1 february:1 last:1 prefer:1 stability:1 bring:1 market:1 long:1 simply:1 return:1 old:1 outdated:1 status:1 quo:1 far:1 allocation:1 concern:1 add:1 overall:1 opinion:1 likelihood:1 successful:1 negotiation:1 mildly:1 pessimistic:1 varying:1 50:2 chance:1 60:1 40:1 difficulty:1 persuade:1 u:2 agree:1 anything:1 harden:1 brazilian:1 institute:1 president:1 adopt:1 negotiable:1 predecessor:1 many:1 start:1 swing:1 become:1 increasingly:1 isolate:1 september:1 | RPT - EUROPEAN TRADE MAY PROPOSE NEW ICO FORMULA
European coffee traders and roasters
may propose a new formula for calculating International Coffee
Organization (ICO) coffee quotas at the end of their meeting
here this week, traders and officials told Reuters.
Although traders were unwilling to reveal details of the
possible new formula, they said it would give Brazil, the
world's biggest coffee producer, unchanged ICO quotas for the
next two years and could be a basis for renegotiation.
'The main sticking point on quotas has been Brazil's
attitude, and this compromise could be a solution, ' one said.
However, the European coffee trade federation meeting,
which began here today and is to continue to the end of the
week, has revealed gaps in the European position on
re-introducing quotas.
Traders said that, as a whole, the trade side was against
re-introduction of ICO quotas, while roasters were generally in
favour with the single proviso that there had to be some
formula basis for re-allocating quota shares among producing
countries.
The roasters said the positions were generally fairly
close, and problems with some Government officials.
Germany and Italy were cited as the extremes of polarized
Government attitudes, with most other countries on the fence.
Sources said Germany was the most extreme against quota
re-introduction, while the Italians were most in favour.
'Nevertheless, we expect to find enough common ground by the
end of the week to at least present a common European Community
(EC) view at the next meeting of consumer members of the
International Coffee Agreement (ICA) in July,' one trader said.
'We hope we can present the compromise proposal and that not
only the consumer side, but the producer side will accept it,'
one official said.
'We have learned that we can live without the quotas that
were suspended in February last year, but would prefer the
stability they can bring to the market as long as we do not
simply return to the old and outdated status quo as far as
quota allocation is concerned,' he added.
Overall, however, trader and roaster opinion on the
likelihood of a successful re-negotiation was mildly
pessimistic, varying between a 50-50 chance and 60-40 against.
'Our main difficulty will be to persuade the U.S. On the
consumer side and Brazil on the producer side to agree to quota
re-introduction, ' he said.
'The U.S. Position has, if anything, hardened, while the new
Brazilian Coffee Institute president has adopted the least
negotiable position of any of his predecessors,' one trader
said.
'However, with many producers starting to swing in favour of
the consumer position that quotas have to be re-allocated under
a new formula, Brazil is becoming increasingly isolated, which
gives at least some hope of a compromise at the ICO quota
meeting in September,' the official said.
|
test/18605 | test/18605 |@title first:1 data:1 management:1 fdmc:1 complete:1 merger:1 |@word first:1 data:1 management:2 co:2 inc:1 say:2 complete:1 merger:1 firsst:1 datum:1 holding:1 follow:1 sharehoplder:1 approval:1 100:1 share:1 exchange:1 1:1 000:1 dlrs:1 principal:1 amount:1 14:1 375:1 pct:1 senior:1 subordinated:1 debenture:1 due:1 june:1 15:1 2002:1 | FIRST DATA MANAGEMENT <FDMC.O> COMPLETES MERGER
First Data Management co Inc said
it has completed a merger into Firsst Data MAnagement Holding
co following sharehoplder approval.
It said each 100 shares will be exchanged for 1,000 dlrs
principal amount of 14.375 pct senior subordinated debentures
due June 15, 2002.
