id
stringlengths 10
14
| vw_text
stringlengths 44
4.27k
| raw_text
stringlengths 27
14.1k
|
|---|---|---|
test/16093 | test/16093 |@title smuggling:1 blame:1 closure:1 haitian:1 sugar:1 firm:1 |@word sugar:11 mill:3 nation:1 second:1 large:1 employer:1 close:3 door:1 yesterday:1 say:7 run:1 business:1 smuggle:2 miami:1 neighbouring:1 dominican:2 republic:1 closure:2 haitian:3 american:1 company:3 hasco:6 idle:1 3:1 500:1 employee:1 affect:2 many:1 30:1 000:5 40:1 small:1 cane:2 planter:2 region:1 around:1 capital:1 unprecedented:1 ever:1 grow:1 smuggling:3 regret:1 continue:3 accept:1 delivery:1 april:1 10:1 warn:1 earlier:1 week:1 since:1 president:1 jean:1 claude:1 duvalier:3 flee:1 haiti:1 fourteen:1 month:1 ago:2 widescale:1 basic:1 good:1 cooking:1 oil:1 flour:1 rice:1 milk:1 lower:1 consumer:1 price:2 bankrupt:1 several:1 local:1 manufacturer:1 throw:1 hundred:1 thousand:1 work:1 compound:1 grim:1 face:1 worker:4 line:1 receive:1 last:2 pay:2 spokesman:1 george:1 rigaud:5 show:1 warehouse:1 stock:2 estimate:2 445:1 unsold:2 100:1 pound:1 45:1 kg:1 bag:1 huge:2 money:1 leave:1 operation:1 owe:1 7:1 6:1 mln:2 dlrs:4 borrow:1 additional:1 1:1 5:1 order:2 blame:1 problem:1 two:1 year:2 forbid:1 refining:1 government:3 begin:1 import:1 refined:2 world:1 market:1 resell:1 profit:1 provisional:1 military:1 civilian:1 replace:1 policy:1 even:1 state:1 compete:1 earn:1 4:1 20:1 daily:1 considerably:1 usual:1 minimum:2 wage:1 three:1 generally:1 every:1 employ:1 support:1 least:1 six:1 people:2 would:1 280:1 300:1 lay:1 bitter:1 dead:1 cause:1 die:1 declare:1 lucien:1 felix:1 34:1 five:1 dependent:1 | SMUGGLING BLAMED FOR CLOSURE OF HAITIAN SUGAR FIRM
A sugar mill which was this
nation's second largest employer closed its doors yesterday,
saying it had been run out of business by sugar smuggled from
Miami and the neighbouring Dominican Republic.
The closure of the Haitian American Sugar Company (HASCO)
will idle 3,500 employees and affect as many as 30,000 to
40,000 small sugar cane planters in regions around the capital,
the company said.
'Because of unprecedented and ever-growing smuggling, HASCO
regrets ... It cannot continue to accept delivery of sugar cane
after April 10,' the mill warned planters earlier this week.
Since President Jean-Claude Duvalier fled Haiti fourteen
months ago, widescale smuggling of basic goods such as cooking
oil, flour, rice, sugar and canned milk has lowered consumer
prices but bankrupted several local manufacturers, throwing
hundreds of thousands of Haitians out of work.
At the HASCO compound, where grim-faced workers lined up to
receive their last pay, Spokesman Georges D. Rigaud showed a
warehouse stocked with an estimated 445,000 unsold 100-pound
(45-kg) bags of sugar.
'We are closing because of our huge stock of unsold sugar.
We have no money left to continue operations,' Rigaud said.
He said the company owed 7.6 mln dlrs and had borrowed an
additional 1.5 mln dlrs in order to pay off workers.
Rigaud blamed the mill's problems on an order by Duvalier
two years ago forbidding HASCO from refining sugar.
He said the government then began importing refined sugar
at world market prices and reselling it at a huge profit and
the provisional military-civilian government that replaced
Duvalier last year continued the policy.
'But now with all the smuggling even the state can't compete
with smuggled Dominican refined sugar,' Rigaud said.
HASCO workers earned 4.20 dlrs daily, considerably above
the usual minimum wage of three dlrs.
It is generally estimated that every employed Haitian
supports at least six people. Rigaud said HASCO's closing at a
minimum would affect 280,000 to 300,000 people.
Laid-off workers were bitter about the closure. 'We're dead,
and it's the government that's causing us to die,' declared
Lucien Felix, 34, who has five dependents.
|
test/16094 | test/16094 |@title taiwan:1 announce:1 new:1 round:1 import:1 tariff:1 cut:1 |@word taiwan:6 announce:1 plan:1 another:1 round:1 import:3 tariff:5 cut:7 862:1 foreign:2 good:1 shortly:1 trade:6 talk:5 washington:7 official:3 describe:1 move:2 help:2 balance:1 united:3 states:3 wang:1 der:1 hwa:1 deputy:1 director:1 finance:1 ministry:2 customs:1 administration:1 department:1 tell:2 reporter:2 list:1 product:4 include:1 60:1 item:1 ask:1 part:1 government:1 effort:1 encourage:1 trading:2 partner:2 particularly:1 say:4 send:1 proposal:1 today:3 cabinet:2 cosmetic:1 bicycle:1 apple:1 radio:1 garment:1 soybean:1 television:1 set:1 five:1 50:1 pct:1 expect:1 give:2 approval:1 next:1 thursday:1 new:1 would:3 implement:1 possibly:1 start:2 april:2 20:1 add:1 introduce:1 sweeping:1 1:1 700:1 last:3 january:1 aim:1 reduce:1 grow:1 surplus:2 island:1 large:2 however:1 satisfied:1 press:1 reduction:1 way:1 huge:1 deficit:2 taipei:2 rise:2 record:1 13:1 6:1 billion:4 u:6 dlrs:1 year:2 10:1 2:2 1985:1 widen:1 3:1 61:1 first:1 quarter:1 1987:1 78:1 earlier:1 figure:1 show:1 announcement:1 come:1 departure:1 later:1 15:1 member:1 delegation:2 series:1 leader:1 vincent:1 siew:2 night:1 leave:1 heavy:1 heart:1 mean:1 face:1 tough:1 protectionist:1 sentiment:1 congress:1 1986:1 third:1 japan:1 canada:1 14:1 cover:1 call:1 open:1 market:1 american:1 purchase:1 major:1 machinery:1 power:1 plant:1 equipment:1 protection:1 intellectual:1 property:1 afraid:1 time:1 take:1 without:1 elaborate:1 | TAIWAN ANNOUNCES NEW ROUND OF IMPORT TARIFF CUTS
Taiwan announced plans for another round
of import tariff cuts on 862 foreign goods shortly before trade
talks with Washington which officials described as a move to
help balance trade with the United States.
Wang Der-Hwa, Deputy Director of the Finance Ministry's
Customs Administration Department, told reporters the list of
products included 60 items asked by Washington.
'The move is part of our government efforts to encourage
imports from our trading partners, particularly from the United
States,' he said.
He said the ministry sent a proposal today to the cabinet
that the tariffs on such products as cosmetics, bicycles,
apples, radios, garments, soybeans and television sets be cut
by between five and 50 pct.
The cabinet was expected to give its approval next Thursday
and the new tariff cuts would be implemented possibly starting
on April 20, he added.
Taiwan introduced a sweeping tariff cut on some 1,700
foreign products last January aimed at helping reduce its
growing trade surplus with the United States, the island's
largest trading partner.
Washington however was not satisfied with the cuts and
pressed for more reductions as a way of cutting its huge trade
deficit with Taipei.
Washington's deficit with Taipei rose to a record 13.6
billion U.S. Dlrs last year from 10.2 billion in 1985. It
widened to 3.61 billion in the first quarter of 1987 from 2.78
billion a year earlier, Taiwan's official figures show.
Today's announcement came before a departure later today of
a 15-member Taiwan delegation for Washington for a series of
trade talks with U.S. Officials.
The delegation's leader, Vincent Siew, told reporters last
night he was leaving with 'a heavy heart,' meaning that he would
face tough talks in Washington because of rising protectionist
sentiments in the U.S. Congress. Taiwan's 1986 trade surplus
with Washington was the third largest, after Japan and Canada.
Siew said the talks, starting on April 14, would cover U.S.
Calls for Taiwan to open its market to American products,
purchases of major U.S. Machinery and power plant equipment,
import tariff cuts and protection of intellectual property.
'I am afraid this time we have to give more than take from
our talks with the U.S.,' he said without elaborating.
|
test/16095 | test/16095 |@title british:1 minister:1 say:1 warn:1 tokyo:1 sanction:1 |@word british:3 minister:3 say:9 give:1 japanese:7 government:2 clear:3 warning:1 sanction:4 company:2 tokyo:2 allow:2 access:3 internal:1 market:4 clearly:3 understand:2 corporate:1 affairs:1 michael:1 howard:4 return:2 visit:1 japan:7 think:2 begin:2 appreciate:2 need:1 fair:2 open:3 airport:1 news:1 conference:1 deny:1 opposition:1 charge:1 trip:1 failure:1 empty:1 hand:1 set:1 send:1 deliver:2 message:1 financial:1 services:1 act:1 govenment:1 considerable:1 flexibility:1 take:2 finance:1 house:1 operate:1 britain:3 simply:1 question:2 withdraw:1 refuse:1 operating:1 licence:1 ban:1 firm:2 certain:2 country:1 carry:2 kind:2 business:1 hope:1 use:2 power:1 make:1 timetable:1 meet:1 shall:1 would:2 unfortunate:1 become:1 involved:1 tit:1 tat:1 exchange:1 add:1 gain:1 anyone:1 else:1 trading:1 relationship:2 continue:1 important:1 cable:2 wireless:2 plc:1 cawl:1 l:1 try:1 win:1 significant:1 share:1 telecommunication:1 contract:1 tell:1 widely:1 regard:1 test:1 case:2 sign:1 movement:1 due:1 part:1 talk:1 next:1 tuesday:1 earlier:1 week:1 prime:1 margaret:1 thatcher:1 could:1 go:1 alone:1 coordinate:1 action:1 european:1 community:2 partner:1 source:1 meeting:1 trade:2 official:1 yesterday:1 group:1 may:1 impose:2 steep:1 new:1 tariff:1 range:1 good:1 prevent:1 diversion:1 united:1 states:1 washington:1 threaten:1 | BRITISH MINISTER SAYS HE WARNED TOKYO OF SANCTIONS
A British minister said he had given the
Japanese government a clear warning of sanctions against
Japanese companies if Tokyo did not allow more access to its
internal markets 'and it was clearly understood.'
Corporate Affairs Minister Michael Howard said on his
return from a visit to Japan he thought the Japanese were
beginning to appreciate the need to be 'fair and open' about
access to their own markets.
At an airport news conference Howard denied opposition
charges that his trip had been a failure because he had
returned empty-handed.
'I did what I set out to do. I was sent to deliver a clear
message to the Japanese government, and I delivered it very
clearly, and it has been clearly understood.'
Howard said that under the Financial Services Act the
govenment had considerable flexibility in taking sanctions
against Japanese companies and finance houses operating in
Britain.
'It is not simply a question of withdrawing or refusing
operating licences. We can ban firms from certain countries
from carrying out certain kinds of business, while allowing
them to carry out other kinds.'
'I hope we don't have to use these powers, but I made it
clear in Japan that if our timetable isn't met, we shall use
them.'
He said it would be unfortunate if Britain and Japan became
involved in a tit-for-tat exchange, adding that Japan gained
more than anyone else from an open trading relationship.
'I think they are beginning to appreciate that if this
relationship is to continue, it is very important for them to
be fair and open about access to their own markets.'
On the question of the British firm Cable and Wireless Plc
<CAWL.L>, which is trying to win a significant share of
telecommunications contracts in Japan, Howard said he had told
the Japanese this was being widely regarded as a test case.
He said there were signs of movement on the case. Cable and
Wireless was due to take part in talks in Japan next Tuesday,
he said.
Earlier this week British Prime Minister Margaret Thatcher
said Britain could not go it alone on sanctions against Japan,
but would have to coordinate action with its European Community
partners.
Community sources said after a meeting of trade officials
yesterday that the group might impose steep new tariffs on a
range of Japanese goods to prevent diversion from United States
markets if Washington imposes trade sanctions against Tokyo as
it has threatened.
|
test/16096 | test/16096 |@title yield:1 rise:1 30:1 day:1 sama:1 deposit:1 |@word yield:1 30:2 day:2 banker:2 security:1 deposit:2 account:1 issue:2 week:3 saudi:1 arabian:1 monetary:1 agency:1 sama:3 rise:1 1:4 8:4 point:2 5:2 95913:1 pct:2 79348:1 ago:1 say:1 decrease:1 offer:2 price:1 900:1 mln:1 riyal:2 99:2 50586:1 51953:1 last:2 saturday:2 like:1 date:1 interbank:1 quote:1 today:1 6:1 3:1 high:1 total:1 9:1 billion:1 91:1 180:1 paper:1 bank:1 kingdom:1 | YIELD RISES ON 30-DAY SAMA DEPOSITS
The yield on 30-day Bankers Security
Deposit Accounts issued this week by the Saudi Arabian Monetary
Agency (SAMA) rose by more than 1/8 point to 5.95913 pct from
5.79348 a week ago, bankers said.
SAMA decreased the offer price on the 900 mln riyal issue
to 99.50586 from 99.51953 last Saturday. Like-dated interbank
deposits were quoted today at 6-3/8, 1/8 pct -- 1/8 point
higher than last Saturday.
SAMA offers a total of 1.9 billion riyals in 30, 91 and
180-day paper to banks in the kingdom each week.
|
test/16097 | test/16097 |@title uganda:1 pull:1 coffee:1 market:1 trade:1 source:1 |@word uganda:4 coffee:10 marketing:1 board:3 cmb:4 stop:1 offer:1 international:1 market:1 unhappy:1 current:2 price:2 trade:1 source:3 say:3 suspend:1 offering:1 last:1 week:1 urgent:1 need:1 cash:2 immediately:1 clear:1 long:1 could:1 sustain:1 add:2 hundred:1 ugandan:1 farmer:1 processor:1 wait:1 several:1 month:1 payment:1 trouble:1 find:1 enough:1 railway:1 wagon:1 move:1 kenyan:1 port:1 mombasa:1 foreign:1 bank:3 contribute:1 crisis:2 hold:2 remittance:1 hard:1 currency:1 earning:2 export:2 government:3 newspaper:1 new:1 vision:1 seven:1 mln:3 dlrs:2 money:1 president:1 yoweri:1 museveni:1 think:1 impose:1 penalty:1 delay:1 banking:1 third:1 factor:1 commercial:1 lend:1 77:1 billion:2 shilling:1 equivalent:1 55:1 crop:2 finance:1 year:3 ask:1 100:1 455:1 000:1 60:1 kg:1 bag:2 15:1 pct:3 annual:1 production:2 stockpile:1 kampala:1 await:1 shipment:1 account:1 90:1 recent:1 slide:1 four:1 low:1 likely:1 offset:1 expected:1 increase:1 official:1 forecast:1 restore:1 law:1 order:1 important:1 grow:1 area:1 produce:1 three:1 end:1 september:1 30:1 25:1 1985:1 6:1 | UGANDA PULLS OUT OF COFFEE MARKET - TRADE SOURCES
Uganda's Coffee Marketing Board (CMB)
has stopped offering coffee on the international market because
it is unhappy with current prices, coffee trade sources said.
The board suspended offerings last week but because of its
urgent need for cash it was not immediately clear how long it
could sustain, the sources added.
Hundreds of Ugandan coffee farmers and processors have been
waiting several months for payment from the CMB, which has had
trouble finding enough railway wagons to move the coffee to the
Kenyan port of Mombasa.
Foreign banks have contributed to the cash crisis by
holding up remittance of Uganda's hard currency earnings from
coffee exports, the government newspaper New Vision said.
The banks are holding up to seven mln dlrs in coffee money
and President Yoweri Museveni is thinking of imposing a penalty
for such delays, it added.
Banking sources said a third factor in the crisis was that
commercial banks have lent the board only 77 billion shillings
-- the equivalent of 55 mln dlrs -- for crop finance in the
current coffee year, while the government had asked for 100
billion.
The CMB has 455,000 60-kg bags of coffee, about 15 pct of
annual production, stockpiled in Kampala awaiting shipment.
The crop accounts for over 90 pct of Uganda's export
earnings and the recent slide in prices to four-year lows is
likely to more than offset an expected increase in production.
CMB officials have forecast that because the government has
restored law and order in important growing areas, Uganda will
produce over three mln bags of coffee in the year ending
September 30, about 25 pct more than in 1985/6.
|
test/16098 | test/16098 |@title w:1 german:1 cocoa:1 grind:1 2:1 9:1 pct:1 first:1 quarter:1 |@word west:1 german:1 cocoa:1 grind:1 rise:1 2:1 9:1 pct:1 55:1 190:1 tonne:2 first:1 quarter:2 1987:1 53:1 643:1 1986:1 bonn:1 base:1 confectionery:1 industry:1 association:1 say:1 statement:1 reuter:1 taw:1 | W.GERMAN COCOA GRIND UP 2.9 PCT IN FIRST QUARTER
The West German cocoa grind rose 2.9
pct to 55,190 tonnes in the first quarter of 1987 from 53,643
tonnes in the same quarter of of 1986, the Bonn-based
Confectionery Industry Association said in a statement.
REUTER TAW
|
test/16099 | test/16099 |@title dry:1 spell:1 philippines:1 damage:1 agriculture:1 crop:1 |@word prolong:1 dry:3 spell:3 damage:3 111:1 350:1 hectare:3 rice:2 corn:4 plantation:1 10:1 province:1 central:1 southern:1 philippines:1 agriculture:3 official:2 say:8 71:1 070:1 tonne:4 agricultural:1 produce:2 estimate:1 250:2 mln:3 pesos:2 lose:2 lack:1 rainfall:1 warn:1 severe:1 drought:2 prevail:1 condition:1 continue:2 next:1 month:1 secretary:1 carlos:1 dominguez:1 hope:1 loss:3 would:1 offset:1 expect:1 increase:1 output:1 normally:1 productive:1 area:1 affect:2 14:1 030:1 palay:2 unmilled:1 represent:1 production:3 22:1 value:2 77:1 8:2 department:1 reports:1 48:1 820:1 97:1 320:2 170:1 peso:1 also:1 hectarage:1 plant:1 hit:1 account:1 one:1 pct:2 national:1 total:1 thus:1 consider:1 negligible:1 case:1 fill:1 non:1 traditional:1 farm:1 diversify:1 cash:1 crop:1 sugar:1 two:1 year:1 ago:1 philippine:1 coconut:2 authority:1 major:1 region:1 bicol:1 may:1 drop:1 25:1 000:1 report:1 actual:1 | DRY SPELL IN PHILIPPINES DAMAGES AGRICULTURE CROPS
A prolonged dry spell has damaged
111,350 hectares of rice and corn plantations in 10 provinces
in the central and southern Philippines, agriculture officials
said.
They said some 71,070 tonnes of agricultural produce
estimated at about 250 mln pesos was lost to the lack of
rainfall. They warned of a severe drought if the prevailing
conditions continued until next month.
Agriculture Secretary Carlos Dominguez said he hoped the
losses would be offset by the expected increase in output in
other, normally more productive areas not affected by the dry
spell.
Affected were 14,030 hectares of palay (unmilled rice),
representing a production loss of 22,250 tonnes valued at 77.8
mln pesos, Department of Agriculture reports said.
About 48,820 tonnes of corn from 97,320 hectares valued at
170.8 mln pesos have also been lost, they said.
Officials said the hectarage planted to palay that has been
hit by the drought accounted for only one pct of national total
thus the damage is considered negligible.
In the case of corn, they said the loss can be filled by
production from non-traditional corn farms which diversified
into the cash crop from sugar two years ago.
The Philippine Coconut Authority said coconut production
in the major producing region of Bicol might drop by 25 pct to
320,000 tonnes if the dry spell continued. There were no
reports of actual damage.
|
test/16100 | test/16100 |@title spanish:1 unemployment:1 fall:1 slightly:1 march:1 |@word spain:1 register:2 unemployment:2 fall:1 10:1 465:1 people:3 2:3 97:1 mln:3 21:3 4:1 pct:3 workforce:3 march:2 labour:1 ministry:1 figure:2 show:1 february:1 98:1 5:1 nonetheless:1 high:1 1986:1 8:1 | SPANISH UNEMPLOYMENT FALLS SLIGHTLY IN MARCH
Spain's registered unemployment fell by
10,465 people to 2.97 mln or 21.4 pct of the workforce in
March, Labour Ministry figures show.
Registered unemployment in February was 2.98 mln people, or
21.5 pct of the workforce.
The figures were nonetheless higher than those for March
1986 -- 2.8 mln people and 21 pct of the workforce.
|
test/16103 | test/16103 |@title hungary:1 raise:1 price:1 effort:1 curb:1 deficit:1 |@word hungary:1 announce:2 sharp:2 price:5 increase:1 range:1 food:1 consumer:3 product:1 part:1 effort:2 curb:1 soar:1 budget:2 deficit:3 official:1 mti:3 news:1 agency:1 say:7 government:1 decide:1 subsidy:1 cut:2 reduce:1 state:3 spending:2 today:1 meat:1 rise:3 average:1 18:1 pct:3 beer:1 spirit:1 10:1 good:2 also:4 become:1 expensive:2 refrigerator:1 five:1 number:1 measure:2 ease:1 hardship:1 include:2 high:1 pension:1 family:1 allowance:1 statistic:1 indicate:1 triple:1 1986:1 47:1 billion:3 forint:1 central:1 banker:1 janos:1 fekete:1 finance:1 ministry:1 try:1 1987:1 shortfall:1 30:1 35:1 plan:2 43:1 8:1 major:1 tax:2 reform:1 introduction:1 western:2 style:1 value:1 add:1 january:1 1988:1 cure:1 problem:1 diplomat:3 late:1 announcement:1 show:1 authority:1 force:1 act:1 quickly:1 keep:1 year:1 control:1 aim:1 cool:1 overheated:1 economy:1 could:1 help:1 dampen:1 hungarians:1 appetite:1 import:1 consume:1 increasingly:1 hard:1 currency:1 however:1 expect:1 kind:1 social:1 unrest:1 follow:1 east:1 bloc:1 notably:1 poland:1 | HUNGARY RAISES PRICES IN EFFORT TO CURB DEFICIT
Hungary has announced sharp price
increases for a range of food and consumer products as part of
its efforts to curb a soaring budget deficit.
The official MTI news agency said the government decided
consumer price subsidies had to be cut to reduce state
spending. From today the price of meat will rise by an average
18 pct and that of beer and spirits by 10 pct, MTI said.
MTI said consumer goods will also become more expensive,
with the price of refrigerators rising some five pct. It also
announced a number of measures to ease hardship, including
higher pensions and family allowances.
Statistics indicate the budget deficit tripled in 1986 to
47 billion forints. Central banker Janos Fekete has said the
Finance Ministry is trying to cut the 1987 shortfall to between
30 and 35 billion from a planned 43.8 billion.
A major tax reform, including the introduction of a
Western-style valued added tax, is planned for January 1988 in
an effort to cure problems in state spending.
But diplomats said the latest announcement shows the
authorities were forced to act quickly to keep this year's
deficit under control.
The measures are also aimed at cooling an overheated
economy, and could help dampen Hungarians' appetite for
imported Western goods which consume increasingly expensive
hard currency, the diplomats said.
The diplomats also said, however, that they did not expect
the kind of social unrest that followed sharp price rises in
other East Bloc states, notably Poland.
|
test/16106 | test/16106 |@title bank:2 japan:2 actively:2 buy:2 dollar:2 around:2 142:2 20:2 yen:2 tokyo:2 dealers:1 dealer:1 |@word | BANK OF JAPAN ACTIVELY BUYING DOLLARS AT AROUND 142.20 YEN IN TOKYO - DEALERS
BANK OF JAPAN ACTIVELY BUYING DOLLARS AT AROUND 142.20 YEN IN TOKYO - DEALERS
|
test/16107 | test/16107 |@title china:1 want:1 buy:1 5:1 000:1 tonne:1 pakistani:1 cotton:1 |@word china:2 negotiate:1 pakistan:2 buy:1 5:1 000:1 tonne:1 cotton:2 year:3 import:2 amount:1 last:2 barter:1 agreement:1 chinese:2 consulate:1 source:1 say:2 ambassador:1 tian:1 ding:1 tell:1 meeting:1 pakistani:2 industrialist:1 thursday:1 intend:1 increase:1 reduce:1 trade:1 imbalance:1 official:1 estimate:1 country:1 output:2 current:1 crop:1 record:1 7:2 6:1 mln:3 bale:3 375:1 pound:1 total:1 2:1 domestic:1 consumption:1 three:1 | CHINA WANTS TO BUY 5,000 TONNES PAKISTANI COTTON
China is negotiating with Pakistan to
buy 5,000 tonnes of cotton this year, after importing the same
amount last year under a barter agreement, Chinese consulate
sources said.
Chinese ambassador Tian Ding told a meeting of Pakistani
industrialists on Thursday that China intended to increase
imports from Pakistan to reduce a trade imbalance.
