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test/19947 | test/19947 |@title pakistan:1 unveil:1 new:1 trade:1 policy:1 boost:1 export:1 |@word pakistani:2 government:3 allow:3 free:4 cotton:5 rice:3 export:8 three:2 year:7 new:2 trade:4 policy:5 aim:1 narrow:1 country:2 yawn:1 gap:2 commerce:1 planning:1 minister:1 mahbubul:1 haq:4 say:9 televise:1 speech:1 also:3 decide:1 duty:2 import:7 yarn:2 make:1 textile:1 industry:3 competitive:1 link:1 bulk:1 tea:1 product:1 pakistan:4 main:1 handle:1 exclusively:1 state:1 corporation:2 since:1 early:1 1970s:1 private:1 sector:1 would:3 along:1 meet:2 long:2 stand:1 demand:1 local:3 trader:1 bring:1 price:3 help:1 ancillary:1 compete:1 effectively:1 world:2 market:2 effective:1 fiscal:2 1987:1 88:1 beginning:1 july:1 1:1 review:1 every:1 departure:1 previous:2 practice:1 announce:1 single:1 enable:1 businessman:1 plan:1 strategie:1 period:1 credit:2 250:1 mln:1 dlrs:4 provide:1 engineering:1 good:3 select:1 third:1 soft:1 term:1 1986:1 87:1 3:1 6:1 billion:3 18:1 2:1 per:1 cent:1 5:2 23:1 compare:1 63:1 1985:1 86:1 rationalise:1 streamline:1 control:1 observe:1 due:1 restriction:2 specially:1 raw:1 material:1 intermediate:1 suffer:1 want:1 necessary:1 input:1 increase:1 quality:1 produce:1 low:1 restrictive:1 give:1 rise:1 smuggling:1 hampering:1 correct:1 situation:1 136:1 item:1 previously:1 largely:1 remittance:2 national:1 work:1 abroad:1 mainly:1 gulf:1 however:1 begin:1 fall:1 drop:1 oil:1 recent:1 lead:1 spectre:1 balance:1 payment:1 crisis:1 | PAKISTAN UNVEILS NEW TRADE POLICY TO BOOST EXPORTS
Pakistani government allowed freer
cotton and rice export in a three-year new trade policy aimed
at narrowing the country's yawning trade gap.
Commerce and Planning Minister Mahbubul Haq said in a
televised speech the government had also decided to allow
duty-free import of cotton yarn to make the textile industry
more competitive, and to link bulk tea imports to the export of
Pakistani products.
Cotton and rice are Pakistan's main exports, which have
been handled exclusively by state corporations since early
1970s.
But Haq said now the private sector would also export
cotton and rice along with the corporations, which meets a
long-standing demand of the local traders.
The duty-free import of cotton yarn has been allowed to
bring down prices and help the local ancillary industries
compete effectively in the world market, he said.
Haq said the new policy, effective from the fiscal year
1987/88 beginning on July 1, would be for three years but
reviewed every year.
It was a departure from the previous practice of announcing
trade policies for a single fiscal year, and Haq said it would
enable the businessmen to plan their market strategies over a
longer period.
He said an export credit of 250 mln dlrs had been provided
for the export of engineering goods to selected third world
countries on soft credit terms.
Pakistan's 1986/87 exports at 3.6 billion dlrs, 18.2 per
cent more than in the previous year, and imports at 5.23
billion dlrs compared to 5.63 billion dlrs in 1985/86.
He said the government policy was to rationalise and
streamline import controls.
'It has been observed that due to restrictions on imports,
specially on raw materials and intermediate goods, local
industry has been suffering for want of necessary inputs,' he
said. 'Prices have been on the increase and quality of goods
produced has been low. This restrictive policy also gave rise
to smuggling and hampering of exports.'
He said that to correct this situation, 136 items had freed
from import restrictions.
Previously, Pakistan has met its trade gap largely from
remittances from its nationals working abroad, mainly in the
Gulf. However, the remittances have begun to fall after the
drop in oil prices in recent years leading to the spectre of a
balance of payments crisis for Pakistan.
|
test/19950 | test/19950 |@title citicorp:1 cci:1 savings:1 extend:1 california:1 reach:1 |@word citicorp:11 extend:2 reach:2 california:8 market:6 savings:7 acquisition:2 50:2 sears:4 roebuck:1 bank:4 branch:4 bring:1 presence:1 143:1 101:1 community:1 say:8 thrift:5 industry:3 analyst:2 move:2 approve:1 federal:3 reserve:1 board:1 today:1 plus:1 show:1 serious:1 intent:1 penetrate:1 mostly:1 southern:2 34:1 locate:1 saving:1 predominantly:1 northern:1 mark:1 first:2 major:3 expansion:1 particularly:1 south:1 president:2 edward:1 valencia:1 statement:1 source:2 see:1 near:2 term:2 impact:1 expect:1 aggressive:1 competitor:2 believe:1 well:2 james:1 stutz:1 executive:1 vice:1 home:2 loan:1 association:1 hfd:1 base:1 san:1 diego:1 banking:1 view:1 groundwork:1 establish:1 throughout:1 1991:1 law:1 change:1 allow:1 operate:1 state:1 likely:1 convert:1 time:1 however:1 seven:1 billion:1 dlrs:1 asset:1 still:1 force:1 large:1 great:2 western:1 financial:2 corp:1 gwf:1 h:1 f:1 ahmanson:1 co:1 ahm:1 golden:1 west:1 gwd:1 american:1 gta:1 | CITICORP <CCI> SAVINGS EXTENDS CALIFORNIA REACH
Citicorp has extended its reach
into the California market with Citicorp Savings' acquisition
of 50 of Sears Roebuck's <S> Sears Savings Bank branches,
bringing its presences to 143 branches in 101 communities,
CitiCorp Savings said.
Thrift industry analysts said the move, approved by the
Federal Reserve board today, is a plus for Citicorp and shows
its serious intent to penetrate the California market.
The acquisition mostly extends Citicorp's reach into
Southern California, where 34 of the 50 branches are located.
Citicorp Savings was predominantly in Northern California.
'This marks our first major expansion in California,
particularly in the south,' said Citicorp Savings President
Edward Valencia, in a statement.
Thrift industry sources said they do not see a major
near-term impact on the Southern California thrift market, but
do expect Citicorp to be a more aggressive competitor than
Sears was in that market.
'We do believe they will be a better competitor than
Sears,' said James Stutz, Executive Vice President of Home
Federal Savings and Loan Association <HFD>, based in San Diego.
Banking industry sources said the move is viewed as
groundwork, to establish Citicorp throughout the California
market, well before the 1991 law change that will allow it to
operate as a bank in the state. They said Citicorp is likely to
convert the branches to banks at that time.
In the near-term, however, analysts said with seven billion
dlrs in assets, Citicorp Savings is still not a major force in
the thrift market, against such large California thrifts as
Home Federal, Great Western Financial Corp <GWF>, H F Ahmanson
and Co <AHM>, Golden West Financial <GWD> and Great American
First Savings Bank <GTA>.
|
test/19955 | test/19955 |@title contel:1 ctc:1 unit:1 sale:1 see:1 analyst:1 |@word contel:4 corp:1 telecommunications:3 equipment:2 unit:3 likely:1 candidate:1 sale:1 atlanta:1 base:1 company:3 wall:1 street:1 analyst:3 say:4 executone:1 top:1 list:1 one:1 refer:1 loss:1 riden:1 question:1 would:1 take:1 add:1 forecast:1 15:1 pct:1 drop:1 1987:1 operate:1 earning:1 last:1 year:1 late:1 today:1 review:1 operation:2 effort:1 aim:1 maximize:1 long:1 term:1 stockholder:1 value:1 also:2 federal:2 systems:1 division:1 hit:1 several:1 executive:1 defection:1 may:1 put:1 block:1 official:1 decline:1 comment:1 possibility:1 sell:1 however:1 indicate:1 statement:1 closely:1 evaluate:1 telecommunication:1 system:1 | CONTEL <CTC> UNIT SALES SEEN BY ANALYSTS
Contel Corp's telecommunications
equipment unit is the most likely candidate for sale by the
Atlanta-based telecommunications company, Wall Street analysts
said.
'Executone is at the top of the list,' said one analyst,
referring to Contel's loss-riden telecommunications equipment
unit. 'The question is, who would take it?' he added.
The company, forecasting a 15 pct drop in 1987 operating
earnings over last year, said late today that it is reviewing
all operations in an effort aimed at 'maximizing long-term
stockholder value.'
Analysts also said Contel's federal systems division, which
has been hit with several executive defections, may also be put
on the block.
Contel officials declined to comment on the possibility of
selling any operations. However, the company indicated in a
statement that it was closely evaluating the telecommunications
and federal systems units.
|
test/19957 | test/19957 |@title royal:1 gold:1 silver:1 corp:1 rgs:1 six:1 mth:1 net:1 |@word shr:1 profit:2 two:2 ct:2 vs:3 loss:2 net:1 123:1 000:3 104:1 revs:1 12:1 5:1 mln:1 nil:1 note:1 1987:1 period:1 include:1 112:1 dlr:1 extraordinary:1 gain:1 | ROYAL GOLD AND SILVER CORP <RGS.TO> SIX MTHS NET
Shr profit two cts vs loss two cts
Net profit 123,000 vs loss 104,000
Revs 12.5 mln vs nil
Note: 1987 period includes 112,000 dlr extraordinary gain.
|
test/19959 | test/19959 |@title cdc:1 life:1 sciences:1 lsi:1 stake:1 sell:1 |@word canada:2 development:2 corp:1 cdc:3 say:4 agree:1 sell:1 25:1 2:3 pct:2 interest:1 life:2 sciences:2 inc:1 caisse:3 de:1 depot:1 et:1 placement:1 du:1 quebec:1 provincial:1 pension:1 fund:1 manager:1 institut:2 merieux:2 french:1 biological:1 laboratory:1 company:2 169:1 mln:2 dlrs:2 buy:1 75:1 common:1 share:3 30:1 76:1 follow:1 transaction:1 hold:2 19:1 3:1 purchaser:1 plan:1 acquire:1 remain:1 publicly:1 | CDC LIFE SCIENCES <LSI.TO> STAKE SOLD
Canada Development Corp <CDC.TO> said it
agreed to sell its 25.2 pct interest in CDC Life Sciences Inc
to Caisse de depot et placement du Quebec, the provincial
pension fund manager, and Institut Merieux, a French biological
laboratory company, for 169.2 mln dlrs.
It said the caisse and Institut Merieux will each buy 2.75
mln common shares of the company for 30.76 dlrs a share.
It said following the transaction the caisse will hold
about 19.3 pct of CDC Life Sciences. Canada Development said
the purchasers do not plan to acquire the remaining
publicly-held shares.
|
test/19962 | test/19962 |@title cyclop:1 cyl:1 holder:1 approve:1 dixons:1 merger:1 |@word dixons:1 group:1 plc:1 say:4 shareholder:2 special:1 meeting:1 cyclops:2 corp:2 approve:1 previously:2 announce:2 merger:2 cyclop:3 dixon:4 term:1 remain:1 public:1 receive:1 95:1 dlrs:1 share:1 also:1 sale:2 steel:1 nonresidential:1 construction:1 business:2 former:1 alleghany:1 subsidiary:1 expect:1 complete:1 june:1 30:1 retain:1 specialty:1 retailing:1 change:1 name:1 silo:1 inc:1 | CYCLOPS <CYL> HOLDERS APPROVE DIXONS MERGER
Dixons Group Plc said shareholders at a
special meeting of Cyclops Corp approved the previously
announced merger of Cyclops with Dixons.
Under the terms of the merger, Dixons said the remaining
public Cyclops shareholders are to receive 95 dlrs a share.
Dixons also said the previously announced sale of Cyclops
steel and nonresidential construction businesses to a former
Alleghany Corp <Y> subsidiary is expected to be completed June
30. After the sale, Cyclops will retain its specialty retailing
business and change its name to Silo Inc, said Dixons.
|
test/19963 | test/19963 |@title ste:1 genevieve:1 offer:1 sullivan:1 sum:1 |@word ste:1 genevieve:1 resources:1 ltd:1 say:2 increase:1 cash:1 takeover:1 bid:2 sullivan:1 mines:1 inc:1 share:4 7:1 25:1 dlrs:1 give:2 original:1 offer:1 minimum:1 five:1 mln:2 common:1 maximum:1 six:1 company:1 detail:1 | STE-GENEVIEVE UPS OFFER FOR SULLIVAN <SUM.TO>
Ste-Genevieve Resources Ltd said it
increased its cash takeover bid for Sullivan Mines Inc shares
to 7.25 dlrs a share. It did not give the original bid.
The offer is for a minimum five mln common shares and a
maximum six mln shares, the company said.
It gave no further details.
|
test/19964 | test/19964 |@title u:1 soviet:1 grain:1 meeting:1 unlikely:1 summer:1 |@word prospect:1 appear:1 slim:1 summer:3 meeting:4 u:3 soviet:2 official:5 two:2 country:1 enter:1 final:1 year:9 bilateral:1 grain:5 agreement:4 agriculture:1 department:1 say:7 side:1 usually:1 try:1 meet:2 new:2 agreeement:1 approach:1 although:1 last:3 delay:2 february:1 however:1 endanger:1 fifth:1 extend:1 september:1 1988:1 usda:5 difficult:1 pull:1 together:1 people:1 july:1 aide:1 undersecretary:1 daniel:1 amstutz:1 since:1 around:1 four:1 month:2 ago:1 next:4 talk:1 could:1 still:1 couple:1 industry:1 speculation:1 offer:4 moscow:2 another:1 wheat:1 subsidy:4 marketing:1 even:1 consultation:1 hold:1 soon:1 would:3 probably:1 make:2 doubt:1 begin:1 source:1 cite:1 limited:1 fund:1 uncertainty:1 crop:1 many:1 variable:1 uncharacteristic:1 nonbinding:1 pact:1 agree:1 purchase:1 minimum:1 nine:1 mln:1 tonne:1 per:1 normally:1 start:1 discuss:1 quality:1 shipping:1 logistic:1 production:1 outlook:1 | U.S./SOVIET GRAIN MEETING UNLIKELY THIS SUMMER
Prospects appear slim for a summer
meeting between U.S. and Soviet officials before the two
countries enter the final year of their bilateral grains
agreement, Agriculture Department officials said.
The two sides usually try to meet as each new year of the
agreeement approaches although the last meeting was delayed up
to last February. However, any delay this year should not
endanger the fifth year of the grains agreement that extends
through September, 1988, USDA officials said.
'It will be difficult to pull together the people for the
meeting during July,' an aide to USDA undersecretary Daniel
Amstutz said.
Since the last meeting was only around four months ago, the
next talks could still be a 'couple more months,' he said.
There has been grain industry speculation that the USDA
will offer Moscow another wheat subsidy during the next
marketing year. But USDA officials said even if consultations
were held soon a subsidy offer would probably not be made.
'I doubt that there would be any subsidy offer this summer
or before the next agreement year begins,' a USDA source said.
Citing limited subsidy funds and uncertainties about next
year's crops, he said, 'There are too many variables now. It
would be uncharacteristic of us to make an offer now.'
Under the nonbinding pact, Moscow has agreed to purchase a
minimum of nine mln tonnes of U.S. grain per year. Soviet and
U.S. officials normally meet in the summer before the start of
a new agreement year to discuss grain quality, shipping
logistics and production outlooks.
|
test/19965 | test/19965 |@title ge:2 credit:2 say:2 buy:2 kraft:2 inc:2 k:2 financial:2 corp:2 |@word | GE CREDIT SAYS IT WILL BUY KRAFT INC'S D AND K FINANCIAL
CORP
GE CREDIT SAYS IT WILL BUY KRAFT INC'S D AND K FINANCIAL
CORP
|
test/19966 | test/19966 |@title wall:1 redekop:1 corp:1 wrk:1 three:1 mth:1 net:1 |@word shr:1 five:1 ct:2 vs:3 one:1 net:1 299:1 869:1 54:1 775:1 revs:1 5:2 7:1 mln:2 2:1 note:1 period:1 end:1 april:1 30:1 | WALL AND REDEKOP CORP <WRK.TO> THREE MTHS NET
Shr five cts vs one ct
Net 299,869 vs 54,775
Revs 5.7 mln vs 5.2 mln
Note: period ended April 30.
|
test/19968 | test/19968 |@title justice:1 oppose:1 quick:1 greyhound:1 trailways:1 merger:1 |@word justice:3 department:2 say:11 ask:1 government:1 proceed:1 cautiously:1 plan:3 allow:1 nation:1 two:2 large:1 intercity:1 bus:3 company:5 merge:1 operation:3 move:2 one:1 firm:1 may:1 derail:1 deal:1 opposition:1 quick:1 federal:2 approval:1 bid:1 greyhound:8 lines:1 inc:1 take:1 immediate:2 control:2 trailways:2 corp:1 prompt:1 threaten:2 brief:1 file:2 interstate:2 commerce:1 commission:1 icc:7 drop:1 merger:4 official:1 tell:1 reuters:1 late:1 today:1 hope:1 action:1 tomorrow:1 line:1 go:1 forward:1 transaction:1 permit:1 assume:1 unconditional:1 trailway:9 integrate:1 filing:2 regulatory:1 agency:2 final:1 early:1 want:2 slowly:1 turn:1 request:1 begin:3 operate:2 immediately:2 receive:1 relevant:1 information:1 financial:1 condition:1 process:1 assess:1 correctness:1 allegation:1 act:1 assistant:1 attorney:1 general:1 charles:1 rule:1 comment:1 submit:1 announce:1 june:3 19:1 let:1 continue:1 evaluate:1 possible:1 antitrust:1 problem:1 would:1 pay:2 80:1 mln:4 dlrs:4 many:1 terminal:1 garage:1 paper:1 could:2 collapse:1 matter:1 day:1 owe:2 supplier:2 six:2 another:1 due:2 30:2 force:1 bankruptcy:1 time:1 also:1 consortium:2 bank:1 76:1 call:1 loan:1 fail:1 interest:1 | JUSTICE OPPOSES QUICK GREYHOUND-TRAILWAYS MERGER
The Justice Department said it asked
the government to proceed cautiously on a plan allowing the
nation's two largest intercity bus companies to merge their
operations, a move one of the firms said may derail the deal.