|
test/18606 | test/18606 |@title frost:1 sullivan:1 inc:1 frsl:1 3rd:1 qtr:1 |@word qtr:1 end:1 april:1 30:1 shr:2 loss:2 10:2 ct:4 vs:6 profit:6 nine:2 net:2 163:1 465:1 131:1 815:1 revs:2 3:2 672:1 731:1 763:1 829:1 mth:1 four:1 one:1 57:1 911:1 11:2 380:1 753:1 950:1 794:1 822:1 | FROST AND SULLIVAN INC <FRSL.O> 3RD QTR
Qtr ends April 30
Shr loss 10 cts vs profit nine cts
Net loss 163,465 vs profit 131,815
Revs 3,672,731 vs 3,763,829
Nine mths
Shr profit four cts vs profit one ct
Net profit 57,911 vs profit 11,380
Revs 11,753,950 vs 10,794,822
|
test/18609 | test/18609 |@title indonesia:1 reject:1 world:1 bank:1 farm:1 reform:1 proposal:1 |@word indonesia:5 reject:1 world:3 bank:6 recommendation:2 sweeping:1 reform:1 farm:3 economy:2 country:2 foreign:3 aid:1 donor:2 meet:2 consider:1 give:1 2:1 5:1 billion:1 dlrs:1 grant:1 soft:1 loan:1 agriculture:1 minister:1 achmad:1 affandi:4 write:1 remark:1 distribute:1 today:1 14:1 nation:2 hague:1 say:8 general:1 argument:2 present:1 free:2 trade:2 open:1 view:1 weak:1 call:1 overhauls:1 manage:1 large:1 area:1 south:1 east:1 asia:1 agricultural:2 growth:1 stagnate:1 subsiside:1 rice:4 report:2 production:3 peak:1 subsidy:2 waste:1 money:2 reply:1 main:1 staple:1 provide:1 income:1 17:1 pct:1 workforce:1 need:3 support:1 fertilizer:1 industry:3 include:1 importer:1 exporter:1 producer:1 distributor:1 well:1 assist:1 small:1 part:1 majority:1 indonesian:1 farmer:2 agree:1 choose:1 crop:1 government:1 would:2 continue:2 maintain:1 target:1 strategic:1 commodity:2 sugar:6 especially:1 critical:1 drive:2 plant:1 domestic:2 price:3 double:1 average:1 inefficiency:1 save:2 import:2 however:1 volatile:1 exchange:1 already:1 run:1 good:1 also:1 barrier:1 monopoly:1 sector:1 help:1 develop:2 intervention:1 | INDONESIA REJECTS WORLD BANK FARM REFORM PROPOSALS
Indonesia rejected World Bank
recommendations for sweeping reforms to its farm economy, as
the country's foreign aid donors met to consider giving it 2.5
billion dlrs in grants and soft loans.
Agriculture Minister Achmad Affandi, in written remarks
distributed today as Indonesia's 14 foreign donor nations met
at The Hague, said, 'The general argument presented by the Bank
for this free trade, open economy view is weak.'
The Bank called for overhauls in how Indonesia manages the
largest farm area in South-east Asia, and said agricultural
growth was stagnating under subsisides for rice farming.
The Bank report said Indonesia's rice production had peaked
and the subsidies are a waste of money.
Affandi replied that rice is the main staple and provides
an income for 17 pct of the workforce. The subsidies were
needed to support the fertilizer industry, including importers,
exporters, producers and distributors, he said, as well as
assisting in small part the majority of Indonesian farmers.
Affandi agreed with a bank recommendation that farmers
should be free to choose their own crops, but he said the
government would continue to maintain production targets for
'strategic commodities' such as rice and sugar.
The Bank report was especially critical of Indonesia's
drive to plant sugar, saying domestic sugar prices are double
the world average because of inefficiencies, and the country
would save money by importing the commodity.
However, Affandi said volatile world sugar prices, the need
to save foreign exchange and an already up-and-running sugar
industry were good arguments for continuing the sugar drive.
He also said import barriers and trade monopolies in the
agricultural sector were needed to help domestic industry
develop and because of 'over-production and price intervention
in the developed nations.'
|
test/18610 | test/18610 |@title culp:2 inc:1 4th:1 qtr:1 may:1 two:1 net:1 |@word shr:2 29:1 ct:2 vs:6 23:1 net:3 1:4 262:1 000:5 002:1 sale:2 49:1 9:1 mln:4 40:1 3:1 year:2 18:1 dlrs:2 one:1 dlr:1 5:1 205:1 4:1 339:1 180:1 150:1 7:1 note:1 prior:1 period:1 include:1 gain:1 900:1 adjustment:1 lifo:1 reserve:1 compensation:1 related:1 accrual:1 revise:1 effective:1 tax:1 rate:1 | CULP INC <CULP.O> 4TH QTR MAY TWO NET
Shr 29 cts vs 23 cts
Net 1,262,000 vs 1,002,000
Sales 49.9 mln vs 40.3 mln
Year
Shr 1.18 dlrs vs one dlr
Net 5,205,000 vs 4,339,000
Sales 180.1 mln vs 150.7 mln
NOTE: Prior year net both periods includes gain 900,000
dlrs from adjustments to LIFO reserves, compensation related
accruals and a revised effective tax rate.