Pakistani officials estimate the country's cotton output
from the current crop at a record 7.6 mln bales (375 pounds
each). Last year's output totalled 7.2 mln bales and domestic
consumption was just below three mln bales, they said.
|
test/16108 | test/16108 |@title australian:1 government:1 must:1 cut:1 spend:1 anz:1 say:1 |@word government:3 must:1 announce:1 harsh:1 cut:2 spending:1 may:1 14:2 economic:7 statement:1 give:1 adequate:1 response:1 australia:2 problem:2 anz:4 banking:1 group:1 ltd:1 anza:1 say:8 two:2 billion:6 dlrs:1 would:5 insufficient:1 backdrop:1 12:1 dlr:2 deficit:3 current:2 account:2 monthly:1 business:2 indicator:1 publication:1 past:2 year:4 struggle:1 reality:1 demand:1 measure:1 beyond:1 see:1 politically:1 practicable:1 political:1 climate:1 mean:1 continue:1 reliance:1 monetary:1 policy:1 hold:1 exchange:1 rate:1 maintain:1 confidence:1 management:1 cost:1 approach:1 much:1 need:1 revival:1 investment:1 postpone:1 economy:1 modest:1 growth:2 upswing:1 boost:1 export:1 import:1 replacement:1 industry:1 create:1 false:1 suggestion:1 bad:1 adjustment:2 balance:1 payment:1 crisis:1 unfortunately:1 successful:1 deep:1 seat:1 remain:1 long:1 term:1 process:1 forecast:1 expect:2 moderate:1 overall:1 gross:1 domestic:1 product:1 gdp:2 rise:1 2:3 7:2 pct:7 4:2 1988:3 narrow:1 five:1 3:2 net:1 foreign:1 debt:1 grow:1 strongly:1 81:1 end:2 1986:2 97:1 1987:2 110:1 later:1 inflation:1 fall:2 8:2 5:2 9:1 real:1 wage:1 | AUSTRALIAN GOVERNMENT MUST CUT SPENDING, ANZ SAYS
The government must announce harsh cuts
in spending in its May 14 economic statement if it is to give
an adequate response to Australia's economic problems, the ANZ
Banking Group Ltd <ANZA.S> said.
Cuts of two billion dlrs would be insufficient against the
backdrop of a 12 billion dlr government deficit and a 14
billion dlr current account deficit, it said in its monthly
Business Indicators publication.
'For the past two years, the government has struggled with
an economic reality that demands measures beyond those which it
sees as politically practicable,' it said.
The political climate meant there would be a continued
over-reliance on monetary policy to hold the exchange rate and
maintain confidence in economic management, ANZ said.
'The cost of this approach is that the much-needed revival
of business investment will be further postponed,' it said.
The economy was now on a modest growth upswing boosted by
export and import-replacement industries which had created a
false suggestion that the worst adjustments to the balance of
payments crisis were past. 'Unfortunately, successful adjustment
to Australia's deep-seated economic problems remains a
long-term process,' it said.
In its economic forecasts, ANZ said it expected moderate
overall economic growth with gross domestic product (GDP)
rising 2.7 pct this year and 2.4 pct in 1988.
The current account deficit would narrow to five pct of GDP
this year and 4.3 pct in 1988 and net foreign debt would grow
strongly from 81 billion at the end of 1986 to 97.2 billion at
end-1987 and 110.3 billion a year later.
Inflation would fall to 8.5 pct in 1987 and 7.5 pct in 1988
from 8.9 pct in 1986 and further falls in real wages were
expected, ANZ said.
|
test/16110 | test/16110 |@title electrolytic:1 refining:1 lower:1 copper:1 price:1 |@word electrolytic:1 refining:1 smelting:1 co:1 australia:1 pty:1 ltd:1 say:1 lower:1 ex:1 works:1 port:1 kembla:1 refinery:1 copper:1 price:1 20:1 dlrs:2 2:1 160:1 tonne:1 effective:1 today:1 | ELECTROLYTIC REFINING LOWERS COPPER PRICE
The Electrolytic Refining and
Smelting Co of Australia Pty Ltd said it lowered its ex-works
Port Kembla Refinery Copper Price by 20 dlrs to 2,160 dlrs a
tonne, effective today.
|
test/16111 | test/16111 |@title japan:1 central:1 bank:1 actively:1 buy:1 dollar:1 tokyo:1 |@word bank:2 japan:1 actively:1 buy:2 dollar:3 early:1 afternoon:1 trade:2 around:2 142:3 20:2 yen:4 dealer:1 say:2 central:1 place:1 order:1 level:2 prevent:1 fall:1 come:1 heavy:1 selling:1 pressure:1 investment:1 trust:1 trading:1 house:1 however:1 intervention:1 fail:1 boost:1 u:1 currency:1 significantly:1 add:1 midday:1 rate:1 30:1 open:1 141:1 85:1 | JAPAN CENTRAL BANK ACTIVELY BUYS DOLLARS IN TOKYO
The Bank of Japan actively bought dollars
here in early afternoon trade at around 142.20 yen, dealers
said.
The central bank had placed buy orders at that level and
prevented the dollar from falling when it came under heavy
selling pressure from investment trusts and trading houses,
they said.
However, the intervention failed to boost the U.S. Currency
significantly from the 142.20 yen level, they added.
The dollar was trading around its midday rate of 142.30
yen. It had opened here at 141.85 yen.
|
test/16112 | test/16112 |@title texaco:1 see:1 business:1 little:1 hit:1 bankruptcy:1 move:1 |@word texaco:19 inc:3 tx:1 say:11 decision:2 file:3 protection:1 chapter:2 11:4 u:1 bankruptcy:4 code:1 affect:2 majority:1 business:1 subsidiary:2 account:1 96:1 pct:3 32:1 6:3 billion:7 dlrs:6 revenue:1 79:1 net:1 property:1 plant:1 equipment:1 free:1 action:1 parent:1 hold:1 company:5 operating:1 capital:2 n:1 v:1 likely:1 suspend:1 75:1 cent:1 per:1 share:1 quarterly:1 common:1 stock:1 dividend:2 halt:1 repayment:1 debt:1 8:1 chaper:1 supplier:1 demand:1 cash:2 payment:1 bank:1 withhold:1 loan:1 result:1 legal:1 dispute:2 pennzoil:10 co:1 pzl:1 fight:1 texas:2 law:1 require:1 post:2 bond:7 10:1 appeal:3 1985:1 judgment:3 rule:1 illegally:1 interfere:1 1984:1 acquisition:1 getty:1 petroleum:1 corp:1 gty:1 almost:1 match:1 damage:1 award:1 fail:2 place:1 could:1 begin:1 attach:1 asset:4 secure:1 last:2 monday:1 supreme:1 court:4 overturn:1 cut:1 one:2 send:1 issue:3 back:2 courts:1 analyst:1 filing:1 effectively:1 freeze:1 obligation:1 continue:1 merit:1 lawsuit:1 attempt:1 week:1 win:1 compromise:1 large:1 james:1 kinnear:3 president:1 chief:1 executive:1 officer:1 tell:2 reporter:1 disclosure:1 paper:1 friday:1 want:2 extend:1 hear:1 end:1 april:1 push:1 towards:1 ask:1 5:1 dlr:1 reduce:1 50:1 earning:1 also:1 assurance:1 would:3 sell:1 offer:2 put:1 letter:1 credit:1 agree:1 let:1 value:1 fall:1 1:1 add:2 joseph:1 jamail:2 houston:1 attorney:2 make:1 late:1 settlement:1 saturday:1 take:1 surprise:1 decline:1 reveal:1 amount:1 proposal:1 cite:1 confidentiality:1 agreement:1 two:1 get:1 instead:1 choose:1 go:1 believe:1 prevail:1 ample:1 ultimately:1 pay:1 full:1 | TEXACO SEES BUSINESS LITTLE HIT BY BANKRUPTCY MOVE
Texaco Inc <TX> said its decision to
file for protection under Chapter 11 of the U.S. Bankruptcy
code will not affect the majority of its businesses.
It said its subsidiaries, which account for 96 pct of its
32.6 billion dlrs in revenues and 79 pct of its net property,
plant and equipment, were free of the action.
Only parent holding company, Texaco Inc, and operating
subsidiaries, Texaco Capital Inc and Texaco Capital N.V, are
affected, it said.
But the company said it was likely to suspend its 75 cents
per share quarterly common stock dividend and halt repayments
on debts of some 6.8 billion dlrs.
Texaco said it filed for Chaper 11 because suppliers were
demanding cash payments and banks were withholding loans as a
result of a legal dispute with Pennzoil Co <PZL>.
Texaco is fighting a Texas law requiring it to post a bond
of more than 10 billion dlrs before it can appeal a 1985
judgment that ruled it illegally interfered with Pennzoil's
1984 acquisition of Getty Petroleum Corp <GTY>. The bond almost
matches the damages awarded against Texaco.
Should Texaco fail to place the bond, Pennzoil could begin
to attach its assets to secure the judgment.
Last Monday, the Supreme Court overturned a decision to cut
Texaco's bond to one billion dlrs, and sent the issue back to
the Texas courts.
Analysts said the bankruptcy filing effectively froze all
Texaco's obligations while it continued to appeal the merits of
the Pennzoil lawsuit.
'Attempts last week to win a compromise on both the bond
issue and the larger dispute failed,' James Kinnear, Texaco's
president and chief executive officer, told reporters.
Kinnear said Pennzoil's disclosure in court papers on
Friday that it wanted to extend the bond issue hearing until
the end of April, pushed Texaco further towards Chapter 11.
Pennzoil had asked Texaco to post a 5.6 billion dlr cash
bond and to reduce its dividend to not more than 50 pct of
earnings. Pennzoil also wanted assurances that Texaco would not
sell any assets, Kinnear said.
Texaco offered to put up one billion dlrs in a letter of
credit and agreed not to let the value of its assets fall under
11.1 billion dlrs, he added.
Joseph Jamail, a Houston attorney for Pennzoil, said the
company had made its latest settlement offer to Texaco on
Saturday and was taken by surprise when Texaco filed for
bankruptcy.
He declined to reveal the amount of the proposal, citing a
confidentiality agreement between the two companies. 'Texaco
told us they would get back to us but instead they chose to go
to bankruptcy court,' Jamail said.
Attorneys for Pennzoil said they believed the company would
prevail in court appeals, adding that Texaco's assets were
ample ultimately to pay the Pennzoil judgment in full.
|
test/16115 | test/16115 |@title paton:1 report:1 u:2 green:1 coffee:1 roasting:1 high:1 |@word roasting:2 green:1 coffee:1 week:3 end:2 april:1 4:3 275:1 000:5 60:1 kilo:1 bag:5 include:1 use:1 soluble:1 production:1 compare:2 215:1 corresponding:1 last:2 year:2 320:1 march:1 28:1 george:1 gordon:1 paton:1 co:1 inc:1 report:1 say:1 cumulative:1 calendar:1 1987:1 total:1 440:1 540:1 time:1 | PATON REPORTS U.S. GREEN COFFEE ROASTINGS HIGHER
U.S. roastings of green coffee in the
week ended April 4 were about 275,000 (60-kilo) bags, including
that used for soluble production, compared with 215,000 bags in
the corresponding week of last year and about 320,000 bags in
the week ended March 28, George Gordon Paton and Co Inc
reported.
It said cumulative roastings for calendar 1987 now total
4,440,000 bags, compared with 4,540,000 bags by this time last
year.
|
test/16117 | test/16117 |@title western:1 mining:1 sell:1 acm:1 stake:1 |@word western:1 mining:2 corp:1 holdings:1 ltd:2 wmng:1 wmc:3 say:2 sell:2 entire:2 holding:1 22:1 13:1 mln:1 share:3 gold:1 company:3 australian:2 consolidated:1 minerals:1 acm:2 give:1 detail:1 stockbroker:1 sale:1 make:1 eight:1 dlrs:2 friday:1 number:2 u:1 european:1 investor:1 usual:1 broker:1 purchase:1 19:1 9:1 pct:2 parcel:1 early:1 march:1 amax:2 inc:1 amx:1 n:1 6:1 32:1 ahead:1 one:1 three:1 bonus:1 issue:1 47:1 stake:1 local:1 | WESTERN MINING SELLS ACM STAKE
Western Mining Corp Holdings Ltd
<WMNG.S> (WMC) said it sold its entire holding of 22.13 mln
shares in the gold mining company <Australian Consolidated
Minerals Ltd> (ACM).
WMC gave no details, but stockbrokers said the sale was
made at eight dlrs a share on Friday to a number of U.S.,
European and Australian investors through WMC's usual brokers.
The company purchased the 19.9 pct parcel in early March
from Amax Inc <AMX.N> at 6.32 dlrs a share ahead of a
one-for-three bonus issue when Amax sold its entire 47 pct
stake in ACM to a number of local companies.
|
test/16118 | test/16118 |@title yugoslav:1 economy:1 worsen:1 1986:1 bank:1 datum:1 show:1 |@word national:2 bank:4 economic:1 datum:2 1986:8 show:3 yugoslavia:3 trade:4 deficit:2 grow:1 inflation:1 rate:3 rise:9 wage:3 sharply:1 high:4 money:2 supply:2 expand:1 value:1 dinar:5 fall:3 2:3 012:1 billion:5 dlrs:5 25:1 7:1 pct:12 1985:3 trend:1 continue:1 first:1 three:1 month:1 year:3 export:2 drop:2 17:2 8:3 hard:2 currency:5 term:1 124:1 start:1 quote:1 figure:1 base:2 current:1 exchange:2 instead:1 dollar:3 fix:1 264:1 53:1 per:1 balance:1 payment:1 surplus:1 convertible:2 area:2 245:1 mln:2 344:1 say:1 due:1 deterioration:1 11:1 6:2 import:1 retail:1 price:2 average:1 88:1 1:5 industrial:1 producer:1 70:1 cost:1 living:1 89:1 personal:1 income:1 109:2 prime:1 minister:1 branko:1 mikulic:2 warn:1 february:1 give:1 level:2 productivity:2 introduce:1 law:1 cut:1 last:1 quarter:1 tie:1 future:1 statistic:1 overall:1 end:1 position:1 3:2 895:1 9:2 yugoslav:1 worth:1 foreign:1 saving:1 country:1 20:1 abroad:1 mostly:1 worker:1 employ:1 western:1 europe:1 73:1 basket:1 depreciation:1 swiss:1 franc:1 85:1 low:1 u:1 46:1 | YUGOSLAV ECONOMY WORSENED IN 1986, BANK DATA SHOWS
National Bank economic data for 1986
shows that Yugoslavia's trade deficit grew, the inflation rate
rose, wages were sharply higher, the money supply expanded and
the value of the dinar fell.
The trade deficit for 1986 was 2.012 billion dlrs, 25.7 pct
higher than in 1985. The trend continued in the first three
months of this year as exports dropped by 17.8 pct, in hard
currency terms, to 2.124 billion dlrs.
Yugoslavia this year started quoting trade figures in
dinars based on current exchange rates, instead of dollars
based on a fixed exchange rate of 264.53 dinars per dollar.
Yugoslavia's balance of payments surplus with the
convertible currency area fell to 245 mln dlrs in 1986 from 344
mln in 1985. The National Bank said the drop was due to a
deterioration in trade. Exports to the convertible currency
area rose 11.6 pct from 1985, while imports rose 17.8 pct.
Retail prices rose an average of 88.1 pct in 1986 while
industrial producer prices rose by 70.6 pct, the bank's data
showed. The cost of living rose by 89.1 pct.
Personal incomes rose by 109 pct in 1986.
Prime Minister Branko Mikulic warned in February that wages
were too high given the level of productivity.
Mikulic introduced a law cutting wages to the level of the
last quarter of 1986 and tying future rises to productivity.
Bank statistics show the overall 1986 rise in M-1 money
supply was 109.1 pct with a year-end position of 3,895.9
billion dinars. Yugoslavs have 9.8 billion dlrs worth of
foreign currency savings in the country and 20 billion dlrs
abroad, mostly owned by workers employed in western Europe.
The dinar fell by 73.1 pct against a basket of hard
currencies in 1986. The highest depreciation was against the
Swiss franc, 85.3 pct, and the lowest against the U.S. Dollar,
46.2 pct.
|
test/16119 | test/16119 |@title anz:1 bank:1 set:1 one:1 two:1 bonus:1 issue:1 |@word australia:1 new:1 zealand:1 banking:1 group:3 ltd:1 anza:1 say:4 make:1 one:3 two:1 bonus:3 issue:3 asset:2 revaluation:2 reserve:2 shareholder:3 register:1 june:1 2:1 propose:1 increase:1 authorise:1 capital:2 billion:1 dlr:1 par:1 share:3 600:1 mln:4 put:1 approval:1 extraordinary:1 general:1 meeting:1 may:1 26:1 anz:1 statement:1 absorb:1 230:1 dlrs:2 260:1 9:1 standing:1 bank:2 lower:1 dividend:4 rate:1 expect:1 maintain:1 value:1 payout:1 enlarge:1 level:1 last:1 full:1 year:2 end:1 september:1 30:1 pay:1 31:1 cent:1 133:1 1:2 also:1 ask:1 approve:1 change:1 article:1 association:1 allow:1 offer:1 lieu:1 interim:1 discount:1 five:1 pct:1 market:1 price:1 late:1 announce:1 tax:1 free:1 ahead:1 imputation:1 effective:1 july:1 | ANZ BANK SETS ONE-FOR-TWO BONUS ISSUE
Australia and New Zealand Banking
Group Ltd <ANZA.S> said it will make a one-for-two bonus issue
from its asset revaluation reserve to shareholders registered
June 2.
The proposed bonus and an increase in authorised capital to
one billion one-dlr par shares from 600 mln will be put to
shareholders for approval at an extraordinary general meeting
on May 26, the ANZ said in a statement.
The issue will absorb about 230 mln dlrs of the 260.9 mln
standing in the asset revaluation reserve, it said.
The bank said that by lowering the dividend rate it expects
to maintain the value of dividend payout on the enlarged
capital at about the level of its last full year ended
September 30. The group paid 31 cents a share and 133.1 mln
dlrs in all for that year.
Shareholders will also be asked to approve changes in the
bank's articles of association to allow it to offer shares in
lieu of the interim dividend at a discount of five pct to the
market price.
The group is the latest to announce a tax-free bonus issue
ahead of dividend imputation, effective July 1.
|
test/16120 | test/16120 |@title uae:1 central:1 bank:1 cd:1 yield:1 rise:1 |@word yield:1 certificate:1 deposit:1 cd:2 offer:2 united:1 arab:1 emirates:1 central:1 bank:2 high:1 last:1 monday:1 say:1 one:1 month:2 rise:2 1:2 4:1 point:2 6:4 3:1 8:2 pct:2 two:1 three:1 six:1 maturity:1 5:2 16:2 7:1 2:1 respectively:1 | UAE CENTRAL BANK CD YIELDS RISE
Yields on certificates of deposit
(CD) offered by the United Arab Emirates Central Bank were
higher than last Monday's offering, the bank said.
The one-month CD rose 1/4 point to 6-3/8 pct, while the
two, three and six-month maturities rose 5/16 point each to
6-7/16, 6-1/2 and 6-5/8 pct respectively.
|
test/16122 | test/16122 |@title china:1 sulphur:1 iron:1 mine:1 start:1 production:1 |@word china:2 large:1 sulphur:2 iron:2 mine:2 start:1 trial:1 production:1 yunfu:1 southern:1 province:1 guangdong:1 daily:1 say:2 annual:1 output:1 capacity:1 three:1 mln:1 tonne:1 ore:1 use:1 without:1 process:1 high:1 quality:1 | CHINA SULPHUR-IRON MINE STARTS PRODUCTION
China's largest sulphur-iron mine has
started trial production at Yunfu in the southern province of
Guangdong, the China Daily said.
It said the mine has an annual output capacity of three mln
tonnes of sulphur-iron ore, which can be used without
processing because of its high quality.
|
test/16123 | test/16123 |@title china:2 chile:1 build:1 copper:1 tube:1 plant:1 |@word china:4 state:1 beijing:2 non:1 ferrous:1 metal:1 industrial:1 corp:1 work:1 copper:7 ltd:1 chile:3 sign:1 contract:1 jointly:1 build:1 tube:4 plant:1 outskirt:1 peke:1 daily:1 say:5 santiago:1 co:2 involve:1 investment:1 9:1 93:1 mln:1 dlrs:1 completion:1 production:1 capacity:1 5:1 000:1 tonne:3 year:2 supply:1 preferential:1 rate:1 venture:3 whose:1 equipment:1 come:1 wednesbury:1 u:1 k:1 agreement:1 call:1 joint:1 sino:1 chilean:1 management:1 15:1 paper:1 first:1 economic:1 cooperation:1 project:1 give:1 detail:1 major:1 importer:1 customs:1 figure:1 show:1 import:1 171:1 118:1 alloy:1 calendar:1 1986:1 355:1 652:1 1985:1 | CHINA, CHILE TO BUILD COPPER TUBE PLANT IN CHINA
China's state-owned Beijing Non-Ferrous
Metals Industrial Corp and <Wrought Copper Ltd> of Chile signed
a contract to jointly build a copper tube plant on the
outskirts of Peking, the China Daily said.
The Beijing-Santiago Copper Tube Co involves an investment
of 9.93 mln dlrs and will, on completion, have a production
capacity of 5,000 tonnes of copper tubes a year, it said.
It said Chile will supply copper at preferential rates to
the venture, whose equipment comes from <Wednesbury Tube Co> of
U.K.
The agreement calls for joint Sino-Chilean management of
the venture for 15 years, the paper said.
It said the venture is the first economic cooperation
project between China and Chile, but gave no more details.
China is a major copper importer. Customs figures show it
imported 171,118 tonnes of copper and alloy in calendar 1986,
down from 355,652 tonnes in 1985.
|
test/16125 | test/16125 |@title singapore:1 external:1 trade:1 gain:1 8:2 pct:1 quarter:1 |@word singapore:1 external:1 trade:4 grow:1 8:4 pct:5 first:1 quarter:2 1987:1 12:2 4:1 decline:1 period:3 last:1 year:1 two:1 growth:2 previous:1 development:1 board:1 say:3 export:1 rise:1 7:1 38:1 billion:5 dlrs:1 import:1 9:1 14:1 64:1 deficit:3 2:2 26:1 06:1 1986:1 1:1 78:1 previously:1 attribute:1 strength:1 non:1 oil:1 especially:1 computer:2 part:1 electronic:1 component:1 garment:1 | SINGAPORE EXTERNAL TRADE GAINS 8.8 PCT IN QUARTER
Singapore's external trade grew 8.8
pct in first quarter 1987, against a 12.4 pct decline in the
same period last year and two pct growth in the previous
quarter, the Trade Development Board said.
It said exports over the period rose by 8.7 pct to 12.38
billion dlrs and imports by 8.9 pct to 14.64 billion for a
trade deficit of 2.26 billion, against a 2.06 billion deficit
in the same 1986 period and 1.78 billion deficit previously.
The growth was attributed to the strength of non-oil trade,
especially computers and computer parts, electronic components
and garments, it said.
|
test/16126 | test/16126 |@title malaysia:1 1986:1 manufacturing:1 export:1 rise:1 24:1 pct:1 |@word malaysia:1 manufacturing:1 export:5 rise:1 24:1 5:2 pct:2 15:1 1:1 billion:3 ringgit:2 1986:1 chairman:1 promotion:1 council:1 ahmad:1 sarji:1 abdul:1 hamind:1 say:2 improved:1 performance:1 lead:1 electrical:1 electronic:1 product:2 textile:1 footwear:1 clothing:1 process:1 food:1 timber:1 chemical:1 rubber:1 tell:1 news:1 conference:1 however:1 total:1 gross:1 year:1 decline:1 6:1 35:1 9:1 38:1 1985:1 due:1 fall:1 major:1 commodity:1 weak:1 price:1 | MALAYSIA'S 1986 MANUFACTURING EXPORTS RISE 24 PCT
Malaysia's manufacturing exports
rose by 24.5 pct to 15.1 billion ringgit in 1986, chairman of
the Export Promotion Council Ahmad Sarji Abdul Hamind said.
The improved export performance was led by electrical and
electronic products, textiles, footwear, clothing, processed
food, timber, chemical and rubber products, he told a news
conference.
However, total gross exports for the year declined by 5.6
pct to 35.9 billion ringgit from 38 billion in 1985 due to a
fall in major commodity exports and weak prices, he said.
|
test/16130 | test/16130 |@title offer:1 dome:1 may:1 short:1 circuit:1 debt:1 talk:1 3:1 22:1 |@word billion:2 dlr:1 offer:6 dome:17 petroleum:1 ltd:4 dmp:1 mo:1 transcanada:11 pipelines:1 trp:1 may:2 short:1 circuit:1 restructuring:5 plan:6 open:2 door:1 takeover:1 bid:2 oil:5 analyst:4 say:12 try:1 get:1 approval:2 refinance:2 debt:10 4:1 5:1 dlrs:1 july:1 1:2 1987:1 interim:1 allow:2 canadian:1 gas:2 firm:1 defer:1 substantial:1 payment:2 creditor:5 expire:1 signal:1 debtholder:2 alternative:1 exist:1 announce:1 56:1 major:1 well:1 public:1 noteholder:1 march:1 several:1 month:1 delicate:1 negotiation:1 proposal:5 amount:1 quasi:1 doug:1 gowland:2 brown:1 baldwin:1 nisker:1 toronto:1 calgary:2 base:1 would:5 convert:1 common:1 share:1 formula:1 yet:1 negotiate:1 remain:1 link:1 cash:1 flow:1 generate:1 asset:1 pledge:1 weakness:1 whole:1 even:1 assurance:1 fact:1 able:1 repay:1 obligation:1 wilf:1 gobert:3 peters:1 co:1 announcement:3 come:2 surprise:1 since:2 wait:2 response:1 propose:2 refinancing:1 package:1 could:2 bidding:2 potential:1 buyer:2 probably:2 lender:1 agree:1 add:1 think:1 want:1 entertain:1 spokesman:1 david:1 annesley:1 new:1 york:1 see:1 attempt:1 fix:1 price:2 effort:1 preclude:1 possible:1 make:1 draw:1 attention:1 discussion:2 mean:1 little:1 reluctant:1 forward:1 consider:1 formal:1 pipeline:1 utility:1 breach:1 confidential:1 agreement:1 two:1 company:2 respond:1 statement:1 suspend:1 order:1 pursue:1 talk:1 unidentified:1 party:1 however:2 management:1 financial:2 adviser:1 evaluate:1 include:1 fair:1 36:1 mln:1 acre:1 land:1 holding:1 enough:1 detail:1 know:1 compare:1 value:1 | OFFER FOR DOME MAY SHORT-CIRCUIT ITS DEBT TALKS
A 3.22 billion dlr offer for Dome
Petroleum Ltd <DMP.MO> by TransCanada Pipelines Ltd <TRP.TO>
may short-circuit Dome's restructuring plan and open the door
for more takeover bids, oil analysts said.