Justice's opposition to quick federal approval of a bid by
Greyhound Lines Inc to take immediate control Trailways Corp
prompted Greyhound to threaten -- in a brief filed with the
Interstate Commerce Commission (ICC) -- to drop the merger
plan.
Greyhound officials told Reuters late today the company
hoped for ICC action on the merger by tomorrow.
'Greyhound Lines will go forward with the transaction only
if it is permitted to assume immediate, unconditional control
of Trailways' operations and to integrate them with its
operations,' Greyhound said in a filing with the ICC, the
federal regulatory agency which has the final say over mergers
of interstate bus companies.
But Justice had said in an earlier filing with the ICC that
it wanted the agency to move slowly on the plan and to turn
down Greyhound's request to begin operating Trailways
immediately.
'The department has just begun to receive relevant
information on Trailways' financial condition and is in the
process of assessing the correctness of the company's
allegations,' acting Assistant Attorney General Charles Rule
said in comments submitted to the ICC.
Greyhound announced June 19 that it wanted the ICC to let
it begin operating Trailways immediately while continuing to
evaluate the merger for possible antitrust problems.
Greyhound said it would pay 80 mln dlrs for many of
Trailways' terminals, buses and garages.
The two companies said in papers filed with the ICC that
Trailways 'could collapse in a matter of days.'
They said Trailways owed suppliers more than six mln dlrs,
with another six mln dlrs due June 30.
The suppliers, they said, could force Trailways into
bankruptcy 'at any time.'
Trailways also owes a consortium of banks 76 mln dlrs, and
the consortium has threatened to call the loan if Trailways
fails to pay the interest due June 30, they said.
|
test/19975 | test/19975 |@title allied:1 signal:1 ald:1 sell:1 schlumberger:1 slb:1 |@word allied:1 signal:2 inc:1 schlumberger:2 ltd:1 jointly:1 announce:1 acquire:1 ally:1 neptune:2 international:1 unit:1 term:1 disclose:1 atlanta:1 ga:1 base:1 make:1 water:1 meter:1 flow:1 measurement:1 equipment:1 sale:1 last:1 year:1 80:1 mln:1 dlrs:1 | ALLIED-SIGNAL <ALD> SELLS TO SCHLUMBERGER <SLB>
Allied-Signal Inc and
Schlumberger Ltd jointly announced that Schlumberger had
acquired Allied-Signal's Neptune International unit. Terms
weren't disclosed.
Atlanta, Ga.-based Neptune, which makes water meters and
flow measurement equipment, had sales last year of 80 mln dlrs.
|
test/19978 | test/19978 |@title lennar:1 corp:1 len:1 2nd:1 qtr:1 may:1 31:1 |@word shr:2 64:1 ct:3 vs:6 40:1 net:2 5:4 597:1 000:3 3:1 426:1 revs:2 83:1 mln:5 47:1 4:1 six:1 mth:1 1:1 15:1 dlrs:1 60:1 10:1 201:1 147:1 6:1 91:1 | LENNAR CORP <LEN> 2ND QTR MAY 31
Shr 64 cts vs 40 cts
Net 5,597,000 vs 3,426,000
Revs 83.5 mln vs 47.4 mln
Six mths
Shr 1.15 dlrs vs 60 cts
Net 10 mln vs 5,201,000
Revs 147.6 mln vs 91.5 mln
|
test/19981 | test/19981 |@title digital:1 dcai:1 acquire:1 fox:1 foxt:1 unit:1 |@word digital:1 communications:1 associates:1 inc:3 dcai:1 say:3 enter:1 agreement:1 acquire:1 substantially:1 asset:1 fox:5 technology:1 research:1 subsidiary:1 company:1 assume:1 10:1 mln:2 dlrs:2 liability:1 provision:1 6:1 5:1 base:1 future:1 financial:1 performance:1 one:1 year:1 period:1 follow:1 closing:1 deal:1 acquisition:1 subject:1 approval:1 shareholder:1 expect:1 close:1 mid:1 august:1 | DIGITAL <DCAI.O> TO ACQUIRE FOX <FOXT.O> UNIT
Digital Communications
Associates Inc <DCAI.O> said it has entered into an agreement
to acquire substantially all the assets of Fox Technology Inc's
Fox Research Inc subsidiary.
The company said it will assume about 10 mln dlrs of Fox
liabilities with a provision for a further 6.5 mln dlrs based
on the future financial performance of Fox during the one year
period following the closing of the deal.
It said the acquisition is subject to approval by Fox
shareholders and is expected to close in mid August.
|
test/19982 | test/19982 |@title state:1 control:1 70:1 pct:1 pakistan:1 tea:1 import:1 |@word pakistan:4 announce:2 new:3 tea:4 import:4 policy:4 say:4 70:1 pct:4 future:1 make:1 state:1 trading:1 corporation:1 tcp:1 commerce:1 minister:2 mahbubul:1 haq:2 television:1 broadcast:1 one:2 third:1 remain:1 30:1 allocate:1 private:1 sector:1 would:1 permit:1 come:1 country:1 three:2 month:1 government:1 suspend:1 licence:1 order:1 inquiry:1 purchase:1 trader:2 move:1 design:1 put:1 pressure:1 kenya:1 provide:1 48:1 75:1 80:1 mln:1 kilo:1 annual:1 buy:1 pakistani:1 manufacture:1 good:1 exchange:1 lipton:1 brooke:1 bond:1 two:1 unit:1 britain:1 unilever:1 plc:1 control:1 95:1 hard:1 pack:1 market:1 also:1 plan:1 outline:1 year:1 trade:1 start:1 financial:1 1987:1 88:1 july:1 1:1 | STATE TO CONTROL 70 PCT OF PAKISTAN TEA IMPORTS
Pakistan announced a new tea import
policy, saying 70 pct of imports will in future be made through
the state Trading Corporation of Pakistan (TCP).
Commerce Minister Mahbubul Haq said in a television
broadcast that no more than one-third of the remaining 30 pct
allocated to the private sector would be permitted to come from
any one country.
The new policy was announced some three months after the
government suspended import licences and ordered an inquiry
into tea purchase policy.
Traders said the move was designed to put pressure on Kenya,
which provided some 48 pct of Pakistan's 75-80 mln kilo annual
tea imports, to buy Pakistani manufactured goods in exchange.
Liptons and Brooke Bond, two units of Britain's Unilever
Plc, control 95 pct of Pakistan's hard-pack tea market, traders
said.
Haq, who is also Planning Minister, was outlining a new
three-year trade policy from the start of financial 1987/88 on
July 1.
|
test/19983 | test/19983 |@title general:1 electric:1 ge:1 buy:1 kraft:1 kra:1 unit:1 |@word general:1 electric:1 co:1 ge:3 credit:3 corp:2 say:1 agree:1 buy:1 capital:1 stock:1 kraft:1 inc:2 wholly:1 subsidiary:1 k:2 financial:1 term:2 acquisition:2 disclose:1 asset:1 one:2 billion:1 dlrs:1 lead:1 u:1 company:1 involve:1 leasing:1 fleet:1 car:1 accord:1 jim:1 ahte:1 spokesman:1 outside:1 public:1 relation:1 firm:1 man:1 selvage:1 lee:1 emphasize:1 yet:1 approve:1 | GENERAL ELECTRIC <GE> TO BUY KRAFT <KRA> UNIT
General Electric Co's GE Credit
Corp said it agreed to buy all of the capital stock of Kraft
Inc's wholly owned subsidiary D and K Financial Corp.
Terms of the acquisition were not disclosed.
D and K, with assets of more than one billion dlrs, is one
of the leading U.S. companies involved in the leasing of fleets
of cars, according to GE Credit.
Jim Ahtes, a spokesman for GE Credit's outside public
relations firm, Manning, Selvage and Lee Inc, emphasized that
the terms of the acquisition had not yet been approved.
|
test/19984 | test/19984 |@title iep:1 lift:1 ultramar:1 ogelbay:1 norton:1 stake:1 |@word industrial:1 equity:1 pacific:1 ltd:2 iep:2 hong:1 kong:1 list:1 unit:1 brierley:1 investments:1 brya:1 say:1 lift:1 stake:1 british:1 oil:1 company:2 ultramar:2 plc:1 umar:1 l:1 u:1 firm:1 ogelbay:2 norton:1 co:1 tell:1 stock:1 exchange:1 hold:2 36:1 03:1 mln:1 share:2 represent:2 13:1 07:1 pct:2 issue:1 capital:1 388:1 600:1 11:1 68:1 delaware:1 base:1 detail:1 available:1 | IEP LIFTS ULTRAMAR AND OGELBAY NORTON STAKES
<Industrial Equity (Pacific) Ltd>,
(IEP) the Hong Kong-listed unit of Brierley Investments Ltd
<BRYA.WE>, said it has lifted its stakes in British oil company
Ultramar Plc <UMAR.L> and U.S. Firm <Ogelbay Norton Co>.
IEP told the Stock Exchange it now holds 36.03 mln Ultramar
shares representing 13.07 pct of the issued capital. It holds
388,600 shares in Ogelbay representing 11.68 pct of the
Delaware-based company.
No other details were available.
|
test/19985 | test/19985 |@title |@word japan:2 may:2 unemployment:2 record:2 3:4 2:2 pct:4 0:2 april:2 official:2 | Japan May unemployment record 3.2 pct (3.0 pct in April)
- official
Japan May unemployment record 3.2 pct (3.0 pct in April)
- official
|
test/19986 | test/19986 |@title japan:1 unemployment:1 rise:1 record:1 3:1 2:1 pct:1 may:1 |@word japan:1 seasonally:2 adjust:2 unemployment:8 rate:5 rise:4 record:5 3:5 2:6 pct:10 may:6 bad:1 level:1 since:1 government:2 start:1 compile:1 statistic:1 1953:1 management:1 coodination:1 agency:2 say:1 surpass:2 previous:2 0:2 mark:1 set:2 january:1 april:4 year:7 also:1 sharply:1 7:2 earlier:4 unadjusted:3 total:3 1:6 91:1 mln:5 people:1 90:1 62:1 official:1 blame:1 industrial:1 restructuring:1 strong:1 yen:2 male:2 july:1 1986:1 compare:1 9:1 earlie:1 12:1 180:1 000:4 female:2 unchanged:1 ago:1 8:1 100:1 790:1 appreciation:1 continue:1 affect:1 employment:1 manufacturing:1 industry:1 employ:1 fall:1 210:1 5:1 14:1 10:1 | JAPAN UNEMPLOYMENT RISES TO RECORD 3.2 PCT IN MAY
Japan's seasonally adjusted unemployment
rate rose to a record 3.2 pct in May, the worst level since the
government started compiling unemployment statistics in 1953,
the government's Management and Coodination Agency said.
The May rate surpassed the previous record of 3.0 pct
marked set in January and April this year. It was also up
sharply from 2.7 pct a year earlier.
Unadjusted May unemployment totalled 1.91 mln people, up
from 1.90 mln in April and 1.62 mln a year earlier.
An agency official blamed industrial restructuring and the
strong yen for the rise in unemployment.
The seasonally adjusted male unemployment rate in May rose
to a record 3.2 pct, surpassing the previous record 3.0 pct set
in July 1986. This compares with 2.9 pct in April and 2.7 pct a
year earlie. Unadjusted male unemployment totalled 1.12 mln, up
180,000 from a year earlier.
The female unemployment rate in May was unchanged from
April at a record 3.1 pct. A year ago, the rate was 2.8 pct.
Unadjusted female unemployment rose 100,000 to 790,000.
The yen's appreciation continued to affect employment in
manufacturing industries and the total employed in May fell
210,000 or 1.5 pct from a year earlier to 14.10 mln.
|
test/19989 | test/19989 |@title miyazawa:1 say:1 g:1 7:1 still:1 support:1 louvre:1 accord:1 |@word japanese:1 finance:2 minister:2 kiichi:1 miyazawa:3 say:4 group:2 seven:1 g:3 7:2 nation:1 still:1 support:1 louvre:1 accord:1 stabilise:1 currency:1 also:1 tell:1 news:1 conference:1 follow:1 cabinet:1 meeting:1 five:1 5:1 plan:1 meet:1 talk:1 overseas:1 stock:5 market:6 plunge:2 lead:1 freefall:1 tokyo:3 special:1 worry:1 add:1 gravely:1 affect:1 downturn:1 new:2 york:2 london:1 clear:1 sign:1 economic:1 recovery:1 japan:2 stability:1 exchange:1 rate:1 ask:1 u:1 contact:2 | MIYAZAWA SAYS G-7 STILL SUPPORTS LOUVRE ACCORD
Japanese Finance Minister Kiichi Miyazawa
said the Group of Seven (G-7) nations still support the Louvre
Accord to stabilise currencies.
He also told a news conference following a cabinet meeting
that the Group of Five (G-5) and G-7 do not have any plans to
meet for talks.
The Finance Minister further said that overseas stock
market plunges will not lead to a freefall in the Tokyo stock
market. 'There is no special worry about the stock market in
Tokyo,' he added.
Miyazawa said the Tokyo stock market should not be gravely
affected by the downturns of markets in New York and London
because there is a clear sign of an economic recovery in Japan
and stability of exchange rates.
Asked if the U.S. Had contacted Japan after the stock
market plunge in New York, Miyazawa said there was not any
contact.
|
test/19991 | test/19991 |@title |@word miyazawa:2 say:2 baker:2 remark:2 aim:2 reaffirm:2 louvre:2 agreement:2 | Miyazawa says Baker's remarks were aimed at just reaffirming Louvre agreement
Miyazawa says Baker's remarks were aimed at just reaffirming Louvre agreement
|
test/19993 | test/19993 |@title baker:1 remarks:1 aim:1 confirm:1 accord:1 miyazawa:1 |@word japan:1 finance:2 minister:2 kiichi:1 miyazawa:1 say:1 remark:2 u:1 treasury:1 secretary:1 james:1 baker:1 sunday:1 nation:1 abide:1 spirit:1 louvre:1 accord:1 aim:1 reaffirm:1 agreement:2 cooperate:1 stabilise:1 currency:1 reach:1 paris:1 february:1 year:1 make:1 news:1 conference:1 follow:1 morning:1 cabinet:1 meeting:1 | BAKER REMARKS AIMED AT CONFIRMING ACCORD-MIYAZAWA
Japan's Finance Minister Kiichi Miyazawa
said that remarks by U.S. Treasury Secretary James Baker on
Sunday that some nations were not abiding by the spirit of the
Louvre Accord were just aimed at reaffirming that agreement.
The agreement, to cooperate in stabilising currencies, was
reached in Paris in February this year.
The finance minister made the remark at a news conference
which followed a morning cabinet meeting.
|
test/19996 | test/19996 |@title japan:1 understand:1 u:1 attack:1 iran:1 oil:1 platform:1 |@word japan:2 say:2 understand:2 u:2 attack:2 iranian:1 oil:1 platform:1 monday:1 deeply:1 concerned:1 increase:2 threat:2 ship:1 navigate:1 gulf:1 circumstance:1 lead:1 united:1 states:1 government:1 take:1 measure:1 foreign:1 ministry:1 statement:2 add:1 free:1 safe:1 navigation:1 missile:1 flagged:1 tanker:1 kuwaiti:1 territorial:1 water:1 last:1 friday:1 | JAPAN UNDERSTANDS U.S. ATTACK ON IRAN OIL PLATFORM
Japan said it understood why the U.S.
Attacked an Iranian oil platform on Monday.
'Japan, deeply concerned over the increasing threat to the
ships navigating in the Gulf, understands the circumstances
that have led the United States government to take these
measures,' the Foreign Ministry said in a statement.
The statement added that the threat to free and safe
navigation had increased after the missile attack on a
U.S.-flagged tanker in Kuwaiti territorial waters last Friday.
|
test/19998 | test/19998 |@title venezuela:1 see:1 flat:1 oil:1 price:1 despite:1 u:1 attack:1 |@word world:1 oil:2 price:3 would:2 remain:1 stable:1 despite:1 u:1 attack:1 iranian:1 platform:1 grow:1 tension:1 gulf:2 venezuelan:1 energy:1 minister:1 arturo:1 hernandez:2 grisanti:2 say:4 monday:1 describe:1 situation:1 extremely:1 tense:1 military:1 activity:1 significantly:1 affect:1 supply:2 demand:3 roughly:1 equal:1 opec:2 crude:1 final:1 quarter:1 1987:1 18:3 5:1 mln:3 barrel:2 per:2 day:1 bpd:3 group:1 member:2 pump:1 tell:1 news:1 conference:1 balance:1 precarious:1 danger:1 fall:1 current:1 average:1 dlrs:1 overproduction:1 continue:1 three:1 four:1 13:1 nation:1 organisation:1 petroleum:1 exporting:1 country:1 overproduce:1 exaggerated:1 manner:1 assign:1 quota:1 overall:1 ceiling:1 16:1 6:1 | VENEZUELA SEES FLAT OIL PRICE DESPITE U.S. ATTACK
World oil prices would remain stable
despite the U.S. Attack against Iranian oil platforms and
growing tension in the Gulf, Venezuelan Energy Minister Arturo
Hernandez Grisanti said on Monday.
He described the situation as 'extremely tense,' but said
Gulf military activity would not significantly affect prices
because supply and demand were roughly equal.
Demand for OPEC crude in the final quarter of 1987 was 18.5
mln barrels per day (bpd) and the group's members were now
pumping above 18 mln bpd, he told a news conference.
Hernandez Grisanti said the supply/demand balance was
precarious and prices were in danger of falling from their
current average of about 18 dlrs per barrel if overproduction
continued.
Three or four members of the 13-nation Organisation of
Petroleum Exporting Countries were 'overproducing in an
exaggerated manner' above their assigned quotas, he said.