|
test/18614 | test/18614 |@title budget:1 pact:1 cut:1 u:2 farm:1 fund:1 1:1 25:1 billion:1 dlrs:1 |@word house:5 senate:3 budget:11 negotiator:2 agree:3 part:1 overall:1 accord:1 reach:1 yesterday:1 cut:6 1:5 25:2 billion:7 dlrs:4 fiscal:3 1988:5 spending:1 agricultural:1 program:5 congressional:7 source:7 tell:2 reuters:2 farm:4 compromise:1 4:1 seek:2 one:3 also:2 6:1 1989:1 2:2 45:1 1990:1 total:1 5:2 3:1 save:2 three:1 year:1 say:11 agreement:1 present:1 agriculture:5 committee:4 difficult:1 choice:1 make:2 change:2 achieve:4 saving:5 target:1 without:1 jeopardize:1 popular:1 support:2 payment:4 senior:1 aide:1 state:1 lawmaker:2 already:1 manuevere:1 find:1 rep:1 dan:1 glickman:4 kan:1 chairman:2 grains:1 subcommittee:1 introduce:1 bill:1 would:8 freeze:2 wheat:3 corn:4 loan:3 rate:2 crop:3 current:1 28:1 92:2 respectively:1 500:1 mln:1 kika:1 de:1 la:1 garza:1 consider:1 proposal:2 unlikely:1 approve:1 opposition:1 republican:1 strong:2 stance:1 secretary:1 richard:1 lyng:3 send:1 wrong:1 signal:1 major:2 grain:2 export:1 competitor:1 claim:1 another:1 area:2 may:2 increase:3 acreage:2 reduction:2 arp:4 level:1 however:1 issue:1 take:1 stand:1 within:1 reagan:1 administration:1 argue:1 leave:1 27:1 pct:2 30:1 office:1 management:1 omb:1 commodity:4 lobbyist:1 expect:1 prevail:1 way:1 significant:1 boost:1 inform:1 single:1 see:1 unfair:1 congress:1 likely:1 eventually:1 look:1 tightening:1 limitation:1 rule:1 possible:1 adoption:1 0:1 portion:1 enough:1 ultimately:1 force:1 apply:2 across:1 board:1 credit:1 corp:1 farmer:1 include:1 price:1 deficiency:1 similar:1 gramm:1 rudman:1 hollings:1 1986:1 idea:1 suggest:1 american:1 bureau:1 federation:1 afbf:1 fair:1 approach:1 | BUDGET PACT CUTS U.S. FARM FUNDS 1.25 BILLION DLRS
U.S. House and Senate budget
negotiators agreed as part of an overall budget accord reached
yesterday, to cut 1.25 billion dlrs from fiscal 1988 spending
on agricultural programs, Congressional sources told Reuters.
The agreed cut in farm programs is a compromise between 1.4
billion sought by the Senate and one billion by the House.
The negotiators also agreed to cut 1.6 billion from the
farm budget in fiscal 1989 and 2.45 billion in 1990, for a
total of 5.3 billion in saving over three years, sources said.
The agreement presents the House and Senate Agriculture
committees with difficult choices on how to make changes in
agriculture programs that achieve the budget savings targets
without jeopardizing popular support payments, senior
Congressional aides told Reuters.
Some farm state lawmakers already are manuevering to find
the budget savings.
Rep. Dan Glickman, D-Kan., Chairman of the House grains
subcommittee, has introduced a bill which would freeze wheat
and corn loan rates for the 1988 crop at the current 2.28 dlrs
and 1.92 dlrs respectively, saying it would save 500 mln dlrs.
House Agriculture Committee chairman Kika De la Garza has
said the committee will consider the Glickman proposal.
But Congressional sources said the proposal is unlikely to
be approved because of opposition from Republican lawmakers and
a strong stance by Agriculture Secretary Richard Lyng, who said
freezing loan rates would send the wrong signal to other major
grain export competitors and would not achieve the budget
savings Glickman claims.
Another area where Glickman and other have said budget
savings might be made is to increase acreage reduction program,
ARP, levels for wheat and corn.
However, on this issue also Lyng has taken a strong stand
within the Reagan administration, arguing that the 1988 crop
wheat acreage reduction should be left at 27.5 pct and not 30
pct as sought by the Office of Management and Budget, OMB. Most
commodity lobbyists expect Lyng to prevail.
Congressional sources said the only way to achieve
significant budget cuts through ARP increases would be to boost
the 1988 corn ARP. But one informed Congressional source said
singling-out corn for an ARP increase would would be seen as
unfair to one commodity.
Congressional sources said the areas where Congress is most
likely to eventually look for budget savings are some
tightening of the payment limitation rules, and possible
adoption of a 0/92 program for the 1988 crops of major grains.
Those changes would achieve a portion of the 1.25 billion
but not enough, they said.
Ultimately, Congressional sources said the agriculture
committees may be forced to apply an across-the-board cut on
all Commodity Credit Corp. payments to farmers, including price
support loans and deficiency payments, similar to the
Gramm-Rudman-Hollings budget cut applied in fiscal 1986.
This idea has been suggested by the American Farm Bureau
Federation, AFBF, as the fairest approach for all commodities.
|
test/18616 | test/18616 |@title u:1 first:1 time:1 jobless:1 claim:1 rise:1 week:1 |@word new:1 application:1 unemployment:1 insurance:1 benefit:2 rise:1 seasonally:1 adjust:1 340:1 000:4 week:4 end:2 june:1 6:1 310:1 prior:1 labor:1 department:1 say:1 number:1 people:1 actually:1 receive:1 regular:1 state:1 program:1 total:1 2:2 359:1 may:1 30:1 late:1 period:1 figure:1 available:1 255:1 previous:1 | U.S. FIRST TIME JOBLESS CLAIMS ROSE IN WEEK
New applications for unemployment
insurance benefits rose to a seasonally adjusted 340,000 in the
week ended June 6 from 310,000 in the prior week, the Labor
Department said.