Dome is trying to get approval for a plan to refinance debt
of more than 4.5 billion dlrs by July 1, 1987, when an interim
debt plan that allowed the Canadian oil and gas firm to defer
substantial payments to creditors will expire.
Analysts said TransCanada's bid signals Dome's debtholders
that an alternative exists to Dome's debt plan.
Dome announced its plan to 56 major creditors as well as
public noteholders in March after several months of delicate
negotiations.
TransCanada's proposal 'amounts to a quasi debt
restructuring,' oil analyst Doug Gowland of Brown Baldwin Nisker
Ltd said from Toronto.
Calgary-based Dome's restructuring plan would allow
creditors to convert debt to common shares under a formula yet
to be negotiated. Payments on remaining debt would be linked to
cash flow generated by assets pledged against the debt.
'The weakness of the whole debt-refinancing proposal is that
even with approval of creditors, there is no assurance that
Dome will in fact be able to repay all of its debt obligations,'
said Wilf Gobert, an oil analyst for Peters and Co Ltd in
Calgary.
TransCanada's announcement came as a surprise since Dome
was waiting for responses from creditors on its proposed
refinancing packages, Gobert said.
The TransCanada proposal could open the bidding for Dome
since other potential buyers were probably waiting for lenders
to agree to a restructuring, he added.
'I would think that the debtholders would want to entertain
any and all offers (for Dome),' Gobert said.
Dome spokesman David Annesley said in New York that
TransCanada's announcement could be seen as an attempt to fix
the bidding price for Dome and an effort to preclude other
possible buyers from making an offer. 'By drawing attention to
us in our discussions, it means that others may be a little
reluctant to come forward,' he said.
Dome does not consider TransCanada's proposal a formal
offer because the pipeline utility's announcement breached a
confidential agreement between the two companies, he said.
Dome responded to the statement by suspending discussions
with TransCanada in order to pursue talks with other
unidentified parties. However, Dome said its management and
financial advisers would evaluate all proposals, including
TransCanada's.
Gowland said TransCanada's offer is probably a fair price
for the company's 36.1 mln acres of oil and gas land holdings.
However, he said not enough financial details are known
about Dome's debt restructuring to compare the value of
TransCanada's proposed offer.
|
test/16133 | test/16133 |@title u:1 k:1 money:1 market:1 deficit:1 forecast:1 400:1 mln:1 stg:1 |@word bank:1 england:1 say:1 forecast:1 shortage:1 around:2 400:1 mln:4 stg:3 money:1 market:1 today:1 among:1 main:1 factor:1 affect:1 liquidity:1 bill:2 mature:1 official:1 hand:1 take:1 treasury:1 drain:1 1:1 085:1 billion:1 partly:1 offset:1 outflow:1 fall:1 note:1 circulation:1 add:1 340:1 exchequer:1 transaction:1 300:1 banker:1 balance:1 target:1 50:1 | U.K. MONEY MARKET DEFICIT FORECAST AT 400 MLN STG
The Bank of England said it forecast a
shortage of around 400 mln stg in the money market today.
Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
some 1.085 billion stg.
Partly offsetting these outflows, a fall in note
circulation will add some 340 mln stg, exchequer transactions
around 300 mln and bankers' balances above target about 50 mln.
|
test/16134 | test/16134 |@title bangladesh:1 cost:1 live:1 index:1 fall:1 january:1 |@word bangladesh:1 cost:2 live:2 index:2 fall:2 1:2 09:1 pct:6 january:3 479:1 6:1 decline:1 484:1 28:1 december:1 1973:1 74:1 base:1 100:1 bureau:1 statistics:1 say:1 0:1 14:1 434:1 49:1 1986:1 year:2 inflation:1 run:1 10:1 24:1 11:1 3:1 rate:1 month:1 earlier:2 9:1 72:1 | BANGLADESH COST OF LIVING INDEX FALLS IN JANUARY
Bangladesh's cost of living index fell
1.09 pct in January to 479, after a 1.6 pct decline to 484.28
in December (1973-74 base 100), the Bureau of Statistics said.
The cost of living index fell 0.14 pct to 434.49 in January
1986.
In the year to January, inflation ran at 10.24 pct after an
11.3 pct rate a month earlier and 9.72 pct a year earlier.
|
test/16136 | test/16136 |@title rothmans:1 deny:1 share:1 sale:1 speculation:1 |@word rothmans:4 holdings:1 tobacco:1 ltd:1 say:2 sttement:1 foundation:2 press:1 speculation:2 would:2 sell:1 stake:2 international:2 plc:1 rot:1 l:1 philip:1 morris:3 inc:1 mo:1 n:1 buy:1 1986:1 report:1 rht:1 control:1 rupert:1 sa:1 18:1 25:1 mln:3 ordinary:3 64:1 37:1 b:3 share:3 99:1 9:1 pct:3 26:1 1:1 respectively:1 79:1 8:1 32:1 4:1 firm:1 close:1 273p:1 241p:1 friday:1 ease:1 245:1 5p:1 0838:1 gmt:1 | ROTHMANS DENIES SHARE SALE SPECULATION
<Rothmans Holdings (Tobacco) Ltd> said
in a sttement there was 'no foundation' to press speculation that
it would sell its stake in Rothmans International Plc <ROT.L>
to Philip Morris Inc <MO.N>, or that it would buy Morris'
stake.
In the 1986 report, Rothmans International said RHT, which
is controlled by <Rupert Foundation SA>, owned 18.25 mln
ordinary and 64.37 mln B ordinary shares, or 99.9 pct and 26.1
pct respectively.
Morris owns 79.8 mln B ordinary shares, or 32.4 pct.
Rothmans B shares, which firmed on the speculation to close at
273p from 241p on Friday, eased to 245.5p at 0838 GMT.
|
test/16139 | test/16139 |@title trade:1 issue:1 strain:1 ec:1 patience:1 japan:1 |@word member:1 state:3 european:1 community:1 start:1 run:1 patience:1 japan:9 believe:1 repeatedly:1 promise:1 major:1 initiative:1 open:4 market:3 import:5 often:3 make:2 minor:1 move:3 diplomatic:1 source:1 say:6 several:1 recent:2 action:5 ec:17 country:1 bear:1 witness:1 new:2 disillusionment:1 willingness:1 least:1 ability:1 japanese:7 government:2 reduce:1 massive:1 trade:5 surplus:1 however:3 war:1 may:2 far:2 know:1 would:6 suffer:1 almost:1 much:1 senior:1 diplomat:2 give:2 generally:1 favourable:1 reaction:1 executive:1 commission:2 proposal:1 could:2 raise:1 tariff:2 range:1 product:1 u:2 carry:1 threat:1 similar:1 april:1 17:1 tariffs:1 involve:1 renounce:1 obligation:1 enter:2 world:1 body:1 gatt:1 design:1 stop:2 diversion:1 export:5 meet:1 tokyo:2 announce:2 deficit:1 reach:1 record:1 2:1 13:1 billion:4 dlrs:3 march:1 1:1 94:1 february:1 1986:1 total:1 30:1 67:1 4:1 5:1 pct:2 1985:1 fall:1 one:2 12:1 43:1 paris:1 minister:1 michel:1 noir:1 france:1 decide:1 taste:1 medicine:1 burgeon:1 microwave:1 oven:1 frozen:1 coquille:1 st:1 jacques:1 restrict:1 strict:1 application:1 french:1 quality:1 standard:1 something:1 happen:1 britain:2 threaten:2 withdraw:2 licence:2 bank:2 insurance:1 company:3 operate:1 city:1 london:2 british:2 cable:1 wireless:1 lose:1 competition:1 telecommucation:1 contract:3 official:2 go:1 imply:1 take:2 immediate:1 drastic:1 unless:1 reopen:1 contrast:1 west:1 germany:1 successful:1 economy:1 never:1 sanction:1 prefer:1 rely:1 firm:1 diplomacy:1 encouragement:1 industry:1 surmount:1 obstacle:1 switch:1 tactic:2 year:1 substitute:1 general:1 call:1 specific:1 demand:1 key:1 area:1 present:1 instance:1 pressure:1 end:1 allegedly:1 discriminatory:1 taxation:1 wine:1 spirit:1 ensure:1 chance:1 win:1 building:1 international:1 airport:1 simplify:1 certification:1 safety:1 check:1 car:1 yield:1 benefit:1 modification:1 non:1 barrier:1 door:1 token:1 amount:1 stress:1 must:1 whole:1 beggar:1 neighbour:1 problem:1 face:1 banker:1 welcome:1 arm:1 frankfurt:1 amsterdam:1 point:1 | TRADE ISSUES STRAINING EC'S PATIENCE WITH JAPAN
Member states of the European
Community are starting to run out of patience with Japan which
they believe has repeatedly promised major initiatives to open
its market to imports, but as often made only minor moves.
Diplomatic sources here said several recent actions by EC
countries bear witness to a new disillusionment with the
willingness, or at least the ability, of the Japanese
government to reduce its massive trade surplus with the EC.
However, they said an all-out trade war may be far off, as
EC states know they would suffer almost as much as Japan.
Senior EC diplomats gave a generally favourable reaction to
an EC executive commission proposal under which the EC could
raise tariffs on a range of Japanese products if the U.S.
Carries out a threat to make a similar move on April 17.
The EC tariffs, which would involve renouncing obligations
entered into with the world trade body GATT, would be designed
to stop a diversion of exports to the EC market from that of
the U.S.
The diplomats were meeting as Tokyo announced that the EC's
trade deficit with Japan reached a record 2.13 billion dlrs in
March, up from 1.94 billion in February.
In 1986, Japanese exports to the EC totalled 30.67 billion
dlrs, up 4.5 pct from 1985, while EC exports to Japan fell one
pct to 12.43 billion dlrs.
In Paris, trade minister Michel Noir said France has
decided to give Japan a taste of its own medicine.
Burgeoning imports of microwave ovens and of frozen
Coquilles St Jacques will be restricted by a strict application
of French quality standards -- something EC states say often
happens to their own exports entering Japan.
Britain has threatened to withdraw the licences of Japanese
banks and insurance companies to operate in the City of London,
because the British Cable and Wireless company lost out in
competition for a Japanese telecommucations contract.
However, British officials in London have said that the
government may have gone too far in implying that it would take
immediate drastic action unless the contract was reopened.
By contrast, West Germany, with the EC's most successful
economy, has never threatened Tokyo with sanctions, preferring
to rely on firm diplomacy and encouragement of its own
industries to surmount obstacles to export to Japan.
The EC Commission itself has switched its tactics in recent
years, substituting general calls for action by Japan to open
its market with specific demands for moves in key areas.
At present, it is, for instance, pressuring Japan to end
allegedly discriminatory taxation of imported wines and
spirits, to ensure EC companies have a chance to win contracts
for the building of a new international airport, and to
simplify certification and safety checks on imported cars.
EC officials say these tactics yield some benefits, but
often the Japanese announce modifications of their non-tariff
barriers which open the door to imports by only a token amount.
They stress, however, that any action must be taken by the
EC as a whole to stop beggar-my-neighbour action.
One of the problems Britain could face if it were to
withdraw licences for Japanese banks would be that the bankers
would be welcomed with open arms in Frankfurt or Amsterdam,
they point out.
|
test/16140 | test/16140 |@title morgan:1 crucible:1 say:1 prospect:1 encourage:1 |@word morgan:3 crucible:1 co:1 plc:1 mgcr:1 l:1 say:4 prospect:1 1987:1 encouraging:1 order:3 sale:2 significantly:1 last:1 year:2 division:1 good:1 opportunity:1 growth:2 exist:1 recently:1 acquire:1 business:2 well:2 acquisition:1 related:1 area:1 earlier:1 announce:1 6:1 1:3 mln:6 stg:5 rise:2 pre:1 tax:1 profit:3 24:1 8:1 december:1 28:1 turnover:1 242:1 211:1 5:1 company:1 perform:1 despite:1 slowdown:1 u:2 k:1 australian:1 economy:1 first:1 half:1 currency:1 fluctuation:1 reduce:1 pretax:1 around:1 one:1 note:1 although:1 electronics:1 sector:1 improve:1 0:1 100:1 000:1 previously:1 result:1 nonetheless:1 disappointing:1 low:1 expect:1 due:1 mainly:1 delay:2 defence:1 cancellation:1 however:1 take:1 necessary:1 remedial:1 action:1 obtain:1 new:1 proceed:1 delivery:1 major:1 share:1 firm:1 two:1 penny:1 318p:1 0905:1 gmt:1 316p:1 friday:1 close:1 | MORGAN CRUCIBLE SAYS PROSPECTS ARE ENCOURAGING
Morgan Crucible Co Plc <MGCR.L> said the
prospects for 1987 were encouraging, with orders and sales
significantly up on last year in all divisions.
It said there were good opportunities for growth in both
existing and recently acquired businesses as well as for growth
by acquisition in related areas.
It earlier announced a 6.1 mln stg rise in pre-tax profit
to 24.8 mln stg for the year to December 28. Turnover rose to
242.1 mln from 211.5 mln.
Most of its companies performed well despite a slowdown in
the U.S., U.K. And Australian economies in the first half.
Currency fluctuations reduced pretax profit by around one
mln stg, it noted.
Morgan said although profits in the electronics sector
improved to 1.0 mln stg from 100,000 stg previously, results
were nonetheless disappointing.
Sales were lower than expected, due mainly to delayed
defence orders and cancellations. However, it said it had taken
the necessary remedial action, obtained new business and was
now proceeding with the delivery of major delayed orders.
Morgan shares firmed two pence to 318p at 0905 GMT from
316p at Friday's close.
|
test/16141 | test/16141 |@title morgan:1 crucible:1 pretax:1 profit:1 rise:1 6:1 1:1 mln:1 stg:1 |@word year:1 december:1 28:2 1986:1 shr:1 20:1 1p:1 vs:16 17:1 6p:2 div:1 5:5 0p:1 4:6 make:1 9:2 2p:1 8:4 5p:1 turnover:1 242:1 1:6 mln:26 stg:1 211:1 pretax:1 profit:3 24:1 18:1 7:7 tax:1 6:4 operating:2 3:6 21:1 investment:1 income:1 0:9 net:1 finance:1 charge:1 company:1 full:1 name:1 morgan:1 crucible:1 co:1 plc:1 mgcr:1 l:1 minority:1 provision:1 preference:1 dividend:1 2:1 extraordinary:1 debit:1 credit:1 include:1 carbon:1 technical:1 ceramic:2 thermal:1 speciality:1 chemical:1 electronic:1 reuter:1 | MORGAN CRUCIBLE PRETAX PROFIT RISES 6.1 MLN STG
Year to December 28, 1986
Shr 20.1p vs 17.6p
Div 5.0p vs 4.6p making 9.2p vs 8.5p
Turnover 242.1 mln stg vs 211.5 mln
Pretax profit 24.8 mln vs 18.7 mln
Tax 6.7 mln vs 5.8 mln
Operating profit 28.3 mln vs 21.3 mln
Investment income 1.0 mln vs 0.7 mln
Net finance charges 4.5 mln vs 3.3 mln
Company full name is Morgan Crucible Co Plc <MGCR.L>
Minorities and provisions for preference dividends 0.7 mln
vs 1.2 mln
Extraordinary debit - 0.9 mln vs 1.3 mln credit
Operating profit includes -
Carbon 8.3 mln vs 7.0 mln
Technical ceramics 7.0 mln vs 5.6 mln
Thermal ceramics 7.6 mln vs 4.6 mln
Speciality chemicals 4.4 mln vs 4.0 mln
Electronics 1.0 mln vs 0.1 mln
REUTER^M
|
test/16142 | test/16142 |@title swedish:1 industrial:1 production:1 rise:1 sharply:1 |@word swedish:1 industrial:1 production:1 rise:4 2:1 6:1 pct:3 february:2 1:1 8:1 fall:1 january:2 show:1 4:2 1986:1 reach:1 high:2 level:1 ever:1 central:1 bureau:2 statistics:1 say:2 reflect:1 recovery:1 almost:1 sector:1 exceptionally:1 cold:1 spell:1 add:1 see:1 forest:1 chemical:1 metal:1 industry:1 | SWEDISH INDUSTRIAL PRODUCTION RISES SHARPLY
Swedish industrial production rose
2.6 pct in February, after a 1.8 pct fall in January, showing a
4.4 pct rise over February 1986 and reaching its highest level
ever, the Central Bureau of Statistics said.
The rise reflected recovery in almost all sectors after an
exceptionally cold spell in January, the Bureau said, adding
that the highest rises were seen in the forest, chemical and
metal industries.
|
test/16143 | test/16143 |@title kenya:1 devalue:1 shill:1 0:1 6:1 pct:1 sdr:1 |@word kenya:2 devalue:1 shilling:4 0:1 6:2 pct:2 special:1 drawing:1 right:1 sdr:3 response:1 decline:1 dollar:2 last:3 week:1 banker:1 say:1 central:1 bank:1 set:1 20:2 7449:1 compare:1 6226:1 rate:1 force:1 since:1 devaluation:2 march:1 31:1 kenyan:1 lose:1 5:1 value:2 year:1 series:1 design:1 keep:1 16:1 | KENYA DEVALUES SHILLING BY 0.6 PCT AGAINST SDR
Kenya devalued the shilling by 0.6 pct
against the special drawing right (SDR) in response to the
decline of the dollar last last week, bankers said.
The Central Bank of Kenya set the shilling at 20.7449 to
the SDR compared with the 20.6226 rate in force since the last
devaluation on March 31.
The Kenyan shilling has lost 5.6 pct of its value against
the SDR this year in a series of devaluations designed to keep
the value of the dollar above 16 shillings.
|
test/16144 | test/16144 |@title awb:1 chairman:1 urge:1 farmer:1 cut:1 planting:1 |@word australia:4 could:2 lose:1 valuable:2 wheat:9 market:6 lack:1 availability:1 planting:5 come:1 1987:2 88:2 season:1 significantly:1 reduce:1 australian:2 board:1 awb:4 chairman:1 clinton:1 condon:5 say:8 prediction:2 30:2 pct:2 decrease:3 prove:1 true:1 may:3 able:1 supply:2 statement:1 make:1 spokesman:1 general:1 industry:2 feeling:1 farmer:2 hard:1 hit:1 low:1 price:1 rise:1 cost:1 cut:3 back:1 sharply:1 sowing:1 normally:1 begin:1 however:1 believe:1 would:1 much:2 although:1 realise:1 many:1 face:1 enormous:1 financial:1 pressure:1 expect:1 area:1 sow:1 10:1 7:1 mln:3 hectare:1 11:1 3:1 1986:2 87:2 crop:2 16:1 tonne:1 final:1 estimate:1 plant:1 intention:1 yet:1 available:1 unable:1 short:1 term:1 meet:1 need:2 develop:1 time:1 effort:1 great:1 difficulty:2 sell:1 future:1 rely:1 steady:1 understand:2 production:2 due:1 drought:1 deliberate:1 decision:1 want:1 continue:2 major:1 export:1 income:1 earner:1 government:2 authority:1 closely:1 examine:1 way:1 contribute:1 viability:1 add:1 lead:1 include:1 china:1 egypt:1 iran:1 iraq:1 soviet:1 union:1 japan:1 | AWB CHAIRMAN URGES FARMERS NOT TO CUT PLANTINGS
Australia could lose valuable wheat
markets through lack of availability if plantings for the
coming 1987/88 season are significantly reduced, Australian
Wheat Board (AWB) chairman Clinton Condon said.
'If predictions of a 30 pct decrease in plantings prove
true, Australia may not be able to supply wheat to some of its
valuable markets,' he said in a statement.
Condon did not say who had made the predictions, but an AWB
spokesman said there was a general industry feeling that
farmers, hard hit by low prices and rising costs, could cut
back plantings sharply. Wheat sowing normally begins in May.
However, Condon said he did not believe plantings would be
cut by as much as 30 pct although he realised many farmers were
facing enormous financial pressures.
He said the AWB expects the area sown to be about 10.7 mln
hectares, down from 11.3 mln in 1986/87 when the crop was about
16 mln tonnes. Final crop estimates for 1986/87 and planting
intentions for 1987/88 are not yet available.
If the AWB is unable, because of a short-term cut in
plantings, to meet the needs of the markets it has developed
with much time and effort, it may have great difficulty selling
wheat to those markets in the future, Condon said.
'Markets which rely on a steady supply of Australian wheat
understand a decrease in production due to drought but they
will have difficulty understanding a deliberate decision to
decrease production,' Condon said.
'If Australia wants wheat to continue as a major export
income earner, governments and government authorities will need
to closely examine ways of contributing to the continuing
viability of the wheat industry,' he added.
Australia's leading wheat markets include China, Egypt,
Iran, Iraq, the Soviet Union and Japan.
|
test/16145 | test/16145 |@title williams:1 details:1 acceptance:1 norcros:1 offer:1 |@word williams:3 holdings:1 plc:2 say:1 receive:1 acceptance:1 offer:2 norcros:2 ncro:1 l:1 holder:1 233:1 448:1 norcro:1 ordinary:2 share:4 0:2 18:1 pct:4 180:1 240:1 preference:1 8:1 19:1 568:1 mln:2 stg:1 contest:1 bid:1 launch:1 last:1 month:1 hold:1 850:1 000:1 67:1 since:1 acquire:1 option:1 buy:1 1:2 99:1 58:1 extend:1 april:1 15:1 ease:1 26p:1 410p:1 announcement:1 fall:1 767p:1 785p:1 | WILLIAMS DETAILS ACCEPTANCES OF NORCROS OFFER
<Williams Holdings Plc> said that it had
received acceptances for its offer for Norcros Plc <NCRO.L>
from the holders of 233,448 Norcros ordinary shares, or 0.18
pct, and 180,240 preference shares, or 8.19 pct.
Before the 568 mln stg contested bid was launched last
month, Williams held 850,000 ordinary shares, or 0.67 pct and
since then it had acquired options to buy a further 1.99 mln or
1.58 pct.
The offer has been extended to April 15. Norcros shares
eased 26p to 410p on the announcement while Williams fell to
767p from 785p.
|
test/16146 | test/16146 |@title dutch:1 feed:1 compounder:1 start:1 case:1 ec:1 levy:1 |@word major:1 animal:3 feed:3 producer:2 cehave:1 nv:1 veghel:1 chv:2 begin:1 legal:2 proceeding:2 application:2 european:4 community:1 grain:6 co:1 responsibility:1 levy:9 full:1 backing:1 dutch:2 trade:1 association:3 het:4 comite:4 chief:1 executive:1 peter:1 pex:5 tell:1 reuters:1 oral:1 hold:1 hague:3 friday:1 court:6 say:2 would:2 give:1 verdict:1 within:1 six:1 week:1 however:1 normal:1 wording:1 expect:1 refer:1 question:2 interpretation:1 justice:2 luxembourg:3 add:2 claim:1 way:1 apply:1 take:3 account:1 currency:2 cross:1 rate:1 exchange:1 mean:1 compounder:1 one:1 country:1 ask:3 pay:1 high:1 national:1 receive:2 chain:1 original:1 like:1 business:1 administration:1 whether:2 commodity:2 board:2 collection:1 agency:1 interpret:1 regulation:2 correctly:1 also:1 may:1 contravene:1 law:1 great:1 regret:1 route:1 political:1 help:1 therefore:2 option:1 even:1 though:1 could:1 year:1 act:1 test:1 case:2 bill:1 company:1 include:1 wide:1 variety:1 origin:1 consider:1 good:1 general:1 basis:1 challenge:1 note:1 action:1 run:1 tandem:1 already:1 pose:1 bring:1 manufacturer:1 fefac:1 | DUTCH FEED COMPOUNDER STARTS CASE AGAINST EC LEVY
A major animal feed producer, Cehave
NV Veghel (CHV), has begun legal proceedings against the
application of the European Community grain co-responsibility
levy, with the full backing of the Dutch animal grain and feed
trade association, Het Comite, association chief executive
Peter Pex told Reuters.
Oral proceedings were held in the Hague on Friday and the
court said it would give its verdict within six weeks. 'However,
that is the normal wording and we expect the Hague court to
refer questions on the interpretation and application of the
levy to the European Court of Justice in Luxembourg,' Pex added.
Het Comite claims the way the levy is applied does not take
account of currency cross-rates of exchange and can mean a
compounder in one country being asked to pay a higher levy in
its own national currency than it received down the chain from
the original producer of the grain.
