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test/18910 | test/18910 |@title magic:1 year:1 kid:1 acquire:1 three:1 center:1 |@word magic:1 year:1 child:1 care:2 learning:1 centers:1 inc:1 say:3 sign:1 letter:1 intent:1 acquire:1 three:2 profitable:1 day:1 center:2 south:1 central:1 pennsylvania:1 total:1 price:1 350:1 000:2 dlrs:3 privately:1 aggregate:1 revenue:1 474:1 1986:1 profit:1 six:1 thousand:1 company:2 transaction:1 schedule:1 close:1 early:1 july:1 | MAGIC YEARS <KIDS.O> TO ACQUIRE THREE CENTERS
Magic Years Child Care and
Learning Centers Inc said it signed a letter of intent to
acquire three profitable day care centers in south central
Pennsylvania for a total price of 350,000 dlrs.
The three privately owned centers had aggregate revenues of
474,000 dlrs in 1986, with profits of six thousand dlrs, the
company said.
The transaction is scheduled to close in early July, the
company said.
|
test/18911 | test/18911 |@title bank:1 america:1 see:1 slow:1 u:1 consumer:1 spending:1 |@word trade:2 lead:1 boom:1 u:3 unlikely:1 year:11 next:1 growth:8 net:2 export:2 merely:1 offset:1 dramatic:1 slowdown:2 consumer:5 spending:4 sector:1 economy:1 bank:3 america:3 say:3 late:1 economic:1 report:4 although:1 add:2 0:5 7:2 pct:16 gnp:3 reduce:2 1:9 2:5 1986:5 contribute:1 4:4 less:1 last:2 result:2 likely:4 expand:1 modest:2 5:1 rate:2 accord:1 daniel:1 van:4 dyke:4 economist:1 write:1 united:1 states:1 drop:2 dramatically:1 jump:1 inflation:2 cause:2 falloff:1 disposable:2 income:4 slow:1 8:1 predict:1 release:1 commerce:1 department:1 today:1 personal:2 rise:5 may:1 increase:3 april:1 consumption:1 expenditure:1 compare:2 6:1 month:1 cost:1 energy:1 import:1 boost:1 price:1 average:2 3:2 9:2 forecast:1 real:1 1987:1 calculate:1 purchase:1 power:1 family:1 four:1 540:1 dlrs:2 surge:1 210:1 housing:1 start:1 six:1 1988:2 annual:1 63:1 mln:1 unit:1 first:1 time:1 several:1 recession:1 1989:1 remote:1 possibility:1 currently:1 fragile:1 depend:1 heavily:1 improvement:1 however:1 protectionist:1 attitude:1 country:1 source:1 risk:1 | BANK OF AMERICA SEES SLOW U.S. CONSUMER SPENDING
A trade-led boom in the U.S. is
unlikely this year or next because growth in net exports will
merely offset a dramatic slowdown in consumer spending and
other sectors of the economy, Bank of America said in its
latest economic report.
Although net exports will add 0.7 pct to GNP this year,
after reducing it by 1.2 pct in 1986, consumer spending will
contribute 1.4 pct less to GNP than it did last year.
As a result, GNP this year is likely to expand a modest 2.5
pct, the same rate as last year, according to Daniel Van Dyke,
the Bank of America economist who wrote the report.
'Growth in consumer spending in the United States will drop
dramatically this year because the jump in inflation will cause
a falloff in the growth of disposable income,' Van Dyke said.
Growth in U.S. consumer spending is likely to slow to 1.8
pct this year from 4.1 pct in 1986, he predicted.
The report was released before the Commerce Department
reported today that personal income rose just 0.2 pct in May,
after increasing 0.4 pct in April, and that personal
consumption expenditures had risen just 0.1 pct, compared with
a 0.6 pct increase the month before.
The rising cost of energy and imports is likely to boost
consumer prices by an average of 3.7 pct this year, up from 1.9
pct in 1986, Bank of America forecast.
This rise in inflation will reduce real disposable income
growth to only 1.3 pct in 1987 from 2.9 pct in 1986.
As a result, Van Dyke calculated that the purchasing power
of an average family of four will increase by a modest 540 dlrs
this year compared to a surge of 1,210 dlrs during 1986.
The slowdown in income growth is likely to cause housing
starts to drop by 4.2 pct this year and a further six pct in
1988 to an annual rate of 1.63 mln units.
'For the first time in several years, a recession in 1988
or 1989 is more than a remote possibility,' Van Dyke said.
Currently, U.S. growth is fragile and depends heavily on an
improvement in trade. 'However, with protectionist attitudes on
the rise in this country, this source of growth is at risk,' he
added.
|
test/18917 | test/18917 |@title brooklyn:1 union:1 bu:1 see:1 hurt:1 pipeline:1 closure:1 |@word brooklyn:7 union:8 gas:23 co:4 new:1 york:1 utility:3 see:1 cost:6 sharply:1 result:1 transco:7 energy:3 e:1 decision:1 close:2 pipeline:5 transport:3 spot:11 sale:1 industry:2 analyst:4 say:15 fourth:1 large:2 united:1 states:1 purchase:1 36:1 pct:1 supply:7 non:1 contract:3 market:1 1986:1 proportion:1 estimate:1 much:1 high:4 five:2 month:4 1987:1 texas:1 eastern:2 pipelines:1 tet:1 compete:1 deliver:2 produce:1 area:1 south:1 gate:1 station:1 summer:2 rely:2 entirely:1 may:2 pay:6 two:1 dlrs:2 per:2 mln:2 british:1 thermal:1 unit:1 four:1 btu:1 source:1 announce:1 yesterday:1 would:2 longer:1 provide:1 open:1 access:1 natural:5 customer:5 fear:1 accumulate:1 take:6 liability:1 oblige:1 producer:2 even:1 delivery:1 continue:1 receive:1 small:2 amount:1 minor:1 field:1 grandfather:1 clause:1 official:1 foster:1 corwith:1 dean:1 witter:1 reynolds:1 rise:1 booklyn:1 pass:1 rate:1 payer:1 net:1 effect:1 company:4 know:1 several:1 time:1 lag:1 deferred:1 earning:1 end:3 user:2 especially:1 residential:1 commercial:1 closure:1 place:1 demand:1 seasonal:1 low:1 impact:1 cash:1 flow:1 curt:1 launer:2 donaldson:1 lufkin:1 jenrette:1 situation:1 persist:1 winter:1 heating:1 season:1 could:1 cut:1 profit:1 along:1 seaboard:1 north:1 carolina:1 ncng:1 piedmont:1 pny:1 face:1 factor:1 steve:1 richard:2 manager:1 system:2 houston:1 base:1 brokering:1 firm:1 unwitting:1 victim:1 dispute:1 distributor:2 turn:1 deaf:1 ear:1 request:1 inventory:3 charge:3 reserve:1 facility:1 without:1 threaten:1 drive:1 away:1 capable:1 shift:1 alternative:1 fuel:1 absence:1 guideline:1 federal:1 regulatory:1 commission:1 matter:1 negotiate:1 refuse:1 cheap:1 likely:1 conciliatory:1 cool:1 head:1 prevail:1 dlj:1 | BROOKLYN UNION<BU> SEEN HURT BY PIPELINE CLOSURE
Brooklyn Union Gas Co, a New York gas
utility, will see its gas costs up sharply as a result of
Transco Energy Co's <E> decision to close its pipelines to
transport spot gas sales, energy industry analysts said.
Brooklyn Union, the fourth largest gas utility in the
United States, purchased 36 pct of its supplies on the spot, or
non-contract, market in 1986, and the proportion of spot
supplies was estimated much higher in the five months of 1987,
analysts said.
Texas Eastern pipelines <TET>, the other competing
pipeline, to deliver spot gas from producing areas in the South
closed its gate station for summer, and Brooklyn Union has
relied entirely on Transco for spot supplies.
In the month of May, Brooklyn Union paid about two dlrs
per mln British Thermal Unit for spot gas, while contract gas
costs four to five dlrs per mln BTU, industry sources said.
Transco announced yesterday it would no longer provide open
access to transport spot natural gas to its customers for fear
of accumulating more take-or-pay liabilities.
Take-or-pay contracts oblige pipelines to pay producers for
gas even if delivery is not taken by its customers.
Brooklyn Union will continue receiving a small amount of
supplies from minor fields under a grandfather clause, a
Brooklyn Union official said.
Foster Corwith, gas analyst with Dean Witter Reynolds, said
most of the rising cost to Booklyn Union will be passed through
to rate payers.
While net effect on the company will not be known for
several months because of the time lag in deferred earnings,
end-users, especially residential and commercial customers,
will end up paying more for gas, he said.
Because the closure takes place in summer months when gas
demand is at seasonal low, the impact on cash flow would be
small, Curt Launer, natural gas analyst with Donaldson Lufkin
Jenrette, said.
If the situation persists into winter heating season, high
cost gas could cut in the company's profits, he said.
Gas utilities along eastern seaboard relying on Transco for
spot gas, such as North Carolina Natural Gas Co <NCNG>,
Piedmont Natural Gas Co <PNY>, will face the same high cost
factor as Brooklyn Union, Steve Richards, a supply manager with
end users supply system, a Houston based natural gas brokering
firm, said.
'But these companies are not unwitting victims of the
take-or-pay dispute between Transco and producers,' he said.
Distributors have turned a deaf ear to Transco's request
for an inventory charge, which reserves the pipeline facility
for spot gas to be delivered to these companies, he said.
Without spot supplies, the high cost of system gas will
threaten to drive away large customers capable of shifting to
alternative fuels, he said.
In absence of any guidelines on inventory charges from the
Federal Energy Regulatory Commission, the matter is being
negotiated between pipelines and customers, Richards said.
Now that Transco has refused to transport cheap spot gas
for them, these distributors are likely to be more conciliatory
on the inventory charge, he said.
'Cool heads will prevail,' DLJ's Launer said, ' but it may
take a while.'
|
test/18920 | test/18920 |@title reynolds:1 metal:1 rlm:1 restart:1 idle:1 potline:1 |@word reynolds:2 metal:3 co:1 say:4 plan:1 restart:3 last:1 idle:1 potuction:1 line:2 troutdale:1 ore:1 primary:2 aluminum:3 plant:1 22:1 700:1 metric:1 tonne:2 per:2 year:2 operate:1 100:1 pct:1 consolidated:1 capacity:1 695:1 000:1 reynold:2 work:1 commence:1 potline:1 near:1 future:1 expect:1 actual:1 production:1 begin:1 september:1 one:1 company:1 start:1 necessitate:1 continue:1 strong:1 demand:1 dwindle:1 worldwide:1 inventory:1 need:1 supply:1 various:1 fabricating:1 business:1 | REYNOLDS METALS <RLM> TO RESTART IDLE POTLINE
Reynolds Metals co said it plans
to restart the last idle potuction line at its Troutdale, Ore.,
primary aluminum plant.
With the restart of this 22,700-metric-tonne-per-year line,
Reynolds said, it will be operating at 100 pct of its
consolidated primary aluminum capacity of 695,000 tonnes per
year.
Reynolds said work will commence on the potline restart in
the near future and it is expected that actual metal production
will begin on September one.
The company said the start up was necessitated by
continuing strong demand for aluminum and dwindling worldwide
inventories, and that the metal is needed to supply Reynolds'
various fabricating businesses.
|
test/18921 | test/18921 |@title cbc:2 bancorp:1 acquire:1 union:1 planter:1 |@word bancorp:1 inc:1 say:3 acquire:1 memphis:1 based:1 union:3 planters:1 corp:1 upcm:1 merger:2 agreement:2 detail:1 disclose:1 cbc:4 hold:1 company:1 cookeville:1 citizens:1 bank:2 sign:1 would:1 merge:1 2:2 billion:1 dlrs:2 asset:1 accord:1 report:1 shareholder:1 equity:1 nearly:1 190:1 mln:1 period:1 end:1 march:1 31:1 affect:1 citizen:1 name:1 management:1 board:1 director:1 employee:1 | CBC BANCORP TO BE ACQUIRED BY UNION PLANTERS
<CBC Bancorp Inc> said it will
be acquired by the Memphis-based Union Planters Corp <UPCM.O>
in a merger agreement.
Details were not disclosed.
CBC, which is the holding company which owns Cookeville's
Citizens Bank, said it has signed an agreement which would
merge CBC with Union, which has 2.2 billion dlrs in assets.
According to CBC, Union reported shareholders equity of
nearly 190 mln dlrs for the period ending March 31.
CBC said the merger will not affect Citizens Banks' name,
management, board of directors or employees.
|
test/18922 | test/18922 |@title tie:3 communication:1 renew:1 agreement:1 |@word communications:1 inc:2 say:1 renew:1 agreement:1 sell:1 gte:3 corp:3 bell:1 atlantic:1 bel:1 nynex:1 nyn:1 us:1 west:1 usw:1 two:1 year:1 company:1 provide:1 small:1 mid:1 siezed:1 key:2 telephone:1 system:3 hybrid:1 datum:1 star:1 pabx:1 | TIE/COMMUNICATIONS <TIE> RENEWS AGREEMENTS
TIE/Communications Inc said it
has renewed agreements to sell its GTE Corp <GTE>, Bell
Atlantic Corp <BEL>, NYNEX Corp <NYN> and US West Inc <USW> for
two years.
The company is providing small to mid-siezed key telephone
systems to GTE and key systems, hybrids and DATA STAR PABX
systems to the others.
|
test/18924 | test/18924 |@title itc:1 contest:1 use:1 document:1 court:1 evidence:1 |@word international:2 tin:3 council:7 itc:4 intervene:1 high:1 court:3 hearing:1 attempt:1 prevent:1 presentation:1 internal:2 document:1 evidence:1 intervention:1 shearson:1 lehman:1 action:2 london:1 metal:1 exchange:1 ring:1 contract:1 1986:1 likely:1 implication:1 case:2 involve:1 follow:2 collapse:1 buffer:1 stock:1 operation:1 october:2 1985:1 delegate:3 say:2 present:1 professor:1 rosalyn:1 higgins:1 expect:2 take:1 one:2 two:3 day:1 next:1 week:2 sit:1 tomorrow:2 essence:1 claim:1 status:1 similar:1 foreign:1 embassy:1 archive:1 therefore:1 use:1 english:1 law:1 end:1 quarterly:2 session:3 today:2 ahead:1 schedule:2 meeting:2 go:1 european:1 community:1 legal:2 adviser:1 due:1 attend:1 review:1 progress:1 various:1 otherwise:1 occupy:1 administrative:1 matter:1 continue:2 operate:1 reduced:1 staff:1 june:1 30:1 year:2 extension:1 sixth:1 agreement:1 well:1 deal:1 ongoing:1 litigation:1 statistical:1 work:1 carry:1 research:2 study:1 although:1 staffing:1 department:1 cut:1 previously:1 elect:1 philip:1 sparkes:1 australia:1 first:1 vice:2 chairman:2 produce:1 member:1 heinz:1 hofer:1 switzerland:1 second:1 consumer:1 july:1 1:1 future:1 5:1 7:1 december:1 14:1 16:1 | ITC CONTESTS USE OF DOCUMENTS AS COURT EVIDENCE
The International Tin Council, ITC,
intervened in a High Court hearing in an attempt to prevent the
presentation of internal Council documents as evidence.
The intervention in Shearson Lehman's action against the
London Metal Exchange over its 'ring out' of tin contracts in
1986 is likely to have implications for other cases in which
the Council is involved following the collapse of its buffer
stock operations in October 1985, ITC delegates said.
The ITC's case is being presented by Professor Rosalyn
Higgins and is expected to take a further one or two days next
week. Court does not sit tomorrow.
In essence the Council is claiming that its status is
similar to that of a foreign embassy and that its archives can
therefore not be used in an English court of law.
The Council ended its quarterly session today ahead of
schedule. The meeting had been expected to go on until tomorrow
when the European Community's legal advisers were due to
attend, but delegates reviewed the progress of the various
legal actions today.
Otherwise, the meeting was occupied with internal
administrative matters, delegates said.
The ITC will continue to operate with a reduced staff after
June 30 following the two year extension of the sixth
International Tin Agreement.
As well as dealing with the ongoing litigation, the Council
will continue with its statistical work and carry out some
research studies, although staffing in the research department
is being cut to one from two previously.
At this week's session the Council elected Philip Sparkes
of Australia as first vice-chairman for the producing members
and Heinz Hofer of Switzerland as second vice-chairman for the
consumers for the year from July 1. Future quarterly sessions
are scheduled for October 5/7 and December 14/16.
|
test/18930 | test/18930 |@title reynolds:1 metal:1 restart:1 idle:1 potline:1 |@word reynolds:2 metal:3 co:1 say:4 plan:1 restart:3 last:1 idle:1 potline:1 troutdale:1 ore:1 primary:2 aluminum:3 plant:1 22:1 700:1 tonne:2 year:2 production:2 line:1 operate:1 100:1 pct:1 consolidated:1 capacity:1 695:1 000:1 per:1 reynold:2 work:1 begin:2 near:1 future:1 expect:1 actual:1 september:1 1:1 company:1 start:1 necessitate:1 continue:1 strong:1 demand:1 dwindle:1 worldwide:1 inventory:1 need:1 supply:1 various:1 fabricating:1 business:1 | REYNOLDS METALS TO RESTART IDLE POTLINE
Reynolds Metals Co said it plans
to restart the last idle potline at its Troutdale, Ore.,
primary aluminum plant.
With the restart of this 22,700 tonne a year production
line, Reynolds said it will be operating at 100 pct of its
consolidated primary aluminum capacity of 695,000 tonnes per
year.
Reynolds said work on the restart will begin in the near
future and it is expected that actual metal production will
begin September 1.
The company said the start-up was necessitated by
continuing strong demand for aluminum and dwindling worldwide
inventories, and that the metal is needed to supply Reynolds'
various fabricating businesses.
|
test/18932 | test/18932 |@title allegheny:1 algh:1 form:1 subsidiary:1 |@word allegheny:1 western:1 energy:1 corp:1 say:3 form:1 subsidiary:2 market:2 gas:2 small:1 user:1 west:1 virginia:1 company:2 also:1 complete:1 negotiation:1 sell:1 10:1 12:1 mln:1 cubic:1 foot:1 per:1 day:1 large:1 unspecified:1 east:1 coast:1 utility:1 interstate:1 become:1 part:1 operation:1 | ALLEGHENY <ALGH.O> FORMING SUBSIDIARY
Allegheny and Western Energy Corp said
it was forming a subsidiary to market gas to smaller users in
West Virginia.
The company also said it completed negotiations to sell
between 10 and 12 mln cubic feet of gas per day to a large,
unspecified East Coast utility.
Interstate markets will become part of the subsidiary's
operations, the company said.
|
test/18938 | test/18938 |@title gillette:1 gs:1 see:1 object:1 global:1 bidding:1 war:1 |@word ronald:2 perelman:12 head:1 revlon:7 group:1 inc:5 rev:1 may:2 try:3 ignite:1 bidding:1 war:1 gillette:16 co:4 could:1 draw:1 big:1 international:1 player:1 process:2 make:5 lot:1 money:3 wall:3 street:3 analyst:3 say:13 several:1 hour:2 regularly:1 schedule:2 board:5 director:1 meeting:1 disclose:1 request:1 consent:3 offer:1 least:1 40:2 50:1 dlrs:5 per:4 share:6 need:1 agree:1 november:3 buy:1 stock:2 10:1 year:3 without:3 permission:1 think:1 less:1 interested:3 put:2 play:3 stand:2 ton:1 andrew:1 shore:5 shearson:2 lehman:2 brothers:1 term:1 use:1 describe:1 happen:2 company:6 become:1 unwiling:1 takeover:1 target:1 note:1 accord:2 1986:1 agreement:3 get:2 pay:1 acquisition:2 price:1 high:1 29:1 75:1 rise:1 three:3 today:1 follow:1 gain:1 yesterday:1 would:4 calculate:1 basis:1 previous:1 holding:1 18:1 4:1 mln:2 adjust:1 split:1 example:1 deal:1 44:1 rich:1 262:1 formula:1 neither:1 spokesman:1 return:1 telephone:1 call:1 seek:1 comment:1 substantial:1 amount:2 someone:1 else:1 take:3 deepak:1 raj:1 merrill:1 lynch:1 go:2 undervalue:1 breakup:1 value:1 45:1 couple:1 reason:2 really:1 acquire:2 private:1 control:1 cosmetic:1 two:2 ago:1 probably:1 want:1 concentrate:1 improve:2 operation:1 overhaul:1 image:1 dearptment:1 store:1 business:1 another:3 recently:1 circumstance:1 surprised:1 unilever:1 plc:2 un:1 procter:1 gamble:1 pg:1 decide:1 look:1 mention:1 half:2 dozen:1 potential:1 buyer:1 include:1 sir:1 james:1 goldsmith:1 hanson:1 trust:1 han:1 rjr:2 nabisco:1 american:1 brands:1 amb:1 ralston:1 purina:1 ral:1 arbitrageur:3 upside:1 sell:1 expect:1 resist:1 overture:1 see:1 change:1 sure:1 never:1 anything:1 fair:1 calculation:1 add:1 careful:1 sue:1 shareholder:1 still:1 meet:1 1700:1 edt:1 one:1 starting:1 time:1 copy:1 letter:1 release:1 prepare:1 sign:1 defnitive:1 merger:1 financing:1 condition:1 citibank:1 n:1 lead:1 lender:1 first:1 boston:1 financial:1 adviser:1 | GILLETTE <GS> SEEN OBJECT OF GLOBAL BIDDING WAR
Ronald Perelman, head of Revlon Group
Inc <REV>, may be trying to ignite a bidding war for Gillette
Co that could draw some big international players and in the
process make a lot of money for himself, Wall Street analysts
said.
Several hours before a regularly scheduled board of
directors meeting, Gillette disclosed that Perelman requested
consent of its board for an offer of at least 40.50 dlrs per
share. Perelman needed the consent because he agreed in
November not to buy stock for 10 years without permission.
'I think Ronald Perelman is less interested in Gillette and
more interested in putting Gillette into play because he stands
to make a ton of money,' said Andrew Shore, analyst at Shearson
Lehman Brothers Inc. 'In play' is a term used on Wall Street to
describe what happens when a company becomes an unwiling
takeover target.
Shore noted that according to the 1986 agreement Revlon
gets paid if there is any acquisition of Gillette through
November of this year at a price higher than 29.75 dlrs per
share. Gillette rose three to 40 today, following a gain of
three yesterday.