The number of people actually receiving benefits under
regular state programs totaled 2,359,000 in the week ended May
30, the latest period for which that figure was available.
That was up from 2,255,000 the previous week.
|
test/18621 | test/18621 |@title opec:1 differential:1 see:1 pose:1 major:1 problem:1 |@word opec:17 state:1 unhappy:1 price:21 assign:2 crude:11 oil:7 pose:1 great:2 problem:3 group:1 review:1 six:2 month:2 old:1 output:4 pact:1 vienna:2 next:1 week:1 analyst:5 say:9 nigeria:5 hold:2 conference:1 presidency:2 qatar:1 probably:2 big:1 grievance:1 differential:5 make:3 uncompetitive:2 also:3 speculation:1 japanese:1 trader:2 may:1 want:1 mark:1 high:2 sulphur:1 heavy:4 correspond:1 demand:3 fuel:2 expert:4 agree:2 major:2 overhaul:1 unlikely:1 avoid:1 give:1 market:3 signal:1 dent:1 new:3 unity:2 member:2 good:2 case:2 change:3 one:5 company:1 end:1 day:1 attitude:1 go:1 leave:2 well:1 alone:1 little:1 nothing:1 likely:1 alter:1 iran:1 libya:1 saudi:1 arabia:1 among:2 see:2 sale:2 earlier:2 year:3 diminished:1 customer:3 resistance:1 fix:2 marketing:1 incentive:1 help:1 producer:2 sell:5 uncompetitively:1 mean:1 discount:2 processing:2 deal:2 alongside:1 better:1 grade:3 package:1 many:2 reasonably:1 least:1 part:1 quarterly:1 monthly:1 match:1 seasonal:2 rich:3 gasoline:3 light:4 last:1 meeting:1 december:1 reintroduce:1 february:2 1:2 around:1 18:5 dlr:5 per:1 barrel:3 reference:1 point:1 official:4 effectively:1 drop:1 1985:1 offer:1 attract:1 decide:1 limit:1 first:1 half:1 1987:1 15:1 8:1 mln:4 bpd:2 propose:1 ceiling:2 16:1 6:1 third:2 quarter:2 3:1 fourth:1 expect:1 extend:1 raise:2 slightly:1 current:1 coming:1 spot:3 netback:1 value:1 mirror:1 keep:1 target:1 minimal:1 figure:1 base:1 basket:1 non:1 key:1 export:2 2:1 65:1 gap:1 extra:1 industry:1 estimate:1 vary:1 proportion:1 actually:1 several:1 total:1 fact:1 rest:1 include:1 barter:1 form:1 refined:1 product:1 structure:1 appear:1 fall:1 due:2 reluctance:1 pay:1 especially:1 find:1 bonny:2 highest:1 92:1 dlrs:1 britain:1 brent:1 march:1 production:1 shrink:1 238:1 quota:1 since:1 revive:1 partly:1 rise:1 feel:1 still:1 overvalue:1 cut:1 50:1 ct:1 mehdi:1 varzi:1 chief:1 london:1 kleinwort:1 grieveson:1 securities:1 doubts:1 actively:1 push:1 question:1 would:1 look:1 issue:1 | OPEC DIFFERENTIALS NOT SEEN POSING MAJOR PROBLEMS
Some OPEC states are unhappy about the
prices assigned to their crude oil but this should not pose
great problems when the group reviews its six-month-old price
and output pact in Vienna next week, oil analysts say.
They said Nigeria, which holds the OPEC conference
presidency, and Qatar probably have the biggest grievances
about price differentials making some of their crudes
uncompetitive.
There has also been speculation by Japanese traders that
OPEC might want to mark up prices of high-sulphur heavy crudes,
to correspond with greater demand and higher fuel oil prices.
But most experts agree that a major overhaul of price
differentials is unlikely, so as to avoid giving the market
signals of a dent in OPEC's new unity.
'All OPEC members can make a good case for changing
differentials,' said one analyst with a major oil company. 'But
at the end of the day, the attitude is going to be 'leave well
alone' and little or nothing is likely to be altered.'
Iran, Libya and Saudi Arabia are among those who also saw
sales problems earlier this year, traders say. But diminished
customer resistance to fixed prices and, in some cases,
marketing incentives have helped their sales.
Some producers can sell uncompetitively priced crudes by
means of discounts, processing deals or selling them alongside
better priced grades in a 'package.'
Many OPEC crudes are seen to be reasonably priced, at least
for some part of the year. But many experts say OPEC should
change prices quarterly or monthly to match seasonal demand for
fuel oil-rich heavy crudes and gasoline-rich lighter grades. At
its last meeting in December, OPEC agreed to reintroduce fixed
prices from February 1 around an 18 dlr per barrel reference
point. Official prices had been effectively dropped in 1985
when members offered discounts to attract customers.