'We would like the Business Administration Court in the
Hague to ask the Luxembourg Court of Justice not only whether
the Dutch Grain Commodity Board, the levy collection agency,
has interpreted the levy regulations correctly, but also
whether the regulations themselves may contravene European law,'
Pex said.
'It is only with great regret that we have taken this route,
but we have had no political help, and therefore have no option
even though it could take years,' Pex added.
Het Comite asked CHV to act as a test case against the
grain levy because the bill the company received from the
commodity board included grain from a wide variety of origins
and was therefore considered to be the best general basis for a
legal challenge to the levy, Pex noted.
Het Comite's actions will run in tandem with questions on
the levy already posed to the Luxembourg Court in a case
brought by the Association of European Animal Feed
Manufacturers, FEFAC.
|
test/16147 | test/16147 |@title china:1 raise:1 grain:1 purchase:1 price:1 |@word china:3 raise:2 state:1 purchase:1 price:7 corn:2 rice:3 cottonseed:1 shell:1 peanut:1 april:1 1:3 encourage:2 farmer:4 grow:2 official:2 commercial:1 daily:1 say:7 paper:3 pay:1 14:1 northern:1 province:3 city:3 region:2 increase:3 one:1 yuan:3 per:4 50:3 kg:4 foreign:1 agricultural:1 expert:1 rise:1 take:1 17:1 fen:2 jin:1 0:1 5:2 16:1 long:1 grain:4 10:1 southern:1 round:1 11:1 central:1 east:1 northwest:1 75:1 give:1 detail:1 local:1 authority:1 must:1 inform:1 begin:1 plant:1 production:1 oilseed:1 chinese:1 unwilling:1 earn:1 crop:1 | CHINA RAISES GRAIN PURCHASE PRICES
China has raised the state purchase
prices of corn, rice, cottonseed and shelled peanuts from April
1 to encourage farmers to grow them, the official China
Commercial Daily said.
The paper said the price paid for corn from 14 northern
provinces, cities and regions has increased by one yuan per 50
kg. A foreign agricultural expert said the rise will take the
price to 17 fen per jin (0.5 kg) from 16 fen.
The paper said the price for long-grained rice from 10
southern provinces and cities was raised by 1.5 yuan per 50 kg.
The paper said the price for round-grained rice from 11
provinces, regions and cities in central, east and northwest
China has been increased by 1.75 yuan per 50 kg. It gave no
more price details.
It said local authorities must inform farmers of the price
increases before farmers begin planting, to encourage
production of grains and oilseeds.
Chinese officials have said farmers are unwilling to grow
grain because they can earn more from other crops.
|
test/16148 | test/16148 |@title west:1 german:1 cocoa:1 grinding:1 within:1 expectation:1 |@word west:3 german:2 first:3 quarter:5 cocoa:1 grinding:3 rise:2 2:1 9:1 pct:1 1986:2 within:1 expectation:1 trade:1 source:1 say:2 describe:1 result:1 announce:1 saturday:1 normal:1 unspectacular:1 consider:1 grind:1 fourth:1 rather:1 high:2 carry:1 55:1 190:1 tonne:1 53:1 643:1 spokesman:1 confectionery:1 industry:1 association:1 expect:1 stay:1 relatively:1 comparison:1 european:1 country:1 | WEST GERMAN COCOA GRINDINGS WITHIN EXPECTATIONS
West German first quarter cocoa
grindings, which rose 2.9 pct from the same 1986 quarter, were
within expectations, trade sources said.
They described the results, announced Saturday, as normal
and unspectacular, considering that the grind in the fourth
quarter was rather high and some was carried over into the
first quarter.
Grindings rose to 55,190 tonnes from 53,643 in the first
1986 quarter. A spokesman for the Confectionery Industry
Association said that West German grindings are expected to
stay relatively high in comparison to other West European
countries.
|
test/16149 | test/16149 |@title st:1 gobain:1 unit:1 issue:1 ecu:1 bond:1 gold:1 warrant:1 |@word st:2 gobain:2 netherlands:1 guarantee:1 cie:1 de:1 issue:1 75:1 mln:1 ecu:2 bond:2 gold:2 warrant:2 attach:1 due:1 may:3 6:3 1992:1 carry:2 4:2 1:4 2:1 pct:3 coupon:1 price:2 par:1 lead:1 manager:1 salomon:1 brothers:1 international:1 ltd:1 say:1 fee:1 comprise:1 selling:1 concession:1 5:1 8:1 management:1 underwriting:1 combine:1 listing:1 luxembourg:1 000:1 one:2 exercisable:1 1987:1 1990:1 entitle:1 holder:1 purchase:1 ounce:1 exercise:1 490:1 dlrs:1 | ST.GOBAIN UNIT ISSUES ECU BOND WITH GOLD WARRANTS
St.Gobain Netherlands, guaranteed by Cie
de St.Gobain, is issuing a 75 mln ECU bond with gold warrants
attached, due May 6, 1992 carrying a 4-1/2 pct coupon and
priced at par, lead manager Salomon Brothers International Ltd
said.
Fees comprise 1-1/4 pct selling concession with 5/8 pct for
management and underwriting combined. Listing is in Luxembourg.
Each 1,000 ECU bond carries one gold warrant exercisable
from May 6, 1987 until May 6, 1990 entitling the holder to
purchase one ounce at an exercise price of 490 dlrs.
|
test/16150 | test/16150 |@title commonwealth:1 bank:1 cut:1 australia:1 prime:1 17:1 5:1 pct:1 |@word commonwealth:2 bank:3 australia:2 say:1 lower:1 prime:3 lending:1 rate:5 17:3 5:3 pct:4 18:4 25:2 effective:1 april:1 15:1 new:1 low:1 current:1 range:1 75:1 recent:1 series:1 reduction:1 since:1 late:1 march:1 follow:1 easy:1 trend:1 short:1 term:1 money:1 market:1 two:1 three:1 major:1 trading:1 one:1 move:1 reverse:1 increase:1 early:1 february:1 | COMMONWEALTH BANK CUTS AUSTRALIA PRIME TO 17.5 PCT
The Commonwealth Bank of Australia said
it will lower its prime lending rate to 17.5 pct from 18.25,
effective April 15.
The bank's new rate will be the lowest of Australia's
current prime rates. They now range from 17.75 pct to 18.5
after a recent series of reductions since late March following
an easier trend in short term money market rates.
Two of the three other major trading banks now have prime
rates of 18 pct and one of 18.25.
The Commonwealth's move reverses an increase from 17.5 pct
in early February.
|
test/16152 | test/16152 |@title hepworth:1 sell:1 u:1 unit:1 globe:1 machine:1 |@word hepworth:2 ceramic:1 holdings:1 plc:1 hepc:1 l:1 say:1 agree:1 sell:1 western:2 plastics:1 corp:1 unit:1 globe:1 machine:1 manufacturing:1 co:1 16:1 25:1 mln:3 dlrs:2 cash:1 make:1 polystyrene:1 foam:1 container:1 product:1 net:1 asset:1 19:1 3:1 report:1 1986:1 pre:1 tax:1 profit:1 0:2 9:1 proceed:1 sale:1 would:1 use:1 reduce:1 borrowing:1 develop:1 activity:1 u:1 k:1 share:1 ease:1 5p:2 announcement:1 227:1 | HEPWORTH SELLS U.S. UNIT TO GLOBE MACHINE
Hepworth Ceramic Holdings Plc <HEPC.L>
said it had agreed to sell its <Western Plastics Corp> unit to
<Globe Machine Manufacturing Co> for 16.25 mln dlrs cash.
Western, which makes polystyrene foam and container
products, has net assets of 19.3 mln dlrs and reported a 1986
pre-tax profit of 0.9 mln.
The proceeds of the sale would be used to reduce borrowings
and develop activities in the U.K.
Hepworth shares eased 0.5p on the announcement to 227.5p.
|
test/16155 | test/16155 |@title bond:1 corp:1 acquire:1 80:1 pct:1 merlin:1 pete:1 |@word bond:4 corp:3 holdings:1 ltd:1 bona:1 say:4 agree:1 acquire:1 80:1 pct:4 stake:2 merlin:5 international:1 petroleum:2 crowley:1 maritime:1 90:1 8:2 mln:4 u:2 dlrs:3 total:1 7:2 due:1 exchange:1 contract:1 april:1 30:1 69:1 july:1 subject:1 regulatory:1 approval:1 obtain:1 statement:1 balance:1 14:1 pay:1 require:1 exploration:2 production:2 commitment:1 6:1 25:1 work:1 interest:3 plus:1 2:1 5:2 reversionary:1 papua:2 new:2 guinea:2 permit:2 ppl:2 17:1 site:1 iagifu:1 oil:1 discovery:2 also:1 12:1 adjacent:1 papuan:1 basin:1 18:1 contain:1 juha:1 gas:1 condensate:1 addition:1 add:1 | BOND CORP TO ACQUIRE 80 PCT OF MERLIN PETE
Bond Corp Holdings Ltd <BONA.S> said it
has agreed to acquire an 80 pct stake in <Merlin International
Petroleum Corp> from <Crowley Maritime Corp> for 90.8 mln U.S.
Dlrs.
Of this total, 7.8 mln dlrs is due on exchange of contracts
on April 30 and 69 mln on July 7, subject to any regulatory
approvals being obtained, Bond said in a statement.
The balance of 14 mln dlrs will be paid as required by
Merlin for its exploration and production commitments, it said.
Bond said Merlin has a 6.25 pct working interest plus a 2.5
pct reversionary interest in the Papua New Guinea permit,
PPL-17, the site of the Iagifu oil discovery.
Merlin also has a 12.5 pct stake in the adjacent Papuan
Basin permit, PPL-18, which contains the Juha gas and
condensate discovery.
In addition to Papua New Guinea, Merlin has petroleum
exploration and production interests in the U.S., Bond added.
|
test/16158 | test/16158 |@title institute:1 divide:1 outlook:1 german:1 economy:1 |@word five:3 lead:2 west:2 german:1 economic:5 research:2 institute:8 fail:1 agree:2 strongly:1 domestic:3 economy:4 expand:1 year:8 revise:1 forecast:3 contain:1 report:3 publish:1 six:1 month:2 ago:1 three:10 group:1 kiel:2 hamburg:2 essen:2 predict:11 institutes:6 joint:2 spring:2 gross:1 national:1 product:1 gnp:1 would:10 rise:10 two:3 pct:13 1987:14 compare:3 2:8 4:3 1986:9 jointly:1 growth:2 october:1 last:1 take:1 dissenting:1 view:1 diw:8 berlin:1 munich:1 ifo:8 one:1 say:10 estimate:1 development:2 make:1 markedly:2 less:1 favourable:3 pick:1 slow:1 start:2 second:1 half:1 however:3 weak:2 upward:1 movement:1 external:2 factor:1 currently:1 damage:1 export:5 push:1 import:1 dominate:1 environment:1 throughout:1 see:7 fall:4 real:1 1:1 marked:1 improvement:1 course:2 write:1 decline:5 demand:2 production:2 winter:1 indicate:1 beginning:1 cyclical:1 downswing:1 sharp:1 mark:5 corporate:1 uncertainty:1 company:1 carry:1 investment:4 plan:1 expect:2 many:1 cancel:1 put:1 presume:1 brake:1 action:1 diminish:2 add:1 prerequisite:1 continuation:1 uptrend:1 still:1 burden:1 combine:1 condition:1 mean:1 upturn:1 could:1 projection:1 cloud:1 risk:1 include:1 dollar:1 contrary:1 continue:1 point:1 good:2 reason:1 believe:1 soon:1 bottom:1 slight:3 emerge:1 overall:1 0:2 5:2 positive:1 private:2 consumption:1 four:2 increase:2 climate:1 equipment:1 improve:1 6:1 unemployment:2 jobless:1 total:1 average:2 17:1 mln:4 23:2 number:2 people:1 work:1 200:1 000:1 new:2 job:2 create:1 mainly:1 service:1 sector:2 also:1 state:1 context:1 creation:1 measure:1 construction:1 industry:3 likely:1 engage:1 worker:1 first:1 time:1 since:1 1980:1 either:1 employment:2 manufacture:1 expansion:1 occur:1 tertiary:1 employ:1 manufacturing:1 20:1 current:2 account:2 surplus:3 58:1 billion:5 78:1 least:1 60:1 trade:1 around:1 100:1 112:1 consumer:1 price:1 | INSTITUTES DIVIDED ON OUTLOOK FOR GERMAN ECONOMY
The five leading West German economic
research institutes have failed to agree about how strongly the
domestic economy will expand this year but revised down
forecasts contained in a report published six months ago.
The three research groups of Kiel, Hamburg and Essen
predicted in the institutes' joint spring report that gross
national product (GNP) would rise by two pct in 1987, compared
with 2.4 pct in 1986. The five institutes had jointly forecast
three pct 1987 growth in October last year.
Taking a dissenting view, the DIW institute of West Berlin
and Munich's Ifo institute predicted only one pct 1987 growth.
The joint report said that the estimates of economic
development made by the DIW and Ifo were 'markedly less
favourable' than those of the other three.
The DIW and Ifo forecast the economy would pick up after a
slow start to the year. 'In the second half of 1987 there will,
however, only be a weak upward movement,' they said.
The two institutes said external economic factors which
were currently damaging exports and pushing up imports would
dominate the economic environment throughout the year. They saw
exports falling by a real 2-1/2 pct in 1987 and predicted no
marked improvement in the course of the year.
The other three institutes, however, wrote: 'The decline in
demand and production (seen) in the winter months does not
indicate the beginning of a cyclical downswing.'
They said the sharp rise of the mark had led to corporate
uncertainty and companies had not carried out investment plans.
But they expected that many investments had not been cancelled
but only put off. 'It can be presumed that the braking actions
(on the economy) will diminish markedly this year.'
They added: 'The domestic prerequisites for a continuation
of the economic uptrend are still favourable.'
These three institutes said diminishing external burdens
combined with favourable domestic conditions meant an upturn in
demand and production could be expected by the spring.
However, this projection was clouded by risks including the
further development of the mark against the dollar.
Contrary to the DIW and Ifo, the three institutes said that
while exports would continue to be the weak point of the
economy in 1987, 'there is good reason to believe that exports
will soon bottom out and that a slight rise will emerge during
the course of the year.' They predicted an overall 0.5 pct fall
in exports in 1987, the same as in 1986.
The three more positive institutes saw private consumption
rising by four pct in 1987, compared with 4.2 pct in 1986,
while DIW and Ifo predicted a three pct increase.
They saw the climate for equipment investment improving but
predicted only a rise of four pct in 1987 against 4.6 pct in
1986. Ifo and DIW saw these investments rising by only two pct.
All the institutes predicted only a slight decline in
unemployment. The Kiel, Hamburg and Essen institutes said the
jobless total would average 2.17 mln in 1987 compared with 2.23
mln in 1986 and predicted a rise in the number of people in
work of about 200,000.
These three institutes said new jobs would be created
mainly in the private services sector and also by the state in
the context of job creation measures. The construction industry
was likely to engage new workers for the first time since 1980
but they predicted either no rise in employment in the
manufactured goods industry or only a slight expansion.
The DIW and Ifo said rises in employment would occur only
in the tertiary sector, while 'the number employed in the
manufacturing industry will decline.'
The DIW and Ifo said unemployment would only decline to
2.20 mln in 1987 from 2.23 mln in 1986.
They saw the current account surplus falling in 1987 to 58
billion marks from 78 billion in 1986. The other three saw a
current account surplus in 1987 of at least 60 billion marks
and predicted that the trade surplus would fall to only around
100 billion marks from 112 billion in 1986.
The institutes agreed that consumer prices would start to
rise in 1987, after they declined in 1986, and all five
predicted an average increase over the year of 0.5 pct.
|
test/16159 | test/16159 |@title blue:1 arrow:1 buy:1 u:1 richards:1 company:1 |@word blue:3 arrow:3 plc:1 say:1 agree:1 term:1 acquire:1 group:1 u:2 company:3 collectively:1 know:1 richards:1 specialise:1 executive:1 recruitment:1 management:1 consultancy:1 personnel:1 matter:1 total:1 consideration:1 29:1 mln:5 dlrs:4 50:2 pct:2 payable:1 cash:1 issue:1 1:2 36:1 new:1 ordinary:1 share:2 richard:1 make:1 pre:1 tax:1 profit:1 3:2 6:1 year:1 end:2 1986:2 turnover:1 7:1 net:1 tangible:1 asset:1 4:1 trade:1 9p:1 low:1 670:1 morning:1 | BLUE ARROW TO BUY U.S. RICHARDS COMPANIES
<Blue Arrow Plc> said it had agreed
terms to acquire a group of U.S. Companies collectively known
as the <Richards Companies>, which specialise in executive
recruitment and management consultancy on personnel matters.
The total consideration will be 29 mln U.S. Dlrs of which
50 pct will be payable in cash and 50 pct by the issue of 1.36
mln new ordinary shares in Blue Arrow.
The Richard Companies made a pre-tax profit of 3.6 mln dlrs
in the year to end-1986, on turnover of 7.1 mln dlrs with net
tangible assets at the end of 1986 of 3.4 mln dlrs.
Blue Arrow shares were trading 9p lower at 670 this
morning.
|
test/16161 | test/16161 |@title saudi:1 riyal:1 deposit:1 surge:1 u:1 rate:1 rise:1 |@word saudi:1 riyal:5 interbank:1 deposit:7 rate:3 surge:1 across:1 board:1 bank:1 try:2 build:2 long:2 position:2 anticipation:1 rise:4 u:2 interest:1 dealer:3 say:4 trader:2 expect:1 follow:1 recent:1 strong:1 eurodollar:1 spark:1 fear:1 tight:1 monetary:1 policy:1 halt:1 dollar:2 slide:1 wave:1 panic:1 buying:1 early:1 morning:1 people:1 cover:1 gap:1 one:4 result:1 strongly:1 bid:1 scramble:1 available:1 offer:1 way:1 trade:1 focus:1 mainly:1 fix:1 period:1 short:1 date:1 also:2 spot:2 next:1 week:1 climb:2 6:7 5:2 8:7 1:5 pct:4 3:5 six:3 sunday:2 month:3 2:1 4:2 three:1 9:1 16:3 7:4 firm:1 seven:1 steady:1 7500:1 03:1 quote:1 7498:1 7503:1 yesterday:1 | SAUDI RIYAL DEPOSITS SURGE ON U.S. RATE RISE
Saudi riyal interbank deposit rates
surged across the board as banks tried to build long positions
in anticipation of a further rise in U.S. Interest rates,
dealers said.
They said traders expected riyal deposits to follow the
recent strong rise in eurodollar rates sparked by fears of a
tighter U.S. Monetary policy to halt the dollar's slide.
'There was a wave of panic buying early in the morning as
people tried to cover gaps and build long riyal positions,' said
one dealer. As a result, riyal deposits were strongly bid and
traders scrambled for any available offers.
One-way trade focused mainly on the fixed periods but short
dates also rose, dealers said. Spot-next and one-week deposits
climbed to 6-5/8, 1/8 pct from 6-3/8, six on Sunday.
One-month deposits rose to 6-1/2, 3/8 pct from 6-1/4, six
and three-month deposits climbed to 6-3/4, 5/8 pct from 6-9/16,
7/16. Six-month deposits also firmed to 7-1/8, seven pct from
7-1/16, 6-7/8 on Sunday.
The spot riyal was steady at 3.7500/03 to the dollar after
quotes of 3.7498/7503 yesterday.
|
test/16162 | test/16162 |@title london:1 gold:1 morning:1 fix:1 high:1 since:1 october:1 |@word gold:3 bullion:1 continue:1 move:2 higher:1 support:2 good:1 general:1 buying:2 fix:2 morning:3 436:1 50:6 dlrs:3 268:1 368:1 stg:1 ounce:2 friday:3 close:2 432:1 00:3 dealer:3 say:3 setting:2 high:3 since:2 october:2 8:1 build:1 gain:1 base:1 weakness:1 dollar:1 fear:1 trade:2 war:1 united:1 states:1 japan:1 open:1 slightly:1 firm:2 433:1 434:1 steadily:1 commission:1 house:1 resistance:1 around:1 440:1 sentiment:1 still:1 trader:1 believe:1 rally:1 may:1 even:1 take:1 500:1 platinum:1 583:1 578:1 580:1 also:1 | LONDON GOLD MORNING FIX HIGHEST SINCE OCTOBER
Gold bullion continued to move higher
supported by good general buying and was fixed this morning at
436.50 dlrs, 268.368 stg, an ounce, up from Friday's close of
432.00/50, dealers said.
The setting was the highest since October 8 as gold built
on Friday's gains, which had been based on the weakness of the
dollar and fears of a trade war between the United States and
Japan.
It opened slightly firmer at 433.50/434.00 and moved up
steadily during the morning supported by commission house and
trade buying, dealers said.
Dealers said there was resistance around 440.00 but with
sentiment still firm some traders believe the rally may even
take gold as high as 500 dlrs.
Platinum was fixed this morning at 583.50 dlrs an ounce, up
from Friday's close of 578.50/580.50, and also the highest
setting since October.
|
test/16163 | test/16163 |@title borg:1 warner:1 agree:1 buyout:1 merrill:1 lynch:1 firm:1 |@word borg:15 warner:15 bor:1 corp:5 face:1 unwanted:1 offer:12 gaf:6 agree:1 4:2 23:1 billion:1 dlr:2 buyout:1 company:6 form:1 merrill:7 lynch:5 capital:2 partners:2 inc:1 say:7 yesterday:1 enter:2 definitive:1 merger:4 agreement:1 subsidiary:2 new:1 av:4 holdings:3 begin:2 48:1 50:3 per:5 share:11 cash:3 tender:3 today:1 77:1 6:1 mln:4 89:1 pct:9 common:2 stock:5 follow:3 remain:1 convert:2 19:2 75:1 dlrs:7 54:1 25:2 principal:2 amount:2 junior:3 subordinate:2 discount:3 debenture:4 result:1 become:1 wholly:1 spokeswoman:2 member:1 management:1 plan:2 participate:2 transaction:3 retain:1 position:1 spokesman:1 unavailable:1 comment:1 hold:2 9:2 would:2 46:1 still:1 sell:1 financial:1 service:2 unit:1 include:2 wells:1 fargo:1 security:1 guard:1 chilton:1 credit:1 rating:1 focus:1 takeover:2 speculation:1 year:7 corporate:1 raider:1 irwin:1 jacobs:1 last:1 propose:1 firm:1 recently:1 10:1 analyst:1 calculate:1 breakup:1 value:1 low:1 range:1 speculate:1 sweeten:1 statement:1 board:3 endorse:1 recommend:1 shareholder:1 receive:1 opinion:1 advisor:1 first:3 boston:1 goldman:1 sachs:1 co:1 james:1 burke:1 president:1 pleased:1 look:1 forward:2 work:1 employee:1 maintain:1 strong:1 presence:1 chicago:1 community:1 dealer:1 manager:1 expire:1 midnight:1 edt:1 may:2 8:1 0400:1 gmt:1 subject:2 condition:1 completion:1 necessary:1 financing:3 arrangement:1 also:3 minimum:1 44:1 51:1 outstanding:2 certain:1 affiliate:1 commit:1 provide:1 200:1 holding:1 equity:1 870:1 subordinated:2 underwrite:1 commitment:1 discussion:1 commercial:1 bank:1 confident:1 obtain:1 rest:1 require:1 complete:1 issue:2 carry:1 13:1 coupon:1 pay:1 interest:1 five:2 redeemable:1 option:1 six:1 105:1 seventh:1 102:1 5:1 100:2 maturity:2 20:1 entitle:1 sink:1 fund:1 commence:1 16th:1 design:1 retire:1 60:1 redeem:2 cumulative:1 prefer:2 series:1 holder:1 wish:1 must:1 take:1 step:1 poison:1 pill:1 purchase:1 right:2 cent:1 effective:1 immediately:1 | BORG-WARNER AGREES TO BUYOUT BY MERRILL LYNCH FIRM
Borg-Warner <BOR> Corp, facing an
unwanted offer from GAF Corp <GAF>, agreed to a 4.23 billion
dlr buyout offer from a company to be formed by <Merrill Lynch
Capital Partners Inc>.
Borg-Warner and Merrill said yesterday they entered a
definitive merger agreement, under which a subsidiary of the
new company, <AV Holdings Corp>, will begin a 48.50 dlr per
share cash tender offer today for 77.6 mln shares or 89 pct of
Borg-Warner common stock.
The offer will be followed by a merger in which each
remaining share will be converted into 19.75 dlrs cash and
54.25 dlrs principal amount of AV Holdings junior subordinated
discount debentures.
As a result of the merger, Borg-Warner will become a wholly
owned subsidiary of AV Holdings. A Borg-Warner spokeswoman said
members of management do not plan to participate in the
transaction, but they will retain their positions with the
company.
A spokesman for GAF was unavailable for comment. GAF holds
19.9 pct of Borg-Warner's shares.
GAF had said it would offer 46 dlrs per share.
Borg-Warner's spokeswoman said the company still plans to
sell its financial services unit, which includes Wells Fargo
security guards, and the Chilton Corp, a credit rating service.
Borg-Warner has been the focus of takeover speculation for
about a year. Corporate raider Irwin Jacobs last year proposed
a takeover of the firm and until recently held 10 pct of the
stock. Following the GAF offer, analysts had calculated breakup
values for the company in the low 50 dlrs per share range and
speculated an offer would have to be sweetened.
In its statement, Borg-Warner said its board endorsed the
Merrill offer and it recommended that shareholders tender their
shares. The board received opinions on the offer from its
advisors, First Boston Corp and Goldman, Sachs and Co.