The agreement would be calculated on the basis of
Perelman's previous holding of 18.4 mln shares, adjusted for a
split. For example, a deal between Gillette and some other
company at 44 dlrs per share would make Revlon richer by 262
mln dlrs under the formula. Neither Perelman nor his spokesmen
returned telephone calls seeking comment.
'Revlon stands to make a substantial amount of money if
someone else takes over Gillette,' said Analyst Deepak Raj of
Merrill Lynch and Co. 'I'm not saying that is going to happen
but Gillette is an undervalued stock with a breakup value of 45
dlrs per share.'
Shore of Shearson Lehman said there are a couple of reasons
why Perelman may not be really interested in acquiring
Gillette. He said Perelman, in the process of taking Revlon
private after acquiring control of the cosmetics company two
years ago, probably wants to concentrate on improving Revlon's
operations. 'He's trying to overhaul and improve the image of
the dearptment store business.' Another reason is that Revlon
has recently made two other acquisitions.
Under those circumstances, Shore would not be surprised if
some company such as Unilever plc <UN.AS> or Procter and Gamble
Co <PG> decided to take a look at Gillette.
Shore mentioned half a dozen other potential buyers for
Gillette including Sir James Goldsmith, Hanson Trust plc <HAN>,
RJR Nabisco Inc <RJR>, American Brands Inc <AMB> and Ralston
Purina Co <RAL>.
'Perelman is trying to put the company in play,' said a
Wall Street arbitrageur. 'He gets to share in the upside if the
company is sold.' Another arbitrageur said he expects Gillette
to resist Perelman's overture. 'I can't see the board
consenting, what has changed between November and now,' he
said.
Another arbitrageur said he was not sure what was going on.
'Perelman never does anything without a fair amount of
calculation,' he said. But he added, 'The Gillette board has to
be careful. They just can't say no or they'll be sued by
shareholders.' Gillette's board was still meeting at 1700 EDT,
three and one-half hours after the scheduled starting time.
According to a copy of Perelman's letter released by
Gillette, he would be prepared to sign a defnitive merger
agreement without any financing condition. He said Citibank
N.A. is his lead lender and First Boston Inc is his financial
adviser.
|
test/18943 | test/18943 |@title minpeco:2 lift:2 force:2 majeure:2 zinc:2 ingot:2 shipment:2 cajamarquilla:2 spokesman:2 |@word | MINPECO LIFTS FORCE MAJEURE ON ZINC INGOT
SHIPMENTS FROM CAJAMARQUILLA-SPOKESMAN
MINPECO LIFTS FORCE MAJEURE ON ZINC INGOT
SHIPMENTS FROM CAJAMARQUILLA-SPOKESMAN
|
test/18944 | test/18944 |@title trw:3 inc:1 sets:1 pact:1 tektronix:1 tek:1 |@word inc:3 trw:1 componenets:1 international:1 unit:2 say:1 set:1 pact:1 tektronix:1 triquint:2 semiconductor:1 jointly:1 supply:1 gallium:2 arsenide:3 device:1 space:2 application:1 part:1 agreement:1 two:1 companyie:1 work:1 together:1 establish:1 procedure:1 produce:1 class:1 stringent:1 military:1 specification:1 use:1 component:1 make:1 gallilum:1 integrate:1 circuit:1 | TRW INC <TRW> SETS PACT WITH TEKTRONIX <TEK>
TRW Inc's TRW Componenets
International Inc unit said it set a pact with Tektronix Inc's
TriQuint Semiconductor unit to jointly supply gallium arsenide
devices for space applications.
As part of the agreement, the two companyies are working
together to establish procedures to produce class 'S' (a
stringent military specification for space use) gallium
arsenide components.
TriQuint makes gallilum arsenide integrated circuits.
|
test/18945 | test/18945 |@title force:1 majeure:1 lift:1 cajamarquilla:1 |@word peru:2 state:1 mineral:1 marketing:1 arm:1 minero:1 comercial:1 sa:1 minpeco:1 lift:1 force:1 majeure:1 zinc:4 ingot:3 shipment:1 country:1 big:1 refinery:2 cajamarquilla:2 spokesman:3 say:4 problem:1 affect:1 sulphuric:1 acid:1 roaster:1 plant:1 halt:1 production:4 since:1 may:1 4:1 resolve:1 however:1 year:2 expect:1 fall:1 around:1 86:1 000:4 tonne:4 94:1 1986:1 stoppage:1 optimum:1 annual:1 capacity:1 100:1 high:1 96:1 refined:1 1985:1 | FORCE MAJEURE LIFTED AT CAJAMARQUILLA
Peru's state minerals marketing arm, Minero
Peru Comercial SA (Minpeco), lifted a force majeure on zinc
ingot shipments from the country's biggest zinc refinery at
Cajamarquilla, a spokesman said.
The spokesman said the problems affecting sulphuric acid
and roaster plants that had halted production since May 4 had
been resolved.
However, he said production of zinc ingots this year was
expected to fall to around 86,000 tonnes this year at
Cajamarquilla, from 94,000 tonnes in 1986 because of the
stoppage.
The refinery has an optimum annual production capacity of
100,000 tonnes but its highest production was 96,000 tonnes of
refined zinc ingots in 1985, the spokesman said.
|
test/18946 | test/18946 |@title asset:2 u:2 money:2 fund:2 fall:2 702:2 4:2 mln:2 dlrs:2 late:2 week:2 235:2 75:2 billion:2 |@word | ASSETS OF U.S. MONEY FUNDS FELL 702.4 MLN DLRS IN LATEST
WEEK TO 235.75 BILLION
ASSETS OF U.S. MONEY FUNDS FELL 702.4 MLN DLRS IN LATEST
WEEK TO 235.75 BILLION
|
test/18951 | test/18951 |@title usx:2 x:1 unit:1 offer:1 steel:1 price:1 directory:1 |@word corp:1 say:3 uss:1 division:1 available:1 comprehensive:1 sheet:1 steel:1 selection:1 pricing:1 system:1 detail:1 company:3 full:1 line:1 product:1 first:1 complete:1 update:1 25:1 year:1 new:1 price:1 book:1 effective:1 oct:1 one:1 1987:1 | USX <X> UNIT OFFERS STEEL PRICES DIRECTORY
USX Corp said its USS division has
available a comprehensive sheet steel selection and pricing
system detailing the company's full line of products.
The company said it was the first complete update in 25
years.
The new prices in the book are effective after Oct One,
1987, the company said.
|
test/18952 | test/18952 |@title inspiration:1 cut:1 copper:1 price:1 0:1 50:1 ct:2 74:1 |@word inspiration:2 consolidated:1 copper:2 co:1 subsidiary:1 resources:1 corp:1 say:1 lower:1 base:1 price:1 full:1 plate:1 cathode:1 0:2 50:1 cent:2 74:1 lb:1 effective:1 immediately:1 | INSPIRATION CUTS COPPER PRICE 0.50 CT TO 74 CTS
Inspiration Consolidated Copper Co, a
subsidiary of Inspiration Resources Corp, said it is lowering
its base price for full-plate copper cathodes by 0.50 cent to
74.0 cents a lb, effective immediately.
|
test/18953 | test/18953 |@title agf:1 management:1 ltd:1 six:1 mth:1 may:1 31:1 net:1 |@word shr:1 58:1 ct:2 vs:3 38:1 net:1 4:1 628:1 650:1 3:1 041:1 407:1 rev:1 45:1 0:1 mln:2 28:1 1:1 | <AGF MANAGEMENT LTD> SIX MTHS MAY 31 NET
Shr 58 cts vs 38 cts
Net 4,628,650 vs 3,041,407
Revs 45.0 mln vs 28.1 mln
|
test/18954 | test/18954 |@title china:1 add:1 corn:1 commitment:1 usda:1 |@word china:1 add:1 30:1 000:1 tonne:2 u:2 corn:3 previous:1 commitment:2 accord:1 agriculture:1 department:1 late:1 export:1 sale:1 report:2 cover:1 transaction:1 week:1 june:1 11:1 additional:1 result:1 change:1 destination:1 total:1 delivery:1 1986:1 87:1 season:1 amount:1 1:1 083:1 400:1 | CHINA ADDS CORN TO COMMITMENTS - USDA
China has added 30,000 tonnes of U.S.
corn to its previous commitments, according to the U.S.
Agriculture Department's latest Export Sales report.
The report, covering transactions in the week June 11, the
additional corn resulted from changes in destinations.
Total corn commitments for delivery in the 1986/87 season
amount to 1,083,400 tonnes.
|
test/18955 | test/18955 |@title data:1 med:1 clinical:1 support:1 dmcs:1 1st:1 qtr:1 loss:1 |@word period:2 end:1 may:2 31:1 shr:1 loss:4 five:1 ct:2 vs:3 11:1 net:1 306:1 007:1 102:1 420:1 sale:3 110:1 522:1 10:1 105:1 note:1 full:1 name:1 datum:3 med:2 clinical:1 support:1 services:1 inc:1 per:1 share:1 adjust:1 three:1 one:1 stock:1 split:1 payable:1 june:1 30:1 1987:2 reflect:1 fiscal:1 record:1 subsequent:1 22:1 1986:1 acquisition:1 asset:1 predecessor:1 company:1 | DATA MED CLINICAL SUPPORT<DMCS.O> 1ST QTR LOSS
Period ended May 31
Shr loss five cts vs loss 11 cts
Net loss 306,007 vs loss 102,420
Sales 110,522 vs 10,105
NOTE: Full name is Data Med Clinical Support Services Inc
Per-share data adjusted for three-for-one stock split
payable June 30, 1987
The only sales reflected in fiscal 1987 period are sales
recorded subsequent to the May 22, 1986 acquisition of the
assets of a predecessor company by Data Med
|
test/18959 | test/18959 |@title nova:2 corp:2 say:2 consider:2 takeover:2 bid:2 dome:2 petroleum:2 |@word | NOVA CORP SAYS IT IS CONSIDERING A TAKEOVER BID FOR DOME
PETROLEUM
NOVA CORP SAYS IT IS CONSIDERING A TAKEOVER BID FOR DOME
PETROLEUM
|
test/18962 | test/18962 |@title carter:1 hawley:1 chh:1 sets:1 record:1 date:1 vote:1 |@word carter:3 hawley:3 hale:1 stores:1 inc:1 say:2 set:2 june:1 29:1 record:1 date:2 shareholder:2 vote:1 company:5 propose:1 restructuring:2 annual:1 meeting:2 yet:1 hold:2 end:1 august:1 proposal:1 would:2 split:1 specialty:1 store:2 department:1 get:1 17:1 dlrs:1 cash:1 share:2 two:1 new:1 exist:1 common:1 announce:1 december:1 reject:1 buy:1 offer:1 retail:1 partner:1 | CARTER HAWLEY <CHH> SETS RECORD DATE FOR VOTE
Carter Hawley Hale Stores Inc said
it has set June 29 as the record date for shareholders voting
on the company's proposed restructuring at its annual meeting.
The company has yet to set a date for the meeting, but has
said it will be held before the end of August.
Under the proposal, Carter Hawley would split into a
specialty store company and a department store company.
Shareholders would get 17-dlrs in cash and a share in each
of the two new companies for each existing common share they
hold. The restructuring was announced in December, after Carter
Hawley rejected a buy-out offer by Retail Partners.
|
test/18963 | test/18963 |@title allegheny:1 ai:1 sell:1 three:1 industrial:1 unit:1 |@word allegheny:3 international:1 inc:3 say:3 sell:1 three:2 industrial:1 unit:2 serve:1 railroad:1 industry:1 chemetron:2 railway:3 products:1 senior:1 management:1 group:1 term:1 transaction:1 disclose:1 include:2 sale:1 product:1 true:1 temper:1 appliances:1 axle:1 co:1 company:2 12:1 plant:1 throughout:1 u:1 | ALLEGHENY <AI> SELLS THREE INDUSTRIAL UNITS
Allegheny International Inc said it
sold three of its industrial units which served the railroad
industry to <Chemetron Railway Products Inc>, a senior
management group of Allegheny.
Terms of the transaction were not disclosed.
Included in the sale were Chemetron Railway Products, True
Temper Railway Appliances Inc and Allegheny Axle Co, the
company said.
The three units include 12 plants throughout the U.S., the
company said.
|
test/18973 | test/18973 |@title senator:1 defend:1 u:1 mandatory:1 farm:1 control:1 bill:1 |@word sen:2 tom:1 harkin:9 iowa:1 defend:1 controversial:1 mandatory:3 supply:1 control:3 farm:9 bill:3 say:9 u:3 farmer:3 allow:2 vote:1 referendum:1 whether:1 approve:1 proposal:2 would:11 set:1 loan:2 rate:2 5:1 17:2 dlrs:4 per:1 bushel:1 wheat:2 3:1 77:1 corn:2 9:2 32:1 soybean:2 put:1 effect:1 strict:1 planted:1 acreage:1 reduction:1 present:1 2:3 28:1 1:2 92:1 effectively:1 4:2 56:1 also:1 plan:1 seek:2 world:1 market:3 share:2 cartel:2 european:2 community:2 export:6 nation:1 first:1 several:1 senate:1 agriculture:2 subcommittee:1 hearing:2 examine:1 program:3 make:1 follow:1 claim:2 testimony:1 family:1 act:1 increase:2 income:2 reduce:1 government:1 spending:1 policy:2 high:7 price:8 support:2 ruin:1 agricultural:1 critic:1 overall:1 revenue:1 agreement:1 among:1 major:1 country:1 include:1 sharing:1 agree:1 christopher:1 bond:1 r:1 mo:1 counter:1 grain:3 workable:1 acknowledge:1 commodity:2 pass:1 onto:1 consumer:1 food:2 stem:1 gouge:1 processing:1 company:1 product:1 cite:1 term:1 excessive:1 net:1 return:1 equity:1 five:1 year:2 33:1 pct:8 kellogg:1 31:1 monfort:1 22:2 8:2 nabisco:1 conagra:1 21:1 h:1 j:1 heinz:1 19:1 ralston:1 purina:1 pillsbury:1 16:1 7:1 quaker:1 oats:1 legitimate:1 concern:1 impact:1 livestock:3 producer:2 transition:1 purchase:1 credit:2 corp:1 stock:1 three:1 thereafter:1 benefit:1 predictable:1 stable:1 approach:1 participation:1 current:1 must:1 participate:1 order:1 receive:1 planting:1 protect:1 | SENATOR DEFENDS U.S. MANDATORY FARM CONTROL BILL
Sen. Tom Harkin, D-Iowa, defended his
controversial mandatory supply control farm bill and said U.S.
farmers should be allowed to vote in a referendum whether they
approve of the proposal.
The Harkin proposal would set loan rates of 5.17 dlrs per
bushel for wheat, 3.77 dlrs for corn and 9.32 dlrs for
soybeans, all to be put in effect under strict controls on
planted acreage reductions. Present loan rates are 2.28 dlrs
for wheat, 1.92 for corn, and effectively 4.56 for soybeans.
Also under the plan, the U.S. would seek a world market
sharing cartel with the European Community and other exporting
nations, to share-out export markets, Harkin said during the
first of several Senate Agriculture subcommittee hearings
examining farm programs.
Harkin made the following claims in testimony on his
'Family Farm Act.'
-- The mandatory control bill would increase farm income
and reduce government spending on agriculture.
-- Harkin said his policy of high price supports would not
ruin U.S. agricultural exports as critics claim, but would
increase overall revenue from exports.
This would be done by seeking agreement among major
exporting countries including the European Community on market
sharing at agreed high prices.
Sen. Christopher Bond, R-Mo., countered during the hearing
that such a grain export cartel is not workable.
-- Harkin acknowledged that higher commodity price supports
would be passed onto consumers, but he said high food prices
stem more from 'gouging' by food processing companies than from
high farm product prices.
Harkin cited what he termed 'excessive' net returns on
equity over five years of 33.4 pct at Kellogg, 31.9 pct
Monfort, 22.8 pct Nabisco, 22.8 pct ConAgra, 21.2 pct H.J.
Heinz, 19.1 pct Ralston Purina, 17.2 pct Pillsbury and 16.7 pct
Quaker Oats.
-- Harkin said a 'legitimate' concern about his bill would
be the impact of higher prices on livestock producers.
He said as a transition to the higher prices, he would
allow livestock producers to purchase Commodity Credit Corp.
grain stocks for three years.
Thereafter, livestock farmers would benefit from a
'predictable and stable' grain price, he said.
-- Harkin said that under his policy approach farm
participation would be no more 'mandatory' than the current
farm program. He said farmers now must participate in farm
programs in order to receive credit for planting and to protect
farm income.
|
test/18975 | test/18975 |@title nova:1 nvaa:1 consider:1 bid:1 dome:1 dmp:1 |@word nova:5 corp:2 consider:1 takeover:1 bid:1 dome:6 petroleum:2 ltd:4 either:2 alone:1 part:1 consortium:1 chairman:1 bob:1 blair:4 say:3 think:1 make:3 offer:2 amoco:3 canada:2 co:1 creditor:1 tell:1 reporter:1 annual:1 meeting:1 unit:1 5:1 2:1 billion:1 dlr:1 acquisition:1 ongoe:1 serious:1 thought:1 apply:1 husky:2 decision:2 substance:1 future:1 action:1 take:1 company:1 43:1 pct:1 oil:1 hyo:1 also:1 whether:1 would:1 want:1 lead:1 partner:1 joint:1 purchase:1 add:1 discussion:1 party:1 include:1 transcanada:1 pipelines:1 trp:1 refuse:1 name:1 participant:1 | NOVA <NVAA.TO> CONSIDERING BID FOR DOME <DMP>
Nova Corp is considering a
takeover bid for Dome Petroleum Ltd, either alone or as part of
a consortium, Nova chairman Bob Blair said.
'We are thinking about making an offer to Dome or Amoco
(Canada Petroleum Co Ltd) or the creditors,' Blair told
reporters before the annual meeting. Amoco Canada is a unit of
Amoco Corp <AN>, which has made a 5.2 billion-dlr acquisition
offer for Dome.
'There is ongoing, serious thought applied to Dome in Nova
and in Husky, but no decision of substance as to future action
has been taken in either company,' Blair said. Nova owns 43 pct
of Husky Oil Ltd <HYO.TO>.
Blair also said that Nova has made no decision as to
whether it would want to be lead partner in a joint purchase of
Dome.
He added that some of the discussions with other parties
about Dome included TransCanada PipeLines Ltd <TRP>, but
refused to name the other participants.
|
test/18985 | test/18985 |@title oecd:1 see:1 german:1 growth:1 hit:1 low:1 domestic:1 demand:1 |@word west:6 german:5 economic:3 growth:4 slow:1 1:2 5:4 pct:9 year:7 2:3 4:1 1986:4 due:1 weak:1 domestic:2 demand:2 tough:1 competition:1 abroad:1 organisation:1 cooperation:1 development:1 oecd:5 say:5 semi:1 annual:1 review:1 world:1 economy:5 view:1 less:1 favourable:1 government:2 forecast:3 rate:3 two:3 line:1 independent:1 institute:1 range:1 pick:1 next:1 gross:1 national:1 product:1 rise:3 real:2 term:3 assume:1 pass:1 period:1 temporary:1 weakness:1 would:2 recovery:1 business:1 confidence:1 near:1 future:1 warn:1 key:1 improvement:1 high:1 75:1 1988:3 3:1 7:1 note:1 bring:1 forward:1 five:1 billion:4 mark:1 tax:2 reform:1 january:1 medium:1 long:1 performance:1 could:1 improve:1 reduction:1 subsidy:1 allow:1 relatively:1 low:2 since:1 report:1 compile:1 federal:1 statistics:1 office:1 release:1 figure:1 show:1 gnp:1 actually:1 fall:1 0:1 first:1 quarter:1 compare:1 final:1 three:1 month:1 diplomatic:1 source:1 germany:2 appear:1 likely:1 finish:1 group:1 seven:1 lead:1 industrial:1 nations:1 current:1 account:1 surplus:1 target:1 considerable:1 criticism:1 reagan:1 administration:1 expect:1 slightly:1 37:1 dlrs:2 35:1 8:1 decline:1 29:1 | OECD SEES GERMAN GROWTH HIT BY LOW DOMESTIC DEMAND
West German economic growth will slow to
1.5 pct this year from 2.4 pct in 1986 due to weak domestic
demand and tougher competition from abroad, the Organisation
for Economic Cooperation and Development (OECD) said in its
semi-annual review of the world economy.
This view is less favourable than the West German
government's forecast of a growth rate of under two pct this
year, but is in line with forecasts by independent economic
institutes of growth ranging from 1.5 to two pct.
The OECD said that the economy should pick up next year,
with the gross national product rising by two pct in real
terms.
The OECD said it assumed the German economy was passing
through a period of temporary weakness and there would be some
recovery in business confidence in the near future.
But it warned that the key to an improvement in the economy
was higher domestic demand, which is only forecast to rise by
2.5 pct this year and 2.75 pct in 1988, below 1986's 3.7 pct.
While noting that the government is bringing forward a five
billion mark tax reform to January 1988, the OECD said that 'the
medium to longer-term performance of the West German economy
could be improved by reduction of subsidies - which would allow
relatively lower tax rates.'
Since the OECD report was compiled, the West German Federal
Statistics Office has released figures showing that the GNP
actually fell 0.5 pct in real terms in the first quarter of
this year compared with the final three months of 1986.
Diplomatic sources here said that West Germany appeared
likely to finish the year with the lowest growth rate of any of
the Group of Seven leading industrial nations.
West Germany's current account surplus, the target of
considerable criticism by the Reagan administration, is
expected to rise slightly to 37 billion dlrs this year from
35.8 billion in 1986, before declining to 29 billion dlrs in
1988.
|
test/18986 | test/18986 |@title investment:1 firm:1 raise:1 tvx:1 tvxg:1 stake:1 wedge:1 |@word group:2 inc:2 houston:1 investment:1 firm:1 say:2 raise:1 stake:1 tvx:2 broadcast:1 682:1 419:1 share:4 15:1 1:1 pct:2 total:1 outstanding:1 common:2 stock:1 559:1 219:1 12:1 4:1 filing:1 securities:1 exchange:1 commission:1 wedge:1 buy:1 123:1 200:1 price:1 range:1 8:1 00:1 10:1 625:1 dlrs:1 | INVESTMENT FIRM RAISES TVX <TVXG.O> STAKE
WEDGE Group Inc, a Houston investment
firm, said it raised its stake in TVX Broadcast Group Inc to
682,419 shares, or 15.1 pct of the total outstanding common
stock, from 559,219 shares, or 12.4 pct.