OPEC also decided to limit first-half 1987 output to 15.8
mln bpd and proposed ceilings of 16.6 mln for the third quarter
and 18.3 mln for the fourth. Analysts expect it will now extend
or raise slightly the current ceiling for the coming months.
Spot market and netback values for some crudes do not
mirror official prices, but OPEC will probably keep the 18 dlr
target and at most make minimal changes to differentials,
analysts say.
The 18 dlr figure is based on a basket of six OPEC and one
non-OPEC crudes. OPEC assigned prices to its other key export
crudes, with a 2.65 dlr gap between the heaviest and lightest.
Extra heavy crudes were among those left out.
Industry estimates vary on the proportion of OPEC oil
exports actually sold at official prices. Several experts say
only one-quarter to one-third of the total in fact sells at
official prices, with some of the rest included in processing
or barter deals or sold in the form of refined products.
Problems with the new structure appeared earlier this year,
when some producers' output fell due to customer reluctance to
pay the new prices.
Nigeria especially found its gasoline-rich Bonny Light crude
-- now OPEC's highest priced grade at 18.92 dlrs a barrel --
was uncompetitive on the spot market against Britain's Brent.
In February and March, Nigeria's production shrank below
its 1.238 mln bpd OPEC quota. Spot prices have since revived,
due partly to seasonal demand for gasoline, and its output has
risen.
Some experts feel Bonny Light is still overvalued and say
its price should be cut by between 50 cts to one dlr a barrel.
But Mehdi Varzi, chief oil analyst with London's Kleinwort
Grieveson Securities, doubts Nigeria will actively push the
differentials question in Vienna.
'It would not look good for OPEC unity if Nigeria, which
holds the presidency, raised the issue,' he said.
|
test/18625 | test/18625 |@title new:1 zealand:1 budget:1 forecast:1 see:1 positive:1 |@word analyst:7 say:11 surprised:1 government:2 announcement:2 forecast:4 budget:10 surplus:6 fiscal:1 1988:2 consistent:1 previous:1 policy:2 statement:2 positive:4 economy:1 finance:1 minister:1 roger:1 douglas:1 predict:5 year:3 end:2 march:1 379:1 mln:2 new:3 zealand:3 dlrs:3 1:2 95:1 billion:3 deficit:2 last:1 poll:1 reuters:2 even:1 bullish:1 good:2 news:1 financial:1 market:6 expectation:1 among:1 question:1 vary:1 widely:1 balanced:1 2:1 3:1 dlr:1 none:1 initially:1 look:3 bond:2 foreign:2 exchange:2 one:3 paradoxically:1 dollar:3 could:3 rise:1 medium:1 term:1 despite:2 low:2 interest:2 rate:2 overseas:2 investor:2 become:1 confident:1 invest:1 however:1 dealer:1 disagree:1 local:2 primarily:1 drive:1 move:1 drop:1 0:2 5940:1 50:2 u:1 hour:1 trade:1 5970:1 77:1 release:1 also:2 share:3 increase:1 contribution:1 company:2 taxation:1 revenue:2 figure:1 equity:1 push:1 point:1 tomorrow:1 broadly:1 expect:1 continuation:1 exist:1 absence:1 traditional:1 pre:1 election:3 incentive:1 would:1 view:1 positively:1 another:2 merchant:1 bank:1 economist:2 certain:1 anti:1 tax:1 avoidance:1 measure:1 damage:1 sector:1 particularly:1 multi:1 national:1 lower:1 borrowing:1 requirement:2 tender:1 result:1 rest:1 950:1 n:1 z:1 75:1 sustainable:1 appear:1 hold:1 back:1 expenditure:1 add:1 document:1 seem:1 entirely:1 credible:1 altogether:1 labour:1 prospect:1 due:1 september:1 | NEW ZEALAND BUDGET FORECAST SEEN AS POSITIVE
Analysts said they were surprised at
the government's announcement of a forecast budget surplus for
fiscal 1988 but said it was consistent with previous policy
statements and positive for the economy.
Finance Minister Roger Douglas predicted a budget surplus
for the year ending March 1988 of 379 mln New Zealand dlrs
against a 1.95 billion deficit last year.
Analysts polled by Reuters said the forecast budget surplus
was even more positive than the most bullish analysts'
forecasts and that this was good news for financial markets.
Market expectations among analysts questioned by Reuters
before the budget varied widely between a balanced budget and a
2.3 billion dlr deficit. But none predicted a surplus.
The forecast initially looks positive for both the bond and
the foreign exchange markets, one analyst said. Paradoxically,
the New Zealand dollar could rise in the medium term, despite
lower interest rates, as overseas investors became more
confident about investing in New Zealand, he said.
However, some foreign exchange dealers disagreed, saying
the local dollar is primarily interest rate driven and will
move lower.