OPEC's overall ceiling is 16.6 mln bpd.
|
test/20001 | test/20001 |@title dollar:1 follow:1 wall:1 street:1 japanese:1 divest:1 |@word dollar:8 go:1 way:2 wall:3 street:3 japanese:7 finally:1 move:1 investment:8 serious:1 japan:2 manager:6 say:11 dominant:1 foreign:1 investor:6 u:12 security:2 already:2 sell:2 equity:1 fall:1 steeply:1 happen:1 yesterday:2 definitely:1 try:1 withdraw:1 significant:1 fund:2 share:1 akira:1 kawakami:2 deputy:2 nomura:1 trust:1 management:1 co:3 ltd:2 international:2 department:3 unstable:1 low:1 would:1 also:1 affect:1 bond:9 interest:2 rate:2 differential:1 currently:1 look:2 wide:1 enough:1 mean:1 nothing:1 absence:1 stability:1 could:2 benefit:1 due:1 gloomy:1 economic:1 picture:1 follow:1 estimated:1 huge:2 loss:1 stock:6 major:1 institutional:1 individual:1 effect:1 rule:1 rise:1 still:2 wiate:1 see:1 really:1 stable:1 hold:1 firm:1 142:1 yen:3 tuesday:1 morning:1 although:1 amount:1 new:2 york:1 chance:1 lighten:1 inventory:1 hiromitsu:1 sunada:1 meiji:1 mutual:1 life:1 insurance:1 sale:1 help:1 send:1 508:1 point:1 1:2 738:1 market:4 big:1 percentage:1 drop:1 since:1 1914:1 difficult:1 consider:1 danger:1 katsuhiko:1 okiyama:1 general:2 chief:1 adviser:1 yamaichi:1 securities:2 fix:1 income:1 marketing:1 group:1 home:1 start:1 pick:1 stop:1 react:1 tokyo:1 likely:1 stabilise:1 one:1 two:1 week:1 wait:1 bottom:1 around:1 6:1 3:1 pct:2 yield:1 5:1 89th:1 basic:1 background:1 support:1 change:1 norio:1 okutsu:1 assistant:1 nikko:1 outflow:1 decrease:1 however:1 evident:1 three:1 month:1 ago:1 | IF DOLLAR FOLLOWS WALL STREET JAPANESE WILL DIVEST
If the dollar goes the way of Wall Street,
Japanese will finally move out of dollar investments in a
serious way, Japan investment managers say.
The Japanese, the dominant foreign investors in U.S. Dollar
securities, have already sold U.S. Equities.
But 'if the dollar falls steeply, which did not happen
yesterday, Japanese investors will definitely try to withdraw
significant funds from U.S. Shares,' said Akira Kawakami, deputy
manager of Nomura Investment Trust and Management Co Ltd's
international investment department.
An unstable, lower dollar would also affect Japanese
investment in U.S. Bonds. 'Japan-U.S. Interest rate
differentials, which currently look wide enough, mean nothing
in the absence of dollar stability,' said Kawakami.
U.S. Bonds could benefit due to a gloomy economic picture
following the estimated huge losses in stocks by major U.S.
Institutional and individual investors, he said. The effect
should be to rule out any U.S. Interest rate rise.
But most Japanese investors in U.S. Bonds are still wiating
to see if the dollar really is stable, he said. The dollar was
holding firm at above 142 yen on Tuesday morning.
'Although Japanese investors sold huge amounts of stocks in
New York yesterday, most are still looking for chances to
lighten their U.S. Stock inventories,' Hiromitsu Sunada, manager
of Meiji Mutual Life Insurance Co's international investment
department said.
Their sales helped send Wall Street stocks down 508 points
to 1,738, the market's biggest percentage drop since 1914.
'Investment in U.S. Stocks and bonds is difficult,
considering the dangers,' said Katsuhiko Okiyama, deputy general
manager and chief adviser of Yamaichi Securities Co Ltd's fixed
income securities marketing group.
Japanese investment at home could start to pick up once
markets have stopped reacting to Wall Street, the managers
said. The Tokyo yen bond market is likely to stabilise in one
or two weeks, which is what investors have been waiting for.
The bottom for yen bonds should be around a 6.3 pct yield for
the 5.1 pct 89th bond, they said.
'The basic background which has supported the stocks and
bonds markets has not changed,' said Norio Okutsu, assistant
general manager of Nikko Securities' bond department. 'But new
outflows of funds to the U.S. Will be decreasing.' However,
this was already evident three months ago, he said.
|
test/20005 | test/20005 |@title asian:1 cocoa:1 producer:1 expand:1 despite:1 critic:1 |@word asian:2 cocoa:19 producer:4 expand:5 output:4 despite:1 depressed:1 world:2 price:5 dismiss:1 suggestion:1 london:4 market:4 inferior:1 leading:1 try:2 protect:1 product:1 say:12 spokesman:4 indonesia:6 directorate:1 general:1 plantation:1 happy:1 long:1 term:1 future:1 malaysian:6 grower:1 would:3 sale:3 asia:3 united:2 states:2 suitable:2 european:1 taste:1 respond:1 comment:1 trader:6 large:3 tonnage:1 unwanted:1 bean:4 malaysia:6 papua:1 new:1 guinea:1 png:5 help:1 depress:1 consider:1 unsuitable:1 western:2 palate:1 acrid:1 odour:1 high:2 level:1 free:1 fatty:1 acid:2 ng:1 siew:1 kee:1 chairman:1 growers:1 council:1 produce:2 type:1 europe:1 industry:1 board:1 mistake:1 link:2 indonesian:3 decline:1 buyer:2 seize:1 anything:1 talk:1 could:2 sell:1 whatever:1 export:3 33:1 000:7 tonne:8 1986:3 87:1 year:3 end:2 september:1 30:1 nearly:1 50:2 pct:2 west:3 germany:1 16:1 u:1 rest:1 netherlands:1 britain:1 agriculture:1 ministry:1 official:2 wish:1 identify:1 problem:2 quality:3 continue:1 describe:1 criticism:1 trade:1 politic:1 jakarta:1 traditional:1 dutch:1 mean:1 difficulty:1 two:1 big:1 commodity:1 outside:1 international:1 organization:1 icco:1 production:3 expect:1 total:1 150:1 155:1 calendar:2 1987:1 131:1 partly:1 three:1 drought:1 sabah:1 country:2 grow:1 area:1 triple:1 31:1 600:1 10:1 284:1 1980:1 project:1 rise:1 1988:1 38:1 young:1 tree:1 mature:1 low:2 cost:1 last:1 longer:1 african:2 accord:1 one:2 kuala:1 lumpur:1 fall:1 another:1 1:1 ringgit:1 per:1 250:1 stg:1 make:1 uneconomic:1 believe:1 main:1 harvesting:1 fermentation:1 technique:1 virtually:1 indistinguishable:1 treat:1 way:1 possible:1 estate:1 | ASIAN COCOA PRODUCERS EXPAND DESPITE CRITICS
Asian cocoa producers are expanding
output despite depressed world prices and they dismiss
suggestions in the London market that their cocoa is inferior.
'Leading cocoa producers are trying to protect their market
from our product,' said a spokesman for Indonesia's directorate
general of plantations. 'We're happy about our long-term future.'
Malaysian growers said they would try to expand sales in
Asia and the United States if Malaysian cocoa was not suitable
for European tastes.
They were responding to comments by London traders that
large tonnages of unwanted cocoa beans from Malaysia, Indonesia
and Papua New Guinea (PNG) were helping to depress cocoa
prices.
London traders said the Asian cocoa was considered
unsuitable for western palates because of an acrid odour and a
high level of free fatty acids.
Ng Siew Kee, the chairman of Malaysia's Cocoa Growers'
Council, said Malaysia should expand its sales to Asia and the
United States if it did not produce a type suitable for Western
Europe.
A spokesman for the PNG Cocoa Industry Board said the
London market was mistaken if it linked PNG cocoa with
high-acid Malaysian and Indonesian beans.
'When the market is declining, buyers seize on anything to
talk down prices,' the spokesman said.
He said that PNG could sell whatever cocoa it produces.
PNG exported 33,000 tonnes of cocoa in the 1986/87 cocoa
year ending September 30, of which nearly 50 pct was exported
to West Germany, 16 pct to the U.S. And the rest to the
Netherlands and Britain.
The Indonesia spokesman, an Agriculture Ministry official
who wished not to be identified, said Indonesia had no problem
with quality and would continue to expand sales. He described
criticism of the quality of Indonesian beans as 'trade politics'
and said Jakarta's traditional links with Dutch buyers meant it
did not have any difficulty with exports.
Indonesia and Malaysia, Asia's two biggest commodity
producers, are expanding cocoa output and are both outside the
International Cocoa Organization (ICCO).
Officials have said Malaysian production is expected to
total 150,000 to 155,000 tonnes in calendar 1987.
This is up from 131,000 tonnes in 1986, partly because of
the end of a three-year drought in Sabah, the country's largest
cocoa growing area.
Production of Indonesian cocoa beans tripled to 31,600
tonnes in calendar 1986 from 10,284 tonnes in 1980. Output is
projected to rise to 50,000 tonnes in 1988 from 38,000 tonnes
this year as young trees mature.
Both Malaysia and Indonesia are low cost producers and
traders said they could last out low prices longer than West
African countries.
According to one Kuala Lumpur trader, world prices would
have to fall another 1,000 ringgit per tonne (about 250 stg) to
make cocoa production in Malaysia uneconomic.
Some traders believe the main quality problem is with
harvesting and fermentation techniques.
One trader said Malaysian cocoa is virtually
indistinguishable from West African output if treated in the
same way but this is not possible on the larger Malaysian
estates.
|
test/20008 | test/20008 |@title malaysia:1 advise:1 raise:1 crude:1 oil:1 output:1 1988:1 |@word malaysia:3 national:1 oil:3 company:2 petronas:2 advise:1 government:2 raise:2 crude:1 output:3 540:1 000:5 barrel:1 day:1 bpd:4 1988:1 current:2 500:1 senior:1 official:1 say:2 capacity:1 produce:1 amount:1 rastam:1 hadi:1 vice:1 president:1 upstream:1 sector:1 announce:1 decision:1 friday:1 unveil:1 country:1 budget:1 month:1 level:1 420:2 review:1 world:1 market:1 may:1 cut:1 459:1 response:1 call:1 opec:1 boost:1 price:1 | MALAYSIA ADVISED TO RAISE CRUDE OIL OUTPUT IN 1988
Malaysia's national oil company,
Petronas, has advised the government to raise crude oil output
to 540,000 barrels a day (bpd) in 1988 from a current 500,000
bpd, a senior company official said.
'We have the capacity to produce the amount,' Rastam Hadi,
Petronas's Vice-President for Upstream Sector said.
The government will announce its decision on Friday when it
unveils the country's budget. Malaysia raised output this month
to current levels from 420,000 bpd after reviewing the world
oil market. In May, Malaysia cut output to 420,000 bpd from
459,000 in response to a call by OPEC to boost prices.
|
test/20009 | test/20009 |@title |@word sumita:2 welcome:2 u:2 west:2 german:2 joint:2 confirmation:2 louvre:2 accord:2 | Sumita welcomes U.S.-West German joint confirmation of Louvre accord
Sumita welcomes U.S.-West German joint confirmation of Louvre accord
|
test/20012 | test/20012 |@title sumita:1 welcome:1 u:1 japan:1 agreement:1 louvre:1 |@word bank:2 japan:2 governor:1 satoshi:1 sumita:2 say:4 welcome:1 monday:1 u:1 west:1 german:1 joint:1 confirmation:1 commitment:1 louvre:2 accord:3 statement:1 world:1 stockmarket:1 excessively:1 concerned:1 economic:1 future:1 continue:1 adhere:1 system:1 policy:1 coordination:1 base:1 upon:1 february:1 call:1 stability:2 foreign:1 exchange:2 rate:2 generally:1 regain:1 economy:1 industrialise:1 nation:1 head:1 steady:1 recovery:1 | SUMITA WELCOMES U.S.-JAPAN AGREEMENT ON LOUVRE
Bank of Japan governor Satoshi Sumita said
he welcomed Monday's U.S. And West German joint confirmation of
their commitment to the Louvre accord.
Sumita said in a statement that world stockmarkets were
excessively concerned about the economic future.
The Bank of Japan will continue to adhere to a system of
policy coordination based upon the Louvre accord of February,
he said. The accord called for stability in foreign exchange
rates. Exchange rates generally are regaining stability and the
economies of industrialised nations are heading for a steady
recovery, he said.
|
test/20013 | test/20013 |@title new:1 zealand:1 continue:1 firm:1 monetary:1 policy:1 |@word reserve:1 bank:5 new:1 zealand:1 say:4 evidence:2 suggest:2 fall:3 share:3 price:2 affect:2 financial:3 stability:3 would:1 maintain:1 firm:2 monetary:3 policy:3 governor:1 spencer:1 russell:2 statement:1 central:1 accept:1 argument:1 battle:1 inflation:2 take:1 low:1 second:1 priority:1 sharemarket:1 plunge:1 two:1 statutory:1 responsibility:1 implement:1 government:1 bring:1 ensure:1 sector:2 unless:1 direct:1 otherwise:1 continue:1 much:1 national:1 interest:1 yet:1 available:1 barclays:1 index:1 record:1 504:1 75:1 point:1 2:1 925:1 26:1 tuesday:1 decline:1 14:1 7:1 pct:1 | NEW ZEALAND WILL CONTINUE FIRM MONETARY POLICY
The Reserve Bank of New Zealand said
there was no evidence to suggest the fall in share prices had
affected financial stability and it would maintain its firm
monetary policy.
Governor Spencer Russell said in a statement the central
bank did not accept arguments that the battle against inflation
should now take a low second priority after the sharemarket's
plunge.
Russell said the bank had two statutory responsibilities --
to implement the government's monetary policy to bring down
inflation, and to ensure the financial sector's stability.
'Unless the bank is directed otherwise, the firm monetary
policy will continue because it is very much in the national
interest that it do so,' he said.
'And there is yet no evidence available to the bank to
suggest that the fall in share prices has affected the
stability of the financial sector.'
The Barclays share index fell a record 504.75 points to
2,925,26 on Tuesday, a decline of 14.7 pct.
|
test/20016 | test/20016 |@title |@word japan:2 september:2 2:2 plus:2 cd:2 money:2 supply:2 rise:2 11:4 1:2 pct:2 year:4 aug:2 0:2 | Japan September M-2 plus CD money supply rises 11.1 pct year on year (Aug 11.0)
Japan September M-2 plus CD money supply rises 11.1 pct year on year (Aug 11.0)
|
test/20018 | test/20018 |@title tanzania:1 sell:1 maize:1 malawi:1 mozambique:1 zaire:1 |@word tanzania:3 arrange:1 sell:1 53:1 000:1 tonne:2 maize:2 malawi:1 mozambique:1 zaire:1 radio:2 say:2 grain:1 would:1 deliver:1 soon:1 give:1 detail:1 value:1 sale:1 expect:1 record:1 harvest:1 2:2 3:1 mln:2 1987:1 88:1 financial:1 year:1 end:1 june:1 bumper:1 crop:1 1:1 1986:1 87:1 | TANZANIA SELLS MAIZE TO MALAWI, MOZAMBIQUE, ZAIRE
Tanzania has arranged to sell
53,000 tonnes of maize to Malawi, Mozambique and Zaire, radio
Tanzania said.
The radio said the grain would be delivered soon, but gave
no details about the value of the sales.
Tanzania is expecting a record maize harvest of 2.3 mln
tonnes in the 1987/88 financial year ending June, up from a
bumper crop of 2.1 mln in 1986/87.
|
test/20019 | test/20019 |@title tanzanian:1 cotton:1 threaten:1 lack:1 storage:1 |@word 60:1 000:3 tonne:2 harvest:2 raw:1 cotton:3 may:1 spoil:1 rain:1 tanzania:2 northern:1 shinyanga:1 region:2 store:1 open:1 crude:1 village:1 shed:1 radio:1 report:1 worth:1 one:1 billion:1 shilling:1 move:1 ginnerie:1 mill:2 warehouse:1 full:1 many:1 work:1 lack:1 spare:1 part:1 add:1 agriculture:1 ministry:1 official:1 forecast:1 1987:1 88:1 200:1 215:1 1986:1 87:1 | TANZANIAN COTTON THREATENED BY LACK OF STORAGE
About 60,000 tonnes of harvested
raw cotton may be spoiled by rain in Tanzania's northern
Shinyanga region because it is stored in the open or in crude
village sheds, radio Tanzania reported.
The cotton, worth one billion shillings, cannot be moved to
ginneries in the region because most mill warehouses are full.
Many mills are not working because of a lack of spare parts, it
added.
Agriculture Ministry officials have forecast a 1987/88
cotton harvest of about 200,000 tonnes, down from 215,000 in
1986/87.
|
test/20021 | test/20021 |@title aquino:1 say:1 manila:1 watch:1 interest:1 rate:1 closely:1 |@word president:1 corazon:1 aquino:3 say:3 philippines:3 closely:2 monitor:3 interest:3 rate:3 wake:1 monday:2 record:2 drop:1 wall:1 street:1 steep:1 decline:2 manila:2 asian:1 stock:2 market:1 development:3 continue:1 hope:1 precipitate:1 large:2 economic:1 activity:1 around:2 world:6 tell:1 meeting:1 13:1 major:1 philippine:1 business:1 group:1 trading:2 country:1 economy:2 depend:1 continued:1 health:1 growth:1 system:1 exchange:1 composite:1 index:1 plunge:1 105:1 49:1 point:2 11:1 79:1 pct:1 midday:1 close:1 789:1 54:1 depress:1 508:1 fall:1 dow:1 jones:1 industrial:1 average:1 addition:1 borrower:1 nation:1 affect:1 level:1 carefully:1 impact:1 gold:1 commodity:1 price:1 welcome:1 statement:1 leader:1 urge:1 calm:1 present:1 difficult:1 situation:1 add:1 | AQUINO SAYS MANILA WATCHING INTEREST RATES CLOSELY
President Corazon Aquino said the
Philippines was closely monitoring interest rates in the wake
of Monday's record drop on Wall Street and steep declines in
Manila and other Asian stock markets.
'We will monitor these developments closely and will
continue to hope that they do not precipitate large declines in
economic activity around the world,' Aquino told a meeting of 13
major Philippine business groups.
'The Philippines, as a trading country in the world economy,
depends on the continued health and growth of both the world
economy and the world trading system,' she said.
The Manila Stock Exchange composite index plunged 105.49
points or 11.79 pct by the midday close to 789.54, depressed by
the record 508 point fall of the Dow Jones industrial average
on Monday.
'The Philippines, in addition, as a large borrower nation,
is affected by developments in interest rate levels around the
world and will carefully monitor the impact of these
developments on interest rates, on gold and on commodity
prices,' Aquino said.