In a filing with the Securities and Exchange Commission,
WEDGE said it bought 123,200 TVX common shares at prices
ranging from 8.00 to 10.625 dlrs a share.
|
test/18987 | test/18987 |@title high:1 growth:1 unemployment:1 france:1 oecd:1 say:1 |@word france:2 growth:2 rate:3 expect:1 strengthen:1 second:3 half:5 year:6 poor:1 first:3 unemployment:3 worsen:1 organisation:1 economic:2 cooperation:1 development:1 oecd:5 say:5 semi:1 annual:1 review:1 world:1 economy:1 forecast:2 french:1 gross:1 domestic:2 product:1 gdp:1 would:3 run:1 two:1 pct:6 next:1 six:2 month:3 line:1 1986:2 trend:1 significantly:1 high:1 situation:1 deteriorate:1 somewhat:1 early:1 1987:1 activity:1 slow:2 primarily:1 reflect:1 inventory:1 adjustment:1 rise:2 rapidly:1 inflation:3 reaccelerate:1 likely:2 reach:1 12:1 workforce:1 end:1 1988:1 report:1 demand:1 pick:1 datum:1 bad:1 record:1 add:1 2:3 75:1 consumer:1 price:1 one:1 drop:1 slowdown:1 bring:1 3:1 25:1 whole:1 sharply:1 last:1 | HIGHER GROWTH, UNEMPLOYMENT IN FRANCE, OECD SAYS
France's growth rate is expected to
strengthen in the second half of this year after a poor first
half, but unemployment will worsen, the Organisation for
Economic Cooperation and Development (OECD) said.
In its semi-annual review of the world economy, the OECD
forecast that growth in the French Gross Domestic Product (GDP)
would run at about two pct in the next six months. It said the
rate would be in line with the 1986 trends, but significantly
higher than in the first half of this year.
The OECD said France's economic situation has deteriorated
somewhat during the early months of 1987.
Activity has slowed, primarily reflecting an inventory
adjustment, while unemployment has risen rapidly and inflation
has reaccelerated, the OECD said. Unemployment is likely to
reach 12 pct of the workforce by the end of 1988.
The report said inflation should slow and domestic demand
pick up in the second half of this year. But both data are
likely to be worse than those recorded in 1986, it added.
The OECD forecast a 2.75 pct rise in consumer prices for
the second half of this year, a one pct drop from the first six
months. The slowdown would bring the inflation rate to 3.25 pct
for the whole year, sharply up from last year's 2.2 pct.
|
test/18988 | test/18988 |@title group:1 raise:1 nash:1 finch:1 nafc:1 stake:1 |@word group:2 include:1 member:1 sobey:1 family:1 nova:1 scotia:1 empire:1 company:1 ltd:1 say:2 raise:1 stake:1 nash:2 finch:2 co:1 442:1 498:2 share:3 8:1 6:1 pct:2 total:1 outstanding:1 374:1 7:2 3:1 filing:1 securities:1 exchange:1 commission:1 buy:1 68:1 000:1 common:1 april:1 june:1 17:1 | GROUP RAISES NASH FINCH <NAFC.O> STAKE
A group including members of the
Sobey family of Nova Scotia and Empire Company Ltd, said it
raised its stake in Nash Finch Co to 442,498 shares, or 8.6 pct
of the total outstanding, from 374,498 shares, or 7.3 pct.
In a filing with the Securities and Exchange Commission,
the group said it bought 68,000 Nash Finch common shares
between April 7 and June 17.
|
test/18990 | test/18990 |@title italian:1 economic:1 outlook:1 less:1 bright:1 oecd:1 say:1 |@word italy:3 economic:2 outlook:1 1987:3 1988:4 likely:2 less:2 favourable:1 last:2 year:4 slightly:2 low:2 growth:3 high:1 unemployment:1 increase:2 trade:1 deficit:1 organisation:1 cooperation:1 development:1 oecd:4 say:3 half:1 yearly:1 report:2 forecast:1 inflation:2 rate:2 next:1 two:1 rank:1 one:1 fast:1 grow:2 economy:1 gross:1 domestic:4 product:1 gdp:2 2:2 7:1 pct:4 may:1 three:1 fall:1 back:1 5:1 probably:1 stabilise:1 around:1 five:1 projection:1 period:1 result:2 turnaround:1 import:2 price:1 particularly:1 oil:1 acceleration:1 labour:1 cost:1 effect:1 demand:3 pressure:2 degree:1 stimulate:2 buoyant:1 household:1 consumption:1 make:1 possible:1 wage:1 follow:1 pay:1 negotiation:1 couple:1 deterioration:1 italian:1 competitiveness:1 adversely:1 affect:1 export:1 could:1 sharp:1 negative:1 contribution:1 currrent:1 account:1 | ITALIAN ECONOMIC OUTLOOK LESS BRIGHT, OECD SAYS
Italy's economic outlook for 1987 and 1988
is likely to be less favourable than last year with slightly
lower growth, higher unemployment and an increased trade
deficit, the Organisation for Economic Cooperation and
Development (OECD) said.
But the OECD, in its half-yearly report, forecast a
slightly lower inflation rate over the next two years. Last
year Italy ranked as one of the OECD's fastest growing
economies with Gross Domestic Product (GDP) growth at 2.7 pct.
The OECD said Italy's GDP may grow by three pct in 1987,
but will then fall back to 2.5 pct in 1988.
The inflation rate will probably stabilise at around five
pct during the projection period as a result of a turnaround in
import prices, particularly oil, an acceleration in labour
costs and the effects of domestic demand pressure, the report
said.
This year, and to a lesser degree in 1988, domestic demand
should be stimulated by buoyant growth in household consumption
made possible by wage increases following pay negotiations.
Domestic demand pressure, coupled with the deterioration in
Italian competitiveness, is likely to stimulate imports and
adversely affect exports in 1987 and 1988. This could result in
a sharp negative contribution to the currrent account.
|
test/18991 | test/18991 |@title japan:1 trade:1 surplus:1 grow:1 1987:1 oecd:1 |@word japan:5 trade:1 surplus:4 likely:2 continue:3 grow:2 1987:6 sale:1 japanese:1 good:2 abroad:1 increase:2 domestic:7 demand:5 remain:1 sluggish:1 organization:1 economic:1 cooperation:1 development:1 oecd:6 say:8 late:1 half:1 yearly:1 review:1 world:1 economy:1 manage:1 considerably:1 reduce:1 last:3 year:2 four:1 pct:9 1986:3 export:2 market:1 rise:4 two:3 differential:1 growth:4 foreign:1 would:2 reverse:1 1988:4 thus:3 weaken:2 international:1 adjustment:1 process:1 forecast:1 slowing:1 little:1 3:3 6:3 result:1 current:2 account:3 95:1 billion:4 dlrs:2 86:1 although:1 fall:1 back:1 87:1 outlook:2 take:1 000:1 yen:2 package:1 announce:1 month:1 stimulate:1 import:2 however:1 official:1 measure:1 significantly:1 strengthen:1 quite:1 possibly:1 exceed:1 one:1 gnp:1 full:1 effect:1 work:1 provide:1 stimulus:1 large:1 build:1 already:1 substantial:1 net:1 external:1 asset:1 position:1 could:2 well:1 lead:2 upward:1 pressure:1 appreciation:1 manufacturer:1 postpone:1 investment:1 plan:1 gross:1 national:1 product:1 gorw:1 annual:1 2:1 5:1 performance:1 inflation:1 zero:1 figure:1 expect:1 compare:1 0:1 consumer:1 price:1 | JAPAN TRADE SURPLUS WILL GROW AGAIN IN 1987, OECD
Japan's trade surplus is likely to
continue to grow in 1987, as sales of Japanese goods abroad
increase while domestic demand remains sluggish, the
Organization for Economic Cooperation and Development (OECD)
said.
In its latest half-yearly review of the world economy, the
OECD said Japan managed to considerably reduce its surplus last
year, when domestic demand grew by four pct in 1986 while
export markets rose by only two pct.
But it said this differential between the growth of
domestic and foreign demand would reverse in 1987 and 1988,
'thus weakening the international adjustment process.'
It forecast a slowing in domestic growth to little over two
pct but with a rise in exports of 3.3 pct in 1987 and 3.6 pct
in 1988. As a result, the current account surplus in 1987 will
rise to 95 billion dlrs from 86 billion in 1986, although in
1988 it should fall back to 87 billion dlrs.
The OECD outlook did not take account of the 6,000 billion
yen package announced last month to stimulate domestic demand
and increase imports to Japan. However, OECD officials said the
measures will significantly strengthen domestic demand, quite
possibly exceeding one pct GNP when the full effects have
worked through, and thus will provide some stimulus to imports.
The OECD outlook said, 'Continued large current account
surpluses and the further build-up of an already-substantial
net external asset position could well lead to upward pressure
on the yen.' It said that further appreciation could then lead
manufacturers to postpone their investment plans and thus
weaken domestic growth.
The OECD said Japan's Gross National Product was likely to
gorw an annual two pct in 1987 and 1988, below 1986's 2.5 pct
growth. But it said Japan would continue its good performance
on inflation, with a zero figure expected in 1987 compared to a
0.6 pct rise in consumer prices last year.
|
test/18992 | test/18992 |@title u:2 canada:1 tie:1 see:1 bad:1 without:1 trade:1 pact:1 |@word canadian:4 tie:2 could:5 worsen:1 two:4 nation:2 unable:1 reach:2 free:3 trade:12 pact:5 accord:1 study:1 publish:1 nonpartisan:1 public:1 policy:1 research:1 group:1 cato:2 institute:2 washington:1 fraser:1 vancouver:1 say:6 remove:1 remain:3 tariff:2 cross:2 border:2 would:4 benefit:1 country:3 chairman:1 william:1 niskanen:4 add:1 generally:1 harmonious:1 relation:1 probably:1 sustainable:1 without:1 new:2 agreement:2 united:1 states:1 canada:4 whose:1 total:1 125:1 billion:1 dlrs:1 last:2 year:2 hold:1 talk:2 since:1 june:1 end:3 barrier:1 u:3 put:2 deadline:1 october:1 1:1 side:1 likely:1 despite:1 tough:1 bargaining:1 bilateral:2 deteriorate:1 congressional:1 pressure:1 president:2 reagan:2 implement:1 law:1 aggressively:1 hit:1 practice:1 note:1 seek:1 foreign:1 investment:2 auto:2 industry:2 strain:1 considerable:1 part:1 also:3 government:2 vulnerable:1 resurgence:1 economic:1 nationalism:1 restrict:1 export:3 back:1 prime:1 minister:1 brian:1 mulroney:1 open:1 market:1 enable:1 achieve:1 economy:1 scale:1 help:1 widen:1 worldwide:1 increase:1 gross:1 national:1 product:1 goal:1 within:1 10:1 low:1 subsidy:1 set:1 rule:1 service:1 curb:1 procurement:1 agree:1 way:1 resolve:1 dispute:1 | U.S.-CANADA TIES SEEN WORSE WITHOUT TRADE PACT
U.S.-Canadian ties could worsen if
the two nations are unable to reach a free trade pact,
according to a study published by two nonpartisan public policy
research groups.
The Cato Institute of Washington and the Fraser Institute
of Vancouver said removing the remaining tariffs on cross
border trade would benefit both countries.
But Cato chairman William Niskanen added 'the two nations'
generally harmonious trade relations are probably not
sustainable without a new agreement.'
The United States and Canada, whose cross-border trade
totaled about 125 billion dlrs last year, have been holding
talks since last June on a pact to end the few trade barriers
remaining between their two countries.
The U.S. put a deadline on the talks of October 1, but both
sides have said an agreement is likely despite tough bargaining
remained.
Niskanen said if no pact is reached, bilateral trade ties
could deteriorate because of Congressional pressure on
President Reagan to implement trade laws more aggressively, and
this could hit some Canadian trade practices.
He noted Canada is seeking foreign investment in its auto
industry, which could put strains on the considerable bilateral
free trade in U.S. and Canadian autos and parts.
Niskanen also said the Canadian government is vulnerable to
a resurgence of economic nationalism which could restrict U.S.
exports to Canada.
A free trade pact, backed by President Reagan and Prime
Minister Brian Mulroney, would open new markets for Canada and
enable its industries to achieve economies of scale, which
would also help it widen exports worldwide, he said.
It would also increase the gross national products of both
countries.
Niskanen said the goal of a pact should be to end all
tariffs within 10 years, lower subsidies on exports, set rules
for trade in services and investments, end curbs on government
procurement and agree ways to resolve trade disputes.
|
test/18993 | test/18993 |@title economic:1 growth:1 see:1 sluggish:1 benelux:1 country:1 |@word economic:2 growth:6 remain:2 sluggish:2 netherlands:2 belgium:2 next:3 year:6 unemployment:1 may:2 rise:3 organisation:1 cooperation:1 development:1 forecast:2 gdp:4 slow:1 1:3 5:4 pct:6 bring:1 number:1 jobless:1 oecd:2 say:3 semi:1 annual:1 survey:1 belgian:2 inflation:1 could:1 stabilise:1 2:1 0:2 current:1 account:1 surplus:1 probably:2 large:1 three:1 government:1 make:1 progress:1 trim:1 borrowing:1 requirement:1 insufficient:1 check:1 self:1 sustain:1 nature:1 deficit:1 real:2 also:1 slip:1 one:1 1988:2 dutch:2 export:1 become:1 less:1 competitive:1 import:1 employment:1 decelerate:1 well:1 reflect:1 private:1 sector:1 budgetary:1 cut:1 report:1 consumer:1 price:2 set:1 fall:1 1987:1 stay:1 stable:1 partly:1 result:2 decline:1 domestic:1 gas:1 luxembourg:1 economy:1 contrast:1 see:1 slightly:1 fast:1 upward:1 movement:1 wage:1 consumption:1 ease:1 | ECONOMIC GROWTH SEEN SLUGGISH IN BENELUX COUNTRIES
Economic growth will remain sluggish in
the Netherlands and Belgium next year and unemployment may
rise, the Organisation for Economic Cooperation and Development
forecast.
Belgium's GDP growth may slow down to 1.5 pct this year and
next year, bringing a rise in the number of jobless, the OECD
said in its semi-annual survey. Belgian inflation could
stabilise at 1.5 to 2.0 pct, while the current account surplus
will probably remain large at about three pct of GDP.
While the Belgian government has made progress in trimming
its borrowing requirement, 'it will probably be insufficient to
check the self-sustaining nature of the deficit,' the OECD said.
In the Netherlands real GDP growth will also slip to 1.5
pct this year and one pct in 1988, with Dutch exports becoming
less competitive and imports rising. 'Employment is forecast to
decelerate as well, reflecting more sluggish growth in the
private sector and budgetary cuts,' the report said.
Dutch consumer prices are set to fall by 0.5 pct in 1987
and stay stable in 1988, partly as a result of declining
domestic gas prices.
Luxembourg's economy, by contrast, will see slightly faster
growth in GDP this year as a result of an upward movement in
wages. But real growth in consumption will ease next year.
|
test/18994 | test/18994 |@title southern:1 europe:1 strong:1 domestic:1 demand:1 growth:1 |@word strong:3 growth:6 domestic:5 demand:5 key:1 feature:1 economy:2 southern:1 european:2 country:1 1986:2 though:1 see:1 slow:2 year:5 next:3 organisation:1 economic:1 cooperation:1 development:1 say:2 semi:1 annual:1 report:1 oecd:2 portugal:1 total:1 would:3 decline:2 7:1 6:1 pct:5 last:1 five:2 1987:1 3:1 75:1 1988:2 wage:1 restrain:1 private:2 consumption:2 turkey:1 grow:1 much:1 faster:1 expect:3 surge:2 10:1 5:1 halve:1 spain:1 buoyant:1 lead:1 fix:2 investment:2 drive:1 force:1 behind:1 rapid:1 gross:1 product:1 ease:1 still:1 remain:1 forecast:2 spanish:1 import:1 rise:1 sharply:1 reflect:1 entry:1 community:1 competitiveness:1 greece:1 inflation:1 turn:1 downwards:1 follow:1 increase:1 early:1 link:1 introduction:1 value:1 add:1 tax:1 food:1 price:1 due:1 cold:1 weather:1 | SOUTHERN EUROPE HAS STRONG DOMESTIC DEMAND GROWTH
Strong growth in domestic demand was a key
feature of the economies of southern European countries in
1986, though the growth is seen slowing this year and next, the
Organisation for Economic Cooperation and Development said.
In its semi-annual report, the OECD said Portugal's total
domestic demand growth would decline from 7.6 pct last year to
five pct in 1987 and 3.75 pct in 1988 as slower wage growth
restrained private consumption.
Turkey's economy grew much faster than expected in 1986 and
domestic demand surged 10.5 pct, but this growth was expected
to be halved to five pct next year.
In Spain, buoyant domestic demand, led by fixed investment,
had been the driving force behind rapid growth in Gross
Domestic Product. Both fixed investment and private consumption
were expected to ease during 1988 but would still remain
strong.
The OECD forecast that Spanish imports would rise sharply
next year, reflecting strong demand, entry to the European
Community and declining competitiveness.
In Greece, inflation was forecast to turn downwards
following an increase early this year linked with the
introduction of Value Added Tax and a surge in food prices due
to cold weather.
|
test/18995 | test/18995 |@title oecd:1 say:1 high:1 wage:1 deal:1 harm:1 nordic:1 state:1 |@word high:1 wage:3 settlement:2 nordic:1 country:2 threaten:1 cut:1 export:1 reduce:1 international:1 competitiveness:2 industry:1 organisation:1 economic:3 cooperation:1 development:1 oecd:5 say:5 denmark:4 conclude:1 early:1 1987:3 likely:2 contribute:1 marked:1 deterioration:1 sweden:3 competitive:1 position:1 also:2 see:3 risk:1 accelerate:1 predict:1 domestic:4 demand:3 would:1 come:1 pressure:1 tight:1 fiscal:1 policy:1 well:1 norway:3 finland:2 overall:1 growth:3 vary:1 different:1 1986:2 1988:2 semi:1 annual:1 report:2 strong:1 rise:1 7:1 8:1 pct:3 total:1 fall:1 1:1 5:1 one:1 following:1 year:1 expect:1 slump:1 gross:1 product:1 gdp:1 speed:1 slightly:1 decline:1 iceland:1 need:1 try:1 harder:1 implement:1 new:1 strategy:1 progress:1 make:1 towards:1 sustained:1 balance:1 non:1 inflationary:1 | OECD SAYS HIGH WAGE DEALS HARMING NORDIC STATES
High wage settlements in Nordic countries
threaten to cut exports and reduce the international
competitiveness of their industries, the Organisation for
Economic Cooperation and Development (OECD) said.
In Denmark, the OECD said wage settlements concluded in
early 1987 were likely to contribute to a marked deterioration
in competitiveness. Sweden's competitive position was also seen
at risk from accelerating wages.
The OECD predicted that domestic demand would come under
pressure from tight fiscal policy in Denmark, as well as
Norway, Sweden and Finland.
Overall economic growth will vary in the different
countries between 1986 and 1988, the OECD semi-annual report
said.
After a strong rise of 7.8 pct in 1986, total domestic
demand in Norway was seen falling by 1.5 pct in 1987 and one
pct the following year. Denmark was also expected to see a
slump in domestic demand. The report said growth in Gross
Domestic Product (GDP) was likely to speed up slightly in
Sweden and Finland in 1987 and 1988, while declining in Denmark
and Norway.
Iceland needs to try harder to implement its new economic
strategy if any more progress is to be made towards sustained
and balanced non-inflationary growth, the OECD said.
|
test/18996 | test/18996 |@title oecd:1 urge:1 action:1 cut:1 u:1 budget:1 deficit:1 |@word united:2 states:2 take:2 urgent:1 action:1 cut:3 crippling:1 budget:3 deficit:7 include:1 possible:1 reduction:1 non:1 defense:2 spend:1 high:3 taxis:1 curb:1 growth:5 organization:1 economic:3 cooperation:1 development:1 say:5 oecd:2 semi:1 annual:1 review:1 world:1 economy:1 failure:1 reagan:1 administration:1 congress:1 quickly:1 agree:1 measure:1 could:1 seriously:1 affect:1 confidence:1 elsewhere:1 predict:1 federal:1 fiscal:2 1987:1 run:1 september:1 30:2 year:16 would:3 substantially:1 overshoot:1 balanced:1 act:1 target:1 144:1 billion:7 dlrs:3 official:1 u:3 estimate:1 february:1 175:1 projection:1 base:1 assumption:1 slow:2 interest:1 rate:2 actual:1 datum:1 first:1 half:1 financial:1 190:1 dollar:3 low:2 last:3 much:1 improvement:1 due:2 corporate:1 tax:2 increase:1 introduce:1 income:1 effect:1 expect:4 edge:2 2:5 75:3 pct:11 next:4 5:4 contrast:1 two:1 competitive:1 export:1 boost:1 fall:2 help:1 gnp:1 unemployment:2 continue:2 slowly:1 service:1 sector:1 create:1 job:1 inflation:2 appear:2 head:1 higher:1 partly:1 consumer:1 price:1 forecast:1 rise:1 four:2 4:1 1:1 1986:1 monetary:1 policy:1 key:1 factor:1 behind:1 avoidance:1 recession:1 report:1 current:2 account:2 balance:1 payment:1 still:2 around:3 125:1 hit:1 project:2 record:1 147:1 25:2 canada:2 pick:1 slightly:1 1988:3 level:2 see:1 recent:1 3:2 nine:1 9:1 shrink:1 remain:1 | OECD URGES ACTION TO CUT U.S. BUDGET DEFICIT
The United States should take urgent
action to cut its crippling budget deficit, including possible
reductions in non-defense spending, higher taxes and curbs on
growth of the defense budget, the Organization for Economic
Cooperation and Development said.
The OECD, in its semi-annual review of the world economy,
said a failure of the Reagan Administration and Congress
quickly to agree on measures to cut the deficit 'could seriously
affect confidence, both in the United States and elsewhere.'
It predicted that the federal deficit in fiscal 1987,
running until September 30 this year, would substantially
overshoot both the Balanced Budget Act's target of 144 billion
dlrs and official U.S. Estimates in February of 175 billion.
'The OECD projection, which is based on assumptions of
slower growth, higher interest rates and actual data for the
first half of the financial year, is for a deficit of about 190
billion dollars,' it said.