The local dollar dropped to 0.5940/50 U.S. Dlrs in after
hours trading, against 0.5970/77 just before the budget
release.
Analysts said the budget was also positive for the share
market, despite an increase in the contribution of company
taxation to revenue figures.
One equities analyst predicted that the budget surplus
announcement could push the share market up by 50 points
tomorrow.
The Budget statement was broadly as expected, with a
continuation of existing policies, and the absence of
traditional pre-election incentives would be viewed positively
by overseas investors, another said.
But one merchant bank economist said that certain anti-tax
avoidance measures could damage some sectors of the share
market, particularly multi-national companies.
The government is also lowering its borrowing requirements,
through bond tenders, as a result of the surplus. The
requirement for the rest of the year is now down to 950 mln
N.Z. Dlrs from a predicted 1.75 billion.
Predicted revenue in the Budget looked sustainable and
there appeared to be no holding back on expenditure, another
economist said. He added that the document seemed entirely
credible.
'Altogether it looks good for Labour's election prospects,'
he said.
An election is due before the end of September.
|
test/18627 | test/18627 |@title general:1 instrument:1 corp:1 grl:1 1st:1 qtr:1 may:1 31:1 |@word shr:1 37:1 ct:2 vs:4 eight:1 net:1 12:1 0:1 mln:6 5:1 1:2 revs:1 280:1 155:1 9:1 backlog:1 625:1 7:1 451:1 6:1 | GENERAL INSTRUMENT CORP <GRL> 1ST QTR MAY 31
Shr 37 cts vs eight cts
Net 12.0 mln vs 5.1 mln
Revs 280.1 mln vs 155.9 mln
Backlog 625.7 mln vs 451.6 mln
|
test/18638 | test/18638 |@title mr:1 rooter:1 root:1 rescind:1 united:1 western:1 pact:1 |@word mr:4 rooter:4 corp:2 say:5 rescind:2 recent:1 agreement:4 call:1 united:5 western:5 energy:1 buy:1 majority:1 stock:1 four:1 dlrs:1 share:1 company:1 also:1 demand:1 repayment:2 150:1 000:1 dlr:1 loan:2 make:1 since:1 announce:1 discover:1 additional:2 information:2 relate:1 unaffiliated:1 privately:1 hold:1 corporation:1 guarantee:1 obligation:1 light:1 without:1 provide:1 detail:1 talk:1 progress:1 regard:1 term:1 | MR. ROOTER <ROOT.O> RESCINDS UNITED WESTERN PACT
Mr. Rooter Corp said it rescinded
a recent agreement calling for <United Western Energy Corp> to
to buy a majority of Mr. Rooter's stock for four dlrs a share.
The company said it has also demanded repayment of a
150,000 dlr loan made to United Western.
Since announcing the agreements, Mr. Rooter said, it
discovered additional information relating to United Western
and the unaffiliated privately held corporation which had
guaranteed all of United Western's obligations under the
agreements.
Mr. Rooter said the agreements were rescinded d'in light of
this additional information,' without providing details.
It said talks are in progress with United Western with
regard to the repayment terms of the loan.
|
test/18642 | test/18642 |@title indonesia:1 reject:1 world:1 bank:1 farm:1 reform:1 idea:1 |@word indonesia:5 reject:1 world:3 bank:6 recommendation:2 sweeping:1 reform:1 farm:3 economy:2 country:2 foreign:3 aid:1 donor:2 meet:2 consider:1 give:1 2:1 5:1 billion:1 dlrs:1 grant:1 soft:1 loan:1 agriculture:1 minister:1 achmad:1 affandi:4 write:1 remark:1 distribute:1 today:1 14:1 nation:2 hague:1 say:8 general:1 argument:2 present:1 free:2 trade:2 open:1 view:1 weak:1 call:1 overhauls:1 manage:1 large:1 area:1 south:1 east:1 asia:1 agricultural:2 growth:1 stagnate:1 subsidy:3 rice:4 report:2 production:3 peak:1 waste:1 money:2 reply:1 main:1 staple:1 provide:1 income:1 17:1 pct:1 workforce:1 need:3 support:1 fertilizer:1 industry:3 include:1 importer:1 exporter:1 producer:1 distributor:1 well:1 assist:1 small:1 part:1 majority:1 indonesian:1 farmer:2 agree:1 choose:1 crop:1 government:1 would:2 continue:2 maintain:1 target:1 strategic:1 commodity:2 sugar:6 especially:1 critical:1 drive:2 plant:1 domestic:2 price:3 double:1 average:1 inefficiency:1 save:2 import:2 however:1 volatile:1 exchange:1 already:1 run:1 good:1 also:1 barrier:1 monopoly:1 sector:1 help:1 develop:2 intervention:1 | INDONESIA REJECTS WORLD BANK FARM REFORM IDEAS
Indonesia rejected World Bank
recommendations for sweeping reforms to its farm economy, as
the country's foreign aid donors met to consider giving it 2.5
billion dlrs in grants and soft loans.