James Burke, president of Merrill Lynch Capital Partners,
said, 'We are very pleased to have entered into this transaction
with Borg-Warner. We are looking forward to working with the
employees of Borg-Warner and to Borg-Warner maintaining its
strong presence in the Chicago community.'
Merrill Lynch will be the dealer-manager for the offer,
which expires at midnight EDT May 8 (0400 GMT, May 9), subject
to conditions, including the completion of necessary financing
arrangements.
The offer is also subject to a minimum 44.25 mln shares, or
51 pct of the outstanding shares, being tendered.
Merrill Lynch and certain affiliates have committed to
provide 200 mln dlrs in AV Holdings equity and 870 mln in
subordinated financing and forward underwriting commitments.
Merrill Lynch said that following discussions with
commercial banks it is confident it can obtain the rest of the
financing required to complete the transaction.
The junior subordinated discount debentures to be issued in
the merger will carry a 13 pct coupon and will begin paying
cash interest after five years.
The debentures will be redeemable at the company's option
for the first six years at 105 pct, during the seventh year at
102.5 pct and after that at 100 pct of the principal amount.
The junior subordinated discount debentures have a maturity
of 20 years and are entitled to a sinking fund commencing in
the 16th year designed to retire 60 pct of the issue before
maturity.
Borg-Warner will also redeem all of its outstanding 4.50
dlrs cumulative preferred stock, series A, for 100 dlrs per
share. Holders who wish to participate in the offer must first
convert their preferred stock into Borg-Warner common stock.
The board of Borg-Warner has also taken steps to redeem its
poison pill or share purchase rights for five cents per right,
effective immediately.
|
test/16164 | test/16164 |@title u:1 k:1 march:1 producer:1 price:1 rise:1 0:1 3:1 pct:1 |@word price:9 index:6 sale:1 manufacture:2 good:1 u:1 k:1 rise:5 provisional:5 unadjusted:2 0:3 3:3 pct:9 march:7 identical:1 february:8 department:4 trade:1 industry:2 figure:1 show:2 material:2 fuel:1 purchase:1 fall:5 1:5 7:4 say:3 year:5 producer:1 compare:1 4:1 2:4 increase:1 end:1 output:1 non:1 seasonally:3 adjust:3 put:1 149:2 input:4 also:1 set:1 128:1 129:1 6:1 mainly:1 due:1 seasonal:1 industrial:1 electricity:1 cost:1 lower:1 scheduled:1 petroleum:1 product:1 partly:1 offset:1 home:1 produce:1 food:1 manufacturing:1 8:1 drop:1 | U.K. MARCH PRODUCER PRICES RISE 0.3 PCT
The price index for sales of
manufactured goods in the U.K. Rose a provisional, unadjusted
0.3 pct in March after an identical rise in February,
Department of Trade and Industry figures show.
The index for materials and fuel purchased by manufacturing
industry fell a provisional and unadjusted 1.1 pct after a 1.7
pct fall in February.
The Department said the year-on-year rise in producer
prices in March was a provisional 3.7 pct, compared with a
provisional 4.2 pct increase in the year to end-February.
The index for output prices, non-seasonally adjusted, was
put at a provisional 149.7 in March after 149.3 in February.
The index for input prices, also not seasonally adjusted,
was set at 128.2 in March after February's 129.6.
The 1.1 pct fall in input prices between February and March
was mainly due to a seasonal fall in industrial electricity
costs and lower scheduled prices for petroleum products, the
Department said.
The Department said these falls were only partly offset by
a rise in prices of home-produced food manufacturing materials.
The seasonally adjusted index for input prices showed a 0.2
pct rise between February and March.
Year-on-year, the input price index was down 0.7 pct in
March after a 2.8 pct drop in February.
|
test/16166 | test/16166 |@title statoil:1 seek:1 share:1 thai:1 gas:1 field:1 |@word norway:1 state:2 oil:5 company:4 den:1 norske:1 stats:1 oljeselskap:1 statoil:9 stat:1 old:1 tell:2 thai:1 authority:2 interested:2 take:2 30:2 pct:2 share:2 big:1 offshore:1 thailand:5 gas:3 field:13 say:5 southern:1 sector:1 gulf:1 currently:2 operate:1 u:1 texas:4 pacific:4 co:3 inc:1 unit:1 canada:1 seagram:1 ltd:1 vo:1 n:1 petroleum:1 ptt:5 also:1 hold:1 major:1 stake:1 want:1 develop:2 ask:1 consider:2 development:3 licence:1 renew:1 accord:1 negotiate:1 buy:1 back:1 dallas:1 base:1 holding:1 must:1 first:1 sort:1 problem:1 spokesman:1 willy:1 olsen:1 reuters:1 hire:1 carry:1 independent:1 appraisal:1 reserve:4 propose:1 plan:1 estimate:3 could:2 commercially:1 cost:1 700:1 mln:1 crown:1 industry:1 source:3 submit:1 low:1 show:1 little:1 interest:1 refuse:1 disclose:1 upgrade:1 sell:1 domestically:1 distribution:1 network:1 convert:1 electricity:1 would:1 | STATOIL SEEKS SHARE IN THAI GAS FIELD
Norway's state oil company
Den Norske Stats Oljeselskap A/S (Statoil) <STAT.OL>, has told
Thai authorities it is interested in taking a 30 pct share in a
big offshore Thailand gas field, Statoil said.
The field, in the southern sector of the Gulf of Thailand,
is currently operated by U.S. Oil company Texas Pacific Oil Co
Inc, a unit of Canada's Seagram Co Ltd <VO.N>. Thailand's state
oil company <Petroleum Authority Thailand> (PTT) also holds a
major stake in the field.
PTT wants to develop the field and has asked Statoil to
consider co-development if the field's licence is renewed.
PTT, according to Statoil, is currently negotiating with
Texas Pacific to buy back the Dallas-based oil company's
holdings in the field.
'PTT must first sort out its problems with Texas Pacific.
When this is done, we have said we are interested in taking
over a 30 pct share in the field,' Statoil spokesman Willy Olsen
told Reuters.
Statoil, hired by PTT to carry out an independent appraisal
of the field's reserves and propose a development plan, has
estimated the field could be commercially developed at a cost
of some 700 mln crowns.
Industry sources said Texas Pacific has submitted lower
reserve estimates for the field than Statoil and shown little
interest in its development. Statoil refused to disclose its
upgraded reserve estimate for the field.
The field's reserves could be sold domestically through
Thailand's gas distribution network or by converting the gas to
electricity, the sources said.
Sources would not say which field Statoil is considering.
|
test/16170 | test/16170 |@title credit:1 commercial:1 de:1 france:1 split:1 share:1 |@word french:1 commercial:2 bank:2 credit:1 de:1 france:1 split:2 share:5 four:2 increase:1 number:1 offer:2 privatise:1 end:1 month:1 company:1 official:1 say:2 tell:1 reuters:1 general:1 assembly:1 pass:1 proposal:1 10:1 33:1 mln:2 100:1 franc:3 nominal:2 around:1 41:1 32:1 25:1 market:1 source:1 put:1 total:1 value:1 ccf:1 selloff:1 five:1 billion:1 sale:1 price:1 likely:1 announce:1 april:2 24:1 launch:1 public:1 flotation:1 27:1 | CREDIT COMMERCIAL DE FRANCE SPLITS SHARES
French commercial bank Credit Commercial
de France has split each of its shares into four to increase
the number of shares on offer when it is privatised at the end
of this month, a company official said.
He told Reuters a general assembly had passed a proposal
splitting 10.33 mln shares of 100 francs nominal into around
41.32 mln shares of 25 francs nominal.
Market sources have put the total value of CCF's selloff at
between four and five billion francs. The bank said the share
sale price was likely to be announced on April 24, before the
launch of a public flotation offer on April 27.
|
test/16171 | test/16171 |@title west:1 german:1 institute:1 call:1 early:1 tax:1 cut:1 |@word five:1 lead:1 west:1 german:1 economic:3 research:1 institutes:7 say:10 government:9 stimulate:1 growth:4 call:2 early:1 introduction:1 tax:14 cut:3 plan:5 1990:2 joint:1 spring:1 report:3 institute:2 divide:1 1987:1 forecast:1 three:1 predict:1 two:2 pct:3 expansion:1 one:1 gross:2 national:1 product:1 grow:1 2:1 4:1 last:1 year:1 believe:1 must:1 produce:1 dynamic:1 additional:1 job:1 create:1 step:1 improve:1 basic:1 condition:1 take:1 quickly:1 possible:2 point:1 view:1 reform:6 bring:1 forward:1 reduction:3 44:1 billion:4 mark:4 part:1 major:2 net:1 relief:1 amount:1 25:1 however:1 criticise:2 timing:1 also:4 question:1 financing:1 leave:1 open:1 specify:1 remain:1 19:1 package:2 pay:1 though:1 want:1 state:4 subsidy:5 lack:1 clarity:1 bonn:2 cause:1 uncertainty:1 among:1 company:3 household:1 exactly:1 would:3 receive:1 urge:2 quick:1 decision:1 reduce:1 preference:2 simplify:1 fiscal:1 system:1 restriction:1 spending:1 increase:3 value:2 add:2 time:1 pledge:1 refer:1 specifically:1 doubling:1 special:1 writedown:1 small:1 medium:1 sized:1 announce:1 adjustment:1 1988:1 describe:1 total:1 include:1 reach:1 80:1 1985:1 rise:1 since:1 give:1 scope:1 despite:1 political:1 difficulty:1 finance:1 handout:1 raise:1 indirect:1 taxis:2 large:1 portion:1 positive:1 effect:1 result:1 low:1 lose:1 note:1 progress:1 slowly:1 privatise:1 deregulation:1 need:1 aim:1 competition:1 | WEST GERMAN INSTITUTES CALL FOR EARLY TAX CUTS
The five leading West German economic
research institutes said the government should do more to
stimulate economic growth and called for early introduction of
tax cuts planned for 1990.
In their joint spring report the institutes were divided
about 1987 growth forecasts, with three predicting two pct
expansion and the other two only one pct growth. Gross national
product grew 2.4 pct last year.
But the report said all the institutes believed that 'more
must be done to produce dynamic growth so that more additional
jobs can be created.'
The institutes said any step which improved basic economic
conditions should be taken as quickly as possible. 'From this
point of view, the tax reform planned for 1990 should be
brought forward.'
The government plans gross tax reductions of 44 billion
marks as part of the major tax reform. The net tax relief from
the tax reform will amount to 25 billion marks.
However, the institutes criticised the government, not only
for the timing of the reform, but also because the question of
its financing had been left open.
The government has not specified how the remaining 19
billion marks of the tax reduction package will be paid for,
though it has said it wants to cut state subsidies.
The institutes said this lack of clarity from Bonn had
caused uncertainty among companies and households as to what
exactly they would receive from the tax reform and urged a
quick decision from the government.
They also said the government should reduce tax
preferences, which would simplify the fiscal system, urged a
restriction of state spending and called for no increase in
value-added tax.
The institutes also criticised Bonn for increasing
subsidies at a time further reductions had been pledged.
They referred specifically to a doubling of special
writedowns for small and medium sized companies announced in a
package of tax adjustments planned for 1988 and described this
as an increase in subsidies.
The institutes said total subsidies, including tax
preferences, had reached 80 billion marks in 1985 and risen
further since then. Given the scope of these subsidies, it
should be possible 'despite ... Major political difficulties' to
finance the tax reform by cutting state handouts.
The institutes said that if the government raised value
added tax or other indirect taxes a large portion of the
positive effects resulting from lower taxes would be lost.
The report also noted that the government was progressing
only slowly with its plans to privatise state companies and
said more deregulation was needed. The government had to aim
for more competition, it said.
|
test/16172 | test/16172 |@title |@word glaxo:2 pre:2 tax:2 profit:2 376:2 mln:4 stg:2 vs:2 260:2 six:2 month:2 end:2 december:2 | Glaxo pre-tax profit 376 mln stg vs 260 mln in six months to end-December
Glaxo pre-tax profit 376 mln stg vs 260 mln in six months to end-December
|
test/16173 | test/16173 |@title hillsdown:1 buy:1 bed:1 company:1 23:1 mln:1 dlrs:1 |@word hillsdown:2 holdings:1 plc:1 hldn:1 l:1 say:1 christie:1 tyler:1 ltd:2 unit:1 would:1 buy:1 european:1 bedding:1 make:2 interest:1 simmon:2 co:1 u:2 gulf:1 western:1 industries:1 inc:1 usa:1 gw:1 23:1 mln:4 dlrs:1 acquisition:1 include:1 sleepeeze:1 k:1 compagnie:1 continentale:1 sa:1 france:1 compagnia:1 italiana:1 simmons:1 spa:1 italy:1 1986:1 three:1 business:1 pre:1 tax:1 profit:1 around:2 2:1 5:1 stg:3 sale:1 39:1 net:1 asset:1 acquire:1 come:1 nine:1 share:1 unchanged:1 266p:1 | HILLSDOWN BUYS BEDDING COMPANIES FOR 23 MLN DLRS
Hillsdown Holdings Plc <HLDN.L> said its
Christie-Tyler Ltd unit would buy the European bedding making
interests of Simmons Co U.S.A., Owned by Gulf and Western
Industries Inc USA <GW>, for 23 mln dlrs.
The acquisitions include <Sleepeeze Ltd> in the U.K.,
<Compagnie Continentale Simmons SA> in France and <Compagnia
Italiana Simmons SpA> in Italy.
In 1986 the three businesses made pre-tax profit of around
2.5 mln stg on sales of 39 mln stg. Net assets being acquired
come to around nine mln stg.
Hillsdown shares were unchanged at 266p.
|
test/16175 | test/16175 |@title glaxo:1 profit:1 sharply:1 dividend:1 raise:1 |@word six:1 month:1 end:1 december:1 shr:1 32:1 6p:1 vs:23 22:1 3p:1 div:1 5:1 0p:2 4:1 pre:1 tax:3 profit:4 376:1 mln:41 stg:1 260:1 turnover:2 883:1 686:1 133:1 94:1 note:1 company:1 full:1 name:1 glaxo:1 holdings:1 plc:1 glxo:1 l:1 trading:1 338:1 233:1 share:1 associate:1 14:1 seven:1 investment:1 income:1 less:1 interest:2 payable:1 24:2 20:2 243:1 166:1 minority:1 two:1 one:1 extraordianry:1 credit:1 eight:2 nil:1 include:1 continue:1 activity:2 875:1 647:1 discontinue:1 39:1 u:1 k:1 111:1 91:1 europe:1 299:1 218:1 north:1 america:2 334:1 229:1 central:1 south:2 21:1 africa:1 middle:1 east:3 29:1 23:1 asia:1 far:1 57:1 47:1 australasia:1 19:1 anti:1 peptic:1 ulcerant:1 414:1 285:1 systemic:1 antibiotic:1 112:1 82:1 respiratory:1 system:1 183:1 141:1 | GLAXO PROFITS UP SHARPLY, DIVIDEND RAISED
Six months to end-December
Shr 32.6p vs 22.3p
Div 5.0p vs 4.0p
Pre-tax profit 376 mln stg vs 260 mln
Turnover 883 mln vs 686 mln
Tax 133 mln vs 94 mln
Note - company full name is Glaxo Holdings Plc <GLXO.L>.
Trading profit 338 mln vs 233 mln
Share of profits of associates 14 mln vs seven mln
Investment income less interest payable 24 mln vs 20 mln
Profit after tax 243 mln vs 166 mln
Minority interests two mln vs one mln
Extraordianry credit eight mln vs nil
Turnover includes -
Continuing activities 875 mln vs 647 mln
Discontinued activities eight mln vs 39 mln
U.K. 111 mln vs 91 mln
Europe 299 mln vs 218 mln
North America 334 mln vs 229 mln
Central and South America 21 mln vs 20 mln
Africa and Middle East 29 mln vs 23 mln
South East Asia and Far East 57 mln vs 47 mln
Australasia 24 mln vs 19 mln
Anti-peptic ulcerants 414 mln vs 285 mln
Systemic antibiotics 112 mln vs 82 mln
Respiratory system 183 mln vs 141 mln
|
test/16176 | test/16176 |@title takeover:1 battle:1 dome:1 petroleum:1 begin:1 |@word takeover:1 battle:1 begin:1 today:1 debt:1 burden:1 dome:16 petroleum:3 ltd:5 dmp:1 mo:1 transcanada:9 pipelines:1 trp:1 announce:2 4:2 3:1 billion:2 dlr:1 offer:6 say:9 continue:1 talk:2 possible:1 buyer:2 company:4 mention:1 market:1 speculation:1 potential:1 include:1 imperial:1 oil:2 imo:1 70:1 pct:2 exxon:1 corp:1 xon:1 n:2 pancanadian:1 87:1 conglomerate:1 canadian:1 pacific:1 cp:1 british:1 co:1 plc:1 bp:1 l:1 along:1 another:1 proposal:4 substantial:2 discussion:1 third:1 could:1 lead:1 statement:5 confirm:1 receive:1 bid:3 identify:1 involve:1 canada:2 large:1 natural:1 gas:2 pipeline:1 operator:1 package:1 cash:1 common:3 preferred:1 share:3 new:1 subsidiary:1 would:1 operate:1 asset:1 management:2 shareholder:1 massive:1 landholding:1 totalling:1 36:1 1:2 mln:2 acre:1 7:1 develop:1 also:1 tax:1 credit:1 worth:1 2:1 5:2 dlrs:4 announcement:1 violate:1 term:2 spirit:1 confidentiality:1 agreement:1 enter:1 prospective:1 purchaser:1 apparently:1 time:1 prevent:1 consider:1 seem:1 require:1 favourable:1 taxation:1 concession:1 federal:1 provincial:1 government:1 add:1 financial:2 adviser:1 evaluate:1 chief:1 officer:1 h:1 neil:1 nichols:2 surprised:1 vehemence:1 deny:1 try:1 usurp:1 find:1 bothersome:1 board:1 make:1 decision:1 authorise:1 legal:1 obligation:1 know:1 identity:1 bidder:1 close:2 13:1 friday:1 toronto:1 stock:3 exchange:1 prefer:1 class:1 00:2 trade:1 high:1 25:1 1981:1 | TAKEOVER BATTLE FOR DOME PETROLEUM BEGINS
A takeover battle began today for
debt-burdened Dome Petroleum Ltd <DMP.MO> as TransCanada
PipeLines Ltd <TRP.TO> announced a 4.3 billion dlr offer and
Dome said it is continuing talks with other possible buyers.
Companies mentioned in market speculation as potential
buyers for Dome include Imperial Oil Ltd <IMO.A> which is 70
pct owned by Exxon Corp <XON.N>, <PanCanadian Petroleum Ltd>
which is 87 pct owned by the conglomerate Canadian Pacific Ltd
<CP.N> and British Petroleum Co Plc <BP.L>.
Along with the TransCanada offer, Dome has had another
proposal from 'a substantial company' and discussions with a
third company which could lead to an offer, Dome said in a
statement.
The statement confirmed Dome received TransCanada's bid,
but did not identify the companies involved in talks.
TransCanada, Canada's largest natural gas pipeline
operator, said it is offering Dome a package of cash, common
and preferred shares, and shares in a new subsidiary which
would own and operate Dome's assets. TransCanada said the offer
is to Dome management, not to shareholders.
Dome has massive oil and gas landholdings in Canada,
totalling 36.1 mln acres of which 7.4 mln have been developed.
It also has tax credits worth about 2.5 billion dlrs.
Dome's statement said the TransCanada announcement 'violated
the terms and spirit of a confidentiality agreement entered
into with prospective purchasers' and was apparently timed to
prevent Dome from considering other proposals.
It said the TransCanada bid 'seems to require favourable and
substantial taxation concessions from the federal and
provincial governments.' But Dome added that its management and
financial advisers will evaluate all proposals.
TransCanada chief financial officer H. Neil Nichols said he
was surprised at the vehemence of Dome's statement and denied
that TransCanada was trying to usurp other bids. 'I find (Dome's
statement) very bothersome. Once the board made the decision to
authorise the proposal, it had a legal obligation to announce
it,' he said. Nichols said he did not know the identity of the
other bidders, or the terms of other offers.
Dome common shares closed at 1.13 dlrs on Friday on the
Toronto Stock Exchange. The preferred class A stock closed at
5.00 dlrs. Common stock traded as high as 25.00 dlrs in 1981.
|
test/16177 | test/16177 |@title bank:1 japan:1 sell:1 800:1 billion:1 yen:1 bill:1 |@word bank:3 japan:1 sell:1 800:3 billion:4 yen:4 deficit:1 financing:1 bill:4 today:3 51:1 day:1 repurchase:1 agreement:1 mature:1 june:1 3:3 help:1 absorb:1 project:1 money:3 market:1 surplus:2 trader:2 say:2 operation:1 raise:1 outstanding:1 supply:1 record:1 4:2 yield:1 sale:1 security:1 house:2 8999:1 pct:3 compare:1 two:2 month:2 commercial:1 discount:1 rate:2 8750:1 certificate:1 deposit:1 13:1 00:1 estimate:1 1:2 mainly:1 due:2 300:1 government:2 tax:1 allocation:1 local:1 public:1 entity:1 excessive:1 banking:1 system:1 cash:1 holding:1 continuous:1 large:1 central:1 dollar:1 purchase:1 | BANK OF JAPAN TO SELL 800 BILLION YEN IN BILLS
The Bank of Japan will sell 800 billion
yen in deficit financing bills today through 51-day repurchase
agreements maturing June 3 to help absorb a projected money
market surplus, money traders said.
The operation will raise the outstanding supply of the
bills to a record 4,800 billion yen.
The yield on the bills for sale to banks and securities
houses from money houses will be 3.8999 pct compared with the
two-month commercial bill discount rate today of 3.8750 pct and
the two-month certificate of deposit rate of 4.13/00 pct.
The traders estimated the surplus today at about 1,800
billion yen.
They said it is mainly due to 1,300 billion yen of
government tax allocations to local governments and public
entities and to excessive banking system cash holdings due to
continuous large central bank dollar purchases.
|
test/16179 | test/16179 |@title lme:1 clarify:1 new:1 aluminium:1 contract:1 detail:1 |@word london:1 metal:2 exchange:1 lme:7 issue:1 note:1 clarify:1 detail:1 new:1 high:5 grade:5 aluminium:4 contract:7 response:2 question:1 member:1 follow:1 announcement:1 due:1 start:1 june:2 1:4 deliverable:2 shape:1 primary:2 minimum:2 99:3 7:1 pct:3 purity:2 also:1 standard:3 min:1 5:2 say:2 sow:3 constitute:1 good:2 delivery:3 september:1 place:1 warrant:1 dollar:2 quotation:1 multiple:1 one:1 u:2 carry:1 may:1 make:1 50:1 cent:1 even:1 tonnage:1 singapore:1 first:1 port:1 warehouse:1 outside:1 europe:1 use:2 point:1 rent:1 impose:1 owner:1 steinweg:1 05:1 dlr:1 tonne:1 per:1 week:1 board:1 representation:1 trade:1 agree:1 annul:1 weight:1 requirement:1 450:1 kilo:2 bar:1 250:1 effective:1 july:1 24:1 | LME CLARIFIES NEW ALUMINIUM CONTRACT DETAILS
The London Metal Exchange (LME) has
issued a note clarifying details on its new high grade
aluminium contract, in response to questions from members
following the announcement of the contract, due to start June
1.
All deliverable shapes of aluminium under the high grade
primary aluminium contract (minimum 99.7 pct purity) will also
be deliverable against the standard primary aluminium contract
(min 99.5 pct), the LME said.
Sows will not constitute good delivery against the standard
contract until September 1, and 99.5 pct purity sows are not
good delivery and cannot be placed on LME warrant.
The dollar quotation for the high grade contract will be in
multiples of one U.S. Dollar but carries may be made at 50
cents for even tonnages only.
Singapore, which is the first port warehouse outside Europe
to be used as an LME delivery point, will be used for high
grade metal only and the rent imposed by owners Steinweg will
be 1.05 U.S. Dlr a tonne per week, the LME said.
The LME Board, in response to representation from the
trade, agreed to annul from LME contracts the minimum weight
requirements of 450 kilos for T-bars and 250 kilos for sows,
effective for high grade on June 1 and for standard on July 24.
|
test/16180 | test/16180 |@title yield:1 91:1 day:1 sama:1 deposit:1 rise:1 |@word yield:1 91:2 day:2 banker:2 security:1 deposit:2 account:2 issue:2 week:3 saudi:1 arabian:1 monetary:1 agency:1 sama:3 rise:1 6:3 43896:1 pct:2 21563:1 ago:1 say:1 lower:1 offer:2 price:1 500:1 mln:1 riyal:2 98:2 39844:1 45313:1 last:1 monday:1 like:1 date:1 interbank:1 quote:1 today:1 3:1 4:1 5:1 8:1 total:1 1:1 9:1 billion:1 30:1 180:1 bank:1 kingdom:1 | YIELD ON 91-DAY SAMA DEPOSITS RISES
The yield on 91-day bankers security
deposit accounts issued this week by the Saudi Arabian Monetary
Agency (SAMA) rose to 6.43896 pct from 6.21563 a week ago,
bankers said.
SAMA lowered the offer price on the 500 mln riyal issue to
98.39844 from 98.45313 last Monday. Like-dated interbank
deposits were quoted today at 6-3/4, 5/8 pct.