While this would be 30 billion lower than last year's
deficit, much of the improvement would be due to corporate tax
increases being introduced before income tax cuts take effect.
The U.S. Economic growth rate is expected to edge up to
2.75 pct next year from 2.5 pct this year and last.
In contrast to the last two years, more competitive exports
boosted by the fall in the dollar should help GNP growth.
Unemployment should continue to fall slowly as the service
sector continues to create jobs. But inflation appears to be
heading higher, partly due to the lower dollar, with consumer
prices forecast to rise four pct this year and 4.5 pct next
year after just 2.1 pct in 1986.
'Monetary and fiscal policy appear to be the key factors
behind the avoidance of recession,' the report said.
The current account balance of payments deficit is expected
to be still around a high 125 billion dlrs next year, after
hitting a projected record 147.25 billion this year, it said.
In Canada economic growth is expected to pick up slightly
to around 2.75 pct in 1988 from 2.5 pct this year, but will
still be below levels seen in recent years. Inflation is
expected to slow to 3.5 pct next year from 3.75 pct this year,
unemployment should edge down to nine pct in 1988 from 9.25 pct
this year.
Canada's current account deficit is projected to shrink to
around four billion U.S. Dlrs this year and to remain at about
that level in 1988.
|
test/18997 | test/18997 |@title mark:1 work:1 wearhouse:1 mww:1 1st:1 qtr:1 loss:1 |@word period:1 end:1 may:1 2:1 shr:1 loss:4 four:1 ct:2 vs:3 three:1 net:1 397:1 000:2 330:1 revs:1 32:1 1:1 mln:2 30:1 4:1 note:1 full:1 name:1 mark:1 work:1 wearhouse:1 ltd:1 | MARK'S WORK WEARHOUSE <(MWW.TO> 1ST QTR LOSS
Period ended May 2
Shr loss four cts vs loss three cts
Net loss 397,000 vs loss 330,000
Revs 32.1 mln vs 30.4 mln
Note: Full name Mark's Work Wearhouse Ltd.
|
test/19000 | test/19000 |@title joint:1 action:1 say:1 vital:1 boost:1 world:1 growth:1 |@word prospect:2 world:6 economic:4 growth:4 remain:2 sluggish:1 coordinated:1 action:1 western:2 government:3 urgently:1 need:1 restore:2 business:2 confidence:4 stabilize:2 currency:1 encourage:2 investment:1 organization:1 cooperation:1 development:1 oecd:7 say:10 situation:2 deteriorate:1 recent:3 month:3 slow:3 high:2 unemployment:2 large:1 payment:1 imbalance:2 likely:1 persist:1 one:2 gloomy:1 review:1 economy:1 year:5 gross:1 national:1 product:1 gnp:2 24:1 nation:2 bloc:1 industrialise:1 country:4 forecast:2 grow:1 2:3 25:2 pct:8 next:2 even:1 last:3 5:2 rate:5 would:2 like:1 see:1 aggregate:1 area:1 comfortably:1 exceed:2 three:1 david:1 henderson:2 head:1 economics:1 statistics:1 department:1 dollar:1 fall:1 lead:1 rise:2 inflation:3 expectation:1 interest:2 u:3 combine:1 trade:1 huge:1 third:1 debt:1 problem:1 increase:2 risk:1 downturn:1 time:1 many:1 condition:1 fast:1 favorable:1 cite:1 low:2 major:2 healthy:1 corporate:1 finance:1 generally:1 improvement:2 state:1 budget:1 position:1 flexible:1 labor:1 market:2 private:1 sector:1 undermine:2 uncertainty:1 exchange:1 warn:1 important:1 swiftly:1 implement:1 internationally:1 agree:1 commitment:1 clear:1 reference:1 february:1 louvre:2 accord:2 group:1 five:1 plus:1 canada:1 analyst:1 apparent:1 disagreement:1 among:1 implementation:1 help:2 call:2 active:1 fiscal:1 policy:1 west:1 germany:1 japan:2 demand:2 raise:1 two:1 6:1 000:1 billion:1 yen:1 package:1 announce:1 recently:1 japanese:1 public:1 work:1 cut:1 taxis:1 make:1 significant:2 contribution:1 process:1 though:1 early:1 estimate:1 precise:1 impact:1 measure:2 strengthen:1 domestic:1 significantly:1 quite:1 possibly:1 outlook:1 broadly:1 satisfactory:1 worsen:1 consumer:1 price:2 3:2 75:1 1988:1 8:2 1986:1 18:1 average:1 expect:1 similar:1 effort:1 liberalize:1 agricultural:1 switch:1 farm:1 subsidy:1 away:1 guarantee:1 link:1 production:1 towards:1 direct:1 income:1 support:1 farmer:1 | JOINT ACTION SAID VITAL TO BOOST WORLD GROWTH
Prospects for world economic growth remain
very sluggish, and coordinated action by western governments is
urgently needed to restore business confidence, stabilize
currencies and encourage investment, the Organization for
Economic Cooperation and Development (OECD) said here.
'The economic situation has deteriorated in recent months,
and ... Slow growth, high unemployment and large payments
imbalances are likely to persist,' it said in one of its
gloomiest reviews of the world economy in recent years.
The gross national product (GNP) of the 24-nation bloc of
western industrialised countries is forecast to grow by only
2.25 pct both this year and next, even slower than last year's
2.5 pct growth rate.
'We would like to see the aggregate for the OECD area
comfortably exceeding three pct,' David Henderson, head of the
OECD's economics and statistics department, said.
The OECD said that the dollar fall had led to rising
inflation expectations and higher interest rates in the U.S.,
Combining with world trade imbalances and the huge third world
debt problem to increase the risks of a world economic
downturn.
'At the same time, many of the conditions for faster growth
remain favorable,' it said, citing low inflation in most major
countries, healthy corporate finances, generally lower interest
rates, improvements in state budget positions and more flexible
labor markets.
But private sector confidence had been undermined by
uncertainties over exchange rates, it said, and warned that 'for
confidence to be restored, it is important for governments
swiftly to implement internationally-agreed commitments.'
This was a clear reference to last February's Louvre accord
of the Group of Five nations plus Canada, analysts said.
The OECD said that apparent disagreements among major
countries on implementation of the Louvre accord had helped to
undermine business confidence, and called on more active fiscal
policies from the U.S., West Germany and Japan to slow demand
in the U.S. And raise it in the other two countries.
Henderson said the 6,000 billion yen package announced
recently by the Japanese government to encourage public works
and cut taxes would make a significant contribution to this
process, though it was too early to estimate its precise
impact.
He said the measures will help strengthen Japan's domestic
demand significantly, quite possibly exceeding one pct of GNP.
The inflation outlook, while broadly satisfactory, has
worsened in recent months, with OECD consumer prices forecast
to rise 3.5 pct this year and 3.75 pct in 1988 after a 2.8 pct
increase in 1986.
There is no prospect for any significant improvement in the
unemployment situation over the next 18 months, with the
average rate expected to stabilize at 8.25 pct, similar to last
year.
The OECD called for efforts to liberalize world
agricultural markets through switching farm subsidies away from
price guarantees and other measures linked to production
towards direct income support for farmers.
|
test/19004 | test/19004 |@title oecd:2 see:2 1:2 5:2 pct:2 west:2 german:2 real:2 gnp:2 growth:2 1987:2 |@word | OECD SEES 1.5 PCT WEST GERMAN REAL GNP GROWTH IN 1987
OECD SEES 1.5 PCT WEST GERMAN REAL GNP GROWTH IN 1987
|
test/19005 | test/19005 |@title australia:1 set:1 grow:1 unemployment:1 may:1 rise:1 |@word australia:1 economy:1 manage:1 modest:2 growth:6 next:2 two:2 year:7 sharp:1 slowdown:1 unemployment:2 could:2 still:1 edge:1 upwards:1 organisation:2 economic:3 cooperation:1 development:1 oecd:3 say:2 late:1 half:1 yearly:1 report:3 gross:1 domestic:2 product:1 grow:1 2:3 5:2 pct:9 75:3 1988:4 compare:1 1:1 4:1 1986:1 help:1 high:2 stockbuilde:1 strong:2 demand:1 follow:1 tax:1 cut:1 real:1 wage:1 add:1 forecast:2 decline:1 inflation:1 consumer:1 price:1 increase:1 8:1 6:2 25:2 current:1 account:1 deficit:1 show:2 sign:1 ease:1 slightly:2 narrow:1 12:1 billion:1 dlrs:1 end:1 predict:2 last:2 however:1 revise:1 downwards:1 early:1 1987:1 3:1 similar:1 combination:1 rise:2 new:1 zealand:1 struggle:1 recover:1 major:1 crisis:1 country:1 gdp:1 contract:1 0:2 substantial:1 | AUSTRALIA SET TO GROW, BUT UNEMPLOYMENT MAY RISE
Australia's economy should manage modest
growth over the next two years after a sharp slowdown but
unemployment could still edge upwards, the Organisation for
Economic Cooperation and Development (OECD) said.
The organisation's latest half-yearly report says Gross
Domestic Product will grow by 2.5 pct this year and by 2.75 pct
in 1988 compared with only 1.4 pct in 1986. The growth will be
helped by higher stockbuilding and stronger domestic demand
following tax cuts and higher real wages, it added.
The report forecasts a decline in inflation, with consumer
prices increasing by 8.5 pct this year and 6.25 pct in 1988.
The current account deficit shows signs of easing slightly
and could narrow to 12 billion dlrs by the end of 1988.
While predicting slightly stronger growth than last year,
however, the report revises downwards the OECD's earlier growth
forecast for 1987 of 3.75 pct.
The OECD predicts a similar combination of modest economic
growth and rising unemployment for New Zealand, which is
struggling to recover from a major economic crisis.
The country's GDP, which contracted by 0.6 pct last year,
should again show growth over the next two years, rising by
0.25 pct this year and a more substantial 2.75 pct in 1988.
|
test/19006 | test/19006 |@title squibb:1 sqb:1 say:1 interested:1 buy:1 cetus:1 |@word robert:1 fildes:1 president:1 chief:1 executive:1 cetus:16 corp:2 ctus:1 tell:2 reuters:1 squibb:15 interested:2 buy:2 earlier:2 company:5 say:10 would:2 five:2 pct:1 equity:4 postion:1 40:1 mln:3 dlrs:3 attempt:1 become:1 major:2 majority:1 holder:1 filde:10 reuter:1 interview:1 approach:1 indication:1 want:4 acquire:1 kind:1 arrangement:2 could:1 reach:2 comment:2 late:1 first:2 pharmaceutical:2 partner:4 one:1 position:3 eastman:1 kodak:2 co:1 ek:1 w:1 r:1 grace:2 wr:1 joint:4 venture:4 neither:1 develp:1 diagnostic:2 product:3 develop:2 agricultural:1 announce:1 statement:1 agreement:1 principle:1 form:1 new:1 biotechnology:3 several:2 field:1 part:2 deal:2 license:1 anticancer:2 agent:1 include:1 interleukin:1 2:1 development:3 sell:1 drug:3 japan:2 market:3 north:2 american:1 western:1 europe:2 understand:1 build:2 fully:1 integrate:1 business:2 america:1 good:1 sale:1 capability:1 shun:1 licensing:1 many:1 large:2 corporation:1 invest:1 small:1 biotech:1 firm:1 investment:1 make:3 attractive:1 relationship:1 number:1 strategy:1 non:1 area:2 like:1 agriculture:1 keep:1 big:2 partnership:2 use:1 broaden:1 money:1 cardiovascular:1 anti:2 infective:1 inflammatory:1 also:1 investme:1 75:2 research:2 next:1 year:1 put:1 happen:1 package:1 simply:1 demonstrate:1 seriousness:1 | SQUIBB <SQB> SAID NOT INTERESTED IN BUYING CETUS
Robert Fildes, president and chief
executive of Cetus Corp <CTUS.O>, told Reuters that Squibb Corp
is not interested in buying Cetus.
Earlier the companies said Squibb would buy from Cetus a
five pct equity postion in Cetus for about 40 mln dlrs.
'This is not an attempt by Squibb to become a major
majority holder in Cetus,' Fildes told Reuters in an interview.
'Squibb has not approached us with any indication that they
want to acquire us and we wouldn't be interested in that kind
of arrangement,' said Fildes.
Squibb could not be reached to comment on the late comments
by Fildes.
Squibb is Cetus' first pharmaceutical partner and the only
one to own an equity position in Cetus. Eastman Kodak Co <EK>
and W.R. Grace <WR> both have joint ventures with Cetus, but
neither owns an equity position in the company, said Fildes.
Cetus has a venture with Kodak to develp diagnostic
products and with Grace to develop agricultural products.
Earlier, Squibb and Cetus announced in a joint statement
an agreement in principle to form a joint venture to develop
new biotechnology products in several fields.
As part of the deal Squibb will license several of Cetus'
anticancer agents, including interleukin-2, in development.
Squibb will sell the drugs only in Japan and other markets but
not in North American and Western Europe.
'We wouldn't have done this deal had it not been understood
that Cetus wants to build its own fully integrated business in
North America and Europe,' said Fildes.
He said Squibb was the good partner because Squibb has a
major joint venture in Japan and has sales capabilities of its
own in that market.
Fildes said Cetus has shunned licensing arrangements with
pharmaceutical companies because it wanted to build its own
business. Many large corporations have invested in small
biotech firms.
But Squibb's investment in Cetus is the first it has made
in biotechnology. Fildes said that was attractive to Cetus
because it wanted a partner that didn't have a relationship
with a large number of other biotechnology companies.'
Fildes said his strategy was to have partners in non drug
areas like diagnostics and agriculture, but to 'keep the
biggest developments in anticancer drugs to ourselves.'
Fildes said the partnership with Squibb would be used to
broaden the company's reach in such big money making areas
as the cardiovascular, anti-infective and the anti-inflammatory
markets.
Squibb is also investming 75 mln dlrs in Cetus' research
over the next five years.
'Squibb is putting up over 75 mln dlrs in research and
development to make it happen, while the equity position part
of the package is simply to demonstrate the seriousness of this
partnership,' said Fildes.
|
test/19009 | test/19009 |@title tri:1 star:1 pictures:1 inc:1 trsp:1 1st:1 qtr:1 may:1 31:1 |@word shr:1 four:2 ct:2 vs:4 net:1 1:1 180:1 000:2 902:1 revs:1 146:1 9:2 mln:4 37:1 0:1 avg:1 shrs:1 33:1 23:1 note:1 company:1 change:2 fiscal:1 year:2 december:2 31:2 last:1 day:1 february:1 thus:1 result:2 operation:2 ago:1 period:1 restate:1 reflect:1 current:1 first:1 quarter:1 include:1 loews:1 theatre:1 management:1 corp:1 tri:1 star:1 acquire:1 | TRI-STAR PICTURES INC <TRSP.O> 1ST QTR MAY 31
Shr four cts vs four cts
Net 1,180,000 vs 902,000
Revs 146.9 mln vs 37.0 mln
Avg shrs 33 mln vs 23.9 mln
NOTE: Company changed its fiscal year from December 31 to
the last day of February, thus results of operations for the
year-ago period have been restated to reflect this change.
Current first quarter includes results of operations of
Loews Theatre Management Corp which Tri-Star acquired December
31.
|
test/19017 | test/19017 |@title fall:1 canadian:1 budget:1 deficit:1 slow:1 |@word finance:2 minister:1 michael:1 wilson:6 say:4 tax:2 reform:2 affect:1 determination:1 reign:1 expenditure:1 forecast:3 show:2 slowing:1 decline:1 budget:2 deficit:5 late:1 1980:1 responsible:2 must:1 fiscally:1 speech:1 prepare:1 house:1 commons:1 estimate:1 fall:2 29:1 3:3 billion:6 dlrs:5 year:5 end:2 march:2 31:1 1988:3 level:2 february:1 past:1 expect:4 one:1 low:2 32:1 dlr:1 shortfall:1 originally:1 current:2 fiscal:3 high:2 anticipate:2 spending:1 particularly:1 farm:1 income:1 support:1 program:1 offset:1 revenue:1 department:1 document:1 pace:1 reduction:1 slow:1 temporarily:1 1989:3 1990:1 result:1 oil:1 grain:1 price:1 transition:1 reformed:1 taxation:1 system:1 total:1 28:2 9:1 6:1 26:1 1:2 1991:1 optimistic:1 outlook:1 canadian:1 economy:2 forcaste:1 gross:1 domestic:1 product:1 would:1 expand:1 2:1 8:1 pct:4 0:1 1986:1 grow:1 actual:1 inflation:1 meanwhile:1 stabilize:1 around:1 four:1 next:1 two:1 | FALL IN CANADIAN BUDGET DEFICIT TO SLOW
Finance Minister Michael Wilson said tax
reform will not affect his determination to reign in
expenditures, but his forecasts show a slowing of the decline
in the budget deficit in the late 1980s.
'Responsible tax reform must be fiscally responsible,'
Wilson said in a speech prepared for the House of Commons.
Wilson estimated the deficit will fall to 29.3 billion dlrs
in the year ending March 31, 1988, the same level as he
forecast in the February budget.
And in the year ended this past March, the deficit was
expected to have been one billion dlrs lower than the 32
billion dlr shortfall originally forecast, Wilson said.
Wilson said in the current 1988 fiscal year
higher-than-anticipated spending, particularly in farm income
support programs, will be offset by higher-than-anticipated
revenues.
But finance department documents show the pace of deficit
reduction was expected to slow temporarily in fiscal 1989 and
1990 as a result of lower oil and grain prices and the
transition to the reformed taxation system.
The deficit is expected to total 28.9 billion dlrs in
fiscal 1989 and 28.6 billion dlrs in 1989 and then fall to 26.1
billion dlrs in 1991.
Wilson was optimistic about the outlook for the Canadian
economy, forcasting gross domestic product would expand 2.8 pct
this year and 3.0 pct in 1988. In 1986 the economy grew by an
actual 3.1 pct.
Inflation, meanwhile, is expected to stabilize at around
the current four pct level over the next two years.
|
test/19020 | test/19020 |@title anz:2 banking:2 group:2 say:2 cut:2 prime:2 rate:2 16:4 00:2 pct:2 50:2 june:2 22:2 |@word | ANZ BANKING GROUP SAYS IT WILL CUT PRIME RATE TO 16.00
PCT FROM 16.50 ON JUNE 22
ANZ BANKING GROUP SAYS IT WILL CUT PRIME RATE TO 16.00
PCT FROM 16.50 ON JUNE 22
|
test/19021 | test/19021 |@title |@word japan:2 still:2 ask:2 institution:2 limit:2 speculative:2 dlr:2 deal:2 miyazawa:2 | Japan still asking institutions to limit speculative dlr
deals - Miyazawa
Japan still asking institutions to limit speculative dlr
deals - Miyazawa
|
test/19022 | test/19022 |@title anz:1 banking:1 group:1 cut:1 prime:1 rate:1 16:1 00:1 pct:1 |@word australia:2 new:1 zealand:1 banking:1 group:1 ltd:2 anza:1 say:1 cut:4 prime:3 rate:3 16:5 00:2 pct:4 50:2 effective:3 june:2 22:1 take:1 anz:1 low:1 end:1 range:1 offer:1 australian:1 trading:1 bank:2 high:1 17:1 follow:1 announcement:1 yesterday:1 citibank:1 5:1 today:1 commonwealth:1 15:1 75:1 25:1 24:1 | ANZ BANKING GROUP CUTS PRIME RATE TO 16.00 PCT
The Australia and New Zealand Banking
Group Ltd <ANZA.S> said it will cut its prime rate to 16.00 pct
from 16.50, effective June 22.
The cut takes the ANZ's prime to the lower end of the range
of prime rates being offered by Australian trading banks. The
highest rate is 17.50 pct.
The cut follows announcements of cuts yesterday by
<Citibank Ltd> to 16.00 pct from 16.5, effective today, and
<Commonwealth Bank of Australia> to 15.75 pct from 16.25,
effective June 24.
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test/19023 | test/19023 |@title japan:1 still:1 want:1 speculative:1 dlr:1 deal:1 limit:1 |@word finance:2 ministry:2 still:1 ask:1 financial:1 institution:2 limit:1 speculative:2 dollar:2 dealing:2 minister:1 kiichi:1 miyazawa:1 tell:1 reporter:1 respond:1 rumour:1 new:1 york:1 currency:1 market:1 overnight:1 reduce:1 pressure:1 refrain:1 excessively:1 | JAPAN STILL WANTS SPECULATIVE DLR DEALS LIMITED
The Finance Ministry is still asking
financial institutions to limit speculative dollar dealings,
Finance Minister Kiichi Miyazawa told reporters.
He was responding to rumours in the New York currency
market overnight that the Ministry was reducing its pressure on
institutions to refrain from excessively speculative dollar
dealings.
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test/19028 | test/19028 |@title feed:1 datum:1 suggest:1 change:1 monetary:1 policy:1 |@word new:1 u:3 banking:1 datum:2 suggest:2 federal:1 reserve:2 guide:1 monetary:5 policy:4 along:1 steady:2 path:1 signal:1 imminent:1 change:2 course:1 economist:7 say:16 also:1 money:5 supply:3 growth:8 remain:1 weak:3 week:6 unexpecte:1 eight:2 billion:7 dlr:2 1:12 decline:3 may:6 could:2 influence:1 fed:13 loosen:1 credit:1 rein:1 move:2 toward:3 accommodative:1 reut:1 survey:1 17:1 market:2 produce:1 forecast:1 600:1 mln:3 end:3 june:2 8:2 estimate:1 range:2 gain:2 one:3 dlrs:6 four:1 instead:1 fall:3 745:1 7:1 seasonally:1 adjust:2 annual:1 rate:3 come:1 heel:1 4:1 3:4 decrease:1 mean:4 nation:1 12:1 past:1 two:3 hit:1 air:1 pocket:1 weakness:2 bill:1 sullivan:4 dean:1 witter:1 reynolds:1 inc:1 lose:1 significance:1 indicator:1 economic:3 official:2 concern:2 late:4 drop:2 another:1 month:1 sluggish:1 broad:1 aggregate:1 2:4 see:1 well:1 gauge:1 monthly:1 show:3 measure:1 grow:1 bottom:1 5:1 pct:2 target:2 accelerate:1 indicate:1 flag:1 turn:1 easy:2 abandon:1 current:1 open:1 position:1 tightening:1 time:1 definitely:1 yes:1 average:2 discount:1 window:1 borrowing:3 385:1 bank:1 statement:1 period:1 low:1 expect:1 believe:1 targette:1 around:1 500:1 large:1 day:1 net:1 miss:1 projection:1 high:2 would:4 probably:2 reach:1 housing:1 start:1 continue:3 auto:1 sale:1 key:1 sector:1 economy:3 lag:1 recent:1 modest:1 0:1 producer:1 price:1 help:1 dispel:1 inflation:2 fear:2 slifer:1 entertain:1 notion:1 ease:3 point:1 pay:1 little:1 attention:1 number:1 year:1 since:2 give:2 good:1 sign:1 go:1 think:1 apart:1 agree:1 stable:1 dollar:4 prerequisite:1 reluctant:1 lower:1 short:1 term:2 spur:1 expectation:1 push:1 long:1 yield:1 choke:1 econmomic:1 april:1 determine:1 represent:1 fundamental:1 room:1 | FED DATA SUGGEST NO CHANGE IN MONETARY POLICY
New U.S. Banking data suggest the
Federal Reserve is guiding monetary policy along a steady path
and is not signalling any imminent change of course, economists
said.