'We welcome the statements from world leaders that urge calm
in the present difficult situation,' she added.
|
test/20025 | test/20025 |@title japan:1 money:1 growth:1 stay:1 11:1 12:1 pct:1 official:1 |@word growth:3 japan:2 2:1 plus:1 certificate:1 deposit:1 cd:1 money:2 supply:2 october:1 december:1 period:1 expect:1 accelerate:1 remain:1 high:2 level:1 11:3 12:1 pct:3 senior:1 bank:2 official:1 say:3 central:1 keep:1 watch:1 liquidity:1 factor:1 may:1 cause:1 rise:1 price:1 good:1 september:1 1:1 year:2 announce:1 earlier:1 today:1 take:1 imply:1 start:1 expand:1 rapidly:1 august:1 rate:1 increase:1 0:1 | JAPAN MONEY GROWTH TO STAY AT 11-12 PCT - OFFICIAL
Growth in Japan's M-2 plus certificates of
deposit (CD) money supply in the October to December period is
not expected to accelerate, but will remain at high levels
between 11 and 12 pct, a senior Bank of Japan official said.
The central bank will keep a watch on high growth in
liquidity because this is a factor that may cause rises in
prices of goods, he said.
The September growth of 11.1 pct year on year announced
earlier today should not be taken as implying that the money
supply has started to expand very rapidly, he said. In August
the rate of increase was 11.0 pct.
|
test/20030 | test/20030 |@title world:1 could:1 cope:1 hormuz:1 closure:1 subroto:1 say:1 |@word oil:4 price:7 would:2 skyrocket:2 time:2 conflict:1 gulf:3 close:1 strait:2 hormuz:2 supply:3 could:1 adjust:2 take:3 care:2 world:3 demand:3 indonesian:2 energy:1 minister:1 subroto:2 say:7 make:1 explicit:1 reference:1 late:1 u:1 military:1 action:1 address:1 conference:1 petroleum:1 association:1 bad:1 come:1 worst:1 flow:1 completely:1 shut:1 believe:1 give:1 situation:3 least:1 short:4 duration:1 speculator:1 advantage:1 declare:1 tension:1 however:2 usually:1 relatively:1 term:4 impact:1 add:2 assess:1 future:1 trend:1 spot:2 probably:1 still:3 fluctuate:1 likely:2 hover:1 around:1 official:1 opec:8 basket:1 18:1 dlrs:1 per:1 barrel:1 upward:1 deviation:1 great:1 downward:1 one:1 balance:1 delicate:1 non:3 production:2 may:2 go:1 compete:1 expect:1 additional:1 increase:1 member:2 three:1 man:1 quota:1 committee:1 tour:1 cartel:1 speculation:1 play:1 havoc:1 try:1 stabilize:1 urge:1 cooperation:1 producer:1 medium:1 reach:1 plateau:1 early:1 1990:1 leave:1 much:1 strong:1 | WORLD COULD COPE WITH HORMUZ CLOSURE, SUBROTO SAYS
Oil prices would skyrocket for a time if
conflict in the Gulf closed the Strait of Hormuz, but oil
supplies could be adjusted to take care of world demand,
Indonesian Energy Minister Subroto said.
He made no explicit reference to the latest U.S. Military
action in the Gulf.
But in an address to a conference of the Indonesian
Petroleum Association, he said, 'If worst comes to worst and say
the flow of oil through the Straits of Hormuz is completely
shut off, I believe the world oil supply, given time to adjust,
can take care of the situation.'
'But this is not to say that prices, at least for a short
duration, will not skyrocket as speculators take advantage of
the situation,' he declared.
Tensions in the Gulf, however, usually had a relatively
short-term impact on prices, he added.
Assessing future price trends, he said, 'Short-term spot
prices will probably still fluctuate, but they will most likely
hover around the official Opec price basket of 18 dlrs per
barrel.
'The upward deviations, however, are likely to be greater
than the downward ones.'
'The balance between supply and demand in the short term
will still be delicate,' he added. 'Non-Opec production may still
go up, competing with Opec for the expected additional increase
in world demand.'
Subroto, a member of Opec's three-man quota committee which
has been touring cartel members, said speculation may play
havoc with spot prices, but Opec was trying to stabilize the
situation by urging cooperation by non-Opec producers.
In the medium term, non-Opec production would reach a
plateau in the early 1990s, leaving Opec much stronger, he
said.
|
test/20031 | test/20031 |@title bangladesh:1 tender:1 two:1 mln:1 barrel:1 petroleum:1 |@word bangladesh:1 petroleum:2 corp:1 say:2 float:1 international:1 tender:1 import:1 two:1 mln:1 barrel:1 jet:1 kero:2 superior:1 high:1 speed:1 diesel:1 shipment:1 january:1 june:1 1988:1 offer:1 product:1 would:1 open:1 0600:1 gmt:1 november:1 19:1 | BANGLADESH TENDERS FOR TWO MLN BARRELS PETROLEUM
Bangladesh Petroleum Corp said it floated
an international tender for imports of two mln barrels of Jet
Kero, Superior Kero and High Speed Diesel for shipment during
January-June 1988.
It said the offer for the petroleum products would be open
until 0600 gmt on November 19.
|
test/20032 | test/20032 |@title |@word poehl:2 say:2 german:2 international:2 interest:2 rate:2 rise:2 cause:2 concern:2 | Poehl says German and international interest rate rises are cause for concern
Poehl says German and international interest rate rises are cause for concern
|
test/20034 | test/20034 |@title iranian:1 tanker:1 report:1 sight:1 mine:1 gulf:1 |@word iranian:3 shuttle:1 tanker:2 report:1 spot:1 float:1 mine:3 central:1 gulf:1 tuesday:1 50:1 mile:1 west:1 lavan:1 island:1 regional:1 shipping:1 source:1 say:1 khark:1 iii:1 national:1 co:1 give:1 position:1 27:1 degree:1 14:1 minute:1 north:1 52:1 06:1 east:1 indication:1 measure:1 take:1 territorial:1 water:1 | IRANIAN TANKER REPORTS SIGHTING MINE IN GULF
An Iranian shuttle tanker reported
spotting a floating mine in the central Gulf on Tuesday about
50 miles west of Lavan Island, regional shipping sources said.
The Khark III, owned by the National Iranian Tanker Co,
gave the position of the mine as 27 degrees 14 minutes north,
52.06 east.
There was no indication of measures being taken against the
mine, which is in Iranian territorial waters.
|
test/20035 | test/20035 |@title faber:1 open:1 offer:1 morgan:1 grenfell:1 stake:1 |@word willis:1 faber:2 plc:2 wifl:1 l:2 chairman:1 chief:1 executive:1 david:1 palmer:1 say:2 company:1 would:2 consider:2 bid:1 20:1 8:1 pct:1 shareholding:1 morgan:1 grenfell:1 group:2 mgfl:1 yet:1 receive:2 offer:2 entertain:1 approach:1 tell:1 reuter:1 reply:1 question:1 follow:1 u:1 k:1 press:1 speculation:1 early:1 statement:1 stake:1 merchant:1 banking:1 merit:1 | FABER OPEN FOR OFFERS ON MORGAN GRENFELL STAKE
Willis Faber Plc <WIFL.L> chairman and
chief executive David Palmer said the company would consider
any bid for its 20.8 pct shareholding in Morgan Grenfell Group
Plc <MGFL.L> but had not yet received any offers.
'We will entertain any approaches,' he told Reuters in reply
to questions, following U.K. Press speculation.
In an earlier statement, Faber said that if an offer were
to be received for its stake in the merchant banking group, 'it
would be considered on its merits.'
|
test/20037 | test/20037 |@title corby:1 distillery:1 expand:1 canada:1 |@word corby:1 distilleries:1 ltd:2 52:1 pct:1 allied:1 lyons:1 plc:1 alld:1 l:1 subsidiary:1 hiram:2 walker:2 goodman:1 amp:1 wort:1 buy:1 spirit:3 business:1 mcguinness:2 distillers:1 toronto:1 45:1 mln:1 canadian:1 dlrs:1 producer:1 marketer:1 also:1 exclusive:1 agency:1 import:1 wine:1 sale:1 subject:1 approval:1 bureau:1 competition:1 policy:1 michael:1 jackaman:1 president:1 chief:1 executive:1 officer:1 ally:1 vintner:1 say:1 acquisition:1 excellent:1 one:1 commercially:1 financially:1 | CORBY DISTILLERIES TO EXPAND IN CANADA
<Corby Distilleries Ltd>, 52 pct owned by
Allied Lyons Plc <ALLD.L> subsidiary <Hiram Walker-Goodman &
Worts> is to buy the spirits business of <McGuinness Distillers
Ltd> of Toronto for 45 mln Canadian dlrs.
McGuinness is a producer and marketer of spirits and also
has exclusive agencies for some imported wines and spirits.
The sale is subject to the approval of the Bureau of
Competition Policy. Michael Jackaman, president and chief
executive officer of Hiram Walker and Allied Vintners, said,
'The acquisition is an excellent one both commercially and
financially.'
|
test/20038 | test/20038 |@title poehl:1 say:1 rate:1 rise:1 cause:1 concern:1 |@word rise:6 west:3 german:3 international:3 interest:10 rate:15 cause:2 concern:2 bundesbank:7 high:2 capital:2 market:7 president:1 karl:1 otto:1 poehl:9 say:12 consider:2 increase:1 occur:1 internationally:1 problem:2 tell:1 investment:1 conference:1 would:1 like:1 stress:1 shortly:1 speak:1 announce:1 tender:3 security:1 repurchase:2 pact:3 fix:2 3:7 80:3 pct:4 previous:1 last:3 month:1 see:1 allocation:3 facility:1 85:2 week:1 60:1 late:1 september:1 reduction:1 key:1 herald:1 monday:3 repeat:1 injection:1 money:3 liquidity:1 70:1 move:1 cap:1 follow:1 meeting:2 finance:1 minister:1 gerhard:1 stoltenberg:1 u:4 treasury:1 secretary:1 james:1 baker:2 frankfurt:1 official:1 afterwards:1 three:1 man:1 reaffirm:1 commitment:1 louvre:2 accord:1 currency:2 stability:1 weekend:1 criticism:3 tightening:1 monetary:2 policy:4 prompt:1 sharp:1 fall:1 dollar:2 speculation:1 cooperation:2 end:2 rally:1 news:1 nervous:1 trading:1 trade:2 1:1 79:1 mark:1 tuesday:1 recent:3 due:2 central:1 bank:1 expectation:2 development:1 comment:1 inflationary:2 get:1 root:1 pursue:1 reveal:1 ground:1 fear:2 unjustified:1 exaggerate:1 rebuff:1 germany:1 make:1 substantial:1 contribution:1 tolerate:1 overshooting:1 supply:1 target:1 arouse:1 quarter:1 today:1 still:1 low:1 1986:1 quite:1 contrary:1 country:1 substantially:1 take:1 account:1 spill:1 express:1 surprise:1 financial:1 far:1 ignore:1 improvement:2 deficit:2 adjustment:1 process:1 balance:1 definitely:1 underway:1 note:1 noticeable:1 absolute:1 figure:1 spectacular:1 budget:1 also:1 attract:1 little:1 attention:1 | POEHL SAYS RATE RISES ARE CAUSE FOR CONCERN
Rises in West German and international
interest rates are a cause for concern and the Bundesbank has
no interest in higher capital market rates, Bundesbank
President Karl Otto Poehl said.
'We consider the interest rate increase that has occurred
here and internationally to be a problem and cause for concern,'
Poehl told an investment conference.
'I would like to stress that the Bundesbank has no interest
in higher capital market rates,' he said.
Shortly after Poehl spoke, the Bundesbank announced a
tender for a securities repurchase pact at a fixed rate of 3.80
pct.
Previous tenders over the last month by interest rate have
seen the allocation rate on these facilities rise to 3.85 pct
at last week's pact from 3.60 on the last fixed-rate tender in
late September.
The Bundesbank's reduction of the key allocation rate to
3.80 from 3.85 pct was heralded Monday by repeated injections
of money market liquidity at between 3.70 and 3.80 pct.
These moves to cap interest rates followed a meeting
between Poehl, Finance Minister Gerhard Stoltenberg and U.S.
Treasury Secretary James Baker Monday in Frankfurt.
Officials said afterwards the three men had reaffirmed
their commitment to the Louvre accord on currency stability.
Over the weekend, criticism by Baker of the tightening in
West German monetary policy had prompted a sharp fall of the
dollar on speculation that Louvre cooperation had ended.
But the dollar rallied on news of Monday's meeting in
nervous trading to trade above 1.79 marks Tuesday.
Poehl said that the recent rise in interest rates was not
due to central bank policy, but to markets' expectations, and
currency developments.
Commenting on the inflationary expectations, Poehl said 'You
have to get to the root of the problem, you have to pursue a
policy which reveals that there are no grounds for such fears.'
The inflationary fears were unjustified and exaggerated, he
said.
Poehl rebuffed recent U.S. Criticism of West Germany,
saying the Bundesbank had made a substantial contribution to
international cooperation in interest and monetary policy.
The Bundesbank has tolerated an overshooting of its money
supply target, arousing criticism from other quarters, he said.
'Today we still have lower interest rates than at the end of
1986... Quite the contrary of other countries, where interest
rates have risen substantially more,' Poehl said.
This had to be taken into account when considering recent
rises in repurchase pact allocation rates, which were due to
rising international money market rates that had spilled over
into the German market, he said.
Poehl expressed surprise that financial markets had so far
ignored improvements in the U.S. Deficits.
'The adjustment process in the U.S. Trade balance is
definitely underway,' he said, noting that this was not so
noticeable in absolute figures.
The spectacular improvement in the budget deficit had also
attracted little attention, he said.
|
test/20039 | test/20039 |@title lawson:1 say:1 bp:1 share:1 offer:1 go:1 ahead:1 u:1 k:1 |@word chancellor:1 exchequer:1 nigel:1 lawson:5 say:5 government:1 go:2 ahead:2 month:1 flotation:1 british:1 petroleum:1 co:1 plc:1 bp:2 l:1 share:2 despite:1 collapse:1 international:1 stock:3 market:5 whole:1 issue:2 underwrite:2 always:1 risk:1 sort:1 thing:1 happen:1 bbc:1 radio:1 interview:1 remark:1 come:1 renew:1 selling:1 london:1 take:1 33p:1 283:1 well:1 330p:1 price:1 set:1 around:1 seven:1 billion:1 stg:1 u:1 k:1 economy:1 fundamentally:1 sound:1 add:1 reflect:1 recently:1 profoundly:1 believe:1 system:1 good:1 way:1 secure:1 economic:1 prosperity:1 mean:1 infallible:1 advice:1 small:1 investor:1 remain:1 calm:1 absolutely:1 reason:1 | LAWSON SAYS BP SHARE OFFER GOING AHEAD
U.K. Chancellor of the Exchequer Nigel
Lawson said the Government was going ahead with this month's
flotation of British Petroleum Co Plc <BP.L> shares despite the
collapse on international stock markets.
'We are going ahead because the whole issue has been
underwritten - we had it underwritten because there is always a
risk of this sort of thing happening,' Lawson said in a BBC
radio interview.
Lawson's remarks came as renewed selling on the London
stock market took BP shares down a further 33p to 283, well
below the 330p price set for the around seven billion stg
issue.
Lawson said the U.K. Economy is fundamentally sound and
added that stock markets had reflected that recently.
'I profoundly believe in the market system as the best way
for securing economic prosperity (but) that does not mean to
say the markets are infallible.'
'My advice to small investors...Is to remain calm. There is
absolutely no reason not to do so,' Lawson said.
|
test/20045 | test/20045 |@title philippines:1 applaud:1 defeat:1 u:1 labelling:1 bill:1 |@word philippine:2 coconut:5 industry:1 greet:1 relief:1 defeat:3 u:2 senate:3 bill:6 require:1 edible:3 oil:2 label:2 saturate:4 fat:4 agriculture:1 committee:1 monday:1 could:1 cost:1 60:1 mln:4 dlrs:3 year:1 lose:1 export:2 authority:1 pca:3 say:6 naturally:1 welcome:1 chance:1 resurrect:1 attach:1 rider:1 another:1 spokesman:2 united:2 association:2 philippines:3 ucap:3 chairman:1 jose:1 romero:2 note:1 vote:2 close:1 eight:1 senator:1 10:1 one:1 abstain:1 american:1 soybean:2 asa:2 spend:1 25:1 lobby:1 also:1 obscure:1 health:2 issue:1 debate:1 high:1 unlike:1 animal:1 enter:1 blood:1 lymph:1 system:1 leave:1 fatty:1 deposit:1 connect:1 heart:2 disease:2 cottonseed:1 producer:1 argue:1 cause:1 would:2 discourage:1 consumption:1 conscious:1 consumer:1 favour:1 domestic:1 unsaturated:1 alternative:1 opponent:1 proposal:1 discriminate:1 import:1 damage:1 malaysia:1 indonesia:1 earn:1 488:1 product:1 1986:1 477:1 1985:1 figure:1 show:1 states:1 non:1 use:1 account:1 half:1 total:1 | PHILIPPINES APPLAUDS DEFEAT OF U.S. LABELLING BILL
The Philippine coconut industry has
greeted with relief the defeat in the U.S. Senate of a bill
requiring some edible oils to be labelled as saturated fats.
The bill, which was defeated by the Senate Agriculture
Committee on Monday, could have cost about 60 mln dlrs a year
in lost exports, the Philippine Coconut Authority (PCA) said.
'Naturally, we welcomed the defeat but there is a chance the
bill will be resurrected and attached as a rider to another
Senate bill,' a spokesman for the United Coconut Association of
the Philippines (UCAP).
PCA chairman Jose Romero noted the vote was close, with
eight senators voting for it, 10 against and one abstaining.
The UCAP spokesman said the American Soybean Association
(ASA) had spent about 25 mln dlrs lobbying for the bill.
He said the ASA also had obscured the health issue during
the debate.
'Coconut oil is high in saturated fats, but unlike saturated
animal fats, they do not enter the blood and lymph systems
leaving fatty deposits connected to heart disease,' he said.
U.S. Soybean and cottonseed producers had argued that
saturated fats cause heart disease and that the labels would
discourage consumption by health conscious consumers in favour
of domestic unsaturated alternatives.
Opponents of the bill said the proposal discriminated
against imports and would damage the Philippines, Malaysia and
Indonesia.
The Philippines earned 488 mln dlrs from coconut products
in 1986, up from 477 mln in 1985, UCAP figures show.