Agriculture Minister Achmad Affandi, in written remarks
distributed today as Indonesia's 14 foreign donor nations met
at The Hague, said, 'The general argument presented by the Bank
for this free trade, open economy view is weak.'
The Bank called for overhauls in how Indonesia manages the
largest farm area in South-east Asia, and said agricultural
growth was stagnating under subsidies for rice farming.
The Bank report said Indonesia's rice production had peaked
and the subsidies are a waste of money.
Affandi replied that rice is the main staple and provides
an income for 17 pct of the workforce. The subsidies were
needed to support the fertilizer industry, including importers,
exporters, producers and distributors, he said, as well as
assisting in small part the majority of Indonesian farmers.
Affandi agreed with a bank recommendation that farmers
should be free to choose their own crops, but he said the
government would continue to maintain production targets for
'strategic commodities' such as rice and sugar.
The Bank report was especially critical of Indonesia's
drive to plant sugar, saying domestic sugar prices are double
the world average because of inefficiencies, and the country
would save money by importing the commodity.
However, Affandi said volatile world sugar prices, the need
to save foreign exchange and an already up-and-running sugar
industry were good arguments for continuing the sugar drive.
He also said import barriers and trade monopolies in the
agricultural sector were needed to help domestic industry
develop and because of 'over-production and price intervention
in the developed nations.'
|
test/18643 | test/18643 |@title gillette:2 say:2 revlon:2 ask:2 board:2 consent:2 40:2 50:2 dlrs:2 per:2 share:2 offer:2 |@word | GILLETTE SAYS REVLON ASKED ITS BOARD TO CONSENT TO 40.50
DLRS PER SHARE OFFER
GILLETTE SAYS REVLON ASKED ITS BOARD TO CONSENT TO 40.50
DLRS PER SHARE OFFER
|
test/18644 | test/18644 |@title liberty:2 financial:2 say:2 agree:2 acquire:2 equimark:2 48:2 dlrs:2 per:2 share:2 |@word | LIBERTY FINANCIAL SAYS IT AGREES TO BE ACQUIRED BY
EQUIMARK FOR 48 DLRS PER SHARE
LIBERTY FINANCIAL SAYS IT AGREES TO BE ACQUIRED BY
EQUIMARK FOR 48 DLRS PER SHARE
|
test/18646 | test/18646 |@title price:1 co:1 pclb:1 3rd:1 qtr:1 june:1 seven:1 net:1 |@word shr:2 30:1 ct:2 vs:8 24:1 net:2 14:1 7:1 mln:10 11:2 3:1 sale:2 738:1 9:4 605:1 1:3 avg:2 shrs:2 49:1 0:1 47:1 nine:1 mth:1 dlrs:1 93:1 ctsd:1 54:1 2:2 42:1 45:1 billion:2 95:1 48:1 46:1 4:1 note:1 twelve:1 40:1 week:1 period:1 | PRICE CO <PCLB.O> 3RD QTR JUNE SEVEN NET
Shr 30 cts vs 24 cts
Net 14.7 mln vs 11.3 mln
Sales 738.9 mln vs 605.1 mln
Avg shrs 49.0 mln vs 47.9 mln
Nine mths
Shr 1.11 dlrs vs 93 ctsd
Net 54.2 mln vs 42.9 mln
Sales 2.45 billion vs 1.95 billion
Avg shrs 48.9 mln vs 46.4 mln
NOTE: Twelve- and 40-week periods.
|
test/18648 | test/18648 |@title medchem:1 products:1 inc:1 mdch:1 3rd:1 qtr:1 net:1 |@word qtr:1 end:1 may:1 31:1 shr:2 20:1 ct:4 vs:6 eight:1 net:2 509:1 043:1 dlrs:8 202:1 473:1 rev:2 2:1 106:1 462:1 1:3 158:1 621:1 nine:1 mth:1 58:1 50:1 465:1 271:1 240:1 773:1 5:1 854:1 819:1 4:1 640:1 687:1 | MEDCHEM PRODUCTS INC <MDCH.O> 3RD QTR NET
Qtr ends May 31
Shr 20 cts vs eight cts
Net 509,043 dlrs vs 202,473 dlrs
Revs 2,106,462 dlrs vs 1,158,621 dlrs
Nine mths
Shr 58 cts vs 50 cts
Net 1,465,271 dlrs vs 1,240,773 dlrs
Revs 5,854,819 dlrs vs 4,640,687 dlrs
|
test/18651 | test/18651 |@title westcoast:1 wtc:1 acquire:1 agip:1 property:1 |@word westcoast:2 transmission:1 co:1 ltd:3 say:3 agree:1 acquire:2 western:2 canada:7 oil:3 gas:3 reserve:2 property:3 agip:6 subsidiary:1 spa:1 part:1 italy:1 eni:1 group:1 54:1 mln:3 canadian:1 dlrs:2 end:1 1986:1 report:1 prove:1 probable:1 4:1 2:1 barrel:2 crude:1 natural:2 liquid:1 22:1 7:1 billion:1 cubic:1 foot:1 also:1 hold:1 176:1 000:1 net:1 exploratory:1 acre:1 produce:1 1:1 100:1 day:1 deal:1 subject:1 approval:1 company:1 director:1 acquisition:1 would:2 enable:1 apply:1 150:1 accumulate:1 tax:2 pool:1 enhance:1 cash:1 flow:1 retain:1 offshore:1 exploration:1 block:1 labrador:1 gold:1 mine:1 yukon:1 territory:1 uranium:1 interest:1 saskatchewan:1 | WESTCOAST <WTC> TO ACQUIRE AGIP PROPERTIES
Westcoast
Transmission Co Ltd said it agreed to acquire the Western
Canada oil and gas reserves and properties of AGIP Canada Ltd,
a subsidiary of AGIP SpA, part of Italy's ENI group, for 54 mln
Canadian dlrs.