SAMA offers a total of 1.9 billion riyals in 30, 91 and
180-day accounts to banks in the Kingdom each week.
|
test/16185 | test/16185 |@title north:1 yemen:1 buy:1 white:1 sugar:1 tender:1 trade:1 |@word north:1 yemen:1 weekend:1 tender:1 buy:2 white:2 sugar:1 french:1 operator:1 act:1 behalf:1 swiss:1 house:1 214:1 70:1 dlrs:1 tonne:2 c:1 f:1 trader:1 say:2 amount:1 immediately:1 available:1 although:1 country:1 seek:1 30:1 000:1 june:1 arrival:1 | NORTH YEMEN BOUGHT WHITE SUGAR AT TENDER - TRADE
North Yemen at its weekend tender bought
white sugar from a French operator acting on behalf of a Swiss
house at 214.70 dlrs a tonne c and f, traders said.
The amount bought was not immediately available, although
the country had sought 30,000 tonnes of June arrival whites,
they said.
|
test/16188 | test/16188 |@title u:1 k:1 money:1 market:1 give:1 75:1 mln:1 stg:1 assistance:1 |@word bank:4 england:1 say:1 provide:1 money:1 market:1 75:1 mln:5 stg:5 help:1 morning:1 session:1 compare:1 estimate:1 system:1 would:1 face:1 shortage:1 around:1 400:1 today:1 central:1 buy:1 bill:1 outright:1 comprise:1 two:2 band:3 9:3 13:1 16:2 pct:3 15:1 three:2 3:1 4:1 58:1 11:1 | U.K. MONEY MARKET GIVEN 75 MLN STG ASSISTANCE
The Bank of England said it had provided
the money market with 75 mln stg help in the morning session.
This compares with the Bank's estimate that the system would
face a shortage of around 400 mln stg today.
The central bank bought bank bills outright comprising two
mln stg in band two at 9-13/16 pct, 15 mln stg in band three at
9-3/4 pct and 58 mln stg in band three at 9-11/16 pct.
|
test/16189 | test/16189 |@title japan:1 central:1 bank:1 actively:1 buy:1 dollar:1 tokyo:1 |@word bank:2 japan:1 actively:1 buy:2 dollar:3 early:1 afternoon:1 trade:2 around:2 142:3 20:2 yen:4 dealer:1 say:2 central:1 place:1 order:1 level:2 prevent:1 fall:1 come:1 heavy:1 selling:1 pressure:1 investment:1 trust:1 trading:1 house:1 however:1 intervention:1 fail:1 boost:1 u:1 currency:1 significantly:1 add:1 midday:1 rate:1 30:1 open:1 141:1 85:1 | JAPAN CENTRAL BANK ACTIVELY BUYS DOLLARS IN TOKYO
The Bank of Japan actively bought dollars
here in early afternoon trade at around 142.20 yen, dealers
said.
The central bank had placed buy orders at that level and
prevented the dollar from falling when it came under heavy
selling pressure from investment trusts and trading houses,
they said.
However, the intervention failed to boost the U.S. Currency
significantly from the 142.20 yen level, they added.
The dollar was trading around its midday rate of 142.30
yen. It had opened here at 141.85 yen.
|
test/16190 | test/16190 |@title currency:1 move:1 may:1 hurt:1 world:1 trade:1 |@word japanese:4 trade:7 figure:1 seriously:1 challenge:1 entrenched:1 view:1 policy:2 maker:2 group:3 seven:1 industrialise:1 nation:1 relative:1 currency:4 rate:1 key:2 smooth:1 world:3 problem:2 senior:2 u:8 european:4 official:6 tokyo:2 say:3 loss:2 fully:1 explain:1 datum:1 ask:1 export:3 japan:8 shrink:1 manipulate:1 drive:1 dollar:4 make:7 bad:3 rather:1 solve:1 fulfil:1 federal:1 reserve:1 chairman:3 paul:1 volcker:2 forecast:1 recession:1 decline:3 even:2 40:2 pct:3 fall:1 yen:2 since:1 september:1 1985:1 five:1 pact:1 new:1 york:1 low:2 ought:1 competitive:1 economist:1 offer:2 objective:2 reason:1 community:2 sale:1 rise:1 rapidly:1 unit:1 11:1 last:1 week:1 g:1 7:1 meeting:1 washington:1 widely:1 interpret:1 sign:1 must:1 go:1 lower:1 correct:1 give:1 explanation:2 tend:1 highly:1 subjective:1 know:3 think:1 anyone:1 hugh:1 richardson:1 acting:1 head:1 ec:1 delegation:1 exporter:1 hell:1 effort:4 market:3 money:1 add:1 businessman:1 convince:1 fault:1 cite:1 restrictive:1 practice:1 protect:1 sector:2 agriculture:1 non:1 tariff:1 barrier:1 unreasonable:1 checking:1 custom:1 procedure:1 car:1 import:1 publicly:1 remain:1 conciliatory:1 face:1 see:2 aggression:1 private:1 blame:1 industry:2 uncompetitive:1 way:1 like:2 seem:1 arrogant:1 name:1 refrain:1 accuse:2 enough:2 industrialist:1 eishiro:1 saito:1 keidanren:1 business:1 sony:1 corp:1 akio:1 morita:1 repeatedly:1 foreign:1 firm:1 understand:1 foreigner:1 agree:1 real:1 issue:1 inability:1 major:1 american:1 compete:1 internationally:1 home:1 peter:1 huggler:1 president:1 interallianz:1 bank:1 zurich:1 tell:1 recent:1 conference:1 switzerland:1 reuter:1 | CURRENCY MOVES MAY BE HURTING WORLD TRADE
Japanese trade figures are seriously
challenging the entrenched view of policy makers of the Group
of Seven industrialised nations that relative currency rates
are the key to smoothing world trade problems.
Senior Japanese, U.S. And European officials in Tokyo say
they are at a loss to fully explain the data, for if currencies
are the key they ask, why then are are U.S. Exports to Japan
shrinking?
What if manipulating currencies and driving the dollar down
made world trade problems worse rather than solving them,
fulfilling Federal Reserve chairman Paul Volcker's forecast of
world trade recession?
U.S.-Japan trade has declined even after a 40 pct dollar
fall against the yen since the September 1985 Group of Five
pact in New York.
The lower dollar ought to have made U.S. Exports 40 pct
more competitive in Japan. The officials, most of them
economists, can offer no objective reason why they are not.
Worse, how are European Community sales to Japan rising
rapidly when the European Currency Unit has until now declined
only 11 pct against the yen.?
Last week's G-7 meeting in Washington has been widely
interpreted as a sign from the policy makers that the dollar
must go lower. So worst of all, what if Volcker is correct?
At a loss to give an objective explanation, officials can
only offer explanations which tend to be highly subjective.
'I don't know and I don't think anyone knows,' said Hugh
Richardson, acting head of the EC delegation in Tokyo.
'What I do know is that Community exporters are making a
hell of an effort in this market. If you make an effort, there
is money to be made in Japan,' he added.
But U.S. Officials and businessmen are convinced low U.S.
Exports to Japan are Japan's fault. They cite restrictive trade
practices, protected Japanese trade sectors, such as
agriculture, and non-tariff barriers, such as unreasonable
checking and customs procedures for car imports.
Publicly, Japanese officials remain conciliatory in the
face of what they see as U.S. Aggression. In private, they
blame U.S. Industry for being uncompetitive.
'We see it that way, but we don't like to seem arrogant,'
said a senior official, who declined to be named. 'We like to
refrain from accusing them of not making enough effort.'
Industrialists such as Eishiro Saito, chairman of the
Keidanren business group, and Sony Corp chairman Akio Morita
repeatedly accuse foreign firms of not making enough effort to
understand Japan's markets, and some foreigners agree. 'The real
issue is the inability of major sectors of American and
European industry to compete not only internationally but even
in their home markets,' Peter Huggler, President of Interallianz
Bank Zurich, told a recent conference in Switzerland.
REUTER...^M
|
test/16193 | test/16193 |@title saudi:1 arabia:1 seek:1 rbd:1 palm:1 olein:1 |@word saudi:1 arabia:1 market:1 4:1 000:1 tonne:1 refined:1 bleach:1 deodorise:1 palm:1 olein:1 june:1 1:1 10:1 shipment:1 trader:1 say:1 | SAUDI ARABIA SEEKING RBD PALM OLEIN
Saudi Arabia is in the market for 4,000
tonnes of refined bleached deodorised palm olein for June 1/10
shipment, traders said.
|
test/16194 | test/16194 |@title metal:1 bulletin:1 zinc:1 producer:1 price:1 |@word london:1 base:1 trade:1 journal:1 metal:1 bulletin:1 average:1 producer:1 price:1 good:1 ordinary:1 brand:1 zinc:1 week:1 end:1 april:1 10:1 790:1 00:1 dlrs:1 per:1 tonne:1 | METAL BULLETIN ZINC PRODUCER PRICE
The London based trade journal 'METAL
BULLETIN'S' average producer price of good ordinary brand zinc
for week ended April 10 is 790.00 dlrs per tonne.
|
test/16195 | test/16195 |@title u:2 k:2 producer:1 price:1 see:1 move:1 technicality:1 |@word producer:1 price:5 datum:1 march:3 roughly:1 expect:2 take:2 account:1 technical:1 factor:3 affect:2 year:12 outcome:1 economic:1 analyst:2 say:4 figure:3 show:1 0:2 3:2 pct:5 provisional:1 non:1 seasonally:1 adjust:1 rise:6 output:1 unchanged:1 february:2 close:1 average:1 last:3 six:1 month:2 put:1 7:1 4:2 2:3 chris:1 tinker:3 economist:1 brokerage:1 house:1 phillip:1 draw:1 drop:3 rate:1 mainly:1 reflect:1 excise:1 duty:1 index:2 caution:1 dangerous:1 read:1 much:2 monthly:1 add:2 april:1 would:1 back:1 also:1 note:1 manufacturer:1 input:3 almost:1 entirely:1 due:1 anticipate:1 seasonal:1 fall:3 industrial:1 electricity:1 cost:2 duncan:1 squire:1 lloyds:1 merchant:1 bank:1 slightly:1 disappointing:1 strengthening:1 sterling:1 yet:1 reduce:1 help:1 keep:1 next:1 although:1 oil:1 comparison:1 likely:1 lead:1 return:1 rather:1 | U.K. PRODUCER PRICES SEEN MOVED BY TECHNICALITIES
U.K. Producer price data for March were
roughly as expected after taking into account technical factors
which affected the year-on-year outcome, economic analysts
said.
The figures showed a 0.3 pct provisional, non-seasonally
adjusted rise in output prices in March, unchanged from
February and close to the average for the last six months.
The year-on-year rise was put at 3.7 pct, down from 4.2 pct
in February.
But Chris Tinker, economist at brokerage house Phillips and
Drew, said the drop in the year-on-year rate mainly reflected a
rise in excise duties which affected the index in March last
year.
He cautioned that it was dangerous to read too much into
the monthly figure, adding that a rise of only 0.2 pct in April
would take the year-on-year rise back above 4.2 pct.
Analysts also noted that a drop in manufacturers' input
prices was almost entirely due to anticipated seasonal factors
such as a fall in industrial electricity costs.
Duncan Squire of Lloyds Merchant Bank said the figures were
slightly disappointing in that the strengthening of sterling
had not yet reduced input prices as much as expected.
Both he and Tinker said this factor should help keep input
costs down over the next few months, although Tinker added that
last year's fall in oil prices is now about to drop out of the
year-on-year comparisons and is likely to lead to a return to
rises in the index rather than falls.
|
test/16196 | test/16196 |@title bangemann:1 reject:1 call:1 early:1 tax:1 cut:1 |@word west:1 german:1 economics:1 minister:1 martin:1 bangemann:4 indirectly:1 reject:1 call:2 country:1 lead:1 economic:2 research:1 institutes:2 early:1 introduction:1 major:1 tax:4 reform:2 involve:1 gross:1 cut:3 44:1 billion:1 mark:1 statement:1 react:1 five:1 joint:1 spring:1 report:1 say:4 far:1 bring:1 forward:1 1990:1 concern:1 government:2 point:1 positive:1 effect:1 growth:3 policy:1 consolidation:1 budget:1 deficit:1 must:1 allow:1 endanger:1 also:1 recall:1 scope:1 plan:1 1988:1 already:1 increase:2 three:1 institute:1 predict:1 two:2 pct:4 1987:1 export:4 fall:2 0:1 5:2 see:2 one:1 would:2 2:1 agree:1 majority:1 reason:2 extraordinarily:1 pessimistic:1 estimate:1 express:1 minority:1 believe:1 demand:1 start:1 rise:1 course:1 year:1 partly:1 world:1 trade:1 | BANGEMANN REJECTS CALL FOR EARLY TAX CUTS
West German Economics Minister Martin
Bangemann indirectly rejected a call from the country's leading
economic research institutes for early introduction of a major
tax reform involving gross tax cuts of 44 billion marks.
In a statement reacting to the five institutes' joint
spring report, Bangemann said that as far as the call for
bringing forward the 1990 tax reform was concerned --
'The government points out that the positive effects for
growth of its policy of consolidation (cutting the budget
deficit) must not be allowed to be endangered.'
Bangemann also recalled that the scope of tax cuts planned
for 1988 had already been increased.
Three institutes predicted two pct economic growth in 1987,
with exports falling by 0.5 pct. The other two saw only one pct
growth and said exports would fall 2.5 pct.
Bangemann said 'The government, agreeing with the majority,
sees no reason for the extraordinarily pessimistic estimate for
exports expressed by the minority.'
He said there was reason to believe that export demand
would start to rise in the course of the year, partly because
of a further increase in world trade.
|
test/16197 | test/16197 |@title italian:1 gdp:1 rise:1 2:1 4:1 pct:1 1986:1 fourth:1 quarter:1 |@word italy:2 gross:1 domestic:1 product:1 calculate:1 1980:1 price:1 rise:2 2:2 4:3 pct:8 fourth:6 quarter:12 1986:5 compare:2 period:1 1985:5 national:1 statistics:1 institute:1 istat:4 say:5 statement:1 gdp:2 growth:1 zero:1 precede:2 budget:1 ministry:1 last:1 month:1 7:3 real:1 term:1 import:1 total:2 26:1 361:1 billion:3 lira:3 1:4 6:3 third:2 export:1 23:2 190:1 comparable:2 fix:1 investment:1 438:1 0:1 | ITALIAN GDP ROSE 2.4 PCT IN 1986 FOURTH QUARTER
Italy's Gross Domestic Product, calculated
at 1980 prices, rose 2.4 pct in the fourth quarter of 1986,
compared with the same period in 1985, National Statistics
Institute ISTAT said.
ISTAT said in a statement that GDP growth in fourth quarter
1986 was zero compared with the preceding quarter. Italy's
budget ministry said last month that 1986 GDP rose 2.7 pct in
real terms from 1985.
Imports in the fourth quarter totalled 26,361 billion lire,
down 1.4 pct from the 1985 fourth quarter and down 6.6 pct from
the third 1986 quarter, ISTAT said.
Istat said exports totaled 23,190 billion lire in the
fourth quarter, down 4.1 pct from the comparable 1985 quarter
and down 6.7 pct from the third quarter in 1986.
Fixed investments were 23,438 billion lire in the fourth
quarter, down 0.7 pct from the preceding quarter and up 1.1 pct
from the comparable 1985 quarter.
|
test/16200 | test/16200 |@title g:1 7:1 seem:1 worried:1 market:1 ignore:1 coordination:1 |@word top:1 official:2 lead:4 industrial:2 nation:1 appear:1 deeply:1 worried:1 financial:1 market:8 ignore:1 effort:1 coordinate:1 policy:5 believe:5 strengthen:1 talk:1 last:4 week:4 monetary:4 source:5 say:15 exasperate:1 drive:3 dollar:12 rapidly:1 lower:1 severely:1 disrupt:1 bond:1 stock:1 take:1 heed:1 commitment:6 group:1 seven:4 united:2 states:2 japan:5 west:4 germany:4 france:1 britain:1 italy:1 canada:1 treasury:2 secretary:2 james:1 baker:5 go:1 way:2 reassure:1 stable:3 statement:4 french:1 finance:2 minister:4 edouard:1 balladur:3 underscore:1 americans:1 want:3 weak:1 german:1 gerhard:1 stoltenberg:1 late:2 rapid:2 descent:2 involve:1 risk:1 already:1 tangible:1 threat:1 new:1 strong:1 surge:1 inflation:1 renew:1 rise:1 interest:6 rate:8 sign:1 policymaker:2 fear:2 uproar:1 seem:3 accept:3 little:1 could:2 economic:2 picture:1 change:2 currency:7 settle:1 pattern:1 result:1 enthusiasm:1 semi:1 annual:1 meeting:2 imf:1 world:1 bank:1 high:6 u:5 good:1 curb:1 distaste:1 stem:1 part:1 recession:3 outgoing:1 deputy:1 richard:1 darman:3 tell:2 television:1 interviewer:1 think:1 would:6 solve:1 trade:3 deficit:4 slow:2 growth:2 adversely:1 affect:1 balance:1 ultimately:1 throw:1 ask:1 stabilize:2 maintain:1 artificially:2 healthy:1 resort:1 acknowledge:1 slide:2 fact:1 life:1 may:2 adjustment:1 course:1 one:1 fix:1 system:1 federal:1 reserve:1 board:1 chairman:1 paul:1 volcker:1 rein:1 credit:1 deepen:1 also:1 washington:2 understand:2 genuine:1 six:1 major:2 country:1 fully:1 commit:2 implement:1 undertaking:1 agreement:4 misinterpret:1 wrongly:1 early:1 remark:1 suggest:1 decline:1 current:2 level:3 reaffirm:2 february:1 22:1 paris:4 reagan:1 administration:1 agree:2 reach:1 budget:3 compromise:1 congress:1 fight:1 protectionism:1 meanwhile:1 stimulate:1 domestic:1 demand:1 global:1 upturn:1 pact:1 bolster:1 promise:1 35:1 billion:1 dlr:1 supplementary:1 see:1 action:1 apply:1 today:1 exchange:1 time:1 stand:1 accord:1 within:2 range:2 broadly:2 consistent:3 underlie:1 fundamental:2 give:1 summarize:1 low:1 especially:1 yen:1 hard:1 reality:1 nonetheless:1 governor:1 view:1 around:1 read:1 focus:1 instability:1 create:1 gap:1 surplus:1 rather:1 prospective:1 european:1 bonn:1 still:1 unconvince:1 mean:1 business:1 cut:1 | G-7 SEEMS WORRIED MARKETS IGNORE COORDINATION
Top officials of leading industrial
nations appear deeply worried that financial markets have
ignored their efforts to coordinate policies, which they
believe they strengthened in talks last week.
Monetary sources said officials were exasperated that the
markets, which drove the dollar rapidly lower and severely
disrupted bond and stock markets too, did not take heed of the
policy commitments of the Group of Seven -- the United States,
Japan, West Germany, France, Britain, Italy and Canada.
Treasury Secretary James Baker went out of his way to
reassure markets of his commitment to a stable dollar with a
statement, and French Finance Minister Edouard Balladur
underscored that by saying: 'I don't believe at all that the
Americans want a weaker dollar.'
West German Finance Minister Gerhard Stoltenberg said the
dollar's latest rapid descent 'involves the risk -- now already
a tangible threat -- of a new strong surge of inflation,
leading to a renewed rise in interest rates.'
But there were signs too, that while policymakers feared
the market uproar, they seemed to accept there was little they
could do until the economic picture changed, and currencies
settled into a stable pattern as a result.
Nor did there seem to be any enthusiasm at last week's
semi-annual meetings of the IMF and the World Bank for higher
U.S. Interest rates as the best way to curb the dollar's rapid
descent. That distaste stems in part from fears of recession.
Outgoing Deputy Treasury Secretary Richard Darman told
television interviewers he did not think a policy of driving
the dollar down would solve the U.S. trade deficit.
'It would slow growth in Germany and Japan which would
adversely affect our trade balance and ultimately it would
drive interest rates up here which would throw us, if not
(into) recession, into slower growth,' he said.
Asked if higher U.S. Interest rates would stabilize the
dollar, Balladur said: 'When a currency is maintained
artificially high, by artificially high interest rates, it is
not healthy.'
And resorting to higher interest rates could lead to
recession, he said.
Acknowledging the dollar's latest slide was now a fact of
life, Balladur said, 'there may be adjustments of course in one
or other currencies, this is not a fixed rate system.'
But Federal Reserve Board chairman Paul Volcker said he
might rein in credit if the dollar's slide deepens.
U.S. Monetary sources also said Washington wanted it
understood by markets the seven's commitments were genuine.
'The United States and the six major industrial countries
are fully committed to implementing our undertakings in these
agreements,' Baker told the meetings.
Darman said Baker had been misinterpreted by markets which
wrongly believed earlier remarks suggested he wanted a further
decline in the dollar. Baker, Darman said, was committed to
stabilizing currencies at current levels.
Last week's statement from the seven reaffirmed a February
22 agreement in Paris in which the Reagan administration agreed
to reach a budget deficit compromise with Congress and to fight
protectionism.
West Germany and Japan, meanwhile, agreed to stimulate
domestic demand and lead a global upturn.
Ministers believed the Paris pact was bolstered by Japan's
promise of a 35 billion dlr supplementary budget.
The sources said they believed Baker saw it as a major
action. But the seven seem to accept their commitment to stable
currencies applied to today's exchange rates and not those at
the time of the Paris agreement, when the dollar stood higher.
The Paris accord said, 'currencies (are) within ranges
broadly consistent with underlying economic fundamentals, given
the policy commitments summarized in this statement.'
Now they accept the dollar's lower level, especially
against the yen, as hard reality that is nonetheless consistent
with the agreement. 'The ministers and governors reaffirmed the
view that around current levels their currencies are within
ranges broadly consistent with fundamentals,' last week's
statement read.
Monetary sources said policymakers understood markets were
focusing on instability created by the gap between the U.S.
Trade deficit and the surpluses of West Germany and Japan
rather than prospective policy changes. European monetary
sources said Bonn was still unconvinced that Washington meant
business with its commitment to cut the budget deficit.
|
test/16201 | test/16201 |@title institute:1 see:1 west:1 german:1 recession:1 |@word five:1 lead:1 west:4 german:1 economic:1 research:1 institute:3 revise:1 forecast:2 1987:2 growth:3 predict:2 recession:3 germany:2 spokesman:1 hans:1 juergen:1 schmahl:3 say:4 divide:1 spring:1 report:2 three:1 two:2 pct:3 see:1 one:1 expansion:1 2:1 4:1 1986:1 present:2 news:1 conference:1 none:1 institutes:1 reckon:1 beginning:1 add:1 however:1 export:1 remain:2 weak:1 point:1 economy:3 also:1 would:1 expect:1 encroachment:1 foreign:1 good:1 onto:1 market:1 arthur:1 krumper:1 munich:1 ifo:1 diw:1 berlin:1 pessimistic:1 view:1 brake:1 effect:1 produce:1 external:1 factor:1 considerable:1 year:1 | INSTITUTES SEE NO WEST GERMAN RECESSION
The five leading West German economic
research institutes, which have revised down their forecasts
for 1987 growth, do not predict a recession in West Germany,
their spokesman, Hans-Juergen Schmahl said.
The institutes were divided in their spring report on
forecasts for 1987, with three predicting two pct growth and
two seeing only one pct expansion. Growth was 2.4 pct in 1986.
Schmahl, presenting the report at a news conference, said,
'None of the institutes reckons with a recession or with the
beginning of a recession.' He added, however, that exports
remained the weak point of the economy .
Schmahl also said West Germany would have to expect further
encroachments of foreign goods onto its markets.
Arthur Krumper of Munich's Ifo institute, which with the
DIW of West Berlin had presented the more pessimistic view of
the economy, said, 'The braking effects (on the economy)
produced by external factors will remain considerable for most
of the year.'
|
test/16202 | test/16202 |@title deposit:1 guaranty:1 corp:1 dep:1 1st:1 qtr:1 net:1 |@word shr:2 1:4 11:1 dlrs:4 vs:3 10:1 dilute:1 03:1 02:1 net:1 8:2 186:1 000:2 114:1 | DEPOSIT GUARANTY CORP <DEPS> 1ST QTR NET
Shr 1.11 dlrs vs 1.10 dlrs
Shr diluted 1.03 dlrs vs 1.02 dlrs
Net 8,186,000 vs 8,114,000
|
test/16203 | test/16203 |@title computer:1 associates:1 ca:1 start:1 bpi:1 bpii:1 bid:1 |@word computer:2 associates:1 international:1 inc:2 say:2 start:1 previously:1 announce:1 1:3 92:1 dlr:1 per:1 share:6 tender:3 offer:3 bpi:3 systems:1 newspaper:1 advertisement:1 company:1 approve:1 board:1 follow:1 merger:1 price:2 condition:1 receipt:1 least:1 813:1 742:1 withdrawal:1 right:1 expire:1 may:1 15:1 unless:1 extend:1 addition:1 seek:1 shareholder:1 951:1 720:1 34:1 6:1 pct:1 agree:1 sell:1 associate:1 | COMPUTER ASSOCIATES <CA> STARTS BPI <BPII> BID
Computer Associates International Inc
said it has started its previously-announced 1.92 dlr per share
tender offer for all shares of BPI Systems Inc.
In a newspaper advertisement, the company said the offer,
which has been approved by the BPI board and is to be followed
by a merger at the same price, is conditioned on receipt of at
least 1,813,742 shares. The offer and withdrawal rights expire
May 15 unless extended.