Exports to the United States for edible and non-edible use
account for about half of that total, PCA's Romero said.
|
test/20048 | test/20048 |@title tokyo:1 stock:1 plunge:1 could:1 force:1 easy:1 money:1 policy:1 |@word plunge:3 tokyo:3 stock:11 price:9 prevent:2 bank:10 japan:7 raise:3 discount:5 rate:7 could:2 even:1 force:1 ease:2 monetary:2 policy:3 collapse:4 continue:3 government:6 private:1 economist:6 say:12 rise:3 interest:1 would:2 serve:1 spark:1 selling:1 share:1 ultimately:1 major:2 deflationary:2 impact:3 real:2 economy:5 although:3 official:3 consistently:1 maintain:1 plan:1 2:1 5:1 pct:2 many:2 market:7 think:1 otherwise:1 fear:1 fan:1 central:4 apparent:1 decision:1 last:2 week:3 countenance:1 high:2 commercial:1 bill:1 dealer:2 today:2 fall:2 nearly:1 15:1 mean:1 hard:1 press:1 despite:1 concern:1 renew:1 outbreak:1 inflation:2 japanese:1 bond:1 sharply:1 conclude:1 preclude:1 carry:1 widely:1 rumour:1 increase:2 senior:1 suggest:1 u:1 need:3 drop:3 new:1 york:1 support:1 security:1 see:1 change:1 moment:1 one:4 admit:1 may:1 rethink:1 strategy:1 rest:1 agree:1 better:1 place:1 cope:1 month:1 ago:1 recover:1 strongly:1 steep:2 likely:1 put:1 dent:1 consumer:1 business:2 confidence:1 win:1 big:1 another:1 individual:1 heavily:1 invest:1 participate:1 trust:1 fund:2 investment:3 vehicle:1 manufacturing:1 firm:1 turn:1 financial:2 profit:1 year:1 economic:2 downturn:1 recent:1 rebound:1 allow:1 refocus:1 attention:1 core:1 paradoxically:1 pick:1 partly:1 blame:1 company:1 shift:1 away:1 inventory:1 step:1 capital:1 spend:1 decide:2 response:1 make:1 must:1 first:1 determine:1 whether:1 pose:1 great:1 danger:1 threat:1 least:1 take:1 couple:1 day:1 | TOKYO STOCK PLUNGE COULD FORCE EASIER MONEY POLICY
Plunging Tokyo stock prices will prevent
the Bank of Japan from raising its discount rate and could even
force it to ease monetary policy if the collapse continues,
government and private economists said.
A rise in interest rates now would only serve to spark
further selling of shares that could ultimately have a major
deflationary impact on the real economy, they said.
Although Bank of Japan officials have consistently
maintained that they had no plans to raise the 2.5 pct discount
rate, many in the markets have thought otherwise.
Fears of a rise in the discount rate were fanned by the
central bank's apparent decision last week to countenance
higher rates on commercial bills, dealers said.
But today's stock market collapse -- prices fell nearly 15
pct -- means that the Bank of Japan would be hard pressed to
raise the discount rate now, despite its concerns about a
renewed outbreak of inflation, dealers and economists said.
Japanese government bond prices rose sharply today as the
markets concluded that the stock market's collapse precluded
the central bank from carrying out the widely-rumoured discount
rate increase.
A senior government economist suggested that both the U.S.
And Japan needed to ease monetary policy now to prevent a
further drop in New York and Tokyo stock prices. 'They need to
support the stock and security markets,' he said.
But Bank of Japan officials said they saw no need to change
policy for the moment, although one admitted that the central
bank may have to rethink its strategy if Tokyo stock prices
continue to plunge during the rest of the week.
Both government and Bank of Japan economists agreed the
economy is better placed now to cope with the deflationary
impact of plunging stock prices than it was a few months ago.
With the economy recovering strongly, the steep drop in
stock prices is not likely to put a major dent in consumer and
business confidence, one government economist said.
'There will be some impact on the real economy, but it won't
be that big,' said another.
Individuals are not heavily invested in stocks on their
own, although they do participate through trust funds and other
investment vehicles. And while many manufacturing firms turned
to financial market investments for profits during last year's
economic downturn, the recent rebound has allowed them to
refocus their attention on their core businesses, he said.
Paradoxically, it is the pick-up in the economy that is
partly to blame for the stock market collapse as companies have
shifted funds away from financial investments to increase
inventories and step up capital spending, one government
economist said.
In deciding what response to make to the steep stock price
drop, the Bank of Japan must first determine whether prices
will continue to fall further and then decide if they pose a
greater economic danger than the threat of higher inflation,
one central bank official said. 'That will at least take a
couple of days, if not weeks,' he said.
|
test/20052 | test/20052 |@title rice:1 research:1 institute:1 name:1 new:1 head:1 |@word manila:1 base:1 international:1 rice:1 research:1 institute:1 irri:3 say:3 west:1 german:2 agricultural:2 scientist:1 klaus:1 lampe:2 take:1 director:1 general:1 early:1 1988:1 succeed:1 swaminathan:2 statement:1 56:1 currently:1 senior:1 adviser:1 agency:1 technical:1 cooperation:2 eschborn:1 former:1 head:2 agriculture:1 section:1 federal:1 ministry:1 economic:1 since:1 1982:1 concentrate:1 environmental:1 issue:1 | RICE RESEARCH INSTITUTE NAMES NEW HEAD
The Manila-based International Rice
Research Institute (IRRI) said West German agricultural
scientist Klaus Lampe will take over as its director-general in
early 1988, succeeding M.S. Swaminathan.
An IRRI statement said Lampe, 56, is currently senior
adviser to the German Agency for Technical Cooperation at
Eschborn and was a former head of the agriculture section of
the Federal Ministry for Economic Cooperation.
It said Swaminathan, who has headed IRRI since 1982, will
concentrate on environmental and agricultural issues.
|
test/20055 | test/20055 |@title |@word sept:2 daily:2 ave:2 primary:2 aluminium:2 output:2 34:2 900:2 tonne:4 400:2 ipai:2 | Sept daily ave primary aluminium output 34,900 tonnes, up 400 tonnes, IPAI.
Sept daily ave primary aluminium output 34,900 tonnes, up 400 tonnes, IPAI.
|
test/20058 | test/20058 |@title ground:1 british:1 bauxite:1 vessel:1 refloat:1 orinoco:1 |@word british:1 bulk:1 carrier:1 envoy:2 run:1 aground:1 orinoco:1 river:1 october:2 16:1 refloat:1 without:1 lighten:1 19:1 lloyds:1 ship:1 intelligence:1 service:1 say:1 75:1 453:1 tonne:2 dw:1 carry:1 cargo:1 50:1 000:1 bauxite:1 brazil:1 cuba:1 | GROUNDED BRITISH BAUXITE VESSEL REFLOATED IN ORINOCO
The British bulk carrier Envoy, which ran
aground in the Orinoco river on October 16, was refloated
without lightening on October 19, Lloyds Shipping Intelligence
service said.
The Envoy, 75,453 tonnes dw, was carrying a cargo of 50,000
tonnes of bauxite from Brazil to Cuba.
|
test/20062 | test/20062 |@title u:2 k:2 september:2 m3:2 rise:2 0:4 8:4 pct:4 m0:2 bank:2 england:2 |@word | U.K. SEPTEMBER M3 RISES 0.8 PCT, M0 UP 0.8 PCT - BANK OF ENGLAND.
U.K. SEPTEMBER M3 RISES 0.8 PCT, M0 UP 0.8 PCT - BANK OF ENGLAND.
|
test/20063 | test/20063 |@title u:2 k:2 september:2 sterling:2 bank:2 lend:2 4:4 billion:2 stg:2 official:2 |@word | U.K. SEPTEMBER STERLING BANK LENDING UP 4.4 BILLION STG - OFFICIAL.
U.K. SEPTEMBER STERLING BANK LENDING UP 4.4 BILLION STG - OFFICIAL.
|
test/20068 | test/20068 |@title |@word stoltenberg:2 say:2 meet:2 baker:2 underscore:2 monetary:2 cooperation:2 | Stoltenberg says meeting with Baker underscored monetary cooperation
Stoltenberg says meeting with Baker underscored monetary cooperation
|
test/20071 | test/20071 |@title stoltenberg:1 say:1 baker:1 meeting:1 underscore:1 accord:1 |@word west:2 german:1 finance:1 minister:1 gerhard:1 stoltenberg:4 say:4 meeting:4 monday:3 u:3 treasury:1 secretary:1 james:1 baker:3 underscore:1 determination:2 germany:1 continue:2 close:2 cooperation:2 stabilise:1 foreign:2 exchange:2 rate:1 tell:1 news:1 conference:1 statement:1 release:1 yesterday:1 private:1 emphasize:1 economic:1 regard:1 stabilization:1 monetary:1 policy:1 bundesbank:1 president:1 karl:1 otto:1 poehl:1 constructive:1 discussion:1 reach:1 positive:2 evaluation:1 louvre:1 accord:1 initial:1 contact:1 several:1 european:1 counterpart:1 show:1 share:1 view:1 expect:1 declaration:1 unified:1 position:1 effect:1 note:1 dollar:1 firm:1 late:1 trading:1 outcome:1 publish:1 | STOLTENBERG SAYS BAKER MEETING UNDERSCORES ACCORD
West German Finance minister Gerhard
Stoltenberg said the meeting on Monday with U.S. Treasury
Secretary James Baker underscored the determination of the U.S.
And West Germany to continue close cooperation to stabilise
foreign exchange rates.
Stoltenberg told a news conference 'The statement released
yesterday (Monday) after the private meeting .... Emphasized
our determination to continue the close economic cooperation
regarding foreign exchange stabilization and monetary policy.'
Stoltenberg said that he, Baker and Bundesbank President
Karl Otto Poehl had a very constructive discussion and had all
reached a positive evaluation of the Louvre accord during their
meeting on Monday.
Stoltenberg said initial contacts with several European
counterparts showed that they shared this view. 'We expect the
declaration of our unified position to have a positive effect,'
he said.
He noted that the dollar firmed again in late U.S. Trading
after the outcome of the Baker meeting was published.
|
test/20079 | test/20079 |@title inro:1 council:1 meeting:1 adjourn:1 thursday:1 |@word council:1 meeting:2 international:2 natural:1 rubber:3 organization:1 inro:2 adjourn:1 thursday:2 tomorrow:1 malaysian:1 national:1 holiday:1 official:2 organisation:1 say:3 main:1 issue:2 talk:1 open:1 yesterday:1 buffer:3 stock:3 manner:1 manager:2 continue:2 sell:2 current:1 pact:3 commodity:1 expire:1 october:1 22:1 deadline:1 start:1 new:3 january:1 1989:1 aldo:1 hofmeister:1 mandate:1 interim:1 period:1 discuss:1 include:1 ratification:1 accord:1 malaysia:1 32:1 produce:1 consume:1 member:1 country:1 ratify:1 agreement:1 beginning:1 month:1 due:1 end:1 | INRO COUNCIL MEETING ADJOURNED UNTIL THURSDAY
A Council meeting of the
International Natural Rubber Organization (INRO) has been
adjourned until Thursday as tomorrow is a Malaysian national
holiday, officials of the organisation said.
The main issue at the talks, which opened here yesterday,
has been the INRO buffer stock and the manner in which the
buffer stock manager should continue to sell rubber after the
current international pact for the commodity expires on October
22, they said.
The deadline for the start of the new pact is January 1989.
Buffer stock manager Aldo Hofmeister has been mandated to
continue selling rubber during the interim period.
Other issues discussed include ratification of the new
accord, the officials said.
Only Malaysia of the pact's 32 producing and consuming
member countries had ratified the new agreement by the
beginning of this month.
The meeting is due to end on Thursday.
|
test/20080 | test/20080 |@title louvre:1 accord:1 vital:1 w:1 germany:1 stoltenberg:1 |@word west:5 german:1 finance:1 minister:1 gerhard:1 stoltenberg:3 say:1 louvre:2 accord:2 vital:2 germany:3 tell:1 news:1 conference:1 give:1 unusually:1 high:1 dependence:1 world:1 trade:1 export:1 continue:1 constructive:1 contribution:1 trust:1 international:1 cooperation:1 basis:1 monetary:2 analyst:1 speculate:1 inflation:1 conscious:1 bundesbank:3 vice:1 president:1 helmut:1 schlesinger:1 may:2 lead:1 central:1 bank:1 course:1 tight:1 policy:2 due:1 attend:1 routine:1 meeting:1 thursday:1 berlin:1 decline:1 forecast:1 decision:1 take:1 | LOUVRE ACCORD VITAL TO W.GERMANY - STOLTENBERG
West German Finance Minister Gerhard
Stoltenberg said the Louvre accord was vital to West Germany.
Stoltenberg told a news conference 'Given West Germany's
unusually high dependence on world trade and exports, it is
vital for West Germany ... To continue its constructive
contribution to trusting (international) cooperation on the
basis of the Louvre accord.'
Some monetary analysts have speculated that
inflation-conscious Bundesbank vice president Helmut
Schlesinger may have been leading the central bank to a course
of tighter monetary policy.
Stoltenberg is due to attend a routine Bundesbank meeting
on Thursday in West Berlin. He declined to forecast what, if
any, policy decisions the Bundesbank might take.
|
test/20081 | test/20081 |@title |@word stoltenberg:2 rule:2 central:2 bank:2 intervention:2 stabilize:2 currency:2 | Stoltenberg does not rule out central bank intervention to stabilize currencies
Stoltenberg does not rule out central bank intervention to stabilize currencies
|
test/20082 | test/20082 |@title |@word marked:2 dollar:2 fall:2 would:2 burden:2 u:2 trade:2 deficit:2 stoltenberg:2 | Further marked dollar fall would burden U.S. Trade deficit -Stoltenberg
Further marked dollar fall would burden U.S. Trade deficit -Stoltenberg
|
test/20083 | test/20083 |@title |@word stoltenberg:2 decline:2 comment:2 possible:2 change:2 target:2 currencies:1 currency:1 | Stoltenberg declines comment on possible changed targets for currencies
Stoltenberg declines comment on possible changed targets for currencies
|
test/20087 | test/20087 |@title stoltenberg:1 decline:1 comment:1 currency:1 zone:1 |@word west:1 german:1 finance:1 minister:1 gerhard:1 stoltenberg:2 decline:1 comment:1 whether:1 unpublished:1 target:2 zone:2 currency:2 agree:1 last:1 february:1 louvre:2 accord:2 change:1 result:1 meeting:2 monday:2 u:1 treasury:1 secretary:1 james:1 baker:1 ask:1 news:1 conference:1 bonn:1 refer:1 statement:1 release:1 say:1 continue:1 cooperation:1 aim:1 promote:1 stability:1 current:1 level:1 formula:1 use:1 text:1 note:1 | STOLTENBERG DECLINES COMMENT ON CURRENCY ZONES
West German Finance Minister Gerhard
Stoltenberg declined to comment on whether unpublished target
zones for currencies agreed at last February's Louvre accord
had been changed as a result of the meeting on Monday with U.S.
Treasury Secretary James Baker.
He was asked about target zones at a news conference in
Bonn. Stoltenberg referred to a statement released after
Monday's meeting, which said continuing cooperation was aimed
at promoting currency stability at current levels. This was the
same formula used in the text of the Louvre accord, he noted.
|
test/20089 | test/20089 |@title stoltenberg:1 rule:1 intervention:1 |@word west:1 german:1 finance:1 minister:1 gerhard:1 stoltenberg:1 say:2 could:1 rule:2 possibility:1 central:2 bank:2 intervention:1 support:1 currency:3 ask:1 news:1 conference:1 whether:1 prepare:1 intervene:1 defend:1 use:1 instrument:1 lead:1 foreign:1 stability:1 however:1 add:1 end:1 market:1 force:1 prevail:1 | STOLTENBERG DOES NOT RULE OUT INTERVENTION
West German Finance Minister Gerhard
Stoltenberg said he could not rule out the possibility of
central bank intervention to support currencies.
Asked at a news conference whether central banks were
prepared to intervene to defend currencies, he said 'We cannot
rule out the use of any instrument which leads to foreign
currency stability.'
However, he added that in the end, it was market forces
which prevailed.
|
test/20090 | test/20090 |@title iran:1 say:1 u:2 raid:1 cause:1 500:1 mln:1 dlrs:1 damage:1 |@word attack:3 two:1 iranian:2 oil:2 platform:1 gulf:2 still:2 blaze:1 cause:2 damage:1 estimate:1 500:1 mln:1 dlrs:1 tehran:2 radio:1 quote:1 minister:2 gholamreza:1 aqazadeh:1 say:2 rig:2 one:1 heavily:1 shell:1 four:1 american:1 destroyer:1 monday:1 burn:1 almost:1 24:1 hour:1 could:1 widespread:1 pollution:1 tell:1 news:1 conference:1 reshadat:1 120:1 mile:1 200:1 km:1 east:1 bahrain:1 international:1 water:1 final:1 stage:1 reconstruction:1 iraqi:1 jet:1 last:1 year:1 | IRAN SAYS U.S. RAID CAUSED 500 MLN DLRS DAMAGE
U.S. Attacks on two Iranian oil platforms
in the Gulf -- both of which were still blazing -- caused
damage estimated at 500 mln dlrs, Tehran Radio quoted Iranian
Oil Minister Gholamreza Aqazadeh as saying.
The rigs, one of which was heavily shelled by four American
destroyers on Monday, were still burning almost 24 hours after
the attack and could cause widespread pollution in the Gulf,
the minister told a news conference in Tehran. He said the
Reshadat rigs, 120 miles (200 km) east of Bahrain in
international waters, were in the final stages of
reconstruction after an attack by Iraqi jets last year.
|
test/20092 | test/20092 |@title iranian:1 premier:1 reiterate:1 warning:1 retaliation:1 |@word iranian:1 premier:1 mir:1 hossein:1 mousavi:2 reiterate:1 country:1 would:1 retaliate:2 u:3 navy:3 attack:2 gulf:2 oil:2 platform:4 iran:2 jeopardise:1 national:1 sovereignty:1 properly:1 perfidious:1 american:1 aggression:1 tell:1 news:1 conference:1 damascus:1 monday:1 warship:1 blast:1 rostam:1 personnel:1 storm:1 second:1 mile:1 away:1 washington:1 say:1 operation:1 aim:1 destroy:1 position:1 use:1 track:1 assault:1 neutral:1 shipping:1 | IRANIAN PREMIER REITERATES WARNING OF RETALIATION
Iranian Premier Mir-Hossein Mousavi
reiterated his country would retaliate for U.S. Navy attacks on
Gulf oil platforms.