But they also said that if money supply growth remains
weak, as this week's unexpected eight billion dlr M-1 decline
suggests it may, this could influence the Fed to loosen its
credit reins and move toward a more accommodative monetary
policy.
A Reuter survey of 17 money market economists produced a
forecast of a 600 mln dlr M-1 decline for the week ended June
8, with estimates ranging from a gain of one billion dlrs to a
decline of four billion. Instead, M-1 fell eight billion dlrs
to 745.7 billion dlrs at a seasonally adjusted annual rate.
Coming on the heels of a 4.3 billion decrease in M-1 for
the week ended June 1, this means the nation's money supply has
fallen more than 12 billion dlrs in the past two weeks,
economists said.
'M-1 has hit an air pocket of weakness,' said Bill Sullivan
of Dean Witter Reynolds Inc.
While M-1 may have lost its significance as an indicator of
economic growth, Sullivan said Fed officials might be concerned
the latest drop in M-1 means another month of sluggish growth
in the broader monetary aggregates, M-2 and M-3, which are seen
as better gauges of economic growth.
Latest monthly M-2 and M-3 data showed that as of May, both
measures were growing at rates below the bottom of the Fed's
5-1/2 to 8-1/2 pct target ranges.
If money growth does not accelerate, Fed officials,
concerned that this indicates economic growth is flagging,
could turn toward easier monetary policy, economists said.
'Does this mean that the Fed abandons its current open
market position? No,' Sullivan said. 'But does this mean the end
of tightening for the time being? Definitely yes.'
Economists said average adjusted discount window borrowings
of 385 mln dlrs for the latest two-week bank statement period
were lower than they had expected. Most believed the Fed had
targetted a two-week borrowings average of around 500 mln dlrs.
But they said that if it had not been for a large one-day
net miss in the Fed's reserve projections, the higher
borrowings target would probably have been reached.
A drop in May U.S. Housing starts and continued weakness in
auto sales show key sectors of the U.S. Economy are lagging,
while a recent modest 0.3 pct gain in May producer prices has
helped dispel inflation fears, Slifer said.
'If this continues, we can entertain the notion of Fed
easing at some point,' he said.
Other economists said the Fed would probably pay little
attention to weak money supply growth. 'It has been a number of
years since M-1 has given good signs of what's going on in the
economy,' one said. 'I don't think M-1 shows that the economy is
falling apart and the Fed should ease.'
Economists agreed a stable dollar will continue to be a
prerequisite for any move by the Fed toward easier monetary
policy.
They said the Fed is reluctant to lower short-term rates
for fear this would spur expectations of a weaker dollar and
higher inflation which would push up long-term yields and choke
off econmomic growth.
But Sullivan said the dollar has been steady since late
April. 'The Fed has to determine if this represents a
fundamental change for the dollar. If it does, then this gives
them more room to ease,' he said.
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test/19029 | test/19029 |@title national:1 semiconductor:1 corp:1 nsm:1 fourth:1 quarter:1 |@word shr:2 profit:2 six:1 cent:2 vs:10 loss:6 10:2 net:3 8:3 1:5 mln:16 dlrs:4 7:2 sale:2 511:1 9:1 397:1 avg:2 shrs:2 97:1 0:1 90:1 5:3 year:6 38:1 24:1 6:2 91:2 87:1 billion:2 48:1 89:1 note:1 current:1 figure:2 include:2 previously:1 announce:1 15:1 dlr:2 restructuring:1 charge:1 extraordinary:1 credit:1 tax:1 benefit:1 4:2 2:4 quarter:1 3:1 earlier:2 1986:1 reflect:1 51:1 gain:1 cumulative:1 effect:1 account:1 change:1 | NATIONAL SEMICONDUCTOR CORP <NSM> FOURTH QUARTER
Shr profit six cents vs loss 10
Net profit 8.1 mln dlrs vs loss 7.1 mln
Sales 511.9 mln vs 397.8 mln
Avg shrs 97.0 mln vs 90.5 mln
YEAR
Shr loss 38 cents vs loss 1.10 dlrs
Net loss 24.6 mln dlrs vs loss 91.5 mln
Sales 1.87 billion vs 1.48 billion
Avg shrs 91.7 mln vs 89.8 mln
NOTE - Current year figure includes previously announced 15
mln dlr restructuring charge.
Figures include extraordinary credit from tax benefit of
4.2 mln dlrs in quarter vs 2.3 mln a year earlier and 4.2 mln
for year vs 5.6 mln year earlier.
The 1986 year net reflects 51.2 mln dlr gain from
cumulative effect of accounting change.
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test/19033 | test/19033 |@title shultz:1 warn:1 asean:1 loom:1 trade:1 problem:1 u:1 |@word secretary:1 state:1 george:1 shultz:3 warn:1 member:1 association:1 southeast:1 asian:1 nation:1 asean:2 could:1 longer:1 rely:1 increase:2 export:5 u:6 growth:2 give:1 importance:1 particularly:1 manufacture:1 country:1 go:1 work:1 hard:1 diversify:1 market:2 say:3 may:1 able:2 maintain:1 current:1 share:1 clearly:1 look:1 take:1 major:1 add:1 tell:1 foreign:2 minister:1 brunei:1 indonesia:1 malaysia:1 philippines:1 singapore:1 thailand:1 would:2 cut:1 huge:1 trade:2 deficit:2 rapidly:1 many:1 believe:1 loom:1 problem:1 necessarily:1 stem:1 protectionist:1 legislation:1 contemplate:1 congress:1 simply:1 adjustment:1 economy:1 make:1 order:1 service:1 large:1 grow:1 external:1 debt:1 result:1 fall:1 high:1 import:1 fuel:1 world:1 | SHULTZ WARNS ASEAN OF LOOMING TRADE PROBLEM
U.S. Secretary of State George Shultz
warned members of the Association of Southeast Asian Nations
(ASEAN) they could no longer rely on increased exports to the
U.S. For growth.
'Given the importance of exports, particularly export
manufactures, to all of your countries, you are going to have
to work hard to diversify your markets,' he said.
'While you may be able to maintain your current market share
in the U.S., You clearly will not be able to look to the U.S.
To take major increases in your exports,' he added.
Shultz told the foreign ministers of Brunei, Indonesia,
Malaysia, the Philippines, Singapore and Thailand the U.S.
Would cut its huge foreign trade deficit more rapidly than many
now believed.
He said ASEAN's looming trade problems would not
necessarily stem from protectionist legislation now being
contemplated by Congress, 'but simply because of the adjustments
the U.S. Economy will have to make in order to service our
large and growing external debt.'
Shultz said the U.S. Deficit had resulted not from falling
exports but from higher imports that had fuelled world growth.
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test/19037 | test/19037 |@title indonesia:1 raise:1 stake:1 aluminium:1 plant:1 |@word indonesia:3 increase:1 share:2 434:1 billion:7 yen:6 aluminium:3 smelter:1 joint:1 venture:1 japan:2 25:1 37:1 pct:1 asahan:3 project:1 authority:1 director:1 r:1 suhud:2 say:4 japanese:2 export:1 import:1 bank:1 raise:2 p:1 company:4 capitalise:1 1975:1 91:1 swap:1 32:1 government:1 loan:1 equity:1 stake:1 shareholder:1 overseas:1 economic:1 cooperation:1 fund:1 12:1 invest:1 another:1 24:1 capitalisation:1 147:1 report:1 total:1 loss:1 97:1 6:1 rupiah:1 1982:1 1985:1 much:1 320:1 debt:1 cause:1 fall:1 tin:1 price:3 appreciation:1 u:1 dollar:2 sell:1 improve:1 1:3 150:1 dlrs:3 tonne:3 six:1 month:1 ago:1 450:1 today:1 plant:3 suppose:1 break:1 even:1 stay:1 500:1 sahud:1 capacity:1 220:1 000:1 year:1 would:1 probably:1 lose:1 money:1 1987:1 situate:1 north:1 sumatra:1 produce:1 mostly:1 | INDONESIA RAISES STAKE IN ALUMINIUM PLANT
Indonesia has increased its share in a
434-billion-yen aluminium smelter joint venture with Japan from
25 to 37 pct, Asahan Project Authority director A.R. Suhud
said.
The Japanese Export-Import Bank said Indonesia had raised
its share of (P.T. Indonesia Asahan Aluminium) company,
capitalised in 1975 at 91 billion, by swapping 32 billion yen
in government loans to the company for an equity stake.
The Japanese shareholders, the Overseas Economic
Cooperation Fund and 12 companies, are to invest another 24
billion yen raising capitalisation to 147 billion yen.
Asahan reported total losses of 97.6 billion rupiah between
1982 and 1985. Suhud said much of the company's 320 billion yen
debt had been caused by falling tin prices and the appreciation
of the yen against the U.S. Dollar. Aluminium is sold in
dollars.
Prices improved from 1,150 dlrs a tonne six months ago to
about 1,450 dlrs today. The plant is supposed to break even if
prices stay at 1,500 dlrs a tonne.
Sahud said the plant, with a capacity of 220,000 tonnes a
year, would probably lose money again in 1987. The plant,
situated in North Sumatra, produces mostly for Japan.
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test/19040 | test/19040 |@title taiwan:1 dollar:1 reserve:1 see:1 rise:1 slowly:1 |@word recent:1 government:2 move:2 curb:2 capital:2 inflow:2 temporarily:1 help:3 slow:4 rise:7 taiwan:5 foreign:5 exchange:5 reserve:6 stabilise:2 local:5 dollar:11 u:12 currency:3 official:1 banker:2 say:11 central:5 bank:11 governor:1 chang:2 chi:1 cheng:1 tell:1 reporter:1 500:1 mln:1 dlrs:4 past:3 two:4 week:3 appreciate:1 slowly:1 pace:1 increase:1 much:1 get:1 stable:3 mainly:1 result:1 trade:2 surplus:1 rate:3 three:1 billion:3 month:1 january:1 may:2 world:1 third:1 large:2 japan:1 west:1 germany:1 total:1 well:1 60:1 june:3 2:3 freeze:1 overseas:2 borrowing:2 cut:1 limit:2 purchase:1 forward:2 40:1 pct:4 90:1 value:2 contract:1 measure:1 drastically:1 ability:1 lend:1 importer:1 exporter:1 transaction:1 show:1 drastic:1 decline:1 register:1 fall:1 30:1 dealer:2 five:2 taiwanese:2 cent:2 day:1 13:1 compare:1 eight:1 previously:1 buy:1 heavily:1 sell:1 least:1 1:2 meet:1 commercial:2 demand:1 expect:1 keep:1 near:1 term:1 give:1 breathing:1 space:1 business:1 experience:1 export:1 23:1 since:1 september:1 1985:1 open:1 31:1 09:1 today:1 unchanged:1 yesterday:1 keh:1 fei:1 lo:1 vice:2 president:1 first:1 appear:1 quite:1 successful:1 economic:1 minister:1 wang:1 chien:1 shien:1 would:2 ease:1 pressure:1 washington:1 deficit:1 year:1 businessman:1 delay:1 import:2 machinery:1 production:1 equipment:1 uncertainty:1 boost:1 particularly:1 united:1 states:1 | TAIWAN DOLLAR AND RESERVES SEEN RISING MORE SLOWLY
Recent government moves to curb capital
inflow have temporarily helped to slow the rise of Taiwan's
foreign exchange reserves and to stabilise the local dollar
against the U.S. Currency, officials and bankers said.
Central bank governor Chang Chi-Cheng told reporters the
reserves rose only about 500 mln U.S. Dlrs in the past two
weeks and the local dollar appreciated more slowly against the
U.S. Dollar.
Chang said, 'The pace of increase in our reserves is much
slower now than before and our currency is getting more stable.'
He said the reserves, mainly the result of the trade surplus
with the U.S., Rose at the rate of two to three billion U.S.
Dlrs a month between January and May.
The reserves, the world's third largest after Japan and
West Germany, now total well over 60 billion U.S. Dlrs.
On June 2 the central bank froze overseas borrowings of
local and foreign banks and cut the limit on central bank
purchases of forward U.S. Dollars from banks to 40 pct from 90
pct of the value of a contract.
Local and foreign bankers said the June 2 measures had
drastically limited their ability to lend foreign exchange to
importers and exporters.
They said their overseas borrowings and forward dollar
transactions showed a drastic decline with some banks
registering a fall of up to 30 pct.
Bank dealers said the Taiwan dollar has stabilised against
the U.S. Currency this week after rising two to five Taiwanese
cents a day between June 2 and 13 compared with a rise of five
to eight cents in May.
The bank dealers said the central bank, which had
previously bought U.S. Dollars heavily, sold at least 1.1
billion U.S. Dlrs in the past two weeks to meet commercial
demand.
They said they expected the government to keep the local
dollar stable in the near term to give breathing space to
businesses experiencing slower exports because of the rise of
more than 23 pct in the value of the Taiwan dollar since
September 1985.
The Taiwan dollar opened at 31.09 to the U.S. Dollar today,
unchanged from yesterday.
Keh Fei-Lo, vice president of First Commercial Bank, said,
'It appears the central bank's move to curb the capital inflow
is quite successful.'
Vice economic minister Wang Chien-Shien said the slower
rise in foreign exchange reserves would help ease pressure from
Washington over the large U.S. Trade deficit with Taiwan.
Over the past year Taiwanese businessmen have delayed
imports of machinery and production equipment because of
exchange rate uncertainty, he said. The stable exchange rate
would help boost imports, particularly from the United States.
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test/19041 | test/19041 |@title japan:1 approves:1 aid:1 indonesia:1 brazil:1 aluminium:1 |@word japan:6 cabinet:1 approve:1 plan:1 help:2 financially:1 troubled:1 aluminium:5 venture:1 indonesia:5 brazil:3 official:3 ministry:1 international:1 trade:1 industry:2 miti:1 say:7 invest:5 24:1 billion:8 yen:8 pt:1 asahan:3 addition:2 68:1 3:2 already:3 company:2 government:2 private:2 interest:2 equally:1 share:2 additional:2 investment:4 also:2 provide:1 equal:1 6:2 new:1 albras:1 amazon:1 project:3 45:1 7:1 export:1 import:2 bank:2 cut:1 rate:2 loan:2 albra:2 five:2 pct:8 seven:2 two:2 expect:2 reduce:1 around:1 current:2 eight:1 agreement:1 yet:1 reach:1 source:3 rescue:2 scheme:1 91:1 1:2 extend:1 another:1 32:1 raise:1 ratio:1 40:1 25:1 brazilian:1 agree:1 5:1 total:2 93:1 2:1 stake:1 change:1 51:1 program:1 large:1 earlier:1 reflect:1 desire:1 develop:1 economy:1 stabilise:1 depend:1 90:1 demand:1 8:1 mln:1 tonne:1 year:1 | JAPAN APPROVES AID FOR INDONESIA, BRAZIL ALUMINIUM
Japan's cabinet approved a plan to help
financially-troubled aluminium ventures in Indonesia and
Brazil, an official at the Ministry of International and Trade
Industry (MITI) said.
Japan will invest 24 billion yen in <PT Indonesia Asahan
Aluminium> in addition to the 68.3 billion yen already invested
in the company. The government and private interests will
equally share the additional investment, he said.
They will also provide equal shares in 6.3 billion yen in
new investment in the Albras Amazon aluminium project in
Brazil, in addition to the 45.7 billion yen already invested.
The Japan Export-Import Bank will cut its rates on loans to
Asahan and Albras to about five pct from about seven pct, the
official said.
Interest rates on loans by Japan's private banks to the two
projects are expected to be reduced to around five pct from the
current seven to eight pct, but an agreement has yet to be
reached, industry sources said.
Under the rescue scheme for Asahan, in which 91.1 billion
yen has been invested, Indonesia will also extend another 32
billion yen to the company. This will raise Indonesia's
investment ratio to about 40 pct from the current 25 pct.
The Brazilian government has already agreed to invest an
additional 6.5 billion yen in Albras, in which investment now
totals 93.2 billion yen, but its stake will not change from 51
pct, the official said.
The sources said the rescue programs for the two projects
were larger than earlier expected, reflecting Japan's desire to
help develop the economies of Indonesia and Brazil and to
stabilise sources of aluminium.
Japan depends on imports for more than 90 pct of its
aluminium demand, which totals some 1.8 mln tonnes a year, they
said.
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test/19042 | test/19042 |@title mitsui:1 buy:1 five:1 pct:1 stake:1 u:1 chip:1 maker:1 |@word mitsui:3 co:1 ltd:1 mits:1 pay:1 1:1 5:1 mln:1 dlrs:1 early:2 may:1 five:1 pct:1 stake:1 zoran:2 corp:1 california:1 base:1 maker:1 large:1 scale:1 integrate:1 circuit:1 lsi:2 computer:1 graphic:1 communication:1 medical:1 application:1 spokesman:1 tell:1 reuters:1 say:2 two:1 firm:1 form:1 marketing:1 company:1 japan:1 next:1 year:2 although:1 detail:1 joint:1 venture:1 yet:1 fix:1 expect:1 last:1 10:1 billion:1 yen:1 japanese:1 market:1 grow:1 quickly:1 found:1 1981:1 100:1 employee:1 | MITSUI BUYS FIVE PCT STAKE IN U.S. CHIP MAKER
Mitsui and Co Ltd <MITS.T> paid 1.5 mln
dlrs in early May for a five pct stake in <Zoran Corp>, a
California-based maker of large scale integrated circuits (LSI)
with computer graphic, communications and medical applications,
a Mitsui spokesman told Reuters.
He said the two firms will form a marketing company in
Japan as early as next year, although details of the joint
venture are not yet fixed. Mitsui expects last year's 10
billion yen Japanese LSI market to grow quickly.
Zoran was founded in 1981 and now has about 100 employees,
he said.
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test/19044 | test/19044 |@title japan:1 june:1 interim:1 trade:1 surplus:1 narrow:1 |@word japan:1 custom:1 clear:1 trade:1 surplus:3 narrow:1 1:3 61:1 billion:5 dlrs:2 first:2 10:2 day:2 june:3 97:1 year:3 earlier:2 finance:1 ministry:1 say:1 interim:1 compare:1 76:1 dlr:1 may:1 period:1 fob:1 export:1 rise:2 17:1 6:3 pct:2 early:1 05:1 cif:1 import:1 39:1 4:1 44:1 average:1 yen:2 dollar:1 rate:1 use:1 figure:1 141:1 04:1 169:1 03:1 | JAPAN'S JUNE INTERIM TRADE SURPLUS NARROWS
Japan's custom-cleared trade surplus
narrowed to 1.61 billion dlrs in the first 10 days of June from
1.97 billion a year earlier, the Finance Ministry said.
The June interim surplus compares with a 1.76 billion dlr
surplus in the same May period.
FOB exports in the first 10 days of June rose 17.6 pct from
a year earlier to 6.05 billion dlrs while CIF imports rose 39.6
pct to 4.44 billion.
The average yen/dollar rate used for the figures was 141.04
yen against 169.03 a year earlier.
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test/19045 | test/19045 |@title c:1 itoh:1 co:1 ltd:1 citt:1 |@word year:1 end:1 march:1 31:1 group:1 shr:1 18:3 83:1 yen:1 vs:5 73:1 net:1 20:1 07:1 billion:8 47:1 pretax:1 22:1 14:2 25:1 36:1 operate:1 37:1 57:2 51:1 sale:1 762:1 15:1 900:1 | C. ITOH AND CO LTD <CITT.T>
Year ended March 31
Group shr 18.83 yen vs 18.73
Net 20.07 billion vs 18.47 billion
Pretax 22.14 billion vs 25.36 billion
Operating 37.57 billion vs 51.57 billion
Sales 14,762 billion vs 15,900 billion
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test/19048 | test/19048 |@title |@word sainsbury:2 say:2 take:2 control:2 shaw:2 supermarket:2 30:2 dlrs:2 share:2 | Sainsbury's says it taking control of Shaw's Supermarkets
for 30 dlrs a share
Sainsbury's says it taking control of Shaw's Supermarkets
for 30 dlrs a share
|
test/19050 | test/19050 |@title sainsbury:1 take:1 control:1 shaw:1 supermarkets:1 j:1 |@word sainsbury:5 plc:1 snb:1 l:1 say:3 agree:2 take:1 control:2 u:2 shaw:4 supermarkets:1 inc:2 combination:1 share:8 purchase:1 tender:2 offer:3 30:3 dlrs:8 buy:2 21:2 pct:4 stock:1 1983:1 subsidiary:1 chene:1 investments:1 2:1 55:1 mln:10 common:1 davis:2 family:2 yesterday:1 76:1 5:2 lift:1 stake:2 49:2 4:3 outstanding:1 launch:1 also:1 maximum:2 cost:1 184:1 board:1 accept:1 thus:1 assure:1 total:1 holding:1 74:1 0:1 company:1 allot:1 20:1 18:1 new:2 ordinary:1 warburg:1 securities:1 ltd:1 would:1 sufficient:1 finance:1 188:1 261:1 payable:1 operate:1 chain:1 supermarket:1 massachusetts:1 maine:1 hampshire:1 1986:2 produce:1 sale:2 1:3 billiob:1 pretax:2 profit:2 31:1 end:1 net:1 asset:1 88:1 last:2 september:1 increase:2 28:1 year:1 march:1 report:1 rise:1 246:1 9:1 stg:1 192:1 7:1 04:1 billion:2 3:1 58:1 fall:1 five:1 penny:1 announcement:1 590p:1 night:1 close:1 unmoved:1 news:1 deal:1 | SAINSBURY'S TAKING CONTROL OF SHAW'S SUPERMARKETS
J Sainsbury Plc<SNB.L> said it agreed to
take control of the U.S. Shaw's Supermarkets Inc through a
combination of share purchases and a tender offer at 30 dlrs a
share.