In addition to shares sought in the tender, shareholders of
BPI owning 1,951,720 shares or 34.6 pct have agreed to sell
their shares to Computer Associates for the tender price.
|
test/16206 | test/16206 |@title king:1 world:1 productions:1 inc:1 kwp:1 2nd:1 qtr:1 feb:1 28:1 |@word shr:2 21:1 ct:4 vs:6 eight:1 net:2 6:2 597:1 000:3 2:2 602:1 revs:2 56:1 4:1 mln:5 23:1 1st:1 half:1 57:1 32:1 17:1 9:1 810:1 137:1 7:1 76:1 0:1 | KING WORLD PRODUCTIONS INC <KWP> 2ND QTR FEB 28
Shr 21 cts vs eight cts
Net 6,597,000 vs 2,602,000
Revs 56.4 mln vs 23.2 mln
1st half
Shr 57 cts vs 32 cts
Net 17.6 mln vs 9,810,000
Revs 137.7 mln vs 76.0 mln
|
test/16207 | test/16207 |@title blue:1 circle:1 profit:1 dividend:1 rise:1 |@word year:1 end:1 december:1 shr:1 76:1 7p:2 vs:20 67:1 div:1 17p:1 make:1 23p:1 21p:1 pretax:2 profit:5 127:1 0:6 mln:35 stg:1 116:1 9:5 turnover:1 1:4 10:1 billion:1 947:1 2:5 tax:2 25:1 26:1 3:3 note:1 company:3 full:1 name:1 blue:1 circle:1 industries:1 plc:1 bcil:1 l:1 say:1 propose:1 one:2 capitalisation:1 issue:1 gross:1 390:1 321:1 6:6 distribution:1 cost:1 215:1 177:1 administrative:1 expense:1 65:1 58:2 operating:2 income:1 5:6 11:1 share:1 related:1 50:1 165:1 154:1 net:1 interest:1 payable:1 33:1 32:1 exceptional:1 item:2 4:3 debit:2 minority:1 extraordinary:1 39:1 include:1 u:2 k:1 37:1 7:3 20:2 27:1 22:1 8:1 mexico:1 15:2 australasia:1 13:1 africa:1 12:2 | BLUE CIRCLE PROFITS, DIVIDEND RISE
Year to end-December Shr 76.7p vs 67.7p
Div 17p making 23p vs 21p
Pretax profit 127.0 mln stg vs 116.9 mln
Turnover 1.10 billion vs 947.2 mln
Tax 25.0 mln vs 26.3 mln
Note - company full name is Blue Circle Industries Plc
<BCIL.L>. Company said it proposes one-for-one capitalisation
issue
Gross profit 390.9 mln vs 321.6 mln
Distribution costs 215.6 mln vs 177.6 mln
Administrative expenses 65.1 mln vs 58.9 mln
Other operating income 5.3 mln vs 11.0 mln
Share of profits of related companies 50.0 mln vs 58.1 mln
Operating profit 165.5 mln vs 154.2 mln
Net interest payable 33.6 mln vs 32.2 mln
Exceptional items 4.9 mln debit vs 5.1 mln debit
Minorities 3.4 mln vs 6.9 mln
Extraordinary items after tax 39.5 mln vs 4.2 mln
Pretax profit includes -
U.K. 37.7 mln vs 20.5 mln
U.S. 27.5 mln vs 22.8 mln
Mexico 15.0 mln vs 20.7 mln
Australasia 15.7 mln vs 13.2 mln
Africa 12.0 mln vs 12.6 mln
|
test/16210 | test/16210 |@title crazy:1 eddie:1 crzy:1 may:1 make:1 acquisition:1 |@word crazy:3 eddie:3 inc:2 say:2 negotiate:1 possible:1 acquisition:2 benel:1 distributors:1 ltd:1 operate:2 record:2 tape:2 asylum:1 store:2 would:1 probably:1 also:1 include:1 affiliate:1 disc:1 mat:1 number:1 new:1 york:1 metropolitan:1 area:1 detail:1 disclose:1 | CRAZY EDDIE <CRZY> MAY MAKE ACQUISITION
Crazy Eddie Inc said it is
negotiating for the possible acquisition of Benel Distributors
Ltd, which operates Crazy Eddie Record and Tape Asylums in all
Crazy Eddie stores.
It said the acquisition would probably also include
affiliate Disc-o-Mat Inc, which operates a number of record and
tape stores in the New York metropolitan area.
Other details were not disclosed.
|
test/16211 | test/16211 |@title crazy:1 eddie:1 crzy:1 set:1 defensive:1 right:1 |@word crazy:10 eddie:10 inc:1 say:9 board:1 adopt:1 defensive:1 shareholder:1 right:7 plan:3 receive:3 friendly:2 inquiry:2 acquisition:1 shareholdrs:1 record:1 april:2 21:1 purchase:1 certain:2 circumstance:1 price:3 42:1 dlrs:1 0:1 01:1 preferred:1 share:4 common:6 hold:1 expire:1 nine:1 company:3 would:5 exercisable:1 20:4 business:1 day:2 party:6 acquire:9 pct:7 stock:8 announce:1 tender:1 exchange:2 offer:1 result:1 ownership:1 30:2 merge:1 40:1 holder:1 entitle:3 security:1 asset:2 market:1 value:1 equal:1 twice:2 exercise:2 50:1 earning:1 power:1 sell:1 rightholder:2 acquirer:2 buy:1 worth:1 fail:1 within:1 180:1 thereafter:1 subordinated:1 note:1 mature:1 either:1 one:1 year:2 dollar:1 limt:1 five:1 issuance:1 adoption:1 response:1 known:1 effort:1 control:1 become:1 aware:1 possible:1 accumulation:1 | CRAZY EDDIE <CRZY> SETS DEFENSIVE RIGHTS
Crazy Eddie Inc said its board has
adopted a defensive shareholder rights plan and said it has
received 'friendly inquiries' on its acquisition.
It said under the plan, shareholdrs of record as of April
21 will receive a right to purchase under certain circumstances
at a price of 42 dlrs 0.01 preferred share for each common
share held. The rights will expire April Nine.
The company said the rights would be exercisable 20
business days after a party were to acquire 20 pct or more of
Crazy Eddie common stock or announce a tender or exchange offer
that would result in ownership of 30 pct or more.
Crazy Eddie said if a party owning 20 pct or more of its
stock were to merge into it or if a party were to acquire 40
pct or more of Crazy Eddie stock, right holders other than the
acquiring party would be entitled to acquire common shares or
other securities or assets with a market value equal to twice
the rights' exercise price.
If after a party acquired 20 pct or more of its stock Crazy
Eddie were acquired or 50 pct of its earnings power or assets
sold, rightholders other than the acquirer would be entitled to
buy shares of the acquirer's common stock worth twice the
rights' exercise price, the company said.
Crazy Eddie said if a party were to acquire 30 pct or more
of its common stock and then fail to acquire Crazy Eddie within
180 days thereafter, rightholders would be entitled to exchange
their Crazy Eddie common stock for subordinated notes of Crazy
Eddie maturing either one year or, above a certain dollar limt,
five years after issuance.
Crazy Eddie said adoption of the plan is not in response to
any known effort to acquire control of it. But the company
said it has become aware of some 'possible accumulations' of
its stock has has received some 'friendly inquiries.'
|
test/16212 | test/16212 |@title six:1 kill:1 south:1 african:1 mine:1 |@word six:1 worker:2 kill:1 four:2 injure:1 undeground:1 rock:1 fall:1 south:1 africa:1 second:1 large:1 gold:1 mine:4 today:1 owner:1 say:1 third:1 major:1 accident:1 country:1 less:1 week:1 thirty:1 die:1 methane:1 gas:1 explosion:1 coal:1 last:1 thursday:1 | SIX KILLED IN SOUTH AFRICAN MINE
Six workers were killed and four
injured in an undeground rock fall at South Africa's second
largest gold mine today, the mine owners said.
It was the third major mine accident in the country in less
than a week.
Thirty four workers died in methane gas explosion at a coal
mine last Thursday.
|
test/16213 | test/16213 |@title zambia:1 kwacha:1 fall:1 weekly:1 auction:1 |@word zambian:1 kwacha:3 fall:1 week:4 foreign:1 exchange:2 auction:3 18:1 75:2 dollar:1 last:1 16:1 95:1 bank:3 zambia:3 say:3 rate:3 low:1 since:1 resume:1 two:2 ago:1 new:1 tier:1 system:1 work:1 world:1 international:1 monetary:1 fund:1 receive:1 370:1 bid:2 range:1 13:1 00:1 20:1 six:1 mln:3 dlrs:1 offer:1 one:2 hundred:1 thirty:1 five:1 successful:1 british:2 high:1 commission:1 spokesman:2 britain:1 would:1 put:1 eight:1 stg:1 soon:1 reach:1 full:1 agreement:1 imf:1 money:1 could:1 spend:1 good:1 produce:1 supply:1 firm:1 exclude:1 luxury:1 defence:1 equipment:1 add:1 | ZAMBIA'S KWACHA FALLS AT WEEKLY AUCTION
The Zambian kwacha fell at this week's
foreign exchange auction to 18.75 kwacha to the dollar from
last week's 16.95, the Bank of Zambia said.
The rate was the lowest since the auctions resumed two
weeks ago under a new two-tier exchange rate system worked out
with the World Bank and International Monetary Fund.
The Bank of Zambia said it received 370 bids, ranging from
13.00 to 20.75 kwacha, for the six mln dlrs on offer. One
hundred and thirty-five bids were successful.
A British High Commission spokesman said Britain would put
eight mln stg into the auction at a rate of one mln a week as
soon as Zambia reached a full agreement with the IMF.
The money could be spent only on goods produced and
supplied by British firms, excluding luxuries and defence
equipment, the spokesman added.
|
test/16214 | test/16214 |@title u:1 senate:1 leader:1 call:1 interest:1 rate:1 cut:1 |@word senate:1 finance:1 committee:1 chairman:1 lloyd:1 bentsen:6 tex:1 call:3 major:2 industrial:3 country:7 make:1 pledge:1 come:1 economic:1 summit:2 venice:2 cut:3 interest:2 rate:4 think:2 meeting:1 ought:1 try:1 get:1 nation:1 involve:2 bring:1 say:7 one:1 pct:1 tell:2 nbc:1 television:2 meet:1 press:1 coordinated:1 could:1 take:2 billion:2 debt:1 service:1 latin:1 help:1 ease:1 protectionist:1 pressure:2 also:1 south:1 korea:1 taiwan:1 revalue:1 currency:2 relation:1 u:2 dollar:2 taiwanese:1 enormous:2 capital:1 surplus:2 trade:1 little:1 cooperation:1 depart:1 deputy:1 treasury:1 secretary:1 richard:1 darman:3 network:1 agree:2 fall:1 enough:1 negotiation:3 nic:1 newly:2 industrialize:2 underway:1 privately:1 predict:1 congress:3 white:2 house:2 would:5 fiscal:1 1988:1 budget:3 raise:1 18:1 22:1 dlrs:1 new:2 revenue:1 texas:1 senator:1 series:1 excise:2 taxis:2 consider:1 include:2 extension:1 telephone:1 tax:1 levy:1 liquor:1 cigarette:1 support:2 oil:1 import:1 fee:1 happen:1 without:1 president:1 reagan:1 top:1 level:1 compromise:1 asset:1 sale:1 middle:1 class:1 entitlement:1 program:1 reasonable:1 steady:1 growth:1 defense:1 reform:1 process:1 | U.S. SENATE LEADER CALLS FOR INTEREST RATE CUTS
Senate Finance Committee Chairman
Lloyd Bentsen (D-Tex.) called on major industrial countries to
make a pledge at the coming economic summit in Venice to cut
interest rates.
'I think at the summit meeting in Venice what we ought to be
trying to do is to get the other major industrial nations that
are involved to bring interest rates down, say, one pct,'
Bentsen told NBC Television's 'Meet the Press.'
Bentsen said coordinated rate cuts could take 'billions off
the debt service of the Latin countries' and help ease
protectionist pressures in the industrial countries.
Bentsen also South Korea and Taiwan should be pressured to
revalue their currencies in relation to the U.S. dollar.
'You take the Taiwanese, with an enormous capital surplus,
enormous trade surplus, and we've had very little cooperation
there,' he said.
Departing Deputy Treasury Secretary Richard Darman told the
same television network he agreed that the U.S. dollar had not
fallen enough against the currencies of some countries.
'I think that more does have to be done there in
negotiations with the countries involved, the so-called NICs
(newly industrialized countries),' he said.
Darman said such negotiations with newly industrialized
countries were underway privately.
Bentsen predicted Congress and the White House would agree
on a fiscal 1988 budget that would raise between 18 and 22
billion dlrs in new revenues.
The Texas senator said a series of excise taxes would be
considered by Congress, including an extension of the telephone
tax and new levies on liquor and cigarettes.
Bentsen said he supported an oil import fee, but that it
would not happen without President Reagan's support.
Darman called for a 'top level negotiation' between the White
House and Congress on a budget compromise that would include
asset sales, some excise taxes, cuts in middle-class
entitlement programs, 'a reasonable, steady rate of growth in
defense' and reform of the budget process.
|
test/16215 | test/16215 |@title offer:1 dome:1 may:1 short:1 circuit:1 debt:1 talk:1 3:1 22:1 |@word billion:2 dlr:1 offer:6 dome:17 petroleum:1 ltd:4 dmp:1 mo:1 transcanada:11 pipelines:1 trp:1 may:2 short:1 circuit:1 restructuring:5 plan:6 open:2 door:1 takeover:1 bid:2 oil:5 analyst:4 say:12 try:1 get:1 approval:2 refinance:2 debt:10 4:1 5:1 dlrs:1 july:1 1:2 1987:1 interim:1 allow:2 canadian:1 gas:2 firm:1 defer:1 substantial:1 payment:2 creditor:5 expire:1 signal:1 debtholder:2 alternative:1 exist:1 announce:1 56:1 major:1 well:1 public:1 noteholder:1 march:1 several:1 month:1 delicate:1 negotiation:1 proposal:5 amount:1 quasi:1 doug:1 gowland:2 brown:1 baldwin:1 nisker:1 toronto:1 calgary:2 base:1 would:5 convert:1 common:1 share:1 formula:1 yet:1 negotiate:1 remain:1 link:1 cash:1 flow:1 generate:1 asset:1 pledge:1 weakness:1 whole:1 even:1 assurance:1 fact:1 able:1 repay:1 obligation:1 wilf:1 gobert:3 peters:1 co:1 announcement:3 come:2 surprise:1 since:2 wait:2 response:1 propose:2 refinancing:1 package:1 could:2 bidding:2 potential:1 buyer:2 probably:2 lender:1 agree:1 add:1 think:1 want:1 entertain:1 spokesman:1 david:1 annesley:1 new:1 york:1 see:1 attempt:1 fix:1 price:2 effort:1 preclude:1 possible:1 make:1 draw:1 attention:1 discussion:2 mean:1 little:1 reluctant:1 forward:1 consider:1 formal:1 pipeline:1 utility:1 breach:1 confidential:1 agreement:1 two:1 company:2 respond:1 statement:1 suspend:1 order:1 pursue:1 talk:1 unidentified:1 party:1 however:2 management:1 financial:2 adviser:1 evaluate:1 include:1 fair:1 36:1 mln:1 acre:1 land:1 holding:1 enough:1 detail:1 know:1 compare:1 value:1 | OFFER FOR DOME MAY SHORT-CIRCUIT ITS DEBT TALKS
A 3.22 billion dlr offer for Dome
Petroleum Ltd <DMP.MO> by TransCanada Pipelines Ltd <TRP.TO>
may short-circuit Dome's restructuring plan and open the door
for more takeover bids, oil analysts said.
Dome is trying to get approval for a plan to refinance debt
of more than 4.5 billion dlrs by July 1, 1987, when an interim
debt plan that allowed the Canadian oil and gas firm to defer
substantial payments to creditors will expire.
Analysts said TransCanada's bid signals Dome's debtholders
that an alternative exists to Dome's debt plan.
Dome announced its plan to 56 major creditors as well as
public noteholders in March after several months of delicate
negotiations.
TransCanada's proposal 'amounts to a quasi debt
restructuring,' oil analyst Doug Gowland of Brown Baldwin Nisker
Ltd said from Toronto.
Calgary-based Dome's restructuring plan would allow
creditors to convert debt to common shares under a formula yet
to be negotiated. Payments on remaining debt would be linked to
cash flow generated by assets pledged against the debt.
'The weakness of the whole debt-refinancing proposal is that
even with approval of creditors, there is no assurance that
Dome will in fact be able to repay all of its debt obligations,'
said Wilf Gobert, an oil analyst for Peters and Co Ltd in
Calgary.
TransCanada's announcement came as a surprise since Dome
was waiting for responses from creditors on its proposed
refinancing packages, Gobert said.
The TransCanada proposal could open the bidding for Dome
since other potential buyers were probably waiting for lenders
to agree to a restructuring, he added.
'I would think that the debtholders would want to entertain
any and all offers (for Dome),' Gobert said.
Dome spokesman David Annesley said in New York that
TransCanada's announcement could be seen as an attempt to fix
the bidding price for Dome and an effort to preclude other
possible buyers from making an offer. 'By drawing attention to
us in our discussions, it means that others may be a little
reluctant to come forward,' he said.
Dome does not consider TransCanada's proposal a formal
offer because the pipeline utility's announcement breached a
confidential agreement between the two companies, he said.
Dome responded to the statement by suspending discussions
with TransCanada in order to pursue talks with other
unidentified parties. However, Dome said its management and
financial advisers would evaluate all proposals, including
TransCanada's.
Gowland said TransCanada's offer is probably a fair price
for the company's 36.1 mln acres of oil and gas land holdings.
However, he said not enough financial details are known
about Dome's debt restructuring to compare the value of
TransCanada's proposed offer.
|
test/16216 | test/16216 |@title sosnoff:1 raise:1 bid:1 caesars:1 world:1 caw:1 |@word investor:1 martin:1 sosnoff:13 say:18 raise:1 offer:13 caesars:7 world:1 inc:3 share:13 32:3 dlrs:9 28:1 reduce:1 number:3 seek:2 29:3 1:2 mln:9 already:3 newspaper:2 advertisement:2 bid:1 mts:3 acquisition:2 corp:2 withdrawal:1 rights:1 proration:1 period:1 expire:2 june:2 19:1 unless:1 extend:3 schedule:1 may:2 15:1 late:1 march:1 receive:4 negligible:2 response:2 reject:1 inadequate:1 four:1 caesar:2 30:1 common:1 outstanding:1 13:1 3:1 pct:3 interest:3 primary:1 basis:4 last:1 week:2 board:1 approve:1 recapitalization:2 plan:2 alternative:1 shareholder:2 would:7 special:2 dividend:2 25:2 per:3 subject:1 approval:4 meeting:1 hold:1 company:1 borrow:1 200:1 sell:1 800:1 debt:1 finance:1 payout:1 amend:1 condition:1 receipt:1 enough:1 give:2 majority:1 fully:4 diluted:3 arrangement:1 financing:2 well:1 new:2 jersey:2 nevada:2 game:2 authority:1 tender:3 first:1 step:1 acquire:1 successful:1 follow:2 merger:2 transaction:1 later:1 statement:2 together:1 4:2 217:1 675:1 92:1 still:1 letter:1 chairman:1 henry:1 gluck:2 include:1 refuse:1 april:1 8:1 meet:2 even:1 though:1 willing:1 increase:2 price:1 almost:1 place:1 painewebber:1 group:1 pwj:1 deliver:1 commitment:3 purchase:3 475:1 cumulative:1 exchangeable:1 preferred:2 stock:3 holding:1 indirect:1 parent:1 corporation:1 marine:1 midland:1 banks:1 mm:1 lead:1 syndicate:1 provide:1 500:1 dlr:1 margin:2 facility:2 believe:2 able:1 arrange:1 advance:1 additional:1 need:1 permit:1 2:1 750:1 000:2 cover:1 7:1 6:1 convert:1 series:2 prefer:1 value:2 shareby:1 independent:1 investment:1 bake:1 firm:1 extent:1 100:1 sdhare:1 stockholder:1 combination:1 cash:1 term:1 superior:1 official:1 effort:1 expedite:1 investigatory:1 process:4 require:1 regulatory:2 underway:1 base:1 likely:1 duration:1 intend:1 complete:1 expiration:1 date:1 | SOSNOFF RAISES BID FOR CAESARS WORLD <CAW>
Investor Martin T. Sosnoff said he has
raised his offer for Caesars World Inc shares to 32 dlrs each
from 28 dlrs and has reduced the number of shares he is seeking
to 29.1 mln from all those not already owned.
In a newspaper advertisement, Sosnoff said the bid by his
MTS Acquisition Corp, withdrawal rights and the proration
period will now expire June 19 unless extended. The offer had
been scheduled to expire May 15. In late March, Sosnoff said he
had received a 'negligible' number of shares in response to the
offer, which had been rejected by Caesars as inadequate.
Sosnoff already owns about four mln of Caesars' 30 mln
common shares now outstanding, or a 13.3 pct interest on a
primary basis.
Last week, Caesars' board approved a recapitalization plan
as an alternative to the Sosnoff offer under which shareholders
would receive a special dividend of 25 dlrs per share, subject
to approval by shareholders at a special meeting to be held in
June.
The company planned to borrow 200 mln dlrs and sell 800 mln
dlrs in debt to finance the payout.
Sosnoff said in the newspaper advertisement that the
amended offer is conditioned on receipt of enough shares to
give him a majority interest on a fully diluted basis and on
the arrangement of financing, as well as to approvals by New
Jersey and Nevada gaming authorities.
He said the tender would be the first step in acquiring all
of Caesars' shares and if successful would be followed by a
merger transaction.
Sosnoff said later in a statement that the 29.1 mln shares
he is now seeking, together with the 4,217,675 shares he owns,
would give him a 92.4 pct interest on a fully diluted basis.
He said he still has received only a 'negligible' number of
shares in response to his tender.
In a letter to Caesars' chairman Henry Gluck included in
the statement, Sosnoff said Gluck had again refused, on April
8, to meet with him, even though he had said he was willing to
increase the price of his offer.
Sosnoff said the financing for the offer is almost fully in
place.
Sosnoff said PaineWebber Group Inc <PWJ> has now delivered
to him commitments to purchase up to 475 mln dlrs of increasing
dividend cumulative exchangeable preferred stock of MTS Holding
Corp, an indirect parent corporation of MTS Acquisition.
He said Marine Midland Banks Inc <MM>, which leads a
syndicate that has provided commitments for a 500 mln dlr
margin facility, believes it will be able to arrange for
further commitments under the margin facility to advance up to
an additional 25 mln dlrs that may be needed to permit the
purchase of shares under the offer.
Sosnoff said under the merger that would follow his tender,
each of the 2,750,000 Caesars shares not covered by the offer,
or 7.6 pct on a fully diluted basis, would be converted into
Series A preferred stock valued at 32 dlrs per shareby an
independent investment baking firm.
He said 'To the extent that fewer than 29,100,000 sdhares
are purchased in the offer, the stockholders would receive a
combination of cash and Series A preferred stock having a value
of 32 dlrs per share of Caesars.'
Sosnoff said he believes terms of his offer are superior to
Caesars' recapitalization.
Sosnoff said he will be meeting this week with gaming
officials in Nevada in an effort to expedite the investigatory
process required for regulatory approval, a process that it
already underway in New Jersey.
He said his offer has been extended based on the likely
duration of the regulatory process.
He said he intends to further extend the offer if the
approval process is not completed by the expiration date.
|
test/16219 | test/16219 |@title compact:1 video:1 inc:1 cvsi:1 year:1 loss:1 |@word shr:1 loss:4 67:1 ct:2 vs:3 two:1 net:1 3:1 721:1 000:2 107:1 revs:1 155:1 7:1 mln:2 24:1 2:1 note:1 result:2 12:1 month:2 end:2 dec:2 31:2 1986:2 eight:1 1985:1 acquisition:1 brooks:1 drug:1 september:1 company:1 change:1 fiscal:1 year:2 prior:1 comparable:1 compact:1 video:1 explain:1 | COMPACT VIDEO INC <CVSI.O> YEAR LOSS
Shr loss 67 cts vs loss two cts
Net loss 3,721,000 vs loss 107,000
Revs 155.7 mln vs 24.2 mln
NOTE: Results for 12 months ended Dec 31, 1986, and eight
months ended Dec 31 1985. Because of the acquisition of Brooks
Drug in September 1986 and the company's change of fiscal year,
prior-year results are not comparable, Compact Video explained.
|
test/16221 | test/16221 |@title neworld:1 bank:1 savings:1 nwor:1 1st:1 qtr:1 net:1 |@word oper:2 shr:1 45:1 ct:2 vs:2 26:1 net:2 2:1 258:1 000:3 1:1 166:1 note:1 1986:1 exclude:1 842:1 dlr:1 tax:1 credit:1 | NEWORLD BANK FOR SAVINGS <NWOR> 1ST QTR NET
Oper shr 45 cts vs 26 cts
Oper net 2,258,000 vs 1,166,000
NOTE: 1986 net excludes 842,000 dlr tax credit.
|
test/16223 | test/16223 |@title usair:2 buy:2 55:2 pct:2 17:2 0:2 mln:2 piedmont:2 share:2 tender:2 |@word | USAIR TO BUY 55 PCT OF 17.0 MLN PIEDMONT SHARES TENDERED
USAIR TO BUY 55 PCT OF 17.0 MLN PIEDMONT SHARES TENDERED
|
test/16225 | test/16225 |@title pakistan:1 confirm:1 kenya:1 tea:1 import:1 investigation:1 |@word pakistan:1 corporate:1 law:1 authority:2 cla:3 begin:1 enquiry:2 import:2 tea:2 kenya:1 trade:1 imbalance:1 two:1 country:1 chairman:1 irtiza:1 husain:2 confirm:1 tell:2 reuter:1 telephone:1 importer:1 lipton:1 brooke:1 bond:1 ask:1 supply:1 datum:1 hearing:2 would:2 hold:1 report:2 back:1 commerce:1 ministry:1 request:1 say:1 date:1 yet:1 set:1 decline:1 give:1 detail:1 matter:1 industry:1 source:1 reuters:1 company:1 licence:1 suspend:1 incorrect:1 | PAKISTAN CONFIRMS KENYA TEA IMPORT INVESTIGATION
Pakistan's Corporate Law Authority,
CLA, has begun an enquiry into imports of tea from Kenya and
the trade imbalance between the two countries, CLA chairman
Irtiza Husain confirmed.