At the end of 1986, AGIP Canada reported proven and
probable reserves of 4.2 mln barrels of crude oil and natural
gas liquids and 22.7 billion cubic feet of natural gas. AGIP
Canada also holds 176,000 net exploratory acres in Western
Canada. Its properties produce about 1,100 barrels of oil a
day.
The deal is subject to approval by both companies'
directors.
Westcoast said the acquisition would enable it to apply
more than 150 mln dlrs of accumulated tax pools of AGIP Canada
Ltd to enhance after-tax cash flow from the acquired
properties.
AGIP Canada said it would retain offshore exploration
blocks in Labrador, a gold mine in Yukon Territory and uranium
interests in Saskatchewan.
|
test/18654 | test/18654 |@title lomas:1 nettleton:1 lnf:1 make:1 acquisition:1 |@word lomas:1 nettleton:1 financial:1 corp:1 say:2 agree:1 principle:1 acquire:1 houston:1 discount:1 brokerage:2 firm:1 texas:1 first:1 services:1 inc:1 undisclosed:1 term:1 subject:1 regulatory:1 approval:1 completion:1 expect:1 july:1 31:1 | LOMAS AND NETTLETON <LNF> TO MAKE ACQUISITION
Lomas and Nettleton Financial Corp said
it has agreed in principle to acquire Houston discount
brokerage firm Texas First Brokerage Services Inc for
undisclosed terms, subject to regulatory approvals.
It said completion is expected by July 31.
|
test/18655 | test/18655 |@title shell:2 canada:2 raise:2 crude:2 oil:2 post:2 32:2 canadian:2 ct:2 bbl:2 |@word | SHELL CANADA RAISES CRUDE OIL POSTING 32 CANADIAN CTS/BBL
SHELL CANADA RAISES CRUDE OIL POSTING 32 CANADIAN CTS/BBL
|
test/18658 | test/18658 |@title liberty:1 financial:1 announce:1 merger:1 equimark:1 |@word liberty:12 financial:2 group:1 inc:1 parent:2 savings:2 bank:3 say:6 sign:1 definitive:1 agreement:1 acquire:1 equimark:4 corp:2 eqk:1 equibank:1 48:3 dlrs:3 share:3 transaction:1 structure:1 merger:2 duly:1 form:1 unit:3 company:4 shareholder:2 receive:1 per:2 uopn:1 accord:1 acquisition:2 contingent:1 upon:1 approval:1 appropriate:1 regulatory:1 authority:1 result:1 operate:1 separate:1 wholly:1 charles:1 cheleden:1 chairman:1 president:2 saving:2 continue:1 chief:1 executive:1 officer:1 headquarter:1 horsham:1 pa:1 feel:1 price:2 cash:1 attractive:1 advise:1 shearson:1 lehman:1 brothers:1 fair:1 | LIBERTY FINANCIAL ANNOUNCES MERGER WITH EQUIMARK
Liberty Financial Group Inc, the
parent of Liberty Savings Bank said it has signed a definitive
agreement to be acquired by Equimark Corp <EQK>, the parent of
Equibank, for 48 dlrs a share of Liberty.
The transaction is structured as a merger of Liberty with a
duly-formed unit of Equimark, the company said.
Liberty shareholders will receive about 48 dlrs per share
uopn the merger, the company said.
According to the companies, the acquisition is contingent
upon the approval of Liberty's shareholders and the appropriate
regulatory authorities.
Liberty said the acquisition of its unit, Liberty Savings
Bank, by Equimark Corp, will result in the bank operating as a
separate wholly owned unit of Equimark.
Charles Cheleden, chairman and president of Liberty
Financial and Liberty Savings, will continue as president and
chief executive officer of Liberty Savings, headquartered in
Horsham, Pa., the company said.
Liberty said it feels that the price of 48 dlrs in cash per
share is attractive and that it has advised by Shearson Lehman
Brothers that the price is fair.
|
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