Sainsbury bought about 21 pct of the stock in 1983. It said
its U.S. Subsidiary, Chene Investments Inc, bought 2.55 mln
common shares from the controlling Davis family yesterday at 30
dlrs a share for 76.5 mln dlrs, lifting its stake to 49.4 pct.
A tender offer for the outstanding shares will be launched,
also at 30 dlrs a share for a maximum further cost of 184.4
mln.
The Shaw's Board and the Davis family has agreed to accept
the offer, thus assuring Sainsbury's a total holding of 74.0
pct.
The company had allotted 20.18 mln new ordinary shares to
<Warburg Securities Ltd> which it said would be sufficient to
finance about 188 mln dlrs of the maximum 261 mln dlrs payable.
Shaw's operates a chain of 49 supermarkets in
Massachusetts, Maine and New Hampshire which in 1986 produced
sales of 1.1 billiob dlrs and pretax profit of 31.1 mln. At the
end of 1986 it had net assets of 88 mln dlrs.
Last September, Sainsbury's increased its stake in Shaw's
to 28.5 pct. In the year to March 21, it reported a rise in
pretax profit to 246.9 mln stg from 192.7 mln on sales that
increased to 4.04 billion from 3.58 billion.
Sainsbury shares had fallen five pence before the
announcement to 590p from last night's close but were unmoved
by news of the deal.
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test/19053 | test/19053 |@title isuzu:1 motors:1 ltd:1 isum:1 six:1 month:1 april:1 30:1 |@word parent:1 shr:1 loss:4 15:1 85:1 yen:1 vs:7 profit:4 2:1 02:1 interim:1 div:1 nil:2 net:1 12:2 92:1 billion:8 1:1 65:1 current:1 52:2 4:1 44:1 operate:1 8:1 76:1 6:1 sale:1 443:1 90:1 528:1 03:1 outstanding:1 shrs:1 815:1 10:1 mln:2 814:1 97:1 | ISUZU MOTORS LTD <ISUM.T> SIX MONTHS TO APRIL 30
Parent shr loss 15.85 yen vs profit 2.02
Interim div nil vs nil
Net loss 12.92 billion vs profit 1.65 billion
Current loss 12.52 billion vs profit 4.44 billion
Operating loss 8.76 billion vs profit 6.52 billion
Sales 443.90 billion vs 528.03 billion
Outstanding shrs 815.10 mln vs 814.97 mln
|
test/19055 | test/19055 |@title bangladesh:1 navy:1 unload:1 grain:1 port:1 strike:1 |@word navy:3 unload:2 foodgrain:2 chittagong:1 port:4 follow:1 strike:5 nearly:1 1:1 000:3 dockworker:1 bangladesh:1 shipping:1 corp:1 official:3 say:5 74:1 tonne:2 two:1 ship:1 today:1 four:1 vessel:1 laden:1 90:1 grain:2 wait:1 outer:1 anchorage:1 spokesman:1 worker:1 would:1 continue:1 authority:1 agree:1 demand:1 high:1 pay:1 benefit:1 begin:1 june:1 11:1 unloading:1 essential:2 commodity:1 start:1 normally:1 call:1 personnel:1 help:1 tell:1 reuters:1 cause:1 serious:1 dislocation:1 government:1 meanwhile:1 declare:1 job:1 service:1 striker:1 could:1 dismiss:1 unless:1 end:1 soon:1 | BANGLADESH NAVY UNLOADS GRAINS DURING PORT STRIKE
The navy is unloading
foodgrains at Chittagong port following a strike by nearly
1,000 dockworkers, Bangladesh Shipping Corp officials said.
The navy was unloading 74,000 tonnes of foodgrains from two
ships today, and four vessels laden with some 90,000 tonnes of
grains were waiting at the outer anchorage, port officials
said.
A spokesman for the workers said they would continue their
strike until authorities agree to their demands for higher pay
and other benefits. The strike began on June 11.
'Unloading of grains and other essential commodities started
normally after we called in navy personnel to help,' a port
official told Reuters.
'The strike has caused no serious dislocation,' he said.
The government meanwhile declared the port jobs an
'essential service' and said the strikers could be dismissed
unless they end the strike soon.
|
test/19057 | test/19057 |@title taiwan:1 buy:1 32:1 000:1 tonne:1 u:1 soybean:1 |@word joint:1 committee:3 taiwan:2 soybean:2 importer:1 award:1 contract:1 cargill:1 inc:1 minneapolis:1 minnesota:1 supply:1 one:1 32:1 000:1 tonne:2 cargo:3 u:3 spokesman:1 tell:1 reuters:1 price:2 249:1 10:1 dlrs:1 per:1 c:1 f:1 set:1 delivery:1 july:1 7:1 say:1 cancel:1 tender:1 another:1 offer:1 supplier:1 high:1 add:1 | TAIWAN BUYS 32,000 TONNES OF U.S. SOYBEANS
The joint committee of Taiwan's soybean
importers awarded a contract to Cargill Inc of Minneapolis,
Minnesota, for supply of one 32,000 tonne cargo of U.S.
Soybeans, a committee spokesman told Reuters.
The cargo, priced at 249.10 U.S. Dlrs per tonne c and f
Taiwan, is set for delivery before July 7, he said.
The committee cancelled a tender for another cargo because
the prices offered by U.S. Suppliers were too high, he added.
|
test/19059 | test/19059 |@title agency:1 head:1 say:1 japan:1 cut:1 rice:1 price:1 |@word government:2 cut:2 consumer:3 rice:6 price:6 official:1 producer:2 reduce:1 next:1 month:1 tetsuo:1 kondo:2 director:1 general:1 economic:1 planning:1 agency:1 epa:1 tell:1 reporter:1 say:2 cabinet:1 meeting:1 receive:1 benefit:1 fall:1 cost:1 farming:1 due:1 strong:1 yen:1 low:1 oil:1 agriculture:1 ministry:2 source:1 pay:1 farmer:1 would:1 discussion:1 council:1 advisory:1 body:1 july:1 1:1 2:1 usually:1 set:1 december:1 | AGENCY HEAD SAYS JAPAN SHOULD CUT RICE PRICE
The government should cut its consumer
rice price if the official producer price is reduced next
month, Tetsuo Kondo, director general of the government's
Economic Planning Agency (EPA), told reporters.
Kondo said after a cabinet meeting that consumers should
receive the benefits of the falling costs of rice farming due
to the strong yen and lower oil prices.
Agriculture Ministry sources said the producer rice price
paid to rice farmers would be cut after discussions by the Rice
Price Council, an advisory body to the ministry, on July 1 and
2. The consumer rice price is usually set in December.
|
test/19061 | test/19061 |@title japan:1 panel:1 urge:1 world:1 economic:1 adjustment:1 |@word japan:7 could:2 avoid:1 sharp:1 rise:1 value:1 yen:3 dollar:5 u:2 nation:2 succeed:1 restructure:3 economy:4 advisory:2 panel:1 government:1 economic:1 planning:1 agency:1 epa:2 say:4 body:1 report:2 would:4 soar:1 structural:2 adjustment:3 global:1 basis:1 delay:1 official:1 tell:1 reuters:1 fall:2 slightly:1 100:1 1993:4 fail:1 without:1 cut:1 current:2 account:2 surplus:2 two:3 pct:6 gross:1 national:1 product:1 gnp:4 change:1 slow:1 real:3 growth:3 average:1 annually:1 seven:1 year:2 period:1 remain:1 stable:1 term:1 reduce:1 2:2 1:1 scenario:1 put:1 3:1 5:1 forecast:1 three:1 world:1 four:1 000:1 make:1 | JAPAN PANEL URGES WORLD ECONOMIC ADJUSTMENTS
Japan could avoid a sharp rise in the
value of the yen against the dollar if Japan, the U.S. And
other nations succeeded in restructuring their economies, an
advisory panel to the government's Economic Planning Agency
(EPA) said.
The advisory body said in its report that the yen would
soar against the dollar if structural adjustments on a global
basis were delayed.
An EPA official told Reuters the dollar could fall to
slightly below 100 yen by 1993 if Japan and the U.S. Failed to
restructure their economies.
The dollar's fall without structural adjustments would cut
Japan's current account surplus to two pct of gross national
product (GNP) in 1993, the report said. It said such a change
would slow real GNP growth to an average of two pct annually
during the seven-year period to 1993.
If the two nations restructured their economies, the dollar
would remain stable in real terms, while reducing Japan's
current-account surplus to 2.1 pct of GNP in 1993. This
scenario put Japan's GNP growth at 3.5 pct a year.
It forecast real growth of three pct for the world economy
and four pct for Japan by 2,000 if the adjustments were made.
|
test/19062 | test/19062 |@title japan:1 must:1 try:1 harder:1 cut:1 surplus:1 minister:1 |@word japan:3 must:1 try:1 harder:1 reduce:2 trade:1 surplus:4 yen:2 come:1 renew:1 upward:1 pressure:1 economic:2 planning:1 minister:1 tetsuo:1 kondo:1 tell:1 press:1 luncheon:1 hope:1 could:1 cut:1 current:2 account:2 10:1 billion:5 dlrs:4 year:2 50:1 60:1 fiscal:1 end:1 march:1 31:1 total:1 93:1 76:1 4:1 5:1 pct:1 gnp:1 6:1 000:1 stimulation:1 package:1 government:1 unveil:1 late:1 last:1 month:1 would:1 help:1 slash:1 five:1 six:1 say:1 | JAPAN MUST TRY HARDER TO CUT SURPLUS - MINISTER
Japan must try harder to reduce its trade
surplus or the yen will come under renewed upward pressure,
Economic Planning Minister Tetsuo Kondo.
He told a press luncheon he hoped Japan could cut its
current account surplus by some 10 billion dlrs a year until it
is reduced to some 50 to 60 billion dlrs. In the fiscal year
ended March 31 the surplus totalled 93.76 billion dlrs, or
about 4.5 pct of GNP.
The 6,000 billion yen economic stimulation package the
government unveiled late last month would help slash Japan's
current account surplus by five to six billion dlrs, he said.
|
test/19065 | test/19065 |@title thai:1 smelter:1 face:1 tin:1 concentrate:1 supply:1 shortage:1 |@word thailand:4 major:1 tin:10 exporter:1 producer:1 smelting:1 refining:1 co:1 thaisarco:3 say:7 may:2 unable:1 meet:2 overseas:2 order:2 insufficient:1 supply:2 concentrate:2 thai:2 mines:1 local:1 mine:2 cut:2 combine:1 daily:1 sale:1 royal:1 dutch:1 shell:1 group:1 rd:1 unit:1 less:1 20:1 tonne:7 earlier:1 month:3 previous:1 40:1 45:1 average:2 commercial:1 manager:1 yoot:4 eamsa:1 ard:1 tell:1 reuters:1 result:2 government:1 decision:1 let:1 temporary:3 business:1 municipal:1 tax:1 reduction:1 export:4 lapse:1 june:1 3:2 taxis:2 levy:1 rise:1 4:2 pct:2 1:2 ad:1 valorem:1 past:1 year:6 low:3 level:1 introduce:1 last:1 move:1 aid:1 industry:1 price:1 collapse:1 late:2 1985:1 dig:1 stock:1 large:1 portion:1 new:1 100:1 per:1 day:1 could:2 fail:1 fill:1 000:2 19:1 quota:2 allocate:2 association:1 produce:1 country:1 atpc:2 end:1 february:1 1988:1 reduce:1 cause:1 next:1 shortage:1 prove:1 however:1 cabinet:1 expect:1 review:1 mineral:1 resource:1 department:2 proposal:1 reinstate:1 7:1 715:1 january:1 compare:1 8:1 462:1 ago:1 | THAI SMELTER FACES TIN CONCENTRATE SUPPLY SHORTAGE
Thailand's major tin exporter and
producer <Thailand Smelting and Refining Co> (Thaisarco) said
it may be unable to meet all its overseas orders because of
insufficient supplies of tin concentrates from Thai mines.
Local mines cut combined daily tin concentrate sales to
Thaisarco, a Royal Dutch/Shell Group <RD.AS> unit, to less than
20 tonnes earlier this month from a previous 40 to 45 tonne
average, commercial manager Yoot Eamsa-ard told Reuters.
He said the cuts resulted from a government decision to let
the temporary business and municipal tax reductions on exported
tin lapse on June 3.
The taxes, levied on the tin mines, rose to 4.4 pct this
month from 1.1 pct ad valorem over the past year. The lower
levels had been introduced last year as a temporary move to aid
the tin industry after prices collapsed in late 1985.
Yoot said Thaisarco had to dig into its stocks to meet a
large portion of new overseas orders which were averaging 100
tonnes per day.
As a result, he said, Thailand could fail to fill some
3,000 tonnes of its 19,000 tonne tin export quota allocated by
the Association of Tin Producing Countries (ATPC) for the year
ending February 1988.
Reduced tin exports this year could cause the ATPC to
allocate a lower quota next year, Yoot said.
The supplies shortage should prove temporary, however,
because the Thai cabinet is expected to review a Mineral
Resources Department proposal to reinstate the low taxes late
this month, Yoot said.
The department said Thailand exported 7,715 tonnes of tin
during January/May compared with 8,462 tonnes a year ago.
|
test/19069 | test/19069 |@title sri:1 lanka:1 plan:1 renew:1 abu:1 dhabi:1 oil:1 contract:1 |@word ceylon:1 petroleum:1 corp:1 cpc:12 decide:1 renew:2 one:2 year:9 contract:3 abu:2 dhabi:2 480:1 000:10 tonne:12 upper:1 zakum:1 crude:2 oil:3 official:3 tell:2 reuters:1 say:6 make:1 recommendation:1 cabinet:1 await:1 approval:1 expire:1 may:1 31:1 want:1 begin:1 june:1 1:3 government:3 sell:1 price:2 delivery:3 determine:1 course:1 last:3 shipment:4 three:1 parcel:2 120:3 four:1 30:3 also:1 company:1 agree:1 egyptian:1 supply:1 240:2 gulf:2 suez:2 two:1 selling:1 buy:3 c:1 itoh:1 plan:3 basra:1 light:1 iraq:2 finalise:1 yet:1 several:1 constraint:1 could:2 accept:2 propose:2 lift:1 eight:2 national:1 co:1 inoc:4 red:1 sea:1 port:2 lifting:1 take:1 place:1 small:1 ship:2 deliver:1 indian:2 requirement:1 later:1 go:1 colombo:1 offload:1 need:2 consider:1 unsuitable:1 receive:1 reply:1 since:1 december:1 sri:1 lanka:1 import:1 annual:1 7:1 mln:2 400:1 spot:1 market:1 compare:1 3:1 | SRI LANKA PLANS TO RENEW ABU DHABI OIL CONTRACT
Ceylon Petroleum Corp (CPC) has decided
to renew its one-year contract with Abu Dhabi for 480,000
tonnes of Upper Zakum crude oil, CPC officials told Reuters.
They said CPC made the recommendation to the cabinet and is
now awaiting its approval.
CPC's one-year contract with Abu Dhabi expired on May 31
this year and it wants the renewed contract to begin on June 1
at the government selling price. Delivery will be determined in
the course of the year. Last year, shipments were in three
parcels of 120,000 tonnes each and four of 30,000 tonnes each.
CPC officials also said the company agreed with the
Egyptian government for the supply of 240,000 tonnes of Gulf of
Suez crude for delivery in two shipments this year at the
government selling price.
Last year, CPC bought 120,000 tonnes Gulf of Suez through
C.Itoh.
Officials said plans to buy 240,000 tonnes of Basra Light
from Iraq have not been finalised yet because of several
constraints. CPC said it could not accept 120,000 tonne parcels
and proposed to lift 30,000 tonnes in eight shipments.
Iraq National Oil Co (INOC) told CPC a Red Sea port where
lifting was to take place could not accept small ships. INOC
then proposed to deliver eight shipments of 30,000 tonnes each.
CPC said INOC planned to ship the oil to an Indian port for
delivery of Indian requirements, later going to Colombo to
offload CPC's needs, but CPC considered this unsuitable.
CPC said it had not received a reply from INOC since
December. Sri Lanka imports all its annual needs of 1.7 mln
tonnes. This year it plans to buy 400,000 tonnes on the spot
market compared with about 1.3 mln tonnes last year.
|
test/19073 | test/19073 |@title taiwan:1 evergreen:1 line:1 go:1 public:1 |@word liner:1 shipping:1 specialist:1 evergreen:5 marine:1 corp:2 taiwan:2 large:1 private:1 company:3 apply:1 security:1 exchange:1 commission:1 go:1 public:1 next:1 month:1 spokeswoman:3 tell:1 reuters:1 say:5 double:1 capital:2 eight:1 billion:5 dlrs:2 since:1 last:2 august:1 increase:1 boost:1 operation:1 use:1 fund:1 raise:1 stock:1 market:1 buy:1 new:1 ship:2 step:1 global:1 service:1 post:1 tax:2 profit:2 one:1 year:1 total:2 revenue:2 20:1 46:1 compare:1 1:1 18:1 17:1 99:1 1985:1 place:1 newbuilding:1 order:1 three:1 3:1 428:1 teu:1 twenty:1 foot:1 equivalent:1 unit:1 fully:1 cellular:1 container:2 state:1 china:1 shipbuilding:1 delivery:1 late:1 1988:1 fleet:1 66:1 vessel:1 two:1 mln:1 dwt:1 | TAIWAN'S EVERGREEN LINE TO GO PUBLIC
Liner shipping specialist <Evergreen
Marine Corp>, Taiwan's largest private company, has applied to
the Security and Exchange Commission to go public next month, a
company spokeswoman told Reuters.
She said Evergreen had doubled its capital to eight billion
Taiwan dlrs since last August.
'The capital increase will boost our operations,' she said.
She said Evergreen will use the funds raised from the stock
market to buy new ships and step up its global services.
The spokeswoman said the company posted an after-tax profit
of more than one billion dlrs last year on total revenues of
20.46 billion, compared to an after-tax profit of 1.18 billion
on revenues of 17.99 billion in 1985.
Evergreen has placed newbuilding orders for three 3,428-teu
(twenty-foot equivalent unit) fully cellular container ships
with the state-owned <China Shipbuilding Corp> for delivery in
late 1988.
Evergreen has a fleet of 66 container vessels, totalling
more than two mln dwt, the spokeswoman said.
|
test/19075 | test/19075 |@title african:1 reserve:1 bank:1 say:1 growth:1 rate:1 target:1 |@word south:5 africa:3 record:2 annualise:2 real:1 growth:3 gdp:1 3:1 25:1 pct:3 first:2 quarter:3 year:3 economy:3 achieve:1 government:1 target:1 three:2 1987:1 reserve:2 bank:3 say:3 african:2 central:1 quarterly:1 bulletin:1 confidence:1 improve:2 january:1 may:1 31:1 high:1 gold:2 price:1 rise:1 nation:1 foreign:4 currency:1 improvement:1 rand:3 exchange:1 rate:2 50:1 u:1 cent:1 note:1 slow:1 4:1 5:1 third:1 fourth:1 last:1 also:1 cite:1 debt:3 recheduling:1 agreement:1 reach:1 international:1 creditor:1 march:1 evidence:1 perception:1 accord:1 effectively:1 extend:1 moratorium:1 repayment:1 13:1 billion:4 dlrs:2 short:1 term:1 total:1 23:1 seasonally:1 adjust:1 surplus:3 current:2 account:2 balance:1 payment:1 7:2 43:1 compare:1 24:1 1986:1 ninth:1 consecutive:1 since:1 start:1 1985:1 | S. AFRICAN RESERVE BANK SAYS GROWTH RATE ON TARGET
South Africa recorded annualised
real growth in GDP of 3.25 pct in the first quarter of this
year and the economy should achieve the government's target of
three pct growth for 1987, the Reserve Bank said.
The South African central bank said in its quarterly
bulletin that confidence in the economy improved from January
to May 31 because of the higher gold price, a rise in the
nation's gold and foreign currency reserves and an improvement
in the rand's exchange rate to just under 50 U.S. Cents.
It noted the growth rate had slowed from 4.5 pct in the
third and fourth quarters of last year.
It also cited a three year debt recheduling agreement
reached with international creditors in March as evidence of
improved foreign perceptions of the South African economy.
The accord effectively extends a moratorium on most
repayments of 13 billion dlrs of South Africa's short term
foreign debt. Total foreign debt is 23 billion dlrs.
South Africa recorded a seasonally adjusted annualised
surplus on the current account of the balance of payments of
7.43 billion rand in the first quarter, compared with a surplus
of 7.24 billion rand in 1986. The bank said it was the ninth
consecutive current account surplus since the start of 1985.
|
test/19077 | test/19077 |@title dutch:1 industrial:1 production:1 fall:1 6:1 4:1 pct:1 april:1 |@word dutch:1 seasonally:1 adjust:1 industrial:2 production:2 fall:2 6:1 4:1 pct:5 april:3 compare:2 previous:1 month:1 5:2 period:1 last:1 year:1 figure:2 official:1 statistics:1 bureau:1 cbs:1 show:1 index:2 base:1 1980:1 stand:1 103:1 march:3 rise:2 2:1 8:1 february:2 unadjusted:1 14:1 104:1 10:1 | DUTCH INDUSTRIAL PRODUCTION FALLS 6.4 PCT IN APRIL
Dutch seasonally adjusted industrial
production fell by 6.4 pct in April compared with the previous
month, and was 5.5 pct down on the same period last year,
figures from the official Statistics Bureau CBS show.
The April index, base 1980, stood at 103. In March,
industrial production rose by 2.8 pct from February.