'The U.S. Attack on Iran's oil platforms jeopardises our
national sovereignty ... And we will retaliate properly for
this perfidious American aggression,' Mousavi told a news
conference in Damascus. On Monday U.S. Navy warships blasted
the Rostam platform, and Navy personnel stormed a second
platform a few miles away. Washington said the operation was
aimed at destroying positions used by Iran to track and assault
neutral Gulf shipping.
|
test/20093 | test/20093 |@title indonesia:1 find:1 new:1 offshore:1 oil:1 gas:1 resource:1 |@word indonesian:1 state:2 oil:4 company:4 pertamina:4 find:2 new:1 offshore:2 gas:3 resource:1 east:2 aceh:2 western:1 tip:1 northern:1 sumatra:2 spokesman:3 say:4 discovery:1 make:1 gos:4 ia:3 1:5 exploratory:2 well:5 38:1 kms:1 langsa:1 sand:1 layer:1 depth:2 2:1 300:1 metre:2 within:1 baong:1 formation:1 preliminary:1 test:1 show:1 could:1 flow:2 rate:2 320:1 barrel:1 day:2 50:2 degree:2 api:1 20:1 centigrade:1 5:1 8:1 inch:1 choke:1 also:1 natural:1 12:1 mln:1 standard:1 cubic:1 foot:1 add:1 locate:1 water:1 41:1 drill:1 production:1 sharing:1 contract:3 japex:1 north:1 ltd:1 pct:1 share:1 petroleum:1 operation:1 carry:1 operator:1 joint:1 operating:1 body:1 establish:1 two:2 cover:1 gebang:1 block:1 area:1 previously:1 complete:1 drilling:1 iia:1 around:1 14:1 km:1 south:1 | INDONESIA FINDS NEW OFFSHORE OIL AND GAS RESOURCES
The Indonesian state-owned oil company
Pertamina has found new offshore oil and gas resources in East
Aceh, on the western tip of northern Sumatra, a company
spokesman said.
The spokesman said the discovery was made at the GOS IA-1
offshore exploratory well about 38 kms east of Langsa in Aceh.
'Oil and gas are found in sand layers at the depth of 2,300
metres within the Baong formation,' he said.
He said preliminary tests showed that the well could flow
oil at the rate of 1,320 barrels a day with 50 degrees API at
20 degrees centigrade through a 5/8 inch choke.
'The well also flows natural gas at the rate of 12 mln
standard cubic feet a day,' he added.
GOS IA-1 well, located at a water depth of 41 metres, was
drilled under a production sharing contract between Pertamina
and Japex North Sumatra Ltd, each having 50 pct shares.
'Petroleum operations are to be carried out by Pertamina as
operator through a joint operating body established by the two
companies,' the Pertamina spokesman stated.
The contract covers the Gebang block contract area. The two
companies have previously completed the drilling of GOS IIA-1
exploratory well, around 14 kms south of GOS IA-1.
|
test/20095 | test/20095 |@title indonesia:1 say:1 extend:1 oil:1 contract:1 |@word indonesia:7 tell:3 oil:13 industry:9 tuesday:1 extend:3 contract:10 produce:2 block:3 improve:2 investment:3 climate:2 want:3 see:2 increase:1 expenditure:3 exploration:6 return:1 president:4 suharto:3 open:1 speech:1 indonesian:3 petroleum:3 association:2 say:13 ready:1 hold:1 foreign:2 company:8 area:4 order:2 boost:1 government:7 basically:1 approve:1 production:3 sharing:2 present:1 law:1 apart:1 keep:1 accelerate:1 development:1 energy:1 minister:1 subroto:7 aware:2 need:3 assure:1 expire:2 within:2 next:2 10:2 year:2 would:4 renew:1 invest:2 hear:1 morning:1 fully:1 situation:1 already:1 make:2 political:1 decision:1 entertain:1 time:1 problem:2 invite:1 exist:1 producer:1 continue:1 activity:1 albeit:1 selective:2 basis:1 one:1 13:1 member:1 opec:1 must:1 find:1 new:1 reserve:1 remain:1 exporter:1 decade:1 source:2 also:1 work:1 ease:1 include:1 grant:2 easy:1 term:1 remote:1 deep:1 water:1 condition:1 relation:1 two:1 way:1 step:1 price:1 recover:1 great:1 transfer:1 technology:1 help:1 region:1 operate:1 abdul:1 rachman:1 ramly:1 state:1 pertamina:2 budgeted:1 forecast:1 fall:1 3:2 1:1 billion:2 dlrs:1 calendar:1 1987:1 4:1 1986:1 69:1 joint:1 operation:2 speed:1 necessary:1 approval:1 field:2 priority:1 misunderstanding:1 certain:1 designate:1 commercial:1 thorough:1 evaluation:1 finalise:1 extension:5 soon:2 practical:1 urge:1 meantime:1 maintain:2 drive:1 effort:1 even:1 due:2 sort:1 guarantee:1 come:2 agreement:1 eleven:1 major:1 renewal:1 1991:1 2001:1 involve:1 detailed:1 negotiation:1 far:1 reporter:1 afterwards:1 base:1 much:1 capital:1 | INDONESIA SAYS IT WILL EXTEND OIL CONTRACTS
Indonesia told the oil industry on
Tuesday it will extend contracts on producing blocks and
improve the investment climate, but wants to see increased
expenditure on exploration in return.
President Suharto, in an opening speech to the Indonesian
Petroleum Association, said Indonesia was ready to extend
contracts held by foreign oil companies on producing areas.
'In order to boost investment in the petroleum industry, the
government of Indonesia has basically approved of extending
production sharing contracts under the present laws,' Suharto
said.
'Apart from that, the government will keep improving the
investment climate in order to accelerate the development of
the petroleum industry,' he said.
Indonesian Energy Minister Subroto told the Association he
was aware that the oil industry needed to be assured that
contracts on blocks expiring within the next 10 years would be
renewed before they would invest in further exploration.
'As we all have heard this morning, the President is fully
aware of this situation,' Subroto said.
'The government has already made the political decision to
entertain this time problem by inviting the existing producers
to continue their activities in Indonesia, albeit on a
selective basis.'
Indonesia, one of the 13 members of OPEC, must find new oil
reserves if it is to remain an exporter in the next decade, oil
industry sources say.
Subroto said the government was also working to ease other
problems, including granting easier terms for remote areas or
deep water conditions.
But Subroto said relations with oil companies were two-way
and that they should step up expenditure on oil exploration now
that the oil price had recovered.
President Suharto said he wanted to see greater transfer of
technology to Indonesian companies, and more help from the oil
industry for the regions in which companies operated.
Abdul Rachman Ramly, the President of state oil company
Pertamina, has said that budgeted exploration and production
expenditure for all oil companies in Indonesia was forecast to
fall to 3.1 billion dlrs in calendar 1987 from 3.4 billion in
1986.
Pertamina has 69 production-sharing or joint operation
contracts with foreign oil companies.
Subroto said speeding up necessary approvals for field
operations was a government priority. There had been
misunderstandings between the government and the oil industry
in certain areas, such as when a field is designated
commercial, and a thorough evaluation was being made.
He said the government wanted to finalise contract
extensions as soon as practical, and urged the industry in the
meantime to maintain its exploration drive.
Subroto said Indonesia needed the companies to maintain
exploration efforts, even if their contract was due to expire
within 10 years. 'This need in itself is some sort of guarantee
that we will soon have to come up with an extension agreement.'
Eleven major contract areas are due to come up for renewal
between 1991 and 2001, industry sources said.
Extension of the contracts on the blocks has involved
detailed negotiations but so far no extension has been granted.
Subroto told reporters afterwards that contract extensions
would be selective, based on how much capital would be
invested.
|
test/20096 | test/20096 |@title comex:2 raise:2 margin:2 gold:2 copper:2 future:2 effective:2 today:2 open:1 official:2 opening:1 |@word | COMEX RAISING MARGINS FOR GOLD AND COPPER FUTURES EFFECTIVE AT TODAY'S OPENING - OFFICIAL
COMEX RAISING MARGINS FOR GOLD AND COPPER FUTURES EFFECTIVE AT TODAY'S OPENING - OFFICIAL
|
test/20101 | test/20101 |@title iran:1 plan:1 file:1 lawsuit:1 u:1 raid:1 |@word iran:4 prepare:1 lawsuit:2 file:2 compensation:1 u:5 american:3 raid:2 gulf:4 oil:4 platforms:1 tehran:2 radio:2 quote:3 iranian:2 minister:1 gholamreza:1 aqazadeh:4 say:9 would:4 competent:1 international:1 body:1 exact:1 damage:3 calculate:1 tell:1 news:1 conference:1 earlier:1 estimate:2 500:1 mln:1 dlrs:1 rig:2 one:1 heavily:1 shell:1 four:1 destroyer:1 monday:1 still:1 burn:1 almost:1 24:1 hour:1 attack:5 half:1 billion:1 dollar:1 preliminary:1 washington:2 response:2 missile:1 strike:1 flag:1 tanker:1 sea:1 isle:1 city:1 kuwaiti:1 water:1 friday:1 deny:1 military:2 hardware:1 except:1 23:1 mm:1 machinegun:1 air:1 defence:1 react:1 weinberger:1 remark:1 consider:2 case:2 close:2 also:1 retaliatory:1 measure:1 official:1 limit:1 interest:1 around:1 world:1 may:1 come:1 presence:1 aggravate:1 regional:1 crisis:1 make:1 access:1 region:1 difficult:1 see:1 significantly:1 affect:1 price:1 irna:1 give:1 explicit:1 reply:1 ask:1 prompt:1 block:1 hormuz:2 strait:2 entrance:1 use:1 country:1 either:1 everyone:1 harm:1 | IRAN PLANS TO FILE LAWSUITS OVER U.S. RAID
Iran is preparing lawsuits to file for
compensation from the U.S. Over the American raid on its Gulf
oil platforms, Tehran radio quoted Iranian Oil Minister
Gholamreza Aqazadeh as saying.
The lawsuits would be filed with competent international
bodies once the exact damage was calculated, he was quoted
telling a news conference in Tehran. He earlier estimated the
damage from the U.S. Raid at about 500 mln dlrs.
The rigs, one of which was heavily shelled by four American
destroyers on Monday, were still burning almost 24 hours after
the attack, he said.
Aqazadeh said the half-billion-dollar damage estimate was
preliminary. Washington has said the attack was in response to
a missile strike against the American-flag tanker the Sea Isle
City in Kuwaiti waters on Friday.
He denied that there was any military hardware on the rigs
'except a 23 mm machinegun for air defence.' Reacting to
Weinberger's remark that Washington considered the case closed,
Aqazadeh said: 'Iran will also consider the case closed after
its retaliatory measure.' Iranian officials have said their
response would not be limited to the Gulf and U.S. Interests
around the world might come under attack.
Aqazadeh said the U.S. Military presence in the Gulf
aggravated the regional crisis and made access to the region's
oil more difficult, but he did not see the U.S. Attack
significantly affecting oil prices.
IRNA said he gave no explicit reply when asked if the
attack would prompt Iran to block the Hormuz Strait at the
entrance to the Gulf.
'If Iran cannot use the Hormuz Strait, no other country can
either, and this would be to everyone's harm,' the radio quoted
him as saying.
|
test/20103 | test/20103 |@title iranian:1 premier:1 reiterate:1 warning:1 retaliation:1 |@word iranian:1 premier:1 mir:1 hossein:1 mousavi:2 reiterate:1 country:1 would:1 retaliate:2 u:3 navy:3 attack:2 gulf:2 oil:2 platform:4 iran:2 jeopardise:1 national:1 sovereignty:1 properly:1 perfidious:1 american:1 aggression:1 tell:1 news:1 conference:1 damascus:1 monday:1 warship:1 blast:1 rostam:1 personnel:1 storm:1 second:1 mile:1 away:1 washington:1 say:1 operation:1 aim:1 destroy:1 position:1 use:1 track:1 assault:1 neutral:1 shipping:1 | IRANIAN PREMIER REITERATES WARNING OF RETALIATION
Iranian Premier Mir-Hossein Mousavi
reiterated his country would retaliate for U.S. Navy attacks on
Gulf oil platforms.
'The U.S. Attack on Iran's oil platforms jeopardises our
national sovereignty ... And we will retaliate properly for
this perfidious American aggression,' Mousavi told a news
conference in Damascus. On Monday U.S. Navy warships blasted
the Rostam platform, and Navy personnel stormed a second
platform a few miles away. Washington said the operation was
aimed at destroying positions used by Iran to track and assault
neutral Gulf shipping.
|
test/20105 | test/20105 |@title musicland:1 group:1 inc:1 tmg:1 3rd:1 qtr:1 net:1 |@word shr:2 28:1 ct:4 vs:8 14:1 net:2 3:1 110:1 000:6 1:2 286:1 revs:2 112:1 7:1 mln:6 93:1 8:3 avg:2 shrs:2 11:1 2:1 9:3 148:2 nine:1 mth:1 58:1 15:1 6:1 377:1 332:1 307:1 233:1 10:1 note:1 company:1 81:1 4:1 pct:1 primerica:1 corp:1 pa:1 | MUSICLAND GROUP INC <TMG> 3RD QTR NET
Shr 28 cts vs 14 cts
Net 3,110,000 vs 1,286,000
Revs 112.7 mln vs 93.8 mln
Avg shrs 11.2 mln vs 9,148,000
Nine mths
Shr 58 cts vs 15 cts
Net 6,377,000 vs 1,332,000
Revs 307.8 mln vs 233.8 mln
Avg shrs 10.9 mln vs 9,148,000
NOTE: Company 81.4 pct owned by Primerica Corp <PA>.
|
test/20106 | test/20106 |@title u:2 sept:2 housing:2 start:2 rise:2 4:4 pct:4 1:4 669:2 mln:4 permit:2 fall:2 0:2 6:2 493:2 |@word | U.S. SEPT HOUSING STARTS ROSE 4.4 PCT TO 1.669 MLN, PERMITS FELL 0.6 PCT TO 1.493 MLN
U.S. SEPT HOUSING STARTS ROSE 4.4 PCT TO 1.669 MLN, PERMITS FELL 0.6 PCT TO 1.493 MLN
|
test/20112 | test/20112 |@title applied:1 biosystems:1 inc:1 abio:1 1st:1 qtr:1 sept:1 30:1 |@word shr:1 22:1 ct:2 vs:3 20:1 net:1 2:2 963:1 000:2 696:1 sale:1 26:1 5:1 mln:2 19:1 4:1 | APPLIED BIOSYSTEMS INC <ABIO.O> 1ST QTR SEPT 30
Shr 22 cts vs 20 cts
Net 2,963,000 vs 2,696,000
Sales 26.5 mln vs 19.4 mln
|
test/20114 | test/20114 |@title plum:1 holding:1 inc:1 starts:1 hoilly:1 sugar:1 hly:1 bid:1 |@word plum:2 holding:1 inc:1 say:2 start:1 previously:1 announce:1 offer:3 purchase:1 664:2 400:2 common:1 share:3 holly:2 sugar:1 corp:1 95:1 dlrs:1 newspaper:1 advertisement:1 firm:1 proration:1 period:1 withdrawal:1 right:1 expire:1 november:1 17:1 unless:1 extend:1 approve:1 board:1 follow:1 merger:1 remain:1 exchange:1 cumulative:1 redeemable:1 exchangeable:1 prefer:1 stock:1 condition:1 receipt:2 least:1 would:1 give:1 two:1 third:1 interest:1 financing:1 | <PLUM HOLDING INC> STARTS HOILLY SUGAR <HLY> BID
Plum Holding Inc said it has started its
previously-announced offer to purchase 664,400 common shares of
Holly Sugar Corp at 95 dlrs each.
In a newspaper advertisement, the firm said the offer,
proration period and withdrawal rights expire November 17
unless extended. The offer, which has been approved by the
Holly board and is to be followed by a merger in which
remaining shares are to be exchanged for cumulative redeemable
exchangeable preferred stock, is conditioned on receipt of at
least 664,400 shares, which would give Plum a two thirds
interest, and the receipt of financing.
|
test/20116 | test/20116 |@title u:2 housing:1 start:1 rise:1 4:2 pct:1 september:1 |@word housing:5 start:10 rise:7 4:2 pct:15 september:11 seasonally:6 adjust:6 annual:1 rate:2 1:13 669:1 000:13 unit:12 commerce:2 department:3 say:3 august:10 unchanged:1 july:3 level:4 598:1 instead:1 5:4 previously:1 report:1 increase:3 large:1 since:1 10:1 8:2 gain:1 december:1 1986:3 official:1 permit:6 issue:1 future:1 construction:1 fall:4 0:6 6:1 493:1 502:1 487:1 seasonal:1 adjustment:2 135:1 500:1 128:1 150:1 200:1 144:1 600:1 include:1 single:3 family:5 168:1 111:1 2:4 multi:2 9:1 501:1 7:1 3:3 last:1 month:1 990:1 503:1 689:1 11:1 687:1 | U.S. HOUSING STARTS ROSE 4.4 PCT IN SEPTEMBER
U.S. housing starts rose 4.4 pct in
September to a seasonally adjusted annual rate of 1,669,000
units, the Commerce Department said.
In August, housing starts were unchanged from July levels
at 1,598,000 units, instead of being down 1.5 pct as previously
reported.
The increase in September housing starts was the largest
since a 10.8 pct gain in starts in December 1986, Commerce
Department officials said.
The rate at which permits were issued for future
construction fell 0.6 pct in September to a seasonally adjusted
1,493,000 units from 1,502,000 units in August.
Permits had risen 1.0 pct in August from July levels of
1,487,000 units.
Before seasonal adjustment, permits rose to 135,500 in
September from 128,000 in August.
Housing starts before adjustment rose to 150,200 in
September from 144,600 in August.
The seasonally adjusted rise in starts included a 5.1 pct
increase in September single-family unit starts to 1,168,000
from 1,111,000 in August.
Single-family starts had fallen 2.8 pct in August from July
levels.
Multi-family starts rose 2.9 pct in September to a
seasonally adjusted 501,000 units after a 7.0 pct increase in
August, the department said.
Permits for single-family units fell 3.2 pct last month to
a seasonally adjusted 990,000 units after a 3.0 pct August
rise.