He told Reuters by telephone that importers Liptons and
Brooke Bond had been asked to supply data to the authority and
a hearing would be held.
The CLA would then report back to the Commerce Ministry,
which had requested the enquiry. Husain said no date had yet
been set for the hearing and declined to give further details
of the matter.
Industry sources told Reuters reports that the companies'
tea import licences had been suspended were incorrect.
|
test/16226 | test/16226 |@title portuguese:1 economy:1 remain:1 buoyant:1 despite:1 crisis:1 |@word portugal:6 economy:3 enjoy:1 one:3 buoyant:2 period:1 decade:1 may:1 strong:1 enough:1 shrug:1 country:1 late:1 government:5 crisis:3 analyst:4 say:13 april:1 3:1 oust:1 prime:1 minister:1 anibal:1 cavaco:3 silva:3 could:5 slow:2 economic:9 reform:4 investment:3 continue:3 adapt:1 membership:1 european:1 community:1 join:1 january:1 last:4 year:4 minority:1 social:1 democratic:1 party:5 psd:7 topple:1 parliamentary:2 censure:1 vote:1 left:5 wing:4 centre:1 right:1 administration:2 make:1 growth:3 priority:1 17:1 month:2 office:1 1986:2 grow:2 four:1 pct:4 current:2 account:1 surplus:1 swell:1 billion:1 dlrs:1 inflation:1 fall:2 10:2 20:1 1985:1 businessman:3 prospect:1 instability:2 worry:1 feel:1 foundation:1 badly:1 shake:1 develop:2 certain:1 self:1 confidence:2 less:1 dependent:1 political:2 situation:1 fritz:1 haser:1 professor:1 universidade:1 livre:1 lisbon:1 market:2 see:1 real:1 yet:1 economist:1 jorge:1 braga:1 de:1 macedo:1 tell:1 reuters:1 identify:1 13:1 big:1 obstacle:1 progress:1 16th:1 form:2 since:1 1974:1 revolution:1 stock:1 however:1 remain:2 broker:1 unit:1 trust:1 manager:1 recent:1 surge:1 rule:1 still:1 largely:1 underpin:1 optimistic:2 forecast:2 nearly:1 bank:1 release:1 day:1 predict:1 pace:1 overall:2 would:2 similar:1 level:1 interrupt:1 policy:3 development:1 soare:1 expect:1 announce:1 decision:1 end:1 either:1 call:1 early:3 election:4 new:1 exist:1 dominate:1 parliament:1 many:1 strongly:1 favour:2 quick:1 good:2 solution:2 chance:1 majority:3 result:2 confederation:1 portuguese:1 industry:2 cip:1 president:1 pedro:1 ferraz:1 da:1 costa:1 mean:1 continuation:1 near:1 future:1 liberalisation:1 introduce:1 want:1 opinion:1 poll:1 win:1 also:1 open:1 way:1 wide:1 range:1 relaxation:1 labour:1 law:1 possible:1 denationalisation:1 accuse:1 opposition:1 block:1 key:1 winger:1 positive:1 product:1 favourable:1 international:1 condition:1 cheap:1 oil:1 raw:1 material:1 import:1 | PORTUGUESE ECONOMY REMAINS BUOYANT DESPITE CRISIS
Portugal's economy, which has been
enjoying one of its most buoyant periods in more than a decade,
may now be strong enough to shrug off the country's latest
government crisis, analysts said.
But the April 3 ousting of Prime Minister Anibal Cavaco
Silva's government could slow economic reforms and investment
as Portugal continues to adapt to membership in the European
Community, which it joined in January last year, they said.
Cavaco Silva's minority Social Democratic Party, PSD, was
toppled in a parliamentary censure vote by left-wing parties.
The centre-right administration had made economic growth
reform a priority in its 17 months in office.
In 1986, Portugal's economy grew four pct, its current
account surplus swelled to more than one billion dlrs and
inflation fell to 10 pct, from 20 pct in 1985.
Analysts and businessmen said the prospects of instability
were worrying but they felt the foundations for continued
growth had not been badly shaken.
'The economy has developed a certain self-confidence that is
now less dependent on the political situation,' said Fritz
Haser, economics professor at Universidade Livre, Lisbon.
'The market doesn't see this as a real crisis yet,' economist
Jorge Braga de Macedo told Reuters.
Businessmen have identified political instability over the
last 13 years as one of the biggest obstacles to lasting
economic progress.
The PSD administration was the 16th formed since the 1974
revolution.
Portugal's developing stock markets, however, remain
buoyant. Brokers and unit trust managers said the recent surge
in economic confidence under the PSD rule was still largely
underpinned by continuing optimistic forecasts.
Investment grew nearly 10 pct in 1986 and a Bank of
Portugal forecast, released on the day the PSD government fell,
predicted the pace of investment and overall economic growth
would remain at similar levels this year.
But analysts said the crisis interrupted current policies
and could slow economic development.
Soares, who is expected to announce a decision by the end
of the month, can either call early elections or form a new
government from parties in the existing left wing-dominated
parliament.
Many businessmen said they strongly favoured quick
elections as the best solution. 'There is a good chance that a
majority government could result from early elections,'
Confederation of Portuguese Industry (CIP) president Pedro
Ferraz da Costa said.
He said they were optimistic this could mean the
continuation in the near future of liberalisation policies
introduced over the last year.
The left-wing parties favour a parliamentary solution, but
the PSD said it wants an early election in which opinion polls
say they could win an overall majority.
A PSD majority would also open the way for more
wide-ranging reforms, such as relaxation of labour laws and
possible denationalisation of industry, the analysts said.
Cavaco Silva has accused the left-wing opposition parties
of blocking key economic reforms.
The left-wingers said Portugal's positive economic results
were more the product of favourable international conditions
such as cheaper oil and raw material imports, than of PSD
policies.
|
test/16228 | test/16228 |@title merrill:2 lynch:2 first:2 qtr:2 shr:2 one:2 dlr:2 vs:2 85:2 ct:2 |@word | MERRILL LYNCH FIRST QTR SHR ONE DLR VS 85 CTS
MERRILL LYNCH FIRST QTR SHR ONE DLR VS 85 CTS
|
test/16230 | test/16230 |@title merrill:1 lynch:1 co:1 mer:1 1st:1 qtr:1 net:1 |@word shr:2 primary:1 one:1 dlr:1 vs:4 85:1 ct:3 dilute:1 97:1 81:1 net:1 108:1 6:1 mln:2 86:1 8:1 rev:1 2:2 70:1 billion:2 17:1 | MERRILL LYNCH AND CO <MER> 1ST QTR NET
Shr primary one dlr vs 85 cts
Shr diluted 97 cts vs 81 cts
Net 108.6 mln vs 86.8 mln
Rev 2.70 billion vs 2.17 billion
|
test/16232 | test/16232 |@title corona:1 icr:1 favor:1 royex:1 rgm:1 offer:1 |@word international:1 corona:4 resources:1 ltd:1 say:1 board:1 director:1 believe:1 term:1 royex:4 gold:1 mining:1 corp:1 previously:1 announce:1 offer:4 fair:1 reasonable:1 decide:1 make:1 recommendation:1 shareholder:1 march:1 31:2 buy:1 four:2 mln:1 share:5 dlrs:1 cash:1 one:3 series:2 b:1 c:1 purchase:1 warrant:2 also:1 bid:1 expire:1 aug:1 1987:1 | CORONA <ICR.TO> FAVORS ROYEX <RGM.TO> OFFER
International Corona Resources Ltd said
its board of directors believes that terms of Royex Gold Mining
Corp's previously announced offer are fair and reasonable, but
it decided it will make no recommendation on the offer to its
shareholders.
Royex on March 31 offered to buy four mln Corona shares.
For each Corona share it offered four dlrs cash, one series B
share of Royex, one series C share of Royex and one share
purchase warrant. It also bid for all Corona warrants expiring
Aug 31, 1987.
|
test/16233 | test/16233 |@title atlantic:1 soaf:1 independence:1 inho:1 merge:1 |@word south:5 atlantic:5 financial:1 corp:1 say:6 agree:1 principle:1 merge:1 independence:5 holding:1 co:1 new:1 company:4 call:1 safco:5 international:1 ltd:1 share:5 would:3 exchange:1 one:1 2:1 822:1 40:1 pct:1 9:1 8:1 mln:1 primary:1 common:1 chairman:1 chief:1 executive:1 officer:1 sheldon:1 gordon:1 post:1 president:2 ronald:1 g:1 strackbein:1 transaction:1 subject:1 execution:1 definitive:1 agreement:1 receipt:1 fairness:1 opinion:1 investment:1 bank:1 approval:1 board:1 shareholder:1 proxy:1 material:1 expect:1 maiole:1 quarter:1 insurance:1 | S.ATLANTIC <SOAF.O>, INDEPENDENCE <INHO.O> MERGE
South Atlantic Financial Corp
said it has agreed in principle to merge with Independence
Holding Co into a new company to be called SAFCO International
Ltd.
It said each South Atlantic share would be exchanged for
one SAFCO share and each Independence share for 2.822 SAFCO
shares.
Independence now owns about 40 pct of South Atlantic's 9.8
mln primary common shares.
South Atlantic said said its chairman and chief executive
officer Sheldon S. Gordon would have the same posts with SAFCO
and Independence president Ronald G. Strackbein would be
president of SAFCO.
The company said the transaction is subject to execution of
definitive agreements, the receipt of fairness opinions from
investment banks and approval by boards and shareholders of
both companies. It said proxy materials are expected to be
maioled this quarter. Both South Atlantic and Independence
are insurance companies.
|
test/16234 | test/16234 |@title home:1 federal:1 upper:1 east:1 tennessee:1 hfet:1 1st:1 qtr:1 |@word shr:1 47:1 ct:1 vs:2 give:1 net:1 2:1 100:1 000:2 1:1 277:1 note:1 company:1 go:1 public:1 fourth:1 quarter:1 1986:1 home:1 federal:1 saving:1 loan:1 association:1 upper:1 east:1 tennessee:1 | HOME FEDERAL UPPER EAST TENNESSEE <HFET> 1ST QTR
Shr 47 cts vs not given
Net 2,100,000 vs 1,277,000
NOTE: Company went public in fourth quarter of 1986.
Home Federal Savings and Loan Association of Upper East
Tennessee.
|
test/16236 | test/16236 |@title u:1 feeder:1 steer:1 price:1 |@word u:1 feeder:4 steer:3 price:3 usfsp:2 post:1 cme:2 calculate:1 cattle:2 fax:1 represent:1 use:1 cash:1 settlement:1 contract:1 seven:1 calendar:1 day:1 average:1 27:1 state:1 base:1 auction:1 direct:1 country:1 sale:1 weigh:1 600:1 800:1 lb:1 estimate:1 grade:1 60:1 80:1 pct:1 choice:1 feed:1 slaughter:1 weight:1 april:1 9:1 previous:1 quote:1 70:1 03:1 69:1 87:1 | U.S. FEEDER STEER PRICE
The U.S. Feeder Steer Price, or USFSP,
as posted by the CME is calculated by Cattle Fax and represents
the price used for cash settlement of the CME Feeder Cattle
contract.
The USFSP is a seven-calendar-day average of feeder steer
prices from 27 states, based on auction and direct country
sales for feeder steers that weigh between 600 and 800 lbs and
are estimated to grade between 60 and 80 pct choice when fed to
slaughter weight.
April 9 Previous quote
70.03 69.87
|
test/16238 | test/16238 |@title columbia:1 gas:1 cg:1 seek:1 contract:1 cost:1 recovery:1 |@word columbia:5 gas:12 transmission:1 corp:1 say:9 make:1 abbreviated:1 streamlined:1 filing:6 federal:1 energy:1 regulatory:1 commission:2 recover:3 portion:1 cost:8 renegotiate:1 high:2 purchase:3 contract:3 recently:1 system:1 inc:1 pipeline:5 subsidiary:1 ferc:2 deny:1 procedural:1 ground:1 without:1 prejudice:1 proposal:1 include:3 company:3 recent:1 adjustment:1 pga:3 file:1 note:1 ask:1 rehearing:2 denial:1 rule:1 would:2 withdraw:1 alternative:2 grant:1 request:1 renegotiation:1 consolidate:1 issue:1 general:2 rate:4 permit:1 recovery:2 subject:1 refund:1 effective:1 april:4 one:1 seek:2 79:1 mln:6 dlrs:5 year:3 non:1 sale:1 commodity:2 annual:1 amortization:1 amount:1 base:2 653:1 drls:1 8:1 1:3 4:1 period:1 begin:1 1987:1 increase:1 15:1 74:1 ct:1 per:4 btu:2 2:1 95:1 orginially:1 since:1 payment:1 product:1 result:2 almost:1 five:1 billion:1 prospective:1 price:2 relief:1 relate:1 take:2 pay:3 buyout:2 explain:1 interpretation:1 10:1 1985:2 statement:1 policy:1 must:1 natural:1 act:1 renegotiating:1 able:1 reduce:1 average:1 southwest:1 producer:2 96:1 december:1 1986:1 3:1 64:1 southwestern:1 account:1 46:1 pct:1 total:1 available:1 supply:1 | COLUMBIA GAS <CG> SEEKS CONTRACT COST RECOVERY
Columbia Gas Transmission
corp said it made an abbreviated, streamlined filing with the
Federal Energy Regulatory Commission to recover a portion if
its costs of renegotiating high-cost gas purchase contracts.
Recently, the Columbia Gas System Inc pipeline subsidiary
said, FERC denied on procedural grounds and without prejudice a
proposal to include these costs in the company's most recent
purchased gas adjustment -- or PGA -- filing.
Noting it has has asked for a rehearing on the denial
ruling, Columbia Gas said it would withdraw its alternative
filing if the commission grantes its request for a rehearing to
include the contract renegotiation costs in its PGA or
consolidates this issue in the pipeline's general rate filing
and permit recovery, subject to refund, effective April one.
The company said the alternative filing seeks to recover
about 79 mln dlrs a year through the pipeline's non-gas sales
commodity rates. This annual amortization amount is based on
recovery of about 653 mln drls over an 8-1/4 year period,
beginning April 1, 1987.
Columbia Gas said the filing would increase the pipeline
commodity rates by 15.74 cts per mln Btu to 2.95 dlrs per mln.
The company said it orginially sought to include these
costs in its PGA since the payments to products resulted in
almost five billion dlrs in prospective price relief and were
not related to take-or-pay buyout costs.
It explained this interpretation was based on FERC's April
10, 1985, Statement of Policy which said that only take-or-pay
buyout costs must be recovered through a general rate filing
under the Natural Gas Act.
As a result of renegotiating contracts for high-cost gas,
Columbia Gas said, it has been able to reduce the average price
paid for gas purchased from Southwest producers to 1.96 dlrs
per mln Btu in December 1986 from 3.64 dlrs per mln in April
1985.
The pipeline said Southwestern producers account for 46 pct
of its total available gas supply this year.
|
test/16241 | test/16241 |@title hungary:1 raise:1 price:1 effort:1 curb:1 deficit:1 |@word hungary:1 announce:2 sharp:2 price:5 increase:1 range:1 food:1 consumer:3 product:1 part:1 effort:1 curb:1 soar:1 budget:1 deficit:1 official:1 mti:3 news:1 agency:1 say:5 government:1 decide:1 subsidy:1 cut:1 reduce:1 state:2 spending:1 today:1 meat:1 rise:3 average:1 18:1 pct:3 beer:1 spirit:1 10:1 measure:2 also:4 aim:1 cool:1 overheated:1 economy:1 could:1 help:1 dampen:1 hungarians:1 appetite:1 import:1 western:1 good:2 consume:1 increasingly:1 expensive:2 hard:1 currency:1 diplomat:2 however:1 expect:1 kind:1 social:1 unrest:1 follow:1 east:1 bloc:1 notably:1 poland:1 become:1 refrigerator:1 five:1 number:1 ease:1 hardship:1 include:1 high:1 pension:1 family:1 allowance:1 | HUNGARY RAISES PRICES IN EFFORT TO CURB DEFICIT
Hungary has announced sharp price
increases for a range of food and consumer products as part of
its efforts to curb a soaring budget deficit.
The official MTI news agency said the government decided
consumer price subsidies had to be cut to reduce state
spending. From today the price of meat will rise by an average
18 pct and that of beer and spirits by 10 pct, MTI said.
The measures are also aimed at cooling an overheated
economy, and could help dampen Hungarians' appetite for
imported Western goods which consume increasingly expensive
hard currency, the diplomats said.
The diplomats also said, however, that they did not expect
the kind of social unrest that followed sharp price rises in
other East Bloc states, notably Poland.
MTI said consumer goods will also become more expensive,
with the price of refrigerators rising some five pct. It also
announced a number of measures to ease hardship, including
higher pensions and family allowances.
|
test/16243 | test/16243 |@title p:2 h:2 glatfelter:2 co:2 say:2 buy:2 ecusta:2 corp:2 149:2 mln:2 dlrs:2 cash:2 |@word | P.H. GLATFELTER CO SAYS IT WILL BUY ECUSTA CORP FOR 149 MLN DLRS IN CASH
P.H. GLATFELTER CO SAYS IT WILL BUY ECUSTA CORP FOR 149 MLN DLRS IN CASH
|
test/16244 | test/16244 |@title family:1 health:1 systems:1 inc:1 fhsy:1 2nd:1 qtr:1 feb:1 28:1 |@word shr:2 profit:3 one:2 ct:2 vs:7 nil:2 net:2 74:1 000:8 10:2 revs:2 925:1 112:1 avg:1 shrs:1 mln:2 nine:1 six:1 mth:1 loss:4 16:1 90:1 1:1 855:1 333:1 | FAMILY HEALTH SYSTEMS INC <FHSY> 2ND QTR FEB 28
Shr profit one ct vs nil
Net profit 74,000 vs profit 10,000
Revs 925,000 vs 112,000
Avg shrs 10 mln vs nine mln
Six mths
Shr loss nil vs loss one ct
Net loss 16,000 vs loss 90,000
Revs 1,855,000 vs 333,000
|
test/16246 | test/16246 |@title international:1 business:1 machines:1 corp:1 ibm:1 net:1 |@word 1st:1 qtr:1 shr:1 1:10 30:1 dlrs:2 vs:9 65:1 net:2 785:1 mln:4 02:1 billion:12 gross:3 income:3 10:4 68:1 13:1 avg:1 shrs:1 604:1 6:4 615:1 note:1 pretax:1 34:1 83:1 sale:1 50:1 maintenance:1 95:1 77:1 program:1 product:1 40:1 15:1 rental:1 service:1 825:1 | INTERNATIONAL BUSINESS MACHINES CORP <IBM> NET
1st qtr
Shr 1.30 dlrs vs 1.65 dlrs
Net 785 mln vs 1.02 billion
Gross income 10.68 billion vs 10.13 billion
Avg shrs 604.6 mln vs 615.6 mln
NOTE: Pretax net 1.34 billion vs 1.83 billion.
Sales 6.50 billion vs 6.10 billion, maintenance gross
income 1.95 billion vs 1.77 billion, program products gross
income 1.40 billion vs 1.15 billion and rentals and other
services 825 mln vs 1.10 billion.
|
test/16247 | test/16247 |@title usair:1 u:1 report:1 final:1 proration:1 factor:1 |@word usair:2 group:1 inc:2 say:2 announce:1 final:1 proration:1 factor:1 tender:3 offer:1 piedmont:1 aviation:1 pie:1 17:1 0:1 mln:2 share:3 90:1 pct:2 validly:1 purchase:1 pay:1 9:1 3:1 represent:1 55:1 | USAIR <U> REPORTS FINAL PRORATION FACTOR
USAir Group Inc said, in announcing
the final proration factor for its tender offer for Piedmont
Aviation Inc <PIE>, that 17.0 mln shares, or 90 pct of the
shares were validly tendered.
USAir said it has purchased and will pay for 9.3 mln
shares, representing about 55 pct of those tendered.
|
test/16248 | test/16248 |@title british:1 gold:1 article:1 hallmarke:1 |@word number:2 british:5 gold:4 article:2 hallmarke:2 first:1 quarter:2 year:4 rise:3 11:4 pct:10 corresponding:1 period:2 last:2 figure:1 release:1 assay:6 office:3 great:2 britain:2 show:1 2:4 5:3 mln:3 item:3 1:6 ago:1 four:1 also:1 mark:3 832:1 222:1 foreign:3 weight:2 term:2 7:1 19:1 gram:3 15:1 3:2 increase:3 95:1 represent:1 silver:2 good:2 total:3 698:1 132:1 6:1 78:1 457:1 fall:2 10:1 968:1 kilo:1 platinum:1 12:1 785:1 slip:1 8:1 9:1 849:1 spokesman:1 say:1 particularly:1 encourage:1 see:1 percentage:1 manufacture:1 | MORE BRITISH GOLD ARTICLES HALLMARKED
The number of British gold articles
hallmarked during the first quarter of this year rose by more
than 11 pct on the corresponding period last year, figures
released by the Assay Offices of Great Britain show.
More than 2.5 mln British items were hallmarked during the
quarter, up 11.1 pct on the same year ago period. The four
Assay Offices also marked 832,222 foreign gold articles, up 2.5
pct on last year.
In weight terms the 7.19 mln grams of British gold assayed
was a 15.3 pct increase, while the 2.95 mln grams of foreign
gold represented a rise of 3.1 pct.
British silver goods assayed totalled 698,132, an increase
of 6.2 pct but only 78,457 foreign items were marked, a fall of
11.1 pct.
A total of 10,968 kilos of silver were assayed, an 11.1 pct
rise.
The number of platinum items marked fell 12.5 pct to 1,785,
while in weight terms the total slipped 8.1 pct to 9,849 grams.
A spokesman for the Assay Offices of Great Britain said he
was particularly encouraged to see the percentage increase for
British manufactured goods.
|
test/16250 | test/16250 |@title swiss:1 sight:1 deposit:1 fall:1 4:1 64:1 billion:1 franc:1 |@word sight:2 deposit:3 commercial:1 bank:8 swiss:2 national:4 fall:3 4:2 64:1 billion:5 franc:5 7:1 88:1 first:1 10:1 day:1 april:1 say:2 foreign:1 exchange:1 reserve:1 rise:1 9:1 mln:4 33:1 12:1 important:1 measure:1 money:1 market:1 liquidity:2 switzerland:1 repay:1 around:1 5:3 8:1 traditional:1 central:1 credit:1 take:1 meet:1 end:1 quarter:1 requirement:1 partially:1 offset:1 new:1 swap:1 arrangement:1 note:1 circulation:1 440:1 2:1 24:1 48:1 call:1 mainly:1 government:1 fund:1 840:1 941:1 | SWISS SIGHT DEPOSITS FALL 4.64 BILLION FRANCS
Sight deposits of commercial banks at
the Swiss National Bank fell 4.64 billion Swiss francs to 7.88
billion in the first 10 days of April, the National Bank said.
Foreign exchange reserves rose by 9.4 mln francs to 33.12
billion.
Sight deposits are an important measure of money market
liquidity in Switzerland.
The National Bank said banks repaid around 5.8 billion
francs of traditional central bank credit taken out to meet
their end-of-quarter liquidity requirements. This was partially
offset by new swap arrangements.
Bank notes in circulation fell 440.2 mln francs to 24.48
billion while other deposits on call at the National Bank --
mainly government funds -- fell 840.5 mln francs to 941.5 mln.
|
test/16251 | test/16251 |@title u:1 k:1 money:1 market:1 give:1 68:1 mln:1 stg:1 help:1 |@word bank:5 england:1 say:2 provide:1 market:1 68:1 mln:7 stg:6 assistance:2 afternoon:2 bring:1 total:1 day:1 143:1 shortly:1 revise:1 estimate:1 shortage:1 450:1 early:1 forecast:1 400:1 buy:1 22:1 band:2 two:2 bill:3 9:2 13:1 16:2 pct:2 local:1 authority:1 plus:1 44:1 four:1 11:1 rate:1 case:1 unchanged:1 previous:1 intervention:1 level:1 | U.K. MONEY MARKET GIVEN FURTHER 68 MLN STG HELP
The Bank of England said it provided the
market with a further 68 mln stg assistance this afternoon,
bringing its total assistance on the day to 143 mln stg.
Shortly before, the Bank said it had revised its estimate
of the shortage up to 450 mln stg from the earlier forecast of
400 mln.
During the afternoon, the bank bought 22 mln stg of band
two bank bills at 9-13/16 pct and two mln stg of local
authority bills plus 44 mln stg of bank bills in band four at
9-11/16 pct. These rates were in all cases unchanged from
previous intervention levels.
|
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.