The unadjusted April index figure fell 14 pct from March to
104, compared with a 10 pct rise in March over February.
|
test/19079 | test/19079 |@title canada:4 may:2 consumer:2 price:2 index:2 rise:2 0:2 6:2 pct:2 statistics:2 say:2 |@word | CANADA MAY CONSUMER PRICE INDEX RISES 0.6 PCT, STATISTICS
CANADA SAID
CANADA MAY CONSUMER PRICE INDEX RISES 0.6 PCT, STATISTICS
CANADA SAID
|
test/19081 | test/19081 |@title canada:1 consumer:1 price:1 index:1 0:1 6:1 pct:1 may:1 |@word canada:2 consumer:1 price:1 index:1 rise:5 0:3 6:2 pct:5 may:3 137:1 8:1 base:1 1981:1 follow:1 4:3 april:2 5:2 1986:1 statistics:1 say:1 year:2 compare:1 | CANADA CONSUMER PRICE INDEX UP 0.6 PCT IN MAY
Canada's consumer price index rose 0.6
pct in May to 137.8, base 1981, following a 0.4 pct rise in
April and a 0.5 pct rise in May 1986, Statistics Canada said.
The May year-on-year rise was 4.6 pct, compared with a 4.5
pct rise in April.
|
test/19082 | test/19082 |@title german:1 producer:1 price:1 rise:1 0:1 1:1 pct:1 may:1 |@word west:1 german:1 producer:3 price:6 rise:2 0:2 1:1 pct:8 may:3 compare:1 april:3 stand:1 2:1 9:1 low:1 last:1 year:2 federal:1 statistics:1 office:2 say:2 fall:2 3:3 march:1 drop:1 6:1 level:1 earlier:1 statistic:1 liquefy:1 gas:1 10:1 heavy:1 heating:1 oil:1 decline:1 5:1 lead:1 23:1 silver:1 increase:1 13:1 | GERMAN PRODUCER PRICES RISE 0.1 PCT IN MAY
West German producer prices rose 0.1
pct in May compared with April to stand 2.9 pct lower than in
May last year, the Federal Statistics Office said.
In April, producer prices fell 0.3 pct from March and
dropped 3.6 pct from their levels a year earlier.
The Statistics Office said producer prices for liquefied
gas fell 10 pct in May from April and heavy heating oil prices
declined 5.3 pct, while lead prices rose 23 pct and silver
prices increased 13 pct.
|
test/19083 | test/19083 |@title japan:1 firm:1 launch:1 sale:1 100:1 octane:1 gasoline:1 |@word japanese:2 oil:9 company:5 start:2 campaign:1 market:4 100:3 octane:9 gasoline:19 meet:1 grow:1 domestic:2 demand:2 high:8 quality:1 motor:1 fuel:2 source:2 say:7 ten:1 plan:1 offer:2 unleaded:1 summer:1 idemitsu:4 kosan:1 co:2 ltd:2 june:1 20:3 showa:3 shell:8 sekiyu:1 kk:1 shol:1 introduce:1 formula:3 98:1 january:1 year:4 achieve:2 strong:1 sale:7 japan:4 despite:1 price:1 regular:2 prompt:1 firm:1 rival:1 product:2 receive:1 good:1 response:1 consumer:1 term:1 smooth:1 ride:1 effective:1 consumption:1 sell:1 145:1 yen:2 per:1 litre:1 15:1 already:1 38:1 pct:7 share:2 account:1 25:1 total:3 add:1 hope:1 raise:1 seven:1 immediately:1 launch:2 nippon:2 npol:1 july:1 1:1 aim:1 increase:2 six:1 rush:1 compete:1 spur:1 expectation:1 government:2 lift:1 production:4 quota:4 restriction:1 station:1 construction:1 next:1 two:1 three:2 major:2 try:1 boost:1 network:1 ahead:2 propose:1 lifting:2 official:1 advisory:1 panel:1 ministry:1 international:2 trade:1 industry:2 miti:2 recommend:1 week:1 press:1 deregulation:1 include:1 help:1 competitiveness:1 big:1 marketer:1 suffer:1 supply:1 shortage:1 guideline:1 fiscal:1 1986:1 end:1 last:1 march:1 2:1 5:1 previous:1 accord:1 report:1 | JAPAN FIRMS TO LAUNCH SALES OF 100 OCTANE GASOLINE
Japanese oil companies are starting
campaigns to market 100 octane gasoline to meet growing
domestic demand for higher quality motor fuel, oil sources
said.
Ten companies plan to offer the unleaded gasoline this
summer, starting with <Idemitsu Kosan Co Ltd> on June 20.
Showa Shell Sekiyu KK <SHOL.T> introduced its Formula Shell
98 octane gasoline to the Japanese market in January this year.
Formula Shell has achieved strong sales in Japan despite a
higher price than regular octane gasoline, which has prompted
other oil firms to offer a rival product, the sources said.
'We have received a good response from consumers of Formula
Shell in terms of a smoother ride and effective fuel
consumption,' Showa Shell said.
Shell's product sells for 145 yen per litre, 15 yen higher
than regular gasoline, and has already achieved a 38 pct share
of Japan's high octane gasoline market, it said.
High octane gasoline accounts for 25 pct of Shell's total
gasoline sales in Japan, it added.
Idemitsu said it hopes to raise high octane sales to 20 pct
of its total gasoline sales from about seven pct, immediately
after the launch of its Idemitsu 100.
Nippon Oil Co Ltd <NPOL.T> said it will launch its 100
octane gasoline on July 1, aiming for an increase in high
octane sales to 20 pct from six pct of its total gasoline
sales.
The rush to compete for high octane gasoline market share
has been spurred by expectations that the government will lift
gasoline production quotas and restrictions on gasoline station
construction in the next two to three years.
'Major oil companies are trying to boost their gasoline
sales network ahead of the proposed lifting of gasoline
production quotas,' an official at a major oil company said.
An advisory panel to the Ministry of International Trade
and Industry (MITI) recommended this week that the government
press ahead with deregulation of the oil industry, including
the lifting of gasoline production quotas, to help oil
companies increase their international competitiveness.
Japan's three biggest gasoline marketers, Nippon Oil,
Idemitsu and Showa Shell, suffered supply shortages under the
production quota guideline in fiscal 1986, ended last March.
Domestic gasoline demand during the year was up 2.5 pct
from the previous year, according to a MITI report.
|
test/19087 | test/19087 |@title bpcc:1 planning:1 sale:1 packaging:1 operation:1 |@word british:1 printing:1 communication:1 corp:1 plc:2 bpl:1 l:2 consider:1 sell:3 specialist:1 packaging:3 labelling:2 operation:2 spokeswoman:2 say:8 give:2 date:1 price:1 transaction:1 unit:1 would:2 negotiation:1 decline:1 turnover:1 profit:1 figure:1 label:1 beyond:1 profitable:1 form:1 self:1 contain:1 part:1 overall:1 group:4 analyst:1 division:1 could:1 150:1 mln:3 stg:3 earlier:2 week:2 chairman:1 robert:1 maxwell:1 also:2 expect:1 float:2 mirror:1 newspaper:2 subsidiary:1 buy:1 reed:2 international:1 100:1 1984:1 bpcc:3 intend:1 keep:1 majority:1 share:1 currently:1 lock:1 legal:1 battle:1 result:1 attempt:1 take:1 u:1 publisher:2 harcourt:2 brace:1 jovanovich:1 inc:1 hbj:1 launch:1 two:1 three:1 right:1 issue:1 raise:2 640:1 money:1 enable:1 renew:1 assault:1 express:1 interest:1 dutch:1 kluwer:1 nv:1 kluw:1 | BPCC PLANNING SALE OF PACKAGING OPERATIONS
The British Printing and Communication
Corp Plc<BPL.L> is considering selling its specialist packaging
and labelling operations, a spokeswoman said.
She gave no dates or prices for the transaction but said
the units would be sold by negotiation.
She declined to give any turnover or profit figures for the
packaging and labelling operations, beyond saying that they
were very profitable. They formed a self-contained part of the
overall group, she said.
Analysts said the packaging and labelling division could be
sold for up to 150 mln stg.
Earlier this week group chairman Robert Maxwell also said
it expected to float its Mirror group newspaper subsidiary,
bought from Reed International Plc <REED.L> for 100 mln stg in
1984.
The spokeswoman said that BPCC intended to keep a majority
share in the newspaper group if it was floated.
BPCC is currently locked in legal battles resulting from
its attempt to take over U.S. Publisher Harcourt Brace
Jovanovich Inc <HBJ>. Earlier this week, BPCC launched a
two-for-three rights issue to raise 640 mln stg and said the
money raised would enable it to renew its assault on Harcourt.
It has also expressed interest in Dutch publisher Kluwer NV
<KLUW.AS>.
|
test/19088 | test/19088 |@title india:1 buy:1 palm:1 olein:1 tender:1 trader:1 |@word indian:1 state:1 trading:1 corp:1 stc:1 report:1 take:1 three:1 parcel:1 around:1 5:1 000:1 tonne:2 palm:1 olein:1 yesterday:1 weekly:1 vegetable:1 oil:1 tender:1 trader:1 say:1 august:1 shipment:1 364:1 dlrs:1 cif:1 india:1 pass:1 material:1 add:1 | INDIA BUYS PALM OLEIN AT TENDER - TRADERS
The Indian State Trading Corp (STC) are
reported to have taken three parcels, around 5,000 tonnes each,
of palm olein at yesterday's weekly vegetable oil tender,
traders said.
All are for August shipment at 364 dlrs a tonne cif. India
passed on all other materials, they added.
|
test/19092 | test/19092 |@title belgian:1 one:1 day:1 strike:1 hit:1 transport:1 ship:1 24:1 |@word hour:1 strike:1 belgian:3 public:1 employee:1 protest:1 government:1 pay:1 offer:1 disrupt:1 transport:1 hit:2 ferry:2 service:2 shipping:1 port:3 union:2 official:1 say:4 cross:1 channel:1 ostend:1 cancel:2 local:1 news:1 agency:1 belga:1 antwerp:1 authority:1 spokesman:1 electrician:1 come:1 support:1 reduce:1 ship:1 movement:1 trickle:1 ghent:1 major:1 also:1 train:1 run:1 early:1 morning:1 flight:1 sabena:1 national:1 airline:1 | BELGIAN ONE-DAY STRIKE HITS TRANSPORT, SHIPPING
A 24-hour strike by Belgian public
employees protesting against a government pay offer disrupted
transport and hit ferry services and shipping, port and union
officials said.
Some cross-Channel ferry services from Ostend were
cancelled, the local news agency Belga said.
An Antwerp port authority spokesman said electricians came
out in support, reducing ship movements to a trickle. Unions
said Ghent and other major Belgian ports were also hit.
Few trains were running and some early morning flights by
Sabena, Belgian's national airline, were cancelled.
|
test/19097 | test/19097 |@title china:1 resume:1 ussr:1 ship:1 repair:1 23:1 year:1 gap:1 |@word china:6 resume:2 repair:5 soviet:4 ship:4 23:1 year:1 break:1 cause:1 ideological:1 split:1 two:3 country:1 new:1 news:1 agency:1 say:3 agreement:1 business:1 sign:1 side:1 wednesday:1 shanghai:1 three:1 commercial:1 vessel:1 daily:1 first:1 since:1 1964:1 leave:1 port:1 dalian:1 xingang:1 last:1 month:1 bi:2 yueran:1 manage:1 director:1 state:1 shipbuilding:1 corp:1 department:1 tell:1 newspaper:1 union:1 lack:1 adequate:1 facility:1 600:1 deploy:1 far:1 east:1 yard:1 offer:1 competitive:1 price:1 guarantee:1 quality:1 prompt:1 delivery:1 | CHINA RESUMES USSR SHIP REPAIRS AFTER 23 YEAR GAP
China has resumed repairs of Soviet ships
after a 23 year break caused by the ideological split between
the two countries.
The New China News Agency said an agreement to resume the
business was signed by the two sides on Wednesday in Shanghai,
where three Soviet commercial vessels were being repaired.
The China Daily said the first two Soviet ships to be
repaired in China since 1964 left the ports of Dalian and
Xingang last month.
Bi Yueran, managing director of China State Shipbuilding
Corp's ship repair department, told the newspaper the Soviet
Union lacked adequate repair facilities for the more than 600
ships deployed in the far east. Bi said China's yards offered
competitive prices, guaranteed quality and prompt delivery.
|
test/19101 | test/19101 |@title tracomin:1 see:1 low:1 u:2 edible:1 groundnut:1 export:1 |@word export:6 edible:1 groundnut:2 could:2 fall:1 185:1 000:5 tonne:3 year:5 september:1 1987:3 248:1 1986:3 period:1 trading:2 company:1 tracomin:4 sa:1 say:5 revise:1 december:1 forecast:2 would:1 total:1 205:1 cite:1 low:1 demand:1 loss:1 u:6 market:4 share:2 two:1 main:1 import:1 country:1 britain:1 netherlands:1 sale:1 nut:1 intend:1 premium:1 domestic:1 estimate:1 availability:1 crop:2 215:1 compare:1 264:1 previous:1 expect:1 good:2 resurgence:1 next:1 bar:1 manipulation:1 harvest:1 lead:3 attractive:1 price:2 active:1 reappearance:1 world:1 producer:1 peanut:1 overall:1 china:2 exporter:1 last:1 remain:1 exceptionally:1 high:2 level:1 despite:1 quality:1 complaint:1 difficulty:1 implement:1 early:2 contract:1 retain:1 current:1 1988:1 | TRACOMIN SEES LOWER U.S. EDIBLE GROUNDNUT EXPORTS
U.S. Exports of edible
groundnuts could fall to 185,000 tonnes in the year to
September 1987 from 248,000 in the same 1986 period, trading
company Tracomin SA said.
It revised its December 1986 forecast that exports would
total 205,000 tonnes, citing low demand, the loss of U.S.
Market share in the two main importing countries, Britain and
the Netherlands, and the sale of nuts intended for export at a
premium in the U.S. Domestic market.
Tracomin estimated export availability from the 1986 crop
at 215,000 tonnes compared with 264,000 the previous year.
Tracomin said it expects a good 1987 U.S. Groundnut crop
and forecast a resurgence in U.S. Exports next year.
'Barring any market manipulations, a good U.S. Harvest in
1987 could lead to attractive prices, active trading and the
reappearance of the U.S.A as the world's leading producer of
peanuts,' it said.
Overall exports from China, the leading exporter last year,
will remain at exceptionally high levels this year despite
quality complaints and difficulties in implementing some
earlier high-priced contracts. It is too early to say if China
can retain its current market share in 1988, Tracomin said.
|
test/19110 | test/19110 |@title saudi:1 oil:1 reserve:1 rise:1 despite:1 high:1 output:1 |@word prove:1 oil:5 gas:3 deposit:1 saudi:5 arabia:2 increase:3 1986:6 despite:2 high:1 output:2 accord:1 kingdom:1 main:1 produce:2 company:3 aramco:6 recoverable:1 reserve:3 field:1 rise:2 167:1 billion:3 barrel:6 end:1 year:7 166:1 5:1 1985:4 jump:1 7:2 pct:2 135:1 8:1 trillion:2 cu:1 ft:1 126:1 1:4 annual:1 report:4 say:5 responsible:1 production:6 except:1 200:1 000:4 per:3 day:3 bpd:5 neutral:1 zone:1 kuwait:1 4:3 69:1 mln:5 3:1 04:1 earlier:1 virtual:1 free:1 opec:1 member:1 abandon:1 restraint:1 effort:1 recapture:1 share:1 market:1 process:2 price:1 collapse:1 28:1 dlrs:3 nine:1 organisation:2 decide:1 cut:2 last:4 september:1 onwards:1 low:1 since:1 1960:1 natural:1 liquid:1 decline:1 slightly:1 304:1 178:1 316:1 310:1 carry:1 official:1 press:1 agency:1 come:1 sharp:1 number:1 wells:1 drill:1 33:1 103:1 refinery:2 ras:1 tannurah:1 142:1 44:1 390:1 246:1 crude:1 plant:2 upgrade:1 capacity:2 530:1 enable:1 supply:1 50:1 local:1 demand:1 product:1 country:1 five:1 small:1 another:1 state:1 petromin:1 around:1 750:1 sulphur:2 23:1 tonne:3 998:1 707:1 begin:1 operate:1 granule:1 award:1 303:1 contract:1 worth:1 riyal:1 370:1 | SAUDI OIL RESERVES RISE DESPITE HIGHER OUTPUT
Proven oil and gas deposits in Saudi
Arabia increased in 1986 despite higher oil output, according
to the kingdom's main producing company, Aramco.
Recoverable oil reserves in Aramco fields rose to 167
billion barrels by the end the year from 166.5 billion in 1985,
while gas reserves jumped by 7.7 pct to 135.8 trillion cu ft
from 126.1 trillion, the company's annual report said.
Aramco, responsible for all Saudi production except about
200,000 barrels per day (bpd) in the Neutral Zone between Saudi
Arabia and Kuwait, increased production to 4.69 mln barrels per
day in 1986 from 3.04 mln barrels a year earlier.
Most of 1986 was a virtual free-for-all in production, as
OPEC members abandoned restraint in an effort to recapture
their share of the market. In the process, prices collapsed
from about 28 dlrs a barrel to below nine dlrs, until the
organisation decided to cut production again from last
September onwards.
Saudi output in 1985 had been the lowest since the 1960s.
Production of natural gas liquids in 1986 declined slightly
to 304,178 bpd from 316,310, said the report, carried on the
official Saudi Press Agency.
The increase in reserves came despite a sharp cut in the
number of wells Aramco drilled to 33 in 1986 from 103 in 1985.
Aramco's only refinery, at Ras Tannurah, processed 142.44
mln barrels (390,246 bpd) of crude last year. The plant was
upgraded to a capacity of 530,000 bpd during the year, enabling
it to supply 50 pct of local demand for oil products, the
report said.
The country's other five, smaller refineries -- owned by
another state-owned oil organisation, Petromin -- produced
around 750,000 bpd last year.
Sulphur production rose to 1.23 mln tonnes in 1986 from
998,707 tonnes in 1985. During the year the company began
operating a sulphur granule plant with capacity of 4,000 tonnes
per day, the report said.
Aramco said it awarded 1,303 contracts last year worth 1.4
billion riyals -- about 370 mln dlrs.
|
test/19113 | test/19113 |@title fidelcor:1 ficr:1 buy:1 new:1 england:1 bkne:1 stake:1 |@word fidelcor:1 inc:1 say:2 acquire:1 substantial:1 portion:1 asset:2 bank:1 new:1 england:1 corp:2 lazere:3 financial:1 subsidiary:1 undisclosed:1 term:1 company:1 transaction:1 include:2 loan:1 portfolio:1 miami:1 office:1 | FIDELCOR <FICR.O> BUYS NEW ENGLAND <BKNE.O>STAKE
Fidelcor Inc said it has acquired a
substantial portion of the assets of Bank of New England Corp's
Lazere Financial Corp subsidiary for undisclosed terms.
The company said the transaction includes most of Lazere's
loan portfolio and other assets, including Lazere's Miami
office.
|
test/19118 | test/19118 |@title chrysler:2 agree:2 acquire:2 electrospace:2 system:2 367:2 mln:2 dlrs:2 |@word | CHRYSLER AGREES TO ACQUIRE ELECTROSPACE SYSTEMS FOR 367
MLN DLRS
CHRYSLER AGREES TO ACQUIRE ELECTROSPACE SYSTEMS FOR 367
MLN DLRS
|
test/19121 | test/19121 |@title |@word top:2 discount:2 rate:2 u:2 k:2 bill:2 tender:2 rise:2 8:2 7239:2 pct:2 | Top discount rate at U.K. Bill tender rises to 8.7239 pct
Top discount rate at U.K. Bill tender rises to 8.7239 pct
|
test/19122 | test/19122 |@title spain:1 cargo:1 firm:1 hire:1 docker:1 offset:1 strike:1 |@word cargo:1 handle:1 company:1 say:1 hire:1 twice:1 usual:1 number:1 docker:2 offset:1 intermittent:1 strike:2 spanish:2 port:2 begin:1 nine:1 day:1 wednesday:1 work:1 alternate:1 hour:1 protest:1 government:1 plan:1 partially:1 privatize:1 service:1 | SPAIN CARGO FIRMS HIRE DOCKERS TO OFFSET STRIKE
Cargo handling companies said they
were hiring twice the usual number of dockers to offset an
intermittent strike in Spanish ports.
Spanish dockers began a nine-day strike on Wednesday in
which they only work alternate hours in protest at government
plans to partially privatize port services.
|
test/19127 | test/19127 |@title chrysler:1 c:1 tender:1 electrospace:1 ele:1 |@word chrysler:5 corp:2 say:6 electrospace:5 systems:1 inc:1 agree:1 acquire:1 merger:1 agreement:1 tender:2 27:1 dlrs:4 share:1 100:1 pct:2 richardson:1 texas:1 base:1 defense:1 electronics:1 contractor:1 total:1 cost:1 buy:1 outstanding:1 stock:1 would:1 367:1 mln:3 system:3 design:1 develop:1 install:1 communication:1 electronic:1 equipment:1 specialized:1 need:1 military:3 commercial:2 customer:1 worldwide:1 help:1 gulfstream:2 operation:1 grow:1 aircraft:1 sale:3 plan:1 merge:1 rather:1 operate:1 sister:1 company:2 offer:1 expect:1 begin:1 june:1 25:1 manage:1 first:1 boston:1 fiscal:1 year:1 end:1 april:1 3:1 1987:1 earning:1 10:1 191:1 employ:1 2:1 500:1 people:1 92:1 | CHRYSLER <C> TO TENDER FOR ELECTROSPACE <ELE>
Chrysler Corp said Electrospace Systems
Inc agreed to be acquired under a merger agreement in which
Chrysler will tender 27 dlrs a share for 100 pct of the
Richardson, Texas-based defense electronics contractor.
It said total cost to Chrysler to buy all of the
outstanding stock would be about 367 mln dlrs.
Electrospace Systems designs, develops and installs
communications and electronic systems and equipment for the
specialized needs of military and commercial customers
worldwide.
Chrysler said Electrospace will help its Gulfstream
operations grow in military and commercial aircraft sales.
But it said there are no plans to merge Gulfstream and
Electrospace. Rather, they will operate as 'sister companies,'
it said.
Chrysler said its tender offer is expected to begin by June
25 and will be managed by First Boston Corp.
For the fiscal year ended April 3, 1987, Electrospace
Systems had earnings of 10 mln dlrs on sales of 191 mln dlrs.