Multi-family permits were up 5.0 pct in September to
503,000 units after falling 3.0 pct in August.
Housing starts in September were down 1.2 pct from a
seasonally adjusted 1,689,000 units in September 1986.
Permits were 11.5 pct below the September 1986 level of
1,687,000 units.
|
test/20117 | test/20117 |@title nalco:1 chemical:1 corp:1 nlc:1 3rd:1 qtr:1 net:1 |@word shr:2 51:1 ct:2 vs:6 42:1 net:2 20:1 3:1 mln:8 16:1 7:1 sale:2 216:1 9:1 184:1 5:1 nine:1 mth:1 1:2 47:2 dlrs:2 21:1 58:1 2:2 6:1 611:1 547:1 0:1 | NALCO CHEMICAL CORP <NLC> 3RD QTR NET
Shr 51 cts vs 42 cts
Net 20.3 mln vs 16.7 mln
Sales 216.9 mln vs 184.5 mln
Nine mths
Shr 1.47 dlrs vs 1.21 dlrs
Net 58.2 mln vs 47.6 mln
Sales 611.2 mln vs 547.0 mln
|
test/20118 | test/20118 |@title stepan:1 co:1 scl:1 3rd:1 qtr:1 net:1 |@word shr:2 87:1 ct:2 vs:6 62:1 net:2 2:2 604:1 000:4 1:2 856:1 sale:2 72:1 7:2 mln:4 64:1 6:1 nine:1 mth:1 71:1 dlrs:2 97:1 8:1 121:1 5:1 834:1 215:1 193:1 0:1 | STEPAN CO <SCL> 3RD QTR NET
Shr 87 cts vs 62 cts
Net 2,604,000 vs 1,856,000
Sales 72.7 mln vs 64.6 mln
Nine mths
Shr 2.71 dlrs vs 1.97 dlrs
Net 8,121,000 vs 5,834,000
Sales 215.7 mln vs 193.0 mln
|
test/20119 | test/20119 |@title convergent:1 inc:1 cvgt:1 3rd:1 qtr:1 net:1 |@word shr:2 profit:2 four:1 ct:4 vs:8 loss:6 56:1 net:3 2:1 043:1 000:4 25:1 7:2 mln:10 revs:2 111:1 3:3 64:1 avg:2 shrs:2 48:2 45:1 8:3 nine:3 mth:3 18:1 63:1 695:1 28:1 4:3 308:1 228:1 0:1 44:1 note:1 1986:1 include:1 tax:1 credit:1 1:1 646:1 dlrs:2 quarter:1 401:1 1987:1 result:1 restate:1 pool:1 acquisition:1 bidtek:1 inc:1 | CONVERGENT INC <CVGT.O> 3RD QTR NET
Shr profit four cts vs loss 56 cts
Net profit 2,043,000 vs loss 25.7 mln
Revs 111.3 mln vs 64.7 mln
Avg shrs 48.3 mln vs 45.8 mln
Nine mths
Shr loss 18 cts vs loss 63 cts
Net loss 8,695,000 vs loss 28.4 mln
REvs 308.4 mln vs 228.4 mln
Avg shrs 48.0 mln vs 44.8 mln
NOTE: 1986 net includes tax credits of 1,646,000 dlrs in
quarter and 3,401,000 dlrs in nine mths.
1987 nine mths results restated for pooled acquisition of
Bidtek Inc.
|
test/20127 | test/20127 |@title |@word german:2 net:2 currency:2 reserve:2 rise:2 500:2 mln:2 mark:2 87:2 0:2 billion:2 week:2 | German net currency reserves rise 500 mln marks to 87.0 billion in week
German net currency reserves rise 500 mln marks to 87.0 billion in week
|
test/20129 | test/20129 |@title tribune:1 co:1 trb:1 3rd:1 qtr:1 net:1 |@word shr:2 42:1 ct:4 vs:8 1:5 53:1 dlrs:5 net:3 33:1 085:1 000:8 123:1 450:1 revs:2 535:1 0:1 mln:2 496:1 7:1 avg:2 shrs:2 78:2 755:1 80:1 666:1 nine:3 mth:1 24:1 3:1 35:1 98:1 322:1 271:1 512:1 58:1 billion:2 49:1 999:1 81:1 022:1 note:1 1987:1 per:1 share:6 earning:1 include:2 daily:2 news:2 severance:2 charge:2 11:2 quarter:2 13:1 month:2 1986:1 income:1 non:1 recur:1 gain:1 2:1 23:1 five:1 | TRIBUNE CO <TRB> 3RD QTR NET
Shr 42 cts vs 1.53 dlrs
Net 33,085,000 vs 123,450,000
Revs 535.0 mln vs 496.7 mln
Avg shrs 78,755,000 vs 80,666,000
Nine mths
Shr 1.24 dlrs vs 3.35 dlrs
Net 98,322,000 vs 271,512,000
Revs 1.58 billion vs 1.49 billion
Avg shrs 78,999,000 vs 81,022,000
NOTE: 1987 per-share earnings include Daily News severance
charges of 11 cts a share in the quarter and 13 cts a share for
the nine months
1986 net income includes non-recurring gains of 1.11 dlrs a
share in the quarter and 2.23 dlrs a share in the nine months
and five cts a share Daily News severance charges
|
test/20132 | test/20132 |@title great:1 western:1 financial:1 corp:1 gwf:1 3rd:1 qtr:1 net:1 |@word shr:2 45:1 ct:2 vs:4 64:1 net:2 57:1 8:2 mln:4 79:1 4:1 nine:1 mth:1 1:2 53:1 dlrs:2 87:1 195:1 228:1 9:1 | GREAT WESTERN FINANCIAL CORP <GWF> 3RD QTR NET
Shr 45 cts vs 64 cts
Net 57.8 mln vs 79.4 mln
Nine mths
Shr 1.53 dlrs vs 1.87 dlrs
Net 195.8 mln vs 228.9 mln
|
test/20135 | test/20135 |@title printronix:1 inc:1 ptnx:1 2nd:1 qtr:1 sept:1 25:1 net:1 |@word shr:2 profit:4 11:1 ct:4 vs:9 loss:4 28:2 net:3 515:1 000:5 1:5 328:1 sale:3 31:1 0:2 mln:7 32:1 avg:2 shrs:2 4:5 600:1 199:1 815:1 062:1 1st:1 half:2 23:1 10:1 033:1 482:1 58:1 5:2 62:1 565:1 752:1 883:1 711:1 note:1 1986:1 include:1 pretax:1 gain:1 150:1 dlrs:4 option:1 buy:1 facility:1 backlog:1 22:1 end:2 previous:1 quarter:2 21:1 prior:1 year:1 second:1 | PRINTRONIX INC <PTNX.O> 2ND QTR SEPT 25 NET
Shr profit 11 cts vs loss 28 cts
Net profit 515,000 vs loss 1,328,000
Sales 31.0 mln vs 32.1 mln
Avg shrs 4,600,199 vs 4,815,062
1st half
Shr loss 23 cts vs profit 10 cts
Net loss 1,033,000 vs profit 482,000
Sales 58.5 mln vs 62.1 mln
Avg shrs 4,565,752 vs 4,883,711
NOTE: 1986 half net includes pretax gain 4,150,000 dlrs
from sale of option to buy facility.
Backlog 28.1 mln dlrs vs 22.5 mln dlrs at end of previous
quarter and 21.0 mln dlrs at end of prior year's second quarter.
|
test/20137 | test/20137 |@title gaf:3 purchase:1 21:1 pct:1 stock:1 |@word corp:1 say:4 board:1 authorize:1 repurchase:3 time:2 seven:1 mln:2 common:1 share:3 21:1 pct:1 cash:1 open:1 market:1 purchase:1 private:1 transaction:1 company:1 2:1 100:1 000:1 april:1 authorization:2 buy:1 back:1 three:1 old:1 program:1 withdraw:1 yesterday:1 gaf:3 group:2 lead:1 chairman:1 samuel:1 j:1 heyman:1 decide:1 reconsider:1 offer:2 acquire:1 revise:1 still:1 possible:1 | GAF <GAF> TO PURCHASE UP TO 21 PCT OF STOCK
GAF Corp said its board has
authorized the repurchase from time to time of up to seven mln
of its common shares, or about 21 pct, for cash in open market
purchases or private transactions.
The company said it repurchased 2,100,000 shares under an
April authorization to buy back up to three mln shares and
authorization for further repurchases under the old program has
been withdrawn.
Yesterday, GAF said a group led by chairman Samuel J.
Heyman has decided to reconsider its offer to acquire GAF. GAF
said a revised offer by the group is still possible.
|
test/20138 | test/20138 |@title dow:2 chemical:1 co:1 3rd:1 qtr:1 net:1 |@word shr:2 1:1 72:1 dlrs:6 vs:9 87:1 ct:4 net:2 330:1 000:12 167:1 sale:2 3:3 36:1 billion:4 2:2 74:1 avg:2 shrs:2 192:1 200:1 191:3 700:1 nine:2 mth:1 4:1 62:1 95:1 888:1 564:1 9:1 78:1 8:2 31:1 100:1 500:1 note:1 earning:2 include:2 loss:2 0:3 mln:3 one:1 share:3 1986:1 quarter:1 early:2 extinguishment:2 debt:2 month:1 two:1 four:1 | DOW CHEMICAL CO <DOW> 3RD QTR NET
Shr 1.72 dlrs vs 87 cts
Net 330,000,000 vs 167,000,000
Sales 3.36 billion vs 2.74 billion
Avg shrs 192,200,000 vs 191,700,000
Nine mths
Shr 4.62 dlrs vs 2.95 dlrs
Net 888,000,000 vs 564,000,000
Sales 9.78 billion vs 8.31 billion
Avg shrs 191,100,000 vs 191,500,000
NOTE: Earnings include a loss of 3.0 mln dlrs, or one ct a
share in the 1986 quarter from early extinguishment of debt
Earnings include losses in the nine months of 3.0 mln dlrs,
or two cts a share vs 8.0 mln dlrs, or four cts a share from
early extinguishment of debt
|
test/20140 | test/20140 |@title thrifty:1 rent:1 car:1 system:1 inc:1 tfty:1 4th:1 qtr:1 |@word june:1 30:1 end:1 shr:2 33:1 ct:4 vs:6 13:1 net:2 1:1 687:1 623:1 636:1 500:1 revs:2 18:1 7:1 mln:3 8:2 973:1 143:1 year:1 96:1 66:1 4:1 821:1 637:1 3:1 309:1 017:1 58:1 27:1 2:1 | THRIFTY RENT-A-CAR SYSTEM INC <TFTY.O> 4TH QTR
June 30 end
Shr 33 cts vs 13 cts
Net 1,687,623 vs 636,500
Revs 18.7 mln vs 8,973,143
Year
Shr 96 cts vs 66 cts
Net 4,821,637 vs 3,309,017
Revs 58.8 mln vs 27.2 mln
|
test/20142 | test/20142 |@title computer:1 memorie:1 cmin:1 delay:1 merger:1 |@word computer:3 memories:1 inc:1 say:3 board:1 decide:1 take:1 additional:1 time:1 evaluate:1 impact:1 litigation:1 propose:1 acquisition:1 hemdale:2 film:1 corp:1 memory:2 plan:1 adjourn:1 annual:1 shareholder:1 meeting:2 schedule:1 october:1 23:1 convene:1 one:1 purpose:1 consider:1 transaction:1 company:1 explain:1 agree:1 course:1 action:1 | COMPUTER MEMORIES <CMIN.O> TO DELAY MERGER
Computer Memories Inc said its
board has decided to take additional time to evaluate the
impact of litigation on the proposed acquisition of <Hemdale
Film Corp>.
Computer Memories said it plans to adjourn its annual
shareholders meeting, scheduled for October 23, after it is
convened. One purpose of the meeting is to consider the
transaction, the company explained.
Computer Memories said Hemdale agrees with this course of
action.
|
test/20145 | test/20145 |@title chemical:2 bank:2 cut:2 prime:2 rate:2 9:4 25:2 pct:4 75:2 effective:2 immediately:2 |@word | CHEMICAL BANK CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE IMMEDIATELY
CHEMICAL BANK CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE IMMEDIATELY
|
test/20151 | test/20151 |@title shearson:1 lehman:1 brothers:1 holding:1 3rd:1 qtr:1 |@word shr:2 51:2 ct:1 net:2 mln:4 dlrs:3 vs:4 65:1 revs:2 1:3 3:4 billion:4 nine:1 mth:1 2:1 07:1 189:1 215:1 9:1 note:1 full:1 name:1 shearson:1 lehman:1 brothers:1 holdings:1 inc:1 company:1 go:1 public:1 may:1 7:1 1987:1 | SHEARSON LEHMAN BROTHERS HOLDINGS <SHE> 3RD QTR
Shr 51 cts
Net 51 mln dlrs vs 65 mln dlrs
Revs 1.3 billion vs 1.1 billion
Nine mths
Shr 2.07 dlrs
Net 189 mln vs 215 mln
Revs 3.9 billion vs 3.3 billion
NOTE: Full name is Shearson Lehman Brothers Holdings Inc
Company went public May 7, 1987
|
test/20153 | test/20153 |@title marine:2 midland:2 bank:2 cut:2 prime:2 rate:2 9:4 25:2 pct:4 75:2 effective:2 immediately:2 |@word | MARINE MIDLAND BANK CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE IMMEDIATELY
MARINE MIDLAND BANK CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE IMMEDIATELY
|
test/20159 | test/20159 |@title chemical:1 chl:1 marine:1 midland:1 mm:1 cut:1 prime:1 |@word chemical:2 bank:2 marine:2 midland:2 banks:1 inc:1 say:3 cut:2 prime:2 lending:1 rate:8 9:4 1:3 4:4 pct:5 3:1 reverse:1 increase:1 announce:1 last:1 week:1 reduction:1 effective:1 immediately:1 major:1 u:1 follow:2 lead:1 prefer:1 keep:1 wait:1 see:1 course:1 money:2 market:3 would:1 take:1 monday:3 record:1 fall:5 wall:1 street:1 stock:1 price:1 sharply:1 tuesday:1 investor:1 plough:1 proceed:1 short:1 term:1 instrument:1 federal:1 reserve:1 prepared:1 provide:1 liquidity:1 support:1 economy:1 financial:1 system:1 eurodollar:1 deposit:1 london:1 much:2 16:1 percentage:1 point:3 treasury:1 bill:1 half:1 59:1 84:1 basis:1 fed:1 fund:1 drop:1 7:2 average:1 61:1 speculation:1 even:1 surface:1 discount:1 calm:1 dealer:1 | CHEMICAL <CHL>, MARINE MIDLAND <MM> CUT PRIME
Chemical Bank and Marine Midland Banks
Inc said they are cutting their prime lending rate to 9-1/4 pct
from 9-3/4 pct, reversing an increase that they announced just
last week.
The reduction is effective immediately.
No other major U.S. bank had followed the lead of Chemical
and Marine Midland, preferring to keep their prime rates at
9-1/4 pct while they waited to see what course money market
rates would take.
Following Monday's record fall in Wall Street stock prices,
money market rates fell sharply on Tuesday as investors
ploughed proceeds into short-term instruments and the Federal
Reserve said it is prepared to provide liquidity to support the
economy and the financial system.
Eurodollar deposit rates in London fell by as much as 9/16
percentage point, Treasury bill rates fell by as much as half a
point (after falling between 59 and 84 basis points on Monday),
and the Fed funds rate dropped to 7-1/4 pct from Monday's
average of 7.61 pct. Speculation even surfaced of a discount
rate cut to calm the markets, dealers said.
|
test/20161 | test/20161 |@title sear:1 roebuck:1 co:1 3rd:1 qtr:1 net:1 |@word shr:2 1:2 08:1 dlrs:3 vs:8 88:1 ct:1 net:2 409:1 000:4 328:1 revs:2 12:1 19:1 billion:5 11:1 17:2 avg:2 shrs:2 378:1 2:4 mln:5 368:1 4:1 nine:1 mth:1 86:1 09:1 808:1 3:1 34:1 39:1 31:2 377:1 7:1 366:1 | SEARS, ROEBUCK AND CO <S> 3RD QTR NET
Shr 1.08 dlrs vs 88 cts
Net 409,000,000 vs 328,000,000
Revs 12.19 billion vs 11.17 billion
Avg shrs 378.2 mln vs 368.4 mln
Nine mths
Shr 2.86 dlrs vs 2.17 dlrs
Net 1.09 billion vs 808.3 mln
Revs 34.39 billion vs 31.31 billion
Avg shrs 377.7 mln vs 366.2 mln
|
test/20165 | test/20165 |@title prime:1 computer:1 inc:1 prm:1 3rd:1 qtr:1 sept:1 28:1 |@word shr:2 32:2 ct:4 vs:6 25:1 net:2 15:1 9:3 mln:8 12:1 1:1 revs:2 236:1 2:2 221:1 nine:1 mth:1 88:1 68:1 43:1 5:1 8:1 693:1 629:1 | PRIME COMPUTER INC <PRM> 3RD QTR SEPT 28
Shr 32 cts vs 25 cts
Net 15.9 mln vs 12.1 mln
Revs 236.2 mln vs 221.9 mln
Nine mths
Shr 88 cts vs 68 cts
Net 43.5 mln vs 32.8 mln
Revs 693.9 mln vs 629.2 mln
|
test/20166 | test/20166 |@title ryder:1 system:1 inc:1 rdr:1 3rd:1 qtr:1 net:1 |@word shr:2 65:1 ct:2 vs:7 63:1 net:2 52:1 7:2 mln:7 47:1 revs:2 1:3 16:1 billion:3 976:1 6:1 avg:1 shrs:1 79:1 9:2 74:1 3:2 nine:1 mth:1 73:1 dlrs:2 54:1 141:1 4:1 117:1 39:1 2:1 75:1 note:1 share:1 prefer:1 dividend:1 | RYDER SYSTEM INC <RDR> 3RD QTR NET
Shr 65 cts vs 63 cts
Net 52.7 mln vs 47.7 mln
Revs 1.16 billion vs 976.6 mln
Avg shrs 79.9 mln vs 74.3 mln
Nine mths
Shr 1.73 dlrs vs 1.54 dlrs
Net 141.4 mln vs 117.9 mln
Revs 3.39 billion vs 2.75 billion
NOTE: Share after preferred dividends.
|
test/20168 | test/20168 |@title schlumberger:1 ltd:1 slb:1 3rd:1 qtr:1 net:1 |@word shr:2 nil:1 vs:8 loss:6 14:1 ct:6 net:6 1:5 697:1 000:1 41:1 9:2 mln:16 revs:2 2:2 billion:3 avg:2 shrs:2 276:1 4:2 285:1 6:2 nine:5 mth:5 profit:3 13:1 56:1 36:2 8:2 161:1 5:1 3:2 billoin:1 278:1 288:1 note:1 1987:4 3rd:4 qtr:4 include:6 152:1 dlrs:9 continue:2 operation:5 69:1 tax:1 gain:3 sale:3 company:1 investment:1 compagnie:1 luxembourgeoise:1 de:1 telediffusion:1 220:2 79:1 share:3 discontinued:2 70:2 25:1 extraordinary:2 1986:2 59:1 20:1 mainly:1 employee:1 layoff:1 cost:1 oilfied:1 service:1 small:1 electronic:1 business:3 unfavorable:1 lease:1 comitment:1 also:2 due:1 completion:1 previously:1 announce:1 fairchild:2 semiconductor:2 item:1 relate:1 award:1 iran:2 u:1 claim:1 tribunal:1 seizure:1 sedco:1 inc:1 drilling:1 1979:1 prior:1 acquisition:1 schlumberger:1 discontinue:1 offset:1 53:1 favorable:1 settlement:1 litigation:1 datum:1 general:1 | SCHLUMBERGER LTD <SLB> 3RD QTR NET
Shr nil vs loss 14 cts
Net 1,697,000 vs loss 41.9 mln
Revs 1.2 billion vs 1.1 billion
Avg shrs 276.4 mln vs 285.6 mln
Nine mths
Shr profit 13 cts vs profit 56 cts
Net profit 36.8 mln vs 161.5 mln
Revs 3.4 billoin vs 3.8 billion
Avg shrs 278.2 mln vs 288.9 mln
NOTE: 1987 3rd qtr includes 152.6 mln dlrs for continuing
operations, which includes a 69 mln dlrs after-tax gain on sale
of company's investment in Compagnie Luxembourgeoise de
Telediffusion.
1987 3rd qtr and nine mths net includes a loss of 220 mln
dlrs or 79 cts a share for discontinued operations and 70 mln
dlrs or 25 cts a share for extraordinary gain.
1986 3rd qtr and nine mths net includes a loss of 59 mln
dlrs or 20 cts a share from continuing operations mainly for
employee layoff costs in oilfied services, sale of small
electronic business and unfavorable lease comitments.
1987 nine mths net also includes a loss of 220 mln dlrs
from discontinued operations due to completion of previously
announced sale of Fairchild Semiconductor business.
1987 extraordinary item of 70.1 mln dlrs relates to award
from Iran-U.S. Claims Tribunal from Iran's seizure of SEDCO Inc
drilling business in 1979 prior to its acquisition by
Schlumberger.
1986 3rd qtr and nine mths net also includes in
discontinued operations a loss of 36 mln dlrs from Fairchild
Semiconductor offset by a 53 mln dlrs gain from favorable
settlement of litigation with Data General.
|
test/20170 | test/20170 |@title wells:1 fargo:1 co:1 wfc:1 3rd:1 qtr:1 net:1 |@word shr:2 profit:4 2:2 77:2 dlrs:4 vs:7 1:2 35:1 net:2 155:1 0:1 mln:4 4:2 nine:1 mth:1 loss:2 43:1 3:2 66:1 60:1 195:1 asset:1 45:1 15:1 billion:6 42:1 69:1 loan:1 36:1 33:1 34:1 46:1 deposit:1 29:1 7:1 23:1 | WELLS FARGO AND CO <WFC> 3RD QTR NET
Shr profit 2.77 dlrs vs profit 1.35 dlrs
Net 155.0 mln vs 77.4 mln
Nine mths
Shr loss 1.43 dlrs vs profit 3.66 dlrs
Net loss 60.4 mln vs profit 195.2 mln
Assets 45.15 billion vs 42.69 billion
Loans 36.33 billion vs 34.46 billion
Deposits 29.7 billion vs 23.3 billion
|
test/20174 | test/20174 |@title baxter:1 travenol:1 lab:1 bax:1 3rd:1 qtr:1 shr:1 net:1 |@word shr:2 31:1 ct:10 vs:8 18:1 net:5 90:1 mln:14 51:1 sale:5 1:4 58:4 billion:4 42:2 avg:2 shrs:2 274:1 269:1 nine:3 mth:1 79:1 233:1 129:1 4:2 22:3 238:1 267:1 note:1 1987:2 result:1 include:1 caremark:2 inc:1 august:1 3:1 acquisition:1 reduce:1 month:2 five:1 offset:1 three:1 gain:5 security:1 1986:2 third:1 quarter:1 exclude:2 discontinue:2 operation:4 12:1 dlrs:8 four:1 discontinued:2 285:2 06:2 charge:2 early:2 repayment:2 debt:2 38:1 14:1 | BAXTER TRAVENOL LABS <BAX> 3RD QTR SHR NET
Shr 31 cts vs 18 cts
Net 90 mln vs 51 mln
Sales 1.58 billion vs 1.42 billion
Avg shrs 274 mln vs 269 mln
Nine Mths
Shr 79 cts vs 42 cts
Net 233 mln vs 129 mln
Sales 4.58 billion vs 4.22 billion
Avg shrs 238 mln vs 267 mln
NOTE: 1987 results include Caremark Inc from August 3.
Caremark acquisition reduced 1987 nine months net by five cts,
offset by a three ct gain from the sale of securities.
1986 third quarter net excludes gains from discontinued
operations of 12 mln dlrs or four cts; a gain from sale of
discontinued operations of 285 mln dlrs or 1.06 dlrs; and a
charge from early repayment of debt of 58 mln dlrs or 22 cts.
1986 nine months net excludes gains from discontinued
operations of 38 mln dlrs or 14 cts; a gain from sale of
discontinued operations of 285 mln dlrs or 1.06 dlrs; and a
charge from early repayment of debt of 58 mln dlrs or 22 cts.
|
test/20176 | test/20176 |@title lamson:1 sessions:1 co:1 lms:1 3rd:1 qtr:1 net:1 |@word oper:4 shr:2 profit:4 20:1 ct:4 vs:6 loss:5 22:1 net:5 2:3 111:1 000:9 1:5 605:1 revs:2 89:1 6:1 mln:4 27:1 nine:4 mth:4 47:1 15:1 4:2 116:1 029:1 252:1 87:1 9:1 note:1 1986:2 exclude:3 discontinue:1 operation:1 791:1 dlrs:5 quarter:2 168:1 gain:1 726:1 cumulative:1 effect:1 pension:1 accounting:1 change:1 1987:1 tax:1 credit:1 569:1 894:1 | LAMSON AND SESSIONS CO <LMS> 3RD QTR NET
Oper shr profit 20 cts vs loss 22 cts
Oper net profit 2,111,000 vs loss 1,605,000
Revs 89.6 mln vs 27.2 mln
Nine mths
Oper shr profit 47 cts vs loss 15 cts
Oper net profit 4,116,000 vs loss 1,029,000
Revs 252.1 mln vs 87.9 mln
NOTE: 1986 net excludes losses from discontinued operations
of 791,000 dlrs in quarter and 1,168,000 dlrs in nine mths.
1986 nine mths net excludes gain 4,726,000 dlrs from
cumulative effect of pension accounting change.
1987 net excludes tax credits of 1,569,000 dlrs in quarter
and 2,894,000 dlrs in nine mths.
|
test/20180 | test/20180 |@title kraft:1 inc:1 kra:1 3rd:1 qtr:1 sept:1 26:1 net:1 |@word shr:2 91:1 ct:4 vs:7 17:1 net:2 124:1 100:1 000:6 21:2 200:2 sale:2 2:5 83:1 billion:4 22:1 nine:2 mth:1 47:1 dlrs:4 02:1 337:1 400:1 294:1 7:1 98:1 6:1 33:1 avg:1 shrs:1 136:1 700:1 142:1 500:1 note:1 1986:1 earning:1 include:1 loss:1 discontinuedoperation:1 50:1 3:1 mln:2 35:1 share:2 quarter:1 gain:1 15:1 month:1 | KRAFT INC <KRA> 3RD QTR SEPT 26 NET
Shr 91 cts vs 17 cts
Net 124,100,000 vs 21,200,000
Sales 2.83 billion vs 2.22 billion
Nine mths
Shr 2.47 dlrs vs 2.02 dlrs
Net 337,400,000 vs 294,200,000
Sales 7.98 billion vs 6.33 billion
Avg shrs 136,700,000 vs 142,500,000
NOTE: 1986 earnings include a loss from discontinuedoperations of 50.3 mln dlrs, or 35 cts a share in the quarter
and a gain of 21.2 mln dlrs, or 15 cts a share in the nine
months
|
test/20181 | test/20181 |@title ust:2 inc:1 3rd:1 qtr:1 net:1 |@word shr:2 60:1 ct:2 vs:7 48:1 net:2 35:1 0:1 mln:10 27:1 8:1 revs:2 147:1 2:1 131:1 6:1 nine:1 mth:1 1:2 67:1 dlrs:2 38:1 97:1 3:1 77:1 9:1 422:1 4:2 385:1 5:2 avg:1 shrs:1 58:1 56:1 | UST INC <UST> 3RD QTR NET
Shr 60 cts vs 48 cts
Net 35.0 mln vs 27.8 mln
Revs 147.2 mln vs 131.6 mln
Nine mths
Shr 1.67 dlrs vs 1.38 dlrs
Net 97.3 mln vs 77.9 mln
Revs 422.4 mln vs 385.5 mln
Avg shrs 58.4 mln vs 56.5 mln
|
test/20186 | test/20186 |@title u:1 coffee:1 import:1 reporting:1 system:1 question:1 |@word voluntary:5 compliance:4 system:4 monitor:3 u:8 coffee:12 import:3 quota:5 view:1 skeptically:1 many:5 industry:1 say:10 analyst:4 trade:7 source:3 sector:1 include:1 large:1 roaster:2 importer:5 adamant:1 past:1 subject:1 tremendous:1 irregularity:1 become:1 matter:1 one:5 monday:1 national:1 association:1 newsletter:1 office:1 representative:1 implement:1 temporarily:1 legislation:1 tie:2 congressional:1 bill:1 arrangement:1 milar:1 1980:1 would:3 voluntarily:1 present:1 needed:1 document:3 government:1 congress:1 approve:1 monitoring:2 authority:2 arrive:1 without:2 valid:1 certification:1 still:2 allow:1 entry:1 believe:3 producer:5 seek:1 add:2 overburdened:2 stock:3 situation:2 ship:1 outside:1 requirement:1 lieu:1 control:1 last:2 time:2 lot:2 false:1 information:1 submit:2 custom:2 result:1 indictment:1 fine:1 customs:2 spokesman:1 good:1 job:1 give:1 tool:1 hand:2 demand:1 form:1 track:1 merchandise:1 destination:2 see:2 true:1 test:1 whether:2 abide:1 key:1 tooth:1 agreement:3 major:1 gentleman:2 act:1 another:2 need:1 ball:1 feel:1 take:1 advantage:1 due:1 development:1 two:1 tier:1 market:1 non:4 member:4 country:3 buy:3 big:1 discount:2 fear:1 dealer:1 destine:1 bring:1 falsely:1 label:1 accord:1 official:1 several:1 green:1 confess:1 1985:1 fraudulently:1 forge:1 landing:1 certificate:1 relabelle:1 navy:1 bean:1 much:3 discrepancy:1 price:1 may:1 tete:1 get:1 rid:1 sell:1 nation:1 circumvent:1 provision:1 paine:1 webber:1 bernie:1 savaiko:1 hard:1 press:1 aggravate:1 near:1 term:1 naive:1 suggest:1 share:1 connivance:1 think:2 seem:1 suffice:1 couple:1 fact:1 pose:1 threat:1 trader:1 | U.S. COFFEE IMPORT REPORTING SYSTEM QUESTIONED
A voluntary compliance system for
monitoring U.S. coffee imports under quotas is viewed
skeptically by many in the coffee industry, said analysts and
trade sources.
'Many sectors of the trade, including large roasters and
importers, are adamant against voluntary compliance because of
the past, which was subject to tremendous irregularities as it
became a matter of the trade monitoring each other,' one
analyst said.
On Monday, a National Coffee Association newsletter said
the Office of U.S. Trade Representative will implement a
voluntary compliance system temporarily because legislation to
monitor imports is tied up in the Congressional trade bill.
Under the arrangement, milar to one in 1980, coffee
importers would voluntarily present needed documents to the
U.S. government until Congress approves the monitoring
authority, but if coffee arrives without valid certification,
it will still be allowed entry.
While many believe producers will not seek to add to the
overburdened stock situation in the U.S., others believe some
will ship outside of the quota requirements in lieu of
monitoring controls, trade sources said.
'Last time, there was a lot of false information submitted
to customs which resulted in a lot of indictments and fines,' a
U.S. Customs spokesman said.
'Customs can do a good job when given the tools, but when
its hands are tied, it doesn't have the authority to demand
Form O (documents tracking merchandise from source to
destination),' he said.
Many see it as a true test of whether producers and
importers will abide by the quota system.
'It is a key to seeing whether there are any teeth in the
quota agreement,' said one major U.S. roaster.
'Last time we had a gentleman's agreement, the trade did
not act as a gentleman,' said another analyst adding, 'without
the need to submit documents, the ball will be in the
producers' hands.'
Some feel that importers will take advantage of the
voluntary compliance due to development of a two-tier market,
in which non-member countries buy coffee at a big discount.
Many fear that dealers will buy coffee destined for non-member
countries at discounts and then bring it into the U.S. falsely
labelled.
According to customs officials, several green coffee
importers confessed in 1985 that they had imported coffee
fraudulently after buying it for non-member destinations,
forging landing certificates and then relabelling it as navy
beans.
'If there's that much of a discrepancy between prices for
one country and another, producers may be teted to get rid of
their stocks of coffee by selling to non-member nations and by
circumventing the quota provisions,' said Paine Webber analyst
Bernie Savaiko.
Still, others believe that producers will not be hard
pressed to aggravate the overburdened coffee stock situation in
the U.S. in the near term.
'It would be naive to suggest that any agreement would not
have some share of connivance, but I think the voluntary system
seemed to suffice and, coupled with the fact that we have so
much coffee, I don't think that it poses that much of a
threat,' one trader said.
|
test/20187 | test/20187 |@title smithkline:1 beckman:1 corp:1 skb:1 3rd:1 qtr:1 net:1 |@word shr:2 1:5 18:1 dlrs:6 vs:7 87:1 ct:4 net:4 149:1 6:1 mln:10 134:1 revs:2 billion:3 956:1 avg:1 shrs:1 127:1 3:3 154:1 5:1 nine:4 mth:3 36:1 2:2 42:1 428:1 373:1 7:2 note:1 1987:1 3rd:1 qtr:1 include:2 charge:2 11:1 share:4 31:1 8:1 25:1 interest:1 expense:1 repurchase:1 1986:1 28:1 9:1 19:1 early:1 retirement:1 program:1 withdrawal:1 contac:1 cold:1 remedy:1 market:1 due:1 tamper:1 | SMITHKLINE BECKMAN CORP <SKB> 3RD QTR NET
Shr 1.18 dlrs vs 87 cts
Net 149.6 mln vs 134 mln
Revs 1.1 billion vs 956 mln
Avg shrs 127.3 mln vs 154.5 mln
Nine mths
Shr 3.36 dlrs vs 2.42 dlrs
Net 428.1 mln vs 373.7 mln
Revs 3.1 billion vs 2.7 billion
NOTE: 1987 3rd qtr and nine mths net includes a charge of
11 mln dlrs or nine cts a share and 31.8 mln dlrs or 25 cts a
share for the interest expense for share repurchases.
1986 nine mths net includes a charge of 28.9 mln dlrs or 19
cts a share for early retirement program and withdrawal of
Contac cold remedy from the market due to tampering.
|
test/20189 | test/20189 |@title union:1 camp:1 corp:1 ucc:1 3rd:1 qtr:1 |@word sept:1 30:1 shr:2 77:1 ct:2 vs:6 50:1 net:2 56:1 5:2 mln:6 36:1 4:1 sale:2 583:1 3:1 515:1 9:1 nine:1 month:1 2:1 02:1 dlrs:2 1:4 19:1 148:1 87:1 69:1 billion:2 51:1 | UNION CAMP CORP <UCC> 3RD QTR Sept 30
Shr 77 cts vs 50 cts
Net 56.5 mln vs 36.4 mln
Sales 583.3 mln vs 515.9 mln
Nine months
Shr 2.02 dlrs vs 1.19 dlrs
Net 148.5 mln vs 87.1 mln
Sales 1.69 billion vs 1.51 billion
|
test/20191 | test/20191 |@title newell:1 co:1 nwl:1 3rd:1 qtr:1 net:1 |@word shr:2 75:1 ct:2 vs:6 64:1 net:3 11:1 174:1 000:6 7:2 408:1 sale:2 218:1 8:2 mln:6 106:1 3:1 nine:2 mth:1 1:2 80:1 dlrs:6 54:1 23:1 762:1 16:1 603:1 414:1 295:1 9:1 note:1 1987:1 income:1 exclude:1 preferred:1 dividend:1 2:2 4:1 quarter:1 month:1 compare:1 188:1 563:1 1986:1 | NEWELL CO <NWL> 3RD QTR NET
Shr 75 cts vs 64 cts
Net 11,174,000 vs 7,408,000
Sales 218.8 mln vs 106.3 mln
NIne Mths
Shr 1.80 dlrs vs 1.54 dlrs
Net 23,762,000 vs 16,603,000
Sales 414.8 mln vs 295.9 mln
NOTE: 1987 net income excludes preferred dividends
of 2.4 mln dlrs in the quarter and 2.7 mln dlrs in the nine
months compared with 188,000 dlrs and 563,000 dlrs in 1986.
|
test/20193 | test/20193 |@title circle:2 express:4 terminate:2 plan:2 acquisition:2 overland:2 |@word | CIRCLE EXPRESS TERMINATES PLANNED ACQUISITION OF OVERLAND EXPRESS
CIRCLE EXPRESS TERMINATES PLANNED ACQUISITION OF OVERLAND EXPRESS
|
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