The company employs 2,500 people. About 92 pct of its sales
were to the military.
|
test/19128 | test/19128 |@title opec:2 president:1 lukman:1 expect:1 short:1 calm:1 meeting:1 |@word conference:2 president:1 rilwanu:1 lukman:5 say:7 expect:2 next:1 week:2 ministerial:1 meeting:2 vienna:2 brief:1 calm:2 opec:6 current:3 price:4 production:1 agreement:4 may:2 need:2 slight:2 review:2 short:1 also:1 nigerian:1 oil:3 minister:2 tell:1 reporter:1 ahead:1 departure:1 sunday:1 start:1 june:1 25:1 already:1 reach:1 long:1 session:1 december:3 last:2 year:2 peg:1 group:2 crude:1 output:1 15:2 8:1 mln:3 bpd:2 first:1 half:1 1987:1 fix:2 around:1 18:2 dlrs:2 barrel:1 since:1 rise:1 official:1 level:1 industry:1 analyst:1 firmly:1 convince:1 organisation:1 maintain:2 keep:2 market:3 stable:1 believe:1 tend:1 take:1 position:1 strengthen:1 gain:1 make:1 far:1 decline:1 ceiling:1 raise:1 16:1 6:1 third:1 quarter:1 3:1 fourth:1 provisionally:1 agree:1 whatever:1 decision:1 arrive:1 guide:1 collective:1 strong:1 non:1 member:2 norway:1 visit:1 two:1 ago:1 pledge:1 cooperation:1 significant:1 heavy:1 destocking:1 consumer:1 early:1 regime:1 come:1 effect:1 restocking:1 winter:1 responsible:1 strength:1 | OPEC PRESIDENT LUKMAN EXPECTS SHORT, CALM MEETING
OPEC conference president Rilwanu Lukman
said he expects next week's ministerial meeting in Vienna to be
brief and calm and that OPEC's current price and production
agreement may only need a slight review.
'I expect the meeting in Vienna to be short and calm,'
Lukman, who is also Nigerian oil minister, told reporters here
ahead of his departure on Sunday for the conference, which
starts June 25.
'We already have an agreement which may need only a slight
review,' Lukman said.
The agreement reached at a long session of OPEC ministers
in December last year pegged the group's crude oil output at
15.8 mln bpd for first half 1987 at fixed prices of around 18
dlrs a barrel.
Since then prices have risen from 15 dlrs in December to
just above the official OPEC levels, with oil industry analysts
firmly convinced the organisation will maintain the agreement
to keep the market stable.
'I myself believe that OPEC will tend to take a position to
strengthen the gains we have made so far,' Lukman said.
He declined to say if the current ceiling should be
maintained or raised to 16.6 mln bpd for the third quarter and
18.3 mln for the fourth as provisionally agreed last December.
'Whatever decision we arrive at will be guided by our
collective will to keep the market strong,' he said.
He said non-OPEC member Norway, which he visited two weeks
ago, had pledged further cooperation with the group and this
was significant for its members.
Lukman said heavy destocking by consumers early this year
when OPEC's fixed price regime came into effect and a
restocking now for the winter was responsible for current
market strength.
|
test/19136 | test/19136 |@title davis:1 mining:1 revise:1 offer:1 becor:1 bcw:1 |@word becor:6 western:2 inc:2 say:4 davis:2 mining:2 manufacturing:1 amend:3 offer:6 company:2 cash:1 portion:1 remain:1 unchanged:1 10:1 45:1 dlrs:4 share:2 principal:1 amount:2 debenture:1 would:1 increase:1 3:2 50:2 00:1 also:2 include:2 1:1 face:1 value:1 survive:2 corporation:2 12:1 5:1 pct:3 nonvoting:1 cumulative:1 prefer:1 previous:1 reduce:1 common:1 hold:1 present:1 shareholder:1 55:1 60:1 suject:1 confirmation:1 certain:1 due:1 diligence:1 information:1 discussion:2 continue:1 one:1 possible:2 bidder:1 still:1 identify:1 expect:1 investor:1 conclude:1 shortly:1 time:1 board:1 evaluate:1 exist:1 add:1 | DAVIS MINING REVISES OFFER FOR BECOR <BCW>
Becor Western Inc said
<Davis Mining and Manufacturing Inc> has amended its offer for
the company.
Becor said the cash portion of the offer remains unchanged
at 10.45 dlrs a share but the principal amount of debentures
would increase to 3.50 dlrs from 3.00 dlrs a Becor share.
The amended offer also includes 1.50 dlrs face value of the
surviving corporation's 12.5 pct nonvoting cumulative preferred
not included in the previous offer, and reduces the amount of
the surviving corporation's common to be held by present
shareholders to 55 pct from 60 pct.
Becor Western the amended Davis Mining offer is suject to
confirmation of certain due diligence information.
Becor also said discussions continue with one other
possible bidder which it still has not been identified.
Again, the company said it expects discussions with the
other possible investor to conclude shortly. At that time, the
board will evaluate all the then existing offers for Becor, it
added.
|
test/19137 | test/19137 |@title mtech:1 mtch:1 33:1 467:1 commercial:1 share:1 |@word mtech:1 corp:2 say:2 receive:1 33:1 467:1 share:3 commercial:1 resources:1 response:1 10:1 25:1 dlr:1 per:1 tender:1 offer:2 150:1 000:1 company:1 extend:1 july:1 2:1 expire:1 yesterday:1 | MTECH <MTCH> HAS 33,467 COMMERCIAL SHARES
MTech Corp said it has received
33,467 shares of Commercial Resources Corp in response to its
10.25 dlr per share tender offer for all 150,000 shares.
The company said it has extended the offer until July 2. It
was to have expired yesterday.
|
test/19142 | test/19142 |@title micron:1 technology:1 inc:1 dram:1 3rd:1 qtr:1 june:1 four:1 |@word shr:2 loss:8 14:2 ct:2 vs:8 35:1 net:2 3:1 718:1 908:1 6:1 714:1 372:1 revs:2 22:1 8:2 mln:10 4:2 avg:2 shrs:2 25:1 7:2 19:2 2:2 nine:1 mth:1 1:3 02:1 dlrs:2 46:1 24:1 28:2 61:1 9:1 23:1 | MICRON TECHNOLOGY INC <DRAM.O> 3RD QTR JUNE FOUR
Shr loss 14 cts vs loss 35 cts
Net loss 3,718,908 vs loss 6,714,372
Revs 22.8 mln vs 14.4 mln
Avg shrs 25.7 mln vs 19.2 mln
Nine mths
Shr loss 1.02 dlrs vs loss 1.46 dlrs
Net loss 24.4 mln vs loss 28.1 mln
Revs 61.7 mln vs 28.9 mln
Avg shrs 23.8 mln vs 19.2 mln
|
test/19152 | test/19152 |@title total:1 erickson:1 tle:1 buy:1 mining:1 property:1 |@word total:3 erickson:3 resources:1 ltd:2 consolidate:2 silver:1 standard:1 mines:1 cds:1 v:1 say:2 purchase:1 interest:1 dome:1 mountain:1 property:2 60:1 000:2 share:1 70:1 dlrs:1 cash:1 company:1 several:1 gold:1 bearing:1 vein:1 considerable:1 exploration:1 potential:1 | TOTAL ERICKSON <TLE.T> BUYS MINING PROPERTY
Total Erickson Resources Ltd and
Consolidated Silver Standard Mines Ltd <CDS.V> said that Total
Erickson has purchased all Consolidated's interests in its Dome
Mountain property for 60,000 Total Erickson shares and 70,000
dlrs in cash.
The companies said the property has several gold-bearing
veins and has considerable exploration potential.
|
test/19155 | test/19155 |@title nat:1 l:1 computer:1 nlcs:1 buy:1 data:1 card:1 stake:1 |@word national:3 computer:4 systems:1 inc:2 say:6 agree:1 acquire:1 deluxe:4 check:1 printers:1 dlx:1 38:1 pct:2 stake:1 data:3 card:6 corp:2 plan:2 issue:1 45:1 mln:1 dlrs:2 five:1 year:1 subordinate:1 convertible:2 debenture:2 purchase:1 3:2 749:1 401:1 share:2 datum:3 completion:1 propose:1 transaction:1 subject:1 regulatory:1 approval:1 expect:1 mid:1 july:1 bear:1 increase:1 rate:2 interest:2 term:1 7:1 weight:1 average:1 common:1 stock:1 20:1 separately:1 investment:1 longer:1 fit:1 business:1 strategy:1 hold:1 since:1 1975:1 provide:1 fund:1 buy:1 troy:2 products:1 november:1 1986:1 sell:1 division:1 | NAT'L COMPUTER <NLCS.O> TO BUY DATA CARD STAKE
National Computer Systems Inc
said it agreed to acquire Deluxe Check Printers Inc's <DLX> 38
pct stake in Data Card Corp.
National Computer said it plans to issue 45 mln dlrs in
five year subordinated convertible debentures to purchase the
3,749,401 shares of Data Card from Deluxe.
Completion of the proposed transaction, subject to
regulatory approval, is expected in mid-July, it said.
The debenture will bear an increasing rate of interest over
its term, with a 7.3 pct weighted average rate and will be
convertible into National Computer common stock at 20 dlrs a
share, it said.
Separately, Deluxe said its Data Card investment no longer
fits its business strategy. Deluxe has held an interest in Data
Card since 1975 when it provided funds for Data Card to buy
Troy Computer Products Corp. In November 1986, Data Card said
it planned to sell its Troy division.
|
test/19159 | test/19159 |@title microsemi:1 mscc:1 acquire:1 hybrid:1 component:1 |@word microsemi:3 corp:1 supplier:1 semiconductor:1 product:1 assembly:1 say:3 acquire:1 operate:2 asset:2 hybrid:1 components:1 inc:1 2:2 mln:1 dlrs:1 cash:1 purchase:1 include:1 fix:1 software:1 inventory:1 technology:1 intellectual:1 property:1 business:1 operation:1 hci:2 company:1 continue:1 beverly:1 plant:1 subsidiary:1 | MICROSEMI <MSCC.O> ACQUIRES HYBRID COMPONENTS
Microsemi Corp, a supplier of
semiconductor products and assemblies, said it has acquired the
operating assets of <Hybrid Components Inc> for 2.2 mln dlrs in
cash.
Microsemi said the purchase includes the fixed assets,
software, inventories, technology, intellectual properties and
other business operations of HCI.
The company said HCI will continue to operate its Beverly
plant as a subsidiary of Microsemi.
|
test/19163 | test/19163 |@title reagan:1 say:1 trade:1 bill:1 face:1 veto:1 present:1 form:1 |@word president:1 reagan:1 say:3 would:4 veto:2 house:2 pass:1 trade:4 bill:2 require:1 mandatory:1 retaliation:1 unfair:1 reach:1 desk:1 present:2 form:2 statement:1 white:1 meeting:1 senate:1 republicans:1 legislation:1 choice:1 measure:1 move:1 exactly:1 wrong:1 direction:1 towards:1 high:1 tariff:1 barrier:1 distort:1 subsidy:1 slow:1 growth:1 crimp:1 world:1 market:1 destroy:1 job:1 | REAGAN SAYS TRADE BILL FACES VETO IN PRESENT FORM
President Reagan said he would veto a
House-passed trade bill requiring mandatory retaliation for
'unfair trade' if it reached its desk in its present form.
In a statement at a White House meeting with Senate
Republicans on the legislation, he said: 'I would have no choice
but to veto that bill in its present form.'
He said the measure 'would move us exactly in the wrong
direction' towards high tariffs, trade barriers, trade
distorting subsidies, slow growth and crimped world markets,
and would destroy jobs.
|
test/19165 | test/19165 |@title ghana:1 lift:1 rice:1 maize:1 import:1 ban:1 due:1 drought:1 |@word ghana:4 lift:1 ban:2 rice:3 maize:2 import:1 due:1 crop:2 problem:1 cause:1 unusually:1 dry:2 weather:1 official:1 news:1 agency:1 gna:2 report:1 today:1 secretary:1 finance:1 economic:1 planning:1 kwesi:1 botchwey:3 make:1 announcement:1 last:1 night:1 accept:1 7:1 891:1 tonne:1 worth:1 four:1 mln:1 dlrs:1 japanese:1 food:2 aid:1 programme:1 lifting:1 impose:1 earlier:1 year:2 follow:1 government:2 concern:1 low:1 average:1 rainfall:2 southern:1 implication:1 major:3 harvest:1 say:2 rain:2 lack:1 cereal:1 grow:1 area:1 throughout:1 south:1 ministry:1 agriculture:1 predict:1 fall:1 least:1 25:1 pct:1 staple:1 include:1 cassava:1 quote:1 consequence:1 current:1 reduce:1 nowhere:1 near:1 drought:1 experience:1 1982:1 83:1 take:1 step:1 alleviate:1 anticipate:1 production:1 shortfall:1 failure:1 seasonal:1 already:1 seriously:1 affect:1 drinking:1 water:1 supply:1 farming:1 fishing:1 part:1 central:1 volta:1 region:1 river:1 | GHANA LIFTS RICE/MAIZE IMPORT BAN DUE TO DROUGHT
Ghana has lifted a ban on rice and maize
imports due to crop problems caused by unusually dry weather,
the official Ghana News Agency (GNA) reported today.
Secretary for Finance and Economic Planning Kwesi Botchwey
made the announcement last night while accepting 7,891 tonnes
of rice worth about four mln dlrs under a Japanese food aid
programme.
The lifting of the ban, imposed earlier this year, follows
government concern over 'lower than average rainfall in southern
Ghana and its implications for the major harvest.'
Botchwey said rain has been lacking in major cereal growing
areas throughout the south this year. The Ministry of
Agriculture has predicted a fall of at least 25 pct in all
major staple crops including maize, rice and cassava.
GNA quoted Botchwey as saying that while the consequences
of current reduced rainfall will be nowhere near the drought
experiences of 1982/83 the government has taken steps to
alleviate anticipated food production shortfalls.
The failure of seasonal rains has already seriously
affected drinking water supplies, farming and fishing in parts
of the Central and Volta regions of Ghana where rivers have
dried up.
|
test/19167 | test/19167 |@title u:1 k:1 central:1 bank:1 warn:1 excessive:1 rate:1 cut:1 |@word bank:1 england:1 governor:1 robin:1 leigh:2 pemberton:2 say:4 lower:2 interest:3 rate:5 fast:1 could:1 jeopardise:1 recent:1 economic:1 achievement:1 u:1 k:1 remark:1 prepare:1 delivery:1 businessman:1 birmingham:1 prospective:1 return:2 real:1 investment:2 favourable:2 relative:1 financial:1 asset:1 good:1 number:1 year:2 would:2 surely:1 foolish:1 put:1 conjuncture:1 risk:2 prematurely:1 excessively:1 may:1 enjoy:1 short:1 term:1 boost:1 activity:1 damaging:1 uncertainty:1 acrimony:1 high:2 inflation:1 add:2 recognise:1 argue:1 still:1 deter:1 industry:1 forget:1 less:1 ago:1 intervene:1 support:1 sterling:1 temporary:1 difficulty:1 persuade:1 market:1 one:1 pct:3 increase:1 base:2 11:1 sufficient:1 tightening:1 policy:1 time:1 currently:1 nine:1 | U.K. CENTRAL BANK WARNS OF EXCESSIVE RATE CUTS
Bank of England governor Robin
Leigh-Pemberton said lowering interest rates too fast could
jeopardise recent economic achievements in the U.K.
In remarks prepared for delivery to businessmen in
Birmingham, he said prospective returns on real investment are
more favourable, relative to those on financial assets, than
for a good number of years.
'It would surely be foolish to put that favourable
conjuncture at risk by lowering interest rates prematurely or
excessively,' he said.
'We might enjoy a short-term boost to activity, but at the
risk of a damaging return to the uncertainty and acrimony of
high inflation,' he added.
Leigh-Pemberton said he recognised there are some who would
argue that interest rates are still too high and deter
investment in industry.
'But we should not forget that less than a year ago we were
intervening to support sterling and had some temporary
difficulty in persuading the markets that a one pct increase in
base rates, to 11 pct, was a sufficient tightening of policy at
the time,' he added. Base rate is currently nine pct.
|
test/19169 | test/19169 |@title failure:1 ec:1 farm:1 price:1 talk:1 disrupt:1 tender:1 |@word serious:2 bid:3 european:1 community:1 open:1 market:2 tender:3 wheat:2 barley:1 ec:1 farm:3 minister:2 agree:1 1987:1 88:1 price:1 package:1 trade:1 source:1 say:5 failure:1 week:2 come:1 agreement:1 result:1 export:2 subsidy:1 trader:4 unlikely:1 long:1 uncertainty:1 remain:1 one:1 permanent:1 damage:1 prospect:1 avoid:1 agreemend:1 reach:1 soon:1 situation:1 become:1 time:1 pass:1 however:1 seem:1 buyer:1 around:1 lessen:1 disruptive:1 impact:1 delay:1 poland:1 south:1 korea:1 feed:1 offer:1 intervention:1 grain:1 special:1 | FAILURE OF EC FARM PRICE TALKS DISRUPTS TENDERS
There will be no serious bids at European
Community open market tenders for wheat and barley until EC
farm ministers agree to the 1987/88 farm price package, trade
sources said.
The failure of farm ministers this week to come to an
agreement resulted in no bids at this week's tender for export
subsidies and traders said bids are unlikely as long as the
uncertainty remains.
One trader said permanent damage to export prospects can be
avoided if an agreemend can be reached soon, but the situation
will become more serious as time passes.
However, traders said there seem to be few buyers around,
lessening the disruptive impact of the delay.
Poland and South Korea, who are in the market for feed
wheat, will be offered intervention grain through special
tenders, traders said.
|
test/19170 | test/19170 |@title american:1 greetings:1 corp:1 agrea:1 1st:1 qtr:1 net:1 |@word period:1 end:1 may:1 31:1 shr:1 42:1 ct:2 vs:3 53:1 net:1 13:1 600:1 000:2 17:1 100:1 revs:1 263:1 3:1 mln:2 243:1 8:1 | AMERICAN GREETINGS CORP <AGREA.O> 1ST QTR NET
Period ended May 31
Shr 42 cts vs 53 cts
Net 13,600,000 vs 17,100,000
Revs 263.3 mln vs 243.8 mln
|
test/19171 | test/19171 |@title american:1 greetings:1 corp:1 agrea:1 1st:1 qtr:1 net:1 |@word period:1 end:1 may:1 31:1 shr:1 42:1 ct:2 vs:3 53:1 net:1 13:1 600:1 000:2 17:1 100:1 revs:1 263:1 3:1 mln:2 243:1 8:1 | AMERICAN GREETINGS CORP <AGREA.O> 1ST QTR NET
Period ended May 31
Shr 42 cts vs 53 cts
Net 13,600,000 vs 17,100,000
Revs 263.3 mln vs 243.8 mln
|
test/19174 | test/19174 |@title texas:1 utilities:1 co:1 txu:1 12:1 mos:1 may:1 31:1 net:1 |@word shr:1 4:4 61:1 dlrs:2 vs:4 28:1 net:1 663:1 3:1 mln:4 590:1 8:1 rev:1 03:1 billion:2 06:1 avg:1 share:1 143:1 9:1 138:1 2:1 | TEXAS UTILITIES CO <TXU> 12 MOS MAY 31 NET
Shr 4.61 dlrs vs 4.28 dlrs
Net 663.3 mln vs 590.8 mln
Rev 4.03 billion vs 4.06 billion
Avg shares 143.9 mln vs 138.2 mln
|
test/19178 | test/19178 |@title boston:1 digital:1 corp:1 bost:1 4th:1 qtr:1 net:1 |@word period:2 end:1 april:1 30:1 shr:2 profit:2 nil:1 vs:6 loss:7 eight:1 ct:3 net:2 4:1 000:7 213:1 sale:2 3:1 668:1 2:1 602:1 year:1 18:1 23:1 482:1 614:1 12:1 5:1 mln:2 13:1 6:1 note:1 1987:1 earning:1 include:1 provision:1 unrealized:1 marketable:1 security:1 176:1 dlrs:1 | BOSTON DIGITAL CORP <BOST.O> 4TH QTR NET
Period ended April 30
Shr profit nil vs loss eight cts
Net profit 4,000 vs loss 213,000
Sales 3,668,000 vs 2,602,000
Year
Shr loss 18 cts vs loss 23 cts
Net loss 482,000 vs loss 614,000
Sales 12.5 mln vs 13.6 mln
NOTE: 1987 earnings in each period include a provision for
unrealized loss on marketable securities of 176,000 dlrs
|
test/19180 | test/19180 |@title colonial:1 bancgroup:1 clbga:1 buy:1 destin:1 bank:1 |@word colonial:1 bancgroup:1 say:3 agree:1 buy:2 first:1 national:1 bank:3 destin:1 undisclosed:1 sum:1 company:1 approve:1 sale:1 mark:1 second:1 move:1 acquire:1 florida:1 sign:1 letter:1 intent:1 liberty:1 pensacola:1 april:1 | COLONIAL BANCGROUP <CLBGA> BUYS DESTIN BANK
Colonial Bancgroup said it
agreed to buy <First National Bank of Destin> for an
undisclosed sum.
The company said if it is approved, the sale will mark its
second move to acquire a Florida bank.
It said it signed a letter of intent to buy Liberty Bank of
Pensacola in April.
|
test/19181 | test/19181 |@title chrysler:1 c:1 plan:1 raise:1 bid:1 |@word chrysler:2 corp:1 say:3 intention:2 increase:2 offer:4 electrospace:3 systems:1 inc:1 ele:1 agree:1 purchase:1 texas:1 base:1 defense:1 electronic:1 contractor:1 tender:2 27:2 dlrs:3 share:3 total:1 value:1 367:1 mln:1 eletrospace:1 close:1 yesterday:1 nyse:1 30:2 1:1 8:1 company:1 spokeswoman:1 believe:1 adequate:1 accept:1 propose:1 transaction:1 unanimously:1 recommend:1 board:1 director:1 principal:1 shareholder:1 note:1 price:2 50:1 pct:1 april:1 put:1 sale:1 | CHRYSLER <C> HAS NO PLANS TO RAISE BID
Chrysler Corp said it has no intention
of increasing its offer for Electrospace Systems Inc <ELE>.
Chrysler agreed to purchase the Texas-based defense
electronics contractor in a tender offer of 27 dlrs a share for
a total value of about 367 mln dlrs.
Eletrospace shares closed yesterday on the NYSE at 30-1/8.
'We have no intention of increasing the offer,' a company
spokeswoman said. 'We believe it is adequate and will be
accepted.'
She said the proposed transaction was unanimously
recommended by the board of directors and principal
shareholders of Electrospace.
Further, she noted that the 27 dlrs tender offer price is
50 pct above the price of Electrospace's shares before April 30
when it put itself up for sale.
|
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